Six Circles Managed Equity Portfolio U.S. Unconstrained 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 — 99.3%
Basic Materials — 0.8%
Chemicals — 0.6%
Air Products & Chemicals, Inc.		13		3,343
Albemarle Corp.		7		1,648
Celanese Corp., Class A		8		1,073
CF Industries Holdings, Inc.		13		1,343
Dow, Inc.		46		2,906
DuPont de Nemours, Inc.		32		2,350
Eastman Chemical Co.		9		976
Ecolab, Inc.		17		3,042
FMC Corp.		8		1,058
International Flavors & Fragrances, Inc.		16		2,146
Linde plc, (United Kingdom)		30		9,731
LyondellBasell Industries NV, Class A		17		1,744
Mosaic Co. (The)		23		1,556
PPG Industries, Inc.		15		1,913
RPM International, Inc.		9		770
Sherwin-Williams Co. (The)		18		4,391
				39,990
Forest Products & Paper — 0.0% (g)
International Paper Co.		25		1,163
Iron/Steel — 0.1%
Nucor Corp.		18		2,699
Steel Dynamics, Inc.		14		1,138
				3,837
Mining — 0.1%
Freeport-McMoRan, Inc.		82		4,062
Newmont Corp.		45		3,610
				7,672
Total Basic Materials				52,662

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Communications — 19.6%
Advertising — 0.2%
Interpublic Group of Cos., Inc. (The)		47		1,657
Omnicom Group, Inc.		25		2,125
Trade Desk, Inc. (The), Class A (a)		101		6,975
				10,757
Internet — 16.6%
Airbnb, Inc., Class A (a)		21		3,649
Alphabet, Inc., Class A (a)		83		230,493
Alphabet, Inc., Class C (a)		79		220,046
Amazon.com, Inc. (a)		117		382,213
Booking Holdings, Inc. (a)		3		6,756
CDW Corp.		68		12,164
Chewy, Inc., Class A (a)		24		997
DoorDash, Inc., Class A (a)		29		3,376
eBay, Inc.		156		8,948
Etsy, Inc. (a)		31		3,871
Expedia Group, Inc. (a)		8		1,658
F5, Inc. (a)		9		1,924
GoDaddy, Inc., Class A (a)		15		1,252
IAC/InterActiveCorp. (a)		21		2,152
Lyft, Inc., Class A (a)		21		794
Match Group, Inc. (a)		73		7,890
MercadoLibre, Inc., (Argentina) (a)		12		13,685
Meta Platforms, Inc., Class A (a)		652		145,046
Netflix, Inc. (a)		52		19,560
NortonLifeLock, Inc.		129		3,429
Okta, Inc., Class A (a)		14		2,056
Palo Alto Networks, Inc. (a)		23		14,034
Pinterest, Inc., Class A (a)		158		3,882
Robinhood Markets, Inc., Class A (a)		26		356
Roku, Inc., Class A (a)		16		1,952
Snap, Inc., Class A (a)		302		10,856
Twitter, Inc. (a)		225		8,721
Uber Technologies, Inc. (a)		103		3,690
VeriSign, Inc. (a)		9		1,936
Wayfair, Inc., Class A (a)		19		2,144
Zendesk, Inc. (a)		27		3,266
Zillow Group, Inc., Class A (a)		4		196
Zillow Group, Inc., Class C (a)		13		618
				1,123,610
Media — 1.2%
Cable One, Inc.		1		761
Charter Communications, Inc., Class A (a)		15		8,129
Comcast Corp., Class A		493		23,078

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Discovery, Inc., Class A (a)		25		616
Discovery, Inc., Class C (a)		41		1,018
DISH Network Corp., Class A (a)		29		925
FactSet Research Systems, Inc.		7		2,990
Fox Corp., Class A		40		1,565
Fox Corp., Class B		20		718
Liberty Broadband Corp., Class A (a)		3		456
Liberty Broadband Corp., Class C (a)		16		2,149
Liberty Global plc, (United Kingdom), Class A (a)		26		668
Liberty Global plc, (United Kingdom), Class C (a)		39		998
Liberty Media Corp.-Liberty Formula One, Class C (a)		18		1,253
Liberty Media Corp.-Liberty SiriusXM, Class A		13		583
Liberty Media Corp.-Liberty SiriusXM, Class C (a)		24		1,082
News Corp., Class A		56		1,244
Paramount Global, Class B		69		2,602
Sirius XM Holdings, Inc.		95		626
Walt Disney Co. (The) (a)		214		29,322
				80,783
Telecommunications — 1.6%
Arista Networks, Inc. (a)		32		4,469
AT&T, Inc.		772		18,249
Cisco Systems, Inc.		582		32,471
Corning, Inc.		407		15,016
Juniper Networks, Inc.		42		1,557
Lumen Technologies, Inc.		103		1,163
Motorola Solutions, Inc.		24		5,730
T-Mobile US, Inc. (a)		74		9,506
Verizon Communications, Inc.		447		22,789
				110,950
Total Communications				1,326,100
Consumer Cyclical — 5.0%
Airlines — 0.9%
Delta Air Lines, Inc. (a)		756		29,918
Southwest Airlines Co. (a)		700		32,042
				61,960
Apparel — 0.2%
NIKE, Inc., Class B		88		11,851
VF Corp.		23		1,296
				13,147
Auto Manufacturers — 1.7%
Cummins, Inc.		9		1,831
Ford Motor Co.		381		6,444

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Auto Manufacturers — continued
General Motors Co. (a)		128			5,597
Lucid Group, Inc. (a)		39			1,002
PACCAR, Inc.		22			1,927
Rivian Automotive, Inc., Class A (a)		18			895
Tesla, Inc. (a)		90			96,651
					114,347
Auto Parts & Equipment — 0.1%
Aptiv plc, (Ireland) (a)		19			2,321
BorgWarner, Inc.		18			687
Lear Corp.		5			683
					3,691
Distribution/Wholesale — 0.1%
Copart, Inc. (a)		15			1,900
Fastenal Co.		37			2,190
LKQ Corp.		13			591
Pool Corp.		2			959
WW Grainger, Inc.		3			1,522
					7,162
Entertainment — 0.1%
AMC Entertainment Holdings, Inc., Class A (a)		50			1,235
Caesars Entertainment, Inc. (a)		12			954
DraftKings, Inc., Class A (a)		29			563
Live Nation Entertainment, Inc. (a)		20			2,369
Vail Resorts, Inc.		4			928
					6,049
Food Service — 0.0% (g)
Aramark		10			378
Home Builders — 0.1%
DR Horton, Inc.		18			1,351
Lennar Corp., Class A		15			1,182
NVR, Inc. (a)		—	(h)		786
PulteGroup, Inc.		11			463
					3,782
Home Furnishings — 0.0% (g)
Whirlpool Corp.		4			750
Housewares — 0.0% (g)
Newell Brands, Inc.		28			597
Leisure Time — 0.0% (g)
Carnival Corp. (a)		55			1,119

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Leisure Time — continued
Peloton Interactive, Inc., Class A (a)		19		499
Royal Caribbean Cruises Ltd. (a)		16		1,321
				2,939
Lodging — 0.1%
Hilton Worldwide Holdings, Inc. (a)		20		3,013
Las Vegas Sands Corp. (a)		20		773
Marriott International, Inc., Class A (a)		20		3,497
MGM Resorts International		26		1,071
Wynn Resorts Ltd. (a)		6		444
				8,798
Retail — 1.7%
Advance Auto Parts, Inc.		3		605
AutoZone, Inc. (a)		1		2,627
Bath & Body Works, Inc.		13		609
Best Buy Co., Inc.		14		1,311
Burlington Stores, Inc. (a)		4		768
CarMax, Inc. (a)		11		1,015
Carvana Co., Class A (a)		6		722
Chipotle Mexican Grill, Inc., Class A (a)		2		3,012
Costco Wholesale Corp.		28		16,179
Darden Restaurants, Inc.		8		1,047
Dollar General Corp.		13		2,863
Dollar Tree, Inc. (a)		12		1,909
Domino’s Pizza, Inc.		2		810
Genuine Parts Co.		7		938
Home Depot, Inc. (The)		62		18,422
Lowe’s Cos., Inc.		39		7,865
Lululemon Athletica, Inc., (Canada) (a)		8		3,085
McDonald’s Corp.		44		10,941
O’Reilly Automotive, Inc. (a)		4		2,988
Ross Stores, Inc.		22		2,009
Starbucks Corp.		80		7,316
Target Corp.		28		6,044
TJX Cos., Inc. (The)		73		4,438
Tractor Supply Co.		7		1,658
Ulta Beauty, Inc. (a)		3		1,300
Walgreens Boots Alliance, Inc.		47		2,107
Walmart, Inc.		91		13,542
Yum! Brands, Inc.		17		1,991
				118,121
Toys/Games/Hobbies — 0.0% (g)
Hasbro, Inc.		6		494

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Toys/Games/Hobbies — continued
Total Consumer Cyclical				342,215
Consumer Non-cyclical — 23.3%
Agriculture — 0.3%
Altria Group, Inc.		107		5,574
Archer-Daniels-Midland Co.		34		3,074
Bunge Ltd.		10		1,114
Philip Morris International, Inc.		92		8,619
				18,381
Beverages — 3.3%
Brown-Forman Corp., Class B		111		7,469
Coca-Cola Co. (The)		1,505		93,322
Constellation Brands, Inc., Class A		61		14,004
Keurig Dr Pepper, Inc.		256		9,688
Molson Coors Beverage Co., Class B		74		3,928
Monster Beverage Corp. (a)		148		11,800
PepsiCo., Inc.		507		84,832
				225,043
Biotechnology — 1.5%
Alnylam Pharmaceuticals, Inc. (a)		20		3,288
Amgen, Inc.		96		23,298
Biogen, Inc. (a)		26		5,395
BioMarin Pharmaceutical, Inc. (a)		34		2,603
Bio-Rad Laboratories, Inc., Class A (a)		2		1,006
Corteva, Inc.		45		2,604
Gilead Sciences, Inc.		216		12,857
Horizon Therapeutics Plc (a)		37		3,872
Illumina, Inc. (a)		11		3,712
Incyte Corp. (a)		35		2,749
Moderna, Inc. (a)		62		10,675
Novavax, Inc. (a)		12		898
Regeneron Pharmaceuticals, Inc. (a)		19		12,953
Royalty Pharma plc, Class A		19		727
Seagen, Inc. (a)		23		3,385
Vertex Pharmaceuticals, Inc. (a)		46		11,926
				101,948
Commercial Services — 2.1%
Affirm Holdings, Inc., Class A (a)		41		1,915
AMERCO		1		507
Automatic Data Processing, Inc.		100		22,801
Block, Inc., Class A (a)		124		16,791
Booz Allen Hamilton Holding Corp., Class A		10		876

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Cass Information Systems, Inc.		2		66
Cintas Corp.		6		2,672
Clarivate plc, (United Kingdom) (a)		32		540
CoStar Group, Inc. (a)		24		1,594
Equifax, Inc.		8		1,958
Euronet Worldwide, Inc. (a)		8		982
EVERTEC, Inc., (Puerto Rico)		9		357
Evo Payments, Inc., Class A (a)		7		155
FleetCor Technologies, Inc. (a)		19		4,703
Gartner, Inc. (a)		7		2,206
Global Payments, Inc.		68		9,319
I3 Verticals, Inc., Class A (a)		3		85
MarketAxess Holdings, Inc.		7		2,528
MoneyGram International, Inc. (a)		11		117
Moody’s Corp.		28		9,415
Paya Holdings, Inc. (a)		10		59
Paymentus Holdings, Inc., Class A (a)		2		32
Payoneer Global, Inc. (a)		32		141
PayPal Holdings, Inc. (a)		271		31,333
Repay Holdings Corp., Class A (a)		13		186
Robert Half International, Inc.		8		952
Rollins, Inc.		13		449
S&P Global, Inc.		56		22,933
Sabre Corp. (a)		44		501
Shift4 Payments, Inc., Class A (a)		7		410
TransUnion		13		1,309
United Rentals, Inc. (a)		5		1,660
Verisk Analytics, Inc., Class A		11		2,272
WEX, Inc. (a)		6		1,142
				142,966
Cosmetics/Personal Care — 0.4%
Colgate-Palmolive Co.		46		3,450
Estee Lauder Cos., Inc. (The), Class A		16		4,465
Procter & Gamble Co. (The)		143		21,788
				29,703
Food — 0.3%
Campbell Soup Co.		13		599
Conagra Brands, Inc.		30		1,018
General Mills, Inc.		37		2,481
Hershey Co. (The)		8		1,671
Hormel Foods Corp.		20		1,040
J M Smucker Co. (The)		7		1,001

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Food — continued
Kellogg Co.		17		1,126
Kraft Heinz Co. (The)		43		1,677
Kroger Co. (The)		42		2,407
McCormick & Co., Inc.		16		1,632
Mondelez International, Inc., Class A		83		5,241
Sysco Corp.		36		2,975
Tyson Foods, Inc., Class A		19		1,700
				24,568
Healthcare - Products — 1.5%
10X Genomics, Inc., Class A (a)		6		475
Abbott Laboratories		105		12,416
ABIOMED, Inc. (a)		3		856
Align Technology, Inc. (a)		5		2,311
Avantor, Inc. (a)		33		1,100
Baxter International, Inc.		30		2,304
Bio-Techne Corp.		3		1,094
Boston Scientific Corp. (a)		82		3,639
Cooper Cos., Inc. (The)		3		1,081
Danaher Corp.		41		12,107
DENTSPLY SIRONA, Inc.		15		757
Edwards Lifesciences Corp. (a)		40		4,750
Exact Sciences Corp. (a)		29		2,024
Henry Schein, Inc. (a)		11		971
Hologic, Inc. (a)		16		1,228
IDEXX Laboratories, Inc. (a)		5		2,939
Insulet Corp. (a)		4		1,010
Intuitive Surgical, Inc. (a)		24		7,365
Masimo Corp. (a)		3		483
Medtronic plc, (Ireland)		79		8,806
Novocure Ltd., (Jersey) (a)		7		545
PerkinElmer, Inc.		7		1,254
ResMed, Inc.		9		2,265
STERIS plc		5		1,264
Stryker Corp.		22		5,816
Teleflex, Inc.		3		1,028
Thermo Fisher Scientific, Inc.		25		14,732
Waters Corp. (a)		4		1,177
West Pharmaceutical Services, Inc.		5		1,911
Zimmer Biomet Holdings, Inc.		14		1,768
				99,476
Healthcare - Services — 4.5%
Anthem, Inc.		95		46,531

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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 - Services — continued
Catalent, Inc. (a)		66		7,339
Centene Corp. (a)		225		18,973
Charles River Laboratories International, Inc. (a)		3		775
DaVita, Inc. (a)		3		316
HCA Healthcare, Inc.		14		3,462
Humana, Inc.		51		22,010
IQVIA Holdings, Inc. (a)		14		3,222
Laboratory Corp. of America Holdings (a)		5		1,398
Molina Healthcare, Inc. (a)		23		7,712
Quest Diagnostics, Inc.		7		907
Teladoc Health, Inc. (a)		8		577
UnitedHealth Group, Inc.		368		187,460
Universal Health Services, Inc., Class B		5		721
				301,403
Household Products/Wares — 0.1%
Avery Dennison Corp.		6		1,049
Church & Dwight Co., Inc.		13		1,287
Clorox Co. (The)		9		1,192
Kimberly-Clark Corp.		21		2,563
				6,091
Pharmaceuticals — 9.3%
AbbVie, Inc.		299		48,455
AmerisourceBergen Corp., Class A		8		1,276
Becton Dickinson and Co.		17		4,595
Bristol-Myers Squibb Co.		818		59,742
Cardinal Health, Inc.		20		1,152
Cigna Corp.		19		4,653
CVS Health Corp.		78		7,935
Dexcom, Inc. (a)		6		3,132
Elanco Animal Health, Inc. (a)		23		590
Eli Lilly & Co.		305		87,369
Jazz Pharmaceuticals plc, (Ireland) (a)		3		403
Johnson & Johnson		984		174,419
McKesson Corp.		10		2,936
Merck & Co., Inc.		946		77,591
Neurocrine Biosciences, Inc. (a)		17		1,598
Organon & Co.		80		2,790
Pfizer, Inc.		2,100		108,701
Viatris, Inc.		461		5,010
Zoetis, Inc., Class A		180		33,939
				626,286
Total Consumer Non-cyclical				1,575,865

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Energy — 3.9%
Energy - Alternate Sources — 0.1%
Enphase Energy, Inc. (a)		22		4,414
Plug Power, Inc. (a)		31		898
SolarEdge Technologies, Inc., (Israel) (a)		9		2,875
Sunrun, Inc. (a)		12		362
				8,549
Oil & Gas — 3.1%
Chevron Corp.		331		53,882
ConocoPhillips		228		22,759
Coterra Energy, Inc.		139		3,750
Devon Energy Corp.		108		6,389
Diamondback Energy, Inc.		28		3,903
EOG Resources, Inc.		104		12,341
Exxon Mobil Corp.		727		60,016
Hess Corp.		52		5,544
Marathon Petroleum Corp.		107		9,153
Occidental Petroleum Corp.		169		9,588
Phillips 66		85		7,329
Pioneer Natural Resources Co.		41		10,175
Valero Energy Corp.		70		7,064
				211,893
Oil & Gas Services — 0.3%
Baker Hughes Co., Class A		144		5,260
Halliburton Co.		159		6,008
Schlumberger NV		245		10,141
				21,409
Pipelines — 0.4%
Cheniere Energy, Inc.		42		5,856
Kinder Morgan, Inc.		350		6,611
ONEOK, Inc.		75		5,264
Williams Cos., Inc. (The)		200		6,692
				24,423
Total Energy				266,274
Financial — 11.9%
Banks — 3.2%
Bank of America Corp.		1,071		44,137
Bank of New York Mellon Corp. (The)		127		6,310
Citigroup, Inc.		297		15,866
Citizens Financial Group, Inc.		79		3,602
Fifth Third Bancorp		116		4,999
First Citizens BancShares, Inc., Class A		3		1,774

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Banks — continued
First Republic Bank		30		4,865
Goldman Sachs Group, Inc. (The)		50		16,658
Huntington Bancshares, Inc.		267		3,910
KeyCorp.		167		3,737
M&T Bank Corp.		23		3,902
Morgan Stanley		201		17,565
Northern Trust Corp.		36		4,138
PNC Financial Services Group, Inc. (The)		61		11,343
Regions Financial Corp.		173		3,844
Signature Bank		11		3,141
State Street Corp.		61		5,333
SVB Financial Group (a)		10		5,716
Truist Financial Corp.		202		11,433
US Bancorp		216		11,491
Webster Financial Corp.		42		2,340
Wells Fargo & Co.		586		28,402
				214,506
Diversified Financial Services — 4.3%
Alliance Data Systems Corp.		7		379
Ally Financial, Inc.		65		2,838
American Express Co.		104		19,509
Ameriprise Financial, Inc.		19		5,580
Apollo Global Management, Inc.		66		4,078
BlackRock, Inc., Class A		2		1,444
Capital One Financial Corp.		68		8,878
Cboe Global Markets, Inc.		20		2,336
Charles Schwab Corp. (The)		216		18,182
CME Group, Inc., Class A		54		12,956
Coinbase Global, Inc., Class A (a)		8		1,555
Discover Financial Services		49		5,410
Franklin Resources, Inc.		63		1,770
Intercontinental Exchange, Inc.		86		11,390
International Money Express, Inc. (a)		4		87
Invesco Ltd.		82		1,891
Mastercard, Inc., Class A		213		76,109
Nasdaq, Inc.		21		3,822
Raymond James Financial, Inc.		32		3,490
SEI Investments Co.		29		1,736
SoFi Technologies, Inc. (a)		112		1,057
Synchrony Financial		103		3,573
T Rowe Price Group, Inc.		37		5,658
Tradeweb Markets, Inc., Class A		20		1,785

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Upstart Holdings, Inc. (a)		7		816
Visa, Inc., Class A		405		89,851
Western Union Co. (The)		98		1,830
				288,010
Insurance — 3.1%
Aflac, Inc.		102		6,560
Alleghany Corp. (a)		3		2,490
Allstate Corp. (The)		47		6,547
American Financial Group, Inc.		15		2,119
American International Group, Inc.		132		8,285
Aon plc, Class A		36		11,821
Arch Capital Group Ltd., (Bermuda) (a)		56		2,721
Arthur J Gallagher & Co.		34		5,892
Assurant, Inc.		7		1,337
Berkshire Hathaway, Inc., Class B (a)		188		66,439
Brown & Brown, Inc.		36		2,573
Chubb Ltd., (Switzerland)		61		13,114
Cincinnati Financial Corp.		24		3,299
Equitable Holdings, Inc.		71		2,198
Erie Indemnity Co., Class A		5		924
Everest Re Group Ltd., (Bermuda)		8		2,441
Fidelity National Financial, Inc.		51		2,504
Globe Life, Inc.		20		2,005
Hartford Financial Services Group, Inc. (The)		60		4,336
Lincoln National Corp.		34		2,247
Loews Corp.		42		2,703
Markel Corp. (a)		2		3,604
Marsh & McLennan Cos., Inc.		77		13,186
MetLife, Inc.		114		7,985
Principal Financial Group, Inc.		46		3,392
Progressive Corp. (The)		91		10,387
Prudential Financial, Inc.		61		7,152
Travelers Cos., Inc. (The)		39		7,191
Willis Towers Watson plc, (United Kingdom)		21		5,040
WR Berkley Corp.		32		2,133
				212,625
Private Equity — 0.3%
Blackstone, Inc.		104		13,247
Carlyle Group, Inc. (The)		27		1,321
KKR & Co., Inc.		94		5,495
				20,063

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Real Estate — 0.0% (g)
CBRE Group, Inc., Class A (a)		20		1,868
REITS — 1.0%
AGNC Investment Corp.		57		747
Alexandria Real Estate Equities, Inc.		7		1,501
American Tower Corp.		29		7,160
Annaly Capital Management, Inc.		194		1,363
AvalonBay Communities, Inc.		8		1,912
Boston Properties, Inc.		8		1,069
Camden Property Trust		5		892
Crown Castle International Corp.		26		4,792
Digital Realty Trust, Inc.		18		2,491
Duke Realty Corp.		20		1,189
Equinix, Inc.		6		4,480
Equity LifeStyle Properties, Inc.		8		641
Equity Residential		20		1,836
Essex Property Trust, Inc.		3		1,148
Extra Space Storage, Inc.		7		1,456
Healthpeak Properties, Inc.		28		976
Host Hotels & Resorts, Inc.		34		669
Invitation Homes, Inc.		34		1,349
Iron Mountain, Inc.		14		791
Kimco Realty Corp.		30		748
Medical Properties Trust, Inc.		25		532
Mid-America Apartment Communities, Inc.		6		1,221
Prologis, Inc.		42		6,723
Public Storage		9		3,501
Realty Income Corp.		31		2,170
Regency Centers Corp.		7		500
SBA Communications Corp., Class A		7		2,434
Simon Property Group, Inc.		18		2,369
Sun Communities, Inc.		6		1,002
UDR, Inc.		15		877
Ventas, Inc.		25		1,527
VICI Properties, Inc.		35		1,008
Vornado Realty Trust		12		528
Welltower, Inc.		26		2,455
Weyerhaeuser Co.		46		1,726
WP Carey, Inc.		10		818
				66,601
Total Financial				803,673

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Industrial — 6.6%
Aerospace/Defense — 0.7%
Boeing Co. (The) (a)		39		7,470
General Dynamics Corp.		14		3,418
HEICO Corp.		1		226
HEICO Corp., Class A		6		706
Howmet Aerospace, Inc.		27		959
L3Harris Technologies, Inc.		11		2,693
Lockheed Martin Corp.		15		6,554
Northrop Grumman Corp.		9		4,053
Raytheon Technologies Corp.		89		8,787
Teledyne Technologies, Inc. (a)		23		11,034
TransDigm Group, Inc. (a)		3		2,129
				48,029
Building Materials — 0.2%
Carrier Global Corp.		48		2,198
Fortune Brands Home & Security, Inc.		9		677
Johnson Controls International plc		44		2,909
Lennox International, Inc.		2		525
Martin Marietta Materials, Inc.		4		1,498
Masco Corp.		12		611
Mohawk Industries, Inc. (a)		5		611
Owens Corning		7		686
Vulcan Materials Co.		9		1,682
				11,397
Electrical Components & Equipment — 0.1%
AMETEK, Inc.		15		2,035
Emerson Electric Co.		36		3,500
Generac Holdings, Inc. (a)		4		1,261
				6,796
Electronics — 1.3%
Agilent Technologies, Inc.		22		2,925
Allegion plc, (Ireland)		5		582
Amphenol Corp., Class A		302		22,760
Arrow Electronics, Inc. (a)		36		4,296
Fortive Corp.		22		1,331
Garmin Ltd., (Switzerland)		10		1,221
Honeywell International, Inc.		41		7,946
Keysight Technologies, Inc. (a)		94		14,825
Mettler-Toledo International, Inc. (a)		1		2,003
Sensata Technologies Holding plc (a)		9		452
TE Connectivity Ltd.		164		21,441
Trimble, Inc. (a)		129		9,327
				89,109

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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.		8		1,118
Environmental Control — 0.1%
Pentair plc, (United Kingdom)		12		653
Republic Services, Inc., Class A		14		1,826
Waste Connections, Inc.		16		2,246
Waste Management, Inc.		27		4,228
				8,953
Hand/Machine Tools — 0.0% (g)
Snap-on, Inc.		4		788
Stanley Black & Decker, Inc.		10		1,463
				2,251
Machinery - Construction & Mining — 0.1%
Caterpillar, Inc.		34		7,638
Machinery - Diversified — 0.4%
Cognex Corp.		87		6,714
Deere & Co.		21		8,519
Dover Corp.		9		1,346
IDEX Corp.		4		766
Ingersoll Rand, Inc.		21		1,068
Nordson Corp.		3		569
Otis Worldwide Corp.		23		1,769
Rockwell Automation, Inc.		8		2,126
Westinghouse Air Brake Technologies Corp.		12		1,158
Xylem, Inc.		14		1,193
				25,228
Miscellaneous Manufacturers — 0.4%
3M Co.		34		5,093
AO Smith Corp.		6		375
Eaton Corp. plc		24		3,656
General Electric Co.		69		6,277
Illinois Tool Works, Inc.		19		3,955
Parker-Hannifin Corp.		8		2,267
Textron, Inc.		16		1,161
Trane Technologies plc, (Ireland)		15		2,278
				25,062
Packaging & Containers — 0.1%
Amcor plc, (United Kingdom)		104		1,174
Ball Corp.		23		2,109

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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 — continued
Crown Holdings, Inc.		8		1,012
Packaging Corp. of America		7		1,035
Sealed Air Corp.		8		530
Westrock Co.		18		858
				6,718
Shipbuilding — 0.0% (g)
Huntington Ingalls Industries, Inc.		3		682
Transportation — 3.2%
CH Robinson Worldwide, Inc.		103		11,069
CSX Corp.		132		4,931
Expeditors International of Washington, Inc.		133		13,698
FedEx Corp.		191		44,190
JB Hunt Transport Services, Inc.		6		1,161
Knight-Swift Transportation Holdings, Inc., Class A		11		548
Norfolk Southern Corp.		15		4,196
Old Dominion Freight Line, Inc.		7		2,098
Union Pacific Corp.		38		10,318
United Parcel Service, Inc., Class B		568		121,821
				214,030
Total Industrial				447,011
Technology — 27.3%
Computers — 7.4%
Accenture plc, (Ireland), Class A		60		20,335
Apple, Inc.		2,408		420,540
Cantaloupe, Inc. (a)		8		55
Cognizant Technology Solutions Corp., Class A		48		4,344
Conduent, Inc. (a)		24		124
Crowdstrike Holdings, Inc., Class A (a)		45		10,163
Dell Technologies, Inc., Class C (a)		42		2,096
EPAM Systems, Inc. (a)		6		1,708
ExlService Holdings, Inc. (a)		5		681
Fortinet, Inc. (a)		32		10,789
Hewlett Packard Enterprise Co.		186		3,116
HP, Inc.		161		5,856
International Business Machines Corp.		81		10,559
Leidos Holdings, Inc.		10		1,047
Maximus, Inc.		9		663
NetApp, Inc.		28		2,353
Seagate Technology Holdings plc		26		2,340
TaskUS, Inc., Class A (a)		4		146
TTEC Holdings, Inc.		3		226

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Computers — continued
Western Digital Corp. (a)		45		2,220
Zscaler, Inc. (a)		19		4,625
				503,986
Office/Business Equipment — 0.2%
Zebra Technologies Corp., Class A (a)		27		11,285
Semiconductors — 6.1%
Advanced Micro Devices, Inc. (a)		287		31,349
Analog Devices, Inc.		90		14,877
Applied Materials, Inc.		160		21,133
Broadcom, Inc.		69		43,430
Entegris, Inc.		23		2,971
Intel Corp.		681		33,740
IPG Photonics Corp. (a)		19		2,123
KLA Corp.		27		9,866
Lam Research Corp.		25		13,544
Marvell Technology, Inc.		140		10,023
Microchip Technology, Inc.		95		7,116
Micron Technology, Inc.		188		14,666
Monolithic Power Systems, Inc.		7		3,540
NVIDIA Corp.		441		120,254
NXP Semiconductors NV, (Netherlands)		45		8,325
ON Semiconductor Corp. (a)		72		4,510
Qorvo, Inc. (a)		20		2,458
QUALCOMM, Inc.		193		29,534
Skyworks Solutions, Inc.		29		3,849
Teradyne, Inc.		30		3,547
Texas Instruments, Inc.		155		28,492
				409,347
Software — 13.6%
Activision Blizzard, Inc.		93		7,439
Adobe, Inc. (a)		111		50,582
Akamai Technologies, Inc. (a)		15		1,759
ANSYS, Inc. (a)		20		6,242
Asana, Inc., Class A (a)		16		622
Autodesk, Inc. (a)		51		10,936
Avalara, Inc. (a)		20		1,954
Bentley Systems, Inc., Class B		38		1,685
Bill.com Holdings, Inc. (a)		17		3,919
Black Knight, Inc. (a)		36		2,097
Broadridge Financial Solutions, Inc.		28		4,425
Cadence Design Systems, Inc. (a)		64		10,456

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Ceridian HCM Holding, Inc. (a)		33		2,223
Cerner Corp.		15		1,396
Citrix Systems, Inc.		28		2,811
Cloudflare, Inc., Class A (a)		24		2,844
Concentrix Corp.		6		1,057
Coupa Software, Inc. (a)		16		1,667
CSG Systems International, Inc.		5		303
Datadog, Inc., Class A (a)		49		7,469
DocuSign, Inc., Class A (a)		46		4,960
Dropbox, Inc., Class A (a)		68		1,581
Dynatrace, Inc. (a)		41		1,922
Electronic Arts, Inc.		31		3,901
Fair Isaac Corp. (a)		6		2,823
Fidelity National Information Services, Inc.		143		14,401
Fiserv, Inc. (a)		140		14,163
Guidewire Software, Inc. (a)		16		1,496
HubSpot, Inc. (a)		10		4,900
Intuit, Inc.		63		30,183
Jack Henry & Associates, Inc.		16		3,202
Microsoft Corp.		1,658		511,071
MongoDB, Inc., Class A (a)		5		2,428
MSCI, Inc., Class A		14		7,108
Oracle Corp.		372		30,781
Palantir Technologies, Inc., Class A (a)		370		5,082
Paychex, Inc.		75		10,273
Paycom Software, Inc. (a)		11		3,951
PTC, Inc. (a)		24		2,630
RingCentral, Inc., Class A (a)		18		2,150
Roper Technologies, Inc.		7		3,184
salesforce.com, Inc. (a)		225		47,720
ServiceNow, Inc. (a)		46		25,629
Snowflake, Inc., Class A (a)		21		4,756
Splunk, Inc. (a)		36		5,357
SS&C Technologies Holdings, Inc.		51		3,849
Synopsys, Inc. (a)		35		11,594
Take-Two Interactive Software, Inc. (a)		15		2,276
Twilio, Inc., Class A (a)		17		2,877
Tyler Technologies, Inc. (a)		9		4,038
Unity Software, Inc. (a)		15		1,487
Veeva Systems, Inc., Class A (a)		9		1,955
Verra Mobility Corp., Class A (a)		19		308
VMware, Inc., Class A		49		5,615

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Workday, Inc., Class A (a)		45		10,822
Zoom Video Communications, Inc., Class A (a)		52		6,048
ZoomInfo Technologies, Inc., Class A (a)		76		4,522
				922,929
Total Technology				1,847,547
Utilities — 0.9%
Electric — 0.9%
AES Corp. (The)		41		1,054
Alliant Energy Corp.		12		742
Ameren Corp.		13		1,264
American Electric Power Co., Inc.		30		2,947
CenterPoint Energy, Inc.		38		1,155
CMS Energy Corp.		14		964
Consolidated Edison, Inc.		22		2,085
Constellation Energy Corp.		23		1,283
Dominion Energy, Inc.		49		4,178
DTE Energy Co.		13		1,712
Duke Energy Corp.		47		5,240
Edison International		25		1,720
Entergy Corp.		13		1,524
Evergy, Inc.		11		733
Eversource Energy		22		1,971
Exelon Corp.		60		2,838
FirstEnergy Corp.		29		1,316
NextEra Energy, Inc.		112		9,447
NRG Energy, Inc.		19		747
PG&E Corp. (a)		96		1,151
PPL Corp.		51		1,456
Public Service Enterprise Group, Inc.		26		1,819
Sempra Energy		17		2,916
Southern Co. (The)		65		4,700
Vistra Corp.		18		423
WEC Energy Group, Inc.		19		1,908
Xcel Energy, Inc.		34		2,482
				59,775
Gas — 0.0% (g)
Atmos Energy Corp.		6		706
NiSource, Inc.		18		588
UGI Corp.		18		642
				1,936

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Water — 0.0% (g)
American Water Works Co., Inc.		9			1,529
Essential Utilities, Inc.		9			467
					1,996
Total Utilities					63,707
Total Common Stocks (Cost $5,825,219)					6,725,054
	PRINCIPAL AMOUNT ($)
Short-Term Investments — 1.0%
Time Deposits — 1.0%
Australia & New Zealand Banking Group Ltd., 0.15%, 04/01/2022		3,418			3,418
Barclays SA, 0.15%, 04/01/2022		30,039			30,039
BNP Paribas SA, 0.15%, 04/01/2022		10,125			10,125
Brown Brothers Harriman, 0.15%, 04/01/2022		—	(h)		—	(h)
Citibank NA, 0.15%, 04/01/2022		4,388			4,388
Sumitomo Mitsui Banking Corp., 0.15%, 04/01/2022		6,272			6,272
Sumitomo Mitsui Trust Bank Ltd., 0.15%, 04/01/2022		12,444			12,444
Total Short-Term Investments (Cost $66,686)					66,686
Total Investments — 100.3% (Cost - $5,891,905) *					6,791,740
Liabilities in Excess of Other Assets — (0.3)%					(21,924	)
NET ASSETS — 100.0%				$	6,769,816

Percentages indicated are based on net assets

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO 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		3		06/2022		USD		317		(7	)
Micro E-mini NASDAQ 100 Index		354		06/2022		USD		9,705		822
Micro E-mini S&P 500 Index		510		06/2022		USD		11,204		350
NASDAQ 100 E-mini Index		3		06/2022		USD		809		83
S&P 500 E-mini Index		50		06/2022		USD		11,179		148
Micro E-mini Russell 2000 Index		87		06/2022		USD		895		3
Total unrealized appreciation (depreciation)										1,399

Six Circles Managed Equity Portfolio U.S. Unconstrained 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 Managed Equity Portfolio U.S. Unconstrained 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		16.6	%
Software		13.6	%
Pharmaceuticals		9.2	%
Computers		7.4	%
Semiconductors		6.0	%
Healthcare - Services		4.5	%
Diversified Financial Services		4.2	%
Beverages		3.3	%
Banks		3.2	%
Transportation		3.2	%
Insurance		3.1	%
Oil & Gas		3.1	%
Commercial Services		2.1	%
Retail		1.7	%
Auto Manufacturers		1.7	%
Telecommunications		1.6	%
Biotechnology		1.5	%
Healthcare - Products		1.5	%
Electronics		1.3	%
Media		1.2	%
Others (Each less than 1.0%)		9.0	%
Short-Term Investments		1.0	%

Six Circles Managed Equity Portfolio International Unconstrained 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		101		3,692
OMV AG		54		2,584
Raiffeisen Bank International AG		44		619
Verbund AG		18		1,943
voestalpine AG		58		1,722
				10,560
Belgium — 0.5%
Ageas SA		51		2,560
Elia Group SA		8		1,288
Groupe Bruxelles Lambert SA		32		3,335
KBC Group NV		74		5,283
Sofina SA		5		1,646
UCB SA		16		1,958
				16,070
Canada — 1.2%
Agnico Eagle Mines Ltd.		8		476
Air Canada (a)		3		57
Algonquin Power & Utilities Corp.		11		178
Alimentation Couche-Tard, Inc.		14		653
AltaGas Ltd.		5		105
Ballard Power Systems, Inc. (a)		4		47
Bank of Montreal		11		1,296
Bank of Nova Scotia (The)		21		1,483
Barrick Gold Corp.		30		743
BCE, Inc.		1		68
BlackBerry Ltd. (a)		9		67
Brookfield Asset Management, Inc., Class A		24		1,358
CAE, Inc. (a)		5		142
Cameco Corp.		7		198
Canadian Apartment Properties REIT		1		61
Canadian Imperial Bank of Commerce		8		930
Canadian National Railway Co.		12		1,615
Canadian Natural Resources Ltd.		20		1,240
Canadian Pacific Railway Ltd.		16		1,306

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Canada — continued
Canadian Tire Corp. Ltd., Class A		1			148
Canadian Utilities Ltd., Class A		2			66
Canopy Growth Corp. (a)		4			31
CCL Industries, Inc., Class B		3			115
Cenovus Energy, Inc.		22			372
CGI, Inc. (a)		4			297
Constellation Software, Inc.		—	(h)		586
Dollarama, Inc.		5			279
Emera, Inc.		4			218
Empire Co. Ltd.		3			101
Enbridge, Inc.		34			1,588
Fairfax Financial Holdings Ltd.		—	(h)		232
First Quantum Minerals Ltd.		10			346
FirstService Corp.		1			96
Fortis, Inc.		8			398
Franco-Nevada Corp.		3			518
George Weston Ltd.		1			158
GFL Environmental, Inc.		3			88
Gildan Activewear, Inc., Class A		3			126
Great-West Lifeco, Inc.		5			142
Hydro One Ltd. (e)		6			153
iA Financial Corp., Inc.		2			110
IGM Financial, Inc.		1			51
Imperial Oil Ltd.		4			201
Intact Financial Corp.		3			443
Ivanhoe Mines Ltd., Class A (a)		10			95
Keyera Corp.		4			94
Kinross Gold Corp.		22			127
Lightspeed Commerce, Inc. (a)		2			58
Loblaw Cos. Ltd.		3			256
Lundin Mining Corp.		11			113
Magna International, Inc.		5			312
Manulife Financial Corp.		33			705
Metro, Inc.		4			240
National Bank of Canada		6			441
Northland Power, Inc.		4			130
Nutrien Ltd.		10			1,004
Nuvei Corp. (a)		1			84
Onex Corp.		1			84
Open Text Corp.		5			196
Pan American Silver Corp.		4			96
Parkland Corp.		3			76
Pembina Pipeline Corp.		9			352

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Canada — continued
Power Corp. of Canada		10		295
Quebecor, Inc., Class B		3		67
Restaurant Brands International, Inc.		5		282
RioCan Real Estate Investment Trust		3		53
Ritchie Bros Auctioneers, Inc.		2		110
Rogers Communications, Inc., Class B		6		341
Royal Bank of Canada		24		2,669
Saputo, Inc.		4		99
Shaw Communications, Inc., Class B		8		239
Shopify, Inc., Class A (a)		2		1,308
Sun Life Financial, Inc.		10		557
Suncor Energy, Inc.		25		807
TC Energy Corp.		17		942
Teck Resources Ltd., Class B		8		325
TELUS Corp.		8		201
TFI International, Inc.		1		153
Thomson Reuters Corp.		3		315
TMX Group Ltd.		1		97
Toromont Industries Ltd.		1		135
Toronto-Dominion Bank (The)		31		2,459
Tourmaline Oil Corp.		5		246
West Fraser Timber Co. Ltd.		2		134
Wheaton Precious Metals Corp.		8		365
WSP Global, Inc.		2		266
				35,814
Chile — 0.1%
Antofagasta plc		197		4,272
Denmark — 2.1%
AP Moller - Maersk A/S, Class A		1		1,839
AP Moller - Maersk A/S, Class B		1		3,441
Danske Bank A/S		203		3,379
DSV A/S		40		7,729
Novo Nordisk A/S, Class B		218		24,179
Orsted AS (a) (e)		51		6,400
Pandora A/S		87		8,326
ROCKWOOL International A/S, Class B		2		544
Tryg A/S		106		2,578
Vestas Wind Systems A/S		200		5,857
				64,272
Finland — 0.8%
Fortum OYJ		120		2,187
Kone OYJ, Class B		67		3,516

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Finland — continued
Nordea Bank Abp		944		9,717
Orion OYJ, Class B		14		624
Sampo OYJ, Class A		147		7,177
Wartsila OYJ Abp		93		849
				24,070
France — 17.0%
Aeroports de Paris (a)		6		872
Airbus SE (a)		117		14,064
Alstom SA		63		1,468
Amundi SA (e)		18		1,217
AXA SA		573		16,784
BNP Paribas SA		331		18,929
Bouygues SA		45		1,587
Bureau Veritas SA		58		1,661
Cie de Saint-Gobain		100		5,951
CNP Assurances		51		1,232
Credit Agricole SA		364		4,352
Danone SA		241		13,330
Dassault Aviation SA		5		777
Eiffage SA		17		1,694
Electricite de France SA		147		1,383
Engie SA		494		6,490
EssilorLuxottica SA		251		45,945
Eurazeo SE		12		993
Getlink SE		87		1,571
Hermes International		28		39,177
Ipsen SA		5		611
Kering SA		66		41,390
Legrand SA		53		5,027
LVMH Moet Hennessy Louis Vuitton SE		243		173,195
Renault SA (a)		129		3,367
Safran SA		68		7,955
Sanofi		147		15,051
Schneider Electric SE		107		17,942
Societe Generale SA		239		6,400
Teleperformance		12		4,423
Thales SA		21		2,641
TotalEnergies SE		921		46,605
Veolia Environnement SA		177		5,687
Vinci SA		106		10,878
Wendel SE		8		812
				521,461

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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 — 9.0%
adidas AG		166		38,777
Allianz SE (Registered)		120		28,726
Bayer AG (Registered)		127		8,699
Bayerische Motoren Werke AG		222		19,174
Brenntag SE		31		2,463
Commerzbank AG (a)		295		2,242
Daimler Truck Holding AG (a)		81		2,256
Deutsche Bank AG (Registered) (a)		609		7,665
Deutsche Boerse AG		56		10,072
Deutsche Lufthansa AG (Registered) (a)		117		946
Deutsche Post AG (Registered)		196		9,358
E.ON SE		607		7,054
GEA Group AG		30		1,249
Hannover Rueck SE		18		3,017
Infineon Technologies AG		935		31,643
KION Group AG		14		934
Knorr-Bremse AG		14		1,104
Mercedes-Benz Group AG		574		40,255
Merck KGaA		17		3,494
MTU Aero Engines AG		11		2,443
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		41		11,030
Puma SE		92		7,847
Rational AG		1		708
RWE AG		174		7,557
Siemens AG (Registered)		151		20,941
Siemens Energy AG		79		1,800
Uniper SE		25		636
Volkswagen AG		22		5,373
				277,463
Ireland — 0.6%
AerCap Holdings NV (a)		26		1,330
DCC plc		20		1,513
Experian plc		182		7,028
Kerry Group plc, Class A		59		6,575
Kingspan Group plc		30		2,978
				19,424
Italy — 3.2%
Assicurazioni Generali SpA		326		7,455
Atlantia SpA (a)		98		2,038
Bio On Spa (a) (bb) (cc)		1		—
Enel SpA		2,198		14,673
Eni SpA		927		13,515
Ferrari NV		84		18,402

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Italy — continued
FinecoBank Banca Fineco SpA		180		2,725
Intesa Sanpaolo SpA		4,864		11,132
Mediobanca Banca di Credito Finanziario SpA		183		1,846
Moncler SpA		179		9,953
Poste Italiane SpA (e)		154		1,741
Prysmian SpA		50		1,698
Recordati Industria Chimica e Farmaceutica SpA		14		679
Snam SpA		553		3,188
Terna - Rete Elettrica Nazionale		385		3,306
UniCredit SpA		623		6,719
				99,070
Japan — 5.1%
Capcom Co. Ltd.		107		2,592
Casio Computer Co. Ltd.		128		1,469
COLOPL, Inc.		36		185
DeNA Co. Ltd.		52		785
GungHo Online Entertainment, Inc.		29		618
Koei Tecmo Holdings Co. Ltd.		36		1,171
Konami Holdings Corp.		57		3,570
Nexon Co. Ltd.		300		7,175
Nikon Corp.		200		2,134
Nintendo Co. Ltd.		67		33,819
Panasonic Corp.		1,458		14,161
Sharp Corp.		141		1,320
Sony Group Corp.		833		85,654
Square Enix Holdings Co. Ltd.		52		2,308
Tamron Co. Ltd.		10		196
				157,157
Jordan — 0.0% (g)
Hikma Pharmaceuticals plc		22		606
Luxembourg — 0.3%
ArcelorMittal SA		318		10,202
Netherlands — 8.7%
ABN AMRO Bank NV, CVA, GDR (e)		124		1,586
Aegon NV		527		2,795
ASM International NV		34		12,214
ASML Holding NV		296		197,824
Euronext NV (e)		25		2,292
EXOR NV		32		2,428
IMCD NV		11		1,924
ING Groep NV		1,150		12,004

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Netherlands — continued
JDE Peet’s NV		37		1,070
NN Group NV		80		4,033
Randstad NV		24		1,427
Stellantis NV		1,364		22,090
Wolters Kluwer NV		52		5,533
				267,220
Norway — 1.1%
DNB Bank ASA		274		6,194
Equinor ASA		359		13,398
Gjensidige Forsikring ASA		59		1,455
Mowi ASA		162		4,373
Norsk Hydro ASA		670		6,514
Orkla ASA		277		2,465
				34,399
Poland — 0.0% (g)
InPost SA (a)		41		257
Portugal — 0.2%
EDP - Energias de Portugal SA		758		3,731
Galp Energia SGPS SA		184		2,327
				6,058
South Korea — 1.6%
Samsung Electronics Co. Ltd.		525		30,063
Samsung Electronics Co. Ltd. (Registered), GDR		14		18,862
				48,925
Spain — 2.4%
ACS Actividades de Construccion y Servicios SA		46		1,250
Aena SME SA (a) (e)		15		2,472
Banco Bilbao Vizcaya Argentaria SA		1,964		11,212
Banco Santander SA		5,107		17,363
CaixaBank SA		1,306		4,429
EDP Renovaveis SA		78		2,008
Enagas SA		62		1,368
Endesa SA		89		1,931
Ferrovial SA		96		2,550
Iberdrola SA		1,579		17,256
Naturgy Energy Group SA		53		1,595
Red Electrica Corp. SA		112		2,292
Repsol SA		533		6,979
Siemens Gamesa Renewable Energy SA (a)		47		821
				73,526
Sweden — 2.8%
Alfa Laval AB		62		2,141

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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 — continued
Assa Abloy AB, Class B		198			5,326
Atlas Copco AB, Class A		133			6,891
Atlas Copco AB, Class B		77			3,498
Boliden AB		136			6,879
Epiroc AB, Class A		130			2,787
Epiroc AB, Class B		77			1,383
EQT AB		87			3,398
Husqvarna AB, Class B		82			857
Industrivarden AB, Class A		39			1,102
Industrivarden AB, Class C		48			1,326
Investment AB Latour, Class B		29			926
Investor AB, Class A		147			3,417
Investor AB, Class B		537			11,658
Kinnevik AB, Class B (a)		71			1,858
L E Lundbergforetagen AB, Class B		23			1,150
Lifco AB, Class B		46			1,178
Nibe Industrier AB, Class B		282			3,126
Sandvik AB		223			4,741
Securitas AB, Class B		61			693
Skandinaviska Enskilda Banken AB, Class A		479			5,182
Skanska AB, Class B		67			1,508
SKF AB, Class B		76			1,238
Svenska Handelsbanken AB, Class A		430			3,950
Swedbank AB, Class A		267			3,983
Volvo AB, Class A		39			753
Volvo AB, Class B		283			5,272
					86,221
Switzerland — 26.2%
ABB Ltd. (Registered)		325			10,534
Adecco Group AG (Registered)		32			1,438
Baloise Holding AG (Registered)		13			2,409
Barry Callebaut AG (Registered)		2			5,158
Chocoladefabriken Lindt & Spruengli AG		1			7,808
Chocoladefabriken Lindt & Spruengli AG (Registered)		—	(h)		8,104
Cie Financiere Richemont SA (Registered), Class A		456			57,829
Credit Suisse Group AG (Registered)		781			6,145
Geberit AG (Registered)		7			4,372
Glencore plc		4,944			32,169
Julius Baer Group Ltd.		65			3,772
Kuehne + Nagel International AG (Registered)		11			3,050
Nestle SA (Registered)		1,736			225,707
Novartis AG (Registered)		1,474			129,386
Partners Group Holding AG		7			8,276

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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 — continued
Roche Holding AG		494		196,399
Schindler Holding AG		8		1,728
Schindler Holding AG (Registered)		4		842
SGS SA (Registered)		1		3,294
STMicroelectronics NV		489		21,260
Swatch Group AG (The)		25		7,170
Swatch Group AG (The) (Registered)		46		2,525
Swiss Life Holding AG (Registered)		9		5,950
Swiss Re AG		89		8,456
UBS Group AG (Registered)		1,036		20,241
VAT Group AG (e)		5		2,034
Vifor Pharma AG (a)		33		5,852
Zurich Insurance Group AG		44		21,885
				803,793
United Arab Emirates — –%
NMC Health plc (a) (bb) (cc)		16		—
United Kingdom — 13.6%
3i Group plc		287		5,182
abrdn plc		640		1,792
Admiral Group plc		57		1,922
Anglo American plc		638		33,141
Ashtead Group plc		88		5,554
Associated British Foods plc		132		2,858
AstraZeneca plc		201		26,595
Aviva plc		1,116		6,604
BAE Systems plc		627		5,890
Barclays plc		4,935		9,566
BP plc		7,250		35,543
Bunzl plc		67		2,587
Burberry Group plc		354		7,726
CNH Industrial NV		202		3,186
Ferguson plc		44		5,921
GlaxoSmithKline plc		651		14,094
Hargreaves Lansdown plc		106		1,398
HSBC Holdings plc		5,992		40,931
Intertek Group plc		32		2,177
Legal & General Group plc		1,758		6,233
Lloyds Banking Group plc		20,911		12,734
London Stock Exchange Group plc		97		10,105
M&G plc		766		2,206
Melrose Industries plc		859		1,393
NatWest Group plc		1,665		4,704

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS 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
Phoenix Group Holdings plc		205			1,645
Prudential plc		809			11,941
RELX plc		382			11,901
Rentokil Initial plc		368			2,532
Rio Tinto plc		560			44,769
Rolls-Royce Holdings plc (a)		1,654			2,175
Schroders plc		36			1,536
Shell plc		2,827			77,487
Smiths Group plc		78			1,487
Spirax-Sarco Engineering plc		15			2,384
St James’s Place plc		159			3,000
Standard Chartered plc		771			5,116
					416,015
United States — 0.0% (g)
Bausch Health Cos., Inc. (a)		5			121
Brookfield Renewable Corp., Class A		2			95
					216
Total Common Stocks (Cost $2,752,553)					2,977,071
Preferred Stocks — 1.3%
Germany — 1.1%
Bayerische Motoren Werke AG		39			2,994
Porsche Automobil Holding SE		103			9,870
Volkswagen AG		124			21,372
					34,236
South Korea — 0.2%
Samsung Electronics Co. Ltd.		91			4,734
Total Preferred Stocks (Cost $37,465)					38,970
	PRINCIPAL AMOUNT ($)
Short-Term Investments — 1.2%
Time Deposits — 1.2%
Barclays SA, 0.15%, 04/01/2022		13,362			13,362
BNP Paribas SA,
(1.30%), 04/01/2022	CHF	3,192			3,454
0.15%, 04/01/2022		3,027			3,027
0.25%, 04/01/2022	GBP	1,820			2,391
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	4,246			631

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 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
Time Deposits — continued
(0.30%), 04/01/2022	SEK	6,633			705
0.07%, 04/01/2022	CAD	333			267
0.10%, 04/01/2022	NOK	4,231			481
0.15%, 04/01/2022		—	(h)		—	(h)
0.25%, 04/01/2022	GBP	—	(h)		—	(h)
5.40%, 04/01/2022	ZAR	—	(h)		—	(h)
Citibank NA,
(0.78%), 04/01/2022	EUR	7,162			7,923
0.15%, 04/01/2022		3,987			3,987
Sumitomo Mitsui Banking Corp., (0.38%), 04/01/2022	JPY	86,810			713
Sumitomo Mitsui Trust Bank Ltd., 0.15%, 04/01/2022		455			455
Total Short-Term Investments (Cost $37,396)					37,396
Total Investments — 99.4% (Cost - $2,827,414) *					3,053,437
Other Assets in Excess of Liabilities — 0.6%					19,826
NET ASSETS — 100.0%				$	3,073,263

Percentages indicated are based on net assets

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO 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
Amsterdam Index		26		04/2022	EUR		4,193		(28	)
Euro STOXX 50 Index		547		06/2022	EUR		22,935		199
FTSE 100 Index		131		06/2022	GBP		12,627		256
MSCI Emerging Markets Index		12		06/2022	USD		654		21
S&P Toronto Stock Exchange 60 Index		1		06/2022	CAD		210		1
TOPIX Index		11		06/2022	JPY		1,710		49
Total unrealized appreciation (depreciation)									498

Six Circles Managed Equity Portfolio International Unconstrained Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022

CVA	—	Dutch Certification
GDR	—	Global Depositary Receipt
REIT	—	Real Estate Investment Trust
(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
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
USD	—	United States Dollar
ZAR	—	South African Rand

Six Circles Managed Equity Portfolio International Unconstrained 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		14.0	%
Semiconductors		10.4	%
Apparel		10.1	%
Food		9.1	%
Banks		8.5	%
Oil & Gas		6.6	%
Insurance		5.3	%
Auto Manufacturers		5.0	%
Mining		4.3	%
Home Furnishings		3.3	%
Retail		2.9	%
Electric		2.7	%
Healthcare - Products		1.5	%
Commercial Services		1.3	%
Electrical Components & Equipment		1.2	%
Diversified Financial Services		1.2	%
Aerospace/Defense		1.2	%
Toys/Games/Hobbies		1.1	%
Transportation		1.0	%
Others (Each less than 1.0%)		8.1	%
Short-Term Investments		1.2	%

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 are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts 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.

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

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Basic Materials	$	52,662		$	—	$	—	$	52,662
Communications		1,326,100			—		—		1,326,100
Consumer Cyclical		342,215			—		—		342,215
Consumer Non-cyclical		1,575,865			—		—		1,575,865
Energy		266,274			—		—		266,274
Financial		803,673			—		—		803,673
Industrial		447,011			—		—		447,011
Technology		1,847,547			—		—		1,847,547
Utilities		63,707			—		—		63,707
Total Common Stocks		6,725,054			—		—		6,725,054
Short-Term Investments
Time Deposits		—			66,686		—		66,686
Total Investments in Securities	$	6,725,054		$	66,686	$	—	$	6,791,740
Appreciation in Other Financial Instruments
Futures contracts	$	1,406		$	—	$	—	$	1,406
Depreciation in Other Financial Instruments
Futures contracts	$	(7	)	$	—	$	—	$	(7	)

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Six Circles Managed Equity Portfolio International Unconstrained Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Austria	$	—		$	10,560	$	—	$	10,560
Belgium		—			16,070		—		16,070
Canada		35,814			—		—		35,814
Chile		—			4,272		—		4,272
Denmark		—			64,272		—		64,272
Finland		—			24,070		—		24,070
France		—			521,461		—		521,461
Germany		—			277,463		—		277,463
Ireland		7,905			11,519		—		19,424
Italy		—			99,070		—		99,070
Japan		—			157,157		—		157,157
Jordan		—			606		—		606
Luxembourg		—			10,202		—		10,202
Netherlands		1,070			266,150		—		267,220
Norway		—			34,399		—		34,399
Poland		—			257		—		257
Portugal		—			6,058		—		6,058
South Korea		—			48,925		—		48,925
Spain		—			73,526		—		73,526
Sweden		—			86,221		—		86,221
Switzerland		5,852			797,941		—		803,793
United Arab Emirates		—			—		—		—
United Kingdom		—			416,015		—		416,015
United States		216			—		—		216
Total Common Stocks		50,857			2,926,214		—		2,977,071
Preferred Stocks
Germany		—			34,236		—		34,236
South Korea		—			4,734		—		4,734
Total Preferred Stocks		—			38,970		—		38,970
Short-Term Investments
Time Deposits		—			37,396		—		37,396
Total Investments in Securities	$	50,857		$	3,002,580	$	—	$	3,053,437
Appreciation in Other Financial Instruments
Futures contracts	$	526		$	—	$	—	$	526
Depreciation in Other Financial Instruments
Futures contracts	$	(28	)	$	—	$	—	$	(28	)

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

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

Futures contracts 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.

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

(2) Forward Foreign Currency Exchange Contracts — The Funds may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. 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.