Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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.		14		3,962
Albemarle Corp.		8		1,745
Celanese Corp., Class A		6		609
CF Industries Holdings, Inc.		16		1,145
Dow, Inc.		51		2,775
DuPont de Nemours, Inc.		33		2,335
Eastman Chemical Co.		11		895
Ecolab, Inc.		17		2,852
FMC Corp.		8		936
International Flavors & Fragrances, Inc.		15		1,343
Linde plc		32		11,410
LyondellBasell Industries NV, Class A		17		1,588
Mosaic Co. (The)		27		1,235
PPG Industries, Inc.		15		2,052
RPM International, Inc.		7		641
Sherwin-Williams Co. (The)		15		3,439
Westlake Corp.		3		385
				39,347
Forest Products & Paper — 0.0% (g)
International Paper Co.		28		1,027
Iron/Steel — 0.1%
Cleveland-Cliffs, Inc. (a)		46		844
Nucor Corp.		17		2,568
Reliance Steel & Aluminum Co.		6		1,665
Steel Dynamics, Inc.		11		1,209
				6,286
Mining — 0.1%
Alcoa Corp.		7		294
Freeport-McMoRan, Inc.		91		3,729
Newmont Corp.		49		2,411
				6,434
Total Basic Materials				53,094
Communications — 15.6%
Advertising — 0.1%
Interpublic Group of Cos., Inc. (The)		53		1,974
Omnicom Group, Inc.		26		2,475
Trade Desk, Inc. (The), Class A (a)		57		3,483
				7,932

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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 — 12.6%
Airbnb, Inc., Class A (a)		44		5,428
Alphabet, Inc., Class A (a)		1,659		172,105
Alphabet, Inc., Class C (a)		1,534		159,548
Amazon.com, Inc. (a)		2,878		297,222
Booking Holdings, Inc. (a)		5		11,936
CDW Corp.		112		21,843
Chewy, Inc., Class A (a)		11		416
DoorDash, Inc., Class A (a)		26		1,645
eBay, Inc.		62		2,758
Etsy, Inc. (a)		13		1,411
Expedia Group, Inc. (a)		18		1,782
F5, Inc. (a)		12		1,714
Gen Digital, Inc.		147		2,523
GoDaddy, Inc., Class A (a)		16		1,220
Marqeta, Inc., Class A (a)		49		224
Match Group, Inc. (a)		67		2,565
MercadoLibre, Inc., (Uruguay) (a)		5		6,801
Meta Platforms, Inc., Class A (a)		550		116,654
Netflix, Inc. (a)		57		19,762
Okta, Inc., Class A (a)		16		1,388
Palo Alto Networks, Inc. (a)		77		15,347
Pinterest, Inc., Class A (a)		141		3,837
Roku, Inc., Class A (a)		17		1,087
Snap, Inc., Class A (a)		257		2,885
Uber Technologies, Inc. (a)		94		2,994
VeriSign, Inc. (a)		9		1,956
Zillow Group, Inc., Class C (a)		11		501
				857,552
Media — 1.0%
Charter Communications, Inc., Class A (a)		14		4,922
Comcast Corp., Class A		551		20,894
DISH Network Corp., Class A (a)		45		417
FactSet Research Systems, Inc.		8		3,243
Fox Corp., Class A		43		1,479
Fox Corp., Class B		22		685
Liberty Broadband Corp., Class C (a)		17		1,370
Liberty Global plc, (United Kingdom), Class A (a)		30		593
Liberty Global plc, (United Kingdom), Class C (a)		39		796
Liberty Media Corp.-Liberty Formula One, Class C (a)		26		1,950
Liberty Media Corp.-Liberty SiriusXM, Class A (a)		12		349
Liberty Media Corp.-Liberty SiriusXM, Class C (a)		24		682
News Corp., Class A		57		986
Paramount Global, Class B		83		1,857
Sirius XM Holdings, Inc.		64		256
Walt Disney Co. (The) (a)		235		23,537
Warner Bros Discovery, Inc. (a)		313		4,723
				68,739

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Telecommunications — 1.9%
Arista Networks, Inc. (a)		46		7,672
AT&T, Inc.		922		17,757
Cisco Systems, Inc.		763		39,865
Corning, Inc.		664		23,432
Juniper Networks, Inc.		66		2,257
Motorola Solutions, Inc.		31		8,788
T-Mobile US, Inc. (a)		79		11,393
Verizon Communications, Inc.		543		21,101
				132,265
Total Communications				1,066,488
Consumer Cyclical — 5.1%
Airlines — 0.0% (g)
Delta Air Lines, Inc. (a)		13		451
Southwest Airlines Co.		16		534
				985
Apparel — 0.3%
NIKE, Inc., Class B		147		18,043
VF Corp.		43		984
				19,027
Auto Manufacturers — 1.2%
Cummins, Inc.		10		2,451
Ford Motor Co.		469		5,908
General Motors Co.		168		6,156
Lucid Group, Inc. (a)		60		482
PACCAR, Inc.		38		2,757
Rivian Automotive, Inc., Class A (a)		53		820
Tesla, Inc. (a)		311		64,617
				83,191
Auto Parts & Equipment — 0.1%
Aptiv plc, (Ireland) (a)		34		3,771
BorgWarner, Inc.		30		1,475
Lear Corp.		8		1,125
				6,371
Distribution/Wholesale — 0.2%
Copart, Inc. (a)		32		2,384
Fastenal Co.		38		2,040
Ferguson plc, (United Kingdom)		14		1,831
LKQ Corp.		29		1,641
Pool Corp.		4		1,455
WW Grainger, Inc.		3		2,309
				11,660
Entertainment — 0.1%
Caesars Entertainment, Inc. (a)		25		1,243
Live Nation Entertainment, Inc. (a)		23		1,581
Vail Resorts, Inc.		5		1,263
				4,087
Food Service — 0.0% (g)
Aramark		29		1,038

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Home Builders — 0.1%
DR Horton, Inc.		37			3,582
Lennar Corp., Class A		28			2,928
NVR, Inc. (a)		—	(h)		1,811
PulteGroup, Inc.		24			1,419
					9,740
Home Furnishings — 0.0% (g)
Whirlpool Corp.		7			944
Housewares — 0.0% (g)
Newell Brands, Inc.		57			715
Leisure Time — 0.1%
Carnival Corp. (a)		131			1,328
Royal Caribbean Cruises Ltd. (a)		28			1,840
					3,168
Lodging — 0.2%
Hilton Worldwide Holdings, Inc.		33			4,672
Las Vegas Sands Corp. (a)		39			2,231
Marriott International, Inc., Class A		32			5,304
MGM Resorts International		36			1,613
Wynn Resorts Ltd. (a)		12			1,322
					15,142
Retail — 2.8%
Advance Auto Parts, Inc.		7			814
AutoZone, Inc. (a)		2			5,292
Bath & Body Works, Inc.		26			947
Best Buy Co., Inc.		25			1,938
Burlington Stores, Inc. (a)		7			1,340
CarMax, Inc. (a)		21			1,340
Chipotle Mexican Grill, Inc., Class A (a)		3			5,467
Costco Wholesale Corp.		29			14,475
Darden Restaurants, Inc.		15			2,305
Dollar General Corp.		26			5,406
Dollar Tree, Inc. (a)		25			3,659
Domino’s Pizza, Inc.		4			1,235
Genuine Parts Co.		17			2,761
Home Depot, Inc. (The)		117			34,543
Lowe’s Cos., Inc.		69			13,864
Lululemon Athletica, Inc., (Canada) (a)		14			5,239
McDonald’s Corp.		85			23,629
O’Reilly Automotive, Inc. (a)		7			5,996
Ross Stores, Inc.		39			4,166
Starbucks Corp.		132			13,758
Target Corp.		54			8,987
TJX Cos., Inc. (The)		133			10,461
Tractor Supply Co.		12			2,840
Ulta Beauty, Inc. (a)		6			3,083
Walgreens Boots Alliance, Inc.		48			1,665
Walmart, Inc.		98			14,380

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Yum! Brands, Inc.		32		4,179
				193,769
Toys/Games/Hobbies — 0.0% (g)
Hasbro, Inc.		17		918
Total Consumer Cyclical				350,755
Consumer Non-cyclical — 22.6%
Agriculture — 0.3%
Altria Group, Inc.		118		5,250
Archer-Daniels-Midland Co.		36		2,866
Bunge Ltd.		12		1,165
Cadiz, Inc. (a)		5		19
Darling Ingredients, Inc. (a)		10		560
Philip Morris International, Inc.		100		9,704
				19,564
Beverages — 2.1%
Brown-Forman Corp., Class B		65		4,201
Coca-Cola Co. (The)		890		55,226
Constellation Brands, Inc., Class A		36		8,060
Keurig Dr Pepper, Inc.		174		6,133
Molson Coors Beverage Co., Class B		42		2,174
Monster Beverage Corp. (a)		167		8,997
PepsiCo., Inc.		299		54,582
				139,373
Biotechnology — 1.8%
Alnylam Pharmaceuticals, Inc. (a)		22		4,323
Amgen, Inc.		94		22,757
Biogen, Inc. (a)		26		7,270
BioMarin Pharmaceutical, Inc. (a)		30		2,964
Bio-Rad Laboratories, Inc., Class A (a)		4		1,933
Corteva, Inc.		47		2,808
Gilead Sciences, Inc.		222		18,429
Horizon Therapeutics plc (a)		39		4,274
Illumina, Inc. (a)		28		6,470
Incyte Corp. (a)		32		2,313
Moderna, Inc. (a)		56		8,611
Regeneron Pharmaceuticals, Inc. (a)		19		15,719
Royalty Pharma plc, Class A		23		827
Seagen, Inc. (a)		25		5,011
United Therapeutics Corp. (a)		10		2,215
Vertex Pharmaceuticals, Inc. (a)		44		13,994
				119,918
Commercial Services — 1.6%
Affirm Holdings, Inc., Class A (a)		23		258
Automatic Data Processing, Inc.		91		20,240
Block, Inc., Class A (a)		119		8,187
Booz Allen Hamilton Holding Corp., Class A		9		851
Cass Information Systems, Inc.		2		70

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Cintas Corp.		6		2,887
Clarivate plc, (United Kingdom) (a)		22		211
CoStar Group, Inc. (a)		24		1,656
Equifax, Inc.		9		1,853
Euronet Worldwide, Inc. (a)		6		650
EVERTEC, Inc., (Puerto Rico)		6		219
FleetCor Technologies, Inc. (a)		15		3,250
Flywire Corp. (a)		4		109
Gartner, Inc. (a)		8		2,508
Global Payments, Inc.		59		6,215
I3 Verticals, Inc., Class A (a)		3		68
MarketAxess Holdings, Inc.		8		3,246
MoneyGram International, Inc. (a)		10		102
Moody’s Corp.		30		9,078
Paylocity Holding Corp. (a)		10		2,075
Paymentus Holdings, Inc., Class A (a)		3		23
Payoneer Global, Inc. (a)		24		148
PayPal Holdings, Inc. (a)		235		17,883
Quanta Services, Inc.		9		1,502
Remitly Global, Inc. (a)		10		173
Repay Holdings Corp., Class A (a)		10		68
Robert Half International, Inc.		9		688
Rollins, Inc.		15		577
S&P Global, Inc.		57		19,683
Sabre Corp. (a)		37		158
Shift4 Payments, Inc., Class A (a)		6		447
Toast, Inc., Class A (a)		48		846
TransUnion		15		903
U-Haul Holding Co.		8		413
United Rentals, Inc.		5		1,818
Verisk Analytics, Inc., Class A		10		1,944
WEX, Inc. (a)		5		920
				111,927
Cosmetics/Personal Care — 0.5%
Colgate-Palmolive Co.		50		3,786
Estee Lauder Cos., Inc. (The), Class A		15		3,799
Procter & Gamble Co. (The)		154		22,954
				30,539
Food — 0.4%
Campbell Soup Co.		18		997
Conagra Brands, Inc.		38		1,425
General Mills, Inc.		42		3,602
Hershey Co. (The)		11		2,719
Hormel Foods Corp.		23		933
J M Smucker Co. (The)		8		1,211
Kellogg Co.		17		1,145
Kraft Heinz Co. (The)		54		2,100
Kroger Co. (The)		50		2,474
Lamb Weston Holdings, Inc.		8		865

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Food — continued
McCormick & Co., Inc.		16		1,367
Mondelez International, Inc., Class A		92		6,397
Sysco Corp.		31		2,413
Tyson Foods, Inc., Class A		23		1,350
				28,998
Healthcare - Products — 3.4%
Abbott Laboratories		115		11,638
Align Technology, Inc. (a)		5		1,664
Avantor, Inc. (a)		120		2,543
Baxter International, Inc.		29		1,187
Bio-Techne Corp.		26		1,909
Boston Scientific Corp. (a)		96		4,792
Cooper Cos., Inc. (The)		3		1,068
Danaher Corp.		285		71,901
DENTSPLY SIRONA, Inc.		16		619
Edwards Lifesciences Corp. (a)		40		3,321
Exact Sciences Corp. (a)		29		1,984
GE HealthCare Technologies, Inc. (a)		23		1,911
Hologic, Inc. (a)		14		1,166
IDEXX Laboratories, Inc. (a)		5		2,480
Insulet Corp. (a)		4		1,324
Intuitive Surgical, Inc. (a)		22		5,730
Masimo Corp. (a)		3		588
Medtronic plc, (Ireland)		89		7,163
Novocure Ltd., (Jersey) (a)		3		180
PerkinElmer, Inc.		23		3,038
Repligen Corp. (a)		9		1,512
ResMed, Inc.		9		1,908
STERIS plc		6		1,171
Stryker Corp.		22		6,335
Teleflex, Inc.		3		636
Thermo Fisher Scientific, Inc.		146		84,312
Waters Corp. (a)		10		3,189
West Pharmaceutical Services, Inc.		13		4,609
Zimmer Biomet Holdings, Inc.		15		1,894
				231,772
Healthcare - Services — 4.2%
Catalent, Inc. (a)		60		3,963
Centene Corp. (a)		37		2,344
Charles River Laboratories International, Inc. (a)		9		1,755
DaVita, Inc. (a)		2		185
Elevance Health, Inc.		16		7,280
HCA Healthcare, Inc.		13		3,512
Humana, Inc.		8		3,936
IQVIA Holdings, Inc. (a)		32		6,457
Laboratory Corp. of America Holdings		5		1,207
Molina Healthcare, Inc. (a)		3		862
Quest Diagnostics, Inc.		7		973
UnitedHealth Group, Inc.		537		253,854
Universal Health Services, Inc., Class B		4		528
				286,856

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Household Products/Wares — 0.1%
Avery Dennison Corp.		7		1,179
Church & Dwight Co., Inc.		15		1,314
Clorox Co. (The)		9		1,395
Kimberly-Clark Corp.		22		2,915
				6,803
Pharmaceuticals — 8.2%
AbbVie, Inc.		312		49,776
AmerisourceBergen Corp.		12		1,860
Becton Dickinson and Co.		19		4,732
Bristol-Myers Squibb Co.		725		50,254
Cardinal Health, Inc.		19		1,431
Cigna Group (The)		20		5,053
CVS Health Corp.		88		6,532
Dexcom, Inc. (a)		24		2,808
Elanco Animal Health, Inc. (a)		26		245
Eli Lilly & Co.		267		91,785
Henry Schein, Inc. (a)		9		720
Jazz Pharmaceuticals plc, (Ireland) (a)		4		519
Johnson & Johnson		884		137,061
McKesson Corp.		10		3,416
Merck & Co., Inc.		859		91,397
Neurocrine Biosciences, Inc. (a)		16		1,625
Organon & Co.		69		1,625
Pfizer, Inc.		1,903		77,639
Viatris, Inc.		414		3,987
Zoetis, Inc., Class A		157		26,142
				558,607
Total Consumer Non-cyclical				1,534,357
Energy — 4.9%
Energy - Alternate Sources — 0.2%
Enphase Energy, Inc. (a)		23		4,822
First Solar, Inc. (a)		16		3,528
NextEra Energy Partners LP		9		569
Plug Power, Inc. (a)		43		500
SolarEdge Technologies, Inc., (Israel) (a)		9		2,828
Sunnova Energy International, Inc. (a)		11		173
				12,420
Oil & Gas — 4.0%
APA Corp.		68		2,462
Chesapeake Energy Corp.		26		1,986
Chevron Corp.		358		58,331
ConocoPhillips		244		24,180
Coterra Energy, Inc.		148		3,640
Devon Energy Corp.		122		6,176
Diamondback Energy, Inc.		33		4,399
EOG Resources, Inc.		117		13,442

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Oil & Gas — continued
EQT Corp.		66		2,103
Exxon Mobil Corp.		802		87,943
Hess Corp.		53		6,994
HF Sinclair Corp.		32		1,536
Marathon Oil Corp.		125		3,000
Marathon Petroleum Corp.		91		12,307
Occidental Petroleum Corp.		143		8,927
Ovintiv, Inc.		52		1,864
Phillips 66		92		9,321
Pioneer Natural Resources Co.		44		9,012
Texas Pacific Land Corp.		1		2,043
Valero Energy Corp.		75		10,432
				270,098
Oil & Gas Services — 0.3%
Baker Hughes Co., Class A		200		5,771
Halliburton Co.		185		5,842
Schlumberger NV		276		13,532
				25,145
Pipelines — 0.4%
Cheniere Energy, Inc.		43		6,708
Kinder Morgan, Inc.		388		6,802
ONEOK, Inc.		85		5,427
Targa Resources Corp.		40		2,944
Williams Cos., Inc. (The)		233		6,969
				28,850
Total Energy				336,513
Financial — 12.5%
Banks — 3.5%
Bank of America Corp.		2,015		57,642
Bank of New York Mellon Corp. (The)		146		6,618
Citigroup, Inc.		335		15,715
Citizens Financial Group, Inc.		108		3,291
Fifth Third Bancorp		143		3,812
First Citizens BancShares, Inc., Class A		3		2,848
First Horizon Corp.		111		1,982
First Republic Bank		95		1,332
Goldman Sachs Group, Inc. (The)		58		18,864
Huntington Bancshares, Inc.		313		3,505
KeyCorp.		220		2,758
M&T Bank Corp.		36		4,272
Morgan Stanley		597		52,438
Northern Trust Corp.		41		3,650
PNC Financial Services Group, Inc. (The)		74		9,375
Regions Financial Corp.		200		3,719
State Street Corp.		72		5,456
Truist Financial Corp.		241		8,220
US Bancorp		253		9,124
Webster Financial Corp.		50		1,971
Wells Fargo & Co.		646		24,132
				240,724

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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 — 4.6%
Ally Financial, Inc.		84		2,148
American Express Co.		109		17,948
Ameriprise Financial, Inc.		20		6,052
Apollo Global Management, Inc.		76		4,823
BlackRock, Inc., Class A		2		1,265
Capital One Financial Corp.		72		6,923
Cboe Global Markets, Inc.		18		2,416
Charles Schwab Corp. (The)		253		13,246
CME Group, Inc., Class A		63		12,109
Coinbase Global, Inc., Class A (a)		27		1,836
Discover Financial Services		54		5,326
Franklin Resources, Inc.		77		2,072
Intercontinental Exchange, Inc.		99		10,352
International Money Express, Inc. (a)		4		99
Invesco Ltd.		102		1,678
LPL Financial Holdings, Inc.		15		3,136
Mastercard, Inc., Class A		253		91,880
Nasdaq, Inc.		71		3,861
Raymond James Financial, Inc.		41		3,849
SEI Investments Co.		32		1,834
Synchrony Financial		105		3,061
T Rowe Price Group, Inc.		45		5,048
Tradeweb Markets, Inc., Class A		30		2,348
Visa, Inc., Class A		481		108,421
Western Union Co. (The)		39		437
				312,168
Insurance — 3.1%
Aflac, Inc.		111		7,137
Allstate Corp. (The)		52		5,721
American Financial Group, Inc.		17		2,071
American International Group, Inc.		124		6,244
Aon plc, Class A		36		11,437
Arch Capital Group Ltd., (Bermuda) (a)		71		4,807
Arthur J Gallagher & Co.		38		7,261
Assurant, Inc.		11		1,316
Berkshire Hathaway, Inc., Class B (a)		215		66,539
Brown & Brown, Inc.		46		2,627
Chubb Ltd., (Switzerland)		67		13,055
Cincinnati Financial Corp.		31		3,519
Equitable Holdings, Inc.		81		2,055
Erie Indemnity Co., Class A		7		1,557
Everest Re Group Ltd., (Bermuda)		9		3,053
Fidelity National Financial, Inc.		60		2,081
Globe Life, Inc.		23		2,479
Hartford Financial Services Group, Inc. (The)		65		4,536
Loews Corp.		48		2,799
Markel Corp. (a)		3		3,588

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Insurance — continued
Marsh & McLennan Cos., Inc.		86		14,377
MetLife, Inc.		125		7,237
Principal Financial Group, Inc.		51		3,757
Progressive Corp. (The)		100		14,276
Prudential Financial, Inc.		60		4,973
Travelers Cos., Inc. (The)		42		7,256
Willis Towers Watson plc, (United Kingdom)		20		4,558
WR Berkley Corp.		47		2,925
				213,241
Private Equity — 0.4%
Ares Management Corp., Class A		32		2,636
Blackstone, Inc.		163		14,283
Carlyle Group, Inc. (The)		62		1,940
KKR & Co., Inc.		101		5,316
				24,175
Real Estate — 0.0% (g)
CBRE Group, Inc., Class A (a)		24		1,718
REITS — 0.9%
Alexandria Real Estate Equities, Inc.		10		1,237
American Homes 4 Rent, Class A		17		542
American Tower Corp.		30		6,069
Annaly Capital Management, Inc.		98		1,871
AvalonBay Communities, Inc.		10		1,693
Boston Properties, Inc.		12		662
Camden Property Trust		6		587
Crown Castle, Inc.		27		3,561
Digital Realty Trust, Inc.		20		1,938
Equinix, Inc.		6		4,132
Equity LifeStyle Properties, Inc.		10		661
Equity Residential		27		1,626
Essex Property Trust, Inc.		4		811
Extra Space Storage, Inc.		9		1,428
Gaming and Leisure Properties, Inc.		15		796
Healthcare Realty Trust, Inc., Class A		21		401
Healthpeak Properties, Inc.		36		786
Host Hotels & Resorts, Inc.		43		714
Invitation Homes, Inc.		38		1,199
Iron Mountain, Inc.		17		889
Kimco Realty Corp.		40		785
Medical Properties Trust, Inc.		44		360
Mid-America Apartment Communities, Inc.		8		1,171
Prologis, Inc.		59		7,373
Public Storage		10		2,919
Realty Income Corp.		38		2,376
Regency Centers Corp.		8		466
SBA Communications Corp., Class A		7		1,734
Simon Property Group, Inc.		21		2,335
Sun Communities, Inc.		7		998

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
UDR, Inc.		18		740
Ventas, Inc.		28		1,199
VICI Properties, Inc., Class A		57		1,869
Welltower, Inc.		33		2,332
Weyerhaeuser Co.		47		1,430
WP Carey, Inc.		12		925
				60,615
Total Financial				852,641
Industrial — 7.6%
Aerospace/Defense — 0.6%
Boeing Co. (The) (a)		38		8,052
General Dynamics Corp.		16		3,606
HEICO Corp.		2		372
HEICO Corp., Class A		4		524
Howmet Aerospace, Inc.		27		1,130
L3Harris Technologies, Inc.		14		2,666
Lockheed Martin Corp.		15		7,326
Northrop Grumman Corp.		10		4,554
Raytheon Technologies Corp.		97		9,518
TransDigm Group, Inc.		3		2,365
				40,113
Building Materials — 0.2%
Carrier Global Corp.		57		2,630
Fortune Brands Innovations, Inc.		12		709
Johnson Controls International plc		47		2,824
Lennox International, Inc.		2		511
Martin Marietta Materials, Inc.		5		1,679
Masco Corp.		16		771
Mohawk Industries, Inc. (a)		8		813
Owens Corning		8		735
Trane Technologies plc, (Ireland)		16		2,899
Vulcan Materials Co.		9		1,590
				15,161
Electrical Components & Equipments — 0.1%
AMETEK, Inc.		17		2,443
Emerson Electric Co.		40		3,505
Generac Holdings, Inc. (a)		5		582
				6,530
Electronics — 2.1%
Agilent Technologies, Inc.		53		7,305
Allegion plc, (Ireland)		5		513
Amphenol Corp., Class A		496		40,494
Arrow Electronics, Inc. (a)		51		6,429
Fortive Corp.		24		1,611
Garmin Ltd., (Switzerland)		20		2,035
Honeywell International, Inc.		45		8,552
Hubbell, Inc., Class B		5		1,275
Keysight Technologies, Inc. (a)		147		23,739
Mettler-Toledo International, Inc. (a)		4		5,969

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Electronics — continued
Sensata Technologies Holding plc		9		458
TE Connectivity Ltd.		262		34,409
Trimble, Inc. (a)		204		10,704
				143,493
Engineering & Construction — 0.0% (g)
AECOM		9		779
Jacobs Solutions, Inc.		10		1,200
Star Group LP		4		48
				2,027
Environmental Control — 0.2%
Pentair plc, (United Kingdom)		13		696
Pure Cycle Corp. (a)		3		31
Republic Services, Inc., Class A		14		1,937
Waste Connections, Inc., (Canada)		19		2,608
Waste Management, Inc.		28		4,526
				9,798
Hand/Machine Tools — 0.0% (g)
Snap-on, Inc.		4		947
Stanley Black & Decker, Inc.		11		866
				1,813
Machinery—Construction & Mining — 0.1%
Caterpillar, Inc.		34		7,840
Machinery—Diversified — 0.4%
Cognex Corp.		143		7,074
Deere & Co.		19		7,784
Dover Corp.		10		1,496
Graco, Inc.		17		1,229
IDEX Corp.		4		850
Ingersoll Rand, Inc.		27		1,597
Nordson Corp.		2		485
Otis Worldwide Corp.		32		2,722
Rockwell Automation, Inc.		8		2,318
Toro Co. (The)		10		1,149
Westinghouse Air Brake Technologies Corp.		14		1,376
Xylem, Inc.		14		1,475
				29,555
Miscellaneous Manufacturers — 0.7%
3M Co.		37		3,929
AO Smith Corp.		10		662
Axon Enterprise, Inc. (a)		4		888
Carlisle Cos., Inc.		4		831
Eaton Corp. plc		27		4,605
General Electric Co.		73		6,996
Illinois Tool Works, Inc.		21		5,026
Parker-Hannifin Corp.		9		3,070
Teledyne Technologies, Inc. (a)		39		17,257
Textron, Inc.		15		1,063
				44,327

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Packaging & Containers — 0.1%
Amcor plc, (United Kingdom)		119		1,350
Ball Corp.		22		1,222
Crown Holdings, Inc.		8		700
Packaging Corp. of America		7		929
Sealed Air Corp.		11		488
Westrock Co.		24		745
				5,434
Shipbuilding — 0.0% (g)
Huntington Ingalls Industries, Inc.		4		774
Transportation — 3.1%
CH Robinson Worldwide, Inc.		89		8,860
CSX Corp.		137		4,108
Expeditors International of Washington, Inc.		120		13,257
FedEx Corp.		176		40,141
JB Hunt Transport Services, Inc.		6		1,037
Knight-Swift Transportation Holdings, Inc., Class A		12		660
Norfolk Southern Corp.		16		3,332
Old Dominion Freight Line, Inc.		6		2,109
Union Pacific Corp.		40		8,146
United Parcel Service, Inc., Class B		657		127,496
				209,146
Total Industrial				516,011
Technology — 27.5%
Computers — 8.3%
Accenture plc, (Ireland), Class A		65		18,439
Apple, Inc.		2,946		485,716
Cognizant Technology Solutions Corp., Class A		56		3,425
Conduent, Inc. (a)		21		73
Crowdstrike Holdings, Inc., Class A (a)		51		7,011
Dell Technologies, Inc., Class C		50		1,995
EPAM Systems, Inc. (a)		5		1,629
ExlService Holdings, Inc. (a)		4		621
Fortinet, Inc. (a)		167		11,128
Hewlett Packard Enterprise Co.		246		3,918
HP, Inc.		187		5,500
International Business Machines Corp.		93		12,246
Leidos Holdings, Inc.		10		907
Maximus, Inc.		7		556
NetApp, Inc.		39		2,496
Seagate Technology Holdings plc		36		2,357
TaskUS, Inc., Class A (a)		3		48
TTEC Holdings, Inc.		2		84
Western Digital Corp. (a)		62		2,350
Zscaler, Inc. (a)		22		2,562
				563,061
Office/Business Equipment — 0.2%
Zebra Technologies Corp., Class A (a)		43		13,577

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Semiconductors — 5.6%
Advanced Micro Devices, Inc. (a)		279		27,350
Analog Devices, Inc.		89		17,477
Applied Materials, Inc.		150		18,406
Broadcom, Inc.		73		46,518
Entegris, Inc.		24		1,975
Intel Corp.		718		23,469
KLA Corp.		24		9,631
Lam Research Corp.		23		12,369
Marvell Technology, Inc.		147		6,364
Microchip Technology, Inc.		95		7,921
Micron Technology, Inc.		190		11,458
Monolithic Power Systems, Inc.		8		3,830
NVIDIA Corp.		423		117,458
NXP Semiconductors NV, (Netherlands)		44		8,173
ON Semiconductor Corp. (a)		75		6,208
Qorvo, Inc. (a)		16		1,659
QUALCOMM, Inc.		192		24,543
Skyworks Solutions, Inc.		28		3,337
Teradyne, Inc.		26		2,762
Texas Instruments, Inc.		155		28,920
Wolfspeed, Inc. (a)		19		1,233
				381,061
Software — 13.4%
Activision Blizzard, Inc.		102		8,749
Adobe, Inc. (a)		117		45,054
Akamai Technologies, Inc. (a)		16		1,215
ANSYS, Inc. (a)		22		7,211
Aspen Technology, Inc. (a)		7		1,659
Atlassian Corp., (Australia), Class A (a)		38		6,558
Autodesk, Inc. (a)		54		11,190
AvidXchange Holdings, Inc. (a)		6		50
Bentley Systems, Inc., Class B		50		2,152
Bill.com Holdings, Inc. (a)		23		1,830
Black Knight, Inc. (a)		35		2,040
Broadridge Financial Solutions, Inc.		27		3,989
Cadence Design Systems, Inc. (a)		68		14,381
Ceridian HCM Holding, Inc. (a)		35		2,550
Cloudflare, Inc., Class A (a)		23		1,448
Concentrix Corp.		5		619
CSG Systems International, Inc.		4		199
Datadog, Inc., Class A (a)		63		4,563
DocuSign, Inc., Class A (a)		52		3,004
Dropbox, Inc., Class A (a)		65		1,401
Dynatrace, Inc. (a)		54		2,283
Electronic Arts, Inc.		34		4,124
Fair Isaac Corp. (a)		6		4,307
Fidelity National Information Services, Inc.		133		7,244

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Fiserv, Inc. (a)		132		14,958
HubSpot, Inc. (a)		12		5,008
Intuit, Inc.		67		29,929
Jack Henry & Associates, Inc.		16		2,423
Microsoft Corp.		1,778		512,611
MongoDB, Inc., Class A (a)		7		1,568
MSCI, Inc., Class A		14		8,010
Oracle Corp.		409		38,019
Palantir Technologies, Inc., Class A (a)		434		3,667
Paychex, Inc.		72		8,193
Paycom Software, Inc. (a)		12		3,798
PTC, Inc. (a)		27		3,463
ROBLOX Corp., Class A (a)		43		1,942
Roper Technologies, Inc.		27		11,928
Salesforce, Inc. (a)		252		50,350
ServiceNow, Inc. (a)		51		23,484
Snowflake, Inc., Class A (a)		23		3,571
Splunk, Inc. (a)		39		3,776
SS&C Technologies Holdings, Inc.		50		2,837
Synopsys, Inc. (a)		39		14,966
Take-Two Interactive Software, Inc. (a)		20		2,406
Twilio, Inc., Class A (a)		19		1,274
Tyler Technologies, Inc. (a)		11		3,747
Unity Software, Inc. (a)		62		1,996
Veeva Systems, Inc., Class A (a)		9		1,736
Verra Mobility Corp., Class A (a)		16		266
VMware, Inc., Class A (a)		53		6,645
Workday, Inc., Class A (a)		51		10,608
Zoom Video Communications, Inc., Class A (a)		55		4,066
ZoomInfo Technologies, Inc., Class A (a)		62		1,543
				916,608
Total Technology				1,874,307
Utilities — 2.7%
Electric — 2.5%
AES Corp. (The)		111		2,666
ALLETE, Inc.		6		414
Alliant Energy Corp.		42		2,222
Altus Power, Inc., Class A (a)		5		28
Ameren Corp.		44		3,774
American Electric Power Co., Inc.		92		8,388
Avangrid, Inc.		9		347
Avista Corp.		1		42
Black Hills Corp.		7		463
CenterPoint Energy, Inc.		106		3,109
Clearway Energy, Inc., Class A		4		126
Clearway Energy, Inc., Class C		9		266
CMS Energy Corp.		49		3,002
Consolidated Edison, Inc.		64		6,153
Constellation Energy Corp.		57		4,487

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Dominion Energy, Inc.		142			7,947
DTE Energy Co.		35			3,786
Duke Energy Corp.		135			13,012
Edison International		66			4,652
Entergy Corp.		39			4,197
Evergy, Inc.		39			2,384
Eversource Energy		58			4,576
Exelon Corp.		175			7,313
FirstEnergy Corp.		92			3,673
Genie Energy Ltd., Class B		3			41
Hawaiian Electric Industries, Inc.		12			473
IDACORP, Inc.		6			612
MGE Energy, Inc.		4			327
NextEra Energy, Inc.		341			26,313
NorthWestern Corp.		7			382
NRG Energy, Inc.		43			1,481
OGE Energy Corp.		22			831
Ormat Technologies, Inc.		5			409
Otter Tail Corp.		4			302
PG&E Corp. (a)		250			4,050
Pinnacle West Capital Corp.		12			982
PNM Resources, Inc.		9			448
Portland General Electric Co.		10			492
PPL Corp.		124			3,453
Public Service Enterprise Group, Inc.		89			5,580
Sempra Energy		55			8,350
Southern Co. (The)		191			13,278
Unitil Corp.		2			118
Via Renewables, Inc., Class A		—	(h)		7
Vistra Corp.		54			1,285
WEC Energy Group, Inc.		55			5,212
Xcel Energy, Inc.		95			6,374
					167,827
Gas — 0.1%
Atmos Energy Corp.		23			2,628
National Fuel Gas Co.		10			557
New Jersey Resources Corp.		11			574
NiSource, Inc.		73			2,047
Northwest Natural Holding Co.		4			202
ONE Gas, Inc.		6			473
RGC Resources, Inc.		2			41
Southwest Gas Holdings, Inc.		7			453
Spire, Inc.		6			413
UGI Corp.		38			1,315
					8,703
Water — 0.1%
American States Water Co.		4			375
American Water Works Co., Inc.		32			4,682
Artesian Resources Corp., Class A		1			58

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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 — continued
California Water Service Group		6		354
Consolidated Water Co. Ltd., (Cayman Islands)		2		40
Essential Utilities, Inc.		42		1,819
SJW Group		3		221
York Water Co. (The)		2		90
				7,639
Total Utilities				184,169
Total Common Stocks (Cost $6,058,537)				6,768,335
	PRINCIPAL AMOUNT ($)
Short-Term Investments — 1.2%
Time Deposits — 1.2%
Australia & New Zealand Banking Group Ltd., 4.18%, 04/03/2023		57,356		57,356
Citibank NA, 4.18%, 04/03/2023		11,790		11,790
Sumitomo Mitsui Banking Corp., 4.18%, 04/03/2023		14,478		14,478
Sumitomo Mitsui Trust Bank Ltd., 4.18%, 04/03/2023		1,049		1,049
Total Short-Term Investments (Cost $84,673)				84,673
Total Investments — 100.5% (Cost - $6,143,210) *				6,853,008
Liabilities in Excess of Other Assets — (0.5)%				(34,145	)
NET ASSETS — 100.0%			$	6,818,863

Percentages indicated are based on net assets.

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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, 2023:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY	NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
ASX SPI 200 Index		15		06/2023	USD		1,262		47
E-mini Consumer Discretionary Select Sector Index		8		06/2023	USD		1,151		68
E-mini Consumer Staples Select Sector Index		7		06/2023	USD		511		20
E-mini Financial Select Sector Index		20		06/2023	USD		1,950		46
E-mini Health Care Select Sector Index		19		06/2023	USD		2,426		81
E-mini Technology Select Sector Index		15		06/2023	USD		2,080		224
E-mini Utilities Select Sector Index		12		06/2023	USD		793		33
Micro E-mini NASDAQ 100		218		06/2023	USD		5,341		458
Micro E-mini Russell 2000		7		06/2023	USD		62		1
Micro E-mini S&P 500 Index		376		06/2023	USD		7,358		421
S&P 500 E-mini Index		96		06/2023	USD		19,032		829
Total unrealized appreciation (depreciation)									2,228

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, March 31, 2023

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

INDUSTRY	PERCENTAGE
Software		13.4	%
Internet		12.5	%
Computers		8.2	%
Pharmaceuticals		8.2	%
Semiconductors		5.6	%
Diversified Financial Services		4.6	%
Healthcare - Services		4.2	%
Oil & Gas		3.9	%
Banks		3.5	%
Healthcare - Products		3.4	%
Insurance		3.1	%
Transportation		3.1	%
Retail		2.8	%
Electric		2.4	%
Electronics		2.1	%
Beverages		2.0	%
Telecommunications		1.9	%
Biotechnology		1.8	%
Commercial Services		1.6	%
Auto Manufacturers		1.2	%
Media		1.0	%
Others (Each less than 1.0%)		8.3	%
Short-Term Investments		1.2	%

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — 97.2%
Australia — 1.3%
Ampol Ltd.		10		205
ANZ Group Holdings Ltd.		128		1,966
APA Group		50		338
Aristocrat Leisure Ltd.		25		633
ASX Ltd.		8		367
Aurizon Holdings Ltd.		78		177
BHP Group Ltd.		216		6,825
BlueScope Steel Ltd.		20		269
Brambles Ltd.		59		534
Cochlear Ltd.		3		448
Coles Group Ltd.		57		688
Commonwealth Bank of Australia		72		4,770
Computershare Ltd.		23		337
CSL Ltd.		21		3,981
Dexus		45		230
EBOS Group Ltd.		7		202
Endeavour Group Ltd.		61		277
Fortescue Metals Group Ltd.		72		1,086
Goodman Group		72		915
GPT Group (The)		80		227
IDP Education Ltd.		9		163
IGO Ltd.		29		251
Insurance Australia Group Ltd.		105		332
Lendlease Corp. Ltd.		29		143
Lottery Corp. Ltd (The)		95		326
Macquarie Group Ltd.		16		1,859
Medibank Pvt Ltd.		118		266
Mineral Resources Ltd.		7		394
Mirvac Group		164		230
National Australia Bank Ltd.		134		2,504
Newcrest Mining Ltd.		38		679
Northern Star Resources Ltd.		49		406
Orica Ltd.		19		201
Origin Energy Ltd.		73		409
Pilbara Minerals Ltd.		109		290
Qantas Airways Ltd. (a)		39		175
QBE Insurance Group Ltd.		63		619
Ramsay Health Care Ltd.		8		349

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Australia — continued
REA Group Ltd.		2		213
Reece Ltd.		10		114
Rio Tinto Ltd.		16		1,272
Santos Ltd.		134		617
Scentre Group		218		403
SEEK Ltd.		14		234
Sonic Healthcare Ltd.		19		455
South32 Ltd.		195		572
Stockland		100		268
Suncorp Group Ltd.		54		442
Telstra Group Ltd.		172		486
Transurban Group		131		1,248
Treasury Wine Estates Ltd.		31		270
Vicinity Ltd.		163		214
Washington H Soul Pattinson & Co. Ltd.		9		182
Wesfarmers Ltd.		48		1,636
Westpac Banking Corp.		149		2,173
WiseTech Global Ltd.		6		279
Woodside Energy Group Ltd.		81		1,807
Woolworths Group Ltd.		52		1,317
				48,273
Austria — 0.3%
Erste Group Bank AG		105		3,471
OMV AG		60		2,734
Verbund AG		22		1,940
voestalpine AG		59		1,991
				10,136
Belgium — 1.7%
Ageas SA		49		2,126
Anheuser-Busch InBev SA		681		45,392
D’ieteren Group		1		138
Elia Group SA		11		1,446
Groupe Bruxelles Lambert NV		30		2,592
KBC Group NV		76		5,239
Sofina SA		5		1,063
Solvay SA		2		241
UCB SA		27		2,455
Umicore SA		6		215
Warehouses De Pauw CVA		5		139
				61,046
Canada — 1.0%
Agnico Eagle Mines Ltd.		10		527
Air Canada (a)		4		52
Algonquin Power & Utilities Corp.		14		118
Alimentation Couche-Tard, Inc.		17		857
AltaGas Ltd.		6		98
ARC Resources Ltd.		13		150

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Bank of Montreal		14			1,267
Bank of Nova Scotia (The)		25			1,261
Barrick Gold Corp.		37			687
BCE, Inc.		2			69
Brookfield Asset Management Ltd., Class A		7			243
Brookfield Corp.		30			970
BRP, Inc.		1			60
CAE, Inc. (a)		7			150
Cameco Corp.		9			238
Canadian Apartment Properties REIT		2			62
Canadian Imperial Bank of Commerce		19			807
Canadian National Railway Co.		12			1,425
Canadian Natural Resources Ltd.		23			1,287
Canadian Pacific Railway Ltd.		20			1,505
Canadian Tire Corp. Ltd., Class A		1			151
Canadian Utilities Ltd., Class A		3			76
CCL Industries, Inc., Class B		3			156
Cenovus Energy, Inc.		30			528
CGI, Inc. (a)		4			428
Constellation Software, Inc.		—	(h)		795
Descartes Systems Group, Inc. (The) (a)		2			143
Dollarama, Inc.		6			343
Element Fleet Management Corp.		8			108
Emera, Inc.		6			231
Empire Co. Ltd., Class A		3			90
Enbridge, Inc.		43			1,622
Fairfax Financial Holdings Ltd.		—	(h)		317
First Quantum Minerals Ltd.		12			284
FirstService Corp.		1			119
Fortis, Inc.		10			429
Franco-Nevada Corp.		4			587
George Weston Ltd.		1			198
GFL Environmental, Inc.		4			132
Gildan Activewear, Inc., Class A		4			126
Great-West Lifeco, Inc.		6			156
Hydro One Ltd. (e)		7			197
iA Financial Corp., Inc.		2			140
IGM Financial, Inc.		2			52
Imperial Oil Ltd.		4			226
Intact Financial Corp.		4			527
Ivanhoe Mines Ltd., Class A (a)		13			116
Keyera Corp.		5			101
Kinross Gold Corp.		26			125
Loblaw Cos. Ltd.		3			311
Lundin Mining Corp.		14			93
Magna International, Inc.		6			306
Manulife Financial Corp.		40			726

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Metro, Inc.		5		272
National Bank of Canada		7		506
Northland Power, Inc.		5		128
Nutrien Ltd.		11		807
Nuvei Corp. (a)		1		59
Onex Corp.		1		70
Open Text Corp.		6		219
Pan American Silver Corp.		8		139
Parkland Corp.		3		70
Pembina Pipeline Corp.		12		375
Power Corp. of Canada		12		296
Quebecor, Inc., Class B		3		80
Restaurant Brands International, Inc.		6		411
RioCan Real Estate Investment Trust		3		48
Ritchie Bros Auctioneers, Inc.		4		214
Rogers Communications, Inc., Class B		7		345
Royal Bank of Canada		29		2,779
Saputo, Inc.		5		137
Shaw Communications, Inc., Class B		10		300
Shopify, Inc., Class A (a)		25		1,199
Sun Life Financial, Inc.		12		576
Suncor Energy, Inc.		28		883
TC Energy Corp.		21		827
Teck Resources Ltd., Class B		10		348
TELUS Corp.		10		196
TFI International, Inc.		2		196
Thomson Reuters Corp.		4		460
TMX Group Ltd.		1		118
Toromont Industries Ltd.		2		143
Toronto-Dominion Bank (The)		38		2,282
Tourmaline Oil Corp.		7		281
West Fraser Timber Co. Ltd.		1		86
Wheaton Precious Metals Corp.		9		457
WSP Global, Inc.		3		343
				37,422
Cayman Islands — 0.0% (g)
Parade Technologies Ltd.		6		208
Chile — 0.1%
Antofagasta plc		199		3,898
China — 0.0% (g)
Silergy Corp.		25		397
Denmark — 3.1%
AP Moller - Maersk A/S, Class A		1		1,522
AP Moller - Maersk A/S, Class B		1		2,541

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Carlsberg A/S, Class B		76		11,843
Chr Hansen Holding A/S		3		230
Coloplast A/S, Class B		3		447
Danske Bank A/S (a)		210		4,228
Demant A/S (a)		3		97
DSV A/S		52		10,074
Genmab A/S (a)		2		705
Novo Nordisk A/S, Class B		360		57,152
Novozymes A/S, Class B		6		301
Orsted AS (e)		62		5,316
Pandora A/S		73		6,985
ROCKWOOL A/S, Class B		3		616
Tryg A/S		110		2,400
Vestas Wind Systems A/S		280		8,155
				112,612
Finland — 0.9%
Elisa OYJ		4		247
Fortum OYJ (a)		147		2,254
Kesko OYJ, Class B		8		168
Kone OYJ, Class B		94		4,923
Metso Outotec OYJ		184		2,009
Neste OYJ		12		600
Nokia OYJ		154		755
Nordea Bank Abp		1,008		10,768
Orion OYJ, Class B		23		1,031
Sampo OYJ, Class A		146		6,899
Stora Enso OYJ, Class R		16		203
UPM-Kymmene OYJ (a)		15		508
Wartsila OYJ Abp		130		1,228
				31,593
France — 17.7%
Accor SA (a)		5		158
Aeroports de Paris (a)		8		1,165
Air Liquide SA		15		2,505
Airbus SE		164		21,904
Alstom SA		89		2,416
Amundi SA (e)		19		1,180
Arkema SA		2		179
AXA SA		573		17,497
BioMerieux		1		126
BNP Paribas SA		339		20,223
Bollore SE		27		169
Bouygues SA		62		2,106
Bureau Veritas SA		82		2,348
Capgemini SE		5		877
Carrefour SA		17		339
Cie de Saint-Gobain		136		7,726

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Cie Generale des Etablissements Michelin SCA		19		589
Covivio SA		1		80
Credit Agricole SA		371		4,182
Danone SA		295		18,363
Dassault Aviation SA		7		1,382
Dassault Systemes SE		19		780
Edenred		7		432
Eiffage SA		23		2,502
Engie SA		603		9,536
EssilorLuxottica SA		8		1,504
Eurazeo SE		13		950
Gecina SA		1		138
Getlink SE		122		2,013
Hermes International		25		51,442
Ipsen SA		8		896
Kering SA		60		39,171
Klepierre SA		6		139
La Francaise des Jeux SAEM (e)		3		126
Legrand SA		74		6,756
L’Oreal SA		7		3,084
LVMH Moet Hennessy Louis Vuitton SE		222		203,767
Orange SA		57		673
Pernod Ricard SA		162		36,632
Publicis Groupe SA		6		503
Remy Cointreau SA		18		3,327
Renault SA (a)		140		5,720
Safran SA		95		14,030
Sanofi		248		26,900
Sartorius Stedim Biotech		1		238
Schneider Electric SE		151		25,155
SEB SA		1		87
Societe Generale SA		246		5,542
Sodexo SA		3		246
Teleperformance		16		3,951
Thales SA		30		4,381
TotalEnergies SE		1,006		59,294
Unibail - Rodamco-Westfield (a)		3		182
Valeo		6		131
Veolia Environnement SA		220		6,774
Vinci SA		149		17,118
Vivendi SE		21		207
Wendel SE		8		864
Worldline SA (a) (e)		7		288
				640,993
Germany — 11.9%
adidas AG		130		23,032
Allianz SE (Registered)		123		28,378

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
BASF SE		26			1,373
Bayer AG (Registered)		214			13,650
Bayerische Motoren Werke AG		242			26,511
Bechtle AG		2			113
Beiersdorf AG		3			375
Brenntag SE		43			3,230
Carl Zeiss Meditec AG		1			161
Commerzbank AG (a)		324			3,414
Continental AG		3			233
Covestro AG (e)		6			228
Daimler Truck Holding AG (a)		126			4,240
Delivery Hero SE (a) (e)		5			176
Deutsche Bank AG (Registered)		630			6,402
Deutsche Boerse AG		58			11,270
Deutsche Lufthansa AG (Registered) (a)		166			1,846
Deutsche Post AG (Registered)		275			12,876
Deutsche Telekom AG (Registered)		93			2,245
E.ON SE		741			9,246
Evonik Industries AG		6			129
Fresenius Medical Care AG & Co. KGaA		6			251
Fresenius SE & Co. KGaA		12			325
GEA Group AG		42			1,922
Hannover Rueck SE		18			3,593
HeidelbergCement AG		4			304
HelloFresh SE (a)		5			112
Henkel AG & Co. KGaA		3			221
Infineon Technologies AG		766			31,467
KION Group AG		—	(h)		—	(h)
Knorr-Bremse AG		20			1,333
LEG Immobilien SE		2			117
Mercedes-Benz Group AG		586			45,070
Merck KGaA		28			5,236
MTU Aero Engines AG		15			3,716
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		43			14,927
Nemetschek SE		48			3,284
Puma SE		85			5,249
Rational AG		1			946
Rheinmetall AG		12			3,563
RWE AG		211			9,069
SAP SE		860			108,544
Scout24 SE (e)		2			137
Siemens AG (Registered)		212			34,379
Siemens Energy AG (a)		144			3,172
Siemens Healthineers AG (e)		8			464
Symrise AG, Class A		4			412
Telefonica Deutschland Holding AG		30			93
United Internet AG (Registered)		3			52

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Volkswagen AG		22		3,692
Vonovia SE		20		385
Zalando SE (a) (e)		6		266
				431,429
Hong Kong — 0.5%
AIA Group Ltd.		505		5,296
BOC Hong Kong Holdings Ltd.		160		497
Budweiser Brewing Co. APAC Ltd. (e)		75		227
CK Asset Holdings Ltd.		85		515
CK Hutchison Holdings Ltd.		115		711
CK Infrastructure Holdings Ltd.		28		150
CLP Holdings Ltd.		71		509
ESR Group Ltd. (e)		88		158
Futu Holdings Ltd., ADR (a)		3		131
Galaxy Entertainment Group Ltd. (a)		93		622
Hang Lung Properties Ltd.		86		161
Hang Seng Bank Ltd.		33		462
Henderson Land Development Co. Ltd.		62		215
HKT Trust & HKT Ltd.		163		216
Hong Kong & China Gas Co. Ltd.		478		421
Hong Kong Exchanges & Clearing Ltd.		50		2,199
Hongkong Land Holdings Ltd.		48		212
Jardine Matheson Holdings Ltd.		7		331
Link REIT		108		695
MTR Corp. Ltd.		67		323
New World Development Co. Ltd.		65		174
Power Assets Holdings Ltd.		60		319
Sino Land Co. Ltd.		152		206
SITC International Holdings Co. Ltd.		57		122
Sun Hung Kai Properties Ltd.		62		869
Swire Pacific Ltd., Class A		21		158
Swire Properties Ltd.		51		131
Techtronic Industries Co. Ltd.		59		634
WH Group Ltd. (e)		361		215
Wharf Real Estate Investment Co. Ltd.		72		415
Xinyi Glass Holdings Ltd.		79		141
				17,435
Ireland — 0.8%
AerCap Holdings NV (a)		46		2,601
AIB Group plc		326		1,320
Bank of Ireland Group plc		326		3,294
CRH plc		21		1,084
DCC plc		28		1,605
Experian plc		256		8,419
Flutter Entertainment plc (a)		5		876
James Hardie Industries plc, CDI		19		410
Kerry Group plc, Class A		73		7,294
Kingspan Group plc		43		2,950
Smurfit Kappa Group plc		7		264
				30,117

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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 — 3.3%
Amplifon SpA		4		124
Assicurazioni Generali SpA		338		6,739
Bio On Spa (a) (bb) (cc)		1		—
Davide Campari-Milano NV		410		4,999
DiaSorin SpA		1		77
Enel SpA		2,682		16,360
Eni SpA		1,011		14,096
Ferrari NV		92		24,947
FinecoBank Banca Fineco SpA		186		2,848
Infrastrutture Wireless Italiane SpA (e)		10		126
Intesa Sanpaolo SpA		4,920		12,627
Mediobanca Banca di Credito Finanziario SpA		180		1,807
Moncler SpA		165		11,365
Nexi SpA (a) (e)		17		135
Poste Italiane SpA (e)		159		1,624
Prysmian SpA		71		2,968
Recordati Industria Chimica e Farmaceutica SpA		23		965
Snam SpA		681		3,612
Telecom Italia SpA (a)		299		98
Terna - Rete Elettrica Nazionale		472		3,873
UniCredit SpA		585		11,031
				120,421
Japan — 6.0%
Advantest Corp.		7		640
Aeon Co. Ltd.		25		485
AGC, Inc.		7		276
Aisin Corp.		6		152
Ajinomoto Co., Inc.		17		598
ANA Holdings, Inc. (a)		6		135
Asahi Group Holdings Ltd.		17		648
Asahi Intecc Co. Ltd.		8		148
Asahi Kasei Corp.		47		331
Astellas Pharma, Inc.		70		989
Azbil Corp.		5		123
Bandai Namco Holdings, Inc.		23		492
BayCurrent Consulting, Inc.		5		208
Bridgestone Corp.		22		882
Brother Industries Ltd.		9		133
Canon, Inc.		38		844
Capcom Co. Ltd.		221		7,895
Central Japan Railway Co.		6		656
Chiba Bank Ltd. (The)		21		132
Chubu Electric Power Co., Inc.		24		257

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Chugai Pharmaceutical Co. Ltd.		26			632
COLOPL, Inc.		73			329
Concordia Financial Group Ltd.		42			153
CyberAgent, Inc.		17			142
Dai Nippon Printing Co. Ltd.		9			238
Daifuku Co. Ltd.		12			217
Dai-ichi Life Holdings, Inc.		37			686
Daiichi Sankyo Co. Ltd.		67			2,433
Daikin Industries Ltd.		10			1,704
Daito Trust Construction Co. Ltd.		2			239
Daiwa House Industry Co. Ltd.		23			532
Daiwa House REIT Investment Corp., Class A		—	(h)		172
Daiwa Securities Group, Inc.		51			238
DeNA Co. Ltd.		105			1,429
Denso Corp.		17			931
Dentsu Group, Inc.		8			271
Disco Corp.		3			384
East Japan Railway Co.		12			642
Eisai Co. Ltd.		10			551
ENEOS Holdings, Inc.		116			405
FANUC Corp.		37			1,318
Fast Retailing Co. Ltd.		7			1,467
Fuji Electric Co. Ltd.		5			190
FUJIFILM Holdings Corp.		14			701
Fujitsu Ltd.		8			1,013
GLP J-Reit		—	(h)		177
GMO Payment Gateway, Inc.		2			139
GungHo Online Entertainment, Inc.		56			1,031
Hakuhodo DY Holdings, Inc.		9			99
Hamamatsu Photonics KK		5			291
Hankyu Hanshin Holdings, Inc.		9			258
Hikari Tsushin, Inc.		1			112
Hirose Electric Co. Ltd.		1			157
Hitachi Construction Machinery Co. Ltd.		4			93
Hitachi Ltd.		37			2,028
Honda Motor Co. Ltd.		62			1,640
Hoshizaki Corp.		4			155
Hoya Corp.		14			1,503
Hulic Co. Ltd.		15			123
Ibiden Co. Ltd.		4			168
Idemitsu Kosan Co. Ltd.		8			171
Iida Group Holdings Co. Ltd.		5			88
Inpex Corp.		40			420
Isuzu Motors Ltd.		22			264
ITOCHU Corp.		45			1,475
Itochu Techno-Solutions Corp.		4			89
Japan Airlines Co. Ltd.		5			105

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Japan Exchange Group, Inc.		19			292
Japan Metropolitan Fund Invest		—	(h)		194
Japan Post Bank Co. Ltd.		56			456
Japan Post Holdings Co. Ltd.		91			735
Japan Post Insurance Co. Ltd.		7			115
Japan Real Estate Investment Corp.		—	(h)		191
Japan Tobacco, Inc.		46			961
JFE Holdings, Inc.		19			239
JSR Corp.		7			161
Kajima Corp.		16			196
Kansai Electric Power Co., Inc. (The)		27			259
KAO Corp.		18			689
KDDI Corp.		61			1,893
Keio Corp.		4			133
Keisei Electric Railway Co. Ltd.		5			154
Keyence Corp.		7			3,627
Kikkoman Corp.		6			286
Kintetsu Group Holdings Co. Ltd.		7			209
Kirin Holdings Co. Ltd.		31			490
Kobayashi Pharmaceutical Co. Ltd.		2			122
Kobe Bussan Co. Ltd.		6			156
Koei Tecmo Holdings Co. Ltd.		150			2,704
Koito Manufacturing Co. Ltd.		8			148
Komatsu Ltd.		35			874
Konami Group Corp.		119			5,448
Kose Corp.		1			155
Kubota Corp.		39			590
Kurita Water Industries Ltd.		4			183
Kyocera Corp.		12			631
Kyowa Kirin Co. Ltd.		10			223
Lasertec Corp.		3			515
Lixil Corp.		11			177
M3, Inc.		17			418
Makita Corp.		9			214
Marubeni Corp.		59			801
MatsukiyoCocokara & Co.		4			233
Mazda Motor Corp.		22			202
McDonald’s Holdings Co. Japan Ltd.		3			133
MEIJI Holdings Co. Ltd.		9			205
MINEBEA MITSUMI, Inc.		14			265
MISUMI Group, Inc.		11			271
Mitsubishi Chemical Group Corp.		49			289
Mitsubishi Corp.		48			1,714
Mitsubishi Electric Corp.		74			878
Mitsubishi Estate Co. Ltd.		43			509
Mitsubishi HC Capital, Inc.		25			127
Mitsubishi Heavy Industries Ltd.		12			446

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Mitsubishi UFJ Financial Group, Inc.		455			2,915
Mitsui & Co. Ltd.		55			1,702
Mitsui Chemicals, Inc.		7			183
Mitsui Fudosan Co. Ltd.		35			648
Mitsui OSK Lines Ltd.		13			329
MIXI, Inc.		48			972
Mizuho Financial Group, Inc.		92			1,301
MonotaRO Co. Ltd.		9			117
MS&AD Insurance Group Holdings, Inc.		16			505
Murata Manufacturing Co. Ltd.		22			1,329
NEC Corp.		9			359
Nexon Co. Ltd.		607			14,490
NGK Insulators Ltd.		9			118
Nidec Corp.		17			885
Nihon M&A Center Holdings, Inc.		11			84
Nintendo Co. Ltd.		1,406			54,607
Nippon Building Fund, Inc.		—	(h)		246
Nippon Express Holdings, Inc.		3			181
Nippon Paint Holdings Co. Ltd.		32			296
Nippon Prologis REIT, Inc.		—	(h)		174
Nippon Sanso Holdings Corp.		6			116
Nippon Shinyaku Co. Ltd.		2			88
Nippon Steel Corp.		31			724
Nippon Telegraph & Telephone Corp.		46			1,363
Nippon Yusen KK		19			432
Nissan Chemical Corp.		5			218
Nissan Motor Co. Ltd.		88			332
Nisshin Seifun Group, Inc.		7			85
Nissin Foods Holdings Co. Ltd.		2			219
Nitori Holdings Co. Ltd.		3			374
Nitto Denko Corp.		6			356
Nomura Holdings, Inc.		111			428
Nomura Real Estate Holdings, Inc.		4			97
Nomura Real Estate Master Fund, Inc.		—	(h)		182
Nomura Research Institute Ltd.		15			351
NTT Data Corp.		24			314
Obayashi Corp.		25			191
Obic Co. Ltd.		3			428
Odakyu Electric Railway Co. Ltd.		11			143
Oji Holdings Corp.		30			119
Olympus Corp.		46			815
Omron Corp.		7			416
Ono Pharmaceutical Co. Ltd.		14			285
Open House Group Co. Ltd.		3			113
Oracle Corp. Japan		2			108
Oriental Land Co. Ltd.		38			1,301
ORIX Corp.		46			750

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Osaka Gas Co. Ltd.		14		235
Otsuka Corp.		4		156
Otsuka Holdings Co. Ltd.		15		467
Pan Pacific International Holdings Corp.		14		279
Panasonic Holdings Corp.		84		751
Persol Holdings Co. Ltd.		7		133
Rakuten Group, Inc.		34		157
Recruit Holdings Co. Ltd.		55		1,510
Renesas Electronics Corp. (a)		45		646
Resona Holdings, Inc.		82		398
Ricoh Co. Ltd.		22		166
Rohm Co. Ltd.		3		275
SBI Holdings, Inc.		9		181
SCSK Corp.		6		83
Secom Co. Ltd.		8		493
Seiko Epson Corp.		11		153
Sekisui Chemical Co. Ltd.		14		202
Sekisui House Ltd.		23		473
Seven & i Holdings Co. Ltd.		29		1,297
SG Holdings Co. Ltd.		11		159
Sharp Corp.		8		59
Shimadzu Corp.		9		286
Shimano, Inc.		3		485
Shimizu Corp.		20		116
Shin-Etsu Chemical Co. Ltd.		71		2,289
Shionogi & Co. Ltd.		10		451
Shiseido Co. Ltd.		15		713
Shizuoka Financial Group, Inc.		17		118
SMC Corp.		2		1,166
SoftBank Corp.		109		1,262
SoftBank Group Corp.		46		1,804
Sompo Holdings, Inc.		12		468
Sony Group Corp.		48		4,372
Square Enix Holdings Co. Ltd.		109		5,248
Subaru Corp.		23		370
SUMCO Corp.		13		196
Sumitomo Chemical Co. Ltd.		57		192
Sumitomo Corp.		43		760
Sumitomo Electric Industries Ltd.		27		348
Sumitomo Metal Mining Co. Ltd.		9		356
Sumitomo Mitsui Financial Group, Inc.		50		1,989
Sumitomo Mitsui Trust Holdings, Inc.		13		443
Sumitomo Realty & Development Co. Ltd.		12		266
Suntory Beverage & Food Ltd.		5		194
Suzuki Motor Corp.		14		506
Sysmex Corp.		6		420
T&D Holdings, Inc.		20		249

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Taisei Corp.		7		210
Takeda Pharmaceutical Co. Ltd.		57		1,879
TDK Corp.		15		531
Terumo Corp.		25		665
TIS, Inc.		9		227
Tobu Railway Co. Ltd.		7		175
Toho Co. Ltd.		4		165
Tokio Marine Holdings, Inc.		70		1,345
Tokyo Electric Power Co. Holdings, Inc. (a)		58		209
Tokyo Electron Ltd.		17		2,089
Tokyo Gas Co. Ltd.		15		280
Tokyu Corp.		20		268
TOPPAN INC		10		204
Toray Industries, Inc.		53		300
Toshiba Corp.		15		494
Tosoh Corp.		10		137
TOTO Ltd.		5		178
Toyota Industries Corp.		6		306
Toyota Motor Corp.		404		5,745
Toyota Tsusho Corp.		8		341
Trend Micro, Inc.		5		245
Unicharm Corp.		15		633
USS Co. Ltd.		8		132
Welcia Holdings Co. Ltd.		4		75
West Japan Railway Co.		8		342
Yakult Honsha Co. Ltd.		5		356
Yamaha Corp.		5		209
Yamaha Motor Co. Ltd.		11		296
Yamato Holdings Co. Ltd.		11		187
Yaskawa Electric Corp.		9		399
Yokogawa Electric Corp.		9		143
Z Holdings Corp.		101		287
ZOZO, Inc.		5		105
				217,824
Jordan — 0.0% (g)
Hikma Pharmaceuticals plc		36		745
Luxembourg — 0.3%
ArcelorMittal SA		266		8,049
Aroundtown SA		30		42
Eurofins Scientific SE		4		257
Tenaris SA		14		194
				8,542
Macau — 0.0% (g)
Sands China Ltd. (a)		104		360

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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 — 7.7%
ABN AMRO Bank NV, CVA, GDR (e)		123		1,951
Adyen NV (a) (e)		1		980
Aegon NV		546		2,345
Akzo Nobel NV		5		406
Argenx SE (a)		2		575
ASM International NV		28		11,165
ASML Holding NV		237		161,226
Euronext NV (e)		26		2,009
EXOR NV (a)		33		2,725
Heineken Holding NV		90		8,288
Heineken NV		203		21,840
IMCD NV		16		2,591
ING Groep NV		1,137		13,499
JDE Peet’s NV		46		1,339
Just Eat Takeaway.com NV (a) (e)		5		99
Koninklijke Ahold Delhaize NV		30		1,019
Koninklijke DSM NV		5		592
Koninklijke KPN NV		95		337
Koninklijke Philips NV		25		467
NN Group NV		85		3,089
OCI NV		3		102
Prosus NV (a)		23		1,792
QIAGEN NV (a)		6		296
Randstad NV		33		1,974
Stellantis NV		1,643		29,883
Universal Music Group NV		21		521
Wolters Kluwer NV		71		9,017
				280,127
New Zealand — 0.0% (g)
Auckland International Airport Ltd. (a)		53		290
Fisher & Paykel Healthcare Corp. Ltd.		25		413
Mercury NZ Ltd.		30		119
Meridian Energy Ltd.		55		180
Spark New Zealand Ltd.		80		254
Xero Ltd. (a)		6		352
				1,608
Norway — 0.9%
Adevinta ASA, Class B (a)		9		65
Aker BP ASA		9		223
DNB Bank ASA		284		5,075
Equinor ASA		385		10,945
Gjensidige Forsikring ASA		62		1,007
Kongsberg Gruppen ASA		24		987
Mowi ASA		190		3,516
Norsk Hydro ASA		679		5,064
Orkla ASA		345		2,446
Salmar ASA		30		1,308
Telenor ASA		20		236
Yara International ASA		5		204
				31,076

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Portugal — 0.2%
EDP—Energias de Portugal SA		960		5,230
Galp Energia SGPS SA		203		2,298
Jeronimo Martins SGPS SA		8		190
				7,718
Singapore — 0.3%
CapitaLand Ascendas REIT		143		307
CapitaLand Integrated Commercial Trust		228		340
Capitaland Investment Ltd.		112		310
City Developments Ltd.		17		94
DBS Group Holdings Ltd.		77		1,917
Genting Singapore Ltd.		257		217
Grab Holdings Ltd., Class A (a)		57		170
Jardine Cycle & Carriage Ltd.		4		96
Keppel Corp. Ltd.		62		264
Mapletree Logistics Trust		139		180
Mapletree Pan Asia Commercial Trust		101		137
Oversea-Chinese Banking Corp. Ltd.		144		1,345
Sea Ltd., ADR (a)		15		1,335
Sembcorp Marine Ltd. (a)		1,997		179
Singapore Airlines Ltd.		57		248
Singapore Exchange Ltd.		35		249
Singapore Technologies Engineering Ltd.		66		182
Singapore Telecommunications Ltd.		352		653
United Overseas Bank Ltd.		50		1,126
UOL Group Ltd.		21		108
Venture Corp. Ltd.		13		166
Wilmar International Ltd.		82		259
				9,882
South Korea — 0.8%
Samsung Electronics Co. Ltd.		555		27,465
Samsung Electronics Co. Ltd. (Registered), GDR		2		2,436
				29,901
Spain — 2.6%
Acciona SA		8		1,704
ACS Actividades de Construccion y Servicios SA		60		1,927
Aena SME SA (a) (e)		21		3,379
Amadeus IT Group SA (a)		13		864
Banco Bilbao Vizcaya Argentaria SA		1,840		13,152
Banco Santander SA		5,123		19,090
CaixaBank SA		1,351		5,272
Cellnex Telecom SA (e)		16		628
Corp. ACCIONA Energias Renovables SA		24		922
EDP Renovaveis SA		85		1,950

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Spain — continued
Enagas SA		62		1,184
Endesa SA		109		2,357
Ferrovial SA		135		3,973
Grifols SA (a)		9		85
Iberdrola SA		2,029		25,279
Industria de Diseno Textil SA		31		1,050
Naturgy Energy Group SA		51		1,531
Red Electrica Corp. SA		104		1,826
Repsol SA		557		8,560
Telefonica SA		150		646
				95,379
Sweden — 2.9%
Alfa Laval AB		80		2,872
Assa Abloy AB, Class B		278		6,647
Atlas Copco AB, Class A		745		9,439
Atlas Copco AB, Class B		434		4,994
Boliden AB		138		5,421
Electrolux AB, Class B		6		78
Embracer Group AB, Class B (a)		20		92
Epiroc AB, Class A		183		3,640
Epiroc AB, Class B		108		1,836
EQT AB		108		2,216
Essity AB, Class B		17		494
Evolution AB (e)		5		695
Fastighets AB Balder, Class B (a)		18		74
Getinge AB, Class B		7		159
H & M Hennes & Mauritz AB, Class B		21		298
Hexagon AB, Class B		55		637
Holmen AB, Class B		3		102
Husqvarna AB, Class B		117		1,018
Industrivarden AB, Class A		40		1,080
Industrivarden AB, Class C		48		1,282
Indutrade AB		76		1,614
Investment AB Latour, Class B		41		831
Investor AB, Class A		152		3,102
Investor AB, Class B		555		11,063
Kinnevik AB, Class B (a)		73		1,089
L E Lundbergforetagen AB, Class B		23		1,056
Lifco AB, Class B		65		1,401
Nibe Industrier AB, Class B		421		4,797
Sagax AB, Class B		5		124
Sandvik AB		295		6,266
Securitas AB, Class B		135		1,203
Skandinaviska Enskilda Banken AB, Class A (a)		492		5,435
Skanska AB, Class B		95		1,449
SKF AB, Class B		106		2,098
Svenska Cellulosa AB SCA, Class B		17		227

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Svenska Handelsbanken AB, Class A		445			3,851
Swedbank AB, Class A		276			4,538
Swedish Orphan Biovitrum AB (a)		5			112
Tele2 AB, Class B		16			164
Telefonaktiebolaget LM Ericsson, Class B		83			486
Telia Co. AB		76			193
Volvo AB, Class A		55			1,185
Volvo AB, Class B		419			8,631
Volvo Car AB, Class B (a)		436			1,907
					105,896
Switzerland — 16.4%
ABB Ltd. (Registered)		436			14,994
Adecco Group AG (Registered)		45			1,623
Alcon, Inc.		14			1,009
Bachem Holding AG, Class B		1			99
Baloise Holding AG (Registered)		14			2,173
Banque Cantonale Vaudoise (Registered)		9			875
Barry Callebaut AG (Registered)		2			5,246
BKW AG		7			1,086
Chocoladefabriken Lindt & Spruengli AG		1			8,527
Chocoladefabriken Lindt & Spruengli AG (Registered)		—	(h)		8,883
Cie Financiere Richemont SA (Registered), Class A		419			67,113
Clariant AG (Registered) (a)		6			103
Coca-Cola HBC AG		158			4,324
Credit Suisse Group AG (Registered)		1,075			966
EMS-Chemie Holding AG (Registered)		—	(h)		167
Geberit AG (Registered)		10			5,552
Givaudan SA (Registered)		—	(h)		859
Glencore plc		5,198			29,910
Holcim AG (a)		16			1,016
Julius Baer Group Ltd.		65			4,446
Kuehne + Nagel International AG (Registered)		15			4,494
Logitech International SA (Registered)		5			287
Lonza Group AG (Registered)		2			1,276
Nestle SA (Registered)		1,909			232,770
Novartis AG (Registered)		470			43,178
Partners Group Holding AG		7			6,514
Roche Holding AG		158			45,373
Schindler Holding AG		11			2,507
Schindler Holding AG (Registered)		6			1,368
SGS SA (Registered)		2			3,904
SIG Group AG (a)		9			224
Sika AG (Registered)		4			1,164
Sonova Holding AG (Registered)		2			453
STMicroelectronics NV		401			21,366
Straumann Holding AG (Registered)		3			476
Swatch Group AG (The)		23			8,002

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Swatch Group AG (The) (Registered)		42		2,671
Swiss Life Holding AG (Registered)		9		5,796
Swiss Prime Site AG (Registered)		2		184
Swiss Re AG		92		9,442
Swisscom AG (Registered)		1		470
Temenos AG (Registered)		2		126
UBS Group AG (Registered)		1,021		21,599
VAT Group AG (e)		7		2,709
Zurich Insurance Group AG		46		21,966
				597,290
Taiwan — 1.1%
ASE Technology Holding Co. Ltd.		247		917
eMemory Technology, Inc.		5		308
Globalwafers Co. Ltd.		16		274
MediaTek, Inc.		115		2,981
Nanya Technology Corp.		93		204
Novatek Microelectronics Corp.		44		625
Powerchip Semiconductor Manufacturing Corp.		219		239
Realtek Semiconductor Corp.		35		447
Taiwan Semiconductor Manufacturing Co. Ltd.		1,865		32,683
United Microelectronics Corp. (a)		895		1,566
Vanguard International Semiconductor Corp.		67		214
Win Semiconductors Corp.		25		151
Winbond Electronics Corp.		223		195
				40,804
United Arab Emirates — 0.0%
NMC Health plc (a) (bb) (cc)		16		—
United Kingdom — 15.4%
3i Group plc		296		6,179
abrdn plc		621		1,564
Admiral Group plc		55		1,383
Anglo American plc		641		21,322
Ashtead Group plc		122		7,478
Associated British Foods plc		163		3,923
AstraZeneca plc		337		46,668
Auto Trader Group plc (e)		27		205
Aviva plc		854		4,266
BAE Systems plc		858		10,374
Barclays plc		4,837		8,705
Barratt Developments plc		29		166
Berkeley Group Holdings plc		3		171
BP plc		7,334		46,354
British American Tobacco plc		61		2,130
British Land Co. plc (The)		25		122
BT Group plc		198		356
Bunzl plc		93		3,522

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Burberry Group plc		309		9,886
CNH Industrial NV		283		4,331
Coca-Cola Europacific Partners plc		161		9,542
Compass Group plc		50		1,259
Croda International plc		4		319
Diageo plc		1,782		79,545
Entain plc		17		259
GSK plc		884		15,617
Haleon plc		144		573
Halma plc		11		299
Hargreaves Lansdown plc		109		1,082
HSBC Holdings plc		6,087		41,368
Imperial Brands plc		26		589
Informa plc		41		350
InterContinental Hotels Group plc		5		328
Intertek Group plc		45		2,246
J Sainsbury plc		50		171
JD Sports Fashion plc		73		160
Johnson Matthey plc		5		127
Kingfisher plc		56		181
Land Securities Group plc		20		155
Legal & General Group plc		1,821		5,385
Lloyds Banking Group plc		20,525		12,067
London Stock Exchange Group plc		115		11,188
M&G plc		676		1,657
Melrose Industries plc		1,125		2,318
Mondi plc		14		219
National Grid plc		105		1,417
NatWest Group plc		1,619		5,283
Next plc		4		298
Ocado Group plc (a)		16		108
Pearson plc		19		195
Persimmon plc		9		142
Phoenix Group Holdings plc		229		1,547
Prudential plc		838		11,469
Reckitt Benckiser Group plc		20		1,549
RELX plc		531		17,208
Rentokil Initial plc		697		5,092
Rio Tinto plc		568		38,526
Rolls-Royce Holdings plc (a)		2,323		4,279
Sage Group plc (The)		29		277
Schroders plc		270		1,541
Segro plc		35		330
Severn Trent plc		7		265
Shell plc		2,852		81,286
Smith & Nephew plc		25		344
Smiths Group plc		98		2,088

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
Spirax-Sarco Engineering plc			20		3,002
SSE plc			31		699
St James’s Place plc			166		2,486
Standard Chartered plc			750		5,687
Taylor Wimpey plc			99		146
Tesco plc			212		696
Unilever plc			72		3,749
United Utilities Group plc			20		262
Vodafone Group plc			750		827
Whitbread plc			6		212
WPP plc			31		368
					557,487
United States — 0.0% (g)
Brookfield Renewable Corp., Class A			3		95
Total Common Stocks (Cost $3,000,091)					3,530,714
Preferred Stocks — 1.2%
Germany — 1.1%
Bayerische Motoren Werke AG			43		4,443
Dr Ing hc F Porsche AG (a)			83		10,673
Henkel AG & Co. KGaA			5		407
Porsche Automobil Holding SE			112		6,422
Sartorius AG			1		292
Volkswagen AG			136		18,505
					40,742
South Korea — 0.1%
Samsung Electronics Co. Ltd.			96		3,986
Total Preferred Stocks (Cost $44,171)					44,728
	PRINCIPAL AMOUNT ($)
Short-Term Investments — 1.2%
Time Deposits — 1.2%
Australia & New Zealand Banking Group Ltd.,
2.20%, 04/03/2023		AUD	810		541
4.18%, 04/03/2023			866		866
Barclays SA, 4.18%, 04/03/2023			2,344		2,344
BNP Paribas SA, 3.32%, 04/03/2023		CAD	709		525
Brown Brothers Harriman,
0.00%, 04/03/2023		CHF	2,796		3,056
0.92%, 04/03/2023		HKD	1,744		222
1.40%, 04/03/2023		DKK	12,893		1,877
1.58%, 04/03/2023		NOK	5,714		546
1.74%, 04/03/2023		SEK	5,080		489
2.21%, 04/03/2023		SGD	194		146

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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
3.15%, 04/03/2023		GBP	1,394		1,719
3.40%, 04/03/2023		NZD	25		15
Citibank NA,
1.91%, 04/03/2023		EUR	8,292		8,992
4.18%, 04/03/2023			10,252		10,252
Royal Bank of Canada, 4.18%, 04/03/2023			199		199
Skandinaviska Enskilda Banken, 3.15%, 04/03/2023		GBP	2,184		2,694
Sumitomo Mitsui Banking Corp.,
(0.53%), 04/03/2023		JPY	93,093		701
4.18%, 04/03/2023			4,151		4,151
Sumitomo Mitsui Trust Bank Ltd., 4.18%, 04/03/2023			2,438		2,438
Total Short-Term Investments (Cost $41,773)					41,773
Total Investments — 99.6% (Cost - $3,086,035) *					3,617,215
Other Assets in Excess of Liabilities — 0.4%					14,878
NET ASSETS — 100.0%				$	3,632,093

Percentages indicated are based on net assets.

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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, 2023:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Amsterdam Index		10		04/2023		EUR		1,582		59
ASX SPI 200 Index		6		06/2023		AUD		709		12
Euro STOXX 50 Index		382		06/2023		EUR		17,017		635
FTSE 100 Index		159		06/2023		GBP		14,802		181
MSCI Emerging Markets Index		15		06/2023		USD		728		18
S&P Toronto Stock Exchange 60 Index		1		06/2023		CAD		175		4
SGX MSCI Singapore Index		16		04/2023		SGD		361		7
SGX FTSE Taiwan Index		6		04/2023		USD		333		(–	) (h)
TOPIX Index		21		06/2023		JPY		3,149		19
Total unrealized appreciation (depreciation)										935

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, March 31, 2023

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

INDUSTRY	PERCENTAGE
Apparel		9.2	%
Semiconductors		8.4	%
Food		8.4	%
Banks		8.3	%
Pharmaceuticals		7.4	%
Oil & Gas		6.5	%
Beverages		6.3	%
Auto Manufacturers		5.6	%
Insurance		4.6	%
Software		4.3	%
Mining		3.1	%
Retail		2.9	%
Electric		2.8	%
Aerospace/Defense		1.8	%
Commercial Services		1.6	%
Toys/Games/Hobbies		1.5	%
Electrical Components & Equipment		1.4	%
Miscellaneous Manufacturers		1.3	%
Diversified Financial Services		1.2	%
Transportation		1.2	%
Machinery - Diversified		1.1	%
Engineering & Construction		1.1	%
Others (Each less than 1.0%)		8.8	%
Short-Term Investments		1.2	%

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023

ADR	—	American Depositary Receipt
CDI	—	CHESS Depository Interests
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.
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
USD	—	United States Dollar

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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 designated J.P. Morgan Private Investments Inc. (the “Adviser”) as the Valuation Designee, and the Adviser uses the Six Circles Funds Valuation Committee (“VC”), comprised of officers of the Funds and other personnel of the Adviser, to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments with respect to Rule 2a-5 under the 1940 Act. 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, 2023 (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	$	53,094	$	—	$	—	$	53,094
Communications		1,066,488		—		—		1,066,488
Consumer Cyclical		350,755		—		—		350,755
Consumer Non-cyclical		1,534,357		—		—		1,534,357
Energy		336,513		—		—		336,513
Financial		852,641		—		—		852,641
Industrial		516,011		—		—		516,011
Technology		1,874,307		—		—		1,874,307
Utilities		184,169		—		—		184,169
Total Common Stocks		6,768,335		—		—		6,768,335
Short-Term Investments
Time Deposits		—		84,673		—		84,673
Total Investments in Securities	$	6,768,335	$	84,673	$	—	$	6,853,008
Appreciation in Other Financial Instruments
Futures contracts	$	2,228	$	—	$	—	$	2,228

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (Unaudited) (continued)

Six Circles Managed Equity Portfolio International Unconstrained Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	48,273	$	—	$	48,273
Austria		—			10,136		—		10,136
Belgium		—			61,046		—		61,046
Canada		37,422			—		—		37,422
Cayman Islands		—			208		—		208
Chile		—			3,898		—		3,898
China		—			397		—		397
Denmark		—			112,612		—		112,612
Finland		—			31,593		—		31,593
France		—			640,993		—		640,993
Germany		—			431,429		—		431,429
Hong Kong		131			17,304		—		17,435
Ireland		2,601			27,516		—		30,117
Italy		—			120,421		—		120,421
Japan		133			217,691		—		217,824
Jordan		—			745		—		745
Luxembourg		—			8,542		—		8,542
Macau		—			360		—		360
Netherlands		1,339			278,788		—		280,127
New Zealand		—			1,608		—		1,608
Norway		—			31,076		—		31,076
Portugal		—			7,718		—		7,718
Singapore		1,505			8,377		—		9,882
South Korea		—			29,901		—		29,901
Spain		—			95,379		—		95,379
Sweden		92			105,804		—		105,896
Switzerland		—			597,290		—		597,290
Taiwan		—			40,804		—		40,804
United Arab Emirates		—			—		—		—
United Kingdom		9,542			547,945		—		557,487
United States		95			—		—		95
Total Common Stocks		52,860			3,477,854		—		3,530,714
Preferred Stocks
Germany		—			40,742		—		40,742
South Korea		—			3,986		—		3,986
Total Preferred Stocks		—			44,728		—		44,728
Short-Term Investments
Time Deposits		—			41,773		—		41,773
Total Investments in Securities	$	52,860		$	3,564,355	$	—	$	3,617,215
Appreciation in Other Financial Instruments
Futures contracts	$	935		$	—	$	—	$	935
Depreciation in Other Financial Instruments
Futures contracts	$	(—	)(a)	$	—	$	—	$	(—	)(a)

(a) Amount rounds to less than $500.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (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.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (Unaudited) (continued)

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 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.