Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)			VALUE ($)
Asset-Backed Securities — 15.4%
American Express Credit Account Master Trust, Series 2018-4, Class A, 2.99%, 12/15/2023		3,375			3,433
Anchorage Capital CLO Ltd., (Cayman Islands),
Series 2015-7A, Class AR2, (ICE LIBOR USD 3 Month + 1.09%), 1.34%, 01/28/2031 (e) (aa)		577			569
Series 2016-8A, Class AR, (ICE LIBOR USD 3 Month + 1.00%), 1.25%, 07/28/2028 (e) (aa)		1,850			1,835
Apidos CLO XXI, (Cayman Islands), Series 2015-21A, Class A1R, (ICE LIBOR USD 3 Month + 0.93%), 1.20%, 07/18/2027 (e) (aa)		1,000			994
Atlas Senior Loan Fund III Ltd., (Cayman Islands), Series 2013-1A, Class AR, (ICE LIBOR USD 3 Month + 0.83%), 1.11%, 11/17/2027 (e) (aa)		506			499
Atrium XII, (Cayman Islands), Series 12A, Class AR, (ICE LIBOR USD 3 Month + 0.83%), 1.09%, 04/22/2027 (e) (aa)		989			983
B2R Mortgage Trust, Series 2016-1, Class A, 2.57%, 06/15/2049 (e)		1,042			1,043
Battalion CLO Ltd., (Cayman Islands), Series 2020-18A, Class A1, (ICE LIBOR USD 3 Month + 1.80%), 0.00%, 10/15/2032 (e) (aa)		1,000			998
Battalion CLO X Ltd., (Cayman Islands), Series 2016-10A, Class A1R, (ICE LIBOR USD 3 Month + 1.25%), 1.51%, 01/24/2029 (e) (aa)		1,500			1,495
Birch Grove CLO Ltd., (Cayman Islands), Series 19A, Class A, (ICE LIBOR USD 3 Month + 1.49%), 1.74%, 06/15/2031 (e) (aa)		2,000			2,001
BlueMountain CLO Ltd., (Cayman Islands), Series 2012-2A, Class AR2, (ICE LIBOR USD 3 Month + 1.05%), 1.30%, 11/20/2028 (e) (aa)		2,100			2,089
BMW Canada Auto Trust, (Canada),
Series 2019-1A, Class A1, 2.15%, 10/20/2021 (e)	CAD	579			436
Series 2020-1A, Class A1, 1.96%, 09/20/2022 (e)	CAD	1,663			1,260
Burnham Park CLO Ltd., (Cayman Islands), Series 2016-1A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 1.42%, 10/20/2029 (e) (aa)		500			493
Capital One Multi-Asset Execution Trust, Series 2019-A1, Class A1, 2.84%, 12/15/2024		5,000			5,176
CarMax Auto Owner Trust,
Series 2017-1, Class A3, 1.98%, 11/15/2021		—	(h)		—	(h)
Series 2017-2, Class A3, 1.93%, 03/15/2022		80			80
Series 2017-3, Class A3, 1.97%, 04/15/2022		297			298
Series 2018-4, Class A3, 3.36%, 09/15/2023		1,950			2,000
Series 2019-1, Class A2A, 3.02%, 07/15/2022		203			203
Series 2019-3, Class A3, 2.18%, 08/15/2024		1,000			1,027
Series 2020-3, Class A2B, (ICE LIBOR USD 1 Month + 0.25%), 0.40%, 06/15/2023 (aa)		440			440
CBAM Ltd., (Cayman Islands), Series 2017-3A, Class A, (ICE LIBOR USD 3 Month + 1.23%), 1.50%, 10/17/2029 (e) (aa)		1,140			1,136
Chesapeake Funding II LLC,
Series 2018-2A, Class A1, 3.23%, 08/15/2030 (e)		1,041			1,056
Series 2019-1A, Class A1, 2.94%, 04/15/2031 (e)		916			940
Series 2020-1A, Class A2, (ICE LIBOR USD 1 Month + 0.65%), 0.80%, 08/16/2032 (e) (aa)		1,055			1,056
CIFC Funding Ltd., (Cayman Islands), Series 2014-5A, Class A1R2, (ICE LIBOR USD 3 Month + 1.20%), 1.47%, 10/17/2031 (e) (aa)		750			744
CNH Equipment Trust,
Series 2019-A, Class A2, 2.96%, 05/16/2022		156			157
Series 2020-A, Class A2, 1.08%, 07/17/2023		1,030			1,035

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued
Discover Card Execution Note Trust, Series 2019-A2, Class A, (ICE LIBOR USD 1 Month + 0.27%), 0.42%, 12/15/2023 (aa)		1,500		1,502
Drive Auto Receivables Trust, Series 2019-4, Class A3, 2.16%, 05/15/2023		810		816
DT Auto Owner Trust, Series 2020-3A, Class A, 0.54%, 04/15/2024 (e)		2,000		2,000
Enterprise Fleet Financing LLC,
Series 2018-2, Class A2, 3.14%, 02/20/2024 (e)		611		617
Series 2019-3, Class A2, 2.06%, 05/20/2025 (e)		1,402		1,427
Ford Auto Securitization Trust, (Canada), Series 2019-BA, Class A2, 2.32%, 10/15/2023 (e)	CAD	1,000		761
Ford Credit Auto Lease Trust, Series 2020-B, Class A2B, (ICE LIBOR USD 1 Month + 0.26%), 0.41%, 12/15/2022 (aa)		1,250		1,252
Ford Credit Auto Owner Trust, Series 2017-B, Class A3, 1.69%, 11/15/2021		124		124
Ford Credit Floorplan Master Owner Trust A,
Series 2018-3, Class A2, (ICE LIBOR USD 1 Month + 0.40%), 0.55%, 10/15/2023 (aa)		3,000		3,006
Series 2019-1, Class A, 2.84%, 03/15/2024		1,400		1,448
Series 2019-3, Class A2, (ICE LIBOR USD 1 Month + 0.60%), 0.75%, 09/15/2024 (aa)		2,480		2,491
Series 2020-1, Class A1, 0.70%, 09/15/2025		1,400		1,404
Galaxy XXIII CLO Ltd., (Cayman Islands), Series 2017-23A, Class A, (ICE LIBOR USD 3 Month + 1.28%), 1.54%, 04/24/2029 (e) (aa)		720		720
GM Financial Automobile Leasing Trust, Series 2020-3, Class A2B, (ICE LIBOR USD 1 Month + 0.13%), 0.57%, 11/21/2022 (aa)		2,000		2,000
GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A3, 1.84%, 09/16/2024		2,600		2,663
Home Equity Asset Trust, Series 2005-8, Class M1, (ICE LIBOR USD 1 Month + 0.43%), 0.58%, 02/25/2036 (aa)		1,180		1,176
Honda Auto Receivables Owner Trust,
Series 2018-4, Class A3, 3.16%, 01/17/2023		620		632
Series 2020-1, Class A3, 1.61%, 04/22/2024		2,500		2,559
Series 2020-2, Class A3, 0.82%, 07/15/2024		3,660		3,694
Hyundai Auto Receivables Trust, Series 2020-B, Class A2, 0.38%, 03/15/2023		1,950		1,951
ICG US CLO Ltd., (Cayman Islands), Series 2015-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.14%), 1.41%, 10/19/2028 (e) (aa)		1,000		993
John Deere Owner Trust, Series 2020-B, Class A2, 0.41%, 03/15/2023		1,690		1,691
Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, SUB, 3.75%, 04/25/2059 (e)		256		261
Marlette Funding Trust, Series 2018-4A, Class A, 3.71%, 12/15/2028 (e)		194		195
Navient Private Education Loan Trust, Series 2017-A, Class A2B, (ICE LIBOR USD 1 Month + 0.90%), 1.05%, 12/16/2058 (e) (aa)		842		839
Navient Student Loan Trust, Series 2018-EA, Class A1, 3.43%, 12/15/2059 (e)		155		156
Nelnet Student Loan Trust, Series 2019-2A, Class A, (ICE LIBOR USD 1 Month + 0.90%), 1.08%, 06/27/2067 (e) (aa)		1,213		1,203
Neuberger Berman Loan Advisers CLO Ltd., (Cayman Islands), Series 2017-26A, Class A, (ICE LIBOR USD 3 Month + 1.17%), 1.44%, 10/18/2030 (e) (aa)		1,900		1,887
Nissan Auto Receivables Owner Trust,
Series 2017-B, Class A3, 1.75%, 10/15/2021		191		191
Series 2019-A, Class A2A, 2.82%, 01/18/2022		268		269
Series 2020-A, Class A3, 1.38%, 12/16/2024		3,040		3,101
Oscar US Funding X LLC, (Japan), Series 2019-1A, Class A2, 3.10%, 04/11/2022 (e)		616		619
OZLM XII Ltd., (Cayman Islands), Series 2015-12A, Class A1R, (ICE LIBOR USD 3 Month + 1.05%), 1.32%, 04/30/2027 (e) (aa)		228		226
OZLM XIV Ltd., (Cayman Islands), Series 2015-14A, Class A1AR, (ICE LIBOR USD 3 Month + 1.16%), 1.44%, 01/15/2029 (e) (aa)		655		651

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued
Palmer Square Loan Funding Ltd., (Cayman Islands), Series 2018-5A, Class A1, (ICE LIBOR USD 3 Month + 0.85%), 1.12%, 01/20/2027 (e) (aa)		1,281		1,269
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 0.94%, 07/25/2035 (aa)		1,744		1,720
Regatta Funding LP, (Cayman Islands), Series 2013-2A, Class A1R2, (ICE LIBOR USD 3 Month + 1.25%), 1.53%, 01/15/2029 (e) (aa)		600		598
SLM Student Loan Trust,
Series 2003-10A, Class A3, (ICE LIBOR USD 3 Month + 0.47%), 0.72%, 12/15/2027 (e) (aa)		1,218		1,211
Series 2004-10, Class A7B, (ICE LIBOR USD 3 Month + 0.60%), 0.84%, 10/25/2029 (e) (aa)		1,795		1,788
SMB Private Education Loan Trust,
Series 2015-B, Class A2A, 2.98%, 07/15/2027 (e)		858		872
Series 2016-B, Class A2B, (ICE LIBOR USD 1 Month + 1.45%), 1.60%, 02/17/2032 (e) (aa)		1,306		1,310
Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e)		924		941
Series 2020-PTA, Class A1, (ICE LIBOR USD 1 Month + 0.30%), 0.45%, 09/15/2054 (e) (aa)		1,827		1,818
Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e)		700		704
SoFi Consumer Loan Program Trust,
Series 2019-1, Class A, 3.24%, 02/25/2028 (e)		242		244
Series 2019-3, Class A, 2.90%, 05/25/2028 (e)		384		388
SoFi Professional Loan Program LLC,
Series 2016-C, Class A2B, 2.36%, 12/27/2032 (e)		796		807
Series 2018-A, Class A2A, 2.39%, 02/25/2042 (e)		9		9
SoFi Professional Loan Program Trust, Series 2020-A, Class A1FX, 2.06%, 05/15/2046 (e)		2,243		2,263
Sound Point CLO XV Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 1.41%, 01/23/2029 (e) (aa)		500		496
Springleaf Funding Trust, Series 2017-AA, Class A, 2.68%, 07/15/2030 (e)		411		411
TCI-Symphony CLO Ltd., (Cayman Islands), Series 2016-1A, Class AR, (ICE LIBOR USD 3 Month + 1.16%), 1.43%, 10/13/2029 (e) (aa)		265		264
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e)		1,500		1,540
Toyota Auto Receivables Owner Trust,
Series 2018-B, Class A3, 2.96%, 09/15/2022		2,255		2,282
Series 2019-A, Class A2A, 2.83%, 10/15/2021		201		202
Venture XVIII CLO Ltd., (Cayman Islands), Series 2014-18A, Class AR, (ICE LIBOR USD 3 Month + 1.22%), 1.50%, 10/15/2029 (e) (aa)		2,100		2,089
Venture XXIV CLO Ltd., (Cayman Islands), Series 2016-24A, Class AR, (ICE LIBOR USD 3 Month + 1.18%), 1.45%, 10/20/2028 (e) (aa)		105		104
Verizon Owner Trust, Series 2020-A, Class A1B, (ICE LIBOR USD 1 Month + 0.27%), 0.43%, 07/22/2024 (aa)		520		520
Voya CLO Ltd., (Cayman Islands),
Series 2015-2A, Class AR, (ICE LIBOR USD 3 Month + 0.97%), 1.23%, 07/23/2027 (e) (aa)		750		745
Series 2018-3A, Class A1A, (ICE LIBOR USD 3 Month + 1.15%), 1.43%, 10/15/2031 (e) (aa)		1,150		1,147
VOYA CLO, (Cayman Islands), Series 2017-2A, Class A1, (ICE LIBOR USD 3 Month + 1.21%), 1.49%, 06/07/2030 (e) (aa)		270		268
WhiteHorse VIII Ltd., (Cayman Islands), Series 2014-1A, Class AR, (ICE LIBOR USD 3 Month + 0.90%), 1.15%, 05/01/2026 (e) (aa)		141		141
World Omni Select Auto Trust, Series 2020-A, Class A2, 0.47%, 06/17/2024		700		700
Total Asset-Backed Securities (Cost $104,498)				104,852

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Certificates of Deposit — 1.1%
Financial — 1.1%
Banks — 1.1%
Credit Suisse AG, (Switzerland), (United States SOFR + 0.30%), 0.38%, 09/17/2021 (aa)		3,000		3,001
Sumitomo Mitsui Banking Corp., (Japan),
(ICE LIBOR USD 3 Month + 0.35%), 0.60%, 11/05/2021 (aa)		1,500		1,501
0.70%, 07/15/2022		3,000		3,001
Total Financial				7,503
Total Certificates of Deposit (Cost $7,500)				7,503
Collateralized Mortgage Obligations — 3.5%
Brass NO 8 plc, (United Kingdom), Series 8A, Class A1, (ICE LIBOR USD 3 Month + 0.70%), 0.98%, 11/16/2066 (e) (aa)		237		233
Canterbury Finance plc, (United Kingdom), Series 1, Class A2, Reg. S, (SONIA Deposit Rates Swap 3 Month + 1.35%), 1.41%, 05/16/2056 (aa)	GBP	1,000		1,286
COLT Mortgage Loan Trust, Series 2020-1R, Class A1, 1.26%, 09/25/2065 (e) (z) (bb)		500		500
Credit Suisse Mortgage Capital Certificates, Series 2019-RPL4, Class A1, 3.51%, 08/26/2058 (e)		272		274
FHLMC REMICS,
Series 4950, Class A, 2.50%, 06/25/2034		1,870		1,882
Series 4961, Class LA, 2.50%, 07/25/2034		2,038		2,057
Finsbury Square plc, (United Kingdom), Series 2018-2, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 0.95%), 1.01%, 09/12/2068 (aa)	GBP	469		606
Finsbury Square plc, (United Kingdom), Series 20-2A, Class A, (SONIA Deposit Rates Swap 3 Month + 1.30%), 0.00%, 06/16/2070 (e) (aa)	GBP	500		650
FNMA REMICS, Series 2020-29, Class FC, (ICE LIBOR USD 1 Month + 0.80%), 0.96%, 05/25/2050 (aa)		3,032		3,046
GCAT LLC, Series 2020-3, Class A1, SUB, 2.98%, 09/25/2025 (e) (bb)		1,500		1,500
GNMA,
Series 2015-H04, Class FA, (ICE LIBOR USD 1 Month + 0.65%), 0.80%, 12/20/2064 (aa)		1,859		1,872
Series 2017-121, Class PE, 3.00%, 07/20/2046		1,369		1,406
Series 2018-H18, Class FC, (ICE LIBOR USD 1 Month + 0.35%), 0.50%, 08/20/2065 (aa)		2,499		2,494
Series 2019-54, Class KF, (ICE LIBOR USD 1 Month + 0.42%), 0.58%, 05/20/2044 (aa)		950		950
Lanark Master Issuer plc, (United Kingdom), Series 2019-1A, Class 1A1, (ICE LIBOR USD 3 Month + 0.77%), 1.03%, 12/22/2069 (e) (aa)		1,050		1,043
London Wall Mortgage Capital plc, (United Kingdom), Series 2017-FL1, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 0.85%), 0.92%, 11/15/2049 (aa)	GBP	79		102
New Residential Mortgage Loan Trust, Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z)		204		221
Polaris RMBS, (United Kingdom), Series 2019-1, Class A, Reg.S, (SONIA Deposit Rates Swap 1 Month + 1.25%), 1.31%, 04/27/2057 (aa)	GBP	732		944
Ripon Mortgages plc, (United Kingdom), Series 1X, Class A1, Reg. S, (ICE LIBOR GBP 3 Month + 0.80%), 0.87%, 08/20/2056 (aa)	GBP	201		259
Silverstone Master Issuer plc, (United Kingdom), Series 2019-1A, Class 1A, (ICE LIBOR USD 3 Month + 0.57%), 0.84%, 01/21/2070 (e) (aa)		144		144
Starwood Mortgage Residential Trust, Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z)		964		967
Towd Point Mortgage Funding, (United Kingdom), Series 2019-A13A, Class A1, (SONIA Deposit Rates Swap 3 Month + 0.90%), 0.97%, 07/20/2045 (e) (aa)	GBP	834		1,073
Trinity Square plc, (United Kingdom), Series 2015-1X, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 1.15%), 1.23%, 07/15/2051 (aa)	GBP	127		164
Total Collateralized Mortgage Obligations (Cost $23,554)				23,673
Commercial Mortgage-Backed Securities — 3.7%
AREIT Trust,
Series 2018-CRE2, Class A, (ICE LIBOR USD 1 Month + 0.98%), 1.13%, 11/14/2035 (e) (aa)		897		894
Series 2019-CRE3, Class A, (ICE LIBOR USD 1 Month + 1.02%), 1.17%, 09/14/2036 (e) (aa)		500		493

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued
BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class A, (ICE LIBOR USD 1 Month + 1.05%), 1.20%, 04/15/2036 (e) (aa)		400		385
BX Commercial Mortgage Trust, Series 2018-IND, Class A, (ICE LIBOR USD 1 Month + 0.75%), 0.90%, 11/15/2035 (e) (aa)		1,341		1,341
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A2, 2.67%, 04/10/2048		18		18
COMM, Series 2013-GAM, Class A2, 3.37%, 02/10/2028 (e)		1,500		1,438
COMM Mortgage Trust,
Series 2014-UBS2, Class ASB, 3.47%, 03/10/2047		1,362		1,421
Series 2015-CR23, Class A2, 2.85%, 05/10/2048		582		582
Series 2015-CR27, Class A2, 2.22%, 10/10/2048		141		142
Series 2015-LC19, Class A2, 2.79%, 02/10/2048		438		437
Series 2015-LC19, Class ASB, 3.04%, 02/10/2048		513		536
GPMT Ltd., (Cayman Islands), Series 2018-FL1, Class A, (ICE LIBOR USD 1 Month + 0.90%), 1.06%, 11/21/2035 (e) (aa)		204		203
Grace Mortgage Trust, Series 2014-GRCE, Class A, 3.37%, 06/10/2028 (e)		1,000		1,006
GS Mortgage Securities Corp. Trust, Series 2016-RENT, Class A, 3.20%, 02/10/2029 (e)		2,000		1,997
GS Mortgage Securities Trust,
Series 2012-GCJ9, Class A3, 2.77%, 11/10/2045		978		1,003
Series 2013-GC14, Class A3, 3.53%, 08/10/2046		147		147
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C10, Class ASB, 3.91%, 07/15/2046 (z)		209		217
Series 2013-C11, Class AAB, 3.85%, 08/15/2046		598		623
Series 2014-C18, Class A2, 3.19%, 10/15/2047		66		66
Morgan Stanley Capital I Trust,
Series 2012-C4, Class A3, 2.99%, 03/15/2045		164		164
Series 2012-C4, Class AS, 3.77%, 03/15/2045		1,400		1,442
Series 2014-CPT, Class A, 3.35%, 07/13/2029 (e)		1,500		1,520
Series 2019-PLND, Class A, (ICE LIBOR USD 1 Month + 1.00%), 1.15%, 05/15/2036 (e) (aa)		700		672
PFP Ltd., (Cayman Islands), Series 2019-5, Class A, (ICE LIBOR USD 1 Month + 0.97%), 1.12%, 04/14/2036 (e) (aa)		1,169		1,154
Rosslyn Portfolio Trust, Series 2017-ROSS, Class B, (ICE LIBOR USD 1 Month + 1.25%), 2.24%, 06/15/2033 (e) (aa)		388		375
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class AAB, 3.19%, 01/10/2045		436		440
VMC Finance LLC, Series 2018-FL2, Class A, (ICE LIBOR USD 1 Month + 0.92%), 1.07%, 10/15/2035 (e) (aa)		1,076		1,058
Wells Fargo Commercial Mortgage Trust,
Series 2012-LC5, Class ASB, 2.53%, 10/15/2045		881		893
Series 2013-LC12, Class A3FL, (ICE LIBOR USD 1 Month + 1.05%), 1.20%, 07/15/2046 (e) (aa)		1,000		994
Series 2015-NXS2, Class A2, 3.02%, 07/15/2058		423		430
Series 2016-NXS5, Class A2, 2.71%, 01/15/2059		167		168
WFRBS Commercial Mortgage Trust,
Series 2012-C9, Class A3, 2.87%, 11/15/2045		1,654		1,697
Series 2013-C12, Class ASB, 2.84%, 03/15/2048		911		931
Total Commercial Mortgage-Backed Securities (Cost $24,972)				24,887
Corporate Bonds — 46.1%
Basic Materials — 1.0%
Chemicals — 1.0%
DuPont de Nemours, Inc.,
(ICE LIBOR USD 3 Month + 0.71%), 0.99%, 11/15/2020 (aa)		1,500		1,501
3.77%, 11/15/2020		2,500		2,510
Nutrition & Biosciences, Inc., 0.70%, 09/15/2022 (e)		2,400		2,404
				6,415

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Forest Products & Paper — 0.0% (g)
Georgia-Pacific LLC, 5.40%, 11/01/2020 (e)		200		201
Total Basic Materials				6,616
Communications — 0.7%
Advertising — 0.0% (g)
Interpublic Group of Cos., Inc. (The), 3.50%, 10/01/2020		15		15
Media — 0.7%
Charter Communications Operating LLC / Charter Communications Operating Capital,
(ICE LIBOR USD 3 Month + 1.65%), 1.90%, 02/01/2024 (aa)		1,000		1,023
4.46%, 07/23/2022		3,250		3,441
				4,464
Telecommunications — 0.0% (g)
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 3.36%, 09/20/2021 (e)		118		119
Total Communications				4,598
Consumer Cyclical — 6.0%
Auto Manufacturers — 5.3%
American Honda Finance Corp.,
(ICE LIBOR USD 3 Month + 0.35%), 0.60%, 11/05/2021 (aa)		300		300
1.70%, 09/09/2021		2,000		2,024
BMW Finance NV, (Netherlands), 2.25%, 08/12/2022 (e)		1,100		1,136
BMW US Capital LLC,
(ICE LIBOR USD 3 Month + 0.41%), 0.68%, 04/12/2021 (e) (aa)		100		100
(ICE LIBOR USD 3 Month + 0.50%), 0.75%, 08/13/2021 (e) (aa)		3,400		3,407
Daimler Finance North America LLC,
(ICE LIBOR USD 3 Month + 0.45%), 0.71%, 02/22/2021 (e) (aa)		1,200		1,200
2.30%, 02/12/2021 (e)		500		503
3.00%, 02/22/2021 (e)		3,500		3,534
Ford Motor Credit Co. LLC, 2.34%, 11/02/2020		600		599
General Motors Financial Co., Inc.,
(ICE LIBOR USD 3 Month + 0.54%), 0.79%, 11/06/2020 (aa)		500		500
(ICE LIBOR USD 3 Month + 0.85%), 1.12%, 04/09/2021 (aa)		1,000		1,000
(ICE LIBOR USD 3 Month + 1.10%), 1.35%, 11/06/2021 (aa)		730		730
2.45%, 11/06/2020		1,922		1,925
3.45%, 04/10/2022		1,500		1,542
3.70%, 11/24/2020		2,900		2,904
4.20%, 03/01/2021		1,500		1,518
Hyundai Capital America,
Reg. S, 2.45%, 06/15/2021		365		369
Reg. S, 3.00%, 03/18/2021		430		434
Nissan Motor Acceptance Corp.,
(ICE LIBOR USD 3 Month + 0.52%), 0.77%, 03/15/2021 (e) (aa)		200		199
(ICE LIBOR USD 3 Month + 0.65%), 0.92%, 07/13/2022 (e) (aa)		600		586
(ICE LIBOR USD 3 Month + 0.69%), 0.92%, 09/28/2022 (e) (aa)		1,800		1,750
(ICE LIBOR USD 3 Month + 0.89%), 1.16%, 01/13/2022 (e) (aa)		40		40
Toyota Motor Credit Corp.,
(ICE LIBOR USD 3 Month + 0.28%), 0.55%, 04/13/2021 (aa)		500		500
2.95%, 04/13/2021		3,000		3,042
3.30%, 01/12/2022		1,100		1,140
Volkswagen Group of America Finance LLC,
(ICE LIBOR USD 3 Month + 0.86%), 1.08%, 09/24/2021 (e) (aa)		1,000		1,004
2.70%, 09/26/2022 (e)		200		207

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Auto Manufacturers — continued
2.90%, 05/13/2022 (e)		2,500		2,585
4.00%, 11/12/2021 (e)		900		933
				35,711
Lodging — 0.3%
Marriott International, Inc., Series N, 3.13%, 10/15/2021		2,000		2,027
Retail — 0.4%
McDonald’s Corp., (ICE LIBOR USD 3 Month + 0.43%), 0.68%, 10/28/2021 (aa)		3,000		3,009
Total Consumer Cyclical				40,747
Consumer Non-cyclical — 11.1%
Agriculture — 2.8%
Altria Group, Inc., 4.75%, 05/05/2021		7,500		7,688
BAT Capital Corp.,
(ICE LIBOR USD 3 Month + 0.88%), 1.16%, 08/15/2022 (aa)		3,200		3,218
2.76%, 08/15/2022		3,700		3,835
Imperial Brands Finance plc, (United Kingdom), 3.75%, 07/21/2022 (e)		2,800		2,926
Philip Morris International, Inc., 2.90%, 11/15/2021		1,000		1,028
Reynolds American, Inc., 4.00%, 06/12/2022		300		316
				19,011
Commercial Services — 1.9%
Central Nippon Expressway Co. Ltd., (Japan), Reg. S, 2.36%, 05/28/2021		10,000		10,104
Equifax, Inc., (ICE LIBOR USD 3 Month + 0.87%), 1.15%, 08/15/2021 (aa)		2,800		2,811
				12,915
Food — 1.5%
Conagra Brands, Inc., 3.80%, 10/22/2021		300		310
General Mills, Inc.,
(ICE LIBOR USD 3 Month + 0.54%), 0.81%, 04/16/2021 (aa)		1,840		1,843
2.60%, 10/12/2022		915		952
Kroger Co. (The), 2.80%, 08/01/2022		3,000		3,117
Mondelez International Holdings Netherlands BV, (Netherlands), 2.00%, 10/28/2021 (e)		3,000		3,047
Tyson Foods, Inc., 4.50%, 06/15/2022		792		838
Wm Wrigley Jr Co., 3.38%, 10/21/2020 (e)		500		501
				10,608
Healthcare - Services — 0.5%
Anthem, Inc., 3.13%, 05/15/2022		3,240		3,379
Pharmaceuticals — 4.4%
AbbVie, Inc.,
(ICE LIBOR USD 3 Month + 0.35%), 0.60%, 05/21/2021 (e) (aa)		3,400		3,403
5.00%, 12/15/2021 (e)		3,455		3,603
Bayer US Finance II LLC,
(ICE LIBOR USD 3 Month + 0.63%), 0.86%, 06/25/2021 (e) (aa)		1,150		1,152
(ICE LIBOR USD 3 Month + 1.01%), 1.26%, 12/15/2023 (e) (aa)		3,400		3,431
Becton Dickinson and Co., (ICE LIBOR USD 3 Month + 1.03%), 1.28%, 06/06/2022 (aa)		945		952
Cigna Corp., 3.40%, 09/17/2021		2,000		2,058
CVS Health Corp.,
(ICE LIBOR USD 3 Month + 0.72%), 0.96%, 03/09/2021 (aa)		3,580		3,589
2.13%, 06/01/2021		4,000		4,042
3.50%, 07/20/2022		279		293
GlaxoSmithKline Capital plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 0.35%), 0.61%, 05/14/2021 (aa)		750		751
3.13%, 05/14/2021		1,000		1,017

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Pharmaceuticals — continued
Shire Acquisitions Investments Ireland DAC, (Ireland), 2.40%, 09/23/2021		1,137		1,158
Takeda Pharmaceutical Co. Ltd., (Japan), 4.00%, 11/26/2021		4,065		4,221
				29,670
Total Consumer Non-cyclical				75,583
Energy — 1.1%
Oil & Gas — 0.4%
BG Energy Capital plc, (United Kingdom), 4.00%, 10/15/2021 (e)		750		776
Chevron Corp., 2.10%, 05/16/2021		1,590		1,606
				2,382
Pipelines — 0.7%
TransCanada PipeLines Ltd., (Canada), 3.80%, 10/01/2020		3,350		3,350
Williams Cos., Inc. (The), 3.60%, 03/15/2022		1,500		1,551
				4,901
Total Energy				7,283
Financial — 22.3%
Banks — 17.2%
Australia & New Zealand Banking Group Ltd., (Australia), (ICE LIBOR USD 3 Month + 0.32%), 0.56%, 11/09/2020 (e) (aa)		4,000		4,001
Banco Santander Chile, (Chile), (ICE LIBOR USD 3 Month + 1.20%), 1.46%, 11/28/2021 (aa)		3,000		2,990
Bank of America Corp.,
(ICE LIBOR USD 3 Month + 0.65%), 0.88%, 06/25/2022 (aa)		1,700		1,706
(ICE LIBOR USD 3 Month + 1.18%), 1.45%, 10/21/2022 (aa)		1,000		1,010
(ICE LIBOR USD 3 Month + 1.42%), 1.69%, 04/19/2021 (aa)		3,000		3,023
(ICE LIBOR USD 3 Month + 0.63%), 2.33%, 10/01/2021 (aa)		2,850		2,850
(ICE LIBOR USD 3 Month + 0.37%), 2.74%, 01/23/2022 (aa)		2,000		2,014
Bank of Montreal, (Canada),
(United States SOFR + 0.68%), 0.75%, 03/10/2023 (aa)		1,900		1,909
(ICE LIBOR USD 3 Month + 0.79%), 1.04%, 08/27/2021 (aa)		100		100
Barclays Bank plc, (United Kingdom), 5.14%, 10/14/2020		405		406
Barclays plc, (United Kingdom),
Reg. S, (BBSW Interbank Volume 3 Month + 1.80%), 1.89%, 06/15/2023 (aa)	AUD	1,000		715
3.25%, 01/12/2021		3,000		3,024
BPCE SA, (France),
(ICE LIBOR USD 3 Month + 1.22%), 1.48%, 05/22/2022 (e) (aa)		1,000		1,011
3.00%, 05/22/2022 (e)		1,000		1,035
Citigroup, Inc.,
(ICE LIBOR USD 3 Month + 0.69%), 0.93%, 10/27/2022 (aa)		1,300		1,307
(ICE LIBOR USD 3 Month + 0.95%), 1.21%, 07/24/2023 (aa)		700		705
(ICE LIBOR USD 3 Month + 1.07%), 1.32%, 12/08/2021 (aa)		2,000		2,018
2.65%, 10/26/2020		100		100
2.70%, 03/30/2021		7,000		7,083
Citizens Bank NA,
2.25%, 10/30/2020		2,200		2,201
3.25%, 02/14/2022		2,000		2,073
Credit Suisse AG, (Switzerland), 1.00%, 05/05/2023		1,000		1,010
Credit Suisse Group Funding Guernsey Ltd., (Guernsey), 3.45%, 04/16/2021		6,500		6,609
Danske Bank A/S, (Denmark),
Reg. S, (ICE LIBOR USD 3 Month + 1.06%), 1.31%, 09/12/2023 (aa)		500		496
(ICE LIBOR USD 3 Month + 1.25%), 3.00%, 09/20/2022 (e) (aa)		1,000		1,019
First Abu Dhabi Bank PJSC, (United Arab Emirates), Reg. S, (ICE LIBOR USD 3 Month + 0.95%), 1.22%, 04/16/2022 (aa)		1,700		1,701

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Goldman Sachs Group, Inc. (The),
(ICE LIBOR USD 3 Month + 0.75%), 1.01%, 02/23/2023 (aa)		1,000		1,003
(ICE LIBOR USD 3 Month + 0.78%), 1.04%, 10/31/2022 (aa)		1,000		1,004
(ICE LIBOR USD 3 Month + 1.17%), 1.45%, 11/15/2021 (aa)		750		751
(ICE LIBOR USD 3 Month + 1.36%), 1.60%, 04/23/2021 (aa)		100		101
2.35%, 11/15/2021		55		55
3.00%, 04/26/2022		1,200		1,217
5.75%, 01/24/2022		3,000		3,205
HSBC Holdings plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.00%), 1.27%, 05/18/2024 (aa)		600		598
(ICE LIBOR USD 3 Month + 1.23%), 1.48%, 03/11/2025 (aa)		1,000		1,009
ING Groep NV, (Netherlands), (ICE LIBOR USD 3 Month + 1.15%), 1.37%, 03/29/2022 (aa)		1,700		1,716
KEB Hana Bank, (South Korea), (ICE LIBOR USD 3 Month + 0.70%), 0.93%, 10/02/2022 (e) (aa)		400		400
Lloyds Banking Group plc, (United Kingdom), (ICE LIBOR USD 3 Month + 0.80%), 1.03%, 06/21/2021 (aa)		1,000		1,004
Mitsubishi UFJ Financial Group, Inc., (Japan),
(ICE LIBOR USD 3 Month + 0.86%), 1.10%, 07/26/2023 (aa)		2,300		2,321
(ICE LIBOR USD 3 Month + 0.92%), 1.18%, 02/22/2022 (aa)		700		707
(ICE LIBOR USD 3 Month + 1.06%), 1.31%, 09/13/2021 (aa)		1,185		1,194
Mizuho Financial Group, Inc., (Japan),
(ICE LIBOR USD 3 Month + 0.63%), 0.88%, 05/25/2024 (aa)		2,000		1,999
(ICE LIBOR USD 3 Month + 0.94%), 1.20%, 02/28/2022 (aa)		1,000		1,010
(ICE LIBOR USD 3 Month + 1.48%), 1.75%, 04/12/2021 (e) (aa)		1,000		1,007
2.63%, 04/12/2021 (e)		1,500		1,518
Morgan Stanley,
(United States SOFR + 0.70%), 0.78%, 01/20/2023 (aa)		2,000		2,004
(Canada Bankers Acceptances 3 Month + 0.30%), 0.83%, 02/03/2023 (aa)	CAD	1,800		1,340
(ICE LIBOR USD 3 Month + 0.93%), 1.19%, 07/22/2022 (aa)		700		703
(ICE LIBOR USD 3 Month + 1.40%), 1.66%, 10/24/2023 (aa)		500		508
2.50%, 04/21/2021		3,050		3,087
2.63%, 11/17/2021		3,000		3,075
MUFG Union Bank NA, (United States SOFR + 0.71%), 0.78%, 12/09/2022 (aa)		300		302
National Australia Bank Ltd., (Australia), (ICE LIBOR USD 3 Month + 1.00%), 1.27%, 07/12/2021 (e) (aa)		1,150		1,158
Natwest Group plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.47%), 1.75%, 05/15/2023 (aa)		400		402
(ICE LIBOR USD 3 Month + 1.55%), 1.78%, 06/25/2024 (aa)		900		904
NatWest Markets plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.40%), 1.62%, 09/29/2022 (e) (aa)		2,100		2,117
Nordea Bank Abp, (Finland), (ICE LIBOR USD 3 Month + 0.94%), 1.20%, 08/30/2023 (e) (aa)		200		200
QNB Finance Ltd., (Cayman Islands),
Reg. S, (ICE LIBOR USD 3 Month + 1.00%), 1.25%, 05/02/2022 (aa)		800		798
Reg. S, (ICE LIBOR USD 3 Month + 1.35%), 1.61%, 05/31/2021 (aa)		1,200		1,204
Shinhan Bank Co. Ltd., (South Korea), Reg. S, 2.88%, 03/28/2022		1,900		1,960
Skandinaviska Enskilda Banken AB, (Sweden),
(ICE LIBOR USD 3 Month + 0.43%), 0.71%, 05/17/2021 (e) (aa)		1,500		1,504
(ICE LIBOR USD 3 Month + 0.65%), 0.89%, 12/12/2022 (e) (aa)		500		504
2.63%, 11/17/2020 (e)		200		201
2.63%, 03/15/2021		1,858		1,878
Standard Chartered plc, (United Kingdom),
Reg. S, (ICE LIBOR USD 3 Month + 1.20%), 1.45%, 09/10/2022 (aa)		300		301

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
3.05%, 01/15/2021 (e)		1,000		1,007
(ICE LIBOR USD 3 Month + 1.56%), 3.79%, 05/21/2025 (e) (aa)		1,600		1,701
Sumitomo Mitsui Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 1.68%), 1.92%, 03/09/2021 (aa)		100		101
Truist Bank,
(ICE LIBOR USD 3 Month + 0.50%), 0.74%, 10/26/2021 (aa)		1,180		1,180
(ICE LIBOR USD 3 Month + 0.59%), 0.87%, 05/17/2022 (aa)		1,000		1,007
UBS AG, (Switzerland), 2.45%, 12/01/2020 (e)		2,400		2,404
UBS Group AG, (Switzerland),
Reg. S, (ICE LIBOR USD 3 Month + 1.53%), 1.78%, 02/01/2022 (aa)		1,000		1,017
3.00%, 04/15/2021 (e)		4,675		4,741
Wells Fargo & Co.,
(ICE LIBOR USD 3 Month + 0.93%), 1.18%, 02/11/2022 (aa)		1,500		1,504
(ICE LIBOR USD 3 Month + 1.01%), 1.26%, 12/07/2020 (aa)		100		100
(ICE LIBOR USD 3 Month + 1.23%), 1.49%, 10/31/2023 (aa)		2,000		2,025
2.63%, 07/22/2022		1,500		1,555
				116,427
Diversified Financial Services — 3.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland),
4.45%, 12/16/2021		700		715
5.00%, 10/01/2021		1,460		1,505
Aircastle Ltd., (Bermuda), 5.50%, 02/15/2022		1,350		1,380
American Express Co.,
(ICE LIBOR USD 3 Month + 0.53%), 0.81%, 05/17/2021 (aa)		1,000		1,002
3.38%, 05/17/2021		3,000		3,049
BOC Aviation Ltd., (Singapore),
(ICE LIBOR USD 3 Month + 1.05%), 1.30%, 05/02/2021 (e) (aa)		200		200
Reg. S, 2.38%, 09/15/2021		2,200		2,215
Capital One Bank USA NA, (United States SOFR + 0.62%), 2.01%, 01/27/2023 (aa)		1,500		1,526
Capital One Financial Corp., 2.40%, 10/30/2020		3,000		3,000
GE Capital International Funding Co. Unlimited Co., (Ireland), 2.34%, 11/15/2020		2,889		2,895
Mitsubishi UFJ Lease & Finance Co. Ltd., (Japan),
2.65%, 09/19/2022 (e)		800		823
Reg. S, 2.75%, 10/21/2020		2,500		2,503
Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025		1,900		1,934
Synchrony Financial,
2.85%, 07/25/2022		300		309
3.75%, 08/15/2021		3,000		3,060
				26,116
Insurance — 1.3%
Marsh & McLennan Cos., Inc., 4.80%, 07/15/2021		3,000		3,076
MET Tower Global Funding, (United States SOFR + 0.55%), 0.64%, 01/17/2023 (e) (aa)		3,900		3,918
Metropolitan Life Global Funding I, (ICE LIBOR USD 3 Month + 0.23%), 0.51%, 01/08/2021 (e) (aa)		2,000		2,001
				8,995
Total Financial				151,538
Industrial — 2.2%
Aerospace/Defense — 0.6%
Boeing Co. (The), 2.13%, 03/01/2022		900		907
Northrop Grumman Corp., 2.08%, 10/15/2020		2,000		2,001
Rolls-Royce plc, (United Kingdom), 2.38%, 10/14/2020 (e)		1,500		1,496
				4,404

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Environmental Control — 0.2%
Republic Services, Inc., 3.55%, 06/01/2022		1,180		1,231
Machinery - Construction & Mining — 0.4%
Caterpillar Financial Services Corp., Series I, (ICE LIBOR USD 3 Month + 0.39%), 0.67%, 05/17/2021 (aa)		3,000		3,005
Miscellaneous Manufacturers — 0.2%
General Electric Co., 3.15%, 09/07/2022		1,000		1,044
Transportation — 0.5%
Ryder System, Inc., 2.88%, 06/01/2022		1,500		1,554
United Parcel Service, Inc., 2.05%, 04/01/2021		2,000		2,018
				3,572
Trucking & Leasing — 0.3%
Aviation Capital Group LLC, 2.88%, 01/20/2022 (e)		1,400		1,390
GATX Corp., (ICE LIBOR USD 3 Month + 0.72%), 0.97%, 11/05/2021 (aa)		500		499
				1,889
Total Industrial				15,145
Technology — 0.8%
Computers — 0.4%
Dell International LLC / EMC Corp., 4.42%, 06/15/2021 (e)		534		547
Hewlett Packard Enterprise Co., (ICE LIBOR USD 3 Month + 0.72%), 1.02%, 10/05/2021 (aa)		1,464		1,464
IBM Credit LLC, (ICE LIBOR USD 3 Month + 0.47%), 0.73%, 11/30/2020 (aa)		420		420
				2,431
Semiconductors — 0.4%
Broadcom Corp. / Broadcom Cayman Finance Ltd,
2.20%, 01/15/2021		650		652
3.00%, 01/15/2022		1,800		1,852
NXP BV / NXP Funding LLC, (Netherlands), 3.88%, 09/01/2022 (e)		400		423
				2,927
Total Technology				5,358
Utilities — 0.9%
Electric — 0.9%
Dominion Energy, Inc., Series D, (ICE LIBOR USD 3 Month + 0.53%), 0.77%, 09/15/2023 (aa)		1,800		1,803
Duke Energy Corp., (ICE LIBOR USD 3 Month + 0.65%), 0.90%, 03/11/2022 (aa)		2,000		2,012
Israel Electric Corp. Ltd., (Israel), Series 6, Reg. S, 5.00%, 11/12/2024 (e)		300		338
Pacific Gas and Electric Co.,
1.75%, 06/16/2022		600		601
3.25%, 06/15/2023		100		104
3.40%, 08/15/2024		100		104
3.75%, 02/15/2024		100		105
3.85%, 11/15/2023		100		106
4.25%, 08/01/2023		800		852
Sempra Energy, (ICE LIBOR USD 3 Month + 0.50%), 0.78%, 01/15/2021 (aa)		200		200
Total Utilities				6,225
Total Corporate Bonds (Cost $311,303)				313,093
Foreign Government Securities — 1.2%
Canada Housing Trust No. 1, (Canada), 1.25%, 06/15/2021 (e)	CAD	6,000		4,537
Export-Import Bank of Korea, (South Korea), (ICE LIBOR USD 3 Month + 0.58%), 0.82%, 06/01/2021 (aa)		3,450		3,458

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Korea Development Bank (The), (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.80%), 1.07%, 10/30/2022 (aa)		400		403
Total Foreign Government Securities (Cost $8,437)				8,398
U.S. Government Agency Securities — 4.5%
FHLMC,
0.25%, 08/24/2023		1,800		1,801
0.38%, 06/08/2022		4,000		4,001
0.41%, 09/16/2022		4,000		4,002
0.45%, 05/26/2023		4,300		4,303
0.70%, 09/02/2025		6,000		6,002
0.80%, 07/30/2025		2,000		2,001
U.S. Government Agency Securities — continued
FNMA,
0.45%, 06/01/2023		4,000		4,003
0.50%, 05/05/2023		2,300		2,301
0.50%, 05/25/2023		2,000		2,000
Total U.S. Government Agency Securities (Cost $30,397)				30,414
U.S. Treasury Obligations — 3.8%
U.S. Treasury Floating Rate Notes,
(U.S. Treasury Bill Market Yield 3 Month + 0.11%), 0.21%, 04/30/2022 (aa)		5,000		5,005
(U.S. Treasury Bill Market Yield 3 Month + 0.15%), 0.25%, 01/31/2022 (aa)		5,000		5,008
U.S. Treasury Inflation Indexed Notes, 0.63%, 04/15/2023		7,093		7,422
U.S. Treasury Notes,
0.13%, 08/15/2023		3,300		3,297
2.88%, 10/31/2020		5,100		5,112
Total U.S. Treasury Obligations (Cost $25,430)				25,844
Short-Term Investments — 20.5%
Corporate Bond — 0.3%
Broadcom, Inc., 3.13%, 04/15/2021		2,100		2,123
Certificates of Deposit — 3.2%
Banco Santander SA, (Spain), 1.87% 10/15/2020		2,000		2,001
Barclays Bank plc, (United Kingdom),
0.71%, 02/01/2021 (n)		2,000		2,002
(ICE LIBOR USD 3 Month + 0.45%), 0.73%, 10/08/2020 (aa)		3,000		3,000
(ICE LIBOR USD 3 Month + 0.48%), 0.75%, 07/30/2021 (aa)		4,000		4,000
Credit Suisse AG, (Switzerland), (United States SOFR + 0.35%), 0.42%, 08/03/2021 (aa)		3,000		3,003
Lloyds Bank Crop., 0.46%, 07/20/2021		3,000		3,004
Standard Chartered Bank, (United Kingdom), (ICE LIBOR USD 3 Month + 0.15%), 0.40%, 08/24/2021 (aa)		2,750		2,751
Toronto-Dominion Bank, (Canada), 0.43%, 08/03/2021		2,000		2,003
Total Certificates of Deposit				21,764
Commercial Papers — 3.7%
Boeing Co. (The), 2.18%, 11/18/2020 (e) (n)		2,000		1,997
BPCE SA, (France),
0.32%, 08/20/2021 (e) (n)		4,000		3,991
0.47%, 07/01/2021 (e) (n)		4,000		3,993
Intercontinental Exchange, Inc., 0.45%, 09/23/2021 (e) (n)		1,575		1,567
National Australia Bank Ltd., (Australia), (ICE LIBOR USD 1 Month + 0.11%), 0.26%, 04/29/2021 (e) (aa)		3,000		3,001

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Short-Term Investments — continued
NatWest Markets plc, (United Kingdom), Series G, 2.24%, 01/07/2021 (e) (n)		3,000		2,999
Shell International Finance BV, (Netherlands),
1.16%, 02/25/2021 (e) (n)		2,000		1,998
1.17%, 02/16/2021 (e) (n)		800		799
VW Credit, Inc., 2.03%, 01/29/2021 (e) (n)		2,700		2,698
Westpac Securities NZ Ltd., (United Kingdom), (ICE LIBOR USD 1 Month + 0.03%), 0.18%, 02/08/2021 (e) (aa)		2,000		2,000
Total Commercial Papers				25,043
Foreign Government Securities — 9.3%
Canadian Treasury Bill, (Canada),
Zero Coupon, 10/15/2020	CAD	9,000		6,759
Zero Coupon, 12/17/2020	CAD	18,000		13,514
Japan Treasury Discount Bill, (Japan),
Series 921, Zero Coupon, 10/12/2020	JPY	2,500,000		23,705
Series 926, Zero Coupon, 02/25/2021	JPY	1,000,000		9,488
Series 932, Zero Coupon, 11/02/2020	JPY	1,000,000		9,483
Total Foreign Government Securities				62,949
Repurchase Agreement — 2.9%
BNP Paribas SA, 0.11%, dated 09/30/2020 due 10/01/2020, repurchase price $19,400, collateralized by U.S. Treasury Security, 2.88%, due 05/15/2043, with a value of $19,715.		19,400		19,400
Time Deposits — 1.1%
BNP Paribas SA, 0.01%, 10/01/2020		131		131
Brown Brothers Harriman,
(0.23%), 10/01/2020	JPY	66		1
0.00%, 10/01/2020	AUD	53		38
0.03%, 10/01/2020	CAD	269		202
Citibank NA,
0.01%, 10/01/2020		6,752		6,752
0.01%, 10/01/2020	GBP	25		33
Skandinaviska Enskilda Banken AB, 0.01%, 10/01/2020		513		513
Total Time Deposits				7,670
Total Short-Term Investments (Cost $138,739)				138,949
Total Investments — 99.8% (Cost - $674,830)*				677,613
Other Assets in Excess of Liabilities — 0.2%				1,108
NET ASSETS — 100.0%			$	678,721

Percentages indicated are based on net assets

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of September 30, 2020:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Canadian Bankers’ Acceptance		319			06/2021		CAD		59,509			78
Canadian Bankers’ Acceptance		41			12/2022		CAD		7,646			4
Canadian Bankers’ Acceptance		8			03/2023		CAD		1,492			—
U.S. Treasury 2 Year Note		166			12/2020		USD		36,664			16
U.S. Treasury Ultra Bond		1			12/2020		USD		225			(3	)
												95
Short Contracts
U.S. Treasury 5 Year Note		(140	)		12/2020		USD		(17,623	)		(22	)
U.S. Ultra Treasury 10 Year Note		(28	)		12/2020		USD		(4,484	)		6
												(16	)
Total unrealized appreciation (depreciation)												79

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of September 30, 2020:

CURRENCY PURCHASED	CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD                                                1	CAD	1	BNP Paribas SA	10/15/2020		—	(h)
USD                                         6,841	CAD	8,999	BNP Paribas SA	10/15/2020		83
USD                                                4	CAD	6	Morgan Stanley & Co.	10/15/2020		—	(h)
USD                                       13,536	CAD	17,994	Morgan Stanley & Co.	10/15/2020		21
USD                                         9,499	JPY	1,000,000	Morgan Stanley & Co.	11/02/2020		14
USD                                         4,296	CAD	5,685	Barclays Bank plc	11/17/2020		26
USD                                         5,543	GBP	4,230	Barclays Bank plc	11/17/2020		83
USD                                         4,609	CAD	6,065	Morgan Stanley & Co.	02/03/2021		51
Total unrealized appreciation						278
USD                                       23,564	JPY	2,500,000	Bank of America, NA	10/13/2020		(144	)
USD                                            712	AUD	1,000	Morgan Stanley & Co.	11/17/2020		(4	)
CAD                                           356	USD	268	Bank of America, NA	11/17/2020		(—	)(h)
GBP                                            342	USD	443	Bank of America, NA	11/17/2020		(2	)
USD                                         9,464	JPY	1,000,000	Goldman Sachs International	02/25/2021		(39	)
Total unrealized depreciation						(189	)
Net unrealized appreciation (depreciation)						89

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2020:

FLOATING RATE INDEX (a)

FIXED RATE

PAY/ RECEIVE FLOATING RATE

MATURITY DATE

NOTIONAL AMOUNT

UPFRONT PAYMENTS (RECEIPTS) ($)

UNREALIZED APPRECIATION (DEPRECIATION) ($)

VALUE ($)

ICE LIBOR USD 1 Month

ICE LIBOR USD 3 Month

Pay

01/13/2023

USD

9,600

—

1

1

ICE LIBOR USD 1 Month

ICE LIBOR USD 3 Month

Pay

01/13/2023

USD

12,500

—

1

1

Total

—

2

2

(a)   Value of floating rate index as of September 30, 2020 was as follows:

FLOATING RATE INDEX

ICE LIBOR USD 1 Month

0.15

%

ICE LIBOR USD 3 Month

0.23

%

Six Circles Ultra Short Duration Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020

CLO	—	Collateralized Loan Obligations
BBSW	—	Bank Bill Swap rate
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
ICE	—	Intercontinental Exchange
LIBOR	—	London Interbank Offered Rate
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REMICS	—	Real Estate Mortgage Investment Conduit
SOFR	—	Secured Overnight Financing Rate
SONIA	—	Sterling Overnight Interbank Average Rate
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of September 30, 2020.
(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.
(n)	—	The rate shown is the effective yield as of September 30, 2020.
(z)	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2020.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2020.
(bb)	—	Security has been valued using significant unobservable inputs.
*	—	The cost of securities is substantially the same for federal income tax purposes.
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
GBP	—	British Pound
JPY	—	Japanese Yen
USD	—	United States Dollar

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Asset-Backed Securities — 3.4%
BMW Canada Auto Trust, (Canada),
Series 2019-1A, Class A1, 2.15%, 10/20/2021 (e)	CAD	658		495
Series 2020-1A, Class A1, 1.96%, 09/20/2022 (e)	CAD	1,796		1,361
Chesapeake Funding II LLC, Series 2019-1A, Class A1, 2.94%, 04/15/2031 (e)		916		940
DT Auto Owner Trust, Series 2020-3A, Class A, 0.54%, 04/15/2024 (e)		2,300		2,300
Ford Auto Securitization Trust, (Canada), Series 2019-BA, Class A2, 2.32%, 10/15/2023 (e)	CAD	1,000		761
Ford Credit Floorplan Master Owner Trust A,
Series 2018-3, Class A2, (ICE LIBOR USD 1 Month + 0.40%), 0.55%, 10/15/2023 (aa)		2,900		2,906
Series 2019-3, Class A2, (ICE LIBOR USD 1 Month + 0.60%), 0.75%, 09/15/2024 (aa)		600		603
Series 2020-1, Class A1, 0.70%, 09/15/2025		1,700		1,704
Home Equity Asset Trust, Series 2005-8, Class M1, (ICE LIBOR USD 1 Month + 0.43%), 0.58%, 02/25/2036 (aa)		1,199		1,195
Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, SUB, 3.75%, 04/25/2059 (e)		256		261
Marlette Funding Trust, Series 2018-4A, Class A, 3.71%, 12/15/2028 (e)		194		195
Navient Student Loan Trust, Series 2018-EA, Class A1, 3.43%, 12/15/2059 (e)		155		156
Nelnet Student Loan Trust, Series 2019-2A, Class A, (ICE LIBOR USD 1 Month + 0.90%), 1.08%, 06/27/2067 (e) (aa)		1,375		1,363
Oscar US Funding X LLC, (Japan), Series 2019-1A, Class A2, 3.10%, 04/11/2022 (e)		624		628
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 0.94%, 07/25/2035 (aa)		2,263		2,232
SLM Student Loan Trust, Series 2004-10, Class A7B, (ICE LIBOR USD 3 Month + 0.60%), 0.84%, 10/25/2029 (e) (aa)		1,994		1,987
SMB Private Education Loan Trust,
Series 2015-B, Class A2A, 2.98%, 07/15/2027 (e)		858		871
Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e)		981		1,000
Series 2020-PTA, Class A1, (ICE LIBOR USD 1 Month + 0.30%), 0.45%, 09/15/2054 (e) (aa)		485		483
Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e)		800		805
SoFi Consumer Loan Program Trust,
Series 2019-1, Class A, 3.24%, 02/25/2028 (e)		242		244
Series 2019-3, Class A, 2.90%, 05/25/2028 (e)		384		388
SoFi Professional Loan Program LLC, Series 2018-A, Class A2A, 2.39%, 02/25/2042 (e)		7		7
SoFi Professional Loan Program Trust, Series 2020-A, Class A1FX, 2.06%, 05/15/2046 (e)		1,035		1,045
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e)		1,800		1,848
World Omni Select Auto Trust, Series 2020-A, Class A2, 0.47%, 06/17/2024		700		700
Total Asset-Backed Securities (Cost $26,221)				26,478

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Certificate of Deposit — 0.2%
Financial — 0.2%
Banks — 0.2%
Sumitomo Mitsui Banking Corp., (Japan), Class B, ICE LIBOR USD 3 Month + 0.35%), 0.60%, 11/05/2021 (aa)
Total Certificate of Deposit (Cost $1,800)		1,800		1,801
Collateralized Mortgage Obligations — 3.4%
Brass NO plc, (United Kingdom), Series 8A, Class A1, (ICE LIBOR USD 3 Month + 0.70%), 0.98%, 11/16/2066 (e) (aa)		237		233
Canterbury Finance plc, (United Kingdom), Series 1, Class A2, Reg. S, (SONIA Deposit Rates Swap 3 Month + 1.35%), 1.41%, 05/16/2056 (aa)	GBP	1,000		1,286
COLT Mortgage Loan Trust, Series 2020-1R, Class A1, 1.26%, 09/25/2065 (e) (z) (bb)		500		500
Credit Suisse Mortgage Capital Certificates, Series 2019-RPL4, Class A1, 3.51%, 08/26/2058 (e)		272		274
FHLMC REMICS,
Series 4950, Class A, 2.50%, 06/25/2034		2,137		2,151
Series 4961, Class LA, 2.50%, 07/25/2034		2,265		2,286
Finsbury Square plc, (United Kingdom),
Series 2018-2, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 0.95%), 1.01%, 09/12/2068 (aa)	GBP	1,172		1,514
Series 2020-2A, Class A, (SONIA Deposit Rates Swap 3 Month + 1.30%), 0.00%, 06/16/2070 (e) (aa)	GBP	500		650
FNMA REMICS, Series 2020-29, Class FC, (ICE LIBOR USD 1 Month + 0.80%), 0.96%, 05/25/2050 (aa)		3,378		3,394
GCAT LLC, Series 2020-3, Class A1, SUB, 2.98%, 09/25/2025 (e) (bb)		1,700		1,700
GNMA,
Series 2015-H04, Class FA, (ICE LIBOR USD 1 Month + 0.65%), 0.80%, 12/20/2064 (aa)		1,859		1,872
Series 2017-121, Class PE, 3.00%, 07/20/2046		1,626		1,669
Series 2018-H18, Class FC, (ICE LIBOR USD 1 Month + 0.35%), 0.50%, 08/20/2065 (aa)		2,499		2,494
Series 2019-54, Class KF, (ICE LIBOR USD 1 Month + 0.42%), 0.58%, 05/20/2044 (aa)		1,115		1,116
Lanark Master Issuer plc, (United Kingdom), Series 2019-1A, Class 1A1, (ICE LIBOR USD 3 Month + 0.77%), 1.03%, 12/22/2069 (e) (aa)		1,050		1,043
London Wall Mortgage Capital plc, (United Kingdom), Series 2017-FL1, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 0.85%), 0.92%, 11/15/2049 (aa)	GBP	99		127
New Residential Mortgage Loan Trust, Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z)		204		221
Polaris RMBS, (United Kingdom), Series 2019-1, Class A, Reg. S, (SONIA Deposit Rates Swap 1 Month + 1.25%), 1.31%, 04/27/2057 (aa)	GBP	806		1,039
Ripon Mortgages plc, (United Kingdom), Series 1X, Class A1, Reg. S, (ICE LIBOR GBP 3 Month + 0.80%), 0.87%, 08/20/2056 (aa)	GBP	268		346
Silverstone Master Issuer plc, (United Kingdom), Series 2019-1A, Class 1A, (ICE LIBOR USD 3 Month + 0.57%), 0.84%, 01/21/2070 (e) (aa)		144		144

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Collateralized Mortgage Obligations — continued
Starwood Mortgage Residential Trust, Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z)		1,157		1,160
Towd Point Mortgage Funding, (United Kingdom), Series 2019-A13A, Class A1, (SONIA Deposit Rates Swap 3 Month + 0.90%), 0.97%, 07/20/2045 (e) (aa)	GBP	834		1,073
Trinity Square plc, (United Kingdom), Series 2015-1X, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 1.15%), 1.23%, 07/15/2051 (aa)	GBP	127		164
Total Collateralized Mortgage Obligations (Cost $26,306)				26,456
Commercial Mortgage-Backed Securities — 1.0%
AREIT Trust,
Series 2018-CRE2, Class A, (ICE LIBOR USD 1 Month + 0.98%), 1.13%, 11/14/2035 (e) (aa)		897		894
Series 2019-CRE3, Class A, (ICE LIBOR USD 1 Month + 1.02%), 1.17%, 09/14/2036 (e) (aa)		500		493
AREIT Trust, (Cayman Islands), Series 2020-CRE4, Class A, (ICE LIBOR USD 1 Month + 2.62%), 2.77%, 04/14/2037 (e) (aa)		1,100		1,111
BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class A, (ICE LIBOR USD 1 Month + 1.05%), 1.20%, 04/15/2036 (e) (aa)		400		385
BX Commercial Mortgage Trust, Series 2018-IND, Class A, (ICE LIBOR USD 1 Month + 0.75%), 0.90%, 11/15/2035 (e) (aa)		1,459		1,459
GPMT Ltd., (Cayman Islands), Series 2018-FL1, Class A, (ICE LIBOR USD 1 Month + 0.90%), 1.06%, 11/21/2035 (e) (aa)		204		203
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class AAB, 3.85%, 08/15/2046		598		623
Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (ICE LIBOR USD 1 Month + 1.00%), 1.15%, 05/15/2036 (e) (aa)		700		672
PFP Ltd., (Cayman Islands), Series 2019-5, Class A, (ICE LIBOR USD 1 Month + 0.97%), 1.12%, 04/14/2036 (e) (aa)		1,169		1,154
VMC Finance LLC, Series 2018-FL2, Class A, (ICE LIBOR USD 1 Month + 0.92%), 1.07%, 10/15/2035 (e) (aa)		1,222		1,202
Total Commercial Mortgage-Backed Securities (Cost $8,257)				8,196
Corporate Bonds — 15.1%
Basic Materials — 0.0% (g)
Forest Products & Paper — 0.0% (g)
Georgia-Pacific LLC, 5.40%, 11/01/2020 (e)		200		201
Communications — 0.1%
Media — 0.1%
Charter Communications Operating LLC / Charter Communications Operating Capital, (ICE LIBOR USD 3 Month + 1.65%), 1.90%, 02/01/2024 (aa)		1,100		1,125
Consumer Cyclical — 2.3%
Auto Manufacturers — 2.3%
American Honda Finance Corp., (ICE LIBOR USD 3 Month + 0.45%), 0.73%, 02/15/2022 (aa)		2,100		2,105
BMW US Capital LLC, (ICE LIBOR USD 3 Month + 0.50%), 0.75%, 08/13/2021 (e) (aa)		3,700		3,708
Daimler Finance North America LLC, (ICE LIBOR USD 3 Month + 0.45%), 0.71%, 02/22/2021 (e) (aa)		1,500		1,501

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Auto Manufacturers — continued
Ford Motor Credit Co. LLC, 2.34%, 11/02/2020		800		799
General Motors Financial Co., Inc.,
3.45%, 04/10/2022		1,500		1,542
3.70%, 11/24/2020		3,200		3,205
Hyundai Capital America,
Reg. S, 2.45%, 06/15/2021		100		101
Reg. S, 3.00%, 03/18/2021		200		202
3.00%, 03/18/2021 (e)		400		403
Nissan Motor Acceptance Corp.,
(ICE LIBOR USD 3 Month + 0.52%), 0.77%, 03/15/2021 (e) (aa)		200		199
(ICE LIBOR USD 3 Month + 0.65%), 0.92%, 07/13/2022 (e) (aa)		700		684
(ICE LIBOR USD 3 Month + 0.69%), 0.92%, 09/28/2022 (e) (aa)		1,620		1,575
Volkswagen Group of America Finance LLC,
(ICE LIBOR USD 3 Month + 0.86%), 1.08%, 09/24/2021 (e) (aa)		1,000		1,004
4.00%, 11/12/2021 (e)		1,300		1,347
Total Consumer Cyclical				18,375
Consumer Non-cyclical — 3.2%
Agriculture — 0.9%
BAT Capital Corp., (ICE LIBOR USD 3 Month + 0.88%), 1.16%, 08/15/2022 (aa)		3,500		3,520
Imperial Brands Finance plc, (United Kingdom), 3.75%, 07/21/2022 (e)		3,100		3,239
				6,759
Commercial Services — 1.7%
Central Nippon Expressway Co. Ltd., (Japan), Reg. S, 2.36%, 05/28/2021		10,000		10,104
Equifax, Inc., (ICE LIBOR USD 3 Month + 0.87%), 1.15%, 08/15/2021 (aa)		3,090		3,102
				13,206
Food — 0.1%
Conagra Brands, Inc., 3.80%, 10/22/2021		400		413
Pharmaceuticals — 0.5%
Bayer US Finance II LLC, (ICE LIBOR USD 3 Month + 1.01%), 1.26%, 12/15/2023 (e) (aa)		3,700		3,734
Total Consumer Non-cyclical				24,112
Energy — 0.1%
Oil & Gas — 0.1%
BG Energy Capital plc, (United Kingdom), 4.00%, 10/15/2021 (e)		1,045		1,081
Financial — 8.1%
Banks — 5.5%
Banco Santander Chile, (Chile), (ICE LIBOR USD 3 Month + 1.20%), 1.46%, 11/28/2021 (aa)		3,200		3,189
Bank of America Corp., (ICE LIBOR USD 3 Month + 1.18%), 1.45%, 10/21/2022 (aa)		1,200		1,212

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Barclays plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.38%), 1.66%, 05/16/2024 (aa)		1,000		1,003
Reg. S, (BBSW Interbank Volume 3 Month + 1.80%), 1.89%, 06/15/2023 (aa)	AUD	750		536
Citigroup, Inc.,
(ICE LIBOR USD 3 Month + 0.69%), 0.93%, 10/27/2022 (aa)		1,500		1,508
(ICE LIBOR USD 3 Month + 0.95%), 1.21%, 07/24/2023 (aa)		850		856
Credit Suisse AG, (Switzerland), 1.00%, 05/05/2023		1,150		1,162
Danske Bank A/S, (Denmark),
Reg. S, (ICE LIBOR USD 3 Month + 1.06%), 1.31%, 09/12/2023 (aa)		600		595
(ICE LIBOR USD 3 Month + 1.25%), 3.00%, 09/20/2022 (e) (aa)		1,200		1,223
First Abu Dhabi Bank PJSC, (United Arab Emirates), Reg. S, (ICE LIBOR USD 3 Month + 0.95%), 1.22%, 04/16/2022 (aa)		1,800		1,802
Goldman Sachs Group, Inc. (The),
(ICE LIBOR USD 3 Month + 0.75%), 1.01%, 02/23/2023 (aa)		200		201
(ICE LIBOR USD 3 Month + 0.78%), 1.04%, 10/31/2022 (aa)		1,000		1,004
(ICE LIBOR USD 3 Month + 1.17%), 1.45%, 11/15/2021 (aa)		300		300
HSBC Holdings plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.00%), 1.27%, 05/18/2024 (aa)		800		797
(ICE LIBOR USD 3 Month + 1.23%), 1.48%, 03/11/2025 (aa)		1,000		1,009
ING Groep NV, (Netherlands), (ICE LIBOR USD 3 Month + 1.15%), 1.37%, 03/29/2022 (aa)		1,900		1,918
KEB Hana Bank, (South Korea), (ICE LIBOR USD 3 Month + 0.70%), 0.93%, 10/02/2022 (e) (aa)		500		501
Mitsubishi UFJ Financial Group, Inc., (Japan),
(ICE LIBOR USD 3 Month + 0.86%), 1.10%, 07/26/2023 (aa)		2,500		2,523
(ICE LIBOR USD 3 Month + 0.92%), 1.18%, 02/22/2022 (aa)		771		778
Mizuho Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.63%), 0.88%, 05/25/2024 (aa)		3,400		3,398
Morgan Stanley,
(United States SOFR + 0.70%), 0.78%, 01/20/2023 (aa)		2,394		2,399
(Canada Bankers Acceptances 3 Month + 0.30%), 0.83%, 02/03/2023 (aa)	CAD	2,000		1,488
(ICE LIBOR USD 3 Month + 1.40%), 1.66%, 10/24/2023 (aa)		500		508
MUFG Union Bank NA, (United States SOFR + 0.71%), 0.78%, 12/09/2022 (aa)		500		503
Natwest Group plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.47%), 1.75%, 05/15/2023 (aa)		700		703
(ICE LIBOR USD 3 Month + 1.55%), 1.78%, 06/25/2024 (aa)		700		703
NatWest Markets plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.40%), 1.62%, 09/29/2022 (e) (aa)		2,360		2,379
Nordea Bank Abp, (Finland), (ICE LIBOR USD 3 Month + 0.94%), 1.20%, 08/30/2023 (e) (aa)		200		200
QNB Finance Ltd., (Cayman Islands),
Reg. S, (ICE LIBOR USD 3 Month + 1.00%), 1.25%, 05/02/2022 (aa)		1,100		1,097
Reg. S, (ICE LIBOR USD 3 Month + 1.35%), 1.61%, 05/31/2021 (aa)		1,200		1,204
Shinhan Bank Co. Ltd., (South Korea), Reg. S, 2.88%, 03/28/2022		2,100		2,167
Standard Chartered plc, (United Kingdom),
Reg. S, (ICE LIBOR USD 3 Month + 1.20%), 1.45%, 09/10/2022 (aa)		500		502
(ICE LIBOR USD 3 Month + 1.56%), 3.79%, 05/21/2025 (e) (aa)		1,700		1,807
Wells Fargo & Co., (ICE LIBOR USD 3 Month + 1.23%), 1.49%, 10/31/2023 (aa)		2,200		2,227
				43,402

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Diversified Financial Services — 2.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.45%, 12/16/2021		700		715
Aircastle Ltd., (Bermuda), 5.50%, 02/15/2022		1,450		1,483
American Express Co., 2.75%, 05/20/2022		3,700		3,832
BOC Aviation Ltd., (Singapore),
(ICE LIBOR USD 3 Month + 1.05%), 1.30%, 05/02/2021 (e) (aa)		200		200
Reg. S, 2.38%, 09/15/2021		2,500		2,517
Mitsubishi UFJ Lease & Finance Co. Ltd., (Japan),
2.65%, 09/19/2022 (e)		1,700		1,750
Reg. S, 2.75%, 10/21/2020		2,500		2,502
Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025		2,300		2,340
ORIX Corp., (Japan), 2.90%, 07/18/2022		688		712
Synchrony Financial, 2.85%, 07/25/2022		300		309
				16,360
Insurance — 0.6%
MET Tower Global Funding, (United States SOFR + 0.55%), 0.64%, 01/17/2023 (e) (aa)		4,500		4,521
Total Financial				64,283
Industrial — 0.7%
Aerospace/Defense — 0.1%
Boeing Co. (The), 2.13%, 03/01/2022		800		806
Transportation — 0.3%
Ryder System, Inc., 2.88%, 06/01/2022		1,900		1,969
Trucking & Leasing — 0.3%
Aviation Capital Group LLC, 2.88%, 01/20/2022 (e)		1,600		1,588
GATX Corp., (ICE LIBOR USD 3 Month + 0.72%), 0.97%, 11/05/2021 (aa)		500		499
				2,087
Total Industrial				4,862
Technology — 0.2%
Computers — 0.1%
Dell International LLC / EMC Corp., 4.42%, 06/15/2021 (e)		624		639
Semiconductors — 0.1%
Broadcom, Inc., 3.13%, 10/15/2022		200		209
NXP BV / NXP Funding LLC, (Netherlands), 3.88%, 09/01/2022 (e)		400		423
				632
Total Technology				1,271

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Utilities — 0.4%
Electric — 0.4%
Dominion Energy, Inc., Series D (ICE LIBOR USD 3 Month + 0.53%), 0.77%, 09/15/2023 (aa)		800		801
Israel Electric Corp. Ltd., (Israel), Series 6, Reg. S, 5.00%, 11/12/2024 (e)		300		338
Pacific Gas and Electric Co.,
1.75%, 06/16/2022		600		601
3.25%, 06/15/2023		200		207
3.75%, 02/15/2024		100		105
3.85%, 11/15/2023		400		424
4.25%, 08/01/2023		800		852
Total Utilities				3,328
Total Corporate Bonds (Cost $117,856)				118,638
Foreign Government Securities — 0.6%
Export-Import Bank of Korea, (South Korea),
(ICE LIBOR USD 3 Month + 0.53%), 0.75%, 06/25/2022 (aa)		1,000		1,004
(ICE LIBOR USD 3 Month + 0.58%), 0.82%, 06/01/2021 (aa)		3,400		3,408
Korea Development Bank (The), (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.80%), 1.07%, 10/30/2022 (aa)		500		503
Total Foreign Government Securities
(Cost $4,907)				4,915
Municipal Bonds — 63.8% (t)
Alabama — 0.1%
Lower Alabama Gas District, Series A, Rev., 4.00%, 12/01/2022		550		590
Alaska — 0.3%
Alaska Housing Finance Corp., Series B, Rev., VRDO, 0.12%, 10/07/2020 (z)		2,400		2,400
Arizona — 2.7%
Arizona Health Facilities Authority, Dignity Health, Series B, Rev., VRDO, LOC: Barclays Bank plc, 0.12%, 10/07/2020 (z)		8,800		8,800
City of Phoenix Civic Improvement Corp., Senior Lien, Rev., AMT, 5.00%, 07/01/2021		1,750		1,803
City of Phoenix, Industrial Development Authority, Mayo Clinic, Series B, Rev., VRDO, 0.09%, 10/01/2020 (z)		6,160		6,160
Maricopa County Industrial Development Authority, Honorhealth, Series A, Rev., 5.00%, 09/01/2021		725		754
Maricopa County Unified School District, GO, 5.00%, 07/01/2022		1,310		1,421
Maricopa County, Unified School District No. 80 Chandler, Series A, GO, 5.00%, 07/01/2021		1,300		1,347
Maricopa County, Union High School District No. 210, School Improvement Project 2011 and 2017, GO, 5.00%, 07/01/2022		1,000		1,084
				21,369
California — 2.2%
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Series B, Rev., AMT, 5.00%, 07/01/2022		1,430		1,532
City of Long Beach, Series B, Rev., AMT, 4.00%, 05/15/2022		3,000		3,165
City of Long Beach, Harbor Revenue, Series C, Rev., 4.00%, 07/15/2021		2,000		2,060

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
Golden State Tobacco Securitization Corp., Series A1, Rev., 5.00%, 06/01/2021		400		412
Los Angeles Department of Water, Series B4, Rev., VRDO, 0.11%, 10/01/2020 (z)		500		500
San Francisco City & County Airport Comm-San Francisco International Airport, Special Facilities Lease, SFO Fuel Co. LLC, Series A, Rev., AMT, 5.00%, 01/01/2021		6,405		6,468
Southern California Public Power Authority, Windy Point/Windy Flats Project, Rev., 5.00%, 07/01/2021		1,250		1,296
State of California,
GO, 5.00%, 10/01/2022		1,000		1,096
GO, 5.00%, 11/01/2022		1,000		1,100
				17,629
Colorado — 1.5%
City & County of Denver, Airport System, Series A, Rev., AMT, 5.00%, 11/15/2021		2,000		2,104
Colorado Health Facilities Authority, Sisters of Charity of Leavenworth Health System, Inc. Obligated Group, Series A, Rev., 5.00%, 01/01/2022		2,500		2,639
Colorado Housing & Finance Authority, Multifamily Project, Series B2, Rev., 1.35%, 02/01/2022		5,000		5,023
Weld County School District No. 6 Greeley, GO, 5.00%, 12/01/2022		1,850		2,042
				11,808
Connecticut — 1.8%
Connecticut Housing Finance Authority,
Series B3, Rev., VRDO, 0.12%, 10/07/2020 (z)		280		280
Series F3, Rev., VRDO, 0.12%, 10/07/2020 (z)		10,000		10,000
Connecticut State Health & Educational Facilities Authority, Covenant Retirement Communities Obligated Group, Series B, Rev., 5.00%, 12/01/2020		1,000		1,006
Connecticut State, Health & Educational Facilities Authority, Yale University, Series U2, Rev., 2.00%, 07/01/2033 (z)		1,300		1,332
Hartford County, Metropolitan District (The), Series A, GO, 5.00%, 07/15/2022		1,200		1,298
				13,916
District of Columbia — 0.8%
District of Columbia, Series A, GO, 5.00%, 10/15/2022		4,050		4,450
District of Columbia, Georgetown University (The), Series B1, Rev., VRDO, LOC: Bank of America NA, 0.11%, 10/07/2020 (z)		500		500
Metropolitan Washington Airports Authority, Series A, Rev., AMT, 4.00%, 10/01/2020		1,500		1,500
				6,450
Florida — 5.5%
City of Fort Lauderdale, Police and Public Safety Project, Series B, GO, 5.00%, 07/01/2022		1,215		1,318
City of Gainesville, Utilities System,
Series A, Rev., 5.00%, 10/01/2021		1,400		1,468
Series B, Rev., VRDO, 0.15%, 10/07/2020 (z)		4,830		4,830
City of Orlando, Series B, Rev., 5.00%, 10/01/2021		775		813
County of Miami-Dade Aviation, Series C, Rev., 5.00%, 10/01/2021		1,650		1,726

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Florida — continued
County of Miami-Dade, Building Better Communities Project,
Series A, GO, 5.00%, 07/01/2021		5,000		5,181
Series A, GO, 5.00%, 07/01/2022		6,000		6,506
Florida Atlantic University Finance Corp., Series A, Rev., 5.00%, 07/01/2021		880		904
Florida Gulf Coast University Financing Corp., Parking Project, Series A, Rev., VRDO, LOC: TD Bank NA, 0.12%, 10/07/2020 (z)		3,655		3,655
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 0.12%, 10/07/2020 (z)		4,000		4,000
Lee Memorial Health System, Series A1, Rev., 5.00%, 04/01/2022		1,000		1,068
Orlando Utilities Commission, Series 1, Rev., VRDO, 0.11%, 10/07/2020 (z)		6,200		6,200
Seacoast Utility Authority, Series B, Rev., 5.00%, 03/01/2023		2,215		2,471
State of Florida, Board Education, Capital Outlay, Series A, GO, 5.00%, 06/01/2022		2,500		2,701
				42,841
Georgia — 0.1%
Brookhaven Development Authority, Children’s Healthcare of Atlanta Obligated Group, Series A, Rev., 5.00%, 07/01/2022		1,040		1,124
Hawaii — 0.1%
State of Hawaii, Series EA, GO, 5.00%, 12/01/2021		1,075		1,135
Idaho — 0.9%
Idaho Health Facilities Authority, St. Luke’s Health System Obligated Group, Rev., VRDO, LOC: U.S. Bank NA, 0.10%, 10/01/2020 (z)		4,500		4,500
Idaho Health Facilities Authority, Trinity Health Corp. Obligated Group, Series D, Rev., 5.00%, 12/01/2020		2,500		2,519
				7,019
Illinois — 2.8%
Chicago Midway International Airport, Second Lien, Series A, Rev., AMT, 5.00%, 01/01/2021		3,580		3,615
Chicago O’Hare International Airport, Senior Lien,
Series A, Rev., AMT, 5.00%, 01/01/2021		3,730		3,767
Series A, Rev., AMT, 5.00%, 01/01/2022		2,000		2,098
Series C, Rev., 5.00%, 01/01/2022		3,670		3,865
Fountaindale Public Library District, GO, 5.00%, 02/01/2021		1,050		1,066
Illinois Finance Authority, Northwestern Memorial Hospital, Series A2, Rev., VRDO, 0.10%, 10/01/2020 (z)		2,675		2,675
Illinois Finance Authority, University of Chicago Medical Center Obligated Group, Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.12%, 10/01/2020 (z)		200		200
Illinois Housing Development Authority, Multifamily Housing, Century Woods IL TC LP, Rev., GNMA COLL, 1.90%, 10/01/2022 (z)		1,500		1,523
Illinois Housing Development Authority, Multifamily Housing, Heather Ridge IL TC LP, Rev., 1.90%, 10/01/2022 (z)		3,000		3,047
				21,856

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Indiana — 1.6%
Indiana Finance Authority, Educational Facilities, Marian University Project, Rev., 6.50%, 09/15/2030 (p)		3,000		3,177
Indiana Finance Authority, Green Bond, Series B, Rev., 5.00%, 02/01/2022		950		1,012
Indiana Finance Authority, Health Systems, Sisters of St. Francis, Series I, Rev., VRDO, LOC: Barclays Bank plc, 0.12%, 10/01/2020 (z)		900		900
Indiana Municipal Power Agency, Series B, Rev., VRDO, LOC: U.S. Bank NA, 0.10%, 10/01/2020 (z)		1,300		1,300
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority,
Rev., AMT, 5.00%, 01/01/2021		2,815		2,843
Rev., AMT, 5.00%, 01/01/2022		3,085		3,240
				12,472
Kansas — 0.2%
Geary County Unified School District No. 475, Series B, GO, 5.00%, 09/01/2022		1,275		1,393
Kentucky — 0.2%
City of Owensboro, Electric Light & Power System, Series B, Rev., 5.00%, 01/01/2021		1,250		1,264
Louisiana — 0.3%
Jefferson Sales Tax District, Series A, Rev., AGM, 5.00%, 12/01/2021		2,325		2,451
Maryland — 1.0%
City of Frederick, Public Improvement, GO, 3.00%, 12/01/2022		1,000		1,058
County of Anne Arundel, General Improvements, GO, 5.00%, 04/01/2022		1,165		1,250
State of Maryland, Series B, GO, 5.00%, 08/01/2022		5,000		5,444
				7,752
Massachusetts — 4.0%
Massachusetts Bay Transportation Authority, Series A2, Rev., VRDO, 0.10%, 10/07/2020 (z)		5,130		5,130
Massachusetts Development Finance Agency, Beth Israel Lahey Health Obligated Group, Series K, Rev., 4.00%, 07/01/2021		720		739
Massachusetts Development Finance Agency, Dana-Farber Cancer Institute Obligated Group, Series O, Rev., 5.00%, 12/01/2021		1,000		1,052
Massachusetts Development Finance Agency, Northeastern University, Series A, Rev., 5.00%, 10/01/2022		2,350		2,572
Massachusetts Development Finance Agency, Partners Healthcare System, Inc.,
Series K1, Rev., VRDO, 0.12%, 10/07/2020 (z)		5,700		5,700
Series K2, Rev., VRDO, 0.12%, 10/07/2020 (z)		6,400		6,400
Massachusetts Educational Financing Authority,
Series A, Rev., AMT, 5.00%, 01/01/2021		3,150		3,181
Series B, Rev., AMT, 5.00%, 07/01/2021		900		927
Series B, Rev., AMT, 5.00%, 07/01/2022		2,000		2,133
Massachusetts School Building Authority,
Series A, Rev., 5.00%, 08/15/2022 (p)		2,710		2,952
Town of Hingham, Water Bonds, GO, 5.00%, 02/15/2022		650		693
				31,479

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Michigan — 1.1%
University of Michigan, Series D1, Rev., VRDO, 0.09%, 10/01/2020 (z)		3,965		3,965
Wayne County Airport Authority, Series A, Rev., AMT, 5.00%, 12/01/2020		4,985		5,023
				8,988
Minnesota — 0.5%
City of Minneapolis, Capital Improvement, Green Bond, GO, 5.00%, 12/01/2021		3,760		3,972
Missouri — 0.3%
State of Missouri, Health & Educational Facilities Authority, Series F, Rev., VRDO, 0.13%, 10/01/2020 (z)		2,635		2,635
Nevada — 1.7%
County of Clark Department of Aviation, Series A1, Rev., AMT, 5.00%, 07/01/2021		5,000		5,165
Las Vegas Valley Water District,
Series B, GO, 5.00%, 06/01/2022		2,000		2,161
Series B, GO, 5.00%, 12/01/2020		4,805		4,843
Washoe County School District, Series C, GO, 5.00%, 10/01/2021		1,250		1,308
				13,477
New Hampshire — 1.8%
New Hampshire Health and Education Facilities Authority Act, University System of New Hampshire,
Series A1, Rev., VRDO, 0.12%, 10/01/2020 (z)		8,210		8,210
Series B, Rev., VRDO, 0.12%, 10/01/2020 (z)		2,600		2,600
New Hampshire Health and Education Facilities Authority, University System, Series B1, Rev., VRDO, 0.12%, 10/01/2020 (z)		3,420		3,420
				14,230
New Jersey — 0.8%
City of Newark, Series A, GO, 5.00%, 10/01/2022		700		758
New Jersey Housing & Mortgage Finance Agency, Single Family Housing, Series D, Rev., AMT, 4.00%, 10/01/2020		1,290		1,290
New Jersey Sports & Exposition Authority, Series A, Rev., 5.00%, 09/01/2021		4,000		4,150
				6,198
New Mexico — 0.4%
New Mexico Municipal Energy Acquisition Authority,
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 11/01/2020		2,600		2,608
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 11/01/2021		625		649
				3,257
New York — 10.2%
City of New York,
Series F, GO, 5.00%, 08/01/2022		1,125		1,197
Series G4, GO, VRDO, LOC: Citibank NA, 0.13%, 10/07/2020 (z)		1,000		1,000
Series G6, GO, VRDO, LOC: Mizuho Bank Ltd., 0.13%, 10/01/2020 (z)		615		615

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
Series I3, GO, VRDO, LOC: Bank of America NA, 0.14%, 10/01/2020 (z)		750		750
Series I4, GO, VRDO, LOC: TD Bank NA, 0.11%, 10/01/2020 (z)		2,000		2,000
City of New York, Fiscal Year 2008, Series J6, GO, VRDO, LOC: Landesbank Hessen-Thueringen, 0.14%, 10/01/2020 (z)		900		900
City of New York, Fiscal Year 2017, Series A4, GO, VRDO, LOC: Citibank NA, 0.13%, 10/07/2020 (z)		7,000		7,000
City of New York, Fiscal Year 2018, Series B5, GO, VRDO, 0.12%, 10/01/2020 (z)		4,900		4,900
Metropolitan Transportation Authority,
Series A, Rev., BAN, 4.00%, 02/01/2022		16,000		16,168
Series A, Rev., BAN, 5.00%, 03/01/2022		2,000		2,089
New York City Municipal Water Finance Authority, Water & Sewer System,
Series F1A, Rev., VRDO, 0.13%, 10/07/2020 (z)		6,000		6,000
Series F1, Rev., VRDO, 0.12%, 10/01/2020 (z)		5,700		5,700
New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series BB, Rev., VRDO, 0.14%, 10/01/2020 (z)		1,000		1,000
New York City Transitional Finance Authority, Future Tax Secured Revenue,
Series A4, Rev., VRDO, 0.11%, 10/01/2020 (z)		3,500		3,500
Series B1, Rev., 4.00%, 11/01/2022		1,800		1,939
Series B5, Rev., VRDO, 0.12%, 10/01/2020 (z)		1,000		1,000
Series E1, Rev., 5.00%, 02/01/2022		2,490		2,648
New York State Dormitory Authority, School District, Financing Program, Series D, Rev., BAM, 5.00%, 10/01/2020		1,500		1,500
New York State Urban Development Corp., Series A, Rev., 5.00%, 03/15/2022		8,575		9,178
Onondaga County Resource Recovery Agency, Series A, Rev., AGM, AMT, 5.00%, 05/01/2021		1,915		1,967
Port Authority of New York & New Jersey, Series 195, Rev., AMT, 5.00%, 10/01/2021		1,600		1,673
Port Authority of New York & New Jersey, Consolidated One Hundred Eighty, Rev., AMT, 5.00%, 09/01/2021		3,060		3,187
Triborough Bridge & Tunnel Authority,
Series B2, Rev., VRDO, LOC: Citibank NA, 0.10%, 10/01/2020 (z)		2,600		2,600
Series B3, Rev., VRDO, LOC: State Street Bank & Trust Co., 0.14%, 10/01/2020 (z)		1,430		1,430
				79,941
North Carolina — 0.9%
City of Charlotte, Water & Sewer System, Series B, Rev., VRDO, 0.11%, 10/07/2020 (z)		5,600		5,600
County of Durham, GO, 5.00%, 04/01/2022		1,135		1,218
				6,818
Ohio — 1.7%
City of Cincinnati, Series A, GO, 5.00%, 12/01/2032 (p)		1,700		1,836
Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group,
Series B1, Rev., VRDO, 0.12%, 10/01/2020 (z)		950		950
Series B3, Rev., VRDO, 0.10%, 10/01/2020 (z)		3,800		3,800
Ohio State University (The), Series B2, Rev., VRDO, 0.09%, 10/07/2020 (z)		6,725		6,725
				13,311

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Oklahoma — 0.4%
Oklahoma County, Independent School District No. 12 Edmond, Combined Purpose, GO, 2.00%, 03/01/2021		1,270		1,280
Tulsa County, Independent School District No. 1, Series A, GO, 2.00%, 03/01/2023		2,130		2,214
				3,494
Pennsylvania — 3.5%
Commonwealth of Pennsylvania, First Series, GO, 5.00%, 08/15/2021		7,210		7,509
Delaware River Port Authority, Series B, Rev., 5.00%, 01/01/2021		3,100		3,135
Geisinger Authority, Health System, Series A, Rev., 5.00%, 04/01/2022		2,400		2,565
Monroeville Finance Authority, UPMC Obligated Group, Rev., 5.00%, 02/15/2021		1,155		1,175
Pennsylvania Economic Development Financing Authority, Waste Management PA Obligated Group, Series A, Rev., 2.15%, 11/01/2021		1,375		1,397
Philadelphia Authority for Industrial Development, Rev., 5.00%, 10/01/2021		4,000		4,157
Philadelphia Authority for Industrial Development, City Service Agreement, Rebuild Project, Rev., 5.00%, 05/01/2021		750		767
Phoenixville Area School District, GO, 4.00%, 11/15/2022		1,000		1,075
Ringgold Pennsylvania School District, GO, BAM, 3.00%, 09/01/2022		2,325		2,447
School District of Philadelphia (The),
Series A, GO, 5.00%, 09/01/2021		1,600		1,663
Series F, GO, 5.00%, 09/01/2021		1,500		1,559
				27,449
Rhode Island — 0.2%
Rhode Island Commerce Corp., Grant Anticipation Rhode Island, Rev., 5.00%, 06/15/2022		1,550		1,667
Tennessee — 0.9%
Memphis-Shelby County Airport Authority, Series B, Rev., AMT, 5.00%, 07/01/2022		1,750		1,884
Shelby County Health Educational & Housing Facilities Board, Methodist Le Bonheur, Rev., AGM, VRDO, 0.10%, 10/01/2020 (z)		2,875		2,875
Tennessee Energy Acquisition Corp., Series A, Rev., 5.25%, 09/01/2021		2,040		2,127
				6,886
Texas — 8.4%
City of Arlington, Water & Wastewater System, Series A, Rev., 2.00%, 06/01/2021		400		405
City of Austin, Airport System Revenue, Rev., AMT, 5.00%, 11/15/2020		2,500		2,514
City of Corpus Christi, Utility System Revenue, Junior Lien, Rev., 5.00%, 07/15/2021		3,635		3,773
City of Dallas, Refunding and Improvement, GO, 5.00%, 02/15/2022		3,000		3,198
City of Houston, Series A, GO, 5.00%, 03/01/2022		2,505		2,677
City of Houston, Airport System, Series D, Rev., 5.00%, 07/01/2021		1,150		1,190
City of San Antonio, Municipal Drainage Utility, Rev., 5.00%, 02/01/2023		1,000		1,112

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
Collin County, Community College District, Series A, GO, 5.00%, 08/15/2022		1,310		1,429
County of Harris, Series A, GO, 5.00%, 10/01/2022 (w)		1,950		2,136
County of Harris, Road Bonds, Series A, GO, 5.00%, 10/01/2022		1,660		1,821
County of Williamson,
GO, 4.00%, 02/15/2022		3,190		3,359
GO, 4.00%, 02/15/2023		2,315		2,523
GO, 5.00%, 02/15/2022		1,000		1,066
Cypress-Fairbanks Independent School District, GO, PSF-GTD, 5.00%, 02/15/2021		2,465		2,509
Dallas Fort Worth International Airport, Series B, Rev., 5.00%, 11/01/2022		3,000		3,282
Fort Bend Independent School District,
GO, PSF-GTD, 5.00%, 08/15/2021		1,000		1,042
GO, PSF-GTD, 5.00%, 08/15/2022		1,000		1,091
Frisco Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2022		2,000		2,133
GO, PSF-GTD, 5.00%, 08/15/2022		1,240		1,352
Harris County, Flood Control District, Series A, Rev., 5.00%, 10/01/2022		4,000		4,384
Houston Independent School District, GO, PSF-GTD, 5.00%, 02/15/2022		1,600		1,707
North Texas Tollway Authority, North Texas Tollway System, First Tier,
Series A, Rev., 5.00%, 01/01/2021		1,000		1,012
Series A, Rev., 5.00%, 01/01/2022		2,000		2,117
Northwest Independent School District, Series B, GO, PSF-GTD, 5.00%, 02/15/2021		2,000		2,036
Round Rock Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2022		1,280		1,393
San Antonio Independent School District, GO, PSF-GTD, 5.00%, 02/15/2022		6,560		6,990
Texas State University System, Series A, Rev., 5.00%, 03/15/2022		2,200		2,353
Texas Water Development Board, Master Trust,
Rev., 3.00%, 10/15/2021 (w)		1,750		1,802
Rev., 3.00%, 04/15/2022 (w)		1,000		1,043
Rev., 3.00%, 10/15/2022 (w)		2,000		2,115
				65,564
Virginia — 2.3%
Albermarle County Economic Development Authority, Sentara Healthcare Obligated Group, Series B, Rev., VRDO, 0.12%, 10/01/2020 (z)		1,350		1,350
Norfolk Economic Development Authority, Sentara Healthcare Obligated Group, Series A, Rev., VRDO, 0.13%, 10/07/2020 (z)		9,700		9,700
Virginia Port Authority, Series B, Rev., AMT, 5.00%, 07/01/2021		1,405		1,454
Virginia Public School Authority, Series VIII, Rev., 5.00%, 04/15/2022		5,300		5,694
				18,198

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Washington — 1.6%
Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 0.13%, 10/07/2020 (z)		4,000		4,000
King County Public Hospital District No. 1, Valley Medical Center, GO, 4.00%, 12/01/2020		475		477
Pierce County, School District No. 403 Bethel, GO, SCH BD GTY, 4.00%, 12/01/2021		850		888
Port of Seattle, First Lien, Series B, Rev., AMT, 5.00%, 10/01/2020 (p)		2,935		2,935
Port of Seattle, Intermediate Lien, Rev., AMT, 5.00%, 04/01/2022		2,000		2,138
Spokane County School District No. 81 Spokane, GO, SCH BD GTY, 5.00%, 12/01/2020		1,940		1,956
				12,394
Wisconsin — 1.0%
State of Wisconsin,
Series A, GO, 5.00%, 05/01/2022		4,815		5,184
Series B, GO, 5.00%, 05/01/2021		2,435		2,504
				7,688
Total Municipal Bonds (Cost $499,085)				501,115
U.S. Government Agency Securities — 1.6%
FHLMC,
0.25%, 08/24/2023		4,000		4,003
0.70%, 09/02/2025		6,000		6,002
0.80%, 07/30/2025		2,600		2,601
Total U.S. Government Agency Securities (Cost $12,596)				12,606
U.S. Treasury Obligation — 1.2%
U.S. Treasury Inflation Indexed Note, 0.63%, 04/15/2023 (Cost $8,773)		8,867		9,277
Short-Term Investments — 11.3%
Municipal Bonds — 6.3% (t)
City of San Antonio, GO, 5.00%, 08/01/2021		1,550		1,612
County of Erie, GO, RAN, 3.00%, 06/24/2021		5,000		5,095
County of Harris, Series A, GO, 5.00%, 10/01/2021 (w)		7,500		7,853
Memphis-Shelby County Airport Authority, Series B, Rev., AMT, 5.00%, 07/01/2021		1,100		1,137
San Diego Unified School District, Series A, Rev., TRAN, 5.00%, 06/30/2021		4,400		4,559
State of Colorado, Rev., TRAN, 4.00%, 06/25/2021		10,000		10,278
State of Texas, Rev., TRAN, 4.00%, 08/26/2021		11,900		12,308
Township of Washington, Gloucester County, Series A, GO, BAN, 1.75%, 06/22/2021		6,000		6,057
Troy University, Alabama Facilities, Series A, Rev., BAM, 4.00%, 11/01/2020		1,000		1,003
Total Municipal Bonds				49,902
Repurchase Agreements — 3.7%
BNP Paribas SA, 0.11%, dated 09/30/2020 due 10/01/2020, repurchase price $5,500, collateralized by U.S. Treasury Security, 2.88%, due 05/15/2043, with a value of $5,589.		5,500		5,500
Goldman Sachs Co. LLC, 0.11%, dated 09/30/2020, due 10/01/2020, repurchase price $23,300, collateralized by Mortgage-Backed Security, 3.50%, due 08/01/2049, with a value of $24,346.		23,300		23,300
Total Repurchase Agreements				28,800

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Short-Term Investments — continued
Time Deposits — 1.3%
Australia & New Zealand Banking Group Ltd., 0.01%, 10/01/2020		130		130
BNP Paribas SA, 0.01%, 10/01/2020		9,735		9,735
Brown Brothers Harriman,
(0.69%), 10/01/2020	EUR	2		2
(0.23%), 10/01/2020	JPY	26		—	(h)
0.00%, 10/01/2020	AUD	60		43
0.03%, 10/01/2020	CAD	440		330
Citibank NA, 0.01%, 10/01/2020	GBP	28		36
Total Time Deposits				10,276
Total Short-Term Investments (Cost $88,974)				88,978
Total Investments — 101.6% (Cost - $794,775)*				798,460
Liabilities in Excess of Other Assets — (1.6)%				(12,770	)
NET ASSETS — 100.0%			$	785,690

Percentages indicated are based on net assets.

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of September 30, 2020:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Canadian Bankers’ Acceptance		364		06/2021		CAD		67,904		88
Canadian Bankers’ Acceptance		52		12/2022		CAD		9,697		5
Canadian Bankers’ Acceptance		9		03/2023		CAD		1,679		—
U.S. Treasury 2 Year Note		198		12/2020		USD		43,732		19
U.S. Treasury Ultra Bond		1		12/2020		USD		225		(3	)
										109
Short Contracts
U.S. Treasury 5 Year Note		(160)		12/2020		USD		(20,140)		(25	)
U.S. Ultra Treasury 10 Year Note		(33)		12/2020		USD		(5,285)		8
										(17	)
Total unrealized appreciation (depreciation)										92

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of September 30, 2020:

CURRENCY PURCHASED	CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD                                         4,751	CAD	6,288	Barclays Bank plc	11/17/2020		28
USD                                         6,785	GBP	5,178	Barclays Bank plc	11/17/2020		102
Total unrealized appreciation						130
USD                                            457	AUD	642	Morgan Stanley & Co.	11/17/2020		(3	)
CAD                                            385	USD	295	Barclays Bank plc	11/17/2020		(5	)
GBP                                            430	USD	557	Bank of America, NA	11/17/2020		(2	)
Total unrealized depreciation						(10	)
Net unrealized appreciation (depreciation)						120

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2020:

FLOATING RATE INDEX (a)

FIXED RATE

PAY/ RECEIVE FLOATING RATE

MATURITY DATE

NOTIONAL AMOUNT

UPFRONT PAYMENTS (RECEIPTS) ($)

UNREALIZED APPRECIATION (DEPRECIATION) ($)

VALUE ($)

ICE LIBOR USD 1 Month

ICE LIBOR USD 3 Month

Pay

01/13/2023

USD

10,800

—

1

1

ICE LIBOR USD 1 Month

ICE LIBOR USD 3 Month

Pay

01/13/2023

USD

14,200

—

2

2

Total

—

3

3

(a) Value of floating rate index as of September 30, 2020 was as follows:

FLOATING RATE INDEX
ICE LIBOR USD 1 Month	0.15	%
ICE LIBOR USD 3 Month	0.23	%

Six Circles Tax Aware Ultra Short Duration Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020

AGM	—	Insured by Assured Guaranty Municipal Corp.
AMT	—	Alternative Minimum Tax
BAM	—	Insured by Build America Mutual
BAN	—	Bond Anticipation Note
BBSW	—	Bank Bill Swap Rate
COLL	—	Collateral
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GO	—	General Obligation
GNMA	—	Government National Mortgage Association
GTD	—	Guaranteed
ICE	—	Intercontinental Exchange
LIBOR	—	London Interbank Offered Rate
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
PSF	—	Permanent School Fund
RAN	—	Revenue Anticipation Note
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REMICS	—	Real Estate Mortgage Investment Conduit
Rev.	—	Revenue
SCH BD GTY	—	School Bond Guaranty
SOFR	—	Secured Overnight Financing Rate
SONIA	—	Sterling Overnight Interbank Average Rate
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of September 30, 2020.
TRAN	—	Tax & Revenue Anticipation Note
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of September 30, 2020.
(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.
(p)	—	Security is prerefunded or escrowed to maturity.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(w)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

Six Circles Tax Aware Ultra Short Duration Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (continued)

(z)	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2020.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2020.
(bb)	—	Security has been valued using significant unobservable inputs.
*	—	The cost of securities is substantially the same for federal income tax purposes.
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
EUR	—	Euro
GBP	—	British Pound
JPY	—	Japanese Yen
USD	—	United States Dollar

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — 99.0%
Basic Materials — 0.6%
Chemicals — 0.5%
Air Products & Chemicals, Inc.		26		7,701
Albemarle Corp.		12		1,040
Axalta Coating Systems Ltd. (a)		13		289
Celanese Corp., Class A		13		1,349
CF Industries Holdings, Inc.		23		701
Dow, Inc.		89		4,179
DuPont de Nemours, Inc.		88		4,870
Eastman Chemical Co.		16		1,212
Ecolab, Inc.		30		5,976
FMC Corp.		13		1,359
International Flavors & Fragrances, Inc.		9		1,158
Linde plc, (United Kingdom)		63		14,940
LyondellBasell Industries NV, Class A		32		2,270
Mosaic Co. (The)		42		766
PPG Industries, Inc.		28		3,379
RPM International, Inc.		11		938
Sherwin-Williams Co. (The)		9		6,583
				58,710
Forest Products & Paper — 0.0% (g)
International Paper Co.		56		2,275
Iron/Steel — 0.0% (g)
Nucor Corp.		36		1,618
Steel Dynamics, Inc.		20		583
				2,201
Mining — 0.1%
Freeport-McMoRan, Inc.		151		2,363
Newmont Corp.		88		5,572
				7,935
Total Basic Materials				71,121
Communications — 20.0%
Advertising — 0.1%
Interpublic Group of Cos., Inc. (The)		45		756
Omnicom Group, Inc.		27		1,329
Trade Desk, Inc. (The), Class A (a)		8		4,238
				6,323

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES			VALUE ($)
Common Stocks — continued
Internet — 18.5%
Alphabet, Inc., Class A (a)		325			475,754
Alphabet, Inc., Class C (a)		318			467,208
Amazon.com, Inc. (a)		135			426,048
Booking Holdings, Inc. (a)		13			22,244
CDW Corp.		16			1,875
E*TRADE Financial Corp.		205			10,252
eBay, Inc.		213			11,095
Etsy, Inc. (a)		24			2,923
Expedia Group, Inc.		43			3,934
F5 Networks, Inc. (a)		7			798
Facebook, Inc., Class A (a)		2,594			679,444
GoDaddy, Inc., Class A (a)		18			1,342
IAC/InterActiveCorp. (a)		8			977
Match Group, Inc. (a)		27			3,024
MercadoLibre, Inc., (Argentina) (a)		5			5,601
Netflix, Inc. (a)		51			25,611
NortonLifeLock, Inc.		186			3,879
Okta, Inc., Class A (a)		13			2,719
Palo Alto Networks, Inc. (a)		33			8,013
Pinterest, Inc., Class A (a)		46			1,916
Roku, Inc., Class A (a)		12			2,219
Snap, Inc., Class A (a)		102			2,672
TD Ameritrade Holding Corp.		297			11,633
Twitter, Inc. (a)		851			37,872
Uber Technologies, Inc. (a)		283			10,335
VeriSign, Inc. (a)		10			2,132
Wayfair, Inc., Class A (a)		7			2,154
Zillow Group, Inc., Class C (a)		16			1,640
					2,225,314
Media — 0.7%
Altice USA, Inc., Class A (a)		24			631
Cable One, Inc.		—	(h)		892
Charter Communications, Inc., Class A (a)		17			10,716
Comcast Corp., Class A		540			25,000
Discovery, Inc., Class A (a)		28			620
Discovery, Inc., Class C (a)		27			536
DISH Network Corp., Class A (a)		28			820
FactSet Research Systems, Inc.		28			9,357
Fox Corp., Class A		48			1,346
Fox Corp., Class B		10			292
Liberty Broadband Corp., Class C (a)		13			1,849
Liberty Global plc, (United Kingdom), Class A (a)		9			198
Liberty Global plc, (United Kingdom), Class C (a)		56			1,152
Liberty Media Corp.-Liberty Formula One, Class C (a)		21			762
Liberty Media Corp.-Liberty SiriusXM, Class A (a)		12			392
Liberty Media Corp.-Liberty SiriusXM, Class C (a)		19			634
News Corp., Class A		49			690

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Media — continued
Sirius XM Holdings, Inc.		104		558
ViacomCBS, Inc., Class B		67		1,879
Walt Disney Co. (The)		214		26,502
				84,826
Telecommunications — 0.7%
Arista Networks, Inc. (a)		6		1,328
AT&T, Inc.		845		24,095
CenturyLink, Inc.		100		1,010
Cisco Systems, Inc.		503		19,828
Corning, Inc.		90		2,910
Juniper Networks, Inc.		33		718
Motorola Solutions, Inc.		20		3,071
T-Mobile US, Inc. (a)		64		7,352
Verizon Communications, Inc.		489		29,084
				89,396
Total Communications				2,405,859
Consumer Cyclical — 5.0%
Airlines — 0.0% (g)
Delta Air Lines, Inc.		33		1,006
Southwest Airlines Co.		28		1,059
				2,065
Apparel — 0.2%
NIKE, Inc., Class B		146		18,380
Ralph Lauren Corp., Class A		6		414
VF Corp.		39		2,752
				21,546
Auto Manufacturers — 2.8%
Cummins, Inc.		409		86,462
Ford Motor Co.		1,714		11,412
General Motors Co.		567		16,776
PACCAR, Inc.		960		81,885
Tesla, Inc. (a)		326		139,896
				336,431
Auto Parts & Equipment — 0.0% (g)
Aptiv plc, (Ireland)		30		2,735
Autoliv, Inc., (Sweden)		6		411
BorgWarner, Inc.		20		764
Lear Corp.		6		649
				4,559
Distribution/Wholesale — 0.1%
Copart, Inc. (a)		41		4,311
Fastenal Co.		110		4,958
HD Supply Holdings, Inc. (a)		29		1,208
LKQ Corp. (a)		29		812
WW Grainger, Inc.		8		2,911
				14,200

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES			VALUE ($)
Common Stocks — continued
Entertainment — 0.0% (g)
Live Nation Entertainment, Inc. (a)		18			981
Vail Resorts, Inc.		5			1,040
					2,021
Food Service — 0.0% (g)
Aramark		27			727
Home Builders — 0.1%
DR Horton, Inc.		36			2,691
Lennar Corp., Class A		28			2,254
NVR, Inc. (a)		—	(h)		1,356
PulteGroup, Inc.		23			1,068
					7,369
Home Furnishings — 0.0% (g)
Whirlpool Corp.		8			1,382
Housewares — 0.0% (g)
Newell Brands, Inc.		48			822
Leisure Time — 0.1% (g)
Carnival Corp.		68			1,027
Peloton Interactive, Inc., Class A (a)		23			2,253
Royal Caribbean Cruises Ltd.		22			1,418
					4,698
Lodging — 0.1%
Hilton Worldwide Holdings, Inc.		34			2,901
Las Vegas Sands Corp.		39			1,802
Marriott International, Inc., Class A		34			3,144
MGM Resorts International		51			1,116
Wynn Resorts Ltd.		10			720
					9,683
Retail — 1.6%
Advance Auto Parts, Inc.		7			1,112
AutoZone, Inc. (a)		2			2,911
Best Buy Co., Inc.		27			2,984
Burlington Stores, Inc. (a)		7			1,428
CarMax, Inc. (a)		20			1,849
Chipotle Mexican Grill, Inc., Class A (a)		3			3,822
Costco Wholesale Corp.		53			18,759
Darden Restaurants, Inc.		15			1,525
Dollar General Corp.		29			6,102
Dollar Tree, Inc. (a)		27			2,497
Domino’s Pizza, Inc.		4			1,849
Genuine Parts Co.		15			1,416
Home Depot, Inc. (The)		125			34,851
Lowe’s Cos., Inc.		87			14,416
Lululemon Athletica, Inc., (Canada) (a)		14			4,752
McDonald’s Corp.		87			19,063

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Retail — continued
O’Reilly Automotive, Inc. (a)		8		3,631
Ross Stores, Inc.		40		3,744
Starbucks Corp.		136		11,723
Target Corp.		58		9,175
Tiffany & Co.		12		1,397
TJX Cos., Inc. (The)		139		7,738
Tractor Supply Co.		12		1,774
Ulta Beauty, Inc. (a)		6		1,326
Walgreens Boots Alliance, Inc.		90		3,215
Walmart, Inc.		170		23,779
Yum! Brands, Inc.		31		2,853
				189,691
Textiles — 0.0% (g)
Mohawk Industries, Inc. (a)		8		765
Toys/Games/Hobbies — 0.0% (g)
Hasbro, Inc.		15		1,242
Total Consumer Cyclical				597,201
Consumer Non-cyclical — 22.5%
Agriculture — 0.2%
Altria Group, Inc.		213		8,222
Archer-Daniels-Midland Co.		72		3,350
Bunge Ltd.		20		894
Philip Morris International, Inc.		178		13,376
				25,842
Beverages — 5.1%
Brown-Forman Corp., Class B		381		28,699
Coca-Cola Co. (The)		5,083		250,940
Constellation Brands, Inc., Class A		208		39,497
Keurig Dr Pepper, Inc.		433		11,961
Molson Coors Beverage Co., Class B		236		7,932
Monster Beverage Corp. (a)		489		39,206
PepsiCo., Inc.		1,730		239,737
				617,972
Biotechnology — 3.2%
Alexion Pharmaceuticals, Inc. (a)		156		17,805
Alnylam Pharmaceuticals, Inc. (a)		80		11,630
Amgen, Inc.		414		105,137
Biogen, Inc. (a)		115		32,570
BioMarin Pharmaceutical, Inc. (a)		127		9,638
Bio-Rad Laboratories, Inc., Class A (a)		2		1,178
Corteva, Inc.		89		2,558
Exact Sciences Corp. (a)		105		10,662
Gilead Sciences, Inc.		884		55,856
Illumina, Inc. (a)		17		5,308
Incyte Corp. (a)		130		11,632

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Biotechnology — continued
Ionis Pharmaceuticals, Inc. (a)		90		4,263
Moderna, Inc. (a)		191		13,499
Regeneron Pharmaceuticals, Inc. (a)		71		39,698
Seattle Genetics, Inc. (a)		85		16,614
Vertex Pharmaceuticals, Inc. (a)		183		49,680
				387,728
Commercial Services — 1.8%
AMERCO		2		752
Automatic Data Processing, Inc.		51		7,069
Avalara, Inc. (a)		12		1,557
Booz Allen Hamilton Holding Corp., Class A		15		1,210
Cintas Corp.		20		6,687
CoStar Group, Inc. (a)		7		6,089
Equifax, Inc.		51		8,020
FleetCor Technologies, Inc. (a)		9		2,209
Gartner, Inc. (a)		9		1,088
Global Payments, Inc.		35		6,204
IHS Markit Ltd., (United Kingdom)		75		5,866
MarketAxess Holdings, Inc.		30		14,272
Moody’s Corp.		123		35,683
Nielsen Holdings plc		63		889
PayPal Holdings, Inc. (a)		130		25,660
Robert Half International, Inc.		25		1,348
Rollins, Inc.		29		1,565
S&P Global, Inc.		186		67,013
Square, Inc., Class A (a)		42		6,847
TransUnion		36		3,068
United Rentals, Inc. (a)		19		3,340
Verisk Analytics, Inc., Class A		31		5,781
				212,217
Cosmetics/Personal Care — 0.5%
Colgate-Palmolive Co.		90		6,979
Estee Lauder Cos., Inc. (The), Class A		26		5,710
Procter & Gamble Co. (The)		294		40,926
				53,615
Food — 0.3%
Campbell Soup Co.		19		913
Conagra Brands, Inc.		55		1,974
General Mills, Inc.		70		4,334
Hershey Co. (The)		16		2,292
Hormel Foods Corp.		34		1,661
Ingredion, Inc.		7		503
J M Smucker Co. (The)		13		1,463
Kellogg Co.		27		1,737
Kraft Heinz Co. (The)		80		2,410
Kroger Co. (The)		93		3,145
Lamb Weston Holdings, Inc.		16		1,032

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Food — continued
McCormick & Co., Inc.		13		2,599
Mondelez International, Inc., Class A		169		9,711
Sysco Corp.		55		3,448
Tyson Foods, Inc., Class A		36		2,168
				39,390
Healthcare - Products — 1.2%
Abbott Laboratories		209		22,728
ABIOMED, Inc. (a)		5		1,390
Align Technology, Inc. (a)		9		2,813
Avantor, Inc. (a)		49		1,094
Baxter International, Inc.		59		4,783
Boston Scientific Corp. (a)		168		6,415
Cooper Cos., Inc. (The)		6		2,012
Danaher Corp.		75		16,255
DENTSPLY SIRONA, Inc.		24		1,046
Edwards Lifesciences Corp. (a)		71		5,699
Henry Schein, Inc. (a)		16		933
Hologic, Inc. (a)		29		1,917
IDEXX Laboratories, Inc. (a)		9		3,535
Insulet Corp. (a)		7		1,641
Intuitive Surgical, Inc. (a)		14		9,647
Masimo Corp. (a)		5		1,276
Medtronic plc, (Ireland)		161		16,726
ResMed, Inc.		16		2,814
STERIS plc		10		1,677
Stryker Corp.		40		8,264
Teleflex, Inc.		5		1,705
Thermo Fisher Scientific, Inc.		47		20,645
Varian Medical Systems, Inc. (a)		10		1,786
West Pharmaceutical Services, Inc.		8		2,170
Zimmer Biomet Holdings, Inc.		24		3,272
				142,243
Healthcare - Services — 0.7%
Anthem, Inc.		29		7,717
Catalent, Inc. (a)		134		11,517
Centene Corp. (a)		66		3,862
DaVita, Inc. (a)		9		799
HCA Healthcare, Inc.		32		3,972
Humana, Inc.		15		6,105
IQVIA Holdings, Inc. (a)		22		3,508
Laboratory Corp. of America Holdings (a)		11		2,150
Molina Healthcare, Inc. (a)		6		1,025
Quest Diagnostics, Inc.		15		1,763
Teladoc Health, Inc. (a)		8		1,758
UnitedHealth Group, Inc.		110		34,400
Universal Health Services, Inc., Class B		10		1,040
				79,616

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Household Products/Wares — 0.1%
Avery Dennison Corp.		10		1,296
Church & Dwight Co., Inc.		26		2,407
Clorox Co. (The)		14		2,926
Kimberly-Clark Corp.		37		5,502
				12,131
Pharmaceuticals — 9.4%
AbbVie, Inc.		1,240		108,590
AmerisourceBergen Corp., Class A		20		1,892
Becton Dickinson and Co.		34		7,939
Bristol-Myers Squibb Co.		1,894		114,200
Cardinal Health, Inc.		33		1,553
Cigna Corp.		42		7,155
CVS Health Corp.		157		9,153
DexCom, Inc. (a)		11		4,359
Elanco Animal Health, Inc. (a)		44		1,223
Eli Lilly & Co.		674		99,699
Jazz Pharmaceuticals plc, (Ireland) (a)		5		719
Johnson & Johnson		2,216		329,948
McKesson Corp.		20		2,927
Merck & Co., Inc.		2,124		176,167
Mylan NV (a)		436		6,459
Neurocrine Biosciences, Inc. (a)		61		5,852
Perrigo Co. plc, (Ireland)		113		5,200
Pfizer, Inc.		4,667		171,266
Sarepta Therapeutics, Inc. (a)		52		7,233
Zoetis, Inc., Class A		397		65,690
				1,127,224
Total Consumer Non-cyclical				2,697,978
Energy — 0.5%
Oil & Gas — 0.4%
Cabot Oil & Gas Corp.		46		797
Chevron Corp.		221		15,935
Concho Resources, Inc.		22		975
ConocoPhillips		126		4,127
Diamondback Energy, Inc.		18		555
EOG Resources, Inc.		68		2,444
Exxon Mobil Corp.		509		17,475
Hess Corp.		30		1,208
Marathon Petroleum Corp.		77		2,248
Occidental Petroleum Corp.		104		1,044
Phillips 66		52		2,676
Pioneer Natural Resources Co.		19		1,596
Valero Energy Corp.		49		2,112
				53,192

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Oil & Gas Services — 0.0% (g)
Baker Hughes Co., Class A		81		1,072
Halliburton Co.		102		1,234
National Oilwell Varco, Inc.		49		441
Schlumberger NV		182		2,827
				5,574
Pipelines — 0.1%
Cheniere Energy, Inc. (a)		23		1,062
Kinder Morgan, Inc.		225		2,778
ONEOK, Inc.		49		1,280
Williams Cos., Inc. (The)		141		2,767
				7,887
Total Energy				66,653
Financial — 17.7%
Banks — 6.0%
Bank of America Corp.		6,132		147,724
Bank of New York Mellon Corp. (The)		702		24,108
Citigroup, Inc.		1,682		72,494
Citizens Financial Group, Inc.		486		12,283
Comerica, Inc.		217		8,294
East West Bancorp, Inc.		208		6,799
Fifth Third Bancorp		729		15,542
First Republic Bank		171		18,601
Goldman Sachs Group, Inc. (The)		272		54,670
Huntington Bancshares, Inc.		1,245		11,419
KeyCorp.		1,051		12,537
M&T Bank Corp.		144		13,263
Morgan Stanley		999		48,308
Northern Trust Corp.		199		15,515
PNC Financial Services Group, Inc. (The)		366		40,276
Regions Financial Corp.		1,071		12,350
Signature Bank		90		7,478
State Street Corp.		333		19,771
SVB Financial Group (a)		57		13,831
Truist Financial Corp.		1,137		43,247
US Bancorp		1,133		40,621
Wells Fargo & Co.		3,123		73,433
Zions Bancorp NA		270		7,891
				720,455
Diversified Financial Services — 4.0%
Ally Financial, Inc.		277		6,953
American Express Co.		571		57,200
Ameriprise Financial, Inc.		118		18,143
BlackRock, Inc., Class A		80		45,282
Capital One Financial Corp.		406		29,173
Cboe Global Markets, Inc.		118		10,310
Charles Schwab Corp. (The)		991		35,893
CME Group, Inc., Class A		291		48,697
Discover Financial Services		266		15,363

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Diversified Financial Services — continued
Franklin Resources, Inc.		417		8,494
Intercontinental Exchange, Inc.		447		44,752
Invesco Ltd.		354		4,040
Mastercard, Inc., Class A		105		35,525
Nasdaq, Inc.		120		14,721
Raymond James Financial, Inc.		147		10,665
SEI Investments Co.		161		8,163
Synchrony Financial		492		12,875
T Rowe Price Group, Inc.		208		26,704
Tradeweb Markets, Inc., Class A		68		3,964
Visa, Inc., Class A		200		40,087
Western Union Co. (The)		44		937
				477,941
Insurance — 6.3%
Aflac, Inc.		611		22,207
Alleghany Corp.		18		9,260
Allstate Corp. (The)		280		26,402
American Financial Group, Inc.		77		5,175
American International Group, Inc.		643		17,702
Aon plc, Class A		191		39,400
Arch Capital Group Ltd., (Bermuda) (a)		328		9,583
Arthur J Gallagher & Co.		172		18,197
Assurant, Inc.		69		8,419
Athene Holding Ltd., (Bermuda), Class A (a)		112		3,811
Berkshire Hathaway, Inc., Class B (a)		1,061		225,855
Brown & Brown, Inc.		178		8,048
Chubb Ltd., (Switzerland)		349		40,541
Cincinnati Financial Corp.		159		12,411
Equitable Holdings, Inc.		365		6,665
Erie Indemnity Co., Class A		26		5,422
Everest Re Group Ltd., (Bermuda)		48		9,509
Fidelity National Financial, Inc.		135		4,232
Globe Life, Inc.		125		10,007
Hartford Financial Services Group, Inc. (The)		371		13,667
Lincoln National Corp.		237		7,426
Loews Corp.		260		9,038
Markel Corp. (a)		13		12,288
Marsh & McLennan Cos., Inc.		402		46,066
MetLife, Inc.		691		25,678
Principal Financial Group, Inc.		308		12,422
Progressive Corp. (The)		486		45,984
Prudential Financial, Inc.		371		23,552
Reinsurance Group of America, Inc.		65		6,160
RenaissanceRe Holdings Ltd., (Bermuda)		36		6,135
Travelers Cos., Inc. (The)		219		23,694
Voya Financial, Inc.		112		5,356
Willis Towers Watson plc, (United Kingdom)		112		23,476
W R Berkley Corp.		167		10,222
				754,010

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Private Equity — 0.4%
Apollo Global Management, Inc., Class A		133		5,953
Blackstone Group, Inc. (The), Class A		586		30,564
Carlyle Group, Inc. (The)		109		2,695
KKR & Co., Inc.		365		12,532
				51,744
Real Estate — 0.0% (g)
CBRE Group, Inc., Class A (a)		43		2,036
Jones Lang LaSalle, Inc.		7		678
				2,714
REITS — 0.9%
AGNC Investment Corp.		430		5,976
Alexandria Real Estate Equities, Inc.		15		2,356
American Tower Corp.		52		12,494
Annaly Capital Management, Inc.		1,073		7,640
AvalonBay Communities, Inc.		17		2,533
Boston Properties, Inc.		17		1,380
Camden Property Trust		10		860
Crown Castle International Corp.		49		8,147
Digital Realty Trust, Inc.		31		4,612
Duke Realty Corp.		42		1,535
Equinix, Inc.		10		7,889
Equity LifeStyle Properties, Inc.		15		922
Equity Residential		45		2,306
Essex Property Trust, Inc.		8		1,531
Extra Space Storage, Inc.		14		1,529
Federal Realty Investment Trust		7		544
Healthpeak Properties, Inc.		63		1,716
Host Hotels & Resorts, Inc.		87		938
Invitation Homes, Inc.		61		1,702
Iron Mountain, Inc.		31		831
Medical Properties Trust, Inc.		57		1,008
Mid-America Apartment Communities, Inc.		12		1,408
National Retail Properties, Inc.		19		642
Omega Healthcare Investors, Inc.		26		769
Prologis, Inc.		87		8,773
Public Storage		19		4,180
Realty Income Corp.		40		2,420
Regency Centers Corp.		19		738
SBA Communications Corp., Class A		13		4,040
Simon Property Group, Inc.		35		2,290
Sun Communities, Inc.		11		1,521
UDR, Inc.		27		896
Ventas, Inc.		44		1,827
VEREIT, Inc.		117		759

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
REITS — continued
VICI Properties, Inc.		53		1,230
Vornado Realty Trust		20		664
Welltower, Inc.		49		2,710
Weyerhaeuser Co.		88		2,505
WP Carey, Inc.		19		1,243
				107,064
Savings & Loans — 0.1%
People’s United Financial, Inc.		738		7,613
Total Financial				2,121,541
Industrial — 16.7%
Aerospace/Defense — 1.1%
Boeing Co. (The)		222		36,722
General Dynamics Corp.		46		6,374
HEICO Corp.		16		1,680
HEICO Corp., Class A		13		1,174
Howmet Aerospace, Inc.		162		2,701
L3Harris Technologies, Inc.		42		7,178
Lockheed Martin Corp.		86		32,803
Northrop Grumman Corp.		62		19,497
Raytheon Technologies Corp.		290		16,670
Teledyne Technologies, Inc. (a)		6		1,890
TransDigm Group, Inc.		10		4,628
				131,317
Building Materials — 0.3%
Carrier Global Corp.		340		10,376
Fortune Brands Home & Security, Inc.		56		4,824
Johnson Controls International plc		184		7,536
Lennox International, Inc.		14		3,690
Martin Marietta Materials, Inc.		8		1,784
Masco Corp.		105		5,763
Owens Corning		42		2,905
Vulcan Materials Co.		16		2,146
				39,024
Electrical Components & Equipments — 0.1%
AMETEK, Inc.		48		4,729
Emerson Electric Co.		121		7,948
				12,677
Electronics — 1.0%
Agilent Technologies, Inc.		36		3,683
Allegion plc, (Ireland)		37		3,676
Amphenol Corp., Class A		35		3,836
Arrow Electronics, Inc. (a)		11		899
FLIR Systems, Inc.		15		544
Fortive Corp.		828		63,138
Garmin Ltd., (Switzerland)		17		1,582
Honeywell International, Inc.		135		22,268

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Electronics — continued
Keysight Technologies, Inc. (a)		22		2,151
Mettler-Toledo International, Inc. (a)		3		2,558
PerkinElmer, Inc.		13		1,595
Roper Technologies, Inc.		20		7,720
Sensata Technologies Holding plc (a)		50		2,165
TE Connectivity Ltd., (Switzerland)		40		3,884
Trimble, Inc. (a)		28		1,370
Waters Corp. (a)		7		1,279
				122,348
Engineering & Construction — 0.0% (g)
Jacobs Engineering Group, Inc.		25		2,339
Environmental Control — 0.3%
Pentair plc, (United Kingdom)		456		20,849
Republic Services, Inc., Class A		53		4,941
Waste Connections, Inc.		65		6,763
Waste Management, Inc.		87		9,855
				42,408
Hand/Machine Tools — 0.8%
Snap-on, Inc.		143		20,971
Stanley Black & Decker, Inc.		428		69,398
				90,369
Machinery - Construction & Mining — 1.9%
Caterpillar, Inc.		1,503		224,230
Machinery - Diversified — 3.9%
Cognex Corp.		19		1,233
Deere & Co.		828		183,608
Dover Corp.		397		42,968
Flowserve Corp.		80		2,171
IDEX Corp.		208		37,892
Ingersoll Rand, Inc. (a)		965		34,367
Nordson Corp.		69		13,194
Otis Worldwide Corp.		1,131		70,576
Rockwell Automation, Inc.		22		4,846
Westinghouse Air Brake Technologies Corp.		500		30,941
Xylem, Inc.		497		41,838
				463,634
Miscellaneous Manufacturers — 2.5%
3M Co.		134		21,507
A O Smith Corp.		24		1,253
Eaton Corp. plc		84		8,576
General Electric Co.		3,249		20,239
Illinois Tool Works, Inc.		837		161,638
Parker-Hannifin Corp.		356		72,008
Textron, Inc.		93		3,347
Trane Technologies plc, (Ireland)		80		9,706
				298,274

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Packaging & Containers — 0.1%
Amcor plc, (United Kingdom)		191		2,105
Ball Corp.		39		3,271
Crown Holdings, Inc. (a)		15		1,191
Packaging Corp. of America		12		1,272
Sealed Air Corp.		17		648
Westrock Co.		35		1,209
				9,696
Shipbuilding — 0.0% (g)
Huntington Ingalls Industries, Inc.		16		2,284
Transportation — 4.7%
CH Robinson Worldwide, Inc.		27		2,801
CSX Corp.		1,641		127,437
Expeditors International of Washington, Inc.		33		3,011
FedEx Corp.		48		12,112
JB Hunt Transport Services, Inc.		17		2,154
Kansas City Southern		194		35,074
Knight-Swift Transportation Holdings, Inc., Class A		25		1,030
Norfolk Southern Corp.		347		74,252
Old Dominion Freight Line, Inc.		19		3,370
Union Pacific Corp.		1,386		272,867
United Parcel Service, Inc., Class B		192		31,993
XPO Logistics, Inc. (a)		18		1,530
				567,631
Total Industrial				2,006,231
Technology — 15.2%
Computers — 2.5%
Accenture plc, (Ireland), Class A		76		17,284
Apple, Inc.		2,020		233,982
Cognizant Technology Solutions Corp., Class A		64		4,412
Crowdstrike Holdings, Inc., Class A (a)		24		3,296
Dell Technologies, Inc., Class C (a)		28		1,915
EPAM Systems, Inc. (a)		6		1,894
Fortinet, Inc. (a)		47		5,519
Hewlett Packard Enterprise Co.		150		1,410
HP, Inc.		166		3,145
International Business Machines Corp.		106		12,884
Leidos Holdings, Inc.		15		1,371
NetApp, Inc.		22		981
Seagate Technology plc		26		1,258
Western Digital Corp.		34		1,257
Zscaler, Inc. (a)		24		3,425
				294,033
Office/Business Equipment — 0.0% (g)
Zebra Technologies Corp., Class A (a)		6		1,536

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Semiconductors — 4.3%
Advanced Micro Devices, Inc. (a)		432		35,421
Analog Devices, Inc.		134		15,657
Applied Materials, Inc.		339		20,158
Broadcom, Inc.		124		45,240
Intel Corp.		1,526		79,027
IPG Photonics Corp. (a)		4		726
KLA Corp.		57		10,973
Lam Research Corp.		54		17,754
Marvell Technology Group Ltd.		209		8,297
Maxim Integrated Products, Inc.		96		6,506
Microchip Technology, Inc.		90		9,211
Micron Technology, Inc. (a)		320		15,031
NVIDIA Corp.		227		122,905
NXP Semiconductors NV, (Netherlands)		103		12,844
ON Semiconductor Corp. (a)		148		3,202
Qorvo, Inc. (a)		42		5,399
QUALCOMM, Inc.		415		48,845
Skyworks Solutions, Inc.		61		8,905
Teradyne, Inc.		60		4,778
Texas Instruments, Inc.		278		39,749
Xilinx, Inc.		89		9,289
				519,917
Software — 8.4%
Activision Blizzard, Inc.		91		7,330
Adobe, Inc. (a)		166		81,623
Akamai Technologies, Inc. (a)		18		2,034
ANSYS, Inc. (a)		29		9,501
Autodesk, Inc. (a)		75		17,355
Black Knight, Inc. (a)		16		1,365
Broadridge Financial Solutions, Inc.		15		1,948
Cadence Design Systems, Inc. (a)		95		10,102
CDK Global, Inc.		19		814
Cerner Corp.		35		2,535
Citrix Systems, Inc.		40		5,522
Coupa Software, Inc. (a)		23		6,196
Datadog, Inc., Class A (a)		31		3,141
DocuSign, Inc., Class A (a)		60		12,827
Dropbox, Inc., Class A (a)		50		972
Dynatrace, Inc. (a)		61		2,495
Electronic Arts, Inc. (a)		34		4,405
Fair Isaac Corp. (a)		5		2,302
Fidelity National Information Services, Inc.		73		10,793
Fiserv, Inc. (a)		67		6,907
Guidewire Software, Inc. (a)		16		1,646
Intuit, Inc.		90		29,297

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Software — continued
Jack Henry & Associates, Inc.		8		1,372
Microsoft Corp.		2,482		521,938
MongoDB, Inc., Class A (a)		5		1,123
MSCI, Inc., Class A		64		22,798
Oracle Corp.		706		42,165
Paychex, Inc.		37		2,928
Paycom Software, Inc. (a)		17		5,238
PTC, Inc. (a)		21		1,716
RingCentral, Inc., Class A (a)		22		5,936
salesforce.com, Inc. (a)		310		77,822
ServiceNow, Inc. (a)		66		31,805
Slack Technologies, Inc., Class A (a)		77		2,079
Snowflake, Inc., Class A (a)		3		728
Splunk, Inc. (a)		54		10,220
SS&C Technologies Holdings, Inc.		46		2,783
Synopsys, Inc. (a)		52		11,074
Take-Two Interactive Software, Inc. (a)		13		2,169
Twilio, Inc., Class A (a)		14		3,497
Tyler Technologies, Inc. (a)		13		4,665
Veeva Systems, Inc., Class A (a)		15		4,301
VMware, Inc., Class A (a)		17		2,502
Workday, Inc., Class A (a)		36		7,725
Zoom Video Communications, Inc., Class A (a)		48		22,337
				1,010,031
Total Technology				1,825,517
Utilities — 0.8%
Electric — 0.8%
AES Corp. (The)		73		1,318
Alliant Energy Corp.		20		1,016
Ameren Corp.		25		1,957
American Electric Power Co., Inc.		60		4,941
CenterPoint Energy, Inc.		57		1,099
CMS Energy Corp.		27		1,680
Consolidated Edison, Inc.		40		3,144
Dominion Energy, Inc.		99		7,828
DTE Energy Co.		23		2,651
Duke Energy Corp.		88		7,785
Edison International		45		2,275
Entergy Corp.		24		2,332
Evergy, Inc.		25		1,286
Eversource Energy		38		3,204
Exelon Corp.		130		4,636
FirstEnergy Corp.		63		1,803
NextEra Energy, Inc.		58		16,033
NRG Energy, Inc.		24		729
OGE Energy Corp.		17		509
PG&E Corp. (a)		125		1,178

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Electric — continued
Pinnacle West Capital Corp.		12		895
PPL Corp.		85		2,320
Public Service Enterprise Group, Inc.		60		3,277
Sempra Energy		35		4,093
Southern Co. (The)		127		6,876
Vistra Corp.		51		967
WEC Energy Group, Inc.		36		3,532
Xcel Energy, Inc.		62		4,262
				93,626
Gas — 0.0% (g)
Atmos Energy Corp.		12		1,169
NiSource, Inc.		37		813
UGI Corp.		22		714
				2,696
Water — 0.0% (g)
American Water Works Co., Inc.		19		2,757
Essential Utilities, Inc.		21		847
				3,604
Total Utilities				99,926
Total Common Stocks (Cost $9,863,583)				11,892,027
	PRINCIPAL     AMOUNT ($)
Short-Term Investments — 0.4%
Time Deposits — 0.4%
Australia & New Zealand Banking Group Ltd., 0.01%, 10/01/2020		32,219		32,219
Barclays SA, 0.01%, 10/01/2020		2,888		2,888
BNP Paribas SA, 0.01%, 10/01/2020		4,604		4,604
Brown Brothers Harriman, 0.01%, 10/01/2020		1		1
Citibank NA, 0.01%, 10/01/2020		6,067		6,067
Skandinaviska Enskilda Banken AB, 0.01%, 10/01/2020		5,716		5,716
Total Short-Term Investments (Cost $51,495)				51,495
Total Investments — 99.4% (Cost - $9,915,078) *				11,943,522
Other Assets in Excess of Liabilities — 0.6%				71,776
NET ASSETS — 100.0%			$	12,015,298

Percentages indicated are based on net assets.

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of September 30, 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		7		12/2020		USD		530		(3	)
NASDAQ 100 E-mini Index		47		12/2020		USD		10,608		115
S&P 500 E-mini Index		572		12/2020		USD		95,288		579
Total unrealized appreciation (depreciation)										691

Six Circles U.S. Unconstrained Equity Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 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 U.S. Unconstrained Equity Fund

Summary of Investments by Industry, September 30, 2020

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

INDUSTRY	PERCENTAGE
Internet		18.6	%
Pharmaceuticals		9.4	%
Software		8.5	%
Insurance		6.3	%
Banks		6.0	%
Beverages		5.2	%
Transportation		4.7	%
Semiconductors		4.4	%
Diversified Financial Services		4.0	%
Machinery - Diversified		3.9	%
Biotechnology		3.2	%
Auto Manufacturers		2.8	%
Miscellaneous Manufacturers		2.5	%
Computers		2.5	%
Machinery - Construction & Mining		1.9	%
Commercial Services		1.8	%
Retail		1.6	%
Healthcare - Products		1.2	%
Aerospace/Defense		1.1	%
Electronics		1.0	%
Others (Each less than 1.0%)		9.0	%
Short-Term Investments		0.4	%

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — 96.7%
Australia — 0.1%
BHP Group plc		419		8,930
Austria — 0.2%
ANDRITZ AG		108		3,324
Erste Group Bank AG (a)		55		1,147
OMV AG (a)		29		805
Raiffeisen Bank International AG (a)		31		467
Verbund AG		124		6,786
voestalpine AG		22		592
				13,121
Belgium — 1.1%
Ageas SA		34		1,388
Anheuser-Busch InBev SA		630		33,916
Colruyt SA (a)		11		705
Elia Group SA		51		5,079
Galapagos NV (a)		8		1,159
Groupe Bruxelles Lambert SA		23		2,066
KBC Group NV		49		2,443
Proximus SADP		30		545
Sofina SA		3		875
Solvay SA		15		1,282
Telenet Group Holding NV		10		373
UCB SA		164		18,606
Umicore SA		39		1,614
				70,051
Chile — 0.0% (g)
Antofagasta plc		80		1,061
China — 0.1%
Silergy Corp.		61		3,616
Denmark — 4.4%
Ambu A/S, Class B		33		929
AP Moller - Maersk A/S, Class A		1		973
AP Moller - Maersk A/S, Class B		1		1,993
Carlsberg A/S, Class B		86		11,553
Chr Hansen Holding A/S		21		2,283
Coloplast A/S, Class B		24		3,749

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Denmark — continued
Danske Bank A/S		138		1,864
Demant A/S (a)		21		659
DSV PANALPINA A/S		41		6,674
Genmab A/S (a)		13		4,690
GN Store Nord A/S		25		1,887
H Lundbeck A/S		90		2,976
Novo Nordisk A/S, Class B		2,230		154,497
Novozymes A/S, Class B		42		2,611
Orsted A/S (e)		306		42,197
Pandora A/S		20		1,449
Tryg A/S		25		782
Vestas Wind Systems A/S		297		47,973
				289,739
Finland — 1.7%
Elisa OYJ		27		1,601
Fortum OYJ		722		14,607
Kone OYJ, Class B		508		44,591
Neste OYJ		84		4,412
Nokia OYJ		5,459		21,364
Nordea Bank Abp		642		4,875
Orion OYJ, Class B		136		6,147
Sampo OYJ, Class A		94		3,713
Stora Enso OYJ, Class R		113		1,772
UPM-Kymmene OYJ		107		3,253
Wartsila OYJ Abp		673		5,286
				111,621
France — 14.3%
Accor SA (a)		38		1,054
Aeroports de Paris		6		612
Air Liquide SA		94		14,854
Airbus SE		881		63,909
Alstom SA (a)		287		14,348
Amundi SA (e)		12		828
Arkema SA		14		1,438
Atos SE (a)		95		7,635
AXA SA		385		7,123
BioMerieux		8		1,256
BNP Paribas SA		223		8,071
Bollore SA		179		667
Bouygues SA		345		11,905
Bureau Veritas SA		57		1,274
Capgemini SE		155		19,924
Carrefour SA		121		1,926
Cie de Saint-Gobain		777		32,566
Cie Generale des Etablissements Michelin SCA		34		3,628
CNP Assurances		31		391
Covivio		10		718

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
France — continued
Credit Agricole SA (a)		225		1,959
Danone SA		512		33,150
Dassault Aviation SA (a)		4		3,430
Dassault Systemes SE		127		23,765
Edenred		234		10,504
Eiffage SA (a)		125		10,227
Electricite de France SA		1,010		10,664
Engie SA (a)		2,964		39,607
EssilorLuxottica SA (a)		57		7,712
Eurazeo SE (a)		7		399
Faurecia SE (a)		14		619
Gecina SA		9		1,214
Getlink SE (a)		87		1,182
Hermes International		6		5,391
ICADE		6		339
Iliad SA		3		524
Ingenico Group SA		58		9,047
Ipsen SA		48		5,060
JCDecaux SA (a)		17		302
Kering SA		15		9,958
Klepierre SA		38		539
La Francaise des Jeux SAEM (e)		16		593
Legrand SA		400		31,853
L’Oreal SA		50		16,213
LVMH Moet Hennessy Louis Vuitton SE		55		25,727
Natixis SA (a)		179		401
Orange SA		396		4,123
Orpea (a)		10		1,180
Pernod Ricard SA		176		28,003
Peugeot SA		116		2,112
Publicis Groupe SA		44		1,416
Remy Cointreau SA		19		3,385
Renault SA		40		1,029
Safran SA (a)		481		47,359
Sanofi		1,464		146,742
Sartorius Stedim Biotech		5		1,857
Schneider Electric SE		828		102,920
SCOR SE (a)		32		890
SEB SA		4		698
Societe Generale SA		159		2,109
Sodexo SA		18		1,257
Suez SA		561		10,363
Teleperformance		12		3,611
Thales SA		163		12,203
TOTAL SE		489		16,804
Ubisoft Entertainment SA (a)		18		1,638
Unibail-Rodamco-Westfield		26		977

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
France — continued
Valeo SA		45		1,393
Veolia Environnement SA		877		18,924
Vinci SA		772		64,500
Vivendi SA		164		4,590
Wendel SE		6		509
Worldline SA (a) (e)		132		10,811
				935,909
Germany — 11.6%
adidas AG (a)		38		12,172
Allianz SE (Registered)		83		15,850
BASF SE		182		11,072
Bayer AG (Registered)		1,273		78,518
Bayerische Motoren Werke AG		66		4,760
Beiersdorf AG		20		2,231
Brenntag AG		232		14,721
Carl Zeiss Meditec AG		8		981
Commerzbank AG		205		1,007
Continental AG		22		2,337
Covestro AG (e)		34		1,689
Daimler AG (Registered)		170		9,170
Delivery Hero SE (a) (e)		26		2,972
Deutsche Bank AG (Registered) (a)		392		3,308
Deutsche Boerse AG		37		6,557
Deutsche Lufthansa AG (Registered) (a)		62		535
Deutsche Post AG (Registered)		196		8,911
Deutsche Telekom AG (Registered)		660		10,986
Deutsche Wohnen SE		68		3,406
E.ON SE		3,651		40,244
Evonik Industries AG		41		1,058
Fraport AG Frankfurt Airport Services Worldwide (a)		8		327
Fresenius Medical Care AG & Co. KGaA		42		3,589
Fresenius SE & Co. KGaA		83		3,783
GEA Group AG		231		8,087
Hannover Rueck SE		12		1,830
HeidelbergCement AG		30		1,829
Henkel AG & Co. KGaA		21		1,951
HOCHTIEF AG		38		2,950
Infineon Technologies AG		1,206		33,989
KION Group AG		98		8,372
Knorr-Bremse AG		108		12,739
LANXESS AG		16		906
LEG Immobilien AG		14		1,961
Merck KGaA		167		24,401
METRO AG		33		331
MTU Aero Engines AG		80		13,266
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		28		7,053
Nemetschek SE		55		4,048

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Germany — continued
Puma SE		16		1,482
RWE AG		1,045		39,124
SAP SE		1,008		156,913
Scout24 AG (e)		22		1,882
Siemens AG (Registered)		1,146		144,756
Siemens Energy AG (a)		594		16,031
Siemens Healthineers AG (e)		53		2,359
Symrise AG, Class A		26		3,540
TeamViewer AG (a) (e)		125		6,176
Telefonica Deutschland Holding AG		200		511
thyssenkrupp AG (a)		85		427
Uniper SE		351		11,331
United Internet AG (Registered)		20		765
Volkswagen AG		6		1,119
Vonovia SE		101		6,955
Zalando SE (a) (e)		30		2,764
				760,032
Ireland — 1.1%
AerCap Holdings NV (a)		199		5,012
CRH plc		155		5,633
DCC plc		147		11,366
Experian plc		179		6,729
Flutter Entertainment plc		32		5,035
Kerry Group plc, Class A		132		16,872
Kingspan Group plc		231		20,994
Smurfit Kappa Group plc		44		1,738
				73,379
Isle of Man — 0.0% (g)
GVC Holdings plc		116		1,457
Italy — 3.2%
Assicurazioni Generali SpA		214		3,013
Atlantia SpA (a)		96		1,500
Davide Campari-Milano NV		478		5,220
DiaSorin SpA		5		1,011
Enel SpA		13,182		114,362
Eni SpA		495		3,868
Ferrari NV		25		4,594
FinecoBank Banca Fineco SpA		119		1,633
Infrastrutture Wireless Italiane SpA (e)		45		498
Intesa Sanpaolo SpA		3,279		6,169
Leonardo SpA		339		1,982
Mediobanca Banca di Credito Finanziario SpA		126		991
Moncler SpA		40		1,621
Nexi SpA (a) (e)		363		7,283
Pirelli & C SpA (e)		89		384
Poste Italiane SpA (e)		108		956

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Italy — continued
Prysmian SpA		367		10,663
Recordati Industria Chimica e Farmaceutica SpA		136		6,989
Snam SpA		3,454		17,764
Telecom Italia SpA		3,061		1,231
Terna Rete Elettrica Nazionale SpA		2,295		16,057
UniCredit SpA		425		3,512
				211,301
Jordan — 0.1%
Hikma Pharmaceuticals plc		223		7,480
Luxembourg — 0.1%
ArcelorMittal SA (a)		145		1,930
Aroundtown SA		196		986
Eurofins Scientific SE (a)		3		2,104
SES SA, Class A		80		563
Tenaris SA		90		450
				6,033
Netherlands — 4.4%
ABN AMRO Bank NV, GDR CVA (a) (e)		82		685
Adyen NV (a) (e)		17		32,234
Aegon NV		345		893
Akzo Nobel NV		39		3,925
Altice Europe NV (a)		134		639
Argenx SE (a)		9		2,308
ASML Holding NV		411		151,723
EXOR NV		22		1,172
Heineken Holding NV		95		7,438
Heineken NV		215		19,115
ING Groep NV		770		5,497
Just Eat Takeaway.com NV (a) (e)		25		2,783
Koninklijke Ahold Delhaize NV		217		6,415
Koninklijke DSM NV		34		5,614
Koninklijke KPN NV		708		1,661
Koninklijke Philips NV		181		8,570
Koninklijke Vopak NV		14		784
NN Group NV		57		2,148
Prosus NV (a)		97		8,916
QIAGEN NV (a)		45		2,360
Randstad NV		23		1,204
Royal Dutch Shell plc, Class A		812		10,143
Royal Dutch Shell plc, Class B		737		8,934
Wolters Kluwer NV		54		4,614
				289,775
Norway — 0.4%
Adevinta ASA, Class B (a)		47		806
DNB ASA		187		2,601
Equinor ASA		201		2,841

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Norway — continued
Gjensidige Forsikring ASA		39		789
Mowi ASA		362		6,449
Norsk Hydro ASA		284		784
Orkla ASA		618		6,237
Schibsted ASA, Class B		20		814
Telenor ASA		141		2,369
Yara International ASA		35		1,359
				25,049
Portugal — 0.4%
EDP - Energias de Portugal SA		4,567		22,454
Galp Energia SGPS SA		101		936
Jeronimo Martins SGPS SA		47		762
				24,152
South Korea — 7.5%
Samsung Electronics Co. Ltd.		9,433		468,297
Samsung Electronics Co. Ltd. (Registered), GDR		21		26,647
				494,944
Spain — 3.9%
ACS Actividades de Construccion y Servicios SA		422		9,533
Aena SME SA (e)		14		1,937
Amadeus IT Group SA		435		24,158
Banco Bilbao Vizcaya Argentaria SA		1,320		3,665
Banco Santander SA		3,313		6,179
Bankinter SA		137		591
CaixaBank SA		709		1,505
Cellnex Telecom SA (e)		63		3,818
Enagas SA		236		5,443
Endesa SA		529		14,159
Ferrovial SA		727		17,649
Grifols SA		61		1,741
Iberdrola SA		9,658		118,872
Industria de Diseno Textil SA		218		6,043
Mapfre SA		245		385
Naturgy Energy Group SA		528		10,579
Red Electrica Corp. SA		630		11,818
Repsol SA		307		2,072
Siemens Gamesa Renewable Energy SA		361		9,776
Telefonica SA		998		3,420
				253,343
Sweden — 5.4%
Alfa Laval AB		472		10,425
Assa Abloy AB, Class B		1,500		35,077
Atlas Copco AB, Class A		1,005		47,933
Atlas Copco AB, Class B		582		24,299
Boliden AB		52		1,552
Electrolux AB, Class B		47		1,093
Epiroc AB, Class A		994		14,399

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES			VALUE ($)
Common Stocks — continued
Sweden — continued
Epiroc AB, Class B		572			7,942
EQT AB		48			931
Essity AB, Class B		120			4,067
Evolution Gaming Group AB (e)		25			1,684
Hennes & Mauritz AB, Class B		156			2,693
Hexagon AB, Class B		272			20,521
Husqvarna AB, Class B		80			881
ICA Gruppen AB		21			1,055
Industrivarden AB, Class C		33			881
Investment AB Latour, Class B		215			5,056
Investor AB, Class B		90			5,874
Kinnevik AB, Class B		46			1,885
L E Lundbergforetagen AB, Class B		15			732
Lundin Energy AB		37			735
Nibe Industrier AB, Class B		464			11,924
Sandvik AB		1,692			33,094
Securitas AB, Class B		62			947
Skandinaviska Enskilda Banken AB, Class A		326			2,899
Skanska AB, Class B		505			10,662
SKF AB, Class B		570			11,751
Svenska Cellulosa AB SCA, Class B (a)		118			1,623
Svenska Handelsbanken AB, Class A		303			2,532
Swedbank AB, Class A		182			2,844
Swedish Match AB		135			11,061
Tele2 AB, Class B		98			1,388
Telefonaktiebolaget LM Ericsson, Class B		2,814			30,793
Telia Co. AB		501			2,050
Volvo AB, Class B		2,232			42,885
					356,168
Switzerland — 17.6%
ABB Ltd. (Registered)		2,761			70,188
Adecco Group AG (Registered)		30			1,593
Alcon, Inc. (a)		97			5,506
Baloise Holding AG (Registered)		9			1,340
Banque Cantonale Vaudoise (Registered)		6			577
Barry Callebaut AG (Registered)		2			5,517
Chocoladefabriken Lindt & Spruengli AG		1			7,546
Chocoladefabriken Lindt & Spruengli AG (Registered)		—	(h)		7,662
Cie Financiere Richemont SA (Registered), Class A		103			6,902
Clariant AG (Registered)		39			770
Coca-Cola HBC AG		167			4,132
Credit Suisse Group AG (Registered)		481			4,800
EMS-Chemie Holding AG (Registered)		2			1,429
Geberit AG (Registered)		55			32,757
Givaudan SA (Registered)		2			7,932
Glencore plc (a)		1,982			4,110
Julius Baer Group Ltd.		44			1,886

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Switzerland — continued
Kuehne + Nagel International AG (Registered)		11		2,095
LafargeHolcim Ltd. (Registered) (a)		104		4,720
Logitech International SA (Registered)		158		12,270
Lonza Group AG (Registered)		15		9,110
Nestle SA (Registered)		2,464		293,296
Novartis AG (Registered)		2,875		249,649
Partners Group Holding AG		4		3,428
Roche Holding AG		910		311,647
Schindler Holding AG		61		16,679
Schindler Holding AG (Registered)		30		8,020
SGS SA (Registered)		1		3,243
Sika AG (Registered)		28		6,857
Sonova Holding AG (Registered) (a)		11		2,733
STMicroelectronics NV		616		18,887
Straumann Holding AG (Registered)		2		2,063
Swatch Group AG (The)		6		1,356
Swatch Group AG (The) (Registered)		10		448
Swiss Life Holding AG (Registered)		6		2,349
Swiss Prime Site AG (Registered)		15		1,338
Swiss Re AG		58		4,335
Swisscom AG (Registered)		5		2,752
Temenos AG (Registered)		64		8,643
UBS Group AG (Registered)		728		8,134
Vifor Pharma AG		59		8,036
Zurich Insurance Group AG		30		10,405
				1,157,140
Taiwan — 5.7%
ASE Technology Holding Co. Ltd.		2,727		5,615
ASMedia Technology, Inc.		23		1,166
Globalwafers Co. Ltd.		182		2,435
MediaTek, Inc.		1,261		26,719
Nanya Technology Corp.		1,041		2,092
Novatek Microelectronics Corp.		481		4,437
Phison Electronics Corp.		125		1,153
Powertech Technology, Inc.		614		1,847
Realtek Semiconductor Corp.		406		5,204
Taiwan Semiconductor Manufacturing Co. Ltd.		20,579		309,592
United Microelectronics Corp.		9,700		9,568
Vanguard International Semiconductor Corp.		751		2,512
Win Semiconductors Corp.		283		2,822
Winbond Electronics Corp.		2,530		1,233
				376,395
United Arab Emirates — 0.0% (g)
NMC Health plc (a) (bb) (cc)		116		—

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
United Kingdom — 13.4%
3i Group plc		192		2,463
Admiral Group plc		37		1,257
Anglo American plc		243		5,867
Ashtead Group plc		673		24,241
Associated British Foods plc		296		7,132
AstraZeneca plc		1,699		185,677
Auto Trader Group plc (e)		190		1,376
AVEVA Group plc		62		3,816
Aviva plc		786		2,908
BAE Systems plc		4,836		30,036
Barclays plc		3,441		4,341
Barratt Developments plc		201		1,230
Berkeley Group Holdings plc		25		1,356
BP plc		4,018		11,620
British American Tobacco plc		1,900		68,149
British Land Co. plc (The)		177		772
BT Group plc, Class A		1,730		2,192
Bunzl plc		503		16,256
Burberry Group plc		78		1,562
CNH Industrial NV		1,560		12,065
Coca-Cola European Partners plc		168		6,530
Compass Group plc		352		5,293
Croda International plc		26		2,078
Diageo plc		1,935		66,481
Direct Line Insurance Group plc		267		931
Evraz plc		98		437
Ferguson plc		337		33,962
Fiat Chrysler Automobiles NV		214		2,623
GlaxoSmithKline plc		6,497		121,804
Halma plc		366		11,054
Hargreaves Lansdown plc		65		1,313
HSBC Holdings plc		4,032		15,772
Imperial Brands plc		780		13,786
Informa plc		292		1,416
InterContinental Hotels Group plc		33		1,753
Intertek Group plc		32		2,575
J Sainsbury plc		339		835
JD Sports Fashion plc		82		859
Johnson Matthey plc		40		1,200
Kingfisher plc		423		1,622
Land Securities Group plc		140		942
Legal & General Group plc		1,197		2,920
Lloyds Banking Group plc		13,939		4,732
London Stock Exchange Group plc		63		7,223
M&G plc		520		1,069
Melrose Industries plc (a)		7,289		10,808
Mondi plc		97		2,054
National Grid plc		698		8,012

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
United Kingdom — continued
Natwest Group plc		969		1,327
Next plc		26		1,978
Ocado Group plc (a)		90		3,180
Pearson plc		147		1,040
Persimmon plc		63		2,005
Prudential plc		517		7,424
Reckitt Benckiser Group plc		141		13,715
RELX plc		384		8,540
Rentokil Initial plc		372		2,569
Rio Tinto plc		222		13,379
Rolls-Royce Holdings plc (a)		2,910		4,831
RSA Insurance Group plc		208		1,216
Sage Group plc (The)		1,056		9,815
Schroders plc		24		836
Segro plc		237		2,851
Severn Trent plc		47		1,466
Smith & Nephew plc		175		3,421
Smiths Group plc		598		10,578
Spirax-Sarco Engineering plc		110		15,625
SSE plc		206		3,204
St James’s Place plc		106		1,277
Standard Chartered plc		529		2,432
Standard Life Aberdeen plc		445		1,297
Taylor Wimpey plc		732		1,024
Tesco plc		1,934		5,307
Unilever NV		289		17,560
Unilever plc		232		14,279
United Utilities Group plc		133		1,467
Vodafone Group plc		5,322		7,054
Whitbread plc		41		1,111
Wm Morrison Supermarkets plc		488		1,071
WPP plc		247		1,938
				879,217
Total Common Stocks (Cost $5,799,297)				6,349,913
Preferred Stocks — 1.3%
Germany — 0.2%
Bayerische Motoren Werke AG		11		582
FUCHS PETROLUB SE		14		701
Henkel AG & Co. KGaA		35		3,709
Porsche Automobil Holding SE (a)		30		1,796
Sartorius AG		7		2,922
Volkswagen AG		37		5,894
				15,604
South Korea — 1.1%
Samsung Electronics Co. Ltd.		1,625		69,937
Total Preferred Stocks (Cost $69,268)				85,541

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)			VALUE ($)
Short-Term Investments — 1.6%
Time Deposits — 1.6%
Australia & New Zealand Banking Group Ltd., 0.01%, 10/01/2020		247			247
BNP Paribas SA,
(1.49%), 10/01/2020	CHF	20,208			21,940
0.01%, 10/01/2020		3,569			3,569
Brown Brothers Harriman,
(1.49%), 10/01/2020	CHF	—	(h)		—	(h)
(0.69%), 10/01/2020	EUR	12			14
(0.55%), 10/01/2020	DKK	29,705			4,678
(0.28%), 10/01/2020	SEK	—	(h)		—	(h)
(0.10%), 10/01/2020	NOK	3,345			359
0.01%, 10/01/2020	GBP	24			24
0.01%, 10/05/2020	HKD	—	(h)		—	(h)
Citibank NA,
(0.69%), 10/01/2020	EUR	42,899			50,297
0.01%, 10/01/2020	GBP	10,189			13,148
0.01%, 10/01/2020		1,887			1,887
Skandinaviska Enskilda Banken AB,
(0.28%), 10/01/2020	SEK	59,539			6,648
0.01%, 10/01/2020		4,893			4,893
Total Short-Term Investments (Cost $107,704)					107,704
Total Investments — 99.6% (Cost - $5,976,269) *					6,543,158
Other Assets in Excess of Liabilities — 0.4%					23,710
NET ASSETS — 100.0%				$	6,566,868

Percentages indicated are based on net assets.

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of September 30, 2020:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Euro STOXX 50 Index	2,004		12/2020	EUR		77,180		(2,134	)
FTSE 100 Index	430		12/2020	GBP		33,243		(831	)
MSCI Taiwan Index	33		10/2020	USD		1,598		29
Total unrealized appreciation (depreciation)								(2,936	)

Six Circles International Unconstrained Equity Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020

CVA	—	Dutch Certification
GDR	—	Global Depositary 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.
CHF	—	Swiss Franc
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
USD	—	United States Dollar

Six Circles International Unconstrained Equity Fund

Summary of Investments by Industry, September 30, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		20.3	%
Semiconductors		17.5	%
Electric		8.2	%
Food		6.2	%
Software		3.3	%
Miscellaneous Manufacturers		2.9	%
Beverages		2.8	%
Machinery - Diversified		2.8	%
Aerospace/Defense		2.7	%
Electrical Components & Equipments		2.2	%
Commercial Services		2.1	%
Engineering & Construction		2.1	%
Electronics		1.9	%
Building Materials		1.9	%
Banks		1.7	%
Telecommunications		1.5	%
Agriculture		1.4	%
Insurance		1.3	%
Chemicals		1.3	%
Auto Manufacturers		1.2	%
Oil & Gas		1.1	%
Others (Each less than 1.0%)		12.0	%
Short-Term Investments		1.6	%

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Long Positions — 111.1%
Asset-Backed Securities — 0.5%
American Express Credit Account Master Trust, Series 2019-3, Class A, 2.00%, 04/15/2025		615		636
Atlas Senior Loan Fund Ltd., (Cayman Islands), Series 2017-8A, Class A, (ICE LIBOR USD 3 Month + 1.30%), 1.57%, 01/16/2030 (e) (aa)		2,000		1,980
Capital One Multi-Asset Execution Trust,
Series 2017-A3, Class A3, 2.43%, 01/15/2025		360		371
Series 2019-A2, Class A2, 1.72%, 08/15/2024		500		514
Carmax Auto Owner Trust,
Series 2019-4, Class A3, 2.02%, 11/15/2024		141		145
Series 2020-1, Class A3, 1.89%, 12/16/2024		300		308
CBAM Ltd., (Cayman Islands), Series 2017-3A, Class A, (ICE LIBOR USD 3 Month + 1.23%), 1.50%, 10/17/2029 (e) (aa)		2,000		1,993
Elmwood CLO I Ltd., (Cayman Islands), Series 2019-1A, Class A, (ICE LIBOR USD 3 Month + 1.35%), 1.62%, 04/20/2030 (e) (aa)		2,000		1,997
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A4, 1.74%, 08/18/2025		500		518
Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.41%, 11/15/2024		131		134
KKR CLO Ltd., (Cayman Islands), Series 18, Class A, (ICE LIBOR USD 3 Month + 1.27%), 1.54%, 07/18/2030 (e) (aa)		2,000		1,984
MidOcean Credit CLO VI, (Cayman Islands), Series 2016-6A, Class AR, (ICE LIBOR USD 3 Month + 1.25%), 1.52%, 01/20/2029 (e) (aa)		2,000		1,988
MP CLO VIII Ltd., (Cayman Islands), Series 2015-2A, Class AR, (ICE LIBOR USD 3 Month + 0.91%), 1.16%, 10/28/2027 (e) (aa)		1,865		1,851
Nats En Route plc, (United Kingdom), Reg. S, 5.25%, 03/31/2026	GBP	23		33
Nissan Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.38%, 12/16/2024		131		134
World Omni Auto Receivables Trust, Series 2020-A, Class A3, 1.10%, 04/15/2025		175		177
Total Asset-Backed Securities (Cost $14,796)				14,763
Certificate of Deposit — 0.0%
Financial — 0.0% (g)
Banks — 0.0% (g)
China Development Bank Corp., (China), 3.20%, 09/23/2021 (Cost $146)	CNH	1,000		148

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Collateralized Mortgage Obligations — 1.9%
FHLMC REMICS,
Series 4023, Class S, IF, IO, (6.25% - ICE LIBOR USD 1 Month), 6.10%, 03/15/2042 (aa)		2,115		414
Series 4134, Class PI, IO, 3.00%, 11/15/2042		771		60
Series 4165, Class TI, IO, 3.00%, 12/15/2042		953		73
Series 4479, Class AI, IO, 3.50%, 09/15/2025		14,522		798
Series 4598, Class IK, IO, 3.50%, 03/15/2046		1,128		162
Series 4825, Class SE, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 6.05%, 09/15/2048 (aa)		8,927		1,728
Series 4888, Class IB, IO, 4.00%, 03/15/2047		1,298		82
Series 4974, Class PO, PO, Zero Coupon, 08/25/2042		152		147
Series 4990, Class MI, IO, 4.00%, 07/25/2050		8,799		1,262
Series 5003, Class AS, IF, IO, (6.10% - ICE LIBOR USD 1 Month), 5.95%, 08/25/2050 (aa)		7,952		2,100
Series 5016, Class PI, IO, 3.00%, 09/25/2050		15,314		1,967
FHLMC Strips, Series 365, Class C2, IO, 4.00%, 06/15/2049		9,631		1,165
FNMA Interest Strip,
Series 379, Class S56, IF, IO, (7.90% - ICE LIBOR USD 1 Month), 7.75%, 05/25/2037 (aa)		762		133
Series 406, Class 23, IO, 6.00%, 11/25/2040 (z)		269		65
FNMA REMICS,
Series 2012-53, Class IO, IO, 3.50%, 05/25/2027		2,924		121
Series 2012-98, Class JI, IO, 3.00%, 04/25/2027		5,075		235
Series 2012-133, Class MO, PO, Zero Coupon, 12/25/2042		200		173
Series 2014-34, Class US, IF, (8.60% - ICE LIBOR USD 1 Month), 8.30%, 06/25/2044 (aa)		76		90
Series 2016-26, Class SY, IF, (7.03% - ICE LIBOR USD 1 Month), 6.69%, 11/25/2042 (aa)		1,099		1,237
Series 2018-67, Class SH, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 6.05%, 09/25/2048 (aa)		6,864		1,352
Series 2019-48, Class IB, IO, 0.68%, 06/25/2039 (z)		35,842		999
Series 2019-68, Class US, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 5.85%, 11/25/2049 (aa)		12,203		2,110
Series 2019-78, Class DI, IO, 4.50%, 11/25/2049		2,081		134
Series 2020-42, Class CI, IO, 3.00%, 06/25/2050		17,019		2,480
Series 2020-60, Class BI, IO, 3.50%, 09/25/2050		22,336		3,099
Series 2020-68, Class CI, IO, 3.00%, 10/25/2050 (bb)		15,224		1,813
GNMA,
Series 2015-H03, Class FA, (ICE LIBOR USD 1 Month + 0.50%), 0.65%, 12/20/2064 (aa)		139		139
Series 2019-H08, Class FE, (ICE LIBOR USD 1 Month + 0.65%), 0.80%, 01/20/2069 (aa)		7,752		7,839
Series 2019-H16, Class FD, (ICE LIBOR USD 1 Month + 0.80%), 0.95%, 10/20/2069 (aa)		4,580		4,685
Series 2020-H14, Class FH, (ICE LIBOR USD 1 Month + 1.25%), 1.41%, 08/20/2070 (aa)		10,001		10,576
Series 2020-H15, Class FH, (ICE LIBOR USD 1 Month + 1.05%), 1.21%, 07/20/2070 (aa)		5,651		5,865
Series 2020-H15, Class FK, (ICE LIBOR USD 1 Month + 1.25%), 1.41%, 04/20/2070 (aa)		9,770		10,241
Total Collateralized Mortgage Obligations (Cost $63,051)				63,344

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — 0.5%
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class ASB, 3.43%, 09/15/2048		615		654
BANK, Series 2018-BNK13, Class A5, 4.22%, 08/15/2061 (z)		500		593
Barclays Commercial Mortgage Trust, Series 2019-C5, Class ASB, 2.99%, 11/15/2052		500		557
BBCMS Mortgage Trust, Series 2020-C7, Class A5, 2.04%, 04/15/2053		210		219
Benchmark Mortgage Trust,
Series 2020-B16, Class AM, 2.94%, 02/15/2053 (z)		350		382
Series 2020-B17, Class A5, 2.29%, 03/15/2053		500		531
Citigroup Commercial Mortgage Trust,
Series 2014-GC23, Class AS, 3.86%, 07/10/2047		250		271
Series 2014-GC25, Class A4, 3.64%, 10/10/2047		500		546
Series 2019-GC41, Class AS, 3.02%, 08/10/2056		250		275
COMM Mortgage Trust, Series 2016-CR28, Class ASB, 3.53%, 02/10/2049		500		534
FHLMC Multifamily Structured Pass Through Certificates,
Series K057, Class A2, 2.57%, 07/25/2026		850		933
Series K071, Class A2, 3.29%, 11/25/2027		500		577
Series K075, Class A2, 3.65%, 02/25/2028 (z)		500		588
Series K094, Class A2, 2.90%, 06/25/2029		112		128
Series K103, Class A2, 2.65%, 11/25/2029		500		564
Series K108, Class A2, 1.52%, 03/25/2030		304		315
Series K725, Class A2, 3.00%, 01/25/2024		225		242
Series K729, Class A2, 3.14%, 10/25/2024		200		218
Series K737, Class A2, 2.53%, 10/25/2026		500		547
FNMA-ACES,
Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z)		677		757
Series 2017-M12, Class A2, 3.18%, 06/25/2027 (z)		140		158
Series 2017-M13, Class A2, 3.04%, 09/25/2027 (z)		674		762
GS Mortgage Securities Trust,
Series 2013-GCJ12, Class AS, 3.38%, 06/10/2046		400		419
Series 2019-GSA1, Class A4, 3.05%, 11/10/2052		250		280
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C29, Class A4, 3.33%, 05/15/2049		500		553
Series 2016-C31, Class A5, 3.10%, 11/15/2049		500		549
UBS Commercial Mortgage Trust, Series 2018-C11, Class ASB, 4.12%, 06/15/2051		687		783
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C2, Class A4, 3.53%, 05/10/2063		200		206
Series 2012-C4, Class A5, 2.85%, 12/10/2045		500		518
Series 2013-C5, Class A4, 3.18%, 03/10/2046		415		433
Series 2013-C6, Class A4, 3.24%, 04/10/2046		400		419
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC18, Class A5, 3.41%, 12/15/2047		420		458
Series 2015-LC20, Class A5, 3.18%, 04/15/2050		500		541
Series 2017-C40, Class A4, 3.58%, 10/15/2050		550		627
WFRBS Commercial Mortgage Trust, Series 2013-C12, Class A4, 3.20%, 03/15/2048		400		419
Total Commercial Mortgage-Backed Securities (Cost $16,495)				16,556

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — 23.3%
Basic Materials — 0.7%
Chemicals — 0.5%
Air Liquide Finance SA, (France),
Reg. S, 0.63%, 06/20/2030	EUR	100		123
Reg. S, 0.75%, 06/13/2024	EUR	100		121
Air Products and Chemicals, Inc., 2.80%, 05/15/2050		90		96
Albemarle New Holding GmbH, (Germany), Reg. S, 1.13%, 11/25/2025	EUR	100		119
Cabot Corp., 4.00%, 07/01/2029		50		53
CF Industries, Inc., 4.50%, 12/01/2026 (e)		1,800		2,089
Covestro AG, (Germany), Reg. S, 0.88%, 02/03/2026	EUR	100		118
Dow Chemical Co. (The),
1.88%, 03/15/2040	EUR	600		693
4.55%, 11/30/2025		1,800		2,094
5.25%, 11/15/2041		600		738
DuPont de Nemours, Inc.,
2.17%, 05/01/2023		100		101
4.21%, 11/15/2023		900		988
Eastman Chemical Co., 3.60%, 08/15/2022		2,900		3,042
FMC Corp.,
3.20%, 10/01/2026		140		154
3.45%, 10/01/2029		25		28
4.50%, 10/01/2049		25		31
Givaudan Finance Europe BV, (Netherlands), Reg. S, 1.00%, 04/22/2027	EUR	100		123
Huntsman International LLC,
4.50%, 05/01/2029		145		163
5.13%, 11/15/2022		60		65
International Flavors & Fragrances, Inc.,
1.75%, 03/14/2024	EUR	100		122
5.00%, 09/26/2048		10		13
Linde Finance BV, (Netherlands),
Reg. S, 0.55%, 05/19/2032	EUR	100		120
Reg. S, 1.88%, 05/22/2024	EUR	100		126
LYB International Finance III LLC,
2.88%, 05/01/2025		85		91
4.20%, 10/15/2049		600		661
Mosaic Co. (The), 4.25%, 11/15/2023		190		206
Nutrien Ltd., (Canada), 3.00%, 04/01/2025		1,100		1,190
PPG Industries, Inc., 2.55%, 06/15/2030		140		149
RPM International, Inc., 4.55%, 03/01/2029		60		70
Sherwin-Williams Co. (The),
3.13%, 06/01/2024		100		108
3.30%, 05/15/2050		70		74
3.45%, 08/01/2025		90		100
3.80%, 08/15/2049		90		103
4.50%, 06/01/2047		40		50
Yara International ASA, (Norway), 3.15%, 06/04/2030 (e)		1,000		1,070
				15,192

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Iron/Steel — 0.1%
Reliance Steel & Aluminum Co.,
1.30%, 08/15/2025		20		20
2.15%, 08/15/2030		290		284
Steel Dynamics, Inc., 3.25%, 01/15/2031		1,400		1,498
Vale Overseas Ltd., (Cayman Islands), 6.88%, 11/21/2036		171		222
Vale SA, (Brazil), 3.75%, 01/10/2023	EUR	100		123
				2,147
Mining — 0.1%
Anglo American Capital plc, (United Kingdom), Reg. S, 3.38%, 03/11/2029	GBP	100		140
Barrick PD Australia Finance Pty Ltd., (Australia), 5.95%, 10/15/2039		920		1,312
Kinross Gold Corp., (Canada),
4.50%, 07/15/2027		2,095		2,376
5.95%, 03/15/2024		185		211
Newmont Corp.,
2.25%, 10/01/2030		9		10
4.88%, 03/15/2042		60		81
Teck Resources Ltd., (Canada), 6.00%, 08/15/2040		25		28
				4,158
Total Basic Materials				21,497
Communications — 1.7%
Internet — 0.1%
Alibaba Group Holding Ltd., (Cayman Islands), 4.00%, 12/06/2037		600		715
Alphabet, Inc., 1.90%, 08/15/2040		700		673
Amazon.com, Inc.,
3.88%, 08/22/2037		20		25
4.25%, 08/22/2057		70		95
Baidu, Inc., (Cayman Islands),
3.43%, 04/07/2030		200		220
4.38%, 03/29/2028		480		549
eBay, Inc.,
1.90%, 03/11/2025		5		5
4.00%, 07/15/2042		20		23
Expedia Group, Inc.,
3.60%, 12/15/2023 (e)		10		10
4.63%, 08/01/2027 (e)		65		69
JD.com, Inc., (Cayman Islands), 3.38%, 01/14/2030		660		715
Prosus NV, (Netherlands), Reg. S, 1.54%, 08/03/2028	EUR	100		118
				3,217
Media — 0.6%
Charter Communications Operating LLC / Charter Communications Operating Capital,
3.70%, 04/01/2051		2,100		2,075
4.46%, 07/23/2022		190		201
4.50%, 02/01/2024		115		128

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Media — continued
4.80%, 03/01/2050		80		91
4.91%, 07/23/2025		1,545		1,786
5.38%, 05/01/2047		165		196
5.75%, 04/01/2048		80		100
6.38%, 10/23/2035		90		123
6.48%, 10/23/2045		60		81
Comcast Corp.,
1.50%, 02/15/2031		2,900		2,873
1.88%, 02/20/2036	GBP	100		133
2.35%, 01/15/2027		2,000		2,146
2.65%, 08/15/2062		70		67
3.60%, 03/01/2024		200		220
3.97%, 11/01/2047		220		263
4.05%, 11/01/2052		40		49
4.25%, 10/15/2030		120		147
4.60%, 10/15/2038		20		25
Cox Communications, Inc., 3.50%, 08/15/2027 (e)		3,180		3,562
Discovery Communications LLC,
5.20%, 09/20/2047		1,100		1,333
5.30%, 05/15/2049		90		110
Pearson Funding plc, (United Kingdom), Reg. S, 3.75%, 06/04/2030	GBP	100		138
RELX Finance BV, (Netherlands), Reg. S, 0.00%, 03/18/2024	EUR	100		117
Sky Ltd., (United Kingdom), Reg. S, 2.50%, 09/15/2026	EUR	100		134
Thomson Reuters Corp., (Canada), 4.30%, 11/23/2023		120		131
Time Warner Cable LLC,
4.50%, 09/15/2042		80		87
5.50%, 09/01/2041		800		969
ViacomCBS, Inc.,
3.70%, 08/15/2024		50		55
5.85%, 09/01/2043		1,100		1,395
Vivendi SA, (France), Reg. S, 1.13%, 12/11/2028	EUR	100		123
Wolters Kluwer NV, (Netherlands), Reg. S, 0.75%, 07/03/2030	EUR	200		239
				19,097
Telecommunications — 1.0%
AT&T, Inc.,
1.80%, 09/05/2026	EUR	100		126
1.80%, 09/14/2039	EUR	1,200		1,393
2.05%, 05/19/2032	EUR	1,200		1,526
3.00%, 06/30/2022		25		26
3.30%, 02/01/2052		90		85
3.50%, 06/01/2041		1,700		1,786
3.50%, 02/01/2061		100		95
3.55%, 09/15/2055 (e)		6		6
3.65%, 06/01/2051		1,800		1,816
3.80%, 03/01/2024		80		88
4.25%, 03/01/2027		20		23

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Telecommunications — continued
4.25%, 06/01/2043	GBP	200		316
4.30%, 12/15/2042		50		57
4.45%, 04/01/2024		50		56
4.80%, 06/15/2044		40		48
4.85%, 03/01/2039		175		211
5.25%, 03/01/2037		60		75
Reg. S, 5.50%, 03/15/2027	GBP	100		161
CK Hutchison Group Telecom Finance SA, (Luxembourg), Reg. S, 0.38%, 10/17/2023	EUR	1,300		1,536
Deutsche Telekom International Finance BV, (Netherlands),
3.60%, 01/19/2027 (e)		900		1,008
8.75%, 06/15/2030		140		218
Elisa OYJ, (Finland), Reg. S, 0.88%, 03/17/2024	EUR	100		120
Level 3 Financing, Inc., 3.40%, 03/01/2027 (e)		2,000		2,154
Motorola Solutions, Inc.,
2.30%, 11/15/2030		120		119
4.00%, 09/01/2024		15		17
4.60%, 02/23/2028		1,375		1,606
4.60%, 05/23/2029		40		47
Orange SA, (France), Reg. S, 3.25%, 01/15/2032	GBP	1,100		1,655
OTE plc, (United Kingdom), Reg. S, 0.88%, 09/24/2026	EUR	100		119
Proximus SADP, (Belgium), Reg. S, 2.38%, 04/04/2024	EUR	100		127
Telstra Corp. Ltd., (Australia), 3.13%, 04/07/2025 (e)		2,600		2,846
T-Mobile USA, Inc.,
1.50%, 02/15/2026 (e)		10		10
3.50%, 04/15/2025 (e)		2,525		2,771
3.75%, 04/15/2027 (e)		35		39
3.88%, 04/15/2030 (e)		2,590		2,939
4.38%, 04/15/2040 (e)		120		140
4.50%, 04/15/2050 (e)		255		306
Verizon Communications, Inc.,
0.88%, 04/02/2025	EUR	100		121
0.88%, 03/19/2032	EUR	1,100		1,291
1.50%, 09/18/2030		40		40
2.50%, 04/08/2031	GBP	1,000		1,420
3.25%, 02/17/2026	EUR	200		273
3.38%, 02/15/2025		50		56
3.50%, 11/01/2024		200		221
4.13%, 08/15/2046		80		99
4.40%, 11/01/2034		100		125
4.50%, 08/10/2033		1,900		2,410
4.86%, 08/21/2046		170		232
5.25%, 03/16/2037		30		41
				32,000
Total Communications				54,314

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Consumer Cyclical — 1.2%
Airlines — 0.1%
Ryanair DAC, (Ireland), Reg. S, 2.88%, 09/15/2025	EUR	100		117
Southwest Airlines Co., 5.25%, 05/04/2025		1,630		1,795
				1,912
Apparel — 0.0% (g)
Burberry Group plc, (United Kingdom), Reg. S, 1.13%, 09/21/2025	GBP	100		128
NIKE, Inc.,
3.25%, 03/27/2040		166		190
3.38%, 03/27/2050		33		38
VF Corp., 2.40%, 04/23/2025		25		27
				383
Auto Manufacturers — 0.8%
American Honda Finance Corp., 1.00%, 09/10/2025		6,900		6,900
BMW US Capital LLC,
3.80%, 04/06/2023 (e)		169		182
3.90%, 04/09/2025 (e)		1,100		1,229
Cummins, Inc., 2.60%, 09/01/2050		30		29
Daimler AG, (Germany),
Reg. S, 1.13%, 11/06/2031	EUR	15		18
Reg. S, 1.63%, 08/22/2023	EUR	20		24
Reg. S, 2.13%, 07/03/2037	EUR	25		34
Reg. S, 2.38%, 05/22/2030	EUR	100		133
Reg. S, 2.63%, 04/07/2025	EUR	35		45
Daimler Finance North America LLC, 2.55%, 08/15/2022 (e)		3,100		3,196
Daimler International Finance BV, (Netherlands), Reg. S, 0.63%, 02/27/2023	EUR	100		119
Ford Motor Credit Co. LLC, 3.37%, 11/17/2023		2,000		1,970
General Motors Co.,
5.20%, 04/01/2045		30		32
6.60%, 04/01/2036		520		633
General Motors Financial Co., Inc.,
1.70%, 08/18/2023		70		70
Reg. S, 2.20%, 04/01/2024	EUR	100		120
2.70%, 08/20/2027		1,450		1,440
2.75%, 06/20/2025		80		82
2.90%, 02/26/2025		45		46
3.45%, 04/10/2022		60		62
4.20%, 11/06/2021		200		206
5.20%, 03/20/2023		20		22
Harley-Davidson Financial Services, Inc., Reg. S, 3.88%, 05/19/2023	EUR	100		126
Nissan Motor Co. Ltd., (Japan), 2.65%, 03/17/2026 (e)	EUR	100		118
PACCAR Financial Europe BV, (Netherlands), Reg. S, 0.13%, 03/07/2022	EUR	100		117
RCI Banque SA, (France),
Reg. S, 0.25%, 03/08/2023	EUR	1,550		1,773
Reg. S, 1.38%, 03/08/2024	EUR	2,000		2,343
Volkswagen Bank GmbH, (Germany), Reg. S, 1.25%, 06/10/2024	EUR	1,500		1,792

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Auto Manufacturers — continued
Volkswagen Financial Services AG, (Germany),
Reg. S, 2.25%, 10/16/2026	EUR	10		13
Reg. S, 2.50%, 04/06/2023	EUR	15		18
Reg. S, 3.00%, 04/06/2025	EUR	20		26
Reg. S, 3.38%, 04/06/2028	EUR	1,450		1,972
Volkswagen International Finance NV, (Netherlands),
Reg. S, (EUR Swap Rate 9 Year + 3.96%), 3.88%, 06/17/2029 (x) (aa)	EUR	2,000		2,353
Reg. S, (EUR Swap Rate 12 Year + 2.97%), 4.63%, 03/24/2026 (x) (aa)	EUR	60		75
Volvo Treasury AB, (Sweden), 1.63%, 05/26/2025	EUR	100		125
				27,443
Auto Parts & Equipment — 0.1%
Aptiv Corp., 4.15%, 03/15/2024		55		60
Aptiv plc, (Jersey), 1.50%, 03/10/2025	EUR	100		122
BorgWarner, Inc., 1.80%, 11/07/2022	EUR	100		120
Lear Corp.,
4.25%, 05/15/2029		30		33
5.25%, 05/15/2049		12		13
Magna International, Inc., (Canada),
1.90%, 11/24/2023	EUR	100		124
2.45%, 06/15/2030		1,000		1,053
4.15%, 10/01/2025		2,000		2,280
				3,805
Home Furnishings — 0.0% (g)
Leggett & Platt, Inc., 4.40%, 03/15/2029		110		122
Whirlpool Finance Luxembourg Sarl, (Luxembourg), 1.10%, 11/09/2027	EUR	100		119
				241
Lodging — 0.0% (g)
Choice Hotels International, Inc.,
3.70%, 12/01/2029		185		196
3.70%, 01/15/2031		60		63
Las Vegas Sands Corp.,
2.90%, 06/25/2025		50		50
3.20%, 08/08/2024		20		20
3.50%, 08/18/2026		50		51
3.90%, 08/08/2029		130		130
Marriott International, Inc., Series GG, 3.50%, 10/15/2032		40		40
				550
Office Furnishings — 0.0% (g)
Steelcase, Inc., 5.13%, 01/18/2029		120		134
Retail — 0.2%
Advance Auto Parts, Inc., 1.75%, 10/01/2027		145		145
Alimentation Couche-Tard, Inc., (Canada), Reg. S, 1.88%, 05/06/2026	EUR	100		125
AutoNation, Inc., 4.75%, 06/01/2030		1,300		1,532
AutoZone, Inc., 1.65%, 01/15/2031		2,595		2,540

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Retail — continued
Best Buy Co., Inc.,
1.95%, 10/01/2030		165		164
4.45%, 10/01/2028		275		326
Costco Wholesale Corp., 1.75%, 04/20/2032		137		141
Dollar General Corp.,
4.13%, 04/03/2050		160		190
4.15%, 11/01/2025		10		11
Home Depot, Inc. (The),
3.50%, 09/15/2056		75		88
4.20%, 04/01/2043		800		1,002
5.88%, 12/16/2036		90		136
Kohl’s Corp., 9.50%, 05/15/2025		10		12
Lowe’s Cos., Inc.,
4.55%, 04/05/2049		25		32
5.13%, 04/15/2050		45		62
Mitchells & Butlers Finance plc, (United Kingdom), Series A2, Reg. S, 5.57%, 12/15/2030	GBP	18		25
Next Group plc, (United Kingdom), Reg. S, 3.00%, 08/26/2025	GBP	100		134
Walgreens Boots Alliance, Inc., 3.30%, 11/18/2021		50		51
Walmart, Inc., 2.95%, 09/24/2049		25		28
				6,744
Textiles — 0.0% (g)
Mohawk Industries, Inc., 2.00%, 01/14/2022	EUR	100		115
Toys/Games/Hobbies — 0.0% (g)
Hasbro, Inc., 3.90%, 11/19/2029		25		26
Total Consumer Cyclical				41,353
Consumer Non-cyclical — 3.5%
Agriculture — 0.4%
Altria Group, Inc.,
2.20%, 06/15/2027	EUR	100		127
3.49%, 02/14/2022		30		31
3.88%, 09/16/2046		40		41
5.38%, 01/31/2044		65		81
5.95%, 02/14/2049		10		13
6.20%, 02/14/2059		25		34
BAT Capital Corp.,
Reg. S, 1.13%, 11/16/2023	EUR	100		120
2.79%, 09/06/2024		3,285		3,469
3.22%, 08/15/2024		100		107
3.73%, 09/25/2040		35		35
3.98%, 09/25/2050		40		40
4.76%, 09/06/2049		80		87
BAT International Finance plc, (United Kingdom),
Reg. S, 2.38%, 01/19/2023	EUR	3,800		4,683
7.25%, 03/12/2024	GBP	60		93

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Agriculture — continued
Bunge Ltd. Finance Corp.,
3.75%, 09/25/2027		30		33
4.35%, 03/15/2024		200		220
Cargill, Inc., 2.13%, 04/23/2030 (e)		1,500		1,571
JT International Financial Services BV, (Netherlands), Reg. S, 1.13%, 09/28/2025	EUR	100		123
Philip Morris International, Inc.,
0.80%, 08/01/2031	EUR	100		116
4.25%, 11/10/2044		40		48
6.38%, 05/16/2038		155		230
STG Global Finance BV, (Netherlands), Reg. S, 1.38%, 09/24/2025	EUR	100		117
Swedish Match AB, (Sweden), Reg. S, 0.88%, 02/26/2027	EUR	100		115
				11,534
Beverages — 0.2%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.,
4.70%, 02/01/2036		1,720		2,078
4.90%, 02/01/2046		1,100		1,356
Anheuser-Busch InBev SA, (Belgium),
Reg. S, 2.75%, 03/17/2036	EUR	10		14
Reg. S, 3.70%, 04/02/2040	EUR	800		1,197
Anheuser-Busch InBev Worldwide, Inc.,
4.15%, 01/23/2025		50		57
5.55%, 01/23/2049		50		67
Coca-Cola Co. (The), 2.95%, 03/25/2025		120		132
Constellation Brands, Inc., 3.70%, 12/06/2026		25		29
Diageo Capital plc, (United Kingdom), 3.88%, 04/29/2043		10		12
Greene King Finance plc, (United Kingdom), Series A2, 5.32%, 09/15/2031	GBP	32		45
Keurig Dr Pepper, Inc.,
3.13%, 12/15/2023		90		97
4.06%, 05/25/2023		50		54
PepsiCo., Inc., 3.45%, 10/06/2046		115		133
Pernod Ricard SA, (France), Reg. S, 1.13%, 04/07/2025	EUR	100		123
				5,394
Biotechnology — 0.0% (g)
Amgen, Inc.,
1.90%, 02/21/2025		100		105
3.15%, 02/21/2040		100		106
3.38%, 02/21/2050		10		11
Regeneron Pharmaceuticals, Inc.,
1.75%, 09/15/2030		1,055		1,033
2.80%, 09/15/2050		135		127
				1,382
Commercial Services — 0.9%
ALD SA, (France), Reg. S, 1.25%, 10/11/2022	EUR	2,500		2,986
Amadeus IT Group SA, (Spain),
Reg. S, 0.88%, 09/18/2023	EUR	2,000		2,340
Reg. S, 1.88%, 09/24/2028	EUR	100		115

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Commercial Services — continued
American University (The), Series 2019, 3.67%, 04/01/2049		30		34
Automatic Data Processing, Inc., 1.25%, 09/01/2030		1,500		1,480
Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/2050		1,400		1,525
Central Nippon Expressway Co. Ltd., (Japan), Series 65, 0.03%, 07/14/2021	JPY	100,000		948
Channel Link Enterprises Finance plc, (United Kingdom), Series A8, Reg. S, (ICE LIBOR EUR 6 Month + 5.90%), 2.71%, 06/30/2050 (aa)	EUR	100		120
Duke University, Series 2020, 2.68%, 10/01/2044		20		21
East Nippon Expressway Co. Ltd., (Japan), Series 66, 0.10%, 12/18/2026	JPY	100,000		945
Edenred, (France), Reg. S, 1.88%, 03/06/2026	EUR	100		126
Equifax, Inc.,
2.60%, 12/15/2025		110		117
3.10%, 05/15/2030		1,830		1,994
ERAC USA Finance LLC,
2.70%, 11/01/2023 (e)		3,200		3,363
3.85%, 11/15/2024 (e)		160		176
4.50%, 02/15/2045 (e)		400		474
7.00%, 10/15/2037 (e)		800		1,156
Experian Finance plc, (United Kingdom), Reg. S, 1.38%, 06/25/2026	EUR	100		124
George Washington University (The), Series 2014, 4.30%, 09/15/2044		30		37
Holding d’Infrastructures de Transport SASU, (France), Reg. S, 2.50%, 05/04/2027	EUR	1,900		2,384
IHS Markit Ltd., (Bermuda),
3.63%, 05/01/2024		60		65
4.13%, 08/01/2023		20		22
4.25%, 05/01/2029		40		46
4.75%, 08/01/2028		50		59
Johns Hopkins University, Series A, 2.81%, 01/01/2060		600		636
Massachusetts Institute of Technology,
3.89%, 07/01/2116		663		835
4.68%, 07/01/2114		500		722
Series F, 2.99%, 07/01/2050		20		23
Moody’s Corp.,
1.75%, 03/09/2027	EUR	100		129
2.55%, 08/18/2060		20		18
Northwestern University, Series 2020, 2.64%, 12/01/2050		10		10
PayPal Holdings, Inc.,
2.40%, 10/01/2024		50		53
2.65%, 10/01/2026		90		98
3.25%, 06/01/2050		35		39
President and Fellows of Harvard College, 2.52%, 10/15/2050		10		10
RELX Capital, Inc., 3.50%, 03/16/2023		1,300		1,383
Rentokil Initial plc, (United Kingdom),
Reg. S, 0.88%, 05/30/2026	EUR	100		120
Reg. S, 0.95%, 11/22/2024	EUR	100		121

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Commercial Services — continued
S&P Global, Inc.,
1.25%, 08/15/2030		2,110		2,076
2.30%, 08/15/2060		95		86
3.25%, 12/01/2049		20		23
Transurban Finance Co. Pty Ltd., (Australia), Reg. S, 3.00%, 04/08/2030	EUR	100		134
Trustees of Princeton University (The), Series 2020, 2.52%, 07/01/2050		20		21
University of Southern California, 2.81%, 10/01/2050		20		21
Verisk Analytics, Inc.,
3.63%, 05/15/2050		40		45
5.50%, 06/15/2045		123		171
West Nippon Expressway Co. Ltd., (Japan), Series 29, 0.31%, 02/12/2026	JPY	200,000		1,915
William Marsh Rice University, 3.57%, 05/15/2045		90		108
				29,454
Cosmetics/Personal Care — 0.0% (g)
Colgate-Palmolive Co., 0.50%, 03/06/2026	EUR	100		121
Estee Lauder Cos., Inc. (The),
2.60%, 04/15/2030		60		65
3.13%, 12/01/2049		20		22
Procter & Gamble Co. (The),
3.55%, 03/25/2040		10		12
3.60%, 03/25/2050		130		165
4.88%, 05/11/2027	EUR	100		156
Unilever NV, (Netherlands), Reg. S, 1.13%, 02/12/2027	EUR	100		126
Unilever plc, (United Kingdom), Reg. S, 1.50%, 06/11/2039	EUR	100		135
				802
Food — 0.3%
Campbell Soup Co.,
3.13%, 04/24/2050		15		15
4.80%, 03/15/2048		50		64
Conagra Brands, Inc.,
5.30%, 11/01/2038		10		13
5.40%, 11/01/2048		55		75
General Mills, Inc., 2.88%, 04/15/2030		100		110
Hershey Co. (The), 2.65%, 06/01/2050		10		10
Hormel Foods Corp., 1.80%, 06/11/2030		450		465
Kroger Co. (The), 3.95%, 01/15/2050		5		6
Mars, Inc., 2.38%, 07/16/2040 (e)		1,200		1,200
McCormick & Co., Inc.,
2.70%, 08/15/2022		120		125
3.15%, 08/15/2024		150		163
4.20%, 08/15/2047		5		6
Mondelez International Holdings Netherlands BV, (Netherlands), Reg. S, 0.38%, 09/22/2029	EUR	100		116
Mondelez International, Inc.,
1.88%, 10/15/2032		1,300		1,297
2.13%, 04/13/2023		90		93

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Food — continued
Nestle Holdings, Inc., 1.25%, 09/15/2030 (e)		2,550		2,529
Tesco Corporate Treasury Services plc, (United Kingdom),
Reg. S, 0.88%, 05/29/2026	EUR	1,500		1,789
Reg. S, 1.38%, 10/24/2023	EUR	100		121
				8,197
Healthcare - Products — 0.3%
Baxter International, Inc., 3.75%, 10/01/2025 (e)		80		91
Becton Dickinson Euro Finance Sarl, (Luxembourg), 1.21%, 06/04/2026	EUR	100		120
Boston Scientific Corp., 3.45%, 03/01/2024		100		108
Danaher Corp., 2.50%, 03/30/2030	EUR	200		272
DH Europe Finance II Sarl, (Luxembourg),
0.20%, 03/18/2026	EUR	1,600		1,869
1.80%, 09/18/2049	EUR	700		825
Edwards Lifesciences Corp., 4.30%, 06/15/2028		135		162
Medtronic Global Holdings SCA, (Luxembourg),
0.00%, 03/15/2023	EUR	100		117
1.63%, 10/15/2050	EUR	1,000		1,191
1.75%, 07/02/2049	EUR	900		1,107
Stryker Corp., 1.00%, 12/03/2031	EUR	1,400		1,665
Thermo Fisher Scientific, Inc.,
1.75%, 04/15/2027	EUR	100		127
1.88%, 10/01/2049	EUR	900		1,062
2.38%, 04/15/2032	EUR	100		136
4.10%, 08/15/2047		140		179
4.13%, 03/25/2025		70		80
Zimmer Biomet Holdings, Inc.,
1.16%, 11/15/2027	EUR	100		118
3.55%, 03/20/2030		150		168
3.70%, 03/19/2023		100		107
4.45%, 08/15/2045		10		11
				9,515
Healthcare - Services — 0.4%
Advocate Health & Hospitals Corp., 3.39%, 10/15/2049		35		39
Aetna, Inc., 2.80%, 06/15/2023		30		32
Allina Health System, Series 2019, 3.89%, 04/15/2049		40		48
Anthem, Inc.,
3.35%, 12/01/2024		100		110
4.10%, 03/01/2028		2,900		3,372
Ascension Health, 3.95%, 11/15/2046		70		87
City of Hope, Series 2013, 5.62%, 11/15/2043		35		49
Fresenius Medical Care AG & Co. KGaA, (Germany), Reg. S, 1.50%, 07/11/2025	EUR	100		124
Hackensack Meridian Health, Inc.,
Series 2020, 2.68%, 09/01/2041		1,335		1,316
Series 2020, 2.88%, 09/01/2050		35		34

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Healthcare - Services — continued
HCA, Inc.,
5.00%, 03/15/2024		1,383		1,549
5.13%, 06/15/2039		700		850
5.25%, 06/15/2026		40		47
5.25%, 06/15/2049		80		98
5.50%, 06/15/2047		30		37
Health Care Service Corp. A Mutual Legal Reserve Co., 2.20%, 06/01/2030 (e)		1,400		1,434
Humana, Inc.,
2.90%, 12/15/2022		50		52
3.85%, 10/01/2024		50		55
3.95%, 08/15/2049		92		110
4.63%, 12/01/2042		30		38
4.80%, 03/15/2047		30		39
4.88%, 04/01/2030		6		8
4.95%, 10/01/2044		130		172
Lonza Finance International NV, (Belgium), Reg. S, 1.63%, 04/21/2027	EUR	100		126
Mayo Clinic,
3.77%, 11/15/2043		30		36
Series 2013, 4.00%, 11/15/2047		25		31
Memorial Health Services, 3.45%, 11/01/2049		10		11
Memorial Sloan-Kettering Cancer Center, 4.13%, 07/01/2052		50		64
Methodist Hospital (The), Series 20A, 2.71%, 12/01/2050		1,500		1,501
New York and Presbyterian Hospital (The),
2.26%, 08/01/2040		1,090		1,039
4.02%, 08/01/2045		20		25
Northwell Healthcare, Inc., 4.26%, 11/01/2047		25		29
OhioHealth Corp., Series 2020, 3.04%, 11/15/2050		35		38
UnitedHealth Group, Inc.,
2.00%, 05/15/2030		160		168
2.90%, 05/15/2050		140		147
3.13%, 05/15/2060		140		150
3.70%, 08/15/2049		1,100		1,316
3.75%, 07/15/2025		20		23
3.88%, 12/15/2028		30		36
3.88%, 08/15/2059		50		61
4.25%, 03/15/2043		120		152
				14,653
Household Products/Wares — 0.0% (g)
Avery Dennison Corp., 1.25%, 03/03/2025	EUR	100		121
Clorox Co. (The), 1.80%, 05/15/2030		190		196
Kimberly-Clark Corp., 2.88%, 02/07/2050		45		50
Reckitt Benckiser Treasury Services plc, (United Kingdom), Reg. S, 1.75%, 05/19/2032	GBP	100		134
				501

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Pharmaceuticals — 1.0%
AbbVie, Inc.,
2.60%, 11/21/2024 (e)		190		201
3.20%, 11/21/2029 (e)		4,960		5,465
4.05%, 11/21/2039 (e)		105		121
4.25%, 11/21/2049 (e)		1,475		1,751
4.70%, 05/14/2045		65		80
AmerisourceBergen Corp.,
2.80%, 05/15/2030		100		107
3.25%, 03/01/2025		40		44
4.25%, 03/01/2045		10		11
4.30%, 12/15/2047		5		6
AstraZeneca plc, (United Kingdom),
0.70%, 04/08/2026		1,620		1,599
4.38%, 08/17/2048		20		26
Bayer AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 2.55%), 3.75%, 07/01/2074 (aa)	EUR	25		30
Becton Dickinson and Co., 2.89%, 06/06/2022		20		21
Bristol-Myers Squibb Co.,
3.40%, 07/26/2029		3,340		3,890
3.88%, 08/15/2025		50		57
4.55%, 02/20/2048		10		14
Cardinal Health, Inc.,
2.62%, 06/15/2022		40		41
3.08%, 06/15/2024		10		11
Cigna Corp.,
2.40%, 03/15/2030		75		78
3.05%, 11/30/2022		160		168
3.40%, 03/01/2027		2,800		3,140
4.90%, 12/15/2048		800		1,038
CVS Health Corp.,
1.30%, 08/21/2027		40		39
2.63%, 08/15/2024		60		64
3.70%, 03/09/2023		100		107
4.10%, 03/25/2025		13		15
4.13%, 04/01/2040		1,200		1,367
4.30%, 03/25/2028		1,500		1,756
4.78%, 03/25/2038		75		91
5.05%, 03/25/2048		1,200		1,532
Eli Lilly and Co., 4.15%, 03/15/2059		15		19
GlaxoSmithKline Capital plc, (United Kingdom),
5.25%, 12/19/2033	GBP	640		1,220
Reg. S, 5.25%, 04/10/2042	GBP	50		106
GlaxoSmithKline Capital, Inc., 6.38%, 05/15/2038		35		54
Johnson & Johnson,
2.10%, 09/01/2040		10		10
2.25%, 09/01/2050		30		30
2.45%, 09/01/2060		40		41
3.40%, 01/15/2038		110		129
3.55%, 03/01/2036		15		18

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Pharmaceuticals — continued
Merck & Co., Inc.,
1.88%, 10/15/2026	EUR	100		130
2.35%, 06/24/2040		50		51
3.70%, 02/10/2045		60		72
4.00%, 03/07/2049		45		57
Merck Financial Services GmbH, (Germany), Reg. S, 0.01%, 12/15/2023	EUR	100		117
Merck KGaA, (Germany), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.00%), 1.63%, 09/09/2080 (aa)	EUR	100		117
Mylan NV, (Netherlands), 3.95%, 06/15/2026		30		34
Mylan, Inc., 5.20%, 04/15/2048		30		37
Novartis Capital Corp., 2.75%, 08/14/2050		86		92
Pfizer, Inc.,
2.70%, 05/28/2050		10		10
4.30%, 06/15/2043		45		58
Sanofi, (France),
Reg. S, 1.50%, 04/01/2030	EUR	100		132
Reg. S, 2.50%, 11/14/2023	EUR	100		127
Takeda Pharmaceutical Co. Ltd., (Japan), Reg. S, 3.00%, 11/21/2030	EUR	1,000		1,405
Upjohn Finance BV, (Netherlands), Reg. S, 1.91%, 06/23/2032	EUR	1,400		1,708
Upjohn, Inc.,
3.85%, 06/22/2040 (e)		2,220		2,398
4.00%, 06/22/2050 (e)		30		32
Zoetis, Inc.,
3.90%, 08/20/2028		40		47
4.70%, 02/01/2043		100		132
				31,253
Total Consumer Non-cyclical				112,685
Energy — 1.7%
Oil & Gas — 0.8%
BP Capital Markets plc, (United Kingdom),
Reg. S, 1.83%, 09/08/2025	GBP	100		136
Reg. S, (EUR Swap Rate 5 Year + 4.12%), 3.63%, 03/22/2029 (x) (aa)	EUR	1,300		1,569
Canadian Natural Resources Ltd., (Canada),
2.95%, 01/15/2023		10		10
3.85%, 06/01/2027		10		11
4.95%, 06/01/2047		10		11
6.25%, 03/15/2038		10		12
Cepsa Finance SA, (Spain), Reg. S, 2.25%, 02/13/2026	EUR	100		120
Chevron Corp., 2.24%, 05/11/2030		80		85
Chevron USA, Inc., 1.02%, 08/12/2027		3,000		3,002
CNOOC Petroleum North America ULC, (Canada), 6.40%, 05/15/2037		40		59
Concho Resources, Inc., 2.40%, 02/15/2031		2,100		1,989
Diamondback Energy, Inc., 2.88%, 12/01/2024		3,100		3,139
Equinor ASA, (Norway),
1.75%, 01/22/2026		200		208

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Oil & Gas — continued
2.38%, 05/22/2030		60		64
3.25%, 11/18/2049		20		21
3.63%, 04/06/2040		1,800		2,050
3.70%, 04/06/2050		15		17
Reg. S, 6.88%, 03/11/2031	GBP	50		100
Exxon Mobil Corp.,
0.14%, 06/26/2024	EUR	2,000		2,353
0.84%, 06/26/2032	EUR	100		116
1.41%, 06/26/2039	EUR	700		809
Hess Corp.,
3.50%, 07/15/2024		10		10
5.60%, 02/15/2041		85		92
5.80%, 04/01/2047		30		33
Husky Energy, Inc., (Canada), 4.40%, 04/15/2029		3,700		3,860
Noble Energy, Inc., 5.25%, 11/15/2043		75		99
Petroleos Mexicanos, (Mexico),
(ICE LIBOR USD 3 Month + 0.43%), 0.71%, 02/15/2024 (aa)		1,050		1,041
1.95%, 12/20/2022		2,000		2,021
Pioneer Natural Resources Co., 1.90%, 08/15/2030		1,500		1,407
TOTAL SE, (France), Reg. S, (EUR Swap Rate 5 Year + 3.35%), 3.37%, 10/06/2026 (x) (aa)	EUR	2,000		2,556
				27,000
Oil & Gas Services — 0.0% (g)
Halliburton Co.,
3.50%, 08/01/2023		60		63
5.00%, 11/15/2045		35		36
National Oilwell Varco, Inc.,
3.60%, 12/01/2029		10		10
3.95%, 12/01/2042		30		27
Schlumberger Finance Canada Ltd., (Canada), 1.40%, 09/17/2025		80		81
				217
Pipelines — 0.9%
Cheniere Corpus Christi Holdings LLC,
3.70%, 11/15/2029 (e)		275		286
5.88%, 03/31/2025		115		131
Colonial Enterprises, Inc., 3.25%, 05/15/2030 (e)		1,330		1,488
Enbridge, Inc., (Canada),
2.90%, 07/15/2022		20		21
4.00%, 10/01/2023		100		108
4.00%, 11/15/2049		65		69
Energy Transfer Operating LP,
4.05%, 03/15/2025		100		105
4.20%, 04/15/2027		5,800		6,001
Enterprise Products Operating LLC,
3.50%, 02/01/2022		125		130
4.20%, 01/31/2050		40		42
5.10%, 02/15/2045		1,700		1,979
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 02/15/2078 (aa)		600		534

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Pipelines — continued
Kinder Morgan Energy Partners LP, 4.30%, 05/01/2024		3,200		3,529
Magellan Midstream Partners LP,
3.95%, 03/01/2050		940		961
5.00%, 03/01/2026		10		12
MPLX LP,
2.65%, 08/15/2030		1,500		1,464
4.70%, 04/15/2048		1,200		1,218
4.88%, 06/01/2025		2,300		2,603
ONEOK Partners LP, 4.90%, 03/15/2025		80		88
ONEOK, Inc.,
2.20%, 09/15/2025		1,000		986
2.75%, 09/01/2024		10		10
3.40%, 09/01/2029		60		59
4.45%, 09/01/2049		2,400		2,136
Plains All American Pipeline LP / PAA Finance Corp.,
3.55%, 12/15/2029		65		63
5.15%, 06/01/2042		1,600		1,510
Sabine Pass Liquefaction LLC,
4.20%, 03/15/2028		130		141
4.50%, 05/15/2030 (e)		60		68
5.88%, 06/30/2026		70		83
Sunoco Logistics Partners Operations LP, 5.40%, 10/01/2047		100		94
TransCanada PipeLines Ltd., (Canada),
4.25%, 05/15/2028		25		29
4.63%, 03/01/2034		10		12
4.88%, 05/15/2048		30		37
5.10%, 03/15/2049		60		76
6.20%, 10/15/2037		10		14
Transcontinental Gas Pipe Line Co. LLC,
3.25%, 05/15/2030 (e)		80		87
4.00%, 03/15/2028		20		22
Valero Energy Partners LP, 4.38%, 12/15/2026		1,736		1,947
Williams Cos., Inc. (The),
3.50%, 11/15/2030		1,910		2,078
4.50%, 11/15/2023		80		87
5.10%, 09/15/2045		125		140
				30,448
Total Energy				57,665
Financial — 8.9%
Banks — 6.0%
ABN AMRO Bank NV, (Netherlands),
Reg. S, 0.60%, 01/15/2027	EUR	1,600		1,899
Reg. S, 0.88%, 01/14/2026	EUR	100		125
Reg. S, 1.25%, 01/10/2033	EUR	100		137
Reg. S, 1.45%, 04/12/2038	EUR	100		147
Reg. S, 1.50%, 09/30/2030	EUR	100		138
3.50%, 09/21/2022	EUR	200		253

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Aktia Bank OYJ, (Finland), Reg. S, 0.38%, 05/30/2023	EUR	100		120
AMCO - Asset Management Co. SpA, (Italy), Reg. S, 1.38%, 01/27/2025	EUR	100		119
ANZ New Zealand Int’l Ltd., (New Zealand), Reg. S, 0.13%, 09/22/2023	EUR	100		119
ASB Finance Ltd., (New Zealand), Reg. S, 0.63%, 10/18/2024	EUR	100		122
Australia & New Zealand Banking Group Ltd., (Australia), 0.25%, 11/29/2022	EUR	100		119
Banca Monte dei Paschi di Siena SpA, (Italy),
Reg. S, 2.00%, 01/29/2024	EUR	100		125
Series 16, Reg. S, 2.88%, 07/16/2024	EUR	100		130
Banco Bilbao Vizcaya Argentaria SA, (Spain),
Reg. S, 0.75%, 01/20/2022	EUR	100		119
0.88%, 09/18/2023		200		200
Reg. S, 0.88%, 11/22/2026	EUR	100		126
Banco BPM SpA, (Italy), Reg. S, 0.75%, 03/31/2022	EUR	200		238
Banco Comercial Portugues SA, (Portugal), Reg. S, 0.75%, 05/31/2022	EUR	100		119
Banco de Sabadell SA, (Spain),
Reg. S, 0.88%, 03/05/2023	EUR	1,300		1,536
Reg. S, 1.00%, 04/26/2027	EUR	100		127
Reg. S, 1.63%, 03/07/2024	EUR	1,200		1,446
Banco di Desio e della Brianza SpA, (Italy), Reg. S, 0.88%, 09/12/2024	EUR	100		122
Banco Santander SA, (Spain),
0.10%, 02/27/2032	EUR	200		240
Reg. S, 0.75%, 09/09/2022	EUR	100		120
Reg. S, 1.00%, 04/07/2025	EUR	200		248
Reg. S, 1.38%, 01/05/2026	EUR	100		122
3.49%, 05/28/2030		2,000		2,181
3.80%, 02/23/2028		200		220
3.85%, 04/12/2023		200		213
Bank of America Corp.,
Reg. S, (ICE LIBOR EUR 3 Month + 0.75%), 0.81%, 05/09/2026 (aa)	EUR	100		119
(United States SOFR + 0.91%), 0.98%, 09/25/2025 (aa)		30		30
Reg. S, (ICE LIBOR EUR 3 Month + 0.91%), 1.38%, 05/09/2030 (aa)	EUR	100		124
(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (aa)		20		21
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 02/13/2031 (aa)		290		305
(United States SOFR + 1.93%), 2.68%, 06/19/2041 (aa)		1,870		1,909
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 04/24/2023 (aa)		250		259
(ICE LIBOR USD 3 Month + 1.19%), 2.88%, 10/22/2030 (aa)		3,300		3,564
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (aa)		250		262
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/01/2025 (aa)		10		11
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 01/20/2023 (aa)		25		26
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (aa)		350		389
(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 03/15/2025 (aa)		25		27
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 03/05/2024 (aa)		25		27

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Reg. S, (ICE LIBOR EUR 3 Month + 3.67%), 3.65%, 03/31/2029 (aa)	EUR	900		1,286
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 07/23/2024 (aa)		120		130
4.00%, 01/22/2025		4,200		4,679
(ICE LIBOR USD 3 Month + 1.32%), 4.08%, 04/23/2040 (aa)		170		202
(ICE LIBOR USD 3 Month + 1.52%), 4.33%, 03/15/2050 (aa)		65		83
Reg. S, 7.00%, 07/31/2028	GBP	50		92
Bank of Montreal, (Canada),
Reg. S, 0.10%, 10/20/2023	EUR	100		119
1.85%, 05/01/2025		120		125
Bank of Nova Scotia (The), (Canada),
Reg. S, 0.01%, 01/14/2027	EUR	100		120
Reg. S, 0.25%, 09/28/2022	EUR	100		119
Reg. S, 0.38%, 10/23/2023	EUR	100		120
Bankia SA, (Spain), Reg. S, 1.00%, 09/25/2025	EUR	300		374
Bankinter SA, (Spain), Reg. S, 0.88%, 08/03/2022	EUR	100		120
Banque Federative du Credit Mutuel SA, (France),
Reg. S, 0.75%, 06/15/2023	EUR	100		120
Reg. S, 1.25%, 06/03/2030	EUR	100		123
Barclays Bank plc, (United Kingdom), 5.75%, 09/14/2026	GBP	40		62
Barclays plc, (United Kingdom),
Reg. S, (EUR Swap Rate 5 Year + 1.90%), 2.00%, 02/07/2028 (aa)	EUR	1,700		1,978
(ICE LIBOR USD 3 Month + 2.45%), 2.85%, 05/07/2026 (aa)		1,200		1,248
4.34%, 01/10/2028		1,800		2,004
(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 02/15/2023 (aa)		900		942
Basellandschaftliche Kantonalbank, (Switzerland), Reg. S, 0.38%, 05/13/2030	CHF	100		112
BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, (Austria), Reg. S, 0.01%, 01/21/2028	EUR	100		120
Bayerische Landesbank, (Germany), Reg. S, 0.25%, 01/14/2025	EUR	100		121
Belfius Bank SA, (Belgium), Reg. S, 0.13%, 01/28/2030	EUR	100		121
Berlin Hyp AG, (Germany),
Reg. S, 0.01%, 07/07/2028	EUR	100		120
Series 200, Reg. S, 0.38%, 02/21/2025	EUR	100		121
BNP Paribas SA, (France),
Reg. S, 1.13%, 01/15/2023	EUR	130		157
Reg. S, 1.38%, 05/28/2029	EUR	100		125
(United States SOFR + 1.61%), 1.90%, 09/30/2028 (e) (aa)		1,100		1,100
Reg. S, (EUR Swap Rate 5 Year + 1.85%), 2.38%, 11/20/2030 (aa)	EUR	100		125
(ICE LIBOR USD 3 Month + 1.11%), 2.82%, 11/19/2025 (e) (aa)		3,000		3,161
Reg. S, 2.88%, 10/01/2026	EUR	100		131
Reg. S, 3.38%, 01/23/2026	GBP	2,300		3,260
BPCE SA, (France),
Reg. S, 0.25%, 01/15/2026	EUR	2,100		2,481
Reg. S, 0.50%, 02/24/2027	EUR	1,300		1,522
(United States SOFR + 1.52%), 1.65%, 10/06/2026 (e) (aa)		1,145		1,147

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
4.63%, 07/11/2024 (e)		1,800		1,976
BPER Banca, (Italy), Reg. S, 0.88%, 01/22/2022	EUR	100		119
Caisse Centrale du Credit Immobilier de France SA, (France),
Reg. S, 0.00%, 01/17/2024	EUR	200		237
Reg. S, 0.13%, 10/26/2022	EUR	400		474
Caixa Economica Montepio Geral Caixa Economica Bancaria SA, (Portugal), Reg. S, 0.13%, 11/14/2024	EUR	100		118
CaixaBank SA, (Spain),
Reg. S, 1.25%, 01/11/2027	EUR	200		257
Reg. S, (EUR Swap Rate 5 Year + 1.68%), 2.25%, 04/17/2030 (aa)	EUR	1,100		1,302
Canadian Imperial Bank of Commerce, (Canada),
Reg. S, 0.04%, 07/09/2027	EUR	100		119
Reg. S, 0.10%, 10/24/2023	CHF	50		55
0.95%, 06/23/2023		80		81
3.10%, 04/02/2024		25		27
Cie de Financement Foncier SA, (France),
Reg. S, 0.23%, 09/14/2026	EUR	100		121
Reg. S, 0.25%, 03/16/2022	EUR	200		237
Reg. S, 0.25%, 04/11/2023	EUR	100		119
Reg. S, 0.50%, 09/04/2024	EUR	100		122
Reg. S, 0.75%, 05/29/2026	EUR	100		125
Reg. S, 3.88%, 04/25/2055	EUR	45		110
Citigroup, Inc.,
Reg. S, (ICE LIBOR EUR 3 Month + 1.07%), 1.50%, 07/24/2026 (aa)	EUR	3,500		4,306
Reg. S, 1.63%, 03/21/2028	EUR	100		127
(United States SOFR + 1.67%), 1.68%, 05/15/2024 (aa)		25		26
(United States SOFR + 0.87%), 2.31%, 11/04/2022 (aa)		150		153
(United States SOFR + 2.11%), 2.57%, 06/03/2031 (aa)		3,600		3,773
2.75%, 04/25/2022		25		26
(United States SOFR + 2.75%), 3.11%, 04/08/2026 (aa)		155		168
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 01/24/2023 (aa)		190		196
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 04/24/2025 (aa)		65		70
3.38%, 03/01/2023		150		160
(ICE LIBOR USD 3 Month + 1.84%), 4.28%, 04/24/2048 (aa)		60		75
4.40%, 06/10/2025		3,500		3,949
(United States SOFR + 3.91%), 4.41%, 03/31/2031 (aa)		75		90
4.65%, 07/23/2048		125		165
Clydesdale Bank plc, (United Kingdom), Reg. S, 4.63%, 06/08/2026	GBP	100		158
Commerzbank AG, (Germany),
0.01%, 03/11/2030	EUR	100		120
0.50%, 06/09/2026	EUR	100		123
2.00%, 11/27/2023	EUR	100		126
Commonwealth Bank of Australia, (Australia),
Reg. S, 0.88%, 02/19/2029	EUR	100		127
Reg. S, (EUR Swap Rate 5 Year + 1.45%), 1.94%, 10/03/2029 (aa)	EUR	1,000		1,208

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Reg. S, 3.00%, 05/03/2022	EUR	100		124
Cooperatieve Rabobank UA, (Netherlands),
Reg. S, 0.01%, 07/02/2030	EUR	100		120
Reg. S, 0.63%, 04/26/2026	EUR	100		124
Reg. S, 0.88%, 02/08/2028	EUR	100		128
Reg. S, 1.38%, 02/03/2027	EUR	25		32
Reg. S, 2.38%, 05/22/2023	EUR	30		38
4.38%, 08/04/2025		250		283
5.25%, 05/23/2041	GBP	50		107
Credit Agricole Italia SpA, (Italy),
Reg. S, 0.25%, 09/30/2024	EUR	100		120
Reg. S, 0.25%, 01/17/2028	EUR	100		121
Reg. S, 0.88%, 01/31/2022	EUR	100		119
Credit Agricole SA, (France),
Reg. S, 1.75%, 03/05/2029	EUR	100		129
Reg. S, 2.38%, 05/20/2024	EUR	100		128
3.75%, 04/24/2023 (e)		2,200		2,357
Credit Suisse AG, (Switzerland), Reg. S, 1.00%, 06/07/2023	EUR	100		121
Credit Suisse Group AG, (Switzerland),
Reg. S, (EUR Swap Rate 1 Year + 0.75%), 1.25%, 07/17/2025 (aa)	EUR	100		121
(United States SOFR + 1.56%), 2.59%, 09/11/2025 (e) (aa)		3,850		4,020
(United States SOFR + 3.73%), 4.19%, 04/01/2031 (e) (aa)		2,000		2,309
Danske Bank A/S, (Denmark),
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.15%), 0.50%, 08/27/2025 (aa)	EUR	100		117
(CMT Index 1 Year + 1.03%), 1.17%, 12/08/2023 (e) (aa)		3,350		3,353
Reg. S, (UK Gilts 1 Year + 1.65%), 2.25%, 01/14/2028 (aa)	GBP	2,000		2,618
Reg. S, 3.75%, 06/23/2022	EUR	50		63
Danske Hypotek AB, (Sweden), Series 2212, Reg. S, 1.00%, 12/21/2022	SEK	2,000		228
de Volksbank NV, (Netherlands), Reg. S, 1.00%, 03/08/2028	EUR	100		128
Deutsche Apotheker-und Aerztebank eG, (Germany), Reg. S, 0.01%, 02/06/2029	EUR	100		120
Deutsche Bank AG, (Germany),
Reg. S, 0.13%, 01/21/2030	EUR	75		91
Reg. S, 0.25%, 03/08/2024	EUR	100		120
Reg. S, 1.13%, 03/17/2025	EUR	100		117
(United States SOFR + 2.16%), 2.22%, 09/18/2024 (aa)		585		589
3.95%, 02/27/2023		2,700		2,831
Deutsche Hypothekenbank AG, (Germany),
Reg. S, 0.13%, 11/23/2023	EUR	100		119
Reg. S, 0.50%, 06/29/2026	EUR	50		62
Deutsche Kreditbank AG, (Germany), Reg. S, 0.01%, 11/07/2029	EUR	50		60
Deutsche Pfandbriefbank AG, (Germany), 0.63%, 08/30/2027	EUR	100		125
Dexia Credit Local SA, (France),
Reg. S, 0.00%, 05/29/2024	EUR	300		356
Reg. S, 0.01%, 01/22/2027	EUR	200		237

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Reg. S, 0.63%, 01/17/2026	EUR	600		735
Reg. S, 1.25%, 11/26/2024	EUR	700		873
Discover Bank, 3.45%, 07/27/2026		1,200		1,314
DNB Boligkreditt A/S, (Norway),
Reg. S, 0.25%, 01/23/2023	EUR	200		239
Reg. S, 0.38%, 11/20/2024	EUR	100		121
Reg. S, 1.88%, 11/21/2022	EUR	100		123
DZ HYP AG, (Germany),
Reg. S, 0.01%, 06/23/2028	EUR	100		120
Reg. S, 0.63%, 10/27/2023	EUR	200		242
Reg. S, 0.88%, 04/17/2034	EUR	100		132
Eika Boligkreditt A/S, (Norway), Reg. S, 0.38%, 02/26/2025	EUR	100		121
Erste Group Bank AG, (Austria),
Reg. S, 0.25%, 06/26/2024	EUR	100		121
Reg. S, 0.63%, 01/19/2023	EUR	100		120
Reg. S, 0.75%, 02/05/2025	EUR	100		123
Goldman Sachs Group, Inc. (The),
Reg. S, 0.88%, 01/21/2030	EUR	150		178
Reg. S, 1.38%, 05/15/2024	EUR	50		60
2.60%, 02/07/2030		130		137
3.00%, 04/26/2022		160		162
Reg. S, 3.13%, 07/25/2029	GBP	50		73
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa)		2,500		2,706
Reg. S, 3.38%, 03/27/2025	EUR	100		133
3.50%, 04/01/2025		115		127
3.80%, 03/15/2030		3,200		3,709
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (aa)		280		325
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 04/23/2039 (aa)		85		104
4.75%, 10/21/2045		190		250
6.75%, 10/01/2037		50		73
Hamburg Commercial Bank AG, (Germany), Reg. S, 0.25%, 04/25/2022	EUR	100		118
Heta Asset Resolution AG, (Austria), Reg. S, 2.38%, 12/13/2022	EUR	800		991
HSBC Bank plc, (United Kingdom), Reg. S, 6.25%, 01/30/2041	GBP	25		45
HSBC Holdings plc, (United Kingdom),
(United States SOFR + 1.54%), 1.65%, 04/18/2026 (aa)		1,000		996
(GBP Swap Rate 1 Year + 1.65%), 3.00%, 07/22/2028 (aa)	GBP	1,000		1,378
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 05/18/2024 (aa)		200		214
(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 05/22/2030 (aa)		900		1,005
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 09/12/2026 (aa)		200		223
ING Bank NV, (Netherlands),
Reg. S, 0.75%, 02/18/2029	EUR	100		127
Reg. S, 1.88%, 05/22/2023	EUR	100		125
ING Belgium SA, (Belgium), Reg. S, 0.01%, 02/20/2030	EUR	100		120
ING Groep NV, (Netherlands),
Reg. S, (ICE LIBOR EUR 3 Month + 0.60%), 0.10%, 09/03/2025 (aa)	EUR	1,500		1,744

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Reg. S, 2.00%, 09/20/2028	EUR	100		133
(EUR Swap Rate 5 Year + 2.85%), 3.00%, 04/11/2028 (aa)	EUR	100		124
4.10%, 10/02/2023		200		219
Intesa Sanpaolo SpA, (Italy),
Reg. S, 0.63%, 03/23/2023	EUR	100		120
Reg. S, 2.13%, 05/26/2025	EUR	200		249
Reg. S, 3.38%, 01/24/2025	EUR	100		136
Series XR, 3.25%, 09/23/2024 (e)		2,900		3,062
Investitionsbank Berlin, (Germany), Series 208, 0.05%, 03/02/2035	EUR	100		118
KBC Bank NV, (Belgium), Reg. S, 0.38%, 09/01/2022	EUR	100		119
Kookmin Bank, (South Korea), Reg. S, 0.05%, 07/15/2025	EUR	100		118
Kreditanstalt fuer Wiederaufbau, (Germany),
0.00%, 04/28/2022	EUR	390		462
Reg. S, 0.00%, 06/30/2023	EUR	880		1,050
Reg. S, 0.00%, 02/18/2025	EUR	120		144
Reg. S, 0.00%, 03/31/2027	EUR	500		606
Reg. S, 0.01%, 05/05/2027	EUR	520		631
Reg. S, 0.05%, 09/29/2034	EUR	280		336
0.13%, 06/07/2023	EUR	850		1,017
0.25%, 09/15/2025	EUR	1,100		1,343
0.38%, 07/18/2025		200		200
Reg. S, 0.38%, 04/23/2030	EUR	360		451
Reg. S, 0.50%, 09/28/2026	EUR	520		648
0.50%, 09/15/2027	EUR	500		627
Reg. S, 0.88%, 07/04/2039	EUR	40		54
Reg. S, 1.13%, 06/15/2037	EUR	340		472
Reg. S, 1.38%, 12/15/2025	GBP	100		137
Reg. S, 1.38%, 07/31/2035	EUR	202		287
2.00%, 05/02/2025		195		209
2.13%, 08/15/2023	EUR	1,100		1,392
2.38%, 12/29/2022		215		225
2.50%, 01/17/2022	EUR	150		183
4.70%, 06/02/2037	CAD	100		105
Reg. S, 4.88%, 03/15/2037	GBP	100		209
Kutxabank SA, (Spain), Reg. S, 1.25%, 09/22/2025	EUR	100		126
La Banque Postale SA, (France), Reg. S, 0.25%, 07/12/2026	EUR	200		237
Landesbank Baden-Wuerttemberg, (Germany),
Series 809, Reg. S, 0.38%, 07/29/2026	EUR	100		118
Reg. S, 0.38%, 02/18/2027	EUR	200		235
Reg. S, 0.50%, 08/04/2022	EUR	100		119
Reg. S, 0.88%, 09/15/2025	EUR	100		125
Landesbank Hessen-Thueringen Girozentrale, (Germany), Reg. S, 0.63%, 01/12/2027	EUR	200		249
Landwirtschaftliche Rentenbank, (Germany),
Reg. S, 0.00%, 11/27/2029	EUR	270		326
Reg. S, 0.05%, 06/12/2023	EUR	270		322
Reg. S, 0.25%, 08/29/2025	EUR	300		365

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Reg. S, 0.38%, 02/14/2028	EUR	140		174
Reg. S, 0.63%, 02/20/2030	EUR	140		178
Lansforsakringar Hypotek AB, (Sweden),
Series 516, Reg. S, 1.25%, 09/20/2023	SEK	1,000		116
Series 517, Reg. S, 1.50%, 09/18/2024	SEK	600		71
Series 519, Reg. S, 1.50%, 09/16/2026	SEK	400		48
Series 515, Reg. S, 2.25%, 09/21/2022	SEK	700		81
Lloyds Bank plc, (United Kingdom),
Reg. S, 0.13%, 06/18/2026	EUR	100		120
Reg. S, 0.25%, 03/25/2024	EUR	100		119
Reg. S, 4.88%, 03/30/2027	GBP	100		164
Lloyds Banking Group plc, (United Kingdom),
Reg. S, (EUR Swap Rate 1 Year + 0.85%), 0.50%, 11/12/2025 (aa)	EUR	2,400		2,800
3.90%, 03/12/2024		2,500		2,716
Mediobanca Banca di Credito Finanziario SpA, (Italy),
Reg. S, 0.75%, 07/15/2027	EUR	100		116
Series 4, Reg. S, 1.38%, 11/10/2025	EUR	100		126
Mitsubishi UFJ Financial Group, Inc., (Japan),
2.05%, 07/17/2030		200		202
3.76%, 07/26/2023		2,950		3,194
Mizuho Financial Group, Inc., (Japan),
(ICE LIBOR USD 3 Month + 1.51%), 2.20%, 07/10/2031 (aa)		620		628
(ICE LIBOR USD 3 Month + 0.83%), 2.23%, 05/25/2026 (aa)		3,000		3,119
(ICE LIBOR USD 3 Month + 0.98%), 2.84%, 07/16/2025 (aa)		200		212
Morgan Stanley,
(ICE LIBOR EUR 3 Month + 0.75%), 0.64%, 07/26/2024 (aa)	EUR	100		119
(ICE LIBOR EUR 3 Month + 0.83%), 1.34%, 10/23/2026 (aa)	EUR	100		123
1.88%, 04/27/2027	EUR	100		128
2.63%, 03/09/2027	GBP	100		141
(United States SOFR + 1.14%), 2.70%, 01/22/2031 (aa)		4,180		4,452
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 04/24/2024 (aa)		115		124
3.75%, 02/25/2023		120		129
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 07/22/2038 (aa)		270		320
4.00%, 07/23/2025		15		17
4.10%, 05/22/2023		2,700		2,925
4.30%, 01/27/2045		120		152
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 04/22/2039 (aa)		10		12
4.88%, 11/01/2022		90		97
5.00%, 11/24/2025		140		164
Muenchener Hypothekenbank eG, (Germany),
Reg. S, 0.13%, 09/05/2035	EUR	100		119
Reg. S, 1.50%, 06/25/2024	EUR	100		126
Reg. S, 2.50%, 07/04/2028	EUR	100		143
National Australia Bank Ltd., (Australia),
Reg. S, 0.25%, 03/28/2022	EUR	100		118
Reg. S, 0.75%, 01/30/2026	EUR	100		124

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
National Bank of Canada, (Canada), Reg. S, 0.75%, 03/13/2025	EUR	100		123
Nationale-Nederlanden Bank NV (The), (Netherlands), Reg. S, 0.01%, 07/08/2030	EUR	100		119
Natwest Group plc, (United Kingdom),
Reg. S, (ICE LIBOR EUR 3 Month + 1.08%), 1.75%, 03/02/2026 (aa)	EUR	1,200		1,453
Reg. S, (ICE LIBOR EUR 3 Month + 1.74%), 2.00%, 03/04/2025 (aa)	EUR	100		122
(CMT Index 1 Year + 2.15%), 2.36%, 05/22/2024 (aa)		2,000		2,052
NIBC Bank NV, (Netherlands), Reg. S, 0.63%, 06/01/2026	EUR	100		123
NORD / LB Luxembourg SA Covered Bond Bank, (Luxembourg), Reg. S, 0.01%, 06/10/2027	EUR	100		118
Norddeutsche Landesbank-Girozentrale, (Germany), 0.25%, 10/28/2026	EUR	20		24
Nordea Bank Abp, (Finland),
Reg. S, 0.88%, 06/26/2023	EUR	100		120
3.75%, 08/30/2023 (e)		1,900		2,049
Nordea Hypotek AB, (Sweden),
Series 5531, Reg. S, 1.00%, 04/08/2022	SEK	1,200		136
Series 5534, Reg. S, 1.00%, 09/18/2024	SEK	1,500		173
Series 5535, 1.00%, 09/17/2025	SEK	800		93
Series 5533, Reg. S, 1.25%, 09/20/2023	SEK	1,700		197
Nordea Kiinnitysluottopankki OYJ, (Finland),
Reg. S, 0.13%, 06/18/2027	EUR	100		121
Reg. S, 0.63%, 10/19/2022	EUR	200		240
NRW Bank, (Germany),
0.10%, 07/09/2035	EUR	100		118
Reg. S, 0.25%, 03/10/2025	EUR	120		145
Reg. S, 0.50%, 05/26/2025	EUR	320		392
Reg. S, 0.75%, 06/30/2028	EUR	260		330
1.20%, 03/28/2039	EUR	100		140
Nykredit Realkredit A/S, (Denmark),
Series 13H, Reg. S, 1.00%, 01/01/2022	DKK	800		128
Series 13HH, Reg. S, 1.00%, 07/01/2024	DKK	200		33
Series 13H, 1.00%, 01/01/2027	DKK	100		17
Series 13H, 2.00%, 01/01/2025	DKK	100		17
Oesterreichische Kontrollbank AG, (Austria),
Reg. S, 0.00%, 10/08/2026	EUR	150		179
Reg. S, 0.25%, 09/26/2024	EUR	300		362
OP Mortgage Bank, (Finland),
Reg. S, 0.25%, 03/13/2024	EUR	100		120
Reg. S, 0.63%, 02/15/2029	EUR	100		127
Pfandbriefbank schweizerischer Hypothekarinstitute AG, (Switzerland),
Series 642, Reg. S, 0.00%, 02/14/2022	CHF	175		192
Series 670, Reg. S, 0.00%, 07/29/2024	CHF	100		110
Series 680, Reg. S, 0.00%, 03/30/2026	CHF	50		55
Series 682, Reg. S, 0.00%, 04/06/2027	CHF	50		55
Series 675, Reg. S, 0.00%, 06/15/2027	CHF	50		55
Series 683, Reg. S, 0.00%, 02/25/2028	CHF	200		220

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Reg. S, 0.00%, 02/26/2030	CHF	700		767
Series SEP, Reg. S, 0.00%, 05/10/2045	CHF	50		54
Series 678, Reg. S, 0.00%, 08/26/2049	CHF	125		134
Pfandbriefzentrale der schweizerischen Kantonalbanken AG, (Switzerland),
Series 472, Reg. S, 0.00%, 07/25/2023	CHF	300		330
Series 485, Reg. S, 0.00%, 10/02/2026	CHF	300		331
Series 483, Reg. S, 0.00%, 01/27/2027	CHF	900		992
Series 524, Reg. S, 0.00%, 06/21/2028	CHF	50		55
Prima Banka Slovensko A/S, (Slovakia), Reg. S, 0.01%, 10/01/2026	EUR	100		119
Raiffeisenlandesbank Niederoesterreich-Wien AG, (Austria), 0.63%, 08/28/2026	EUR	100		124
Raiffeisenlandesbank Oberoesterreich AG, (Austria), Reg. S, 0.88%, 07/12/2028	EUR	100		128
Royal Bank of Canada, (Canada),
Reg. S, 0.25%, 01/29/2024	EUR	100		120
Reg. S, 0.63%, 09/10/2025	EUR	100		123
1.15%, 06/10/2025		260		264
2.25%, 11/01/2024		25		26
Santander Consumer Bank A/S, (Norway), Reg. S, 0.75%, 03/01/2023	EUR	2,000		2,379
Santander Holdings USA, Inc., 3.45%, 06/02/2025		80		86
Santander UK Group Holdings plc, (United Kingdom), 3.57%, 01/10/2023		200		207
Santander UK plc, (United Kingdom),
Series 61, Reg. S, 0.25%, 04/21/2022	EUR	100		118
Reg. S, 1.25%, 09/18/2024	EUR	100		125
Skandinaviska Enskilda Banken AB, (Sweden),
Reg. S, 0.05%, 07/01/2024	EUR	200		236
Reg. S, 0.63%, 01/30/2023	EUR	100		120
Series 576, Reg. S, 1.00%, 12/20/2023	SEK	2,000		230
Series 579, Reg. S, 1.00%, 12/18/2024	SEK	2,000		232
Series 578, Reg. S, 4.25%, 12/01/2023	SEK	500		63
Societe Generale SA, (France),
Reg. S, 0.75%, 01/25/2027	EUR	2,200		2,569
Reg. S, 1.13%, 01/23/2025	EUR	100		120
2.63%, 01/22/2025 (e)		2,100		2,167
SpareBank 1 Boligkreditt A/S, (Norway),
Reg. S, 0.01%, 09/22/2027	EUR	100		120
Reg. S, 0.38%, 06/26/2024	EUR	100		121
Reg. S, 1.00%, 01/30/2029	EUR	100		129
SR-Boligkreditt A/S, (Norway), Reg. S, 0.75%, 10/17/2025	EUR	100		124
Stadshypotek AB, (Sweden),
Reg. S, 0.38%, 02/22/2023	EUR	200		240
Series 1587, Reg. S, 1.50%, 06/01/2023	SEK	2,000		232
Series 1588, Reg. S, 1.50%, 03/01/2024	SEK	2,000		234
Series 1589, Reg. S, 1.50%, 12/03/2024	SEK	2,000		236
Series 1594, Reg. S, 2.00%, 09/01/2028	SEK	1,000		126
Standard Chartered plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.21%), 2.82%, 01/30/2026 (e) (aa)		1,800		1,865

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Sumitomo Mitsui Banking Corp., (Japan), Reg. S, 0.55%, 11/06/2023	EUR	100		120
Sumitomo Mitsui Financial Group, Inc., (Japan),
2.13%, 07/08/2030		200		203
2.45%, 09/27/2024		200		211
2.70%, 07/16/2024		3,700		3,937
2.78%, 07/12/2022		25		26
2.85%, 01/11/2022		60		62
3.75%, 07/19/2023		20		22
3.94%, 10/16/2023		120		131
Svenska Handelsbanken AB, (Sweden),
Reg. S, 0.50%, 03/21/2023	EUR	100		119
Reg. S, 0.50%, 02/18/2030	EUR	100		118
Sveriges Sakerstallda Obligationer AB, (Sweden),
Series 146, Reg. S, 0.50%, 06/11/2025	SEK	2,000		227
Reg. S, 0.63%, 10/30/2025	EUR	100		123
Series 144, Reg. S, 1.00%, 06/21/2023	SEK	2,000		230
Swedbank AB, (Sweden), Reg. S, 1.00%, 06/01/2022	EUR	100		119
Swedbank Hypotek AB, (Sweden),
Reg. S, 0.05%, 05/28/2025	EUR	100		120
Series 191, Reg. S, 1.00%, 06/15/2022	SEK	2,700		307
Series 192, Reg. S, 1.00%, 03/15/2023	SEK	1,000		114
Series 193, Reg. S, 1.00%, 12/20/2023	SEK	500		58
Series 194, Reg. S, 1.00%, 09/18/2024	SEK	1,100		127
Series 195, Reg. S, 1.00%, 06/18/2025	SEK	500		58
Toronto-Dominion Bank (The), (Canada),
Reg. S, 0.25%, 03/26/2024	EUR	100		120
Reg. S, 0.38%, 04/27/2023	EUR	100		120
2.65%, 06/12/2024		50		53
3.25%, 03/11/2024		20		22
Truist Financial Corp.,
1.20%, 08/05/2025		160		163
3.05%, 06/20/2022		88		92
3.88%, 03/19/2029		1,400		1,606
UBS Group AG, (Switzerland),
Reg. S, (EUR Swap Rate 1 Year + 0.75%), 1.25%, 04/17/2025 (aa)	EUR	200		243
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 08/15/2023 (e) (aa)		3,900		4,045
UniCredit Bank AG, (Germany),
Reg. S, 0.01%, 09/15/2028	EUR	50		60
Reg. S, 0.25%, 01/15/2032	EUR	50		61
Reg. S, 0.85%, 05/22/2034	EUR	50		66
Reg. S, 0.88%, 01/11/2029	EUR	100		128
UniCredit Bank Austria AG, (Austria),
Reg. S, 0.05%, 09/21/2035	EUR	100		118
Reg. S, 0.75%, 09/08/2022	EUR	100		120
UniCredit SpA, (Italy),
Reg. S, 0.38%, 10/31/2026	EUR	100		120

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Reg. S, (ICE LIBOR EUR 3 Month + 1.60%), 1.25%, 06/16/2026 (aa)	EUR	200		237
6.57%, 01/14/2022 (e)		700		743
Unione di Banche Italiane SpA, (Italy),
Reg. S, 0.38%, 09/14/2026	EUR	100		121
Reg. S, 1.00%, 01/27/2023	EUR	100		121
Valiant Bank AG, (Switzerland), Reg. S, 0.00%, 07/31/2029	CHF	50		54
Vseobecna Uverova Banka A/S, (Slovakia), Reg. S, 0.25%, 03/26/2024	EUR	100		119
Wells Fargo & Co.,
Reg. S, (ICE LIBOR EUR 3 Month + 1.85%), 1.74%, 05/04/2030 (aa)	EUR	1,200		1,484
(ICE LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/2025 (aa)		400		419
2.63%, 07/22/2022		25		26
(United States SOFR + 2.53%), 3.07%, 04/30/2041 (aa)		1,975		2,066
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 06/17/2027 (aa)		1,590		1,735
3.75%, 01/24/2024		65		71
4.75%, 12/07/2046		45		56
Westpac Banking Corp., (Australia), Reg. S, 0.38%, 04/02/2026	EUR	100		121
Westpac Securities NZ Ltd., (New Zealand), Reg. S, 0.25%, 04/06/2022	EUR	100		118
Wirtschafts- und Infrastrukturbank Hessen, (Germany), 0.88%, 06/14/2028	EUR	100		128
				196,077
Diversified Financial Services — 0.6%
Aareal Bank AG, (Germany), Series 225, Reg. S, 0.13%, 02/01/2023	EUR	100		119
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.50%, 09/15/2023		150		155
Affiliated Managers Group, Inc., 3.50%, 08/01/2025		20		22
Affordable Housing Finance plc, (United Kingdom), Reg. S, 2.89%, 08/11/2043	GBP	100		172
Air Lease Corp.,
2.63%, 07/01/2022		140		142
3.38%, 07/01/2025		20		20
3.50%, 01/15/2022		20		21
Ally Financial, Inc., 3.05%, 06/05/2023		40		42
American Express Co., 3.40%, 02/22/2024		20		22
Arkea Home Loans SFH SA, (France), Reg. S, 0.38%, 03/04/2024	EUR	200		241
Artesian Finance II plc, (United Kingdom), 6.00%, 09/30/2033	GBP	50		100
AXA Bank Europe SCF, (France), Reg. S, 0.50%, 04/18/2025	EUR	200		244
AXA Home Loan SFH SA, (France), Reg. S, 0.13%, 06/25/2035	EUR	100		118
Ayt Cedulas Cajas Global, (Spain), Series 3, 3.75%, 12/14/2022	EUR	100		128
AyT Cedulas Cajas X Fondo de Titulizacion de Activos, (Spain), Series X, 3.75%, 06/30/2025	EUR	100		139
BPCE SFH SA, (France),
Reg. S, 0.01%, 05/27/2030	EUR	100		119
Reg. S, 0.63%, 09/22/2027	EUR	100		125
Reg. S, 0.75%, 09/02/2025	EUR	100		124

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Diversified Financial Services — continued
Reg. S, 2.38%, 11/29/2023	EUR	200		256
Reg. S, 4.00%, 03/23/2022	EUR	100		125
Brookfield Finance LLC, 3.45%, 04/15/2050		65		64
Brookfield Finance, Inc., (Canada), 4.00%, 04/01/2024		40		44
Caisse de Refinancement de l’Habitat SA, (France),
Reg. S, 0.01%, 10/08/2029	EUR	100		120
Reg. S, 0.13%, 04/30/2027	EUR	100		121
Reg. S, 2.38%, 03/05/2024	CHF	50		59
3.30%, 09/23/2022	EUR	100		126
3.90%, 10/20/2023	EUR	100		133
Capital One Financial Corp., 0.80%, 06/12/2024	EUR	100		117
Cedulas TDA 6 Fondo de Titulizacion de Activos, (Spain), Series A6, 3.88%, 05/23/2025	EUR	100		140
Credit Agricole Home Loan SFH SA, (France),
Reg. S, 0.13%, 12/16/2024	EUR	100		120
Reg. S, 0.38%, 09/30/2024	EUR	100		121
0.50%, 02/19/2026	EUR	100		123
Reg. S, 0.63%, 11/28/2022	EUR	100		120
0.88%, 08/11/2028	EUR	200		256
0.88%, 05/06/2034	EUR	100		131
Credit Agricole Public Sector SCF SA, (France), 0.88%, 08/02/2027	EUR	100		127
Credit Mutuel Home Loan SFH SA, (France),
Reg. S, 0.50%, 01/21/2022	EUR	100		119
Reg. S, 1.00%, 01/30/2029	EUR	100		129
Reg. S, 4.13%, 01/19/2024	EUR	100		135
Credit Suisse Schweiz AG, (Switzerland), Reg. S, 0.00%, 10/31/2030	CHF	25		27
Danmarks Skibskredit A/S, (Denmark), Reg. S, 0.13%, 03/20/2025	EUR	100		118
DLR Kredit A/S, (Denmark), Series B, Reg. S, 1.00%, 10/01/2022	DKK	300		48
FCA Bank SpA, (Italy), Reg. S, 0.25%, 02/28/2023	EUR	3,000		3,499
GE Capital Funding LLC, 3.45%, 05/15/2025 (e)		200		215
GE Capital International Funding Co. Unlimited Co., (Ireland), 3.37%, 11/15/2025		200		214
Harbour Funding plc, (United Kingdom), 5.28%, 03/31/2034	GBP	25		45
Intercontinental Exchange, Inc.,
2.10%, 06/15/2030		60		62
3.00%, 06/15/2050		105		109
3.00%, 09/15/2060		70		71
3.75%, 12/01/2025		25		28
4.00%, 10/15/2023		100		110
4.25%, 09/21/2048		170		210
Jefferies Group LLC, 2.75%, 10/15/2032		1,420		1,405
Jyske Realkredit A/S, (Denmark),
Reg. S, 0.25%, 07/01/2023	EUR	100		119
Series 32lE, 1.00%, 04/01/2023	DKK	200		33
Series CCE., Reg. S, 1.00%, 10/01/2024	DKK	100		17

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Diversified Financial Services — continued
La Banque Postale Home Loan SFH SA, (France),
Reg. S, 0.50%, 01/30/2026	EUR	100		123
Reg. S, 2.38%, 01/15/2024	EUR	100		128
London Stock Exchange Group plc, (United Kingdom), Reg. S, 1.75%, 12/06/2027	EUR	1,000		1,271
Mastercard, Inc.,
2.10%, 12/01/2027	EUR	100		133
3.65%, 06/01/2049		205		251
Nasdaq, Inc.,
0.88%, 02/13/2030	EUR	100		118
4.25%, 06/01/2024		60		67
Nomura Holdings, Inc., (Japan), 2.65%, 01/16/2025		2,200		2,317
Nordea Kredit Realkreditaktieselskab, (Denmark),
Series CT2, Reg. S, 1.00%, 10/01/2022	DKK	400		65
Series CC2, 1.00%, 04/01/2025	DKK	200		33
Programa Cedulas TDA Fondo de Titulizacion de Activos, (Spain), Series A6, 4.25%, 04/10/2031	EUR	100		170
Prs Finance plc, (United Kingdom), Reg. S, 2.00%, 01/23/2029	GBP	500		707
Realkredit Danmark A/S, (Denmark), Series 22S, Reg. S, 0.00%, 10/01/2040	DKK	50		8
Santander Consumer Finance SA, (Spain), Reg. S, 1.13%, 10/09/2023	EUR	2,500		3,024
Societe Generale SFH SA, (France),
Reg. S, 0.50%, 01/20/2023	EUR	100		120
Reg. S, 0.50%, 06/02/2025	EUR	100		122
Reg. S, 0.50%, 01/28/2026	EUR	100		123
Telereal Securitisation plc, (United Kingdom), Series B4, 6.16%, 12/10/2031	GBP	45		72
THFC Funding No 1 plc, (United Kingdom), 5.13%, 12/21/2035	GBP	25		47
Visa, Inc.,
1.90%, 04/15/2027		1,100		1,168
2.00%, 08/15/2050		30		28
2.70%, 04/15/2040		190		205
Wellcome Trust Finance plc, (United Kingdom), Reg. S, 4.63%, 07/25/2036	GBP	50		101
				21,470
Insurance — 1.1%
Allianz Finance II BV, (Netherlands), Reg. S, 0.50%, 01/14/2031	EUR	100		120
Allianz SE, (Germany), Reg. S, (ICE EURIBOR Swap Rate 10 Year + 3.20%), 3.38%, 09/18/2024 (x) (aa)	EUR	2,400		3,037
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		70		76
American International Group, Inc., 3.40%, 06/30/2030		3,080		3,411
Aon Corp., 2.80%, 05/15/2030		50		54
Aon plc, (Ireland), 4.60%, 06/14/2044		10		13
Aquarius & Investments plc for Zurich Insurance Co. Ltd., (Ireland), Reg. S, (ICE LIBOR EUR 3 Month + 3.45%), 4.25%, 10/02/2043 (aa)	EUR	100		129
Assicurazioni Generali SpA, (Italy), Reg. S, 4.13%, 05/04/2026	EUR	100		134
Athene Global Funding, 2.50%, 01/14/2025 (e)		20		21
Athene Holding Ltd., (Bermuda), 6.15%, 04/03/2030		35		42

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Insurance — continued
Aviva plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 2.85%), 6.13%, 11/14/2036 (aa)	GBP	50		78
Berkshire Hathaway Finance Corp.,
2.38%, 06/19/2039	GBP	100		145
4.20%, 08/15/2048		130		167
4.25%, 01/15/2049		10		13
Berkshire Hathaway, Inc., 1.13%, 03/16/2027	EUR	100		124
BNP Paribas Cardif SA, (France), Reg. S, 1.00%, 11/29/2024	EUR	1,000		1,182
Chubb INA Holdings, Inc., 1.55%, 03/15/2028	EUR	2,000		2,512
CNA Financial Corp., 2.05%, 08/15/2030		2,500		2,496
Credit Agricole Assurances SA, (France),
Reg. S, 2.00%, 07/17/2030	EUR	1,200		1,433
Reg. S, (EUR Swap Rate 5 Year + 4.35%), 4.50%, 10/14/2025 (x) (aa)	EUR	100		130
Enstar Group Ltd., (Bermuda), 4.95%, 06/01/2029		90		101
Equitable Holdings, Inc., 3.90%, 04/20/2023		50		54
Helvetia Europe SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 3.95%), 2.75%, 09/30/2041 (aa)	EUR	1,500		1,836
Legal & General Finance plc, (United Kingdom), Reg. S, 5.88%, 04/05/2033	GBP	20		38
Liberty Mutual Finance Europe DAC, (Ireland), Reg. S, 1.75%, 03/27/2024	EUR	2,000		2,452
Liberty Mutual Group, Inc., 3.95%, 10/15/2050 (e)		830		927
Loews Corp., 3.20%, 05/15/2030		10		11
Markel Corp.,
3.50%, 11/01/2027		5		5
4.15%, 09/17/2050		1,000		1,199
Marsh & McLennan Cos., Inc.,
1.98%, 03/21/2030	EUR	1,200		1,590
4.20%, 03/01/2048		190		240
4.75%, 03/15/2039		170		224
4.90%, 03/15/2049		45		63
Metropolitan Life Global Funding I, Reg. S, 1.63%, 09/21/2029	GBP	100		134
NN Group NV, (Netherlands), Reg. S, (ICE LIBOR EUR 3 Month + 4.00%), 4.50%, 01/15/2026 (x) (aa)	EUR	100		129
Pension Insurance Corp. plc, (United Kingdom), Reg. S, 5.63%, 09/20/2030	GBP	1,121		1,692
Phoenix Group Holdings plc, (United Kingdom), Reg. S, 5.63%, 04/28/2031	GBP	1,400		2,057
Principal Financial Group, Inc.,
3.10%, 11/15/2026		1,400		1,558
3.13%, 05/15/2023		1,400		1,492
Progressive Corp. (The),
4.13%, 04/15/2047		190		241
4.20%, 03/15/2048		70		91
RenaissanceRe Finance, Inc., 3.45%, 07/01/2027		250		273
RenaissanceRe Holdings Ltd., (Bermuda), 3.60%, 04/15/2029		210		237
Unum Group, 4.00%, 06/15/2029		1,700		1,862
W R Berkley Corp., 4.00%, 05/12/2050		700		828

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Insurance — continued
Willis North America, Inc.,
2.95%, 09/15/2029		50		54
3.60%, 05/15/2024		100		109
XLIT Ltd., (Cayman Islands), (ICE LIBOR EUR 3 Month + 2.90%), 3.25%, 06/29/2047 (aa)	EUR	1,300		1,682
				36,496
Investment Companies — 0.0% (g)
Ares Capital Corp.,
3.25%, 07/15/2025		90		89
3.50%, 02/10/2023		170		175
4.20%, 06/10/2024		70		73
4.25%, 03/01/2025		240		248
EXOR NV, (Netherlands), Reg. S, 2.13%, 12/02/2022	EUR	100		121
Owl Rock Capital Corp., 4.25%, 01/15/2026		150		152
				858
Private Equity — 0.1%
3i Group plc, (United Kingdom), Reg. S, 5.75%, 12/03/2032	GBP	25		43
Blackstone Property Partners Europe Holdings Sarl, (Luxembourg),
Reg. S, 0.50%, 09/12/2023	EUR	2,200		2,564
Reg. S, 2.00%, 02/15/2024	EUR	500		606
				3,213
Real Estate — 0.2%
Annington Funding plc, (United Kingdom), Reg. S, 1.65%, 07/12/2024	EUR	100		122
Broadgate Financing plc, (United Kingdom), Series A4, Reg. S, 4.82%, 07/05/2033	GBP	50		86
Clarion Funding plc, (United Kingdom), Reg. S, 2.63%, 01/18/2029	GBP	100		143
Heimstaden Bostad AB, (Sweden), Reg. S, 1.13%, 01/21/2026	EUR	1,200		1,404
Logicor 2019-1 UK plc, (United Kingdom), Reg. S, 1.88%, 11/17/2026	GBP	100		136
Logicor Financing Sarl, (Luxembourg),
Reg. S, 0.75%, 07/15/2024	EUR	1,500		1,759
Reg. S, 1.50%, 07/13/2026	EUR	1,200		1,432
London & Quadrant Housing Trust, (United Kingdom), Reg. S, 2.63%, 02/28/2028	GBP	100		139
Meadowhall Finance plc, (United Kingdom), Series A1, Reg. S, 4.99%, 01/12/2032	GBP	34		52
Ontario Teachers’ Cadillac Fairview Properties Trust, (Canada), 4.13%, 02/01/2029 (e)		900		1,017
Samhallsbyggnadsbolaget i Norden AB, (Sweden), Reg. S, 1.75%, 01/14/2025	EUR	100		120
Tesco Property Finance 1 plc, (United Kingdom), Reg. S, 7.62%, 07/13/2039	GBP	85		163
Trafford Centre Finance Ltd. (The), (Cayman Islands), Series A2, Reg. S, 6.50%, 07/28/2033	GBP	39		63
Vonovia Finance BV, (Netherlands),
Reg. S, 0.63%, 07/09/2026	EUR	100		119
Reg. S, 0.88%, 07/03/2023	EUR	100		120
				6,875

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
REITS — 0.9%
Agree LP, 2.90%, 10/01/2030		45		47
Alexandria Real Estate Equities, Inc.,
1.88%, 02/01/2033		40		39
4.00%, 01/15/2024		120		132
American Campus Communities Operating Partnership LP, 3.30%, 07/15/2026		20		21
American Tower Corp.,
1.00%, 01/15/2032	EUR	3,000		3,501
1.30%, 09/15/2025		60		61
3.38%, 05/15/2024		25		27
3.55%, 07/15/2027		59		66
Brixmor Operating Partnership LP, 4.13%, 06/15/2026		2,300		2,504
Camden Property Trust, 3.35%, 11/01/2049		10		11
Crown Castle International Corp.,
1.35%, 07/15/2025		100		101
4.00%, 11/15/2049		27		30
5.25%, 01/15/2023		25		28
CyrusOne LP / CyrusOne Finance Corp., 1.45%, 01/22/2027	EUR	200		233
Digital Euro Finco LLC, Reg. S, 1.13%, 04/09/2028	EUR	100		120
Digital Realty Trust LP, 4.75%, 10/01/2025		50		59
Equinix, Inc.,
2.63%, 11/18/2024		120		127
3.00%, 07/15/2050		205		204
3.20%, 11/18/2029		20		22
ERP Operating LP, 2.85%, 11/01/2026		50		55
GLP Capital LP / GLP Financing II, Inc.,
3.35%, 09/01/2024		20		20
4.00%, 01/15/2030		115		119
4.00%, 01/15/2031		188		196
5.30%, 01/15/2029		100		111
5.38%, 11/01/2023		30		32
5.75%, 06/01/2028		60		69
Healthpeak Properties, Inc.,
3.00%, 01/15/2030		1,400		1,509
4.20%, 03/01/2024		2,100		2,312
Kimco Realty Corp., 2.70%, 10/01/2030		1,900		1,930
Life Storage LP,
2.20%, 10/15/2030		160		160
3.88%, 12/15/2027		50		56
LifeStorage LP, 3.50%, 07/01/2026		205		228
Omega Healthcare Investors, Inc.,
3.63%, 10/01/2029		20		20
4.50%, 04/01/2027		170		183
Prologis Euro Finance LLC, 0.25%, 09/10/2027	EUR	100		117
Prologis LP,
2.25%, 06/30/2029	GBP	100		140
3.25%, 10/01/2026		50		57
3.75%, 11/01/2025		60		68
Public Storage,
3.09%, 09/15/2027		220		247
3.39%, 05/01/2029		145		167

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
REITS — continued
Realty Income Corp.,
1.63%, 12/15/2030	GBP	100		128
3.00%, 01/15/2027		2,000		2,176
3.88%, 07/15/2024		100		110
3.88%, 04/15/2025		100		113
4.65%, 03/15/2047		50		66
Simon International Finance SCA, (Luxembourg), Reg. S, 1.25%, 05/13/2025	EUR	100		119
Simon Property Group LP, 3.50%, 09/01/2025		80		88
Spirit Realty LP,
3.20%, 02/15/2031		60		58
4.00%, 07/15/2029		15		16
STORE Capital Corp., 4.63%, 03/15/2029		40		43
Ventas Realty LP, 4.13%, 01/15/2026		2,300		2,584
VEREIT Operating Partnership LP, 4.63%, 11/01/2025		60		66
Welltower, Inc.,
2.75%, 01/15/2031		50		51
3.10%, 01/15/2030		1,500		1,594
4.50%, 01/15/2024		3,500		3,850
4.80%, 11/20/2028	GBP	100		151
Weyerhaeuser Co., 4.00%, 04/15/2030		1,500		1,774
WPC Eurobond BV, (Netherlands), 1.35%, 04/15/2028	EUR	100		119
				28,235
Savings & Loans — 0.0% (g)
Nationwide Building Society, (United Kingdom),
Reg. S, 0.63%, 03/25/2027	EUR	100		125
Reg. S, 5.63%, 01/28/2026	GBP	100		163
				288
Total Financial				293,512
Government — 0.8%
Multi - National — 0.7%
African Development Bank, (Supranational), 1.63%, 09/16/2022		65		67
Asian Development Bank, (Supranational),
0.03%, 01/31/2030	EUR	50		60
1.75%, 09/13/2022		200		206
2.63%, 01/30/2024		258		277
Council Of Europe Development Bank, (Supranational), Reg. S, 0.38%, 10/27/2022	EUR	100		119
EUROFIMA, (Supranational),
Reg. S, 0.25%, 04/25/2023	EUR	400		477
4.55%, 03/30/2027	CAD	120		110
European Bank for Reconstruction & Development, (Supranational),
0.25%, 07/10/2023		60		60
6.45%, 12/13/2022	IDR	10,000,000		679
European Investment Bank, (Supranational),
0.00%, 10/16/2023	EUR	200		239

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Multi - National — continued
0.00%, 03/15/2024	EUR	300		359
0.00%, 03/25/2025	EUR	10,200		12,274
0.00%, 06/17/2027	EUR	200		242
Zero Coupon, 05/28/2037 (e)	CAD	150		82
Reg. S, 0.01%, 11/15/2035	EUR	200		236
0.63%, 07/25/2025		20		20
0.88%, 09/13/2047	EUR	100		139
Reg. S, 1.13%, 09/15/2036	EUR	25		35
Reg. S, 1.38%, 03/07/2025	GBP	100		136
1.50%, 10/16/2048	EUR	20		32
Reg. S, 2.50%, 10/31/2022	GBP	1,000		1,353
Series 1981, 2.63%, 03/15/2035	EUR	40		65
2.75%, 09/13/2030	EUR	130		199
Reg. S, 3.00%, 09/28/2022	EUR	300		378
3.13%, 12/14/2023		250		273
3.25%, 01/29/2024		315		346
Reg. S, 3.63%, 03/14/2042	EUR	25		52
4.63%, 10/12/2054	GBP	30		79
Inter-American Development Bank, (Supranational),
2.13%, 01/15/2025		250		268
2.50%, 01/18/2023		90		95
2.63%, 01/16/2024		130		140
7.88%, 03/14/2023	IDR	10,000,000		705
North American Development Bank, (Supranational), Reg. S, 0.20%, 11/28/2028	CHF	200		220
				20,022
Municipal — 0.0% (g)
Prs Finance plc, (United Kingdom), Reg. S, 1.75%, 11/24/2026	GBP	192		267
Transport for London, (United Kingdom),
Reg. S, 4.00%, 09/12/2033	GBP	500		858
5.00%, 03/31/2035	GBP	200		354
				1,479
Regional (State/Province) — 0.0% (g)
KAF Kaerntner Ausgleichszahlungs-Fonds, (Austria), Reg. S, Zero Coupon, 01/14/2032	EUR	500		577
Sovereign — 0.1%
European Financial Stability Facility, (Luxembourg),
Reg. S, 0.13%, 10/17/2023	EUR	300		359
Reg. S, 0.50%, 01/20/2023	EUR	200		241
Reg. S, 0.63%, 10/16/2026	EUR	100		125
Reg. S, 1.45%, 09/05/2040	EUR	170		250
Reg. S, 1.75%, 07/17/2053	EUR	50		84
Reg. S, 2.25%, 09/05/2022	EUR	200		248
Reg. S, 2.75%, 12/03/2029	EUR	120		180
European Stability Mechanism, (Supranational),
Reg. S, 0.00%, 02/10/2023	EUR	100		119
Reg. S, 0.88%, 07/18/2042	EUR	20		27

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Sovereign — continued
Reg. S, 1.75%, 10/20/2045	EUR	50		80
Reg. S, 1.80%, 11/02/2046	EUR	70		115
Reg. S, 1.85%, 12/01/2055	EUR	15		26
Reg. S, 2.13%, 11/20/2023	EUR	300		381
European Union, (Supranational),
Reg. S, 0.63%, 11/04/2023	EUR	200		243
Reg. S, 0.75%, 04/04/2031	EUR	25		32
Reg. S, 1.13%, 04/04/2036	EUR	65		90
Reg. S, 3.75%, 04/04/2042	EUR	15		31
LCR Finance plc, (United Kingdom),
Reg. S, 4.50%, 12/07/2028	GBP	300		510
Reg. S, 4.50%, 12/07/2038	GBP	110		227
5.10%, 03/07/2051	GBP	50		132
				3,500
Total Government				25,578
Industrial — 1.6%
Aerospace/Defense — 0.2%
Airbus SE, (Netherlands),
Reg. S, 2.00%, 04/07/2028	EUR	100		126
Reg. S, 2.38%, 06/09/2040	EUR	900		1,070
BAE Systems plc, (United Kingdom), 1.90%, 02/15/2031 (e)		1,350		1,344
Boeing Co. (The),
4.51%, 05/01/2023		150		158
4.88%, 05/01/2025		125		136
5.71%, 05/01/2040		2,300		2,712
5.81%, 05/01/2050		50		60
Howmet Aerospace, Inc., 6.88%, 05/01/2025		114		126
Raytheon Technologies Corp.,
3.20%, 03/15/2024 (e)		30		32
3.95%, 08/16/2025		140		159
7.20%, 08/15/2027 (e)		20		27
				5,950
Building Materials — 0.2%
Carrier Global Corp.,
1.92%, 02/15/2023 (e)		25		26
2.24%, 02/15/2025 (e)		20		21
2.49%, 02/15/2027 (e)		10		10
2.72%, 02/15/2030 (e)		10		10
3.38%, 04/05/2040 (e)		180		189
3.58%, 04/05/2050 (e)		80		85
Fortune Brands Home & Security, Inc., 3.25%, 09/15/2029		20		22
HeidelbergCement Finance Luxembourg SA, (Luxembourg),
Reg. S, 1.13%, 12/01/2027	EUR	25		30
Reg. S, 2.50%, 10/09/2024	EUR	30		38
Imerys SA, (France), Reg. S, 2.00%, 12/10/2024	EUR	100		120
Johnson Controls International plc / Tyco Fire & Security Finance SCA, (Ireland), 0.38%, 09/15/2027	EUR	100		117

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Building Materials — continued
LafargeHolcim Sterling Finance Netherlands BV, (Netherlands), Reg. S, 3.00%, 05/12/2032	GBP	100		142
Martin Marietta Materials, Inc., 4.25%, 07/02/2024		4,540		5,024
Owens Corning, 3.88%, 06/01/2030		100		113
Vulcan Materials Co.,
3.50%, 06/01/2030		60		67
4.50%, 04/01/2025		10		12
4.70%, 03/01/2048		900		1,088
				7,114
Electrical Components & Equipments — 0.0% (g)
Eaton Capital Unlimited Co., (Ireland), Reg. S, 0.70%, 05/14/2025	EUR	100		120
Signify NV, (Netherlands), Reg. S, 2.00%, 05/11/2024	EUR	100		122
				242
Electronics — 0.2%
Agilent Technologies, Inc.,
2.10%, 06/04/2030		232		239
2.75%, 09/15/2029		40		43
Allegion US Holding Co., Inc., 3.20%, 10/01/2024		85		90
Amphenol Technologies Holding GmbH, (Germany), Reg. S, 0.75%, 05/04/2026	EUR	100		119
Arrow Electronics, Inc., 3.88%, 01/12/2028		20		22
Flex Ltd., (Singapore),
3.75%, 02/01/2026		60		65
4.88%, 05/12/2030		170		194
FLIR Systems, Inc., 2.50%, 08/01/2030		1,400		1,433
Keysight Technologies, Inc.,
3.00%, 10/30/2029		14		15
4.60%, 04/06/2027		120		140
PerkinElmer, Inc., 3.30%, 09/15/2029		60		67
Roper Technologies, Inc.,
1.75%, 02/15/2031		2,000		2,001
2.35%, 09/15/2024		200		212
3.65%, 09/15/2023		185		201
Trimble, Inc., 4.90%, 06/15/2028		135		159
				5,000
Engineering & Construction — 0.1%
Aeroporti di Roma SpA, (Italy), Series A4, 5.44%, 02/20/2023	GBP	50		69
Aeroports de Paris, (France),
Reg. S, 1.00%, 01/05/2029	EUR	300		348
Reg. S, 1.50%, 07/02/2032	EUR	100		118
Reg. S, 2.75%, 04/02/2030	EUR	1,200		1,590
Heathrow Funding Ltd., (Jersey),
Reg. S, 6.45%, 12/10/2031	GBP	50		87
Reg. S, 6.75%, 12/03/2026	GBP	50		80
				2,292

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Environmental Control — 0.0% (g)
Republic Services, Inc., 2.50%, 08/15/2024		50		53
Waste Connections, Inc., (Canada),
2.60%, 02/01/2030		200		215
4.25%, 12/01/2028		30		36
				304
Machinery - Construction & Mining — 0.0% (g)
Caterpillar Financial Services Corp., 0.45%, 09/14/2023		130		130
Oshkosh Corp., 3.10%, 03/01/2030		5		5
				135
Machinery - Diversified — 0.1%
Atlas Copco AB, (Sweden), Reg. S, 0.63%, 08/30/2026	EUR	100		122
IDEX Corp., 3.00%, 05/01/2030		165		181
John Deere Capital Corp., 2.60%, 03/07/2024		50		53
John Deere Cash Management SA, (Luxembourg),
Reg. S, 2.20%, 04/02/2032	EUR	1,200		1,661
Otis Worldwide Corp., 2.06%, 04/05/2025		20		21
Westinghouse Air Brake Technologies Corp.,
3.20%, 06/15/2025		50		53
4.40%, 03/15/2024		1,800		1,955
				4,046
Miscellaneous Manufacturers — 0.1%
General Electric Co.,
4.25%, 05/01/2040		30		30
4.35%, 05/01/2050		5		5
Reg. S, 5.38%, 12/18/2040	GBP	4		6
6.75%, 03/15/2032		50		63
Parker-Hannifin Corp., 1.13%, 03/01/2025	EUR	100		120
Pentair Finance Sarl, (Luxembourg), 4.50%, 07/01/2029		2,000		2,265
Siemens Financieringsmaatschappij NV, (Netherlands), Reg. S, 0.30%, 02/28/2024	EUR	20		24
Textron, Inc., 2.45%, 03/15/2031		1,900		1,888
				4,401
Packaging & Containers — 0.2%
Ball Corp., 0.88%, 03/15/2024	EUR	2,000		2,304
DS Smith plc, (United Kingdom), Reg. S, 0.88%, 09/12/2026	EUR	2,300		2,688
SIG Combibloc PurchaseCo Sarl, (Luxembourg), Reg. S, 1.88%, 06/18/2023	EUR	2,000		2,385
				7,377
Transportation — 0.4%
AP Moller - Maersk A/S, (Denmark), Reg. S, 1.75%, 03/16/2026	EUR	200		245
Brambles Finance Ltd., (Australia), Reg. S, 2.38%, 06/12/2024	EUR	100		125
Burlington Northern Santa Fe LLC,
4.15%, 04/01/2045		50		62
4.55%, 09/01/2044		170		222
4.95%, 09/15/2041		700		938
5.40%, 06/01/2041		70		98
CSX Corp., 4.25%, 11/01/2066		300		372

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Transportation — continued
Deutsche Bahn Finance GmbH, (Germany),
Reg. S, 0.50%, 04/09/2027	EUR	140		170
Reg. S, 1.38%, 03/28/2031	EUR	2,000		2,609
Reg. S, 1.38%, 04/16/2040	EUR	50		64
Reg. S, 1.50%, 08/26/2024	CHF	500		583
Reg. S, 1.50%, 12/08/2032	EUR	200		267
Reg. S, 1.63%, 08/16/2033	EUR	100		134
Reg. S, 2.75%, 06/20/2022	GBP	500		671
Reg. S, 3.50%, 09/27/2024	AUD	300		236
Series CB, Reg. S, (EUR Swap Rate 5 Year + 1.89%), 1.60%, 07/18/2029 (x) (aa)	EUR	1,700		1,986
FedEx Corp.,
0.70%, 05/13/2022	EUR	100		119
3.80%, 05/15/2025		160		181
Ferrovie dello Stato Italiane SpA, (Italy), Reg. S, 1.50%, 06/27/2025	EUR	100		122
Kansas City Southern, 4.20%, 11/15/2069		10		11
La Poste SA, (France),
Reg. S, 0.38%, 09/17/2027	EUR	100		119
Reg. S, 0.63%, 10/21/2026	EUR	1,300		1,572
Reg. S, 1.38%, 04/21/2032	EUR	1,000		1,273
Network Rail Infrastructure Finance plc, (United Kingdom), Reg. S, 4.38%, 12/09/2030	GBP	190		338
OeBB-Infrastruktur AG, (Austria),
2.25%, 05/28/2029	EUR	325		462
3.00%, 10/24/2033	EUR	100		163
Reg. S, 3.38%, 05/18/2032	EUR	4		6
Reg. S, 3.88%, 06/30/2025	EUR	80		113
4.88%, 06/27/2022	EUR	500		642
Syndicat Transport Ile de France EPA, (France), Reg. S, 1.00%, 05/25/2034	EUR	200		259
				14,162
Trucking & Leasing — 0.1%
Penske Truck Leasing Co. Lp / PTL Finance Corp., 4.88%, 07/11/2022 (e)		2,800		3,009
Total Industrial				54,032
Technology — 0.8%
Computers — 0.2%
Apple, Inc.,
1.38%, 05/24/2029	EUR	100		130
2.05%, 09/11/2026		140		150
3.25%, 02/23/2026		50		56
3.35%, 02/09/2027		15		17
3.75%, 09/12/2047		1,000		1,235
Capgemini SE, (France), Reg. S, 0.63%, 06/23/2025	EUR	100		119
Dell International LLC / EMC Corp.,
5.45%, 06/15/2023 (e)		100		109
5.85%, 07/15/2025 (e)		10		12
6.10%, 07/15/2027 (e)		5		6
6.20%, 07/15/2030 (e)		5		6

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Computers — continued
8.10%, 07/15/2036 (e)		83		109
8.35%, 07/15/2046 (e)		102		135
Genpact Luxembourg Sarl, (Luxembourg),
3.38%, 12/01/2024		1,400		1,466
3.70%, 04/01/2022		100		102
Hewlett Packard Enterprise Co., 4.45%, 10/02/2023		120		132
HP, Inc.,
2.20%, 06/17/2025		1,900		1,990
3.00%, 06/17/2027		100		108
NetApp, Inc., 1.88%, 06/22/2025		1,760		1,823
Seagate HDD Cayman, (Cayman Islands), 4.13%, 01/15/2031 (e)		60		65
Teleperformance, (France), Reg. S, 1.50%, 04/03/2024	EUR	200		243
				8,013
Semiconductors — 0.4%
ASML Holding NV, (Netherlands), Reg. S, 0.63%, 05/07/2029	EUR	100		121
Broadcom Corp. / Broadcom Cayman Finance Ltd., (Multinational), 3.00%, 01/15/2022		60		62
Broadcom, Inc.,
2.25%, 11/15/2023		60		62
3.15%, 11/15/2025		30		32
3.46%, 09/15/2026		80		88
4.11%, 09/15/2028		100		113
4.15%, 11/15/2030		150		169
4.30%, 11/15/2032		215		246
4.70%, 04/15/2025		140		159
5.00%, 04/15/2030		2,980		3,515
Infineon Technologies AG, (Germany), Reg. S, 1.13%, 06/24/2026	EUR	100		121
Marvell Technology Group Ltd., (Bermuda),
4.20%, 06/22/2023		70		75
4.88%, 06/22/2028		250		302
Maxim Integrated Products, Inc., 3.45%, 06/15/2027		140		156
Microchip Technology, Inc., 3.92%, 06/01/2021		2,900		2,964
Micron Technology, Inc.,
2.50%, 04/24/2023		110		114
4.66%, 02/15/2030		27		32
NVIDIA Corp.,
3.50%, 04/01/2040		22		26
3.50%, 04/01/2050		30		35
3.70%, 04/01/2060		60		71
NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational), 3.40%, 05/01/2030 (e)		1,000		1,095
NXP BV / NXP Funding LLC, (Netherlands), 3.88%, 09/01/2022 (e)		2,600		2,748
Texas Instruments, Inc., 1.75%, 05/04/2030		90		93
Xilinx, Inc., 2.38%, 06/01/2030		50		52
				12,451

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Software — 0.2%
Activision Blizzard, Inc.,
1.35%, 09/15/2030		2,000		1,955
2.50%, 09/15/2050		100		93
Adobe, Inc., 2.30%, 02/01/2030		65		70
Broadridge Financial Solutions, Inc.,
2.90%, 12/01/2029		80		87
3.40%, 06/27/2026		40		44
Citrix Systems, Inc.,
3.30%, 03/01/2030		320		342
4.50%, 12/01/2027		150		172
Fidelity National Information Services, Inc., 3.36%, 05/21/2031	GBP	100		150
Fiserv, Inc., 2.65%, 06/01/2030		155		167
Intuit, Inc., 1.65%, 07/15/2030		355		361
Microsoft Corp.,
2.53%, 06/01/2050		1,100		1,150
2.68%, 06/01/2060		110		116
4.00%, 02/12/2055		10		14
Oracle Corp., 2.50%, 04/01/2025		100		107
SAP SE, (Germany), Reg. S, 1.00%, 04/01/2025	EUR	50		61
ServiceNow, Inc., 1.40%, 09/01/2030		1,793		1,752
VMware, Inc., 4.50%, 05/15/2025		40		45
				6,686
Total Technology				27,150
Utilities — 2.4%
Electric — 1.8%
A2A SpA, (Italy),
Reg. S, 1.00%, 07/16/2029	EUR	100		123
Reg. S, 3.63%, 01/13/2022	EUR	100		123
ACEA SpA, (Italy),
Reg. S, 0.50%, 04/06/2029	EUR	100		115
Reg. S, 2.63%, 07/15/2024	EUR	100		127
AEP Texas, Inc., Series I, 2.10%, 07/01/2030		2,600		2,671
Alliander NV, (Netherlands), 2.88%, 06/14/2024	EUR	100		130
Ameren Corp.,
2.50%, 09/15/2024		30		32
3.50%, 01/15/2031		10		11
Ameren Illinois Co., 3.25%, 03/15/2050		1,200		1,350
American Electric Power Co., Inc.,
2.30%, 03/01/2030		25		26
3.25%, 03/01/2050		20		21
Appalachian Power Co.,
Series Y, 4.50%, 03/01/2049		20		25
Series Z, 3.70%, 05/01/2050		45		51
Arizona Public Service Co.,
2.60%, 08/15/2029		60		65
3.35%, 05/15/2050		10		11

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Electric — continued
Atlantic City Electric Co., 4.00%, 10/15/2028		50		59
Baltimore Gas and Electric Co., 2.90%, 06/15/2050		10		10
Berkshire Hathaway Energy Co.,
4.25%, 10/15/2050 (e)		15		19
5.15%, 11/15/2043		60		82
Black Hills Corp.,
3.05%, 10/15/2029		20		22
3.88%, 10/15/2049		10		11
Cadent Finance plc, (United Kingdom), Reg. S, 2.63%, 09/22/2038	GBP	900		1,264
CenterPoint Energy Houston Electric LLC, Series AD, 2.90%, 07/01/2050		45		48
CenterPoint Energy, Inc.,
2.95%, 03/01/2030		5		5
4.25%, 11/01/2028		10		12
Coentreprise de Transport d’Electricite SA, (France),
Reg. S, 0.88%, 09/29/2024	EUR	100		121
Reg. S, 2.13%, 07/29/2032	EUR	100		135
Commonwealth Edison Co.,
3.00%, 03/01/2050		100		107
3.70%, 08/15/2028		10		12
4.00%, 03/01/2048		25		31
4.00%, 03/01/2049		10		12
4.70%, 01/15/2044		1,000		1,320
Consolidated Edison Co. of New York, Inc.,
Series 20A, 3.35%, 04/01/2030		70		81
3.85%, 06/15/2046		10		12
Series 20B, 3.95%, 04/01/2050		55		67
Series 09-C, 5.50%, 12/01/2039		10		14
Series A, 4.13%, 05/15/2049		20		24
Consumers Energy Co.,
2.50%, 05/01/2060		10		9
3.10%, 08/15/2050		30		33
3.25%, 08/15/2046		1,100		1,226
3.75%, 02/15/2050		5		6
Dominion Energy South Carolina, Inc., 4.60%, 06/15/2043		1,400		1,824
Dominion Energy, Inc.,
3.90%, 10/01/2025		220		250
4.25%, 06/01/2028		20		24
Series C, 3.38%, 04/01/2030		20		22
DTE Electric Co.,
2.95%, 03/01/2050		25		26
3.70%, 03/15/2045		1,100		1,287
3.95%, 03/01/2049		10		13
DTE Energy Co.,
Series B, 2.60%, 06/15/2022		40		42
Series C, 3.40%, 06/15/2029		20		22
Series F, 1.05%, 06/01/2025		1,400		1,399

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Electric — continued
Series H, 0.55%, 11/01/2022		75		75
Duke Energy Carolinas LLC, 5.30%, 02/15/2040		10		14
Duke Energy Corp.,
2.45%, 06/01/2030		10		11
2.65%, 09/01/2026		30		33
3.75%, 09/01/2046		10		11
4.20%, 06/15/2049		10		12
Duke Energy Florida LLC, 4.20%, 07/15/2048		10		13
Duke Energy Indiana LLC,
2.75%, 04/01/2050		20		20
Series YYY, 3.25%, 10/01/2049		40		45
Duke Energy Ohio, Inc.,
3.65%, 02/01/2029		10		12
3.70%, 06/15/2046		1,700		1,965
4.30%, 02/01/2049		80		101
E.ON International Finance BV, (Netherlands), 6.38%, 06/07/2032	GBP	50		96
E.ON SE, (Germany), Reg. S, 1.00%, 10/07/2025	EUR	100		123
EDP - Energias de Portugal SA, (Portugal), Reg. S, 1.63%, 04/15/2027	EUR	100		127
Electricite de France SA, (France),
Reg. S, 1.00%, 10/13/2026	EUR	600		740
Reg. S, 1.88%, 10/13/2036	EUR	100		129
Reg. S, 2.00%, 12/09/2049	EUR	600		721
Reg. S, 5.13%, 09/22/2050	GBP	50		97
5.88%, 07/18/2031	GBP	65		118
EnBW Energie Baden-Wuerttemberg AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 2.32%), 1.88%, 06/29/2080 (aa)	EUR	100		117
EnBW International Finance BV, (Netherlands), Reg. S, 0.63%, 04/17/2025	EUR	200		242
Enel Finance International NV, (Netherlands),
Reg. S, 1.13%, 10/17/2034	EUR	100		123
2.65%, 09/10/2024 (e)		3,500		3,711
3.50%, 04/06/2028 (e)		1,700		1,894
Enel SpA, (Italy), Reg. S, (EUR Swap Rate 5 Year + 2.10%), 2.50%, 11/24/2078 (aa)	EUR	100		120
e-netz Suedhessen AG, (Germany), 6.13%, 04/23/2041	EUR	20		37
Enexis Holding NV, (Netherlands),
Reg. S, 0.88%, 04/28/2026	EUR	100		123
Reg. S, 1.50%, 10/20/2023	EUR	100		122
Engie SA, (France), Reg. S, (EUR Swap Rate 5 Year + 3.17%), 3.25%, 11/28/2024 (x) (aa)	EUR	1,800		2,258
Entergy Corp.,
0.90%, 09/15/2025		30		30
2.80%, 06/15/2030		1,400		1,513
3.75%, 06/15/2050		30		34
Entergy Louisiana LLC,
3.12%, 09/01/2027		2,500		2,793
3.25%, 04/01/2028		10		11
4.20%, 09/01/2048		10		13

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Electric — continued
Entergy Texas, Inc., 4.00%, 03/30/2029		15		18
ESB Finance DAC, (Ireland),
Reg. S, 1.75%, 02/07/2029	EUR	100		132
Reg. S, 2.13%, 06/08/2027	EUR	100		132
Evergy Kansas Central, Inc., 3.45%, 04/15/2050		5		6
Evergy Metro, Inc.,
Series 2020, 2.25%, 06/01/2030		10		10
Series 2019, 4.13%, 04/01/2049		20		25
4.20%, 03/15/2048		10		13
Evergy, Inc., 2.45%, 09/15/2024		3,000		3,176
Eversource Energy,
3.45%, 01/15/2050		30		34
Series R, 1.65%, 08/15/2030		10		10
Exelon Corp.,
3.50%, 06/01/2022		2,649		2,769
4.05%, 04/15/2030		10		12
4.45%, 04/15/2046		10		12
FirstEnergy Corp.,
Series A, 1.60%, 01/15/2026		100		99
Series B, 2.25%, 09/01/2030		10		10
Series C, 3.40%, 03/01/2050		40		39
FirstEnergy Transmission LLC, 4.35%, 01/15/2025 (e)		1,100		1,226
Florida Power & Light Co.,
3.15%, 10/01/2049		20		23
3.95%, 03/01/2048		500		632
4.13%, 06/01/2048		20		26
FLUVIUS System Operator CVBA, (Belgium), Reg. S, 2.88%, 10/09/2023	EUR	400		508
Fortum OYJ, (Finland),
Reg. S, 0.88%, 02/27/2023	EUR	170		203
Reg. S, 2.13%, 02/27/2029	EUR	100		131
Georgia Power Co., Series B, 3.70%, 01/30/2050		60		67
Hera SpA, (Italy), Reg. S, 2.38%, 07/04/2024	EUR	100		127
Iberdrola International BV, (Netherlands), Reg. S, 0.38%, 09/15/2025	EUR	100		119
Interstate Power and Light Co., 3.50%, 09/30/2049		10		11
Iren SpA, (Italy), Reg. S, 1.00%, 07/01/2030	EUR	100		120
Kentucky Utilities Co., 3.30%, 06/01/2050		15		16
MidAmerican Energy Co.,
3.10%, 05/01/2027		10		11
6.75%, 12/30/2031		10		15
Narragansett Electric Co. (The), 3.40%, 04/09/2030 (e)		200		228
National Rural Utilities Cooperative Finance Corp.,
1.35%, 03/15/2031		50		50
4.30%, 03/15/2049		20		26
Nevada Power Co.,
Series DD, 2.40%, 05/01/2030		100		107
Series EE, 3.13%, 08/01/2050		30		32

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Electric — continued
NextEra Energy Capital Holdings, Inc.,
2.25%, 06/01/2030		1,280		1,325
2.75%, 11/01/2029		35		38
Northern States Power Co., 2.60%, 06/01/2051		25		25
Oglethorpe Power Corp., 5.05%, 10/01/2048		20		24
Oklahoma Gas and Electric Co., 4.15%, 04/01/2047		900		1,061
Oncor Electric Delivery Co. LLC,
2.75%, 06/01/2024		20		21
3.10%, 09/15/2049		50		55
3.70%, 05/15/2050		5		6
Orsted A/S, (Denmark),
Reg. S, 5.75%, 04/09/2040	GBP	50		108
Reg. S, (EUR Swap Rate 5 Year + 4.75%), 6.25%, 06/26/3013 (aa)	EUR	25		33
Pacific Gas and Electric Co.,
1.75%, 06/16/2022		50		50
3.15%, 01/01/2026		20		20
3.50%, 08/01/2050		20		18
3.75%, 07/01/2028		10		10
4.50%, 07/01/2040		100		102
4.55%, 07/01/2030		10		11
4.95%, 07/01/2050		10		11
PacifiCorp.,
3.30%, 03/15/2051		800		893
4.15%, 02/15/2050		15		19
PECO Energy Co., 2.80%, 06/15/2050		50		52
PPL Capital Funding, Inc.,
4.13%, 04/15/2030		120		142
5.00%, 03/15/2044		1,000		1,247
Public Service Co. of Colorado, Series 36, 2.70%, 01/15/2051		10		10
Public Service Electric and Gas Co.,
2.05%, 08/01/2050		10		9
2.45%, 01/15/2030		20		22
3.65%, 09/01/2028		120		140
3.85%, 05/01/2049		10		13
Public Service Enterprise Group, Inc., 0.80%, 08/15/2025		3,000		2,981
Puget Energy, Inc., 4.10%, 06/15/2030 (e)		10		11
Puget Sound Energy, Inc., 3.25%, 09/15/2049		20		22
Red Electrica Financiaciones SAU, (Spain), Reg. S, 1.13%, 04/24/2025	EUR	100		124
RTE Reseau de Transport d’Electricite SADIR, (France),
Reg. S, 1.50%, 09/27/2030	EUR	200		263
Reg. S, 1.63%, 11/27/2025	EUR	300		380
Reg. S, 2.00%, 04/18/2036	EUR	100		142
San Diego Gas & Electric Co., 4.15%, 05/15/2048		820		993
Sempra Energy,
3.40%, 02/01/2028		10		11
4.00%, 02/01/2048		10		11

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Electric — continued
Southern California Edison Co.,
2.85%, 08/01/2029		10		11
3.65%, 02/01/2050		60		62
4.00%, 04/01/2047		20		21
4.05%, 03/15/2042		900		971
6.05%, 03/15/2039		10		13
Series B, 3.65%, 03/01/2028		25		28
Series D, 3.40%, 06/01/2023		1,400		1,489
Series E, 3.70%, 08/01/2025		10		11
Southern Co. (The), Series A, 3.70%, 04/30/2030		75		86
Southwestern Public Service Co.,
Series 8, 3.15%, 05/01/2050		60		65
3.70%, 08/15/2047		1,000		1,153
SP Transmission plc, (United Kingdom), Reg. S, 2.00%, 11/13/2031	GBP	100		138
SSE plc, (United Kingdom), Reg. S, 1.75%, 04/16/2030	EUR	1,300		1,648
Stedin Holding NV, (Netherlands),
Reg. S, 0.88%, 10/24/2025	EUR	100		122
Reg. S, (EUR Swap Rate 5 Year + 2.75%), 3.25%, 12/01/2021 (x) (aa)	EUR	100		119
Tampa Electric Co., 4.30%, 06/15/2048		10		13
TenneT Holding BV, (Netherlands),
Reg. S, 0.88%, 06/03/2030	EUR	120		150
Reg. S, 1.00%, 06/13/2026	EUR	200		247
Terna Rete Elettrica Nazionale SpA, (Italy),
Reg. S, 0.38%, 09/25/2030	EUR	100		117
Reg. S, 0.75%, 07/24/2032	EUR	100		119
Tucson Electric Power Co.,
1.50%, 08/01/2030		30		30
4.00%, 06/15/2050		10		12
Union Electric Co., 3.25%, 10/01/2049		40		45
Virginia Electric and Power Co.,
3.30%, 12/01/2049		50		58
Series B, 3.80%, 09/15/2047		35		42
Vistra Operations Co. LLC, 3.55%, 07/15/2024 (e)		1,400		1,491
WEC Energy Group, Inc., 3.55%, 06/15/2025		200		224
Western Power Distribution South West plc, (United Kingdom), Reg. S, 5.88%, 03/25/2027	GBP	20		33
Wisconsin Power and Light Co., 3.00%, 07/01/2029		50		56
Wisconsin Public Service Corp., 3.30%, 09/01/2049		5		6
Xcel Energy, Inc.,
3.40%, 06/01/2030		20		23
3.50%, 12/01/2049		20		22
				61,339
Gas — 0.5%
APT Pipelines Ltd., (Australia),
Reg. S, 2.00%, 07/15/2030	EUR	1,000		1,269
Reg. S, 3.50%, 03/22/2030	GBP	100		145

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Gas — continued
Atmos Energy Corp.,
1.50%, 01/15/2031		1,630		1,623
2.63%, 09/15/2029		15		17
3.38%, 09/15/2049		210		238
4.15%, 01/15/2043		10		13
CenterPoint Energy Resources Corp., 3.55%, 04/01/2023		1,300		1,393
Italgas SpA, (Italy),
Reg. S, 1.00%, 12/11/2031	EUR	100		124
Reg. S, 1.13%, 03/14/2024	EUR	100		121
National Grid Gas plc, (United Kingdom), Reg. S, 1.38%, 02/07/2031	GBP	1,600		2,099
Nederlandse Gasunie NV, (Netherlands), Reg. S, 2.63%, 07/13/2022	EUR	100		123
NiSource, Inc.,
0.95%, 08/15/2025		3,000		2,997
3.49%, 05/15/2027		130		145
3.60%, 05/01/2030		25		28
4.80%, 02/15/2044		10		13
Piedmont Natural Gas Co., Inc., 3.35%, 06/01/2050		15		16
Redexis Gas Finance BV, (Netherlands), Reg. S, 1.88%, 05/28/2025	EUR	1,300		1,592
Snam SpA, (Italy), Reg. S, 0.88%, 10/25/2026	EUR	100		122
Southern California Gas Co.,
Series VV, 4.30%, 01/15/2049		20		26
Series XX, 2.55%, 02/01/2030		25		27
Southern Co. Gas Capital Corp.,
Series 20-A, 1.75%, 01/15/2031		3,700		3,654
3.95%, 10/01/2046		20		22
Southwest Gas Corp.,
2.20%, 06/15/2030		45		47
4.15%, 06/01/2049		10		12
Washington Gas Light Co., 3.65%, 09/15/2049		10		11
				15,877
Water — 0.1%
Affinity Water Finance plc, (United Kingdom), 5.88%, 07/13/2026	GBP	30		49
American Water Capital Corp.,
2.80%, 05/01/2030		25		27
4.15%, 06/01/2049		35		44
Essential Utilities, Inc., 2.70%, 04/15/2030		40		43
Northumbrian Water Finance plc, (United Kingdom), Reg. S, 5.63%, 04/29/2033	GBP	50		95
Thames Water Utilities Finance plc, (United Kingdom),
Reg. S, 2.38%, 04/22/2040	GBP	300		399
6.75%, 11/16/2028	GBP	30		54
United Utilities Water Finance plc, (United Kingdom), Reg. S, 2.00%, 07/03/2033	GBP	900		1,260
Wessex Water Services Finance plc, (United Kingdom),
Reg. S, 1.50%, 09/17/2029	GBP	700		917
5.38%, 03/10/2028	GBP	50		83
				2,971
Total Utilities				80,187
Total Corporate Bonds (Cost $776,764)				767,973

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — 39.5%
Action Logement Services, (France), Reg. S, 0.50%, 10/30/2034	EUR	100		121
Adif Alta Velocidad, (Spain),
Reg. S, 0.55%, 04/30/2030	EUR	200		238
Reg. S, 1.88%, 09/22/2022	EUR	600		733
Reg. S, 1.88%, 01/28/2025	EUR	100		127
Agence Francaise de Developpement EPIC, (France),
Reg. S, 0.00%, 03/25/2025	EUR	200		238
Reg. S, 0.25%, 07/21/2026	EUR	500		604
Reg. S, 0.25%, 06/29/2029	EUR	400		483
Reg. S, 0.38%, 04/30/2024	EUR	400		481
Reg. S, 0.50%, 05/25/2030	EUR	200		246
Reg. S, 0.50%, 05/31/2035	EUR	300		365
Reg. S, 1.38%, 09/17/2024	EUR	500		626
Reg. S, 1.50%, 10/31/2034	EUR	100		137
Agence France Locale, (France),
Reg. S, 0.00%, 09/20/2027	EUR	500		592
Reg. S, 0.13%, 06/20/2026	EUR	100		119
Agricultural Development Bank of China, (China),
Series 2002, 2.20%, 04/01/2023	CNY	11,200		1,602
2.25%, 03/12/2022	CNY	12,000		1,740
Series 2005, 2.25%, 04/22/2025	CNY	2,700		375
Series 2004, 2.96%, 04/17/2030	CNY	19,000		2,598
Series 2007, 3.06%, 08/05/2023	CNY	10,000		1,460
Series 1907, 3.12%, 07/17/2022	CNY	10,000		1,466
Series 1909, 3.24%, 08/14/2024	CNY	3,000		437
Series 1605, 3.33%, 01/06/2026	CNY	17,000		2,461
Reg. S, 3.40%, 11/06/2024	CNH	56,000		8,365
Series 1813, 3.55%, 11/21/2023	CNY	600		89
Series 1908, 3.63%, 07/19/2026	CNY	35,300		5,183
Series 1512, 4.18%, 05/04/2022	CNY	8,000		1,192
Series 1806, 4.65%, 05/11/2028	CNY	8,100		1,263
Auckland Council, (New Zealand),
Reg. S, 1.00%, 01/19/2027	EUR	300		375
Reg. S, 1.50%, 11/28/2025	CHF	300		357
Australia Government Bond, (Australia),
Series 159, Reg. S, 0.25%, 11/21/2024	AUD	3,683		2,638
Series 161, Reg. S, 0.25%, 11/21/2025	AUD	2,100		1,496
Series 160, Reg. S, 1.00%, 12/21/2030	AUD	2,250		1,637
Series 162, Reg. S, 1.75%, 06/21/2051	AUD	450		324
Series 151, Reg. S, 2.00%, 12/21/2021	AUD	533		391
Series 153, 2.25%, 11/21/2022	AUD	1,000		748
Series 149, Reg. S, 2.25%, 05/21/2028	AUD	200		161
Series 155, Reg. S, 2.50%, 05/21/2030	AUD	2,750		2,282

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Series 148, Reg. S, 2.75%, 11/21/2027	AUD	3,250		2,683
Series 154, Reg. S, 2.75%, 11/21/2029	AUD	5,000		4,211
Series 145, Reg. S, 2.75%, 06/21/2035	AUD	450		393
Series 156, Reg. S, 2.75%, 05/21/2041	AUD	1,081		946
Series 150, Reg. S, 3.00%, 03/21/2047	AUD	580		537
Series 139, Reg. S, 3.25%, 04/21/2025	AUD	1,475		1,198
Series 138, Reg. S, 3.25%, 04/21/2029	AUD	365		316
Series 144, Reg. S, 3.75%, 04/21/2037	AUD	950		934
Series 128, Reg. S, 5.75%, 07/15/2022	AUD	2,500		1,969
Australian Capital Territory, (Australia), Reg. S, 1.25%, 05/22/2025	AUD	200		148
Autobahnen- und Schnell- strassen-Finanzierungs AG, (Austria),
Reg. S, 0.10%, 07/09/2029	EUR	500		604
Reg. S, 0.63%, 09/15/2022	EUR	160		192
Reg. S, 2.75%, 06/20/2033	EUR	130		206
Autonomous Community of Andalusia Spain, (Spain), Reg. S, 1.38%, 04/30/2029	EUR	30		38
Autonomous Community of Madrid Spain, (Spain),
Reg. S, 1.19%, 05/08/2022	EUR	600		720
Reg. S, 1.83%, 04/30/2025	EUR	270		344
4.30%, 09/15/2026	EUR	500		736
Basque Government, (Spain),
Reg. S, 0.85%, 04/30/2030	EUR	50		62
Reg. S, 1.75%, 03/16/2026	EUR	170		219
Bermuda Government International Bond, (Bermuda), 2.38%, 08/20/2030 (e)		670		678
BNG Bank NV, (Netherlands),
Reg. S, 0.10%, 01/15/2030	EUR	320		386
Reg. S, 0.13%, 04/11/2026	EUR	530		638
Reg. S, 0.13%, 07/09/2035	EUR	130		155
Reg. S, 0.20%, 11/09/2024	EUR	550		662
Reg. S, 0.38%, 01/14/2022	EUR	200		237
Reg. S, 0.88%, 10/17/2035	EUR	100		132
Reg. S, 1.50%, 07/15/2039	EUR	170		247
Reg. S, 3.88%, 05/26/2023	EUR	470		615
Bonos de la Tesoreria de la Republica en pesos, (Chile), Reg. S, 4.70%, 09/01/2030 (e)	CLP	70,000		105
Bpifrance Financement SA, (France),
Reg. S, 0.13%, 11/25/2023	EUR	300		357
Reg. S, 0.13%, 03/25/2025	EUR	400		478
Reg. S, 0.25%, 03/29/2030	EUR	200		240
Reg. S, 0.63%, 05/25/2026	EUR	500		616
Reg. S, 0.75%, 07/22/2022	GBP	200		260
Reg. S, 0.88%, 09/26/2028	EUR	200		254
Reg. S, 1.00%, 05/25/2027	EUR	500		632
Reg. S, 2.38%, 04/25/2022	EUR	300		367
Bundesobligation, (Germany),
Series 176, Reg. S, 0.00%, 10/07/2022	EUR	1,550		1,843
Series 178, Reg. S, 0.00%, 10/13/2023	EUR	1,780		2,135

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Series 179, Reg. S, 0.00%, 04/05/2024	EUR	79		95
Series 180, Reg. S, 0.00%, 10/18/2024	EUR	680		821
Series 181, Reg. S, 0.00%, 04/11/2025	EUR	930		1,127
Series 182, Reg. S, 0.00%, 10/10/2025	EUR	5,860		7,121
Bundesrepublik Deutschland Bundesanleihe, (Germany),
Reg. S, 0.00%, 08/15/2026	EUR	2,070		2,531
Reg. S, 0.00%, 11/15/2027	EUR	940		1,155
Reg. S, 0.00%, 08/15/2029	EUR	1,540		1,901
Reg. S, 0.00%, 02/15/2030	EUR	890		1,099
Reg. S, 0.00%, 08/15/2030	EUR	2,385		2,946
Reg. S, 0.00%, 05/15/2035	EUR	2,165		2,660
Reg. S, 0.00%, 08/15/2050	EUR	780		940
Reg. S, 0.25%, 02/15/2027	EUR	2,400		2,988
Reg. S, 0.25%, 08/15/2028	EUR	43		54
Reg. S, 0.25%, 02/15/2029	EUR	210		265
Reg. S, 0.50%, 02/15/2025	EUR	227		281
Reg. S, 0.50%, 02/15/2026	EUR	140		175
Reg. S, 0.50%, 08/15/2027	EUR	2,160		2,743
Reg. S, 0.50%, 02/15/2028	EUR	230		293
Reg. S, 1.00%, 08/15/2024	EUR	250		313
Reg. S, 1.00%, 08/15/2025	EUR	1,130		1,439
Reg. S, 1.25%, 08/15/2048	EUR	1,050		1,708
Reg. S, 1.50%, 02/15/2023	EUR	2,750		3,397
Reg. S, 1.50%, 05/15/2023	EUR	3,510		4,358
Reg. S, 1.75%, 07/04/2022	EUR	330		404
Reg. S, 2.00%, 01/04/2022	EUR	3,416		4,143
Reg. S, 2.00%, 08/15/2023	EUR	3,450		4,367
Reg. S, 2.50%, 07/04/2044	EUR	1,570		3,053
Reg. S, 2.50%, 08/15/2046	EUR	2,165		4,318
Reg. S, 3.25%, 07/04/2042	EUR	610		1,275
Series 5, Reg. S, 4.00%, 01/04/2037	EUR	1,037		2,103
Series 2007, Reg. S, 4.25%, 07/04/2039	EUR	1,070		2,360
Series 98, Reg. S, 4.75%, 07/04/2028	EUR	1,060		1,778
Series 3, Reg. S, 4.75%, 07/04/2034	EUR	1,050		2,136
Series 8, Reg. S, 4.75%, 07/04/2040	EUR	900		2,140
Reg. S, 5.50%, 01/04/2031	EUR	1,220		2,344
Series 98, Reg. S, 5.63%, 01/04/2028	EUR	12		21
Reg. S, 6.25%, 01/04/2030	EUR	775		1,502
Series 97, Reg. S, 6.50%, 07/04/2027	EUR	1,410		2,478
Bundesschatzanweisungen, (Germany),
Reg. S, 0.00%, 03/11/2022	EUR	400		474
Reg. S, 0.00%, 06/10/2022	EUR	2,050		2,431
Caisse d’Amortissement de la Dette Sociale, (France),
Reg. S, 0.00%, 11/25/2030	EUR	300		355
Reg. S, 0.13%, 11/25/2022	EUR	300		356
Reg. S, 0.13%, 10/25/2023	EUR	1,800		2,149
Reg. S, 4.00%, 12/15/2025	EUR	316		456

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Caisse des Depots et Consignations, (France), Reg. S, 0.00%, 06/19/2024	EUR	300		358
Caisse Francaise de Financement Local, (France),
Reg. S, 0.01%, 05/07/2025	EUR	100		120
Series 12, Reg. S, 0.63%, 01/26/2023	EUR	200		240
Reg. S, 1.25%, 05/11/2032	EUR	100		136
Reg. S, 1.50%, 06/28/2038	EUR	200		293
Canada Housing Trust No. 1, (Canada), Series MAR, 0.95%, 06/15/2025 (e)	CAD	1,000		765
Canadian Government Bond, (Canada),
1.00%, 06/01/2027	CAD	200		156
1.25%, 06/01/2030	CAD	600		480
3.50%, 12/01/2045	CAD	1,500		1,735
4.00%, 06/01/2041	CAD	150		177
Canton of Geneva Switzerland, (Switzerland), Reg. S, 0.02%, 11/27/2024	CHF	240		264
Canton of Zurich, (Switzerland), Reg. S, 0.10%, 06/23/2045	CHF	50		56
Cassa Depositi e Prestiti SpA, (Italy),
Reg. S, 0.75%, 11/21/2022	EUR	600		713
Reg. S, 2.00%, 04/20/2027	EUR	100		126
Reg. S, 2.13%, 09/27/2023	EUR	200		248
Chile Government International Bond, (Chile), 3.24%, 02/06/2028		200		222
China Development Bank, (China),
Reg. S, 0.88%, 01/24/2024	EUR	100		120
Series 1914, 2.97%, 10/25/2022	CNY	27,000		3,946
Series 1907, 3.18%, 05/17/2022	CNY	200		29
Series 1610, 3.18%, 04/05/2026	CNY	24,000		3,441
Series 1903, 3.30%, 02/01/2024	CNY	20,000		2,923
Series 1908, 3.42%, 07/02/2024	CNY	21,000		3,077
Series 1915, 3.45%, 09/20/2029	CNY	17,000		2,434
Series 1905, 3.48%, 01/08/2029	CNY	51,000		7,331
Series 1910, 3.65%, 05/21/2029	CNY	900		131
Series 1518, 3.74%, 09/10/2025	CNY	18,000		2,662
Series 1811, 3.76%, 08/14/2023	CNY	11,000		1,634
Series 1706, 4.02%, 04/17/2022	CNY	22,000		3,272
Series 1810, 4.04%, 07/06/2028	CNY	17,000		2,543
Reg. S, 4.35%, 08/06/2024	CNH	5,000		771
Reg. S, 4.35%, 09/19/2024	CNH	1,000		154
Series 1806, 4.73%, 04/02/2025	CNY	10,230		1,574
Series 1805, 4.88%, 02/09/2028	CNY	17,000		2,683
China Government Bond, (China),
1.99%, 04/09/2025	CNY	55,000		7,730
2.20%, 02/13/2022	CNY	15,700		2,289
2.36%, 07/02/2023	CNY	57,500		8,324
2.64%, 08/13/2022	CNY	20,000		2,928
Series 1903, 2.69%, 03/07/2022	CNY	10,000		1,468
Series 1911, 2.75%, 08/08/2022	CNY	18,000		2,641
2.85%, 06/04/2027	CNY	46,000		6,606

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Series 1913, 2.94%, 10/17/2024	CNY	10,000		1,469
Series 1916, 3.12%, 12/05/2026	CNY	15,000		2,205
Series 1809, 3.17%, 04/19/2023	CNY	17,000		2,518
Series 1907, 3.25%, 06/06/2026	CNY	15,700		2,329
Series 1827, 3.25%, 11/22/2028	CNY	43,100		6,360
Series 1906, 3.29%, 05/23/2029	CNY	10,000		1,478
Reg. S, 3.30%, 07/04/2023	CNH	2,000		300
Reg. S, 3.31%, 11/30/2025	CNH	1,500		228
Reg. S, 3.38%, 11/21/2024	CNH	3,000		455
Reg. S, 3.38%, 07/04/2026	CNH	23,500		3,589
3.39%, 03/16/2050	CNY	41,000		5,515
Series 1819, 3.54%, 08/16/2028	CNY	500		76
Reg. S, 3.60%, 06/27/2028	CNH	8,500		1,322
Reg. S, 3.60%, 05/21/2030	CNH	7,000		1,092
3.73%, 05/25/2070	CNY	16,100		2,228
Reg. S, 3.85%, 12/12/2026	CNH	9,000		1,413
Series 1910, 3.86%, 07/22/2049	CNY	2,500		367
Reg. S, 4.00%, 05/22/2024	CNH	8,500		1,311
Reg. S, 4.00%, 11/30/2035	CNH	6,500		1,067
Series 1908, 4.00%, 06/24/2069	CNY	5,000		734
Series 1824, 4.08%, 10/22/2048	CNY	22,100		3,378
Reg. S, 4.15%, 12/04/2027	CNH	15,000		2,411
Reg. S, 4.40%, 12/12/2046	CNH	25,000		4,216
China Government International Bond, (China), Reg. S, 0.50%, 11/12/2031	EUR	100		115
City of Milan Italy, (Italy), 4.02%, 06/29/2035	EUR	40		62
City of Montreal Canada, (Canada), 2.30%, 09/01/2029	CAD	600		490
City of Paris France, (France), Reg. S, 1.75%, 05/25/2031	EUR	200		276
City of Toronto Canada, (Canada),
2.95%, 04/28/2035	CAD	200		171
3.50%, 06/02/2036	CAD	300		273
Colombia Government International Bond, (Colombia), 3.00%, 01/30/2030		200		205
Corp. de Reservas Estrategicas de Productos Petroliferos Cores, (Spain), Reg. S, 1.50%, 11/27/2022	EUR	600		730
CPPIB Capital, Inc., (Canada),
Reg. S, 0.25%, 04/06/2027	EUR	300		361
Reg. S, 0.38%, 06/20/2024	EUR	300		361
Cyprus Government International Bond, (Cyprus),
Reg. S, 0.63%, 01/21/2030	EUR	235		276
Reg. S, 1.25%, 01/21/2040	EUR	720		860
Reg. S, 2.25%, 04/16/2050	EUR	10		14
Czech Republic Government Bond, (Czech Republic),
Series 100, 0.25%, 02/10/2027	CZK	10,380		438
Series 97, Reg. S, 0.45%, 10/25/2023	CZK	12,000		523
Series 95, Reg. S, 1.00%, 06/26/2026	CZK	500		22
Series 121, 1.20%, 03/13/2031	CZK	4,970		221
Series 103, 2.00%, 10/13/2033	CZK	60		3
Series 89, Reg. S, 2.40%, 09/17/2025	CZK	16,910		801

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Series 78, Reg. S, 2.50%, 08/25/2028	CZK	7,890		387
Series 105, 2.75%, 07/23/2029	CZK	11,450		579
Series 49, Reg. S, 4.20%, 12/04/2036	CZK	5,390		343
Series 58, Reg. S, 5.70%, 05/25/2024	CZK	140		7
Denmark Government Bond, (Denmark),
Series 3Y, Reg. S, 0.25%, 11/15/2022 (e)	DKK	5,100		818
Series 30Y, Reg. S, 0.25%, 11/15/2052 (e)	DKK	1,460		245
Series 10Y, 0.50%, 11/15/2027	DKK	4,540		767
Series 10YR, Reg. S, 0.50%, 11/15/2029 (e)	DKK	6,935		1,184
1.50%, 11/15/2023	DKK	3,960		665
3.00%, 11/15/2021	DKK	87		14
4.50%, 11/15/2039	DKK	5,610		1,680
7.00%, 11/10/2024	DKK	1,470		305
Development Bank of Japan, Inc., (Japan),
Series 86, 0.24%, 10/13/2027	JPY	100,000		955
Reg. S, 1.13%, 04/28/2023	GBP	600		786
Estonia Government International Bond, (Estonia), Reg. S, 0.13%, 06/10/2030	EUR	200		238
Export-Import Bank of China (The), (China),
Series 2002, 2.05%, 04/07/2022	CNY	20,000		2,890
Series 2003, 2.17%, 04/07/2023	CNY	1,500		214
Series 2005, 2.93%, 03/02/2025	CNY	18,600		2,663
Series 1908, 3.23%, 11/04/2022	CNY	8,000		1,174
Series 2010, 3.23%, 03/23/2030	CNY	15,500		2,169
Series 1905, 3.28%, 02/11/2024	CNY	13,000		1,898
Series 1603, 3.33%, 02/22/2026	CNY	100		14
Series 1910, 3.86%, 05/20/2029	CNY	3,000		441
Series 1703, 4.11%, 03/20/2027	CNY	10,000		1,505
Export-Import Bank of Korea, (South Korea), Reg. S, 8.00%, 05/15/2024	IDR	400,000		28
Federal Judiciary Office Building Trust, Zero Coupon, 02/15/2024		100		97
Finland Government Bond, (Finland),
Series 5Y, Reg. S, 0.00%, 04/15/2022 (e)	EUR	6		7
Reg. S, 0.00%, 09/15/2023 (e)	EUR	330		395
Reg. S, 0.13%, 04/15/2036 (e)	EUR	120		146
Reg. S, 0.25%, 09/15/2040 (e)	EUR	220		271
Reg. S, 0.50%, 04/15/2026 (e)	EUR	820		1,020
Reg. S, 0.50%, 09/15/2027 (e)	EUR	280		352
Reg. S, 0.50%, 09/15/2029 (e)	EUR	610		774
Reg. S, 0.75%, 04/15/2031 (e)	EUR	10		13
Reg. S, 0.88%, 09/15/2025 (e)	EUR	430		542
Reg. S, 1.13%, 04/15/2034 (e)	EUR	360		498
Series 30Y, Reg. S, 1.38%, 04/15/2047 (e)	EUR	270		427
Reg. S, 1.50%, 04/15/2023 (e)	EUR	830		1,027
Reg. S, 2.00%, 04/15/2024 (e)	EUR	250		321
Reg. S, 2.63%, 07/04/2042 (e)	EUR	170		314
Finnvera OYJ, (Finland),
Reg. S, 0.38%, 04/09/2029	EUR	100		124
Reg. S, 0.75%, 08/07/2028	EUR	100		127

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Fondo De Titulizacion Del Deficit Del Sistema Electrico FTA, (Spain),
Reg. S, 0.01%, 09/17/2025	EUR	100		118
Reg. S, 0.85%, 12/17/2023	EUR	600		728
Free and Hanseatic City of Hamburg, (Germany),
Reg. S, 0.00%, 04/07/2026	EUR	280		337
Reg. S, 0.01%, 06/30/2028	EUR	180		217
Reg. S, 0.20%, 09/03/2049	EUR	70		81
French Republic Government Bond OAT, (France),
Reg. S, 0.00%, 11/25/2029	EUR	2,540		3,066
Reg. S, 0.00%, 02/25/2022	EUR	2,460		2,911
Reg. S, 0.00%, 05/25/2022	EUR	2,260		2,678
Reg. S, 0.00%, 02/25/2023	EUR	1,600		1,905
Reg. S, 0.00%, 03/25/2023	EUR	2,530		3,014
Reg. S, 0.00%, 03/25/2024	EUR	1,300		1,558
Reg. S, 0.00%, 03/25/2025	EUR	3,340		4,024
Reg. S, 0.00%, 11/25/2030	EUR	1,530		1,839
Reg. S, 0.25%, 11/25/2026	EUR	2,730		3,354
Reg. S, 0.50%, 05/25/2025	EUR	3,140		3,873
Reg. S, 0.50%, 05/25/2026	EUR	28		35
Reg. S, 0.50%, 05/25/2029	EUR	1,920		2,421
Reg. S, 0.50%, 05/25/2040 (e)	EUR	1,990		2,478
Reg. S, 0.75%, 05/25/2028	EUR	1,140		1,459
Reg. S, 0.75%, 11/25/2028	EUR	1,140		1,464
Reg. S, 0.75%, 05/25/2052 (e)	EUR	2,230		2,856
Reg. S, 1.00%, 11/25/2025	EUR	470		597
Reg. S, 1.00%, 05/25/2027	EUR	2,430		3,136
Reg. S, 1.25%, 05/25/2034	EUR	1,580		2,189
Reg. S, 1.25%, 05/25/2036 (e)	EUR	1,350		1,889
Reg. S, 1.50%, 05/25/2031	EUR	810		1,127
Reg. S, 1.50%, 05/25/2050 (e)	EUR	1,110		1,706
Reg. S, 1.75%, 05/25/2023	EUR	2,600		3,244
Reg. S, 1.75%, 11/25/2024	EUR	2,930		3,778
Reg. S, 1.75%, 06/25/2039 (e)	EUR	1,060		1,623
Reg. S, 1.75%, 05/25/2066 (e)	EUR	810		1,429
Reg. S, 2.00%, 05/25/2048 (e)	EUR	1,060		1,787
Reg. S, 2.25%, 10/25/2022	EUR	900		1,119
Reg. S, 2.25%, 05/25/2024	EUR	300		389
Reg. S, 2.50%, 05/25/2030	EUR	4,830		7,218
Reg. S, 2.75%, 10/25/2027	EUR	2,310		3,339
Reg. S, 3.00%, 04/25/2022	EUR	720		892
Reg. S, 3.25%, 10/25/2021	EUR	2,545		3,108
Reg. S, 3.25%, 05/25/2045	EUR	1,290		2,582
Reg. S, 3.50%, 04/25/2026	EUR	36		52
Reg. S, 4.00%, 10/25/2038	EUR	1,070		2,143
Reg. S, 4.00%, 04/25/2055 (e)	EUR	790		1,985
Reg. S, 4.00%, 04/25/2060	EUR	590		1,568

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Reg. S, 4.25%, 10/25/2023	EUR	760		1,027
Reg. S, 4.50%, 04/25/2041	EUR	1,460		3,217
Reg. S, 4.75%, 04/25/2035	EUR	1,620		3,242
Reg. S, 5.50%, 04/25/2029	EUR	1,830		3,247
Reg. S, 5.75%, 10/25/2032	EUR	1,083		2,192
Reg. S, 6.00%, 10/25/2025	EUR	2,400		3,773
Reg. S, 8.50%, 04/25/2023	EUR	1,220		1,770
Gemeinsame Deutsche Bundeslaender, (Germany),
Series 58, Reg. S, 0.00%, 02/19/2027	EUR	220		265
Series 46, Reg. S, 1.13%, 09/30/2024	EUR	720		900
Hong Kong Government Bond Programme, (Hong Kong), 1.97%, 01/17/2029	HKD	1,300		189
Housing & Development Board, (Singapore),
Reg. S, 1.76%, 02/24/2027	SGD	250		193
2.09%, 08/30/2022	SGD	500		378
Hungary Government Bond, (Hungary),
Series 24/C, 2.50%, 10/24/2024	HUF	281,740		947
Series 27/A, 3.00%, 10/27/2027	HUF	194,780		673
Series 30/A, 3.00%, 08/21/2030	HUF	57,080		197
Series 28/A, 6.75%, 10/22/2028	HUF	25,000		109
Hydro-Quebec, (Canada),
6.00%, 02/15/2040	CAD	300		372
SUB, 8.40%, 03/28/2025		200		267
9.40%, 02/01/2021		12		13
Indonesia Government International Bond, (Indonesia),
0.90%, 02/14/2027	EUR	1,600		1,833
Reg. S, 2.15%, 07/18/2024	EUR	100		123
4.45%, 02/11/2024		200		221
Indonesia Treasury Bond, (Indonesia),
Series FR81, 6.50%, 06/15/2025	IDR	36,400,000		2,523
Series FR82, 7.00%, 09/15/2030	IDR	29,820,000		2,011
Series FR74, 7.50%, 08/15/2032	IDR	10,000,000		682
Series FR80, 7.50%, 06/15/2035	IDR	10,000,000		676
Series FR83, 7.50%, 04/15/2040	IDR	9,000,000		609
Infraestruturas de Portugal SA, (Portugal), Reg. S, 4.68%, 10/16/2024	EUR	150		209
Instituto de Credito Oficial, (Spain), Reg. S, 0.25%, 04/30/2024	EUR	50		60
International Bank for Reconstruction & Development, (Supranational),
Zero Coupon, 10/31/2030		1,000		870
0.38%, 07/28/2025		50		50
0.50%, 06/21/2035	EUR	50		63
0.88%, 12/13/2024	GBP	50		66
1.63%, 01/15/2025		215		226
2.50%, 03/19/2024		365		392
Investitionsbank Schleswig-Holstein, (Germany), Reg. S, 0.01%, 05/15/2026	EUR	100		120
Ireland Government Bond, (Ireland),
Reg. S, 0.00%, 10/18/2022	EUR	330		391

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Reg. S, 0.20%, 05/15/2027	EUR	880		1,071
Reg. S, 0.20%, 10/18/2030	EUR	620		753
Reg. S, 0.40%, 05/15/2035	EUR	610		749
Reg. S, 0.90%, 05/15/2028	EUR	12		15
Reg. S, 1.10%, 05/15/2029	EUR	240		315
Reg. S, 1.35%, 03/18/2031	EUR	365		495
Reg. S, 1.50%, 05/15/2050	EUR	230		348
Reg. S, 1.70%, 05/15/2037	EUR	290		426
Reg. S, 2.00%, 02/18/2045	EUR	400		654
Reg. S, 2.40%, 05/15/2030	EUR	590		867
Reg. S, 3.40%, 03/18/2024	EUR	490		654
Reg. S, 3.90%, 03/20/2023	EUR	270		352
5.40%, 03/13/2025	EUR	790		1,174
Israel Government AID Bond, (Israel), 5.50%, 09/18/2033		200		300
Israel Government Bond - Fixed, (Israel),
Series 327, 2.00%, 03/31/2027	ILS	800		259
Series 142, 5.50%, 01/31/2042	ILS	290		151
Israel Government International Bond, (Israel),
Reg. S, 2.50%, 01/16/2049	EUR	50		75
2.75%, 07/03/2030		200		221
Italy Buoni Poliennali Del Tesoro, (Italy),
Reg. S, 0.85%, 01/15/2027 (e)	EUR	6,435		7,724
Reg. S, 0.30%, 08/15/2023 (e)	EUR	1,640		1,941
0.35%, 11/01/2021	EUR	1,421		1,677
Reg. S, 0.60%, 06/15/2023	EUR	1,640		1,959
Reg. S, 0.90%, 08/01/2022	EUR	950		1,137
Reg. S, 0.95%, 09/15/2027 (e)	EUR	290		349
Reg. S, 0.95%, 08/01/2030	EUR	1,510		1,792
Reg. S, 1.00%, 07/15/2022	EUR	1,600		1,917
Reg. S, 1.25%, 12/01/2026	EUR	100		123
1.35%, 04/15/2022	EUR	72		86
Reg. S, 1.35%, 04/01/2030	EUR	1,390		1,714
Reg. S, 1.45%, 11/15/2024	EUR	1,900		2,348
Reg. S, 1.45%, 05/15/2025	EUR	770		953
Reg. S, 1.45%, 03/01/2036 (e)	EUR	880		1,063
1.50%, 06/01/2025	EUR	1,620		2,012
Reg. S, 1.65%, 12/01/2030 (e)	EUR	1,310		1,652
Reg. S, 1.65%, 03/01/2032 (e)	EUR	513		647
Reg. S, 1.75%, 07/01/2024	EUR	1,140		1,420
Reg. S, 1.80%, 03/01/2041 (e)	EUR	560		688
Reg. S, 1.85%, 07/01/2025 (e)	EUR	2,260		2,848
2.00%, 12/01/2025	EUR	760		969
2.05%, 08/01/2027	EUR	1,290		1,666
Reg. S, 2.10%, 07/15/2026	EUR	1,480		1,903
2.15%, 12/15/2021	EUR	320		386
2.20%, 06/01/2027	EUR	1,790		2,331
Reg. S, 2.25%, 09/01/2036 (e)	EUR	800		1,073

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Series 5Y, Reg. S, 2.45%, 10/01/2023	EUR	1,062		1,338
Reg. S, 2.45%, 09/01/2033 (e)	EUR	460		628
Reg. S, 2.45%, 09/01/2050 (e)	EUR	810		1,104
Reg. S, 2.50%, 11/15/2025	EUR	279		364
Reg. S, 2.70%, 03/01/2047 (e)	EUR	260		371
Reg. S, 2.80%, 12/01/2028	EUR	590		809
Reg. S, 2.80%, 03/01/2067 (e)	EUR	530		771
Reg. S, 2.95%, 09/01/2038 (e)	EUR	280		409
Reg. S, 3.00%, 08/01/2029	EUR	1,320		1,850
Reg. S, 3.10%, 03/01/2040 (e)	EUR	630		940
Reg. S, 3.25%, 09/01/2046 (e)	EUR	1,090		1,701
Reg. S, 3.35%, 03/01/2035 (e)	EUR	2,670		4,022
Reg. S, 3.45%, 03/01/2048 (e)	EUR	500		811
Reg. S, 3.50%, 03/01/2030 (e)	EUR	1,160		1,696
3.75%, 09/01/2024	EUR	1,230		1,646
Reg. S, 3.85%, 09/01/2049 (e)	EUR	640		1,111
Reg. S, 4.00%, 02/01/2037 (e)	EUR	1,310		2,135
4.50%, 05/01/2023	EUR	3,000		3,936
4.50%, 03/01/2024	EUR	59		80
Reg. S, 4.50%, 03/01/2026 (e)	EUR	3		4
Reg. S, 4.75%, 08/01/2023 (e)	EUR	1,000		1,332
Reg. S, 4.75%, 09/01/2028 (e)	EUR	1,470		2,266
Reg. S, 4.75%, 09/01/2044 (e)	EUR	2,170		4,113
5.00%, 03/01/2022	EUR	2,250		2,835
Reg. S, 5.00%, 03/01/2025 (e)	EUR	890		1,264
Reg. S, 5.00%, 08/01/2034 (e)	EUR	1,020		1,780
Reg. S, 5.00%, 08/01/2039 (e)	EUR	970		1,808
Reg. S, 5.00%, 09/01/2040 (e)	EUR	960		1,802
5.25%, 11/01/2029	EUR	1,000		1,636
5.50%, 09/01/2022	EUR	760		988
Reg. S, 5.50%, 11/01/2022	EUR	1,390		1,821
5.75%, 02/01/2033	EUR	490		886
Reg. S, 6.00%, 05/01/2031	EUR	1,150		2,040
6.50%, 11/01/2027	EUR	710		1,172
7.25%, 11/01/2026	EUR	1,580		2,609
Italy Certificati di Credito del Tesoro, (Italy), Zero Coupon, 11/29/2021	EUR	1,380		1,623
Japan Bank for International Cooperation, (Japan), 2.38%, 07/21/2022		200		207
Japan Expressway Holding and Debt Repayment Agency, (Japan),
Series 75, 1.96%, 09/19/2031	JPY	100,000		1,125
Series 37, 2.42%, 06/20/2028	JPY	100,000		1,115
Japan Finance Organization for Municipalities, (Japan),
Reg. S, 0.05%, 02/12/2027	EUR	200		236
Series 69, 0.48%, 02/28/2025	JPY	100,000		966
Series 55, 0.78%, 12/28/2023	JPY	100,000		971
Series 39, 0.82%, 08/26/2022	JPY	10,000		96

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Japan Government Five Year Bond, (Japan),
Series 134, 0.10%, 12/20/2022	JPY	1,000,000		9,532
Series 135, 0.10%, 03/20/2023	JPY	1,735,200		16,547
Series 136, 0.10%, 06/20/2023	JPY	2,000,000		19,084
Series 137, 0.10%, 09/20/2023	JPY	1,053,500		10,057
Series 140, 0.10%, 06/20/2024	JPY	48,000		459
Series 142, 0.10%, 12/20/2024	JPY	1,023,500		9,800
Series 143, 0.10%, 03/20/2025	JPY	586,400		5,616
Series 144, 0.10%, 06/20/2025	JPY	816,300		7,818
Japan Government Forty Year Bond, (Japan),
Series 9, 0.40%, 03/20/2056	JPY	6,900		61
Series 12, 0.50%, 03/20/2059	JPY	32,600		297
Series 11, 0.80%, 03/20/2058	JPY	199,000		2,000
Series 10, 0.90%, 03/20/2057	JPY	264,050		2,734
Series 8, 1.40%, 03/20/2055	JPY	223,000		2,629
Series 7, 1.70%, 03/20/2054	JPY	5,600		70
Series 3, 2.20%, 03/20/2050	JPY	497,000		6,755
Series 4, 2.20%, 03/20/2051	JPY	10,850		149
Series 1, 2.40%, 03/20/2048	JPY	100,000		1,394
Japan Government Ten Year Bond, (Japan),
Series 342, 0.10%, 03/20/2026	JPY	1,410,000		13,522
Series 343, 0.10%, 06/20/2026	JPY	988,200		9,481
Series 345, 0.10%, 12/20/2026	JPY	690,000		6,629
Series 346, 0.10%, 03/20/2027	JPY	1,000,000		9,610
Series 347, 0.10%, 06/20/2027	JPY	1,381,350		13,279
Series 348, 0.10%, 09/20/2027	JPY	9,000		87
Series 349, 0.10%, 12/20/2027	JPY	8,250		79
Series 350, 0.10%, 03/20/2028	JPY	62,300		599
Series 352, 0.10%, 09/20/2028	JPY	21,050		202
Series 354, 0.10%, 03/20/2029	JPY	142,650		1,369
Series 355, 0.10%, 06/20/2029	JPY	59,350		569
Series 356, 0.10%, 09/20/2029	JPY	1,430,000		13,700
Series 357, 0.10%, 12/20/2029	JPY	700,000		6,703
Series 358, 0.10%, 03/20/2030	JPY	1,115,100		10,667
Series 359, 0.10%, 06/20/2030	JPY	94,300		901
Series 340, 0.40%, 09/20/2025	JPY	33,600		327
Series 328, 0.60%, 03/20/2023	JPY	61,850		597
Series 332, 0.60%, 12/20/2023	JPY	39,150		380
Series 326, 0.70%, 12/20/2022	JPY	568,700		5,492
Series 329, 0.80%, 06/20/2023	JPY	12,800		124
Series 330, 0.80%, 09/20/2023	JPY	293,800		2,863
Japan Government Thirty Year Bond, (Japan),
Series 51, 0.30%, 06/20/2046	JPY	5,750		52
Series 63, 0.40%, 06/20/2049	JPY	2,150		19
Series 64, 0.40%, 09/20/2049	JPY	16,000		144
Series 65, 0.40%, 12/20/2049	JPY	530,000		4,775
Series 66, 0.40%, 03/20/2050	JPY	194,600		1,750
Series 53, 0.60%, 12/20/2046	JPY	9,550		92

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Series 67, 0.60%, 06/20/2050	JPY	477,500		4,527
Series 61, 0.70%, 12/20/2048	JPY	8,450		83
Series 50, 0.80%, 03/20/2046	JPY	8,200		83
Series 57, 0.80%, 12/20/2047	JPY	326,000		3,286
Series 58, 0.80%, 03/20/2048	JPY	38,050		383
Series 48, 1.40%, 09/20/2045	JPY	172,150		1,975
Series 49, 1.40%, 12/20/2045	JPY	14,950		172
Series 45, 1.50%, 12/20/2044	JPY	2,900		34
Series 46, 1.50%, 03/20/2045	JPY	711,600		8,305
Series 47, 1.60%, 06/20/2045	JPY	627,000		7,459
Series 11, 1.70%, 06/20/2033	JPY	100,000		1,132
Series 39, 1.90%, 06/20/2043	JPY	50,550		627
Series 33, 2.00%, 09/20/2040	JPY	373,950		4,625
Series 35, 2.00%, 09/20/2041	JPY	3,350		42
Series 21, 2.30%, 12/20/2035	JPY	588,000		7,270
Series 32, 2.30%, 03/20/2040	JPY	3,200		41
Japan Government Twenty Year Bond, (Japan),
Series 157, 0.20%, 06/20/2036	JPY	4,350		41
Series 168, 0.40%, 03/20/2039	JPY	689,000		6,567
Series 172, 0.40%, 03/20/2040	JPY	145,000		1,376
Series 173, 0.40%, 06/20/2040	JPY	872,500		8,267
Series 164, 0.50%, 03/20/2038	JPY	109,150		1,063
Series 167, 0.50%, 12/20/2038	JPY	1,293,700		12,556
Series 161, 0.60%, 06/20/2037	JPY	10,600		105
Series 166, 0.70%, 09/20/2038	JPY	22,000		221
Series 155, 1.00%, 12/20/2035	JPY	869,450		9,151
Series 151, 1.20%, 12/20/2034	JPY	27,000		291
Series 152, 1.20%, 03/20/2035	JPY	557,100		6,009
Series 154, 1.20%, 09/20/2035	JPY	570,000		6,155
Series 153, 1.30%, 06/20/2035	JPY	800,000		8,741
Series 60, 1.40%, 12/20/2022	JPY	91,000		892
Series 150, 1.40%, 09/20/2034	JPY	19,550		216
Series 59, 1.70%, 12/20/2022	JPY	39,600		391
Series 145, 1.70%, 06/20/2033	JPY	23,000		260
Series 122, 1.80%, 09/20/2030	JPY	924,000		10,302
Series 121, 1.90%, 09/20/2030	JPY	35,550		400
Series 118, 2.00%, 06/20/2030	JPY	1,865,000		21,075
Series 75, 2.10%, 03/20/2025	JPY	37,000		386
Series 80, 2.10%, 06/20/2025	JPY	517,000		5,416
Series 94, 2.10%, 03/20/2027	JPY	47,500		515
Series 105, 2.10%, 09/20/2028	JPY	25,450		283
Japan Government Two Year Bond, (Japan),
Series 410, 0.10%, 03/01/2022	JPY	900,000		8,566
Series 412, 0.10%, 05/01/2022	JPY	510,000		4,858
Series 415, 0.10%, 08/01/2022	JPY	959,300		9,138
Japan Housing Finance Agency, (Japan),
Series 108, 1.43%, 06/18/2027	JPY	100,000		1,031

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Series 71, 1.75%, 03/19/2026	JPY	200,000		2,068
Japan International Cooperation Agency, (Japan), Series 35, 0.08%, 06/19/2026	JPY	200,000		1,895
Japanese Government CPI Linked Bond, (Japan), Series 25, 0.20%, 03/10/2030	JPY	99,413		953
Jersey International Bond, (Jersey), Reg. S, 3.75%, 06/09/2054	GBP	400		816
Kingdom of Belgium Government Bond, (Belgium),
Series 91, Reg. S, 0.00%, 10/22/2027 (e)	EUR	1,040		1,260
Series 89, Reg. S, 0.10%, 06/22/2030	EUR	700		852
Series 79, Reg. S, 0.20%, 10/22/2023 (e)	EUR	980		1,179
Series 90, Reg. S, 0.40%, 06/22/2040 (e)	EUR	360		439
Series 82, Reg. S, 0.50%, 10/22/2024 (e)	EUR	780		957
Series 74, Reg. S, 0.80%, 06/22/2025 (e)	EUR	870		1,089
Series 81, Reg. S, 0.80%, 06/22/2027 (e)	EUR	100		128
Series 85, Reg. S, 0.80%, 06/22/2028 (e)	EUR	1,400		1,801
Series 87, Reg. S, 0.90%, 06/22/2029 (e)	EUR	610		795
Series 77, Reg. S, 1.00%, 06/22/2026 (e)	EUR	1,200		1,534
Series 75, Reg. S, 1.00%, 06/22/2031 (e)	EUR	260		345
Series 86, Reg. S, 1.25%, 04/22/2033	EUR	700		967
Series 84, Reg. S, 1.45%, 06/22/2037 (e)	EUR	50		72
Series 78, Reg. S, 1.60%, 06/22/2047 (e)	EUR	920		1,420
Series 88, Reg. S, 1.70%, 06/22/2050 (e)	EUR	390		625
Series 76, Reg. S, 1.90%, 06/22/2038 (e)	EUR	410		633
Series 80, Reg. S, 2.15%, 06/22/2066 (e)	EUR	280		551
Series 68, Reg. S, 2.25%, 06/22/2023	EUR	320		405
Series 83, Reg. S, 2.25%, 06/22/2057 (e)	EUR	310		585
Series 72, Reg. S, 2.60%, 06/22/2024 (e)	EUR	80		105
Series 73, Reg. S, 3.00%, 06/22/2034 (e)	EUR	2,090		3,497
Series 71, Reg. S, 3.75%, 06/22/2045	EUR	460		981
Series 48, 4.00%, 03/28/2022	EUR	880		1,104
Series 66, Reg. S, 4.00%, 03/28/2032	EUR	530		925
Series 65, Reg. S, 4.25%, 09/28/2022 (e)	EUR	460		593
Series 60, Reg. S, 4.25%, 03/28/2041 (e)	EUR	620		1,316
Series 44, Reg. S, 5.00%, 03/28/2035 (e)	EUR	450		917
Kommunalbanken A/S, (Norway),
Reg. S, 0.05%, 10/24/2029	EUR	100		119
Reg. S, 0.63%, 04/20/2026	EUR	500		617
Kommunekredit, (Denmark), Reg. S, 0.50%, 01/24/2025	EUR	700		853
Kommuninvest I Sverige AB, (Sweden),
Series G24, Reg. S, 0.38%, 03/27/2024	SEK	4,880		551
Series G23, Reg. S, 0.63%, 06/01/2023	SEK	100		11
Series 2602, Reg. S, 0.75%, 02/04/2026	SEK	2,880		331
Series 2505, Reg. S, 1.00%, 05/12/2025	SEK	5,000		581
Reg. S, 1.50%, 05/12/2025	SEK	3,000		356
Korea Development Bank (The), (South Korea),
Reg. S, 4.50%, 11/10/2020	CNH	10,000		1,476
6.00%, 01/22/2025	IDR	15,000,000		986

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Korea Expressway Corp., (South Korea), Reg. S, 4.73%, 03/28/2021	CNH	5,000		743
Korea Housing Finance Corp., (South Korea), Reg. S, 0.10%, 06/18/2024	EUR	100		118
Korea Hydro & Nuclear Power Co. Ltd., (South Korea), Reg. S, 0.00%, 07/19/2024	CHF	300		326
Korea National Oil Corp., (South Korea), Reg. S, 0.00%, 10/04/2024	CHF	300		326
Korea Treasury Bond, (South Korea),
Series 2306, 1.00%, 06/10/2023	KRW	3,245,000		2,786
Series 2509, 1.13%, 09/10/2025	KRW	2,830,000		2,419
Series 3909, 1.13%, 09/10/2039	KRW	5,843,630		4,627
Series 2212, 1.25%, 12/10/2022	KRW	6,850,000		5,912
Series 2912, 1.38%, 12/10/2029	KRW	3,441,000		2,923
Series 3006, 1.38%, 06/10/2030	KRW	1,200,000		1,020
Series 2612, 1.50%, 12/10/2026	KRW	2,600,000		2,257
Series 3609, 1.50%, 09/10/2036	KRW	900,000		767
Series 5003, 1.50%, 03/10/2050	KRW	2,097,000		1,749
Series 6609, 1.50%, 09/10/2066	KRW	340,000		277
Kuntarahoitus OYJ, (Finland),
Reg. S, 0.05%, 09/06/2029	EUR	100		120
Reg. S, 0.13%, 03/07/2024	EUR	180		216
Reg. S, 1.25%, 02/23/2033	EUR	200		272
Land Baden-Wuerttemberg, (Germany),
Reg. S, 0.63%, 01/27/2026	EUR	380		472
Series 120, Reg. S, 2.00%, 11/13/2023	EUR	220		278
Land Berlin, (Germany),
Reg. S, 0.01%, 07/02/2030	EUR	490		589
Series 493, Reg. S, 0.63%, 02/08/2027	EUR	570		713
Series 495, Reg. S, 1.38%, 06/05/2037	EUR	260		371
Land Thueringen, (Germany), Reg. S, 0.05%, 05/06/2030	EUR	260		314
Latvia Government International Bond, (Latvia),
Reg. S, 1.13%, 05/30/2028	EUR	390		503
Reg. S, 1.38%, 05/16/2036	EUR	110		153
Lithuania Government International Bond, (Lithuania),
Reg. S, 0.25%, 05/06/2025	EUR	70		84
Reg. S, 0.50%, 07/28/2050	EUR	140		159
Reg. S, 0.75%, 05/06/2030	EUR	440		555
Luxembourg Government Bond, (Luxembourg),
Reg. S, 0.00%, 04/28/2025	EUR	240		289
Reg. S, 0.00%, 11/13/2026	EUR	130		158
Reg. S, 0.00%, 04/28/2030	EUR	150		182
Malaysia Government Bond, (Malaysia),
Series 319, 3.48%, 06/14/2024	MYR	5,500		1,384
Series 519, 3.76%, 05/22/2040	MYR	30		8
Series 215, 3.80%, 09/30/2022	MYR	1,000		250
Series 219, 3.89%, 08/15/2029	MYR	3,800		1,001
Series 318, 4.64%, 11/07/2033	MYR	3,000		832
Series 216, 4.74%, 03/15/2046	MYR	1,000		274

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Series 418, 4.89%, 06/08/2038	MYR	1,600		455
Series 518, 4.92%, 07/06/2048	MYR	600		167
Malaysia Government Investment Issue, (Malaysia),
Series 418, 3.73%, 03/31/2022	MYR	1,800		445
Series 217, 4.05%, 08/15/2024	MYR	3,090		795
Series 119, 4.13%, 07/09/2029	MYR	1,630		433
Series 218, 4.37%, 10/31/2028	MYR	4,200		1,135
Series 517, 4.76%, 08/04/2037	MYR	1,600		448
Mexican Bonos, (Mexico),
Series M 20, 7.50%, 06/03/2027	MXN	7,000		352
Series M, 7.75%, 05/29/2031	MXN	12,000		612
Series M 20, 8.50%, 05/31/2029	MXN	1,000		53
Mexico Government International Bond, (Mexico),
1.13%, 01/17/2030	EUR	100		108
1.63%, 04/08/2026	EUR	100		118
3.25%, 04/16/2030		200		205
4.75%, 03/08/2044		170		185
5.75%, 10/12/2110		20		23
6.75%, 02/06/2024	GBP	100		150
Ministeries Van de Vlaamse Gemeenschap, (Belgium),
Reg. S, 0.01%, 06/23/2027	EUR	500		596
Reg. S, 0.38%, 10/13/2026	EUR	100		122
Reg. S, 1.38%, 11/21/2033	EUR	300		411
Reg. S, 1.50%, 07/12/2038	EUR	100		141
Municipal Finance Authority of British Columbia, (Canada),
1.10%, 06/01/2025	CAD	200		152
2.55%, 10/09/2029	CAD	300		251
2.80%, 12/03/2023	CAD	1,000		802
Nederlandse Waterschapsbank NV, (Netherlands),
Reg. S, 0.05%, 01/28/2030	EUR	250		300
0.13%, 09/25/2023	EUR	400		478
Reg. S, 0.25%, 06/07/2024	EUR	683		823
Reg. S, 0.50%, 01/19/2023	EUR	260		312
Reg. S, 0.75%, 10/04/2041	EUR	100		130
Reg. S, 1.00%, 03/01/2028	EUR	300		386
Reg. S, 1.25%, 05/27/2036	EUR	140		193
Reg. S, 1.50%, 06/15/2039	EUR	160		234
5.20%, 03/31/2025	CAD	1,000		875
Netherlands Government Bond, (Netherlands),
Reg. S, 0.00%, 01/15/2022 (e)	EUR	480		567
Reg. S, 0.00%, 01/15/2027 (e)	EUR	990		1,203
Reg. S, 0.00%, 07/15/2030 (e)	EUR	919		1,121
Reg. S, 0.00%, 01/15/2052 (e)	EUR	280		329
Reg. S, 0.25%, 07/15/2025 (e)	EUR	21		26
Reg. S, 0.50%, 07/15/2026 (e)	EUR	1,050		1,313
Reg. S, 0.50%, 01/15/2040 (e)	EUR	484		639
Reg. S, 0.75%, 07/15/2027 (e)	EUR	1,520		1,944

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Reg. S, 1.75%, 07/15/2023 (e)	EUR	1,605		2,010
Reg. S, 2.00%, 07/15/2024 (e)	EUR	560		724
Reg. S, 2.25%, 07/15/2022 (e)	EUR	1,280		1,579
Reg. S, 2.50%, 01/15/2033 (e)	EUR	2,080		3,304
Reg. S, 2.75%, 01/15/2047 (e)	EUR	1,040		2,139
Reg. S, 3.75%, 01/15/2042 (e)	EUR	658		1,423
Reg. S, 4.00%, 01/15/2037 (e)	EUR	520		1,037
5.50%, 01/15/2028	EUR	210		357
New South Wales Treasury Corp., (Australia),
1.00%, 02/08/2024	AUD	500		367
2.00%, 03/20/2031	AUD	600		460
2.25%, 05/07/2041	AUD	100		74
Series 27, Reg. S, 3.00%, 05/20/2027	AUD	800		658
Reg. S, 3.00%, 02/20/2030	AUD	200		167
Series 22, 6.00%, 03/01/2022	AUD	600		465
New Zealand Government Bond, (New Zealand),
0.50%, 05/15/2024	NZD	1,000		673
1.50%, 05/15/2031	NZD	200		146
1.75%, 05/15/2041	NZD	130		95
Series 437, Reg. S, 2.75%, 04/15/2037	NZD	450		382
Series 429, 3.00%, 04/20/2029	NZD	280		226
Series 433, Reg. S, 3.50%, 04/14/2033	NZD	200		177
Series 427, Reg. S, 4.50%, 04/15/2027	NZD	730		618
Series 423, Reg. S, 5.50%, 04/15/2023	NZD	450		339
New Zealand Local Government Funding Agency Bond, (New Zealand),
2.00%, 04/15/2037	NZD	100		70
3.50%, 04/14/2033	NZD	400		336
Norway Government Bond, (Norway),
Series 482, Reg. S, 1.38%, 08/19/2030 (e)	NOK	3,270		376
Series 477, Reg. S, 1.75%, 03/13/2025 (e)	NOK	1,920		219
Series 479, Reg. S, 1.75%, 02/17/2027 (e)	NOK	3,070		357
Series 481, Reg. S, 1.75%, 09/06/2029 (e)	NOK	3,040		359
Series 475, Reg. S, 2.00%, 05/24/2023 (e)	NOK	1,590		179
Series 480, Reg. S, 2.00%, 04/26/2028 (e)	NOK	1,450		173
Series 476, Reg. S, 3.00%, 03/14/2024 (e)	NOK	3,240		380
OMERS Finance Trust, (Canada),
0.45%, 05/13/2025 (e)	EUR	250		300
Reg. S, 0.45%, 05/13/2025	EUR	2,700		3,244
Ontario Teachers’ Finance Trust, (Canada), Reg. S, 0.50%, 05/06/2025	EUR	3,400		4,095
Panama Government International Bond, (Panama), 6.70%, 01/26/2036		60		87
Peruvian Government International Bond, (Peru),
2.39%, 01/23/2026		105		110
2.75%, 01/30/2026	EUR	100		130
2.78%, 01/23/2031		110		119
Reg. S, 6.90%, 08/12/2037	PEN	1,000		331

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Philippine Government International Bond, (Philippines), 9.50%, 02/02/2030		100		165
Portugal Obrigacoes do Tesouro OT, (Portugal),
Reg. S, 0.48%, 10/18/2030 (e)	EUR	770		921
Reg. S, 0.70%, 10/15/2027 (e)	EUR	1,305		1,607
Reg. S, 0.90%, 10/12/2035 (e)	EUR	337		411
Reg. S, 1.95%, 06/15/2029 (e)	EUR	250		339
Reg. S, 2.13%, 10/17/2028 (e)	EUR	290		396
Reg. S, 2.20%, 10/17/2022 (e)	EUR	740		917
Series 15Y, Reg. S, 2.25%, 04/18/2034 (e)	EUR	300		432
Reg. S, 2.88%, 10/15/2025 (e)	EUR	610		827
Reg. S, 2.88%, 07/21/2026 (e)	EUR	580		800
Reg. S, 3.88%, 02/15/2030 (e)	EUR	50		79
Reg. S, 4.10%, 04/15/2037 (e)	EUR	510		921
Reg. S, 4.10%, 02/15/2045 (e)	EUR	470		923
Reg. S, 4.13%, 04/14/2027 (e)	EUR	480		718
Reg. S, 5.65%, 02/15/2024 (e)	EUR	670		946
Province of Alberta Canada, (Canada),
Reg. S, 1.50%, 12/15/2022	GBP	400		529
2.20%, 06/01/2026	CAD	600		483
Province of British Columbia Canada, (Canada),
2.80%, 06/18/2048	CAD	200		176
7.88%, 11/30/2023	CAD	120		110
Province of Manitoba Canada, (Canada), 2.75%, 06/02/2029	CAD	500		422
Province of Nova Scotia Canada, (Canada), 3.45%, 06/01/2045	CAD	200		188
Province of Ontario Canada, (Canada),
Reg. S, 0.50%, 12/15/2023	GBP	500		647
5.60%, 06/02/2035	CAD	300		340
Province of Quebec Canada, (Canada),
Reg. S, 2.38%, 01/22/2024	EUR	100		128
3.50%, 12/01/2045	CAD	200		195
Province of Saskatchewan Canada, (Canada), 3.30%, 06/02/2048	CAD	300		277
Queensland Treasury Corp., (Australia),
Reg. S, 1.75%, 08/21/2031 (e)	AUD	1,400		1,044
Series 27, Reg. S, 2.75%, 08/20/2027 (e)	AUD	800		650
Series 26, Reg. S, 3.25%, 07/21/2026 (e)	AUD	1,000		825
Regie Autonome des Transports Parisiens, (France),
Reg. S, 0.38%, 06/15/2024	EUR	300		361
Reg. S, 0.88%, 05/25/2027	EUR	100		125
Reg. S, 1.75%, 05/25/2031	EUR	500		688
Region of Ile de France, (France),
Reg. S, 0.50%, 06/14/2025	EUR	200		244
Reg. S, 3.63%, 03/27/2024	EUR	100		133
Region Wallonne Belgium, (Belgium),
Reg. S, 0.05%, 06/22/2025	EUR	800		953
Reg. S, 0.25%, 05/03/2026	EUR	300		361
Reg. S, 1.05%, 06/22/2040	EUR	100		127

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Republic of Austria Government Bond, (Austria),
Reg. S, 0.00%, 04/20/2023 (e)	EUR	850		1,013
Reg. S, 0.00%, 07/15/2023 (e)	EUR	700		836
Reg. S, 0.00%, 07/15/2024 (e)	EUR	280		336
Reg. S, 0.00%, 02/20/2030 (e)	EUR	240		291
Reg. S, 0.50%, 04/20/2027 (e)	EUR	600		752
Reg. S, 0.50%, 02/20/2029 (e)	EUR	610		772
Reg. S, 0.75%, 10/20/2026 (e)	EUR	1,000		1,268
Reg. S, 0.75%, 02/20/2028 (e)	EUR	320		410
Reg. S, 0.75%, 03/20/2051 (e)	EUR	365		501
Reg. S, 0.85%, 06/30/2120 (e)	EUR	50		72
Reg. S, 1.50%, 02/20/2047 (e)	EUR	290		462
Reg. S, 1.50%, 11/02/2086 (e)	EUR	190		361
Series 1, Reg. S, 1.65%, 10/21/2024 (e)	EUR	920		1,181
Reg. S, 2.10%, 09/20/2117 (e)	EUR	310		770
Reg. S, 2.40%, 05/23/2034 (e)	EUR	615		977
Reg. S, 3.15%, 06/20/2044 (e)	EUR	350		712
Reg. S, 3.65%, 04/20/2022 (e)	EUR	1,110		1,388
Reg. S, 3.80%, 01/26/2062 (e)	EUR	150		420
Reg. S, 4.15%, 03/15/2037 (e)	EUR	530		1,059
Reg. S, 4.85%, 03/15/2026 (e)	EUR	570		872
Republic of Italy Government International Bond, (Italy),
Reg. S, (ICE EURIBOR Swap Rate 30 Year + 0.00%), 4.25%, 06/28/2029 (aa)	EUR	1,000		1,483
Reg. S, 5.13%, 07/31/2024	EUR	520		719
Reg. S, 6.00%, 08/04/2028	GBP	1,050		1,711
Republic of Poland Government Bond, (Poland),
Series 722, Zero Coupon, 07/25/2022	PLN	4,450		1,150
Series 1030, 1.25%, 10/25/2030	PLN	23		6
Series 1024, 2.25%, 10/25/2024	PLN	5,960		1,654
Series 726, 2.50%, 07/25/2026	PLN	770		218
Series 727, 2.50%, 07/25/2027	PLN	5,420		1,540
Series 428, 2.75%, 04/25/2028	PLN	500		145
Series 1029, 2.75%, 10/25/2029	PLN	2,290		668
Series 922, 5.75%, 09/23/2022	PLN	1,690		486
Republic of Poland Government International Bond, (Poland),
Reg. S, 0.00%, 07/07/2023	EUR	100		118
Reg. S, 0.00%, 02/10/2025	EUR	60		71
Reg. S, 2.00%, 03/08/2049	EUR	3		4
Romania Government Bond, (Romania), Series 5Y, 3.65%, 07/28/2025	RON	1,000		244
Romanian Government International Bond, (Romania),
Reg. S, 2.75%, 02/26/2026	EUR	15		19
Reg. S, 3.38%, 02/08/2038	EUR	50		62
Reg. S, 3.38%, 01/28/2050	EUR	15		18
Reg. S, 3.62%, 05/26/2030	EUR	25		33
Russian Federal Bond - OFZ, (Russia),
Series 6233, 6.10%, 07/18/2035	RUB	17,890		224
Series 6223, 6.50%, 02/28/2024	RUB	70,390		944

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Series 6212, 7.05%, 01/19/2028	RUB	53,210		729
Series 6222, 7.10%, 10/16/2024	RUB	69,940		964
Series 6225, 7.25%, 05/10/2034	RUB	364		5
Series 6220, 7.40%, 12/07/2022	RUB	20,430		278
Series 6228, 7.65%, 04/10/2030	RUB	58,968		839
Series 6221, 7.70%, 03/23/2033	RUB	27,810		400
Series 6226, 7.95%, 10/07/2026	RUB	951		14
Series 6207, 8.15%, 02/03/2027	RUB	32,780		476
SA de Gestion de Stocks de Securite, (France), Reg. S, 4.00%, 01/24/2024	EUR	100		134
Saudi Government International Bond, (Saudi Arabia), Reg. S, 0.75%, 07/09/2027	EUR	100		117
SFIL SA, (France),
Reg. S, 0.00%, 05/24/2024	EUR	200		237
Reg. S, 0.13%, 10/18/2024	EUR	500		597
Singapore Government Bond, (Singapore),
2.00%, 02/01/2024	SGD	1,000		773
2.13%, 06/01/2026	SGD	600		478
2.38%, 07/01/2039	SGD	120		104
2.63%, 05/01/2028	SGD	750		625
2.75%, 04/01/2042	SGD	410		382
2.75%, 03/01/2046	SGD	260		251
2.88%, 09/01/2030	SGD	715		623
3.13%, 09/01/2022	SGD	500		386
3.38%, 09/01/2033	SGD	650		612
Slovakia Government Bond, (Slovakia),
Series 231, 0.63%, 05/22/2026	EUR	860		1,070
Series 239, Reg. S, 1.00%, 05/14/2032	EUR	740		985
Series 233, Reg. S, 2.00%, 10/17/2047	EUR	180		293
Series 225, Reg. S, 3.00%, 02/28/2023	EUR	90		115
Slovenia Government Bond, (Slovenia),
Series RS82, Reg. S, 0.28%, 01/14/2030	EUR	200		240
Reg. S, 0.88%, 07/15/2030	EUR	190		241
Series RS74, Reg. S, 1.50%, 03/25/2035	EUR	120		166
Series RS77, Reg. S, 2.25%, 03/03/2032	EUR	130		190
Series RS76, Reg. S, 3.13%, 08/07/2045	EUR	160		305
Series RS70, Reg. S, 5.13%, 03/30/2026	EUR	470		718
SNCF Reseau, (France),
Reg. S, 0.88%, 01/22/2029	EUR	200		253
Reg. S, 1.13%, 05/19/2027	EUR	400		510
Reg. S, 1.50%, 05/29/2037	EUR	300		417
2.00%, 11/12/2026	CHF	300		370
Reg. S, 2.00%, 02/05/2048	EUR	100		153
5.00%, 10/10/2033	EUR	200		378
Reg. S, 5.00%, 03/11/2052	GBP	120		284
Reg. S, 5.25%, 12/07/2028	GBP	300		521
Societe Du Grand Paris EPIC, (France),
Reg. S, 1.13%, 10/22/2028	EUR	700		908

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Reg. S, 1.13%, 05/25/2034	EUR	200		266
Reg. S, 1.70%, 05/25/2050	EUR	200		304
Societe Nationale SNCF SA, (France),
Reg. S, 1.50%, 02/02/2029	EUR	100		131
Reg. S, 4.63%, 02/02/2024	EUR	300		409
Reg. S, 5.38%, 03/18/2027	GBP	400		660
South Australian Government Financing Authority, (Australia),
Series 24, Reg. S, 2.25%, 08/15/2024	AUD	400		307
Series 23, 4.25%, 11/20/2023	AUD	350		282
Spain Government Bond, (Spain),
0.00%, 04/30/2023	EUR	3,598		4,264
0.00%, 01/31/2025	EUR	1,479		1,756
Series 5YR, Reg. S, 0.25%, 07/30/2024 (e)	EUR	3		4
0.35%, 07/30/2023	EUR	1,880		2,252
0.40%, 04/30/2022	EUR	1,345		1,599
0.45%, 10/31/2022	EUR	1,170		1,398
Reg. S, 0.50%, 04/30/2030 (e)	EUR	920		1,111
Reg. S, 0.60%, 10/31/2029 (e)	EUR	890		1,087
Reg. S, 0.80%, 07/30/2027 (e)	EUR	1,640		2,034
Reg. S, 1.00%, 10/31/2050 (e)	EUR	1,120		1,292
Reg. S, 1.20%, 10/31/2040 (e)	EUR	1,020		1,280
Reg. S, 1.25%, 10/31/2030 (e)	EUR	2,510		3,235
Reg. S, 1.30%, 10/31/2026 (e)	EUR	770		983
Reg. S, 1.40%, 04/30/2028 (e)	EUR	16		21
Reg. S, 1.45%, 10/31/2027 (e)	EUR	2,040		2,642
Reg. S, 1.45%, 04/30/2029 (e)	EUR	3,020		3,947
Reg. S, 1.50%, 04/30/2027 (e)	EUR	1,520		1,972
Reg. S, 1.60%, 04/30/2025 (e)	EUR	850		1,083
Reg. S, 1.85%, 07/30/2035 (e)	EUR	1,650		2,288
Reg. S, 1.95%, 07/30/2030 (e)	EUR	1,340		1,838
Reg. S, 2.15%, 10/31/2025 (e)	EUR	3,813		5,018
Reg. S, 2.35%, 07/30/2033 (e)	EUR	670		973
Series 30Y, Reg. S, 2.70%, 10/31/2048 (e)	EUR	550		910
Reg. S, 2.75%, 10/31/2024 (e)	EUR	930		1,229
Reg. S, 2.90%, 10/31/2046 (e)	EUR	600		1,017
Reg. S, 3.45%, 07/30/2066 (e)	EUR	720		1,463
Reg. S, 3.80%, 04/30/2024 (e)	EUR	940		1,268
Reg. S, 4.20%, 01/31/2037 (e)	EUR	710		1,299
Reg. S, 4.65%, 07/30/2025 (e)	EUR	1,763		2,561
Reg. S, 4.70%, 07/30/2041 (e)	EUR	910		1,863
Reg. S, 4.90%, 07/30/2040 (e)	EUR	860		1,780
Reg. S, 5.15%, 10/31/2028 (e)	EUR	1,230		2,034
Reg. S, 5.15%, 10/31/2044 (e)	EUR	850		1,913
5.75%, 07/30/2032	EUR	800		1,527
Reg. S, 5.85%, 01/31/2022 (e)	EUR	1,270		1,615
Reg. S, 5.90%, 07/30/2026 (e)	EUR	16		26
6.00%, 01/31/2029	EUR	1,430		2,501

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
State of Brandenburg, (Germany), Reg. S, 1.45%, 11/26/2038	EUR	180		262
State of Bremen, (Germany),
Series 224, Reg. S, 0.40%, 08/20/2049	EUR	30		37
Series 232, Reg. S, 0.55%, 02/04/2050	EUR	30		39
Series 215, Reg. S, 1.20%, 01/30/2034	EUR	40		54
Series 191, Reg. S, 1.88%, 03/18/2024	EUR	580		736
State of Hesse, (Germany),
Series 1801, Reg. S, 0.63%, 08/02/2028	EUR	230		291
Reg. S, 0.88%, 12/10/2024	EUR	600		744
Reg. S, 1.38%, 06/10/2024	EUR	490		615
State of Lower Saxony, (Germany),
0.05%, 03/09/2035	EUR	130		154
Series 878, Reg. S, 0.38%, 01/09/2026	EUR	690		845
Series 884, Reg. S, 0.88%, 10/25/2028	EUR	320		413
State of North Rhine-Westphalia Germany, (Germany),
Reg. S, 0.20%, 04/09/2030	EUR	100		123
Reg. S, 0.38%, 02/16/2023	EUR	400		479
Reg. S, 0.38%, 09/02/2050	EUR	130		159
Series 1409, Reg. S, 0.50%, 04/16/2026	EUR	360		445
Reg. S, 0.75%, 08/16/2041	EUR	360		472
Reg. S, 0.80%, 07/30/2049	EUR	100		135
Series 15YR, Reg. S, 1.10%, 03/13/2034	EUR	110		149
Reg. S, 1.38%, 01/15/2120	EUR	120		178
Reg. S, 1.45%, 02/16/2043	EUR	100		150
Reg. S, 1.65%, 02/22/2038	EUR	110		164
Reg. S, 1.65%, 05/16/2047	EUR	80		128
Reg. S, 1.75%, 10/26/2057	EUR	100		175
Reg. S, 1.75%, 07/11/2068	EUR	20		36
Reg. S, 1.88%, 09/15/2022	EUR	600		737
Reg. S, 1.88%, 03/15/2024	EUR	630		800
Reg. S, 2.15%, 03/21/2119	EUR	180		368
Series 1250, Reg. S, 2.38%, 05/13/2033	EUR	350		538
State of Rhineland-Palatinate, (Germany),
Reg. S, 0.38%, 01/26/2027	EUR	220		271
Reg. S, 0.75%, 01/19/2026	EUR	350		437
State of Saxony-Anhalt, (Germany), Reg. S, 1.88%, 04/10/2024	EUR	300		382
State of Schleswig-Holstein Germany, (Germany),
Reg. S, 0.13%, 06/12/2029	EUR	160		195
Reg. S, 0.50%, 03/22/2029	EUR	140		176
Reg. S, 0.63%, 08/31/2028	EUR	140		177
States of Guernsey Bond, (Guernsey), Reg. S, 3.38%, 12/12/2046	GBP	200		358
Sweden Government Bond, (Sweden),
Series 1062, Reg. S, 0.13%, 05/12/2031 (e)	SEK	3,640		412
Series 1061, Reg. S, 0.75%, 11/12/2029 (e)	SEK	2,490		300
Series 1059, Reg. S, 1.00%, 11/12/2026	SEK	4,770		574
Series 1057, Reg. S, 1.50%, 11/13/2023 (e)	SEK	7,010		828

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Series 1054, 3.50%, 06/01/2022	SEK	6,250		743
Series 1053, 3.50%, 03/30/2039	SEK	2,210		388
Swiss Confederation Government Bond, (Switzerland),
Reg. S, 0.00%, 06/22/2029	CHF	240		273
Reg. S, 0.00%, 06/26/2034	CHF	440		503
Reg. S, 0.00%, 07/24/2039	CHF	130		149
Reg. S, 0.50%, 05/27/2030	CHF	430		513
Reg. S, 0.50%, 06/28/2045	CHF	60		79
Reg. S, 0.50%, 05/30/2058	CHF	160		234
Reg. S, 1.25%, 06/11/2024	CHF	410		479
Reg. S, 1.25%, 06/27/2037	CHF	230		317
Reg. S, 1.50%, 07/24/2025	CHF	190		229
Reg. S, 1.50%, 04/30/2042	CHF	90		137
Reg. S, 2.00%, 05/25/2022	CHF	200		227
Reg. S, 2.00%, 06/25/2064	CHF	80		184
Reg. S, 3.25%, 06/27/2027	CHF	510		702
Reg. S, 4.00%, 01/06/2049	CHF	130		321
Thailand Government Bond, (Thailand),
1.45%, 12/17/2024	THB	13,000		421
1.60%, 12/17/2029	THB	37,000		1,193
1.88%, 06/17/2049	THB	11,000		325
2.00%, 12/17/2022	THB	18,000		585
2.13%, 12/17/2026	THB	1,570		53
2.40%, 12/17/2023	THB	50,000		1,662
2.88%, 12/17/2028	THB	52,000		1,849
3.30%, 06/17/2038	THB	41,300		1,578
3.60%, 06/17/2067	THB	12,000		497
Tokyo Metropolitan Government, (Japan), Series 716, 0.77%, 12/20/2022	JPY	100,000		964
Treasury Corp. of Victoria, (Australia),
1.00%, 11/20/2023	AUD	850		623
2.25%, 11/20/2034	AUD	900		692
2.25%, 11/20/2041	AUD	400		294
Reg. S, 3.00%, 10/20/2028	AUD	600		499
UNEDIC ASSEO, (France),
Reg. S, 0.00%, 03/05/2030	EUR	100		118
Reg. S, 0.10%, 11/25/2026	EUR	600		719
Reg. S, 0.25%, 11/25/2029	EUR	500		606
Reg. S, 0.25%, 07/16/2035	EUR	200		238
Reg. S, 0.63%, 03/03/2026	EUR	100		123
Reg. S, 0.88%, 10/25/2022	EUR	1,100		1,323
United Kingdom Gilt, (United Kingdom),
Reg. S, 0.13%, 01/31/2023	GBP	1,840		2,383
Reg. S, 0.13%, 01/30/2026	GBP	160		208
Reg. S, 0.13%, 01/31/2028	GBP	140		181
Reg. S, 0.38%, 10/22/2030	GBP	1,050		1,370
Reg. S, 0.50%, 07/22/2022	GBP	1,970		2,566
Reg. S, 0.50%, 10/22/2061	GBP	700		838

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Reg. S, 0.63%, 06/07/2025	GBP	2,690		3,583
Reg. S, 0.63%, 10/22/2050	GBP	980		1,213
Reg. S, 0.75%, 07/22/2023	GBP	2,380		3,143
Reg. S, 0.88%, 10/22/2029	GBP	2,290		3,139
Reg. S, 1.00%, 04/22/2024	GBP	990		1,327
Reg. S, 1.25%, 07/22/2027	GBP	2,480		3,464
Reg. S, 1.25%, 10/22/2041	GBP	310		440
Reg. S, 1.50%, 07/22/2026	GBP	2,420		3,402
Reg. S, 1.50%, 07/22/2047	GBP	1,360		2,066
Reg. S, 1.63%, 10/22/2028	GBP	1,300		1,884
Reg. S, 1.63%, 10/22/2054	GBP	610		994
Reg. S, 1.63%, 10/22/2071	GBP	540		1,002
Reg. S, 1.75%, 09/07/2037	GBP	1,420		2,162
Reg. S, 1.75%, 01/22/2049	GBP	1,160		1,873
Reg. S, 1.75%, 07/22/2057	GBP	1,010		1,730
Reg. S, 2.00%, 09/07/2025	GBP	2,160		3,074
Reg. S, 2.25%, 09/07/2023	GBP	2,190		3,018
Reg. S, 2.50%, 07/22/2065	GBP	980		2,135
Reg. S, 2.75%, 09/07/2024	GBP	520		746
Reg. S, 3.25%, 01/22/2044	GBP	1,570		3,106
Reg. S, 3.50%, 01/22/2045	GBP	2,375		4,929
Reg. S, 3.50%, 07/22/2068	GBP	930		2,569
Reg. S, 3.75%, 07/22/2052	GBP	830		1,983
Reg. S, 4.00%, 03/07/2022	GBP	1,796		2,451
Reg. S, 4.00%, 01/22/2060	GBP	1,080		2,964
Reg. S, 4.25%, 12/07/2027	GBP	1,210		2,033
Reg. S, 4.25%, 06/07/2032	GBP	2,210		4,126
Reg. S, 4.25%, 03/07/2036	GBP	1,130		2,258
Reg. S, 4.25%, 09/07/2039	GBP	1,450		3,070
Reg. S, 4.25%, 12/07/2040	GBP	1,780		3,835
Reg. S, 4.25%, 12/07/2046	GBP	3,115		7,346
Reg. S, 4.25%, 12/07/2049	GBP	1,335		3,297
Reg. S, 4.25%, 12/07/2055	GBP	1,230		3,311
Reg. S, 4.50%, 09/07/2034	GBP	1,770		3,528
Reg. S, 4.50%, 12/07/2042	GBP	1,050		2,403
Reg. S, 4.75%, 12/07/2030	GBP	1,700		3,192
Reg. S, 4.75%, 12/07/2038	GBP	1,410		3,116
Reg. S, 5.00%, 03/07/2025	GBP	730		1,155
Reg. S, 6.00%, 12/07/2028	GBP	800		1,526
United States International Development Finance Corp., 3.37%, 10/05/2034		97		115
Uruguay Government International Bond, (Uruguay),
4.98%, 04/20/2055		50		67
5.10%, 06/18/2050		90		121
Western Australian Treasury Corp., (Australia),
Series 24, Reg. S, 2.50%, 07/23/2024	AUD	800		620
Series 26, Reg. S, 3.00%, 10/21/2026	AUD	400		328
Series 28, Reg. S, 3.25%, 07/20/2028	AUD	300		254
Total Foreign Government Securities (Cost $1,302,352)				1,300,612

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — 22.9%
FHLMC Gold Pool,
3.50%, 12/01/2044		2,783		2,900
3.50%, 06/01/2045		878		914
3.50%, 05/01/2046		605		630
3.50%, 10/01/2046		524		546
FHLMC Gold Pool, Single Family, 30 years,
3.00%, 03/01/2046		48		50
3.00%, 12/01/2046		72		75
4.00%, 08/01/2040		702		774
4.00%, 11/01/2047		5,746		6,166
FHLMC Non Gold Pool, ARM, (ICE LIBOR USD 12 Month + 1.64%), 3.46%, 01/01/2050 (aa)		199		208
FHLMC Pool, 6.00%, 08/01/2035		61		65
FHLMC Pool, Single Family, 20 years,
3.50%, 06/01/2039		934		986
3.50%, 07/01/2039		565		595
3.50%, 08/01/2039		2,000		2,111
3.50%, 09/01/2039		1,071		1,134
FHLMC Pool, Single Family, 30 years,
2.50%, 09/01/2050		17,606		18,482
3.00%, 11/01/2049		4,303		4,560
3.00%, 05/01/2050		5,957		6,431
3.00%, 07/01/2050		349		366
3.00%, 08/01/2050		12,669		13,304
3.00%, 09/01/2050		9,977		10,457
3.50%, 03/01/2048		601		657
3.50%, 05/01/2048		10,858		11,558
3.50%, 01/01/2049		251		266
3.50%, 05/01/2049		11,894		12,548
3.50%, 07/01/2049		1,066		1,124
3.50%, 09/01/2049		2,504		2,701
3.50%, 10/01/2049		1,275		1,376
3.50%, 11/01/2049		215		226
3.50%, 12/01/2049		612		645
3.50%, 01/01/2050		1,422		1,502
3.50%, 03/01/2050		478		504
3.50%, 04/01/2050		13,377		14,337
4.00%, 10/01/2048		9,993		10,721
4.00%, 04/01/2049		9,995		10,717
4.00%, 09/01/2049		3,290		3,630
4.00%, 08/01/2050		3,957		4,223
4.50%, 08/01/2049		3,294		3,682
FNMA or FHLMC, Single Family, 15 years,
TBA, 1.50%, 10/01/2035 (w)		575		588
TBA, 2.00%, 10/01/2035 (w)		10,575		10,995

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued
TBA, 2.00%, 11/01/2035 (w)		43,000		44,688
TBA, 2.50%, 10/01/2035 (w)		19,025		19,866
TBA, 3.00%, 10/01/2035 (w)		5,000		5,247
TBA, 3.50%, 10/01/2035 (w)		950		1,006
FNMA or FHLMC, Single Family, 30 years,
TBA, 2.00%, 10/01/2050 (w)		32,400		33,499
TBA, 2.00%, 12/01/2050 (w)		93,700		96,539
TBA, 2.50%, 10/01/2050 (w)		17,598		18,459
TBA, 2.50%, 11/01/2050 (w)		2,500		2,619
TBA, 3.00%, 10/01/2050 (w)		20,769		21,757
TBA, 3.00%, 11/01/2050 (w)		4,900		5,134
TBA, 3.50%, 10/01/2050 (w)		3,150		3,321
TBA, 4.00%, 10/01/2050 (w)		550		587
TBA, 4.00%, 11/01/2050 (w)		9,500		10,143
TBA, 4.50%, 10/01/2050 (w)		1,375		1,487
TBA, 5.00%, 10/01/2050 (w)		2,000		2,191
FNMA Pool,
3.50%, 08/01/2032		139		149
4.00%, 04/01/2041		253		276
4.00%, 08/01/2046		219		241
FNMA Pool, Single Family, 15 years,
2.50%, 03/01/2035		4,177		4,362
2.50%, 08/01/2035		491		514
3.00%, 02/01/2034		3,436		3,610
3.00%, 10/01/2034		10,000		10,488
3.00%, 01/01/2035		21,000		22,032
3.00%, 06/01/2035		4,722		4,954
3.50%, 03/01/2035		3,704		3,978
3.50%, 05/01/2035		89		94
FNMA Pool, Single Family, 20 years,
3.50%, 03/01/2037		788		872
3.50%, 08/01/2038		366		386
3.50%, 04/01/2039		52		55
3.50%, 08/01/2039		603		635
FNMA Pool, Single Family, 30 years,
2.50%, 08/01/2050		1,512		1,587
2.50%, 10/01/2050		6,002		6,315
2.50%, 09/01/2050		26,102		27,401
3.00%, 08/01/2046		3,055		3,212
3.00%, 03/01/2050		2,843		3,041
3.00%, 07/01/2050		5,475		5,812
3.00%, 09/01/2050		19,487		20,425
3.50%, 08/01/2044		35		37
3.50%, 12/01/2045		5,579		5,944
3.50%, 02/01/2048		4,699		4,973
3.50%, 03/01/2048		408		448
3.50%, 05/01/2049		3,983		4,213

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued
3.50%, 07/01/2049		1,751		1,845
3.50%, 08/01/2048		500		527
3.50%, 09/01/2048		85		90
3.50%, 10/01/2048		2,123		2,243
3.50%, 06/01/2049		94		99
3.50%, 08/01/2049		463		488
3.50%, 01/01/2050		672		708
3.50%, 02/01/2050		1,374		1,447
3.50%, 03/01/2050		27,424		28,888
3.50%, 05/01/2050		6,714		7,136
3.50%, 07/01/2050		458		485
4.00%, 04/01/2039		2,699		2,936
4.00%, 03/01/2042		1,101		1,240
4.00%, 04/01/2043		540		595
4.00%, 02/01/2045		534		588
4.00%, 09/01/2046		293		328
4.00%, 03/01/2048		255		273
4.00%, 06/01/2049		2,795		3,064
4.00%, 11/01/2049		465		512
4.00%, 05/01/2050		3,333		3,556
4.50%, 09/01/2048		2,057		2,227
4.50%, 05/01/2049		1,950		2,108
5.00%, 09/01/2049		3,013		3,367
GNMA II Pool,
3.50%, 08/20/2049		727		754
3.50%, 11/20/2049		738		765
4.00%, 11/20/2041		48		51
4.50%, 08/20/2040		76		81
4.50%, 10/20/2040		79		85
GNMA II Pool, Single Family, 30 years,
3.00%, 04/20/2049		95		100
3.00%, 05/20/2050		197		207
3.00%, 07/20/2050		10,320		10,887
3.00%, 08/20/2050		2,843		3,005
3.50%, 09/20/2047		4,680		4,995
3.50%, 07/20/2049		3,935		4,139
3.50%, 01/20/2050		3,152		3,313
3.50%, 04/20/2050		434		459
4.00%, 07/20/2048		3,791		4,042
4.00%, 11/20/2048		109		117
4.00%, 05/20/2049		2,330		2,477
4.50%, 10/20/2049		2,994		3,207
5.00%, 12/20/2048		560		619
GNMA, Single Family, 30 years,
TBA, 2.00%, 10/01/2050 (w)		125		130
TBA, 2.00%, 11/01/2050 (w)		15,000		15,553
TBA, 2.00%, 12/01/2050 (w)		10,000		10,350

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued
TBA, 2.50%, 10/01/2050 (w)		5,175		5,435
TBA, 2.50%, 11/01/2050 (w)		12,600		13,209
TBA, 2.50%, 12/01/2050 (w)		2,100		2,198
TBA, 3.00%, 10/01/2050 (w)		150		157
TBA, 3.00%, 11/01/2050 (w)		20,325		21,272
TBA, 3.50%, 10/01/2050 (w)		2,875		3,027
TBA, 3.50%, 11/01/2050 (w)		100		105
TBA, 4.00%, 10/01/2050 (w)		1,175		1,248
TBA, 4.00%, 11/01/2050 (w)		8,500		9,038
TBA, 4.50%, 10/01/2050 (w)		400		429
TBA, 5.00%, 10/01/2050 (w)		675		735
Total Mortgage-Backed Securities (Cost $752,377)				752,290
Municipal Bonds — 0.1% (t)
Arizona — 0.0% (g)
Salt River Project, Agricultural Improvement & Power District, Build America Bonds, Series A, Rev., 4.84%, 01/01/2041		100		141
California — 0.0% (g)
Bay Area Toll Authority, San Francisco Bay Area, Rev., 2.57%, 04/01/2031		100		108
California State University, Taxable Systemwide, Series E, Rev., 2.90%, 11/01/2051		15		15
Los Angeles County Metropolitan Transportation Authority, Build America Bonds, Rev., 5.74%, 06/01/2039		50		72
Los Angeles Department of Water & Power Power System Revenue, Build America Bonds, Rev., 6.60%, 07/01/2050		30		54
Los Angeles Unified School District, Build America Bonds, GO, 5.75%, 07/01/2034		25		35
State of California, Build America Bonds,
GO, 7.50%, 04/01/2034		50		83
GO, 7.55%, 04/01/2039		50		88
GO, 7.60%, 11/01/2040		50		90
University of California, Build America Bonds, Rev., 5.95%, 05/15/2045		35		52
University of California, Taxable, Series AQ, Rev., 4.77%, 05/15/2115		20		28
				625
District of Columbia — 0.1%
District of Columbia, Water & Sewer Authority, Senior Lien, Green Bonds, Series A, Rev., 4.81%, 10/01/2114		655		981
Illinois — 0.0% (g)
State of Illinois, Taxable Pension, GO, 5.10%, 06/01/2033		100		101
Massachusetts — 0.0% (g)
Commonwealth of Massachusetts, Taxable Consolidated Loan, Series H, GO, 2.90%, 09/01/2049		15		16
Michigan — 0.0% (g)
University of Michigan, Taxable, Series B, Rev., 2.56%, 04/01/2050		25		26

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Missouri — 0.0% (g)
Health & Educational Facilities Authority of the State of Missouri, Washington University, Series A, Rev., 3.23%, 05/15/2050		35		40
New Jersey — 0.0% (g)
New Jersey Transportation Trust Fund Authority, Build America Bonds, Series B, Rev., 6.56%, 12/15/2040		25		32
New Jersey Turnpike Authority, Build America Bonds, Series F, Rev., 7.41%, 01/01/2040		30		51
				83
New York — 0.0% (g)
City of New York, Build America Bonds, GO, 5.52%, 10/01/2037		25		35
New York City Water & Sewer System, Build America Bonds, Second General Resolution, Rev., 5.44%, 06/15/2043		30		46
Port Authority of New York & New Jersey, Consolidated, Series 174, Rev., 4.46%, 10/01/2062		20		26
				107
Oregon — 0.0% (g)
State of Oregon Department of Transportation, Taxable Subordinated, Build America Bonds, Series A, Rev., 5.83%, 11/15/2034		50		72
Texas — 0.0% (g)
City of San Antonio, Electric & Gas Systems Revenue, Build America Bonds, Rev., 5.99%, 02/01/2039		20		30
Dallas Area Rapid Transit, Build America Bonds, Rev., 5.02%, 12/01/2048		30		43
North Texas Tollway Authority, Build America Bonds, Series B, Rev., 6.72%, 01/01/2049		15		26
Texas Transportation Commission, Taxable Mobility Fund, GO, 2.47%, 10/01/2044		10		10
University of Texas System, Build America Bonds, Series C, Rev., 4.79%, 08/15/2046		10		14
				123
Virginia — 0.0% (g)
University of Virginia, Taxable, Series C, Rev., 4.18%, 09/01/2117		40		56
Total Municipal Bonds (Cost $2,347)				2,371
U.S. Government Agency Securities — 4.1%
FHLB,
0.50%, 04/14/2025		2,000		2,015
3.25%, 11/16/2028		650		780
5.50%, 07/15/2036		200		312
FHLMC,
0.13%, 07/25/2022		5		5
0.25%, 08/24/2023		2,650		2,652
0.38%, 07/21/2025		800		800
1.50%, 02/12/2025		215		226

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
U.S. Government Agency Securities — continued
6.25%, 07/15/2032		207		324
6.75%, 03/15/2031		400		625
FHLMC Coupon Strips, Zero Coupon, 03/15/2030		235		209
FNMA,
0.25%, 05/22/2023		3,000		3,002
0.30%, 08/03/2023		100		100
0.35%, 08/18/2023		1,500		1,499
0.88%, 08/05/2030		910		898
5.38%, 06/07/2021	GBP	362		483
6.25%, 05/15/2029		1,000		1,447
FNMA Interest Strip,
Zero Coupon, 09/23/2027		117		109
Zero Coupon, 10/08/2027		129		120
Resolution Funding Corp. Interest Strip, Zero Coupon, 01/15/2030		285		256
Resolution Funding Corp. Principal Strip, Zero Coupon, 01/15/2030		50		45
Tennessee Valley Authority,
4.63%, 06/07/2043	GBP	200		412
5.88%, 04/01/2036		400		626
U.S. Treasury Bonds,
1.13%, 05/15/2040		6,482		6,392
1.13%, 08/15/2040		1,475		1,450
1.25%, 05/15/2050 (dd)		9,480		9,012
1.38%, 08/15/2050		1,511		1,483
2.00%, 02/15/2050		3,259		3,697
2.25%, 08/15/2046		3,000		3,551
2.25%, 08/15/2049		3,300		3,936
2.38%, 11/15/2049		2,200		2,694
2.50%, 02/15/2045		5,500		6,784
2.50%, 02/15/2046		1,000		1,238
2.50%, 05/15/2046		1,975		2,445
2.75%, 11/15/2042		2,000		2,566
2.75%, 08/15/2047		900		1,171
2.75%, 11/15/2047		900		1,172
2.88%, 05/15/2043		2,000		2,616
2.88%, 11/15/2046		1,500		1,987
2.88%, 05/15/2049		3,000		4,028
3.00%, 05/15/2042		800		1,065
3.00%, 11/15/2044		900		1,205
3.00%, 05/15/2045		1,730		2,321
3.00%, 11/15/2045		4,229		5,693
3.00%, 02/15/2047		4,588		6,221
3.00%, 08/15/2048		2,020		2,760
3.00%, 02/15/2049		2,400		3,289
3.13%, 11/15/2041		800		1,083
3.13%, 02/15/2043		860		1,167
3.38%, 11/15/2048		3,700		5,397

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
U.S. Government Agency Securities — continued
3.63%, 08/15/2043		3,780		5,521
3.63%, 02/15/2044		3,000		4,392
3.75%, 11/15/2043		3,115		4,636
3.88%, 08/15/2040		900		1,334
4.25%, 11/15/2040		1,769		2,751
4.38%, 05/15/2041		410		650
4.50%, 02/15/2036		1,805		2,734
4.63%, 02/15/2040		1,000		1,613
4.75%, 02/15/2037		300		473
4.75%, 02/15/2041		800		1,322
5.00%, 05/15/2037		300		487
U.S. Treasury Strip Coupon Bonds,
Zero Coupon, 05/15/2024		800		792
Zero Coupon, 11/15/2028 (ee) (ff)		2,000		1,894
Zero Coupon, 11/15/2038		2,250		1,777
Zero Coupon, 11/15/2041 (ff)		200		148
Zero Coupon, 08/15/2045		600		410
Total U.S. Government Agency Securities (Cost $135,181)				134,302
U.S. Treasury Obligations — 13.0%
U.S. Treasury Inflation Indexed Notes, 0.13%, 04/15/2025		40		43
U.S. Treasury Notes,
0.13%, 04/30/2022		1,265		1,265
0.13%, 05/31/2022		20,200		20,198
0.13%, 06/30/2022		30,000		30,000
0.13%, 07/31/2022		13,200		13,200
0.13%, 07/15/2023		13,000		12,991
0.13%, 08/15/2023		455		455
0.25%, 04/15/2023		1,028		1,031
0.25%, 06/15/2023		11,000		11,029
0.25%, 05/31/2025		10,000		10,001
0.25%, 06/30/2025		10,000		9,997
0.25%, 07/31/2025		20,320		20,306
0.25%, 09/30/2025		2,500		2,497
0.38%, 04/30/2025		1,085		1,091
0.38%, 07/31/2027		6,215		6,184
0.38%, 09/30/2027		1,400		1,392
0.50%, 03/15/2023		8,000		8,069
0.50%, 04/30/2027		3,807		3,825
0.50%, 05/31/2027		4,500		4,519
0.50%, 06/30/2027		5,000		5,019
0.50%, 08/31/2027		2,400		2,407
0.63%, 05/15/2030		13,640		13,600
0.63%, 08/15/2030		3,345		3,328
1.13%, 09/30/2021		267		270
1.25%, 07/31/2023		8,100		8,351
1.50%, 11/30/2021		655		665

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — continued
1.50%, 02/15/2030		3,399		3,669
1.63%, 02/15/2026		3,000		3,209
1.63%, 05/15/2026		2,500		2,679
1.63%, 08/15/2029		2,000		2,178
1.75%, 05/15/2022		8,000		8,210
1.75%, 09/30/2022		1,400		1,445
1.75%, 05/15/2023		140		146
1.75%, 12/31/2026		40		43
1.75%, 11/15/2029		2,000		2,203
1.88%, 11/30/2021		27,000		27,546
1.88%, 07/31/2022		4,000		4,128
1.88%, 08/31/2022		350		362
2.00%, 11/15/2021		12,000		12,251
2.00%, 02/15/2022		2,000		2,051
2.00%, 07/31/2022		1,600		1,655
2.00%, 11/30/2022		1,560		1,623
2.00%, 02/15/2023		500		522
2.00%, 08/15/2025		3,000		3,251
2.00%, 11/15/2026		6,700		7,356
2.13%, 02/29/2024		55		59
2.13%, 03/31/2024		12,000		12,813
2.13%, 07/31/2024		3,000		3,220
2.13%, 09/30/2024		10,400		11,194
2.13%, 05/15/2025		11,000		11,945
2.25%, 11/15/2024		10,700		11,589
2.25%, 11/15/2025		2,575		2,831
2.25%, 02/15/2027		5,000		5,583
2.25%, 08/15/2027		4,200		4,712
2.38%, 01/31/2023		1,600		1,683
2.38%, 08/15/2024		3,800		4,118
2.38%, 05/15/2027		8,000		9,020
2.38%, 05/15/2029		3,500		4,029
2.63%, 02/15/2029		1,600		1,870
2.75%, 07/31/2023		7,000		7,514
2.75%, 11/15/2023		4,300		4,646
2.75%, 02/15/2024		3,000		3,260
2.75%, 02/28/2025		13,800		15,325
2.75%, 02/15/2028		3,000		3,491
2.88%, 11/15/2021		1		1
2.88%, 09/30/2023		3,000		3,243
2.88%, 10/31/2023		1,524		1,651
2.88%, 04/30/2025		10,900		12,205
2.88%, 11/30/2025		1,300		1,472
2.88%, 05/15/2028		4,500		5,297
2.88%, 08/15/2028		1,800		2,126
3.00%, 09/30/2025		120		136
3.13%, 11/15/2028		5,450		6,568
Total U.S. Treasury Obligations (Cost $427,502)				427,861

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)			VALUE ($)
Short-Term Investments — 5.3%
Time Deposits — 5.3%
Australia & New Zealand Banking Group Ltd., 0.01%, 10/01/2020		69,813			69,813
Barclays SA, 0.01%, 10/01/2020		1,815			1,815
BNP Paribas SA,
(1.49%), 10/01/2020	CHF	112			122
0.01%, 10/01/2020		4,051			4,051
Brown Brothers Harriman,
(1.49%), 10/01/2020	CHF	16			17
(0.69%), 10/01/2020	EUR	14			16
(0.55%), 10/01/2020	DKK	747			118
(0.28%), 10/01/2020	SEK	—	(h)		—	(h)
(0.23%), 10/01/2020	JPY	7,927			75
(0.10%), 10/01/2020	NOK	625			67
0.00%, 10/01/2020	AUD	204			146
0.01%, 10/01/2020	GBP	—	(h)		—	(h)
0.01%, 10/01/2020	NZD	185			123
0.01%, 10/01/2020	SGD	205			150
0.01%, 10/05/2020	HKD	139			18
0.03%, 10/01/2020	CAD	29			21
Citibank NA,
(0.69%), 10/01/2020	EUR	1,066			1,250
0.01%, 10/01/2020	GBP	590			762
0.01%, 10/01/2020		8,146			8,146
Skandinaviska Enskilda Banken AB,
(0.28%), 10/01/2020	SEK	775			86
0.01%, 10/01/2020		86,152			86,152
Total Time Deposits					172,948
U.S. Government Agency Security — 0.0% (g)
FHLB DN, Zero Coupon, 10/14/2020		900			900
Total Short-Term Investments (Cost $173,848)					173,848
Total Investments, Before Short Positions — 111.1% (Cost — $3,664,859)*					3,654,068
Liabilities in Excess of Other Assets — (11.1)%					(366,214	)
NET ASSETS — 100.0%				$	3,287,854
Short Positions — 4.8%
Mortgage-Backed Securities — 4.8%
FNMA or FHLMC, Single Family, 15 years,
TBA, 2.00%, 10/01/2035 (w)		4,000			4,159
TBA, 3.00%, 10/01/2035 (w)		31,800			33,370

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued
FNMA or FHLMC, Single Family, 30 years,
TBA, 2.00%, 10/01/2050 (w)		25,000		25,848
TBA, 2.50%, 10/01/2050 (w)		36,623		38,415
TBA, 3.00%, 10/01/2050 (w)		15,700		16,447
TBA, 3.50%, 10/01/2050 (w)		38,300		40,381
Total Mortgage-Backed Securities (Proceeds $158,650)				158,620
Total Securities Sold Short — 4.8% (Proceeds $158,650)				158,620

Percentages indicated are based on net assets.

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of September 30, 2020:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Euro Bund		34		12/2020		EUR		6,935			22
Euro Buxl 30 Year Bond		2		12/2020		EUR		506			17
Euro Schatz		142		12/2020		EUR		18,685			10
Eurodollar 3 Month		20		12/2021		USD		4,989			—	(h)
Long Gilt		45		12/2020		GBP		7,914			(10	)
Swiss Confederation Bond		1		12/2020		CHF		186			1
U.S. Treasury 10 Year Note		15		12/2020		USD		2,091			1
U.S. Treasury 2 Year Note		152		12/2020		USD		33,571			15
U.S. Treasury 5 Year Note		46		12/2020		USD		5,797			1
U.S. Treasury Long Bond		97		12/2020		USD		17,192			(93	)
U.S. Treasury Ultra Bond		87		12/2020		USD		19,391			(94	)
											(130	)
Short Contracts
Euro BOBL		(95)		12/2020		EUR		(15,038	)		(18	)
Euro Buxl 30 Year Bond		(2)		12/2020		EUR		(523	)		1
Long Gilt		(3)		12/2020		GBP		(523	)		(4	)
U.S. Treasury 10 Year Note		(580)		12/2020		USD		(80,746	)		(182	)
U.S. Treasury 5 Year Note		(172)		12/2020		USD		(21,654	)		(23	)
U.S. Treasury Ultra Bond		(3)		12/2020		USD		(671	)		5
U.S. Ultra Treasury 10 Year Note		(23)		12/2020		USD		(3,664	)		(14	)
											(235	)
Total unrealized appreciation (depreciation)											(365	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of September 30, 2020:

CURRENCY PURCHASED	CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD                                            146	AUD	200	Bank of America, NA	10/02/2020		3
USD                                            640	AUD	870	Bank of America, NA	10/02/2020		17
AUD                                       36,320	USD	25,839	BNP Paribas SA	10/02/2020		175
USD                                              36	AUD	50	BNP Paribas SA	10/02/2020		1
USD                                       25,913	AUD	35,200	BNP Paribas SA	10/02/2020		701
USD                                         5,480	AUD	7,633	Citibank, NA	10/02/2020		12
AUD                                         7,491	USD	5,271	Morgan Stanley & Co.	10/02/2020		95
CAD                                       12,269	USD	9,161	Citibank, NA	10/02/2020		54
USD                                            163	CAD	213	HSBC Bank USA, NA	10/02/2020		3
USD                                         9,031	CAD	11,921	Morgan Stanley & Co.	10/02/2020		78
CHF                                         2,027	USD	2,190	Barclays Bank plc	10/02/2020		11
USD                                         2,231	CHF	2,027	Citibank, NA	10/02/2020		30
USD                                         3,562	CHF	3,210	UBS AG LONDON	10/02/2020		77
USD                                         1,667	CHF	1,502	UBS AG LONDON	10/02/2020		36
USD                                         3,381	CHF	3,047	UBS AG LONDON	10/02/2020		73
CHF                                         3,160	USD	3,427	UBS AG LONDON	10/02/2020		4
CHF                                         4,549	USD	4,933	UBS AG LONDON	10/02/2020		6
CZK                                       68,810	USD	2,960	Morgan Stanley & Co.	10/02/2020		21
USD                                         2,044	CZK	44,993	UBS AG LONDON	10/02/2020		95
USD                                         1,082	CZK	23,817	UBS AG LONDON	10/02/2020		50
USD                                         3,444	DKK	21,489	Morgan Stanley & Co.	10/02/2020		59
USD                                            417	DKK	2,600	Morgan Stanley & Co.	10/02/2020		7
USD                                         1,813	DKK	11,314	Morgan Stanley & Co.	10/02/2020		31
DKK                                       32,803	USD	5,157	UBS AG LONDON	10/02/2020		9
DKK                                         2,600	USD	409	UBS AG LONDON	10/02/2020		1
EUR                                       22,450	USD	26,282	Bank of America, NA	10/02/2020		40
USD                                            413	EUR	347	Bank of America, NA	10/02/2020		6
EUR                                     124,770	USD	146,081	Bank of America, NA	10/02/2020		206
EUR                                       19,310	USD	22,606	Bank of America, NA	10/02/2020		34
USD                                       22,726	EUR	19,035	Bank of America, NA	10/02/2020		408
USD                                       32,496	EUR	27,484	Barclays Bank plc	10/02/2020		273
EUR                                       30,569	USD	35,649	Barclays Bank plc	10/02/2020		192
USD                                       73,484	EUR	62,149	Barclays Bank plc	10/02/2020		617
EUR                                       68,792	USD	80,223	Barclays Bank plc	10/02/2020		432
EUR                                       30,569	USD	35,561	Citibank, NA	10/02/2020		280
USD                                         3,522	EUR	2,986	Citibank, NA	10/02/2020		21
USD                                       78,996	EUR	66,150	Citibank, NA	10/02/2020		1,439
USD                                     148,009	EUR	123,940	Citibank, NA	10/02/2020		2,695
USD                                       73,307	EUR	62,149	Citibank, NA	10/02/2020		440
EUR                                     124,770	USD	146,154	Citibank, NA	10/02/2020		132
EUR                                       68,792	USD	80,025	Citibank, NA	10/02/2020		629
USD                                         3,122	EUR	2,639	Citibank, NA	10/02/2020		27

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of September 30, 2020 (continued):

CURRENCY PURCHASED	CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD                                       32,418	EUR	27,484	Citibank, NA		10/02/2020		194
USD                                       78,989	EUR	66,149	Goldman Sachs International		10/02/2020		1,433
USD                                     148,001	EUR	123,943	Goldman Sachs International		10/02/2020		2,684
USD                                         1,107	EUR	931	HSBC Bank USA, NA		10/02/2020		16
USD                                         2,373	EUR	2,006	HSBC Bank USA, NA		10/02/2020		21
USD                                         1,662	EUR	1,402	Morgan Stanley & Co.		10/02/2020		18
USD                                         3,545	EUR	2,989	Morgan Stanley & Co.		10/02/2020		41
USD                                            753	EUR	636	Morgan Stanley & Co.		10/02/2020		7
USD                                            928	EUR	783	Morgan Stanley & Co.		10/02/2020		10
USD                                            712	EUR	600	Morgan Stanley & Co.		10/02/2020		9
USD                                            119	EUR	101	Morgan Stanley & Co.		10/02/2020		—	(h)
USD                                         1,066	EUR	901	Morgan Stanley & Co.		10/02/2020		10
USD                                         2,571	EUR	2,173	Morgan Stanley & Co.		10/02/2020		24
USD                                         1,466	EUR	1,237	Morgan Stanley & Co.		10/02/2020		15
USD                                         1,419	EUR	1,198	Morgan Stanley & Co.		10/02/2020		14
EUR                                     125,146	USD	146,392	UBS AG LONDON		10/02/2020		335
USD                                            329	EUR	275	UBS AG LONDON		10/02/2020		7
USD                                       26,594	EUR	22,275	UBS AG LONDON		10/02/2020		478
USD                                            209	EUR	175	UBS AG LONDON		10/02/2020		4
GBP                                       25,090	USD	32,235	Bank of America, NA		10/02/2020		140
USD                                         22,823	GBP	17,376	Citibank, NA		10/02/2020		402
GBP                                       14,426	USD	18,410	Citibank, NA		10/02/2020		204
USD                                       18,304	GBP	13,936	Citibank, NA		10/02/2020		322
GBP                                            990	USD	1,271	Citibank, NA		10/02/2020		7
GBP                                       17,376	USD	22,179	Citibank, NA		10/02/2020		242
GBP                                         4,092	USD	5,253	Citibank, NA		10/02/2020		27
GBP                                       25,090	USD	32,232	Citibank, NA		10/02/2020		143
USD                                       51,629	GBP	38,760	Citibank, NA		10/02/2020		1,615
USD                                            281	GBP	210	HSBC Bank USA, NA		10/02/2020		10
GBP                                       25,172	USD	32,364	UBS AG LONDON		10/02/2020		117
USD                                            124	GBP	93	UBS AG LONDON		10/02/2020		4
USD                                       51,632	GBP	38,760	UBS AG LONDON		10/02/2020		1,618
USD                                         1,285	GBP	965	UBS AG LONDON		10/02/2020		39
USD                                              33	GBP	25	UBS AG LONDON		10/02/2020		1
USD                                         5,501	GBP	4,132	UBS AG LONDON		10/02/2020		169
USD                                         1,198	HUF	355,853	Goldman Sachs International		10/02/2020		50
HUF                                     593,764	USD	1,903	Goldman Sachs International		10/02/2020		12
USD                                            801	HUF	237,911	Goldman Sachs International		10/02/2020		33
USD                                         6,023	IDR	87,909,800	Brown Brothers Harriman & Co.		10/02/2020		115
USD                                            384	JPY	40,000	Bank of America, NA		10/02/2020		4
JPY                                   7,365,715	USD	69,832	Barclays Bank plc		10/02/2020		9
JPY                                       500,000	USD	4,740	BNP Paribas SA		10/02/2020		1
JPY                                  33,168,200	USD	314,280	Citibank, NA		10/02/2020		215
JPY                                       151,700	USD	1,431	Morgan Stanley & Co.		10/02/2020		7
JPY                                         60,000	USD	566	Morgan Stanley & Co.		10/02/2020		3
USD                                            286	JPY	30,000	Morgan Stanley & Co.		10/02/2020		2
USD                                            183	JPY	19,229	Morgan Stanley & Co.		10/02/2020		1

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of September 30, 2020 (continued):

CURRENCY PURCHASED	CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
MYR                                      25,000	USD	6,013	BNP Paribas SA		10/02/2020		4
USD                                         6,023	MYR	25,000	Deutsche Bank AG		10/02/2020		7
NOK                                       17,581	USD	1,860	Bank of America, NA		10/02/2020		25
NOK                                         2,131	USD	223	Citibank, NA		10/02/2020		5
USD                                            238	NOK	2,131	HSBC Bank USA, NA		10/02/2020		10
USD                                            729	NOK	6,382	UBS AG LONDON		10/02/2020		45
USD                                         1,279	NOK	11,199	UBS AG LONDON		10/02/2020		78
USD                                         2,425	NZD	3,600	Bank of America, NA		10/02/2020		43
NZD                                         4,200	USD	2,767	Morgan Stanley & Co.		10/02/2020		12
NZD                                            498	USD	325	Morgan Stanley & Co.		10/02/2020		5
USD                                            406	NZD	600	UBS AG LONDON		10/02/2020		9
USD                                         5,569	PLN	20,548	UBS AG LONDON		10/02/2020		254
PLN                                       20,518	USD	5,295	UBS AG LONDON		10/02/2020		13
SEK                                       39,297	USD	4,365	Bank of America, NA		10/02/2020		23
SEK                                       31,740	USD	3,526	Bank of America, NA		10/02/2020		18
USD                                         2,891	SEK	24,956	Morgan Stanley & Co.		10/02/2020		105
USD                                         1,661	SEK	14,341	Morgan Stanley & Co.		10/02/2020		60
USD                                         3,677	SEK	31,740	Morgan Stanley & Co.		10/02/2020		133
USD                                            639	SEK	5,597	Morgan Stanley & Co.		10/02/2020		14
SEK                                         5,597	USD	616	Morgan Stanley & Co.		10/02/2020		9
USD                                         4,271	SGD	5,800	BNP Paribas SA		10/02/2020		22
SGD                                         5,800	USD	4,237	UBS AG LONDON		10/02/2020		12
USD                                         7,322	THB	227,600	Goldman Sachs International		10/02/2020		139
HKD                                         1,600	USD	206	BNP Paribas SA		10/06/2020		—	(h)
CNH                                     856,570	USD	125,652	Bank of America, NA		10/13/2020		513
USD                                              74	CNH	500	BNP Paribas SA		10/13/2020		—	(h)
USD                                            310	CNH	2,100	Citibank, NA		10/13/2020		1
USD                                            365	IDR	5,438,500	Bank of America, NA		10/16/2020		—	(h)
USD                                              94	IDR	1,392,500	Bank of America, NA		10/16/2020		—	(h)
USD                                              94	IDR	1,392,500	Goldman Sachs International		10/16/2020		—	(h)
USD                                            366	IDR	5,438,500	Goldman Sachs International		10/16/2020		1
USD                                            723	MYR	3,000	Morgan Stanley & Co.		10/16/2020		2
USD                                            248	MYR	1,030	Morgan Stanley & Co.		10/16/2020		1
USD                                            436	CZK	9,653	Citibank, NA		10/19/2020		18
USD                                           236	CZK	5,177	Citibank, NA		10/19/2020		12
USD                                                6	DKK	38	Citibank, NA		10/19/2020		—	(h)
USD                                            308	DKK	1,923	HSBC Bank USA, NA		10/19/2020		6
USD                                            224	DKK	1,408	HSBC Bank USA, NA		10/19/2020		2
USD                                            597	EUR	503	HSBC Bank USA, NA		10/19/2020		7
GBP                                              24	USD	30	Citibank, NA		10/19/2020		1
USD                                         1,060	GBP	818	Morgan Stanley & Co.		10/19/2020		4
USD                                         1,009	GBP	779	Morgan Stanley & Co.		10/19/2020		3
GBP                                              14	USD	18	Morgan Stanley & Co.		10/19/2020		—	(h)
USD                                            121	HUF	35,485	HSBC Bank USA, NA		10/19/2020		7
USD                                            310	PLN	1,155	Citibank, NA		10/19/2020		11
USD                                            122	PLN	450	Citibank, NA		10/19/2020		6
USD                                            236	PLN	864	HSBC Bank USA, NA		10/19/2020		12

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of September 30, 2020 (continued):

CURRENCY PURCHASED	CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD                                            250	RON	1,017	Citibank, NA		10/19/2020		5
USD                                            337	AUD	470	BNP Paribas SA		11/03/2020		—	(h)
USD                                            717	AUD	1,000	Deutsche Bank AG		11/03/2020		1
USD                                              38	CHF	35	Citibank, NA		11/03/2020		—	(h)
USD                                              87	CHF	80	UBS AG LONDON		11/03/2020		—	(h)
USD                                              94	EUR	80	Citibank, NA		11/03/2020		—	(h)
USD                                            153	EUR	130	Citibank, NA		11/03/2020		—	(h)
USD                                            117	EUR	100	Citibank, NA		11/03/2020		—	(h)
USD                                            141	EUR	120	Citibank, NA		11/03/2020		—	(h)
USD                                         1,204	EUR	1,026	Morgan Stanley & Co.		11/03/2020		—	(h)
USD                                            821	EUR	700	UBS AG LONDON		11/03/2020		—	(h)
USD                                            821	EUR	700	UBS AG LONDON		11/03/2020		—	(h)
USD                                              39	GBP	30	Citibank, NA		11/03/2020		—	(h)
USD                                            129	GBP	100	Citibank, NA		11/03/2020		—	(h)
USD                                              32	GBP	25	Citibank, NA		11/03/2020		—	(h)
USD                                            506	GBP	392	Morgan Stanley & Co.		11/03/2020		1
USD                                            206	HKD	1,600	BNP Paribas SA		11/03/2020		—	(h)
USD                                              99	SEK	885	UBS AG LONDON		11/03/2020		—	(h)
USD                                         6,217	EUR	5,298	Morgan Stanley & Co.		11/04/2020		1
USD                                       12,995	EUR	11,074	UBS AG LONDON		11/04/2020		2
USD                                         2,688	GBP	2,079	Citibank, NA		11/04/2020		5
USD                                         2,149	GBP	1,662	Morgan Stanley & Co.		11/04/2020		4
CNH                                             33	USD	5	Barclays Bank plc		11/06/2020		—	(h)
USD                                              65	CLP	50,223	HSBC Bank USA, NA		12/16/2020		1
USD                                            415	ILS	1,410	HSBC Bank USA, NA		12/16/2020		3
USD                                         1,040	MXN	22,914	Morgan Stanley & Co.		12/16/2020		13
USD                                            340	PEN	1,205	Citibank, NA		12/16/2020		6
USD                                            482	RUB	36,948	Citibank, NA		12/16/2020		10
USD                                         1,537	RUB	118,724	Goldman Sachs International		12/16/2020		22
USD                                         3,054	RUB	235,900	Goldman Sachs International		12/16/2020		44
USD                                            666	THB	21,000	Citibank, NA		12/16/2020		3
USD                                            311	THB	9,747	HSBC Bank USA, NA		12/16/2020		3
USD                                            233	THB	7,330	HSBC Bank USA, NA		12/16/2020		2
Total unrealized appreciation							22,130
AUD                                           142	CAD	136	HSBC Bank USA, NA		10/02/2020		(—	)(h)
CHF                                              50	USD	56	UBS AG LONDON		10/02/2020		(1	)
EUR                                         2,778	USD	3,325	Bank of America, NA		10/02/2020		(68	)
EUR                                             291	USD	349	Citibank, NA		10/02/2020		(7	)
EUR                                          2,774	USD	3,320	Goldman Sachs International		10/02/2020		(67	)
EUR                                             706	USD	845	Morgan Stanley & Co.		10/02/2020		(17	)
EUR                                             420	USD	502	Morgan Stanley & Co.		10/02/2020		(10	)
GBP                                           2,261	USD	3,028	Goldman Sachs International		10/02/2020		(111	)
USD                                              359	GBP	280	HSBC Bank USA, NA		10/02/2020		(2	)
GBP                                                40	USD	54	UBS AG LONDON		10/02/2020		(2	)
USD                                       159,640	JPY	16,847,450	Bank of America, NA		10/02/2020		(104	)
USD                                         69,040	JPY	7,346,486	Barclays Bank plc		10/02/2020		(619	)
USD                                       159,570	JPY	16,847,450	Goldman Sachs International		10/02/2020		(175	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of September 30, 2020 (continued):

CURRENCY PURCHASED	CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD                                         800	JPY	85,000	Morgan Stanley & Co.	10/02/2020		(6	)
USD                                         284	JPY	30,000	Morgan Stanley & Co.	10/02/2020		(—	)(h)
USD                                         326	NZD	498	Citibank, NA	10/02/2020		(4	)
PLN                                           30	USD	8	UBS AG LONDON	10/02/2020		(—	)(h)
THB                                  227,600	USD	7,187	Citibank, NA	10/02/2020		(4	)
USD                                         206	HKD	1,600	Bank of America, NA	10/06/2020		(—	)(h)
USD                                      1,022	CNH	7,000	Citibank, NA	10/13/2020		(9	)
USD                                         259	CNH	1,770	Citibank, NA	10/13/2020		(2	)
USD                                         146	CNH	1,000	Citibank, NA	10/13/2020		(1	)
USD                                           73	CNH	500	Citibank, NA	10/13/2020		(1	)
USD                                  117,888	CNH	809,700	Morgan Stanley & Co.	10/13/2020		(1,374	)
USD                                      4,950	CNH	34,000	Morgan Stanley & Co.	10/13/2020		(58	)
USD                                    18,613	KRW	22,120,500	Citibank, NA	10/16/2020		(301	)
USD                                      6,056	KRW	7,197,200	Citibank, NA	10/16/2020		(98	)
USD                                         262	KRW	307,100	Goldman Sachs International	10/16/2020		(—	)(h)
CZK                                      4,827	USD	219	Citibank, NA	10/19/2020		(9	)
USD                                           21	CZK	506	Morgan Stanley & Co.	10/19/2020		(1	)
USD                                           60	DKK	393	Barclays Bank plc	10/19/2020		(2	)
USD                                         750	GBP	583	HSBC Bank USA, NA	10/19/2020		(1	)
GBP                                         252	USD	337	Morgan Stanley & Co.	10/19/2020		(12	)
USD                                           28	PLN	111	Citibank, NA	10/19/2020		(1	)
USD                                    25,840	AUD	36,320	BNP Paribas SA	11/03/2020		(176	)
USD                                       5,271	AUD	7,491	Morgan Stanley & Co.	11/03/2020		(95	)
USD                                       9,162	CAD	12,269	Citibank, NA	11/03/2020		(54	)
USD                                          109	CAD	145	Citibank, NA	11/03/2020		(—	)(h)
USD                                       2,192	CHF	2,027	Barclays Bank plc	11/03/2020		(11	)
USD                                       3,430	CHF	3,160	UBS AG LONDON	11/03/2020		(4	)
USD                                   125,457	CNH	856,570	Bank of America, NA	11/03/2020		(509	)
USD                                       7,739	CNH	52,830	Citibank, NA	11/03/2020		(30	)
USD                                          409	DKK	2,600	UBS AG LONDON	11/03/2020		(1	)
USD                                     22,621	EUR	19,310	Bank of America, NA	11/03/2020		(35	)
USD                                     26,299	EUR	22,450	Bank of America, NA	11/03/2020		(40	)
USD                                     35,673	EUR	30,569	Barclays Bank plc	11/03/2020		(192	)
USD                                     80,276	EUR	68,792	Barclays Bank plc	11/03/2020		(433	)
USD                                     80,079	EUR	68,792	Citibank, NA	11/03/2020		(630	)
USD                                     35,585	EUR	30,569	Citibank, NA	11/03/2020		(280	)
USD                                      1,077	EUR	919	HSBC Bank USA, NA	11/03/2020		(1	)
USD                                      1,598	EUR	1,363	HSBC Bank USA, NA	11/03/2020		(1	)
USD                                     22,182	GBP	17,376	Citibank, NA	11/03/2020		(242	)
USD                                       5,254	GBP	4,092	Citibank, NA	11/03/2020		(27	)
USD                                       1,271	GBP	990	Citibank, NA	11/03/2020		(7	)
GBP                                            20	USD	26	Citibank, NA	11/03/2020		(—	)(h)
USD                                     18,413	GBP	14,426	Citibank, NA	11/03/2020		(205	)
USD                                       1,384	GBP	1,072	HSBC Bank USA, NA	11/03/2020		(—	)(h)
USD                                       5,863	IDR	87,909,800	Brown Brothers Harriman & Co.	11/03/2020		(28	)
USD                                       6,005	MYR	25,000	BNP Paribas SA	11/03/2020		(3	)
USD                                          223	NOK	2,131	Citibank, NA	11/03/2020		(5	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of September 30, 2020 (continued):

CURRENCY PURCHASED	CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD                                      2,767	NZD	4,200	Morgan Stanley & Co.	11/03/2020		(12	)
USD                                          325	NZD	498	Morgan Stanley & Co.	11/03/2020		(5	)
USD                                      3,527	SEK	31,740	Bank of America, NA	11/03/2020		(18	)
USD                                          616	SEK	5,597	Morgan Stanley & Co.	11/03/2020		(9	)
USD                                      4,237	SGD	5,800	UBS AG LONDON	11/03/2020		(12	)
USD                                      7,176	THB	227,600	Citibank, NA	11/03/2020		(6	)
USD                                      4,938	CHF	4,549	UBS AG LONDON	11/04/2020		(6	)
USD                                      2,961	CZK	68,810	Morgan Stanley & Co.	11/04/2020		(21	)
USD                                      5,160	DKK	32,803	UBS AG LONDON	11/04/2020		(9	)
USD                                   146,179	EUR	124,770	Bank of America, NA	11/04/2020		(210	)
USD                                   146,253	EUR	124,770	Citibank, NA	11/04/2020		(136	)
USD                                   146,492	EUR	125,146	UBS AG LONDON	11/04/2020		(338	)
USD                                     32,240	GBP	25,090	Bank of America, NA	11/04/2020		(140	)
USD                                     32,237	GBP	25,090	Citibank, NA	11/04/2020		(144	)
USD                                     32,369	GBP	25,172	UBS AG LONDON	11/04/2020		(117	)
USD                                      1,902	HUF	593,764	Goldman Sachs International	11/04/2020		(12	)
USD                                     69,858	JPY	7,365,715	Barclays Bank plc	11/04/2020		(8	)
USD                                          842	JPY	88,830	BNP Paribas SA	11/04/2020		(1	)
USD                                   314,394	JPY	33,168,200	Citibank, NA	11/04/2020		(219	)
JPY                                     20,659	USD	196	Citibank, NA	11/04/2020		(—	)(h)
USD                                        444	JPY	46,792	Citibank, NA	11/04/2020		(—	)(h)
USD                                     1,860	NOK	17,581	Bank of America, NA	11/04/2020		(25	)
USD                                     5,296	PLN	20,518	UBS AG LONDON	11/04/2020		(13	)
USD                                     4,367	SEK	39,297	Bank of America, NA	11/04/2020		(23	)
USD                                        597	CNH	4,198	Barclays Bank plc	11/06/2020		(20	)
USD                                     5,176	CNH	35,947	Citibank, NA	11/06/2020		(109	)
USD                                          929	CNH	6,370	Citibank, NA	11/06/2020		(8	)
USD                                     6,179	CNH	43,107	Citibank, NA	11/06/2020		(159	)
USD                                     1,444	CNH	10,081	HSBC Bank USA, NA	11/06/2020		(38	)
USD                                     1,481	CNH	10,348	HSBC Bank USA, NA	11/06/2020		(40	)
USD                                        807	CNH	5,541	HSBC Bank USA, NA	11/06/2020		(8	)
USD                                     7,027	CNH	48,787	HSBC Bank USA, NA	11/06/2020		(146	)
USD                                     1,309	CNH	9,089	HSBC Bank USA, NA	11/06/2020		(27	)
USD                                     3,933	CNH	27,351	HSBC Bank USA, NA	11/06/2020		(88	)
USD                                          408	EUR	350	Morgan Stanley & Co.	12/16/2020		(3	)
USD                                      2,491	IDR	37,401,199	HSBC Bank USA, NA	12/16/2020		(5	)
USD                                          494	MYR	2,059	Barclays Bank plc	12/16/2020		(—	)(h)
USD                                          512	MYR	2,137	Morgan Stanley & Co.	12/16/2020		(1	)
USD                                          608	SGD	830	HSBC Bank USA, NA	12/16/2020		(—	)(h)
Total unrealized depreciation						(8,212	)
Net unrealized appreciation (depreciation)						13,918

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2020:

FLOATING RATE INDEX (a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
BBSW Interbank Volume 6 Month	2.50% semi-annually	Pay		12/03/2025	AUD	3,390		269			22			291
BBSW Interbank Volume 6 Month	2.75% semi-annually	Pay		12/03/2030	AUD	1,035		144			6			150
Canada Bankers Acceptances 3 Month	2.45% semi-annually	Pay		12/03/2022	CAD	4,125		135			14			149
Canada Bankers Acceptances 3 Month	2.50% semi-annually	Pay		12/03/2025	CAD	6,915		475			21			496
Canada Bankers Acceptances 3 Month	2.65% semi-annually	Pay		12/03/2030	CAD	2,725		329			6			335
Canada Bankers Acceptances 3 Month	2.80% semi-annually	Pay		12/03/2040	CAD	1,585		308			—	(h)		308
Canada Bankers Acceptances 3 Month	2.80% semi-annually	Pay		12/03/2049	CAD	1,245		322			—	(h)		322
Colombia IBR Overnight Nominal Interbank Reference Rate	4.44% quarterly	Pay		09/10/2030	COP	2,257,000		—	(h)		8			8
ICE LIBOR USD 3 Month	1.25% semi-annually	Receive		06/17/2030	USD	500		(27	)		(1	)		(28	)
ICE LIBOR USD 3 Month	0.69% semi-annually	Receive		12/16/2030	USD	200		—	(h)		1			1
ICE LIBOR USD 3 Month	1.00% semi-annually	Pay		12/16/2030	USD	6,900		164			20			184
ICE LIBOR USD 3 Month	0.69% semi-annually	Receive		12/16/2030	USD	100		—	(h)		—	(h)		—	(h)
ICE LIBOR JPY 6 Month	0.10% semi-annually	Pay		12/03/2025	JPY	140,000		9			2			11
ICE LIBOR JPY 6 Month	0.30% semi-annually	Pay		12/03/2030	JPY	143,500		36			3			39
KRW Certificate of Deposit 3 Month	0.99% quarterly	Pay		09/01/2025	KRW	2,400,000		—	(h)		11			11
KRW Certificate of Deposit 3 Month	0.96% quarterly	Pay		08/14/2030	KRW	2,100,000		—	(h)		(3	)		(3	)
KRW Certificate of Deposit 3 Month	0.94% quarterly	Pay		08/19/2030	KRW	3,575,000		—	(h)		(13	)		(13	)
SONIA Interest Rate	0.11% annually	Receive		09/30/2030	GBP	500		—	(h)		2			2
SONIA Interest Rate	0.26% annually	Receive		09/30/2040	GBP	275		—	(h)		3			3
SONIA Interest Rate	0.26% annually	Receive		09/30/2050	GBP	200		—	(h)		3			3
United States FEDEF Intraday	0.03% annually	Receive		06/12/2022	USD	450		—	(h)		—	(h)		—	(h)
Total								2,164			105			2,269

(a) Value of floating rate index as of September 30, 2020 was as follows:

FLOATING RATE INDEX
BBSW Interbank Volume 6 Month	0.12	%
Canada Bankers Acceptances 3 Month	0.51	%
Colombia IBR Overnight Nominal Interbank Reference Rate	1.72	%
ICE LIBOR USD 3 Month	0.23	%
ICE LIBOR JPY 6 Month	(0.53	)%
KRW Certificate of Deposit 3 Month	0.63	%
SONIA Interest Rate	0.05	%
United States FEDEF Intraday	0.09	%

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Credit default swap contracts outstanding — sell protection (1) as of September 30, 2020:

REFERENCE OBLIGATION/INDEX	FINANCING RATE RECEIVED BY THE FUND (%)		PAYMENT FREQUENCY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (2)		NOTIONAL AMOUNT (3)			UPFRONT PAYMENTS (RECEIPTS) ($) (4)		UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CDX.NA.IG.34-V1		1.000		quarterly		06/20/2025		0.85		USD	1,000		17		(7	)		10
Total													17		(7	)		10

(1) The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

(2) Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

(3) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

(4) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Six Circles Global Bond Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020

ACES	—	Alternative Credit Enhancement Securities
ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of September 30, 2020.
BBSW	—	Bank Bill Swap Rate
CDX	—	Credit Default Swap Index
CLO	—	Collateralized Loan Obligations
CMT	—	Constant Maturity Treasury
CPI	—	Consumer Price Index
EURIBOR	—	Euro Interbank Offered Rate
DN	—	Discount Notes
FEDEF	—	Federal Fund Effective Rate (Continuous Series)
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GO	—	General Obligation
GNMA	—	Government National Mortgage Association
IBR	—	Indicador Bancario de Referencia
ICE	—	Intercontinental Exchange
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of September 30, 2020. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	—	London Interbank Offered Rate
OYJ	—	Public Limited Company
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REIT	—	Real Estate Investment Trust
REMICS	—	Real Estate Mortgage Investment Conduit
Rev.	—	Revenue

Six Circles Global Bond Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (continued)

SOFR	—	Secured Overnight Financing Rate
SONIA	—	Sterling Overnight Interbank Average Rate
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
TBA	—	To Be Announced
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500.
(t)	—	The date shown represents the earliest of the next put date or final maturity date.
(w)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(x)	—	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of September 30, 2020.
(z)	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2020.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2020
(bb)	—	Security has been valued using significant unobservable inputs.
(dd)	—	Approximately $449,646 of this investment is restricted as collateral for forwards to various brokers.
(ee)	—	Approximately $289,721 of this investment is restricted as collateral for futures to Citibank NA.
(ff)	—	Approximately $290,428 of these investments is restricted as collateral for swaps to Citibank NA.
*	—	The cost of securities is substantially the same for federal income tax purposes.
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CLP	—	Chilean Peso
CNH	—	Chinese Yuan
COP	—	Colombian Peso
CZK	—	Czech Koruna
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
HUF	—	Hungarian Forint
IDR	—	Indonesian Rupiah
ILS	—	Israeli New Shekel

Six Circles Global Bond Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (continued)

JPY	—	Japanese Yen
KRW	—	Korean Won
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
PEN	—	Peruvian Nuevo Sol
PLN	—	Polish Zloty
RON	—	Romanian Leu
RUB	—	Russian Ruble
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
THB	—	Thai Baht
USD	—	United States Dollar

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — 92.7% (t)
Alabama — 0.9%
Alabama Federal Aid Highway Finance Authority, Series A, Rev., 5.00%, 09/01/2035		2,000		2,453
Black Belt Energy Gas District, Project No. 4, Series A1, Rev., 4.00%, 12/01/2049 (z)		1,175		1,347
Black Belt Energy Gas District, Project No. 5, Series A1, Rev., 4.00%, 10/01/2049 (z)		750		872
County of Jefferson, Sewer Revenue, Subordinated Lien, Series D, Rev., 6.50%, 10/01/2053		220		259
Industrial Development Board of the City of Mobile Alabama, Power Co., Barry Plant, Rev., 2.90%, 07/15/2034 (z)		2,000		2,134
Mobile Downtown Redevelopment Authority, Austal USA LLC, Series B, Rev., VRDO, LOC: Citibank NA, 0.13%, 10/07/2020 (e) (z)		1,795		1,795
Selma Industrial Development Board, International Paper Co. Project, Rev., 1.38%, 05/01/2034 (z)		1,000		1,019
Southeast Alabama Gas Supply District (The), Project No. 2, Series A, Rev., 4.00%, 06/01/2049 (z)		100		111
Tuscaloosa City Board of Education, Warrants,
Rev., 5.00%, 08/01/2041 (p)		2,525		3,200
Rev., 5.00%, 08/01/2046 (p)		4,170		5,286
UAB Medicine Finance Authority, Series B, Rev., 5.00%, 09/01/2041		1,450		1,699
				20,175
Alaska — 0.5%
Alaska Housing Finance Corp., General Mortgage, Series B, Rev., 3.25%, 12/01/2044		245		272
Alaska Housing Finance Corp., State Capital Project, Rev., 5.00%, 12/01/2031		1,690		1,824
City of Valdez, Exxon Pipeline Co. Project, Rev., VRDO, 0.13%, 10/01/2020 (z)		10,000		10,000
				12,096
Arizona — 2.3%
Arizona Health Facilities Authority, Banner Health, Series E, Rev., VRDO, LOC: Bank of America NA, 0.11%, 10/07/2020 (z)		8,125		8,125
Arizona Industrial Development Authority,
Series A, Rev., 4.00%, 09/01/2035		225		259
Series A, Rev., 4.00%, 09/01/2036		250		286
Arizona State University, Board of Regents,
Series B, Rev., 5.00%, 07/01/2026		100		125
Series B, Rev., 5.00%, 07/01/2042		2,000		2,422
Chandler Industrial Development Authority, Intel Corp. Project, Rev., 2.40%, 12/01/2035 (z)		300		315
City of Phoenix, Civic Improvement Corp., Series A, Rev., 5.00%, 07/01/2034		2,000		2,276

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Arizona — continued
City of Phoenix, Civic Improvement Corp., Airport Revenue, Junior Lien,
Series A, Rev., 5.00%, 07/01/2044		1,000		1,196
Series B, Rev., AMT, 5.00%, 07/01/2027		1,500		1,856
Series B, Rev., AMT, 5.00%, 07/01/2033		2,000		2,448
City of Phoenix, Civic Improvement Corp., Senior Lien, Series B, Rev., 5.00%, 07/01/2021		1,500		1,554
County of Pima, Sewer System Revenue, Series A, Rev., 5.00%, 07/01/2021		2,000		2,072
Industrial Development Authority of the City of Phoenix, Mayo Clinic, Series A, Rev., VRDO, 0.11%, 10/01/2020 (z)		12,000		12,000
Maricopa County Industrial Development Authority, Banner Health Obligated Group, Rev., 5.00%, 01/01/2026		2,500		3,040
Maricopa County Pollution Control Corp., Public Service Company of New Mexico, Rev., 1.05%, 01/01/2038 (z)		695		697
Salt River Project Agricultural Improvement & Power, Series A, Rev., 5.00%, 12/01/2045		7,100		8,411
Salt River Project Agricultural Improvement & Power District, Series A, Rev., 5.00%, 01/01/2022		1,000		1,061
Salt Verde Financial Corp., Rev., 5.00%, 12/01/2032		420		548
Salt Verde Financial Corp., Senior,
Rev., 5.00%, 12/01/2037		2,345		3,164
Rev., 5.25%, 12/01/2021		600		630
Rev., 5.50%, 12/01/2029		1,475		1,942
				54,427
California — 11.2%
Alameda County, Oakland Unified School District,
GO, 5.00%, 08/01/2027		65		80
Series A, GO, 5.00%, 08/01/2040		300		346
Anaheim Housing & Public Improvements Authority,
Series A, Rev., 5.00%, 10/01/2035		250		299
Series A, Rev., 5.00%, 10/01/2050		1,780		2,076
Anaheim Public Financing Authority, Senior Public Improvement Project, Series A, Rev., BAM, 5.00%, 09/01/2036		2,250		2,660
California County, Tobacco Securitization Agency, Series A, Rev., 5.00%, 06/01/2027		10		13
California County, Tobacco Securitization Agency, Senior Bonds, Merced County Tobacco Funding Corporation,
Rev., 5.00%, 06/01/2032		340		443
Rev., 5.00%, 06/01/2033		170		219
California County, Tobacco Securitization Agency, Sonoma County Securitization,
Rev., 5.00%, 06/01/2031		255		334
Rev., 5.00%, 06/01/2032		250		326
Rev., 5.00%, 06/01/2033		300		387
Rev., 5.00%, 06/01/2049		405		461
California Educational Facilities Authority, Standford University, Series V1, Rev., 5.00%, 05/01/2049		2,000		3,224
California Health Facilities Financing Authority, Kaiser Permanente, Series C, Rev., 5.00%, 06/01/2041 (z)		1,000		1,324
California Health Facilities Financing Authority, Pih Health,
Series A, Rev., 4.00%, 06/01/2050 (w)		1,545		1,742
Series A, Rev., 5.00%, 06/01/2035 (w)		3,010		3,829

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
California Health Facilities Financing Authority, Providence St. Josephs, Rev., 5.00%, 10/01/2039 (z)		2,000		2,431
California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 5.00%, 08/15/2043		250		290
California Infrastructure & Economic Development Bank, Brightline West Passenger, Rev., AMT, 0.45%, 01/01/2050 (e) (z)		16,510		16,510
California Municipal Finance Authority, Anaheim Electric Utility District System, Rev., 5.00%, 10/01/2022		1,175		1,289
California Municipal Finance Authority, Southern California Insitute, Rev., 5.00%, 12/01/2037		745		851
California Municipal Finance Authority, Waste Management, Inc. Project,
Rev., AMT, 0.23%, 10/01/2045 (n) (w) (z)		5,000		5,000
Rev., AMT, 2.00%, 12/01/2044 (z)		5,000		5,014
California School Finance Authority, Rocketship Education Obligated, Series A, Rev., 5.00%, 06/01/2034 (e)		1,230		1,325
California State University, Systemwide,
Series A, Rev., 5.00%, 11/01/2037 (p)		5,000		5,261
Series A, Rev., 5.00%, 11/01/2039		5,035		5,897
Series C, Rev., 5.00%, 11/01/2026		1,685		2,148
California State, Public Works Board,
Series B, Rev., 5.00%, 10/01/2028		110		141
Series E, Rev., 5.00%, 09/01/2024 (p)		1,865		2,037
California State, Public Works Board Projects, Series D, Rev., 5.00%, 09/01/2024 (p)		1,700		1,856
California Statewide Communities Development Authority, Series B, Special Tax, 4.00%, 09/02/2040 (w)		1,120		1,177
California Statewide Communities Development Authority, Health Facility, Dignity Health, Rev., AGM, 0.39%, 07/01/2041 (z)		2,000		2,000
California Statewide Communities Development Authority, Loma Linda University Medical Center,
Rev., 5.50%, 12/01/2054		1,000		1,082
Series A, Rev., 5.00%, 12/01/2026 (e)		300		346
California Statewide Communities Development Authority, Rady Childrens Hospital, Series A, Rev., LOC: U.S. Bank NA, 0.06%, 08/15/2047 (z)		6,450		6,450
Chino Basin Regional Financing Authority, Series B, Rev., 4.00%, 11/01/2025		3,000		3,524
City & County of San Francisco, 49 South Van Ness Project, Green Bond, Series A, COP, 4.00%, 04/01/2035		810		946
City of Irvine, Adjustable Limited Obligation Reassessment, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.09%, 10/01/2020 (z)		4,500		4,500
City of Los Angeles Department of Airports, Senior,
Series A, Rev., AMT, 4.75%, 05/15/2040		2,415		2,720
Series C, Rev., AMT, 5.00%, 05/15/2036		4,090		5,137
City of Los Angeles, Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2023		150		167
City of Los Angeles, Department of Airports, Senior,
Series B, Rev., 5.00%, 05/15/2026		2,000		2,479
Series B, Rev., 5.00%, 05/15/2034		1,500		1,952
City of Los Angeles, Wastewater System Revenue, Subordinated, Series A, Rev., 5.00%, 06/01/2025		1,040		1,172
City of Roseville, Special Tax,
4.00%, 09/01/2040		1,000		1,067
5.00%, 09/01/2035		1,160		1,325

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
City of San Francisco CA Public Utilities Commission Water Revenue, Regional Water, Series B, Rev., 5.00%, 11/01/2050		4,235		5,208
City of San Francisco, Public Utilities Commission Water Revenue, Green Bond, Series A, Rev., 5.00%, 11/01/2045		1,940		2,520
Coast Community College District, Series F, GO, 4.00%, 08/01/2022		100		107
Compton Unified School District, Series B, GO, BAM, Zero Coupon, 06/01/2036		1,400		924
County of Sacramento, Airport System Revenue, Senior, Rev., 4.00%, 07/01/2037		2,000		2,320
County of Sacramento, Airport System Revenue, Subordinated, Series E, Rev., 5.00%, 07/01/2029		1,025		1,292
Department of Veterans Affairs, Veteran’s Farm & Home Purchase Program, Series A, Rev., 3.00%, 12/01/2050		1,000		1,098
Elk Grove Finance Authority, Rev., 4.00%, 09/01/2040 (w)		1,280		1,395
Golden State Tobacco Securitization Corp., Series A2, Rev., 5.00%, 06/01/2047		1,000		1,031
Los Angeles Community College District, Series C, GO, 5.00%, 08/01/2021		2,300		2,392
Los Angeles County Metropolitan Transportation Authority, Measure R Junior, Green Bond, Subordinated,
Series A, Rev., 5.00%, 06/01/2026		500		628
Series A, Rev., 5.00%, 06/01/2033		3,000		3,995
Los Angeles County Metropolitan Transportation Authority, Prop A, First Tier, Senior, Series A, Rev., 5.00%, 07/01/2021		1,260		1,305
Los Angeles County, Metropolitan Transportation Authority, Green Bond, Measure R Junior Subordinated, Series A, Rev., 5.00%, 06/01/2030		3,000		4,096
Los Angeles Department of Water,
Series B, Rev., 4.00%, 07/01/2027		1,500		1,849
Series B, Rev., 4.00%, 07/01/2029		1,000		1,278
Series B, Rev., 5.00%, 07/01/2037		740		946
Los Angeles Department of Water & Power, Series A, Rev., 5.00%, 07/01/2026		4,000		5,037
Los Angeles Department of Water & Power Power System Revenue,
Series A, Rev., 5.00%, 07/01/2021		4,530		4,693
Series B, Rev., 5.00%, 01/01/2022		2,275		2,403
Series B, Rev., 5.00%, 07/01/2038		1,000		1,224
Los Angeles Department of Water & Power, Power System Revenue, Series B, Rev., 5.00%, 07/01/2023		155		175
Los Angeles Unified School District, Election 2008, Series B1, GO, BAM, 5.00%, 07/01/2029		100		128
Manhattan Beach Unified School District, Measure C, Series B, GO, 4.00%, 09/01/2045		2,210		2,650
Metropolitan Water District of Southern California, Subordinated, Series B, Rev., 4.00%, 08/01/2021		1,620		1,666
Miracosta Community College District, Series B, GO, 4.00%, 08/01/2024		1,000		1,146
Municipal Improvement Corp. of Los Angeles, Real Property, Series B, Rev., 5.00%, 11/01/2039		2,535		3,311
Natomas Unified School District,
Series A, GO, AGM, 4.00%, 08/01/2045 (w)		7,740		8,671
Series A, GO, AGM, 4.00%, 08/01/2049		2,655		2,964

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
Norman Y Mineta San Jose International Airport SJC,
Series A, Rev., AMT, 5.00%, 03/01/2023		100		110
Series A, Rev., AMT, 5.00%, 03/01/2024		1,290		1,471
Northern California Power Agency, Hydroelectric Project, Series A, Rev., 5.00%, 07/01/2023		145		164
Orange County Water District, Interim Obligations, Series A, COP, 2.00%, 08/15/2023		1,540		1,604
Palomar Health, Capital Appreciation, Electric Of 2004, Series A, GO, AGC, Zero Coupon, 08/01/2028		500		449
Pomona Unified School District, 2016 Election, Series D, GO, 4.00%, 08/01/2038 (w)		2,745		3,338
Port of Oakland, Senior Lien, Series P, Rev., AMT, 5.00%, 05/01/2026		360		386
Sacramento Municipal Utility District, Electric, Series H, Rev., 4.00%, 08/15/2040		2,000		2,431
San Bernardino Community College District, Election 2018, Series A, GO, 4.00%, 08/01/2049		1,440		1,638
San Diego Community College District,
GO, 4.00%, 08/01/2032		2,910		3,420
GO, 5.00%, 08/01/2025		10,000		10,890
San Diego County Regional Airport Authority, Subordinated,
Rev., 5.00%, 07/01/2034		2,000		2,582
Series B, Rev., AMT, 5.00%, 07/01/2031		775		935
San Diego Public Facilities Financing Authority, Series A, Rev., 5.00%, 05/15/2039		1,565		1,912
San Diego Unified School District, Series R4, GO, 5.00%, 07/01/2026		2,500		3,053
San Diego Unified School District, Measure YY Bonds, Series D2, GO, 5.00%, 07/01/2022		2,000		2,169
San Francisco Bay Area Rapid Transit District, Green Bonds, Series C1, GO, 5.00%, 08/01/2026		1,000		1,272
San Francisco City & County Airport Comm-San Francisco International Airport,
Series A, Rev., 5.00%, 05/01/2031		205		245
Series C, Rev., 5.00%, 05/01/2046		1,640		1,896
San Francisco Unified School District, Series B, GO, 4.00%, 06/15/2022		2,000		2,132
Santa Clara Unified School District, GO, 5.00%, 07/01/2024		100		118
Saugus Union School District School Facilities Improvement District No. 2014-1, Series C, GO, 3.00%, 08/01/2022		1,000		1,052
Sierra View Local Health Care District, Tulare Co.,
Rev., 4.00%, 07/01/2022		460		485
Rev., 4.00%, 07/01/2024		475		525
Southern California Public Power Authority, Canyon Power Project, Series A, Rev., 5.00%, 07/01/2034		1,000		1,191
Southern California Public Power Authority, Subordinated, Series A, Rev., 5.00%, 07/01/2023		1,165		1,318
State of California,
GO, 3.00%, 11/01/2034		1,000		1,120
GO, 4.00%, 11/01/2041		2,750		3,112
GO, 4.00%, 11/01/2045		2,000		2,251
GO, 5.00%, 11/01/2022		120		132
GO, 5.00%, 04/01/2028		100		131
GO, 5.00%, 11/01/2028		2,425		3,216
GO, 5.00%, 11/01/2029		1,000		1,345

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
GO, 5.00%, 11/01/2030		5,335		7,275
GO, 5.00%, 03/01/2031		2,000		2,746
GO, 5.00%, 10/01/2047		1,500		1,794
Series A2, GO, VRDO, LOC: Bank of Montreal, 0.10%, 10/01/2020 (z)		6,500		6,500
State of California, Department of Water Resources, Series BB, Rev., 5.00%, 12/01/2027		1,855		2,450
Tuolumne Wind Project Authority, Series A, Rev., 5.00%, 01/01/2023		4,425		4,909
University of California, Series AR, Rev., 5.00%, 05/15/2041		2,000		2,408
University of California, Limited Project, Series K, Rev., 4.00%, 05/15/2046		300		337
Upper Santa Clara Valley Joint Powers Authority, Series A, Rev., 4.00%, 08/01/2050		2,000		2,218
Ventura County Public Financing Authority,
Series A, Rev., 5.00%, 11/01/2024 (p)		1,000		1,101
Series A, Rev., 5.00%, 11/01/2025 (p)		1,000		1,101
Series A, Rev., 5.00%, 11/01/2026 (p)		1,000		1,101
				262,342
Colorado — 2.2%
Adams & Weld Counties School District No. 27J Brighton, GO, 5.00%, 12/01/2042		1,000		1,244
Castle Oaks Metropolitan District No. 3, GO, AGM, 4.00%, 12/01/2026		220		258
City & County of Denver, Airport System Revenue, Subordinated System, Series A, Rev., AMT, 5.00%, 12/01/2043		3,000		3,544
City of Aurora, Water Revenue, Green Bond, Rev., 5.00%, 08/01/2041		1,800		2,180
City of Colorado Springs, Utilities System Revenue,
Series A, Rev., 5.00%, 11/15/2021		2,500		2,636
Series A, Rev., 5.00%, 11/15/2022		1,195		1,317
Colorado Bridge Enterprise, Central 70 Project,
Rev., AMT, 4.00%, 12/31/2025		1,000		1,146
Rev., AMT, 4.00%, 12/31/2030		1,505		1,711
Colorado Educational & Cultural Facilities Authority, Nature Conservancy Project, Rev., VRDO, 0.13%, 10/07/2020 (z)		8,815		8,815
Colorado Health Facilities Authority, Adventhealth Obligated, Rev., 4.00%, 11/15/2038		2,000		2,321
Colorado Health Facilities Authority, Childrens Hospital, Series C, Rev., 5.00%, 12/01/2030		1,000		1,195
Colorado Health Facilities Authority, Commonspirit Health,
Series A1, Rev., 5.00%, 08/01/2027		1,025		1,264
Series A1, Rev., 5.00%, 08/01/2034		1,240		1,534
Series A2, Rev., 5.00%, 08/01/2028		2,215		2,780
Series A2, Rev., 5.00%, 08/01/2044		2,000		2,392
Colorado Health Facilities Authority, SCL Health System, Series A, Rev., 5.00%, 01/01/2030		1,175		1,545
Crystal Valley, Metropolitan District No. 2,
Series A, GO, AGM, 5.00%, 12/01/2028		500		639
Series A, GO, AGM, 5.00%, 12/01/2029		405		524
Series A, GO, AGM, 5.00%, 12/01/2030		360		472

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Colorado — continued
Denver City & County, School District No. 1, GO, 5.00%, 12/01/2029		1,000		1,259
Denver Urban Renewal Authority, Senior Subordinated Stapleton, Series B, Tax Allocation, 5.00%, 12/01/2025		500		610
E-470 Public Highway Authority, Senior,
Series A, Rev., 5.00%, 09/01/2027		1,000		1,280
Series A, Rev., 5.00%, 09/01/2028		1,000		1,306
Series A, Rev., 5.00%, 09/01/2040		2,775		3,160
Jefferson Center Metropolitan District No. 1,
Series A2, Rev., 4.13%, 12/01/2040		575		584
Series A2, Rev., 4.38%, 12/01/2047		795		809
Jefferson County School District, Series R1, GO, 5.00%, 12/15/2031		2,000		2,613
Poudre Tech Metropolitan District, GO, AGM, 3.00%, 12/01/2022		420		441
Village Metropolitan District (The), GO, 4.15%, 12/01/2030		500		508
Westminster Public Schools, COP, AGM, 4.00%, 12/01/2048		1,000		1,124
				51,211
Connecticut — 1.2%
City of Bridgeport, Series A, GO, 4.00%, 06/01/2039		250		272
Connecticut Housing Finance Authority, Mortgage Finance Program, Series A1, Rev., 3.50%, 11/15/2045		4,000		4,467
Connecticut State, Health & Educational Facilities Authority, Yale University,
Series A, Rev., 2.05%, 07/01/2035 (z)		3,000		3,044
Series U2, Rev., 2.00%, 07/01/2033 (z)		250		256
Connecticut State, Health & Educational Facilities Authority, Series J, Rev., 5.00%, 11/01/2025		1,000		1,049
Connecticut State, Health & Educational Facilities Authority, Bridgeport Hospital, Series D, Rev., 5.00%, 07/01/2025		3,565		3,840
Connecticut State, Health & Educational Facilities Authority, Sacred Heart University,
Series K, Rev., 4.00%, 07/01/2045		750		836
Series K, Rev., 5.00%, 07/01/2037		950		1,190
Connecticut State, Health & Educational Facilities Authority, Yale University,
Series A2, Rev., 2.00%, 07/01/2042 (z)		3,575		3,852
Series A, Rev., 1.10%, 07/01/2048 (z)		1,750		1,782
Series C1, Rev., 5.00%, 07/01/2040 (z)		2,315		3,016
State of Connecticut, Series A, GO, 4.00%, 03/15/2032		850		937
State of Connecticut, Special Tax Obligation Bonds,
Rev., 5.00%, 05/01/2025		300		361
Rev., 5.00%, 05/01/2040		300		377
State of Connecticut, Special Tax Revenue, Transportation Infrastructure, Series A, Rev., 5.00%, 09/01/2031		1,220		1,417
State of Connecticut, Transportation Infrastructure, Series B, Rev., 5.00%, 08/01/2021		1,250		1,300
Town of Hamden, Series A, GO, BAM, 5.00%, 08/01/2032		500		623
				28,619
Delaware — 0.3%
Delaware Transportation Authority, Rev., 5.00%, 07/01/2027		1,000		1,295
State of Delaware,
GO, 4.00%, 02/01/2031		3,000		3,714
Series B, GO, 4.00%, 07/01/2024		1,750		1,998
				7,007

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
District of Columbia — 2.1%
District of Columbia,
Series A, GO, 5.00%, 06/01/2022		2,175		2,351
Series A, Rev., 5.00%, 12/01/2022		2,000		2,209
Series A, Rev., 5.00%, 03/01/2031		1,500		2,006
Series C, Rev., 5.00%, 05/01/2023		100		112
Series C, Rev., 5.00%, 10/01/2030		4,500		6,064
Series D, GO, 5.00%, 06/01/2026		5,475		6,879
Series E, GO, 5.00%, 06/01/2021		1,250		1,290
District of Columbia, National Public Radio,
Rev., 4.00%, 04/01/2032 (p)		1,500		1,785
Rev., 4.00%, 04/01/2035 (p)		2,100		2,500
District of Columbia, Water & Sewer Authority, Subordinated Lien, Series A, Rev., 5.00%, 10/01/2027		615		671
District of Columbia, Income Tax, Series B, Rev., 5.00%, 12/01/2026		3,440		3,790
Metropolitan Washington Airports Authority,
Rev., AMT, 5.00%, 10/01/2026		1,335		1,647
Series A, Rev., AMT, 5.00%, 10/01/2027		5,000		6,297
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Capital Appreciation, Second Senior Lien, Series B, Rev., AGC, Zero Coupon, 10/01/2036		5,000		3,202
Metropolitan Washington Airports Authority, Airport System Revenue, Series A, Rev., AMT, 5.00%, 10/01/2034		395		493
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B, Rev., 4.00%, 10/01/2049		1,000		1,094
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, Series C, Rev., AGC, 6.50%, 10/01/2041		350		440
Washington Metropolitan Area Transit Authority,
Series A, Rev., 5.00%, 07/15/2026		1,650		2,070
Series A, Rev., 5.00%, 07/15/2037		3,000		3,892
				48,792
Florida — 3.5%
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinic, Rev., 5.00%, 12/01/2032		1,000		1,273
Belmond Reserve Community Development District, 202 Project, Special Assessment, 4.00%, 05/01/2040 (w)		345		350
Capital Trust Agency, Inc., Liza Jackson Preparatory School, Rev., 5.00%, 08/01/2040		150		174
City of Cape Coral, Water & Sewer Revenue, Rev., 5.00%, 10/01/2029		250		319
City of Jacksonville, Series A, Rev., 5.00%, 10/01/2034		1,250		1,644
City of Jacksonville, Brooks Rehabilitation Project,
Rev., 4.00%, 11/01/2034		500		572
Rev., 4.00%, 11/01/2045		1,500		1,648
City of South Miami, Health Facilities Authority, Inc., Baptist Health South Florida, Rev., 5.00%, 08/15/2023		100		113
City of Tallahassee, Energy System Revenue, Rev., 5.00%, 10/01/2028		3,000		3,965

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Florida — continued
County of Broward, Airport System Revenue,
Rev., AMT, 5.00%, 10/01/2033		655		784
Series A, Rev., AMT, 5.00%, 10/01/2028		800		1,011
County of Miami-Dade, Aviation Revenue,
Rev., AMT, 5.00%, 10/01/2028		7,000		7,981
Series A, Rev., AMT, 5.00%, 10/01/2027		1,325		1,516
Series A, Rev., AMT, 5.00%, 10/01/2030		2,000		2,314
County of Miami-Dade, Building Better Communities Project, Series A, GO, 4.00%, 07/01/2044		350		415
Cypress Bluff Community, Development District, Delaware Webb Project, Series A, Special Assessment, 2.70%, 05/01/2025 (e)		265		265
Florida Development Finance Corp., Series A, Rev., 4.00%, 06/01/2030 (e)		500		502
Florida Development Finance Corp., Discovery High School Project, Series A, Rev., 4.00%, 06/01/2030 (e)		1,500		1,504
Florida Development Finance Corp., Virgin Trains USA Passenger, Series A, Rev., AMT, 6.38%, 01/01/2049 (e) (z)		2,000		1,730
Florida Housing Finance Corp., Social Bonds, Series 2, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051 (w)		12,000		13,194
Greater Orlando Aviation Authority, Priority Subordinated, Series A, Rev., AMT, 5.00%, 10/01/2033		1,500		1,782
Hammock Reserve Community Development District, Special Assessment Area One Project, 4.00%, 05/01/2040 (w)		545		554
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 0.12%, 10/07/2020 (z)		8,500		8,500
Highlands County, Health Facilities Authority, Hospital Adventist Health, Rev., VRDO, 0.12%, 10/07/2020 (z)		3,000		3,000
Hillsborough County, Industrial Development Authority, Baycare Health System, Series C, Rev., VRDO, LOC: TD Bank NA, 0.10%, 10/07/2020 (z)		5,200		5,200
Hillsborough County, School Board, Master Lease Program, Series A, COP, 5.00%, 07/01/2029 (p)		200		217
Jacksonville Housing Finance Authority, Housing Desert Silver Project, Rev., 2.25%, 12/01/2021 (z)		1,500		1,505
JEA Electric System, Series 3A, Rev., 5.00%, 10/01/2022		100		109
JEA Water & Sewer System Revenue, Series A, Rev., 5.00%, 10/01/2025		1,000		1,227
JEA Water & Sewer System Revenue, Subordinated, Series A, Rev., 5.00%, 10/01/2031		885		1,106
Lakewood Ranch Stewardship District, Lorraine Lakes Project, Special Assessment, 3.13%, 05/01/2030 (e)		315		316
Lakewood Ranch Stewardship District, Zario Project, Special Assessment, 2.63%, 05/01/2025 (w)		690		691
Midtown Miami Community Development District, Series A, Special Assessment, 5.00%, 05/01/2037		350		362
Old Hickory Community Development District, Special Assessment, 2.50%, 06/15/2025 (w)		270		270
Orlando Utilities Commission, Series C, Rev., 5.00%, 10/01/2022		3,010		3,302
Palm Beach County Health Facilities Authority, Retirement Life Communities, Rev., 5.00%, 11/15/2032		2,170		2,536
Pine Ridge Plantation Community Development District, Senior Lien, Special Assessment,
Series A1, AGM, 3.00%, 05/01/2022 (w)		470		486
Series A1, AGM, 3.00%, 05/01/2023 (w)		480		504
Pinellas County Housing Finance Authority, Lexington Club Renaissance, Rev., 0.30%, 02/01/2023 (z)		2,000		2,000

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Florida — continued
Saddle Creek Preserve of Polk County Community Development District, Special Assessment, 4.00%, 06/15/2040 (w)		500		517
Sarasota National Community Development District, Special Assessment, 4.00%, 05/01/2039 (w)		615		640
State of Florida, Board Education, Capital Outlay, Series A, GO, 4.00%, 06/01/2021		75		77
State of Florida, Department of Transportation, Turnpike System Revenue,
Series A, Rev., 5.00%, 07/01/2022		1,310		1,420
Series A, Rev., 5.00%, 07/01/2029		2,000		2,692
Series B, Rev., 5.00%, 07/01/2023		125		141
Village Community Development District No. 13, Special Assessment,
1.88%, 05/01/2025 (e) (w)		1,000		1,002
2.63%, 05/01/2030 (e) (w)		1,500		1,510
				82,940
Georgia — 1.8%
Carroll County, School District, GO, 5.00%, 04/01/2024 (w)		1,000		1,162
City of Atlanta, Airport Passenger Facility, Subordinated Lien, Series C, Rev., 5.00%, 07/01/2040		3,000		3,751
City of Atlanta, Department of Aviation, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2031		1,155		1,465
Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Rev., 4.00%, 04/01/2033		500		590
Development Authority of Monroe County (The), Georgia Power Company Plant, Rev., 2.35%, 10/01/2048 (z)		500		502
Development Authority of Monroe County (The), Oglethorpe Power Corporation Scherer Project, Series A, Rev., 1.50%, 01/01/2039 (z)		125		126
Georgia Housing & Finance Authority, Series A, Rev., 4.00%, 06/01/2050		4,000		4,542
Main Street Natural Gas, Inc.,
Series B, Rev., 4.00%, 08/01/2049 (z)		2,190		2,484
Series C, Rev., LIQ: Royal Bank of Canada, 4.00%, 08/01/2048 (z)		105		116
Series C, Rev., 4.00%, 03/01/2050 (z)		7,350		8,536
Private Colleges & Universities Authority, Various Emory University, Series B, Rev., (SIFMA Municipal Swap Index + 0.42%), 0.54%, 10/01/2039 (aa)		1,000		999
Savannah Economic Development Authority, International Paper Company Project, Rev., 1.90%, 08/01/2024		150		156
State of Georgia,
Series A1, GO, 5.00%, 02/01/2024		100		116
Series C, GO, 4.00%, 09/01/2021		95		98
Series C, GO, 4.00%, 10/01/2022		2,015		2,171
State of Georgia, Group 1,
Series A, GO, 5.00%, 08/01/2026		5,000		6,325
Series A, GO, 5.00%, 08/01/2027		2,000		2,599
State of Georgia, Group 2,
Series A, GO, 4.00%, 08/01/2034		2,000		2,502
Series A, GO, 5.00%, 08/01/2030		1,500		2,082
State of Georgia, Tranche 2, Series A, GO, 5.00%, 07/01/2030		2,000		2,694
				43,016

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Hawaii — 0.5%
City & County of Honolulu,
Series A, GO, 5.00%, 10/01/2025		15		18
Series A, GO, 5.00%, 09/01/2027		30		39
City & County of Honolulu, Wastewater System, Senior, Series A, Rev., 4.50%, 07/01/2028 (p)		1,000		1,033
County of Maui, GO, 5.00%, 03/01/2028		1,175		1,539
State of Hawaii,
Series EA, GO, 5.00%, 12/01/2023		2,000		2,112
Series FE, GO, 5.00%, 10/01/2021		2,500		2,620
Series FG, GO, 4.00%, 10/01/2032		2,000		2,315
State of Hawaii, Airports System Revenue, Series D, Rev., 5.00%, 07/01/2030		1,000		1,328
				11,004
Idaho — 0.5%
Idaho Health Facilities Authority, St. Luke’s Health System Obligated Group, Rev., VRDO, LOC: U.S. Bank NA, 0.10%, 10/01/2020 (z)		12,000		12,000
Illinois — 5.9%
Chicago Board of Education, Capital Appreciation School Reform, Series B1, GO, NATL, Zero Coupon, 12/01/2022		1,000		956
Chicago O’Hare International Airport, Senior Lien,
Series A, Rev., BAM, 4.00%, 01/01/2036 (w)		3,000		3,465
Series A, Rev., 5.00%, 01/01/2035 (w)		3,000		3,714
Chicago O’Hare International Airport, Third Lien Series,
Rev., 5.63%, 01/01/2035 (p)		5,000		5,067
Rev., 5.75%, 01/01/2039 (p)		425		431
Chicago Transit Authority, Sales Tax Receipts Fund,
Rev., 5.25%, 12/01/2036 (p)		10,600		11,227
Rev., 5.25%, 12/01/2049		3,000		3,380
Series A, Rev., 5.00%, 12/01/2045		6,750		8,031
City of Chicago,
Series A, GO, 5.00%, 01/01/2027		715		745
Series A, GO, 5.50%, 01/01/2033		1,815		1,912
City of Chicago, Waterworks Revenue, Second Lien, Rev., 4.00%, 11/01/2021		200		207
Cook County, Community School District No. 97, Oak Park, GO, 4.00%, 01/01/2034		2,000		2,345
Cook County, Community Unit School District No. 401, Elmwood Park,
GO, 3.00%, 12/01/2021 (w)		715		735
GO, 3.00%, 12/01/2022 (w)		500		525
Illinois Development Finance Authority, American College Surgeons, Rev., VRDO, LOC: Northern Trust Co., 0.12%, 10/07/2020 (z)		500		500
Illinois Development Finance Authority, Various North Park University Project, Rev., VRDO, LOC: U.S. Bank NA, 0.10%, 10/07/2020 (z)		6,000		6,000
Illinois Finance Authority, Series B2, Rev., 5.00%, 05/15/2050 (w) (z)		2,550		3,100

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Illinois — continued
Illinois Finance Authority, Advocate Health Care Network Project,
Rev., 4.00%, 11/01/2030		2,000		2,281
Rev., 4.00%, 06/01/2047 (p)		2,535		2,692
Rev., 5.00%, 05/01/2022		965		1,038
Illinois Finance Authority, American Water Capital Corp. Project, Rev., 0.70%, 05/01/2040 (z)		895		894
Illinois Finance Authority, Bradley University, Series B, Rev., VRDO, LOC: PNC Bank NA, 0.14%, 10/07/2020 (z)		6,000		6,000
Illinois Finance Authority, Health Services Facility Lease Revenue, Provident Group UIC Surgery,
Rev., 4.00%, 10/01/2040		1,750		1,917
Rev., 4.00%, 10/01/2055		500		535
Rev., 5.00%, 10/01/2032		750		945
Rev., 5.00%, 10/01/2034		125		156
Illinois Finance Authority, Illinois State Clean Water Initiative, Green Bond,
Rev., 5.00%, 01/01/2022		220		233
Rev., 5.00%, 07/01/2023		1,650		1,864
Rev., 5.00%, 01/01/2028		100		131
Illinois Finance Authority, Mercy Health Corp., Rev., 5.00%, 12/01/2040		1,000		1,144
Illinois Finance Authority, Navistar International Recovery Zone, Rev., 6.75%, 10/15/2040		2,000		2,005
Illinois Finance Authority, Northshore University Health System,
Rev., 5.00%, 08/15/2031		1,000		1,329
Rev., 5.00%, 08/15/2035		1,500		1,948
Illinois Finance Authority, OSF Healthcare System, Series B1, Rev., 5.00%, 05/15/2050 (w) (z)		2,250		2,591
Illinois Finance Authority, Swedish Covenant Hospital, Series A, Rev., 5.00%, 08/15/2026 (p)		3,180		4,015
Illinois State Toll Highway Authority,
Series A, Rev., 5.00%, 01/01/2028		100		127
Series A, Rev., 5.00%, 01/01/2044		1,000		1,237
Series B, Rev., 5.00%, 01/01/2029		100		121
Series C, Rev., 5.00%, 01/01/2023		60		66
Illinois State Toll Highway Authority, Senior,
Series B, Rev., 5.00%, 01/01/2028		7,020		8,941
Series B, Rev., 5.00%, 01/01/2041		2,000		2,369
Macon County, School District No. 61 Decatur,
GO, AGM, 4.00%, 01/01/2040 (w)		1,420		1,572
GO, AGM, 4.00%, 01/01/2045 (w)		3,000		3,289
Metropolitan Pier & Exposition Authority Revenue, Mccormick Place Expansion, Rev., 5.00%, 06/15/2042		2,500		2,833
Metropolitan Pier & Exposition Authority, Capital Appreciation,Mccormick, Series B, Rev., AGM, Zero Coupon, 06/15/2027		660		574
Railsplitter Tobacco Settlement Authority,
Rev., 5.00%, 06/01/2023		130		145
Rev., 5.25%, 06/01/2021		5		5
Sales Tax Securitization Corp., Second Lien, Series A, Rev., BAM, 5.00%, 01/01/2037		750		904
State of Illinois,
GO, 4.00%, 06/01/2036		485		471

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Illinois — continued
GO, 5.00%, 07/01/2023		1,000		1,055
GO, 5.00%, 02/01/2026		2,000		2,181
GO, 5.00%, 02/01/2028		3,000		3,273
GO, 5.00%, 02/01/2029		2,000		2,163
GO, 5.25%, 02/01/2030		2,000		2,098
Series A, GO, 5.00%, 10/01/2023		300		318
Series A, GO, 5.00%, 11/01/2026		1,500		1,645
Series B, GO, 5.50%, 05/01/2039		250		274
Series D, GO, 5.00%, 11/01/2026		1,980		2,138
Series D, GO, 5.00%, 11/01/2027		1,050		1,139
Tender Option Bond Trust Receipts/Certificates, Floaters, Series 2019-XF0779, Rev., BAM, VRDO, LIQ: Toronto-Dominion Bank, 0.17%, 10/07/2020 (e) (z)		10,000		10,000
University of Illinois, Auxiliary Facilities System,
Series A, Rev., 5.00%, 04/01/2022		300		319
Series A, Rev., 5.00%, 04/01/2025		140		159
Will Grundy Etc Counties Community College District No. 525, Alternative Revenue Source, Series B, GO, 5.50%, 06/01/2031		3,375		3,876
				137,350
Indiana — 2.8%
City of Mount Vernon, Southern Industry Gas And Electric Company, Rev., AMT, 0.88%, 09/01/2055 (z)		250		250
City of Rockport, Rockport Pollution Control, Aep Generating Company Project, Series A, Rev., 1.35%, 07/01/2025 (z)		20		20
City of Rockport, Industry Pollution Control, Michigan Power Company Project, Rev., 2.75%, 06/01/2025		100		108
City of Whiting, Whiting Industry Environmental Facilities, Bp Products North America, Inc., Series A, Rev., AMT, 5.00%, 03/01/2046 (z)		1,250		1,380
Indiana Finance Authority, Community Foundation Northwest Industry, Rev., 4.00%, 03/01/2034 (p)		150		158
Indiana Finance Authority, Citizens Water Westfield Project, Series A, Rev., 4.00%, 10/01/2048		1,500		1,717
Indiana Finance Authority, Community Health Network, Series A, Rev., 5.00%, 05/01/2042 (p)		485		544
Indiana Finance Authority, Cwa Authority Project, Green Bonds, Rev., 5.00%, 10/01/2031		500		677
Indiana Finance Authority, Duke Energy Industry Project, Series A4, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.13%, 10/01/2020 (z)		6,500		6,500
Indiana Finance Authority, Various Lease Appropriation Stadium Project, Series A5, Rev., VRDO, 0.10%, 10/01/2020 (z)		5,875		5,875
Indiana University, Series X, Rev., 3.00%, 08/01/2029		1,000		1,110
Indianapolis Local Public Improvement Bond Bank, Airport Authority, Series A1, Rev., AMT, 5.00%, 01/01/2028		200		238
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority,
Series D, Rev., AMT, 5.00%, 01/01/2028		3,715		4,122
Series D, Rev., AMT, 5.00%, 01/01/2029		3,000		3,315
Series D, Rev., AMT, 5.00%, 01/01/2030		2,000		2,205
Series D, Rev., AMT, 5.00%, 01/01/2031		4,000		4,405
Series D, Rev., AMT, 5.00%, 01/01/2032		4,500		4,943
Series D, Rev., AMT, 5.00%, 01/01/2033		3,500		3,834

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Indiana — continued
Series I, Rev., AMT, 5.00%, 01/01/2032		4,885		5,497
Series I, Rev., AMT, 5.00%, 01/01/2033		5,000		5,607
Indianapolis Local Public Improvement Bond Bank, Metropolitan Thoroughfare District, Series D, Rev., 4.00%, 01/01/2041 (w)		10,000		11,979
Southwest Allen Multi School Building Corp., 1st Mortgage, Rev., 5.00%, 01/15/2030 (w)		1,200		1,541
				66,025
Iowa — 0.4%
Clinton Community School District,
GO, AGM, 5.00%, 06/01/2024 (w)		1,425		1,661
GO, AGM, 5.00%, 06/01/2026 (w)		1,290		1,597
Iowa Finance Authority, Fertilizer Co. Project, Rev., 5.25%, 12/01/2025		2,000		2,109
PEFA, Inc., Rev., 5.00%, 09/01/2049 (z)		700		849
West Des Moines Community School District, Capital Loan Notes, Series A, GO, 5.00%, 05/01/2028 (w)		3,000		3,921
				10,137
Kansas — 0.1%
State of Kansas, Department of Transportation, Series C3, Rev., (ICE LIBOR USD 1 Month + 0.40%), 0.51%, 09/01/2023 (aa)		2,000		1,998
Kentucky — 0.3%
County of Trimble, Louisville Gas And Electric Company, Rev., AMT, 1.30%, 09/01/2044 (z)		1,000		997
Kentucky Housing Corp., City View Park Project, Rev., 1.16%, 02/01/2023 (z)		1,000		1,013
Kentucky Public Energy Authority, Gas Supply, Series B, Rev., 4.00%, 01/01/2049 (z)		1,475		1,653
Louisville and Jefferson County Metropolitan Government, Louisville Gas And Electric Co. Project, Series A, Rev., 0.90%, 09/01/2026		2,750		2,745
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2031		670		797
				7,205
Louisiana — 1.4%
City of Lafayette, Sales & Use Tax Revenue, Series D, Rev., 4.00%, 05/01/2038		650		774
Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Pollution Control Revenue, Exxon Project, Rev., VRDO, 0.13%, 10/01/2020 (z)		6,100		6,100
Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax,
Rev., AGM, 5.00%, 08/01/2022		80		87
Rev., AGM, 5.00%, 08/01/2027		1,400		1,775
East Baton Rouge Parish, Sewerage Commission, Series B, Rev., 5.00%, 02/01/2039 (p)		1,200		1,445
Ernest N. Morial New Orleans Exhibition Hall Authority, Special Tax, 5.00%, 07/15/2027		900		959
Louisiana Local Government Environmental Facilities & Community Development Authority, East Baton Rouge Sewage Commission, Subordinated Lien,
Rev., 5.00%, 02/01/2028 (p)		1,655		1,916
Series A, Rev., 4.00%, 02/01/2048 (p)		1,610		1,753
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Rev., 5.00%, 05/15/2042		1,480		1,731

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Louisiana — continued
Louisiana State University & Agricultural & Mechanical College, Auxiliary, Series A, Rev., 5.00%, 07/01/2021		1,285		1,329
New Orleans Aviation Board, General Airport North Terminal, Series B, Rev., AMT, 5.00%, 01/01/2048		2,000		2,244
Parish of St. James, Various Nucor Steel Louisiana, Series A1, Rev., VRDO, 0.20%, 10/07/2020 (z)		7,350		7,350
Parish of St. John the Baptist, Marathon Oil Corp. Project, Series B1, Rev., 2.13%, 06/01/2037 (z)		875		880
Port New Orleans Board of Commissioners, Series E, Rev., AMT, 5.00%, 04/01/2039		1,170		1,416
Regional Transit Authority Sales Tax Revenue, Series A, Rev., AGM, 5.00%, 01/01/2029		3,000		3,875
Tobacco Settlement Financing Corp., Asset Backed, Series A, Rev., 5.00%, 05/15/2023		125		139
				33,773
Maryland — 3.0%
County of Howard, Metropolitan District, Series E, GO, 5.00%, 02/15/2027		1,850		2,373
County of Montgomery,
Series A, GO, 4.00%, 08/01/2031		5,000		6,372
Series B, GO, 4.00%, 11/01/2028		2,500		3,142
Series C, GO, 5.00%, 10/01/2026		1,000		1,272
County of Prince George’s, Public Improvement, Series A, GO, 4.00%, 07/15/2032		5,000		6,177
Maryland Community Development Administration, Series D, Rev., 3.25%, 09/01/2050		500		554
Maryland Community Development Administration, Residential,
Series A, Rev., 3.75%, 03/01/2050		1,500		1,681
Series A, Rev., 4.50%, 09/01/2048		7,000		7,951
Series B, Rev., AMT, 4.50%, 09/01/2048		6,225		7,003
Maryland Health & Higher Educational Facilities Authority, Western Maryland Health System, Rev., 5.00%, 07/01/2024 (p)		2,500		2,931
State of Maryland, Series B, GO, 5.00%, 08/01/2022		80		87
State of Maryland, First,
Series A, GO, 5.00%, 03/01/2024 (p)		1,000		1,069
Series B, GO, 4.50%, 08/01/2021		1,305		1,352
State of Maryland, Group 1,
Series A, GO, 5.00%, 08/01/2028		1,500		1,991
Series A, GO, 5.00%, 03/15/2029		100		135
State of Maryland, Group 2, Series A, GO, 5.00%, 08/01/2031		1,000		1,340
State of Maryland, Group 2, State and Local Facilities Loan, GO, 5.00%, 08/01/2033		3,000		4,074
Washington Suburban Sanitary Commission,
Rev., 5.00%, 06/01/2021		4,245		4,382
Rev., 5.00%, 06/01/2028		1,000		1,325
Rev., 5.00%, 12/01/2028		2,290		3,068
Rev., 5.00%, 06/01/2029		4,000		5,414
Series A3, Rev., BAN, VRDO, 0.12%, 10/07/2020 (z)		2,000		2,000
Washington Suburban Sanitary Commission, Consolidated Public Improvement,
Rev., 4.00%, 06/01/2022		75		80
Rev., 5.00%, 06/01/2029		1,500		1,972
Washington Suburban Sanitary Commission, Green Bond, Series 2, Rev., 5.00%, 12/01/2028		1,305		1,748
				69,493

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Massachusetts — 0.6%
Commonwealth of Massachusetts, Series A, GO, 5.00%, 06/01/2044 (z)		1,500		1,688
Commonwealth of Massachusetts, Consolidated Loan, Series D2, GO, 1.70%, 08/01/2043 (z)		1,000		1,025
Massachusetts Development Finance Agency, Milford Regional Medical Center, Rev., 5.00%, 07/15/2046 (e)		1,000		1,139
Massachusetts School Building Authority, Subordinated, Series A, Rev., 5.00%, 02/15/2036		7,190		8,179
Massachusetts Water Resources Authority, Green Bonds,
Series C, Rev., 4.00%, 08/01/2022 (p)		100		107
University of Massachusetts Building Authority, Various Senior, Series 1, Rev., VRDO, 0.11%, 10/07/2020 (z)		2,000		2,000
				14,138
Michigan — 1.6%
City of Detroit, Sewage Disposal System Revenue, Senior Lien, Series A, Rev., 5.00%, 07/01/2023		5,000		5,409
City of Lansing, GO, AGM, 5.00%, 05/01/2028		515		669
Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C, Rev., 5.00%, 07/01/2032		75		91
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B, Rev., 5.00%, 07/01/2030		3,200		3,946
L’Anse Creuse Public Schools, GO, Q-SBLF, 5.00%, 05/01/2029		2,405		2,860
Michigan Finance Authority,
Rev., 5.00%, 11/15/2022		125		137
Rev., 5.00%, 11/15/2023		1,375		1,558
Rev., 5.00%, 11/15/2025		435		515
Michigan Finance Authority, Holland Community Hospital, Series A, Rev., 5.00%, 01/01/2040		1,980		2,119
Michigan Finance Authority, Hospital Trinity Health Credit, Rev., 5.00%, 12/01/2027		100		129
Michigan State Building Authority,
Series I, Rev., 5.00%, 10/15/2027		2,500		3,241
Series I, Rev., 5.00%, 10/15/2029		1,750		2,352
Michigan State Building Authority, Multi Modal Facilities Program, Rev., VRDO, 0.25%, 10/07/2020 (z)		3,500		3,500
Michigan State Hospital Finance Authority, Hospital Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2027		100		129
Michigan State Hospital Finance Authority, Trinity Health, Rev., 5.00%, 12/01/2034 (p)		1,000		1,078
Michigan State University,
Series A, Rev., 5.00%, 08/15/2022 (w)		705		768
Series A, Rev., 5.00%, 08/15/2029 (w)		2,000		2,666
Series A, Rev., 5.00%, 08/15/2038		250		278
Michigan State University, Board of Trustees, Series B, Rev., 4.00%, 02/15/2024		300		337
Monroe County Economic Development Corp., Collateral Detroit Edison Co., Series AA, Rev., NATL, 6.95%, 09/01/2022		2,500		2,816
State of Michigan, Environmental Program Bonds, Series A, GO, 5.00%, 05/15/2030		400		548
State of Michigan, Garvee, Rev., GAN, 5.00%, 03/15/2024		1,435		1,657
Wayne County Airport Authority, Series F, Rev., AMT, 5.00%, 12/01/2034		1,470		1,703
				38,506

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Minnesota — 1.1%
County of Hennepin,
Series B, GO, 5.00%, 12/01/2027		2,850		3,731
Series C, GO, 5.00%, 12/15/2032 (w)		3,000		4,016
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hope Community Academy Project, Series A, Rev., 5.00%, 12/01/2043		1,000		1,022
Minneapolis Saint Paul Metropolitan Airports Commission, Series A, Rev., 5.00%, 01/01/2025		425		502
Minnesota Housing Finance Agency, Series G, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 01/01/2051		3,875		4,252
St. Paul Port Authority, Solid Gerdau St. Paul Steel Mill Project, Rev., AMT, 4.50%, 10/01/2037 (e)		1,000		1,008
State of Minnesota,
Series A, GO, 5.00%, 08/01/2026		250		316
Series A, GO, 5.00%, 10/01/2029		45		58
Series A, GO, 5.00%, 08/01/2031		2,340		3,135
Series B, GO, 4.00%, 08/01/2028		2,000		2,509
Series B, GO, 5.00%, 08/01/2022		100		109
Series E, GO, 3.00%, 08/01/2026		710		812
Series A, GO, 5.00%, 08/01/2034		3,500		4,599
				26,069
Mississippi — 0.4%
Mississippi Business Finance Corp., Chevron USA, Inc. Project,
Series D, Rev., VRDO, 0.13%, 10/01/2020 (z)		3,000		3,000
Series E, Rev., VRDO, 0.13%, 10/01/2020 (z)		5,000		5,000
Mississippi Hospital Equipment & Facilities Authority, Baptist Memorial Health Care, Rev., 5.00%, 09/01/2044 (z)		250		289
State of Mississippi, Series F, GO, 5.00%, 11/01/2030 (p)		1,000		1,238
				9,527
Missouri — 1.1%
City of St. Charles, Series B, COP, 4.00%, 02/01/2029		515		628
Curators of the University of Missouri (The),
Series A, Rev., 4.00%, 11/01/2034		2,500		2,813
Series A, Rev., 4.00%, 11/01/2035		1,000		1,124
Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Service Projects, Series A, Rev., 5.00%, 02/01/2029		1,410		1,584
Jackson County Reorganized School District No. 7, GO, 4.00%, 03/01/2029		310		387
Missouri Development Finance Board, Kauffman Center Performing, Series A, Rev., VRDO, 0.12%, 10/01/2020 (z)		6,000		6,000
Missouri Development Finance Board, Procter & Gamble Paper Products, Rev., AMT, 5.20%, 03/15/2029		370		484
Orchard Farm R-V School District,
COP, 4.00%, 04/01/2027 (w)		400		473
COP, 4.00%, 04/01/2028 (w)		410		491
RBC Municipal Products, Inc. Trust, Floater Certificates, Series C16, Rev., VRDO, LOC: Royal Bank of Canada, LIQ: Royal Bank of Canada, 0.19%, 10/07/2020 (e) (z)		11,000		11,000
State of Missouri, Health & Educational Facilities, Saint Lukes Health System, Inc., Rev., 5.00%, 11/15/2023		250		284
				25,268

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Montana — 0.2%
Montana Board of Housing, Rev., 3.00%, 12/01/2050 (w)		2,580		2,830
Montana Facility Finance Authority, Rev., 5.00%, 02/15/2033		1,000		1,200
				4,030
Nebraska — 0.3%
Central Plains Energy, Project No. 3, Series A, Rev., 5.00%, 09/01/2042		2,500		3,445
County of Washington, Cargill, Inc. Project, Rev., AMT, 0.90%, 09/01/2030 (z)		350		350
Douglas County, Hospital Authority No. 2, Childrens Hospital Obligated Group, Rev., 5.00%, 11/15/2053 (z)		2,190		2,627
Nebraska Educational Health Cultural & Social Services Finance Authority, Immanuel Obligated Group, Rev., 4.00%, 01/01/2037		1,000		1,117
				7,539
Nevada — 0.5%
County of Clark, Passenger Facility Charge Revenue, Las Vegas McCarran International Airport, Rev., 5.00%, 07/01/2030		1,425		1,813
County of Washoe, Sierra Pacific Power Company, Rev., AMT, 0.63%, 03/01/2036 (z)		900		900
Las Vegas Valley, Water District,
Series A, GO, 5.00%, 06/01/2022		2,000		2,161
Series B, GO, 5.00%, 12/01/2023		70		80
Series D, GO, 5.00%, 06/01/2023		1,180		1,330
Las Vegas Valley Water District, Water Improvement, Series A, GO, 5.00%, 06/01/2046		5,000		5,996
State of Nevada, Department of Business & Industry, Republic Services, Inc. Project, Rev., AMT, 0.88%, 12/01/2026 (e) (z)		100		100
				12,380
New Hampshire — 0.1%
New Hampshire Business Finance Authority, Rev., 4.13%, 01/20/2034		991		1,070
New Jersey — 2.2%
City of Newark,
Series A, GO, AGM, 5.00%, 10/01/2027		100		126
Series A, GO, AGM, 5.00%, 10/01/2028		750		953
Essex County, Improvement Authority, Newark Project, Series A, Rev., 6.00%, 11/01/2025 (p)		5,000		5,023
Garden State Preservation Trust, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 11/01/2026		1,000		918
New Brunswick Parking Authority, City Guaranteed Parking, Series A, Rev., BAM, 5.00%, 09/01/2026 (w)		1,000		1,236
New Jersey Economic Development Authority,
Series A, Rev., 5.00%, 11/01/2027		1,000		1,190
Series B, Rev., 5.00%, 11/01/2023		75		83
New Jersey Economic Development Authority, Higher Education Capital Improvement Fund, Series A, Rev., 5.00%, 09/01/2025		245		275

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New Jersey — continued
New Jersey Economic Development Authority, School Facilities, Series GG, Rev., 5.00%, 09/01/2021		3,000		3,050
New Jersey Economic Development Authority, School Facilities Construction,
Rev., 5.00%, 03/01/2021		35		35
Rev., 5.00%, 03/01/2031		1,190		1,266
New Jersey Educational Facilities Authority, Princeton University,
Series A, Rev., 5.00%, 07/01/2022		1,710		1,855
Series I, Rev., 5.00%, 07/01/2024		1,290		1,521
Series I, Rev., 5.00%, 07/01/2036		1,015		1,278
New Jersey Health Care Facilities Financing Authority, Princeton Health Care, Rev., 5.00%, 07/01/2025		1,320		1,595
New Jersey Higher Education Student Assistance Authority, Series A, Rev., AMT, 5.00%, 12/01/2023		35		39
New Jersey Higher Education Student Assistance Authority, Senior Bonds, Series B, Rev., AMT, 5.00%, 12/01/2024		300		342
New Jersey Transportation Trust Fund Authority,
Series A, Rev., 5.00%, 12/15/2028		300		361
Series B, Rev., 5.25%, 06/15/2036		1,500		1,531
New Jersey Transportation Trust Fund Authority, Capital Appreciation, Series A, Rev., BAM, Zero Coupon, 12/15/2038		4,430		2,503
New Jersey Transportation Trust Fund Authority,Transportation System Bond,
Rev., 5.00%, 12/15/2028		1,000		1,204
Rev., 5.00%, 12/15/2031		1,560		1,854
New Jersey Turnpike Authority,
Series A, Rev., 5.00%, 01/01/2030 (p)		1,000		1,084
Series E, Rev., 5.00%, 01/01/2027		1,000		1,247
South Jersey Transportation Authority,
Series A, Rev., AGM, 5.00%, 11/01/2030		500		644
Series A, Rev., AGM, 5.00%, 11/01/2033		1,215		1,534
Tender Option Bond Trust Receipts/Certificates, Floaters,
Series 2016-XM0226, Rev., BHAC-CR, NATL-RE, LIQ: Bank of America NA, 0.12%, 07/01/2026 (e) (n) (z)		10,220		10,220
Series 2018-XX1093, Rev., VRDO, LOC: Barclays Bank plc, LIQ: Barclays Bank plc, 0.15%, 10/07/2020 (e) (z)		9,500		9,500
Tobacco Settlement Financing Corp., Series A, Rev., 5.00%, 06/01/2021		15		15
				52,482
New Mexico — 0.8%
City of Farmington, Pollution Control Revenue, Public Service Company, New Mexico Sanitary, Series E, Rev., 1.15%, 06/01/2040 (z)		3,355		3,374
New Mexico Finance Authority,Subordinated Lien, Public Project Revolving Fund, Rev., 5.00%, 06/15/2024		1,000		1,174
New Mexico Hospital Equipment Loan Council,
Rev., 5.00%, 06/01/2030		1,050		1,296
Rev., 5.00%, 06/01/2032		1,000		1,217
New Mexico Mortgage Finance Authority, Series B, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 01/01/2051 (w)		3,400		3,737
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, Series C, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 01/01/2049		5,000		5,535
New Mexico Municipal Energy Acquisition Authority, Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 11/01/2039 (z)		1,315		1,565
				17,898

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — 10.3%
Albany County, Airport Authority, Series B, Rev., AMT, 5.00%, 12/15/2023		1,225		1,376
Broome County, Local Development Corp., United Health Services Hospital,
Rev., AGM, 4.00%, 04/01/2039		2,750		3,192
Rev., AGM, 5.00%, 04/01/2026		500		613
Build NYC Resource Corp., Rev., 5.00%, 07/01/2026		325		377
City of Long Beach,
Series A, GO, 5.00%, 09/01/2025		1,990		2,311
Series A, GO, 5.00%, 09/01/2027		1,500		1,794
City of New York,
Series A1, GO, 4.00%, 08/01/2034		3,000		3,556
Series A1, GO, 5.00%, 08/01/2026		2,000		2,487
Series A1, GO, 5.00%, 08/01/2028		3,595		4,609
Series A1, GO, 5.00%, 08/01/2029		2,900		3,776
Series A, GO, 5.00%, 08/01/2028		100		126
Series C, GO, 5.00%, 08/01/2022		60		65
Series C, GO, 5.00%, 08/01/2027		330		417
Series D1, GO, 5.00%, 12/01/2024		150		178
Series D1, GO, 5.00%, 12/01/2031		1,380		1,734
Series E, GO, 5.00%, 08/01/2028		1,625		2,083
Series F1, GO, 5.00%, 04/01/2037		2,730		3,294
Series J3, GO, AGM, 0.40%, 06/01/2036 (z)		2,000		2,000
City of New York NY, Series C4, GO, AGC, 0.40%, 10/01/2027 (z)		2,000		2,000
City of New York, Fiscal 2019 Subordinated, Series D4, GO, VRDO, 0.12%, 10/01/2020 (z)		5,050		5,050
City of New York, Fiscal 2020, Series B1, GO, 4.00%, 10/01/2023		990		1,096
County of Dutchess, Local Development Corp., Marist College Project, Series A, Rev., 5.00%, 07/01/2045		360		403
County of Nassau, Series B, GO, BAM, 5.00%, 10/01/2027		1,450		1,783
Dutchess County, Local Development Corp., Health Quest System, Inc. Project, Series B, Rev., 5.00%, 07/01/2046		1,250		1,401
Hudson Yards Infrastructure Corp., Rev., 4.00%, 02/15/2044		2,690		2,924
Long Island Power Authority,
Rev., 5.00%, 09/01/2042		1,900		2,304
Series A, Rev., 5.00%, 09/01/2037		1,250		1,635
Metropolitan Transportation Authority,
Series B1, Rev., BAN, 5.00%, 05/15/2022		4,000		4,114
Series B, Rev., 5.00%, 11/15/2025		540		576
Series D, Rev., 5.00%, 11/15/2027		1,200		1,273
Series D, Rev., 5.00%, 11/15/2038		600		615
Metropolitan Transportation Authority, Green Bond,
Series A1, Rev., BAN, 5.00%, 02/01/2023		1,425		1,469
Series A2, Rev., 5.00%, 11/15/2024		1,815		1,921
Series A2, Rev., 5.00%, 11/15/2027		1,085		1,151
Series B, Rev., 5.00%, 11/15/2021		125		128
Series B, Rev., 5.00%, 11/15/2023		100		105

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
Metropolitan Transportation Authority, Green Bonds,
Series A2, Rev., 5.00%, 11/15/2025		1,000		1,066
Series C1, Rev., 5.00%, 11/15/2027		1,115		1,192
Series D1, Rev., 5.00%, 11/15/2043		2,000		2,132
Series D3, Rev., 4.00%, 11/15/2049		2,000		1,933
Metropolitan Transportation Authority, Green Bonds, Subordinated, Series B1, Rev., 5.00%, 11/15/2036		3,000		3,488
Metropolitan Transportation Authority, Refunding, Transportation Subordinated, Series C1, Rev., 5.00%, 11/15/2025		1,055		1,124
Metropolitan Transportation Authority, Transportation, Series A1, Rev., 5.25%, 11/15/2039		1,000		1,033
Metropolitan Transportation Authority, Transportation Green Bonds, Series B, Rev., 5.00%, 11/15/2026		1,720		1,838
Metropolitan Transportation Authority, Transportation, Subordinated, Series E3, Rev., VRDO, LOC: Bank of America NA, 0.14%, 10/01/2020 (z)		2,500		2,500
Metropolitan Transportation Authority, Unrefunded Balance, Transportation, Series A, Rev., 5.00%, 11/15/2041 (p)		4,000		4,218
New York City Housing Development Corp., Sustainable Development Bonds, Series D2, Rev., FHA, 0.70%, 05/01/2060 (z)		1,000		999
New York City Industrial Development Agency, Yankee Stadium Project Pilot,
Rev., AGM, 4.00%, 03/01/2045 (w)		7,930		9,001
Rev., AGM, 5.00%, 03/01/2028 (w)		1,250		1,569
Rev., AGM, 5.00%, 03/01/2029 (w)		1,500		1,917
Rev., AGM, 5.00%, 03/01/2030 (w)		3,500		4,528
New York City Transitional Finance Authority Building Aid Revenue, Fiscal Year 2015, Series S1, Rev., 5.00%, 07/15/2035		585		679
New York City Transitional Finance Authority, Future Tax Secured,
Rev., 5.00%, 11/01/2028		1,000		1,306
Rev., 5.00%, 08/01/2029		5,000		6,603
Rev., 4.00%, 11/01/2035		7,000		8,334
Rev., 5.00%, 11/01/2021		750		789
Rev., 5.00%, 11/01/2026		1,375		1,726
New York City Transitional Finance Authority, Future Tax Secured, Subordinated,
Rev., 5.00%, 05/01/2031		1,000		1,340
Series A3, Rev., 4.00%, 05/01/2042		2,000		2,267
Series A3, Rev., 5.00%, 08/01/2040		1,220		1,489
Series C1, Rev., 5.00%, 05/01/2024		1,000		1,164
New York City Transitional Finance Authority Future Tax Secured, Future Tax Secured Subordinated Fiscal,
Series 1, Rev., 5.00%, 11/01/2026		2,600		3,265
Series 1, Rev., 5.00%, 11/01/2028		4,955		6,471
New York City Trust for Cultural Resources, Refunding Lincoln Center, Series A, Rev., 5.00%, 12/01/2032		500		645

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
New York City Water & Sewer System,
Series AA2, Rev., 5.00%, 06/15/2029		2,850		3,821
Series FF, Rev., 5.00%, 06/15/2041		2,000		2,577
Series GG1, Rev., 5.00%, 06/15/2030		1,000		1,365
Series GG, Rev., 5.00%, 06/15/2039		2,635		3,125
New York City Water & Sewer System, Second General Resolution,
Rev., 5.00%, 06/15/2047		14,655		16,302
Series CC1, Rev., 5.25%, 06/15/2037		2,345		2,912
New York City Water & Sewer System, Various Second General Resolution, Series BB4, Rev., VRDO, 0.12%, 10/01/2020 (z)		2,000		2,000
New York City, Water & Sewer System, Series BB1, Rev., 5.00%, 06/15/2049		500		629
New York Liberty Development Corp., World Trade Center Project, Series 1, Rev., 5.00%, 11/15/2044 (e)		1,700		1,743
New York State Dormitory Authority,
Series A, Rev., 5.00%, 03/15/2024		100		116
Series A, Rev., 5.00%, 03/15/2034		2,000		2,432
New York State Dormitory Authority, General Purpose, Series D, Rev., 5.00%, 02/15/2026		100		124
New York State Dormitory Authority, Group 2, Series A, Rev., 5.00%, 03/15/2036		2,015		2,514
New York State Dormitory Authority, Group 3, Series A, Rev., 5.00%, 03/15/2037		5,000		6,211
New York State Dormitory Authority, Montefiore Obligated Group,
Series A, Rev., 5.00%, 08/01/2025		2,035		2,373
Series A, Rev., 5.00%, 08/01/2026		750		894
New York State Dormitory Authority, Municipal Health Facilities, Rev., 4.00%, 01/15/2023		50		50
New York State Dormitory Authority, New York University, Series A, Rev., 4.00%, 07/01/2035		620		711
New York State Dormitory Authority, State University Dormitory Facilities, Series A, Rev., 5.00%, 07/01/2023 (p)		150		163
New York State Dormitory Authority, State University New York Dormitory Facilities, Series B, Rev., 5.00%, 07/01/2031		1,365		1,585
New York State Environmental Facilities Corp., Solid Waste Disposal Revenue, Casella Waste System, Inc. Project, Rev., 2.75%, 09/01/2050 (e) (z)		250		252
New York State Housing Finance Agency, Sustainability Bonds, Series P, Rev., 1.55%, 11/01/2023		300		302
New York State Thruway Authority,
Series K, Rev., 4.00%, 01/01/2021		500		505
Series K, Rev., 5.00%, 01/01/2022		105		111
Series L, Rev., 5.00%, 01/01/2024		75		85
New York State Thruway Authority, Group 2, Series N, Rev., 4.00%, 01/01/2041		4,120		4,728
New York State Thruway Authority, Transportation, Series A, Rev., 5.00%, 03/15/2024		100		105
New York State Urban Development Corp., Series A, Rev., 4.00%, 03/15/2049		1,300		1,482
New York State Urban Development Corp., Personal Income Tax,
Rev., 4.00%, 03/15/2037		2,000		2,358
Rev., 4.00%, 03/15/2041		5,000		5,794
Rev., 5.00%, 03/15/2030		500		669
Series C3, Rev., 5.00%, 03/15/2038		1,500		1,842

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia, Rev., AMT, 5.00%, 10/01/2035		8,000		8,631
Port Authority of New York & New Jersey, Consolidated,
Series 166, Rev., 5.25%, 07/15/2036		5,000		5,062
Series 197, Rev., AMT, 5.00%, 11/15/2032		3,000		3,557
Series 221, Rev., AMT, 5.00%, 07/15/2031		1,620		2,090
Series 221, Rev., AMT, 5.00%, 07/15/2032		1,500		1,921
Triborough Bridge & Tunnel Authority,
Series A, Rev., 5.00%, 11/15/2038		1,000		1,087
Series A, Rev., 5.00%, 11/15/2041		1,975		2,329
Series A, Rev., 5.00%, 11/15/2049		3,040		3,830
Triborough Bridge & Tunnel Authority, Subordinated, Series A, Rev., 5.00%, 11/15/2025		50		56
Utility Debt Securitization Authority, Restructuring, Series TE, Rev., 5.00%, 12/15/2033		3,150		3,603
				240,598
North Carolina — 1.4%
City of Charlotte, Water & Sewer System Revenue,
Rev., 5.00%, 07/01/2026		1,850		2,335
Rev., 5.00%, 07/01/2027		1,000		1,298
County of Wake, Series A, Rev., 5.00%, 08/01/2021		50		52
North Carolina Housing Finance Agency,
Series 37A, Rev., AMT, 3.50%, 07/01/2039		120		126
Series 45, Rev., GNMA/FNMA/FHLMC COLL, 1.90%, 01/01/2032 (w)		1,705		1,698
Series 45, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051 (w)		3,995		4,383
North Carolina Medical Care Commission, Presbyterian Homes Obligations,
Series A, Rev., 4.00%, 10/01/2027 (w)		710		827
Series A, Rev., 4.00%, 10/01/2040 (w)		600		655
Series A, Rev., 4.00%, 10/01/2045 (w)		1,000		1,074
North Carolina Medical Care Commission, Rex Healthcare, Series A, Rev., 5.00%, 07/01/2031		1,000		1,281
North Carolina Turnpike Authority, Senior Lien, Rev., AGM, 5.00%, 01/01/2038		2,375		2,934
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., AGM, 5.00%, 01/01/2049		1,000		1,228
Raleigh Durham Airport Authority,
Series A, Rev., AMT, 5.00%, 05/01/2032		1,200		1,500
Sanford Housing Authority, Matthews Garden Gilmore, Rev., 0.30%, 10/01/2023 (n) (w) (z)		3,750		3,749
State of North Carolina, Public Improvement, Series B, GO, 5.00%, 06/01/2026		3,500		4,406
University of North Carolina at Chapel Hill, Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 0.50%, 12/01/2041 (aa)		3,000		3,001
Western Carolina University, Series B, Rev., 5.00%, 04/01/2031		2,120		2,808
				33,355
North Dakota — 0.7%
North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Finance, Series D, Rev., 4.25%, 01/01/2049		7,000		7,758
North Dakota Housing Finance Agency, Various Housing Finance Program, Home Mortgage Finance, Rev., VRDO, 0.12%, 10/07/2020 (z)		7,850		7,850
West Fargo Public School District No. 6, Series C, GO, 4.00%, 08/01/2026		300		358
				15,966

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Ohio — 2.9%
Akron Bath Copley Joint Township Hospital District, Rev., 5.25%, 11/15/2046		1,605		1,871
Akron Bath Copley Joint Township Hospital District, Summa Health Obligations,
Rev., 4.00%, 11/15/2034 (w)		500		570
Rev., 4.00%, 11/15/2035 (w)		1,000		1,133
Rev., 4.00%, 11/15/2038 (w)		750		844
Rev., 5.00%, 11/15/2026 (w)		200		243
American Municipal Power, Inc., Series A, Rev., 5.25%, 02/15/2033 (p)		2,325		2,487
Buckeye Tobacco Settlement Financing Authority, Series B2, Rev., 5.00%, 06/01/2055		2,000		2,127
Buckeye Tobacco Settlement Financing Authority, Capital Appreciation, Series A3, Rev., 6.25%, 06/01/2037 (p)		2,160		2,375
City of Cincinnati, Water System Revenue, Series A, Rev., 5.00%, 12/01/2036 (p)		2,500		2,641
City of Cleveland, Airport System Revenue, Series A, Rev., AGM, 5.00%, 01/01/2031 (p)		1,000		1,060
City of Columbus, Series 1, GO, 5.00%, 07/01/2026		1,000		1,132
Cleveland Department of Public Utilities, Division of Water, Series FF, Rev., 5.00%, 01/01/2026		300		371
County of Allen, Hospital Facilities Revenue, Series A, Rev., 5.00%, 08/01/2027		50		64
County of Cuyahoga, Series D, Rev., 5.00%, 12/01/2026		1,500		1,899
County of Hamilton, Trihealth, Inc., Obligated Group, Rev., 5.00%, 08/15/2040		1,510		1,907
Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Rev., AMT, 2.50%, 11/01/2042 (z)		1,000		1,061
Ohio Air Quality Development Authority, American Electric Power Company, Series A, Rev., AMT, 2.10%, 01/01/2029 (z)		1,250		1,295
Ohio Higher Educational Facility Commission, Western Reserve University, Rev., (ICE LIBOR USD 1 Month + 0.42%), 0.53%, 10/01/2044 (aa)		3,000		2,997
Ohio Water Development Authority, Series A, Rev., 5.00%, 06/01/2029		500		670
State of Ohio,
Series A, GO, 5.00%, 09/15/2022		95		104
Series A, GO, 5.00%, 12/15/2022		75		83
Series A, GO, 5.00%, 02/01/2024		2,000		2,318
Series A, GO, 5.00%, 02/01/2038		3,000		3,628
State of Ohio, Cleveland Clinic Health, Rev., VRDO, 0.10%, 10/01/2020 (z)		5,875		5,875
State of Ohio, Common Shares, Series C, GO, 4.00%, 09/15/2022		5,000		5,376
State of Ohio, Higher Education, Series C, GO, 5.00%, 08/01/2028		7,000		9,301
State of Ohio, Natural Resources, Series S, GO, 5.00%, 04/01/2024 (p)		125		140
State of Ohio, Parks and Recreation Improvement, Series B, Rev., VRDO, 0.09%, 10/07/2020 (z)		5,000		5,000

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Ohio — continued
State of Ohio, Premier Health Partners,
Rev., 4.00%, 11/15/2039		1,320		1,433
Rev., 4.00%, 11/15/2041		1,450		1,565
Rev., 5.00%, 11/15/2028		680		829
Toledo City School District, School Facilities Improvement,
GO, 5.00%, 12/01/2030 (p)		1,125		1,293
Series B, GO, 5.00%, 12/01/2024 (p)		2,920		3,224
				66,916
Oregon — 0.6%
Jackson County School District No. 5 Ashland, GO, SCH BD GTY, 5.00%, 06/15/2030		1,000		1,336
Medford Hospital Facilities Authority, Asante Project, Series A, Rev., AGM, 4.00%, 08/15/2045		1,330		1,525
Multnomah County School District No. 1 Portland, GO, SCH BD GTY, 5.00%, 06/15/2028		1,750		2,302
Oregon State Facilities Authority, Providence Health and Services, Series A, Rev., 5.00%, 10/01/2022		80		87
Port of Portland Airport Revenue, Portland International Airport, Series 25B, Rev., AMT, 5.00%, 07/01/2039		1,020		1,232
Salem Hospital Facility Authority, Multi Model, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2023		100		112
State of Oregon, Series N, GO, 5.00%, 12/01/2023		1,970		2,081
State of Oregon Housing & Community Services Department, Series B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.14%, 10/07/2020 (z)		4,000		4,000
State of Oregon, Article XI Q, Series F, GO, 5.00%, 05/01/2030		100		124
				12,799
Pennsylvania — 5.1%
Allegheny County Airport Authority, Pittsburgh International Airport, Series B, Rev., 4.00%, 01/01/2030 (p)		100		105
Allegheny County, Hospital Development Authority, Health Network Obligations, Series A, Rev., 5.00%, 04/01/2023		1,000		1,104
Allegheny County, Hospital Development Authority, Pittsburg University Medical Center,
Series A, Rev., 4.00%, 07/15/2036		2,200		2,524
Series A, Rev., 5.00%, 07/15/2027		765		968
Allegheny County, Sanitary Authority,
Series B, Rev., 4.00%, 06/01/2035 (w)		400		487
Series B, Rev., 4.00%, 06/01/2036 (w)		675		817
Series B, Rev., 5.00%, 06/01/2030 (w)		500		670
Series B, Rev., 5.00%, 06/01/2032 (w)		550		735
Series B, Rev., 5.00%, 06/01/2033 (w)		600		797
Bentworth School District, Series A, GO, BAM, 4.00%, 03/15/2025		1,380		1,570
Berks County Municipal Authority (The), Tower Health Project, Series A, Rev., 5.00%, 02/01/2029		500		573
Bucks County, Industrial Development Authority, Waste Management, Inc. Project, Rev., AMT, 2.75%, 12/01/2022		100		104
City of Philadelphia,
GO, AGM, 5.00%, 08/01/2031		1,795		2,237
Series A, GO, 5.00%, 08/01/2030		4,000		4,766
City of Philadelphia, Airport Revenue, Series A, Rev., 5.00%, 06/15/2024		4,500		4,523

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Pennsylvania — continued
City of Philadelphia, Water & Wastewater Revenue, Series A, Rev., 5.00%, 11/01/2040		2,790		3,575
City of Pittsburgh,
Series B, GO, 5.00%, 09/01/2025 (p)		3,000		3,277
Series B, GO, 5.00%, 09/01/2026 (p)		1,000		1,092
Commonwealth of Pennsylvania,
Series 1, GO, 4.00%, 03/15/2034		5,000		5,603
Series 1, GO, 4.00%, 03/01/2035		3,650		4,262
Series 1, GO, 4.00%, 03/15/2035		2,000		2,237
County of Lehigh, Lehigh Valley Health Network, Rev., 4.00%, 07/01/2049		1,000		1,106
Delaware River Joint Toll Bridge Commission, Series A, Rev., 5.00%, 07/01/2025 (p)		1,020		1,105
Delaware River Port Authority,
Rev., 5.00%, 01/01/2030		2,500		2,829
Rev., 5.00%, 01/01/2037		3,000		3,335
Geisinger Authority, Geisinger Health System, Series C, Rev., 5.00%, 04/01/2043 (z)		1,630		2,121
Lycoming County Authority, Pennsylvania College Technology, Rev., 5.00%, 05/01/2026		2,000		2,119
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Rev., 4.00%, 09/01/2044		1,000		1,082
Montgomery County Industrial Development Authority, Retirement,
Rev., 5.00%, 11/15/2025 (p)		1,500		1,618
Rev., 5.00%, 11/15/2028 (p)		1,600		1,725
Pennsylvania Economic Development Financing Authority, Series A, Rev., 5.00%, 11/15/2023		1,665		1,895
Pennsylvania Economic Development Financing Authority, Philadelphia Bioslides Facility,
Rev., 4.00%, 01/01/2028		1,590		1,822
Rev., 4.00%, 01/01/2029		450		517
Rev., 4.00%, 01/01/2031		800		925
Pennsylvania Economic Development Financing Authority, Republic Services, Inc. Project, Rev., 0.28%, 06/01/2044 (z)		2,500		2,500
Pennsylvania Economic Development Financing Authority, Upmc, Series A1, Rev., 4.00%, 04/15/2045		5,440		6,110
Pennsylvania Higher Educational Facilities Authority, Temple University,
Rev., 5.00%, 04/01/2035 (p)		5,000		5,362
Rev., 5.00%, 04/01/2042 (p)		3,000		3,217
Pennsylvania Housing Finance Agency, Series 133, Rev., 3.00%, 10/01/2050		3,600		3,950
Pennsylvania Turnpike Commission,
Series A1, Rev., 5.00%, 12/01/2027		1,000		1,295
Series A1, Rev., 5.00%, 12/01/2031		250		313
Series A1, Rev., 5.00%, 12/01/2034		1,000		1,230
Series A2, Rev., 5.00%, 12/01/2024		100		119
Series A2, Rev., 5.00%, 12/01/2025		1,300		1,602
Series A, Rev., 5.00%, 12/01/2044		2,000		2,485
Series A, Rev., AGM, 5.25%, 07/15/2028		300		402
Series A, Rev., 5.25%, 12/01/2044		2,500		3,157
Series B, Rev., 5.00%, 12/01/2026 (w)		400		507
Series B, Rev., 5.00%, 12/01/2027 (w)		900		1,165
Series B, Rev., 5.00%, 12/01/2028 (w)		700		921

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Pennsylvania — continued
Pennsylvania Turnpike Commission, Motor License, Rev., 5.00%, 12/01/2040		1,000		1,202
Pennsylvania Turnpike Commission, Senior Lien, Series A, Rev., 5.00%, 12/01/2042 (p)		2,000		2,208
Philadelphia Authority for Industrial Development, Thomas Jefferson University, Series A, Rev., 5.00%, 09/01/2047		1,000		1,131
Pittsburgh Water & Sewer Authority, Subordinated, Series B, Rev., AGM, 5.00%, 09/01/2031		1,750		2,383
Sports & Exhibition Authority of Pittsburgh and Allegheny County,
Rev., AGM, 5.00%, 02/01/2027		2,250		2,819
Rev., AGM, 5.00%, 02/01/2028		2,590		3,311
St. Mary Hospital Authority, Catholic Health, Series A, Rev., 5.00%, 11/15/2040 (p)		1,115		1,121
State Public School Building Authority, Philadelphia Community College Project, Rev., 5.00%, 06/15/2022		250		267
State Public School Building Authority, School District of Philadelphia, Rev., 5.00%, 04/01/2030 (p)		3,000		3,215
University of Pittsburgh-of the Commonwealth System of Higher Education, Rev., (SIFMA Municipal Swap Index + 0.24%), 0.36%, 09/15/2021 (aa)		3,000		3,000
				119,217
Puerto Rico — 0.1%
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured,
Series A1, Rev., 4.55%, 07/01/2040		610		631
Series A2, Rev., 4.33%, 07/01/2040		2,245		2,288
				2,919
Rhode Island — 0.1%
Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity,
Series 73A, Rev., 0.95%, 04/01/2026 (w)		500		499
Series 73A, Rev., 1.10%, 04/01/2027 (w)		300		299
Series 73A, Rev., 1.65%, 10/01/2029 (w)		715		713
Series 73A, Rev., 3.00%, 10/01/2050 (w)		1,500		1,646
				3,157
South Carolina — 1.0%
City of Rock Hill, Combined Utility System, Rev., 5.00%, 01/01/2027		250		301
Patriots Energy Group Financing Agency, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 10/01/2048 (z)		40		44
South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Series S, Rev., 5.00%, 12/01/2048 (z)		1,000		1,194
South Carolina Jobs-Economic Development Authority, McLeod Health Projects, Rev., 5.00%, 11/01/2048		1,000		1,185
South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Series A, Rev., 5.00%, 05/01/2030		1,500		1,838
South Carolina Public Service Authority,
Series A, Rev., 5.00%, 12/01/2024		500		589
Series C, Rev., 5.00%, 12/01/2021		500		526
South Carolina Public Service Authority, Santee Cooper, Series A, Rev., 5.75%, 12/01/2043 (p)		4,445		5,215
South Carolina State Housing Finance & Development Authority, Series B, Rev., 3.25%, 01/01/2052 (w)		8,140		9,032
South Carolina Transportation Infrastructure Bank, Series 2003B, Rev., (ICE LIBOR USD 1 Month + 0.45%), 0.55%, 10/01/2031 (aa)		4,000		3,980
				23,904

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Tennessee — 1.8%
Blount County, Public Building Authority, Public Building Authority, Series D3A, Rev., VRDO, 0.11%, 10/01/2020 (z)		12,000		12,000
Chattanooga Health Educational & Housing Facility Board, Commonspirit Health, Series A1, Rev., 5.00%, 08/01/2028		305		383
City of Memphis, Gas System Revenue, Rev., 4.00%, 12/01/2045		2,175		2,586
City of Memphis, Sanitary Sewerage System Revenue,
Series B, Rev., 5.00%, 10/01/2022 (w)		1,430		1,566
Series B, Rev., 5.00%, 10/01/2023 (w)		1,000		1,142
Series B, Rev., 5.00%, 10/01/2027 (w)		1,000		1,296
County of Coffee, GO, 5.00%, 06/01/2026		250		311
Memphis-Shelby County Airport Authority,
Rev., AMT, 5.00%, 07/01/2032		270		330
Rev., AMT, 5.00%, 07/01/2043		2,055		2,430
Metropolitan Nashville Airport Authority, Subordinated, Series A, Rev., 5.00%, 07/01/2054		1,000		1,199
Shelby County Health Educational & Housing Facilities Board, Methodist Le Bonheur, Rev., AGM, VRDO, 0.10%, 10/01/2020 (z)		12,000		12,000
Tennessee Energy Acquisition Corp., Rev., 4.00%, 11/01/2049 (z)		1,000		1,140
Tennessee Energy Acquisition Corp., Junior, Series B, Rev., 5.63%, 09/01/2026		1,410		1,719
Tennessee Housing Development Agency, Residential Finance Program Bonds, Rev., 4.00%, 01/01/2048		3,000		3,388
				41,490
Texas — 11.9%
Abilene Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2024 (p)		2,800		3,119
Argyle Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2027 (w)		1,000		1,292
Austin Independent School District, GO, PSF-GTD, 5.00%, 08/01/2028		3,000		3,957
Balmorhea Independent School District, Series A, GO, PSF-GTD, 4.00%, 02/15/2050 (w)		2,500		2,712
Barbers Hill Independent School District, GO, PSF-GTD, 5.00%, 02/15/2029		4,370		5,812
Bexar County Hospital District, Certificates Obligation, GO, 5.00%, 02/15/2031		1,000		1,305
Board of Regents of the University of Texas System,
Series A, Rev., 5.00%, 08/15/2030		2,000		2,748
Series E, Rev., 5.00%, 08/15/2027		1,000		1,294
Board of Regents of the University of Texas System, Green Bond, Series B, Rev., 2.50%, 08/15/2036 (z)		5,000		5,064
Boerne Public Facilities Corp., Liv At Boerne Senior Apartments, Rev., 2.75%, 11/01/2022 (z)		100		103
Brazosport Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2022 (w)		6,000		6,399
GO, PSF-GTD, 5.00%, 02/15/2023 (w)		2,000		2,224
GO, PSF-GTD, 5.00%, 02/15/2027 (w)		2,500		3,188

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
GO, PSF-GTD, 5.00%, 02/15/2028 (w)		5,000		6,528
GO, PSF-GTD, 5.00%, 02/15/2029		3,000		3,999
GO, PSF-GTD, 5.00%, 02/15/2030 (w)		3,000		3,948
Bryan Independent School District, GO, PSF-GTD, 5.00%, 02/15/2021		1,095		1,115
Central Texas Regional Mobility Authority, Senior Lien,
Series B, Rev., 4.00%, 01/01/2039		600		686
Series B, Rev., 4.00%, 01/01/2040		500		569
Series B, Rev., 5.00%, 01/01/2024		230		263
Series B, Rev., 5.00%, 01/01/2045 (z)		6,750		7,368
Central Texas Turnpike System, First Tier, Series A, Rev., 5.00%, 08/15/2041 (p)		6,220		6,781
City Austin, Certificates Obligation,
GO, 5.00%, 09/01/2032 (w)		1,750		2,388
GO, 5.00%, 09/01/2033 (w)		1,100		1,492
GO, 5.00%, 09/01/2034 (w)		1,750		2,366
City of Austin, GO, 5.00%, 11/01/2021 (w)		1,520		1,599
City of Austin, Airport System Revenue,
Rev., AMT, 5.00%, 11/15/2025		3,000		3,603
Series B, Rev., AMT, 5.00%, 11/15/2030		1,000		1,274
City of Austin, Electric Utility Revenue, Series B, Rev., 5.00%, 11/15/2044		2,000		2,565
City of Austin, Refunding & Public Improvement, GO, 5.00%, 09/01/2033 (w)		620		841
City of Dallas, Waterworks & Sewer System Revenue,
Series C, Rev., 4.00%, 10/01/2039		7,470		9,110
Series C, Rev., 4.00%, 10/01/2040		1,000		1,216
Series C, Rev., 5.00%, 10/01/2029		1,125		1,521
City of Houston Airport System Revenue, Subordinated Lien,
Series A, Rev., AMT, 4.00%, 07/01/2040 (w)		3,570		3,992
Series A, Rev., AMT, 5.00%, 07/01/2024 (w)		1,000		1,154
Series A, Rev., AMT, 5.00%, 07/01/2028 (w)		1,000		1,263
Series A, Rev., AMT, 5.00%, 07/01/2034 (w)		1,000		1,254
Series B, Rev., 5.00%, 07/01/2027		1,995		2,524
City of Houston, Airport System Revenue, Series C, Rev., AMT, 5.00%, 07/01/2028		155		196
City of Houston, Airport System Revenue, Special Facilities, United Airlines, Inc., Rev., AMT, 5.00%, 07/15/2028		500		516
City of Houston, Airport System Revenue, Subordinated Lien,
Series A, Rev., AMT, 5.00%, 07/01/2028		890		1,126
Series B, Rev., 5.00%, 07/01/2026 (w)		1,000		1,237
Series B, Rev., 5.00%, 07/01/2030 (w)		1,000		1,320
City of Houston, Combined Utility System Revenue, Capital Appreciation, Junior, Series A, Rev., AGM, Zero Coupon, 12/01/2020 (p)		1,000		1,000
City of Houston, Combined Utility System Revenue, First Lien, Series C, Rev., 5.00%, 11/15/2029		2,850		3,867
City of San Antonio, Electric & Gas Systems Revenue, Rev., 4.00%, 02/01/2027		3,000		3,638
City of San Antonio, Electric & Gas Systems Revenue, Junior Lien, Rev., 5.00%, 02/01/2043		4,350		4,775

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
Clifton Higher Education Finance Corp., Idea Public Schools, Rev., PSF-GTD, 5.00%, 08/15/2026		1,840		2,305
Collin County, Community College District, GO, 4.00%, 08/15/2021		85		88
County of Bexar, GO, 5.00%, 06/15/2031		1,500		1,852
County of El Paso, Series A, GO, 5.00%, 02/15/2027		1,430		1,761
County of Harris,
Series A, GO, 5.00%, 10/01/2024 (w)		3,500		4,155
Series A, GO, 5.00%, 10/01/2026 (w)		2,390		3,017
Series A, GO, 5.00%, 10/01/2029 (w)		1,150		1,551
County of Harris, Road Bonds, Series A, GO, 5.00%, 10/01/2022		1,185		1,300
County of Harris, Cultural Education Facilities Finance Corp., Teco Project, Rev., 5.00%, 11/15/2022		1,000		1,099
County of Harris, Flood Control District,
Series A, GO, 4.00%, 10/01/2036		2,800		3,381
Series A, GO, 5.00%, 10/01/2027		1,275		1,655
Series A, GO, 5.00%, 10/01/2028		1,500		1,991
Series A, GO, 5.00%, 10/01/2029		2,500		3,388
County of Harris, Refunding Road, Series A, GO, 5.00%, 10/01/2029		1,090		1,328
County of Williamson, Road, GO, 5.00%, 02/15/2021		65		66
Cypress-Fairbanks Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2021		650		662
Dallas Area Rapid Transit, Series A, Rev., 5.00%, 12/01/2046		5,000		5,968
Dallas Fort Worth International Airport, Series B, Rev., 4.00%, 11/01/2034		2,395		2,841
Dallas Fort Worth International Airport, Joint Improvement, Series D, Rev., AMT, 5.00%, 11/01/2042 (p)		4,465		4,691
Dallas Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2034		1,000		1,164
Dallas/Fort Worth, International Airport, Series C, Rev., AMT, 5.13%, 11/01/2043		350		375
Denton Independent School District, GO, PSF-GTD, 5.00%, 08/15/2027		1,000		1,293
Fort Bend Independent School District, Series B, GO, PSF-GTD, 0.88%, 08/01/2050 (z)		1,000		1,008
Goose Creek Consolidated Independent School District, GO, PSF-GTD, 5.00%, 02/15/2022		1,000		1,066
Grand Parkway Transportation Corp., Subordinated Tier Toll, Series B, Rev., 5.00%, 04/01/2053 (p)		100		114
Harlandale Independent School District, GO, PSF-GTD, 0.75%, 08/15/2045 (z)		465		465
Harlingen Consolidated Independent School District,
GO, PSF-GTD, 5.00%, 08/15/2024		80		94
GO, PSF-GTD, 5.00%, 08/15/2026		105		132
Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann, Rev., 5.00%, 06/01/2032 (z)		1,000		1,179
Harris County, Metropolitan Transit Authority, Sales & Use Tax Revenue, Series A, Rev., 5.00%, 11/01/2021		100		105
Harris County, Toll Road Authority, Senior Lien, Series A, Rev., 5.00%, 08/15/2024		100		118
Houston Independent School District, GO, PSF-GTD, 5.00%, 02/15/2021		4,500		4,581
Houston Independent School District, Maintenance Tax Notes,
GO, 5.00%, 07/15/2021		1,500		1,557
GO, 5.00%, 07/15/2022		80		87

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
Houston Independent School District, Schoolhouse, Series B, GO, PSF-GTD, 2.40%, 06/01/2036 (z)		1,500		1,521
Katy Independent School District, Series B, GO, PSF-GTD, 5.00%, 02/15/2036		2,475		3,002
Lewisville Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2024		1,000		1,182
Lewisville Independent School District, School Building, Series E, GO, PSF-GTD, 5.00%, 08/15/2029		4,000		4,360
Longview Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023		575		640
Lower Colorado River Authority, Lcra Transmission Services, Series A, Rev., 5.00%, 05/15/2022		1,000		1,077
Lower Colorado, River Authority, Transmission Services Contract, Rev., 5.00%, 05/15/2029		100		132
Matagorda County Navigation District No. 1, Central Power and Light Co., Rev., AMT, 0.90%, 05/01/2030 (z)		4,945		4,925
Metropolitan Transit Authority of Harris County, Sales & Use Tax Revenue, Series A, Rev., 5.00%, 11/01/2036 (p)		1,560		1,641
Midlothian Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023		1,410		1,568
Mission Economic Development Corp., Waste Management, Series B, Rev., AMT, 0.40%, 07/01/2040 (z)		5,100		5,100
New Hope Cultural Education Facilities Finance Corp., Childrens Health System, Series A, Rev., 5.00%, 08/15/2047		1,000		1,191
North Texas Tollway Authority, Series A, Rev., 5.00%, 01/01/2028		1,750		2,119
North Texas Tollway Authority, Capital Appreciation, First Tier, Rev., AGC, Zero Coupon, 01/01/2030		1,500		1,290
North Texas Tollway Authority, First Tier, Series A, Rev., 5.00%, 01/01/2025		390		429
North Texas Tollway Authority, Second Tier, Series B, Rev., 5.00%, 01/01/2033		1,000		1,203
Northside Independent School District, GO, PSF-GTD, 0.70%, 06/01/2050 (w) (z)		16,850		16,829
Pasadena Independent School District, School Building,
GO, PSF-GTD, 5.00%, 02/15/2038		7,500		8,290
Series A, GO, PSF-GTD, 5.00%, 02/15/2035 (p)		1,000		1,066
Plano Independent School District, Series A, GO, PSF-GTD, 4.00%, 02/15/2023		100		105
Round Rock Independent School District,
Series A, GO, PSF-GTD, 5.00%, 08/01/2021		1,700		1,769
Series A, GO, PSF-GTD, 5.00%, 08/01/2031		2,000		2,650
San Antonio Housing Trust Finance Corp., Alsbury Park Apartments, Rev., FHA, 1.38%, 09/01/2022 (z)		10		10
Schertz-Cibolo-Universal City Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2022		1,000		1,089
Spring Branch Independent School District, GO, PSF-GTD, 5.00%, 02/01/2023		65		72
State of Texas, Transportation Commission Highway Improvement, GO, 5.00%, 04/01/2022		3,000		3,218
State of Texas, Transportation Commission Mobility Fund, Series A, GO, 5.00%, 10/01/2044 (p)		1,470		1,750
State of Texas, Water Financial Assistance, GO, 5.00%, 08/01/2024		125		148
Texas Municipal Gas Acquisition & Supply Corp. III,
Rev., 5.00%, 12/15/2027		1,000		1,081
Rev., 5.00%, 12/15/2032		1,000		1,068

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
Texas Private Activity Bond Surface Transportation Corp., Rev., AMT, 5.00%, 06/30/2058		3,000		3,438
Texas Private Activity Bond Surface Transportation Corp., Lbj Infrastructure Group,
Rev., 4.00%, 12/31/2030		3,970		4,719
Rev., 4.00%, 06/30/2033		1,000		1,151
Texas Transportation Commission State Highway Fund, First Tier,
Rev., 5.00%, 10/01/2022		2,065		2,264
Series A, Rev., 5.00%, 04/01/2022		1,000		1,072
Texas Water Development Board, Master Trust,
Rev., 4.00%, 10/15/2033 (w)		1,000		1,245
Rev., 5.00%, 10/15/2026 (w)		2,000		2,535
Texas Water Development Board, Revolving Fund,
Rev., 4.00%, 08/01/2038		500		609
Rev., 5.00%, 08/01/2024		250		295
Rev., 5.00%, 08/01/2028		125		165
Series A, Rev., 5.00%, 10/15/2028		100		131
Texas Water Development Board, State Water Implementation Fund, Series A, Rev., 5.00%, 04/15/2026		100		125
Texas Water Development Board, Water Implementation Fund, Series A, Rev., 4.00%, 10/15/2049		1,000		1,175
Trinity River Authority Central Regional Wastewater System Revenue, Rev., 5.00%, 08/01/2029 (w)		1,500		2,011
University of Houston, Series A, Rev., 5.00%, 02/15/2026		2,050		2,525
University of Texas, Series C, Rev., 5.00%, 08/15/2028		100		132
Upper Trinity Regional Water District, Rev., 4.00%, 08/01/2024		900		1,020
Waco Educational Finance Corp., Baylor University Issue, Series A, Rev., 4.00%, 03/01/2036		750		884
				278,769
Utah — 0.6%
County of Utah, Ihc Health Services, Inc., Series B, Rev., 5.00%, 05/15/2060 (z)		2,000		2,498
State of Utah,
GO, 5.00%, 07/01/2024		100		118
GO, 5.00%, 07/01/2026		3,005		3,794
GO, 5.00%, 07/01/2030		4,500		5,981
Series B, GO, 5.00%, 07/01/2029		100		134
University of Utah (The), Series A, Rev., 5.00%, 08/01/2039		1,505		1,847
				14,372
Vermont — 0.0% (g)
Vermont Housing Finance Agency, Series A, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 11/01/2049		400		456
Vermont Municipal Bond Bank, Vermont State Colleges System, Series A, Rev., 4.00%, 10/01/2034		250		302
				758
Virginia — 1.4%
Chesapeake Hospital Authority, Chesapeake Regional Medical Center, Rev., 5.00%, 07/01/2030		300		382
Chesapeake Hospital Authority, Regional Medical Center, Rev., 5.00%, 07/01/2028		550		699
County of Fairfax,
Series A, GO, 5.00%, 10/01/2029		2,500		3,422
Series A, GO, 5.00%, 10/01/2031		2,500		3,402

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Virginia — continued
County of Fairfax, Public Improvement, Series A, GO, 5.00%, 10/01/2031		945		1,188
Hampton Roads Transportation Accountability Commission, Senior Lien, Series A, Rev., 5.00%, 07/01/2038		1,000		1,243
Louisa Industrial Development Authority, Virginia Electric And Power Co. Project, Series B, Rev., 0.75%, 11/01/2035 (z)		2,125		2,124
Norfolk Airport Authority, Rev., 5.00%, 07/01/2038		1,000		1,199
Virginia College Building Authority, Series A, Rev., 5.00%, 02/01/2023		1,505		1,675
Virginia College Building Authority, 21st Century Century College And Equipment,
Rev., 5.00%, 02/01/2026		40		50
Rev., 5.00%, 02/01/2033		3,750		5,009
Virginia Public Building Authority, Series A, Rev., 5.00%, 08/01/2021		1,175		1,222
Virginia Resources Authority, Revolving Fund, Series A, Rev., 5.00%, 08/01/2023		700		728
Virginia Small Business Financing Authority, 95 Express Lanes LLC Project, Rev., AMT, 5.00%, 01/01/2044		1,500		1,545
Virginia Small Business Financing Authority, Senior Lien, Express Lanes LLC Project, Rev., AMT, 5.00%, 01/01/2040		1,450		1,496
Virginia Small Business Financing Authority, Transform 66 P3 Project,
Rev., AMT, 5.00%, 12/31/2049		1,500		1,680
Rev., AMT, 5.00%, 12/31/2056		1,000		1,119
Wise County Industrial Development Authority, Electric and Power Company Project, Series A, Rev., 0.75%, 10/01/2040 (z)		5,075		5,067
Wise County Industrial Development Authority, Virginia Electric & Power Company Project, Series A, Rev., 1.20%, 11/01/2040 (z)		15		15
				33,265
Washington — 3.3%
City of Seattle, Municipal Light & Power Revenue, Rev., 4.00%, 09/01/2040		1,000		1,099
County of King, Sewer Revenue, Rev., AGM, 5.00%, 01/01/2047		5,000		5,752
County of King, Sewer Revenue, 2017 Refunding, Series B, Rev., 5.00%, 01/01/2034 (p)		1,050		1,063
Energy Northwest Washington, Project 3 Electric Revenue, Series C, Rev., 5.00%, 07/01/2027		100		129
Energy Northwest, Columbia Generating, Series A, Rev., 5.00%, 07/01/2022		1,125		1,165
Grant County, Public Utility District No. 2, Electric Revenue,
Series 2017-O, Rev., 5.00%, 01/01/2047		4,950		6,060
Series R, Rev., 2.00%, 01/01/2044 (z)		1,500		1,585
King County Housing Authority, Rev., 5.00%, 11/01/2029		1,325		1,724
King County, School District No. 401 Highline, GO, SCH BD GTY, 5.00%, 12/01/2027		1,520		1,921
Port of Seattle, Series C, Rev., AMT, 5.00%, 04/01/2028		500		570
Port of Seattle, Intermediate Lien,
Rev., AMT, 5.00%, 04/01/2028		2,250		2,816
Rev., AMT, 5.00%, 04/01/2030		1,000		1,251

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Washington — continued
Snohomish County School District No. 201 Snohomish, GO, SCH BD GTY, 5.00%, 12/01/2028		4,500		5,966
State of Washington,
Series 2020A, GO, 5.00%, 08/01/2038		1,500		1,936
Series A1, GO, 5.00%, 08/01/2040		13,645		16,273
Series A, GO, 5.00%, 08/01/2022		85		92
Series B, GO, 5.00%, 07/01/2025		75		92
Series E, GO, 5.00%, 02/01/2023		1,250		1,390
Series RC, GO, 5.00%, 08/01/2029		100		128
Series R-2017A, GO, 5.00%, 08/01/2022		800		871
Series R-2017A, GO, 5.00%, 08/01/2034		1,840		2,280
Series R-2020B, GO, 5.00%, 01/01/2026		2,500		3,104
State of Washington, Motor Vehicle, Series R-2012D, GO, 5.00%, 07/01/2023		1,000		1,084
State of Washington, Various Purpose,
Series 2015-A1, GO, 5.00%, 08/01/2025		1,000		1,181
Series A, GO, 5.00%, 08/01/2024 (p)		4,750		4,942
Series B, GO, 5.25%, 02/01/2036 (p)		2,500		2,542
Thurston County School District No. 111 Olympia, GO, SCH BD GTY, 5.00%, 12/01/2026 (w)		1,275		1,625
Washington Health Care Facilities Authority, Fred Hutchinson Cancer, Series C, Rev., (SIFMA Municipal Swap Index + 1.05%), 1.17%, 01/01/2042 (aa)		3,000		3,029
Washington Health Care Facilities Authority, Providence Health & Services, Series B, Rev., 5.00%, 10/01/2042 (z)		345		361
Washington State Housing Finance Commission, College Glen Apartments Project, Series A, Rev., FHA, 1.55%, 07/01/2022 (z)		1,000		1,015
Washington State Housing Finance Commission, Downtowner Apartments Project, Rev., LIQ: FHLMC, 3.70%, 07/01/2030		2,000		2,292
Washington State Housing Finance Commission, Rockwood Retirement Communities, Rev., 3.00%, 07/01/2027 (w)		1,000		1,000
				76,338
West Virginia — 0.2%
Marshall University, Series A, Rev., AGM, 5.00%, 05/01/2030		300		391
Monongalia County Commission Special District, Refunding and Improvement, University Town Center, Series A, Rev., 5.50%, 06/01/2037 (e)		1,050		1,081
West Virginia Economic Development Authority, Appalachian Power Company Amos Project, Rev., AMT, 1.00%, 01/01/2041 (z)		615		612
West Virginia University, Series A, Rev., 5.00%, 10/01/2029 (p)		1,500		1,644
				3,728
Wisconsin — 1.5%
City of Milwaukee, Corporate Purpose Bonds, Series B4, GO, 5.00%, 04/01/2030		1,800		2,219
City of Milwaukee, Sewerage System Revenue, Series S7, Rev., 5.00%, 06/01/2026		2,665		3,331
County of Milwaukee, Airport Revenue, Series A, Rev., 5.00%, 12/01/2028		250		319
Public Finance Authority, Point College Prep Project,
Rev., 4.00%, 06/15/2030 (e)		200		200
Rev., 5.00%, 06/15/2041 (e)		250		254

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Wisconsin — continued
Public Finance Authority, Renown Regional Medical Center Project,
Rev., 5.00%, 06/01/2026 (w)		275		337
Rev., 5.00%, 06/01/2027 (w)		425		530
Rev., 5.00%, 06/01/2028 (w)		600		762
Rev., 5.00%, 06/01/2034 (w)		1,000		1,265
State of Wisconsin,
Series 1, GO, 5.00%, 05/01/2027 (w)		2,400		3,030
Series 1, GO, 5.00%, 05/01/2030 (w)		2,500		3,359
Series A, GO, 5.00%, 05/01/2021		4,010		4,123
Wisconsin Department of Transportation, Series 1, Rev., 5.00%, 07/01/2024 (p)		1,940		2,103
Wisconsin Health & Educational Facilities Authority Revenue, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2027		500		644
Wisconsin Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Series B1, Rev., 5.00%, 02/15/2052 (z)		2,000		2,298
Wisconsin Health & Educational Facilities Authority, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2036		1,500		1,787
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System, Rev., 5.00%, 02/15/2051 (z)		2,600		3,140
Wisconsin Housing & Economic Development Authority, Series D, Rev., 4.00%, 03/01/2047		4,000		4,423
				34,124
Total Municipal Bonds (Cost $2,173,990)				2,170,192
Short-Term Investments — 24.3%
Municipal Bonds — 1.9% (t)
City & County of San Francisco, Series B, GO, 2.00%, 06/15/2021		5,000		5,064
City of Austin, GO, 5.00%, 05/01/2021 (w)		1,650		1,696
City of Philadelphia, Series A, Rev., TRAN, 4.00%, 06/30/2021		680		699
City of San Antonio, Certificates Obligation, GO, 5.00%, 08/01/2021		1,620		1,685
City of San Antonio, Tax Notes, GO, 5.00%, 08/01/2021		2,245		2,335
City of Wichita, Temporary Notes, Series 302, GO, 3.50%, 10/15/2021 (w)		2,000		2,066
Commonwealth of Pennsylvania, Series 1, GO, 3.00%, 05/01/2021		3,000		3,048
Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax, Rev., 5.00%, 08/01/2021		440		457
County of Los Angeles, Series A, Rev., TRAN, 4.00%, 06/30/2021		5,000		5,142
Indianapolis Local Public Improvement Bond Bank, Fieldhouse Project, Series C, Rev., 1.40%, 06/01/2021		500		500
McKinney Independent School District, School Building, GO, 5.00%, 02/15/2021		10		10
Michigan State University, Series A, Rev., 5.00%, 08/15/2021 (w)		720		750
New York State Dormitory Authority, Series B, Rev., RAN, 5.00%, 03/31/2021		100		102
School District of Philadelphia, Series A, Rev., TRAN, 4.00%, 06/30/2021		3,500		3,598
State of Texas, Rev., TRAN, 4.00%, 08/26/2021		16,000		16,548
Total Municipal Bonds				43,700

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Short-Term Investments — continued
Time Deposits — 22.4%
Australia & New Zealand Banking Group Ltd., 0.01%, 10/01/2020		95,445		95,445
Barclays SA, 0.01%, 10/01/2020		195,297		195,297
BNP Paribas SA, 0.01%, 10/01/2020		70,275		70,275
Citibank NA, 0.01%, 10/01/2020		72,678		72,678
Skandinaviska Enskilda Banken AB, 0.01%, 10/01/2020		89,749		89,749
Total Time Deposits				523,444
Total Short-Term Investments (Cost $567,140)				567,144
Total Investments — 117.0% (Cost - $2,741,130)*				2,737,336
Liabilities in Excess of Other Assets — (17.0)%				(396,954	)
NET ASSETS — 100.0%			$	2,340,382

Percentages indicated are based on net assets.

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of September 30, 2020:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL AMOUNT ($)	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 5 Year Note	63	12/2020	USD	7,934		6
U.S. Treasury 10 Year Note	72	12/2020	USD	10,041		5
Total unrealized appreciation (depreciation)						11

Six Circles Tax Aware Bond Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMT	—	Alternative Minimum Tax
BAN	—	Bond Anticipation Note
BAM	—	Insured by Build America Mutual
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
COLL	—	Collateral
COP	—	Certificate of Participation
CR	—	Custodial Receipts
FHA	—	Insured by Federal Housing Administration
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GAN	—	Grant Anticipation Notes
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
ICE	—	Intercontinental Exchange
LIBOR	—	London Interbank Offered Rate
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
RAN	—	Revenue Anticipation Note
RE	—	Reinsured
Rev.	—	Revenue
SCH BD GTY	—	School Bond Guaranty
SIFMA	—	Securities Industry and Financial Markets Association
Q-SBLF	—	Qualified School Bond Loan Fund
TRAN	—	Tax & Revenue Anticipation Note
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of September 30, 2020.
(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%.
(n)	—	The rate shown is the effective yield as of September 30, 2020.
(p)	—	Security is prerefunded or escrowed to maturity.
(t)	—	The date shown represents the earliest of the next put date or final maturity date.
(w)	—	All or a portion of the security is a when-issued security, delayed delivery security or forward commitment.

Six Circles Tax Aware Bond Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (continued)

(z)	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2020.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2020.
*	—	The cost of securities is substantially the same for federal income tax purposes.
USD	—	United States Dollar

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Convertible Bond — 0.1%
Communications — 0.1%
Media — 0.1%
Liberty Broadband Corp., 2.75%, 09/30/2050 (e) (Cost $16)		16		17
Corporate Bonds — 97.2%
Basic Materials — 2.6%
Chemicals — 0.6%
Element Solutions, Inc., 3.88%, 09/01/2028 (e)		50		49
Hexion, Inc., 7.88%, 07/15/2027 (e)		25		25
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 (e)		25		27
PQ Corp., 5.75%, 12/15/2025 (e)		50		51
				152
Forest Products & Paper — 0.1%
Clearwater Paper Corp., 4.75%, 08/15/2028 (e)		25		25
Iron/Steel — 0.2%
Big River Steel LLC / BRS Finance Corp., 6.63%, 01/31/2029 (e)		18		18
United States Steel Corp., 12.00%, 06/01/2025 (e)		20		22
				40
Mining — 1.7%
Coeur Mining, Inc., 5.88%, 06/01/2024		25		25
Freeport-McMoRan, Inc.,
4.25%, 03/01/2030		50		51
4.63%, 08/01/2030		42		44
5.45%, 03/15/2043		60		67
New Gold, Inc., (Canada), 6.38%, 05/15/2025 (e)		50		51
Novelis Corp., 4.75%, 01/30/2030 (e)		171		168
				406
Total Basic Materials				623
Communications — 16.3%
Advertising — 0.3%
Lamar Media Corp., 4.88%, 01/15/2029 (e)		25		26
Terrier Media Buyer, Inc., 8.88%, 12/15/2027 (e)		50		50
				76
Internet — 0.4%
Match Group Holdings II LLC, 4.63%, 06/01/2028 (e)		26		27
Uber Technologies, Inc.,
6.25%, 01/15/2028 (e)		5		5
7.50%, 05/15/2025 (e)		57		61
				93
Media — 9.7%
AMC Networks, Inc., 4.75%, 12/15/2022		50		50

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Media — continued
CCO Holdings LLC / CCO Holdings Capital Corp.,
4.50%, 08/15/2030 (e)		275		289
4.50%, 05/01/2032 (e)		75		78
5.75%, 02/15/2026 (e)		100		104
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/2027 (e)		116		111
CSC Holdings LLC,
4.63%, 12/01/2030 (e)		200		201
7.50%, 04/01/2028 (e)		200		221
Diamond Sports Group LLC / Diamond Sports Finance Co., 5.38%, 08/15/2026 (e)		100		71
DISH DBS Corp.,
5.88%, 07/15/2022		42		44
5.88%, 11/15/2024		75		77
7.38%, 07/01/2028 (e)		50		51
7.75%, 07/01/2026		19		21
Entercom Media Corp., 6.50%, 05/01/2027 (e)		25		22
Gray Television, Inc., 7.00%, 05/15/2027 (e)		25		27
iHeartCommunications, Inc.,
4.75%, 01/15/2028 (e)		25		24
8.38%, 05/01/2027		50		49
Nexstar Broadcasting, Inc., 5.63%, 07/15/2027 (e)		50		53
Radiate Holdco LLC / Radiate Finance, Inc.,
4.50%, 09/15/2026 (e)		16		16
6.50%, 09/15/2028 (e)		22		23
Scripps Escrow, Inc., 5.88%, 07/15/2027 (e)		25		24
Sinclair Television Group, Inc.,
5.13%, 02/15/2027 (e)		25		24
5.88%, 03/15/2026 (e)		50		49
Sirius XM Radio, Inc.,
4.13%, 07/01/2030 (e)		117		119
5.38%, 07/15/2026 (e)		75		78
TEGNA, Inc., 5.00%, 09/15/2029 (e)		50		49
Univision Communications, Inc., 6.63%, 06/01/2027 (e)		88		86
Virgin Media Finance plc, (United Kingdom), 5.00%, 07/15/2030 (e)		200		199
Ziggo BV, (Netherlands), 5.50%, 01/15/2027 (e)		150		157
				2,317
Telecommunications — 5.9%
Avaya, Inc., 6.13%, 09/15/2028 (e)		14		14
CenturyLink, Inc.,
4.00%, 02/15/2027 (e)		20		20
5.13%, 12/15/2026 (e)		60		61
Series W, 6.75%, 12/01/2023		225		247
Series U, 7.65%, 03/15/2042		15		17
CommScope, Inc.,
6.00%, 03/01/2026 (e)		25		26
7.13%, 07/01/2028 (e)		58		60
8.25%, 03/01/2027 (e)		50		52
Consolidated Communications, Inc., 6.50%, 10/01/2028 (e)		4		4
Level 3 Financing, Inc.,
3.63%, 01/15/2029 (e)		90		89
4.63%, 09/15/2027 (e)		25		25

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Telecommunications — continued
Sprint Capital Corp.,
6.88%, 11/15/2028		18		23
8.75%, 03/15/2032		29		42
Sprint Communications, Inc., 6.00%, 11/15/2022		100		108
Sprint Corp., 7.88%, 09/15/2023		200		230
Switch Ltd., 3.75%, 09/15/2028 (e)		8		8
Telecom Italia Capital SA, (Luxembourg), 6.00%, 09/30/2034		29		34
T-Mobile USA, Inc., 6.50%, 01/15/2026		75		78
ViaSat, Inc., 6.50%, 07/15/2028 (e)		67		67
Zayo Group Holdings, Inc., 4.00%, 03/01/2027 (e)		203		200
				1,405
Total Communications				3,891
Consumer Cyclical — 17.9%
Airlines — 0.2%
Delta Air Lines, Inc. / SkyMiles IP Ltd., (Multinational),
4.50%, 10/20/2025 (e)		5		5
4.75%, 10/20/2028 (e)		13		14
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (e)		35		36
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., (Cayman Islands), 8.00%, 09/20/2025 (e)		2		2
				57
Apparel — 0.2%
William Carter Co. (The), 5.50%, 05/15/2025 (e)		25		26
Wolverine World Wide, Inc., 5.00%, 09/01/2026 (e)		25		25
				51
Auto Manufacturers — 2.3%
Allison Transmission, Inc., 5.88%, 06/01/2029 (e)		50		54
Ford Motor Co., 9.00%, 04/22/2025		175		201
Ford Motor Credit Co. LLC, 5.13%, 06/16/2025		200		206
General Motors Co., 6.80%, 10/01/2027		36		44
General Motors Financial Co., Inc., (CMT Index 5 Year + 5.00%), 5.70%, 09/30/2030 (x) (aa)		5		5
Navistar International Corp., 6.63%, 11/01/2025 (e)		50		51
				561
Auto Parts & Equipment — 1.6%
Adient US LLC, 9.00%, 04/15/2025 (e)		75		83
American Axle & Manufacturing, Inc., 6.25%, 04/01/2025		50		49
Clarios Global LP / Clarios US Finance Co., (Multinational), 8.50%, 05/15/2027 (e)		116		120
Clarios Global LP, (Canada), 6.75%, 05/15/2025 (e)		29		30
Dana, Inc., 5.50%, 12/15/2024		100		102
				384
Distribution/Wholesale — 1.0%
Core & Main LP, 6.13%, 08/15/2025 (e)		107		108
HD Supply, Inc., 5.38%, 10/15/2026 (e)		84		88
KAR Auction Services, Inc., 5.13%, 06/01/2025 (e)		50		50
				246
Entertainment — 3.8%
Caesars Entertainment, Inc.,
6.25%, 07/01/2025 (e)		101		105
8.13%, 07/01/2027 (e)		60		64
Caesars Resort Collection LLC / CRC Finco, Inc., 5.75%, 07/01/2025 (e)		36		37
Cedar Fair LP, 5.25%, 07/15/2029		50		48

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Entertainment — continued
Churchill Downs, Inc., 5.50%, 04/01/2027 (e)		73		76
Jacobs Entertainment, Inc., 7.88%, 02/01/2024 (e)		50		49
Live Nation Entertainment, Inc., 6.50%, 05/15/2027 (e)		83		90
Mohegan Gaming & Entertainment, 7.88%, 10/15/2024 (e)		25		23
Scientific Games International, Inc.,
8.25%, 03/15/2026 (e)		125		130
8.63%, 07/01/2025 (e)		58		61
Six Flags Entertainment Corp., 4.88%, 07/31/2024 (e)		50		47
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025 (e)		55		58
Stars Group Holdings BV / Stars Group US Co-Borrower LLC, (Netherlands), 7.00%, 07/15/2026 (e)		50		53
Twin River Worldwide Holdings, Inc., 6.75%, 06/01/2027 (e)		25		25
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.75%, 04/15/2025 (e)		30		32
				898
Food Service — 0.2%
Aramark Services, Inc., 5.00%, 02/01/2028 (e)		41		41
Home Builders — 2.6%
Ashton Woods USA LLC / Ashton Woods Finance Co., 6.63%, 01/15/2028 (e)		200		201
Beazer Homes USA, Inc., 7.25%, 10/15/2029		100		107
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., (Canada), 6.25%, 09/15/2027 (e)		75		76
Mattamy Group Corp., (Canada), 4.63%, 03/01/2030 (e)		50		51
Taylor Morrison Communities, Inc., 5.75%, 01/15/2028 (e)		100		109
Williams Scotsman International, Inc., 4.63%, 08/15/2028 (e)		71		71
				615
Lodging — 2.1%
Boyd Gaming Corp., 6.38%, 04/01/2026		50		52
Hilton Domestic Operating Co., Inc.,
4.88%, 01/15/2030		65		67
5.13%, 05/01/2026		150		155
5.75%, 05/01/2028 (e)		75		79
MGM Resorts International, 6.75%, 05/01/2025		75		79
Station Casinos LLC, 5.00%, 10/01/2025 (e)		50		49
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028 (e)		25		24
				505
Retail — 3.5%
1011778 BC ULC / New Red Finance, Inc., (Canada),
4.00%, 10/15/2030 (e)		2		2
4.38%, 01/15/2028 (e)		50		51
5.00%, 10/15/2025 (e)		75		77
5.75%, 04/15/2025 (e)		116		124
Asbury Automotive Group, Inc.,
4.50%, 03/01/2028 (e)		2		2
4.75%, 03/01/2030 (e)		3		3
Brinker International, Inc., 5.00%, 10/01/2024 (e)		6		6
Ken Garff Automotive LLC, 4.88%, 09/15/2028 (e)		3		3
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 5.25%, 06/01/2026 (e)		25		26
L Brands, Inc., 6.63%, 10/01/2030 (e)		3		3
Macy’s, Inc., 8.38%, 06/15/2025 (e)		30		31
Michaels Stores, Inc., 8.00%, 07/15/2027 (e)		25		26

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Retail — continued
PetSmart, Inc.,
5.88%, 06/01/2025 (e)		115		118
7.13%, 03/15/2023 (e)		75		75
Sally Holdings LLC / Sally Capital, Inc., 5.63%, 12/01/2025		25		25
Specialty Building Products Holdings LLC / SBP Finance Corp., 6.38%, 09/30/2026 (e)		9		9
SRS Distribution, Inc., 8.25%, 07/01/2026 (e)		21		23
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.88%, 03/01/2027		100		103
Yum! Brands, Inc., 7.75%, 04/01/2025 (e)		108		120
				827
Toys/Games/Hobbies — 0.4%
Mattel, Inc., 6.75%, 12/31/2025 (e)		83		88
Total Consumer Cyclical				4,273
Consumer Non-cyclical — 17.7%
Commercial Services — 4.6%
Allied Universal Holdco LLC / Allied Universal Finance Corp.,
6.63%, 07/15/2026 (e)		197		210
9.75%, 07/15/2027 (e)		75		81
Garda World Security Corp., (Canada), 9.50%, 11/01/2027 (e)		75		79
Gartner, Inc.,
3.75%, 10/01/2030 (e)		10		10
4.50%, 07/01/2028 (e)		50		53
Jaguar Holding Co. II / PPD Development LP,
4.63%, 06/15/2025 (e)		50		51
5.00%, 06/15/2028 (e)		68		71
MPH Acquisition Holdings LLC, 7.13%, 06/01/2024 (e)		62		64
Nielsen Finance LLC / Nielsen Finance Co.,
5.00%, 04/15/2022 (e)		50		50
5.63%, 10/01/2028 (e)		8		9
5.88%, 10/01/2030 (e)		6		6
Refinitiv US Holdings, Inc., 8.25%, 11/15/2026 (e)		90		99
Sabre GLBL, Inc., 7.38%, 09/01/2025 (e)		7		7
United Rentals North America, Inc., 3.88%, 02/15/2031		225		228
Verscend Escrow Corp., 9.75%, 08/15/2026 (e)		84		91
				1,109
Food — 3.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC,
3.25%, 03/15/2026 (e)		80		79
3.50%, 02/15/2023 (e)		25		26
4.88%, 02/15/2030 (e)		75		78
5.88%, 02/15/2028 (e)		50		53
Chobani LLC / Chobani Finance Corp., Inc., 7.50%, 04/15/2025 (e)		21		22
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., (Multinational), 6.50%, 04/15/2029 (e)		87		97
Kraft Heinz Foods Co.,
4.25%, 03/01/2031 (e)		43		47
4.38%, 06/01/2046		50		51
4.88%, 10/01/2049 (e)		32		34
5.50%, 06/01/2050 (e)		48		55
Pilgrim’s Pride Corp., 5.75%, 03/15/2025 (e)		100		102

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Food — continued
Post Holdings, Inc.,
5.00%, 08/15/2026 (e)		99		101
5.75%, 03/01/2027 (e)		75		79
				824
Healthcare - Products — 0.6%
Avantor Funding, Inc., 4.63%, 07/15/2028 (e)		42		44
Hologic, Inc., 3.25%, 02/15/2029 (e)		2		2
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA,
7.25%, 02/01/2028 (e)		65		68
7.38%, 06/01/2025 (e)		21		21
				135
Healthcare - Services — 6.1%
Acadia Healthcare Co., Inc., 6.50%, 03/01/2024		50		51
Centene Corp.,
3.00%, 10/15/2030		2		2
4.63%, 12/15/2029		69		74
5.25%, 04/01/2025 (e)		125		130
CHS / Community Health Systems, Inc.,
6.25%, 03/31/2023		50		49
8.00%, 03/15/2026 (e)		116		114
HCA, Inc.,
3.50%, 09/01/2030		170		173
5.38%, 09/01/2026		25		28
5.88%, 05/01/2023		50		54
5.88%, 02/15/2026		125		140
LifePoint Health, Inc., 6.75%, 04/15/2025 (e)		75		79
MEDNAX, Inc., 6.25%, 01/15/2027 (e)		25		26
Polaris Intermediate Corp., 8.50% (cash), 12/01/2022 (e) (v)		50		51
Surgery Center Holdings, Inc., 6.75%, 07/01/2025 (e)		32		32
Tenet Healthcare Corp.,
5.13%, 11/01/2027 (e)		57		59
6.25%, 02/01/2027 (e)		100		103
6.75%, 06/15/2023		220		231
West Street Merger Sub, Inc., 6.38%, 09/01/2025 (e)		50		51
				1,447
Household Products/Wares — 0.2%
Prestige Brands, Inc., 5.13%, 01/15/2028 (e)		50		52
Pharmaceuticals — 2.8%
Bausch Health Americas, Inc., 8.50%, 01/31/2027 (e)		250		275
Bausch Health Cos., Inc., (Canada),
5.00%, 01/30/2028 (e)		75		73
6.13%, 04/15/2025 (e)		100		102
6.25%, 02/15/2029 (e)		78		80
Par Pharmaceutical, Inc., 7.50%, 04/01/2027 (e)		83		87
Vizient, Inc., 6.25%, 05/15/2027 (e)		50		52
				669
Total Consumer Non-cyclical				4,236
Energy — 12.2%
Energy — Alternate Sources — 0.9%
Enviva Partners LP / Enviva Partners Finance Corp., 6.50%, 01/15/2026 (e)		150		158
TerraForm Power Operating LLC, 4.25%, 01/31/2023 (e)		50		51
				209

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Oil & Gas — 6.3%
Antero Resources Corp., 5.63%, 06/01/2023		25		18
Citgo Holding, Inc., 9.25%, 08/01/2024 (e)		100		95
CNX Resources Corp., 7.25%, 03/14/2027 (e)		80		82
Comstock Resources, Inc., 7.50%, 05/15/2025 (e)		49		46
CrownRock LP / CrownRock Finance, Inc., 5.63%, 10/15/2025 (e)		101		95
Endeavor Energy Resources LP / EER Finance, Inc.,
5.50%, 01/30/2026 (e)		134		133
6.63%, 07/15/2025 (e)		25		26
EQT Corp.,
3.90%, 10/01/2027		25		23
8.75%, 02/01/2030		25		30
Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 10/01/2025 (e)		250		226
MEG Energy Corp., (Canada), 6.50%, 01/15/2025 (e)		57		56
Nabors Industries Ltd., (Bermuda),
7.25%, 01/15/2026 (e)		50		25
7.50%, 01/15/2028 (e)		25		12
Occidental Petroleum Corp.,
3.40%, 04/15/2026		50		40
3.50%, 08/15/2029		112		86
6.63%, 09/01/2030		100		92
PBF Holding Co. LLC / PBF Finance Corp., 9.25%, 05/15/2025 (e)		78		80
PDC Energy, Inc.,
5.75%, 05/15/2026		6		5
6.13%, 09/15/2024		25		24
QEP Resources, Inc.,
5.25%, 05/01/2023		12		9
5.63%, 03/01/2026		25		14
Range Resources Corp.,
4.88%, 05/15/2025		125		113
9.25%, 02/01/2026 (e)		25		25
Viper Energy Partners LP, 5.38%, 11/01/2027 (e)		2		2
WPX Energy, Inc.,
4.50%, 01/15/2030		51		50
5.25%, 10/15/2027		50		51
5.88%, 06/15/2028		50		52
				1,510
Oil & Gas Services — 0.4%
Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 04/01/2028 (e)		50		47
USA Compression Partners LP / USA Compression Finance Corp., 6.88%, 09/01/2027		50		50
				97
Pipelines — 4.6%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 01/15/2028 (e)		75		62
Cheniere Energy Partners LP,
4.50%, 10/01/2029		22		23
5.25%, 10/01/2025		50		51
Cheniere Energy, Inc., 4.63%, 10/15/2028 (e)		30		31

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Pipelines — continued
CNX Midstream Partners LP / CNX Midstream Finance Corp., 6.50%, 03/15/2026 (e)		25		25
DCP Midstream Operating LP, 5.63%, 07/15/2027		45		46
EQM Midstream Partners LP,
5.50%, 07/15/2028		125		126
6.50%, 07/01/2027 (e)		60		64
Hess Midstream Operations LP, 5.13%, 06/15/2028 (e)		75		75
New Fortress Energy, Inc., 6.75%, 09/15/2025 (e)		4		4
NuStar Logistics LP, 5.63%, 04/28/2027		50		49
Rockies Express Pipeline LLC, 3.60%, 05/15/2025 (e)		50		49
Summit Midstream Holdings LLC / Summit Midstream Finance Corp.,
5.50%, 08/15/2022		25		18
5.75%, 04/15/2025		25		14
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.,
5.50%, 01/15/2028 (e)		50		45
7.50%, 10/01/2025 (e)		3		3
Targa Resources Partners LP / Targa Resources Partners Finance Corp.,
4.88%, 02/01/2031 (e)		50		48
5.13%, 02/01/2025		50		50
5.88%, 04/15/2026		25		26
6.50%, 07/15/2027		25		26
6.88%, 01/15/2029		105		112
Western Midstream Operating LP,
3.95%, 06/01/2025		25		24
4.10%, 02/01/2025		50		48
5.05%, 02/01/2030		25		24
5.30%, 03/01/2048		75		60
				1,103
Total Energy				2,919
Financial — 9.2%
Diversified Financial Services — 3.4%
Ally Financial, Inc., 8.00%, 11/01/2031		73		100
LPL Holdings, Inc., 5.75%, 09/15/2025 (e)		85		88
Nationstar Mortgage Holdings, Inc., 5.50%, 08/15/2028 (e)		150		150
Navient Corp., 7.25%, 09/25/2023		50		52
NFP Corp., 6.88%, 08/15/2028 (e)		50		51
OneMain Finance Corp.,
7.13%, 03/15/2026		61		68
8.88%, 06/01/2025		150		166
Quicken Loans LLC, 5.75%, 05/01/2025 (e)		75		77
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., 3.88%, 03/01/2031 (e)		50		49
				801
Insurance — 1.7%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.75%, 10/15/2027 (e)		105		110
AmWINS Group, Inc., 7.75%, 07/01/2026 (e)		50		53
GTCR AP Finance, Inc., 8.00%, 05/15/2027 (e)		50		53
HUB International Ltd., 7.00%, 05/01/2026 (e)		145		150
USI, Inc., 6.88%, 05/01/2025 (e)		50		51
				417

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Investment Companies — 0.3%
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 05/15/2027		69		72
Real Estate — 0.4%
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028 (e)		50		52
Greystar Real Estate Partners LLC, 5.75%, 12/01/2025 (e)		50		50
				102
REITS — 3.4%
ESH Hospitality, Inc., 4.63%, 10/01/2027 (e)		75		74
GLP Capital LP / GLP Financing II, Inc., 4.00%, 01/15/2031		77		80
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc.,
4.50%, 01/15/2028		25		26
5.63%, 05/01/2024		116		123
MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/2027		95		99
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.88%, 10/01/2028 (e)		3		3
Sabra Health Care LP, 5.13%, 08/15/2026		75		81
SBA Communications Corp., 3.88%, 02/15/2027 (e)		142		144
VICI Properties LP / VICI Note Co., Inc.,
4.13%, 08/15/2030 (e)		83		81
4.63%, 12/01/2029 (e)		100		102
				813
Total Financial				2,205
Industrial — 10.4%
Aerospace/Defense — 2.8%
Boeing Co. (The), 5.81%, 05/01/2050		150		181
Bombardier, Inc., (Canada), 8.75%, 12/01/2021 (e)		200		203
Spirit AeroSystems, Inc., 5.50%, 01/15/2025 (e)		5		5
TransDigm, Inc.,
6.25%, 03/15/2026 (e)		196		205
7.50%, 03/15/2027		50		52
Triumph Group, Inc., 8.88%, 06/01/2024 (e)		31		33
				679
Building Materials — 1.5%
Cornerstone Building Brands, Inc.,
6.13%, 01/15/2029 (e)		6		6
8.00%, 04/15/2026 (e)		50		53
Standard Industries, Inc.,
3.38%, 01/15/2031 (e)		138		136
5.00%, 02/15/2027 (e)		100		104
US Concrete, Inc., 5.13%, 03/01/2029 (e)		52		52
				351
Electrical Components & Equipments — 0.8%
Energizer Holdings, Inc., 6.38%, 07/15/2026 (e)		50		54
WESCO Distribution, Inc.,
7.13%, 06/15/2025 (e)		82		89
7.25%, 06/15/2028 (e)		50		55
				198
Electronics — 0.3%
Sensata Technologies BV, (Netherlands), 5.63%, 11/01/2024 (e)		25		27
Sensata Technologies, Inc., 3.75%, 02/15/2031 (e)		45		45
				72

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Engineering & Construction — 0.3%
AECOM, 5.88%, 10/15/2024		50		54
KBR, Inc., 4.75%, 09/30/2028 (e)		6		6
				60
Environmental Control — 0.3%
GFL Environmental, Inc., (Canada),
5.13%, 12/15/2026 (e)		34		35
7.00%, 06/01/2026 (e)		34		36
				71
Miscellaneous Manufacturers — 0.4%
Gates Global LLC / Gates Corp., 6.25%, 01/15/2026 (e)		50		51
Koppers, Inc., 6.00%, 02/15/2025 (e)		50		51
				102
Packaging & Containers — 3.6%
ARD Finance SA, (Luxembourg), 6.50% (cash), 06/30/2027 (e) (v)		200		199
Ball Corp., 2.88%, 08/15/2030		25		25
Berry Global, Inc., 4.88%, 07/15/2026 (e)		75		79
Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 02/01/2026		50		52
Flex Acquisition Co., Inc., 7.88%, 07/15/2026 (e)		100		102
Graphic Packaging International LLC, 3.50%, 03/01/2029 (e)		25		25
Mauser Packaging Solutions Holding Co.,
5.50%, 04/15/2024 (e)		25		25
7.25%, 04/15/2025 (e)		50		47
Owens-Brockway Glass Container, Inc., 5.38%, 01/15/2025 (e)		50		53
Trident TPI Holdings, Inc., 6.63%, 11/01/2025 (e)		25		24
Trivium Packaging Finance BV, (Netherlands), 8.50%, 08/15/2027 (e)		200		215
				846
Transportation — 0.4%
Watco Cos. LLC / Watco Finance Corp., 6.50%, 06/15/2027 (e)		25		26
XPO Logistics, Inc., 6.75%, 08/15/2024 (e)		75		79
				105
Total Industrial				2,484
Technology — 5.9%
Computers — 1.1%
Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 (e)		44		45
NCR Corp., 5.25%, 10/01/2030 (e)		100		100
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 6.75%, 06/01/2025 (e)		119		122
				267
Office/Business Equip — 0.5%
CDW LLC / CDW Finance Corp., 4.13%, 05/01/2025		105		108
Semiconductors — 0.8%
Microchip Technology, Inc., 4.25%, 09/01/2025 (e)		134		139
ON Semiconductor Corp., 3.88%, 09/01/2028 (e)		47		48
Qorvo, Inc., 3.38%, 04/01/2031 (e)		11		11
				198
Software — 3.5%
Black Knight InfoServ LLC, 3.63%, 09/01/2028 (e)		22		22

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Software — continued
Boxer Parent Co., Inc., 9.13%, 03/01/2026 (e)		90		95
BY Crown Parent LLC / BY Bond Finance, Inc., 4.25%, 01/31/2026 (e)		100		102
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.75%, 03/01/2025 (e)		56		57
Dun & Bradstreet Corp. (The), 6.88%, 08/15/2026 (e)		68		73
Logan Merger Sub, Inc., 5.50%, 09/01/2027 (e)		25		25
MSCI, Inc., 3.88%, 02/15/2031 (e)		52		54
Open Text Holdings, Inc., 4.13%, 02/15/2030 (e)		58		60
Solera LLC / Solera Finance, Inc., 10.50%, 03/01/2024 (e)		71		74
SS&C Technologies, Inc., 5.50%, 09/30/2027 (e)		201		214
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 09/01/2025 (e)		69		71
				847
Total Technology				1,420
Utilities — 5.0%
Electric — 5.0%
Calpine Corp.,
4.50%, 02/15/2028 (e)		64		66
4.63%, 02/01/2029 (e)		250		250
5.00%, 02/01/2031 (e)		76		77
NRG Energy, Inc.,
5.25%, 06/15/2029 (e)		150		163
7.25%, 05/15/2026		75		80
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 08/15/2028 (e)		92		95
PG&E Corp., 5.25%, 07/01/2030		200		194
Pike Corp., 5.50%, 09/01/2028 (e)		5		5
Vistra Operations Co. LLC, 5.50%, 09/01/2026 (e)		250		261
Total Utilities				1,191
Total Corporate Bonds (Cost $23,494)				23,242
Loan Assignment — 0.0% (g) (o)
Spirit Aerosystems, Inc., Initial Term Loan, (1 Month USD LIBOR + 5.25%), 0.00%, 1/15/2025 (aa) (Cost $4)		4		4
Short-Term Investments — 0.4%
Time Deposit — 0.4%
Skandinaviska Enskilda Banken AB, 0.01%, 10/01/2020 (Cost $83)		83		83
Total Investments — 97.7% (Cost — $23,597) *				23,346
Other Assets in Excess of Liabilities — 2.3%				552
NET ASSETS — 100.0%			$	23,898

Percentages indicated are based on net assets.

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of September 30, 2020:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL AMOUNT ($)	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Euro Schatz	3	12/2020	EUR	395		—
U.S. Treasury 2 Year Note	3	12/2020	USD	663		—	(h)
U.S. Treasury Long Bond	2	12/2020	USD	351		1
						1
Short Contracts
Euro BOBL	(2)	12/2020	EUR	(317)		(—	)(h)
Euro Schatz	(1)	12/2020	EUR	(132)		—
U.S. Treasury 10 Year Note	(4)	12/2020	USD	(558)		(—	)(h)
U.S. Treasury 2 Year Note	(1)	12/2020	USD	(221)		—	(h)
U.S. Treasury 5 Year Note	(1)	12/2020	USD	(126)		(—	)(h)
U.S. Treasury Ultra Bond	(1)	12/2020	USD	(225)		3
						3
Total unrealized appreciation (depreciation)						4

Six Circles Credit Opportunities Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020

(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.
(o)	—	Loan assignments are presented by obligor. Each Series or loan tranche underlying each obligor may have varying terms.
(v)	—	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(x)	—	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of September 30, 2020.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2020.
*	—	The cost of securities is substantially the same for federal income tax purposes.
EUR	—	Euro
USD	—	United States Dollar

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 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 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 SEPTEMBER 30, 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 Ultra Short Duration Fund

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOIs”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	104,852	$	—	$	104,852
Certificates of Deposit
Financial		—		7,503		—		7,503
Collateralized Mortgage Obligations		—		21,673		2,000		23,673
Commercial Mortgage-Backed Securities		—		24,887		—		24,887
Corporate Bonds
Basic Materials		—		6,616		—		6,616
Communications		—		4,598		—		4,598
Consumer Cyclical		—		40,747		—		40,747
Consumer Non-cyclical		—		75,583		—		75,583
Energy		—		7,283		—		7,283
Financial		—		151,538		—		151,538
Industrial		—		15,145		—		15,145
Technology		—		5,358		—		5,358
Utilities		—		6,225		—		6,225
Total Corporate Bonds		—		313,093		—		313,093
Foreign Government Securities		—		8,398		—		8,398
U.S. Government Agency Securities		—		30,414		—		30,414
U.S. Treasury Obligations		—		25,844		—		25,844
Short-Term Investments
Corporate Bond		—		2,123		—		2,123
Certificates of Deposit		—		21,764		—		21,764
Commercial Papers		—		25,043		—		25,043
Foreign Government Securities		—		62,949		—		62,949
Repurchase Agreement		—		19,400		—		19,400
Time Deposits		—		7,670		—		7,670
Total Short-Term Investments		—		138,949		—		138,949
Total Investments in Securities	$	—	$	675,613	$	2,000	$	677,613
Appreciation in Other Financial Instruments
Centrally Cleared Interest Rate Swap contracts	$	—	$	2	$	—	$	2
Futures contracts		104		—		—		104
Forward Foreign Currency Exchange contracts		—		278		—		278
Total Appreciation in Other Financial Instruments	$	104	$	280	$	—	$	384

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Depreciation in Other Financial Instruments
Futures contracts	$	(25	)	$	—		$	—	$	(25	)
Forward Foreign Currency Exchange contracts		—			(189	)		—		(189	)
Total Depreciation in Other Financial Instruments	$	(25	)	$	(189	)	$	—	$	(214	)

Six Circles Tax Aware Ultra Short Duration Fund

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOIs”) (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—		$	26,478		$	—	$	26,478
Certificate of Deposit
Financial		—			1,801			—		1,801
Collateralized Mortgage Obligations		—			24,256			2,200		26,456
Commercial Mortgage-Backed Securities		—			8,196			—		8,196
Corporate Bonds
Basic Materials		—			201			—		201
Communications		—			1,125			—		1,125
Consumer Cyclical		—			18,375			—		18,375
Consumer Non-cyclical		—			24,112			—		24,112
Energy		—			1,081			—		1,081
Financial		—			64,283			—		64,283
Industrial		—			4,862			—		4,862
Technology		—			1,271			—		1,271
Utilities		—			3,328			—		3,328
Total Corporate Bonds		—			118,638			—		118,638
Foreign Government Securities		—			4,915			—		4,915
Municipal Bonds		—			501,115			—		501,115
U.S. Government Agency Securities		—			12,606			—		12,606
U.S. Treasury Obligation		—			9,277			—		9,277
Short-Term Investments
Municipal Bonds		—			49,902			—		49,902
Repurchase Agreements		—			28,800			—		28,800
Time Deposits		—			10,276			—		10,276
Total Short-Term Investments		—			88,978			—		88,978
Total Investments in Securities	$	—		$	796,260		$	2,200	$	798,460
Appreciation in Other Financial Instruments
Futures contracts	$	120		$	—		$	—	$	120
Forward Foreign Currency Exchange contracts		—			130			—		130
Centrally Cleared Interest Rate Swap contracts		—			3			—		3
Total Appreciation in Other Financial Instruments	$	120		$	133		$	—	$	253
Depreciation in Other Financial Instruments
Futures contracts	$	(28	)	$	—		$	—	$	(28	)
Forward Foreign Currency Exchange contracts		—			(10	)		—		(10	)
Total Depreciation in Other Financial Instruments	$	(28	)	$	(10	)	$	—	$	(38	)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Six Circles U.S. Unconstrained Equity Fund

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOIs”) (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Basic Materials	$	71,121		$	—	$	—	$	71,121
Communications		2,405,859			—		—		2,405,859
Consumer Cyclical		597,201			—		—		597,201
Consumer Non-cyclical		2,697,978			—		—		2,697,978
Energy		66,653			—		—		66,653
Financial		2,121,541			—		—		2,121,541
Industrial		2,006,231			—		—		2,006,231
Technology		1,825,517			—		—		1,825,517
Utilities		99,926			—		—		99,926
Total Common Stocks		11,892,027			—		—		11,892,027
Short-Term Investments
Time Deposits		—			51,495		—		51,495
Total Investments in Securities	$	11,892,027		$	51,495	$	—	$	11,943,522
Appreciation in Other Financial Instruments
Futures contracts	$	694		$	—	$	—	$	694
Depreciation in Other Financial Instruments
Futures contracts	$	(3	)	$	—	$	—	$	(3	)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Six Circles International Unconstrained Equity Fund

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOIs”) (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	8,930	$	—	$	8,930
Austria		—			13,121		—		13,121
Belgium		—			70,051		—		70,051
Chile		—			1,061		—		1,061
China		—			3,616		—		3,616
Denmark		42,197			247,542		—		289,739
Finland		—			111,621		—		111,621
France		—			935,909		—		935,909
Germany		16,031			744,001		—		760,032
Ireland		5,012			68,367		—		73,379
Isle of Man		—			1,457		—		1,457
Italy		384			210,917		—		211,301
Jordan		—			7,480		—		7,480
Luxembourg		—			6,033		—		6,033
Netherlands		3,144			286,631		—		289,775
Norway		806			24,243		—		25,049
Portugal		—			24,152		—		24,152
South Korea		—			494,944		—		494,944
Spain		—			253,343		—		253,343
Sweden		—			356,168		—		356,168
Switzerland		—			1,157,140		—		1,157,140
Taiwan		—			376,395		—		376,395
United Arab Emirates		—			—		—		—
United Kingdom		6,530			872,687		—		879,217
Total Common Stocks		74,104			6,275,809		—		6,349,913
Preferred Stocks
Germany		—			15,604		—		15,604
South Korea		—			69,937		—		69,937
Total Preferred Stocks		—			85,541		—		85,541
Short-Term Investments
Time Deposits		—			107,704		—		107,704
Total Investments in Securities	$	74,104		$	6,469,054	$	—	$	6,543,158
Appreciation in Other Financial Instruments
Future contract	$	29		$	—	$	—	$	29
Depreciation in Other Financial Instruments
Futures contracts	$	(2,965	)	$	—	$	—	$	(2,965	)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Six Circles Global Bond Fund

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOIs”) (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—		$	14,763		$	—	$	14,763
Certificate of Deposit
Financial		—			148			—		148
Collateralized Mortgage Obligations		—			61,531			1,813		63,344
Commercial Mortgage-Backed Securities		—			16,556			—		16,556
Corporate Bonds
Basic Materials		—			21,497			—		21,497
Communications		—			54,314			—		54,314
Consumer Cyclical		—			41,353			—		41,353
Consumer Non-cyclical		—			112,685			—		112,685
Energy		—			57,665			—		57,665
Financial		—			293,512			—		293,512
Government		—			25,578			—		25,578
Industrial		—			54,032			—		54,032
Technology		—			27,150			—		27,150
Utilities		—			80,187			—		80,187
Total Corporate Bonds		—			767,973			—		767,973
Foreign Government Securities		—			1,300,612			—		1,300,612
Mortgage-Backed Securities		—			752,290			—		752,290
Municipal Bonds		—			2,371			—		2,371
U.S. Government Agency Securities		—			134,302			—		134,302
U.S. Treasury Obligations		—			427,861			—		427,861
Short-Term Investments
Time Deposits		—			172,948			—		172,948
U.S. Government Agency Security		—			900			—		900
Total Short-Term Investments		—			173,848			—		173,848
Total Investments in Securities	$	—		$	3,652,255		$	1,813	$	3,654,068
Liabilities
Debt Securities
Mortgage-Backed Securities	$	—		$	(158,620	)	$	—	$	(158,620	)
Appreciation in Other Financial Instruments
Centrally Cleared Interest Rate Swap contracts	$	—		$	122		$	—	$	122
Futures contracts		73			—			—		73
Forward Foreign Currency Exchange contracts		—			22,130			—		22,130
Total Appreciation in Other Financial Instruments	$	73		$	22,252		$	—	$	22,325
Depreciation in Other Financial Instruments
Centrally Cleared Interest Rate Swap contracts	$	—		$	(17	)	$	—	$	(17	)
Centrally Cleared Credit default swap contracts		—			(7	)		—		(7	)
Futures contracts		(438	)		—			—		(438	)
Forward Foreign Currency Exchange contracts		—			(8,212	)		—		(8,212	)
Total Depreciation in Other Financial Instruments	$	(438	)	$	(8,236	)	$	—	$	(8,674	)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Six Circles Tax Aware Bond Fund

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOIs”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Municipal Bonds	$	—	$	2,170,192	$	—	$	2,170,192
Short-Term Investments
Municipal Bonds		—		43,700		—		43,700
Time Deposits		—		523,444		—		523,444
Total Short-Term Investments		—		567,144		—		567,144
Total Investments in Securities	$	—	$	2,737,336	$	—	$	2,737,336
Appreciation in Other Financial Instruments
Futures contracts	$	11	$	—	$	—	$	11

Six Circles Credit Opportunities Fund

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOIs”) (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Convertible Bond
Communications	$	—		$	17	$	—	$	17
Corporate Bonds
Basic Materials		—			623		—		623
Communications		—			3,891		—		3,891
Consumer Cyclical		—			4,273		—		4,273
Consumer Non-cyclical		—			4,236		—		4,236
Energy		—			2,919		—		2,919
Financial		—			2,205		—		2,205
Industrial		—			2,484		—		2,484
Technology		—			1,420		—		1,420
Utilities		—			1,191		—		1,191
Total Corporate Bonds		—			23,242		—		23,242
Loan Assignment		—			4		—		4
Short-Term Investment
Time Deposit		—			83		—		83
Total Investments in Securities	$	—		$	23,346	$	—	$	23,346
Appreciation in Other Financial Instruments
Futures contracts	$	4		$	—	$	—	$	4
Depreciation in Other Financial Instruments
Futures contracts	$	(—	)(a)	$	—	$	—	$	(—	)(a)

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

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

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

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

Notes B(1) — B(3) below describe the various derivatives used by the Funds.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

(1) Futures Contracts — The Ultra Short Duration Fund, Tax Aware Ultra Short Duration Fund and Global Bond Fund used interest rate futures to manage interest rate risks associated with portfolio investments. The Ultra Short Duration Fund, Tax Aware Ultra Short Duration Fund, Global Bond Fund, Tax Aware Bond Fund and Credit Opportunities Fund used fixed income index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs. The U.S. Unconstrained Equity Fund and International Unconstrained Equity Fund used index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs.

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

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

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

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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.

(3) Swaps — The Ultra Short Duration Fund, Tax Aware Ultra Short Duration Fund and Global Bond Fund engaged in various swap transactions, including interest swaps and credit default swaps, to manage interest rate (e.g., duration, yield curve) risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between a fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap contracts outstanding at period end, if any, are listed after each Fund’s SOI.

Upfront payments made and/or received are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability at the beginning of the measurement period.

Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearing house acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearing house.

The Funds may be required to post or receive collateral in the form of cash or securities based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. Collateral received by the Funds is held in escrow in segregated accounts maintained by Brown Brothers Harriman & Co.

The Funds’ swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Credit Default Swaps

The Global Bond Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements.

The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

The Ultra Short Duration Fund, Tax Aware Ultra Short Duration Fund and Global Bond Fund entered into interest rate swap contracts to manage fund exposure to interest rates and/or to preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

For more complete information about the Fund, including the Fund’s objectives, risks, charges and expenses, call your J.P. Morgan team or call 1-212-464-2070 or go to www.sixcirclesfunds.com for a prospectus. Read the prospectus carefully. An investment in this Fund and any other Fund is not designed to be a complete investment program. The Fund is NOT designed to be used as a stand-alone investment. J.P. Morgan is committed to making our products and services accessible to meet the financial services needs of all our clients. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance.