0001752724-22-129796.txt : 20220531 0001752724-22-129796.hdr.sgml : 20220531 20220531111102 ACCESSION NUMBER: 0001752724-22-129796 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220331 FILED AS OF DATE: 20220531 PERIOD START: 20221231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Six Circles Trust CENTRAL INDEX KEY: 0001724826 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23325 FILM NUMBER: 22981389 BUSINESS ADDRESS: STREET 1: C/O J.P. MORGAN PRIVATE INVESTMENTS INC. STREET 2: 383 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10179 BUSINESS PHONE: 212-270-6000 MAIL ADDRESS: STREET 1: C/O J.P. MORGAN PRIVATE INVESTMENTS INC. STREET 2: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 FORMER COMPANY: FORMER CONFORMED NAME: 23Wall Trust DATE OF NAME CHANGE: 20171208 0001724826 S000068977 Six Circles Credit Opportunities Fund C000220641 Six Circles Credit Opportunities Fund NPORT-P 1 primary_doc.xml NPORT-P false 0001724826 XXXXXXXX S000068977 C000220641 SIX CIRCLES TRUST 811-23325 0001724826 549300NG19QZK8S0N704 383 Madison Ave NULL NY 10179 212-464-2070 Six Circles Credit Opportunities Fund S000068977 549300KM8H17EZ9KOC28 2022-12-31 2022-03-31 N 2327705997.09 325180884.27 2002525112.82 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 122927836.44000000 EUR GBP USD N UNITI GROUP/CSL 4.75% 04/15/28 N/A UNITI GROUP/CSL CAPITAL REGD 144A P/P 4.75000000 91327BAB6 1340000.00000000 NS USD 1268336.80000000 0.063336873624 Long DBT CORP US Y 2 2028-04-15 Fixed 4.75000000 N N N N N N GOODYEAR TIRE & RU 5% 07/15/29 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Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 11.4%     
Anchorage Capital CLO Ltd., (Cayman Islands),     
Series 2014-3RA, Class A, (ICE LIBOR USD 3 Month + 1.05%), 1.33%, 01/28/2031 (e) (aa)      1,250       1,249  
Series 2015-7A, Class AR2, (ICE LIBOR USD 3 Month + 1.09%), 1.37%, 01/28/2031 (e) (aa)      1,577       1,570  
Atlas Senior Loan Fund III Ltd., (Cayman Islands), Series 2013-1A, Class AR, (ICE LIBOR USD 3 Month + 0.83%), 1.30%, 11/17/2027 (e) (aa)      254       252  
Atrium XII, (Cayman Islands), Series 12A, Class AR, (ICE LIBOR USD 3 Month + 0.83%), 1.09%, 04/22/2027 (e) (aa)      894       888  
Autoflorence Srl, (Italy),     
Series 2, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.70), 0.14%, 12/24/2044 (aa)    EUR 777       863  
Series 2, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.75), 0.19%, 12/24/2044 (aa)    EUR 161       177  
Avery Point VI CLO Ltd., (Cayman Islands), Series 2015-6A, Class AR2, (ICE LIBOR USD 3 Month + 0.90%), 1.22%, 08/05/2027 (e) (aa)      1,131       1,124  
BA Credit Card Trust, Series 2021-A1, Class A1, 0.44%, 09/15/2026      2,180       2,087  
Barings CLO Ltd., (Cayman Islands), Series 2019-3A, Class A1R, (ICE LIBOR USD 3 Month + 1.07%), 1.32%, 04/20/2031 (e) (aa)      250       248  
Battalion CLO 18 Ltd., (Cayman Islands), Series 2020-18A, Class AR, (ICE LIBOR USD 3 Month + 1.20%), 1.44%, 10/15/2036 (e) (aa)      1,000       991  
Benefit Street Partners CLO Ltd., (Cayman Islands), Series 2015-6BR, Class A, (ICE LIBOR USD 3 Month + 1.19%), 1.44%, 07/20/2034 (e) (aa)      1,000       987  
Benefit Street Partners CLO VIII Ltd., (Cayman Islands), Series 2015-8A, Class A1AR, (ICE LIBOR USD 3 Month + 1.10%), 1.35%, 01/20/2031 (e) (aa)      1,000       995  
Birch Grove CLO Ltd., (Cayman Islands), Series 19A, Class AR, (ICE LIBOR USD 3 Month + 1.13%), 1.96%, 06/15/2031 (e) (aa)      2,000       1,989  
BSPRT Issuer Ltd., (Cayman Islands), Series 2021-FL7, Class A, (ICE LIBOR USD 1 Month + 1.32%), 1.72%, 12/15/2038 (e) (aa)      360       357  
Burnham Park CLO Ltd., (Cayman Islands), Series 2016-1A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 1.40%, 10/20/2029 (e) (aa)      500       498  
CarMax Auto Owner Trust, Series 2021-2, Class A3, 0.52%, 02/17/2026      1,060       1,023  
Chesapeake Funding II LLC,     
Series 2019-1A, Class A1, 2.94%, 04/15/2031 (e)      255       255  
Series 2020-1A, Class A2, (ICE LIBOR USD 1 Month + 0.65%), 1.05%, 08/15/2032 (e) (aa)      590       590  
CIFC Funding Ltd., (Cayman Islands), Series 2014-5A, Class A1R2, (ICE LIBOR USD 3 Month + 1.20%), 1.44%, 10/17/2031 (e) (aa)      750       746  
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, (ICE LIBOR USD 1 Month + 1.35%), 1.81%, 10/25/2037 (e) (aa)      240       240  
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 05/15/2030 (e)      350       338  
Dowson plc, (United Kingdom),     
Series 2021-2, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.68%), 1.35%, 10/20/2028 (aa)    GBP 601       789  
Series 2021-2, Class B, Reg. S, (SONIA Interest Rate Benchmark + 1.20%), 1.87%, 10/20/2028 (aa)    GBP 200       261  
Dryden 49 Senior Loan Fund, (Cayman Islands), Series 2017-49A, Class AR, (ICE LIBOR USD 3 Month + 0.95%), 1.19%, 07/18/2030 (e) (aa)      1,500       1,488  
DT Auto Owner Trust, Series 2020-3A, Class A, 0.54%, 04/15/2024 (e)      253       252  
ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e)      957       900  
Enterprise Fleet Financing LLC, Series 2019-3, Class A2, 2.06%, 05/20/2025 (e)      464       464  
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (e)      797       741  
Ford Auto Securitization Trust, (Canada),     
Series 2019-BA, Class A2, 2.32%, 10/15/2023 (e)    CAD 145       116  
Series 2021-AA, Class A2, 1.16%, 10/15/2025 (e)    CAD 1,300       1,020  
Ford Credit Auto Owner Trust, Series 2019-B, Class A4, 2.24%, 10/15/2024      320       321  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Ford Credit Floorplan Master Owner Trust A,     
Series 2019-3, Class A2, (ICE LIBOR USD 1 Month + 0.60%), 1.00%, 09/15/2024 (aa)      2,480       2,482  
Series 2020-1, Class A1, 0.70%, 09/15/2025      1,400       1,359  
FS Rialto Issuer LLC, Series 2022-FL4, Class A, (United States 30 Day Average SOFR + 1.90%), 2.20%, 01/19/2039 (e) (aa)      475       475  
Gilbert Park CLO Ltd., (Cayman Islands), Series 2017-1A, Class A, (ICE LIBOR USD 3 Month + 1.19%), 1.43%, 10/15/2030 (e) (aa)      1,650       1,635  
GM Financial Consumer Automobile Receivables Trust,     
Series 2019-3, Class A4, 2.21%, 11/18/2024      175       175  
Series 2020-1, Class A3, 1.84%, 09/16/2024      553       555  
GMF Canada Leasing Trust, (Canada), Series 2021-1A, Class A2, 0.64%, 03/20/2024 (e)    CAD 800       637  
Hertz Vehicle Financing III LLC, Series 2022-3A, Class A, 3.37%, 03/25/2025 (e)      100       100  
Honda Auto Receivables Owner Trust, Series 2019-3, Class A4, 1.85%, 08/15/2025      245       245  
Hyundai Auto Receivables Trust, Series 2022-A, Class A2B, (United States 30 Day Average SOFR + 0.63%), 0.68%, 02/18/2025 (e) (aa)      3,760       3,760  
ICG US CLO Ltd., (Cayman Islands), Series 2015-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.14%), 1.39%, 10/19/2028 (e) (aa)      800       796  
KREF Ltd., (Cayman Islands), Series 2022-FL3, Class A, (CME Term SOFR 1 Month + 1.45%), 1.78%, 02/17/2039 (e) (aa)      1,310       1,301  
Madison Park Funding XXXIII Ltd., (Cayman Islands), Series 2019-33A, Class AR, (CME Term SOFR 3 Month + 1.29%), 1.45%, 10/15/2032 (e) (aa)      250       249  
Master Credit Card Trust, (Canada), Series 2021-1A, Class A, 0.53%, 11/21/2025 (e)      1,500       1,429  
Navient Private Education Loan Trust, Series 2017-A, Class A2B, (ICE LIBOR USD 1 Month + 0.90%), 1.30%, 12/16/2058 (e) (aa)      337       337  
Nelnet Student Loan Trust,     
Series 2019-2A, Class A, (ICE LIBOR USD 1 Month + 0.90%), 1.36%, 06/27/2067 (e) (aa)      1,001       1,006  
Series 2021-CA, Class AFL, (ICE LIBOR USD 1 Month + 0.74%), 1.19%, 04/20/2062 (e) (aa)      632       624  
Neuberger Berman Loan Advisers CLO 26 Ltd., (Cayman Islands), Series 2017-26A, Class AR, (ICE LIBOR USD 3 Month + 0.92%), 1.16%, 10/18/2030 (e) (aa)      1,900       1,896  
OHA Credit Funding 6 Ltd., (Cayman Islands), Series 2020-6A, Class AR, (ICE LIBOR USD 3 Month + 1.14%), 1.39%, 07/20/2034 (e) (aa)      1,000       987  
Oscar US Funding XI LLC, (Japan), Series 2019-2A, Class A4, 2.68%, 09/10/2026 (e)      300       301  
Oscar US Funding XII LLC, (Japan), Series 2021-1A, Class A2, 0.40%, 03/11/2024 (e)      803       800  
Oscar US Funding XIII LLC, Series 2021-2A, Class A2, 0.39%, 08/12/2024 (e)      651       647  
OZLM XII Ltd., (Cayman Islands), Series 2015-12A, Class A1R, (ICE LIBOR USD 3 Month + 1.05%), 1.35%, 04/30/2027 (e) (aa)      32       32  
Palmer Square CLO Ltd., (Cayman Islands), Series 2013-2A, Class A1A3, (ICE LIBOR USD 3 Month + 1.00%), 1.25%, 10/17/2031 (e) (aa)      250       246  
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 1.25%, 07/25/2035 (aa)      891       888  
Pawnee Equipment Receivables Series LLC, Series 2021-1, Class A2, 1.10%, 07/15/2027 (e)      1,000       967  
PRET LLC,     
Series 2021-NPL3, Class A1, SUB, 1.87%, 07/25/2051 (e)      759       718  
Series 2021-NPL6, Class A1, SUB, 2.49%, 07/25/2051 (e)      660       641  
Pretium Mortgage Credit Partners LLC, Series 2021-RN1, Class A1, SUB, 1.99%,
02/25/2061 (e)		      348       332  
Prodigy Finance DAC, (Ireland), Series 2021-1A, Class A, (ICE LIBOR USD 1 Month + 1.25%), 1.71%, 07/25/2051 (e) (aa)      174       173  
Red & Black Auto Germany UG, (Germany), Series 8, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.75), 0.20%, 09/15/2030 (aa)    EUR 200       220  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Red & Black Auto Italy Srl, (Italy), Series 1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.70), 0.16%, 12/28/2031 (aa)    EUR 1,553       1,728  
Rockford Tower CLO Ltd., (Cayman Islands), Series 2017-3A, Class A, (ICE LIBOR USD 3 Month + 1.19%), 1.44%, 10/20/2030 (e) (aa)      250       249  
RR 3 Ltd., (Cayman Islands), Series 2018-3A, Class A1R2, (ICE LIBOR USD 3 Month + 1.09%), 1.33%, 01/15/2030 (e) (aa)      1,000       992  
Santander Drive Auto Receivables Trust,     
Series 2020-4, Class A3, 0.48%, 07/15/2024      66       66  
Series 2021-2, Class A2, 0.28%, 04/15/2024      38       38  
Series 2022-2, Class A2, 2.12%, 10/15/2026      1,500       1,500  
SC Germany SA Compartment Consumer, (Luxembourg), Series 2020-1, Class C, Reg. S, (ICE LIBOR EUR 1 Month + 1.75), 1.22%, 11/14/2034 (aa)    EUR 416       461  
SLM Student Loan Trust,     
Series 2003-10A, Class A3, (ICE LIBOR USD 3 Month + 0.47%), 1.30%, 12/15/2027 (e) (aa)      75       75  
Series 2004-10, Class A7B, (ICE LIBOR USD 3 Month + 0.60%), 0.86%, 10/25/2029 (e) (aa)      1,216       1,210  
SMB Private Education Loan Trust,     
Series 2016-B, Class A2B, (ICE LIBOR USD 1 Month + 1.45%), 1.85%, 02/17/2032 (e) (aa)      830       831  
Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e)      584       576  
Series 2017-A, Class A2B, (ICE LIBOR USD 1 Month + 0.90%), 1.30%, 09/15/2034 (e) (aa)      1,176       1,179  
Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e)      560       536  
Series 2021-A, Class A2A1, (ICE LIBOR USD 1 Month + 0.73%), 1.13%, 01/15/2053 (e) (aa)      2,350       2,316  
Series 2021-C, Class A1, (ICE LIBOR USD 1 Month + 0.40%), 0.80%, 01/15/2053 (e) (aa)      246       246  
SoFi Professional Loan Program LLC, Series 2016-C, Class A2B, 2.36%, 12/27/2032 (e)      122       123  
Symphony CLO XXIV Ltd., (Cayman Islands), Series 2020-24A, Class A, (ICE LIBOR USD 3 Month + 1.20%), 1.46%, 01/23/2032 (e) (aa)      700       694  
TCI-Symphony CLO Ltd., (Cayman Islands), Series 2016-1A, Class AR2, (ICE LIBOR USD 3 Month + 1.02%), 1.26%, 10/13/2032 (e) (aa)      265       260  
Towd Point Asset Trust, Series 2021-SL1, Class A2, (ICE LIBOR USD 1 Month + 0.70%), 1.15%, 11/20/2061 (e) (aa)      248       247  
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e)      1,500       1,423  
Venture XVIII CLO Ltd., (Cayman Islands), Series 2014-18A, Class AR, (ICE LIBOR USD 3 Month + 1.22%), 1.46%, 10/15/2029 (e) (aa)      2,100       2,093  
Verizon Owner Trust, Series 2020-A, Class A1B, (ICE LIBOR USD 1 Month + 0.27%), 0.72%, 07/22/2024 (aa)      417       417  
Voya CLO Ltd., (Cayman Islands), Series 2018-3A, Class A1A, (ICE LIBOR USD 3 Month + 1.15%), 1.39%, 10/15/2031 (e) (aa)      1,150       1,144  
VOYA CLO, (Cayman Islands), Series 2017-2A, Class A1R, (ICE LIBOR USD 3 Month + 0.98%), 1.22%, 06/07/2030 (e) (aa)      270       269  
Westlake Automobile Receivables Trust, Series 2021-3A, Class A3, 0.95%, 06/16/2025 (e)      1,460       1,430  
Wind River CLO Ltd., (Cayman Islands), Series 2013-1A, Class A1RR, (ICE LIBOR USD 3 Month + 0.98%), 1.23%, 07/20/2030 (e) (aa)      250       249  
World Omni Select Auto Trust, Series 2020-A, Class A2, 0.47%, 06/17/2024      10       10  
    

 

 

  
Total Asset-Backed Securities
(Cost $71,242)		        70,194  
    

 

 

  
Certificates of Deposit — 2.9%     
Financial — 2.9%     
Banks — 2.9%     
Canadian Imperial Bank of Commerce, (Canada), 1.35%, 02/13/2023      3,000       2,984  
Credit Suisse AG, (Switzerland),     
(United States SOFR + 0.43%), 0.70%, 10/28/2022 (aa)      4,500       4,497  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — continued     
Banks — continued     
0.50%, 10/28/2022      1,400       1,393  
Goldman Sachs Bank USA, 0.00%, 01/13/2023      2,000       1,994  
MUFG Bank Ltd., (Japan),     
(United States SOFR + 0.30%), 0.57%, 03/10/2023 (aa)      3,000       2,993  
(United States SOFR + 0.30%), 0.57%, 03/13/2023 (aa)      3,000       2,993  
Standard Chartered Bank, (United Kingdom), (United States SOFR + 0.42%), 0.69%, 07/28/2023 (aa)      1,300       1,296  
    

 

 

  
Total Financial        18,150  
    

 

 

  
Total Certificates of Deposit
(Cost $18,200)		        18,150  
    

 

 

  
Collateralized Mortgage Obligations — 3.8%     
Brass NO 8 plc, (United Kingdom), Series 8A, Class A1, (ICE LIBOR USD 3 Month + 0.70%), 1.16%, 11/16/2066 (e) (aa)      85       85  
Canterbury Finance NO 1 plc, (United Kingdom), Series 1, Class A2, Reg. S, (SONIA Interest Rate Benchmark + 1.35%), 1.50%, 05/16/2056 (aa)    GBP 806       1,063  
Cheshire plc, (United Kingdom), Series 2020-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 1.07%, 08/20/2045 (aa)    GBP 549       719  
CSMC Trust, Series 2021-RPL4, Class A1, 1.80%, 12/27/2060 (e) (z)      352       335  
Finsbury Square plc, (United Kingdom),     
Series 2019-3, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.01%), 1.29%, 12/16/2069 (aa)    GBP 130       171  
Series 2020-2A, Class A, (SONIA Interest Rate Benchmark + 1.30%), 1.58%,
06/16/2070 (e) (aa)		    GBP 380       502  
FNMA REMICS,     
Series 2020-29, Class FC, (ICE LIBOR USD 1 Month + 0.80%), 0.91%, 05/25/2050 (aa)      1,917       1,921  
Series 2022-8, Class D, 2.00%, 08/25/2038      1,761       1,711  
GCAT LLC, Series 2020-3, Class A1, SUB, 2.98%, 09/25/2025 (e)      759       759  
GNMA,     
Series 2015-H04, Class FA, (ICE LIBOR USD 1 Month + 0.65%), 0.76%, 12/20/2064 (aa)      1,342       1,342  
Series 2017-121, Class PE, 3.00%, 07/20/2046      229       228  
Series 2018-H18, Class FC, (ICE LIBOR USD 1 Month + 0.35%), 0.46%, 08/20/2065 (aa)      1,811       1,803  
Series 2019-54, Class KF, (ICE LIBOR USD 1 Month + 0.42%), 0.65%, 05/20/2044 (aa)      452       452  
Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 1.55%, 06/20/2071 (aa)      1,578       1,668  
Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 0.35%,
01/20/2052 (aa)		      993       951  
Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 0.40%, 01/20/2072 (aa)      700       696  
GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%,
12/25/2060 (e) (z)		      380       370  
Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 1.75%, 07/25/2061 (e)      1,344       1,279  
London Wall Mortgage Capital plc, (United Kingdom), Series 2017-FL1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.97%), 0.95%, 11/15/2049 (aa)    GBP 28       37  
MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z)      449       426  
New Residential Mortgage Loan Trust,     
Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z)      139       143  
Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z)      870       848  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Polaris RMBS, (United Kingdom), Series 2019-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.25%), 1.73%, 04/27/2057 (aa)    GBP 372       490  
Resimac Bastille Trust Series, (Australia), Series 2021-2NCA, Class A1A, (ICE LIBOR USD 1 Month + 0.65%), 0.88%, 02/03/2053 (e) (aa)      444       442  
Sage AR Funding No. plc, (United Kingdom), Series 1A, Class A, (SONIA Interest Rate Benchmark + 1.25%), 1.41%, 11/17/2030 (e) (aa)    GBP 800       1,049  
Silverstone Master Issuer plc, (United Kingdom),     
Series 2022-1A, Class 1A, (United States SOFR + 0.38%), 0.00%, 01/21/2070 (e) (aa)      700       700  
Series 2022-1X, Class 2A, Reg. S, (SONIA Interest Rate Benchmark + 0.29%), 0.00%, 01/21/2070 (aa)    GBP 550       717  
Starwood Mortgage Residential Trust,     
Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z)      314       309  
Series 2020-INV1, Class A1, 1.03%, 11/25/2055 (e) (z)      178       174  
Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z)      417       408  
Stratton Mortgage Funding, (United Kingdom), Series 2021-2A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 1.36%, 07/20/2060 (e) (aa)    GBP 169       222  
Towd Point Mortgage Funding, (United Kingdom), Series 2019-A13A, Class A1, (SONIA Interest Rate Benchmark + 0.90%), 0.99%, 07/20/2045 (e) (aa)    GBP 701       921  
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (ICE LIBOR USD 1 Month + 1.00%), 1.46%, 05/25/2058 (e) (aa)      406       406  
    

 

 

  
Total Collateralized Mortgage Obligations
(Cost $23,649)		        23,347  
    

 

 

  
Commercial Mortgage-Backed Securities — 5.3%     
AREIT Trust, Series 2019-CRE3, Class A, (United States 30 Day Average SOFR + 1.13%), 1.18%, 09/14/2036 (e) (aa)      114       114  
AREIT Trust, (Cayman Islands),     
Series 2021-CRE5, Class A, (ICE LIBOR USD 1 Month + 1.08%), 1.48%, 07/17/2026 (e) (aa)      700       698  
Series 2022-CRE6, Class A, (United States 30 Day Average SOFR + 1.25%), 1.30%, 11/17/2024 (e) (aa)      1,000       990  
Ashford Hospitality Trust, Series 2018-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.00%), 1.40%, 06/15/2035 (e) (aa)      500       495  
BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class A, (ICE LIBOR USD 1 Month + 1.05%), 1.45%, 04/15/2036 (e) (aa)      400       398  
BWAY Mortgage Trust, Series 2021-1450, Class A, (ICE LIBOR USD 1 Month + 1.25%), 1.65%, 09/15/2036 (e) (aa)      500       493  
BX Commercial Mortgage Trust, Series 2022-LP2, Class A, (CME Term SOFR 1 Month + 1.01%), 1.32%, 02/15/2039 (e) (aa)      1,000       980  
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class A, (ICE LIBOR USD 1 Month + 1.07%), 1.47%, 12/15/2037 (e) (aa)      765       762  
CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class A, (CME Term SOFR 1 Month + 0.99%), 1.04%, 02/15/2039 (e) (aa)      530       517  
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058      984       986  
Citigroup Commercial Mortgage Trust,     
Series 2013-GC15, Class A4, 4.37%, 09/10/2046 (z)      1,000       1,017  
Series 2021-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.18%), 1.58%, 10/15/2036 (e) (aa)      900       887  
COMM, Series 2013-GAM, Class A2, 3.37%, 02/10/2028 (e)      1,256       1,249  
COMM Mortgage Trust,     
Series 2013-CR8, Class A5, 3.61%, 06/10/2046 (z)      418       421  
Series 2013-CR11, Class A4, 4.26%, 08/10/2050      750       763  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Series 2013-CR12, Class A4, 4.05%, 10/10/2046      260       263  
Series 2014-UBS2, Class ASB, 3.47%, 03/10/2047      755       762  
Series 2014-UBS3, Class A4, 3.82%, 06/10/2047      1,600       1,617  
Series 2015-CR23, Class A2, 2.85%, 05/10/2048      430       430  
Series 2015-LC19, Class ASB, 3.04%, 02/10/2048      312       313  
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class A, (ICE LIBOR USD 1 Month + 0.98%), 1.38%, 05/15/2036 (e) (aa)      590       587  
CSMC, Series 2021-BHAR, Class A, (ICE LIBOR USD 1 Month + 1.15%), 1.55%,
11/15/2038 (e) (aa)		      974       974  
DBGS Mortgage Trust, Series 2018-BIOD, Class A, (ICE LIBOR USD 1 Month + 0.80%), 1.11%, 05/15/2035 (e) (aa)      1,188       1,180  
GS Mortgage Securities Corp. Trust, Series 2021-STAR, Class A, (ICE LIBOR USD 1 Month + 0.95%), 1.35%, 12/15/2036 (e) (aa)      690       683  
GS Mortgage Securities Trust,     
Series 2012-GCJ9, Class A3, 2.77%, 11/10/2045      971       973  
Series 2013-GC16, Class A4, 4.27%, 11/10/2046      1,000       1,013  
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, Class A, 4.13%, 07/05/2031 (e)      1,000       1,008  
Life Mortgage Trust, Series 2021-BMR, Class A, (ICE LIBOR USD 1 Month + 0.70%), 1.10%, 03/15/2038 (e) (aa)      295       288  
MF1X,     
Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 1.37%, 12/15/2034 (e) (aa)      1,130       1,129  
Series 2021-W10, Class B, (CME Term SOFR 1 Month + 1.37%), 1.67%, 12/15/2034 (e) (aa)      120       120  
MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, (ICE LIBOR USD 1 Month + 0.80%), 1.20%, 04/15/2038 (e) (aa)      1,135       1,116  
Morgan Stanley Bank of America Merrill Lynch Trust,     
Series 2013-C10, Class ASB, 3.91%, 07/15/2046 (z)      79       80  
Series 2013-C11, Class AAB, 3.85%, 08/15/2046      306       307  
Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (ICE LIBOR USD 1 Month + 1.00%), 1.40%, 05/15/2036 (e) (aa)      700       695  
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, (CME Term SOFR 1 Month + 1.40%), 1.45%, 03/15/2039 (e) (aa)      1,100       1,095  
SREIT Trust, Series 2021-IND, Class A, (ICE LIBOR USD 1 Month + 0.70%), 1.10%,
10/15/2038 (e) (aa)		      900       877  
TPGI Trust, Series 2021-DGWD, Class A, (ICE LIBOR USD 1 Month + 0.70%), 1.10%, 06/15/2026 (e) (aa)      1,360       1,329  
Wells Fargo Commercial Mortgage Trust,     
Series 2012-LC5, Class ASB, 2.53%, 10/15/2045      34       34  
Series 2013-LC12, Class A3FL, (ICE LIBOR USD 1 Month + 1.05%), 1.49%, 07/15/2046 (e) (aa)      742       742  
Series 2015-NXS2, Class A2, 3.02%, 07/15/2058      351       350  
Series 2016-NXS5, Class A2, 2.71%, 01/15/2059      7       7  
WFRBS Commercial Mortgage Trust,     
Series 2012-C9, Class A3, 2.87%, 11/15/2045      1,516       1,516  
Series 2013-C11, Class A5, 3.07%, 03/15/2045      876       877  
Series 2013-C12, Class ASB, 2.84%, 03/15/2048      336       337  
Series 2013-C18, Class A5, 4.16%, 12/15/2046 (z)      1,250       1,269  
    

 

 

  
Total Commercial Mortgage-Backed Securities
(Cost $33,474)		        32,741  
    

 

 

  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 54.2%     
Basic Materials — 1.0%     
Chemicals — 1.0%     
DuPont de Nemours, Inc.,     
(ICE LIBOR USD 3 Month + 1.11%), 1.62%, 11/15/2023 (aa)      1,500       1,515  
4.21%, 11/15/2023      2,000       2,048  
International Flavors & Fragrances, Inc., 0.70%, 09/15/2022 (e)      2,400       2,388  
    

 

 

  
Total Basic Materials        5,951  
    

 

 

  
Communications — 4.6%     
Internet — 0.1%     
SK Broadband Co. Ltd., (South Korea), Reg. S, 3.88%, 08/13/2023      400       406  
    

 

 

  
    
Media — 1.5%     
Charter Communications Operating LLC / Charter Communications Operating Capital,     
(ICE LIBOR USD 3 Month + 1.65%), 1.97%, 02/01/2024 (aa)      4,000       4,078  
4.46%, 07/23/2022      5,250       5,269  
    

 

 

  
       9,347  
    

 

 

  
Telecommunications — 3.0%     
AT&T, Inc.,     
(SOFR Compounded Index + 0.64%), 0.91%, 03/25/2024 (aa)      3,750       3,750  
Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 1.43%, 09/19/2023 (aa)    AUD 720       542  
(ICE LIBOR USD 3 Month + 1.18%), 1.98%, 06/12/2024 (aa)      4,000       4,060  
SES SA, (Luxembourg), 3.60%, 04/04/2023 (e)      1,300       1,307  
SK Telecom Co. Ltd., (South Korea), Reg. S, 3.75%, 04/16/2023      400       404  
Verizon Communications, Inc.,     
(SOFR Compounded Index + 0.50%), 0.77%, 03/22/2024 (aa)      5,000       4,995  
Reg. S, (BBSW ASX Australian 3 Month + 1.22%), 1.30%, 02/17/2023 (aa)    AUD 2,400       1,804  
Vodafone Group plc, (United Kingdom), Reg. S, (BBSW ASX Australian 3 Month + 1.05%), 1.20%, 12/13/2022 (aa)    AUD 2,580       1,936  
    

 

 

  
       18,798  
    

 

 

  
Total Communications        28,551  
    

 

 

  
Consumer Cyclical — 7.4%     
Auto Manufacturers — 6.8%     
BMW Finance NV, (Netherlands), 2.25%, 08/12/2022 (e)      1,100       1,102  
BMW US Capital LLC,     
(SOFR Compounded Index + 0.38%), 0.57%, 08/12/2024 (e) (aa)      2,130       2,120  
(SOFR Compounded Index + 0.84%), 1.11%, 04/01/2025 (e) (w) (aa)      1,100       1,101  
Daimler Finance North America LLC, 1.75%, 03/10/2023 (e)      1,800       1,792  
2.55%, 08/15/2022 (e)      3,250       3,261  
General Motors Financial Co., Inc.,     
(United States SOFR + 0.76%), 1.00%, 03/08/2024 (aa)      1,000       993  
1.05%, 03/08/2024      750       723  
(ICE LIBOR USD 3 Month + 1.31%), 2.31%, 06/30/2022 (aa)      400       401  
3.45%, 04/10/2022      2,000       2,001  
3.55%, 07/08/2022      4,750       4,774  
4.15%, 06/19/2023      500       507  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Hyundai Capital America,     
0.80%, 04/03/2023 (e)      2,790       2,738  
1.00%, 09/17/2024 (e)      725       682  
Reg. S, 4.13%, 06/08/2023      300       304  
Nissan Motor Acceptance Co. LLC,     
(ICE LIBOR USD 3 Month + 0.65%), 0.89%, 07/13/2022 (e) (aa)      600       599  
1.05%, 03/08/2024 (e)      1,170       1,110  
(ICE LIBOR USD 3 Month + 0.64%), 1.25%, 03/08/2024 (e) (aa)      3,375       3,357  
(ICE LIBOR USD 3 Month + 0.69%), 1.66%, 09/28/2022 (e) (aa)      1,800       1,797  
3.88%, 09/21/2023 (e)      1,000       1,006  
Stellantis NV, (Netherlands), 5.25%, 04/15/2023      2,000       2,041  
Volkswagen Group of America Finance LLC, 0.75%, 11/23/2022 (e)      6,000       5,948  
0.88%, 11/22/2023 (e)      1,000       967  
2.70%, 09/26/2022 (e)      200       201  
2.90%, 05/13/2022 (e)      1,250       1,252  
4.25%, 11/13/2023 (e)      1,000       1,019  
    

 

 

  
       41,796  
    

 

 

  
Home Builders — 0.1%     
Lennar Corp., 4.50%, 04/30/2024      500       513  
    

 

 

  

Retail — 0.5%

     
7-Eleven, Inc.,     
0.63%, 02/10/2023 (e)      1,700       1,674  
0.80%, 02/10/2024 (e)      1,400       1,346  
    

 

 

  
       3,020  
    

 

 

  
Total Consumer Cyclical        45,329  
    

 

 

  
Consumer Non-cyclical — 7.4%     
Agriculture — 1.0%     
BAT Capital Corp.,     
(ICE LIBOR USD 3 Month + 0.88%), 1.39%, 08/15/2022 (aa)      3,200       3,203  
2.76%, 08/15/2022      271       272  
Imperial Brands Finance plc, (United Kingdom), 3.75%, 07/21/2022 (e)      2,800       2,807  
    

 

 

  
       6,282  
    

 

 

  
Beverages — 0.1%     
JDE Peet’s NV, (Netherlands), 0.80%, 09/24/2024 (e)      400       376  
    

 

 

  
    
Biotechnology — 0.2%     
Gilead Sciences, Inc., 0.75%, 09/29/2023      1,500       1,466  
    

 

 

  
    
Commercial Services — 0.1%     
Transurban Queensland Finance Pty Ltd., (Australia), Reg. S, (BBSW ASX Australian 3 Month + 2.05%), 2.20%, 12/16/2024 (aa)    AUD 700       539  
    

 

 

  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 1.0%     
General Mills, Inc.,     
(ICE LIBOR USD 3 Month + 1.01%), 1.25%, 10/17/2023 (aa)      1,797       1,819  
2.60%, 10/12/2022      915       917  
6.41%, 10/15/2022      500       511  
Kroger Co. (The), 2.80%, 08/01/2022      3,000       3,006  
    

 

 

  
       6,253  
    

 

 

  
Healthcare - Products — 0.4%     
Thermo Fisher Scientific, Inc.,     
(United States SOFR + 0.53%), 0.65%, 10/18/2024 (aa)      1,285       1,282  
0.80%, 10/18/2023      1,100       1,074  
    

 

 

  
       2,356  
    

 

 

  
Healthcare - Services — 1.6%     
Anthem, Inc.,     
2.95%, 12/01/2022      1,906       1,919  
3.13%, 05/15/2022      4,149       4,156  
HCA, Inc., 5.00%, 03/15/2024      800       830  
Humana, Inc., 0.65%, 08/03/2023      3,040       2,967  
    

 

 

  
       9,872  
    

 

 

  
Pharmaceuticals — 3.0%     
AbbVie, Inc., 2.90%, 11/06/2022      9,500       9,561  
Bayer US Finance II LLC,     
(ICE LIBOR USD 3 Month + 1.01%), 1.84%, 12/15/2023 (e) (aa)      2,700       2,712  
3.88%, 12/15/2023 (e)      3,700       3,741  
Becton Dickinson and Co., (ICE LIBOR USD 3 Month + 1.03%), 1.61%, 06/06/2022 (aa)      523       523  
CVS Health Corp., 3.50%, 07/20/2022      279       280  
Shire Acquisitions Investments Ireland DAC, (Ireland), 2.88%, 09/23/2023      796       799  
Takeda Pharmaceutical Co. Ltd., (Japan), 4.40%, 11/26/2023      1,000       1,025  
    

 

 

  
       18,641  
    

 

 

  
Total Consumer Non-cyclical        45,785  
    

 

 

  
Diversified — 0.3%     
Holding Companies - Diversified — 0.3%     
Hutchison Whampoa International 12 II Ltd., (Cayman Islands), Reg. S, 3.25%, 11/08/2022      1,700       1,709  
    

 

 

  
    
Energy — 1.3%     
Oil & Gas — 0.7%     
Phillips 66, 0.90%, 02/15/2024      1,800       1,743  
Saudi Arabian Oil Co., (Saudi Arabia), Reg. S, 2.88%, 04/16/2024      1,500       1,495  
Woodside Finance Ltd., (Australia), Reg. S, 3.70%, 09/15/2026      1,000       1,004  
    

 

 

  
       4,242  
    

 

 

  
Pipelines — 0.6%     
Enbridge, Inc., (Canada), 0.55%, 10/04/2023      220       213  
(United States SOFR + 0.40%), 0.60%, 02/17/2023 (aa)      375       375  
2.15%, 02/16/2024      720       711  
4.00%, 10/01/2023      1,750       1,778  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, Inc., 3.15%, 01/15/2023      569       572  
    

 

 

  
       3,649  
    

 

 

  
Total Energy        7,891  
    

 

 

  
Financial — 23.6%     
Banks — 19.6%     
ADCB Finance Cayman Ltd., (Cayman Islands), (BBSW ASX Australian 3 Month + 1.38%), 1.45%, 10/25/2022 (aa)    AUD 1,500       1,126  
Banco Santander SA, (Spain),     
(CMT Index 1 Year + 0.45%), 0.70%, 06/30/2024 (aa)      1,200       1,166  
3.85%, 04/12/2023      3,400       3,446  
Bank of America Corp.,     
(United States SOFR + 0.67%), 1.84%, 02/04/2025 (aa)      1,490       1,458  
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (aa)      9,366       9,392  
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 03/05/2024 (aa)      1,100       1,108  
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 07/23/2024 (aa)      1,000       1,012  
Barclays plc, (United Kingdom),     
(ICE LIBOR USD 3 Month + 1.38%), 1.84%, 05/16/2024 (aa)      4,400       4,421  
Reg. S, (BBSW ASX Australian 3 Month + 1.80%), 1.95%, 06/15/2023 (aa)    AUD 1,000       757  
BNP Paribas SA, (France), Reg. S, (BBSW ASX Australian 3 Month + 1.75%), 1.90%, 12/16/2022 (aa)    AUD 500       377  
BPCE SA, (France),     
(ICE LIBOR USD 3 Month + 1.22%), 1.70%, 05/22/2022 (e) (aa)      1,000       1,001  
3.00%, 05/22/2022 (e)      1,000       1,002  
4.00%, 04/15/2024      700       712  
Canadian Imperial Bank of Commerce, (Canada), 0.45%, 06/22/2023      2,200       2,149  
Citigroup, Inc.,     
(ICE LIBOR USD 3 Month + 0.95%), 1.21%, 07/24/2023 (aa)      700       701  
(United States SOFR + 1.67%), 1.68%, 05/15/2024 (aa)      5,250       5,209  
(BBSW ASX Australian 3 Month + 1.72%), 1.80%, 10/27/2023 (aa)    AUD 1,000       759  
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 07/24/2023 (aa)      295       295  
Credit Suisse AG, (Switzerland), 0.52%, 08/09/2023      4,200       4,088  
(BBSW ASX Australian 3 Month + 1.15%), 1.23%, 05/26/2023 (aa)    AUD 2,500       1,882  
Credit Suisse Group AG, (Switzerland), 3.80%, 06/09/2023      1,000       1,010  
Credit Suisse Group Funding Guernsey Ltd., (Guernsey), 3.80%, 09/15/2022      2,734       2,762  
Danske Bank A/S, (Denmark),     
Reg. S, (ICE LIBOR USD 3 Month + 1.06%), 1.86%, 09/12/2023 (aa)      500       501  
Reg. S, 5.38%, 01/12/2024      1,200       1,238  
Deutsche Bank AG, (Germany), 3.95%, 02/27/2023      1,500       1,515  
DNB Bank ASA, (Norway), (SOFR Compounded Index + 0.83%), 1.10%, 03/28/2025 (e) (aa)      1,295       1,297  
Federation des Caisses Desjardins du Quebec, (Canada), (United States SOFR + 0.43%), 0.64%, 05/21/2024 (e) (aa)      1,900       1,888  
First Abu Dhabi Bank PJSC, (United Arab Emirates), Reg. S, (ICE LIBOR USD 3 Month + 0.95%), 1.19%, 04/16/2022 (aa)      1,700       1,700  
Goldman Sachs Group, Inc. (The),     
0.52%, 03/08/2023      4,000       3,936  
(United States SOFR + 0.50%), 0.75%, 09/10/2024 (aa)      2,500       2,473  
1.22%, 12/06/2023      600       586  
(United States SOFR + 1.39%), 1.65%, 03/15/2024 (aa)      800       805  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
(ICE LIBOR USD 3 Month + 0.99%), 2.91%, 07/24/2023 (aa)      300       301  
3.20%, 02/23/2023      1,516       1,530  
Hana Bank, (South Korea), (ICE LIBOR USD 3 Month + 0.70%), 1.66%, 10/02/2022 (e) (aa)      400       401  
HSBC Holdings plc, (United Kingdom),     
(United States SOFR + 0.58%), 0.78%, 11/22/2024 (aa)      620       614  
(ICE LIBOR USD 3 Month + 1.00%), 1.49%, 05/18/2024 (aa)      3,500       3,511  
(ICE LIBOR USD 3 Month + 1.23%), 1.98%, 03/11/2025 (aa)      1,000       1,008  
3.60%, 05/25/2023      1,500       1,517  
KeyBank NA, (United States SOFR + 0.32%), 0.43%, 06/14/2024 (aa)      375       366  
Lloyds Banking Group plc, (United Kingdom),     
(BBSW ASX Australian 3 Month + 1.30%), 1.48%, 03/20/2023 (aa)    AUD 300       226  
4.05%, 08/16/2023      1,400       1,425  
Mitsubishi UFJ Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.86%), 1.13%, 07/26/2023 (aa)      2,300       2,311  
Mizuho Financial Group, Inc., (Japan),     
(ICE LIBOR USD 3 Month + 0.63%), 1.13%, 05/25/2024 (aa)      5,000       4,998  
3.55%, 03/05/2023      2,500       2,530  
Morgan Stanley,     
(United States SOFR + 0.46%), 0.53%, 01/25/2024 (aa)      7,200       7,085  
3.75%, 02/25/2023      1,000       1,016  
NatWest Group plc, (United Kingdom),     
(ICE LIBOR USD 3 Month + 1.47%), 1.98%, 05/15/2023 (aa)      400       400  
(ICE LIBOR USD 3 Month + 1.55%), 2.52%, 06/25/2024 (aa)      1,750       1,766  
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 05/15/2023 (aa)      1,000       1,002  
3.88%, 09/12/2023      4,400       4,447  
Nordea Bank Abp, (Finland), (ICE LIBOR USD 3 Month + 0.94%), 1.45%,
08/30/2023 (e) (aa)		      200       201  
Oversea-Chinese Banking Corp. Ltd., (Singapore),     
(BBSW ASX Australian 3 Month + 0.26), 0.33%, 08/12/2024 (aa)    AUD 1,000       749  
(BBSW ASX Australian 3 Month + 0.35), 0.52%, 03/18/2024 (f) (aa)    AUD 1,000       746  
QNB Finance Ltd., (Cayman Islands), Reg. S, (ICE LIBOR USD 3 Month + 1.00%), 1.32%, 05/02/2022 (aa)      800       800  
Santander Holdings USA, Inc., 3.40%, 01/18/2023      400       402  
Societe Generale SA, (France),     
2.63%, 01/22/2025 (e)      800       775  
3.88%, 03/28/2024 (e)      700       702  
4.25%, 09/14/2023 (e)      300       304  
Standard Chartered plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.56%), 3.79%, 05/21/2025 (e) (aa)      1,600       1,603  
Sumitomo Mitsui Financial Group, Inc., (Japan), Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 1.32%, 10/16/2024 (aa)    AUD 2,300       1,734  
Sumitomo Mitsui Trust Bank Ltd., (Japan), 0.80%, 09/16/2024 (e)      200       189  
Synchrony Bank, 3.00%, 06/15/2022      300       301  
UBS AG, (Switzerland),     
(United States SOFR + 0.36%), 0.54%, 02/09/2024 (e) (aa)      1,000       993  
(United States SOFR + 0.45%), 0.63%, 08/09/2024 (e) (aa)      1,615       1,607  
Reg. S, (BBSW ASX Australian 3 Month + 0.87%), 0.95%, 07/30/2025 (aa)    AUD 2,100       1,569  
UBS Group AG, (Switzerland), (ICE LIBOR USD 3 Month + 0.95%),
2.86%, 08/15/2023 (e) (aa)		      3,500       3,506  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
UniCredit SpA, (Italy), 3.75%, 04/12/2022 (e)      1,454       1,454  
Wells Fargo & Co.,     
(United States SOFR + 1.60%), 1.65%, 06/02/2024 (aa)      3,000       2,965  
2.51%, 10/27/2023 (f)    CAD 2,500       1,983  
Woori Bank, (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.87%),
1.19%, 02/01/2023 (aa)		      300       301  
    

 

 

  
       121,110  
    

 

 

  
Diversified Financial Services — 4.0%     

AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland),

     
4.13%, 07/03/2023      2,600       2,617  
4.50%, 09/15/2023      1,100       1,109  
4.63%, 07/01/2022      1,492       1,500  
Air Lease Corp.,     
(ICE LIBOR USD 3 Month + 0.35%), 1.18%, 12/15/2022 (aa)      2,800       2,798  
2.63%, 07/01/2022      2,410       2,412  
Aircastle Ltd., (Bermuda), 5.00%, 04/01/2023      500       508  
Ally Financial, Inc., 4.63%, 05/19/2022      500       502  
American Express Co., (United States SOFR + 0.93%), 1.17%, 03/04/2025 (aa)      1,120       1,129  
Aviation Capital Group LLC, 3.88%, 05/01/2023 (e)      2,500       2,512  
Capital One Financial Corp., 2.60%, 05/11/2023      3,500       3,512  
International Lease Finance Corp., 5.88%, 08/15/2022      300       304  
Mitsubishi HC Capital, Inc., (Japan),     
2.65%, 09/19/2022 (e)      800       801  
3.96%, 09/19/2023 (e)      550       558  
Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025      1,900       1,796  
ORIX Corp., (Japan), 3.25%, 12/04/2024      400       401  
Park Aerospace Holdings Ltd., (Cayman Islands), 5.25%, 08/15/2022 (e)      1,300       1,308  
Synchrony Financial,     
2.85%, 07/25/2022      300       301  
4.38%, 03/19/2024      750       764  
    

 

 

  
       24,832  
    

 

 

  
Total Financial        145,942  
    

 

 

  
Government — 0.4%     
Sovereign — 0.4%     
KSA Sukuk Ltd., (Cayman Islands), Reg. S, 2.89%, 04/20/2022      2,300       2,300  
    

 

 

  
    
Industrial — 2.7%     
Aerospace/Defense — 0.3%     

Boeing Co. (The),

     
1.43%, 02/04/2024      1,200       1,162  
4.51%, 05/01/2023      1,000       1,017  
    

 

 

  
       2,179  
    

 

 

  
Building Materials — 0.1%     
Martin Marietta Materials, Inc., 0.65%, 07/15/2023      695       679  
    

 

 

  
    

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 0.1%     
Sydney Airport Finance Co. Pty Ltd., (Australia), Reg. S, 3.90%, 03/22/2023      400       405  
    

 

 

  
    
Machinery - Construction & Mining — 0.2%     
Komatsu Finance America, Inc., Reg. S, 0.85%, 09/09/2023      1,200       1,170  
    

 

 

  
    
Machinery - Diversified — 0.1%     
Rockwell Automation, Inc., 0.35%, 08/15/2023      480       467  
    

 

 

  
    
Miscellaneous Manufacturers — 0.2%     
General Electric Co., 2.70%, 10/09/2022      1,185       1,190  
    

 

 

  
    
Packaging & Containers — 0.3%     
Berry Global, Inc., 0.95%, 02/15/2024      1,800       1,724  
    

 

 

  
    
Transportation — 0.6%     
Ryder System, Inc., 2.88%, 06/01/2022      1,685       1,687  
3.88%, 12/01/2023      2,000       2,030  
    

 

 

  
       3,717  
    

 

 

  
Trucking & Leasing — 0.8%     

Penske Truck Leasing Co. LP / PTL Finance Corp.,

     
2.70%, 03/14/2023 (e)      3,000       3,014  
3.90%, 02/01/2024 (e)      2,000       2,026  
    

 

 

  
       5,040  
    

 

 

  
Total Industrial        16,571  
    

 

 

  
Technology — 2.5%     
Computers — 0.3%     
International Business Machines Corp., 2.88%, 11/09/2022      304       305  
Leidos, Inc., 2.95%, 05/15/2023      1,700       1,704  
    

 

 

  
       2,009  
    

 

 

  
Semiconductors — 0.4%     
NXP BV / NXP Funding LLC, (Multinational), 4.63%, 06/01/2023 (e)      2,700       2,743  
    

 

 

  
    
Software — 1.8%     
Fidelity National Information Services, Inc., 0.38%, 03/01/2023      3,745       3,678  
Fiserv, Inc., 3.80%, 10/01/2023      1,000       1,017  
Oracle Corp.,     
2.40%, 09/15/2023      2,000       1,992  
2.50%, 10/15/2022      1,180       1,184  
VMware, Inc., 0.60%, 08/15/2023      3,100       3,014  
    

 

 

  
       10,885  
    

 

 

  
Total Technology        15,637  
    

 

 

  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 3.0%     
Electric — 3.0%     
Dominion Energy, Inc., Series D, (ICE LIBOR USD 3 Month + 0.53%), 1.36%, 09/15/2023 (aa)      1,800       1,797  
Enel Finance International NV, (Netherlands), 2.65%, 09/10/2024 (e)      1,500       1,479  
Israel Electric Corp. Ltd., (Israel),     
6.88%, 06/21/2023 (e)      500       521  
Series 6, Reg. S, 5.00%, 11/12/2024 (e)      300       312  
Kansai Electric Power Co., Inc. (The), (Japan), Reg. S, 2.55%, 09/17/2024      1,740       1,718  
NextEra Energy Capital Holdings, Inc.,     
0.65%, 03/01/2023      3,965       3,908  
(SOFR Compounded Index + 0.54%), 0.76%, 03/01/2023 (aa)      710       709  
Pacific Gas and Electric Co.,     
1.75%, 06/16/2022      600       599  
(ICE LIBOR USD 3 Month + 1.48%), 2.36%, 06/16/2022 (aa)      3,000       3,000  
3.25%, 06/15/2023      100       100  
3.40%, 08/15/2024      100       99  
3.75%, 02/15/2024      100       100  
3.85%, 11/15/2023      100       101  
4.25%, 08/01/2023      800       808  
Southern California Edison Co., 0.70%, 04/03/2023      2,200       2,166  
Southern Co. (The), Series 2021, (United States SOFR + 0.37%), 0.55%, 05/10/2023 (aa)      1,300       1,296  
    

 

 

  
Total Utilities        18,713  
    

 

 

  
Total Corporate Bonds
(Cost $338,516)		        334,379  
    

 

 

  
Foreign Government Securities — 0.6%     
International Bank for Reconstruction & Development, (Supranational), 0.65%, 02/10/2026      3,100       2,898  
Korea Development Bank (The), (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.80%), 1.08%, 10/30/2022 (aa)      400       401  
Korea National Oil Corp., (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.88%), 1.12%, 07/16/2023 (aa)      800       804  
    

 

 

  
Total Foreign Government Securities
(Cost $4,306)		        4,103  
    

 

 

  
Municipal Bonds — 0.6% (t)     
Alaska — 0.0% (g)     
Alaska Municipal Bond Bank Authority, Taxable, Series 2, Rev., 0.34%, 12/01/2022      235       233  
    

 

 

  
    
California — 0.1%     
Municipal Improvement Corp. of Los Angeles, Series A, Rev., 0.42%, 11/01/2023      590       572  
    

 

 

  
    
Maryland — 0.1%     
State of Maryland Department of Transportation, Series A, Rev., 0.36%, 08/01/2023      450       439  
    

 

 

  
    
North Carolina — 0.1%     
University of North Carolina at Charlotte (The),     
Rev., 0.29%, 04/01/2022      175       175  
Rev., 0.41%, 04/01/2023      350       345  
    

 

 

  
       520  
    

 

 

  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 0.3%     
Pennsylvania Economic Development Financing Authority, State System Higher Education, Rev., 0.29%, 06/15/2022      315       315  
Philadelphia Authority for Industrial Development, Rev., 0.94%, 04/15/2024      1,555       1,502  
    

 

 

  
       1,817  
    

 

 

  
Total Municipal Bonds
(Cost $3,670)		        3,581  
    

 

 

  
U.S. Government Agency Securities — 0.7%     
FHLBs,     
0.96%, 03/05/2026      2,100       1,974  
1.10%, 08/20/2026      1,800       1,688  
1.11%, 07/27/2026      567       530  
    

 

 

  
Total U.S. Government Agency Securities
(Cost $4,467)		        4,192  
    

 

 

  
U.S. Treasury Obligations — 1.9%     
U.S. Treasury Notes,     
0.75%, 12/31/2023 (ii)      10,600       10,331  
0.75%, 11/15/2024      1,000       957  
1.00%, 12/15/2024      300       288  
    

 

 

  
Total U.S. Treasury Obligations
(Cost $11,892)		        11,576  
    

 

 

  
Short-Term Investments — 18.2%     
Certificates of Deposit — 6.9%     
Bank of Montreal, 1.17%, 02/09/2023 (n)      3,000       2,981  
Bank of Nova Scotia (The), 0.20%, 09/21/2022 (n)      3,000       2,983  
Barclays Bank plc, 1.67%, 03/03/2023 (n)      2,000       1,991  
0.24%, 04/08/2022 (n)      1,500       1,500  
Canadian Imperial Bank of Commerce, 0.35%, 11/02/2022 (n)      3,000       2,979  
Citibank NA, 0.98%, 02/02/2023 (n)      3,000       2,976  
Credit Suisse AG,     
0.39%, 11/01/2022 (n)      3,000       2,977  
1.12%, 02/02/2023 (n)      3,000       2,974  
MUFG Bank Ltd., 0.21%, 10/25/2022 (n)      5,500       5,465  
Natixis Bank SA, (France) 0.30%, 10/20/2022 (n)      2,500       2,483  
Royal Bank of Canada, 0.38%, 11/10/2022 (n)      1,500       1,489  
Svenska Handelsbanken, (Sweden), (United States SOFR + 0.25%), 0.31%, 02/24/2023 (aa) (n)      2,000       1,996  
Toronto-Dominion Bank (The),     
0.27%, 10/20/2022 (n)      2,000       1,986  
0.34%, 10/28/2022 (n)      2,500       2,482  
0.74%, 12/30/2022 (n)      2,000       1,984  
1.17%, 02/10/2023 (n)      3,000       2,979  
    

 

 

  
Total Certificates of Deposit        42,225  
    

 

 

  
Commercial Papers — 2.9%     
AT&T, Inc., 0.95%, 04/18/2022 (e) (n)      1,400       1,399  
BP Capital Markets plc, (United Kingdom), 1.05%, 05/16/2022 (e)      1,200       1,199  
Brookfield U.S. Holdings, Inc., (Canada), 1.00%, 04/04/2022 (e) (n)      1,700       1,700  
Conagra Brands, Inc., 1.00%, 04/08/2022 (e) (n)      1,700       1,700  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Commercial Papers — continued     
Dominion Energy, Inc., 0.90%, 04/07/2022 (e) (n)      1,200       1,200  
Enbridge U.S., Inc., 1.40%, 05/17/2022 (e) (n)      1,900       1,897  
Entergy Corp.,     
1.00%, 04/06/2022 (e) (n)      1,000       1,000  
1.25%, 05/06/2022 (e) (n)      800       799  

International Flavors & Fragrances, Inc.,

     
1.62%, 06/03/2022 (e) (n)      800       798  
1.70%, 05/23/2022 (e) (n)      1,000       999  
Macquarie Bank Ltd., (Australia), 1.39%, 02/06/2023 (e) (n)      3,000       2,946  
Royal Bank of Canada, (Canada), 0.00%, 10/20/2022 (e) (n)      2,000       1,986  
    

 

 

  
Total Commercial Papers        17,623  
    

 

 

  
Corporate Bond — 0.2%     
Southern California Edison Co., Series F, (SOFR Compounded Index + 0.35%), 0.61%, 06/13/2022 (aa)      1,500       1,500  
    

 

 

  
Foreign Government Securities — 7.3%     
Alberta T-Bill, (Canada), Zero Coupon, 04/19/2022    CAD 6,000       4,798  
Bank of Israel Bill—Makam, (Israel), Series 1112, Reg. S, Zero Coupon, 11/02/2022    ILS 5,700       1,784  
Canadian Treasury Bill, (Canada), Zero Coupon, 04/14/2022    CAD 6,000       4,799  
France Treasury Bill BTF, (France), Reg. S, Zero Coupon, 04/06/2022    EUR 12,000       13,275  
Japan Treasury Discount Bill, (Japan),     
Series 1045, Zero Coupon, 06/16/2022    JPY 500,000       4,108  
Series 1056, Zero Coupon, 05/16/2022    JPY 1,000,000       8,215  
Series 1062, Zero Coupon, 06/06/2022    JPY 1,000,000       8,216  
    

 

 

  
Total Foreign Government Securities        45,195  
    

 

 

  
Municipal Bond — 0.0% (g) (t)     
City of Norwich, GO, 1.35%, 08/01/2022      75       75  
    

 

 

  
Time Deposits — 0.8%     
BNP Paribas SA, 0.25%, 04/01/2022    GBP 108       142  
Brown Brothers Harriman,     
(0.19%), 04/01/2022    AUD 22       17  
0.07%, 04/01/2022    CAD 51       41  
Citibank NA, (0.78%), 04/01/2022    EUR 83       92  
Sumitomo Mitsui Banking Corp.,     
(0.38%), 04/01/2022    JPY 128       1  
0.15%, 04/01/2022      4,854       4,854  
    

 

 

  
Total Time Deposits        5,147  
    

 

 

  
U.S. Treasury Obligation — 0.1%     
U.S. Treasury Bill, Zero Coupon, 04/14/2022 (ff)      286       286  
    

 

 

  
Total Short-Term Investments
(Cost $113,397)		        112,051  
    

 

 

  
Total Investments — 99.6%
(Cost - $622,813)*		        614,314  
Other Assets in Excess of Liabilities — 0.4%        2,369  
    

 

 

  
NET ASSETS — 100.0%      $ 616,683  
    

 

 

  

 

Percentages indicated are based on net assets

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Futures contracts outstanding as of March 31, 2022:

Exchange Traded

 

DESCRIPTION

    NUMBER OF
CONTRACTS		     EXPIRATION
DATE		      TRADING
CURRENCY		      NOTIONAL
AMOUNT ($)		     VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

Long Contracts

             

3 Month Eurodollar

      51       12/2022        USD        12,624       (213 ) 

U.S. Treasury 2 Year Note

      504       06/2022        USD        108,052       (1,243 ) 
            

 

 

  
               (1,456 ) 
            

 

 

  

Short Contracts

             

U.S. Treasury 2 Year Note

      (83 )      06/2022        USD        (17,825 )      235  

U.S. Treasury 5 Year Note

      (280 )      06/2022        USD        (32,929 )      816  

U.S. Ultra Treasury 10 Year Note

      (30 )      06/2022        USD        (4,197 )      133  
            

 

 

  
               1,184  
            

 

 

  

Total unrealized appreciation (depreciation)

                (272 ) 
            

 

 

  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 March 31, 2022:

 

CURRENCY PURCHASED

     

      CURRENCY SOLD      

     

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

CAD

      1,116     

USD

      875      Bank of America, NA    04/04/2022      18  

GBP

      287     

USD

      374      Barclays Bank plc    04/04/2022      3  

GBP

      3,999     

USD

      5,252      Barclays Bank plc    04/04/2022      1  

USD

      5,734     

GBP

      4,286      Barclays Bank plc    04/04/2022      103  

USD

      13,369     

EUR

      12,000      UBS AG LONDON    04/06/2022      94  

USD

      4,802     

CAD

      6,000      Citibank, NA    04/14/2022      3  

USD

      4,801     

CAD

      6,000      UBS AG LONDON    04/19/2022      2  

USD

      3,880     

CAD

      4,844      Bank of America, NA    05/03/2022      6  

USD

      8,645     

JPY

      1,000,000      UBS AG LONDON    05/16/2022      422  

USD

      8,675     

JPY

      1,000,000      Nomura International plc    06/06/2022      448  

USD

      4,329     

JPY

      500,000      Goldman Sachs International    06/16/2022      214  
                 

 

 

  

Total unrealized appreciation

      1,314  
                 

 

 

  

USD

      7,769     

AUD

      10,854      Morgan Stanley & Co.    04/04/2022      (352 ) 

USD

      5,422     

AUD

      7,452      Morgan Stanley & Co.    04/04/2022      (154 ) 

CAD

      4,843     

USD

      3,880      Bank of America, NA    04/04/2022      (6 ) 

USD

      4,654     

CAD

      5,958      Bank of America, NA    04/04/2022      (111 ) 

USD

      5,251     

GBP

      3,999      Barclays Bank plc    05/04/2022      (1 ) 

USD

      3,537     

EUR

      3,214      BNP Paribas    06/15/2022      (29 ) 

USD

      1,813      GBP      1,390      UBS AG LONDON    06/15/2022      (12 ) 

USD

      1,785      ILS      5,699      Barclays Bank plc    11/02/2022      (17 ) 
                 

 

 

  

Total unrealized depreciation

      (682 ) 
                 

 

 

  

Net unrealized appreciation (depreciation)

      632  
              

 

 

  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 March 31, 2022:

 

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       —       2       2  
         

 

 

  

Total

             —       3       3  
 

 

 

  

 

(a)

Value of floating rate index as of March 31, 2022 was as follows:

 

FLOATING RATE

INDEX

                                     

ICE LIBOR USD 1 Month

      0.45 % 

ICE LIBOR USD 3 Month

      0.96 % 

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Centrally Cleared Credit Default Swaps contracts outstanding — buy protection (1) as of March 31, 2022:

 

REFERENCE

OBLIGATION/INDEX

    FINANCING
RATE PAID
BY THE
FUND(%)		     PAYMENT
FREQUENCY		      MATURITY
DATE		      IMPLIED
CREDIT
SPREAD
(%) (2)		      NOTIONAL
AMOUNT		      UPFRONT
PAYMENTS
(RECEIPTS)
($)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		      VALUE
($)		  

CDX.NA.IG.35-V1

      1.00 %      Quarterly        12/20/2025        0.49        USD        700        (15 )      2        (13 ) 

CDX.NA.IG.36-V1

      1.00 %      Quarterly        06/20/2026        0.55        USD        3,400        (83 )      20        (63 ) 

CDX.NA.IG.37-V1

      1.00 %      Quarterly        12/20/2026        0.61        USD        9,800        (242 )      71        (171 ) 
                   

 

 

  

Total

                       (340 )      93        (247 ) 
                   

 

 

  

 

(1) 

The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, 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 Ultra Short Duration Fund

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022

 

ASX

   —      Australian Stock Exchange

BBSW

   —      Bank Bill Swap Rate

CDX

   —      Credit Default Swap Index

CLO

   —      Collateralized Loan Obligations

CMT

   —      Constant Maturity Treasury

FHLB

   —      Federal Home Loan Bank

FNMA

   —      Federal National Mortgage Association

GNMA

   —      Government National Mortgage Association

GO

   —      General Obligation

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

Rev.

   —      Revenue

RMBS

   —      Residential Mortgage Backed Security

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 March 31, 2022.

(e)

   —      Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f)

   —      Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended.

(g)

   —      Amount rounds to less than 0.05%.

(n)

   —      The rate shown is the effective yield as of March 31, 2022.

(t)

   —      The date shown represents the earliest of the next put date, next demand date or final maturity date.

(w)

   —      All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

(z)

   —      Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2022.

(aa)

   —      Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2022.

(ff)

   —      Approximately $285,983 of this investment is restricted as
collateral for futures to Citigroup Global Markets, Inc.

(ii)

   —      Approximately $396,666 of this investment is restricted as
collateral for forwards to various brokers.

*

   —      The cost of securities is substantially the same for federal income tax purposes.

AUD

   —      Australian Dollar

CAD

   —      Canadian Dollar

EUR

   —      Euro

GBP

   —      British Pound

ILS

   —      Israeli New Shekel

JPY

   —      Japanese Yen

USD

   —      United States Dollar

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 3.2%     
Chesapeake Funding II LLC, Series 2019-1A, Class A1, 2.94%, 04/15/2031 (e)      255       255  
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, (ICE LIBOR USD 1 Month + 1.35%), 1.81%, 10/25/2037 (e) (aa)      240       240  
DT Auto Owner Trust, Series 2020-3A, Class A, 0.54%, 04/15/2024 (e)      290       290  
ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e)      1,044       982  
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (e)      897       834  
Ford Auto Securitization Trust, (Canada),     
Series 2019-BA, Class A2, 2.32%, 10/15/2023 (e)      CAD      145       116  
Series 2021-AA, Class A2, 1.16%, 10/15/2025 (e)      CAD      700       549  
Ford Credit Floorplan Master Owner Trust A,     
Series 2019-3, Class A2, (ICE LIBOR USD 1 Month + 0.60%), 1.00%, 09/15/2024 (aa)      600       600  
Series 2020-1, Class A1, 0.70%, 09/15/2025      1,700       1,650  
GMF Canada Leasing Trust, (Canada), Series 2021-1A, Class A2, 0.64%, 03/20/2024 (e)      CAD      800       637  
Hertz Vehicle Financing III LLC, Series 2022-3A, Class A, 3.37%, 03/25/2025 (e)      100       100  
Master Credit Card Trust, (Canada), Series 2021-1A, Class A, 0.53%, 11/21/2025 (e)      900       857  
Nelnet Student Loan Trust, Series 2019-2A, Class A, (ICE LIBOR USD 1 Month + 0.90%), 1.36%, 06/27/2067 (e) (aa)      1,135       1,141  
Oscar US Funding XI LLC, (Japan), Series 2019-2A, Class A4, 2.68%, 09/10/2026 (e)      350       352  
Oscar US Funding XII LLC, (Japan), Series 2021-1A, Class A2, 0.40%, 03/11/2024 (e)      910       907  
Oscar US Funding XIII LLC, Series 2021-2A, Class A2, 0.39%, 08/12/2024 (e)      732       728  
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 1.25%, 07/25/2035 (aa)      1,156       1,152  
Pawnee Equipment Receivables LLC, Series 2021-1, Class A2, 1.10%, 07/15/2027 (e)      1,100       1,064  
PRET LLC,     
Series 2021-NPL3, Class A1, SUB, 1.87%, 07/25/2051 (e)      853       808  
Series 2021-NPL6, Class A1, SUB, 2.49%, 07/25/2051 (e)      660       641  
Pretium Mortgage Credit Partners LLC, Series 2021-RN1, Class A1, SUB, 1.99%, 02/25/2061 (e)      348       332  
Santander Drive Auto Receivables Trust, Series 2022-2, Class A2, 2.12%, 10/15/2026      1,500       1,499  
SLM Student Loan Trust, Series 2004-10, Class A7B, (ICE LIBOR USD 3 Month + 0.60%), 0.86%, 10/25/2029 (e) (aa)      1,351       1,345  
SMB Private Education Loan Trust,     
Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e)      621       613  
Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e)      640       613  
Towd Point Asset Trust, Series 2021-SL1, Class A2, (ICE LIBOR USD 1 Month + 0.70%), 1.15%, 11/20/2061 (e) (aa)      248       247  
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e)      1,800       1,707  
World Omni Select Auto Trust, Series 2020-A, Class A2, 0.47%, 06/17/2024      10       10  
    

 

 

  
Total Asset-Backed Securities
(Cost $20,697)		        20,269  
    

 

 

  
Collateralized Mortgage Obligations — 3.7%     
Avon Finance NO 2 plc, (United Kingdom), Series 2X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 1.20%, 09/20/2048 (aa)      GBP      158       208  
Brass NO 8 plc, (United Kingdom), Series 8A, Class A1, (ICE LIBOR USD 3 Month + 0.70%), 1.16%, 11/16/2066 (e) (aa)      85       85  
Canterbury Finance NO 1 plc, (United Kingdom), Series 1, Class A2, Reg. S, (SONIA Interest Rate Benchmark + 1.35%), 1.50%, 05/16/2056 (aa)      GBP      806       1,063  
Cheshire plc, (United Kingdom), Series 2020-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 1.07%, 08/20/2045 (aa)      GBP      549       719  
CSMC Trust, Series 2021-RPL4, Class A1, 1.80%, 12/27/2060 (e) (z)      352       335  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Finsbury Square plc, (United Kingdom),     
Series 2019-3, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.01%), 1.29%, 12/16/2069 (aa)      GBP      174       228  
Series 2020-2A, Class A, (SONIA Interest Rate Benchmark + 1.30%), 1.58%, 06/16/2070 (e) (aa)      GBP      380       502  
FNMA REMICS,     
Series 2020-29, Class FC, (ICE LIBOR USD 1 Month + 0.80%), 0.91%, 05/25/2050 (aa)      2,136       2,140  
Series 2022-8, Class D, 2.00%, 08/25/2038      1,859       1,807  
GCAT LLC, Series 2020-3, Class A1, SUB, 2.98%, 09/25/2025 (e)      861       860  
GNMA,     
Series 2015-H04, Class FA, (ICE LIBOR USD 1 Month + 0.65%), 0.76%, 12/20/2064 (aa)      1,342       1,342  
Series 2017-121, Class PE, 3.00%, 07/20/2046      272       271  
Series 2018-H18, Class FC, (ICE LIBOR USD 1 Month + 0.35%), 0.46%, 08/20/2065 (aa)      1,811       1,803  
Series 2019-54, Class KF, (ICE LIBOR USD 1 Month + 0.42%), 0.65%, 05/20/2044 (aa)      530       531  
Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 1.55%, 06/20/2071 (aa)      1,676       1,772  
Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 0.35%, 01/20/2052 (aa)      993       951  
Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 0.40%, 01/20/2072 (aa)      800       795  
GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z)      304       296  
Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 1.75%, 07/25/2061 (e)      1,433       1,364  
London Wall Mortgage Capital plc, (United Kingdom), Series 2017-FL1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.97%), 0.95%, 11/15/2049 (aa)      GBP        35       46  
MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z)      524       497  
New Residential Mortgage Loan Trust,     
Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z)      139       143  
Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z)      924       901  
Polaris RMBS, (United Kingdom), Series 2019-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.25%), 1.73%, 04/27/2057 (aa)      GBP      410       539  
Sage AR Funding No 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Interest Rate Benchmark + 1.25%), 1.41%, 11/17/2030 (e) (aa)      GBP      800       1,049  
Silverstone Master Issuer plc, (United Kingdom), Series 2022-1A, Class 1A, (United States SOFR + 0.38%), 0.00%, 01/21/2070 (e) (aa)      700       700  
Starwood Mortgage Residential Trust,     
Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z)      377       371  
Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z)      470       459  
Stratton Mortgage Funding, (United Kingdom), Series 2021-2A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 0.99%, 07/20/2060 (e) (aa)      GBP      169       222  
Towd Point Mortgage Funding, (United Kingdom), Series 2019-A13A, Class A1, (SONIA Interest Rate Benchmark + 0.90%), 0.99%, 07/20/2045 (e) (aa)      GBP      701       921  
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (ICE LIBOR USD 1 Month + 1.00%), 1.46%, 05/25/2058 (e) (aa)      406       406  
    

 

 

  
Total Collateralized Mortgage Obligations
(Cost $23,609)		        23,326  
    

 

 

  
Commercial Mortgage-Backed Securities — 1.4%     
AREIT Trust, Series 2019-CRE3, Class A, (United States 30 Day Average SOFR + 1.13%), 1.18%, 09/14/2036 (e) (aa)      114       114  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
AREIT Trust, (Cayman Islands),     
Series 2020-CRE4, Class A, (United States 30 Day Average SOFR + 2.73%), 2.78%, 04/15/2037 (e) (aa)      169       169  
Series 2021-CRE5, Class A, (ICE LIBOR USD 1 Month + 1.08%), 1.48%, 07/17/2026 (e) (aa)      600       599  
Series 2022-CRE6, Class A, (United States 30 Day Average SOFR + 1.25%), 1.30%, 11/17/2024 (e) (aa)      900       890  
Ashford Hospitality Trust, Series 2018-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.00%), 1.40%, 06/15/2035 (e) (aa)      500       495  
BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class A, (ICE LIBOR USD 1 Month + 1.05%), 1.45%, 04/15/2036 (e) (aa)      400       398  
BWAY Mortgage Trust, Series 2021-1450, Class A, (ICE LIBOR USD 1 Month + 1.25%), 1.65%, 09/15/2036 (e) (aa)      500       493  
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058      820       822  
Citigroup Commercial Mortgage Trust, Series 2021-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.18%), 1.58%, 10/15/2036 (e) (aa)      900       887  
LUXE Trust, Series 2021-MLBH, Class A, (ICE LIBOR USD 1 Month + 0.98%), 1.38%,
11/15/2038 (e) (aa)		      800       784  
MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 1.37%, 12/15/2034 (e) (aa)      900       899  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class AAB,
3.85%, 08/15/2046		      306       307  
Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (ICE LIBOR USD 1 Month + 1.00%), 1.40%, 05/15/2036 (e) (aa)      700       695  
SREIT Trust, Series 2021-IND, Class A, (ICE LIBOR USD 1 Month + 0.70%), 1.10%,
10/15/2038 (e) (aa)		      100       97  
VMC Finance LLC, Series 2021-FL4, Class A, (ICE LIBOR USD 1 Month + 1.10%), 1.57%, 06/16/2036 (e) (aa)      489       483  
WFRBS Commercial Mortgage Trust, Series 2013-C11, Class A5, 3.07%, 03/15/2045      876       877  
    

 

 

  
Total Commercial Mortgage-Backed Securities
(Cost $9,146)		        9,009  
    

 

 

  
Corporate Bonds — 15.4%     
Communications — 1.1%     
Internet — 0.0% (g)     
SK Broadband Co. Ltd., (South Korea), Reg. S, 3.88%, 08/13/2023      200       203  
    

 

 

  
Media — 0.3%     
Charter Communications Operating LLC / Charter Communications Operating Capital, (ICE LIBOR USD 3 Month + 1.65%), 1.97%, 02/01/2024 (aa)      1,700       1,733  
    

 

 

  
Telecommunications — 0.8%     
AT&T, Inc., Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 1.43%, 09/19/2023 (aa)      AUD      800       602  
SES SA, (Luxembourg), 3.60%, 04/04/2023 (e)      1,400       1,408  
Verizon Communications, Inc., Reg. S, (BBSW ASX Australian 3 Month + 1.22%),
1.30%, 02/17/2023 (aa)		      AUD   1,500       1,128  
Vodafone Group plc, (United Kingdom), Reg. S, (BBSW ASX Australian 3 Month + 1.05%), 1.20%, 12/13/2022 (aa)      AUD   2,600       1,950  
    

 

 

  
       5,088  
    

 

 

  
Total Communications        7,024  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 1.3%     
Auto Manufacturers — 0.9%     
General Motors Financial Co., Inc.,     
(ICE LIBOR USD 3 Month + 1.31%), 2.31%, 06/30/2022 (aa)      300       301  
3.45%, 04/10/2022      1,500       1,500  
Hyundai Capital America,     
0.80%, 04/03/2023 (e)      1,200       1,178  
Reg. S, 1.25%, 09/18/2023      100       97  
3.00%, 06/20/2022 (e)      174       174  
Reg. S, 4.13%, 06/08/2023      400       405  
Nissan Motor Acceptance Co. LLC,     
(ICE LIBOR USD 3 Month + 0.65%), 0.89%, 07/13/2022 (e) (aa)      700       699  
(ICE LIBOR USD 3 Month + 0.69%), 1.66%, 09/28/2022 (e) (aa)      1,620       1,617  
    

 

 

  
       5,971  
    

 

 

  
Retail — 0.4%     
7-Eleven, Inc., 0.63%, 02/10/2023 (e)      1,800       1,772  
McDonald’s Corp., Reg. S, (BBSW ASX Australian 3 Month + 1.13%), 1.27%, 03/08/2024 (aa)      AUD      600       452  
    

 

 

  
       2,224  
    

 

 

  
Total Consumer Cyclical        8,195  
    

 

 

  

Consumer Non-cyclical — 2.1%

     
Agriculture — 1.0%     
BAT Capital Corp., (ICE LIBOR USD 3 Month + 0.88%), 1.39%, 08/15/2022 (aa)      3,500       3,504  
Imperial Brands Finance plc, (United Kingdom), 3.75%, 07/21/2022 (e)      3,100       3,107  
    

 

 

  
       6,611  
    

 

 

  
Beverages — 0.1%     
JDE Peet’s NV, (Netherlands), 0.80%, 09/24/2024 (e)      400       376  
    

 

 

  
Commercial Services — 0.1%     
Transurban Queensland Finance Pty Ltd., (Australia), Reg. S, (BBSW ASX Australian 3 Month + 2.05%), 2.20%, 12/16/2024 (aa)      AUD   1,000       770  
    

 

 

  
Food — 0.1%     
General Mills, Inc., 6.41%, 10/15/2022      600       613  
    

 

 

  
Healthcare - Products — 0.2%     
Thermo Fisher Scientific, Inc., 0.80%, 10/18/2023      1,300       1,269  
    

 

 

  
Healthcare - Services — 0.1%     
HCA, Inc., 5.00%, 03/15/2024      500       519  
    

 

 

  
Pharmaceuticals — 0.5%     
Bayer US Finance II LLC, (ICE LIBOR USD 3 Month + 1.01%), 1.84%, 12/15/2023 (e) (aa)      3,500       3,516  
    

 

 

  
Total Consumer Non-cyclical        13,674  
    

 

 

  
Diversified — 0.3%     
Holding Companies - Diversified — 0.3%     

Hutchison Whampoa International 12 II Ltd., (Cayman Islands), Reg. S, 3.25%, 11/08/2022

      1,825       1,834  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Energy — 0.4%     
Oil & Gas — 0.4%     
Saudi Arabian Oil Co., (Saudi Arabia), Reg. S, 2.88%, 04/16/2024      1,600       1,594  
Woodside Finance Ltd., (Australia), Reg. S, 3.70%, 09/15/2026      1,000       1,004  
    

 

 

  
Total Energy        2,598  
    

 

 

  
Financial — 7.4%     
Banks — 5.5%     
ADCB Finance Cayman Ltd., (Cayman Islands), (BBSW ASX Australian 3 Month + 1.38%), 1.45%, 10/25/2022 (aa)      AUD   1,500       1,126  
Barclays plc, (United Kingdom),     
(ICE LIBOR USD 3 Month + 1.38%), 1.84%, 05/16/2024 (aa)      1,300       1,306  
Reg. S, (BBSW ASX Australian 3 Month + 1.80%), 1.95%, 06/15/2023 (aa)      AUD      750       568  
BNP Paribas SA, (France), Reg. S, (BBSW ASX Australian 3 Month + 1.75%), 1.90%, 12/16/2022 (aa)      AUD      700       527  
Citigroup, Inc.,     
(ICE LIBOR USD 3 Month + 0.95%), 1.21%, 07/24/2023 (aa)      850       851  
(BBSW ASX Australian 3 Month + 1.72%), 1.80%, 10/27/2023 (aa)      AUD   1,000       759  
Credit Suisse AG, (Switzerland), (BBSW ASX Australian 3 Month + 1.15%), 1.23%, 05/26/2023 (aa)      AUD   2,500       1,882  
Danske Bank A/S, (Denmark),     
Reg. S, (ICE LIBOR USD 3 Month + 1.06%), 1.86%, 09/12/2023 (aa)      600       601  
Reg. S, 5.38%, 01/12/2024      1,100       1,135  
First Abu Dhabi Bank PJSC, (United Arab Emirates), Reg. S, (ICE LIBOR USD 3 Month + 0.95%), 1.19%, 04/16/2022 (aa)      1,800       1,800  
Goldman Sachs Group, Inc. (The), 1.22%, 12/06/2023      1,100       1,074  
Reg. S, (BBSW ASX Australian 3 Month + 1.55%), 1.61%, 05/02/2024 (aa)      AUD      500       379  
(ICE LIBOR USD 3 Month + 0.99%), 2.91%, 07/24/2023 (aa)      300       300  
Hana Bank, (South Korea), (ICE LIBOR USD 3 Month + 0.70%), 1.66%, 10/02/2022 (e) (aa)      500       501  
HSBC Holdings plc, (United Kingdom),     
(ICE LIBOR USD 3 Month + 1.00%), 1.49%, 05/18/2024 (aa)      800       802  
(ICE LIBOR USD 3 Month + 1.23%), 1.98%, 03/11/2025 (aa)      1,000       1,008  
Lloyds Banking Group plc, (United Kingdom),     
(BBSW ASX Australian 3 Month + 1.30%), 1.48%, 03/20/2023 (aa)      AUD      300       226  
4.05%, 08/16/2023      1,390       1,415  
Mitsubishi UFJ Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.86%), 1.13%, 07/26/2023 (aa)      2,500       2,512  
Mizuho Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.63%), 1.13%, 05/25/2024 (aa)      3,400       3,399  
NatWest Group plc, (United Kingdom),     
(ICE LIBOR USD 3 Month + 1.47%), 1.98%, 05/15/2023 (aa)      700       701  
(ICE LIBOR USD 3 Month + 1.55%), 2.52%, 06/25/2024 (aa)      700       706  
Nordea Bank Abp, (Finland), (ICE LIBOR USD 3 Month + 0.94%), 1.45%, 08/30/2023 (e) (aa)      200       201  
Oversea-Chinese Banking Corp. Ltd., (Singapore),     
(BBSW ASX Australian 3 Month + 0.26%), 0.33%, 08/12/2024 (aa)      AUD   1,000       749  
(BBSW ASX Australian 3 Month + 0.35%), 0.52%, 03/18/2024 (f) (aa)      AUD      500       373  
QNB Finance Ltd., (Cayman Islands), Reg. S, (ICE LIBOR USD 3 Month + 1.00%), 1.32%, 05/02/2022 (aa)      1,100       1,100  
Santander Holdings USA, Inc., 3.40%, 01/18/2023      1,300       1,308  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Societe Generale SA, (France),     
2.63%, 01/22/2025 (e)      800       775  
3.88%, 03/28/2024 (e)      500       501  
4.25%, 09/14/2023 (e)      500       507  
Standard Chartered plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.56%), 3.79%, 05/21/2025 (e) (aa)      1,700       1,704  
Sumitomo Mitsui Financial Group, Inc., (Japan), Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 1.32%,
10/16/2024 (aa)		      AUD   2,400       1,810  
Sumitomo Mitsui Trust Bank Ltd., (Japan), 0.80%, 09/16/2024 (e)      400       378  
UBS AG, (Switzerland), Reg. S, (BBSW ASX Australian 3 Month + 0.87%), 0.95%, 07/30/2025 (aa)      AUD   2,200       1,644  
    

 

 

  
       34,628  
    

 

 

  
Diversified Financial Services — 1.9%     
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.50%, 09/15/2023      1,100       1,109  
Ally Financial, Inc.,     
3.05%, 06/05/2023      300       301  
4.63%, 05/19/2022      200       201  
American Express Co., 2.75%, 05/20/2022      3,700       3,703  
International Lease Finance Corp., 5.88%, 08/15/2022      300       304  
Mitsubishi HC Capital, Inc., (Japan), 2.65%, 09/19/2022 (e)      1,700       1,703  
Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025      2,300       2,173  
ORIX Corp., (Japan),     
2.90%, 07/18/2022      688       690  
3.25%, 12/04/2024      400       401  
Park Aerospace Holdings Ltd., (Cayman Islands), 5.25%, 08/15/2022 (e)      1,100       1,107  
Synchrony Financial, 2.85%, 07/25/2022      600       602  
    

 

 

  
       12,294  
    

 

 

  
Total Financial        46,922  
    

 

 

  
Government — 0.3%     
Sovereign — 0.3%     

KSA Sukuk Ltd., (Cayman Islands), Reg. S, 2.89%, 04/20/2022

      1,800       1,800  
    

 

 

  
Industrial — 0.7%     
Aerospace/Defense — 0.4%     

Boeing Co. (The),

     
1.43%, 02/04/2024      1,000       968  
4.51%, 05/01/2023      1,400       1,424  
    

 

 

  
       2,392  
    

 

 

  
Machinery - Construction & Mining — 0.1%     
Komatsu Finance America, Inc., Reg. S, 0.85%, 09/09/2023      1,000       975  
    

 

 

  
Packaging & Containers — 0.2%     
Berry Global, Inc., 0.95%, 02/15/2024      1,200       1,149  
    

 

 

  
Total Industrial        4,516  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Technology — 0.2%     
Computers — 0.2%     
Leidos, Inc., 2.95%, 05/15/2023      1,000       1,002  
    

 

 

  
Semiconductors — 0.0% (g)     
NXP BV / NXP Funding LLC, (Multinational), 4.63%, 06/01/2023 (e)      280       285  
    

 

 

  
Total Technology        1,287  
    

 

 

  
Utilities — 1.6%     
Electric — 1.6%     
American Electric Power Co., Inc., Series A, (ICE LIBOR USD 3 Month + 0.48%), 0.80%, 11/01/2023 (aa)      1,300       1,298  
Dominion Energy, Inc., Series D, (ICE LIBOR USD 3 Month + 0.53%), 1.36%, 09/15/2023 (aa)      800       799  

Israel Electric Corp. Ltd., (Israel),

     
6.88%, 06/21/2023 (e)      500       521  
Series 6, Reg. S, 5.00%, 11/12/2024 (e)      300       312  
Kansai Electric Power Co., Inc. (The), (Japan), Reg. S, 2.55%, 09/17/2024      1,800       1,777  
Pacific Gas and Electric Co.,     
1.70%, 11/15/2023      200       195  
1.75%, 06/16/2022      600       599  
3.25%, 06/15/2023      200       200  
3.75%, 02/15/2024      100       101  
3.85%, 11/15/2023      400       402  
4.25%, 08/01/2023      800       808  
Southern California Edison Co., (SOFR Compounded Index + 0.64%), 0.91%, 04/03/2023 (aa)      1,700       1,699  
Southern Co. (The), Series 2021, (United States SOFR + 0.37%), 0.55%, 05/10/2023 (aa)      1,400       1,396  
    

 

 

  
Total Utilities        10,107  
    

 

 

  
Total Corporate Bonds     
(Cost $98,801)        97,957  
    

 

 

  
Foreign Government Securities — 0.8%     
Export-Import Bank of Korea, (South Korea), (ICE LIBOR USD 3 Month + 0.53%), 1.49%, 06/25/2022 (aa)      1,000       1,002  
International Bank for Reconstruction & Development, (Supranational), 0.65%, 02/10/2026      3,400       3,178  
Korea Development Bank (The), (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.80%), 1.08%, 10/30/2022 (aa)      500       502  
Korea National Oil Corp., (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.88%), 1.12%, 07/16/2023 (aa)      500       502  
    

 

 

  
Total Foreign Government Securities     
(Cost $5,405)        5,184  
    

 

 

  
Municipal Bonds — 68.9% (t)     
Alabama — 0.1%     
Lower Alabama Gas District, Series A, Rev., 4.00%, 12/01/2022      550       557  
    

 

 

  
    
Alaska — 0.4%     
Alaska Housing Finance Corp., Series B, Rev., VRDO, 0.51%, 04/07/2022 (z)      2,400       2,400  
    

 

 

  
    

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 2.0%     
Arizona State University, Series A, Rev., VRDO, 0.51%, 04/07/2022 (z)      10,200       10,200  
Maricopa County Unified School District, GO, 5.00%, 07/01/2022      1,310       1,323  
Maricopa County, Union High School District No. 210, School Improvement Project 2011 and 2017, GO, 5.00%, 07/01/2022      1,000       1,009  
    

 

 

  
       12,532  
    

 

 

  
California — 6.0%     
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Series B, Rev., AMT, 5.00%, 07/01/2022      1,430       1,443  
California Public Finance Authority, Rev., VRDO, LOC: Barclays Bank plc, 0.38%, 04/01/2022 (z)      2,000       2,000  
California Statewide Communities Development Authority, Washington Court Apartments, Rev., HUD, 0.22%, 08/01/2023 (z)      2,250       2,241  
City of Long Beach, Series B, Rev., AMT, 4.00%, 05/15/2022      3,000       3,010  
Los Angeles Department of Water & Power, Power System Revenue, Subordinate, Series B8, Rev., VRDO, 0.44%, 04/07/2022 (z)      5,500       5,500  
Sacramento County Sanitation Districts Financing Authority, Rev., 5.00%, 12/01/2022      2,000       2,050  
San Francisco City & County Airport Comm-San Francisco International Airport, Series B, Rev., VRDO, LOC: Barclays Bank plc, 0.52%, 04/07/2022 (z)      18,850       18,850  
State of California,     
GO, 5.00%, 10/01/2022      1,000       1,019  
GO, 5.00%, 11/01/2022      1,000       1,021  
Series C3, GO, VRDO, LOC: U.S. Bank NA, 0.41%, 04/07/2022 (z)      1,445       1,445  
    

 

 

  
       38,579  
    

 

 

  
Colorado — 0.8%     
Denver City & County School District No. 1, GO, 5.00%, 12/01/2022      3,000       3,074  
Weld County School District No. 6 Greeley, GO, 5.00%, 12/01/2022      1,850       1,895  
    

 

 

  
       4,969  
    

 

 

  
Connecticut — 3.4%     
Connecticut Housing Finance Authority,     
Series B3, Rev., VRDO, 0.50%, 04/07/2022 (z)      5,680       5,680  
Series F3, Rev., VRDO, 0.55%, 04/07/2022 (z)      10,500       10,500  
Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issuer,     
Rev., 4.00%, 07/01/2022      500       503  
Rev., 4.00%, 07/01/2023      550       563  
Connecticut State Health & Educational Facilities Authority, Yale University, Series V1, Rev., VRDO, 0.26%, 04/01/2022 (z)      1,500       1,500  
Hartford County, Metropolitan District (The), Series A, GO, 5.00%, 07/15/2022      1,200       1,213  
State of Connecticut Special Tax Revenue, Series A, Rev., 4.00%, 05/01/2023      1,530       1,568  
    

 

 

  
       21,527  
    

 

 

  
District of Columbia — 1.2%     

District of Columbia, Carnegie, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.49%, 04/07/2022 (z)

      2,325       2,325  
District of Columbia, Georgetown University, Series B2, Rev., VRDO, LOC: Bank of America NA, 0.49%, 04/07/2022 (z)      3,495       3,495  
District of Columbia, Georgetown University (The), Series B1, Rev., VRDO, LOC: Bank of America NA, 0.49%, 04/07/2022 (z)      1,915       1,915  
    

 

 

  
       7,735  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 10.3%     
Central Florida Expressway Authority, Senior Lien,     
Rev., AGM, 5.00%, 07/01/2022      1,100       1,111  
Rev., AGM, 5.00%, 07/01/2023      1,000       1,040  
City of Fort Lauderdale, Police and Public Safety Project, Series B, GO, 5.00%, 07/01/2022      1,215       1,227  
City of Gainesville, Utilities System, Series B, Rev., VRDO, 0.52%, 04/07/2022 (z)      6,540       6,540  
County of Miami-Dade, Building Better Communities Project, Series A, GO, 5.00%, 07/01/2022      6,000       6,058  
Florida Gulf Coast University Financing Corp., Parking Project, Series A, Rev., VRDO, LOC: TD Bank NA, 0.51%, 04/07/2022 (z)      3,340       3,340  
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 0.52%, 04/07/2022 (z)      4,000       4,000  
JEA Water & Sewer System Revenue, Subordinate, Series A1, Rev., VRDO, 0.38%,
04/01/2022 (z)		      8,000       8,000  
JEA Water & Sewer System Revenue,     
Rev., 5.00%, 10/01/2024      3,750       3,977  
Series B1, Rev., VRDO, 0.50%, 04/07/2022 (z)      8,385       8,385  
Lee Memorial Health System, Series A1, Rev., 5.00%, 04/01/2022      1,000       1,000  
Orange County Health Facilities Authority, Nemours Foundation, Series B, Rev., VRDO, LOC: Northern Trust Co., 0.49%, 04/07/2022 (z)      1,900       1,900  
Orlando Utilities Commission, Series 1, Rev., VRDO, 0.51%, 04/07/2022 (z)      14,630       14,630  
Seacoast Utility Authority, Series B, Rev., 5.00%, 03/01/2023      2,215       2,284  
State of Florida, Board Education, Capital Outlay, Series A, GO, 5.00%, 06/01/2022      2,500       2,516  
    

 

 

  
       66,008  
    

 

 

  
Georgia — 0.3%     
Brookhaven Development Authority, Children’s Healthcare of Atlanta Obligated Group, Series A, Rev., 5.00%, 07/01/2022      1,040       1,050  
City of Atlanta Department of Aviation, Series C, Rev., AMT, 5.00%, 07/01/2024      615       652  
    

 

 

  
       1,702  
    

 

 

  
Idaho — 0.7%     
Idaho Health Facilities Authority, St. Luke’s Health System Obligated Group, Rev., VRDO, LOC: U.S. Bank NA, 0.38%, 04/01/2022 (z)      4,500       4,500  
    

 

 

  
    
Illinois — 1.7%     
County of Cook, Series A, GO, 5.00%, 11/15/2023      2,250       2,359  
Illinois Finance Authority, The Catherine Cook School Project, Rev., VRDO, LOC: Northern Trust Co., 0.52%, 04/07/2022 (z)      1,770       1,770  
Illinois Finance Authority, University of Chicago Medical Center Obligated Group, Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.37%, 04/01/2022 (z)      3,600       3,600  
Sales Tax Securitization Corp., Second Lien, Series A, Rev., 5.00%, 01/01/2024      2,700       2,843  
State of Illinois, Series A, GO, 5.00%, 03/01/2023      500       513  
    

 

 

  
       11,085  
    

 

 

  
Indiana — 0.5%     
Indiana Finance Authority, Health Systems, Sisters of St. Francis, Series I, Rev., VRDO, LOC: Barclays Bank plc, 0.43%, 04/01/2022 (z)      1,605       1,605  

Indiana Municipal Power Agency, Series B, Rev., VRDO, LOC: U.S. Bank NA, 0.38%,

04/01/2022 (z)

      1,300       1,300  
Indianapolis Local Public Improvement Bond Bank, Series A, Rev., 5.00%, 06/01/2022      400       403  
    

 

 

  
       3,308  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Kansas — 0.2%     
Geary County Unified School District No. 475, Series B, GO, 5.00%, 09/01/2022      1,275       1,295  
    

 

 

  
    
Maine — 0.2%     
Maine Health & Higher Educational Facilities Authority,     
Series A, Rev., AGM, 5.00%, 07/01/2022      500       505  
Series A, Rev., AGM, 5.00%, 07/01/2023      550       572  
    

 

 

  
       1,077  
    

 

 

  
Maryland — 1.1%     
City of Frederick, Public Improvement, GO, 3.00%, 12/01/2022      1,000       1,011  
County of Anne Arundel, General Improvements, GO, 5.00%, 04/01/2022      1,165       1,165  
Washington Suburban Sanitary Commission, Series A, Rev., VRDO, BAN, CNTY GTD, 0.55%, 04/07/2022 (z)      5,000       5,000  
    

 

 

  
       7,176  
    

 

 

  
Massachusetts — 3.4%     
Commonwealth of Massachusetts, Series B, GO, 5.00%, 07/01/2023      4,650       4,841  
Massachusetts Bay Transportation Authority, Series A2, Rev., VRDO, 0.48%, 04/07/2022 (z)      4,130       4,130  
Massachusetts Development Finance Agency, Northeastern University, Series A, Rev., 5.00%, 10/01/2022      2,350       2,394  
Massachusetts Development Finance Agency, Partners Healthcare System, Inc., Series K1, Rev., VRDO, 0.50%, 04/07/2022 (z)      5,700       5,700  
Massachusetts Educational Financing Authority, Series B, Rev., AMT, 5.00%, 07/01/2022      2,000       2,018  
Massachusetts School Building Authority,     
Series A, Rev., 5.00%, 08/15/2022 (p)      2,710       2,749  
    

 

 

  
       21,832  
    

 

 

  
Michigan — 2.6%     
University of Michigan, Series D1, Rev., VRDO, 0.32%, 04/01/2022 (z)      3,375       3,375  
Wayne County Airport Authority, Detroit Metropolitan Wayne County Airport, Rev., AMT, 4.00%, 12/01/2023 (e)      12,715       13,112  
    

 

 

  
       16,487  
    

 

 

  
Minnesota — 1.1%     
City of Rochester, Mayo Clinic,     
Series A, Rev., VRDO, 0.48%, 04/07/2022 (z)      3,000       3,000  
Series B, Rev., VRDO, 0.48%, 04/07/2022 (z)      3,900       3,900  
    

 

 

  
       6,900  
    

 

 

  
Missouri — 1.4%     
City of St. Louis Airport Revenue, Series A, Rev., AGM, 5.00%, 07/01/2024      2,000       2,125  
Health & Educational Facilities Authority of the State of Missouri, Rev., 5.00%, 06/01/2024      2,380       2,530  
State of Missouri, Health & Educational Facilities Authority, Series F, Rev., VRDO, 0.43%, 04/01/2022 (z)      4,335       4,335  
    

 

 

  
       8,990  
    

 

 

  
Nevada — 0.3%     
Las Vegas Valley Water District, Series B, GO, 5.00%, 06/01/2022      2,000       2,013  
    

 

 

  
    

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 Hampshire — 1.4%     
New Hampshire Health and Education Facilities Authority Act, Bishop Guertin High School, Rev., VRDO, LOC: TD Bank NA, 0.55%, 04/07/2022 (z)      2,170       2,170  
New Hampshire Health and Education Facilities Authority Act, University System of New Hampshire, Series B, Rev., VRDO, 0.41%, 04/01/2022 (z)      3,375       3,375  
New Hampshire Health and Education Facilities Authority, University System, Series B1, Rev., VRDO, 0.41%, 04/01/2022 (z)      3,115       3,115  
    

 

 

  
       8,660  
    

 

 

  
New Jersey — 2.2%     
City of Newark, Series A, GO, 5.00%, 10/01/2022      700       711  
Jersey City Redevelopment Agency, Rev., 4.00%, 12/15/2024      5,350       5,620  
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group, Rev., 5.00%, 07/01/2024      6,930       7,385  
New Jersey Higher Education Student Assistance Authority, Series B, Rev., AMT, 5.00%, 12/01/2023      300       314  
    

 

 

  
       14,030  
    

 

 

  
New Mexico — 2.5%     
New Mexico Educational Assistance Foundation, Series 1A, Rev., AMT, 5.00%, 09/01/2024      6,750       7,214  
University of New Mexico (The), Rev., VRDO, 0.53%, 04/07/2022 (z)      8,655       8,655  
    

 

 

  
       15,869  
    

 

 

  
New York — 7.0%     
City of New York,     
Series F, GO, 5.00%, 08/01/2022      1,125       1,128  
Series G6, GO, VRDO, LOC: Mizuho Bank Ltd., 0.36%, 04/01/2022 (z)      4,000       4,000  
Series I4, GO, VRDO, LOC: TD Bank NA, 0.36%, 04/01/2022 (z)      2,000       2,000  
City of New York, Fiscal 2018, Series B, GO, VRDO, 0.43%, 04/01/2022 (z)      3,700       3,700  
City of New York, Fiscal 2017, Series A4, GO, VRDO, LOC: Citibank NA, 0.47%, 04/07/2022 (z)      1,090       1,090  
New York City Transitional Finance Authority, Future Tax Secured Revenue,     
Rev., 5.00%, 11/01/2023      1,000       1,051  
Series A4, Rev., VRDO, 0.39%, 04/01/2022 (z)      4,100       4,100  
Series B1, Rev., 4.00%, 11/01/2022      1,800       1,829  
Series B5, Rev., VRDO, 0.38%, 04/01/2022 (z)      1,000       1,000  
New York City Water & Sewer System, Second General Resolution,     
Rev., VRDO, 0.39%, 04/01/2022 (z)      3,000       3,000  
Series F2, Rev., VRDO, LOC: Citibank NA, 0.38%, 04/01/2022 (z)      1,300       1,300  
New York City Water & Sewer System, Various Second General Resolution, Series BB4, Rev., VRDO, 0.43%, 04/01/2022 (z)      2,500       2,500  
New York State Dormitory Authority,     
Series A, Rev., AGM, 4.00%, 10/01/2023      1,150       1,187  
Series B, Rev., 4.00%, 10/01/2023      2,805       2,894  
New York State Dormitory Authority, School Districts Financing Program, Rev., 5.00%, 10/01/2023      1,245       1,303  
New York State Dormitory Authority, St. Johns University, Series A, Rev., 5.00%, 07/01/2023      500       521  
New York State Thruway Authority, Series O, Rev., 5.00%, 01/01/2023      8,905       9,139  
New York State Urban Development Corp., Rev., 5.00%, 03/15/2024      1,630       1,728  
Triborough Bridge & Tunnel Authority, Series B3, Rev., VRDO, LOC: State Street Bank & Trust Co., 0.39%, 04/01/2022 (z)      1,430       1,430  
    

 

 

  
       44,900  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
North Carolina — 1.6%     
City of Charlotte, Water & Sewer System, Series B, Rev., VRDO, 0.50%, 04/07/2022 (z)      6,120       6,120  
County of Durham, GO, 5.00%, 04/01/2022      1,135       1,135  
North Carolina Turnpike Authority, Rev., BAN, 5.00%, 02/01/2024      3,000       3,153  
    

 

 

  
       10,408  
    

 

 

  
Ohio — 3.4%     
City of Cincinnati, Series A, GO, 5.00%, 12/01/2032 (p)      1,700       1,711  
County of Franklin, Facilities, OhioHealth Corp., Series D, Rev., VRDO, LOC: Northern Trust Co., 0.55%, 04/07/2022 (z)      2,400       2,400  
Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group, Series B3, Rev., VRDO, 0.38%, 04/01/2022 (z)      4,500       4,500  
Ohio State University (The), Series B2, Rev., VRDO, 0.49%, 04/07/2022 (z)      6,725       6,725  
State of Ohio, Cleveland Clinic Health System, Rev., VRDO, 0.55%, 04/07/2022 (z)      6,000       6,000  
State of Ohio, Mental Health Facilities Improvement, Series A, Rev., 5.00%, 02/01/2024      500       529  
    

 

 

  
       21,865  
    

 

 

  
Oklahoma — 0.3%     
Tulsa County, Independent School District No. 1, Series A, GO, 2.00%, 03/01/2023      2,130       2,137  
    

 

 

  
    
Oregon — 0.2%     
Oregon State Lottery, Series A, Rev., 5.00%, 04/01/2024      1,100       1,167  
    

 

 

  
    
Pennsylvania — 1.2%     
Geisinger Authority, Health System, Series A, Rev., 5.00%, 04/01/2022      2,400       2,400  
Lancaster Higher Education Authority, Harrisburg Area Community, Rev., BAM, 5.00%, 10/01/2023      600       628  
Pennsylvania Economic Development Financing Authority,     
Series A, Rev., 4.00%, 10/15/2022      600       608  
Series A, Rev., 4.00%, 10/15/2023      700       723  
Phoenixville Area School District, GO, 4.00%, 11/15/2022      1,000       1,016  
Ringgold Pennsylvania School District, GO, BAM, 3.00%, 09/01/2022      2,325       2,343  
    

 

 

  
       7,718  
    

 

 

  
Rhode Island — 0.2%     
Rhode Island Commerce Corp., Rev., GAN, 5.00%, 06/15/2022      1,550       1,562  
    

 

 

  
    
South Carolina — 0.4%     
Piedmont Municipal Power Agency, Series E, Rev., 5.00%, 01/01/2023      2,250       2,305  
    

 

 

  
    
Tennessee — 0.4%     
Memphis-Shelby County Airport Authority, Series B, Rev., AMT, 5.00%, 07/01/2022      1,750       1,766  
Shelby County Health Educational & Housing Facilities Board, Methodist Le Bonheur, Rev., VRDO, AGM, 0.38%, 04/01/2022 (z)      1,000       1,000  
    

 

 

  
       2,766  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 4.6%     
Allen Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023      1,205       1,242  
City of Houston Combined Utility System Revenue, Combined First Lien, Rev., VRDO, (SIFMA Municipal Swap Index + 0.01%), 0.52%, 04/07/2022 (aa)      5,000       5,000  
City of Mesquite, GO, 3.00%, 02/15/2023      1,000       1,013  
City of San Antonio, Municipal Drainage Utility, Rev., 5.00%, 02/01/2023      1,000       1,029  
Collin County, Community College District, Series A, GO, 5.00%, 08/15/2022      1,310       1,329  
County of Harris, Road Bonds, Series A, GO, 5.00%, 10/01/2022      1,660       1,691  
County of Williamson, GO, 4.00%, 02/15/2023      2,315       2,365  
Dallas Fort Worth International Airport, Series B, Rev., 5.00%, 11/01/2022      3,000       3,062  
Fort Bend Independent School District, GO, PSF-GTD, 5.00%, 08/15/2022      1,000       1,014  
Frisco Independent School District, GO, PSF-GTD, 5.00%, 08/15/2022      1,240       1,258  
Garland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023      1,160       1,195  
Harris County Toll Road Authority, First Lien,     
Rev., 5.00%, 08/15/2022      2,100       2,130  
Rev., 5.00%, 08/15/2023      1,600       1,672  
Lower Colorado River Authority, LCRA Transmission Services Corp., Rev., 5.00%, 05/15/2023      1,200       1,243  
Round Rock Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2022      1,280       1,296  
Texas Water Development Board, Master Trust,     
Rev., 3.00%, 04/15/2022      1,000       1,001  
Rev., 3.00%, 10/15/2022      2,000       2,018  
    

 

 

  
       29,558  
    

 

 

  
Utah — 0.1%     
Central Valley Water Reclamation Facility, Green Bond, Series C, Rev., 5.00%, 03/01/2024      500       529  
    

 

 

  
    
Virginia — 3.1%     
Norfolk Economic Development Authority, Sentara Healthcare Obligated Group,     
Series A, Rev., VRDO, 0.48%, 04/07/2022 (z)      9,100       9,100  
Rev., VRDO, 0.55%, 04/07/2022 (z)      9,000       9,000  
Virginia College Building Authority, 21st Century College, Series E1, Rev., 5.00%, 02/01/2024      1,285       1,359  
    

 

 

  
       19,459  
    

 

 

  
Washington — 1.8%     
Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 0.55%, 04/07/2022 (z)      8,270       8,270  
Port of Seattle, Intermediate Lien, Rev., AMT, 5.00%, 04/01/2022      2,000       2,000  
Snohomish County School District No. 6 Mukilteo, GO, SCH BD GTY, 5.00%, 12/01/2023      1,000       1,054  
    

 

 

  
       11,324  
    

 

 

  
Wisconsin — 0.8%     
State of Wisconsin, Series A, GO, 5.00%, 05/01/2022      4,815       4,830  
    

 

 

  
Total Municipal Bonds
(Cost $442,415)		        439,759  
    

 

 

  
U.S. Government Agency Securities — 0.7%     

FHLBs,

     
0.96%, 03/05/2026      2,400       2,256  
1.10%, 08/20/2026      1,900       1,782  
1.11%, 07/27/2026      600       561  
    

 

 

  
Total U.S. Government Agency Securities
(Cost $4,900)		        4,599  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 1.8%     

U.S. Treasury Notes,

     
0.75%, 12/31/2023 (ii)      10,800       10,526  
1.00%, 12/15/2024      1,100       1,058  
    

 

 

  
Total U.S. Treasury Obligations
(Cost $11,891)		        11,584  
    

 

 

  
Short-Term Investments — 3.5%     
Commercial Papers — 2.1%     
AT&T, Inc., 0.95%, 04/18/2022 (e) (n)      1,400       1,399  
BP Capital Markets plc, (United Kingdom), 1.05%, 05/16/2022 (e) (n)      1,300       1,299  
Brookfield U.S. Holdings, Inc., (Canada), 1.00%, 04/04/2022 (e) (n)      1,800       1,800  
Conagra Brands, Inc., 1.00%, 04/08/2022 (e) (n)      1,800       1,800  
Dominion Energy, Inc., 0.90%, 04/07/2022 (e) (n)      1,200       1,200  
Enbridge U.S., Inc., 1.40%, 05/17/2022 (e) (n)      2,000       1,997  
Entergy Corp.,     
1.00%, 04/06/2022 (e) (n)      1,000       1,000  
1.25%, 05/06/2022 (e) (n)      900       899  
International Flavors & Fragrances, Inc.,     
1.62%, 06/03/2022 (e) (n)      900       898  
1.70%, 05/23/2022 (e) (n)      1,000       999  
    

 

 

  
Total Commercial Papers        13,291  
    

 

 

  

Foreign Government Security — 0.3%

     
Bank of Israel Bill—Makam, (Israel), Series 1112, Zero Coupon, 11/02/2022 (e)      ILS   6,100       1,909  
    

 

 

  
    
Municipal Bond — 0.2% (t)     
County of Los Angeles, Rev., TRAN, 4.00%, 06/30/2022      1,000       1,007  
    

 

 

  
    
Time Deposits — 0.9%     
Barclays SA, 0.15%, 04/01/2022      2,973       2,973  
BNP Paribas SA, 0.25%, 04/01/2022      GBP       79       104  
Brown Brothers Harriman,     
(0.19%), 04/01/2022      AUD       25       19  
0.07%, 04/01/2022      CAD       53       42  
Citibank NA, (0.78%), 04/01/2022      EUR          2       2  
Sumitomo Mitsui Banking Corp.,     
(0.38%), 04/01/2022      JPY       190       2  
0.15%, 04/01/2022      79       79  
Sumitomo Mitsui Trust Bank Ltd., 0.15%, 04/01/2022      2,884       2,884  
    

 

 

  
Total Time Deposits        6,105  
    

 

 

  

Total Short-Term Investments

(Cost $22,297)

        22,312  
    

 

 

  
Total Investments — 99.4%
(Cost - $639,161)*		        633,999  
Other Assets in Excess of Liabilities — 0.6%        3,936  
    

 

 

  
NET ASSETS — 100.0%      $ 637,935  
    

 

 

  

 

Percentages indicated are based on net assets.

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Futures contracts outstanding as of March 31, 2022:

Exchange Traded

 

DESCRIPTION

    NUMBER OF
CONTRACTS		     EXPIRATION
DATE		      TRADING
CURRENCY		      NOTIONAL
AMOUNT ($)		     VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

Long Contracts

             

3 Month Eurodollar

      61       12/2022        USD        15,099       (255 ) 

U.S. Treasury 2 Year Note

      535       06/2022        USD        114,686       (1,307 ) 
            

 

 

  
               (1,562 ) 
            

 

 

  

Short Contracts

             

U.S. Treasury 5 Year Note

      (295 )      06/2022        USD        (34,692 )      859  

U.S. Ultra Treasury 10 Year Note

      (31 )      06/2022        USD        (4,337 )      138  
            

 

 

  
               997  
            

 

 

  

Total unrealized appreciation (depreciation)

                (565 ) 
            

 

 

  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 March 31, 2022:

 

CURRENCY PURCHASED

     

      CURRENCY SOLD      

     

COUNTERPARTY

    SETTLEMENT
DATE		      UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

CAD

      1,314      USD      1,030      Bank of America, NA      04/04/2022        21  

GBP

      588      USD      767      Barclays Bank plc      04/04/2022        6  

GBP

      4,262      USD      5,598      Barclays Bank plc      04/04/2022        1  

USD

      6,488      GBP      4,850      Barclays Bank plc      04/04/2022        117  

MXN

      105      USD      5      Bank of America, NA      06/15/2022        –  (h) 
                 

 

 

  

Total unrealized appreciation

 

            145  
        

 

 

  

USD

      7,886      AUD      11,017      Morgan Stanley & Co.      04/04/2022        (358 ) 

USD

      5,504      AUD      7,565      Morgan Stanley & Co.      04/04/2022        (157 ) 

USD

      2,368      CAD      3,031      Bank of America, NA      04/04/2022        (56 ) 

USD

      5,597      GBP      4,262      Barclays Bank plc      05/04/2022        (1 ) 

USD

      1,910      ILS      6,099      Barclays Bank plc      11/02/2022        (18 ) 
                 

 

 

  

Total unrealized depreciation

 

            (590 ) 
        

 

 

  

Net unrealized appreciation (depreciation)

 

            (445 ) 
        

 

 

  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 March 31, 2022:

 

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 March 31, 2022 was as follows:

 

FLOATING RATE INDEX

       

ICE LIBOR USD 1 Month

      0.45 % 

ICE LIBOR USD 3 Month

      0.96 % 

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Centrally Cleared Credit Default Swaps contracts outstanding — buy protection (1) as of March 31, 2022:

 

REFERENCE
OBLIGATION/
INDEX

    FINANCING RATE PAID
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.35-V1

      1.00 %      Quarterly        12/20/2025        0.49        USD     900        (19 )      2        (17 ) 

CDX.NA.IG.36-V1

      1.00 %      Quarterly        06/20/2026        0.55        USD  3,900        (95 )      23        (72 ) 

CDX.NA.IG.37-V1

      1.00 %      Quarterly        12/20/2026        0.61        USD  9,300        (232 )      70        (162 ) 
                

 

 

  

Total

 

         (346 )      95        (251 ) 
     

 

 

  

 

(1) 

The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, 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 Tax Aware Ultra Short Duration Fund

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022

 

ASX

     —        Australian Stock Exchange

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

CDX

     —        Credit Default Swap Index

CNTY

     —        County

FHLB

     —        Federal Home Loan Bank

FNMA

     —        Federal National Mortgage Association

GAN

     —        Grant Anticipation Notes

GNMA

     —        Government National Mortgage Association

GO

     —        General Obligation

GTD

     —        Guaranteed

HUD

     —        U.S. Department of Housing and Urban Development

ICE

     —        Intercontinental Exchange

LIBOR

     —        London Interbank Offered Rate

LOC

     —        Letter of Credit

PSF

     —        Permanent School Fund

Reg. S

     —        Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.

REMICS

     —        Real Estate Mortgage Investment Conduit

Rev.

     —        Revenue

RMBS

     —        Residential Mortgage-Backed Securities

SCH BD GTY

     —        School Bond Guaranty

SIFMA

     —        Securities Industry and Financial Markets Association

SOFR

     —        Secured Overnight Financing Rate

SONIA

     —        Sterling Overnight Interbank Average Rate

SUB

     —        Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2022.

TRAN

     —        Tax & Revenue Anticipation Note

VRDO

     —        Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of March 31, 2022.

(e)

     —        Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f)

     —        Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended.

(g)

     —        Amount rounds to less than 0.05%.

(h)

     —        Amount rounds to less than 500 shares or principal/ $500.

(n)

     —        The rate shown is the effective yield as of March 31, 2022.

(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.

(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 March 31, 2022.

(aa)

     —        Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2022.

(ii)

     —        Approximately $345,012 of this investment is restricted as collateral for forwards to Morgan Stanley & Co. International plc

*

     —        The cost of securities is substantially the same for federal income tax purposes.

AUD

     —        Australian Dollar

CAD

     —        Canadian Dollar

EUR

     —        Euro

GBP

     —        British Pound

ILS

     —        Israeli New Shekel

MXN

     —        Mexican Peso

USD

     —        United States Dollar

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

    SHARES    

         VALUE ($)      

Common Stocks — 99.2%

    

Basic Materials — 0.2%

     

Chemicals — 0.2%

     

Air Products & Chemicals, Inc.

      10       2,443  

Albemarle Corp.

      5       1,061  

Celanese Corp., Class A

      4       632  

CF Industries Holdings, Inc.

      8       870  

Dow, Inc.

      39       2,454  

DuPont de Nemours, Inc.

      26       1,934  

Eastman Chemical Co.

      5       579  

Ecolab, Inc.

      13       2,294  

FMC Corp.

      5       611  

International Flavors & Fragrances, Inc.

      10       1,363  

Linde plc, (United Kingdom)

      23       7,401  

LyondellBasell Industries NV, Class A

      13       1,293  

Mosaic Co. (The)

      16       1,038  

PPG Industries, Inc.

      11       1,413  

RPM International, Inc.

      4       313  

Sherwin-Williams Co. (The)

      11       2,704  
    

 

 

  
       28,403  
    

 

 

  

Forest Products & Paper — 0.0% (g)

     

International Paper Co.

      24       1,096  
    

 

 

  
    

Iron/Steel — 0.0% (g)

     

Nucor Corp.

      14       2,041  

Steel Dynamics, Inc.

      12       1,013  
    

 

 

  
       3,054  
    

 

 

  

Mining — 0.0% (g)

     

Freeport-McMoRan, Inc.

      62       3,096  

Newmont Corp.

      37       2,911  
    

 

 

  
       6,007  
    

 

 

  

Total Basic Materials

        38,560  
    

 

 

  

Communications — 25.1%

     

Advertising — 0.1%

     

Interpublic Group of Cos., Inc. (The)

      16       581  

Omnicom Group, Inc.

      10       839  

Trade Desk, Inc. (The), Class A (a)

      341       23,611  
    

 

 

  
       25,031  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 24.6%

     

Airbnb, Inc., Class A (a)

      13       2,199  

Alphabet, Inc., Class A (a)

      307       853,802  

Alphabet, Inc., Class C (a)

      292       814,944  

Amazon.com, Inc. (a)

      547       1,783,796  

Booking Holdings, Inc. (a)

      2       4,225  

CDW Corp.

      6       1,033  

Chewy, Inc., Class A (a)

      109       4,459  

DoorDash, Inc., Class A (a)

      131       15,374  

eBay, Inc.

      751       43,015  

Etsy, Inc. (a)

      152       18,949  

Expedia Group, Inc. (a)

      7       1,354  

F5, Inc. (a)

      3       692  

GoDaddy, Inc., Class A (a)

      7       567  

IAC/InterActiveCorp. (a)

      82       8,194  

Lyft, Inc., Class A (a)

      101       3,859  

Match Group, Inc. (a)

      273       29,688  

MercadoLibre, Inc., (Argentina) (a)

      54       64,718  

Meta Platforms, Inc., Class A (a)

      2,416       537,124  

Netflix, Inc. (a)

      20       7,528  

NortonLifeLock, Inc.

      456       12,091  

Okta, Inc., Class A (a)

      6       839  

Palo Alto Networks, Inc. (a)

      76       47,621  

Pinterest, Inc., Class A (a)

      574       14,137  

Robinhood Markets, Inc., Class A (a)

      90       1,213  

Roku, Inc., Class A (a)

      6       689  

Snap, Inc., Class A (a)

      1,109       39,919  

Twitter, Inc. (a)

      816       31,564  

Uber Technologies, Inc. (a)

      552       19,680  

VeriSign, Inc. (a)

      4       825  

Wayfair, Inc., Class A (a)

      89       9,819  

Zendesk, Inc. (a)

      95       11,390  

Zillow Group, Inc., Class C (a)

      11       559  
    

 

 

  
       4,385,866  
    

 

 

  
Media — 0.2%             

Cable One, Inc.

      —  (h)      196  

Charter Communications, Inc., Class A (a)

      6       3,099  

Comcast Corp., Class A

      208       9,724  

Discovery, Inc., Class A (a)

      15       372  

Discovery, Inc., Class C (a)

      9       236  

DISH Network Corp., Class A (a)

      17       526  

FactSet Research Systems, Inc.

      17       7,443  

Fox Corp., Class A

      11       424  

Fox Corp., Class B

      12       421  

Liberty Broadband Corp., Class A (a)

      1       82  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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)

     

Liberty Broadband Corp., Class C (a)

      5       730  

Liberty Global plc, (United Kingdom), Class A (a)

      3       66  

Liberty Global plc, (United Kingdom), Class C (a)

      17       430  

Liberty Media Corp.-Liberty Formula One, Class C (a)

      7       493  

Liberty Media Corp.-Liberty SiriusXM, Class A

      4       162  

Liberty Media Corp.-Liberty SiriusXM, Class C (a)

      5       231  

News Corp., Class A

      16       353  

Paramount Global, Class B

      28       1,066  

Sirius XM Holdings, Inc.

      19       127  

Walt Disney Co. (The) (a)

      83       11,317  
    

 

 

  
       37,498  
    

 

 

  

Telecommunications — 0.2%

     

Arista Networks, Inc. (a)

      10       1,384  

AT&T, Inc.

      328       7,745  

Cisco Systems, Inc.

      193       10,750  

Corning, Inc.

      34       1,264  

Juniper Networks, Inc.

      14       503  

Lumen Technologies, Inc.

      21       237  

Motorola Solutions, Inc.

      7       1,736  

T-Mobile US, Inc. (a)

      29       3,688  

Verizon Communications, Inc.

      189       9,604  
    

 

 

  
       36,911  
    

 

 

  

Total Communications

        4,485,306  
    

 

 

  

Consumer Cyclical — 1.2%

     

Airlines — 0.0% (g)

     

Delta Air Lines, Inc. (a)

      64       2,519  

Southwest Airlines Co. (a)

      62       2,842  
    

 

 

  
       5,361  
    

 

 

  

Apparel — 0.1%

     

NIKE, Inc., Class B

      58       7,803  

VF Corp.

      14       790  
    

 

 

  
       8,593  
    

 

 

  
Auto Manufacturers — 0.4%             

Cummins, Inc.

      55       11,350  

Ford Motor Co.

      170       2,879  

General Motors Co. (a)

      64       2,791  

Lucid Group, Inc. (a)

      18       450  

PACCAR, Inc.

      132       11,631  

Rivian Automotive, Inc., Class A (a)

      7       346  

Tesla, Inc. (a)

      38       40,525  
    

 

 

  
       69,972  
    

 

 

  

Auto Parts & Equipment — 0.0% (g)

     

Aptiv plc, (Ireland) (a)

      13       1,560  

BorgWarner, Inc.

      14       554  

Lear Corp.

      3       456  
    

 

 

  
       2,570  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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)

     

Distribution/Wholesale — 0.2%

     

Copart, Inc. (a)

      81       10,131  

Fastenal Co.

      217       12,901  

LKQ Corp.

      9       389  

Pool Corp.

      1       630  

WW Grainger, Inc.

      17       8,582  
    

 

 

  
       32,633  
    

 

 

  

Entertainment — 0.0% (g)

     

AMC Entertainment Holdings, Inc., Class A (a)

      23       570  

Caesars Entertainment, Inc. (a)

      8       639  

DraftKings, Inc., Class A (a)

      18       356  

Live Nation Entertainment, Inc. (a)

      7       785  

Vail Resorts, Inc.

      2       622  
    

 

 

  
       2,972  
    

 

 

  

Food Service — 0.0% (g)

     

Aramark

      10       383  
    

 

 

  
    

Home Builders — 0.0% (g)

     

DR Horton, Inc.

      14       1,008  

Lennar Corp., Class A

      10       825  

NVR, Inc. (a)

      —  (h)      518  

PulteGroup, Inc.

      8       327  
    

 

 

  
       2,678  
    

 

 

  

Home Furnishings — 0.0% (g)

     

Whirlpool Corp.

      4       673  
    

 

 

  
    

Housewares — 0.0% (g)

     

Newell Brands, Inc.

      12       256  
    

 

 

  
Leisure Time — 0.0% (g)             

Carnival Corp. (a)

      38       763  

Peloton Interactive, Inc., Class A (a)

      14       376  

Royal Caribbean Cruises Ltd. (a)

      9       773  
    

 

 

  
       1,912  
    

 

 

  

Lodging — 0.0% (g)

     

Hilton Worldwide Holdings, Inc. (a)

      13       1,955  

Las Vegas Sands Corp. (a)

      15       566  

Marriott International, Inc., Class A (a)

      14       2,417  

MGM Resorts International

      24       997  

Wynn Resorts Ltd. (a)

      4       307  
    

 

 

  
       6,242  
    

 

 

  

Retail — 0.5%

     

Advance Auto Parts, Inc.

      3       518  

AutoZone, Inc. (a)

      1       1,767  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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)

     

Bath & Body Works, Inc.

      12       570  

Best Buy Co., Inc.

      11       1,037  

Burlington Stores, Inc. (a)

      3       553  

CarMax, Inc. (a)

      8       732  

Carvana Co., Class A (a)

      4       433  

Chipotle Mexican Grill, Inc., Class A (a)

      1       2,194  

Costco Wholesale Corp.

      20       11,371  

Darden Restaurants, Inc.

      7       900  

Dollar General Corp.

      12       2,572  

Dollar Tree, Inc. (a)

      10       1,667  

Domino’s Pizza, Inc.

      1       508  

Genuine Parts Co.

      5       656  

Home Depot, Inc. (The)

      46       13,716  

Lowe’s Cos., Inc.

      30       6,156  

Lululemon Athletica, Inc., (Canada) (a)

      5       1,916  

McDonald’s Corp.

      33       8,154  

O’Reilly Automotive, Inc. (a)

      3       1,898  

Ross Stores, Inc.

      19       1,750  

Starbucks Corp.

      55       5,033  

Target Corp.

      22       4,739  

TJX Cos., Inc. (The)

      56       3,374  

Tractor Supply Co.

      4       1,013  

Ulta Beauty, Inc. (a)

      2       957  

Walgreens Boots Alliance, Inc.

      38       1,703  

Walmart, Inc.

      70       10,467  

Yum! Brands, Inc.

      12       1,380  
    

 

 

  
       87,734  
    

 

 

  

Toys/Games/Hobbies — 0.0% (g)

     

Hasbro, Inc.

      4       368  
    

 

 

  

Total Consumer Cyclical

        222,347  
    

 

 

  

Consumer Non-cyclical — 26.7%

     

Agriculture — 0.1%

     

Altria Group, Inc.

      78       4,073  

Archer-Daniels-Midland Co.

      27       2,411  

Bunge Ltd.

      7       812  

Philip Morris International, Inc.

      68       6,387  
    

 

 

  
       13,683  
    

 

 

  

Beverages — 4.1%

     

Brown-Forman Corp., Class B

      366       24,512  

Coca-Cola Co. (The)

      4,869       301,905  

Constellation Brands, Inc., Class A

      195       44,988  

Keurig Dr Pepper, Inc.

      836       31,685  

Molson Coors Beverage Co., Class B

      227       12,115  

Monster Beverage Corp. (a)

      472       37,735  

PepsiCo., Inc.

      1,641       274,719  
    

 

 

  
       727,659  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 1.5%

     

Alnylam Pharmaceuticals, Inc. (a)

      57       9,376  

Amgen, Inc.

      271       65,569  

Biogen, Inc. (a)

      71       14,971  

BioMarin Pharmaceutical, Inc. (a)

      88       6,768  

Bio-Rad Laboratories, Inc., Class A (a)

      2       875  

Corteva, Inc.

      36       2,075  

Gilead Sciences, Inc.

      608       36,143  

Horizon Therapeutics Plc (a)

      103       10,806  

Illumina, Inc. (a)

      7       2,289  

Incyte Corp. (a)

      90       7,113  

Moderna, Inc. (a)

      166       28,515  

Novavax, Inc. (a)

      35       2,563  

Regeneron Pharmaceuticals, Inc. (a)

      51       35,497  

Royalty Pharma plc, Class A

      15       570  

Seagen, Inc. (a)

      66       9,514  

Vertex Pharmaceuticals, Inc. (a)

      122       31,859  
    

 

 

  
       264,503  
    

 

 

  

Commercial Services — 2.6%

     

Affirm Holdings, Inc., Class A (a)

      116       5,376  

AMERCO

      4       2,184  

Automatic Data Processing, Inc.

      302       68,747  

Block, Inc., Class A (a)

      364       49,334  

Booz Allen Hamilton Holding Corp., Class A

      50       4,386  

Cass Information Systems, Inc.

      8       278  

Cintas Corp.

      36       15,194  

Clarivate plc, (United Kingdom) (a)

      138       2,317  

CoStar Group, Inc. (a)

      149       9,946  

Equifax, Inc.

      47       11,037  

Euronet Worldwide, Inc. (a)

      36       4,653  

EVERTEC, Inc., (Puerto Rico)

      40       1,649  

Evo Payments, Inc., Class A (a)

      34       774  

FleetCor Technologies, Inc. (a)

      55       13,699  

Gartner, Inc. (a)

      3       981  

Global Payments, Inc.

      208       28,415  

I3 Verticals, Inc., Class A (a)

      14       403  

MarketAxess Holdings, Inc.

      26       8,869  

MoneyGram International, Inc. (a)

      56       597  

Moody’s Corp.

      79       26,558  

Paya Holdings, Inc. (a)

      56       327  

Paymentus Holdings, Inc., Class A (a)

      8       164  

Payoneer Global, Inc. (a)

      158       705  

PayPal Holdings, Inc. (a)

      798       92,314  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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)

     

Commercial Services — (continued)

     

Repay Holdings Corp., Class A (a)

      60       887  

Robert Half International, Inc.

      42       4,828  

Rollins, Inc.

      81       2,826  

S&P Global, Inc.

      167       68,687  

Sabre Corp. (a)

      204       2,328  

Shift4 Payments, Inc., Class A (a)

      31       1,926  

TransUnion

      72       7,476  

United Rentals, Inc. (a)

      28       9,884  

Verisk Analytics, Inc., Class A

      58       12,508  

WEX, Inc. (a)

      30       5,344  
    

 

 

  
       465,601  
    

 

 

  

Cosmetics/Personal Care — 0.1%

     

Colgate-Palmolive Co.

      33       2,519  

Estee Lauder Cos., Inc. (The), Class A

      11       2,894  

Procter & Gamble Co. (The)

      109       16,668  
    

 

 

  
       22,081  
    

 

 

  

Food — 0.1%

     

Campbell Soup Co.

      8       354  

Conagra Brands, Inc.

      18       590  

General Mills, Inc.

      25       1,703  

Hershey Co. (The)

      6       1,258  

Hormel Foods Corp.

      10       495  

J M Smucker Co. (The)

      6       760  

Kellogg Co.

      10       662  

Kraft Heinz Co. (The)

      35       1,370  

Kroger Co. (The)

      33       1,891  

McCormick & Co., Inc.

      9       924  

Mondelez International, Inc., Class A

      66       4,165  

Sysco Corp.

      21       1,710  

Tyson Foods, Inc., Class A

      17       1,491  
    

 

 

  
       17,373  
    

 

 

  

Healthcare - Products — 0.4%

     

10X Genomics, Inc., Class A (a)

      4       301  

Abbott Laboratories

      80       9,520  

ABIOMED, Inc. (a)

      2       603  

Align Technology, Inc. (a)

      3       1,464  

Avantor, Inc. (a)

      20       673  

Baxter International, Inc.

      22       1,681  

Bio-Techne Corp.

      2       743  

Boston Scientific Corp. (a)

      64       2,821  

Cooper Cos., Inc. (The)

      2       969  

Danaher Corp.

      29       8,429  

DENTSPLY SIRONA, Inc.

      9       447  

Edwards Lifesciences Corp. (a)

      27       3,167  

Exact Sciences Corp. (a)

      82       5,761  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

    SHARES    

         VALUE ($)      

Common Stocks — (continued)

     

Healthcare - Products — (continued)

     

Henry Schein, Inc. (a)

      8       663  

Hologic, Inc. (a)

      11       849  

IDEXX Laboratories, Inc. (a)

      4       1,919  

Insulet Corp. (a)

      3       721  

Intuitive Surgical, Inc. (a)

      16       4,972  

Masimo Corp. (a)

      2       302  

Medtronic plc, (Ireland)

      62       6,923  

Novocure Ltd., (Jersey) (a)

      4       314  

PerkinElmer, Inc.

      5       799  

ResMed, Inc.

      6       1,475  

STERIS plc

      4       929  

Stryker Corp.

      15       4,088  

Teleflex, Inc.

      2       734  

Thermo Fisher Scientific, Inc.

      18       10,520  

West Pharmaceutical Services, Inc.

      3       1,215  

Zimmer Biomet Holdings, Inc.

      11       1,402  
    

 

 

  
       74,404  
    

 

 

  

Healthcare - Services — 6.5%

     

Anthem, Inc.

      374       183,535  

Catalent, Inc. (a)

      227       25,136  

Centene Corp. (a)

      897       75,540  

Charles River Laboratories International, Inc. (a)

      2       499  

DaVita, Inc. (a)

      1       160  

HCA Healthcare, Inc.

      11       2,706  

Humana, Inc.

      198       86,252  

IQVIA Holdings, Inc. (a)

      9       1,992  

Laboratory Corp. of America Holdings (a)

      5       1,264  

Molina Healthcare, Inc. (a)

      89       29,856  

Quest Diagnostics, Inc.

      6       876  

Teladoc Health, Inc. (a)

      6       455  

UnitedHealth Group, Inc.

      1,451       739,998  

Universal Health Services, Inc., Class B

      4       619  
    

 

 

  
       1,148,888  
    

 

 

  

Household Products/Wares — 0.0% (g)

     

Avery Dennison Corp.

      3       483  

Church & Dwight Co., Inc.

      9       903  

Clorox Co. (The)

      5       641  

Kimberly-Clark Corp.

      14       1,685  
    

 

 

  
       3,712  
    

 

 

  

Pharmaceuticals — 11.3%

     

AbbVie, Inc.

      848       137,472  

AmerisourceBergen Corp., Class A

      6       904  

Becton Dickinson and Co.

      13       3,394  

Bristol-Myers Squibb Co.

      2,754       201,147  

Cardinal Health, Inc.

      11       633  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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)

     

Pharmaceuticals — (continued)

     

Cigna Corp.

      16       3,799  

CVS Health Corp.

      60       6,070  

Dexcom, Inc. (a)

      4       2,045  

Elanco Animal Health, Inc. (a)

      18       482  

Eli Lilly & Co.

      1,004       287,433  

Jazz Pharmaceuticals plc, (Ireland) (a)

      2       369  

Johnson & Johnson

      3,327       589,666  

McKesson Corp.

      6       1,887  

Merck & Co., Inc.

      3,192       261,902  

Neurocrine Biosciences, Inc. (a)

      45       4,262  

Organon & Co.

      311       10,878  

Pfizer, Inc.

      7,093       367,195  

Viatris, Inc.

      1,539       16,741  

Zoetis, Inc., Class A

      598       112,795  
    

 

 

  
       2,009,074  
    

 

 

  

Total Consumer Non-cyclical

        4,746,978  
    

 

 

  

Energy — 0.5%

     

Energy - Alternate Sources — 0.1%

     

Enphase Energy, Inc. (a)

      30       6,003  

Plug Power, Inc. (a)

      199       5,679  

SolarEdge Technologies, Inc., (Israel) (a)

      12       3,922  

Sunrun, Inc. (a)

      69       2,095  
    

 

 

  
       17,699  
    

 

 

  

Oil & Gas — 0.3%

     

Chevron Corp.

      88       14,288  

ConocoPhillips

      62       6,231  

Coterra Energy, Inc.

      37       991  

Devon Energy Corp.

      27       1,588  

Diamondback Energy, Inc.

      6       875  

EOG Resources, Inc.

      28       3,324  

Exxon Mobil Corp.

      189       15,607  

Hess Corp.

      13       1,348  

Marathon Petroleum Corp.

      31       2,639  

Occidental Petroleum Corp.

      37       2,126  

Phillips 66

      22       1,942  

Pioneer Natural Resources Co.

      11       2,667  

Valero Energy Corp.

      19       1,893  
    

 

 

  
       55,519  
    

 

 

  

Oil & Gas Services — 0.0% (g)

     

Baker Hughes Co., Class A

      44       1,612  

Halliburton Co.

      38       1,441  

Schlumberger NV

      66       2,714  
    

 

 

  
       5,767  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

    SHARES    

         VALUE ($)      

Common Stocks — (continued)

     

Pipelines — 0.1%

     

Cheniere Energy, Inc.

      9       1,315  

Kinder Morgan, Inc.

      85       1,608  

ONEOK, Inc.

      18       1,249  

Williams Cos., Inc. (The)

      50       1,656  
    

 

 

  
       5,828  
    

 

 

  

Total Energy

        84,813  
    

 

 

  

Financial — 14.1%

     

Banks — 4.1%

     

Bank of America Corp.

      3,621       149,244  

Bank of New York Mellon Corp. (The)

      429       21,280  

Citigroup, Inc.

      1,021       54,498  

Citizens Financial Group, Inc.

      274       12,437  

Fifth Third Bancorp

      408       17,571  

First Citizens BancShares, Inc./NC, Class A

      6       4,244  

First Republic Bank

      108       17,503  

Goldman Sachs Group, Inc. (The)

      173       56,948  

Huntington Bancshares, Inc.

      984       14,389  

KeyCorp.

      602       13,475  

M&T Bank Corp.

      86       14,620  

Morgan Stanley

      667       58,335  

Northern Trust Corp.

      120       13,987  

PNC Financial Services Group, Inc. (The)

      221       40,843  

Regions Financial Corp.

      620       13,804  

Signature Bank

      31       8,997  

State Street Corp.

      221       19,218  

SVB Financial Group (a)

      35       19,638  

Truist Financial Corp.

      690       39,122  

US Bancorp

      742       39,457  

Webster Financial Corp.

      95       5,356  

Wells Fargo & Co.

      1,977       95,811  
    

 

 

  
       730,777  
    

 

 

  

Diversified Financial Services — 5.2%

     

Alliance Data Systems Corp.

      31       1,747  

Ally Financial, Inc.

      211       9,179  

American Express Co.

      329       61,531  

Ameriprise Financial, Inc.

      63       18,949  

Apollo Global Management, Inc.

      166       10,298  

BlackRock, Inc., Class A

      67       51,298  

Capital One Financial Corp.

      229       30,085  

Cboe Global Markets, Inc.

      49       5,607  

Charles Schwab Corp. (The)

      689       58,071  

CME Group, Inc., Class A

      181       42,974  

Coinbase Global, Inc., Class A (a)

      19       3,604  

Discover Financial Services

      179       19,681  

Franklin Resources, Inc.

      148       4,142  

Intercontinental Exchange, Inc.

      294       38,850  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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)

     

International Money Express, Inc. (a)

      19       392  

Invesco Ltd.

      268       6,182  

Mastercard, Inc., Class A

      627       224,147  

Nasdaq, Inc.

      56       9,979  

Raymond James Financial, Inc.

      86       9,487  

SEI Investments Co.

      119       7,167  

SoFi Technologies, Inc. (a)

      238       2,249  

Synchrony Financial

      354       12,335  

T Rowe Price Group, Inc.

      134       20,219  

Tradeweb Markets, Inc., Class A

      46       4,039  

Upstart Holdings, Inc. (a)

      17       1,822  

Visa, Inc., Class A

      1,195       265,118  

Western Union Co. (The)

      287       5,372  
    

 

 

  
       924,524  
    

 

 

  

Insurance — 4.1%

     

Aflac, Inc.

      369       23,747  

Alleghany Corp. (a)

      13       10,590  

Allstate Corp. (The)

      174       24,062  

American Financial Group, Inc.

      64       9,365  

American International Group, Inc.

      447       28,038  

Aon plc, Class A

      107       34,711  

Arch Capital Group Ltd., (Bermuda) (a)

      218       10,545  

Arthur J Gallagher & Co.

      97       16,943  

Assurant, Inc.

      43       7,893  

Berkshire Hathaway, Inc., Class B (a)

      636       224,460  

Brown & Brown, Inc.

      110       7,946  

Chubb Ltd., (Switzerland)

      227       48,474  

Cincinnati Financial Corp.

      87       11,833  

Equitable Holdings, Inc.

      223       6,892  

Erie Indemnity Co., Class A

      10       1,814  

Everest Re Group Ltd., (Bermuda)

      23       6,982  

Fidelity National Financial, Inc.

      148       7,243  

Globe Life, Inc.

      86       8,681  

Hartford Financial Services Group, Inc. (The)

      219       15,757  

Lincoln National Corp.

      142       9,304  

Loews Corp.

      126       8,137  

Markel Corp. (a)

      9       12,948  

Marsh & McLennan Cos., Inc.

      248       42,213  

MetLife, Inc.

      408       28,649  

Principal Financial Group, Inc.

      185       13,546  

Progressive Corp. (The)

      297       33,902  

Prudential Financial, Inc.

      221       26,100  

Travelers Cos., Inc. (The)

      140       25,669  

Willis Towers Watson plc, (United Kingdom)

      78       18,463  

WR Berkley Corp.

      118       7,876  
    

 

 

  
       732,783  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 0.3%

     

Blackstone, Inc.

      325       41,273  

Carlyle Group, Inc. (The)

      69       3,393  

KKR & Co., Inc.

      256       14,997  
    

 

 

  
       59,663  
    

 

 

  

Real Estate — 0.0% (g)

     

CBRE Group, Inc., Class A (a)

      17       1,528  
    

 

 

  

REITS — 0.4%

     

AGNC Investment Corp.

      365       4,786  

Alexandria Real Estate Equities, Inc.

      8       1,665  

American Tower Corp.

      21       5,183  

Annaly Capital Management, Inc.

      889       6,261  

AvalonBay Communities, Inc.

      6       1,525  

Boston Properties, Inc.

      7       897  

Camden Property Trust

      4       612  

Crown Castle International Corp.

      20       3,714  

Digital Realty Trust, Inc.

      14       1,977  

Duke Realty Corp.

      15       866  

Equinix, Inc.

      4       3,242  

Equity LifeStyle Properties, Inc.

      6       467  

Equity Residential

      16       1,469  

Essex Property Trust, Inc.

      3       982  

Extra Space Storage, Inc.

      5       1,089  

Healthpeak Properties, Inc.

      22       749  

Host Hotels & Resorts, Inc.

      40       777  

Invitation Homes, Inc.

      27       1,068  

Iron Mountain, Inc.

      11       610  

Kimco Realty Corp.

      20       498  

Medical Properties Trust, Inc.

      18       384  

Mid-America Apartment Communities, Inc.

      5       1,048  

Prologis, Inc.

      34       5,531  

Public Storage

      7       2,586  

Realty Income Corp.

      23       1,581  

Regency Centers Corp.

      5       385  

SBA Communications Corp., Class A

      5       1,666  

Simon Property Group, Inc.

      14       1,832  

Sun Communities, Inc.

      4       783  

UDR, Inc.

      11       627  

Ventas, Inc.

      18       1,094  

VICI Properties, Inc.

      31       879  

Vornado Realty Trust

      11       480  

Welltower, Inc.

      19       1,818  

Weyerhaeuser Co.

      39       1,484  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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)

     

WP Carey, Inc.

      7       548  
    

 

 

  
       61,163  
    

 

 

  

Total Financial

        2,510,438  
    

 

 

  

Industrial — 9.7%

     

Aerospace/Defense — 1.3%

     

Boeing Co. (The) (a)

      214       40,966  

General Dynamics Corp.

      91       22,018  

HEICO Corp.

      15       2,358  

HEICO Corp., Class A

      28       3,499  

Howmet Aerospace, Inc.

      144       5,185  

L3Harris Technologies, Inc.

      75       18,563  

Lockheed Martin Corp.

      95       42,011  

Northrop Grumman Corp.

      58       26,106  

Raytheon Technologies Corp.

      575       56,926  

Teledyne Technologies, Inc. (a)

      2       829  

TransDigm Group, Inc. (a)

      20       12,934  
    

 

 

  
       231,395  
    

 

 

  

Building Materials — 0.3%

     

Carrier Global Corp.

      315       14,430  

Fortune Brands Home & Security, Inc.

      52       3,850  

Johnson Controls International plc

      274       17,975  

Lennox International, Inc.

      12       3,106  

Martin Marietta Materials, Inc.

      3       1,267  

Masco Corp.

      91       4,630  

Mohawk Industries, Inc. (a)

      4       487  

Owens Corning

      38       3,467  

Vulcan Materials Co.

      6       1,140  
    

 

 

  
       50,352  
    

 

 

  

Electrical Components & Equipment — 0.3%

     

AMETEK, Inc.

      88       11,756  

Emerson Electric Co.

      228       22,372  

Generac Holdings, Inc. (a)

      24       7,187  
    

 

 

  
       41,315  
    

 

 

  

Electronics — 0.4%

     

Agilent Technologies, Inc.

      14       1,804  

Allegion plc, (Ireland)

      33       3,645  

Amphenol Corp., Class A

      25       1,919  

Arrow Electronics, Inc. (a)

      6       656  

Fortive Corp.

      135       8,203  

Garmin Ltd., (Switzerland)

      7       774  

Honeywell International, Inc.

      264       51,410  

Keysight Technologies, Inc. (a)

      9       1,460  

Mettler-Toledo International, Inc. (a)

      1       1,376  

Sensata Technologies Holding plc (a)

      59       3,001  

TE Connectivity Ltd.

      16       2,155  

Trimble, Inc. (a)

      15       1,067  
    

 

 

  
       77,470  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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)

     

Engineering & Construction — 0.0% (g)

     

Jacobs Engineering Group, Inc.

      49       6,810  
    

 

 

  

Environmental Control — 0.3%

     

Pentair plc, (United Kingdom)

      63       3,417  

Republic Services, Inc., Class A

      86       11,455  

Waste Connections, Inc.

      100       14,031  

Waste Management, Inc.

      162       25,715  
    

 

 

  
       54,618  
    

 

 

  

Hand/Machine Tools — 0.1%

     

Snap-on, Inc.

      20       4,159  

Stanley Black & Decker, Inc.

      64       9,013  
    

 

 

  
       13,172  
    

 

 

  

Healthcare - Products — 0.0% (g)

     

Waters Corp. (a)

      2       672  
    

 

 

  

Machinery - Construction & Mining — 0.3%

     

Caterpillar, Inc.

      208       46,298  
    

 

 

  

Machinery - Diversified — 0.6%

     

Cognex Corp.

      7       553  

Deere & Co.

      112       46,658  

Dover Corp.

      54       8,517  

IDEX Corp.

      29       5,499  

Ingersoll Rand, Inc.

      153       7,700  

Nordson Corp.

      19       4,386  

Otis Worldwide Corp.

      152       11,711  

Rockwell Automation, Inc.

      45       12,517  

Westinghouse Air Brake Technologies Corp.

      67       6,466  

Xylem, Inc.

      68       5,810  
    

 

 

  
       109,817  
    

 

 

  

Miscellaneous Manufacturers — 0.9%

     

3M Co.

      223       33,147  

AO Smith Corp.

      49       3,162  

Eaton Corp. plc

      154       23,435  

General Electric Co.

      421       38,483  

Illinois Tool Works, Inc.

      119       24,975  

Parker-Hannifin Corp.

      49       13,915  

Textron, Inc.

      86       6,397  

Trane Technologies plc, (Ireland)

      92       14,066  
    

 

 

  
       157,580  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 0.0% (g)

     

Amcor plc, (United Kingdom)

      55       619  

Ball Corp.

      15       1,312  

Crown Holdings, Inc.

      5       571  

Packaging Corp. of America

      4       625  

Sealed Air Corp.

      4       290  

Westrock Co.

      19       893  
    

 

 

  
       4,310  
    

 

 

  

Shipbuilding — 0.0% (g)

     

Huntington Ingalls Industries, Inc.

      16       3,167  
    

 

 

  

Transportation — 5.2%

     

CH Robinson Worldwide, Inc.

      417       44,884  

CSX Corp.

      852       31,917  

Expeditors International of Washington, Inc.

      543       56,020  

FedEx Corp.

      786       181,797  

JB Hunt Transport Services, Inc.

      32       6,397  

Knight-Swift Transportation Holdings, Inc., Class A

      59       2,988  

Norfolk Southern Corp.

      94       26,726  

Old Dominion Freight Line, Inc.

      37       11,000  

Union Pacific Corp.

      246       67,263  

United Parcel Service, Inc., Class B

      2,336       501,027  
    

 

 

  
       930,019  
    

 

 

  

Total Industrial

        1,726,995  
    

 

 

  

Technology — 21.4%

     

Computers — 1.4%

     

Accenture plc, (Ireland), Class A

      29       9,801  

Apple, Inc.

      729       127,287  

Cantaloupe, Inc. (a)

      35       238  

Cognizant Technology Solutions Corp., Class A

      25       2,263  

Conduent, Inc. (a)

      123       635  

Crowdstrike Holdings, Inc., Class A (a)

      152       34,416  

Dell Technologies, Inc., Class C (a)

      11       549  

EPAM Systems, Inc. (a)

      3       793  

ExlService Holdings, Inc. (a)

      22       3,156  

Fortinet, Inc. (a)

      107       36,691  

Hewlett Packard Enterprise Co.

      71       1,187  

HP, Inc.

      55       1,988  

International Business Machines Corp.

      41       5,355  

Leidos Holdings, Inc.

      51       5,476  

Maximus, Inc.

      42       3,150  

NetApp, Inc.

      8       652  

Seagate Technology Holdings plc

      7       666  

TaskUS, Inc., Class A (a)

      20       772  

TTEC Holdings, Inc.

      13       1,085  

Western Digital Corp. (a)

      15       764  

Zscaler, Inc. (a)

      65       15,643  
    

 

 

  
       252,567  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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)

     

Office/Business Equipment — 0.0% (g)

     

Zebra Technologies Corp., Class A (a)

      2       983  
    

 

 

  

Semiconductors — 3.1%

     

Advanced Micro Devices, Inc. (a)

      379       41,464  

Analog Devices, Inc.

      125       20,603  

Applied Materials, Inc.

      211       27,811  

Broadcom, Inc.

      96       60,322  

Entegris, Inc.

      30       3,982  

Intel Corp.

      954       47,285  

IPG Photonics Corp. (a)

      2       214  

KLA Corp.

      35       12,841  

Lam Research Corp.

      33       17,732  

Marvell Technology, Inc.

      192       13,746  

Microchip Technology, Inc.

      128       9,615  

Micron Technology, Inc.

      264       20,563  

Monolithic Power Systems, Inc.

      10       4,914  

NVIDIA Corp.

      582       158,866  

NXP Semiconductors NV, (Netherlands)

      62       11,437  

ON Semiconductor Corp. (a)

      101       6,296  

Qorvo, Inc. (a)

      26       3,270  

QUALCOMM, Inc.

      261       39,888  

Skyworks Solutions, Inc.

      38       5,127  

Teradyne, Inc.

      39       4,583  

Texas Instruments, Inc.

      215       39,426  
    

 

 

  
       549,985  
    

 

 

  

Software — 16.9%

     

Activision Blizzard, Inc.

      34       2,736  

Adobe, Inc. (a)

      370       168,724  

Akamai Technologies, Inc. (a)

      7       861  

ANSYS, Inc. (a)

      68       21,455  

Asana, Inc., Class A (a)

      49       1,956  

Autodesk, Inc. (a)

      170       36,457  

Avalara, Inc. (a)

      69       6,867  

Bentley Systems, Inc., Class B

      134       5,917  

Bill.com Holdings, Inc. (a)

      60       13,686  

Black Knight, Inc. (a)

      121       7,001  

Broadridge Financial Solutions, Inc.

      83       12,848  

Cadence Design Systems, Inc. (a)

      217       35,672  

Ceridian HCM Holding, Inc. (a)

      108       7,365  

Cerner Corp.

      13       1,170  

Citrix Systems, Inc.

      98       9,853  

Cloudflare, Inc., Class A (a)

      10       1,220  

Concentrix Corp.

      30       4,992  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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)

     

Coupa Software, Inc. (a)

      57       5,750  

CSG Systems International, Inc.

      23       1,431  

Datadog, Inc., Class A (a)

      169       25,670  

DocuSign, Inc., Class A (a)

      154       16,491  

Dropbox, Inc., Class A (a)

      243       5,644  

Dynatrace, Inc. (a)

      146       6,869  

Electronic Arts, Inc.

      13       1,610  

Fair Isaac Corp. (a)

      21       9,785  

Fidelity National Information Services, Inc.

      436       43,818  

Fiserv, Inc. (a)

      426       43,178  

Guidewire Software, Inc. (a)

      62       5,872  

HubSpot, Inc. (a)

      35       16,710  

Intuit, Inc.

      209       100,676  

Jack Henry & Associates, Inc.

      52       10,281  

Microsoft Corp.

      5,552       1,711,890  

MongoDB, Inc., Class A (a)

      2       1,084  

MSCI, Inc., Class A

      39       19,423  

Oracle Corp.

      1,278       105,695  

Palantir Technologies, Inc., Class A (a)

      1,264       17,359  

Paychex, Inc.

      232       31,692  

Paycom Software, Inc. (a)

      39       13,607  

PTC, Inc. (a)

      87       9,355  

RingCentral, Inc., Class A (a)

      61       7,097  

Roper Technologies, Inc.

      41       19,224  

salesforce.com, Inc. (a)

      762       161,798  

ServiceNow, Inc. (a)

      155       86,167  

Snowflake, Inc., Class A (a)

      10       2,206  

Splunk, Inc. (a)

      125       18,627  

SS&C Technologies Holdings, Inc.

      179       13,403  

Synopsys, Inc. (a)

      119       39,623  

Take-Two Interactive Software, Inc. (a)

      5       827  

Twilio, Inc., Class A (a)

      8       1,331  

Tyler Technologies, Inc. (a)

      32       14,085  

Unity Software, Inc. (a)

      46       4,588  

Veeva Systems, Inc., Class A (a)

      6       1,244  

Verra Mobility Corp., Class A (a)

      87       1,423  

VMware, Inc., Class A

      164       18,711  

Workday, Inc., Class A (a)

      150       36,022  

Zoom Video Communications, Inc., Class A (a)

      171       20,057  

ZoomInfo Technologies, Inc., Class A (a)

      284       16,966  
    

 

 

  
       3,006,069  
    

 

 

  

Total Technology

        3,809,604  
    

 

 

  

Utilities — 0.3%

     

Electric — 0.3%

     

AES Corp. (The)

      26       659  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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)

     

Alliant Energy Corp.

      9       559  

Ameren Corp.

      10       930  

American Electric Power Co., Inc.

      24       2,365  

CenterPoint Energy, Inc.

      22       666  

CMS Energy Corp.

      11       760  

Consolidated Edison, Inc.

      16       1,521  

Constellation Energy Corp.

      18       988  

Dominion Energy, Inc.

      34       2,904  

DTE Energy Co.

      9       1,203  

Duke Energy Corp.

      37       4,166  

Edison International

      18       1,233  

Entergy Corp.

      9       1,098  

Evergy, Inc.

      8       521  

Eversource Energy

      14       1,217  

Exelon Corp.

      47       2,245  

FirstEnergy Corp.

      21       964  

NextEra Energy, Inc.

      91       7,745  

NRG Energy, Inc.

      12       466  

PG&E Corp. (a)

      63       754  

PPL Corp.

      46       1,305  

Public Service Enterprise Group, Inc.

      20       1,434  

Sempra Energy

      14       2,348  

Southern Co. (The)

      48       3,497  

Vistra Corp.

      15       345  

WEC Energy Group, Inc.

      13       1,295  

Xcel Energy, Inc.

      25       1,780  
    

 

 

  
       44,968  
    

 

 

  

Gas — 0.0% (g)

     

Atmos Energy Corp.

      5       547  

NiSource, Inc.

      12       390  

UGI Corp.

      8       281  
    

 

 

  
       1,218  
    

 

 

  

Water — 0.0% (g)

     

American Water Works Co., Inc.

      8       1,385  

Essential Utilities, Inc.

      7       369  
    

 

 

  
       1,754  
    

 

 

  

Total Utilities

        47,940  
    

 

 

  

Total Common Stocks

     

(Cost $13,732,868)

        17,672,981  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 0.7%

    

Time Deposits — 0.7%

     

Australia & New Zealand Banking Group Ltd., 0.15%, 04/01/2022

      5,723       5,723  

Barclays SA, 0.15%, 04/01/2022

      22,803       22,803  

BNP Paribas SA, 0.15%, 04/01/2022

      21,889       21,889  

Citibank NA, 0.15%, 04/01/2022

      12,614       12,614  

Sumitomo Mitsui Banking Corp., 0.15%, 04/01/2022

      7,191       7,191  

Sumitomo Mitsui Trust Bank Ltd., 0.15%, 04/01/2022

      48,668       48,668  
    

 

 

  
Total Short-Term Investments
(Cost $118,888)		        118,888  
    

 

 

  
Total Investments — 99.9%
(Cost - $13,851,756) *		        17,791,869  

Other Assets in Excess of Liabilities — 0.1%

        18,105  
    

 

 

  

NET ASSETS — 100.0%

      $ 17,809,974  
    

 

 

  

 

Percentages indicated are based on net assets

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Futures contracts outstanding as of March 31, 2022:

Exchange Traded

 

DESCRIPTION

    NUMBER OF
CONTRACTS		      EXPIRATION
DATE		      TRADING
CURRENCY		      NOTIONAL
AMOUNT ($)		      VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

Long Contracts

               

E-mini Russell 2000 Index

      4        06/2022        USD        398        15  

Micro E-mini NASDAQ 100 Index

      318        06/2022        USD        8,558        898  

NASDAQ 100 E-mini Index

      147        06/2022        USD        41,185        2,529  

S&P 500 E-mini Index

      304        06/2022        USD        65,027        3,841  

S&P MidCap 400 E-mini Index

      5        06/2022        USD        1,304        41  
              

 

 

  

Total unrealized appreciation (depreciation)

                  7,324  
              

 

 

  

Six Circles U.S. Unconstrained Equity Fund

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022

 

REIT    —    Real Estate Investment Trust
(a)    —    Non-income producing security.
(g)    —    Amount rounds to less than 0.05%.
(h)    —    Amount rounds to less than 500 shares or principal/ $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, March 31, 2022    

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

 

INDUSTRY

    PERCENTAGE  

Internet

      24.7 % 

Software

      16.9 % 

Pharmaceuticals

      11.3 % 

Healthcare - Services

      6.4 % 

Transportation

      5.2 % 

Diversified Financial Services

      5.2 % 

Insurance

      4.1 % 

Banks

      4.1 % 

Beverages

      4.1 % 

Semiconductors

      3.1 % 

Commercial Services

      2.6 % 

Biotechnology

      1.5 % 

Computers

      1.4 % 

Aerospace/Defense

      1.3 % 

Others (Each less than 1.0%)

      7.4 % 

Short-Term Investments

      0.7 % 

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

SHARES    

         VALUE ($)      

Common Stocks — 96.9%

    

Austria — 0.4%

     

Erste Group Bank AG

      373       13,605  

OMV AG

      176       8,399  

Raiffeisen Bank International AG

      167       2,368  

Verbund AG

      216       22,771  

voestalpine AG

      56       1,659  
    

 

 

  
       48,802  
    

 

 

  

Belgium — 1.0%

     

Ageas SA

      186       9,420  

Anheuser-Busch InBev SA

      426       25,493  

Elia Group SA

      99       15,179  

Etablissements Franz Colruyt NV

      25       1,046  

Groupe Bruxelles Lambert SA

      119       12,321  

KBC Group NV

      270       19,348  

Proximus SADP

      77       1,427  

Sofina SA

      17       6,078  

Solvay SA

      37       3,615  

UCB SA

      233       27,924  

Umicore SA

      99       4,284  
    

 

 

  
       126,135  
    

 

 

  

Chile — 0.0% (g)

     

Antofagasta plc

      146       3,167  
    

 

 

  
    

Denmark — 4.7%

     

Ambu A/S, Class B

      78       1,148  

AP Moller - Maersk A/S, Class A

      2       6,634  

AP Moller - Maersk A/S, Class B

      5       14,340  

Carlsberg A/S, Class B

      50       6,180  

Chr Hansen Holding A/S

      54       3,962  

Coloplast A/S, Class B

      59       8,939  

Danske Bank A/S

      743       12,358  

Demant A/S (a)

      53       2,401  

DSV A/S

      160       30,662  

Genmab A/S (a)

      32       11,701  

GN Store Nord AS

      61       2,968  

Novo Nordisk A/S, Class B

      3,121       346,194  

Novozymes A/S, Class B

      103       7,096  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

    

Orsted AS (a) (e)

      600       75,084  

Pandora A/S

      125       11,935  

ROCKWOOL International A/S, Class B

      7       2,256  

Tryg A/S

      393       9,564  

Vestas Wind Systems A/S

      796       23,346  
    

 

 

  
       576,768  
    

 

 

  

Finland — 1.5%

     

Elisa OYJ

      71       4,285  

Fortum OYJ

      1,408       25,737  

Kesko Oyj, Class B

      135       3,729  

Kone OYJ, Class B

      267       13,985  

Neste OYJ

      211       9,613  

Nokia OYJ (a)

      7,848       43,218  

Nordea Bank Abp

      3,469       35,704  

Orion OYJ, Class B

      199       9,020  

Sampo OYJ, Class A

      540       26,403  

Stora Enso OYJ, Class R

      283       5,544  

UPM-Kymmene OYJ

      262       8,539  

Wartsila OYJ Abp

      368       3,361  
    

 

 

  
       189,138  
    

 

 

  

France — 15.3%

     

Accor SA (a)

      86       2,760  

Aeroports de Paris (a)

      23       3,379  

Air Liquide SA

      235       41,041  

Airbus SE (a)

      464       55,999  

Alstom SA

      251       5,876  

Amundi SA (e)

      68       4,642  

Arkema SA

      30       3,619  

AXA SA

      2,106       61,640  

BioMerieux

      20       2,178  

BNP Paribas SA

      1,216       69,465  

Bollore SE

      438       2,291  

Bouygues SA

      181       6,334  

Bureau Veritas SA

      232       6,602  

Capgemini SE

      234       51,824  

Carrefour SA

      311       6,764  

Cie de Saint-Gobain

      398       23,684  

Cie Generale des Etablissements Michelin SCA

      84       11,396  

CNP Assurances

      187       4,506  

Covivio

      26       2,076  

Credit Agricole SA

      1,342       16,041  

Danone SA

      1,156       63,844  

Dassault Aviation SA

      19       3,070  

Dassault Systemes SE

      969       47,593  

Edenred

      365       18,038  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     

Eiffage SA

      66       6,785  

Electricite de France SA

      1,729       16,227  

Engie SA

      5,795       76,183  

EssilorLuxottica SA

      356       65,177  

Eurazeo SE

      44       3,715  

Faurecia SE

      61       1,587  

Gecina SA

      24       3,061  

Getlink SE

      346       6,228  

Hermes International

      39       55,571  

Ipsen SA

      69       8,654  

Kering SA

      93       58,746  

Klepierre SA

      102       2,729  

La Francaise des Jeux SAEM (e)

      46       1,840  

Legrand SA

      212       20,144  

L’Oreal SA

      124       49,634  

LVMH Moet Hennessy Louis Vuitton SE

      345       246,142  

Orange SA

      987       11,688  

Orpea SA

      28       1,204  

Pernod Ricard SA

      104       22,872  

Publicis Groupe SA

      113       6,854  

Remy Cointreau SA

      12       2,439  

Renault SA (a)

      642       16,787  

Safran SA

      268       31,571  

Sanofi

      2,108       215,560  

Sartorius Stedim Biotech

      14       5,778  

Schneider Electric SE

      426       71,534  

SEB SA

      14       1,992  

Societe Generale SA

      875       23,455  

Sodexo SA

      45       3,655  

Teleperformance

      46       17,636  

Thales SA

      85       10,621  

TotalEnergies SE

      2,996       151,621  

Ubisoft Entertainment SA (a)

      45       1,972  

Unibail-Rodamco-Westfield (a)

      62       4,644  

Valeo

      110       2,038  

Veolia Environnement SA

      2,082       66,743  

Vinci SA

      424       43,310  

Vivendi SE

      385       5,024  

Wendel SE

      30       3,037  

Worldline SA (a) (e)

      347       15,062  
    

 

 

  
       1,874,182  
    

 

 

  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 12.5%

     

adidas AG

      237       55,148  

Allianz SE (Registered)

      442       105,456  

BASF SE

      453       25,838  

Bayer AG (Registered)

      1,820       124,461  

Bayerische Motoren Werke AG

      1,105       95,476  

Bechtle AG

      118       6,649  

Beiersdorf AG

      49       5,141  

Brenntag SE

      122       9,812  

Carl Zeiss Meditec AG

      20       3,169  

Commerzbank AG (a)

      1,084       8,237  

Continental AG (a)

      53       3,771  

Covestro AG (e)

      97       4,881  

Daimler Truck Holding AG (a)

      323       8,959  

Delivery Hero SE (a) (e)

      81       3,550  

Deutsche Bank AG (Registered) (a)

      2,231       28,102  

Deutsche Boerse AG

      205       36,975  

Deutsche Lufthansa AG (Registered) (a)

      457       3,688  

Deutsche Post AG (Registered)

      782       37,328  

Deutsche Telekom AG (Registered)

      1,599       29,782  

E.ON SE

      7,132       82,857  

Evonik Industries AG

      105       2,915  

Fresenius Medical Care AG & Co. KGaA

      103       6,883  

Fresenius SE & Co. KGaA

      205       7,512  

GEA Group AG

      121       4,950  

Hannover Rueck SE

      65       11,060  

HeidelbergCement AG

      72       4,109  

HelloFresh SE (a)

      81       3,634  

Henkel AG & Co. KGaA

      48       3,196  

Infineon Technologies AG

      1,897       64,178  

KION Group AG

      58       3,796  

Knorr-Bremse AG

      57       4,356  

LANXESS AG

      40       1,749  

LEG Immobilien SE

      37       4,216  

Mercedes-Benz Group AG

      2,848       199,879  

Merck KGaA

      240       50,047  

MTU Aero Engines AG

      42       9,814  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)

      151       40,406  

Nemetschek SE

      83       7,991  

Puma SE

      130       11,034  

Rational AG

      4       2,731  

RWE AG

      2,037       88,705  

SAP SE

      1,520       168,440  

Scout24 SE (e)

      42       2,399  

Siemens AG (Registered)

      602       83,403  

Siemens Energy AG

      312       7,089  

Siemens Healthineers AG (e)

      138       8,570  

Symrise AG, Class A

      65       7,831  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     

Telefonica Deutschland Holding AG

      539       1,467  

Uniper SE

      286       7,396  

United Internet AG (Registered)

      52       1,790  

Volkswagen AG

      109       26,857  

Vonovia SE

      367       17,103  

Zalando SE (a) (e)

      110       5,574  
    

 

 

  
       1,550,360  
    

 

 

  

Ireland — 0.9%

     

AerCap Holdings NV (a)

      105       5,270  

CRH plc

      388       15,482  

DCC plc

      65       5,051  

Experian plc

      612       23,575  

Flutter Entertainment plc (a)

      83       9,588  

Kerry Group plc, Class A

      283       31,622  

Kingspan Group plc

      121       11,818  

Smurfit Kappa Group plc

      124       5,503  
    

 

 

  
       107,909  
    

 

 

  

Italy — 4.6%

     

Amplifon SpA

      61       2,706  

Assicurazioni Generali SpA

      1,192       27,256  

Atlantia SpA (a)

      388       8,061  

Davide Campari-Milano NV

      258       2,993  

DiaSorin SpA

      12       1,893  

Enel SpA

      25,781       172,132  

Eni SpA

      3,018       44,019  

Ferrari NV

      420       91,419  

FinecoBank Banca Fineco SpA

      660       10,018  

Infrastrutture Wireless Italiane SpA (e)

      179       2,001  

Intesa Sanpaolo SpA

      17,771       40,674  

Mediobanca Banca di Credito Finanziario SpA

      672       6,789  

Moncler SpA

      255       14,168  

Nexi SpA (a) (e)

      753       8,687  

Poste Italiane SpA (e)

      565       6,406  

Prysmian SpA

      198       6,726  

Recordati Industria Chimica e Farmaceutica SpA

      196       9,830  

Snam SpA

      6,720       38,752  

Telecom Italia SpA

      4,714       1,731  

Terna - Rete Elettrica Nazionale

      4,532       38,920  

UniCredit SpA

      2,284       24,638  
    

 

 

  
       559,819  
    

 

 

  

Japan — 2.4%

     

Casio Computer Co. Ltd.

      363       4,160  

Nikon Corp.

      566       6,046  

Panasonic Corp.

      4,131       40,122  

Sharp Corp.

      401       3,739  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     

Japan — continued

     

Sony Group Corp.

      2,359       242,673  

Tamron Co. Ltd.

      28       548  
    

 

 

  
       297,288  
    

 

 

  

Jordan — 0.1%

     

Hikma Pharmaceuticals plc

      301       8,119  
    

 

 

  
    

Luxembourg — 0.2%

     

ArcelorMittal SA

      313       10,028  

Aroundtown SA

      498       2,849  

Eurofins Scientific SE

      67       6,639  

Tenaris SA

      240       3,599  
    

 

 

  
       23,115  
    

 

 

  

Netherlands — 7.0%

     

ABN AMRO Bank NV, CVA, GDR (e)

      457       5,833  

Adyen NV (a) (e)

      29       57,175  

Aegon NV

      1,940       10,283  

Akzo Nobel NV

      92       7,903  

Argenx SE (a)

      23       7,148  

ASM International NV

      68       24,841  

ASML Holding NV

      602       402,115  

Euronext NV (e)

      92       8,379  

EXOR NV

      118       8,982  

Heineken Holding NV

      57       4,475  

Heineken NV

      128       12,248  

IMCD NV

      45       7,671  

ING Groep NV

      4,211       43,971  

JDE Peet’s NV

      175       5,010  

Just Eat Takeaway.com NV (a) (e)

      87       2,930  

Koninklijke Ahold Delhaize NV

      519       16,703  

Koninklijke DSM NV

      87       15,540  

Koninklijke KPN NV

      1,695       5,882  

Koninklijke Philips NV

      454       13,851  

NN Group NV

      294       14,894  

Prosus NV (a)

      459       24,760  

QIAGEN NV (a)

      113       5,530  

Randstad NV

      95       5,728  

Stellantis NV

      6,775       109,688  

Universal Music Group NV

      356       9,516  

Wolters Kluwer NV

      207       22,056  
    

 

 

  
       853,112  
    

 

 

  

Norway — 1.0%

     

Adevinta ASA, Class B (a)

      137       1,253  

Aker BP ASA

      63       2,366  

DNB Bank ASA

      1,004       22,690  

Equinor ASA

      1,170       43,686  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

      219       5,432  

Mowi ASA

      780       20,998  

Norsk Hydro ASA

      657       6,382  

Orkla ASA

      1,334       11,850  

Schibsted ASA, Class A

      39       958  

Schibsted ASA, Class B

      40       866  

Telenor ASA

      353       5,070  

Yara International ASA

      83       4,147  
    

 

 

  
       125,698  
    

 

 

  

Poland — 0.0% (g)

     

InPost SA (a)

      158       1,004  
    

 

 

  
    

Portugal — 0.5%

     

EDP - Energias de Portugal SA

      8,959       44,097  

Galp Energia SGPS SA

      615       7,774  

Jeronimo Martins SGPS SA

      139       3,335  
    

 

 

  
       55,206  
    

 

 

  

South Korea — 2.1%

     

Samsung Electronics Co. Ltd.

      4,453       254,819  

Samsung Electronics Co. Ltd. (Registered), GDR

      1       1,230  
    

 

 

  
       256,049  
    

 

 

  

Spain — 4.6%

     

ACS Actividades de Construccion y Servicios SA

      188       5,080  

Aena SME SA (a) (e)

      61       10,207  

Amadeus IT Group SA (a)

      658       42,769  

Banco Bilbao Vizcaya Argentaria SA

      7,250       41,398  

Banco Santander SA

      18,808       63,948  

CaixaBank SA

      4,798       16,274  

Cellnex Telecom SA (e)

      254       12,238  

EDP Renovaveis SA

      917       23,566  

Enagas SA

      544       12,086  

Endesa SA

      1,066       23,239  

Ferrovial SA

      398       10,582  

Grifols SA

      151       2,735  

Iberdrola SA

      18,566       202,924  

Industria de Diseno Textil SA

      548       11,950  

Naturgy Energy Group SA

      636       19,042  

Red Electrica Corp. SA

      1,142       23,448  

Repsol SA

      1,773       23,231  

Siemens Gamesa Renewable Energy SA (a)

      187       3,276  

Telefonica SA

      2,649       12,837  
    

 

 

  
       560,830  
    

 

 

  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 3.7%

     

Alfa Laval AB

      246       8,471  

Assa Abloy AB, Class B

      789       21,195  

Atlas Copco AB, Class A

      526       27,316  

Atlas Copco AB, Class B

      309       14,014  

Boliden AB

      138       6,948  

Electrolux AB, Class B

      110       1,663  

Embracer Group AB, Class B (a)

      265       2,210  

Epiroc AB, Class A

      514       11,000  

Epiroc AB, Class B

      311       5,613  

EQT AB

      319       12,447  

Essity AB, Class B

      299       7,064  

Evolution AB (e)

      84       8,585  

Fastighets AB Balder, Class B (a)

      51       3,388  

Getinge AB, Class B

      115       4,598  

H & M Hennes & Mauritz AB, Class B

      355       4,768  

Hexagon AB, Class B

      2,833       39,689  

Husqvarna AB, Class B

      325       3,387  

Industrivarden AB, Class A

      139       3,934  

Industrivarden AB, Class C

      184       5,130  

Investment AB Latour, Class B

      115       3,661  

Investor AB, Class A

      534       12,417  

Investor AB, Class B

      1,977       42,961  

Kinnevik AB, Class B (a)

      263       6,852  

L E Lundbergforetagen AB, Class B

      83       4,203  

Lifco AB, Class B

      182       4,619  

Lundin Energy AB

      101       4,240  

Nibe Industrier AB, Class B

      1,131       12,535  

Sagax AB, Class B

      80       2,421  

Sandvik AB

      887       18,832  

Securitas AB, Class B

      247       2,788  

Sinch AB (a) (e)

      774       5,247  

Skandinaviska Enskilda Banken AB, Class A

      1,754       18,967  

Skanska AB, Class B

      268       5,995  

SKF AB, Class B

      297       4,849  

Svenska Cellulosa AB SCA, Class B

      299       5,811  

Svenska Handelsbanken AB, Class A

      1,584       14,563  

Swedbank AB, Class A

      974       14,545  

Swedish Match AB

      781       5,874  

Tele2 AB, Class B

      252       3,804  

Telefonaktiebolaget LM Ericsson, Class B

      4,247       38,717  

Telia Co. AB

      1,308       5,244  

Volvo AB, Class A

      125       2,391  

Volvo AB, Class B

      1,159       21,618  
    

 

 

  
       454,574  
    

 

 

  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 19.1%

     

ABB Ltd. (Registered)

      1,292       41,903  

Adecco Group AG (Registered)

      128       5,784  

Alcon, Inc.

      248       19,632  

Bachem Holding AG (Registered), Class B

      3       1,660  

Baloise Holding AG (Registered)

      50       8,859  

Barry Callebaut AG (Registered)

      6       14,775  

Chocoladefabriken Lindt & Spruengli AG

      2       22,673  

Chocoladefabriken Lindt & Spruengli AG (Registered)

      —  (h)      22,740  

Cie Financiere Richemont SA (Registered), Class A

      648       82,094  

Clariant AG (Registered) (a)

      114       1,971  

Coca-Cola HBC AG (a)

      75       1,571  

Credit Suisse Group AG (Registered)

      2,853       22,463  

EMS-Chemie Holding AG (Registered)

      4       3,599  

Geberit AG (Registered)

      28       17,403  

Givaudan SA (Registered)

      5       18,797  

Glencore plc

      3,672       23,891  

Holcim Ltd. (a)

      258       12,537  

Julius Baer Group Ltd.

      238       13,751  

Kuehne + Nagel International AG (Registered)

      43       12,071  

Logitech International SA (Registered)

      253       18,801  

Lonza Group AG (Registered)

      37       26,560  

Nestle SA (Registered)

      4,969       646,119  

Novartis AG (Registered)

      4,061       356,544  

Partners Group Holding AG

      25       30,430  

Roche Holding AG

      1,362       541,174  

Schindler Holding AG

      34       7,245  

Schindler Holding AG (Registered)

      14       3,053  

SGS SA (Registered)

      5       13,189  

Sika AG (Registered)

      70       23,121  

Sonova Holding AG (Registered)

      26       11,042  

STMicroelectronics NV

      992       43,131  

Straumann Holding AG (Registered)

      5       8,268  

Swatch Group AG (The)

      37       10,562  

Swatch Group AG (The) (Registered)

      58       3,145  

Swiss Life Holding AG (Registered)

      34       21,788  

Swiss Prime Site AG (Registered)

      40       3,924  

Swiss Re AG

      326       31,075  

Swisscom AG (Registered)

      13       7,801  

Temenos AG (Registered)

      98       9,416  

UBS Group AG (Registered)

      3,798       74,210  

VAT Group AG (e)

      21       8,089  

Vifor Pharma AG (a)

      90       16,022  

Zurich Insurance Group AG

      163       80,319  
    

 

 

  
       2,343,202  
    

 

 

  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 Arab Emirates — 0.0%

     

NMC Health plc (a) (bb) (cc)

      116       —  
    

 

 

  

United Kingdom — 15.3%

     

3i Group plc

      931       16,830  

abrdn plc

      2,097       5,872  

Admiral Group plc

      186       6,233  

Anglo American plc

      474       24,614  

Ashtead Group plc

      296       18,627  

Associated British Foods plc

      584       12,690  

AstraZeneca plc

      2,679       355,211  

Auto Trader Group plc (e)

      351       2,896  

AVEVA Group plc

      162       5,163  

Aviva plc

      3,628       21,467  

BAE Systems plc

      2,104       19,755  

Barclays plc

      16,040       31,094  

Barratt Developments plc

      376       2,561  

Berkeley Group Holdings plc (a)

      42       2,051  

BP plc

      21,095       103,416  

British American Tobacco plc

      807       33,898  

British Land Co. plc (The)

      323       2,239  

BT Group plc

      3,305       7,881  

Bunzl plc

      224       8,687  

Burberry Group plc

      452       9,874  

CNH Industrial NV

      799       12,581  

Coca-Cola Europacific Partners plc

      103       5,012  

Compass Group plc

      661       14,216  

Croda International plc

      52       5,329  

Diageo plc

      863       43,782  

Entain plc (a)

      218       4,662  

Ferguson plc

      147       19,860  

GlaxoSmithKline plc

      8,700       188,245  

Halma plc

      506       16,550  

Hargreaves Lansdown plc

      342       4,509  

HSBC Holdings plc

      19,477       133,041  

Imperial Brands plc

      350       7,380  

Informa plc (a)

      557       4,361  

InterContinental Hotels Group plc

      68       4,598  

Intertek Group plc

      107       7,301  

J Sainsbury plc

      655       2,169  

JD Sports Fashion plc

      966       1,862  

Johnson Matthey plc

      73       1,773  

Kingfisher plc

      769       2,567  

Land Securities Group plc

      260       2,662  

Legal & General Group plc

      5,715       20,261  

Lloyds Banking Group plc

      67,967       41,390  

London Stock Exchange Group plc

      315       32,846  

M&G plc

      2,485       7,159  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     

Melrose Industries plc

      2,891       4,689  

Mondi plc

      180       3,493  

National Grid plc

      1,339       20,583  

NatWest Group plc

      5,407       15,271  

Next plc

      49       3,872  

Ocado Group plc (a)

      180       2,745  

Pearson plc

      279       2,737  

Persimmon plc

      118       3,310  

Phoenix Group Holdings plc

      673       5,390  

Prudential plc

      2,629       38,811  

Reckitt Benckiser Group plc

      264       20,177  

RELX plc

      1,283       39,919  

Rentokil Initial plc

      1,233       8,493  

Rio Tinto plc

      416       33,249  

Rolls-Royce Holdings plc (a)

      5,549       7,296  

Sage Group plc (The)

      1,362       12,477  

Schroders plc

      120       5,034  

Segro plc

      445       7,827  

Severn Trent plc

      93       3,732  

Shell plc

      8,226       225,455  

Smith & Nephew plc

      327       5,195  

Smiths Group plc

      262       4,960  

Spirax-Sarco Engineering plc

      49       7,996  

SSE plc

      395       9,016  

St. James’s Place plc

      517       9,750  

Standard Chartered plc

      2,503       16,616  

Taylor Wimpey plc

      1,340       2,282  

Tesco plc

      2,846       10,305  

Unilever plc

      951       43,174  

United Utilities Group plc

      252       3,715  

Vodafone Group plc

      10,103       16,567  

Whitbread plc (a)

      74       2,771  

WPP plc

      431       5,640  
    

 

 

  
       1,877,722  
    

 

 

  

Total Common Stocks

(Cost $11,308,330)

        11,892,199  
    

 

 

  

Preferred Stocks — 1.8%

    

Germany — 1.5%

     

Bayerische Motoren Werke AG

      186       14,428  

FUCHS PETROLUB SE

      36       1,312  

Henkel AG & Co. KGaA

      90       6,010  

Porsche Automobil Holding SE

      509       48,919  

Sartorius AG

      13       5,730  

Volkswagen AG

      617       106,036  
    

 

 

  
       182,435  
    

 

 

  

South Korea — 0.3%

     

Samsung Electronics Co. Ltd.

      767       39,757  
    

 

 

  

Total Preferred Stocks

(Cost $232,946)

        222,192  
    

 

 

  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 0.6%

    

Time Deposits — 0.6%

     

Australia & New Zealand Banking Group Ltd., 0.15%, 04/01/2022

      4,833       4,833  

Barclays SA, 0.15%, 04/01/2022

      3,038       3,038  

BNP Paribas SA,

     

(1.30%), 04/01/2022

    CHF       11,384       12,320  

0.15%, 04/01/2022

      3,501       3,501  

0.25%, 04/01/2022

    GBP 6,883       9,042  

Brown Brothers Harriman,

     

(1.30%), 04/01/2022

    CHF —  (h)      —  (h) 

(0.78%), 04/01/2022

    EUR —  (h)      —  (h) 

(0.59%), 04/01/2022

    DKK 36,609       5,444  

(0.30%), 04/01/2022

    SEK 39,689       4,221  

0.00%, 04/01/2022

    HKD —  (h)      —  (h) 

0.07%, 04/01/2022

    CAD —  (h)      —  (h) 

0.10%, 04/01/2022

    NOK 8,029       912  

0.15%, 04/01/2022

      —  (h)      —  (h) 

5.40%, 04/01/2022

    ZAR —  (h)      —  (h) 

Citibank NA,

     

(0.78%), 04/01/2022

    EUR 24,915       27,562  

0.15%, 04/01/2022

      3,727       3,727  

Sumitomo Mitsui Banking Corp., (0.38%), 04/01/2022

    JPY 148,499       1,220  

Sumitomo Mitsui Trust Bank Ltd., 0.15%, 04/01/2022

      1,018       1,018  
    

 

 

  

Total Short-Term Investments

(Cost $76,838)

        76,838  
    

 

 

  

Total Investments — 99.3%

(Cost - $11,618,114) *

        12,191,229  

Other Assets in Excess of Liabilities — 0.7%

        82,321  
    

 

 

  

NET ASSETS — 100.0%

      $ 12,273,550  
    

 

 

  

 

 

Percentages indicated are based on net assets

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Futures contracts outstanding as of March 31, 2022:

Exchange Traded

 

DESCRIPTION

   

NUMBER OF
CONTRACTS

      EXPIRATION
DATE		      TRADING
CURRENCY		      NOTIONAL
AMOUNT ($)		      VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

Long Contracts

               

Euro STOXX 50 Index

      1,522        06/2022        EUR        63,294        1,074  

FTSE 100 Index

      379        06/2022        GBP        36,129        1,142  

MSCI Emerging Markets Index

      78        06/2022        USD        4,385        5  

TOPIX Index

      17        06/2022        JPY        2,594        124  
              

 

 

  

Total unrealized appreciation (depreciation)

                  2,345  
              

 

 

  

Six Circles International Unconstrained Equity Fund

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022

 

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 shares or principal/ $500.
(bb)    —    Security has been valued using significant unobservable inputs.
(cc)    —    Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
*    —    The cost of securities is substantially the same for federal income tax purposes.
CAD    —    Canadian Dollar
CHF    —    Swiss Franc
DKK    —    Danish Krone
EUR    —    Euro
GBP    —    British Pound
HKD    —    Hong Kong Dollar
JPY    —    Japanese Yen
NOK    —    Norwegian Krone
SEK    —    Swedish Krona
USD    —    United States Dollar
ZAR    —    South African Rand

Six Circles International Unconstrained Equity Fund

 

Summary of Investments by Industry, March 31, 2022

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

 

INDUSTRY

    PERCENTAGE  

Pharmaceuticals

      18.6 % 

Electric

      7.9 % 

Food

      7.4 % 

Banks

      7.3 % 

Semiconductors

      6.8 % 

Auto Manufacturers

      6.1 % 

Oil & Gas

      5.2 % 

Insurance

      4.7 % 

Apparel

      3.6 % 

Home Furnishings

      2.4 % 

Commercial Services

      2.3 % 

Software

      2.1 % 

Telecommunications

      1.6 % 

Chemicals

      1.5 % 

Healthcare - Products

      1.4 % 

Retail

      1.3 % 

Electrical Components & Equipment

      1.2 % 

Aerospace/Defense

      1.1 % 

Beverages

      1.1 % 

Machinery - Diversified

      1.0 % 

Diversified Financial Services

      1.0 % 

Building Materials

      1.0 % 

Others (Each less than 1.0%)

      12.8 % 

Short-Term Investments

      0.6 % 

 

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

    PRINCIPAL    
    AMOUNT  ($)    

          VALUE ($)      

Long Positions — 106.5%

      

Asset-Backed Securities — 1.1%

     
American Express Credit Account Master Trust, Series 2019-3, Class A, 2.00%, 04/15/2025      615        617  
Anchorage Capital CLO Ltd., (Cayman Islands), Series 2019-11A, Class AR, (ICE LIBOR USD 3 Month + 1.14%), 1.40%, 07/22/2032 (e) (aa)      1,900        1,886  
ARES L CLO Ltd., (Cayman Islands), Series 2018-50A, Class AR, (ICE LIBOR USD 3 Month + 1.05%), 1.29%, 01/15/2032 (e) (aa)      3,300        3,270  
Atlas Senior Loan Fund Ltd., (Cayman Islands), Series 2017-8A, Class A, (ICE LIBOR USD 3 Month + 1.15%), 1.39%, 01/16/2030 (e) (aa)      5,200        5,175  
Benefit Street Partners CLO XVII Ltd., (Cayman Islands), Series 2019-17A, Class AR, (ICE LIBOR USD 3 Month + 1.08%), 1.32%, 07/15/2032 (e) (aa)      4,300        4,261  
Capital One Multi-Asset Execution Trust, Series 2019-A2, Class A2, 1.72%, 08/15/2024      500        501  
CARLYLE US CLO Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.00%), 1.25%, 04/20/2031 (e) (aa)      1,900        1,885  
Carmax Auto Owner Trust,      
Series 2019-4, Class A3, 2.02%, 11/15/2024      90        90  
Series 2020-1, Class A3, 1.89%, 12/16/2024      224        224  
CIFC Funding Ltd., (Cayman Islands), Series 2017-4A, Class A1R, (ICE LIBOR USD 3 Month + 0.95%), 1.21%, 10/24/2030 (e) (aa)      3,200        3,180  
Crestline Denali CLO XV Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.03%), 1.28%, 04/20/2030 (e) (aa)      5,900        5,887  
Dryden XXVII-R Euro CLO BV, (Ireland), Series 2017-27A, Class AR, (ICE LIBOR EUR 3 Month + 0.66%), 0.66%, 04/15/2033 (e) (aa)      EUR      7,600        8,281  
Dryden Senior Loan Fund, (Cayman Islands), Series 2014-36A, Class AR3, (ICE LIBOR USD 3 Month + 1.02%), 1.26%, 04/15/2029 (e) (aa)      6,148        6,123  
Ford Credit Auto Owner Trust, Series 2020-B, Class A4, 0.79%, 11/15/2025      850        824  
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A4, 1.74%, 08/18/2025      500        493  
Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.41%, 11/15/2024      113        113  
Magnetite XVIII Ltd., (Cayman Islands), Series 2016-18A, Class AR2, (ICE LIBOR USD 3 Month + 0.88%), 1.39%, 11/15/2028 (e) (aa)      7,554        7,491  
Marathon CLO IX Ltd., (Cayman Islands), Series 2017-9A, Class A1AR, (ICE LIBOR USD 3 Month + 1.15%), 1.39%, 04/15/2029 (e) (aa)      312        311  
Marble Point CLO X Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.04%), 1.28%, 10/15/2030 (e) (aa)      1,800        1,789  
Mercedes-Benz Auto Lease Trust, Series 2020-A, Class A4, 1.88%, 09/15/2025      1,000        1,001  
Mercedes-Benz Auto Receivables Trust, Series 2019-1, Class A4, 2.04%, 01/15/2026      1,000        999  
Mountain View CLO LLC, (Cayman Islands),      
Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.09%), 1.33%, 10/16/2029 (e) (aa)      1,754        1,752  

Series 2017-2A, Class AR, (ICE LIBOR USD 3 Month + 1.04%), 1.28%, 01/16/2031 (e) (aa)

      2,900        2,880  

Nissan Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.38%, 12/16/2024

      98        97  
OCP CLO Ltd., (Cayman Islands), Series 2017-14A, Class A1A, (ICE LIBOR USD 3 Month + 1.15%), 1.63%, 11/20/2030 (e) (aa)      5,000        4,976  
Sculptor CLO XXV Ltd., (Cayman Islands), Series 25A, Class A1, (ICE LIBOR USD 3 Month + 1.27%), 1.51%, 01/15/2031 (e) (aa)      1,200        1,194  
Sound Point CLO XII Ltd., (Cayman Islands), Series 2016-2A, Class AR2, (ICE LIBOR USD 3 Month + 1.05%), 1.30%, 10/20/2028 (e) (aa)      75        74  
Venture CLO Ltd., (Cayman Islands), Series 2018-33A, Class A1LR, (ICE LIBOR USD 3 Month + 1.06%), 1.30%, 07/15/2031 (e) (aa)      700        695  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Venture XXI CLO Ltd., (Cayman Islands), Series 2015-21A, Class AR, (ICE LIBOR USD 3 Month + 0.88%), 1.12%, 07/15/2027 (e) (aa)      473        473  
Vibrant CLO VI Ltd., (Cayman Islands), Series 2017-6A, Class AR, (ICE LIBOR USD 3 Month + 0.95%), 1.88%, 06/20/2029 (e) (aa)      3,166        3,163  
Voya CLO Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (ICE LIBOR USD 3 Month + 0.95%), 1.19%, 04/17/2030 (e) (aa)      5,200        5,173  
Wellfleet CLO Ltd., (Cayman Islands), Series 2015-1A, Class AR4, (ICE LIBOR USD 3 Month + 0.89%), 1.14%, 07/20/2029 (e) (aa)      1,389        1,379  
World Omni Auto Receivables Trust, Series 2020-A, Class A3, 1.10%, 04/15/2025      130        129  
     

 

 

  

Total Asset-Backed Securities

(Cost $77,741)

         76,386  
     

 

 

  
Collateralized Mortgage Obligations — 1.9%      
Citigroup Mortgage Loan Trust,      
Series 2021-INV1, Class A3A, 2.50%, 05/25/2051 (e) (z)      6,374        5,894  
Series 2021-INV3, Class A11, (United States 30 Day Average SOFR + 0.85%), 0.95%, 05/25/2051 (e) (aa)      475        470  
FHLMC REMICS,      
Series 3404, Class SA, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 5.60%, 01/15/2038 (aa)      1,489        216  
Series 3680, Class SA, IF, IO, (5.00% - ICE LIBOR USD 1 Month), 4.60%, 06/15/2040 (aa)      3,210        292  
Series 4023, Class S, IF, IO, (6.25% - ICE LIBOR USD 1 Month), 5.85%, 03/15/2042 (aa)      1,169        173  
Series 4056, Class GS, IF, IO, (6.65% - ICE LIBOR USD 1 Month), 6.25%, 12/15/2041 (aa)      691        92  
Series 4134, Class PI, IO, 3.00%, 11/15/2042      524        59  
Series 4165, Class TI, IO, 3.00%, 12/15/2042      619        45  
Series 4479, Class AI, IO, 3.50%, 09/15/2025      6,868        292  
Series 4598, Class IK, IO, 3.50%, 03/15/2046      704        126  
Series 4710, Class EI, IO, 3.50%, 11/15/2031      4,505        391  
Series 4825, Class SE, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 5.80%, 09/15/2048 (aa)      5,132        861  
Series 4888, Class IB, IO, 4.00%, 03/15/2047      478        64  
Series 4990, Class MI, IO, 4.00%, 07/25/2050      5,186        1,059  
Series 5003, Class AS, IF, IO, (6.10% - ICE LIBOR USD 1 Month), 5.64%, 08/25/2050 (aa)      7,009        1,478  
Series 5016, Class PI, IO, 3.00%, 09/25/2050      13,476        1,918  
Series 5024, Class BI, IO, 2.00%, 10/25/2050      20,009        2,374  
Series 5034, Class YI, IO, 4.00%, 11/25/2050      3,400        580  
Series 5045, Class DI, IO, 2.50%, 11/25/2050      3,204        418  
Series 5047, Class CI, IO, 2.00%, 12/25/2050      1,883        237  
Series 5056, Class PI, IO, 2.50%, 12/25/2050      9,803        1,244  
Series 5062, Class EI, IO, 2.00%, 01/25/2051      4,032        511  
Series 5065, Class IG, IO, 3.00%, 01/25/2051      3,907        562  
Series 5069, Class DI, IO, 3.50%, 02/25/2041      1,621        201  
Series 5069, Class LI, IO, 2.50%, 02/25/2051      16,917        2,598  
Series 5071, Class IN, IO, 4.00%, 08/25/2050      6,559        1,320  
Series 5087, Class IL, IO, 3.00%, 03/25/2051      2,378        374  
Series 5124, Class LI, IO, 4.50%, 07/25/2051      15,257        3,174  
FHLMC STRIPs, Series 365, Class C2, IO, 4.00%, 06/15/2049      4,950        913  
FNMA Interest STRIP,      
Series 379, Class S56, IF, IO, (7.90% - ICE LIBOR USD 1 Month), 7.44%, 05/25/2037 (aa)      479        96  
Series 405, Class 1, PO, Zero Coupon, 10/25/2040      367        325  
Series 406, Class 23, IO, 6.00%, 11/25/2040 (z)      176        47  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      
FNMA REMICS,      
Series 2007-30, Class JS, IF, IO, (6.44% - ICE LIBOR USD 1 Month), 5.98%, 04/25/2037 (aa)      2,127        341  
Series 2012-53, Class IO, IO, 3.50%, 05/25/2027      717        40  
Series 2012-98, Class JI, IO, 3.00%, 04/25/2027      2,400        77  
Series 2012-135, Class SB, IF, IO, (6.10% - ICE LIBOR USD 1 Month), 5.64%, 12/25/2042 (aa)      1,170        179  
Series 2013-109, Class BO, PO, Zero Coupon, 07/25/2043      424        351  
Series 2014-34, Class US, IF, (8.60% - ICE LIBOR USD 1 Month), 7.69%, 06/25/2044 (aa)      72        71  
Series 2016-26, Class SY, IF, (7.03% - ICE LIBOR USD 1 Month), 5.96%, 11/25/2042 (aa)      542        464  
Series 2016-63, Class AS, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 5.54%, 09/25/2046 (aa)      1,924        322  
Series 2018-67, Class SH, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 5.74%, 09/25/2048 (aa)      4,067        707  
Series 2019-48, Class IB, IO, 0.67%, 06/25/2039 (z)      26,617        651  
Series 2019-68, Class US, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 5.54%, 11/25/2049 (aa)      7,382        1,360  
Series 2019-78, Class DI, IO, 4.50%, 11/25/2049      787        104  
Series 2020-42, Class CI, IO, 3.00%, 06/25/2050      14,291        2,276  
Series 2020-60, Class BI, IO, 3.50%, 09/25/2050      12,911        2,537  
Series 2020-68, Class CI, IO, 3.00%, 10/25/2050      10,089        1,404  
Series 2020-74, Class PI, IO, 2.00%, 12/25/2049      11,498        1,183  
Series 2020-86, Class PI, IO, 2.50%, 12/25/2050      3,677        523  
Series 2020-89, Class IM, IO, 2.00%, 12/25/2050      10,828        1,390  
Series 2020-89, Class LI, IO, 3.00%, 12/25/2050      12,925        1,864  
Series 2020-99, Class IQ, IO, 3.00%, 01/25/2051      1,097        160  
GNMA,      
Series 2015-H03, Class FA, (ICE LIBOR USD 1 Month + 0.50%), 0.61%, 12/20/2064 (aa)      91        91  
Series 2015-H33, Class FA, (ICE LIBOR USD 1 Month + 0.66%), 0.77%, 12/20/2065 (aa)      8,023        8,031  
Series 2017-H03, Class HA, 3.00%, 01/20/2067      5,686        5,679  
Series 2019-H08, Class FE, (ICE LIBOR USD 1 Month + 0.65%), 0.76%, 01/20/2069 (aa)      5,047        5,047  
Series 2019-H16, Class FD, (ICE LIBOR USD 1 Month + 0.80%), 0.91%, 10/20/2069 (aa)      2,913        2,941  
Series 2020-142, Class LI, IO, 2.50%, 09/20/2050      12,824        1,847  
Series 2020-142, Class MT, IF, IO, (6.15% - ICE LIBOR USD 1 Month), 0.05%, 07/20/2047 (aa)      16,352        29  
Series 2020-142, Class TN, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 0.10%, 09/20/2047 (aa)      22,499        88  
Series 2020-H14, Class FH, (ICE LIBOR USD 1 Month + 1.25%), 1.70%, 08/20/2070 (aa)      8,198        8,493  
Series 2020-H15, Class FH, (ICE LIBOR USD 1 Month + 1.05%), 1.50%, 07/20/2070 (aa)      3,646        3,731  
Series 2020-H15, Class FK, (ICE LIBOR USD 1 Month + 1.25%), 1.70%, 04/20/2070 (aa)      6,369        6,567  
Series 2020-H16, Class FN, (ICE LIBOR USD 1 Month + 1.25%), 1.70%, 09/20/2070 (aa)      2,234        2,313  
Series 2021-23, Class GI, IO, 2.00%, 02/20/2051      13,281        1,682  
Series 2021-83, Class PU, 1.50%, 05/20/2051      117        116  
Series 2021-122, Class IT, IO, 2.50%, 07/20/2051      13,477        1,457  
Series 2021-206, Class IG, IO, 2.50%, 09/20/2051      11,994        1,339  
Series 2021-223, Class QI, IO, 2.50%, 10/20/2051      12,092        1,287  
Series 2021-H14, Class HF, (United States 30 Day Average SOFR + 1.50%), 1.55%, 09/20/2071 (aa)      7,995        8,460  
Series 2021-H16, Class F, (United States 30 Day Average SOFR + 1.50%), 1.55%, 09/20/2071 (aa)      9,961        10,554  
GS Mortgage-Backed Securities Trust,      
Series 2021-GR2, Class A2, 2.50%, 02/25/2052 (e) (z)      1,969        1,827  
Series 2021-INV1, Class A2, 2.50%, 12/25/2051 (e) (z)      939        871  
IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA, 3.40%, 08/18/2043 (e)      2,300        2,430  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      
MFA Trust, Series 2020-NQM2, Class A1, 1.38%, 04/25/2065 (e) (z)      5,958        5,868  
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A6, (United States 30 Day Average SOFR + 0.85%), 0.90%, 09/25/2051 (e) (aa)      2,031        1,985  
OBX Trust, Series 2021-INV2, Class A11, (United States 30 Day Average SOFR + 0.90%), 1.00%, 10/25/2051 (e) (aa)      479        470  
PMT Loan Trust,      
Series 2021-INV1, Class A11, (United States 30 Day Average SOFR + 0.90%), 0.95%,
07/25/2051 (e) (aa)		      9,420        9,220  
Series 2021-INV1, Class A3, 2.50%, 07/25/2051 (e) (z)      4,477        4,154  
     

 

 

  

Total Collateralized Mortgage Obligations

(Cost $150,072)

         140,985  
     

 

 

  
Commercial Mortgage-Backed Securities — 0.8%      

Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class ASB, 3.43%, 09/15/2048

      449        453  

BANK,

      

Series 2017-BNK7, Class AS, 3.75%, 09/15/2060

      750        754  

Series 2018-BN13, Class A5, 4.22%, 08/15/2061 (z)

      500        524  
Series 2018-BN15, Class A4, 4.41%, 11/15/2061 (z)      1,235        1,309  
Barclays Commercial Mortgage Trust,      
Series 2019-C5, Class A4, 3.06%, 11/15/2052      1,000        980  
Series 2019-C5, Class ASB, 2.99%, 11/15/2052      500        494  
BBCMS Mortgage Trust,      
Series 2020-C6, Class ASB, 2.60%, 02/15/2053      600        587  
Series 2020-C7, Class A5, 2.04%, 04/15/2053      210        191  
BCP Trust, Series 2021-330N, Class A, (ICE LIBOR USD 1 Month + 0.80%), 1.20%,
06/15/2038 (e) (aa)		      2,800        2,741  
Benchmark Mortgage Trust,      
Series 2020-B16, Class AM, 2.94%, 02/15/2053 (z)      350        334  
Series 2020-B17, Class A5, 2.29%, 03/15/2053      500        463  
Series 2020-B20, Class A5, 2.03%, 10/15/2053      750        677  
BWAY Mortgage Trust, Series 2021-1450, Class A, (ICE LIBOR USD 1 Month + 1.25%), 1.65%, 09/15/2036 (e) (aa)      4,600        4,538  
BX Commercial Mortgage Trust, Series 2021-21M, Class A, (ICE LIBOR USD 1 Month + 0.73%), 1.13%, 10/15/2036 (e) (aa)      3,000        2,926  
CD Mortgage Trust, Series 2017-CD5, Class AAB, 3.22%, 08/15/2050      1,000        994  
CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4, 3.46%, 08/15/2050      1,100        1,102  
Citigroup Commercial Mortgage Trust,      
Series 2014-GC23, Class AS, 3.86%, 07/10/2047      250        252  
Series 2014-GC25, Class A4, 3.64%, 10/10/2047      500        502  
Series 2015-GC33, Class AS, 4.11%, 09/10/2058      500        507  
Series 2019-GC41, Class AS, 3.02%, 08/10/2056      250        240  
COMM Mortgage Trust, Series 2016-CR28, Class ASB, 3.53%, 02/10/2049      368        371  
CSAIL Commercial Mortgage Trust, Series 2016-C7, Class ASB, 3.31%, 11/15/2049      319        320  
CSMC, Series 2020-FACT, Class A, (ICE LIBOR USD 1 Month + 1.35%), 1.75%,
10/15/2037 (e) (aa)		      2,100        2,093  
FHLMC Multifamily Structured Pass Through Certificates,      
Series K027, Class A2, 2.64%, 01/25/2023      805        809  
Series K047, Class A2, 3.33%, 05/25/2025 (z)      1,000        1,016  
Series K049, Class A2, 3.01%, 07/25/2025      250        252  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      
Series K057, Class A2, 2.57%, 07/25/2026      850        844  
Series K063, Class A2, 3.43%, 01/25/2027 (z)      1,000        1,029  
Series K071, Class A2, 3.29%, 11/25/2027      500        513  
Series K073, Class A2, 3.35%, 01/25/2028      1,000        1,031  
Series K075, Class A2, 3.65%, 02/25/2028 (z)      500        523  
Series K094, Class A2, 2.90%, 06/25/2029      112        113  
Series K103, Class A2, 2.65%, 11/25/2029      500        495  
Series K108, Class A2, 1.52%, 03/25/2030      304        276  
Series K117, Class A2, 1.41%, 08/25/2030      1,500        1,343  
Series K118, Class A2, 1.49%, 09/25/2030      500        451  
Series K725, Class A2, 3.00%, 01/25/2024      225        227  
Series K726, Class A2, 2.91%, 04/25/2024      821        825  
Series K729, Class A2, 3.14%, 10/25/2024      200        201  
Series K737, Class A2, 2.53%, 10/25/2026      650        641  
FNMA-ACES,      
Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z)      663        671  
Series 2016-M5, Class A2, 2.47%, 04/25/2026      500        491  
Series 2017-M11, Class A2, 2.98%, 08/25/2029      1,000        1,009  
Series 2017-M12, Class A2, 3.07%, 06/25/2027 (z)      115        116  
Series 2017-M13, Class A2, 2.93%, 09/25/2027 (z)      587        595  
Series 2018-M8, Class A2, 3.32%, 06/25/2028 (z)      1,000        1,033  
Series 2020-M46, Class A2, 1.32%, 05/25/2030      1,000        910  
GS Mortgage Securities Trust,      
Series 2013-GC12, Class AS, 3.38%, 06/10/2046      400        400  
Series 2019-GSA1, Class A4, 3.05%, 11/10/2052      250        244  
LUXE Trust,      
Series 2021-MLBH, Class A, (ICE LIBOR USD 1 Month + 0.98%), 1.38%, 11/15/2038 (e) (aa)      600        588  
Series 2021-TRIP, Class A, (ICE LIBOR USD 1 Month + 1.05%), 1.45%, 10/15/2038 (e) (aa)      2,900        2,851  
Morgan Stanley Bank of America Merrill Lynch Trust,      
Series 2012-C5, Class A4, 3.18%, 08/15/2045      449        449  
Series 2016-C29, Class A4, 3.33%, 05/15/2049      500        497  
Series 2016-C31, Class A5, 3.10%, 11/15/2049      500        495  
Series 2016-C32, Class A4, 3.72%, 12/15/2049      1,000        1,015  
UBS Commercial Mortgage Trust,      
Series 2018-C11, Class ASB, 4.12%, 06/15/2051      687        706  
Series 2018-C12, Class A5, 4.30%, 08/15/2051      1,380        1,442  
UBS-Barclays Commercial Mortgage Trust,      
Series 2012-C2, Class A4, 3.53%, 05/10/2063      125        125  
Series 2012-C4, Class A5, 2.85%, 12/10/2045      500        501  
Series 2013-C6, Class A4, 3.24%, 04/10/2046      400        402  
Wells Fargo Commercial Mortgage Trust,      
Series 2014-LC18, Class A5, 3.41%, 12/15/2047      420        421  
Series 2015-C27, Class A5, 3.45%, 02/15/2048      918        919  
Series 2015-LC20, Class A5, 3.18%, 04/15/2050      500        497  
Series 2017-C39, Class A5, 3.42%, 09/15/2050      1,000        1,003  

Series 2017-C40, Class A4, 3.58%, 10/15/2050

      550        556  

Series 2018-C44, Class A5, 4.21%, 05/15/2051

      1,000        1,044  

WFRBS Commercial Mortgage Trust,

      

Series 2013-C12, Class A4, 3.20%, 03/15/2048

      279        280  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      

Series 2014-C20, Class ASB, 3.64%, 05/15/2047

      641        647  
     

 

 

  

Total Commercial Mortgage-Backed Securities

(Cost $57,248)

         53,848  
     

 

 

  

Corporate Bonds — 19.2%

     

Basic Materials — 0.6%

      

Chemicals — 0.3%

      

Air Liquide Finance SA, (France),

      

Reg. S, 0.63%, 06/20/2030

    EUR       400        417  

Reg. S, 0.75%, 06/13/2024

    EUR 600        665  

Air Products and Chemicals, Inc.,

      

1.00%, 02/12/2025

    EUR 1,550        1,711  

2.80%, 05/15/2050

      15        13  

Albemarle New Holding GmbH, (Germany), Reg. S, 1.63%, 11/25/2028

    EUR 1,000        1,054  

Argentum Netherlands BV for Givaudan SA, (Netherlands),

      

Reg. S, 1.13%, 09/17/2025

    EUR 800        885  

Reg. S, 2.00%, 09/17/2030

    EUR 1,000        1,120  

Celanese US Holdings LLC, 3.50%, 05/08/2024

      50        50  

CF Industries, Inc.,

      

4.50%, 12/01/2026 (e)

      1,800        1,881  

4.95%, 06/01/2043

      80        86  

5.38%, 03/15/2044

      30        34  

Covestro AG, (Germany), Reg. S, 0.88%, 02/03/2026

    EUR 1,875        2,046  

Dow Chemical Co. (The),

      

4.55%, 11/30/2025

      118        123  

5.25%, 11/15/2041

      600        685  

Eastman Chemical Co., 1.50%, 05/26/2023

    EUR 900        1,003  

Ecolab, Inc., 1.00%, 01/15/2024

    EUR 1,950        2,176  

EI du Pont de Nemours and Co., 2.30%, 07/15/2030

      46        43  

FMC Corp., 3.20%, 10/01/2026

      10        10  

Givaudan Finance Europe BV, (Netherlands), Reg. S, 1.00%, 04/22/2027

    EUR 100        109  

Huntsman International LLC, 4.50%, 05/01/2029

      2        2  

Linde Finance BV, (Netherlands),

      

Reg. S, 0.55%, 05/19/2032

    EUR 400        405  

Reg. S, 1.88%, 05/22/2024

    EUR 425        483  

Linde plc, (Ireland), Reg. S, 1.00%, 09/30/2051

    EUR 1,300        1,147  

LYB International Finance BV, (Netherlands), 4.88%, 03/15/2044

      550        586  

LYB International Finance III LLC, 4.20%, 10/15/2049

      1,000        984  

Mosaic Co. (The), 4.25%, 11/15/2023

      45        46  

PPG Industries, Inc.,

      

1.20%, 03/15/2026

      195        181  

2.55%, 06/15/2030

      70        65  

Sherwin-Williams Co. (The), 3.45%, 08/01/2025

      65        66  

Westlake Corp.,

      

1.63%, 07/17/2029

    EUR 500        533  

3.13%, 08/15/2051

      415        341  

3.38%, 08/15/2061

      320        260  

Yara International ASA, (Norway), 3.15%, 06/04/2030 (e)

      1,000        933  
     

 

 

  
        20,143  
     

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 0.0% (g)

      

ArcelorMittal SA, (Luxembourg),

      

6.75%, 03/01/2041

      20        24  

7.00%, 10/15/2039

      20        23  

Reliance Steel & Aluminum Co.,

      

1.30%, 08/15/2025

      20        19  

2.15%, 08/15/2030

      235        211  

Steel Dynamics, Inc., 3.25%, 01/15/2031

      3,000        2,909  

Vale Overseas Ltd., (Cayman Islands),

      

6.88%, 11/21/2036

      158        191  

6.88%, 11/10/2039

      10        12  

Vale SA, (Brazil), 5.63%, 09/11/2042

      4        4  
     

 

 

  
        3,393  
     

 

 

  

Mining — 0.3%

      

Anglo American Capital plc, (United Kingdom),

      

Reg. S, 1.63%, 03/11/2026

    EUR       500        547  

Reg. S, 3.38%, 03/11/2029

    GBP 1,500        1,969  

Barrick PD Australia Finance Pty Ltd., (Australia), 5.95%, 10/15/2039

      920        1,134  

BHP Billiton Finance Ltd., (Australia),

      

Series 10, Reg. S, 3.25%, 09/24/2027

    EUR 698        853  

Series 13, Reg. S, 3.13%, 04/29/2033

    EUR 141        172  

Series 17, Reg. S, 1.50%, 04/29/2030

    EUR 775        841  

Freeport-McMoRan, Inc.,

      

4.13%, 03/01/2028

      1,500        1,498  

4.63%, 08/01/2030

      40        41  

5.40%, 11/14/2034

      250        278  

5.45%, 03/15/2043

      240        269  

Glencore Capital Finance DAC, (Ireland), Reg. S, 1.25%, 03/01/2033

    EUR 2,225        2,095  

Kinross Gold Corp., (Canada), 4.50%, 07/15/2027

      2,500        2,565  

Newmont Corp.,

      

2.60%, 07/15/2032

      520        478  

4.88%, 03/15/2042

      30        34  

Norsk Hydro ASA, (Norway),

      

Reg. S, 1.13%, 04/11/2025

    EUR 900        984  

Reg. S, 2.00%, 04/11/2029

    EUR 1,000        1,066  

Southern Copper Corp.,

      

3.88%, 04/23/2025

      35        35  

5.88%, 04/23/2045

      29        36  

6.75%, 04/16/2040

      10        13  

Teck Resources Ltd., (Canada), 5.40%, 02/01/2043

      1,100        1,188  

Yamana Gold, Inc., (Canada), 2.63%, 08/15/2031

      2,705        2,423  
     

 

 

  
        18,519  
     

 

 

  

Total Basic Materials

         42,055  
     

 

 

  

Communications — 1.2%

      

Advertising — 0.1%

      

Interpublic Group of Cos., Inc. (The), 3.38%, 03/01/2041

      44        39  

MMS USA Holdings, Inc.,

      

Reg. S, 0.63%, 06/13/2025

    EUR 1,500        1,630  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Advertising — continued      

Reg. S, 1.25%, 06/13/2028

    EUR 1,900        2,042  

Reg. S, 1.75%, 06/13/2031

    EUR 1,000        1,082  

WPP Finance 2013, (United Kingdom), Reg. S, 2.88%, 09/14/2046

    GBP 300        327  
     

 

 

  
        5,120  
     

 

 

  

Internet — 0.1%

      

Alphabet, Inc.,

      

1.90%, 08/15/2040

      700        570  

2.25%, 08/15/2060

      65        50  

Amazon.com, Inc.,

      

2.10%, 05/12/2031

      30        28  

2.88%, 05/12/2041

      20        19  

3.10%, 05/12/2051

      100        94  
3.25%, 05/12/2061      25        23  
3.88%, 08/22/2037      20        21  

4.25%, 08/22/2057

      30        34  

Booking Holdings, Inc.,

      

3.60%, 06/01/2026

      50        51  

4.63%, 04/13/2030

      55        60  

eBay, Inc., 1.90%, 03/11/2025

      5        5  

Expedia Group, Inc.,

      

3.25%, 02/15/2030

      2,140        2,040  

3.60%, 12/15/2023

      10        10  

3.80%, 02/15/2028

      700        697  

4.63%, 08/01/2027

      705        732  

5.00%, 02/15/2026

      20        21  

VeriSign, Inc.,

      

2.70%, 06/15/2031

      80        72  

4.75%, 07/15/2027

      77        79  

5.25%, 04/01/2025

      132        139  
     

 

 

  
        4,745  
     

 

 

  

Media — 0.4%

      

Charter Communications Operating LLC / Charter Communications Operating Capital,

      

3.70%, 04/01/2051

      3,140        2,586  

3.95%, 06/30/2062

      30        24  

4.40%, 12/01/2061

      65        57  

4.46%, 07/23/2022

      190        191  

4.50%, 02/01/2024

      115        118  

4.80%, 03/01/2050

      80        76  

4.91%, 07/23/2025

      1,545        1,604  

6.38%, 10/23/2035

      40        45  

6.48%, 10/23/2045

      30        34  

Comcast Corp.,

      

0.25%, 09/14/2029

    EUR 3,100        3,137  

1.88%, 02/20/2036

    GBP 1,075        1,255  

1.95%, 01/15/2031

      2,875        2,597  

2.65%, 08/15/2062

      25        19  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      

3.20%, 07/15/2036

      25        24  

3.30%, 02/01/2027

      1,940        1,969  

3.97%, 11/01/2047

      170        172  

4.25%, 10/15/2030

      120        128  

4.60%, 10/15/2038

      120        133  

Cox Communications, Inc., 3.50%, 08/15/2027 (e)

      3,180        3,168  

Discovery Communications LLC, 5.20%, 09/20/2047

      1,100        1,144  

FactSet Research Systems, Inc.,

      

2.90%, 03/01/2027

      1,035        1,007  

3.45%, 03/01/2032

      280        271  

ITV plc, (United Kingdom), Reg. S, 1.38%, 09/26/2026

    EUR       900        968  

Paramount Global, 4.85%, 07/01/2042

      2,080        2,117  

Pearson Funding plc, (United Kingdom), Reg. S, 3.75%, 06/04/2030

    GBP 475        632  

TDF Infrastructure SASU, (France), Reg. S, 1.75%, 12/01/2029

    EUR 3,400        3,432  

Thomson Reuters Corp., (Canada), 4.30%, 11/23/2023

      120        122  

Time Warner Cable LLC,

      

4.50%, 09/15/2042

      100        93  

5.50%, 09/01/2041

      800        831  

Vivendi SE, (France), Reg. S, 1.13%, 12/11/2028

    EUR 600        643  

Wolters Kluwer NV, (Netherlands),

      

Reg. S, 0.25%, 03/30/2028

    EUR 1,300        1,332  

Reg. S, 0.75%, 07/03/2030

    EUR 775        789  

Reg. S, 1.50%, 03/22/2027

    EUR 2,275        2,530  
     

 

 

  
        33,248  
     

 

 

  

Telecommunications — 0.6%

      

America Movil SAB de CV, (Mexico),

      

2.13%, 03/10/2028

    EUR 1,000        1,122  

5.00%, 10/27/2026

    GBP       100        144  

Series B, Reg. S, (EUR Swap Rate 5 Year + 4.55%), 6.38%, 09/06/2073 (aa)

    EUR 1,500        1,761  

AT&T, Inc.,

      

1.70%, 03/25/2026

      330        312  

1.80%, 09/05/2026

    EUR 1,150        1,302  

1.80%, 09/14/2039

    EUR 1,200        1,218  

2.05%, 05/19/2032

    EUR 100        113  

2.45%, 03/15/2035

    EUR 425        480  

3.30%, 02/01/2052

      25        21  

3.50%, 06/01/2041

      1,700        1,567  

3.50%, 02/01/2061

      45        38  

3.55%, 09/15/2055

      75        66  

3.65%, 06/01/2051

      1,800        1,635  

3.80%, 12/01/2057

      82        75  

3.85%, 06/01/2060

      20        18  

4.25%, 06/01/2043

    GBP 200        287  

4.30%, 12/15/2042

      100        101  

4.45%, 04/01/2024

      47        48  

4.50%, 03/09/2048

      15        16  

4.75%, 05/15/2046

      20        22  

4.80%, 06/15/2044

      20        21  

4.85%, 03/01/2039

      170        185  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     

5.25%, 03/01/2037

      60        68  

5.35%, 09/01/2040

      10        12  

Reg. S, 5.50%, 03/15/2027

    GBP 450        667  

6.30%, 01/15/2038

      5        6  

7.00%, 04/30/2040

    GBP 400        759  

Bell Telephone Co. of Canada or Bell Canada (The), (Canada),

      

3.65%, 08/15/2052

      35        33  

Series US-3, 0.75%, 03/17/2024

      45        44  

CK Hutchison Group Telecom Finance SA, (Luxembourg), Reg. S, 0.38%, 10/17/2023

    EUR 1,300        1,430  

Elisa OYJ, (Finland), Reg. S, 0.88%, 03/17/2024

    EUR 100        111  

Emirates Telecommunications Group Co. PJSC, (United Arab Emirates), Reg. S, 0.88%, 05/17/2033

    EUR 300        302  

Global Switch Holdings Ltd., (British Virgin Islands), Reg. S, 1.50%, 01/31/2024

    EUR 450        496  

Juniper Networks, Inc., 2.00%, 12/10/2030

      160        138  

Level 3 Financing, Inc., 3.40%, 03/01/2027 (e)

      1,780        1,678  

Motorola Solutions, Inc.,

      

2.30%, 11/15/2030

      47        41  

2.75%, 05/24/2031

      390        353  

4.00%, 09/01/2024

      65        66  

4.60%, 05/23/2029

      40        42  

5.50%, 09/01/2044

      40        44  

Orange SA, (France), Reg. S, 3.25%, 01/15/2032

    GBP 1,100        1,498  

OTE plc, (United Kingdom), Reg. S, 0.88%, 09/24/2026

    EUR 100        108  

Proximus SADP, (Belgium), Reg. S, 2.38%, 04/04/2024

    EUR 100        114  

Rogers Communications, Inc., (Canada),

      

3.20%, 03/15/2027 (e)

      57        56  

3.80%, 03/15/2032 (e)

      68        67  

4.50%, 03/15/2042 (e)

      51        52  

4.55%, 03/15/2052 (e)

      32        32  

Sprint Corp., 7.63%, 02/15/2025

      2,800        3,052  

Tele2 AB, (Sweden), Reg. S, 2.13%, 05/15/2028

    EUR 2,400        2,685  

Telefonaktiebolaget LM Ericsson, (Sweden), Reg. S, 1.88%, 03/01/2024

    EUR 1,000        1,108  

Telenor ASA, (Norway), Reg. S, 0.25%, 02/14/2028

    EUR       700        723  

Telia Co. AB, (Sweden), Reg. S, 2.13%, 02/20/2034

    EUR 700        780  

Telstra Corp. Ltd., (Australia), Reg. S, 1.00%, 04/23/2030

    EUR 1,800        1,924  

T-Mobile USA, Inc.,

      

1.50%, 02/15/2026

      10        9  

3.00%, 02/15/2041

      50        42  

3.50%, 04/15/2025

      2,525        2,545  

3.88%, 04/15/2030

      3,420        3,434  

Verizon Communications, Inc.,

      

0.88%, 04/02/2025

    EUR 750        828  

0.88%, 04/08/2027

    EUR 475        516  

1.50%, 09/19/2039

    EUR 700        695  

1.68%, 10/30/2030

      78        68  

1.88%, 11/03/2038

    GBP 200        218  

2.10%, 03/22/2028

      50        47  

2.36%, 03/15/2032 (e)

      54        49  

2.50%, 04/08/2031

    GBP 1,000        1,269  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     

2.55%, 03/21/2031

      650        603  

2.65%, 11/20/2040

      1,070        911  

2.88%, 11/20/2050

      20        17  

3.00%, 11/20/2060

      60        49  

3.25%, 02/17/2026

    EUR 200        240  

3.70%, 03/22/2061

      350        324  

4.07%, 06/18/2024

    GBP 100        137  

4.13%, 08/15/2046

      80        82  

4.27%, 01/15/2036

      25        26  

4.40%, 11/01/2034

      20        21  

4.86%, 08/21/2046

      75        86  
     

 

 

  
        41,257  
     

 

 

  

Total Communications

         84,370  
     

 

 

  

Consumer Cyclical — 1.1%

      

Airlines — 0.1%

      

easyJet FinCo. BV, (Netherlands), Reg. S, 1.88%, 03/03/2028

    EUR 1,200        1,250  

Southwest Airlines Co.,

      

5.13%, 06/15/2027

      1,150        1,231  

5.25%, 05/04/2025

      1,600        1,682  

United Airlines, Inc.,

      

4.38%, 04/15/2026 (e)

      525        517  

4.63%, 04/15/2029 (e)

      360        342  
     

 

 

  
        5,022  
     

 

 

  

Apparel — 0.0% (g)

      

Burberry Group plc, (United Kingdom), Reg. S, 1.13%, 09/21/2025

    GBP 425        529  

LVMH Moet Hennessy Louis Vuitton SE, (France),

      

Reg. S, 0.13%, 02/11/2028

    EUR 800        833  

Reg. S, 0.75%, 04/07/2025

    EUR 300        331  

NIKE, Inc.,

      

3.25%, 03/27/2040

      51        50  

3.38%, 03/27/2050

      70        69  

Tapestry, Inc., 4.13%, 07/15/2027

      2,032        2,056  

VF Corp., 2.40%, 04/23/2025

      25        25  
     

 

 

  
        3,893  
     

 

 

  

Auto Manufacturers — 0.6%

      
American Honda Finance Corp.,      
0.75%, 11/25/2026    GBP 4,800        5,846  
1.50%, 10/19/2027    GBP 2,300        2,862  
BMW US Capital LLC, 3.90%, 04/09/2025 (e)      1,100        1,123  
Cummins, Inc., 2.60%, 09/01/2050      60        48  
Dongfeng Motor Hong Kong International Co. Ltd., (Hong Kong), Reg. S, 0.43%, 10/19/2024    EUR       300        323  
Ford Motor Co., 3.25%, 02/12/2032      700        624  
Ford Motor Credit Co. LLC,      
4.00%, 11/13/2030      545        514  
4.95%, 05/28/2027      3,065        3,120  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
General Motors Co.,      
5.20%, 04/01/2045      425        430  
6.25%, 10/02/2043      295        336  
6.60%, 04/01/2036      520        604  
General Motors Financial Co., Inc.,      
Reg. S, 1.69%, 03/26/2025    EUR 775        859  
1.70%, 08/18/2023      70        69  
Reg. S, 2.25%, 09/06/2024    GBP 700        908  
Reg. S, 2.35%, 09/03/2025    GBP 1,225        1,574  
2.35%, 02/26/2027      110        103  
2.70%, 08/20/2027      1,450        1,367  
2.70%, 06/10/2031      585        515  
2.75%, 06/20/2025      180        175  
2.90%, 02/26/2025      45        44  
3.45%, 04/10/2022      60        60  
Harley-Davidson Financial Services, Inc., Reg. S, 3.88%, 05/19/2023    EUR 425        487  
Mercedes-Benz Group AG, (Germany),      
Reg. S, 1.13%, 11/06/2031    EUR 15        16  
Reg. S, 2.13%, 07/03/2037    EUR 775        870  
Mercedes-Benz International Finance BV, (Netherlands),      
Reg. S, 0.63%, 02/27/2023    EUR 425        473  
Reg. S, 1.63%, 08/22/2023    EUR 20        23  
Reg. S, 2.63%, 04/07/2025    EUR 1,760        2,038  
Nissan Motor Acceptance Co. LLC, 1.13%, 09/16/2024 (e)      1,600        1,498  
Nissan Motor Co. Ltd., (Japan), 3.52%, 09/17/2025 (e)      3,000        2,944  
PACCAR Financial Europe BV, (Netherlands), Reg. S, 0.00%, 03/03/2023    EUR 500        553  
Stellantis Finance US, Inc., 2.69%, 09/15/2031 (e)      460        404  
Toyota Motor Credit Corp., 0.80%, 01/09/2026      200        184  
Volkswagen Bank GmbH, (Germany),      
Reg. S, 0.75%, 06/15/2023    EUR 300        333  
Reg. S, 1.25%, 06/10/2024    EUR 1,500        1,666  
Volkswagen Financial Services AG, (Germany),      
Reg. S, 1.38%, 10/16/2023    EUR 900        1,006  
Reg. S, 2.25%, 10/16/2026    EUR 10        11  
Reg. S, 2.50%, 04/06/2023    EUR 915        1,034  
Reg. S, 3.00%, 04/06/2025    EUR 20        23  
Reg. S, 3.38%, 04/06/2028    EUR 1,450        1,714  
Volkswagen Financial Services NV, (Netherlands), Reg. S, 1.13%, 07/05/2026    GBP 1,000        1,218  
Volkswagen International Finance NV, (Netherlands),      
Reg. S, 0.05%, 06/10/2024    EUR 400        432  
Reg. S, (EUR Swap Rate 5 Year + 3.75%), 3.50%, 06/17/2025 (x) (aa)    EUR 1,000        1,113  
Reg. S, (EUR Swap Rate 9 Year + 3.96%), 3.88%, 06/17/2029 (x) (aa)    EUR 2,000        2,177  
Reg. S, (EUR Swap Rate 12 Year + 2.97%), 4.63%, 03/24/2026 (x) (aa)    EUR 210        243  
     

 

 

  
        41,964  
     

 

 

  
Auto Parts & Equipment — 0.1%      
Aptiv plc, (Jersey), 1.50%, 03/10/2025    EUR 425        471  
Autoliv, Inc., Reg. S, 0.75%, 06/26/2023    EUR 700        776  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 Parts & Equipment — continued      
Cie Generale des Etablissements Michelin SCA, (France), Reg. S, 0.63%, 11/02/2040    EUR 300        261  
Magna International, Inc., (Canada),      

1.90%, 11/24/2023

    EUR 1,125        1,269  

2.45%, 06/15/2030

      1,000        921  

4.15%, 10/01/2025

      2,000        2,056  
     

 

 

  
        5,754  
     

 

 

  

Distribution/Wholesale — 0.0% (g)

      

Bunzl Finance plc, (United Kingdom), Reg. S, 1.50%, 10/30/2030

    GBP 550        648  

IMCD NV, (Netherlands), Reg. S, 2.13%, 03/31/2027

    EUR 1,100        1,217  
     

 

 

  
        1,865  
     

 

 

  

Entertainment — 0.0% (g)

      

Magallanes, Inc.,

      

4.28%, 03/15/2032 (e)

      745        748  

5.05%, 03/15/2042 (e)

      705        721  

5.14%, 03/15/2052 (e)

      780        798  

5.39%, 03/15/2062 (e)

      345        356  
     

 

 

  
        2,623  
     

 

 

  

Home Builders — 0.0% (g)

      

Berkeley Group plc (The), (United Kingdom), Reg. S, 2.50%, 08/11/2031

    GBP 172        199  

NVR, Inc., 3.00%, 05/15/2030

      299        279  
     

 

 

  
        478  
     

 

 

  

Home Furnishings — 0.0% (g)

      

Whirlpool Finance Luxembourg Sarl, (Luxembourg),

      

1.10%, 11/09/2027

    EUR 225        238  

1.25%, 11/02/2026

    EUR 200        217  
     

 

 

  
        455  
     

 

 

  

Housewares — 0.1%

      

Newell Brands, Inc.,

      

4.45%, 04/01/2026

      650        653  

4.88%, 06/01/2025

      2,710        2,797  
     

 

 

  
        3,450  
     

 

 

  

Lodging — 0.0% (g)

      

Choice Hotels International, Inc.,

      

3.70%, 12/01/2029

      85        83  

3.70%, 01/15/2031

      190        185  

InterContinental Hotels Group plc, (United Kingdom),

      

Reg. S, 3.38%, 10/08/2028

    GBP       450        587  

Reg. S, 3.75%, 08/14/2025

    GBP 100        134  

Marriott International, Inc., Series HH, 2.85%, 04/15/2031

      550        502  

Whitbread Group plc, (United Kingdom), Reg. S, 2.38%, 05/31/2027

    GBP 1,500        1,865  
     

 

 

  
        3,356  
     

 

 

  

Retail — 0.2%

      
AutoNation, Inc., 4.75%, 06/01/2030      1,300        1,355  
AutoZone, Inc., 1.65%, 01/15/2031      2,595        2,212  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Costco Wholesale Corp., 1.75%, 04/20/2032      87        77  
Dollar General Corp., 4.15%, 11/01/2025      10        10  
Genuine Parts Co., 1.88%, 11/01/2030      270        234  
Home Depot, Inc. (The),      
2.50%, 04/15/2027      100        98  
3.50%, 09/15/2056      75        73  
4.20%, 04/01/2043      800        859  
5.88%, 12/16/2036      90        114  
Lowe’s Cos., Inc.,      
3.35%, 04/01/2027      40        40  
3.50%, 04/01/2051      105        97  
4.45%, 04/01/2062      25        26  
McDonald’s Corp.,      
Reg. S, 2.38%, 11/27/2024    EUR 800        933  
3.38%, 05/26/2025      50        51  
6.30%, 03/01/2038      50        63  
Next Group plc, (United Kingdom),      
Reg. S, 3.00%, 08/26/2025    GBP 225        300  
Reg. S, 3.63%, 05/18/2028    GBP 1,075        1,441  
Reg. S, 4.38%, 10/02/2026    GBP 300        417  
Walmart, Inc.,      
2.55%, 04/08/2026    EUR 2,550        2,982  
2.65%, 09/22/2051      75        67  
Reg. S, 5.25%, 09/28/2035    GBP 550        938  
     

 

 

  
        12,387  
     

 

 

  
Total Consumer Cyclical         81,247  
     

 

 

  
Consumer Non-cyclical — 2.9%      
Agriculture — 0.5%      
Altria Group, Inc.,      
2.20%, 06/15/2027    EUR 1,800        1,988  
3.40%, 02/04/2041      65        53  
3.70%, 02/04/2051      120        97  
3.88%, 09/16/2046      40        34  
4.00%, 02/04/2061      110        92  
5.38%, 01/31/2044      65        67  
5.95%, 02/14/2049      10        11  
6.20%, 02/14/2059      58        65  
BAT Capital Corp.,      
Reg. S, 1.13%, 11/16/2023    EUR       100        110  
2.26%, 03/25/2028      100        90  
2.73%, 03/25/2031      60        53  
2.79%, 09/06/2024      85        84  
3.22%, 08/15/2024      100        100  
3.56%, 08/15/2027      2,450        2,388  
3.73%, 09/25/2040      45        37  
3.98%, 09/25/2050      45        37  
4.54%, 08/15/2047      50        45  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      
4.74%, 03/16/2032      150        151  
4.76%, 09/06/2049      85        78  
BAT International Finance plc, (United Kingdom),      
Reg. S, 2.25%, 01/16/2030    EUR 4,900        4,991  
Reg. S, 2.38%, 01/19/2023    EUR 3,800        4,273  
Reg. S, 7.25%, 03/12/2024    GBP 235        333  
Bunge Finance Europe BV, (Netherlands), 1.85%, 06/16/2023    EUR 300        335  
Bunge Ltd. Finance Corp.,      
2.75%, 05/14/2031      235        216  
3.75%, 09/25/2027      30        30  
Cargill, Inc., 2.13%, 04/23/2030 (e)      1,500        1,371  
Imperial Brands Finance plc, (United Kingdom),      
Reg. S, 2.13%, 02/12/2027    EUR 1,500        1,633  
Reg. S, 3.38%, 02/26/2026    EUR 2,661        3,092  
JT International Financial Services BV, (Netherlands),      
Reg. S, 1.00%, 11/26/2029    EUR 1,000        1,019  
Reg. S, 1.13%, 09/28/2025    EUR 1,100        1,204  
Reg. S, 2.75%, 09/28/2033    GBP 975        1,220  
Philip Morris International, Inc.,      
0.63%, 11/08/2024    EUR 1,400        1,526  
0.88%, 05/01/2026      1,715        1,567  
1.50%, 05/01/2025      34        32  

2.88%, 03/03/2026

    EUR 2,200        2,557  

2.88%, 05/14/2029

    EUR 1,250        1,435  

4.25%, 11/10/2044

      245        237  

4.88%, 11/15/2043

      105        110  

6.38%, 05/16/2038

      175        215  

STG Global Finance BV, (Netherlands), Reg. S, 1.38%, 09/24/2025

    EUR 1,025        1,109  

Viterra Finance BV, (Netherlands),

      

Reg. S, 0.38%, 09/24/2025

    EUR 1,000        1,041  

Reg. S, 1.00%, 09/24/2028

    EUR 2,050        2,014  
     

 

 

  
        37,140  
     

 

 

  

Beverages — 0.4%

      

Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.,

      

4.70%, 02/01/2036

      1,700        1,844  

4.90%, 02/01/2046

      1,600        1,779  

Anheuser-Busch InBev SA, (Belgium),

      

Reg. S, 2.75%, 03/17/2036

    EUR 10        12  

Reg. S, 3.70%, 04/02/2040

    EUR       800        1,063  

Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/2049

      50        61  

CCEP Finance Ireland DAC, (Ireland), Reg. S, 0.50%, 09/06/2029

    EUR 1,000        1,016  

Coca-Cola Co. (The),

      

0.13%, 03/09/2029

    EUR 3,500        3,566  

0.13%, 03/15/2029

    EUR 1,700        1,732  

0.50%, 03/09/2033

    EUR 500        495  

1.00%, 03/09/2041

    EUR 400        384  

3.00%, 03/05/2051

      230        212  

Coca-Cola Europacific Partners plc, (United Kingdom), Reg. S, 2.38%, 05/07/2025

    EUR 2,000        2,322  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     

Beverages — continued

     

Coca-Cola Femsa SAB de CV, (Mexico), 2.75%, 01/22/2030

      300        287  

Coca-Cola HBC Finance BV, (Netherlands), Reg. S, 1.63%, 05/14/2031

    EUR 1,000        1,023  

Constellation Brands, Inc.,

      

2.25%, 08/01/2031

      50        44  

3.70%, 12/06/2026

      25        25  

Diageo Capital BV, (Netherlands), Reg. S, 0.13%, 09/28/2028

    EUR 4,000        4,102  

Diageo Capital plc, (United Kingdom), 3.88%, 04/29/2043

      10        10  

Diageo Finance plc, (United Kingdom),

      

Reg. S, 1.88%, 03/27/2027

    EUR 1,000        1,144  

Reg. S, 2.50%, 03/27/2032

    EUR 600        711  

Diageo Investment Corp., 4.25%, 05/11/2042

      20        21  

Greene King Finance plc, (United Kingdom), Series A2, 5.32%, 09/15/2031

    GBP 30        43  

Keurig Dr Pepper, Inc., 4.06%, 05/25/2023

      26        26  

PepsiCo., Inc.,

      

0.40%, 10/09/2032

    EUR 1,200        1,172  

0.75%, 10/14/2033

    EUR 2,950        2,957  

3.45%, 10/06/2046

      15        15  

Pernod Ricard SA, (France),

      

Reg. S, 0.13%, 10/04/2029

    EUR 2,000        1,993  

Reg. S, 1.13%, 04/07/2025

    EUR 1,600        1,778  
     

 

 

  
        29,837  
     

 

 

  

Biotechnology — 0.0% (g)

      

Amgen, Inc.,

      

1.90%, 02/21/2025

      100        98  

3.63%, 05/22/2024

      60        61  

Regeneron Pharmaceuticals, Inc.,

      

1.75%, 09/15/2030

      300        260  

2.80%, 09/15/2050

      55        44  
     

 

 

  
        463  
     

 

 

  

Commercial Services — 0.4%

      

Abertis Infraestructuras SA, (Spain), Reg. S, 3.38%, 11/27/2026

    GBP 400        533  

ALD SA, (France), Reg. S, 1.25%, 10/11/2022

    EUR 2,500        2,786  

Amadeus IT Group SA, (Spain), Reg. S, 0.88%, 09/18/2023

    EUR 2,000        2,225  

American University (The), Series 2019, 3.67%, 04/01/2049

      30        29  

Automatic Data Processing, Inc.,

      

1.25%, 09/01/2030

      1,500        1,300  

1.70%, 05/15/2028

      90        84  

Block Financial LLC, 2.50%, 07/15/2028

      58        53  

California Institute of Technology, 4.70%, 11/01/2111

      25        27  

Central Nippon Expressway Co. Ltd., (Japan),

      

Reg. S, 0.89%, 09/29/2025

      600        557  

Reg. S, 1.87%, 09/26/2024

    AUD 1,000        722  

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        107  

Cintas Corp. No. 2, 3.70%, 04/01/2027

      30        31  

Cleveland Clinic Foundation (The), 4.86%, 01/01/2114

      1,000        1,132  

Duke University, Series 2020, 2.68%, 10/01/2044

      20        18  

East Nippon Expressway Co. Ltd., (Japan), Series 66, 0.10%, 12/18/2026

    JPY 100,000        820  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     

Equifax, Inc.,

      

2.35%, 09/15/2031

      850        760  

2.60%, 12/15/2025

      110        107  

3.10%, 05/15/2030

      1,830        1,746  

ERAC USA Finance LLC,

      

2.70%, 11/01/2023 (e)

      3,200        3,198  

3.85%, 11/15/2024 (e)

      160        163  

4.50%, 02/15/2045 (e)

      400        410  

7.00%, 10/15/2037 (e)

      800        1,045  

Euronet Worldwide, Inc., 1.38%, 05/22/2026

    EUR 1,025        1,070  

Experian Finance plc, (United Kingdom),

      

Reg. S, 0.74%, 10/29/2025

    GBP 300        373  

Reg. S, 1.38%, 06/25/2026

    EUR 1,125        1,256  

Reg. S, 3.25%, 04/07/2032

    GBP 225        304  

George Washington University (The), Series 2014, 4.30%, 09/15/2044

      30        32  

Global Payments, Inc., 1.20%, 03/01/2026

      40        37  

Holding d’Infrastructures de Transport SASU, (France),

      

Reg. S, 0.63%, 09/14/2028

    EUR 300        305  

Reg. S, 2.50%, 05/04/2027

    EUR 1,600        1,831  

Johns Hopkins University, Series A, 2.81%, 01/01/2060

      600        500  

Massachusetts Institute of Technology,

      

3.89%, 07/01/2116

      663        645  

4.68%, 07/01/2114

      500        573  

Series F, 2.99%, 07/01/2050

      20        18  

Moody’s Corp.,

      

1.75%, 03/09/2027

    EUR 1,125        1,263  

2.55%, 08/18/2060

      20        15  

Northwestern University, Series 2020, 2.64%, 12/01/2050

      10        8  

PayPal Holdings, Inc.,

      

2.65%, 10/01/2026

      90        89  

3.25%, 06/01/2050

      35        32  

President and Fellows of Harvard College, 2.52%, 10/15/2050

      10        9  

Quanta Services, Inc.,

      

0.95%, 10/01/2024

      80        76  

2.35%, 01/15/2032

      70        61  

2.90%, 10/01/2030

      200        185  

3.05%, 10/01/2041

      180        148  

RELX Finance BV, (Netherlands), Reg. S, 0.00%, 03/18/2024

    EUR 100        109  

Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/2050

      5        4  

S&P Global, Inc.,

      

1.25%, 08/15/2030

      2,100        1,810  

2.30%, 08/15/2060

      331        249  

Transurban Finance Co. Pty Ltd., (Australia),

      

Reg. S, 1.75%, 03/29/2028

    EUR 1,000        1,102  

Reg. S, 3.00%, 04/08/2030

    EUR 100        118  

Trustees of Princeton University (The), Series 2020, 2.52%, 07/01/2050

      20        17  

United Rentals North America, Inc., 3.88%, 11/15/2027

      84        83  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     

University of Southern California,

      

2.81%, 10/01/2050

      20        18  

Series 21A, 2.95%, 10/01/2051

      10        9  

Verisk Analytics, Inc., 5.50%, 06/15/2045

      43        50  

Washington University (The),

      

4.35%, 04/15/2122 (w) (bb)

      255        255  

Series 2022, 3.52%, 04/15/2054 (w) (bb)

      900        900  

Wellcome Trust Ltd. (The), (United Kingdom),

      

Reg. S, 1.50%, 07/14/2071

    GBP 500        495  

Reg. S, 2.52%, 02/07/2118

    GBP 200        251  

West Nippon Expressway Co. Ltd., (Japan), Series 29, 0.31%, 02/12/2026

    JPY 200,000        1,656  
     

 

 

  
        33,809  
     

 

 

  

Cosmetics/Personal Care — 0.2%

      

Estee Lauder Cos., Inc. (The),

      

2.60%, 04/15/2030

      60        58  

3.13%, 12/01/2049

      20        18  

GSK Consumer Healthcare Capital NL BV, (Netherlands), Reg. S, 2.13%, 03/29/2034

    EUR 900        1,009  

GSK Consumer Healthcare Capital UK plc, (United Kingdom), Reg. S, 2.88%, 10/29/2028

    GBP 425        564  

Procter & Gamble Co. (The),

      

0.35%, 05/05/2030

    EUR 2,800        2,912  

0.63%, 10/30/2024

    EUR 1,450        1,609  

1.20%, 10/30/2028

    EUR 1,000        1,123  

1.20%, 10/29/2030

      30        26  

1.88%, 10/30/2038

    EUR 1,125        1,286  

3.60%, 03/25/2050

      80        86  

4.88%, 05/11/2027

    EUR 425        562  

Unilever Finance Netherlands BV, (Netherlands),

      

Reg. S, 0.50%, 08/12/2023

    EUR 1,400        1,557  

Reg. S, 0.75%, 02/28/2026

    EUR 1,275        1,400  

Reg. S, 1.13%, 02/12/2027

    EUR 425        471  
     

 

 

  
        12,681  
     

 

 

  

Food — 0.2%

      

Campbell Soup Co., 3.95%, 03/15/2025

      80        82  

Flowers Foods, Inc., 2.40%, 03/15/2031

      5        4  

General Mills, Inc.,

      

3.00%, 02/01/2051

      30        26  

3.65%, 02/15/2024

      60        61  

Hershey Co. (The), 2.65%, 06/01/2050

      10        8  
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., (Multinational),
3.00%, 05/15/2032 (e)		      575        513  

6.50%, 04/15/2029 (e)

      3,000        3,175  

Kerry Group Financial Services Unltd Co., (Ireland), Reg. S, 2.38%, 09/10/2025

    EUR 1,400        1,609  

Kraft Heinz Foods Co.,

      

3.88%, 05/15/2027

      310        315  

4.38%, 06/01/2046

      15        15  

4.88%, 10/01/2049

      14        15  

Kroger Co. (The), 3.95%, 01/15/2050

      5        5  

Mars, Inc., 2.38%, 07/16/2040 (e)

      1,200        1,004  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
McCormick & Co., Inc.,      
0.90%, 02/15/2026      100        92  
3.15%, 08/15/2024      150        150  
4.20%, 08/15/2047      5        5  
Mondelez International Holdings Netherlands BV, (Netherlands), Reg. S, 0.38%, 09/22/2029    EUR 100        102  
Mondelez International, Inc.,      
1.50%, 02/04/2031      1,000        853  
1.88%, 10/15/2032      300        259  
Tesco Corporate Treasury Services plc, (United Kingdom),      
Reg. S, 0.88%, 05/29/2026    EUR 1,500        1,607  
Reg. S, 1.38%, 10/24/2023    EUR 100        112  
Reg. S, 1.88%, 11/02/2028    GBP 700        859  
Reg. S, 2.75%, 04/27/2030    GBP 425        540  
     

 

 

  
        11,411  
     

 

 

  

Healthcare - Products — 0.4%

      

Abbott Ireland Financing DAC, (Ireland),

      

Reg. S, 0.10%, 11/19/2024

    EUR 700        761  

Reg. S, 0.38%, 11/19/2027

    EUR 1,950        2,060  

Abbott Laboratories, 4.90%, 11/30/2046

      115        140  

American Medical Systems Europe BV, (Netherlands),

      

0.75%, 03/08/2025

    EUR 700        765  

1.88%, 03/08/2034

    EUR 2,800        3,016  

Becton Dickinson Euro Finance Sarl, (Luxembourg),

      

1.21%, 06/04/2026

    EUR 425        466  

1.34%, 08/13/2041

    EUR       2,000        1,813  

Boston Scientific Corp.,

      

0.63%, 12/01/2027

    EUR 800        833  

3.45%, 03/01/2024

      44        44  

Danaher Corp., 2.50%, 03/30/2030

    EUR 525        620  

DH Europe Finance II Sarl, (Luxembourg),

      

0.20%, 03/18/2026

    EUR 3,775        4,014  

1.35%, 09/18/2039

    EUR 700        693  

1.80%, 09/18/2049

    EUR 700        718  

3.40%, 11/15/2049

      30        28  

Edwards Lifesciences Corp., 4.30%, 06/15/2028

      135        141  

Koninklijke Philips NV, (Netherlands), Reg. S, 1.38%, 05/02/2028

    EUR 500        547  

Medtronic Global Holdings SCA, (Luxembourg),

      

0.00%, 03/15/2023

    EUR 325        360  

0.38%, 03/07/2023

    EUR 100        111  

0.38%, 10/15/2028

    EUR 500        519  

1.38%, 10/15/2040

    EUR 825        809  

1.63%, 10/15/2050

    EUR 900        860  

1.75%, 07/02/2049

    EUR 900        893  

Molnlycke Holding AB, (Sweden), Reg. S, 1.88%, 02/28/2025

    EUR 1,000        1,120  

PerkinElmer, Inc.,

      

1.90%, 09/15/2028

      135        122  

2.25%, 09/15/2031

      125        111  

Stryker Corp., 1.00%, 12/03/2031

    EUR 1,300        1,315  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 - Products — continued

     

Thermo Fisher Scientific Finance I BV, (Netherlands), 2.00%, 10/18/2051

    EUR 1,365        1,369  

Thermo Fisher Scientific, Inc.,

      

1.22%, 10/18/2024

      80        77  

1.88%, 10/01/2049

    EUR 900        892  

4.10%, 08/15/2047

      10        11  

Werfenlife SA, (Spain), Reg. S, 0.50%, 10/28/2026

    EUR 600        628  
     

 

 

  
        25,856  
     

 

 

  

Healthcare - Services — 0.4%

      

Advocate Health & Hospitals Corp., 3.39%, 10/15/2049

      35        33  

Aetna, Inc., 2.80%, 06/15/2023

      30        30  

AHS Hospital Corp., Series 2021, 2.78%, 07/01/2051

      755        641  

Allina Health System, Series 2019, 3.89%, 04/15/2049

      40        40  

Anthem, Inc.,

      

3.35%, 12/01/2024

      100        101  

4.10%, 03/01/2028

      2,900        3,013  

Ascension Health, 3.95%, 11/15/2046

      70        73  

Beth Israel Lahey Health, Inc., Series L, 3.08%, 07/01/2051

      7        6  

City of Hope, Series 2013, 5.62%, 11/15/2043

      35        42  

CommonSpirit Health, 3.91%, 10/01/2050

      18        17  

Eurofins Scientific SE, (Luxembourg), Reg. S, 2.13%, 07/25/2024

    EUR 396        447  

Hackensack Meridian Health, Inc.,

      

Series 2020, 2.68%, 09/01/2041

            1,335        1,143  

Series 2020, 2.88%, 09/01/2050

      35        29  

HCA, Inc.,

      

3.13%, 03/15/2027 (e)

      2,560        2,505  

3.50%, 07/15/2051

      105        91  

5.00%, 03/15/2024

      1,383        1,435  

5.13%, 06/15/2039

      700        756  

5.25%, 06/15/2049

      140        153  

5.50%, 06/15/2047

      277        312  

Health Care Service Corp. A Mutual Legal Reserve Co., 2.20%, 06/01/2030 (e)

      1,400        1,272  

Humana, Inc.,

      

2.90%, 12/15/2022

      50        50  

3.85%, 10/01/2024

      50        51  

Kaiser Foundation Hospitals, 4.15%, 05/01/2047

      1,200        1,282  

Laboratory Corp. of America Holdings,

      

1.55%, 06/01/2026

      200        187  

4.70%, 02/01/2045

      145        153  

Mayo Clinic,

      

3.77%, 11/15/2043

      30        30  

Series 2013, 4.00%, 11/15/2047

      25        26  

Series 2021, 3.20%, 11/15/2061

      440        395  

Memorial Health Services, 3.45%, 11/01/2049

      10        9  

Memorial Sloan-Kettering Cancer Center, 4.13%, 07/01/2052

      50        53  

Methodist Hospital (The), Series 20A, 2.71%, 12/01/2050

      1,500        1,245  

MidMichigan Health, Series 2020, 3.41%, 06/01/2050

      1,498        1,314  

MultiCare Health System, 2.80%, 08/15/2050

      1,000        826  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      

New York and Presbyterian Hospital (The),

      

2.26%, 08/01/2040

      1,090        864  

4.02%, 08/01/2045

      20        21  

Northwell Healthcare, Inc., 4.26%, 11/01/2047

      25        25  

OhioHealth Corp.,

      

2.30%, 11/15/2031

      830        760  

2.83%, 11/15/2041

      370        323  

Series 2020, 3.04%, 11/15/2050

      535        477  

PeaceHealth Obligated Group,

      

Series 2020, 1.38%, 11/15/2025

      700        661  

Series 2020, 3.22%, 11/15/2050

      849        753  

Piedmont Healthcare, Inc.,

      

2.86%, 01/01/2052

      3        2  

Series 2032, 2.04%, 01/01/2032

      470        413  

Series 2042, 2.72%, 01/01/2042

      453        378  

Providence St. Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/2051

      15        12  
Sentara Healthcare, Series 2021, 2.93%, 11/01/2051      2,365        2,046  
Texas Health Resources, 2.33%, 11/15/2050      750        569  
Trinity Health Corp., Series 2021, 2.63%, 12/01/2040      233        193  
UnitedHealth Group, Inc.,      
2.00%, 05/15/2030      160        148  
3.13%, 05/15/2060      140        124  
3.70%, 08/15/2049      1,100        1,116  
3.75%, 07/15/2025      20        21  
3.88%, 08/15/2059      50        51  
4.25%, 03/15/2043      120        130  
     

 

 

  
        26,847  
     

 

 

  
Household Products/Wares — 0.0% (g)      
Avery Dennison Corp.,      
1.25%, 03/03/2025    EUR 1,226        1,348  
2.25%, 02/15/2032      35        31  
2.65%, 04/30/2030      104        96  
Clorox Co. (The), 1.80%, 05/15/2030      10        9  
Kimberly-Clark Corp., 2.88%, 02/07/2050      45        40  
Reckitt Benckiser Treasury Services plc, (United Kingdom), Reg. S, 1.75%, 05/19/2032    GBP 1,675        2,056  
     

 

 

  
        3,580  
     

 

 

  
Pharmaceuticals — 0.4%      
AbbVie, Inc.,      
2.60%, 11/21/2024      490        487  
3.20%, 11/21/2029      4,960        4,898  
4.05%, 11/21/2039      50        51  
4.25%, 11/21/2049      1,000        1,038  
AmerisourceBergen Corp.,      
3.25%, 03/01/2025      40        40  
3.45%, 12/15/2027      5        5  
4.30%, 12/15/2047      25        25  
Bayer AG, (Germany), Reg. S, 0.38%, 01/12/2029    EUR 1,000        1,000  
Bayer Capital Corp. BV, (Netherlands), Reg. S, 2.13%, 12/15/2029    EUR 300        333  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      
Bristol-Myers Squibb Co.,      
2.35%, 11/13/2040      75        63  
2.55%, 11/13/2050      110        91  
3.40%, 07/26/2029      1,033        1,053  
4.55%, 02/20/2048      8        9  
Cardinal Health, Inc., 3.08%, 06/15/2024      10        10  
Cigna Corp.,      
2.40%, 03/15/2030      75        69  
3.40%, 03/01/2027      2,800        2,829  
4.90%, 12/15/2048      800        896  
CVS Health Corp.,      
1.30%, 08/21/2027      40        36  
2.63%, 08/15/2024      60        60  
4.30%, 03/25/2028      329        345  
4.78%, 03/25/2038      50        55  
5.05%, 03/25/2048      1,280        1,452  
Eli Lilly & Co.,      
0.63%, 11/01/2031    EUR       2,500        2,568  
1.38%, 09/14/2061    EUR 675        578  
GlaxoSmithKline Capital plc, (United Kingdom),      
5.25%, 12/19/2033    GBP 640        1,064  
Reg. S, 5.25%, 04/10/2042    GBP 50        90  
Johnson & Johnson,      
2.10%, 09/01/2040      10        8  
2.45%, 09/01/2060      25        20  
3.40%, 01/15/2038      50        51  
3.55%, 03/01/2036      15        16  
McKesson Corp.,      
0.90%, 12/03/2025      70        64  
3.13%, 02/17/2029    GBP 925        1,218  
Merck & Co., Inc.,      
1.88%, 10/15/2026    EUR 1,000        1,143  
2.35%, 06/24/2040      50        43  
2.75%, 12/10/2051      20        18  
3.70%, 02/10/2045      60        61  
4.00%, 03/07/2049      40        43  
Merck Financial Services GmbH, (Germany), Reg. S, 0.01%, 12/15/2023    EUR 600        661  
Merck KGaA, (Germany),      
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.00%), 1.63%, 09/09/2080 (aa)    EUR 800        863  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.94%), 2.88%, 06/25/2079 (aa)    EUR 400        441  
Mylan, Inc., 5.20%, 04/15/2048      30        29  
Novartis Capital Corp., 2.75%, 08/14/2050      41        37  
Roche Finance Europe BV, (Netherlands),      
Reg. S, 0.50%, 02/27/2023    EUR 200        223  
Reg. S, 0.88%, 02/25/2025    EUR 1,600        1,787  
Sanofi, (France),      
Reg. S, 2.50%, 11/14/2023    EUR 600        685  
Series 20FX, Reg. S, 1.88%, 03/21/2038    EUR 400        460  
Takeda Pharmaceutical Co. Ltd., (Japan), Reg. S, 3.00%, 11/21/2030    EUR 1,000        1,203  
Upjohn Finance BV, (Netherlands), Reg. S, 1.91%, 06/23/2032    EUR 1,400        1,392  
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026      30        30  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      
Viatris, Inc.,      
3.85%, 06/22/2040      2,200        1,901  
4.00%, 06/22/2050      50        42  
Zoetis, Inc.,      
3.90%, 08/20/2028      40        41  
4.70%, 02/01/2043      130        145  
     

 

 

  
        31,770  
     

 

 

  
Total Consumer Non-cyclical         213,394  
     

 

 

  
Energy — 1.1%      
Energy - Alternate Sources — 0.0% (g)      
ERG SpA, (Italy), Reg. S, 0.88%, 09/15/2031    EUR 700        676  
     

 

 

  
Oil & Gas — 0.6%      
Aker BP ASA, (Norway), 2.88%, 01/15/2026 (e)      1,400        1,363  
BP Capital Markets plc, (United Kingdom),      
Reg. S, 1.53%, 09/26/2022    EUR 175        195  
Reg. S, 1.64%, 06/26/2029    EUR 1,000        1,104  
Reg. S, (EUR Swap Rate 5 Year + 4.12%), 3.63%, 03/22/2029 (x) (aa)    EUR 1,300        1,417  
Reg. S, (UK Gilts 5 Year + 4.17%), 4.25%, 03/22/2027 (x) (aa)    GBP 500        649  
Canadian Natural Resources Ltd., (Canada),      
2.95%, 01/15/2023      10        10  
3.85%, 06/01/2027      10        10  
4.95%, 06/01/2047      10        11  
6.25%, 03/15/2038      122        146  
6.50%, 02/15/2037      55        66  
Cenovus Energy, Inc., (Canada), 4.40%, 04/15/2029      4,890        5,081  
Cepsa Finance SA, (Spain), Reg. S, 2.25%, 02/13/2026    EUR 100        112  
Chevron Corp., 2.24%, 05/11/2030      80        76  
Chevron USA, Inc., 1.02%, 08/12/2027 (jj)      3,000        2,729  
CNOOC Petroleum North America ULC, (Canada), 6.40%, 05/15/2037      40        47  
ConocoPhillips,      
4.88%, 10/01/2047 (e)      40        46  
5.90%, 10/15/2032      140        169  
5.90%, 05/15/2038      25        31  
ConocoPhillips Co., 3.80%, 03/15/2052      40        41  
Continental Resources, Inc., 4.38%, 01/15/2028      30        30  
Devon Energy Corp.,      
5.00%, 06/15/2045      145        158  
5.25%, 09/15/2024      8        8  
5.88%, 06/15/2028      1,750        1,854  
Diamondback Energy, Inc.,      
3.13%, 03/24/2031      2,540        2,426  
3.50%, 12/01/2029      450        446  
4.40%, 03/24/2051      35        35  
Eni SpA, (Italy),      
Reg. S, 1.25%, 05/18/2026    EUR       1,400        1,537  
Reg. S, 1.50%, 01/17/2027    EUR 1,400        1,545  
EQT Corp.,      
3.90%, 10/01/2027      50        50  
7.50%, 02/01/2030      170        197  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      
Equinor ASA, (Norway),      
Reg. S, 1.38%, 05/22/2032    EUR 425        459  
1.75%, 01/22/2026      200        192  
2.38%, 05/22/2030      60        57  
3.25%, 11/18/2049      30        28  
3.63%, 04/06/2040      1,800        1,812  
3.70%, 04/06/2050      15        15  
Reg. S, 6.88%, 03/11/2031    GBP 50        88  
Exxon Mobil Corp.,      
0.14%, 06/26/2024    EUR 2,000        2,186  
0.84%, 06/26/2032    EUR 550        551  
1.41%, 06/26/2039    EUR 700        679  
3.45%, 04/15/2051      155        150  
Helmerich & Payne, Inc., 2.90%, 09/29/2031 (e)      700        639  
Hess Corp., 3.50%, 07/15/2024      10        10  
Lundin Energy Finance BV, (Netherlands),      
2.00%, 07/15/2026 (e)      1,360        1,268  
3.10%, 07/15/2031 (e)      1,585        1,468  
Marathon Oil Corp.,      
6.60%, 10/01/2037      50        61  
6.80%, 03/15/2032      25        30  
Ovintiv Exploration, Inc.,      
5.38%, 01/01/2026      30        32  
5.63%, 07/01/2024      5,817        6,120  
Petroleos Mexicanos, (Mexico),      
(ICE LIBOR USD 3 Month + 0.43%), 0.94%, 02/15/2024 (aa)      600        600  
1.95%, 12/20/2022      800        800  
Pioneer Natural Resources Co., 1.90%, 08/15/2030      1,050        931  
TotalEnergies SE, (France),      
Reg. S, (EUR Swap Rate 5 Year + 2.40%), 2.00%, 06/04/2030 (x) (aa)    EUR 1,000        975  
Reg. S, (EUR Swap Rate 5 Year + 2.75%), 2.71%, 05/05/2023 (x) (aa)    EUR 650        727  
Reg. S, (EUR Swap Rate 5 Year + 3.35%), 3.37%, 10/06/2026 (x) (aa)    EUR 2,000        2,250  
Series NC7, Reg. S, (EUR Swap Rate 5 Year + 1.99%), 1.63%, 10/25/2027 (x) (aa)    EUR 1,000        1,014  
Series NC12, Reg. S, (EUR Swap Rate 5 Year + 2.51%), 2.13%, 07/25/2032 (x) (aa)    EUR 1,350        1,281  
Valero Energy Corp., 4.00%, 06/01/2052      40        37  
     

 

 

  
        46,049  
     

 

 

  

Oil & Gas Services — 0.0% (g)

      
Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 4.08%, 12/15/2047      110        111  
Schlumberger Finance BV, (Netherlands), Reg. S, 0.25%, 10/15/2027    EUR 500        520  
Schlumberger Finance Canada Ltd., (Canada), 1.40%, 09/17/2025      30        28  
     

 

 

  
        659  
     

 

 

  

Pipelines — 0.5%

      
Cheniere Corpus Christi Holdings LLC,      
3.70%, 11/15/2029      528        526  
5.88%, 03/31/2025      240        254  
Colonial Enterprises, Inc., 3.25%, 05/15/2030 (e)      1,330        1,304  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      
Enbridge, Inc., (Canada),      
2.50%, 08/01/2033      50        44  
2.90%, 07/15/2022      20        20  
3.40%, 08/01/2051      20        18  
4.00%, 10/01/2023      100        102  
Energy Transfer LP,      
2.90%, 05/15/2025      80        78  
4.05%, 03/15/2025      125        127  
4.20%, 04/15/2027      5,800        5,904  
5.30%, 04/15/2047      35        36  
5.35%, 05/15/2045      10        10  
5.40%, 10/01/2047      52        54  
Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa)      1,490        1,465  
Enterprise Products Operating LLC,      
3.30%, 02/15/2053      35        30  
3.75%, 02/15/2025      50        51  
3.90%, 02/15/2024      50        51  
4.20%, 01/31/2050      40        40  
5.10%, 02/15/2045      1,700        1,854  
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 02/15/2078 (aa)      600        557  
Erdoel-Lagergesellschaft mbH, (Austria), Reg. S, 2.75%, 03/20/2028    EUR       200        242  
Kinder Morgan Energy Partners LP,      
4.30%, 05/01/2024      3,200        3,268  
4.70%, 11/01/2042      850        848  
5.50%, 03/01/2044      49        53  
Kinder Morgan, Inc.,      
1.75%, 11/15/2026      90        84  
3.60%, 02/15/2051      55        49  
Magellan Midstream Partners LP,      
3.95%, 03/01/2050      940        889  
5.00%, 03/01/2026      10        10  
MPLX LP,      
2.65%, 08/15/2030      1,745        1,599  
4.50%, 04/15/2038      15        15  
4.70%, 04/15/2048      1,293        1,304  
4.88%, 06/01/2025      2,370        2,460  
4.90%, 04/15/2058      40        40  
4.95%, 03/14/2052      850        887  
5.20%, 03/01/2047      10        11  
5.50%, 02/15/2049      120        133  
ONEOK Partners LP,      
4.90%, 03/15/2025      80        83  
6.13%, 02/01/2041      14        15  
ONEOK, Inc.,      
2.20%, 09/15/2025      1,000        959  
2.75%, 09/01/2024      110        110  
3.40%, 09/01/2029      60        58  
4.45%, 09/01/2049      2,422        2,323  
5.20%, 07/15/2048      35        37  
6.35%, 01/15/2031      70        81  
7.15%, 01/15/2051      20        25  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      
Plains All American Pipeline LP / PAA Finance Corp.,      
3.55%, 12/15/2029      65        63  
5.15%, 06/01/2042      1,600        1,550  
Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026      70        76  
Targa Resources Corp., 4.20%, 02/01/2033 (w)      25        25  
Targa Resources Partners LP / Targa Resources Partners Finance Corp.,      
4.00%, 01/15/2032      200        192  
4.88%, 02/01/2031      253        256  
5.00%, 01/15/2028      69        70  
TransCanada PipeLines Ltd., (Canada), 6.20%, 10/15/2037      10        12  
Transcontinental Gas Pipe Line Co. LLC,      
3.25%, 05/15/2030      80        78  
4.00%, 03/15/2028      20        21  
Vier Gas Transport GmbH, (Germany), Reg. S, 0.50%, 09/10/2034    EUR 400        361  
Williams Cos., Inc. (The),      
3.50%, 11/15/2030      1,900        1,879  
3.50%, 10/15/2051      120        105  
4.50%, 11/15/2023      80        81  
5.10%, 09/15/2045      69        75  
5.80%, 11/15/2043      15        17  
     

 

 

  
        32,969  
     

 

 

  

Total Energy

         80,353  
     

 

 

  

Financial — 7.2%

      

Banks — 4.8%

      
Abanca Corp. Bancaria SA, (Spain), Reg. S, 0.75%, 05/28/2029    EUR 100        107  
ABN AMRO Bank NV, (Netherlands),      
Reg. S, 0.60%, 01/15/2027    EUR 1,600        1,706  
Reg. S, 0.88%, 01/14/2026    EUR 100        110  
Reg. S, 1.25%, 01/10/2033    EUR 100        110  
Reg. S, 1.38%, 01/12/2037    EUR       100        110  
Reg. S, 1.45%, 04/12/2038    EUR 100        111  
Reg. S, 1.50%, 09/30/2030    EUR 200        227  
Aegon Bank NV, (Netherlands), Reg. S, 0.01%, 11/16/2025    EUR 100        107  
Aktia Bank OYJ, (Finland), Reg. S, 0.38%, 05/30/2023    EUR 100        111  
AMCO - Asset Management Co. SpA, (Italy),      
Reg. S, 0.75%, 04/20/2028    EUR 163        166  
Reg. S, 1.38%, 01/27/2025    EUR 100        111  
ANZ New Zealand Int’l Ltd., (New Zealand), Reg. S, 0.13%, 09/22/2023    EUR 100        110  
Argenta Spaarbank NV, (Belgium), Reg. S, 0.01%, 02/11/2031    EUR 100        99  
Arion Banki HF, (Iceland),      
Reg. S, 0.05%, 10/05/2026    EUR 100        105  
Reg. S, 0.38%, 07/14/2025    EUR 2,050        2,143  
Arkea Public Sector SCF SA, (France), Reg. S, 0.13%, 01/15/2030    EUR 100        102  
ASB Finance Ltd., (New Zealand),      
Reg. S, 0.25%, 09/08/2028    EUR 500        498  
Reg. S, 0.63%, 10/18/2024    EUR 100        110  
Australia & New Zealand Banking Group Ltd., (Australia), Reg. S, (EUR Swap Rate 5 Year + 1.12%), 0.67%, 05/05/2031 (aa)    EUR 1,525        1,583  
Banca Carige SpA, (Italy), Reg. S, 0.63%, 10/28/2028    EUR 100        106  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

      
Banca Monte dei Paschi di Siena SpA, (Italy),      
Reg. S, 0.88%, 10/08/2026    EUR 3,504        3,785  
Reg. S, 2.00%, 01/29/2024    EUR 100        113  
Series 16, Reg. S, 2.88%, 07/16/2024    EUR 100        116  
Banco Bilbao Vizcaya Argentaria SA, (Spain),      
0.88%, 09/18/2023      200        195  
Reg. S, 0.88%, 11/22/2026    EUR 100        110  
Reg. S, (ICE LIBOR EUR 3 Month + 0.82%), 0.88%, 01/14/2029 (aa)    EUR 1,800        1,871  
Banco de Sabadell SA, (Spain),      
Reg. S, (EUR Swap Rate 1 Year + 0.97%), 0.63%, 11/07/2025 (aa)    EUR 1,900        2,048  
Reg. S, 0.88%, 03/05/2023    EUR 1,300        1,446  
Reg. S, 1.00%, 04/26/2027    EUR 100        110  
Reg. S, 1.63%, 03/07/2024    EUR 1,200        1,340  
Banco di Desio e della Brianza SpA, (Italy), Reg. S, 0.88%, 09/12/2024    EUR 100        111  
Banco Santander SA, (Spain),      
Reg. S, 0.10%, 02/27/2032    EUR 200        197  
Reg. S, 0.20%, 02/11/2028    EUR 1,000        1,020  
Reg. S, 1.00%, 04/07/2025    EUR 200        222  
Reg. S, 1.00%, 11/04/2031    EUR 900        911  
Reg. S, 1.38%, 01/05/2026    EUR 100        110  
Reg. S, 1.63%, 10/22/2030    EUR 1,000        1,031  
(CMT Index 1 Year + 0.90%), 1.72%, 09/14/2027 (aa)      200        181  
Reg. S, 1.75%, 02/17/2027    GBP 500        615  
1.85%, 03/25/2026      200        187  
3.49%, 05/28/2030      2,000        1,936  
3.50%, 03/24/2025      200        200  
3.80%, 02/23/2028      200        196  
Bank of America Corp.,      
Reg. S, (ICE LIBOR EUR 3 Month + 0.75%), 0.81%, 05/09/2026 (aa)    EUR 1,000        1,086  
(United States SOFR + 0.74%), 0.81%, 10/24/2024 (aa)      240        232  
Reg. S, (ICE LIBOR EUR 3 Month + 0.95%), 1.10%, 05/24/2032 (aa)    EUR 1,300        1,335  
(United States SOFR + 0.65%), 1.53%, 12/06/2025 (aa)      25        24  
(United States SOFR + 0.96%), 1.73%, 07/22/2027 (aa)      1,465        1,362  
(United States SOFR + 1.06%), 2.09%, 06/14/2029 (aa)      2,900        2,654  
(United States SOFR + 1.22%), 2.30%, 07/21/2032 (aa)      1,250        1,113  
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 02/13/2031 (aa)      3,300        3,034  
(United States SOFR + 1.21%), 2.57%, 10/20/2032 (aa)      2,605        2,367  
(United States SOFR + 1.93%), 2.68%, 06/19/2041 (aa)      1,920        1,616  
(United States SOFR + 1.32%), 2.69%, 04/22/2032 (aa)      2,150        1,978  
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (aa)      250        251  
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/01/2025 (aa)      10        10  
(United States SOFR + 1.58%), 3.31%, 04/22/2042 (aa)      60        56  
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (aa)      350        347  
(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 03/15/2025 (aa)      25        25  
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 03/05/2024 (aa)      25        25  
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 07/23/2024 (aa)      120        122  
4.00%, 01/22/2025      4,200        4,281  
(ICE LIBOR USD 3 Month + 1.32%), 4.08%, 04/23/2040 (aa)      170        174  
(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 03/20/2051 (aa)      135        139  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

      
(ICE LIBOR USD 3 Month + 1.52%), 4.33%, 03/15/2050 (aa)      115        122  
4.88%, 04/01/2044      50        56  
Reg. S, 7.00%, 07/31/2028    GBP 350        568  
Series N, (United States SOFR + 1.22%), 2.65%, 03/11/2032 (aa)      1,000        917  
Series N, (United States SOFR + 1.65%), 3.48%, 03/13/2052 (aa)      40        38  
Series RR, (CMT Index 5 Year + 2.76%), 4.38%, 01/27/2027 (x) (aa)      1,650        1,551  
Bank of Montreal, (Canada),      
Reg. S, 0.05%, 06/08/2029    EUR 100        102  
Reg. S, 0.10%, 10/20/2023    EUR 100        110  
Reg. S, 1.00%, 04/05/2026 (w)    EUR 100        111  
1.85%, 05/01/2025      120        115  
Bank of New Zealand, (New Zealand), Reg. S, 0.01%, 06/15/2028    EUR 100        103  
Bank of Nova Scotia (The), (Canada),      
Reg. S, 0.01%, 01/14/2027    EUR 100        105  
Reg. S, 0.01%, 12/15/2027    EUR 100        104  
Reg. S, 0.25%, 09/28/2022    EUR 100        111  
Reg. S, 0.38%, 10/23/2023    EUR 100        111  
0.70%, 04/15/2024      140        134  
1.05%, 03/02/2026      170        156  
Banque Federative du Credit Mutuel SA, (France),      
Reg. S, 0.50%, 11/16/2022    EUR 1,200        1,334  
Reg. S, 0.75%, 06/15/2023    EUR 100        111  
Reg. S, 1.88%, 11/04/2026    EUR 1,200        1,331  
Barclays Bank plc, (United Kingdom), Reg. S, 5.75%, 09/14/2026    GBP 90        131  
Barclays plc, (United Kingdom),      
(CMT Index 1 Year + 0.80%), 1.01%, 12/10/2024 (aa)      200        192  
Reg. S, (EUR Swap Rate 5 Year + 1.90%), 2.00%, 02/07/2028 (aa)    EUR 1,700        1,891  
(CMT Index 1 Year + 1.05%), 2.28%, 11/24/2027 (aa)      3,000        2,789  
Reg. S, 3.25%, 02/12/2027    GBP 600        789  
Reg. S, (UK Gilts 5 Year + 3.75%), 3.75%, 11/22/2030 (aa)    GBP 425        560  
Basellandschaftliche Kantonalbank, (Switzerland), Reg. S, 0.38%, 05/13/2030    CHF 100        103  
BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, (Austria),      
Reg. S, 0.01%, 01/21/2028    EUR 100        104  
Reg. S, 0.10%, 05/12/2031    EUR 100        100  
Bayerische Landesbank, (Germany),      
Reg. S, 0.13%, 11/02/2029    EUR 100        103  
Reg. S, 0.25%, 01/14/2025    EUR 100        109  
Belfius Bank SA, (Belgium), Reg. S, 0.13%, 01/28/2030    EUR 100        102  
Berlin Hyp AG, (Germany),      
Reg. S, 0.01%, 08/24/2026    EUR 50        53  
Reg. S, 0.01%, 07/07/2028    EUR 100        104  
Series 200, Reg. S, 0.38%, 02/21/2025    EUR 100        109  
BNP Paribas SA, (France),      
Reg. S, (ICE LIBOR EUR 3 Month + 0.95%), 0.50%, 09/01/2028 (aa)    EUR 1,100        1,129  
Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.13%, 01/15/2032 (aa)    EUR 800        836  
(United States SOFR + 1.00%), 1.32%, 01/13/2027 (e) (aa)      3,000        2,735  
Reg. S, 1.38%, 05/28/2029    EUR 100        107  
(United States SOFR + 0.91%), 1.68%, 06/30/2027 (e) (aa)      1,250        1,145  
(United States SOFR + 1.61%), 1.90%, 09/30/2028 (e) (aa)      1,100        986  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

      
(United States SOFR + 1.39%), 2.87%, 04/19/2032 (e) (aa)      1,665        1,515  
(United States SOFR + 1.51%), 3.05%, 01/13/2031 (e) (aa)      1,800        1,684  
Reg. S, 3.38%, 01/23/2026    GBP 600        800  
BNZ International Funding Ltd., (New Zealand), Reg. S, 0.38%, 09/14/2024    EUR 1,450        1,586  
BPCE SA, (France),      
Reg. S, 0.25%, 01/15/2026    EUR 600        643  
Reg. S, 0.50%, 02/24/2027    EUR 1,300        1,355  
Reg. S, 0.88%, 01/31/2024    EUR 1,200        1,332  
(United States SOFR + 1.52%), 1.65%, 10/06/2026 (e) (aa)      1,145        1,058  
4.63%, 07/11/2024 (e)      1,800        1,834  
Caisse Centrale du Credit Immobilier de France SA, (France), Reg. S, 0.00%, 01/17/2024    EUR 200        220  
Caixa Economica Montepio Geral Caixa Economica Bancaria SA, (Portugal),      
Reg. S, 0.13%, 11/14/2024    EUR 100        109  
Reg. S, 0.88%, 10/17/2022    EUR       4,200        4,670  
CaixaBank SA, (Spain),      
Reg. S, (ICE LIBOR EUR 3 Month + 1.00%), 0.75%, 05/26/2028 (aa)    EUR 1,100        1,143  
Reg. S, 1.00%, 09/25/2025    EUR 300        332  
Reg. S, 1.25%, 01/11/2027    EUR 200        223  
Canadian Imperial Bank of Commerce, (Canada),      
Reg. S, 0.01%, 04/30/2029    EUR 100        102  
Reg. S, 0.04%, 07/09/2027    EUR 100        105  
Reg. S, 0.10%, 10/24/2023    CHF 50        54  
0.45%, 06/22/2023      110        107  
3.10%, 04/02/2024      25        25  
3.30%, 04/07/2025 (w)      140        140  
Cie de Financement Foncier SA, (France),      
Reg. S, 0.01%, 07/15/2026    EUR 200        212  
Reg. S, 0.23%, 09/14/2026    EUR 100        107  
Reg. S, 0.25%, 04/11/2023    EUR 100        111  
Reg. S, 0.50%, 09/04/2024    EUR 100        110  
Reg. S, 0.60%, 10/25/2041    EUR 100        96  
Reg. S, 0.75%, 05/29/2026    EUR 100        110  
Reg. S, 3.88%, 04/25/2055    EUR 45        81  
Citigroup, Inc.,      
(United States SOFR + 0.69%), 0.78%, 10/30/2024 (aa)      262        253  
(United States SOFR + 0.67%), 0.98%, 05/01/2025 (aa)      440        420  
(United States SOFR + 0.77%), 1.12%, 01/28/2027 (aa)      130        120  
(United States SOFR + 0.77%), 1.46%, 06/09/2027 (aa)      3,170        2,915  
Reg. S, (ICE LIBOR EUR 3 Month + 1.07%), 1.50%, 07/24/2026 (aa)    EUR 3,400        3,775  
(United States SOFR + 0.69%), 2.01%, 01/25/2026 (aa)      90        87  
(United States SOFR + 1.18%), 2.52%, 11/03/2032 (aa)      465        417  
(United States SOFR + 1.17%), 2.56%, 05/01/2032 (aa)      1,060        956  
(United States SOFR + 2.11%), 2.57%, 06/03/2031 (aa)      3,600        3,298  
(United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa)      155        154  
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 04/24/2025 (aa)      65        65  
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 07/24/2028 (aa)      250        250  
(ICE LIBOR USD 3 Month + 1.84%), 4.28%, 04/24/2048 (aa)      60        65  
4.40%, 06/10/2025      3,500        3,605  
4.65%, 07/30/2045      10        11  
6.00%, 10/31/2033      50        58  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

      
Clydesdale Bank plc, (United Kingdom), Reg. S, 4.63%, 06/08/2026    GBP 100        145  
Commerzbank AG, (Germany),      
Reg. S, 0.01%, 03/11/2030    EUR 100        101  
Reg. S, 0.25%, 01/12/2032    EUR 100        100  
Reg. S, 0.50%, 06/09/2026    EUR 100        109  
Reg. S, 2.00%, 11/27/2023    EUR 100        114  
Commonwealth Bank of Australia, (Australia),      
Reg. S, 0.75%, 02/28/2028    EUR 100        108  
Reg. S, 0.88%, 02/19/2029    EUR 100        108  
Reg. S, (EUR Swap Rate 5 Year + 1.45%), 1.94%, 10/03/2029 (aa)    EUR 1,425        1,582  
Reg. S, 3.00%, 05/03/2022    EUR 100        111  
Cooperatieve Rabobank UA, (Netherlands),      
Reg. S, 0.01%, 07/02/2030    EUR 100        101  
Reg. S, 0.01%, 11/27/2040    EUR 100        85  
Reg. S, 0.63%, 04/26/2026    EUR 100        109  
Reg. S, 0.75%, 03/02/2032    EUR 100        105  
Reg. S, 0.88%, 02/08/2028    EUR 100        110  
Reg. S, 1.25%, 03/23/2026    EUR 775        869  
Reg. S, 1.38%, 02/03/2027    EUR 25        28  
Reg. S, 2.38%, 05/22/2023    EUR 30        34  
4.38%, 08/04/2025      250        254  
Reg. S, 5.25%, 05/23/2041    GBP 50        89  
Credit Agricole Italia SpA, (Italy),      
Reg. S, 0.13%, 03/15/2033    EUR 100        97  
Reg. S, 0.25%, 09/30/2024    EUR 100        109  
Reg. S, 0.25%, 01/17/2028    EUR 100        105  
Reg. S, 0.38%, 01/20/2032    EUR 100        101  
Credit Agricole SA, (France),      
Reg. S, (ICE LIBOR EUR 3 Month + 1.25%), 1.00%, 04/22/2026 (aa)    EUR 3,000        3,284  
Reg. S, (EUR Swap Rate 5 Year + 1.90%), 1.63%, 06/05/2030 (aa)    EUR 2,100        2,303  
Reg. S, 1.75%, 03/05/2029    EUR 100        110  
Reg. S, (UK Gilts 5 Year + 1.50%), 1.87%, 12/09/2031 (aa)    GBP 300        366  
Reg. S, 2.38%, 05/20/2024    EUR 100        115  
Credit Suisse AG, (Switzerland), Reg. S, 0.25%, 09/01/2028    EUR 2,500        2,488  
Credit Suisse Group AG, (Switzerland),      
Reg. S, (EUR Swap Rate 1 Year + 0.75%), 1.25%, 07/17/2025 (aa)    EUR 1,400        1,526  
(United States SOFR + 1.73%), 3.09%, 05/14/2032 (e) (aa)      2,405        2,170  
Credit Suisse Schweiz AG, (Switzerland), Reg. S, 0.00%, 10/31/2030    CHF 25        25  
Credito Emiliano SpA, (Italy), Reg. S, 0.01%, 07/07/2028    EUR 100        103  
Danske Bank A/S, (Denmark),      
Reg. S, 0.25%, 11/28/2022    EUR 425        472  
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.15%), 0.50%, 08/27/2025 (aa)    EUR 425        461  
(CMT Index 1 Year + 1.03%), 1.17%, 12/08/2023 (e) (aa)      3,350        3,308  
Reg. S, (UK Gilts 1 Year + 1.65%), 2.25%, 01/14/2028 (aa)    GBP 2,000        2,515  
Reg. S, 3.75%, 06/23/2022 (e)    EUR 50        56  
Danske Hypotek AB, (Sweden), Series 2512, Reg. S, 1.00%, 12/17/2025    SEK 2,000        207  
de Volksbank NV, (Netherlands), Reg. S, 1.00%, 03/08/2028    EUR 100        110  
Deutsche Apotheker-und Aerztebank eG, (Germany), Reg. S, 0.01%, 02/06/2029    EUR 100        103  
Deutsche Bank AG, (Germany),      
Reg. S, 0.13%, 01/21/2030    EUR 75        77  
Reg. S, 0.25%, 03/08/2024    EUR 100        110  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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%), 1.00%, 11/19/2025 (aa)    EUR 400        434  
Reg. S, 1.13%, 08/30/2023    EUR 775        869  
Reg. S, 1.13%, 03/17/2025    EUR 400        437  
Reg. S, (ICE LIBOR EUR 3 Month + 1.38%), 1.88%, 02/23/2028 (aa)    EUR       1,500        1,634  
(United States SOFR + 1.87%), 2.13%, 11/24/2026 (aa)      2,950        2,738  
(United States SOFR + 1.22%), 2.31%, 11/16/2027 (aa)      150        138  
(United States SOFR + 1.32%), 2.55%, 01/07/2028 (aa)      275        254  
3.95%, 02/27/2023      2,700        2,726  
Deutsche Kreditbank AG, (Germany), Reg. S, 0.01%, 11/07/2029    EUR 50        51  
Deutsche Pfandbriefbank AG, (Germany), Reg. S, 0.63%, 08/30/2027    EUR 100        108  
Dexia Credit Local SA, (France),      
Reg. S, 0.00%, 05/29/2024    EUR 300        328  
Reg. S, 0.01%, 01/22/2027    EUR 200        211  
Reg. S, 0.63%, 01/17/2026    EUR 600        656  
Reg. S, 1.25%, 11/26/2024    EUR 700        786  
Discover Bank, 3.45%, 07/27/2026      1,200        1,195  
DNB Boligkreditt A/S, (Norway),      
Reg. S, 0.01%, 01/21/2031    EUR 100        99  
Reg. S, 0.25%, 01/23/2023    EUR 200        222  
Reg. S, 0.38%, 11/20/2024    EUR 100        110  
Reg. S, 1.88%, 11/21/2022    EUR 100        112  
DZ HYP AG, (Germany),      
Reg. S, 0.01%, 06/23/2028    EUR 100        104  
Reg. S, 0.01%, 10/27/2028    EUR 25        26  
Reg. S, 0.01%, 11/15/2030    EUR 100        100  
Reg. S, 0.63%, 10/27/2023    EUR 200        222  
Reg. S, 0.88%, 04/17/2034    EUR 100        105  
Eika Boligkreditt A/S, (Norway), Reg. S, 0.38%, 02/26/2025    EUR 100        109  
Equitable Bank, (Canada), Reg. S, 0.01%, 09/16/2024    EUR 100        109  
Erste Group Bank AG, (Austria),      
Reg. S, 0.25%, 06/26/2024    EUR 100        110  
Reg. S, 0.50%, 01/12/2037    EUR 100        96  
Reg. S, 0.75%, 02/05/2025    EUR 100        111  
Eurocaja Rural SCC, (Spain), Reg. S, 0.13%, 09/22/2031    EUR 100        99  
Federation des Caisses Desjardins du Quebec, (Canada), Reg. S, 0.01%, 04/08/2026    EUR 100        107  
First Republic Bank, (United States SOFR + 0.62%), 1.91%, 02/12/2024 (aa)      250        248  
Goldman Sachs Group, Inc. (The),      
(United States SOFR + 0.61%), 0.86%, 02/12/2026 (aa)      28        26  
Reg. S, 0.88%, 05/09/2029    EUR 2,000        2,051  
(United States SOFR + 0.79%), 1.09%, 12/09/2026 (aa)      135        124  
Reg. S, 1.38%, 05/15/2024    EUR 1,650        1,843  
(United States SOFR + 0.80%), 1.43%, 03/09/2027 (aa)      1,310        1,210  
(United States SOFR + 0.73%), 1.76%, 01/24/2025 (aa)      120        117  
(United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa)      1,695        1,577  
(United States SOFR + 1.25%), 2.38%, 07/21/2032 (aa)      695        616  
(United States SOFR + 1.28%), 2.62%, 04/22/2032 (aa)      4,115        3,741  
(United States SOFR + 1.26%), 2.65%, 10/21/2032 (aa)      700        636  
(United States SOFR + 1.47%), 2.91%, 07/21/2042 (aa)      315        271  
Reg. S, 3.13%, 07/25/2029    GBP 800        1,053  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

      
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa)      2,500        2,503  
3.50%, 04/01/2025      47        47  
3.80%, 03/15/2030      3,200        3,222  
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (aa)      350        354  
5.15%, 05/22/2045      21        23  
6.25%, 02/01/2041      50        65  
6.75%, 10/01/2037      50        63  
6.88%, 01/18/2038    GBP 425        757  
Heta Asset Resolution AG, (Austria), Reg. S, 2.38%, 12/13/2022    EUR 800        900  
HSBC Bank plc, (United Kingdom), Reg. S, 6.25%, 01/30/2041    GBP 175        311  
HSBC Holdings plc, (United Kingdom),      
(United States SOFR + 0.58%), 1.16%, 11/22/2024 (aa)      200        193  
(United States SOFR + 1.29%), 1.59%, 05/24/2027 (aa)      200        183  
(United States SOFR + 1.54%), 1.65%, 04/18/2026 (aa)      1,000        942  
(SONIA Interest Rate Benchmark + 1.31%), 1.75%, 07/24/2027 (aa)    GBP 800        989  
(GBP Swap Rate 1 Year + 0.94%), 2.18%, 06/27/2023 (aa)    GBP 425        558  
(United States SOFR + 1.43%), 3.00%, 03/10/2026 (aa)      200        196  
(GBP Swap Rate 1 Year + 1.65%), 3.00%, 07/22/2028 (aa)    GBP       1,000        1,298  
(GBP Swap Rate 1 Year + 1.77%), 3.00%, 05/29/2030 (aa)    GBP 225        289  
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 05/18/2024 (aa)      200        202  
(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 05/22/2030 (aa)      900        901  
(United States SOFR + 2.53%), 4.76%, 03/29/2033 (aa)      200        205  
Reg. S, 7.00%, 04/07/2038    GBP 300        521  
Iccrea Banca SpA, (Italy), Reg. S, 0.01%, 09/23/2028    EUR 100        103  
ING Bank NV, (Netherlands),      
Reg. S, 0.13%, 12/08/2031    EUR 100        99  
Reg. S, 0.75%, 02/18/2029    EUR 100        108  
Reg. S, 1.88%, 05/22/2023    EUR 100        113  
ING Belgium SA, (Belgium), Reg. S, 0.01%, 02/20/2030    EUR 100        101  
ING Groep NV, (Netherlands),      
Reg. S, (ICE LIBOR EUR 3 Month + 0.60%), 0.10%, 09/03/2025 (aa)    EUR 1,500        1,617  
Reg. S, (EUR Swap Rate 5 Year + 1.15%), 1.00%, 11/16/2032 (aa)    EUR 1,500        1,538  
Reg. S, 1.13%, 02/14/2025    EUR 1,200        1,331  
Reg. S, (SONIA Interest Rate Benchmark + 0.91%), 1.13%, 12/07/2028 (aa)    GBP 900        1,059  
(United States SOFR + 1.01%), 1.73%, 04/01/2027 (aa)      1,265        1,168  
Reg. S, 2.00%, 09/20/2028    EUR 300        337  
Reg. S, (EUR Swap Rate 5 Year + 2.40%), 2.13%, 05/26/2031 (aa)    EUR 300        331  
Reg. S, (EUR Swap Rate 5 Year + 2.85%), 3.00%, 04/11/2028 (aa)    EUR 300        339  
(United States SOFR + 1.83%), 4.02%, 03/28/2028 (aa)      1,560        1,571  
4.10%, 10/02/2023      200        203  
(United States SOFR + 2.07%), 4.25%, 03/28/2033 (aa)      885        911  
ING-DiBa AG, (Germany), Reg. S, 0.01%, 10/07/2028    EUR 200        207  
Intesa Sanpaolo SpA, (Italy),      
Reg. S, 0.38%, 09/14/2026    EUR 100        108  
Reg. S, 0.63%, 03/23/2023    EUR 100        111  
Reg. S, 1.50%, 04/10/2024    EUR 1,600        1,797  
Reg. S, 2.13%, 05/26/2025    EUR 2,275        2,577  
Reg. S, 3.38%, 01/24/2025    EUR 100        119  
Series XR, 3.25%, 09/23/2024 (e)      2,900        2,874  
Investitionsbank Berlin, (Germany), Series 208, 0.05%, 03/02/2035    EUR 100        94  
KBC Bank NV, (Belgium), Reg. S, 0.38%, 09/01/2022    EUR 100        111  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

      
Kookmin Bank, (South Korea), Reg. S, 0.05%, 07/15/2025    EUR 100        107  
Kreditanstalt fuer Wiederaufbau, (Germany),      
Reg. S, 0.00%, 06/30/2023    EUR 880        976  
0.00%, 09/15/2023    EUR 380        421  
Reg. S, 0.00%, 02/18/2025    EUR 120        131  
Reg. S, 0.00%, 03/31/2027    EUR 500        533  
Reg. S, 0.00%, 09/15/2028    EUR 585        614  
Reg. S, 0.00%, 06/15/2029    EUR 254        264  
Reg. S, 0.00%, 09/17/2030    EUR 1,108        1,131  
Reg. S, 0.00%, 01/10/2031    EUR 170        172  
Reg. S, 0.01%, 05/05/2027    EUR 520        554  
0.05%, 02/28/2024    EUR 500        551  
Reg. S, 0.05%, 09/29/2034    EUR 280        270  
0.13%, 06/07/2023    EUR 850        944  
0.25%, 09/15/2025    EUR 1,100        1,205  
0.38%, 07/18/2025      200        186  
Reg. S, 0.38%, 04/23/2030    EUR 360        380  
Reg. S, 0.38%, 05/20/2036    EUR 548        540  
Reg. S, 0.50%, 09/28/2026    EUR 520        572  
0.50%, 09/15/2027    EUR 500        545  
Reg. S, 0.88%, 07/04/2039    EUR 40        42  
Reg. S, 1.00%, 12/15/2022    GBP 1,650        2,166  
Reg. S, 1.13%, 06/15/2037    EUR 340        371  
Reg. S, 1.38%, 12/15/2025    GBP 225        291  
Reg. S, 1.38%, 07/31/2035    EUR 202        228  
2.00%, 05/02/2025      195        192  
2.13%, 08/15/2023    EUR 1,100        1,254  
2.38%, 12/29/2022      275        277  
4.70%, 06/02/2037    CAD 100        92  
Reg. S, 4.88%, 03/15/2037    GBP 425        761  
6.00%, 12/07/2028    GBP 500        831  
Kutxabank SA, (Spain), Reg. S, 1.25%, 09/22/2025    EUR 100        112  
La Banque Postale SA, (France),      
Reg. S, 0.25%, 07/12/2026    EUR 200        212  
Reg. S, 0.75%, 06/23/2031    EUR 100        97  
Reg. S, 1.38%, 04/24/2029    EUR 200        214  
Reg. S, (EUR Swap Rate 5 Year + 2.25%), 2.75%, 11/19/2027 (aa)    EUR 2,000        2,239  
Landesbank Baden-Wuerttemberg, (Germany),      
Reg. S, 0.38%, 02/18/2027    EUR     200        209  
Reg. S, 0.88%, 09/15/2025    EUR 100        111  
Series 809, Reg. S, 0.38%, 07/29/2026    EUR 100        106  
Landesbank Hessen-Thueringen Girozentrale, (Germany),      
Reg. S, 0.38%, 06/04/2029    EUR 100        101  
Reg. S, 0.50%, 01/19/2037    EUR 100        97  
Reg. S, 0.63%, 01/12/2027    EUR 200        218  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

      
Landwirtschaftliche Rentenbank, (Germany),      
Reg. S, 0.00%, 09/28/2026    EUR 535        573  
Reg. S, 0.00%, 11/27/2029    EUR 270        279  
Reg. S, 0.05%, 06/12/2023    EUR 270        299  
Reg. S, 0.05%, 12/18/2029    EUR 180        186  
Reg. S, 0.10%, 03/08/2027    EUR 200        215  
Reg. S, 0.25%, 08/29/2025    EUR 300        328  
Reg. S, 0.38%, 02/14/2028    EUR 140        151  
Reg. S, 0.63%, 02/20/2030    EUR 140        151  
Reg. S, 0.63%, 10/31/2036    EUR 75        76  
Lansforsakringar Hypotek AB, (Sweden),      
Series 516, Reg. S, 1.25%, 09/20/2023    SEK 1,000        107  
Series 517, Reg. S, 1.50%, 09/18/2024    SEK 600        64  
Series 518, Reg. S, 1.25%, 09/17/2025    SEK 500        52  
Series 519, Reg. S, 1.50%, 09/16/2026    SEK 400        42  
Series 520, Reg. S, 1.00%, 09/15/2027    SEK 1,000        100  
Series 521, Reg. S, 0.50%, 09/20/2028    SEK 700        67  
Liberbank SA, (Spain), Reg. S, 0.25%, 09/25/2029    EUR 100        103  
Lloyds Bank plc, (United Kingdom),      
Reg. S, 0.13%, 06/18/2026    EUR 100        107  
Reg. S, 0.25%, 03/25/2024    EUR 100        110  
Reg. S, 6.00%, 02/08/2029    GBP 100        163  
Reg. S, 6.50%, 09/17/2040    GBP 300        581  
Reg. S, 7.63%, 04/22/2025    GBP 600        888  
Lloyds Banking Group plc, (United Kingdom),      
(CMT Index 1 Year + 0.55%), 0.70%, 05/11/2024 (aa)      200        195  
(UK Gilts 5 Year + 1.60%), 1.99%, 12/15/2031 (aa)    GBP 1,000        1,224  
3.90%, 03/12/2024      2,500        2,540  
Mediobanca Banca di Credito Finanziario SpA, (Italy),      
Reg. S, 0.75%, 07/15/2027    EUR 425        437  
Reg. S, 1.13%, 07/15/2025    EUR 975        1,066  
Series 4, Reg. S, 1.38%, 11/10/2025    EUR 100        112  
Mitsubishi UFJ Financial Group, Inc., (Japan),      
(CMT Index 1 Year + 0.75%), 1.54%, 07/20/2027 (aa)      2,000        1,838  
(CMT Index 1 Year + 0.83%), 2.34%, 01/19/2028 (aa)      200        189  
(CMT Index 1 Year + 0.97%), 2.49%, 10/13/2032 (aa)      220        198  
Mizuho Financial Group, Inc., (Japan),      
(ICE LIBOR USD 3 Month + 0.83%), 2.23%, 05/25/2026 (aa)      3,000        2,879  
(United States SOFR + 1.24%), 2.84%, 07/16/2025 (aa)      200        198  
Morgan Stanley,      
(ICE LIBOR EUR 3 Month + 0.70%), 0.41%, 10/29/2027 (aa)    EUR 5,625        5,892  
(ICE LIBOR EUR 3 Month + 0.75%), 0.64%, 07/26/2024 (aa)    EUR 1,675        1,859  
(United States SOFR + 0.62%), 0.73%, 04/05/2024 (aa)      100        98  
(United States SOFR + 0.86%), 1.51%, 07/20/2027 (aa)      75        69  
(United States SOFR + 0.88%), 1.59%, 05/04/2027 (aa)      1,085        1,009  
1.88%, 04/27/2027    EUR 1,300        1,461  
(United States SOFR + 1.02%), 1.93%, 04/28/2032 (aa)      1,350        1,167  
2.63%, 03/09/2027    GBP 725        938  
(United States SOFR + 1.14%), 2.70%, 01/22/2031 (aa)      3,900        3,660  
(United States SOFR + 1.43%), 2.80%, 01/25/2052 (aa)      45        37  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

      
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 07/22/2038 (aa)      220        222  
4.10%, 05/22/2023      2,700        2,750  
4.30%, 01/27/2045      170        179  
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 04/22/2039 (aa)      10        11  
4.88%, 11/01/2022      90        92  
5.00%, 11/24/2025      140        148  
(United States SOFR + 4.84%), 5.60%, 03/24/2051 (aa)      40        51  
Muenchener Hypothekenbank eG, (Germany),      
Reg. S, 0.01%, 11/02/2040    EUR 50        43  
Reg. S, 0.13%, 02/01/2029    EUR 50        52  
Reg. S, 1.50%, 06/25/2024    EUR 100        113  
Reg. S, 2.50%, 07/04/2028    EUR 100        120  
National Australia Bank Ltd., (Australia),      
Reg. S, 0.75%, 01/30/2026    EUR 100        109  
Reg. S, (UK Gilts 5 Year + 1.40%), 1.70%, 09/15/2031 (aa)    GBP 725        883  
National Bank of Canada, (Canada), Reg. S, 0.75%, 03/13/2025    EUR 100        110  
Nationale-Nederlanden Bank NV (The) Netherlands, (Netherlands), Reg. S, 0.01%, 07/08/2030    EUR 100        100  
NatWest Group plc, (United Kingdom),      
Reg. S, (EUR Swap Rate 5 Year + 1.27%), 1.04%, 09/14/2032 (aa)    EUR 875        888  
Reg. S, (ICE LIBOR EUR 3 Month + 1.08%), 1.75%, 03/02/2026 (aa)    EUR 1,200        1,335  
Reg. S, (ICE LIBOR EUR 3 Month + 1.74%), 2.00%, 03/04/2025 (aa)    EUR 100        112  
Reg. S, (UK Gilts 5 Year + 1.75%), 2.11%, 11/28/2031 (aa)    GBP 600        734  
(CMT Index 1 Year + 2.15%), 2.36%, 05/22/2024 (aa)      2,000        1,985  
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 05/18/2029 (aa)      1,670        1,739  
NIBC Bank NV, (Netherlands),      
Reg. S, 0.13%, 04/21/2031    EUR 100        99  
Reg. S, 0.63%, 06/01/2026    EUR 100        109  
NORD / LB Luxembourg SA Covered Bond Bank, (Luxembourg), Reg. S, 0.01%, 06/10/2027    EUR 100        104  
Norddeutsche Landesbank-Girozentrale, (Germany),      
Reg. S, 0.01%, 09/23/2026    EUR 100        106  
Reg. S, 0.13%, 11/23/2023    EUR 100        110  
Reg. S, 0.25%, 10/28/2026    EUR 20        22  
Reg. S, 0.50%, 06/29/2026    EUR 50        54  
Nordea Bank Abp, (Finland),      
Reg. S, 0.88%, 06/26/2023    EUR 425        474  
3.75%, 08/30/2023 (e)      1,900        1,928  
Nordea Hypotek AB, (Sweden),      
Series 5533, Reg. S, 1.25%, 09/20/2023    SEK 1,700        182  
Series 5534, Reg. S, 1.00%, 09/18/2024    SEK 1,500        158  
Series 5535, Reg. S, 1.00%, 09/17/2025    SEK 1,800        186  
Series 5536, Reg. S, 0.50%, 09/16/2026    SEK 1,200        120  
Nordea Kiinnitysluottopankki OYJ, (Finland),      
Reg. S, 0.13%, 06/18/2027    EUR 100        106  
Reg. S, 0.63%, 10/19/2022    EUR 200        222  
NRW Bank, (Germany),      
Reg. S, 0.00%, 07/28/2031    EUR 138        138  
Reg. S, 0.10%, 07/09/2035    EUR 100        94  
Reg. S, 0.25%, 03/10/2025    EUR 120        131  
Reg. S, 0.50%, 05/26/2025    EUR 320        352  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 0.75%, 06/30/2028    EUR 260       283  
1.20%, 03/28/2039    EUR 100       107  
1.25%, 05/13/2049    EUR 87       97  
Nykredit Realkredit A/S, (Denmark),     
Reg. S, 1.00%, 10/01/2050    DKK —  (h)      —  (h) 
Series 01E, Reg. S, 1.00%, 10/01/2053    DKK —  (h)      —  (h) 
Series 01E, Reg. S, 2.00%, 10/01/2053    DKK     8,198       1,103  
Series 01EE, Reg. S, 1.50%, 10/01/2053    DKK     56,635       7,503  
Series 13HH, Reg. S, 1.00%, 07/01/2024    DKK 700       105  
Series 13H, Reg. S, 1.00%, 07/01/2026    DKK 800       119  
Series 13H, Reg. S, 1.00%, 01/01/2027    DKK 600       88  
Series 13H, Reg. S, 1.00%, 01/01/2028    DKK 200       29  
Series 13H, Reg. S, 2.00%, 01/01/2025    DKK 100       15  
Series 13H, Reg. S, 2.00%, 01/01/2026    DKK 1,000       154  
Oesterreichische Kontrollbank AG, (Austria),     
Reg. S, 0.00%, 10/08/2026    EUR 150       159  
Reg. S, 0.25%, 09/26/2024    EUR 300       329  
OP Mortgage Bank, (Finland),     
Reg. S, 0.25%, 03/13/2024    EUR 100       110  
Reg. S, 0.63%, 02/15/2029    EUR 100       108  
Reg. S, 1.00%, 11/28/2024    EUR 150       167  
Pfandbriefbank schweizerischer Hypothekarinstitute AG, (Switzerland),     
Reg. S, 0.00%, 02/26/2030    CHF 800       805  
Series 670, Reg. S, 0.00%, 07/29/2024    CHF 100       108  
Series 678, Reg. S, 0.00%, 08/26/2049    CHF 75       61  
Series 680, Reg. S, 0.00%, 03/30/2026    CHF 150       159  
Series 682, Reg. S, 0.00%, 04/06/2027    CHF 50       52  
Series 683, Reg. S, 0.00%, 02/25/2028    CHF 200       207  
Series 684, Reg. S, 0.00%, 05/10/2045    CHF 50       41  
Series 695, Reg. S, 0.00%, 10/26/2029      CHF 200       202  
Series 696, Reg. S, 0.13%, 11/19/2032    CHF 100       98  
Series 697, Reg. S, 0.00%, 05/20/2041    CHF 100       85  
Series 701, Reg. S, 0.13%, 06/20/2031    CHF 50       50  
Series 703, Reg. S, 0.38%, 01/24/2042    CHF 50       46  
Pfandbriefzentrale der schweizerischen Kantonalbanken AG, (Switzerland),     
Series 472, Reg. S, 0.00%, 07/25/2023    CHF 150       163  
Series 483, Reg. S, 0.00%, 01/27/2027    CHF 900       944  
Series 485, Reg. S, 0.00%, 10/02/2026    CHF 300       316  
Series 524, Reg. S, 0.00%, 06/21/2028    CHF 50       52  
Series 526, Reg. S, 0.00%, 07/19/2030    CHF 75       75  
Series 528, Reg. S, 0.00%, 03/15/2030    CHF 50       50  
Series 531, Reg. S, 0.00%, 02/15/2036    CHF 255       232  
Series 536, Reg. S, 0.20%, 06/12/2035    CHF 50       47  
Series 538, Reg. S, 0.00%, 07/25/2031    CHF 100       98  
Prima Banka Slovensko A/S, (Slovakia), Reg. S, 0.01%, 09/14/2027    EUR 100       104  
Raiffeisenlandesbank Niederoesterreich-Wien AG, (Austria), Reg. S, 0.63%, 08/28/2026    EUR 100       109  
Raiffeisenlandesbank Oberoesterreich AG, (Austria), Reg. S, 0.88%, 07/12/2028    EUR 100       109  
Rheinland-Pfalz Bank, (Germany), SUB, 6.88%, 02/23/2028 (e)      200       249  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

      
Royal Bank of Canada, (Canada),      
Reg. S, 0.01%, 10/05/2028    EUR 100        103  
Reg. S, 0.13%, 04/26/2027    EUR 100        105  
Reg. S, 0.25%, 01/29/2024    EUR 100        110  
Reg. S, 0.25%, 05/02/2024    EUR 700        768  
Reg. S, 0.63%, 09/10/2025    EUR 100        110  
1.15%, 06/10/2025      100        95  
Santander Consumer Bank A/S, (Norway),      
Reg. S, 0.13%, 02/25/2025    EUR 2,700        2,897  
Reg. S, 0.75%, 03/01/2023    EUR 2,000        2,225  
Santander Holdings USA, Inc., 3.45%, 06/02/2025      100        99  
Santander UK Group Holdings plc, (United Kingdom),      
Reg. S, (EUR Swap Rate 1 Year + 0.80%), 0.60%, 09/13/2029 (aa)    EUR 1,050        1,056  
(United States SOFR + 0.79%), 1.09%, 03/15/2025 (aa)      200        191  
Santander UK plc, (United Kingdom),      
Reg. S, 1.25%, 09/18/2024    EUR     100        112  
Reg. S, 5.75%, 03/02/2026    GBP 100        150  
Skandinaviska Enskilda Banken AB, (Sweden),      
Reg. S, 0.05%, 07/01/2024    EUR 775        846  
Reg. S, 0.25%, 05/19/2023    EUR 325        360  
Reg. S, 0.75%, 06/28/2027    EUR 100        109  
Reg. S, (EUR Swap Rate 5 Year + 1.35%), 1.38%, 10/31/2028 (aa)    EUR 425        472  
Series 576, Reg. S, 1.00%, 12/20/2023    SEK 2,000        213  
Series 578, Reg. S, 4.25%, 12/01/2023    SEK 500        56  
Series 579, Reg. S, 1.00%, 12/18/2024    SEK 2,000        210  
Series 581, Reg. S, 0.50%, 12/16/2026    SEK 2,000        198  
Societe Generale SA, (France),      
Reg. S, 0.25%, 07/08/2027    EUR 1,500        1,548  
Reg. S, 0.75%, 01/25/2027    EUR 3,700        3,902  
Reg. S, 1.13%, 01/23/2025    EUR 100        111  
Reg. S, (EUR Swap Rate 5 Year + 1.60%), 1.13%, 06/30/2031 (aa)    EUR 3,300        3,437  
Reg. S, 1.25%, 12/07/2027    GBP 500        587  
(CMT Index 1 Year + 1.05%), 2.23%, 01/21/2026 (e) (aa)      2,075        1,972  
2.63%, 01/22/2025 (e)      1,525        1,477  
(CMT Index 1 Year + 1.30%), 2.80%, 01/19/2028 (e) (aa)      2,595        2,432  
SpareBank 1 Boligkreditt A/S, (Norway),      
Reg. S, 0.01%, 09/22/2027    EUR 100        104  
Reg. S, 0.38%, 06/26/2024    EUR 100        110  
Reg. S, 1.00%, 01/30/2029    EUR 100        110  
Sparebank 1 Oestlandet, (Norway), Reg. S, 0.25%, 09/30/2024    EUR 600        653  
SpareBank 1 SR-Bank ASA, (Norway), Reg. S, 0.63%, 03/25/2024    EUR 700        772  
SR-Boligkreditt A/S, (Norway),      
Reg. S, 0.01%, 03/10/2031    EUR 100        99  
Reg. S, 0.75%, 10/17/2025    EUR 100        110  
Stadshypotek AB, (Sweden),      
Reg. S, 0.13%, 10/05/2026    EUR 130        139  
Reg. S, 0.38%, 02/22/2023    EUR 100        111  
Series 1587, Reg. S, 1.50%, 06/01/2023    SEK 2,000        215  
Series 1588, Reg. S, 1.50%, 03/01/2024    SEK 2,000        214  
Series 1589, Reg. S, 1.50%, 12/03/2024    SEK 2,000        213  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

      
Series 1590, Reg. S, 1.00%, 09/03/2025    SEK 2,000        208  
Series 1591, Reg. S, 0.50%, 06/01/2026    SEK 2,000        201  
Series 1594, Reg. S, 2.00%, 09/01/2028    SEK 2,000        210  
Standard Chartered plc, (United Kingdom),      
(CMT Index 1 Year + 1.00%), 1.46%, 01/14/2027 (e) (aa)      1,200        1,091  
(CMT Index 1 Year + 1.18%), 2.61%, 01/12/2028 (e) (aa)      2,600        2,434  
Sumitomo Mitsui Banking Corp., (Japan),      
Reg. S, 0.41%, 11/07/2029    EUR 4,100        4,239  
Reg. S, 0.55%, 11/06/2023    EUR 100        111  
Sumitomo Mitsui Financial Group, Inc., (Japan), 1.90%, 09/17/2028      200        179  
2.70%, 07/16/2024      3,700        3,667  
SVB Financial Group, 1.80%, 02/02/2031      523        450  
2.10%, 05/15/2028      120        110  
Svenska Handelsbanken AB, (Sweden),      
Reg. S, 0.50%, 02/18/2030    EUR 975        982  
Reg. S, (EUR Swap Rate 5 Year + 0.80%), 1.25%, 03/02/2028 (aa)    EUR 1,675        1,860  
Sveriges Sakerstallda Obligationer AB, (Sweden),      
Reg. S, 0.01%, 03/14/2030    EUR 100        101  
Reg. S, 0.63%, 10/30/2025    EUR 100        109  
Series 144, Reg. S, 1.00%, 06/21/2023    SEK  2,000        213  
Series 146, Reg. S, 0.50%, 06/11/2025    SEK 2,000        205  
Series 147, Reg. S, 2.00%, 06/17/2026    SEK 2,000        214  
Swedbank AB, (Sweden),      
Reg. S, 0.75%, 05/05/2025    EUR 700        768  
Reg. S, 1.00%, 06/01/2022    EUR 425        471  
Reg. S, (EUR Swap Rate 5 Year + 1.28%), 1.50%, 09/18/2028 (aa)    EUR 1,900        2,109  
Tesco Personal Finance Group plc, (United Kingdom), Reg. S, 3.50%, 07/25/2025    GBP 100        132  
Toronto-Dominion Bank (The), (Canada),      
Reg. S, 0.25%, 03/26/2024    EUR 100        110  
Reg. S, 0.38%, 04/27/2023    EUR     100        111  
1.25%, 09/10/2026      20        19  
2.35%, 03/08/2024      180        179  
Truist Financial Corp.,      
1.20%, 08/05/2025      160        151  
3.88%, 03/19/2029      1,400        1,426  
UBS Group AG, (Switzerland),      
Reg. S, (EUR Swap Rate 1 Year + 0.77%), 0.25%, 11/05/2028 (aa)    EUR 1,200        1,222  
Reg. S, (EUR Swap Rate 1 Year + 0.75%), 1.25%, 04/17/2025 (aa)    EUR 200        222  
Reg. S, 1.75%, 11/16/2022    EUR 1,450        1,624  
(CMT Index 1 Year + 1.10%), 2.75%, 02/11/2033 (e) (aa)      2,000        1,818  
UniCredit Bank AG, (Germany),      
Reg. S, 0.01%, 09/15/2028    EUR 50        52  
Reg. S, 0.01%, 03/10/2031    EUR 125        125  
Reg. S, 0.25%, 01/15/2032    EUR 50        50  
Reg. S, 0.85%, 05/22/2034    EUR 50        52  
Reg. S, 0.88%, 01/11/2029    EUR 100        109  
UniCredit Bank Austria AG, (Austria), Reg. S, 0.05%, 09/21/2035    EUR 100        92  
UniCredit SpA, (Italy),      
Reg. S, 0.38%, 10/31/2026    EUR 100        107  
Reg. S, (ICE LIBOR EUR 3 Month + 1.35%), 1.20%, 01/20/2026 (aa)    EUR 1,175        1,270  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

      
(CMT Index 1 Year + 2.30%), 2.57%, 09/22/2026 (e) (aa)      3,000        2,775  
United Overseas Bank Ltd., (Singapore), Reg. S, 0.01%, 12/01/2027    EUR 100        104  
US Bancorp,      
0.85%, 06/07/2024    EUR 700        775  
(CMT Index 5 Year + 2.54%), 3.70%, 01/15/2027 (x) (aa)      2,300        2,082  
Valiant Bank AG, (Switzerland), Reg. S, 0.00%, 07/31/2029    CHF 50        50  
Virgin Money UK plc, (United Kingdom),      
Reg. S, (EUR Swap Rate 1 Year + 0.85%), 0.38%, 05/27/2024 (aa)    EUR 225        248  
Reg. S, (UK Gilts 1 Year + 2.80%), 4.00%, 09/25/2026 (aa)    GBP 100        133  
Reg. S, (UK Gilts 5 Year + 5.25%), 5.13%, 12/11/2030 (aa)    GBP 500        679  
Vseobecna Uverova Banka A/S, (Slovakia), Reg. S, 0.25%, 03/26/2024    EUR 100        110  
Wells Fargo & Co.,      
Reg. S, (ICE LIBOR EUR 3 Month + 1.85%), 1.74%, 05/04/2030 (aa)    EUR 1,200        1,305  
Reg. S, 2.13%, 09/24/2031    GBP 500        596  
(United States SOFR + 1.09%), 2.41%, 10/30/2025 (aa)      400        392  
(United States SOFR + 2.53%), 3.07%, 04/30/2041 (aa)      1,975        1,772  
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 06/17/2027 (aa)      1,590        1,573  
3.75%, 01/24/2024      265        270  
4.75%, 12/07/2046      95        103  
Reg. S, 4.88%, 11/29/2035    GBP 500        750  
(United States SOFR + 4.50%), 5.01%, 04/04/2051 (aa)      70        83  
Westpac Banking Corp., (Australia),      
Reg. S, 0.01%, 09/22/2028    EUR 100        102  
Reg. S, 0.38%, 04/02/2026    EUR 100        108  
Wirtschafts- und Infrastrukturbank Hessen, (Germany), 0.88%, 06/14/2028    EUR 100        110  
Zuercher Kantonalbank, (Switzerland), Series 150, Reg. S, 0.10%, 03/31/2031    CHF 240        239  
     

 

 

  
        347,442  
     

 

 

  
Diversified Financial Services — 0.4%      
Aareal Bank AG, (Germany),      
Series 225, Reg. S, 0.13%, 02/01/2023    EUR     100        111  
Series 236, Reg. S, 0.01%, 02/01/2028    EUR 100        104  
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.50%, 09/15/2023      150        151  
Affordable Housing Finance plc, (United Kingdom), Reg. S, 2.89%, 08/11/2043    GBP 100        145  
Air Lease Corp., 2.63%, 07/01/2022      95        95  
Ally Financial, Inc.,      
1.45%, 10/02/2023      40        39  
3.05%, 06/05/2023      40        40  
American Express Co., 2.25%, 03/04/2025      25        25  
Arkea Home Loans SFH SA, (France), Reg. S, 0.38%, 03/04/2024    EUR 100        110  
Artesian Finance II plc, (United Kingdom), 6.00%, 09/30/2033    GBP 50        87  
AXA Bank Europe SCF, (France),      
Reg. S, 0.01%, 01/22/2027    EUR 100        105  
Reg. S, 0.50%, 04/18/2025    EUR 100        110  
AXA Home Loan SFH SA, (France), Reg. S, 0.13%, 06/25/2035    EUR 100        94  
AyT Cedulas Cajas Global FTA, (Spain), Series 3, 3.75%, 12/14/2022    EUR 100        114  
AyT Cedulas Cajas X Fondo de Titulizacion de Activos, (Spain), Series X, 3.75%, 06/30/2025    EUR 100        120  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      
BPCE SFH SA, (France),      
Reg. S, 0.01%, 10/16/2028    EUR 100        103  
Reg. S, 0.01%, 05/27/2030    EUR 100        101  
Reg. S, 0.01%, 01/29/2036    EUR 100        91  
Reg. S, 0.13%, 12/03/2030    EUR 100        101  
Reg. S, 0.63%, 09/22/2027    EUR 100        108  
Reg. S, 0.75%, 09/02/2025    EUR 100        110  
Reg. S, 2.38%, 11/29/2023    EUR 200        229  
Brookfield Finance I UK plc, (United Kingdom), 2.34%, 01/30/2032      40        35  
Brookfield Finance, Inc., (Canada),      
3.50%, 03/30/2051      85        75  
4.00%, 04/01/2024      40        41  
Caisse de Refinancement de l’Habitat SA, (France),      
Reg. S, 0.01%, 10/08/2029    EUR     100        102  
Reg. S, 0.13%, 04/30/2027    EUR 100        106  
Reg. S, 2.38%, 03/05/2024    CHF 50        56  
3.90%, 10/20/2023    EUR 100        117  
Capital One Financial Corp.,      
0.80%, 06/12/2024    EUR 425        467  
1.65%, 06/12/2029    EUR 578        611  
(United States SOFR + 1.34%), 2.36%, 07/29/2032 (aa)      50        43  
(United States SOFR + 1.29%), 2.64%, 03/03/2026 (aa)      70        69  
Cedulas TDA 6 Fondo de Titulizacion de Activos, (Spain), Series A6, 3.88%, 05/23/2025    EUR 100        121  
Charles Schwab Corp. (The), 1.15%, 05/13/2026      105        98  
Clifford Capital Pte Ltd., (Singapore), Reg. S, 3.11%, 08/18/2032      200        190  
CME Group, Inc., 2.65%, 03/15/2032      113        108  
Credit Agricole Home Loan SFH SA, (France),      
Reg. S, 0.01%, 04/12/2028    EUR 200        207  
Reg. S, 0.13%, 12/16/2024    EUR 100        109  
Reg. S, 0.38%, 09/30/2024    EUR 100        110  
Reg. S, 0.50%, 02/19/2026    EUR 100        109  
Reg. S, 0.88%, 08/11/2028    EUR 200        218  
Reg. S, 0.88%, 05/06/2034    EUR 100        105  
Credit Agricole Public Sector SCF SA, (France), Reg. S, 0.88%, 08/02/2027    EUR 100        110  
Credit Mutuel Home Loan SFH SA, (France),      
Reg. S, 0.01%, 07/20/2028    EUR     100        103  
Reg. S, 0.75%, 09/15/2027    EUR 100        109  
Reg. S, 1.00%, 01/30/2029    EUR 100        110  
Reg. S, 4.13%, 01/19/2024    EUR 100        118  
Danmarks Skibskredit A/S, (Denmark), Reg. S, 0.13%, 03/20/2025    EUR 100        108  
DLR Kredit A/S, (Denmark), Series B, Reg. S, 1.00%, 10/01/2022    DKK 300        45  
Harbour Funding plc, (United Kingdom), Reg. S, 5.28%, 03/31/2034    GBP 25        40  
HSBC SFH France SA, (France), Reg. S, 0.75%, 03/22/2027    EUR 100        109  
Hypo Tirol Bank AG, (Austria), Reg. S, 0.01%, 03/11/2031    EUR 100        99  
Intercontinental Exchange, Inc.,      
3.75%, 12/01/2025      25        26  
4.25%, 09/21/2048      50        53  
Jefferies Group LLC, 2.75%, 10/15/2032      1,420        1,269  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

      
Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 2.63%, 10/15/2031      1,250        1,127  
Jyske Realkredit A/S, (Denmark),      
Reg. S, 0.01%, 10/01/2027    EUR 100        104  
Reg. S, 1.00%, 10/01/2024    DKK 100        15  
Reg. S, 1.50%, 10/01/2053    DKK 1,195        160  
1.50%, 10/01/2053    DKK 2,596        342  
Reg. S, 2.00%, 10/01/2053    DKK 500        67  
Series 32lE, Reg. S, 1.00%, 04/01/2023    DKK 200        30  
Series 32IE, Reg. S, 1.00%, 04/01/2025    DKK 400        60  
La Banque Postale Home Loan SFH SA, (France),      
Reg. S, 0.50%, 01/30/2026    EUR 100        109  
Reg. S, 2.38%, 01/15/2024    EUR 100        114  
London Stock Exchange Group plc, (United Kingdom), Reg. S, 1.75%, 12/06/2027    EUR 800        895  
Mastercard, Inc.,      
2.10%, 12/01/2027    EUR     1,025        1,191  
3.85%, 03/26/2050      40        42  
Nasdaq, Inc.,      
0.88%, 02/13/2030    EUR 2,950        2,990  
0.90%, 07/30/2033    EUR 500        482  
1.75%, 03/28/2029    EUR 700        763  
4.25%, 06/01/2024      60        62  
Navient Solutions LLC, Zero Coupon, 10/03/2022      1,711        1,673  
Nomura Holdings, Inc., (Japan),      
1.85%, 07/16/2025      200        189  
2.61%, 07/14/2031      1,255        1,128  
2.65%, 01/16/2025      2,000        1,948  
3.00%, 01/22/2032      1,320        1,216  
Nordea Kredit Realkreditaktieselskab, (Denmark),      
Reg. S, 1.00%, 10/01/2024 (e)    DKK 500        75  
Reg. S, 1.00%, 04/01/2026 (e)    DKK 500        74  
1.00%, 10/01/2026    DKK 500        74  
Reg. S, 1.50%, 10/01/2053    DKK 3,600        475  
Reg. S, 2.00%, 10/01/2053    DKK 500        67  
Series CC2, Reg. S, 1.00%, 10/01/2050    DKK 595        77  
Series CC2, Reg. S, 1.00%, 04/01/2025 (e)    DKK 200        30  
Series CC2, 1.50%, 10/01/2053    DKK 598        80  
Series CT2, Reg. S, 1.00%, 10/01/2022 (e)    DKK 400        60  
Private Export Funding Corp., 0.55%, 07/30/2024 (e)      300        287  
Series PP, 1.40%, 07/15/2028      775        715  
Programa Cedulas TDA Fondo de Titulizacion de Activos, (Spain), Series A6, 4.25%, 04/10/2031    EUR 100        138  
Prs Finance plc, (United Kingdom),      
Reg. S, 1.75%, 11/24/2026    GBP 189        246  
Reg. S, 2.00%, 01/23/2029    GBP     700        917  
Realkredit Danmark A/S, (Denmark),      
Series 10f, Reg. S, 1.00%, 01/01/2025 (e)    DKK 700        105  
Series 10F, Reg. S, 1.00%, 01/01/2026 (e)    DKK 1,000        148  
Series 22S, Reg. S, 0.00%, 10/01/2040 (e)    DKK 46        6  
Series 23S, Reg. S, 1.50%, 10/01/2053    DKK 2,588        347  
Series 27S, Reg. S, 1.50%, 10/01/2053    DKK 3,097        408  
Series 28S, Reg. S, 2.00%, 10/01/2053    DKK 3,399        457  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      
Societe Generale SFH SA, (France),      
Reg. S, 0.01%, 10/29/2029    EUR 100        102  
Reg. S, 0.50%, 01/20/2023    EUR 100        111  
Reg. S, 0.50%, 06/02/2025    EUR 100        109  
Reg. S, 0.50%, 01/28/2026    EUR 100        109  
Sparebanken Vest Boligkreditt A/S, (Norway), Reg. S, 0.38%, 01/20/2032    EUR 100        101  
Swedbank Hypotek AB, (Sweden),      
Reg. S, 0.05%, 05/28/2025    EUR 100        108  
Series 192, Reg. S, 1.00%, 03/15/2023    SEK 1,000        107  
Series 193, Reg. S, 1.00%, 12/20/2023    SEK 500        53  
Series 194, Reg. S, 1.00%, 09/18/2024    SEK 1,100        116  
Series 195, Reg. S, 1.00%, 06/18/2025    SEK 1,500        156  
Series 196, Reg. S, 1.00%, 03/18/2026    SEK 1,000        103  
Series 197, Reg. S, 1.00%, 03/17/2027    SEK 700        70  
THFC Funding No. 1 plc, (United Kingdom), Reg. S, 5.13%, 12/21/2035    GBP 50        81  
Visa, Inc., 2.70%, 04/15/2040      160        146  
Wellcome Trust Finance plc, (United Kingdom), Reg. S, 4.63%, 07/25/2036    GBP 225        376  
Western Union Co. (The), 1.35%, 03/15/2026      1,900        1,753  
     

 

 

  
        30,783  
     

 

 

  
Insurance — 0.7%      
Aflac, Inc., 4.75%, 01/15/2049      70        80  
Alleghany Corp., 3.25%, 08/15/2051      15        13  
Allianz SE, (Germany), Reg. S, (ICE EURIBOR Swap Rate 10 Year + 3.20%), 3.38%, 09/18/2024 (x) (aa)    EUR 2,400        2,748  
American International Group, Inc., 3.40%, 06/30/2030      3,880        3,870  
Aon Corp., 2.80%, 05/15/2030      50        48  
Aon plc, (Ireland), 4.60%, 06/14/2044      10        10  
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        116  
Arthur J Gallagher & Co., 3.05%, 03/09/2052      45        37  
Assicurazioni Generali SpA, (Italy),      
Reg. S, 3.88%, 01/29/2029    EUR 500        583  
Reg. S, 4.13%, 05/04/2026    EUR 100        119  
Athene Global Funding, 2.50%, 01/14/2025 (e)      20        19  
Athene Holding Ltd., (Bermuda),      
3.45%, 05/15/2052      27        22  
3.95%, 05/25/2051      25        23  
Aviva plc, (United Kingdom),      
Reg. S, (UK Gilts 5 Year + 4.70%), 4.00%, 06/03/2055 (aa)    GBP 425        548  
Reg. S, (UK Gilts 5 Year + 2.85%), 6.13%, 11/14/2036 (aa)    GBP 230        333  
AXA SA, (France),      
Reg. S, (ICE LIBOR EUR 3 Month + 2.40%), 1.38%, 10/07/2041 (aa)    EUR 625        619  
Reg. S, (SONIA Interest Rate Benchmark + 2.87%), 6.69%, 07/06/2026 (x) (aa)    GBP 375        544  
8.60%, 12/15/2030      150        198  
Berkshire Hathaway Finance Corp.,      
1.50%, 03/18/2030    EUR 2,200        2,423  
2.38%, 06/19/2039    GBP 425        516  
Berkshire Hathaway, Inc., 0.00%, 03/12/2025    EUR     1,000        1,078  
BNP Paribas Cardif SA, (France), Reg. S, 1.00%, 11/29/2024    EUR 1,000        1,101  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      

Brown & Brown, Inc.,

      
4.20%, 09/15/2024      65        66  
4.95%, 03/17/2052      55        59  
Chubb INA Holdings, Inc., 1.55%, 03/15/2028    EUR     2,000        2,190  
CNA Financial Corp., 2.05%, 08/15/2030      2,500        2,219  
Corebridge Financial, Inc., 4.35%, 04/05/2042 (e) (w) (bb)      155        155  
Credit Agricole Assurances SA, (France),      
Reg. S, 2.00%, 07/17/2030    EUR 1,200        1,260  
Reg. S, (EUR Swap Rate 5 Year + 4.35%), 4.50%, 10/14/2025 (x) (aa)    EUR 100        118  
Enstar Group Ltd., (Bermuda),      
3.10%, 09/01/2031      60        54  
4.95%, 06/01/2029      90        93  
Everest Reinsurance Holdings, Inc., 3.50%, 10/15/2050      745        664  
Fairfax Financial Holdings Ltd., (Canada), 3.38%, 03/03/2031      2,000        1,871  
First American Financial Corp., 2.40%, 08/15/2031      220        193  
Jackson Financial, Inc., 4.00%, 11/23/2051 (e)      5        4  
Legal & General Finance plc, (United Kingdom), Reg. S, 5.88%, 04/05/2033    GBP 225        378  
Legal & General Group plc, (United Kingdom),      
Reg. S, (UK Gilts 5 Year + 5.25%), 4.50%, 11/01/2050 (aa)    GBP 425        572  
Reg. S, (UK Gilts 5 Year + 4.65%), 5.13%, 11/14/2048 (aa)    GBP 300        420  
Liberty Mutual Finance Europe DAC, (Ireland), Reg. S, 1.75%, 03/27/2024    EUR 2,000        2,246  
Liberty Mutual Group, Inc., 3.95%, 10/15/2050 (e)      830        785  
Loews Corp., 3.20%, 05/15/2030      10        10  
M&G plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.16%), 5.56%, 07/20/2055 (aa)    GBP 425        601  
Markel Corp.,      
3.45%, 05/07/2052      1,000        887  
3.50%, 11/01/2027      5        5  
Marsh & McLennan Cos., Inc.,      
1.98%, 03/21/2030    EUR 3,150        3,465  
4.20%, 03/01/2048      190        196  
4.75%, 03/15/2039      179        197  
4.90%, 03/15/2049      105        122  
MetLife, Inc., 4.05%, 03/01/2045      100        102  
Metropolitan Life Global Funding I,      
Reg. S, 0.38%, 04/09/2024    EUR 1,125        1,234  
Reg. S, 0.55%, 06/16/2027    EUR 775        814  
Reg. S, 1.63%, 09/21/2029    GBP 1,125        1,378  
Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres et Sal, (France),      
Reg. S, 0.63%, 06/21/2027    EUR 1,000        1,023  
Reg. S, (ICE LIBOR EUR 3 Month + 3.45%), 2.13%, 06/21/2052 (aa)    EUR 1,000        997  
NN Group NV, (Netherlands), Reg. S, (ICE LIBOR EUR 3 Month + 4.00%), 4.50%,
01/15/2026 (x) (aa)		    EUR 1,350        1,592  
Old Republic International Corp., 3.85%, 06/11/2051      105        97  
Pension Insurance Corp. plc, (United Kingdom), Reg. S, 5.63%, 09/20/2030    GBP 1,121        1,614  
Phoenix Group Holdings plc, (United Kingdom),      
Reg. S, 5.63%, 04/28/2031    GBP 1,400        2,007  
Reg. S, 6.63%, 12/18/2025    GBP 425        616  
Principal Financial Group, Inc., 3.10%, 11/15/2026      1,400        1,379  
Progressive Corp. (The), 4.13%, 04/15/2047      50        53  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      
Sampo OYJ, (Finland),      
Reg. S, (ICE LIBOR EUR 3 Month + 3.60%), 2.50%, 09/03/2052 (aa)    EUR 525        544  
Reg. S, (ICE LIBOR EUR 3 Month + 4.05%), 3.38%, 05/23/2049 (aa)    EUR 675        768  
Stewart Information Services Corp., 3.60%, 11/15/2031      47        43  
Unum Group,      
4.00%, 06/15/2029      1,700        1,738  
4.13%, 06/15/2051      900        785  

W R Berkley Corp.,

      
3.55%, 03/30/2052      20        18  
4.00%, 05/12/2050      700        679  
Willis North America, Inc.,      
2.95%, 09/15/2029      50        47  
3.60%, 05/15/2024      100        101  
XLIT Ltd., (Cayman Islands), (ICE LIBOR EUR 3 Month + 2.90%), 3.25%, 06/29/2047 (aa)    EUR 1,300        1,477  
     

 

 

  
        52,984  
     

 

 

  
Investment Companies — 0.1%      

Ares Capital Corp.,

      
2.15%, 07/15/2026      230        208  
3.25%, 07/15/2025      90        88  
3.88%, 01/15/2026      37        36  
4.25%, 03/01/2025      165        165  
Bain Capital Specialty Finance, Inc., 2.95%, 03/10/2026      140        131  
Barings BDC, Inc., 3.30%, 11/23/2026 (e)      50        46  
Blackstone Private Credit Fund, 2.70%, 01/15/2025 (e)      190        181  
3.25%, 03/15/2027 (e)      80        74  
Blackstone Secured Lending Fund, 2.85%, 09/30/2028 (e)      150        130  
FS KKR Capital Corp.,      
1.65%, 10/12/2024      200        188  
2.63%, 01/15/2027      145        133  
3.25%, 07/15/2027      80        74  
3.40%, 01/15/2026      240        232  
Goldman Sachs BDC, Inc., 2.88%, 01/15/2026      220        212  
Golub Capital BDC, Inc., 2.50%, 08/24/2026      100        92  
Investor AB, (Sweden),      
Reg. S, 0.38%, 10/29/2035    EUR 425        388  
Reg. S, 1.50%, 09/12/2030    EUR 700        769  
Main Street Capital Corp., 3.00%, 07/14/2026      155        144  
MDGH GMTN RSC Ltd., (United Arab Emirates), Reg. S, 1.00%, 03/10/2034    EUR 300        309  
Prospect Capital Corp.,      
3.36%, 11/15/2026      75        69  
3.44%, 10/15/2028      80        68  
Wendel SE, (France), Reg. S, 1.00%, 06/01/2031    EUR 2,300        2,330  
     

 

 

  
        6,067  
     

 

 

  
Private Equity — 0.0% (g)      
3i Group plc, (United Kingdom), Reg. S, 5.75%, 12/03/2032    GBP 350        559  
Hercules Capital, Inc., 2.63%, 09/16/2026      120        110  
3.38%, 01/20/2027      80        75  
     

 

 

  
        744  
     

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

      
Real Estate — 0.5%      
Annington Funding plc, (United Kingdom), Reg. S, 1.65%, 07/12/2024    EUR 2,000        2,211  
Blackstone Property Partners Europe Holdings Sarl, (Luxembourg),      
Reg. S, 0.50%, 09/12/2023    EUR 2,200        2,419  
Reg. S, 2.00%, 02/15/2024    EUR 500        559  
Reg. S, 2.63%, 10/20/2028    GBP 575        705  
Broadgate Financing plc, (United Kingdom), Series A4, Reg. S, 4.82%, 07/05/2033    GBP 50        78  
CBRE Services, Inc., 2.50%, 04/01/2031      425        384  
Citycon Treasury BV, (Netherlands), Reg. S, 2.50%, 10/01/2024    EUR 1,575        1,762  
Clarion Funding plc, (United Kingdom), Reg. S, 2.63%, 01/18/2029    GBP 100        132  
CTP NV, (Netherlands),      
Reg. S, 0.63%, 11/27/2023    EUR 750        820  
Reg. S, 0.63%, 09/27/2026    EUR 1,800        1,810  
Reg. S, 1.25%, 06/21/2029    EUR 300        290  
Reg. S, 1.50%, 09/27/2031    EUR 800        745  
Fastighets AB Balder, (Sweden), Reg. S, 1.88%, 01/23/2026    EUR 1,000        1,100  
Heimstaden Bostad AB, (Sweden), Reg. S, 1.13%, 01/21/2026    EUR 1,200        1,285  
HOWOGE Wohnungs-baugesellschaft mbH, (Germany), Reg. S, 1.13%, 11/01/2033    EUR 100        101  
Logicor 2019-1 UK plc, (United Kingdom), Reg. S, 1.88%, 11/17/2026    GBP 425        546  
Logicor Financing Sarl, (Luxembourg),      
Reg. S, 0.75%, 07/15/2024    EUR 1,500        1,636  
Reg. S, 1.50%, 07/13/2026    EUR 1,200        1,293  
London & Quadrant Housing Trust, (United Kingdom),      
Reg. S, 2.00%, 10/20/2038    GBP 425        488  
Reg. S, 2.63%, 02/28/2028    GBP 625        828  
Reg. S, 2.75%, 07/20/2057    GBP 225        280  
Meadowhall Finance plc, (United Kingdom), Series A1, Reg. S, 4.99%, 01/12/2032    GBP 30        43  
Notting Hill Genesis, (United Kingdom), Reg. S, 2.00%, 06/03/2036    GBP 300        352  
Ontario Teachers’ Cadillac Fairview Properties Trust, (Canada),      
2.50%, 10/15/2031 (e)      580        531  
4.13%, 02/01/2029 (e)      2,100        2,178  
Orbit Capital plc, (United Kingdom), Reg. S, 3.38%, 06/14/2048    GBP 425        588  
Sagax Euro Mtn NL BV, (Netherlands), Reg. S, 1.00%, 05/17/2029    EUR 2,200        2,088  
Samhallsbyggnadsbolaget i Norden AB, (Sweden),      
Reg. S, 1.00%, 08/12/2027    EUR 1,575        1,520  
Reg. S, 1.75%, 01/14/2025    EUR 850        908  
Sinochem Offshore Capital Co. Ltd., (British Virgin Islands), Reg. S, 0.75%, 11/25/2025    EUR 500        528  
Sirius Real Estate Ltd., (Guernsey), Reg. S, 1.75%, 11/24/2028    EUR 1,600        1,545  
Telereal Securitisation plc, (United Kingdom), Series B4, 6.16%, 12/10/2031    GBP 44        65  
Tesco Property Finance 1 plc, (United Kingdom), Reg. S, 7.62%, 07/13/2039    GBP 82        143  
Tesco Property Finance 3 plc, (United Kingdom), Reg. S, 5.74%, 04/13/2040    GBP 47        73  
Trafford Centre Finance Ltd. (The), (Cayman Islands), Series A2, Reg. S, 6.50%, 07/28/2033    GBP 36        54  
Vonovia Finance BV, (Netherlands),      
Reg. S, 0.63%, 07/09/2026    EUR 300        317  
Reg. S, 0.88%, 07/03/2023    EUR 100        111  
Reg. S, 1.00%, 01/28/2041    EUR 1,100        909  
Reg. S, 1.63%, 04/07/2024    EUR 500        559  
Vonovia SE, (Germany), Reg. S, 0.75%, 09/01/2032    EUR 1,700        1,616  
     

 

 

  
        33,600  
     

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 0.7%      
Aedifica SA, (Belgium), Reg. S, 0.75%, 09/09/2031    EUR 600        561  
Alexandria Real Estate Equities, Inc., 1.88%, 02/01/2033      40        34  
Altarea SCA, (France), Reg. S, 1.75%, 01/16/2030    EUR 200        191  
American Campus Communities Operating Partnership LP, 3.30%, 07/15/2026      20        20  
American Homes 4 Rent LP, 3.38%, 07/15/2051      15        12  
American Tower Corp.,      
0.40%, 02/15/2027    EUR 700        723  
0.88%, 05/21/2029    EUR 1,500        1,517  
1.30%, 09/15/2025      60        56  
1.38%, 04/04/2025    EUR 1,050        1,163  
2.70%, 04/15/2031      50        45  
2.95%, 01/15/2051      100        79  
3.38%, 05/15/2024      25        25  
3.65%, 03/15/2027 (w)      270        270  
Brixmor Operating Partnership LP,      
2.50%, 08/16/2031      20        18  
4.05%, 07/01/2030      1,175        1,179  
4.13%, 06/15/2026      2,300        2,345  
4.13%, 05/15/2029      875        898  
Camden Property Trust, 3.35%, 11/01/2049      10        9  

Crown Castle International Corp.,

      
1.35%, 07/15/2025      200        187  
2.50%, 07/15/2031      30        27  
2.90%, 04/01/2041      50        41  
CubeSmart LP,      
2.25%, 12/15/2028      65        59  
2.50%, 02/15/2032      150        135  
EPR Properties, 3.60%, 11/15/2031      15        14  
Equinix, Inc.,      
1.00%, 03/15/2033    EUR 1,000        932  
2.63%, 11/18/2024      120        118  
ERP Operating LP, 2.85%, 11/01/2026      50        49  
Extra Space Storage LP, 2.35%, 03/15/2032      125        110  
GLP Capital LP / GLP Financing II, Inc.,      
3.25%, 01/15/2032      780        708  
3.35%, 09/01/2024      20        20  
4.00%, 01/15/2030      5        5  
5.30%, 01/15/2029      135        142  
5.38%, 11/01/2023      30        31  
5.75%, 06/01/2028      60        64  
Hammerson plc, (United Kingdom), Reg. S, 7.25%, 04/21/2028    GBP 400        585  
Healthpeak Properties, Inc., 3.00%, 01/15/2030      1,400        1,345  
Host Hotels & Resorts LP, Series J, 2.90%, 12/15/2031      415        371  
Invitation Homes Operating Partnership LP, 2.00%, 08/15/2031      50        43  
Kimco Realty Corp., 2.70%, 10/01/2030      1,900        1,770  
Life Storage LP,      
3.50%, 07/01/2026      205        206  
3.88%, 12/15/2027      50        51  
MPT Operating Partnership LP / MPT Finance Corp., 0.99%, 10/15/2026    EUR 1,650        1,699  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      
Office Properties Income Trust,      
2.65%, 06/15/2026      15        14  
3.45%, 10/15/2031      188        162  
Omega Healthcare Investors, Inc., 4.50%, 04/01/2027      16        16  
Prologis Euro Finance LLC, 0.25%, 09/10/2027    EUR 1,425        1,468  
Prologis LP,      
2.13%, 10/15/2050      20        15  
2.25%, 06/30/2029    GBP 600        760  
3.25%, 10/01/2026      50        51  
Public Storage,      
0.88%, 02/15/2026      50        46  
2.25%, 11/09/2031      130        119  
2.30%, 05/01/2031      230        213  
3.09%, 09/15/2027      110        110  
3.39%, 05/01/2029      145        146  
Rayonier LP, 2.75%, 05/17/2031      165        151  
Realty Income Corp.,      
1.63%, 12/15/2030    GBP 100        119  
1.75%, 07/13/2033    GBP 1,100        1,267  
2.85%, 12/15/2032      800        754  
3.00%, 01/15/2027      2,000        1,972  
3.10%, 12/15/2029      800        782  
3.88%, 04/15/2025      100        101  
Segro Capital Sarl, (Luxembourg),      
Reg. S, 0.50%, 09/22/2031    EUR 1,700        1,647  
Reg. S, 1.88%, 03/23/2030    EUR 825        908  
Simon International Finance SCA, (Luxembourg),      
Reg. S, 1.13%, 03/19/2033    EUR 1,000        971  
Reg. S, 1.25%, 05/13/2025    EUR 425        467  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     

Simon Property Group LP,

     
1.38%, 01/15/2027      70       64  
2.25%, 01/15/2032      2,170       1,935  
2.65%, 02/01/2032      100       92  
3.50%, 09/01/2025      80       81  
Sun Communities Operating LP, 2.30%, 11/01/2028      100       91  
UDR, Inc., 3.00%, 08/15/2031      140       133  
Unibail-Rodamco-Westfield SE, (France), Reg. S, 1.38%, 12/04/2031    EUR 800       810  
Ventas Realty LP, 4.13%, 01/15/2026      2,300       2,355  
Welltower, Inc., 2.75%, 01/15/2031      50       46  
3.10%, 01/15/2030      2,400       2,311  
3.85%, 06/15/2032      75       76  
4.50%, 01/15/2024      3,500       3,579  
4.50%, 12/01/2034    GBP 300       436  
4.80%, 11/20/2028    GBP 850       1,232  
Weyerhaeuser Co.,     
4.00%, 11/15/2029      35       36  
4.00%, 04/15/2030      1,500       1,545  
4.00%, 03/09/2052      25       25  
WP Carey, Inc., 2.25%, 04/01/2033      1,000       854  
WPC Eurobond BV, (Netherlands),     
0.95%, 06/01/2030    EUR 1,800       1,738  
1.35%, 04/15/2028    EUR 425       444  
    

 

 

  
       47,999  
    

 

 

  
Savings & Loans — 0.0% (g)     
Coventry Building Society, (United Kingdom), Reg. S, 0.01%, 07/07/2028    EUR 100       103  
Nationwide Building Society, (United Kingdom),     
Reg. S, 0.63%, 03/25/2027    EUR 100       108  
Reg. S, 5.63%, 01/28/2026    GBP 100       149  
Yorkshire Building Society, (United Kingdom), Reg. S, 0.01%, 10/13/2027    EUR 100       104  
    

 

 

  
       464  
    

 

 

  
Total Financial        520,083  
    

 

 

  
Government — 2.0%     
Multi-National — 1.0%     

African Development Bank, (Supranational),

     
0.25%, 11/21/2024    EUR 925       1,013  
0.88%, 05/24/2028    EUR 200       220  
1.63%, 09/16/2022      65       65  
Asian Development Bank, (Supranational),     
Reg. S, 0.03%, 01/31/2030    EUR 1,850       1,886  
0.35%, 07/16/2025    EUR 800       873  
1.63%, 01/24/2023      280       280  
1.75%, 09/13/2022      270       271  
2.63%, 01/30/2024      258       260  
Council Of Europe Development Bank, (Supranational),     
Reg. S, 0.00%, 04/09/2027    EUR 2,000       2,121  
Reg. S, 0.38%, 10/27/2022    EUR 725       805  
Reg. S, 0.38%, 03/27/2025    EUR 175       192  
Reg. S, 0.63%, 01/30/2029    EUR 800       866  
Reg. S, 0.75%, 06/09/2025    EUR 50       56  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Erste Abwicklungsanstalt, (Germany), Reg. S, 0.01%, 11/03/2023    EUR 1,000       1,101  
Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial, (Supranational),     
Reg. S, 0.25%, 04/25/2023    EUR 825       915  
4.55%, 03/30/2027    CAD 400       341  
5.50%, 06/07/2032    GBP 300       511  

European Bank for Reconstruction & Development, (Supranational),

     
0.00%, 01/10/2024    EUR 2,000       2,198  
0.25%, 07/10/2023      95       93  
6.45%, 12/13/2022    IDR 10,000,000       710  
European Investment Bank, (Supranational),     
0.00%, 10/16/2023    EUR 3,200       3,536  
0.00%, 03/15/2024    EUR 300       330  
0.00%, 03/25/2025    EUR 10,200       11,100  
Reg. S, 0.00%, 03/13/2026    EUR 700       754  
Reg. S, 0.00%, 06/17/2027    EUR 1,500       1,597  
Zero Coupon, 05/28/2037 (e)    CAD 150       70  
Reg. S, 0.01%, 11/15/2035    EUR 200       187  
Reg. S, 0.05%, 05/24/2024    EUR 2,000       2,198  
0.05%, 01/16/2030    EUR 1,500       1,549  
Reg. S, 0.13%, 12/14/2026    GBP 975       1,182  
Reg. S, 0.25%, 06/15/2040    EUR 50       46  
Reg. S, 0.38%, 04/14/2026    EUR 3,000       3,280  
0.63%, 07/25/2025      100       94  
Reg. S, 0.88%, 12/15/2023    GBP 1,375       1,782  
0.88%, 09/13/2047    EUR 100       102  
Reg. S, 1.00%, 04/14/2032    EUR 1,675       1,841  
Reg. S, 1.00%, 11/14/2042    EUR 2,475       2,636  
Reg. S, 1.13%, 09/15/2036    EUR 2,050       2,225  
Reg. S, 1.38%, 03/07/2025    GBP 100       130  
1.50%, 10/16/2048    EUR 445       524  
1.63%, 03/14/2025      200       195  
Reg. S, 2.25%, 10/14/2022    EUR 4,100       4,601  
Reg. S, 2.50%, 10/31/2022    GBP 1,000       1,325  
2.50%, 03/15/2023      180       181  
2.75%, 09/13/2030    EUR 130       165  
Reg. S, 3.00%, 09/28/2022    EUR 4,600       5,175  
3.13%, 12/14/2023      250       253  
3.25%, 01/29/2024      315       320  
Reg. S, 3.63%, 03/14/2042    EUR 25       39  
Reg. S, 4.50%, 03/07/2044    GBP 1,100       2,067  
Reg. S, 6.27%, 08/28/2024    IDR 10,000,000       712  
Series 1981, 2.63%, 03/15/2035    EUR 40       51  
Series DIP, Reg. S, 4.63%, 10/12/2054    GBP 555       1,169  
FMS Wertmanagement, (Germany), Reg. S, 1.13%, 03/20/2023    GBP 1,200       1,571  
Inter-American Development Bank, (Supranational), 1.25%, 12/15/2023    GBP 1,650       2,151  
2.13%, 01/15/2025      290       287  
2.50%, 01/18/2023      230       232  
2.63%, 01/16/2024      230       231  
3.00%, 02/21/2024      100       101  
7.88%, 03/14/2023    IDR 10,000,000       720  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
International Development Association, (Supranational), Reg. S, 0.00%, 10/19/2026    EUR 500       529  
International Finance Corp., (Supranational), 2.88%, 07/31/2023      80       81  
North American Development Bank, (Supranational),     
Reg. S, 0.20%, 11/28/2028    CHF 200       204  
2.40%, 10/26/2022      303       305  
    

 

 

  
       72,605  
    

 

 

  
Municipal — 0.0% (g)     
Transport for London, (United Kingdom),     
Reg. S, 4.00%, 09/12/2033    GBP 500       719  
5.00%, 03/31/2035    GBP 300       462  
    

 

 

  
       1,181  
    

 

 

  
Regional (State/Province) — 0.0% (g)     
KAF Kaerntner Ausgleichszahlungs-Fonds, (Austria), Reg. S, Zero Coupon, 01/14/2032    EUR 560       542  
UK Municipal Bonds Agency Finance Co. Designated Activity Co., (Ireland), Reg. S, 1.63%, 08/26/2060    GBP 100       105  
    

 

 

  
       647  
    

 

 

  
Sovereign — 1.0%     
European Financial Stability Facility, (Luxembourg),     
Reg. S, 0.00%, 10/13/2027    EUR 1,325       1,402  
Reg. S, 0.00%, 01/20/2031    EUR 5,000       5,064  
Reg. S, 0.05%, 01/18/2052    EUR 500       387  
Reg. S, 0.13%, 10/17/2023    EUR 3,500       3,876  
Reg. S, 0.40%, 02/17/2025    EUR 1,000       1,103  
Reg. S, 0.50%, 01/20/2023    EUR 2,425       2,701  
Reg. S, 0.50%, 07/11/2025    EUR 1,000       1,104  
Reg. S, 0.63%, 10/16/2026    EUR 100       110  
Reg. S, 0.70%, 01/20/2050    EUR 1,300       1,252  
Reg. S, 0.88%, 04/10/2035    EUR 1,500       1,588  
Reg. S, 1.20%, 02/17/2045    EUR 1,225       1,337  
Reg. S, 1.45%, 09/05/2040    EUR 170       193  
Reg. S, 1.75%, 07/17/2053    EUR 1,050       1,303  
Reg. S, 2.25%, 09/05/2022    EUR 3,700       4,140  
Reg. S, 2.75%, 12/03/2029    EUR 520       652  
European Stability Mechanism, (Supranational),     
Reg. S, 0.00%, 10/18/2022    EUR 2,000       2,217  
Reg. S, 0.00%, 02/10/2023    EUR 100       111  
Reg. S, 0.01%, 03/04/2030    EUR 1,000       1,025  
Reg. S, 0.10%, 07/31/2023    EUR 2,000       2,216  
Reg. S, 0.50%, 03/02/2026    EUR 2,900       3,183  
Reg. S, 0.75%, 09/05/2028    EUR 1,450       1,591  
Reg. S, 0.88%, 07/18/2042    EUR 20       20  
Reg. S, 1.75%, 10/20/2045    EUR 550       673  
Reg. S, 1.80%, 11/02/2046    EUR 920       1,137  
Reg. S, 1.85%, 12/01/2055    EUR 80       104  
Reg. S, 2.13%, 11/20/2023    EUR 700       799  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
European Union, (Supranational),     
Reg. S, 0.00%, 07/06/2026    EUR 3,350       3,609  
Reg. S, 0.00%, 10/04/2028    EUR 1,000       1,047  
Reg. S, 0.00%, 04/22/2031    EUR 3,000       3,025  
Reg. S, 0.25%, 04/22/2036    EUR 1,500       1,448  
Reg. S, 0.45%, 07/04/2041    EUR 500       473  
Reg. S, 0.50%, 04/04/2025    EUR 1,875       2,074  
Reg. S, 0.63%, 11/04/2023    EUR 925       1,033  
Reg. S, 0.70%, 07/06/2051    EUR 1,000       951  
Reg. S, 0.75%, 04/04/2031    EUR 2,025       2,189  
Reg. S, 1.13%, 04/04/2036    EUR 665       724  
Reg. S, 3.75%, 04/04/2042    EUR 15       24  
Series SURE, Reg. S, 0.00%, 11/04/2025    EUR 2,698       2,927  
Series SURE, Reg. S, 0.00%, 06/02/2028    EUR 2,500       2,629  
Series SURE, Reg. S, 0.00%, 07/04/2035    EUR 350       330  
Series SURE, Reg. S, 0.10%, 10/04/2040    EUR 3,975       3,550  
Series SURE, Reg. S, 0.20%, 06/04/2036    EUR 3,000       2,875  
Series SURE, Reg. S, 0.30%, 11/04/2050    EUR 1,220       1,034  
HM Treasury UK Sovereign Sukuk plc, (United Kingdom), Reg. S, 0.33%, 07/22/2026    GBP 900       1,121  
LCR Finance plc, (United Kingdom),     
Reg. S, 4.50%, 12/07/2028    GBP 300       460  
Reg. S, 4.50%, 12/07/2038    GBP 110       193  
5.10%, 03/07/2051    GBP 50       108  
    

 

 

  
       71,112  
    

 

 

  
Total Government        145,545  
    

 

 

  
Industrial — 1.0%     
Aerospace/Defense — 0.1%     
Airbus SE, (Netherlands),     
Reg. S, 2.00%, 04/07/2028    EUR 100       115  
Reg. S, 2.38%, 06/09/2040    EUR 900       1,013  
BAE Systems plc, (United Kingdom), 1.90%, 02/15/2031 (e)      1,350       1,172  
Boeing Co. (The), 4.51%, 05/01/2023      170       173  
4.88%, 05/01/2025      200       206  
5.71%, 05/01/2040      2,300       2,588  
5.81%, 05/01/2050      50       58  
General Dynamics Corp., 2.25%, 06/01/2031      100       94  
Raytheon Technologies Corp., 3.20%, 03/15/2024      30       30  
3.95%, 08/16/2025      140       145  
7.20%, 08/15/2027      20       24  
Teledyne Technologies, Inc., 2.75%, 04/01/2031      795       737  
Thales SA, (France), Reg. S, 0.00%, 03/26/2026    EUR 600       636  
    

 

 

  
       6,991  
    

 

 

  
Building Materials — 0.1%     
Aliaxis Finance SA, (Belgium), Reg. S, 0.88%, 11/08/2028    EUR 800       796  
Buzzi Unicem SpA, (Italy), Reg. S, 2.13%, 04/28/2023    EUR 1,225       1,370  
Carrier Global Corp.,     
2.24%, 02/15/2025      20       19  
2.49%, 02/15/2027      10       10  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Eagle Materials, Inc., 2.50%, 07/01/2031      175       155  
Lennox International, Inc., 1.35%, 08/01/2025      27       25  
Martin Marietta Materials, Inc.,     
3.20%, 07/15/2051      85       73  
4.25%, 07/02/2024      4,540       4,648  
Owens Corning, 3.95%, 08/15/2029      1,000       1,018  
Vulcan Materials Co.,     
3.50%, 06/01/2030      60       60  
4.70%, 03/01/2048      440       475  
    

 

 

  
       8,649  
    

 

 

  
Electrical Components & Equipment — 0.0% (g)     
Emerson Electric Co., 2.00%, 12/21/2028      115       108  
2.80%, 12/21/2051      40       34  
Schneider Electric SE, (France), Reg. S, 1.50%, 09/08/2023    EUR 1,000       1,124  
Signify NV, (Netherlands),     
Reg. S, 2.00%, 05/11/2024    EUR 550       619  
Reg. S, 2.38%, 05/11/2027    EUR 175       198  
    

 

 

  
       2,083  
    

 

 

  
Electronics — 0.1%     

Agilent Technologies, Inc.,

     
2.10%, 06/04/2030      282       253  
2.30%, 03/12/2031      170       154  
2.75%, 09/15/2029      60       57  
3.05%, 09/22/2026      100       99  
Allegion US Holding Co., Inc., 3.20%, 10/01/2024      85       84  
Amphenol Corp., 2.80%, 02/15/2030      147       139  
Amphenol Technologies Holding GmbH, (Germany), Reg. S, 0.75%, 05/04/2026    EUR 1,325       1,435  
Arrow Electronics, Inc.,     
2.95%, 02/15/2032      80       74  
3.88%, 01/12/2028      50       50  
Avnet, Inc., 3.00%, 05/15/2031      9       8  
Flex Ltd., (Singapore), 3.75%, 02/01/2026      25       25  
Jabil, Inc., 1.70%, 04/15/2026      150       139  
Keysight Technologies, Inc.,     
4.55%, 10/30/2024      200       206  
4.60%, 04/06/2027      55       58  
TD SYNNEX Corp.,     
1.25%, 08/09/2024 (e)      150       143  
1.75%, 08/09/2026 (e)      65       59  
2.65%, 08/09/2031 (e)      155       133  
Trimble, Inc.,     
4.15%, 06/15/2023      100       101  
4.90%, 06/15/2028      235       244  
    

 

 

  
       3,461  
    

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 0.1%     
Aeroporti di Roma SpA, (Italy), Series A4, 5.44%, 02/20/2023    GBP 50       67  
Aeroports de Paris, (France),     
Reg. S, 1.00%, 01/05/2029    EUR 300       317  
Reg. S, 1.50%, 07/02/2032    EUR 100       105  
Reg. S, 2.75%, 04/02/2030    EUR 2,500       2,970  
Cellnex Finance Co. SA, (Spain), Reg. S, 2.00%, 02/15/2033    EUR 1,200       1,131  
CRCC Hean Ltd., (Hong Kong), Reg. S, 0.88%, 05/20/2026    EUR 300       323  
Heathrow Funding Ltd., (Jersey),     
Reg. S, 4.63%, 10/31/2046    GBP 325       494  
Reg. S, 6.45%, 12/10/2031    GBP 225       371  
Reg. S, 6.75%, 12/03/2026    GBP 50       76  
Reg. S, 7.13%, 02/14/2024    GBP 425       598  
Royal Schiphol Group NV, (Netherlands), Reg. S, 0.38%, 09/08/2027    EUR 300       315  
Vantage Towers AG, (Germany), Reg. S, 0.38%, 03/31/2027    EUR 600       621  
Worley US Finance Sub Ltd., Reg. S, 0.88%, 06/09/2026    EUR 575       602  
    

 

 

  
       7,990  
    

 

 

  
Environmental Control — 0.0% (g)     

Republic Services, Inc.,

     
2.38%, 03/15/2033      300       269  
2.50%, 08/15/2024      50       50  
Waste Connections, Inc., (Canada),     
2.60%, 02/01/2030      200       188  
4.25%, 12/01/2028      30       31  
    

 

 

  
       538  
    

 

 

  
Hand/Machine Tools — 0.0% (g)     
Snap-on, Inc., 3.10%, 05/01/2050      30       27  
    

 

 

  
Machinery - Construction & Mining — 0.0% (g)     
Caterpillar Financial Services Corp., 0.80%, 11/13/2025      150       140  
Metso Outotec OYJ, (Finland), Reg. S, 0.88%, 05/26/2028    EUR 500       511  
Oshkosh Corp., 3.10%, 03/01/2030      5       5  
    

 

 

  
       656  
    

 

 

  
Machinery - Diversified — 0.1%     
Atlas Copco AB, (Sweden), Reg. S, 0.63%, 08/30/2026    EUR 425       460  
CNH Industrial Finance Europe SA, (Luxembourg), Reg. S, 0.00%, 04/01/2024    EUR 1,000       1,086  
Highland Holdings Sarl, (Luxembourg), 0.93%, 12/15/2031    EUR 1,050       1,045  

IDEX Corp.,

     
2.63%, 06/15/2031      140       127  
3.00%, 05/01/2030      332       314  
John Deere Cash Management SARL, (Luxembourg), Reg. S, 1.65%, 06/13/2039    EUR 425       460  

Otis Worldwide Corp.,

     
2.06%, 04/05/2025      20       19  
3.36%, 02/15/2050      10       9  
Rockwell Automation, Inc., 2.80%, 08/15/2061      10       8  

Westinghouse Air Brake Technologies Corp.,

     
3.20%, 06/15/2025      50       49  
4.40%, 03/15/2024      1,800       1,834  
    

 

 

  
       5,411  
    

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Miscellaneous Manufacturers — 0.2%     
Alfa Laval Treasury International AB, (Sweden), Reg. S, 1.38%, 09/12/2022    EUR 900       998  
Alstom SA, (France), Reg. S, 0.00%, 01/11/2029    EUR 200       194  
Carlisle Cos., Inc., 2.20%, 03/01/2032      100       87  
Eaton Capital Unlimited Co., (Ireland), Reg. S, 0.70%, 05/14/2025    EUR 1,325       1,449  
GE Capital International Funding Co. Unlimited Co., (Ireland), 4.42%, 11/15/2035      200       215  
GE Capital UK Funding Unlimited Co., (Ireland), Reg. S, 5.88%, 01/18/2033    GBP 950       1,516  
General Electric Co.,     
Reg. S, 5.25%, 12/07/2028    GBP 500       744  
Reg. S, 5.38%, 12/18/2040    GBP 4       6  
Illinois Tool Works, Inc., 1.25%, 05/22/2023    EUR 1,025       1,145  

Parker-Hannifin Corp.,

     
1.13%, 03/01/2025    EUR 850       936  
4.00%, 06/14/2049      25       25  
Pentair Finance Sarl, (Luxembourg), 4.50%, 07/01/2029      2,000       2,087  
Siemens Financieringsmaatschappij NV, (Netherlands), Reg. S, 0.30%, 02/28/2024    EUR 20       22  
Textron, Inc., 2.45%, 03/15/2031      1,900       1,720  
Trane Technologies Luxembourg Finance SA, (Luxembourg), 4.50%, 03/21/2049      15       16  
    

 

 

  
       11,160  
    

 

 

  
Packaging & Containers — 0.1%     
Ball Corp., 0.88%, 03/15/2024    EUR 2,000       2,193  
DS Smith plc, (United Kingdom), Reg. S, 0.88%, 09/12/2026    EUR 2,300       2,421  
Packaging Corp. of America, 3.05%, 10/01/2051      35       30  
Sealed Air Corp., 5.50%, 09/15/2025 (e)      1,460       1,530  
SIG Combibloc PurchaseCo. Sarl, (Luxembourg), Reg. S, 1.88%, 06/18/2023    EUR 2,000       2,226  
Smurfit Kappa Treasury ULC, (Ireland), Reg. S, 1.00%, 09/22/2033    EUR 950       914  
    

 

 

  
       9,314  
    

 

 

  
Transportation — 0.2%     
AP Moller - Maersk A/S, (Denmark),     
Reg. S, 1.75%, 03/16/2026    EUR 850       957  
Reg. S, 4.00%, 04/04/2025    GBP 800       1,095  
Brambles Finance Ltd., (Australia), Reg. S, 2.38%, 06/12/2024    EUR 425       480  

Burlington Northern Santa Fe LLC,

     
3.30%, 09/15/2051      20       19  
4.15%, 04/01/2045      50       53  
4.55%, 09/01/2044      170       188  
4.95%, 09/15/2041      700       806  
5.40%, 06/01/2041      70       85  
Canadian Pacific Railway Co., (Canada), 3.10%, 12/02/2051      210       185  
Deutsche Bahn Finance GMBH, (Germany),     
Reg. S, 0.10%, 01/28/2036    CHF 150       136  
Reg. S, 0.50%, 04/09/2027    EUR 140       152  
Reg. S, 1.13%, 05/29/2051    EUR 112       106  
Reg. S, 1.38%, 03/28/2031    EUR 2,000       2,216  
Reg. S, 1.38%, 04/16/2040    EUR 50       51  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Reg. S, 1.50%, 08/26/2024    CHF 500       556  
Reg. S, 1.50%, 12/08/2032    EUR 200       223  
Reg. S, 1.63%, 08/16/2033    EUR 189       211  
1.99%, 07/08/2030    AUD 200       129  
Reg. S, 2.75%, 06/20/2022    GBP 500       659  
Reg. S, 3.50%, 09/27/2024    AUD 300       228  
Series CB, Reg. S, (EUR Swap Rate 5 Year + 1.89%), 1.60%, 07/18/2029 (x) (aa)    EUR 1,700       1,700  
Ferrovie dello Stato Italiane SpA, (Italy), Reg. S, 1.50%, 06/27/2025    EUR 810       909  
Kansas City Southern, 4.20%, 11/15/2069      10       10  
La Poste SA, (France),     
Reg. S, 0.00%, 07/18/2029    EUR 200       199  
Reg. S, 0.38%, 09/17/2027    EUR 100       105  
Reg. S, 0.63%, 10/21/2026    EUR 1,300       1,402  
Reg. S, 0.63%, 01/18/2036    EUR 600       542  
Reg. S, 1.38%, 04/21/2032    EUR 1,000       1,082  
Network Rail Infrastructure Finance plc, (United Kingdom), Reg. S, 4.38%, 12/09/2030    GBP 190       300  
Norfolk Southern Corp., 4.10%, 05/15/2121      15       14  

OeBB-Infrastruktur AG, (Austria),

     
2.25%, 05/28/2029    EUR 325       388  
3.00%, 10/24/2033    EUR 100       131  
Reg. S, 3.38%, 05/18/2032    EUR 4       5  
Reg. S, 3.88%, 06/30/2025    EUR 80       97  
Reg. S, 4.88%, 06/27/2022    EUR 500       560  

Union Pacific Corp.,

     
3.50%, 02/14/2053      50       49  
3.60%, 09/15/2037      50       50  
3.80%, 04/06/2071      10       10  
3.84%, 03/20/2060      20       20  

United Parcel Service, Inc.,

     
1.50%, 11/15/2032    EUR 1,125       1,244  
5.30%, 04/01/2050      105       137  
    

 

 

  
       17,489  
    

 

 

  
Trucking & Leasing — 0.0% (g)     
GATX Corp., 3.50%, 06/01/2032      175       169  
    

 

 

  
Total Industrial        73,938  
    

 

 

  
Technology — 0.5%     
Computers — 0.2%     
Amdocs Ltd., (Guernsey), 2.54%, 06/15/2030      145       132  

Apple, Inc.,

     
1.00%, 11/10/2022    EUR 700       781  
1.38%, 05/24/2029    EUR 100       113  
1.40%, 08/05/2028      240       220  
1.63%, 11/10/2026    EUR 1,125       1,291  
2.38%, 02/08/2041      35       31  
2.65%, 02/08/2051      30       26  
2.70%, 08/05/2051      110       96  
2.80%, 02/08/2061      20       17  
2.85%, 08/05/2061      40       34  
3.05%, 07/31/2029    GBP 425       591  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
3.25%, 02/23/2026      50       51  
3.35%, 02/09/2027      15       15  
3.75%, 09/12/2047      1,000       1,039  
Capgemini SE, (France), Reg. S, 0.63%, 06/23/2025    EUR 100       109  
CGI, Inc., (Canada), 2.30%, 09/14/2031 (e)      150       131  

Dell International LLC / EMC Corp.,

     
3.38%, 12/15/2041 (e)      10       8  
3.45%, 12/15/2051 (e)      10       8  
5.45%, 06/15/2023      26       27  
5.85%, 07/15/2025      10       11  
6.02%, 06/15/2026      135       146  
6.10%, 07/15/2027      5       6  
6.20%, 07/15/2030      5       6  
8.10%, 07/15/2036      94       124  
8.35%, 07/15/2046      53       77  

Dell, Inc.,

     
6.50%, 04/15/2038      5       5  
7.10%, 04/15/2028      5       6  
Fortinet, Inc., 2.20%, 03/15/2031      555       490  

Genpact Luxembourg Sarl, (Luxembourg),

     
3.38%, 12/01/2024      1,400       1,396  
3.70%, 04/01/2022      100       100  

Hewlett Packard Enterprise Co.,

     
4.45%, 10/02/2023      120       123  
6.35%, 10/15/2045      15       18  

HP, Inc.,

     
1.45%, 06/17/2026      100       92  
2.20%, 06/17/2025      150       145  
2.65%, 06/17/2031      364       326  
3.00%, 06/17/2027      100       97  
4.00%, 04/15/2029      70       70  
6.00%, 09/15/2041      67       78  
International Business Machines Corp., 3.43%, 02/09/2052      100       95  
NetApp, Inc., 1.88%, 06/22/2025      1,760       1,685  
Teledyne FLIR LLC, 2.50%, 08/01/2030      1,645       1,498  
Teleperformance, (France),     
Reg. S, 0.25%, 11/26/2027    EUR 500       509  
Reg. S, 1.50%, 04/03/2024    EUR  2,600       2,905  
Reg. S, 1.88%, 07/02/2025    EUR 200       225  
    

 

 

  
       14,953  
    

 

 

  
Office/Business & Equipment — 0.0% (g)     

CDW LLC / CDW Finance Corp.,

     
2.67%, 12/01/2026      1,125       1,059  
3.28%, 12/01/2028      70       66  
4.13%, 05/01/2025      1,915       1,925  
    

 

 

  
       3,050  
    

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Semiconductors — 0.2%     
Advanced Micro Devices, Inc., 2.38%, 06/01/2030      95       88  
ASML Holding NV, (Netherlands),     
Reg. S, 0.63%, 05/07/2029    EUR 100       106  
Reg. S, 1.63%, 05/28/2027    EUR 1,450       1,646  
Broadcom Corp. / Broadcom Cayman Finance Ltd., (Multinational), 3.88%, 01/15/2027      50       51  

Broadcom, Inc.,

     
3.14%, 11/15/2035 (e)      1,090       961  
3.15%, 11/15/2025      217       215  
3.19%, 11/15/2036 (e)      3,015       2,644  
3.42%, 04/15/2033 (e)      93       87  
3.46%, 09/15/2026      130       130  
3.47%, 04/15/2034 (e)      100       93  
3.50%, 02/15/2041 (e)      25       22  
3.75%, 02/15/2051 (e)      45       40  
4.00%, 04/15/2029 (e) (w) (bb)      135       135  
4.11%, 09/15/2028      20       20  
4.15%, 04/15/2032 (e) (w) (bb)      60       60  
Infineon Technologies AG, (Germany),     
Reg. S, 0.75%, 06/24/2023    EUR 800       892  
Reg. S, 1.13%, 06/24/2026    EUR 200       221  
Microchip Technology, Inc., 4.25%, 09/01/2025      1,950       1,975  
Micron Technology, Inc., 4.66%, 02/15/2030      52       54  
NVIDIA Corp., 3.70%, 04/01/2060      10       10  
NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational), 3.40%, 05/01/2030 (e)      1,000       974  
NXP BV / NXP Funding LLC, (Multinational), 4.88%, 03/01/2024 (e)      150       154  
Qorvo, Inc., 1.75%, 12/15/2024 (e)      20       19  
Skyworks Solutions, Inc., 1.80%, 06/01/2026      150       140  

Texas Instruments, Inc.,

     
1.75%, 05/04/2030      90       82  
2.70%, 09/15/2051      60       53  
4.15%, 05/15/2048      17       19  
    

 

 

  
       10,891  
    

 

 

  
Software — 0.1%     
Activision Blizzard, Inc., 2.50%, 09/15/2050      20       16  
Adobe, Inc., 2.30%, 02/01/2030      88       83  
Electronic Arts, Inc., 2.95%, 02/15/2051      45       38  

Fidelity National Information Services, Inc.,

     
3.10%, 03/01/2041      180       157  
3.36%, 05/21/2031    GBP 100       133  
Fiserv, Inc., 3.50%, 07/01/2029      170       167  
Intuit, Inc., 1.65%, 07/15/2030      355       313  

Microsoft Corp.,

     
2.53%, 06/01/2050      1,100       954  
2.68%, 06/01/2060      110       95  
3.04%, 03/17/2062      10       9  

Oracle Corp.,

     
1.65%, 03/25/2026      40       38  
2.50%, 04/01/2025      350       342  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
3.65%, 03/25/2041      115       101  
3.85%, 04/01/2060      60       49  
3.95%, 03/25/2051      70       61  
4.10%, 03/25/2061      60       51  
Roper Technologies, Inc., 1.75%, 02/15/2031      2,000       1,728  
SAP SE, (Germany), Reg. S, 1.00%, 04/01/2025    EUR 50       56  
ServiceNow, Inc., 1.40%, 09/01/2030      310       264  
VMware, Inc., 4.50%, 05/15/2025      35       36  

Workday, Inc.,

     
3.50%, 04/01/2027 (w)      480       481  
3.80%, 04/01/2032 (w)      45       45  
    

 

 

  
       5,217  
    

 

 

  
Total Technology        34,111  
    

 

 

  
Utilities — 1.6%     
Electric — 1.2%     
A2A SpA, (Italy), Reg. S, 1.00%, 07/16/2029    EUR 100       104  
ACEA SpA, (Italy),     
Reg. S, 0.50%, 04/06/2029    EUR 100       100  
Reg. S, 2.63%, 07/15/2024    EUR 100       115  

AEP Texas, Inc.,

     
3.45%, 05/15/2051      10       9  
Series I, 2.10%, 07/01/2030      2,600       2,316  
AES Corp. (The), 2.45%, 01/15/2031      25       22  
Alabama Power Co., 3.00%, 03/15/2052      10       9  
Alliander NV, (Netherlands), 2.88%, 06/14/2024    EUR 100       117  
Ameren Corp.,     
2.50%, 09/15/2024      30       29  
3.50%, 01/15/2031      10       10  
Ameren Illinois Co.,     
1.55%, 11/15/2030      30       26  
3.25%, 03/15/2050      1,200       1,098  
American Electric Power Co., Inc.,     
2.03%, 03/15/2024      90       89  
2.30%, 03/01/2030      25       23  
3.25%, 03/01/2050      20       17  
Amprion GmbH, (Germany), Reg. S, 0.63%, 09/23/2033    EUR   1,500       1,392  
Appalachian Power Co.,     
Series Y, 4.50%, 03/01/2049      20       21  
Series Z, 3.70%, 05/01/2050      45       42  
Arizona Public Service Co.,     
2.60%, 08/15/2029      84       78  
3.35%, 05/15/2050      10       9  
4.25%, 03/01/2049      10       10  
Atlantic City Electric Co., 4.00%, 10/15/2028      50       52  
Baltimore Gas and Electric Co., 2.90%, 06/15/2050      50       43  
Berkshire Hathaway Energy Co.,     
2.85%, 05/15/2051      10       9  
4.25%, 10/15/2050      15       16  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
5.15%, 11/15/2043      60       68  
Black Hills Corp.,     
3.05%, 10/15/2029      20       19  
3.88%, 10/15/2049      10       10  
Cadent Finance plc, (United Kingdom), Reg. S, 2.63%, 09/22/2038    GBP 1,325       1,562  
CenterPoint Energy Houston Electric LLC, Series AD, 2.90%, 07/01/2050      45       40  
CenterPoint Energy, Inc.,     
2.95%, 03/01/2030      45       43  
4.25%, 11/01/2028      10       10  
CEZ A/S, (Czech Republic), Reg. S, 2.38%, 04/06/2027 (w)    EUR 725       802  
Coentreprise de Transport d’Electricite SA, (France),     
Reg. S, 0.88%, 09/29/2024    EUR 100       111  
Reg. S, 2.13%, 07/29/2032    EUR 100       111  
Commonwealth Edison Co.,     
3.00%, 03/01/2050      55       49  
3.70%, 08/15/2028      10       10  
4.00%, 03/01/2048      25       26  
4.00%, 03/01/2049      10       10  
4.35%, 11/15/2045      980       1,046  
Connecticut Light and Power Co. (The), Series A, 2.05%, 07/01/2031      905       819  
Consolidated Edison Co. of New York, Inc.,     
3.85%, 06/15/2046      10       10  
Series 09-C, 5.50%, 12/01/2039      10       12  
Series 20A, 3.35%, 04/01/2030      70       70  
Series 20B, 3.95%, 04/01/2050      55       56  
Series A, 4.13%, 05/15/2049      20       20  
Series C, 3.00%, 12/01/2060      20       16  
Series E, 4.65%, 12/01/2048      10       11  
Consumers Energy Co.,     
2.50%, 05/01/2060      10       8  
3.10%, 08/15/2050      30       27  
3.25%, 08/15/2046      1,100       1,010  
3.75%, 02/15/2050      25       25  
Dominion Energy South Carolina, Inc., 4.60%, 06/15/2043      1,400       1,486  
Dominion Energy, Inc.,     
3.90%, 10/01/2025      220       224  
4.25%, 06/01/2028      20       21  
Series A, 4.60%, 03/15/2049      10       11  
Series C, 3.38%, 04/01/2030      20       20  
DTE Electric Co.,     
2.95%, 03/01/2050      25       22  
3.70%, 03/15/2045      1,100       1,080  
3.95%, 03/01/2049      10       10  
DTE Energy Co.,     
Series C, 3.40%, 06/15/2029      19       19  
Series F, 1.05%, 06/01/2025      1,400       1,311  
Duke Energy Carolinas LLC, 5.30%, 02/15/2040      10       12  
Duke Energy Corp., 0.90%, 09/15/2025      40       37  
2.45%, 06/01/2030      110       102  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
2.55%, 06/15/2031      10       9  
2.65%, 09/01/2026      30       29  
3.50%, 06/15/2051      10       9  
3.75%, 09/01/2046      10       10  
4.20%, 06/15/2049      20       20  
Duke Energy Florida LLC,     
3.00%, 12/15/2051      20       18  
4.20%, 07/15/2048      10       10  
Duke Energy Indiana LLC,     
2.75%, 04/01/2050      20       17  
Series YYY, 3.25%, 10/01/2049      40       35  
Duke Energy Ohio, Inc.,     
2.13%, 06/01/2030      30       27  
3.65%, 02/01/2029      10       10  
3.70%, 06/15/2046      1,700       1,648  
4.30%, 02/01/2049      80       85  
E.ON International Finance BV, (Netherlands), Reg. S, 6.13%, 07/06/2039    GBP 350       625  
E.ON SE, (Germany), Reg. S, 1.00%, 10/07/2025    EUR 100       110  
EDP—Energias de Portugal SA, (Portugal), Reg. S, 1.63%, 04/15/2027    EUR 100       111  
EDP Finance BV, (Netherlands), Reg. S, 2.00%, 04/22/2025    EUR 700       796  
Electricite de France SA, (France),     
Reg. S, 1.00%, 10/13/2026    EUR 600       658  
Reg. S, 1.00%, 11/29/2033    EUR 100       100  
Reg. S, 1.88%, 10/13/2036    EUR 100       106  
Reg. S, 2.00%, 12/09/2049    EUR 600       602  
Reg. S, 5.13%, 09/22/2050    GBP 400       684  
Reg. S, (IBA ICE SWAP Rate GBP SONIA 15 Year + 3.32%), 5.88%, 01/22/2029 (x) (aa)    GBP 300       390  
5.88%, 07/18/2031    GBP 265       424  
Reg. S, (GBP Swap Rate 13 Year + 4.23%), 6.00%, 01/29/2026 (x) (aa)    GBP 100       133  
Reg. S, 6.13%, 06/02/2034    GBP 300       502  
EnBW Energie Baden-Wuerttemberg AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 2.32%), 1.88%, 06/29/2080 (aa)    EUR 100       103  
EnBW International Finance BV, (Netherlands),     
Reg. S, 0.13%, 03/01/2028    EUR 182       183  
Reg. S, 0.50%, 03/01/2033    EUR 97       91  
Reg. S, 0.63%, 04/17/2025    EUR 200       218  
Enel Finance International NV, (Netherlands),     
Reg. S, 0.00%, 06/17/2024    EUR   2,275       2,473  
Reg. S, 0.88%, 09/28/2034    EUR   1,300       1,236  
2.65%, 09/10/2024 (e)      3,500       3,451  
3.50%, 04/06/2028 (e)      1,700       1,681  
e-netz Suedhessen AG, (Germany), 6.13%, 04/23/2041    EUR 20       34  
Enexis Holding NV, (Netherlands),     
Reg. S, 0.75%, 07/02/2031    EUR 134       138  
Reg. S, 0.88%, 04/28/2026    EUR 100       110  
Reg. S, 1.50%, 10/20/2023    EUR 100       112  
Engie SA, (France), Reg. S, (EUR Swap Rate 5 Year + 3.17%), 3.25%, 11/28/2024 (x) (aa)    EUR 1,800       2,039  
Entergy Arkansas LLC, 4.20%, 04/01/2049      10       11  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 Corp.,     
0.90%, 09/15/2025      30       28  
3.75%, 06/15/2050      30       28  
Entergy Louisiana LLC,     
1.60%, 12/15/2030      2,300       1,993  
2.90%, 03/15/2051      30       26  
3.12%, 09/01/2027      2,500       2,463  
3.25%, 04/01/2028      10       10  
4.20%, 09/01/2048      10       10  
Entergy Texas, Inc., 4.00%, 03/30/2029      15       16  
ESB Finance DAC, (Ireland),     
Reg. S, 1.75%, 02/07/2029    EUR 100       113  
Reg. S, 1.88%, 06/14/2031    EUR 224       251  
Reg. S, 2.13%, 06/08/2027    EUR 100       115  
Evergy Kansas Central, Inc., 3.45%, 04/15/2050      5       5  
Evergy Metro, Inc.,     
4.20%, 03/15/2048      10       10  
Series 2019, 4.13%, 04/01/2049      20       21  
Series 2020, 2.25%, 06/01/2030      10       9  
Evergy, Inc., 2.45%, 09/15/2024      3,000       2,952  
Eversource Energy,     
3.45%, 01/15/2050      30       27  
Series R, 1.65%, 08/15/2030      1,410       1,215  
Exelon Corp.,     
3.50%, 06/01/2022      2,649       2,652  
4.05%, 04/15/2030      10       10  
4.45%, 04/15/2046      10       11  
4.70%, 04/15/2050      10       11  
FirstEnergy Transmission LLC, 4.35%, 01/15/2025 (e)      1,100       1,106  
Florida Power & Light Co.,     
2.88%, 12/04/2051      30       27  
3.15%, 10/01/2049      20       18  
3.95%, 03/01/2048      500       532  
4.13%, 06/01/2048      20       22  
FLUVIUS System Operator CVBA, (Belgium),     
Reg. S, 0.63%, 11/24/2031    EUR 100       99  
Reg. S, 2.88%, 10/09/2023    EUR 400       461  
Fortum OYJ, (Finland), Reg. S, 2.13%, 02/27/2029    EUR 100       105  
Georgia Power Co.,     
Series A, 3.25%, 03/15/2051      20       17  
Series B, 3.70%, 01/30/2050      60       56  
Hera SpA, (Italy), Reg. S, 0.25%, 12/03/2030    EUR 160       152  
Iberdrola International BV, (Netherlands),     
Reg. S, (EUR Swap Rate 5 Year + 1.59%), 1.88%, 02/22/2023 (x) (aa)    EUR 1,200       1,337  
Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.57%), 2.25%, 01/28/2029 (x) (aa)    EUR 2,000       2,077  
Interstate Power and Light Co., 3.50%, 09/30/2049      10       9  
Iren SpA, (Italy), Reg. S, 1.00%, 07/01/2030    EUR 550       557  
Kentucky Utilities Co., 3.30%, 06/01/2050      25       23  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
MidAmerican Energy Co.,     
2.70%, 08/01/2052      15       13  
3.10%, 05/01/2027      10       10  
6.75%, 12/30/2031      10       12  
Mississippi Power Co., Series B, 3.10%, 07/30/2051      30       25  
Narragansett Electric Co. (The), 3.40%, 04/09/2030 (e)      200       197  
National Grid Electricity Transmission plc, (United Kingdom), Reg. S, 2.00%, 04/17/2040    GBP 425       464  
National Grid plc, (United Kingdom), Reg. S, 0.55%, 09/18/2029    EUR   1,575       1,584  
National Rural Utilities Cooperative Finance Corp.,     
1.35%, 03/15/2031      50       42  
4.30%, 03/15/2049      20       21  
Nevada Power Co.,     
Series DD, 2.40%, 05/01/2030      100       94  
Series EE, 3.13%, 08/01/2050      30       27  
NextEra Energy Capital Holdings, Inc.,     
2.25%, 06/01/2030      1,280       1,171  
2.75%, 11/01/2029      35       33  
Northern Powergrid Holdings Co., (United Kingdom), 7.25%, 12/15/2022    GBP 450       614  
Northern Powergrid Yorkshire plc, (United Kingdom), Reg. S, 5.13%, 05/04/2035    GBP 50       80  
Northern States Power Co.,     
2.25%, 04/01/2031      1,450       1,337  
2.60%, 06/01/2051      35       30  
3.20%, 04/01/2052      10       9  
NRG Energy, Inc.,     
2.00%, 12/02/2025 (e)      2,150       2,024  
2.45%, 12/02/2027 (e)      2,275       2,100  
NSTAR Electric Co., 3.10%, 06/01/2051      10       9  
Oglethorpe Power Corp., 5.05%, 10/01/2048      20       22  
Ohio Power Co., Series R, 2.90%, 10/01/2051      15       12  
Oklahoma Gas and Electric Co., 4.15%, 04/01/2047      920       954  
Oncor Electric Delivery Co. LLC,     
3.10%, 09/15/2049      50       46  
3.70%, 05/15/2050      5       5  
Orsted A/S, (Denmark),     
Reg. S, 5.75%, 04/09/2040    GBP 225       414  
Reg. S, (EUR Swap Rate 5 Year + 4.75%), 6.25%, 06/26/3013 (aa)    EUR 119       138  
Pacific Gas and Electric Co.,     
1.75%, 06/16/2022      50       50  
3.15%, 01/01/2026      35       34  
3.25%, 06/01/2031      20       18  
3.50%, 08/01/2050      20       16  
3.75%, 07/01/2028      10       10  
3.95%, 12/01/2047      900       743  
4.50%, 07/01/2040      100       91  
4.55%, 07/01/2030      30       30  
4.95%, 07/01/2050      30       28  
PacifiCorp.,     
2.90%, 06/15/2052      720       629  
3.30%, 03/15/2051      1,400       1,283  
4.15%, 02/15/2050      15       16  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
PECO Energy Co.,     
2.80%, 06/15/2050      50       43  
3.05%, 03/15/2051      435       392  
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia), Reg. S, 1.88%, 11/05/2031    EUR 500       483  
PPL Capital Funding, Inc., 4.13%, 04/15/2030      120       123  
Public Service Co. of Colorado, Series 36, 2.70%, 01/15/2051      10       8  
Public Service Electric and Gas Co.,     
1.90%, 08/15/2031      35       31  
2.05%, 08/01/2050      10       8  
2.45%, 01/15/2030      20       19  
3.65%, 09/01/2028      120       122  
3.85%, 05/01/2049      10       10  
Public Service Enterprise Group, Inc., 0.80%, 08/15/2025      3,000       2,768  
Puget Energy, Inc.,     
2.38%, 06/15/2028      1,040       953  
4.10%, 06/15/2030      10       10  
Puget Sound Energy, Inc.,     
2.89%, 09/15/2051      10       8  
3.25%, 09/15/2049      20       18  
Red Electrica Financiaciones SAU, (Spain), Reg. S, 1.13%, 04/24/2025    EUR 100       112  
RTE Reseau de Transport d’Electricite SADIR, (France),     
Reg. S, 1.13%, 09/09/2049    EUR 100       90  
Reg. S, 1.50%, 09/27/2030    EUR 200       219  
Reg. S, 1.63%, 11/27/2025    EUR 300       338  
Reg. S, 2.00%, 04/18/2036    EUR 100       112  
San Diego Gas & Electric Co.,     
4.15%, 05/15/2048      820       861  
Series WWW, 2.95%, 08/15/2051      15       13  
Sempra Energy,     
3.40%, 02/01/2028      10       10  
4.00%, 02/01/2048      10       10  
Southern California Edison Co.,     
2.85%, 08/01/2029      10       9  
3.45%, 02/01/2052      10       9  
3.65%, 02/01/2050      80       74  
4.00%, 04/01/2047      20       19  
4.05%, 03/15/2042      900       864  
6.05%, 03/15/2039      10       12  
Series 20A, 2.95%, 02/01/2051      6       5  
Series B, 3.65%, 03/01/2028      25       25  
Series D, 3.40%, 06/01/2023      1,400       1,410  
Series E, 3.70%, 08/01/2025      10       10  
Southern Co. (The),     
Series 21-A, 0.60%, 02/26/2024      60       58  
Series A, 3.70%, 04/30/2030      75       75  
Southwestern Electric Power Co.,     
3.25%, 11/01/2051      20       17  
Series N, 1.65%, 03/15/2026      50       47  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Southwestern Public Service Co.,     
3.70%, 08/15/2047      1,000       973  
Series 8, 3.15%, 05/01/2050      60       54  
SP Transmission plc, (United Kingdom), Reg. S, 2.00%, 11/13/2031    GBP 100       123  
SSE plc, (United Kingdom), Reg. S, 1.75%, 04/16/2030    EUR   1,300       1,425  
State Grid Overseas Investment BVI Ltd., (British Virgin Islands), Reg. S, 1.30%, 08/05/2032    EUR 500       488  
Stedin Holding NV, (Netherlands), Reg. S, 0.88%, 10/24/2025    EUR 100       110  
Tampa Electric Co., 4.30%, 06/15/2048      30       31  
TenneT Holding BV, (Netherlands),     
Reg. S, 0.88%, 06/03/2030    EUR 120       126  
Reg. S, 1.00%, 06/13/2026    EUR 200       220  
Reg. S, 1.13%, 06/09/2041    EUR 100       95  
Reg. S, 1.75%, 06/04/2027    EUR 300       341  
Reg. S, 2.00%, 06/05/2034    EUR 100       112  
Terna - Rete Elettrica Nazionale, (Italy),     
Reg. S, 0.38%, 09/25/2030    EUR 425       416  
Reg. S, 0.75%, 07/24/2032    EUR 100       98  
Reg. S, 1.38%, 07/26/2027    EUR 1,125       1,238  
Tucson Electric Power Co.,     
1.50%, 08/01/2030      30       25  
3.25%, 05/01/2051      10       9  
4.00%, 06/15/2050      10       10  
Union Electric Co.,     
2.63%, 03/15/2051      10       8  
3.25%, 10/01/2049      40       37  
Virginia Electric and Power Co.,     
2.95%, 11/15/2051      15       13  
3.30%, 12/01/2049      50       47  
Series B, 3.80%, 09/15/2047      60       60  
Vistra Operations Co. LLC, 3.55%, 07/15/2024 (e)      1,400       1,388  
WEC Energy Group, Inc., 3.55%, 06/15/2025      47       47  
Western Power Distribution South West plc, (United Kingdom), Reg. S, 5.88%, 03/25/2027    GBP 20       30  
Wisconsin Electric Power Co., 1.70%, 06/15/2028      10       9  
Wisconsin Power and Light Co., 3.00%, 07/01/2029      50       49  
Wisconsin Public Service Corp.,     
2.85%, 12/01/2051      20       17  
3.30%, 09/01/2049      5       5  
Xcel Energy, Inc.,     
3.40%, 06/01/2030      20       20  
3.50%, 12/01/2049      20       19  
    

 

 

  
       85,207  
    

 

 

  
Gas — 0.3%     
APT Pipelines Ltd., (Australia), Reg. S, 2.00%, 07/15/2030    EUR 2,300       2,484  
Atmos Energy Corp.,     
1.50%, 01/15/2031      1,630       1,405  
2.63%, 09/15/2029      15       14  
2.85%, 02/15/2052      5       4  
3.38%, 09/15/2049      210       196  
4.15%, 01/15/2043      10       10  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Italgas SpA, (Italy),     
Reg. S, 1.00%, 12/11/2031    EUR 1,125       1,130  
Reg. S, 1.13%, 03/14/2024    EUR 850       945  
National Fuel Gas Co.,     
2.95%, 03/01/2031      135       123  
5.50%, 01/15/2026      85       90  
National Grid Gas plc, (United Kingdom), Reg. S, 1.38%, 02/07/2031    GBP 1,600       1,816  
Nederlandse Gasunie NV, (Netherlands), Reg. S, 0.75%, 10/13/2036    EUR 100       97  
NiSource, Inc.,     
0.95%, 08/15/2025      3,000       2,756  
3.49%, 05/15/2027      130       130  
3.60%, 05/01/2030      25       25  
4.38%, 05/15/2047      15       15  
4.80%, 02/15/2044      10       10  
Piedmont Natural Gas Co., Inc.,     
2.50%, 03/15/2031      1,550       1,424  
3.35%, 06/01/2050      15       13  
Redexis Gas Finance BV, (Netherlands), Reg. S, 1.88%, 05/28/2025    EUR 1,300       1,457  
Snam SpA, (Italy),     
Reg. S, 0.75%, 06/20/2029    EUR 1,375       1,415  
Reg. S, 0.88%, 10/25/2026    EUR 850       921  
Southern California Gas Co.,     
Series VV, 4.30%, 01/15/2049      20       21  
Series XX, 2.55%, 02/01/2030      105       99  
Southern Co. Gas Capital Corp.,     
3.95%, 10/01/2046      20       19  
Series 20-A, 1.75%, 01/15/2031      3,700       3,168  
Series 21A, 3.15%, 09/30/2051      15       12  
Southern Gas Networks plc, (United Kingdom),     
Reg. S, 2.50%, 02/03/2025    GBP 425       561  
6.38%, 05/15/2040    GBP 425       750  
Southwest Gas Corp.,     
4.05%, 03/15/2032      25       25  
4.15%, 06/01/2049      10       10  
Wales & West Utilities Finance plc, (United Kingdom), Reg. S, 1.88%, 05/28/2041    GBP 425       450  
Washington Gas Light Co., 3.65%, 09/15/2049      10       10  
    

 

 

  
       21,605  
    

 

 

  
Water — 0.1%     
Affinity Water Finance 2004 plc, (United Kingdom), 5.88%, 07/13/2026    GBP 30       45  
American Water Capital Corp., 4.15%, 06/01/2049      60       62  
Essential Utilities, Inc., 2.70%, 04/15/2030      40       38  
Northumbrian Water Finance plc, (United Kingdom),     
Reg. S, 1.63%, 10/11/2026    GBP 425       540  
Reg. S, 5.63%, 04/29/2033    GBP 225       370  
Suez SA, (France), Reg. S, 1.50%, 04/03/2029    EUR 1,200       1,326  
Thames Water Utilities Finance plc, (United Kingdom),     
Reg. S, 2.38%, 04/22/2040    GBP 300       343  
Reg. S, 5.50%, 02/11/2041    GBP 550       934  
6.75%, 11/16/2028    GBP 180       291  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     

Water — continued

     
United Utilities Water Finance plc, (United Kingdom), Reg. S, 2.00%, 07/03/2033    GBP 900       1,097  
Wessex Water Services Finance plc, (United Kingdom),     
Reg. S, 1.50%, 09/17/2029    GBP 700       839  
Reg. S, 5.38%, 03/10/2028    GBP 225       338  
Reg. S, 5.75%, 10/14/2033    GBP 375       622  
    

 

 

  
       6,845  
    

 

 

  
Total Utilities        113,657  
    

 

 

  

Total Corporate Bonds

(Cost $1,539,901)

        1,388,753  
    

 

 

  
Foreign Government Securities — 49.8%     
Action Logement Services, (France), Reg. S, 0.50%, 10/30/2034    EUR 100       99  
Adif Alta Velocidad, (Spain),     
Reg. S, 0.55%, 04/30/2030    EUR 200       209  
Reg. S, 1.88%, 09/22/2022    EUR 600       670  
Reg. S, 1.88%, 01/28/2025    EUR 100       115  
Agence Francaise de Developpement EPIC, (France),     
Reg. S, 0.00%, 03/25/2025    EUR 500       544  
Reg. S, 0.13%, 11/15/2023    EUR 500       553  
Reg. S, 0.25%, 07/21/2026    EUR 500       540  
Reg. S, 0.25%, 06/29/2029    EUR 400       418  
Reg. S, 0.38%, 04/30/2024    EUR 400       442  
Reg. S, 0.38%, 05/25/2036    EUR 100       95  
Reg. S, 0.50%, 05/25/2030    EUR 200       211  
Reg. S, 0.50%, 05/31/2035    EUR 500       494  
Reg. S, 1.38%, 09/17/2024    EUR 500       565  
Reg. S, 1.50%, 10/31/2034    EUR 200       224  
Agence France Locale, (France),     
Reg. S, 0.00%, 09/20/2027    EUR 500       525  
Reg. S, 0.13%, 06/20/2026    EUR 400       429  
Reg. S, 1.13%, 06/20/2028    EUR 1,000       1,116  
Agricultural Development Bank of China, (China),     
2.58%, 07/26/2023    CNY 10,000       1,579  
Reg. S, 3.18%, 11/06/2022    CNH 2,000       316  
Reg. S, 3.40%, 11/06/2024    CNH 56,000       8,943  
3.45%, 09/23/2025    CNY 30,000       4,822  
Reg. S, 3.80%, 10/27/2030    CNH 6,350       1,042  
Series 1605, 3.33%, 01/06/2026    CNY 37,000       5,932  
Series 1705, 3.85%, 01/06/2027    CNY 14,000       2,297  
Series 1801, 4.98%, 01/12/2025    CNY 12,000       2,007  
Series 1806, 4.65%, 05/11/2028    CNY 8,100       1,388  
Series 1901, 3.75%, 01/25/2029    CNY 37,000       6,063  
Series 1906, 3.74%, 07/12/2029    CNY      100,000       16,347  
Series 1908, 3.63%, 07/19/2026    CNY 135,300       21,905  
Series 1909, 3.24%, 08/14/2024    CNY 58,000       9,266  
Series 2002, 2.20%, 04/01/2023    CNY 28,200       4,440  
Series 2004, 2.96%, 04/17/2030    CNY 141,400       21,955  
Series 2005, 2.25%, 04/22/2025    CNY 144,700       22,497  
Series 2007, 3.06%, 08/05/2023    CNY 30,000       4,769  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 2103, 3.35%, 03/24/2026    CNY 15,000       2,406  
Series 2110, 3.30%, 11/05/2031    CNY 3,000       478  
Andorra International Bond, (Andorra), Reg. S, 1.25%, 05/06/2031    EUR 500       514  
Auckland Council, (New Zealand),     
Reg. S, 1.00%, 01/19/2027    EUR 300       332  
Reg. S, 1.50%, 11/28/2025    CHF 300       337  
Australia Government Bond, (Australia),     
Series 133, Reg. S, 5.50%, 04/21/2023    AUD 10,091       7,900  
Series 136, Reg. S, 4.75%, 04/21/2027    AUD 10,000       8,234  
Series 138, Reg. S, 3.25%, 04/21/2029    AUD 365       282  
Series 140, Reg. S, 4.50%, 04/21/2033    AUD 12,351       10,666  
Series 142, Reg. S, 4.25%, 04/21/2026    AUD 5,000       3,989  
Series 144, Reg. S, 3.75%, 04/21/2037    AUD 263       214  
Series 145, Reg. S, 2.75%, 06/21/2035    AUD 4,144       3,028  
Series 147, Reg. S, 3.25%, 06/21/2039    AUD 1,949       1,484  
Series 148, Reg. S, 2.75%, 11/21/2027    AUD 6,550       4,922  
Series 149, Reg. S, 2.25%, 05/21/2028    AUD 200       146  
Series 150, Reg. S, 3.00%, 03/21/2047    AUD 2,906       2,081  
Series 152, Reg. S, 2.75%, 11/21/2028    AUD 418       313  
Series 154, Reg. S, 2.75%, 11/21/2029    AUD 30,955       23,135  
Series 155, Reg. S, 2.50%, 05/21/2030    AUD 6,115       4,481  
Series 156, Reg. S, 2.75%, 05/21/2041    AUD 2,938       2,064  
Series 157, Reg. S, 1.50%, 06/21/2031    AUD 6,613       4,420  
Series 158, 1.25%, 05/21/2032    AUD 1,000       644  
Series 160, Reg. S, 1.00%, 12/21/2030    AUD 7,850       5,054  
Series 162, Reg. S, 1.75%, 06/21/2051    AUD 3,930       2,110  
Series 163, Reg. S, 1.00%, 11/21/2031    AUD 2,149       1,360  
Series 164, Reg. S, 0.50%, 09/21/2026    AUD 7,006       4,784  
Series 165, Reg. S, 1.75%, 11/21/2032    AUD 2,850       1,916  
Series 139, Reg. S, 3.25%, 04/21/2025    AUD 10,875       8,353  
Series 159, Reg. S, 0.25%, 11/21/2024    AUD 6,802       4,843  
Series 161, Reg. S, 0.25%, 11/21/2025    AUD 6,270       4,330  
Australian Capital Territory, (Australia),     
Reg. S, 1.25%, 05/22/2025    AUD 200       144  
1.75%, 10/23/2031    AUD 970       635  

Autobahnen- und Schnell- strassen-Finanzierungs AG, (Austria),

     
Reg. S, 0.10%, 07/09/2029    EUR 500       516  
Reg. S, 2.75%, 06/20/2033    EUR 130       166  

Autonomous Community of Andalusia Spain, (Spain),

     
Reg. S, 0.50%, 04/30/2031    EUR 163       165  
Reg. S, 1.38%, 04/30/2029    EUR 30       34  

Autonomous Community of Madrid Spain, (Spain),

     
Reg. S, 0.42%, 04/30/2030    EUR 161       166  
Reg. S, 1.19%, 05/08/2022    EUR 600       665  
Reg. S, 1.83%, 04/30/2025    EUR 270       310  
4.30%, 09/15/2026    EUR 500       635  

Basque Government, (Spain),

     
Reg. S, 0.25%, 04/30/2031    EUR 100       100  
Reg. S, 0.85%, 04/30/2030    EUR 50       54  
Reg. S, 1.75%, 03/16/2026    EUR 170       195  
Bermuda Government International Bond, (Bermuda), 2.38%, 08/20/2030 (e)      670       613  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     

BNG Bank NV, (Netherlands),

     
Reg. S, 0.00%, 01/20/2031    EUR 200       201  
Reg. S, 0.10%, 01/15/2030    EUR 320       329  
Reg. S, 0.13%, 04/11/2026    EUR 530       571  
Reg. S, 0.13%, 07/09/2035    EUR 230       219  
Reg. S, 0.20%, 11/09/2024    EUR 550       602  
Reg. S, 0.25%, 11/22/2036    EUR 260       247  
Reg. S, 0.88%, 10/17/2035    EUR 100       105  
Reg. S, 1.13%, 09/04/2024    EUR 702       789  
Reg. S, 1.25%, 03/30/2037    EUR 100       109  
Reg. S, 1.50%, 07/15/2039    EUR 170       193  
Reg. S, 3.88%, 05/26/2023    EUR 470       544  
Bonos de la Tesoreria de la Republica en pesos, (Chile), Reg. S, 4.70%, 09/01/2030 (e)    CLP      300,000       348  

Bpifrance SACA, (France),

     
Reg. S, 0.13%, 11/25/2023    EUR 300       332  
Reg. S, 0.13%, 03/25/2025    EUR 400       436  
Reg. S, 0.25%, 03/29/2030    EUR 200       207  
Reg. S, 0.63%, 05/25/2026    EUR 500       550  
Reg. S, 0.75%, 07/22/2022    GBP 200       263  
Reg. S, 0.88%, 09/26/2028    EUR 200       220  
Reg. S, 1.00%, 05/25/2027    EUR 500       558  

Bulgaria Government International Bond, (Bulgaria),

     
Reg. S, 1.38%, 09/23/2050    EUR 200       173  
Reg. S, 2.95%, 09/03/2024    EUR 400       464  
Series 12YR, Reg. S, 3.00%, 03/21/2028    EUR 400       482  

Bundesobligation, (Germany),

     
Series 177, Reg. S, 0.00%, 04/14/2023    EUR 460       511  
Series 178, Reg. S, 0.00%, 10/13/2023    EUR 1,368       1,521  
Series 179, Reg. S, 0.00%, 04/05/2024    EUR 838       928  
Series 180, Reg. S, 0.00%, 10/18/2024    EUR 3,006       3,322  
Series 181, Reg. S, 0.00%, 04/11/2025    EUR 790       870  
Series 182, Reg. S, 0.00%, 10/10/2025    EUR 4,670       5,129  
Series 183, Reg. S, 0.00%, 04/10/2026    EUR 636       696  
Series 184, Reg. S, 0.00%, 10/09/2026    EUR 500       545  
Series 185, Reg. S, 0.00%, 04/16/2027    EUR 1,533       1,665  

Bundesrepublik Deutschland Bundesanleihe, (Germany),

     
Reg. S, 0.00%, 08/15/2026    EUR 1,900       2,076  
Reg. S, 0.00%, 11/15/2027    EUR 1,281       1,386  
Reg. S, 0.00%, 11/15/2028    EUR 735       791  
Reg. S, 0.00%, 08/15/2029    EUR 3,372       3,614  
Reg. S, 0.00%, 02/15/2030    EUR 743       794  
Reg. S, 0.00%, 08/15/2030    EUR 1,120       1,192  
Reg. S, 0.00%, 02/15/2031    EUR 1,589       1,685  
Reg. S, 0.00%, 08/15/2031    EUR 2,260       2,384  
Reg. S, 0.00%, 02/15/2032    EUR 184       193  
Reg. S, 0.00%, 05/15/2035    EUR 2,559       2,608  
Reg. S, 0.00%, 05/15/2036    EUR 2,178       2,201  
Reg. S, 0.00%, 08/15/2050    EUR 1,651       1,529  
Reg. S, 0.00%, 08/15/2052    EUR 775       702  
Reg. S, 0.25%, 02/15/2027    EUR 1,800       1,984  
Reg. S, 0.25%, 08/15/2028    EUR 832       911  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 0.25%, 02/15/2029    EUR 210       230  
Reg. S, 0.50%, 02/15/2025    EUR 1,419       1,588  
Reg. S, 0.50%, 02/15/2026    EUR 1,967       2,197  
Reg. S, 0.50%, 08/15/2027    EUR 2,160       2,404  
Reg. S, 0.50%, 02/15/2028    EUR 230       256  
Reg. S, 1.00%, 08/15/2024    EUR 1,729       1,958  
Reg. S, 1.00%, 08/15/2025    EUR 2,701       3,070  
Reg. S, 1.25%, 08/15/2048    EUR 1,078       1,381  
Reg. S, 1.50%, 05/15/2023    EUR 2,922       3,302  
Reg. S, 1.50%, 05/15/2024    EUR 1,937       2,213  
Reg. S, 2.50%, 07/04/2044    EUR 1,651       2,563  
Reg. S, 2.50%, 08/15/2046    EUR 3,256       5,188  
Reg. S, 3.25%, 07/04/2042    EUR 948       1,582  
Reg. S, 5.50%, 01/04/2031    EUR 700       1,110  
Reg. S, 6.25%, 01/04/2030    EUR 775       1,240  
Series 3, Reg. S, 4.75%, 07/04/2034    EUR 1,771       2,945  
Series 5, Reg. S, 4.00%, 01/04/2037    EUR 1,123       1,845  
Series 8, Reg. S, 4.75%, 07/04/2040    EUR 624       1,184  
Series 97, Reg. S, 6.50%, 07/04/2027    EUR 1,410       2,056  
Series 98, Reg. S, 4.75%, 07/04/2028    EUR 1,661       2,333  
Series 98, Reg. S, 5.63%, 01/04/2028    EUR 780       1,121  
Series 2007, Reg. S, 4.25%, 07/04/2039    EUR 1,174       2,074  
Series G, Reg. S, 0.00%, 08/15/2030    EUR 1,140       1,216  
Series G, Reg. S, 0.00%, 08/15/2050    EUR 382       356  

Bundesschatzanweisungen, (Germany),

     
Reg. S, 0.00%, 03/10/2023    EUR 591       656  
Reg. S, 0.00%, 09/15/2023    EUR      2,272       2,524  

Caisse d’Amortissement de la Dette Sociale, (France),

     
Reg. S, 0.00%, 02/25/2028    EUR 200       210  
Reg. S, 0.00%, 11/25/2030    EUR 300       302  
Reg. S, 0.00%, 05/25/2031    EUR 100       100  
Reg. S, 0.13%, 10/25/2023    EUR 1,800       1,992  
Reg. S, 0.13%, 09/15/2031    EUR 300       301  
Reg. S, 0.45%, 01/19/2032    EUR 400       413  
Reg. S, 4.00%, 12/15/2025    EUR 1,383       1,714  

Caisse Francaise de Financement Local, (France),

     
Reg. S, 0.01%, 05/07/2025    EUR 100       108  
Reg. S, 0.01%, 10/19/2035    EUR 100       92  
Reg. S, 0.13%, 06/30/2031    EUR 100       100  
Reg. S, 0.50%, 01/16/2025    EUR 100       110  
Reg. S, 0.50%, 10/01/2046    EUR 100       90  
Reg. S, 1.00%, 04/25/2028    EUR 100       110  
Reg. S, 1.25%, 05/11/2032    EUR 100       110  
Reg. S, 1.50%, 06/28/2038    EUR 100       111  
Canada Housing Trust No. 1, (Canada), 0.95%, 06/15/2025 (e)    CAD 1,000       760  

Canadian Government Bond, (Canada),

     

1.00%, 06/01/2027

    CAD 200       149  
1.50%, 06/01/2031    CAD 600       446  
2.00%, 09/01/2023    CAD 1,900       1,518  
2.00%, 12/01/2051    CAD 400       296  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
3.50%, 12/01/2045    CAD 2,090       2,002  
4.00%, 06/01/2041    CAD 150       149  
Canton of Geneva Switzerland, (Switzerland), Reg. S, 0.02%, 11/27/2024    CHF 240       258  
Canton of Zurich, (Switzerland), Reg. S, 0.10%, 06/23/2045    CHF 50       43  

Cassa Depositi e Prestiti SpA, (Italy),

     
Reg. S, 0.75%, 11/21/2022    EUR 600       668  
Reg. S, 1.00%, 09/21/2028    EUR 100       106  
Reg. S, 2.00%, 04/20/2027    EUR 100       114  
Reg. S, 2.13%, 09/27/2023    EUR 200       228  

CDP Financial, Inc., (Canada),

     

5.60%, 11/25/2039 (e)

      250       326  
Reg. S, 5.60%, 11/25/2039      250       325  

Chile Government International Bond, (Chile),

     

0.83%, 07/02/2031

    EUR 550       555  
1.25%, 01/22/2051    EUR 200       164  
1.30%, 07/26/2036    EUR 500       483  
2.55%, 01/27/2032      200       188  

China Development Bank, (China),

     
Reg. S, 3.23%, 11/27/2025    CNH 10,000       1,589  
3.70%, 10/20/2030    CNY 24,400       4,009  
Reg. S, 4.20%, 01/19/2027    CNH 10,000       1,657  
Reg. S, 4.30%, 08/02/2032    CNH 3,000       516  
Reg. S, 4.35%, 08/06/2024    CNH 7,000       1,140  
Reg. S, 4.35%, 09/19/2024    CNH 1,000       163  
Series 1510, 4.21%, 04/13/2025    CNY 30,000       4,932  
Series 1518, 3.74%, 09/10/2025    CNY 28,000       4,544  
Series 1605, 3.80%, 01/25/2036    CNY 32,000       5,281  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 1610, 3.18%, 04/05/2026    CNY 30,000        4,783  
Series 1613, 3.05%, 08/25/2026    CNY 10,000        1,583  
Series 1710, 4.04%, 04/10/2027    CNY 100,000        16,549  
Series 1805, 4.88%, 02/09/2028    CNY 17,000        2,941  
Series 1806, 4.73%, 04/02/2025    CNY 20,230        3,372  
Series 1810, 4.04%, 07/06/2028    CNY 17,000        2,826  
Series 1903, 3.30%, 02/01/2024    CNY 20,000        3,197  
Series 1904, 3.68%, 02/26/2026    CNY 28,000        4,543  
Series 1905, 3.48%, 01/08/2029    CNY 226,500        36,522  
Series 1908, 3.42%, 07/02/2024    CNY 121,000        19,413  
Series 1909, 3.50%, 08/13/2026    CNY 57,100        9,211  
Series 1910, 3.65%, 05/21/2029    CNY 187,900        30,571  
Series 1915, 3.45%, 09/20/2029    CNY      130,000        20,899  
Series 2003, 3.23%, 01/10/2025    CNY 232,300        37,182  
Series 2004, 3.43%, 01/14/2027    CNY 23,000        3,711  
Series 2005, 3.07%, 03/10/2030    CNY 42,700        6,693  
Series 2008, 2.89%, 06/22/2025    CNY 15,000        2,373  
Series 2010, 3.09%, 06/18/2030    CNY 20,000        3,138  
Series 2105, 3.66%, 03/01/2031    CNY 47,000        7,696  

China Government Bond, (China),

      

1.99%, 04/09/2025

    CNY 535,700        83,167  
2.36%, 07/02/2023    CNY 323,600        51,066  
2.68%, 05/21/2030    CNY 549,700        85,333  
2.85%, 06/04/2027    CNY 538,000        85,496  
2.91%, 10/14/2028    CNY 8,000        1,270  
Reg. S, 3.16%, 06/27/2023    CNH 500        79  
Reg. S, 3.30%, 07/04/2023    CNH 2,000        317  
Reg. S, 3.31%, 11/30/2025    CNH 2,000        320  
Reg. S, 3.38%, 11/21/2024    CNH 3,000        481  
Reg. S, 3.38%, 07/04/2026    CNH 24,000        3,848  
3.39%, 03/16/2050    CNY 254,900        39,861  
Reg. S, 3.60%, 06/27/2028    CNH 24,500        3,974  
Reg. S, 3.60%, 05/21/2030    CNH 7,000        1,145  
3.73%, 05/25/2070    CNY 20,670        3,450  
3.76%, 03/22/2071    CNY 76,730        12,846  
3.81%, 09/14/2050    CNY      140,400        23,654  
Reg. S, 3.85%, 12/12/2026    CNH 19,000        3,120  
Reg. S, 3.90%, 07/04/2036    CNH 13,500        2,306  
Reg. S, 4.00%, 05/22/2024    CNH 8,500        1,375  
Reg. S, 4.00%, 11/30/2035    CNH 12,500        2,163  
Reg. S, 4.15%, 12/04/2027    CNH 20,000        3,334  
Reg. S, 4.29%, 05/22/2029    CNH 3,000        509  
Reg. S, 4.40%, 12/12/2046    CNH 25,000        4,552  
Series 1824, 4.08%, 10/22/2048    CNY 22,100        3,868  
Series 1908, 4.00%, 06/24/2069    CNY 5,000        880  
Series 1910, 3.86%, 07/22/2049    CNY 32,500        5,499  
Series 1915, 3.13%, 11/21/2029    CNY 38,000        6,103  

China Government International Bond, (China),

      
Reg. S, 0.13%, 11/12/2026    EUR 200        211  
Reg. S, 0.50%, 11/12/2031    EUR 650        650  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      
City of Milan Italy, (Italy), 4.02%, 06/29/2035    EUR 40        51  
City of Montreal Canada, (Canada), 2.30%, 09/01/2029    CAD 600        453  

City of Quebec Canada, (Canada),

      

2.10%, 07/06/2031

    CAD 300        215  
2.65%, 12/20/2027    CAD 565        439  

City of Toronto Canada, (Canada),

      

2.95%, 04/28/2035

    CAD 200        153  
3.50%, 06/02/2036    CAD 300        242  
Corp. de Reservas Estrategicas de Productos Petroliferos Cores, (Spain), Reg. S, 1.50%, 11/27/2022    EUR 600        671  

CPPIB Capital, Inc., (Canada),

      
Reg. S, 0.25%, 04/06/2027    EUR 1,450        1,542  
Reg. S, 0.38%, 06/20/2024    EUR 300        330  
Reg. S, 0.75%, 07/15/2049    EUR 300        281  

Croatia Government International Bond, (Croatia),

      
Reg. S, 1.13%, 06/19/2029    EUR 500        517  
Reg. S, 1.13%, 03/04/2033    EUR 500        490  

Cyprus Government International Bond, (Cyprus),

      
Reg. S, 0.63%, 12/03/2024    EUR 347        382  
Reg. S, 0.63%, 01/21/2030    EUR 235        236  
Reg. S, 1.25%, 01/21/2040    EUR 720        679  
Reg. S, 2.25%, 04/16/2050    EUR 10        10  

Czech Republic Government Bond, (Czech Republic),

      
Series 49, Reg. S, 4.20%, 12/04/2036    CZK 5,390        256  
Series 53, Reg. S, 4.85%, 11/26/2057    CZK 2,340        114  
Series 58, Reg. S, 5.70%, 05/25/2024    CZK 140        6  
Series 78, Reg. S, 2.50%, 08/25/2028    CZK 7,890        330  
Series 89, Reg. S, 2.40%, 09/17/2025    CZK 16,910        715  
Series 95, Reg. S, 1.00%, 06/26/2026    CZK 6,860        272  
Series 97, Reg. S, 0.45%, 10/25/2023    CZK 12,000        507  
Series 100, 0.25%, 02/10/2027    CZK 26,000        977  
Series 103, 2.00%, 10/13/2033    CZK 2,260        86  
Series 105, 2.75%, 07/23/2029    CZK 11,450        483  
Series 121, 1.20%, 03/13/2031    CZK 22,010        807  
Series 125, 1.50%, 04/24/2040    CZK 3,380        106  
Series 130, 0.05%, 11/29/2029    CZK 4,980        169  
Series 138, 1.75%, 06/23/2032    CZK 3,170        120  

Denmark Government Bond, (Denmark),

      

1.50%, 11/15/2023

    DKK 3,720        567  
1.75%, 11/15/2025    DKK 1,380        215  
4.50%, 11/15/2039    DKK 6,220        1,466  
7.00%, 11/10/2024    DKK 1,470        257  
Series 10Y, 0.00%, 11/15/2031    DKK 3,987        549  
Series 10Y, 0.50%, 11/15/2027    DKK 3,788        559  
Series 10YR, 0.50%, 11/15/2029    DKK 8,494        1,243  
Series 30Y, 0.25%, 11/15/2052    DKK 2,931        359  

Development Bank of Japan, Inc., (Japan),

      
Reg. S, 0.88%, 10/10/2025    EUR 1,000        1,100  
Reg. S, 1.13%, 04/28/2023    GBP 600        784  
4.75%, 11/26/2027    EUR 900        1,188  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 86, 0.24%, 10/13/2027    JPY 100,000        825  
Estonia Government International Bond, (Estonia), Reg. S, 0.13%, 06/10/2030    EUR 200        202  
European Union, (Supranational), Reg. S, 3.38%, 04/04/2032    EUR 600        808  

Export-Import Bank of China (The), (China),

      
Series 1514, 3.87%, 09/14/2025    CNY 31,000        5,049  
Series 1603, 3.33%, 02/22/2026    CNY 10,100        1,616  
Series 1610, 3.18%, 09/05/2026    CNY 10,000        1,592  
Series 1703, 4.11%, 03/20/2027    CNY 30,000        4,978  
Series 1905, 3.28%, 02/11/2024    CNY 63,000        10,056  
Series 1910, 3.86%, 05/20/2029    CNY 106,500        17,549  
Series 2005, 2.93%, 03/02/2025    CNY 108,600        17,216  
Series 2007, 3.26%, 02/24/2027    CNY 52,400        8,373  
Series 2010, 3.23%, 03/23/2030    CNY 67,500        10,696  
Series 2011, 3.74%, 11/16/2030    CNY 10,000        1,642  
Series 2013, 3.34%, 09/04/2023    CNY 46,000        7,342  

Export-Import Bank of Korea, (South Korea),

      
Reg. S, 2.60%, 11/08/2023    AUD 1,100        824  
Reg. S, 8.00%, 05/15/2024    IDR 400,000        29  

Finland Government Bond, (Finland),

      
Reg. S, 0.00%, 09/15/2023 (e)    EUR 754        837  
Reg. S, 0.00%, 09/15/2030 (e)    EUR 50        52  
Reg. S, 0.13%, 09/15/2031 (e)    EUR 385        396  
Reg. S, 0.13%, 04/15/2036 (e)    EUR 120        117  
Reg. S, 0.13%, 04/15/2052 (e)    EUR 220        185  
Reg. S, 0.25%, 09/15/2040 (e)    EUR 384        364  
Reg. S, 0.50%, 04/15/2026 (e)    EUR 820        911  
Reg. S, 0.50%, 09/15/2027 (e)    EUR 280        308  
Reg. S, 0.50%, 09/15/2029 (e)    EUR 290        315  
Reg. S, 0.75%, 04/15/2031 (e)    EUR 321        353  
Reg. S, 0.88%, 09/15/2025 (e)    EUR 430        485  
Reg. S, 1.13%, 04/15/2034 (e)    EUR 421        472  
Reg. S, 2.00%, 04/15/2024 (e)    EUR 447        514  
Reg. S, 2.63%, 07/04/2042 (e)    EUR 275        391  
Reg. S, 2.75%, 07/04/2028 (e)    EUR 440        551  
Reg. S, 4.00%, 07/04/2025 (e)    EUR 270        335  
Series 30Y, Reg. S, 1.38%, 04/15/2047 (e)    EUR 357        428  
Finnvera OYJ, (Finland), Reg. S, 0.38%, 04/09/2029    EUR 100        106  

Fondo De Titulizacion Del Deficit Del Sistema Electrico FTA, (Spain),

      
Reg. S, 0.01%, 09/17/2025    EUR 100        109  
Reg. S, 0.85%, 12/17/2023    EUR 600        671  

Free and Hanseatic City of Hamburg, (Germany),

      
Reg. S, 0.00%, 04/07/2026    EUR 280        300  
Reg. S, 0.01%, 06/30/2028    EUR 180        188  
0.01%, 11/05/2035    EUR 70        65  
Reg. S, 0.20%, 09/03/2049    EUR 70        59  
Reg. S, 0.25%, 02/18/2041    EUR 94        85  
Free State of Bavaria, (Germany), Reg. S, 0.01%, 01/18/2035    EUR 352        333  
Free State of Saxony, (Germany), Reg. S, 0.01%, 11/05/2029    EUR 197        202  

French Republic Government Bond OAT, (France),

      
Reg. S, 0.00%, 11/25/2029    EUR 2,745        2,865  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 0.50%, 06/25/2044 (e)    EUR 542        506  
Reg. S, 0.75%, 11/25/2028    EUR 1,925        2,140  
Reg. S, 1.00%, 11/25/2025    EUR 1,560        1,764  
Reg. S, 0.00%, 02/25/2024    EUR 2,793        3,091  
Reg. S, 0.00%, 03/25/2024    EUR 1,300        1,438  
Reg. S, 0.00%, 03/25/2025    EUR 3,340        3,663  
Reg. S, 0.00%, 02/25/2026    EUR 844        918  
Reg. S, 0.00%, 02/25/2027    EUR 1,805        1,941  
Reg. S, 0.00%, 11/25/2030    EUR 2,647        2,722  
Reg. S, 0.00%, 11/25/2031    EUR 2,844        2,878  
Reg. S, 0.00%, 05/25/2032 (e)    EUR 1,260        1,263  
Reg. S, 0.25%, 11/25/2026    EUR 3,576        3,907  
Reg. S, 0.50%, 05/25/2025    EUR 2,513        2,795  
Reg. S, 0.50%, 05/25/2026    EUR 1,209        1,340  
Reg. S, 0.50%, 05/25/2029    EUR      2,197        2,393  
Reg. S, 0.50%, 05/25/2040 (e)    EUR 4,569        4,438  
Reg. S, 0.50%, 05/25/2072 (e)    EUR 433        304  
Reg. S, 0.75%, 05/25/2028    EUR 1,893        2,109  
Reg. S, 0.75%, 05/25/2052 (e)    EUR 3,167        2,946  
Reg. S, 0.75%, 05/25/2053 (e)    EUR 763        698  
Reg. S, 1.00%, 05/25/2027    EUR 2,178        2,462  
Reg. S, 1.25%, 05/25/2034    EUR 1,382        1,559  
Reg. S, 1.25%, 05/25/2036 (e)    EUR 2,294        2,573  
Reg. S, 1.50%, 05/25/2031    EUR 3,873        4,531  
Reg. S, 1.50%, 05/25/2050 (e)    EUR 2,031        2,316  
Reg. S, 1.75%, 05/25/2023    EUR 3,881        4,398  
Reg. S, 1.75%, 11/25/2024    EUR 2,526        2,909  
Reg. S, 1.75%, 06/25/2039 (e)    EUR 1,597        1,928  
Reg. S, 1.75%, 05/25/2066 (e)    EUR 786        942  
Reg. S, 2.00%, 05/25/2048 (e)    EUR 1,967        2,490  
Reg. S, 2.25%, 05/25/2024    EUR 883        1,022  
Reg. S, 2.50%, 05/25/2030    EUR 6,291        7,925  
Reg. S, 2.75%, 10/25/2027    EUR 2,649        3,279  
Reg. S, 3.25%, 05/25/2045    EUR 840        1,287  
Reg. S, 3.50%, 04/25/2026    EUR 36        45  
Reg. S, 4.00%, 10/25/2038    EUR 738        1,168  
Reg. S, 4.00%, 04/25/2055 (e)    EUR 1,031        1,918  
Reg. S, 4.00%, 04/25/2060    EUR 768        1,483  
Reg. S, 4.25%, 10/25/2023    EUR 1,910        2,259  
Reg. S, 4.50%, 04/25/2041    EUR 2,342        4,011  
Reg. S, 4.75%, 04/25/2035    EUR 1,867        2,997  
Reg. S, 5.50%, 04/25/2029    EUR 2,037        3,005  
Reg. S, 5.75%, 10/25/2032    EUR 1,159        1,903  
Reg. S, 6.00%, 10/25/2025    EUR 2,740        3,643  
Reg. S, 8.50%, 04/25/2023    EUR 1,220        1,477  

Gemeinsame Deutsche Bundeslaender, (Germany),

      
Series 46, Reg. S, 1.13%, 09/30/2024    EUR 720        808  
Series 58, Reg. S, 0.00%, 02/19/2027    EUR 220        234  
Series 60, Reg. S, 0.01%, 02/04/2031    EUR 146        147  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      
Gestion Securite de Stocks Securite SA, (France), Reg. S, 4.00%, 01/24/2024    EUR 100        118  

Hong Kong Government Bond Programme, (Hong Kong),

      

1.68%, 01/21/2026

    HKD 11,350        1,433  
1.97%, 01/17/2029    HKD 1,300        165  
Hong Kong Government International Bond, (Hong Kong), Reg. S, 2.80%, 11/30/2024    CNH 5,000        787  

Housing & Development Board, (Singapore),

      
Reg. S, 1.76%, 02/24/2027    SGD 250        178  
1.87%, 07/21/2033    SGD 1,000        677  
Reg. S, 2.25%, 11/21/2024    SGD 750        551  
Reg. S, 2.32%, 01/24/2028    SGD 250        181  
Reg. S, 2.60%, 10/30/2029    SGD 1,500        1,104  

Hungary Government Bond, (Hungary),

      
Series 24/C, 2.50%, 10/24/2024    HUF 281,740        771  
Series 26/E, 1.50%, 04/22/2026    HUF 100,410        250  
Series 26/D, 2.75%, 12/22/2026    HUF 80,210        205  
Series 27/A, 3.00%, 10/27/2027    HUF 194,780        495  
Series 28/A, 6.75%, 10/22/2028    HUF 75,000        231  
Series 30/A, 3.00%, 08/21/2030    HUF 157,350        381  
Series 33/A, 2.25%, 04/20/2033    HUF 57,020        121  
Series 34/A, 2.25%, 06/22/2034    HUF 100,520        205  
Series 41/A, 3.00%, 04/25/2041    HUF 27,170        54  

Hungary Government International Bond, (Hungary),

      
Reg. S, 0.50%, 11/18/2030    EUR 500        487  
Reg. S, 1.63%, 04/28/2032    EUR 500        525  
Reg. S, 1.75%, 10/10/2027    EUR 425        474  

Hydro-Quebec, (Canada),

      

6.00%, 02/15/2040

    CAD 300        326  
SUB, 8.40%, 03/28/2025      600        692  
SUB, 8.91%, 11/18/2024      800        923  
Series HK, 9.38%, 04/15/2030      500        725  

Ile-de-France Mobilites, (France),

      
Reg. S, 0.40%, 05/28/2031    EUR 300        311  
Reg. S, 1.00%, 05/25/2034    EUR 300        318  
Reg. S, 1.28%, 02/14/2042    EUR 100        104  

Indonesia Government International Bond, (Indonesia),

      

0.90%, 02/14/2027

    EUR 1,600        1,670  
1.85%, 03/12/2031      234        212  
Reg. S, 2.15%, 07/18/2024    EUR 550        618  
Reg. S, 3.75%, 06/14/2028    EUR 500        598  

Indonesia Treasury Bond, (Indonesia),

      
Series FR56, 8.38%, 09/15/2026    IDR 13,567,000        1,046  
Series FR59, 7.00%, 05/15/2027    IDR 15,000,000        1,094  
Series FR63, 5.63%, 05/15/2023    IDR 55,000,000        3,913  
Series FR64, 6.13%, 05/15/2028    IDR 65,993,000        4,530  
Series FR67, 8.75%, 02/15/2044    IDR 7,300,000        583  
Series FR74, 7.50%, 08/15/2032    IDR 54,368,000        3,936  
Series FR75, 7.50%, 05/15/2038    IDR 110,122,000        7,840  
Series FR76, 7.38%, 05/15/2048    IDR 33,695,000        2,361  
Series FR80, 7.50%, 06/15/2035    IDR 25,000,000        1,786  
Series FR81, 6.50%, 06/15/2025    IDR 119,400,000        8,656  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 FR82, 7.00%, 09/15/2030    IDR 83,820,000        5,935  
Series FR83, 7.50%, 04/15/2040    IDR 39,000,000        2,766  
Series FR85, 7.75%, 04/15/2031    IDR 30,000,000        2,217  
Series FR87, 6.50%, 02/15/2031    IDR 34,800,000        2,381  
Series FR90, 5.13%, 04/15/2027    IDR 17,508,000        1,192  
Series FR91, 6.38%, 04/15/2032    IDR 26,330,000        1,780  
Industrial Bank of Korea, (South Korea), Reg. S, 0.02%, 07/16/2025    CHF 300        317  
Infraestruturas de Portugal SA, (Portugal), Reg. S, 4.68%, 10/16/2024    EUR 150        183  
Instituto de Credito Oficial, (Spain), Reg. S, 0.25%, 04/30/2024    EUR 50        55  

International Bank for Reconstruction & Development, (Supranational),

      

0.25%, 09/23/2027

    GBP 900        1,084  
0.00%, 01/15/2027    EUR 1,125        1,195  
Zero Coupon, 10/31/2030      1,000        776  
0.10%, 09/17/2035    EUR 775        732  
Reg. S, 0.20%, 01/21/2061    EUR 500        378  
0.38%, 07/28/2025      50        46  
0.50%, 07/24/2023    GBP 1,450        1,878  
0.50%, 06/21/2035    EUR 50        50  
0.88%, 12/13/2024    GBP 50        64  
1.63%, 01/15/2025      475        464  
2.50%, 03/19/2024      465        467  
3.00%, 09/27/2023      200        202  
Investitionsbank Schleswig-Holstein, (Germany), Reg. S, 0.01%, 05/15/2026    EUR 100        107  

Ireland Government Bond, (Ireland),

      
Reg. S, 0.20%, 10/18/2030    EUR 881        920  
Reg. S, 0.40%, 05/15/2035    EUR 691        692  
Reg. S, 0.00%, 10/18/2031    EUR 1,127        1,131  
Reg. S, 0.20%, 05/15/2027    EUR 880        954  
Reg. S, 0.35%, 10/18/2032    EUR 180        185  
Reg. S, 0.55%, 04/22/2041    EUR 295        285  
Reg. S, 0.90%, 05/15/2028    EUR 12        14  
Reg. S, 1.10%, 05/15/2029    EUR 517        584  
Reg. S, 1.35%, 03/18/2031    EUR 365        421  
Reg. S, 1.50%, 05/15/2050    EUR 523        586  
Reg. S, 1.70%, 05/15/2037    EUR 290        341  
Reg. S, 2.00%, 02/18/2045    EUR 455        569  
Reg. S, 2.40%, 05/15/2030    EUR 590        734  
Reg. S, 3.40%, 03/18/2024    EUR 490        578  
Reg. S, 3.90%, 03/20/2023    EUR 270        311  
5.40%, 03/13/2025    EUR 790        1,003  
Israel Government AID Bond, (Israel), 5.50%, 09/18/2033      900        1,145  

Israel Government Bond - Fixed, (Israel),

      
Series 142, 5.50%, 01/31/2042    ILS 290        130  
Series 327, 2.00%, 03/31/2027    ILS 800        254  
Series 330, 1.00%, 03/31/2030    ILS 1,200        348  
Series 537, 1.50%, 05/31/2037    ILS 305        83  

Israel Government International Bond, (Israel),

      
Reg. S, 2.50%, 01/16/2049    EUR 425        534  
2.75%, 07/03/2030      200        198  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      

Italy Buoni Poliennali Del Tesoro, (Italy),

      
Reg. S, 0.85%, 01/15/2027    EUR 6,435        6,985  
Reg. S, 1.80%, 03/01/2041 (e)    EUR 1,224        1,245  
Reg. S, 2.15%, 03/01/2072 (e)    EUR 317        299  
Reg. S, 0.00%, 01/15/2024    EUR 1,045        1,150  
Reg. S, 0.00%, 04/15/2024    EUR 1,278        1,400  
Reg. S, 0.00%, 04/01/2026    EUR 610        645  
Reg. S, 0.00%, 08/01/2026    EUR 1,267        1,332  
Reg. S, 0.30%, 08/15/2023    EUR 1,640        1,823  
Reg. S, 0.35%, 02/01/2025    EUR 380        416  
Reg. S, 0.50%, 02/01/2026    EUR 750        814  
Reg. S, 0.50%, 07/15/2028    EUR 154        160  
Reg. S, 0.60%, 06/15/2023    EUR 1,547        1,728  
Reg. S, 0.60%, 08/01/2031 (e)    EUR 964        944  
Reg. S, 0.65%, 10/15/2023    EUR 1,000        1,116  
Reg. S, 0.90%, 04/01/2031    EUR 1,957        1,982  
Reg. S, 0.95%, 09/15/2027    EUR 880        951  
Reg. S, 0.95%, 08/01/2030    EUR 1,510        1,556  
Reg. S, 0.95%, 12/01/2031 (e)    EUR 995        1,002  
Reg. S, 0.95%, 03/01/2037 (e)    EUR 484        453  
Reg. S, 1.25%, 12/01/2026    EUR 997        1,106  
Reg. S, 1.35%, 04/01/2030    EUR 1,390        1,490  
Reg. S, 1.45%, 11/15/2024    EUR 1,900        2,140  
Reg. S, 1.45%, 05/15/2025    EUR 1,013        1,141  
Reg. S, 1.45%, 03/01/2036 (e)    EUR 1,079        1,095  
Reg. S, 1.50%, 06/01/2025    EUR 1,620        1,829  
Reg. S, 1.50%, 04/30/2045 (e)    EUR 801        753  
Reg. S, 1.65%, 12/01/2030 (e)    EUR 2,253        2,448  
Reg. S, 1.65%, 03/01/2032 (e)    EUR 676        728  
Reg. S, 1.70%, 09/01/2051 (e)    EUR 1,197        1,128  
Reg. S, 1.75%, 07/01/2024    EUR 1,140        1,294  
Reg. S, 1.85%, 05/15/2024    EUR 1,340        1,524  
Reg. S, 1.85%, 07/01/2025 (e)    EUR 1,200        1,367  
Reg. S, 2.00%, 12/01/2025    EUR 760        872  
Reg. S, 2.00%, 02/01/2028    EUR 342        390  
Reg. S, 2.05%, 08/01/2027    EUR 1,290        1,476  
Reg. S, 2.10%, 07/15/2026    EUR 1,844        2,122  
Reg. S, 2.15%, 09/01/2052 (e)    EUR 361        372  
Reg. S, 2.20%, 06/01/2027    EUR 1,977        2,282  
Reg. S, 2.25%, 09/01/2036 (e)    EUR 1,014        1,136  
Reg. S, 2.45%, 09/01/2033 (e)    EUR 1,611        1,855  
Reg. S, 2.50%, 12/01/2024    EUR 994        1,152  
Reg. S, 2.50%, 11/15/2025    EUR 1,185        1,383  
Reg. S, 2.70%, 03/01/2047 (e)    EUR 620        729  
Reg. S, 2.80%, 12/01/2028    EUR 1,208        1,443  
Reg. S, 2.80%, 03/01/2067 (e)    EUR 505        564  
Reg. S, 2.95%, 09/01/2038 (e)    EUR 852        1,034  
Reg. S, 3.00%, 08/01/2029    EUR 1,426        1,724  
Reg. S, 3.10%, 03/01/2040 (e)    EUR 912        1,128  
Reg. S, 3.25%, 09/01/2046 (e)    EUR 1,090        1,401  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 3.35%, 03/01/2035 (e)    EUR      2,660        3,344  
Reg. S, 3.45%, 03/01/2048 (e)    EUR 785        1,045  
Reg. S, 3.50%, 03/01/2030 (e)    EUR 1,306        1,638  
Reg. S, 3.75%, 09/01/2024    EUR 1,230        1,464  
Reg. S, 3.85%, 09/01/2049 (e)    EUR 930        1,318  
Reg. S, 4.00%, 02/01/2037 (e)    EUR 1,310        1,784  
Reg. S, 4.50%, 03/01/2024    EUR 59        70  
Reg. S, 4.50%, 03/01/2026 (e)    EUR 3        4  
Reg. S, 4.75%, 08/01/2023 (e)    EUR 1,000        1,177  
Reg. S, 4.75%, 09/01/2028 (e)    EUR 1,270        1,682  
Reg. S, 4.75%, 09/01/2044 (e)    EUR 2,105        3,297  
Reg. S, 5.00%, 03/01/2025 (e)    EUR 890        1,105  
Reg. S, 5.00%, 08/01/2034 (e)    EUR 966        1,416  
Reg. S, 5.00%, 08/01/2039 (e)    EUR 911        1,402  
Reg. S, 5.00%, 09/01/2040 (e)    EUR 960        1,495  
Reg. S, 5.25%, 11/01/2029    EUR 1,777        2,488  
Reg. S, 5.75%, 02/01/2033    EUR 1,100        1,666  
Reg. S, 6.00%, 05/01/2031    EUR 1,753        2,620  
Reg. S, 6.50%, 11/01/2027    EUR 890        1,257  
Reg. S, 7.25%, 11/01/2026    EUR 2,200        3,097  
Reg. S, 9.00%, 11/01/2023    EUR 1,440        1,815  
Series 5Y, Reg. S, 2.45%, 10/01/2023    EUR 2,143        2,456  
Series CAC, Reg. S, 2.45%, 09/01/2050 (e)    EUR 862        952  
Japan Bank for International Cooperation, (Japan), 2.38%, 07/21/2022      200        201  

Japan Expressway Holding and Debt Repayment Agency, (Japan),

      
Series 37, 2.42%, 06/20/2028    JPY 100,000        935  
Series 75, 1.96%, 09/19/2031    JPY 100,000        946  
Series 271, 0.02%, 03/31/2026    JPY 200,000        1,640  
Series 347, 0.73%, 04/30/2048    JPY 200,000        1,578  

Japan Finance Corp., (Japan),

      
Series 57, 0.00%, 10/17/2025    JPY 400,000        3,279  
Series 62, 0.00%, 07/31/2024    JPY 1,870,000        15,350  

Japan Finance Organization for Municipalities, (Japan),

      
Reg. S, 0.05%, 02/12/2027    EUR 500        526  
Series 4, 0.31%, 07/28/2023    JPY 1,000,000        8,247  
Series 39, 0.82%, 08/26/2022    JPY 10,000        82  
Series 55, 0.78%, 12/28/2023    JPY 100,000        832  
Series 69, 0.48%, 02/28/2025    JPY 100,000        831  
Series 72, 0.51%, 05/23/2025    JPY 1,016,000        8,467  
Series 2022, 2.32%, 06/18/2027    JPY 1,400,000        12,805  

Japan Government Five Year Bond, (Japan),

      
Series 141, 0.10%, 09/20/2024    JPY 323,300        2,664  
Series 142, 0.10%, 12/20/2024    JPY 798,450        6,582  
Series 143, 0.10%, 03/20/2025    JPY 1,344,200        11,082  
Series 144, 0.10%, 06/20/2025    JPY 329,000        2,713  
Series 148, 0.01%, 06/20/2026    JPY 409,750        3,365  
Series 150, 0.01%, 12/20/2026    JPY 1,874,550        15,380  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 Forty Year Bond, (Japan),

      
Series 1, 2.40%, 03/20/2048    JPY 100,000        1,120  
Series 3, 2.20%, 03/20/2050    JPY 2,126,550        23,168  
Series 4, 2.20%, 03/20/2051    JPY 540,200        5,913  
Series 5, 2.00%, 03/20/2052    JPY 362,900        3,842  
Series 6, 1.90%, 03/20/2053    JPY 246,950        2,571  
Series 7, 1.70%, 03/20/2054    JPY 511,700        5,122  
Series 8, 1.40%, 03/20/2055    JPY 484,800        4,535  
Series 9, 0.40%, 03/20/2056    JPY 335,900        2,338  
Series 10, 0.90%, 03/20/2057    JPY 150,450        1,227  
Series 11, 0.80%, 03/20/2058    JPY 745,550        5,886  
Series 12, 0.50%, 03/20/2059    JPY 867,100        6,152  
Series 13, 0.50%, 03/20/2060    JPY 785,500        5,556  
Series 14, 0.70%, 03/20/2061    JPY 876,500        6,632  

Japan Government Ten Year Bond, (Japan),

      
Series 330, 0.80%, 09/20/2023    JPY 5,101,700        42,431  
Series 333, 0.60%, 03/20/2024    JPY 374,600        3,115  
Series 334, 0.60%, 06/20/2024    JPY 1,632,950        13,603  
Series 336, 0.50%, 12/20/2024    JPY 523,900        4,365  
Series 341, 0.30%, 12/20/2025    JPY 1,248,950        10,377  
Series 342, 0.10%, 03/20/2026    JPY 288,000        2,375  
Series 343, 0.10%, 06/20/2026    JPY 3,348,200        27,603  
Series 344, 0.10%, 09/20/2026    JPY      2,222,800        18,324  
Series 345, 0.10%, 12/20/2026    JPY 5,827,200        48,015  
Series 346, 0.10%, 03/20/2027    JPY 1,000,000        8,239  
Series 347, 0.10%, 06/20/2027    JPY 2,085,300        17,174  
Series 348, 0.10%, 09/20/2027    JPY 3,407,900        28,064  
Series 349, 0.10%, 12/20/2027    JPY 2,115,800        17,422  
Series 350, 0.10%, 03/20/2028    JPY 1,729,600        14,234  
Series 351, 0.10%, 06/20/2028    JPY 1,529,200        12,578  
Series 352, 0.10%, 09/20/2028    JPY 1,452,200        11,937  
Series 353, 0.10%, 12/20/2028    JPY 183,600        1,508  
Series 354, 0.10%, 03/20/2029    JPY 1,582,450        12,993  
Series 355, 0.10%, 06/20/2029    JPY 156,050        1,280  
Series 356, 0.10%, 09/20/2029    JPY 2,192,650        17,977  
Series 357, 0.10%, 12/20/2029    JPY 777,000        6,365  
Series 358, 0.10%, 03/20/2030    JPY 1,355,150        11,092  
Series 359, 0.10%, 06/20/2030    JPY 4,212,450        34,447  
Series 360, 0.10%, 09/20/2030    JPY 910,250        7,433  
Series 361, 0.10%, 12/20/2030    JPY 571,000        4,658  
Series 363, 0.10%, 06/20/2031    JPY 1,765,250        14,375  
Series 364, 0.10%, 09/20/2031    JPY 469,200        3,818  
Series 365, 0.10%, 12/20/2031    JPY 2,111,600        17,156  

Japan Government Thirty Year Bond, (Japan),

      
Series 4, 2.90%, 11/20/2030    JPY 411,050        4,164  
Series 5, 2.20%, 05/20/2031    JPY 143,400        1,392  
Series 11, 1.70%, 06/20/2033    JPY 100,000        950  
Series 12, 2.10%, 09/20/2033    JPY 152,100        1,502  
Series 17, 2.40%, 12/20/2034    JPY 112,150        1,155  
Series 18, 2.30%, 03/20/2035    JPY 973,400        9,949  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 19, 2.30%, 06/20/2035    JPY 2,867,700        29,379  
Series 20, 2.50%, 09/20/2035    JPY 156,800        1,644  
Series 21, 2.30%, 12/20/2035    JPY 749,850        7,719  
Series 22, 2.50%, 03/20/2036    JPY 132,250        1,393  
Series 23, 2.50%, 06/20/2036    JPY 469,200        4,955  
Series 24, 2.50%, 09/20/2036    JPY 675,100        7,146  
Series 29, 2.40%, 09/20/2038    JPY 110,100        1,169  
Series 32, 2.30%, 03/20/2040    JPY 271,450        2,863  
Series 33, 2.00%, 09/20/2040    JPY 3,135,250        31,753  
Series 34, 2.20%, 03/20/2041    JPY 622,350        6,498  
Series 35, 2.00%, 09/20/2041    JPY 844,000        8,589  
Series 36, 2.00%, 03/20/2042    JPY 124,900        1,275  
Series 37, 1.90%, 09/20/2042    JPY 1,512,850        15,233  
Series 38, 1.80%, 03/20/2043    JPY 103,400        1,027  
Series 39, 1.90%, 06/20/2043    JPY 316,950        3,201  
Series 40, 1.80%, 09/20/2043    JPY 56,950        567  
Series 41, 1.70%, 12/20/2043    JPY 385,100        3,773  
Series 42, 1.70%, 03/20/2044    JPY 580,800        5,694  
Series 43, 1.70%, 06/20/2044    JPY 200,000        1,963  
Series 44, 1.70%, 09/20/2044    JPY 227,600        2,236  
Series 45, 1.50%, 12/20/2044    JPY 449,400        4,260  
Series 46, 1.50%, 03/20/2045    JPY 707,550        6,709  
Series 47, 1.60%, 06/20/2045    JPY 627,000        6,052  
Series 48, 1.40%, 09/20/2045    JPY 1,844,250        17,156  
Series 49, 1.40%, 12/20/2045    JPY 438,550        4,081  
Series 50, 0.80%, 03/20/2046    JPY 131,550        1,081  
Series 51, 0.30%, 06/20/2046    JPY 327,200        2,388  
Series 52, 0.50%, 09/20/2046    JPY 145,450        1,112  
Series 53, 0.60%, 12/20/2046    JPY 119,050        931  
Series 56, 0.80%, 09/20/2047    JPY      2,286,950        18,625  
Series 57, 0.80%, 12/20/2047    JPY 487,150        3,960  
Series 58, 0.80%, 03/20/2048    JPY 805,200        6,539  
Series 61, 0.70%, 12/20/2048    JPY 231,950        1,827  
Series 62, 0.50%, 03/20/2049    JPY 2,172,650        16,204  
Series 63, 0.40%, 06/20/2049    JPY 209,600        1,517  
Series 64, 0.40%, 09/20/2049    JPY 187,050        1,351  
Series 65, 0.40%, 12/20/2049    JPY 517,250        3,729  
Series 66, 0.40%, 03/20/2050    JPY 639,850        4,614  
Series 67, 0.60%, 06/20/2050    JPY 571,100        4,342  
Series 68, 0.60%, 09/20/2050    JPY 131,500        999  
Series 69, 0.70%, 12/20/2050    JPY 658,150        5,136  
Series 70, 0.70%, 03/20/2051    JPY 493,700        3,847  
Series 71, 0.70%, 06/20/2051    JPY 769,500        5,997  
Series 72, 0.70%, 09/20/2051    JPY 142,600        1,109  
Series 73, 0.70%, 12/20/2051    JPY 856,700        6,665  

Japan Government Twenty Year Bond, (Japan),

      
Series 72, 2.10%, 09/20/2024    JPY 975,400        8,433  
Series 75, 2.10%, 03/20/2025    JPY 37,000        323  
Series 80, 2.10%, 06/20/2025    JPY 517,000        4,536  
Series 82, 2.10%, 09/20/2025    JPY 1,151,150        10,146  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 92, 2.10%, 12/20/2026    JPY 196,250        1,769  
Series 94, 2.10%, 03/20/2027    JPY 47,500        430  
Series 96, 2.10%, 06/20/2027    JPY 93,350        849  
Series 99, 2.10%, 12/20/2027    JPY 771,550        7,075  
Series 102, 2.40%, 06/20/2028    JPY 900,900        8,463  
Series 105, 2.10%, 09/20/2028    JPY 263,700        2,446  
Series 109, 1.90%, 03/20/2029    JPY 5,043,100        46,595  
Series 113, 2.10%, 09/20/2029    JPY 440,750        4,151  
Series 118, 2.00%, 06/20/2030    JPY 1,865,000        17,621  
Series 121, 1.90%, 09/20/2030    JPY 1,308,800        12,310  
Series 122, 1.80%, 09/20/2030    JPY 965,200        9,012  
Series 123, 2.10%, 12/20/2030    JPY 167,000        1,600  
Series 124, 2.00%, 12/20/2030    JPY 253,200        2,407  
Series 125, 2.20%, 03/20/2031    JPY 768,850        7,444  
Series 126, 2.00%, 03/20/2031    JPY 845,200        8,061  
Series 127, 1.90%, 03/20/2031    JPY 636,450        6,024  
Series 128, 1.90%, 06/20/2031    JPY 797,950        7,578  
Series 131, 1.70%, 09/20/2031    JPY 1,095,000        10,256  
Series 133, 1.80%, 12/20/2031    JPY 818,050        7,747  
Series 134, 1.80%, 03/20/2032    JPY 447,550        4,251  
Series 137, 1.70%, 06/20/2032    JPY 514,700        4,855  
Series 140, 1.70%, 09/20/2032    JPY 1,698,550        16,053  
Series 145, 1.70%, 06/20/2033    JPY 109,050        1,036  
Series 146, 1.70%, 09/20/2033    JPY 173,100        1,647  
Series 147, 1.60%, 12/20/2033    JPY 105,350        994  
Series 148, 1.50%, 03/20/2034    JPY 970,000        9,066  
Series 149, 1.50%, 06/20/2034    JPY 4,019,950        37,623  
Series 150, 1.40%, 09/20/2034    JPY 4,908,050        45,486  
Series 151, 1.20%, 12/20/2034    JPY 585,550        5,315  
Series 152, 1.20%, 03/20/2035    JPY 1,277,600        11,599  
Series 153, 1.30%, 06/20/2035    JPY 800,000        7,350  
Series 154, 1.20%, 09/20/2035    JPY 845,850        7,685  
Series 155, 1.00%, 12/20/2035    JPY 963,350        8,542  
Series 156, 0.40%, 03/20/2036    JPY 745,350        6,108  
Series 157, 0.20%, 06/20/2036    JPY 1,132,250        9,002  
Series 158, 0.50%, 09/20/2036    JPY 582,700        4,824  
Series 159, 0.60%, 12/20/2036    JPY 589,100        4,939  
Series 161, 0.60%, 06/20/2037    JPY 1,685,850        14,094  
Series 164, 0.50%, 03/20/2038    JPY 649,700        5,316  
Series 165, 0.50%, 06/20/2038    JPY 397,450        3,247  
Series 166, 0.70%, 09/20/2038    JPY 308,900        2,599  
Series 167, 0.50%, 12/20/2038    JPY 1,258,550        10,236  
Series 168, 0.40%, 03/20/2039    JPY 590,400        4,714  
Series 172, 0.40%, 03/20/2040    JPY 145,000        1,145  
Series 173, 0.40%, 06/20/2040    JPY 872,500        6,869  
Series 174, 0.40%, 09/20/2040    JPY 2,414,850        18,941  
Series 175, 0.50%, 12/20/2040    JPY 698,400        5,567  
Series 176, 0.50%, 03/20/2041    JPY 753,650        5,996  
Series 177, 0.40%, 06/20/2041    JPY 908,850        7,087  
Series 178, 0.50%, 09/20/2041    JPY 1,024,900        8,128  
Series 179, 0.50%, 12/20/2041    JPY 1,180,650        9,348  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 Two Year Bond, (Japan),

      
Series 415, 0.10%, 08/01/2022    JPY 959,300        7,885  
Series 430, 0.01%, 11/01/2023    JPY 300,000        2,466  
Series 432, 0.01%, 01/01/2024    JPY 4,069,750        33,460  

Japan Housing Finance Agency, (Japan),

      
Series 71, 1.75%, 03/19/2026    JPY 200,000        1,751  
Series 108, 1.43%, 06/18/2027    JPY 100,000        877  
Japan International Cooperation Agency, (Japan), Series 35, 0.08%, 06/19/2026    JPY 200,000        1,641  
Japanese Government CPI Linked Bond, (Japan), Series 25, 0.20%, 03/10/2030    JPY 100,111        890  
Jersey International Bond, (Jersey), Reg. S, 3.75%, 06/09/2054    GBP 400        682  
Junta de Castilla y Leon, (Spain), Reg. S, 0.43%, 04/30/2030    EUR 62        64  
Kazakhstan Government International Bond, (Kazakhstan), Reg. S, 1.50%, 09/30/2034    EUR 200        169  

Kingdom of Belgium Government Bond, (Belgium),

      
Series 44, Reg. S, 5.00%, 03/28/2035 (e)    EUR 880        1,426  
Series 60, Reg. S, 4.25%, 03/28/2041 (e)    EUR 710        1,164  
Series 64, Reg. S, 4.50%, 03/28/2026 (e)    EUR 265        341  
Series 66, Reg. S, 4.00%, 03/28/2032    EUR 532        761  
Series 71, Reg. S, 3.75%, 06/22/2045    EUR 403        652  
Series 72, Reg. S, 2.60%, 06/22/2024 (e)    EUR 250        292  
Series 73, Reg. S, 3.00%, 06/22/2034 (e)    EUR 2,138        2,883  
Series 74, Reg. S, 0.80%, 06/22/2025 (e)    EUR 1,289        1,449  
Series 75, Reg. S, 1.00%, 06/22/2031 (e)    EUR 737        824  
Series 76, Reg. S, 1.90%, 06/22/2038 (e)    EUR 493        599  
Series 77, Reg. S, 1.00%, 06/22/2026 (e)    EUR 1,412        1,597  
Series 78, Reg. S, 1.60%, 06/22/2047 (e)    EUR 1,027        1,170  
Series 79, Reg. S, 0.20%, 10/22/2023 (e)    EUR 247        275  
Series 80, Reg. S, 2.15%, 06/22/2066 (e)    EUR 301        393  
Series 81, Reg. S, 0.80%, 06/22/2027 (e)    EUR 310        347  
Series 82, Reg. S, 0.50%, 10/22/2024 (e)    EUR 1,000        1,118  
Series 83, Reg. S, 2.25%, 06/22/2057 (e)    EUR 307        404  
Series 84, Reg. S, 1.45%, 06/22/2037 (e)    EUR 300        341  
Series 85, Reg. S, 0.80%, 06/22/2028 (e)    EUR 1,582        1,769  
Series 86, Reg. S, 1.25%, 04/22/2033 (e)    EUR 894        1,020  
Series 87, Reg. S, 0.90%, 06/22/2029 (e)    EUR 1,124        1,259  
Series 88, Reg. S, 1.70%, 06/22/2050 (e)    EUR 746        866  
Series 89, Reg. S, 0.10%, 06/22/2030 (e)    EUR 722        755  
Series 90, Reg. S, 0.40%, 06/22/2040 (e)    EUR 735        688  
Series 91, Reg. S, 0.00%, 10/22/2027 (e)    EUR 1,326        1,421  
Series 92, Reg. S, 0.00%, 10/22/2031 (e)    EUR 747        755  
Series 93, Reg. S, 0.65%, 06/22/2071 (e)    EUR 328        241  
Series 94, Reg. S, 0.35%, 06/22/2032 (e)    EUR 1,000        1,035  
Series 95, Reg. S, 1.40%, 06/22/2053 (e)    EUR 235        251  

Kommunalbanken A/S, (Norway),

      
Reg. S, 0.05%, 10/24/2029    EUR 100        102  
Reg. S, 0.63%, 04/20/2026    EUR 1,000        1,093  

Kommunekredit, (Denmark),

      
Reg. S, 0.01%, 05/04/2034    EUR 500        472  
Reg. S, 0.25%, 03/29/2023    EUR 175        195  
Reg. S, 0.50%, 01/24/2025    EUR 700        770  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      

Kommuninvest I Sverige AB, (Sweden),

      
Reg. S, 1.50%, 05/12/2025    SEK 3,000        317  
Series 2505, Reg. S, 1.00%, 05/12/2025    SEK 5,000        522  
Series 2602, Reg. S, 0.75%, 02/04/2026    SEK 2,880        295  
Series 2611, Reg. S, 1.00%, 11/12/2026    SEK 4,000        410  
Series G24, Reg. S, 0.38%, 03/27/2024    SEK 4,880        510  

Korea Development Bank (The), (South Korea),

      
Reg. S, 1.83%, 08/10/2027    SEK 2,000        208  
6.00%, 01/22/2025    IDR 15,000,000        1,050  
Korea Expressway Corp., (South Korea), Reg. S, 3.10%, 06/08/2026      200        198  

Korea Housing Finance Corp., (South Korea),

      
Reg. S, 0.01%, 06/29/2026    EUR 100        106  
Reg. S, 0.10%, 06/18/2024    EUR 100        109  
Korea Hydro & Nuclear Power Co. Ltd., (South Korea), Reg. S, 0.00%, 07/19/2024    CHF 300        320  

Korea National Oil Corp., (South Korea),

      
Reg. S, 0.00%, 10/04/2024    CHF 300        319  
Reg. S, 0.26%, 07/30/2027    CHF 300        310  

Korea Treasury Bond, (South Korea),

      
Series 2306, 1.00%, 06/10/2023    KRW 27,596,600        22,524  
Series 2312, 0.88%, 12/10/2023    KRW 4,806,750        3,873  
Series 2409, 1.38%, 09/10/2024    KRW 13,098,440        10,484  
Series 2509, 1.13%, 09/10/2025    KRW 23,030,000        17,953  
Series 2603, 5.75%, 03/10/2026    KRW 5,119,010        4,673  
Series 2612, 1.50%, 12/10/2026    KRW 12,039,290        9,319  
Series 2712, 2.38%, 12/10/2027    KRW 2,000,000        1,600  
Series 2912, 1.38%, 12/10/2029    KRW 17,013,840        12,465  
Series 3006, 1.38%, 06/10/2030    KRW 7,900,000        5,749  
Series 3106, 2.00%, 06/10/2031    KRW 7,015,550        5,320  
Series 3112, 2.38%, 12/10/2031    KRW 8,152,080        6,366  
Series 3909, 1.13%, 09/10/2039    KRW 19,009,410        11,748  
Series 4009, 1.50%, 09/10/2040    KRW 2,000,000        1,309  
Series 4603, 2.00%, 03/10/2046    KRW 1,444,000        1,009  
Series 4703, 2.13%, 03/10/2047    KRW 4,548,060        3,256  
Series 4803, 2.63%, 03/10/2048    KRW 5,294,330        4,172  
Series 4903, 2.00%, 03/10/2049    KRW 2,252,320        1,556  
Series 5003, 1.50%, 03/10/2050    KRW 17,807,000        10,839  
Series 5103, 1.88%, 03/10/2051    KRW 5,831,900        3,873  
Series 6609, 1.50%, 09/10/2066    KRW 2,340,000        1,289  
Series 7009, 1.63%, 09/10/2070    KRW 989,340        561  

Kuntarahoitus OYJ, (Finland),

      
Reg. S, 0.05%, 09/06/2029    EUR 400        412  
Reg. S, 0.13%, 03/07/2024    EUR 180        198  
Reg. S, 1.25%, 02/23/2033    EUR 200        222  

Land Baden-Wuerttemberg, (Germany),

      
Reg. S, 0.01%, 09/02/2030    EUR 118        120  
Reg. S, 0.63%, 01/27/2026    EUR 380        418  
Series 120, Reg. S, 2.00%, 11/13/2023    EUR  220        251  

Land Berlin, (Germany),

      
Reg. S, 0.01%, 07/02/2030    EUR 490        499  
Reg. S, 0.10%, 01/18/2030    EUR 135        139  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 0.13%, 11/24/2045    EUR 90        76  
Series 493, Reg. S, 0.63%, 02/08/2027    EUR 570        624  
Series 495, Reg. S, 1.38%, 06/05/2037    EUR 260        289  
Series 506, Reg. S, 1.38%, 08/27/2038    EUR 115        128  
Series 530, Reg. S, 0.10%, 01/18/2041    EUR 80        71  

Land Thueringen, (Germany),

      
Reg. S, 0.05%, 05/06/2030    EUR 260        266  
Reg. S, 0.13%, 01/13/2051    EUR 100        81  

Latvia Government International Bond, (Latvia),

      
Reg. S, 0.00%, 03/17/2031    EUR 100        98  
Reg. S, 1.13%, 05/30/2028    EUR 390        430  
Reg. S, 1.38%, 05/16/2036    EUR 110        118  
Reg. S, 1.88%, 02/19/2049    EUR 100        116  

Lithuania Government International Bond, (Lithuania),

      
Reg. S, 0.25%, 05/06/2025    EUR 70        76  
Reg. S, 0.50%, 07/28/2050    EUR 210        163  
Reg. S, 0.75%, 05/06/2030    EUR 440        467  

Luxembourg Government Bond, (Luxembourg),

      
Reg. S, 0.00%, 04/28/2025    EUR 240        260  
Reg. S, 0.00%, 11/13/2026    EUR 130        139  
Reg. S, 0.00%, 04/28/2030    EUR 150        153  

Malaysia Government Bond, (Malaysia),

      
Series 114, 4.18%, 07/15/2024    MYR 8,000        1,955  
Series 118, 3.88%, 03/14/2025    MYR 2,000        485  
Series 122, 3.58%, 07/15/2032    MYR 6,000        1,390  
Series 216, 4.74%, 03/15/2046    MYR 10,700        2,596  
Series 217, 4.06%, 09/30/2024    MYR 12,000        2,931  
Series 219, 3.89%, 08/15/2029    MYR 6,600        1,561  
Series 220, 2.63%, 04/15/2031    MYR 5,636        1,201  
Series 307, 3.50%, 05/31/2027    MYR 2,000        472  
Series 317, 4.76%, 04/07/2037    MYR 2,200        550  
Series 318, 4.64%, 11/07/2033    MYR 10,000        2,472  
Series 319, 3.48%, 06/14/2024    MYR 5,500        1,324  
Series 418, 4.89%, 06/08/2038    MYR 11,600        2,895  
Series 419, 3.83%, 07/05/2034    MYR 3,300        753  
Series 518, 4.92%, 07/06/2048    MYR 1,800        450  
Series 519, 3.76%, 05/22/2040    MYR 1,790        387  

Malaysia Government Investment Issue, (Malaysia),

      
Series 119, 4.13%, 07/09/2029    MYR 31,630        7,626  
Series 217, 4.05%, 08/15/2024    MYR 3,090        753  
Series 218, 4.37%, 10/31/2028    MYR 7,600        1,866  
Series 219, 4.47%, 09/15/2039    MYR 2,000        475  
Series 316, 4.07%, 09/30/2026    MYR 21,579        5,246  
Series 417, 4.90%, 05/08/2047    MYR 521        130  
Series 517, 4.76%, 08/04/2037    MYR 3,800        939  
Series 519, 4.64%, 11/15/2049    MYR 2,995        710  
Series 615, 4.79%, 10/31/2035    MYR 2,946        733  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 617, 4.72%, 06/15/2033    MYR 3,000       752  
Series 719, 3.15%, 05/15/2023    MYR 9,000       2,166  
Metropolitano de Lisboa EPE, (Portugal), 7.30%, 12/23/2025    EUR 500       680  

Mexican Bonos, (Mexico),

     
Series M, 7.75%, 05/29/2031    MXN 12,000       581  
Series M 20, 7.50%, 06/03/2027    MXN 17,000       820  
Series M 20, 8.50%, 05/31/2029    MXN 1,000       51  

Mexico Government International Bond, (Mexico),

     

1.13%, 01/17/2030

    EUR 600       592  
1.35%, 09/18/2027    EUR 1,575       1,685  
1.63%, 04/08/2026    EUR 100       111  
2.13%, 10/25/2051    EUR 600       475  
3.00%, 03/06/2045    EUR 425       422  
4.13%, 01/21/2026      280       294  
4.60%, 02/10/2048      250       238  
5.75%, 10/12/2110      50       51  
6.75%, 02/06/2024    GBP 100       140  

Ministeries Van de Vlaamse Gemeenschap, (Belgium),

     
Reg. S, 0.01%, 06/23/2027    EUR 500       531  
Reg. S, 1.00%, 01/23/2051    EUR 100       95  
Reg. S, 1.38%, 11/21/2033    EUR 300       338  
Reg. S, 1.50%, 07/12/2038    EUR 100       112  
Reg. S, 1.50%, 04/11/2044    EUR 100       109  

Municipal Finance Authority of British Columbia, (Canada),

     

1.10%, 06/01/2025

    CAD 200       152  
2.55%, 10/09/2029    CAD 300       232  
2.80%, 12/03/2023    CAD 1,000       806  

Nederlandse Waterschapsbank NV, (Netherlands),

     
Reg. S, 0.05%, 01/28/2030    EUR 374       384  
0.13%, 09/25/2023    EUR 400       442  
Reg. S, 0.25%, 06/07/2024    EUR 683       751  
Reg. S, 0.38%, 09/28/2046    EUR 169       153  
Reg. S, 0.75%, 10/04/2041    EUR 100       99  
Reg. S, 1.00%, 03/01/2028    EUR 300       333  
Reg. S, 1.25%, 05/27/2036    EUR 140       153  
Reg. S, 1.50%, 06/15/2039    EUR 160       182  
5.20%, 03/31/2025    CAD 1,000       853  

Netherlands Government Bond, (Netherlands),

     
Reg. S, 4.00%, 01/15/2037 (e)    EUR 974       1,547  
Reg. S, 0.00%, 01/15/2024 (e)    EUR 446       494  
Reg. S, 0.00%, 01/15/2027 (e)    EUR 990       1,071  
0.00%, 01/15/2029    EUR 890       945  
Reg. S, 0.00%, 07/15/2030 (e)    EUR 764       802  
Reg. S, 0.00%, 07/15/2031 (e)    EUR 197       205  
Reg. S, 0.00%, 01/15/2038 (e)    EUR 202       194  
Reg. S, 0.00%, 01/15/2052 (e)    EUR 664       576  
Reg. S, 0.25%, 07/15/2025 (e)    EUR 354       392  
Reg. S, 0.25%, 07/15/2029 (e)    EUR 799       863  
Reg. S, 0.50%, 07/15/2032 (e)    EUR 360       387  
Reg. S, 0.50%, 01/15/2040 (e)    EUR 540       563  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 0.75%, 07/15/2027 (e)    EUR 1,883       2,114  
Reg. S, 0.75%, 07/15/2028 (e)    EUR 390       437  
Reg. S, 1.75%, 07/15/2023 (e)    EUR 824       936  
Reg. S, 2.00%, 07/15/2024 (e)    EUR 1,274       1,473  
Reg. S, 2.50%, 01/15/2033 (e)    EUR 2,458       3,199  
Reg. S, 2.75%, 01/15/2047 (e)    EUR 1,288       2,051  
Reg. S, 3.75%, 01/15/2042 (e)    EUR 981       1,662  
Reg. S, 5.50%, 01/15/2028 (e)    EUR 666       947  

New South Wales Treasury Corp., (Australia),

     
Reg. S, 1.00%, 02/08/2024    AUD 500       368  
Reg. S, 1.25%, 03/20/2025    AUD 3,000       2,166  
Reg. S, 1.50%, 02/20/2032    AUD 1,000       640  
Reg. S, 2.00%, 03/20/2031    AUD 1,900       1,293  
Reg. S, 2.00%, 03/08/2033    AUD 3,500       2,308  
2.25%, 05/07/2041    AUD 700       418  
Reg. S, 3.00%, 03/20/2028    AUD 1,800       1,351  
Reg. S, 3.00%, 02/20/2030    AUD 2,200       1,636  
Series 27, Reg. S, 3.00%, 05/20/2027    AUD 4,100       3,086  
New Zealand Government Bond, (New Zealand),     
Series 423, Reg. S, 5.50%, 04/15/2023    NZD 3,250       2,322  
Series 425, Reg. S, 2.75%, 04/15/2025    NZD 1,700       1,169  
Series 427, Reg. S, 4.50%, 04/15/2027    NZD 730       538  
Series 429, 3.00%, 04/20/2029    NZD 2,210       1,513  
Series 433, Reg. S, 3.50%, 04/14/2033    NZD 1,980       1,405  
Series 437, Reg. S, 2.75%, 04/15/2037    NZD 1,260       815  
Series 524, 0.50%, 05/15/2024    NZD 5,500       3,625  
Series 526, 0.50%, 05/15/2026    NZD 2,033       1,268  
Series 528, 0.25%, 05/15/2028    NZD 6,400       3,719  
Series 531, 1.50%, 05/15/2031    NZD 2,700       1,617  
Series 532, 2.00%, 05/15/2032    NZD 1,090       676  
Series 541, 1.75%, 05/15/2041    NZD 1,265       677  
Series 551, 2.75%, 05/15/2051    NZD 633       384  
New Zealand Local Government Funding Agency Bond, (New Zealand),     
Reg. S, 2.00%, 04/15/2037    NZD 1,570       832  
3.50%, 04/14/2033    NZD 300       199  
Northern Territory Treasury Corp., (Australia),     
Reg. S, 2.00%, 04/21/2031    AUD 600       401  
Reg. S, 2.75%, 04/21/2027    AUD 2,200       1,632  
Norway Government Bond, (Norway),     
Series 476, Reg. S, 3.00%, 03/14/2024 (e)    NOK 6,073       700  
Series 477, Reg. S, 1.75%, 03/13/2025 (e)    NOK 1,920       214  
Series 478, Reg. S, 1.50%, 02/19/2026 (e)    NOK 2,520       276  
Series 479, Reg. S, 1.75%, 02/17/2027 (e)    NOK 3,070       336  
Series 480, Reg. S, 2.00%, 04/26/2028 (e)    NOK 3,320       364  
Series 481, Reg. S, 1.75%, 09/06/2029 (e)    NOK 3,040       326  
Series 483, Reg. S, 1.25%, 09/17/2031 (e)    NOK 2,794       282  
Series 484, Reg. S, 2.13%, 05/18/2032 (e)    NOK 1,987       217  
Series 482, Reg. S, 1.38%, 08/19/2030 (e)    NOK 3,270       338  
OMERS Finance Trust, (Canada),     
0.45%, 05/13/2025 (e)    EUR 250       272  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 0.45%, 05/13/2025    EUR 2,700       2,939  
Ontario Electricity Financial Corp., (Canada), Series 40, Zero Coupon, 04/11/2031    CAD 1,400       833  
Ontario Teachers’ Finance Trust, (Canada),     
Reg. S, 0.50%, 05/06/2025    EUR 2,100       2,296  
Reg. S, 0.90%, 05/20/2041    EUR 1,050       1,013  
Panama Government International Bond, (Panama), 4.50%, 04/16/2050      200       198  
Peruvian Government International Bond, (Peru),     
Reg. S, 1.95%, 11/17/2036    EUR 500       479  
Reg. S, 2.75%, 01/30/2026    EUR 425       493  
2.78%, 01/23/2031      110       104  
3.23%, 07/28/2121      25       19  
3.55%, 03/10/2051      50       46  
Reg. S, 6.90%, 08/12/2037    PEN 1,000       268  
Philippine Government International Bond, (Philippines),     
1.65%, 06/10/2031      200       178  
1.75%, 04/28/2041    EUR 500       469  
9.50%, 02/02/2030      100       142  
Portugal Obrigacoes do Tesouro OT, (Portugal),     
Reg. S, 0.30%, 10/17/2031 (e)    EUR 232       232  
Reg. S, 0.48%, 10/18/2030 (e)    EUR 997       1,037  
Reg. S, 0.70%, 10/15/2027 (e)    EUR 1,455       1,597  
Reg. S, 0.90%, 10/12/2035 (e)    EUR 451       457  
Reg. S, 1.00%, 04/12/2052 (e)    EUR 140       120  
Reg. S, 1.15%, 04/11/2042 (e)    EUR 105       102  
Reg. S, 1.95%, 06/15/2029 (e)    EUR 233       272  
Reg. S, 2.13%, 10/17/2028 (e)    EUR 1,047       1,244  
Reg. S, 2.88%, 10/15/2025 (e)    EUR 610       731  
Reg. S, 2.88%, 07/21/2026 (e)    EUR 580       702  
Reg. S, 3.88%, 02/15/2030 (e)    EUR 50       67  
Reg. S, 4.10%, 04/15/2037 (e)    EUR 527       774  
Reg. S, 4.10%, 02/15/2045 (e)    EUR 570       908  
Reg. S, 4.13%, 04/14/2027 (e)    EUR 480       621  
Reg. S, 5.65%, 02/15/2024 (e)    EUR 1,139       1,389  
Series 15Y, Reg. S, 2.25%, 04/18/2034 (e)    EUR 426       511  
Province of Alberta Canada, (Canada),     
Reg. S, 1.40%, 02/20/2029    SEK 2,000       194  
Reg. S, 1.50%, 12/15/2022    GBP 400       527  
2.20%, 06/01/2026    CAD 600       469  
Province of British Columbia Canada, (Canada),     
2.80%, 06/18/2048    CAD 400       295  
7.25%, 09/01/2036      300       440  
7.88%, 11/30/2023    CAD 120       104  
Province of Manitoba Canada, (Canada), 2.75%, 06/02/2029    CAD 500       394  
Province of Nova Scotia Canada, (Canada), 3.45%, 06/01/2045    CAD 200       162  
Province of Ontario Canada, (Canada),     
Reg. S, 0.25%, 12/15/2026    GBP 1,000       1,210  
Reg. S, 0.50%, 12/15/2023    GBP 500       643  
Reg. S, 0.63%, 04/17/2025    EUR 400       440  
5.60%, 06/02/2035    CAD 300       300  
Province of Quebec Canada, (Canada),     
Reg. S, 0.88%, 05/04/2027    EUR 1,600       1,754  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 0.88%, 07/05/2028    EUR 1,025       1,114  
Reg. S, 2.38%, 01/22/2024    EUR 425       486  
3.50%, 12/01/2045    CAD 200       166  
Series PD, 7.50%, 09/15/2029      100       131  
Province of Saskatchewan Canada, (Canada), 3.30%, 06/02/2048    CAD 400       321  
Queensland Treasury Corp., (Australia),     
Reg. S, 1.50%, 03/02/2032 (e)    AUD 1,000       641  
Reg. S, 1.75%, 08/21/2031 (e)    AUD 1,700       1,126  
Reg. S, 1.75%, 07/20/2034 (e)    AUD 1,100       686  
Reg. S, 2.25%, 04/16/2040 (e)    AUD 1,100       671  
Reg. S, 2.25%, 11/20/2041 (e)    AUD 450       268  
Reg. S, 3.25%, 08/21/2029 (e)    AUD 2,000       1,516  
Reg. S, 3.50%, 08/21/2030 (e)    AUD 1,500       1,155  
Series 23, Reg. S, 4.25%, 07/21/2023 (e)    AUD 3,500       2,712  
Series 24, Reg. S, 5.75%, 07/22/2024    AUD 1,100       888  
Series 25, Reg. S, 4.75%, 07/21/2025 (e)    AUD 2,000       1,597  
Series 26, Reg. S, 3.25%, 07/21/2026 (e)    AUD 1,000       762  
Series 27, Reg. S, 2.75%, 08/20/2027 (e)    AUD 1,800       1,337  
Series 28, Reg. S, 3.25%, 07/21/2028 (e)    AUD 3,100       2,357  
Regiao Autonoma Madeira, (Portugal), 0.94%, 05/29/2032    EUR 200       206  
Regie Autonome des Transports Parisiens, (France),     
Reg. S, 0.38%, 06/15/2024    EUR 300       331  
Reg. S, 0.40%, 12/19/2036    EUR 700       660  
Reg. S, 0.88%, 05/25/2027    EUR 100       110  
Reg. S, 1.75%, 05/25/2031    EUR 500       581  
Region of Ile de France, (France),     
Reg. S, 0.50%, 06/14/2025    EUR 200       220  
Reg. S, 3.63%, 03/27/2024    EUR 100       118  
Region Wallonne Belgium, (Belgium),     
Reg. S, 0.05%, 06/22/2025    EUR 800       868  
Reg. S, 0.25%, 05/03/2026    EUR 300       325  
Reg. S, 0.38%, 10/22/2031    EUR 100       102  
Reg. S, 0.50%, 06/22/2037    EUR 100       95  
Reg. S, 1.05%, 06/22/2040    EUR 100       100  
Republic of Austria Government Bond, (Austria),     
Reg. S, 0.00%, 07/15/2023 (e)    EUR 700       777  
Reg. S, 0.00%, 07/15/2024 (e)    EUR 280       309  
Reg. S, 0.00%, 02/20/2030 (e)    EUR 498       517  
Reg. S, 0.00%, 02/20/2031 (e)    EUR 754       771  
Reg. S, 0.00%, 10/20/2040 (e)    EUR 350       312  
Reg. S, 0.25%, 10/20/2036 (e)    EUR 410       399  
Reg. S, 0.50%, 04/20/2027 (e)    EUR 600       663  
Reg. S, 0.50%, 02/20/2029 (e)    EUR 739       805  
Reg. S, 0.70%, 04/20/2071 (e)    EUR 101       84  
Reg. S, 0.75%, 10/20/2026 (e)    EUR 1,000       1,119  
Reg. S, 0.75%, 02/20/2028 (e)    EUR 740       825  
Reg. S, 0.75%, 03/20/2051 (e)    EUR 452       449  
Reg. S, 0.85%, 06/30/2120 (e)    EUR 200       141  
Reg. S, 1.20%, 10/20/2025 (e)    EUR 290       331  
Reg. S, 1.50%, 02/20/2047 (e)    EUR 425       510  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 1.50%, 11/02/2086 (e)    EUR 190       214  
Reg. S, 1.75%, 10/20/2023 (e)    EUR 595       678  
Reg. S, 2.10%, 09/20/2117 (e)    EUR 376       502  
Reg. S, 2.40%, 05/23/2034 (e)    EUR 843       1,081  
Reg. S, 3.15%, 06/20/2044 (e)    EUR 468       733  
Reg. S, 3.80%, 01/26/2062 (e)    EUR 210       415  
Reg. S, 4.15%, 03/15/2037 (e)    EUR 615       974  
Reg. S, 4.85%, 03/15/2026 (e)    EUR 911       1,187  
Reg. S, 6.25%, 07/15/2027    EUR 133       191  
Series 1, Reg. S, 1.65%, 10/21/2024 (e)    EUR 1,468       1,690  
Republic of Italy Government International Bond, (Italy),     
1.25%, 02/17/2026      2,000       1,844  
2.88%, 10/17/2029      200       189  
Reg. S, (ICE EURIBOR Swap Rate 30 Year + 0.00%), 4.25%, 06/28/2029 (aa)    EUR 1,000       1,275  
Reg. S, 5.13%, 07/31/2024    EUR 520       631  
Reg. S, 6.00%, 08/04/2028    GBP 1,050       1,614  
Republic of Poland Government Bond, (Poland),     
Series 423, Zero Coupon, 04/25/2023    PLN 2,781       628  
Series 424, 2.50%, 04/25/2024    PLN 1,639       368  
Series 428, 2.75%, 04/25/2028    PLN 500       102  
Series 429, 5.75%, 04/25/2029    PLN 530       130  
Series 432, 1.75%, 04/25/2032    PLN 723       127  
Series 447, 4.00%, 04/25/2047    PLN 373       73  
Series 726, 2.50%, 07/25/2026    PLN 1,890       396  
Series 727, 2.50%, 07/25/2027    PLN 6,920       1,424  
Series 1024, 2.25%, 10/25/2024    PLN 5,960       1,307  
Series 1026, 0.25%, 10/25/2026    PLN 1,390       262  
Series 1029, 2.75%, 10/25/2029    PLN 3,773       762  
Series 1030, 1.25%, 10/25/2030    PLN 1,213       212  
Republic of Poland Government International Bond, (Poland),     
Reg. S, 0.00%, 07/07/2023    EUR 425       467  
Reg. S, 0.00%, 02/10/2025    EUR 60       65  
Reg. S, 0.88%, 05/10/2027    EUR 1,000       1,087  
Reg. S, 1.13%, 08/07/2026    EUR 925       1,021  
Reg. S, 2.00%, 03/08/2049    EUR 53       58  
Reg. S, 2.38%, 01/18/2036    EUR 500       556  
Romania Government Bond, (Romania),     
Series 3Y, 4.00%, 10/25/2023    RON 4,550       999  
Series 5Y, 3.25%, 06/24/2026    RON 2,215       446  
Series 5Y, 3.65%, 07/28/2025    RON 2,600       544  
Series 5Y, 4.25%, 04/28/2036    RON 555       101  
Series 7Y, 2.50%, 10/25/2027    RON 1,350       253  
Series 10YR, 4.15%, 10/24/2030    RON 1,855       362  
Romanian Government International Bond, (Romania),     
Reg. S, 1.75%, 07/13/2030    EUR 500       467  
Reg. S, 2.00%, 04/14/2033    EUR 800       710  
Reg. S, 2.75%, 02/26/2026    EUR 15       17  
Reg. S, 2.75%, 04/14/2041    EUR 400       338  
Reg. S, 2.88%, 10/28/2024    EUR 775       884  
Reg. S, 3.38%, 02/08/2038    EUR 225       215  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 3.38%, 01/28/2050    EUR 665       588  
Reg. S, 3.62%, 05/26/2030    EUR 975       1,054  
Russian Federal Bond - OFZ, (Russia),     
Series 6221, 7.70%, 03/23/2033 (r) (bb)    RUB 1,000       — (h) 
Series 6228, 7.65%, 04/10/2030 (r) (bb)    RUB 67,000       25  
Russian Foreign Bond - Eurobond, (Russia), Reg. S, 2.88%, 12/04/2025 (r) (bb)    EUR 300       53  
Saitama Prefecture, (Japan), Series 7, 2.29%, 06/22/2029    JPY 500,000       4,720  
Saudi Government International Bond, (Saudi Arabia),     
Reg. S, 0.75%, 07/09/2027    EUR 100       106  
Reg. S, 2.00%, 07/09/2039    EUR 600       612  
SFIL SA, (France),     
Reg. S, 0.00%, 05/24/2024    EUR 200       219  
Reg. S, 0.13%, 10/18/2024    EUR 500       548  
Reg. S, 0.75%, 02/06/2026    EUR 500       554  
Singapore Government Bond, (Singapore),     
1.25%, 11/01/2026    SGD 5,000       3,529  
1.63%, 07/01/2031    SGD 1,608       1,117  
1.88%, 03/01/2050    SGD 2,293       1,455  
2.00%, 02/01/2024    SGD 4,700       3,477  
2.13%, 06/01/2026    SGD 3,044       2,237  
2.25%, 08/01/2036    SGD 1,100       785  
2.38%, 07/01/2039    SGD 1,140       821  
2.63%, 05/01/2028    SGD 1,926       1,445  
2.75%, 04/01/2042    SGD 783       591  
2.75%, 03/01/2046    SGD 1,658       1,244  
2.88%, 07/01/2029    SGD 800       611  
2.88%, 09/01/2030    SGD 2,295       1,761  
3.38%, 09/01/2033    SGD 1,650       1,330  
3.50%, 03/01/2027    SGD 1,800       1,402  
Slovakia Government Bond, (Slovakia),     
Series 231, 0.63%, 05/22/2026    EUR 860       951  
Series 233, Reg. S, 2.00%, 10/17/2047    EUR 180       204  
Series 234, Reg. S, 1.00%, 06/12/2028    EUR 240       267  
Series 235, Reg. S, 2.25%, 06/12/2068    EUR 59       66  
Series 239, Reg. S, 1.00%, 05/14/2032    EUR 868       929  
Series 241, Reg. S, 0.13%, 06/17/2027    EUR 162       173  
Series 242, Reg. S, 0.38%, 04/21/2036    EUR 209       191  
Slovenia Government Bond, (Slovenia),     
Series RS66, Reg. S, 4.63%, 09/09/2024    EUR 319       392  
Series RS70, Reg. S, 5.13%, 03/30/2026    EUR 470       615  
Series RS74, Reg. S, 1.50%, 03/25/2035    EUR 120       129  
Series RS76, Reg. S, 3.13%, 08/07/2045    EUR 160       226  
Series RS77, Reg. S, 2.25%, 03/03/2032    EUR 130       154  
Series RS78, Reg. S, 1.75%, 11/03/2040    EUR 112       125  
Series RS82, Reg. S, 0.28%, 01/14/2030    EUR 316       325  
Series RS84, Reg. S, 0.88%, 07/15/2030    EUR 190       203  
Series RS87, Reg. S, 0.69%, 03/03/2081    EUR 121       83  
SNCF Reseau, (France),     
Reg. S, 0.88%, 01/22/2029    EUR 200       219  
Reg. S, 1.13%, 05/19/2027    EUR 400       448  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 1.50%, 05/29/2037    EUR 300       333  
Reg. S, 2.00%, 11/12/2026    CHF 300       345  
Reg. S, 2.00%, 02/05/2048    EUR 100       116  
4.70%, 06/01/2035    CAD 100       92  
Reg. S, 5.00%, 10/10/2033    EUR 200       307  
Reg. S, 5.00%, 03/11/2052    GBP 145       289  
Reg. S, 5.25%, 12/07/2028    GBP 300       472  
Societe Du Grand Paris EPIC, (France),     
Reg. S, 0.70%, 10/15/2060    EUR 300       233  
Reg. S, 0.88%, 05/10/2046    EUR 100       94  
Reg. S, 1.13%, 10/22/2028    EUR 700       783  
Reg. S, 1.13%, 05/25/2034    EUR 300       323  
Reg. S, 1.70%, 05/25/2050    EUR 300       337  
Societe Nationale SNCF SA, (France),     
Reg. S, 0.63%, 04/17/2030    EUR 300       319  
Reg. S, 1.00%, 05/25/2040    EUR 100       98  
Reg. S, 1.00%, 01/19/2061    EUR 100       79  
Reg. S, 1.50%, 02/02/2029    EUR 100       113  
Reg. S, 4.63%, 02/02/2024    EUR 300       358  
Reg. S, 5.38%, 03/18/2027    GBP 400       604  
South Australian Government Financing Authority, (Australia),     
Reg. S, 2.00%, 05/23/2036    AUD 479       296  
2.75%, 05/24/2030    AUD 2,000       1,456  
Series 23, 4.25%, 11/20/2023    AUD 350       273  
Series 24, Reg. S, 2.25%, 08/15/2024    AUD 400       299  
Series 26, Reg. S, 3.00%, 07/20/2026    AUD 1,600       1,207  
Spain Government Bond, (Spain),     
Reg. S, 0.85%, 07/30/2037 (e)    EUR 473       461  
Reg. S, 1.25%, 10/31/2030 (e)    EUR 2,458       2,728  
Reg. S, 2.15%, 10/31/2025 (e)    EUR 3,525       4,110  
0.00%, 04/30/2023    EUR 694       771  
Reg. S, 0.00%, 05/31/2024    EUR 509       560  
0.00%, 01/31/2025    EUR 1,479       1,619  
0.00%, 01/31/2026    EUR 311       335  
0.00%, 01/31/2027    EUR 620       658  
Reg. S, 0.00%, 01/31/2028 (e)    EUR 618       647  
Reg. S, 0.10%, 04/30/2031 (e)    EUR 720       716  
0.35%, 07/30/2023    EUR 1,880       2,094  
Reg. S, 0.50%, 04/30/2030 (e)    EUR 823       865  
Reg. S, 0.50%, 10/31/2031 (e)    EUR 658       672  
Reg. S, 0.60%, 10/31/2029 (e)    EUR 1,410       1,505  
Reg. S, 0.70%, 04/30/2032 (e)    EUR 300       309  
Reg. S, 0.80%, 07/30/2027 (e)    EUR 2,071       2,277  
Reg. S, 1.00%, 07/30/2042 (e)    EUR 423       405  
Reg. S, 1.00%, 10/31/2050 (e)    EUR 1,670       1,463  
Reg. S, 1.20%, 10/31/2040 (e)    EUR 1,131       1,130  
Reg. S, 1.30%, 10/31/2026 (e)    EUR 1,031       1,169  
Reg. S, 1.40%, 04/30/2028 (e)    EUR 666       756  
Reg. S, 1.40%, 07/30/2028 (e)    EUR 871       989  
Reg. S, 1.45%, 10/31/2027 (e)    EUR 1,840       2,095  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 1.45%, 04/30/2029 (e)    EUR 3,020       3,432  
Reg. S, 1.45%, 10/31/2071 (e)    EUR 269       216  
Reg. S, 1.50%, 04/30/2027 (e)    EUR 1,585       1,807  
Reg. S, 1.60%, 04/30/2025 (e)    EUR 1,005       1,152  
Reg. S, 1.85%, 07/30/2035 (e)    EUR 2,233       2,550  
Reg. S, 1.90%, 10/31/2052 (e)    EUR 342       361  
Reg. S, 1.95%, 04/30/2026 (e)    EUR 568       659  
Reg. S, 1.95%, 07/30/2030 (e)    EUR 1,340       1,572  
Reg. S, 2.35%, 07/30/2033 (e)    EUR 1,491       1,803  
Reg. S, 2.75%, 10/31/2024 (e)    EUR 1,693       1,992  
Reg. S, 2.90%, 10/31/2046 (e)    EUR 1,413       1,881  
Reg. S, 3.45%, 07/30/2066 (e)    EUR 920       1,325  
Reg. S, 3.80%, 04/30/2024 (e)    EUR 1,457       1,731  
Reg. S, 4.20%, 01/31/2037 (e)    EUR 923       1,374  
Reg. S, 4.40%, 10/31/2023 (e)    EUR 1,070       1,266  
Reg. S, 4.65%, 07/30/2025 (e)    EUR 2,226       2,789  
Reg. S, 4.70%, 07/30/2041 (e)    EUR 1,064       1,750  
Reg. S, 4.80%, 01/31/2024 (e)    EUR 818       982  
Reg. S, 4.90%, 07/30/2040 (e)    EUR 999       1,664  
Reg. S, 5.15%, 10/31/2028 (e)    EUR 2,146       2,996  
Reg. S, 5.15%, 10/31/2044 (e)    EUR 971       1,742  
5.75%, 07/30/2032    EUR 1,766       2,783  
Reg. S, 5.90%, 07/30/2026 (e)    EUR 420       567  
6.00%, 01/31/2029    EUR 1,430       2,110  
Series 5YR, Reg. S, 0.25%, 07/30/2024 (e)    EUR 313       346  
Series 30Y, Reg. S, 2.70%, 10/31/2048 (e)    EUR 854       1,098  
State of Brandenburg, (Germany),     
Reg. S, 0.13%, 01/26/2046    EUR 159       134  
Reg. S, 1.45%, 11/26/2038    EUR 180       203  
State of Bremen, (Germany),     
Series 191, Reg. S, 1.88%, 03/18/2024    EUR 580       660  
Series 215, Reg. S, 1.20%, 01/30/2034    EUR 40       44  
Series 224, Reg. S, 0.40%, 08/20/2049    EUR 30       26  
Series 232, Reg. S, 0.55%, 02/04/2050    EUR 30       28  
Series 258, Reg. S, 0.50%, 05/06/2041    EUR 138       131  
State of Hesse, (Germany),     
Reg. S, 0.13%, 10/10/2031    EUR 203       205  
Reg. S, 0.88%, 12/10/2024    EUR 600       669  
Reg. S, 1.38%, 06/10/2024    EUR 490       553  
Series 1801, Reg. S, 0.63%, 08/02/2028    EUR 230       250  
State of Lower Saxony, (Germany),     
Reg. S, 0.01%, 01/10/2031    EUR 479       484  
Reg. S, 0.05%, 03/09/2035    EUR 277       262  
Reg. S, 0.25%, 02/06/2024    EUR 325       359  
Series 884, Reg. S, 0.88%, 10/25/2028    EUR 320       353  
Series 898, Reg. S, 0.01%, 08/13/2030    EUR 149       151  
State of North Rhine-Westphalia Germany, (Germany),     
Reg. S, 0.00%, 01/15/2029    EUR 161       167  
Reg. S, 0.20%, 04/09/2030    EUR 294       305  
Reg. S, 0.20%, 01/27/2051    EUR 80       66  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 0.38%, 09/02/2050    EUR 373       326  
Reg. S, 0.50%, 11/25/2039    EUR 110       106  
Reg. S, 0.75%, 08/16/2041    EUR 360       357  
Reg. S, 0.80%, 07/30/2049    EUR 100       99  
Reg. S, 0.95%, 03/13/2028    EUR 144       160  
Reg. S, 0.95%, 01/10/2121    EUR 195       131  
Reg. S, 1.38%, 01/15/2120    EUR 164       142  
Reg. S, 1.45%, 02/16/2043    EUR 100       113  
Reg. S, 1.65%, 02/22/2038    EUR 110       127  
Reg. S, 1.65%, 05/16/2047    EUR 80       95  
Reg. S, 1.75%, 10/26/2057    EUR 172       206  
Reg. S, 1.75%, 07/11/2068    EUR 104       123  
Reg. S, 1.88%, 03/15/2024    EUR 630       717  
Reg. S, 1.95%, 09/26/2078    EUR 154       192  
Reg. S, 2.15%, 03/21/2119    EUR 226       283  
Series 15YR, Reg. S, 0.00%, 10/12/2035    EUR 274       254  
Series 15YR, Reg. S, 1.10%, 03/13/2034    EUR 110       120  
Series 1250, Reg. S, 2.38%, 05/13/2033    EUR 350       435  
Series 1409, Reg. S, 0.50%, 04/16/2026    EUR 360       394  
State of Rhineland-Palatinate, (Germany),     
Reg. S, 0.38%, 01/26/2027    EUR 220       238  
Reg. S, 0.75%, 01/19/2026    EUR 725       802  
State of Saarland, (Germany), Reg. S, 0.05%, 11/05/2040    EUR 68       60  
State of Saxony-Anhalt, (Germany),     
Reg. S, 0.50%, 03/24/2051    EUR 123       112  
Reg. S, 1.88%, 04/10/2024    EUR 300       342  
State of Schleswig-Holstein Germany, (Germany),     
Reg. S, 0.13%, 06/12/2029    EUR 331       344  
Reg. S, 0.50%, 03/22/2029    EUR 140       150  
Reg. S, 0.63%, 08/31/2028    EUR 140       152  
State of the Grand-Duchy of Luxembourg, (Luxembourg), Reg. S, 0.00%, 03/24/2031    EUR 103       104  
States of Guernsey Bond, (Guernsey), Reg. S, 3.38%, 12/12/2046    GBP 200       304  
Svensk Exportkredit AB, (Sweden), Zero Coupon, 05/11/2037      224       134  
Sweden Government Bond, (Sweden),     
Series 1053, 3.50%, 03/30/2039    SEK 2,210       311  
Series 1056, Reg. S, 2.25%, 06/01/2032    SEK 3,590       419  
Series 1057, Reg. S, 1.50%, 11/13/2023 (e)    SEK 4,040       435  
Series 1058, Reg. S, 2.50%, 05/12/2025 (e)    SEK 5,100       567  
Series 1059, Reg. S, 1.00%, 11/12/2026    SEK 4,770       504  
Series 1060, Reg. S, 0.75%, 05/12/2028 (e)    SEK 6,075       629  
Series 1061, Reg. S, 0.75%, 11/12/2029 (e)    SEK 2,490       256  
Series 1062, Reg. S, 0.13%, 05/12/2031 (e)    SEK 3,335       322  
Series 1063, Reg. S, 0.50%, 11/24/2045    SEK 640       55  
Series 1064, Reg. S, 1.38%, 06/23/2071 (e)    SEK 570       45  
Sweden Government International Bond, (Sweden), Reg. S, 0.13%, 04/24/2023    EUR 700       776  
Swiss Confederation Government Bond, (Switzerland),     
Reg. S, 0.00%, 06/22/2029    CHF 240       252  
Reg. S, 0.00%, 06/26/2034    CHF 679       675  
Reg. S, 0.00%, 07/24/2039    CHF 229       218  
Reg. S, 0.50%, 05/27/2030    CHF 330       358  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 0.50%, 06/27/2032    CHF 120       129  
Reg. S, 0.50%, 06/28/2045    CHF 110       114  
Reg. S, 0.50%, 05/24/2055    CHF 32       33  
Reg. S, 0.50%, 05/30/2058    CHF 160       166  
Reg. S, 1.25%, 06/11/2024    CHF 410       457  
Reg. S, 1.25%, 06/27/2037    CHF 300       348  
Reg. S, 1.50%, 07/24/2025    CHF 190       215  
Reg. S, 1.50%, 04/30/2042    CHF 140       172  
Reg. S, 2.00%, 06/25/2064    CHF 111       180  
Reg. S, 2.25%, 06/22/2031    CHF 52       65  
Reg. S, 3.25%, 06/27/2027    CHF 510       637  
Reg. S, 4.00%, 04/08/2028    CHF 273       360  
Reg. S, 4.00%, 01/06/2049    CHF 180       351  
Tasmanian Public Finance Corp., (Australia), Reg. S, 2.25%, 01/22/2032    AUD 650       443  
Thailand Government Bond, (Thailand),     
1.45%, 12/17/2024    THB 108,000       3,272  
1.60%, 12/17/2029    THB 54,000       1,545  
1.88%, 06/17/2049    THB 107,164       2,252  
2.00%, 12/17/2031    THB 114,202       3,327  
2.00%, 06/17/2042    THB 19,000       449  
2.13%, 12/17/2026    THB 157,364       4,834  
2.40%, 12/17/2023    THB 220,000       6,800  
2.88%, 12/17/2028    THB 124,165       3,895  
2.88%, 06/17/2046    THB 15,000       400  
3.30%, 06/17/2038    THB 162,300       4,909  
3.40%, 06/17/2036    THB 25,000       779  
3.60%, 06/17/2067    THB 53,000       1,605  
3.65%, 06/20/2031    THB 110,000       3,669  
4.00%, 06/17/2066    THB 25,620       846  
Tokyo Metropolitan Government, (Japan),     
Reg. S, 0.75%, 07/16/2025      1,000       933  
Series 716, 0.77%, 12/20/2022    JPY 100,000       826  
Series 726, 0.73%, 12/20/2023    JPY 1,800,000       14,967  
Series 727, 0.72%, 12/20/2023    JPY 1,200,000       9,976  
Series 747, 0.48%, 09/19/2025    JPY 200,000       1,668  
Treasury Corp. of Victoria, (Australia),     
0.50%, 11/20/2025    AUD 2,500       1,728  
1.00%, 11/20/2023    AUD 3,650       2,699  
1.25%, 11/19/2027    AUD 1,600       1,093  
Reg. S, 1.50%, 09/10/2031    AUD 2,400       1,547  
Reg. S, 2.00%, 09/17/2035    AUD 1,100       691  
2.25%, 09/15/2033    AUD 900       603  
Reg. S, 2.25%, 11/20/2034    AUD 3,800       2,497  
2.25%, 11/20/2041    AUD 878       521  
Reg. S, 2.50%, 10/22/2029    AUD 2,000       1,437  
Reg. S, 3.00%, 10/20/2028    AUD 1,200       898  
Tyollisyysrahasto, (Finland), 0.01%, 06/16/2027    EUR 200       210  
UNEDIC ASSEO, (France),     
Reg. S, 0.00%, 03/05/2030    EUR 100       102  
Reg. S, 0.00%, 11/19/2030    EUR 200       201  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 0.10%, 11/25/2026    EUR 600       641  
Reg. S, 0.25%, 11/25/2029    EUR 1,000       1,042  
Reg. S, 0.25%, 07/16/2035    EUR 300       287  
Reg. S, 0.63%, 03/03/2026    EUR 100       110  
Reg. S, 0.88%, 10/25/2022    EUR 800       891  
Reg. S, 1.25%, 10/21/2027    EUR 200       225  
Reg. S, 1.25%, 05/25/2033    EUR 200       221  
United Kingdom Gilt, (United Kingdom),     
Reg. S, 0.13%, 01/31/2024    GBP 1,648       2,115  
Reg. S, 0.13%, 01/30/2026    GBP 1,730       2,167  
Reg. S, 0.13%, 01/31/2028    GBP 1,457       1,774  
Reg. S, 0.25%, 07/31/2031    GBP 2,616       3,038  
Reg. S, 0.38%, 10/22/2026    GBP 1,557       1,947  
Reg. S, 0.38%, 10/22/2030    GBP 2,152       2,568  
Reg. S, 0.50%, 10/22/2061    GBP 1,122       990  
Reg. S, 0.63%, 06/07/2025    GBP 3,048       3,912  
Reg. S, 0.63%, 07/31/2035    GBP 1,524       1,725  
Reg. S, 0.63%, 10/22/2050    GBP 2,141       2,104  
Reg. S, 0.88%, 10/22/2029    GBP 2,580       3,239  
Reg. S, 0.88%, 07/31/2033    GBP 241       290  
Reg. S, 0.88%, 01/31/2046    GBP 1,399       1,505  
Reg. S, 1.00%, 04/22/2024    GBP 1,510       1,969  
Reg. S, 1.00%, 01/31/2032    GBP 112       139  
Reg. S, 1.13%, 01/31/2039    GBP 486       573  
Reg. S, 1.13%, 10/22/2073    GBP 217       243  
Reg. S, 1.25%, 07/22/2027    GBP 2,611       3,401  
Reg. S, 1.25%, 10/22/2041    GBP 1,351       1,606  
Reg. S, 1.25%, 07/31/2051    GBP 1,016       1,175  
Reg. S, 1.50%, 07/22/2026    GBP 2,020       2,664  
Reg. S, 1.50%, 07/22/2047    GBP 1,483       1,828  
Reg. S, 1.50%, 07/31/2053    GBP 190       235  
Reg. S, 1.63%, 10/22/2028    GBP 1,285       1,707  
Reg. S, 1.63%, 10/22/2054    GBP 1,301       1,663  
Reg. S, 1.63%, 10/22/2071    GBP 1,160       1,551  
Reg. S, 1.75%, 09/07/2037    GBP 1,759       2,289  
Reg. S, 1.75%, 01/22/2049    GBP 1,650       2,150  
Reg. S, 1.75%, 07/22/2057    GBP 1,364       1,817  
Reg. S, 2.00%, 09/07/2025    GBP 2,463       3,302  
Reg. S, 2.25%, 09/07/2023    GBP 3,820       5,081  
Reg. S, 2.50%, 07/22/2065    GBP 992       1,657  
Reg. S, 2.75%, 09/07/2024    GBP 1,660       2,250  
Reg. S, 3.25%, 01/22/2044    GBP 2,600       4,294  
Reg. S, 3.50%, 01/22/2045    GBP 2,547       4,391  
Reg. S, 3.50%, 07/22/2068    GBP 1,059       2,236  
Reg. S, 3.75%, 07/22/2052    GBP 1,257       2,421  
Reg. S, 4.00%, 01/22/2060    GBP 1,258       2,733  
Reg. S, 4.25%, 12/07/2027    GBP 1,620       2,450  
Reg. S, 4.25%, 06/07/2032    GBP 1,800       2,946  
Reg. S, 4.25%, 03/07/2036    GBP 1,449       2,484  
Reg. S, 4.25%, 09/07/2039    GBP 894       1,605  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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%, 12/07/2040    GBP 2,095       3,814  
Reg. S, 4.25%, 12/07/2046    GBP 3,128       6,088  
Reg. S, 4.25%, 12/07/2049 (ff)    GBP 1,387       2,793  
Reg. S, 4.25%, 12/07/2055    GBP 1,379       2,981  
Reg. S, 4.50%, 09/07/2034    GBP 1,799       3,090  
Reg. S, 4.50%, 12/07/2042    GBP 1,407       2,701  
Reg. S, 4.75%, 12/07/2030    GBP 3,046       5,055  
Reg. S, 4.75%, 12/07/2038    GBP 1,679       3,147  
Reg. S, 5.00%, 03/07/2025    GBP 1,348       1,949  
Reg. S, 6.00%, 12/07/2028    GBP 912       1,543  
United States International Development Finance Corp., 3.37%, 10/05/2034      91       94  
Uruguay Government International Bond, (Uruguay),     
4.98%, 04/20/2055      50       58  
5.10%, 06/18/2050      100       118  
Ville de Paris, (France),     
Reg. S, 1.38%, 11/20/2034    EUR 100       111  
Reg. S, 1.75%, 05/25/2031    EUR 200       232  
3.88%, 12/29/2025    EUR 500       617  
Western Australian Treasury Corp., (Australia),     
Reg. S, 1.50%, 10/22/2030    AUD 692       455  
Reg. S, 1.75%, 10/22/2031    AUD 800       529  
Series 24, Reg. S, 2.50%, 07/23/2024    AUD 2,800       2,108  
Series 25, Reg. S, 5.00%, 07/23/2025    AUD 2,000       1,610  
Series 26, Reg. S, 3.00%, 10/21/2026    AUD 400       302  
Series 28, Reg. S, 3.25%, 07/20/2028    AUD 1,400       1,064  
    

 

 

  

Total Foreign Government Securities

(Cost $3,920,583)

     

 

3,591,979

 

    

 

 

  
Mortgage-Backed Securities — 18.9%     
FHLMC Gold Pool,     
3.00%, 10/01/2046      213       207  
3.50%, 12/01/2044      424       422  
3.50%, 06/01/2045      846       841  
3.50%, 05/01/2046      178       176  
3.50%, 10/01/2046      239       238  
FHLMC Gold Pool, Single Family, 15 years, 3.00%, 05/01/2029      7,417       7,502  
FHLMC Gold Pool, Single Family, 30 years,     
3.00%, 03/01/2046      21       21  
3.00%, 12/01/2046      34       33  
4.00%, 08/01/2040      312       325  
4.00%, 10/01/2040      2,814       2,948  
4.00%, 11/01/2040      712       746  
4.00%, 11/01/2047      2,178       2,252  
4.00%, 01/01/2048      46       48  
FHLMC Non Gold Pool, ARM, (ICE LIBOR USD 1 Year + 1.64%), 3.62%, 01/01/2050 (aa)      75       76  
FHLMC Pool,     
3.50%, 02/01/2043      78       80  
3.50%, 02/01/2044      101       102  
6.00%, 08/01/2035      57       59  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
FHLMC Pool, Single Family, 15 years,     
1.50%, 12/01/2035      433       411  
1.50%, 03/01/2036      652       620  
1.50%, 02/01/2037      914       868  
1.50%, 03/01/2037      4,000       3,797  
1.50%, 04/01/2037      5,499       5,220  
2.00%, 12/01/2035      867       843  
2.00%, 02/01/2036      5,994       5,829  
2.00%, 03/01/2036      489       476  
2.00%, 05/01/2036      3,000       2,918  
2.00%, 08/01/2036      1,412       1,373  
2.00%, 10/01/2036      752       731  
2.00%, 11/01/2036      4,182       4,067  
2.00%, 12/01/2036      417       406  
2.00%, 01/01/2037      5,030       4,891  
2.50%, 07/01/2032      2,926       2,902  
2.50%, 10/01/2035      9,567       9,516  
2.50%, 07/01/2036      1,577       1,561  
3.00%, 04/01/2028      59       60  
3.00%, 10/01/2028      1,752       1,771  
3.00%, 04/01/2029      72       73  
3.00%, 05/01/2030      7       7  
3.00%, 06/01/2030      812       821  
3.00%, 11/01/2030      146       147  
3.00%, 11/01/2031      55       56  
3.00%, 11/01/2032      144       145  
3.00%, 01/01/2033      69       70  
3.50%, 11/01/2025      578       590  
3.50%, 09/01/2033      403       413  
3.50%, 02/01/2034      968       991  
3.50%, 05/01/2035      726       751  
3.50%, 12/01/2035      174       178  
3.50%, 02/01/2036      368       376  
4.00%, 07/01/2025      35       36  
4.00%, 05/01/2026      24       25  
4.00%, 07/01/2029      582       600  
4.00%, 11/01/2033      703       723  
4.00%, 01/01/2034      21       22  
FHLMC Pool, Single Family, 20 years,     
3.50%, 06/01/2039      339       343  
3.50%, 07/01/2039      201       203  
3.50%, 08/01/2039      724       730  
3.50%, 09/01/2039      432       437  
FHLMC Pool, Single Family, 30 years,     
1.50%, 02/01/2051      30       27  
1.50%, 04/01/2051      55       49  
1.50%, 05/01/2051      5,969       5,337  
1.50%, 07/01/2051      999       893  
2.00%, 10/01/2050      3,569       3,326  
2.00%, 02/01/2051      4,452       4,145  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
2.00%, 03/01/2051      3,257       3,033  
2.00%, 05/01/2051      12,568       11,685  
2.00%, 06/01/2051      1,486       1,382  
2.00%, 07/01/2051      1,527       1,421  
2.00%, 10/01/2051      1,950       1,814  
2.00%, 11/01/2051      6,299       5,857  
2.00%, 12/01/2051      4,878       4,534  
2.00%, 02/01/2052      2,344       2,180  
2.00%, 03/01/2052      872       810  
2.50%, 07/01/2050      2,649       2,537  
2.50%, 11/01/2050      29,829       28,566  
2.50%, 12/01/2050      879       840  
2.50%, 04/01/2051      443       424  
2.50%, 08/01/2051      16,190       15,532  
2.50%, 11/01/2051      992       949  
2.50%, 04/01/2052 (w)      1,124       1,075  
3.00%, 11/01/2049      2,006       1,971  
3.00%, 05/01/2050      4,234       4,178  
3.00%, 07/01/2050      1,983       1,950  
3.00%, 08/01/2050      4,595       4,523  
3.00%, 06/01/2051      3,620       3,558  
3.00%, 07/01/2051      6,437       6,357  
3.00%, 11/01/2051      2,325       2,280  
3.00%, 12/01/2051      1,099       1,079  
3.00%, 03/01/2052      737       723  
3.00%, 04/01/2052      3,677       3,608  
3.50%, 11/01/2047      393       398  
3.50%, 02/01/2048      2,157       2,180  
3.50%, 03/01/2048      356       361  
3.50%, 05/01/2048      4,717       4,779  
3.50%, 06/01/2048      5       5  
3.50%, 01/01/2049      65       66  
3.50%, 02/01/2049      647       660  
3.50%, 09/01/2049      1,289       1,304  
3.50%, 10/01/2049      2,432       2,451  
3.50%, 04/01/2050      3,629       3,679  
4.00%, 10/01/2048      3,444       3,545  
4.00%, 04/01/2049      3,085       3,173  
4.00%, 09/01/2049      1,783       1,849  
4.00%, 05/01/2050      1,284       1,314  
4.00%, 08/01/2050      1,712       1,752  
4.00%, 09/01/2050      11,507       11,890  
4.50%, 12/01/2047      238       249  
4.50%, 03/01/2048      218       226  
4.50%, 04/01/2048      633       659  
4.50%, 08/01/2048      28       30  
4.50%, 09/01/2048      971       1,008  
4.50%, 08/01/2049      1,703       1,799  
4.50%, 10/01/2050      5,136       5,360  
5.00%, 12/01/2049      518       558  
FNMA DUS, 3.01%, 04/01/2032 (bb) (cc)      4,200       4,150  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 15 years,     
TBA, 1.50%, 04/01/2036 (w)      13,800       13,085  
TBA, 2.00%, 04/01/2037 (w)      3,607       3,504  
TBA, 2.50%, 04/01/2037 (w)      15,200       15,024  
TBA, 3.00%, 04/01/2037 (w)      1,675       1,687  
TBA, 3.50%, 04/01/2037 (w)      1,825       1,863  
TBA, 4.00%, 04/01/2037 (w)      250       257  
FNMA or FHLMC, Single Family, 30 years,     
TBA, 1.50%, 04/01/2052 (w)      10,225       9,130  
TBA, 2.00%, 05/01/2050 (w)      300       278  
TBA, 2.00%, 04/01/2052 (w)      123,600       114,787  
TBA, 2.50%, 04/01/2052 (w)      38,176       36,470  
TBA, 2.50%, 05/01/2052 (w)      6,000       5,718  
TBA, 3.00%, 05/15/2042 (w)      19,500       19,045  
TBA, 3.00%, 04/01/2052 (w)      7,227       7,077  
TBA, 3.00%, 06/01/2052 (w)      28,200       27,493  
TBA, 3.50%, 05/01/2042 (w)      44,700       44,643  
TBA, 3.50%, 04/01/2052 (w)      32,364       32,446  
TBA, 3.50%, 06/01/2052 (w)      21,300       21,225  
TBA, 4.00%, 05/01/2042 (w)      15,800       16,080  
TBA, 4.00%, 04/01/2052 (w)      1,725       1,762  
TBA, 4.50%, 04/01/2052 (w)      75,450       78,268  
TBA, 5.00%, 04/01/2052 (w)      150       158  
FNMA Pool,     
3.00%, 05/01/2045      392       381  
3.00%, 03/01/2060      23,629       23,458  
3.44%, 01/01/2037      327       335  
3.50%, 08/01/2032      86       87  
3.50%, 12/01/2042      176       180  
3.50%, 04/01/2043      266       271  
3.50%, 11/01/2043      129       132  
3.50%, 02/01/2045      315       323  
3.50%, 09/01/2048      102       101  
3.50%, 07/01/2049      300       298  
4.00%, 04/01/2041      152       157  
4.00%, 08/01/2046      129       135  
5.39%, 07/01/2024      598       606  
FNMA Pool, 10 years,     
2.00%, 11/01/2027      592       576  
3.50%, 07/01/2024      194       198  
3.50%, 09/01/2027      227       231  
3.50%, 12/01/2028      92       94  
FNMA Pool, 30 years, FHA/VA, 3.00%, 01/01/2047      1,013       982  
FNMA Pool, Single Family, 15 years,     
1.50%, 10/01/2036      616       585  
1.50%, 11/01/2036      561       533  
1.50%, 02/01/2037      1,507       1,430  
1.50%, 03/01/2037      11,510       10,926  
1.50%, 04/01/2037      5,999       5,695  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
2.00%, 02/01/2028      19       19  
2.00%, 09/01/2028      164       160  
2.00%, 11/01/2028      154       150  
2.00%, 07/01/2032      12       12  
2.00%, 12/01/2035      979       953  
2.00%, 02/01/2036      7,399       7,196  
2.00%, 03/01/2036      558       543  
2.00%, 08/01/2036      1,371       1,334  
2.00%, 11/01/2036      2,703       2,628  
2.00%, 12/01/2036      1,350       1,313  
2.00%, 01/01/2037      667       649  
2.50%, 08/01/2035      289       286  
2.50%, 03/01/2036      2,633       2,610  
2.50%, 07/01/2036      1,057       1,048  
3.00%, 04/01/2027      785       792  
3.00%, 11/01/2027      57       58  
3.00%, 02/01/2028      357       361  
3.00%, 10/01/2029      88       89  
3.00%, 03/01/2030      59       59  
3.00%, 05/01/2030      33       34  
3.00%, 07/01/2030      29       30  
3.00%, 09/01/2030      861       870  
3.00%, 12/01/2030      42       42  
3.00%, 04/01/2031      133       134  
3.00%, 12/01/2031      297       300  
3.00%, 07/01/2032      130       131  
3.00%, 01/01/2033      87       88  
3.00%, 07/01/2033      141       143  
3.00%, 02/01/2034      1,747       1,762  
3.00%, 12/01/2035      784       792  
3.50%, 12/01/2025      308       315  
3.50%, 01/01/2026      884       903  
3.50%, 07/01/2031      95       97  
3.50%, 07/01/2034      623       639  
3.50%, 03/01/2035      1,971       2,027  
3.50%, 04/01/2035      1,155       1,182  
3.50%, 05/01/2035      118       120  
3.50%, 06/01/2035      353       363  
4.00%, 03/01/2025      132       136  
4.00%, 06/01/2026      129       133  
4.00%, 08/01/2026      79       81  
4.00%, 08/01/2027      75       78  
4.00%, 12/01/2028      25       26  
4.00%, 04/01/2033      747       773  
4.00%, 10/01/2033      110       116  
4.00%, 11/01/2033      726       747  
4.00%, 12/01/2033      27       28  
4.00%, 03/01/2035      2,190       2,253  
FNMA Pool, Single Family, 20 years,     
3.50%, 03/01/2037      582       601  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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%, 08/01/2038      127       128  
3.50%, 04/01/2039      18       18  
3.50%, 08/01/2039      208       210  
4.50%, 06/01/2039      37       39  
FNMA Pool, Single Family, 30 years,     
1.50%, 11/01/2050      1,473       1,318  
1.50%, 06/01/2051      2,249       2,011  
1.50%, 07/01/2051      1,346       1,204  
2.00%, 07/01/2050      1,610       1,501  
2.00%, 09/01/2050      1,413       1,317  
2.00%, 12/01/2050      8,823       8,223  
2.00%, 01/01/2051      4,515       4,205  
2.00%, 02/01/2051      1,502       1,398  
2.00%, 03/01/2051      2,310       2,151  
2.00%, 04/01/2051      4,154       3,868  
2.00%, 05/01/2051      978       911  
2.00%, 06/01/2051      6,598       6,140  
2.00%, 07/01/2051      3,394       3,157  
2.00%, 10/01/2051      20,617       19,171  
2.00%, 11/01/2051      2,498       2,328  
2.00%, 12/01/2051 (jj)      17,393       16,195  
2.00%, 02/01/2052      9,542       8,873  
2.00%, 03/01/2052      19,000       17,667  
2.50%, 08/01/2046      6,098       5,873  
2.50%, 08/01/2050      20       19  
2.50%, 10/01/2050      2,449       2,351  
2.50%, 12/01/2050      13,834       13,251  
2.50%, 03/01/2051      5,965       5,712  
2.50%, 07/01/2051      1,932       1,849  
2.50%, 08/01/2051      4,283       4,103  
2.50%, 12/01/2051      8,428       8,064  
2.50%, 01/01/2052 (jj)      17,637       16,873  
2.50%, 03/01/2052      10,998       10,521  
3.00%, 08/01/2046      1,389       1,380  
3.00%, 04/01/2048      7,130       7,126  
3.00%, 01/01/2050      3,757       3,708  
3.00%, 03/01/2050      1,817       1,790  
3.00%, 07/01/2050      13,093       12,870  
3.00%, 08/01/2050      3,496       3,475  
3.00%, 12/01/2050      4,646       4,581  
3.00%, 01/01/2051      1,769       1,740  
3.00%, 05/01/2051      12,555       12,340  
3.00%, 06/01/2051      8,130       7,971  
3.00%, 07/01/2051      1,770       1,735  
3.00%, 08/01/2051      1,456       1,436  
3.00%, 10/01/2051      1,487       1,462  
3.00%, 11/01/2051      1,952       1,916  
3.00%, 12/01/2051      2,905       2,856  
3.00%, 03/01/2052      3,000       2,941  
3.00%, 04/01/2052      9,590       9,408  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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%, 12/01/2045      2,412       2,449  
3.50%, 07/01/2046      4,726       4,816  
3.50%, 07/01/2047      533       541  
3.50%, 09/01/2047      74       75  
3.50%, 10/01/2047      1,552       1,572  
3.50%, 02/01/2048      2,565       2,595  
3.50%, 03/01/2048      231       235  
3.50%, 03/01/2049      412       416  
3.50%, 06/01/2049      3,387       3,418  
3.50%, 04/01/2050      206       207  
3.50%, 05/01/2050      4,642       4,672  
3.50%, 07/01/2050      12,902       12,978  
3.50%, 01/01/2051      932       936  
3.50%, 03/01/2052      15,791       16,064  
4.00%, 04/01/2039      1,709       1,789  
4.00%, 03/01/2042      691       729  
4.00%, 04/01/2043      267       280  
4.00%, 02/01/2045      287       301  
4.00%, 09/01/2046      171       179  
4.00%, 09/01/2047      48       50  
4.00%, 10/01/2047      626       645  
4.00%, 03/01/2048      95       98  
4.00%, 04/01/2048      517       531  
4.00%, 06/01/2048      38       39  
4.00%, 08/01/2048      162       165  
4.00%, 03/01/2049      1,504       1,540  
4.00%, 06/01/2049      1,443       1,496  
4.00%, 11/01/2049      266       276  
4.00%, 05/01/2050      1,234       1,262  
4.50%, 05/01/2047      3       3  
4.50%, 11/01/2047      742       777  
4.50%, 01/01/2048      773       808  
4.50%, 04/01/2048      43       45  
4.50%, 08/01/2048      21       21  
4.50%, 09/01/2048      676       706  
4.50%, 02/01/2049      6,673       6,951  
4.50%, 05/01/2049      658       683  
4.50%, 08/01/2049      15       16  
4.50%, 01/01/2050      500       531  
4.50%, 04/01/2050      9,785       10,153  
5.00%, 09/01/2049      1,421       1,515  
GNMA I Pool, Single Family, 30 years,     
3.00%, 10/15/2049      252       249  
3.00%, 03/15/2050      19       19  
GNMA II Pool,     
2.50%, 12/20/2049      304       293  
3.00%, 01/20/2047      141       139  
3.00%, 08/20/2050      770       753  
3.50%, 06/20/2048      65       65  
3.50%, 07/20/2048      55       56  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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%, 08/20/2049      124       123  
3.50%, 11/20/2049      204       204  
3.50%, 07/20/2050      230       230  
4.00%, 11/20/2041      29       30  
4.00%, 10/20/2050      347       350  
4.50%, 08/20/2040      28       29  
4.50%, 10/20/2040      48       50  
GNMA II Pool, ARM,     
(ICE LIBOR USD 1 Month + 2.20%), 2.31%, 02/20/2071 (aa)      4,194       4,496  
(ICE LIBOR USD 1 Month + 2.21%), 2.31%, 10/20/2071 (aa)      13,935       14,771  
GNMA II Pool, Single Family, 15 years, 2.00%, 12/20/2035      3,938       3,825  
GNMA II Pool, Single Family, 30 years,     
1.50%, 10/20/2051      344       317  
2.00%, 07/20/2050      182       174  
2.00%, 08/20/2050      5,831       5,570  
2.00%, 12/20/2050      1,108       1,059  
2.00%, 10/20/2051      9,284       8,864  
2.00%, 12/20/2051      6,190       5,909  
2.50%, 01/20/2051      375       365  
2.50%, 02/20/2051      2,853       2,773  
2.50%, 05/20/2051      7,651       7,439  
2.50%, 07/20/2051      6,040       5,873  
2.50%, 08/20/2051      1,815       1,764  
2.50%, 12/20/2051      1,876       1,824  
3.00%, 03/20/2045      122       122  
3.00%, 09/20/2046      2,667       2,666  
3.00%, 10/20/2047      536       535  
3.00%, 04/20/2049      40       40  
3.00%, 07/20/2050      4,873       4,841  
3.00%, 08/20/2050      7,709       7,658  
3.00%, 10/20/2051      2,537       2,516  
3.00%, 11/20/2051      4,183       4,148  
3.00%, 01/20/2052      9,419       9,334  
3.00%, 02/20/2052      399       395  
3.50%, 09/20/2045      3,311       3,385  
3.50%, 09/20/2047      4,367       4,448  
3.50%, 08/20/2048      225       228  
3.50%, 11/20/2048      267       270  
3.50%, 12/20/2048      7       7  
3.50%, 07/20/2049      1,295       1,307  
3.50%, 09/20/2049      1,072       1,082  
3.50%, 12/20/2049      545       549  
3.50%, 01/20/2050      817       824  
3.50%, 04/20/2050      160       161  
3.50%, 01/20/2052      3,282       3,309  
3.50%, 02/20/2052      2,294       2,313  
4.00%, 07/20/2048      1,325       1,367  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
4.00%, 09/20/2048      2,225       2,287  
4.00%, 11/20/2048      39       40  
4.00%, 12/20/2048      1,123       1,159  
4.00%, 05/20/2049      708       726  
4.00%, 12/20/2050      3,220       3,293  
4.50%, 03/20/2047      576       612  
4.50%, 06/20/2047      1,007       1,070  
4.50%, 07/20/2047      2,043       2,152  
4.50%, 10/20/2047      395       416  
4.50%, 11/20/2047      1,360       1,427  
4.50%, 05/20/2048      9,719       10,210  
4.50%, 09/20/2048      816       834  
4.50%, 11/20/2048      943       989  
4.50%, 01/20/2049      2,537       2,640  
4.50%, 05/20/2049      418       420  
4.50%, 10/20/2049      920       955  
5.00%, 12/20/2048      272       289  
5.00%, 06/20/2049      495       520  
GNMA, Single Family, 30 years,     
TBA, 1.50%, 04/01/2052 (w)      100       92  
TBA, 2.00%, 04/01/2051 (w)      15,747       14,979  
TBA, 2.00%, 05/01/2051 (w)      8,400       7,978  
TBA, 2.50%, 04/01/2052 (w)      15,781       15,322  
TBA, 3.00%, 04/01/2052 (w)      21,446       21,215  
TBA, 3.50%, 04/01/2052 (w)      8,930       8,986  
TBA, 4.00%, 04/01/2052 (w)      14,275       14,566  
TBA, 4.00%, 06/01/2052 (w)      9,000       9,115  
TBA, 4.50%, 05/15/2042 (w)      1,600       1,648  
TBA, 4.50%, 04/01/2052 (w)      200       207  
TBA, 5.00%, 04/01/2052 (w)      675       706  
    

 

 

  

Total Mortgage-Backed Securities

(Cost $1,442,081)

     

 

1,360,997

 

    

 

 

  
Municipal Bonds — 0.0% (g) (t)     
Arizona — 0.0% (g)     
Salt River Project, Agricultural Improvement & Power District, Build America Bonds, Series A, Rev., 4.84%, 01/01/2041      150       177  
    

 

 

  
California — 0.0% (g)     
Bay Area Toll Authority, San Francisco Bay Area, Rev., 2.57%, 04/01/2031      100       95  
California Health Facilities Financing Authority, Taxable, Social Bonds,     
Rev., 4.19%, 06/01/2037 (w)      5       5  
Rev., 4.35%, 06/01/2041 (w)      5       5  
California State University, Taxable Systemwide, Series E, Rev., 2.90%, 11/01/2051      15       13  
Los Angeles County Metropolitan Transportation Authority, Build America Bonds, Rev., 5.74%, 06/01/2039      50       61  
Los Angeles Department of Water & Power, Power System Revenue, Build America Bonds, Rev., 6.60%, 07/01/2050      30       44  
Los Angeles Unified School District, Build America Bond, GO, 5.75%, 07/01/2034      25       30  
State of California, Build America Bonds,     
GO, 7.50%, 04/01/2034      50       69  
GO, 7.55%, 04/01/2039      50       74  
GO, 7.60%, 11/01/2040      50       76  
University of California, Build America Bonds, Rev., 5.95%, 05/15/2045      35       44  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
University of California, Taxable,     
Series AQ, Rev., 4.77%, 05/15/2115      20       22  
Series BJ, Rev., 3.07%, 05/15/2051      5       4  
    

 

 

  
       542  
    

 

 

  
District of Columbia — 0.0% (g)     
District of Columbia, Water & Sewer Authority, Senior Lien, Green Bonds, Series A, Rev., 4.81%, 10/01/2114      895       1,006  
    

 

 

  
    
Florida — 0.0% (g)     
State Board of Administration Finance Corp., Taxable, Series A, Rev., 1.26%, 07/01/2025      100       95  
    

 

 

  
    
Illinois — 0.0% (g)     
Sales Tax Securitization Corp., Taxable, Second Lien, Series B, Rev., 3.24%, 01/01/2042      40       37  
State of Illinois, Taxable Pension, GO, 5.10%, 06/01/2033      100       106  
    

 

 

  
       143  
    

 

 

  
Louisiana — 0.0% (g)     
State of Louisiana Gasoline & Fuels Tax Revenue, Taxable, Series A, Rev., 2.95%, 05/01/2041      1,450       1,317  
    

 

 

  
Massachusetts — 0.0% (g)     
Commonwealth of Massachusetts, Build America Bonds, GO, 4.91%, 05/01/2029      100       111  
Commonwealth of Massachusetts, Taxable Consolidated Loan, Series H, GO, 2.90%, 09/01/2049      15       13  
    

 

 

  
       124  
    

 

 

  
Michigan — 0.0% (g)     
University of Michigan, Taxable, Series B, Rev., 2.56%, 04/01/2050      25       21  
    

 

 

  
Missouri — 0.0% (g)     
Health & Educational Facilities Authority of the State of Missouri, Washington University, Series A, Rev., 3.23%, 05/15/2050      35       32  
    

 

 

  
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       44  
    

 

 

  
       76  
    

 

 

  
New York — 0.0% (g)     
City of New York, Build America Bonds, GO, 5.52%, 10/01/2037      25       30  
New York City Water & Sewer System, Build America Bonds, Second General Resolution, Rev., 5.44%, 06/15/2043      30       38  
Port Authority of New York & New Jersey, Consolidated,     
Series 174, Rev., 4.46%, 10/01/2062      50       55  
Series 21, Rev., 3.29%, 08/01/2069      40       35  
    

 

 

  
       158  
    

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Oregon — 0.0% (g)     
Oregon State University, Rev., BAM, 3.42%, 03/01/2060      10       10  
State of Oregon Department of Transportation, Taxable Subordinated, Build America Bonds, Series A, Rev., 5.83%, 11/15/2034      50       61  
    

 

 

  
       71  
    

 

 

  
Pennsylvania — 0.0% (g)     
City of Philadelphia Water & Wastewater Revenue, Rev., 2.93%, 07/01/2045      10       9  
    

 

 

  
Texas — 0.0% (g)     
City of San Antonio, Electric & Gas Systems Revenue, Build America Bonds, Rev., 5.99%, 02/01/2039      20       26  
Dallas Area Rapid Transit, Build America Bonds, Rev., 5.02%, 12/01/2048      30       36  
Dallas Area Rapid Transit, Taxable, Senior Lien, Series A, Rev., 2.61%, 12/01/2048      15       12  
Dallas Fort Worth International Airport, Taxable, Series C, Rev., 3.09%, 11/01/2040      100       92  
North Texas Tollway Authority, Build America Bonds, Series B, Rev., 6.72%, 01/01/2049      15       22  
Texas Transportation Commission, Taxable Mobility Fund, GO, 2.47%, 10/01/2044      10       8  
University of Texas System, Build America Bonds, Series C, Rev., 4.79%, 08/15/2046      10       12  
    

 

 

  
       208  
    

 

 

  
Virginia — 0.0% (g)     
University of Virginia, Taxable, Series C, Rev., 4.18%, 09/01/2117      40       40  
    

 

 

  

Total Municipal Bonds

(Cost $4,671)

     

 

4,019

 

    

 

 

  
U.S. Government Agency Securities — 0.3%     
FHLBs,     
0.50%, 04/14/2025      2,000       1,888  
3.25%, 11/16/2028      650       681  
5.50%, 07/15/2036      200       260  
FHLMC,     
Zero Coupon, 12/14/2029      1,320       1,088  
0.13%, 07/25/2022      5       5  
0.25%, 08/24/2023      2,650       2,583  
0.38%, 07/21/2025      1,000       934  
1.50%, 02/12/2025      107       104  
6.25%, 07/15/2032      207       275  
6.75%, 03/15/2031      400       532  
FHLMC Coupon STRIPs, Zero Coupon, 03/15/2030      235       191  
FHLMC STRIPs, Zero Coupon, 03/15/2031      700       556  
FNMA,     
0.25%, 05/22/2023      3,000       2,945  
0.30%, 08/03/2023      100       98  
0.35%, 08/18/2023      1,500       1,467  
0.88%, 08/05/2030      1,310       1,145  
5.38%, 12/07/2028    GBP 260       412  
6.25%, 05/15/2029      1,000       1,238  
FNMA Interest STRIP, Zero Coupon, 07/15/2030      177       143  
Resolution Funding Corp. Interest STRIP,     
Zero Coupon, 07/15/2028      526       440  
Zero Coupon, 10/15/2028      50       41  
Zero Coupon, 04/15/2029      165       140  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Zero Coupon, 07/15/2029      115       95  
Zero Coupon, 01/15/2030      650       526  
Zero Coupon, 04/15/2030      745       604  
Resolution Funding Corp. Principal STRIP, Zero Coupon, 01/15/2030      50       40  
Tennessee Valley Authority,     
4.63%, 06/07/2043    GBP 200       352  
5.88%, 04/01/2036      400       524  
    

 

 

  

Total U.S. Government Agency Securities

(Cost $20,635)

     

 

19,307

 

    

 

 

  
U.S. Treasury Obligations — 8.1%     
U.S. Treasury Bonds,     
1.13%, 05/15/2040      6,482       5,113  
1.13%, 08/15/2040      3,225       2,531  
1.25%, 05/15/2050 (jj)      9,680       7,234  
1.38%, 11/15/2040      770       631  
1.38%, 08/15/2050      3,626       2,797  
1.63%, 11/15/2050      2,600       2,135  
1.75%, 08/15/2041      750       651  
1.88%, 02/15/2041      400       357  
1.88%, 02/15/2051      2,700       2,360  
1.88%, 11/15/2051      2,230       1,955  
2.00%, 11/15/2041      1,300       1,178  
2.00%, 02/15/2050      2,609       2,351  
2.00%, 08/15/2051      3,850       3,472  
2.25%, 05/15/2041      3,600       3,404  
2.25%, 08/15/2046      2,940       2,755  
2.25%, 08/15/2049      3,300       3,140  
2.25%, 02/15/2052      2,600       2,492  
2.38%, 02/15/2042      800       772  
2.38%, 11/15/2049      2,200       2,153  
2.38%, 05/15/2051      4,750       4,656  
2.50%, 02/15/2045      6,420       6,270  
2.50%, 02/15/2046      1,000       981  
2.50%, 05/15/2046      2,370       2,327  
2.75%, 11/15/2042      2,000       2,034  
2.75%, 08/15/2047      900       933  
2.75%, 11/15/2047      900       934  
2.88%, 05/15/2043      2,220       2,301  
2.88%, 11/15/2046      1,500       1,581  
2.88%, 05/15/2049      3,000       3,228  
3.00%, 05/15/2042      800       849  
3.00%, 11/15/2044      900       956  
3.00%, 05/15/2045      1,730       1,842  
3.00%, 11/15/2045      4,229       4,521  
3.00%, 02/15/2047      338       365  
3.00%, 08/15/2048      2,020       2,207  
3.00%, 02/15/2049      2,400       2,640  
3.13%, 11/15/2041      1,200       1,296  
3.13%, 02/15/2043      860       927  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
3.13%, 08/15/2044      350       379  
3.38%, 11/15/2048      2,700       3,164  
3.63%, 08/15/2043      4,090       4,752  
3.63%, 02/15/2044      3,000       3,494  
3.75%, 11/15/2043      3,115       3,689  
3.88%, 08/15/2040      900       1,076  
4.25%, 11/15/2040      1,769       2,212  
4.38%, 05/15/2041      410       522  
4.50%, 02/15/2036      1,805       2,284  
4.63%, 02/15/2040      1,000       1,311  
4.75%, 02/15/2037      300       391  
4.75%, 02/15/2041      800       1,065  
5.00%, 05/15/2037      300       401  
5.25%, 02/15/2029      365       430  
U.S. Treasury Inflation Indexed Notes, 0.13%, 04/15/2025      44       46  
U.S. Treasury Notes,     
0.13%, 05/15/2023      300       294  
0.13%, 05/31/2023      500       490  
0.13%, 06/30/2023      5,900       5,770  
0.13%, 07/15/2023      13,000       12,694  
0.13%, 08/15/2023      45       44  
0.13%, 09/15/2023      10,000       9,720  
0.13%, 10/15/2023      1,000       970  
0.13%, 01/15/2024      100       96  
0.13%, 02/15/2024      230       221  
0.25%, 04/15/2023      1,203       1,185  
0.25%, 06/15/2023      9,000       8,827  
0.25%, 03/15/2024      4,700       4,518  
0.25%, 05/15/2024      2,000       1,913  
0.25%, 06/15/2024      3,000       2,863  
0.25%, 05/31/2025      10,000       9,316  
0.25%, 06/30/2025      10,000       9,300  
0.25%, 07/31/2025      19,920       18,488  
0.25%, 09/30/2025      2,500       2,312  
0.25%, 10/31/2025      600       554  
0.38%, 04/15/2024      1,000       961  
0.38%, 08/15/2024      2,000       1,906  
0.38%, 04/30/2025      1,085       1,017  
0.38%, 11/30/2025      3,500       3,239  
0.38%, 12/31/2025      4,990       4,613  
0.38%, 01/31/2026      600       554  
0.38%, 07/31/2027      6,215       5,579  
0.38%, 09/30/2027      5,500       4,916  
0.50%, 11/30/2023      800       778  
0.50%, 04/30/2027      532       483  
0.50%, 05/31/2027      4,500       4,077  
0.50%, 06/30/2027      5,000       4,524  
0.50%, 08/31/2027      2,400       2,164  
0.50%, 10/31/2027      700       629  
0.63%, 07/31/2026      2,350       2,171  
0.63%, 11/30/2027      2,200       1,989  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
0.63%, 12/31/2027      3,600       3,250  
0.63%, 05/15/2030      11,758       10,257  
0.63%, 08/15/2030      4,555       3,960  
0.75%, 12/31/2023      2,000       1,949  
0.75%, 11/15/2024      2,000       1,913  
0.75%, 03/31/2026      1,500       1,400  
0.75%, 04/30/2026      2,500       2,331  
0.75%, 05/31/2026      2,400       2,235  
0.75%, 08/31/2026      2,000       1,856  
0.75%, 01/31/2028      3,000       2,725  
0.88%, 01/31/2024      5,000       4,876  
0.88%, 06/30/2026      6,000       5,611  
0.88%, 09/30/2026      2,300       2,144  
0.88%, 11/15/2030      4,700       4,165  
1.00%, 12/15/2024      2,000       1,924  
1.00%, 07/31/2028      4,095       3,751  
1.13%, 10/31/2026      630       593  
1.13%, 02/28/2027      4,000       3,759  
1.13%, 02/29/2028      1,500       1,393  
1.13%, 08/31/2028      3,500       3,228  
1.13%, 02/15/2031      5,000       4,517  
1.25%, 07/31/2023      8,100       8,019  
1.25%, 11/30/2026      2,000       1,895  
1.25%, 12/31/2026      1,700       1,608  
1.25%, 03/31/2028      2,500       2,335  
1.25%, 04/30/2028      2,300       2,145  
1.25%, 05/31/2028 (ee) (ii) (hh)      9,700       9,041  
1.25%, 06/30/2028      17,990       16,753  
1.25%, 09/30/2028      6,500       6,039  
1.25%, 08/15/2031      5,180       4,711  
1.38%, 10/31/2028      2,300       2,153  
1.38%, 12/31/2028      2,500       2,339  
1.38%, 11/15/2031      4,700       4,314  
1.50%, 02/29/2024      750       740  
1.50%, 10/31/2024      500       488  
1.50%, 08/15/2026      1,000       960  
1.50%, 11/30/2028      2,500       2,357  
1.50%, 02/15/2030      3,399       3,189  
1.63%, 02/15/2026      5,500       5,323  
1.63%, 05/15/2026      2,500       2,415  
1.63%, 10/31/2026      1,400       1,350  
1.63%, 08/15/2029      2,000       1,899  
1.63%, 05/15/2031      5,570       5,247  
1.75%, 01/31/2023      1,780       1,783  
1.75%, 05/15/2023      140       140  
1.75%, 06/30/2024      3,800       3,748  
1.75%, 12/31/2026      840       814  
1.75%, 01/31/2029      1,500       1,438  
1.75%, 11/15/2029      2,000       1,916  
1.88%, 02/28/2027      1,500       1,462  
1.88%, 02/28/2029      2,140       2,067  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Reg. S, 2.95%, 09/01/2038 (e)    EUR 704       1,007  
1.88%, 02/15/2032      6,350       6,099  
2.00%, 05/31/2024      4,000       3,969  
2.00%, 08/15/2025      3,000       2,950  
2.00%, 11/15/2026      7,535       7,380  
2.13%, 02/29/2024      55       55  
2.13%, 03/31/2024      12,000       11,957  
2.13%, 07/31/2024      3,000       2,981  
2.13%, 09/30/2024      8,400       8,336  
2.13%, 05/15/2025      8,000       7,910  
2.25%, 03/31/2024      3,000       2,998  
2.25%, 11/15/2024      10,700       10,642  
2.25%, 11/15/2025      2,575       2,552  
2.25%, 03/31/2026      400       396  
2.25%, 02/15/2027      5,000       4,954  
2.25%, 08/15/2027      4,200       4,160  
2.38%, 08/15/2024      3,800       3,795  
2.38%, 05/15/2027      5,000       4,984  
2.38%, 03/31/2029      1,800       1,797  
2.38%, 05/15/2029      3,500       3,494  
2.50%, 03/31/2027      1,500       1,506  
2.63%, 02/15/2029      1,600       1,621  
2.75%, 07/31/2023      7,000       7,068  
2.75%, 11/15/2023      4,300       4,338  
2.75%, 02/15/2024      3,000       3,025  
2.75%, 02/28/2025      11,500       11,587  
2.75%, 02/15/2028      4,660       4,738  
2.88%, 09/30/2023      3,000       3,035  
2.88%, 10/31/2023      1,524       1,541  
2.88%, 04/30/2025      7,900       7,990  
2.88%, 11/30/2025      1,300       1,317  
2.88%, 05/15/2028      4,500       4,610  
2.88%, 08/15/2028      1,800       1,846  
3.00%, 09/30/2025      120       122  
3.13%, 11/15/2028      6,390       6,661  
U.S. Treasury STRIP Coupon Bonds,     
Zero Coupon, 05/15/2024      800       762  
Zero Coupon, 05/15/2026      5,000       4,524  
Zero Coupon, 11/15/2026      5,000       4,473  
Zero Coupon, 11/15/2028 (ee) (ff) (jj)      12,000       10,216  
Zero Coupon, 11/15/2038 (jj)      6,250       4,071  
Zero Coupon, 11/15/2041      200       117  
Zero Coupon, 08/15/2045      600       317  
    

 

 

  
Total U.S. Treasury Obligations
(Cost $643,355)		     

 

586,139

 

    

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

NUMBER OF
    CONTRACTS    

        VALUE ($)      
Option Purchased — 0.0% (g)     

Put Options Purchased — 0.0% (g)

     

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 4/13/2052 at USD 96.58, European Style, Notional Amount: USD 19,256, OTC Traded

(Cost $66)

      17,000       199  
    

 

 

  
Short-Term Investments — 6.4%     
Time Deposits — 5.6%     
Australia & New Zealand Banking Group Ltd., 0.15%, 04/01/2022      70,337       70,337  
Barclays SA, 0.15%, 04/01/2022      104,744       104,744  
BNP Paribas SA,     
(1.30%), 04/01/2022    CHF 99       107  
0.15%, 04/01/2022      143,533       143,533  
0.25%, 04/01/2022    GBP 282       371  
Brown Brothers Harriman,     
(0.59%), 04/01/2022    DKK 1,619       241  
(0.30%), 04/01/2022    SEK 2,737       291  
(0.19%), 04/01/2022    AUD 13,349       9,990  
0.00%, 04/01/2022    HKD 2,041       261  
0.07%, 04/01/2022    CAD 70       56  
0.10%, 04/01/2022    NOK 548       62  
0.10%, 04/01/2022    SGD 3,208       2,367  
0.15%, 04/01/2022      — (h)      — (h) 
0.25%, 04/01/2022    GBP — (h)      — (h) 
0.50%, 04/01/2022    NZD 2,123       1,471  
Citibank NA,     
(0.78%), 04/01/2022    EUR 896       991  
0.15%, 04/01/2022      10,503       10,503  
Sumitomo Mitsui Banking Corp.,     
(0.38%), 04/01/2022    JPY 2,248,832       18,472  
0.15%, 04/01/2022      41,915       41,915  
Sumitomo Mitsui Trust Bank Ltd., 0.15%, 04/01/2022      812       812  
    

 

 

  
Total Time Deposits        406,524  
    

 

 

  
U.S. Treasury Obligations — 0.8%     
U.S. Cash Management Bills,     
Zero Coupon, 07/12/2022      7,300       7,288  
Zero Coupon, 07/19/2022      16,600       16,566  
U.S. Treasury Bills,     
Zero Coupon, 04/26/2022      2,200       2,200  
Zero Coupon, 05/10/2022 (ee) (ii) (hh)      2,313       2,312  
Zero Coupon, 05/26/2022 (ee) (ii) (hh)      16,400       16,393  
Zero Coupon, 06/23/2022      16,700       16,682  
    

 

 

  
Total U.S. Treasury Obligations        61,441  
    

 

 

  
Total Short-Term Investments     
(Cost $467,966)        467,965  
    

 

 

  

Total Investments, Before Short Positions — 106.5%

(Cost - $8,324,319)*

        7,690,577  
Liabilities in Excess of Other Assets — (6.5)%        (472,384 ) 
    

 

 

  
NET ASSETS — 100.0%      $ 7,218,193  
    

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

NUMBER OF
    CONTRACTS    

        VALUE ($)      
Short Positions — 3.1%     
Mortgage-Backed Securities — 3.1%     
FHLMC Pool, Single Family, 15 years,     
3.50%, 12/01/2035      174       178  
3.50%, 02/01/2036      368       377  
FNMA or FHLMC, Single Family, 15 years,     
TBA, 1.50%, 04/01/2036 (w)      10,950       10,383  
TBA, 3.00%, 04/01/2037 (w)      7,000       7,050  
FNMA or FHLMC, Single Family, 30 years,     
TBA, 2.00%, 05/01/2050 (w)      4,000       3,707  
TBA, 2.50%, 04/01/2052 (w)      25,700       24,551  
TBA, 2.50%, 05/01/2052 (w)      38,900       37,074  
TBA, 3.00%, 04/01/2052 (w)      16,300       15,962  
TBA, 3.50%, 04/01/2052 (w)      26,500       26,567  
TBA, 4.50%, 04/01/2052 (w)      69,430       72,022  
TBA, 4.50%, 05/01/2052 (w)      22,071       22,811  
FNMA Pool, Single Family, 15 years,     
3.50%, 06/01/2035      353       363  
3.50%, 04/01/2035      1,155       1,182  
GNMA II Pool, Single Family, 30 years, 4.00%, 12/20/2050      3,220       3,293  
    

 

 

  

Total Mortgage-Backed Securities

(Proceeds $256,344)

        225,520  
    

 

 

  

Total Securities Sold Short — 3.1%

(Proceeds $256,344)*

        225,520  
    

 

 

  

 

 

Percentages indicated are based on net assets.    

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

 

Futures contracts outstanding as of March 31, 2022:  
Exchange Traded  

DESCRIPTION

    NUMBER OF
CONTRACTS		     EXPIRATION
DATE		      TRADING
CURRENCY		      NOTIONAL
AMOUNT ($)		     VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  
Long Contracts             

Canadian Government 10 Year Bond

      20       06/2022        CAD        2,173       (85 ) 

Euro BOBL

      136       06/2022        EUR        20,010       (623 ) 

Euro Bund

      76       06/2022        EUR        13,505       (165 ) 

Euro Buxl

      15       06/2022        EUR        3,333       (243 ) 

Euro Schatz

      53       06/2022        EUR        6,559       (67 ) 

Long Gilt

      10       06/2022        GBP        1,616       (24 ) 

Swiss Confederation Bond

      19       06/2022        CHF        3,289       (110 ) 

U.S. Treasury 10 Year Note

      366       06/2022        USD        46,244       (1,271 ) 

U.S. Treasury 2 Year Note

      135       06/2022        USD        28,974       (364 ) 

U.S. Treasury 5 Year Note

      21       06/2022        USD        2,471       (62 ) 

U.S. Treasury Long Bond

      117       06/2022        USD        18,036       (479 ) 

U.S. Treasury Ultra Bond

      116       06/2022        USD        21,221       (675 ) 
            

 

 

  
               (4,168 ) 
            

 

 

  
Short Contracts             

Euro BOBL

      (20)       06/2022        EUR        (2,944 )      93  

Long Gilt

      (5)       06/2022        GBP        (826 )      30  

U.S. Treasury 10 Year Note

      (103)       06/2022        USD        (13,008 )      352  

U.S. Treasury 2 Year Note

      (3)       06/2022        USD        (645 )      9  

U.S. Treasury 5 Year Note

      (184)       06/2022        USD        (21,604 )      501  

U.S. Treasury Long Bond

      (29)       06/2022        USD        (4,497 )      145  

U.S. Ultra Treasury 10 Year Note

      (321)       06/2022        USD        (44,915 )      1,430  
            

 

 

  
               2,560  
            

 

 

  

Total unrealized appreciation (depreciation)

                (1,608 ) 
            

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 March 31, 2022:

 

CURRENCY PURCHASED

     

      CURRENCY SOLD      

     

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

USD

      1,666     

DKK

      10,547      Bank of America, NA    04/01/2022      97  

USD

      122     

DKK

      780      Bank of America, NA    04/01/2022      6  

USD

      502     

DKK

      3,205      Bank of America, NA    04/01/2022      26  

USD

      630     

DKK

      4,015      Bank of America, NA    04/01/2022      33  

USD

      185     

DKK

      1,175      Barclays Bank plc    04/01/2022      10  

USD

      274     

DKK

      1,760      Barclays Bank plc    04/01/2022      13  

USD

      814     

DKK

      5,205      Morgan Stanley & Co.    04/01/2022      40  

USD

      601     

DKK

      3,840      Morgan Stanley & Co.    04/01/2022      30  

USD

      998     

DKK

      6,400      Morgan Stanley & Co.    04/01/2022      46  

USD

      790     

DKK

      5,065      Morgan Stanley & Co.    04/01/2022      37  

USD

      362     

DKK

      2,320      Morgan Stanley & Co.    04/01/2022      17  

USD

      3,894     

DKK

      25,020      Morgan Stanley & Co.    04/01/2022      173  

USD

      1,031     

DKK

      6,585      Morgan Stanley & Co.    04/01/2022      52  

USD

      2,427     

DKK

      15,480      Morgan Stanley & Co.    04/01/2022      125  

USD

      2,579     

DKK

      16,357      Morgan Stanley & Co.    04/01/2022      146  

USD

      2,393     

DKK

      15,144      Morgan Stanley & Co.    04/01/2022      141  

DKK

      40,015     

USD

      5,919      Morgan Stanley & Co.    04/01/2022      32  

DKK

      34,555     

USD

      5,098      Morgan Stanley & Co.    04/01/2022      41  

USD

      364     

DKK

      2,335      Morgan Stanley & Co.    04/01/2022      17  

USD

      238     

DKK

      1,515      Morgan Stanley & Co.    04/01/2022      13  

AUD

      2,454     

USD

      1,782      Goldman Sachs International    04/04/2022      55  

CAD

      571     

USD

      451      Citibank, NA    04/04/2022      7  

CAD

      919     

USD

      722      Goldman Sachs International    04/04/2022      13  

USD

      65     

CHF

      60      Bank of America, NA    04/04/2022      1  

USD

      5,917     

CHF

      5,442      Goldman Sachs International    04/04/2022      28  

CHF

      125     

EUR

      121      Goldman Sachs International    04/04/2022      1  

USD

      4,398     

CHF

      4,045      Goldman Sachs International    04/04/2022      21  

CHF

      5,442     

USD

      5,886      Morgan Stanley & Co.    04/04/2022      2  

CHF

      4,030     

USD

      4,359      Morgan Stanley & Co.    04/04/2022      2  

USD

      53     

DKK

      350      Bank of America, NA    04/04/2022      1  

USD

      1,227     

DKK

      8,130      Morgan Stanley & Co.    04/04/2022      18  

USD

      4,958     

DKK

      32,842      Morgan Stanley & Co.    04/04/2022      74  

EUR

      82     

SEK

      850      Bank of America, NA    04/04/2022      — (h) 

USD

      179,115     

EUR

      159,625      Bank of America, NA    04/04/2022      2,530  

EUR

      50     

USD

      55      Bank of America, NA    04/04/2022      — (h) 

USD

      834     

EUR

      750      Bank of America, NA    04/04/2022      4  

USD

      1,483     

EUR

      1,340      Bank of America, NA    04/04/2022      1  

EUR

      11,980     

USD

      13,099      Bank of New York Mellon    04/04/2022      153  

USD

      22,315     

EUR

      19,842      Barclays Bank plc    04/04/2022      365  

USD

      13,429     

EUR

      11,971      Citibank, NA    04/04/2022      186  

USD

      260,420     

EUR

      232,149      Citibank, NA    04/04/2022      3,606  

USD

      179,064     

EUR

      159,625      Citibank, NA    04/04/2022      2,479  

USD

      43,049     

EUR

      38,657      Citibank, NA    04/04/2022      285  

USD

      543     

EUR

      490      Citibank, NA    04/04/2022      1  

USD

      92,846     

EUR

      83,373      Citibank, NA    04/04/2022      615  

EUR

      18,000     

USD

      19,641      Citibank, NA    04/04/2022      271  

EUR

      975     

USD

      1,065      Citibank, NA    04/04/2022      14  

EUR

      150     

USD

      163      Goldman Sachs International    04/04/2022      3  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 March 31, 2022 (continued):

 

CURRENCY PURCHASED

     

      CURRENCY SOLD      

     

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

EUR

      1,500     

USD

      1,634      Goldman Sachs International    04/04/2022      26  

EUR

      4,250     

USD

      4,622      Goldman Sachs International    04/04/2022      80  

USD

      700     

EUR

      631      Goldman Sachs International    04/04/2022      2  

EUR

      810     

USD

      893      HSBC Bank plc    04/04/2022      3  

EUR

      65     

USD

      71      HSBC Bank plc    04/04/2022      — (h) 

EUR

      80,970     

USD

      88,789      Morgan Stanley & Co.    04/04/2022      785  

EUR

      39,265     

USD

      43,057      Morgan Stanley & Co.    04/04/2022      380  

EUR

      270     

USD

      297      Morgan Stanley & Co.    04/04/2022      1  

USD

      67     

EUR

      60      Morgan Stanley & Co.    04/04/2022      1  

EUR

      200     

USD

      221      Morgan Stanley & Co.    04/04/2022      — (h) 

USD

      94,648     

EUR

      83,373      Morgan Stanley & Co.    04/04/2022      2,417  

USD

      43,885     

EUR

      38,657      Morgan Stanley & Co.    04/04/2022      1,121  

USD

      1,032     

EUR

      921      Morgan Stanley & Co.    04/04/2022      13  

USD

      2,060     

EUR

      1,838      Morgan Stanley & Co.    04/04/2022      27  

USD

      179,719     

EUR

      160,100      Morgan Stanley & Co.    04/04/2022      2,608  

SEK

      850     

EUR

      80      Morgan Stanley & Co.    04/04/2022      2  

USD

      260,595     

EUR

      232,145      UBS AG LONDON    04/04/2022      3,785  

USD

      13,443     

EUR

      11,975      UBS AG LONDON    04/04/2022      195  

GBP

      28,970     

USD

      38,003      Bank of America, NA    04/04/2022      54  

GBP

      996     

USD

      1,307      Bank of America, NA    04/04/2022      1  

USD

      66     

GBP

      50      Bank of America, NA    04/04/2022      — (h) 

USD

      290     

GBP

      220      Bank of America, NA    04/04/2022      1  

GBP

      69,717     

USD

      91,506      Bank of America, NA    04/04/2022      78  

USD

      413     

GBP

      308      Bank of America, NA    04/04/2022      9  

USD

      41,298     

GBP

      30,810      Bank of America, NA    04/04/2022      824  

USD

      413     

GBP

      308      Bank of America, NA    04/04/2022      9  

USD

      41,317     

GBP

      30,810      Citibank, NA    04/04/2022      844  

USD

      198     

GBP

      150      Morgan Stanley & Co.    04/04/2022      1  

USD

      39,059     

GBP

      28,833      Morgan Stanley & Co.    04/04/2022      1,183  

USD

      1,389     

GBP

      1,036      Morgan Stanley & Co.    04/04/2022      28  

USD

      26,628     

GBP

      19,657      Morgan Stanley & Co.    04/04/2022      806  

USD

      1,411     

GBP

      1,070      Morgan Stanley & Co.    04/04/2022      6  

USD

      41,438     

GBP

      30,906      Morgan Stanley & Co.    04/04/2022      838  

USD

      98,912     

GBP

      73,772      Morgan Stanley & Co.    04/04/2022      2,001  

GBP

      1,260     

USD

      1,653      Morgan Stanley & Co.    04/04/2022      2  

GBP

      29,064     

USD

      38,109      UBS AG LONDON    04/04/2022      70  

USD

      1,958     

HKD

      15,302      UBS AG LONDON    04/04/2022      5  

HUF

      821,306     

USD

      2,472      Bank of America, NA    04/04/2022      2  

USD

      2,490     

HUF

      821,306      UBS AG LONDON    04/04/2022      17  

USD

      3,787     

JPY

      434,301      Bank of America, NA    04/04/2022      219  

USD

      293,297     

JPY

      33,817,140      Bank of America, NA    04/04/2022      15,515  

USD

      293,297     

JPY

      33,817,140      Deutsche Bank AG    04/04/2022      15,515  

USD

      293,040     

JPY

      33,817,140      Goldman Sachs International    04/04/2022      15,258  

JPY

      8,950,244     

USD

      72,419      Morgan Stanley & Co.    04/04/2022      1,101  

USD

      77,813     

JPY

      8,950,244      Morgan Stanley & Co.    04/04/2022      4,293  

USD

      293,301     

JPY

      33,817,140      Morgan Stanley & Co.    04/04/2022      15,519  

USD

      293,356     

JPY

      33,817,138      Toronto-Dominion Bank (The)    04/04/2022      15,574  

USD

      138     

NOK

      1,216      Bank of America, NA    04/04/2022      — (h) 

USD

      5,324     

PLN

      22,328      UBS AG LONDON    04/04/2022      10  

USD

      2,132     

RON

      9,460      Bank of America, NA    04/04/2022      15  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 March 31, 2022 (continued):

 

CURRENCY PURCHASED

     

      CURRENCY SOLD      

     

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

SEK

      2,410     

USD

      244      Bank of America, NA    04/04/2022      13  

SEK

      180     

USD

      19      Bank of America, NA    04/04/2022      — (h) 

SEK

      360     

USD

      38      Morgan Stanley & Co.    04/04/2022      — (h) 

SEK

      170     

USD

      18      Morgan Stanley & Co.    04/04/2022      — (h) 

CNY

      5,700     

USD

      894      Brown Brothers Harriman & Co.    04/06/2022      4  

CNY

      19,000     

USD

      2,991      Brown Brothers Harriman & Co.    04/06/2022      4  

CNY

      15,000     

USD

      2,347      Brown Brothers Harriman & Co.    04/06/2022      18  

CNY

      10,000     

USD

      1,573      Brown Brothers Harriman & Co.    04/06/2022      4  

USD

      923,709     

CNY

      5,845,000      Brown Brothers Harriman & Co.    04/06/2022      2,331  

CAD

      271     

USD

      213      Goldman Sachs International    04/19/2022      4  

CAD

      251     

USD

      198      Morgan Stanley & Co.    04/19/2022      3  

USD

      2,866     

CHF

      2,637      Morgan Stanley & Co.    04/19/2022      11  

USD

      1,150     

CZK

      24,970      Morgan Stanley & Co.    04/19/2022      20  

USD

      906     

DKK

      5,921      Bank of America, NA    04/19/2022      25  

USD

      631     

HUF

      199,425      HSBC Bank plc    04/19/2022      32  

USD

      1,026     

PLN

      4,120      Goldman Sachs International    04/19/2022      47  

USD

      599     

RON

      2,629      Citibank, NA    04/19/2022      11  

USD

      1,241     

SEK

      11,538      HSBC Bank plc    04/19/2022      14  

USD

      34,171     

AUD

      45,605      Bank of America, NA    05/03/2022      33  

USD

      34,169     

AUD

      45,605      Deutsche Bank AG    05/03/2022      31  

USD

      34,188     

AUD

      45,605      Morgan Stanley & Co.    05/03/2022      50  

USD

      34,180     

AUD

      45,605      Toronto-Dominion Bank (The)    05/03/2022      42  

USD

      34,180     

AUD

      45,603      UBS AG LONDON    05/03/2022      44  

CHF

      125     

EUR

      122      Bank of America, NA    05/03/2022      1  

USD

      4,233     

CZK

      93,399      UBS AG LONDON    05/03/2022      15  

USD

      1,269     

DKK

      8,480      Bank of America, NA    05/03/2022      6  

USD

      4,913     

DKK

      32,842      Morgan Stanley & Co.    05/03/2022      25  

USD

      24,691     

EUR

      22,211      Bank of America, NA    05/03/2022      99  

USD

      389,724     

EUR

      350,580      Bank of America, NA    05/03/2022      1,564  

USD

      167,293     

EUR

      150,490      Bank of America, NA    05/03/2022      671  

USD

      167,240     

EUR

      150,490      Morgan Stanley & Co.    05/03/2022      618  

USD

      22,114     

EUR

      19,842      Morgan Stanley & Co.    05/03/2022      145  

USD

      97,386     

EUR

      87,644      Morgan Stanley & Co.    05/03/2022      347  

USD

      167,347     

EUR

      150,938      UBS AG LONDON    05/03/2022      230  

USD

      2,858     

NOK

      24,885      Morgan Stanley & Co.    05/03/2022      33  

USD

      21,415     

NZD

      30,870      UBS AG LONDON    05/03/2022      30  

USD

      2,118     

RON

      9,460      Bank of America, NA    05/03/2022      8  

USD

      193     

RON

      860      UBS AG LONDON    05/03/2022      1  

USD

      4,687     

SEK

      43,575      Morgan Stanley & Co.    05/03/2022      50  

USD

      5,047     

SEK

      46,925      Morgan Stanley & Co.    05/03/2022      54  

USD

      38,052     

GBP

      28,970      Morgan Stanley & Co.    05/04/2022      3  

USD

      1,955     

HKD

      15,302      Royal Bank of Canada    05/04/2022      1  

USD

      5,313     

PLN

      22,328      Goldman Sachs International    05/04/2022      14  

USD

      25,483     

SGD

      34,512      Morgan Stanley & Co.    05/05/2022      22  

CAD

      1,490     

USD

      1,192      Citibank, NA    05/06/2022      — (h) 

USD

      90,237     

EUR

      80,970      Citibank, NA    05/06/2022      576  

USD

      43,759     

EUR

      39,265      Citibank, NA    05/06/2022      279  

USD

      36,927     

GBP

      27,992      Morgan Stanley & Co.    05/06/2022      163  

USD

      25,863     

GBP

      19,605      Morgan Stanley & Co.    05/06/2022      114  

USD

      263,079     

JPY

      31,972,045      Bank of America, NA    05/06/2022      284  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 March 31, 2022 (continued):

 

CURRENCY PURCHASED

     

      CURRENCY SOLD      

     

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

JPY

      22,945     

USD

      188      Barclays Bank plc    05/06/2022      — (h) 

USD

      262,844     

JPY

      31,972,045      Deutsche Bank AG    05/06/2022      48  

USD

      44,978     

JPY

      5,455,970      Deutsche Bank AG    05/06/2022      132  

USD

      262,932     

JPY

      31,972,045      Morgan Stanley & Co.    05/06/2022      136  

USD

      263,004     

JPY

      31,972,045      Toronto-Dominion Bank (The)    05/06/2022      208  

USD

      262,908     

JPY

      31,972,036      UBS AG LONDON    05/06/2022      112  

USD

      350     

CNH

      2,231      Citibank, NA    05/23/2022      1  

USD

      210     

CNH

      1,335      HSBC Bank plc    05/23/2022      1  

USD

      3,450     

IDR

      49,417,649      Citibank, NA    06/15/2022      19  

USD

      55,717     

IDR

      798,091,882      Goldman Sachs International    06/15/2022      322  

KRW

      417,667     

USD

      344      Barclays Bank plc    06/15/2022      1  

KRW

      655,115     

USD

      533      Citibank, NA    06/15/2022      7  

USD

      1,707     

MYR

      7,155      Barclays Bank plc    06/15/2022      8  

USD

      41,595     

MYR

      174,387      Morgan Stanley & Co.    06/15/2022      189  

USD

      1,669     

THB

      55,285      Citibank, NA    06/15/2022      4  

USD

      38,254     

THB

      1,262,653      Morgan Stanley & Co.    06/15/2022      240  

USD

      1,617     

DKK

      10,800      Morgan Stanley & Co.    07/01/2022      5  
                 

 

 

  

Total unrealized appreciation

      122,602  
              

 

 

  

DKK

      40,815     

USD

      6,253      Morgan Stanley & Co.    04/01/2022      (183 ) 

AUD

      45,605     

USD

      34,158      Bank of America, NA    04/04/2022      (32 ) 

USD

      33,124     

AUD

      45,790      Bank of America, NA    04/04/2022      (1,141 ) 

AUD

      45,605     

USD

      34,158      Deutsche Bank AG    04/04/2022      (32 ) 

USD

      33,102     

AUD

      45,790      Deutsche Bank AG    04/04/2022      (1,162 ) 

USD

      33,068     

AUD

      45,790      Goldman Sachs International    04/04/2022      (1,196 ) 

AUD

      45,605     

USD

      34,176      Morgan Stanley & Co.    04/04/2022      (50 ) 

USD

      33,119     

AUD

      45,790      Morgan Stanley & Co.    04/04/2022      (1,145 ) 

USD

      1,113     

AUD

      1,529      Standard Chartered Bank    04/04/2022      (31 ) 

AUD

      45,605     

USD

      34,168      Toronto-Dominion Bank (The)    04/04/2022      (42 ) 

USD

      33,129     

AUD

      45,788      Toronto-Dominion Bank (The)    04/04/2022      (1,134 ) 

AUD

      45,603     

USD

      34,169      UBS AG LONDON    04/04/2022      (44 ) 

USD

      1,192     

CAD

      1,490      Citibank, NA    04/04/2022      (— )(h) 

CHF

      75     

USD

      82      Bank of America, NA    04/04/2022      (1 ) 

EUR

      122     

CHF

      125      Bank of America, NA    04/04/2022      (— )(h) 

USD

      134     

CZK

      3,024      Bank of America, NA    04/04/2022      (3 ) 

USD

      4,047     

CZK

      90,375      UBS AG LONDON    04/04/2022      (48 ) 

CZK

      93,399     

USD

      4,247      UBS AG LONDON    04/04/2022      (15 ) 

DKK

      8,480     

USD

      1,268      Bank of America, NA    04/04/2022      (6 ) 

DKK

      32,842     

USD

      4,909      Morgan Stanley & Co.    04/04/2022      (25 ) 

EUR

      624     

USD

      700      Bank of America, NA    04/04/2022      (10 ) 

EUR

      150,490     

USD

      167,149      Bank of America, NA    04/04/2022      (670 ) 

EUR

      22,211     

USD

      24,670      Bank of America, NA    04/04/2022      (99 ) 

EUR

      140     

USD

      157      Bank of America, NA    04/04/2022      (3 ) 

EUR

      350,580     

USD

      389,389      Bank of America, NA    04/04/2022      (1,560 ) 

USD

      1,875     

EUR

      1,700      Bank of America, NA    04/04/2022      (6 ) 

USD

      132     

EUR

      120      Bank of America, NA    04/04/2022      (1 ) 

USD

      1,961     

EUR

      1,792      Barclays Bank plc    04/04/2022      (21 ) 

EUR

      80,970     

USD

      90,142      Citibank, NA    04/04/2022      (568 ) 

EUR

      39,265     

USD

      43,713      Citibank, NA    04/04/2022      (276 ) 

EUR

      5,722     

USD

      6,436      Citibank, NA    04/04/2022      (106 ) 

EUR

      10,248     

USD

      11,526      Goldman Sachs International    04/04/2022      (189 ) 

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 March 31, 2022 (continued):

 

CURRENCY PURCHASED

     

      CURRENCY SOLD      

     

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

USD

      794     

EUR

      727      HSBC Bank plc    04/04/2022      (10 ) 

EUR

      19,842     

USD

      22,095      Morgan Stanley & Co.    04/04/2022      (145 ) 

EUR

      480     

USD

      540      Morgan Stanley & Co.    04/04/2022      (9 ) 

EUR

      87,644     

USD

      97,301      Morgan Stanley & Co.    04/04/2022      (345 ) 

EUR

      10,140     

USD

      11,404      Morgan Stanley & Co.    04/04/2022      (187 ) 

USD

      219     

EUR

      200      Morgan Stanley & Co.    04/04/2022      (2 ) 

USD

      111     

EUR

      100      Morgan Stanley & Co.    04/04/2022      (— )(h) 

USD

      110     

EUR

      100      Morgan Stanley & Co.    04/04/2022      (1 ) 

USD

      66     

EUR

      60      Morgan Stanley & Co.    04/04/2022      (— )(h) 

EUR

      150,490     

USD

      167,095      Morgan Stanley & Co.    04/04/2022      (616 ) 

EUR

      150     

USD

      167      UBS AG LONDON    04/04/2022      (1 ) 

USD

      2,246     

EUR

      2,040      UBS AG LONDON    04/04/2022      (11 ) 

EUR

      6,633     

USD

      7,360      UBS AG LONDON    04/04/2022      (22 ) 

USD

      770     

EUR

      700      UBS AG LONDON    04/04/2022      (4 ) 

EUR

      150,938     

USD

      167,205      UBS AG LONDON    04/04/2022      (229 ) 

GBP

      20     

USD

      27      Bank of America, NA    04/04/2022      (1 ) 

GBP

      461     

USD

      619      Bank of America, NA    04/04/2022      (13 ) 

GBP

      842     

USD

      1,130      Citibank, NA    04/04/2022      (24 ) 

GBP

      1,689     

USD

      2,267      Goldman Sachs International    04/04/2022      (48 ) 

GBP

      27,992     

USD

      36,932      Morgan Stanley & Co.    04/04/2022      (161 ) 

GBP

      51     

USD

      70      Morgan Stanley & Co.    04/04/2022      (2 ) 

GBP

      10     

USD

      13      Morgan Stanley & Co.    04/04/2022      (— )(h) 

GBP

      1,398     

USD

      1,863      Morgan Stanley & Co.    04/04/2022      (27 ) 

GBP

      1,675     

USD

      2,248      Morgan Stanley & Co.    04/04/2022      (48 ) 

GBP

      10     

USD

      13      Morgan Stanley & Co.    04/04/2022      (— )(h) 

GBP

      28,970     

USD

      38,060      Morgan Stanley & Co.    04/04/2022      (3 ) 

GBP

      2,600     

USD

      3,441      Morgan Stanley & Co.    04/04/2022      (25 ) 

GBP

      19,605     

USD

      25,867      Morgan Stanley & Co.    04/04/2022      (113 ) 

GBP

      2,600     

USD

      3,440      Morgan Stanley & Co.    04/04/2022      (24 ) 

HKD

      15,302     

USD

      1,954      Royal Bank of Canada    04/04/2022      (1 ) 

JPY

      31,972,045     

USD

      262,928      Bank of America, NA    04/04/2022      (302 ) 

JPY

      8,097,540     

USD

      70,590      Deutsche Bank AG    04/04/2022      (4,075 ) 

JPY

      31,972,045     

USD

      262,690      Deutsche Bank AG    04/04/2022      (65 ) 

JPY

      1,562,243     

USD

      13,574      Goldman Sachs International    04/04/2022      (742 ) 

JPY

      31,972,045     

USD

      262,781      Morgan Stanley & Co.    04/04/2022      (155 ) 

JPY

      31,972,045     

USD

      262,852      Toronto-Dominion Bank (The)    04/04/2022      (227 ) 

JPY

      31,972,036     

USD

      262,755      UBS AG LONDON    04/04/2022      (129 ) 

USD

      2,668     

NOK

      23,669      Citibank, NA    04/04/2022      (21 ) 

NOK

      24,885     

USD

      2,859      Morgan Stanley & Co.    04/04/2022      (32 ) 

USD

      20,778     

NZD

      30,870      Deutsche Bank AG    04/04/2022      (616 ) 

NZD

      30,870     

USD

      21,426      UBS AG LONDON    04/04/2022      (31 ) 

PLN

      22,328     

USD

      5,328      Goldman Sachs International    04/04/2022      (14 ) 

RON

      9,460     

USD

      2,126      Bank of America, NA    04/04/2022      (9 ) 

USD

      4,961     

SEK

      46,925      Bank of America, NA    04/04/2022      (29 ) 

USD

      4,937     

SEK

      46,695      Bank of America, NA    04/04/2022      (29 ) 

SEK

      43,575     

USD

      4,684      Morgan Stanley & Co.    04/04/2022      (50 ) 

SEK

      46,925     

USD

      5,044      Morgan Stanley & Co.    04/04/2022      (54 ) 

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 March 31, 2022 (continued):

 

CURRENCY PURCHASED

     

      CURRENCY SOLD      

     

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

SGD

      34,512     

USD

      25,486      Morgan Stanley & Co.    04/04/2022      (23 ) 

USD

      25,406     

SGD

      34,512      Royal Bank of Canada    04/04/2022      (57 ) 

CNY

      16,000     

USD

      2,528      Brown Brothers Harriman & Co.    04/06/2022      (6 ) 

CNY

      17,500     

USD

      2,763      Brown Brothers Harriman & Co.    04/06/2022      (4 ) 

CNY

      25,000     

USD

      3,949      Brown Brothers Harriman & Co.    04/06/2022      (8 ) 

CNY

      22,000     

USD

      3,474      Brown Brothers Harriman & Co.    04/06/2022      (6 ) 

CNY

      31,400     

USD

      4,963      Brown Brothers Harriman & Co.    04/06/2022      (14 ) 

CNY

      221,500     

USD

      34,983      Brown Brothers Harriman & Co.    04/06/2022      (67 ) 

USD

      7,042     

AUD

      9,855      Morgan Stanley & Co.    04/19/2022      (334 ) 

AUD

      448     

USD

      337      Morgan Stanley & Co.    04/19/2022      (1 ) 

USD

      13,615     

CAD

      17,194      Bank of America, NA    04/19/2022      (138 ) 

CAD

      507     

USD

      405      Morgan Stanley & Co.    04/19/2022      (— )(h) 

EUR

      1,988     

USD

      2,213      Morgan Stanley & Co.    04/19/2022      (13 ) 

EUR

      2,011     

USD

      2,263      Morgan Stanley & Co.    04/19/2022      (37 ) 

EUR

      634     

USD

      712      Morgan Stanley & Co.    04/19/2022      (10 ) 

GBP

      339     

USD

      456      Morgan Stanley & Co.    04/19/2022      (10 ) 

GBP

      491     

USD

      659      Morgan Stanley & Co.    04/19/2022      (14 ) 

GBP

      274     

USD

      360      Morgan Stanley & Co.    04/19/2022      (1 ) 

JPY

      60,739     

USD

      528      Citibank, NA    04/19/2022      (29 ) 

JPY

      83,473     

USD

      726      Goldman Sachs International    04/19/2022      (40 ) 

JPY

      37,563     

USD

      310      Morgan Stanley & Co.    04/19/2022      (1 ) 

USD

      407     

NOK

      3,663      Bank of America, NA    04/19/2022      (9 ) 

USD

      757     

NZD

      1,136      Morgan Stanley & Co.    04/19/2022      (30 ) 

AUD

      8,530     

USD

      6,408      Morgan Stanley & Co.    05/03/2022      (23 ) 

USD

      5,892     

CHF

      5,442      Morgan Stanley & Co.    05/03/2022      (2 ) 

CHF

      140     

USD

      152      Morgan Stanley & Co.    05/03/2022      (1 ) 

USD

      4,364     

CHF

      4,030      Morgan Stanley & Co.    05/03/2022      (2 ) 

CHF

      300     

USD

      326      Morgan Stanley & Co.    05/03/2022      (1 ) 

DKK

      1,710     

USD

      256      Morgan Stanley & Co.    05/03/2022      (1 ) 

DKK

      140     

USD

      21      Morgan Stanley & Co.    05/03/2022      (— )(h) 

SEK

      850     

EUR

      82      Bank of America, NA    05/03/2022      (1 ) 

EUR

      630     

USD

      700      Goldman Sachs International    05/03/2022      (3 ) 

EUR

      7,170     

USD

      7,985      Morgan Stanley & Co.    05/03/2022      (46 ) 

EUR

      4,200     

USD

      4,677      Morgan Stanley & Co.    05/03/2022      (27 ) 

EUR

      580     

USD

      646      Morgan Stanley & Co.    05/03/2022      (4 ) 

USD

      2,462     

HUF

      821,306      Bank of America, NA    05/03/2022      (2 ) 

HUF

      63,860     

USD

      193      Morgan Stanley & Co.    05/03/2022      (1 ) 

SEK

      530     

USD

      57      Morgan Stanley & Co.    05/03/2022      (— )(h) 

USD

      91,489     

GBP

      69,717      Bank of America, NA    05/04/2022      (78 ) 

USD

      1,307     

GBP

      996      Bank of America, NA    05/04/2022      (1 ) 

USD

      37,995     

GBP

      28,970      Bank of America, NA    05/04/2022      (54 ) 

GBP

      740     

USD

      974      Morgan Stanley & Co.    05/04/2022      (2 ) 

GBP

      20     

USD

      26      Morgan Stanley & Co.    05/04/2022      (— )(h) 

GBP

      590     

USD

      777      Morgan Stanley & Co.    05/04/2022      (2 ) 

USD

      38,101     

GBP

      29,064      UBS AG LONDON    05/04/2022      (71 ) 

CAD

      670     

USD

      537      HSBC Bank plc    05/06/2022      (— )(h) 

USD

      6,765     

CNY

      43,000      Brown Brothers Harriman & Co.    05/06/2022      (— )(h) 

USD

      859,309     

CNY

      5,461,900      Brown Brothers Harriman & Co.    05/06/2022      (9 ) 

EUR

      2,174     

USD

      2,421      HSBC Bank plc    05/06/2022      (14 ) 

EUR

      2,717     

USD

      3,034      Morgan Stanley & Co.    05/06/2022      (25 ) 

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 March 31, 2022 (continued):

 

CURRENCY PURCHASED

     

      CURRENCY SOLD      

     

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

USD

      88,883     

EUR

      80,970      Morgan Stanley & Co.    05/06/2022      (778 ) 

USD

      43,103     

EUR

      39,265      Morgan Stanley & Co.    05/06/2022      (377 ) 

GBP

      329     

USD

      432      HSBC Bank plc    05/06/2022      (1 ) 

GBP

      4,948     

USD

      6,502      Morgan Stanley & Co.    05/06/2022      (3 ) 

USD

      72,465     

JPY

      8,950,244      Morgan Stanley & Co.    05/06/2022      (1,102 ) 

USD

      44,765     

CNH

      285,970      Citibank, NA    05/23/2022      (97 ) 

CNH

      2,176     

USD

      342      Morgan Stanley & Co.    05/23/2022      (— )(h) 

USD

      393     

CLP

      319,372      Morgan Stanley & Co.    06/15/2022      (8 ) 

USD

      900     

ILS

      2,907      Barclays Bank plc    06/15/2022      (13 ) 

KRW

      3,747,560     

USD

      3,090      Morgan Stanley & Co.    06/15/2022      (1 ) 

USD

      147,881     

KRW

      181,884,820      Morgan Stanley & Co.    06/15/2022      (2,074 ) 

USD

      1,545     

MXN

      32,633      Barclays Bank plc    06/15/2022      (74 ) 

USD

      825     

MYR

      3,480      Morgan Stanley & Co.    06/15/2022      (2 ) 

USD

      318     

PEN

      1,205      Goldman Sachs International    06/15/2022      (7 ) 

USD

      1,036     

SGD

      1,410      Morgan Stanley & Co.    06/15/2022      (4 ) 

USD

      5,098     

DKK

      34,425      Morgan Stanley & Co.    07/01/2022      (40 ) 

USD

      5,919     

DKK

      39,866      Morgan Stanley & Co.    07/01/2022      (30 ) 
                 

 

 

  

Total unrealized depreciation

      (24,284 ) 
                 

 

 

  

Net unrealized appreciation (depreciation)

      98,318  
              

 

 

  

OTC Interest Rate Swaps contracts outstanding as of March 31, 2022:

 

FLOATING RATE INDEX (a)

  

FIXED RATE

   PAY/
RECEIVE
FLOATING
RATE		     COUNTERPARTY     MATURITY
DATE		     NOTIONAL
AMOUNT		     UPFRONT
PAYMENTS
(RECEIPTS)
($)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		     VALUE
($)		  

Bank Negara Malaysia KLIBOR Interbank Offered rate Fixing 3 Month

   2.44% quarterly     Pay      

 Morgan
Stanley &
Co.		  
 
 		     11/17/2030     MYR 5,000      
 (—
)(h) 		     (107 )      (107 ) 
           

 

 

    

 

 

    

 

 

  

Total

 

    
 (—
)(h) 		     (107 )      (107 ) 
           

 

 

    

 

 

    

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 March 31, 2022:

 

FLOATING RATE INDEX (a)

  

FIXED RATE

   PAY/RECEIVE
FLOATING
RATE		   MATURITY
DATE		     NOTIONAL
AMOUNT		     UPFRONT
PAYMENTS
(RECEIPTS) ($)		     UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		     VALUE ($)  

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   0.00% annually   Receive     06/03/2022     JPY 143,500       — (h)      (— )(h)      (— )(h) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   0.00% annually   Receive     06/03/2022     JPY 140,000       — (h)      (— )(h)      (— )(h) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   (0.04)% maturity   Pay     03/16/2023     JPY 7,678,348       — (h)      (21 )      (21 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   (0.05)% annually   Pay     07/08/2023     JPY 360,000       3       (5 )      (2 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   (0.04)% annually   Pay     03/16/2024     JPY 6,767,035       — (h)      (74 )      (74 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   (0.03)% annually   Pay     03/16/2025     JPY 13,174,989       1       (226 )      (225 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   (0.04)% annually   Pay     03/16/2025     JPY 1,700,000       — (h)      (36 )      (36 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   0.10% semi-annually   Pay     12/03/2025     JPY 140,000       (— )(h)      2       2  

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   0.30% semi-annually   Pay     12/03/2030     JPY 143,500       (— )(h)      9       9  

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   0.00% annually   Pay     07/08/2031     JPY 95,000      
 (—
 )(h) 
     (17 )      (17 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   0.25% annually   Pay     07/08/2041     JPY 40,000       (— )(h)      (16 )      (16 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   0.45% annually   Pay     07/08/2051     JPY 35,000       (— )(h)      (18 )      (18 ) 

Bank of Thailand BIBOR Fixings 6 Month

   1.15% semi-annually   Pay     11/19/2030     THB 31,000       — (h)      (75 )      (75 ) 

BBSW ASX Australian 6 Month

   2.50% semi-annually   Pay     12/03/2025     AUD 3,390       269       (278 )      (9 ) 

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 March 31, 2022 (continued):

 

FLOATING RATE INDEX (a)

  

FIXED RATE

   PAY/RECEIVE
FLOATING
RATE		   MATURITY
DATE		     NOTIONAL
AMOUNT		     UPFRONT
PAYMENTS
(RECEIPTS) ($)		     UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		     VALUE ($)  

BBSW ASX Australian 6 Month

   2.75% semi-annually   Pay     12/03/2030     AUD 1,035       144       (156 )      (12 ) 

Canada Bankers Acceptances 3 Month

   2.45% semi-annually   Pay     12/03/2022     CAD 4,125       136       (102 )      34  

Canada Bankers Acceptances 3 Month

   2.50% semi-annually   Pay     12/03/2025     CAD 8,915       563       (592 )      (29 ) 

Canada Bankers Acceptances 3 Month

   2.65% semi-annually   Pay     12/03/2030     CAD 4,555       434       (463 )      (29 ) 

Canada Bankers Acceptances 3 Month

   2.80% semi-annually   Pay     12/03/2040     CAD 1,585       308       (338 )      (30 ) 

Canada Bankers Acceptances 3 Month

   2.80% semi-annually   Pay     12/03/2049     CAD 1,245       322       (333 )      (11 ) 

CFETS China Fixing Repo Rates 7 Day

   2.81% quarterly   Pay     04/12/2026     CNY 3,590       — (h)      9       9  

Colombia IBR Overnight Nominal Interbank Reference Rate

   4.44% quarterly   Pay     09/10/2030     COP 2,257,000       — (h)      (123 )      (123 ) 

ICE LIBOR JPY 6 Month

   0.00% semi-annually   Pay     06/03/2022     JPY 140,000       (— )(h)      — (h)      0 (h) 

ICE LIBOR JPY 6 Month

   0.00% semi-annually   Pay     06/03/2022     JPY 143,500       (— )(h)      — (h)      0 (h) 

ICE LIBOR USD 3 Month

   0.25% semi-annually   Receive     06/16/2023     USD 76,100       64       1,588       1,652  

ICE LIBOR USD 3 Month

   0.25% semi-annually   Receive     06/16/2024     USD 41,220       311       1,710       2,021  

ICE LIBOR USD 3 Month

   0.50% semi-annually   Pay     06/16/2028     USD 2,300       (119 )      (134 )      (253 ) 

ICE LIBOR USD 3 Month

   1.50% semi-annually   Pay     12/15/2028     USD 83,200       513       (4,881 )      (4,368 ) 

KRW Certificate of Deposit 3 Month

   1.00% quarterly   Pay     09/01/2025     KRW 2,400,000       — (h)      (112 )      (112 ) 

KRW Certificate of Deposit 3 Month

   1.07% quarterly   Pay     04/27/2030     KRW 200,000       (8 )      (11 )      (19 ) 

KRW Certificate of Deposit 3 Month

   0.97% quarterly   Pay     08/14/2030     KRW 2,100,000       — (h)      (225 )      (225 ) 

KRW Certificate of Deposit 3 Month

   0.94% quarterly   Pay     08/19/2030     KRW 5,075,000       (83 )      (463 )      (546 ) 

SONIA Interest Rate Benchmark

   0.45% annually   Pay     03/31/2026     GBP 1,250       — (h)      (94 )      (94 ) 

SONIA Interest Rate Benchmark

   0.11% annually   Receive     09/30/2030     GBP 500       — (h)      81       81  

SONIA Interest Rate Benchmark

   0.26% annually   Receive     09/30/2040     GBP 275       — (h)      73       73  

SONIA Interest Rate Benchmark

   1.25% annually   Pay     05/08/2046     GBP 2,080       332       (435 )      (103 ) 

SONIA Interest Rate Benchmark

   0.26% annually   Receive     09/30/2050     GBP 200       — (h)      71       71  

Swiss Average Rate O/N Intraday Value

   0.13% annually   Pay     11/05/2031     CHF 150       2       (13 )      (11 ) 

United States FEDEF

   0.03% annually   Receive     06/12/2022     USD 450       — (h)      1       1  

United States FEDEF

   0.10% maturity   Receive     01/13/2023     USD 442,600       37       4,737       4,774  

United States FEDEF

   0.20% maturity   Receive     04/29/2023     USD 22,600       1       375       376  

United States SOFR

   1.22% annually   Receive     08/15/2028     USD 5,797       — (h)      302       302  

United States SOFR

   1.25% annually   Pay     12/15/2028     USD 16,918       64       (943 )      (879 ) 

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 March 31, 2022 (continued):

 

FLOATING RATE INDEX (a)

  

FIXED RATE

   PAY/RECEIVE
FLOATING
RATE		   MATURITY
DATE		     NOTIONAL
AMOUNT		     UPFRONT
PAYMENTS
(RECEIPTS) ($)		     UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		     VALUE ($)  

United States SOFR

   1.75% annually   Pay     06/15/2029     USD 15,100       (492 )      75       (417 ) 

United States SOFR

   1.00% annually   Pay     06/15/2029     USD 46,300       3,941       (409 )      3,532  

United States SOFR

   1.75% annually   Pay     06/15/2032     USD 14,000       (762 )      282       (480 ) 
         

 

 

  

Total

 

     5,981       (1,278 )      4,703  
         

 

 

  

 

(a)

Value of floating rate index as of March 31, 2022 was as follows:

 

FLOATING RATE INDEX

       

Bank Negara Malaysia KLIBOR Interbank Offered rate Fixing 3 Month

      1.97 % 

Bank of Thailand BIBOR Fixings 6 Month

      0.73 % 

BBSW ASX Australian 6 Month

      0.71 % 

Canada Bankers Acceptances 3 Month

      1.26 % 

CFETS China Fixing Repo Rates 7 Day

      2.53 % 

Colombia IBR Overnight Nominal Interbank Reference Rate

      3.88 % 

ICE LIBOR JPY 6 Month

      0.04 % 

ICE LIBOR USD 3 Month

      0.96 % 

KRW Certificate of Deposit 3 Month

      1.51 % 

SONIA Interest Rate Benchmark

      0.69 % 

Swiss Average Rate O/N Intraday

      (0.70 )% 

United States FEDEF

      0.33 % 

United States SOFR

      0.29 % 

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Written Call Option Contracts on securities as of March 31, 2022:

 

DESCRIPTION

    COUNTERPARTY    NUMBER OF
CONTRACTS		     NOTIONAL
AMOUNT		     EXERCISE
PRICE		      EXPIRATION
DATE		      VALUE  

FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 04/13/2052

    Citigroup Global
Markets, Inc.		      (25,000 )    USD —     USD 98.05        04/06/2022      $ —  

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 04/13/2052

    Citigroup Global
Markets, Inc.		      (25,000 )    USD —     USD 98.87        04/06/2022        —  

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 05/12/2052

    Citigroup Global
Markets, Inc.		      (4,000 )    USD (334 )    USD 98.34        05/05/2022        (3 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 05/12/2052

    Citigroup Global
Markets, Inc.		      (3,000 )    USD (216 )    USD 98.51        05/05/2022        (2 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 05/12/2052

    Citigroup Global
Markets, Inc.		      (4,000 )    USD (284 )    USD 98.52        05/05/2022        (3 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 05/12/2052

    Citigroup Global
Markets, Inc.		      (1,000 )    USD (45 )    USD 99.01        05/05/2022        (— )(h) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 05/12/2052

    Citigroup Global
Markets, Inc.		      (17,000 )    USD (645 )    USD 99.17        05/05/2022        (6 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 06/13/2052

    Citigroup Global
Markets, Inc.		      (12,000 )    USD  (3,094 )    USD 97.91        06/06/2022        (32 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 3.00%, 05/12/2052

    Citigroup Global
Markets, Inc.		      (3,000 )    USD (259 )    USD   100.78        05/05/2022        (3 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 3.50%, 05/12/2052

    Citigroup Global
Markets, Inc.		      (9,000 )    USD (1,491 )    USD 101.00        05/05/2022        (15 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 3.50%, 06/13/2052

    Citigroup Global
Markets, Inc.		      (5,500 )    USD (2,063 )    USD 100.63        06/06/2022        (21 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 3.50%, 06/13/2052

    Citigroup Global
Markets, Inc.		      (8,000 )    USD (1,312 )    USD 101.50        06/06/2022        (13 ) 

GNMA, Single Family, 30 years, TBA, 3.00%, 04/21/2052

    Citigroup Global
Markets, Inc.		      (3,500 )    USD (87 )    USD 101.19        04/14/2022        (1 ) 
               

 

 

  
          (99 ) 
            

 

 

  

Written Put Option Contracts on securities as of March 31, 2022:

 

DESCRIPTION

    COUNTERPARTY    NUMBER OF
CONTRACTS		     NOTIONAL
AMOUNT		     EXERCISE
PRICE		      EXPIRATION
DATE		      VALUE  

FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 04/13/2052

    BofA Securities, Inc.      (7,200 )    USD (22,806 )    USD   96.13        04/06/2022        (237 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 04/13/2052

    BofA Securities, Inc.      (6,000 )    USD (20,687 )    USD 96.41        04/06/2022        (215 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 04/13/2052

    Citigroup Global
Markets, Inc.		      (2,000 )    USD (6,483 )    USD 96.20        04/06/2022        (67 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 04/13/2052

    BofA Securities, Inc.      (7,000 )    USD (21,171 )    USD 98.51        04/06/2022        (215 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 04/13/2052

    BofA Securities, Inc.      (8,000 )    USD (20,594 )    USD 98.06        04/06/2022        (210 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 04/13/2052

    BofA Securities, Inc.      (6,500 )    USD (17,141 )    USD 98.13        04/06/2022        (175 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 04/13/2052

    Citigroup Global
Markets, Inc.		      (5,000 )    USD (10,683 )    USD 97.63        04/06/2022        (110 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 04/13/2052

    Citigroup Global
Markets, Inc.		      (2,500 )    USD (5,419 )    USD 97.66        04/06/2022        (55 ) 

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Written Put Option Contracts on securities as of March 31, 2022 (continued):

 

DESCRIPTION

    COUNTERPARTY      NUMBER OF
CONTRACTS		     NOTIONAL
AMOUNT		     EXERCISE
PRICE		      EXPIRATION
DATE		      VALUE  

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 04/13/2052

     
 Citigroup Global
Markets, Inc.		  
 		      (4,000 )    USD (11,432 )    USD   98.34        04/06/2022        (116 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 04/13/2052

     
 Citigroup Global
Markets, Inc.		  
 		      (2,000 )    USD (5,811 )    USD 98.39        04/06/2022        (59 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 04/13/2052

     
 Citigroup Global
Markets, Inc.		  
 		      (5,500 )    USD (16,067 )    USD 98.41        04/06/2022        (163 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 04/13/2052

     
 Citigroup Global
Markets, Inc.		  
 		      (5,500 )    USD (16,503 )    USD 98.48        04/06/2022        (168 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 04/13/2052

     
 Citigroup Global
Markets, Inc.		  
 		      (1,100 )    USD (3,388 )    USD 98.56        04/06/2022        (34 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 04/13/2052

     
 Citigroup Global
Markets, Inc.		  
 		      (3,000 )    USD (11,158 )    USD 99.19        04/06/2022        (113 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 05/12/2052

     
 Citigroup Global
Markets, Inc.		  
 		      (4,000 )    USD (5,897 )    USD 96.34        05/05/2022        (61 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 3.00%, 04/13/2052

     
 Citigroup Global
Markets, Inc.		  
 		      (1,500 )    USD (4,575 )    USD 100.88        04/06/2022        (45 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 3.00%, 05/12/2052

      BofA Securities, Inc.        (9,500 )    USD (18,959 )    USD 99.36        05/05/2022        (191 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 3.00%, 05/12/2052

     
 Citigroup Global
Markets, Inc.		  
 		      (3,000 )    USD (4,671 )    USD 98.78        05/05/2022        (47 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 3.00%, 05/12/2052

     
 Citigroup Global
Markets, Inc.		  
 		      (5,500 )    USD (9,634 )    USD 99.05        05/05/2022        (97 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 3.00%, 05/12/2052

     
 Citigroup Global
Markets, Inc.		  
 		      (2,500 )    USD (5,357 )    USD 99.54        05/05/2022        (54 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 3.00%, 05/12/2052

     
 Citigroup Global
Markets, Inc.		  
 		      (2,500 )    USD (5,471 )    USD 99.59        05/05/2022        (55 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 3.50%, 04/13/2052

     
 Citigroup Global
Markets, Inc.		  
 		      (23,500 )    USD (36,463 )    USD 101.72        04/06/2022        (359 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 3.50%, 04/13/2052

     
 Citigroup Global
Markets, Inc.		  
 		      (1,500 )    USD (2,981 )    USD 102.14        04/06/2022        (29 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 3.50%, 06/13/2052

     
 Citigroup Global
Markets, Inc.		  
 		      (5,500 )    USD (2,646 )    USD 98.63        06/06/2022        (27 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 3.50%, 06/13/2052

     
 Citigroup Global
Markets, Inc.		  
 		      (8,000 )    USD (6,396 )    USD 99.50        06/06/2022        (64 ) 
               

 

 

  
                  (2,966 ) 
               

 

 

  

Total Written Options Contracts (Premiums Received $1,051)

 

           (3,065 ) 
            

 

 

  

Six Circles Global Bond Fund

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022

 

ACES    —    Alternative Credit Enhancement Securities
ARM    —    Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of March 31, 2022.
ASX    —    Australian Stock Exchange
BAM    —    Insured by Build America Mutual
BBSW    —    Bank Bill Swap Rate
BIBOR    —    Bangkok Interbank Offered Rate
CFETS    —    China Foreign Exchange Trade System
CLO    —    Collateralized Loan Obligations
CMT    —    Constant Maturity Treasury
CPI    —    Consumer Price Index
DUS    —    Delegated Underwriting and Servicing
EURIBOR    —    Euro Interbank Offered Rate
FEDEF    —    Federal Fund Effective Rate (Continuous Series)
FHA    —    Federal Housing Administration
FHLB    —    Federal Home Loan Bank
FHLMC    —    Federal Home Loan Mortgage Corp.
FNMA    —    Federal National Mortgage Association
GNMA    —    Government National Mortgage Association
GO    —    General Obligation
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. The interest rate shown is the rate in effect as of March 31, 2022. The rate may be subject to a cap and floor.
IO    —    Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
KLIBOR    —    Kuala Lumpur Interbank Offered Rate
LIBOR    —    London Interbank Offered Rate
OTC    —    Over the Counter
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

Six Circles Global Bond Fund

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022

 

Rev.    —    Revenue
SOFR    —    Secured Overnight Financing Rate
SONIA    —    Sterling Overnight Interbank Average Rate
STRIP    —    Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB    —    Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2022.
TBA    —    To Be Announced
TONAR    —    Tokyo Overnight Average Rate
VA    —    Veterans Administration
(e)    —    Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)    —    Amount rounds to less than 0.05%.
(h)    —    Amount rounds to less than 500 shares or principal/ $500.
(r)    —    Security has not paid interest and/or interest is currently not being accrued on the security due to financial and trading sanctions imposed on Russia.
(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 March 31, 2022.
(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 March 31, 2022.
(aa)    —    Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2022.
(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.
(ee)    —    Approximately $5,505,021 of these investments are restricted as collateral for swaps to various brokers.
(ff)    —    Approximately $563,636 of these investments are restricted as collateral for futures to Citigroup Global Markets, Inc.
(hh)    —    Approximately $6,743,441 of these investments are restricted as collateral for TBAs to various brokers.
(ii)    —    Approximately $2,238,301 of these investments are restricted as collateral for forwards to various brokers.
(jj)    —    Approximately $2,285,938 of these investments are restricted as collateral for bi-lateral derivatives to various brokers.

Six Circles Global Bond Fund

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022

 

*    —    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
CNY    —    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
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 MARCH 31, 2022 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL

    AMOUNT ($)    

         VALUE ($)      
Corporate Bond — 0.0% (g)     
Consumer Non-cyclical — 0.0% (g)     
Healthcare - Services — 0.0% (g)     
Tower Health, Series 2020, 4.45%, 02/01/2050
(Cost $863)		      1,000       750  
    

 

 

  
Municipal Bonds — 92.0% (t)     
Alabama — 2.6%     
Alabama Economic Settlement Authority, BP Settlement, Series A, Rev., 4.00%, 09/15/2033      1,000       1,057  
Alabama Federal Aid Highway Finance Authority, Series A, Rev., 5.00%, 09/01/2035 (p)      2,000       2,239  
Alabama Housing Finance Authority, Capstone At Kinsey Cove Project, Rev., 0.35%, 12/01/2023 (z)      1,005       990  
Alabama Housing Finance Authority, South Oak Residence Project, Rev., 1.25%, 12/01/2025 (z)      4,270       4,154  
Alabama Public School and College Authority, Social Bonds,     
Series A, Rev., 5.00%, 11/01/2035      6,400       7,622  
Series A, Rev., 5.00%, 11/01/2039      10,000       11,846  
Alabama Special Care Facilities Financing Authority, Ascension Senior Credit Group, Series C, Rev., 5.00%, 11/15/2046      5,000       5,490  
Baldwin County Board of Education, School Warrants,     
Rev., 5.00%, 06/01/2024 (p)      2,605       2,622  
Rev., 5.00%, 06/01/2026 (p)      2,870       2,888  
Black Belt Energy Gas District,     
Rev., LIQ: Royal Bank of Canada, 4.00%, 06/01/2051 (z)      15,530       16,837  
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 08/01/2047 (z)      1,200       1,208  
Series B1, Rev., 4.00%, 04/01/2053 (z)      6,000       6,312  
Series B2, Rev., (SIFMA Municipal Swap Index + 0.65%), 1.16%, 04/01/2053 (aa)      9,250       9,250  
Black Belt Energy Gas District, Gas Project Bonds Project No. 7, Rev., 4.00%, 10/01/2052 (z)      10,110       10,534  
Black Belt Energy Gas District, Gas Project No. 8, Series A, Rev., 4.00%, 12/01/2052 (z)      3,410       3,640  
Black Belt Energy Gas District, Project No. 4, Series A1, Rev., 4.00%, 12/01/2049 (z)      6,810       7,089  
Black Belt Energy Gas District, Project No. 5, Series A1, Rev., 4.00%, 10/01/2049 (z)      5,000       5,248  
Black Belt Energy Gas District, Project No. 6, Series B, Rev., 4.00%, 10/01/2052 (z)      11,505       11,987  
City of Birmingham, Series A, GO, 5.00%, 03/01/2043 (p)      1,935       1,995  
City of Birmingham, Warrants, Series A, GO, 4.00%, 06/01/2032      4,075       4,531  
City of Homewood, Warrants, GO, 5.00%, 09/01/2033 (p)      275       308  
City of Oxford, Warrants, Series C, GO, 5.00%, 10/01/2029 (p)      1,435       1,462  
County of Jefferson, Sewer Revenue, Senior Lien, Warrants, Series A, Rev., AGM, 5.50%, 10/01/2053      500       536  
County of Jefferson, Sewer Revenue, Subordinated Lien, Series D, Rev., 6.50%, 10/01/2053      220       245  
County of Jefferson, Warrants, Rev., 5.00%, 09/15/2026      3,200       3,587  
Health Care Authority of the City of Huntsville, Health System,     
Series B1, Rev., 4.00%, 06/01/2045      1,750       1,859  
Series B1, Rev., 5.00%, 06/01/2038      1,000       1,167  
Hoover Industrial Development Board, Green Bonds, Rev., AMT, 6.38%, 11/01/2050 (z)      3,020       3,577  
Industrial Development Board of the City of Mobile Alabama, Power Co., Barry Plant, Rev., 2.90%, 07/15/2034 (z)      2,000       2,026  
Morgan County Board of Education, Rev., 5.00%, 03/01/2035 (p)      2,720       2,755  
Selma Industrial Development Board, International Paper Co. Project, Rev., 1.38%, 05/01/2034 (z)      1,000       962  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Alabama — continued     
Southeast Alabama Gas Supply District (The), Project No. 2, Series A, Rev., 4.00%, 06/01/2049 (z)      100       103  
Southeast Energy Authority A Cooperative District, Project 1, Series A, Rev., 4.00%, 11/01/2051 (z)      4,580       4,824  
Southeast Energy Authority A Cooperative District, Project 2, Series B, Rev., 4.00%, 12/01/2051 (z)      8,205       8,810  
State of Alabama Docks Department, Docks,     
Series A, Rev., AGM, AMT, 5.00%, 10/01/2025      1,750       1,899  
Series A, Rev., AGM, AMT, 5.00%, 10/01/2026      1,890       2,090  
Tuscaloosa City Board of Education, Warrants, Rev., 5.00%, 08/01/2041 (p)      2,525       2,839  
UAB Medicine Finance Authority,     
Rev., 5.00%, 09/01/2032      1,800       2,121  
Series B, Rev., 5.00%, 09/01/2041      1,750       1,943  
Water Works Board of the City of Birmingham, Series B, Rev., 5.00%, 01/01/2038 (p)      3,000       3,080  
    

 

 

  
       163,732  
    

 

 

  
Alaska — 0.2%     
Alaska Housing Finance Corp.,     
Series A, Rev., 5.00%, 12/01/2032 (p)      1,425       1,500  
Series A, Rev., 5.00%, 12/01/2033 (p)      685       721  
Alaska Housing Finance Corp., General Mortgage, Series B, Rev., 3.25%, 12/01/2044      6,300       6,391  
Alaska Housing Finance Corp., State Capital Project, Rev., 5.00%, 12/01/2031 (p)      1,690       1,701  
Northern Tobacco Securitization Corp., Senior, Series B2, Rev., Zero Coupon, 06/01/2066      9,475       1,218  
State of Alaska International Airports System, Series C, Rev., AMT, 5.00%, 10/01/2026      1,500       1,654  
    

 

 

  
       13,185  
    

 

 

  
Arizona — 1.7%     
Arizona Health Facilities Authority, Banner Health, Series A, Rev., 5.00%, 01/01/2044 (p)      1,055       1,111  
Arizona Health Facilities Authority, Scottsdale Lincoln Hospital Project, Rev., 5.00%, 12/01/2029      2,705       2,906  
Arizona Industrial Development Authority,     
Series 2019-2, Rev., 3.63%, 05/20/2033      1,198       1,224  
Series A, Rev., 4.00%, 09/01/2035      225       246  
Series A, Rev., 4.00%, 09/01/2036      250       273  
Arizona Industrial Development Authority, GreatHearts Arizona Project,     
Series A, Rev., 5.00%, 07/01/2024      125       133  
Series A, Rev., 5.00%, 07/01/2026      125       137  
Arizona Industrial Development Authority, Jerome Facilities Project, Series B, Rev., 4.00%, 07/01/2051      2,000       1,943  
Arizona Industrial Development Authority, Lincoln South Beltway Project, Rev., 5.00%, 08/01/2025      1,000       1,092  
Arizona Industrial Development Authority, Macombs Facilities Project, Series A, Rev., 4.00%, 07/01/2061      1,000       949  
Arizona Industrial Development Authority, Phoenix Children’s Hospital,     
Rev., 5.00%, 02/01/2025      1,200       1,296  
Rev., 5.00%, 02/01/2032      1,375       1,668  
Rev., 5.00%, 02/01/2033      2,000       2,382  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Aliante,     
Rev., 3.00%, 12/15/2031 (e)      525       482  
Rev., 4.00%, 12/15/2041 (e)      500       484  
Rev., 4.00%, 12/15/2051 (e)      700       649  
Arizona State University,     
Series B, Rev., VRDO, 0.47%, 04/07/2022 (z)      1,910       1,910  
Series C, Rev., 5.00%, 07/01/2042      2,000       2,220  
Arizona State University, Board of Regents,     
Series A, Rev., 5.00%, 07/01/2043 (p)      1,500       1,514  
Series B, Rev., 5.00%, 07/01/2026      100       112  
Series B, Rev., 5.00%, 07/01/2042      2,000       2,260  
Arizona Water Infrastructure Finance Authority, Unrefunded, Water Quality, Rev., 5.00%, 10/01/2023 (p)      1,665       1,696  
Chandler Industrial Development Authority, Intel Corp. Project, Rev., 2.40%, 12/01/2035 (z)      775       778  
City of Bullhead Excise Taxes Revenue, Second Series, Rev., 0.60%, 07/01/2024      250       238  
City of Mesa Excise Tax Revenue, Rev., 5.00%, 07/01/2028      600       699  
City of Phoenix Civic Improvement Corp.,     
Series A, Rev., 5.00%, 07/01/2029      1,000       1,153  
Series A, Rev., 5.00%, 07/01/2031      2,000       2,300  
Series A, Rev., 5.00%, 07/01/2032      1,000       1,148  
Series A, Rev., 5.00%, 07/01/2034      1,600       1,940  
City of Phoenix Civic Improvement Corp., Junior Lien,     
Series A, Rev., 5.00%, 07/01/2026      500       558  
Series A, Rev., 5.00%, 07/01/2029      1,515       1,785  
Series B, Rev., 5.00%, 07/01/2026      1,750       1,953  
City of Phoenix, Civic Improvement Corp.,     
Series A, Rev., 5.00%, 07/01/2034      2,185       2,502  
Series B, Rev., 5.00%, 07/01/2024      130       139  
City of Phoenix, Civic Improvement Corp., Airport Revenue, Junior Lien,     
Series A, Rev., 5.00%, 07/01/2044      1,000       1,134  
Series B, Rev., AMT, 5.00%, 07/01/2027      1,500       1,673  
Series B, Rev., AMT, 5.00%, 07/01/2033      2,000       2,255  
Industrial Development Authority of the County of Pima (The), American Leadership Academy,     
Rev., 4.00%, 06/15/2023 (e)      1,290       1,306  
Rev., 4.00%, 06/15/2025 (e)      2,555       2,608  
Rev., 4.00%, 06/15/2027 (e)      2,680       2,717  
Rev., 4.00%, 06/15/2030 (e)      1,510       1,512  
Industrial Development Authority of the County of Pima (The), Tucson Medical Center, Rev., 4.00%, 04/01/2035      825       873  
Industrial Development Authority of the County of Yavapai, Waste Management, Inc. Project, Rev., AMT, 1.30%, 06/01/2027      3,260       3,013  
Kyrene Elementary School District No. 28, School Improvement Project 2010,     
Series B, GO, 4.50%, 07/01/2024      315       326  
Series B, GO, 4.50%, 07/01/2025      255       264  
Maricopa County Industrial Development Authority, Banner Health, Series B, Rev., 5.00%, 01/01/2048 (z)      2,000       2,040  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Maricopa County Pollution Control Corp., Public Service Company of New Mexico, Rev., 1.05%, 01/01/2038 (z)      695       694  
Maricopa County Pollution Control Corp., Southern California Edison, Rev., 2.40%, 06/01/2035      1,000       872  
Maricopa County Special Health Care District, Series C, GO, 4.00%, 07/01/2037      21,910       23,585  
Northern Arizona University, Speed Stimulus Plan Economic Education, Rev., 5.00%,
08/01/2032 (p)		      3,145       3,279  
Salt River Project Agricultural Improvement & Power, Series A, Rev., 5.00%, 12/01/2045      7,300       7,868  
Salt River Project Agricultural Improvement & Power District, Salt River Project, Series A, Rev., 5.00%, 01/01/2026      3,000       3,323  
Salt Verde Financial Corp., Rev., 5.00%, 12/01/2032      420       486  
Salt Verde Financial Corp., Senior, Rev., 5.50%, 12/01/2029      1,475       1,722  
Tempe Industrial Development Authority, Friendship Village of Tempe, Rev., 1.13%, 12/01/2026      3,350       3,084  
    

 

 

  
       106,514  
    

 

 

  
Arkansas — 0.0% (g)     
Arkansas Development Finance Authority Public Safety Charges Revenue, Division of Emergency Management Project, Rev., 5.00%, 06/01/2024      1,000       1,063  
Arkansas Development Finance Authority, Big River Steel Project, Rev., AMT, 4.50%,
09/01/2049 (e)		      630       641  
    

 

 

  
       1,704  
    

 

 

  
California — 9.2%     
Alameda County, Oakland Unified School District,     
GO, 5.00%, 08/01/2027      65       72  
Series A, GO, 5.00%, 08/01/2040 (p)      300       329  
Anaheim Housing & Public Improvements Authority,     
Series A, Rev., 5.00%, 10/01/2035      250       273  
Series A, Rev., 5.00%, 10/01/2050      1,780       1,934  
Anaheim Public Financing Authority, Senior Public Improvement Project, Series A, Rev., BAM, 5.00%, 09/01/2036      2,250       2,508  
Bay Area Toll Authority, San Francisco Bay, Series A, Rev., 2.00%, 04/01/2056 (z)      1,565       1,515  
Bay Area Toll Authority, San Francisco Bay Area,     
Rev., 2.00%, 04/01/2053 (z)      2,200       2,195  
Series C, Rev., (SIFMA Municipal Swap Index + 0.45%), 0.96%, 04/01/2056 (aa)      2,675       2,687  
Bay Area Toll Authority, San Francisco Bay Area Toll, Rev., (SIFMA Municipal Swap Index + 0.41%), 0.92%, 04/01/2056 (aa)      5,000       4,946  
Bay Area Toll Authority, Subordinated, Series S4, Rev., 5.00%, 04/01/2031 (p)      4,000       4,135  
Beverly Hills Unified School District, 2008 Election, GO, 2.00%, 08/01/2022      1,400       1,405  
Cabrillo Unified School District, Election 2018, Series B, GO, 5.00%, 08/01/2050      5,000       5,764  
California Community Choice Financing Authority, Series B1, Rev., 4.00%, 02/01/2052 (z)      14,235       15,400  
California County, Tobacco Securitization Agency, Series A, Rev., 5.00%, 06/01/2027      10       11  
California County, Tobacco Securitization Agency, Senior Bonds, Merced County Tobacco Funding Corporation,     
Rev., 5.00%, 06/01/2032      340       391  
Rev., 5.00%, 06/01/2033      170       195  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 County, Tobacco Securitization Agency, Sonoma County Securitization,     
Rev., 5.00%, 06/01/2031      255       294  
Rev., 5.00%, 06/01/2032      250       287  
Rev., 5.00%, 06/01/2033      300       344  
Rev., 5.00%, 06/01/2049      405       440  
California Educational Facilities Authority, Loyola Marymount University, Series A, Rev., NATL, Zero Coupon, 10/01/2037      340       202  
California Educational Facilities Authority, University Southern California, Series C, Rev., 5.25%, 10/01/2024 (p)      210       227  
California Health Facilities Financing Authority, Rev., 5.00%, 10/01/2039 (p) (z)      945       1,036  
California Health Facilities Financing Authority, Adventist Health System, Rev., 3.00%,
03/01/2041 (z)		      1,860       1,883  
California Health Facilities Financing Authority, Cedars Sinai Health System, Rev., 4.00%, 08/15/2040      4,050       4,400  
California Health Facilities Financing Authority, Children’s Hospital, Rev., 4.00%, 11/01/2035      1,460       1,620  
California Health Facilities Financing Authority, City of Hope, Rev., 5.00%, 11/15/2049      3,000       3,302  
California Health Facilities Financing Authority, CommonSpirit Health,     
Series A, Rev., 4.00%, 04/01/2038      3,500       3,667  
Series A, Rev., 5.00%, 04/01/2033      3,000       3,503  
California Health Facilities Financing Authority, Kaiser Permanente, Series B, Rev., 5.00%, 11/01/2029 (z)      2,705       2,760  
California Health Facilities Financing Authority, Lucile Salter Packard Children’s, Rev., 5.00%, 05/15/2025 (w)      960       1,032  
California Health Facilities Financing Authority, PIH Health, Series A, Rev., 5.00%, 06/01/2035      3,010       3,524  
California Health Facilities Financing Authority, Stanford Health Care,     
Rev., 3.00%, 08/15/2054 (z)      5,335       5,485  
Series A, Rev., 5.00%, 11/15/2030      2,000       2,282  
California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 5.00%,
08/15/2043 (p)		      465       510  
California Health Facilities Financing Authority, Unrefunded, Rev., 5.00%, 10/01/2039 (z)      1,055       1,156  
California Housing Finance, Series 2021-1A, Rev., 3.50%, 11/20/2035      3,760       3,923  
California Housing Finance Agency, Rev., 3.25%, 08/20/2036      4,293       4,294  
California Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Rev., AMT, 0.85%, 01/01/2050 (e) (z)      10,000       9,947  
California Infrastructure & Economic Development Bank, Colburn School, Series B, Rev., (SIFMA Municipal Swap Index + 1.20%), 1.71%, 08/01/2037 (aa)      325       325  
California Infrastructure & Economic Development Bank, J. Paul Getty Trust, Rev., 3.00%, 10/01/2047 (z)      1,000       1,035  
California Infrastructure & Economic Development Bank, Los Angeles County, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 1.21%, 12/01/2050 (aa)      1,370       1,371  
California Infrastructure & Economic Development Bank, Sanford Consortium Project, Series A, Rev., 5.00%, 05/15/2031      1,230       1,364  
California Infrastructure & Economic Development Bank, The Broad-Sustainability, Rev., 5.00%, 06/01/2026      1,300       1,458  
California Municipal Finance Authority, Anaheim Electric Utility District System, Rev., 5.00%, 10/01/2022      1,175       1,197  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 Municipal Finance Authority, Open Door Community Health Center,     
Rev., 4.00%, 09/15/2034      920       1,022  
Rev., 4.00%, 09/15/2035      960       1,065  
Rev., 4.00%, 09/15/2036      1,000       1,109  
California Municipal Finance Authority, Palomar Health, COP, 5.00%, 11/01/2027 (e)      445       491  
California Municipal Finance Authority, Republic Services, Inc. Project, Series B, Rev., AMT, 0.38%, 07/01/2051 (z)      3,270       3,261  
California Municipal Finance Authority, Simpson University, Series A, Rev., 6.00%,
10/01/2050 (e)		      2,000       2,102  
California Municipal Finance Authority, Southern California Institute, Rev., 5.00%, 12/01/2037      745       815  
California Municipal Finance Authority, Subordinate Caritas Project, Series B, Rev., 4.00%, 08/15/2041      300       280  
California Municipal Finance Authority, Taxable Virginia Oceanside Health Care Center, Rev., 3.64%, 07/01/2030 (e)      3,000       2,931  
California Municipal Finance Authority, Walnut Apartments, Rev., HUD, 0.45%, 12/01/2024 (z)      1,125       1,090  
California Municipal Finance Authority, Waste Management, Inc. Project,     
Rev., AMT, 0.70%, 12/01/2044 (z)      1,670       1,631  
Series A, Rev., AMT, 2.40%, 10/01/2044 (z)      2,960       2,853  
California Pollution Control Financing Authority, Republic Services, Inc., Rev., AMT, 0.25%, 11/01/2042 (e) (z)      2,680       2,679  
California Public Finance Authority, Enso Village Project, Rev., 2.13%, 11/15/2027 (e)      1,000       970  
California Public Finance Authority, Enso Village Project, Green Bond, Rev., 5.00%,
11/15/2036 (e)		      325       347  
California Public Finance Authority, Henry Mayo Newhall Hospital,     
Rev., 5.00%, 10/15/2030      1,165       1,299  
Rev., 5.00%, 10/15/2032      1,000       1,112  
Series A, Rev., 4.00%, 10/15/2022      110       111  
Series A, Rev., 4.00%, 10/15/2023      130       134  
California School Finance Authority, Rocketship Education Obligated, Series A, Rev., 5.00%, 06/01/2034 (e)      1,230       1,297  
California State Public Works Board, Corrections Facilities, Series A, Rev., 5.00%, 09/01/2039      7,560       7,997  
California State Public Works Board, Davidson Library, Series C, Rev., 5.00%, 03/01/2031 (p)      1,250       1,289  
California State Public Works Board, Forward Delivery, Series A, Rev., 5.00%, 02/01/2030      2,500       2,956  
California State Public Works Board, Various Capital Projects, Series C, Rev., 5.00%, 11/01/2027      1,670       1,910  
California State Public Works Board, Various Purpose,     
Series A, Rev., 5.00%, 08/01/2025      1,275       1,392  
Series A, Rev., 5.00%, 08/01/2028      375       435  
California State University, Series A, Rev., 5.00%, 11/01/2044      2,640       3,063  
California State University, Systemwide,     
Rev., 5.00%, 11/01/2039 (p)      335       360  
Series A, Rev., 5.00%, 11/01/2026      960       1,084  
Series A, Rev., 5.00%, 11/01/2027      920       1,023  
Series A, Rev., 5.00%, 11/01/2042 (p)      3,980       4,066  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 State University, Unrefunded Systemwide, Rev., 5.00%, 11/01/2039 (p)      4,700       5,064  
California State, Public Works Board,     
Series B, Rev., 5.00%, 10/01/2028      110       125  
Series E, Rev., 5.00%, 09/01/2024 (p)      1,865       1,895  
California State, Public Works Board Projects, Series D, Rev., 5.00%, 09/01/2024 (p)      1,700       1,727  
California Statewide Communities Development Authority, Series B, Special Assessment, 4.00%, 09/02/2040      570       582  
California Statewide Communities Development Authority, Health Facility, Dignity Health, Rev., AGM, 0.78%, 07/01/2041 (z)      2,000       2,000  
California Statewide Communities Development Authority, Loma Linda University Medical Center,     
Rev., 5.25%, 12/01/2044      6,065       6,501  
Rev., 5.50%, 12/01/2054      1,100       1,180  
Series A, Rev., 5.00%, 12/01/2026 (e)      300       336  
California Statewide Communities Development Authority, Montage Health, Series A, Rev., 4.00%, 06/01/2028      435       478  
California Statewide Communities Development Authority, South California Edison Co., Rev., 2.63%, 11/01/2033 (z)      275       276  
California Statewide Communities Development Authority, Villa Del Sol Apartments, Rev., 0.39%, 10/01/2023 (z)      560       550  
California Statewide Communities Development Authority, Washington Court Apartments, Rev., HUD, 0.22%, 08/01/2023 (z)      260       259  
City & County of San Francisco,     
Series D1, GO, 4.00%, 06/15/2041      1,215       1,304  
Series R2, GO, 5.00%, 06/15/2023      980       1,019  
Series R2, GO, 5.00%, 06/15/2024      3,715       3,966  
City & County of San Francisco Special Tax District No. 2020-1, Mission Rock Facilities And Services, Special Tax, 4.00%, 09/01/2036 (e)      155       161  
City & County of San Francisco, 49 South Van Ness Project, Green Bond, Series A, COP, 4.00%, 04/01/2035      810       867  
City & County of San Francisco, Special Tax District No. 2020-1, Mission Rock Facilities and Services, Special Tax, 4.00%, 09/01/2031 (e)      300       311  
City of Dixon, Community Facilities District Improvement, Special Tax, 4.00%, 09/01/2036      200       208  
City of Los Angeles Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2032      1,000       1,132  
City of Los Angeles Department of Airports, Private Activity, Series A, Rev., AMT, 5.00%, 05/15/2045      5,000       5,737  
City of Los Angeles Department of Airports, Senior,     
Series A, Rev., AMT, 4.75%, 05/15/2040      2,415       2,560  
Series B, Rev., 5.00%, 05/15/2027      2,570       2,920  
Series C, Rev., AMT, 5.00%, 05/15/2036      4,090       4,692  
City of Los Angeles Department of Airports, Subordinate Los Angeles International Airport,     
Rev., AMT, 5.00%, 05/15/2028      1,350       1,525  
Rev., AMT, 5.00%, 05/15/2029      1,000       1,142  
City of Los Angeles Department of Airports, Subordinate P3 Project,     
Series A, Rev., AMT, 5.00%, 05/15/2026      1,180       1,293  
Series A, Rev., AMT, 5.00%, 05/15/2046      3,000       3,398  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 Los Angeles Department of Airports, Subordinate Private Activity, Series A, Rev., AMT, 5.00%, 05/15/2028      1,500       1,694  
City of Los Angeles Department of Airports, Subordinated,     
Series C, Rev., AMT, 5.00%, 05/15/2033      1,330       1,485  
Series E, Rev., 5.00%, 05/15/2039      1,510       1,715  
Series E, Rev., 5.00%, 05/15/2044      1,000       1,128  
City of Los Angeles Wastewater System Revenue, Subordinate,     
Series B, Rev., 5.00%, 06/01/2027      1,580       1,804  
Series C, Rev., 5.00%, 06/01/2026 (w)      500       559  
City of Los Angeles, Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2023      150       155  
City of Los Angeles, Department of Airports, Senior, Series B, Rev., 5.00%, 05/15/2034      1,600       1,877  
City of Los Angeles, Wastewater System Revenue, Subordinated, Series A, Rev., 5.00%, 06/01/2025      1,040       1,078  
City of Roseville, Special Tax,     
5.00%, 09/01/2035      1,160       1,288  
4.00%, 09/01/2040      1,000       1,022  
City of San Francisco, Public Utilities Commission Water Revenue, Regional Water, Series B, Rev., 5.00%, 11/01/2050      4,235       4,759  
City of Santa Rosa Wastewater Revenue, Series A, Rev., 5.00%, 09/01/2033      1,770       2,116  
City of Woodland, Facilities District Number 2004 1 Capital Project, Special Tax, 4.00%, 09/01/2041      500       542  
Coachella Valley Water District Drinking Water System Revenue, Notes, Series A, Rev., 1.38%, 06/01/2025      3,000       2,904  
Coast Community College District, Series F, GO, 4.00%, 08/01/2022      100       101  
Compton Unified School District, Series B, GO, BAM, Zero Coupon, 06/01/2036      1,400       818  
CSCDA Community Improvement Authority, Series A, Rev., 5.00%, 01/01/2054 (e)      3,295       3,344  
CSCDA Community Improvement Authority, Renaissance at City Center, Series A, Rev., 5.00%, 07/01/2051 (e)      215       219  
CSCDA Community Improvement Authority, Social Bonds, Rev., 4.00%, 08/01/2056 (e)      410       366  
Department of Veterans Affairs, Veteran’s Farm & Home Purchase Program, Series A, Rev., 3.00%, 12/01/2050      975       986  
East Bay Municipal Utility District Water System Revenue, Green Bond, Series A, Rev., 5.00%, 06/01/2035      1,200       1,368  
East Side Union High School District, 2008 Election, Series D, GO, 5.00%, 08/01/2037 (p)      10,000       10,129  
Eastern Municipal Water District, Series A, Rev., 3.00%, 07/01/2024      340       348  
Elk Grove Finance Authority, Special Tax, 4.00%, 09/01/2040      1,280       1,302  
Fontana Public Facilities Financing Authority,     
Series A, Special Tax, 4.00%, 09/01/2022      95       96  
Series A, Special Tax, 4.00%, 09/01/2023      145       149  
Series A, Special Tax, 4.00%, 09/01/2025      1,200       1,254  
FHLMC Multifamily ML Certificates, Series 2021-ML10, Class AUS, Rev., 2.03%,
01/25/2038 (e)		      342       300  
Fresno Unified School District,     
Series D, GO, 2.00%, 08/01/2023      220       221  
Series D, GO, 2.00%, 08/01/2024      100       101  
Gilroy School Facilities Financing Authority, General Obligations, Series A, Rev., 5.00%, 08/01/2046 (p)      5,000       5,217  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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%, 06/01/2029 (p)      2,500       2,845  
Series A2, Rev., 5.00%, 06/01/2047 (p)      180       181  
Golden State Tobacco Securitization Corp., Asset Backed, Rev., 5.00%, 06/01/2040 (p)      290       316  
Golden State Tobacco Securitization Corp., Subordinate, Series B2, Rev., Zero Coupon, 06/01/2066      16,020       1,947  
Golden State Tobacco Securitization Corp., Taxable Tobacco Settlement Asset Backed Bonds, Series C, Rev., 2.75%, 06/01/2034      1,900       1,726  
Los Angeles County Development Authority, Long Beach Senior Housing, Rev., HUD, 2.00%, 02/01/2026 (z)      1,550       1,537  
Los Angeles County Development Authority, Sunny Garden Apartments, Rev., HUD, 0.20%, 07/01/2024 (z)      155       153  
Los Angeles County Metropolitan Transportation Authority, Series A, Rev., 5.00%, 06/01/2023      305       317  
Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinated, Green Bonds,     
Series A, Rev., 5.00%, 06/01/2024      1,250       1,331  
Series A, Rev., 5.00%, 06/01/2034      7,000       7,869  
Los Angeles County Metropolitan Transportation Authority, Measure R Junior, Green Bond, Subordinated, Series A, Rev., 5.00%, 06/01/2033      2,000       2,388  
Los Angeles County, Metropolitan Transportation Authority, Green Bond, Measure R Junior Subordinated, Series A, Rev., 5.00%, 06/01/2030      3,000       3,611  
Los Angeles Department of Water,     
Series B, Rev., 4.00%, 07/01/2027      1,500       1,642  
Series B, Rev., 4.00%, 07/01/2029      1,000       1,120  
Series B, Rev., 5.00%, 07/01/2037      740       851  
Los Angeles Department of Water & Power, Series A, Rev., 5.00%, 07/01/2026      1,795       2,009  
Los Angeles Department of Water & Power, Power System Revenue, Power System, Series A, Rev., 5.00%, 07/01/2027      1,500       1,713  
Los Angeles Department of Water & Power Water System Revenue, Series B, Rev., 4.00%, 07/01/2026      1,495       1,615  
Los Angeles Department of Water & Power, Power System Revenue,     
Series A, Rev., 5.25%, 07/01/2049      9,500       11,000  
Series B, Rev., 5.00%, 07/01/2023      155       162  
Series B, Rev., 5.00%, 07/01/2038      1,000       1,117  
Los Angeles Unified School District,     
Series A, GO, 5.00%, 07/01/2026      540       604  
Series B1, GO, 5.00%, 07/01/2026      500       559  
Series C, GO, 4.00%, 07/01/2040      1,000       1,071  
Series C, GO, 5.00%, 07/01/2025      6,370       6,959  
Series C, GO, 5.00%, 07/01/2026      3,320       3,712  
Series C, GO, 5.00%, 07/01/2028      1,000       1,164  
Los Angeles Unified School District, Election 2008, Series B1, GO, BAM, 5.00%, 07/01/2029      100       115  
Metropolitan Water District of Southern California,     
Rev., 5.00%, 01/01/2038      3,015       3,531  
Series A1, Rev., VRDO, 0.36%, 04/01/2022 (z)      2,050       2,050  
Municipal Improvement Corp. of Los Angeles, Real Property, Series B, Rev., 5.00%, 11/01/2039      2,535       2,975  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Natomas Unified School District,     
Series A, GO, AGM, 4.00%, 08/01/2045      7,740       8,210  
Series A, GO, AGM, 4.00%, 08/01/2049      2,655       2,808  
Norman Y Mineta San Jose International Airport SJC,     
Series A, Rev., AMT, 5.00%, 03/01/2023 (p)      100       103  
Series A, Rev., AMT, 5.00%, 03/01/2031      1,000       1,160  
Series A, Rev., AMT, 5.00%, 03/01/2032      2,000       2,307  
Northern California Power Agency, Hydroelectric Project, Series A, Rev., 5.00%, 07/01/2023      145       151  
Orange County Sanitation District, Series A, Rev., 5.00%, 02/01/2036      1,230       1,492  
Orange County Transportation Authority, 405 Improvement Project, Rev., BAN, 5.00%, 10/15/2024      2,880       3,100  
Orange County Water District, Interim Obligations, Series A, COP, 2.00%, 08/15/2023      1,540       1,543  
Oxnard Union High School District, Series B, GO, 5.00%, 08/01/2045      3,000       3,467  
Palm Springs Unified School District, Series A, GO, 2.00%, 08/01/2026      2,000       1,994  
Palomar Health, Rev., 5.00%, 11/01/2039      4,000       4,380  
Palomar Health, Capital Appreciation Electric of 2004, Series A, GO, AGC, Zero Coupon, 08/01/2031      330       241  
Palomar Health, Capital Appreciation, Electric of 2004, Series A, GO, AGC, Zero Coupon, 08/01/2028      500       410  
Port of Oakland, Intermedia, Rev., AMT, 5.00%, 05/01/2022 (p)      125       125  
Port of Oakland, Intermediate Lien,     
Series H, Rev., AMT, 5.00%, 05/01/2027      2,500       2,790  
Series H, Rev., AMT, 5.00%, 05/01/2028      1,875       2,115  
Series H, Rev., AMT, 5.00%, 05/01/2029      405       463  
Port of Oakland, Senior Lien, Series P, Rev., AMT, 5.00%, 05/01/2026 (p)      1,110       1,113  
Port of Oakland, Unrefunded Intermediate, Rev., AMT, 5.00%, 05/01/2022      1,575       1,580  
Sacramento Municipal Utility District, Electric, Series H, Rev., 4.00%, 08/15/2040      2,000       2,157  
San Bernardino City Unified School District, Series A, GO, AGM, 5.00%, 08/01/2022      1,500       1,519  
San Bernardino Community College District, Election of 2018, Series A, GO, 3.00%, 08/01/2041 (p)      2,000       2,082  
San Diego Community College District,     
GO, 4.00%, 08/01/2032 (p)      2,910       3,154  
GO, 5.00%, 08/01/2025 (p)      5,000       5,064  
San Diego County Regional Airport Authority, Subordinate, Series B, Rev., AMT, 4.00%, 07/01/2036      1,090       1,146  
San Diego County Regional Airport Authority, Subordinate Airport Revenue Bonds,     
Rev., 5.00%, 07/01/2026      2,120       2,345  
Rev., 5.00%, 07/01/2027      2,000       2,253  
San Diego County Regional Airport Authority, Subordinated,     
Rev., 5.00%, 07/01/2034      1,000       1,157  
Series B, Rev., AMT, 5.00%, 07/01/2031      775       853  
San Diego County Regional Transportation Commission, Series A, Rev., 5.00%, 10/01/2022      5,455       5,562  
San Diego Public Facilities Financing Authority, Series A, Rev., 5.00%, 05/15/2039      1,565       1,732  
San Diego Unified School District, Series L2, GO, 4.00%, 07/01/2022      1,350       1,360  
San Diego Unified School District, Measure YY Bonds, Series D2, GO, 5.00%, 07/01/2022      2,000       2,019  
San Dieguito School Facilities Financing Authority, Special Tax, 5.00%, 03/01/2031      1,030       1,185  
San Francisco Bay Area Rapid Transit District, Election 2004, Green Bond, GO, 5.00%, 08/01/2036      1,875       2,135  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
San Francisco City & County Airport Comm-San Francisco International Airport,     
Series A, Rev., AMT, 5.00%, 05/01/2025      4,000       4,303  
Series A, Rev., AMT, 5.00%, 05/01/2030      2,000       2,309  
Series A, Rev., 5.00%, 05/01/2031      205       227  
Series A, Rev., AMT, 5.00%, 05/01/2032      2,000       2,324  
Series C, Rev., 5.00%, 05/01/2046      1,920       2,101  
San Francisco Unified School District, Series B, GO, 4.00%, 06/15/2022      2,000       2,011  
San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Rev., 4.00%, 01/15/2034      3,000       3,254  
San Jose Financing Authority, Civic Center Project, Series A, Rev., 5.00%, 06/01/2028 (p)      1,010       1,048  
San Jose Redevelopment Agency Successor Agency, Subordinate, Series B, Tax Allocation, 5.00%, 08/01/2026      715       799  
San Jose Unified School District, Taxable, GO, 1.01%, 08/01/2027      1,700       1,543  
Santa Clara Unified School District, GO, 5.00%, 07/01/2024      100       107  
Santa Clara Valley Water District, Water System Utility Improvement, COP, 5.00%, 06/01/2038      2,495       2,995  
Santaluz Community Facilities District No. 2,     
Special Tax, 3.00%, 09/01/2022      245       247  
Special Tax, 3.00%, 09/01/2023      250       254  
Special Tax, 3.00%, 09/01/2024      95       97  
Saugus Union School District School Facilities Improvement District No. 2014-1, Series C, GO, 3.00%, 08/01/2022      1,000       1,007  
Sierra View Local Health Care District, Tulare Co.,     
Rev., 4.00%, 07/01/2022      460       463  
Rev., 4.00%, 07/01/2024      475       493  
Southern California Public Power Authority, Canyon Power Project, Series A, Rev., 5.00%, 07/01/2034      1,000       1,086  
Southern California Public Power Authority, Green Bond Milford Wind Co.,     
Rev., 5.00%, 07/01/2023      135       141  
Rev., 5.00%, 07/01/2024      40       43  
Rev., 5.00%, 07/01/2025      250       273  
Southern California Public Power Authority, Subordinated, Series A, Rev., 5.00%, 07/01/2023      2,195       2,284  
State of California,     
GO, 4.00%, 03/01/2036      5,000       5,440  
GO, 4.00%, 11/01/2041      2,750       2,900  
GO, 4.00%, 11/01/2045      2,000       2,102  
GO, 5.00%, 11/01/2022      120       123  
GO, 5.00%, 09/01/2023      2,525       2,642  
GO, 5.00%, 12/01/2026      8,000       9,060  
GO, 5.00%, 09/01/2027      5,650       6,497  
GO, 5.00%, 12/01/2027      5,475       6,325  
GO, 5.00%, 04/01/2029      80       95  
GO, 5.00%, 09/01/2029      1,000       1,193  
GO, 5.00%, 11/01/2029      5,000       5,983  
GO, 5.00%, 12/01/2029      700       839  
GO, 5.00%, 11/01/2030      10,910       13,218  
GO, 5.00%, 12/01/2030      55       67  
GO, 5.00%, 10/01/2047      1,500       1,643  
GO, AGM, 5.25%, 08/01/2032      2,000       2,499  
Series C, GO, 5.00%, 09/01/2026      1,000       1,100  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
State of California Department of Water Resources, Water System,     
Series AT, Rev., (SIFMA Municipal Swap Index + 0.37%), 0.88%, 12/01/2035 (aa)      1,250       1,250  
Series AW, Rev., 5.00%, 12/01/2033 (p)      1,275       1,445  
Series AX, Rev., 5.00%, 12/01/2033 (p)      1,375       1,589  
State of California, Bid Group, GO, 5.00%, 08/01/2027      3,065       3,443  
State of California, Bidding Group B, GO, 5.00%, 11/01/2027      4,000       4,614  
State of California, Department of Water Resources, Series BB, Rev., 5.00%, 12/01/2027      1,855       2,141  
State of California, Taxable Bidding Group A, GO, 1.75%, 10/01/2028      5,000       4,634  
State of California, Various Purpose,     
GO, 4.00%, 11/01/2033      3,550       3,814  
GO, 4.00%, 10/01/2036      8,850       9,708  
GO, 5.00%, 10/01/2027      5,000       5,759  
GO, 5.00%, 10/01/2030      115       139  
GO, 5.00%, 04/01/2031      1,000       1,212  
GO, 5.00%, 03/01/2033      500       591  
GO, 5.00%, 03/01/2034      2,180       2,575  
GO, 5.00%, 03/01/2035      505       596  
State of California, Veterans Bonds, GO, 5.00%, 12/01/2031      5,500       5,957  
Tender Option Bond Trust Receipts/ Certificates, Series 2017-XF0568, Rev., LIQ: Bank of America NA, 0.00%, 04/01/2049 (e) (z)      4,000       4,000  
Tobacco Securitization Authority of Northern California, Senior Bonds, Sacramento County, Series B1, Rev., 0.45%, 06/01/2030      15       15  
Tuolumne Wind Project Authority, Series A, Rev., 5.00%, 01/01/2023      4,425       4,544  
University of California,     
Series AR, Rev., 5.00%, 05/15/2041      2,000       2,204  
Series BE, Rev., 5.00%, 05/15/2041      1,000       1,173  
Series S, Rev., 5.00%, 05/15/2026      1,190       1,329  
Series S, Rev., 5.00%, 05/15/2031      3,000       3,618  
University of California, Limited Project,     
Series K, Rev., 4.00%, 05/15/2046      300       316  
Series K, Rev., 5.00%, 05/15/2035      1,980       2,189  
Series M, Rev., 4.00%, 05/15/2047      1,300       1,379  
University of California, Limited Project Revenue Bonds, Series Q, Rev., 5.00%, 05/15/2032      350       422  
Upper Santa Clara Valley Joint Powers Authority,     
Series A, Rev., 4.00%, 08/01/2045      1,500       1,555  
Series A, Rev., 4.00%, 08/01/2050      2,000       2,071  
Ventura County Public Financing Authority,     
Series A, Rev., 5.00%, 11/01/2024 (p)      1,000       1,021  
Series A, Rev., 5.00%, 11/01/2025 (p)      1,000       1,022  
Series A, Rev., 5.00%, 11/01/2026 (p)      1,000       1,022  
West Contra Costa Healthcare District, Special Tax, 5.00%, 07/01/2027      805       912  
    

 

 

  
       575,314  
    

 

 

  
Colorado — 1.6%     
Adams & Weld Counties School District No. 27J Brighton, GO, 5.00%, 12/01/2042      1,000       1,131  
Aerotropolis Regional Transportation Authority, Rev., 4.25%, 12/01/2041      500       459  
Alpine Mountain Ranch Metropolitan District Special Improvement District No. 1, Special Assessment, 4.00%, 12/01/2040      500       442  
Arapahoe County School District No. 6 Littleton, GO, 5.00%, 12/01/2023      670       706  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Brighton Crossing Metropolitan District No. 6, Series A, GO, 5.00%, 12/01/2035      525       549  
Castle Oaks Metropolitan District No. 3, GO, AGM, 4.00%, 12/01/2026      220       236  
City & County of Denver, Airport System Revenue,     
Series A, Rev., AMT, 5.00%, 11/15/2027      2,000       2,242  
Series A, Rev., AMT, 5.00%, 11/15/2028      2,500       2,805  
Series A, Rev., AMT, 5.00%, 12/01/2030      3,000       3,478  
Series B2, Rev., AMT, 5.00%, 11/15/2031 (z)      1,000       1,088  
City & County of Denver, Airport System Revenue, Subordinated, Series A, Rev., AMT, 5.00%, 12/01/2027      2,000       2,242  
City & County of Denver, Airport System Revenue, Subordinated System, Series A, Rev., AMT, 5.00%, 12/01/2043      3,000       3,315  
City of Aurora, Water Revenue, Green Bond, Rev., 5.00%, 08/01/2041 (p)      1,800       2,019  
City of Colorado Springs, Utilities System Revenue, Series A, Rev., 5.00%, 11/15/2022      1,195       1,223  
Colorado Bridge Enterprise, Central 70 Project,     
Rev., AMT, 4.00%, 12/31/2025      1,000       1,049  
Rev., AMT, 4.00%, 12/31/2030      1,505       1,602  
Colorado Educational & Cultural Facilities Authority, Aspen View Academy Project,     
Rev., 4.00%, 05/01/2036      175       179  
Rev., 4.00%, 05/01/2041      175       177  
Colorado Health Facilities Authority, AdventHealth Obligated Group,     
Rev., 4.00%, 11/15/2038      2,000       2,130  
Rev., 5.00%, 11/15/2038      1,000       1,196  
Colorado Health Facilities Authority, Children’s Hospital, Series C, Rev., 5.00%, 12/01/2030      1,000       1,098  
Colorado Health Facilities Authority, CommonSpirit Health,     
Series A1, Rev., 5.00%, 08/01/2027      1,025       1,154  
Series A1, Rev., 5.00%, 08/01/2034      1,240       1,410  
Series A2, Rev., 5.00%, 08/01/2028      2,215       2,529  
Series A2, Rev., 5.00%, 08/01/2044      4,010       4,492  
Colorado Health Facilities Authority, Covenant Retirement Communities, Series A, Rev., 5.00%, 12/01/2033 (p)      500       512  
Colorado Health Facilities Authority, Improvement Bonds Christian Living Communities, Rev., 4.00%, 01/01/2042      500       491  
Colorado Health Facilities Authority, Sanford Health, Series A, Rev., 5.00%, 11/01/2029      1,000       1,176  
Colorado Health Facilities Authority, SCL Health System, Series A, Rev., 5.00%, 01/01/2030      1,175       1,388  
Colorado Housing and Finance Authority, Series H, Rev., GNMA COLL, 3.00%, 05/01/2050      2,330       2,341  
Colorado Housing and Finance Authority, Social Bond, Series B, Rev., GNMA, 3.00%, 05/01/2051      6,600       6,634  
Colorado Housing and Finance Authority, Social Bonds,     
Series E, Rev., GNMA, 3.00%, 11/01/2051      3,175       3,191  
Series L, Rev., GNMA COLL, 3.25%, 11/01/2051      1,685       1,711  
Colorado Housing and Finance Authority, Social Bonds Class I, Series H, Rev., GNMA, 3.00%, 11/01/2051      1,390       1,397  
Copperleaf Metropolitan District No. 2,     
GO, BAM, 4.00%, 12/01/2023      305       316  
GO, BAM, 4.00%, 12/01/2025      470       501  
Crystal Valley, Metropolitan District No. 2,     
Series A, GO, AGM, 5.00%, 12/01/2028      500       581  
Series A, GO, AGM, 5.00%, 12/01/2029      405       477  
Series A, GO, AGM, 5.00%, 12/01/2030      360       430  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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       1,126  
Denver Convention Center Hotel Authority, Senior, Rev., 5.00%, 12/01/2036      1,320       1,430  
Denver Urban Renewal Authority, Senior Subordinated Stapleton, Series B, Tax Allocation, 5.00%, 12/01/2025      500       550  
E-470 Public Highway Authority, Series B, Rev., (United States SOFR * 0.67 + 0.35%), 0.53%, 09/01/2039 (aa)      1,485       1,477  
E-470 Public Highway Authority, Capital Appreciation School Reform, Series B, Rev., NATL, Zero Coupon, 09/01/2030      290       230  
E-470 Public Highway Authority, Senior,     
Series A, Rev., 5.00%, 09/01/2027      1,000       1,140  
Series A, Rev., 5.00%, 09/01/2028      1,000       1,154  
Series A, Rev., 5.00%, 09/01/2040      2,775       2,954  
Great Western Metropolitan District, GO, 4.75%, 12/01/2050      500       504  
Jefferson Center Metropolitan District No. 1,     
Series A2, Rev., 4.13%, 12/01/2040      575       573  
Series A2, Rev., 4.38%, 12/01/2047      795       796  
Jefferson County School District, Series R1, GO, 5.00%, 12/15/2031      2,000       2,352  
Poudre Tech Metropolitan District, GO, AGM, 3.00%, 12/01/2022      420       424  
Public Authority for Colorado Energy, Rev., 6.50%, 11/15/2038      3,000       4,038  
Pueblo Urban Renewal Authority, EVRAZ Project Tax Increment, Tax Allocation, 4.75%, 12/01/2045 (e)      635       641  
Regional Transportation District, Denver Transit Partners Eagle,     
Series A, Rev., 5.00%, 07/15/2026      575       626  
Series A, Rev., 5.00%, 01/15/2027      1,000       1,097  
Series A, Rev., 5.00%, 01/15/2032      1,470       1,673  
Siena Lake Metropolitan District, GO, 3.75%, 12/01/2041      500       437  
South Suburban Park & Recreation District, COP, 4.00%, 12/15/2036      1,350       1,427  
State of Colorado,     
Series A, COP, 5.00%, 09/01/2026      1,500       1,683  
Series A, COP, 5.00%, 12/15/2029      2,000       2,373  
Sterling Ranch Metropolitan District No. 1, GO, 5.00%, 12/01/2040      500       517  
University of Colorado, University Enterprise,     
Rev., 2.00%, 06/01/2051 (z)      4,000       3,950  
Verve Metropolitan District No. 1, GO, 5.00%, 12/01/2036      1,500       1,572  
Village Metropolitan District (The), GO, 4.15%, 12/01/2030      485       499  
Villages at Johnstown Metropolitan District No. 3, Senior Bond, Series A, GO, 5.00%, 12/01/2040      585       593  
Windler Public Improvement Authority, Series A1, Rev., 4.00%, 12/01/2036      2,565       2,328  
    

 

 

  
       98,261  
    

 

 

  
Connecticut — 1.4%     
City of Bridgeport, Series A, GO, 4.00%, 06/01/2039      250       269  
Connecticut Housing Finance Authority, Series E1, Rev., 3.00%, 11/15/2050      1,720       1,729  
Connecticut Housing Finance Authority, Mortgage Finance Program, Series A1, Rev., 3.50%, 11/15/2045      3,450       3,531  
Connecticut Housing Finance Authority, Social Bonds,     
Series A1, Rev., 3.50%, 11/15/2051      420       432  
Series B1, Rev., 3.00%, 11/15/2049      1,525       1,527  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     

Connecticut — continued

     
Connecticut State Health & Educational Facilities Authority,     
Series 2017 B1, Rev., 5.00%, 07/01/2029      4,845       5,780  
Series A, Rev., 0.38%, 07/01/2035 (z)      6,415       6,144  
Connecticut State Health & Educational Facilities Authority, Hartford Healthcare Project,     
Series A, Rev., 5.00%, 07/01/2026      555       619  
Series A, Rev., 5.00%, 07/01/2033      565       664  
Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issue,     
Rev., 4.00%, 07/01/2035 (w)      1,000       1,052  
Rev., 4.00%, 07/01/2038 (w)      2,500       2,617  
Rev., 4.00%, 07/01/2041 (w)      2,250       2,331  
Rev., 5.00%, 07/01/2024 (w)      175       185  
Rev., 5.00%, 07/01/2030 (w)      865       999  
Connecticut State Health & Educational Facilities Authority, Yale New Haven, Series B, Rev., 1.80%, 07/01/2049 (z)      4,000       3,985  
Connecticut State Higher Education Supplement Loan Authority, CHESLA Loan Program, Series B, Rev., AMT, 5.00%, 11/15/2030      500       580  
Connecticut State, Health & Educational Facilities Authority, Bridgeport Hospital, Series D, Rev., 5.00%, 07/01/2025      3,565       3,598  
Connecticut State, Health & Educational Facilities Authority, Sacred Heart University,     
Series K, Rev., 4.00%, 07/01/2045      750       790  
Series K, Rev., 5.00%, 07/01/2037      950       1,098  
Connecticut State, Health & Educational Facilities Authority, Yale University,     
Series A2, Rev., 2.00%, 07/01/2042 (z)      3,575       3,528  
Series A, Rev., 1.10%, 07/01/2048 (z)      1,755       1,747  
Series C1, Rev., 5.00%, 07/01/2040 (z)      2,515       2,882  
East Hartford Housing Authority, Veterans Terrace Project, Rev., HUD, 0.25%, 06/01/2023 (z)      285       284  
State of Connecticut,     
Series 2021A, GO, 3.00%, 01/15/2026      5,000       5,134  
Series 2021A, GO, 3.00%, 01/15/2032      2,250       2,264  
Series 2021A, GO, 4.00%, 01/15/2027      7,000       7,571  
Series 2021A, GO, 4.00%, 01/15/2028      3,500       3,827  
Series A, GO, 4.00%, 03/15/2032      850       886  
Series B, GO, 5.00%, 06/15/2026      1,000       1,088  
State of Connecticut Special Tax Revenue,     
Series A, Rev., 5.00%, 05/01/2035      500       586  
Series D, Rev., 4.00%, 11/01/2038      3,500       3,752  
Series D, Rev., 5.00%, 11/01/2028      1,480       1,721  
Series D, Rev., 5.00%, 11/01/2033      1,675       1,997  
Series D, Rev., 5.00%, 11/01/2036      840       991  
State of Connecticut, Social Bonds, Series B, GO, 4.00%, 01/15/2038      500       538  
State of Connecticut, Special Tax Obligation Bonds,     
Rev., 5.00%, 05/01/2025      1,150       1,248  
Rev., 5.00%, 05/01/2040      300       346  
State of Connecticut, Special Tax Revenue, Transportation Infrastructure, Series A, Rev., 5.00%, 09/01/2031      1,220       1,297  
Steel Pointe Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation, 4.00%, 04/01/2036 (e)      195       191  
Town of Hamden,     
GO, BAM, 4.00%, 08/15/2027      535       582  
GO, BAM, 5.00%, 08/15/2029      575       670  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     

Connecticut — continued

     
GO, BAM, 5.00%, 08/15/2031      500       595  
Series A, GO, BAM, 5.00%, 08/01/2032      500       584  
University of Connecticut,     
Series A, Rev., 5.00%, 02/15/2025      2,590       2,796  
Series A, Rev., 5.00%, 08/15/2026      1,400       1,460  
Series A, Rev., 5.00%, 01/15/2037      3,000       3,317  
    

 

 

  
       89,812  
    

 

 

  
Delaware — 0.4%     
Delaware State Economic Development Authority, NRG Energy Project, Rev., 1.25%,
10/01/2045 (z)		      4,065       3,839  
Delaware State Health Facilities Authority, Christiana Health Care System, Rev., 5.00%, 10/01/2039      5,345       6,231  
Delaware Transportation Authority,     
Rev., 5.00%, 07/01/2027      1,000       1,148  
Rev., 5.00%, 07/01/2033      2,265       2,721  
State of Delaware,     
GO, 5.00%, 02/01/2028      6,520       7,586  
GO, 4.00%, 02/01/2031      2,000       2,235  
GO, 5.00%, 02/01/2031      85       104  
Series B, GO, 4.00%, 07/01/2024      1,750       1,835  
    

 

 

  
       25,699  
    

 

 

  
District of Columbia — 1.4%     
District of Columbia,     
Rev., 5.00%, 06/01/2040      1,725       1,880  
Series A, Rev., 4.00%, 03/01/2037      2,000       2,186  
Series A, Rev., 4.00%, 03/01/2040      10,000       10,828  
Series A, GO, 5.00%, 06/01/2022      2,175       2,189  
Series A, Rev., 5.00%, 12/01/2022      1,000       1,024  
Series A, Rev., 5.00%, 03/01/2031      1,500       1,780  
Series C, Rev., 4.00%, 05/01/2039      2,500       2,718  
Series C, Rev., 5.00%, 10/01/2030      4,500       5,350  
Series D, GO, 4.00%, 02/01/2027      600       654  
Series D, GO, 5.00%, 02/01/2028      820       949  
Series D, GO, 5.00%, 02/01/2029      70       82  
Series D, GO, 5.00%, 02/01/2034      5,000       6,005  
Series E, GO, 5.00%, 02/01/2028      1,285       1,488  
District of Columbia Housing Finance Agency, 218 Vine Street Project, Rev., 0.30%,
01/01/2040 (z)		      2,500       2,440  
District of Columbia Housing Finance Agency, Kenilworth 166 Apartments, Rev., HUD, 1.25%, 06/01/2025 (z)      3,225       3,138  
District of Columbia Water & Sewer Authority, Green Bond Subordinate, Series A, Rev., 5.00%, 10/01/2038      1,010       1,181  
District of Columbia Water & Sewer Authority, Subordinate, Series C1, Rev., 5.00%, 10/01/2031      2,000       2,441  
District of Columbia, Income Tax, Series B, Rev., 5.00%, 12/01/2026      3,440       3,518  
District of Columbia, Latin American Montessori, Rev., 4.00%, 06/01/2030      745       781  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — continued

     
District of Columbia, National Public Radio,     
Rev., 4.00%, 04/01/2032 (p)      1,500       1,613  
Rev., 5.00%, 04/01/2028 (p)      270       301  
Rev., 5.00%, 04/01/2029 (p)      275       306  
District of Columbia, Water & Sewer Authority, Subordinated Lien, Series A, Rev., 5.00%, 10/01/2027      615       625  
Metropolitan Washington Airports Authority,     
Rev., AMT, 5.00%, 10/01/2026      1,335       1,473  
Rev., AMT, 5.00%, 10/01/2029      2,000       2,244  
Series A, Rev., AMT, 5.00%, 10/01/2027      1,000       1,120  
Series A, Rev., AMT, 5.00%, 10/01/2031      5,000       5,709  
Series A, Rev., AMT, 5.00%, 10/01/2032      2,000       2,308  
Metropolitan Washington Airports Authority Aviation Revenue,     
Series A, Rev., AMT, 5.00%, 10/01/2022      850       865  
Series A, Rev., AMT, 5.00%, 10/01/2023      1,000       1,046  
Series A, Rev., AMT, 5.00%, 10/01/2025      2,000       2,170  
Series A, Rev., AMT, 5.00%, 10/01/2026      1,500       1,655  
Series A, Rev., AMT, 5.00%, 10/01/2030      1,000       1,160  
Metropolitan Washington Airports Authority, Airport System Revenue,     
Series A, Rev., AMT, 5.00%, 10/01/2028      1,000       1,135  
Series A, Rev., AMT, 5.00%, 10/01/2034      395       448  
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B, Rev., 4.00%, 10/01/2049      1,000       1,034  
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, Series C, Rev., AGC, 6.50%, 10/01/2041 (p)      350       418  
Washington Convention & Sports Authority,     
Series A, Rev., 4.00%, 10/01/2034      1,015       1,115  
Series A, Rev., 4.00%, 10/01/2036      330       362  
Series A, Rev., 5.00%, 10/01/2033      1,000       1,180  
Washington Convention & Sports Authority, Senior Lien,     
Series B, Tax Allocation, 5.00%, 10/01/2029      1,000       1,176  
Series B, Tax Allocation, 5.00%, 10/01/2030      1,500       1,787  
Washington Metropolitan Area Transit Authority,     
Series A, Rev., 5.00%, 07/15/2026      1,650       1,843  
Series A, Rev., 5.00%, 07/15/2037      2,000       2,362  
Washington Metropolitan Area Transit Authority, Green Bond, Series A, Rev., 5.00%, 07/15/2029      1,540       1,817  
    

 

 

  
       87,904  
    

 

 

  
Florida — 4.3%     
Alachua County Health Facilities Authority, Oak Hammock At The University of Florida, Inc. Project, Rev., 4.00%, 10/01/2031 (w)      615       621  
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinic, Rev., 5.00%, 12/01/2032      1,000       1,160  
Ave Maria Stewardship Community District, Phase 3 Master Improvements Project,     
Special Assessment, 2.75%, 05/01/2031      420       379  
Special Assessment, 3.13%, 05/01/2041      1,775       1,518  
Ave Maria Stewardship Community District, Phase 4 Master Improvement, Special Assessment, BAN, 3.50%, 05/01/2026 (e)      1,000       956  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Belmond Reserve Community Development District, 202 Project, Special Assessment, 4.00%, 05/01/2040      345       343  
Belmont II Community Development District, 2020 Assessment Area,     
Special Assessment, 2.50%, 12/15/2025      20       20  
Special Assessment, 3.13%, 12/15/2030      125       120  
Boggy Branch Community Development District, Special Assessment, 2.50%, 05/01/2026      395       383  
Brevard County Health Facilities Authority, Health First, Inc., Rev., 5.00%, 04/01/2025      1,600       1,695  
Brevard County Housing Finance Authority, Tropical Manor Apartments, Rev., 0.25%, 12/01/2023 (z)      270       267  
Broward County Housing Finance Authority, Solaris Apartments, Series B, Rev., 0.70%, 01/01/2025 (z)      1,470       1,413  
Broward County Water & Sewer Utility Revenue, Series A, Rev., 4.00%, 10/01/2038      675       746  
Capital Projects Finance Authority, Florida University Project, Series A1, Rev., 5.00%, 10/01/2032      1,350       1,509  
Capital Trust Agency, Inc., College Park Towers Apartments, Rev., HUD, 1.25%, 05/01/2024 (z)      7,500       7,431  
Capital Trust Agency, Inc., Imagine School at North Manatee, Rev., 5.00%, 06/01/2041 (e)      325       336  
Capital Trust Agency, Inc., Liza Jackson Preparatory School, Rev., 5.00%, 08/01/2040      150       164  
Capital Trust Agency, Inc., Lutz Preparatory School, Inc. Project, Series A, Rev., 4.00%, 06/01/2041      300       311  
Capital Trust Agency, Inc., Tallahassee Classical School, Rev., 4.00%, 07/01/2036 (e)      1,370       1,219  
Central Florida Expressway Authority,     
Series D, Rev., 5.00%, 07/01/2029      565       666  
Series D, Rev., AGM, 5.00%, 07/01/2034      3,000       3,579  
Series D, Rev., AGM, 5.00%, 07/01/2035      10,000       11,909  
Central Florida Expressway Authority, Senior Lien,     
Rev., AGM, 4.00%, 07/01/2038      3,625       3,933  
Rev., AGM, 4.00%, 07/01/2039      1,260       1,364  
Centre Lake Community Development District, Special Assessment, 3.00%, 05/01/2042      605       511  
Chapel Creek Community Development District, Special Assessment, 3.00%, 05/01/2031 (e)      260       242  
Citizens Property Insurance, Inc., Senior Secured, Series A1, Rev., 5.00%, 06/01/2022      320       322  
City of Cape Coral, Water & Sewer Revenue, Rev., 5.00%, 10/01/2029      250       284  
City of Gainesville Utilities System Revenue, Series A, Rev., 5.00%, 10/01/2027      2,000       2,293  
City of Jacksonville, Series A, Rev., 5.00%, 10/01/2034      1,250       1,493  
City of Jacksonville, Brooks Rehabilitation Project,     
Rev., 4.00%, 11/01/2034      500       535  
Rev., 4.00%, 11/01/2045      1,500       1,584  
City of Lake Worth Beach Consolidated Utility Revenue,     
Rev., BAM, 5.00%, 10/01/2029      1,930       2,279  
Rev., BAM, 5.00%, 10/01/2030      2,135       2,558  
City of Pompano Beach, John Knox Village Project, Series A, Rev., 4.00%, 09/01/2036      175       177  
City of Port St. Lucie Stormwater Utility Revenue, Rev., 4.00%, 05/01/2039      1,075       1,173  
City of South Miami, Health Facilities Authority, Inc., Baptist Health South Florida, Rev., 5.00%, 08/15/2023      100       104  
City of Tallahassee, Energy System Revenue, Rev., 5.00%, 10/01/2028      3,000       3,490  
Collier County Health Facilities Authority, The Moorings, Inc., Rev., 4.00%, 05/01/2052      145       149  
County of Broward Airport System Revenue, Series P1, Rev., AMT, 5.00%, 10/01/2026 (p)      1,120       1,140  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 Tourist Development Tax Revenue, Convention Center Expansion Project,     
Rev., 5.00%, 09/01/2025      2,250       2,454  
Rev., 5.00%, 09/01/2031      3,000       3,567  
County of Broward, Airport System Revenue,     
Rev., AMT, 5.00%, 10/01/2033      655       727  
Series A, Rev., AMT, 5.00%, 10/01/2028      800       907  
Series A, Rev., AMT, 5.00%, 10/01/2036      2,000       2,242  
County of Broward, Port Facilities Revenue, Senior Bond, Series B, Rev., AMT, 4.00%, 09/01/2044      3,000       3,091  
County of Hillsborough, Rev., 4.00%, 08/01/2034      4,370       4,830  
County of Lee Airport Revenue,     
Series B, Rev., AMT, 5.00%, 10/01/2029      2,085       2,386  
Series B, Rev., AMT, 5.00%, 10/01/2032      2,000       2,322  
County of Miami-Dade Aviation Revenue,     
Series A, Rev., 5.00%, 10/01/2025      1,250       1,366  
Series A, Rev., AMT, 5.00%, 10/01/2025 (p)      2,250       2,291  
Series A, Rev., 5.00%, 10/01/2031      2,000       2,324  
Series A, Rev., AMT, 5.00%, 10/01/2031 (p)      1,000       1,018  
Series A, Rev., AMT, 5.00%, 10/01/2032 (p)      1,000       1,018  
Series A, Rev., AMT, 5.00%, 10/01/2044      2,200       2,427  
County of Miami-Dade Seaport Department, Subordinate, Series A1, Rev., AGM, AMT, 4.00%, 10/01/2040      2,675       2,809  
County of Miami-Dade, Aviation Revenue,     
Rev., AMT, 5.00%, 10/01/2028      7,000       7,400  
Series A, Rev., AMT, 5.00%, 10/01/2030      2,000       2,155  
Series A, Rev., AMT, 5.00%, 10/01/2027 (p)      1,455       1,535  
County of Miami-Dade, Building Better Communities Project, Series A, GO, 4.00%, 07/01/2044      350       376  
County of Miami-Dade, Transit System, Sales Tax,     
Rev., 5.00%, 07/01/2025 (p)      35       35  
Rev., 5.00%, 07/01/2042 (p)      5,000       5,048  
County of Miami-Dade, Water & Sewer System Revenue,     
Series B, Rev., 5.00%, 10/01/2031      500       542  
Series B, Rev., 5.00%, 10/01/2033      1,000       1,082  
Series B, Rev., AGM, 5.25%, 10/01/2022      1,125       1,147  
Cypress Bluff Community, Development District, Delaware Webb Project, Series A, Special Assessment, 2.70%, 05/01/2025 (e)      190       187  
Daytona Beach Housing Authority, The WM at River Project, Rev., 1.25%, 12/01/2025 (z)      1,305       1,271  
DG Farms Community Development District, Special Assessment, 3.75%, 05/01/2040      400       373  
Eden Hills Community Development District, Special Assessment, 4.00%, 05/01/2040      300       297  
Epperson North Community Development District, Assessment Area, Special Assessment, 2.50%, 05/01/2026      270       259  
Florida Development Finance Corp., Series A, Rev., 4.00%, 06/01/2030      500       492  
Florida Development Finance Corp., Brightline Florida Passenger,     
Rev., AMT, 0.30%, 12/01/2056 (z)      2,555       2,550  
Rev., AMT, 6.75%, 12/01/2056 (e)      1,435       1,393  
Florida Development Finance Corp., Brightline Florida Passenger Rail, Series B, Rev., AMT, 7.38%, 01/01/2049 (e)      9,500       10,017  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Florida Development Finance Corp., Discovery High School Project, Series A, Rev., 4.00%, 06/01/2030 (e)      1,500       1,486  
Florida Development Finance Corp., Mater Academy Project, Series A, Rev., 5.00%, 06/15/2040      400       432  
Florida Development Finance Corp., Mayflower Retirement, Rev., 1.75%, 06/01/2026 (e)      510       485  
Florida Development Finance Corp., UF Health Jacksonville Project, Rev., 5.00%, 02/01/2035      2,200       2,492  
Florida Development Finance Corp., Virgin Trains USA Passenger,     
Series A, Rev., AMT, 6.38%, 01/01/2049 (e) (z)      3,225       3,231  
Series A, Rev., AMT, 6.50%, 01/01/2049 (e) (z)      2,000       2,002  
Florida Housing Finance Corp., Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052      4,285       4,302  
Florida Housing Finance Corp., Social Bond, Social Bond, Series 1, Rev., GNMA/FNMA/FHLMC,
3.00%, 01/01/2052		      2,645       2,657  
Florida Housing Finance Corp., Social Bonds, Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051      11,850       11,911  
Florida Housing Finance Corp., Valencia Park Apartments, Series A, Rev., 0.25%, 12/01/2023 (z)      2,450       2,426  
Florida Keys Aqueduct Authority, Series B, Rev., 5.00%, 09/01/2025      1,070       1,176  
Florida State Board of Governors Florida International University Dormitory Rev, Series A, Rev., BAM, 5.00%, 07/01/2029      1,900       2,224  
Greater Orlando Aviation Authority, Series A, Rev., AMT, 5.00%, 10/01/2032      1,500       1,705  
Greater Orlando Aviation Authority, Priority Subordinated,     
Series A, Rev., AMT, 5.00%, 10/01/2033      1,500       1,666  
Series A, Rev., AMT, 5.00%, 10/01/2036      2,230       2,472  
Hammock Reserve Community Development District, Assessment Area One Project, Special Assessment, 4.00%, 05/01/2040      545       540  
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A, Rev., 4.00%, 08/01/2045      3,275       3,362  
Hillsborough County, School Board, Master Lease Program, Series A, COP, 5.00%,
07/01/2029 (p)		      200       202  
JEA Electric System, Series 3A, Rev., 5.00%, 10/01/2022      370       377  
JEA Electric System Revenue,     
Series 3A, Rev., 5.00%, 10/01/2035      5,000       5,849  
Series IIIB, Rev., 5.00%, 10/01/2032      1,295       1,464  
JEA Electric System Revenue, Subordinate, Series A, Rev., 5.00%, 10/01/2031      1,795       2,153  
JEA Water & Sewer System Revenue,     
Series A, Rev., 4.00%, 10/01/2037      750       828  
Series A, Rev., 5.00%, 10/01/2025      1,000       1,101  
JEA Water & Sewer System Revenue, Subordinated, Series A, Rev., 5.00%, 10/01/2031      885       1,010  
Lakewood Ranch Stewardship District, Lorraine Lakes Project, Special Assessment, 3.13%, 05/01/2030 (e)      315       305  
Lakewood Ranch Stewardship District, Northeast Sector Project,     
Special Assessment, 2.50%, 05/01/2025 (e)      1,165       1,146  
Special Assessment, 3.20%, 05/01/2030 (e)      545       529  
Special Assessment, 3.50%, 05/01/2040      925       863  
Lakewood Ranch Stewardship District, Zario Project, Special Assessment, 2.63%, 05/01/2025      560       555  
Miami-Dade County Housing Finance Authority, Platform 3750 LLC, Rev., 0.25%,
08/01/2024 (z)		      2,810       2,732  
Miami-Dade County Housing Finance Authority, Sunset Bay Apartments, Rev., 0.25%, 12/01/2023 (z)      945       936  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Midtown Miami Community Development District, Series A, Special Assessment, 5.00%, 05/01/2037      350       355  
North Powerline Road Community Development District, Special Assessment, 3.63%, 05/01/2040      1,345       1,265  
Old Hickory Community Development District, Special Assessment, 2.50%, 06/15/2025      220       217  
Orange County Housing Finance Authority, Dunwoodie Place Apartments, Rev., 0.20%, 09/01/2024 (z)      1,920       1,862  
Orange County Housing Finance Authority, Stratford Point Apartments, Rev., 0.55%,
01/01/2025 (z)		      1,895       1,816  
Orlando Utilities Commission,     
Series 2018A, Rev., 5.00%, 10/01/2035      2,480       2,815  
Series C, Rev., 5.00%, 10/01/2022      1,500       1,529  
Orlando Utilities Commission, Series 2018 Project, Series A, Rev., 5.00%, 10/01/2026      1,610       1,810  
Palm Beach County Health Facilities Authority, Retirement Life Communities, Rev., 5.00%, 11/15/2032      2,270       2,508  
Palm Beach County Housing Finance Authority, Christian Manor, Rev., 1.25%, 02/15/2025 (z)      3,970       3,907  
Parkview at Long Lake Ranch Community Development District, Special Assessment, 4.00%, 05/01/2051      800       772  
Pasco County School Board, Series A, COP, BAM, 5.00%, 08/01/2036      1,720       1,975  
Pine Ridge Plantation Community Development District, Senior Lien,     
Series A1, Special Assessment, AGM, 3.00%, 05/01/2022      470       470  
Series A1, Special Assessment, AGM, 3.00%, 05/01/2023      480       485  
Pinellas County Housing Finance Authority, Jordan Park Apartments, Rev., HUD, 0.65%, 01/01/2025 (z)      1,135       1,090  
Pinellas County Housing Finance Authority, Lexington Club Renaissance, Rev., VRDO, 0.30%, 04/01/2022 (z)      2,000       2,000  
Reunion East Community Development District,     
Special Assessment, 2.40%, 05/01/2026      125       119  
Special Assessment, 2.85%, 05/01/2031      25       23  
Saddle Creek Preserve of Polk County Community Development District, Special Assessment, 4.00%, 06/15/2040      500       500  
Sarasota County Health Facilities Authority, Sunnyside Village Project, Rev., 5.00%, 05/15/2048      425       454  
Sarasota National Community Development District, Special Assessment, 4.00%, 05/01/2039      615       618  
Sawyers Landing Community Development District, Special Assessment, 3.75%, 05/01/2031      400       396  
School District of Broward County, Series A, COP, 5.00%, 07/01/2025 (p)      1,415       1,429  
State Board of Administration Finance Corp., Taxable, Series A, Rev., 1.71%, 07/01/2027      4,000       3,728  
State of Florida,     
Series A, GO, 5.00%, 06/01/2025      2,741       3,001  
Series A, GO, 5.00%, 06/01/2026      3,000       3,365  
State of Florida Department of Transportation, Rev., 5.00%, 07/01/2024      430       459  
State of Florida Department of Transportation Turnpike System Revenue,     
Series B, Rev., 5.00%, 07/01/2022      1,000       1,010  
Series B, Rev., 5.00%, 07/01/2033      1,000       1,208  
State of Florida Department of Transportation Turnpike System Revenue, Department of Transportation, Series A, Rev., 5.00%, 07/01/2026      844       944  
State of Florida Department of Transportation Turnpike System Revenue, Turnpike Revenue, Series B, Rev., 3.00%, 07/01/2033      2,390       2,373  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
State of Florida Department of Transportation, Indirect GARVEE, Series A, Rev., 5.00%, 07/01/2023      5,000       5,199  
State of Florida Lottery Revenue, Lottery, Series B, Rev., 5.00%, 07/01/2027      1,587       1,775  
State of Florida, Department of Transportation,     
GO, 5.00%, 07/01/2027      1,554       1,782  
Series A, GO, 5.00%, 07/01/2026 (w)      2,394       2,687  
Series A, GO, 5.00%, 07/01/2027      1,370       1,535  
State of Florida, Department of Transportation, Turnpike System Revenue,     
Series A, Rev., 5.00%, 07/01/2022      1,310       1,323  
Series A, Rev., 5.00%, 07/01/2029      500       593  
Series B, Rev., 5.00%, 07/01/2023      125       130  
Stillwater Community Development District, Project 2021, Special Assessment, 3.00%, 06/15/2031 (e)      225       213  
Stoneybrook South Community Development District, Fox South Assessment Area,     
Special Assessment, 2.50%, 12/15/2025 (e)      550       532  
Special Assessment, 3.00%, 12/15/2030 (e)      475       441  
Special Assessment, 3.50%, 12/15/2040 (e)      1,030       936  
Storey Park Community Development District, Assessment Area Four Project,     
Special Assessment, 2.38%, 06/15/2026 (e)      40       39  
Special Assessment, 2.88%, 06/15/2031 (e)      60       56  
Towne Park Community Development District, Assessment Area 3D Project, Special Assessment, 2.63%, 05/01/2025 (e)      500       488  
Tradition Community Development District No. 9, Special Assessment, 3.00%, 05/01/2041      130       113  
Village Community Development District No. 13,     
Special Assessment, 1.88%, 05/01/2025 (e)      995       969  
Special Assessment, 2.63%, 05/01/2030 (e)      1,500       1,434  
VillaMar Community Development District, Special Assessment, 3.75%, 05/01/2040      655       623  
Wildwood Utility Dependent District, Senior South Sumter Utilities Project,     
Rev., BAM, 5.00%, 10/01/2031      1,300       1,550  
Rev., BAM, 5.00%, 10/01/2033      1,150       1,366  
Rev., BAM, 5.00%, 10/01/2039      1,490       1,750  
Rev., BAM, 5.00%, 10/01/2040      1,610       1,881  
Wildwood Utility Dependent District, Subordinate South Sumter Utilities Project, Rev., BAM, 5.00%, 10/01/2041      650       758  
    

 

 

  
       269,609  
    

 

 

  
Georgia — 2.6%     
Atlanta Urban Residential Finance Authority, Sylvan Senior Apartments, Rev., FHA, 0.41%, 12/01/2025 (z)      575       557  
Bartow County Development Authority, Georgia Power Co. Pollution Bowen Project, Rev., 1.80%, 09/01/2029 (z)      4,425       3,998  
Board of Water Light & Sinking Fund Commissioners of The City of Dalton, Combined Utilities Revenue Bonds,     
Rev., 4.00%, 03/01/2035      1,100       1,194  
Rev., 4.00%, 03/01/2036      1,000       1,085  
Rev., 4.00%, 03/01/2037      1,135       1,227  
Rev., 4.00%, 03/01/2038      1,000       1,079  
Brookhaven Development Authority, Children’s Healthcare of Atlanta Obligated Group,     
Series A, Rev., 4.00%, 07/01/2044      3,000       3,180  
Series A, Rev., 4.00%, 07/01/2049      4,150       4,370  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     

Georgia — continued

     
Carroll County, School District, GO, 5.00%, 04/01/2024      1,000       1,061  
City of Atlanta Department of Aviation,     
Series C, Rev., AMT, 5.00%, 07/01/2026      960       1,054  
Series C, Rev., AMT, 5.00%, 07/01/2034      540       627  
City of Atlanta, Airport Passenger Facility, Subordinated Lien, Series C, Rev., 5.00%, 07/01/2040      2,000       2,291  
City of Atlanta, Department of Aviation, Series B, Rev., AMT, 5.00%, 07/01/2028      3,300       3,732  
City of Atlanta, Department of Aviation, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2031      1,155       1,314  
Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Rev., 4.00%, 04/01/2033      500       534  
Dawson County Development Authority, Peaks of Dawsonville Project, Rev., 0.28%, 10/01/2023      1,500       1,466  
DeKalb County Housing Authority, Columbia Village Project, Series A, Rev., HUD, 0.34%, 08/01/2024 (z)      285       278  
Development Authority of Burke County (The), Oglethorpe Power Corp. Scherer Project, Series A, Rev., 1.50%, 01/01/2040 (z)      250       245  
Development Authority of Monroe County (The), Oglethorpe Power Corporation Scherer Project, Series A, Rev., 1.50%, 01/01/2039 (z)      125       122  
Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer, Rev., 1.00%, 07/01/2049 (z)      1,785       1,685  
George L Smith II Congress Center Authority, Convention Center Hotel, Series 2, Rev., 5.00%, 01/01/2054 (e)      1,000       1,023  
Georgia Housing & Finance Authority, Series A, Rev., 4.00%, 06/01/2050      1,610       1,670  
Georgia State Road & Tollway Authority,     
Rev., 5.00%, 06/01/2026      3,200       3,572  
Rev., 5.00%, 06/01/2027      5,250       5,975  
Rev., 5.00%, 06/01/2028      5,500       6,374  
Rev., 5.00%, 06/01/2030      6,205       7,403  
Henry County School District, GO, 4.00%, 08/01/2026      1,175       1,270  
Main Street Natural Gas, Inc.,     
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 04/01/2048 (z)      5,000       5,137  
Series A, Rev., 4.00%, 07/01/2052 (z)      15,500       16,421  
Series A, Rev., 4.00%, 09/01/2052 (z)      2,000       2,122  
Series B, Rev., (ICE LIBOR USD 1 Month * 0.67 + 0.75%), 0.90%, 04/01/2048 (aa)      10,500       10,480  
Series B, Rev., 4.00%, 08/01/2049 (z)      2,175       2,269  
Series C, Rev., LIQ: Royal Bank of Canada, 4.00%, 08/01/2048 (z)      105       108  
Series C, Rev., 4.00%, 03/01/2050 (z)      2,350       2,451  
Series C, Rev., 4.00%, 05/01/2052 (z)      15,310       16,154  
Metropolitan Atlanta Rapid Transit Authority, Series B, Rev., 5.00%, 07/01/2045      10,000       11,069  
Milledgeville & Baldwin County Development Authority, Georgia College & State University Projects,     
Rev., 5.00%, 06/15/2024      470       500  
Rev., 5.00%, 06/15/2025      360       391  
Municipal Electric Authority of Georgia, Combined Cycle Project,     
Series A, Rev., 4.00%, 11/01/2023      2,750       2,836  
Series A, Rev., 5.00%, 11/01/2027      250       285  
Series A, Rev., 5.00%, 11/01/2029      250       293  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     

Georgia — continued

     
Municipal Electric Authority of Georgia, General Resolution Project, Series A, Rev., 4.00%, 01/01/2037      1,125       1,186  
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project,     
Rev., AGM, 4.00%, 01/01/2036      330       349  
Rev., AGM, 4.00%, 01/01/2041      1,000       1,054  
Rev., 5.00%, 01/01/2023      200       205  
Rev., AGM, 5.00%, 01/01/2025      200       215  
Rev., AGM, 5.00%, 01/01/2027      125       141  
Municipal Electric Authority of Georgia, Project One, Subordinated,     
Series B, Rev., 4.00%, 01/01/2039      1,400       1,471  
Series B, Rev., 5.00%, 01/01/2023      1,000       1,025  
Municipal Electric Authority of Georgia, Subordinate General Resolution, Rev., 5.00%, 01/01/2033      1,010       1,201  
Municipal Electric Authority of Georgia, Subordinate Project One, Series A, Rev., 5.00%, 01/01/2030      705       822  
Northwest Georgia Housing Authority, Dallas Manor Apartments Projects, Rev., HUD, 0.25%, 10/01/2024 (z)      260       252  
Paulding County Hospital Authority, Anticipation Certificates Wellstar Health,     
Rev., 5.00%, 04/01/2036      325       379  
Rev., 5.00%, 04/01/2038      500       580  
Private Colleges & Universities Authority, Savannah College of Art And Design,     
Rev., 4.00%, 04/01/2038      1,400       1,498  
Rev., 5.00%, 04/01/2027      400       451  
Rev., 5.00%, 04/01/2029      75       87  
Private Colleges & Universities Authority, Various Emory University, Series B, Rev., (SIFMA Municipal Swap Index + 0.42%), 0.93%, 10/01/2039 (aa)      1,000       1,000  
Savannah Economic Development Authority, International Paper Company Project, Rev., 1.90%, 08/01/2024      150       148  
State of Georgia,     
Series A1, GO, 5.00%, 02/01/2024      100       106  
Series A, GO, 5.00%, 08/01/2023      1,010       1,056  
Series C, GO, 4.00%, 10/01/2022      2,015       2,043  
Series E, GO, 5.00%, 12/01/2026      490       556  
State of Georgia, Group 2, Series A, GO, 4.00%, 08/01/2034      1,000       1,114  
State of Georgia, Tranche 2, Series A, GO, 5.00%, 07/01/2030      2,000       2,380  
Tender Option Bond Trust Receipts/Certificates, Series 2017-ZF0589, Rev., LIQ: Bank of America NA, 0.00%, 06/01/2049 (e) (z)      3,750       3,750  
Tender Option Bond Trust Receipts/Certificates, Floaters, Series 2021-XG0308, Rev., LIQ: Bank of America NA, 0.00%, 01/01/2052 (e) (z)      2,430       2,430  
Thomaston Housing Authority, Fairview Apartments Project, Series A, Rev., FNMA HUD, 0.34%, 12/01/2023 (z)      4,250       4,214  
Valdosta Housing Authority, Tishco Rural Rental Housing, Rev., 1.25%, 02/01/2025 (z)      375       369  
Villa Rica Downtown Development Authority, Arbours At Villa Rica Project, Rev., 1.25%, 08/01/2025 (z)      5,415       5,295  
Walker County Development Authority, Gateway At Rossville Project, Rev., 0.46%,
12/01/2024 (z)		      1,000       969  
    

 

 

  
       165,248  
    

 

 

  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Guam — 0.0% (g)     
Territory of Guam, Series F, Rev., 4.00%, 01/01/2042      1,000       1,003  
    

 

 

  
Hawaii — 0.3%     
City & County of Honolulu,     
Series A, GO, 5.00%, 10/01/2025      15       16  
Series A, GO, 5.00%, 09/01/2027      30       34  
Series C, GO, 5.00%, 10/01/2029      1,000       1,187  
State of Hawaii, Series FG, GO, 4.00%, 10/01/2032      2,000       2,141  
State of Hawaii Airports System Revenue,     
Series A, Rev., AMT, 5.00%, 07/01/2032      1,500       1,678  
Series A, Rev., AMT, 5.00%, 07/01/2033      1,630       1,821  
Series B, Rev., 5.00%, 07/01/2026      1,250       1,389  
State of Hawaii Harbor System Revenue,     
Series A, Rev., AMT, 4.00%, 07/01/2031      250       273  
Series A, Rev., AMT, 4.00%, 07/01/2032      500       543  
Series A, Rev., AMT, 4.00%, 07/01/2033      750       813  
Series A, Rev., AMT, 4.00%, 07/01/2034      3,555       3,847  
Series A, Rev., AMT, 5.00%, 07/01/2027      250       283  
Series A, Rev., AMT, 5.00%, 07/01/2028      500       573  
Series A, Rev., AMT, 5.00%, 07/01/2029      250       290  
Series C, Rev., 4.00%, 07/01/2032      200       222  
State of Hawaii State Highway Fund, Rev., 5.00%, 01/01/2029      1,000       1,172  
State of Hawaii, Airports System Revenue, Series D, Rev., 5.00%, 07/01/2030      1,000       1,176  
    

 

 

  
       17,458  
    

 

 

  
Idaho — 0.1%     
Idaho Health Facilities Authority, Trinity Health Credit Group, Series A, Rev., 5.00%, 12/01/2047      1,715       1,910  
Idaho Housing & Finance Association, GARVEE,     
Series A, Rev., 5.00%, 07/15/2029      280       330  
Series A, Rev., 5.00%, 07/15/2030      1,250       1,496  
Series A, Rev., 5.00%, 07/15/2031      750       906  
    

 

 

  
       4,642  
    

 

 

  
Illinois — 4.6%     
Bureau County Township High School District No. 502, Series A, GO, BAM, 6.63%,
10/01/2043 (p)		      1,000       1,078  
Champaign County Community Unit School District No. 4 Champaign, GO, 5.00%, 01/01/2029      1,765       1,950  
Chicago Board of Education,     
Series A, GO, AGM, 5.00%, 12/01/2026      10       11  
Series A, GO, 5.00%, 12/01/2041      1,000       1,082  
Chicago Board of Education, Capital Appreciation, School Reform,     
Series A, GO, NATL, Zero Coupon, 12/01/2024      500       465  
Series A, GO, NATL, Zero Coupon, 12/01/2029      1,130       883  
Series B1, GO, NATL, Zero Coupon, 12/01/2022      1,120       1,105  
Series B1, GO, NATL, Zero Coupon, 12/01/2028      200       162  
Series B1, GO, NATL, Zero Coupon, 12/01/2029      1,105       863  
Chicago Board of Education, Dedicated, Series C, GO, 5.00%, 12/01/2034      2,000       2,154  
Chicago O’Hare International Airport, Rev., AMT, 5.00%, 01/01/2027      1,520       1,617  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Chicago O’Hare International Airport, Senior Lien,     
Series A, Rev., 4.00%, 01/01/2035      3,500       3,701  
Series A, Rev., 5.00%, 01/01/2035      6,000       6,859  
Chicago Transit Authority Capital Grant Receipts Revenue, Section 5307, Rev., 5.00%, 06/01/2023      700       725  
Chicago Transit Authority Capital Grant Receipts Revenue, Section 5357, Rev., 5.00%, 06/01/2028      1,000       1,152  
Chicago Transit Authority Sales Tax Receipts Fund, Series A, Rev., BAM, 5.00%, 12/01/2046      500       570  
Chicago Transit Authority, Sales Tax Receipts Fund,     
Rev., AGM, 5.00%, 12/01/2044      1,000       1,071  
Rev., 5.25%, 12/01/2049      3,000       3,220  
Series A, Rev., 5.00%, 12/01/2045      6,750       7,591  
City of Berwyn, Series A, GO, 5.00%, 12/01/2029      1,000       1,055  
City of Chicago,     
Series 20023B, GO, 5.00%, 01/01/2024      30       31  
Series A, GO, 5.00%, 01/01/2033      1,000       1,099  
Series A, GO, 5.00%, 01/01/2034      2,500       2,745  
Series A, GO, 6.00%, 01/01/2038      9,260       10,367  
Series C, GO, Zero Coupon, 01/01/2027      500       424  
Series C, GO, 5.00%, 01/01/2025      45       48  
Series C, GO, 5.00%, 01/01/2028      1,450       1,551  
City of Chicago Special Assessment Revenue, Lakeshore East Project,     
Special Assessment, 2.69%, 12/01/2026      305       297  
Special Assessment, 3.04%, 12/01/2028      270       262  
City of Chicago Wastewater Transmission Revenue, Second Lien, Series C, Rev., 5.00%, 01/01/2024      125       132  
City of Chicago Waterworks Revenue, Second Lien Project, Rev., 5.00%, 11/01/2023      100       105  
City of Chicago, Capital Appreciation City Colleges, GO, NATL, Zero Coupon, 01/01/2031      75       56  
City of Granite City, Waste Management, Inc., Rev., AMT, 1.25%, 05/01/2027      5,000       4,616  
Cook County Community Consolidated School District No. 34 Glenview, GO, 4.00%, 12/01/2029      2,000       2,241  
Cook County High School District No. 214 Arlington Heights, GO, 4.00%, 12/01/2026      1,910       2,063  
Cook County, Community School District No. 97, Oak Park, GO, 4.00%, 01/01/2034      2,000       2,155  
Cook County, Community Unit School District No. 401, Elmwood Park, GO, 3.00%, 12/01/2022      500       505  
County of Cook,     
Series A, GO, AGM, 5.00%, 11/15/2026      1,000       1,127  
Series A, GO, 5.00%, 11/15/2026      3,900       4,354  
Series A, GO, 5.00%, 11/15/2028      2,300       2,646  
County of Cook, Sales Tax Revenue, Series A, Rev., 5.00%, 11/15/2038      1,240       1,434  
Illinois Development Finance Authority, Waste Management, Inc. Project, Rev., AMT, 0.40%, 11/01/2044 (z)      2,470       2,450  
Illinois Finance Authority,     
Series A, Rev., 4.00%, 07/15/2036      710       757  
Series A, Rev., 4.00%, 07/15/2039      3,000       3,185  
Series B2, Rev., 5.00%, 05/15/2050 (z)      2,550       2,810  
Illinois Finance Authority, Acero Charter Schools, Inc., Rev., 4.00%, 10/01/2042 (e)      500       491  
Illinois Finance Authority, Advocate Health Care, Rev., 5.00%, 06/01/2042 (p)      1,000       1,006  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      2,600       2,819  
Rev., 4.00%, 06/01/2047 (p)      2,550       2,562  
Rev., 5.00%, 05/01/2022      1,000       1,003  
Illinois Finance Authority, American Water Capital Corp. Project, Rev., 0.70%, 05/01/2040 (z)      895       877  
Illinois Finance Authority, Ann & Robert H. Lurie Children’s Hospital of Chicago, Rev., 5.00%, 08/15/2035      500       562  
Illinois Finance Authority, Ascension Health Credit, Series C, Rev., 5.00%, 02/15/2036      1,355       1,514  
Illinois Finance Authority, Centegra Health System,     
Series A, Rev., 5.00%, 09/01/2025 (p)      1,495       1,602  
Series A, Rev., 5.00%, 09/01/2027 (p)      1,200       1,285  
Illinois Finance Authority, Green Bond, Rev., 4.00%, 07/01/2038      4,160       4,557  
Illinois Finance Authority, Green Bond Il State Clean Water Initiative, Rev., 5.00%, 07/01/2026      1,390       1,552  
Illinois Finance Authority, Green Bonds,     
Rev., 4.00%, 01/01/2033      8,190       9,114  
Rev., 4.00%, 07/01/2040      1,500       1,629  
Illinois Finance Authority, Health Services Facility Lease Revenue, Provident Group UIC Surgery,     
Rev., 4.00%, 10/01/2040      1,750       1,855  
Rev., 5.00%, 10/01/2032      750       875  
Rev., 5.00%, 10/01/2034      125       146  
Illinois Finance Authority, Il State Clean Water Initiative, Rev., 5.00%, 01/01/2027      1,000       1,129  
Illinois Finance Authority, Illinois State Clean Water Initiative, Green Bond,     
Rev., 5.00%, 07/01/2023      1,650       1,715  
Rev., 5.00%, 01/01/2028      100       115  
Illinois Finance Authority, Mercy Health Corp., Rev., 5.00%, 12/01/2040      1,080       1,187  
Illinois Finance Authority, Northshore University Health System, Rev., 5.00%, 08/15/2035      1,500       1,748  
Illinois Finance Authority, Northwest Community Hospital, Series A, Rev., 5.00%, 07/01/2027      1,000       1,118  
Illinois Finance Authority, Northwestern Memorial HealthCare, Rev., 5.00%, 07/15/2026      1,680       1,879  
Illinois Finance Authority, OSF Healthcare System, Series B1, Rev., 5.00%, 05/15/2050 (z)      2,250       2,379  
Illinois Finance Authority, Plymouth Place, Inc., Rev., 5.00%, 05/15/2041      400       420  
Illinois Finance Authority, Presbyterian Homes, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 1.21%, 05/01/2042 (aa)      180       180  
Illinois Finance Authority, Southern Illinois Healthcare, Rev., 5.00%, 03/01/2031      2,135       2,359  
Illinois Finance Authority, Swedish Covenant Hospital, Series A, Rev., 5.00%, 08/15/2026 (p)      1,690       1,887  
Illinois Finance Authority, The Carle Foundation,     
Series A, Rev., 5.00%, 08/15/2031      2,530       3,053  
Series B, Rev., 5.00%, 08/15/2053 (z)      285       340  
Illinois Finance Authority, University of Chicago,     
Series A, Rev., 5.00%, 10/01/2025      545       598  
Series A, Rev., 5.00%, 10/01/2028      3,000       3,472  
Series A, Rev., 5.00%, 10/01/2034      1,750       2,150  
Series A, Rev., 5.00%, 10/01/2035      1,400       1,732  
Illinois Housing Development Authority,     
Series C, Rev., FHA, 0.80%, 07/01/2026      270       254  
Series D, Rev., GNMA/FNMA/FHLMC COLL, 3.75%, 04/01/2050      1,635       1,684  
Illinois Housing Development Authority, Concord Commons, Rev., 0.25%, 02/01/2024 (z)      1,745       1,719  
Illinois Housing Development Authority, Social Bonds,     
Series A, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051      4,285       4,307  
Series B, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051      445       447  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 Sports Facilities Authority (The), State Tax Supported,     
Rev., 5.00%, 06/15/2030      500       552  
Rev., AGM, 5.25%, 06/15/2031      225       236  
Illinois State Toll Highway Authority,     
Series A, Rev., 5.00%, 01/01/2028      185       202  
Series A, Rev., 5.00%, 01/01/2041      3,300       3,840  
Series A, Rev., 5.00%, 01/01/2044      1,580       1,795  
Series B, Rev., 5.00%, 01/01/2029      100       110  
Series C, Rev., 5.00%, 01/01/2023      60       61  
Series D, Rev., 5.00%, 01/01/2024      1,000       1,053  
Illinois State Toll Highway Authority, Senior,     
Series A, Rev., 5.00%, 12/01/2031      5,115       5,595  
Series B, Rev., 5.00%, 01/01/2028      5,520       6,332  
Series B, Rev., 5.00%, 01/01/2041      2,190       2,395  
Illinois State Toll Highway Authority, Toll Highway Revenue,     
Series A, Rev., 5.00%, 01/01/2036      1,000       1,171  
Series A, Rev., 5.00%, 01/01/2037      1,555       1,813  
Illinois State Toll Highway Authority, Toll Highway Revenue, Senior, Rev., 5.00%, 01/01/2031      1,000       1,182  
Macon County, School District No. 61 Decatur,     
GO, AGM, 4.00%, 01/01/2040      1,420       1,486  
GO, AGM, 4.00%, 01/01/2045      3,000       3,122  
Metropolitan Pier & Exposition Authority, Rev., NATL, Zero Coupon, 12/15/2034      500       306  
Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion, Rev., 5.00%, 06/15/2042      2,500       2,705  
Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick, Rev., NATL, Zero Coupon, 12/15/2035      500       293  
Metropolitan Pier & Exposition Authority, Capital Appreciation, McCormick, Series B, Rev., AGM, Zero Coupon, 06/15/2027      660       559  
Metropolitan Pier & Exposition Authority, McCormick Place Expansion,     
Rev., 3.00%, 06/15/2025      150       151  
Rev., 4.00%, 12/15/2042      4,990       4,994  
Metropolitan Water Reclamation District of Greater Chicago, Green Bonds, Series E, GO, 5.00%, 12/01/2036      2,065       2,311  
Northern Illinois University, Board of Trustees Auxiliary Facilities, Rev., BAM, 4.00%, 10/01/2033      1,000       1,079  
Railsplitter Tobacco Settlement Authority,     
Rev., 5.00%, 06/01/2022      1,250       1,257  
Rev., 5.00%, 06/01/2023      130       135  
Regional Transportation Authority, Series A, Rev., NATL, 6.00%, 07/01/2025      25       28  
Sales Tax Securitization Corp., Second Lien, Series A, Rev., BAM, 5.00%, 01/01/2037      750       856  
Southern Illinois University, Housing, Rev., BAM, 5.00%, 04/01/2032      650       759  
Southwestern Illinois Development Authority, Southwestern Il Flood Prevention, Rev., 4.00%, 10/15/2035      1,215       1,295  
State of Illinois,     
GO, 4.00%, 06/01/2036      485       492  
GO, 5.00%, 07/01/2023      1,000       1,035  
GO, 5.00%, 08/01/2024      850       863  
GO, 5.00%, 02/01/2026      1,000       1,086  
GO, 5.00%, 01/01/2028      6,810       7,350  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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%, 02/01/2028      3,000       3,277  
GO, 5.00%, 01/01/2029      2,085       2,244  
GO, 5.00%, 02/01/2029      2,000       2,186  
GO, 5.25%, 02/01/2030      2,000       2,115  
GO, 5.50%, 05/01/2030      2,000       2,324  
GO, 5.50%, 07/01/2038      1,000       1,047  
Series A, GO, 4.00%, 01/01/2026      1,050       1,053  
Series A, GO, 5.00%, 10/01/2023      300       313  
Series A, GO, 5.00%, 11/01/2026      2,500       2,735  
Series A, GO, 5.00%, 03/01/2027      2,355       2,583  
Series A, GO, 5.00%, 03/01/2028      2,500       2,766  
Series A, GO, 5.00%, 03/01/2030      1,000       1,130  
Series A, GO, 5.00%, 03/01/2046      1,000       1,091  
Series B, GO, 5.00%, 10/01/2026      1,000       1,093  
Series B, GO, 5.00%, 10/01/2029      1,000       1,127  
Series B, GO, 5.00%, 10/01/2031      5,000       5,633  
Series B, GO, 5.50%, 05/01/2039      250       283  
Series C, GO, 5.00%, 11/01/2029      2,900       3,193  
Series D, GO, 5.00%, 11/01/2026      4,480       4,900  
Series D, GO, 5.00%, 11/01/2027      6,080       6,700  
Series D, GO, 5.00%, 11/01/2028      2,500       2,759  
State of Illinois Sales Tax Revenue, Series A, Rev., BAM, 4.00%, 06/15/2029      2,250       2,457  
State of Illinois, Build America Bonds,     
GO, 6.90%, 03/01/2035      1,000       1,203  
GO, 7.35%, 07/01/2035      4,000       4,652  
University of Illinois, Auxiliary Facilities System,     
Series A, Rev., 5.00%, 04/01/2022      300       300  
Series A, Rev., 5.00%, 04/01/2025      140       148  
Village of Rosemont, Series A, GO, BAM, 5.00%, 12/01/2042      10,000       11,514  
Will Grundy Etc. Counties Community College District No. 525, Alternative Revenue Source, Series B, GO, 5.50%, 06/01/2031 (p)      3,375       3,580  
    

 

 

  
       287,000  
    

 

 

  
Indiana — 2.3%     
City of Fishers Sewage Works Revenue, Rev., BAM, 4.00%, 07/01/2047      1,000       1,083  
City of Franklin, Otterbein Homes, Series B, Rev., 5.00%, 07/01/2023      115       119  
City of Kokomo, KHA RAD I Apartments, Rev., HUD, 0.56%, 02/01/2025 (z)      2,175       2,103  
City of Mount Vernon, Southern Industry Gas And Electric Company, Rev., AMT, 0.88%, 09/01/2055 (z)      250       245  
City of Rockport, Industry Pollution Control, Michigan Power Company Project, Rev., 2.75%, 06/01/2025      1,100       1,109  
City of Rockport, Rockport Pollution Control, AEP Generating Company Project, Series A, Rev., 1.35%, 07/01/2025 (z)      20       20  
City of Whiting, BP Products North America, Inc. Project, Rev., AMT, 5.00%, 11/01/2047 (z)      5,000       5,345  
City of Whiting, Whiting Industry Environmental Facilities, Bp Products North America, Inc., Series A, Rev., AMT, 5.00%, 03/01/2046 (z)      1,585       1,627  
County of Knox, Good Samaritan Hospital, Series A, Rev., 5.00%, 04/01/2037      1,200       1,200  
Indiana Development Finance Authority, Waste Management, Inc. Project, Rev., AMT, 0.40%, 10/01/2031 (z)      660       656  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Indiana Finance Authority, Citizens Water Westfield Project, Series A, Rev., 4.00%, 10/01/2048      1,500       1,607  
Indiana Finance Authority, Community Health Network, Series A, Rev., 5.00%, 05/01/2042 (p)      665       689  
Indiana Finance Authority, CWA Authority Project, Green Bonds, Rev., 5.00%, 10/01/2031      500       595  
Indiana Finance Authority, Duke Energy Industry Project, Series A4, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.40%, 04/01/2022 (z)      2,500       2,500  
Indiana Finance Authority, First Lien, CWA Authority Project, Rev., 5.00%, 10/01/2023      550       576  
Indiana Finance Authority, Fulcrum Centerpoint, Rev., AMT, 0.28%, 12/15/2045 (z)      5,000       4,962  
Indiana Finance Authority, Green Bond, Series B, Rev., 5.00%, 02/01/2027      1,420       1,606  
Indiana Finance Authority, Green Bond, State Revolving Fund, Rev., 5.00%, 02/01/2047 (p)      7,000       8,271  
Indiana Finance Authority, Indiana University Health, Series C, Rev., 5.00%, 12/01/2022      250       256  
Indiana Finance Authority, Indianapolis Power,     
Series A, Rev., 0.75%, 12/01/2038 (z)      4,875       4,495  
Series B, Rev., AMT, 0.95%, 12/01/2038 (z)      7,025       6,464  
Indiana Finance Authority, Marion General Hospital, Series A, Rev., 4.00%, 07/01/2045      5,000       5,315  
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B, Rev., 2.50%, 11/01/2030      1,000       899  
Indiana Finance Authority, Parkview Health, Series A, Rev., 5.00%, 11/01/2025      1,105       1,214  
Indiana Finance Authority, Private Activity Ohio River Bridges Project, Rev., AMT, 5.00%, 07/01/2044 (p)      10,000       10,359  
Indiana Finance Authority, Second Lien, CWA Authority Project,     
Rev., 5.00%, 10/01/2022      450       458  
Rev., 5.00%, 10/01/2023      190       199  
Rev., 5.00%, 10/01/2034      2,000       2,401  
Rev., 5.00%, 10/01/2035      3,000       3,588  
Indiana Finance Authority, United States Steel Corp., Series A, Rev., 4.13%, 12/01/2026      145       150  
Indiana Finance Authority, Valley Electric Corporation Project, Series B, Rev., 3.00%, 11/01/2030      1,000       935  
Indiana Finance Authority, Valparaiso University Project, Rev., 4.00%, 10/01/2034      1,315       1,381  
Indiana Health Facility Financing Authority, Ascension Health Substitute Credit Group, Series A, Rev., 4.00%, 11/01/2023      85       88  
Indiana Housing & Community Development Authority, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051      880       884  
Indiana Housing & Community Development Authority, RD Moving Forward Justus Project, Rev., 0.33%, 06/01/2024 (z)      1,545       1,511  
Indiana Housing & Community Development Authority, Social Bonds,     
Series A, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2052      1,000       1,003  
Series C1, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 01/01/2052      535       537  
Indiana University, Series X, Rev., 3.00%, 08/01/2029      1,000       1,025  
Indianapolis Local Public Improvement Bond Bank,     
Series A, Rev., AGM, 4.00%, 06/01/2036      5,000       5,453  
Series A, Rev., AGM, 4.00%, 06/01/2041      9,000       9,719  
Series A, Rev., 5.00%, 06/01/2022      1,000       1,006  
Series A, Rev., 5.00%, 06/01/2024      165       174  
Series A, Rev., 5.00%, 06/01/2025      500       540  
Indianapolis Local Public Improvement Bond Bank, Airport Authority, Series A1, Rev., AMT, 5.00%, 01/01/2028      200       219  
Indianapolis Local Public Improvement Bond Bank, CityWay 1 Project,     
Series B, Rev., 5.00%, 02/01/2024      175       184  
Series B, Rev., 5.00%, 02/01/2025      205       217  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport,     
Rev., AMT, 5.00%, 01/01/2026      1,050       1,142  
Rev., AMT, 5.00%, 01/01/2029      2,855       3,245  
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority,     
Series D, Rev., AMT, 5.00%, 01/01/2028      3,715       3,879  
Series D, Rev., AMT, 5.00%, 01/01/2029      3,000       3,130  
Series D, Rev., AMT, 5.00%, 01/01/2030      2,000       2,085  
Series D, Rev., AMT, 5.00%, 01/01/2031      4,000       4,169  
Series D, Rev., AMT, 5.00%, 01/01/2032      4,500       4,687  
Series D, Rev., AMT, 5.00%, 01/01/2033      3,500       3,643  
Series I, Rev., AMT, 5.00%, 01/01/2032      4,885       5,188  
Series I, Rev., AMT, 5.00%, 01/01/2033      5,000       5,303  
Indianapolis Local Public Improvement Bond Bank, Metropolitan Thoroughfare District, Series D, Rev., 4.00%, 01/01/2041      10,000       10,903  
Purdue University, Series EE, Rev., 5.00%, 07/01/2034      1,500       1,797  
Southwest Allen Multi School Building Corp., 1st Mortgage, Rev., 5.00%, 01/15/2030      1,200       1,388  
Tippecanoe School Corp., GO, 4.00%, 07/15/2023      1,080       1,111  
    

 

 

  
       146,657  
    

 

 

  
Iowa — 0.5%     
Clinton Community School District,     
GO, AGM, 5.00%, 06/01/2024      1,425       1,513  
GO, AGM, 5.00%, 06/01/2026      1,290       1,430  
Iowa Finance Authority,     
Series A, Rev., 5.00%, 08/01/2034      1,030       1,251  
Series D, Rev., GNMA/FNMA/FHLMC, 3.50%, 01/01/2049      355       364  
Iowa Finance Authority, Fertilizer Co. Project, Rev., 5.25%, 12/01/2025      3,550       3,675  
Iowa Finance Authority, Green Bond, Gevo NW Iowa Renewable Natural Gas Project, Rev., AMT, LOC: Citibank NA, 1.50%, 01/01/2042 (z)      790       785  
Iowa Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2047      2,125       2,136  
Iowa Tobacco Settlement Authority, Subordinate,     
Series B1, Rev., 4.00%, 06/01/2049      7,000       7,102  
Series B, Rev., Zero Coupon, 06/01/2065      15,345       1,973  
PEFA, Inc., Rev., 5.00%, 09/01/2049 (z)      3,155       3,410  
Sioux City Community School District, Rev., BAM, 3.00%, 10/01/2025      3,625       3,708  
Southeast Polk Community School District, Series A, GO, 5.00%, 05/01/2028      5,185       6,001  
    

 

 

  
       33,348  
    

 

 

  
Kansas — 0.3%     
City of Manhattan, Meadowlark Hills, Series A, Rev., 4.00%, 06/01/2036      1,000       1,001  
City of Olathe, Temporary Notes, Series A, GO, 4.00%, 08/01/2022      5,000       5,049  
University of Kansas Hospital Authority, University Kansas Health System, Rev., 5.00%, 03/01/2047 (p)      2,650       2,999  
University of Kansas Hospital Authority, Unrefunded University Kansas Health System, Rev., 5.00%, 03/01/2047      7,350       8,166  
Wyandotte County-Kansas City Unified Government Utility System Revenue, Improvement, Series B, Rev., 5.00%, 09/01/2026 (p)      210       213  
    

 

 

  
       17,428  
    

 

 

  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Kentucky — 1.3%     
City of Henderson, Pratt Paper LLC Project, Rev., AMT, 4.45%, 01/01/2042 (w)      1,685       1,698  
County of Boone, Duke Energy, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.54%, 04/07/2022 (z)      10,000       10,000  
County of Carroll, Utilities Company Project, Rev., AMT, 2.00%, 02/01/2032      8,620       7,610  
County of Trimble, Louisville Gas & Electric, Rev., 0.63%, 09/01/2026      605       545  
County of Trimble, Louisville Gas & Electricity, Rev., AMT, 1.35%, 11/01/2027      8,100       7,472  
County of Trimble, Louisville Gas And Electric Company, Rev., AMT, 1.30%, 09/01/2044 (z)      1,000       915  
Kentucky Asset Liability Commission, Project Notes, Series A, Rev., 5.00%, 09/01/2022      2,000       2,032  
Kentucky Bond Development Corp., Centre College, Rev., 4.00%, 06/01/2040      420       451  
Kentucky Economic Development Finance Authority, Norton Healthcare, Inc.,     
Series B, Rev., NATL, Zero Coupon, 10/01/2026      3,930       3,440  
Series B, Rev., NATL, Zero Coupon, 10/01/2027      1,995       1,685  
Kentucky Housing Corp., Cambridge Square Project, Rev., 0.30%, 08/01/2024 (z)      1,100       1,059  
Kentucky Housing Corp., City View Park Project, Rev., 1.16%, 02/01/2023 (z)      3,500       3,496  
Kentucky Housing Corp., New Hope Properties Portfolio, Rev., HUD, 0.41%, 04/01/2024 (z)      3,170       3,081  
Kentucky Housing Corp., Winterwood II Rural Housing, Rev., 0.37%, 10/01/2024 (z)      1,295       1,258  
Kentucky Public Energy Authority,     
Series A1, Rev., 4.00%, 08/01/2052 (z)      2,430       2,601  
Series A2, Rev., (ICE LIBOR USD 1 Month * 0.67 + 1.12%), 1.27%, 12/01/2049 (aa)      1,000       1,004  
Series A2, Rev., (United States SOFR * 0.67 + 1.20%), 1.38%, 08/01/2052 (aa)      2,500       2,467  
Series C, Rev., 4.00%, 02/01/2050 (z)      1,190       1,257  
Kentucky Public Energy Authority, Gas Supply, Series B, Rev., 4.00%, 01/01/2049 (z)      13,475       13,980  
Kentucky State Property & Building Commission, Project 125, Series A, Rev., 5.00%, 09/01/2022      345       350  
Kentucky State University, Kentucky State University Project,     
COP, BAM, 4.00%, 11/01/2033      145       161  
COP, BAM, 4.00%, 11/01/2035      135       149  
COP, BAM, 4.00%, 11/01/2036      155       170  
COP, BAM, 4.00%, 11/01/2038      650       712  
Louisville and Jefferson County Metropolitan Government, Louisville Gas And Electric Co. Project, Series A, Rev., 0.90%, 09/01/2026      2,750       2,529  
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2031      670       745  
Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric, Rev., 2.00%, 10/01/2033      2,000       1,746  
Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric Co. Project, Rev., AMT, 1.35%, 11/01/2027      2,000       1,820  
Louisville/Jefferson County Metropolitan Government, Norton Healthcare, Inc.,     
Rev., 4.00%, 10/01/2034      125       133  
Rev., 4.00%, 10/01/2035      500       532  
Louisville/Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2047 (w)      3,180       3,534  
    

 

 

  
       78,632  
    

 

 

  
Louisiana — 1.2%     
City of Alexandria, Utilities Revenue, Series A, Rev., 5.00%, 05/01/2038 (p)      4,000       4,144  
Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax,     
Rev., AGM, 5.00%, 08/01/2022      80       81  
Rev., AGM, 5.00%, 08/01/2027      1,400       1,594  
East Baton Rouge Parish, Sewerage Commission, Series B, Rev., 5.00%, 02/01/2039 (p)      1,200       1,299  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
East Baton Rouge Sewerage Commission,     
Series A, Rev., 1.30%, 02/01/2041 (z)      4,500       4,205  
Series B, Rev., 5.00%, 02/01/2026      1,000       1,107  
Ernest N. Morial New Orleans Exhibition Hall Authority, Special Tax, 5.00%, 07/15/2027      900       910  
Lakeshore Villages Master Community Development District, Parish of St. Tammany, Special Assessment, 3.20%, 06/01/2041 (e)      630       524  
Louisiana Housing Corp., Arbours at Lafayette Project, Rev., 0.35%, 04/01/2024 (z)      2,320       2,278  
Louisiana Housing Corp., Hollywood Acres And Hollywood Heights Projects, Rev., 0.55%, 12/01/2023      1,900       1,844  
Louisiana Housing Corp., Mabry Place Townhouse Project, Rev., 0.31%, 08/01/2024 (z)      1,955       1,905  
Louisiana Housing Corp., Stone Vista Apartments Project, Rev., 0.32%, 12/01/2023 (z)      1,250       1,239  
Louisiana Local Government Environmental Facilities & Community Development Authority, East Baton Rouge Sewage Commission, Subordinated Lien,     
Rev., 5.00%, 02/01/2028 (p)      1,655       1,749  
Series A, Rev., 4.00%, 02/01/2048 (p)      1,660       1,695  
Louisiana Local Government Environmental Facilities & Community Development Authority, Entergy Louisiana LLC Project,     
Rev., 2.00%, 06/01/2030      2,755       2,475  
Rev., 2.50%, 04/01/2036      1,000       873  
Louisiana Public Facilities Authority, Lafayette General Health, Series A, Rev., 5.00%, 11/01/2041 (p)      800       884  
Louisiana Public Facilities Authority, Loyola University Project, Rev., 4.00%, 10/01/2038      2,560       2,645  
Louisiana Public Facilities Authority, Ochsner Clinic Foundation, Series B, Rev., 5.00%, 05/15/2050 (z)      2,935       3,170  
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Rev., 5.00%, 05/15/2042      1,480       1,636  
New Orleans Aviation Board,     
Series B, Rev., AMT, 5.00%, 01/01/2027      1,600       1,702  
Series B, Rev., AMT, 5.00%, 01/01/2040      3,000       3,168  
New Orleans Aviation Board, General Airport, Series D2, Rev., AMT, 5.00%, 01/01/2033      1,100       1,199  
New Orleans Aviation Board, General Airport North Terminal,     
Series B, Rev., AMT, 5.00%, 01/01/2038      1,000       1,086  
Series B, Rev., AMT, 5.00%, 01/01/2048      5,000       5,378  
Parish of St. John the Baptist, Marathon Oil Corp. Project, Series B1, Rev., 2.13%, 06/01/2037 (z)      875       862  
Port New Orleans Board of Commissioners, Series E, Rev., AMT, 5.00%, 04/01/2039      1,170       1,321  
Regional Transit Authority Sales Tax Revenue, Series A, Rev., AGM, 5.00%, 01/01/2029      3,000       3,533  
St. Tammany Parish Hospital Service District No. 1,     
Series A, Rev., 5.00%, 07/01/2032      1,615       1,842  
Series A, Rev., 5.00%, 07/01/2034      1,655       1,881  
State of Louisiana, Series A, GO, 5.00%, 03/01/2037      9,555       10,976  
State of Louisiana Gasoline & Fuels Tax Revenue, Second Lien,     
Series A, Rev., 0.60%, 05/01/2043 (z)      4,135       4,103  
Series A, Rev., (United States SOFR * 0.70 + 0.50%), 0.69%, 05/01/2043 (aa)      1,145       1,143  
Series D, Rev., 0.60%, 05/01/2043 (z)      1,605       1,593  
Tobacco Settlement Financing Corp., Asset Backed, Series A, Rev., 5.00%, 05/15/2023      125       129  
    

 

 

  
       76,173  
    

 

 

  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Maine — 0.3%     
Finance Authority of Maine, Supplemental Educational Loan Program,     
Series A1, Rev., AGM, AMT, 2.38%, 12/01/2033      705       629  
Series A1, Rev., AGM, AMT, 5.00%, 12/01/2023      165       173  
Series A1, Rev., AGM, AMT, 5.00%, 12/01/2024      75       80  
Series A1, Rev., AGM, AMT, 5.00%, 12/01/2025      85       92  
Maine Health & Higher Educational Facilities Authority,     
Series A, Rev., AGM, 5.00%, 07/01/2030      50       60  
Series A, Rev., AGM, 5.00%, 07/01/2031      295       356  
Series A, Rev., AGM, 5.00%, 07/01/2032      315       380  
Maine State Housing Authority, Social Bonds, Series D, Rev., 3.00%, 11/15/2051      4,000       4,018  
Maine Turnpike Authority,     
Rev., 4.00%, 07/01/2045      9,000       9,587  
Rev., 5.00%, 07/01/2031      400       476  
Rev., 5.00%, 07/01/2033      1,155       1,369  
    

 

 

  
       17,220  
    

 

 

  
Maryland — 2.0%     
City of Baltimore, Water Project, Series A, Rev., 5.00%, 07/01/2050      3,200       3,694  
City of Brunswick, Brunswick Crossing Special Tax, Special Tax, 4.00%, 07/01/2029      500       519  
County of Baltimore, Series 83, GO, 5.00%, 03/01/2024      555       589  
County of Frederick, Public Facilities Project, Series A, GO, 5.00%, 10/01/2022      4,995       5,089  
County of Howard, Metropolitan District,     
Series E, GO, 5.00%, 02/15/2025      1,000       1,086  
Series E, GO, 5.00%, 02/15/2027      1,850       2,108  
County of Montgomery,     
Series A, GO, 4.00%, 08/01/2031      5,000       5,617  
Series B, GO, 4.00%, 11/01/2028      1,500       1,674  
County of Prince George’s, Series A, GO, 5.00%, 07/01/2029      1,250       1,489  
County of Prince George’s, Behavioral Health Facility,     
COP, 5.00%, 10/01/2022      830       846  
COP, 5.00%, 10/01/2023      650       681  
County of Prince George’s, Chesapeake Lighthouse Obligations, Series A, Rev., 6.50%, 08/01/2035 (e)      750       804  
County of Prince George’s, Public Improvement, Series A, GO, 4.00%, 07/15/2032      5,000       5,538  
Maryland Community Development Administration,     
Series A, Rev., 3.00%, 09/01/2051      5,190       5,216  
Series B, Rev., 3.00%, 09/01/2051      1,860       1,869  
Series B, Rev., 4.00%, 09/01/2049      1,735       1,794  
Series D, Rev., 3.25%, 09/01/2050      3,285       3,330  
Maryland Community Development Administration, Residential,     
Series A, Rev., 3.75%, 03/01/2050      1,260       1,297  
Series A, Rev., 4.50%, 09/01/2048      5,445       5,724  
Series B, Rev., AMT, 4.50%, 09/01/2048      4,835       5,075  
Maryland Community Development Administration, Social Bonds, Series C, Rev., 3.00%, 09/01/2051      3,516       3,532  
Maryland Economic Development Corp., Morgan State University Project, Rev., 4.00%, 07/01/2040      665       686  
Maryland Economic Development Corp., Port Covington Project,     
Tax Allocation, 3.25%, 09/01/2030      1,405       1,360  
Tax Allocation, 4.00%, 09/01/2040      1,280       1,273  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     

Maryland — continued

     
Maryland Health & Higher Educational Facilities Authority, Series A, Rev., 5.00%, 07/01/2043 (p)      2,000       2,019  
Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare,     
Rev., 4.00%, 01/01/2038      2,020       2,054  
Rev., 5.00%, 01/01/2025      470       498  
Rev., 5.00%, 01/01/2036      4,580       5,101  
Maryland Health & Higher Educational Facilities Authority, Carroll Hospital, Series A, Rev., 5.00%, 07/01/2023 (p)      1,415       1,429  
Maryland Health & Higher Educational Facilities Authority, Loyola University Maryland, Series A, Rev., 5.00%, 10/01/2039 (p)      5,275       5,374  
Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center, Rev., 5.00%, 07/01/2028      1,300       1,414  
Maryland Health & Higher Educational Facilities Authority, Western Maryland Health System, Rev., 5.00%, 07/01/2024 (p)      2,500       2,668  
Maryland Stadium Authority Built to Learn Revenue,     
Rev., 4.00%, 06/01/2035      2,000       2,142  
Rev., 4.00%, 06/01/2036      2,125       2,271  
Series A, Rev., 5.00%, 06/01/2033      1,375       1,647  
State of Maryland, Series B, GO, 5.00%, 08/01/2022      430       435  
State of Maryland Department of Transportation, Baltimore Washington International,     
Rev., AMT, 4.00%, 08/01/2037      865       909  
Rev., AMT, 4.00%, 08/01/2038      965       1,012  
Rev., AMT, 4.00%, 08/01/2039      1,160       1,215  
State of Maryland, Group 1, Series A, GO, 5.00%, 08/01/2028      1,500       1,758  
State of Maryland, Local Facilities Loan, Series A, GO, 5.00%, 08/01/2028      7,000       8,205  
State of Maryland, Second, Series B, GO, 5.00%, 08/01/2025 (p)      505       511  
Tender Option Bond Trust Receipts/Certificates, Series 2018-XF0605, Rev., LIQ: Bank of America NA, 0.00%, 05/01/2047 (e) (z)      3,300       3,300  
Tender Option Bond Trust Receipts/Certificates, Floaters, Series 2021-XG0335, Rev., LOC: Bank of America NA, LIQ: Bank of America NA, 0.00%, 07/01/2051 (e) (z)      4,345       4,345  
Washington Suburban Sanitary Commission,     
Rev., CNTY GTD, 5.00%, 06/01/2029      4,000       4,759  
Series A, Rev., VRDO, BAN, CNTY GTD, 0.55%, 04/07/2022 (z)      3,400       3,400  
Washington Suburban Sanitary Commission, Consolidated Public Improvement,     
Rev., CNTY GTD, 4.00%, 06/01/2022      75       75  
Rev., CNTY GTD, 5.00%, 06/01/2029      1,500       1,749  
Series 2, Rev., CNTY GTD, 5.00%, 06/01/2022      1,200       1,208  
Washington Suburban Sanitary Commission, Consolidated Public Improvement Bonds, Rev., CNTY GTD, 5.00%, 06/01/2033      3,000       3,470  
Washington Suburban Sanitary Commission, Green Bond, Series 2, Rev., CNTY GTD, 5.00%, 12/01/2026      1,180       1,339  
    

 

 

  
       125,197  
    

 

 

  
Massachusetts — 1.2%     
Boston Water & Sewer Commission, Series B, Rev., 5.00%, 11/01/2036 (p)      1,215       1,276  
Commonwealth of Massachusetts,     
Rev., NATL, 5.50%, 01/01/2034      1,000       1,239  
Series A, GO, 5.00%, 06/01/2044 (z)      1,500       1,556  
Series B, GO, 5.00%, 11/01/2024      3,000       3,234  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — continued

     
Series D, GO, 4.00%, 11/01/2036      2,500       2,736  
Series D, GO, 4.00%, 11/01/2041      4,000       4,349  
Commonwealth of Massachusetts Transportation Fund Revenue, Rail Enhancement Project, Series B, Rev., 5.00%, 06/01/2025      375       410  
Commonwealth of Massachusetts, Consolidated Loan, Series D2, GO, 1.70%, 08/01/2043 (z)      1,000       1,001  
Massachusetts Development Finance Agency,     
Series A1, Rev., 5.00%, 07/01/2050 (z)      5,000       5,878  
Series B, Rev., 0.25%, 07/01/2024 (z)      370       361  
Massachusetts Development Finance Agency, Milford Regional Medical Center, Rev., 5.00%, 07/15/2046 (e)      1,000       1,117  
Massachusetts Development Finance Agency, Partners Healthcare System, Rev., (SIFMA Municipal Swap Index + 0.60%), 1.11%, 07/01/2049 (e) (aa)      940       938  
Massachusetts Development Finance Agency, Suffolk University Project, Rev., 4.00%, 07/01/2051      1,250       1,256  
Massachusetts Educational Financing Authority,     
Series B, Rev., AMT, 2.63%, 07/01/2036      3,030       2,866  
Series B, Rev., AMT, 5.00%, 07/01/2023      250       259  
Series B, Rev., AMT, 5.00%, 07/01/2024      615       648  
Series I, Rev., AMT, 5.00%, 01/01/2025      3,000       3,182  
Massachusetts Educational Financing Authority, Educational Loan Revenue Bonds, Rev., AMT, 2.00%, 07/01/2037      180       164  
Massachusetts Health & Educational Facilities Authority, Massachusetts Institute Technology, Series J2, Rev., VRDO, 0.47%, 04/07/2022 (z)      4,015       4,015  
Massachusetts Health & Educational Facilities Authority, University of Massachusetts, Series A, Rev., 2.45%, 11/01/2030 (w) (z)      1,250       1,250  
Massachusetts Housing Finance Agency, Social Bond,     
Series 220, Rev., GNMA/FNMA/FHLMC, 3.00%, 12/01/2050      3,580       3,598  
Series 220, Rev., GNMA/FNMA/FHLMC, 5.00%, 12/01/2023      500       526  
Massachusetts Housing Finance Agency, Social Bonds, Series 223, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2047      1,040       1,045  
Massachusetts Housing Finance Agency, Sustainability Bond, Series B2, Rev., 0.75%, 06/01/2025      115       110  
Massachusetts Housing Finance Agency, Sustainability Bonds,     
Series A2, Rev., HUD, 0.30%, 12/01/2023      105       102  
Series A2, Rev., HUD, 0.40%, 06/01/2024      140       135  
Massachusetts Port Authority,     
Series A, Rev., 5.00%, 07/01/2037      1,000       1,190  
Series B, Rev., AMT, 5.00%, 07/01/2033      465       540  
Series B, Rev., AMT, 5.00%, 07/01/2034      415       480  
Series B, Rev., AMT, 5.00%, 07/01/2035      495       571  
Series E, Rev., AMT, 5.00%, 07/01/2031      1,495       1,743  
Series E, Rev., AMT, 5.00%, 07/01/2032      2,000       2,324  
Massachusetts School Building Authority, Senior, Series B, Rev., 5.00%, 08/15/2028 (p)      5,000       5,072  
Massachusetts School Building Authority, Subordinated, Series A, Rev., 5.00%, 02/15/2036 (p)      7,190       7,604  
Massachusetts Water Resources Authority, Series C, Rev., 4.00%, 08/01/2022 (p)      3,180       3,210  
Massachusetts Water Resources Authority, Green Bond,     
Series B, Rev., 5.00%, 08/01/2025      1,580       1,736  
Series B, Rev., 5.00%, 08/01/2026      905       1,018  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — continued

     
Massachusetts Water Resources Authority, Green Bonds,     
Series C, Rev., 4.00%, 08/01/2022 (p)      700       707  
University of Massachusetts Building Authority, Series 2021, Rev., 5.00%, 11/01/2026      5,000       5,643  
    

 

 

  
       75,089  
    

 

 

  
Michigan — 1.5%     
City of Detroit Sewage Disposal System Revenue, Floating Rate Notes Refunding System Libor D, Rev., AGM, (ICE LIBOR USD 3 Month * 0.67 + 0.60%), 0.74%, 07/01/2032 (aa)      1,000       988  
City of Detroit, Sewage Disposal System Revenue, Senior Lien, Series A, Rev., 5.00%, 07/01/2023      2,500       2,526  
City of Detroit, Social Bonds,     
Series A, GO, 4.00%, 04/01/2041      500       496  
Series A, GO, 5.00%, 04/01/2039      115       125  
Series A, GO, 5.00%, 04/01/2046      35       37  
Series A, GO, 5.00%, 04/01/2050      30       32  
City of Lansing, GO, AGM, 5.00%, 05/01/2028      515       592  
Gerald R Ford International Airport Authority,     
Rev., CNTY GTD, AMT, 5.00%, 01/01/2026      225       247  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2027      350       392  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2028      275       312  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2029      600       690  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2034      1,140       1,338  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2038      1,300       1,512  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2039      1,000       1,161  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2040      1,125       1,304  
Great Lakes Water Authority Water Supply System Revenue, Taxable Senior Lien, Series C, Rev., 2.19%, 07/01/2027      3,000       2,881  
Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C, Rev., 5.00%, 07/01/2032      75       83  
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B, Rev., 5.00%, 07/01/2030      3,200       3,560  
L’Anse Creuse Public Schools, GO, Q-SBLF, 5.00%, 05/01/2029 (p)      2,405       2,620  
Michigan Finance Authority,     
Rev., 5.00%, 11/15/2022      125       128  
Rev., 5.00%, 11/15/2023      1,375       1,444  
Rev., 5.00%, 11/15/2025      435       472  
Series A, Rev., 5.00%, 06/01/2039 (p)      5,085       5,117  
Michigan Finance Authority, Aquinas College Project,     
Rev., 5.00%, 05/01/2036      300       306  
Rev., 5.00%, 05/01/2046      2,000       2,001  
Michigan Finance Authority, Che Trinity Health, Rev., 4.00%, 12/01/2040 (p)      95       106  
Michigan Finance Authority, Henry Ford Health System, Series A, Rev., 5.00%, 11/15/2048      5,000       5,661  
Michigan Finance Authority, Higher Educational Facilities Authority,     
Rev., 5.00%, 09/01/2032      690       803  
Rev., 5.00%, 09/01/2033      800       929  
Rev., 5.00%, 09/01/2034      570       661  
Rev., 5.00%, 09/01/2035      1,200       1,390  
Michigan Finance Authority, Holland Community Hospital, Series A, Rev., 5.00%, 01/01/2040      1,980       2,027  
Michigan Finance Authority, Senior, Series A, Rev., 4.00%, 06/01/2022      1,500       1,507  
Michigan Finance Authority, Trinity Health Co., Rev., 5.00%, 12/01/2034 (p)      2,560       2,577  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — continued

     
Michigan Finance Authority, Trinity Health Credit Group, Rev., 5.00%, 12/01/2036      1,000       1,173  
Michigan Finance Authority, Unrefunded Che Trinity Health, Rev., 4.00%, 12/01/2040      1,405       1,468  
Michigan State Building Authority,     
Series I, Rev., 5.00%, 10/15/2027      2,500       2,878  
Series I, Rev., 5.00%, 10/15/2029      1,750       2,069  
Michigan State Building Authority, Multi Modal Facilities Program, Rev., VRDO, 0.58%, 04/07/2022 (z)      3,500       3,500  
Michigan State Hospital Finance Authority, Hospital Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2027      100       114  
Michigan State Hospital Finance Authority, Trinity Health, Rev., 5.00%, 12/01/2034 (p)      1,000       1,006  
Michigan State Hospital Finance Authority, Trinity Health Credit Group,     
Rev., 5.00%, 12/01/2026 (p)      70       70  
Series B, Rev., 5.00%, 12/01/2048 (p)      755       760  
Michigan State Housing Development Authority,     
Rev., 0.32%, 12/01/2023 (z)      4,150       4,115  
Series A, Rev., 0.55%, 04/01/2025      375       358  
Series A, Rev., 3.50%, 12/01/2050      2,500       2,554  
Series C, Rev., 3.00%, 06/01/2051      2,680       2,694  
Michigan State Housing Development Authority, Carpenter Place Apartments, Rev., HUD, 1.25%, 12/01/2024 (z)      495       486  
Michigan State Housing Development Authority, Social Bond, Series A, Rev., 3.00%, 06/01/2052      3,460       3,477  
Michigan State University,     
Series A, Rev., 5.00%, 08/15/2022      705       715  
Series A, Rev., 5.00%, 08/15/2029      2,000       2,370  
Series A, Rev., 5.00%, 08/15/2038      250       260  
Michigan State University, Board of Trustees, Series B, Rev., 4.00%, 02/15/2024      300       312  
Michigan Strategic Fund, Consumers Energy Co. Project, Rev., AMT, 0.88%, 04/01/2035 (z)      1,620       1,542  
Michigan Strategic Fund, Detroit Edison Co. Exempt, Rev., 1.35%, 08/01/2029      3,450       3,085  
Michigan Strategic Fund, Detroit Edison Company, Rev., 1.45%, 09/01/2030      810       709  
Michigan Strategic Fund, Green Bond Recycling, Rev., AMT, 4.00%, 10/01/2061 (z)      1,685       1,762  
Monroe County Economic Development Corp., Collateral Detroit Edison Co., Series AA, Rev., NATL, 6.95%, 09/01/2022      2,500       2,558  
Roseville Community Schools,     
GO, Q-SBLF, 5.00%, 05/01/2026 (p)      1,385       1,509  
GO, Q-SBLF, 5.00%, 05/01/2027 (p)      1,795       1,955  
State of Michigan Trunk Line Revenue, State Trunk Line Fund Bonds,     
Rev., 5.00%, 11/15/2022      1,195       1,222  
Rev., 5.00%, 11/15/2032      1,150       1,397  
State of Michigan, Environmental Program Bonds, Series A, GO, 5.00%, 05/15/2030      400       481  
State of Michigan, GARVEE, Rev., GAN, 5.00%, 03/15/2024      1,435       1,519  
Wayne County Airport Authority,     
Series B, Rev., AMT, 5.00%, 12/01/2030      1,075       1,246  
Series F, Rev., AMT, 5.00%, 12/01/2034      1,470       1,586  
    

 

 

  
       96,975  
    

 

 

  
Minnesota — 1.0%     
City of Hopkins, Raspberry Ridge Project, Rev., HUD, 0.26%, 02/01/2024 (z)      1,105       1,089  
City of Mahtomedi, Lincoln Place, Rev., HUD, 0.25%, 08/01/2023 (z)      620       618  
City of Shakopee, Shakopee Housing, Rev., 0.25%, 08/01/2024 (z)      290       290  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — continued

     
County of Hennepin,     
Series A, GO, 5.00%, 12/01/2022      2,300       2,358  
Series C, GO, 5.00%, 12/15/2032      1,500       1,790  
Dakota County Community Development Agency, Aster House Apartments Project, Rev., 0.35%, 06/01/2024 (z)      4,815       4,711  
Farmington Independent School District No. 192, Series A, GO, 5.00%, 02/01/2025      2,680       2,832  
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Fairview Health Services, Series A, Rev., 5.00%, 11/15/2047      9,000       10,001  
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hope Community Academy Project, Series A, Rev., 5.00%, 12/01/2043      1,000       967  
Minnesota Housing Finance Agency,     
Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051      810       814  
Series D, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 01/01/2052      1,110       1,115  
Series E, Rev., GNMA/FNMA/FHLMC, 3.50%, 07/01/2050      1,450       1,481  
Series G, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051      3,660       3,678  
Series I, Rev., GNMA/FNMA/FHLMC, 2.80%, 12/01/2047      392       392  
Series I, Rev., 3.00%, 01/01/2051      3,770       3,789  
Minnesota Housing Finance Agency, Non Ace Residential Housing, Series B, Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2048      2,545       2,616  
Minnesota Housing Finance Agency, Social Bond, Series H, Rev., 3.00%, 07/01/2052      1,265       1,271  
Minnesota Housing Finance Agency, Social Bonds,     
Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052      1,155       1,160  
Series F, Rev., 3.00%, 07/01/2052      2,940       2,954  
Minnesota Municipal Gas Agency, Series A, Rev., 4.00%, 12/01/2052 (z)      4,370       4,662  
Minnesota Office of Higher Education, Supplemental Student Loan, Rev., AMT, 4.00%, 11/01/2037      1,900       1,941  
Shakopee Independent School District No. 720, Series D, GO, 5.00%, 02/01/2024      3,685       3,885  
St. Paul Port Authority, Solid Gerdau St. Paul Steel Mill Project, Rev., AMT, 4.50%,
10/01/2037 (e)		      1,500       1,504  
State of Minnesota,     
Series A, GO, 5.00%, 08/01/2026      250       281  
Series A, GO, 5.00%, 10/01/2029      45       52  
Series A, GO, 5.00%, 08/01/2031      840       996  
Series A, GO, 5.00%, 08/01/2034      2,000       2,326  
Series B, GO, 4.00%, 08/01/2028      2,000       2,222  
Series B, GO, 5.00%, 08/01/2022      100       101  
Series E, GO, 3.00%, 08/01/2026      710       739  
    

 

 

  
       62,635  
    

 

 

  
Mississippi — 0.4%     
Mississippi Business Finance Corp., Chevron USA, Inc. Project, Series A, Rev., VRDO, 0.38%, 04/01/2022 (z)      17,900       17,900  
Mississippi Business Finance Corp., System Energy Resources, Inc. Project, Rev., 2.38%, 06/01/2044      175       135  
Mississippi Development Bank, Laurel Highway Project, Series B, Rev., 5.00%, 01/01/2026      1,095       1,211  
Mississippi Development Bank, Madison County Highway Project Ser, Rev., 5.00%, 01/01/2026      3,210       3,549  
Mississippi Home Corp., J&A Development Portfolio Project, Series 1, Rev., 0.30%,
02/01/2024 (z)		      470       463  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     

Mississippi — continued

     
Mississippi Home Corp., Southwest Village Apartments Project, Rev., HUD, 2.00%,
02/01/2025 (z)		      2,970       2,955  
Mississippi Hospital Equipment & Facilities Authority, Baptist Memorial Health Care, Rev., 5.00%, 09/01/2044 (z)      250       271  
State of Mississippi, Series F, GO, 5.00%, 11/01/2030 (p)      1,000       1,105  
    

 

 

  
       27,589  
    

 

 

  
Missouri — 1.1%     
Cape Girardeau County Industrial Development Authority, Southeasthealth, Rev., 4.00%, 03/01/2041      870       899  
City of St. Louis Airport Revenue, Series A, Rev., AGM, 5.00%, 07/01/2024      2,000       2,125  
City of St. Charles, Series B, COP, 4.00%, 02/01/2029      515       563  
Curators of the University of Missouri (The),     
Series A, Rev., 4.00%, 11/01/2034      2,500       2,604  
Series A, Rev., 4.00%, 11/01/2035      1,000       1,039  
Hanley Road Corridor Transportation Development District, Rev., 1.00%, 10/01/2027      155       140  
Health & Educational Facilities Authority of the State of Missouri, Series C, Rev., 5.00%, 05/01/2052 (z)      2,695       3,093  
Health & Educational Facilities Authority of the State of Missouri, BJC Health System, Series B, Rev., 4.00%, 05/01/2051 (z)      6,750       7,255  
Health & Educational Facilities Authority of the State of Missouri, Capital Region Medical Center, Rev., 5.00%, 11/01/2035      1,700       1,965  
Health & Educational Facilities Authority of the State of Missouri, Luke’s Health System, Rev., 4.00%, 11/15/2038      2,000       2,141  
Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Service Projects, Series A, Rev., 5.00%, 02/01/2029      1,410       1,520  
Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services, Rev., 4.00%, 02/01/2034      500       516  
Kansas City Industrial Development Authority, Rev., AMT, 5.00%, 03/01/2032      900       1,025  
Kansas City Industrial Development Authority, Kansas City International Airport,     
Rev., AMT, 4.00%, 03/01/2036      1,250       1,300  
Rev., AMT, 4.00%, 03/01/2040      2,500       2,586  
Rev., AMT, 5.00%, 03/01/2029      3,050       3,466  
Rev., AMT, 5.00%, 03/01/2038      2,480       2,751  
Rev., AMT, 5.00%, 03/01/2046      5,000       5,475  
Missouri Development Finance Board, Procter & Gamble Paper Products, Rev., AMT, 5.20%, 03/15/2029      370       428  
Missouri Housing Development Commission, First Place Homeownership Loan,     
Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 05/01/2052      530       533  
Rev., GNMA/FNMA/FHLMC, 3.00%, 05/01/2052      5,965       5,994  
Rev., GNMA/FNMA/FHLMC, 3.25%, 11/01/2052      455       461  
Series D, Rev., GNMA/FNMA/FHLMC, 3.25%, 05/01/2051      3,665       3,717  
Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Company Project, Series AR, Rev., 2.90%, 09/01/2033      2,000       1,993  
Orchard Farm R-V School District,     
COP, 4.00%, 04/01/2027      400       427  
COP, 4.00%, 04/01/2028      410       440  
Plaza at Noah’s Ark Community Improvement District, Rev., 3.00%, 05/01/2030      575       551  
RBC Municipal Products, Inc. Trust, Floater Certificates, Series C16, Rev., VRDO, LOC: Royal Bank of Canada, LIQ: Royal Bank of Canada, 0.56%, 04/07/2022 (e) (z)      11,000       11,000  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — continued

     
St. Charles County Industrial Development Authority, Hidden Valley Estates, Rev., HUD, 0.27%, 08/01/2025 (z)      1,290       1,249  
St. Louis Municipal Finance Corp., Convention Center Expansion, Rev., AGM, 5.00%, 10/01/2045      3,215       3,682  
State of Missouri, Health & Educational Facilities, Saint Luke’s Health System, Inc., Rev., 5.00%, 11/15/2023      290       304  
    

 

 

  
       71,242  
    

 

 

  
Montana — 0.2%     
Montana Board of Housing,     
Rev., 3.00%, 12/01/2050      3,445       3,463  
Series A1, Rev., 3.00%, 06/01/2051      4,720       4,744  
Series A, Rev., 3.00%, 06/01/2052      365       366  
Series B2, Rev., AMT, 3.50%, 12/01/2042      540       548  
Series B, Rev., 3.00%, 12/01/2051      1,270       1,276  
Montana Facility Finance Authority, Rev., 5.00%, 02/15/2033      1,000       1,111  
Montana State Board of Regents,     
Series G, Rev., 5.00%, 11/15/2031      250       304  
Series G, Rev., 5.00%, 11/15/2032      630       760  
    

 

 

  
       12,572  
    

 

 

  
Nebraska — 0.4%     
Central Plains Energy Project,     
Rev., LIQ: Royal Bank of Canada, 4.00%, 12/01/2049 (z)      4,000       4,193  
Rev., 5.00%, 09/01/2042      625       634  
City of Omaha, Various Purpose, Series A, GO, 4.00%, 04/15/2022      1,125       1,126  
County of Douglas, Creighton University Project, Rev., (SIFMA Municipal Swap Index + 0.53%), 1.04%, 07/01/2035 (aa)      2,250       2,257  
County of Washington, Cargill, Inc. Project, Rev., AMT, 0.90%, 09/01/2030 (z)      350       334  
Douglas County Hospital Authority No. 2, Health Facilities Children’s Hospital, Rev., 5.00%, 11/15/2047      3,000       3,341  
Douglas County Hospital Authority No. 2, Madonna Rehabilitation Hospital, Rev., 4.00%, 05/15/2033      2,100       2,152  
Douglas County, Hospital Authority No. 2, Children’s Hospital Obligated Group, Rev., 5.00%, 11/15/2053 (z)      2,190       2,391  
Nebraska Educational Health Cultural & Social Services Finance Authority, Immanuel Obligated Group, Rev., 4.00%, 01/01/2037      1,000       1,066  
Nebraska Public Power District, Series A, Rev., 0.60%, 01/01/2051 (z)      9,000       8,846  
    

 

 

  
       26,340  
    

 

 

  
Nevada — 1.1%     
City of Carson City, Carson Tahoe Regional Medical Center, Rev., 5.00%, 09/01/2047      1,000       1,085  
City of Las Vegas Special Improvement District No. 612 Skye Hills, Special Assessment, 3.50%, 06/01/2035      210       195  
City of North Las Vegas, GO, BAM, 5.00%, 06/01/2027      2,000       2,274  
Clark County School District, Building,     
Series A, GO, 5.00%, 06/15/2029      500       576  
Series B, GO, AGM-CR, 5.00%, 06/15/2033      3,000       3,491  
County of Clark Department of Aviation, Airport Systems, Subordinate, Rev., 5.00%, 07/01/2033      1,010       1,199  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     

Nevada — continued

     
County of Clark Department of Aviation, Subordinate,     
Series B, Rev., AMT, 5.00%, 07/01/2025      1,235       1,333  
Series B, Rev., AMT, 5.00%, 07/01/2027      6,000       6,691  
County of Clark Passenger Facility Charge Revenue, McCarran International,     
Rev., 5.00%, 07/01/2029      5,000       5,830  
Rev., 5.00%, 07/01/2031      1,950       2,256  
Rev., 5.00%, 07/01/2032      2,385       2,749  
County of Clark, Detention Center, GO, 4.00%, 06/01/2034      3,335       3,656  
County of Clark, Passenger Facility Charge Revenue, Las Vegas McCarran International Airport, Rev., 5.00%, 07/01/2030      1,425       1,653  
County of Clark, Southern Ca Edison Company, Rev., 2.10%, 06/01/2031      1,000       891  
County of Washoe, Sierra Pacific Power Company,     
Rev., AMT, 0.63%, 03/01/2036 (z)      900       900  
Series B, Rev., 3.00%, 03/01/2036 (z)      10       10  
Las Vegas Convention & Visitors Authority, Series B, Rev., 5.00%, 07/01/2043      5,150       5,794  
Las Vegas Valley Water District,     
GO, 5.00%, 06/01/2022      1,000       1,007  
Series A, GO, 5.00%, 06/01/2022      3,000       3,019  
Series B, GO, 5.00%, 06/01/2023      5,065       5,259  
Series D, GO, 5.00%, 06/01/2023      1,180       1,225  
Las Vegas Valley Water District, Water Improvement, Series A, GO, 5.00%, 06/01/2046      5,000       5,470  
Las Vegas Valley, Water District, Series B, GO, 5.00%, 12/01/2023      70       74  
Nevada Housing Division, Pinewood Terrace Apartments, Rev., 0.26%, 04/01/2024 (z)      500       500  
Nevada Housing Division, Southwest Village Apartments, Rev., 0.47%, 10/01/2024 (z)      1,930       1,878  
Nevada Housing Division, Whittell Pointe, Rev., 0.30%, 10/01/2023 (z)      3,665       3,644  
State of Nevada Department of Business & Industry, Brightline West Passenger Rail Project, Rev., AMT, 0.85%, 01/01/2050 (e) (z)      4,500       4,476  
    

 

 

  
       67,135  
    

 

 

  
New Hampshire — 0.2%     
New Hampshire Business Finance Authority, Rev., 4.13%, 01/20/2034      970       1,035  
New Hampshire Business Finance Authority, Caritas Oregon Project, Series A, Rev., 4.13%, 08/15/2040 (e)      2,000       1,936  
New Hampshire Business Finance Authority, Saint Luke’s University Health, Rev., 4.00%, 08/15/2036      720       775  
New Hampshire Business Finance Authority, Springpoint Senior Living,     
Rev., 4.00%, 01/01/2026      270       282  
Rev., 4.00%, 01/01/2027      250       262  
Rev., 4.00%, 01/01/2028      290       304  
Rev., 4.00%, 01/01/2029      300       314  
Rev., 4.00%, 01/01/2030      280       292  
Rev., 4.00%, 01/01/2031      290       300  
New Hampshire Business Finance Authority, Taxable Virginia Birmingham Care Center, Rev., 3.78%, 01/01/2036      2,000       1,837  
New Hampshire Business Finance Authority, Waste Management, Inc. Project, Rev., AMT, (SIFMA Municipal Swap Index + 0.38%), 0.89%, 10/01/2033 (aa)      4,170       4,148  
    

 

 

  
       11,485  
    

 

 

  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 2.9%     
City of Newark,     
Series A, GO, AGM, 5.00%, 10/01/2027      100       113  
Series A, GO, AGM, 5.00%, 10/01/2028      750       857  
Garden State Preservation Trust, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 11/01/2026      1,000       886  
Gloucester County Improvement Authority, The Rowan University Fossil Park,     
Rev., BAM, 4.00%, 07/01/2046      725       765  
Rev., BAM, 4.00%, 07/01/2051      1,000       1,051  
Hudson County Improvement Authority, Hudson County Courthouse Project, Rev., 5.00%, 10/01/2028      150       175  
New Brunswick Parking Authority, City Guaranteed Parking, Series A, Rev., BAM, 5.00%, 09/01/2026      1,000       1,120  
New Jersey Economic Development Authority,     
Series A, Rev., 5.00%, 11/01/2027      2,500       2,799  
Series AAA, Rev., 5.50%, 06/15/2028      5,000       5,637  
Series B, Rev., 5.00%, 11/01/2023      75       78  
Series DDD, Rev., 5.00%, 06/15/2033      1,500       1,640  
New Jersey Economic Development Authority, American Water Company,     
Series B, Rev., AMT, 1.20%, 11/01/2034 (z)      1,265       1,253  
Series C, Rev., AMT, 1.15%, 06/01/2023      1,550       1,531  
New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Rev., AMT, 5.13%, 09/15/2023      1,375       1,403  
New Jersey Economic Development Authority, Higher Education Capital Improvement Fund, Series A, Rev., 5.00%, 09/01/2025      245       260  
New Jersey Economic Development Authority, Municipal Rehabilitation, Series A, Rev., 5.25%, 04/01/2027 (z)      5,000       5,594  
New Jersey Economic Development Authority, New Jersey American Water Company, Inc.,     
Rev., AMT, 1.10%, 11/01/2029 (z)      2,610       2,325  
Series E, Rev., AMT, 0.85%, 12/01/2025      2,205       2,028  
New Jersey Economic Development Authority, Port Newark Container, Rev., AMT, 5.00%, 10/01/2037      1,000       1,085  
New Jersey Economic Development Authority, School Facilities Construction,     
Rev., 5.00%, 03/01/2031 (p)      1,190       1,225  
Series GGG, Rev., 5.25%, 09/01/2026 (e)      5,500       6,097  
New Jersey Economic Development Authority, School Facilities Construction SIFMA, Series I, Rev., (SIFMA Municipal Swap Index + 1.60%), 2.11%, 03/01/2028 (aa)      10,000       10,088  
New Jersey Economic Development Authority, Self Designated Social Bonds,     
Series QQQ, Rev., 4.00%, 06/15/2034      500       524  
Series QQQ, Rev., 4.00%, 06/15/2035      500       523  
Series QQQ, Rev., 5.00%, 06/15/2026      555       610  
Series QQQ, Rev., 5.00%, 06/15/2027      410       457  
Series QQQ, Rev., 5.00%, 06/15/2028      400       450  
New Jersey Economic Development Authority, Social Bonds, Series QQQ, Rev., 4.00%, 06/15/2046      255       259  
New Jersey Economic Development Authority, State House Project,     
Series B, Rev., 5.00%, 06/15/2027      10,690       11,906  
Series B, Rev., 5.00%, 06/15/2028      8,635       9,702  
New Jersey Educational Facilities Authority, Montclair State University, Series D, Rev., 5.00%, 07/01/2028      2,000       2,169  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 Educational Facilities Authority, Princeton University,     
Series A, Rev., 5.00%, 07/01/2022      1,710       1,727  
Series B, Rev., 5.00%, 07/01/2024      3,505       3,744  
Series I, Rev., 5.00%, 07/01/2024      1,290       1,378  
Series I, Rev., 5.00%, 07/01/2036      1,015       1,155  
New Jersey Educational Facilities Authority, Ramapo College of New Jersey, Series A, Rev., AGM, 5.00%, 07/01/2035 (w)      200       239  
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligated, Rev., 5.00%, 07/01/2032      2,070       2,489  
New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group, Rev., 5.00%, 07/01/2037      1,600       1,786  
New Jersey Higher Education Student Assistance Authority,     
Series B, Rev., AMT, 5.00%, 12/01/2024      570       610  
Series B, Rev., AMT, 5.00%, 12/01/2027      1,340       1,504  
Series B, Rev., AMT, 5.00%, 12/01/2028      1,480       1,683  
Series B, Rev., AMT, 5.00%, 12/01/2029      1,440       1,654  
New Jersey Higher Education Student Assistance Authority, Senior Bonds, Series B, Rev., AMT, 5.00%, 12/01/2024      300       322  
New Jersey Higher Education Student Assistance Authority, Senior Student Loan, Rev., AMT, 5.00%, 12/01/2023      215       225  
New Jersey Higher Education Student Assistance Authority, Subordinated, Series C, Rev., AMT, 4.00%, 12/01/2048      1,195       1,186  
New Jersey Housing & Mortgage Finance Agency, Series E, Rev., 3.50%, 04/01/2051      2,890       2,959  
New Jersey Housing & Mortgage Finance Agency, Browns Woods Apartments Project, Rev., HUD, 1.25%, 12/01/2024 (z)      850       839  
New Jersey Housing & Mortgage Finance Agency, Social Bonds, Series H, Rev., 3.00%, 10/01/2052      840       842  
New Jersey Transportation Trust Fund Authority,     
Series A, Rev., 4.00%, 06/15/2035      2,000       2,091  
Series A, Rev., 5.00%, 12/15/2028      300       339  
Series A, Rev., 5.00%, 06/15/2029      1,550       1,758  
Series A, Rev., 5.00%, 06/15/2030      3,000       3,428  
Series AA, Rev., 4.00%, 06/15/2040      3,750       3,858  
Series AA, Rev., 5.00%, 06/15/2035      3,000       3,388  
Series AA, Rev., 5.00%, 06/15/2045      660       729  
New Jersey Transportation Trust Fund Authority, Capital Appreciation, Series A, Rev., BAM, Zero Coupon, 12/15/2038      1,000       548  
New Jersey Transportation Trust Fund Authority, Transportation Program, Series AA, Rev., 5.00%, 06/15/2024      2,000       2,016  
New Jersey Transportation Trust Fund Authority, Transportation System Bond,     
Rev., 4.00%, 12/15/2039      2,000       2,069  
Rev., 5.00%, 12/15/2028      1,000       1,130  
Rev., 5.00%, 12/15/2031      1,560       1,761  
New Jersey Turnpike Authority,     
Series A, Rev., 4.00%, 01/01/2042      1,000       1,075  
Series A, Rev., 5.00%, 01/01/2030 (p)      1,000       1,010  
Series E, Rev., 5.00%, 01/01/2027      1,000       1,128  
Newark Board of Education, Sustainability Bonds,     
GO, BAM, 4.00%, 07/15/2034      400       438  
GO, BAM, 4.00%, 07/15/2035      410       448  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
GO, BAM, 4.00%, 07/15/2036      425       462  
GO, BAM, 4.00%, 07/15/2037      430       468  
North Hudson Sewerage Authority, Senior Lien Lease Certificates,     
Rev., AGM, 5.00%, 06/01/2039      1,100       1,381  
Rev., AGM, 5.00%, 06/01/2040      1,100       1,378  
Rev., AGM, 5.00%, 06/01/2041      1,000       1,259  
Rev., AGM, 5.00%, 06/01/2042      1,000       1,262  
Princeton, GO, 2.00%, 12/15/2023      1,735       1,742  
Rutgers The State University of New Jersey, Series L, Rev., 5.00%, 05/01/2043 (p)      1,805       1,870  
South Jersey Port Corp., Marine Terminal,     
Series B, Rev., AMT, 5.00%, 01/01/2025      500       531  
Series B, Rev., AMT, 5.00%, 01/01/2026      1,015       1,097  
South Jersey Port Corp., Marine Terminal, Subordinated, Series B, Rev., AMT, 5.00%, 01/01/2037      1,000       1,081  
South Jersey Transportation Authority,     
Series A, Rev., AGM, 5.00%, 11/01/2030      500       586  
Series A, Rev., AGM, 5.00%, 11/01/2033      1,215       1,409  
Series A, Rev., BAM, 5.00%, 11/01/2041      2,925       3,377  
State of New Jersey, Covid-19 Emergency Bonds, General Obligations,     
Series A, GO, 4.00%, 06/01/2030      2,000       2,175  
Series A, GO, 4.00%, 06/01/2031      8,340       9,098  
Series A, GO, 5.00%, 06/01/2028      4,245       4,831  
Series A, GO, 5.00%, 06/01/2029      15,000       17,267  
Tender Option Bond Trust Receipts/Certificates, Floaters, Series 2016-XM0226, Rev., BHAC-CR, NATL-RE, LIQ: Bank of America NA, 0.00%, 07/01/2026 (e) (z)      4,720       4,720  
Tobacco Settlement Financing Corp., Series A, Rev., 5.00%, 06/01/2022      2,055       2,065  
    

 

 

  
       184,225  
    

 

 

  
New Mexico — 0.6%     
Albuquerque Municipal School District No. 12,     
Series A, GO, 5.00%, 08/01/2024      250       267  
Series B, GO, 5.00%, 08/01/2024      330       353  
City of Farmington, Four Corners Project, Rev., 1.80%, 04/01/2029      3,000       2,714  
City of Farmington, Pollution Control Revenue, Public Service Company, New Mexico Sanitary, Series E, Rev., 1.15%, 06/01/2040 (z)      4,635       4,502  
City of Farmington, San Juan And Four Corners,     
Rev., 2.15%, 04/01/2033      4,890       4,301  
New Mexico Educational Assistance Foundation, Series 1A, Rev., AMT, 2.05%, 09/01/2051      2,275       2,064  
New Mexico Finance Authority, Subordinated Lien, Public Project Revolving Fund, Rev., 5.00%, 06/15/2024      1,000       1,067  
New Mexico Hospital Equipment Loan Council,     
Rev., 5.00%, 06/01/2030      1,050       1,226  
Rev., 5.00%, 06/01/2032      1,000       1,162  
New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare, Rev., 4.00%, 08/01/2037      305       324  
New Mexico Mortgage Finance Authority,     
Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052      2,195       2,206  
Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051      3,145       3,161  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 Mexico — continued

     
New Mexico Mortgage Finance Authority, Single Family Mortgage Program,     
Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052      840       843  
Series C, Rev., GNMA/FNMA/FHLMC, 4.00%, 01/01/2049      5,375       5,547  
New Mexico Municipal Energy Acquisition Authority,     
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 05/01/2022      95       95  
Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 11/01/2039 (z)      3,925       4,220  
Santa Fe Public School District, GO, 5.00%, 08/01/2029      1,375       1,591  
    

 

 

  
       35,643  
    

 

 

  
New York — 10.9%     
Albany County, Airport Authority, Series B, Rev., AMT, 5.00%, 12/15/2023      1,225       1,284  
Broome County, Local Development Corp., United Health Services Hospital,     
Rev., AGM, 4.00%, 04/01/2039      2,750       2,941  
Rev., AGM, 5.00%, 04/01/2026      500       554  
Build NYC Resource Corp., Rev., 5.00%, 07/01/2026      325       351  
Build NYC Resource Corp., Academic Leadership Charter School,     
Rev., 4.00%, 06/15/2023      100       102  
Rev., 4.00%, 06/15/2024      70       72  
Build NYC Resource Corp., Family Life Academy Charter, Series A1, Rev., 5.25%, 06/01/2040 (e)      1,220       1,112  
Build NYC Resource Corp., Friends of Hellenic Classical, Series A, Rev., 4.00%, 12/01/2031 (e)      700       704  
City of Long Beach,     
Series A, GO, 5.00%, 09/01/2025      1,990       2,128  
Series A, GO, 5.00%, 09/01/2027      1,500       1,632  
City of New York,     
Series 1I, GO, 5.00%, 03/01/2026      360       380  
Series A1, GO, 4.00%, 08/01/2034      3,000       3,208  
Series A1, GO, 4.00%, 08/01/2036      1,000       1,067  
Series A1, GO, 5.00%, 08/01/2029      2,900       3,407  
Series A1, GO, 5.00%, 08/01/2033      165       197  
Series A1, GO, 5.00%, 08/01/2041      3,000       3,424  
Series A, GO, 5.00%, 08/01/2028      100       114  
Series B1, GO, 5.00%, 08/01/2031 (w)      1,000       1,202  
Series B1, GO, 5.00%, 08/01/2035 (w)      90       108  
Series C1, GO, 4.00%, 08/01/2022      1,800       1,818  
Series C1, GO, 5.00%, 08/01/2031      500       591  
Series C, GO, 5.00%, 08/01/2022      60       61  
Series C, GO, 5.00%, 08/01/2027      1,870       2,127  
Series D1, GO, 5.00%, 12/01/2024      150       162  
Series D1, GO, 5.00%, 12/01/2031      1,380       1,594  
Series D1, GO, 5.00%, 12/01/2036      11,955       13,631  
Series D1, GO, 5.00%, 12/01/2044      2,560       2,883  
Series D, GO, 5.00%, 08/01/2023      1,000       1,044  
Series E, GO, 5.00%, 08/01/2028      1,625       1,878  
Series F1, GO, 5.00%, 04/01/2037      2,730       3,073  
Series F1, GO, 5.00%, 04/01/2039      5,000       5,610  
Series F1, GO, 5.00%, 03/01/2043      1,000       1,154  
Series J3, GO, AGM, 0.75%, 06/01/2036 (z)      2,000       2,000  
Series J, GO, 5.00%, 08/01/2025      2,320       2,418  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
City of New York NY, Series C4, GO, AGC, 0.75%, 10/01/2027 (z)      2,000       2,000  
City of New York Prerefunded, Series F1, GO, 5.00%, 03/01/2037 (p)      745       768  
City of New York, Fiscal 2001,     
Series 2, GO, VRDO, 0.69%, 04/01/2022 (z)      120       120  
Series 3, GO, VRDO, 0.71%, 04/07/2022 (z)      90       90  
City of New York, Fiscal 2008, Series J10, GO, 5.00%, 08/01/2026      505       565  
City of New York, Fiscal 2015, Series F4, GO, 5.00%, 06/01/2044 (z)      1,455       1,581  
City of New York, Fiscal 2020,     
Series B1, GO, 4.00%, 10/01/2023      990       1,023  
Series B1, GO, 5.00%, 10/01/2038      5,000       5,745  
City of New York, Fiscal 2021,     
Series C, GO, 4.00%, 08/01/2037      450       477  
Series C, GO, 5.00%, 08/01/2033      2,000       2,353  
Series C, GO, 5.00%, 08/01/2035      4,740       5,541  
City of New York, Unrefunded, Series F1, GO, 5.00%, 03/01/2037      5       5  
County of Dutchess, Local Development Corp., Marist College Project, Series A, Rev., 5.00%, 07/01/2045      485       525  
County of Nassau,     
Series B, GO, BAM, 5.00%, 10/01/2027      1,450       1,627  
Series C, GO, 5.00%, 10/01/2025      1,005       1,101  
Dutchess County, Local Development Corp., Health Quest System, Inc. Project, Series B, Rev., 5.00%, 07/01/2046      1,250       1,350  
Geneva Development Corp., Hobart & William Smith College, Rev., 5.00%, 09/01/2032 (p)      530       538  
Hudson Yards Infrastructure Corp.,     
Rev., 4.00%, 02/15/2044      9,335       9,777  
Series A, Rev., 5.00%, 02/15/2026      1,050       1,166  
Series A, Rev., 5.00%, 02/15/2045      2,210       2,448  
Long Island Power Authority,     
Rev., 5.00%, 09/01/2042      2,070       2,332  
Series A, Rev., 5.00%, 09/01/2037      1,250       1,458  
Series B, Rev., 1.50%, 09/01/2051 (z)      5,700       5,490  
Series C, Rev., (ICE LIBOR USD 1 Month * 0.70 + 0.75%), 0.91%, 05/01/2033 (aa)      5,000       4,998  
Long Island Power Authority, 2021, Series A, Rev., 5.00%, 09/01/2042 (p)      485       493  
Long Island Power Authority, Notes, Rev., 1.00%, 09/01/2025      2,680       2,540  
Long Island Power Authority, Unrefunded 2021, Series A, Rev., 5.00%, 09/01/2042      15       15  
Metropolitan Transportation Authority,     
Rev., AGM, (United States SOFR * 0.67 + 0.55%), 0.73%, 11/01/2032 (aa)      1,770       1,771  
Rev., AGM, (United States SOFR * 0.67 + 0.80%), 0.99%, 11/01/2032 (aa)      430       428  
Series A, Rev., 5.25%, 11/15/2030      3,025       3,392  
Series B1, Rev., BAN, 5.00%, 05/15/2022      4,000       4,017  
Series B, Rev., 5.00%, 11/15/2024      1,095       1,172  
Series B, Rev., 5.00%, 11/15/2025      540       587  
Series C, Rev., 5.00%, 11/15/2022      1,000       1,021  
Series C, Rev., 5.00%, 11/15/2047 (p)      4,375       4,476  
Series D1, Rev., BAN, 5.00%, 09/01/2022      3,000       3,041  
Series D1, Rev., 5.00%, 11/01/2028      2,000       2,036  
Series D, Rev., 5.00%, 11/15/2027      1,200       1,320  
Series D, Rev., 5.00%, 11/15/2038      600       622  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 F, Rev., 5.00%, 11/15/2022      160       163  
Series F, Rev., BAN, 5.00%, 11/15/2022      4,400       4,487  
Metropolitan Transportation Authority, Build America Bonds, Rev., 6.67%, 11/15/2039      2,500       3,147  
Metropolitan Transportation Authority, Green Bond,     
Series A1, Rev., BAN, 5.00%, 02/01/2023      1,575       1,613  
Series A2, Rev., 5.00%, 11/15/2024      1,815       1,942  
Series A2, Rev., 5.00%, 11/15/2027      1,085       1,194  
Series B, Rev., 5.00%, 11/15/2023      100       105  
Series C2, Rev., Zero Coupon, 11/15/2032      500       351  
Series C, Rev., 5.00%, 11/15/2040      2,465       2,722  
Series E, Rev., 4.00%, 11/15/2045      60       61  
Series E, Rev., 5.00%, 11/15/2029      250       285  
Metropolitan Transportation Authority, Green Bonds,     
Series A2, Rev., 5.00%, 11/15/2025      1,000       1,088  
Series B1, Rev., 5.00%, 11/15/2046      2,000       2,170  
Series D1, Rev., 5.00%, 11/15/2043      2,000       2,207  
Series D3, Rev., 4.00%, 11/15/2049      2,000       2,037  
Metropolitan Transportation Authority, Green Bonds, Subordinated, Series B1, Rev., 5.00%, 11/15/2036      10,000       10,987  
Metropolitan Transportation Authority, Refunding, Transportation Subordinated, Series C1, Rev., 5.00%, 11/15/2025      1,055       1,147  
Metropolitan Transportation Authority, Transportation,     
Series A1, Rev., 5.00%, 11/15/2044      4,500       4,656  
Series A1, Rev., 5.25%, 11/15/2039      1,000       1,043  
Series C1, Rev., 5.00%, 11/15/2026      305       333  
Metropolitan Transportation Authority, Transportation Green Bonds, Series B, Rev., 5.00%, 11/15/2026      1,720       1,904  
Metropolitan Transportation Authority, Transportation, Green Bonds, Series B, Rev., 5.00%, 11/15/2022      930       949  
Monroe County Industrial Development Corp., Rochester Regional Health Project,     
Rev., 5.00%, 12/01/2022      600       614  
Rev., 5.00%, 12/01/2027      1,000       1,126  
Rev., 5.00%, 12/01/2028      1,700       1,942  
Rev., 5.00%, 12/01/2029      1,900       2,200  
New York City Health and Hospitals Corp.,     
Series A, Rev., 4.00%, 02/15/2025      1,250       1,318  
Series A, Rev., 5.00%, 02/15/2024      270       285  
Series A, Rev., 5.00%, 02/15/2025      1,125       1,217  
Series A, Rev., 5.00%, 02/15/2026      6,055       6,704  
Series A, Rev., 5.00%, 02/15/2027      5,360       6,057  
Series A, Rev., 5.00%, 02/15/2028      3,760       4,320  
Series A, Rev., 5.00%, 02/15/2029      2,485       2,898  
New York City Housing Development Corp., Sustainability Bonds,     
Rev., FHA, 0.70%, 11/01/2060 (z)      9,490       8,933  
Series C2, Rev., 0.23%, 05/01/2050 (z)      350       350  
Series C2, Rev., 0.70%, 11/01/2060 (z)      1,790       1,679  
Series C3-A, Rev., 0.20%, 05/01/2022      325       325  
New York City Housing Development Corp., Sustainable Development Bonds, Series D2, Rev., FHA, 0.70%, 05/01/2060 (z)      1,000       955  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 Housing Development Corp., Sustainable Neighborhood Bonds, Rev., 1.75%, 05/01/2059 (z)      1,000       1,005  
New York City Industrial Development Agency, Queens Baseball Stadium Project,     
Series A, Rev., AGM, 4.00%, 01/01/2032      1,000       1,083  
Series A, Rev., AGM, 5.00%, 01/01/2025      250       268  
Series A, Rev., AGM, 5.00%, 01/01/2027      625       696  
Series A, Rev., AGM, 5.00%, 01/01/2029      1,000       1,144  
Series A, Rev., AGM, 5.00%, 01/01/2030      1,500       1,736  
New York City Industrial Development Agency, Yankee Stadium Project Pilot,     
Rev., AGM, 4.00%, 03/01/2045      8,825       9,391  
Rev., AGM, 5.00%, 03/01/2028      1,250       1,415  
Rev., AGM, 5.00%, 03/01/2029      1,500       1,718  
Rev., AGM, 5.00%, 03/01/2030      3,900       4,508  
New York City Municipal Water Finance Authority, Second General Resolution,     
Rev., VRDO, 0.40%, 04/01/2022 (z)      8,000       8,000  
Series GG, Rev., 4.00%, 06/15/2050      5,000       5,259  
New York City Transitional Finance Authority Building Aid Revenue, Fiscal 2015, Subordinate, Series S, Rev., 5.00%, 07/15/2040      17,800       19,229  
New York City Transitional Finance Authority Building Aid Revenue, Fiscal Year 2015, Series S1, Rev., 5.00%, 07/15/2035      585       628  
New York City Transitional Finance Authority Building Aid Revenue, Subordinate,     
Series S1, Rev., 4.00%, 07/15/2034      1,000       1,081  
Series S1, Rev., 5.00%, 07/15/2031      1,590       1,925  
Series S1, Rev., 5.00%, 07/15/2043      1,505       1,635  
New York City Transitional Finance Authority Future Tax Secured,     
Rev., 5.00%, 11/01/2028      1,000       1,160  
Rev., 5.00%, 08/01/2029      5,000       5,874  
New York City Transitional Finance Authority Future Tax Secured Revenue,     
Series A1, Rev., 4.00%, 11/01/2038      5,000       5,334  
Series A1, Rev., 5.00%, 05/01/2022      65       65  
Series A1, Rev., 5.00%, 11/01/2027      3,000       3,422  
Series D, Rev., 5.00%, 11/01/2024      1,985       2,133  
Series E1, Rev., 3.00%, 02/01/2028      730       756  
Series E1, Rev., 5.00%, 02/01/2023      135       139  
Series F1, Rev., 5.00%, 02/01/2039 (w)      3,000       3,497  
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured, Rev., 4.00%, 11/01/2035      7,000       7,449  
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured Subordinate,     
Rev., 5.00%, 11/01/2026      2,250       2,519  
Series B1, Rev., 5.00%, 08/01/2038      1,000       1,099  
Series DS, Rev., 5.00%, 11/01/2025      3,045       3,348  
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate,     
Rev., 4.00%, 05/01/2038      2,000       2,122  
Rev., 5.00%, 11/01/2025      255       280  
Series A1, Rev., 5.00%, 08/01/2042      2,000       2,247  
Series A3, Rev., 4.00%, 05/01/2041      11,000       11,464  
Series B1, Rev., 4.00%, 08/01/2042      815       858  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 B1, Rev., 5.00%, 08/01/2034      795       942  
Series DS, Rev., 4.00%, 11/01/2038      4,000       4,243  
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate, Future Tax Secured, Rev., 3.75%, 11/01/2025      8,000       8,131  
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated,     
Rev., 5.00%, 05/01/2031      1,000       1,196  
Series A3, Rev., 4.00%, 05/01/2042      2,000       2,081  
Series A3, Rev., 5.00%, 08/01/2040      1,720       1,917  
Series C1, Rev., 5.00%, 05/01/2024      1,000       1,061  
New York City Transitional Finance Authority Future Tax Secured Revenue, Taxable Subordinate, Series F2, Rev., 2.85%, 05/01/2025      6,600       6,578  
New York City Transitional Finance Authority, Future Tax Secured, Rev., 5.00%, 11/01/2026      375       420  
New York City Transitional Finance Authority, Future Tax Secured Revenue,     
Rev., 5.00%, 11/01/2024      2,515       2,702  
Series I, Rev., 5.00%, 05/01/2027      345       357  
New York City Trust for Cultural Resources, Refunding Lincoln Center, Series A, Rev., 5.00%, 12/01/2032      500       598  
New York City Water & Sewer System,     
Series AA2, Rev., 5.00%, 06/15/2029      2,850       3,358  
Series BB2, Rev., 5.00%, 06/15/2027      1,500       1,655  
Series FF, Rev., 5.00%, 06/15/2041      2,000       2,326  
Series GG1, Rev., 5.00%, 06/15/2030      1,000       1,195  
Series GG, Rev., 5.00%, 06/15/2039      2,660       2,877  
New York City Water & Sewer System, Second General Resolution,     
Rev., 5.00%, 06/15/2026      1,020       1,139  
Rev., 5.00%, 06/15/2029      870       1,025  
Rev., 5.00%, 06/15/2047      14,655       15,173  
Series CC1, Rev., 5.00%, 06/15/2048      2,730       3,062  
Series CC1, Rev., 5.25%, 06/15/2037      2,345       2,644  
Series DD1, Rev., 5.00%, 06/15/2048      3,115       3,530  
Series DD2, Rev., 5.00%, 06/15/2040      2,000       2,270  
Series DD, Rev., 5.00%, 06/15/2047      6,680       7,429  
Series FF, Rev., 5.00%, 06/15/2045      500       504  
New York City Water & Sewer System, Various Second General Resolution, Series BB4, Rev., VRDO, 0.43%, 04/01/2022 (z)      2,000       2,000  
New York City Water & Sewer System, Water And Sewer System Revenue Second General Resolution, Series BB2, Rev., 4.00%, 06/15/2042      1,180       1,257  
New York City, Water & Sewer System, Series BB1, Rev., 5.00%, 06/15/2049      500       569  
New York Liberty Development Corp.,     
Series 1WTC, Rev., 3.00%, 02/15/2042      1,755       1,584  
Series 1WTC, Rev., 4.00%, 02/15/2043      1,000       1,048  
New York Liberty Development Corp., World Trade Center Project, Series 1, Rev., 5.00%, 11/15/2044 (e)      1,700       1,780  
New York State Dormitory Authority,     
Series A, Rev., 4.00%, 03/15/2038      250       269  
Series A, Rev., 4.00%, 03/15/2039      1,000       1,065  
Series A, Rev., 5.00%, 03/15/2024 (p)      100       106  
Series A, Rev., 5.00%, 03/15/2027      1,000       1,132  
Series A, Rev., 5.00%, 03/15/2029      3,000       3,514  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 A, Rev., 5.00%, 03/15/2034      2,000       2,219  
Series A, Rev., 5.00%, 03/15/2040      1,000       1,129  
Series D, Rev., 5.00%, 02/15/2025      3,000       3,247  
New York State Dormitory Authority, Bidding Group 1, Series E, Rev., 5.00%, 03/15/2029      3,000       3,514  
New York State Dormitory Authority, Cornell University, Series A, Rev., 5.00%, 07/01/2031      1,000       1,221  
New York State Dormitory Authority, Exchange Bonds, Series C, Rev., 5.00%, 07/01/2031      1,227       1,489  
New York State Dormitory Authority, General Purpose, Series D, Rev., 5.00%, 02/15/2026      100       111  
New York State Dormitory Authority, Group 1, Series A, Rev., 5.00%, 03/15/2024 (p)      2,000       2,120  
New York State Dormitory Authority, Group 2,     
Series A, Rev., 5.00%, 03/15/2031      5,000       5,956  
Series A, Rev., 5.00%, 03/15/2033      2,000       2,357  
Series A, Rev., 5.00%, 03/15/2036      2,015       2,296  
New York State Dormitory Authority, Group 3, Series A, Rev., 5.00%, 03/15/2037      5,000       5,686  
New York State Dormitory Authority, Montefiore Obligated Group,     
Series A, Rev., 5.00%, 08/01/2025      2,035       2,163  
Series A, Rev., 5.00%, 08/01/2026      900       971  
Series A, Rev., 5.00%, 08/01/2031      1,010       1,103  
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       665  
New York State Dormitory Authority, Rockefeller University, Series A, Rev., 5.00%, 07/01/2038      1,000       1,010  
New York State Dormitory Authority, School Districts Financing Program, Series A, Rev., AGM, 5.00%, 10/01/2025      1,460       1,606  
New York State Dormitory Authority, St. John’s University, Series A, Rev., 4.00%, 07/01/2048      1,000       1,048  
New York State Dormitory Authority, State University Dormitory Facilities, Series A, Rev., 5.00%, 07/01/2023 (p)      150       151  
New York State Environmental Facilities Corp., Series B, Rev., 5.00%, 06/15/2023      1,000       1,040  
New York State Environmental Facilities Corp., Green Bond 2010 Master Finance,     
Rev., 4.00%, 08/15/2036      720       801  
Rev., 4.00%, 08/15/2037      1,760       1,954  
Rev., 4.00%, 08/15/2038      1,000       1,107  
New York State Environmental Facilities Corp., Municipal Water, Subordinated, Rev., 5.00%, 06/15/2042      2,655       2,975  
New York State Environmental Facilities Corp., Solid Waste Disposal Revenue, Casella Waste System, Inc. Project, Rev., AMT, 2.75%, 09/01/2050 (e) (z)      250       250  
New York State Housing Finance Agency, Sustainability Bonds,     
Rev., SONYMA, 0.65%, 11/01/2056 (z)      1,380       1,283  
Series I, Rev., SONYMA, 0.70%, 11/01/2056 (z)      2,375       2,213  
Series J, Rev., HUD, SONYMA, 1.10%, 11/01/2061 (z)      5,930       5,520  
Series K2, Rev., HUD, SONYMA, 1.00%, 11/01/2061 (z)      2,320       2,174  
Series K, Rev., SONYMA, 0.70%, 11/01/2024      1,085       1,041  
Series P, Rev., 1.55%, 11/01/2023      275       273  
New York State Thruway Authority,     
Series A1, Rev., 4.00%, 03/15/2041      500       532  
Series A1, Rev., 5.00%, 03/15/2033      1,000       1,184  
Series L, Rev., 5.00%, 01/01/2024      75       79  
New York State Thruway Authority, Group 2, Series N, Rev., 4.00%, 01/01/2041      4,120       4,331  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 State Urban Development Corp., Bidding Group 1, Series A, Rev., 5.00%, 03/15/2034      1,690       1,993  
New York State Urban Development Corp., Personal Income Tax,     
Rev., 4.00%, 03/15/2037      2,000       2,122  
Rev., 4.00%, 03/15/2041      5,000       5,265  
Rev., 5.00%, 03/15/2030      500       591  
Series C3, Rev., 5.00%, 03/15/2038      1,860       2,093  
New York State Urban Development Corp., State Personal Income Tax,     
Rev., 4.00%, 03/15/2042      2,000       2,102  
Rev., 5.00%, 03/15/2028      1,250       1,436  
Rev., 5.00%, 03/15/2034      3,000       3,166  
Series A, Rev., 5.00%, 03/15/2024      8,000       8,480  
New York State Urban Development Corp., State Personal Income Tax, General Purpose,     
Series A, Rev., 5.00%, 03/15/2042      5,000       5,578  
Series B, Rev., 3.54%, 03/15/2028      7,000       7,101  
New York State Urban Development Corp., State Personal Income Taxes Facilities, Rev., NATL, 5.50%, 03/15/2024      6,000       6,417  
New York Transportation Development Corp., American Airlines, Inc., Rev., AMT, 2.25%, 08/01/2026      945       911  
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 5.00%, 10/01/2035      10,000       11,187  
New York Transportation Development Corp., LaGuardia Airport Terminal B,     
Rev., AMT, 5.00%, 07/01/2046      3,805       3,988  
Rev., AMT, 5.25%, 01/01/2050      2,000       2,092  
New York Transportation Development Corp., New York State Thruway, Rev., AMT, 4.00%, 10/31/2034      600       635  
New York Transportation Development Corp., Terminal 4 John F Kennedy International,     
Rev., AMT, 4.00%, 12/01/2038      300       305  
Rev., AMT, 4.00%, 12/01/2039      300       305  
Rev., AMT, 4.00%, 12/01/2040      1,475       1,498  
Rev., AMT, 4.00%, 12/01/2041      300       303  
Rev., AMT, 4.00%, 12/01/2042      300       302  
Rev., 5.00%, 12/01/2024      200       212  
Rev., 5.00%, 12/01/2025      200       215  
Rev., 5.00%, 12/01/2026      200       219  
Rev., 5.00%, 12/01/2027      200       220  
Rev., 5.00%, 12/01/2028      200       222  
Rev., 5.00%, 12/01/2037      250       279  
Rev., 5.00%, 12/01/2038      250       278  
Port Authority of New York & New Jersey,     
Series 207, Rev., AMT, 5.00%, 09/15/2031      5,000       5,616  
Series 223, Rev., AMT, 5.00%, 07/15/2023      1,220       1,268  
Series 226, Rev., AMT, 5.00%, 10/15/2031      4,500       5,335  
Series 226, Rev., AMT, 5.00%, 10/15/2032      1,250       1,457  
Series 226, Rev., AMT, 5.00%, 10/15/2036      2,040       2,353  
Port Authority of New York & New Jersey, Consolidated,     
Series 197, Rev., AMT, 5.00%, 11/15/2032      3,000       3,342  
Series 206, Rev., AMT, 5.00%, 11/15/2032      3,000       3,378  
Series 221, Rev., AMT, 5.00%, 07/15/2031      1,620       1,875  
Series 221, Rev., AMT, 5.00%, 07/15/2032      1,500       1,727  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Port Authority of New York & New Jersey, Consolidated One Hundred Eighty,     
Rev., AMT, 5.00%, 09/01/2026      3,000       3,185  
Series 222, Rev., 4.00%, 07/15/2036      10,250       10,981  
Series 222, Rev., 5.00%, 07/15/2034      5,000       5,843  
State of New York Mortgage Agency, Social Bond, Series 239, Rev., SONYMA, 3.25%, 10/01/2051      295       299  
State of New York Mortgage Agency, Social Bonds,     
Series 233, Rev., 3.00%, 10/01/2045      5,405       5,432  
Series 235, Rev., AMT, 0.30%, 10/01/2022      200       199  
Series 235, Rev., AMT, 0.40%, 04/01/2023      215       212  
Series 235, Rev., AMT, 0.55%, 10/01/2023      190       186  
State of New York Mortgage Agency, Social Bonds 242, Rev., SONYMA, 3.50%, 10/01/2052      110       113  
Tender Option Bond Trust Receipts/Certificates, Series 2020-ZF0950, Rev., VRDO, LIQ: Toronto Dominion Bank, 0.54%, 04/07/2022 (e) (z)      7,020       7,020  
Triborough Bridge & Tunnel Authority,     
Series A1, Rev., 5.00%, 05/15/2051      7,175       8,213  
Series A2, Rev., 2.00%, 05/15/2045 (z)      4,250       4,126  
Series A, Rev., BAN, 5.00%, 11/01/2025      3,165       3,483  
Series A, Rev., 5.00%, 11/15/2038      1,000       1,021  
Series A, Rev., 5.00%, 11/15/2041      1,975       2,180  
Series A, Rev., 5.00%, 11/15/2049      3,040       3,475  
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Series C1, Rev., 5.00%, 11/15/2025      2,960       3,265  
Triborough Bridge & Tunnel Authority, Senior Lien,     
Rev., 5.00%, 05/15/2050 (z)      7,000       7,756  
Series C1-A, Rev., 5.00%, 05/15/2038      2,000       2,362  
Triborough Bridge & Tunnel Authority, Subordinated, Series A, Rev., 5.00%, 11/15/2025      50       52  
Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Rev., 4.00%, 09/01/2036      750       795  
TSASC, Inc., Series B, Rev., 5.00%, 06/01/2048      6,780       6,991  
Utility Debt Securitization Authority, Restructuring,     
Rev., 5.00%, 12/15/2025      175       184  
Series TE, Rev., 5.00%, 12/15/2033      3,150       3,313  
Westchester County Industrial Development Agency, EG Mount Vernon Preservation, Rev., FNMA COLL, 0.30%, 12/01/2023 (z)      1,525       1,512  
Westchester County Industrial Development Agency, Marble Hall Tuckahoe Limited, Rev., FHA, 0.28%, 04/01/2024 (z)      3,135       3,076  
Westchester County Local Development Corp., Purchase Senior Learning, Rev., 2.88%, 07/01/2026 (e)      500       483  
Western Regional Off-Track Betting Corp., Rev., 3.00%, 12/01/2026 (e)      545       520  
    

 

 

  
       685,790  
    

 

 

  
North Carolina — 1.9%     
Burlington Housing Authority, Thetford Portfolio, Rev., 0.30%, 11/01/2024 (z)      2,280       2,264  
Charlotte-Mecklenburg Hospital Authority (The), Atrium Health,     
Series C, Rev., 5.00%, 01/15/2048 (z)      20,000       20,599  
Series E, Rev., 0.80%, 01/15/2048 (z)      3,770       3,589  
Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Obligation Group, Rev., 4.00%, 01/15/2043      160       173  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     

North Carolina — continued

     
Charlotte-Mecklenburg Hospital Authority, Atrium Health,     
Series B, Rev., 1.95%, 01/15/2048 (z)      2,285       2,182  
Series B, Rev., 5.00%, 01/15/2050 (z)      8,620       9,241  
City of Charlotte Airport Special Facilities Revenue, Charlotte Douglas International,     
Rev., 5.00%, 07/01/2049      5,000       5,642  
Rev., AMT, 5.00%, 07/01/2049      5,000       5,501  
City of Charlotte, 2003 Governmental Facilities Project, VRDO, COP, LIQ: Wells Fargo Bank NA, 0.50%, 04/07/2022 (z)      2,800       2,800  
City of Charlotte, Airport Special Facilities Revenue, Series B, Rev., AMT, 5.00%, 07/01/2027      1,315       1,467  
City of Charlotte, Water & Sewer System Revenue,     
Rev., 5.00%, 07/01/2026      1,340       1,507  
Rev., 5.00%, 07/01/2027      1,000       1,150  
City of Goldsboro, Grand At Day Point Project, Rev., HUD, GNMA COLL, 0.28%, 05/01/2024 (z)      3,460       3,389  
City of Winston-Salem Water & Sewer System Revenue, Series A, Rev., 5.00%, 06/01/2026      340       381  
County of Cumberland, Qualified School Construction Bonds, COP, 1.25%, 12/15/2025      4,000       3,783  
County of Wake, Rev., 5.00%, 03/01/2023      1,390       1,434  
Durham Housing Authority, J.J. Henderson, Rev., HUD, 0.30%, 06/01/2024 (z)      1,920       1,878  
Durham Housing Authority, Oakley Square Apartments Project, Series A, Rev., 0.30%, 05/01/2024 (z)      2,000       1,999  
North Carolina Housing Finance Agency,     
Series 37A, Rev., AMT, 3.50%, 07/01/2039      55       56  
Series 44, Rev., 4.00%, 07/01/2050      355       368  
Series 45, Rev., GNMA/FNMA/FHLMC COLL, 1.90%, 01/01/2032      1,600       1,450  
Series 45, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051      2,445       2,458  
North Carolina Housing Finance Agency, Home Ownership, Series 47, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051      7,330       7,365  
North Carolina Housing Finance Agency, Series 45, Rev., GNMA/FNMA/FHLMC COLL, 0.55%, 07/01/2024      1,280       1,236  
North Carolina Housing Finance Agency, Wind Crest Senior Living, Rev., 0.36%, 06/01/2024 (z)      825       811  
North Carolina Medical Care Commission, CaroMont Health,     
Series A, Rev., 4.00%, 02/01/2036      500       553  
Series B, Rev., 5.00%, 02/01/2051 (z)      790       868  
North Carolina Medical Care Commission, Lutheran Services for the Aging, Rev., 4.00%, 03/01/2041      1,050       987  
North Carolina Medical Care Commission, Presbyterian Homes Obligations,     
Series A, Rev., 4.00%, 10/01/2027      600       643  
Series A, Rev., 4.00%, 10/01/2040      1,200       1,253  
Series A, Rev., 4.00%, 10/01/2045      1,750       1,815  
North Carolina Medical Care Commission, Rex Healthcare, Series A, Rev., 5.00%, 07/01/2031      1,760       2,066  
North Carolina Medical Care Commission, The Forest at Duke Project, Rev., 4.00%, 09/01/2041      830       860  
North Carolina Turnpike Authority, Rev., BAN, 5.00%, 02/01/2024      4,130       4,340  
North Carolina Turnpike Authority, Senior Lien, Rev., AGM, 5.00%, 01/01/2038      2,375       2,726  
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., AGM, 5.00%, 01/01/2049      1,000       1,150  
Raleigh Durham Airport Authority, Series A, Rev., AMT, 5.00%, 05/01/2032      1,200       1,360  
Sanford Housing Authority, Matthews Garden Gilmore, Rev., HUD, 0.30%, 10/01/2023 (z)      3,750       3,727  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     

North Carolina — continued

     
State of North Carolina,     
Series A, GO, 5.00%, 06/01/2022      1,440       1,449  
Series A, GO, 5.00%, 06/01/2027      980       1,098  
Series C, Rev., 5.00%, 05/01/2023      1,050       1,088  
State of North Carolina, Build Nc Programs, Series B, Rev., 5.00%, 05/01/2027      2,750       3,141  
State of North Carolina, Grant Anticipation Revenue, Rev., 5.00%, 03/01/2029      1,000       1,170  
State of North Carolina, Public Improvement, Series A, GO, 5.00%, 06/01/2024      1,005       1,072  
University of North Carolina at Chapel Hill, Series B, Rev., (ICE LIBOR USD 1 Month * 0.67 + 0.40%), 0.55%, 12/01/2041 (aa)      3,000       3,000  
Western Carolina University, Series B, Rev., 5.00%, 04/01/2031      2,120       2,508  
    

 

 

  
       119,597  
    

 

 

  
North Dakota — 0.3%     
Cass County Joint Water Resource District, Series A, GO, 0.48%, 05/01/2024      3,635       3,476  
City of Grand Forks, Altru Health System,     
Rev., 5.00%, 12/01/2027      595       669  
Rev., 5.00%, 12/01/2031      1,900       2,230  
City of West Fargo,     
Series A, GO, 2.00%, 05/01/2022      500       500  
Series A, GO, 2.00%, 05/01/2023      525       527  
North Dakota Housing Finance Agency,     
Series B, Rev., 3.00%, 07/01/2051      3,290       3,307  
Series C, Rev., 4.00%, 01/01/2050      885       922  
North Dakota Housing Finance Agency, Home Mortgage Financing Program, Series A, Rev., 3.00%, 01/01/2052      560       563  
North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Finance, Series D, Rev., 4.25%, 01/01/2049      4,190       4,348  
North Dakota Housing Finance Agency, Social Bonds, Series B, Rev., 3.00%, 07/01/2052      1,515       1,520  
University of North Dakota, Series A, COP, AGM, 4.00%, 06/01/2046      1,480       1,557  
West Fargo Public School District No. 6, Series C, GO, 4.00%, 08/01/2026      300       324  
    

 

 

  
       19,943  
    

 

 

  
Ohio — 2.4%     
Akron Bath Copley Joint Township Hospital District, Rev., 5.25%, 11/15/2046      1,605       1,758  
Akron Bath Copley Joint Township Hospital District, Summa Health Obligations,     
Rev., 4.00%, 11/15/2034      500       533  
Rev., 4.00%, 11/15/2035      1,000       1,064  
Rev., 4.00%, 11/15/2038      750       796  
American Municipal Power, Inc., Fremont Energy Center Project,     
Rev., 4.00%, 02/15/2036      1,750       1,883  
Rev., 5.00%, 02/15/2026      600       665  
Buckeye Tobacco Settlement Financing Authority, Series B2, Rev., 5.00%, 06/01/2055      6,000       6,244  
Buckeye Tobacco Settlement Financing Authority, Capital Appreciation, Series A3, Rev., 6.25%, 06/01/2037 (p)      2,820       2,844  
Buckeye Tobacco Settlement Financing Authority, Senior, Series A2, Rev., 4.00%, 06/01/2048      2,210       2,218  
City of Cincinnati, Mercer Commons Phase 2 Project, Rev., 5.00%, 11/01/2035      1,085       1,183  
City of Columbus,     
Series 1, GO, 5.00%, 07/01/2026 (p)      1,000       1,041  
Series A, GO, 5.00%, 04/01/2032      2,200       2,652  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Cleveland Department of Public Utilities, Division of Water, Series FF, Rev., 5.00%, 01/01/2026      300       332  
Columbus-Franklin County Finance Authority, Bridge Park D Block Project, Series A, Rev., 5.00%, 12/01/2051      1,000       1,050  
County of Allen Hospital Facilities Revenue, Catholic Health Partners, Series A, Rev., 5.00%, 05/01/2042 (p)      1,465       1,470  
County of Allen, Hospital Facilities Revenue, Series A, Rev., 5.00%, 08/01/2027      50       57  
County of Cuyahoga, Series D, Rev., 5.00%, 12/01/2026      3,500       3,940  
County of Geauga, South Franklin Circle Project, Series A, Rev., 8.00%, 12/31/2047 (p) (z)      5,965       6,366  
County of Hamilton, TriHealth, Inc. Obligated Group, Rev., 5.00%, 08/15/2040      1,510       1,753  
County of Montgomery, Dayton Children’s Hospital,     
Rev., 5.00%, 08/01/2027      725       822  
Rev., 5.00%, 08/01/2029      145       169  
Rev., 5.00%, 08/01/2033      230       274  
Rev., 5.00%, 08/01/2034      155       184  
County of Montgomery, Kettering Health Network Obligations,     
Rev., 4.00%, 08/01/2037      525       556  
Rev., 4.00%, 08/01/2041      1,200       1,263  
Dayton Metropolitan Housing Authority, Southern Montgomery Apartments, Rev., HUD, 0.32%, 09/01/2024 (z)      1,505       1,464  
Hamilton City School District, Various Purpose,     
GO, 3.50%, 12/01/2031 (p)      1,000       1,040  
GO, 5.00%, 12/01/2034 (p)      1,500       1,619  
Lancaster Port Authority, Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 08/01/2049 (z)      5,000       5,348  
Miami University,     
Series A, Rev., 5.00%, 09/01/2028 (w)      515       589  
Series A, Rev., 5.00%, 09/01/2030 (w)      1,005       1,185  
Series A, Rev., 5.00%, 09/01/2031      600       731  
Northeast Ohio Medical University, Series A, Rev., 4.00%, 12/01/2035      250       261  
Ohio Air Quality Development Authority, American Electric Power Company, Series A, Rev., AMT, 2.10%, 01/01/2029 (z)      1,250       1,237  
Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Rev., AMT, 2.50%, 11/01/2042 (z)      1,000       977  
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project,     
Rev., 1.38%, 02/01/2026 (z)      1,875       1,797  
Rev., 1.50%, 02/01/2026 (z)      120       113  
Ohio Higher Educational Facility Commission, Case Western Reserve, Rev., (SIFMA Municipal Swap Index + 0.23%), 0.74%, 12/01/2042 (aa)      155       154  
Ohio Higher Educational Facility Commission, Otterbein Homes Obligated, Rev., 4.00%, 07/01/2023      75       77  
Ohio Higher Educational Facility Commission, Senior University Circle, Inc. Project, Rev., 5.00%, 01/15/2037      265       291  
Ohio Higher Educational Facility Commission, University of Dayton, Rev., 5.00%, 02/01/2034      1,125       1,302  
Ohio Housing Finance Agency, Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 09/01/2048      1,130       1,181  
Ohio Housing Finance Agency, Chevybrook Estates Apartments Project, Rev., 0.35%, 03/01/2024(z)      410       403  
Ohio Housing Finance Agency, Franklin Manor North Project, Rev., HUD, 0.00%, 09/01/2024 (z)      1,875       1,819  
Ohio Housing Finance Agency, Glen Meadows Apartments, Rev., HUD, 0.40%, 11/01/2024 (z)      620       601  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
Ohio Housing Finance Agency, Marianna Terrace Apartments, Rev., HUD, 1.30%, 03/01/2025 (z)      330       325  
Ohio Housing Finance Agency, Pendleton Apartments Project, Rev., HUD, 0.26%, 03/01/2025 (z)      1,750       1,721  
Ohio Housing Finance Agency, Pinzone Tower Apartments Project, Rev., HUD, 0.28%, 12/01/2023 (z)      1,330       1,317  
Ohio Housing Finance Agency, The Arts Apartments Project, Series A, Rev., HUD, 0.35%, 12/01/2023 (z)      2,750       2,727  
Ohio State University (The), Green Bonds Multiyear Debt Issue, Rev., 5.00%, 12/01/2022      2,000       2,049  
Ohio Turnpike & Infrastructure Commission, Junior Lien Infrastructure,     
Rev., 5.00%, 02/15/2028 (w)      500       560  
Rev., 5.00%, 02/15/2029 (w)      1,445       1,644  
Rev., 5.00%, 02/15/2032 (w)      270       318  
Rev., 5.00%, 02/15/2033 (w)      365       435  
Rev., 5.00%, 02/15/2039 (w)      3,000       3,510  
Ohio Turnpike & Infrastructure Commission, Junior Lien, Infrastructure Project, Rev., 5.00%, 02/15/2025      455       469  
Ohio Water Development Authority,     
Series A, Rev., 5.00%, 06/01/2029      500       591  
Series A, Rev., 5.00%, 12/01/2035      1,000       1,204  
Ohio Water Development Authority Water Pollution Control Loan Fund, Green Bond, Series A, Rev., 5.00%, 12/01/2034      160       195  
Ohio Water Development Authority, Fresh Water, Series A, Rev., 5.00%, 06/01/2023      155       161  
Ohio Water Development Authority, Water Pollution Control Loan Fund, Series A, Rev., VRDO, 0.46%, 04/07/2022 (z)      3,500       3,500  
State of Ohio,     
Series A, GO, 5.00%, 09/15/2022      95       97  
Series A, GO, 5.00%, 02/01/2024      2,000       2,113  
Series A, GO, 5.00%, 09/01/2024      1,500       1,609  
Series A, GO, 5.00%, 02/01/2038 (p)      3,000       3,334  
State of Ohio, Cleveland Clinic Health System,     
Rev., 5.00%, 01/01/2023      935       960  
Rev., 5.00%, 01/01/2024      1,155       1,218  
Rev., 5.00%, 01/01/2025      1,670       1,801  
Rev., 5.00%, 01/01/2026      4,750       5,248  
Rev., 5.00%, 01/01/2033      2,410       2,895  
Rev., 5.00%, 01/01/2034      2,425       2,908  
Rev., 5.00%, 01/01/2039      570       679  
Series A, Rev., 5.00%, 01/01/2027      940       1,061  
State of Ohio, Common School, Series A, GO, 5.00%, 06/15/2022      825       832  
State of Ohio, Common Schools,     
Series C, GO, 5.00%, 03/15/2026      4,000       4,451  
Series C, GO, 5.00%, 03/15/2030      125       150  
State of Ohio, Common Shares, Series C, GO, 4.00%, 09/15/2022      5,000       5,064  
State of Ohio, GARVEE,     
Series 1A, Rev., 5.00%, 12/15/2025      800       883  
Series 1A, Rev., 5.00%, 12/15/2028      1,000       1,175  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, Higher Education,     
Series A, GO, 5.00%, 05/01/2032      10,000       11,327  
Series A, GO, 5.00%, 05/01/2039 (p)      2,215       2,532  
Series C, GO, 5.00%, 08/01/2028 (p)      350       408  
State of Ohio, Infrastructure Improvement, GO, 5.00%, 03/01/2034      1,000       1,227  
State of Ohio, Mental Health Facilities Improvement,     
Series A, Rev., 5.00%, 02/01/2024      1,045       1,105  
Series A, Rev., 5.00%, 02/01/2025      1,000       1,082  
State of Ohio, Natural Resources, Series S, GO, 5.00%, 04/01/2024 (p)      180       186  
State of Ohio, Portsmouth Bypass Project P3, Rev., AMT, 5.00%, 06/30/2022      160       161  
State of Ohio, Premier Health Partners,     
Rev., 4.00%, 11/15/2039      1,320       1,387  
Rev., 4.00%, 11/15/2041      1,450       1,519  
Rev., 5.00%, 11/15/2028      680       778  
State of Ohio, University Hospitals Health, Rev., 4.00%, 01/15/2037      1,000       1,055  
State of Ohio, University Hospitals Health System, Series A, Rev., 5.00%, 01/15/2041      1,000       1,086  
State of Ohio, Unrefunded Higher Education, Series C, GO, 5.00%, 08/01/2028      1,650       1,925  
Toledo City School District, School Facilities Improvement,     
GO, 5.00%, 12/01/2030 (p)      1,125       1,183  
Series B, GO, 5.00%, 12/01/2024 (p)      1,585       1,624  
    

 

 

  
       149,095  
    

 

 

  
Oklahoma — 0.3%     
Oklahoma City Economic Development Trust Increment District #8 Project,     
Rev., 4.00%, 03/01/2032      1,640       1,830  
Rev., 4.00%, 03/01/2033      5,000       5,559  
Rev., 4.00%, 03/01/2034      4,440       4,922  
Oklahoma Development Finance Authority, Gilcrease Expressway West, Rev., AMT, 1.63%, 07/06/2023      1,100       1,091  
Oklahoma Housing Finance Agency, Homeownership Loan Program, Series B, Rev., GNMA/FNMA/FHLMC, 3.25%, 09/01/2050      2,675       2,713  
Tulsa County Independent School District No. 1 Tulsa, Series B, GO, 2.00%, 09/01/2026      5,000       4,923  
    

 

 

  
       21,038  
    

 

 

  
Oregon — 0.9%     
City of Portland Water System Revenue, Second Lien, Series A, Rev., 5.00%, 05/01/2033      1,825       2,166  
Hospital Facilities Authority of Multnomah County Oregon, Green Bond Terwilliger, Rev., 0.95%, 06/01/2027      1,200       1,083  
Jackson County School District No. 5 Ashland, GO, SCH BD GTY, 5.00%, 06/15/2030      1,000       1,181  
Medford Hospital Facilities Authority, Asante Project, Series A, Rev., AGM, 4.00%, 08/15/2045      1,330       1,392  
Multnomah County School District No. 1 Portland,     
GO, SCH BD GTY, 5.00%, 06/15/2028      1,850       2,154  
Series B, GO, SCH BD GTY, 5.00%, 06/15/2022      10,000       10,080  
Oregon Health & Science University, Series B1, Rev., 5.00%, 07/01/2046 (z)      1,500       1,755  
Oregon State Business Development Commission, Intel Corp. Project, Series 232, Rev., 2.40%, 12/01/2040 (z)      200       201  
Oregon State Facilities Authority, Providence Health and Services, Series A, Rev., 5.00%, 10/01/2022      80       81  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     

Oregon — continued

     
Oregon State Facilities Authority, Samaritan Health Services Project, Rev., 5.00%, 10/01/2031      1,740       1,911  
Oregon State Lottery, Series A, Rev., 5.00%, 04/01/2026      720       782  
Port of Portland Airport Revenue,     
Series 27A, Rev., AMT, 5.00%, 07/01/2028      1,595       1,804  
Series 27A, Rev., AMT, 5.00%, 07/01/2036      2,000       2,277  
Port of Portland Airport Revenue, Portland International Airport, Series 25B, Rev., AMT, 5.00%, 07/01/2039      1,020       1,141  
Salem Hospital Facility Authority, Capital Manor Project,     
Rev., 4.00%, 05/15/2032      185       190  
Rev., 4.00%, 05/15/2040      750       763  
Salem Hospital Facility Authority, Multi Model, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2023      100       104  
State of Oregon, Series N, GO, 5.00%, 12/01/2023      1,890       1,893  
State of Oregon Department of Transportation, Subordinate, Series A, Rev., 5.00%, 11/15/2036      9,095       10,762  
State of Oregon Housing & Community Services Department, Single Family Mortgage Program, Series A, Rev., 3.00%, 07/01/2052      650       653  
State of Oregon Housing & Community Services Department, The Susan Emmons Apartment, Rev., HUD, 0.38%, 06/01/2024 (z)      3,695       3,576  
State of Oregon Housing & Community Services Department, Westwind Apartments Project, Rev., HUD, 0.25%, 03/01/2024 (z)      360       354  
State of Oregon, Article XI M & XI N Seismic Projects, GO, 5.00%, 06/01/2029      1,000       1,188  
State of Oregon, Article XI Q, Series F, GO, 5.00%, 05/01/2030      100       111  
State of Oregon, Article Xi-M & Xi-N Seismic, GO, 5.00%, 06/01/2030      1,995       2,408  
State of Oregon, Veterans Welfare Bonds Series, GO, 3.00%, 12/01/2051      1,990       1,994  
University of Oregon, Series A, Rev., 5.00%, 04/01/2048      1,000       1,131  
Yamhill County Hospital Authority, Friendsview, Series B3, Rev., 1.75%, 11/15/2026      2,000       1,921  
    

 

 

  
       55,056  
    

 

 

  
Pennsylvania — 5.3%     
Allegheny County Airport Authority, Series A, Rev., AGM, AMT, 4.00%, 01/01/2046      11,800       12,122  
Allegheny County Hospital Development Authority, Health Network Obligations,     
Rev., 5.00%, 04/01/2033      1,000       1,124  
Series A, Rev., 5.00%, 04/01/2047      3,000       3,318  
Allegheny County Hospital Development Authority, University Pittsburgh Medical Center, Rev., 4.00%, 07/15/2038      1,375       1,443  
Allegheny County, Hospital Development Authority, Health Network Obligations, Series A, Rev., 5.00%, 04/01/2023      1,000       1,031  
Allegheny County, Hospital Development Authority, Pittsburg University Medical Center,     
Series A, Rev., 4.00%, 07/15/2036      2,200       2,319  
Series A, Rev., 5.00%, 07/15/2027      765       871  
Allegheny County, Sanitary Authority,     
Series B, Rev., 4.00%, 06/01/2035      400       445  
Series B, Rev., 4.00%, 06/01/2036      675       750  
Series B, Rev., 5.00%, 06/01/2030      500       588  
Series B, Rev., 5.00%, 06/01/2032      550       666  
Series B, Rev., 5.00%, 06/01/2033      600       724  
Allentown Neighborhood Improvement Zone Development Authority, Forward Delivery, Rev., 5.00%, 05/01/2042      1,000       1,123  
Allentown Neighborhood Improvement Zone Development Authority, Senior Tax Revenue, Rev., 6.00%, 05/01/2042 (e)      280       316  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Bentworth School District, Series A, GO, BAM, 4.00%, 03/15/2025      1,380       1,453  
Berks County Industrial Development Authority, Tower Health Project,     
Rev., 4.00%, 11/01/2050      1,500       1,285  
Rev., 5.00%, 11/01/2047      3,155       3,232  
Bethlehem Area School District Authority, Bethlehem Area School District,     
Rev., (United States SOFR * 0.67 + 0.35%), 0.54%, 01/01/2030 (aa)      635       630  
Rev., (United States SOFR * 0.67 + 0.35%), 0.54%, 07/01/2031 (aa)      875       869  
Rev., (United States SOFR * 0.67 + 0.35%), 0.54%, 01/01/2032 (aa)      670       665  
Bucks County, Industrial Development Authority, Waste Management, Inc. Project, Rev., AMT, 2.75%, 12/01/2022      100       100  
Capital Region Water, Water Revenue, Rev., 5.00%, 07/15/2032      1,000       1,165  
Chester County Health and Education Facilities Authority, Main Line Health System, Series B, Rev., 5.00%, 06/01/2024      1,000       1,064  
City of Philadelphia,     
GO, AGM, 5.00%, 08/01/2031      1,795       2,037  
Series A, GO, 5.00%, 08/01/2030      4,000       4,354  
City of Philadelphia Airport Revenue,     
Series A, Rev., 5.00%, 07/01/2047      5,000       5,456  
Series C, Rev., AMT, 4.00%, 07/01/2050      1,500       1,530  
Series C, Rev., AMT, 5.00%, 07/01/2028      10,000       11,266  
City of Philadelphia Airport Revenue, Private Activity, Rev., AGM, AMT, 4.00%, 07/01/2041      1,100       1,142  
City of Philadelphia, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2035      2,235       2,452  
City of Philadelphia, Airport Revenue, Private Activity, Rev., AGM, AMT, 4.00%, 07/01/2046      3,750       3,848  
City of Philadelphia, Water & Wastewater Revenue, Series A, Rev., 5.00%, 11/01/2040      2,790       3,258  
City of Pittsburgh,     
GO, 5.00%, 09/01/2030      500       571  
Series B, GO, 5.00%, 09/01/2025 (p)      1,500       1,524  
Series B, GO, 5.00%, 09/01/2026 (p)      1,000       1,016  
Commonwealth Financing Authority, Series B, Rev., 5.00%, 06/01/2027 (p)      500       503  
Commonwealth of Pennsylvania,     
Series 1, GO, 4.00%, 03/15/2034      5,000       5,218  
Series 1, GO, 4.00%, 03/01/2035      3,650       3,959  
Series 1, GO, 4.00%, 03/15/2035      2,000       2,086  
County of Allegheny, Series C75, GO, 5.00%, 11/01/2028      2,305       2,596  
County of Berks, GO, 4.00%, 11/15/2027 (p)      225       233  
County of Lehigh, St. Luke’s Hospital Project, Rev., (SIFMA Municipal Swap Index + 1.10%), 1.61%, 08/15/2038 (aa)      355       366  
Cumberland County Municipal Authority, Rev., 5.00%, 05/01/2030      1,000       1,100  
Cumberland Valley School District,     
GO, 5.00%, 11/15/2032 (p)      150       158  
GO, 5.00%, 11/15/2034 (p)      140       147  
Delaware River Joint Toll Bridge Commission, Series A, Rev., 5.00%, 07/01/2025 (p)      1,020       1,030  
Delaware River Port Authority,     
Rev., 5.00%, 01/01/2030      2,500       2,629  
Rev., 5.00%, 01/01/2037      3,000       3,146  
Delaware Valley Regional Finance Authority,     
Series A, Rev., AMBAC, 5.50%, 08/01/2028      5,000       5,863  
Series C, Rev., (ICE LIBOR USD 3 Month * 0.67 + 0.75%), 1.10%, 06/01/2037 (aa)      250       237  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
DuBois Hospital Authority, Penn Highlands Healthcare,     
Rev., 4.00%, 07/15/2045      1,400       1,447  
Rev., 5.00%, 07/15/2043      3,410       3,778  
Emmaus General Authority, Rev., VRDO, AGM, 0.50%, 04/07/2022 (z)      3,510       3,510  
Geisinger Authority, Geisinger Health System,     
Rev., (ICE LIBOR USD 1 Month * 0.67 + 1.07%), 1.37%, 06/01/2028 (aa)      500       503  
Series C, Rev., 5.00%, 04/01/2043 (z)      2,630       3,076  
Geisinger Authority, Geisinger Health System Obligation Group, Rev., 4.00%, 04/01/2039      1,000       1,053  
Lancaster County Hospital Authority, Health Facilities St. Annes, Rev., 5.00%, 04/01/2033      1,830       1,832  
Lancaster County Hospital Authority, Penn State Health, Rev., 5.00%, 11/01/2037      600       686  
Lancaster Industrial Development Authority, Landis Homes Retirement Community, Rev., 4.00%, 07/01/2056      765       712  
Lehigh County General Purpose Authority, Good Shepherd Group, Series A, Rev., 4.00%, 11/01/2022      315       320  
Lehigh County Industrial Development Authority, Electricity Utilities Corp., Rev., 1.80%, 09/01/2029 (z)      2,000       2,001  
Lycoming County Authority, Pennsylvania College Technology, Rev., 5.00%, 05/01/2026 (p)      2,000       2,006  
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Rev., 4.00%, 05/01/2038      250       265  
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Rev., 4.00%, 09/01/2044      1,610       1,679  
Montgomery County Industrial Development Authority, Retirement,     
Rev., 5.00%, 11/15/2025 (p)      1,500       1,507  
Rev., 5.00%, 11/15/2028 (p)      1,600       1,608  
Montgomery County Industrial Development Authority, Retirement Life Communities,     
Rev., 5.00%, 11/15/2033      1,500       1,653  
Series C, Rev., 5.00%, 11/15/2045      2,585       2,890  
New Castle Sanitation Authority,     
Series A, Rev., AGM, 3.00%, 06/01/2029      500       512  
Series A, Rev., AGM, 3.00%, 06/01/2030      500       511  
Norristown Area School District, GO, 5.00%, 09/01/2026      1,500       1,656  
Pennsylvania Economic Development Financing Authority,     
Rev., AMT, 5.00%, 06/30/2022      1,000       1,009  
Series A, Rev., 5.00%, 11/15/2023      1,665       1,748  
Pennsylvania Economic Development Financing Authority, Bridges Finco Project, Rev., AMT, 5.00%, 06/30/2023      495       514  
Pennsylvania Economic Development Financing Authority, Draw Down, Rev., AMT, 0.30%, 04/01/2049 (z)      3,500       3,490  
Pennsylvania Economic Development Financing Authority, Pennsylvania Bridges Finco LP P3 Project,     
Rev., AMT, 5.00%, 12/31/2030      3,460       3,704  
Rev., AMT, 5.00%, 12/31/2034      1,000       1,065  
Pennsylvania Economic Development Financing Authority, Philadelphia Biosolids Facility,     
Rev., 4.00%, 01/01/2028      1,590       1,676  
Rev., 4.00%, 01/01/2029      450       475  
Rev., 4.00%, 01/01/2031      800       845  
Pennsylvania Economic Development Financing Authority, PPL Energy Supply LLC, Series B, Rev., VRDO, LOC: MUFG Bank Ltd., 0.68%, 04/07/2022 (z)      7,000       7,000  
Pennsylvania Economic Development Financing Authority, Republic Services, Rev., AMT, 0.25%, 04/01/2034 (z)      1,310       1,309  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 Economic Development Financing Authority, Republic Services, Inc. Project,     
Rev., AMT, 0.23%, 06/01/2044 (w) (z)      23,980       23,980  
Series B1, Rev., AMT, 0.25%, 04/01/2049 (z)      7,050       7,047  
Pennsylvania Economic Development Financing Authority, UPMC, Series A1, Rev., 4.00%, 04/15/2045      5,440       5,704  
Pennsylvania Economic Development Financing Authority, Waste Management Project, Rev., 0.95%, 12/01/2033 (z)      4,375       4,026  
Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Rev., AMT, 1.10%, 06/01/2031 (z)      2,000       1,860  
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project,     
Rev., AMT, 0.45%, 08/01/2045 (z)      2,200       2,199  
Rev., AMT, (SIFMA Municipal Swap Index + 0.40%), 0.91%, 06/01/2041 (aa)      805       801  
Rev., AMT, 1.75%, 08/01/2038 (z)      5,000       4,899  
Series A, Rev., AMT, 0.58%, 08/01/2037 (z)      2,610       2,492  
Pennsylvania Higher Education Assistance Agency, Series A, Rev., AMT, 5.00%, 06/01/2026      95       104  
Pennsylvania Higher Educational Facilities Authority, Temple University,     
Rev., 5.00%, 04/01/2035 (p)      5,000       5,000  
Rev., 5.00%, 04/01/2042 (p)      3,025       3,025  
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania, Rev., 5.00%, 08/15/2036      1,935       2,295  
Pennsylvania Higher Educational Facilities Authority, University Pennsylvania Health System, Series A, Rev., 4.00%, 08/15/2035      1,170       1,240  
Pennsylvania Housing Finance Agency, Series 133, Rev., 3.00%, 10/01/2050      3,555       3,573  
Pennsylvania Housing Finance Agency, Harrison Senior Tower, Rev., 0.25%, 06/01/2024 (z)      2,125       2,077  
Pennsylvania Housing Finance Agency, School of Nursing, Rev., HUD, 0.27%, 08/01/2024 (z)      3,200       3,112  
Pennsylvania Housing Finance Agency, Social Bond,     
Series 136, Rev., 3.00%, 10/01/2051      1,155       1,161  
Series 137, Rev., 3.00%, 10/01/2051      1,775       1,778  
Series 138A, Rev., 3.00%, 10/01/2052      1,395       1,398  
Pennsylvania Housing Finance Agency, Social Bonds,     
Series 134B, Rev., AMT, 5.00%, 04/01/2022      1,000       1,000  
Series 134B, Rev., AMT, 5.00%, 10/01/2022      1,000       1,017  
Series 135A, Rev., 3.00%, 10/01/2051      2,145       2,156  
Pennsylvania Turnpike Commission,     
Series A1, Rev., 5.00%, 12/01/2027      1,000       1,150  
Series A1, Rev., 5.00%, 12/01/2031      250       286  
Series A1, Rev., 5.00%, 12/01/2034      1,000       1,140  
Series A1, Rev., 5.00%, 12/01/2046      1,000       1,098  
Series A2, Rev., 5.00%, 12/01/2024      100       108  
Series A, Rev., 5.00%, 12/01/2044      2,000       2,304  
Series A, Rev., AGM, 5.25%, 07/15/2028      300       354  
Series A, Rev., 5.25%, 12/01/2044      2,500       2,923  
Series B, Rev., 4.00%, 12/01/2039      3,000       3,151  
Series B, Rev., 5.00%, 12/01/2022      400       409  
Series B, Rev., 5.00%, 12/01/2026      400       451  
Series B, Rev., 5.00%, 12/01/2027      900       1,035  
Series B, Rev., 5.00%, 12/01/2028      700       819  
Series C, Rev., 4.00%, 12/01/2040      1,400       1,501  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Series C, Rev., 4.00%, 12/01/2042      1,555       1,661  
Series C, Rev., 5.00%, 12/01/2027      345       397  
Pennsylvania Turnpike Commission, Motor License, Rev., 5.00%, 12/01/2040      1,000       1,123  
Pennsylvania Turnpike Commission, Senior Lien, Series A, Rev., 5.00%, 12/01/2042 (p)      1,085       1,111  
Pennsylvania Turnpike Commission, Subordinate, Series A, Rev., 4.00%, 12/01/2043      2,135       2,243  
Pennsylvania Turnpike Commission, Subordinated, Series A, Rev., 5.00%, 12/01/2036      2,775       3,062  
Philadelphia Authority for Industrial Development, Rev., 5.00%, 05/01/2033      1,250       1,436  
Philadelphia Authority for Industrial Development, String Theory Charter School, Rev., 5.00%, 06/15/2040 (e)      900       959  
Philadelphia Authority for Industrial Development, Thomas Jefferson, Rev., VRDO, 0.73%, 04/07/2022 (z)      16,000       16,000  
Philadelphia Authority for Industrial Development, Thomas Jefferson University,     
Series A, Rev., 5.00%, 09/01/2032      1,110       1,236  
Series A, Rev., 5.00%, 09/01/2035      1,105       1,229  
Series A, Rev., 5.00%, 09/01/2047      1,000       1,105  
Philadelphia Gas Works Co., Series A, Rev., AGM, 4.00%, 08/01/2045      5,000       5,341  
Pittsburgh Water & Sewer Authority,     
Series B, Rev., AGM, 4.00%, 09/01/2036      500       547  
Series B, Rev., AGM, 4.00%, 09/01/2038      500       538  
Series B, Rev., AGM, 4.00%, 09/01/2045      2,250       2,384  
Series C, Rev., AGM, (SIFMA Municipal Swap Index + 0.65%), 1.16%, 09/01/2040 (aa)      4,275       4,287  
Pittsburgh Water & Sewer Authority, Subordinated, Series B, Rev., AGM, 5.00%, 09/01/2031      1,750       2,108  
School District of Philadelphia (The),     
Series A, GO, 5.00%, 09/01/2027      420       474  
Series A, GO, 5.00%, 09/01/2031      245       293  
Series A, GO, 5.00%, 09/01/2034      375       442  
School District of Philadelphia (The), Green Bond,     
Series B, GO, 5.00%, 09/01/2027      895       1,010  
Series B, GO, 5.00%, 09/01/2028      1,485       1,703  
Series B, GO, 5.00%, 09/01/2029      450       524  
Scranton School District, Series E, GO, BAM, 4.00%, 12/01/2037      1,025       1,095  
Sports & Exhibition Authority of Pittsburgh and Allegheny County,     
Rev., AGM, 5.00%, 02/01/2027      2,250       2,512  
Rev., AGM, 5.00%, 02/01/2028      2,590       2,935  
State Public School Building Authority, Montgomery County Community College, Rev., 5.50%, 05/01/2033 (p)      1,000       1,041  
State Public School Building Authority, Northampton County Area Community,     
Rev., BAM, 4.00%, 03/01/2029      1,000       1,093  
Rev., BAM, 4.00%, 03/01/2030      640       697  
Rev., BAM, 4.00%, 03/01/2031      500       542  
Rev., BAM, 5.00%, 03/01/2027      715       805  
Rev., BAM, 5.00%, 03/01/2028      755       864  
State Public School Building Authority, Philadelphia Community College Project, Rev., 5.00%, 06/15/2022      250       252  
State Public School Building Authority, Philadelphia School District, Rev., AGM, 5.00%, 06/01/2030      3,480       3,879  
State Public School Building Authority, School District of Philadelphia,     
Rev., 5.00%, 04/01/2024 (p)      2,000       2,000  
Rev., 5.00%, 04/01/2030 (p)      3,000       3,000  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Westmoreland County Industrial Development Authority, Excela Health Project,     
Series A, Rev., 4.00%, 07/01/2025      575       608  
Series A, Rev., 4.00%, 07/01/2026      1,250       1,338  
Series A, Rev., 5.00%, 07/01/2028      1,400       1,608  
    

 

 

  
       335,223  
    

 

 

  
Puerto Rico — 0.5%     
Commonwealth of Puerto Rico, Restructured,     
Series A1, GO, 4.00%, 07/01/2033      481       470  
Series A1, GO, 4.00%, 07/01/2035      433       417  
Series A1, GO, 4.00%, 07/01/2037      371       357  
Series A1, GO, 4.00%, 07/01/2041      505       479  
Series A1, GO, 4.00%, 07/01/2046      525       494  
Series A1, GO, 5.25%, 07/01/2023      538       551  
Series A1, GO, 5.38%, 07/01/2025      536       566  
Series A1, GO, 5.63%, 07/01/2027      2,531       2,764  
Series A1, GO, 5.63%, 07/01/2029      1,523       1,698  
Series A1, GO, 5.75%, 07/01/2031      508       578  
Series A, GO, Zero Coupon, 07/01/2024      248       226  
Series A, GO, Zero Coupon, 07/01/2033      620       358  
Commonwealth of Puerto Rico, Subordinate, Note Claims, Series CW, 0.00%, 11/01/2043 (z)      2,404       1,292  
Puerto Rico Electric Power Authority,     
Series AAA, Rev., 5.25%, 07/01/2023 (d)      100       96  
Series AAA, Rev., 5.25%, 07/01/2024 (d)      2,450       2,352  
Series CCC, Rev., 4.63%, 07/01/2025 (d)      100       95  
Series DDD, Rev., 5.00%, 07/01/2020 (d)      570       544  
Series TT, Rev., 5.00%, 07/01/2020 (d)      285       272  
Series TT, Rev., 5.00%, 07/01/2021 (d)      100       95  
Series TT, Rev., 5.00%, 07/01/2037 (d)      1,200       1,146  
Series XX, Rev., 4.63%, 07/01/2025 (d)      100       95  
Series XX, Rev., 4.75%, 07/01/2026 (d)      295       281  
Series ZZ, Rev., 4.25%, 07/01/2020 (d)      470       444  
Series ZZ, Rev., 5.25%, 07/01/2019 (d)      580       557  
Series ZZ, Rev., 5.25%, 07/01/2023 (d)      500       480  
Puerto Rico Electric Power Authority, Libor, Series UU, Rev., AGM, (ICE LIBOR USD 3 Month * 0.67 + 0.52%), 0.66%, 07/01/2029 (aa)      325       327  
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured, Series A1, Rev., Zero Coupon, 07/01/2031      2,925       2,165  
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured,     
Series A1, Rev., 4.55%, 07/01/2040      1,155       1,210  
Series A2, Rev., 4.33%, 07/01/2040      9,100       9,414  
    

 

 

  
       29,823  
    

 

 

  
Rhode Island — 0.2%     
Rhode Island Housing and Mortgage Finance Corp., Series 71, Rev., GNMA COLL, 3.75%, 10/01/2049      500       514  
Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity,     
Series 73A, Rev., 0.95%, 04/01/2026      500       471  
Series 73A, Rev., 1.10%, 04/01/2027      300       280  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Rhode Island — continued     
Series 73A, Rev., 1.65%, 10/01/2029      715       662  
Series 73A, Rev., 3.00%, 10/01/2050      1,455       1,463  
Rhode Island Housing and Mortgage Finance Corp., Social Bonds, Series 75A, Rev., 3.00%, 10/01/2051      4,420       4,441  
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund,     
Series A, Rev., 5.00%, 10/01/2028 (p)      2,480       2,733  
Series A, Rev., 5.00%, 10/01/2030 (p)      1,210       1,334  
Rhode Island Student Loan Authority, Senior Bond, Series A, Rev., AMT, 5.00%, 12/01/2029      370       426  
    

 

 

  
       12,324  
    

 

 

  
South Carolina — 1.4%     
City of Rock Hill, Combined Utility System, Rev., 5.00%, 01/01/2027      250       276  
Columbia Housing Authority, Colonial Bluffs Apartments, Rev., 1.25%, 08/01/2025 (z)      770       753  
Columbia Housing Authority, Palmetto Terrace Apartment, Rev., 0.31%, 06/01/2024 (z)      935       914  
Lexington County Health Services District, Inc., Lexmed Obligated Group,     
Rev., 4.00%, 11/01/2030      1,000       1,068  
Rev., 4.00%, 11/01/2031      1,000       1,066  
Patriots Energy Group Financing Agency, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 10/01/2048 (z)      40       41  
South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Series S, Rev., 5.00%, 12/01/2048 (z)      1,000       1,098  
South Carolina Jobs-Economic Development Authority, McLeod Health Projects, Rev., 5.00%, 11/01/2048      1,000       1,123  
South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Series A, Rev., 5.00%, 05/01/2030      1,500       1,700  
South Carolina Jobs-Economic Development Authority, Prisma Health Obligation Group, Rev., VRDO, 0.74%, 04/07/2022 (z)      16,800       16,800  
South Carolina Ports Authority, Rev., AMT, 5.00%, 07/01/2043      5,680       6,249  
South Carolina Ports Authority, Unrefunded, Rev., AMT, 5.25%, 07/01/2055 (p)      2,000       2,187  
South Carolina Public Service Authority,     
Series A, Rev., 4.00%, 12/01/2033      1,000       1,076  
Series A, Rev., 4.00%, 12/01/2034      2,000       2,142  
Series A, Rev., 4.00%, 12/01/2037      2,000       2,154  
Series A, Rev., 4.00%, 12/01/2038      520       559  
Series A, Rev., 5.00%, 12/01/2024      500       537  
Series A, Rev., 5.00%, 12/01/2025      1,000       1,096  
Series A, Rev., 5.00%, 12/01/2027      1,525       1,737  
Series A, Rev., 5.00%, 12/01/2028      1,700       1,837  
Series A, Rev., 5.00%, 12/01/2029      85       100  
Series A, Rev., 5.00%, 12/01/2031      4,500       5,308  
Series A, Rev., 5.00%, 12/01/2032      1,000       1,173  
Series A, Rev., 5.00%, 12/01/2050      5,000       5,364  
Series B, Rev., 5.00%, 12/01/2041      1,000       1,107  
South Carolina Public Service Authority, Santee Cooper, Series A, Rev., 5.75%, 12/01/2043 (p)      4,445       4,733  
South Carolina Public Service Authority, Santee Cooper Project, Series D, Rev., 5.00%, 12/01/2043 (p)      3,125       3,145  
South Carolina State Housing Finance & Development Authority,     
Series A, Rev., 3.00%, 01/01/2052      1,585       1,591  
Series A, Rev., 4.00%, 07/01/2050      3,110       3,232  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
South Carolina — continued     
Series A, Rev., 4.00%, 01/01/2052 (w)      900       945  
Series B, Rev., 3.25%, 01/01/2052      7,895       8,003  
South Carolina State Housing Finance & Development Authority, James Lewis Jr. Eastside, Rev., FNMA COLL, 0.30%, 09/01/2024 (z)      2,190       2,103  
South Carolina State Housing Finance & Development Authority, Villages At Congaree, Rev., 1.25%, 06/01/2025 (z)      895       876  
Spartanburg Housing Authority, Connecticut Village Apartments, Rev., 1.05%, 08/01/2025 (z)      625       617  
Spartanburg Housing Authority, Hickory Heights And Oakland, Rev., HUD, 0.29%, 10/01/2024 (z)      3,790       3,719  
Spartanburg Regional Health Services District, Services District, Inc.,     
Rev., 5.00%, 04/15/2026      565       619  
Rev., 5.00%, 04/15/2028      500       566  
Rev., 5.00%, 04/15/2033      500       598  
    

 

 

  
       88,212  
    

 

 

  
South Dakota — 0.1%     
County of Lincoln, Augustana College Association, Rev., 4.00%, 08/01/2041      250       250  
South Dakota Housing Development Authority, Homeownership Mortgage, Series B, Rev., 3.00%, 11/01/2051      3,000       3,015  
    

 

 

  
       3,265  
    

 

 

  
Tennessee — 1.8%     
Chattanooga Health Educational & Housing Facility Board, Battery Heights Apartments, Rev., 0.20%, 08/01/2024 (z)      1,020       991  
Chattanooga Health Educational & Housing Facility Board, CommonSpirit Health, Series A1, Rev., 5.00%, 08/01/2028      305       348  
City of Clarksville Water Sewer & Gas Revenue, Rev., 5.00%, 02/01/2041 (p)      965       1,069  
City of Knoxville, Wastewater System Revenue, Series A, Rev., 5.00%, 04/01/2028      2,000       2,320  
City of Memphis Storm Water System Revenue, Rev., 5.00%, 10/01/2044      3,365       3,807  
City of Memphis, Gas System Revenue, Rev., 4.00%, 12/01/2045      2,175       2,321  
City of Memphis, Sanitary Sewerage System Revenue,     
Series B, Rev., 5.00%, 10/01/2022      1,430       1,456  
Series B, Rev., 5.00%, 10/01/2023      1,000       1,048  
Series B, Rev., 5.00%, 10/01/2027      1,000       1,150  
County of Coffee, GO, 5.00%, 06/01/2026      250       280  
Health Educational and Housing Facility Board of the City of Memphis (The), Tillman Cove Apartments, Rev., HUD, 0.55%, 12/01/2024 (z)      6,275       6,023  
Health Educational and Housing Facility Board of the City of Memphis, Memphis Towers Apartments, Rev., 0.25%, 12/01/2023 (z)      3,875       3,838  
Knoxville’s Community Development Corp., Austin 1B Apartments Project, Rev., 0.22%, 10/01/2024 (z)      320       309  
Memphis-Shelby County Airport Authority,     
Rev., AMT, 5.00%, 07/01/2032      270       301  
Rev., AMT, 5.00%, 07/01/2043      2,055       2,250  
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bond, Vanderbilt University Medical Center, Series A, Rev., 5.00%, 07/01/2040      2,685       2,930  
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds, Richland Hills Apartments Project, Rev., HUD, 1.25%, 12/01/2024 (z)      5,644       5,537  
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds, Vanderbilt University Medical, Rev., 5.00%, 07/01/2031      2,750       3,238  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — continued     
Metropolitan Government Nashville & Davidson County Industrial Development Board, Waste Management, Inc. Tenn Project, Rev., AMT, 0.58%, 08/01/2031 (z)      600       573  
Metropolitan Government of Nashville & Davidson County, Water & Sewer Revenue, Rev., 5.00%, 07/01/2025 (p)      560       583  
Shelby County Health Educational & Housing Facilities Board, Rev., VRDO, AGM, 0.38%, 04/01/2022 (z)      31,855       31,855  
State of Tennessee, Series A, GO, 5.00%, 08/01/2035 (p)      2,250       2,470  
Tennergy Corp., Series A, Rev., 4.00%, 12/01/2051 (z)      9,310       9,871  
Tennessee Energy Acquisition Corp.,     
Rev., 4.00%, 11/01/2049 (z)      3,250       3,358  
Rev., 5.00%, 05/01/2052 (z)      20,095       22,990  
Tennessee Energy Acquisition Corp., Junior, Series B, Rev., 5.63%, 09/01/2026      1,410       1,583  
Tennessee Housing Development Agency, Residential Finance Program Bonds, Rev., 4.00%, 01/01/2048      2,480       2,573  
Tennessee Housing Development Agency, Residential Finance Program I, Rev., 3.75%, 01/01/2050      290       299  
    

 

 

  
       115,371  
    

 

 

  
Texas — 9.8%     
Abilene Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2024 (p)      2,800       2,885  
Argyle Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2027      1,000       1,144  
Arlington Higher Education Finance Corp.,     
Series A, Rev., PSF-GTD, 4.00%, 08/15/2024      200       209  
Series A, Rev., PSF-GTD, 4.00%, 08/15/2025      445       470  
Series A, Rev., PSF-GTD, 4.00%, 08/15/2026      265       283  
Series A, Rev., PSF-GTD, 4.00%, 08/15/2030      425       468  
Series A, Rev., PSF-GTD, 5.00%, 08/15/2031      555       669  
Arlington Higher Education Finance Corp., Legacy Traditional Schools, Rev., 4.13%, 02/15/2041      815       711  
Austin Affordable Public Facility Corp., Inc., Bridge at Turtle Creek, Rev., 0.42%, 12/01/2040 (z)      6,000       5,872  
Austin Community College District, Maintenance Tax Notes, GO, 5.00%, 08/01/2022      250       253  
Austin Convention Enterprises, Inc., First Tier Convention Center, Rev., 5.00%, 01/01/2033      1,125       1,191  
Austin Independent School District,     
GO, PSF-GTD, 5.00%, 08/01/2026      1,250       1,403  
GO, PSF-GTD, 5.00%, 08/01/2028      1,000       1,166  
Azle Independent School District, GO, PSF-GTD, 5.00%, 02/15/2025      1,000       1,085  
Balmorhea Independent School District, Series A, GO, PSF-GTD, 4.00%, 02/15/2050      2,500       2,545  
Barbers Hill Independent School District, GO, PSF-GTD, 5.00%, 02/15/2029      2,185       2,577  
Bastrop Independent School District, GO, PSF-GTD, 5.00%, 02/15/2025      1,565       1,699  
Bexar County Hospital District, Certificates Obligation, GO, 5.00%, 02/15/2031      1,000       1,175  
Board of Regents of the University of Texas System,     
Series A, Rev., 5.00%, 08/15/2030      1,000       1,207  
Series E, Rev., 5.00%, 08/15/2027      1,000       1,147  
Board of Regents of the University of Texas System, Financing System, Series C, Rev., 5.00%, 08/15/2025      3,750       4,115  
Brazoria County Toll Road Authority, Subordinated Lien, Series A, Rev., CNTY GTD, 5.00%, 03/01/2033      1,670       1,882  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Brazosport Independent School District,     
GO, PSF-GTD, 5.00%, 02/15/2027      2,500       2,830  
GO, PSF-GTD, 5.00%, 02/15/2028      2,500       2,881  
GO, PSF-GTD, 5.00%, 02/15/2029      2,000       2,345  
GO, PSF-GTD, 5.00%, 02/15/2030      3,000       3,523  
Cameron County Housing Finance Corp., Sunfield Country Apartments, Rev., 0.28%, 02/01/2024 (z)      415       404  
Capital Area Housing Finance Corp., Grand Avenue Flats, Rev., 0.29%, 08/01/2039 (z)      2,015       1,911  
Capital Area Housing Finance Corp., Redwood Apartments, Rev., 0.41%, 01/01/2041 (z)      9,205       8,895  
Carrollton-Farmers Branch Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023      935       963  
Central Texas Regional Mobility Authority,     
Series B, Rev., 4.00%, 01/01/2040      800       841  
Series B, Rev., 4.00%, 01/01/2051      1,250       1,290  
Series B, Rev., 5.00%, 01/01/2037      1,000       1,157  
Series B, Rev., 5.00%, 01/01/2046      1,500       1,703  
Central Texas Regional Mobility Authority, Senior Lien,     
Series B, Rev., 4.00%, 01/01/2039      600       632  
Series B, Rev., 4.00%, 01/01/2040      500       525  
Series B, Rev., 5.00%, 01/01/2024      230       241  
Series B, Rev., 5.00%, 01/01/2045      3,595       4,057  
Series D, Rev., 5.00%, 01/01/2033      480       564  
Series E, Rev., 5.00%, 01/01/2045      2,665       3,008  
Central Texas Regional Mobility Authority, Subordinated, Series F, Rev., BAN, 5.00%, 01/01/2025      4,770       5,021  
Central Texas Regional Mobility Authority, Subordinated Lien, Rev., 5.00%, 01/01/2042 (p)      3,000       3,075  
Central Texas Turnpike System, First Tier, Series A, Rev., 5.00%, 08/15/2041 (p)      7,045       7,145  
City Austin, Certificates Obligation,     
GO, 5.00%, 09/01/2032      1,750       2,109  
GO, 5.00%, 09/01/2033      1,100       1,323  
GO, 5.00%, 09/01/2034      1,750       2,103  
City of Arlington, Tax Increment Reinvestment Zone, Tax Allocation, 4.00%, 08/15/2041      1,000       1,025  
City of Arlington, Water & Wastewater System Revenue, Rev., 5.00%, 06/01/2023      1,020       1,059  
City of Austin Water & Wastewater System Revenue,     
Rev., 4.00%, 11/15/2036      185       206  
Rev., 5.00%, 11/15/2039      500       529  
Series C, Rev., 5.00%, 11/15/2032      1,000       1,203  
City of Austin, Airport System Revenue,     
Rev., AMT, 5.00%, 11/15/2025      3,000       3,263  
Series B, Rev., AMT, 5.00%, 11/15/2030      1,000       1,144  
Series B, Rev., AMT, 5.00%, 11/15/2033      1,130       1,246  
Series B, Rev., AMT, 5.00%, 11/15/2036      3,335       3,699  
City of Austin, Electric Utility Revenue,     
Series B, Rev., 5.00%, 11/15/2037      1,505       1,780  
Series B, Rev., 5.00%, 11/15/2038      1,340       1,584  
Series B, Rev., 5.00%, 11/15/2044      2,000       2,346  
City of Austin, Refunding & Public Improvement, GO, 5.00%, 09/01/2033      620       746  
City of Austin, Water & Wastewater System Revenue, Rev., 5.00%, 11/15/2041      7,000       7,828  
City of Boerne, GO, 4.00%, 03/01/2026      1,335       1,434  
City of Dallas Housing Finance Corp., Midpark Towers, Rev., 0.35%, 01/01/2024 (z)      1,380       1,363  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
City of Dallas, Waterworks & Sewer System Revenue,     
Series C, Rev., 4.00%, 10/01/2039      7,470       8,289  
Series C, Rev., 4.00%, 10/01/2040      1,000       1,107  
Series C, Rev., 5.00%, 10/01/2029      1,125       1,332  
Series C, Rev., 5.00%, 10/01/2032      1,950       2,345  
City of Denton Utility System Revenue, Rev., 5.00%, 12/01/2022      1,000       1,023  
City of Eagle Pass, Certificates Obligation,     
GO, AGM, 4.00%, 03/01/2039      500       551  
GO, AGM, 4.00%, 03/01/2041      680       746  
City of Fort Worth, GO, 4.00%, 03/01/2030      1,150       1,275  
City of Garland, Certificates Obligation, GO, 5.00%, 02/15/2024      275       291  
City of Haslet, Improvement Area Second Project, Special Assessment, 3.25%, 09/01/2031 (e)      500       461  
City of Houston Airport System Revenue, Subordinated Lien,     
Series A, Rev., AMT, 4.00%, 07/01/2040      3,570       3,716  
Series A, Rev., AMT, 5.00%, 07/01/2023 (p)      10,000       10,094  
Series A, Rev., AMT, 5.00%, 07/01/2024      1,000       1,059  
Series A, Rev., AMT, 5.00%, 07/01/2028      1,000       1,130  
Series A, Rev., AMT, 5.00%, 07/01/2034      2,500       2,847  
Series B, Rev., 5.00%, 07/01/2027      1,995       2,251  
City of Houston Airport System Revenue, United Airlines, Inc. Terminal, Rev., AMT, 4.00%, 07/01/2041      3,365       3,270  
City of Houston Combined Utility System Revenue, First Lien, Series A, Rev., 4.00%, 11/15/2033      1,200       1,327  
City of Houston Hotel Occupancy Tax & Special Revenue, Convention & Entertainment,     
Rev., 4.00%, 09/01/2022      50       51  
Rev., 4.00%, 09/01/2023      50       52  
Rev., 4.00%, 09/01/2024      150       156  
Rev., 4.00%, 09/01/2025      45       47  
Rev., 4.00%, 09/01/2029      280       306  
City of Houston, Airport System Revenue, Series C, Rev., AMT, 5.00%, 07/01/2028      470       531  
City of Houston, Airport System Revenue, Special Facilities, United Airlines, Inc., Rev., AMT, 5.00%, 07/15/2028      600       655  
City of Houston, Airport System Revenue, Subordinated Lien,     
Series A, Rev., AMT, 5.00%, 07/01/2028      890       1,005  
Series B, Rev., 5.00%, 07/01/2026      1,000       1,112  
Series B, Rev., 5.00%, 07/01/2030      1,000       1,176  
City of Houston, Combined Utility System Revenue, First Lien,     
Series A, Rev., 5.00%, 11/15/2029      1,100       1,306  
Series C, Rev., 5.00%, 11/15/2029      1,850       2,195  
City of Justin, Timberbrook Public Improvement, Special Assessment, 3.00%, 09/01/2031 (e)      315       285  
City of Kyle, 6 Creeks Public Improvement, Special Assessment, 2.63%, 09/01/2025 (e)      500       484  
City of Laredo, Certificates Obligation, GO, 5.00%, 02/15/2033      1,070       1,202  
City of Lubbock Electric Light & Power System Revenue,     
Rev., 5.00%, 04/15/2026      800       891  
Rev., 5.00%, 04/15/2027      785       892  
Rev., 5.00%, 04/15/2028      900       1,039  
City of Lubbock Water & Wastewater System,     
Series B, Rev., 5.00%, 02/15/2023      400       412  
Series B, Rev., 5.00%, 02/15/2024      490       518  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
City of Mesquite, Waterworks & Sewer System Revenue, Rev., 4.00%, 03/01/2023      1,130       1,155  
City of Palestine, Certificates Obligation, GO, AGM, 4.00%, 02/15/2046      5,000       5,438  
City of San Antonio Electric & Gas Systems Revenue,     
Rev., 4.00%, 02/01/2030      1,660       1,842  
Rev., 5.00%, 02/01/2025 (w)      3,775       4,057  
City of San Antonio Electric & Gas Systems Revenue, Junior Lien,     
Rev., 4.00%, 02/01/2037      1,000       1,100  
Rev., 5.00%, 02/01/2027      355       402  
Rev., 5.00%, 02/01/2048 (p)      3,660       3,763  
Series 2019, Rev., 2.75%, 02/01/2048 (z)      11,000       11,084  
Series D, Rev., 1.13%, 12/01/2045 (z)      6,510       6,125  
City of San Antonio, Electric & Gas Systems Revenue, Rev., 4.00%, 02/01/2027      3,000       3,237  
City of San Antonio, Electric & Gas Systems Revenue, Junior Lien, Rev., 5.00%, 02/01/2043 (p)      4,350       4,473  
Clear Creek Independent School District, GO, PSF-GTD, 0.28%, 02/15/2038 (z)      610       579  
Cleburne Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2036      1,065       1,167  
Clifton Higher Education Finance Corp., Idea Public School,     
Series A, Rev., 4.00%, 08/15/2035      415       439  
Series A, Rev., 4.00%, 08/15/2047      1,300       1,342  
Series T, Rev., PSF-GTD, 4.00%, 08/15/2036      700       776  
Series T, Rev., PSF-GTD, 4.00%, 08/15/2047      1,175       1,273  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2022      50       51  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2023      60       63  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2024      65       69  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2025      70       76  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2026      55       61  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2027      30       34  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2028      40       46  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2030      215       255  
Clifton Higher Education Finance Corp., Idea Public Schools, Rev., PSF-GTD, 5.00%, 08/15/2026      1,840       2,045  
Clifton Higher Education Finance Corp., International Leadership of Texas,     
Rev., PSF-GTD, 4.00%, 08/15/2023      75       77  
Rev., PSF-GTD, 4.00%, 08/15/2024      115       120  
Rev., PSF-GTD, 4.00%, 08/15/2025      145       154  
College Station Independent School District, GO, PSF-GTD, 5.00%, 08/15/2024      2,285       2,450  
Conroe Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2024      750       794  
County of Bexar,     
GO, 4.00%, 06/15/2040      11,085       11,560  
GO, 5.00%, 06/15/2031 (p)      1,500       1,681  
County of Bexar, Certificates Obligation,     
Series A, GO, 4.00%, 06/15/2036 (p)      1,145       1,177  
Series B, GO, 5.00%, 06/15/2043 (p)      1,000       1,039  
County of El Paso, Series A, GO, 5.00%, 02/15/2027      1,430       1,588  
County of Harris,     
Series A, GO, 5.00%, 10/01/2022      4,615       4,702  
Series A, GO, 5.00%, 10/01/2024      3,500       3,763  
Series A, GO, 5.00%, 10/01/2029      1,150       1,365  
Series A, GO, 5.00%, 10/01/2035      375       455  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
County of Harris, Road Bonds, Series A, GO, 5.00%, 10/01/2022      1,185       1,207  
County of Harris, Cultural Education Facilities Finance Corp., Teco Project, Rev., 5.00%, 11/15/2022      1,000       1,022  
County of Harris, Refunding Road, Series A, GO, 5.00%, 10/01/2029      1,090       1,196  
County of Harris, Senior Lien Toll Road, Rev., 5.00%, 08/15/2024      1,035       1,110  
County of Nueces, GO, 5.00%, 02/15/2029      460       534  
County of Williams, GO, 5.00%, 02/15/2027      1,000       1,139  
Crowley Independent School District, School Building, GO, PSF-GTD, 5.00%, 08/01/2045 (p)      2,000       2,189  
Cypress-Fairbanks Independent School District, School Building, Series B2, GO, PSF-GTD, 0.28%, 02/15/2040 (z)      1,410       1,349  
Dallas Area Rapid Transit, Series A, Rev., 5.00%, 12/01/2046 (p)      2,000       2,202  
Dallas Area Rapid Transit, Senior Lien, Rev., 5.00%, 12/01/2032      1,000       1,186  
Dallas Fort Worth International Airport,     
Series B, Rev., 4.00%, 11/01/2034      1,395       1,486  
Series B, Rev., AMT, 4.50%, 11/01/2045 (p)      1,000       1,018  
Series E, Rev., 5.00%, 11/01/2023      1,000       1,019  
Dallas Fort Worth International Airport, Dallas Fort Worth International,     
Rev., 5.00%, 11/01/2025      1,825       1,999  
Rev., 5.00%, 11/01/2026      2,850       3,183  
Dallas Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2023      130       136  
Dallas/Fort Worth, International Airport, Series C, Rev., AMT, 5.13%, 11/01/2043 (p)      350       358  
Deer Park Independent School District, GO, PSF-GTD, 0.16%, 10/01/2042 (z)      2,005       1,994  
Del Valle Independent School District,     
GO, PSF-GTD, 4.00%, 06/15/2031      3,085       3,452  
GO, PSF-GTD, 4.00%, 06/15/2032      3,405       3,798  
GO, PSF-GTD, 4.00%, 06/15/2033      5,740       6,391  
GO, PSF-GTD, 4.00%, 06/15/2034      3,280       3,640  
GO, PSF-GTD, 5.00%, 06/15/2026      1,750       1,959  
Denton Independent School District, GO, PSF-GTD, 5.00%, 08/15/2027      1,000       1,144  
Eagle Mountain & Saginaw Independent School District, GO, PSF-GTD, 5.00%, 08/15/2026      1,000       1,123  
El Paso Independent School District, Maintenance Tax Notes, GO, 2.00%, 02/01/2040 (z)      1,040       1,043  
Farmersville Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023      465       479  
Fort Bend Grand Parkway Toll Road Authority,     
Series A, Rev., CNTY GTD, 5.00%, 03/01/2026      750       833  
Series A, Rev., CNTY GTD, 5.00%, 03/01/2027      285       324  
Series A, Rev., CNTY GTD, 5.00%, 03/01/2029      890       1,042  
Series A, Rev., CNTY GTD, 5.00%, 03/01/2030      1,000       1,190  
Fort Bend Independent School District,     
GO, PSF-GTD, 5.00%, 08/15/2023      1,190       1,244  
Series B, GO, PSF-GTD, 0.72%, 08/01/2051 (z)      745       688  
Series B, GO, PSF-GTD, 0.88%, 08/01/2050 (z)      875       835  
Frisco Independent School District, school Building, Series A, GO, PSF-GTD, 4.00%, 08/15/2032      2,140       2,271  
Galveston Public Facility Corp., The Oleanders At Broadway, Rev., HUD, 0.47%, 08/01/2025 (z)      1,110       1,060  
Garland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023      4,000       4,120  
Goose Creek Consolidated Independent School District,     
GO, PSF-GTD, 5.00%, 02/15/2026      900       999  
Series B, GO, PSF-GTD, 0.15%, 10/01/2049 (z)      1,115       1,106  
Series B, GO, PSF-GTD, 0.60%, 02/15/2035 (z)      715       661  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Grand Parkway Transportation Corp., Grand Parkway System, Rev., 4.00%, 10/01/2045      10,125       10,622  
Grand Parkway Transportation Corp., Subordinated Tier Toll, Series B, Rev., 5.00%, 04/01/2053 (p)      100       105  
Gregory-Portland Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2023      3,220       3,317  
Hale Center Education Facilities Corp., Wayland Baptist University Project, Rev., 5.00%, 03/01/2034      1,265       1,392  
Harlandale Independent School District, GO, PSF-GTD, 0.75%, 08/15/2045 (z)      465       443  
Harlandale Independent School District, Variable Maintenance Tax Notes, GO, BAM, 2.00%, 08/15/2040 (z)      375       376  
Harlingen Consolidated Independent School District, GO, PSF-GTD, 5.00%, 08/15/2024      80       86  
Harris County Cultural Education Facilities Finance Corp., Baylor College, Rev., 5.00%, 11/15/2037 (p)      1,515       1,549  
Harris County Cultural Education Facilities Finance Corp., Medical Facilities Mortgage Revenue, Rev., (ICE LIBOR USD 1 Month * 0.70 + 0.65%), 0.81%, 11/15/2046 (aa)      1,130       1,131  
Harris County Cultural Education Facilities Finance Corp., Texas Children’s Hospital,     
Rev., 4.00%, 10/01/2041      3,205       3,450  
Rev., 5.00%, 10/01/2051 (z)      3,000       3,602  
Harris County Cultural Education Facilities Finance Corp., Texas Medical Center, Series A, Rev., 0.90%, 05/15/2050 (z)      6,315       6,249  
Harris County Flood Control District, Series A, GO, 5.00%, 10/01/2029      1,700       2,012  
Harris County Toll Road Authority, First Lien, Rev., 5.00%, 08/15/2030      1,200       1,440  
Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann, Rev., 5.00%, 06/01/2032 (z)      1,000       1,071  
Harris County, Toll Road Authority, Senior Lien, Series A, Rev., 5.00%, 08/15/2024      100       107  
Hidalgo County Regional Mobility Authority, Senior Lien,     
Series A, Rev., 5.00%, 12/01/2032      1,000       1,124  
Series A, Rev., 5.00%, 12/01/2033      575       645  
Series A, Rev., 5.00%, 12/01/2034      750       840  
Housing Options, Inc., The Oaks Project, Rev., 0.50%, 08/01/2041 (z)      590       551  
Houston Community College System, Series A, GO, 4.00%, 02/15/2023      725       740  
Houston Higher Education Finance Corp., Houston Baptist University, Rev., 4.00%, 10/01/2051      1,100       1,087  
Houston Housing Finance Corp., Temenos Place Apartments, Rev., 0.29%, 08/01/2024 (z)      670       652  
Houston Independent School District, Maintenance Tax Notes, GO, 5.00%, 07/15/2022      80       81  
Katy Independent School District, Series B, GO, PSF-GTD, 5.00%, 02/15/2036      2,475       2,748  
Keller Independent School District, GO, PSF-GTD, 5.00%, 08/15/2030 (p)      1,000       1,083  
Kilgore Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026      450       499  
Lake Houston Redevelopment Authority, Rev., 4.00%, 09/01/2035      250       262  
Lamar Consolidated Independent School District, GO, PSF-GTD, 5.00%, 02/15/2027      1,315       1,492  
Lewisville Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2024      1,000       1,072  
Lewisville Independent School District, School Building, Series E, GO, PSF-GTD, 5.00%, 08/15/2029 (p)      4,000       4,058  
Longview Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023      575       592  
Lower Colorado River Authority,     
Rev., AGM, 5.00%, 05/15/2031      2,795       3,343  
Rev., AGM, 5.00%, 05/15/2032      5,440       6,544  
Lower Colorado River Authority, LCRA Transmission Services,     
Rev., 5.00%, 05/15/2027      700       792  
Series A, Rev., 5.00%, 05/15/2022      1,000       1,004  
Lower Colorado River Authority, LCRA Transmission Services Corp., Rev., 5.00%, 05/15/2031      185       221  
Lower Colorado River Authority, Transmission Services Co., Rev., 5.00%, 05/15/2022      5,000       5,023  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Lower Colorado, River Authority, Transmission Services Contract, Rev., 5.00%, 05/15/2029      100       116  
Lumberton Independent School District, GO, PSF-GTD, 4.00%, 02/15/2023      1,125       1,148  
Matagorda County Navigation District No. 1, Central Power and Light Co., Rev., AMT, 0.90%, 05/01/2030 (z)      4,945       4,863  
Medina Valley Independent School District, GO, PSF-GTD, 0.82%, 02/15/2051 (z)      655       607  
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Contractual Obligation, Series B, Rev., 5.00%, 11/01/2025      435       480  
Midland County Public Facility Corp., Palladium West Francis, Rev., 0.35%, 06/01/2024 (z)      10,000       9,785  
Midlothian Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023      1,410       1,452  
New Caney Independent School District, School Building, GO, PSF-GTD, 1.25%, 02/15/2050 (z)      535       524  
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A, Rev., 5.00%, 08/15/2047      1,000       1,119  
New Hope Cultural Education Facilities Finance Corp., Westminster Project, Rev., 4.00%, 11/01/2049      100       101  
North Central Texas Housing Finance Corp., Bluebonnet Ridge Apartment, Rev., 0.38%, 08/01/2040 (z)      505       481  
North East Independent School District, Series B, GO, PSF-GTD, 0.25%, 08/01/2032 (z)      265       265  
North Fort Bend Water Authority, Rev., BAM, 5.00%, 12/15/2026      1,520       1,717  
North Texas Municipal Water District Water System Revenue,     
Rev., 3.00%, 09/01/2041      575       579  
Rev., 5.00%, 09/01/2022      345       350  
North Texas Tollway Authority, Capital Appreciation, First Tier, Rev., AGC, Zero Coupon, 01/01/2030      1,500       1,204  
North Texas Tollway Authority, First Tier, Series A, Rev., 5.00%, 01/01/2025      390       399  
North Texas Tollway Authority, First Tier Bonds, Series A, Rev., 4.00%, 01/01/2035      2,000       2,150  
North Texas Tollway Authority, Second Tier,     
Series B, Rev., 4.00%, 01/01/2035      1,000       1,082  
Series B, Rev., 5.00%, 01/01/2033      1,000       1,117  
Northside Independent School District, GO, PSF-GTD, 0.70%, 06/01/2050 (z)      16,850       15,982  
Odessa Housing Finance Corp., Rev., 0.37%, 02/01/2024 (z)      1,540       1,499  
Odessa Junior College District, Consolidated Fund,     
Rev., AGM, 4.00%, 07/01/2024      1,000       1,044  
Rev., AGM, 4.00%, 07/01/2026      1,015       1,091  
Pasadena Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2038      7,500       7,710  
Pearland Independent School District,     
GO, PSF-GTD, 5.00%, 02/15/2026      5,505       6,110  
GO, PSF-GTD, 5.00%, 02/15/2027      2,000       2,269  
Plano Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023      2,665       2,744  
Port Authority of Houston of Harris County Texas,     
Rev., 5.00%, 10/01/2025      1,000       1,100  
Rev., 5.00%, 10/01/2026      850       956  
Rev., 5.00%, 10/01/2028      1,250       1,454  
Rev., 5.00%, 10/01/2029      1,250       1,476  
Port Beaumont Navigation District, Jefferson Gulf Coast Energy,     
Rev., AMT, 2.00%, 01/01/2027 (e)      550       518  
Rev., AMT, 2.25%, 01/01/2029 (e)      800       733  
Rev., AMT, 2.88%, 01/01/2041 (e)      120       96  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Port of Beaumont Industrial Development Authority, Taxable Jefferson Gulf Coast Energy, Rev., 4.10%, 01/01/2028 (e)      3,000       2,726  
Prosper Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2030      25       30  
Round Rock Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2031      1,000       1,185  
San Antonio Education Facilities Corp., University of The Incarnate Word,     
Rev., 4.00%, 04/01/2038      2,065       2,119  
Rev., 4.00%, 04/01/2041      1,000       1,022  
San Antonio Housing Trust Finance Corp., The Arbors At West Avenue, Rev., HUD, 1.45%, 03/01/2026 (z)      805       783  
San Antonio Independent School District, Series B, GO, PSF-GTD, 5.00%, 08/15/2027      1,255       1,437  
San Antonio Water System, Series 2013F, Rev., 1.00%, 05/01/2043 (z)      5,000       4,671  
Schertz-Cibolo-Universal City Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2022      1,000       1,013  
Spring Branch Independent School District, GO, PSF-GTD, 5.00%, 02/01/2023      65       67  
State of Texas, Series B, GO, 4.00%, 08/01/2030      690       729  
State of Texas, Mobility Fund, Series B, GO, 5.00%, 10/01/2032      14,655       16,019  
State of Texas, Transportation Commission Highway Improvement, GO, 5.00%, 04/01/2022      3,000       3,000  
State of Texas, Water Financial Assistance, GO, 5.00%, 08/01/2024      125       134  
Strategic Housing Finance Corp. of Travis County, ECG Yager LP Yager, Rev., 0.46%, 09/01/2041 (z)      10,000       9,398  
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health, Series A, Rev., 5.00%, 11/15/2045      2,195       2,401  
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B, Rev., 5.00%, 07/01/2035      1,110       1,254  
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Taxable,     
Rev., AGM, 1.36%, 09/01/2024      800       774  
Rev., AGM, 1.39%, 09/01/2025      600       571  
Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas,     
Rev., 5.00%, 10/01/2030      1,000       1,195  
Rev., 5.00%, 10/01/2037      1,000       1,185  
Tarrant Regional Water District, City of Dallas Project, Series A, Rev., 4.00%, 09/01/2024      3,000       3,150  
Texas Department of Housing & Community Affairs, Series A, Rev., GNMA COLL, 4.00%, 03/01/2050      450       469  
Texas Department of Housing & Community Affairs, Corona Del Valle, Rev., HUD, 0.37%, 08/01/2025 (z)      380       371  
Texas Department of Housing & Community Affairs, OSO Bay Apartments Mandatory, Rev., 0.27%, 09/01/2024 (z)      700       696  
Texas Department of Housing & Community Affairs, Palladium Simpson Stuart Apartments, Rev., 0.35%, 01/01/2025 (z)      1,290       1,245  
Texas Department of Housing & Community Affairs, Social Bond, Series A, Rev., GNMA, 3.50%, 07/01/2052      1,150       1,182  
Texas Department of Housing & Community Affairs, Social Bonds,     
Series A, Rev., GNMA, 3.00%, 01/01/2052      2,310       2,321  
Series A, Rev., GNMA COLL, 3.00%, 03/01/2052      1,285       1,290  
Texas Municipal Gas Acquisition & Supply Corp. III,     
Rev., 5.00%, 12/15/2022      200       204  
Rev., 5.00%, 12/15/2023      1,215       1,261  
Rev., 5.00%, 12/15/2024      835       881  
Rev., 5.00%, 12/15/2025      2,400       2,567  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Rev., 5.00%, 12/15/2028      1,550       1,710  
Rev., 5.00%, 12/15/2029      2,000       2,224  
Rev., 5.00%, 12/15/2030      3,300       3,695  
Rev., 5.00%, 12/15/2031      2,000       2,256  
Texas Municipal Gas Acquisition and Supply Corp. I, Series D, Rev., 6.25%, 12/15/2026      6,550       7,187  
Texas Municipal Power Agency, Rev., AGM, 3.00%, 09/01/2038      500       503  
Texas Private Activity Bond Surface Transportation Corp., Rev., AMT, 5.00%, 06/30/2058      4,420       4,849  
Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group,     
Rev., 4.00%, 12/31/2030      3,970       4,239  
Rev., 4.00%, 06/30/2033      1,000       1,057  
Texas State Affordable Housing Corp., Las Palmas Villa, Rev., HUD, 0.25%, 12/01/2024 (z)      1,140       1,129  
Texas Transportation Commission State Highway Fund, First Tier,     
Rev., 5.00%, 10/01/2022      2,195       2,236  
Series A, Rev., 5.00%, 04/01/2022      1,000       1,000  
Texas Transportation Commission, Transportation Commission Mobility, GO, 0.65%, 10/01/2041 (z)      4,500       4,211  
Texas Water Development Board, Master Trust,     
Rev., 4.00%, 10/15/2033      1,000       1,118  
Rev., 5.00%, 10/15/2032      1,555       1,898  
Texas Water Development Board, Revolving Fund,     
Rev., 4.00%, 08/01/2038      500       550  
Rev., 5.00%, 08/01/2024      250       267  
Rev., 5.00%, 08/01/2028      125       145  
Series A, Rev., 5.00%, 10/15/2028      100       115  
Texas Water Development Board, State Revolving Fund, Rev., 5.00%, 08/01/2022      1,000       1,013  
Texas Water Development Board, State Water Implementation Fund,     
Series A, Rev., 4.00%, 10/15/2033      1,900       2,061  
Series A, Rev., 5.00%, 04/15/2026      100       111  
Series A, Rev., 5.00%, 10/15/2030      500       551  
Series A, Rev., 5.00%, 10/15/2047      2,480       2,769  
Series B, Rev., 5.00%, 04/15/2049      11,535       13,230  
Texas Water Development Board, State Water Implementation Revenue, Rev., 5.25%, 10/15/2046      2,000       2,262  
Tomball Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2023      1,870       1,926  
Tomball Independent School District, School Building, Series B2, GO, PSF-GTD, 0.26%, 02/15/2039 (z)      3,055       2,923  
Travis County Housing Finance Corp., Montopolis Apartments, Rev., 0.40%, 07/01/2041 (z)      1,930       1,843  
Trinity River Authority Central Regional Wastewater System Revenue, Rev., 5.00%, 08/01/2029      1,500       1,779  
Trinity River Public Facility Corp., Cowan Place Apartments, Rev., HUD, 0.28%, 10/01/2024 (z)      2,500       2,422  
University of Texas, Series C, Rev., 5.00%, 08/15/2028      100       117  
Upper Trinity Regional Water District, Rev., 4.00%, 08/01/2024      900       938  
Upper Trinity Regional Water District, Regional Treated Water Supply, Rev., BAM, 3.00%, 08/01/2023      715       727  
Uptown Development Authority,     
Tax Allocation, 4.00%, 09/01/2033      400       420  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Tax Allocation, 4.00%, 09/01/2035      995       1,044  
Waco Educational Finance Corp., Baylor University Issue, Series A, Rev., 4.00%, 03/01/2036      750       819  
    

 

 

  
       616,612  
    

 

 

  
Utah — 0.4%     
Canyons School District, Series A, GO, SCH BD GTY, 5.00%, 06/15/2027      200       229  
City of Salt Lake City Airport Revenue,     
Series A, Rev., AMT, 5.00%, 07/01/2027      2,500       2,785  
Series A, Rev., AMT, 5.00%, 07/01/2029      1,000       1,141  
County of Utah, IHC Health Services, Inc., Series B, Rev., 5.00%, 05/15/2060 (z)      2,625       2,923  
Granite School District Board of Education, GO, SCH BD GTY, 5.00%, 06/01/2024      1,755       1,870  
Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.00%, 07/01/2023 (p)      1,000       1,010  
Provo School District, GO, SCH BD GTY, 5.00%, 06/15/2028      2,000       2,329  
Red Bridge Public Infrastructure District No. 1, Senior Infrastructure District, Series 1A, GO, 3.63%, 02/01/2035 (e)      600       543  
State of Utah,     
GO, 5.00%, 07/01/2024      100       107  
GO, 5.00%, 07/01/2030      4,500       5,296  
Series B, GO, 5.00%, 07/01/2022      1,000       1,010  
Series B, GO, 5.00%, 07/01/2029      100       118  
University of Utah (The), Series A, Rev., 5.00%, 08/01/2039      1,505       1,714  
University of Utah, Board of Regents, Series A, Rev., 4.00%, 08/01/2040      1,750       1,909  
Utah Transit Authority, Series A, Rev., 5.25%, 06/15/2023      85       89  
Vineyard Redevelopment Agency,     
Tax Allocation, AGM, 5.00%, 05/01/2023      725       750  
Tax Allocation, AGM, 5.00%, 05/01/2024      190       202  
Tax Allocation, AGM, 5.00%, 05/01/2025      615       667  
    

 

 

  
       24,692  
    

 

 

  
Vermont — 0.0% (g)     
Vermont Housing Finance Agency, Series A, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 11/01/2049      360       375  
Vermont Municipal Bond Bank, Vermont State Colleges System, Series A, Rev., 4.00%, 10/01/2034      250       276  
Vermont Student Assistance Corp., Series A, Rev., AMT, 2.38%, 06/15/2039      825       753  
    

 

 

  
       1,404  
    

 

 

  
Virginia — 1.8%     
Albemarle County Economic Development Authority, Westminster Canterbury of the Blue Ridge, Rev., 4.00%, 06/01/2035      1,365       1,435  
Chesapeake Hospital Authority, Chesapeake Regional Medical Center, Rev., 5.00%, 07/01/2030      300       347  
Chesapeake Hospital Authority, Regional Medical Center, Rev., 5.00%, 07/01/2028      550       629  
City of Norfolk, Capital Improvement, GO, 5.00%, 08/01/2044 (p)      1,000       1,168  
County of Fairfax, Public Improvement,     
Series A, GO, 5.00%, 10/01/2031 (p)      945       1,054  
Series B, GO, 5.00%, 10/01/2022      2,795       2,848  
County of Fairfax, Sewer Revenue, Series B, Rev., 4.00%, 07/15/2038      1,500       1,686  
County of Loudoun, Series A, GO, 4.00%, 12/01/2030      3,000       3,328  
Fairfax County Redevelopment & Housing Authority, Arrowbrook Apartments Project, Rev., 0.41%, 01/01/2041 (z)      5,250       5,073  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Fairfax County Redevelopment & Housing Authority, One University Senior Apartments, Rev., 1.25%, 12/01/2025 (z)      4,680       4,553  
FHLMC Multifamily VRD Certificates, Series A, Rev., 2.25%, 12/15/2037      997       910  
Halifax County Industrial Development Authority, Electric & Power Co. Project, Rev., VRDO, 0.45%, 04/01/2022 (z)      1,000       1,000  
Hampton Roads Transportation Accountability Commission, Senior Lien,     
Series A, Rev., BAN, 5.00%, 07/01/2026      2,660       2,969  
Series A, Rev., 5.00%, 07/01/2031      1,500       1,779  
Series A, Rev., 5.00%, 07/01/2032      4,495       5,324  
Series A, Rev., 5.00%, 07/01/2038      1,000       1,125  
Series A, Rev., 5.00%, 07/01/2039      2,100       2,460  
Hopewell Redevelopment & Housing Authority, Hopewell Heights Apartment, Rev., HUD, 0.49%, 12/01/2024 (z)      750       727  
James City County Economic Development Authority, Williamsburg Landing, Series A, Rev., 4.00%, 12/01/2035      150       152  
Loudoun County Economic Development Authority, Series A, Rev., 5.00%, 12/01/2024      2,520       2,716  
Louisa Industrial Development Authority, Virginia Electric And Power Co. Project, Series B, Rev., 0.75%, 11/01/2035 (z)      2,125       2,005  
Lynchburg Economic Development Authority, Centra Health Obligation Group,     
Rev., 4.00%, 01/01/2038      1,100       1,155  
Rev., 5.00%, 01/01/2029      605       694  
Norfolk Airport Authority, Rev., 5.00%, 07/01/2038      1,175       1,328  
Virginia Beach Development Authority, Westminster Canterbury, Rev., 5.00%, 09/01/2044      2,215       2,352  
Virginia College Building Authority, Series A, Rev., 5.00%, 02/01/2023      1,505       1,549  
Virginia College Building Authority, 21st Century College And Equipment, Rev., 5.00%, 02/01/2033      3,750       4,423  
Virginia College Building Authority, 21st Century College, Rev., 5.00%, 02/01/2025      1,540       1,665  
Virginia College Building Authority, 21st Century College and Equipment, Rev., 5.00%, 02/01/2029      1,000       1,172  
Virginia College Building Authority, Marymount University Project, Series A, Rev., 5.00%, 07/01/2045 (e)      1,000       1,019  
Virginia College Building Authority, Regent University Project, Rev., 5.00%, 06/01/2023      165       170  
Virginia Public Building Authority,     
Series B, Rev., 5.00%, 08/01/2026      3,000       3,281  
Series C, Rev., AMT, 5.00%, 08/01/2027      525       579  
Virginia Resources Authority, Series A, Rev., 5.00%, 11/01/2024 (p)      1,190       1,249  
Virginia Resources Authority, Virginia Pooled Financing, Rev., 5.00%, 11/01/2028      1,510       1,765  
Virginia Resources Authority, Virginia Pooled Financing Program, Rev., 5.00%, 11/01/2028      1,000       1,172  
Virginia Small Business Financing Authority, Lifespire of Virginia,     
Rev., 3.00%, 12/01/2022      50       50  
Rev., 3.00%, 12/01/2023      35       36  
Virginia Small Business Financing Authority, National Senior Campuses,     
Series A, Rev., 5.00%, 01/01/2025      700       745  
Series A, Rev., 5.00%, 01/01/2031      1,500       1,672  
Series A, Rev., 5.00%, 01/01/2032      1,500       1,670  
Virginia Small Business Financing Authority, Senior Lien 95 Express,     
Rev., AMT, 5.00%, 07/01/2032      400       458  
Rev., AMT, 5.00%, 01/01/2036      200       227  
Rev., AMT, 5.00%, 07/01/2037      1,000       1,133  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Virginia Small Business Financing Authority, Senior Lien, 495 Hot,     
Rev., AMT, 5.00%, 06/30/2040      3,735       4,223  
Rev., AMT, 5.00%, 06/30/2041      3,470       3,917  
Rev., AMT, 5.00%, 12/31/2047      1,000       1,115  
Virginia Small Business Financing Authority, Senior Lien, Elizabeth River,     
Rev., AMT, 3.00%, 01/01/2041 (w)      8,740       7,496  
Rev., AMT, 4.00%, 01/01/2030 (w)      3,125       3,265  
Rev., AMT, 4.00%, 01/01/2038 (w)      1,500       1,546  
Rev., AMT, 4.00%, 01/01/2039 (w)      2,000       2,058  
Rev., AMT, 5.50%, 01/01/2042      6,150       6,202  
Virginia Small Business Financing Authority, Transform 66 P3 Project,     
Rev., AMT, 5.00%, 12/31/2049      1,500       1,666  
Rev., AMT, 5.00%, 12/31/2052      4,000       4,426  
Rev., AMT, 5.00%, 12/31/2056      1,000       1,105  
Wise County Industrial Development Authority, Electric and Power Company Project, Series A, Rev., 0.75%, 10/01/2040 (z)      4,500       4,245  
    

 

 

  
       114,116  
    

 

 

  
Washington — 3.0%     
Central Puget Sound Regional Transit Authority, Green Bond, Series S1, Rev., 5.00%, 11/01/2035 (p)      2,605       2,868  
Central Puget Sound Regional Transit Authority, Green Bond, Series S1, Rev., 5.00%, 11/01/2028      1,500       1,753  
Chelan County Public Utility District No. 1, Series C, Rev., AMT, 5.00%, 07/01/2026      1,285       1,420  
City of Seattle Municipal Light & Power Revenue,     
Series B, Rev., (SIFMA Municipal Swap Index + 0.25%), 0.76%, 05/01/2045 (aa)      2,960       2,931  
Series B, Rev., 5.00%, 02/01/2026      1,695       1,882  
City of Seattle Municipal Light & Power Revenue, Green Bond, Series A, Rev., 4.00%, 07/01/2040      1,300       1,416  
City of Seattle, Drainage & Wastewater Revenue, Rev., 4.00%, 05/01/2044      945       972  
City of Seattle, Municipal Light & Power Revenue, Rev., 4.00%, 09/01/2040      1,000       1,036  
Clark County Public Utility District No. 1, Rev., 4.00%, 01/01/2034      665       737  
County of King, Series A, GO, 5.00%, 12/01/2034      1,335       1,607  
County of King Sewer, Improvement, Series B, Rev., 5.00%, 07/01/2023      2,130       2,218  
County of King, Sewer Revenue, Rev., AGM, 5.00%, 01/01/2047      5,000       5,266  
Energy Northwest Washington, Project 3 Electric Revenue, Series C, Rev., 5.00%, 07/01/2027      100       114  
Energy Northwest, Project 1, Series A, Rev., 5.00%, 07/01/2026      2,930       3,270  
Everett Housing Authority, Baker Heights Legacy, Rev., 0.30%, 09/01/2024 (z)      575       559  
Grant County, Public Utility District No. 2, Electric Revenue,     
Series 2017-O, Rev., 5.00%, 01/01/2047      4,950       5,537  
Series R, Rev., 2.00%, 01/01/2044 (z)      1,500       1,495  
HopeSource III Portfolio Projects, Rev., 1.25%, 01/01/2025 (z)      3,765       3,709  
King & Snohomish Counties School District No. 417 Northshore, GO, SCH BD GTY, 4.00%, 12/01/2032      1,000       1,037  
King County Housing Authority, Rev., 5.00%, 11/01/2029      1,325       1,539  
King County School District No. 210 Federal Way, GO, SCH BD GTY, 4.00%, 12/01/2025      2,000       2,144  
Pierce County School District No. 10 Tacoma, Social Bonds, Series B, GO, SCH BD GTY, 4.00%, 12/01/2042      10,000       10,980  
Port of Seattle, Series C, Rev., AMT, 5.00%, 04/01/2028      500       532  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Port of Seattle, Intermediate Lien,     
Rev., AMT, 5.00%, 04/01/2028      2,250       2,549  
Rev., AMT, 5.00%, 04/01/2030      4,000       4,555  
Rev., AMT, 5.00%, 04/01/2044      2,000       2,240  
Rev., AMT, 5.00%, 08/01/2046      3,500       3,958  
Series C, Rev., AMT, 5.00%, 08/01/2034      5,000       5,820  
Public Finance Authority, Senior Lien, Grand Hyatt San Antonio Hotel Acquisition Project, Rev., 5.00%, 02/01/2042 (w)      4,000       4,274  
Seattle Housing Authority, Lam Bow Apartments Project, Rev., 1.25%, 06/01/2024      120       117  
Seattle Housing Authority, Northgate Plaza Project, Rev., 1.00%, 06/01/2026      2,045       1,940  
Skagit County Public Hospital District No. 1, Improvement Skagit Regional Health, Rev., 5.00%, 12/01/2031      2,145       2,369  
Skagit County Public Hospital District No. 2, GO, 5.00%, 12/01/2025 (p)      1,020       1,044  
Snohomish County School District No. 201 Snohomish, GO, SCH BD GTY, 5.00%, 12/01/2028      1,500       1,763  
Spokane County School District No. 81 Spokane, Series C, GO, SCH BD GTY, 5.00%, 12/01/2034      2,000       2,282  
State of Washington,     
Series 2020A, GO, 5.00%, 08/01/2038      1,500       1,751  
Series 2021A, GO, 5.00%, 06/01/2034      1,000       1,190  
Series A1, GO, 5.00%, 08/01/2040      13,645       14,799  
Series A, GO, 5.00%, 08/01/2022      85       86  
Series A, GO, 5.00%, 08/01/2036      1,475       1,750  
Series A, GO, 5.00%, 08/01/2040      3,890       4,592  
Series B, GO, 5.00%, 07/01/2025      75       82  
Series B, GO, 5.00%, 06/01/2035      4,760       5,647  
Series E, GO, 5.00%, 02/01/2023      1,250       1,287  
Series R, GO, 5.00%, 02/01/2031      2,000       2,427  
Series R, GO, 5.00%, 08/01/2031      750       917  
Series RC, GO, 5.00%, 08/01/2029      100       114  
Series R-2017A, GO, 5.00%, 08/01/2022      975       988  
Series R-2017A, GO, 5.00%, 08/01/2034      1,840       2,045  
State of Washington, Bid Group, Series C, GO, 5.00%, 02/01/2024      4,650       4,914  
State of Washington, Motor Vehicle, Series R-2012D, GO, 5.00%, 07/01/2023      1,000       1,009  
State of Washington, MVFT/VRF GO Bonds,     
Series F, GO, 5.00%, 06/01/2034      4,080       4,922  
Series F, GO, 5.00%, 06/01/2038      2,775       3,331  
State of Washington, Various Purpose, Series 2015A1, GO, 5.00%, 08/01/2036      11,200       11,913  
Thurston County School District No. 111 Olympia, GO, SCH BD GTY, 5.00%, 12/01/2026      1,275       1,445  
University of Washington, Forward Delivery,     
Series C, Rev., 5.00%, 04/01/2022      1,250       1,250  
Series C, Rev., 5.00%, 04/01/2025      1,500       1,634  
Washington Health Care Facilities Authority, Fred Hutchinson Cancer, Series C, Rev., (SIFMA Municipal Swap Index + 1.05%), 1.56%, 01/01/2042 (aa)      13,000       13,046  
Washington Health Care Facilities Authority, MultiCare Health System, Series B, Rev., 5.00%, 08/15/2037      1,200       1,363  
Washington Health Care Facilities Authority, Providence St. Joseph Health, Rev., 4.00%, 10/01/2042 (z)      1,750       1,938  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance,     
Rev., 4.00%, 12/01/2040 (e)      860       916  
Rev., 4.00%, 09/01/2050      5,000       5,243  
Rev., 5.00%, 09/01/2045      1,000       1,141  
Washington State Housing Finance Commission, Social Certificate,     
Series A1, Rev., 3.50%, 12/20/2035      954       942  
Series 2N, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 12/01/2050      810       814  
Washington State Housing Finance Commission, Downtowner Apartments Project, Rev., LIQ: FHLMC, 3.70%, 07/01/2030      2,000       2,066  
Washington State Housing Finance Commission, Garden Haus Apartments Project, Rev., 0.37%, 07/01/2024 (z)      350       342  
Washington State Housing Finance Commission, Horizon House Project, Rev., 5.00%, 01/01/2023 (e)      275       281  
Washington State Housing Finance Commission, Rockwood Retirement Communities, Rev., 3.00%, 07/01/2027 (e)      1,000       946  
Washington State Housing Finance Commission, Social Bond, Series 2N, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2051      995       999  
    

 

 

  
       186,063  
    

 

 

  
West Virginia — 0.2%     
Marshall University, Series A, Rev., AGM, 5.00%, 05/01/2030      300       354  
Monongalia County Commission Excise Tax District, Series A, Rev., 4.13%, 06/01/2043 (e)      500       505  
Monongalia County Commission Special District, Refunding and Improvement, University Town Center, Series A, Rev., 5.50%, 06/01/2037 (e)      1,050       1,127  
Monongalia County Commission Special District, University Town Center, Series A, Rev., 5.75%, 06/01/2043 (e)      500       537  
State of West Virginia, Series A, GO, 5.00%, 12/01/2025      365       404  
West Virginia Economic Development Authority, Appalachian Power Company Amos Project, Rev., AMT, 1.00%, 01/01/2041 (z)      2,765       2,640  
West Virginia Housing Development Fund, Charles Towers, Rev., FHA, 0.21%, 09/01/2023 (z)      480       477  
West Virginia Parkways Authority, Senior Lien, Rev., 5.00%, 06/01/2038      1,000       1,199  
West Virginia University, Series A, Rev., 5.00%, 10/01/2029 (p)      1,500       1,528  
West Virginia University Project, Series A, Rev., 5.00%, 10/01/2032 (p)      1,000       1,019  
    

 

 

  
       9,790  
    

 

 

  
Wisconsin — 1.7%     
City of Milwaukee, Corporate Purpose Bonds, Series B4, GO, 5.00%, 04/01/2030      1,800       2,025  
City of Milwaukee, Promissory Notes, Series N4, GO, 5.00%, 04/01/2030      10,150       11,935  
City of Milwaukee, Sewerage System Revenue, Series S7, Rev., 5.00%, 06/01/2026      2,665       2,980  
County of Milwaukee, Airport Revenue, Series A, Rev., 5.00%, 12/01/2028      250       288  
Fox Valley Technical College District, School Facilities, Series C, GO, 3.00%, 12/01/2027 (p)      5,000       5,055  
Public Finance Authority, Appalachian Healthcare System,     
Rev., 5.00%, 07/01/2036      350       400  
Rev., 5.00%, 07/01/2037      300       342  
Rev., 5.00%, 07/01/2039      350       397  
Public Finance Authority, Carmelite System, Social Bonds, Rev., 5.00%, 01/01/2045      1,105       1,207  
Public Finance Authority, Point College Prep Project,     
Rev., 4.00%, 06/15/2030 (e)      200       193  
Rev., 5.00%, 06/15/2041 (e)      250       245  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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      500       557  
Rev., 5.00%, 06/01/2027      425       482  
Rev., 5.00%, 06/01/2028      600       692  
Rev., 5.00%, 06/01/2034      1,000       1,166  
Public Finance Authority, Sky Harbour Capital LLC, Rev., AMT, 4.00%, 07/01/2036      815       781  
Public Finance Authority, United Methodist Retirement, Rev., 4.00%, 10/01/2026      60       64  
Public Finance Authority, Variable Ref Providence St. Joseph Health, Series C, Rev., 4.00%, 10/01/2041 (z)      4,935       5,460  
Public Finance Authority, Waste Management, Inc., Rev., AMT, 0.45%, 10/01/2025 (z)      1,420       1,419  
Public Finance Authority, Waste Management, Inc. Project,     
Rev., AMT, 1.10%, 07/01/2029 (z)      1,445       1,350  
Rev., AMT, 2.63%, 11/01/2025      5,000       4,987  
State of Wisconsin,     
Series 1, GO, 5.00%, 05/01/2027      2,400       2,753  
Series 1, GO, 5.00%, 05/01/2030      2,500       3,018  
Series 2, GO, 5.00%, 11/01/2027      490       556  
Series 2021-2, GO, 5.00%, 05/01/2026      5,850       6,559  
Series B, GO, 5.00%, 05/01/2026      4,000       4,484  
Series B, GO, 5.00%, 05/01/2035      10,580       12,387  
University of Wisconsin Hospitals & Clinics, Green Bond University of Wisconsin Hospital, Rev., 4.00%, 04/01/2035      440       481  
Wisconsin Center District, Capital Appreciation Senior Dedicated,     
Series C, Rev., AGM, Zero Coupon, 12/15/2036      1,550       917  
Series C, Rev., AGM, Zero Coupon, 12/15/2039      1,750       907  
Series C, Rev., AGM, Zero Coupon, 12/15/2040      1,650       817  
Series D, Rev., AGM, Zero Coupon, 12/15/2028      545       441  
Series D, Rev., AGM, Zero Coupon, 12/15/2029      395       308  
Wisconsin Department of Transportation,     
Series 1, Rev., 5.00%, 07/01/2024 (p)      1,940       1,959  
Series A, Rev., 5.00%, 07/01/2027      1,675       1,915  
Wisconsin Health & Educational Facilities Authority Revenue, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2027      500       575  
Wisconsin Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Series B1, Rev., 5.00%, 02/15/2052 (z)      2,000       2,132  
Wisconsin Health & Educational Facilities Authority, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2036      1,500       1,656  
Wisconsin Health & Educational Facilities Authority, Gundersen Health System,     
Rev., 4.00%, 10/15/2035      545       603  
Rev., 4.00%, 10/15/2036      3,525       3,897  
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System,     
Rev., 5.00%, 02/15/2051 (z)      2,600       2,886  
Series B, Rev., 5.00%, 02/15/2042      1,000       1,084  
Series B, Rev., 5.00%, 02/15/2046      4,550       4,921  
Wisconsin Housing & Economic Development Authority,     
Series B, Rev., HUD, 0.40%, 05/01/2045 (z)      195       189  
Series B, Rev., HUD, 0.50%, 11/01/2050 (z)      245       233  
Series C, Rev., HUD, 0.81%, 11/01/2052 (z)      890       841  
Series D, Rev., 4.00%, 03/01/2047      2,950       3,045  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Wisconsin Housing & Economic Development Authority, Social Bond, Series A, Rev., 3.00%, 03/01/2052      930       934  
Wisconsin Housing & Economic Development Authority, Social Bonds, Series C, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 09/01/2052      1,335       1,341  
Wisconsin Rapids School District, GO, 5.00%, 04/01/2026      1,110       1,231  
    

 

 

  
       105,095  
    

 

 

  
Wyoming — 0.2%     
County of Laramie, Cheyenne Regional Medical Center,     
Rev., 4.00%, 05/01/2026      615       658  
Rev., 4.00%, 05/01/2028      460       500  
County of Sweetwater, Idaho Power Company Project, Rev., 1.70%, 07/15/2026      1,045       996  
Wyoming Community Development Authority,     
Series 1, Rev., 3.00%, 06/01/2050      2,015       2,025  
Series 2, Rev., VRDO, LIQ: Royal Bank of Canada, 0.50%, 04/07/2022 (z)      3,000       3,000  
Series 2, Rev., 3.00%, 06/01/2049      1,415       1,422  
Series 3, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 06/01/2050      1,665       1,674  
    

 

 

  
       10,275  
    

 

 

  
Total Municipal Bonds
(Cost $6,071,835)		        5,775,454  
    

 

 

  
Short-Term Investments — 8.1%     
Municipal Bonds — 0.5% (t)     
City of Los Angeles, Rev., TRAN, 4.00%, 06/23/2022      3,000       3,021  
City of San Antonio Electric & Gas Systems Revenue, Rev., 5.00%, 02/01/2023 (w)      470       481  
County of Los Angeles, Rev., TRAN, 4.00%, 06/30/2022      6,565       6,614  
Lexington County School District No. 3, GO, BAN, SCSDE, 4.00%, 08/24/2022      5,000       5,055  
Port Authority of Houston of Harris County Texas, Rev., 5.00%, 10/01/2022      2,000       2,038  
State of New York Mortgage Agency, Social Bonds, Series 235, Rev., AMT, 0.25%, 04/01/2022      285       285  
Tennessee Housing Development Agency, Residential Finance Program S, Rev., 0.25%, 07/01/2022      3,355       3,353  
Town of Oyster Bay, Notes, GO, 3.00%, 03/09/2023      10,000       10,100  
Vineyard Redevelopment Agency, Tax Allocation, AGM, 5.00%, 05/01/2022      800       802  
    

 

 

  
Total Municipal Bonds        31,749  
    

 

 

  
Time Deposits — 7.6%     
BNP Paribas SA, 0.15%, 04/01/2022      269,307       269,307  
Citibank NA, 0.15%, 04/01/2022      378       378  
Sumitomo Mitsui Banking Corp., 0.15%, 04/01/2022      207,430       207,430  
    

 

 

  
Total Time Deposits        477,115  
    

 

 

  
Total Short-Term Investments
(Cost $508,996)		        508,864  
    

 

 

  
Total Investments — 100.1%
(Cost—$6,581,694)*		       
 6,285,068
  
Liabilities in Excess of Other Assets — (0.1)%        (7,379 )  
    

 

 

  
NET ASSETS — 100.0%      $  6,277,689  
    

 

 

  

 

Percentages indicated are based on net assets.

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Futures contracts outstanding as of March 31, 2022:

Exchange Traded

 

DESCRIPTION

    NUMBER OF
CONTRACTS		     EXPIRATION
DATE		      TRADING
CURRENCY		      NOTIONAL
AMOUNT ($)		     VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

Long Contracts

             

U.S. Treasury Ultra Bond

      25       06/2022        USD        4,359       70  

Short Contracts

             

U.S. Treasury 2 Year Note

      (238)       06/2022        USD        (50,562 )      124  
U.S. Treasury 5 Year Note      (45)       06/2022        USD        (5,337 )      176  
            

 

 

  
               300  
            

 

 

  
Total unrealized appreciation (depreciation)                370  
            

 

 

  

Six Circles Tax Aware Bond Fund

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022

 

AGC    —      Insured by Assured Guaranty Corp.
AGM    —      Insured by Assured Guaranty Municipal Corp.
AMBAC    —      Insured by American Municipal Bond Assurance Corp.
AMT    —      Alternative Minimum Tax
BAM    —      Insured by Build America Mutual
BAN    —      Bond Anticipation Note
BHAC    —      Insured by Berkshire Hathaway Assurance Corp.
CNTY    —      County
COLL    —      Collateral
COP    —      Certificate of Participation
CR    —      Custodial Receipts
FHA    —      Federal Housing Administration
FHLMC    —      Federal Home Loan Mortgage Corp.
FNMA    —      Federal National Mortgage Association
GAN    —      Grant Anticipation Notes
GNMA    —      Government National Mortgage Association
GO    —      General Obligation
GTD    —      Guaranteed
HUD    —      U.S. Department of Housing and Urban Development
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
Q-SBLF    —      Qualified School Bond Loan Fund
RE    —      Reinsured
Rev.    —      Revenue
SCH BD GTY    —      School Bond Guaranty
SCSDE    —      South Carolina School District Enhancement
SIFMA    —      Securities Industry and Financial Markets Association
SOFR    —      Secured Overnight Financing Rate
SONYMA    —      State of New York Mortgage Agency
TRAN    —      Tax & Revenue Anticipation Note
VRDO    —      Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of March 31, 2022.
(d)    —      Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued.
(e)    —      Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)    —      Amount rounds to less than 0.05%.
(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.
(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 March 31, 2022.
(aa)    —      Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2022.
*    —      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 MARCH 31, 2022 (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 — 4.4%     
Ally Auto Receivables Trust, Series 2019-3, Class A3, 1.93%, 05/15/2024      272       273  
AMMC CLO 23 Ltd., (Cayman Islands), Series 2020-23A, Class A1R, (ICE LIBOR USD 3 Month + 1.04%), 1.28%, 10/17/2031 (e) (aa)      1,740       1,724  
ARES L CLO Ltd., (Cayman Islands), Series 2018-50A, Class AR, (ICE LIBOR USD 3 Month + 1.05%), 1.29%, 01/15/2032 (e) (aa)      1,710       1,695  
Avis Budget Rental Car Funding AESOP LLC,     
Series 2018-2A, Class A, 4.00%, 03/20/2025 (e)      4,000       4,063  
Series 2019-3A, Class A, 2.36%, 03/20/2026 (e)      1,320       1,284  
Series 2020-2A, Class A, 2.02%, 02/20/2027 (e)      1,150       1,091  
Bain Capital Credit CLO, (Cayman Islands), Series 2019-2A, Class AR, (ICE LIBOR USD 3 Month + 1.10%), 1.34%, 10/17/2032 (e) (aa)      2,000       1,983  
Barings CLO Ltd., (Cayman Islands), Series 2019-3A, Class A1R, (ICE LIBOR USD 3 Month + 1.07%), 1.32%, 04/20/2031 (e) (aa)      1,640       1,627  
BSPRT Issuer Ltd., (Cayman Islands), Series 2021-FL7, Class A, (ICE LIBOR USD 1 Month + 1.32%), 1.72%, 12/15/2038 (e) (aa)      1,770       1,756  
Carvana Auto Receivables Trust,     
Series 2019-2A, Class C, 3.00%, 06/17/2024 (e)      190       191  
Series 2021-N1, Class A, 0.70%, 01/10/2028      281       271  
Series 2022-P1, Class A3, 3.35%, 02/10/2027      1,465       1,458  
Cedar Funding X CLO Ltd., (Cayman Islands), Series 2019-10A, Class AR, (ICE LIBOR USD 3 Month + 1.10%), 1.35%, 10/20/2032 (e) (aa)      2,500       2,478  
Cedar Funding XI CLO Ltd., (Cayman Islands), Series 2019-11A, Class A1R, (ICE LIBOR USD 3 Month + 1.05%), 1.56%, 05/29/2032 (e) (aa)      1,600       1,585  
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 05/15/2030 (e)      675       651  
Dell Equipment Finance Trust, Series 2021-2, Class A2, 0.33%, 12/22/2026 (e)      890       879  
Drive Auto Receivables Trust,     
Series 2019-4, Class C, 2.51%, 11/17/2025      1,016       1,017  
Series 2021-2, Class A2, 0.36%, 05/15/2024      610       609  
Elmwood CLO X Ltd., (Cayman Islands), Series 2021-3A, Class A, (ICE LIBOR USD 3 Month + 1.04%), 1.29%, 10/20/2034 (e) (aa)      1,820       1,804  
Exeter Automobile Receivables Trust,     
Series 2021-2A, Class C, 0.98%, 06/15/2026      420       409  
Series 2021-3A, Class A2, 0.34%, 01/16/2024      351       351  
Series 2021-3A, Class D, 1.55%, 06/15/2027      855       811  
Ford Credit Auto Owner Trust,     
Series 2017-2, Class A, 2.36%, 03/15/2029 (e)      4,000       4,013  
Series 2018-1, Class A, 3.19%, 07/15/2031 (e)      3,600       3,590  
Series 2021-1, Class A, 1.37%, 10/17/2033 (e)      1,075       999  
Generate CLO 2 Ltd., (Cayman Islands), Series 2A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 1.41%, 01/22/2031 (e) (aa)      4,170       4,152  
GM Financial Automobile Leasing Trust, Series 2020-2, Class A3, 0.80%, 07/20/2023      830       829  
GREYWOLF CLO VI Ltd., (Cayman Islands), Series 2018-1A, Class A1, (ICE LIBOR USD 3 Month + 1.03%), 1.30%, 04/26/2031 (e) (aa)      3,460       3,431  
Hertz Vehicle Financing III LP, Series 2021-2A, Class A, 1.68%, 12/27/2027 (e)      2,009       1,834  
Honda Auto Receivables Owner Trust,     
Series 2021-1, Class A2, 0.16%, 07/21/2023      811       809  
Series 2021-2, Class A2, 0.17%, 11/15/2023      1,279       1,275  
Jamestown CLO VI-R Ltd., (Cayman Islands), Series 2018-6RA, Class A1, (ICE LIBOR USD 3 Month + 1.15%), 1.41%, 04/25/2030 (e) (aa)      950       943  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

     
KKR CLO Ltd., (Cayman Islands), Series 24, Class A1R, (ICE LIBOR USD 3 Month + 1.08%), 1.33%, 04/20/2032 (e) (aa)      1,860       1,844  
KKR CLO 30 Ltd., (Cayman Islands), Series 30A, Class A1R, (ICE LIBOR USD 3 Month + 1.02%), 1.26%, 10/17/2031 (e) (aa)      2,000       1,982  
Lendmark Funding Trust,     
Series 2021-1A, Class A, 1.90%, 11/20/2031 (e)      2,795       2,530  
Series 2021-2A, Class A, 2.00%, 04/20/2032 (e)      1,915       1,744  
Magnetite Xxix Ltd., (Cayman Islands), Series 2021-29A, Class A, (ICE LIBOR USD 3 Month + 0.99%), 1.23%, 01/15/2034 (e) (aa)      250       247  
Mariner Finance Issuance Trust, Series 2021-BA, Class A, 2.10%, 11/20/2036 (e)      895       818  
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (e)      745       698  
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/2061 (e)      4,480       4,183  
Octagon Loan Funding Ltd., (Cayman Islands), Series 2014-1A, Class ARR, (ICE LIBOR USD 3 Month + 1.18%), 1.67%, 11/18/2031 (e) (aa)      5,022       4,998  
OneMain Financial Issuance Trust, Series 2019-2A, Class A, 3.14%, 10/14/2036 (e)      3,800       3,719  
Pagaya AI Debt Trust, Series 2022-1, Class A, 2.03%, 10/15/2029 (e)      1,985       1,949  
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class C, 1.29%, 04/15/2026 (e)      1,066       1,039  
Santander Drive Auto Receivables Trust,     
Series 2021-2, Class A2, 0.28%, 04/15/2024      183       182  
Series 2021-3, Class A2, 0.29%, 05/15/2024      963       962  
Series 2022-2, Class C, 3.76%, 07/16/2029      1,470       1,463  
SCF Equipment Leasing LLC,     
Series 2019-2A, Class B, 2.76%, 08/20/2026 (e)      1,905       1,874  
Series 2021-1A, Class A2, 0.42%, 08/20/2026 (e)      142       142  
Series 2021-1A, Class A3, 0.83%, 08/21/2028 (e)      500       489  
Series 2021-1A, Class B, 1.37%, 08/20/2029 (e)      1,000       940  
Tesla Auto Lease Trust, Series 2020-A, Class A2, 0.55%, 05/22/2023 (e)      431       431  
TICP CLO XIV Ltd., (Cayman Islands), Series 2019-14A, Class A1R, (ICE LIBOR USD 3 Month + 1.08%), 0.00%, 10/20/2032 (e) (aa)      1,920       1,902  
Upstart Securitization Trust, Series 2021-5, Class A, 1.31%, 11/20/2031 (e)      1,534       1,467  
Westlake Automobile Receivables Trust, Series 2020-1A, Class B, 1.94%, 04/15/2025 (e)      3,284       3,286  
    

 

 

  
Total Asset-Backed Securities
(Cost $91,551)		        88,774  
    

 

 

  
Collateralized Mortgage Obligations — 0.7%     
Angel Oak Mortgage Trust, Series 2021-4, Class A1, 1.04%, 01/20/2065 (e) (z)      780       738  
Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M2, (United States 30 Day Average SOFR + 1.90%), 2.00%, 12/25/2041 (e) (aa)      1,250       1,192  
CSMC,     
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065 (e) (z)      883       859  
Series 2021-NQM3, Class A1, 1.02%, 04/25/2066 (e) (z)      464       442  
Series 2021-NQM6, Class A1, 1.17%, 07/25/2066 (e) (z)      1,912       1,797  
Series 2021-NQM6, Class A2, 1.38%, 07/25/2066 (e) (z)      1,246       1,174  
Series 2021-NQM7, Class A1, 1.76%, 10/25/2066 (e) (z)      755       716  
Series 2021-NQM7, Class A3, 2.06%, 10/25/2066 (e) (z)      283       269  
Series 2022-NQM1, Class A1, 2.27%, 11/25/2066 (e) (z)      979       942  
CSMC Trust, Series 2021-AFC1, Class A1, 0.83%, 03/25/2056 (e) (z)      1,430       1,375  
FHLMC STACR REMIC Trust,     
Series 2021-HQA3, Class M1, (United States 30 Day Average SOFR + 0.85%), 0.95%, 09/25/2041 (e) (aa)      920       897  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Series 2022-DNA1, Class M1B, (United States 30 Day Average SOFR + 1.85%), 1.95%, 01/25/2042 (e) (aa)      1,610       1,518  
Verus Securitization Trust,     
Series 2021-1, Class A1, 0.82%, 01/25/2066 (e) (z)      275       266  
Series 2021-3, Class A1, 1.05%, 06/25/2066 (e) (z)      688       653  
Series 2021-5, Class A1, 1.01%, 09/25/2066 (e) (z)      679       625  
Series 2021-R2, Class A1, 0.92%, 02/25/2064 (e) (z)      946       927  
Series 2021-R3, Class A1, 1.02%, 04/25/2064 (e) (z)      537       525  
    

 

 

  
Total Collateralized Mortgage Obligations
(Cost $15,635)		        14,915  
    

 

 

  
Commercial Mortgage-Backed Securities — 3.9%     
AOA Mortgage Trust, Series 2021-1177, Class A, (ICE LIBOR USD 1 Month + 0.87%), 1.27%, 10/15/2038 (e) (aa)      3,380       3,291  
BBCMS Mortgage Trust, Series 2018-TALL, Class C, (ICE LIBOR USD 1 Month + 1.12%), 1.52%, 03/15/2037 (e) (aa)      1,600       1,524  
BFLD, Series 2019-DPLO, Class E, (ICE LIBOR USD 1 Month + 2.24%), 2.64%, 10/15/2034 (e) (aa)      2,502       2,456  
BHMS, Series 2018-ATLS, Class A, (ICE LIBOR USD 1 Month + 1.25%), 1.65%, 07/15/2035 (e) (aa)      2,622       2,595  
BWAY Mortgage Trust, Series 2015-1740, Class C, 3.34%, 01/10/2035 (e)      2,750       2,577  
BX Commercial Mortgage Trust,     
Series 2020-VKNG, Class A, (ICE LIBOR USD 1 Month + 0.93%), 1.33%, 10/15/2037 (e) (aa)      2,389       2,363  
Series 2021-ACNT, Class A, (ICE LIBOR USD 1 Month + 0.85%), 1.25%, 11/15/2038 (e) (aa)      1,770       1,746  
Series 2021-ACNT, Class D, (ICE LIBOR USD 1 Month + 1.85%), 2.25%, 11/15/2038 (e) (aa)      2,210       2,171  
Series 2021-XL2, Class A, (ICE LIBOR USD 1 Month + 0.69%), 1.09%, 10/15/2038 (e) (aa)      1,718       1,681  
BX Trust,     
Series 2017-SLCT, Class F, (ICE LIBOR USD 1 Month + 4.25%), 4.65%, 07/15/2034 (e) (aa)      1,700       1,682  
Series 2021-RISE, Class B, (ICE LIBOR USD 1 Month + 1.25%), 1.65%, 11/15/2036 (e) (aa)      3,210       3,125  
BXHPP Trust, Series 2021-FILM, Class B, (ICE LIBOR USD 1 Month + 0.90%), 1.30%, 08/15/2036 (e) (aa)      600       579  
CHT Mortgage Trust, Series 2017-CSMO, Class B, (ICE LIBOR USD 1 Month + 1.40%), 1.80%, 11/15/2036 (e) (aa)      1,494       1,487  
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class XA, IO, 0.98%, 02/15/2053 (z)      45,196       2,733  
CSMC,     
Series 2021-ADV, Class A, (ICE LIBOR USD 1 Month + 1.40%), 1.80%, 07/15/2038 (e) (aa)      4,270       4,169  
Series 2021-BHAR, Class A, (ICE LIBOR USD 1 Month + 1.15%), 1.55%, 11/15/2038 (e) (aa)      4,010       4,010  
DBGS Mortgage Trust,     
Series 2021-W52, Class A, (ICE LIBOR USD 1 Month + 1.39%), 1.79%, 10/15/2036 (e) (aa)      1,220       1,205  
Series 2021-W52, Class C, (ICE LIBOR USD 1 Month + 2.30%), 2.70%, 10/15/2036 (e) (aa)      2,650       2,605  
DBWF Mortgage Trust, Series 2018-GLKS, Class A, (ICE LIBOR USD 1 Month + 1.03%), 1.48%, 12/19/2030 (e) (aa)      452       447  
Great Wolf Trust,     
Series 2019-WOLF, Class A, (ICE LIBOR USD 1 Month + 1.03%), 1.43%, 12/15/2036 (e) (aa)      1,850       1,826  
Series 2019-WOLF, Class D, (ICE LIBOR USD 1 Month + 1.93%), 2.33%, 12/15/2036 (e) (aa)      3,000       2,924  
GS Mortgage Securities Corp. II, Series 2021-ARDN, Class A, (ICE LIBOR USD 1 Month + 1.25%), 1.65%, 11/15/2036 (e) (aa)      3,080       3,020  
GS Mortgage Securities Corp. Trust,     
Series 2018-RIVR, Class A, (ICE LIBOR USD 1 Month + 0.95%), 1.35%, 07/15/2035 (e) (aa)      2,036       2,011  
Series 2019-70P, Class A, (ICE LIBOR USD 1 Month + 1.00%), 1.40%, 10/15/2036 (e) (aa)      1,252       1,238  
Series 2021-ROSS, Class A, (ICE LIBOR USD 1 Month + 1.15%), 1.55%, 05/15/2026 (e) (aa)      720       710  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Series 2021-ROSS, Class H, (ICE LIBOR USD 1 Month + 5.90%), 6.30%, 05/15/2026 (e) (aa)      270       264  
GS Mortgage Securities Trust, Series 2015-GC34, Class A4, 3.51%, 10/10/2048      3,129       3,134  
HONO Mortgage Trust, Series 2021-LULU, Class A, (ICE LIBOR USD 1 Month + 1.15%), 1.55%, 10/15/2036 (e) (aa)      4,410       4,334  
Morgan Stanley Bank of America Merrill Lynch Trust,     
Series 2013-C7, Class A4, 2.92%, 02/15/2046      1,860       1,860  
Series 2016-C29, Class A4, 3.33%, 05/15/2049      900       894  
Morgan Stanley Capital I Trust, Series 2014-150E, Class A, 3.91%, 09/09/2032 (e)      3,220       3,197  
One New York Plaza Trust,     
Series 2020-1NYP, Class AJ, (ICE LIBOR USD 1 Month + 1.25%), 1.65%, 01/15/2036 (e) (aa)      1,970       1,940  
Series 2020-1NYP, Class B, (ICE LIBOR USD 1 Month + 1.50%), 1.90%, 01/15/2036 (e) (aa)      1,200       1,179  
PFP Ltd., (Cayman Islands), Series 2019-6, Class C, (ICE LIBOR USD 1 Month + 2.10%), 2.53%, 04/14/2037 (e) (aa)      1,297       1,293  
VNDO Mortgage Trust, Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (e)      700       703  
Waikiki Beach Hotel Trust, Series 2019-WBM, Class D, (ICE LIBOR USD 1 Month + 2.03%), 2.43%, 12/15/2033 (e) (aa)      600       582  
WFRBS Commercial Mortgage Trust,     
Series 2013-C15, Class AS, 4.36%, 08/15/2046 (z)      1,000       1,006  
Series 2014-C19, Class A5, 4.10%, 03/15/2047      2,745       2,790  
    

 

 

  
Total Commercial Mortgage-Backed Securities
(Cost $79,800)		        77,351  
    

 

 

  
Convertible Bonds — 1.0%     
Communications — 0.3%     
Internet — 0.2%     
Airbnb, Inc., Zero Coupon, 03/15/2026 (e)      579       564  
Booking Holdings, Inc., 0.75%, 05/01/2025      393       567  
Uber Technologies, Inc., Zero Coupon, 12/15/2025      1,570       1,411  
Zillow Group, Inc., 1.38%, 09/01/2026      54       72  
    

 

 

  
       2,614  
    

 

 

  
Media — 0.1%     
Cable One, Inc., 1.13%, 03/15/2028      986       882  
DISH Network Corp., 3.38%, 08/15/2026      311       280  
Liberty Broadband Corp.,     
1.25%, 09/30/2050 (e)      375       359  
2.75%, 09/30/2050 (e)      870       858  
    

 

 

  
       2,379  
    

 

 

  
Total Communications        4,993  
    

 

 

  
Consumer Cyclical — 0.0% (g)     
Airlines — 0.0% (g)     
International Consolidated Airlines Group SA, (Spain), Reg. S, 1.13%, 05/18/2028    EUR 100       95  
    

 

 

  
Auto Manufacturers — 0.0% (g)     
Ford Motor Co., Zero Coupon, 03/15/2026      216       258  
    

 

 

  
Retail — 0.0% (g)     
National Vision Holdings, Inc., 2.50%, 05/15/2025      246       378  
    

 

 

  
Total Consumer Cyclical        731  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
    AMOUNT ($)    

        VALUE ($)      
Convertible Bonds — continued     
Consumer Non-cyclical — 0.1%     
Commercial Services — 0.0% (g)     
Shift4 Payments, Inc., Zero Coupon, 12/15/2025      292       306  
    

 

 

  
Healthcare - Services — 0.1%     
Anthem, Inc., 2.75%, 10/15/2042      117       816  
    

 

 

  
Total Consumer Non-cyclical        1,122  
    

 

 

  
Energy — 0.2%     
Oil & Gas — 0.2%     
Centennial Resource Production LLC, 3.25%, 04/01/2028      491       743  
CNX Resources Corp., 2.25%, 05/01/2026      538       932  
EQT Corp., 1.75%, 05/01/2026      404       958  
Pioneer Natural Resources Co., 0.25%, 05/15/2025      265       629  
    

 

 

  
Total Energy        3,262  
    

 

 

  
Financial — 0.4%     
Banks — 0.1%     
Barclays Bank plc, (United Kingdom),     
Zero Coupon, 02/04/2025      643       1,047  
Series VUN, Zero Coupon, 02/18/2025      969       1,032  
BofA Finance LLC, 0.13%, 09/01/2022      712       715  
    

 

 

  
       2,794  
    

 

 

  
Investment Companies — 0.3%     
Cerah Capital Ltd., (Malaysia), Reg. S, Zero Coupon, 08/08/2024      4,800       4,922  
    

 

 

  
Total Financial        7,716  
    

 

 

  
Industrial — 0.0% (g)     
Engineering & Construction — 0.0% (g)     
Cellnex Telecom SA, (Spain), Reg. S, 0.75%, 11/20/2031    EUR 400       381  
    

 

 

  
Technology — 0.0% (g)     
Semiconductors — 0.0% (g)     
Microchip Technology, Inc., 0.13%, 11/15/2024      435       493  
1.63%, 02/15/2025      91       289  
    

 

 

  
Total Technology        782  
    

 

 

  
Total Convertible Bonds
(Cost $17,616)		        18,987  
    

 

 

  
Corporate Bonds — 73.0%     
Basic Materials — 5.1%     
Chemicals — 1.5%     
Ashland LLC, 3.38%, 09/01/2031 (e)      432       381  
Axalta Coating Systems LLC, 3.38%, 02/15/2029 (e)      468       411  
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, (Multinational), 4.75%, 06/15/2027 (e)      199       191  
Braskem Finance Ltd., (Cayman Islands), 6.45%, 02/03/2024      225       237  
Chemours Co. (The),     
4.00%, 05/15/2026    EUR 100       106  
4.63%, 11/15/2029 (e)      1,050       963  
5.75%, 11/15/2028 (e)      727       709  
CNAC HK Finbridge Co. Ltd., (Hong Kong),     
Reg. S, 3.38%, 06/19/2024      3,400       3,385  
Reg. S, 4.13%, 07/19/2027      1,300       1,301  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Chemicals — continued     
Diamond BC BV, (Netherlands), 4.63%, 10/01/2029 (e)      570       512  
Element Solutions, Inc., 3.88%, 09/01/2028 (e)      2,033       1,896  
EverArc Escrow Sarl, (Luxembourg), 5.00%, 10/30/2029 (e)      1,216       1,111  
FIS Fabbrica Italiana Sintetici SpA, (Italy), Reg. S, 5.63%, 08/01/2027    EUR 100       105  
GC Treasury Center Co. Ltd., (Thailand),     
4.40%, 03/30/2032 (e)      3,500       3,552  
5.20%, 03/30/2052 (e)      800       813  
Herens Holdco Sarl, (Luxembourg), 4.75%, 05/15/2028 (e)      274       246  
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 (e)      1,205       1,220  
Kobe US Midco 2, Inc., 9.25% (cash), 11/01/2026 (e) (v)      86       83  
Monitchem HoldCo 3 SA, (Luxembourg), Reg. S, 5.25%, 03/15/2025    EUR 100       108  
NOVA Chemicals Corp., (Canada), 4.88%, 06/01/2024 (e)      415       421  
Olympus Water US Holding Corp., 6.25%, 10/01/2029 (e)      500       442  
Orbia Advance Corp. SAB de CV, (Mexico), 1.88%, 05/11/2026 (e)      449       421  
PMHC II, Inc., 9.00%, 02/15/2030 (e)      87       77  
Rain CII Carbon LLC / CII Carbon Corp., 7.25%, 04/01/2025 (e)      1,645       1,604  
SCIH Salt Holdings, Inc., 6.63%, 05/01/2029 (e)      471       424  
SCIL IV LLC / SCIL USA Holdings LLC, 5.38%, 11/01/2026 (e)      217       200  
SPCM SA, (France),     
3.13%, 03/15/2027 (e)      343       316  
3.38%, 03/15/2030 (e)      875       768  
TPC Group, Inc.,     
10.50%, 08/01/2024 (d) (e)      1,150       452  
10.88%, 08/01/2024 (d) (e)      783       804  
Tronox, Inc., 4.63%, 03/15/2029 (e)      1,715       1,603  
Valvoline, Inc., 3.63%, 06/15/2031 (e)      550       476  
Venator Finance Sarl / Venator Materials LLC, (Multinational),     
5.75%, 07/15/2025 (e)      1,835       1,475  
9.50%, 07/01/2025 (e)      400       418  
WR Grace Holdings LLC,     
4.88%, 06/15/2027 (e)      540       528  
5.63%, 08/15/2029 (e)      1,539       1,439  
    

 

 

  
       29,198  
    

 

 

  
Iron/Steel — 1.6%     
ABJA Investment Co. Pte Ltd., (Singapore), Reg. S, 5.45%, 01/24/2028      9,500       9,797  
Allegheny Technologies, Inc., 5.13%, 10/01/2031      201       188  
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP, (Canada), 8.75%, 07/15/2026 (e)      458       478  
Big River Steel LLC / BRS Finance Corp., 6.63%, 01/31/2029 (e)      2,141       2,248  
Commercial Metals Co.,     
4.13%, 01/15/2030      264       246  
4.38%, 03/15/2032      425       395  
CSN Resources SA, (Luxembourg), 7.63%, 04/17/2026 (e)      378       392  
Mineral Resources Ltd., (Australia), 8.13%, 05/01/2027 (e)      600       620  
Periama Holdings LLC, Reg. S, 5.95%, 04/19/2026      15,100       15,346  
POSCO Holdings, Inc., (South Korea), 2.38%, 11/12/2022 (e)      445       445  
Steel Dynamics, Inc., 5.00%, 12/15/2026      758       779  
TMS International Corp., 6.25%, 04/15/2029 (e)      200       190  
United States Steel Corp., 6.88%, 03/01/2029      373       389  
Vale Overseas Ltd., (Cayman Islands), 6.25%, 08/10/2026      440       485  
    

 

 

  
       31,998  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Mining — 2.0%     
Alcoa Nederland Holding BV, (Netherlands),     
5.50%, 12/15/2027 (e)      446       461  
6.13%, 05/15/2028 (e)      331       347  
Anglo American Capital plc, (United Kingdom), 4.88%, 05/14/2025 (e)      544       563  
Arconic Corp.,     
6.00%, 05/15/2025 (e)      21       22  
6.13%, 02/15/2028 (e)      110       110  
Bukit Makmur Mandiri Utama PT, (Indonesia), Reg. S, 7.75%, 02/10/2026      2,600       2,393  
China Hongqiao Group Ltd., (Cayman Islands), Reg. S, 6.25%, 06/08/2024      2,600       2,509  
Constellium SE, (France),     
3.75%, 04/15/2029 (e)      1,069       961  
5.63%, 06/15/2028 (e)      183       184  
Eldorado Gold Corp., (Canada), 6.25%, 09/01/2029 (e)      775       781  
First Quantum Minerals Ltd., (Canada),     
6.50%, 03/01/2024 (e)      785       790  
7.25%, 04/01/2023 (e)      589       589  
7.50%, 04/01/2025 (e)      561       569  
FMG Resources August 2006 Pty Ltd., (Australia), 5.13%, 05/15/2024 (e)      534       544  
Freeport-McMoRan, Inc.,     
4.55%, 11/14/2024      700       722  
5.00%, 09/01/2027      750       770  
Glencore Finance Canada Ltd., (Canada), 4.25%, 10/25/2022 (e)      965       971  
Glencore Funding LLC,     
1.63%, 04/27/2026 (e)      396       366  
4.00%, 03/27/2027 (e)      283       284  
4.13%, 05/30/2023 (e)      2,000       2,032  
4.13%, 03/12/2024 (e)      1,000       1,014  
4.63%, 04/29/2024 (e)      558       572  
Hecla Mining Co., 7.25%, 02/15/2028      775       813  
Hudbay Minerals, Inc., (Canada), 6.13%, 04/01/2029 (e)      775       798  
Kaiser Aluminum Corp., 4.63%, 03/01/2028 (e)      306       288  
Kinross Gold Corp., (Canada), 5.95%, 03/15/2024      407       425  
New Gold, Inc., (Canada),     
6.38%, 05/15/2025 (e)      350       349  
7.50%, 07/15/2027 (e)      1,721       1,786  
Novelis Corp.,     
3.25%, 11/15/2026 (e)      723       691  
3.88%, 08/15/2031 (e)      1,277       1,168  
4.75%, 01/30/2030 (e)      617       599  
Vedanta Resources Finance II plc, (United Kingdom),     
8.95%, 03/11/2025 (e)      200       194  
Reg. S, 8.95%, 03/11/2025      16,400       15,949  
    

 

 

  
       40,614  
    

 

 

  
Total Basic Materials        101,810  
    

 

 

  
Communications — 7.2%     
Advertising — 0.3%     
Clear Channel International BV, (Netherlands), 6.63%, 08/01/2025 (e)      419       426  
Clear Channel Outdoor Holdings, Inc.,     
5.13%, 08/15/2027 (e)      1,733       1,714  
7.50%, 06/01/2029 (e)      1,748       1,749  
7.75%, 04/15/2028 (e)      688       692  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Advertising — continued     
Outfront Media Capital LLC / Outfront Media Capital Corp.,     
4.25%, 01/15/2029 (e)      27       25  
5.00%, 08/15/2027 (e)      263       257  
Summer BC Holdco B Sarl, (Luxembourg), Reg. S, 5.75%, 10/31/2026    EUR 200       224  
Terrier Media Buyer, Inc., 8.88%, 12/15/2027 (e)      1,363       1,398  
    

 

 

  
       6,485  
    

 

 

  
Internet — 0.8%     
Acuris Finance US, Inc. / Acuris Finance Sarl, 5.00%, 05/01/2028 (e)      1,402       1,288  
ANGI Group LLC, 3.88%, 08/15/2028 (e)      118       100  
Arches Buyer, Inc., 4.25%, 06/01/2028 (e)      115       107  
Baidu, Inc., (Cayman Islands), 3.08%, 04/07/2025      1,600       1,574  
Cablevision Lightpath LLC,     
3.88%, 09/15/2027 (e)      643       601  
5.63%, 09/15/2028 (e)      1,050       958  
Expedia Group, Inc., 3.60%, 12/15/2023      1,086       1,096  
Iliad SA, (France), Reg. S, 2.38%, 06/17/2026    EUR 100       107  
ION Trading Technologies Sarl, (Luxembourg), 5.75%, 05/15/2028 (e)      200       193  
Match Group Holdings II LLC,     
3.63%, 10/01/2031 (e)      73       66  
4.63%, 06/01/2028 (e)      404       392  
Netflix, Inc., 4.38%, 11/15/2026      2,060       2,142  
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.,     
4.75%, 04/30/2027 (e)      164       156  
6.00%, 02/15/2028 (e)      94       82  
10.75%, 06/01/2028 (e)      483       504  
NortonLifeLock, Inc., 5.00%, 04/15/2025 (e)      585       585  
Prosus NV, (Netherlands),     
Reg. S, 3.06%, 07/13/2031      3,300       2,742  
3.26%, 01/19/2027 (e)      500       457  
Twitter, Inc.,     
3.88%, 12/15/2027 (e)      230       224  
5.00%, 03/01/2030 (e)      325       323  
Uber Technologies, Inc.,     
4.50%, 08/15/2029 (e)      384       361  
6.25%, 01/15/2028 (e)      5       5  
7.50%, 09/15/2027 (e)      673       717  
8.00%, 11/01/2026 (e)      1,193       1,268  
VeriSign, Inc., 5.25%, 04/01/2025      550       578  
    

 

 

  
       16,626  
    

 

 

  
Media — 2.5%     
Altice Financing SA, (Luxembourg),     
Reg. S, 3.00%, 01/15/2028    EUR 100       97  
Reg. S, 4.25%, 08/15/2029    EUR 107       105  
5.00%, 01/15/2028 (e)      515       462  
5.75%, 08/15/2029 (e)      855       776  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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.,     
4.25%, 02/01/2031 (e)      6,940       6,298  
4.25%, 01/15/2034 (e)      1,142       992  
4.50%, 05/01/2032      42       39  
4.50%, 06/01/2033 (e)      965       861  
4.75%, 03/01/2030 (e)      1,039       997  
4.75%, 02/01/2032 (e)      381       355  
5.00%, 02/01/2028 (e)      2,425       2,400  
5.13%, 05/01/2027 (e)      2,040       2,044  
Charter Communications Operating LLC / Charter Communications Operating Capital,     
5.25%, 04/01/2053      276       280  
5.50%, 04/01/2063      276       277  
CSC Holdings LLC,     
3.38%, 02/15/2031 (e)      200       168  
4.50%, 11/15/2031 (e)      200       179  
4.63%, 12/01/2030 (e)      4,035       3,374  
5.00%, 11/15/2031 (e)      1,125       943  
5.38%, 02/01/2028 (e)      825       801  
5.75%, 01/15/2030 (e)      1,499       1,344  
6.50%, 02/01/2029 (e)      500       506  
Diamond Sports Group LLC / Diamond Sports Finance Co.,     
5.38%, 08/15/2026 (e)      4,682       1,814  

6.63%, 08/15/2027 (e)

      10,239       2,125  
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.88%, 08/15/2027 (e)      321       316  
DISH DBS Corp.,     

5.00%, 03/15/2023

      1,164       1,167  

5.13%, 06/01/2029

      294       250  

5.25%, 12/01/2026 (e)

      1,875       1,785  

5.75%, 12/01/2028 (e)

      743       703  

5.88%, 07/15/2022

      638       641  

7.38%, 07/01/2028

      240       228  

7.75%, 07/01/2026

      4,570       4,533  

FactSet Research Systems, Inc., 2.90%, 03/01/2027

      370       360  

Gray Television, Inc., 7.00%, 05/15/2027 (e)

      78       81  
iHeartCommunications, Inc.,     

5.25%, 08/15/2027 (e)

      600       593  

8.38%, 05/01/2027

      770       797  

LCPR Senior Secured Financing DAC, (Ireland), 5.13%, 07/15/2029 (e)

      780       745  

News Corp., 3.88%, 05/15/2029 (e)

      425       402  

Nexstar Media, Inc., 5.63%, 07/15/2027 (e)

      251       255  
Radiate Holdco LLC / Radiate Finance, Inc.,     

4.50%, 09/15/2026 (e)

      675       650  

6.50%, 09/15/2028 (e)

      3,115       2,955  
Sinclair Television Group, Inc.,     

4.13%, 12/01/2030 (e)

      31       27  

5.13%, 02/15/2027 (e)

      36       33  
Sirius XM Radio, Inc.,     

3.13%, 09/01/2026 (e)

      324       306  

3.88%, 09/01/2031 (e)

      760       697  

4.00%, 07/15/2028 (e)

      154       146  

4.13%, 07/01/2030 (e)

      75       71  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     

5.50%, 07/01/2029 (e)

      134       136  
Tele Columbus AG, (Germany), Reg. S, 3.88%, 05/02/2025    EUR 144       148  
Telenet Finance Luxembourg Notes Sarl, (Luxembourg), 5.50%, 03/01/2028 (e)      200       193  
Univision Communications, Inc.,     
5.13%, 02/15/2025 (e)      454       454  
9.50%, 05/01/2025 (e)      1,795       1,885  
UPC Broadband Finco BV, (Netherlands), 4.88%, 07/15/2031 (e)      256       242  
UPCB Finance VII Ltd., (Cayman Islands), Reg. S, 3.63%, 06/15/2029    EUR 200       216  
Videotron Ltd., (Canada), 3.63%, 06/15/2029 (e)      82       75  
Virgin Media Finance plc, (United Kingdom), Reg. S, 3.75%, 07/15/2030    EUR 100       100  
Virgin Media Vendor Financing Notes IV DAC, (Ireland), 5.00%, 07/15/2028 (e)      395       379  
VZ Secured Financing BV, (Netherlands), 5.00%, 01/15/2032 (e)      1,475       1,379  
Ziggo Bond Co. BV, (Netherlands), 5.13%, 02/28/2030 (e)      210       195  

Ziggo BV, (Netherlands), 4.88%, 01/15/2030 (e)

      152       143  
    

 

 

  
       50,523  
    

 

 

  
Telecommunications — 3.6%     
Altice France Holding SA, (Luxembourg),     
6.00%, 02/15/2028 (e)      443       382  
10.50%, 05/15/2027 (e)      2,456       2,573  
Altice France SA, (France),     
Reg. S, 4.13%, 01/15/2029    EUR 400       400  
5.13%, 07/15/2029 (e)      1,316       1,180  
5.50%, 01/15/2028 (e)      155       144  
5.50%, 10/15/2029 (e)      1,088       976  
8.13%, 02/01/2027 (e)      4,118       4,243  
Avaya, Inc., 6.13%, 09/15/2028 (e)      285       281  
Bharti Airtel Ltd., (India), Reg. S, 4.38%, 06/10/2025      8,900       8,975  
CommScope Technologies LLC, 6.00%, 06/15/2025 (e)      845       807  
CommScope, Inc.,     
4.75%, 09/01/2029 (e)      312       288  
7.13%, 07/01/2028 (e)      428       385  
8.25%, 03/01/2027 (e)      459       447  
Connect Finco Sarl / Connect US Finco LLC, (Multinational), 6.75%, 10/01/2026 (e)      1,778       1,809  
Consolidated Communications, Inc., 6.50%, 10/01/2028 (e)      663       611  
Digicel International Finance Ltd. / Digicel international Holdings Ltd., (Multinational), 8.00%, 12/31/2026 (e)      5,725       5,310  
Digicel Ltd., (Bermuda), 6.75%, 03/01/2023 (e)      7,000       6,519  
Frontier Communications Holdings LLC,     
5.00%, 05/01/2028 (e)      238       228  
5.88%, 10/15/2027 (e)      769       765  
6.00%, 01/15/2030 (e)      218       202  
6.75%, 05/01/2029 (e)      902       866  
Globe Telecom, Inc., (Philippines),     
Reg. S, 3.00%, 07/23/2035      4,200       3,337  
Reg. S, (CMT Index 5 Year + 5.53%), 4.20%, 08/02/2026 (x) (aa)      5,800       5,619  
Iliad Holding SASU, (France),     
6.50%, 10/15/2026 (e)      2,150       2,156  
7.00%, 10/15/2028 (e)      968       969  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Intelsat Jackson Holdings SA, (Luxembourg),     
5.50%, 08/01/2023 (d) (bb) (cc)      3,425       —  (h) 
6.50%, 03/15/2030 (e)      1,170       1,167  
8.50%, 10/15/2024 (e) (d) (bb) (cc)      3,800       —  (h) 
9.75%, 07/15/2025 (e) (d) (bb) (cc)      1,875       —  (h) 
Level 3 Financing, Inc.,     
3.63%, 01/15/2029 (e)      465       409  
3.75%, 07/15/2029 (e)      255       226  
4.25%, 07/01/2028 (e)      116       107  
5.25%, 03/15/2026      250       250  
Ligado Networks LLC, 15.50% (PIK), 11/01/2023 (e) (v)      589       448  
Lorca Telecom Bondco SA, (Spain), Reg. S, 4.00%, 09/18/2027    EUR 119       127  
Lumen Technologies, Inc.,     
4.50%, 01/15/2029 (e)      152       131  
5.13%, 12/15/2026 (e)      1,371       1,307  
5.38%, 06/15/2029 (e)      461       409  
Series P, 7.60%, 09/15/2039      154       148  
Series U, 7.65%, 03/15/2042      192       185  
SoftBank Group Corp., (Japan), Reg. S, 5.00%, 04/15/2028    EUR 300       315  
Sprint Capital Corp.,     
6.88%, 11/15/2028      1,233       1,430  
8.75%, 03/15/2032      2,157       2,903  
Sprint Corp., 7.63%, 03/01/2026      147       166  
Switch Ltd.,     
3.75%, 09/15/2028 (e)      199       193  
4.13%, 06/15/2029 (e)      1,823       1,796  
Telecom Italia Capital SA, (Luxembourg), 6.00%, 09/30/2034      367       345  
Telecom Italia Finance SA, (Luxembourg), Reg. S, 7.75%, 01/24/2033    EUR 300       381  
Telecom Italia SpA, (Italy),     
Reg. S, 1.63%, 01/18/2029    EUR 200       186  
5.30%, 05/30/2024 (e)      200       203  
T-Mobile USA, Inc.,     
2.63%, 02/15/2029      224       204  
2.88%, 02/15/2031      437       394  
3.50%, 04/15/2031      1,055       994  
Viasat, Inc.,     
5.63%, 09/15/2025 (e)      114       111  
5.63%, 04/15/2027 (e)      893       880  
6.50%, 07/15/2028 (e)      132       127  
Viavi Solutions, Inc., 3.75%, 10/01/2029 (e)      618       580  
Vmed O2 UK Financing I plc, (United Kingdom),     
Reg. S, 4.00%, 01/31/2029    GBP 100       120  
4.25%, 01/31/2031 (e)      549       502  
4.75%, 07/15/2031 (e)      353       333  
Vodafone Group plc, (United Kingdom),     
Reg. S, (USD Semi-annual Swap Rate 5 Year + 3.05%), 6.25%, 10/03/2078 (aa)      200       206  
Reg. S, (EUR Swap Rate 5 Year + 3.23%), 3.00%, 08/27/2080 (aa)    EUR 100       101  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Zayo Group Holdings, Inc.,     

4.00%, 03/01/2027 (e)

      2,083       1,917  

6.13%, 03/01/2028 (e)

      2,681       2,399  
    

 

 

  
       71,172  
    

 

 

  

Total Communications

        144,806  
    

 

 

  
Consumer Cyclical — 12.2%     
Airlines — 1.1%     
Air Canada, (Canada), 3.88%, 08/15/2026 (e)      150       142  
American Airlines Group, Inc.,     
3.75%, 03/01/2025 (e)      580       528  
5.00%, 06/01/2022 (e)      504       504  
American Airlines, Inc., 11.75%, 07/15/2025 (e)      1,589       1,855  
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., (Multinational),     
5.50%, 04/20/2026 (e)      386       388  
5.75%, 04/20/2029 (e)      1,942       1,935  
British Airways 2013-1 Class A Pass Through Trust, 4.63%, 06/20/2024 (e)      221       223  
Cathay Pacific MTN Financing HK Ltd., (Hong Kong), Reg. S, 4.88%, 08/17/2026      2,200       2,124  
Delta Air Lines, Inc., 7.00%, 05/01/2025 (e)      297       319  
Deutsche Lufthansa AG, (Germany), Reg. S, 3.50%, 07/14/2029    EUR 100       102  
Finnair OYJ, (Finland), Reg. S, 4.25%, 05/19/2025    EUR 125       122  
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., (Cayman Islands), 5.75%, 01/20/2026 (e)      751       752  
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (e)      321       335  
Singapore Airlines Ltd., (Singapore), Reg. S, 3.00%, 07/20/2026      10,600       10,224  
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., (Cayman Islands), 8.00%, 09/20/2025 (e)      1       1  
United Airlines Pass Through Trust, Series 2020-1,     
Class A, 5.88%, 10/15/2027      93       95  
Class B, 4.88%, 01/15/2026      52       51  
United Airlines, Inc.,     
4.38%, 04/15/2026 (e)      2,187       2,153  
4.63%, 04/15/2029 (e)      1,221       1,161  
    

 

 

  
       23,014  
    

 

 

  
Apparel — 0.2%     
Crocs, Inc., 4.25%, 03/15/2029 (e)      326       288  
Kontoor Brands, Inc., 4.13%, 11/15/2029 (e)      450       412  
PVH Corp., 4.63%, 07/10/2025      840       858  
William Carter Co. (The), 5.63%, 03/15/2027 (e)      1,350       1,370  
Wolverine World Wide, Inc., 4.00%, 08/15/2029 (e)      1,450       1,287  
    

 

 

  
       4,215  
    

 

 

  
Auto Manufacturers — 1.4%     
Allison Transmission, Inc., 3.75%, 01/30/2031 (e)      979       891  
Ford Motor Co.,     

3.25%, 02/12/2032

      850       758  

4.75%, 01/15/2043

      5,793       5,236  

5.29%, 12/08/2046

      2,200       2,135  

7.40%, 11/01/2046

      1,275       1,479  

9.00%, 04/22/2025

      500       574  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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,

     
(ICE LIBOR USD 3 Month + 1.08%), 1.38%, 08/03/2022 (aa)      750       748  

2.30%, 02/10/2025

      813       772  

2.70%, 08/10/2026

      542       504  

2.90%, 02/16/2028

      577       521  

2.98%, 08/03/2022

      885       885  

3.63%, 06/17/2031

      200       181  

3.82%, 11/02/2027

      200       190  

4.00%, 11/13/2030

      393       370  

4.13%, 08/17/2027

      440       431  

4.13%, 08/04/2025

      597       595  

4.27%, 01/09/2027

      200       197  

5.11%, 05/03/2029

      209       211  

5.58%, 03/18/2024

      2,179       2,241  

General Motors Co., 5.40%, 10/02/2023

      1,016       1,052  
General Motors Financial Co., Inc.,     

2.75%, 06/20/2025

      1,000       972  

3.15%, 06/30/2022

      988       991  
3.95%, 04/13/2024      681       692  
Series C, (CMT Index 5 Year + 5.00%), 5.70%, 09/30/2030 (x) (aa)      5       5  
Hyundai Capital America,     
0.80%, 01/08/2024 (e)      1,257       1,200  
1.50%, 06/15/2026 (e)      674       614  
2.85%, 11/01/2022 (e)      1,214       1,218  
PM General Purchaser LLC, 9.50%, 10/01/2028 (e)      875       860  
RCI Banque SA, (France), Reg. S, (EUR Swap Rate 5 Year + 2.85%), 2.63%, 02/18/2030 (aa)    EUR 100       104  
Volkswagen Group of America Finance LLC,     
2.90%, 05/13/2022 (e)      222       223  
3.35%, 05/13/2025 (e)      400       399  
Volkswagen International Finance NV, (Netherlands), Reg. S, (EUR Swap Rate 9 Year + 3.36%), 4.38%, 03/28/2031 (x) (aa)    EUR 100       110  
Wabash National Corp., 4.50%, 10/15/2028 (e)      701       631  
    

 

 

  
       27,990  
    

 

 

  
Auto Parts & Equipment — 0.8%     
Adient Global Holdings Ltd., (Jersey), 4.88%, 08/15/2026 (e)      1,325       1,264  
American Axle & Manufacturing, Inc.,     
5.00%, 10/01/2029      2,050       1,923  
6.50%, 04/01/2027      187       185  
Clarios Global LP / Clarios US Finance Co., (Multinational),     
Reg. S, 4.38%, 05/15/2026    EUR 100       109  
6.25%, 05/15/2026 (e)      1,549       1,594  
8.50%, 05/15/2027 (e)      4,528       4,698  
Cooper-Standard Automotive, Inc., 5.63%, 11/15/2026 (e)      875       464  
Dana, Inc.,     
4.25%, 09/01/2030      950       869  
4.50%, 02/15/2032      825       741  
Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/2028 (e)      186       186  
Goodyear Tire & Rubber Co. (The),     
5.00%, 07/15/2029 (e)      223       208  
5.63%, 04/30/2033      410       381  
9.50%, 05/31/2025      105       111  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 Parts & Equipment — continued     
IHO Verwaltungs GmbH, (Germany), 4.75% (cash), 09/15/2026 (e) (v)      665       652  
Meritor, Inc., 4.50%, 12/15/2028 (e)      71       71  
Tenneco, Inc.,     
5.13%, 04/15/2029 (e)      500       497  
7.88%, 01/15/2029 (e)      139       146  
Titan International, Inc., 7.00%, 04/30/2028      1,025       1,028  
ZF North America Capital, Inc., 4.75%, 04/29/2025 (e)      465       467  
    

 

 

  
       15,594  
    

 

 

  
Distribution/Wholesale — 0.1%     

H&E Equipment Services, Inc., 3.88%, 12/15/2028 (e)

      1,875       1,756  

IAA, Inc., 5.50%, 06/15/2027 (e)

      28       28  
    

 

 

  
       1,784  
    

 

 

  
Entertainment — 1.5%     
AMC Entertainment Holdings, Inc.,     
7.50%, 02/15/2029 (e)      261       252  
10.00%, 06/15/2026 (e)      507       457  
Boyne USA, Inc., 4.75%, 05/15/2029 (e)      615       590  
Caesars Entertainment, Inc.,     
4.63%, 10/15/2029 (e)      1,249       1,172  
6.25%, 07/01/2025 (e)      2,080       2,150  
8.13%, 07/01/2027 (e)      2,152       2,307  
CCM Merger, Inc., 6.38%, 05/01/2026 (e)      1,232       1,244  
CDI Escrow Issuer, Inc., 5.75%, 04/01/2030 (e) (w)      615       621  
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op,     
5.50%, 05/01/2025 (e)      666       684  
6.50%, 10/01/2028      3       3  
Churchill Downs, Inc.,     
4.75%, 01/15/2028 (e)      228       221  
5.50%, 04/01/2027 (e)      90       91  
Cirsa Finance International Sarl, (Luxembourg), Reg. S, 4.75%, 05/22/2025    EUR 100       108  
CPUK Finance Ltd., (Jersey), Reg. S, 4.88%, 08/28/2025    GBP 100       128  
Everi Holdings, Inc., 5.00%, 07/15/2029 (e)      200       190  
Golden Entertainment, Inc., 7.63%, 04/15/2026 (e)      950       989  
International Game Technology plc, (United Kingdom),     
Reg. S, 3.50%, 06/15/2026    EUR 100       111  
4.13%, 04/15/2026 (e)      200       198  
6.25%, 01/15/2027 (e)      730       769  
Jacobs Entertainment, Inc., 6.75%, 02/15/2029 (e)      775       779  
Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029 (e)      658       635  
Live Nation Entertainment, Inc.,     
4.75%, 10/15/2027 (e)      292       285  
4.88%, 11/01/2024 (e)      488       490  
6.50%, 05/15/2027 (e)      735       783  
Magallanes, Inc.,     
5.14%, 03/15/2052 (e)      1,699       1,739  
5.39%, 03/15/2062 (e)      1,032       1,064  
Merlin Entertainments Ltd., (United Kingdom), 5.75%, 06/15/2026 (e)      200       197  
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 05/01/2029 (e)      1,079       999  
Motion Bondco DAC, (Ireland), 6.63%, 11/15/2027 (e)      1,150       1,081  
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In, 8.50%, 11/15/2027 (e)      98       108  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Penn National Gaming, Inc.,     
4.13%, 07/01/2029 (e)      25       23  
5.63%, 01/15/2027 (e)      1,175       1,164  
Powdr Corp., 6.00%, 08/01/2025 (e)      168       172  
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.,     
5.63%, 09/01/2029 (e)      750       642  
5.88%, 09/01/2031 (e)      706       604  
Scientific Games Holdings LP / Scientific Games US FinCo, Inc., 6.63%, 03/01/2030 (e)      625       616  
Scientific Games International, Inc.,     

5.00%, 10/15/2025 (e)

      396       406  

7.00%, 05/15/2028 (e)

      818       848  

8.25%, 03/15/2026 (e)

      2,208       2,299  

8.63%, 07/01/2025 (e)

      488       513  
SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/2025 (e)      402       417  
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025 (e)      338       353  
Vail Resorts, Inc., 6.25%, 05/15/2025 (e)      220       227  
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.,     

5.13%, 10/01/2029 (e)

      1,552       1,459  

7.75%, 04/15/2025 (e)

      99       103  
    

 

 

  
       30,291  
    

 

 

  
Food Service — 0.0% (g)     

Aramark Services, Inc., 5.00%, 02/01/2028 (e)

      41       40  
    

 

 

  
Home Builders — 1.2%     
Ashton Woods USA LLC / Ashton Woods Finance Co.,     

4.63%, 08/01/2029 (e)

      1,133       999  

6.63%, 01/15/2028 (e)

      400       410  
Beazer Homes USA, Inc.,     

5.88%, 10/15/2027

      1,325       1,281  

6.75%, 03/15/2025

      422       424  

7.25%, 10/15/2029

      1,150       1,156  
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, (Canada),     

4.88%, 02/15/2030 (e)

      2,047       1,831  

5.00%, 06/15/2029 (e)

      616       559  

6.25%, 09/15/2027 (e)

      1,975       1,934  
Century Communities, Inc.,     

3.88%, 08/15/2029 (e)

      688       617  

6.75%, 06/01/2027

      350       363  
Forestar Group, Inc.,     

3.85%, 05/15/2026 (e)

      790       737  

5.00%, 03/01/2028 (e)

      400       375  
KB Home,     

4.00%, 06/15/2031

      650       588  

4.80%, 11/15/2029

      400       386  
Lennar Corp., 4.75%, 11/15/2022      1,434       1,448  
M/I Homes, Inc., 4.95%, 02/01/2028      570       537  
Mattamy Group Corp., (Canada), 4.63%, 03/01/2030 (e)      2,225       2,090  
Shea Homes LP / Shea Homes Funding Corp., 4.75%, 02/15/2028 (e)      1,025       964  
STL Holding Co. LLC, 7.50%, 02/15/2026 (e)      1,525       1,540  
Taylor Morrison Communities, Inc.,     

5.13%, 08/01/2030 (e)

      2,171       2,128  

6.63%, 07/15/2027 (e)

      1,725       1,772  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Home Builders — continued     
Toll Brothers Finance Corp.,     

4.38%, 04/15/2023

      230       233  

4.88%, 11/15/2025

      203       209  
Tri Pointe Homes, Inc., 5.70%, 06/15/2028      1,475       1,472  
Williams Scotsman International, Inc., 4.63%, 08/15/2028 (e)      82       80  
    

 

 

  
       24,133  
    

 

 

  
Home Furnishings — 0.0% (g)     
Tempur Sealy International, Inc.,     
3.88%, 10/15/2031 (e)      126       107  
4.00%, 04/15/2029 (e)      123       112  
    

 

 

  
       219  
    

 

 

  
Housewares — 0.2%     
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025 (e)      124       128  
Newell Brands, Inc.,     
4.45%, 04/01/2026      375       377  
4.88%, 06/01/2025      425       438  
5.75%, 04/01/2046      173       181  
Scotts Miracle-Gro Co. (The), 4.00%, 04/01/2031      2,073       1,808  
SWF Escrow Issuer Corp., 6.50%, 10/01/2029 (e)      1,936       1,673  
    

 

 

  
       4,605  
    

 

 

  
Leisure Time — 0.5%     
Carnival Corp., (Panama),     
4.00%, 08/01/2028 (e)      985       916  
5.75%, 03/01/2027 (e)      1,034       985  
6.00%, 05/01/2029 (e)      1,070       1,008  
9.88%, 08/01/2027 (e)      1,145       1,266  
Reg. S, 10.13%, 02/01/2026    EUR 100       124  
10.50%, 02/01/2026 (e)      1,031       1,143  
Life Time, Inc.,     
5.75%, 01/15/2026 (e)      310       310  
8.00%, 04/15/2026 (e)      76       75  
Lindblad Expeditions LLC, 6.75%, 02/15/2027 (e)      64       64  
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029 (e)      74       65  
NCL Corp. Ltd., (Bermuda),     
5.88%, 03/15/2026 (e)      661       628  
7.75%, 02/15/2029 (e)      112       113  
NCL Finance Ltd., (Bermuda), 6.13%, 03/15/2028 (e)      182       169  
Royal Caribbean Cruises Ltd., (Liberia),     
5.38%, 07/15/2027 (e)      692       665  
5.50%, 08/31/2026 (e)      387       373  
5.50%, 04/01/2028 (e)      206       196  
11.50%, 06/01/2025 (e)      955       1,050  
Viking Cruises Ltd., (Bermuda),     
5.88%, 09/15/2027 (e)      200       182  
6.25%, 05/15/2025 (e)      500       468  
Viking Ocean Cruises Ship VII Ltd., (Bermuda), 5.63%, 02/15/2029 (e)      194       177  
Vista Outdoor, Inc., 4.50%, 03/15/2029 (e)      75       69  
    

 

 

  
       10,046  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Lodging — 3.3%     
Accor SA, (France), Reg. S, (EUR Swap Rate 5 Year + 4.56%), 4.38%, 01/30/2024 (x) (aa)    EUR 100       111  
Boyd Gaming Corp.,     
4.75%, 12/01/2027      191       189  
4.75%, 06/15/2031 (e)      862       831  
Champion Path Holdings Ltd., (British Virgin Islands), Reg. S, 4.50%, 01/27/2026      3,100       2,666  

Fortune Star BVI Ltd., (British Virgin Islands),

     

Reg. S, 5.00%, 05/18/2026

      2,900       2,453  

Reg. S, 5.95%, 10/19/2025

      10,800       9,833  

Reg. S, 6.85%, 07/02/2024

      2,500       2,368  
Hilton Domestic Operating Co., Inc.,     

3.63%, 02/15/2032 (e)

      1,000       900  

4.00%, 05/01/2031 (e)

      28       27  

4.88%, 01/15/2030

      357       356  

5.75%, 05/01/2028 (e)

      443       458  

Hyatt Hotels Corp., 1.30%, 10/01/2023

      891       869  

Melco Resorts Finance Ltd., (Cayman Islands),

     

Reg. S, 4.88%, 06/06/2025

      4,200       3,848  

Reg. S, 5.75%, 07/21/2028

      15,900       14,000  
MGM Resorts International,     

4.75%, 10/15/2028

      2,780       2,691  

5.75%, 06/15/2025

      398       408  

Station Casinos LLC, 4.63%, 12/01/2031 (e)

      588       538  

Studio City Finance Ltd., (British Virgin Islands), Reg. S, 6.00%, 07/15/2025

      9,640       8,821  

Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025 (e)

      600       591  

Travel + Leisure Co., 6.60%, 10/01/2025

      190       202  

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 4.25%, 05/30/2023 (e)

      840       838  
Wynn Macau Ltd., (Cayman Islands),     

4.88%, 10/01/2024 (e)

      500       468  

Reg. S, 5.50%, 01/15/2026

      12,250       11,148  

5.50%, 10/01/2027 (e)

      1,330       1,150  
    

 

 

  
       65,764  
    

 

 

  
Retail — 1.8%     
1011778 BC ULC / New Red Finance, Inc., (Canada),     

3.88%, 01/15/2028 (e)

      76       72  

4.00%, 10/15/2030 (e)

      1,043       947  

4.38%, 01/15/2028 (e)

      152       146  

5.75%, 04/15/2025 (e)

      77       79  

Arcos Dorados Holdings, Inc., (British Virgin Islands), 5.88%, 04/04/2027 (e)

      200       205  

Arko Corp., 5.13%, 11/15/2029 (e)

      70       64  
Asbury Automotive Group, Inc.,     

4.75%, 03/01/2030

      3       3  

5.00%, 02/15/2032 (e)

      30       28  
At Home Group, Inc.,     

4.88%, 07/15/2028 (e)

      300       265  

7.13%, 07/15/2029 (e)

      1,475       1,280  
Bath & Body Works, Inc.,     

6.63%, 10/01/2030 (e)

      3       3  

6.88%, 11/01/2035

      161       166  

9.38%, 07/01/2025 (e)

      349       398  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     

Burger King France SAS, (France), Reg. S, (ICE LIBOR EUR 3 Month + 4.75%), 4.75%, 11/01/2026 (aa)

    EUR 100       110  

Carrols Restaurant Group, Inc., 5.88%, 07/01/2029 (e)

      925       754  
Carvana Co.,     

4.88%, 09/01/2029 (e)

      79       66  

5.50%, 04/15/2027 (e)

      513       458  

Dufry One BV, (Netherlands), Reg. S, 2.50%, 10/15/2024

    EUR 100       108  

eG Global Finance plc, (United Kingdom),

     

Reg. S, 4.38%, 02/07/2025

    EUR 922       990  

Reg. S, 6.25%, 10/30/2025

    EUR 1,636       1,802  

6.75%, 02/07/2025 (e)

      1,372       1,369  

8.50%, 10/30/2025 (e)

      200       205  
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.,     

4.63%, 01/15/2029 (e)

      1,049       990  

6.75%, 01/15/2030 (e)

      1,435       1,320  

Food Service Project SA, (Spain), Reg. S, 5.50%, 01/21/2027

    EUR 109       118  

Foundation Building Materials, Inc., 6.00%, 03/01/2029 (e)

      890       801  

Gap, Inc. (The), 3.88%, 10/01/2031 (e)

      1,350       1,176  

Guitar Center, Inc., 8.50%, 01/15/2026 (e)

      433       442  

GYP Holdings III Corp., 4.63%, 05/01/2029 (e)

      83       77  

IRB Holding Corp., 6.75%, 02/15/2026 (e)

      444       452  

Jollibee Worldwide Pte Ltd., (Singapore), Reg. S, 4.13%, 01/24/2026

      4,200       4,215  

Ken Garff Automotive LLC, 4.88%, 09/15/2028 (e)

      3       3  

LBM Acquisition LLC, 6.25%, 01/15/2029 (e)

      1,196       1,120  

LCM Investments Holdings II LLC, 4.88%, 05/01/2029 (e)

      583       551  

Lithia Motors, Inc., 3.88%, 06/01/2029 (e)

      13       12  

NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.13%, 04/01/2026 (e)

      181       186  

Park River Holdings, Inc., 5.63%, 02/01/2029 (e)

      2,125       1,716  

Penske Automotive Group, Inc., 3.75%, 06/15/2029 (e)

      252       226  
PetSmart, Inc. / PetSmart Finance Corp.,     

4.75%, 02/15/2028 (e)

      531       514  

7.75%, 02/15/2029 (e)

      1,840       1,895  
Sally Holdings LLC / Sally Capital, Inc.,     

5.63%, 12/01/2025

      800       811  

8.75%, 04/30/2025 (e)

      1,433       1,497  
SRS Distribution, Inc.,     

4.63%, 07/01/2028 (e)

      946       903  

6.00%, 12/01/2029 (e)

      1,070       990  

6.13%, 07/01/2029 (e)

      788       727  

Staples, Inc., 7.50%, 04/15/2026 (e)

      959       931  

Stonegate Pub Co. Financing 2019 plc, (United Kingdom), Reg. S, 8.25%, 07/31/2025

    GBP 200       267  

Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.00%, 06/01/2031 (e)

      850       797  

Superior Plus LP / Superior General Partner, Inc., (Canada), 4.50%, 03/15/2029 (e)

      1,675       1,574  

Tendam Brands SAU, (Spain), Reg. S, 5.00%, 09/15/2024

    EUR 100       110  

White Cap Buyer LLC, 6.88%, 10/15/2028 (e)

      607       575  

White Cap Parent LLC, 8.25% (cash), 03/15/2026 (e) (v)

      586       576  
Yum! Brands, Inc., 5.38%, 04/01/2032 (w)      50       50  
    

 

 

  
       35,140  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Toys/Games/Hobbies — 0.1%     
Mattel, Inc.,     
3.38%, 04/01/2026 (e)      280       274  
3.75%, 04/01/2029 (e)      382       368  
5.45%, 11/01/2041      401       423  
5.88%, 12/15/2027 (e)      481       503  
    

 

 

  
       1,568  
    

 

 

  
Total Consumer Cyclical        244,403  
    

 

 

  
Consumer Non-cyclical — 7.7%     
Agriculture — 0.3%     
BAT Capital Corp., 3.22%, 08/15/2024      86       86  
BAT International Finance plc, (United Kingdom), 3.95%, 06/15/2025 (e)      1,108       1,103  
Imperial Brands Finance plc, (United Kingdom),     
3.13%, 07/26/2024 (e)      643       638  
3.75%, 07/21/2022 (e)      1,845       1,849  
Vector Group Ltd., 5.75%, 02/01/2029 (e)      1,300       1,184  
Viterra Finance BV, (Netherlands), 2.00%, 04/21/2026 (e)      700       645  
    

 

 

  
       5,505  
    

 

 

  
Commercial Services — 2.4%     
Adani Ports & Special Economic Zone Ltd., (India), 3.38%, 07/24/2024 (e)      800       789  
Adtalem Global Education, Inc., 5.50%, 03/01/2028 (e)      500       484  
Albion Financing 1 Sarl / Aggreko Holdings, Inc., (Luxembourg), 6.13%, 10/15/2026 (e)      200       193  
Allied Universal Holdco LLC / Allied Universal Finance Corp.,     
6.00%, 06/01/2029 (e)      2,316       2,038  
6.63%, 07/15/2026 (e)      4,572       4,626  
9.75%, 07/15/2027 (e)      964       995  
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 Sarl, (Multinational), 4.63%, 06/01/2028 (e)      3,156       2,958  
AMN Healthcare, Inc., 4.00%, 04/15/2029 (e)      900       834  
APi Escrow Corp., 4.75%, 10/15/2029 (e)      450       418  
APX Group, Inc.,     
5.75%, 07/15/2029 (e)      108       99  
6.75%, 02/15/2027 (e)      154       157  
Ashtead Capital, Inc., 4.38%, 08/15/2027 (e)      1,027       1,040  
Autostrade per l’Italia SpA, (Italy),     
Reg. S, 1.88%, 11/04/2025    EUR 100       109  
Reg. S, 2.00%, 01/15/2030    EUR 400       417  
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 04/01/2028 (e)      1,000       958  
Avis Budget Finance plc, (Jersey), Reg. S, 4.75%, 01/30/2026    EUR 300       333  
BCP V Modular Services Finance II plc, (United Kingdom),     
Reg. S, 4.75%, 11/30/2028    EUR 200       212  
Reg. S, 6.13%, 11/30/2028    GBP 100       124  
Block, Inc., 3.50%, 06/01/2031 (e)      1,152       1,059  
CoreLogic, Inc., 4.50%, 05/01/2028 (e)      919       867  
EC Finance plc, (United Kingdom), Reg. S, 3.00%, 10/15/2026    EUR 182       197  
eHi Car Services Ltd., (Cayman Islands), Reg. S, 7.00%, 09/21/2026      2,600       1,794  
Garda World Security Corp., (Canada),     
4.63%, 02/15/2027 (e)      58       56  
9.50%, 11/01/2027 (e)      85       87  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Gartner, Inc.,     
3.63%, 06/15/2029 (e)      299       280  
4.50%, 07/01/2028 (e)      111       111  
HealthEquity, Inc., 4.50%, 10/01/2029 (e)      244       231  
Herc Holdings, Inc., 5.50%, 07/15/2027 (e)      500       507  
Hertz Corp. (The),     
4.63%, 12/01/2026 (e)      632       592  
5.00%, 12/01/2029 (e)      775       703  
India Toll Roads, (Mauritius), Reg. S, 5.50%, 08/19/2024      4,900       4,900  
IPD 3 BV, (Netherlands), Reg. S, 5.50%, 12/01/2025    EUR 100       111  
Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/2026 (e)      41       39  
Metis Merger Sub LLC, 6.50%, 05/15/2029 (e)      2,432       2,289  
MPH Acquisition Holdings LLC, 5.50%, 09/01/2028 (e)      1,418       1,361  
NESCO Holdings II, Inc., 5.50%, 04/15/2029 (e)      797       783  
Nielsen Finance LLC / Nielsen Finance Co.,     
5.63%, 10/01/2028 (e)      72       73  
5.88%, 10/01/2030 (e)      201       201  
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/2029 (e)      76       73  
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 01/15/2028 (e)      124       122  
Rekeep SpA, (Italy), Reg. S, 7.25%, 02/01/2026    EUR 100       115  
Royal Capital BV, (Netherlands), Reg. S, (CMT Index 5 Year + 7.40%), 5.00%, 02/05/2026 (x) (aa)      6,000       5,949  
Sabre GLBL, Inc.,     
7.38%, 09/01/2025 (e)      891       931  
9.25%, 04/15/2025 (e)      212       235  
Service Corp. International, 4.00%, 05/15/2031      368       342  
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026 (e)      1,173       1,130  
Sotheby’s, 7.38%, 10/15/2027 (e)      1,212       1,241  
Sotheby’s / Bidfair Holdings, Inc., 5.88%, 06/01/2029 (e)      299       289  
Triton Container International Ltd., (Bermuda),     
0.80%, 08/01/2023 (e)      400       388  
1.15%, 06/07/2024 (e)      223       212  
United Rentals North America, Inc.,     
3.88%, 02/15/2031      625       589  
4.88%, 01/15/2028      2,075       2,108  
Verscend Escrow Corp., 9.75%, 08/15/2026 (e)      1,245       1,295  
    

 

 

  
       48,044  
    

 

 

  
Cosmetics/Personal Care — 0.0% (g)     
Coty, Inc., 5.00%, 04/15/2026 (e)      457       445  
Coty, Inc. / HFC Prestige Products, Inc. / HFC Prestige International US LLC, 4.75%, 01/15/2029 (e)      34       32  
    

 

 

  
       477  
    

 

 

  
Food — 1.5%     
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC,     
3.25%, 03/15/2026 (e)      80       76  
4.88%, 02/15/2030 (e)      213       207  
5.88%, 02/15/2028 (e)      358       358  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
B&G Foods, Inc., 5.25%, 09/15/2027      461       439  
C&S Group Enterprises LLC, 5.00%, 12/15/2028 (e)      675       582  
China Modern Dairy Holdings Ltd., (Cayman Islands), Reg. S, 2.13%, 07/14/2026      1,800       1,633  
Chobani LLC / Chobani Finance Corp., Inc.,     
4.63%, 11/15/2028 (e)      605       558  
7.50%, 04/15/2025 (e)      2,672       2,584  
JBS USA LUX SA / JBS USA Finance, Inc., (Multinational), 6.75%, 02/15/2028 (e)      555       584  
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., (Multinational),     
3.75%, 12/01/2031 (e)      231       214  
6.50%, 04/15/2029 (e)      2,245       2,376  
JGSH Philippines Ltd., (British Virgin Islands), Reg. S, 4.13%, 07/09/2030      6,000       5,838  
Kraft Heinz Foods Co.,     
4.88%, 10/01/2049      343       362  
5.20%, 07/15/2045      3,550       3,837  
5.50%, 06/01/2050      767       878  
7.13%, 08/01/2039 (e)      500       632  
Lamb Weston Holdings, Inc.,     
4.13%, 01/31/2030 (e)      418       390  
4.38%, 01/31/2032 (e)      1,218       1,138  
NBM US Holdings, Inc., 7.00%, 05/14/2026 (e)      432       448  
Performance Food Group, Inc., 4.25%, 08/01/2029 (e)      199       181  
Pilgrim’s Pride Corp.,     
3.50%, 03/01/2032 (e)      465       407  
4.25%, 04/15/2031 (e)      1,348       1,247  
5.88%, 09/30/2027 (e)      731       739  
Post Holdings, Inc.,     
4.50%, 09/15/2031 (e)      775       685  
4.63%, 04/15/2030 (e)      1,680       1,513  
5.63%, 01/15/2028 (e)      160       157  
Quatrim SASU, (France), Reg. S, 5.88%, 01/15/2024    EUR 100       110  
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 4.63%, 03/01/2029 (e)      155       145  
US Foods, Inc.,     
4.75%, 02/15/2029 (e)      87       83  
6.25%, 04/15/2025 (e)      758       779  
    

 

 

  
       29,180  
    

 

 

  
Healthcare - Products — 0.3%     
Avantor Funding, Inc.,     
3.88%, 11/01/2029 (e)      623       586  
4.63%, 07/15/2028 (e)      442       436  
Mozart Debt Merger Sub, Inc.,     
3.88%, 04/01/2029 (e)      1,200       1,108  
5.25%, 10/01/2029 (e)      3,708       3,466  
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA,     
7.25%, 02/01/2028 (e)      1,350       1,391  
7.38%, 06/01/2025 (e)      206       212  
    

 

 

  
       7,199  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 1.5%     
Acadia Healthcare Co., Inc., 5.00%, 04/15/2029 (e)      37       36  
AHP Health Partners, Inc., 5.75%, 07/15/2029 (e)      255       237  
Akumin, Inc., (Canada), 7.00%, 11/01/2025 (e)      67       56  
CAB SELAS, (France), Reg. S, 3.38%, 02/01/2028    EUR 100       105  
Catalent Pharma Solutions, Inc., 3.13%, 02/15/2029 (e)      397       361  
Centene Corp.,     
2.45%, 07/15/2028      2,813       2,570  
2.50%, 03/01/2031      784       694  
2.63%, 08/01/2031      1,519       1,352  
4.25%, 12/15/2027      661       663  
Charles River Laboratories International, Inc., 4.00%, 03/15/2031 (e)      116       109  
CHS / Community Health Systems, Inc.,     
5.25%, 05/15/2030 (e)      775       745  
5.63%, 03/15/2027 (e)      830       847  
6.00%, 01/15/2029 (e)      451       456  
6.13%, 04/01/2030 (e)      488       454  
8.00%, 03/15/2026 (e)      1,441       1,501  
DaVita, Inc., 3.75%, 02/15/2031 (e)      2,975       2,607  
Encompass Health Corp.,     
4.50%, 02/01/2028      170       168  
4.63%, 04/01/2031      305       285  
HCA, Inc.,     
3.50%, 09/01/2030      427       411  
4.63%, 03/15/2052 (e)      352       355  
5.25%, 04/15/2025      800       843  
5.25%, 06/15/2026      436       461  
5.38%, 02/01/2025      805       838  
5.38%, 09/01/2026      46       48  
5.63%, 09/01/2028      1,272       1,374  
IQVIA, Inc., 5.00%, 10/15/2026 (e)      397       405  
Legacy LifePoint Health LLC,     
4.38%, 02/15/2027 (e)      40       38  
6.75%, 04/15/2025 (e)      590       608  
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029 (e)      343       320  
Molina Healthcare, Inc., 3.88%, 05/15/2032 (e)      477       454  
Prime Healthcare Services, Inc., 7.25%, 11/01/2025 (e)      1,442       1,478  
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 9.75%, 12/01/2026 (e)      1,333       1,395  
Surgery Center Holdings, Inc.,     
6.75%, 07/01/2025 (e)      460       458  
10.00%, 04/15/2027 (e)      446       469  
Syneos Health, Inc., 3.63%, 01/15/2029 (e)      769       705  
Tenet Healthcare Corp.,     
4.25%, 06/01/2029 (e)      3,107       2,988  
4.38%, 01/15/2030 (e)      1,150       1,104  
4.88%, 01/01/2026 (e)      728       737  
5.13%, 11/01/2027 (e)      552       555  
6.13%, 10/01/2028 (e)      334       339  
6.25%, 02/01/2027 (e)      648       665  
    

 

 

  
       30,294  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Household Products/Wares — 0.1%     
ACCO Brands Corp., 4.25%, 03/15/2029 (e)      784       719  
Central Garden & Pet Co., 4.13%, 10/15/2030      101       91  
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 7.00%, 12/31/2027 (e)      1,525       1,247  
    

 

 

  
       2,057  
    

 

 

  
Pharmaceuticals — 1.6%     
180 Medical, Inc., 3.88%, 10/15/2029 (e)      200       189  
AdaptHealth LLC,     
4.63%, 08/01/2029 (e)      150       136  
5.13%, 03/01/2030 (e)      191       177  
6.13%, 08/01/2028 (e)      1,840       1,826  
Bausch Health Cos., Inc., (Canada),     
5.25%, 01/30/2030 (e)      4,900       3,849  
5.25%, 02/15/2031 (e)      2,746       2,149  
6.13%, 04/15/2025 (e)      223       225  
6.13%, 02/01/2027 (e)      146       147  
6.25%, 02/15/2029 (e)      2,473       2,028  
9.00%, 12/15/2025 (e)      1,172       1,214  
Bayer US Finance II LLC,     
3.88%, 12/15/2023 (e)      554       560  
4.25%, 12/15/2025 (e)      1,300       1,324  
Cheplapharm Arzneimittel GmbH, (Germany),     
Reg. S, 4.38%, 01/15/2028    EUR 100       109  
5.50%, 01/15/2028 (e)      322       312  
Embecta Corp.,     
5.00%, 02/15/2030 (e)      550       519  
6.75%, 02/15/2030 (e) (w)      300       300  
Endo Dac / Endo Finance LLC / Endo Finco, Inc., (Multinational), 9.50%, 07/31/2027 (e)      464       407  
Endo Luxembourg Finance Co. I Sarl / Endo US, Inc., (Luxembourg), 6.13%, 04/01/2029 (e)      1,072       978  
Gruenenthal GmbH, (Germany), Reg. S, 4.13%, 05/15/2028    EUR 100       108  
Health & Happiness H&H International Holdings Ltd., (Cayman Islands), Reg. S, 5.63%, 10/24/2024      9,800       8,720  
Jazz Securities DAC, (Ireland), 4.38%, 01/15/2029 (e)      867       841  
Nidda Healthcare Holding GmbH, (Germany), Reg. S, 3.50%, 09/30/2024    EUR 200       212  
Organon & Co. / Organon Foreign Debt Co-Issuer BV,     
4.13%, 04/30/2028 (e)      200       191  
5.13%, 04/30/2031 (e)      1,550       1,501  
Owens & Minor, Inc., 6.63%, 04/01/2030 (e)      164       169  
P&L Development LLC / PLD Finance Corp., 7.75%, 11/15/2025 (e)      1,163       1,070  
Par Pharmaceutical, Inc., 7.50%, 04/01/2027 (e)      1,473       1,374  
PRA Health Sciences, Inc., 2.88%, 07/15/2026 (e)      254       242  
Teva Pharmaceutical Finance Netherlands II BV, (Netherlands), 4.50%, 03/01/2025    EUR 200       223  
Vizient, Inc., 6.25%, 05/15/2027 (e)      383       394  
    

 

 

  
       31,494  
    

 

 

  
Total Consumer Non-cyclical        154,250  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Energy — 7.9%     
Coal — 0.7%     
Adaro Indonesia PT, (Indonesia), Reg. S, 4.25%, 10/31/2024      5,350       5,272  
Coronado Finance Pty Ltd., (Australia), 10.75%, 05/15/2026 (e)      812       870  
Indika Energy Capital IV Pte Ltd., (Singapore), Reg. S, 8.25%, 10/22/2025      7,200       7,276  
    

 

 

  
       13,418  
    

 

 

  
Energy - Alternate Sources — 1.1%     
Enviva Partners LP / Enviva Partners Finance Corp., 6.50%, 01/15/2026 (e)      444       456  
Greenko Dutch BV, (Netherlands), Reg. S, 3.85%, 03/29/2026      6,887       6,583  
Greenko Solar Mauritius Ltd., (Mauritius), Reg. S, 5.55%, 01/29/2025      5,850       5,882  
India Green Energy Holdings, (Mauritius), Reg. S, 5.38%, 04/29/2024      7,800       7,858  
ReNew Power Pvt Ltd., (India), Reg. S, 5.88%, 03/05/2027      2,300       2,262  
TerraForm Power Operating LLC, 4.75%, 01/15/2030 (e)      3       3  
    

 

 

  
       23,044  
    

 

 

  
Oil & Gas — 4.0%     
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 02/15/2026 (e)      868       901  
Antero Resources Corp.,     
5.38%, 03/01/2030 (e)      504       515  
8.38%, 07/15/2026 (e)      929       1,024  
Apache Corp.,     
4.75%, 04/15/2043      250       237  
5.10%, 09/01/2040      420       423  
5.25%, 02/01/2042      53       53  
Ascent Resources Utica Holdings LLC / ARU Finance Corp.,     
5.88%, 06/30/2029 (e)      606       599  
7.00%, 11/01/2026 (e)      600       615  
8.25%, 12/31/2028 (e)      975       1,024  
9.00%, 11/01/2027 (e)      660       904  
Athabasca Oil Corp., (Canada), 9.75%, 11/01/2026 (e)      1,600       1,704  
Callon Petroleum Co.,     
6.13%, 10/01/2024      109       108  
6.38%, 07/01/2026      430       428  
8.00%, 08/01/2028 (e)      1,125       1,186  
9.00%, 04/01/2025 (e)      598       634  
Cenovus Energy, Inc., (Canada), 5.38%, 07/15/2025      605       639  
Centennial Resource Production LLC, 6.88%, 04/01/2027 (e)      48       48  
Chesapeake Energy Corp.,     
5.50%, 02/01/2026 (e)      500       512  
5.88%, 02/01/2029 (e)      635       656  
6.75%, 04/15/2029 (e)      1,332       1,412  
Citgo Holding, Inc., 9.25%, 08/01/2024 (e)      470       475  
CITGO Petroleum Corp., 7.00%, 06/15/2025 (e)      179       180  
CNX Resources Corp., 7.25%, 03/14/2027 (e)      1,932       2,044  
Colgate Energy Partners III LLC,     
5.88%, 07/01/2029 (e)      434       448  
7.75%, 02/15/2026 (e)      422       450  
Comstock Resources, Inc.,     
5.88%, 01/15/2030 (e)      641       631  
6.75%, 03/01/2029 (e)      2,375       2,450  
7.50%, 05/15/2025 (e)      447       454  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Continental Resources, Inc.,     
2.27%, 11/15/2026 (e)      300       280  
3.80%, 06/01/2024      1,800       1,813  
Coterra Energy, Inc., 4.38%, 06/01/2024 (e)      660       674  
Crescent Energy Finance LLC, 7.25%, 05/01/2026 (e)      818       822  
CrownRock LP / CrownRock Finance, Inc., 5.63%, 10/15/2025 (e)      1,464       1,492  
Devon Energy Corp.,     
5.25%, 09/15/2024      1,100       1,150  
5.25%, 10/15/2027      1,165       1,208  
8.25%, 08/01/2023      751       796  
Diamondback Energy, Inc., 4.25%, 03/15/2052      239       236  
Endeavor Energy Resources LP / EER Finance, Inc., 6.63%, 07/15/2025 (e)      1,659       1,721  
EQT Corp.,     
3.13%, 05/15/2026 (e)      243       235  
6.63%, 02/01/2025      404       427  
Great Western Petroleum LLC / Great Western Finance Corp., 12.00%, 09/01/2025 (e)      68       76  
Gulfport Energy Corp., 8.00%, 05/17/2026 (e)      69       72  
Harbour Energy plc, (United Kingdom), 5.50%, 10/15/2026 (e)      264       261  
Hilcorp Energy I LP / Hilcorp Finance Co.,     
6.00%, 02/01/2031 (e)      1,438       1,442  
6.25%, 11/01/2028 (e)      38       38  
Laredo Petroleum, Inc., 9.50%, 01/15/2025      676       705  
Lukoil Capital DAC, (Ireland), 2.80%, 04/26/2027 (e)      335       178  
Lundin Energy Finance BV, (Netherlands), 2.00%, 07/15/2026 (e)      914       852  
Matador Resources Co., 5.88%, 09/15/2026      1,637       1,667  
Medco Oak Tree Pte Ltd., (Singapore), Reg. S, 7.38%, 05/14/2026      10,400       10,483  
MEG Energy Corp., (Canada),     
5.88%, 02/01/2029 (e)      400       404  
6.50%, 01/15/2025 (e)      839       853  
7.13%, 02/01/2027 (e)      1,050       1,099  
Murphy Oil Corp., 6.88%, 08/15/2024      380       383  
Nabors Industries Ltd., (Bermuda),     
7.25%, 01/15/2026 (e)      405       405  
7.50%, 01/15/2028 (e)      2,332       2,274  
Nabors Industries, Inc.,     
5.75%, 02/01/2025      200       195  
7.38%, 05/15/2027 (e)      380       395  
Neptune Energy Bondco plc, (United Kingdom), Reg. S, 6.63%, 05/15/2025      200       200  
Northern Oil and Gas, Inc., 8.13%, 03/01/2028 (e)      853       889  
Oasis Petroleum, Inc., 6.38%, 06/01/2026 (e)      125       128  
Occidental Petroleum Corp.,     
2.70%, 02/15/2023      72       72  
4.30%, 08/15/2039      132       125  
4.40%, 04/15/2046      1,325       1,259  
4.40%, 08/15/2049      86       81  
4.50%, 07/15/2044      777       742  
4.63%, 06/15/2045      1,401       1,359  
5.50%, 12/01/2025      100       105  
5.55%, 03/15/2026      873       925  
6.20%, 03/15/2040      1,042       1,157  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
6.45%, 09/15/2036      300       353  
6.63%, 09/01/2030      1,688       1,937  
6.95%, 07/01/2024      421       452  
7.15%, 05/15/2028      675       756  
7.88%, 09/15/2031      500       624  
8.88%, 07/15/2030      1,160       1,485  
Ovintiv Exploration, Inc., 5.63%, 07/01/2024      651       685  
Parkland Corp., (Canada), 4.50%, 10/01/2029 (e)      875       811  
Parsley Energy LLC / Parsley Finance Corp., 5.63%, 10/15/2027 (e)      623       644  
PDC Energy, Inc.,     
5.75%, 05/15/2026      660       669  
6.13%, 09/15/2024      240       243  
Petroleos Mexicanos, (Mexico), 6.88%, 08/04/2026      603       631  
Precision Drilling Corp., (Canada), 6.88%, 01/15/2029 (e)      600       609  
Range Resources Corp., 4.75%, 02/15/2030 (e)      900       894  
Repsol International Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 4.41%), 4.25%, 09/11/2028 (x) (aa)    EUR 100       111  
Rockcliff Energy II LLC, 5.50%, 10/15/2029 (e)      691       692  
Saudi Arabian Oil Co., (Saudi Arabia), 2.88%, 04/16/2024 (e)      250       249  
SM Energy Co.,     
5.63%, 06/01/2025      400       400  
6.50%, 07/15/2028      69       71  
6.63%, 01/15/2027      40       41  
10.00%, 01/15/2025 (e)      1,591       1,737  
Southwestern Energy Co.,     
4.75%, 02/01/2032      110       110  
5.38%, 02/01/2029      165       168  
5.38%, 03/15/2030      1,550       1,575  
5.95%, 01/23/2025      3       3  
Suncor Energy, Inc., (Canada), 7.88%, 06/15/2026      345       402  
Sunoco LP / Sunoco Finance Corp., 4.50%, 04/30/2030 (e)      1,275       1,177  
Tap Rock Resources LLC, 7.00%, 10/01/2026 (e)      1,057       1,099  
Tengizchevroil Finance Co. International Ltd., (Bermuda), 2.63%, 08/15/2025 (e)      700       616  
Transocean, Inc., (Cayman Islands),     
7.25%, 11/01/2025 (e)      225       196  
11.50%, 01/30/2027 (e)      400       413  
Valero Energy Corp., 2.85%, 04/15/2025      40       40  
    

 

 

  
       80,325  
    

 

 

  
Oil & Gas Services — 0.1%     
Archrock Partners LP / Archrock Partners Finance Corp., 6.88%, 04/01/2027 (e)      1,068       1,080  
USA Compression Partners LP / USA Compression Finance Corp.,     
6.88%, 04/01/2026      315       319  
6.88%, 09/01/2027      143       143  
Weatherford International Ltd., (Bermuda),     
6.50%, 09/15/2028 (e)      98       101  
8.63%, 04/30/2030 (e)      101       103  
    

 

 

  
       1,746  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 2.0%     
Antero Midstream Partners LP / Antero Midstream Finance Corp.,     
5.38%, 06/15/2029 (e)      425       425  
5.75%, 03/01/2027 (e)      1,323       1,347  
5.75%, 01/15/2028 (e)      186       190  
7.88%, 05/15/2026 (e)      450       487  
Buckeye Partners LP,     
3.95%, 12/01/2026      503       492  
5.60%, 10/15/2044      86       72  
5.85%, 11/15/2043      17       14  
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025      2,500       2,641  
Cheniere Energy Partners LP,     
3.25%, 01/31/2032 (e)      786       715  
4.00%, 03/01/2031      1,387       1,345  
4.50%, 10/01/2029      654       657  
Cheniere Energy, Inc., 4.63%, 10/15/2028      3,247       3,271  
CNX Midstream Partners LP, 4.75%, 04/15/2030 (e)      365       342  
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 (e)      1,282       1,261  
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.,     
5.63%, 05/01/2027 (e)      45       44  
6.00%, 02/01/2029 (e)      81       81  
8.00%, 04/01/2029 (e)      104       111  
DCP Midstream Operating LP,     
5.60%, 04/01/2044      258       271  
6.75%, 09/15/2037 (e)      280       328  
DT Midstream, Inc.,     
4.13%, 06/15/2029 (e)      584       560  
4.38%, 06/15/2031 (e)      244       234  
Energy Transfer LP,     
4.25%, 03/15/2023      776       785  
Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa)      639       628  
EnLink Midstream LLC,     
5.38%, 06/01/2029      165       165  
5.63%, 01/15/2028 (e)      166       169  
EnLink Midstream Partners LP,     
4.15%, 06/01/2025      241       240  
4.40%, 04/01/2024      94       95  
4.85%, 07/15/2026      20       20  
5.05%, 04/01/2045      14       11  
5.45%, 06/01/2047      145       123  
5.60%, 04/01/2044      113       97  
EQM Midstream Partners LP,     
4.50%, 01/15/2029 (e)      72       68  
4.75%, 01/15/2031 (e)      389       364  
6.00%, 07/01/2025 (e)      321       325  
6.50%, 07/01/2027 (e)      143       149  
Florida Gas Transmission Co. LLC, 3.88%, 07/15/2022 (e)      2,000       2,004  
Global Partners LP / GLP Finance Corp., 7.00%, 08/01/2027      600       600  
Hess Midstream Operations LP, 4.25%, 02/15/2030 (e)      110       104  
ITT Holdings LLC, 6.50%, 08/01/2029 (e)      605       559  
MPLX LP, 4.95%, 03/14/2052      504       526  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
New Fortress Energy, Inc.,     
6.50%, 09/30/2026 (e)      1,659       1,638  
6.75%, 09/15/2025 (e)      808       811  
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 02/01/2026 (e)      165       162  
NOVA Gas Transmission Ltd., (Canada), 7.88%, 04/01/2023      420       441  
NuStar Logistics LP,     
5.75%, 10/01/2025      32       33  
6.38%, 10/01/2030      13       13  
Plains All American Pipeline LP / PAA Finance Corp., 2.85%, 01/31/2023      711       711  
Rockies Express Pipeline LLC,     
3.60%, 05/15/2025 (e)      50       49  
7.50%, 07/15/2038 (e)      1,000       1,015  
Sabine Pass Liquefaction LLC,     
5.63%, 04/15/2023      1,354       1,386  
5.75%, 05/15/2024      871       912  
5.88%, 06/30/2026      500       541  
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.,     
6.00%, 03/01/2027 (e)      836       833  
6.00%, 12/31/2030 (e)      1,283       1,245  
6.00%, 09/01/2031 (e)      147       141  
Targa Resources Corp., 4.95%, 04/15/2052 (w)      274       279  
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 07/15/2027      1,394       1,467  
Venture Global Calcasieu Pass LLC,     
3.88%, 08/15/2029 (e)      1,058       1,027  
3.88%, 11/01/2033 (e)      1,473       1,407  
4.13%, 08/15/2031 (e)      1,429       1,402  
Western Midstream Operating LP,     
3.95%, 06/01/2025      500       503  
4.55%, 02/01/2030      176       175  
5.30%, 03/01/2048      589       583  
5.50%, 08/15/2048      63       62  
5.75%, 02/01/2050      1,345       1,312  
    

 

 

  
       40,068  
    

 

 

  
Total Energy        158,601  
    

 

 

  
Financial — 20.1%     
Banks — 6.2%     
ABN AMRO Bank NV, (Netherlands),     
4.75%, 07/28/2025 (e)      700       716  
4.80%, 04/18/2026 (e)      600       617  
AIB Group plc, (Ireland), (ICE LIBOR USD 3 Month + 1.87%), 4.26%, 04/10/2025 (e) (aa)      2,983       2,991  
Australia & New Zealand Banking Group Ltd., (Australia), 4.40%, 05/19/2026 (e)      1,264       1,289  
Axis Bank Ltd., (India), Reg. S, (CMT Index 5 Year + 3.32%), 4.10%, 09/08/2026 (x) (aa)      2,800       2,615  
Banco de Sabadell SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 2.95%), 2.50%, 04/15/2031 (aa)    EUR 100       103  
Bangkok Bank PCL, (Thailand), Reg. S, (CMT Index 5 Year + 1.90%), 3.73%, 09/25/2034 (aa)      8,900       8,297  
Bank Negara Indonesia Persero Tbk. PT, (Indonesia), Reg. S, 3.75%, 03/30/2026      20,050       19,060  
Bank of America Corp.,     
(ICE LIBOR USD 3 Month + 0.93%), 2.82%, 07/21/2023 (aa)      1,075       1,076  
(United States SOFR + 1.33%), 3.38%, 04/02/2026 (aa)      672       672  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 03/05/2024 (aa)      2,500       2,517  
Series L, 3.95%, 04/21/2025      552       562  
Bank of Ireland Group plc, (Ireland),     
(CMT Index 1 Year + 1.10%), 2.03%, 09/30/2027 (e) (aa)      799       724  
4.50%, 11/25/2023 (e)      500       509  
BankUnited, Inc., 4.88%, 11/17/2025      544       568  
Barclays plc, (United Kingdom),     
(CMT Index 5 Year + 3.41%), 4.38%, 03/15/2028 (x) (aa)      465       410  
5.20%, 05/12/2026      1,190       1,237  
BBVA Bancomer SA, (Mexico), 4.38%, 04/10/2024 (e)      700       713  
BNP Paribas SA, (France),     
(United States SOFR + 1.00%), 1.32%, 01/13/2027 (e) (aa)      221       201  
(ICE LIBOR USD 3 Month + 1.11%), 2.82%, 11/19/2025 (e) (aa)      1,250       1,222  
4.38%, 09/28/2025 (e)      270       273  
(ICE LIBOR USD 3 Month + 2.24%), 4.71%, 01/10/2025 (e) (aa)      645       659  
BPCE SA, (France),     
4.50%, 03/15/2025 (e)      200       202  
4.88%, 04/01/2026 (e)      200       206  
5.15%, 07/21/2024 (e)      1,335       1,376  
Citigroup, Inc.,     
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 07/24/2023 (aa)      1,178       1,180  
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 04/24/2025 (aa)      2,000       2,006  
3.70%, 01/12/2026      608       616  
Series W, (CMT Index 5 Year + 3.60%), 4.00%, 12/10/2025 (x) (aa)      185       178  
Series Y, (CMT Index 5 Year + 3.00%), 4.15%, 11/15/2026 (x) (aa)      15       14  
Credit Agricole SA, (France),     
4.38%, 03/17/2025 (e)      1,450       1,466  
(CMT Index 5 Year + 3.24%), 4.75%, 03/23/2029 (e) (x) (aa)      261       237  
Credit Suisse Group AG, (Switzerland),     
(United States SOFR + 1.56%), 2.59%, 09/11/2025 (e) (aa)      388       375  
(ICE LIBOR USD 3 Month + 1.20%), 3.00%, 12/14/2023 (e) (aa)      1,600       1,600  
(ICE LIBOR USD 3 Month + 1.24%), 4.21%, 06/12/2024 (e) (aa)      1,100       1,111  
(CMT Index 5 Year + 4.82%), 6.38%, 08/21/2026 (e) (x) (aa)      369       364  
Danske Bank A/S, (Denmark),     
(CMT Index 1 Year + 1.03%), 1.17%, 12/08/2023 (e) (aa)      1,172       1,157  
(ICE LIBOR USD 3 Month + 1.59%), 3.24%, 12/20/2025 (e) (aa)      1,943       1,916  
5.38%, 01/12/2024 (e)      2,312       2,386  
Deutsche Bank AG, (Germany),     
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.30%), 4.00%, 06/24/2032 (aa)    EUR 100       110  
Reg. S, (EUR Swap Rate 5 Year + 5.69%), 6.75%, 10/30/2028 (w) (x) (aa)    EUR 200       226  
Freedom Mortgage Corp., 7.63%, 05/01/2026 (e)      508       485  
Goldman Sachs Group, Inc. (The),     
(United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa)      700       651  
(United States SOFR + 1.11%), 2.64%, 02/24/2028 (aa)      554       531  
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 06/05/2023 (aa)      1,608       1,610  
3.00%, 03/15/2024      286       286  
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa)      316       316  
Series R, (CMT Index 5 Year + 3.22%), 4.95%, 02/10/2025 (x) (aa)      441       441  
HSBC Holdings plc, (United Kingdom),     
(United States SOFR + 0.53%), 0.73%, 08/17/2024 (aa)      416       403  
4.25%, 03/14/2024      352       357  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
(CMT Index 5 Year + 3.65%), 4.60%, 12/17/2030 (x) (aa)      200       178  
Industrial & Commercial Bank of China Ltd., (China), Reg. S, (CMT Index 5 Year + 2.37%), 3.20%, 09/24/2026 (x) (aa)      9,300       9,064  
ING Groep NV, (Netherlands),     
(SOFR Compounded Index + 1.64%), 1.91%, 03/28/2026 (aa)      235       236  
Reg. S, (USD ICE Swap Rate 5 Year + 1.94%), 4.70%, 03/22/2028 (aa)      614       619  
Intesa Sanpaolo SpA, (Italy),     
3.38%, 01/12/2023 (e)      767       769  
5.02%, 06/26/2024 (e)      672       678  
Series XR, 3.25%, 09/23/2024 (e)      1,200       1,189  
Kasikornbank PCL, (Thailand),     
Reg. S, (CMT Index 5 Year + 1.70%), 3.34%, 10/02/2031 (aa)      8,700       8,187  
Reg. S, (CMT Index 5 Year + 4.94%), 5.28%, 10/14/2025 (x) (aa)      11,000       10,918  
Lloyds Banking Group plc, (United Kingdom), 4.58%, 12/10/2025      468       478  
Macquarie Bank Ltd., (Australia), 4.88%, 06/10/2025 (e)      3,034       3,118  
Morgan Stanley, (United States SOFR + 0.51%), 0.79%, 01/22/2025 (aa)      1,125       1,081  
NatWest Group plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.48%), 3.50%, 05/15/2023 (aa)      1,539       1,541  
Popular, Inc., (Puerto Rico), 6.13%, 09/14/2023      800       818  
Santander Holdings USA, Inc.,     
(United States SOFR + 1.25%), 2.49%, 01/06/2028 (aa)      504       471  
3.45%, 06/02/2025      555       552  
Santander UK Group Holdings plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.08%), 3.37%, 01/05/2024 (aa)      1,297       1,301  
Shinhan Financial Group Co. Ltd., (South Korea), Reg. S, (CMT Index 5 Year + 2.06%), 2.88%, 05/12/2026 (x) (aa)      3,200       2,909  
Standard Chartered plc, (United Kingdom),     
(CMT Index 1 Year + 0.78%), 0.99%, 01/12/2025 (e) (aa)      1,034       988  
(CMT Index 1 Year + 1.17%), 1.32%, 10/14/2023 (e) (aa)      421       417  
5.20%, 01/26/2024 (e)      585       600  
Synovus Financial Corp., 3.13%, 11/01/2022      549       551  
Turkiye Vakiflar Bankasi TAO, (Turkey), 5.75%, 01/30/2023 (e)      650       653  
UBS AG, (Switzerland),     
Reg. S, 5.13%, 05/15/2024      2,637       2,694  
7.63%, 08/17/2022      2,000       2,030  
UBS Group AG, (Switzerland),     
3.49%, 05/23/2023 (e)      1,000       1,001  
(CMT Index 5 Year + 3.31%), 4.38%, 02/10/2031 (e) (x) (aa)      200       181  
UniCredit SpA, (Italy),     
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 7.33%), 7.50%, 06/03/2026 (x) (aa)    EUR 200       239  
7.83%, 12/04/2023 (e)      700       743  
Wells Fargo & Co., Series BB, (CMT Index 5 Year + 3.45%), 3.90%, 03/15/2026 (x) (aa)      259       248  
    

 

 

  
       123,289  
    

 

 

  
Diversified Financial Services — 3.1%     
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland),     
2.88%, 08/14/2024      336       327  
3.15%, 02/15/2024      524       515  
3.50%, 01/15/2025      347       340  
Air Lease Corp., 3.00%, 09/15/2023      1,320       1,315  
Aircastle Ltd., (Bermuda),     
4.40%, 09/25/2023      448       450  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
5.25%, 08/11/2025 (e)      543       553  
Alliance Data Systems Corp., 4.75%, 12/15/2024 (e)      2,183       2,146  
Ally Financial, Inc.,     
1.45%, 10/02/2023      80       78  
3.88%, 05/21/2024      858       868  
4.63%, 03/30/2025      208       214  
5.13%, 09/30/2024      1,000       1,045  
5.75%, 11/20/2025      427       450  
American Express Co., (CMT Index 5 Year + 2.85%), 3.55%, 09/15/2026 (x) (aa)      760       690  
Aviation Capital Group LLC, 5.50%, 12/15/2024 (e)      1,200       1,236  
Avolon Holdings Funding Ltd., (Cayman Islands),     
4.25%, 04/15/2026 (e)      439       433  
5.13%, 10/01/2023 (e)      580       591  
BOC Aviation Ltd., (Singapore),     
Reg. S, 3.25%, 04/29/2025      600       591  
3.88%, 04/27/2026 (e)      1,100       1,102  
Castlelake Aviation Finance DAC, (Ireland), 5.00%, 04/15/2027 (e)      275       245  
Charles Schwab Corp. (The), Series H, (CMT Index 10 Year + 3.08%), 4.00%, 12/01/2030 (x) (aa)      1,868       1,678  
Citigroup Global Markets Holdings, Inc., 0.75%, 06/07/2024      874       834  
doValue SpA, (Italy), Reg. S, 5.00%, 08/04/2025    EUR 100       113  
Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin, 3.88%, 02/15/2026 (e)      250       242  
Enact Holdings, Inc., 6.50%, 08/15/2025 (e)      212       219  
Encore Capital Group, Inc., Reg. S, 5.38%, 02/15/2026    GBP 200       261  
Garfunkelux Holdco 3 SA, (Luxembourg),     
Reg. S, 6.75%, 11/01/2025    EUR 300       330  
Reg. S, 7.75%, 11/01/2025    GBP 100       131  
Global Aircraft Leasing Co. Ltd., (Cayman Islands), 6.50% (cash), 09/15/2024 (e) (v)      1,118       1,017  
goeasy Ltd., (Canada), 5.38%, 12/01/2024 (e)      400       397  
Home Point Capital, Inc., 5.00%, 02/01/2026 (e)      79       65  
Intrum AB, (Sweden), Reg. S, 4.88%, 08/15/2025    EUR 200       223  
Jefferies Finance LLC / JFIN Co-Issuer Corp., 5.00%, 08/15/2028 (e)      1,864       1,785  
Jerrold Finco plc, (United Kingdom), Reg. S, 4.88%, 01/15/2026    GBP 100       126  
LD Holdings Group LLC, 6.13%, 04/01/2028 (e)      1,118       991  
LFS Topco LLC, 5.88%, 10/15/2026 (e)      625       586  
LPL Holdings, Inc., 4.00%, 03/15/2029 (e)      825       783  
Muthoot Finance Ltd., (India), Reg. S, 4.40%, 09/02/2023      9,600       9,593  
Nationstar Mortgage Holdings, Inc., 5.13%, 12/15/2030 (e)      1,656       1,530  
Navient Corp.,     
5.50%, 03/15/2029      1,369       1,277  
5.88%, 10/25/2024      740       749  
6.13%, 03/25/2024      399       409  
7.25%, 09/25/2023      511       530  
NFP Corp.,     
4.88%, 08/15/2028 (e)      768       733  
6.88%, 08/15/2028 (e)      2,117       2,017  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
OneMain Finance Corp.,     
3.50%, 01/15/2027      174       161  
3.88%, 09/15/2028      250       226  
4.00%, 09/15/2030      942       831  
5.38%, 11/15/2029      1,706       1,658  
5.63%, 03/15/2023      444       451  
6.13%, 03/15/2024      596       611  
6.63%, 01/15/2028      255       267  
6.88%, 03/15/2025      1,877       1,971  
7.13%, 03/15/2026      564       602  
8.25%, 10/01/2023      305       320  
Park Aerospace Holdings Ltd., (Cayman Islands),     
4.50%, 03/15/2023 (e)      765       771  
5.50%, 02/15/2024 (e)      750       768  
PennyMac Financial Services, Inc., 4.25%, 02/15/2029 (e)      925       794  
Sherwood Financing plc, (United Kingdom), Reg. S, (ICE LIBOR EUR 3 Month + 4.63%), 4.63%, 11/15/2027 (aa)    EUR 100       109  
Shriram Transport Finance Co. Ltd., (India),     
Reg. S, 5.10%, 07/16/2023      12,900       12,916  
SLM Corp., 3.13%, 11/02/2026      61       56  
VistaJet Malta Finance PLC / XO Management Holding, Inc., (Multinational), 6.38%, 02/01/2030 (e)      650       614  
    

 

 

  
       62,934  
    

 

 

  
Insurance — 0.8%     
Acrisure LLC / Acrisure Finance, Inc., 6.00%, 08/01/2029 (e)      98       91  
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer,     
4.25%, 10/15/2027 (e)      1,583       1,523  
5.88%, 11/01/2029 (e)      1,646       1,578  
6.75%, 10/15/2027 (e)      2,088       2,067  
AmWINS Group, Inc., 4.88%, 06/30/2029 (e)      652       623  
Aon Corp., 8.21%, 01/01/2027      519       602  
BroadStreet Partners, Inc., 5.88%, 04/15/2029 (e)      875       816  
CNO Financial Group, Inc., 5.25%, 05/30/2025      1,000       1,038  
CNO Global Funding, 1.75%, 10/07/2026 (e)      406       375  
F&G Global Funding,     
1.75%, 06/30/2026 (e)      1,220       1,135  
2.30%, 04/11/2027 (e)      444       416  
GA Global Funding Trust, 0.80%, 09/13/2024 (e)      336       315  
Galaxy Bidco Ltd., (Jersey), Reg. S, 6.50%, 07/31/2026    GBP 100       129  
GTCR AP Finance, Inc., 8.00%, 05/15/2027 (e)      168       170  
HUB International Ltd.,     
5.63%, 12/01/2029 (e)      60       57  
7.00%, 05/01/2026 (e)      1,213       1,227  
Liberty Mutual Group, Inc., Reg. S, (EUR Swap Rate 5 Year + 3.70%), 3.63%, 05/23/2059 (aa)    EUR 100       109  
Muang Thai Life Assurance PCL, (Thailand), Reg. S, (CMT Index 10 Year + 2.40%), 3.55%, 01/27/2037 (aa)      2,400       2,267  
USI, Inc., 6.88%, 05/01/2025 (e)      455       456  
    

 

 

  
       14,994  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 — 1.0%     
Blackstone Private Credit Fund, 4.70%, 03/24/2025 (e)      454       455  
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 (e)      74       70  
Huarong Finance 2019 Co. Ltd., (British Virgin Islands), Reg. S, 4.50%, 05/29/2029      13,200       12,452  
Huarong Finance II Co. Ltd., (British Virgin Islands), Reg. S, 5.00%, 11/19/2025      4,800       4,788  
Icahn Enterprises LP / Icahn Enterprises Finance Corp.,     
4.38%, 02/01/2029      626       574  
5.25%, 05/15/2027      288       283  
6.25%, 05/15/2026      88       90  
OWL Rock Core Income Corp., 5.50%, 03/21/2025 (e)      195       194  
    

 

 

  
       18,906  
    

 

 

  
Real Estate — 7.2%     
ADLER Group SA, (Luxembourg),     
Reg. S, 2.75%, 11/13/2026    EUR 200       184  
Reg. S, 3.25%, 08/05/2025    EUR 100       97  
Agile Group Holdings Ltd., (Cayman Islands), Reg. S, 5.75%, 01/02/2025      9,200       3,130  
Central China Real Estate Ltd., (Cayman Islands),     
Reg. S, 6.88%, 08/08/2022      1,750       1,295  
Reg. S, 7.25%, 04/24/2023      3,850       2,119  
China SCE Group Holdings Ltd., (Cayman Islands),     
Reg. S, 5.95%, 09/29/2024      10,050       5,226  
Reg. S, 6.00%, 02/04/2026      4,300       2,021  
CIFI Holdings Group Co. Ltd., (Cayman Islands),     
Reg. S, 4.45%, 08/17/2026      15,550       12,518  
Reg. S, 6.00%, 07/16/2025      5,500       4,565  
Country Garden Holdings Co. Ltd., (Cayman Islands),     
Reg. S, 2.70%, 07/12/2026      1,500       1,058  
Reg. S, 7.25%, 04/08/2026      7,800       6,006  
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028 (e)      1,061       1,109  
DIC Asset AG, (Germany), Reg. S, 2.25%, 09/22/2026    EUR 100       97  
Five Point Operating Co. LP / Five Point Capital Corp., 7.88%, 11/15/2025 (e)      950       972  
Gemdale Ever Prosperity Investment Ltd., (Hong Kong), Reg. S, 4.95%, 08/12/2024      3,000       2,768  
Global Prime Capital Pte Ltd., (Singapore), Reg. S, 5.95%, 01/23/2025      1,800       1,732  
Greenland Global Investment Ltd., (British Virgin Islands),     
Reg. S, 5.88%, 07/03/2024      1,500       900  
Reg. S, 6.13%, 04/22/2023      2,300       1,587  
Reg. S, 7.25%, 01/22/2025      10,100       5,959  
Greentown China Holdings Ltd., (Cayman Islands), Reg. S, 4.70%, 04/29/2025      2,300       2,162  
Greystar Real Estate Partners LLC, 5.75%, 12/01/2025 (e)      600       604  
Howard Hughes Corp. (The),     
4.13%, 02/01/2029 (e)      206       193  
4.38%, 02/01/2031 (e)      1,031       970  
5.38%, 08/01/2028 (e)      800       803  
Hunt Cos., Inc., 5.25%, 04/15/2029 (e)      2,075       1,977  
Kennedy-Wilson, Inc., 4.75%, 02/01/2030      23       22  
KWG Group Holdings Ltd., (Cayman Islands), Reg. S, 5.95%, 08/10/2025      14,100       5,358  
New Metro Global Ltd., (British Virgin Islands),     
Reg. S, 5.00%, 08/08/2022      700       640  
Reg. S, 6.80%, 08/05/2023      7,000       4,411  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Real Estate — continued     
NWD Finance BVI Ltd., (British Virgin Islands), Reg. S, (CMT Index 5 Year + 7.89%), 5.25%, 03/22/2026 (x) (aa)      14,200       14,094  
Powerlong Real Estate Holdings Ltd., (Cayman Islands),     
Reg. S, 5.95%, 04/30/2025      9,900       3,567  
Reg. S, 6.25%, 08/10/2024      800       304  
Realogy Group LLC / Realogy Co-Issuer Corp.,     
5.25%, 04/15/2030 (e)      1,005       930  
5.75%, 01/15/2029 (e)      271       256  
RKPF Overseas 2019 A Ltd., (British Virgin Islands), Reg. S, 6.00%, 09/04/2025      2,700       2,133  
RKPF Overseas 2020 A Ltd., (British Virgin Islands), Reg. S, 5.13%, 07/26/2026      14,500       11,020  
Ronshine China Holdings Ltd., (Cayman Islands),     
Reg. S, 8.75%, 10/25/2022      1,450       522  
Reg. S, 8.95%, 01/22/2023      3,000       690  
Seazen Group Ltd., (Cayman Islands), Reg. S, 6.15%, 04/15/2023      1,000       746  
Sunac China Holdings Ltd., (Cayman Islands),     
Reg. S, 5.95%, 04/26/2024      1,500       373  
Reg. S, 6.50%, 07/09/2023      9,400       2,731  
Reg. S, 6.80%, 10/20/2024      17,500       4,288  
Reg. S, 7.95%, 10/11/2023      2,000       525  
Times China Holdings Ltd., (Cayman Islands),     
Reg. S, 5.55%, 06/04/2024      8,800       3,916  
Reg. S, 6.60%, 03/02/2023      1,200       618  
VLL International, Inc., (Cayman Islands), Reg. S, 5.75%, 11/28/2024      8,500       8,412  
Wanda Group Overseas Ltd., (Hong Kong), Reg. S, 7.50%, 07/24/2022      9,800       9,310  
WeWork Cos. LLC / WW Co-Obligor, Inc., 5.00%, 07/10/2025 (e)      213       183  
Yanlord Land HK Co. Ltd., (Hong Kong), Reg. S, 5.13%, 05/20/2026      11,300       10,000  
    

 

 

  
       145,101  
    

 

 

  
REITS — 1.7%     
American Tower Corp., 3.65%, 03/15/2027 (w)      414       414  
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 04/01/2027 (e)      65       61  
Diversified Healthcare Trust,     
4.38%, 03/01/2031      1,175       993  
4.75%, 02/15/2028      875       796  
9.75%, 06/15/2025      1,310       1,379  
EPR Properties,     
4.50%, 06/01/2027      813       803  
4.75%, 12/15/2026      1,055       1,057  
GLP Capital LP / GLP Financing II, Inc., 5.25%, 06/01/2025      439       452  
HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026 (e)      483       459  
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (e)      33       31  
Iron Mountain, Inc., 5.25%, 07/15/2030 (e)      698       684  
iStar, Inc., 5.50%, 02/15/2026      889       902  
Kite Realty Group Trust, 4.00%, 03/15/2025      391       394  
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 06/15/2029 (e)      19       18  
LMIRT Capital Pte Ltd., (Singapore), Reg. S, 7.25%, 06/19/2024      4,600       4,564  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc.,     
3.88%, 02/15/2029 (e)      1,838       1,806  
4.50%, 09/01/2026      1,210       1,216  
4.50%, 01/15/2028      1,843       1,857  
4.63%, 06/15/2025 (e)      506       509  
5.63%, 05/01/2024      543       559  
5.75%, 02/01/2027      569       601  
MPT Operating Partnership LP / MPT Finance Corp.,     
3.50%, 03/15/2031      1,068       992  
4.63%, 08/01/2029      849       841  
5.00%, 10/15/2027      1,727       1,756  
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.50%, 06/01/2025 (e)      1,705       1,773  
RHP Hotel Properties LP / RHP Finance Corp., 4.75%, 10/15/2027      635       611  
RLJ Lodging Trust LP, 4.00%, 09/15/2029 (e)      159       147  
SBA Communications Corp., 3.88%, 02/15/2027      776       756  
Service Properties Trust,     
5.50%, 12/15/2027      150       145  
7.50%, 09/15/2025      13       13  
SL Green Operating Partnership LP, 3.25%, 10/15/2022      560       562  
Starwood Property Trust, Inc.,     
3.75%, 12/31/2024 (e)      475       463  
5.50%, 11/01/2023 (e)      2       2  
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,     
6.00%, 01/15/2030 (e)      525       473  
7.88%, 02/15/2025 (e)      1,211       1,258  
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC,     
4.75%, 04/15/2028 (e)      1,340       1,268  
6.50%, 02/15/2029 (e)      84       79  
VICI Properties LP / VICI Note Co., Inc.,     
3.75%, 02/15/2027 (e)      164       160  
4.13%, 08/15/2030 (e)      831       802  
4.25%, 12/01/2026 (e)      276       275  
4.63%, 12/01/2029 (e)      817       817  
Vornado Realty LP, 3.50%, 01/15/2025      719       716  
WEA Finance LLC / Westfield UK & Europe Finance plc, 3.75%, 09/17/2024 (e)      961       960  
    

 

 

  
       34,424  
    

 

 

  
Savings & Loans — 0.1%     
Nationwide Building Society, (United Kingdom), 4.00%, 09/14/2026 (e)      394       395  
People’s United Financial, Inc., 3.65%, 12/06/2022      1,788       1,800  
    

 

 

  
       2,195  
    

 

 

  
Total Financial        401,843  
    

 

 

  
Government — 0.9%     
Sovereign — 0.9%     
1MDB Global Investments Ltd., (British Virgin Islands), Reg. S, 4.40%, 03/09/2023      18,100       17,693  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Industrial — 5.6%     
Aerospace/Defense — 1.4%     
Boeing Co. (The),     
4.88%, 05/01/2025      1,264       1,306  
5.93%, 05/01/2060      1,920       2,216  
Bombardier, Inc., (Canada),     
6.00%, 02/15/2028 (e)      2,252       2,111  
7.13%, 06/15/2026 (e)      2,517       2,467  
7.45%, 05/01/2034 (e)      151       153  
7.50%, 12/01/2024 (e)      3,209       3,303  
7.88%, 04/15/2027 (e)      2,515       2,471  
BWX Technologies, Inc.,     
4.13%, 06/30/2028 (e)      341       329  
4.13%, 04/15/2029 (e)      399       384  
F-Brasile SpA / F-Brasile US LLC, (Italy), Series XR, 7.38%, 08/15/2026 (e)      256       230  
Howmet Aerospace, Inc., 6.88%, 05/01/2025      425       461  
Maxar Space Robotics LLC, 9.75%, 12/31/2023 (e)      738       785  
Rolls-Royce plc, (United Kingdom),     
3.63%, 10/14/2025 (e)      364       353  
5.75%, 10/15/2027 (e)      700       719  
Spirit AeroSystems, Inc., 7.50%, 04/15/2025 (e)      586       607  
TransDigm UK Holdings plc, (United Kingdom), 6.88%, 05/15/2026      200       204  
TransDigm, Inc.,     
4.63%, 01/15/2029      550       514  
5.50%, 11/15/2027      400       397  
6.25%, 03/15/2026 (e)      5,308       5,457  
7.50%, 03/15/2027      1,451       1,498  
8.00%, 12/15/2025 (e)      1,112       1,158  
Triumph Group, Inc., 8.88%, 06/01/2024 (e)      438       463  
    

 

 

  
       27,586  
    

 

 

  
Building Materials — 0.8%     
Builders FirstSource, Inc., 6.75%, 06/01/2027 (e)      1,460       1,515  
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029 (e)      544       503  
CP Atlas Buyer, Inc., 7.00%, 12/01/2028 (e)      206       176  
Eco Material Technologies, Inc., 7.88%, 01/31/2027 (e)      600       597  
Griffon Corp., 5.75%, 03/01/2028      880       846  
JELD-WEN, Inc., 4.63%, 12/15/2025 (e)      590       568  
Masonite International Corp., (Canada), 3.50%, 02/15/2030 (e)      622       559  
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (e)      400       372  
New Enterprise Stone & Lime Co., Inc., 9.75%, 07/15/2028 (e)      381       384  
SRM Escrow Issuer LLC, 6.00%, 11/01/2028 (e)      3,044       3,002  
Standard Industries, Inc.,     
3.38%, 01/15/2031 (e)      2,775       2,432  
4.38%, 07/15/2030 (e)      112       103  
Summit Materials LLC / Summit Materials Finance Corp., 5.25%, 01/15/2029 (e)      71       70  
UltraTech Cement Ltd., (India), Reg. S, 2.80%, 02/16/2031      1,200       1,054  
West China Cement Ltd., (Jersey), Reg. S, 4.95%, 07/08/2026      4,100       3,577  
    

 

 

  
       15,758  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Electrical Components & Equipment — 0.1%     
Energizer Holdings, Inc.,     
4.38%, 03/31/2029 (e)      500       438  
6.50%, 12/31/2027 (e)      121       120  
WESCO Distribution, Inc.,     
7.13%, 06/15/2025 (e)      177       184  
7.25%, 06/15/2028 (e)      1,261       1,339  
    

 

 

  
       2,081  
    

 

 

  
Electronics — 0.2%     
II-VI, Inc., 5.00%, 12/15/2029 (e)      631       618  
Imola Merger Corp., 4.75%, 05/15/2029 (e)      684       659  
Likewize Corp., 9.75%, 10/15/2025 (e)      1,330       1,347  
Sensata Technologies BV, (Netherlands), 4.00%, 04/15/2029 (e)      200       190  
Sensata Technologies, Inc.,     
3.75%, 02/15/2031 (e)      547       509  
4.38%, 02/15/2030 (e)      969       930  
    

 

 

  
       4,253  
    

 

 

  
Engineering & Construction — 1.4%     
Abertis Infraestructuras Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 3.69%), 3.25%, 11/24/2025 (x) (aa)    EUR 100       108  
Arcosa, Inc., 4.38%, 04/15/2029 (e)      374       355  
Artera Services LLC, 9.03%, 12/04/2025 (e)      611       603  
Brand Industrial Services, Inc., 8.50%, 07/15/2025 (e)      106       99  
Celestial Miles Ltd., (British Virgin Islands), Reg. S, (CMT Index 5 Year + 8.21%), 5.75%, 01/31/2024 (x) (aa)      17,600       17,285  
Fluor Corp., 3.50%, 12/15/2024      297       297  
GMR Hyderabad International Airport Ltd., (India), Reg. S, 4.75%, 02/02/2026      9,500       9,085  
TopBuild Corp., 3.63%, 03/15/2029 (e)      500       454  
    

 

 

  
       28,286  
    

 

 

  
Environmental Control — 0.2%     
Clean Harbors, Inc., 5.13%, 07/15/2029 (e)      113       114  
Covanta Holding Corp.,     
4.88%, 12/01/2029 (e)      461       438  
5.00%, 09/01/2030      95       90  
GFL Environmental, Inc., (Canada),     
3.50%, 09/01/2028 (e)      356       335  
4.00%, 08/01/2028 (e)      275       253  
4.38%, 08/15/2029 (e)      350       324  
4.75%, 06/15/2029 (e)      538       514  
5.13%, 12/15/2026 (e)      669       674  
Madison IAQ LLC, 5.88%, 06/30/2029 (e)      586       520  
Waste Pro USA, Inc., 5.50%, 02/15/2026 (e)      414       387  
    

 

 

  
       3,649  
    

 

 

  
Machinery - Construction & Mining — 0.1%     
Terex Corp., 5.00%, 05/15/2029 (e)      1,101       1,056  
Vertiv Group Corp., 4.13%, 11/15/2028 (e)      702       641  
    

 

 

  
       1,697  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Machinery - Diversified — 0.4%     
ATS Automation Tooling Systems, Inc., (Canada), 4.13%, 12/15/2028 (e)      114       107  
GrafTech Finance, Inc., 4.63%, 12/15/2028 (e)      969       901  
Granite US Holdings Corp., 11.00%, 10/01/2027 (e)      405       427  
Husky III Holding Ltd., (Canada), 13.00% (cash), 02/15/2025 (e) (v)      122       127  
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024 (e)      1,939       1,968  
OT Merger Corp., 7.88%, 10/15/2029 (e)      394       341  
Titan Acquisition Ltd. / Titan Co-Borrower LLC, (Multinational), 7.75%, 04/15/2026 (e)      715       712  
TK Elevator Holdco GmbH, (Germany), 7.63%, 07/15/2028 (e)      389       386  
TK Elevator Midco GmbH, (Germany), Reg. S, 4.38%, 07/15/2027    EUR 100       109  
TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (e)      2,013       1,998  
Westinghouse Air Brake Technologies Corp., 4.38%, 08/15/2023      600       606  
    

 

 

  
       7,682  
    

 

 

  
Metal Fabricate/Hardware — 0.0% (g)     
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 (e)      500       466  
    

 

 

  
Miscellaneous Manufacturers — 0.1%     
Amsted Industries, Inc.,     
4.63%, 05/15/2030 (e)      1,008       955  
5.63%, 07/01/2027 (e)      122       122  
Gates Global LLC / Gates Corp., 6.25%, 01/15/2026 (e)      374       375  
    

 

 

  
       1,452  
    

 

 

  
Packaging & Containers — 0.8%     
ARD Finance SA, (Luxembourg), 6.50% (cash), 06/30/2027 (e) (v)      1,273       1,164  
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, (Multinational), 4.00%, 09/01/2029 (e)      1,723       1,555  
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., (Multinational),     
5.25%, 08/15/2027 (e)      1,348       1,250  
4.13%, 08/15/2026 (e)      482       465  
Ball Corp.,     
2.88%, 08/15/2030      118       106  
3.13%, 09/15/2031      227       202  
Clydesdale Acquisition Holdings, Inc.,     
6.63%, 04/15/2029 (e) (w)      485       491  
8.75%, 04/15/2030 (e) (w)      367       345  
Graham Packaging Co., Inc., 7.13%, 08/15/2028 (e)      1,250       1,134  
Intelligent Packaging Holdco Issuer LP, (Canada), 9.00% (cash), 01/15/2026 (e) (v)      475       475  
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, (Canada), 6.00%, 09/15/2028 (e)      1,414       1,393  
LABL, Inc.,     
5.88%, 11/01/2028 (e)      936       877  
8.25%, 11/01/2029 (e)      1,050       927  
10.50%, 07/15/2027 (e)      325       326  
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024 (e)      141       141  
OI European Group BV, (Netherlands), 4.75%, 02/15/2030 (e)      575       534  
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027 (e)      1,329       1,322  
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028 (e)      875       807  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Packaging & Containers — continued     
Sealed Air Corp., 4.00%, 12/01/2027 (e)      89       87  
TriMas Corp., 4.13%, 04/15/2029 (e)      850       776  
Trivium Packaging Finance BV, (Netherlands),     
5.50%, 08/15/2026 (e)      454       451  
8.50%, 08/15/2027 (e)      1,756       1,747  
    

 

 

  
       16,575  
    

 

 

  
Retail — 0.0% (g)     
Patrick Industries, Inc., 4.75%, 05/01/2029 (e)      675       580  
    

 

 

  
Shipbuilding — 0.0% (g)     
Huntington Ingalls Industries, Inc., 3.84%, 05/01/2025      393       398  
    

 

 

  
Transportation — 0.0% (g)     
Seaspan Corp., (Marshall Island), 5.50%, 08/01/2029 (e)      70       65  
    

 

 

  
Trucking & Leasing — 0.1%     
Fortress Transportation and Infrastructure Investors LLC,     
5.50%, 05/01/2028 (e)      973       885  
6.50%, 10/01/2025 (e)      667       660  
    

 

 

  
       1,545  
    

 

 

  
Total Industrial        112,073  
    

 

 

  
Technology — 1.4%     
Computers — 0.6%     
Booz Allen Hamilton, Inc.,     
3.88%, 09/01/2028 (e)      315       304  
4.00%, 07/01/2029 (e)      658       643  
CA Magnum Holdings, (Mauritius),     
5.38%, 10/31/2026 (e)      1,002       987  
Reg. S, 5.38%, 10/31/2026      9,600       9,456  
Centurion Bidco SpA, (Italy), Reg. S, 5.88%, 09/30/2026    EUR 100       107  
Condor Merger Sub, Inc., 7.38%, 02/15/2030 (e)      763       731  
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029      183       168  
KBR, Inc., 4.75%, 09/30/2028 (e)      6       6  
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 5.75%, 06/01/2025 (e)      380       383  
    

 

 

  
       12,785  
    

 

 

  
Semiconductors — 0.2%     
Microchip Technology, Inc.,     
0.97%, 02/15/2024      1,018       976  
4.25%, 09/01/2025      723       732  
4.33%, 06/01/2023      438       445  
Qorvo, Inc., 1.75%, 12/15/2024 (e)      428       408  
SK Hynix, Inc., (South Korea), 1.50%, 01/19/2026 (e)      731       677  
Synaptics, Inc., 4.00%, 06/15/2029 (e)      75       71  
    

 

 

  
       3,309  
    

 

 

  
Software — 0.6%     
Black Knight InfoServ LLC, 3.63%, 09/01/2028 (e)      571       540  
Boxer Parent Co., Inc.,     
Reg. S, 6.50%, 10/02/2025    EUR 200       223  
7.13%, 10/02/2025 (e)      660       684  
9.13%, 03/01/2026 (e)      559       577  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
Camelot Finance SA, (Luxembourg), 4.50%, 11/01/2026 (e)      700       681  
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.75%, 03/01/2025 (e)      942       942  
Clarivate Science Holdings Corp.,     
3.88%, 07/01/2028 (e)      443       422  
4.88%, 07/01/2029 (e)      1,016       956  
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028 (e)      60       60  
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029 (e)      724       681  
Elastic NV, (Netherlands), 4.13%, 07/15/2029 (e)      207       192  
Fair Isaac Corp., 4.00%, 06/15/2028 (e)      133       129  
Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl, 4.63%, 05/01/2028 (e)      699       642  
MicroStrategy, Inc., 6.13%, 06/15/2028 (e)      181       176  
Minerva Merger Sub, Inc., 6.50%, 02/15/2030 (e)      624       607  
MSCI, Inc.,     
3.25%, 08/15/2033 (e)      71       64  
3.63%, 09/01/2030 (e)      344       324  
Open Text Corp., (Canada), 3.88%, 02/15/2028 (e)      42       40  
Open Text Holdings, Inc., 4.13%, 02/15/2030 (e)      85       81  
Playtika Holding Corp., 4.25%, 03/15/2029 (e)      290       267  
Rackspace Technology Global, Inc., 3.50%, 02/15/2028 (e)      375       336  
SS&C Technologies, Inc., 5.50%, 09/30/2027 (e)      1,001       1,013  
Twilio, Inc., 3.88%, 03/15/2031      179       166  
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 09/01/2025 (e)      668       634  
ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.88%, 02/01/2029 (e)      742       679  
    

 

 

  
       11,116  
    

 

 

  
Total Technology        27,210  
    

 

 

  
Utilities — 4.9%     
Electric — 4.2%     
ACEN Finance Ltd., (Cayman Islands), Reg. S, 4.00%, 03/08/2025 (x)      6,500       5,688  
AES Corp. (The), 3.30%, 07/15/2025 (e)      527       517  
Alexander Funding Trust, 1.84%, 11/15/2023 (e)      777       754  
Calpine Corp.,     
3.75%, 03/01/2031 (e)      73       65  
4.50%, 02/15/2028 (e)      1,273       1,242  
5.00%, 02/01/2031 (e)      2,225       2,025  
5.13%, 03/15/2028 (e)      3,217       3,064  
5.25%, 06/01/2026 (e)      514       517  
Cikarang Listrindo Tbk. PT, (Indonesia), Reg. S, 4.95%, 09/14/2026      6,500       6,438  
Clearway Energy Operating LLC,     
3.75%, 01/15/2032 (e)      159       146  
4.75%, 03/15/2028 (e)      398       398  
Comision Federal de Electricidad, (Mexico), 4.88%, 01/15/2024 (e)      600       613  
Edison International,     
3.13%, 11/15/2022      700       703  
Series A, (CMT Index 5 Year + 4.70%), 5.38%, 03/15/2026 (x) (aa)      792       764  
Series B, (CMT Index 5 Year + 3.90%), 5.00%, 12/15/2026 (x) (aa)      329       309  
Electricite de France SA, (France), Reg. S, (EUR Swap Rate 5 Year + 3.97%), 3.38%, 06/15/2030 (x) (aa)    EUR 400       398  
Fells Point Funding Trust, 3.05%, 01/31/2027 (e)      424       407  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
FirstEnergy Corp.,     
2.05%, 03/01/2025      480       460  
Series A, 3.35%, 07/15/2022      664       663  
Series B, 2.25%, 09/01/2030      24       21  
Series C, 3.40%, 03/01/2050      799       673  
FirstEnergy Transmission LLC,     
4.55%, 04/01/2049 (e)      36       35  
5.45%, 07/15/2044 (e)      485       529  
Greenko Wind Projects Mauritius Ltd., (Mauritius), 5.50%, 04/06/2025 (e) (w)      2,000       1,993  
Jersey Central Power & Light Co., 4.70%, 04/01/2024 (e)      562       575  
JSW Hydro Energy Ltd., (India), Reg. S, 4.13%, 05/18/2031      2,509       2,333  
Mong Duong Finance Holdings BV, (Netherlands), Reg. S, 5.13%, 05/07/2029      5,224       4,707  
NextEra Energy Capital Holdings, Inc., (ICE LIBOR USD 3 Month + 0.27%), 0.75%, 02/22/2023 (aa)      3,000       2,990  
NRG Energy, Inc.,     
3.63%, 02/15/2031 (e)      722       635  
3.75%, 06/15/2024 (e)      948       945  
3.88%, 02/15/2032 (e)      838       738  
5.25%, 06/15/2029 (e)      779       761  
6.63%, 01/15/2027      538       555  
Pacific Gas and Electric Co., 3.15%, 01/01/2026      1,240       1,195  
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 08/15/2028 (e)      497       482  
PG&E Corp.,     
5.00%, 07/01/2028      925       894  
5.25%, 07/01/2030      1,366       1,325  
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries, (India), Reg. S, 4.50%, 07/14/2028      11,800       10,710  
SMC Global Power Holdings Corp., (Philippines), Reg. S, (CMT Index 5 Year + 9.20%), 7.00%, 10/21/2025 (x) (aa)      13,300       12,849  
Star Energy Geothermal Wayang Windu Ltd., (British Virgin Islands), Reg. S, 6.75%, 04/24/2033      5,535       5,840  
TransAlta Corp., (Canada), 4.50%, 11/15/2022      450       452  
Vistra Corp.,     
(CMT Index 5 Year + 5.74%), 7.00%, 12/15/2026 (e) (x) (aa)      2,249       2,190  
(CMT Index 5 Year + 6.93%), 8.00%, 10/15/2026 (e) (x) (aa)      2,075       2,085  
Vistra Operations Co. LLC,     
3.55%, 07/15/2024 (e)      1,100       1,090  
4.38%, 05/01/2029 (e)      2,444       2,310  
5.00%, 07/31/2027 (e)      350       344  
    

 

 

  
       84,427  
    

 

 

  
Gas — 0.7%     
AmeriGas Partners LP / AmeriGas Finance Corp.,     
5.50%, 05/20/2025      1,505       1,505  
5.88%, 08/20/2026      1,205       1,204  
Atmos Energy Corp.,     
0.63%, 03/09/2023      2,000       1,972  
(ICE LIBOR USD 3 Month + 0.38%), 1.02%, 03/09/2023 (aa)      1,138       1,136  
Centrica plc, (United Kingdom), 4.00%, 10/16/2023 (e)      420       425  
National Fuel Gas Co., 3.75%, 03/01/2023      1,500       1,510  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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     
ONE Gas, Inc.,     
0.85%, 03/11/2023      2,387       2,354  
1.10%, 03/11/2024      1,441       1,391  
(ICE LIBOR USD 3 Month + 0.61%), 1.36%, 03/11/2023 (aa)      2,583       2,580  
    

 

 

  
       14,077  
    

 

 

  
Water — 0.0% (g)     
Aquarion Co., 4.00%, 08/15/2024 (e)      487       493  
Thames Water Kemble Finance plc, (United Kingdom), Reg. S, 4.63%, 05/19/2026    GBP 168       212  
    

 

 

  
       705  
    

 

 

  
Total Utilities        99,209  
    

 

 

  
Total Corporate Bonds
(Cost $1,520,800)		        1,461,898  
    

 

 

  
Foreign Government Securities — 2.7%     
Mongolia Government International Bond, (Mongolia),     
Reg. S, 3.50%, 07/07/2027      1,200       1,080  
Reg. S, 5.13%, 04/07/2026      1,700       1,669  
5.63%, 05/01/2023 (e)      4,200       4,221  
Morocco Government International Bond, (Morocco), 4.25%, 12/11/2022 (e)      450       455  
Oman Government International Bond, (Oman), Reg. S, 7.00%, 01/25/2051      1,000       1,022  
Pakistan Government International Bond, (Pakistan),     
Reg. S, 6.00%, 04/08/2026      11,800       9,263  
Reg. S, 6.88%, 12/05/2027      9,000       7,078  
Reg. S, 7.38%, 04/08/2031      11,950       8,909  
Republic of Kenya Government International Bond, (Kenya), 6.88%, 06/24/2024 (e)      650       651  
Sri Lanka Government International Bond, (Sri Lanka),     
Reg. S, 5.75%, 04/18/2023      2,600       1,282  
6.20%, 05/11/2027 (e)      15,600       7,332  
Reg. S, 6.20%, 05/11/2027      7,200       3,384  
Reg. S, 6.75%, 04/18/2028      4,000       1,876  
Reg. S, 6.85%, 03/14/2024      12,100       5,944  
    

 

 

  
Total Foreign Government Securities
(Cost $58,605)		        54,166  
    

 

 

  
U.S. Treasury Obligation — 0.9%     
U.S. Treasury Notes, 2.25%, 03/31/2024
(Cost $18,717)		      18,761       18,749  
    

 

 

  
    

    SHARES    

        
Common Stock — 0.1%     
Communications — 0.1%     
Telecommunications — 0.1%     
Intelsat Emergence SA, (Luxembourg) (a) (bb) (cc)
(Cost $4,731)		      87       2,521  
    

 

 

  
Preferred Stock — 0.3%     
Consumer Cyclical — 0.3%     
Retail — 0.3%     
Ferrellgas Escrow LLC, expiring, 03/30/2031 (a) (bb) (cc)
(Cost $5,117)		      5       5,275  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
    AMOUNT ($)    

        VALUE ($)      
Loan Assignments — 4.9% (o)     
Basic Materials — 0.1%     
Chemicals — 0.1%     
Alpha 3 BV, Initial Dollar Term Loan, (Netherlands), (ICE LIBOR USD 1 Month + 2.50%), 3.00%, 03/18/2028 (aa)      419       413  
ARC Falcon I, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 4.25%, 09/30/2028 (aa)      605       590  
Ascend Performance Materials Operations LLC, 2021 Refinancing Term Loan, (ICE LIBOR USD 3 Month + 4.75%), 5.76%, 08/27/2026 (aa)      439       437  
Axalta Coating Systems Dutch Holding B BV, Term B-3 Dollar Loan, (Netherlands), (ICE LIBOR USD 3 Month + 1.75%), 2.76%, 06/01/2024 (aa)      594       588  
Nutrition & Biosciences, Inc., 3-Year Delayed Draw Term Loan, (ICE LIBOR USD 1 Month + 0.00%), 1.41%, 01/17/2023 (f) (aa)      64       64  
Nutrition & Biosciences, Inc., 5-year Delayed Draw Term Loan, (ICE LIBOR USD 1 Month + 0.00%), 1.94%, 01/17/2025 (f) (aa)      113       112  
Sparta U.S. Holdco LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 08/02/2028 (aa)      249       246  
    

 

 

  
Total Basic Materials        2,450  
    

 

 

  
Communications — 1.0%     
Advertising — 0.1%     
ABG Intermediate Holdings 2 LLC, 2021 Refinancing Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 09/27/2024 (aa)      766       759  
Clear Channel Outdoor Holdings, Inc., Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 3.80%, 08/21/2026 (aa)      830       815  
    

 

 

  
       1,574  
    

 

 

  
Internet — 0.2%     
Acuris Finance US, Inc., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 4.00%), 4.50%, 02/16/2028 (aa)      178       176  
Barracuda Networks, Inc., Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 6.75%), 7.50%, 10/30/2028 (aa)      827       821  
Comcast Hulu Holdings LLC, Term Loan A, (ICE LIBOR USD 3 Month + 1.00%), 1.33%, 03/15/2024 (aa)      1,750       1,733  
MH Sub I LLC, 2020 June New Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 09/13/2024 (aa)      670       661  
MH Sub I LLC, 2021 Replacement Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 6.25%), 6.71%, 02/23/2029 (aa)      109       108  
MH Sub I LLC, Amendment No. 2 Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.50%), 3.96%, 09/13/2024 (aa)      —  (h)      1  
Proofpoint, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.25%), 3.76%, 08/31/2028 (aa)      379       375  
Uber Technologies, Inc., 2021 Incremental Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 3.96%, 04/04/2025 (aa)      244       243  
    

 

 

  
       4,118  
    

 

 

  
Media — 0.3%     
Charter Communications Operating LLC, Term B-1 Loan, (ICE LIBOR USD 1 Month + 1.75%), 2.21%, 04/30/2025 (aa)      2,467       2,455  
Diamond Sports Group LLC, Term Loan (First Lien) (United States SOFR 1 Month + 8.00%), 1.00%, 05/25/2026 (u) (aa)      560       568  
Diamond Sports Group LLC, Term Loan (Third Lien), (ICE LIBOR USD 1 Month + 3.25%), 0.19%, 08/24/2026 (aa)      496       170  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
    AMOUNT ($)    

        VALUE ($)      
Loan Assignments — continued     
Media — continued     
DIRECTV Financing LLC, Closing Date Term Loan, (ICE LIBOR USD 1 Month + 5.00%), 5.75%, 08/02/2027 (aa)      985       983  
Nexstar Media, Inc., Term B-3 Loan, (ICE LIBOR USD 1 Month + 2.25%), 2.71%, 01/17/2024 (aa)      772       767  
Nielsen Finance LLC, Class B-4 Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 2.31%, 10/04/2023 (aa)      1,052       1,051  
Univision Communications, Inc., 2017 Replacement Repriced First-Lien Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 03/15/2024 (aa)      796       793  
    

 

 

  
       6,787  
    

 

 

  
Telecommunications — 0.4%     
Cincinnati Bell, Inc., Term B-2 Loan, (CME Term SOFR 3 Month + 3.25%), 4.05%, 11/22/2028 (aa)      319       314  
Connect Finco Sarl, Amendment No. 1 Refinancing Term Loan, (Luxembourg), (ICE LIBOR USD 1 Month + 3.50%), 4.50%, 12/11/2026 (aa)      374       370  
Delta Topco, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 12/01/2027 (aa)      571       561  
Digicel International Finance Limited, Initial Term B Loan (First Lien), (Saint Lucia), (ICE LIBOR USD 3 Month + 3.25%), 3.50%, 05/27/2024 (aa)      387       368  
Intelsat Jackson Holdings S.A., Term B Loan, (Luxembourg), (SOFR 6 Month + 4.25%), 5.16%, 02/01/2029 (u) (aa)      406       399  
Intelsat Jackson Holdings S.A., Tranche B-3 Term Loan Retired 02/01/2022, (Luxembourg), (ICE LIBOR USD 6 Month + 4.25%), 5.16%, 11/27/2023 (aa)      1       1  
Intrado Corp., Initial Term B Loan, (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 10/10/2024 (aa)      2,764       2,517  
Intrado Corp., Incremental Term B-1 Loan, (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 10/10/2024 (aa)      1,324       1,194  
Lumen Technologies, Inc., Term A Loan, (ICE LIBOR USD 1 Month + 2.00%), 2.46%, 01/31/2025 (u) (aa)      784       774  
MetroNet Systems Holdings LLC, 2021 Term Loan (First Lien), (CME Term SOFR 1 Month + 3.75%), 4.50%, 06/02/2028 (aa)      21       21  
ViaSat, Inc., Initial Term Loan, (SOFR 1 Month + 4.50%), 5.00%, 03/02/2029 (u) (aa)      455       452  
Zayo Group Holdings, Inc., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 3.46%, 03/09/2027 (aa)      765       743  
    

 

 

  
       7,714  
    

 

 

  
Total Communications        20,193  
    

 

 

  
Consumer Cyclical — 0.8%     
Airlines — 0.1%     
AAdvantage Loyality IP Ltd., Initial Term Loan, (Cayman Islands), (ICE LIBOR USD 3 Month + 4.75%), 5.50%, 04/20/2028 (u) (aa)      1,276       1,291  
Mileage Plus Holdings LLC, Initial Term Loan, (ICE LIBOR USD 3 Month + 5.25%), 6.25%, 06/21/2027 (aa)      130       134  
SkyMiles IP Ltd., Initial Term Loan, (Cayman Islands), (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 10/20/2027 (aa)      490       505  
United AirLines, Inc., Class B Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 04/21/2028 (u) (aa)      832       821  
    

 

 

  
       2,751  
    

 

 

  
Apparel — 0.1%     
Crocs, Inc., Term Loan, (CME Term SOFR 1 Month + 3.50%), 4.45%, 02/20/2029 (aa)      947       922  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
    AMOUNT ($)    

        VALUE ($)      
Loan Assignments — continued     
Auto Manufacturers — 0.0% (g)     
Ford Motor Co., Term Loan, (ICE LIBOR USD 1 Month + 1.75%), 2.20%, 12/31/2022 (aa)      850       839  
    

 

 

  
Auto Parts & Equipment — 0.1%     
Tenneco, Inc., Tranche A Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 0.00%, 09/29/2023 (aa)      1,350       1,333  
    

 

 

  
Entertainment — 0.1%     
AMC Entertainment Holdings, Inc., Term B-1 Loan, (ICE LIBOR USD 1 Month + 3.00%), 3.35%, 04/22/2026 (aa)      859       764  
Penn National Gaming, Inc., Term A Facility Refinancing Loan, (ICE LIBOR USD 1 Month + 1.25%), 2.00%, 10/19/2023 (aa)      788       779  
Raptor Acquisition Corp., Term B Loan (First Lien), (Canada), (ICE LIBOR USD 3 Month + 4.00%), 4.93%, 11/01/2026 (aa)      200       199  
Scientific Games International, Inc., Initial Term B-5 Loan, (ICE LIBOR USD 1 Month + 2.75%), 3.21%, 08/14/2024 (aa)      1,196       1,191  
    

 

 

  
       2,933  
    

 

 

  
Leisure Time — 0.1%     
Life Time, Inc., 2021 Refinancing Term Loan, (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 12/16/2024 (aa)      622       618  
Royal Caribbean Cruises Ltd., Non-Extended Advance, (Liberia), (ICE LIBOR USD 3 Month + 1.35%), 1.54%, 04/05/2022 (u) (aa)      900       891  
    

 

 

  
       1,509  
    

 

 

  
Lodging — 0.1%     
Fertitta Entertainment LLC, Initial B Term Loan, (CME Term SOFR 3 Month + 4.00%), 4.65%, 01/27/2029 (aa)      827       822  
Four Seasons Holdings, Inc., Term Loan (First Lien) 2013, (Canada), (ICE LIBOR USD 3 Month + 2.00%), 2.46%, 11/30/2023 (aa)      600       598  
Hilton Worldwide Finance LLC, Refinanced Series B-2 Term Loan, (ICE LIBOR USD 1 Month + 1.75%), 2.21%, 06/22/2026 (aa)      956       945  
    

 

 

  
       2,365  
    

 

 

  
Retail — 0.2%     
BJ’s Wholesale Club, Inc., Tranche B Term Loan (First Lien), (ICE LIBOR USD 1 Month + 2.00%), 2.39%, 02/03/2024 (aa)      441       440  
Foundation Building Materials, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 01/31/2028 (aa)      185       181  
IRB Holding Corp., 2022 Replacement Term B Loan, (CME Term SOFR 3 Month + 3.00%), 3.75%, 12/15/2027 (u) (aa)      380       378  
LBM Acquisition LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 12/17/2027 (u) (aa)      188       183  
PetSmart LLC, Initial Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 02/11/2028 (aa)      946       942  
SRS Distribution, Inc., 2022 Refinancing Term Loan, (CME Term SOFR 3 Month + 3.50%), 4.00%, 06/02/2028 (aa)      400       395  
Staples, Inc., 2019 Refinancing New Term B-1 Loan, (ICE LIBOR USD 3 Month + 5.00%), 5.32%, 04/16/2026 (aa)      202       190  
White Cap Supply Holdings LLC, Initial Closing Date Term Loan, (CME Term SOFR 1 Month + 3.75%), 4.25%, 10/19/2027 (aa)      533       526  
    

 

 

  
       3,235  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
    AMOUNT ($)    

        VALUE ($)      
Loan Assignments — continued     
Toys/Games/Hobbies — 0.0% (g)     
MND Holdings III Corp., 2018 Refinancing Term Loan, (ICE LIBOR USD 3 Month + 3.50%), 4.51%, 06/19/2024 (aa)      911       897  
    

 

 

  
Total Consumer Cyclical        16,784  
    

 

 

  
Consumer Non-cyclical — 0.7%     
Beverages — 0.1%     
Naked Juice LLC, Initial Loan (Second Lien), (CME Term SOFR 3 Month + 6.00%), 6.65%, 01/24/2030 (aa)      111       110  
Naked Juice LLC, Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 3.90%, 01/24/2029 (aa)      838       823  
    

 

 

  
       933  
    

 

 

  
Commercial Services — 0.3%     
CoreLogic, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 06/02/2028 (aa)      762       752  
PECF USS Intermediate Holding III Corp., Initial Term Loan, (ICE LIBOR USD 3 Month + 4.25%), 4.76%, 12/15/2028 (aa)      870       860  
Sabre GLBL, Inc., 2021 Other Term B-1 Loan, (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 12/17/2027 (u) (aa)      114       113  
Sabre GLBL, Inc., 2021 Other Term B-2 Loan, (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 12/17/2027 (u) (aa)      183       180  
Sotheby’s, 2021 Second Refinancing Term Loan, (ICE LIBOR USD 3 Month + 4.50%), 5.00%, 01/15/2027 (aa)      105       105  
Syniverse Holdings, Inc., Initial Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 9.00%), 10.00%, 03/11/2024 (aa)      1,500       1,407  
Syniverse Holdings, Inc., Tranche C Term Loan , (ICE LIBOR USD 3 Month + 5.00%), 6.00%, 03/09/2023 (u) (aa)      766       741  
Trans Union LLC, 2019 Replacement Term B-5 Loan, (ICE LIBOR USD 1 Month + 1.75%), 2.21%, 11/16/2026 (aa)      598       589  
Verscend Holding Corp., Term B-1 Loan, (ICE LIBOR USD 1 Month + 4.00%), 4.46%, 08/27/2025 (u) (aa)      2,063       2,052  
    

 

 

  
       6,799  
    

 

 

  
Food — 0.0% (g)     
JBS USA Lux S.A., New Term Loan, (Luxembourg), (ICE LIBOR USD 3 Month + 2.00%), 2.80%, 05/01/2026 (u) (aa)      598       592  
    

 

 

  
Healthcare - Products — 0.0% (g)     
Ortho-Clinical Diagnostics, Inc., Second Amendment New Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 3.23%, 06/30/2025 (aa)      845       841  
    

 

 

  
Healthcare - Services — 0.2%     
DaVita, Inc., Tranche B-1 Term Loan, (ICE LIBOR USD 1 Month + 1.75%), 2.21%, 08/12/2026 (aa)      883       876  
Envision Healthcare Corp., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 4.21%, 10/10/2025 (aa)      532       352  
LifePoint Health, Inc., Term B Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 4.20%, 11/16/2025 (aa)      192       191  
Medical Solutions Holdings, Inc., Initial Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 7.00%), 7.50%, 11/01/2029 (aa)      430       413  
Phoenix Newco, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 11/15/2028 (aa)      565       560  
Quorum Health Corp., Term Loan (Exit), (ICE LIBOR USD 3 Month + 7.75%), 8.75%, 04/29/2025 (aa)      611       538  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
    AMOUNT ($)    

        VALUE ($)      
Loan Assignments — continued     
Healthcare - Services — continued     
WCG Purchaser Corp., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.00%), 5.01%, 01/08/2027 (aa)      290       288  
    

 

 

  
       3,218  
    

 

 

  
Pharmaceuticals — 0.1%     
Change Healthcare Holdings LLC, Closing Date Term Loan, (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 03/01/2024 (aa)      529       525  
Embecta Corp., Initial Term Loan (First Lien), (SOFR 3 Month + 3.00%), 3.05%, 03/30/2029 (u) (aa)      8       8  
Endo Luxembourg Finance Co. I Sarl., 2021 Term Loan, (Luxembourg), (ICE LIBOR USD 1 Month + 5.00%), 5.75%, 03/27/2028 (aa)      495       463  
    

 

 

  
       996  
    

 

 

  
Total Consumer Non-cyclical        13,379  
    

 

 

  
Energy — 0.2%     
Oil & Gas — 0.1%     
Ascent Resources Utica Holdings Llc / Aru Finance Corp., Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 9.00%), 10.00%, 11/01/2025 (u) (aa)      2,320       2,476  
    

 

 

  
Pipelines — 0.1%     
Cheniere Corpus Christi Holdings LLC, Tranche 2, (ICE LIBOR USD 1 Month + 1.75%), 2.21%, 06/30/2024 (u) (aa)      818       814  
Freeport LNG investments, LLLP, Initial Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 12/21/2028 (aa)      193       191  
    

 

 

  
       1,005  
    

 

 

  
Total Energy        3,481  
    

 

 

  
Financial — 0.5%     
Diversified Financial Services — 0.2%     
Advisor Group Holdings, Inc., Term B-1 Loan, (ICE LIBOR USD 1 Month + 4.50%), 4.96%, 07/31/2026 (u) (aa)      381       379  
Deerfield Dakota Holding LLC, 2021 Replacement Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 6.75%), 7.50%, 04/07/2028 (aa)      763       761  
Deerfield Dakota Holding LLC, Initial Dollar Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 04/09/2027 (aa)      48       48  
Delos Finance S.a r.l., New Loan (2018), (Luxembourg), (ICE LIBOR USD 3 Month + 1.75%), 2.76%, 10/06/2023 (u) (aa)      1,087       1,079  
Mercury Borrower, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.50%), 4.51%, 08/02/2028 (u) (aa)      534       529  
Mercury Borrower, Inc., Initial Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 6.50%), 7.51%, 08/02/2029 (u) (aa)      668       661  
    

 

 

  
       3,457  
    

 

 

  
Insurance — 0.2%     
Alliant Holdings Intermediate LLC, Initial Term Loan (2018), (ICE LIBOR USD 1 Month + 3.25%), 3.71%, 05/09/2025 (aa)      192       190  
AssuredPartners, Inc., 2022 Term Loan, (SOFR 1 Month + 3.50%), 4.00%, 02/12/2027 (u) (aa)      220       217  
Asurion LLC, New B-3 Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.25%), 5.71%, 01/31/2028 (aa)      364       356  
Asurion LLC, New B-4 Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.25%), 5.71%, 01/20/2029 (aa)      785       767  
Asurion LLC, Replacement B-6 Term Loan, (ICE LIBOR USD 1 Month + 3.13%), 3.58%, 11/03/2023 (aa)      1,071       1,063  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
    AMOUNT ($)    

        VALUE ($)      
Loan Assignments — continued     
Insurance — continued     
Hub International Limited, B-3 Incremental Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 04/25/2025 (u) (aa)      186       185  
Sedgwick Claims Management Services, Inc., 2020 Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 09/03/2026 (aa)      289       287  
Sedgwick Claims Management Services, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 3.71%, 12/31/2025 (aa)      319       316  
    

 

 

  
       3,381  
    

 

 

  
REITS — 0.1%     
GLP Capital LP, Term Loan A2, (ICE LIBOR USD 1 Month + 1.50%), 1.95%, 05/21/2023 (aa)      795       793  
Invitation Homes Operating Partnership LP, Term Loan A, (ICE LIBOR USD 1 Month + 1.00%), 1.47%, 01/31/2025 (aa)      1,552       1,548  
    

 

 

  
       2,341  
    

 

 

  
Total Financial        9,179  
    

 

 

  
Government — 0.1%     
Regional (State/Province) — 0.1%     
Seminole Tribe of Florida, 2018 Replacement Term B Loan, (ICE LIBOR USD 1 Month + 1.75%), 2.21%, 07/08/2024 (aa)      1,080       1,079  
    

 

 

  
Industrial — 0.5%     
Aerospace/Defense — 0.1%     
COBHAM ULTRA US CO-BORROWER LLC, Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 4.25%, 11/17/2028 (u) (aa)      287       284  
Propulsion, Term Loan, (Luxembourg), (SOFR 3 Month + 4.00%), 4.50%, 02/10/2029 (u) (aa)      225       224  
Sequa Mezzanine Holdings LLC, Extended Term Loan (First Lien), (ICE LIBOR USD 3 Month + 6.75%), 7.75%, 11/28/2023 (aa)      291       291  
Spirit Aerosystems, Inc., 2021 Refinancing Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 4.25%, 01/15/2025 (aa)      371       370  
TransDigm, Inc., Tranche F Refinancing Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 2.71%, 12/09/2025 (aa)      578       567  
    

 

 

  
       1,736  
    

 

 

  
Building Materials — 0.1%     
Chariot Buyer LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.50%), 4.51%, 11/03/2028 (aa)      420       414  
CP Atlas Buyer, Inc., Term B Loan, (ICE LIBOR USD 1 Month + 3.75%), 4.25%, 11/23/2027 (aa)      235       229  
CPG International LLC, New Term Loan, (ICE LIBOR USD 3 Month + 2.50%), 3.25%, 05/05/2024 (aa)      185       183  
Griffon Corp., Term B Loan, (CME Term SOFR 3 Month + 2.75%), 3.27%, 01/24/2029 (aa)      323       319  
    

 

 

  
       1,145  
    

 

 

  
Engineering & Construction — 0.1%     
Brand Energy & Infrastructure Services, Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 06/21/2024 (aa)      2,119       2,018  
KKR Apple Bidco LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.00%), 3.50%, 09/22/2028 (aa)      601       593  
KKR Apple Bidco LLC, Initial Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.75%), 6.25%, 09/21/2029 (aa)      96       95  
    

 

 

  
       2,706  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
    AMOUNT ($)    

        VALUE ($)      
Loan Assignments — continued     
Environmental Control — 0.0% (g)     
Clean Harbors, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 1.75%), 2.21%, 06/28/2024 (aa)      249       247  
Filtration Group Corp., 2021 Incremental Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 10/21/2028 (u) (aa)      267       264  
    

 

 

  
       511  
    

 

 

  
Machinery - Construction & Mining — 0.0% (g)     
Vertiv Group Corp., Term B Loan, (ICE LIBOR USD 1 Month + 2.75%), 2.99%, 03/02/2027 (aa)      68       67  
    

 

 

  
Machinery - Diversified — 0.0% (g)     
Husky Injection Molding Systems Ltd., Initial Term Loan, (Canada), (ICE LIBOR USD 3 Month + 3.00%), 3.35%, 03/28/2025 (u) (aa)      882       862  
SPX Flow, Inc., Term Loan, (SOFR 1 Month + 4.50%), 4.55%, 03/16/2029 (u) (aa)      428       416  
    

 

 

  
       1,278  
    

 

 

  
Miscellaneous Manufacturers — 0.0% (g)     
Momentive Performance Materials, Inc., Initial Dollar Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 3.70%, 05/15/2024 (aa)      184       182  
    

 

 

  
Packaging & Containers — 0.1%     
Clydesdale Acquisition Holdings, Inc., Seven Year Term Loan, (SOFR 3 Month + 4.25%), 4.33%, 03/30/2029 (u) (aa)      188       185  
Flex Acquisition Co., Inc., 2021 Specified Refinancing Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 0.00%, 03/02/2028 (u) (aa)      500       499  
Mauser Packaging Solutions Holding Co., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 3.48%, 04/03/2024 (aa)      492       484  
    

 

 

  
       1,168  
    

 

 

  
Shipbuilding — 0.0% (g)     
MHI Holdings LLC, Initial Term Loan, (ICE LIBOR USD 1 Month + 5.00%), 5.46%, 09/21/2026 (aa)      537       534  
    

 

 

  
Transportation — 0.1%     
AIT Worldwide Logistics Holdings, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.75%), 5.50%, 04/06/2028 (aa)      400       396  
XPO Logistics, Inc., Refinancing Term Loan (2018), (ICE LIBOR USD 1 Month + 1.75%), 1.99%, 02/24/2025 (aa)      764       756  
    

 

 

  
       1,152  
    

 

 

  
Total Industrial        10,479  
    

 

 

  
Technology — 1.0%     
Computers — 0.2%     
Magenta Buyer LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 5.00%), 5.75%, 07/27/2028 (aa)      958       949  
Magenta Buyer LLC, Initial Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 8.25%), 9.00%, 07/27/2029 (aa)      491       486  
Peraton Corp., Term B Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 02/01/2028 (u) (aa)      1,482       1,469  
    

 

 

  
       2,904  
    

 

 

  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
    AMOUNT ($)    

        VALUE ($)      
Loan Assignments — continued     
Semiconductors — 0.0% (g)     
MKS Instruments, Inc., Term Loan, (ICE LIBOR USD 3 Month + 2.25%), 2.75%, 10/20/2028 (u) (aa)      383       379  
    

 

 

  
Software — 0.8%     
Applied Systems, Inc., Closing Date Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.00%), 4.01%, 09/19/2024 (aa)      660       655  
Ascend Learning LLC, Initial Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.75%), 6.25%, 12/10/2029 (aa)      458       455  
athenahealth Group Inc., Initial Term Loan, (SOFR 3 Month + 3.50%), 4.00%, 02/15/2029 (aa)      1,889       1,866  
Banff Guarantor, Inc., Initial Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.50%), 6.00%, 02/27/2026 (aa)      925       915  
Boxer Parent Co., Inc., 2021 Replacement Dollar Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 4.76%, 10/02/2025 (aa)      598       594  
Camelot U.S. Acquisition 1 Co., Amendment No. 2 Incremental Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 10/30/2026 (aa)      379       375  
Dun & Bradstreet Corp., The, 2022 Incremental Term B-2 Loan, (CME Term SOFR 1 Month + 3.25%), 3.56%, 01/18/2029 (u) (aa)      189       187  
EP Purchaser LLC, Closing Date Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.50%), 4.51%, 11/06/2028 (aa)      191       189  
Epicor Software Corp., Term C Loan, (ICE LIBOR USD 1 Month + 3.25%), 4.00%, 07/30/2027 (aa)      380       376  
Genesys Cloud Services Holdings I LLC, Initial Dollar Term Loan (2020), (ICE LIBOR USD 1 Month + 4.00%), 4.91%, 12/01/2027 (aa)      444       443  
Helios Software Holdings, Inc., Initial Dollar Term Loan (2021), (ICE LIBOR USD 3 Month + 3.75%), 5.25%, 03/11/2028 (aa)      407       403  
Misys Limited, Dollar Term Loan (First Lien), (United Kingdom), (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 06/13/2024 (u) (aa)      509       502  
Misys Limited, Dollar Term Loan (Second Lien), (United Kingdom), (ICE LIBOR USD 3 Month + 7.25%), 8.25%, 06/13/2025 (aa)      670       658  
Planview Parent, Inc., Closing Date Loan (Second Lien), (ICE LIBOR USD 3 Month + 7.25%), 8.26%, 12/18/2028 (aa)      180       178  
Polaris Newco LLC, Dollar Term Loan (First Lien), (ICE LIBOR USD 1 Month + 4.00%), 4.50%, 06/02/2028 (aa)      759       752  
RealPage, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 04/24/2028 (aa)      382       377  
Skillsoft Finance II, Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 4.75%), 5.50%, 07/14/2028 (aa)      1,446       1,426  
Sophia, L.P., Term Loan B (First Lien), (ICE LIBOR USD 3 Month + 3.25%), 4.26%, 10/07/2027 (aa)      868       858  
Sovos Compliance LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 4.50%), 5.00%, 08/11/2028 (aa)      541       540  
TIBCO Software, Inc., Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 7.25%), 7.71%, 03/03/2028 (aa)      455       453  
UKG, Inc., 2021 Incremental Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 5.25%), 5.75%, 05/03/2027 (aa)      753       746  
UKG, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 4.76%, 05/04/2026 (aa)      566       564  
Veritas US, Inc., Dollar Term B-2021 Loan, (ICE LIBOR USD 3 Month + 5.00%), 6.00%, 09/01/2025 (u) (aa)      671       626  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
    AMOUNT ($)    

        VALUE ($)      
Loan Assignments — continued     
Software — continued     
VMware, Inc., Three Year Loan, (ICE LIBOR USD 1 Month + 0.75%), 1.00%, 11/01/2024 (u) (aa)      3,196       3,184  
    

 

 

  
       17,322  
    

 

 

  
Total Technology        20,605  
    

 

 

  
Utilities — 0.0% (g)     
Electric — 0.0% (g)     
Heritage Power LLC, Term Loan, (ICE LIBOR USD 3 Month + 6.00%), 7.00%, 07/30/2026 (aa)      1,419       821  
    

 

 

  
Total Loan Assignments
(Cost $100,502)		        98,450  
    

 

 

  
    

    NUMBER OF    

      RIGHTS      

       
Rights — 0.0% (g)     
Communications — 0.0% (g)     
Telecommunications — 0.0% (g)     
Intelsat Jackson Holdings SA, expiring, 12/31/2049 (a) (bb) (cc)      18       —  (h) 
    

 

 

  
Total Rights
(Cost $—)		        —  (h) 
    

 

 

  
       

PRINCIPAL
    AMOUNT ($)    

       
Short-Term Investments — 7.8%     
Commercial Paper — 0.1%     
Catholic Health System, Inc., 1.20%, 04/13/2022 (n)      1,176       1,176  
    

 

 

  
Corporate Bond — 0.2%     
Future Diamond Ltd., (British Virgin Islands), Reg. S, 4.25%, 09/22/2022      4,300       3,913  
    

 

 

  
Time Deposits — 5.1%     
Australia & New Zealand Banking Group Ltd., 0.15%, 04/01/2022      54,916       54,916  
Barclays SA, 0.15%, 04/01/2022      19,469       19,469  
BNP Paribas SA,     
(1.30%), 04/01/2022    CHF 1       1  
0.15%, 04/01/2022      20,600       20,600  
0.25%, 04/01/2022    GBP 1       1  
Brown Brothers Harriman, (0.78%), 04/01/2022    EUR — (h)      —  (h) 
Citibank NA, (0.78%), 04/01/2022    EUR 107       117  
Sumitomo Mitsui Banking Corp., 0.15%, 04/01/2022      7,408       7,408  
    

 

 

  
Total Time Deposits        102,512  
    

 

 

  
U.S. Government Agency Security — 0.2%     
FHLB DNs, Zero Coupon, 04/05/2022      3,700       3,700  
    

 

 

  
U.S. Treasury Obligations — 2.2%     
U.S. Cash Management Bill, Zero Coupon, 06/21/2022      22,000       21,977  
U.S. Treasury Bill,     
Zero Coupon, 04/21/2022      19,410       19,408  
Zero Coupon, 05/26/2022      2,800       2,799  
    

 

 

  
Total U.S. Treasury Obligations        44,184  
    

 

 

  
Total Short-Term Investments
(Cost $155,166)		        155,485  
    

 

 

  
Total Investments — 99.7%
(Cost - $2,068,240)*		        1,996,571  

Other Assets in Excess of Liabilities — 0.3%

        6,972  
    

 

 

  

NET ASSETS — 100.0%

      $ 2,003,543  
    

 

 

  

 

Percentages indicated are based on net assets.

 

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Futures contracts outstanding as of March 31, 2022:

Exchange Traded

 

DESCRIPTION

    NUMBER OF
CONTRACTS		     EXPIRATION
DATE		      TRADING
CURRENCY		      NOTIONAL
AMOUNT ($)		     VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

Long Contracts

             
Euro Schatz      2       06/2022        EUR        248       (3 ) 
U.S. Treasury 10 Year Note      1       06/2022        USD        126       (3 ) 
U.S. Treasury 2 Year Note      1,040       06/2022        USD        222,581       (2,182 ) 
U.S. Treasury 5 Year Note      319       06/2022        USD        37,423       (838 ) 
            

 

 

  
               (3,026 ) 
            

 

 

  

Short Contracts

             
Euro BOBL      (1)       06/2022        EUR        (147 )      5  
U.S. Treasury 10 Year Note      (65)       06/2022        USD        (8,171 )      184  
U.S. Treasury 5 Year Note      (243)       06/2022        USD        (28,337 )      468  
U.S. Treasury Long Bond      (17)       06/2022        USD        (2,564 )      13  
U.S. Treasury Ultra Bond      (61)       06/2022        USD        (10,909 )      104  
U.S. Ultra Treasury 10 Year Note      (4)       06/2022        USD        (537 )      (5 ) 
            

 

 

  
               769  
            

 

 

  
Total unrealized appreciation (depreciation)                (2,257 ) 
            

 

 

  

 

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 March 31, 2022:

 

CURRENCY PURCHASED

     

CURRENCY SOLD

     

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

EUR

      2,530     

USD

      2,789      HSBC Bank plc    04/04/2022      11  

USD

      2,873     

EUR

      2,530      HSBC Bank plc    04/04/2022      73  

USD

      225     

EUR

      201      UBS AG LONDON    06/15/2022      2  
                 

 

 

  

Total unrealized appreciation

         86  
           

 

 

  

EUR

      201     

USD

      224      UBS AG LONDON    04/04/2022      (2 ) 

USD

      2,791     

EUR

      2,530      HSBC Bank plc    05/06/2022      (10 ) 

USD

      108     

EUR

      98      Bank of America, NA    06/15/2022      (1 ) 

USD

      9,294     

EUR

      8,446      BNP Paribas    06/15/2022      (76 ) 

USD

      91     

EUR

      82      Morgan Stanley & Co.    06/15/2022      — (h) 

USD

      109     

EUR

      99      UBS AG LONDON    06/15/2022      (1 ) 

USD

      1,350     

GBP

      1,035      Bank of America, NA    06/15/2022      (9 ) 
                 

 

 

  

Total unrealized depreciation

         (99 ) 
           

 

 

  

Net unrealized appreciation (depreciation)

         (13 ) 
        

 

 

  

 

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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 March 31, 2022:

 

FLOATING RATE INDEX (a)

    FIXED RATE    PAY/RECEIVE
FLOATING
RATE		    MATURITY
DATE		    NOTIONAL
AMOUNT		      UPFRONT
PAYMENTS
(RECEIPTS)
($)		      UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		      VALUE ($)  

United States SOFR

    1.00% annually    Receive    06/15/2027    USD   22,400        870        460        1,330  

United States SOFR

    1.50% annually    Receive    06/15/2042    USD 2,400        186        49        235  

United States SOFR

    1.50% annually    Pay    06/15/2052    USD 1,600        122        48        170  
              

 

 

     

 

 

     

 

 

  

Total

 

      1,178        557        1,735  
  

 

 

     

 

 

     

 

 

  

 

(a)

Value of floating rate index as of March 31, 2022 was as follows:

 

FLOATING RATE

INDEX

       

United States SOFR

      0.29 % 

 

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

OTC Credit Default Swaps contracts outstanding — sell protection (1) as of March 31, 2022:

 

REFERENCE

OBLIGATION/INDEX

   FINANCING
RATE
RECEIVED
BY THE
FUND(%)		     PAYMENT
FREQUENCY		    

COUNTERPARTY

   MATURITY
DATE		     IMPLIED
CREDIT
SPREAD
(%) (3)		     NOTIONAL
AMOUNT
(4)		     UPFRONT
PAYMENTS
(RECEIPTS)
($) (5)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		     VALUE
($)		  

Adler Real Estate AG, 1.50%, 12/06/2021

     5.00 %      Quarterly     Morgan Stanley     12/20/2025       5.26     EUR 30       5       (5 )      (— )(h) 

CMA CGM SA, 7.5%, 01/15/2026

     5.00 %      Quarterly     Goldman Sachs     06/20/2026       2.88     EUR 10       1       — (h)      1  

Adler Real Estate AG, 2.13%, 02/06/2024

     5.00 %      Quarterly     Citibank, NA     12/20/2026       4.85     EUR 20       1       (1 )      — (h) 

Adler Real Estate AG, 2.13%, 02/06/2024

     5.00 %      Quarterly     Morgan Stanley     12/20/2026       4.85     EUR 90       1       — (h)      1  

Adler Real Estate AG, 2.13%, 02/06/2024

     5.00 %      Quarterly     Goldman Sachs International     12/20/2026       4.85     EUR 60       (— )(h)      1       1  

Jaguar Land Rover Automotive, 2.20%, 01/15/2024

     5.00 %      Quarterly     Barclays Bank plc     12/20/2026       5.32     EUR 30       1       (2 )      (1 ) 

Jaguar Land Rover Automotive, 2.20%, 01/15/2024

     5.00 %      Quarterly     Morgan Stanley     12/20/2026       5.32     EUR 10       1       (1 )      (— )(h) 

Socialist Republic of Vietnam, 4.80%, 11/19/2024

     1.00 %      Quarterly     Citibank, NA     12/20/2026       0.97     USD 300       (2 )      2       — (h) 

Socialist Republic of Vietnam, 4.80%, 11/19/2024

     1.00 %      Quarterly     Citibank, NA     12/20/2026       0.97     USD 300       (2 )      2       — (h) 

Socialist Republic of Vietnam, 4.80%, 11/19/2024

     1.00 %      Quarterly     Citibank, NA     12/20/2026       0.97     USD 900       (6 )      10       4  

Socialist Republic of Vietnam, 4.80%, 11/19/2024

     1.00 %      Quarterly     Citibank, NA     12/20/2026       0.97     USD 600       (5 )      6       1  

Socialist Republic of Vietnam, 4.80%, 11/19/2024

     1.00 %      Quarterly     Citibank, NA     12/20/2026       0.97     USD 900       (12 )      13       1  

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

OTC Credit Default Swaps contracts outstanding — sell protection (1) as of March 31, 2022 (continued):

 

REFERENCE

OBLIGATION/INDEX

   FINANCING
RATE
RECEIVED
BY THE
FUND(%)		     PAYMENT
FREQUENCY		    

COUNTERPARTY

   MATURITY
DATE		     IMPLIED
CREDIT
SPREAD
(%) (3)		     NOTIONAL
AMOUNT
(4)		     UPFRONT
PAYMENTS
(RECEIPTS)
($) (5)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		     VALUE
($)		  

Jaguar Land Rover Automotive, 2.20%, 01/15/2024

     5.00 %      Quarterly     Bank of America     12/20/2026       5.32     EUR 20       (1 )      1       (— )(h) 

Socialist Republic of Vietnam, 4.80%, 11/19/2024

     1.00 %      Quarterly     Citibank, NA     12/20/2026       0.97     USD 600       (7 )      8       1  

Socialist Republic of Vietnam, 4.80%, 11/19/2024

     1.00 %      Quarterly     Citibank, NA     06/20/2027       1.06     USD 900       (7 )      5       (2 ) 

Socialist Republic of Vietnam, 4.80%, 11/19/2024

     1.00 %      Quarterly     Citibank, NA     06/20/2027       1.06     USD   3,900       (28 )      18       (10 ) 
             

 

 

    

 

 

    

 

 

  

Total

                 (60 )      57       (3 ) 
             

 

 

    

 

 

    

 

 

  

 

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

OTC Credit Default Swaps contracts outstanding — buy protection (2) as of March 31, 2022:

 

REFERENCE
OBLIGATION/ INDEX

    FINANCING
RATE PAID
BY THE
FUND(%)		     PAYMENT
FREQUENCY		      COUNTERPARTY      MATURITY
DATE		      IMPLIED
CREDIT
SPREAD
(%) (3)		      NOTIONAL
AMOUNT (4)		      UPFRONT
PAYMENTS
(RECEIPTS)
($) (5)		      UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		     VALUE
($)		  

Socialist Republic of Vietnam, 4.80%, 11/19/2024

      1.00 %      Quarterly        Citibank, NA        12/20/2026        0.97      USD   3,600        6        (12 )      (6 ) 
                   

 

 

     

 

 

    

 

 

  

Total

                       6        (12 )      (6 ) 
                   

 

 

     

 

 

    

 

 

  

Centrally Cleared Credit Default Swaps contracts outstanding — sell protection (1) as of March 31, 2022:

 

REFERENCE

OBLIGATION/INDEX

    FINANCING
RATE
RECEIVED
BY THE
FUND(%)		     PAYMENT
FREQUENCY		      MATURITY
DATE		      IMPLIED
CREDIT
SPREAD
(%) (3)		      NOTIONAL
AMOUNT (4)		      UPFRONT
PAYMENTS
(RECEIPTS)
($) (5)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		      VALUE
($)		  

CDX.NA.HY.37-V1

      5.00 %      Quarterly        12/20/2026        3.43      USD 7,687        443       58        501  

ITRX ASIAXJ IG-V1

      1.00 %      Quarterly        06/20/2027        1.00      USD   12,900        (54 )      56        2  
                

 

 

    

 

 

     

 

 

  

Total

                    389       114        503  
                

 

 

    

 

 

     

 

 

  

Centrally Cleared Credit Default Swaps contracts outstanding — buy protection (2) as of March 31, 2022:

 

REFERENCE

OBLIGATION/INDEX

    FINANCING
RATE PAID
BY THE
FUND(%)		     PAYMENT
FREQUENCY		      MATURITY
DATE		      IMPLIED
CREDIT
SPREAD
(%) (3)		      NOTIONAL
AMOUNT (4)		      UPFRONT
PAYMENTS
(RECEIPTS)
($) (5)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		     VALUE
($)		  

CDX.NA.HY.38-V1

      5.00 %      Quarterly        06/20/2027        3.73      USD   48,375        (2,251 )      (506 )      (2,757 ) 
                

 

 

    

 

 

    

 

 

  

Total

                    (2,251 )      (506 )      (2,757 ) 
                

 

 

    

 

 

    

 

 

  

 

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

Six Circles Credit Opportunities Fund

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022

 

BofA    —    Bank of America
CDX    —    Credit Default Swap Index
CLO    —    Collateralized Loan Obligations
CMT    —    Constant Maturity Treasury
DN    —    Discount Notes
EURIBOR    —    Euro Interbank Offered Rate
FHLB    —    Federal Home Loan Bank
FHLMC    —    Federal Home Loan Mortgage Corp.
ICE    —    Intercontinental Exchange
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
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
SOFR    —    Secured Overnight Financing Rate
(a)    —    Non-income producing security.
(d)    —    Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued.
(e)    —    Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)    —    Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended.
(g)    —    Amount rounds to less than 0.05%.
(h)    —    Amount rounds to less than 500 shares or principal/ $500.
(n)    —    The rate shown is the effective yield as of March 31, 2022.
(o)    —    Loan assignments are presented by obligor. Each Series or loan tranche underlying each obligor may have varying terms.
(u)    —    All or a portion of the security is unsettled as of March 31, 2022. Unless otherwise indicated, the coupon rate is undetermined.
(v)    —    Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(w)    —    All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(x)    —    Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of March 31, 2022.
(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 March 31, 2022.
(aa)    —    Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2022.
(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
EUR    —    Euro
GBP    —    British Pound
USD    —    United States Dollar

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited)

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

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

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

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

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

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

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

Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Exchange-traded futures contracts and options are generally valued on the basis of available market quotations. Swaps, forward foreign currency exchange contracts and over the counter options are valued utilizing market quotations from approved Pricing Services.

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

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

 

•  

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

 

•  

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

 

•  

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

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

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

Six Circles Ultra Short Duration Fund

 

     Level 1
Quoted prices		     Level 2
Other significant
observable
inputs		     Level 3
Significant
unobservable
inputs		      Total  

Investments in Securities

          

Debt Securities

          

Asset-Backed Securities

    $ —       $ 70,194     $  —      $ 70,194  

Certificates of Deposit

          

Financial

      —         18,150       —          18,150  

Collateralized Mortgage Obligations

      —         23,347       —          23,347  

Commercial Mortgage-Backed Securities

      —         32,741       —          32,741  

Corporate Bonds

          

Basic Materials

      —         5,951       —          5,951  

Communications

      —         28,551       —          28,551  

Consumer Cyclical

      —         45,329       —          45,329  

Consumer Non-cyclical

      —         45,785       —          45,785  

Diversified

      —         1,709       —          1,709  

Energy

      —         7,891       —          7,891  

Financial

      —         145,942       —          145,942  

Government

      —         2,300       —          2,300  

Industrial

      —         16,571       —          16,571  

Technology

      —         15,637       —          15,637  

Utilities

      —         18,713       —          18,713  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Corporate Bonds

      —         334,379       —          334,379  
  

 

 

    

 

 

    

 

 

     

 

 

  

Foreign Government Securities

      —         4,103       —          4,103  

Municipal Bonds

      —         3,581       —          3,581  

U.S. Government Agency Securities

      —         4,192       —          4,192  

U.S. Treasury Obligations

      —         11,576       —          11,576  

Short-Term Investments

          

Certificates of Deposit

      —         42,225       —          42,225  

Commercial Papers

      —         17,623       —          17,623  

Corporate Bond

      —         1,500       —          1,500  

Foreign Government Securities

      —         45,195       —          45,195  

Municipal Bond

      —         75       —          75  

Time Deposits

      —         5,147       —          5,147  

U.S. Treasury Obligation

      —         286       —          286  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Short-Term Investments

      —         112,051       —          112,051  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ —       $  614,314     $ —        $  614,314  
  

 

 

    

 

 

    

 

 

     

 

 

  

Appreciation in Other Financial Instruments

          

Futures contracts

    $  1,184     $ —       $ —        $ 1,184  

Forward Foreign Currency Exchange contracts

      —         1,314       —          1,314  

Centrally Cleared Interest Rate Swap contracts

      —         3       —          3  

Centrally Cleared Credit Default Swaps contracts

        93          93  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Appreciation in Other Financial Instruments

    $ 1,184     $ 1,410     $ —        $ 2,594  
  

 

 

    

 

 

    

 

 

     

 

 

  

Depreciation in Other Financial Instruments

          

Futures contracts

    $  (1,456 )    $ —       $  —        $ (1,456 ) 

Forward Foreign Currency Exchange contracts

      —         (682 )      —          (682 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Depreciation in Other Financial Instruments

    $  (1,456 )    $ (682 )    $ —        $ (2,138 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Six Circles Tax Aware Ultra Short Duration Fund

 

     Level 1
Quoted prices		     Level 2
Other significant
observable
inputs		     Level 3
Significant
unobservable
inputs		      Total  

Investments in Securities

          

Debt Securities

          

Asset-Backed Securities

    $ —       $ 20,269     $  —        $ 20,269  

Collateralized Mortgage Obligations

      —         23,326       —          23,326  

Commercial Mortgage-Backed Securities

      —         9,009       —          9,009  

Corporate Bonds

          

Communications

      —         7,024       —          7,024  

Consumer Cyclical

      —         8,195       —          8,195  

Consumer Non-cyclical

      —         13,674       —          13,674  

Diversified

      —         1,834       —          1,834  

Energy

      —         2,598       —          2,598  

Financial

      —         46,922       —          46,922  

Government

      —         1,800       —          1,800  

Industrial

      —         4,516       —          4,516  

Technology

      —         1,287       —          1,287  

Utilities

      —         10,107       —          10,107  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Corporate Bonds

      —         97,957       —          97,957  
  

 

 

    

 

 

    

 

 

     

 

 

  

Foreign Government Securities

      —         5,184       —          5,184  

Municipal Bonds

      —         439,759       —          439,759  

U.S. Government Agency Securities

      —         4,599       —          4,599  

U.S. Treasury Obligations

      —         11,584       —          11,584  

Short-Term Investments

          

Commercial Papers

      —         13,291       —          13,291  

Foreign Government Security

      —         1,909       —          1,909  

Municipal Bond

      —         1,007       —          1,007  

Time Deposits

      —         6,105       —          6,105  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Short-Term Investments

      —         22,312       —          22,312  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ —       $  633,999     $ —        $  633,999  
  

 

 

    

 

 

    

 

 

     

 

 

  

Appreciation in Other Financial Instruments

          

Futures contracts

    $ 997     $ —       $ —        $ 997  

Forward Foreign Currency Exchange contracts

      —         145       —          145  

Centrally Cleared Interest Rate Swap contracts

      —         3       —          3  

Centrally Cleared Credit Default Swaps contracts

      —         95       —          95  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Appreciation in Other Financial Instruments

    $ 997     $ 243     $ —        $ 1,240  
  

 

 

    

 

 

    

 

 

     

 

 

  

Depreciation in Other Financial Instruments

          

Futures contracts

    $  (1,562 )    $ —       $ —        $ (1,562 ) 

Forward Foreign Currency Exchange contracts

      —         (590 )      —          (590 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Depreciation in Other Financial Instruments

    $  (1,562 )    $ (590 )    $ —        $ (2,152 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Six Circles U.S. Unconstrained Equity Fund

 

     Level 1
Quoted prices		      Level 2
Other significant
observable
inputs		      Level 3
Significant
unobservable
inputs		      Total  

Investments in Securities

            

Common Stocks

            

Basic Materials

    $  38,560    $  —        $  —        $  38,560  

Communications

      4,485,306      —          —          4,485,306  

Consumer Cyclical

      222,347      —          —          222,347  

Consumer Non-cyclical

      4,746,978      —          —          4,746,978  

Energy

      84,813      —          —          84,813  

Financial

      2,510,438      —          —          2,510,438  

Industrial

      1,726,995      —          —          1,726,995  

Technology

      3,809,604      —          —          3,809,604  

Utilities

      47,940      —          —          47,940  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Common Stocks

      17,672,981      —          —          17,672,981  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments

            

Time Deposits

      —          118,888      —          118,888  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $  17,672,981    $  118,888    $  —        $  17,791,869  
  

 

 

     

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

            

Futures contracts

    $  7,324    $  —        $  —        $  7,324  
  

 

 

     

 

 

     

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Six Circles International Unconstrained Equity Fund

 

     Level 1
Quoted prices		      Level 2
Other significant
observable
inputs		      Level 3
Significant
unobservable
inputs		      Total  

Investments in Securities

            

Common Stocks

            

Austria

    $ —        $ 48,802      $  —        $ 48,802  

Belgium

      —          126,135        —          126,135  

Chile

      —          3,167        —          3,167  

Denmark

      —          576,768        —          576,768  

Finland

      —          189,138        —          189,138  

France

      11,688        1,862,494        —          1,874,182  

Germany

      —          1,550,360        —          1,550,360  

Ireland

      36,892        71,017        —          107,909  

Italy

      —          559,819        —          559,819  

Japan

      —          297,288        —          297,288  

Jordan

      —          8,119        —          8,119  

Luxembourg

      —          23,115        —          23,115  

Netherlands

      5,010        848,102        —          853,112  

Norway

      866        124,832        —          125,698  

Poland

      —          1,004        —          1,004  

Portugal

      —          55,206        —          55,206  

South Korea

      —          256,049        —          256,049  

Spain

      —          560,830        —          560,830  

Sweden

      —          454,574        —          454,574  

Switzerland

      16,022        2,327,180        —          2,343,202  

United Arab Emirates

      —          —          —          —    

United Kingdom

      5,012        1,872,710        —          1,877,722  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Common Stocks

      75,490        11,816,709        —          11,892,199  
  

 

 

     

 

 

     

 

 

     

 

 

  

Preferred Stocks

            

Germany

      —          182,435        —          182,435  

South Korea

      —          39,757        —          39,757  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Preferred Stocks

      —          222,192        —          222,192  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments

            

Time Deposits

      —          76,838        —          76,838  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $  75,490      $  12,115,739      $ —        $  12,191,229  
  

 

 

     

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

            

Futures contracts

    $ 2,345      $ —        $ —        $ 2,345  
  

 

 

     

 

 

     

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Six Circles Global Bond Fund

 

     Level 1
Quoted prices		     Level 2
Other significant
observable
inputs		     Level 3
Significant
unobservable
inputs		      Total  

Investments in Securities

          

Debt Securities

          

Asset-Backed Securities

    $ —       $ 76,386     $ —        $ 76,386  

Collateralized Mortgage Obligations

      —         140,985       —          140,985  

Commercial Mortgage-Backed Securities

      —         53,848       —          53,848  

Corporate Bonds

          

Basic Materials

      —         42,055       —          42,055  

Communications

      —         84,370       —          84,370  

Consumer Cyclical

      —         81,247       —          81,247  

Consumer Non-cyclical

      —         212,239       1,155        213,394  

Energy

      —         80,353       —          80,353  

Financial

      —         519,928       155        520,083  

Government

      —         145,545       —          145,545  

Industrial

      —         73,938       —          73,938  

Technology

      —         33,916       195        34,111  

Utilities

      —         113,657       —          113,657  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Corporate Bonds

      —         1,387,248       1,505        1,388,753  
  

 

 

    

 

 

    

 

 

     

 

 

  

Foreign Government Securities

      —         3,591,901       78        3,591,979  

Mortgage-Backed Securities

      —         1,356,847       4,150        1,360,997  

Municipal Bonds

      —         4,019       —          4,019  

U.S. Government Agency Securities

      —         19,307       —          19,307  

U.S. Treasury Obligations

      —         586,139       —          586,139  

Options purchased

      —         199       —          199  

Short-Term Investments

          

Time Deposits

      —         406,524       —          406,524  

U.S. Treasury Obligations

      —         61,441       —          61,441  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Short-Term Investments

      —         467,965       —          467,965  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ —       $  7,684,844     $  5,733      $  7,690,577  
  

 

 

    

 

 

    

 

 

     

 

 

  

Liabilities

          

Debt Securities

          

Mortgage-Backed Securities

    $ —       $ 225,520     $ —        $ 225,520  
  

 

 

    

 

 

    

 

 

     

 

 

  

Appreciation in Other Financial Instruments

          

Futures contracts

    $ 2,560     $ —       $ —        $ 2,560  

Forward Foreign Currency Exchange contracts

      —         122,602       —          122,602  

Centrally Cleared Interest Rate Swap contracts

      —         9,315       —          9,315  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Appreciation in Other Financial Instruments

    $ 2,560     $ 131,917     $ —        $ 134,477  
  

 

 

    

 

 

    

 

 

     

 

 

  

Depreciation in Other Financial Instruments

          

Futures contracts

    $  (4,168 )    $ —       $ —        $ (4,168 ) 

Forward Foreign Currency Exchange contracts

      —         (24,284 )      —          (24,284 ) 

OTC Interest Rate Swaps contracts

      —         (107 )      —          (107 ) 

Centrally Cleared Interest Rate Swap contracts

      —         (10,593 )      —          (10,593 ) 

Options Written

          

Call Options Written

      (21 )      (78 )      —          (99 ) 

Put Options Written

      (27 )      (2,939 )      —          (2,966 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Options Written

      (48 )      (3,017 )         (3,065 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Depreciation in Other Financial Instruments

    $  (4,216 )    $ (38,001 )    $ —        $ (42,217 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Six Circles Tax Aware Bond Fund

 

     Level 1
Quoted prices		      Level 2
Other significant
observable
inputs		      Level 3
Significant
unobservable
inputs		      Total  

Investments in Securities

            

Debt Securities

            

Corporate Bond

            

Consumer Non-cyclical

    $  —        $ 750      $  —        $ 750  

Municipal Bonds

      —          5,775,454        —          5,775,454  

Short-Term Investments

            

Municipal Bonds

      —          31,749        —          31,749  

Time Deposits

      —          477,115        —          477,115  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Short-Term Investments

      —          508,864        —          508,864  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ —        $  6,285,068      $ —        $  6,285,068  
  

 

 

     

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

            

Futures contracts

    $ 370      $ —        $ —        $ 370  
  

 

 

     

 

 

     

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Six Circles Credit Opportunities Fund

 

     Level 1
Quoted prices		      Level 2
Other significant
observable
inputs		      Level 3
Significant
unobservable
inputs		     Total  

Investments in Securities

           

Debt Securities

           

Asset-Backed Securities

    $  —        $ 88,774      $ —       $ 88,774  

Collateralized Mortgage Obligations

      —          14,915        —         14,915  

Commercial Mortgage-Backed Securities

      —          77,351        —         77,351  

Convertible Bonds

           

Communications

      —          4,993        —         4,993  

Consumer Cyclical

      —          731        —         731  

Consumer Non-cyclical

      —          1,122        —         1,122  

Energy

      —          3,262        —         3,262  

Financial

      —          7,716        —         7,716  

Industrial

      —          381        —         381  

Technology

      —          782        —         782  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total Convertible Bonds

      —          18,987        —         18,987  
  

 

 

     

 

 

     

 

 

    

 

 

  

Corporate Bonds

           

Basic Materials

      —          101,810        —         101,810  

Communications

      —          144,806        —    (h)      144,806  

Consumer Cyclical

      —          244,403        —         244,403  

Consumer Non-cyclical

      —          154,250        —         154,250  

Energy

      —          158,601        —         158,601  

Financial

      —          401,843        —         401,843  

Government

      —          17,693        —         17,693  

Industrial

      —          112,073        —         112,073  

Technology

      —          27,210        —         27,210  

Utilities

      —          99,209        —         99,209  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total Corporate Bonds

      —          1,461,898        —         1,461,898  
  

 

 

     

 

 

     

 

 

    

 

 

  

Foreign Government Securities

      —          54,166        —         54,166  

U.S. Treasury Obligation

      —          18,749        —         18,749  

Common Stock

           

Communications

      —          —          2,521       2,521  

Preferred Stock

           

Consumer Cyclical

      —          —          5,275       5,275  

Loan Assignments

           

Basic Materials

      —          2,450        —         2,450  

Communications

      —          20,193        —         20,193  

Consumer Cyclical

      —          16,784        —         16,784  

Consumer Non-cyclical

      —          13,379        —         13,379  

Energy

      —          3,481        —         3,481  

Financial

      —          8,386        793       9,179  

Government

      —          1,079        —         1,079  

Industrial

      —          10,479        —         10,479  

Technology

      —          20,605        —         20,605  

Utilities

      —          821        —         821  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total Loan Assignments

      —          97,657        793       98,450  
  

 

 

     

 

 

     

 

 

    

 

 

  

Rights

           

Communications

      —          —          —    (h)      —   (h) 

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

Six Circles Credit Opportunities Fund (continued)

 

     Level 1
Quoted prices		     Level 2
Other significant
observable
inputs		     Level 3
Significant
unobservable
inputs		      Total  

Short-Term Investments

          

Commercial Paper

      —         1,176       —          1,176  

Corporate Bond

      —         3,913       —          3,913  

Time Deposits

      —         102,512       —          102,512  

U.S. Government Agency Security

      —         3,700       —          3,700  

U.S. Treasury Obligations

      —         44,184       —          44,184  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Short-Term Investments

      —         155,485       —          155,485  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ —       $  1,987,982     $ 8,589      $  1,996,571  
  

 

 

    

 

 

    

 

 

     

 

 

  

Appreciation in Other Financial Instruments

          

Futures contracts

    $ 774     $ —       $ —        $ 774  

Forward Foreign Currency Exchange contracts

      —         86       —          86  

OTC Credit Default Swaps contracts

      —         66       —          66  

Centrally Cleared Interest Rate Swap contracts

      —         557       —          557  

Centrally Cleared Credit Default Swaps contracts

      —         114       —          114  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Appreciation in Other Financial Instruments

    $ 774     $ 823     $ —        $ 1,597  
  

 

 

    

 

 

    

 

 

     

 

 

  

Depreciation in Other Financial Instruments

          

Futures contracts

    $ (3,031 )    $ —       $ —        $ (3,031 ) 

Forward Foreign Currency Exchange contracts

      —         (99 )      —          (99 ) 

OTC Credit Default Swaps contracts

      —         (21 )      —          (21 ) 

Centrally Cleared Credit Default Swaps contracts

      —         (506 )      —          (506 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Depreciation in Other Financial Instruments

    $  (3,031 )    $ (626 )    $ —        $ (3,657 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

B. Loan Assignments — The Six Circles Credit Opportunities Fund invests in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent administers the terms of the loan, as specified in the loan agreement. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan, provided, however, the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through the Agent. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between each Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. The Adviser or Sub-Advisers may have access to material non-public information regarding the Borrower.

Certain loan assignments are also subject to the risks associated with high yield securities.

Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities, if any. As of March 31, 2022, The Six Circles Credit Opportunities Fund had the following loan commitments outstanding in which all of the commitment was unfunded (amounts in thousands):

 

                               Unfunded
Commitment		  

Security Description

    Term      Maturity
Date		      Commitment
Fee Rate		     Rate if
Funded		     Par      Value  

ARC Falcon I, Inc.

     

 Delayed

Draw Term Loan

 

      9/30/2028        1.00 %      1.00 %      89        86  

athenahealth Group, Inc.

     
 Initial Delayed
Draw Term Loan		  
 		      2/15/2029        1.75 %      0.00 %      320        316  

Sovos Compliance, LLC

     
 First Lien Delayed
Draw Term Loan		  
 		      8/11/2028        4.50 %      4.50 %      94        93  
            

 

 

     

 

 

  
               503        495  
            

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

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

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

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

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

Notes C(1) — C(4) below describe the various derivatives used by the Funds.

(1) Options — The Six Circles Global Bond Fund purchased and sold (“wrote”) put and call options on securities to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

Options Purchased — Premiums paid by the Funds for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Funds for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Funds are not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

The Fund’s option contracts are subject to master netting arrangements.

(2) Futures Contracts — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund and Six Circles Credit Opportunities Fund used interest rate futures to manage interest rate risks associated with portfolio investments. The Six Circles U.S. Unconstrained Equity Fund and Six Circles 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 change in net unrealized appreciation/depreciation. Futures contracts outstanding at period end, if any, are listed after each Fund’s SOI.

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

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

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

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation/depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, 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.

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

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

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

Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund and Six Circles Credit Opportunities Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

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

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

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

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

Interest Rate Swaps

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund and Six Circles Credit Opportunities 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.