Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — 99.4%
Basic Materials — 0.5%
Chemicals — 0.4%
Air Products & Chemicals, Inc.		4,151		829
Albemarle Corp.		1,485		84
Ashland Global Holdings, Inc.		410		20
Axalta Coating Systems Ltd. (a)		666		11
Cabot Corp.		1,215		32
Celanese Corp., Class A		2,664		195
CF Industries Holdings, Inc.		618		17
Dow, Inc.		2,115		62
DuPont de Nemours, Inc.		2,089		71
Eastman Chemical Co.		4,902		228
Ecolab, Inc.		2,841		443
FMC Corp.		369		30
HB Fuller Co.		46		1
Innospec, Inc.		11		1
International Flavors & Fragrances, Inc.		1,996		204
Linde plc, (United Kingdom)		8,998		1,557
LyondellBasell Industries NV, Class A		759		38
Mosaic Co. (The)		1,037		11
NewMarket Corp.		38		15
PolyOne Corp.		1,241		24
PPG Industries, Inc.		4,316		361
Quaker Chemical Corp.		4		—	(h)
RPM International, Inc.		2,068		123
Sensient Technologies Corp.		597		26
Sherwin-Williams Co. (The)		917		421
Valvoline, Inc.		1,682		22
Westlake Chemical Corp.		538		20
				4,846
Forest Products & Paper — 0.0% (g)
International Paper Co.		1,061		33
Iron/Steel — 0.1%
Nucor Corp.		11,861		427
Reliance Steel & Aluminum Co.		1,266		111
Steel Dynamics, Inc.		6,638		150
				688

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Mining — 0.0% (g)
Freeport-McMoRan, Inc.		4,111		28
Kaiser Aluminum Corp.		174		12
Newmont Corp.		2,260		102
Royal Gold, Inc.		336		30
				172
Total Basic Materials				5,739
Communications — 22.1%
Advertising — 0.0% (g)
Interpublic Group of Cos., Inc. (The)		14,753		239
Omnicom Group, Inc.		6,280		345
				584
Internet — 20.6%
Alphabet, Inc., Class A (a)		47,880		55,634
Alphabet, Inc., Class C (a)		47,788		55,568
Amazon.com, Inc. (a)		38,230		74,538
Booking Holdings, Inc. (a)		3,843		5,170
CDW Corp.		1,632		152
eBay, Inc.		70,252		2,112
Expedia Group, Inc.		14,073		792
F5 Networks, Inc. (a)		191		20
Facebook, Inc., Class A (a)		384,543		64,142
GoDaddy, Inc., Class A (a)		501		29
Grubhub, Inc. (a)		290		12
IAC/InterActiveCorp. (a)		220		39
Match Group, Inc. (a)		234		16
MercadoLibre, Inc., (Argentina) (a)		124		61
Netflix, Inc. (a)		1,208		454
NortonLifeLock, Inc.		56,355		1,054
Okta, Inc., Class A (a)		305		37
Palo Alto Networks, Inc. (a)		276		45
Pinterest, Inc., Class A (a)		941		15
Roku, Inc., Class A (a)		242		21
Snap, Inc., Class A (a)		2,120		25
TripAdvisor, Inc.		400		7
Twitter, Inc. (a)		123,995		3,045
Uber Technologies, Inc. (a)		1,144		32
VeriSign, Inc. (a)		300		54
Wayfair, Inc., Class A (a)		174		9
Zillow Group, Inc., Class C (a)		405		15
				263,098
Media — 0.5%
Altice USA, Inc., Class A (a)		563		13
Cable One, Inc.		11		18
Charter Communications, Inc., Class A (a)		416		181
Comcast Corp., Class A		79,860		2,746
Discovery, Inc., Class A (a)		614		12
Discovery, Inc., Class C (a)		1,056		18

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Media — continued
DISH Network Corp., Class A (a)		806		16
FactSet Research Systems, Inc.		1,675		437
Fox Corp., Class A		1,003		24
Fox Corp., Class B		490		11
John Wiley & Sons, Inc., Class A		702		26
Liberty Broadband Corp., Class C (a)		304		34
Liberty Global plc, (United Kingdom), Class A (a)		617		10
Liberty Global plc, (United Kingdom), Class C (a)		1,177		18
Liberty Media Corp.-Liberty Formula One, Class C (a)		644		18
Liberty Media Corp.-Liberty SiriusXM, Class A (a)		370		12
Liberty Media Corp.-Liberty SiriusXM, Class C (a)		553		17
News Corp., Class A		1,091		10
Nexstar Media Group, Inc., Class A		586		34
Sinclair Broadcast Group, Inc., Class A		491		8
Sirius XM Holdings, Inc.		4,407		22
ViacomCBS, Inc., Class B		1,606		22
Walt Disney Co. (The)		25,263		2,440
				6,147
Telecommunications — 1.0%
Arista Networks, Inc. (a)		152		31
AT&T, Inc.		20,139		587
CenturyLink, Inc.		2,778		26
Cisco Systems, Inc.		115,455		4,539
Corning, Inc.		20,418		419
Juniper Networks, Inc.		978		19
Motorola Solutions, Inc.		2,133		284
Sprint Corp. (a)		2,316		20
T-Mobile US, Inc. (a)		932		78
Verizon Communications, Inc.		130,250		6,998
				13,001
Total Communications				282,830
Consumer Cyclical — 1.9%
Airlines — 0.1%
Alaska Air Group, Inc.		2,514		72
American Airlines Group, Inc.		536		7
Delta Air Lines, Inc.		16,419		468
Southwest Airlines Co.		5,272		188
United Airlines Holdings, Inc. (a)		267		8
				743
Apparel — 0.2%
Capri Holdings Ltd., (United Kingdom) (a)		566		6
Carter’s, Inc.		482		32
Hanesbrands, Inc.		1,023		8
NIKE, Inc., Class B		13,908		1,151
PVH Corp.		186		7
Ralph Lauren Corp., Class A		129		9
Tapestry, Inc.		714		9

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Apparel — continued
Under Armour, Inc., Class A (a)		842		8
Under Armour, Inc., Class C (a)		550		4
VF Corp.		7,330		396
				1,630
Auto Manufacturers — 0.1%
Cummins, Inc.		4,140		560
Ford Motor Co.		10,701		52
General Motors Co.		3,554		74
PACCAR, Inc.		6,165		377
Tesla, Inc. (a)		373		195
				1,258
Auto Parts & Equipment — 0.0% (g)
Aptiv plc, (Ireland)		725		36
Autoliv, Inc., (Sweden)		1,948		90
BorgWarner, Inc.		3,961		96
Goodyear Tire & Rubber Co. (The)		12,568		73
Lear Corp.		1,432		116
WABCO Holdings, Inc. (a)		161		22
				433
Distribution/Wholesale — 0.1%
Copart, Inc. (a)		562		38
Fastenal Co.		12,728		398
HD Supply Holdings, Inc. (a)		542		15
KAR Auction Services, Inc.		2,154		26
LKQ Corp. (a)		978		20
Pool Corp.		206		41
WW Grainger, Inc.		671		167
				705
Entertainment — 0.0% (g)
Live Nation Entertainment, Inc. (a)		422		19
Marriott Vacations Worldwide Corp.		614		34
Vail Resorts, Inc.		114		17
				70
Food Service — 0.0% (g)
Aramark		2,583		52
Healthcare Services Group, Inc.		1,179		28
				80
Home Builders — 0.0% (g)
DR Horton, Inc.		3,953		134
Lennar Corp., Class A		786		30
NVR, Inc. (a)		10		26
PulteGroup, Inc.		826		18
Thor Industries, Inc.		935		40
				248
Home Furnishings — 0.0% (g)
Dolby Laboratories, Inc., Class A		370		20
Leggett & Platt, Inc.		4,309		115
Whirlpool Corp.		1,894		163
				298

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Housewares — 0.0% (g)
Newell Brands, Inc.		1,138		15
Scotts Miracle-Gro Co. (The)		451		46
Toro Co. (The)		793		52
				113
Leisure Time — 0.0% (g)
Brunswick Corp.		894		31
Carnival Corp.		1,305		17
Harley-Davidson, Inc.		6,691		127
Norwegian Cruise Line Holdings Ltd. (a)		1,001		11
Polaris, Inc.		991		48
Royal Caribbean Cruises Ltd.		9,255		298
				532
Lodging — 0.0% (g)
Hilton Worldwide Holdings, Inc.		764		52
Las Vegas Sands Corp.		980		41
Marriott International, Inc., Class A		4,567		342
MGM Resorts International		1,673		20
Wyndham Destinations, Inc.		4,000		87
Wyndham Hotels & Resorts, Inc.		1,371		43
Wynn Resorts Ltd.		314		19
				604
Office Furnishings — 0.0% (g)
Herman Miller, Inc.		627		14
HNI Corp.		455		11
				25
Retail — 1.4%
Advance Auto Parts, Inc.		202		19
AutoZone, Inc. (a)		69		58
Best Buy Co., Inc.		5,355		305
Bloomin’ Brands, Inc.		1,808		13
Brinker International, Inc.		442		5
Burlington Stores, Inc. (a)		188		30
CarMax, Inc. (a)		469		25
Casey’s General Stores, Inc.		60		8
Cheesecake Factory, Inc. (The)		473		8
Chipotle Mexican Grill, Inc., Class A (a)		75		49
Costco Wholesale Corp.		4,055		1,156
Cracker Barrel Old Country Store, Inc.		589		49
Darden Restaurants, Inc.		4,175		227
Dick’s Sporting Goods, Inc.		571		12
Dollar General Corp.		1,944		294
Dollar Tree, Inc. (a)		680		50
Domino’s Pizza, Inc.		279		90
Dunkin’ Brands Group, Inc.		985		52

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Retail — continued
Foot Locker, Inc.		3,357		74
Gap, Inc. (The)		853		6
Genuine Parts Co.		3,589		242
Group 1 Automotive, Inc.		113		5
Home Depot, Inc. (The)		20,933		3,908
Kohl’s Corp.		458		7
Lowe’s Cos., Inc.		12,855		1,106
Lululemon Athletica, Inc., (Canada) (a)		309		59
McDonald’s Corp.		14,735		2,437
MSC Industrial Direct Co., Inc., Class A		1,317		72
Nordstrom, Inc.		462		7
Nu Skin Enterprises, Inc., Class A		1,655		36
O’Reilly Automotive, Inc. (a)		209		63
Penske Automotive Group, Inc.		465		13
Ross Stores, Inc.		3,182		277
Starbucks Corp.		21,090		1,387
Target Corp.		9,510		884
Texas Roadhouse, Inc., Class A		900		37
Tiffany & Co.		1,547		200
TJX Cos., Inc. (The)		15,723		752
Tractor Supply Co.		1,415		120
Ulta Beauty, Inc. (a)		158		28
Walgreens Boots Alliance, Inc.		20,881		955
Walmart, Inc.		21,652		2,460
Wendy’s Co. (The)		2,128		32
Williams-Sonoma, Inc.		1,515		64
Yum! Brands, Inc.		5,205		357
				18,038
Storage/Warehousing — 0.0% (g)
Mobile Mini, Inc.		764		20
Textiles — 0.0% (g)
Mohawk Industries, Inc. (a)		174		13
Toys/Games/Hobbies — 0.0% (g)
Hasbro, Inc.		3,577		256
Total Consumer Cyclical				25,066
Consumer Non-cyclical — 35.5%
Agriculture — 4.3%
Altria Group, Inc.		551,370		21,321
Archer-Daniels-Midland Co.		16,369		576
Bunge Ltd.		4,878		200
Philip Morris International, Inc.		459,210		33,504
				55,601

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Beverages — 5.4%
Brown-Forman Corp., Class A		174		9
Brown-Forman Corp., Class B		47,388		2,631
Coca-Cola Co. (The)		683,673		30,253
Constellation Brands, Inc., Class A		26,962		3,865
Molson Coors Beverage Co., Class B		28,390		1,107
Monster Beverage Corp. (a)		60,253		3,390
PepsiCo., Inc.		234,631		28,179
				69,434
Biotechnology — 6.6%
Alexion Pharmaceuticals, Inc. (a)		37,917		3,404
Alnylam Pharmaceuticals, Inc. (a)		19,102		2,079
Amgen, Inc.		114,295		23,171
Biogen, Inc. (a)		30,902		9,777
BioMarin Pharmaceutical, Inc. (a)		30,765		2,600
Bio-Rad Laboratories, Inc., Class A (a)		63		22
Corteva, Inc.		2,118		50
Exact Sciences Corp. (a)		25,164		1,459
Gilead Sciences, Inc.		245,262		18,336
Illumina, Inc. (a)		407		111
Incyte Corp. (a)		31,367		2,297
Ionis Pharmaceuticals, Inc. (a)		22,939		1,084
Regeneron Pharmaceuticals, Inc. (a)		13,870		6,773
Seattle Genetics, Inc. (a)		20,547		2,371
Vertex Pharmaceuticals, Inc. (a)		44,043		10,480
				84,014
Commercial Services — 0.5%
ABM Industries, Inc.		354		9
AMERCO		42		12
Automatic Data Processing, Inc.		7,848		1,073
Booz Allen Hamilton Holding Corp., Class A		1,710		117
Cintas Corp.		958		166
CoStar Group, Inc. (a)		103		60
Equifax, Inc.		365		44
FleetCor Technologies, Inc. (a)		242		45
Gartner, Inc. (a)		255		25
Global Payments, Inc.		839		121
IHS Markit Ltd., (United Kingdom)		1,046		63
Insperity, Inc.		47		2
ManpowerGroup, Inc.		1,393		74
MarketAxess Holdings, Inc.		1,672		556
Moody’s Corp.		6,515		1,378
Nielsen Holdings plc		1,223		15
PayPal Holdings, Inc. (a)		3,075		294
Robert Half International, Inc.		2,195		83
Rollins, Inc.		1,138		41
S&P Global, Inc.		9,418		2,308
Sabre Corp.		868		5
Service Corp. International		1,509		59

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Commercial Services — continued
Square, Inc., Class A (a)		969		51
TransUnion		523		35
United Rentals, Inc. (a)		218		22
Verisk Analytics, Inc., Class A		439		61
				6,719
Cosmetics/Personal Care — 0.6%
Colgate-Palmolive Co.		15,624		1,037
Coty, Inc., Class A		1,202		6
Estee Lauder Cos., Inc. (The), Class A		2,116		337
Inter Parfums, Inc.		8		1
Procter & Gamble Co. (The)		50,430		5,547
				6,928
Food — 0.4%
Campbell Soup Co.		507		24
Conagra Brands, Inc.		1,368		40
Flowers Foods, Inc.		3,331		68
General Mills, Inc.		1,723		91
Hershey Co. (The)		2,278		302
Hormel Foods Corp.		4,463		208
Ingredion, Inc.		1,361		103
J&J Snack Foods Corp.		19		2
JM Smucker Co. (The)		2,623		291
Kellogg Co.		6,333		380
Kraft Heinz Co. (The)		1,866		46
Kroger Co. (The)		14,036		423
Lamb Weston Holdings, Inc.		412		24
Lancaster Colony Corp.		181		26
McCormick & Co., Inc.		1,587		224
Mondelez International, Inc., Class A		24,121		1,208
Sysco Corp.		11,754		536
Tyson Foods, Inc., Class A		6,381		369
				4,365
Healthcare — Products — 0.6%
Abbott Laboratories		26,396		2,083
ABIOMED, Inc. (a)		143		21
Align Technology, Inc. (a)		211		37
Baxter International, Inc.		4,820		391
Boston Scientific Corp. (a)		3,894		127
Cooper Cos., Inc. (The)		138		38
Danaher Corp.		3,611		500
DENTSPLY SIRONA, Inc.		1,443		56
Edwards Lifesciences Corp. (a)		575		109
Henry Schein, Inc. (a)		419		21
Hill-Rom Holdings, Inc.		282		28
Hologic, Inc. (a)		756		27
IDEXX Laboratories, Inc. (a)		244		59
Insulet Corp. (a)		171		28

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Healthcare — Products — continued
Intuitive Surgical, Inc. (a)		319		158
Medtronic plc, (Ireland)		24,221		2,184
ResMed, Inc.		1,262		186
STERIS plc		700		98
Stryker Corp.		3,510		584
Teleflex, Inc.		130		38
Thermo Fisher Scientific, Inc.		1,105		313
Varian Medical Systems, Inc. (a)		270		28
West Pharmaceutical Services, Inc.		351		53
Zimmer Biomet Holdings, Inc.		561		57
				7,224
Healthcare — Services — 0.3%
Anthem, Inc.		2,453		557
Centene Corp. (a)		1,617		96
Chemed Corp.		2		1
DaVita, Inc. (a)		329		25
Encompass Health Corp.		892		57
HCA Healthcare, Inc.		769		69
Humana, Inc.		880		277
IQVIA Holdings, Inc. (a)		471		51
Laboratory Corp. of America Holdings (a)		270		34
Quest Diagnostics, Inc.		2,058		165
UnitedHealth Group, Inc.		12,091		3,015
Universal Health Services, Inc., Class B		230		23
				4,370
Household Products/Wares — 0.1%
Avery Dennison Corp.		1,241		127
Church & Dwight Co., Inc.		2,699		173
Clorox Co. (The)		2,274		394
Kimberly-Clark Corp.		7,524		962
WD-40 Co.		24		5
				1,661
Pharmaceuticals — 16.7%
AbbVie, Inc.		253,230		19,294
Allergan plc		50,859		9,007
AmerisourceBergen Corp., Class A		2,588		229
Becton Dickinson and Co.		3,010		692
Bristol-Myers Squibb Co.		410,524		22,883
Cardinal Health, Inc.		7,870		377
Cigna Corp.		1,039		184
CVS Health Corp.		3,633		215
DexCom, Inc. (a)		257		69
Elanco Animal Health, Inc. (a)		1,199		27
Eli Lilly & Co.		142,271		19,736
Jazz Pharmaceuticals plc, (Ireland) (a)		160		16
Johnson & Johnson		457,090		59,938
McKesson Corp.		1,832		248

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Pharmaceuticals — continued
Merck & Co., Inc.		444,829		34,225
Mylan NV (a)		80,147		1,195
Neurocrine Biosciences, Inc. (a)		14,986		1,297
Perrigo Co. plc, (Ireland)		22,732		1,093
Pfizer, Inc.		1,025,360		33,468
Sarepta Therapeutics, Inc. (a)		12,769		1,249
Zoetis, Inc., Class A		75,544		8,891
				214,333
Total Consumer Non-cyclical				454,649
Energy — 0.8%
Oil & Gas — 0.8%
Apache Corp.		1,064		4
Cabot Oil & Gas Corp.		1,327		23
Chevron Corp.		81,030		5,871
Concho Resources, Inc.		609		26
ConocoPhillips		3,010		93
Continental Resources, Inc.		460		4
Devon Energy Corp.		1,282		9
Diamondback Energy, Inc.		386		10
EOG Resources, Inc.		1,658		60
Exxon Mobil Corp.		11,665		443
Hess Corp.		771		26
HollyFrontier Corp.		588		14
Marathon Oil Corp.		2,275		8
Marathon Petroleum Corp.		33,344		788
Noble Energy, Inc.		1,353		8
Occidental Petroleum Corp.		2,359		27
Phillips 66		20,641		1,107
Pioneer Natural Resources Co.		473		33
Valero Energy Corp.		21,037		954
				9,508
Oil & Gas Services — 0.0% (g)
Baker Hughes Co., Class A		2,256		24
Halliburton Co.		3,186		22
National Oilwell Varco, Inc.		1,092		11
Schlumberger Ltd.		4,098		55
TechnipFMC plc, (United Kingdom)		1,945		13
				125
Pipelines — 0.0% (g)
Cheniere Energy, Inc. (a)		711		24
Kinder Morgan, Inc.		5,633		78
ONEOK, Inc.		1,131		25
Targa Resources Corp.		659		4
Williams Cos., Inc. (The)		3,437		49
				180
Total Energy				9,813

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Financial — 8.3%
Banks — 3.9%
Associated Banc-Corp.		13,751		176
Atlantic Union Bankshares Corp.		6,424		141
BancFirst Corp.		2,856		95
BancorpSouth Bank		7,884		149
Bank of America Corp.		411,846		8,743
Bank of New York Mellon Corp. (The)		48,067		1,619
Bank OZK		7,894		132
Banner Corp.		476		16
BOK Financial Corp.		2,944		125
Cathay General Bancorp		7,176		165
CenterState Bank Corp.		8,100		140
Citigroup, Inc.		121,681		5,125
Citizens Financial Group, Inc.		40,930		770
Columbia Banking System, Inc.		1,179		32
Comerica, Inc.		17,487		513
Commerce Bancshares, Inc.		3,354		169
Community Bank System, Inc.		779		46
Cullen/Frost Bankers, Inc.		3,734		208
CVB Financial Corp.		7,054		141
East West Bancorp, Inc.		8,171		210
Fifth Third Bancorp		26,610		395
First Financial Bankshares, Inc.		5,481		147
First Horizon National Corp.		22,269		179
First Interstate BancSystem, Inc., Class A		4,948		143
First Merchants Corp.		4,624		122
First Midwest Bancorp, Inc.		1,563		21
First Republic Bank		8,116		668
Fulton Financial Corp.		13,855		159
Glacier Bancorp, Inc.		1,977		67
Goldman Sachs Group, Inc. (The)		15,929		2,462
Great Western Bancorp, Inc.		732		15
Home BancShares, Inc.		12,480		150
Hope Bancorp, Inc.		3,164		26
Huntington Bancshares, Inc.		97,944		804
Independent Bank Corp.		527		34
Independent Bank Group, Inc.		704		17
KeyCorp.		85,474		886
M&T Bank Corp.		4,508		466
Morgan Stanley		68,879		2,342
NBT Bancorp, Inc.		656		21
Northern Trust Corp.		12,728		960
PNC Financial Services Group, Inc. (The)		24,830		2,377
Popular, Inc., (Puerto Rico)		5,293		185
Prosperity Bancshares, Inc.		4,357		210
Regions Financial Corp.		84,407		757
ServisFirst Bancshares, Inc.		4,542		133

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Banks — continued
Signature Bank		2,845		229
Simmons First National Corp., Class A		5,877		108
South State Corp.		2,378		140
State Street Corp.		22,939		1,222
SVB Financial Group (a)		2,084		315
Synovus Financial Corp.		10,748		189
TCF Financial Corp.		9,000		204
Towne Bank		7,516		136
Truist Financial Corp.		89,797		2,769
UMB Financial Corp.		3,037		141
United Community Banks, Inc.		303		6
US Bancorp		89,494		3,083
Webster Financial Corp.		6,975		160
Wells Fargo & Co.		274,236		7,871
WesBanco, Inc.		6,631		157
Westamerica Bancorporation		452		27
Wintrust Financial Corp.		1,022		34
Zions Bancorp NA		17,635		472
				49,724
Diversified Financial Services — 1.7%
Air Lease Corp., Class A		662		15
Alliance Data Systems Corp.		124		4
Ally Financial, Inc.		15,137		218
American Express Co.		29,234		2,503
Ameriprise Financial, Inc.		7,861		806
BlackRock, Inc., Class A		5,592		2,460
Capital One Financial Corp.		13,842		698
Cboe Global Markets, Inc.		3,066		274
Charles Schwab Corp. (The)		35,261		1,185
CME Group, Inc., Class A		14,417		2,493
Cohen & Steers, Inc.		399		18
Discover Financial Services		19,572		698
E*TRADE Financial Corp.		8,671		298
Eaton Vance Corp.		9,167		296
Evercore, Inc., Class A		684		31
Franklin Resources, Inc.		26,522		443
Intercontinental Exchange, Inc.		22,105		1,785
Invesco Ltd.		20,765		188
Jefferies Financial Group, Inc.		13,467		184
Legg Mason, Inc.		2,525		123
Mastercard, Inc., Class A		6,264		1,513
Nasdaq, Inc.		6,069		576
Raymond James Financial, Inc.		7,167		453
SEI Investments Co.		6,633		307
Synchrony Financial		19,988		322
T Rowe Price Group, Inc.		12,719		1,242
TD Ameritrade Holding Corp.		16,929		587
Visa, Inc., Class A		12,962		2,088
Western Union Co. (The)		9,968		181
				21,989

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Insurance — 2.4%
Aflac, Inc.		40,573		1,389
Alleghany Corp.		420		232
Allstate Corp. (The)		15,996		1,467
American Financial Group, Inc.		4,999		350
American International Group, Inc.		26,820		650
Aon plc, (United Kingdom)		9,128		1,506
Arch Capital Group Ltd., (Bermuda) (a)		13,956		397
Argo Group International Holdings Ltd., (Bermuda)		131		5
Arthur J Gallagher & Co.		7,503		612
Assurant, Inc.		4,591		478
Assured Guaranty Ltd., (Bermuda)		641		17
Athene Holding Ltd., (Bermuda), Class A (a)		7,842		195
Axis Capital Holdings Ltd., (Bermuda)		1,481		57
Berkshire Hathaway, Inc., Class B (a)		37,152		6,793
Brown & Brown, Inc.		7,375		267
Chubb Ltd., (Switzerland)		20,378		2,276
Cincinnati Financial Corp.		8,214		620
CNO Financial Group, Inc.		4,091		51
Equitable Holdings, Inc.		18,074		261
Erie Indemnity Co., Class A		1,569		233
Everest Re Group Ltd., (Bermuda)		1,886		363
Fidelity National Financial, Inc.		18,974		472
First American Financial Corp.		1,866		79
Globe Life, Inc.		6,166		444
Hanover Insurance Group, Inc. (The)		475		43
Hartford Financial Services Group, Inc. (The)		16,570		584
Horace Mann Educators Corp.		170		6
Lincoln National Corp.		16,696		439
Loews Corp.		10,088		351
Markel Corp. (a)		396		367
Marsh & McLennan Cos., Inc.		22,083		1,909
MetLife, Inc.		53,351		1,631
Old Republic International Corp.		9,302		142
Primerica, Inc.		286		25
Principal Financial Group, Inc.		24,022		753
Progressive Corp. (The)		17,668		1,305
Prudential Financial, Inc.		12,727		664
Reinsurance Group of America, Inc., Class A		4,168		351
RenaissanceRe Holdings Ltd., (Bermuda)		1,374		205
RLI Corp.		192		17
Selective Insurance Group, Inc.		352		17
Travelers Cos., Inc. (The)		13,965		1,387
Unum Group		14,577		219

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Insurance — continued
Voya Financial, Inc.		6,041		245
Willis Towers Watson plc, (United Kingdom)		4,213		716
WR Berkley Corp.		6,880		359
				30,949
Private Equity — 0.1%
Blackstone Group, Inc. (The), Class A		20,636		941
KKR & Co., Inc., Class A		16,841		395
				1,336
Real Estate — 0.0% (g)
CBRE Group, Inc., Class A (a)		882		33
Jones Lang LaSalle, Inc.		153		16
McGrath RentCorp.		65		3
				52
REITS — 0.2%
AGNC Investment Corp.		14,939		158
Alexandria Real Estate Equities, Inc.		314		43
American Tower Corp.		1,221		266
Annaly Capital Management, Inc.		39,804		202
AvalonBay Communities, Inc.		382		56
Boston Properties, Inc.		456		42
Camden Property Trust		274		22
Crown Castle International Corp.		1,147		166
Digital Realty Trust, Inc.		723		100
Duke Realty Corp.		1,023		33
Equinix, Inc.		240		150
Equity LifeStyle Properties, Inc.		489		28
Equity Residential		1,013		62
Essex Property Trust, Inc.		193		42
Extra Space Storage, Inc.		369		35
Federal Realty Investment Trust		212		16
Healthpeak Properties, Inc.		1,373		33
Host Hotels & Resorts, Inc.		2,065		23
Invitation Homes, Inc.		1,507		32
Iron Mountain, Inc.		812		19
Kimco Realty Corp.		1,194		12
Medical Properties Trust, Inc.		1,443		25
Mid-America Apartment Communities, Inc.		321		33
National Retail Properties, Inc.		463		15
Omega Healthcare Investors, Inc.		618		16
Prologis, Inc.		2,054		165
Public Storage		436		87
Realty Income Corp.		900		45
Regency Centers Corp.		474		18
SBA Communications Corp., Class A		309		83
Simon Property Group, Inc.		891		49
SL Green Realty Corp.		205		9
Sun Communities, Inc.		257		32

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
REITS — continued
UDR, Inc.		834		30
Ventas, Inc.		1,141		31
VEREIT, Inc.		2,986		15
VICI Properties, Inc.		1,304		22
Vornado Realty Trust		486		18
Welltower, Inc.		1,099		50
Weyerhaeuser Co.		2,226		38
WP Carey, Inc.		486		28
				2,349
Savings & Loans — 0.0% (g)
Investors Bancorp, Inc.		18,726		150
People’s United Financial, Inc.		22,058		244
Provident Financial Services, Inc.		4,898		63
Washington Federal, Inc.		5,899		153
WSFS Financial Corp.		1,093		27
				637
Total Financial				107,036
Industrial — 7.1%
Aerospace/Defense — 0.6%
Arconic, Inc.		1,121		18
Barnes Group, Inc.		10		—	(h)
Boeing Co. (The)		16,191		2,415
General Dynamics Corp.		4,705		622
HEICO Corp.		122		9
HEICO Corp., Class A		257		16
Hexcel Corp.		272		10
L3Harris Technologies, Inc.		2,757		497
Lockheed Martin Corp.		5,118		1,735
Northrop Grumman Corp.		2,061		624
Raytheon Co.		4,993		655
Spirit AeroSystems Holdings, Inc., Class A		258		6
Teledyne Technologies, Inc. (a)		106		31
TransDigm Group, Inc.		133		43
United Technologies Corp.		17,024		1,606
				8,287
Building Materials — 0.0% (g)
Fortune Brands Home & Security, Inc.		1,691		73
Johnson Controls International plc		2,270		61
Lennox International, Inc.		349		63
Martin Marietta Materials, Inc.		177		34
Masco Corp.		3,012		104
MDU Resources Group, Inc.		3,479		75
Owens Corning		1,594		62
Simpson Manufacturing Co., Inc.		71		4
Universal Forest Products, Inc.		239		9
Vulcan Materials Co.		1,146		124
				609

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Electrical Components & Equipments — 0.1%
Acuity Brands, Inc.		113		10
AMETEK, Inc.		637		46
Emerson Electric Co.		17,685		843
Energizer Holdings, Inc.		562		17
Littelfuse, Inc.		71		9
				925
Electronics — 0.3%
Agilent Technologies, Inc.		859		61
Allegion plc, (Ireland)		611		56
Amphenol Corp., Class A		2,876		210
Arrow Electronics, Inc. (a)		264		14
Brady Corp., Class A		179		8
Flex Ltd. (a)		1,456		12
FLIR Systems, Inc.		1,620		52
Fortive Corp.		854		47
Garmin Ltd., (Switzerland)		377		28
Gentex Corp.		3,337		74
Honeywell International, Inc.		13,160		1,761
Hubbell, Inc., Class B		919		105
Keysight Technologies, Inc. (a)		521		44
Mettler-Toledo International, Inc. (a)		71		49
nVent Electric plc, (United Kingdom)		2,489		42
PerkinElmer, Inc.		314		24
Roper Technologies, Inc.		650		203
Sensata Technologies Holding plc (a)		456		13
SYNNEX Corp.		192		14
TE Connectivity Ltd., (Switzerland)		6,007		378
Trimble, Inc. (a)		712		23
Waters Corp. (a)		190		35
Watts Water Technologies, Inc., Class A		17		1
Woodward, Inc.		223		13
				3,267
Engineering & Construction — 0.0% (g)
Jacobs Engineering Group, Inc.		420		33
Environmental Control — 0.1%
Pentair plc, (United Kingdom)		2,411		72
Republic Services, Inc., Class A		3,428		257
Tetra Tech, Inc.		55		4
Waste Connections, Inc.		730		57
Waste Management, Inc.		5,838		540
				930
Hand/Machine Tools — 0.0% (g)
Franklin Electric Co., Inc.		15		1
Lincoln Electric Holdings, Inc.		762		52
MSA Safety, Inc.		204		21

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Hand/Machine Tools — continued
Regal Beloit Corp.		181		11
Snap-on, Inc.		1,182		129
Stanley Black & Decker, Inc.		2,510		251
				465
Machinery — Construction & Mining — 0.2%
BWX Technologies, Inc.		469		23
Caterpillar, Inc.		16,519		1,917
Oshkosh Corp.		536		34
Terex Corp.		46		1
				1,975
Machinery — Diversified — 0.1%
AGCO Corp.		99		5
Applied Industrial Technologies, Inc.		293		13
Cognex Corp.		831		35
Deere & Co.		822		114
Dover Corp.		2,141		180
Flowserve Corp.		416		10
Graco, Inc.		1,184		58
IDEX Corp.		848		117
Ingersoll Rand, Inc. (a)		949		23
Middleby Corp. (The) (a)		158		9
Nordson Corp.		292		39
Rockwell Automation, Inc.		2,109		318
Westinghouse Air Brake Technologies Corp.		543		26
Xylem, Inc.		1,820		119
				1,066
Metal Fabricate/Hardware — 0.0% (g)
Timken Co. (The)		1,007		33
Worthington Industries, Inc.		116		3
				36
Miscellaneous Manufacturers — 0.4%
3M Co.		16,262		2,220
AO Smith Corp.		2,250		85
AptarGroup, Inc.		476		47
Carlisle Cos., Inc.		383		48
Donaldson Co., Inc.		1,047		41
Eaton Corp. plc		11,187		869
General Electric Co.		24,457		194
Hillenbrand, Inc.		1,412		27
Illinois Tool Works, Inc.		6,115		869
ITT, Inc.		476		22
Parker-Hannifin Corp.		365		47
Textron, Inc.		651		17
Trane Technologies plc, (Ireland)		3,882		321
Trinity Industries, Inc.		2,150		35
				4,842

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Packaging & Containers — 0.0% (g)
Amcor plc, (United Kingdom)		4,559		37
Ball Corp.		881		57
Crown Holdings, Inc. (a)		430		25
Packaging Corp. of America		2,447		212
Sealed Air Corp.		437		11
Silgan Holdings, Inc.		65		2
Sonoco Products Co.		1,967		91
Westrock Co.		728		21
				456
Shipbuilding — 0.0% (g)
Huntington Ingalls Industries, Inc.		584		106
Transportation — 5.3%
CH Robinson Worldwide, Inc.		75,520		4,999
CSX Corp.		11,243		644
Expeditors International of Washington, Inc.		93,305		6,225
FedEx Corp.		133,523		16,191
JB Hunt Transport Services, Inc.		800		74
Kansas City Southern		284		36
Knight-Swift Transportation Holdings, Inc., Class A		362		12
Matson, Inc.		435		13
Norfolk Southern Corp.		720		105
Old Dominion Freight Line, Inc.		271		36
Union Pacific Corp.		14,546		2,052
United Parcel Service, Inc., Class B		399,165		37,290
Werner Enterprises, Inc.		742		27
XPO Logistics, Inc. (a)		292		14
				67,718
Trucking & Leasing — 0.0% (g)
GATX Corp.		462		29
Total Industrial				90,744
Technology — 22.2%
Computers — 3.5%
Accenture plc, (Ireland), Class A		10,045		1,640
Apple, Inc.		151,997		38,651
Cognizant Technology Solutions Corp., Class A		1,551		72
Dell Technologies, Inc., Class C (a)		517		20
DXC Technology Co.		831		11
EPAM Systems, Inc. (a)		161		30
Fortinet, Inc. (a)		13,922		1,409
Hewlett Packard Enterprise Co.		39,359		382
HP, Inc.		45,172		784
International Business Machines Corp.		2,442		271
Leidos Holdings, Inc.		388		36
NetApp, Inc.		13,721		572
Seagate Technology plc		7,068		345
Western Digital Corp.		9,037		376
				44,599

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Office/Business Equipment — 0.0% (g)
Xerox Holdings Corp.		8,911		169
Zebra Technologies Corp., Class A (a)		159		29
				198
Semiconductors — 1.2%
Advanced Micro Devices, Inc. (a)		2,957		135
Analog Devices, Inc.		7,077		634
Applied Materials, Inc.		2,605		119
Broadcom, Inc.		14,406		3,416
Intel Corp.		84,976		4,599
IPG Photonics Corp. (a)		141		16
KLA Corp.		2,681		385
Lam Research Corp.		2,224		534
Marvell Technology Group Ltd.		1,801		41
Maxim Integrated Products, Inc.		763		37
Microchip Technology, Inc.		3,650		248
Micron Technology, Inc. (a)		3,087		130
MKS Instruments, Inc.		123		10
NVIDIA Corp.		3,023		797
ON Semiconductor Corp. (a)		1,161		14
Power Integrations, Inc.		12		1
Qorvo, Inc. (a)		348		28
QUALCOMM, Inc.		27,395		1,853
Skyworks Solutions, Inc.		2,610		233
Teradyne, Inc.		481		26
Texas Instruments, Inc.		22,936		2,292
Xilinx, Inc.		3,864		301
				15,849
Software — 17.5%
Activision Blizzard, Inc. (a)		292,454		17,395
Adobe, Inc. (a)		47,413		15,089
Akamai Technologies, Inc. (a)		458		42
ANSYS, Inc. (a)		8,382		1,949
Autodesk, Inc. (a)		21,552		3,364
Black Knight, Inc. (a)		423		25
Broadridge Financial Solutions, Inc.		1,861		176
Cadence Design Systems, Inc. (a)		27,481		1,815
CDK Global, Inc.		384		13
Cerner Corp.		901		57
Citrix Systems, Inc.		11,307		1,601
DocuSign, Inc., Class A (a)		311		29
Dropbox, Inc., Class A (a)		1,027		19
Electronic Arts, Inc. (a)		109,860		11,005
Fidelity National Information Services, Inc.		5,740		698
Fiserv, Inc. (a)		1,593		151

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Software — continued
Guidewire Software, Inc. (a)		232		18
Intuit, Inc.		26,835		6,172
j2 Global, Inc.		504		38
Jack Henry & Associates, Inc.		669		104
Microsoft Corp.		790,618		124,688
MongoDB, Inc., Class A (a)		152		21
MSCI, Inc., Class A		3,586		1,036
Oracle Corp.		243,173		11,753
Paychex, Inc.		892		56
Paycom Software, Inc. (a)		4,814		972
PTC, Inc. (a)		310		19
RingCentral, Inc., Class A (a)		221		47
salesforce.com, Inc. (a)		86,729		12,487
ServiceNow, Inc. (a)		18,474		5,294
Splunk, Inc. (a)		425		54
SS&C Technologies Holdings, Inc.		670		29
Synopsys, Inc. (a)		14,733		1,897
Take-Two Interactive Software, Inc. (a)		42,593		5,052
Twilio, Inc., Class A (a)		332		30
Tyler Technologies, Inc. (a)		109		32
Veeva Systems, Inc., Class A (a)		358		56
VMware, Inc., Class A (a)		260		31
Workday, Inc., Class A (a)		449		58
				223,372
Total Technology				284,018
Utilities — 1.0%
Electric — 0.9%
AES Corp.		17,928		244
ALLETE, Inc.		878		53
Alliant Energy Corp.		4,908		237
Ameren Corp.		4,333		316
American Electric Power Co., Inc.		12,049		964
Black Hills Corp.		996		64
CenterPoint Energy, Inc.		1,523		23
CMS Energy Corp.		5,201		306
Consolidated Edison, Inc.		8,162		637
Dominion Energy, Inc.		2,269		164
DTE Energy Co.		5,173		491
Duke Energy Corp.		2,020		163
Edison International		10,448		572
El Paso Electric Co.		413		28
Entergy Corp.		5,690		535
Evergy, Inc.		5,089		280
Eversource Energy		5,774		452
Exelon Corp.		2,682		99
FirstEnergy Corp.		1,493		60
IDACORP, Inc.		781		69

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES			VALUE ($)
Common Stocks — continued
Electric — continued
MGE Energy, Inc.		187			12
NextEra Energy, Inc.		8,859			2,132
NorthWestern Corp.		705			42
NRG Energy, Inc.		716			19
OGE Energy Corp.		5,836			179
Ormat Technologies, Inc.		15			1
Otter Tail Corp.		451			20
Pinnacle West Capital Corp.		2,631			199
PNM Resources, Inc.		1,057			40
Portland General Electric Co.		1,375			66
PPL Corp.		2,030			50
Public Service Enterprise Group, Inc.		13,543			608
Sempra Energy		6,616			748
Southern Co. (The)		2,891			156
Vistra Energy Corp.		1,043			17
WEC Energy Group, Inc.		6,190			545
Xcel Energy, Inc.		10,877			656
					11,247
Gas — 0.1%
Atmos Energy Corp.		1,919			191
National Fuel Gas Co.		1,988			74
New Jersey Resources Corp.		1,726			59
NiSource, Inc.		7,855			196
ONE Gas, Inc.		752			63
South Jersey Industries, Inc.		2,335			58
Southwest Gas Holdings, Inc.		1,054			73
Spire, Inc.		838			63
UGI Corp.		5,150			137
					914
Water — 0.0% (g)
American States Water Co.		220			18
American Water Works Co., Inc.		2,178			260
California Water Service Group		369			19
Essential Utilities, Inc.		3,502			142
					439
Total Utilities					12,600
Total Common Stocks (Cost $1,362,018)					1,272,495
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund SCHEDULE OF PORTFOLIO INVESTMENTS AS OF MARCH 31, 2020 (Unaudited) (continued) (Amounts in U.S. Dollars, unless otherwise noted) (Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION	PRINCIPAL         AMOUNT ($)			VALUE ($)
Short-Term Investments — 1.8%
Time Deposits — 1.8%
Australia & New Zealand Banking Group Ltd., 0.15%, 04/01/2020		11,234			11,234
Barclays SA, 0.15%, 04/01/2020		3,934			3,934
Brown Brothers Harriman, 0.15%, 04/01/2020		—	(h)		—	(h)
Citibank NA, 0.15%, 04/01/2020		7,292			7,292
Total Short-Term Investments (Cost $22,460)					22,460
Total Investments — 101.2% (Cost $1,384,478)*					1,294,955
Liabilities in Excess of Other Assets — (1.2)%					(14,845	)
NET ASSETS — 100.0%				$	1,280,110

Percentages indicated are based on net assets.

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

Futures contracts outstanding as of March 31, 2020:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY	NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
E-mini Russell 2000 Index		2		06/2020	USD		112		3
Micro E-mini NASDAQ 100 Index		3		06/2020	USD		46		—	(h)
Micro E-mini S&P 500 Index		148		06/2020	USD		1,903		(1	)
NASDAQ 100 E-mini Index		6		06/2020	USD		915		20
S&P 500 E-mini Index		14		06/2020	USD		1,686		113
Total unrealized appreciation (depreciation)									135

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020

REIT	—	Real Estate Investment Trust
(a)	—	Non-income producing security.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500.
*	—	The cost of securities is substantially the same for federal income tax purposes.
USD	—	United States Dollar

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

Summary of Investments by Industry, March 31, 2020

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

INDUSTRY	PERCENTAGE
Internet		20.3	%
Software		17.3	%
Pharmaceuticals		16.6	%
Biotechnology		6.5	%
Beverages		5.4	%
Transportation		5.2	%
Agriculture		4.3	%
Banks		3.8	%
Computers		3.4	%
Insurance		2.4	%
Diversified Financial Services		1.7	%
Retail		1.4	%
Semiconductors		1.2	%
Telecommunications		1.0	%
Others (Each less than 1.0%)		7.8	%
Short-Term Investments		1.7	%

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — 96.9%
Australia — 0.0% (g)
BHP Group plc		14,490		225
Austria — 0.5%
ANDRITZ AG (a)		14,285		448
Erste Group Bank AG		31,637		579
OMV AG		48,350		1,323
Raiffeisen Bank International AG		32,647		470
Verbund AG		22,390		807
voestalpine AG		12,618		255
				3,882
Belgium — 1.9%
Ageas		52,960		2,207
Anheuser-Busch InBev SA		114,646		5,064
Colruyt SA		6,723		364
Galapagos NV (a)		5,340		1,049
Groupe Bruxelles Lambert SA		567		45
KBC Group NV		26,293		1,193
Proximus SADP		18,342		421
Solvay SA		8,757		631
Telenet Group Holding NV		5,588		168
UCB SA		9,541		816
Umicore SA		55,591		1,917
				13,875
Canada — 3.5%
Agnico Eagle Mines Ltd.		5,758		230
Air Canada, Class B (a)		3,033		34
Algonquin Power & Utilities Corp.		12,416		167
Alimentation Couche-Tard, Inc., Class B		20,915		493
AltaGas Ltd.		6,695		61
Atco Ltd., Class I		1,794		50
Aurora Cannabis, Inc. (a)		25,193		23
Bank of Montreal		15,374		776
Bank of Nova Scotia (The)		29,313		1,197
Barrick Gold Corp.		42,768		786
BCE, Inc.		3,702		152
BlackBerry Ltd. (a)		12,340		51
Bombardier, Inc., Class B (a)		53,244		17
Brookfield Asset Management, Inc., Class A		21,411		949

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Canada — continued
CAE, Inc.		6,427		81
Cameco Corp.		9,705		74
Canadian Apartment Properties REIT		2,026		61
Canadian Imperial Bank of Commerce		10,715		624
Canadian National Railway Co.		17,208		1,345
Canadian Natural Resources Ltd.		28,462		389
Canadian Pacific Railway Ltd.		3,300		728
Canadian Tire Corp. Ltd., Class A		1,371		83
Canadian Utilities Ltd., Class A		3,181		76
Canopy Growth Corp. (a)		5,162		75
CCL Industries, Inc., Class B		3,551		108
Cenovus Energy, Inc.		24,503		49
CGI, Inc. (a)		5,769		312
CI Financial Corp.		5,246		52
Constellation Software, Inc.		484		440
Cronos Group, Inc. (a)		4,877		28
Dollarama, Inc.		7,240		201
Emera, Inc.		5,824		230
Empire Co. Ltd., Class A		4,179		82
Enbridge, Inc.		48,689		1,418
Fairfax Financial Holdings Ltd.		645		198
First Capital Real Estate Investment Trust		2,642		26
First Quantum Minerals Ltd.		16,293		83
Fortis, Inc.		10,558		407
Franco-Nevada Corp.		4,537		453
George Weston Ltd.		1,862		133
Gildan Activewear, Inc., Class A		4,824		61
Great-West Lifeco, Inc.		6,754		117
H&R Real Estate Investment Trust		3,361		21
Husky Energy, Inc.		7,928		20
Hydro One Ltd. (e)		7,904		142
iA Financial Corp., Inc.		2,517		79
IGM Financial, Inc.		1,991		33
Imperial Oil Ltd.		6,355		72
Intact Financial Corp.		3,348		289
Inter Pipeline Ltd.		10,256		61
Keyera Corp.		5,076		47
Kinross Gold Corp. (a)		30,264		121
Kirkland Lake Gold Ltd.		6,497		191
Loblaw Cos. Ltd.		4,334		223
Lundin Mining Corp.		16,036		60
Magna International, Inc.		6,991		223
Manulife Financial Corp.		46,884		589
Methanex Corp.		1,460		18
Metro, Inc.		6,140		248
National Bank of Canada		8,039		311
Nutrien Ltd.		13,782		471

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Canada — continued
Onex Corp.		2,016		74
Open Text Corp.		6,554		229
Parkland Fuel Corp.		3,504		62
Pembina Pipeline Corp.		13,166		247
Power Corp. of Canada		13,671		220
PrairieSky Royalty Ltd.		5,056		27
Quebecor, Inc., Class B		4,286		95
Restaurant Brands International, Inc.		6,813		275
RioCan Real Estate Investment Trust		3,825		44
Rogers Communications, Inc., Class B		8,661		361
Royal Bank of Canada		34,500		2,137
Saputo, Inc.		5,931		143
Shaw Communications, Inc., Class B		11,316		184
Shopify, Inc., Class A (a)		2,494		1,045
SmartCentres Real Estate Investment Trust		1,748		23
Stars Group, Inc. (The) (a)		5,434		111
Sun Life Financial, Inc.		14,137		455
Suncor Energy, Inc.		36,977		590
TC Energy Corp.		22,469		999
Teck Resources Ltd., Class B		11,820		90
TELUS Corp.		9,502		150
Thomson Reuters Corp.		4,811		328
Toronto-Dominion Bank (The)		43,579		1,853
West Fraser Timber Co. Ltd.		1,278		24
Wheaton Precious Metals Corp.		10,758		296
WSP Global, Inc.		2,568		146
				26,347
Chile — 0.1%
Antofagasta plc		46,556		445
Denmark — 3.8%
AP Moller—Maersk A/S, Class A		20		16
AP Moller—Maersk A/S, Class B		50		44
Carlsberg A/S, Class B		16,100		1,812
Chr Hansen Holding A/S		29,895		2,206
Coloplast A/S, Class B		818		119
Danske Bank A/S		67,543		752
Demant A/S (a)		13,106		285
DSV PANALPINA A/S		25,061		2,279
Genmab A/S (a)		7,693		1,545
H Lundbeck A/S		13,224		388
ISS A/S		18,913		259
Novo Nordisk A/S, Class B		133,494		7,972
Novozymes A/S, Class B		60,545		2,716
Orsted A/S (e)		37,906		3,711
Pandora A/S		11,831		380
Tryg A/S		36,573		890
Vestas Wind Systems A/S		36,890		3,002
				28,376

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Finland — 1.8%
Elisa OYJ		17,217		1,062
Fortum OYJ		91,276		1,328
Kone OYJ, Class B		28,462		1,594
Metso OYJ		20,484		483
Neste OYJ		2,910		97
Nokia OYJ		38,707		119
Nokian Renkaat OYJ		14,747		352
Nordea Bank Abp		337,864		1,900
Orion OYJ, Class B		19,678		801
Sampo OYJ, Class A		82,469		2,379
Stora Enso OYJ, Class R		68,694		687
UPM-Kymmene OYJ		63,329		1,727
Wartsila OYJ Abp		87,244		637
				13,166
France — 14.6%
Accor SA		20,918		562
Aeroports de Paris		3,549		343
Air Liquide SA		3,234		413
Airbus SE		48,861		3,151
Alstom SA		37,032		1,529
Amundi SA (e)		7,109		411
Arkema SA		8,137		556
Atos SE		11,695		779
AXA SA		359,303		6,084
BioMerieux		4,937		559
BNP Paribas SA		117,087		3,418
Bollore SA		5,782		16
Bouygues SA		18,711		543
Bureau Veritas SA		35,088		661
Capgemini SE		18,828		1,573
Carrefour SA		4,198		67
Casino Guichard Perrachon SA		6,338		243
Cie de Saint-Gobain		41,144		987
Cie Generale des Etablissements Michelin SCA		1,177		103
CNP Assurances		31,849		308
Covivio		6,050		340
Credit Agricole SA		120,259		851
Danone SA		92,916		5,946
Dassault Aviation SA		529		434
Dassault Systemes SE		902		132
Edenred		28,781		1,194
Eiffage SA		15,523		1,102
Electricite de France SA		119,047		931
Engie SA		361,285		3,700

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
France — continued
EssilorLuxottica SA		1,944		206
Eurazeo SE		4,681		210
Eutelsat Communications SA		21,310		222
Faurecia SE		8,706		255
Gecina SA		5,532		728
Getlink SE		52,570		636
Hermes International		216		147
ICADE		3,665		288
Iliad SA		1,726		233
Ingenico Group SA		7,153		748
Ipsen SA		7,070		362
JCDecaux SA		10,047		179
Kering SA		520		271
Klepierre SA		23,824		454
Legrand SA		52,028		3,318
L’Oreal SA		22,718		5,880
LVMH Moet Hennessy Louis Vuitton SE		1,906		699
Natixis SA		6,408		20
Orange SA		13,692		166
Pernod Ricard SA		31,952		4,535
Peugeot SA		69,292		902
Publicis Groupe SA		25,772		737
Remy Cointreau SA		6,003		654
Renault SA		1,275		24
Safran SA		27,415		2,429
Sanofi		85,078		7,366
Sartorius Stedim Biotech		3,258		650
Schneider Electric SE		46,269		3,911
SCOR SE		47,152		1,037
SEB SA		2,665		330
Societe Generale SA		84,273		1,381
Sodexo SA		10,574		710
Suez		111,618		1,134
Teleperformance		6,932		1,436
Thales SA		8,963		742
TOTAL SA		505,142		19,033
Ubisoft Entertainment SA (a)		10,692		782
Unibail—Rodamco-Westfield		963		55
Valeo SA		28,107		457
Veolia Environnement SA		169,561		3,581
Vinci SA		43,071		3,519
Vivendi SA		5,685		120
Wendel SA		3,315		263
Worldline SA (a) (e)		15,166		895
				108,641

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Germany — 8.7%
adidas AG		1,236		274
Allianz SE (Registered)		77,545		13,206
BASF SE		6,342		296
Bayer AG (Registered)		74,123		4,247
Bayerische Motoren Werke AG		2,346		120
Beiersdorf AG		9,114		918
Brenntag AG		30,251		1,099
Carl Zeiss Meditec AG		4,792		456
Commerzbank AG		216,309		770
Continental AG		765		54
Covestro AG (e)		49,152		1,492
Daimler AG (Registered)		6,244		186
Delivery Hero SE (a) (e)		13,412		986
Deutsche Bank AG (Registered)		13,473		86
Deutsche Boerse AG		1,298		178
Deutsche Lufthansa AG (Registered)		28,743		269
Deutsche Post AG (Registered)		6,795		182
Deutsche Telekom AG (Registered)		22,828		295
Deutsche Wohnen SE		42,873		1,625
E.ON SE		442,554		4,540
Evonik Industries AG		35,747		746
Fraport AG Frankfurt Airport Services Worldwide		5,084		205
Fresenius Medical Care AG & Co. KGaA		1,471		96
Fresenius SE & Co. KGaA		2,869		107
GEA Group AG		29,675		613
Hannover Rueck SE		17,976		2,538
HeidelbergCement AG		1,055		45
Henkel AG & Co. KGaA		9,362		688
HOCHTIEF AG		4,925		323
Infineon Technologies AG		8,577		124
KION Group AG		12,579		541
Knorr-Bremse AG		4,086		359
LANXESS AG		9,690		386
Merck KGaA		9,755		985
METRO AG		22,099		188
MTU Aero Engines AG		10,300		1,489
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		26,825		5,394
Puma SE		9,808		576
RWE AG		180,552		4,722
SAP SE		6,743		753
Siemens AG (Registered)		64,040		5,362
Siemens Healthineers AG (e)		1,003		39
Symrise AG, Class A		36,381		3,366
Telefonica Deutschland Holding AG		106,718		262
thyssenkrupp AG (a)		47,167		248
TUI AG		51,364		225
Uniper SE		66,607		1,636
United Internet AG (Registered)		12,163		354

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Germany — continued
Volkswagen AG		237		31
Vonovia SE		3,555		177
Wacker Chemie AG		2,563		128
Wirecard AG		806		91
Zalando SE (a) (e)		16,418		619
				64,695
Ireland — 1.4%
AerCap Holdings NV (a)		23,536		536
AIB Group plc (a)		176,606		196
Bank of Ireland Group plc		206,437		385
CRH plc		5,363		145
DCC plc		19,549		1,221
Experian plc		6,243		173
Flutter Entertainment plc		9,211		829
Kerry Group plc, Class A		41,667		4,834
Kingspan Group plc		29,780		1,606
Smurfit Kappa Group plc		26,416		748
				10,673
Isle of Man — 0.1%
GVC Holdings plc		68,805		477
Italy — 4.9%
Assicurazioni Generali SpA		204,546		2,771
Atlantia SpA		3,340		41
Bio On Spa (a) (bb) (cc)		1,081		—	(h)
Davide Campari-Milano SpA		157,539		1,130
Enel SpA		1,594,442		10,998
Eni SpA		536,124		5,328
Ferrari NV		834		128
FinecoBank Banca Fineco SpA		104,987		945
Intesa Sanpaolo SpA		1,574,958		2,548
Leonardo SpA		35,297		233
Mediobanca Banca di Credito Finanziario SpA		147,963		807
Moncler SpA		22,367		813
Pirelli & C SpA (e)		53,936		194
Poste Italiane SpA (e)		159,421		1,342
Prysmian SpA		48,453		769
Recordati SpA		20,799		876
Snam SpA		444,798		2,033
Telecom Italia SpA (a)		1,117,980		453
Telecom Italia SpA		707,223		276
Terna Rete Elettrica Nazionale SpA		468,940		2,948
UniCredit SpA		211,285		1,635
				36,268
Luxembourg — 0.3%
ArcelorMittal SA		4,616		44
Aroundtown SA		147,215		737

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Luxembourg — continued
Eurofins Scientific SE		1,354		661
Millicom International Cellular SA, SDR		11,496		319
SES SA, Class A		43,068		253
Tenaris SA		3,228		19
				2,033
Netherlands — 7.2%
ABN AMRO Bank NV, CVA, GDR (e)		43,974		357
Adyen NV (a) (e)		73		62
Aegon NV		332,491		830
Akzo Nobel NV		34,520		2,270
Altice Europe NV (a)		72,850		281
ASML Holding NV		2,915		768
Corbion NV		9,703		293
EXOR NV		13,512		696
Heineken Holding NV		17,370		1,354
Heineken NV		39,002		3,310
ING Groep NV		405,605		2,078
Just Eat Takeaway (a) (e)		13,640		1,032
Koninklijke Ahold Delhaize NV		7,544		176
Koninklijke DSM NV		30,960		3,483
Koninklijke KPN NV		429,173		1,026
Koninklijke Philips NV		6,224		256
Koninklijke Vopak NV		9,453		496
NN Group NV		91,937		2,499
NXP Semiconductors NV		1,916		159
Prosus NV (a)		3,344		233
QIAGEN NV (a)		26,872		1,085
Randstad NV		14,272		504
Royal Dutch Shell plc, Class A		879,906		15,287
Royal Dutch Shell plc, Class B		785,809		13,181
Wolters Kluwer NV		32,523		2,302
				54,018
Norway — 1.3%
Aker BP ASA		13,355		168
Borregaard ASA		15,560		144
DNB ASA		98,604		1,099
Elkem ASA (e)		42,845		54
Equinor ASA		210,676		2,626
Gjensidige Forsikring ASA		59,307		1,010
Mowi ASA		115,708		1,749
Norsk Hydro ASA		156,924		338
Orkla ASA		198,334		1,699
Schibsted ASA, Class B		11,420		207
Telenor ASA		4,815		70
Yara International ASA		21,022		665
				9,829

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Philippines — 0.0% (g)
Altus San Nicolas Corp. (a) (bb) (cc)		3,459		—	(h)
Portugal — 0.6%
EDP—Energias de Portugal SA		526,890		2,120
Galp Energia SGPS SA		166,839		1,908
Jeronimo Martins SGPS SA		30,268		546
				4,574
Russia — 0.0% (g)
Evraz plc		60,323		173
Spain — 4.5%
ACS Actividades de Construccion y Servicios SA		53,300		1,058
Aena SME SA (e)		549		60
Amadeus IT Group SA		3,017		142
Banco Bilbao Vizcaya Argentaria SA		696,719		2,157
Banco de Sabadell SA		1,303,607		659
Banco Santander SA		1,731,553		4,119
Bankia SA		310,032		338
Bankinter SA		167,537		608
CaixaBank SA		376,187		696
Cellnex Telecom SA (e)		31,503		1,429
Enagas SA		27,822		549
Endesa SA		71,530		1,514
Ferrovial SA		41,107		976
Grifols SA		36,870		1,234
Iberdrola SA		1,228,648		12,017
Industria de Diseno Textil SA		7,595		197
Mapfre SA		392,690		666
Naturgy Energy Group SA		69,507		1,219
Red Electrica Corp. SA		35,114		631
Repsol SA		298,895		2,667
Siemens Gamesa Renewable Energy SA		49,946		737
Telefonica SA		32,662		149
				33,822
Sweden — 3.5%
Alfa Laval AB		61,138		1,047
Assa Abloy AB, Class B		83,924		1,567
Atlas Copco AB, Class A		56,252		1,871
Atlas Copco AB, Class B		32,625		949
Boliden AB		32,395		581
Electrolux AB, Class B		26,813		331
Epiroc AB, Class A		128,007		1,265
Epiroc AB, Class B		75,753		747
Essity AB, Class B		54,850		1,680
Hennes & Mauritz AB, Class B		5,535		71
Hexagon AB, Class B		31,095		1,315
Hexpol AB		40,468		239

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Sweden — continued
Husqvarna AB, Class B		49,300		245
ICA Gruppen AB		10,691		446
Industrivarden AB, Class C		20,335		389
Investor AB, Class B		3,128		141
Kinnevik AB, Class B		28,908		471
L E Lundbergforetagen AB, Class B		8,845		359
Lundin Petroleum AB		22,406		423
Sandvik AB		94,497		1,329
Securitas AB, Class B		36,744		395
Skandinaviska Enskilda Banken AB, Class A		170,184		1,140
Skanska AB, Class B		66,576		1,002
SKF AB, Class B		73,427		1,001
Svenska Handelsbanken AB, Class A		162,305		1,338
Swedbank AB, Class A		94,402		1,041
Swedish Match AB		44,608		2,526
Tele2 AB, Class B		59,290		790
Telefonaktiebolaget LM Ericsson, Class B (a)		21,078		171
Telia Co. AB		18,929		68
Volvo AB, Class B		124,292		1,477
				26,415
Switzerland — 18.6%
ABB Ltd. (Registered)		154,255		2,681
Adecco Group AG (Registered)		18,310		722
Alcon, Inc. (a)		2,842		146
Baloise Holding AG (Registered)		14,470		1,886
Barry Callebaut AG (Registered)		799		1,599
Chocoladefabriken Lindt & Spruengli AG		279		2,342
Chocoladefabriken Lindt & Spruengli AG (Registered)		29		2,517
Cie Financiere Richemont SA (Registered)		3,571		191
Clariant AG (Registered) (a)		56,065		933
Coca-Cola HBC AG		52,753		1,131
Credit Suisse Group AG (Registered) (a)		17,498		141
Dufry AG (Registered) (a)		4,787		147
EMS-Chemie Holding AG (Registered)		2,339		1,459
Geberit AG (Registered)		7,254		3,179
Givaudan SA (Registered)		1,575		4,846
Glencore plc (a)		73,269		111
Gurit Holding AG		58		69
Julius Baer Group Ltd. (a)		26,338		882
Kuehne + Nagel International AG (Registered)		362		49
LafargeHolcim Ltd. (Registered) (a)		3,380		123
Lonza Group AG (Registered) (a)		8,795		3,618
Nestle SA (Registered)		447,755		45,836
Novartis AG (Registered)		162,064		13,370
Pargesa Holding SA		4,534		299
Partners Group Holding AG		2,213		1,515
Roche Holding AG		53,000		17,052

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Switzerland — continued
Schindler Holding AG		3,410		746
Schindler Holding AG (Registered)		1,689		354
SGS SA (Registered)		42		97
Sika AG (Registered)		35,999		5,912
Sonova Holding AG (Registered)		6,529		1,164
STMicroelectronics NV		80,400		1,728
Straumann Holding AG (Registered)		1,222		893
Swatch Group AG (The)		199		39
Swatch Group AG (The) (Registered)		395		15
Swiss Life Holding AG (Registered)		9,941		3,337
Swiss Prime Site AG (Registered)		9,150		891
Swiss Re AG		54,775		4,218
Swisscom AG (Registered)		174		93
Temenos AG (Registered) (a)		7,773		1,013
UBS Group AG (Registered) (a)		26,440		242
Vifor Pharma AG		8,506		1,164
Zurich Insurance Group AG		27,804		9,768
				138,518
United Arab Emirates — 0.0% (g)
NMC Health plc (bb) (cc)		17,769		—	(h)
United Kingdom — 19.6%
3i Group plc		115,790		1,122
Admiral Group plc		22,815		628
Anglo American plc		7,022		123
Ashtead Group plc		88,906		1,922
Associated British Foods plc		53,534		1,199
AstraZeneca plc		98,973		8,818
Auto Trader Group plc (e)		109,707		593
AVEVA Group plc		7,536		325
Aviva plc		26,719		88
BAE Systems plc		268,449		1,725
Barclays plc		1,793,102		2,038
Barratt Developments plc		120,486		651
Berkeley Group Holdings plc		13,998		625
BP plc		4,266,106		17,495
British American Tobacco plc		345,152		11,758
British Land Co. plc (The)		104,104		434
BT Group plc		57,758		84
Bunzl plc		65,715		1,315
Burberry Group plc		48,139		782
Centrica plc		698,040		329
CNH Industrial NV		202,771		1,155
Coca-Cola European Partners plc		34,375		1,290
Compass Group plc		10,863		169
Croda International plc		36,420		1,921
Diageo plc		353,111		11,197

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
United Kingdom — continued
Direct Line Insurance Group plc		164,439		600
easyJet plc		18,814		130
Elementis plc		95,064		58
Ferguson plc		44,161		2,731
Fiat Chrysler Automobiles NV		7,672		55
G4S plc		181,078		206
GlaxoSmithKline plc		376,367		7,062
Halma plc		44,801		1,052
Hargreaves Lansdown plc		39,242		667
HSBC Holdings plc		2,114,276		11,869
Imperial Brands plc		142,458		2,629
Informa plc		147,505		803
InterContinental Hotels Group plc		20,535		874
Intertek Group plc		19,087		1,115
ITV plc		429,259		352
J Sainsbury plc		206,528		534
JD Sports Fashion plc		51,046		286
Johnson Matthey plc		54,280		1,196
Kingfisher plc		246,138		432
Land Securities Group plc		83,865		578
Legal & General Group plc		40,564		96
Lloyds Banking Group plc		7,285,668		2,848
London Stock Exchange Group plc		2,152		193
M&G plc (a)		302,295		421
Marks & Spencer Group plc		227,450		276
Meggitt plc		156,111		561
Melrose Industries plc		945,936		1,051
Micro Focus International plc		39,690		196
Mondi plc		57,170		965
National Grid plc		24,001		280
Next plc		15,720		789
Ocado Group plc (a)		53,747		806
Pearson plc		92,645		634
Persimmon plc		37,843		895
Prudential plc		17,787		223
Reckitt Benckiser Group plc		64,183		4,889
RELX plc		13,313		284
Rentokil Initial plc		219,366		1,048
Rio Tinto plc		7,727		354
Rolls-Royce Holdings plc (a)		145,894		617
Royal Bank of Scotland Group plc		503,547		705
RSA Insurance Group plc		122,794		641
Sage Group plc (The)		129,958		945
Scapa Group plc		27,208		37
Schroders plc		14,508		444
Segro plc		128,845		1,218
Severn Trent plc		29,884		846

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
United Kingdom — continued
Smith & Nephew plc		103,580		1,825
Smiths Group plc		77,175		1,164
Spirax-Sarco Engineering plc		14,367		1,442
SSE plc		7,187		116
St James’s Place plc		62,819		587
Standard Chartered plc		282,760		1,563
Standard Life Aberdeen plc		280,364		774
Synthomer plc		55,668		168
Taylor Wimpey plc		386,461		556
Tesco plc		66,827		189
Unilever NV		132,810		6,528
Unilever plc		100,314		5,059
United Utilities Group plc		84,479		946
Victrex plc		14,162		342
Vodafone Group plc		183,358		254
Weir Group plc (The)		50,301		447
Whitbread plc		15,893		589
Wm Morrison Supermarkets plc		286,665		626
WPP plc		8,734		59
				146,511
United States — 0.0%
Bausch Health Cos., Inc. (a)		7,659		119
Carnival plc		18,653		223
Ovintiv, Inc.		6,045		16
				358
Total Common Stocks (Cost $903,312)				723,321
Preferred Stocks — 0.4%
Germany — 0.4%
Bayerische Motoren Werke AG		323		14
FUCHS PETROLUB SE		8,311		296
Henkel AG & Co. KGaA		16,174		1,293
Porsche Automobil Holding SE		1,021		43
Sartorius AG		4,207		1,006
Volkswagen AG		1,256		145
				2,797
United Kingdom — 0.0% (g)
Rolls-Royce Holdings plc, Class C (a) (bb) (cc)		1,061,174		1
Total Preferred Stocks (Cost $2,990)				2,798
	PRINCIPAL         AMOUNT ($)
Short-Term Investments — 2.4%
Time Deposits — 2.4%
Australia & New Zealand Banking Group Ltd., 0.15%, 04/01/2020		1,257		1,257
Barclays SA, 0.15%, 04/01/2020		392		392

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT ($)			VALUE ($)
Short-Term Investments — continued
Time Deposits — continued
Brown Brothers Harriman,
(1.86%), 04/01/2020	CHF	2,748			2,855
(0.65%), 04/01/2020	EUR	1			2
(0.58%), 04/01/2020	DKK	3,127			462
(0.11%), 04/01/2020	SEK	5,976			604
0.01%, 04/01/2020	NOK	2,750			264
0.01%, 04/01/2020	SGD	—	(h)		—	(h)
0.03%, 04/01/2020	GBP	15			18
0.04%, 04/01/2020	CAD	400			284
0.15%, 04/01/2020		76			76
0.63%, 04/01/2020	HKD	43			6
4.00%, 04/01/2020	ZAR	—	(h)		—	(h)
Citibank NA,
(0.65%), 04/01/2020	EUR	6,807			7,508
0.03%, 04/01/2020	GBP	2,654			3,296
0.15%, 04/01/2020		840			840
Total Short-Term Investments (Cost $17,864)					17,864
Total Investments — 99.7% (Cost $924,166)*					743,983
Other Assets in Excess of Liabilities — 0.3%					2,047
NET ASSETS — 100.0%				$	746,030

Percentages indicated are based on net assets.

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of shares and Futures contracts)

Futures contracts outstanding as of March 31, 2020:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Euro STOXX 50 Index	434		06/2020	EUR		12,311		838
FTSE 100 Index	96		06/2020	GBP		6,326		394
S&P/TSX 60 Index	3		06/2020	CAD		350		(2	)
Total unrealized appreciation (depreciation)								1,230

Six Circles Managed Equity Portfolio International Unconstrained Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020

CVA	—	Dutch Certification
GDR	—	Global Depository Receipt
REIT	—	Real Estate Investment Trust
SDR	—	Swedish Depository Receipt
(a)	—	Non-income producing security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500.
(bb)	—	Security has been valued using significant unobservable inputs.
(cc)	—	Security is valued in good faith at fair value by or under the direction of the Board of Trustees .
*		The cost of securities is substantially the same for federal income tax purposes.
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
ZAR	—	South African Rand

Six Circles Managed Equity Portfolio International Unconstrained Fund

Summary of Investments by Industry, March 31, 2020

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

INDUSTRY	PERCENTAGE
Oil & Gas		11.0	%
Food		10.0	%
Pharmaceuticals		9.9	%
Insurance		8.8	%
Banks		8.1	%
Electric		7.1	%
Chemicals		4.6	%
Beverages		4.2	%
Cosmetics/Personal Care		2.7	%
Agriculture		2.3	%
Building Materials		1.6	%
Aerospace/Defense		1.5	%
Engineering & Construction		1.4	%
Machinery—Diversified		1.4	%
Miscellaneous Manufacturers		1.3	%
Commercial Services		1.2	%
Electrical Components & Equipments		1.1	%
Telecommunications		1.0	%
Others (Each less than 1.0%)		18.4	%
Short-Term Investments		2.4	%

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Board has appointed the Six Circles Funds Valuation Committee (“VC”), comprised of officers of the Funds and other personnel of the J.P. Morgan Private Investments Inc. (the “Adviser”), to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The VC oversees and carries out policies and procedures for the valuation of investments held by the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor due diligence. The VC, through the Adviser, is responsible for assessing the potential impacts to the fair values on an ongoing basis, and discussing this on at least a quarterly basis with the Board.

A market-based approach is primarily used to value the Funds’ investments for which market quotations are readily available and which are generally valued at their current market value. Other securities and assets, including securities for which market quotations are not readily available, market quotations are determined not to be reliable, or whose value has been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Fund’s net asset value (“NAV”) is calculated, are valued by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. The valuation may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment in order to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based on current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equity securities listed on a North American, Central American, South American or Caribbean (“Americas”) securities exchange are generally valued at the last sale price or official market closing price on the primary exchange on which the security is principally traded that is reported before the time when the net assets values of the Funds are calculated on a valuation date. The Funds calculate their NAV as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading.

Foreign equity securities are valued as of the close of trading on the stock exchange on which the security is primarily traded, or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Generally foreign equity securities, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services.

The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated. The fair valued securities are converted at the exchange rates available at 4 p.m. Eastern time.

Fixed income securities are valued based on prices received from Pricing Services. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, Pricing Services may consider a variety of inputs and factors, including, but not limited to proprietary models that may take into account market transactions in securities with comparable characteristics, yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, underlying collateral and estimated cash flows.

Shares of exchange-traded funds (“ETFs”) are generally valued at the last sale price on the exchange on which the ETF is principally traded. Shares of open-end investment companies are valued at their respective NAVs.

Futures are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Basic Materials	$	5,739		$	—	$	—	$	5,739
Communications		282,830			—		—		282,830
Consumer Cyclical		25,066			—		—		25,066
Consumer Non-cyclical		454,649			—		—		454,649
Energy		9,813			—		—		9,813
Financial		107,036			—		—		107,036
Industrial		90,744			—		—		90,744
Technology		284,018			—		—		284,018
Utilities		12,600			—		—		12,600
Total Common Stocks		1,272,495			—		—		1,272,495
Short-Term Investments
Time Deposits		—			22,460		—		22,460
Total Investments in Securities	$	1,272,495		$	22,460	$	—	$	1,294,955
Appreciation in Other Financial Instruments
Futures contracts	$	136		$	—	$	—	$	136
Depreciation in Other Financial Instruments
Futures contracts	$	(1	)	$	—	$	—	$	(1	)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

Six Circles Managed Equity Portfolio International Unconstrained Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	—		$	225	$	—		$	225
Austria		—			3,882		—			3,882
Belgium		—			13,875		—			13,875
Canada		26,347			—		—			26,347
Chile		—			445		—			445
Denmark		—			28,376		—			28,376
Finland		—			13,166		—			13,166
France		—			108,641		—			108,641
Germany		—			64,695		—			64,695
Ireland		5,370			5,303		—			10,673
Isle of Man		—			477		—			477
Italy		194			36,074		—	(a)		36,268
Luxembourg		—			2,033		—			2,033
Netherlands		3,841			50,177		—			54,018
Norway		—			9,829		—			9,829
Philippines		—			—		—	(a)		—	(a)
Portugal		—			4,574		—			4,574
Russia		—			173		—			173
Spain		—			33,822		—			33,822
Sweden		—			26,415		—			26,415
Switzerland		—			138,518		—			138,518
United Arab Emirates		—			—		—	(a)		—	(a)
United Kingdom		1,458			145,053		—			146,511
United States		135			223		—			358
Total Common Stocks		37,345			685,976		—			723,321
Preferred Stocks
Germany		—			2,797		—			2,797
United Kingdom		—			—		1			1
Total Preferred Stocks		—			2,797		1			2,798
Short-Term Investments
Time Deposits		—			17,864		—			17,864
Total Investments in Securities	$	37,345		$	706,637	$	1		$	743,983
Appreciation in Other Financial Instruments
Futures contracts	$	1,232		$	—	$	—		$	1,232
Depreciation in Other Financial Instruments
Futures contracts	$	(2	)	$	—	$	—		$	(2	)

(a) — Amount rounds to less than $500.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

B. Derivatives — The Funds used derivative instruments including futures, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures as well as credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated by the Sub-Advisers, with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes B(1) — B(2) below describe the various derivatives used by the Funds.

(1) Futures Contracts — The Funds used index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as changes in net unrealized appreciation/depreciation. Futures contracts outstanding at period end, if any, are listed after each Fund’s SOI.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

The use of futures contracts may expose the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent the liquidation of positions.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2) Forward Foreign Currency Exchange Contracts — The Funds may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. Six Circles Managed Equity Portfolio International Unconstrained also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency. Forward contracts outstanding at period end, if any, are listed after each Fund’s SOI.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation/depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Funds’ forward foreign currency exchange contracts may be subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.