0001724826
sct:Bloomberg13MonthUSTreasuryBillIndexMember
2018-07-09
2018-07-09
0001724826
sct:BloombergMunicipalBondIndexMember
2018-07-09
2018-07-09
0001724826
sct:BloombergUSAggregateBondIndexMember
2018-07-09
2018-07-09
0001724826
sct:C000199639Member
2018-07-09
2018-07-09
0001724826
sct:C000199640Member
2018-07-09
2018-07-09
0001724826
sct:C000199641Member
2018-07-09
2018-07-09
0001724826
sct:C000199642Member
2018-07-09
2018-07-09
0001724826
sct:IMoneyNetTaxFreeNationalInstitutionalMoneyMarketIndexMember
2018-07-09
2018-07-09
0001724826
sct:MSCIUSAIndexMember
2018-07-09
2018-07-09
0001724826
sct:MSCIWorldExUSAIndexMember
2018-07-09
2018-07-09
0001724826
sct:Bloomberg13MonthUSTreasuryBillIndexMember
2018-07-09
2025-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2018-07-09
2025-12-31
0001724826
sct:BloombergUSAggregateBondIndexMember
2018-07-09
2025-12-31
0001724826
sct:C000199639Member
2018-07-09
2025-12-31
0001724826
sct:C000199640Member
2018-07-09
2025-12-31
0001724826
sct:C000199641Member
2018-07-09
2025-12-31
0001724826
sct:C000199642Member
2018-07-09
2025-12-31
0001724826
sct:IMoneyNetTaxFreeNationalInstitutionalMoneyMarketIndexMember
2018-07-09
2025-12-31
0001724826
sct:MSCIUSAIndexMember
2018-07-09
2025-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2018-07-09
2025-12-31
0001724826
sct:Bloomberg13MonthUSTreasuryBillIndexMember
2018-07-10
2018-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2018-07-10
2018-12-31
0001724826
sct:BloombergUSAggregateBondIndexMember
2018-07-10
2018-12-31
0001724826
sct:C000199639Member
2018-07-10
2018-12-31
0001724826
sct:C000199640Member
2018-07-10
2018-12-31
0001724826
sct:C000199641Member
2018-07-10
2018-12-31
0001724826
sct:C000199642Member
2018-07-10
2018-12-31
0001724826
sct:IMoneyNetTaxFreeNationalInstitutionalMoneyMarketIndexMember
2018-07-10
2018-12-31
0001724826
sct:MSCIUSAIndexMember
2018-07-10
2018-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2018-07-10
2018-12-31
0001724826
sct:Bloomberg13MonthUSTreasuryBillIndexMember
2018-07-10
2019-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2018-07-10
2019-12-31
0001724826
sct:BloombergUSAggregateBondIndexMember
2018-07-10
2019-12-31
0001724826
sct:C000199639Member
2018-07-10
2019-12-31
0001724826
sct:C000199640Member
2018-07-10
2019-12-31
0001724826
sct:C000199641Member
2018-07-10
2019-12-31
0001724826
sct:C000199642Member
2018-07-10
2019-12-31
0001724826
sct:IMoneyNetTaxFreeNationalInstitutionalMoneyMarketIndexMember
2018-07-10
2019-12-31
0001724826
sct:MSCIUSAIndexMember
2018-07-10
2019-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2018-07-10
2019-12-31
0001724826
sct:Bloomberg13MonthUSTreasuryBillIndexMember
2018-07-10
2020-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2018-07-10
2020-12-31
0001724826
sct:BloombergUSAggregateBondIndexMember
2018-07-10
2020-12-31
0001724826
sct:C000199639Member
2018-07-10
2020-12-31
0001724826
sct:C000199640Member
2018-07-10
2020-12-31
0001724826
sct:C000199641Member
2018-07-10
2020-12-31
0001724826
sct:C000199642Member
2018-07-10
2020-12-31
0001724826
sct:IMoneyNetTaxFreeNationalInstitutionalMoneyMarketIndexMember
2018-07-10
2020-12-31
0001724826
sct:MSCIUSAIndexMember
2018-07-10
2020-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2018-07-10
2020-12-31
0001724826
sct:Bloomberg13MonthUSTreasuryBillIndexMember
2018-07-10
2021-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2018-07-10
2021-12-31
0001724826
sct:BloombergUSAggregateBondIndexMember
2018-07-10
2021-12-31
0001724826
sct:C000199639Member
2018-07-10
2021-12-31
0001724826
sct:C000199640Member
2018-07-10
2021-12-31
0001724826
sct:C000199641Member
2018-07-10
2021-12-31
0001724826
sct:C000199642Member
2018-07-10
2021-12-31
0001724826
sct:IMoneyNetTaxFreeNationalInstitutionalMoneyMarketIndexMember
2018-07-10
2021-12-31
0001724826
sct:MSCIUSAIndexMember
2018-07-10
2021-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2018-07-10
2021-12-31
0001724826
sct:Bloomberg13MonthUSTreasuryBillIndexMember
2018-07-10
2022-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2018-07-10
2022-12-31
0001724826
sct:BloombergUSAggregateBondIndexMember
2018-07-10
2022-12-31
0001724826
sct:C000199639Member
2018-07-10
2022-12-31
0001724826
sct:C000199640Member
2018-07-10
2022-12-31
0001724826
sct:C000199641Member
2018-07-10
2022-12-31
0001724826
sct:C000199642Member
2018-07-10
2022-12-31
0001724826
sct:IMoneyNetTaxFreeNationalInstitutionalMoneyMarketIndexMember
2018-07-10
2022-12-31
0001724826
sct:MSCIUSAIndexMember
2018-07-10
2022-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2018-07-10
2022-12-31
0001724826
sct:Bloomberg13MonthUSTreasuryBillIndexMember
2018-07-10
2023-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2018-07-10
2023-12-31
0001724826
sct:BloombergUSAggregateBondIndexMember
2018-07-10
2023-12-31
0001724826
sct:C000199639Member
2018-07-10
2023-12-31
0001724826
sct:C000199640Member
2018-07-10
2023-12-31
0001724826
sct:C000199641Member
2018-07-10
2023-12-31
0001724826
sct:C000199642Member
2018-07-10
2023-12-31
0001724826
sct:IMoneyNetTaxFreeNationalInstitutionalMoneyMarketIndexMember
2018-07-10
2023-12-31
0001724826
sct:MSCIUSAIndexMember
2018-07-10
2023-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2018-07-10
2023-12-31
0001724826
sct:Bloomberg13MonthUSTreasuryBillIndexMember
2018-07-10
2024-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2018-07-10
2024-12-31
0001724826
sct:BloombergUSAggregateBondIndexMember
2018-07-10
2024-12-31
0001724826
sct:C000199639Member
2018-07-10
2024-12-31
0001724826
sct:C000199640Member
2018-07-10
2024-12-31
0001724826
sct:C000199641Member
2018-07-10
2024-12-31
0001724826
sct:C000199642Member
2018-07-10
2024-12-31
0001724826
sct:IMoneyNetTaxFreeNationalInstitutionalMoneyMarketIndexMember
2018-07-10
2024-12-31
0001724826
sct:MSCIUSAIndexMember
2018-07-10
2024-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2018-07-10
2024-12-31
0001724826
sct:Bloomberg13MonthUSTreasuryBillIndexMember
2018-07-10
2025-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2018-07-10
2025-12-31
0001724826
sct:BloombergUSAggregateBondIndexMember
2018-07-10
2025-12-31
0001724826
sct:C000199639Member
2018-07-10
2025-12-31
0001724826
sct:C000199640Member
2018-07-10
2025-12-31
0001724826
sct:C000199641Member
2018-07-10
2025-12-31
0001724826
sct:C000199642Member
2018-07-10
2025-12-31
0001724826
sct:IMoneyNetTaxFreeNationalInstitutionalMoneyMarketIndexMember
2018-07-10
2025-12-31
0001724826
sct:MSCIUSAIndexMember
2018-07-10
2025-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2018-07-10
2025-12-31
0001724826
sct:C000206545Member
2019-04-10
2019-04-10
0001724826
sct:C000206546Member
2019-04-10
2019-04-10
0001724826
sct:MSCIUSAIndexMember
2019-04-10
2019-04-10
0001724826
sct:MSCIWorldExUSAIndexMember
2019-04-10
2019-04-10
0001724826
sct:C000206545Member
2019-04-10
2025-12-31
0001724826
sct:C000206546Member
2019-04-10
2025-12-31
0001724826
sct:MSCIUSAIndexMember
2019-04-10
2025-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2019-04-10
2025-12-31
0001724826
sct:C000206545Member
2019-04-11
2019-12-31
0001724826
sct:C000206546Member
2019-04-11
2019-12-31
0001724826
sct:MSCIUSAIndexMember
2019-04-11
2019-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2019-04-11
2019-12-31
0001724826
sct:C000206545Member
2019-04-11
2020-12-31
0001724826
sct:C000206546Member
2019-04-11
2020-12-31
0001724826
sct:MSCIUSAIndexMember
2019-04-11
2020-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2019-04-11
2020-12-31
0001724826
sct:C000206545Member
2019-04-11
2021-12-31
0001724826
sct:C000206546Member
2019-04-11
2021-12-31
0001724826
sct:MSCIUSAIndexMember
2019-04-11
2021-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2019-04-11
2021-12-31
0001724826
sct:C000206545Member
2019-04-11
2022-12-31
0001724826
sct:C000206546Member
2019-04-11
2022-12-31
0001724826
sct:MSCIUSAIndexMember
2019-04-11
2022-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2019-04-11
2022-12-31
0001724826
sct:C000206545Member
2019-04-11
2023-12-31
0001724826
sct:C000206546Member
2019-04-11
2023-12-31
0001724826
sct:MSCIUSAIndexMember
2019-04-11
2023-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2019-04-11
2023-12-31
0001724826
sct:C000206545Member
2019-04-11
2024-12-31
0001724826
sct:C000206546Member
2019-04-11
2024-12-31
0001724826
sct:MSCIUSAIndexMember
2019-04-11
2024-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2019-04-11
2024-12-31
0001724826
sct:C000206545Member
2019-04-11
2025-12-31
0001724826
sct:C000206546Member
2019-04-11
2025-12-31
0001724826
sct:MSCIUSAIndexMember
2019-04-11
2025-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2019-04-11
2025-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueHedgedUSDMember
2020-05-19
2020-05-19
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2020-05-19
2020-05-19
0001724826
sct:BloombergMunicipal115YearIndexMember
2020-05-19
2020-05-19
0001724826
sct:BloombergMunicipalBondIndexMember
2020-05-19
2020-05-19
0001724826
sct:C000218339Member
2020-05-19
2020-05-19
0001724826
sct:C000218340Member
2020-05-19
2020-05-19
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueHedgedUSDMember
2020-05-19
2025-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2020-05-19
2025-12-31
0001724826
sct:BloombergMunicipal115YearIndexMember
2020-05-19
2025-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2020-05-19
2025-12-31
0001724826
sct:C000218339Member
2020-05-19
2025-12-31
0001724826
sct:C000218340Member
2020-05-19
2025-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueHedgedUSDMember
2020-05-20
2020-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2020-05-20
2020-12-31
0001724826
sct:BloombergMunicipal115YearIndexMember
2020-05-20
2020-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2020-05-20
2020-12-31
0001724826
sct:C000218339Member
2020-05-20
2020-12-31
0001724826
sct:C000218340Member
2020-05-20
2020-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueHedgedUSDMember
2020-05-20
2021-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2020-05-20
2021-12-31
0001724826
sct:BloombergMunicipal115YearIndexMember
2020-05-20
2021-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2020-05-20
2021-12-31
0001724826
sct:C000218339Member
2020-05-20
2021-12-31
0001724826
sct:C000218340Member
2020-05-20
2021-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueHedgedUSDMember
2020-05-20
2022-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2020-05-20
2022-12-31
0001724826
sct:BloombergMunicipal115YearIndexMember
2020-05-20
2022-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2020-05-20
2022-12-31
0001724826
sct:C000218339Member
2020-05-20
2022-12-31
0001724826
sct:C000218340Member
2020-05-20
2022-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueHedgedUSDMember
2020-05-20
2023-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2020-05-20
2023-12-31
0001724826
sct:BloombergMunicipal115YearIndexMember
2020-05-20
2023-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2020-05-20
2023-12-31
0001724826
sct:C000218339Member
2020-05-20
2023-12-31
0001724826
sct:C000218340Member
2020-05-20
2023-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueHedgedUSDMember
2020-05-20
2024-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2020-05-20
2024-12-31
0001724826
sct:BloombergMunicipal115YearIndexMember
2020-05-20
2024-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2020-05-20
2024-12-31
0001724826
sct:C000218339Member
2020-05-20
2024-12-31
0001724826
sct:C000218340Member
2020-05-20
2024-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueHedgedUSDMember
2020-05-20
2025-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2020-05-20
2025-12-31
0001724826
sct:BloombergMunicipal115YearIndexMember
2020-05-20
2025-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2020-05-20
2025-12-31
0001724826
sct:C000218339Member
2020-05-20
2025-12-31
0001724826
sct:C000218340Member
2020-05-20
2025-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2020-08-19
2020-08-19
0001724826
sct:BloombergUSIntermediateCorporateBondIndexMember
2020-08-19
2020-08-19
0001724826
sct:C000220641Member
2020-08-19
2020-08-19
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2020-08-19
2025-12-31
0001724826
sct:BloombergUSIntermediateCorporateBondIndexMember
2020-08-19
2025-12-31
0001724826
sct:C000220641Member
2020-08-19
2025-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2020-08-20
2020-12-31
0001724826
sct:BloombergUSIntermediateCorporateBondIndexMember
2020-08-20
2020-12-31
0001724826
sct:C000220641Member
2020-08-20
2020-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2020-08-20
2021-12-31
0001724826
sct:BloombergUSIntermediateCorporateBondIndexMember
2020-08-20
2021-12-31
0001724826
sct:C000220641Member
2020-08-20
2021-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2020-08-20
2022-12-31
0001724826
sct:BloombergUSIntermediateCorporateBondIndexMember
2020-08-20
2022-12-31
0001724826
sct:C000220641Member
2020-08-20
2022-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2020-08-20
2023-12-31
0001724826
sct:BloombergUSIntermediateCorporateBondIndexMember
2020-08-20
2023-12-31
0001724826
sct:C000220641Member
2020-08-20
2023-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2020-08-20
2024-12-31
0001724826
sct:BloombergUSIntermediateCorporateBondIndexMember
2020-08-20
2024-12-31
0001724826
sct:C000220641Member
2020-08-20
2024-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2020-08-20
2025-12-31
0001724826
sct:BloombergUSIntermediateCorporateBondIndexMember
2020-08-20
2025-12-31
0001724826
sct:C000220641Member
2020-08-20
2025-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2024-09-18
2025-12-31
0001724826
sct:C000252360Member
2024-09-18
2025-12-31
0001724826
sct:HFRXGlobalHedgeFundIndexMember
2024-09-18
2025-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2024-12-31
2024-12-31
0001724826
sct:BloombergUSIntermediateCorporateBondIndexMember
2024-12-31
2024-12-31
0001724826
sct:C000252360Member
2024-12-31
2024-12-31
0001724826
2025-01-01
2025-12-31
0001724826
sct:Bloomberg13MonthUSTreasuryBillIndexMember
2021-01-01
2025-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueHedgedUSDMember
2021-01-01
2025-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2021-01-01
2025-12-31
0001724826
sct:BloombergMunicipal115YearIndexMember
2021-01-01
2025-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2021-01-01
2025-12-31
0001724826
sct:BloombergUSAggregateBondIndexMember
2021-01-01
2025-12-31
0001724826
sct:BloombergUSIntermediateCorporateBondIndexMember
2021-01-01
2025-12-31
0001724826
sct:C000199639Member
2021-01-01
2025-12-31
0001724826
sct:C000199640Member
2021-01-01
2025-12-31
0001724826
sct:C000199641Member
2021-01-01
2025-12-31
0001724826
sct:C000199642Member
2021-01-01
2025-12-31
0001724826
sct:C000206545Member
2021-01-01
2025-12-31
0001724826
sct:C000206546Member
2021-01-01
2025-12-31
0001724826
sct:C000218339Member
2021-01-01
2025-12-31
0001724826
sct:C000218340Member
2021-01-01
2025-12-31
0001724826
sct:C000220641Member
2021-01-01
2025-12-31
0001724826
sct:IMoneyNetTaxFreeNationalInstitutionalMoneyMarketIndexMember
2021-01-01
2025-12-31
0001724826
sct:MSCIUSAIndexMember
2021-01-01
2025-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2021-01-01
2025-12-31
0001724826
sct:Bloomberg13MonthUSTreasuryBillIndexMember
2025-01-01
2025-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueHedgedUSDMember
2025-01-01
2025-12-31
0001724826
sct:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember
2025-01-01
2025-12-31
0001724826
sct:BloombergMunicipal115YearIndexMember
2025-01-01
2025-12-31
0001724826
sct:BloombergMunicipalBondIndexMember
2025-01-01
2025-12-31
0001724826
sct:BloombergUSAggregateBondIndexMember
2025-01-01
2025-12-31
0001724826
sct:BloombergUSIntermediateCorporateBondIndexMember
2025-01-01
2025-12-31
0001724826
sct:C000199639Member
2025-01-01
2025-12-31
0001724826
sct:C000199640Member
2025-01-01
2025-12-31
0001724826
sct:C000199641Member
2025-01-01
2025-12-31
0001724826
sct:C000199642Member
2025-01-01
2025-12-31
0001724826
sct:C000206545Member
2025-01-01
2025-12-31
0001724826
sct:C000206546Member
2025-01-01
2025-12-31
0001724826
sct:C000218339Member
2025-01-01
2025-12-31
0001724826
sct:C000218340Member
2025-01-01
2025-12-31
0001724826
sct:C000220641Member
2025-01-01
2025-12-31
0001724826
sct:C000252360Member
2025-01-01
2025-12-31
0001724826
sct:HFRXGlobalHedgeFundIndexMember
2025-01-01
2025-12-31
0001724826
sct:IMoneyNetTaxFreeNationalInstitutionalMoneyMarketIndexMember
2025-01-01
2025-12-31
0001724826
sct:MSCIUSAIndexMember
2025-01-01
2025-12-31
0001724826
sct:MSCIWorldExUSAIndexMember
2025-01-01
2025-12-31
0001724826
sct:C000199639Member
2025-12-31
0001724826
sct:C000199639Member
sct:ASMLHoldingNVMember
2025-12-31
0001724826
sct:C000199639Member
sct:BritishAmericanTobaccoPlcMember
2025-12-31
0001724826
sct:C000199639Member
oef:CommunicationsSectorMember
2025-12-31
0001724826
sct:C000199639Member
oef:ConsumerDiscretionarySectorMember
2025-12-31
0001724826
sct:C000199639Member
oef:ConsumerStaplesSectorMember
2025-12-31
0001724826
sct:C000199639Member
sct:DeutscheTelekomAGMember
2025-12-31
0001724826
sct:C000199639Member
us-gaap:EnergySectorMember
2025-12-31
0001724826
sct:C000199639Member
us-gaap:FinancialServicesSectorMember
2025-12-31
0001724826
sct:C000199639Member
us-gaap:HealthcareSectorMember
2025-12-31
0001724826
sct:C000199639Member
sct:HSBCHoldingsPlcMember
2025-12-31
0001724826
sct:C000199639Member
oef:IndustrialSectorMember
2025-12-31
0001724826
sct:C000199639Member
oef:InformationTechnologySectorMember
2025-12-31
0001724826
sct:C000199639Member
oef:MaterialsSectorMember
2025-12-31
0001724826
sct:C000199639Member
sct:NestleSAMember
2025-12-31
0001724826
sct:C000199639Member
us-gaap:RealEstateSectorMember
2025-12-31
0001724826
sct:C000199639Member
sct:RocheHoldingAGMember
2025-12-31
0001724826
sct:C000199639Member
sct:RollsRoyceHoldingsPlcMember
2025-12-31
0001724826
sct:C000199639Member
sct:SAPSEMember
2025-12-31
0001724826
sct:C000199639Member
sct:SiemensEnergyAGMember
2025-12-31
0001724826
sct:C000199639Member
sct:TaiwanSemiconductorManufacturingCoLtdMember
2025-12-31
0001724826
sct:C000199639Member
oef:UtilitiesSectorMember
2025-12-31
0001724826
sct:C000199640Member
2025-12-31
0001724826
us-gaap:AssetBackedSecuritiesMember
sct:C000199640Member
2025-12-31
0001724826
us-gaap:CertificatesOfDepositMember
sct:C000199640Member
2025-12-31
0001724826
sct:C000199640Member
sct:ChelanCountyPublicUtilityDistrictNo1SeriesBRevVRDO22501072026Member
2025-12-31
0001724826
sct:C000199640Member
sct:CityOfRochesterMNSeriesARevVRDO23501072026Member
2025-12-31
0001724826
us-gaap:CollateralizedMortgageObligationsMember
sct:C000199640Member
2025-12-31
0001724826
sct:C000199640Member
sct:ColoradoHealthFacilitiesAuthoritySeriesDRevVRDO24501022026Member
2025-12-31
0001724826
us-gaap:CommercialMortgageBackedSecuritiesMember
sct:C000199640Member
2025-12-31
0001724826
sct:C000199640Member
sct:ConnecticutStateHealthAndEducationalFacilitiesAuthorityYaleUniversitySeriesARevVRDO19001022026Member
2025-12-31
0001724826
us-gaap:CorporateBondSecuritiesMember
sct:C000199640Member
2025-12-31
0001724826
sct:ForeignGovernmentSecuritiesMember
sct:C000199640Member
2025-12-31
0001724826
sct:C000199640Member
sct:HealthAndEducationalFacilitiesAuthorityOfTheStateOfMissouriSeriesFRevVRDO25001022026Member
2025-12-31
0001724826
sct:C000199640Member
sct:LouisianaStateCitizensPropertyInsuranceCorpSeriesARev50006012026Member
2025-12-31
0001724826
us-gaap:MortgageBackedSecuritiesMember
sct:C000199640Member
2025-12-31
0001724826
us-gaap:MunicipalBondsMember
sct:C000199640Member
2025-12-31
0001724826
sct:C000199640Member
sct:NewYorkCityTransitionalFinanceAuthorityFutureTaxSecuredRevenueRev50011012027Member
2025-12-31
0001724826
sct:C000199640Member
sct:OrlandoUtilitiesCommissionSeries1RevVRDO24501072026Member
2025-12-31
0001724826
us-gaap:ShortTermInvestmentsMember
sct:C000199640Member
2025-12-31
0001724826
sct:C000199640Member
sct:StateOfConnecticutSeriesDGO50008152028Member
2025-12-31
0001724826
sct:C000199640Member
sct:TriboroughBridgeAndTunnelAuthoritySubordinatedBondSeriesARevBAN50002012028Member
2025-12-31
0001724826
us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember
sct:C000199640Member
2025-12-31
0001724826
sct:USTreasuryObligationsMember
sct:C000199640Member
2025-12-31
0001724826
sct:C000199641Member
2025-12-31
0001724826
sct:C000199641Member
sct:AlphabetIncClassAMember
2025-12-31
0001724826
sct:C000199641Member
sct:AlphabetIncClassCMember
2025-12-31
0001724826
sct:C000199641Member
sct:AmazonComIncMember
2025-12-31
0001724826
sct:C000199641Member
sct:AppleIncMember
2025-12-31
0001724826
sct:C000199641Member
sct:BroadcomIncMember
2025-12-31
0001724826
sct:C000199641Member
oef:CommunicationsSectorMember
2025-12-31
0001724826
sct:C000199641Member
oef:ConsumerDiscretionarySectorMember
2025-12-31
0001724826
sct:C000199641Member
oef:ConsumerStaplesSectorMember
2025-12-31
0001724826
sct:C000199641Member
us-gaap:EnergySectorMember
2025-12-31
0001724826
sct:C000199641Member
us-gaap:FinancialServicesSectorMember
2025-12-31
0001724826
sct:C000199641Member
us-gaap:HealthcareSectorMember
2025-12-31
0001724826
sct:C000199641Member
oef:IndustrialSectorMember
2025-12-31
0001724826
sct:C000199641Member
oef:MaterialsSectorMember
2025-12-31
0001724826
sct:C000199641Member
sct:MetaPlatformsIncClassAMember
2025-12-31
0001724826
sct:C000199641Member
sct:MicrosoftCorpMember
2025-12-31
0001724826
sct:C000199641Member
sct:NVIDIACorpMember
2025-12-31
0001724826
sct:C000199641Member
us-gaap:RealEstateSectorMember
2025-12-31
0001724826
sct:C000199641Member
oef:UtilitiesSectorMember
2025-12-31
0001724826
sct:C000199641Member
sct:WalmartIncMember
2025-12-31
0001724826
sct:C000199641Member
sct:WellsFargoAndCoMember
2025-12-31
0001724826
sct:C000199642Member
2025-12-31
0001724826
us-gaap:AssetBackedSecuritiesMember
sct:C000199642Member
2025-12-31
0001724826
sct:C000199642Member
sct:CanadianTreasuryBillCanadaZeroCoupon01282026Member
2025-12-31
0001724826
sct:C000199642Member
sct:CanadianTreasuryBillCanadaZeroCoupon02112026Member
2025-12-31
0001724826
us-gaap:CertificatesOfDepositMember
sct:C000199642Member
2025-12-31
0001724826
sct:C000199642Member
sct:CitigroupIncUnitedStatesSOFR11446405072028Member
2025-12-31
0001724826
us-gaap:CollateralizedMortgageObligationsMember
sct:C000199642Member
2025-12-31
0001724826
us-gaap:CommercialMortgageBackedSecuritiesMember
sct:C000199642Member
2025-12-31
0001724826
us-gaap:CorporateBondSecuritiesMember
sct:C000199642Member
2025-12-31
0001724826
sct:ForeignGovernmentSecurityMember
sct:C000199642Member
2025-12-31
0001724826
sct:C000199642Member
sct:GoldmanSachsGroupIncTheUnitedStatesSOFR13249404232028Member
2025-12-31
0001724826
sct:C000199642Member
sct:HCAInc31303152027Member
2025-12-31
0001724826
us-gaap:MortgageBackedSecuritiesMember
sct:C000199642Member
2025-12-31
0001724826
sct:C000199642Member
sct:RCRPBOFAS39001022026Member
2025-12-31
0001724826
sct:C000199642Member
sct:SabinePassLiquefactionLLC50003152027Member
2025-12-31
0001724826
us-gaap:ShortTermInvestmentsMember
sct:C000199642Member
2025-12-31
0001724826
us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember
sct:C000199642Member
2025-12-31
0001724826
sct:C000199642Member
sct:USTreasuryBills38105142026Member
2025-12-31
0001724826
sct:C000199642Member
sct:USTreasuryBills39803192026Member
2025-12-31
0001724826
sct:C000199642Member
sct:USTreasuryNotes16302152026Member
2025-12-31
0001724826
sct:USTreasuryObligationsMember
sct:C000199642Member
2025-12-31
0001724826
sct:C000206545Member
2025-12-31
0001724826
sct:C000206545Member
sct:AlphabetIncClassAMember
2025-12-31
0001724826
sct:C000206545Member
sct:AlphabetIncClassCMember
2025-12-31
0001724826
sct:C000206545Member
sct:AmazonComIncMember
2025-12-31
0001724826
sct:C000206545Member
sct:AppleIncMember
2025-12-31
0001724826
sct:C000206545Member
sct:BroadcomIncMember
2025-12-31
0001724826
sct:C000206545Member
oef:CommunicationsSectorMember
2025-12-31
0001724826
sct:C000206545Member
oef:ConsumerDiscretionarySectorMember
2025-12-31
0001724826
sct:C000206545Member
oef:ConsumerStaplesSectorMember
2025-12-31
0001724826
sct:C000206545Member
sct:EliLillyAndCoMember
2025-12-31
0001724826
sct:C000206545Member
us-gaap:EnergySectorMember
2025-12-31
0001724826
sct:C000206545Member
us-gaap:FinancialServicesSectorMember
2025-12-31
0001724826
sct:C000206545Member
us-gaap:HealthcareSectorMember
2025-12-31
0001724826
sct:C000206545Member
oef:IndustrialSectorMember
2025-12-31
0001724826
sct:C000206545Member
oef:InformationTechnologySectorMember
2025-12-31
0001724826
sct:C000206545Member
oef:MaterialsSectorMember
2025-12-31
0001724826
sct:C000206545Member
sct:MetaPlatformsIncClassAMember
2025-12-31
0001724826
sct:C000206545Member
sct:MicrosoftCorpMember
2025-12-31
0001724826
sct:C000206545Member
sct:NVIDIACorpMember
2025-12-31
0001724826
sct:C000206545Member
us-gaap:RealEstateSectorMember
2025-12-31
0001724826
sct:C000206545Member
oef:UtilitiesSectorMember
2025-12-31
0001724826
sct:C000206545Member
sct:WalmartIncMember
2025-12-31
0001724826
sct:C000206546Member
2025-12-31
0001724826
sct:C000206546Member
sct:ASMLHoldingNVMember
2025-12-31
0001724826
sct:C000206546Member
sct:BritishAmericanTobaccoPlcMember
2025-12-31
0001724826
sct:C000206546Member
oef:CommunicationsSectorMember
2025-12-31
0001724826
sct:C000206546Member
oef:ConsumerDiscretionarySectorMember
2025-12-31
0001724826
sct:C000206546Member
oef:ConsumerStaplesSectorMember
2025-12-31
0001724826
sct:C000206546Member
sct:DeutscheTelekomAGMember
2025-12-31
0001724826
sct:C000206546Member
us-gaap:EnergySectorMember
2025-12-31
0001724826
sct:C000206546Member
us-gaap:FinancialServicesSectorMember
2025-12-31
0001724826
sct:C000206546Member
us-gaap:HealthcareSectorMember
2025-12-31
0001724826
sct:C000206546Member
sct:HSBCHoldingsPlcMember
2025-12-31
0001724826
sct:C000206546Member
oef:IndustrialSectorMember
2025-12-31
0001724826
sct:C000206546Member
oef:InformationTechnologySectorMember
2025-12-31
0001724826
sct:C000206546Member
oef:MaterialsSectorMember
2025-12-31
0001724826
sct:C000206546Member
sct:NestleSARegisteredMember
2025-12-31
0001724826
sct:C000206546Member
us-gaap:RealEstateSectorMember
2025-12-31
0001724826
sct:C000206546Member
sct:RocheHoldingAGMember
2025-12-31
0001724826
sct:C000206546Member
sct:RollsRoyceHoldingsPlcMember
2025-12-31
0001724826
sct:C000206546Member
sct:SAPSEMember
2025-12-31
0001724826
sct:C000206546Member
sct:SiemensEnergyAGMember
2025-12-31
0001724826
sct:C000206546Member
sct:TaiwanSemiconductorManufacturingCoLtdMember
2025-12-31
0001724826
sct:C000206546Member
oef:UtilitiesSectorMember
2025-12-31
0001724826
sct:C000218339Member
2025-12-31
0001724826
us-gaap:AssetBackedSecuritiesMember
sct:C000218339Member
2025-12-31
0001724826
sct:C000218339Member
sct:ChinaGovernmentBondChina19107152029Member
2025-12-31
0001724826
us-gaap:CollateralizedMortgageObligationsMember
sct:C000218339Member
2025-12-31
0001724826
us-gaap:CommercialMortgageBackedSecuritiesMember
sct:C000218339Member
2025-12-31
0001724826
us-gaap:CorporateBondSecuritiesMember
sct:C000218339Member
2025-12-31
0001724826
sct:C000218339Member
sct:FNMAOrFHLMCSingleFamily30YearsTBA60003012056Member
2025-12-31
0001724826
sct:ForeignGovernmentSecuritiesMember
sct:C000218339Member
2025-12-31
0001724826
us-gaap:MortgageBackedSecuritiesMember
sct:C000218339Member
2025-12-31
0001724826
us-gaap:MunicipalBondsMember
sct:C000218339Member
2025-12-31
0001724826
us-gaap:ShortTermInvestmentsMember
sct:C000218339Member
2025-12-31
0001724826
us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember
sct:C000218339Member
2025-12-31
0001724826
sct:C000218339Member
sct:USTreasuryNotes38808152034Member
2025-12-31
0001724826
sct:C000218339Member
sct:USTreasuryNotes40002152034Member
2025-12-31
0001724826
sct:C000218339Member
sct:USTreasuryNotes42505152035Member
2025-12-31
0001724826
sct:C000218339Member
sct:USTreasuryNotes42508152035Member
2025-12-31
0001724826
sct:C000218339Member
sct:USTreasuryNotes42511152034Member
2025-12-31
0001724826
sct:C000218339Member
sct:USTreasuryNotes43805152034Member
2025-12-31
0001724826
sct:C000218339Member
sct:USTreasuryNotes45011152033Member
2025-12-31
0001724826
sct:C000218339Member
sct:USTreasuryNotes46302152035Member
2025-12-31
0001724826
sct:USTreasuryObligationsMember
sct:C000218339Member
2025-12-31
0001724826
sct:C000218340Member
2025-12-31
0001724826
sct:C000218340Member
sct:BlackBeltEnergyGasDistrictSeriesBRev50010012035Member
2025-12-31
0001724826
sct:C000218340Member
sct:CentralPlainsEnergyProjectSeriesA1Rev50008012055Member
2025-12-31
0001724826
sct:C000218340Member
sct:ColoradoHealthFacilitiesAuthorityRev50005152054Member
2025-12-31
0001724826
sct:C000218340Member
sct:CommonwealthFinancingAuthorityTobaccoMasterSettlementPaymentRev40006012039Member
2025-12-31
0001724826
sct:C000218340Member
sct:MainStreetNaturalGasIncSeriesDRev50004012054Member
2025-12-31
0001724826
us-gaap:MunicipalBondsMember
sct:C000218340Member
2025-12-31
0001724826
sct:C000218340Member
sct:NewYorkLibertyDevelopmentCorpWorldTradeCenterProjectSeries1Rev50011152044Member
2025-12-31
0001724826
us-gaap:OtherInvestmentsMember
sct:C000218340Member
2025-12-31
0001724826
us-gaap:ShortTermInvestmentsMember
sct:C000218340Member
2025-12-31
0001724826
sct:C000218340Member
sct:SoutheastEnergyAuthorityACooperativeDistrictSeriesFRev52511012055Member
2025-12-31
0001724826
sct:C000218340Member
sct:SouthernCaliforniaPublicPowerAuthorityRev50004012055Member
2025-12-31
0001724826
sct:C000218340Member
sct:TexasTransportationFinanceCorpSubordinatedBondSH288SystemRev52510012050Member
2025-12-31
0001724826
sct:C000220641Member
2025-12-31
0001724826
sct:C000220641Member
sct:ArgentineRepublicGovernmentInternationalBondArgentinaSUB35007092041Member
2025-12-31
0001724826
us-gaap:AssetBackedSecuritiesMember
sct:C000220641Member
2025-12-31
0001724826
sct:C000220641Member
sct:BeignetInvestorLLC65805302049Member
2025-12-31
0001724826
sct:C000220641Member
sct:BellisAcquisitionCoPlcUnitedKingdomRegS81305142030Member
2025-12-31
0001724826
us-gaap:CollateralizedMortgageObligationsMember
sct:C000220641Member
2025-12-31
0001724826
us-gaap:CommercialMortgageBackedSecuritiesMember
sct:C000220641Member
2025-12-31
0001724826
us-gaap:CommonStockMember
sct:C000220641Member
2025-12-31
0001724826
sct:ConvertibleBondsMember
sct:C000220641Member
2025-12-31
0001724826
us-gaap:CorporateBondSecuritiesMember
sct:C000220641Member
2025-12-31
0001724826
sct:C000220641Member
sct:EgyptGovernmentInternationalBondEgyptRegS63804112031Member
2025-12-31
0001724826
sct:ForeignGovernmentSecuritiesMember
sct:C000220641Member
2025-12-31
0001724826
sct:C000220641Member
sct:GaciFirstInvestmentCoCaymanIslandsRegS52510132032Member
2025-12-31
0001724826
sct:C000220641Member
sct:GrifolsSASpainRegS38810152028Member
2025-12-31
0001724826
sct:LoanAssignmentsMember
sct:C000220641Member
2025-12-31
0001724826
us-gaap:MortgageBackedSecuritiesMember
sct:C000220641Member
2025-12-31
0001724826
sct:C000220641Member
sct:NigeriaGovernmentInternationalBondNigeriaRegS73809282033Member
2025-12-31
0001724826
sct:C000220641Member
sct:OmanGovernmentInternationalBondOmanRegS62501252031Member
2025-12-31
0001724826
sct:C000220641Member
sct:PetroleosMexicanosMexico63502122048Member
2025-12-31
0001724826
us-gaap:PreferredStockMember
sct:C000220641Member
2025-12-31
0001724826
us-gaap:ShortTermInvestmentsMember
sct:C000220641Member
2025-12-31
0001724826
sct:C000220641Member
sct:USTreasuryNotes36308312027Member
2025-12-31
0001724826
sct:USTreasuryObligationsMember
sct:C000220641Member
2025-12-31
0001724826
us-gaap:WarrantMember
sct:C000220641Member
2025-12-31
0001724826
sct:C000252360Member
2025-12-31
0001724826
us-gaap:AssetBackedSecuritiesMember
sct:C000252360Member
2025-12-31
0001724826
us-gaap:CollateralizedMortgageObligationsMember
sct:C000252360Member
2025-12-31
0001724826
us-gaap:CommercialMortgageBackedSecuritiesMember
sct:C000252360Member
2025-12-31
0001724826
sct:ConvertibleBondMember
sct:C000252360Member
2025-12-31
0001724826
us-gaap:CorporateBondSecuritiesMember
sct:C000252360Member
2025-12-31
0001724826
sct:C000252360Member
sct:FNMAOrFHLMCSingleFamily30YearsTBA55002012056Member
2025-12-31
0001724826
sct:C000252360Member
sct:FNMAOrFHLMCSingleFamily30YearsTBA60002012056Member
2025-12-31
0001724826
sct:C000252360Member
sct:FNMAOrFHLMCSingleFamily30YearsTBA60003012056Member
2025-12-31
0001724826
sct:C000252360Member
sct:FNMAOrFHLMCSingleFamily30YearsTBA65002012056Member
2025-12-31
0001724826
sct:C000252360Member
sct:FNMAOrFHLMCSingleFamily30YearsTBA70001012056Member
2025-12-31
0001724826
sct:C000252360Member
sct:GNMASingleFamily30YearsTBA40002012056Member
2025-12-31
0001724826
sct:C000252360Member
sct:GNMASingleFamily30YearsTBA45002012056Member
2025-12-31
0001724826
sct:LoanAssignmentsMember
sct:C000252360Member
2025-12-31
0001724826
us-gaap:MortgageBackedSecuritiesMember
sct:C000252360Member
2025-12-31
0001724826
us-gaap:PreferredStockMember
sct:C000252360Member
2025-12-31
0001724826
us-gaap:ShortTermInvestmentsMember
sct:C000252360Member
2025-12-31
0001724826
sct:C000252360Member
sct:USTreasuryBills36001292026Member
2025-12-31
0001724826
sct:C000252360Member
sct:USTreasuryBills37103192026Member
2025-12-31
0001724826
sct:C000252360Member
sct:USTreasuryBills37703052026Member
2025-12-31
0001724826
sct:USTreasuryObligationsMember
sct:C000252360Member
2025-12-31
iso4217:USD
pure
sct:Holding
10000
10110
10000
10000
10000
10000
10000
10000
10403
14896
10710
19429
11332
24260
10803
28958
13753
11153
10000
10000
11207
10000
17463
9053
11620
11918
10400
14465
10000
14064
18367
10490
10062
17875
14792
14592
10000
10048
10190
9866
18801
23516
10384
10231
27690
0.153
26327
10232
10476
0.131
0.091
11018
0.086
10332
10000
0.051
0.037
10605
0.035
10496
10000
10503
10755
10831
0.032
10655
0.007
11015
0.005
9746
10000
10135
10370
10898
10480
11466
10924
10247
18837
10073
11640
10648
11329
11449
11935
10623
9087
10792
23535
10421
9836
11353
9504
10000
14491
10440
27861
10000
10000
10000
10286
9802
8209
8678
8532
9229
10000
10462
18909
10000
10281
14343
10431
8720
11014
12451
10411
13660
19627
10000
22359
10721
8626
10681
9124
10873
11211
11698
12173
10768
10100
10203
11672
13175
13083
9889
11093
14719
11292
11879
10595
10588
10379
10191
10149
13318
11492
12587
10441
10855
14445
9118
10616
11034
10000
10346
13944
10125
10808
13698
9789
10541
11083
18385
12942
12610
10035
10836
10160
10267
10360
16891
8964
10323
9290
11648
10299
11862
9631
11679
11973
12307
10573
9959
10383
9697
11406
10071
11190
10074
11535
10499
9689
10173
18299
8989
18061
11948
10268
8317
10443
0.386
0.013
0.103
0.033
0.014
0.002
0.094
0.111
0.190
0.076
0.271
0.117
0.103
0.034
0.031
0.272
0.106
0.005
0.038
0.050
0.038
0.051
0.052
0.058
0.204
0.111
0.056
0.052
0.053
0.108
0.034
0.094
0.040
N-1A
0001724826
false
N-CSR
SIX CIRCLES TRUST
2025-12-31
Six Circles Ultra Short Duration Fund
Six Circles Ultra Short Duration Fund
CUSDX
This annual shareholder report contains important information about the Six Circles Ultra Short Duration Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025.
annual shareholder report
You can find additional information about the Fund at <span style="font-weight: bold;">www.sixcirclesfunds.com/literature</span>. You can also request this information by contacting us at <span style="font-weight: bold;">1-212-464-2070.</span>
www.sixcirclesfunds.com/literature
1-212-464-2070
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">What were the Fund costs for the last year?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;">(Based on a hypothetical $10,000 investment)</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 55%;"></td>
<td style="vertical-align: bottom; width: 12%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td style="vertical-align: bottom; width: 13%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs of a $10,000<br/>investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of a<br/>$10,000 investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles Ultra Short Duration Fund</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">$19</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.19%</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
19
0.0019
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">How did the Fund perform? What affected the Fund’s performance?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">For the year ended December 31, 2025, the Fund returned 4.82%, while the Bloomberg 1-3 Month U.S. Treasury Bill Index (the “Index”) returned 4.29%.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">Investment Grade Credit and Securitized within the Core Bonds allocation were the leading contributors to the Fund’s absolute performance.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 13%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-size: 95%;">○</span></sup> </span></td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9.5pt; text-align: left;">The Advisor utilizes these allocations to provide higher quality, short duration exposure which benefited the Fund throughout the year</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">The Fund’s allocation to derivatives was a leading detractor to the Fund’s absolute performance</div> </td> </tr> </table>
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Fund Performance</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g72948g01k01.jpg" style="width: 6.50616in; height: 2.58579in;"/> </div>
<div style="padding-top: 0pt; font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;"><span style="font-weight: bold;">Average annual total returns:</span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 65%;"></td>
<td style="vertical-align: bottom; width: 4%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 5%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 5%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">1 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">5 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">Since<br/>Inception<br/>(7/9/2018)</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles Ultra Short Duration Fund</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.82%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">3.33%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2.97%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Bloomberg US Aggregate Bond Index</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">7.30%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">-0.36%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2.06%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Bloomberg 1-3 Month U.S. Treasury Bill Index</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.29%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">3.24%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2.66%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
2018-07-09
Six Circles Ultra Short Duration Fund
0.0482
0.0333
0.0297
Bloomberg US Aggregate Bond Index
0.0730
-0.0036
0.0206
Bloomberg 1-3 Month U.S. Treasury Bill Index
0.0429
0.0324
0.0266
Performance quoted is past performance and is no guarantee of future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
See www.sixcirclesfunds.com for most recent month-end performance.
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 90%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">809,958</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total number of portfolio holdings</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">626</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total advisory fees paid (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1,825</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">59.33%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
809958000
626
1825000
0.5933
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Graphical Representation of Holdings</div> <div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 26%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 65%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial; font-weight: bold;">Asset Type<sup style="font-size: 75%; line-height: 7.0pt; vertical-align: top;">1</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; line-height: 10.0pt; font-size: 8pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="8" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial; font-weight: bold;">Top Ten Holdings<sup style="font-size: 75%; line-height: 7.0pt; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; line-height: 10.0pt; font-size: 8pt; font-family: arial; font-weight: bold;"> </div> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Corporate Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">51.2</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">U.S. Treasury Bills, 3.98%, 03/19/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.0</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Short-Term Investments</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">22.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Canadian Treasury Bill, (Canada), Zero Coupon, 01/28/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">1.9</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Asset-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">13.1</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Canadian Treasury Bill, (Canada), Zero Coupon, 02/11/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">1.3</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Collateralized Mortgage Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">7.0</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">U.S. Treasury Notes, 1.63%, 02/15/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">1.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Commercial Mortgage-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">2.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">U.S. Treasury Bills, 3.81%, 05/14/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">1.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">U.S. Treasury Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">1.4</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">HCA, Inc., 3.13%, 03/15/2027</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">1.0</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">U.S. Government Agency Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">1.0</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Mortgage-Backed Security</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.6</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Citigroup, Inc., (United States SOFR + 1.14%), 4.64%, 05/07/2028</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.9</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Foreign Government Security</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Goldman Sachs Group, Inc. (The), (United States SOFR + 1.32%), 4.94%, 04/23/2028</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.9</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3.75pt;"></td>
<td colspan="4" style="height: 3.75pt;"></td>
<td colspan="4" style="height: 3.75pt;"></td>
<td colspan="2" style="height: 3.75pt;"></td>
<td colspan="4" style="height: 3.75pt;"></td>
<td colspan="4" style="height: 3.75pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Certificates of Deposit</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> </td>
<td style="white-space: nowrap; vertical-align: top; text-align: right;">0.1</td>
<td style="white-space: nowrap; vertical-align: top;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">RCRPBOFAS, 3.90%, 01/02/2026</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: top;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: top; text-align: right;">0.8</td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: top;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">12.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;">% </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">1</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. </span></div> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions. </span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 26%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 65%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial; font-weight: bold;">Asset Type<sup style="font-size: 75%; line-height: 7.0pt; vertical-align: top;">1</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; line-height: 10.0pt; font-size: 8pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="8" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial; font-weight: bold;">Top Ten Holdings<sup style="font-size: 75%; line-height: 7.0pt; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; line-height: 10.0pt; font-size: 8pt; font-family: arial; font-weight: bold;"> </div> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Corporate Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">51.2</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">U.S. Treasury Bills, 3.98%, 03/19/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.0</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Short-Term Investments</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">22.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Canadian Treasury Bill, (Canada), Zero Coupon, 01/28/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">1.9</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Asset-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">13.1</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Canadian Treasury Bill, (Canada), Zero Coupon, 02/11/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">1.3</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Collateralized Mortgage Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">7.0</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">U.S. Treasury Notes, 1.63%, 02/15/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">1.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Commercial Mortgage-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">2.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">U.S. Treasury Bills, 3.81%, 05/14/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">1.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">U.S. Treasury Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">1.4</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">HCA, Inc., 3.13%, 03/15/2027</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">1.0</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">U.S. Government Agency Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">1.0</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Mortgage-Backed Security</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.6</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Citigroup, Inc., (United States SOFR + 1.14%), 4.64%, 05/07/2028</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.9</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Foreign Government Security</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Goldman Sachs Group, Inc. (The), (United States SOFR + 1.32%), 4.94%, 04/23/2028</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.9</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3.75pt;"></td>
<td colspan="4" style="height: 3.75pt;"></td>
<td colspan="4" style="height: 3.75pt;"></td>
<td colspan="2" style="height: 3.75pt;"></td>
<td colspan="4" style="height: 3.75pt;"></td>
<td colspan="4" style="height: 3.75pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Certificates of Deposit</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> </td>
<td style="white-space: nowrap; vertical-align: top; text-align: right;">0.1</td>
<td style="white-space: nowrap; vertical-align: top;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">RCRPBOFAS, 3.90%, 01/02/2026</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: top;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: top; text-align: right;">0.8</td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: top;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">12.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;">% </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions. </span></div>
0.512
0.020
0.228
0.019
0.131
0.013
0.070
0.012
0.022
0.012
0.014
0.010
0.008
0.010
0.006
0.009
0.002
0.009
0.001
0.008
0.122
Six Circles Tax Aware Ultra Short Duration Fund
Six Circles Tax Aware Ultra Short Duration Fund
CUTAX
This annual shareholder report contains important information about the Six Circles Tax Aware Ultra Short Duration Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025.
annual shareholder report
You can find additional information about the Fund at <span style="font-weight: bold;">www.sixcirclesfunds.com/literature</span>. You can also request this information by contacting us at <span style="font-weight: bold;">1-212-464-2070.</span>
www.sixcirclesfunds.com/literature
1-212-464-2070
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">What were the Fund costs for the last year?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;">(Based on a hypothetical $10,000 investment)</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 54%;"></td>
<td style="vertical-align: bottom; width: 13%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td style="vertical-align: bottom; width: 14%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs of a $10,000<br/>investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of a<br/>$10,000 investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles Tax Aware Ultra Short Duration Fund</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">$15</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.15%</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
15
0.0015
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">How did the Fund perform? What affected the Fund’s performance?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">For the year ended December 31, 2025, the Fund returned 3.69%, while the iMoneyNet Tax-Free National Institutional Money Market Index (the “Index”) returned 1.69%.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">The Fund’s allocation to Investment Grade Credit, Government and Securitized (ABS and MBS) within the Core Bonds allocation were the leading contributors to the Fund’s absolute performance.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 13%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-size: 95%;">○</span></sup> </span></td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9.5pt; text-align: left;">The Advisor utilizes this allocation to provide higher quality, short duration exposure which benefited the Fund throughout the year.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">Derivatives were the leading detractor from the Fund’s absolute performance.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 13%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-size: 95%;">○</span></sup> </span></td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9.5pt; text-align: left;">The Fund employed fixed income futures contracts in order to maintain market exposures during the reporting period.</div> </td> </tr> </table>
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Fund Performance</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g72948g01k08.jpg" style="width: 6.50616in; height: 2.58579in;"/> </div>
<div style="padding-top: 0pt; font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;"><span style="font-weight: bold;">Average annual total returns:</span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 62%;"></td>
<td style="vertical-align: bottom; width: 5%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">1 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">5 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">Since<br/>Inception<br/>(7/9/2018)</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles Tax Aware Ultra Short Duration Fund</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">3.69%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2.20%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2.03%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">iMoneyNet Tax-Free National Institutional Money Market Index</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.69%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.49%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.30%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Bloomberg Municipal Bond Index</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.25%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.80%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2.39%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
2018-07-09
Six Circles Tax Aware Ultra Short Duration Fund
0.0369
0.0220
0.0203
iMoneyNet Tax-Free National Institutional Money Market Index
0.0169
0.0149
0.0130
Bloomberg Municipal Bond Index
0.0425
0.0080
0.0239
Performance quoted is past performance and is no guarantee of future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
See www.sixcirclesfunds.com for most recent month-end performance.
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 89%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1,025,747</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total number of portfolio holdings</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">459</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total advisory fees paid (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2,345</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">45.80%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
1025747000
459
2345000
0.4580
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Graphical Representation of Holdings</div> <div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 26%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 65%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial; font-weight: bold;">Asset Type<sup style="font-size: 75%; line-height: 7.0pt; vertical-align: top;">1</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; line-height: 10.0pt; font-size: 8pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="8" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial; font-weight: bold;">Top Ten Holdings<sup style="font-size: 75%; line-height: 7.0pt; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; line-height: 10.0pt; font-size: 8pt; font-family: arial; font-weight: bold;"> </div> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Municipal Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">68.1</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Orlando Utilities Commission, Series 1, Rev., VRDO, 2.45%, 01/07/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.5</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Corporate Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">13.6</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Colorado Health Facilities Authority, Series D, Rev., VRDO, 2.45%, 01/02/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.3</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Asset-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">6.1</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">City of Rochester MN, Series A, Rev., VRDO, 2.35%, 01/07/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.3</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Collateralized Mortgage Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">6.0</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">New York City Transitional Finance Authority Future Tax Secured Revenue, Rev., 5.00%, 11/01/2027</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.1</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Short-Term Investments</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> </td>
<td style="white-space: nowrap; vertical-align: top; text-align: right;">4.0</td>
<td style="white-space: nowrap; vertical-align: top;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Connecticut State Health & Educational Facilities Authority, Yale University, Series A, Rev., VRDO, 1.90%, 01/02/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.1</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Foreign Government Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 2.25%, 01/07/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.0</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Mortgage-Backed Security</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Health & Educational Facilities Authority of the State of Missouri, Series F, Rev., VRDO, 2.50%, 01/02/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.6</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">U.S. Government Agency Security</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.3</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Louisiana State Citizens Property Insurance Corp., Series A, Rev., 5.00%, 06/01/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.6</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Commercial Mortgage-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.2</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Triborough Bridge & Tunnel Authority, Subordinated Bond, Series A, Rev., BAN, 5.00%, 02/01/2028</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Certificates of Deposit</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: right;">0.1</td>
<td style="white-space: nowrap; vertical-align: top;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">State of Connecticut, Series D, GO, 5.00%, 08/15/2028</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.5</td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">U.S. Treasury Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.1</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">19.5</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">1</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. </span></div> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions. </span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 26%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 65%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial; font-weight: bold;">Asset Type<sup style="font-size: 75%; line-height: 7.0pt; vertical-align: top;">1</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; line-height: 10.0pt; font-size: 8pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="8" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial; font-weight: bold;">Top Ten Holdings<sup style="font-size: 75%; line-height: 7.0pt; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; line-height: 10.0pt; font-size: 8pt; font-family: arial; font-weight: bold;"> </div> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Municipal Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">68.1</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Orlando Utilities Commission, Series 1, Rev., VRDO, 2.45%, 01/07/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.5</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Corporate Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">13.6</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Colorado Health Facilities Authority, Series D, Rev., VRDO, 2.45%, 01/02/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.3</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Asset-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">6.1</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">City of Rochester MN, Series A, Rev., VRDO, 2.35%, 01/07/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.3</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Collateralized Mortgage Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">6.0</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">New York City Transitional Finance Authority Future Tax Secured Revenue, Rev., 5.00%, 11/01/2027</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.1</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Short-Term Investments</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> </td>
<td style="white-space: nowrap; vertical-align: top; text-align: right;">4.0</td>
<td style="white-space: nowrap; vertical-align: top;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Connecticut State Health & Educational Facilities Authority, Yale University, Series A, Rev., VRDO, 1.90%, 01/02/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.1</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Foreign Government Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 2.25%, 01/07/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.0</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Mortgage-Backed Security</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Health & Educational Facilities Authority of the State of Missouri, Series F, Rev., VRDO, 2.50%, 01/02/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.6</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">U.S. Government Agency Security</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.3</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Louisiana State Citizens Property Insurance Corp., Series A, Rev., 5.00%, 06/01/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.6</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Commercial Mortgage-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.2</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Triborough Bridge & Tunnel Authority, Subordinated Bond, Series A, Rev., BAN, 5.00%, 02/01/2028</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Certificates of Deposit</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: right;">0.1</td>
<td style="white-space: nowrap; vertical-align: top;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">State of Connecticut, Series D, GO, 5.00%, 08/15/2028</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.5</td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">U.S. Treasury Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.1</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">19.5</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions. </span></div>
0.681
0.025
0.136
0.023
0.061
0.023
0.060
0.021
0.040
0.021
0.005
0.020
0.005
0.016
0.003
0.016
0.002
0.015
0.001
0.015
0.001
0.195
Six Circles U.S. Unconstrained Equity Fund
Six Circles U.S. Unconstrained Equity Fund
CUSUX
This annual shareholder report contains important information about the Six Circles U.S. Unconstrained Equity Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025.
annual shareholder report
You can find additional information about the Fund at <span style="font-weight: bold;">www.sixcirclesfunds.com/literature</span>. You can also request this information by contacting us at <span style="font-weight: bold;">1-212-464-2070.</span>
www.sixcirclesfunds.com/literature
1-212-464-2070
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">What were the Fund costs for the last year?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;">(Based on a hypothetical $10,000 investment)</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 54%;"></td>
<td style="vertical-align: bottom; width: 13%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td style="vertical-align: bottom; width: 14%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs of a $10,000<br/>investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of a<br/>$10,000 investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles U.S. Unconstrained Equity Fund</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">$5</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.05%</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
5
0.0005
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">How did the Fund perform? What affected the Fund’s performance?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 6pt 2% 0pt 2%;">For the year ended December 31, 2025, the Fund returned 19.36%, while the MSCI USA Index (the “Index”) returned 17.75%.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">The Fund’s allocation to Information Technology and Financials were the leading contributors to the Fund’s absolute performance.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 13%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-size: 95%;">○</span></sup> </span></td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9.5pt; text-align: left;">The Advisor believes that select companies within the Financials sector have strong fundamentals and can continue to perform well, if the expansion continues and recession is avoided.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">In terms of sector exposures, Utilities detracted and Materials contributed the least to the Fund’s absolute performance.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">The Fund employed equity futures in order to maintain market exposures during the reporting period. The use of equity futures contributed to the Fund’s absolute performance during the reporting period.</div> </td> </tr> </table>
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Fund Performance</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g72948g00u16.jpg" style="width: 6.37228in; height: 2.35287in;"/> </div>
<div style="padding-top: 0pt; font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;"><span style="font-weight: bold;">Average annual total returns:</span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 65%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 4%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 4%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">1 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">5 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">Since<br/>Inception<br/>(7/9/2018)</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles U.S. Unconstrained Equity Fund</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">19.36%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">14.85%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">15.28%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">MSCI USA Index</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">17.75%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">13.87%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">14.59%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
2018-07-09
Six Circles U.S. Unconstrained Equity Fund
0.1936
0.1485
0.1528
MSCI USA Index
0.1775
0.1387
0.1459
Performance quoted is past performance and is no guarantee of future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
See www.sixcirclesfunds.com for most recent month-end performance.
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 88%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">32,232,232</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total number of portfolio holdings</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">616</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total advisory fees paid (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">70,220</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">61.09%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
32232232000
616
70220000
0.6109
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Graphical Representation of Holdings</div><div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 47%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 48%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">Sector Allocation<sup style="font-size: 75%; vertical-align: top;">1</sup> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Top Ten Holdings<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 9.5pt; font-family: arial;"><span style="font-weight: bold;"></span> </div> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td rowspan="12" style="vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.05em;">
<img alt="LOGO" src="g72948g01a03.jpg" style="width: 3.37838in; height: 2.73488in;"/> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">NVIDIA Corp.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">8.2</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Microsoft Corp.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">7.6</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Apple, Inc.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">5.6</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Amazon.com, Inc.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">3.7</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Alphabet, Inc., Class A</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">3.0</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Walmart, Inc.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">3.0</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Wells Fargo & Co.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.8</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Broadcom, Inc.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Alphabet, Inc., Class C</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Meta Platforms, Inc., Class A</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2.4</td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">41.3</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table><div style="font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">1</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent.</span></div><div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions. </span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 47%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 48%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">Sector Allocation<sup style="font-size: 75%; vertical-align: top;">1</sup> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Top Ten Holdings<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 9.5pt; font-family: arial;"><span style="font-weight: bold;"></span> </div> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td rowspan="12" style="vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.05em;">
<img alt="LOGO" src="g72948g01a03.jpg" style="width: 3.37838in; height: 2.73488in;"/> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">NVIDIA Corp.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">8.2</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Microsoft Corp.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">7.6</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Apple, Inc.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">5.6</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Amazon.com, Inc.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">3.7</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Alphabet, Inc., Class A</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">3.0</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Walmart, Inc.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">3.0</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Wells Fargo & Co.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.8</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Broadcom, Inc.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Alphabet, Inc., Class C</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Meta Platforms, Inc., Class A</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2.4</td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">41.3</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table><div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions. </span></div>
0.082
0.076
0.056
0.037
0.030
0.030
0.028
0.025
0.025
0.024
0.413
Six Circles International Unconstrained Equity Fund
Six Circles International Unconstrained Equity Fund
CIUEX
This annual shareholder report contains important information about the Six Circles International Unconstrained Equity Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025.
annual shareholder report
You can find additional information about the Fund at <span style="font-weight: bold;">www.sixcirclesfunds.com/literature</span>. You can also request this information by contacting us at <span style="font-weight: bold;">1-212-464-2070.</span>
www.sixcirclesfunds.com/literature
1-212-464-2070
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">What were the Fund costs for the last year?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;">(Based on a hypothetical $10,000 investment)</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 54%;"></td>
<td style="vertical-align: bottom; width: 13%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td style="vertical-align: bottom; width: 14%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs of a $10,000<br/>investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of a<br/>$10,000 investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles International Unconstrained Equity Fund</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">$9</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.08%</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
9
0.0008
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">How did the Fund perform? What affected the Fund’s performance?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 6pt 2% 0pt 2%;">For the year ended December 31, 2025, the Fund returned 34.19%, whereas the MSCI World ex-USA Index (the “Index”) returned 31.85%.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">The Fund’s allocation to Financials and Industrials were the leading contributors to the Fund’s absolute performance.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 13%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-size: 95%;">○</span></sup> </span></td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9.5pt; text-align: left;">The Advisor believes that select companies within the Financials sector have strong fundamentals and can continue to perform well, if the expansion continues and recession is avoided.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">Real Estate and Communication Services contributed the least to the Fund’s absolute performance.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">The Fund employed equity futures in order to maintain market exposures during the reporting period. The use of equity futures contributed to the Fund’s absolute performance during the reporting period.</div> </td> </tr> </table>
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Fund Performance</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g72948g24a01.jpg" style="width: 6.39127in; height: 2.37845in;"/> </div>
<div style="padding-top: 0pt; font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;"><span style="font-weight: bold;">Average annual total returns:</span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 64%;"></td>
<td style="vertical-align: bottom; width: 4%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 5%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 5%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">1 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">5 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">Since<br/>Inception<br/>(7/9/2018)</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles International Unconstrained Equity Fund</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">34.19%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">9.98%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">7.26%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">MSCI World ex-USA Index</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">31.85%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">9.46%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">8.22%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
2018-07-09
Six Circles International Unconstrained Equity Fund
0.3419
0.0998
0.0726
MSCI World ex-USA Index
0.3185
0.0946
0.0822
Performance quoted is past performance and is no guarantee of future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
See www.sixcirclesfunds.com for most recent month-end performance.
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 88%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">19,570,070</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total number of portfolio holdings</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">762</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total advisory fees paid (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">43,581</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">48.43%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
19570070000
762
43581000
0.4843
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Graphical Representation of Holdings</div> <div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 47%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 48%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">Sector Allocation<sup style="font-size: 75%; vertical-align: top;">1</sup> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Top Ten Holdings<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 9.5pt; font-family: arial;"><span style="font-weight: bold;"></span> </div> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td rowspan="13" style="vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.05em;">
<img alt="LOGO" src="g72948g01a08.jpg" style="width: 3.37838in; height: 2.75903in;"/> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">SAP SE</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">3.2</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">ASML Holding NV</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.7</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Taiwan Semiconductor Manufacturing Co. Ltd.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Nestle SA</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Deutsche Telekom AG</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.4</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Rolls-Royce Holdings plc</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.3</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Siemens Energy AG</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.1</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Roche Holding AG</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.0</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">HSBC Holdings plc</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.9</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">British American Tobacco plc</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.9</td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">23.5</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">1</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. </span></div> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.</span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 47%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 48%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">Sector Allocation<sup style="font-size: 75%; vertical-align: top;">1</sup> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Top Ten Holdings<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 9.5pt; font-family: arial;"><span style="font-weight: bold;"></span> </div> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td rowspan="13" style="vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.05em;">
<img alt="LOGO" src="g72948g01a08.jpg" style="width: 3.37838in; height: 2.75903in;"/> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">SAP SE</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">3.2</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">ASML Holding NV</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.7</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Taiwan Semiconductor Manufacturing Co. Ltd.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Nestle SA</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Deutsche Telekom AG</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.4</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Rolls-Royce Holdings plc</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.3</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Siemens Energy AG</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.1</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Roche Holding AG</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.0</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">HSBC Holdings plc</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.9</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">British American Tobacco plc</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.9</td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">23.5</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.</span></div>
0.032
0.027
0.025
0.025
0.024
0.023
0.021
0.020
0.019
0.019
0.235
Six Circles Global Bond Fund
Six Circles Global Bond Fund
CGLBX
This annual shareholder report contains important information about the Six Circles Global Bond Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025.
annual shareholder report
You can find additional information about the Fund at <span style="font-weight: bold;">www.sixcirclesfunds.com/literature</span>. You can also request this information by contacting us at <span style="font-weight: bold;">1-212-464-2070.</span>
www.sixcirclesfunds.com/literature
1-212-464-2070
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">What were the Fund costs for the last year?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;">(Based on a hypothetical $10,000 investment)</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 55%;"></td>
<td style="vertical-align: bottom; width: 12%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td style="vertical-align: bottom; width: 13%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs of a $10,000<br/>investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of a<br/>$10,000 investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles Global Bond Fund</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">$13</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.13%</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
13
0.0013
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">How did the Fund perform? What affected the Fund’s performance?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 6pt 2% 0pt 2%;">For the year ended December 31, 2025, the Fund returned 3.88%, whereas the Bloomberg Global-Aggregate Index - Hedged USD (the “Index”) returned 4.86%.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">Government and Investment Grade Credit within the Core Bonds allocation were the leading contributors to the Fund’s absolute performance.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 13%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-size: 95%;">○</span></sup> </span></td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9.5pt; text-align: left;">The Advisor utilizes this allocation to provide attractive yields and carry benefits for the Fund.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">The Fund’s allocation to derivatives was a leading detractor from the Fund’s absolute performance.</div> </td> </tr> </table>
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Fund Performance</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g72948g11o03.jpg" style="width: 6.50556in; height: 2.66736in;"/> </div>
<div style="padding-top: 0pt; font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;"><span style="font-weight: bold;">Average annual total returns:</span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 68%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 4%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 4%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">1 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">5 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">Since<br/>Inception<br/>(5/19/2020)</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles Global Bond Fund</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">3.88%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.08%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.44%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Bloomberg Global-Aggregate Total Return Index Value Hedged USD</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.86%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.34%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.77%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Bloomberg Global-Aggregate Total Return Index Value Unhedged USD</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">8.17%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">-2.15%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">-0.55%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
2020-05-19
Six Circles Global Bond Fund
0.0388
0.0108
0.0144
Bloomberg Global-Aggregate Total Return Index Value Hedged USD
0.0486
0.0034
0.0077
Bloomberg Global-Aggregate Total Return Index Value Unhedged USD
0.0817
-0.0215
-0.0055
Performance quoted is past performance and is no guarantee of future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
See www.sixcirclesfunds.com for most recent month-end performance.
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 88%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">16,344,135</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total number of portfolio holdings</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">7,152</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total advisory fees paid (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">36,655</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">158.83%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
16344135000
7152
36655000
1.5883
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Graphical Representation of Holdings</div> <div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 34%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 56%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Asset Type<sup style="font-size: 75%; vertical-align: top;">1</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 9.5pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Top Ten Holdings<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 9.5pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Foreign Government Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">59.9</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;">% </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 03/01/2056</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.9</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;">% </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Mortgage-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">14.1</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.63%, 02/15/2035</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Corporate Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">13.6</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.25%, 05/15/2035</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">U.S. Treasury Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">13.5</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.38%, 05/15/2034</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Short-Term Investments</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">1.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.25%, 11/15/2034</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Collateralized Mortgage Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">1.9</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">China Government Bond, (China), 1.91%, 07/15/2029</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Asset-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.4</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.25%, 08/15/2035</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Commercial Mortgage-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.3</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.00%, 02/15/2034</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.7</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Municipal Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.1</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 3.88%, 08/15/2034</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.7</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Government Agency Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.1</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.50%, 11/15/2033</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.7</span></td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">7.8</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">1</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. </span></div> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions. </span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 34%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 56%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Asset Type<sup style="font-size: 75%; vertical-align: top;">1</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 9.5pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Top Ten Holdings<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 9.5pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Foreign Government Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">59.9</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;">% </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 03/01/2056</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.9</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;">% </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Mortgage-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">14.1</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.63%, 02/15/2035</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Corporate Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">13.6</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.25%, 05/15/2035</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">U.S. Treasury Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">13.5</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.38%, 05/15/2034</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Short-Term Investments</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">1.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.25%, 11/15/2034</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Collateralized Mortgage Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">1.9</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">China Government Bond, (China), 1.91%, 07/15/2029</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Asset-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.4</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.25%, 08/15/2035</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.8</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Commercial Mortgage-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.3</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.00%, 02/15/2034</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.7</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Municipal Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.1</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 3.88%, 08/15/2034</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.7</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Government Agency Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.1</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.50%, 11/15/2033</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">0.7</span></td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">7.8</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions. </span></div>
0.599
0.009
0.141
0.008
0.136
0.008
0.135
0.008
0.018
0.008
0.019
0.008
0.004
0.008
0.003
0.007
0.001
0.007
0.001
0.007
0.078
Six Circles Tax Aware Bond Fund
Six Circles Tax Aware Bond Fund
CBTAX
This annual shareholder report contains important information about the Six Circles Tax Aware Bond Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025.
annual shareholder report
You can find additional information about the Fund at <span style="font-weight: bold;">www.sixcirclesfunds.com/literature</span>. You can also request this information by contacting us at <span style="font-weight: bold;">1-212-464-2070.</span>
www.sixcirclesfunds.com/literature
1-212-464-2070
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">What were the Fund costs for the last year?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;">(Based on a hypothetical $10,000 investment)</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 55%;"></td>
<td style="vertical-align: bottom; width: 12%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td style="vertical-align: bottom; width: 13%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs of a $10,000<br/>investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of a<br/>$10,000 investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles Tax Aware Bond Fund</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">$13</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.13%</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
13
0.0013
<div style="max-width: 100%; margin-left: 0%; margin-right: 0%; border: solid 1px #efefef; border-radius: 5pt; background-color: #efefef; padding-top: 2pt; padding-bottom: 3pt;"> <div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">How did the Fund perform? What affected the Fund’s performance?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 6pt 2% 0pt 2%;">For the year ended December 31, 2025, the Fund returned 4.13%, while the Bloomberg 1-15 Year Municipal Bond Index (the “Index”) returned 5.18%.</div> <div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 0pt;"> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">The Fund’s allocation to Municipal bonds within the Core Bonds allocation and High Yield Municipal Bonds allocation were the leading contributors to the Fund’s absolute performance.</div> </td> </tr> </table> <div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 0pt;"> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">Longer dated Municipal bonds within Core Bonds contributed the least to absolute fund performance as the long end of the Municipal curve underperformed in 2025.</div> </td> </tr> </table> </div>
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Fund Performance</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g72948g39a01.jpg" style="width: 6.50616in; height: 2.58579in;"/> </div>
<div style="padding-top: 0pt; font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;"><span style="font-weight: bold;">Average annual total returns:</span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 65%;"></td>
<td style="vertical-align: bottom; width: 4%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 5%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 5%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">1 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">5 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">Since<br/>Inception<br/>(5/19/2020)</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles Tax Aware Bond Fund</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.13%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.21%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.96%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Bloomberg Municipal 1-15 Year Index</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.18%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.16%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.74%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Bloomberg Municipal Bond Index</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.25%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.80%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.59%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
2020-05-19
Six Circles Tax Aware Bond Fund
0.0413
0.0121
0.0196
Bloomberg Municipal 1-15 Year Index
0.0518
0.0116
0.0174
Bloomberg Municipal Bond Index
0.0425
0.0080
0.0159
Performance quoted is past performance and is no guarantee of future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
See www.sixcirclesfunds.com for most recent month-end performance.
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 88%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">14,386,304</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total number of portfolio holdings</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4,444</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total advisory fees paid (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">31,897</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">17.57%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
14386304000
4444
31897000
0.1757
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Graphical Representation of Holdings</div> <div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 27%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 64%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 8pt; font-family: arial; font-weight: bold; margin: 0pt 1.25em 0pt 1.25em;">Asset Type<sup style="font-size: 75%; vertical-align: top;">1</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"><span style="font-size: x-small;"> </span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"><span style="font-size: x-small;"> </span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"><span style="font-size: x-small;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 8pt; font-family: arial; font-weight: bold; margin: 0pt 1.25em 0pt 1.25em;">Top Ten Holdings<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 8pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="2" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 3pt; margin-bottom: 1pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Municipal Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial; text-align: right;">98.1</div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;">% </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 3pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Black Belt Energy Gas District, Series B, Rev., 5.00%, 10/01/2035</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial; text-align: right;">0.4</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;">% </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 3pt; margin-bottom: 1pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Short-Term Investments</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial; text-align: right;">0.9</div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 3pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Southeast Energy Authority, A Cooperative District, Series F, Rev., 5.25%, 11/01/2055</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="2" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 3pt; margin-bottom: 1pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Other</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial; text-align: right;">0.9</div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 3pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Texas Transportation Finance Corp., Subordinated Bond SH 288 System, Rev., 5.25%, 10/01/2050</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 3pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Commonwealth Financing Authority, Tobacco Master Settlement Payment, Rev., 4.00%, 06/01/2039</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">California Community Choice Financing Authority, Sustainable Bonds Clean Energy, Rev., 5.00%, 01/01/2056</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Central Plains Energy Project, Series A1, Rev., 5.00%, 08/01/2055</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Colorado Health Facilities Authority, Rev., 5.00%, 05/15/2054</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Main Street Natural Gas, Inc.., Series D, Rev., 5.00%, 04/01/2054</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">New York Liberty Development Corp., World Trade Center Project, Series 1, Rev., 5.00%, 11/15/2044</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Southern California Public Power Authority, Rev., 5.00%, 04/01/2055</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.2</span></td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">2.5</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;">% </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><i><sup style="font-size: 75%; vertical-align: top;">1</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. </i></div> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><i><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions. </i></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 27%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 64%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 8pt; font-family: arial; font-weight: bold; margin: 0pt 1.25em 0pt 1.25em;">Asset Type<sup style="font-size: 75%; vertical-align: top;">1</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"><span style="font-size: x-small;"> </span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"><span style="font-size: x-small;"> </span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"><span style="font-size: x-small;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 8pt; font-family: arial; font-weight: bold; margin: 0pt 1.25em 0pt 1.25em;">Top Ten Holdings<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 8pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="2" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 3pt; margin-bottom: 1pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Municipal Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial; text-align: right;">98.1</div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;">% </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 3pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Black Belt Energy Gas District, Series B, Rev., 5.00%, 10/01/2035</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial; text-align: right;">0.4</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;">% </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 3pt; margin-bottom: 1pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Short-Term Investments</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial; text-align: right;">0.9</div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 3pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Southeast Energy Authority, A Cooperative District, Series F, Rev., 5.25%, 11/01/2055</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="2" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 3pt; margin-bottom: 1pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Other</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial; text-align: right;">0.9</div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 3pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Texas Transportation Finance Corp., Subordinated Bond SH 288 System, Rev., 5.25%, 10/01/2050</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 3pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Commonwealth Financing Authority, Tobacco Master Settlement Payment, Rev., 4.00%, 06/01/2039</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">California Community Choice Financing Authority, Sustainable Bonds Clean Energy, Rev., 5.00%, 01/01/2056</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Central Plains Energy Project, Series A1, Rev., 5.00%, 08/01/2055</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Colorado Health Facilities Authority, Rev., 5.00%, 05/15/2054</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Main Street Natural Gas, Inc.., Series D, Rev., 5.00%, 04/01/2054</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">New York Liberty Development Corp., World Trade Center Project, Series 1, Rev., 5.00%, 11/15/2044</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.2</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Southern California Public Power Authority, Rev., 5.00%, 04/01/2055</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">0.2</span></td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; font-size: 8pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;"> </span></td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 8pt;">2.5</span></td>
<td style="white-space: nowrap; vertical-align: bottom;"><span style="font-size: 8pt;">% </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table><div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><i><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions. </i></div>
0.981
0.004
0.009
0.003
0.009
0.003
0.003
0.002
0.002
0.002
0.002
0.002
0.002
0.025
Six Circles Credit Opportunities Fund
Six Circles Credit Opportunities Fund
CRDOX
This annual shareholder report contains important information about the Six Circles Credit Opportunities Fund (the “Fund”) that occurred for the period of January 1, 2025 to December 31, 2025.
annual shareholder report
This report describes changes to the Fund that occurred during the reporting period.
You can find additional information about the Fund at <span style="font-weight: bold;">www.sixcirclesfunds.com/literature</span>. You can also request this information by contacting us at <span style="font-weight: bold;">1-212-464-2070</span>.
www.sixcirclesfunds.com/literature
1-212-464-2070
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">What were the Fund costs for the last year?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;">(Based on a hypothetical $10,000 investment)</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 55%;"></td>
<td style="vertical-align: bottom; width: 12%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td style="vertical-align: bottom; width: 13%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs of a $10,000<br/>investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of a<br/>$10,000 investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles Credit Opportunities Fund</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">$26</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.25%</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
26
0.0025
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">How did the Fund perform? What affected the Fund’s performance?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 6pt 2% 0pt 2%;">For the year ended December 31, 2025, the Fund returned 9.33%, while the Bloomberg U.S. Intermediate Corporate Bond Index (the “Index”) returned 7.95%.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">The Fund’s allocation to Emerging Markets within the Extended Credit allocation and Investment Grade Credit within the Core Bonds allocation were the leading contributors to the Fund’s absolute performance.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 13%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-size: 95%;">○</span></sup> </span></td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9.5pt; text-align: left;">The Advisor believes that stepping into lower rated U.S. dollar denominated Emerging Market Debt Fixed Income instruments allows the portfolio to pick up additional yield.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">Futures within derivatives was a leading detractor from the Fund’s absolute performance.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 13%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-size: 95%;">○</span></sup> </span></td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9.5pt; text-align: left;">The Fund employed fixed income futures contracts in order to maintain market exposures during the reporting period.</div> </td> </tr> </table>
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Fund Performance</div><div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g72948g46k46.jpg" style="width: 6.50616in; height: 2.65367in;"/> </div>
<div style="padding-top: 0pt; font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Average annual total returns:</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 71%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">1 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">5 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">Since<br/>Inception<br/>(8/19/2020)</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles Credit Opportunities Fund</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">9.33%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">3.91%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.42%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Bloomberg U.S. Intermediate Corporate Bond Index</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">7.95%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.60%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.82%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Bloomberg Global-Aggregate Total Return Index Value Unhedged USD</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">8.17%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">-2.15%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">-1.48%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
2020-08-19
Six Circles Credit Opportunities Fund
0.0933
0.0391
0.0442
Bloomberg U.S. Intermediate Corporate Bond Index
0.0795
0.0160
0.0182
Bloomberg Global-Aggregate Total Return Index Value Unhedged USD
0.0817
-0.0215
-0.0148
Performance quoted is past performance and is no guarantee of future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
See www.sixcirclesfunds.com for most recent month-end performance.
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 88%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5,064,809</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total number of portfolio holdings</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">3,835</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total advisory fees paid (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">59,264</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">69.13%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
5064809000
3835
59264000
0.6913
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Graphical Representation of Holdings</div> <div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 26%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 63%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 8pt; font-family: arial; font-weight: bold; margin: 0pt 1.25em 0pt 1.25em;">Asset Type<sup style="font-size: 75%; vertical-align: top;">1</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 8pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 8pt; font-family: arial; font-weight: bold; margin: 0pt 1.25em 0pt 1.25em;">Top Ten Holdings<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 8pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Corporate Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">69.2</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;">% </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">Argentine Republic Government International Bond, (Argentina), SUB, 3.50%, 07/09/2041</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.6</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;">% </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Foreign Government Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">16.4</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">Beignet Investor LLC, 6.58%, 05/30/2049</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.6</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Loan Assignments</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">3.7</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Gaci First Investment Co., (Cayman Islands), Reg. S, 5.25%, 10/13/2032</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.4</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Asset-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">2.3</div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">Egypt Government International Bond, (Egypt), Reg. S, 6.38%, 04/11/2031</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.4</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Short-Term Investments</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">2.6</div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">Oman Government International Bond, (Oman), Reg. S, 6.25%, 01/25/2031</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">U.S. Treasury Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">1.0</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">U.S. Treasury Notes, 3.63%, 08/31/2027</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Commercial Mortgage-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.8</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">Petroleos Mexicanos, (Mexico), 6.35%, 02/12/2048</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Common Stocks</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.4</div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">Nigeria Government International Bond, (Nigeria), Reg. S, 7.38%, 09/28/2033</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Collateralized Mortgage Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">Grifols SA, (Spain), Reg. S, 3.88%, 10/15/2028</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Preferred Stocks</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">Bellis Acquisition Co. plc , (United Kingdom), Reg. S, 8.13%, 05/14/2030</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="2" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Convertible Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.1</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">3.8</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;">% </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Mortgage-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.1</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Warrant</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.0</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">1</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. </span></div> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions. </span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 26%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 63%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 8pt; font-family: arial; font-weight: bold; margin: 0pt 1.25em 0pt 1.25em;">Asset Type<sup style="font-size: 75%; vertical-align: top;">1</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 8pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 8pt; font-family: arial; font-weight: bold; margin: 0pt 1.25em 0pt 1.25em;">Top Ten Holdings<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 8pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Corporate Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">69.2</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;">% </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">Argentine Republic Government International Bond, (Argentina), SUB, 3.50%, 07/09/2041</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.6</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;">% </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Foreign Government Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">16.4</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">Beignet Investor LLC, 6.58%, 05/30/2049</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.6</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Loan Assignments</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">3.7</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Gaci First Investment Co., (Cayman Islands), Reg. S, 5.25%, 10/13/2032</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.4</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Asset-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">2.3</div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">Egypt Government International Bond, (Egypt), Reg. S, 6.38%, 04/11/2031</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.4</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Short-Term Investments</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">2.6</div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">Oman Government International Bond, (Oman), Reg. S, 6.25%, 01/25/2031</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">U.S. Treasury Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">1.0</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">U.S. Treasury Notes, 3.63%, 08/31/2027</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Commercial Mortgage-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.8</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">Petroleos Mexicanos, (Mexico), 6.35%, 02/12/2048</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Common Stocks</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.4</div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">Nigeria Government International Bond, (Nigeria), Reg. S, 7.38%, 09/28/2033</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Collateralized Mortgage Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">Grifols SA, (Spain), Reg. S, 3.88%, 10/15/2028</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Preferred Stocks</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</div> </td>
<td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">Bellis Acquisition Co. plc , (United Kingdom), Reg. S, 8.13%, 05/14/2030</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.3</div> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="2" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Convertible Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.1</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">3.8</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;">% </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Mortgage-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.1</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Warrant</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial; text-align: right;">0.0</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 8pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions. </span></div>
0.692
0.006
0.164
0.006
0.037
0.004
0.023
0.004
0.026
0.003
0.010
0.003
0.008
0.003
0.004
0.003
0.002
0.003
0.002
0.003
0.001
0.038
0.001
0.000
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Material Fund Changes</div><div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">During the period, the Six Circles Credit Opportunities Fund appointed Muzinich & Co., Inc. (“Muzinich”), Mellon Investments Corporation (“Mellon”) and Insight North America LLC (“Insight”) as additional sub-advisers to the Fund. Muzinich and Insight have been allocated assets within the Fund and hold a 10% and 5% allocation respectively as of December 31, 2025. Mellon has not been allocated assets.</div><div style="padding-bottom: 0pt; font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">The appointment did not result is any change to the Fund’s investment objective or strategy.</div>
<div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">During the period, the Six Circles Credit Opportunities Fund appointed Muzinich & Co., Inc. (“Muzinich”), Mellon Investments Corporation (“Mellon”) and Insight North America LLC (“Insight”) as additional sub-advisers to the Fund. Muzinich and Insight have been allocated assets within the Fund and hold a 10% and 5% allocation respectively as of December 31, 2025. Mellon has not been allocated assets.</div>
2025-12-31
Six Circles Multi-Strategy Fund
Six Circles Multi-Strategy Fund
CALTX
This annual shareholder report contains important information about the Six Circles Multi-Strategy Fund (the “Fund”) that occurred for the period of January 1, 2025 to December 31, 2025.
annual shareholder report
This report describes changes to the Fund that occurred during the reporting period.
You can find additional information about the Fund at <span style="font-weight: bold;">www.sixcirclesfunds.com/literature</span>. You can also request this information by contacting us at <span style="font-weight: bold;">1-212-464-2070.</span>
www.sixcirclesfunds.com/literature
1-212-464-2070
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">What were the Fund costs for the last year?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;">(Based on a hypothetical $10,000 investment)</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 55%;"></td>
<td style="vertical-align: bottom; width: 12%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td style="vertical-align: bottom; width: 13%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs of a $10,000<br/>investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of a<br/>$10,000 investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles Multi-Strategy Fund</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">$95</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.92%</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
95
0.0092
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">How did the Fund perform? What affected the Fund’s performance?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 6pt 2% 0pt 2%;">For the year ended December 31, 2025, the Fund returned 6.38%, whereas the HFRX Global Hedge Fund Index (the “Index”) returned 7.14%.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">The Fund’s underlying Sub-Advisors all contributed positively to performance, with allocations to Mortgage-Backed Securities-related strategies contributing the most to Fund absolute performance.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 13%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-size: 95%;">○</span></sup> </span></td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9.5pt; text-align: left;">The Advisor believed mortgages provided attractive carry opportunities to the Fund and would benefit from the expected tightening of MBS spreads. The Fund also captured incremental value from the strategy’s active management of duration.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">The Fund’s allocations to Equity Market Neutral strategies helped drive performance, as one Sub-Advisor, added to the Fund in May 2025, achieved high double-digit returns for the year.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 13%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-size: 95%;">○</span></sup> </span></td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9.5pt; text-align: left;">The Advisor believed the strategy would help diversify Fund allocations through non-directional long/short exposures, through the use of swaps and index futures, and benefit from an environment of greater equity dispersion. The Sub-Advisor implementing the strategy demonstrated robust risk management in response to market volatility that further contributed to the Fund’s performance.</div> </td> </tr> </table>
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Fund Performance</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g72948g01k53.jpg" style="width: 6.50616in; height: 2.58579in;"/> </div>
<div style="padding-top: 0pt; font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Average annual total returns:</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 75%;"></td>
<td style="vertical-align: bottom; width: 5%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">1 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">Since<br/>Inception<br/>(9/18/2024)</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles Multi-Strategy Fund</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">6.38%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.83%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">HFRX Global Hedge Fund Index</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">7.14%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">6.11%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Bloomberg Global-Aggregate Total Return Index Value Unhedged USD</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">8.17%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">-1.48%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
2024-09-18
Six Circles Multi-Strategy Fund
0.0638
0.0583
HFRX Global Hedge Fund Index
0.0714
0.0611
Bloomberg Global-Aggregate Total Return Index Value Unhedged USD
0.0817
0.0148
Performance quoted is past performance and is no guarantee of future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
See www.sixcirclesfunds.com for most recent month-end performance.
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 89%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1,583,978</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total number of portfolio holdings</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">11,659</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total advisory fees paid (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">13,893</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">652.39%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
1583978000
11659
13893000
6.5239
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Graphical Representation of Holdings</div> <div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 29%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 60%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Asset Type<sup style="font-size: 75%; vertical-align: top;">1</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 9pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Top Ten Holdings<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 9pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">Short-Term Investments</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">39.1</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;">% </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 14pt; font-size: 9pt; font-family: arial;">U.S. Treasury Bills, 3.60%, 01/29/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">12.9</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;">% </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">Mortgage-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">35.4</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 14pt; font-size: 9pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 02/01/2056</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">4.7</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14.0pt; font-size: 9pt; font-family: arial;">Collateralized Mortgage Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">20.1</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 10.0pt; font-size: 9pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 03/01/2056</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">3.6</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">Loan Assignments</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">17.4</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 14pt; font-size: 9pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 6.50%, 02/01/2056</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">2.6</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">Asset-backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">8.1</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 14pt; font-size: 9pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 7.00%, 01/01/2056</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">2.1</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">Corporate Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">2.2</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14.0pt; font-size: 9pt; font-family: arial;">U.S. Treasury Bills, 3.71%, 03/19/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">1.8</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">Commercial Mortgage-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">1.4</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 14pt; font-size: 9pt; font-family: arial;">U.S. Treasury Bills, 3.77%, 03/05/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">1.7</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">Convertible Bond</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">0.1</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 14pt; font-size: 9pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 02/01/2056</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">1.6</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">Preferred Stock</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">0.0</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 14pt; font-size: 9pt; font-family: arial;">GNMA, Single Family, 30 years, TBA, 4.50%, 02/01/2056</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">1.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">U.S. Treasury Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">0.0</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 14pt; font-size: 9pt; font-family: arial;">GNMA, Single Family, 30 years, TBA, 4.00%, 02/01/2056</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">1.2</div> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">33.5</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">1</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. </span></div> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions. </span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 29%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 60%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Asset Type<sup style="font-size: 75%; vertical-align: top;">1</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 9pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Top Ten Holdings<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 9pt; font-family: arial; font-weight: bold;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">Short-Term Investments</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">39.1</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;">% </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 14pt; font-size: 9pt; font-family: arial;">U.S. Treasury Bills, 3.60%, 01/29/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">12.9</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;">% </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">Mortgage-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">35.4</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 14pt; font-size: 9pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 02/01/2056</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">4.7</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14.0pt; font-size: 9pt; font-family: arial;">Collateralized Mortgage Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">20.1</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 10.0pt; font-size: 9pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 03/01/2056</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">3.6</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">Loan Assignments</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">17.4</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 14pt; font-size: 9pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 6.50%, 02/01/2056</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">2.6</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">Asset-backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">8.1</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 14pt; font-size: 9pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 7.00%, 01/01/2056</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">2.1</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">Corporate Bonds</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">2.2</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14.0pt; font-size: 9pt; font-family: arial;">U.S. Treasury Bills, 3.71%, 03/19/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">1.8</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">Commercial Mortgage-Backed Securities</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">1.4</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 14pt; font-size: 9pt; font-family: arial;">U.S. Treasury Bills, 3.77%, 03/05/2026</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">1.7</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">Convertible Bond</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">0.1</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 14pt; font-size: 9pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 02/01/2056</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">1.6</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">Preferred Stock</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">0.0</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 14pt; font-size: 9pt; font-family: arial;">GNMA, Single Family, 30 years, TBA, 4.50%, 02/01/2056</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">1.3</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; line-height: 14pt; font-size: 9pt; font-family: arial;">U.S. Treasury Obligations</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">0.0</div> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.11em; text-indent: -1.00em; line-height: 14pt; font-size: 9pt; font-family: arial;">GNMA, Single Family, 30 years, TBA, 4.00%, 02/01/2056</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial; text-align: right;">1.2</div> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14pt; font-size: 9pt; font-family: arial;"> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">33.5</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions. </span></div>
0.391
0.129
0.354
0.047
0.201
0.036
0.174
0.026
0.081
0.021
0.022
0.018
0.014
0.017
0.001
0.016
0.000
0.013
0.000
0.012
0.335
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Material Fund Changes</div> <div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">During the period, the Six Circles Multi-Strategy Fund appointed BlackRock Investment Management, LLC (“BlackRock”) and Capital Fund Management S.A. (“CFM”) as additional sub-advisers to the Fund. BlackRock and CFM have been allocated assets within the Fund and hold a 12% and 8% allocation respectively as of December 31, 2025. The appointment of the two new sub-advisers and their targeted investment exposure resulted in an increase in the Fund’s Total Expense Ratio of approximately 21 basis points. The Fund’s Total Expense Ratio as of December 31, 2025 was 92 basis points.</div> <div style="padding-bottom: 0pt; font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">The fund changes outlined above did not result is any change to the Fund’s investment objective or strategy.</div>
<div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">During the period, the Six Circles Multi-Strategy Fund appointed BlackRock Investment Management, LLC (“BlackRock”) and Capital Fund Management S.A. (“CFM”) as additional sub-advisers to the Fund. BlackRock and CFM have been allocated assets within the Fund and hold a 12% and 8% allocation respectively as of December 31, 2025. The appointment of the two new sub-advisers and their targeted investment exposure resulted in an increase in the Fund’s Total Expense Ratio of approximately 21 basis points. The Fund’s Total Expense Ratio as of December 31, 2025 was 92 basis points.</div>
2025-12-31
The appointment of the two new sub-advisers and their targeted investment exposure resulted in an increase in the Fund’s Total Expense Ratio of approximately 21 basis points. The Fund’s Total Expense Ratio as of December 31, 2025 was 92 basis points.
Six Circles Managed Equity Portfolio U.S.Unconstrained Fund
Six Circles Managed Equity Portfolio U.S.Unconstrained Fund
CMEUX
This annual shareholder report contains important information about the Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025.
annual shareholder report
You can find additional information about the Fund at <span style="font-weight: bold;">www.sixcirclesfunds.com/literature</span>. You can also request this information by contacting us at <span style="font-weight: bold;">1-212-464-2070</span>.
www.sixcirclesfunds.com/literature
1-212-464-2070
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">What were the Fund costs for the last year?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;">(Based on a hypothetical $10,000 investment)</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 54%;"></td>
<td style="vertical-align: bottom; width: 13%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td style="vertical-align: bottom; width: 14%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs of a $10,000<br/>investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of a<br/>$10,000 investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles Managed Equity Portfolio U.S. Unconstrained Fund</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">$7</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.06%</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
7
0.0006
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">How did the Fund perform? What affected the Fund’s performance?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 6pt 2% 0pt 2%;">For the year ended December 31, 2025, the Fund returned 18.38%, while the MSCI USA Index (the “Index”) returned 17.75%.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">The Fund’s allocation to Information Technology and Communication Services were the leading contributors to the Fund’s absolute performance.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 13%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-size: 95%;">○</span></sup> </span></td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9.5pt; text-align: left;">Select large cap technology-related companies in Software, Semiconductor, and Broadline Retail industries retain strong balance sheets and long-term earnings growth potential. The Advisor believes these companies are well-positioned to take advantage of opportunities in artificial intelligence.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">Real Estate and Materials contributed the least to the Fund’s absolute performance.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">The Fund employed equity futures in order to maintain market exposures during the reporting period. The use of equity futures contributed to the Fund’s absolute performance during the reporting period.</div> </td> </tr> </table>
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Fund Performance</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g72948g60n60.jpg" style="width: 6.49132in; height: 2.47807in;"/> </div>
<div style="padding-top: 0pt; font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Average annual total returns:</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 63%;"></td>
<td style="vertical-align: bottom; width: 4%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 5%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 5%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">1 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">5 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">Since<br/>Inception<br/>(4/10/2019)</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles Managed Equity Portfolio U.S. Unconstrained Fund</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.38%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span>14.04%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">16.46%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">MSCI USA Index</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">17.75%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">13.87%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">15.48%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
2019-04-10
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
0.1838
0.1404
0.1646
MSCI USA Index
0.1775
0.1387
0.1548
Performance quoted is past performance and is no guarantee of future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
See www.sixcirclesfunds.com for most recent month-end performance.
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 88%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">27,458,772</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total number of portfolio holdings</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">698</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total advisory fees paid (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">57,059</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">24.86%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
27458772000
698
57059000
0.2486
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Graphical Representation of Holdings</div> <div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 47%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 47%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">Sector Allocation<sup style="font-size: 75%; vertical-align: top;">1</sup> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Top Ten Holdings<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 9.5pt; font-family: arial;"><span style="font-weight: bold;"></span> </div> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td rowspan="14" style="vertical-align: top; white-space: nowrap;">
<img alt="LOGO" src="g72948g01a09.jpg" style="width: 3.37838in; height: 2.75903in;"/> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">NVIDIA Corp.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">8.6</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Microsoft Corp.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">7.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Apple, Inc.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">6.7</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Amazon.com, Inc.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">4.0</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Alphabet, Inc., Class A</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">3.3</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Broadcom, Inc.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.8</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Alphabet, Inc., Class C</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.8</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Meta Platforms, Inc., Class A</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.6</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Walmart, Inc.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.1</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Eli Lilly & Co.</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.9</td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">42.3</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">1</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. </span></div> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions. </span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 47%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 47%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">Sector Allocation<sup style="font-size: 75%; vertical-align: top;">1</sup> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Top Ten Holdings<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 9.5pt; font-family: arial;"><span style="font-weight: bold;"></span> </div> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td rowspan="14" style="vertical-align: top; white-space: nowrap;">
<img alt="LOGO" src="g72948g01a09.jpg" style="width: 3.37838in; height: 2.75903in;"/> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">NVIDIA Corp.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">8.6</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Microsoft Corp.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">7.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Apple, Inc.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">6.7</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Amazon.com, Inc.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">4.0</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Alphabet, Inc., Class A</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">3.3</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Broadcom, Inc.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.8</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Alphabet, Inc., Class C</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.8</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Meta Platforms, Inc., Class A</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.6</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Walmart, Inc.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.1</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Eli Lilly & Co.</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.9</td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">42.3</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions. </span></div>
0.086
0.075
0.067
0.040
0.033
0.028
0.028
0.026
0.021
0.019
0.423
Six Circles Managed Equity Portfolio InternationalUnconstrained Fund
Six Circles Managed Equity Portfolio InternationalUnconstrained Fund
CMIUX
This annual shareholder report contains important information about the Six Circles Managed Equity Portfolio International Unconstrained Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025.
annual shareholder report
You can find additional information about the Fund at <span style="font-weight: bold;">www.sixcirclesfunds.com/literature</span>. You can also request this information by contacting us at <span style="font-weight: bold;">1-212-464-2070.</span>
www.sixcirclesfunds.com/literature
1-212-464-2070
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">What were the Fund costs for the last year?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;">(Based on a hypothetical $10,000 investment)</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 54%;"></td>
<td style="vertical-align: bottom; width: 13%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td style="vertical-align: bottom; width: 14%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 6%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs of a $10,000<br/>investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of a<br/>$10,000 investment</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles Managed Equity Portfolio International Unconstrained Fund</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">$12</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.10%</td>
<td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
12
0.0010
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">How did the Fund perform? What affected the Fund’s performance?</div><div style="font-size: 9.5pt; font-family: arial; margin: 6pt 2% 0pt 2%;">For the year ended December 31, 2025, the Fund returned 33.34%, while the MSCI World ex-USA Index (the “Index”) returned 31.85%.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">The Fund’s allocation to Financials and Industrials were the leading contributors to the Fund’s absolute performance.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 13%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-size: 95%;">○</span></sup> </span></td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9.5pt; text-align: left;">The Advisor believes that select companies within the Financials sector have strong fundamentals and can continue to perform well, if the expansion continues and recession is avoided.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">Real Estate and Health Care were the lowest contributing sectors to the Fund’s absolute performance.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 13%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-size: 95%;">○</span></sup> </span></td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9.5pt; text-align: left;">The Advisor believes that Health Care sector exposure trades at a valuation discount relative to the broad market and has defensive-like portfolio benefits, potentially offsetting some of the more growth-oriented exposures in the Fund.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 5%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">-</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: arial; text-align: left;">The Fund employed equity futures in order to maintain market exposures during the reporting period. The use of equity futures contributed to the Fund’s absolute performance during the reporting period.</div> </td> </tr> </table>
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Fund Performance</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g72948g00u67.jpg" style="width: 6.38758in; height: 2.49329in;"/> </div>
<div style="padding-top: 0pt; font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;"><span style="font-weight: bold;">Average annual total returns:</span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 64%;"></td>
<td style="vertical-align: bottom; width: 4%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 5%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td style="vertical-align: bottom; width: 5%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">1 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">5 Year</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">Since<br/>Inception<br/>(4/10/2019)</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">Six Circles Managed Equity Portfolio International Unconstrained Fund</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">33.34%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">11.47%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.55%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9.5pt; font-family: arial;">MSCI World ex-USA Index</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">31.85%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">9.46%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">9.48%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
2019-04-10
Six Circles Managed Equity Portfolio International Unconstrained Fund
0.3334
0.1147
0.1055
MSCI World ex-USA Index
0.3185
0.0946
0.0948
Performance quoted is past performance and is no guarantee of future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
See www.sixcirclesfunds.com for most recent month-end performance.
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 88%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">12,188,462</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total number of portfolio holdings</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2,060</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Total advisory fees paid (in thousands)</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">23,093</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;">
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">40.24%</td>
<td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
12188462000
2060
23093000
0.4024
<div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Graphical Representation of Holdings</div> <div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 47%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 47%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">Sector Allocation<sup style="font-size: 75%; vertical-align: top;">1</sup> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Top Ten Holdings<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 9.5pt; font-family: arial;"><span style="font-weight: bold;"></span> </div> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td rowspan="13" style="vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.05em;">
<img alt="LOGO" src="g72948g01a10.jpg" style="width: 3.37838in; height: 2.75903in;"/> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">SAP SE</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.6</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">ASML Holding NV</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">British American Tobacco plc</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.2</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Nestle SA (Registered)</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.0</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Rolls-Royce Holdings plc</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.0</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Deutsche Telekom AG</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.9</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Taiwan Semiconductor Manufacturing Co. Ltd.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.8</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Siemens Energy AG</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.8</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Roche Holding AG</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.7</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">HSBC Holdings plc</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.7</td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">20.2</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">1</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent.</span></div> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.</span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 47%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 47%;"></td>
<td style="vertical-align: bottom;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">Sector Allocation<sup style="font-size: 75%; vertical-align: top;">1</sup> </span></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Top Ten Holdings<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 9.5pt; font-family: arial;"><span style="font-weight: bold;"></span> </div> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td>
<td colspan="2" style="height: 4.5pt;"></td>
<td colspan="4" style="height: 4.5pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td rowspan="13" style="vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.05em;">
<img alt="LOGO" src="g72948g01a10.jpg" style="width: 3.37838in; height: 2.75903in;"/> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">SAP SE</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.6</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">ASML Holding NV</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.5</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">British American Tobacco plc</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.2</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Nestle SA (Registered)</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.0</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Rolls-Royce Holdings plc</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.0</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Deutsche Telekom AG</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.9</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Taiwan Semiconductor Manufacturing Co. Ltd.</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.8</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Siemens Energy AG</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.8</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Roche Holding AG</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.7</td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">HSBC Holdings plc</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.7</td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em; font-size: 9pt; font-family: arial;">Total % of Portfolio</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">20.2</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"></td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom;"></td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.</span></div>
0.026
0.025
0.022
0.020
0.020
0.019
0.018
0.018
0.017
0.017
0.202
Presented percentages may not sum to 100% due to rounding to the nearest percent.
Presented percentages may not sum to 100% due to rounding to the nearest percent.
Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.
Presented percentages may not sum to 100% due to rounding to the nearest percent.
Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.
Presented percentages may not sum to 100% due to rounding to the nearest percent.
Presented percentages may not sum to 100% due to rounding to the nearest percent.
Presented percentages may not sum to 100% due to rounding to the nearest percent.
Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.
Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.
Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.
Presented percentages may not sum to 100% due to rounding to the nearest percent.
Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.
Presented percentages may not sum to 100% due to rounding to the nearest percent.
Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.
Presented percentages may not sum to 100% due to rounding to the nearest percent.
Presented percentages may not sum to 100% due to rounding to the nearest percent.
Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.
Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.
Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.