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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 six months?</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;">$10</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.19%</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;">* This charge is annualized. </span></div> 10 0.0019 <div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 89%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;"> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1,110,868</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;">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;">30.40%</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 1110868000 762 0.3040 <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;">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;">50.8</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 Bills, 3.47%, 01/21/2027</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;">4.1</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> </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;">29.0</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 Bills, 3.63%, 09/01/2026</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;">1.7</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;">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;">10.2</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 Bills, 3.75%, 04/15/2027</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;">1.3</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> </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;">6.3</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 Bills, 3.59%, 12/24/2026</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;">1.2</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;">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 Bills, 3.60%, 02/18/2027</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;">1.2</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;">1.1</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: 1.11em; font-size: 9pt; font-family: arial;">U.S. Treasury Bills, 3.61%, 08/25/2026</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;">1.2</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;">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;">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> <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 Bills, 3.61%, 08/04/2026</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;">1.2</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. 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="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 Bills, 3.60%, 08/11/2026</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;">1.2</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;">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 Bills, 3.61%, 09/03/2026</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;">1.2</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;">Certificates of Deposit</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;">FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 08/01/2056</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;"><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;">1.1</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;">15.4</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="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;">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;">50.8</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 Bills, 3.47%, 01/21/2027</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;">4.1</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> </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;">29.0</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 Bills, 3.63%, 09/01/2026</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;">1.7</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;">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;">10.2</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 Bills, 3.75%, 04/15/2027</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;">1.3</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> </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;">6.3</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 Bills, 3.59%, 12/24/2026</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;">1.2</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;">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 Bills, 3.60%, 02/18/2027</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;">1.2</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;">1.1</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: 1.11em; font-size: 9pt; font-family: arial;">U.S. Treasury Bills, 3.61%, 08/25/2026</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;">1.2</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;">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;">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> <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 Bills, 3.61%, 08/04/2026</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;">1.2</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. 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="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 Bills, 3.60%, 08/11/2026</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;">1.2</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;">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 Bills, 3.61%, 09/03/2026</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;">1.2</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;">Certificates of Deposit</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;">FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 08/01/2056</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;"><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;">1.1</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;">15.4</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;">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> 0.508 0.041 0.290 0.017 0.102 0.013 0.063 0.012 0.018 0.012 0.011 0.012 0.007 0.012 0.001 0.012 0.001 0.012 0.001 0.011 0.154 Six Circles Tax Aware Intermediate Duration Fund Six Circles Tax Aware Intermediate Duration Fund CUTAX This semi-annual shareholder report contains important information about the Six Circles Tax Aware Intermediate Duration Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-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-bottom: 0pt; font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;"><span style="font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</span></div> <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 six months?</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: 3pt; 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 Intermediate Duration Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">$8</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.16%</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;">* This charge is annualized. </span></div> 8 0.0016 <div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 89%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;"> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1,991,226</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;">403</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;">114.60%</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 1991226000 403 1.1460 <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 style="vertical-align: bottom; width: 1%;"></td> <td style="width: 65%;"></td> <td style="vertical-align: bottom;"></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></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="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td colspan="5" 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> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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;">Municipal Bonds</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: 10.0pt; 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: 10.0pt; font-size: 8pt; font-family: arial; text-align: right;">99.1</div> </td> <td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">% </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"></td> <td style="vertical-align: 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;">U.S. Treasury Bills, 3.66%, 09/03/2026</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">2.8%</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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;">Short-Term Investments</div> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;"> </div> </td> <td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial; text-align: right;">6.6</div> </td> <td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;"> </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">U.S. Treasury Notes, 4.00%, 05/31/2028</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">1.6</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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;">U.S. Treasury Obligations</div> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;"> </div> </td> <td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial; text-align: right;">1.7</div> </td> <td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;"> </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">U.S. Treasury Bills, 3.70%, 09/24/2026</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">1.4</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Tohopekaliga Water Authority, Series A, Rev., 5.00%, 10/01/2030</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">1.3</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; 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, Gas Project, Series C, Rev., 5.25%, 06/01/2036</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">1.2</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">School Board of Miami-Dade County (The), Series A, COP, 5.00%, 02/01/2032</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">1.0</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">State of New Mexico Severance Tax Permanent Fund, Series A, Rev., 5.00%, 07/01/2036</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">1.0</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">North Carolina Municipal Power Agency No. 1, Rev., 5.00%, 01/01/2029</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">1.0</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">State of Nevada Highway Improvement Revenue, Rev., 4.00%, 12/01/2034</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">0.9</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Arizona Industrial Development Authority, Equitable School Revolving Fund, Rev., 5.00%, 11/01/2031</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; vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 0pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">0.8</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Total % of Portfolio</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">13.0%</div> </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 style="vertical-align: bottom; width: 1%;"></td> <td style="width: 65%;"></td> <td style="vertical-align: bottom;"></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></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="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td colspan="5" 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> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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;">Municipal Bonds</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: 10.0pt; 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: 10.0pt; font-size: 8pt; font-family: arial; text-align: right;">99.1</div> </td> <td style="white-space: nowrap; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">% </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"></td> <td style="vertical-align: 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;">U.S. Treasury Bills, 3.66%, 09/03/2026</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">2.8%</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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;">Short-Term Investments</div> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;"> </div> </td> <td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial; text-align: right;">6.6</div> </td> <td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;"> </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">U.S. Treasury Notes, 4.00%, 05/31/2028</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">1.6</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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;">U.S. Treasury Obligations</div> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;"> </div> </td> <td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial; text-align: right;">1.7</div> </td> <td style="white-space: nowrap; vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;"> </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">U.S. Treasury Bills, 3.70%, 09/24/2026</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">1.4</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Tohopekaliga Water Authority, Series A, Rev., 5.00%, 10/01/2030</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">1.3</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; 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, Gas Project, Series C, Rev., 5.25%, 06/01/2036</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">1.2</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">School Board of Miami-Dade County (The), Series A, COP, 5.00%, 02/01/2032</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">1.0</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">State of New Mexico Severance Tax Permanent Fund, Series A, Rev., 5.00%, 07/01/2036</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">1.0</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">North Carolina Municipal Power Agency No. 1, Rev., 5.00%, 01/01/2029</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">1.0</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">State of Nevada Highway Improvement Revenue, Rev., 4.00%, 12/01/2034</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">0.9</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Arizona Industrial Development Authority, Equitable School Revolving Fund, Rev., 5.00%, 11/01/2031</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; vertical-align: top; white-space: nowrap;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 0pt; margin-top: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">0.8</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></td> <td colspan="2" style="height: 3pt;"></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: bottom;"> </td> <td style="vertical-align: top;"> <div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 1pt; margin-bottom: 1pt; margin-left: 2.38em; text-indent: -1.00em; line-height: 10.0pt; font-size: 8pt; font-family: arial;">Total % of Portfolio</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10.0pt; font-size: 8pt; font-family: arial;">13.0%</div> </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> 0.991 0.028 0.066 0.016 0.017 0.014 0.013 0.012 0.010 0.010 0.010 0.009 0.008 0.130 <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%;">Effective May 1, 2026, the Fund changed its name from the Six Circles Tax Aware Ultra Short Duration Fund to the Six Circles Tax Aware Intermediate Duration Fund. At the same time, the Fund changed its non-fundamental investment objective from seeking to generate current income consistent with capital preservation to seeking to provide after-tax total return.</div> <div style="padding-bottom: 0pt; font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">In connection with these changes, the Fund changed its principal investment strategy from an ultra-short duration approach to an intermediate duration approach. Under the new strategy, the Fund generally seeks to maintain a weighted average effective portfolio duration of between three and eight years, compared with one year or less under its prior strategy.</div> <div style="padding-top: 0pt; font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;">The Fund also added certain principal risks associated with its new investment strategy, including Municipal Project Housing-Related (Municipal Whole Loans) Risk, Loan Participations and Assignments Risk, and To-Be-Announced (“TBA”) Transactions Risk.</div> <div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">As of May 1, 2026, the sub-advisers to the Fund were Insight North America LLC and Pacific Investment Management Company LLC. BlackRock Investment Management, LLC was added as sub-adviser effective July 1, 2026.</div> <div style="padding-bottom: 0pt; font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">This is a summary of certain changes to the Fund since January 1, 2026. For more complete information, you may review the Fund’s prospectus dated May 1, 2026, which is available at www.sixcirclesfunds.com/literature or upon request by calling 1-212-464-2070.</div> Effective May 1, 2026, the Fund changed its name from the Six Circles Tax Aware Ultra Short Duration Fund to the Six Circles Tax Aware Intermediate Duration Fund. 2026-05-01 At the same time, the Fund changed its non-fundamental investment objective from seeking to generate current income consistent with capital preservation to seeking to provide after-tax total return. <div style="padding-bottom: 0pt; font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">In connection with these changes, the Fund changed its principal investment strategy from an ultra-short duration approach to an intermediate duration approach. Under the new strategy, the Fund generally seeks to maintain a weighted average effective portfolio duration of between three and eight years, compared with one year or less under its prior strategy.</div> <div style="padding-top: 0pt; font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;">The Fund also added certain principal risks associated with its new investment strategy, including Municipal Project Housing-Related (Municipal Whole Loans) Risk, Loan Participations and Assignments Risk, and To-Be-Announced (“TBA”) Transactions Risk.</div> <div style="font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">As of May 1, 2026, the sub-advisers to the Fund were Insight North America LLC and Pacific Investment Management Company LLC. BlackRock Investment Management, LLC was added as sub-adviser effective July 1, 2026.</div> <div style="padding-bottom: 0pt; font-size: 9.5pt; font-family: arial; margin: 8pt 2% 0pt 2%;">This is a summary of certain changes to the Fund since January 1, 2026. For more complete information, you may review the Fund’s prospectus dated May 1, 2026, which is available at www.sixcirclesfunds.com/literature or upon request by calling 1-212-464-2070.</div> www.sixcirclesfunds.com/literature 1-212-464-2070 Six Circles U.S. Unconstrained Equity Fund Six Circles U.S. Unconstrained Equity Fund CUSUX This semi-annual shareholder report contains important information about the Six Circles U.S. Unconstrained Equity Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="font-weight: bold;">www.sixcirclesfunds.com/literature</span><span style="font-weight: bold;">.</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 six months?</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;">$3</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.05%</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;">* This charge is annualized. </span></div> 3 0.0005 <div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 88%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;"> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">35,739,230</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;">533</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;">23.76%</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 35739230000 533 0.2376 <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: 46%;"></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> <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: bottom; white-space: nowrap;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Sector Allocation<sup style="font-size: 75%; vertical-align: top;">1)</sup></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="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;"><sup style="font-size: 75%; vertical-align: top;"></sup> </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> <td colspan="4" style="height: 4.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td rowspan="16" style="vertical-align: bottom; white-space: nowrap; text-align: center;"> <img alt="LOGO" src="g115598g00v01.jpg" style="width: 2.625in; height: 2.3316in;"/> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: 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;">7.1</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="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;">5.9</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="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;">5.4</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="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;">4.7</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="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;">3.5</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="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;">3.2</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> </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;">3.1</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="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;">2.2</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> </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;">Eli Lilly &amp; 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;">2.1</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="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;">Micron Technology, Inc.</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;">1.8</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="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;"> <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;">39.0</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="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> <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> <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> <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> <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> <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: 46%;"></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> <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: bottom; white-space: nowrap;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Sector Allocation<sup style="font-size: 75%; vertical-align: top;">1)</sup></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="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;"><sup style="font-size: 75%; vertical-align: top;"></sup> </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> <td colspan="4" style="height: 4.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td rowspan="16" style="vertical-align: bottom; white-space: nowrap; text-align: center;"> <img alt="LOGO" src="g115598g00v01.jpg" style="width: 2.625in; height: 2.3316in;"/> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: 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;">7.1</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="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;">5.9</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="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;">5.4</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="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;">4.7</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="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;">3.5</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="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;">3.2</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> </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;">3.1</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="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;">2.2</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> </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;">Eli Lilly &amp; 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;">2.1</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="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;">Micron Technology, Inc.</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;">1.8</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="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;"> <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;">39.0</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="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> <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> <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> <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> <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> <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> 0.071 0.059 0.054 0.047 0.035 0.032 0.031 0.022 0.021 0.018 0.390 Six Circles International Unconstrained Equity Fund Six Circles International Unconstrained Equity Fund CIUEX This semi-annual shareholder report contains important information about the Six Circles International Unconstrained Equity Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-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 six months?</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;">$4</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.07%</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;">* This charge is annualized. </span></div> 4 0.0007 <div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 88%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;"> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">21,679,845</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;">673</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;">13.38%</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 21679845000 673 0.1338 <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> <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: bottom; white-space: nowrap;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Sector Allocation<sup style="font-size: 75%; vertical-align: top;">1)</sup></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;"><sup style="font-size: 75%; vertical-align: top;"></sup> </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="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 rowspan="15" style="vertical-align: bottom; white-space: nowrap; text-align: center;"> <img alt="LOGO" src="g115598g00b05.jpg" style="width: 2.625in; height: 2.3316in;"/> </td> <td rowspan="13" style="vertical-align: bottom;">  </td> <td rowspan="13" style="vertical-align: bottom;"></td> <td rowspan="13" style="vertical-align: bottom;"></td> <td rowspan="13" 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;">4.9</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">3.9</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">2.9</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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 AG (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;">2.7</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">2.6</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">2.2</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> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">2.0</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">2.0</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">2.0</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">Roche Holding AG</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;">2.0</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">27.2</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> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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="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> <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> <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> <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: bottom; white-space: nowrap;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Sector Allocation<sup style="font-size: 75%; vertical-align: top;">1)</sup></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;"><sup style="font-size: 75%; vertical-align: top;"></sup> </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="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 rowspan="15" style="vertical-align: bottom; white-space: nowrap; text-align: center;"> <img alt="LOGO" src="g115598g00b05.jpg" style="width: 2.625in; height: 2.3316in;"/> </td> <td rowspan="13" style="vertical-align: bottom;">  </td> <td rowspan="13" style="vertical-align: bottom;"></td> <td rowspan="13" style="vertical-align: bottom;"></td> <td rowspan="13" 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;">4.9</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">3.9</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">2.9</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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 AG (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;">2.7</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">2.6</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">2.2</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> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">2.0</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">2.0</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">2.0</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">Roche Holding AG</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;">2.0</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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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;">27.2</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> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <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="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> <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> <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> 0.049 0.039 0.029 0.027 0.026 0.022 0.020 0.020 0.020 0.020 0.272 Six Circles Global Bond Fund Six Circles Global Bond Fund CGLBX This semi-annual shareholder report contains important information about the Six Circles Global Bond Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-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 six months?</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: 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 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;">$5</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.11%</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;">* This charge is annualized. </span></div> 5 0.0011 <div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 88%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;"> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18,450,266</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;">7,627</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;">62.48%</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 18450266000 7627 0.6248 <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: 6pt 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; line-height: 14.0pt; 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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial; text-align: right;">59.9</div> </td> <td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 09/01/2056</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;">1.1</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> </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; line-height: 14.0pt; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial; text-align: right;">14.0</div> </td> <td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14.0pt; 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: 14.0pt; 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; line-height: 14.0pt; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial; text-align: right;">13.9</div> </td> <td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14.0pt; 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: 14.0pt; 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; line-height: 14.0pt; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial; text-align: right;">13.6</div> </td> <td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14.0pt; 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: 14.0pt; 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;">0.7</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; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial; text-align: right;">1.9</div> </td> <td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14.0pt; 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: 14.0pt; 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;">0.7</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; line-height: 14.0pt; 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: 14.0pt; 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: 14.0pt; 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: 14.0pt; 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: 14.0pt; 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;">0.7</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; line-height: 14.0pt; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial;">China Government Bond, (China), 1.49%, 12/25/2031</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; line-height: 14.0pt; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; 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: 14.0pt; 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: 14.0pt; 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;">0.7</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; line-height: 14.0pt; 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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14.0pt; 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: 14.0pt; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.13%, 02/15/2036</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; line-height: 14.0pt; font-size: 9pt; font-family: arial;">Municipal 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: 14.0pt; 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: 14.0pt; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.00%, 02/15/2034</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: bottom;"><span style="font-size: 9pt;"> </span> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </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> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt; text-align: left;"> </div> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt;"> </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;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"></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;"><span style="font-size: 9pt;"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">7.6</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> </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="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; line-height: 14.0pt; 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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial; text-align: right;">59.9</div> </td> <td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 09/01/2056</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;">1.1</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> </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; line-height: 14.0pt; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial; text-align: right;">14.0</div> </td> <td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14.0pt; 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: 14.0pt; 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; line-height: 14.0pt; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial; text-align: right;">13.9</div> </td> <td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14.0pt; 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: 14.0pt; 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; line-height: 14.0pt; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial; text-align: right;">13.6</div> </td> <td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14.0pt; 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: 14.0pt; 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;">0.7</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; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial; text-align: right;">1.9</div> </td> <td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14.0pt; 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: 14.0pt; 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;">0.7</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; line-height: 14.0pt; 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: 14.0pt; 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: 14.0pt; 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: 14.0pt; 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: 14.0pt; 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;">0.7</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; line-height: 14.0pt; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial;">China Government Bond, (China), 1.49%, 12/25/2031</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; line-height: 14.0pt; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; 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: 14.0pt; 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: 14.0pt; 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;">0.7</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; line-height: 14.0pt; 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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 14.0pt; 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: 14.0pt; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.13%, 02/15/2036</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; line-height: 14.0pt; font-size: 9pt; font-family: arial;">Municipal 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: 14.0pt; 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: 14.0pt; 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: 14.0pt; 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: 14.0pt; font-size: 9pt; font-family: arial;">U.S. Treasury Notes, 4.00%, 02/15/2034</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: bottom;"><span style="font-size: 9pt;"> </span> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </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> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt; text-align: left;"> </div> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-size: 9pt;"> </span> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt;"> </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;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"></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;"><span style="font-size: 9pt;"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-size: 9pt;">7.6</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> </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;">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 0.011 0.140 0.008 0.139 0.008 0.136 0.007 0.019 0.007 0.014 0.007 0.004 0.007 0.003 0.007 0.001 0.007 0.000 0.007 0.076 Six Circles Tax Aware Bond Fund Six Circles Tax Aware Bond Fund CBTAX This semi-annual shareholder report contains important information about the Six Circles Tax Aware Bond Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-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 six months?</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 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;">$6</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.12%</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;">* This charge is annualized. </span></div> 6 0.0012 <div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 88%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;"> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18,101,854</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;">5,069</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;">7.59%</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 18101854000 5069 0.0759 <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 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: 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;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> </td> <td style="vertical-align: bottom;"> </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="2" 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;">96.4</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: 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;">0.3</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;"> <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;">3.3</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: 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, Gas Project, Series C, Rev., 5.25%, 06/01/2036</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="2" 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;">Commercial Mortgage‑Backed Securities</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;">0.4</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: 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: 10pt; font-size: 8pt; font-family: arial;">California Community Choice Financing Authority, Rev., 5.00%, 12/01/2055</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: 10pt; 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: 10pt; 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: 10pt; 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="2" 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;">Warrants</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;">0.0</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: 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: 10pt; 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: 10pt; 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: 10pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</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: 10pt; 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="2" 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;"></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: 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: 10pt; font-size: 8pt; font-family: arial;">Texas Transportation Finance Corp., 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; line-height: 10pt; 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: 10pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</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: 10pt; 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="2" 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;"></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: 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: 10pt; font-size: 8pt; font-family: arial;">County of Fairfax, Series B, GO, 5.00%, 10/01/2026</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: 10pt; 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: 10pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</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: 10pt; 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="2" 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;"></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: 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: 10pt; 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;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10pt; 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: 10pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</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: 10pt; 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="2" 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;"></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: 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: 10pt; 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: 10pt; 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: 10pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</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: 10pt; 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="2" 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;"></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: 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: 10pt; font-size: 8pt; font-family: arial;">State of Washington, Bidding Group 1, Series A, GO, 5.00%, 08/01/2034</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: 10pt; 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: 10pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</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: 10pt; 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="2" 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;"></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="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; 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: 10pt; font-size: 8pt; font-family: arial;">Black Belt Energy Gas District, Gas Project, Series E, Rev., 5.00%, 07/01/2033</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;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10pt; font-size: 8pt; font-family: arial;"> </div> </td> <td style="border-bottom: 0.75pt solid #000000; 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: 10pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</div> </td> <td style="border-bottom: 0.75pt solid #000000; 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: 10pt; 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="2" 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: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></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: 10pt; 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: 10pt; 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: 10pt; font-size: 8pt; font-family: arial; text-align: right;">2.3</div> </td> <td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt; 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> </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: 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 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: 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;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> </td> <td style="vertical-align: bottom;"> </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="2" 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;">96.4</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: 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;">0.3</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;"> <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;">3.3</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: 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, Gas Project, Series C, Rev., 5.25%, 06/01/2036</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="2" 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;">Commercial Mortgage‑Backed Securities</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;">0.4</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: 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: 10pt; font-size: 8pt; font-family: arial;">California Community Choice Financing Authority, Rev., 5.00%, 12/01/2055</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: 10pt; 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: 10pt; 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: 10pt; 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="2" 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;">Warrants</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;">0.0</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: 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: 10pt; 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: 10pt; 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: 10pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</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: 10pt; 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="2" 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;"></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: 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: 10pt; font-size: 8pt; font-family: arial;">Texas Transportation Finance Corp., 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; line-height: 10pt; 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: 10pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</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: 10pt; 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="2" 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;"></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: 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: 10pt; font-size: 8pt; font-family: arial;">County of Fairfax, Series B, GO, 5.00%, 10/01/2026</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: 10pt; 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: 10pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</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: 10pt; 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="2" 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;"></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: 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: 10pt; 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;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10pt; 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: 10pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</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: 10pt; 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="2" 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;"></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: 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: 10pt; 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: 10pt; 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: 10pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</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: 10pt; 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="2" 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;"></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: 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: 10pt; font-size: 8pt; font-family: arial;">State of Washington, Bidding Group 1, Series A, GO, 5.00%, 08/01/2034</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: 10pt; 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: 10pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</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: 10pt; 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="2" 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;"></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="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; 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: 10pt; font-size: 8pt; font-family: arial;">Black Belt Energy Gas District, Gas Project, Series E, Rev., 5.00%, 07/01/2033</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;"> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-bottom: 1pt; margin-top: 0pt; line-height: 10pt; font-size: 8pt; font-family: arial;"> </div> </td> <td style="border-bottom: 0.75pt solid #000000; 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: 10pt; font-size: 8pt; font-family: arial; text-align: right;">0.2</div> </td> <td style="border-bottom: 0.75pt solid #000000; 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: 10pt; 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="2" 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: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></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: 10pt; 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: 10pt; 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: 10pt; font-size: 8pt; font-family: arial; text-align: right;">2.3</div> </td> <td style="white-space: nowrap; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt; 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> </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> 0.964 0.003 0.033 0.003 0.004 0.003 0.000 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.023 Six Circles Credit Opportunities Fund Six Circles Credit Opportunities Fund CRDOX This semi-annual shareholder report contains important information about the Six Circles Credit Opportunities Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-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 six months?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;">(Based on a hypothetical $10,000 investment)<span style="font-weight: bold;"></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: 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;">$14</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.27%</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;">* This charge is annualized. </span></div> 14 0.0027 <div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 89%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;"> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5,550,000</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;">3,888</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;">24.97%</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 5550000000 3888 0.2497 <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: 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 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: 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: 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;">70.4</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;">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;">0.5</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: 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: 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;">16.7</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: 14pt; 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: 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: 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: 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;">3.1</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;"> <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;">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;">0.4</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: 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: 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;">2.7</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: 14pt; font-size: 8pt; font-family: arial;">Meridian Arc Holdco LLC, 6.25%, 04/30/2031</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: 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: 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: 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;">2.4</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;">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: 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: 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;">1.2</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: 1.25em; 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;">0.3</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: 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: 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;">ZF Europe Finance BV, (Netherlands), Reg. S, 7.00%, 06/12/2030</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: 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: 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: 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;">0.5</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;">Digicel Holdings Bermuda Ltd. / Digicel International Finance Ltd., (Jamaica)</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: 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: 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;">0.4</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;">Schaeffler AG, (Germany), Reg. S, 4.50%, 05/12/2032</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;">0.3</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: 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: 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="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;">Oman Government International Bond, (Oman), Reg. S, 6.25%, 01/25/2031</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;">Preferred Stocks</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;">3.4</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="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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 3pt;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 3pt;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 3pt;"> </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;"></td> <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="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Warrants</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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 3pt;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 3pt;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 3pt;"> </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;"></td> <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: 3pt 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: 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 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: 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: 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;">70.4</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;">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;">0.5</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: 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: 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;">16.7</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: 14pt; 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: 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: 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: 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;">3.1</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;"> <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;">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;">0.4</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: 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: 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;">2.7</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: 14pt; font-size: 8pt; font-family: arial;">Meridian Arc Holdco LLC, 6.25%, 04/30/2031</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: 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: 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: 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;">2.4</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;">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: 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: 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;">1.2</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: 1.25em; 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;">0.3</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: 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: 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;">ZF Europe Finance BV, (Netherlands), Reg. S, 7.00%, 06/12/2030</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: 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: 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: 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;">0.5</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;">Digicel Holdings Bermuda Ltd. / Digicel International Finance Ltd., (Jamaica)</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: 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: 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;">0.4</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;">Schaeffler AG, (Germany), Reg. S, 4.50%, 05/12/2032</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;">0.3</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: 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: 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="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;">Oman Government International Bond, (Oman), Reg. S, 6.25%, 01/25/2031</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;">Preferred Stocks</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;">3.4</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="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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 3pt;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 3pt;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 3pt;"> </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;"></td> <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="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25em; line-height: 14pt; font-size: 8pt; font-family: arial;">Warrants</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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 3pt;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 3pt;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 3pt;"> </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;"></td> <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> 0.704 0.005 0.167 0.004 0.031 0.004 0.027 0.003 0.024 0.003 0.012 0.003 0.008 0.003 0.005 0.003 0.004 0.003 0.002 0.003 0.001 0.034 0.001 0.000 Six Circles Multi-Strategy Fund Six Circles Multi-Strategy Fund CALTX This semi-annual shareholder report contains important information about the Six Circles Multi-Strategy Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-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 six months?</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 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;">$51</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.00%</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;">* This charge is annualized. </span></div> 51 0.0100 <div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 89%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;"> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2,274,808</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;">13,277</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;">390.87%</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 2274808000 13277 3.9087 <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: 9.5pt;"> <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 1pt 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;">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: 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;">50.8</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;">U.S. Treasury Bills, 3.59%, 07/16/2026</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: 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;">11.2</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> </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;">32.7</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: 14pt; font-size: 8pt; font-family: arial;">U.S. Treasury Bills, 3.60%, 08/06/2026</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: 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;">4.4</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: 14.0pt; 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;">20.3</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> <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;">FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 08/01/2056</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: 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;">3.6</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;">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: 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;">8.8</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;">FNMA or FHLMC, Single Family, 30 years, TBA, 5.00%, 08/01/2056</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: 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;">3.6</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;">8.7</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: 14pt; font-size: 8pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 07/01/2056</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: 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;">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: 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;">2.5</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: 14.0pt; font-size: 8pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 6.50%, 08/01/2056</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: 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;">1.9</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;">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;">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: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">U.S. Treasury Bills, 3.61%, 07/09/2026</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: 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;">1.8</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;">Preferred Stocks</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;"> <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;">FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 08/01/2056</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: 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;">1.6</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;">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;">0.0</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: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">U.S. Treasury Bills, 3.66%, 09/10/2026</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: 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;">1.6</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;">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;">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="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;">U.S. Treasury Bills, 3.64%, 09/03/2026</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;">1.5</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: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" 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: 8pt;"> <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> <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;">33.3</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> </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: 9.5pt;"> <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 1pt 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;">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: 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;">50.8</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;">U.S. Treasury Bills, 3.59%, 07/16/2026</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: 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;">11.2</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> </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;">32.7</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: 14pt; font-size: 8pt; font-family: arial;">U.S. Treasury Bills, 3.60%, 08/06/2026</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: 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;">4.4</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: 14.0pt; 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;">20.3</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> <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;">FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 08/01/2056</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: 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;">3.6</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;">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: 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;">8.8</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;">FNMA or FHLMC, Single Family, 30 years, TBA, 5.00%, 08/01/2056</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: 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;">3.6</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;">8.7</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: 14pt; font-size: 8pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 07/01/2056</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: 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;">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: 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;">2.5</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: 14.0pt; font-size: 8pt; font-family: arial;">FNMA or FHLMC, Single Family, 30 years, TBA, 6.50%, 08/01/2056</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: 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;">1.9</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;">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;">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: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">U.S. Treasury Bills, 3.61%, 07/09/2026</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: 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;">1.8</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;">Preferred Stocks</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;"> <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;">FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 08/01/2056</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: 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;">1.6</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;">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;">0.0</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: 2.38em; text-indent: -1.00em; line-height: 14pt; font-size: 8pt; font-family: arial;">U.S. Treasury Bills, 3.66%, 09/10/2026</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: 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;">1.6</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;">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;">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="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;">U.S. Treasury Bills, 3.64%, 09/03/2026</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;">1.5</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: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="2" 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: 8pt;"> <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> <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;">33.3</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> </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> 0.508 0.112 0.327 0.044 0.203 0.036 0.088 0.036 0.087 0.021 0.025 0.019 0.010 0.018 0.000 0.016 0.000 0.016 0.000 0.015 0.333 Six Circles Managed Equity Portfolio U.S. Unconstrained Fund Six Circles Managed Equity Portfolio U.S. Unconstrained Fund CMEUX This semi-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, 2026 to June 30, 2026. semi-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 six months?</div> <div style="font-size: 9.5pt; font-family: arial; margin: 0pt 2% 0pt 2%;">(Based on a hypothetical $10,000 investment)<span style="font-weight: bold;"> </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: 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;">$3</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.05%</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;">* This charge is annualized. </span></div> 3 0.0005 <div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 88%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;"> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">34,001,975</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;">625</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;">12.28%</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 34001975000 625 0.1228 <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: 46%;"></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> <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: 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="8" 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;"><sup style="font-size: 75%; vertical-align: top;"></sup> </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> <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: bottom; white-space: nowrap; text-align: center;"> <img alt="LOGO" src="g115598g00v09.jpg" style="width: 2.625in; height: 2.3316in;"/> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: 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;">7.6</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="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;">6.6</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="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;">5.2</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> </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;">4.4</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="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;">3.3</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="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> <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;"> <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;">2.6</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="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;">Micron Technology, 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> <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;"> <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;">2.0</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="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 &amp; 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> <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: 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;">39.0</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="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> <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> <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> <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: 46%;"></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> <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: 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="8" 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;"><sup style="font-size: 75%; vertical-align: top;"></sup> </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> <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: bottom; white-space: nowrap; text-align: center;"> <img alt="LOGO" src="g115598g00v09.jpg" style="width: 2.625in; height: 2.3316in;"/> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: 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;">7.6</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="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;">6.6</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="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;">5.2</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> </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;">4.4</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="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;">3.3</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="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> <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;"> <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;">2.6</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="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;">Micron Technology, 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> <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;"> <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;">2.0</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="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 &amp; 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> <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: 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;">39.0</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="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> <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> <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> <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> 0.076 0.066 0.052 0.044 0.033 0.033 0.026 0.021 0.020 0.019 0.390 Six Circles Managed Equity Portfolio International Unconstrained Fund Six Circles Managed Equity Portfolio International Unconstrained Fund CMIUX This semi-annual shareholder report contains important information about the Six Circles Managed Equity Portfolio International Unconstrained Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-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 six months?</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;">$4</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.08%</td> <td style="padding-bottom: 4pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="padding-bottom: 0pt; font-size: 7.5pt; font-family: arial; margin: 4pt 2% 0pt 2%;"><span style="font-style: italic;">* This charge is annualized. </span></div> 4 0.0008 <div style="padding-top: 0pt; font-size: 12pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Key Fund Statistics</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 88%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9.5pt;"> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">Fund’s net assets (in thousands)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">14,600,712</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;">1,811</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;">11.31%</td> <td style="padding-bottom: 4pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 14600712000 1811 0.1131 <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> <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: bottom; white-space: nowrap;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Sector Allocation<sup style="font-size: 75%; vertical-align: top;">1)</sup></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;"><sup style="font-size: 75%; vertical-align: top;"></sup> </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="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: 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;">4.3</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="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 rowspan="14" style="vertical-align: bottom; white-space: nowrap; text-align: center;"> <img alt="LOGO" src="g115598g00b13.jpg" style="width: 2.625in; height: 2.3316in;"/> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: 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;">3.4</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="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;">2.6</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="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;">2.4</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="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 AG (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;">2.1</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="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;">BAE Systems 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> <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;"> <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> <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;"> <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> <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;"> <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;">1.7</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="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;">Nestle SA</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;">1.6</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="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;"> <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> <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> <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> <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> <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: 6pt;"> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: 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: 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> <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: bottom; white-space: nowrap;"> <div style="font-size: 9.5pt; font-family: arial; font-weight: bold; margin: 0pt 1.05em 0pt 1.05em;">Sector Allocation<sup style="font-size: 75%; vertical-align: top;">1)</sup></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;"><sup style="font-size: 75%; vertical-align: top;"></sup> </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="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: 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;">4.3</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="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 rowspan="14" style="vertical-align: bottom; white-space: nowrap; text-align: center;"> <img alt="LOGO" src="g115598g00b13.jpg" style="width: 2.625in; height: 2.3316in;"/> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: 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;">3.4</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="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;">2.6</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="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;">2.4</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="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 AG (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;">2.1</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="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;">BAE Systems 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> <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;"> <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> <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;"> <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> <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;"> <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;">1.7</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="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;">Nestle SA</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;">1.6</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="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;"> <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> <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> <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> <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> <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: 6pt;"> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: 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> 0.043 0.034 0.026 0.024 0.021 0.019 0.018 0.017 0.017 0.016 0.235 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. 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. This charge is annualized. 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. This charge is annualized. This charge is annualized. 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. This charge is annualized. 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. This charge is annualized. Presented percentages may not sum to 100% due to rounding to the nearest percent. This charge is annualized. 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. This charge is annualized. Presented percentages may not sum to 100% due to rounding to the nearest percent. This charge is annualized. 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. This charge is annualized. 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. This charge is annualized. 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.