NPORT-EX 2 d429072d8k.htm SOI HTML

Six Circles Ultra Short Duration 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

    PRINCIPAL
    AMOUNT ($)    		         VALUE ($)      

Asset-Backed Securities — 18.9%

     
American Express Credit Account Master Trust, Series 2022-2, Class A, 3.39%, 05/15/2027      1,200       1,171  
Americredit Automobile Receivables Trust, Series 2023-1, Class A2B, (United States 30 Day Average SOFR + 0.73%), 5.29%, 10/19/2026 (aa)      1,400       1,397  
Anchorage Capital CLO Ltd., (Cayman Islands),     
Series 2014-3RA, Class A, (ICE LIBOR USD 3 Month + 1.05%), 5.85%, 01/28/2031 (e) (aa)      1,224       1,208  
Series 2015-7A, Class AR2, (ICE LIBOR USD 3 Month + 1.09%), 5.89%, 01/28/2031 (e) (aa)      1,575       1,549  
Atlas Senior Loan Fund III Ltd., (Cayman Islands), Series 2013-1A, Class AR, (ICE LIBOR USD 3 Month + 0.83%), 5.71%, 11/17/2027 (e) (aa)      146       145  
Autoflorence Srl, (Italy),     
Series 2, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.70%), 3.60%, 12/24/2044 (aa)    EUR 653       706  
Series 2, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.75%), 3.65%, 12/24/2044 (aa)    EUR 135       142  
Autonoria Spain 2022 FT, (Spain),     
Series 2022-SP, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.84%), 3.74%, 01/25/2040 (aa)    EUR 800       868  
Series 2022-SP, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 2.00%), 4.90%, 01/26/2040 (aa)    EUR 100       108  
BA Credit Card Trust,     
Series 2021-A1, Class A1, 0.44%, 09/15/2026      2,180       2,080  
Series 2022-A2, Class A2, 5.00%, 04/15/2028      1,485       1,502  
Barings CLO Ltd., (Cayman Islands), Series 2019-3A, Class A1R, (ICE LIBOR USD 3 Month + 1.07%), 5.88%, 04/20/2031 (e) (aa)      250       247  
Battalion CLO Ltd., (Cayman Islands), Series 2020-18A, Class AR, (ICE LIBOR USD 3 Month + 1.20%), 5.99%, 10/15/2036 (e) (aa)      1,000       974  
Bavarian Sky 5 plc, (United Kingdom), Series UK5, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.62%), 4.80%, 04/20/2031 (w) (aa)    GBP 1,215       1,499  
Benefit Street Partners CLO Ltd., (Cayman Islands), Series 2015-6BR, Class A, (ICE LIBOR USD 3 Month + 1.19%), 6.00%, 07/20/2034 (e) (aa)      1,000       977  
Benefit Street Partners CLO VIII Ltd., (Cayman Islands), Series 2015-8A, Class A1AR, (ICE LIBOR USD 3 Month + 1.10%), 5.91%, 01/20/2031 (e) (aa)      1,000       985  
BHG Securitization Trust, Series 2022-B, Class A, 3.75%, 06/18/2035 (e)      83       82  
Birch Grove CLO Ltd., (Cayman Islands), Series 19A, Class AR, (ICE LIBOR USD 3 Month + 1.13%), 6.00%, 06/15/2031 (e) (aa)      2,000       1,959  
BMW Canada Auto Trust, (Canada), Series 2022-1A, Class A1, 3.65%, 12/20/2024 (e)    CAD 473       348  
BMW Vehicle Lease Trust, Series 2023-1, Class A2, 5.27%, 02/25/2025      500       500  

Six Circles Ultra Short Duration 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 ($)    		         VALUE ($)      

Asset-Backed Securities — continued

     
BSPRT Issuer Ltd., (Cayman Islands), Series 2021-FL7, Class A, (ICE LIBOR USD 1 Month + 1.32%), 6.00%, 12/15/2038 (e) (aa)      360       351  
Bumper De SA, (Luxembourg), Series 2023-DE1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.58%), 3.40%, 08/23/2032 (aa)    EUR 600       651  
Burnham Park CLO Ltd., (Cayman Islands), Series 2016-1A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 5.96%, 10/20/2029 (e) (aa)      394       390  
Capital One Multi-Asset Execution Trust,     
Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.58%), 5.26%, 07/15/2027 (aa)      900       900  
Series 2022-A2, Class A, 3.49%, 05/15/2027      500       488  
CarMax Auto Owner Trust,     
Series 2021-2, Class A3, 0.52%, 02/17/2026      858       828  
Series 2022-2, Class A2B, (United States 30 Day Average SOFR + 0.60%), 5.16%, 05/15/2025 (aa)      574       575  
Series 2022-4, Class A2A, 5.34%, 12/15/2025      700       699  
Series 2022-4, Class A2B, (United States 30 Day Average SOFR + 0.90%), 5.46%, 12/15/2025 (aa)      1,000       1,001  
Chesapeake Funding II LLC, Series 2020-1A, Class A2, (ICE LIBOR USD 1 Month + 0.65%), 5.33%, 08/15/2032 (e) (aa)      338       338  
CIFC Funding Ltd., (Cayman Islands), Series 2014-5A, Class A1R2, (ICE LIBOR USD 3 Month + 1.20%), 5.99%, 10/17/2031 (e) (aa)      1,000       989  
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, (ICE LIBOR USD 1 Month + 1.35%), 6.20%, 10/25/2037 (e) (aa)      82       82  
Citibank Credit Card Issuance Trust,     
Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.62%), 5.37%, 04/22/2026 (aa)      900       901  
Series 2018-A5, Class A5, (ICE LIBOR USD 1 Month + 0.61%), 5.32%, 08/07/2027 (aa)      900       900  
Dell Equipment Finance Trust, Series 2021-2, Class A3, 0.53%, 12/22/2026 (e)      500       485  
Discover Card Execution Note Trust, Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.60%), 5.28%, 12/15/2026 (aa)      900       900  
Dowson plc, (United Kingdom),     
Series 2021-2, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.68%), 4.78%, 10/20/2028 (aa)    GBP 164       203  
Series 2021-2, Class B, Reg. S, (SONIA Interest Rate Benchmark + 1.20%), 5.30%, 10/20/2028 (aa)    GBP 200       246  
Series 2022-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.92%), 5.02%, 01/20/2029 (aa)    GBP 222       274  
Series 2022-2, Class B, Reg. S, (SONIA Interest Rate Benchmark + 2.70%), 6.80%, 08/20/2029 (aa)    GBP 500       621  
Dryden 49 Senior Loan Fund, (Cayman Islands), Series 2017-49A, Class AR, (ICE LIBOR USD 3 Month + 0.95%), 5.74%, 07/18/2030 (e) (aa)      1,458       1,436  
ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e)      795       692  
FCT Autonoria, (France),     
Series 2023-DE, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.47%), 3.04%, 01/26/2043 (aa)    EUR 1,200       1,297  
Series 2023-DE, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 1.15%), 3.72%, 01/26/2043 (aa)    EUR 300       325  
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (e)      790       716  
Ford Auto Securitization Trust, (Canada), Series 2021-AA, Class A2, 1.16%, 10/15/2025 (e)    CAD 876       633  

Six Circles Ultra Short Duration 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 ($)    		         VALUE ($)      

Asset-Backed Securities — continued

     
Ford Credit Auto Lease Trust, Series 2022-A, Class A2B, (United States 30 Day Average SOFR + 0.60%), 5.16%, 10/15/2024 (aa)      437       437  
Ford Credit Auto Owner Trust,     
Series 2019-B, Class A4, 2.24%, 10/15/2024      107       107  
Series 2022-B, Class A2A, 3.44%, 02/15/2025      1,868       1,855  
Series 2022-D, Class A3, 5.27%, 05/17/2027      110       111  
Series 2023-A, Class A2B, (United States 30 Day Average SOFR + 0.72%), 5.32%, 03/15/2026 (aa)      2,086       2,089  
Ford Credit Floorplan Master Owner Trust A, Series 2020-1, Class A1, 0.70%, 09/15/2025      1,400       1,370  
FS Rialto Issuer LLC,     
Series 2022-FL4, Class A, (United States 30 Day Average SOFR + 1.90%), 6.46%, 01/19/2039 (e) (aa)      583       575  
Series 2022-FL6, Class A, (CME Term SOFR 1 Month + 2.58%), 7.27%, 08/17/2037 (e) (aa)      640       642  
Gilbert Park CLO Ltd., (Cayman Islands), Series 2017-1A, Class A, (ICE LIBOR USD 3 Month + 1.19%), 5.98%, 10/15/2030 (e) (aa)      1,650       1,631  
GM Financial Automobile Leasing Trust,     
Series 2022-2, Class A2, 2.93%, 10/21/2024      1,427       1,412  
Series 2022-3, Class A2A, 4.01%, 10/21/2024      832       827  
Series 2023-1, Class A2A, 5.27%, 06/20/2025      1,000       999  
GM Financial Consumer Automobile Receivables Trust,     
Series 2019-3, Class A4, 2.21%, 11/18/2024      103       103  
Series 2020-1, Class A3, 1.84%, 09/16/2024      70       70  
Series 2022-3, Class A2A, 3.50%, 09/16/2025      3,684       3,646  
Series 2022-3, Class A2B, (United States 30 Day Average SOFR + 0.60%), 5.16%, 09/16/2025 (aa)      1,472       1,471  
Hertz Vehicle Financing III LLC, Series 2022-3A, Class A, 3.37%, 03/25/2025 (e)      100       98  
Honda Auto Receivables Owner Trust, Series 2022-2, Class A2, 3.81%, 03/18/2025      3,110       3,086  
Hyundai Auto Lease Securitization Trust,     
Series 2021-C, Class A3, 0.38%, 09/16/2024 (e)      1,700       1,667  
Series 2023-A, Class A2A, 5.20%, 04/15/2025 (e)      900       899  
Hyundai Auto Receivables Trust,     
Series 2022-A, Class A2B, (United States 30 Day Average SOFR + 0.63%), 5.19%, 02/18/2025 (e) (aa)      1,990       1,991  
Series 2022-B, Class A2A, 3.64%, 05/15/2025      900       892  
ICG US CLO Ltd., (Cayman Islands), Series 2015-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.14%), 5.94%, 10/19/2028 (e) (aa)      624       619  
John Deere Owner Trust, Series 2022-B, Class A2, 3.73%, 06/16/2025      801       794  
Koromo Italy Srl, (Italy), Series 1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.80%), 3.36%, 02/26/2035 (aa)    EUR 481       521  
KREF Ltd., (Cayman Islands), Series 2022-FL3, Class A, (CME Term SOFR 1 Month + 1.45%), 6.21%, 02/17/2039 (e) (aa)      1,310       1,287  
Madison Park Funding XLI Ltd., (Cayman Islands), Series 12A, Class AR, (ICE LIBOR USD 3 Month + 0.83%), 5.65%, 04/22/2027 (e) (aa)      589       585  
Madison Park Funding XXXIII Ltd., (Cayman Islands), Series 2019-33A, Class AR, (CME Term SOFR 3 Month + 1.29%), 5.95%, 10/15/2032 (e) (aa)      250       245  
Master Credit Card Trust II, (Canada), Series 2023-1A, Class A, 4.70%, 06/21/2027 (e)      600       598  

Six Circles Ultra Short Duration 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 ($)    		         VALUE ($)      

Asset-Backed Securities — continued

     
Master Credit Card Trust, (Canada), Series 2021-1A, Class A, 0.53%, 11/21/2025 (e)      1,500       1,423  
Navient Private Education Loan Trust,     
Series 2017-A, Class A2B, (ICE LIBOR USD 1 Month + 0.90%), 5.58%, 12/16/2058 (e) (aa)      134       134  
Series 2018-BX, Class A2B, Reg. S, (ICE LIBOR USD 1 Month + 0.72%), 5.40%, 12/15/2059 (aa)      556       549  
Series 2020-A, Class A2B, (ICE LIBOR USD 1 Month + 0.90%), 5.58%, 11/15/2068 (e) (aa)      715       700  
Navient Private Education Refi Loan Trust,     
Series 2019-D, Class A2B, (ICE LIBOR USD 1 Month + 1.05%), 5.73%, 12/15/2059 (e) (aa)      334       327  
Series 2019-GA, Class A, 2.40%, 10/15/2068 (e)      171       159  
Series 2021-DA, Class A, (Prime Rate—1.99%), 5.76%, 04/15/2060 (e) (aa)      427       392  
Navient Student Loan Trust, Series 2019-BA, Class A2B, (ICE LIBOR USD 1 Month + 0.98%), 5.66%, 12/15/2059 (e) (aa)      246       242  
Nelnet Student Loan Trust,     
Series 2019-2A, Class A, (ICE LIBOR USD 1 Month + 0.90%), 5.75%, 06/27/2067 (e) (aa)      773       760  
Series 2021-CA, Class AFL, (ICE LIBOR USD 1 Month + 0.74%), 5.50%, 04/20/2062 (e) (aa)      996       972  
Neuberger Berman Loan Advisers CLO 26 Ltd., (Cayman Islands), Series 2017-26A, Class AR, (ICE LIBOR USD 3 Month + 0.92%), 5.71%, 10/18/2030 (e) (aa)      1,900       1,873  
Nissan Auto Lease Trust, Series 2022-A, Class A2A, 3.45%, 08/15/2024      2,941       2,924  
OneMain Direct Auto Receivables Trust, Series 2022-1A, Class A2, (United States 30 Day Average SOFR + 1.60%), 6.16%, 03/14/2029 (e) (aa)      835       833  
Oscar US Funding XI LLC, (Japan), Series 2019-2A, Class A4, 2.68%, 09/10/2026 (e)      172       169  
Oscar US Funding XIII LLC, (Japan), Series 2021-2A, Class A2, 0.39%, 08/12/2024 (e)      134       133  
Palmer Square CLO Ltd., (Cayman Islands), Series 2013-2A, Class A1A3, (ICE LIBOR USD 3 Month + 1.00%), 5.79%, 10/17/2031 (e) (aa)      250       246  
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 5.64%, 07/25/2035 (aa)      526       517  
Pawnee Equipment Receivables LLC,     
Series 2021-1, Class A2, 1.10%, 07/15/2027 (e)      638       613  
Series 2022-1, Class A2, 4.84%, 02/15/2028 (e)      816       811  
PCL Funding VI plc, (United Kingdom), Series 2022-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.40%), 5.47%, 07/15/2026 (aa)    GBP 723       879  
PRET LLC,     
Series 2021-NPL3, Class A1, SUB, 1.87%, 07/25/2051 (e)      680       628  
Series 2021-NPL6, Class A1, SUB, 2.49%, 07/25/2051 (e)      438       412  
Pretium Mortgage Credit Partners LLC, Series 2021-RN1, Class A1, SUB, 1.99%, 02/25/2061 (e)      243       227  
Prodigy Finance DAC, (Ireland), Series 2021-1A, Class A, (ICE LIBOR USD 1 Month + 1.25%), 6.10%, 07/25/2051 (e) (aa)      95       92  
Red & Black Auto Germany UG, (Germany), Series 8, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.75%), 3.40%, 09/15/2030 (aa)    EUR 187       201  
Red & Black Auto Italy Srl, (Italy), Series 1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.70%), 3.63%, 12/28/2031 (aa)    EUR 915       991  

Six Circles Ultra Short Duration 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 ($)    		         VALUE ($)      

Asset-Backed Securities — continued

     
Rockford Tower CLO Ltd., (Cayman Islands), Series 2017-3A, Class A, (ICE LIBOR USD 3 Month + 1.19%), 6.00%, 10/20/2030 (e) (aa)      250       247  
RR 3 Ltd., (Cayman Islands), Series 2018-3A, Class A1R2, (ICE LIBOR USD 3 Month + 1.09%), 5.88%, 01/15/2030 (e) (aa)      1,000       991  
Santander Drive Auto Receivables Trust,     
Series 2022-2, Class A2, 2.12%, 10/15/2026      4       4  
Series 2022-4, Class A2, 4.05%, 07/15/2025      371       370  
SC Germany SA Compartment Consumer, (Luxembourg), Series 2020-1, Class C, Reg. S, (ICE LIBOR EUR 1 Month + 1.75%), 4.38%, 11/14/2034 (aa)    EUR 245       264  
SLM Student Loan Trust, Series 2004-10, Class A7B, (ICE LIBOR USD 3 Month + 0.60%), 5.42%, 10/25/2029 (e) (aa)      622       616  
SMB Private Education Loan Trust,     
Series 2016-B, Class A2B, (ICE LIBOR USD 1 Month + 1.45%), 6.13%, 02/17/2032 (e) (aa)      466       465  
Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e)      322       310  
Series 2017-A, Class A2B, (ICE LIBOR USD 1 Month + 0.90%), 5.58%, 09/15/2034 (e) (aa)      1,085       1,075  
Series 2020-A, Class A2B, (ICE LIBOR USD 1 Month + 0.83%), 5.51%, 09/15/2037 (e) (aa)      557       541  
Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e)      427       381  
Series 2021-A, Class A2A1, (ICE LIBOR USD 1 Month + 0.73%), 5.41%, 01/15/2053 (e) (aa)      1,871       1,812  
Series 2021-D, Class A1B, (ICE LIBOR USD 1 Month + 0.60%), 5.28%, 03/17/2053 (e) (aa)      213       205  
Series 2022-B, Class A1B, (United States 30 Day Average SOFR + 1.45%), 6.01%, 02/16/2055 (e) (aa)      963       947  
Series 2022-D, Class A1B, (United States 30 Day Average SOFR + 1.80%), 6.36%, 10/15/2058 (e) (aa)      1,880       1,887  
Symphony CLO XXIV Ltd., (Cayman Islands), Series 2020-24A, Class A, (ICE LIBOR USD 3 Month + 1.20%), 6.02%, 01/23/2032 (e) (aa)      700       690  
TAGUS - Sociedade de Titularizacao de Creditos SA / Viriato Finance No. 1, (Portugal), Series 1, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.95%), 3.88%, 10/28/2040 (aa)    EUR 420       448  
TCI-Symphony CLO Ltd., (Cayman Islands), Series 2016-1A, Class AR2, (ICE LIBOR USD 3 Month + 1.02%), 5.84%, 10/13/2032 (e) (aa)      265       260  
Towd Point Asset Trust, Series 2021-SL1, Class A2, (ICE LIBOR USD 1 Month + 0.70%), 5.46%, 11/20/2061 (e) (aa)      186       182  
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e)      1,500       1,392  
Toyota Auto Receivables Owner Trust,     
Series 2022-C, Class A2A, 3.83%, 08/15/2025      1,481       1,467  
Series 2022-C, Class A2B, (United States 30 Day Average SOFR + 0.57%), 5.13%, 08/15/2025 (aa)      1,974       1,974  
Venture XVIII CLO Ltd., (Cayman Islands), Series 2014-18A, Class AR, (ICE LIBOR USD 3 Month + 1.22%), 6.01%, 10/15/2029 (e) (aa)      1,879       1,861  
Verizon Owner Trust, Series 2020-A, Class A1B, (ICE LIBOR USD 1 Month + 0.27%), 5.03%, 07/22/2024 (aa)      16       16  
Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02%, 10/21/2024      2,305       2,278  
Voya CLO Ltd., (Cayman Islands), Series 2018-3A, Class A1A, (ICE LIBOR USD 3 Month + 1.15%), 5.94%, 10/15/2031 (e) (aa)      1,150       1,133  

Six Circles Ultra Short Duration 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 ($)    		         VALUE ($)      

Asset-Backed Securities — continued

     
VOYA CLO, (Cayman Islands), Series 2017-2A, Class A1R, (ICE LIBOR USD 3 Month + 0.98%), 5.77%, 06/07/2030 (e) (aa)      242       239  
Westlake Automobile Receivables Trust, Series 2021-3A, Class A3, 0.95%, 06/16/2025 (e)      1,460       1,432  
Wind River CLO Ltd., (Cayman Islands), Series 2013-1A, Class A1RR, (ICE LIBOR USD 3 Month + 0.98%), 5.79%, 07/20/2030 (e) (aa)      209       207  
World Omni Auto Receivables Trust, Series 2023-A, Class A2A, 5.18%, 07/15/2026      700       701  
    

 

 

  
Total Asset-Backed Securities
(Cost $109,186)		        107,597  
    

 

 

  

Certificate of Deposit — 0.2%

     

Financial — 0.2%

     

Banks — 0.2%

     
Standard Chartered Bank, (United Kingdom), (United States SOFR + 0.42%), 5.24%, 07/28/2023 (aa)
(Cost $1,300)		      1,300       1,300  
    

 

 

  

Collateralized Mortgage Obligations — 3.4%

     
Brass NO 8 plc, (United Kingdom), Series 8A, Class A1, (ICE LIBOR USD 3 Month + 0.70%), 5.57%, 11/16/2066 (e) (aa)      27       27  
Canterbury Finance No. 1 plc, (United Kingdom), Series 1, Class A2, Reg. S, (SONIA Interest Rate Benchmark + 1.35%), 5.43%, 05/16/2056 (aa)    GBP 185       228  
Cheshire plc, (United Kingdom), Series 2020-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 4.99%, 08/20/2045 (aa)    GBP 438       535  
CSMC Trust, Series 2021-RPL4, Class A1, 1.80%, 12/27/2060 (e) (z)      309       286  
Dutch Property Finance BV, (Netherlands), Series 2022-1, Class A, Reg. S, (ICE LIBOR EUR 3 Month + 0.75%), 3.22%, 10/28/2059 (aa)    EUR 807       866  
Economic Master Issuer plc, (United Kingdom), Series 2023-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.56%), 4.72%, 06/25/2074 (aa)    GBP 309       382  
Finsbury Square plc, (United Kingdom), Series 2020-2A, Class A, (SONIA Interest Rate Benchmark + 1.30%), 5.46%, 06/16/2070 (e) (aa)    GBP 193       238  
FNMA REMICS,     
Series 2020-29, Class FC, (ICE LIBOR USD 1 Month + 0.80%), 3.79%, 05/25/2050 (aa)      1,503       1,506  
Series 2022-8, Class D, 2.00%, 08/25/2038      1,425       1,299  
Friary No. 7 plc, (United Kingdom), Series 7, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.67%), 4.58%, 10/21/2070 (aa)    GBP 239       295  
GCAT LLC, Series 2020-3, Class A1, SUB, 2.98%, 09/25/2025 (e)      541       526  
GNMA,     
Series 2015-H04, Class FA, (ICE LIBOR USD 1 Month + 0.65%), 5.22%, 12/20/2064 (aa)      1,130       1,113  
Series 2017-121, Class PE, 3.00%, 07/20/2046      159       153  
Series 2018-H18, Class FC, (ICE LIBOR USD 1 Month + 0.35%), 4.92%, 08/20/2065 (aa)      1,133       1,126  
Series 2019-54, Class KF, (ICE LIBOR USD 1 Month + 0.42%), 5.08%, 05/20/2044 (aa)      362       346  
Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 6.06%, 06/20/2071 (aa)      1,382       1,418  
Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa)      928       831  

Six Circles Ultra Short Duration 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 ($)    		         VALUE ($)      

Collateralized Mortgage Obligations — continued

     
Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 4.91%, 01/20/2072 (aa)      684       661  
Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 5.46%, 01/20/2073 (aa)      508       508  
GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z)      317       288  
Holmes Master Issuer plc, (United Kingdom), Series 2023-1X, Class A1, Reg. S, (SONIA Interest Rate Benchmark + 0.58%), 0.00%, 10/15/2072    GBP 666       826  
Hops Hill No. 1 plc, (United Kingdom), Series 1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.95%), 5.11%, 05/27/2054 (aa)    GBP 404       498  
Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 1.75%, 07/25/2061 (e)      1,211       1,114  
MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z)      363       318  
New Residential Mortgage Loan Trust,     
Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z)      113       105  
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z)      300       275  
Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z)      557       499  
Resimac Bastille Trust Series, (Australia), Series 2021-2NCA, Class A1A, (ICE LIBOR USD 1 Month + 0.65%), 5.32%, 02/03/2053 (e) (aa)      267       266  
Silverstone Master Issuer plc, (United Kingdom),     
Series 2022-1A, Class 1A, (United States SOFR + 0.38%), 4.97%, 01/21/2070 (e) (aa)      700       697  
Series 2022-1X, Class 2A, Reg. S, (SONIA Interest Rate Benchmark + 0.29%), 4.20%, 01/21/2070 (aa)    GBP 550       673  
Starwood Mortgage Residential Trust,     
Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z)      199       186  
Series 2020-INV1, Class A1, 1.03%, 11/25/2055 (e) (z)      126       111  
Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z)      275       245  
Stratton Mortgage Funding, (United Kingdom), Series 2021-2A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 4.79%, 07/20/2060 (e) (aa)    GBP 137       168  
Towd Point Mortgage Funding, (United Kingdom), Series 2019-A13A, Class A1, (SONIA Interest Rate Benchmark + 1.35%), 5.24%, 07/20/2045 (e) (aa)    GBP 559       685  
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (ICE LIBOR USD 1 Month + 1.00%), 5.85%, 05/25/2058 (e) (aa)      292       288  
    

 

 

  
Total Collateralized Mortgage Obligations
(Cost $20,435)		        19,586  
    

 

 

  

Commercial Mortgage-Backed Securities — 4.4%

     
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, (ICE LIBOR USD 1 Month + 0.88%), 5.60%, 09/15/2034 (e) (aa)      500       485  
AREIT Trust, Series 2019-CRE3, Class A, (CME Term SOFR 1 Month + 1.38%), 6.04%, 09/14/2036 (e) (aa)      21       20  
AREIT Trust, (Cayman Islands), Series 2021-CRE5, Class A, (ICE LIBOR USD 1 Month + 1.08%), 5.79%, 11/17/2038 (e) (aa)      499       485  
Ashford Hospitality Trust, Series 2018-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.00%), 5.69%, 06/15/2035 (e) (aa)      500       484  
BAMLL Commercial Mortgage Securities Trust,     
Series 2018-DSNY, Class A, (ICE LIBOR USD 1 Month + 0.85%), 5.54%, 09/15/2034 (e) (aa)      853       834  
Series 2019-RLJ, Class A, (ICE LIBOR USD 1 Month + 1.05%), 5.73%, 04/15/2036 (e) (aa)      400       393  

Six Circles Ultra Short Duration 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 ($)    		         VALUE ($)      

Commercial Mortgage-Backed Securities — continued

     
BDS LLC, Series 2022-FL12, Class A, (CME Term SOFR 1 Month + 2.14%), 6.83%, 08/19/2038 (e) (aa)      700       700  
BWAY Mortgage Trust, Series 2021-1450, Class A, (ICE LIBOR USD 1 Month + 1.25%), 5.93%, 09/15/2036 (e) (aa)      500       486  
CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class A, (CME Term SOFR 1 Month + 0.99%), 5.82%, 02/15/2039 (e) (aa)      530       486  
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058      729       701  
Citigroup Commercial Mortgage Trust,     
Series 2013-GC15, Class A4, 4.37%, 09/10/2046 (z)      1,000       992  
Series 2021-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.18%), 5.86%, 10/15/2036 (e) (aa)      900       862  
COMM Mortgage Trust,     
Series 2013-CR8, Class A5, 3.61%, 06/10/2046 (z)      91       90  
Series 2013-CR11, Class A4, 4.26%, 08/10/2050      750       743  
Series 2014-UBS2, Class ASB, 3.47%, 03/10/2047      346       342  
Series 2014-UBS3, Class A4, 3.82%, 06/10/2047      1,600       1,557  
Series 2015-LC19, Class ASB, 3.04%, 02/10/2048      196       191  
CSMC, Series 2021-BHAR, Class A, (ICE LIBOR USD 1 Month + 1.15%), 5.84%, 11/15/2038 (e) (aa)      974       931  
DBGS Mortgage Trust, Series 2018-BIOD, Class A, (ICE LIBOR USD 1 Month + 0.80%), 5.49%, 05/15/2035 (e) (aa)      1,188       1,167  
GS Mortgage Securities Trust, Series 2013-GC16, Class A4, 4.27%, 11/10/2046      1,000       988  
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A, (CME Term SOFR 1 Month + 2.25%), 7.07%, 10/15/2039 (e) (aa)      480       479  
INTOWN Mortgage Trust, Series 2022-STAY, Class A, (CME Term SOFR 1 Month + 2.49%), 7.32%, 08/15/2039 (e) (aa)      1,250       1,240  
Life Mortgage Trust, Series 2021-BMR, Class A, (CME Term SOFR 1 Month + 0.81%), 5.64%, 03/15/2038 (e) (aa)      295       286  
MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 5.90%, 12/15/2034 (e) (aa)      1,130       1,067  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class AAB, 3.85%, 08/15/2046      28       28  
Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (ICE LIBOR USD 1 Month + 1.00%), 5.68%, 05/15/2036 (e) (aa)      700       673  
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, (CME Term SOFR 1 Month + 1.40%), 6.22%, 03/15/2039 (e) (aa)      1,100       1,084  
Natixis Commercial Mortgage Securities Trust, Series 2022-RRI, Class A, (CME Term SOFR 1 Month + 1.82%), 6.65%, 03/15/2035 (e) (aa)      782       756  
Sage AR Funding No. 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Interest Rate Benchmark + 1.25%), 5.33%, 11/17/2030 (e) (aa)    GBP 800       953  
SREIT Trust, Series 2021-IND, Class A, (ICE LIBOR USD 1 Month + 0.70%), 5.38%, 10/15/2038 (e) (aa)      900       863  
Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, (CME Term SOFR 1 Month + 2.19%), 7.01%, 05/15/2037 (e) (aa)      415       399  
Taurus UK DAC, (Ireland), Series 2019-UK2, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.32%), 5.40%, 11/17/2029 (aa)    GBP 951       1,152  
Vita Scientia DAC, (Ireland), Series 2022-1X, Class A, Reg. S, (ICE LIBOR EUR 3 Month + 1.30%), 4.00%, 02/27/2033 (aa)    EUR 1,000       1,032  
Wells Fargo Commercial Mortgage Trust,     
Series 2015-NXS2, Class A2, 3.02%, 07/15/2058      146       141  

Six Circles Ultra Short Duration 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 ($)    		         VALUE ($)      

Commercial Mortgage-Backed Securities — continued

     
Series 2017-HSDB, Class A, (ICE LIBOR USD 1 Month + 1.10%), 5.91%, 12/13/2031 (e) (aa)      1,000       991  
WFRBS Commercial Mortgage Trust, Series 2013-C18, Class A5, 4.16%, 12/15/2046 (z)      1,250       1,228  
    

 

 

  
Total Commercial Mortgage-Backed Securities
(Cost $26,428)		        25,309  
    

 

 

  

Corporate Bonds — 52.2%

     

Basic Materials — 0.3%

     

Chemicals — 0.3%

     
DuPont de Nemours, Inc., (ICE LIBOR USD 3 Month + 1.11%), 5.97%, 11/15/2023 (aa)      1,500       1,505  
    

 

 

  

Communications — 4.8%

     

Internet — 0.1%

     
SK Broadband Co. Ltd., (South Korea), Reg. S, 3.88%, 08/13/2023      400       398  
    

 

 

  

Media — 1.1%

     
Charter Communications Operating LLC / Charter Communications Operating Capital,     
4.50%, 02/01/2024      2,000       1,980  
(ICE LIBOR USD 3 Month + 1.65%), 6.46%, 02/01/2024 (aa)      4,000       4,015  
    

 

 

  
       5,995  
    

 

 

  

Telecommunications — 3.6%

     
AT&T, Inc.,     
Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 4.94%, 09/19/2023 (aa)    AUD 720       482  
(SOFR Compounded Index + 0.64%), 5.49%, 03/25/2024 (aa)      3,750       3,745  
(ICE LIBOR USD 3 Month + 1.18%), 6.33%, 06/12/2024 (aa)      5,300       5,322  
British Telecommunications plc, (United Kingdom), 4.50%, 12/04/2023      400       397  
NTT Finance Corp., (Japan), 4.14%, 07/26/2024 (e)      370       367  
Rogers Communications, Inc., (Canada), 2.95%, 03/15/2025 (e)      3,750       3,610  
SES SA, (Luxembourg), 3.60%, 04/04/2023 (e)      1,300       1,300  
SK Telecom Co. Ltd., (South Korea), Reg. S, 3.75%, 04/16/2023      400       400  
Verizon Communications, Inc.,     
(SOFR Compounded Index + 0.50%), 5.34%, 03/22/2024 (aa)      5,000       4,991  
(ICE LIBOR USD 3 Month + 1.10%), 5.96%, 05/15/2025 (aa)      200       200  
    

 

 

  
       20,814  
    

 

 

  
Total Communications        27,207  
    

 

 

  

Consumer Cyclical — 5.7%

     

Auto Manufacturers — 5.2%

     
American Honda Finance Corp.,     
0.55%, 07/12/2024      1,070       1,014  
0.88%, 07/07/2023      1,000       989  
BMW US Capital LLC,     
(SOFR Compounded Index + 0.38%), 5.10%, 08/12/2024 (e) (aa)      2,130       2,113  
(SOFR Compounded Index + 0.84%), 5.69%, 04/01/2025 (e) (aa)      1,100       1,093  

Six Circles Ultra Short Duration 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 ($)    		         VALUE ($)      

Corporate Bonds — continued

     

Auto Manufacturers — continued

     
Daimler Truck Finance North America LLC, 5.20%, 01/17/2025 (e)      2,000       2,002  
General Motors Financial Co., Inc.,     
1.05%, 03/08/2024      2,059       1,969  
3.50%, 11/07/2024      1,000       974  
3.70%, 05/09/2023      1,200       1,198  
(United States SOFR + 0.76%), 5.56%, 03/08/2024 (aa)      1,000       993  
Hyundai Capital America,     
0.80%, 04/03/2023 (e)      2,790       2,790  
1.00%, 09/17/2024 (e)      2,425       2,272  
Reg. S, 4.13%, 06/08/2023      300       299  
Mercedes-Benz Finance North America LLC, 0.75%, 03/01/2024 (e)      2,100       2,016  
Stellantis NV, (Netherlands), 5.25%, 04/15/2023      3,700       3,699  
Toyota Motor Credit Corp., (SOFR Compounded Index + 0.65%), 5.50%, 12/29/2023 (aa)      2,100       2,097  
Volkswagen Financial Services Australia Pty Ltd., (Australia), Reg. S, 3.10%, 04/17/2023    AUD 700       468  
Volkswagen Group of America Finance LLC,     
0.88%, 11/22/2023 (e)      1,800       1,750  
4.25%, 11/13/2023 (e)      2,090       2,075  
    

 

 

  
       29,811  
    

 

 

  

Home Builders — 0.1%

     
Lennar Corp., 4.50%, 04/30/2024      500       494  
    

 

 

  

Retail — 0.4%

     
7-Eleven, Inc., 0.80%, 02/10/2024 (e)      2,174       2,081  
    

 

 

  
Total Consumer Cyclical        32,386  
    

 

 

  

Consumer Non-cyclical — 6.9%

     

Beverages — 0.1%

     
JDE Peet’s NV, (Netherlands), 0.80%, 09/24/2024 (e)      400       373  
    

 

 

  

Biotechnology — 1.2%

     
Amgen, Inc., 5.25%, 03/02/2025      1,935       1,953  
Gilead Sciences, Inc.,     
0.75%, 09/29/2023      2,625       2,568  
3.70%, 04/01/2024      2,600       2,570  
    

 

 

  
       7,091  
    

 

 

  

Commercial Services — 0.1%

     
Transurban Queensland Finance Pty Ltd., (Australia), Reg. S, (BBSW ASX Australian 3 Month + 2.05%), 5.71%, 12/16/2024 (aa)    AUD 700       473  
    

 

 

  

Food — 0.9%

     
General Mills, Inc.,     
3.65%, 02/15/2024      2,345       2,315  
(ICE LIBOR USD 3 Month + 1.01%), 5.84%, 10/17/2023 (aa)      1,797       1,804  
J M Smucker Co. (The), 3.50%, 03/15/2025      1,000       974  
    

 

 

  
       5,093  
    

 

 

  

Six Circles Ultra Short Duration 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 ($)    		         VALUE ($)      

Corporate Bonds — continued

     

Healthcare - Products — 0.8%

     
Baxter International, Inc., 0.87%, 12/01/2023      1,000       973  
Stryker Corp., 0.60%, 12/01/2023      1,330       1,290  
Thermo Fisher Scientific, Inc.,     
1.22%, 10/18/2024      850       806  
(SOFR Compounded Index + 0.53%), 5.12%, 10/18/2024 (aa)      1,285       1,277  
    

 

 

  
       4,346  
    

 

 

  

Healthcare - Services — 0.8%

     
HCA, Inc., 5.00%, 03/15/2024      1,800       1,790  
Humana, Inc., 0.65%, 08/03/2023      3,040       2,997  
    

 

 

  
       4,787  
    

 

 

  

Pharmaceuticals — 3.0%

     
AbbVie, Inc., 2.60%, 11/21/2024      6,000       5,788  
Bayer US Finance II LLC,     
3.88%, 12/15/2023 (e)      5,195       5,138  
(ICE LIBOR USD 3 Month + 1.01%), 5.88%, 12/15/2023 (e) (aa)      2,700       2,697  
Cigna Group (The), 3.00%, 07/15/2023      2,000       1,985  
CVS Health Corp., 4.00%, 12/05/2023      600       596  
Shire Acquisitions Investments Ireland DAC, (Ireland), 2.88%, 09/23/2023      796       786  
Takeda Pharmaceutical Co. Ltd., (Japan), 4.40%, 11/26/2023      200       199  
    

 

 

  
       17,189  
    

 

 

  
Total Consumer Non-cyclical        39,352  
    

 

 

  

Energy — 1.2%

     

Oil & Gas — 0.7%

     
Eni SpA, (Italy), Series X-R, 4.00%, 09/12/2023 (e)      1,200       1,190  
Phillips 66, 0.90%, 02/15/2024      1,800       1,741  
Woodside Finance Ltd., (Australia), Reg. S, 3.70%, 09/15/2026      1,000       958  
    

 

 

  
       3,889  
    

 

 

  

Pipelines — 0.5%

     
Enbridge, Inc., (Canada),     
0.55%, 10/04/2023      220       214  
2.15%, 02/16/2024      720       699  
4.00%, 10/01/2023      1,750       1,739  
Kinder Morgan, Inc., 5.63%, 11/15/2023 (e)      500       500  
    

 

 

  
       3,152  
    

 

 

  
Total Energy        7,041  
    

 

 

  

Financial — 20.8%

     

Banks — 17.6%

     
Aozora Bank Ltd., (Japan), Reg. S, 1.05%, 09/09/2024      1,000       936  
Banco Bilbao Vizcaya Argentaria SA, (Spain), 0.88%, 09/18/2023      1,800       1,759  
Banco Santander SA, (Spain),     
(CMT Index 1 Year + 0.45%), 0.70%, 06/30/2024 (aa)      400       394  
3.85%, 04/12/2023      3,400       3,399  

Six Circles Ultra Short Duration 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 ($)    		         VALUE ($)      

Corporate Bonds — continued

     

Banks — continued

     
Bank of America Corp.,     
(United States SOFR + 1.46%), 1.49%, 05/19/2024 (aa)      600       597  
(United States SOFR + 0.67%), 1.84%, 02/04/2025 (aa)      1,490       1,445  
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 07/23/2024 (aa)      1,000       994  
(United States SOFR + 1.75%), 4.83%, 07/22/2026 (aa)      2,000       1,973  
Bank of Montreal, (Canada), Series H, 4.25%, 09/14/2024      2,000       1,975  
Bank of Nova Scotia (The), (Canada), Series FRN, (SOFR Compounded Index + 0.45%), 5.03%, 04/15/2024 (aa)      500       497  
Barclays plc, (United Kingdom),     
Reg. S, (BBSW ASX Australian 3 Month + 1.80%), 5.46%, 06/15/2023 (aa)    AUD 1,000       669  
(ICE LIBOR USD 3 Month + 1.38%), 6.25%, 05/16/2024 (aa)      4,400       4,384  
BNP Paribas SA, (France),     
3.80%, 01/10/2024 (e)      600       589  
Reg. S, 3.80%, 01/10/2024      200       197  
(ICE LIBOR USD 3 Month + 2.24%), 4.71%, 01/10/2025 (e) (aa)      800       790  
BPCE SA, (France), 4.00%, 04/15/2024      700       684  
Canadian Imperial Bank of Commerce, (Canada),     
0.45%, 06/22/2023      2,200       2,176  
1.60%, 06/09/2023    AUD 1,200       798  
Citigroup, Inc.,     
(United States SOFR + 1.67%), 1.68%, 05/15/2024 (aa)      6,480       6,453  
(BBSW ASX Australian 3 Month + 1.72%), 5.10%, 10/27/2023 (aa)    AUD 1,000       671  
(United States SOFR + 1.37%), 6.13%, 05/24/2025 (aa)      2,000       2,001  
Credit Suisse AG, (Switzerland),     
0.52%, 08/09/2023      1,100       1,069  
1.00%, 05/05/2023      900       891  
(BBSW ASX Australian 3 Month + 1.15%), 4.70%, 05/26/2023 (aa)    AUD 2,500       1,665  
Danske Bank A/S, (Denmark),     
Reg. S, 5.38%, 01/12/2024      1,200       1,189  
Reg. S, (ICE LIBOR USD 3 Month + 1.06%), 6.21%, 09/12/2023 (aa)      500       500  
DNB Bank ASA, (Norway), (SOFR Compounded Index + 0.83%), 5.68%, 03/28/2025 (e) (aa)      1,295       1,288  
Federation des Caisses Desjardins du Quebec, (Canada),     
0.70%, 05/21/2024 (e)      1,000       949  
2.05%, 02/10/2025 (e)      500       470  
(United States SOFR + 0.43%), 5.18%, 05/21/2024 (e) (aa)      1,900       1,885  
First Abu Dhabi Bank PJSC, (United Arab Emirates), (BBSW ASX Australian 3 Month + 1.10%), 4.57%, 02/18/2025 (aa)    AUD 700       465  
Goldman Sachs Group, Inc. (The),     
(United States SOFR + 0.50%), 5.30%, 09/10/2024 (aa)      2,500       2,488  
(United States SOFR + 1.39%), 6.21%, 03/15/2024 (aa)      800       802  
HSBC Holdings plc, (United Kingdom),     
3.60%, 05/25/2023      1,500       1,492  
(United States SOFR + 0.58%), 5.32%, 11/22/2024 (aa)      620       607  
(ICE LIBOR USD 3 Month + 1.00%), 5.92%, 05/18/2024 (aa)      3,500       3,473  
(ICE LIBOR USD 3 Month + 1.23%), 6.38%, 03/11/2025 (aa)      1,000       1,000  
HSBC USA, Inc., 5.63%, 03/17/2025      1,500       1,504  

Six Circles Ultra Short Duration 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 ($)    		         VALUE ($)      

Corporate Bonds — continued

     

Banks — continued

     
KeyBank NA, (SOFR Compounded Index + 0.32%), 0.43%, 06/14/2024 (aa)      375       363  
Lloyds Banking Group plc, (United Kingdom), 4.05%, 08/16/2023      1,400       1,390  
Mitsubishi UFJ Financial Group, Inc., (Japan),     
(ICE LIBOR USD 3 Month + 0.86%), 5.68%, 07/26/2023 (aa)      2,300       2,299  
(United States SOFR + 1.65%), 6.24%, 07/18/2025 (aa)      1,300       1,300  
Mizuho Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.63%), 5.59%, 05/25/2024 (aa)      5,000       4,976  
Morgan Stanley,     
(United States SOFR + 0.56%), 1.16%, 10/21/2025 (aa)      1,400       1,307  
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 04/24/2024 (aa)      2,500       2,495  
(United States SOFR + 0.46%), 5.11%, 01/25/2024 (aa)      7,200       7,178  
(ICE LIBOR USD 3 Month + 1.22%), 6.06%, 05/08/2024 (aa)      400       400  
NatWest Group plc, (United Kingdom),     
(CMT Index 1 Year + 2.15%), 2.36%, 05/22/2024 (aa)      800       796  
(ICE LIBOR USD 3 Month + 1.55%), 6.68%, 06/25/2024 (aa)      1,750       1,748  
NatWest Markets plc, (United Kingdom), 3.48%, 03/22/2025 (e)      825       788  
Nordea Bank Abp, (Finland), (ICE LIBOR USD 3 Month + 0.94%), 5.89%, 08/30/2023 (e) (aa)      200       200  
Oversea-Chinese Banking Corp. Ltd., (Singapore),     
(BBSW ASX Australian 3 Month + 0.26%), 3.76%, 08/12/2024 (aa)    AUD 1,000       665  
(BBSW ASX Australian 3 Month + 0.35%), 4.04%, 03/18/2024 (f) (aa)    AUD 1,000       667  
Royal Bank of Canada, (Canada), 5.66%, 10/25/2024      980       988  
Societe Generale SA, (France),     
2.63%, 01/22/2025 (e)      800       749  
3.88%, 03/28/2024 (e)      700       683  
4.25%, 09/14/2023 (e)      300       296  
Standard Chartered plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.56%), 3.79%, 05/21/2025 (e) (aa)      1,600       1,567  
Sumitomo Mitsui Financial Group, Inc., (Japan), Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 4.60%, 10/16/2024 (aa)    AUD 2,300       1,534  
Sumitomo Mitsui Trust Bank Ltd., (Japan), 0.80%, 09/16/2024 (e)      200       188  
Toronto-Dominion Bank (The), (Canada),     
4.29%, 09/13/2024      2,000       1,976  
(United States SOFR + 0.45%), 5.30%, 09/28/2023 (aa)      1,700       1,699  
UBS AG, (Switzerland),     
Reg. S, (BBSW ASX Australian 3 Month + 0.87%), 4.25%, 07/30/2025 (aa)    AUD 2,100       1,396  
(United States SOFR + 0.36%), 5.07%, 02/09/2024 (e) (aa)      1,000       995  
(United States SOFR + 0.45%), 5.16%, 08/09/2024 (e) (aa)      1,615       1,604  
Wells Fargo & Co.,     
(United States SOFR + 1.60%), 1.65%, 06/02/2024 (aa)      3,000       2,981  
2.51%, 10/27/2023 (f)    CAD 2,500       1,820  
    

 

 

  
       100,166  
    

 

 

  

Six Circles Ultra Short Duration 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 ($)    		         VALUE ($)      

Corporate Bonds — continued

     

Diversified Financial Services — 3.0%

     
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.50%, 09/15/2023      1,100       1,089  
Aircastle Ltd., (Bermuda), 5.00%, 04/01/2023      500       500  
American Express Co.,     
3.38%, 05/03/2024      970       951  
3.40%, 02/22/2024      2,000       1,969  
(United States SOFR + 0.93%), 5.72%, 03/04/2025 (aa)      1,120       1,113  
Aviation Capital Group LLC, 3.88%, 05/01/2023 (e)      3,000       2,988  
Capital One Financial Corp., 2.60%, 05/11/2023      3,500       3,486  
Mitsubishi HC Capital, Inc., (Japan), 3.96%, 09/19/2023 (e)      550       546  
Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025      1,900       1,738  
ORIX Corp., (Japan), 3.25%, 12/04/2024      400       386  
Synchrony Financial, 4.38%, 03/19/2024      2,750       2,647  
    

 

 

  
       17,413  
    

 

 

  
Insurance — 0.1%     
Marsh & McLennan Cos., Inc., 3.88%, 03/15/2024      713       703  
    

 

 

  
Savings & Loans — 0.1%     
Nationwide Building Society, (United Kingdom), 0.55%, 01/22/2024 (e)      400       385  
    

 

 

  
Total Financial        118,667  
    

 

 

  
Industrial — 4.1%     
Aerospace/Defense — 0.7%     
Boeing Co. (The),     
1.43%, 02/04/2024      1,200       1,159  
4.51%, 05/01/2023      1,000       1,000  
Northrop Grumman Corp., 2.93%, 01/15/2025      2,000       1,936  
    

 

 

  
       4,095  
    

 

 

  
Building Materials — 0.1%     
Martin Marietta Materials, Inc., 0.65%, 07/15/2023      695       685  
    

 

 

  
Machinery - Construction & Mining — 0.4%     
Caterpillar Financial Services Corp., (United States SOFR + 0.45%), 5.17%, 11/13/2023 (aa)      835       835  
Komatsu Finance America, Inc., Reg. S, 0.85%, 09/09/2023      1,200       1,177  
    

 

 

  
       2,012  
    

 

 

  
Machinery - Diversified — 0.8%     
CNH Industrial Capital LLC, 1.95%, 07/02/2023      700       693  
CNH Industrial NV, (Netherlands), 4.50%, 08/15/2023      1,000       995  
John Deere Capital Corp., 5.15%, 03/03/2025      2,600       2,631  
Rockwell Automation, Inc., 0.35%, 08/15/2023      480       472  
    

 

 

  
       4,791  
    

 

 

  
Miscellaneous Manufacturers — 0.9%     
Parker-Hannifin Corp., 3.65%, 06/15/2024      5,100       5,017  
    

 

 

  
Transportation — 0.7%     
Canadian Pacific Railway Co., (Canada), 1.35%, 12/02/2024      2,140       2,016  
Ryder System, Inc., 3.88%, 12/01/2023      2,000       1,973  
    

 

 

  
       3,989  
    

 

 

  

Six Circles Ultra Short Duration 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 ($)    		         VALUE ($)      

Corporate Bonds — continued

     
Trucking & Leasing — 0.5%     
Penske Truck Leasing Co. LP / PTL Finance Corp., 3.90%, 02/01/2024 (e)      2,000       1,969  
SMBC Aviation Capital Finance DAC, (Ireland), Reg. S, 4.13%, 07/15/2023      1,000       993  
    

 

 

  
       2,962  
    

 

 

  
Total Industrial        23,551  
    

 

 

  
Technology — 5.2%     
Computers — 0.1%     
Dell International LLC / EMC Corp., 5.45%, 06/15/2023      600       600  
    

 

 

  
Semiconductors — 2.0%     
Broadcom Corp. / Broadcom Cayman Finance Ltd., (Multinational), 3.63%, 01/15/2024      7,000       6,897  
NXP BV / NXP Funding LLC, (Multinational), 4.88%, 03/01/2024      3,000       2,978  
SK Hynix, Inc., (South Korea),     
1.00%, 01/19/2024 (e)      400       385  
Reg. S, 1.00%, 01/19/2024      1,000       964  
    

 

 

  
       11,224  
    

 

 

  
Software — 3.1%     
Fidelity National Information Services, Inc., 0.60%, 03/01/2024      1,115       1,066  
Fiserv, Inc.,     
2.75%, 07/01/2024      1,500       1,455  
3.80%, 10/01/2023      3,415       3,384  
Oracle Corp.,     
2.40%, 09/15/2023      3,500       3,455  
2.95%, 11/15/2024      1,000       971  
3.40%, 07/08/2024      1,625       1,591  
VMware, Inc.,     
0.60%, 08/15/2023      4,800       4,710  
1.00%, 08/15/2024      1,500       1,415  
    

 

 

  
       18,047  
    

 

 

  
Total Technology        29,871  
    

 

 

  
Utilities — 3.2%     
Electric — 3.2%     
Ausgrid Finance Pty Ltd., (Australia),     
3.85%, 05/01/2023 (e)      700       699  
Reg. S, (BBSW ASX Australian 3 Month + 1.22%), 4.60%, 10/30/2024 (aa)    AUD 1,500       1,002  
Dominion Energy, Inc., Series D, (ICE LIBOR USD 3 Month + 0.53%), 5.40%, 09/15/2023 (aa)      1,800       1,793  
Enel Finance International NV, (Netherlands),     
2.65%, 09/10/2024 (e)      1,500       1,447  
4.25%, 06/15/2025 (e)      300       294  
Israel Electric Corp. Ltd., (Israel),     
6.88%, 06/21/2023 (e)      500       501  
Series 6, Reg. S, 5.00%, 11/12/2024 (e)      800       790  
Kansai Electric Power Co., Inc. (The), (Japan), Reg. S, 2.55%, 09/17/2024      1,740       1,670  

Six Circles Ultra Short Duration 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 ($)    		         VALUE ($)      

Corporate Bonds — continued

     

Electric — continued

     
NextEra Energy Capital Holdings, Inc.,     
2.94%, 03/21/2024      4,000       3,903  
4.26%, 09/01/2024      1,175       1,163  
Pacific Gas and Electric Co.,     
3.25%, 06/15/2023      100       100  
3.40%, 08/15/2024      100       97  
3.75%, 02/15/2024      100       98  
3.85%, 11/15/2023      100       99  
4.25%, 08/01/2023      800       795  
Southern California Edison Co., 0.70%, 04/03/2023      2,200       2,200  
Southern Co. (The), Series 2021, (SOFR Compounded Index + 0.37%), 5.09%, 05/10/2023 (aa)      1,300       1,298  
    

 

 

  
Total Utilities        17,949  
    

 

 

  
Total Corporate Bonds
(Cost $301,589)		        297,529  
    

 

 

  

Foreign Government Securities — 0.7%

     
Export-Import Bank of Korea, (South Korea), 4.88%, 01/11/2026      500       503  
International Bank for Reconstruction & Development, (Supranational), 0.65%, 02/10/2026      3,100       2,789  
Korea National Oil Corp., (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.88%), 5.67%, 07/16/2023 (aa)      800       801  
    

 

 

  
Total Foreign Government Securities
(Cost $4,400)		        4,093  
    

 

 

  

Municipal Bonds — 0.5% (t)

     

California — 0.1%

     
Municipal Improvement Corp. of Los Angeles, Series A, Rev., 0.42%, 11/01/2023      590       574  
    

 

 

  

Maryland — 0.1%

     
State of Maryland Department of Transportation, Series A, Rev., 0.36%, 08/01/2023      450       443  
    

 

 

  

North Carolina — 0.1%

     
University of North Carolina at Charlotte (The), Rev., 0.41%, 04/01/2023      350       350  
    

 

 

  

Pennsylvania — 0.2%

     
Philadelphia Authority for Industrial Development, Rev., 0.94%, 04/15/2024      1,555       1,490  
    

 

 

  
Total Municipal Bonds
(Cost $2,945)		        2,857  
    

 

 

  

U.S. Government Agency Securities — 6.7%

     
FHLBs,     
0.38%, 05/17/2024      1,500       1,428  
0.46%, 09/10/2024      2,500       2,358  
1.04%, 06/14/2024      2,000       1,914  
1.11%, 07/27/2026      567       515  
3.63%, 02/28/2024      1,000       988  
5.17%, 03/08/2024      2,000       1,997  

Six Circles Ultra Short Duration 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 ($)    		         VALUE ($)      

U.S. Government Agency Securities — continued

     
5.48%, 02/26/2025      1,700       1,696  
5.50%, 04/01/2024      3,000       3,014  
5.51%, 04/01/2024      2,000       2,005  
5.55%, 04/05/2024      2,000       2,005  
5.71%, 03/14/2025      1,700       1,702  
0.40%, 05/24/2024      1,360       1,295  
FHLMC,     
4.05%, 08/28/2025      2,500       2,470  
5.05%, 01/28/2025      1,000       996  
5.08%, 10/25/2024      1,000       1,000  
5.36%, 11/22/2024      1,700       1,697  
5.65%, 03/07/2025      3,400       3,403  
5.68%, 04/03/2025 (w)      1,700       1,702  
5.73%, 04/03/2025 (w)      1,700       1,703  
5.82%, 03/20/2025      1,700       1,704  
5.95%, 03/21/2025      1,700       1,704  
FNMA, 4.00%, 02/28/2025      1,000       986  
    

 

 

  
Total U.S. Government Agency Securities
(Cost $38,346)		        38,282  
    

 

 

  

U.S. Treasury Obligations — 2.1%

     
U.S. Treasury Notes,     
0.75%, 12/31/2023      4,000       3,882  
1.50%, 02/29/2024      1,910       1,856  
3.25%, 08/31/2024 (ii)      6,200       6,104  
    

 

 

  
Total U.S. Treasury Obligations
(Cost $11,880)		        11,842  
    

 

 

  

Short-Term Investments — 12.9%

     

Certificates of Deposit — 1.7%

     
Barclays Bank plc, (United Kingdom), 4.06%, 07/13/2023 (n)      2,000       1,991  
Citibank NA, 0.00%, 09/21/2023 (n)      2,000       1,996  
Natixis Bank SA,     
3.10%, 06/09/2023 (n)      3,000       2,988  
4.06%, 08/18/2023 (n)      2,000       1,990  
Svenska Handelsbanken, 4.06%, 08/16/2023 (n)      1,000       994  
    

 

 

  
Total Certificates of Deposit        9,959  
    

 

 

  

Commercial Papers — 1.9%

     
American Electric Power Co., Inc., 5.02%, 04/11/2023 (e) (n)      2,200       2,197  
AT&T, Inc., 5.93%, 02/21/2024 (e) (n)      2,000       1,897  
BAT International Finance plc, 6.09%, 06/30/2023 (e) (n)      1,500       1,479  
Bayer Corp., 609.61%, 07/10/2023 (e) (n)      1,500       1,476  
Enel Finance America LLC, 5.53%, 09/01/2023 (e) (n)      1,500       1,459  
HSBC USA, Inc., 4.50%, 08/23/2023 (e) (n)      500       490  
NextEra Energy Capital Holdings, Inc.,     
5.64%, 05/08/2023 (e) (n)      900       895  
5.64%, 05/09/2023 (e) (n)      900       894  
    

 

 

  
Total Commercial Papers        10,787  
    

 

 

  

Six Circles Ultra Short Duration 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

     

Corporate Bond — 0.5%

     
Bank of Nova Scotia (The), 0.00%, 05/16/2023    CAD 3,900       2,868  

Foreign Government Securities — 4.4%

     
Canadian Treasury Bill, (Canada), Zero Coupon, 04/27/2023    CAD 16,500       12,171  
France Treasury Bill BTF, (France), Reg. S, Zero Coupon, 06/28/2023    EUR 5,000       5,387  
Japan Treasury Discount Bill, (Japan), Series 1112, Zero Coupon, 04/10/2023    JPY 1,000,000       7,531  
    

 

 

  
Total Foreign Government Securities        25,089  
    

 

 

  

Municipal Bond — 0.1% (t)

     
State of Connecticut, Taxable, Series A, GO, 4.25%, 06/15/2023      380       379  
    

 

 

  

Repurchase Agreement — 0.6%

     
BNP Paribas Securities Corp., 4.92%, dated 03/31/2023 due 04/03/2023, repurchase price $3,501 collateralized by U.S. Treasury Security, 1.03%, due 07/15/2030, with a value of $3,568      3,500       3,500  
    

 

 

  

Time Deposits — 3.6%

     
Australia & New Zealand Banking Group Ltd., 2.20%, 04/03/2023    AUD — (h)      — (h) 
BNP Paribas SA, 3.32%, 04/03/2023    CAD 68       51  
Brown Brothers Harriman & Co.,     
3.40%, 04/03/2023    NZD — (h)      — (h) 
Citibank NA,     
1.91%, 04/03/2023    EUR 98       106  
4.18%, 04/03/2023      152       152  
Skandinaviska Enskilda Banken, 3.15%, 04/03/2023    GBP 13       16  
Sumitomo Mitsui Banking Corp., 4.18%, 04/03/2023      143       143  
Sumitomo Mitsui Trust Bank Ltd., 4.18%, 04/03/2023      19,963       19,963  
    

 

 

  
Total Time Deposits        20,431  
    

 

 

  

U.S. Treasury Obligation — 0.1%

     
U.S. Treasury Bill, Zero Coupon, 04/06/2023      521       521  
    

 

 

  
Total Short-Term Investments
(Cost $73,066)		        73,534  
    

 

 

  
Total Investments — 102.0%
(Cost - $589,575)*		        581,929  

Liabilities in Excess of Other Assets — (2.0)%

        (11,578 ) 
    

 

 

  

NET ASSETS — 100.0%

      $ 570,351  
    

 

 

  

 

Percentages indicated are based on net assets.

Six Circles Ultra Short Duration 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

             

SOFR 3 Month

      208       12/2023        USD        49,063       542  

Short Contracts

             

U.S. Treasury 2 Year Note

      (113 )      06/2023        USD        (23,057 )      (272 ) 

U.S. Treasury 5 Year Note

      (130 )      06/2023        USD        (13,942 )      (294 ) 

U.S. Treasury Ultra Bond

      (1 )      06/2023        USD        (137 )      (5 ) 

U.S. Ultra Treasury 10 Year Note

      (5 )      06/2023        USD        (590 )      (15 ) 
            

 

 

  
               (586 ) 
            

 

 

  

Total unrealized appreciation (depreciation)

                (44 ) 
            

 

 

  

Six Circles Ultra Short Duration 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)

 

Forward foreign currency exchange contracts outstanding as of March 31, 2023:

 

CURRENCY PURCHASED

     

CURRENCY SOLD

     

COUNTERPARTY

    SETTLEMENT
DATE		      UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

CAD

      288      USD      209      Bank of America, NA      04/04/2023        4  

CAD

      2,060      USD      1,522      Bank of America, NA      04/04/2023        3  

GBP

      152      USD      185      Barclays Bank plc      04/04/2023        2  

USD

      2,745      GBP      2,222      Barclays Bank plc      05/02/2023        2  

USD

      823      AUD      1,190      Bank of America, NA      05/16/2023        26  

USD

      12,427      AUD      17,947      Bank of America, NA      05/16/2023        411  
                 

 

 

  

Total unrealized appreciation

         448  
                 

 

 

  

USD

      3,027      CAD      4,118      Morgan Stanley & Co.      04/04/2023        (20 ) 

USD

      2,845      GBP      2,374      Bank of America, NA      04/04/2023        (83 ) 

GBP

      2,222      USD      2,743      Barclays Bank plc      04/04/2023        (2 ) 

USD

      7,366      JPY      1,000,000      UBS AG London      04/10/2023        (172 ) 

USD

      11,962      CAD      16,500      BNP Paribas      04/27/2023        (251 ) 

USD

      1,522      CAD      2,059      Bank of America, NA      05/02/2023        (2 ) 

AUD

      371      USD      249      Bank of America, NA      05/16/2023        (– )(h) 

AUD

      2,425      USD      1,684      Morgan Stanley & Co.      05/16/2023        (61 ) 

USD

      2,875      CAD      3,900      Bank of America, NA      05/16/2023        (12 ) 

USD

      440      EUR      410      BNP Paribas      06/21/2023        (7 ) 

USD

      1,586      EUR      1,489      Goldman Sachs International      06/21/2023        (36 ) 

USD

      3,180      EUR      2,944      UBS AG London      06/21/2023        (27 ) 

USD

      3,176      EUR      2,944      UBS AG London      06/21/2023        (32 ) 

USD

      422      GBP      345      BNP Paribas      06/21/2023        (4 ) 

USD

      1,096      GBP      890      BNP Paribas      06/21/2023        (4 ) 

USD

      4,364      GBP      3,617      Citibank, NA      06/21/2023        (105 ) 

USD

      5,393      EUR      5,000      Goldman Sachs International      06/28/2023        (56 ) 
                 

 

 

  

Total unrealized depreciation

         (874 ) 
                 

 

 

  

Net unrealized appreciation (depreciation)

         (426 ) 
                 

 

 

  

Six Circles Ultra Short Duration 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)

 

Centrally Cleared Credit Default Swaps contracts outstanding — buy protection (1) as of March 31, 2023:

 

REFERENCE
OBLIGATION/INDEX

    FINANCING
RATE PAID
BY THE FUND(%)		     PAYMENT
FREQUENCY		      MATURITY
DATE		      IMPLIED
CREDIT
SPREAD
(%) (2)		     NOTIONAL
AMOUNT (3)		      UPFRONT
PAYMENTS
(RECEIPTS)
($) (4)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		     VALUE
($)		  

CDX.NA.IG.40-V1

      1.00 %      quarterly        06/20/2028        0.76 %      USD        11,300        (104 )      (28 )      (132 ) 
                  

 

 

    

 

 

    

 

 

  

Total

 

         (104 )      (28 )      (132 ) 
                  

 

 

    

 

 

    

 

 

  

 

(1)

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

(2) 

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

(3) 

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

(4) 

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

Six Circles Ultra Short Duration Fund

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

 

ASX

   —      Australian Stock Exchange

BBSW

   —      Bank Bill Swap Rate

CDX

   —      Credit Default Swap Index

CLO

   —      Collateralized Loan Obligations

CMT

   —      Constant Maturity Treasury

FHLB

   —      Federal Home Loan Bank

FHLMC

   —      Federal Home Loan Mortgage Corp.

FNMA

   —      Federal National Mortgage Association

GNMA

   —      Government National Mortgage Association

GO

   —      General Obligation

ICE

   —      Intercontinental Exchange

LIBOR

   —      London Interbank Offered Rate

Reg. S

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

REMICS

   —      Real Estate Mortgage Investment Conduit

Rev.

   —      Revenue

SOFR

   —      Secured Overnight Financing Rate

SONIA

   —      Sterling Overnight Interbank Average Rate

SUB

   —      Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2023.

(e)

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

(f)

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

(h)

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

(n)

   —      The rate shown is the effective yield as of March 31, 2023.

(t)

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

(w)

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

(z)

   —      Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2023.

(aa)

   —      Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023.

(ii)

   —      Approximately $14 of this investment is restricted as collateral for forwards to Morgan Stanley & Co. International plc.

*

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

AUD

   —      Australian Dollar

CAD

   —      Canadian Dollar

EUR

   —      Euro

GBP

   —      British Pound

JPY

   —      Japanese Yen

NZD

   —      New Zealand Dollar

USD

   —      United States Dollar

Six Circles Tax Aware Ultra Short Duration 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

   

PRINCIPAL
    AMOUNT ($)    

        VALUE ($)      
Asset-Backed Securities — 5.9%     
American Express Credit Account Master Trust, Series 2022-2, Class A, 3.39%, 05/15/2027      1,200       1,171  
BMW Canada Auto Trust, (Canada), Series 2022-1A, Class A1, 3.65%, 12/20/2024 (e)    CAD   521       383  
BMW Vehicle Lease Trust, Series 2023-1, Class A2, 5.27%, 02/25/2025      1,000       999  
Capital One Multi-Asset Execution Trust,     
Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.58%), 5.26%, 07/15/2027 (aa)      1,000       1,000  
Series 2022-A2, Class A, 3.49%, 05/15/2027      500       488  
Capital One Prime Auto Receivables Trust, Series 2022-2, Class A2B, (United States 30 Day Average SOFR + 0.65%), 5.21%, 09/15/2025 (aa)      1,814       1,813  
Carmax Auto Owner Trust,     
Series 2022-4, Class A2A, 5.34%, 12/15/2025      700       699  
Series 2022-4, Class A2B, (United States 30 Day Average SOFR + 0.90%), 5.46%, 12/15/2025 (aa)      1,300       1,302  
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, (ICE LIBOR USD 1 Month + 1.35%), 6.20%, 10/25/2037 (e) (aa)      82       82  
Citibank Credit Card Issuance Trust,     
Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.62%), 5.37%, 04/22/2026 (aa)      1,000       1,001  
Series 2017-A6, Class A6, (ICE LIBOR USD 1 Month + 0.77%), 5.57%, 05/14/2029 (aa)      2,000       1,990  
Series 2018-A5, Class A5, (ICE LIBOR USD 1 Month + 0.61%), 5.32%, 08/07/2027 (aa)      1,000       1,000  
Dell Equipment Finance Trust, Series 2021-2, Class A3, 0.53%, 12/22/2026 (e)      500       485  
Discover Card Execution Note Trust, Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.60%), 5.28%, 12/15/2026 (aa)      1,000       1,000  
ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e)      867       755  
Enterprise Fleet Financing LLC, Series 2022-1, Class A2, 3.03%, 01/20/2028 (e)      850       829  
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (e)      889       806  
Ford Auto Securitization Trust, (Canada), Series 2021-AA, Class A2, 1.16%, 10/15/2025 (e)    CAD   472       341  
Ford Credit Auto Owner Trust, Series 2023-A, Class A1, 5.03%, 04/15/2024      2,000       2,000  
Ford Credit Floorplan Master Owner Trust A, Series 2020-1, Class A1, 0.70%, 09/15/2025      1,700       1,664  
GM Financial Automobile Leasing Trust,     
Series 2022-2, Class A2, 2.93%, 10/21/2024      592       585  
Series 2022-3, Class A2A, 4.01%, 10/21/2024      832       827  
Series 2023-1, Class A2A, 5.27%, 06/20/2025      1,300       1,299  

Six Circles Tax Aware Ultra Short Duration 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 ($)      
Asset-Backed Securities — continued     
GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (United States 30 Day Average SOFR + 0.60%), 5.16%, 09/16/2025 (aa)      1,732       1,731  
Hertz Vehicle Financing III LLC, Series 2022-3A, Class A, 3.37%, 03/25/2025 (e)      100       98  
Hyundai Auto Lease Securitization Trust,     
Series 2021-C, Class A3, 0.38%, 09/16/2024 (e)      2,000       1,962  
Series 2023-A, Class A2A, 5.20%, 04/15/2025 (e)      900       898  
Master Credit Card Trust II, (Canada), Series 2023-1A, Class A, 4.70%, 06/21/2027 (e)      600       598  
Master Credit Card Trust, (Canada), Series 2021-1A, Class A, 0.53%, 11/21/2025 (e)      900       854  
Navient Private Education Loan Trust, Series 2018-BX, Class A2B, Reg. S, (ICE LIBOR USD 1 Month + 0.72%), 5.40%, 12/15/2059 (aa)      927       915  
Nelnet Student Loan Trust, Series 2019-2A, Class A, (ICE LIBOR USD 1 Month + 0.90%), 5.75%, 06/27/2067 (e) (aa)      876       862  
Oscar US Funding XI LLC, (Japan), Series 2019-2A, Class A4, 2.68%, 09/10/2026 (e)      200       197  
Oscar US Funding XIII LLC, (Japan), Series 2021-2A, Class A2, 0.39%, 08/12/2024 (e)      150       150  
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 5.64%, 07/25/2035 (aa)      682       670  
Pawnee Equipment Receivables Series LLC,     
Series 2021-1, Class A2, 1.10%, 07/15/2027 (e)      702       674  
Series 2022-1, Class A2, 4.84%, 02/15/2028 (e)      816       811  
PRET LLC,     
Series 2021-NPL3, Class A1, SUB, 1.87%, 07/25/2051 (e)      765       707  
Series 2021-NPL6, Class A1, SUB, 2.49%, 07/25/2051 (e)      438       412  
Pretium Mortgage Credit Partners LLC, Series 2021-RN1, Class A1, SUB, 1.99%, 02/25/2061 (e)      243       227  
Santander Drive Auto Receivables Trust, Series 2022-2, Class A2, 2.12%, 10/15/2026      4       4  
SLM Student Loan Trust, Series 2004-10, Class A7B, (ICE LIBOR USD 3 Month + 0.60%), 5.42%, 10/25/2029 (e) (aa)      691       684  
SMB Private Education Loan Trust,     
Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e)      342       329  
Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e)      487       436  
Towd Point Asset Trust, Series 2021-SL1, Class A2, (ICE LIBOR USD 1 Month + 0.70%), 5.46%, 11/20/2061 (e) (aa)      186       182  
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e)      1,800       1,671  
Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2A, 3.83%, 08/15/2025      1,481       1,467  
World Omni Auto Receivables Trust, Series 2023-A, Class A2A, 5.18%, 07/15/2026      1,000       1,001  
    

 

 

  
Total Asset-Backed Securities
(Cost $40,819)		        40,059  
    

 

 

  
Collateralized Mortgage Obligations — 2.4%     
Avon Finance No. 2 plc, (United Kingdom), Series 2X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 5.07%, 09/20/2048 (aa)    GBP   126       155  
Brass NO 8 plc, (United Kingdom), Series 8A, Class A1, (ICE LIBOR USD 3 Month + 0.70%), 5.57%, 11/16/2066 (e) (aa)      27       27  
Canterbury Finance No 1 plc, (United Kingdom), Series 1, Class A2, Reg. S, (SONIA Interest Rate Benchmark + 1.35%), 5.43%, 05/16/2056 (aa)    GBP   185       228  

Six Circles Tax Aware Ultra Short Duration 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 ($)      
Collateralized Mortgage Obligations — continued     
Cheshire plc, (United Kingdom), Series 2020-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 4.99%, 08/20/2045 (aa)    GBP   438       535  
CSMC Trust, Series 2021-RPL4, Class A1, 1.80%, 12/27/2060 (e) (z)      309       286  
Finsbury Square plc, (United Kingdom), Series 2020-2A, Class A, (SONIA Interest Rate Benchmark + 1.30%), 5.46%, 06/16/2070 (e) (aa)    GBP   193       238  
FNMA REMICS,     
Series 2020-29, Class FC, (ICE LIBOR USD 1 Month + 0.80%), 3.79%, 05/25/2050 (aa)      1,675       1,679  
Series 2022-8, Class D, 2.00%, 08/25/2038      1,504       1,371  
GCAT LLC, Series 2020-3, Class A1, SUB, 2.98%, 09/25/2025 (e)      613       596  
GNMA,     
Series 2015-H04, Class FA, (ICE LIBOR USD 1 Month + 0.65%), 5.22%, 12/20/2064 (aa)      1,130       1,113  
Series 2017-121, Class PE, 3.00%, 07/20/2046      189       181  
Series 2018-H18, Class FC, (ICE LIBOR USD 1 Month + 0.35%), 4.92%, 08/20/2065 (aa)      1,133       1,126  
Series 2019-54, Class KF, (ICE LIBOR USD 1 Month + 0.42%), 5.08%, 05/20/2044 (aa)      425       406  
Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 6.06%, 06/20/2071 (aa)      1,469       1,507  
Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa)      928       831  
Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 4.91%, 01/20/2072 (aa)      782       756  
Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 5.46%, 01/20/2073 (aa)      406       406  
GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z)      254       231  
Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 1.75%, 07/25/2061 (e)      1,292       1,188  
MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z)      424       371  
New Residential Mortgage Loan Trust,     
Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z)      113       105  
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z)      268       246  
Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z)      592       530  
Silverstone Master Issuer plc, (United Kingdom), Series 2022-1A, Class 1A, (United States SOFR + 0.38%), 4.97%, 01/21/2070 (e) (aa)      700       697  
Starwood Mortgage Residential Trust,     
Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z)      239       224  
Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z)      310       276  
Stratton Mortgage Funding, (United Kingdom), Series 2021-2A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 4.79%, 07/20/2060 (e) (aa)    GBP   137       168  
Towd Point Mortgage Funding, (United Kingdom), Series 2019-A13A, Class A1, (SONIA Interest Rate Benchmark + 1.35%), 5.24%, 07/20/2045 (e) (aa)    GBP   559       685  
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (ICE LIBOR USD 1 Month + 1.00%), 5.85%, 05/25/2058 (e) (aa)      292       288  
    

 

 

  
Total Collateralized Mortgage Obligations
(Cost $17,344)		        16,450  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration 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 ($)      
Commercial Mortgage-Backed Securities — 1.3%     
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, (ICE LIBOR USD 1 Month + 0.88%), 5.60%, 09/15/2034 (e) (aa)      500       485  
AREIT Trust, Series 2019-CRE3, Class A, (CME Term SOFR 1 Month + 1.38%), 6.04%, 09/14/2036 (e) (aa)      21       20  
AREIT Trust, (Cayman Islands),     
Series 2021-CRE5, Class A, (ICE LIBOR USD 1 Month + 1.08%), 5.79%, 11/17/2038 (e) (aa)      428       416  
Series 2022-CRE6, Class A, (United States 30 Day Average SOFR + 1.25%), 5.81%, 01/16/2037 (e) (aa)      843       817  
Ashford Hospitality Trust, Series 2018-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.00%), 5.69%, 06/15/2035 (e) (aa)      500       484  
BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class A, (ICE LIBOR USD 1 Month + 1.05%), 5.73%, 04/15/2036 (e) (aa)      400       393  
BDS LLC, Series 2022-FL12, Class A, (CME Term SOFR 1 Month + 2.14%), 6.83%, 08/19/2038 (e) (aa)      900       899  
BWAY Mortgage Trust, Series 2021-1450, Class A, (ICE LIBOR USD 1 Month + 1.25%), 5.93%, 09/15/2036 (e) (aa)      500       486  
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058      607       584  
Citigroup Commercial Mortgage Trust, Series 2021-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.18%), 5.86%, 10/15/2036 (e) (aa)      900       863  
MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 5.90%, 12/15/2034 (e) (aa)      900       850  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class AAB, 3.85%, 08/15/2046      28       28  
Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (ICE LIBOR USD 1 Month + 1.00%), 5.68%, 05/15/2036 (e) (aa)      700       673  
Natixis Commercial Mortgage Securities Trust, Series 2022-RRI, Class A, (CME Term SOFR 1 Month + 1.82%), 6.65%, 03/15/2035 (e) (aa)      782       756  
Sage AR Funding No. 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Interest Rate Benchmark + 1.25%), 5.33%, 11/17/2030 (e) (aa)    GBP   800       953  
SREIT Trust, Series 2021-IND, Class A, (ICE LIBOR USD 1 Month + 0.70%), 5.38%, 10/15/2038 (e) (aa)      100       96  
VMC Finance LLC, Series 2021-FL4, Class A, (ICE LIBOR USD 1 Month + 1.10%), 5.86%, 06/16/2036 (e) (aa)      297       289  
    

 

 

  
Total Commercial Mortgage-Backed Securities
(Cost $9,477)		        9,092  
    

 

 

  
Corporate Bonds — 13.7%     
Communications — 1.0%     
Internet — 0.0% (g)     
SK Broadband Co. Ltd., (South Korea), Reg. S, 3.88%, 08/13/2023      200       199  
    

 

 

  
Media — 0.3%     
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.50%, 02/01/2024      300       297  
(ICE LIBOR USD 3 Month + 1.65%), 6.46%, 02/01/2024 (aa)      1,700       1,706  
    

 

 

  
       2,003  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration 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 ($)      

Corporate Bonds — continued

     
Telecommunications — 0.7%     
AT&T, Inc.,     
Reg. S, 3.45%, 09/19/2023    AUD   800       533  
Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 4.94%, 09/19/2023 (aa)    AUD   800       536  
(ICE LIBOR USD 3 Month + 1.18%), 6.33%, 06/12/2024 (aa)      800       803  
British Telecommunications plc, (United Kingdom), 4.50%, 12/04/2023      400       397  
SES SA, (Luxembourg), 3.60%, 04/04/2023 (e)      1,400       1,400  
Verizon Communications, Inc., (ICE LIBOR USD 3 Month + 1.10%), 5.96%, 05/15/2025 (aa)      900       902  
    

 

 

  
       4,571  
    

 

 

  
Total Communications        6,773  
    

 

 

  
Consumer Cyclical — 1.0%     
Auto Manufacturers — 0.9%     
General Motors Financial Co., Inc., 3.70%, 05/09/2023      1,200       1,198  
Hyundai Capital America,     
0.80%, 04/03/2023 (e)      1,200       1,200  
Reg. S, 0.80%, 04/03/2023      250       250  
0.80%, 01/08/2024 (e)      1,200       1,156  
Reg. S, 1.25%, 09/18/2023      100       98  
Reg. S, 4.13%, 06/08/2023      400       399  
Stellantis NV, (Netherlands), 5.25%, 04/15/2023      1,700       1,699  
Volkswagen Financial Services Australia Pty Ltd., (Australia), Reg. S, 3.10%, 04/17/2023    AUD   700       468  
    

 

 

  
       6,468  
    

 

 

  
Retail — 0.1%     
McDonald’s Corp., Reg. S, (BBSW ASX Australian 3 Month + 1.13%), 4.76%, 03/08/2024 (aa)    AUD   600       402  
    

 

 

  
Total Consumer Cyclical        6,870  
Consumer Non-cyclical — 1.1%     
Beverages — 0.0% (g)     
JDE Peet’s NV, (Netherlands), 0.80%, 09/24/2024 (e)      400       373  
    

 

 

  
Commercial Services — 0.1%     
Transurban Queensland Finance Pty Ltd., (Australia), Reg. S, (BBSW ASX Australian 3 Month + 2.05%), 5.71%, 12/16/2024 (aa)    AUD   1,000       675  
    

 

 

  
Healthcare - Products — 0.2%     
Baxter International, Inc., (SOFR Compounded Index + 0.26%), 5.04%, 12/01/2023 (aa)      500       497  
Thermo Fisher Scientific, Inc., (SOFR Compounded Index + 0.39%), 4.98%, 10/18/2023 (aa)      770       768  
    

 

 

  
       1,265  
    

 

 

  
Healthcare - Services — 0.3%     
HCA, Inc., 5.00%, 03/15/2024      2,000       1,988  
    

 

 

  
Pharmaceuticals — 0.5%     
Bayer US Finance II LLC, (ICE LIBOR USD 3 Month + 1.01%), 5.88%, 12/15/2023 (e) (aa)      3,500       3,496  
    

 

 

  
Total Consumer Non-cyclical        7,797  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration 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 ($)      
Corporate Bonds — continued     
Energy — 0.5%     
Oil & Gas — 0.3%     
Eni SpA, (Italy), Series X-R, 4.00%, 09/12/2023 (e)      1,000       992  
Woodside Finance Ltd., (Australia), Reg. S, 3.70%, 09/15/2026      1,000       958  
    

 

 

  
       1,950  
    

 

 

  
Pipelines — 0.2%     
Kinder Morgan, Inc., 5.63%, 11/15/2023 (e)      1,500       1,499  
    

 

 

  
Total Energy        3,449  
    

 

 

  
Financial — 6.8%     
Banks — 6.1%     
Aozora Bank Ltd., (Japan), Reg. S, 1.05%, 09/09/2024      1,100       1,029  
Banco Bilbao Vizcaya Argentaria SA, (Spain), 0.88%, 09/18/2023      1,800       1,759  
Bank of America Corp.,     
(United States SOFR + 1.46%), 1.49%, 05/19/2024 (aa)      880       875  
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 07/23/2024 (aa)      500       497  
Bank of Nova Scotia (The), (Canada), Series FRN, (SOFR Compounded Index + 0.45%), 5.03%, 04/15/2024 (aa)      500       497  
Barclays plc, (United Kingdom),     
Reg. S, (BBSW ASX Australian 3 Month + 1.80%), 5.46%, 06/15/2023 (aa)    AUD   750       502  
(ICE LIBOR USD 3 Month + 1.38%), 6.25%, 05/16/2024 (aa)      1,300       1,295  
BNP Paribas SA, (France),     
Reg. S, 3.80%, 01/10/2024      200       196  
(ICE LIBOR USD 3 Month + 2.24%), 4.71%, 01/10/2025 (e) (aa)      1,900       1,877  
Canadian Imperial Bank of Commerce, (Canada), 1.60%, 06/09/2023    AUD   1,500       998  
Citigroup, Inc., (BBSW ASX Australian 3 Month + 1.72%), 5.10%, 10/27/2023 (aa)    AUD   1,000       671  
Credit Suisse AG, (Switzerland), (BBSW ASX Australian 3 Month + 1.15%), 4.70%, 05/26/2023 (aa)    AUD   2,500       1,665  
Danske Bank A/S, (Denmark),     
Reg. S, 5.38%, 01/12/2024      1,100       1,090  
Reg. S, (ICE LIBOR USD 3 Month + 1.06%), 6.21%, 09/12/2023 (aa)      600       600  
Federation des Caisses Desjardins du Quebec, (Canada),     
0.70%, 05/21/2024 (e)      1,100       1,044  
2.05%, 02/10/2025 (e)      500       470  
First Abu Dhabi Bank PJSC, (United Arab Emirates), (BBSW ASX Australian 3 Month + 1.10%), 4.57%, 02/18/2025 (aa)    AUD   700       465  
Goldman Sachs Group, Inc. (The),     
Reg. S, (BBSW ASX Australian 3 Month + 1.55%), 4.90%, 05/02/2024 (aa)    AUD   500       335  
(ICE LIBOR USD 3 Month + 1.60%), 6.55%, 11/29/2023 (aa)      1,400       1,405  
HSBC Holdings plc, (United Kingdom),     
(ICE LIBOR USD 3 Month + 1.00%), 5.92%, 05/18/2024 (aa)      800       794  
(ICE LIBOR USD 3 Month + 1.23%), 6.38%, 03/11/2025 (aa)      1,000       1,000  
Lloyds Banking Group plc, (United Kingdom), 4.05%, 08/16/2023      1,390       1,380  
Mitsubishi UFJ Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.86%), 5.68%, 07/26/2023 (aa)      2,500       2,499  

Six Circles Tax Aware Ultra Short Duration 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 ($)      
Corporate Bonds — continued     
Banks — continued     
Mizuho Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.63%), 5.59%, 05/25/2024 (aa)      3,400       3,384  
Morgan Stanley, (United States SOFR + 0.46%), 5.11%, 01/25/2024 (aa)      2,000       1,994  
NatWest Group plc, (United Kingdom),     
(CMT Index 1 Year + 2.15%), 2.36%, 05/22/2024 (aa)      1,300       1,293  
(ICE LIBOR USD 3 Month + 1.55%), 6.68%, 06/25/2024 (aa)      700       699  
Nordea Bank Abp, (Finland), (ICE LIBOR USD 3 Month + 0.94%), 5.89%, 08/30/2023 (e) (aa)      200       200  
Oversea-Chinese Banking Corp. Ltd., (Singapore),     
(BBSW ASX Australian 3 Month + 0.26%), 3.76%, 08/12/2024 (aa)    AUD   1,000       665  
(BBSW ASX Australian 3 Month + 0.35%), 4.04%, 03/18/2024 (f) (aa)    AUD   500       334  
Societe Generale SA, (France),     
2.63%, 01/22/2025 (e)      800       749  
3.88%, 03/28/2024 (e)      500       488  
4.25%, 09/14/2023 (e)      500       494  
Standard Chartered plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.56%), 3.79%, 05/21/2025 (e) (aa)      1,700       1,665  
Sumitomo Mitsui Financial Group, Inc., (Japan), Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 4.60%, 10/16/2024 (aa)    AUD   2,400       1,601  
Sumitomo Mitsui Trust Bank Ltd., (Japan), 0.80%, 09/16/2024 (e)      400       376  
Toronto-Dominion Bank (The), (Canada), (United States SOFR + 0.45%), 5.30%, 09/28/2023 (aa)      2,000       1,998  
UBS AG, (Switzerland), Reg. S, (BBSW ASX Australian 3 Month + 0.87%), 4.25%, 07/30/2025 (aa)    AUD   2,200       1,462  
Wells Fargo & Co., (United States SOFR + 1.32%), 5.96%, 04/25/2026 (aa)      1,200       1,201  
    

 

 

  
       41,546  
    

 

 

  
Diversified Financial Services — 0.6%     
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.50%, 09/15/2023      1,100       1,090  
Aviation Capital Group LLC, 3.88%, 05/01/2023 (e)      600       598  
Mitsubishi HC Capital, Inc., (Japan), 3.56%, 02/28/2024 (e)      350       343  
Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025      2,300       2,103  
ORIX Corp., (Japan), 3.25%, 12/04/2024      400       386  
    

 

 

  
       4,520  
    

 

 

  
Savings & Loans — 0.1%     
Nationwide Building Society, (United Kingdom), 0.55%, 01/22/2024 (e)      400       385  
    

 

 

  
Total Financial        46,451  
    

 

 

  
Industrial — 1.0%     
Aerospace/Defense — 0.4%     
Boeing Co. (The),     
1.43%, 02/04/2024      1,000       966  
4.51%, 05/01/2023      1,400       1,400  
    

 

 

  
       2,366  
    

 

 

  
Machinery - Construction & Mining — 0.1%     
Komatsu Finance America, Inc., Reg. S, 0.85%, 09/09/2023      1,000       981  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration 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 ($)      
Corporate Bonds — continued     
Machinery - Diversified — 0.3%     
CNH Industrial NV, (Netherlands), 4.50%, 08/15/2023      1,700       1,691  
    

 

 

  
Trucking & Leasing — 0.2%     
SMBC Aviation Capital Finance DAC, (Ireland), Reg. S, 4.13%, 07/15/2023      1,500       1,490  
    

 

 

  
Total Industrial        6,528  
    

 

 

  
Technology — 0.5%     
Computers — 0.1%     
Dell International LLC / EMC Corp., 5.45%, 06/15/2023      600       600  
    

 

 

  
Semiconductors — 0.2%     
SK Hynix, Inc., (South Korea),     
1.00%, 01/19/2024 (e)      300       289  
Reg. S, 1.00%, 01/19/2024      1,000       964  
    

 

 

  
       1,253  
    

 

 

  
Software — 0.2%     
VMware, Inc., 0.60%, 08/15/2023      1,300       1,275  
    

 

 

  
Total Technology        3,128  
    

 

 

  
Utilities — 1.8%     
Electric — 1.8%     
American Electric Power Co., Inc., Series A, (ICE LIBOR USD 3 Month + 0.48%), 5.29%, 11/01/2023 (aa)      1,300       1,294  
Ausgrid Finance Pty Ltd., (Australia), 3.85%, 05/01/2023 (e)      700       699  
Dominion Energy, Inc., Series D, (ICE LIBOR USD 3 Month + 0.53%), 5.40%, 09/15/2023 (aa)      800       797  
Enel Finance International NV, (Netherlands),     
2.65%, 09/10/2024 (e)      1,800       1,737  
4.25%, 06/15/2025 (e)      300       293  
Israel Electric Corp. Ltd., (Israel),     
6.88%, 06/21/2023 (e)      500       500  
Series 6, Reg. S, 5.00%, 11/12/2024 (e)      300       297  
Kansai Electric Power Co., Inc. (The), (Japan), Reg. S, 2.55%, 09/17/2024      1,800       1,728  
Pacific Gas and Electric Co.,     
1.70%, 11/15/2023      200       195  
3.25%, 06/15/2023      200       199  
3.75%, 02/15/2024      100       98  
3.85%, 11/15/2023      400       394  
4.25%, 08/01/2023      800       796  
Southern California Edison Co., (SOFR Compounded Index + 0.64%), 5.14%, 04/03/2023 (aa)      1,700       1,700  
Southern Co. (The), Series 2021, (SOFR Compounded Index + 0.37%), 5.09%, 05/10/2023 (aa)      1,400       1,398  
    

 

 

  
Total Utilities        12,125  
    

 

 

  
Total Corporate Bonds
(Cost $95,228)		        93,121  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration 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 ($)      
Foreign Government Securities — 0.7%     
Export-Import Bank of Korea, (South Korea), 4.88%, 01/11/2026      800       805  
International Bank for Reconstruction & Development, (Supranational), 0.65%, 02/10/2026      3,400       3,059  
Korea National Oil Corp., (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.88%), 5.67%, 07/16/2023 (aa)      500       500  
    

 

 

  
Total Foreign Government Securities
(Cost $4,699)		        4,364  
    

 

 

  
Municipal Bonds — 68.3% (t)     
Alaska — 0.5%     
Alaska Housing Finance Corp., Home Mortgage, Series B, Rev., VRDO, 3.90%, 04/07/2023 (z)      2,400       2,400  
Alaska Municipal Bond Bank Authority, Series 4, Rev., AMT, 5.00%, 12/01/2024      1,215       1,251  
    

 

 

  
       3,651  
    

 

 

  
Arizona — 1.9%     
Arizona State University, Series A, Rev., VRDO, 4.00%, 04/07/2023 (z)      13,295       13,295  
    

 

 

  
California — 4.4%     
City of Los Angeles Department of Airports, Green Bonds Subordinated, Rev., AMT, 5.00%, 05/15/2025 (w)      750       780  
City of Los Angeles Department of Airports, Senior Bonds Green Bond Project, Rev., AMT, 5.00%, 05/15/2025      2,475       2,577  
San Francisco City & County Airport Commission International Airport, Revenue Refunding, Second Series, Series A, Rev., AMT, 5.00%, 05/01/2025      3,000       3,107  
San Francisco City & County Airport Comm-San Francisco International Airport, Series B, Rev., VRDO, LOC: Barclays Bank plc, 3.50%, 04/07/2023 (z)      19,265       19,265  
State of California, Series C3, GO, VRDO, LOC: U.S. Bank NA, 3.30%, 04/07/2023 (z)      1,445       1,445  
West Valley-Mission Community College District, GO, 5.00%, 08/01/2024      3,000       3,097  
    

 

 

  
       30,271  
    

 

 

  
Connecticut — 3.1%     
Connecticut Housing Finance Authority, Series B3, Rev., VRDO, 3.88%, 04/07/2023 (z)      5,680       5,680  
Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issuer, Rev., 4.00%, 07/01/2023      550       551  
Connecticut State Health & Educational Facilities Authority, Yale University,     
Series A, Rev., VRDO, 3.50%, 04/01/2023 (z)      10,000       10,000  
Series V1, Rev., VRDO, 3.50%, 04/01/2023 (z)      3,500       3,500  
State of Connecticut Special Tax Revenue, Series A, Rev., 4.00%, 05/01/2023      1,530       1,531  
    

 

 

  
       21,262  
    

 

 

  
District of Columbia — 1.5%     
District of Columbia, Rev., VRDO, LOC: Wells Fargo Bank NA, 3.95%, 04/07/2023 (z)      2,325       2,325  
District of Columbia, Georgetown University, Series B2, Rev., VRDO, LOC: Bank of America NA, 3.85%, 04/07/2023 (z)      3,495       3,495  
District of Columbia, Georgetown University (The), Series B1, Rev., VRDO, LOC: Bank of America NA, 3.85%, 04/07/2023 (z)      1,915       1,915  

Six Circles Tax Aware Ultra Short Duration 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 ($)      
Municipal Bonds — continued     
District of Columbia — continued     
Metropolitan Washington Airports Authority Aviation Revenue,     
Series A, Rev., AMT, 5.00%, 10/01/2025      1,665       1,745  
Series B, Rev., 5.00%, 10/01/2025      1,030       1,093  
    

 

 

  
       10,573  
    

 

 

  
Florida — 5.6%     
Central Florida Expressway Authority, Senior Lien, Rev., AGM, 5.00%, 07/01/2023      1,000       1,006  
County of Miami-Dade Seaport Department, Senior Bonds, Series A, Rev., AMT, 5.00%, 10/01/2025      1,500       1,569  
Florida Gulf Coast University Financing Corp., Parking Project, Series A, Rev., VRDO, LOC: TD Bank NA, 3.95%, 04/07/2023 (z)      3,215       3,215  
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 3.97%, 04/07/2023 (z)      2,800       2,800  
JEA Water & Sewer System Revenue,     
Series A, Rev., 5.00%, 10/01/2024      3,750       3,838  
Series B1, Rev., VRDO, 4.02%, 04/07/2023 (z)      8,385       8,385  
Orange County Health Facilities Authority, Nemours Foundation, Series B, Rev., VRDO, LOC: Northern Trust Co., 3.78%, 04/07/2023 (z)      15,545       15,545  
State of Florida Lottery Revenue, Lottery, Series A, Rev., 5.00%, 07/01/2025      2,000       2,109  
    

 

 

  
       38,467  
    

 

 

  
Georgia — 0.3%     
City of Atlanta, Department of Aviation, Series C, Rev., AMT, 5.00%, 07/01/2024      615       629  
Main Street Natural Gas, Inc., Series A, Rev., 5.00%, 06/01/2025      700       714  
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, Rev., AGM, 5.00%, 07/01/2025      550       578  
    

 

 

  
       1,921  
    

 

 

  
Idaho — 0.7%     
Idaho Health Facilities Authority, St. Luke’s Health System Obligated Group, Rev., VRDO, LOC: U.S. Bank NA, 3.80%, 04/01/2023 (z)      4,500       4,500  
    

 

 

  
Illinois — 2.4%     
County of Cook,     
Series A, GO, 5.00%, 11/15/2023      2,250       2,277  
Series A, GO, 5.00%, 11/15/2024      5,000       5,162  
Illinois Finance Authority, The Catherine Cook School Project, Rev., VRDO, LOC: Northern Trust Co., 4.10%, 04/07/2023 (z)      1,770       1,770  
Railsplitter Tobacco Settlement Authority, Rev., 5.00%, 06/01/2024      1,005       1,028  
Sales Tax Securitization Corp., Rev., 5.00%, 01/01/2025      3,250       3,374  
Sales Tax Securitization Corp., Second Lien, Series A, Rev., 5.00%, 01/01/2024      2,700       2,743  
    

 

 

  
       16,354  
    

 

 

  
Indiana — 0.8%     
Indiana Finance Authority, Sisters St Francis I, Rev., VRDO, LOC: Barclays Bank plc, 3.75%, 04/01/2023 (z)      4,000       4,000  
Indiana Municipal Power Agency, Series B, Rev., VRDO, LOC: U.S. Bank NA, 3.80%, 04/01/2023 (z)      1,300       1,300  
    

 

 

  
       5,300  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration 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 ($)      
Municipal Bonds — continued     
Kansas — 0.3%     
Johnson County Unified School District No. 512 Shawnee Mission, Series A, GO, 5.00%, 10/01/2025      1,935       2,054  
    

 

 

  
Maine — 0.1%     
Maine Health & Higher Educational Facilities Authority, Series A, Rev., AGM, 5.00%, 07/01/2023      550       553  
    

 

 

  
Maryland — 1.1%     
Washington Suburban Sanitary Commission, Series A, Rev., CNTY GTD, BAN, VRDO, 3.98%, 04/07/2023 (z)      7,700       7,700  
    

 

 

  
Massachusetts — 1.8%     
Commonwealth of Massachusetts,     
Series A, GO, 5.00%, 01/01/2025      2,000       2,086  
Series B, GO, 5.00%, 07/01/2023      4,650       4,678  
Massachusetts Development Finance Agency, Partners Healthcare System, Inc., Series K1, Rev., VRDO, 3.95%, 04/07/2023 (z)      5,700       5,700  
    

 

 

  
       12,464  
    

 

 

  
Michigan — 2.2%     
University of Michigan, Series D1, Rev., VRDO, 3.70%, 04/01/2023 (z)      2,170       2,170  
Wayne County Airport Authority, Rev., AMT, 4.00%, 12/01/2023 (e)      12,715       12,772  
    

 

 

  
       14,942  
    

 

 

  
Minnesota — 2.5%     
City of Rochester, Mayo Clinic,     
Series A, Rev., VRDO, 4.00%, 04/07/2023 (z)      13,000       13,000  
Series B, Rev., VRDO, 4.00%, 04/07/2023 (z)      3,900       3,900  
    

 

 

  
       16,900  
    

 

 

  
Missouri — 1.4%     
City of Kansas City, Series A, GO, 5.00%, 02/01/2026      900       965  
City of St. Louis, Airport Revenue, Series A, Rev., AGM, 5.00%, 07/01/2024      2,000       2,053  
Health & Educational Facilities Authority of the State of Missouri, SSM Healthcare,     
Series A, Rev., 5.00%, 06/01/2024      2,380       2,436  
Series F, Rev., VRDO, 3.75%, 04/01/2023 (z)      4,235       4,235  
    

 

 

  
       9,689  
    

 

 

  
New Hampshire — 0.4%     
New Hampshire Health and Education Facilities Authority Act, Bishop Guertin High School, Rev., VRDO, LOC: TD Bank NA, 4.00%, 04/07/2023 (z)      1,965       1,965  
New Hampshire Health and Education Facilities Authority Act, University System of New Hampshire, Series B, Rev., VRDO, 3.75%, 04/01/2023 (z)      1,000       1,000  
    

 

 

  
       2,965  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration 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 ($)      
Municipal Bonds — continued     
New Jersey — 1.9%     
Jersey City Redevelopment Agency, Bayfront Redevelopment Project, Rev., 4.00%, 12/15/2024      5,350       5,469  
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group, Rev., 5.00%, 07/01/2024      6,930       7,100  
New Jersey Higher Education Student Assistance Authority, Series B, Rev., AMT, 5.00%, 12/01/2023      300       304  
    

 

 

  
       12,873  
    

 

 

  
New Mexico — 2.5%     
New Mexico Educational Assistance Foundation, Series 1A, Rev., AMT, 5.00%, 09/01/2024      6,750       6,912  
New Mexico Finance Authority, Subordinate, Series A, Rev., 5.00%, 06/15/2025      2,795       2,946  
University of New Mexico (The), System Improvement, Rev., VRDO, 3.90%, 04/07/2023 (z)      7,045       7,045  
    

 

 

  
       16,903  
    

 

 

  
New York — 8.4%     
City of New York, Fiscal 2018, Series B, GO, VRDO, 3.65%, 04/01/2023 (z)      12,000       12,000  
City of New York, Fiscal 2021, Series C, GO, 5.00%, 08/01/2024      1,015       1,047  
City of New York, Fiscal Year 2017, Series A4, GO, VRDO, LOC: Citibank NA, 3.96%, 04/07/2023 (z)      1,090       1,090  
City of New York, Fiscal Year 2018, Series B, GO, VRDO, 3.65%, 04/01/2023 (z)      5,000       5,000  
Metropolitan Transportation Authority, Series A1, Rev., VRDO, LOC: TD Bank NA, 3.60%, 04/01/2023 (z)      1,000       1,000  
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated, Series E1, Rev., 5.00%, 11/01/2025      7,000       7,457  
New York City Transitional Finance Authority, Future Tax Secured Revenue,     
Rev., VRDO, 3.75%, 04/01/2023 (z)      3,000       3,000  
Rev., 5.00%, 11/01/2023      1,000       1,013  
New York State Dormitory Authority,     
Series A, Rev., AGM, 4.00%, 10/01/2023      1,150       1,157  
Series B, Rev., 4.00%, 10/01/2023      2,805       2,822  
New York State Dormitory Authority, School Districts Financing Program, Rev., 5.00%, 10/01/2023      1,245       1,259  
New York State Dormitory Authority, St Johns University, Series A, Rev., 5.00%, 07/01/2023      500       503  
New York State Dormitory Authority, Unrefunded General Purpose, Rev., 5.00%, 02/15/2026      6,590       7,068  
New York State Urban Development Corp., Rev., 5.00%, 03/15/2024      1,630       1,669  
Port Authority of New York & New Jersey, Series 207, Rev., AMT, 5.00%, 09/15/2024      3,000       3,078  
Triborough Bridge & Tunnel Authority, Series B3, Rev., VRDO, LOC: State Street Bank & Trust Co., 3.65%, 04/01/2023 (z)      1,430       1,430  
Triborough Bridge & Tunnel Authority, MTA Bridges And Tunnels, Rev., 5.00%, 11/15/2025      6,455       6,871  
    

 

 

  
       57,464  
    

 

 

  
North Carolina — 0.5%     
North Carolina Turnpike Authority, Rev., BAN, 5.00%, 02/01/2024 (p)      3,000       3,053  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration 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 ($)      
Municipal Bonds — continued     
Ohio — 4.2%     
County of Franklin, Facilities, OhioHealth Corp., Series D, Rev., VRDO, LOC: Northern Trust Co., 4.00%, 04/07/2023 (z)      2,100       2,100  
Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System Obligated Group, Series B3, Rev., VRDO, 3.80%, 04/01/2023 (z)      5,000       5,000  
Ohio State University (The), Series B2, Rev., VRDO, 3.80%, 04/07/2023 (z)      6,725       6,725  
State of Ohio, Cleveland Clinic Health System, Rev., VRDO, 3.95%, 04/07/2023 (z)      14,000       14,000  
State of Ohio, Mental Health Facilities Improvement, Series A, Rev., 5.00%, 02/01/2024      500       510  
    

 

 

  
       28,335  
    

 

 

  
Oklahoma — 0.6%     
Oklahoma Municipal Power Authority, Power Supply System, Series A, Rev., AGM, 5.00%, 01/01/2026      3,500       3,729  
    

 

 

  
Oregon — 1.0%     
Oregon State Lottery, Series A, Rev., 5.00%, 04/01/2024      1,100       1,126  
Portland Community College District, GO, 5.00%, 06/15/2025      3,235       3,414  
Washington & Multnomah Counties School District No. 48J Beaverton, Series B, GO, SCH BD GTY, 5.00%, 06/15/2024      2,000       2,057  
    

 

 

  
       6,597  
    

 

 

  
Pennsylvania — 0.4%     
City of Philadelphia Water & Wastewater Revenue, Series C, Rev., 5.00%, 06/01/2025      1,355       1,421  
Lancaster Higher Education Authority, Harrisburg Area Community, Rev., BAM, 5.00%, 10/01/2023      600       607  
Pennsylvania Economic Development Financing Authority, Series A, Rev., 4.00%, 10/15/2023      700       704  
    

 

 

  
       2,732  
    

 

 

  
Texas — 10.9%     
Austin Independent School District, GO, 5.00%, 08/01/2025      4,500       4,755  
Board of Regents of the University of Texas System, Financing System, Series B, Rev., VRDO, LIQ: University of Texas Investment Management Co, 3.85%, 04/07/2023 (z)      23,400       23,400  
City of Garland Electric Utility System Revenue, Series A, Rev., 5.00%, 03/01/2025      2,190       2,281  
City of Houston Combined Utility System Revenue, Combined First Lien, Rev., VRDO, 3.90%, 04/07/2023 (z)      16,000       16,000  
City of Houston Combined Utility System Revenue, Rev., VRDO, (SIFMA Municipal Swap Index + 0.01%), 3.90%, 04/07/2023 (aa)      5,000       5,000  
City of Wichita Falls Water & Sewer System Revenue, Rev., 5.00%, 08/01/2024      1,540       1,589  
Harris County Toll Road Authority, First Lien, Rev., 5.00%, 08/15/2023      1,600       1,614  
Cypress-Fairbanks Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2025      2,140       2,237  
Fort Worth Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2025      1,150       1,202  
Lower Colorado River Authority, LCRA Transmission Services Corp., Rev., 5.00%, 05/15/2023      1,200       1,203  
Plano Independent School District, GO, 5.00%, 02/15/2025      3,600       3,764  
San Antonio Independent School District, GO, PSF-GTD, 5.00%, 08/15/2024      1,375       1,420  
State of Texas, Transportation Commission Highway, GO, 5.00%, 04/01/2025      3,000       3,142  
Texas A&M University, Financing System, Series E, Rev., 5.00%, 05/15/2025      3,000       3,158  
Texas Public Finance Authority, Rev., 5.00%, 02/01/2025      2,980       3,113  
    

 

 

  
       73,878  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration 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 ($)      
Municipal Bonds — continued     
Utah — 0.5%     
Central Valley Water Reclamation Facility, Green Bond, Series C, Rev., 5.00%, 03/01/2024      500       511  
City of Salt Lake City Public Utilities Revenue, Rev., 5.00%, 02/01/2025      1,550       1,619  
University of Utah, Green Bonds, Series A, Rev., 5.00%, 08/01/2025      925       980  
    

 

 

  
       3,110  
    

 

 

  
Virginia — 3.2%     
Albemarle County Economic Development Authority, Sentara Martha Jefferson, Rev., VRDO, 3.80%, 04/01/2023 (z)      4,350       4,350  
Norfolk Economic Development Authority, Sentara Healthcare Obligated Group,     
Series A, Rev., VRDO, 4.00%, 04/07/2023 (z)      6,700       6,700  
Series B, Rev., VRDO, 3.90%, 04/07/2023 (z)      9,440       9,440  
Virginia College Building Authority, 21st Century College, Series E1, Rev., 5.00%, 02/01/2024      1,285       1,311  
    

 

 

  
       21,801  
    

 

 

  
Washington — 3.2%     
Central Puget Sound Regional Transit Authority, Green Bonds, Series S1, Rev., 5.00%, 11/01/2025      5,000       5,325  
Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 4.00%, 04/07/2023 (z)      8,270       8,270  
Port of Seattle, Private Activity, Rev., AMT, 5.00%, 09/01/2025      6,885       7,209  
Snohomish County School District No. 6 Mukilteo, GO, SCH BD GTY, 5.00%, 12/01/2023      1,000       1,016  
    

 

 

  
       21,820  
    

 

 

  
Total Municipal Bonds
(Cost $467,253)		        465,156  
    

 

 

  
U.S. Government Agency Securities — 2.7%     
FHLBs,     
1.11%, 07/27/2026      600       545  
5.48%, 02/26/2025      2,000       1,996  
5.71%, 03/14/2025      2,000       2,001  
FHLMC,     
5.36%, 11/22/2024      1,700       1,697  
5.65%, 03/07/2025      4,000       4,003  
5.68%, 04/03/2025 (w)      2,000       2,003  
5.73%, 04/03/2025 (w)      2,000       2,003  
5.82%, 03/20/2025      2,000       2,005  
5.95%, 03/21/2025      2,000       2,005  
    

 

 

  
Total U.S. Government Agency Securities
(Cost $18,300)		        18,258  
    

 

 

  
U.S. Treasury Obligation — 1.0%     
U.S. Treasury Note, 3.25%, 08/31/2024 (ii)
(Cost $6,834)		      6,900       6,793  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration 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 — 4.2%     
Commercial Papers — 0.5%     
American Electric Power Co., Inc., 5.02%, 04/11/2023 (e) (n)      900       898  
Edison International,     
5.59%, 05/11/2023 (e) (n)      250       248  
5.59%, 05/19/2023 (e) (n)      350       348  
NextEra Energy Capital Holdings, Inc.,     
5.64%, 05/08/2023 (e) (n)      1,050       1,044  
5.64%, 05/09/2023 (e) (n)      1,050       1,044  
    

 

 

  
Total Commercial Papers        3,582  
    

 

 

  
Corporate Bond — 0.5%     
Bank of Nova Scotia (The), 0.00%, 05/16/2023    CAD   4,900       3,603  
    

 

 

  
Foreign Government Security — 0.3%     
Japan Treasury Discount Bill, (Japan), Series 1142, Reg. S, Zero Coupon, 06/12/2023    JPY   280,000       2,110  
    

 

 

  
Municipal Bonds — 1.2% (t)     
City of Los Angeles, Rev., TRAN, 4.00%, 06/29/2023      5,000       5,016  
County of Los Angeles, Rev., TRAN, 4.00%, 06/30/2023      3,000       3,010  
    

 

 

  
Total Municipal Bonds        8,026  
    

 

 

  
Repurchase Agreement — 1.3%     
BNP Paribas Securities Corp., 4.92%, dated 03/31/2023 due 04/03/2023, repurchase price $8,604 collateralized by U.S. Treasury Security, 1.50%, due 01/31/2027, with a value of $8,800.      8,600       8,600  
    

 

 

  
Time Deposits — 0.3%     
Australia & New Zealand Banking Group Ltd.,     
2.20%, 04/03/2023    AUD   —  (h)      —  (h) 
4.18%, 04/03/2023      1,848       1,848  
BNP Paribas SA, 3.32%, 04/03/2023    CAD   250       185  
Brown Brothers Harriman & Co., 3.15%, 04/03/2023    GBP   7       9  
Citibank NA,     
1.91%, 04/03/2023    EUR   2       2  
4.18%, 04/03/2023      205       205  
    

 

 

  
Total Time Deposits        2,249  
    

 

 

  
U.S. Treasury Obligation — 0.1%     
U.S. Treasury Bill, Zero Coupon, 04/06/2023      494       494  
    

 

 

  
Total Short-Term Investments
(Cost $28,607)		        28,664  
    

 

 

  
Total Investments — 100.2%
(Cost - $688,561)*		        681,957  
Liabilities in Excess of Other Assets — (0.2)%        (1,141 ) 
    

 

 

  
NET ASSETS — 100.0%      $ 680,816  
    

 

 

  

 

Percentages indicated are based on net assets.

Six Circles Tax Aware Ultra Short Duration 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

             

SOFR 3 Month

      286       12/2023        USD        67,463       744  

Short Contracts

             

U.S. Treasury 2 Year Note

      (64 )      06/2023        USD        (13,115 )      (98 ) 

U.S. Treasury 5 Year Note

      (147 )      06/2023        USD        (15,760 )      (338 ) 

U.S. Treasury Ultra Bond

      (1 )      06/2023        USD        (137 )      (5 ) 

U.S. Ultra Treasury 10 Year Note

      (5 )      06/2023        USD        (590 )      (15 ) 
            

 

 

  
               (456 ) 
            

 

 

  

Total unrealized appreciation (depreciation)

                288  
            

 

 

  

Forward foreign currency exchange contracts outstanding as of March 31, 2023:

 

CURRENCY PURCHASED

     

      CURRENCY SOLD      

     

COUNTERPARTY

    SETTLEMENT
DATE		      UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

CAD

      640      USD      473      Bank of America, NA      04/04/2023        1  

GBP

      183      USD      223      Barclays Bank plc      04/04/2023        2  

USD

      2,902      GBP      2,349      Barclays Bank plc      05/02/2023        2  

USD

      11,970      AUD      17,287      Bank of America, NA      05/16/2023        396  

USD

      1,030      AUD      1,490      Bank of America, NA      05/16/2023        33  
                 

 

 

  

Total unrealized appreciation

 

            434  
        

 

 

  

USD

      875      CAD      1,190      Morgan Stanley & Co.      04/04/2023        (6 ) 

USD

      3,035      GBP      2,532      Bank of America, NA      04/04/2023        (89 ) 

GBP

      2,349      USD      2,900      Barclays Bank plc      04/04/2023        (2 ) 

USD

      473      CAD      640      Bank of America, NA      05/02/2023        (1 ) 

AUD

      389      USD      261      Bank of America, NA      05/16/2023        (– )(h) 

AUD

      1,516      USD      1,053      Morgan Stanley & Co.      05/16/2023        (38 ) 

USD

      3,613      CAD      4,900      Bank of America, NA      05/16/2023        (15 ) 

USD

      2,078      JPY      280,000      Barclays Bank plc      06/12/2023        (53 ) 
                 

 

 

  

Total unrealized depreciation

 

            (204 ) 
        

 

 

  

Net unrealized appreciation (depreciation)

 

            230  
        

 

 

  

Six Circles Tax Aware Ultra Short Duration 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)

 

Centrally Cleared Credit Default Swaps contracts outstanding – buy protection (1) as of March 31, 2023:

 

REFERENCE
OBLIGATION/
INDEX

    FINANCING RATE PAID
BY THE FUND(%)		     PAYMENT
FREQUENCY		      MATURITY
DATE		      IMPLIED
CREDIT
SPREAD
(%) (2)		     NOTIONAL
AMOUNT (3)		      UPFRONT
PAYMENTS
(RECEIPTS)
($) (4)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		     VALUE
($)		  

CDX.NA.IG.40-V1

      1.00 %      quarterly        06/20/2028        0.76 %      USD    11,700        (108 )      (29 )      (137 ) 
               

 

 

  

Total

 

        (108 )      (29 )      (137 ) 
    

 

 

  

 

(1) 

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

(2) 

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

(3) 

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

(4)

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

Six Circles Tax Aware Ultra Short Duration Fund

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

 

ASX

   —     Australian Stock Exchange

AGM

   —     Insured by Assured Guaranty Municipal Corp.

AMT

   —     Alternative Minimum Tax

BAM

   —     Insured by Build America Mutual

BAN

   —     Bond Anticipation Note

BBSW

   —     Bank Bill Swap Rate

CDX

   —     Credit Default Swap Index

CNTY

   —     County

FHLB

   —     Federal Home Loan Bank

FHLMC

   —     Federal Home Loan Mortgage Corp.

FNMA

   —     Federal National Mortgage Association

GNMA

   —     Government National Mortgage Association

GO

   —     General Obligation

GTD

   —     Guaranteed

ICE

   —     Intercontinental Exchange

LIBOR

   —     London Interbank Offered Rate

LIQ

   —     Liquidity Agreement

LOC

   —     Letter of Credit

PSF

   —     Permanent School Fund

Reg. S

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

REMICS

   —     Real Estate Mortgage Investment Conduit

Rev.

   —     Revenue

SCH BD GTY

   —     School Bond Guaranty

SIFMA

   —     Securities Industry and Financial Markets Association

SOFR

   —     Secured Overnight Financing Rate

SONIA

   —     Sterling Overnight Interbank Average Rate

SUB

   —     Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2023.

TRAN

   —     Tax & Revenue Anticipation Note

VRDO

   —     Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of March 31, 2023.

(e)

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

(f)

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

(g)

   —     Amount rounds to less than 0.05%.

(h)

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

Six Circles Tax Aware Ultra Short Duration 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 (continued)

 

(n)

   —     The rate shown is the effective yield as of March 31, 2023.

(p)

   —     Security is prerefunded or escrowed to maturity.

(t)

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

(w)

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

(z)

   —     Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2023.

(aa)

   —     Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023.

(ii)

   —     Approximately $64 of this investment is restricted as collateral for forwards to Barclays Bank plc.

*

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

AUD

   —     Australian Dollar

CAD

   —     Canadian Dollar

EUR

   —     Euro

GBP

   —     British Pound

JPY

   —     Japanese Yen

USD

   —     United States Dollar

Six Circles U.S. Unconstrained Equity 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 — 0.3%

     

Chemicals — 0.2%

     

Air Products & Chemicals, Inc.

      13       3,727  

Albemarle Corp.

      7       1,487  

Celanese Corp., Class A

      5       518  

CF Industries Holdings, Inc.

      12       858  

Dow, Inc.

      48       2,652  

DuPont de Nemours, Inc.

      36       2,575  

Eastman Chemical Co.

      7       562  

Ecolab, Inc.

      16       2,620  

FMC Corp.

      6       743  

International Flavors & Fragrances, Inc.

      13       1,221  

Linde plc

      31       11,022  

LyondellBasell Industries NV, Class A

      17       1,620  

Mosaic Co. (The)

      22       1,005  

PPG Industries, Inc.

      15       1,967  

RPM International, Inc.

      6       504  

Sherwin-Williams Co. (The)

      14       3,171  

Westlake Corp.

      3       306  
    

 

 

  
       36,558  
    

 

 

  

Forest Products & Paper — 0.0% (g)

     

International Paper Co.

      32       1,149  
    

 

 

  

Iron/Steel — 0.0% (g)

     

Cleveland-Cliffs, Inc. (a)

      31       568  

Nucor Corp.

      16       2,508  

Reliance Steel & Aluminum Co.

      4       1,049  

Steel Dynamics, Inc.

      11       1,292  
    

 

 

  
       5,417  
    

 

 

  

Mining — 0.1%

     

Alcoa Corp.

      10       412  

Freeport-McMoRan, Inc.

      81       3,327  

Newmont Corp.

      43       2,121  
    

 

 

  
       5,860  
    

 

 

  

Total Basic Materials

        48,984  
    

 

 

  

Communications — 16.7%

     

Advertising — 0.0% (g)

     

Interpublic Group of Cos., Inc. (The)

      25       938  

Omnicom Group, Inc.

      14       1,290  

Trade Desk, Inc. (The), Class A (a)

      27       1,661  
    

 

 

  
       3,889  
    

 

 

  

Internet — 15.5%

     

Airbnb, Inc., Class A (a)

      23       2,834  

Alphabet, Inc., Class A (a)

      4,811       499,062  

Six Circles U.S. Unconstrained Equity 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 — continued

    

Alphabet, Inc., Class C (a)

      4,412       458,803  

Amazon.com, Inc. (a)

      8,495       877,440  

Booking Holdings, Inc. (a)

      2       6,233  

CDW Corp.

      52       10,103  

Chewy, Inc., Class A (a)

      87       3,269  

DoorDash, Inc., Class A (a)

      216       13,729  

eBay, Inc.

      500       22,168  

Etsy, Inc. (a)

      115       12,828  

Expedia Group, Inc. (a)

      9       917  

F5, Inc. (a)

      25       3,572  

Gen Digital, Inc.

      516       8,861  

GoDaddy, Inc., Class A (a)

      7       524  

Marqeta, Inc., Class A (a)

      306       1,400  

Match Group, Inc. (a)

      219       8,420  

MercadoLibre, Inc., (Uruguay) (a)

      42       55,146  

Meta Platforms, Inc., Class A (a)

      1,810       383,661  

Netflix, Inc. (a)

      27       9,314  

Okta, Inc., Class A (a)

      9       779  

Palo Alto Networks, Inc. (a)

      274       54,790  

Pinterest, Inc., Class A (a)

      472       12,860  

Roku, Inc., Class A (a)

      8       518  

Snap, Inc., Class A (a)

      874       9,799  

Uber Technologies, Inc. (a)

      92       2,920  

VeriSign, Inc. (a)

      5       1,005  

Zillow Group, Inc., Class C (a)

      11       495  
    

 

 

  
       2,461,450  
    

 

 

  

Media — 0.2%

     

Charter Communications, Inc., Class A (a)

      6       2,169  

Comcast Corp., Class A

      267       10,132  

DISH Network Corp., Class A (a)

      16       146  

FactSet Research Systems, Inc.

      20       8,302  

Fox Corp., Class A

      26       899  

Fox Corp., Class B

      3       87  

Liberty Broadband Corp., Class C (a)

      6       519  

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

      20       384  

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

      10       200  

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

      12       932  

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

      1       30  

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

      7       189  

News Corp., Class A

      24       422  

Paramount Global, Class B

      42       931  

Sirius XM Holdings, Inc.

      3       12  

Walt Disney Co. (The) (a)

      113       11,364  

Warner Bros Discovery, Inc. (a)

      144       2,171  
    

 

 

  
       38,889  
    

 

 

  

Six Circles U.S. Unconstrained Equity 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 — 1.0%

     

Arista Networks, Inc. (a)

      95       15,961  

AT&T, Inc.

      439       8,443  

Cisco Systems, Inc.

      1,605       83,890  

Corning, Inc.

      319       11,239  

Juniper Networks, Inc.

      128       4,415  

Motorola Solutions, Inc.

      64       18,375  

T-Mobile US, Inc. (a)

      37       5,362  

Verizon Communications, Inc.

      257       10,013  
    

 

 

  
       157,698  
    

 

 

  

Total Communications

        2,661,926  
    

 

 

  

Consumer Cyclical — 1.3%

     

Airlines — 0.0% (g)

     

Delta Air Lines, Inc. (a)

      15       508  

Southwest Airlines Co.

      16       509  
    

 

 

  
       1,017  
    

 

 

  

Apparel — 0.1%

     

NIKE, Inc., Class B

      79       9,644  

VF Corp.

      17       400  
    

 

 

  
       10,044  
    

 

 

  

Auto Manufacturers — 0.3%

     

Cummins, Inc.

      10       2,279  

Ford Motor Co.

      244       3,074  

General Motors Co.

      94       3,446  

Lucid Group, Inc. (a)

      16       130  

PACCAR, Inc.

      32       2,362  

Rivian Automotive, Inc., Class A (a)

      18       275  

Tesla, Inc. (a)

      162       33,633  
    

 

 

  
       45,199  
    

 

 

  

Auto Parts & Equipment — 0.0% (g)

     

Aptiv plc, (Ireland) (a)

      16       1,828  

BorgWarner, Inc.

      14       699  

Lear Corp.

      4       539  
    

 

 

  
       3,066  
    

 

 

  

Distribution/Wholesale — 0.1%

     

Copart, Inc. (a)

      26       1,984  

Fastenal Co.

      32       1,720  

Ferguson plc, (United Kingdom)

      13       1,713  

LKQ Corp.

      18       1,025  

Pool Corp.

      2       612  

WW Grainger, Inc.

      3       1,923  
    

 

 

  
       8,977  
    

 

 

  

Six Circles U.S. Unconstrained Equity 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

    

Entertainment — 0.0% (g)

     

Caesars Entertainment, Inc. (a)

      11       525  

Live Nation Entertainment, Inc. (a)

      10       677  

Vail Resorts, Inc.

      2       505  
    

 

 

  
       1,707  
    

 

 

  

Food Service — 0.0% (g)

     

Aramark

      13       466  
    

 

 

  
    

Home Builders — 0.0% (g)

     

DR Horton, Inc.

      18       1,714  

Lennar Corp., Class A

      18       1,911  

NVR, Inc. (a)

      —  (h)      814  

PulteGroup, Inc.

      10       591  
    

 

 

  
       5,030  
    

 

 

  

Home Furnishings — 0.0% (g)

     

Whirlpool Corp.

      3       352  
    

 

 

  
    

Housewares — 0.0% (g)

     

Newell Brands, Inc.

      25       310  
    

 

 

  
    

Leisure Time — 0.0% (g)

     

Carnival Corp. (a)

      67       676  

Royal Caribbean Cruises Ltd. (a)

      15       975  
    

 

 

  
       1,651  
    

 

 

  

Lodging — 0.1%

     

Hilton Worldwide Holdings, Inc.

      17       2,408  

Las Vegas Sands Corp. (a)

      22       1,254  

Marriott International, Inc., Class A

      17       2,905  

MGM Resorts International

      28       1,233  

Wynn Resorts Ltd. (a)

      7       759  
    

 

 

  
       8,559  
    

 

 

  

Retail — 0.7%

     

Advance Auto Parts, Inc.

      4       490  

AutoZone, Inc. (a)

      1       2,625  

Bath & Body Works, Inc.

      12       442  

Best Buy Co., Inc.

      15       1,140  

Burlington Stores, Inc. (a)

      4       789  

CarMax, Inc. (a)

      10       619  

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

      2       2,998  

Costco Wholesale Corp.

      27       13,471  

Darden Restaurants, Inc.

      10       1,584  

Six Circles U.S. Unconstrained Equity 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

    

Dollar General Corp.

      14       2,938  

Dollar Tree, Inc. (a)

      14       2,018  

Domino’s Pizza, Inc.

      1       494  

Genuine Parts Co.

      10       1,618  

Home Depot, Inc. (The)

      61       18,001  

Lowe’s Cos., Inc.

      37       7,354  

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

      7       2,549  

McDonald’s Corp.

      45       12,619  

O’Reilly Automotive, Inc. (a)

      4       3,050  

Ross Stores, Inc.

      20       2,172  

Starbucks Corp.

      70       7,256  

Target Corp.

      29       4,801  

TJX Cos., Inc. (The)

      72       5,617  

Tractor Supply Co.

      7       1,567  

Ulta Beauty, Inc. (a)

      3       1,668  

Walgreens Boots Alliance, Inc.

      45       1,558  

Walmart, Inc.

      93       13,715  

Yum! Brands, Inc.

      15       2,033  
    

 

 

  
       115,186  
    

 

 

  

Toys/Games/Hobbies — 0.0% (g)

     

Hasbro, Inc.

      7       388  
    

 

 

  

Total Consumer Cyclical

        201,952  
    

 

 

  

Consumer Non-cyclical — 26.0%

     

Agriculture — 0.1%

     

Altria Group, Inc.

      106       4,733  

Archer-Daniels-Midland Co.

      36       2,851  

Bunge Ltd.

      11       1,058  

Darling Ingredients, Inc. (a)

      8       484  

Philip Morris International, Inc.

      91       8,876  
    

 

 

  
       18,002  
    

 

 

  

Beverages — 2.2%

     

Brown-Forman Corp., Class B

      168       10,794  

Coca-Cola Co. (The)

      2,270       140,836  

Constellation Brands, Inc., Class A

      92       20,672  

Keurig Dr Pepper, Inc.

      435       15,355  

Molson Coors Beverage Co., Class B

      107       5,533  

Monster Beverage Corp. (a)

      430       23,225  

PepsiCo., Inc.

      762       138,968  
    

 

 

  
       355,383  
    

 

 

  

Six Circles U.S. Unconstrained Equity 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

    

Biotechnology — 0.5%

     

Alnylam Pharmaceuticals, Inc. (a)

      7       1,453  

Amgen, Inc.

      32       7,811  

Biogen, Inc. (a)

      9       2,497  

BioMarin Pharmaceutical, Inc. (a)

      11       1,061  

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

      20       9,365  

Corteva, Inc.

      47       2,834  

Gilead Sciences, Inc.

      76       6,325  

Horizon Therapeutics plc (a)

      12       1,362  

Illumina, Inc. (a)

      138       31,999  

Incyte Corp. (a)

      9       619  

Moderna, Inc. (a)

      20       3,001  

Regeneron Pharmaceuticals, Inc. (a)

      7       5,412  

Royalty Pharma plc, Class A

      15       545  

Seagen, Inc. (a)

      9       1,819  

United Therapeutics Corp. (a)

      3       601  

Vertex Pharmaceuticals, Inc. (a)

      15       4,861  
    

 

 

  
       81,565  
    

 

 

  

Commercial Services — 2.2%

     

Affirm Holdings, Inc., Class A (a)

      143       1,616  

Automatic Data Processing, Inc.

      326       72,631  

Block, Inc., Class A (a)

      422       28,948  

Booz Allen Hamilton Holding Corp., Class A

      6       545  

Cass Information Systems, Inc.

      9       398  

Cintas Corp.

      6       2,764  

Clarivate plc, (United Kingdom) (a)

      11       100  

CoStar Group, Inc. (a)

      22       1,517  

Equifax, Inc.

      7       1,405  

Euronet Worldwide, Inc. (a)

      36       4,019  

EVERTEC, Inc., (Puerto Rico)

      40       1,341  

FleetCor Technologies, Inc. (a)

      54       11,463  

Flywire Corp. (a)

      23       681  

Gartner, Inc. (a)

      4       1,354  

Global Payments, Inc.

      213       22,402  

I3 Verticals, Inc., Class A (a)

      16       396  

MarketAxess Holdings, Inc.

      20       7,872  

MoneyGram International, Inc. (a)

      61       633  

Moody’s Corp.

      90       27,535  

Paylocity Holding Corp. (a)

      37       7,334  

Paymentus Holdings, Inc., Class A (a)

      13       114  

Payoneer Global, Inc. (a)

      146       914  

PayPal Holdings, Inc. (a)

      851       64,613  

Quanta Services, Inc.

      9       1,464  

Remitly Global, Inc. (a)

      62       1,047  

Repay Holdings Corp., Class A (a)

      63       413  

Six Circles U.S. Unconstrained Equity 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

    

Robert Half International, Inc.

      6       502  

Rollins, Inc.

      10       363  

S&P Global, Inc.

      186       64,054  

Sabre Corp. (a)

      229       983  

Shift4 Payments, Inc., Class A (a)

      36       2,754  

Toast, Inc., Class A (a)

      197       3,495  

TransUnion

      11       666  

U-Haul Holding Co.

      3       157  

United Rentals, Inc.

      4       1,653  

Verisk Analytics, Inc., Class A

      9       1,664  

WEX, Inc. (a)

      32       5,806  
    

 

 

  
       345,616  
    

 

 

  

Cosmetics/Personal Care — 0.2%

     

Colgate-Palmolive Co.

      45       3,378  

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

      14       3,419  

Procter & Gamble Co. (The)

      146       21,692  
    

 

 

  
       28,489  
    

 

 

  

Food — 0.2%

     

Campbell Soup Co.

      10       540  

Conagra Brands, Inc.

      26       976  

General Mills, Inc.

      37       3,142  

Hershey Co. (The)

      8       2,084  

Hormel Foods Corp.

      15       597  

J M Smucker Co. (The)

      7       1,065  

Kellogg Co.

      15       1,009  

Kraft Heinz Co. (The)

      51       1,989  

Kroger Co. (The)

      40       1,986  

Lamb Weston Holdings, Inc.

      7       696  

McCormick & Co., Inc.

      13       1,053  

Mondelez International, Inc., Class A

      89       6,195  

Sysco Corp.

      28       2,150  

Tyson Foods, Inc., Class A

      21       1,266  
    

 

 

  
       24,748  
    

 

 

  

Healthcare - Products — 3.0%

     

Abbott Laboratories

      109       11,037  

Align Technology, Inc. (a)

      5       1,533  

Avantor, Inc. (a)

      587       12,414  

Baxter International, Inc.

      28       1,124  

Bio-Techne Corp.

      136       10,099  

Boston Scientific Corp. (a)

      93       4,629  

Cooper Cos., Inc. (The)

      3       952  

Danaher Corp.

      603       152,064  

DENTSPLY SIRONA, Inc.

      15       600  

Six Circles U.S. Unconstrained Equity 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

    

Healthcare - Products — continued

    

Edwards Lifesciences Corp. (a)

      38       3,132  

Exact Sciences Corp. (a)

      11       718  

GE HealthCare Technologies, Inc. (a)

      23       1,848  

Hologic, Inc. (a)

      14       1,106  

IDEXX Laboratories, Inc. (a)

      5       2,281  

Insulet Corp. (a)

      3       1,099  

Intuitive Surgical, Inc. (a)

      21       5,458  

Masimo Corp. (a)

      2       411  

Medtronic plc, (Ireland)

      84       6,741  

Novocure Ltd., (Jersey, Channel Islands) (a)

      4       262  

PerkinElmer, Inc.

      110       14,724  

Repligen Corp. (a)

      45       7,646  

ResMed, Inc.

      8       1,739  

STERIS plc

      5       1,033  

Stryker Corp.

      21       6,017  

Teleflex, Inc.

      3       703  

Thermo Fisher Scientific, Inc.

      342       197,208  

Waters Corp. (a)

      51       15,830  

West Pharmaceutical Services, Inc.

      65       22,377  

Zimmer Biomet Holdings, Inc.

      14       1,835  
    

 

 

  
       486,620  
    

 

 

  

Healthcare - Services — 7.2%

     

Catalent, Inc. (a)

      202       13,302  

Centene Corp. (a)

      895       56,568  

Charles River Laboratories International, Inc. (a)

      44       8,934  

DaVita, Inc. (a)

      3       229  

Elevance Health, Inc.

      389       178,878  

HCA Healthcare, Inc.

      13       3,377  

Humana, Inc.

      204       98,837  

IQVIA Holdings, Inc. (a)

      162       32,243  

Laboratory Corp. of America Holdings

      6       1,346  

Molina Healthcare, Inc. (a)

      94       25,232  

Quest Diagnostics, Inc.

      7       932  

UnitedHealth Group, Inc.

      1,521       719,006  

Universal Health Services, Inc., Class B

      4       445  
    

 

 

  
       1,139,329  
    

 

 

  

Household Products/Wares — 0.0% (g)

     

Avery Dennison Corp.

      4       774  

Church & Dwight Co., Inc.

      14       1,204  

Clorox Co. (The)

      6       984  

Kimberly-Clark Corp.

      19       2,510  
    

 

 

  
       5,472  
    

 

 

  

Six Circles U.S. Unconstrained Equity 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

    

Pharmaceuticals — 10.4%

     

AbbVie, Inc.

      107       17,039  

AmerisourceBergen Corp.

      9       1,446  

Becton Dickinson and Co.

      18       4,433  

Bristol-Myers Squibb Co.

      2,413       167,251  

Cardinal Health, Inc.

      17       1,269  

Cigna Group (The)

      19       4,818  

CVS Health Corp.

      84       6,264  

Dexcom, Inc. (a)

      23       2,651  

Elanco Animal Health, Inc. (a)

      10       90  

Eli Lilly & Co.

      895       307,434  

Henry Schein, Inc. (a)

      8       621  

Jazz Pharmaceuticals plc, (Ireland) (a)

      2       337  

Johnson & Johnson

      2,967       459,921  

McKesson Corp.

      9       3,197  

Merck & Co., Inc.

      2,878       306,158  

Neurocrine Biosciences, Inc. (a)

      5       531  

Organon & Co.

      270       6,339  

Pfizer, Inc.

      6,370       259,902  

Viatris, Inc.

      1,373       13,211  

Zoetis, Inc., Class A

      528       87,859  
    

 

 

  
       1,650,771  
    

 

 

  

Total Consumer Non-cyclical

        4,135,995  
    

 

 

  

Energy — 0.8%

     

Energy - Alternate Sources — 0.1%

     

Enphase Energy, Inc. (a)

      43       8,975  

First Solar, Inc. (a)

      30       6,603  

Plug Power, Inc. (a)

      29       335  

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

      18       5,324  
    

 

 

  
       21,237  
    

 

 

  

Oil & Gas — 0.5%

     

APA Corp.

      16       569  

Chesapeake Energy Corp.

      6       452  

Chevron Corp.

      113       18,385  

ConocoPhillips

      79       7,795  

Coterra Energy, Inc.

      45       1,098  

Devon Energy Corp.

      36       1,820  

Diamondback Energy, Inc.

      10       1,373  

EOG Resources, Inc.

      38       4,311  

EQT Corp.

      21       660  

Exxon Mobil Corp.

      251       27,552  

Hess Corp.

      16       2,155  

HF Sinclair Corp.

      17       822  

Marathon Oil Corp.

      46       1,102  

Marathon Petroleum Corp.

      30       4,062  

Six Circles U.S. Unconstrained Equity 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

    

Occidental Petroleum Corp.

      44       2,757  

Ovintiv, Inc.

      14       505  

Phillips 66

      30       3,049  

Pioneer Natural Resources Co.

      14       2,835  

Texas Pacific Land Corp.

      —  (h)      475  

Valero Energy Corp.

      24       3,310  
    

 

 

  
       85,087  
    

 

 

  

Oil & Gas Services — 0.1%

     

Baker Hughes Co., Class A

      63       1,830  

Halliburton Co.

      49       1,561  

Schlumberger NV

      89       4,357  
    

 

 

  
       7,748  
    

 

 

  

Pipelines — 0.1%

     

Cheniere Energy, Inc.

      12       1,947  

Kinder Morgan, Inc.

      112       1,968  

ONEOK, Inc.

      24       1,521  

Targa Resources Corp.

      10       763  

Williams Cos., Inc. (The)

      67       1,994  
    

 

 

  
       8,193  
    

 

 

  

Total Energy

        122,265  
    

 

 

  

Financial — 15.3%

     

Banks — 4.1%

     

Bank of America Corp.

      4,174       119,372  

Bank of New York Mellon Corp. (The)

      535       24,301  

Citigroup, Inc.

      1,184       55,539  

Citizens Financial Group, Inc.

      404       12,264  

Fifth Third Bancorp

      532       14,184  

First Citizens BancShares, Inc., Class A

      13       12,985  

First Horizon Corp.

      313       5,564  

First Republic Bank

      146       2,041  

Goldman Sachs Group, Inc. (The)

      203       66,492  

Huntington Bancshares, Inc.

      1,161       13,004  

KeyCorp.

      818       10,243  

M&T Bank Corp.

      131       15,680  

Morgan Stanley

      760       66,753  

Northern Trust Corp.

      165       14,533  

PNC Financial Services Group, Inc. (The)

      259       32,888  

Regions Financial Corp.

      755       14,020  

State Street Corp.

      228       17,235  

Truist Financial Corp.

      854       29,133  

US Bancorp

      899       32,402  

Webster Financial Corp.

      199       7,830  

Wells Fargo & Co.

      2,237       83,601  
    

 

 

  
       650,064  
    

 

 

  

Six Circles U.S. Unconstrained Equity 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 — 5.9%

     

Ally Financial, Inc.

      270       6,885  

American Express Co.

      365       60,247  

Ameriprise Financial, Inc.

      71       21,681  

Apollo Global Management, Inc.

      217       13,710  

BlackRock, Inc., Class A

      66       44,495  

Capital One Financial Corp.

      262       25,179  

Cboe Global Markets, Inc.

      57       7,665  

Charles Schwab Corp. (The)

      872       45,668  

CME Group, Inc., Class A

      208       39,783  

Coinbase Global, Inc., Class A (a)

      65       4,389  

Discover Financial Services

      201       19,832  

Franklin Resources, Inc.

      258       6,955  

Intercontinental Exchange, Inc.

      314       32,725  

International Money Express, Inc. (a)

      24       606  

Invesco Ltd.

      332       5,440  

LPL Financial Holdings, Inc.

      43       8,789  

Mastercard, Inc., Class A

      673       244,717  

Nasdaq, Inc.

      224       12,254  

Raymond James Financial, Inc.

      114       10,668  

SEI Investments Co.

      59       3,378  

Synchrony Financial

      399       11,590  

T Rowe Price Group, Inc.

      169       19,096  

Tradeweb Markets, Inc., Class A

      57       4,511  

Visa, Inc., Class A

      1,279       288,384  

Western Union Co. (The)

      248       2,761  
    

 

 

  
       941,408  
    

 

 

  

Insurance — 4.5%

     

Aflac, Inc.

      403       26,007  

Allstate Corp. (The)

      187       20,711  

American Financial Group, Inc.

      68       8,321  

American International Group, Inc.

      501       25,214  

Aon plc, Class A

      115       36,315  

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

      201       13,647  

Arthur J Gallagher & Co.

      115       21,917  

Assurant, Inc.

      32       3,802  

Berkshire Hathaway, Inc., Class B (a)

      742       229,076  

Brown & Brown, Inc.

      126       7,244  

Chubb Ltd., (Switzerland)

      231       44,897  

Cincinnati Financial Corp.

      102       11,423  

Equitable Holdings, Inc.

      212       5,376  

Erie Indemnity Co., Class A

      12       2,837  

Everest Re Group Ltd., (Bermuda)

      34       12,298  

Fidelity National Financial, Inc.

      206       7,193  

Globe Life, Inc.

      91       10,021  

Six Circles U.S. Unconstrained Equity 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

    

Hartford Financial Services Group, Inc. (The)

      243       16,949  

Loews Corp.

      201       11,652  

Markel Corp. (a)

      7       9,302  

Marsh & McLennan Cos., Inc.

      273       45,420  

MetLife, Inc.

      448       25,939  

Principal Financial Group, Inc.

      154       11,473  

Progressive Corp. (The)

      363       51,881  

Prudential Financial, Inc.

      206       17,020  

Travelers Cos., Inc. (The)

      159       27,332  

Willis Towers Watson plc, (United Kingdom)

      65       14,991  

WR Berkley Corp.

      143       8,895  
    

 

 

  
       727,153  
    

 

 

  

Private Equity — 0.4%

     

Ares Management Corp., Class A

      81       6,727  

Blackstone, Inc.

      387       34,025  

Carlyle Group, Inc. (The)

      129       4,010  

KKR & Co., Inc.

      304       15,989  
    

 

 

  
       60,751  
    

 

 

  

Real Estate — 0.0% (g)

     

CBRE Group, Inc., Class A (a)

      24       1,759  
    

 

 

  
    

REITS — 0.4%

     

Alexandria Real Estate Equities, Inc.

      10       1,259  

American Homes 4 Rent, Class A

      16       513  

American Tower Corp.

      27       5,587  

Annaly Capital Management, Inc.

      254       4,851  

AvalonBay Communities, Inc.

      10       1,682  

Boston Properties, Inc.

      8       421  

Camden Property Trust

      5       514  

Crown Castle, Inc.

      25       3,405  

Digital Realty Trust, Inc.

      18       1,809  

Equinix, Inc.

      6       4,103  

Equity LifeStyle Properties, Inc.

      8       518  

Equity Residential

      27       1,641  

Essex Property Trust, Inc.

      4       882  

Extra Space Storage, Inc.

      8       1,226  

Gaming and Leisure Properties, Inc.

      12       616  

Healthcare Realty Trust, Inc., Class A

      12       241  

Healthpeak Properties, Inc.

      32       699  

Host Hotels & Resorts, Inc.

      46       751  

Invitation Homes, Inc.

      43       1,328  

Iron Mountain, Inc.

      14       733  

Kimco Realty Corp.

      31       609  

Medical Properties Trust, Inc.

      25       206  

Six Circles U.S. Unconstrained Equity 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

    

Mid-America Apartment Communities, Inc.

      9       1,323  

Prologis, Inc.

      58       7,213  

Public Storage

      9       2,840  

Realty Income Corp.

      37       2,371  

Regency Centers Corp.

      9       526  

SBA Communications Corp., Class A

      6       1,474  

Simon Property Group, Inc.

      19       2,083  

Sun Communities, Inc.

      7       949  

UDR, Inc.

      19       782  

Ventas, Inc.

      25       1,102  

VICI Properties, Inc., Class A

      52       1,698  

Welltower, Inc.

      30       2,166  

Weyerhaeuser Co.

      58       1,737  

WP Carey, Inc.

      10       790  
    

 

 

  
       60,648  
    

 

 

  

Total Financial

        2,441,783  
    

 

 

  

Industrial — 6.5%

     

Aerospace/Defense — 0.2%

     

Boeing Co. (The) (a)

      35       7,342  

General Dynamics Corp.

      16       3,630  

HEICO Corp.

      2       258  

HEICO Corp., Class A

      3       406  

Howmet Aerospace, Inc.

      22       947  

L3Harris Technologies, Inc.

      12       2,292  

Lockheed Martin Corp.

      15       6,863  

Northrop Grumman Corp.

      9       4,185  

Raytheon Technologies Corp.

      93       9,099  

TransDigm Group, Inc.

      3       2,096  
    

 

 

  
       37,118  
    

 

 

  

Building Materials — 0.1%

     

Carrier Global Corp.

      53       2,427  

Fortune Brands Innovations, Inc.

      8       471  

Johnson Controls International plc

      43       2,569  

Lennox International, Inc.

      1       276  

Six Circles U.S. Unconstrained Equity 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

    

Building Materials — continued

    

Martin Marietta Materials, Inc.

      4       1,460  

Masco Corp.

      11       567  

Mohawk Industries, Inc. (a)

      4       425  

Owens Corning

      6       575  

Trane Technologies plc, (Ireland)

      15       2,736  

Vulcan Materials Co.

      9       1,494  
    

 

 

  
       13,000  
    

 

 

  

Electrical Components & Equipment — 0.0% (g)

     

AMETEK, Inc.

      15       2,192  

Emerson Electric Co.

      35       3,053  

Generac Holdings, Inc. (a)

      4       420  
    

 

 

  
       5,665  
    

 

 

  

Electronics — 0.9%

     

Agilent Technologies, Inc.

      258       35,663  

Allegion plc, (Ireland)

      4       382  

Amphenol Corp., Class A

      233       19,078  

Arrow Electronics, Inc. (a)

      26       3,253  

Fortive Corp.

      24       1,630  

Garmin Ltd., (Switzerland)

      11       1,079  

Honeywell International, Inc.

      42       7,936  

Hubbell, Inc., Class B

      3       782  

Keysight Technologies, Inc. (a)

      69       11,109  

Mettler-Toledo International, Inc. (a)

      20       30,021  

Sensata Technologies Holding plc

      9       440  

TE Connectivity Ltd.

      126       16,579  

Trimble, Inc. (a)

      96       5,055  
    

 

 

  
       133,007  
    

 

 

  

Engineering & Construction — 0.0% (g)

     

AECOM

      9       772  

Jacobs Solutions, Inc.

      9       1,049  
    

 

 

  
       1,821  
    

 

 

  

Environmental Control — 0.1%

     

Pentair plc, (United Kingdom)

      6       352  

Republic Services, Inc., Class A

      15       2,082  

Waste Connections, Inc., (Canada)

      16       2,278  

Waste Management, Inc.

      26       4,194  
    

 

 

  
       8,906  
    

 

 

  

Hand/Machine Tools — 0.0% (g)

     

Snap-on, Inc.

      3       638  

Stanley Black & Decker, Inc.

      11       858  
    

 

 

  
       1,496  
    

 

 

  

Six Circles U.S. Unconstrained Equity 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

    

Machinery - Construction & Mining — 0.0% (g)

     

Caterpillar, Inc.

      31       7,194  
    

 

 

  
    

Machinery - Diversified — 0.1%

     

Cognex Corp.

      66       3,266  

Deere & Co.

      17       7,152  

Dover Corp.

      8       1,199  

Graco, Inc.

      7       522  

IDEX Corp.

      4       837  

Ingersoll Rand, Inc.

      23       1,333  

Nordson Corp.

      2       493  

Otis Worldwide Corp.

      23       1,919  

Rockwell Automation, Inc.

      7       2,009  

Toro Co. (The)

      5       508  

Westinghouse Air Brake Technologies Corp.

      11       1,137  

Xylem, Inc.

      11       1,160  
    

 

 

  
       21,535  
    

 

 

  

Miscellaneous Manufacturers — 0.3%

     

3M Co.

      35       3,711  

AO Smith Corp.

      8       577  

Axon Enterprise, Inc. (a)

      3       776  

Carlisle Cos., Inc.

      3       683  

Eaton Corp. plc

      26       4,521  

General Electric Co.

      70       6,730  

Illinois Tool Works, Inc.

      18       4,306  

Parker-Hannifin Corp.

      8       2,624  

Teledyne Technologies, Inc. (a)

      18       7,943  

Textron, Inc.

      15       1,084  
    

 

 

  
       32,955  
    

 

 

  

Packaging & Containers — 0.0% (g)

     

Amcor plc, (United Kingdom)

      73       827  

Ball Corp.

      19       1,070  

Crown Holdings, Inc.

      7       552  

Packaging Corp. of America

      6       898  

Sealed Air Corp.

      5       208  

Westrock Co.

      20       595  
    

 

 

  
       4,150  
    

 

 

  

Shipbuilding — 0.0% (g)

     

Huntington Ingalls Industries, Inc.

      2       408  
    

 

 

  
    

Transportation — 4.8%

     

CH Robinson Worldwide, Inc.

      389       38,679  

CSX Corp.

      131       3,915  

Expeditors International of Washington, Inc.

      526       57,952  

FedEx Corp.

      770       175,996  

Six Circles U.S. Unconstrained Equity 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

    

Transportation — continued

    

JB Hunt Transport Services, Inc.

      5       808  

Knight-Swift Transportation Holdings, Inc., Class A

      9       529  

Norfolk Southern Corp.

      14       2,873  

Old Dominion Freight Line, Inc.

      5       1,842  

Union Pacific Corp.

      37       7,499  

United Parcel Service, Inc., Class B

      2,417       468,826  
    

 

 

  
       758,919  
    

 

 

  

Total Industrial

        1,026,174  
    

 

 

  

Technology — 32.0%

     

Computers — 7.3%

     

Accenture plc, (Ireland), Class A

      40       11,304  

Apple, Inc.

      6,183       1,019,648  

Cognizant Technology Solutions Corp., Class A

      36       2,196  

Conduent, Inc. (a)

      121       416  

Crowdstrike Holdings, Inc., Class A (a)

      185       25,408  

Dell Technologies, Inc., Class C

      105       4,218  

EPAM Systems, Inc. (a)

      3       1,017  

ExlService Holdings, Inc. (a)

      24       3,877  

Fortinet, Inc. (a)

      601       39,960  

Hewlett Packard Enterprise Co.

      513       8,172  

HP, Inc.

      391       11,468  

International Business Machines Corp.

      56       7,360  

Leidos Holdings, Inc.

      8       746  

Maximus, Inc.

      44       3,469  

NetApp, Inc.

      81       5,189  

Seagate Technology Holdings plc

      73       4,853  

TaskUS, Inc., Class A (a)

      18       257  

TTEC Holdings, Inc.

      13       502  

Western Digital Corp. (a)

      124       4,673  

Zscaler, Inc. (a)

      78       9,084  
    

 

 

  
       1,163,817  
    

 

 

  

Office/Business Equipment — 0.0% (g)

     

Zebra Technologies Corp., Class A (a)

      20       6,332  
    

 

 

  
    

Semiconductors — 4.4%

     

Advanced Micro Devices, Inc. (a)

      512       50,211  

Analog Devices, Inc.

      163       32,078  

Applied Materials, Inc.

      274       33,697  

Broadcom, Inc.

      132       84,824  

Entegris, Inc.

      45       3,702  

Intel Corp.

      1,321       43,159  

KLA Corp.

      44       17,702  

Lam Research Corp.

      43       22,837  

Marvell Technology, Inc.

      272       11,766  

Six Circles U.S. Unconstrained Equity 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 — continued

    

Microchip Technology, Inc.

      174       14,608  

Micron Technology, Inc.

      347       20,943  

Monolithic Power Systems, Inc.

      14       6,985  

NVIDIA Corp.

      780       216,719  

NXP Semiconductors NV, (Netherlands)

      81       15,089  

ON Semiconductor Corp. (a)

      137       11,272  

Qorvo, Inc. (a)

      31       3,161  

QUALCOMM, Inc.

      355       45,279  

Skyworks Solutions, Inc.

      51       5,970  

Teradyne, Inc.

      49       5,219  

Texas Instruments, Inc.

      287       53,403  

Wolfspeed, Inc. (a)

      39       2,530  
    

 

 

  
       701,154  
    

 

 

  

Software — 20.3%

     

Activision Blizzard, Inc.

      50       4,247  

Adobe, Inc. (a)

      421       162,381  

Akamai Technologies, Inc. (a)

      7       538  

ANSYS, Inc. (a)

      79       26,399  

Aspen Technology, Inc. (a)

      26       5,887  

Atlassian Corp., (Australia), Class A (a)

      135       23,183  

Autodesk, Inc. (a)

      195       40,618  

AvidXchange Holdings, Inc. (a)

      37       287  

Bentley Systems, Inc., Class B

      171       7,347  

BILL Holdings, Inc. (a)

      85       6,860  

Black Knight, Inc. (a)

      139       7,998  

Broadridge Financial Solutions, Inc.

      91       13,327  

Cadence Design Systems, Inc. (a)

      248       52,201  

Ceridian HCM Holding, Inc. (a)

      125       9,129  

Cloudflare, Inc., Class A (a)

      15       949  

Concentrix Corp.

      32       3,867  

CSG Systems International, Inc.

      22       1,206  

Datadog, Inc., Class A (a)

      225       16,371  

DocuSign, Inc., Class A (a)

      181       10,544  

Dropbox, Inc., Class A (a)

      239       5,170  

Dynatrace, Inc. (a)

      195       8,253  

Electronic Arts, Inc.

      17       2,015  

Fair Isaac Corp. (a)

      23       15,829  

Fidelity National Information Services, Inc.

      467       25,366  

Fiserv, Inc. (a)

      476       53,746  

HubSpot, Inc. (a)

      42       18,018  

Intuit, Inc.

      242       107,813  

Jack Henry & Associates, Inc.

      56       8,435  

Microsoft Corp.

      6,417       1,850,077  

Six Circles U.S. Unconstrained Equity 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

    

MongoDB, Inc., Class A (a)

      4       945  

MSCI, Inc., Class A

      44       24,580  

Oracle Corp.

      1,467       136,307  

Palantir Technologies, Inc., Class A (a)

      1,541       13,017  

Paychex, Inc.

      254       29,072  

Paycom Software, Inc. (a)

      46       13,902  

PTC, Inc. (a)

      101       12,929  

ROBLOX Corp., Class A (a)

      22       969  

Roper Technologies, Inc.

      96       42,513  

Salesforce, Inc. (a)

      907       181,214  

ServiceNow, Inc. (a)

      184       85,297  

Snowflake, Inc., Class A (a)

      14       2,109  

Splunk, Inc. (a)

      147       14,131  

SS&C Technologies Holdings, Inc.

      178       10,059  

Synopsys, Inc. (a)

      139       53,617  

Take-Two Interactive Software, Inc. (a)

      10       1,250  

Twilio, Inc., Class A (a)

      11       762  

Tyler Technologies, Inc. (a)

      38       13,419  

Unity Software, Inc. (a)

      223       7,246  

Veeva Systems, Inc., Class A (a)

      8       1,473  

Verra Mobility Corp., Class A (a)

      99       1,674  

VMware, Inc., Class A (a)

      193       24,043  

Workday, Inc., Class A (a)

      183       37,794  

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

      201       14,863  

ZoomInfo Technologies, Inc., Class A (a)

      210       5,183  
    

 

 

  
       3,216,429  
    

 

 

  

Total Technology

        5,087,732  
    

 

 

  

Utilities — 0.4%

     

Electric — 0.4%

     

AES Corp. (The)

      32       779  

Alliant Energy Corp.

      11       587  

Ameren Corp.

      13       1,162  

American Electric Power Co., Inc.

      36       3,245  

CenterPoint Energy, Inc.

      31       921  

CMS Energy Corp.

      14       870  

Consolidated Edison, Inc.

      26       2,479  

Constellation Energy Corp.

      20       1,580  

Dominion Energy, Inc.

      50       2,790  

DTE Energy Co.

      12       1,297  

Duke Energy Corp.

      51       4,915  

Edison International

      22       1,560  

Entergy Corp.

      13       1,380  

Evergy, Inc.

      10       640  

Eversource Energy

      20       1,600  

Six Circles U.S. Unconstrained Equity 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

    

Exelon Corp.

      70       2,943  

FirstEnergy Corp.

      28       1,113  

NextEra Energy, Inc.

      122       9,377  

NRG Energy, Inc.

      14       469  

PG&E Corp. (a)

      91       1,467  

PPL Corp.

      39       1,084  

Public Service Enterprise Group, Inc.

      35       2,165  

Sempra Energy

      20       3,026  

Southern Co. (The)

      72       4,986  

Vistra Corp.

      16       395  

WEC Energy Group, Inc.

      19       1,812  

Xcel Energy, Inc.

      37       2,522  
    

 

 

  
       57,164  
    

 

 

  

Gas — 0.0% (g)

     

Atmos Energy Corp.

      7       760  

NiSource, Inc.

      17       487  

UGI Corp.

      11       367  
    

 

 

  
       1,614  
    

 

 

  

Water — 0.0% (g)

     

American Water Works Co., Inc.

      10       1,475  

Essential Utilities, Inc.

      10       451  
    

 

 

  
       1,926  
    

 

 

  

Total Utilities

        60,704  
    

 

 

  

Total Common Stocks

     

(Cost $13,237,451)

        15,787,515  
    

 

 

  

SECURITY DESCRIPTION

   

PRINCIPAL
AMOUNT ($)

         VALUE ($)      

Short-Term Investments — 0.5%

    

Time Deposits — 0.5%

     

Australia & New Zealand Banking Group Ltd., 4.18%, 04/03/2023

      4,622       4,622  

Citibank NA, 4.18%, 04/03/2023

      18,074       18,074  

Royal Bank of Canada, 4.18%, 04/03/2023

      4,412       4,412  

Sumitomo Mitsui Banking Corp., 4.18%, 04/03/2023

      15,673       15,673  

Sumitomo Mitsui Trust Bank Ltd., 4.18%, 04/03/2023

      33,711       33,711  
    

 

 

  
Total Short-Term Investments
(Cost $76,492)		        76,492  
    

 

 

  
Total Investments — 99.8%
(Cost - $13,313,943) *		        15,864,007  

Other Assets in Excess of Liabilities — 0.2%

        27,946  
    

 

 

  

NET ASSETS — 100.0%

      $ 15,891,953  
    

 

 

  

 

Percentages indicated are based on net assets.

Six Circles U.S. Unconstrained Equity 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

               

E-mini Consumer Staples Select Sector Index

      36        06/2023        USD        2,620        107  

E-mini Financial Select Sector Index

      127        06/2023        USD        12,679        (2 ) 

E-mini Health Care Select Sector Index

      92        06/2023        USD        11,704        432  

E-mini Russell 2000 Index

      1        06/2023        USD        89        1  

Micro E-mini NASDAQ 100

      522        06/2023        USD        12,777        1,110  

NASDAQ 100 E-mini Index

      48        06/2023        USD        11,862        907  

S&P 500 E-mini Index

      158        06/2023        USD        30,895        1,794  
              

 

 

  

Total unrealized appreciation (depreciation)

                  4,349  
              

 

 

  

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

 

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

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

      20.3 % 

Internet

      15.5 % 

Pharmaceuticals

      10.4 % 

Computers

      7.3 % 

Healthcare - Services

      7.2 % 

Diversified Financial Services

      5.9 % 

Transportation

      4.8 % 

Insurance

      4.6 % 

Semiconductors

      4.4 % 

Banks

      4.1 % 

Healthcare - Products

      3.1 % 

Beverages

      2.2 % 

Commercial Services

      2.2 % 

Others (Each less than 1.0%)

      7.5 % 

Short-Term Investments

      0.5 % 

Six Circles International Unconstrained Equity 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 — 97.0%

    

Austria — 0.3%

     

Erste Group Bank AG

      819       27,120  

OMV AG

      275       12,628  

Verbund AG

      40       3,456  

voestalpine AG

      16       551  
    

 

 

  
       43,755  
    

 

 

  

Belgium — 1.7%

     

Ageas SA

      234       10,108  

Anheuser-Busch InBev SA

      2,116       141,034  

D’ieteren Group

      3       674  

Elia Group SA

      19       2,548  

Groupe Bruxelles Lambert NV

      144       12,327  

KBC Group NV

      595       40,871  

Sofina SA

      22       5,025  

Solvay SA

      10       1,175  

UCB SA

      50       4,482  

Umicore SA

      29       998  

Warehouses De Pauw CVA

      23       697  
    

 

 

  
       219,939  
    

 

 

  

Cayman Islands — 0.0% (g)

     

Parade Technologies Ltd.

      22       762  
    

 

 

  

Chile — 0.0% (g)

     

Antofagasta plc

      174       3,414  
    

 

 

  

China — 0.0% (g)

     

Silergy Corp.

      91       1,445  
    

 

 

  

Denmark — 2.1%

     

AP Moller - Maersk A/S, Class A

      1       2,405  

AP Moller - Maersk A/S, Class B

      2       4,270  

Carlsberg A/S, Class B

      237       36,792  

Chr Hansen Holding A/S

      15       1,124  

Coloplast A/S, Class B

      17       2,210  

Danske Bank A/S (a)

      1,642       33,036  

Demant A/S (a)

      13       459  

DSV A/S

      85       16,533  

Genmab A/S (a)

      9       3,482  

Novo Nordisk A/S, Class B

      657       104,361  

Six Circles International Unconstrained Equity 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

    

Novozymes A/S, Class B

      29       1,467  

Orsted AS (e)

      110       9,411  

Pandora A/S

      284       27,245  

ROCKWOOL A/S, Class B

      4       989  

Tryg A/S

      522       11,423  

Vestas Wind Systems A/S

      460       13,394  
    

 

 

  
       268,601  
    

 

 

  

Finland — 1.2%

     

Elisa OYJ

      20       1,227  

Fortum OYJ (a)

      261       3,999  

Kesko OYJ, Class B

      39       838  

Kone OYJ, Class B

      155       8,063  

Metso Outotec OYJ

      299       3,262  

Neste OYJ

      60       2,958  

Nokia OYJ

      757       3,718  

Nordea Bank Abp

      7,875       84,087  

Orion OYJ, Class B

      42       1,891  

Sampo OYJ, Class A

      698       32,938  

Stora Enso OYJ, Class R

      77       1,000  

UPM-Kymmene OYJ (a)

      75       2,517  

Wartsila OYJ Abp

      216       2,041  
    

 

 

  
       148,539  
    

 

 

  

France — 17.6%

     

Accor SA (a)

      24       778  

Aeroports de Paris (a)

      13       1,923  

Air Liquide SA

      74       12,320  

Airbus SE

      269       35,954  

Alstom SA

      146       3,964  

Amundi SA (e)

      89       5,600  

Arkema SA

      8       838  

AXA SA

      2,731       83,329  

BioMerieux

      6       618  

BNP Paribas SA

      2,642       157,783  

Bollore SE

      127       787  

Bouygues SA

      103       3,462  

Bureau Veritas SA

      134       3,840  

Capgemini SE

      23       4,273  

Carrefour SA

      84       1,688  

Cie de Saint-Gobain

      223       12,703  

Cie Generale des Etablissements Michelin SCA

      96       2,924  

Covivio SA

      7       403  

Credit Agricole SA

      2,889       32,596  

Danone SA

      90       5,629  

Dassault Aviation SA

      11       2,271  

Dassault Systemes SE

      94       3,872  

Edenred

      35       2,071  

Eiffage SA

      38       4,117  

Six Circles International Unconstrained Equity 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

    

Engie SA

      1,065       16,857  

EssilorLuxottica SA

      41       7,355  

Eurazeo SE

      64       4,559  

Gecina SA

      7       698  

Getlink SE

      201       3,311  

Hermes International

      99       200,681  

Ipsen SA

      15       1,644  

Kering SA

      234       152,857  

Klepierre SA

      30       687  

La Francaise des Jeux SAEM (e)

      15       620  

Legrand SA

      122       11,102  

L’Oreal SA

      34       15,174  

LVMH Moet Hennessy Louis Vuitton SE

      866       795,002  

Orange SA

      281       3,339  

Pernod Ricard SA

      503       113,854  

Publicis Groupe SA

      32       2,503  

Remy Cointreau SA

      57       10,340  

Renault SA (a)

      529       21,556  

Safran SA

      156       23,025  

Sanofi

      453       49,144  

Sartorius Stedim Biotech

      4       1,202  

Schneider Electric SE

      247       41,285  

SEB SA

      4       409  

Societe Generale SA

      1,918       43,226  

Sodexo SA

      12       1,209  

Teleperformance

      27       6,492  

Thales SA

      49       7,191  

TotalEnergies SE

      4,639       273,542  

Unibail - Rodamco-Westfield (a)

      16       878  

Valeo

      29       594  

Veolia Environnement SA

      388       11,976  

Vinci SA

      245       28,069  

Vivendi SE

      101       1,023  

Wendel SE

      39       4,141  

Worldline SA (a) (e)

      34       1,430  
    

 

 

  
       2,240,718  
    

 

 

  

Germany — 11.8%

     

adidas AG

      507       89,862  

Allianz SE (Registered)

      586       135,236  

BASF SE

      129       6,769  

Bayer AG (Registered)

      390       24,913  

Bayerische Motoren Werke AG

      911       99,833  

Bechtle AG

      11       550  

Beiersdorf AG

      14       1,822  

Brenntag SE

      70       5,271  

Carl Zeiss Meditec AG

      6       789  

Commerzbank AG (a)

      2,534       26,683  

Six Circles International Unconstrained Equity 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

    

Continental AG

      15       1,155  

Covestro AG (e)

      27       1,124  

Daimler Truck Holding AG (a)

      206       6,958  

Delivery Hero SE (a) (e)

      24       811  

Deutsche Bank AG (Registered)

      3,001       30,518  

Deutsche Boerse AG

      276       53,718  

Deutsche Lufthansa AG (Registered) (a)

      270       3,002  

Deutsche Post AG (Registered)

      451       21,133  

Deutsche Telekom AG (Registered)

      454       10,998  

E.ON SE

      1,308       16,321  

Evonik Industries AG

      30       621  

Fresenius Medical Care AG & Co. KGaA

      29       1,229  

Fresenius SE & Co. KGaA

      59       1,602  

GEA Group AG

      69       3,141  

Hannover Rueck SE

      88       17,133  

HeidelbergCement AG

      20       1,465  

HelloFresh SE (a)

      23       554  

Henkel AG & Co. KGaA

      13       955  

Infineon Technologies AG

      2,767       113,639  

Knorr-Bremse AG

      33       2,198  

LEG Immobilien SE

      11       581  

Mercedes-Benz Group AG

      2,208       169,805  

Merck KGaA

      51       9,565  

MTU Aero Engines AG

      24       6,092  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)

      203       71,130  

Nemetschek SE

      186       12,830  

Puma SE

      331       20,500  

Rational AG

      2       1,577  

Rheinmetall AG

      20       5,852  

RWE AG

      374       16,102  

SAP SE

      3,359       424,160  

Scout24 SE (e)

      11       672  

Siemens AG (Registered)

      348       56,408  

Siemens Energy AG (a)

      236       5,205  

Siemens Healthineers AG (e)

      40       2,283  

Symrise AG, Class A

      19       2,029  

Telefonica Deutschland Holding AG

      148       456  

United Internet AG (Registered)

      14       235  

Volkswagen AG

      81       13,926  

Vonovia SE

      101       1,905  

Zalando SE (a) (e)

      31       1,315  
    

 

 

  
       1,502,631  
    

 

 

  

Ireland — 0.7%

     

AerCap Holdings NV (a)

      75       4,238  

AIB Group plc

      2,540       10,280  

Bank of Ireland Group plc

      2,549       25,790  

CRH plc

      107       5,407  

Six Circles International Unconstrained Equity 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

    

Ireland — continued

    

DCC plc

      75       4,370  

Experian plc

      698       22,979  

Flutter Entertainment plc (a)

      23       4,274  

Kerry Group plc, Class A

      23       2,278  

Kingspan Group plc

      71       4,838  

Smurfit Kappa Group plc

      35       1,281  
    

 

 

  
       85,735  
    

 

 

  

Italy — 4.2%

     

Amplifon SpA

      17       603  

Assicurazioni Generali SpA

      1,610       32,088  

Davide Campari-Milano NV

      1,272       15,516  

DiaSorin SpA

      3       363  

Enel SpA

      4,742       28,922  

Eni SpA

      4,664       65,042  

Ferrari NV

      347       93,996  

FinecoBank Banca Fineco SpA

      1,453       22,264  

Infrastrutture Wireless Italiane SpA (e)

      47       614  

Intesa Sanpaolo SpA

      38,377       98,493  

Mediobanca Banca di Credito Finanziario SpA

      1,413       14,204  

Moncler SpA

      642       44,359  

Nexi SpA (a) (e)

      81       661  

Poste Italiane SpA (e)

      755       7,697  

Prysmian SpA

      116       4,870  

Recordati Industria Chimica e Farmaceutica SpA

      42       1,763  

Snam SpA

      1,203       6,380  

Telecom Italia SpA (a)

      1,392       459  

Terna - Rete Elettrica Nazionale

      829       6,803  

UniCredit SpA

      4,568       86,103  
    

 

 

  
       531,200  
    

 

 

  

Japan — 2.5%

     

Advantest Corp.

      17       1,585  

Aeon Co. Ltd.

      62       1,199  

AGC, Inc.

      18       679  

Aisin Corp.

      14       378  

Ajinomoto Co., Inc.

      43       1,499  

ANA Holdings, Inc. (a)

      15       326  

Asahi Group Holdings Ltd.

      43       1,585  

Asahi Intecc Co. Ltd.

      20       359  

Asahi Kasei Corp.

      117       819  

Astellas Pharma, Inc.

      173       2,454  

Azbil Corp.

      11       296  

Bandai Namco Holdings, Inc.

      56       1,203  

BayCurrent Consulting, Inc.

      12       515  

Bridgestone Corp.

      54       2,181  

Brother Industries Ltd.

      22       331  

Canon, Inc.

      94       2,096  

Capcom Co. Ltd.

      16       580  

Six Circles International Unconstrained Equity 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

    

Central Japan Railway Co.

      14       1,623  

Chiba Bank Ltd. (The)

      49       316  

Chubu Electric Power Co., Inc.

      60       634  

Chugai Pharmaceutical Co. Ltd.

      63       1,561  

Concordia Financial Group Ltd.

      102       374  

CyberAgent, Inc.

      40       336  

Dai Nippon Printing Co. Ltd.

      21       591  

Daifuku Co. Ltd.

      29       535  

Dai-ichi Life Holdings, Inc.

      92       1,695  

Daiichi Sankyo Co. Ltd.

      165       6,012  

Daikin Industries Ltd.

      23       4,198  

Daito Trust Construction Co. Ltd.

      6       578  

Daiwa House Industry Co. Ltd.

      57       1,334  

Daiwa House REIT Investment Corp., Class A

      —  (h)      422  

Daiwa Securities Group, Inc.

      124       584  

Denso Corp.

      41       2,303  

Dentsu Group, Inc.

      19       670  

Disco Corp.

      8       942  

East Japan Railway Co.

      29       1,577  

Eisai Co. Ltd.

      24       1,335  

ENEOS Holdings, Inc.

      291       1,020  

FANUC Corp.

      90       3,250  

Fast Retailing Co. Ltd.

      17       3,612  

Fuji Electric Co. Ltd.

      12       466  

FUJIFILM Holdings Corp.

      34       1,726  

Fujitsu Ltd.

      19       2,500  

GLP J-Reit

      —  (h)      430  

GMO Payment Gateway, Inc.

      4       346  

Hakuhodo DY Holdings, Inc.

      22       251  

Hamamatsu Photonics KK

      13       707  

Hankyu Hanshin Holdings, Inc.

      22       649  

Hikari Tsushin, Inc.

      2       267  

Hirose Electric Co. Ltd.

      3       353  

Hitachi Construction Machinery Co. Ltd.

      10       240  

Hitachi Ltd.

      91       5,007  

Honda Motor Co. Ltd.

      153       4,055  

Hoshizaki Corp.

      10       377  

Hoya Corp.

      34       3,702  

Hulic Co. Ltd.

      36       295  

Ibiden Co. Ltd.

      11       421  

Idemitsu Kosan Co. Ltd.

      20       433  

Iida Group Holdings Co. Ltd.

      14       225  

Inpex Corp.

      98       1,041  

Isuzu Motors Ltd.

      56       666  

ITOCHU Corp.

      112       3,641  

Itochu Techno-Solutions Corp.

      9       227  

Japan Airlines Co. Ltd.

      14       265  

Six Circles International Unconstrained Equity 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.

      47       717  

Japan Metropolitan Fund Invest

      1       482  

Japan Post Bank Co. Ltd.

      138       1,127  

Japan Post Holdings Co. Ltd.

      224       1,815  

Japan Post Insurance Co. Ltd.

      19       291  

Japan Real Estate Investment Corp.

      —  (h)      462  

Japan Tobacco, Inc.

      113       2,385  

JFE Holdings, Inc.

      46       581  

JSR Corp.

      17       390  

Kajima Corp.

      40       485  

Kansai Electric Power Co., Inc. (The)

      66       640  

KAO Corp.

      44       1,705  

KDDI Corp.

      152       4,678  

Keio Corp.

      10       341  

Keisei Electric Railway Co. Ltd.

      12       373  

Keyence Corp.

      18       8,969  

Kikkoman Corp.

      14       694  

Kintetsu Group Holdings Co. Ltd.

      16       515  

Kirin Holdings Co. Ltd.

      78       1,231  

Kobayashi Pharmaceutical Co. Ltd.

      5       294  

Kobe Bussan Co. Ltd.

      14       391  

Koei Tecmo Holdings Co. Ltd.

      11       204  

Koito Manufacturing Co. Ltd.

      20       370  

Komatsu Ltd.

      87       2,160  

Konami Group Corp.

      9       399  

Kose Corp.

      3       380  

Kubota Corp.

      95       1,442  

Kurita Water Industries Ltd.

      10       449  

Kyocera Corp.

      30       1,581  

Kyowa Kirin Co. Ltd.

      25       550  

Lasertec Corp.

      7       1,262  

Lixil Corp.

      28       454  

M3, Inc.

      41       1,037  

Makita Corp.

      21       521  

Marubeni Corp.

      146       1,979  

MatsukiyoCocokara & Co.

      11       567  

Mazda Motor Corp.

      53       489  

McDonald’s Holdings Co. Japan Ltd.

      8       337  

MEIJI Holdings Co. Ltd.

      21       495  

MINEBEA MITSUMI, Inc.

      34       647  

MISUMI Group, Inc.

      27       671  

Mitsubishi Chemical Group Corp.

      122       726  

Mitsubishi Corp.

      118       4,230  

Mitsubishi Electric Corp.

      182       2,173  

Mitsubishi Estate Co. Ltd.

      106       1,258  

Mitsubishi HC Capital, Inc.

      62       318  

Mitsubishi Heavy Industries Ltd.

      30       1,120  

Six Circles International Unconstrained Equity 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.

      1,124       7,206  

Mitsui & Co. Ltd.

      135       4,202  

Mitsui Chemicals, Inc.

      17       444  

Mitsui Fudosan Co. Ltd.

      85       1,604  

Mitsui OSK Lines Ltd.

      32       805  

Mizuho Financial Group, Inc.

      227       3,215  

MonotaRO Co. Ltd.

      23       295  

MS&AD Insurance Group Holdings, Inc.

      40       1,249  

Murata Manufacturing Co. Ltd.

      54       3,291  

NEC Corp.

      23       884  

Nexon Co. Ltd.

      44       1,060  

NGK Insulators Ltd.

      22       296  

Nidec Corp.

      42       2,191  

Nihon M&A Center Holdings, Inc.

      29       215  

Nintendo Co. Ltd.

      104       4,032  

Nippon Building Fund, Inc.

      —  (h)      599  

Nippon Express Holdings, Inc.

      7       434  

Nippon Paint Holdings Co. Ltd.

      77       728  

Nippon Prologis REIT, Inc.

      —  (h)      421  

Nippon Sanso Holdings Corp.

      16       294  

Nippon Shinyaku Co. Ltd.

      5       212  

Nippon Steel Corp.

      76       1,792  

Nippon Telegraph & Telephone Corp.

      112       3,359  

Nippon Yusen KK

      46       1,070  

Nissan Chemical Corp.

      12       540  

Nissan Motor Co. Ltd.

      217       819  

Nisshin Seifun Group, Inc.

      19       221  

Nissin Foods Holdings Co. Ltd.

      6       530  

Nitori Holdings Co. Ltd.

      8       906  

Nitto Denko Corp.

      13       861  

Nomura Holdings, Inc.

      275       1,060  

Nomura Real Estate Holdings, Inc.

      11       250  

Nomura Real Estate Master Fund, Inc.

      —  (h)      444  

Nomura Research Institute Ltd.

      37       868  

NTT Data Corp.

      59       774  

Obayashi Corp.

      61       464  

Obic Co. Ltd.

      7       1,030  

Odakyu Electric Railway Co. Ltd.

      28       358  

Oji Holdings Corp.

      76       300  

Olympus Corp.

      115       2,018  

Omron Corp.

      17       1,013  

Ono Pharmaceutical Co. Ltd.

      34       704  

Open House Group Co. Ltd.

      8       281  

Oracle Corp. Japan

      4       267  

Oriental Land Co. Ltd.

      94       3,218  

ORIX Corp.

      112       1,853  

Osaka Gas Co. Ltd.

      35       580  

Six Circles International Unconstrained Equity 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

    

Otsuka Corp.

      11       376  

Otsuka Holdings Co. Ltd.

      37       1,172  

Pan Pacific International Holdings Corp.

      36       687  

Panasonic Holdings Corp.

      208       1,859  

Persol Holdings Co. Ltd.

      17       334  

Rakuten Group, Inc.

      84       389  

Recruit Holdings Co. Ltd.

      136       3,730  

Renesas Electronics Corp. (a)

      111       1,602  

Resona Holdings, Inc.

      204       985  

Ricoh Co. Ltd.

      52       386  

Rohm Co. Ltd.

      8       683  

SBI Holdings, Inc.

      23       453  

SCSK Corp.

      15       220  

Secom Co. Ltd.

      20       1,226  

Seiko Epson Corp.

      26       373  

Sekisui Chemical Co. Ltd.

      35       491  

Sekisui House Ltd.

      58       1,190  

Seven & i Holdings Co. Ltd.

      71       3,203  

SG Holdings Co. Ltd.

      27       399  

Sharp Corp.

      22       158  

Shimadzu Corp.

      22       694  

Shimano, Inc.

      7       1,196  

Shimizu Corp.

      52       294  

Shin-Etsu Chemical Co. Ltd.

      174       5,648  

Shionogi & Co. Ltd.

      25       1,132  

Shiseido Co. Ltd.

      38       1,768  

Shizuoka Financial Group, Inc.

      42       299  

SMC Corp.

      5       2,863  

SoftBank Corp.

      270       3,119  

SoftBank Group Corp.

      113       4,458  

Sompo Holdings, Inc.

      29       1,157  

Sony Group Corp.

      118       10,784  

Square Enix Holdings Co. Ltd.

      8       384  

Subaru Corp.

      57       916  

SUMCO Corp.

      33       492  

Sumitomo Chemical Co. Ltd.

      139       468  

Sumitomo Corp.

      106       1,876  

Sumitomo Electric Industries Ltd.

      67       856  

Sumitomo Metal Mining Co. Ltd.

      23       884  

Sumitomo Mitsui Financial Group, Inc.

      123       4,914  

Sumitomo Mitsui Trust Holdings, Inc.

      31       1,068  

Sumitomo Realty & Development Co. Ltd.

      29       653  

Suntory Beverage & Food Ltd.

      13       484  

Suzuki Motor Corp.

      34       1,253  

Sysmex Corp.

      16       1,044  

T&D Holdings, Inc.

      51       626  

Taisei Corp.

      17       523  

Six Circles International Unconstrained Equity 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

    

Takeda Pharmaceutical Co. Ltd.

      141       4,644  

TDK Corp.

      36       1,303  

Terumo Corp.

      61       1,644  

TIS, Inc.

      21       558  

Tobu Railway Co. Ltd.

      18       421  

Toho Co. Ltd.

      11       403  

Tokio Marine Holdings, Inc.

      173       3,324  

Tokyo Electric Power Co. Holdings, Inc. (a)

      145       516  

Tokyo Electron Ltd.

      42       5,168  

Tokyo Gas Co. Ltd.

      37       686  

Tokyu Corp.

      50       659  

TOPPAN INC

      25       494  

Toray Industries, Inc.

      132       755  

Toshiba Corp.

      37       1,239  

Tosoh Corp.

      24       330  

TOTO Ltd.

      13       442  

Toyota Industries Corp.

      14       763  

Toyota Motor Corp.

      996       14,184  

Toyota Tsusho Corp.

      20       861  

Trend Micro, Inc.

      13       613  

Unicharm Corp.

      38       1,566  

USS Co. Ltd.

      19       333  

Welcia Holdings Co. Ltd.

      9       195  

West Japan Railway Co.

      21       844  

Yakult Honsha Co. Ltd.

      12       872  

Yamaha Corp.

      13       506  

Yamaha Motor Co. Ltd.

      28       728  

Yamato Holdings Co. Ltd.

      27       467  

Yaskawa Electric Corp.

      22       982  

Yokogawa Electric Corp.

      21       347  

Z Holdings Corp.

      249       706  

ZOZO, Inc.

      12       270  
    

 

 

  
       312,111  
    

 

 

  

Jordan — 0.0% (g)

     

Hikma Pharmaceuticals plc

      116       2,400  
    

 

 

  
    

Luxembourg — 0.0% (g)

     

ArcelorMittal SA

      73       2,219  

Aroundtown SA

      141       201  

Eurofins Scientific SE

      19       1,269  

Tenaris SA

      69       972  
    

 

 

  
       4,661  
    

 

 

  

Netherlands — 8.3%

     

ABN AMRO Bank NV, CVA (e)

      959       15,209  

Adyen NV (a) (e)

      3       4,844  

Aegon NV

      2,596       11,147  

Akzo Nobel NV

      26       2,009  

Six Circles International Unconstrained Equity 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 — continued

    

Argenx SE (a)

      8       2,863  

ASM International NV

      99       40,314  

ASML Holding NV

      854       582,186  

Euronext NV (e)

      125       9,549  

EXOR NV (a)

      157       12,976  

Heineken Holding NV

      281       25,743  

Heineken NV

      632       67,886  

IMCD NV

      26       4,253  

ING Groep NV

      8,861       105,229  

JDE Peet’s NV

      14       404  

Just Eat Takeaway.com NV (a) (e)

      25       487  

Koninklijke Ahold Delhaize NV

      147       5,013  

Koninklijke DSM NV

      25       2,906  

Koninklijke KPN NV

      463       1,634  

Koninklijke Philips NV

      125       2,302  

NN Group NV

      406       14,747  

OCI NV

      15       495  

Prosus NV (a)

      113       8,826  

QIAGEN NV (a)

      32       1,449  

Randstad NV

      55       3,237  

Stellantis NV

      6,188       112,543  

Universal Music Group NV

      102       2,572  

Wolters Kluwer NV

      117       14,822  
    

 

 

  
       1,055,645  
    

 

 

  

Norway — 0.8%

     

Adevinta ASA, Class B (a)

      41       288  

Aker BP ASA

      45       1,097  

DNB Bank ASA

      2,207       39,501  

Equinor ASA

      1,776       50,495  

Gjensidige Forsikring ASA

      290       4,750  

Kongsberg Gruppen ASA

      40       1,608  

Mowi ASA

      58       1,078  

Norsk Hydro ASA

      191       1,423  

Orkla ASA

      105       745  

Salmar ASA

      9       399  

Telenor ASA

      99       1,164  

Yara International ASA

      23       1,002  
    

 

 

  
       103,550  
    

 

 

  

Portugal — 0.2%

     

EDP - Energias de Portugal SA

      1,684       9,176  

Galp Energia SGPS SA

      936       10,594  

Jeronimo Martins SGPS SA

      40       927  
    

 

 

  
       20,697  
    

 

 

  

South Korea — 1.1%

     

Samsung Electronics Co. Ltd.

      2,645       130,814  

Samsung Electronics Co. Ltd. (Registered), GDR

      2       2,050  
    

 

 

  
       132,864  
    

 

 

  

Six Circles International Unconstrained Equity 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 — 3.4%

     

Acciona SA

      15       2,921  

ACS Actividades de Construccion y Servicios SA

      100       3,173  

Aena SME SA (a) (e)

      34       5,551  

Amadeus IT Group SA (a)

      64       4,264  

Banco Bilbao Vizcaya Argentaria SA

      14,341       102,531  

Banco Santander SA

      39,948       148,867  

CaixaBank SA

      10,533       41,099  

Cellnex Telecom SA (e)

      80       3,097  

Corp. ACCIONA Energias Renovables SA

      39       1,510  

EDP Renovaveis SA

      148       3,381  

Enagas SA

      100       1,916  

Endesa SA

      188       4,088  

Ferrovial SA

      223       6,552  

Grifols SA (a)

      42       419  

Iberdrola SA

      3,588       44,698  

Industria de Diseno Textil SA

      154       5,161  

Naturgy Energy Group SA

      87       2,605  

Red Electrica Corp. SA

      224       3,942  

Repsol SA

      2,575       39,595  

Telefonica SA

      740       3,185  
    

 

 

  
       428,555  
    

 

 

  

Sweden — 2.6%

     

Alfa Laval AB

      132       4,707  

Assa Abloy AB, Class B

      455       10,899  

Atlas Copco AB, Class A

      1,215       15,397  

Atlas Copco AB, Class B

      719       8,274  

Boliden AB

      38       1,506  

Electrolux AB, Class B

      30       359  

Embracer Group AB, Class B (a)

      90       422  

Epiroc AB, Class A

      305       6,053  

Epiroc AB, Class B

      173       2,953  

EQT AB

      518       10,581  

Essity AB, Class B

      85       2,439  

Evolution AB (e)

      26       3,431  

Fastighets AB Balder, Class B (a)

      89       365  

Getinge AB, Class B

      32       783  

H & M Hennes & Mauritz AB, Class B

      102       1,453  

Hexagon AB, Class B

      273       3,146  

Holmen AB, Class B

      13       504  

Husqvarna AB, Class B

      190       1,645  

Industrivarden AB, Class A

      185       5,004  

Industrivarden AB, Class C

      226       6,095  

Indutrade AB

      126       2,682  

Investment AB Latour, Class B

      68       1,391  

Investor AB, Class A

      726       14,810  

Investor AB, Class B

      2,647       52,728  

Six Circles International Unconstrained Equity 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

    

Kinnevik AB, Class B (a)

      352       5,260  

L E Lundbergforetagen AB, Class B

      109       4,956  

Lifco AB, Class B

      108       2,322  

Nibe Industrier AB, Class B

      691       7,874  

Sagax AB, Class B

      27       626  

Sandvik AB

      484       10,271  

Securitas AB, Class B

      225       1,998  

Skandinaviska Enskilda Banken AB, Class A (a)

      3,841       42,396  

Skanska AB, Class B

      155       2,374  

SKF AB, Class B

      174       3,434  

Svenska Cellulosa AB SCA, Class B

      84       1,110  

Svenska Handelsbanken AB, Class A

      3,472       30,071  

Swedbank AB, Class A

      2,153       35,409  

Swedish Orphan Biovitrum AB (a)

      24       550  

Tele2 AB, Class B

      81       807  

Telefonaktiebolaget LM Ericsson, Class B

      409       2,398  

Telia Co. AB

      375       951  

Volvo AB, Class A

      91       1,955  

Volvo AB, Class B

      686       14,128  

Volvo Car AB, Class B (a)

      1,639       7,170  
    

 

 

  
       333,687  
    

 

 

  

Switzerland — 16.1%

     

ABB Ltd. (Registered)

      715       24,591  

Adecco Group AG (Registered)

      73       2,659  

Alcon, Inc.

      70       4,971  

Bachem Holding AG, Class B

      5       472  

Baloise Holding AG (Registered)

      66       10,343  

Banque Cantonale Vaudoise (Registered)

      72       6,804  

Barry Callebaut AG (Registered)

      10       20,652  

BKW AG

      12       1,930  

Chocoladefabriken Lindt & Spruengli AG

      3       33,755  

Chocoladefabriken Lindt & Spruengli AG (Registered)

      —  (h)      34,820  

Cie Financiere Richemont SA (Registered), Class A

      1,633       261,896  

Clariant AG (Registered) (a)

      30       502  

Coca-Cola HBC AG

      553       15,127  

Credit Suisse Group AG (Registered)

      5,243       4,708  

EMS-Chemie Holding AG (Registered)

      1       830  

Geberit AG (Registered)

      16       9,112  

Givaudan SA (Registered)

      1       4,238  

Glencore plc

      4,557       26,223  

Holcim AG (a)

      77       4,992  

Julius Baer Group Ltd.

      309       21,116  

Kuehne + Nagel International AG (Registered)

      25       7,368  

Logitech International SA (Registered)

      24       1,406  

Lonza Group AG (Registered)

      10       6,298  

Nestle SA (Registered)

      7,522       917,206  

Novartis AG (Registered)

      860       78,942  

Six Circles International Unconstrained Equity 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

    

Partners Group Holding AG

      33       31,054  

Roche Holding AG

      289       82,868  

Schindler Holding AG

      19       4,210  

Schindler Holding AG (Registered)

      10       2,214  

SGS SA (Registered)

      3       6,381  

SIG Group AG (a)

      43       1,105  

Sika AG (Registered)

      21       5,756  

Sonova Holding AG (Registered)

      7       2,160  

STMicroelectronics NV

      1,448       77,152  

Straumann Holding AG (Registered)

      16       2,352  

Swatch Group AG (The)

      91       31,308  

Swatch Group AG (The) (Registered)

      163       10,338  

Swiss Life Holding AG (Registered)

      45       27,672  

Swiss Prime Site AG (Registered)

      11       899  

Swiss Re AG

      438       45,002  

Swisscom AG (Registered)

      4       2,301  

Temenos AG (Registered)

      9       624  

UBS Group AG (Registered)

      4,863       102,896  

VAT Group AG (e)

      12       4,451  

Zurich Insurance Group AG

      218       104,697  
    

 

 

  
       2,046,401  
    

 

 

  

Taiwan — 1.2%

     

ASE Technology Holding Co. Ltd.

      924       3,429  

eMemory Technology, Inc.

      18       1,108  

Globalwafers Co. Ltd.

      62       1,060  

MediaTek, Inc.

      429       11,122  

Nanya Technology Corp.

      347       761  

Novatek Microelectronics Corp.

      163       2,316  

Powerchip Semiconductor Manufacturing Corp.

      829       906  

Realtek Semiconductor Corp.

      130       1,659  

Taiwan Semiconductor Manufacturing Co. Ltd.

      6,949       121,779  

United Microelectronics Corp. (a)

      3,349       5,861  

Vanguard International Semiconductor Corp.

      252       806  

Win Semiconductors Corp.

      95       573  

Winbond Electronics Corp.

      837       732  
    

 

 

  
       152,112  
    

 

 

  

United Arab Emirates — –%

     

NMC Health plc (a) (bb) (cc)

      116       —  
    

 

 

  

United Kingdom — 21.2%

     

3i Group plc

      1,710       35,633  

abrdn plc

      3,574       8,995  

Admiral Group plc

      318       7,995  

Anglo American plc

      562       18,700  

Ashtead Group plc

      332       20,417  

Associated British Foods plc

      158       3,780  

AstraZeneca plc

      1,083       150,050  

Six Circles International Unconstrained Equity 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

    

Auto Trader Group plc (e)

      410       3,131  

Aviva plc

      4,910       24,527  

BAE Systems plc

      2,339       28,293  

Barclays plc

      42,492       76,482  

Barratt Developments plc

      446       2,565  

Berkeley Group Holdings plc

      48       2,469  

BP plc

      39,308       248,449  

British American Tobacco plc

      941       32,983  

British Land Co. plc (The)

      392       1,881  

BT Group plc

      3,065       5,521  

Bunzl plc

      256       9,686  

Burberry Group plc

      1,320       42,277  

CNH Industrial NV

      465       7,117  

Coca-Cola Europacific Partners plc

      500       29,623  

Compass Group plc

      777       19,534  

Croda International plc

      62       4,989  

Diageo plc

      6,225       277,821  

Entain plc

      262       4,063  

GSK plc

      2,843       50,229  

Haleon plc

      2,244       8,914  

Halma plc

      167       4,623  

Hargreaves Lansdown plc

      621       6,153  

HSBC Holdings plc

      53,516       363,721  

Imperial Brands plc

      397       9,132  

Informa plc

      631       5,405  

InterContinental Hotels Group plc

      78       5,099  

Intertek Group plc

      122       6,120  

J Sainsbury plc

      781       2,687  

JD Sports Fashion plc

      1,151       2,535  

Johnson Matthey plc

      80       1,971  

Kingfisher plc

      859       2,777  

Land Securities Group plc

      308       2,365  

Legal & General Group plc

      10,473       30,974  

Lloyds Banking Group plc

      180,309       106,012  

London Stock Exchange Group plc

      663       64,411  

M&G plc

      3,930       9,633  

Melrose Industries plc

      3,075       6,333  

Mondi plc

      214       3,403  

National Grid plc

      1,619       21,906  

NatWest Group plc

      14,238       46,459  

Next plc

      57       4,630  

Ocado Group plc (a)

      258       1,710  

Pearson plc

      287       3,005  

Persimmon plc

      142       2,206  

Phoenix Group Holdings plc

      1,312       8,868  

Prudential plc

      4,824       66,042  

Reckitt Benckiser Group plc

      317       24,089  

Six Circles International Unconstrained Equity 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

    

RELX plc

      1,450       46,970  

Rentokil Initial plc

      1,903       13,912  

Rio Tinto plc

      498       33,773  

Rolls-Royce Holdings plc (a)

      6,325       11,650  

Sage Group plc (The)

      450       4,316  

Schroders plc

      1,562       8,909  

Segro plc

      537       5,118  

Severn Trent plc

      111       3,946  

Shell plc

      15,288       435,677  

Smith & Nephew plc

      387       5,377  

Smiths Group plc

      268       5,693  

Spirax-Sarco Engineering plc

      56       8,172  

SSE plc

      478       10,663  

St James’s Place plc

      954       14,313  

Standard Chartered plc

      6,593       49,966  

Taylor Wimpey plc

      1,573       2,314  

Tesco plc

      3,268       10,712  

Unilever plc

      1,122       58,118  

United Utilities Group plc

      301       3,941  

Vodafone Group plc

      11,531       12,720  

Whitbread plc

      89       3,303  

WPP plc

      476       5,652  
    

 

 

  
       2,693,608  
    

 

 

  

Total Common Stocks

(Cost $10,887,682)

        12,333,030  
    

 

 

  

Preferred Stocks — 1.4%

    

Germany — 1.2%

     

Bayerische Motoren Werke AG

      164       16,728  

Dr Ing hc F Porsche AG (a)

      313       40,221  

Henkel AG & Co. KGaA

      27       2,078  

Porsche Automobil Holding SE

      421       24,185  

Sartorius AG

      3       1,441  

Volkswagen AG

      511       69,712  
    

 

 

  
       154,365  
    

 

 

  

South Korea — 0.2%

     

Samsung Electronics Co. Ltd.

      456       18,968  
    

 

 

  

Total Preferred Stocks

(Cost $174,108)

        173,333  
    

 

 

  

Six Circles International Unconstrained Equity 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 — 0.7%

    

Time Deposits — 0.7%

     

Australia & New Zealand Banking Group Ltd., 4.18%, 04/03/2023

      1,466       1,466  

Barclays SA, 4.18%, 04/03/2023

      1,770       1,770  

Brown Brothers Harriman & Co.,

     

0.00%, 04/03/2023

    CHF       18,509       20,230  

1.40%, 04/03/2023

    DKK 23,693       3,449  

1.58%, 04/03/2023

    NOK 19,016       1,816  

1.74%, 04/03/2023

    SEK 30,082       2,898  

3.15%, 04/03/2023

    GBP 9,136       11,271  

Citibank NA,

     

1.91%, 04/03/2023

    EUR 29,712       32,222  

4.18%, 04/03/2023

      2,354       2,354  

Royal Bank of Canada, 4.18%, 04/03/2023

      1,683       1,683  

Skandinaviska Enskilda Banken, 3.15%, 04/03/2023

    GBP 6,362       7,848  

Sumitomo Mitsui Banking Corp., (0.53%), 04/03/2023

    JPY 109,964       828  

Sumitomo Mitsui Trust Bank Ltd., 4.18%, 04/03/2023

      1,112       1,112  
    

 

 

  

Total Short-Term Investments

(Cost $88,947)

        88,947  
    

 

 

  

Total Investments — 99.1%

(Cost - $11,150,737) *

        12,595,310  

Other Assets in Excess of Liabilities — 0.9%

        117,664  
    

 

 

  

NET ASSETS — 100.0%

      $ 12,712,974  
    

 

 

  

 

Percentages indicated are based on net assets.

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

      15        04/2023        EUR        2,370        91  

Euro STOXX 50 Index

      1,457        06/2023        EUR        64,430        2,899  

FTSE 100 Index

      507        06/2023        GBP        46,985        791  

MSCI Emerging Markets Index

      54        06/2023        USD        2,622        66  

SGX FTSE Taiwan Index

      20        04/2023        USD        1,109        1  

TOPIX Index

      28        06/2023        JPY        4,201        24  
              

 

 

  

Total unrealized appreciation (depreciation)

                  3,872  
              

 

 

  

Six Circles International Unconstrained Equity 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

 

CVA    —    Dutch Certification
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.
CHF    —    Swiss Franc
DKK    —    Danish Krone
EUR    —    Euro
GBP    —    British Pound
JPY    —    Japanese Yen
NOK    —    Norwegian Krone
SEK    —    Swedish Krona
USD    —    United States Dollar

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  

Banks

      16.4 % 

Apparel

      10.3 % 

Oil & Gas

      9.1 % 

Semiconductors

      9.0 % 

Food

      8.4 % 

Insurance

      6.1 % 

Beverages

      5.9 % 

Auto Manufacturers

      5.7 % 

Pharmaceuticals

      4.6 % 

Software

      3.6 % 

Retail

      3.2 % 

Electric

      1.6 % 

Diversified Financial Services

      1.6 % 

Commercial Services

      1.2 % 

Investment Companies

      1.0 % 

Others (Each less than 1.0%)

      11.6 % 

Short-Term Investments

      0.7 % 

Six Circles Global Bond 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

   

    PRINCIPAL    

    AMOUNT ($)    

          VALUE ($)      

Long Positions — 105.3%

      
Asset-Backed Securities — 0.8%      
Anchorage Capital CLO 11 Ltd., (Cayman Islands), Series 2019-11A, Class AR, (ICE LIBOR USD 3 Month + 1.14%), 5.96%, 07/22/2032 (e) (aa)      1,900        1,857  
ARES L CLO Ltd., (Cayman Islands), Series 2018-50A, Class AR, (ICE LIBOR USD 3 Month + 1.05%), 5.84%, 01/15/2032 (e) (aa)      3,300        3,243  
Atlas Senior Loan Fund Ltd., (Cayman Islands), Series 2017-8A, Class A, (ICE LIBOR USD 3 Month + 1.15%), 5.94%, 01/16/2030 (e) (aa)      4,589        4,551  
Benefit Street Partners CLO XVII Ltd., (Cayman Islands), Series 2019-17A, Class AR, (ICE LIBOR USD 3 Month + 1.08%), 5.87%, 07/15/2032 (e) (aa)      4,300        4,221  
CARLYLE US CLO Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.00%), 5.81%, 04/20/2031 (e) (aa)      1,900        1,866  
Carmax Auto Owner Trust, Series 2020-1, Class A3, 1.89%, 12/16/2024      65        65  
CIFC Funding Ltd., (Cayman Islands), Series 2017-4A, Class A1R, (ICE LIBOR USD 3 Month + 0.95%), 5.77%, 10/24/2030 (e) (aa)      3,100        3,055  
Crestline Denali CLO XV Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.03%), 5.84%, 04/20/2030 (e) (aa)      5,062        4,984  
Dryden 27 R Euro CLO 2017 DAC, (Ireland), Series 2017-27A, Class AR, (ICE LIBOR EUR 3 Month + 0.66%), 2.95%, 04/15/2033 (e) (aa)    EUR 7,600        7,994  
Dryden 36 Senior Loan Fund, (Cayman Islands), Series 2014-36A, Class AR3, (ICE LIBOR USD 3 Month + 1.02%), 5.81%, 04/15/2029 (e) (aa)      5,447        5,401  
Ford Credit Auto Owner Trust, Series 2020-B, Class A4, 0.79%, 11/15/2025      850        821  
GM Financial Consumer Automobile Receivables Trust,      
Series 2020-2, Class A4, 1.74%, 08/18/2025      500        488  
Series 2023-1, Class A3, 4.66%, 02/16/2028      1,850        1,855  
Series 2023-1, Class A4, 4.59%, 07/17/2028      230        229  
Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.41%, 11/15/2024      34        34  
Madison Park Funding XXVI Ltd., (Cayman Islands), Series 2017-26A, Class AR, (ICE LIBOR USD 3 Month + 1.20%), 6.00%, 07/29/2030 (e) (aa)      2,351        2,328  
Magnetite XVIII Ltd., (Cayman Islands), Series 2016-18A, Class AR2, (ICE LIBOR USD 3 Month + 0.88%), 5.74%, 11/15/2028 (e) (aa)      6,935        6,852  
Marathon CLO IX Ltd., (Cayman Islands), Series 2017-9A, Class A1AR, (ICE LIBOR USD 3 Month + 1.15%), 5.94%, 04/15/2029 (e) (aa)      237        236  
Marble Point CLO X Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.04%), 5.83%, 10/15/2030 (e) (aa)      1,731        1,706  

Six Circles Global Bond 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 ($)      
Asset-Backed Securities — continued      
Mountain View CLO LLC, (Cayman Islands),      
Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.09%), 5.88%, 10/16/2029 (e) (aa)      1,423        1,410  
Series 2017-2A, Class AR, (ICE LIBOR USD 3 Month + 1.04%), 5.83%, 01/16/2031 (e) (aa)      2,900        2,860  
Nissan Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.38%, 12/16/2024      31        31  
OCP CLO Ltd., (Cayman Islands), Series 2017-14A, Class A1A, (ICE LIBOR USD 3 Month + 1.15%), 6.07%, 11/20/2030 (e) (aa)      5,000        4,953  
Sculptor CLO XXV Ltd., (Cayman Islands), Series 25A, Class A1, (ICE LIBOR USD 3 Month + 1.27%), 6.06%, 01/15/2031 (e) (aa)      1,200        1,183  
Sound Point CLO XII Ltd., (Cayman Islands), Series 2016-2A, Class AR2, (ICE LIBOR USD 3 Month + 1.05%), 5.86%, 10/20/2028 (e) (aa)      36        36  
Venture 33 CLO Ltd., (Cayman Islands), Series 2018-33A, Class A1LR, (ICE LIBOR USD 3 Month + 1.06%), 5.85%, 07/15/2031 (e) (aa)      700        690  
Vibrant CLO VI Ltd., (Cayman Islands), Series 2017-6A, Class AR, (ICE LIBOR USD 3 Month + 0.95%), 5.91%, 06/20/2029 (e) (aa)      1,806        1,784  
Voya CLO Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (ICE LIBOR USD 3 Month + 0.95%), 5.74%, 04/17/2030 (e) (aa)      4,534        4,474  
Wellfleet CLO Ltd., (Cayman Islands), Series 2015-1A, Class AR4, (ICE LIBOR USD 3 Month + 0.89%), 5.70%, 07/20/2029 (e) (aa)      925        912  
World Omni Auto Receivables Trust, Series 2020-A, Class A3, 1.10%, 04/15/2025      39        38  
     

 

 

  

Total Asset-Backed Securities

(Cost $72,166)

         70,157  
     

 

 

  
Collateralized Mortgage Obligations — 2.1%      
Citigroup Mortgage Loan Trust,      
Series 2021-INV1, Class A3A, 2.50%, 05/25/2051 (e) (z)      5,982        4,841  
Series 2021-INV3, Class A11, (United States 30 Day Average SOFR + 0.85%), 5.00%, 05/25/2051 (e) (aa)      438        400  
FHLMC REMICS,      
Series 3404, Class SA, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 1.32%, 01/15/2038 (aa)      1,229        100  
Series 3680, Class SA, IF, IO, (5.00% - ICE LIBOR USD 1 Month), 0.32%, 06/15/2040 (aa)      2,306        113  
Series 4023, Class S, IF, IO, (6.25% - ICE LIBOR USD 1 Month), 1.57%, 03/15/2042 (aa)      1,071        98  
Series 4056, Class GS, IF, IO, (6.65% - ICE LIBOR USD 1 Month), 1.97%, 12/15/2041 (aa)      587        49  
Series 4134, Class PI, IO, 3.00%, 11/15/2042      475        55  
Series 4165, Class TI, IO, 3.00%, 12/15/2042      508        35  
Series 4479, Class AI, IO, 3.50%, 09/15/2025      3,834        113  
Series 4598, Class IK, IO, 3.50%, 03/15/2046      613        109  
Series 4710, Class EI, IO, 3.50%, 11/15/2031      3,436        269  
Series 4751, Class EF, (ICE LIBOR USD 1 Month + 0.25%), 4.93%, 05/15/2041 (aa)      2,881        2,785  
Series 4764, Class WF, (ICE LIBOR USD 1 Month + 0.30%), 4.98%, 02/15/2048 (aa)      4,909        4,713  
Series 4790, Class F, (ICE LIBOR USD 1 Month + 0.19%), 4.87%, 10/15/2043 (aa)      1,919        1,864  
Series 4825, Class SE, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 1.52%, 09/15/2048 (aa)      4,247        518  

Six Circles Global Bond 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 ($)      

Collateralized Mortgage Obligations — continued

      
Series 4888, Class IB, IO, 4.00%, 03/15/2047      348        50  
Series 4990, Class MI, IO, 4.00%, 07/25/2050      4,460        1,007  
Series 5003, Class AS, IF, IO, (6.10% - ICE LIBOR USD 1 Month), 1.25%, 08/25/2050 (aa)      7,262        1,026  
Series 5013, Class IQ, IO, 3.50%, 09/25/2050      5,382        840  
Series 5016, Class PI, IO, 3.00%, 09/25/2050      11,452        1,738  
Series 5024, Class BI, IO, 2.00%, 10/25/2050      18,560        2,140  
Series 5034, Class MI, IO, 2.00%, 11/25/2050      2,005        259  
Series 5034, Class YI, IO, 4.00%, 11/25/2050      2,878        534  
Series 5045, Class DI, IO, 2.50%, 11/25/2050      2,901        402  
Series 5047, Class CI, IO, 2.00%, 12/25/2050      1,765        240  
Series 5056, Class PI, IO, 2.50%, 12/25/2050      8,942        1,056  
Series 5062, Class EI, IO, 2.00%, 01/25/2051      3,788        521  
Series 5065, Class IG, IO, 3.00%, 01/25/2051      3,411        516  
Series 5069, Class DI, IO, 3.50%, 02/25/2041      1,398        176  
Series 5069, Class LI, IO, 2.50%, 02/25/2051      14,868        2,145  
Series 5071, Class IN, IO, 4.00%, 08/25/2050      5,699        1,251  
Series 5087, Class IL, IO, 3.00%, 03/25/2051      2,048        321  
Series 5124, Class LI, IO, 4.50%, 07/25/2051      12,361        2,700  
Series 5202, Class UI, IO, 3.50%, 01/25/2052      4,364        767  
Series 5210, Class AI, IO, 3.50%, 01/25/2042      4,518        616  
Series 5227, Class EI, IO, 4.00%, 04/25/2050      4,938        564  
FHLMC STRIPs, Series 365, Class C2, IO, 4.00%, 06/15/2049      4,129        772  
FNMA Interest STRIP,      
Series 379, Class S56, IF, IO, (7.90% - ICE LIBOR USD 1 Month), 3.05%, 05/25/2037 (aa)      396        56  
Series 405, Class 1, PO, Zero Coupon, 10/25/2040      318        261  
Series 406, Class 23, IO, 6.00%, 11/25/2040 (z)      150        34  
FNMA REMICS,      
Series 2007-30, Class JS, IF, IO, (6.44% - ICE LIBOR USD 1 Month), 1.59%, 04/25/2037 (aa)      1,704        169  
Series 2012-53, Class IO, IO, 3.50%, 05/25/2027      474        21  
Series 2012-98, Class JI, IO, 3.00%, 04/25/2027      1,109        23  
Series 2012-135, Class SB, IF, IO, (6.10% - ICE LIBOR USD 1 Month), 1.25%, 12/25/2042 (aa)      992        107  
Series 2013-109, Class BO, PO, Zero Coupon, 07/25/2043      411        260  
Series 2014-34, Class US, IF, (8.60% - ICE LIBOR USD 1 Month), 0.00%, 06/25/2044 (aa)      67        56  
Series 2016-26, Class SY, IF, (7.03% - ICE LIBOR USD 1 Month), 0.00%, 11/25/2042 (aa)      514        352  
Series 2016-63, Class AS, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 1.15%, 09/25/2046 (aa)      1,642        193  
Series 2017-97, Class BF, (ICE LIBOR USD 1 Month + 0.30%), 5.15%, 12/25/2047 (aa)      5,000        4,844  
Series 2018-67, Class HF, (ICE LIBOR USD 1 Month + 0.30%), 5.15%, 09/25/2048 (aa)      2,684        2,539  
Series 2018-67, Class SH, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 1.35%, 09/25/2048 (aa)      3,426        384  
Series 2018-77, Class PF, (ICE LIBOR USD 1 Month + 0.30%), 5.15%, 10/25/2048 (aa)      2,128        2,045  
Series 2019-48, Class IB, IO, 0.67%, 06/25/2039 (z)      22,329        500  
Series 2019-68, Class US, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 1.15%, 11/25/2049 (aa)      6,388        839  

Six Circles Global Bond 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 ($)      

Collateralized Mortgage Obligations — continued

      
Series 2019-78, Class DI, IO, 4.50%, 11/25/2049      644        98  
Series 2020-42, Class CI, IO, 3.00%, 06/25/2050      13,101        2,134  
Series 2020-60, Class BI, IO, 3.50%, 09/25/2050      11,760        2,186  
Series 2020-68, Class CI, IO, 3.00%, 10/25/2050      8,878        1,271  
Series 2020-74, Class PI, IO, 2.00%, 12/25/2049      10,650        1,104  
Series 2020-86, Class PI, IO, 2.50%, 12/25/2050      3,400        522  
Series 2020-89, Class IM, IO, 2.00%, 12/25/2050      10,067        1,259  
Series 2020-89, Class LI, IO, 3.00%, 12/25/2050      11,626        1,929  
Series 2020-99, Class IQ, IO, 3.00%, 01/25/2051      973        156  
Series 2021-3, Class TI, IO, 2.50%, 02/25/2051      2,320        379  
Series 2021-8, Class YF, (United States 30 Day Average SOFR + 0.20%), 3.79%, 03/25/2061 (aa)      10,091        9,847  
GNMA,      
Series 2015-H03, Class FA, (ICE LIBOR USD 1 Month + 0.50%), 5.07%, 12/20/2064 (aa)      61        60  
Series 2015-H33, Class FA, (ICE LIBOR USD 1 Month + 0.66%), 5.23%, 12/20/2065 (aa)      9,674        9,544  
Series 2017-H03, Class HA, 3.00%, 01/20/2067      4,441        4,282  
Series 2019-H08, Class FE, (ICE LIBOR USD 1 Month + 0.65%), 5.22%, 01/20/2069 (aa)      4,286        4,157  
Series 2019-H16, Class FD, (ICE LIBOR USD 1 Month + 0.80%), 5.37%, 10/20/2069 (aa)      2,426        2,394  
Series 2020-142, Class LI, IO, 2.50%, 09/20/2050      11,373        1,571  
Series 2020-142, Class MT, IF, IO, (6.15% - ICE LIBOR USD 1 Month), 0.05%, 07/20/2047 (aa)      13,934        26  
Series 2020-142, Class TN, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 0.10%, 09/20/2047 (aa)      18,725        78  
Series 2020-H12, Class F, (ICE LIBOR USD 1 Month + 0.50%), 5.07%, 07/20/2070 (aa)      596        579  
Series 2020-H13, Class FA, (ICE LIBOR USD 1 Month + 0.45%), 5.02%, 07/20/2070 (aa)      5,001        4,834  
Series 2020-H14, Class FH, (ICE LIBOR USD 1 Month + 1.25%), 5.82%, 08/20/2070 (aa)      6,858        6,936  
Series 2020-H15, Class FH, (ICE LIBOR USD 1 Month + 1.05%), 5.62%, 07/20/2070 (aa)      2,924        2,922  
Series 2020-H15, Class FK, (ICE LIBOR USD 1 Month + 1.25%), 5.82%, 04/20/2070 (aa)      5,185        5,167  
Series 2020-H16, Class FN, (ICE LIBOR USD 1 Month + 1.25%), 5.82%, 09/20/2070 (aa)      1,879        1,899  
Series 2021-23, Class GI, IO, 2.00%, 02/20/2051      12,184        1,381  
Series 2021-122, Class IT, IO, 2.50%, 07/20/2051      12,374        1,704  
Series 2021-206, Class IG, IO, 2.50%, 09/20/2051      10,715        1,408  
Series 2021-223, Class QI, IO, 2.50%, 10/20/2051      11,319        1,299  
Series 2021-H03, Class ML, 6.53%, 01/20/2071 (z)      10,155        10,377  
Series 2021-H14, Class HF, (United States 30 Day Average SOFR + 1.50%), 6.06%, 09/20/2071 (aa)      7,733        7,926  
Series 2021-H16, Class F, (United States 30 Day Average SOFR + 1.50%), 6.06%, 09/20/2071 (aa)      9,631        9,897  
Series 2022-H09, Class FA, (United States 30 Day Average SOFR + 0.67%), 5.23%, 04/20/2072 (aa)      556        546  
Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 5.46%, 01/20/2073 (aa)      2,923        2,923  
Series 2023-H02, Class FL, (United States 30 Day Average SOFR + 0.90%), 5.46%, 01/20/2073 (aa)      8,575        8,574  
Series 2023-H02, Class JF, (United States 30 Day Average SOFR + 0.90%), 5.46%, 01/20/2073 (aa)      6,491        6,490  

Six Circles Global Bond 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 ($)      

Collateralized Mortgage Obligations — continued

      
Series 2023-H03, Class FA, (United States 30 Day Average SOFR + 0.87%), 5.43%, 02/20/2073 (aa)      11,701        11,677  
GS Mortgage-Backed Securities Trust,      
Series 2021-GR2, Class A2, 2.50%, 02/25/2052 (e) (z)      1,124        909  
Series 2021-INV1, Class A2, 2.50%, 12/25/2051 (e) (z)      872        706  
IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA, 3.40%, 08/18/2043 (e)      2,171        2,024  
MFA Trust, Series 2020-NQM2, Class A1, 1.38%, 04/25/2065 (e) (z)      3,727        3,360  
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A6, (United States 30 Day Average SOFR + 0.85%), 5.00%, 09/25/2051 (e) (aa)      1,900        1,732  
OBX Trust, Series 2021-INV2, Class A11, (United States 30 Day Average SOFR + 0.90%), 5.00%, 10/25/2051 (e) (aa)      442        402  
PMT Loan Trust,      
Series 2021-INV1, Class A11, (United States 30 Day Average SOFR + 0.90%), 5.00%, 07/25/2051 (e) (aa)      8,776        8,029  
Series 2021-INV1, Class A3, 2.50%, 07/25/2051 (e) (z)      4,171        3,364  
     

 

 

  

Total Collateralized Mortgage Obligations

(Cost $215,741)

         198,448  
     

 

 

  
Commercial Mortgage-Backed Securities — 0.5%      
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class ASB, 3.43%, 09/15/2048      336        324  
BANK,      
Series 2017-BNK7, Class AS, 3.75%, 09/15/2060      750        683  
Series 2018-BN13, Class A5, 4.22%, 08/15/2061 (z)      500        477  
Series 2018-BN15, Class A4, 4.41%, 11/15/2061 (z)      1,235        1,187  
Barclays Commercial Mortgage Trust,      
Series 2019-C5, Class A4, 3.06%, 11/15/2052      1,000        882  
Series 2019-C5, Class ASB, 2.99%, 11/15/2052      500        463  
BBCMS Mortgage Trust,      
Series 2020-C6, Class ASB, 2.60%, 02/15/2053      600        541  
Series 2020-C7, Class A5, 2.04%, 04/15/2053      210        172  
BCP Trust, Series 2021-330N, Class A, (ICE LIBOR USD 1 Month + 0.80%), 5.48%, 06/15/2038 (e) (aa)      2,800        2,579  
Benchmark Mortgage Trust,      
Series 2020-B16, Class AM, 2.94%, 02/15/2053 (z)      350        292  
Series 2020-B17, Class A5, 2.29%, 03/15/2053      500        413  
Series 2020-B20, Class A5, 2.03%, 10/15/2053      750        599  
BWAY Mortgage Trust, Series 2021-1450, Class A, (ICE LIBOR USD 1 Month + 1.25%), 5.93%, 09/15/2036 (e) (aa)      4,600        4,471  
BX Commercial Mortgage Trust, Series 2021-21M, Class A, (ICE LIBOR USD 1 Month + 0.73%), 5.41%, 10/15/2036 (e) (aa)      2,235        2,148  
CD Mortgage Trust, Series 2017-CD5, Class AAB, 3.22%, 08/15/2050      868        827  
CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4, 3.46%, 08/15/2050      1,100        1,015  
Citigroup Commercial Mortgage Trust,      
Series 2014-GC23, Class AS, 3.86%, 07/10/2047      250        241  
Series 2014-GC25, Class A4, 3.64%, 10/10/2047      500        483  
Series 2015-GC33, Class AS, 4.11%, 09/10/2058      500        472  
Series 2019-GC41, Class AS, 3.02%, 08/10/2056      250        211  

Six Circles Global Bond 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 ($)      

Commercial Mortgage-Backed Securities — continued

      
COMM Mortgage Trust, Series 2016-CR28, Class ASB, 3.53%, 02/10/2049      271        262  
CSAIL Commercial Mortgage Trust, Series 2016-C7, Class ASB, 3.31%, 11/15/2049      242        233  
CSMC, Series 2020-FACT, Class A, (ICE LIBOR USD 1 Month + 1.35%), 6.03%, 10/15/2037 (e) (aa)      2,100        2,044  
FHLMC Multifamily Structured Pass Through Certificates,      
Series K047, Class A2, 3.33%, 05/25/2025 (z)      1,000        975  
Series K049, Class A2, 3.01%, 07/25/2025      250        242  
Series K057, Class A2, 2.57%, 07/25/2026      850        805  
Series K063, Class A2, 3.43%, 01/25/2027 (z)      1,000        969  
Series K071, Class A2, 3.29%, 11/25/2027      500        480  
Series K073, Class A2, 3.35%, 01/25/2028      1,000        962  
Series K075, Class A2, 3.65%, 02/25/2028 (z)      500        487  
Series K094, Class A2, 2.90%, 06/25/2029      112        104  
Series K103, Class A2, 2.65%, 11/25/2029      500        455  
Series K108, Class A2, 1.52%, 03/25/2030      304        256  
Series K117, Class A2, 1.41%, 08/25/2030      1,500        1,235  
Series K118, Class A2, 1.49%, 09/25/2030      500        414  
Series K725, Class A2, 3.00%, 01/25/2024      219        215  
Series K726, Class A2, 2.91%, 04/25/2024      687        672  
Series K729, Class A2, 3.14%, 10/25/2024      200        195  
Series K737, Class A2, 2.53%, 10/25/2026      650        613  
Series K-152, Class A2, 3.78%, 11/25/2032 (z)      2,500        2,410  
FNMA-ACES,      
Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z)      465        446  
Series 2016-M5, Class A2, 2.47%, 04/25/2026      500        473  
Series 2017-M11, Class A2, 2.98%, 08/25/2029      1,000        934  
Series 2017-M12, Class A2, 3.06%, 06/25/2027 (z)      96        91  
Series 2017-M13, Class A2, 2.93%, 09/25/2027 (z)      514        487  
Series 2018-M8, Class A2, 3.30%, 06/25/2028 (z)      908        871  
Series 2020-M46, Class A2, 1.32%, 05/25/2030      1,000        825  
GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.05%, 11/10/2052      250        218  
Morgan Stanley Bank of America Merrill Lynch Trust,      
Series 2016-C29, Class A4, 3.33%, 05/15/2049      500        470  
Series 2016-C31, Class A5, 3.10%, 11/15/2049      500        461  
Series 2016-C32, Class A4, 3.72%, 12/15/2049      1,000        940  
UBS Commercial Mortgage Trust,      
Series 2018-C11, Class ASB, 4.12%, 06/15/2051      687        661  
Series 2018-C12, Class A5, 4.30%, 08/15/2051      1,380        1,308  
Wells Fargo Commercial Mortgage Trust,      
Series 2014-LC18, Class A5, 3.41%, 12/15/2047      420        402  
Series 2015-C27, Class A5, 3.45%, 02/15/2048      918        878  
Series 2015-LC20, Class A5, 3.18%, 04/15/2050      500        477  
Series 2017-C39, Class A5, 3.42%, 09/15/2050      1,000        924  
Series 2017-C40, Class A4, 3.58%, 10/15/2050      550        511  
Series 2018-C44, Class A5, 4.21%, 05/15/2051      1,000        947  
Series 2021-C60, Class A4, 2.34%, 08/15/2054      550        446  
     

 

 

  

Total Commercial Mortgage-Backed Securities

(Cost $50,709)

         45,278  
     

 

 

  

Six Circles Global Bond 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 ($)      

Corporate Bonds — 47.6%

      

Basic Materials — 1.3%

      

Chemicals — 0.7%

      
Air Liquide Finance SA, (France),      
Reg. S, 0.63%, 06/20/2030    EUR 800        729  
Reg. S, 0.75%, 06/13/2024    EUR 1,200        1,262  
Air Products and Chemicals, Inc.,      
0.50%, 05/05/2028    EUR 1,000        926  
0.80%, 05/05/2032    EUR 2,000        1,686  
1.00%, 02/12/2025    EUR 4,450        4,632  
2.80%, 05/15/2050      15        11  
4.00%, 03/03/2035    EUR 1,600        1,744  
Akzo Nobel NV, (Netherlands),      
Reg. S, 1.50%, 03/28/2028    EUR 1,000        978  
Reg. S, 2.00%, 03/28/2032    EUR 1,000        913  
Albemarle Corp., 5.65%, 06/01/2052      210        201  
Albemarle New Holding GmbH, (Germany), Reg. S, 1.63%, 11/25/2028    EUR 3,900        3,713  
Argentum Netherlands BV for Givaudan SA, (Netherlands),      
Reg. S, 1.13%, 09/17/2025    EUR 800        814  
Reg. S, 2.00%, 09/17/2030    EUR 1,000        960  
Arkema SA, (France),      
Reg. S, 0.75%, 12/03/2029    EUR 1,000        908  
Reg. S, (EUR Swap Rate 5 Year + 1.57%), 1.50%, 10/21/2025 (x) (aa)    EUR 1,000        941  
Reg. S, 1.50%, 04/20/2027    EUR 1,000        1,005  
Brenntag Finance BV, (Netherlands),      
Reg. S, 0.50%, 10/06/2029    EUR 500        427  
Reg. S, 1.13%, 09/27/2025    EUR 1,000        1,025  
Cabot Corp., 4.00%, 07/01/2029      30        28  
Celanese US Holdings LLC, 4.78%, 07/19/2026    EUR 3,900        4,156  
CF Industries, Inc.,      
4.50%, 12/01/2026 (e)      1,800        1,751  
4.95%, 06/01/2043      505        434  
5.38%, 03/15/2044      42        38  
Covestro AG, (Germany), Reg. S, 0.88%, 02/03/2026    EUR 1,875        1,901  
Dow Chemical Co. (The),      
4.55%, 11/30/2025      118        116  
5.25%, 11/15/2041      600        580  
6.90%, 05/15/2053      1,155        1,328  
Eastman Chemical Co., 1.88%, 11/23/2026    EUR 1,500        1,508  
Ecolab, Inc., 1.00%, 01/15/2024    EUR 1,950        2,074  
EIDP, Inc., 2.30%, 07/15/2030      404        347  
FMC Corp., 3.20%, 10/01/2026      10        9  
Givaudan Finance Europe BV, (Netherlands), Reg. S, 1.00%, 04/22/2027    EUR 100        99  
Huntsman International LLC, 4.50%, 05/01/2029      975        914  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Chemicals — continued

      
International Flavors & Fragrances, Inc., 1.80%, 09/25/2026    EUR 1,500        1,474  
LANXESS AG, (Germany),      
Reg. S, 0.00%, 09/08/2027    EUR 1,000        931  
Reg. S, 0.63%, 12/01/2029    EUR 500        427  
Reg. S, 1.75%, 03/22/2028    EUR 1,000        979  
Linde Finance BV, (Netherlands),      
Reg. S, 0.25%, 05/19/2027    EUR 1,000        961  
Reg. S, 0.55%, 05/19/2032    EUR 800        676  
Reg. S, 1.00%, 04/20/2028    EUR 1,000        987  
Reg. S, 1.88%, 05/22/2024    EUR 1,825        1,957  
Linde plc, (Ireland), Reg. S, 1.00%, 09/30/2051    EUR 1,500        884  
LYB International Finance BV, (Netherlands), 4.88%, 03/15/2044      550        485  
LYB International Finance II BV, (Netherlands),      
0.88%, 09/17/2026    EUR 1,000        977  
1.63%, 09/17/2031    EUR 1,000        892  
3.50%, 03/02/2027      100        96  
LYB International Finance III LLC,      
3.38%, 10/01/2040      290        214  
3.63%, 04/01/2051      235        167  
PPG Industries, Inc.,      
0.88%, 11/03/2025    EUR 1,000        1,015  
1.20%, 03/15/2026      35        31  
1.40%, 03/13/2027    EUR 1,000        999  
1.88%, 06/01/2025    EUR 1,500        1,565  
2.75%, 06/01/2029    EUR 4,200        4,241  
Solvay SA, (Belgium),      
Reg. S, 0.50%, 09/06/2029    EUR 2,000        1,801  
Reg. S, 2.75%, 12/02/2027    EUR 1,000        1,047  
Westlake Corp., 1.63%, 07/17/2029    EUR 3,000        2,735  
Yara International ASA, (Norway), 3.15%, 06/04/2030 (e)      1,000        842  
     

 

 

  
        64,541  
     

 

 

  

Forest Products & Paper — 0.0% (g)

      
Georgia-Pacific LLC, 8.88%, 05/15/2031      100        126  
Mondi Finance Europe GmbH, (Austria), Reg. S, 2.38%, 04/01/2028    EUR 500        498  
Mondi Finance plc, (United Kingdom),      
Reg. S, 1.50%, 04/15/2024    EUR 500        529  
Reg. S, 1.63%, 04/27/2026    EUR 1,000        1,008  
     

 

 

  
        2,161  
     

 

 

  

Iron/Steel — 0.1%

      
ArcelorMittal SA, (Luxembourg),      
Reg. S, 1.75%, 11/19/2025    EUR 1,500        1,536  
Reg. S, 4.88%, 09/26/2026    EUR 1,500        1,659  
Reliance Steel & Aluminum Co.,      
1.30%, 08/15/2025      320        294  
2.15%, 08/15/2030      980        823  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Iron/Steel — continued

      
Steel Dynamics, Inc.,      
3.25%, 01/15/2031      4,310        3,829  
3.45%, 04/15/2030      155        141  
Vale Overseas Ltd., (Cayman Islands), 3.75%, 07/08/2030      245        220  
     

 

 

  
        8,502  
     

 

 

  

Mining — 0.5%

      
Anglo American Capital plc, (United Kingdom),      
Reg. S, 1.63%, 09/18/2025    EUR 1,000        1,024  
Reg. S, 1.63%, 03/11/2026    EUR 1,000        1,016  
Reg. S, 3.38%, 03/11/2029    GBP 1,500        1,625  
Reg. S, 4.75%, 09/21/2032    EUR 1,000        1,090  
AngloGold Ashanti Holdings plc, (Isle of Man), 3.75%, 10/01/2030      350        306  
Barrick PD Australia Finance Pty Ltd., (Australia), 5.95%, 10/15/2039      920        983  
BHP Billiton Finance Ltd., (Australia),      
Series 10, Reg. S, 3.25%, 09/24/2027    EUR 1,898        2,007  
Series 12, Reg. S, 4.30%, 09/25/2042    GBP 1,000        1,095  
Series 13, Reg. S, 3.13%, 04/29/2033    EUR 3,941        3,938  
Series 17, Reg. S, 1.50%, 04/29/2030    EUR 2,175        2,005  
BHP Billiton Finance USA Ltd., (Australia),      
4.75%, 02/28/2028      600        607  
4.90%, 02/28/2033      275        280  
Freeport-McMoRan, Inc., 4.13%, 03/01/2028      1,500        1,406  
Glencore Capital Finance DAC, (Ireland),      
Reg. S, 0.75%, 03/01/2029    EUR 1,900        1,665  
Reg. S, 1.13%, 03/10/2028    EUR 3,900        3,635  
Glencore Finance Europe Ltd., (Jersey),      
Reg. S, 0.63%, 09/11/2024    EUR 7,500        7,765  
Reg. S, 1.50%, 10/15/2026    EUR 3,500        3,503  
Reg. S, 3.75%, 04/01/2026    EUR 1,500        1,621  
Kinross Gold Corp., (Canada), 4.50%, 07/15/2027      2,500        2,421  
Orano SA, (France),      
Reg. S, 2.75%, 03/08/2028    EUR 100        100  
Reg. S, 5.38%, 05/15/2027    EUR 200        224  
Rio Tinto Finance plc, (United Kingdom), Reg. S, 4.00%, 12/11/2029    GBP 2,000        2,376  
Rio Tinto Finance USA Ltd., (Australia), 2.75%, 11/02/2051      150        103  
Rio Tinto Finance USA plc, (United Kingdom), 5.13%, 03/09/2053      315        323  
Southern Copper Corp.,      
3.88%, 04/23/2025      35        34  
5.25%, 11/08/2042      112        108  
5.88%, 04/23/2045      9        9  
6.75%, 04/16/2040      10        11  
Teck Resources Ltd., (Canada), 5.40%, 02/01/2043      1,100        1,029  
Yamana Gold, Inc., (Canada), 2.63%, 08/15/2031      2,705        2,174  
     

 

 

  
        44,483  
     

 

 

  
Total Basic Materials         119,687  
     

 

 

  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Communications — 2.1%

      

Advertising — 0.3%

      
Interpublic Group of Cos., Inc. (The), 3.38%, 03/01/2041      64        48  
JCDecaux SE, (France),      
Reg. S, 1.63%, 02/07/2030    EUR 1,000        863  
Reg. S, 2.63%, 04/24/2028    EUR 1,000        984  
Reg. S, 5.00%, 01/11/2029    EUR 8,500        9,139  
MMS USA Holdings, Inc.,      
Reg. S, 0.63%, 06/13/2025    EUR 2,900        2,937  
Reg. S, 1.25%, 06/13/2028    EUR 3,700        3,561  
Reg. S, 1.75%, 06/13/2031    EUR 5,000        4,667  
Omnicom Group, Inc., 2.60%, 08/01/2031      620        526  
     

 

 

  
        22,725  
     

 

 

  

Internet — 0.3%

      
Alphabet, Inc.,      
1.90%, 08/15/2040      700        490  
2.25%, 08/15/2060      265        161  
Amazon.com, Inc.,      
3.10%, 05/12/2051      75        57  
3.25%, 05/12/2061      15        11  
3.45%, 04/13/2029      885        850  
Booking Holdings, Inc.,      
0.10%, 03/08/2025    EUR 1,500        1,523  
0.50%, 03/08/2028    EUR 1,500        1,400  
1.80%, 03/03/2027    EUR 1,500        1,524  
2.38%, 09/23/2024    EUR 1,000        1,067  
3.60%, 06/01/2026      50        49  
4.63%, 04/13/2030      195        195  
Expedia Group, Inc.,      
3.25%, 02/15/2030      2,140        1,853  
3.80%, 02/15/2028      700        661  
4.63%, 08/01/2027      700        686  
Meta Platforms, Inc.,      
3.50%, 08/15/2027      240        232  
4.65%, 08/15/2062      150        132  
Prosus NV, (Netherlands),      
Reg. S, 1.21%, 01/19/2026    EUR 4,000        3,872  
Reg. S, 1.29%, 07/13/2029    EUR 9,000        7,420  
Reg. S, 1.54%, 08/03/2028    EUR 1,000        881  
Reg. S, 1.99%, 07/13/2033    EUR 1,000        747  
Reg. S, 2.03%, 08/03/2032    EUR 3,900        3,012  
Reg. S, 2.09%, 01/19/2030    EUR 1,000        849  
Reg. S, 2.78%, 01/19/2034    EUR 2,700        2,159  
VeriSign, Inc.,      
2.70%, 06/15/2031      360        304  
4.75%, 07/15/2027      277        276  
5.25%, 04/01/2025      132        132  
     

 

 

  
        30,543  
     

 

 

  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Media — 0.6%

      
Charter Communications Operating LLC / Charter Communications Operating Capital,      
3.70%, 04/01/2051      2,440        1,556  
3.95%, 06/30/2062      330        208  
4.50%, 02/01/2024      105        104  
4.80%, 03/01/2050      955        726  
4.91%, 07/23/2025      1,545        1,529  
5.25%, 04/01/2053      50        40  
5.50%, 04/01/2063      35        28  
Comcast Corp.,      
0.25%, 09/14/2029    EUR 3,100        2,711  
1.88%, 02/20/2036    GBP 575        508  
1.95%, 01/15/2031 (jj)      2,875        2,390  
2.35%, 01/15/2027      57        53  
2.65%, 02/01/2030      530        472  
2.65%, 08/15/2062      50        30  
2.89%, 11/01/2051      190        129  
3.15%, 02/15/2028      298        283  
3.20%, 07/15/2036      25        21  
3.30%, 02/01/2027 (jj)      1,940        1,870  
3.40%, 07/15/2046      420        325  
3.75%, 04/01/2040      300        258  
3.97%, 11/01/2047      145        122  
4.25%, 10/15/2030      120        118  
4.60%, 10/15/2038      120        116  
4.65%, 02/15/2033      105        105  
Cox Communications, Inc., 3.50%, 08/15/2027 (e)      3,180        3,005  
Discovery Communications LLC,      
4.13%, 05/15/2029      940        873  
5.20%, 09/20/2047      1,100        908  
FactSet Research Systems, Inc.,      
2.90%, 03/01/2027      965        896  
3.45%, 03/01/2032      540        470  
Informa plc, (United Kingdom),      
Reg. S, 1.25%, 04/22/2028    EUR 5,100        4,732  
Reg. S, 2.13%, 10/06/2025    EUR 7,000        7,228  
Reg. S, 3.13%, 07/05/2026    GBP 1,100        1,259  
ITV plc, (United Kingdom), Reg. S, 1.38%, 09/26/2026    EUR 1,500        1,478  
Paramount Global, 4.85%, 07/01/2042      1,580        1,208  
Pearson Funding plc, (United Kingdom), Reg. S, 3.75%, 06/04/2030    GBP 2,475        2,739  
TDF Infrastructure SASU, (France), Reg. S, 1.75%, 12/01/2029    EUR 4,500        3,867  
Time Warner Cable LLC,      
4.50%, 09/15/2042      300        230  
5.50%, 09/01/2041      800        690  
Vivendi SE, (France), Reg. S, 1.13%, 12/11/2028    EUR 1,200        1,126  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Media — continued

      
Walt Disney Co. (The),      
1.75%, 01/13/2026      45        42  
2.00%, 09/01/2029      790        684  
Wolters Kluwer NV, (Netherlands),      
Reg. S, 0.25%, 03/30/2028    EUR 2,500        2,312  
Reg. S, 0.75%, 07/03/2030    EUR 1,475        1,314  
Reg. S, 1.50%, 03/22/2027    EUR 4,375        4,420  
Reg. S, 2.50%, 05/13/2024    EUR 1,000        1,072  
Reg. S, 3.00%, 09/23/2026    EUR 5,000        5,354  
        59,609  

Telecommunications — 0.9%

      
America Movil SAB de CV, (Mexico),      
2.13%, 03/10/2028    EUR 1,300        1,299  
4.38%, 08/07/2041    GBP 1,500        1,603  
5.00%, 10/27/2026    GBP 1,200        1,472  
5.75%, 06/28/2030    GBP 2,000        2,553  
AT&T, Inc.,      
1.65%, 02/01/2028      180        158  
1.70%, 03/25/2026      1,170        1,076  
1.80%, 09/05/2026    EUR 2,250        2,297  
2.05%, 05/19/2032    EUR 200        186  
2.45%, 03/15/2035    EUR 825        748  
3.50%, 06/01/2041      2,790        2,198  
3.55%, 09/15/2055      10        7  
3.65%, 06/01/2051      1,800        1,359  
3.65%, 09/15/2059      720        512  
3.80%, 02/15/2027      40        39  
3.80%, 12/01/2057      227        168  
3.85%, 06/01/2060      70        52  
4.25%, 06/01/2043    GBP 200        203  
4.30%, 12/15/2042      100        87  
4.50%, 03/09/2048      15        13  
4.75%, 05/15/2046      70        63  
4.85%, 03/01/2039      195        183  
Reg. S, 5.50%, 03/15/2027    GBP 850        1,055  
5.54%, 02/20/2026      340        341  
7.00%, 04/30/2040    GBP 400        557  
Bell Telephone Co. of Canada or Bell Canada (The), (Canada),      
3.65%, 08/15/2052      135        104  
Series US-3, 0.75%, 03/17/2024      45        43  
British Telecommunications plc, (United Kingdom), Reg. S, 1.75%, 03/10/2026    EUR 3,000        3,085  
Chorus Ltd., (New Zealand), Reg. S, 3.63%, 09/07/2029    EUR 2,650        2,802  
CK Hutchison Group Telecom Finance SA, (Luxembourg), Reg. S, 0.38%, 10/17/2023    EUR 1,300        1,386  
Corning, Inc., 5.45%, 11/15/2079      115        106  
Elisa OYJ, (Finland), Reg. S, 0.88%, 03/17/2024    EUR 100        106  
Emirates Telecommunications Group Co. PJSC, (United Arab Emirates), Reg. S, 0.88%, 05/17/2033    EUR 1,600        1,287  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Telecommunications — continued

      
Eutelsat SA, (France),      
Reg. S, 2.00%, 10/02/2025    EUR 1,000        991  
Reg. S, 2.25%, 07/13/2027    EUR 1,000        942  
Juniper Networks, Inc.,      
1.20%, 12/10/2025      270        244  
2.00%, 12/10/2030      381        302  
Koninklijke KPN NV, (Netherlands), Reg. S, 5.75%, 09/17/2029    GBP 5,000        6,241  
Motorola Solutions, Inc.,      
2.30%, 11/15/2030      47        38  
2.75%, 05/24/2031      1,130        928  
4.60%, 05/23/2029      40        39  
5.50%, 09/01/2044      875        829  
NTT Finance Corp., (Japan),      
Reg. S, 0.01%, 03/03/2025    EUR 500        507  
Reg. S, 0.08%, 12/13/2025    EUR 1,000        990  
Reg. S, 0.34%, 03/03/2030    EUR 500        430  
Reg. S, 0.40%, 12/13/2028    EUR 1,000        911  
O2 Telefonica Deutschland Finanzierungs GmbH, (Germany), Reg. S, 1.75%, 07/05/2025    EUR 1,000        1,033  
Optus Finance Pty Ltd., (Australia), Reg. S, 1.00%, 06/20/2029    EUR 1,400        1,247  
Orange SA, (France),      
Reg. S, 0.00%, 09/04/2026    EUR 2,000        1,928  
Reg. S, 0.50%, 09/04/2032    EUR 2,000        1,628  
Reg. S, 3.25%, 01/15/2032    GBP 1,100        1,196  
OTE plc, (United Kingdom), Reg. S, 0.88%, 09/24/2026    EUR 100        98  
Proximus SADP, (Belgium),      
Reg. S, 0.75%, 11/17/2036    EUR 100        72  
Reg. S, 1.88%, 10/01/2025    EUR 100        104  
Reg. S, 2.38%, 04/04/2024    EUR 100        107  
Rogers Communications, Inc., (Canada),      
3.20%, 03/15/2027 (e)      257        241  
3.80%, 03/15/2032 (e)      68        61  
4.50%, 03/15/2042 (e)      251        216  
4.55%, 03/15/2052 (e)      192        158  
SES SA, (Luxembourg), Reg. S, 3.50%, 01/14/2029    EUR 2,300        2,228  
Sprint LLC,      
7.63%, 02/15/2025      2,800        2,905  
7.63%, 03/01/2026      2,500        2,645  
Telefonaktiebolaget LM Ericsson, (Sweden), Reg. S, 1.00%, 05/26/2029    EUR 2,715        2,304  
Telenor ASA, (Norway), Reg. S, 0.25%, 02/14/2028    EUR 1,300        1,195  
Telia Co. AB, (Sweden),      
Reg. S, 2.13%, 02/20/2034    EUR 700        632  
Reg. S, 3.88%, 10/01/2025    EUR 5,000        5,443  
Telstra Corp. Ltd., (Australia), Reg. S, 1.00%, 04/23/2030    EUR 3,500        3,168  
T-Mobile USA, Inc.,      
1.50%, 02/15/2026      10        9  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Telecommunications — continued

      
2.63%, 04/15/2026      510        476  
3.00%, 02/15/2041      50        37  
3.30%, 02/15/2051      120        85  
3.60%, 11/15/2060      580        412  
3.75%, 04/15/2027      380        365  
3.88%, 04/15/2030      3,420        3,207  
4.50%, 04/15/2050      55        48  
5.20%, 01/15/2033      165        168  
5.65%, 01/15/2053      140        143  
5.80%, 09/15/2062      480        496  
Verizon Communications, Inc.,      
0.88%, 04/02/2025    EUR 750        772  
0.88%, 04/08/2027    EUR 475        465  
1.68%, 10/30/2030      78        63  
2.10%, 03/22/2028      350        311  
2.36%, 03/15/2032      340        279  
2.50%, 04/08/2031    GBP 1,000        1,026  
2.55%, 03/21/2031      650        553  
2.65%, 11/20/2040      1,070        764  
3.25%, 02/17/2026    EUR 200        215  
3.38%, 02/15/2025      90        88  
3.55%, 03/22/2051      70        53  
3.88%, 03/01/2052      370        298  
4.02%, 12/03/2029      150        144  
4.13%, 08/15/2046      80        68  
4.27%, 01/15/2036      25        23  
4.33%, 09/21/2028      450        445  
4.40%, 11/01/2034      20        19  
4.75%, 10/31/2034    EUR 1,000        1,154  
     

 

 

  
        81,335  
     

 

 

  
Total Communications         194,212  
     

 

 

  

Consumer Cyclical — 2.7%

      

Airlines — 0.2%

      
easyJet FinCo. BV, (Netherlands), Reg. S, 1.88%, 03/03/2028    EUR 16,800        15,898  
easyJet plc, (United Kingdom), Reg. S, 0.88%, 06/11/2025    EUR 1,500        1,525  
Ryanair DAC, (Ireland),      
Reg. S, 0.88%, 05/25/2026    EUR 1,500        1,481  
Reg. S, 2.88%, 09/15/2025    EUR 1,000        1,061  
Southwest Airlines Co., 5.13%, 06/15/2027      1,150        1,145  
United Airlines, Inc.,      
4.38%, 04/15/2026 (e)      525        503  
4.63%, 04/15/2029 (e)      360        326  
Wizz Air Finance Co. BV, (Netherlands), Reg. S, 1.00%, 01/19/2026    EUR 1,000        939  
     

 

 

  
        22,878  
     

 

 

  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Apparel — 0.1%

      
Burberry Group plc, (United Kingdom), Reg. S, 1.13%, 09/21/2025    GBP 825        926  
LVMH Moet Hennessy Louis Vuitton SE, (France),      
Reg. S, 0.13%, 02/11/2028    EUR 800        750  
Reg. S, 0.75%, 04/07/2025    EUR 300        309  
Reg. S, 1.13%, 02/11/2027    GBP 1,200        1,306  
Tapestry, Inc., 4.13%, 07/15/2027      2,020        1,925  
VF Corp., 2.40%, 04/23/2025      25        24  
     

 

 

  
        5,240  
     

 

 

  

Auto Manufacturers — 1.5%

      
American Honda Finance Corp.,      
0.75%, 11/25/2026    GBP 4,800        5,147  
1.50%, 10/19/2027    GBP 2,300        2,477  
Cummins, Inc., 2.60%, 09/01/2050      160        104  
Dongfeng Motor Hong Kong International Co. Ltd., (Hong Kong), Reg. S, 0.43%, 10/19/2024    EUR 600        607  
Ford Motor Co., 3.25%, 02/12/2032      700        550  
Ford Motor Credit Co. LLC,      
4.00%, 11/13/2030      545        463  
4.95%, 05/28/2027      3,065        2,923  
General Motors Co.,      
5.20%, 04/01/2045      940        794  
5.40%, 04/01/2048      215        186  
6.25%, 10/02/2043      170        164  
6.60%, 04/01/2036      520        535  
General Motors Financial Co., Inc.,      
Reg. S, 1.69%, 03/26/2025    EUR 1,475        1,533  
1.70%, 08/18/2023      70        69  
Reg. S, 2.35%, 09/03/2025    GBP 8,725        10,042  
2.35%, 02/26/2027      110        98  
2.70%, 08/20/2027      1,450        1,297  
2.70%, 06/10/2031      585        469  
2.75%, 06/20/2025      980        927  
2.90%, 02/26/2025      45        43  
5.00%, 04/09/2027      1,120        1,106  
Honda Motor Co. Ltd., (Japan), 2.53%, 03/10/2027      410        384  
Mercedes-Benz Finance Canada, Inc., (Canada), Reg. S, 3.00%, 02/23/2027    EUR 2,625        2,804  
Mercedes-Benz Group AG, (Germany),      
Reg. S, 1.13%, 11/06/2031    EUR 15        13  
Reg. S, 2.13%, 07/03/2037    EUR 775        688  
Mercedes-Benz International Finance BV, (Netherlands),      
Reg. S, 1.63%, 08/22/2023    EUR 20        21  
Reg. S, 1.63%, 11/11/2024    GBP 5,000        5,868  
Nissan Motor Acceptance Co. LLC, 1.13%, 09/16/2024 (e)      1,600        1,493  
Nissan Motor Co. Ltd., (Japan),      
Reg. S, 2.65%, 03/17/2026    EUR 4,800        4,890  
3.52%, 09/17/2025 (e)      3,000        2,839  
PACCAR Financial Europe BV, (Netherlands), Reg. S, 3.25%, 11/29/2025    EUR 10,750        11,598  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Auto Manufacturers — continued

      
RCI Banque SA, (France),      
Reg. S, 1.13%, 01/15/2027    EUR 5,000        4,806  
Reg. S, 4.13%, 12/01/2025    EUR 7,000        7,583  
Reg. S, 4.75%, 07/06/2027    EUR 2,100        2,300  
Reg. S, 4.88%, 09/21/2028    EUR 3,375        3,670  
Stellantis Finance US, Inc., 2.69%, 09/15/2031 (e)      460        372  
Stellantis NV, (Netherlands), Reg. S, 4.38%, 03/14/2030    EUR 6,075        6,676  
Toyota Motor Credit Corp.,      
0.80%, 01/09/2026      200        181  
3.65%, 08/18/2025      580        567  
3.95%, 06/30/2025      175        173  
4.80%, 01/10/2025      110        110  
Volkswagen Bank GmbH, (Germany),      
Reg. S, 1.25%, 06/10/2024    EUR 4,500        4,734  
Reg. S, 1.25%, 12/15/2025    EUR 1,000        1,015  
Volkswagen Financial Services AG, (Germany),      
Reg. S, 0.00%, 02/12/2025    EUR 10,000        10,133  
Reg. S, 1.50%, 10/01/2024    EUR 1,000        1,053  
Reg. S, 2.25%, 10/16/2026    EUR 10        10  
Reg. S, 2.50%, 04/06/2023    EUR 915        992  
Reg. S, 3.00%, 04/06/2025    EUR 20        21  
Reg. S, 3.38%, 04/06/2028    EUR 1,450        1,529  
Volkswagen Financial Services NV, (Netherlands), Reg. S, 1.13%, 07/05/2026    GBP 1,000        1,079  
Volkswagen Group of America Finance LLC, 4.35%, 06/08/2027 (e)      1,540        1,499  
Volkswagen International Finance NV, (Netherlands),      
Reg. S, 0.05%, 06/10/2024    EUR 400        416  
Reg. S, 3.13%, 03/28/2025    EUR 1,000        1,069  
Reg. S, (EUR Swap Rate 5 Year + 3.75%), 3.50%, 06/17/2025 (x) (aa)    EUR 1,000        1,021  
Reg. S, (EUR Swap Rate 5 Year + 2.92%), 3.75%, 12/28/2027 (x) (aa)    EUR 1,000        957  
Reg. S, (EUR Swap Rate 9 Year + 3.96%), 3.88%, 06/17/2029 (x) (aa)    EUR 2,000        1,854  
Reg. S, 4.13%, 11/16/2038    EUR 1,900        1,950  
Reg. S, (EUR Swap Rate 9 Year + 3.36%), 4.38%, 03/28/2031 (x) (aa)    EUR 1,000        906  
Reg. S, (EUR Swap Rate 12 Year + 2.97%), 4.63%, 03/24/2026 (x) (aa)    EUR 210        219  
Volkswagen Leasing GmbH, (Germany),      
Reg. S, 0.00%, 07/19/2024    EUR 4,000        4,138  
Reg. S, 0.38%, 07/20/2026    EUR 1,500        1,452  
Reg. S, 0.63%, 07/19/2029    EUR 1,000        870  
Reg. S, 1.38%, 01/20/2025    EUR 1,000        1,040  
Reg. S, 1.50%, 06/19/2026    EUR 10,000        10,077  
     

 

 

  
        134,604  
     

 

 

  

Auto Parts & Equipment — 0.1%

      
Aptiv plc, (Jersey), 1.50%, 03/10/2025    EUR 425        440  
Autoliv, Inc., Reg. S, 4.25%, 03/15/2028    EUR 4,125        4,503  
BorgWarner, Inc., 1.00%, 05/19/2031    EUR 1,500        1,279  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Auto Parts & Equipment — continued

      
Cie Generale des Etablissements Michelin SCA, (France), Reg. S, 0.63%, 11/02/2040    EUR 300        206  
Magna International, Inc., (Canada),      
2.45%, 06/15/2030      1,000        848  
4.15%, 10/01/2025      2,000        1,956  
Pirelli & C SpA, (Italy), Reg. S, 4.25%, 01/18/2028    EUR 3,925        4,250  
     

 

 

  
        13,482  
     

 

 

  

Distribution/Wholesale — 0.1%

      
Bunzl Finance plc, (United Kingdom), Reg. S, 1.50%, 10/30/2030    GBP 1,050        989  
IMCD NV, (Netherlands), Reg. S, 2.13%, 03/31/2027    EUR 4,100        3,984  
     

 

 

  
        4,973  
     

 

 

  

Entertainment — 0.1%

      
Smithsonian Institution, 1.87%, 09/01/2029      1,000        852  
Universal Music Group NV, (Netherlands), Reg. S, 3.00%, 06/30/2027    EUR 2,050        2,155  
Warnermedia Holdings, Inc.,      
5.05%, 03/15/2042 (e)      705        588  
5.14%, 03/15/2052 (e)      1,140        921  
     

 

 

  
        4,516  
     

 

 

  

Food Service — 0.1%

      
Compass Group plc, (United Kingdom),      
Reg. S, 2.00%, 07/03/2029    GBP 2,500        2,660  
Reg. S, 3.85%, 06/26/2026    GBP 5,000        6,067  
Sodexo SA, (France),      
Reg. S, 0.75%, 04/27/2025    EUR 1,000        1,024  
Reg. S, 1.00%, 07/17/2028    EUR 500        483  
Reg. S, 1.00%, 04/27/2029    EUR 1,000        947  
Reg. S, 1.13%, 05/22/2025    EUR 500        515  
Reg. S, 2.50%, 06/24/2026    EUR 500        527  
     

 

 

  
        12,223  
     

 

 

  

Home Builders — 0.0% (g)

      
Berkeley Group plc (The), (United Kingdom), Reg. S, 2.50%, 08/11/2031    GBP 172        148  
NVR, Inc., 3.00%, 05/15/2030      1,039        913  
Toll Brothers Finance Corp., 3.80%, 11/01/2029      670        601  
     

 

 

  
        1,662  
     

 

 

  

Home Furnishings — 0.0% (g)

      
Whirlpool Finance Luxembourg Sarl, (Luxembourg),      
1.10%, 11/09/2027    EUR 425        407  
1.25%, 11/02/2026    EUR 200        199  
     

 

 

  
        606  
     

 

 

  

Housewares — 0.0% (g)

      
Newell Brands, Inc.,      
4.70%, 04/01/2026      650        625  
4.88%, 06/01/2025      2,710        2,642  
     

 

 

  
        3,267  
     

 

 

  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Leisure Time — 0.0% (g)

      
Harley-Davidson Financial Services, Inc., Reg. S, 3.88%, 05/19/2023    EUR 425        461  
     

 

 

  

Lodging — 0.2%

      
Choice Hotels International, Inc., 3.70%, 12/01/2029      158        142  
Hyatt Hotels Corp.,      
1.80%, 10/01/2024      400        379  
4.38%, 09/15/2028      100        95  
6.00%, 04/23/2030      363        368  
InterContinental Hotels Group plc, (United Kingdom),      
Reg. S, 1.63%, 10/08/2024    EUR 1,500        1,571  
Reg. S, 2.13%, 08/24/2026    GBP 600        664  
Reg. S, 2.13%, 05/15/2027    EUR 4,933        4,969  
Reg. S, 3.38%, 10/08/2028    GBP 450        497  
Reg. S, 3.75%, 08/14/2025    GBP 2,100        2,497  
Marriott International, Inc.,      
5.00%, 10/15/2027      995        996  
Series HH, 2.85%, 04/15/2031      550        468  
Whitbread Group plc, (United Kingdom),      
Reg. S, 2.38%, 05/31/2027    GBP 1,500        1,595  
Reg. S, 3.00%, 05/31/2031    GBP 5,000        4,965  
     

 

 

  
        19,206  
     

 

 

  

Retail — 0.3%

      
AutoNation, Inc., 4.75%, 06/01/2030      1,300        1,222  
AutoZone, Inc.,      
1.65%, 01/15/2031      2,595        2,065  
4.75%, 02/01/2033      850        835  
Costco Wholesale Corp., 1.60%, 04/20/2030      40        34  
Dick’s Sporting Goods, Inc., 4.10%, 01/15/2052      505        356  
Genuine Parts Co.,      
1.75%, 02/01/2025      400        378  
1.88%, 11/01/2030      270        215  
2.75%, 02/01/2032      1,265        1,049  
Greene King Finance plc, (United Kingdom), Series A2, 5.32%, 09/15/2031    GBP 28        33  
H&M Finance BV, (Netherlands), Reg. S, 0.25%, 08/25/2029    EUR 1,500        1,290  
Home Depot, Inc. (The),      
2.50%, 04/15/2027      100        94  
3.50%, 09/15/2056      95        74  
3.63%, 04/15/2052      280        224  
4.20%, 04/01/2043      1,050        949  
5.88%, 12/16/2036      90        100  
Lowe’s Cos., Inc.,      
3.00%, 10/15/2050      50        33  
3.35%, 04/01/2027      40        38  
4.50%, 04/15/2030      100        99  
5.80%, 09/15/2062      75        75  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Retail — continued

      
McDonald’s Corp.,      
Reg. S, 0.90%, 06/15/2026    EUR 1,500        1,500  
Reg. S, 1.75%, 05/03/2028    EUR 1,000        996  
Reg. S, 1.88%, 05/26/2027    EUR 1,000        1,018  
Reg. S, 2.38%, 11/27/2024    EUR 1,500        1,599  
Reg. S, 2.38%, 05/31/2029    EUR 1,500        1,509  
2.63%, 09/01/2029      495        449  
3.38%, 05/26/2025      50        49  
3.63%, 09/01/2049      747        595  
4.45%, 09/01/2048      13        12  
5.15%, 09/09/2052      265        268  
6.30%, 03/01/2038      50        57  
Pandora A/S, (Denmark), Reg. S, 4.50%, 04/10/2028    EUR 6,225        6,834  
Roadster Finance DAC, (Ireland),      
Reg. S, 1.63%, 12/09/2024    EUR 500        480  
Reg. S, 2.38%, 12/08/2027    EUR 500        449  
Starbucks Corp., 4.75%, 02/15/2026      245        246  
Walmart, Inc.,      
2.55%, 04/08/2026    EUR 2,550        2,716  
2.65%, 09/22/2051      20        15  
Wesfarmers Ltd., (Australia), Reg. S, 0.95%, 10/21/2033    EUR 2,381        1,914  
     

 

 

  
        29,869  
     

 

 

  
Total Consumer Cyclical         252,987  
     

 

 

  

Consumer Non-cyclical — 6.2%

      

Agriculture — 1.3%

      
Altria Group, Inc.,      
1.70%, 06/15/2025    EUR 2,000        2,069  
2.20%, 06/15/2027    EUR 4,800        4,782  
3.13%, 06/15/2031    EUR 2,000        1,850  
3.40%, 02/04/2041      525        371  
3.70%, 02/04/2051      370        249  
3.88%, 09/16/2046      40        29  
4.00%, 02/04/2061      550        386  
5.38%, 01/31/2044      65        59  
5.95%, 02/14/2049      10        9  
6.20%, 02/14/2059      28        27  
Archer-Daniels-Midland Co., 1.00%, 09/12/2025    EUR 1,500        1,531  
BAT Capital Corp.,      
Reg. S, 1.13%, 11/16/2023    EUR 100        107  
2.26%, 03/25/2028      100        85  
2.79%, 09/06/2024      485        467  
3.22%, 08/15/2024      100        97  
3.56%, 08/15/2027      2,450        2,276  
3.73%, 09/25/2040      45        32  
3.98%, 09/25/2050      45        31  
4.54%, 08/15/2047      210        156  
4.76%, 09/06/2049      485        371  
5.65%, 03/16/2052      160        140  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Agriculture — continued

      
BAT International Finance plc, (United Kingdom),      
Reg. S, 1.25%, 03/13/2027    EUR 3,000        2,894  
Reg. S, 2.00%, 03/13/2045    EUR 800        468  
Reg. S, 2.25%, 06/26/2028    GBP 2,000        2,025  
Reg. S, 2.25%, 01/16/2030    EUR 4,300        3,828  
Reg. S, 2.25%, 09/09/2052    GBP 1,500        744  
Reg. S, 3.13%, 03/06/2029    EUR 2,500        2,458  
3.95%, 06/15/2025 (e)      70        68  
Reg. S, 4.00%, 09/04/2026    GBP 5,000        5,807  
4.45%, 03/16/2028      150        142  
Reg. S, 6.00%, 11/24/2034    GBP 600        669  
Cargill, Inc.,      
1.70%, 02/02/2031 (e)      750        605  
2.13%, 04/23/2030 (e) (jj)      1,500        1,281  
Imperial Brands Finance Netherlands BV, (Netherlands),      
Reg. S, 1.75%, 03/18/2033    EUR 3,000        2,347  
Reg. S, 5.25%, 02/15/2031    EUR 6,825        7,292  
Imperial Brands Finance plc, (United Kingdom),      
Reg. S, 1.38%, 01/27/2025    EUR 2,000        2,073  
Reg. S, 2.13%, 02/12/2027    EUR 3,900        3,903  
Reg. S, 3.38%, 02/26/2026    EUR 6,161        6,528  
Reg. S, 5.50%, 09/28/2026    GBP 4,000        4,862  
JT International Financial Services BV, (Netherlands),      
Reg. S, 1.00%, 11/26/2029    EUR 6,100        5,346  
Reg. S, 1.13%, 09/28/2025    EUR 6,600        6,677  
Reg. S, (EUR Swap Rate 5 Year + 2.79%), 2.38%, 04/07/2081 (aa)    EUR 3,000        2,969  
Reg. S, 2.75%, 09/28/2033    GBP 9,475        9,000  
Reg. S, (EUR Swap Rate 5 Year + 3.18%), 2.88%, 10/07/2083 (aa)    EUR 2,500        2,323  
Philip Morris International, Inc.,      
0.13%, 08/03/2026    EUR 1,000        969  
0.63%, 11/08/2024    EUR 2,700        2,780  
0.80%, 08/01/2031    EUR 1,000        794  
0.88%, 05/01/2026      100        90  
1.45%, 08/01/2039    EUR 2,000        1,255  
1.50%, 05/01/2025      34        32  
1.75%, 11/01/2030      70        56  
1.88%, 11/06/2037    EUR 4,000        2,851  
2.00%, 05/09/2036    EUR 1,000        753  
2.75%, 03/19/2025    EUR 2,500        2,654  
2.88%, 05/30/2024    EUR 1,500        1,610  
2.88%, 03/03/2026    EUR 4,700        4,969  
2.88%, 05/14/2029    EUR 1,250        1,269  
3.13%, 06/03/2033    EUR 1,000        941  
4.25%, 11/10/2044      1,515        1,257  
4.88%, 11/15/2043      105        95  
5.38%, 02/15/2033      710        725  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Agriculture — continued

      
5.75%, 11/17/2032      160        168  
6.38%, 05/16/2038      655        715  
STG Global Finance BV, (Netherlands), Reg. S, 1.38%, 09/24/2025    EUR 344        341  
Sudzucker International Finance BV, (Netherlands),      
Reg. S, 1.00%, 11/28/2025    EUR 2,500        2,554  
Reg. S, 5.13%, 10/31/2027    EUR 500        555  
Viterra Finance BV, (Netherlands),      
Reg. S, 0.38%, 09/24/2025    EUR 1,000        978  
Reg. S, 1.00%, 09/24/2028    EUR 2,050        1,818  
     

 

 

  
        119,662  
     

 

 

  

Beverages — 1.0%

      
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.,      
3.65%, 02/01/2026      50        49  
4.70%, 02/01/2036      1,700        1,691  
4.90%, 02/01/2046      1,655        1,615  
Anheuser-Busch InBev SA, (Belgium),      
Reg. S, 2.75%, 03/17/2036    EUR 10        10  
Reg. S, 4.00%, 09/24/2025    GBP 10,000        12,147  
Reg. S, 9.75%, 07/30/2024    GBP 10,000        13,045  
Anheuser-Busch InBev Worldwide, Inc.,      
4.00%, 04/13/2028      500        493  
4.35%, 06/01/2040      100        93  
CCEP Finance Ireland DAC, (Ireland),      
Reg. S, 0.00%, 09/06/2025    EUR 3,000        2,979  
Reg. S, 0.50%, 09/06/2029    EUR 2,400        2,135  
Coca-Cola Co. (The),      
0.13%, 03/09/2029    EUR 4,800        4,295  
0.13%, 03/15/2029    EUR 3,300        2,942  
1.00%, 03/09/2041    EUR 800        562  
1.25%, 03/08/2031    EUR 1,000        919  
1.63%, 03/09/2035    EUR 1,000        883  
2.50%, 06/01/2040      90        69  
2.75%, 06/01/2060      355        251  
3.00%, 03/05/2051      320        248  
3.45%, 03/25/2030      640        614  
Coca-Cola Europacific Partners plc, (United Kingdom),      
Reg. S, 0.20%, 12/02/2028    EUR 3,000        2,669  
Reg. S, 1.13%, 04/12/2029    EUR 1,000        929  
Reg. S, 1.75%, 03/27/2026    EUR 2,000        2,051  
Reg. S, 2.38%, 05/07/2025    EUR 3,900        4,134  
Coca-Cola Femsa SAB de CV, (Mexico), 1.85%, 09/01/2032      450        350  
Coca-Cola HBC Finance BV, (Netherlands), Reg. S, 1.63%, 05/14/2031    EUR 1,900        1,738  
Constellation Brands, Inc.,      
2.25%, 08/01/2031      50        41  
4.35%, 05/09/2027      285        281  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Beverages — continued

      
Diageo Capital BV, (Netherlands), Reg. S, 0.13%, 09/28/2028    EUR 4,000        3,650  
Diageo Capital plc, (United Kingdom),      
2.13%, 04/29/2032      1,220        1,010  
3.88%, 04/29/2043      10        9  
5.30%, 10/24/2027      630        654  
5.50%, 01/24/2033      200        216  
Diageo Finance plc, (United Kingdom),      
Reg. S, 1.25%, 03/28/2033    GBP 3,000        2,710  
Reg. S, 1.88%, 03/27/2027    EUR 1,000        1,025  
Reg. S, 2.50%, 03/27/2032    EUR 600        600  
Reg. S, 2.75%, 06/08/2038    GBP 625        595  
Diageo Investment Corp., 4.25%, 05/11/2042      20        19  
Heineken NV, (Netherlands), Reg. S, 2.88%, 08/04/2025    EUR 1,300        1,396  
Keurig Dr Pepper, Inc.,      
3.95%, 04/15/2029      503        481  
4.50%, 04/15/2052      365        324  
PepsiCo., Inc.,      
0.40%, 10/09/2032    EUR 6,900        5,673  
0.50%, 05/06/2028    EUR 1,000        944  
0.75%, 10/14/2033    EUR 3,950        3,250  
0.88%, 10/16/2039    EUR 1,000        723  
1.13%, 03/18/2031    EUR 1,000        918  
1.63%, 05/01/2030      230        194  
2.63%, 07/29/2029      440        403  
2.88%, 10/15/2049      65        49  
3.20%, 07/22/2029    GBP 750        855  
3.45%, 10/06/2046      15        13  
3.55%, 07/22/2034    GBP 1,400        1,564  
3.60%, 02/18/2028      55        54  
4.00%, 05/02/2047      85        80  
4.20%, 07/18/2052      440        418  
4.65%, 02/15/2053      690        705  
Pernod Ricard SA, (France),      
Reg. S, 1.13%, 04/07/2025    EUR 3,100        3,209  
Reg. S, 3.25%, 11/02/2028    EUR 1,500        1,608  
     

 

 

  
        90,582  
     

 

 

  

Biotechnology — 0.1%

      
Amgen, Inc.,      
1.90%, 02/21/2025      200        189  
3.63%, 05/22/2024      10        10  
4.05%, 08/18/2029      845        814  
4.40%, 02/22/2062      405        341  
4.66%, 06/15/2051      55        50  
4.88%, 03/01/2053      55        51  
5.15%, 03/02/2028      110        112  
5.25%, 03/02/2025      235        237  
5.25%, 03/02/2030      120        123  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Biotechnology — continued

      
5.25%, 03/02/2033      1,505        1,545  
5.51%, 03/02/2026      240        241  
5.60%, 03/02/2043      615        632  
5.65%, 03/02/2053      450        466  
Biogen, Inc.,      
2.25%, 05/01/2030      115        97  
3.25%, 02/15/2051      135        95  
Regeneron Pharmaceuticals, Inc.,      
1.75%, 09/15/2030      980        792  
2.80%, 09/15/2050      155        103  
Royalty Pharma plc, (United Kingdom), 1.20%, 09/02/2025      320        290  
     

 

 

  
        6,188  
     

 

 

  

Commercial Services — 1.4%

      
Abertis Infraestructuras SA, (Spain), Reg. S, 3.38%, 11/27/2026    GBP 10,400        11,922  
ALD SA, (France), Reg. S, 1.25%, 03/02/2026    EUR 3,000        3,001  
Amadeus IT Group SA, (Spain),      
Reg. S, 0.88%, 09/18/2023    EUR 2,000        2,141  
Reg. S, 1.50%, 09/18/2026    EUR 1,000        1,011  
Reg. S, 2.50%, 05/20/2024    EUR 1,000        1,068  
Reg. S, 2.88%, 05/20/2027    EUR 500        524  
American University (The), Series 2019, 3.67%, 04/01/2049      80        65  
APRR SA, (France), Reg. S, 1.88%, 01/03/2029    EUR 4,000        3,977  
ASTM SpA, (Italy),      
Reg. S, 1.00%, 11/25/2026    EUR 1,000        964  
Reg. S, 1.50%, 01/25/2030    EUR 1,000        870  
Reg. S, 1.63%, 02/08/2028    EUR 500        475  
Automatic Data Processing, Inc.,      
1.25%, 09/01/2030      90        74  
1.70%, 05/15/2028      630        561  
Autoroutes du Sud de la France SA, (France), Reg. S, 1.25%, 01/18/2027    EUR 3,900        3,912  
Autostrade per l’Italia SpA, (Italy),      
Reg. S, 1.63%, 01/25/2028    EUR 7,000        6,600  
Reg. S, 1.75%, 06/26/2026    EUR 7,000        7,006  
Reg. S, 2.25%, 01/25/2032    EUR 7,000        6,137  
Babcock International Group plc, (United Kingdom), Reg. S, 1.38%, 09/13/2027    EUR 1,000        951  
Block Financial LLC,      
2.50%, 07/15/2028      39        33  
3.88%, 08/15/2030      50        43  
California Institute of Technology, 4.70%, 11/01/2111      25        23  
Case Western Reserve University, Series 22-C, 5.41%, 06/01/2122      50        49  
Central Nippon Expressway Co. Ltd., (Japan),      
Reg. S, 0.89%, 09/29/2025      600        542  
Reg. S, 0.89%, 12/10/2025      200        179  
Reg. S, 1.87%, 09/26/2024    AUD 1,000        642  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Commercial Services — continued

      
Channel Link Enterprises Finance plc, (United Kingdom), Series A8, Reg. S, (ICE LIBOR EUR 6 Month + 5.90%), 2.71%, 06/30/2050 (aa)    EUR 100        98  
Cintas Corp. No. 2, 3.70%, 04/01/2027      30        29  
Claremont Mckenna College, 3.78%, 01/01/2122      50        35  
Duke University, Series 2020, 2.68%, 10/01/2044      20        15  
East Nippon Expressway Co. Ltd., (Japan), Series 66, 0.10%, 12/18/2026    JPY 100,000        749  
Edenred, (France),      
Reg. S, 1.38%, 03/10/2025    EUR 1,000        1,042  
Reg. S, 1.38%, 06/18/2029    EUR 1,000        953  
Reg. S, 1.88%, 03/06/2026    EUR 500        517  
Equifax, Inc.,      
2.35%, 09/15/2031      850        683  
3.10%, 05/15/2030      1,800        1,564  
5.10%, 12/15/2027      535        537  
ERAC USA Finance LLC,      
2.70%, 11/01/2023 (e)      3,200        3,147  
3.85%, 11/15/2024 (e)      160        157  
4.50%, 02/15/2045 (e)      400        356  
7.00%, 10/15/2037 (e)      800        944  
Experian Finance plc, (United Kingdom),      
Reg. S, 0.74%, 10/29/2025    GBP 600        670  
Reg. S, 1.38%, 06/25/2026    EUR 2,625        2,655  
Reg. S, 3.25%, 04/07/2032    GBP 425        464  
George Washington University (The), Series 2014, 4.30%, 09/15/2044      30        27  
Global Payments, Inc., 4.88%, 03/17/2031    EUR 2,050        2,221  
Holding d’Infrastructures de Transport SASU, (France),      
Reg. S, 0.63%, 09/14/2028    EUR 300        269  
Reg. S, 2.50%, 05/04/2027    EUR 1,600        1,629  
ISS Finance BV, (Netherlands), Reg. S, 1.25%, 07/07/2025    EUR 3,500        3,573  
ISS Global A/S, (Denmark),      
Reg. S, 0.88%, 06/18/2026    EUR 500        489  
Reg. S, 2.13%, 12/02/2024    EUR 3,500        3,686  
Johns Hopkins University, Series A, 2.81%, 01/01/2060      600        395  
ManpowerGroup, Inc.,      
Reg. S, 1.75%, 06/22/2026    EUR 1,000        1,015  
Reg. S, 3.50%, 06/30/2027    EUR 500        537  
Massachusetts Institute of Technology,      
3.89%, 07/01/2116      663        520  
4.68%, 07/01/2114      650        597  
Series F, 2.99%, 07/01/2050      20        15  
Moody’s Corp., 1.75%, 03/09/2027    EUR 1,125        1,136  
Northwestern University, Series 2020, 2.64%, 12/01/2050      10        7  
President and Fellows of Harvard College, 2.52%, 10/15/2050      10        7  
Prosegur Cash SA, (Spain), Reg. S, 1.38%, 02/04/2026    EUR 1,500        1,525  
Prosegur Cia de Seguridad SA, (Spain), Reg. S, 2.50%, 04/06/2029    EUR 1,000        973  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Commercial Services — continued

      
Quanta Services, Inc.,      
2.35%, 01/15/2032      520        411  
3.05%, 10/01/2041      150        104  
RELX Capital, Inc.,      
1.30%, 05/12/2025    EUR 500        518  
4.75%, 05/20/2032      610        603  
RELX Finance BV, (Netherlands),      
Reg. S, 0.00%, 03/18/2024    EUR 100        105  
Reg. S, 0.50%, 03/10/2028    EUR 500        470  
Reg. S, 0.88%, 03/10/2032    EUR 10,350        8,989  
Reg. S, 1.38%, 05/12/2026    EUR 1,000        1,018  
Reg. S, 1.50%, 05/13/2027    EUR 4,500        4,537  
Rentokil Initial Finance BV, (Netherlands),      
Reg. S, 3.88%, 06/27/2027    EUR 2,325        2,514  
Reg. S, 4.38%, 06/27/2030    EUR 1,900        2,081  
Rentokil Initial plc, (United Kingdom),      
Reg. S, 0.50%, 10/14/2028    EUR 1,000        898  
Reg. S, 5.00%, 06/27/2032    GBP 1,000        1,201  
Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/2050      5        3  
S&P Global, Inc.,      
2.30%, 08/15/2060      351        202  
2.45%, 03/01/2027      335        314  
SGS Nederland Holding BV, (Netherlands), Reg. S, 0.13%, 04/21/2027    EUR 2,500        2,337  
Thomas Jefferson University, 3.85%, 11/01/2057      50        38  
Transurban Finance Co. Pty Ltd., (Australia),      
Reg. S, 1.45%, 05/16/2029    EUR 2,000        1,891  
Reg. S, 1.75%, 03/29/2028    EUR 5,000        4,913  
Reg. S, 1.88%, 09/16/2024    EUR 1,000        1,054  
Reg. S, 2.00%, 08/28/2025    EUR 3,000        3,115  
Reg. S, 3.00%, 04/08/2030    EUR 3,100        3,173  
Triton Container International Ltd. / TAL International Container Corp., (Bermuda), 3.25%, 03/15/2032      90        71  
Trustees of Princeton University (The),      
4.20%, 03/01/2052      1,295        1,218  
Series 2020, 2.52%, 07/01/2050      20        14  
University of Oxford, (United Kingdom), Reg. S, 2.54%, 12/08/2117    GBP 1,500        1,011  
University of Southern California,      
2.81%, 10/01/2050      20        14  
Series 21A, 2.95%, 10/01/2051      10        7  
Verisk Analytics, Inc., 5.50%, 06/15/2045      143        139  
Washington University (The),      
4.35%, 04/15/2122      255        213  
Series 2022, 3.52%, 04/15/2054      900        738  
Wellcome Trust Ltd. (The), (United Kingdom),      
Reg. S, 1.50%, 07/14/2071    GBP 1,500        783  
Reg. S, 2.52%, 02/07/2118    GBP 200        136  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Commercial Services — continued

      
West Nippon Expressway Co. Ltd., (Japan), Series 29, 0.31%, 02/12/2026    JPY 200,000        1,511  
Worldline SA, (France),      
Reg. S, 0.25%, 09/18/2024    EUR 1,000        1,029  
Reg. S, 0.88%, 06/30/2027    EUR 1,500        1,435  
     

 

 

  
        134,814  
     

 

 

  

Cosmetics/Personal Care — 0.2%

      
Colgate-Palmolive Co., 3.25%, 08/15/2032      340        318  
Estee Lauder Cos., Inc. (The),      
2.60%, 04/15/2030      60        54  
3.13%, 12/01/2049      100        76  
Procter & Gamble Co. (The),      
0.35%, 05/05/2030    EUR 2,800        2,497  
0.63%, 10/30/2024    EUR 1,450        1,511  
1.88%, 10/30/2038    EUR 1,125        999  
2.70%, 02/02/2026      70        68  
3.60%, 03/25/2050      35        30  
4.88%, 05/11/2027    EUR 425        491  
Reckitt Benckiser Treasury Services Nederland BV, (Netherlands), Reg. S, 0.75%, 05/19/2030    EUR 200        182  
Unilever Finance Netherlands BV, (Netherlands),      
Reg. S, 0.75%, 02/28/2026    EUR 2,475        2,493  
Reg. S, 1.13%, 02/12/2027    EUR 825        825  
Reg. S, 1.13%, 04/29/2028    EUR 1,000        974  
Reg. S, 1.25%, 02/28/2031    EUR 1,500        1,398  
Reg. S, 1.75%, 11/16/2028    EUR 6,000        5,999  
Reg. S, 1.75%, 03/25/2030    EUR 1,000        978  
     

 

 

  
        18,893  
     

 

 

  

Food — 0.5%

      
Campbell Soup Co., 3.95%, 03/15/2025      310        304  
Conagra Brands, Inc.,      
5.30%, 11/01/2038      245        239  
5.40%, 11/01/2048      35        34  
General Mills, Inc.,      
0.13%, 11/15/2025    EUR 1,000        994  
0.45%, 01/15/2026    EUR 3,000        2,983  
2.88%, 04/15/2030      1,010        904  
3.00%, 02/01/2051      30        22  
3.91%, 04/13/2029 (w)    EUR 7,625        8,344  
5.24%, 11/18/2025      150        151  
Hershey Co. (The),      
0.90%, 06/01/2025      255        235  
1.70%, 06/01/2030      322        269  
2.30%, 08/15/2026      70        67  
2.65%, 06/01/2050      10        7  
Hormel Foods Corp., 1.70%, 06/03/2028      281        247  
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., (Multinational),      
3.00%, 05/15/2032 (e)      575        450  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Food — continued

      
5.75%, 04/01/2033 (e)      1,020        974  
Kellogg Co.,      
0.50%, 05/20/2029    EUR 1,500        1,341  
1.00%, 05/17/2024    EUR 500        526  
1.25%, 03/10/2025    EUR 500        520  
2.10%, 06/01/2030      40        34  
Kerry Group Financial Services Unltd Co., (Ireland), Reg. S, 2.38%, 09/10/2025    EUR 2,700        2,875  
Koninklijke Ahold Delhaize NV, (Netherlands), Reg. S, 3.50%, 04/04/2028 (w)    EUR 2,150        2,328  
Kraft Heinz Foods Co.,      
Reg. S, 1.50%, 05/24/2024    EUR 1,000        1,061  
Reg. S, 2.25%, 05/25/2028    EUR 1,000        1,008  
3.88%, 05/15/2027      665        649  
Reg. S, 4.13%, 07/01/2027    GBP 5,000        5,951  
4.38%, 06/01/2046      175        152  
5.00%, 06/04/2042      5        5  
5.50%, 06/01/2050      100        101  
Kroger Co. (The), 3.95%, 01/15/2050      5        4  
Mars, Inc., 2.38%, 07/16/2040 (e)      1,200        864  
Mondelez International Holdings Netherlands BV, (Netherlands),      
Reg. S, 0.25%, 09/09/2029    EUR 1,000        871  
Reg. S, 0.38%, 09/22/2029    EUR 200        175  
Reg. S, 0.63%, 09/09/2032    EUR 1,000        811  
Mondelez International, Inc.,      
0.25%, 03/17/2028    EUR 1,000        915  
0.75%, 03/17/2033    EUR 500        400  
1.50%, 02/04/2031      1,000        797  
1.88%, 10/15/2032      300        240  
Nestle Finance International Ltd., (Luxembourg),      
Reg. S, 0.00%, 06/14/2026    EUR 1,500        1,475  
Reg. S, 1.25%, 03/29/2031    EUR 1,200        1,115  
Reg. S, 1.50%, 03/29/2035    EUR 5,000        4,437  
Tesco Corporate Treasury Services plc, (United Kingdom),      
Reg. S, 0.88%, 05/29/2026    EUR 1,500        1,477  
Reg. S, 1.88%, 11/02/2028    GBP 1,300        1,350  
Reg. S, 2.75%, 04/27/2030    GBP 825        863  
Woolworths Group Ltd., (Australia), Reg. S, 0.38%, 11/15/2028    EUR 1,500        1,314  
     

 

 

  
        49,883  
     

 

 

  

Healthcare - Products — 0.4%

      
Abbott Laboratories, 4.90%, 11/30/2046      685        703  
Alcon Finance BV, (Netherlands), Reg. S, 2.38%, 05/31/2028    EUR 200        202  
American Medical Systems Europe BV, (Netherlands), 0.75%, 03/08/2025    EUR 1,300        1,335  
Becton Dickinson Euro Finance Sarl, (Luxembourg),      
1.21%, 06/04/2026    EUR 825        829  
1.34%, 08/13/2041    EUR 2,000        1,351  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Healthcare - Products — continued

      
Boston Scientific Corp.,      
0.63%, 12/01/2027    EUR 800        760  
3.45%, 03/01/2024      44        43  
Danaher Corp., 2.80%, 12/10/2051      105        73  
DH Europe Finance II Sarl, (Luxembourg),      
0.20%, 03/18/2026    EUR 3,775        3,727  
1.35%, 09/18/2039    EUR 700        521  
3.40%, 11/15/2049      30        24  
Edwards Lifesciences Corp., 4.30%, 06/15/2028      705        701  
GE HealthCare Technologies, Inc., 5.55%, 11/15/2024 (e)      700        704  
Medtronic Global Holdings SCA, (Luxembourg),      
1.13%, 03/07/2027    EUR 10,000        9,955  
1.63%, 10/15/2050    EUR 900        585  
1.75%, 07/02/2049    EUR 900        614  
3.00%, 10/15/2028    EUR 3,400        3,602  
3.38%, 10/15/2034    EUR 4,200        4,414  
Molnlycke Holding AB, (Sweden), Reg. S, 1.88%, 02/28/2025    EUR 1,900        1,982  
Smith & Nephew plc, (United Kingdom), 4.57%, 10/11/2029    EUR 1,500        1,650  
Stryker Corp., 1.00%, 12/03/2031    EUR 1,300        1,114  
Thermo Fisher Scientific Finance I BV, (Netherlands), 1.13%, 10/18/2033    EUR 1,000        844  
Thermo Fisher Scientific, Inc.,      
1.22%, 10/18/2024      80        76  
1.88%, 10/01/2049    EUR 900        622  
Werfenlife SA, (Spain), Reg. S, 0.50%, 10/28/2026    EUR 1,200        1,142  
Zimmer Biomet Holdings, Inc.,      
1.16%, 11/15/2027    EUR 1,000        963  
2.43%, 12/13/2026    EUR 500        517  
     

 

 

  
        39,053  
     

 

 

  

Healthcare - Services — 0.4%

      
Advocate Health & Hospitals Corp., 3.39%, 10/15/2049      35        26  
Aetna, Inc.,      
2.80%, 06/15/2023      30        30  
3.50%, 11/15/2024      58        56  
AHS Hospital Corp., Series 2021, 2.78%, 07/01/2051      755        509  
Allina Health System, Series 2019, 3.89%, 04/15/2049      40        32  
Ascension Health, 3.95%, 11/15/2046      140        122  
Banner Health, 2.91%, 01/01/2042      100        74  
Beth Israel Lahey Health, Inc., Series L, 3.08%, 07/01/2051      7        5  
City of Hope, Series 2013, 5.62%, 11/15/2043      35        36  
Cleveland Clinic Foundation (The), 4.86%, 01/01/2114      1,000        926  
CommonSpirit Health, 3.91%, 10/01/2050      368        284  
Duke University Health System, Inc., Series 2017, 3.92%, 06/01/2047      50        43  
Elevance Health, Inc.,      
2.88%, 09/15/2029      545        494  
3.35%, 12/01/2024      100        97  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Healthcare - Services — continued

      
4.10%, 03/01/2028      2,900        2,831  
4.90%, 02/08/2026      130        130  
Eurofins Scientific SE, (Luxembourg), Reg. S, 2.13%, 07/25/2024    EUR 796        841  
Fresenius SE & Co. KGaA, (Germany), Reg. S, 1.88%, 05/24/2025    EUR 7,000        7,313  
Hackensack Meridian Health, Inc.,      
Series 2020, 2.68%, 09/01/2041      1,385        988  
Series 2020, 2.88%, 09/01/2050      35        24  
HCA, Inc.,      
3.13%, 03/15/2027 (e)      2,560        2,377  
3.50%, 07/15/2051      185        127  
4.63%, 03/15/2052 (e)      345        286  
5.00%, 03/15/2024      933        928  
5.13%, 06/15/2039      355        332  
5.25%, 06/15/2049      285        256  
5.38%, 02/01/2025      375        375  
Health Care Service Corp. A Mutual Legal Reserve Co., 2.20%, 06/01/2030 (e)      1,400        1,165  
Humana, Inc.,      
0.65%, 08/03/2023      175        172  
3.70%, 03/23/2029      80        75  
3.85%, 10/01/2024      50        49  
5.70%, 03/13/2026      480        482  
5.75%, 03/01/2028      500        519  
Kaiser Foundation Hospitals,      
4.15%, 05/01/2047      1,200        1,056  
Series 2021, 3.00%, 06/01/2051      250        175  
Laboratory Corp. of America Holdings, 1.55%, 06/01/2026      50        45  
Lonza Finance International NV, (Belgium), Reg. S, 1.63%, 04/21/2027    EUR 2,800        2,803  
Mayo Clinic,      
3.77%, 11/15/2043      30        26  
Series 2013, 4.00%, 11/15/2047      25        22  
Series 2021, 3.20%, 11/15/2061      440        308  
Memorial Health Services, 3.45%, 11/01/2049      10        8  
Memorial Sloan-Kettering Cancer Center, 4.13%, 07/01/2052      50        43  
Methodist Hospital (The), Series 20A, 2.71%, 12/01/2050      1,500        992  
MultiCare Health System, 2.80%, 08/15/2050      1,000        613  
MyMichigan Health, Series 2020, 3.41%, 06/01/2050      1,498        1,077  
New York and Presbyterian Hospital (The),      
2.26%, 08/01/2040      1,090        748  
4.02%, 08/01/2045      70        62  
Northwell Healthcare, Inc., 4.26%, 11/01/2047      25        21  
OhioHealth Corp.,      
2.30%, 11/15/2031      830        693  
2.83%, 11/15/2041      370        279  
Series 2020, 3.04%, 11/15/2050      535        390  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Healthcare - Services — continued

      
PeaceHealth Obligated Group,      
Series 2020, 1.38%, 11/15/2025      700        637  
Series 2020, 3.22%, 11/15/2050      749        529  
Piedmont Healthcare, Inc.,      
2.86%, 01/01/2052      3        2  
Series 2032, 2.04%, 01/01/2032      470        372  
Series 2042, 2.72%, 01/01/2042      453        313  
Presbyterian Healthcare Services, 4.88%, 08/01/2052      100        99  
Providence St Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/2051      150        91  
Sentara Healthcare, Series 2021, 2.93%, 11/01/2051      2,365        1,653  
Texas Health Resources, 2.33%, 11/15/2050      750        449  
Trinity Health Corp., Series 2021, 2.63%, 12/01/2040      233        166  
UMass Memorial Health Care Obligated Group, 5.36%, 07/01/2052      5        5  
UnitedHealth Group, Inc.,      
2.00%, 05/15/2030      160        136  
2.95%, 10/15/2027      130        123  
3.13%, 05/15/2060      160        111  
3.45%, 01/15/2027      70        68  
3.70%, 05/15/2027      75        73  
3.70%, 08/15/2049      1,100        894  
3.75%, 07/15/2025      20        20  
3.85%, 06/15/2028      70        68  
3.88%, 08/15/2059      50        41  
4.00%, 05/15/2029      250        244  
4.25%, 01/15/2029      170        169  
4.25%, 03/15/2043      120        111  
4.50%, 04/15/2033      150        149  
5.00%, 10/15/2024      30        30  
5.05%, 04/15/2053      250        252  
5.15%, 10/15/2025      15        15  
5.20%, 04/15/2063      1,300        1,312  
5.25%, 02/15/2028      320        332  
5.30%, 02/15/2030      220        232  
5.35%, 02/15/2033      330        350  
5.88%, 02/15/2053      340        382  
6.05%, 02/15/2063      520        590  
Universal Health Services, Inc., 2.65%, 10/15/2030      60        48  
West Virginia United Health System Obligated Group, Series 2020, 3.13%, 06/01/2050      50        34  
Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/2050      50        31  
     

 

 

  
        41,496  
     

 

 

  

Household Products/Wares — 0.1%

      
Clorox Co. (The), 1.80%, 05/15/2030      10        8  
Henkel AG & Co. KGaA, (Germany), Reg. S, 0.50%, 11/17/2032    EUR 1,000        824  
Kimberly-Clark Corp.,      
0.63%, 09/07/2024    EUR 1,500        1,564  
2.88%, 02/07/2050      165        121  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Household Products/Wares — continued

      
Reckitt Benckiser Treasury Services plc, (United Kingdom), Reg. S, 1.75%, 05/19/2032    GBP 2,175        2,141  
     

 

 

  
        4,658  
     

 

 

  
Pharmaceuticals — 0.8%      
AbbVie, Inc.,      
2.60%, 11/21/2024      345        333  
3.20%, 11/21/2029      5,460        5,063  
3.85%, 06/15/2024      150        148  
4.05%, 11/21/2039      230        205  
4.25%, 11/21/2049      480        422  
4.40%, 11/06/2042      25        23  
4.50%, 05/14/2035      25        24  
4.70%, 05/14/2045      25        23  
AmerisourceBergen Corp.,      
3.25%, 03/01/2025      640        619  
3.45%, 12/15/2027      5        5  
4.25%, 03/01/2045      195        165  
4.30%, 12/15/2047      25        21  
Astrazeneca Finance LLC,      
0.70%, 05/28/2024      105        100  
1.75%, 05/28/2028      480        426  
AstraZeneca plc, (United Kingdom),      
Reg. S, 0.38%, 06/03/2029    EUR 1,500        1,356  
Reg. S, 1.25%, 05/12/2028    EUR 1,000        981  
1.38%, 08/06/2030      300        244  
4.38%, 11/16/2045      90        86  
Bayer AG, (Germany),      
Reg. S, 0.38%, 01/12/2029    EUR 1,900        1,685  
Reg. S, 0.63%, 07/12/2031    EUR 1,900        1,564  
Reg. S, 1.13%, 01/06/2030    EUR 1,000        903  
Bayer Capital Corp. BV, (Netherlands), Reg. S, 2.13%, 12/15/2029    EUR 600        582  
Becton Dickinson & Co.,      
3.79%, 05/20/2050      100        80  
4.30%, 08/22/2032      35        34  
Bristol-Myers Squibb Co.,      
2.35%, 11/13/2040      75        54  
2.55%, 11/13/2050      140        93  
3.40%, 07/26/2029      710        675  
3.45%, 11/15/2027      70        67  
3.70%, 03/15/2052      360        299  
3.90%, 03/15/2062      190        157  
4.13%, 06/15/2039      495        460  
4.55%, 02/20/2048      8        8  
Cardinal Health, Inc.,      
3.08%, 06/15/2024      10        10  
4.50%, 11/15/2044      45        39  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Household Products/Wares — continued

      
Cigna Group (The),      
2.40%, 03/15/2030      75        65  
3.40%, 03/01/2027      2,800        2,678  
3.40%, 03/15/2051      290        212  
4.13%, 11/15/2025      940        924  
4.50%, 02/25/2026      630        627  
4.90%, 12/15/2048      880        825  
CVS Health Corp.,      
1.30%, 08/21/2027      40        35  
2.63%, 08/15/2024      60        58  
3.25%, 08/15/2029      300        274  
4.25%, 04/01/2050      270        225  
5.05%, 03/25/2048      1,200        1,119  
Eli Lilly & Co.,      
0.50%, 09/14/2033    EUR 1,500        1,216  
0.63%, 11/01/2031    EUR 4,800        4,149  
1.13%, 09/14/2051    EUR 3,500        2,105  
1.38%, 09/14/2061    EUR 2,875        1,577  
1.63%, 06/02/2026    EUR 1,500        1,541  
1.70%, 11/01/2049    EUR 2,500        1,793  
3.38%, 03/15/2029      130        124  
4.88%, 02/27/2053      400        412  
4.95%, 02/27/2063      210        215  
5.00%, 02/27/2026      480        484  
GlaxoSmithKline Capital plc, (United Kingdom),      
5.25%, 12/19/2033    GBP 640        834  
Reg. S, 5.25%, 04/10/2042    GBP 150        191  
Johnson & Johnson,      
0.95%, 09/01/2027      105        93  
1.15%, 11/20/2028    EUR 1,000        973  
1.65%, 05/20/2035    EUR 1,000        903  
2.10%, 09/01/2040      10        7  
2.45%, 09/01/2060      290        190  
3.40%, 01/15/2038      50        45  
3.55%, 03/01/2036      15        14  
McKesson Corp.,      
0.90%, 12/03/2025      70        63  
1.50%, 11/17/2025    EUR 1,000        1,027  
1.63%, 10/30/2026    EUR 2,000        2,022  
3.13%, 02/17/2029    GBP 1,925        2,117  
5.25%, 02/15/2026      510        511  
Merck & Co., Inc.,      
0.50%, 11/02/2024    EUR 1,000        1,038  
1.38%, 11/02/2036    EUR 1,000        835  
1.88%, 10/15/2026    EUR 1,900        1,960  
1.90%, 12/10/2028      977        865  
2.35%, 06/24/2040      50        37  
2.50%, 10/15/2034    EUR 500        492  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Household Products/Wares — continued

      
2.75%, 12/10/2051      30        21  
2.90%, 12/10/2061      355        242  
3.40%, 03/07/2029      280        269  
3.70%, 02/10/2045      60        52  
4.00%, 03/07/2049      40        36  
Merck Financial Services GmbH, (Germany), Reg. S, 0.13%, 07/16/2025    EUR 1,000        1,009  
Merck KGaA, (Germany),      
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.00%), 1.63%, 09/09/2080 (aa)    EUR 1,500        1,437  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.94%), 2.88%, 06/25/2079 (aa)    EUR 200        190  
Mylan, Inc., 5.20%, 04/15/2048      30        24  
Novartis Capital Corp.,      
2.75%, 08/14/2050      176        130  
3.10%, 05/17/2027      37        35  
Novartis Finance SA, (Luxembourg),      
Reg. S, 0.00%, 09/23/2028    EUR 2,000        1,819  
Reg. S, 0.63%, 09/20/2028    EUR 1,000        941  
Reg. S, 1.13%, 09/30/2027    EUR 1,000        989  
Reg. S, 1.38%, 08/14/2030    EUR 1,000        954  
Reg. S, 1.70%, 08/14/2038    EUR 1,000        861  
Novo Nordisk Finance Netherlands BV, (Netherlands),      
Reg. S, 0.75%, 03/31/2025    EUR 1,000        1,030  
Reg. S, 1.13%, 09/30/2027    EUR 1,000        992  
Reg. S, 1.38%, 03/31/2030    EUR 1,000        958  
Pfizer, Inc.,      
2.75%, 06/03/2026      145        139  
3.00%, 12/15/2026      920        885  
5.60%, 09/15/2040      100        108  
Roche Finance Europe BV, (Netherlands), Reg. S, 0.88%, 02/25/2025    EUR 1,600        1,674  
Sanofi, (France), Series 20FX, Reg. S, 1.88%, 03/21/2038    EUR 800        713  
Takeda Pharmaceutical Co. Ltd., (Japan), Reg. S, 3.00%, 11/21/2030    EUR 1,000        1,027  
Upjohn Finance BV, (Netherlands),      
Reg. S, 1.02%, 06/23/2024    EUR 1,000        1,045  
Reg. S, 1.36%, 06/23/2027    EUR 1,000        959  
Reg. S, 1.91%, 06/23/2032    EUR 1,400        1,166  
Utah Acquisition Sub, Inc.,      
Reg. S, 2.25%, 11/22/2024    EUR 1,000        1,055  
3.95%, 06/15/2026      30        28  
Viatris, Inc.,      
3.85%, 06/22/2040      2,200        1,541  
4.00%, 06/22/2050      170        112  
Zoetis, Inc.,      
3.90%, 08/20/2028      40        39  
4.70%, 02/01/2043      245        229  
5.40%, 11/14/2025      330        335  
     

 

 

  
        74,873  
     

 

 

  
Total Consumer Non-cyclical         580,102  
     

 

 

  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Energy — 1.9%

      

Energy - Alternate Sources — 0.1%

      
ERG SpA, (Italy),      
Reg. S, 0.50%, 09/11/2027    EUR 5,000        4,672  
Reg. S, 0.88%, 09/15/2031    EUR 1,300        1,078  
     

 

 

  
        5,750  
     

 

 

  

Oil & Gas — 1.4%

      
Aker BP ASA, (Norway),      
2.00%, 07/15/2026 (e)      1,360        1,222  
2.88%, 01/15/2026 (e)      1,400        1,323  
3.10%, 07/15/2031 (e)      1,585        1,341  
BP Capital Markets BV, (Netherlands),      
Reg. S, 0.93%, 12/04/2040    EUR 3,000        1,938  
Reg. S, 1.47%, 09/21/2041    EUR 1,000        701  
BP Capital Markets plc, (United Kingdom),      
Reg. S, 0.83%, 09/19/2024    EUR 1,000        1,047  
Reg. S, 1.10%, 11/15/2034    EUR 1,000        785  
Reg. S, 1.23%, 05/08/2031    EUR 2,800        2,503  
Reg. S, 1.57%, 02/16/2027    EUR 500        505  
Reg. S, 1.59%, 07/03/2028    EUR 2,300        2,247  
Reg. S, 1.64%, 06/26/2029    EUR 1,000        970  
Reg. S, 2.27%, 07/03/2026    GBP 2,000        2,300  
Reg. S, 2.52%, 04/07/2028    EUR 1,000        1,025  
Reg. S, 2.82%, 04/07/2032    EUR 500        498  
Reg. S, (EUR Swap Rate 5 Year + 3.88%), 3.25%, 03/22/2026 (x) (aa)    EUR 1,500        1,501  
Reg. S, (EUR Swap Rate 5 Year + 4.12%), 3.63%, 03/22/2029 (x) (aa)    EUR 1,800        1,698  
Reg. S, (UK Gilts 5 Year + 4.17%), 4.25%, 03/22/2027 (x) (aa)    GBP 7,900        8,709  
Canadian Natural Resources Ltd., (Canada), 6.50%, 02/15/2037      145        152  
Cepsa Finance SA, (Spain), Reg. S, 2.25%, 02/13/2026    EUR 100        104  
Chevron Corp., 1.55%, 05/11/2025      75        71  
Chevron USA, Inc., 1.02%, 08/12/2027      100        88  
CNOOC Petroleum North America ULC, (Canada), 6.40%, 05/15/2037      60        66  
ConocoPhillips,      
4.88%, 10/01/2047      40        39  
5.90%, 10/15/2032      193        212  
5.90%, 05/15/2038      25        27  
6.50%, 02/01/2039      75        87  
Continental Resources, Inc., 4.90%, 06/01/2044      35        27  
Devon Energy Corp., 5.88%, 06/15/2028      1,750        1,782  
Diamondback Energy, Inc.,      
3.13%, 03/24/2031      2,400        2,077  
6.25%, 03/15/2033      610        645  
6.25%, 03/15/2053      435        449  
Eni SpA, (Italy),      
Reg. S, 0.63%, 01/23/2030    EUR 500        439  
Reg. S, 1.00%, 10/11/2034    EUR 1,900        1,518  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Oil & Gas — continued

      
Reg. S, 1.25%, 05/18/2026    EUR 9,200        9,314  
Reg. S, 1.50%, 02/02/2026    EUR 1,000        1,025  
Reg. S, 1.50%, 01/17/2027    EUR 2,700        2,726  
Reg. S, 1.63%, 05/17/2028    EUR 1,000        987  
Reg. S, 2.00%, 05/18/2031    EUR 500        473  
Series NC5, Reg. S, (EUR Swap Rate 5 Year + 3.17%), 2.63%, 10/13/2025 (x) (aa)    EUR 7,000        6,984  
Series NC9, Reg. S, (EUR Swap Rate 5 Year + 2.77%), 2.75%, 02/11/2030 (x) (aa)    EUR 1,000        837  
Series NC9, Reg. S, (EUR Swap Rate 5 Year + 3.64%), 3.38%, 07/13/2029 (x) (aa)    EUR 1,000        901  
EQT Corp.,      
3.13%, 05/15/2026 (e)      65        60  
5.70%, 04/01/2028      400        400  
6.13%, 02/01/2025      30        30  
Equinor ASA, (Norway),      
Reg. S, 0.75%, 11/09/2026    EUR 3,000        2,956  
Reg. S, 1.38%, 05/22/2032    EUR 825        743  
Reg. S, 1.63%, 11/09/2036    EUR 2,000        1,687  
1.75%, 01/22/2026      200        186  
2.38%, 05/22/2030      260        229  
3.25%, 11/18/2049      30        23  
3.63%, 04/06/2040      1,800        1,545  
3.70%, 04/06/2050      165        138  
Reg. S, 6.88%, 03/11/2031    GBP 150        213  
Exxon Mobil Corp.,      
0.14%, 06/26/2024    EUR 3,500        3,647  
0.52%, 06/26/2028    EUR 1,500        1,397  
0.84%, 06/26/2032    EUR 1,050        886  
1.41%, 06/26/2039    EUR 2,200        1,594  
3.45%, 04/15/2051      545        432  
Helmerich & Payne, Inc., 2.90%, 09/29/2031      700        581  
Hess Corp.,      
3.50%, 07/15/2024      10        10  
5.60%, 02/15/2041      120        115  
5.80%, 04/01/2047      16        16  
Marathon Petroleum Corp.,      
3.80%, 04/01/2028      250        238  
4.50%, 04/01/2048      15        12  
5.00%, 09/15/2054      125        107  
MOL Hungarian Oil & Gas plc, (Hungary), Reg. S, 1.50%, 10/08/2027    EUR 5,200        4,785  
OMV AG, (Austria), Reg. S, (EUR Swap Rate 5 Year + 2.83%), 2.50%, 06/01/2026 (x) (aa)    EUR 6,000        5,759  
Petroleos Mexicanos, (Mexico), (ICE LIBOR USD 3 Month + 0.43%), 5.29%, 02/15/2024 (aa)      300        300  
Pioneer Natural Resources Co.,      
1.90%, 08/15/2030      1,050        854  
5.10%, 03/29/2026      620        622  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Oil & Gas — continued

      
Polski Koncern Naftowy ORLEN SA, (Poland), Reg. S, 1.13%, 05/27/2028    EUR 1,300        1,177  
Shell International Finance BV, (Netherlands),      
Reg. S, 1.63%, 01/20/2027    EUR 3,900        3,993  
Reg. S, 1.88%, 09/15/2025    EUR 1,000        1,051  
Reg. S, 1.88%, 04/07/2032    EUR 1,000        933  
3.00%, 11/26/2051      380        273  
3.25%, 04/06/2050      70        53  
6.38%, 12/15/2038      115        133  
TotalEnergies Capital Canada Ltd., (Canada), Reg. S, 2.13%, 09/18/2029    EUR 1,000        989  
TotalEnergies Capital International SA, (France),      
Reg. S, 0.95%, 05/18/2031    EUR 1,000        886  
Reg. S, 1.38%, 10/04/2029    EUR 2,000        1,896  
Reg. S, 1.49%, 04/08/2027    EUR 1,900        1,917  
Reg. S, 1.49%, 09/04/2030    EUR 1,000        940  
Reg. S, 1.54%, 05/31/2039    EUR 1,000        789  
Reg. S, 1.62%, 05/18/2040    EUR 1,000        760  
Reg. S, 1.99%, 04/08/2032    EUR 2,000        1,896  
TotalEnergies SE, (France),      
Reg. S, (EUR Swap Rate 5 Year + 1.90%), 2.00%, 01/17/2027 (x) (aa)    EUR 2,000        1,877  
Reg. S, (EUR Swap Rate 5 Year + 2.40%), 2.00%, 06/04/2030 (x) (aa)    EUR 1,900        1,572  
Reg. S, (EUR Swap Rate 5 Year + 2.15%), 2.63%, 02/26/2025 (x) (aa)    EUR 6,000        6,143  
Reg. S, (EUR Swap Rate 5 Year + 2.75%), 2.71%, 05/05/2023 (x) (aa)    EUR 650        702  
Reg. S, (EUR Swap Rate 5 Year + 2.94%), 3.25%, 07/17/2036 (x) (aa)    EUR 500        397  
Reg. S, (EUR Swap Rate 5 Year + 3.35%), 3.37%, 10/06/2026 (x) (aa)    EUR 3,500        3,587  
Series NC7, Reg. S, (EUR Swap Rate 5 Year + 1.99%), 1.63%, 10/25/2027 (x) (aa)    EUR 1,000        896  
Series NC12, Reg. S, (EUR Swap Rate 5 Year + 2.51%), 2.13%, 07/25/2032 (x) (aa)    EUR 3,550        2,775  
Valero Energy Corp., 4.00%, 06/01/2052      140        107  
Var Energi ASA, (Norway), 5.00%, 05/18/2027 (e)      1,600        1,517  
     

 

 

  
        128,167  
     

 

 

  

Oil & Gas Services — 0.0% (g)

      
Schlumberger Finance BV, (Netherlands),      
Reg. S, 0.00%, 10/15/2024    EUR 1,000        1,029  
Reg. S, 0.25%, 10/15/2027    EUR 1,500        1,410  
Reg. S, 0.50%, 10/15/2031    EUR 500        418  
Reg. S, 2.00%, 05/06/2032    EUR 500        470  
Schlumberger Finance Canada Ltd., (Canada), 1.40%, 09/17/2025      30        28  
Schlumberger Finance France SAS, (France), Reg. S, 1.00%, 02/18/2026    EUR 500        506  
     

 

 

  
        3,861  
     

 

 

  

Pipelines — 0.4%

      
Cheniere Corpus Christi Holdings LLC,      
3.70%, 11/15/2029      1,018        934  
5.88%, 03/31/2025      5        5  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Pipelines — continued

      
Colonial Enterprises, Inc., 3.25%, 05/15/2030 (e)      1,330        1,189  
Columbia Pipeline Group, Inc., 4.50%, 06/01/2025      20        20  
DCP Midstream Operating LP,      
3.25%, 02/15/2032      335        282  
5.13%, 05/15/2029      1,500        1,477  
5.38%, 07/15/2025      70        70  
Enbridge, Inc., (Canada), 5.97%, 03/08/2026      240        240  
Energy Transfer LP,      
2.90%, 05/15/2025      220        209  
4.20%, 04/15/2027      5,830        5,581  
5.35%, 05/15/2045      10        9  
5.40%, 10/01/2047      190        168  
5.55%, 02/15/2028      1,210        1,225  
5.75%, 02/15/2033      1,705        1,738  
6.25%, 04/15/2049      460        454  
6.50%, 02/01/2042      10        10  
Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa)      1,490        1,313  
Enterprise Products Operating LLC,      
3.30%, 02/15/2053      55        40  
3.75%, 02/15/2025      50        49  
3.90%, 02/15/2024      50        49  
4.15%, 10/16/2028      150        145  
4.20%, 01/31/2050      40        34  
5.10%, 02/15/2045      1,700        1,621  
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 02/15/2078 (aa)      600        482  
Kinder Morgan Energy Partners LP,      
4.30%, 05/01/2024      3,200        3,167  
4.70%, 11/01/2042      850        727  
6.95%, 01/15/2038      10        11  
Kinder Morgan, Inc.,      
1.75%, 11/15/2026      390        351  
2.25%, 03/16/2027    EUR 1,500        1,523  
3.60%, 02/15/2051      35        25  
5.45%, 08/01/2052      465        431  
Magellan Midstream Partners LP, 5.00%, 03/01/2026      10        10  
MPLX LP,      
1.75%, 03/01/2026      400        365  
2.65%, 08/15/2030      2,195        1,863  
4.50%, 04/15/2038      75        67  
4.70%, 04/15/2048      1,293        1,082  
4.88%, 06/01/2025      2,340        2,321  
4.90%, 04/15/2058      40        33  
4.95%, 03/14/2052      1,435        1,243  
5.20%, 03/01/2047      10        9  
5.50%, 02/15/2049      520        482  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Pipelines — continued

      
5.65%, 03/01/2053      65        62  
ONEOK Partners LP, 6.13%, 02/01/2041      24        23  
ONEOK, Inc.,      
2.20%, 09/15/2025      1,100        1,019  
3.40%, 09/01/2029      1,210        1,075  
4.45%, 09/01/2049      2,522        1,952  
5.20%, 07/15/2048      35        30  
5.85%, 01/15/2026      245        248  
6.10%, 11/15/2032      175        181  
6.35%, 01/15/2031      90        94  
7.15%, 01/15/2051      220        234  
Plains All American Pipeline LP / PAA Finance Corp.,      
3.55%, 12/15/2029      65        58  
4.90%, 02/15/2045      140        112  
Targa Resources Corp.,      
4.20%, 02/01/2033      525        472  
4.95%, 04/15/2052      485        401  
5.20%, 07/01/2027      1,245        1,232  
6.13%, 03/15/2033      380        393  
Targa Resources Partners LP / Targa Resources Partners Finance Corp.,      
4.00%, 01/15/2032      200        174  
4.88%, 02/01/2031      33        31  
5.00%, 01/15/2028      499        483  
Transcontinental Gas Pipe Line Co. LLC,      
3.25%, 05/15/2030      80        73  
4.00%, 03/15/2028      20        19  
7.85%, 02/01/2026      428        458  
Western Midstream Operating LP, 6.15%, 04/01/2033 (w)      330        334  
Williams Cos., Inc. (The),      
3.50%, 11/15/2030      1,900        1,720  
4.50%, 11/15/2023      80        80  
5.30%, 08/15/2052      140        131  
5.80%, 11/15/2043      15        15  
     

 

 

  
        42,158  
     

 

 

  
Total Energy         179,936  
     

 

 

  

Financial — 17.7%

      

Banks — 13.0%

      
ABN AMRO Bank NV, (Netherlands),      
Reg. S, 0.40%, 09/17/2041    EUR 100        65  
Reg. S, 0.60%, 01/15/2027    EUR 10,000        9,548  
Reg. S, 1.25%, 01/10/2033    EUR 100        91  
Reg. S, 1.38%, 01/16/2025    GBP 1,500        1,732  
Reg. S, 1.38%, 01/12/2037    EUR 100        86  
Reg. S, 1.45%, 04/12/2038    EUR 100        85  
Achmea Bank NV, (Netherlands), Reg. S, 3.00%, 01/31/2030    EUR 100        107  
Aegon Bank NV, (Netherlands), Reg. S, 0.01%, 11/16/2025    EUR 100        99  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
AIB Group plc, (Ireland),      
Reg. S, (EUR Swap Rate 1 Year + 1.30%), 2.25%, 04/04/2028 (aa)    EUR 1,000        983  
Reg. S, (EUR Swap Rate 1 Year + 2.00%), 3.63%, 07/04/2026 (aa)    EUR 1,500        1,596  
AMCO - Asset Management Co. SpA, (Italy),      
Reg. S, 0.75%, 04/20/2028    EUR 163        146  
Reg. S, 1.38%, 01/27/2025    EUR 100        103  
ANZ New Zealand Int’l Ltd., (New Zealand), Reg. S, 0.20%, 09/23/2027    EUR       6,000        5,516  
Argenta Spaarbank NV, (Belgium), Reg. S, 0.01%, 02/11/2031    EUR 100        84  
Arion Banki HF, (Iceland),      
Reg. S, 0.05%, 10/05/2026    EUR 100        95  
Reg. S, 0.38%, 07/14/2025    EUR 3,950        3,747  
Arkea Public Sector SCF SA, (France), Reg. S, 0.13%, 01/15/2030    EUR 100        88  
ASB Finance Ltd., (New Zealand),      
Reg. S, 0.25%, 09/08/2028    EUR 1,000        897  
Reg. S, 0.50%, 09/24/2029    EUR 1,000        872  
Reg. S, 0.63%, 10/18/2024    EUR 100        103  
Australia & New Zealand Banking Group Ltd., (Australia),      
Reg. S, 0.25%, 03/17/2025    EUR 100        102  
Reg. S, (EUR Swap Rate 5 Year + 1.12%), 0.67%, 05/05/2031 (aa)    EUR 2,925        2,759  
Banca Monte dei Paschi di Siena SpA, (Italy),      
Reg. S, 0.88%, 10/08/2026    EUR 3,504        3,395  
Series 16, Reg. S, 2.88%, 07/16/2024    EUR 100        107  
Banco Bilbao Vizcaya Argentaria SA, (Spain),      
Reg. S, (ICE LIBOR EUR 3 Month + 0.52%), 0.13%, 03/24/2027 (aa)    EUR 2,000        1,943  
Reg. S, 0.38%, 10/02/2024    EUR 1,000        1,031  
Reg. S, 0.38%, 11/15/2026    EUR 1,000        966  
Reg. S, 0.50%, 01/14/2027    EUR 1,000        950  
0.88%, 09/18/2023      200        195  
Reg. S, 0.88%, 11/22/2026    EUR 100        99  
Reg. S, 1.00%, 06/21/2026    EUR 1,000        996  
Reg. S, (EUR Swap Rate 5 Year + 1.27%), 1.00%, 01/16/2030 (aa)    EUR 1,000        995  
Reg. S, 1.38%, 05/14/2025    EUR 1,000        1,032  
Reg. S, 1.75%, 11/26/2025    EUR 10,000        10,327  
Reg. S, 3.50%, 02/10/2027    EUR 500        526  
Banco de Sabadell SA, (Spain),      
Reg. S, (EUR Swap Rate 1 Year + 0.97%), 0.63%, 11/07/2025 (aa)    EUR 3,700        3,774  
Reg. S, 0.88%, 07/22/2025    EUR 7,500        7,533  
Reg. S, 1.00%, 04/26/2027    EUR 100        98  
Reg. S, (EUR Swap Rate 1 Year + 1.55%), 1.13%, 03/11/2027 (aa)    EUR 2,900        2,838  
Reg. S, (EUR Swap Rate 1 Year + 2.20%), 2.63%, 03/24/2026 (aa)    EUR 1,500        1,529  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
Banco Santander SA, (Spain),      
Reg. S, 0.10%, 02/27/2032    EUR 200        162  
Reg. S, 0.20%, 02/11/2028    EUR 1,900        1,730  
Reg. S, 1.00%, 04/07/2025    EUR 100        103  
Reg. S, 1.13%, 10/25/2028    EUR 100        97  
Reg. S, 1.38%, 01/05/2026    EUR 200        202  
Reg. S, 1.63%, 10/22/2030    EUR 1,900        1,651  
Reg. S, 1.75%, 02/17/2027    GBP 1,000        1,057  
Reg. S, 2.38%, 09/08/2027    EUR 100        104  
2.75%, 05/28/2025      400        377  
2.75%, 12/03/2030      200        156  
Reg. S, 3.25%, 02/14/2028    EUR 100        108  
3.49%, 05/28/2030      2,000        1,744  
3.50%, 03/24/2025      200        192  
Reg. S, (EUR Swap Rate 1 Year + 1.05%), 3.63%, 09/27/2026 (aa)    EUR 2,000        2,149  
Reg. S, 3.88%, 01/16/2028    EUR 10,000        10,879  
3.89%, 05/24/2024      3,800        3,715  
5.29%, 08/18/2027      200        197  
Series DIP, Reg. S, 3.25%, 04/04/2026    EUR 10,000        10,511  
Bank of America Corp.,      
Reg. S, (ICE LIBOR EUR 3 Month + 0.75%), 0.81%, 05/09/2026 (aa)    EUR 1,900        1,924  
(United States SOFR + 0.74%), 0.81%, 10/24/2024 (aa)      60        58  
(United States SOFR + 0.91%), 0.98%, 09/25/2025 (aa)      177        165  
Reg. S, (ICE LIBOR EUR 3 Month + 0.95%), 1.10%, 05/24/2032 (aa)    EUR 2,500        2,129  
(United States SOFR + 0.65%), 1.53%, 12/06/2025 (aa)      25        23  
Reg. S, (ICE LIBOR EUR 3 Month + 0.89%), 1.66%, 04/25/2028 (aa)    EUR 10,000        9,798  
Reg. S, (UK Gilts 1 Year + 1.10%), 1.67%, 06/02/2029 (aa)    GBP 2,000        2,049  
(United States SOFR + 0.96%), 1.73%, 07/22/2027 (aa)      1,465        1,307  
Reg. S, (ICE LIBOR EUR 3 Month + 0.91%), 1.95%, 10/27/2026 (aa)    EUR 2,000        2,055  
(United States SOFR + 1.06%), 2.09%, 06/14/2029 (aa) (jj)      2,900        2,492  
(United States SOFR + 1.22%), 2.30%, 07/21/2032 (aa)      1,000        806  
Reg. S, 2.30%, 07/25/2025    GBP 1,000        1,166  
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 02/13/2031 (aa)      3,300        2,793  
(United States SOFR + 1.21%), 2.57%, 10/20/2032 (aa)      2,605        2,128  
(United States SOFR + 1.93%), 2.68%, 06/19/2041 (aa)      1,920        1,351  
(United States SOFR + 1.32%), 2.69%, 04/22/2032 (aa)      2,150        1,793  
(ICE LIBOR USD 3 Month + 1.19%), 2.88%, 10/22/2030 (aa)      65        57  
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/01/2025 (aa)      10        10  
(United States SOFR + 1.58%), 3.31%, 04/22/2042 (aa)      60        46  
(United States SOFR + 1.33%), 3.38%, 04/02/2026 (aa)      1,000        961  
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (aa)      350        325  
(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 03/15/2025 (aa)      25        25  
Reg. S, (UK Gilts 1 Year + 1.75%), 3.58%, 04/27/2031 (aa)    GBP 1,500        1,647  
(United States SOFR + 1.11%), 3.84%, 04/25/2025 (aa)      1,760        1,727  
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 03/05/2029 (aa)      295        279  
(ICE LIBOR USD 3 Month + 1.21%), 3.97%, 02/07/2030 (aa)      200        187  
4.00%, 01/22/2025      4,200        4,103  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
(ICE LIBOR USD 3 Month + 1.32%), 4.08%, 04/23/2040 (aa)      100        87  
(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 03/20/2051 (aa)      50        41  
(United States SOFR + 1.58%), 4.38%, 04/27/2028 (aa)      940        910  
(United States SOFR + 1.75%), 4.83%, 07/22/2026 (aa)      115        113  
4.88%, 04/01/2044      25        24  
(United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa)      1,720        1,708  
5.00%, 01/21/2044      20        19  
(United States SOFR + 2.16%), 5.02%, 07/22/2033 (aa)      880        870  
(United States SOFR + 1.99%), 6.20%, 11/10/2028 (aa)      205        214  
Reg. S, 7.00%, 07/31/2028    GBP 650        863  
Series N, (United States SOFR + 1.22%), 2.65%, 03/11/2032 (aa)      1,000        834  
Series N, (United States SOFR + 1.65%), 3.48%, 03/13/2052 (aa)      660        494  
Bank of Ireland Group plc, (Ireland),      
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.10%), 1.88%, 06/05/2026 (aa)    EUR 4,400        4,507  
Reg. S, (EUR Swap Rate 1 Year + 2.05%), 4.88%, 07/16/2028 (aa)    EUR 6,700        7,278  
Bank of Montreal, (Canada),      
Reg. S, 0.05%, 06/08/2029    EUR 100        89  
Reg. S, 1.00%, 04/05/2026    EUR 100        101  
1.85%, 05/01/2025      120        112  
Series H, 4.25%, 09/14/2024      730        721  
Bank of New York Mellon Corp. (The),      
(United States SOFR + 1.35%), 4.41%, 07/24/2026 (aa)      235        232  
(United States SOFR + 1.17%), 4.54%, 02/01/2029 (aa)      210        208  
(United States SOFR + 1.51%), 4.71%, 02/01/2034 (aa)      100        98  
Bank of New Zealand, (New Zealand), Reg. S, 2.55%, 06/29/2027    EUR 100        104  
Bank of Nova Scotia (The), (Canada),      
Reg. S, 0.01%, 01/14/2027    EUR 100        95  
Reg. S, 0.01%, 12/15/2027    EUR 100        93  
Reg. S, 0.38%, 10/23/2023    EUR 100        107  
Reg. S, 0.38%, 03/26/2030    EUR 100        89  
1.05%, 03/02/2026      170        152  
3.45%, 04/11/2025      510        494  
4.85%, 02/01/2030      2,550        2,521  
Bankinter SA, (Spain),      
Reg. S, 0.88%, 07/08/2026    EUR 3,000        2,917  
Reg. S, (EUR Swap Rate 5 Year + 1.45%), 1.25%, 12/23/2032 (aa)    EUR 3,600        3,176  
Banque Federative du Credit Mutuel SA, (France),      
Reg. S, 0.01%, 03/07/2025    EUR 1,000        1,010  
Reg. S, 0.01%, 05/11/2026    EUR 1,000        966  
Reg. S, 0.63%, 11/03/2028    EUR 1,000        894  
Reg. S, 0.75%, 06/15/2023    EUR 100        108  
Reg. S, 0.75%, 06/08/2026    EUR 1,000        986  
Reg. S, 0.75%, 01/17/2030    EUR 1,000        866  
Reg. S, 1.00%, 05/23/2025    EUR 4,000        4,102  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
Reg. S, 1.13%, 11/19/2031    EUR 600        483  
Reg. S, 1.25%, 05/26/2027    EUR 1,000        980  
Reg. S, 1.25%, 06/03/2030    EUR 1,000        890  
Reg. S, 1.38%, 07/16/2028    EUR 3,000        2,867  
Reg. S, 1.88%, 11/04/2026    EUR 1,200        1,199  
Reg. S, 1.88%, 06/18/2029    EUR 1,000        925  
Reg. S, 2.50%, 05/25/2028    EUR 1,500        1,464  
Reg. S, 2.63%, 11/06/2029    EUR 500        494  
Reg. S, 3.00%, 05/21/2024    EUR 2,000        2,139  
Reg. S, 3.00%, 09/11/2025    EUR 7,000        7,407  
Reg. S, 3.13%, 09/14/2027    EUR 3,400        3,594  
Reg. S, 3.63%, 09/14/2032    EUR 3,000        3,201  
Reg. S, (EUR Swap Rate 5 Year + 2.20%), 3.88%, 06/16/2032 (aa)    EUR 1,000        1,039  
4.94%, 01/26/2026 (e)      2,000        1,975  
Reg. S, 5.00%, 01/19/2026    GBP 10,000        12,251  
Barclays Bank plc, (United Kingdom), Reg. S, 5.75%, 09/14/2026    GBP 90        111  
Barclays plc, (United Kingdom),      
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.85%), 0.88%, 01/28/2028 (aa)    EUR 4,800        4,474  
Reg. S, (EUR Swap Rate 1 Year + 0.78%), 1.38%, 01/24/2026 (aa)    EUR 7,000        7,177  
(CMT Index 1 Year + 1.05%), 2.28%, 11/24/2027 (aa)      300        263  
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.68%), 2.89%, 01/31/2027 (aa)    EUR 3,150        3,250  
Reg. S, 3.00%, 05/08/2026    GBP 100        113  
Reg. S, 3.25%, 02/12/2027    GBP 1,200        1,345  
Reg. S, (UK Gilts 5 Year + 3.75%), 3.75%, 11/22/2030 (aa)    GBP 825        928  
(CMT Index 1 Year + 2.65%), 5.50%, 08/09/2028 (aa)      975        961  
(CMT Index 1 Year + 3.05%), 7.33%, 11/02/2026 (aa)      660        676  
(CMT Index 1 Year + 3.50%), 7.44%, 11/02/2033 (aa)      855        944  
Basellandschaftliche Kantonalbank, (Switzerland), Reg. S, 0.38%, 05/13/2030    CHF 100        96  
Bausparkasse Schwaebisch Hall AG, (Germany), Reg. S, 2.00%, 05/17/2034    EUR 100        97  
BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, (Austria),      
Reg. S, 0.01%, 01/21/2028    EUR 100        93  
Reg. S, 0.10%, 05/12/2031    EUR 100        84  
Reg. S, 1.13%, 07/31/2028    EUR 100        97  
Bayerische Landesbank, (Germany),      
Reg. S, 0.13%, 11/02/2029    EUR 100        90  
Reg. S, 0.25%, 01/14/2025    EUR 100        103  
Reg. S, (EUR Swap Rate 5 Year + 1.40%), 1.38%, 11/22/2032 (aa)    EUR 100        86  
Reg. S, 2.13%, 09/01/2031    EUR 50        51  
Reg. S, 3.75%, 02/07/2029    EUR 200        210  
Belfius Bank SA, (Belgium),      
Reg. S, 1.00%, 10/26/2024    EUR 5,000        5,179  
Reg. S, 3.25%, 10/18/2027    EUR 100        109  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
Berlin Hyp AG, (Germany),      
Reg. S, 0.01%, 07/07/2028    EUR 100        92  
Reg. S, 1.75%, 05/10/2032    EUR 100        97  
Series 200, Reg. S, 0.38%, 02/21/2025    EUR 100        103  
BNP Paribas SA, (France),      
Reg. S, (ICE LIBOR EUR 3 Month + 0.75%), 0.50%, 07/15/2025 (aa)    EUR 500        518  
Reg. S, (ICE LIBOR EUR 3 Month + 0.73%), 0.50%, 02/19/2028 (aa)    EUR 1,000        934  
Reg. S, (ICE LIBOR EUR 3 Month + 0.95%), 0.50%, 09/01/2028 (aa)    EUR 3,900        3,576  
Reg. S, (ICE LIBOR EUR 3 Month + 0.83%), 0.50%, 01/19/2030 (aa)    EUR 3,500        3,041  
Reg. S, 0.63%, 12/03/2032    EUR 3,000        2,357  
Reg. S, (ICE LIBOR EUR 3 Month + 0.83%), 0.88%, 07/11/2030 (aa)    EUR 3,000        2,633  
Reg. S, (EUR Swap Rate 5 Year + 1.17%), 0.88%, 08/31/2033 (aa)    EUR 1,000        862  
Reg. S, 1.13%, 08/28/2024    EUR 500        523  
Reg. S, 1.13%, 06/11/2026    EUR 1,000        998  
Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.13%, 01/15/2032 (aa)    EUR 1,500        1,393  
Reg. S, 1.38%, 05/28/2029    EUR 200        183  
Reg. S, 1.50%, 05/23/2028    EUR 500        473  
Reg. S, 1.50%, 05/25/2028    EUR 1,500        1,454  
(United States SOFR + 0.91%), 1.68%, 06/30/2027 (e) (aa)      1,250        1,099  
Reg. S, 1.88%, 12/14/2027    GBP 2,000        2,105  
Reg. S, (UK Gilts 5 Year + 1.65%), 2.00%, 05/24/2031 (aa)    GBP 2,500        2,652  
Reg. S, 2.10%, 04/07/2032    EUR 1,500        1,371  
(United States SOFR + 1.22%), 2.16%, 09/15/2029 (e) (aa)      1,665        1,387  
Reg. S, 2.25%, 01/11/2027    EUR 500        506  
Reg. S, 2.38%, 02/17/2025    EUR 1,000        1,050  
Reg. S, (EUR Swap Rate 1 Year + 1.60%), 2.50%, 03/31/2032 (aa)    EUR 4,300        4,211  
Reg. S, (ICE LIBOR EUR 3 Month + 1.37%), 2.75%, 07/25/2028 (aa)    EUR 1,500        1,524  
Reg. S, 2.88%, 02/24/2029    GBP 2,000        2,119  
(United States SOFR + 1.51%), 3.05%, 01/13/2031 (e) (aa)      1,800        1,542  
Reg. S, 3.38%, 01/23/2026    GBP 600        701  
Reg. S, (ICE LIBOR EUR 3 Month + 0.92%), 3.88%, 01/10/2031 (aa)    EUR 3,400        3,645  
Reg. S, (ICE LIBOR EUR 3 Month + 1.45%), 4.38%, 01/13/2029 (aa)    EUR 5,900        6,437  
Reg. S, 5.75%, 06/13/2032    GBP 4,500        5,580  
BNZ International Funding Ltd., (New Zealand), Reg. S, 0.38%, 09/14/2024    EUR 4,050        4,188  
BPCE SA, (France),      
Reg. S, 0.25%, 01/15/2026    EUR 6,200        6,113  
Reg. S, 0.25%, 01/14/2031    EUR 1,900        1,553  
Reg. S, 0.63%, 09/26/2024    EUR 1,500        1,551  
Reg. S, 0.63%, 04/28/2025    EUR 1,000        1,018  
Reg. S, 0.88%, 01/31/2024    EUR 1,200        1,271  
Reg. S, 1.00%, 12/22/2025    GBP 2,000        2,210  
Reg. S, 1.00%, 10/05/2028    EUR 500        467  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
Reg. S, 3.50%, 01/25/2028    EUR 10,000        10,675  
Reg. S, 4.00%, 11/29/2032    EUR 4,300        4,659  
Reg. S, 4.38%, 07/13/2028    EUR 3,000        3,271  
4.63%, 07/11/2024 (e)      1,200        1,170  
(United States SOFR + 2.10%), 5.98%, 01/18/2027 (e) (aa)      1,700        1,694  
Caixa Geral de Depositos SA, (Portugal), Reg. S, (EUR Swap Rate 1 Year + 2.75%), 5.75%, 10/31/2028 (aa)    EUR 100        112  
CaixaBank SA, (Spain),      
Reg. S, (ICE LIBOR EUR 3 Month + 0.90%), 0.50%, 02/09/2029 (aa)    EUR 1,500        1,340  
Reg. S, (ICE LIBOR EUR 3 Month + 1.00%), 0.75%, 05/26/2028 (aa)    EUR 2,100        1,956  
Reg. S, 1.00%, 09/25/2025    EUR 200        204  
Reg. S, 1.13%, 11/12/2026    EUR 8,000        7,816  
Reg. S, 1.25%, 01/11/2027    EUR 200        200  
Reg. S, (EUR Swap Rate 5 Year + 1.63%), 1.25%, 06/18/2031 (aa)    EUR 500        475  
Reg. S, 1.38%, 06/19/2026    EUR 2,300        2,284  
Reg. S, (EUR Swap Rate 5 Year + 1.68%), 2.25%, 04/17/2030 (aa)    EUR 1,000        1,006  
Reg. S, 3.75%, 09/07/2029    EUR 2,500        2,702  
Reg. S, (EUR Swap Rate 5 Year + 3.55%), 6.25%, 02/23/2033 (aa)    EUR 1,400        1,544  
Caja Rural de Navarra SCC, (Spain), Reg. S, 3.00%, 04/26/2027    EUR 100        107  
Canadian Imperial Bank of Commerce, (Canada),      
Reg. S, 0.04%, 07/09/2027    EUR 100        94  
3.95%, 08/04/2025      805        782  
Cie de Financement Foncier SA, (France),      
Reg. S, 0.01%, 07/15/2026    EUR 200        195  
Reg. S, 0.23%, 09/14/2026    EUR 100        98  
Reg. S, 0.50%, 09/04/2024    EUR 100        104  
Reg. S, 0.60%, 10/25/2041    EUR 100        68  
Reg. S, 0.75%, 01/21/2025    EUR 100        103  
Reg. S, 0.75%, 05/29/2026    EUR 100        100  
Reg. S, 2.38%, 03/15/2030    EUR 100        103  
Reg. S, 3.88%, 04/25/2055    EUR 20        25  
Citigroup, Inc.,      
(United States SOFR + 0.67%), 0.98%, 05/01/2025 (aa)      640        608  
(United States SOFR + 0.77%), 1.12%, 01/28/2027 (aa)      130        116  
Reg. S, (ICE LIBOR EUR 3 Month + 1.66%), 1.25%, 07/06/2026 (aa)    EUR 2,000        2,032  
(United States SOFR + 0.77%), 1.46%, 06/09/2027 (aa)      3,250        2,882  
Reg. S, (ICE LIBOR EUR 3 Month + 1.07%), 1.50%, 07/24/2026 (aa)    EUR 10,000        10,191  
1.75%, 01/28/2025    EUR 700        734  
(United States SOFR + 0.69%), 2.01%, 01/25/2026 (aa)      90        85  
(United States SOFR + 1.18%), 2.52%, 11/03/2032 (aa)      465        378  
(United States SOFR + 1.17%), 2.56%, 05/01/2032 (aa)      1,060        879  
(United States SOFR + 2.11%), 2.57%, 06/03/2031 (aa)      3,600        3,036  
(United States SOFR + 1.38%), 2.90%, 11/03/2042 (aa)      75        54  
(United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa)      155        148  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
(United States SOFR + 1.53%), 3.29%, 03/17/2026 (aa)      1,000        958  
(CME Term SOFR 3 Month + 1.16%), 3.35%, 04/24/2025 (aa)      65        63  
(CME Term SOFR 3 Month + 1.65%), 3.67%, 07/24/2028 (aa)      450        426  
(United States SOFR + 1.94%), 3.79%, 03/17/2033 (aa)      100        90  
(United States SOFR + 1.37%), 4.14%, 05/24/2025 (aa)      1,535        1,507  
(CME Term SOFR 3 Month + 2.10%), 4.28%, 04/24/2048 (aa)      160        139  
4.40%, 06/10/2025      3,500        3,410  
4.65%, 07/30/2045      10        9  
4.65%, 07/23/2048      25        23  
(United States SOFR + 1.89%), 4.66%, 05/24/2028 (aa)      200        197  
(United States SOFR + 4.55%), 5.32%, 03/26/2041 (aa)      100        99  
6.00%, 10/31/2033      50        51  
(United States SOFR + 2.34%), 6.27%, 11/17/2033 (aa)      1,630        1,760  
Clydesdale Bank plc, (United Kingdom), Reg. S, 2.50%, 06/22/2027    EUR 5,000        5,196  
Commerzbank AG, (Germany),      
Reg. S, 0.01%, 03/11/2030    EUR 100        88  
Reg. S, 0.25%, 01/12/2032    EUR 100        85  
Reg. S, 0.50%, 06/09/2026    EUR 100        100  
Reg. S, 1.00%, 03/04/2026    EUR 1,500        1,491  
Reg. S, 2.88%, 04/28/2026    EUR 100        108  
Reg. S, (ICE LIBOR EUR 3 Month + 1.50%), 3.00%, 09/14/2027 (aa)    EUR 1,000        1,011  
Reg. S, (ICE LIBOR EUR 3 Month + 2.20%), 4.63%, 03/21/2028 (aa)    EUR 4,000        4,248  
Reg. S, (UK Gilts 5 Year + 5.25%), 8.63%, 02/28/2033 (aa)    GBP 1,800        2,215  
Commonwealth Bank of Australia, (Australia),      
Reg. S, 0.75%, 02/28/2028    EUR 100        95  
Reg. S, 1.13%, 01/18/2028    EUR 1,000        959  
Reg. S, (EUR Swap Rate 5 Year + 1.45%), 1.94%, 10/03/2029 (aa)    EUR 1,825        1,891  
Reg. S, 3.25%, 10/24/2025    EUR 100        108  
Cooperatieve Rabobank UA, (Netherlands),      
Reg. S, 0.01%, 11/27/2040    EUR 100        61  
Reg. S, 0.63%, 04/26/2026    EUR 100        100  
Reg. S, 0.75%, 03/02/2032    EUR 100        89  
Reg. S, 0.88%, 02/08/2028    EUR 200        195  
Reg. S, (ICE LIBOR EUR 3 Month + 1.18%), 0.88%, 05/05/2028 (aa)    EUR 700        669  
Reg. S, 1.25%, 03/23/2026    EUR 1,475        1,502  
Reg. S, 1.38%, 02/03/2027    EUR 25        25  
Reg. S, 2.38%, 05/22/2023    EUR 30        33  
Reg. S, (EUR Swap Rate 5 Year + 1.95%), 3.88%, 11/30/2032 (aa)    EUR 2,100        2,173  
4.38%, 08/04/2025      890        860  
Reg. S, (ICE LIBOR EUR 3 Month + 1.55%), 4.63%, 01/27/2028 (aa)    EUR 15,700        17,281  
Reg. S, 5.25%, 05/23/2041    GBP 50        66  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
Credit Agricole Italia SpA, (Italy),      
Reg. S, 0.13%, 03/15/2033    EUR 100        76  
Reg. S, 0.25%, 09/30/2024    EUR 100        103  
Reg. S, 0.38%, 01/20/2032    EUR 100        82  
Credit Agricole SA, (France),      
Reg. S, 0.38%, 10/21/2025    EUR 7,000        7,004  
Reg. S, 1.00%, 09/18/2025    EUR 15,000        15,314  
Reg. S, (ICE LIBOR EUR 3 Month + 1.25%), 1.00%, 04/22/2026 (aa)    EUR 3,000        3,054  
Reg. S, 1.75%, 03/05/2029    EUR 1,100        1,046  
Reg. S, (UK Gilts 5 Year + 1.50%), 1.87%, 12/09/2031 (aa)    GBP 600        617  
Reg. S, 1.88%, 12/20/2026    EUR 1,000        1,008  
Reg. S, (ICE LIBOR EUR 3 Month + 0.77%), 1.88%, 04/22/2027 (aa)    EUR 1,000        1,010  
Reg. S, 2.38%, 05/20/2024    EUR 600        641  
Reg. S, (ICE LIBOR EUR 3 Month + 1.35%), 4.00%, 10/12/2026 (aa)    EUR 2,000        2,164  
Reg. S, 4.00%, 01/18/2033    EUR 10,000        11,046  
Credit Mutuel Arkea SA, (France),      
Reg. S, 3.25%, 06/01/2026    EUR 500        523  
Reg. S, 3.38%, 09/19/2027    EUR 3,000        3,158  
Reg. S, 4.25%, 12/01/2032    EUR 3,600        3,888  
Credit Suisse AG, (Switzerland),      
Reg. S, 0.25%, 01/05/2026    EUR 1,000        960  
7.95%, 01/09/2025      1,700        1,728  
Credit Suisse Group AG, (Switzerland),      
Reg. S, (EUR Swap Rate 1 Year + 0.75%), 1.25%, 07/17/2025 (aa)    EUR 1,400        1,415  
Reg. S, (EUR Swap Rate 1 Year + 1.60%), 2.13%, 10/13/2026 (aa)    EUR 900        886  
Reg. S, (EUR Swap Rate 1 Year + 1.95%), 2.88%, 04/02/2032 (aa)    EUR 1,000        898  
(United States SOFR + 1.73%), 3.09%, 05/14/2032 (e) (aa)      755        607  
Credit Suisse Schweiz AG, (Switzerland),      
Reg. S, 0.00%, 10/31/2030    CHF 25        22  
Reg. S, 3.39%, 12/05/2025    EUR 100        106  
Credito Emiliano SpA, (Italy),      
Reg. S, 0.01%, 07/07/2028    EUR 100        91  
Reg. S, (ICE LIBOR EUR 3 Month + 1.05%), 1.13%, 01/19/2028 (aa)    EUR 2,000        1,926  
Crelan SA, (Belgium), Reg. S, 5.38%, 10/31/2025    EUR 1,700        1,833  
Danske Bank A/S, (Denmark),      
IF, Reg. S, (1.15% - ICE EURIBOR Swap Rate 1 Year), 0.50%, 08/27/2025 (aa)    EUR 425        436  
Reg. S, 0.63%, 05/26/2025    EUR 3,000        3,038  
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.88%), 0.75%, 06/09/2029 (aa)    EUR 3,500        3,147  
Reg. S, (EUR Swap Rate 5 Year + 1.40%), 1.00%, 05/15/2031 (aa)    EUR 1,000        955  
Reg. S, (EUR Swap Rate 1 Year + 0.85%), 1.38%, 02/17/2027 (aa)    EUR 1,000        993  
Reg. S, (EUR Swap Rate 5 Year + 1.70%), 1.38%, 02/12/2030 (aa)    EUR 3,000        3,010  
Reg. S, (UK Gilts 1 Year + 1.65%), 2.25%, 01/14/2028 (aa)    GBP 6,800        7,210  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
(CMT Index 1 Year + 2.10%), 6.47%, 01/09/2026 (e) (aa)      2,255        2,256  
Danske Hypotek AB, (Sweden), Series 2512, Reg. S, 1.00%, 12/17/2025    SEK 2,000        180  
Danske Mortgage Bank plc, (Finland), Reg. S, 0.01%, 11/24/2026    EUR 100        97  
DBS Bank Ltd., (Singapore), Reg. S, 2.81%, 10/13/2025    EUR 100        106  
de Volksbank NV, (Netherlands), Reg. S, 1.00%, 03/08/2028    EUR 100        98  
Deutsche Apotheker-und Aerztebank eG, (Germany), Reg. S, 0.01%, 02/06/2029    EUR 100        91  
Deutsche Bank AG, (Germany),      
Reg. S, 0.13%, 01/21/2030    EUR 75        67  
Reg. S, (ICE LIBOR EUR 3 Month + 1.60%), 1.00%, 11/19/2025 (aa)    EUR 800        801  
Reg. S, 1.13%, 08/30/2023    EUR 775        832  
Reg. S, 1.13%, 03/17/2025    EUR 800        804  
Reg. S, (ICE LIBOR EUR 3 Month + 1.67%), 1.38%, 06/10/2026 (aa)    EUR 1,000        1,017  
Reg. S, (ICE LIBOR EUR 3 Month + 1.38%), 1.88%, 02/23/2028 (aa)    EUR 2,900        2,721  
(United States SOFR + 1.87%), 2.13%, 11/24/2026 (aa)      2,950        2,540  
Reg. S, 2.25%, 09/20/2027    EUR 100        104  
(United States SOFR + 1.22%), 2.31%, 11/16/2027 (aa)      150        127  
(United States SOFR + 1.32%), 2.55%, 01/07/2028 (aa)      750        636  
Reg. S, 2.63%, 12/16/2024    GBP 1,500        1,707  
(United States SOFR + 1.72%), 3.04%, 05/28/2032 (aa)      150        115  
3.70%, 05/30/2024      100        95  
(United States SOFR + 2.26%), 3.74%, 01/07/2033 (aa)      200        144  
Reg. S, 3.88%, 02/12/2024    GBP 1,000        1,196  
Reg. S, (SONIA Interest Rate Benchmark + 1.94%), 4.00%, 06/24/2026 (aa)    GBP 2,000        2,310  
Reg. S, 4.00%, 11/29/2027    EUR 4,100        4,363  
Reg. S, (ICE LIBOR EUR 3 Month + 2.50%), 5.38%, 01/11/2029 (aa)    EUR 1,300        1,374  
(United States SOFR + 3.18%), 6.72%, 01/18/2029 (aa)      1,575        1,563  
(United States SOFR + 3.65%), 7.08%, 02/10/2034 (aa)      2,410        2,234  
Deutsche Kreditbank AG, (Germany), Reg. S, 1.63%, 05/05/2032    EUR 50        48  
Deutsche Pfandbriefbank AG, (Germany),      
Reg. S, 0.63%, 08/30/2027    EUR 100        97  
Reg. S, 1.00%, 04/13/2026    EUR 100        102  
Dexia Credit Local SA, (France),      
Reg. S, 0.00%, 05/29/2024    EUR 300        313  
Reg. S, 0.00%, 01/21/2028    EUR 300        280  
Reg. S, 0.01%, 01/22/2027    EUR 200        193  
Reg. S, 0.63%, 01/17/2026    EUR 600        605  
Reg. S, 1.25%, 11/26/2024    EUR 700        733  
Reg. S, 2.13%, 02/12/2025    GBP 400        471  
DNB Bank ASA, (Norway), Reg. S, (EUR Swap Rate 5 Year + 2.00%), 4.63%, 02/28/2033 (aa)    EUR 5,425        5,829  
DNB Boligkreditt A/S, (Norway),      
Reg. S, 0.01%, 05/12/2028    EUR 5,000        4,603  
Reg. S, 0.01%, 01/21/2031    EUR 100        84  
Reg. S, 0.25%, 09/07/2026    EUR 100        98  
Reg. S, 0.38%, 11/20/2024    EUR 100        103  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
DZ HYP AG, (Germany),      
Reg. S, 0.01%, 06/23/2028    EUR 100        92  
Reg. S, 0.01%, 10/27/2028    EUR 25        23  
Reg. S, 0.38%, 03/31/2026    EUR 100        100  
Reg. S, 0.63%, 10/27/2023    EUR 200        214  
Reg. S, 0.88%, 04/17/2034    EUR 100        86  
Reg. S, 3.00%, 11/30/2032    EUR 100        107  
Eika Boligkreditt A/S, (Norway), Reg. S, 0.38%, 02/26/2025    EUR 100        102  
Erste Group Bank AG, (Austria),      
Reg. S, (ICE LIBOR EUR 3 Month + 0.52%), 0.10%, 11/16/2028 (aa)    EUR 1,000        920  
Reg. S, 0.13%, 05/17/2028    EUR 1,000        884  
Reg. S, 0.25%, 06/26/2024    EUR 100        104  
Reg. S, 0.50%, 01/12/2037    EUR 100        74  
Reg. S, 0.75%, 02/05/2025    EUR 100        103  
Reg. S, 0.88%, 05/22/2026    EUR 1,000        987  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.10%), 0.88%, 11/15/2032 (aa)    EUR 4,500        3,950  
Reg. S, 1.50%, 04/07/2026    EUR 1,000        1,019  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.10%), 1.63%, 09/08/2031 (aa)    EUR 1,000        953  
Reg. S, (ICE LIBOR EUR 3 Month + 1.25%), 4.00%, 01/16/2031 (aa)    EUR 1,500        1,598  
Federation des Caisses Desjardins du Quebec, (Canada), Reg. S, 0.01%, 04/08/2026    EUR 100        98  
Goldman Sachs Group, Inc. (The),      
Reg. S, 0.13%, 08/19/2024    EUR 1,000        1,034  
Reg. S, 0.25%, 01/26/2028    EUR 1,000        904  
(United States SOFR + 0.61%), 0.86%, 02/12/2026 (aa)      28        26  
Reg. S, 0.88%, 05/09/2029    EUR 3,900        3,473  
Reg. S, 1.00%, 03/18/2033    EUR 1,000        792  
(United States SOFR + 0.79%), 1.09%, 12/09/2026 (aa)      585        524  
Reg. S, 1.38%, 05/15/2024    EUR 3,150        3,329  
(United States SOFR + 0.80%), 1.43%, 03/09/2027 (aa)      1,310        1,170  
Reg. S, 1.50%, 12/07/2027    GBP 3,000        3,133  
(United States SOFR + 0.73%), 1.76%, 01/24/2025 (aa)      120        116  
(United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa)      1,815        1,618  
2.60%, 02/07/2030      3,395        2,911  
(United States SOFR + 1.28%), 2.62%, 04/22/2032 (aa)      4,115        3,429  
(United States SOFR + 1.26%), 2.65%, 10/21/2032 (aa)      600        495  
(United States SOFR + 1.47%), 2.91%, 07/21/2042 (aa)      865        618  
(United States SOFR + 1.41%), 3.10%, 02/24/2033 (aa)      280        240  
Reg. S, 3.13%, 07/25/2029    GBP 1,500        1,610  
Reg. S, 3.38%, 03/27/2025    EUR 4,000        4,306  
3.50%, 04/01/2025      97        94  
(United States SOFR + 1.85%), 3.62%, 03/15/2028 (aa)      480        455  
Reg. S, (UK Gilts 1 Year + 1.95%), 3.63%, 10/29/2029 (aa)    GBP 2,000        2,222  
Reg. S, 4.00%, 09/21/2029    EUR 1,000        1,068  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (aa)      60        52  
Reg. S, 4.25%, 01/29/2026    GBP 2,000        2,400  
(United States SOFR + 1.51%), 4.39%, 06/15/2027 (aa)      1,360        1,327  
(United States SOFR + 1.73%), 4.48%, 08/23/2028 (aa)      495        484  
5.15%, 05/22/2045      21        20  
6.25%, 02/01/2041      50        55  
6.75%, 10/01/2037      170        184  
6.88%, 01/18/2038    GBP 825        1,063  
HSBC Bank Canada, (Canada), Reg. S, 1.50%, 09/15/2027    EUR 100        100  
HSBC Holdings plc, (United Kingdom),      
Reg. S, (ICE LIBOR EUR 3 Month + 1.03%), 0.77%, 11/13/2031 (aa)    EUR 1,000        841  
(United States SOFR + 1.54%), 1.65%, 04/18/2026 (aa)      1,000        913  
(SONIA Interest Rate Benchmark + 1.31%), 1.75%, 07/24/2027 (aa)    GBP 800        864  
(United States SOFR + 1.73%), 2.01%, 09/22/2028 (aa)      800        685  
Reg. S, 2.50%, 03/15/2027    EUR 2,000        2,056  
(United States SOFR + 1.43%), 3.00%, 03/10/2026 (aa)      600        565  
Reg. S, 3.00%, 06/30/2025    EUR 5,000        5,287  
(GBP Swap Rate 1 Year + 1.65%), 3.00%, 07/22/2028 (aa)    GBP 1,000        1,103  
(GBP Swap Rate 1 Year + 1.77%), 3.00%, 05/29/2030 (aa)    GBP 225        235  
Reg. S, (ICE LIBOR EUR 3 Month + 1.45%), 3.02%, 06/15/2027 (aa)    EUR 2,175        2,264  
Reg. S, 3.13%, 06/07/2028    EUR 11,000        11,095  
(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 05/22/2030 (aa)      900        811  
(United States SOFR + 1.51%), 4.18%, 12/09/2025 (aa)      1,400        1,359  
(United States SOFR + 2.11%), 4.76%, 06/09/2028 (aa)      480        465  
(United States SOFR + 2.53%), 4.76%, 03/29/2033 (aa)      430        388  
(United States SOFR + 2.87%), 5.40%, 08/11/2033 (aa)      700        686  
(United States SOFR + 2.65%), 6.33%, 03/09/2044 (aa)      1,680        1,762  
6.50%, 09/15/2037      400        392  
Reg. S, 7.00%, 04/07/2038    GBP 300        373  
(United States SOFR + 3.35%), 7.39%, 11/03/2028 (aa)      3,200        3,403  
Huntington National Bank (The), 5.65%, 01/10/2030      330        316  
HYPO NOE Landesbank fuer Niederoesterreich und Wien AG, (Austria), Reg. S, 0.13%, 06/30/2026    EUR 200        192  
Hypo Vorarlberg Bank AG, (Austria),      
Reg. S, 0.75%, 02/11/2025    EUR 100        103  
Reg. S, 4.13%, 02/16/2026    EUR 100        108  
Industrial & Commercial Bank of China Ltd., (China), Reg. S, 0.13%, 10/28/2024    EUR 2,500        2,552  
ING Bank NV, (Netherlands),      
Reg. S, 0.13%, 12/08/2031    EUR 100        84  
Reg. S, 0.75%, 02/18/2029    EUR 100        95  
Reg. S, 2.50%, 02/21/2030    EUR 100        104  
ING Belgium SA, (Belgium), Reg. S, 0.01%, 02/20/2030    EUR 100        87  
ING Groep NV, (Netherlands),      
Reg. S, (ICE LIBOR EUR 3 Month + 0.60%), 0.10%, 09/03/2025 (aa)    EUR 2,500        2,557  
Reg. S, (ICE LIBOR EUR 3 Month + 0.43%), 0.13%, 11/29/2025 (aa)    EUR 1,500        1,519  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
Reg. S, (ICE LIBOR EUR 3 Month + 0.70%), 0.38%, 09/29/2028 (aa)    EUR 1,000        906  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.15%), 0.88%, 06/09/2032 (aa)    EUR 1,000        918  
Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.00%, 11/13/2030 (aa)    EUR 1,000        967  
Reg. S, (EUR Swap Rate 5 Year + 1.15%), 1.00%, 11/16/2032 (aa)    EUR 1,500        1,341  
Reg. S, 1.13%, 02/14/2025    EUR 3,200        3,307  
Reg. S, (SONIA Interest Rate Benchmark + 0.91%), 1.13%, 12/07/2028 (aa)    GBP 1,900        1,918  
Reg. S, (ICE LIBOR EUR 3 Month + 0.85%), 1.25%, 02/16/2027 (aa)    EUR 1,200        1,192  
Reg. S, 1.38%, 01/11/2028    EUR 1,000        962  
Reg. S, (EUR Swap Rate 5 Year + 1.25%), 1.63%, 09/26/2029 (aa)    EUR 1,000        1,022  
(United States SOFR + 1.01%), 1.73%, 04/01/2027 (aa)      1,465        1,300  
Reg. S, 2.00%, 09/20/2028    EUR 800        781  
Reg. S, (EUR Swap Rate 5 Year + 1.35%), 2.00%, 03/22/2030 (aa)    EUR 3,000        3,037  
Reg. S, (ICE LIBOR EUR 3 Month + 1.10%), 2.13%, 05/23/2026 (aa)    EUR 3,000        3,120  
Reg. S, (EUR Swap Rate 5 Year + 2.40%), 2.13%, 05/26/2031 (aa)    EUR 1,300        1,289  
Reg. S, 3.00%, 02/18/2026    GBP 2,000        2,311  
Reg. S, (EUR Swap Rate 5 Year + 2.85%), 3.00%, 04/11/2028 (aa)    EUR 300        325  
(United States SOFR + 1.64%), 3.87%, 03/28/2026 (aa)      200        193  
(United States SOFR + 1.83%), 4.02%, 03/28/2028 (aa)      1,560        1,473  
4.10%, 10/02/2023      200        198  
(United States SOFR + 2.07%), 4.25%, 03/28/2033 (aa)      885        808  
Reg. S, (ICE LIBOR EUR 3 Month + 1.85%), 4.88%, 11/14/2027 (aa)    EUR 5,300        5,839  
ING-DiBa AG, (Germany), Reg. S, 0.01%, 10/07/2028    EUR 200        183  
Intesa Sanpaolo SpA, (Italy),      
Reg. S, 0.38%, 09/14/2026    EUR 100        98  
Reg. S, 0.63%, 02/24/2026    EUR 1,000        978  
Reg. S, 0.75%, 12/04/2024    EUR 500        515  
Reg. S, 0.75%, 03/16/2028    EUR 5,500        5,070  
Reg. S, 1.00%, 07/04/2024    EUR 1,500        1,569  
Reg. S, 1.35%, 02/24/2031    EUR 1,500        1,218  
Reg. S, 1.50%, 04/10/2024    EUR 3,100        3,283  
Reg. S, 1.75%, 03/20/2028    EUR 4,000        3,874  
Reg. S, 2.13%, 05/26/2025    EUR 4,375        4,564  
Reg. S, 2.50%, 01/15/2030    GBP 3,000        2,976  
Reg. S, 3.38%, 01/24/2025    EUR 100        108  
Reg. S, 4.75%, 09/06/2027    EUR 1,000        1,083  
Reg. S, 5.25%, 01/13/2030    EUR 3,000        3,369  
7.00%, 11/21/2025 (e)      1,060        1,078  
(CMT Index 1 Year + 4.40%), 8.25%, 11/21/2033 (e) (aa)      1,305        1,382  
Series XR, 3.25%, 09/23/2024 (e)      2,900        2,784  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
Investec plc, (United Kingdom),      
Reg. S, (UK Gilts 1 Year + 1.50%), 1.88%, 07/16/2028 (aa)    GBP 1,500        1,503  
Reg. S, (UK Gilts 5 Year + 2.05%), 2.63%, 01/04/2032 (aa)    GBP 1,000        993  
Reg. S, (UK Gilts 5 Year + 5.91%), 9.13%, 03/06/2033 (aa)    GBP 3,000        3,692  
Investitionsbank Berlin, (Germany),      
Reg. S, 2.75%, 10/04/2027    EUR 300        322  
Series 208, 0.05%, 03/02/2035    EUR 100        75  
Jyske Bank A/S, (Denmark),      
Reg. S, (EUR Swap Rate 1 Year + 0.50%), 0.05%, 09/02/2026 (aa)    EUR 3,350        3,278  
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.42%), 0.25%, 02/17/2028 (aa)    EUR 2,000        1,849  
Reg. S, (EUR Swap Rate 1 Year + 2.10%), 4.63%, 04/11/2026 (aa)    EUR 10,000        10,842  
KBC Bank NV, (Belgium), Reg. S, 3.13%, 02/22/2027    EUR 100        108  
KBC Group NV, (Belgium),      
Reg. S, 0.63%, 04/10/2025    EUR 8,000        8,191  
Reg. S, (UK Gilts 1 Year + 0.92%), 1.25%, 09/21/2027 (aa)    GBP 5,000        5,312  
Kreditanstalt fuer Wiederaufbau, (Germany),      
Reg. S, 0.00%, 02/18/2025    EUR 120        123  
Reg. S, 0.00%, 06/15/2026    EUR 500        494  
Reg. S, 0.00%, 03/31/2027    EUR 500        484  
Reg. S, 0.00%, 04/30/2027    EUR 2,230        2,152  
Reg. S, 0.00%, 12/15/2027    EUR 1,140        1,082  
Reg. S, 0.00%, 09/15/2028    EUR 1,325        1,232  
Reg. S, 0.00%, 11/09/2028    EUR 1,000        927  
Reg. S, 0.00%, 06/15/2029    EUR 254        231  
Reg. S, 0.00%, 09/17/2030    EUR 3,108        2,729  
Reg. S, 0.00%, 01/10/2031    EUR 670        583  
Reg. S, 0.01%, 05/05/2027    EUR 520        502  
0.05%, 02/28/2024    EUR 500        527  
Reg. S, 0.05%, 09/29/2034    EUR 780        606  
Reg. S, 0.13%, 01/09/2032    EUR 830        711  
0.25%, 09/15/2025    EUR 1,100        1,118  
0.38%, 07/18/2025      1,400        1,288  
Reg. S, 0.38%, 04/23/2030    EUR 360        329  
Reg. S, 0.38%, 05/20/2036    EUR 548        423  
Reg. S, 0.50%, 09/28/2026    EUR 2,520        2,520  
0.50%, 09/15/2027    EUR 500        489  
0.63%, 01/07/2028    EUR 720        704  
Reg. S, 0.88%, 09/15/2026    GBP 5,000        5,533  
Reg. S, 0.88%, 07/04/2039    EUR 400        310  
Reg. S, 1.13%, 05/09/2033    EUR 550        504  
Reg. S, 1.38%, 12/15/2025    GBP 425        486  
Reg. S, 1.38%, 07/31/2035    EUR 202        182  
2.00%, 05/02/2025      195        187  
Reg. S, 2.00%, 11/15/2029    EUR 500        515  
2.50%, 11/20/2024      750        728  
Reg. S, 2.50%, 11/19/2025    EUR 3,450        3,707  
Reg. S, 2.75%, 02/14/2033    EUR 300        322  
Reg. S, 4.13%, 02/18/2026    GBP 10,000        12,322  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
4.70%, 06/02/2037    CAD 100        79  
Reg. S, 4.88%, 03/15/2037    GBP 825        1,101  
5.75%, 06/07/2032    GBP 1,300        1,840  
6.00%, 12/07/2028    GBP 2,500        3,399  
Series EXC, 5.50%, 06/18/2025    GBP 9,900        12,536  
Kutxabank SA, (Spain), Reg. S, 1.25%, 09/22/2025    EUR 100        103  
La Banque Postale SA, (France),      
Reg. S, 0.25%, 07/12/2026    EUR 200        194  
Reg. S, 0.75%, 06/23/2031    EUR 100        82  
Reg. S, (ICE LIBOR EUR 3 Month + 0.78%), 1.00%, 02/09/2028 (aa)    EUR 200        190  
Reg. S, 1.38%, 04/24/2029    EUR 200        184  
Reg. S, (EUR Swap Rate 5 Year + 2.85%), 5.50%, 03/05/2034 (aa)    EUR 100        107  
Landesbank Baden-Wuerttemberg, (Germany),      
Reg. S, 0.25%, 07/21/2028    EUR 200        177  
Reg. S, 0.38%, 02/18/2027    EUR 200        186  
Reg. S, 0.38%, 05/07/2029    EUR 100        83  
Reg. S, 0.88%, 09/15/2025    EUR 100        102  
Series 809, Reg. S, 0.38%, 07/29/2026    EUR 100        94  
Series 829, Reg. S, 1.75%, 02/28/2028    EUR 100        102  
Landesbank Hessen-Thueringen Girozentrale, (Germany),      
Reg. S, 0.38%, 06/04/2029    EUR 100        85  
Reg. S, 0.50%, 01/19/2037    EUR 100        76  
Reg. S, 0.63%, 01/12/2027    EUR 100        99  
Reg. S, 4.00%, 02/04/2030    EUR 100        107  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.75%), 4.50%, 09/15/2032 (aa)    EUR 100        102  
Landeskreditbank Baden-Wuerttemberg Foerderbank, (Germany),      
Reg. S, 0.38%, 02/25/2027    EUR 400        391  
Reg. S, 0.63%, 12/15/2025    GBP 2,000        2,234  
Landwirtschaftliche Rentenbank, (Germany),      
Reg. S, 0.00%, 09/28/2026    EUR 535        523  
Reg. S, 0.00%, 07/19/2028    EUR 1,700        1,581  
Reg. S, 0.00%, 12/13/2028    EUR 720        662  
Reg. S, 0.00%, 11/27/2029    EUR 520        465  
Reg. S, 0.05%, 12/18/2029    EUR 180        161  
Reg. S, 0.10%, 03/08/2027    EUR 200        194  
Reg. S, 0.25%, 08/29/2025    EUR 300        305  
Reg. S, 0.38%, 02/14/2028    EUR 1,140        1,093  
Reg. S, 0.50%, 02/28/2029    EUR 400        377  
Reg. S, 0.63%, 02/20/2030    EUR 140        130  
Reg. S, 0.63%, 10/31/2036    EUR 75        59  
Reg. S, 0.88%, 12/15/2026    GBP 2,000        2,190  
Reg. S, 2.75%, 02/16/2032    EUR 200        214  
Liberbank SA, (Spain), Reg. S, 0.25%, 09/25/2029    EUR 100        88  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
Lloyds Bank plc, (United Kingdom),      
Reg. S, 0.13%, 06/18/2026    EUR 100        98  
Reg. S, 6.00%, 02/08/2029    GBP 100        133  
Reg. S, 6.50%, 09/17/2040    GBP 300        435  
Lloyds Banking Group plc, (United Kingdom),      
(UK Gilts 5 Year + 1.60%), 1.99%, 12/15/2031 (aa)    GBP 1,900        1,995  
Reg. S, (UK Gilts 5 Year + 2.40%), 2.71%, 12/03/2035 (aa)    GBP 600        571  
Reg. S, (ICE LIBOR EUR 3 Month + 1.72%), 4.50%, 03/18/2030 (aa)    EUR 4,000        4,236  
(CMT Index 1 Year + 2.30%), 4.98%, 08/11/2033 (aa)      800        765  
Macquarie Group Ltd., (Australia),      
Reg. S, 2.13%, 10/01/2031    GBP 1,500        1,414  
Reg. S, 4.08%, 05/31/2029    GBP 2,000        2,233  
Mediobanca Banca di Credito Finanziario SpA, (Italy),      
Reg. S, 0.75%, 07/15/2027    EUR 425        400  
Reg. S, 1.13%, 07/15/2025    EUR 975        994  
Reg. S, 2.38%, 06/30/2027    EUR 100        103  
Series 4, Reg. S, 1.38%, 11/10/2025    EUR 100        103  
Mitsubishi UFJ Financial Group, Inc., (Japan),      
(CMT Index 1 Year + 0.55%), 0.95%, 07/19/2025 (aa)      400        377  
(CMT Index 1 Year + 0.75%), 1.54%, 07/20/2027 (aa)      2,000        1,768  
Reg. S, (ICE LIBOR EUR 3 Month + 0.94%), 2.26%, 06/14/2025 (aa)    EUR 2,275        2,407  
(CMT Index 1 Year + 0.83%), 2.34%, 01/19/2028 (aa)      640        574  
(CMT Index 1 Year + 1.55%), 5.06%, 09/12/2025 (aa)      1,000        993  
(CMT Index 1 Year + 1.90%), 5.35%, 09/13/2028 (aa)      3,450        3,458  
Mizuho Financial Group, Inc., (Japan),      
Reg. S, 0.12%, 09/06/2024    EUR 1,000        1,028  
Reg. S, 0.21%, 10/07/2025    EUR 2,000        1,985  
Reg. S, (ICE LIBOR EUR 3 Month + 0.72%), 0.47%, 09/06/2029 (aa)    EUR 1,000        888  
Reg. S, 2.10%, 04/08/2032    EUR 1,000        908  
(ICE LIBOR USD 3 Month + 0.83%), 2.23%, 05/25/2026 (aa)      3,000        2,796  
(CMT Index 1 Year + 0.90%), 2.65%, 05/22/2026 (aa)      500        471  
(United States SOFR + 1.24%), 2.84%, 07/16/2025 (aa)      400        385  
Reg. S, 4.42%, 05/20/2033    EUR 10,000        10,975  
(CMT Index 1 Year + 2.05%), 5.41%, 09/13/2028 (aa)      2,900        2,910  
Reg. S, 5.63%, 06/13/2028    GBP 3,150        3,906  
Morgan Stanley,      
(ICE LIBOR EUR 3 Month + 0.70%), 0.41%, 10/29/2027 (aa)    EUR 4,350        4,118  
(ICE LIBOR EUR 3 Month + 0.75%), 0.64%, 07/26/2024 (aa)    EUR 1,675        1,797  
(United States SOFR + 0.56%), 1.16%, 10/21/2025 (aa)      1,240        1,157  
(United States SOFR + 0.86%), 1.51%, 07/20/2027 (aa)      225        200  
(United States SOFR + 0.88%), 1.59%, 05/04/2027 (aa)      185        166  
1.88%, 04/27/2027    EUR 2,500        2,518  
(United States SOFR + 1.02%), 1.93%, 04/28/2032 (aa)      1,350        1,061  
(ICE LIBOR EUR 3 Month + 0.90%), 2.10%, 05/08/2026 (aa)    EUR 900        936  
2.63%, 03/09/2027    GBP 1,425        1,594  
(United States SOFR + 1.14%), 2.70%, 01/22/2031 (aa)      1,000        861  
(United States SOFR + 1.43%), 2.80%, 01/25/2052 (aa)      45        29  
(ICE LIBOR EUR 3 Month + 1.25%), 2.95%, 05/07/2032 (aa)    EUR 5,200        5,123  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
(United States SOFR + 1.16%), 3.62%, 04/17/2025 (aa)      235        231  
4.30%, 01/27/2045      170        150  
4.38%, 01/22/2047      23        20  
(ICE LIBOR USD 3 Month + 1.63%), 4.43%, 01/23/2030 (aa)      75        72  
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 04/22/2039 (aa)      10        9  
(ICE LIBOR EUR 3 Month + 1.30%), 4.66%, 03/02/2029 (aa)    EUR 2,400        2,648  
(United States SOFR + 1.67%), 4.68%, 07/17/2026 (aa)      965        952  
(ICE LIBOR EUR 3 Month + 1.76%), 4.81%, 10/25/2028 (aa)    EUR 5,000        5,540  
5.00%, 11/24/2025      140        139  
(United States SOFR + 4.84%), 5.60%, 03/24/2051 (aa)      40        42  
(SONIA Interest Rate Benchmark + 2.25%), 5.79%, 11/18/2033 (aa)    GBP 4,300        5,392  
(CMT Index 5 Year + 2.43%), 5.95%, 01/19/2038 (aa)      135        134  
(United States SOFR + 2.24%), 6.30%, 10/18/2028 (aa)      1,020        1,072  
(United States SOFR + 2.56%), 6.34%, 10/18/2033 (aa)      750        819  
Muenchener Hypothekenbank eG, (Germany),      
Reg. S, 0.01%, 11/02/2040    EUR 50        31  
Reg. S, 0.13%, 02/01/2029    EUR 50        46  
Reg. S, 1.00%, 04/18/2039    EUR 50        39  
Reg. S, 1.50%, 06/25/2024    EUR 100        106  
Reg. S, 2.50%, 07/04/2028    EUR 100        105  
National Australia Bank Ltd., (Australia),      
Reg. S, 0.25%, 05/20/2024    EUR 1,000        1,043  
Reg. S, 0.63%, 09/18/2024    EUR 1,000        1,038  
Reg. S, 0.75%, 01/30/2026    EUR 100        101  
Reg. S, 1.25%, 05/18/2026    EUR 1,000        1,019  
Reg. S, (UK Gilts 5 Year + 1.40%), 1.70%, 09/15/2031 (aa)    GBP 1,425        1,466  
Reg. S, 2.13%, 05/24/2028    EUR 500        507  
Reg. S, 2.35%, 08/30/2029    EUR 100        102  
National Bank of Canada, (Canada),      
Reg. S, 0.75%, 03/13/2025    EUR 100        103  
5.25%, 01/17/2025      250        249  
Nationale-Nederlanden Bank NV (The), (Netherlands), Reg. S, 0.01%, 07/08/2030    EUR 100        86  
NatWest Group plc, (United Kingdom),      
Reg. S, (ICE LIBOR EUR 3 Month + 0.89%), 0.67%, 09/14/2029 (aa)    EUR 2,200        1,935  
Reg. S, (ICE LIBOR EUR 3 Month + 1.08%), 0.75%, 11/15/2025 (aa)    EUR 11,000        11,266  
Reg. S, (EUR Swap Rate 5 Year + 1.27%), 1.04%, 09/14/2032 (aa)    EUR 2,375        2,107  
Reg. S, (ICE LIBOR EUR 3 Month + 1.08%), 1.75%, 03/02/2026 (aa)    EUR 1,200        1,238  
Reg. S, (ICE LIBOR EUR 3 Month + 1.74%), 2.00%, 03/04/2025 (aa)    EUR 100        106  
Reg. S, (UK Gilts 5 Year + 1.75%), 2.11%, 11/28/2031 (aa)    GBP 600        623  
(CMT Index 1 Year + 2.15%), 2.36%, 05/22/2024 (aa)      2,000        1,990  
Reg. S, (GBP Swap Rate 1 Year + 1.49%), 2.88%, 09/19/2026 (aa)    GBP 2,000        2,296  
Reg. S, (UK Gilts 1 Year + 2.10%), 3.62%, 03/29/2029 (aa)    GBP 4,000        4,445  
Reg. S, (ICE LIBOR EUR 3 Month + 1.91%), 4.07%, 09/06/2028 (aa)    EUR 1,950        2,076  
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 05/18/2029 (aa)      1,670        1,602  
(CMT Index 1 Year + 2.27%), 5.52%, 09/30/2028 (aa)      700        693  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
NatWest Markets plc, (United Kingdom),      
Reg. S, 0.13%, 06/18/2026    EUR 1,000        958  
Reg. S, 2.00%, 08/27/2025    EUR 1,000        1,037  
NIBC Bank NV, (Netherlands), Reg. S, 0.63%, 06/01/2026    EUR 100        100  
NORD / LB Luxembourg SA Covered Bond Bank, (Luxembourg), Reg. S, 0.01%, 06/10/2027    EUR 100        94  
Norddeutsche Landesbank-Girozentrale, (Germany),      
Reg. S, 0.01%, 09/23/2026    EUR 100        97  
Reg. S, 0.25%, 10/28/2026    EUR 20        19  
Reg. S, 0.50%, 06/29/2026    EUR 50        50  
Reg. S, 3.13%, 02/20/2026    EUR 50        54  
Nordea Bank Abp, (Finland),      
Reg. S, (EUR Swap Rate 5 Year + 0.92%), 0.63%, 08/18/2031 (aa)    EUR 5,000        4,748  
Reg. S, 0.88%, 06/26/2023    EUR 425        459  
Reg. S, 1.13%, 02/16/2027    EUR 2,000        1,959  
Nordea Hypotek AB, (Sweden),      
Series 5534, Reg. S, 1.00%, 09/18/2024    SEK 500        46  
Series 5535, Reg. S, 1.00%, 09/17/2025    SEK 2,200        199  
Series 5536, Reg. S, 0.50%, 09/16/2026    SEK 1,200        105  
Series 5537, Reg. S, 1.00%, 06/16/2027    SEK 2,000        174  
Nordea Kiinnitysluottopankki OYJ, (Finland),      
Reg. S, 0.13%, 06/18/2027    EUR 100        95  
Reg. S, 2.50%, 09/14/2032    EUR 100        103  
NRW Bank, (Germany),      
Reg. S, 0.00%, 07/28/2031    EUR 138        117  
Reg. S, 0.10%, 07/09/2035    EUR 300        225  
Reg. S, 0.25%, 03/10/2025    EUR 120        123  
Reg. S, 0.38%, 12/16/2024    GBP 2,000        2,298  
Reg. S, 0.38%, 05/16/2029    EUR 550        509  
Reg. S, 0.50%, 05/26/2025    EUR 320        327  
Reg. S, 0.50%, 06/17/2041    EUR 100        69  
Reg. S, 0.75%, 06/30/2028    EUR 260        251  
1.20%, 03/28/2039    EUR 100        81  
1.25%, 05/13/2049    EUR 87        64  
2.75%, 02/21/2029    EUR 500        535  
Nykredit Realkredit A/S, (Denmark),      
Reg. S, (EUR Swap Rate 5 Year + 1.18%), 0.88%, 07/28/2031 (aa)    EUR 5,000        4,685  
Series 13H, Reg. S, 1.00%, 07/01/2024    DKK 500        71  
Series 13H, Reg. S, 1.00%, 07/01/2026    DKK 800        108  
Series 13H, Reg. S, 1.00%, 01/01/2027    DKK 1,200        160  
Series 13H, Reg. S, 1.00%, 01/01/2028    DKK 200        26  
Series 13H, Reg. S, 2.00%, 01/01/2025    DKK 300        43  
Series 13H, Reg. S, 2.00%, 01/01/2026    DKK 1,000        140  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
Oesterreichische Kontrollbank AG, (Austria),      
Reg. S, 0.00%, 10/08/2026    EUR 150        146  
Reg. S, 0.25%, 09/26/2024    EUR 300        311  
OP Corporate Bank plc, (Finland), Reg. S, 4.13%, 04/18/2027    EUR 3,000        3,282  
OP Mortgage Bank, (Finland),      
Reg. S, 0.63%, 02/15/2029    EUR 100        94  
Reg. S, 1.00%, 11/28/2024    EUR 150        156  
Reg. S, 1.00%, 10/05/2027    EUR 100        99  
Pfandbriefbank schweizerischer Hypothekarinstitute AG, (Switzerland),      
Reg. S, 0.00%, 02/26/2030    CHF 800        763  
Series 680, Reg. S, 0.00%, 03/30/2026    CHF 200        206  
Series 682, Reg. S, 0.00%, 04/06/2027    CHF 100        101  
Series 683, Reg. S, 0.00%, 02/25/2028    CHF 200        198  
Series 684, Reg. S, 0.00%, 05/10/2045    CHF 125        89  
Series 695, Reg. S, 0.00%, 10/26/2029    CHF 200        192  
Series 696, Reg. S, 0.13%, 11/19/2032    CHF 100        91  
Series 697, Reg. S, 0.00%, 05/20/2041    CHF 200        152  
Pfandbriefzentrale der schweizerischen Kantonalbanken AG, (Switzerland),      
Series 483, Reg. S, 0.00%, 01/27/2027    CHF 900        912  
Series 485, Reg. S, 0.00%, 10/02/2026    CHF 200        204  
Series 524, Reg. S, 0.00%, 06/21/2028    CHF 50        49  
Series 528, Reg. S, 0.00%, 03/15/2030    CHF 50        48  
Series 530, Reg. S, 0.00%, 03/18/2033    CHF 120        107  
Series 531, Reg. S, 0.00%, 02/15/2036    CHF 205        173  
Series 536, Reg. S, 0.20%, 06/12/2035    CHF 50        44  
Series 538, Reg. S, 0.00%, 07/25/2031    CHF 200        185  
PNC Financial Services Group, Inc. (The), (SOFR Compounded Index + 1.09%), 5.67%, 10/28/2025 (aa)      580        580  
Prima Banka Slovensko A/S, (Slovakia), Reg. S, 0.01%, 09/14/2027    EUR 100        93  
Raiffeisen Bank International AG, (Austria),      
Reg. S, 0.25%, 01/22/2025    EUR 2,000        1,991  
Reg. S, 3.88%, 03/16/2026    EUR 100        109  
Reg. S, 4.13%, 09/08/2025    EUR 3,000        3,192  
Reg. S, 5.75%, 01/27/2028    EUR 3,000        3,326  
Raiffeisenlandesbank Niederoesterreich-Wien AG, (Austria), Reg. S, 0.63%, 08/28/2026    EUR 200        198  
Raiffeisenlandesbank Oberoesterreich AG, (Austria), Reg. S, 1.25%, 04/26/2027    EUR 100        100  
Raiffeisen-Landesbank Tirol AG, (Austria), Reg. S, 3.00%, 01/24/2028    EUR 100        107  
Rheinland-Pfalz Bank, (Germany), SUB, 6.88%, 02/23/2028 (e)      200        221  
Royal Bank of Canada, (Canada),      
Reg. S, 0.01%, 10/05/2028    EUR 100        91  
Reg. S, 0.25%, 05/02/2024    EUR 1,300        1,357  
Reg. S, 0.63%, 09/10/2025    EUR 100        101  
1.15%, 06/10/2025      100        92  
Reg. S, 2.38%, 09/13/2027    EUR 150        156  
3.63%, 05/04/2027      90        86  
5.00%, 02/01/2033      110        111  
5.66%, 10/25/2024      530        535  
6.00%, 11/01/2027      30        31  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
Santander Consumer Bank A/S, (Norway), Reg. S, 0.13%, 02/25/2025    EUR 5,200        5,228  
Santander Holdings USA, Inc.,      
3.45%, 06/02/2025      45        42  
(United States SOFR + 2.36%), 6.50%, 03/09/2029 (aa)      190        190  
Santander UK Group Holdings plc, (United Kingdom),      
Reg. S, (EUR Swap Rate 1 Year + 0.80%), 0.60%, 09/13/2029 (aa)    EUR 2,050        1,767  
(United States SOFR + 0.79%), 1.09%, 03/15/2025 (aa)      600        567  
(United States SOFR + 2.75%), 6.83%, 11/21/2026 (aa)      2,200        2,227  
Skandinaviska Enskilda Banken AB, (Sweden),      
Reg. S, 0.05%, 07/01/2024    EUR 1,475        1,529  
Reg. S, 0.25%, 05/19/2023    EUR 325        351  
Reg. S, (EUR Swap Rate 5 Year + 1.35%), 1.38%, 10/31/2028 (aa)    EUR 425        450  
Reg. S, 3.25%, 11/24/2025    EUR 6,825        7,283  
Reg. S, 3.25%, 05/04/2028    EUR 100        109  
Series 579, Reg. S, 1.00%, 12/18/2024    SEK 2,000        184  
Series 581, Reg. S, 0.50%, 12/16/2026    SEK 2,000        173  
Series 601, Reg. S, 3.00%, 12/06/2027    SEK 2,000        188  
Societe Generale SA, (France),      
Reg. S, 0.13%, 02/24/2026    EUR 1,000        976  
Reg. S, 0.25%, 07/08/2027    EUR 2,900        2,699  
Reg. S, (ICE LIBOR EUR 3 Month + 1.28%), 0.88%, 09/22/2028 (aa)    EUR 1,500        1,395  
(EUR Swap Rate 5 Year + 1.55%), 1.00%, 11/24/2030 (aa)    EUR 1,000        954  
Reg. S, 1.13%, 01/23/2025    EUR 200        206  
Reg. S, (ICE LIBOR EUR 3 Month + 1.50%), 1.13%, 04/21/2026 (aa)    EUR 3,900        3,957  
Reg. S, (EUR Swap Rate 5 Year + 1.60%), 1.13%, 06/30/2031 (aa)    EUR 1,000        931  
Reg. S, 1.25%, 12/07/2027    GBP 3,000        3,034  
Reg. S, 1.25%, 06/12/2030    EUR 2,000        1,742  
Reg. S, (ICE LIBOR EUR 3 Month + 0.60%), 1.50%, 05/30/2025 (aa)    EUR 500        527  
(CMT Index 1 Year + 1.05%), 2.23%, 01/21/2026 (e) (aa)      2,850        2,627  
Reg. S, 2.63%, 05/30/2029    EUR 1,000        1,018  
(CMT Index 1 Year + 1.30%), 2.80%, 01/19/2028 (e) (aa)      2,595        2,289  
Reg. S, 4.00%, 11/16/2027    EUR 8,000        8,713  
Reg. S, (ICE LIBOR EUR 3 Month + 1.80%), 4.25%, 12/06/2030 (aa)    EUR 1,500        1,570  
SpareBank 1 Boligkreditt A/S, (Norway),      
Reg. S, 0.01%, 09/22/2027    EUR 5,000        4,693  
Reg. S, 0.13%, 05/12/2031    EUR 100        85  
Reg. S, 0.38%, 06/26/2024    EUR 100        104  
Reg. S, 1.00%, 01/30/2029    EUR 100        95  
Sparebank 1 Oestlandet, (Norway),      
Reg. S, 0.25%, 09/30/2024    EUR 600        615  
Reg. S, 1.75%, 04/27/2027    EUR 1,000        997  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
SpareBank 1 SR-Bank ASA, (Norway), Reg. S, 0.63%, 03/25/2024    EUR 700        734  
Sparebanken Soer Boligkreditt A/S, (Norway),      
Reg. S, 0.01%, 09/25/2028    EUR 5,000        4,544  
Reg. S, 0.50%, 02/06/2026    EUR 100        100  
SR-Boligkreditt A/S, (Norway),      
Reg. S, 0.01%, 03/10/2031    EUR 100        84  
Reg. S, 0.75%, 10/17/2025    EUR 100        102  
Stadshypotek AB, (Sweden),      
Reg. S, 0.01%, 11/24/2028    EUR 100        91  
Reg. S, 0.50%, 07/11/2025    EUR 100        102  
Series 1589, Reg. S, 1.50%, 12/03/2024    SEK 2,000        186  
Series 1590, Reg. S, 1.00%, 09/03/2025    SEK 2,000        181  
Series 1591, Reg. S, 0.50%, 06/01/2026    SEK 2,000        175  
Series 1592, Reg. S, 1.00%, 03/01/2027    SEK 2,000        175  
Series 1594, Reg. S, 2.00%, 09/01/2028    SEK 2,000        178  
Standard Chartered plc, (United Kingdom),      
Reg. S, (EUR Swap Rate 5 Year + 1.55%), 1.20%, 09/23/2031 (aa)    EUR 4,000        3,718  
(CMT Index 1 Year + 1.00%), 1.46%, 01/14/2027 (e) (aa)      1,200        1,052  
(CMT Index 1 Year + 1.18%), 2.61%, 01/12/2028 (e) (aa)      2,600        2,301  
Sumitomo Mitsui Financial Group, Inc., (Japan),      
1.47%, 07/08/2025      250        229  
Reg. S, 1.55%, 06/15/2026    EUR 6,000        6,014  
1.90%, 09/17/2028      400        338  
5.46%, 01/13/2026      200        202  
5.52%, 01/13/2028      200        203  
5.71%, 01/13/2030      200        206  
5.77%, 01/13/2033      760        794  
Sumitomo Mitsui Trust Bank Ltd., (Japan), Reg. S, 0.01%, 10/15/2027    EUR 100        92  
Svenska Handelsbanken AB, (Sweden),      
Reg. S, 0.05%, 09/06/2028    EUR 1,000        890  
Reg. S, 0.13%, 11/03/2026    EUR 3,200        3,068  
Reg. S, 0.50%, 02/18/2030    EUR 1,875        1,592  
Reg. S, 1.00%, 04/15/2025    EUR 2,000        2,064  
Reg. S, (EUR Swap Rate 5 Year + 1.80%), 3.25%, 06/01/2033 (aa)    EUR 1,500        1,504  
Reg. S, 3.75%, 11/01/2027    EUR 1,200        1,299  
Sveriges Sakerstallda Obligationer AB, (Sweden),      
Reg. S, 0.01%, 03/14/2030    EUR 100        87  
Reg. S, 0.63%, 10/30/2025    EUR 100        101  
Series 146, Reg. S, 0.50%, 06/11/2025    SEK 2,000        180  
Series 147, Reg. S, 2.00%, 06/17/2026    SEK 1,000        92  
Series 148, Reg. S, 0.25%, 06/09/2027    SEK 2,000        169  
Swedbank AB, (Sweden),      
Reg. S, (EUR Swap Rate 1 Year + 0.57%), 0.30%, 05/20/2027 (aa)    EUR 1,500        1,429  
Reg. S, 0.75%, 05/05/2025    EUR 1,300        1,322  
Reg. S, 1.30%, 02/17/2027    EUR 1,000        969  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
Reg. S, (UK Gilts 1 Year + 0.10%), 1.38%, 12/08/2027 (aa)    GBP 1,500        1,590  
Reg. S, (EUR Swap Rate 5 Year + 1.28%), 1.50%, 09/18/2028 (aa)    EUR 1,900        2,027  
Reg. S, 2.10%, 05/25/2027    EUR 1,000        1,010  
Reg. S, (EUR Swap Rate 5 Year + 2.15%), 3.63%, 08/23/2032 (aa)    EUR 1,500        1,507  
Reg. S, (UK Gilts 5 Year + 0.38%), 7.27%, 11/15/2032 (aa)    GBP 6,000        7,572  
Sydbank A/S, (Denmark), Reg. S, (EUR Swap Rate 1 Year + 1.80%), 4.75%, 09/30/2025 (aa)    EUR 6,500        7,017  
Toronto-Dominion Bank (The), (Canada),      
Reg. S, 0.25%, 03/26/2024    EUR 100        105  
1.25%, 09/10/2026      20        18  
Reg. S, 1.71%, 07/28/2025    EUR 100        104  
Reg. S, 1.95%, 04/08/2030    EUR 1,300        1,219  
Reg. S, 2.88%, 04/05/2027    GBP 5,000        5,625  
Reg. S, 3.25%, 04/27/2026    EUR 100        108  
Reg. S, 3.72%, 03/13/2030    EUR 100        110  
4.29%, 09/13/2024      5        5  
4.46%, 06/08/2032      560        545  
4.69%, 09/15/2027      535        529  
Truist Financial Corp.,      
1.20%, 08/05/2025      160        144  
3.88%, 03/19/2029      1,400        1,257  
UBS AG, (Switzerland), Reg. S, 0.50%, 03/31/2031    EUR 1,000        838  
UBS Group AG, (Switzerland),      
Reg. S, 0.25%, 02/24/2028    EUR 1,000        884  
Reg. S, (EUR Swap Rate 1 Year + 0.77%), 0.25%, 11/05/2028 (aa)    EUR 1,200        1,062  
Reg. S, 0.63%, 02/24/2033    EUR 1,000        752  
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.80%), 1.00%, 03/21/2025 (aa)    EUR 3,000        3,140  
Reg. S, (EUR Swap Rate 1 Year + 0.75%), 1.25%, 04/17/2025 (aa)    EUR 200        209  
Reg. S, 1.25%, 09/01/2026    EUR 1,000        977  
(CMT Index 1 Year + 1.10%), 2.75%, 02/11/2033 (e) (aa)      2,000        1,601  
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.15%), 2.75%, 06/15/2027 (aa)    EUR 5,000        5,113  
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.35%), 3.13%, 06/15/2030 (aa)    EUR 1,500        1,495  
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.55%), 4.38%, 01/11/2031 (aa)    EUR 2,000        2,115  
Unicaja Banco SA, (Spain), Reg. S, (EUR Swap Rate 1 Year + 2.15%), 5.13%, 02/21/2029 (aa)    EUR 8,700        9,173  
UniCredit Bank AG, (Germany),      
Reg. S, 0.01%, 09/15/2028    EUR 50        46  
Reg. S, 0.01%, 03/10/2031    EUR 125        106  
Reg. S, 0.25%, 01/15/2032    EUR 50        42  
Reg. S, 0.85%, 05/22/2034    EUR 50        43  
Reg. S, 0.88%, 01/11/2029    EUR 100        96  
Reg. S, 1.88%, 04/09/2024    EUR 100        107  
UniCredit Bank Austria AG, (Austria),      
Reg. S, 0.05%, 09/21/2035    EUR 100        73  
Reg. S, 3.00%, 07/31/2026    EUR 100        107  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
UniCredit SpA, (Italy),      
Reg. S, 0.33%, 01/19/2026    EUR 1,000        981  
Reg. S, 0.38%, 10/31/2026    EUR 100        97  
Reg. S, 0.50%, 04/09/2025    EUR 1,000        1,015  
Reg. S, (ICE LIBOR EUR 3 Month + 0.90%), 0.80%, 07/05/2029 (aa)    EUR 1,000        899  
Reg. S, 0.85%, 01/19/2031    EUR 1,000        808  
Reg. S, (ICE LIBOR EUR 3 Month + 0.85%), 0.93%, 01/18/2028 (aa)    EUR 1,000        950  
Reg. S, (ICE LIBOR EUR 3 Month + 1.35%), 1.20%, 01/20/2026 (aa)    EUR 3,275        3,338  
Reg. S, (ICE LIBOR EUR 3 Month + 1.55%), 1.25%, 06/25/2025 (aa)    EUR 1,000        1,046  
Reg. S, (ICE LIBOR EUR 3 Month + 1.90%), 1.63%, 07/03/2025 (aa)    EUR 500        524  
Reg. S, 1.63%, 01/18/2032    EUR 1,000        839  
Reg. S, 1.80%, 01/20/2030    EUR 1,000        877  
Reg. S, 2.13%, 10/24/2026    EUR 1,000        1,022  
Reg. S, (ICE LIBOR EUR 3 Month + 2.55%), 2.20%, 07/22/2027 (aa)    EUR 1,000        990  
(CMT Index 1 Year + 2.30%), 2.57%, 09/22/2026 (e) (aa)      3,000        2,714  
Reg. S, (ICE LIBOR EUR 3 Month + 1.60%), 4.45%, 02/16/2029 (aa)    EUR 9,350        9,752  
Reg. S, (ICE LIBOR EUR 3 Month + 2.85%), 5.85%, 11/15/2027 (aa)    EUR 6,500        7,192  
United Overseas Bank Ltd., (Singapore), Reg. S, 0.01%, 12/01/2027    EUR 100        93  
US Bancorp,      
0.85%, 06/07/2024    EUR 1,300        1,349  
(CMT Index 5 Year + 2.54%), 3.70%, 01/15/2027 (x) (aa)      2,300        1,780  
(United States SOFR + 1.66%), 4.55%, 07/22/2028 (aa)      20        19  
(United States SOFR + 1.23%), 4.65%, 02/01/2029 (aa)      240        234  
(United States SOFR + 1.43%), 5.73%, 10/21/2026 (aa)      280        281  
Valiant Bank AG, (Switzerland), Reg. S, 0.00%, 07/31/2029    CHF 50        47  
Virgin Money UK plc, (United Kingdom),      
Reg. S, (EUR Swap Rate 1 Year + 0.85%), 0.38%, 05/27/2024 (aa)    EUR 225        242  
Reg. S, (SONIA Interest Rate Benchmark + 2.57%), 3.13%, 06/22/2025 (aa)    GBP 1,000        1,173  
Reg. S, (UK Gilts 1 Year + 2.80%), 4.00%, 09/25/2026 (aa)    GBP 200        231  
Reg. S, (UK Gilts 5 Year + 5.25%), 5.13%, 12/11/2030 (aa)    GBP 1,000        1,142  
Vseobecna Uverova Banka A/S, (Slovakia), Reg. S, 0.25%, 03/26/2024    EUR 100        105  
Wells Fargo & Co.,      
Reg. S, 1.00%, 02/02/2027    EUR 1,000        968  
Reg. S, 1.38%, 10/26/2026    EUR 1,000        991  
Reg. S, 1.50%, 05/24/2027    EUR 13,000        12,752  
Reg. S, 2.00%, 04/27/2026    EUR 1,000        1,025  
Reg. S, 2.13%, 09/24/2031    GBP 1,000        963  
(ICE LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/2025 (aa)      92        87  
Reg. S, 2.50%, 05/02/2029    GBP 1,500        1,558  
(United States SOFR + 2.53%), 3.07%, 04/30/2041 (aa)      2,440        1,811  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      

Banks — continued

      
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 06/17/2027 (aa)      1,590        1,494  
Reg. S, (SONIA Interest Rate Benchmark + 1.28%), 3.47%, 04/26/2028 (aa)    GBP 1,000        1,128  
Reg. S, 3.50%, 09/12/2029    GBP 1,500        1,641  
(United States SOFR + 1.51%), 3.53%, 03/24/2028 (aa)      370        349  
3.90%, 05/01/2045      20        16  
(United States SOFR + 1.32%), 3.91%, 04/25/2026 (aa)      1,635        1,586  
(United States SOFR + 1.56%), 4.54%, 08/15/2026 (aa)      65        64  
(United States SOFR + 2.13%), 4.61%, 04/25/2053 (aa)      1,245        1,103  
4.63%, 11/02/2035    GBP 1,500        1,737  
4.75%, 12/07/2046      95        82  
(United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa)      1,360        1,342  
Reg. S, 4.88%, 11/29/2035    GBP 1,000        1,093  
5.61%, 01/15/2044      24        23  
Westpac Banking Corp., (Australia),      
Reg. S, 0.01%, 09/22/2028    EUR 100        90  
Reg. S, 0.88%, 04/17/2027    EUR 1,000        968  
Reg. S, 1.08%, 04/05/2027    EUR 100        99  
3.74%, 08/26/2025      580        567  
Westpac Securities NZ Ltd., (New Zealand), Reg. S, 0.43%, 12/14/2026    EUR 2,500        2,387  
Wirtschafts- und Infrastrukturbank Hessen, (Germany), 0.88%, 06/14/2028    EUR 100        97  
Zuercher Kantonalbank, (Switzerland), Series 150, Reg. S, 0.10%, 03/31/2031    CHF 240        224  
     

 

 

  
        1,223,936  
     

 

 

  
Diversified Financial Services — 0.8%      
Aareal Bank AG, (Germany),      
Reg. S, 3.13%, 02/13/2026    EUR 100        108  
Reg. S, 4.50%, 07/25/2025    EUR 2,300        2,431  
Series 236, Reg. S, 0.01%, 02/01/2028    EUR 100        93  
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland),      
2.45%, 10/29/2026      650        584  
3.40%, 10/29/2033      260        211  
3.85%, 10/29/2041      400        305  
4.50%, 09/15/2023      150        149  
4.63%, 10/15/2027      190        184  
Affordable Housing Finance plc, (United Kingdom), Reg. S, 2.89%, 08/11/2043    GBP 100        100  
American Express Co.,      
2.25%, 03/04/2025      125        119  
3.38%, 05/03/2024      40        39  
3.95%, 08/01/2025      370        363  
4.90%, 02/13/2026      120        121  
Ameriprise Financial, Inc., 5.15%, 05/15/2033      480        478  
Arkea Home Loans SFH SA, (France), Reg. S, 0.38%, 03/04/2024    EUR 100        105  
Artesian Finance II plc, (United Kingdom), 6.00%, 09/30/2033    GBP 50        66  
Aspire Defence Finance plc, (United Kingdom), Series B, 4.67%, 03/31/2040    GBP 40        48  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Diversified Financial Services — continued      
AXA Bank Europe SCF, (France),      
Reg. S, 0.01%, 01/22/2027    EUR 100        96  
Reg. S, 0.50%, 04/18/2025    EUR 100        102  
AXA Home Loan SFH SA, (France), Reg. S, 0.13%, 06/25/2035    EUR 100        74  
AyT Cedulas Cajas X Fondo de Titulizacion de Activos, (Spain), Series X, 3.75%, 06/30/2025    EUR 100        108  
Bank Julius Baer & Co. AG, (Switzerland), Reg. S, 0.00%, 06/25/2024    EUR 3,000        3,083  
BPCE SFH SA, (France),      
Reg. S, 0.01%, 10/16/2028    EUR 100        91  
Reg. S, 0.01%, 05/27/2030    EUR 100        86  
Reg. S, 0.01%, 01/29/2036    EUR 100        71  
Reg. S, 0.13%, 12/03/2030    EUR 100        86  
Reg. S, 0.63%, 09/22/2027    EUR 100        97  
Reg. S, 0.75%, 09/02/2025    EUR 100        102  
Reg. S, 1.13%, 04/12/2030    EUR 100        94  
Reg. S, 1.75%, 05/27/2032    EUR 100        95  
Brookfield Finance, Inc., (Canada), 4.00%, 04/01/2024      40        39  
Caisse de Refinancement de l’Habitat SA, (France),      
Reg. S, 0.01%, 10/08/2029    EUR 100        88  
Reg. S, 0.13%, 04/30/2027    EUR 100        96  
Cantor Fitzgerald LP, 4.50%, 04/14/2027 (e)      2,055        1,914  
Capital One Financial Corp., 0.80%, 06/12/2024    EUR 825        838  
Cboe Global Markets, Inc.,      
1.63%, 12/15/2030      361        291  
3.65%, 01/12/2027      505        487  
Cedulas TDA 6 Fondo de Titulizacion de Activos, (Spain), Series A6, 3.88%, 05/23/2025    EUR 100        109  
Charles Schwab Corp. (The), 1.15%, 05/13/2026      525        461  
CME Group, Inc., 2.65%, 03/15/2032      203        176  
Credit Agricole Home Loan SFH SA, (France),      
Reg. S, 0.01%, 04/12/2028    EUR 4,200        3,880  
Reg. S, 0.01%, 11/03/2031    EUR 100        83  
Reg. S, 0.13%, 12/16/2024    EUR 100        103  
Reg. S, 0.38%, 09/30/2024    EUR 100        104  
Reg. S, 0.88%, 08/11/2028    EUR 100        96  
Reg. S, 0.88%, 05/06/2034    EUR 100        84  
Reg. S, 2.13%, 01/07/2030    EUR 100        101  
Credit Agricole Public Sector SCF SA, (France), Reg. S, 0.88%, 08/02/2027    EUR 100        98  
Credit Mutuel Home Loan SFH SA, (France),      
Reg. S, 0.01%, 07/20/2028    EUR 5,000        4,584  
Reg. S, 0.75%, 09/15/2027    EUR 100        97  
Reg. S, 0.88%, 03/04/2032    EUR 100        89  
Reg. S, 1.00%, 01/30/2029    EUR 100        96  
Reg. S, 2.38%, 02/08/2028    EUR 100        104  
Discover Financial Services, 6.70%, 11/29/2032      85        87  
Harbour Funding plc, (United Kingdom), Reg. S, 5.28%, 03/31/2034    GBP 25        31  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Diversified Financial Services — continued      
HSBC SFH France SA, (France), Reg. S, 0.75%, 03/22/2027    EUR 100        98  
Hypo Tirol Bank AG, (Austria), Reg. S, 0.01%, 03/11/2031    EUR 100        84  
IG Group Holdings plc, (United Kingdom), Reg. S, 3.13%, 11/18/2028    GBP 4,000        3,797  
Intercontinental Exchange, Inc.,      
2.10%, 06/15/2030      250        210  
3.00%, 09/15/2060      215        141  
3.65%, 05/23/2025      20        20  
5.20%, 06/15/2062      140        139  
Jefferies Financial Group, Inc.,      
2.63%, 10/15/2031      1,250        955  
2.75%, 10/15/2032      1,420        1,094  
Jyske Realkredit A/S, (Denmark),      
Reg. S, 1.00%, 10/01/2024    DKK 100        14  
Series 32lE, Reg. S, 1.00%, 04/01/2023    DKK 200        29  
Series 32IE, Reg. S, 1.00%, 04/01/2025    DKK 400        56  
La Banque Postale Home Loan SFH SA, (France),      
Reg. S, 1.00%, 10/04/2028    EUR 100        97  
Reg. S, 3.00%, 01/31/2031    EUR 100        107  
Lansforsakringar Hypotek AB, (Sweden),      
Reg. S, 1.38%, 05/31/2027    EUR 100        101  
Series 518, Reg. S, 1.25%, 09/17/2025    SEK 1,000        91  
Series 519, Reg. S, 1.50%, 09/16/2026    SEK 900        81  
Series 520, Reg. S, 1.00%, 09/15/2027    SEK 1,000        86  
Series 521, Reg. S, 0.50%, 09/20/2028    SEK 700        57  
LeasePlan Corp. NV, (Netherlands), Reg. S, 2.13%, 05/06/2025    EUR 3,000        3,117  
London Stock Exchange Group plc, (United Kingdom),      
Reg. S, 1.63%, 04/06/2030    GBP 2,000        2,021  
Reg. S, 1.75%, 12/06/2027    EUR 3,800        3,807  
Lseg Netherlands BV, (Netherlands),      
Reg. S, 0.00%, 04/06/2025    EUR 1,500        1,516  
Reg. S, 0.25%, 04/06/2028    EUR 1,000        931  
Reg. S, 0.75%, 04/06/2033    EUR 1,000        819  
Mastercard, Inc.,      
2.10%, 12/01/2027    EUR 2,025        2,090  
2.95%, 06/01/2029      710        657  
3.30%, 03/26/2027      80        77  
3.35%, 03/26/2030      105        100  
3.85%, 03/26/2050      160        141  
4.88%, 03/09/2028      190        196  
Nasdaq, Inc.,      
0.88%, 02/13/2030    EUR 2,750        2,408  
0.90%, 07/30/2033    EUR 1,500        1,180  
1.75%, 03/28/2029    EUR 2,300        2,196  
Nomura Holdings, Inc., (Japan),      
1.85%, 07/16/2025      1,955        1,788  
2.61%, 07/14/2031      1,255        986  
3.00%, 01/22/2032      1,320        1,059  
5.10%, 07/03/2025      2,700        2,654  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Diversified Financial Services — continued      
Nordea Kredit Realkreditaktieselskab, (Denmark),      
Reg. S, 1.00%, 10/01/2024 (e)    DKK 300        42  
Reg. S, 1.00%, 04/01/2026 (e)    DKK 500        68  
1.00%, 10/01/2026    DKK 500        67  
Series CC2, Reg. S, 1.00%, 04/01/2025 (e)    DKK 200        28  
Series CC2, Reg. S, 1.00%, 04/01/2027 (e)    DKK 500        66  
Private Export Funding Corp.,      
0.55%, 07/30/2024 (e)      300        284  
Series PP, 1.40%, 07/15/2028      775        673  
Programa Cedulas TDA Fondo de Titulizacion de Activos, (Spain), Series A6, 4.25%, 04/10/2031    EUR 100        115  
Prs Finance plc, (United Kingdom),      
Reg. S, 1.75%, 11/24/2026    GBP 189        213  
Reg. S, 2.00%, 01/23/2029    GBP 500        546  
Realkredit Danmark A/S, (Denmark),      
Series 10f, Reg. S, 1.00%, 01/01/2025 (e)    DKK 700        98  
Series 10F, Reg. S, 1.00%, 01/01/2026 (e)    DKK 1,300        177  
Series 22S, Reg. S, 0.00%, 10/01/2040 (e)    DKK 43        5  
Societe Generale SFH SA, (France),      
Reg. S, 0.01%, 10/29/2029    EUR 100        88  
Reg. S, 0.50%, 06/02/2025    EUR 100        102  
Reg. S, 0.50%, 01/28/2026    EUR 100        101  
Reg. S, 1.38%, 05/05/2028    EUR 100        99  
Reg. S, 1.75%, 05/05/2034    EUR 100        93  
Sparebanken Vest Boligkreditt A/S, (Norway), Reg. S, 0.38%, 01/20/2032    EUR 100        85  
Swedbank Hypotek AB, (Sweden),      
Reg. S, 0.05%, 05/28/2025    EUR 100        101  
Series 194, Reg. S, 1.00%, 09/18/2024    SEK 1,600        148  
Series 195, Reg. S, 1.00%, 06/18/2025    SEK 2,000        182  
Series 196, Reg. S, 1.00%, 03/18/2026    SEK 1,000        90  
Series 197, Reg. S, 1.00%, 03/17/2027    SEK 700        61  
THFC Funding No. 1 plc, (United Kingdom), Reg. S, 5.13%, 12/21/2035    GBP 1,370        1,697  
TP ICAP Finance plc, (United Kingdom), Reg. S, 5.25%, 05/29/2026    GBP 2,000        2,325  
Visa, Inc.,      
1.50%, 06/15/2026    EUR 4,800        4,904  
2.00%, 06/15/2029    EUR 4,100        4,120  
2.70%, 04/15/2040      130        103  
3.65%, 09/15/2047      200        174  
Wellcome Trust Finance plc, (United Kingdom), Reg. S, 4.63%, 07/25/2036    GBP 225        285  
Western Union Co. (The), 1.35%, 03/15/2026      740        658  
     

 

 

  
        76,623  
     

 

 

  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Insurance — 1.8%      
Aflac, Inc., 4.75%, 01/15/2049      300        280  
AIA Group Ltd., (Hong Kong), Reg. S, (EUR Swap Rate 5 Year + 1.10%), 0.88%, 09/09/2033 (aa)    EUR 3,700        3,119  
Alleghany Corp.,      
3.25%, 08/15/2051      135        98  
3.63%, 05/15/2030      15        14  
Allianz Finance II BV, (Netherlands), Series 62, Reg. S, 4.50%, 03/13/2043    GBP 1,500        1,784  
Allianz SE, (Germany),      
Reg. S, (ICE LIBOR EUR 3 Month + 2.65%), 2.24%, 07/07/2045 (aa)    EUR 5,000        5,092  
Reg. S, (ICE EURIBOR Swap Rate 10 Year + 3.20%), 3.38%, 09/18/2024 (x) (aa)    EUR 2,500        2,641  
Reg. S, (ICE LIBOR EUR 3 Month + 3.55%), 4.25%, 07/05/2052 (aa)    EUR 6,000        5,976  
American International Group, Inc., 1.88%, 06/21/2027    EUR 1,000        990  
Aon Corp., 2.80%, 05/15/2030      50        44  
Aon Corp. / Aon Global Holdings plc,      
2.90%, 08/23/2051      20        13  
3.90%, 02/28/2052      110        89  
Aon Global Ltd., (United Kingdom), 4.60%, 06/14/2044      10        9  
Aquarius & Investments plc for Zurich Insurance Co. Ltd., (Ireland), Reg. S, (ICE LIBOR EUR 3 Month + 3.45%), 4.25%, 10/02/2043 (aa)    EUR 100        107  
Argentum Netherlands BV for Zurich Insurance Co. Ltd., (Netherlands), Reg. S, (ICE LIBOR EUR 3 Month + 3.20%), 2.75%, 02/19/2049 (aa)    EUR 500        469  
Arthur J Gallagher & Co.,      
2.40%, 11/09/2031      300        244  
3.05%, 03/09/2052      70        45  
5.75%, 03/02/2053      240        240  
ASR Nederland NV, (Netherlands),      
Reg. S, (EUR Swap Rate 5 Year + 4.00%), 3.38%, 05/02/2049 (aa)    EUR 1,000        923  
Reg. S, (EUR Swap Rate 5 Year + 4.95%), 5.00%, 09/30/2024 (x) (aa)    EUR 1,000        1,066  
Reg. S, (EUR Swap Rate 5 Year + 5.20%), 5.13%, 09/29/2045 (aa)    EUR 1,000        1,062  
Assicurazioni Generali SpA, (Italy),      
Reg. S, 1.71%, 06/30/2032    EUR 1,000        805  
Reg. S, 2.43%, 07/14/2031    EUR 1,000        881  
Reg. S, 3.88%, 01/29/2029    EUR 500        505  
Reg. S, 4.13%, 05/04/2026    EUR 100        107  
Reg. S, (ICE LIBOR EUR 3 Month + 4.50%), 4.60%, 11/21/2025 (x) (aa)    EUR 1,000        1,050  
Reg. S, (ICE LIBOR EUR 3 Month + 5.35%), 5.00%, 06/08/2048 (aa)    EUR 1,000        1,066  
Reg. S, (ICE LIBOR EUR 3 Month + 5.35%), 5.50%, 10/27/2047 (aa)    EUR 1,000        1,082  
Athene Global Funding,      
Reg. S, 1.24%, 04/08/2024    EUR 1,300        1,348  
2.50%, 01/14/2025 (e)      20        19  
Athene Holding Ltd., (Bermuda), 3.95%, 05/25/2051      55        38  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Insurance — continued      
Aviva plc, (United Kingdom),      
Reg. S, 1.88%, 11/13/2027    EUR 500        500  
Reg. S, (ICE LIBOR EUR 3 Month + 3.55%), 3.38%, 12/04/2045 (aa)    EUR 1,000        1,019  
Reg. S, (EUR Swap Rate 5 Year + 3.48%), 3.88%, 07/03/2044 (aa)    EUR 1,000        1,056  
Reg. S, (UK Gilts 5 Year + 4.70%), 4.00%, 06/03/2055 (aa)    GBP 825        793  
Reg. S, (UK Gilts 5 Year + 2.85%), 6.13%, 11/14/2036 (aa)    GBP 430        528  
AXA SA, (France),      
Reg. S, (ICE LIBOR EUR 3 Month +2.40%), 1.38%, 10/07/2041 (aa)    EUR 1,225        997  
Reg. S, (ICE LIBOR EUR 3 Month + 3.75%), 3.38%, 07/06/2047 (aa)    EUR 1,900        1,917  
Reg. S, (EUR Swap Rate 11 Year + 3.25%), 3.88%, 10/08/2025 (x) (aa)    EUR 5,000        5,177  
Reg. S, (ICE LIBOR EUR 3 Month + 3.60%), 4.25%, 03/10/2043 (aa)    EUR 1,200        1,183  
Reg. S, (SONIA Interest Rate Benchmark + 2.87%), 6.69%, 07/06/2026 (x) (aa)    GBP 375        463  
Berkshire Hathaway Finance Corp.,      
1.50%, 03/18/2030    EUR 2,200        2,094  
2.38%, 06/19/2039    GBP 825        732  
2.85%, 10/15/2050      15        10  
3.85%, 03/15/2052      395        329  
4.20%, 08/15/2048      25        23  
Berkshire Hathaway, Inc.,      
0.00%, 03/12/2025    EUR 1,900        1,924  
2.15%, 03/15/2028    EUR 1,000        1,012  
BNP Paribas Cardif SA, (France),      
Reg. S, 1.00%, 11/29/2024    EUR 1,000        1,028  
Reg. S, (ICE LIBOR EUR 3 Month + 3.93%), 4.03%, 11/25/2025 (x) (aa)    EUR 6,000        6,216  
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, (France), Reg. S, 0.75%, 07/07/2028    EUR 4,900        4,303  
Chubb INA Holdings, Inc.,      
0.88%, 12/15/2029    EUR 1,000        897  
1.40%, 06/15/2031    EUR 1,000        894  
1.55%, 03/15/2028    EUR 3,000        2,944  
Cloverie plc for Zurich Insurance Co. Ltd., (Ireland),      
Reg. S, 1.50%, 12/15/2028    EUR 1,000        971  
Reg. S, 1.75%, 09/16/2024    EUR 500        525  
CNA Financial Corp., 2.05%, 08/15/2030      2,500        2,039  
CNP Assurances, (France),      
Reg. S, 1.25%, 01/27/2029    EUR 1,000        886  
Reg. S, (ICE LIBOR EUR 3 Month + 3.65%), 2.50%, 06/30/2051 (aa)    EUR 1,000        875  
Corebridge Financial, Inc.,      
3.50%, 04/04/2025 (e)      100        96  
4.35%, 04/05/2042 (e)      155        127  
Credit Agricole Assurances SA, (France),      
Reg. S, (EUR Swap Rate 5 Year + 4.50%), 4.25%, 01/13/2025 (x) (aa)    EUR 3,000        3,176  
Reg. S, (EUR Swap Rate 5 Year + 4.35%), 4.50%, 10/14/2025 (x) (aa)    EUR 100        105  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Insurance — continued      
Enstar Group Ltd., (Bermuda),      
3.10%, 09/01/2031      561        433  
4.95%, 06/01/2029      10        9  
Everest Reinsurance Holdings, Inc.,      
3.13%, 10/15/2052      82        55  
3.50%, 10/15/2050      745        539  
Fairfax Financial Holdings Ltd., (Canada),      
3.38%, 03/03/2031      2,000        1,679  
4.85%, 04/17/2028      375        365  
5.63%, 08/16/2032 (e)      1,440        1,415  
Groupe des Assurances du Credit Mutuel SADIR, (France), Reg. S, (ICE LIBOR EUR 3 Month + 2.65%), 1.85%, 04/21/2042 (aa)    EUR 2,200        1,723  
Hannover Rueck SE, (Germany),      
Reg. S, (ICE LIBOR EUR 3 Month + 2.38%), 1.13%, 10/09/2039 (aa)    EUR 1,000        836  
Reg. S, (ICE LIBOR EUR 3 Month + 3.75%), 5.88%, 08/26/2043 (aa)    EUR 4,600        5,086  
Jackson Financial, Inc., 4.00%, 11/23/2051      5        3  
Legal & General Finance plc, (United Kingdom), Reg. S, 5.88%, 04/05/2033    GBP 425        562  
Legal & General Group plc, (United Kingdom),      
Reg. S, (UK Gilts 5 Year + 5.25%), 4.50%, 11/01/2050 (aa)    GBP 825        883  
Reg. S, (UK Gilts 5 Year + 4.65%), 5.13%, 11/14/2048 (aa)    GBP 600        694  
Liberty Mutual Finance Europe DAC, (Ireland), Reg. S, 1.75%, 03/27/2024    EUR 2,000        2,114  
Liberty Mutual Group, Inc.,      
3.95%, 10/15/2050 (e)      830        627  
5.50%, 06/15/2052 (e)      495        469  
Loews Corp., 3.20%, 05/15/2030      10        9  
M&G plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.16%), 5.56%, 07/20/2055 (aa)    GBP 825        886  
Markel Corp., 3.45%, 05/07/2052      1,000        701  
Marsh & McLennan Cos., Inc.,      
1.98%, 03/21/2030    EUR 5,050        4,780  
2.90%, 12/15/2051      780        527  
4.20%, 03/01/2048      850        727  
4.75%, 03/15/2039      179        170  
4.90%, 03/15/2049      170        162  
MetLife, Inc., Reg. S, 5.38%, 12/09/2024    GBP 1,000        1,230  
Metropolitan Life Global Funding I,      
Reg. S, 0.38%, 04/09/2024    EUR 2,125        2,224  
Reg. S, 0.50%, 05/25/2029    EUR 500        442  
Reg. S, 0.55%, 06/16/2027    EUR 1,475        1,398  
Reg. S, 0.63%, 12/08/2027    GBP 1,000        1,015  
Reg. S, 1.63%, 10/12/2028    GBP 1,000        1,043  
Reg. S, 1.63%, 09/21/2029    GBP 2,125        2,152  
Reg. S, 1.75%, 05/25/2025    EUR 1,000        1,033  
Reg. S, 3.50%, 09/30/2026    GBP 2,000        2,353  
Reg. S, 4.13%, 09/02/2025    GBP 1,000        1,206  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Insurance — continued      
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, (Germany),      
Reg. S, (ICE LIBOR EUR 3 Month + 2.10%), 1.00%, 05/26/2042 (aa)    EUR 9,800        7,462  
Reg. S, (ICE LIBOR EUR 3 Month + 2.55%), 1.25%, 05/26/2041 (aa)    EUR 5,000        4,056  
Reg. S, (ICE LIBOR EUR 3 Month + 3.40%), 3.25%, 05/26/2049 (aa)    EUR 2,000        1,955  
Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres et Sal, (France), Reg. S, 0.63%, 06/21/2027    EUR 1,900        1,747  
New York Life Global Funding, Reg. S, 3.63%, 01/09/2030    EUR 9,625        10,178  
NN Group NV, (Netherlands), Reg. S, (ICE LIBOR EUR 3 Month + 4.00%), 4.50%, 01/15/2026 (x) (aa)    EUR 1,350        1,400  
Old Republic International Corp., 3.85%, 06/11/2051      85        63  
Pension Insurance Corp. plc, (United Kingdom), Reg. S, 5.63%, 09/20/2030    GBP 1,121        1,244  
Phoenix Group Holdings plc, (United Kingdom), Reg. S, 6.63%, 12/18/2025    GBP 425        525  
Principal Financial Group, Inc.,      
3.10%, 11/15/2026      1,400        1,336  
5.50%, 03/15/2053      190        181  
Progressive Corp. (The),      
3.70%, 03/15/2052      150        120  
4.13%, 04/15/2047      20        17  
Prudential Funding Asia plc, (United Kingdom), 5.88%, 05/11/2029    GBP 1,500        1,905  
Sampo OYJ, (Finland),      
Reg. S, 2.25%, 09/27/2030    EUR 1,000        1,016  
Reg. S, (ICE LIBOR EUR 3 Month + 3.60%), 2.50%, 09/03/2052 (aa)    EUR 1,025        856  
Reg. S, (ICE LIBOR EUR 3 Month + 4.05%), 3.38%, 05/23/2049 (aa)    EUR 2,275        2,190  
Talanx AG, (Germany), Reg. S, 4.00%, 10/25/2029    EUR 2,500        2,732  
UNIQA Insurance Group AG, (Austria),      
Reg. S, 1.38%, 07/09/2030    EUR 500        434  
Reg. S, (ICE LIBOR EUR 3 Month + 3.35%), 2.38%, 12/09/2041 (aa)    EUR 500        391  
Reg. S, (ICE LIBOR EUR 3 Month + 5.82%), 6.00%, 07/27/2046 (aa)    EUR 500        532  
Unum Group,      
4.00%, 06/15/2029      1,750        1,632  
4.13%, 06/15/2051      980        698  
5.75%, 08/15/2042      25        23  
W R Berkley Corp., 4.00%, 05/12/2050      700        562  
Willis North America, Inc.,      
2.95%, 09/15/2029      50        44  
3.60%, 05/15/2024      100        98  
3.88%, 09/15/2049      250        187  
4.65%, 06/15/2027      100        98  
Zurich Finance Ireland Designated Activity Co., (Ireland),      
Reg. S, 1.63%, 06/17/2039    EUR 500        392  
Reg. S, (UK Gilts 5 Year + 4.10%), 5.13%, 11/23/2052 (aa)    GBP 5,625        6,272  
     

 

 

  
        165,941  
     

 

 

  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Investment Companies — 0.2%      
Ares Capital Corp., 2.15%, 07/15/2026      385        328  
Barings BDC, Inc., 3.30%, 11/23/2026      20        18  
Blackstone Private Credit Fund, 3.25%, 03/15/2027      45        38  
Blackstone Secured Lending Fund, 2.85%, 09/30/2028      23        19  
FS KKR Capital Corp., 2.63%, 01/15/2027      275        231  
Golub Capital BDC, Inc., 2.50%, 08/24/2026      5        4  
Investor AB, (Sweden),      
Reg. S, 0.38%, 10/29/2035    EUR 425        305  
Reg. S, 1.50%, 09/12/2030    EUR 700        660  
Reg. S, 2.75%, 06/10/2032    EUR 1,000        1,015  
Main Street Capital Corp., 3.00%, 07/14/2026      165        144  
MDGH GMTN RSC Ltd., (United Arab Emirates), Reg. S, 1.00%, 03/10/2034    EUR 600        480  
Temasek Financial I Ltd., (Singapore), Reg. S, 1.50%, 03/01/2028    EUR 4,300        4,278  
Wendel SE, (France),      
Reg. S, 1.00%, 06/01/2031    EUR 4,400        3,646  
Reg. S, 1.38%, 04/26/2026    EUR 1,000        1,007  
Reg. S, 1.38%, 01/18/2034    EUR 1,000        774  
Reg. S, 2.50%, 02/09/2027    EUR 1,000        1,035  
     

 

 

  
        13,982  
     

 

 

  
Private Equity — 0.0% (g)      
3i Group plc, (United Kingdom), Reg. S, 5.75%, 12/03/2032    GBP 350        437  
Intermediate Capital Group plc, (United Kingdom),      
Reg. S, 1.63%, 02/17/2027    EUR 1,000        816  
Reg. S, 2.50%, 01/28/2030    EUR 1,500        1,023  
     

 

 

  
        2,276  
     

 

 

  
Real Estate — 0.8%      
Affinity Sutton Capital Markets plc, (United Kingdom), Reg. S, 5.98%, 09/17/2038    GBP 1,000        1,319  
Akelius Residential Property Financing BV, (Netherlands),      
Reg. S, 0.75%, 02/22/2030    EUR 2,000        1,555  
Reg. S, 1.00%, 01/17/2028    EUR 1,000        871  
Aroundtown SA, (Luxembourg), Reg. S, 0.00%, 07/16/2026    EUR   10,000        7,659  
Balder Finland OYJ, (Finland),      
Reg. S, 1.00%, 01/18/2027    EUR 1,000        830  
Reg. S, 1.00%, 01/20/2029    EUR 1,000        716  
Reg. S, 2.00%, 01/18/2031    EUR 5,000        3,453  
Blackstone Property Partners Europe Holdings Sarl, (Luxembourg),      
Reg. S, 0.50%, 09/12/2023    EUR 2,200        2,332  
Reg. S, 1.63%, 04/20/2030    EUR 1,000        751  
Reg. S, 1.75%, 03/12/2029    EUR 2,500        2,003  
Reg. S, 2.00%, 02/15/2024    EUR 500        523  
Reg. S, 2.63%, 10/20/2028    GBP 1,075        1,007  
Broadgate Financing plc, (United Kingdom), Series A4, Reg. S, 4.82%, 07/05/2033    GBP 50        60  
CBRE Services, Inc.,      
2.50%, 04/01/2031      435        346  
4.88%, 03/01/2026      20        20  
Clarion Funding plc, (United Kingdom),      
Reg. S, 1.25%, 11/13/2032    GBP 1,000        885  
Reg. S, 1.88%, 09/07/2051    GBP 500        313  
Reg. S, 2.63%, 01/18/2029    GBP 200        217  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Real Estate — continued      
CPI Property Group SA, (Luxembourg),      
Reg. S, 1.50%, 01/27/2031    EUR 2,000        1,097  
Reg. S, 1.75%, 01/14/2030    EUR 1,000        619  
Reg. S, 2.75%, 05/12/2026    EUR 1,000        858  
Reg. S, 2.75%, 01/22/2028    GBP 1,800        1,499  
CTP NV, (Netherlands),      
Reg. S, 0.50%, 06/21/2025    EUR 2,865        2,722  
Reg. S, 0.63%, 11/27/2023    EUR 750        787  
Reg. S, 0.63%, 09/27/2026    EUR 3,500        3,007  
Reg. S, 0.88%, 01/20/2026    EUR 1,000        903  
Reg. S, 1.25%, 06/21/2029    EUR 600        446  
Deutsche Wohnen SE, (Germany),      
Reg. S, 0.50%, 04/07/2031    EUR 500        367  
Reg. S, 1.00%, 04/30/2025    EUR 2,000        2,026  
Reg. S, 1.30%, 04/07/2041    EUR 500        298  
Reg. S, 1.50%, 04/30/2030    EUR 2,000        1,711  
Fastighets AB Balder, (Sweden),      
Reg. S, 1.13%, 01/29/2027    EUR 1,000        832  
Reg. S, 1.88%, 01/23/2026    EUR 2,000        1,825  
Heimstaden Bostad AB, (Sweden), Reg. S, 1.13%, 01/21/2026    EUR     1,200        1,094  
Hexagon Housing Association Ltd., (United Kingdom), Reg. S, 3.63%, 04/22/2048    GBP 1,000        891  
HOWOGE Wohnungsbaugesellschaft mbH, (Germany), Reg. S, 1.13%, 11/01/2033    EUR 100        78  
Kojamo OYJ, (Finland),      
Reg. S, 0.88%, 05/28/2029    EUR 1,000        765  
Reg. S, 2.00%, 03/31/2026    EUR 1,000        960  
Logicor 2019-1 UK plc, (United Kingdom), Reg. S, 1.88%, 11/17/2026    GBP 825        897  
Logicor Financing Sarl, (Luxembourg),      
Reg. S, 0.75%, 07/15/2024    EUR 1,500        1,511  
Reg. S, 1.50%, 07/13/2026    EUR 1,200        1,076  
Reg. S, 2.25%, 05/13/2025    EUR 2,000        1,983  
London & Quadrant Housing Trust, (United Kingdom),      
Reg. S, 2.00%, 03/31/2032    GBP 1,000        965  
Reg. S, 2.00%, 10/20/2038    GBP 425        342  
Reg. S, 2.63%, 02/28/2028    GBP 1,225        1,356  
Reg. S, 2.75%, 07/20/2057    GBP 425        316  
Reg. S, 3.13%, 02/28/2053    GBP 500        412  
Meadowhall Finance plc, (United Kingdom), Series A1, Reg. S, 4.99%, 01/12/2032    GBP 28        31  
NE Property BV, (Netherlands),      
Reg. S, 1.75%, 11/23/2024    EUR 500        507  
Reg. S, 1.88%, 10/09/2026    EUR 1,000        924  
Reg. S, 2.00%, 01/20/2030    EUR 500        382  
Reg. S, 3.38%, 07/14/2027    EUR 500        476  
Notting Hill Genesis, (United Kingdom),      
Reg. S, 2.00%, 06/03/2036    GBP 2,800        2,409  
Reg. S, 3.25%, 10/12/2048    GBP 1,000        873  
Reg. S, 4.38%, 02/20/2054    GBP 500        530  
Reg. S, 5.25%, 07/07/2042    GBP 1,000        1,220  
Ontario Teachers’ Cadillac Fairview Properties Trust, (Canada),      
2.50%, 10/15/2031 (e)      580        456  
4.13%, 02/01/2029 (e)      2,100        1,949  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Real Estate — continued      
Optivo Finance plc, (United Kingdom),      
Reg. S, 3.28%, 03/22/2048    GBP 2,000        1,777  
Reg. S, 5.25%, 03/13/2043    GBP 1,000        1,222  
Orbit Capital plc, (United Kingdom), Reg. S, 3.38%, 06/14/2048    GBP 1,325        1,200  
P3 Group Sarl, (Luxembourg), Reg. S, 0.88%, 01/26/2026    EUR 490        456  
Sagax AB, (Sweden), Reg. S, 2.25%, 03/13/2025    EUR 1,000        1,019  
Sagax Euro Mtn NL BV, (Netherlands), Reg. S, 1.63%, 02/24/2026    EUR 1,000        946  
Samhallsbyggnadsbolaget i Norden AB, (Sweden), Reg. S, 1.00%, 08/12/2027    EUR 475        343  
Sinochem Offshore Capital Co. Ltd., (British Virgin Islands), Reg. S, 0.75%, 11/25/2025    EUR     1,000        980  
Telereal Securitisation plc, (United Kingdom), Series B4, 6.16%, 12/10/2031    GBP 43        53  
Tesco Property Finance 1 plc, (United Kingdom), Reg. S, 7.62%, 07/13/2039    GBP 80        111  
Trafford Centre Finance Ltd. (The), (Cayman Islands), Series A2, Reg. S, 6.50%, 07/28/2033    GBP 34        41  
Vonovia Finance BV, (Netherlands),      
Reg. S, 0.63%, 07/09/2026    EUR 300        283  
Reg. S, 0.88%, 07/03/2023    EUR 100        107  
Reg. S, 1.00%, 01/28/2041    EUR 1,100        575  
Series DIP, Reg. S, 1.50%, 03/31/2025    EUR 2,000        2,041  
Vonovia SE, (Germany), Reg. S, 0.75%, 09/01/2032    EUR 1,700        1,181  
     

 

 

  
        78,595  
     

 

 

  
REITS — 1.0%      
Aedifica SA, (Belgium), Reg. S, 0.75%, 09/09/2031    EUR 1,200        883  
Altarea SCA, (France), Reg. S, 1.75%, 01/16/2030    EUR 400        300  
American Tower Corp.,      
0.88%, 05/21/2029    EUR 1,000        871  
1.30%, 09/15/2025      400        366  
1.38%, 04/04/2025    EUR 2,050        2,116  
1.95%, 05/22/2026    EUR 1,000        1,019  
2.70%, 04/15/2031      50        42  
2.95%, 01/15/2051      157        100  
3.65%, 03/15/2027      270        256  
Brixmor Operating Partnership LP,      
4.05%, 07/01/2030      1,175        1,058  
4.13%, 06/15/2026      2,300        2,179  
4.13%, 05/15/2029      875        799  
Camden Property Trust,      
3.15%, 07/01/2029      100        89  
3.35%, 11/01/2049      10        7  
Carmila SA, (France),      
Reg. S, 1.63%, 05/30/2027    EUR 1,000        920  
Reg. S, 2.38%, 09/16/2024    EUR 1,000        1,054  
EPR Properties, 3.60%, 11/15/2031      155        116  
Equinix, Inc.,      
0.25%, 03/15/2027    EUR 3,900        3,645  
1.00%, 03/15/2033    EUR 3,500        2,773  
1.45%, 05/15/2026      200        180  
2.63%, 11/18/2024      85        82  
2.90%, 11/18/2026      200        185  
ERP Operating LP, 2.85%, 11/01/2026      150        140  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
REITS — continued      
Globalworth Real Estate Investments Ltd., (Guernsey),      
Reg. S, 2.95%, 07/29/2026    EUR 500        431  
Reg. S, 3.00%, 03/29/2025    EUR 1,000        938  
GLP Capital LP / GLP Financing II, Inc.,      
3.25%, 01/15/2032      1,734        1,407  
3.35%, 09/01/2024      20        19  
5.30%, 01/15/2029      235        224  
5.38%, 04/15/2026      1,500        1,455  
5.75%, 06/01/2028      360        351  
Goodman Australia Finance Pty Ltd., (Australia), Reg. S, 1.38%, 09/27/2025    EUR 2,758        2,738  
Hammerson Ireland Finance DAC, (Ireland), Reg. S, 1.75%, 06/03/2027    EUR     5,483        4,769  
Hammerson plc, (United Kingdom),      
Reg. S, 6.00%, 02/23/2026    GBP 3,900        4,415  
Reg. S, 7.25%, 04/21/2028    GBP 1,400        1,594  
Healthpeak OP LLC, 3.00%, 01/15/2030      1,400        1,227  
Host Hotels & Resorts LP, Series J, 2.90%, 12/15/2031      415        324  
Kimco Realty OP LLC, 2.70%, 10/01/2030      1,900        1,582  
Klepierre SA, (France),      
Reg. S, 0.88%, 02/17/2031    EUR 1,000        806  
Reg. S, 1.63%, 12/13/2032    EUR 1,000        824  
Reg. S, 2.00%, 05/12/2029    EUR 1,000        935  
Mercialys SA, (France),      
Reg. S, 1.80%, 02/27/2026    EUR 1,000        966  
Reg. S, 2.50%, 02/28/2029    EUR 2,000        1,715  
Merlin Properties Socimi SA, (Spain),      
Reg. S, 1.38%, 06/01/2030    EUR 1,000        813  
Reg. S, 2.38%, 07/13/2027    EUR 1,000        985  
MPT Operating Partnership LP / MPT Finance Corp., 0.99%, 10/15/2026    EUR 1,650        1,203  
National Health Investors, Inc., 3.00%, 02/01/2031      400        302  
Omega Healthcare Investors, Inc.,      
3.25%, 04/15/2033      265        194  
4.50%, 04/01/2027      16        15  
Prologis Euro Finance LLC, 0.25%, 09/10/2027    EUR 2,725        2,489  
Prologis LP,      
2.25%, 06/30/2029    GBP 1,600        1,677  
5.25%, 06/15/2053      120        119  
Public Storage,      
0.50%, 09/09/2030    EUR 1,500        1,195  
0.88%, 02/15/2026      50        45  
1.50%, 11/09/2026      200        179  
1.85%, 05/01/2028      300        262  
1.95%, 11/09/2028      400        348  
2.25%, 11/09/2031      165        137  
2.30%, 05/01/2031      65        54  
3.09%, 09/15/2027      110        104  
3.39%, 05/01/2029      145        135  
Realty Income Corp.,      
1.63%, 12/15/2030    GBP 200        189  
1.75%, 07/13/2033    GBP 1,100        968  
3.10%, 12/15/2029      800        717  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
REITS — continued      
3.88%, 04/15/2025      100        97  
5.05%, 01/13/2026      14        14  
5.63%, 10/13/2032      440        457  
Sabra Health Care LP, 3.20%, 12/01/2031      295        216  
Scentre Group Trust 1 / Scentre Group Trust 2, (Australia),      
Reg. S, 1.45%, 03/28/2029    EUR 2,000        1,792  
Reg. S, 1.75%, 04/11/2028    EUR 2,000        1,869  
Scentre Group Trust 1, (Australia),      
Reg. S, 2.25%, 07/16/2024    EUR 2,000        2,100  
Reg. S, 3.88%, 07/16/2026    GBP 554        650  
Simon International Finance SCA, (Luxembourg), Reg. S, 1.25%, 05/13/2025    EUR     2,325        2,363  
Simon Property Group LP,      
1.38%, 01/15/2027      70        62  
3.50%, 09/01/2025      50        48  
5.85%, 03/08/2053      130        130  
Tanger Properties LP, 2.75%, 09/01/2031      280        201  
Unibail-Rodamco-Westfield SE, (France), Reg. S, 1.38%, 12/04/2031    EUR 1,500        1,202  
Ventas Realty LP, 4.13%, 01/15/2026      2,300        2,229  
VICI Properties LP,      
4.75%, 02/15/2028      635        602  
4.95%, 02/15/2030      1,645        1,542  
5.13%, 05/15/2032      39        37  
5.63%, 05/15/2052      308        277  
Welltower OP LLC,      
2.75%, 01/15/2031      50        41  
3.10%, 01/15/2030      2,400        2,091  
4.50%, 01/15/2024      3,500        3,462  
4.50%, 12/01/2034    GBP 300        319  
4.80%, 11/20/2028    GBP 1,650        1,927  
Weyerhaeuser Co., 4.00%, 04/15/2030      1,500        1,399  
WP Carey, Inc., 2.25%, 04/01/2033      1,000        763  
WPC Eurobond BV, (Netherlands),      
0.95%, 06/01/2030    EUR 1,800        1,440  
1.35%, 04/15/2028    EUR 825        737  
2.13%, 04/15/2027    EUR 1,800        1,763  
     

 

 

  
        87,860  
     

 

 

  
Savings & Loans — 0.1%      
Coventry Building Society, (United Kingdom), Reg. S, 2.63%, 12/07/2026    EUR 5,000        5,256  
Nationwide Building Society, (United Kingdom),      
Reg. S, 0.25%, 07/22/2025    EUR 2,000        1,997  
Reg. S, 0.63%, 03/25/2027    EUR 100        98  
Reg. S, 5.63%, 01/28/2026    GBP 100        127  
Yorkshire Building Society, (United Kingdom),      
Reg. S, 0.01%, 10/13/2027    EUR 100        93  
Reg. S, 0.01%, 11/16/2028    EUR 5,000        4,479  
     

 

 

  
        12,050  
     

 

 

  
Total Financial         1,661,263  
     

 

 

  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Government — 8.4%      
Multi-National — 3.5%      
African Development Bank, (Supranational),      
0.25%, 11/21/2024    EUR 925        954  
0.50%, 03/22/2027    EUR 1,000        981  
0.50%, 03/21/2029    EUR 3,000        2,808  
0.88%, 05/24/2028    EUR 400        390  
2.25%, 09/14/2029    EUR 2,000        2,067  
Asian Development Bank, (Supranational),      
Reg. S, 0.03%, 01/31/2030    EUR 3,550        3,155  
0.35%, 07/16/2025    EUR 800        813  
0.75%, 12/07/2027    GBP 5,000        5,320  
1.40%, 02/06/2037    EUR 7,000        6,129  
1.63%, 03/15/2024      100        97  
1.95%, 07/22/2032    EUR 10,000        9,874  
2.00%, 01/22/2025      300        288  
2.50%, 12/19/2024    GBP 2,000        2,383  
2.63%, 01/30/2024      258        253  
4.13%, 09/27/2024      2,525        2,512  
6.22%, 08/15/2027      100        108  
Asian Infrastructure Investment Bank (The), (Supranational),      
0.50%, 10/30/2024      495        465  
Reg. S, 4.38%, 06/11/2026    GBP 11,000        13,553  
Corp. Andina de Fomento, (Supranational),      
Reg. S, 0.25%, 02/04/2026    EUR 2,000        1,944  
Reg. S, 1.13%, 02/13/2025    EUR 10,000        10,276  
Council Of Europe Development Bank, (Supranational),      
Reg. S, 0.00%, 04/09/2027    EUR 2,000        1,922  
Reg. S, 0.00%, 01/20/2031    EUR 5,000        4,310  
Reg. S, 0.25%, 01/19/2032    EUR 3,000        2,572  
Reg. S, 0.38%, 03/27/2025    EUR 175        179  
Reg. S, 0.63%, 01/30/2029    EUR 1,500        1,425  
Reg. S, 0.75%, 06/09/2025    EUR 50        51  
Erste Abwicklungsanstalt, (Germany), Reg. S, 0.01%, 11/03/2023    EUR 1,000        1,064  
Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial, (Supranational),      
Reg. S, 0.25%, 04/25/2023    EUR 825        893  
4.55%, 03/30/2027    CAD 300        229  
5.50%, 06/07/2032    GBP 300        408  
European Bank for Reconstruction & Development, (Supranational),      
0.25%, 07/10/2023      95        94  
0.50%, 05/19/2025      135        125  
European Investment Bank, (Supranational),      
0.00%, 03/15/2024    EUR 300        316  
Reg. S, 0.00%, 03/25/2025    EUR   15,200        15,519  
Reg. S, 0.00%, 03/13/2026    EUR 700        696  
Reg. S, 0.00%, 06/17/2027    EUR 1,500        1,439  
Reg. S, 0.00%, 09/28/2028    EUR 1,000        926  
Zero Coupon, 05/28/2037 (e)    CAD 150        62  
Reg. S, 0.01%, 11/15/2035    EUR 4,200        3,077  
Reg. S, 0.01%, 05/15/2041    EUR 15,000        9,128  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Multi-National — continued      
Reg. S, 0.05%, 05/24/2024    EUR 2,000        2,094  
Reg. S, 0.05%, 11/15/2029    EUR 10,000        8,999  
0.05%, 01/16/2030    EUR 17,900        16,021  
Reg. S, 0.05%, 10/13/2034    EUR 34,000        26,085  
Reg. S, 0.10%, 10/15/2026    EUR 5,000        4,914  
Reg. S, 0.13%, 12/14/2026    GBP 1,875        2,000  
Reg. S, 0.13%, 06/20/2029    EUR 6,000        5,488  
Reg. S, 0.25%, 06/15/2040    EUR 3,950        2,605  
0.38%, 07/16/2025    EUR 25,000        25,539  
0.38%, 03/26/2026      1,300        1,173  
Reg. S, 0.38%, 04/14/2026    EUR 3,000        3,011  
0.50%, 01/15/2027    EUR 2,000        1,982  
Reg. S, 0.50%, 11/13/2037    EUR 2,000        1,494  
0.63%, 07/25/2025      100        93  
Reg. S, 0.88%, 05/15/2026    GBP 2,000        2,238  
0.88%, 09/13/2047    EUR 200        133  
Reg. S, 1.00%, 03/14/2031    EUR 20,000        18,705  
Reg. S, 1.00%, 04/14/2032    EUR 3,275        2,997  
Reg. S, 1.38%, 03/07/2025    GBP 100        117  
Reg. S, 1.50%, 06/15/2032    EUR 11,000        10,520  
1.50%, 10/16/2048    EUR 2,845        2,164  
1.63%, 03/14/2025      200        191  
2.75%, 08/15/2025      600        583  
Reg. S, 2.75%, 09/15/2025    EUR 10,000        10,771  
2.75%, 09/13/2030    EUR 230        246  
3.13%, 12/14/2023      250        247  
3.25%, 01/29/2024      165        163  
Reg. S, 3.63%, 03/14/2042    EUR 2,025        2,291  
Reg. S, 3.88%, 06/08/2037    GBP 3,000        3,638  
4.13%, 04/15/2024    EUR 13,000        14,233  
4.50%, 10/15/2025    EUR 10,000        11,226  
Reg. S, 4.50%, 03/07/2044    GBP 3,000        3,874  
5.00%, 04/15/2039    GBP 3,500        4,772  
Reg. S, 6.27%, 08/28/2024    IDR 10,000,000        667  
Series 1981, 2.63%, 03/15/2035    EUR 40        41  
Series DIP, Reg. S, 4.63%, 10/12/2054    GBP 3,055        4,066  
FMS Wertmanagement, (Germany), Reg. S, 0.38%, 04/29/2030    EUR 1,000        905  
Inter-American Development Bank, (Supranational),      
0.50%, 09/23/2024      750        709  
0.88%, 04/20/2026      400        365  
1.25%, 12/15/2025    GBP 2,000        2,278  
1.50%, 01/13/2027      1,000        917  
2.13%, 01/15/2025      290        280  
2.38%, 08/03/2029    GBP 1,000        1,120  
2.63%, 01/16/2024      230        226  
3.00%, 02/21/2024      100        98  
6.75%, 07/15/2027      700        766  
International Development Association, (Supranational),      
Reg. S, 0.00%, 10/19/2026    EUR 1,000        971  
Reg. S, 0.35%, 04/22/2036    EUR 3,500        2,680  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Multi-National — continued      
Reg. S, 0.38%, 09/22/2027    GBP 2,000        2,100  
Reg. S, 0.70%, 01/17/2042    EUR 1,000        697  
Reg. S, 1.75%, 05/05/2037    EUR 500        456  
Reg. S, 2.50%, 01/15/2038    EUR 4,000        3,991  
International Finance Corp., (Supranational),      
0.25%, 12/15/2025    GBP 1,000        1,108  
Reg. S, 1.38%, 03/07/2025    GBP 1,000        1,165  
2.88%, 07/31/2023      80        80  
3.63%, 09/15/2025      2,120        2,102  
North American Development Bank, (Supranational), Reg. S, 0.20%, 11/28/2028    CHF 200        197  
     

 

 

  
        327,397  
     

 

 

  
Municipal — 0.0% (g)      
Transport for London, (United Kingdom),      
Reg. S, 3.88%, 07/23/2042    GBP 140        146  
Reg. S, 4.00%, 09/12/2033    GBP 300        339  
     

 

 

  
        485  
     

 

 

  
Regional (State/Province) — 0.0% (g)      
KAF Kaerntner Ausgleichszahlungs-Fonds, (Austria), Reg. S, Zero Coupon, 01/14/2032    EUR 860        695  
UK Municipal Bonds Agency Finance Co. Designated Activity Co., (Ireland), Reg. S, 1.63%, 08/26/2060    GBP 100        57  
     

 

 

  
        752  
     

 

 

  
Sovereign — 4.9%      
European Financial Stability Facility, (Luxembourg),      
Reg. S, 0.00%, 10/13/2027    EUR 4,325        4,106  
Reg. S, 0.00%, 01/20/2031    EUR 9,600        8,285  
Reg. S, 0.05%, 10/17/2029    EUR 9,000        8,096  
Reg. S, 0.05%, 01/18/2052    EUR 1,000        438  
Reg. S, 0.40%, 02/17/2025    EUR 1,000        1,032  
Reg. S, 0.50%, 07/11/2025    EUR 8,000        8,192  
Reg. S, 0.63%, 10/16/2026    EUR 100        100  
Reg. S, 0.70%, 01/20/2050    EUR 2,500        1,488  
Reg. S, 0.70%, 01/17/2053    EUR     10,000        5,596  
Reg. S, 0.75%, 05/03/2027    EUR 15,000        14,909  
Reg. S, 0.88%, 04/10/2035    EUR 15,900        13,310  
Reg. S, 1.20%, 02/17/2045    EUR 2,325        1,737  
Reg. S, 1.38%, 05/31/2047    EUR 10,000        7,575  
Reg. S, 1.45%, 09/05/2040    EUR 370        307  
Reg. S, 1.50%, 12/15/2025    EUR 13,000        13,551  
Reg. S, 1.70%, 02/13/2043    EUR 1,900        1,596  
Reg. S, 1.75%, 07/17/2053    EUR 2,050        1,575  
Reg. S, 2.00%, 02/28/2056    EUR 2,000        1,637  
Reg. S, 2.38%, 04/11/2028    EUR 15,000        15,820  
Reg. S, 2.38%, 06/21/2032    EUR 5,000        5,139  
Reg. S, 2.75%, 08/17/2026    EUR 15,000        16,139  
Reg. S, 2.75%, 12/03/2029    EUR 1,020        1,094  
Reg. S, 3.38%, 04/03/2037    EUR 3,000        3,309  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Sovereign — continued      
European Stability Mechanism, (Supranational),      
Reg. S, 0.00%, 12/15/2026    EUR 10,500        10,220  
Reg. S, 0.01%, 03/04/2030    EUR 1,900        1,684  
Reg. S, 0.01%, 10/15/2031    EUR 8,900        7,523  
Reg. S, 0.50%, 03/02/2026    EUR 5,600        5,651  
Reg. S, 0.50%, 03/05/2029    EUR 6,000        5,651  
Reg. S, 0.75%, 09/05/2028    EUR 2,750        2,657  
Reg. S, 0.88%, 07/18/2042    EUR 1,020        720  
Reg. S, 1.00%, 09/23/2025    EUR 15,000        15,493  
Reg. S, 1.00%, 06/23/2027    EUR 5,000        4,998  
Reg. S, 1.75%, 10/20/2045    EUR 1,050        868  
Reg. S, 1.80%, 11/02/2046    EUR 10,420        8,669  
Reg. S, 1.85%, 12/01/2055    EUR 180        140  
European Union, (Supranational),      
Reg. S, 0.00%, 07/06/2026    EUR 10,350        10,219  
Reg. S, 0.00%, 10/04/2028    EUR 1,800        1,666  
Reg. S, 0.00%, 04/22/2031    EUR 5,800        4,981  
Reg. S, 0.00%, 07/04/2031    EUR 30,000        25,601  
Reg. S, 0.25%, 04/22/2036    EUR   12,900        9,679  
Reg. S, 0.40%, 02/04/2037    EUR 10,000        7,454  
Reg. S, 0.45%, 07/04/2041    EUR 19,800        13,118  
Reg. S, 0.50%, 04/04/2025    EUR 3,575        3,685  
Reg. S, 0.70%, 07/06/2051    EUR 5,900        3,438  
Reg. S, 0.75%, 04/04/2031    EUR 3,925        3,598  
Reg. S, 0.80%, 07/04/2025    EUR 20,700        21,377  
Reg. S, 1.00%, 07/06/2032    EUR 5,800        5,294  
Reg. S, 1.13%, 04/04/2036    EUR 1,265        1,082  
Reg. S, 1.38%, 10/04/2029    EUR 8,000        7,881  
Reg. S, 1.50%, 10/04/2035    EUR 5,000        4,525  
Reg. S, 1.63%, 12/04/2029    EUR 20,000        19,976  
Reg. S, 2.00%, 10/04/2027    EUR 10,000        10,434  
Reg. S, 2.50%, 10/04/2052    EUR 9,000        8,307  
Reg. S, 2.63%, 02/04/2048    EUR 1,000        963  
Reg. S, 3.38%, 04/04/2038    EUR 4,000        4,423  
Reg. S, 3.38%, 11/04/2042    EUR 20,000        21,825  
Reg. S, 3.75%, 04/04/2042    EUR 5,015        5,765  
Series MFA, Reg. S, 3.00%, 03/04/2053    EUR 8,000        8,152  
Series SURE, Reg. S, 0.00%, 11/04/2025    EUR 5,198        5,227  
Series SURE, Reg. S, 0.00%, 06/02/2028    EUR 5,500        5,140  
Series SURE, Reg. S, 0.00%, 10/04/2030    EUR 10,000        8,732  
Series SURE, Reg. S, 0.00%, 07/04/2035    EUR 21,150        15,687  
Series SURE, Reg. S, 0.10%, 10/04/2040    EUR 7,675        4,837  
Series SURE, Reg. S, 0.20%, 06/04/2036    EUR 9,600        7,068  
Series SURE, Reg. S, 0.30%, 11/04/2050    EUR 1,220        623  
Series SURE, Reg. S, 0.45%, 05/02/2046    EUR 5,000        2,995  
Series SURE, Reg. S, 0.75%, 01/04/2047    EUR 5,000        3,209  
Series SURE, Reg. S, 1.13%, 06/04/2037    EUR 5,000        4,121  
HM Treasury UK Sovereign Sukuk plc, (United Kingdom), Reg. S, 0.33%, 07/22/2026    GBP 900        992  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Sovereign — continued      
LCR Finance plc, (United Kingdom),      
Reg. S, 4.50%, 12/07/2028    GBP 400        507  
Reg. S, 4.50%, 12/07/2038    GBP 110        140  
5.10%, 03/07/2051    GBP 50        70  
     

 

 

  
        462,096  
     

 

 

  
Total Government         790,730  
     

 

 

  
Industrial — 2.8%      
Aerospace/Defense — 0.3%      
Airbus SE, (Netherlands),      
Reg. S, 1.63%, 06/09/2030    EUR 500        476  
Reg. S, 2.00%, 04/07/2028    EUR 1,100        1,121  
Reg. S, 2.38%, 04/07/2032    EUR 1,000        979  
BAE Systems plc, (United Kingdom), 1.90%, 02/15/2031 (e)      1,350        1,098  
Boeing Co. (The),      
3.45%, 11/01/2028      100        92  
4.88%, 05/01/2025      800        798  
5.71%, 05/01/2040      2,405        2,430  
5.81%, 05/01/2050      50        50  
General Dynamics Corp.,      
2.25%, 06/01/2031      300        258  
3.75%, 05/15/2028      85        83  
Hexcel Corp., 4.20%, 02/15/2027      170        161  
Lockheed Martin Corp.,      
4.09%, 09/15/2052      35        32  
4.15%, 06/15/2053      400        362  
4.30%, 06/15/2062      455        412  
4.70%, 05/15/2046      360        356  
4.95%, 10/15/2025      400        406  
5.10%, 11/15/2027      400        415  
5.70%, 11/15/2054      400        454  
5.90%, 11/15/2063      185        216  
Raytheon Technologies Corp.,      
2.15%, 05/18/2030    EUR 1,500        1,425  
2.82%, 09/01/2051      200        139  
3.20%, 03/15/2024      30        30  
3.95%, 08/16/2025      140        138  
7.20%, 08/15/2027      20        22  
Safran SA, (France),      
Reg. S, 0.13%, 03/16/2026    EUR     1,000        983  
Reg. S, 0.75%, 03/17/2031    EUR 5,500        4,941  
Thales SA, (France),      
Reg. S, 0.00%, 03/26/2026    EUR 3,800        3,707  
Reg. S, 0.75%, 01/23/2025    EUR 1,000        1,031  
Reg. S, 1.00%, 05/15/2028    EUR 1,900        1,814  
     

 

 

  
        24,429  
     

 

 

  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Building Materials — 0.4%      
Aliaxis Finance SA, (Belgium), Reg. S, 0.88%, 11/08/2028    EUR 1,500        1,251  
Carrier Global Corp.,      
2.24%, 02/15/2025      20        19  
2.49%, 02/15/2027      10        10  
3.38%, 04/05/2040      100        79  
CRH Finance DAC, (Ireland), Reg. S, 1.38%, 10/18/2028    EUR 1,000        957  
Crh Finance UK plc, (United Kingdom), Reg. S, 4.13%, 12/02/2029    GBP 1,500        1,745  
CRH SMW Finance DAC, (Ireland), Reg. S, 1.25%, 11/05/2026    EUR 1,000        1,001  
Eagle Materials, Inc., 2.50%, 07/01/2031      154        126  
HeidelbergCement AG, (Germany), Reg. S, 3.75%, 05/31/2032    EUR 6,125        6,215  
Holcim Finance Luxembourg SA, (Luxembourg),      
Reg. S, 0.50%, 11/29/2026    EUR 500        485  
Reg. S, 0.50%, 09/03/2030    EUR 500        415  
Reg. S, 0.50%, 04/23/2031    EUR     1,000        808  
Reg. S, 0.63%, 04/06/2030    EUR 4,350        3,734  
Reg. S, 0.63%, 01/19/2033    EUR 500        380  
Reg. S, 1.50%, 04/06/2025    EUR 5,000        5,198  
Reg. S, 2.25%, 05/26/2028    EUR 2,000        1,990  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.07%), 3.00%, 04/05/2024 (x) (aa)    EUR 500        522  
Holcim Sterling Finance Netherlands BV, (Netherlands), Reg. S, 3.00%, 05/12/2032    GBP 3,500        3,574  
Imerys SA, (France),      
Reg. S, 1.00%, 07/15/2031    EUR 2,000        1,589  
Reg. S, 1.50%, 01/15/2027    EUR 3,000        2,960  
Reg. S, 2.00%, 12/10/2024    EUR 1,000        1,049  
Johnson Controls International plc / Tyco Fire & Security Finance SCA, (Ireland),      
0.38%, 09/15/2027    EUR 1,000        938  
1.00%, 09/15/2032    EUR 1,000        858  
3.00%, 09/15/2028    EUR 1,000        1,038  
Lennox International, Inc., 1.35%, 08/01/2025      12        11  
Martin Marietta Materials, Inc., 4.25%, 07/02/2024      40        40  
Owens Corning, 3.95%, 08/15/2029      1,000        941  
Trane Technologies Luxembourg Finance SA, (Luxembourg), 4.50%, 03/21/2049      15        13  
Vulcan Materials Co.,      
3.50%, 06/01/2030      60        55  
4.70%, 03/01/2048      440        399  
5.80%, 03/01/2026      240        242  
     

 

 

  
        38,642  
     

 

 

  
Electrical Components & Equipment — 0.1%      
Emerson Electric Co.,      
1.25%, 10/15/2025    EUR 1,000        1,026  
1.95%, 10/15/2030      200        168  
2.00%, 12/21/2028      25        22  
2.00%, 10/15/2029    EUR 1,500        1,497  
2.80%, 12/21/2051      169        114  
Legrand SA, (France),      
Reg. S, 0.63%, 06/24/2028    EUR 1,000        943  
Reg. S, 1.00%, 03/06/2026    EUR 1,000        1,009  
Reg. S, 1.88%, 07/06/2032    EUR 1,000        951  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Electrical Components & Equipment — continued      
Signify NV, (Netherlands),      
Reg. S, 2.00%, 05/11/2024    EUR 550        584  
Reg. S, 2.38%, 05/11/2027    EUR 175        178  
     

 

 

  
        6,492  
     

 

 

  
Electronics — 0.2%      
Agilent Technologies, Inc.,      
2.30%, 03/12/2031      425        356  
2.75%, 09/15/2029      60        54  
3.05%, 09/22/2026      275        259  
Allegion US Holding Co., Inc., 3.20%, 10/01/2024      20        19  
Amphenol Technologies Holding GmbH, (Germany), Reg. S, 0.75%, 05/04/2026    EUR 2,525        2,520  
Arrow Electronics, Inc., 6.13%, 03/01/2026      480        481  
Avnet, Inc., 5.50%, 06/01/2032      428        416  
Flex Ltd., (Singapore),      
3.75%, 02/01/2026      220        211  
4.88%, 06/15/2029      164        159  
4.88%, 05/12/2030      175        170  
Honeywell International, Inc.,      
0.75%, 03/10/2032    EUR     2,500        2,088  
2.25%, 02/22/2028    EUR 1,500        1,521  
2.50%, 11/01/2026      400        379  
4.13%, 11/02/2034    EUR 8,700        9,560  
Jabil, Inc., 1.70%, 04/15/2026      150        135  
Keysight Technologies, Inc.,      
3.00%, 10/30/2029      245        218  
4.55%, 10/30/2024      200        198  
4.60%, 04/06/2027      55        54  
TD SYNNEX Corp., 2.65%, 08/09/2031      182        143  
Tyco Electronics Group SA, (Luxembourg),      
0.00%, 02/14/2025    EUR 1,000        1,016  
0.00%, 02/16/2029    EUR 1,000        875  
     

 

 

  
        20,832  
     

 

 

  
Engineering & Construction — 0.4%      
ABB Finance BV, (Netherlands),      
Reg. S, 0.00%, 01/19/2030    EUR 2,000        1,725  
Reg. S, 0.75%, 05/16/2024    EUR 1,500        1,581  
Aeroports de Paris, (France),      
Reg. S, 1.00%, 01/05/2029    EUR 500        466  
Reg. S, 1.50%, 07/02/2032    EUR 100        88  
Reg. S, 2.13%, 10/02/2026    EUR 200        207  
Reg. S, 2.75%, 06/05/2028    EUR 100        105  
Reg. S, 2.75%, 04/02/2030    EUR 2,500        2,540  
Cellnex Finance Co. SA, (Spain),      
Reg. S, 2.00%, 02/15/2033    EUR 1,200        996  
Reg. S, 2.25%, 04/12/2026    EUR 2,000        2,036  
CRCC Hean Ltd., (Hong Kong), Reg. S, 0.88%, 05/20/2026    EUR 300        296  
DAA Finance plc, (Ireland), Reg. S, 1.60%, 11/05/2032    EUR 100        87  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Engineering & Construction — continued      
Ferrovial Emisiones SA, (Spain),      
Reg. S, 0.54%, 11/12/2028    EUR 1,000        893  
Reg. S, 1.38%, 03/31/2025    EUR 1,000        1,036  
Reg. S, 1.38%, 05/14/2026    EUR 1,000        1,010  
Heathrow Funding Ltd., (Jersey),      
Reg. S, 4.63%, 10/31/2046    GBP 325        344  
Reg. S, 6.45%, 12/10/2031    GBP 225        295  
Reg. S, 6.75%, 12/03/2026    GBP 150        192  
HOCHTIEF AG, (Germany),      
Reg. S, 0.50%, 09/03/2027    EUR 2,000        1,909  
Reg. S, 1.75%, 07/03/2025    EUR 1,500        1,561  
Royal Schiphol Group NV, (Netherlands),      
Reg. S, 0.38%, 09/08/2027    EUR 300        283  
Reg. S, 0.75%, 04/22/2033    EUR 200        165  
Sydney Airport Finance Co. Pty Ltd., (Australia),      
Reg. S, 1.75%, 04/26/2028    EUR 1,000        974  
Reg. S, 2.75%, 04/23/2024    EUR 500        536  
Technip Energies NV, (Netherlands), Reg. S, 1.13%, 05/28/2028    EUR   11,100        10,135  
Vantage Towers AG, (Germany),      
Reg. S, 0.38%, 03/31/2027    EUR 1,200        1,293  
Reg. S, 0.75%, 03/31/2030    EUR 500        539  
Vinci SA, (France), Reg. S, 3.38%, 10/17/2032    EUR 2,000        2,114  
Worley US Finance Sub Ltd., Reg. S, 0.88%, 06/09/2026    EUR 3,075        2,963  
     

 

 

  
        36,369  
     

 

 

  
Environmental Control — 0.0% (g)      
Waste Connections, Inc., (Canada),      
2.60%, 02/01/2030      200        176  
3.20%, 06/01/2032      50        45  
4.25%, 12/01/2028      250        245  
     

 

 

  
        466  
     

 

 

  
Hand/Machine Tools — 0.0% (g)      
Regal Rexnord Corp.,      
6.05%, 02/15/2026 (e)      620        622  
6.30%, 02/15/2030 (e)      159        160  
Snap-on, Inc., 3.10%, 05/01/2050      30        23  
     

 

 

  
        805  
     

 

 

  
Machinery - Construction & Mining — 0.1%      
Caterpillar Financial Services Corp.,      
0.80%, 11/13/2025      150        136  
4.90%, 01/17/2025      560        563  
Caterpillar, Inc., 4.75%, 05/15/2064      100        98  
Metso Outotec OYJ, (Finland),      
Reg. S, 0.88%, 05/26/2028    EUR 1,000        907  
Reg. S, 4.88%, 12/07/2027    EUR 3,050        3,388  
Sandvik AB, (Sweden),      
Reg. S, 2.13%, 06/07/2027    EUR 1,000        1,025  
Reg. S, 3.75%, 09/27/2029    EUR 1,000        1,085  
     

 

 

  
        7,202  
     

 

 

  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Machinery - Diversified — 0.2%      
AGCO International Holdings BV, (Netherlands), Reg. S, 0.80%, 10/06/2028    EUR 6,200        5,544  
Atlas Copco AB, (Sweden), Reg. S, 0.63%, 08/30/2026    EUR 1,325        1,315  
Atlas Copco Finance DAC, (Ireland),      
Reg. S, 0.13%, 09/03/2029    EUR 500        445  
Reg. S, 0.75%, 02/08/2032    EUR 500        427  
CNH Industrial Capital LLC, 3.95%, 05/23/2025      1,065        1,037  
CNH Industrial Finance Europe SA, (Luxembourg), Reg. S, 0.00%, 04/01/2024    EUR 1,000        1,046  
Dover Corp.,      
0.75%, 11/04/2027    EUR 1,000        944  
1.25%, 11/09/2026    EUR 1,000        1,001  
Highland Holdings Sarl, (Luxembourg),      
0.32%, 12/15/2026    EUR 1,500        1,445  
0.93%, 12/15/2031    EUR 2,050        1,696  
IDEX Corp.,      
2.63%, 06/15/2031      1,185        999  
3.00%, 05/01/2030      332        292  
John Deere Capital Corp.,      
3.40%, 06/06/2025      115        113  
4.75%, 01/20/2028      500        510  
5.15%, 03/03/2025      255        258  
John Deere Cash Management SARL, (Luxembourg), Reg. S, 1.65%, 06/13/2039    EUR 825        694  
Otis Worldwide Corp.,      
2.06%, 04/05/2025      20        19  
2.29%, 04/05/2027      200        182  
3.36%, 02/15/2050      10        7  
Westinghouse Air Brake Technologies Corp.,      
3.20%, 06/15/2025      350        334  
4.40%, 03/15/2024      1,800        1,776  
     

 

 

  
        20,084  
     

 

 

  
Metal Fabricate/Hardware — 0.0% (g)      
Norsk Hydro ASA, (Norway),      
Reg. S, 1.13%, 04/11/2025    EUR 2,700        2,755  
Reg. S, 2.00%, 04/11/2029    EUR 800        760  
     

 

 

  
        3,515  
     

 

 

  
Miscellaneous Manufacturers — 0.5%      
3M Co., 2.88%, 10/15/2027      230        215  
Carlisle Cos., Inc.,      
2.20%, 03/01/2032      157        122  
2.75%, 03/01/2030      85        72  
Eaton Capital Unlimited Co., (Ireland),      
Reg. S, 0.13%, 03/08/2026    EUR   10,000        9,782  
Reg. S, 0.58%, 03/08/2030    EUR 1,500        1,330  
Reg. S, 0.70%, 05/14/2025    EUR 2,525        2,574  
Reg. S, 0.75%, 09/20/2024    EUR 1,000        1,042  
Eaton Corp., 4.15%, 11/02/2042      100        89  
GE Capital UK Funding Unlimited Co., (Ireland), Reg. S, 5.88%, 01/18/2033    GBP 950        1,207  
General Electric Co.,      
1.50%, 05/17/2029    EUR 1,000        975  
1.88%, 05/28/2027    EUR 1,000        1,010  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Miscellaneous Manufacturers — continued      
Reg. S, 4.13%, 09/19/2035    EUR 1,000        1,075  
Illinois Tool Works, Inc.,      
0.63%, 12/05/2027    EUR 1,000        947  
1.00%, 06/05/2031    EUR 500        445  
Parker-Hannifin Corp., 1.13%, 03/01/2025    EUR 1,650        1,693  
Pentair Finance Sarl, (Luxembourg), 4.50%, 07/01/2029      2,000        1,892  
Siemens Financieringsmaatschappij NV, (Netherlands),      
Reg. S, 0.30%, 02/28/2024    EUR 20        21  
Reg. S, 2.50%, 09/08/2027    EUR 5,200        5,466  
Reg. S, 3.00%, 09/08/2033    EUR 2,000        2,090  
Smiths Group plc, (United Kingdom), Reg. S, 2.00%, 02/23/2027    EUR     12,602        12,651  
Teledyne Technologies, Inc.,      
1.60%, 04/01/2026      80        73  
2.75%, 04/01/2031      540        460  
Textron, Inc., 2.45%, 03/15/2031      1,900        1,601  
Wabtec Transportation Netherlands BV, (Netherlands), 1.25%, 12/03/2027    EUR 1,500        1,420  
     

 

 

  
        48,252  
     

 

 

  
Packaging & Containers — 0.1%      
Amcor UK Finance plc, (United Kingdom), 1.13%, 06/23/2027    EUR 1,500        1,440  
Ball Corp., 0.88%, 03/15/2024    EUR 1,200        1,263  
Berry Global, Inc., 5.50%, 04/15/2028 (e)      615        613  
DS Smith plc, (United Kingdom),      
Reg. S, 0.88%, 09/12/2026    EUR 4,300        4,187  
Series EMT7, Reg. S, 1.38%, 07/26/2024    EUR 500        520  
Packaging Corp. of America, 3.05%, 10/01/2051      105        72  
Sealed Air Corp., 5.50%, 09/15/2025 (e)      1,460        1,443  
     

 

 

  
        9,538  
     

 

 

  
Shipbuilding — 0.0% (g)      
Huntington Ingalls Industries, Inc., 4.20%, 05/01/2030      575        538  
     

 

 

  
Transportation — 0.5%      
AP Moller - Maersk A/S, (Denmark), Reg. S, 4.00%, 04/04/2025    GBP 800        968  
Aurizon Network Pty Ltd., (Australia),      
Reg. S, 2.00%, 09/18/2024    EUR 1,000        1,055  
Reg. S, 3.13%, 06/01/2026    EUR 1,000        1,046  
Brambles Finance Ltd., (Australia), Reg. S, 2.38%, 06/12/2024    EUR 825        878  
Brambles Finance plc, (United Kingdom),      
Reg. S, 1.50%, 10/04/2027    EUR 1,000        988  
Reg. S, 4.25%, 03/22/2031    EUR 14,325        15,581  
Burlington Northern Santa Fe LLC,      
2.88%, 06/15/2052      380        265  
3.00%, 04/01/2025      160        155  
3.30%, 09/15/2051      20        15  
4.15%, 04/01/2045      50        44  
4.45%, 01/15/2053      75        70  
4.55%, 09/01/2044      170        160  
4.95%, 09/15/2041      700        693  
5.40%, 06/01/2041      70        73  
Canadian National Railway Co., (Canada), 4.40%, 08/05/2052      430        402  
Canadian Pacific Railway Co., (Canada), 3.10%, 12/02/2051      210        150  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Transportation — continued      
Deutsche Bahn Finance GMBH, (Germany),      
Reg. S, 0.10%, 01/28/2036    CHF 150        126  
Reg. S, 0.35%, 09/29/2031    EUR 100        86  
Reg. S, 0.50%, 04/09/2027    EUR 140        138  
Reg. S, 1.00%, 12/17/2027    EUR 300        296  
Reg. S, 1.13%, 12/18/2028    EUR 300        291  
Reg. S, 1.13%, 05/29/2051    EUR 112        69  
Reg. S, 1.38%, 03/28/2031    EUR 2,000        1,882  
Reg. S, 1.38%, 04/16/2040    EUR 50        38  
Reg. S, 1.50%, 08/26/2024    CHF 500        543  
Reg. S, 1.63%, 08/16/2033    EUR 189        172  
Reg. S, 1.88%, 02/13/2026    GBP 6,000        6,924  
Reg. S, 1.88%, 05/24/2030    EUR 300        297  
1.99%, 07/08/2030    AUD 200        109  
Reg. S, 3.50%, 09/27/2024    AUD 300        198  
Reg. S, 3.63%, 12/18/2037    EUR 390        422  
Reg. S, 3.75%, 10/29/2025    AUD     1,000        663  
Series CB, Reg. S, (EUR Swap Rate 5 Year + 1.89%), 1.60%, 07/18/2029 (x) (aa)    EUR 1,700        1,464  
East Japan Railway Co., (Japan), Reg. S, 4.50%, 01/25/2036    GBP 2,000        2,364  
Ferrovie dello Stato Italiane SpA, (Italy), Reg. S, 1.50%, 06/27/2025    EUR 510        528  
Kansas City Southern, 4.20%, 11/15/2069      10        8  
La Poste SA, (France),      
Reg. S, 0.00%, 07/18/2029    EUR 200        172  
Reg. S, 0.38%, 09/17/2027    EUR 100        95  
Reg. S, 0.63%, 10/21/2026    EUR 1,300        1,272  
Reg. S, 1.00%, 09/17/2034    EUR 200        160  
Reg. S, 1.38%, 04/21/2032    EUR 1,000        890  
Reg. S, 2.63%, 09/14/2028    EUR 100        104  
Network Rail Infrastructure Finance plc, (United Kingdom), Reg. S, 4.38%, 12/09/2030    GBP 190        242  
OeBB-Infrastruktur AG, (Austria),      
2.25%, 05/28/2029    EUR 325        338  
3.00%, 10/24/2033    EUR 200        216  
Reg. S, 3.38%, 05/18/2032    EUR 4        4  
Reg. S, 3.88%, 06/30/2025    EUR 80        88  
Ryder System, Inc., 5.65%, 03/01/2028      110        111  
Union Pacific Corp.,      
2.97%, 09/16/2062      150        99  
3.60%, 09/15/2037      50        44  
3.75%, 02/05/2070      5        4  
3.80%, 04/06/2071      10        7  
United Parcel Service, Inc.,      
1.50%, 11/15/2032    EUR 1,125        1,011  
5.05%, 03/03/2053      520        532  
     

 

 

  
        44,550  
     

 

 

  
Trucking & Leasing — 0.0% (g)      
Penske Truck Leasing Co. LP / PTL Finance Corp.,      
4.40%, 07/01/2027 (e)      730        700  
5.55%, 05/01/2028 (e)      1,135        1,132  
     

 

 

  
        1,832  
     

 

 

  
Total Industrial         263,546  
     

 

 

  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Technology — 0.9%      
Computers — 0.3%      
Amdocs Ltd., (Guernsey), 2.54%, 06/15/2030      1,135        956  
Apple, Inc.,      
1.20%, 02/08/2028      295        260  
1.38%, 05/24/2029    EUR 100        98  
1.40%, 08/05/2028      30        26  
1.63%, 11/10/2026    EUR 1,125        1,157  
1.65%, 05/11/2030      250        213  
2.38%, 02/08/2041      85        63  
2.55%, 08/20/2060      15        10  
2.65%, 05/11/2050      25        18  
2.65%, 02/08/2051      30        21  
2.80%, 02/08/2061      20        13  
2.85%, 08/05/2061      40        27  
3.05%, 07/31/2029    GBP 425        492  
3.25%, 02/23/2026      50        49  
3.25%, 08/08/2029      1,020        975  
3.35%, 02/09/2027      15        15  
3.75%, 09/12/2047      1,000        871  
3.95%, 08/08/2052      285        254  
4.10%, 08/08/2062      425        377  
Capgemini SE, (France), Reg. S, 0.63%, 06/23/2025    EUR 100        102  
CGI, Inc., (Canada),      
1.45%, 09/14/2026      60        54  
2.30%, 09/14/2031      540        426  
Dell Bank International DAC, (Ireland),      
Reg. S, 0.50%, 10/27/2026    EUR 1,000        962  
Reg. S, 4.50%, 10/18/2027    EUR     1,000        1,106  
Fortinet, Inc., 2.20%, 03/15/2031      35        29  
Genpact Luxembourg Sarl, (Luxembourg), 3.38%, 12/01/2024      1,400        1,356  
Hewlett Packard Enterprise Co.,      
5.90%, 10/01/2024      220        223  
6.10%, 04/01/2026      220        222  
6.35%, 10/15/2045      90        94  
International Business Machines Corp.,      
1.25%, 02/09/2034    EUR 1,000        837  
2.20%, 02/09/2027      200        185  
2.72%, 02/09/2032      100        86  
3.30%, 05/15/2026      1,060        1,021  
3.63%, 02/06/2031    EUR 1,700        1,840  
4.00%, 07/27/2025      300        296  
4.00%, 02/06/2043    EUR 5,000        5,325  
4.25%, 05/15/2049      390        334  
4.88%, 02/06/2038    GBP 1,000        1,188  
4.90%, 07/27/2052      450        418  
Kyndryl Holdings, Inc.,      
2.05%, 10/15/2026      20        18  
4.10%, 10/15/2041      50        33  
NetApp, Inc., 1.88%, 06/22/2025      1,700        1,584  
Teledyne FLIR LLC, 2.50%, 08/01/2030      1,910        1,606  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Computers — continued      
Teleperformance, (France),      
Reg. S, 0.25%, 11/26/2027    EUR 500        455  
Reg. S, 1.88%, 07/02/2025    EUR 200        203  
Reg. S, 3.75%, 06/24/2029    EUR 1,000        1,030  
     

 

 

  
        26,928  
     

 

 

  
Office/Business & Equipment — 0.0% (g)      
CDW LLC / CDW Finance Corp.,      
2.67%, 12/01/2026      985        886  
3.28%, 12/01/2028      342        301  
3.57%, 12/01/2031      262        225  
4.13%, 05/01/2025      1,915        1,857  
     

 

 

  
        3,269  
     

 

 

  
Semiconductors — 0.3%      
Analog Devices, Inc.,      
1.70%, 10/01/2028      200        174  
2.95%, 10/01/2051      250        182  
3.45%, 06/15/2027 (e)      270        261  
Applied Materials, Inc., 3.30%, 04/01/2027      55        53  
ASML Holding NV, (Netherlands),      
Reg. S, 0.25%, 02/25/2030    EUR 1,000        877  
Reg. S, 0.63%, 05/07/2029    EUR     1,200        1,107  
Reg. S, 1.38%, 07/07/2026    EUR 2,000        2,048  
Reg. S, 1.63%, 05/28/2027    EUR 2,750        2,800  
Broadcom Corp. / Broadcom Cayman Finance Ltd., (Multinational), 3.88%, 01/15/2027      90        87  
Broadcom, Inc.,      
3.14%, 11/15/2035 (e)      3,335        2,562  
3.15%, 11/15/2025      217        207  
3.19%, 11/15/2036 (e)      1,220        925  
3.42%, 04/15/2033 (e)      93        78  
3.46%, 09/15/2026      1,320        1,260  
3.47%, 04/15/2034 (e)      100        82  
3.50%, 02/15/2041 (e)      635        478  
3.75%, 02/15/2051 (e)      65        48  
4.00%, 04/15/2029 (e)      475        444  
4.11%, 09/15/2028      20        19  
4.15%, 04/15/2032 (e)      400        364  
4.93%, 05/15/2037 (e)      200        182  
Infineon Technologies AG, (Germany),      
Reg. S, 0.63%, 02/17/2025    EUR 2,000        2,053  
Reg. S, 1.13%, 06/24/2026    EUR 1,400        1,404  
Reg. S, 1.63%, 06/24/2029    EUR 1,000        962  
Reg. S, 2.00%, 06/24/2032    EUR 2,000        1,855  
Intel Corp.,      
4.88%, 02/10/2026 (jj)      1,130        1,144  
5.63%, 02/10/2043      225        230  
5.70%, 02/10/2053      785        798  
5.90%, 02/10/2063      295        303  
Microchip Technology, Inc., 4.25%, 09/01/2025      3,680        3,616  
NVIDIA Corp., 3.70%, 04/01/2060      10        8  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Semiconductors — continued      
NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational),      
3.40%, 05/01/2030      1,000        898  
4.40%, 06/01/2027      590        583  
NXP BV / NXP Funding LLC, (Multinational), 4.88%, 03/01/2024      95        94  
Texas Instruments, Inc.,      
1.75%, 05/04/2030      59        50  
2.70%, 09/15/2051      260        186  
4.15%, 05/15/2048      17        16  
     

 

 

  
        28,438  
     

 

 

  
Software — 0.3%      
Activision Blizzard, Inc., 2.50%, 09/15/2050      70        47  
Adobe, Inc., 2.30%, 02/01/2030      288        255  
Electronic Arts, Inc., 2.95%, 02/15/2051      255        174  
Fidelity National Information Services, Inc.,      
3.10%, 03/01/2041      180        125  
3.36%, 05/21/2031    GBP 100        108  
Fiserv, Inc.,      
3.00%, 07/01/2031    GBP 8,000        8,354  
3.50%, 07/01/2029      170        157  
4.40%, 07/01/2049      135        114  
5.45%, 03/02/2028      360        368  
5.60%, 03/02/2033      315        327  
Intuit, Inc., 1.65%, 07/15/2030      18        15  
Microsoft Corp.,      
2.53%, 06/01/2050      1,160        817  
2.68%, 06/01/2060      535        368  
3.04%, 03/17/2062      30        22  
Oracle Corp.,      
1.65%, 03/25/2026      155        142  
2.30%, 03/25/2028      900        804  
2.95%, 04/01/2030      300        265  
3.60%, 04/01/2050      1,365        963  
3.65%, 03/25/2041      450        347  
3.85%, 04/01/2060      105        73  
3.90%, 05/15/2035      285        249  
3.95%, 03/25/2051      270        201  
4.00%, 07/15/2046      325        248  
4.10%, 03/25/2061      490        358  
4.65%, 05/06/2030      115        112  
4.90%, 02/06/2033      835        817  
5.55%, 02/06/2053      670        636  
6.90%, 11/09/2052      745        831  
Sage Group plc (The), (United Kingdom),      
Reg. S, 1.63%, 02/25/2031    GBP 2,000        1,910  
Reg. S, 2.88%, 02/08/2034    GBP 3,500        3,466  
Reg. S, 3.82%, 02/15/2028    EUR 3,400        3,660  
SAP SE, (Germany),      
Reg. S, 0.38%, 05/18/2029    EUR 5,000        4,592  
Reg. S, 1.00%, 04/01/2025    EUR 50        53  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Software — continued      
ServiceNow, Inc., 1.40%, 09/01/2030      15        12  
VMware, Inc., 4.50%, 05/15/2025      235        232  
Workday, Inc., 3.50%, 04/01/2027      450        430  
     

 

 

  
        31,652  
     

 

 

  
Total Technology         90,287  
     

 

 

  
Utilities — 3.6%      
Electric — 2.8%      
A2A SpA, (Italy),      
Reg. S, 1.00%, 07/16/2029    EUR 100        90  
Reg. S, 1.00%, 11/02/2033    EUR 100        78  
Reg. S, 1.63%, 10/19/2027    EUR 200        202  
Reg. S, 4.38%, 02/03/2034    EUR 100        107  
ACEA SpA, (Italy),      
Reg. S, 0.50%, 04/06/2029    EUR 100        90  
Reg. S, 1.75%, 05/23/2028    EUR 130        129  
Reg. S, 2.63%, 07/15/2024    EUR 100        107  
Reg. S, 3.88%, 01/24/2031    EUR 200        214  
AEP Texas, Inc.,      
3.45%, 05/15/2051      10        7  
4.70%, 05/15/2032      885        862  
5.25%, 05/15/2052      10        10  
Series I, 2.10%, 07/01/2030      2,600        2,159  
AES Corp. (The), 2.45%, 01/15/2031      125        102  
Alabama Power Co.,      
3.00%, 03/15/2052      60        41  
3.75%, 09/01/2027      310        302  
Alliander NV, (Netherlands),      
Reg. S, 2.63%, 09/09/2027    EUR 400        422  
2.88%, 06/14/2024    EUR 100        108  
Ameren Corp.,      
2.50%, 09/15/2024      30        29  
3.50%, 01/15/2031      10        9  
Ameren Illinois Co.,      
1.55%, 11/15/2030      30        24  
3.25%, 03/15/2050      1,200        889  
5.90%, 12/01/2052      20        23  
American Electric Power Co., Inc.,      
2.03%, 03/15/2024      90        87  
2.30%, 03/01/2030      25        21  
3.25%, 03/01/2050      20        14  
5.95%, 11/01/2032      120        127  
Amprion GmbH, (Germany),      
Reg. S, 0.63%, 09/23/2033    EUR     1,500        1,197  
Reg. S, 3.97%, 09/22/2032    EUR 800        881  
Appalachian Power Co.,      
Series BB, 4.50%, 08/01/2032      150        144  
Series Y, 4.50%, 03/01/2049      20        17  
Series Z, 3.70%, 05/01/2050      45        35  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Electric — continued      
Arizona Public Service Co.,      
2.20%, 12/15/2031      100        80  
2.60%, 08/15/2029      84        73  
3.35%, 05/15/2050      60        42  
4.25%, 03/01/2049      10        8  
Atlantic City Electric Co., 4.00%, 10/15/2028      50        48  
Baltimore Gas and Electric Co.,      
2.90%, 06/15/2050      50        34  
4.55%, 06/01/2052      300        273  
Berkshire Hathaway Energy Co.,      
1.65%, 05/15/2031      400        320  
2.85%, 05/15/2051      420        287  
4.25%, 10/15/2050      15        13  
4.60%, 05/01/2053      25        23  
5.15%, 11/15/2043      60        59  
Black Hills Corp.,      
2.50%, 06/15/2030      100        83  
3.05%, 10/15/2029      20        17  
3.88%, 10/15/2049      10        8  
CenterPoint Energy Houston Electric LLC,      
Series AD, 2.90%, 07/01/2050      45        31  
Series AF, 3.35%, 04/01/2051      10        8  
Series AH, 3.60%, 03/01/2052      10        8  
Series AJ, 4.85%, 10/01/2052      100        97  
CenterPoint Energy, Inc.,      
2.95%, 03/01/2030      45        39  
4.25%, 11/01/2028      3        3  
CEZ A/S, (Czech Republic), Reg. S, 2.38%, 04/06/2027    EUR     1,425        1,422  
Coentreprise de Transport d’Electricite SA, (France),      
Reg. S, 0.88%, 09/29/2024    EUR 100        104  
Reg. S, 1.50%, 07/29/2028    EUR 100        98  
Reg. S, 2.13%, 07/29/2032    EUR 100        93  
Commonwealth Edison Co.,      
3.00%, 03/01/2050      55        39  
3.70%, 08/15/2028      10        10  
4.00%, 03/01/2048      25        21  
4.00%, 03/01/2049      10        8  
4.35%, 11/15/2045      980        848  
5.30%, 02/01/2053      10        10  
Series 131, 2.75%, 09/01/2051      440        291  
Series 132, 3.15%, 03/15/2032      200        179  
Connecticut Light and Power Co. (The), Series A, 2.05%, 07/01/2031      905        751  
Consolidated Edison Co. of New York, Inc.,      
3.20%, 12/01/2051      100        72  
3.60%, 06/15/2061      210        157  
3.85%, 06/15/2046      10        8  
6.15%, 11/15/2052      60        67  
Series 09-C, 5.50%, 12/01/2039      10        10  
Series 20A, 3.35%, 04/01/2030      70        65  
Series 20B, 3.95%, 04/01/2050      55        45  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Electric — continued      
Series A, 4.13%, 05/15/2049      20        17  
Series C, 3.00%, 12/01/2060      20        13  
Series E, 4.65%, 12/01/2048      10        9  
Constellation Energy Generation LLC,      
5.60%, 06/15/2042      70        69  
5.80%, 03/01/2033      20        21  
Consumers Energy Co.,      
2.50%, 05/01/2060      10        6  
3.10%, 08/15/2050      30        22  
3.25%, 08/15/2046      1,100        820  
3.75%, 02/15/2050      25        20  
4.20%, 09/01/2052      200        175  
Dominion Energy South Carolina, Inc., 4.60%, 06/15/2043      1,400        1,293  
Dominion Energy, Inc.,      
3.90%, 10/01/2025      220        214  
4.25%, 06/01/2028      20        19  
Series A, 4.35%, 08/15/2032      200        191  
Series A, 4.60%, 03/15/2049      10        9  
Series B, 4.85%, 08/15/2052      245        221  
Series C, 3.38%, 04/01/2030      20        18  
DTE Electric Co.,      
2.95%, 03/01/2050      25        18  
3.70%, 03/15/2045      1,100        888  
3.95%, 03/01/2049      10        8  
Series B, 3.25%, 04/01/2051      130        96  
DTE Energy Co.,      
2.85%, 10/01/2026      250        234  
Series C, 3.40%, 06/15/2029      19        17  
Duke Energy Carolinas LLC,      
3.55%, 03/15/2052      60        47  
3.95%, 11/15/2028      40        39  
5.30%, 02/15/2040      10        10  
5.35%, 01/15/2053      65        67  
Duke Energy Corp.,      
0.90%, 09/15/2025      40        36  
2.45%, 06/01/2030      110        94  
2.55%, 06/15/2031      10        8  
2.65%, 09/01/2026      30        28  
3.10%, 06/15/2028    EUR     2,150        2,220  
3.50%, 06/15/2051      10        7  
3.75%, 09/01/2046      10        8  
3.85%, 06/15/2034    EUR 2,200        2,228  
4.20%, 06/15/2049      20        16  
4.30%, 03/15/2028      100        98  
4.50%, 08/15/2032      450        435  
5.00%, 08/15/2052      120        111  
Duke Energy Florida LLC,      
3.00%, 12/15/2051      20        14  
4.20%, 07/15/2048      10        9  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Electric — continued      
Duke Energy Indiana LLC,      
2.75%, 04/01/2050      20        13  
5.40%, 04/01/2053      20        21  
Series YYY, 3.25%, 10/01/2049      40        29  
Duke Energy Ohio, Inc.,      
2.13%, 06/01/2030      30        25  
3.65%, 02/01/2029      10        9  
4.30%, 02/01/2049      80        68  
Duke Energy Progress LLC,      
3.40%, 04/01/2032      290        263  
4.00%, 04/01/2052      150        124  
E.ON International Finance BV, (Netherlands), Reg. S, 6.13%, 07/06/2039    GBP 650        836  
E.ON SE, (Germany),      
Reg. S, 1.00%, 10/07/2025    EUR 100        103  
Reg. S, 3.50%, 01/12/2028    EUR   11,000        11,958  
EDP - Energias de Portugal SA, (Portugal), Reg. S, 1.63%, 04/15/2027    EUR 200        200  
EDP Finance BV, (Netherlands), Reg. S, 2.00%, 04/22/2025    EUR 1,300        1,374  
Electricite de France SA, (France),      
Reg. S, 1.00%, 10/13/2026    EUR 600        600  
Reg. S, 1.00%, 11/29/2033    EUR 100        77  
Reg. S, 1.88%, 10/13/2036    EUR 200        161  
Reg. S, 2.00%, 12/09/2049    EUR 700        458  
Reg. S, 4.25%, 01/25/2032    EUR 400        430  
Reg. S, 4.63%, 01/25/2043    EUR 100        102  
Reg. S, 4.75%, 10/12/2034    EUR 1,600        1,748  
Reg. S, 5.13%, 09/22/2050    GBP 800        836  
Reg. S, 5.50%, 03/27/2037    GBP 500        580  
Reg. S, 5.50%, 10/17/2041    GBP 1,000        1,131  
Reg. S, (ICE Swap Rate GBP SONIA 15 Year + 3.32%), 5.88%, 01/22/2029 (x) (aa)    GBP 300        306  
5.88%, 07/18/2031    GBP 465        578  
Reg. S, 6.00%, 01/23/2114    GBP 600        677  
Reg. S, 6.13%, 06/02/2034    GBP 600        753  
Reg. S, 6.25%, 05/30/2028    GBP 3,000        3,811  
Elia Transmission Belgium SA, (Belgium), Reg. S, 3.63%, 01/18/2033    EUR 5,400        5,822  
Emera US Finance LP, 2.64%, 06/15/2031      110        88  
EnBW Energie Baden-Wuerttemberg AG, (Germany),      
Reg. S, (EUR Swap Rate 5 Year + 1.65%), 1.38%, 08/31/2081 (aa)    EUR 100        84  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.73%), 1.63%, 08/05/2079 (aa)    EUR 100        90  
Reg. S, (EUR Swap Rate 5 Year + 2.32%), 1.88%, 06/29/2080 (aa)    EUR 100        96  
EnBW International Finance BV, (Netherlands),      
Reg. S, 0.13%, 03/01/2028    EUR 182        171  
Reg. S, 0.50%, 03/01/2033    EUR 97        76  
Reg. S, 0.63%, 04/17/2025    EUR 200        206  
Reg. S, 3.50%, 07/24/2028    EUR 120        129  
Reg. S, 4.00%, 01/24/2035    EUR 100        107  
Reg. S, 6.13%, 07/07/2039    EUR 40        51  
Enel Finance International NV, (Netherlands),      
Reg. S, 0.00%, 06/17/2024    EUR 4,375        4,548  
Reg. S, 0.00%, 05/28/2026    EUR 1,000        969  
Reg. S, 0.38%, 06/17/2027    EUR 1,000        943  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Electric — continued      
Reg. S, 0.38%, 05/28/2029    EUR 1,000        883  
Reg. S, 0.50%, 06/17/2030    EUR 1,000        850  
Reg. S, 0.88%, 09/28/2034    EUR 3,000        2,258  
Reg. S, 0.88%, 06/17/2036    EUR 1,500        1,070  
Reg. S, 1.00%, 09/16/2024    EUR 1,000        1,047  
Reg. S, 1.50%, 07/21/2025    EUR 2,000        2,079  
2.25%, 07/12/2031 (e)      300        234  
2.65%, 09/10/2024 (e)      3,500        3,377  
3.50%, 04/06/2028 (e)      1,700        1,560  
Reg. S, 4.50%, 02/20/2043    EUR 6,000        6,209  
5.00%, 06/15/2032 (e)      940        883  
7.50%, 10/14/2032 (e)      1,185        1,323  
Enel SpA, (Italy), Series 635, Reg. S, (EUR Swap Rate 5 Year + 2.58%), 3.38%, 08/24/2026 (x) (aa)    EUR 5,000        4,921  
e-netz Suedhessen AG, (Germany), 6.13%, 04/23/2041    EUR 20        28  
Enexis Holding NV, (Netherlands),      
Reg. S, 0.75%, 07/02/2031    EUR 134        118  
Reg. S, 0.88%, 04/28/2026    EUR 100        101  
Engie SA, (France),      
Reg. S, 0.38%, 06/21/2027    EUR     1,000        957  
Reg. S, 0.38%, 10/26/2029    EUR 1,000        883  
Reg. S, 1.00%, 10/26/2036    EUR 1,000        745  
Reg. S, 1.38%, 03/27/2025    EUR 1,000        1,041  
Reg. S, (EUR Swap Rate 5 Year + 1.88%), 1.50%, 05/30/2028 (x) (aa)    EUR 3,000        2,619  
Reg. S, (EUR Swap Rate 5 Year + 1.84%), 1.63%, 04/08/2025 (x) (aa)    EUR 1,000        998  
Reg. S, 1.75%, 03/27/2028    EUR 3,000        2,994  
Reg. S, 2.00%, 09/28/2037    EUR 1,000        834  
Reg. S, 2.38%, 05/19/2026    EUR 3,000        3,160  
Reg. S, (EUR Swap Rate 5 Year + 3.17%), 3.25%, 11/28/2024 (x) (aa)    EUR 1,800        1,886  
Reg. S, 5.00%, 10/01/2060    GBP 4,000        4,544  
Reg. S, 7.00%, 10/30/2028    GBP 2,000        2,676  
Entergy Arkansas LLC, 4.20%, 04/01/2049      10        8  
Entergy Corp.,      
0.90%, 09/15/2025      230        207  
3.75%, 06/15/2050      30        23  
Entergy Louisiana LLC,      
1.60%, 12/15/2030 (jj)      2,300        1,818  
2.35%, 06/15/2032      30        25  
2.90%, 03/15/2051      30        20  
3.12%, 09/01/2027 (jj)      2,500        2,336  
3.25%, 04/01/2028      10        9  
4.20%, 09/01/2048      10        9  
Entergy Texas, Inc.,      
4.00%, 03/30/2029      15        15  
5.00%, 09/15/2052      200        193  
ESB Finance DAC, (Ireland),      
Reg. S, 1.88%, 06/14/2031    EUR 224        214  
Reg. S, 2.13%, 06/08/2027    EUR 100        102  
Reg. S, 3.75%, 01/25/2043    EUR 100        103  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Electric — continued      
Evergy Kansas Central, Inc.,      
3.45%, 04/15/2050      55        41  
5.70%, 03/15/2053      40        42  
Evergy Metro, Inc.,      
4.20%, 03/15/2048      10        8  
Series 2019, 4.13%, 04/01/2049      20        17  
Series 2020, 2.25%, 06/01/2030      150        127  
Evergy, Inc., 2.45%, 09/15/2024      3,000        2,872  
Eversource Energy,      
3.38%, 03/01/2032      300        269  
3.45%, 01/15/2050      30        23  
4.20%, 06/27/2024      85        84  
4.60%, 07/01/2027      100        100  
Series R, 1.65%, 08/15/2030      1,410        1,134  
EWE AG, (Germany), Reg. S, 0.38%, 10/22/2032    EUR 90        71  
Exelon Corp.,      
2.75%, 03/15/2027      200        188  
4.05%, 04/15/2030      10        9  
4.10%, 03/15/2052      20        16  
4.45%, 04/15/2046      10        9  
4.70%, 04/15/2050      10        9  
FirstEnergy Transmission LLC, 4.35%, 01/15/2025 (e)      1,100        1,083  
Florida Power & Light Co.,      
2.45%, 02/03/2032      200        171  
2.88%, 12/04/2051      235        164  
3.15%, 10/01/2049      20        15  
3.95%, 03/01/2048      500        429  
4.13%, 06/01/2048      20        17  
5.30%, 04/01/2053      180        190  
FLUVIUS System Operator CVBA, (Belgium),      
Reg. S, 0.63%, 11/24/2031    EUR 100        85  
Reg. S, 4.00%, 07/06/2032    EUR 200        223  
Fortum OYJ, (Finland), Reg. S, 2.13%, 02/27/2029    EUR 100        98  
Georgia Power Co.,      
4.70%, 05/15/2032      2,350        2,326  
5.13%, 05/15/2052      270        263  
Series A, 3.25%, 03/15/2051      20        14  
Series B, 3.70%, 01/30/2050      60        47  
Hera SpA, (Italy),      
Reg. S, 0.25%, 12/03/2030    EUR 160        129  
Reg. S, 1.00%, 04/25/2034    EUR 200        157  
Iberdrola Finanzas SA, (Spain), Reg. S, 1.25%, 10/28/2026    EUR     2,000        2,030  
Iberdrola International BV, (Netherlands),      
Series NC5, Reg. S, (EUR Swap Rate 5 Year + 2.32%), 1.87%, 01/28/2026 (x) (aa)    EUR 3,000        2,922  
Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.57%), 2.25%, 01/28/2029 (x) (aa)    EUR 2,000        1,765  
Ignitis Grupe AB, (Lithuania), Reg. S, 2.00%, 05/21/2030    EUR 110        100  
Interstate Power and Light Co., 3.50%, 09/30/2049      110        82  
Iren SpA, (Italy), Reg. S, 1.00%, 07/01/2030    EUR 550        482  
ITC Holdings Corp., 4.95%, 09/22/2027 (e)      1,170        1,176  
Kentucky Utilities Co., 3.30%, 06/01/2050      25        18  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Electric — continued      
MidAmerican Energy Co.,      
2.70%, 08/01/2052      15        10  
3.10%, 05/01/2027      10        10  
6.75%, 12/30/2031      10        11  
Mississippi Power Co., Series B, 3.10%, 07/30/2051      40        27  
Narragansett Electric Co. (The), 3.40%, 04/09/2030 (e)      200        183  
National Grid Electricity Distribution East Midlands plc, (United Kingdom),      
Reg. S, 3.53%, 09/20/2028    EUR     3,000        3,194  
Reg. S, 3.95%, 09/20/2032    EUR 2,000        2,122  
Reg. S, 6.25%, 12/10/2040    GBP 1,000        1,337  
National Grid Electricity Distribution South Wales plc, (United Kingdom), Series WALE, 5.75%, 03/23/2040    GBP 2,000        2,533  
National Grid Electricity Distribution South West plc, (United Kingdom), Reg. S, 5.88%, 03/25/2027    GBP 20        25  
National Grid Electricity Transmission plc, (United Kingdom),      
Reg. S, 0.19%, 01/20/2025    EUR 1,000        1,020  
Reg. S, 2.00%, 04/17/2040    GBP 425        329  
National Grid plc, (United Kingdom),      
Reg. S, 0.25%, 09/01/2028    EUR 1,000        896  
Reg. S, 0.55%, 09/18/2029    EUR 3,075        2,688  
Reg. S, 2.18%, 06/30/2026    EUR 3,925        4,076  
National Rural Utilities Cooperative Finance Corp.,      
1.00%, 06/15/2026      200        177  
1.35%, 03/15/2031      80        62  
3.45%, 06/15/2025      110        107  
4.30%, 03/15/2049      20        17  
Naturgy Finance BV, (Netherlands),      
Reg. S, 0.75%, 11/28/2029    EUR 1,000        900  
Reg. S, 0.88%, 05/15/2025    EUR 1,000        1,024  
Reg. S, 1.25%, 01/15/2026    EUR 3,900        3,953  
Reg. S, 1.25%, 04/19/2026    EUR 1,000        1,008  
Reg. S, 1.38%, 01/19/2027    EUR 1,200        1,196  
Reg. S, 1.50%, 01/29/2028    EUR 1,200        1,182  
Reg. S, 1.88%, 10/05/2029    EUR 1,000        966  
Nevada Power Co.,      
Series DD, 2.40%, 05/01/2030      100        87  
Series EE, 3.13%, 08/01/2050      30        21  
NextEra Energy Capital Holdings, Inc.,      
2.25%, 06/01/2030      1,280        1,081  
2.75%, 11/01/2029      35        31  
3.00%, 01/15/2052      100        67  
4.26%, 09/01/2024      2,065        2,045  
4.63%, 07/15/2027      200        200  
5.25%, 02/28/2053      850        837  
6.05%, 03/01/2025      610        620  
NIE Finance plc, (United Kingdom), Reg. S, 5.88%, 12/01/2032    GBP 100        130  
Northern Powergrid Yorkshire plc, (United Kingdom), Reg. S, 5.13%, 05/04/2035    GBP 150        184  
Northern States Power Co.,      
2.25%, 04/01/2031      1,450        1,229  
2.60%, 06/01/2051      35        23  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Electric — continued      
3.20%, 04/01/2052      30        22  
4.50%, 06/01/2052      10        9  
NRG Energy, Inc.,      
2.00%, 12/02/2025 (e)      2,150        1,934  
2.45%, 12/02/2027 (e)      2,275        1,943  
NSTAR Electric Co.,      
3.10%, 06/01/2051      30        21  
4.55%, 06/01/2052      470        437  
Oglethorpe Power Corp., 5.05%, 10/01/2048      90        82  
Ohio Power Co., Series R, 2.90%, 10/01/2051      15        10  
Oklahoma Gas and Electric Co.,      
4.15%, 04/01/2047      920        771  
5.60%, 04/01/2053 (w)      10        10  
Oncor Electric Delivery Co. LLC,      
3.10%, 09/15/2049      50        36  
3.70%, 05/15/2050      5        4  
4.60%, 06/01/2052      15        14  
4.95%, 09/15/2052      150        148  
Origin Energy Finance Ltd., (Australia), Reg. S, 1.00%, 09/17/2029    EUR 5,500        5,569  
Orsted A/S, (Denmark),      
Reg. S, (EUR Swap Rate 5 Year + 1.86%), 1.50%, 02/18/3021 (aa)    EUR     5,000        3,952  
Reg. S, 2.13%, 05/17/2027    GBP 5,000        5,574  
Reg. S, 2.25%, 06/14/2028    EUR 1,000        1,021  
Reg. S, 5.75%, 04/09/2040    GBP 425        544  
Reg. S, (EUR Swap Rate 5 Year + 4.75%), 6.25%, 06/26/3013 (aa)    EUR 119        128  
Pacific Gas and Electric Co.,      
3.15%, 01/01/2026      335        312  
3.25%, 06/01/2031      40        34  
3.50%, 08/01/2050      40        26  
3.75%, 07/01/2028      10        9  
3.95%, 12/01/2047      900        638  
4.50%, 07/01/2040      300        246  
4.55%, 07/01/2030      30        28  
4.95%, 07/01/2050      50        41  
5.25%, 03/01/2052      100        85  
6.70%, 04/01/2053      155        159  
6.75%, 01/15/2053      50        52  
PacifiCorp.,      
2.90%, 06/15/2052      740        505  
3.30%, 03/15/2051      1,400        1,028  
4.15%, 02/15/2050      15        13  
5.35%, 12/01/2053      95        97  
PECO Energy Co.,      
2.80%, 06/15/2050      50        34  
3.05%, 03/15/2051      435        307  
4.60%, 05/15/2052      385        358  
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia), Reg. S, 1.88%, 11/05/2031    EUR 1,000        814  
PPL Capital Funding, Inc., 4.13%, 04/15/2030      330        310  
PPL Electric Utilities Corp., 5.25%, 05/15/2053      90        93  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Electric — continued      
Public Service Co. of Colorado,      
5.25%, 04/01/2053 (w)      50        51  
Series 36, 2.70%, 01/15/2051      10        7  
Series 38, 4.10%, 06/01/2032      200        192  
Series 39, 4.50%, 06/01/2052      160        146  
Public Service Electric and Gas Co.,      
1.90%, 08/15/2031      35        28  
2.05%, 08/01/2050      60        35  
2.45%, 01/15/2030      20        18  
3.10%, 03/15/2032      300        268  
3.65%, 09/01/2028      120        115  
3.85%, 05/01/2049      10        8  
Public Service Enterprise Group, Inc., 0.80%, 08/15/2025      3,000        2,745  
Puget Energy, Inc.,      
2.38%, 06/15/2028      1,040        915  
4.10%, 06/15/2030      10        9  
4.22%, 03/15/2032      200        183  
Puget Sound Energy, Inc.,      
2.89%, 09/15/2051      10        7  
3.25%, 09/15/2049      20        14  
Red Electrica Financiaciones SAU, (Spain), Reg. S, 1.13%, 04/24/2025    EUR 200        208  
Ren Finance BV, (Netherlands),      
Reg. S, 0.50%, 04/16/2029    EUR 1,000        911  
Reg. S, 1.75%, 01/18/2028    EUR 1,000        991  
RTE Reseau de Transport d’Electricite SADIR, (France),      
Reg. S, 1.13%, 07/08/2040    EUR 200        147  
Reg. S, 1.13%, 09/09/2049    EUR 100        65  
Reg. S, 1.50%, 09/27/2030    EUR 100        94  
Reg. S, 1.63%, 11/27/2025    EUR 300        311  
Reg. S, 2.00%, 04/18/2036    EUR 100        91  
RWE AG, (Germany),      
Reg. S, 2.13%, 05/24/2026    EUR     2,000        2,076  
Reg. S, 2.75%, 05/24/2030    EUR 2,000        2,014  
Reg. S, 4.13%, 02/13/2035    EUR 2,225        2,358  
San Diego Gas & Electric Co.,      
4.15%, 05/15/2048      820        708  
Series WWW, 2.95%, 08/15/2051      25        17  
Series XXX, 3.00%, 03/15/2032      200        175  
Scottish Hydro Electric Transmission plc, (United Kingdom), Reg. S, 2.13%, 03/24/2036    GBP 1,500        1,316  
Sempra Energy,      
3.40%, 02/01/2028      10        9  
3.70%, 04/01/2029      100        93  
4.00%, 02/01/2048      10        8  
Sierra Pacific Power Co., 2.60%, 05/01/2026      100        94  
Southern California Edison Co.,      
2.75%, 02/01/2032      100        86  
2.85%, 08/01/2029      10        9  
3.45%, 02/01/2052      310        226  
3.65%, 02/01/2050      80        61  
4.00%, 04/01/2047      20        16  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Electric — continued      
4.05%, 03/15/2042      900        746  
6.05%, 03/15/2039      10        10  
Series 20A, 2.95%, 02/01/2051      6        4  
Series B, 3.65%, 03/01/2028      25        24  
Series E, 3.70%, 08/01/2025      10        10  
Series H, 3.65%, 06/01/2051      10        8  
Southern Co. (The),      
5.70%, 10/15/2032      100        105  
Series 21-A, 0.60%, 02/26/2024      60        57  
Series 21-A, (CMT Index 5 Year + 2.92%), 3.75%, 09/15/2051 (aa)      90        76  
Series A, 3.70%, 04/30/2030      95        88  
Southwestern Electric Power Co.,      
3.25%, 11/01/2051      325        225  
5.30%, 04/01/2033      40        40  
Series N, 1.65%, 03/15/2026      50        46  
Southwestern Public Service Co.,      
3.70%, 08/15/2047      1,000        779  
Series 8, 3.15%, 05/01/2050      60        43  
SP Transmission plc, (United Kingdom), Reg. S, 2.00%, 11/13/2031    GBP 100        100  
SSE plc, (United Kingdom),      
Reg. S, 0.88%, 09/06/2025    EUR 2,000        2,038  
Reg. S, 1.25%, 04/16/2025    EUR 1,000        1,035  
Reg. S, 1.38%, 09/04/2027    EUR 1,000        999  
Reg. S, 1.75%, 04/16/2030    EUR 2,300        2,175  
Reg. S, 2.88%, 08/01/2029    EUR 2,325        2,417  
Reg. S, (EUR Swap Rate 5 Year + 3.42%), 3.13%, 04/14/2027 (x) (aa)    EUR 3,000        2,935  
Reg. S, 6.25%, 08/27/2038    GBP     3,000        3,927  
State Grid Overseas Investment BVI Ltd., (British Virgin Islands), Reg. S, 1.30%, 08/05/2032    EUR 500        409  
Statkraft A/S, (Norway), Reg. S, 1.50%, 03/26/2030    EUR 5,000        4,777  
Stedin Holding NV, (Netherlands),      
Reg. S, 0.88%, 10/24/2025    EUR 100        101  
Reg. S, 1.38%, 09/19/2028    EUR 200        196  
Reg. S, 2.38%, 06/03/2030    EUR 100        101  
System Energy Resources, Inc., 6.00%, 04/15/2028      425        436  
Tampa Electric Co., 4.30%, 06/15/2048      120        102  
Tauron Polska Energia SA, (Poland), Reg. S, 2.38%, 07/05/2027    EUR 1,000        893  
TenneT Holding BV, (Netherlands),      
Reg. S, 0.88%, 06/03/2030    EUR 120        112  
Reg. S, 1.00%, 06/13/2026    EUR 200        203  
Reg. S, 1.13%, 06/09/2041    EUR 100        77  
Reg. S, 1.38%, 06/26/2029    EUR 100        98  
Reg. S, 1.63%, 11/17/2026    EUR 450        466  
Reg. S, 2.00%, 06/05/2034    EUR 100        94  
Reg. S, 2.75%, 05/17/2042    EUR 100        95  
Reg. S, 4.50%, 10/28/2034    EUR 500        582  
Reg. S, 4.75%, 10/28/2042    EUR 100        117  
Terna - Rete Elettrica Nazionale, (Italy),      
Reg. S, 0.13%, 07/25/2025    EUR 3,900        3,917  
Reg. S, 0.38%, 09/25/2030    EUR 825        698  
Reg. S, 0.75%, 07/24/2032    EUR 200        166  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Electric — continued      
Reg. S, 1.00%, 04/10/2026    EUR 4,000        4,050  
Reg. S, 1.00%, 10/11/2028    EUR 1,000        942  
Reg. S, 1.38%, 07/26/2027    EUR 2,125        2,113  
Tucson Electric Power Co.,      
1.50%, 08/01/2030      30        24  
3.25%, 05/01/2051      10        7  
4.00%, 06/15/2050      10        8  
5.50%, 04/15/2053      30        30  
Union Electric Co.,      
2.15%, 03/15/2032      50        41  
2.63%, 03/15/2051      10        7  
3.25%, 10/01/2049      40        29  
3.90%, 04/01/2052      150        125  
Vattenfall AB, (Sweden), Reg. S, 3.75%, 10/18/2026    EUR 6,000        6,577  
Verbund AG, (Austria), Reg. S, 0.90%, 04/01/2041    EUR 100        73  
Virginia Electric and Power Co.,      
2.95%, 11/15/2051      25        17  
3.30%, 12/01/2049      50        37  
Series B, 3.80%, 09/15/2047      60        48  
Series C, 4.63%, 05/15/2052      90        81  
Vistra Operations Co. LLC, 3.55%, 07/15/2024 (e)      1,400        1,351  
WEC Energy Group, Inc.,      
3.55%, 06/15/2025      47        45  
5.00%, 09/27/2025      300        300  
Wisconsin Electric Power Co., 1.70%, 06/15/2028      10        9  
Wisconsin Power and Light Co., 3.00%, 07/01/2029      50        45  
Wisconsin Public Service Corp.,      
2.85%, 12/01/2051      20        14  
3.30%, 09/01/2049      55        41  
Xcel Energy, Inc.,      
1.75%, 03/15/2027      100        90  
3.40%, 06/01/2030      20        18  
3.50%, 12/01/2049      20        15  
4.60%, 06/01/2032      165        160  
     

 

 

  
        266,943  
     

 

 

  
Gas — 0.5%      
APA Infrastructure Ltd., (Australia),      
Reg. S, 0.75%, 03/15/2029    EUR 4,800        4,250  
Reg. S, 1.25%, 03/15/2033    EUR 3,900        3,103  
Reg. S, 2.00%, 03/22/2027    EUR 2,000        1,992  
Reg. S, 2.00%, 07/15/2030    EUR     2,000        1,836  
Reg. S, 3.50%, 03/22/2030    GBP 2,430        2,600  
Atmos Energy Corp.,      
1.50%, 01/15/2031      1,630        1,299  
2.63%, 09/15/2029      15        13  
2.85%, 02/15/2052      5        3  
3.38%, 09/15/2049      210        160  
4.15%, 01/15/2043      10        9  
5.75%, 10/15/2052      100        109  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Gas — continued      
Cadent Finance plc, (United Kingdom), Reg. S, 2.63%, 09/22/2038    GBP 1,725        1,459  
CenterPoint Energy Resources Corp., 4.40%, 07/01/2032      30        29  
Centrica plc, (United Kingdom), Reg. S, 4.25%, 09/12/2044    GBP 3,000        2,946  
Italgas SpA, (Italy),      
Reg. S, 1.00%, 12/11/2031    EUR 1,125        965  
Reg. S, 1.13%, 03/14/2024    EUR 850        897  
National Fuel Gas Co., 5.50%, 01/15/2026      140        140  
National Gas Transmission plc, (United Kingdom), Reg. S, 1.38%, 02/07/2031    GBP 1,600        1,467  
National Grid North America, Inc.,      
Reg. S, 0.41%, 01/20/2026    EUR 2,500        2,476  
Reg. S, 1.00%, 07/12/2024    EUR 1,000        1,047  
Naturgy Capital Markets SA, (Spain), Reg. S, 1.13%, 04/11/2024    EUR 1,000        1,060  
Nederlandse Gasunie NV, (Netherlands),      
Reg. S, 0.75%, 10/13/2036    EUR 100        74  
Reg. S, 3.38%, 07/11/2034    EUR 100        105  
NiSource, Inc.,      
0.95%, 08/15/2025      3,000        2,728  
3.49%, 05/15/2027      130        123  
3.60%, 05/01/2030      25        23  
4.38%, 05/15/2047      15        13  
4.80%, 02/15/2044      10        9  
5.00%, 06/15/2052      110        104  
ONE Gas, Inc., 4.25%, 09/01/2032      120        117  
Piedmont Natural Gas Co., Inc.,      
2.50%, 03/15/2031      1,550        1,293  
3.35%, 06/01/2050      15        11  
5.05%, 05/15/2052      610        564  
Redexis Gas Finance BV, (Netherlands), Reg. S, 1.88%, 05/28/2025    EUR     1,300        1,347  
Snam SpA, (Italy),      
Reg. S, 0.00%, 08/15/2025    EUR 2,000        1,995  
Reg. S, 0.00%, 12/07/2028    EUR 500        437  
Reg. S, 0.63%, 06/30/2031    EUR 500        412  
Reg. S, 0.75%, 06/20/2029    EUR 3,175        2,835  
Reg. S, 0.75%, 06/17/2030    EUR 1,500        1,293  
Reg. S, 0.88%, 10/25/2026    EUR 1,650        1,633  
Southern California Gas Co.,      
Series VV, 4.30%, 01/15/2049      20        17  
Series WW, 3.95%, 02/15/2050      200        160  
Southern Co. Gas Capital Corp.,      
3.95%, 10/01/2046      20        15  
5.15%, 09/15/2032      100        101  
Series 20-A, 1.75%, 01/15/2031      3,700        2,945  
Series 21A, 3.15%, 09/30/2051      15        10  
Southern Gas Networks plc, (United Kingdom),      
Reg. S, 2.50%, 02/03/2025    GBP 825        971  
6.38%, 05/15/2040    GBP 825        1,083  
Southwest Gas Corp.,      
4.05%, 03/15/2032      205        188  
4.15%, 06/01/2049      10        8  
SPP-Distribucia A/S, (Slovakia), Reg. S, 1.00%, 06/09/2031    EUR 100        70  

Six Circles Global Bond 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 ($)      

Corporate Bonds — continued

      
Gas — continued      
Vier Gas Transport GmbH, (Germany), Reg. S, 0.50%, 09/10/2034    EUR 1,200        878  
Wales & West Utilities Finance plc, (United Kingdom), Reg. S, 1.88%, 05/28/2041    GBP 825        622  
Washington Gas Light Co., 3.65%, 09/15/2049      10        8  
     

 

 

  
        50,052  
     

 

 

  
Water — 0.3%      
Affinity Water Finance 2004 plc, (United Kingdom), 5.88%, 07/13/2026    GBP 30        38  
American Water Capital Corp.,      
4.15%, 06/01/2049      60        51  
4.45%, 06/01/2032      330        325  
Essential Utilities, Inc.,      
2.40%, 05/01/2031      100        83  
2.70%, 04/15/2030      40        35  
5.30%, 05/01/2052      10        10  
Northumbrian Water Finance plc, (United Kingdom),      
Reg. S, 1.63%, 10/11/2026    GBP 825        901  
Reg. S, 5.13%, 01/23/2042    GBP 1,000        1,170  
Reg. S, 5.63%, 04/29/2033    GBP 425        533  
Thames Water Utilities Finance plc, (United Kingdom),      
Reg. S, 2.38%, 04/22/2040    GBP 300        236  
Reg. S, 5.50%, 02/11/2041    GBP 1,050        1,249  
6.75%, 11/16/2028    GBP 380        500  
United Utilities Water Finance plc, (United Kingdom), Reg. S, 2.00%, 07/03/2033    GBP 900        844  
Veolia Environnement SA, (France),      
Reg. S, 1.50%, 04/03/2029    EUR     2,300        2,214  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.15%), 1.63%, 06/01/2026 (x) (aa)    EUR 8,000        7,548  
Wessex Water Services Finance plc, (United Kingdom),      
Reg. S, 1.50%, 09/17/2029    GBP 2,700        2,616  
Reg. S, 5.38%, 03/10/2028    GBP 2,425        2,985  
Reg. S, 5.75%, 10/14/2033    GBP 2,675        3,345  
     

 

 

  
        24,683  
     

 

 

  
Total Utilities         341,678  
     

 

 

  
Total Corporate Bonds
(Cost $4,601,502)		         4,474,428  
     

 

 

  
Foreign Government Securities — 26.3%      
Action Logement Services, (France),      
Reg. S, 0.38%, 10/05/2031    EUR 400        346  
Reg. S, 3.13%, 09/28/2037    EUR 200        204  
Reg. S, 3.63%, 05/25/2043    EUR 100        107  
Adif Alta Velocidad, (Spain),      
Reg. S, 0.55%, 04/30/2030    EUR 100        88  
Reg. S, 0.95%, 04/30/2027    EUR 200        198  
Reg. S, 1.88%, 01/28/2025    EUR 100        106  
Agence Francaise de Developpement EPIC, (France),      
Reg. S, 0.13%, 09/29/2031    EUR 300        252  
Reg. S, 0.25%, 07/21/2026    EUR 500        494  
Reg. S, 0.25%, 06/29/2029    EUR 400        364  
Reg. S, 0.38%, 04/30/2024    EUR 400        420  
Reg. S, 0.38%, 05/25/2036    EUR 100        73  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Reg. S, 0.50%, 05/25/2030    EUR 200        181  
Reg. S, 0.50%, 05/31/2035    EUR 500        388  
Reg. S, 1.38%, 09/17/2024    EUR 500        527  
Reg. S, 1.50%, 10/31/2034    EUR 900        809  
Reg. S, 1.63%, 05/25/2032    EUR 200        190  
Reg. S, 3.50%, 02/25/2033    EUR 100        111  
Agence France Locale, (France),      
Reg. S, 0.00%, 09/20/2027    EUR 500        472  
Reg. S, 0.00%, 03/20/2031    EUR 100        84  
Reg. S, 0.13%, 06/20/2026    EUR 400        394  
Reg. S, 0.20%, 03/20/2029    EUR 400        365  
Reg. S, 1.13%, 06/20/2028    EUR 1,000        981  
Agricultural Development Bank of China, (China),      
2.37%, 06/23/2024    CNY 5,000        726  
Reg. S, 3.40%, 11/06/2024    CNH 56,000        8,214  
Reg. S, 3.80%, 10/27/2030    CNH 14,350        2,151  
Series 1605, 3.33%, 01/06/2026    CNY 12,000        1,770  
Series 1618, 3.58%, 04/22/2026    CNY 29,000        4,311  
Series 1705, 3.85%, 01/06/2027    CNY 26,500        3,985  
Series 1806, 4.65%, 05/11/2028    CNY 8,100        1,275  
Series 1901, 3.75%, 01/25/2029    CNY 33,000        5,001  
Series 1904, 3.51%, 04/03/2024    CNY 10,000        1,470  
Series 1906, 3.74%, 07/12/2029    CNY 65,500        9,936  
Series 1908, 3.63%, 07/19/2026    CNY  176,000        26,226  
Series 1909, 3.24%, 08/14/2024    CNY 28,000        4,114  
Series 2004, 2.96%, 04/17/2030    CNY 99,400        14,411  
Series 2005, 2.25%, 04/22/2025    CNY 121,800        17,592  
Series 2105, 3.52%, 05/24/2031    CNY 17,000        2,559  
Series 2108, 2.99%, 08/11/2026    CNY 66,000        9,640  
Series 2110, 3.30%, 11/05/2031    CNY 14,000        2,076  
Series 2202, 2.74%, 02/23/2027    CNY 29,900        4,333  
Series 2205, 3.06%, 06/06/2032    CNY 54,700        7,969  
Series 2207, 2.50%, 08/24/2027    CNY 50,000        7,142  
Series 2210, 2.97%, 10/14/2032    CNY 56,500        8,160  
Series 2302, 3.10%, 02/27/2033    CNY 14,000        2,041  
Andorra International Bond, (Andorra),      
Reg. S, 1.25%, 02/23/2027    EUR 800        786  
Reg. S, 1.25%, 05/06/2031    EUR 1,000        873  
Auckland Council, (New Zealand),      
Reg. S, 0.13%, 09/26/2029    EUR 200        178  
Reg. S, 0.25%, 11/17/2031    EUR 200        167  
Reg. S, 1.00%, 01/19/2027    EUR 300        299  
Reg. S, 1.50%, 11/28/2025    CHF 300        325  
Australia Government Bond, (Australia),      
Series 138, Reg. S, 3.25%, 04/21/2029    AUD 200        135  
Series 139, Reg. S, 3.25%, 04/21/2025    AUD 1,475        992  
Series 149, Reg. S, 2.25%, 05/21/2028    AUD 1,340        862  
Series 150, Reg. S, 3.00%, 03/21/2047    AUD 46        27  
Series 152, Reg. S, 2.75%, 11/21/2028    AUD 418        275  
Series 154, Reg. S, 2.75%, 11/21/2029    AUD 105        69  
Series 155, Reg. S, 2.50%, 05/21/2030    AUD 3,335        2,132  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Series 156, Reg. S, 2.75%, 05/21/2041    AUD 400        233  
Series 158, 1.25%, 05/21/2032    AUD 290        163  
Series 159, Reg. S, 0.25%, 11/21/2024    AUD 262        167  
Series 160, Reg. S, 1.00%, 12/21/2030    AUD 320        181  
Series 161, Reg. S, 0.25%, 11/21/2025    AUD 680        424  
Series 162, Reg. S, 1.75%, 06/21/2051    AUD 360        155  
Series 165, Reg. S, 1.75%, 11/21/2032    AUD 220        128  
Series 166, Reg. S, 3.00%, 11/21/2033    AUD 190        123  
Autobahnen- und Schnell- strassen-Finanzierungs AG, (Austria),      
Reg. S, 0.10%, 07/09/2029    EUR 500        455  
Reg. S, 2.75%, 06/11/2032    EUR 100        106  
Reg. S, 2.75%, 06/20/2033    EUR 130        137  
Autonomous Community of Andalusia Spain, (Spain),      
Reg. S, 0.50%, 04/30/2031    EUR 363        312  
Reg. S, 1.38%, 04/30/2029    EUR 30        29  
Autonomous Community of Catalonia, (Spain), 4.22%, 04/26/2035    EUR 100        108  
Autonomous Community of Madrid Spain, (Spain),      
Reg. S, 0.42%, 04/30/2030    EUR 161        143  
Reg. S, 1.57%, 04/30/2029    EUR 200        197  
Reg. S, 1.72%, 04/30/2032    EUR 110        103  
Reg. S, 1.77%, 04/30/2028    EUR 200        202  
Reg. S, 1.83%, 04/30/2025    EUR 270        285  
Reg. S, 2.82%, 10/31/2029    EUR 100        105  
Reg. S, 3.60%, 04/30/2033    EUR 100        109  
4.30%, 09/15/2026    EUR 500        561  
Basque Government, (Spain),      
Reg. S, 0.25%, 04/30/2031    EUR 100        85  
Reg. S, 0.45%, 04/30/2032    EUR 200        168  
Reg. S, 0.85%, 04/30/2030    EUR 50        46  
Reg. S, 1.75%, 03/16/2026    EUR 170        177  
Reg. S, 3.50%, 04/30/2033    EUR 100        109  
Bermuda Government International Bond, (Bermuda), 2.38%, 08/20/2030 (e)      670        571  
BNG Bank NV, (Netherlands),      
Reg. S, 0.00%, 01/20/2031    EUR 200        172  
Reg. S, 0.10%, 01/15/2030    EUR 320        285  
Reg. S, 0.13%, 04/11/2026    EUR 530        526  
Reg. S, 0.13%, 04/19/2033    EUR 700        567  
Reg. S, 0.13%, 07/09/2035    EUR 230        174  
Reg. S, 0.20%, 11/09/2024    EUR 550        568  
Reg. S, 0.38%, 12/15/2025    GBP 1,900        2,105  
Reg. S, 0.81%, 06/28/2049    EUR 200        121  
Reg. S, 0.88%, 10/17/2035    EUR 100        83  
Reg. S, 0.88%, 10/24/2036    EUR 160        130  
Reg. S, 1.13%, 09/04/2024    EUR 702        739  
Reg. S, 1.25%, 03/30/2037    EUR 100        84  
Reg. S, 1.50%, 07/15/2039    EUR 170        143  
Reg. S, 1.88%, 07/13/2032    EUR 320        314  
Reg. S, 2.75%, 10/04/2027    EUR 410        440  
Reg. S, 3.00%, 02/23/2028    EUR 600        650  
Reg. S, 3.00%, 01/11/2033    EUR 500        538  
Bonos de la Tesoreria de la Republica en pesos, (Chile), Reg. S, 4.70%, 09/01/2030 (e)    CLP 300,000        366  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Bpifrance SACA, (France),      
Reg. S, 0.13%, 03/25/2025    EUR 400        409  
Reg. S, 0.25%, 03/29/2030    EUR 200        178  
Reg. S, 0.25%, 06/04/2031    EUR 200        173  
Reg. S, 0.63%, 05/25/2026    EUR 500        503  
Reg. S, 0.88%, 09/26/2028    EUR 200        193  
Reg. S, 2.13%, 11/29/2027    EUR 200        208  
Reg. S, 2.88%, 11/25/2029    EUR 500        535  
Bulgaria Government International Bond, (Bulgaria),      
Reg. S, 1.38%, 09/23/2050    EUR 1,300        783  
Reg. S, 2.95%, 09/03/2024    EUR 800        859  
Reg. S, 4.13%, 09/23/2029    EUR 1,000        1,064  
Reg. S, 4.50%, 01/27/2033    EUR     6,000        6,375  
Reg. S, 4.63%, 09/23/2034    EUR 1,000        1,065  
Series 12YR, Reg. S, 3.00%, 03/21/2028    EUR 800        826  
Bundesobligation, (Germany),      
Series 179, Reg. S, 0.00%, 04/05/2024    EUR 488        514  
Series 180, Reg. S, 0.00%, 10/18/2024    EUR 2,006        2,086  
Series 181, Reg. S, 0.00%, 04/11/2025    EUR 3,890        3,999  
Series 182, Reg. S, 0.00%, 10/10/2025    EUR 2,300        2,340  
Series 183, Reg. S, 0.00%, 04/10/2026    EUR 7,056        7,105  
Series 184, Reg. S, 0.00%, 10/09/2026    EUR 500        498  
Series 185, Reg. S, 0.00%, 04/16/2027    EUR 2,083        2,054  
Series 186, Reg. S, 1.30%, 10/15/2027    EUR 250        259  
Series 187, Reg. S, 2.20%, 04/13/2028    EUR 3,120        3,361  
Bundesrepublik Deutschland Bundesanleihe, (Germany),      
Reg. S, 0.00%, 08/15/2026    EUR 1,370        1,370  
Reg. S, 0.00%, 11/15/2027    EUR 1,201        1,171  
Reg. S, 0.00%, 11/15/2028    EUR 735        702  
Reg. S, 0.00%, 08/15/2029    EUR 2,432        2,285  
Reg. S, 0.00%, 02/15/2030    EUR 8,343        7,760  
Reg. S, 0.00%, 08/15/2030    EUR 2,320        2,136  
Reg. S, 0.00%, 02/15/2031    EUR 1,589        1,446  
Reg. S, 0.00%, 08/15/2031    EUR 2,260        2,035  
Reg. S, 0.00%, 02/15/2032    EUR 4,819        4,288  
Reg. S, 0.00%, 05/15/2035    EUR 2,559        2,086  
Reg. S, 0.00%, 05/15/2036    EUR 2,870        2,275  
Reg. S, 0.00%, 08/15/2050    EUR 2,191        1,280  
Reg. S, 0.00%, 08/15/2052    EUR 2,515        1,400  
Reg. S, 0.25%, 02/15/2027    EUR 3,310        3,311  
Reg. S, 0.25%, 08/15/2028    EUR 2,892        2,815  
Reg. S, 0.25%, 02/15/2029    EUR 1,270        1,225  
Reg. S, 0.50%, 02/15/2025    EUR 7,959        8,292  
Reg. S, 0.50%, 02/15/2026    EUR 2,447        2,507  
Reg. S, 0.50%, 08/15/2027    EUR 2,810        2,817  
Reg. S, 0.50%, 02/15/2028    EUR 5,790        5,758  
Reg. S, 1.00%, 08/15/2024    EUR 4,009        4,245  
Reg. S, 1.00%, 08/15/2025    EUR 2,481        2,592  
Reg. S, 1.00%, 05/15/2038    EUR 2,800        2,483  
Reg. S, 1.25%, 08/15/2048    EUR 4,608        3,986  
Reg. S, 1.50%, 05/15/2024    EUR 3,807        4,070  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Reg. S, 1.70%, 08/15/2032    EUR 2,310        2,385  
Reg. S, 1.80%, 08/15/2053    EUR 2,160        2,053  
Reg. S, 2.10%, 11/15/2029    EUR 180        193  
Reg. S, 2.30%, 02/15/2033    EUR 6,140        6,650  
Reg. S, 2.50%, 07/04/2044    EUR 1,881        2,073  
Reg. S, 2.50%, 08/15/2046    EUR 3,996        4,437  
Reg. S, 3.25%, 07/04/2042    EUR 3,056        3,718  
Reg. S, 4.00%, 01/04/2037    EUR 1,493        1,916  
Reg. S, 4.25%, 07/04/2039    EUR 1,524        2,049  
Reg. S, 4.75%, 07/04/2028    EUR 1,661        2,012  
Reg. S, 4.75%, 07/04/2034    EUR 1,771        2,371  
Reg. S, 4.75%, 07/04/2040    EUR 2,014        2,887  
Reg. S, 5.50%, 01/04/2031    EUR 900        1,196  
Reg. S, 5.63%, 01/04/2028    EUR 780        968  
Reg. S, 6.25%, 01/04/2030    EUR 1,025        1,385  
Reg. S, 6.50%, 07/04/2027    EUR 1,410        1,779  
Series G, Reg. S, 0.00%, 08/15/2031    EUR 560        505  
Series G, Reg. S, 0.00%, 08/15/2050    EUR 852        499  
Bundesschatzanweisungen, (Germany),      
Reg. S, 0.20%, 06/14/2024    EUR 930        978  
Reg. S, 0.40%, 09/13/2024    EUR     3,830        4,015  
Reg. S, 2.20%, 12/12/2024    EUR 2,340        2,514  
Caisse d’Amortissement de la Dette Sociale, (France),      
Reg. S, 0.00%, 02/25/2028    EUR 200        187  
Reg. S, 0.00%, 11/25/2030    EUR 900        778  
Reg. S, 0.00%, 05/25/2031    EUR 400        341  
Reg. S, 0.13%, 10/25/2023    EUR 700        746  
Reg. S, 0.13%, 09/15/2031    EUR 300        256  
Reg. S, 0.45%, 01/19/2032    EUR 400        347  
Reg. S, 0.60%, 11/25/2029    EUR 600        557  
Reg. S, 1.50%, 05/25/2032    EUR 400        381  
Reg. S, 1.75%, 11/25/2027    EUR 700        719  
Reg. S, 2.75%, 11/25/2032    EUR 400        422  
Reg. S, 3.00%, 05/25/2028    EUR 800        867  
Reg. S, 3.13%, 03/01/2030    EUR 1,000        1,094  
Reg. S, 4.00%, 12/15/2025    EUR 1,383        1,534  
Caisse des Depots et Consignations, (France), Reg. S, 3.13%, 05/25/2033    EUR 200        218  
Caisse Francaise de Financement Local, (France),      
Reg. S, 0.01%, 05/07/2025    EUR 200        202  
Reg. S, 0.13%, 06/30/2031    EUR 100        84  
Reg. S, 0.38%, 06/23/2025    EUR 100        102  
Reg. S, 0.50%, 01/16/2025    EUR 100        103  
Reg. S, 0.50%, 01/19/2026    EUR 100        101  
Reg. S, 0.50%, 10/01/2046    EUR 100        60  
Reg. S, 1.00%, 04/25/2028    EUR 100        97  
Reg. S, 1.25%, 05/11/2032    EUR 100        91  
Reg. S, 1.50%, 06/28/2038    EUR 100        84  
Reg. S, 3.00%, 10/02/2028    EUR 5,000        5,354  
Canadian Government Bond, (Canada),      
1.00%, 06/01/2027    CAD 200        136  
1.25%, 03/01/2025    CAD 1,115        789  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
1.50%, 06/01/2031    CAD 600        400  
1.75%, 12/01/2053    CAD 400        221  
2.00%, 09/01/2023    CAD 1,900        1,392  
2.00%, 06/01/2032    CAD 600        413  
2.00%, 12/01/2051    CAD 530        313  
3.50%, 03/01/2028    CAD 500        378  
3.50%, 12/01/2045    CAD 2,090        1,647  
4.00%, 06/01/2041    CAD 150        124  
Canton of Geneva Switzerland, (Switzerland), Reg. S, 0.02%, 11/27/2024    CHF 240        254  
Canton of Zurich, (Switzerland), Reg. S, 0.10%, 06/23/2045    CHF 50        38  
Cassa Depositi e Prestiti SpA, (Italy),      
Reg. S, 1.00%, 09/21/2028    EUR 300        278  
Reg. S, 2.00%, 04/20/2027    EUR 100        101  
Reg. S, 3.88%, 02/13/2029    EUR 200        215  
CDP Financial, Inc., (Canada),      
Reg. S, 1.13%, 04/06/2027    EUR 6,000        5,971  
5.60%, 11/25/2039 (e)      250        276  
Reg. S, 5.60%, 11/25/2039      250        276  
Chile Government International Bond, (Chile),      
0.10%, 01/26/2027    EUR 5,000        4,686  
0.83%, 07/02/2031    EUR 1,050        893  
1.25%, 01/22/2051    EUR 2,900        1,687  
1.30%, 07/26/2036    EUR 1,000        783  
Reg. S, 1.63%, 01/30/2025    EUR 4,000        4,168  
2.55%, 01/27/2032      200        171  
3.50%, 01/31/2034      200        178  
China Development Bank, (China),      
Reg. S, 2.95%, 07/19/2027    CNH 15,000        2,175  
Reg. S, 3.23%, 11/27/2025    CNH 10,000        1,468  
Reg. S, 4.20%, 01/19/2027    CNH 13,000        1,973  
Reg. S, 4.30%, 08/02/2032    CNH 7,000        1,102  
Reg. S, 4.35%, 08/06/2024    CNH 7,000        1,042  
Reg. S, 4.35%, 09/19/2024    CNH 1,000        149  
Reg. S, 4.50%, 11/13/2028    CNH 2,500        389  
Series 1510, 4.21%, 04/13/2025    CNY 73,000        10,951  
Series 1518, 3.74%, 09/10/2025    CNY 54,700        8,153  
Series 1605, 3.80%, 01/25/2036    CNY 98,000        15,171  
Series 1613, 3.05%, 08/25/2026    CNY 9,700        1,423  
Series 1710, 4.04%, 04/10/2027    CNY  114,900        17,396  
Series 1806, 4.73%, 04/02/2025    CNY 10,230        1,549  
Series 1810, 4.04%, 07/06/2028    CNY 6,600        1,012  
Series 1904, 3.68%, 02/26/2026    CNY 46,500        6,948  
Series 1905, 3.48%, 01/08/2029    CNY 204,500        30,563  
Series 1908, 3.42%, 07/02/2024    CNY 50,000        7,360  
Series 1909, 3.50%, 08/13/2026    CNY 97,100        14,452  
Series 1910, 3.65%, 05/21/2029    CNY 181,900        27,450  
Series 1915, 3.45%, 09/20/2029    CNY 105,000        15,679  
Series 2003, 3.23%, 01/10/2025    CNY 139,300        20,500  
Series 2004, 3.43%, 01/14/2027    CNY 28,000        4,161  
Series 2005, 3.07%, 03/10/2030    CNY 47,200        6,891  
Series 2008, 2.89%, 06/22/2025    CNY 20,000        2,926  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Series 2015, 3.70%, 10/20/2030    CNY 18,000        2,736  
Series 2104, 3.40%, 01/08/2028    CNY 4,000        595  
Series 2105, 3.66%, 03/01/2031    CNY 83,500        12,668  
Series 2110, 3.41%, 06/07/2031    CNY 46,200        6,899  
Series 2115, 3.12%, 09/13/2031    CNY 22,500        3,292  
Series 2118, 2.73%, 11/11/2024    CNY 6,000        876  
Series 2204, 2.99%, 03/01/2029    CNY 4,000        583  
Series 2205, 3.00%, 01/17/2032    CNY 97,000        14,070  
Series 2210, 2.98%, 04/22/2032    CNY 32,200        4,662  
China Government Bond, (China),      
1.99%, 04/09/2025    CNY   485,700        70,008  
2.18%, 06/25/2024    CNY 17,000        2,469  
2.24%, 05/25/2025    CNY 37,000        5,358  
2.26%, 02/24/2025    CNY 62,000        8,993  
2.37%, 01/20/2027    CNY 250,000        36,029  
2.47%, 09/02/2024    CNY 18,000        2,622  
2.48%, 04/15/2027    CNY 134,300        19,415  
2.60%, 09/01/2032    CNY 63,800        9,067  
2.68%, 05/21/2030    CNY 491,700        70,694  
2.69%, 08/12/2026    CNY 160,500        23,420  
2.75%, 06/15/2029    CNY 106,500        15,424  
2.75%, 02/17/2032    CNY 110,600        15,934  
2.80%, 03/24/2029    CNY 54,000        7,854  
2.80%, 11/15/2032    CNY 18,000        2,599  
2.85%, 06/04/2027    CNY 363,000        53,202  
3.02%, 05/27/2031    CNY 46,500        6,861  
Reg. S, 3.16%, 06/27/2023    CNH 500        73  
Reg. S, 3.30%, 07/04/2023    CNH 2,000        292  
Reg. S, 3.31%, 11/30/2025    CNH 2,000        296  
Reg. S, 3.38%, 11/21/2024    CNH 3,000        444  
Reg. S, 3.38%, 07/04/2026    CNH 24,000        3,561  
3.39%, 03/16/2050    CNY 201,300        29,924  
3.40%, 07/15/2072    CNY 87,260        13,014  
3.53%, 10/18/2051    CNY 111,400        17,009  
Reg. S, 3.60%, 06/27/2028    CNH 26,500        3,991  
Reg. S, 3.60%, 05/21/2030    CNH 8,500        1,281  
3.72%, 04/12/2051    CNY 106,000        16,670  
3.73%, 05/25/2070    CNY 20,670        3,313  
3.81%, 09/14/2050    CNY 89,100        14,277  
Reg. S, 3.85%, 12/12/2026    CNH 19,000        2,866  
Reg. S, 3.90%, 07/04/2036    CNH 13,500        2,079  
Reg. S, 4.00%, 05/22/2024    CNH 8,500        1,257  
Reg. S, 4.00%, 11/30/2035    CNH 30,500        4,770  
Reg. S, 4.15%, 12/04/2027    CNH 20,000        3,076  
Reg. S, 4.15%, 12/12/2031    CNH 3,000        472  
Reg. S, 4.29%, 05/22/2029    CNH 3,000        470  
Reg. S, 4.40%, 12/12/2046    CNH 26,000        4,249  
Series 1908, 4.00%, 06/24/2069    CNY 5,000        847  
Series 2216, 2.50%, 07/25/2027    CNY 11,000        1,588  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
China Government International Bond, (China),      
Reg. S, 0.13%, 11/12/2026    EUR 3,700        3,550  
Reg. S, 0.50%, 11/12/2031    EUR 3,250        2,734  
City of Milan Italy, (Italy), 4.02%, 06/29/2035    EUR 40        41  
City of Montreal Canada, (Canada), 2.30%, 09/01/2029    CAD 600        410  
City of Quebec Canada, (Canada),      
2.10%, 07/06/2031    CAD 300        193  
2.65%, 12/20/2027    CAD 565        397  
City of Toronto Canada, (Canada),      
2.95%, 04/28/2035    CAD 200        132  
3.50%, 06/02/2036    CAD 300        207  
Colombia Government International Bond, (Colombia), 9.85%, 06/28/2027    COP   500,000        99  
Communaute Francaise de Belgique, (Belgium), Reg. S, 1.63%, 05/03/2032    EUR 200        189  
CPPIB Capital, Inc., (Canada),      
Reg. S, 0.25%, 04/06/2027    EUR 2,550        2,456  
Reg. S, 0.25%, 01/18/2041    EUR 2,500        1,555  
Reg. S, 0.38%, 06/20/2024    EUR 300        314  
Reg. S, 0.75%, 07/15/2049    EUR 600        366  
Reg. S, 1.63%, 10/22/2071    GBP 2,000        1,097  
Cyprus Government International Bond, (Cyprus),      
Reg. S, 0.63%, 12/03/2024    EUR 347        360  
Reg. S, 0.63%, 01/21/2030    EUR 235        205  
Reg. S, 0.95%, 01/20/2032    EUR 300        251  
Reg. S, 1.25%, 01/21/2040    EUR 720        495  
Reg. S, 2.25%, 04/16/2050    EUR 10        8  
Czech Republic Government Bond, (Czech Republic),      
Series 49, Reg. S, 4.20%, 12/04/2036    CZK 5,390        238  
Series 53, Reg. S, 4.85%, 11/26/2057    CZK 2,340        108  
Series 58, Reg. S, 5.70%, 05/25/2024    CZK 140        6  
Series 78, Reg. S, 2.50%, 08/25/2028    CZK 16,760        690  
Series 89, Reg. S, 2.40%, 09/17/2025    CZK 16,910        730  
Series 94, Reg. S, 0.95%, 05/15/2030    CZK 17,380        621  
Series 95, Reg. S, 1.00%, 06/26/2026    CZK 6,860        280  
Series 97, Reg. S, 0.45%, 10/25/2023    CZK 12,000        537  
Series 100, 0.25%, 02/10/2027    CZK 60,340        2,337  
Series 103, 2.00%, 10/13/2033    CZK 13,500        488  
Series 105, 2.75%, 07/23/2029    CZK 5,810        239  
Series 120, 1.25%, 02/14/2025    CZK 11,950        513  
Series 121, 1.20%, 03/13/2031    CZK 27,250        968  
Series 125, 1.50%, 04/24/2040    CZK 3,380        98  
Series 130, 0.05%, 11/29/2029    CZK 13,030        443  
Series 138, 1.75%, 06/23/2032    CZK 20,400        740  
Series 142, 1.95%, 07/30/2037    CZK 12,960        437  
Series 148, 6.00%, 02/26/2026    CZK 5,910        280  
Denmark Government Bond, (Denmark),      
0.25%, 11/15/2052    DKK 5,921        459  
0.50%, 11/15/2027    DKK 5,478        726  
0.50%, 11/15/2029    DKK 13,494        1,723  
1.75%, 11/15/2025    DKK 5,460        774  
4.50%, 11/15/2039    DKK 10,830        1,963  
7.00%, 11/10/2024    DKK 1,470        228  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Series G, 0.00%, 11/15/2031    DKK 960        113  
Series TWIN, 0.00%, 11/15/2031    DKK 10,597        1,245  
Development Bank of Japan, Inc., (Japan),      
Reg. S, 0.88%, 10/10/2025    EUR 1,000        1,016  
Reg. S, 1.13%, 04/28/2023    GBP 600        739  
Reg. S, 2.13%, 09/01/2026    EUR 1,000        1,039  
4.75%, 11/26/2027    EUR 900        1,037  
Series 86, 0.24%, 10/13/2027    JPY 100,000        752  
Estonia Government International Bond, (Estonia), Reg. S, 0.13%, 06/10/2030    EUR 200        171  
European Union, (Supranational), Reg. S, 3.38%, 04/04/2032    EUR 1,200        1,340  
Export Development Canada, (Canada),      
Reg. S, 0.50%, 02/25/2027    EUR 2,000        1,966  
Reg. S, 2.88%, 01/19/2028    EUR 10,000        10,760  
Export-Import Bank of China (The), (China),      
Series 1514, 3.87%, 09/14/2025    CNY 29,000        4,335  
Series 1603, 3.33%, 02/22/2026    CNY 15,000        2,213  
Series 1610, 3.18%, 09/05/2026    CNY 10,000        1,470  
Series 1703, 4.11%, 03/20/2027    CNY 14,000        2,128  
Series 1905, 3.28%, 02/11/2024    CNY 60,000        8,787  
Series 1910, 3.86%, 05/20/2029    CNY 97,800        14,955  
Series 2005, 2.93%, 03/02/2025    CNY 82,600        12,090  
Series 2007, 3.26%, 02/24/2027    CNY 74,400        10,975  
Series 2010, 3.23%, 03/23/2030    CNY 47,400        6,990  
Series 2011, 3.74%, 11/16/2030    CNY 10,000        1,524  
Series 2015, 3.43%, 10/23/2025    CNY 6,000        887  
Series 2203, 2.57%, 06/10/2025    CNY 13,000        1,887  
Series 2205, 2.61%, 01/27/2027    CNY 40,000        5,761  
Series 2210, 3.18%, 03/11/2032    CNY 76,400        11,236  
Series 2211, 2.90%, 08/19/2032    CNY 57,600        8,273  
Series 2213, 2.64%, 12/05/2025    CNY 7,400        1,076  
Series 2215, 2.82%, 06/17/2027    CNY 4,000        579  
Export-Import Bank of Korea, (South Korea),      
Reg. S, 2.60%, 11/08/2023    AUD 1,100        729  
Reg. S, 8.00%, 05/15/2024    IDR   400,000        27  
Finland Government Bond, (Finland),      
Reg. S, 0.00%, 09/15/2030 (e)    EUR 170        150  
Reg. S, 0.13%, 09/15/2031 (e)    EUR 755        653  
Reg. S, 0.13%, 04/15/2036 (e)    EUR 280        208  
Reg. S, 0.13%, 04/15/2052 (e)    EUR 450        229  
Reg. S, 0.25%, 09/15/2040 (e)    EUR 384        258  
Reg. S, 0.50%, 04/15/2026 (e)    EUR 1,440        1,467  
Reg. S, 0.50%, 09/15/2027 (e)    EUR 660        651  
Reg. S, 0.50%, 09/15/2029 (e)    EUR 80        75  
Reg. S, 0.50%, 04/15/2043 (e)    EUR 500        336  
Reg. S, 0.75%, 04/15/2031 (e)    EUR 321        296  
Reg. S, 0.88%, 09/15/2025 (e)    EUR 430        445  
Reg. S, 1.13%, 04/15/2034 (e)    EUR 421        377  
Reg. S, 1.38%, 04/15/2027 (e)    EUR 160        165  
Reg. S, 1.50%, 09/15/2032 (e)    EUR 1,300        1,249  
Reg. S, 2.00%, 04/15/2024 (e)    EUR 447        480  
Reg. S, 2.63%, 07/04/2042 (e)    EUR 675        689  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Reg. S, 2.75%, 07/04/2028 (e)    EUR 960        1,042  
Reg. S, 2.75%, 04/15/2038 (e)    EUR 540        557  
Reg. S, 4.00%, 07/04/2025 (e)    EUR 780        867  
Series 30Y, Reg. S, 1.38%, 04/15/2047 (e)    EUR 577        463  
Finnvera OYJ, (Finland),      
Reg. S, 0.38%, 04/09/2029    EUR 300        278  
Reg. S, 0.75%, 08/07/2028    EUR 1,500        1,447  
Reg. S, 2.13%, 03/08/2028    EUR 300        312  
Fondo De Titulizacion Del Deficit Del Sistema Electrico FTA, (Spain),      
Reg. S, 0.01%, 09/17/2025    EUR 100        101  
Reg. S, 0.85%, 12/17/2023    EUR 1,000        1,065  
Free and Hanseatic City of Hamburg, (Germany),      
Reg. S, 0.00%, 04/07/2026    EUR 280        277  
Reg. S, 0.01%, 06/30/2028    EUR 180        167  
0.01%, 11/05/2035    EUR 70        52  
Reg. S, 0.20%, 09/03/2049    EUR 70        36  
Reg. S, 0.25%, 02/18/2041    EUR 394        257  
Free State of Bavaria, (Germany), Reg. S, 0.01%, 01/18/2035    EUR 352        268  
Free State of Saxony, (Germany),      
Reg. S, 0.01%, 11/05/2029    EUR 197        176  
Series 132, Reg. S, 0.01%, 12/17/2035    EUR 210        154  
French Republic Government Bond OAT, (France),      
Reg. S, 0.00%, 02/25/2024    EUR 1,143        1,207  
Reg. S, 0.00%, 03/25/2024    EUR 1,820        1,916  
Reg. S, 0.00%, 02/25/2025    EUR 6,620        6,808  
Reg. S, 0.00%, 03/25/2025    EUR 2,140        2,197  
Reg. S, 0.00%, 02/25/2026    EUR 7,430        7,459  
Reg. S, 0.00%, 02/25/2027    EUR 7,205        7,052  
Reg. S, 0.00%, 11/25/2029    EUR     9,655        8,790  
Reg. S, 0.00%, 11/25/2030    EUR 2,647        2,341  
Reg. S, 0.00%, 11/25/2031    EUR 5,604        4,809  
Reg. S, 0.00%, 05/25/2032    EUR 3,990        3,366  
Reg. S, 0.25%, 11/25/2026    EUR 3,576        3,556  
Reg. S, 0.50%, 05/25/2025    EUR 5,793        5,987  
Reg. S, 0.50%, 05/25/2026    EUR 6,209        6,293  
Reg. S, 0.50%, 05/25/2029    EUR 3,547        3,380  
Reg. S, 0.50%, 05/25/2040 (e)    EUR 5,014        3,537  
Reg. S, 0.50%, 06/25/2044 (e)    EUR 972        627  
Reg. S, 0.50%, 05/25/2072 (e)    EUR 953        405  
Reg. S, 0.75%, 02/25/2028    EUR 9,480        9,379  
Reg. S, 0.75%, 05/25/2028    EUR 5,273        5,199  
Reg. S, 0.75%, 11/25/2028    EUR 1,535        1,500  
Reg. S, 0.75%, 05/25/2052 (e)    EUR 4,457        2,636  
Reg. S, 0.75%, 05/25/2053 (e)    EUR 4,808        2,765  
Reg. S, 1.00%, 11/25/2025    EUR 2,810        2,915  
Reg. S, 1.00%, 05/25/2027    EUR 3,898        3,953  
Reg. S, 1.25%, 05/25/2034    EUR 3,372        3,065  
Reg. S, 1.25%, 05/25/2036 (e)    EUR 5,764        5,031  
Reg. S, 1.25%, 05/25/2038    EUR 3,330        2,800  
Reg. S, 1.50%, 05/25/2031    EUR 3,873        3,842  
Reg. S, 1.50%, 05/25/2050 (e)    EUR 3,031        2,286  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Reg. S, 1.75%, 11/25/2024    EUR 3,360        3,578  
Reg. S, 1.75%, 06/25/2039 (e)    EUR 1,597        1,440  
Reg. S, 1.75%, 05/25/2066 (e)    EUR 1,706        1,259  
Reg. S, 2.00%, 11/25/2032    EUR 8,670        8,760  
Reg. S, 2.00%, 05/25/2048 (e)    EUR 3,737        3,216  
Reg. S, 2.25%, 05/25/2024    EUR 1,723        1,852  
Reg. S, 2.50%, 05/25/2030    EUR 9,201        9,874  
Reg. S, 2.50%, 05/25/2043 (e)    EUR 2,570        2,487  
Reg. S, 2.75%, 10/25/2027    EUR 4,049        4,408  
Reg. S, 3.00%, 05/25/2054 (e)    EUR 500        513  
Reg. S, 3.25%, 05/25/2045    EUR 3,425        3,739  
Reg. S, 3.50%, 04/25/2026    EUR 36        40  
Reg. S, 4.00%, 10/25/2038    EUR 2,618        3,136  
Reg. S, 4.00%, 04/25/2055 (e)    EUR 1,031        1,277  
Reg. S, 4.00%, 04/25/2060    EUR 1,968        2,468  
Reg. S, 4.50%, 04/25/2041    EUR 2,142        2,737  
Reg. S, 4.75%, 04/25/2035    EUR 1,867        2,377  
Reg. S, 5.50%, 04/25/2029    EUR 2,037        2,550  
Reg. S, 5.75%, 10/25/2032    EUR 1,029        1,389  
Reg. S, 6.00%, 10/25/2025    EUR 2,740        3,206  
Gemeinsame Deutsche Bundeslaender, (Germany),      
Series 46, Reg. S, 1.13%, 09/30/2024    EUR 720        757  
Series 58, Reg. S, 0.00%, 02/19/2027    EUR 220        212  
Series 60, Reg. S, 0.01%, 02/04/2031    EUR 146        126  
Series 62, Reg. S, 1.25%, 05/04/2029    EUR 580        570  
Hong Kong Government Bond Programme, (Hong Kong), 1.97%, 01/17/2029    HKD 200        24  
Hong Kong Government International Bond, (Hong Kong),      
Reg. S, 2.80%, 11/30/2024    CNH 5,000        727  
Reg. S, 3.00%, 11/30/2026    CNH 10,000        1,451  
Hungary Government Bond, (Hungary),      
Series 24/C, 2.50%, 10/24/2024    HUF 281,740        694  
Series 26/E, 1.50%, 04/22/2026    HUF 352,910        778  
Series 26/D, 2.75%, 12/22/2026    HUF 80,210        178  
Series 27/A, 3.00%, 10/27/2027    HUF 194,780        423  
Series 28/B, 4.50%, 03/23/2028    HUF 73,760        171  
Series 28/A, 6.75%, 10/22/2028    HUF 75,000        190  
Series 29/A, 2.00%, 05/23/2029    HUF
 
200,000		  
 		      391  
Series 30/A, 3.00%, 08/21/2030    HUF 297,350        596  
Series 32/A, 4.75%, 11/24/2032    HUF 58,400        126  
Series 33/A, 2.25%, 04/20/2033    HUF 194,590        332  
Series 34/A, 2.25%, 06/22/2034    HUF 100,520        163  
Series 38/A, 3.00%, 10/27/2038    HUF 82,470        130  
Series 41/A, 3.00%, 04/25/2041    HUF 27,170        40  
Hungary Government International Bond, (Hungary),      
Reg. S, 0.50%, 11/18/2030    EUR 1,000        766  
Reg. S, 1.63%, 04/28/2032    EUR 1,000        799  
Reg. S, 1.75%, 10/10/2027    EUR 825        794  
Reg. S, 1.75%, 06/05/2035    EUR 5,000        3,697  
Hydro-Quebec, (Canada),      
6.00%, 02/15/2040    CAD 300        274  
SUB, 8.40%, 03/28/2025      600        641  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
SUB, 8.91%, 11/18/2024      800        852  
Series HK, 9.38%, 04/15/2030      500        648  
Ile-de-France Mobilites, (France),      
Reg. S, 0.40%, 05/28/2031    EUR 300        263  
Reg. S, 0.68%, 11/24/2036    EUR 100        76  
Reg. S, 1.00%, 05/25/2034    EUR 300        256  
Reg. S, 1.28%, 02/14/2042    EUR 100        74  
Reg. S, 3.40%, 05/25/2043    EUR 100        105  
Indonesia Government International Bond, (Indonesia),      
0.90%, 02/14/2027    EUR 3,102        2,993  
1.10%, 03/12/2033    EUR 1,000        797  
1.85%, 03/12/2031      234        191  
Reg. S, 2.15%, 07/18/2024    EUR 2,050        2,176  
3.35%, 03/12/2071      200        138  
Reg. S, 3.38%, 07/30/2025    EUR 7,000        7,517  
Reg. S, 3.75%, 06/14/2028    EUR 1,000        1,066  
4.65%, 09/20/2032      600        597  
Indonesia Treasury Bond, (Indonesia),      
Series FR56, 8.38%, 09/15/2026    IDR 3,269,000        231  
Series FR67, 8.75%, 02/15/2044    IDR 2,074,000        161  
Series FR85, 7.75%, 04/15/2031    IDR 6,304,000        449  
Industrial Bank of Korea, (South Korea), Reg. S, 0.02%, 07/16/2025    CHF 300        309  
Infraestruturas de Portugal SA, (Portugal), Reg. S, 4.68%, 10/16/2024    EUR 150        166  
Instituto de Credito Oficial, (Spain),      
Reg. S, 0.25%, 04/30/2024    EUR 50        52  
Reg. S, 2.65%, 01/31/2028    EUR 100        106  
International Bank for Reconstruction & Development, (Supranational),      
0.00%, 01/15/2027    EUR 2,125        2,057  
Zero Coupon, 07/15/2029      38        29  
Zero Coupon, 10/31/2030      1,000        724  
0.10%, 09/17/2035    EUR 1,475        1,100  
Reg. S, 0.20%, 01/21/2061    EUR 1,000        388  
0.25%, 09/23/2027    GBP 2,900        3,032  
0.25%, 05/21/2029    EUR 5,000        4,599  
0.38%, 07/28/2025      50        46  
0.50%, 10/28/2025      2,100        1,923  
0.50%, 06/21/2035    EUR 50        40  
0.65%, 02/10/2026      750        675  
Reg. S, 0.70%, 10/22/2046    EUR 2,000        1,288  
0.88%, 12/13/2024    GBP 2,050        2,380  
1.00%, 12/21/2029    GBP 2,000        2,052  
1.20%, 08/08/2034    EUR 9,000        7,987  
(ICE LIBOR USD 3 Month + 0.00%), 1.60%, 05/31/2026 (aa)      1,000        933  
1.63%, 01/15/2025      475        453  
2.50%, 03/19/2024      465        456  
2.90%, 01/19/2033    EUR 6,000        6,395  
3.00%, 09/27/2023      200        198  
Investitionsbank Schleswig-Holstein, (Germany), Reg. S, 0.01%, 05/15/2026    EUR 100        98  
Ireland Government Bond, (Ireland),      
Reg. S, 0.00%, 10/18/2031    EUR 2,027        1,740  
Reg. S, 0.20%, 05/15/2027    EUR 1,940        1,904  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Reg. S, 0.20%, 10/18/2030    EUR 611        552  
Reg. S, 0.35%, 10/18/2032    EUR 290        251  
Reg. S, 0.40%, 05/15/2035    EUR 691        553  
Reg. S, 0.55%, 04/22/2041    EUR 385        269  
Reg. S, 0.90%, 05/15/2028    EUR 412        409  
Reg. S, 1.00%, 05/15/2026    EUR 350        361  
Reg. S, 1.10%, 05/15/2029    EUR 957        948  
Reg. S, 1.30%, 05/15/2033    EUR 780        734  
Reg. S, 1.35%, 03/18/2031    EUR 965        948  
Reg. S, 1.50%, 05/15/2050    EUR 1,093        822  
Reg. S, 1.70%, 05/15/2037    EUR 800        732  
Reg. S, 2.00%, 02/18/2045    EUR 685        604  
Reg. S, 2.40%, 05/15/2030    EUR 1,000        1,069  
Reg. S, 3.00%, 10/18/2043    EUR 460        490  
Reg. S, 3.40%, 03/18/2024    EUR 490        533  
5.40%, 03/13/2025    EUR 790        900  
Israel Government AID Bond, (Israel),      
5.50%, 09/18/2033      200        226  
Series 2, Zero Coupon, 11/01/2024      24        22  
Israel Government Bond - Fixed, (Israel),      
Series 142, 5.50%, 01/31/2042    ILS 290        97  
Series 327, 2.00%, 03/31/2027    ILS 800        208  
Series 330, 1.00%, 03/31/2030    ILS 1,200        278  
Series 537, 1.50%, 05/31/2037    ILS 305        64  
Israel Government International Bond, (Israel),      
Reg. S, 0.63%, 01/18/2032    EUR     3,000        2,433  
Reg. S, 1.50%, 01/18/2027    EUR 2,000        1,983  
Reg. S, 2.50%, 01/16/2049    EUR 825        684  
2.75%, 07/03/2030      400        362  
Italy Buoni Poliennali Del Tesoro, (Italy),      
Series 2Y, Reg. S, 1.75%, 05/30/2024    EUR 4,640        4,944  
Series 3Y, Reg. S, 0.00%, 12/15/2024    EUR 650        668  
Series 3Y, Reg. S, 1.20%, 08/15/2025    EUR 500        516  
Series 3Y, Reg. S, 3.50%, 01/15/2026    EUR 1,720        1,871  
Series 5Y, Reg. S, 0.00%, 04/01/2026    EUR 2,810        2,757  
Series 5Y, Reg. S, 0.00%, 08/01/2026    EUR 1,767        1,713  
Series 5Y, Reg. S, 0.50%, 02/01/2026    EUR 5,270        5,277  
Series 5Y, Reg. S, 1.10%, 04/01/2027    EUR 2,370        2,349  
Series 5Y, Reg. S, 1.75%, 07/01/2024    EUR 2,050        2,183  
Series 5Y, Reg. S, 1.85%, 07/01/2025 (e)    EUR 980        1,031  
Series 5Y, Reg. S, 2.65%, 12/01/2027    EUR 660        689  
Series 6Y, Reg. S, 0.35%, 02/01/2025    EUR 2,780        2,862  
Series 7Y, Reg. S, 0.25%, 03/15/2028    EUR 7,600        7,016  
Series 7Y, Reg. S, 0.45%, 02/15/2029    EUR 2,560        2,310  
Series 7Y, Reg. S, 0.50%, 07/15/2028    EUR 1,694        1,566  
Series 7Y, Reg. S, 0.65%, 10/15/2023    EUR 1,000        1,070  
Series 7Y, Reg. S, 1.45%, 11/15/2024    EUR 3,400        3,588  
Series 7Y, Reg. S, 1.45%, 05/15/2025    EUR 2,813        2,940  
Series 7Y, Reg. S, 1.85%, 05/15/2024    EUR 1,340        1,432  
Series 7Y, Reg. S, 2.10%, 07/15/2026    EUR 1,844        1,921  
Series 7Y, Reg. S, 2.50%, 11/15/2025    EUR 545        579  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Series 7Y, Reg. S, 3.85%, 12/15/2029    EUR 1,500        1,632  
Series 8Y, Reg. S, 0.85%, 01/15/2027 (e)    EUR 6,435        6,350  
Series 10Y, Reg. S, 0.60%, 08/01/2031 (e)    EUR 2,294        1,911  
Series 10Y, Reg. S, 0.95%, 08/01/2030    EUR 1,510        1,339  
Series 10Y, Reg. S, 0.95%, 12/01/2031 (e)    EUR 2,105        1,789  
Series 10Y, Reg. S, 0.95%, 06/01/2032    EUR 3,305        2,764  
Series 10Y, Reg. S, 1.25%, 12/01/2026    EUR 2,107        2,118  
Series 10Y, Reg. S, 1.50%, 06/01/2025    EUR 1,620        1,692  
Series 10Y, Reg. S, 1.65%, 12/01/2030 (e)    EUR 2,253        2,090  
Series 10Y, Reg. S, 2.00%, 12/01/2025    EUR 1,400        1,467  
Series 10Y, Reg. S, 2.00%, 02/01/2028    EUR 1,402        1,419  
Series 10Y, Reg. S, 2.05%, 08/01/2027    EUR 3,580        3,664  
Series 10Y, Reg. S, 2.20%, 06/01/2027    EUR 1,977        2,042  
Series 10Y, Reg. S, 2.50%, 12/01/2024    EUR 994        1,066  
Series 10Y, Reg. S, 2.50%, 12/01/2032    EUR 5,610        5,358  
Series 10Y, Reg. S, 2.80%, 12/01/2028    EUR 2,648        2,755  
Series 10Y, Reg. S, 3.00%, 08/01/2029    EUR 1,946        2,030  
Series 10Y, Reg. S, 3.75%, 09/01/2024    EUR 1,230        1,343  
Series 10Y, Reg. S, 4.40%, 05/01/2033    EUR 1,830        2,036  
Series 11Y, Reg. S, 0.90%, 04/01/2031    EUR 1,957        1,694  
Series 11Y, Reg. S, 1.35%, 04/01/2030    EUR 2,100        1,939  
Series 11Y, Reg. S, 4.50%, 03/01/2024    EUR 59        65  
Series 13Y, Reg. S, 4.00%, 04/30/2035 (e)    EUR 800        847  
Series 15Y, Reg. S, 2.45%, 09/01/2033 (e)    EUR 1,611        1,505  
Series 15Y, Reg. S, 4.75%, 09/01/2028 (e)    EUR 1,270        1,456  
Series 16Y, Reg. S, 0.95%, 03/01/2037 (e)    EUR 2,724        1,955  
Series 16Y, Reg. S, 1.45%, 03/01/2036 (e)    EUR 1,229        974  
Series 16Y, Reg. S, 3.25%, 03/01/2038 (e)    EUR 3,300        3,154  
Series 16Y, Reg. S, 3.50%, 03/01/2030 (e)    EUR 6,136        6,556  
Series 16Y, Reg. S, 4.50%, 03/01/2026 (e)    EUR 2,853        3,190  
Series 16Y, Reg. S, 5.00%, 03/01/2025 (e)    EUR 4,570        5,113  
Series 17Y, Reg. S, 1.65%, 03/01/2032 (e)    EUR 2,246        2,024  
Series 20Y, Reg. S, 2.25%, 09/01/2036 (e)    EUR 1,014        882  
Series 20Y, Reg. S, 2.95%, 09/01/2038 (e)    EUR     2,612        2,408  
Series 20Y, Reg. S, 4.45%, 09/01/2043 (e)    EUR 2,500        2,713  
Series 21Y, Reg. S, 1.80%, 03/01/2041 (e)    EUR 1,754        1,309  
Series 21Y, Reg. S, 3.10%, 03/01/2040 (e)    EUR 1,112        1,028  
Series 26Y, Reg. S, 3.35%, 03/01/2035 (e)    EUR 2,660        2,643  
Series 30Y, Reg. S, 2.15%, 09/01/2052 (e)    EUR 1,271        886  
Series 30Y, Reg. S, 3.85%, 09/01/2049 (e)    EUR 1,380        1,373  
Series 30Y, Reg. S, 4.50%, 10/01/2053 (e)    EUR 350        381  
Series 30Y, Reg. S, 6.50%, 11/01/2027    EUR 890        1,089  
Series 30Y, Reg. S, 7.25%, 11/01/2026    EUR 2,200        2,693  
Series 31Y, Reg. S, 1.70%, 09/01/2051 (e)    EUR 2,267        1,443  
Series 31Y, Reg. S, 2.70%, 03/01/2047 (e)    EUR 1,350        1,116  
Series 31Y, Reg. S, 3.25%, 09/01/2046 (e)    EUR 1,090        996  
Series 31Y, Reg. S, 3.45%, 03/01/2048 (e)    EUR 2,865        2,685  
Series 31Y, Reg. S, 4.00%, 02/01/2037 (e)    EUR 1,310        1,387  
Series 31Y, Reg. S, 4.75%, 09/01/2044 (e)    EUR 2,105        2,393  
Series 31Y, Reg. S, 5.00%, 08/01/2034 (e)    EUR 966        1,123  
Series 31Y, Reg. S, 5.00%, 09/01/2040 (e)    EUR 960        1,121  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Series 31Y, Reg. S, 5.25%, 11/01/2029    EUR 1,777        2,104  
Series 31Y, Reg. S, 5.75%, 02/01/2033    EUR 1,260        1,549  
Series 31Y, Reg. S, 6.00%, 05/01/2031    EUR 1,753        2,185  
Series 32Y, Reg. S, 5.00%, 08/01/2039 (e)    EUR 1,341        1,562  
Series 34Y, Reg. S, 1.50%, 04/30/2045 (e)    EUR 1,851        1,213  
Series 50Y, Reg. S, 2.15%, 03/01/2072 (e)    EUR 467        294  
Series 50Y, Reg. S, 2.80%, 03/01/2067 (e)    EUR 1,055        800  
Series CAC, Reg. S, 2.45%, 09/01/2050 (e)    EUR 1,442        1,096  
Japan Expressway Holding and Debt Repayment Agency, (Japan),      
Series 37, 2.42%, 06/20/2028    JPY 100,000        835  
Series 75, 1.96%, 09/19/2031    JPY 100,000        840  
Series 271, 0.02%, 03/31/2026    JPY 30,000        226  
Japan Finance Corp., (Japan), Series 57, 0.00%, 10/17/2025    JPY 20,000        151  
Japan Finance Organization for Municipalities, (Japan),      
Reg. S, 0.05%, 02/12/2027    EUR 500        477  
Reg. S, 0.63%, 09/02/2025      1,000        911  
Series 55, 0.78%, 12/28/2023    JPY 100,000        757  
Series 69, 0.48%, 02/28/2025    JPY 100,000        759  
Series 2022, 2.32%, 06/18/2027    JPY 20,000        164  
Japan Government Five Year Bond, (Japan),      
Series 142, 0.10%, 12/20/2024    JPY 207,500        1,568  
Series 143, 0.10%, 03/20/2025    JPY 15,700        119  
Series 144, 0.10%, 06/20/2025    JPY 329,000        2,487  
Series 148, 0.01%, 06/20/2026    JPY 409,750        3,090  
Series 151, 0.01%, 03/20/2027    JPY 173,000        1,302  
Series 153, 0.01%, 06/20/2027    JPY 459,600        3,455  
Japan Government Forty Year Bond, (Japan),      
Series 1, 2.40%, 03/20/2048    JPY 100,000        950  
Series 3, 2.20%, 03/20/2050    JPY 505,850        4,627  
Series 10, 0.90%, 03/20/2057 (bb)    JPY 3,050        20  
Series 15, 1.00%, 03/20/2062    JPY 51,850        348  
Japan Government Ten Year Bond, (Japan),      
Series 343, 0.10%, 06/20/2026    JPY 227,350        1,720  
Series 344, 0.10%, 09/20/2026    JPY 145,600        1,101  
Series 349, 0.10%, 12/20/2027    JPY 59,700        450  
Series 357, 0.10%, 12/20/2029    JPY 341,050        2,551  
Series 358, 0.10%, 03/20/2030    JPY 81,300        608  
Series 361, 0.10%, 12/20/2030    JPY 148,000        1,099  
Series 363, 0.10%, 06/20/2031    JPY 310,050        2,294  
Series 364, 0.10%, 09/20/2031    JPY 215,000        1,590  
Series 366, 0.20%, 03/20/2032    JPY 444,100        3,318  
Japan Government Thirty Year Bond, (Japan),      
Series 11, 1.70%, 06/20/2033    JPY 100,000        847  
Series 21, 2.30%, 12/20/2035    JPY 743,850        6,737  
Series 22, 2.50%, 03/20/2036    JPY 132,250        1,224  
Series 24, 2.50%, 09/20/2036    JPY 57,950        538  
Series 33, 2.00%, 09/20/2040    JPY 333,000        2,930  
Series 66, 0.40%, 03/20/2050    JPY 348,250        2,113  
Series 67, 0.60%, 06/20/2050    JPY 50,000        320  
Series 68, 0.60%, 09/20/2050    JPY 131,500        838  
Series 71, 0.70%, 06/20/2051    JPY 118,600        773  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Series 74, 1.00%, 03/20/2052    JPY 104,000        732  
Series 77, 1.60%, 12/20/2052    JPY 37,500        305  
Japan Government Twenty Year Bond, (Japan),      
Series 80, 2.10%, 06/20/2025    JPY 517,000        4,080  
Series 105, 2.10%, 09/20/2028    JPY 237,150        1,978  
Series 122, 1.80%, 09/20/2030    JPY   924,000        7,748  
Series 140, 1.70%, 09/20/2032    JPY 188,950        1,600  
Series 148, 1.50%, 03/20/2034    JPY 81,550        679  
Series 172, 0.40%, 03/20/2040    JPY 145,000        1,004  
Series 173, 0.40%, 06/20/2040    JPY 120,000        828  
Series 175, 0.50%, 12/20/2040    JPY 80,000        557  
Series 176, 0.50%, 03/20/2041    JPY 143,050        994  
Series 177, 0.40%, 06/20/2041    JPY 40,000        272  
Series 178, 0.50%, 09/20/2041    JPY 458,950        3,174  
Series 179, 0.50%, 12/20/2041    JPY 25,000        173  
Series 180, 0.80%, 03/20/2042    JPY 125,000        908  
Japan Government Two Year Bond, (Japan), Series 430, 0.01%, 11/01/2023    JPY 300,000        2,261  
Japan Housing Finance Agency, (Japan),      
Series 71, 1.75%, 03/19/2026    JPY 200,000        1,579  
Series 108, 1.43%, 06/18/2027    JPY 100,000        791  
Japan International Cooperation Agency, (Japan), Series 35, 0.08%, 06/19/2026    JPY 200,000        1,504  
Japanese Government CPI Linked Bond, (Japan), Series 25, 0.20%, 03/10/2030    JPY 104,311        861  
Jersey International Bond, (Jersey), Reg. S, 3.75%, 06/09/2054    GBP 400        422  
Junta de Castilla y Leon, (Spain), Reg. S, 0.43%, 04/30/2030    EUR 62        55  
Kazakhstan Government International Bond, (Kazakhstan), Reg. S, 1.50%, 09/30/2034    EUR 400        312  
Kingdom of Belgium Government Bond, (Belgium),      
Series 44, Reg. S, 5.00%, 03/28/2035 (e)    EUR 580        746  
Series 60, Reg. S, 4.25%, 03/28/2041 (e)    EUR 1,680        2,054  
Series 64, Reg. S, 4.50%, 03/28/2026 (e)    EUR 1,195        1,363  
Series 66, Reg. S, 4.00%, 03/28/2032    EUR 342        403  
Series 71, Reg. S, 3.75%, 06/22/2045    EUR 863        998  
Series 73, Reg. S, 3.00%, 06/22/2034 (e)    EUR 2,138        2,302  
Series 74, Reg. S, 0.80%, 06/22/2025 (e)    EUR 2,359        2,453  
Series 75, Reg. S, 1.00%, 06/22/2031 (e)    EUR 997        937  
Series 76, Reg. S, 1.90%, 06/22/2038 (e)    EUR 1,743        1,592  
Series 77, Reg. S, 1.00%, 06/22/2026 (e)    EUR 1,412        1,453  
Series 78, Reg. S, 1.60%, 06/22/2047 (e)    EUR 1,737        1,349  
Series 80, Reg. S, 2.15%, 06/22/2066 (e)    EUR 1,021        832  
Series 81, Reg. S, 0.80%, 06/22/2027 (e)    EUR 970        974  
Series 82, Reg. S, 0.50%, 10/22/2024 (e)    EUR 1,000        1,047  
Series 83, Reg. S, 2.25%, 06/22/2057 (e)    EUR 467        397  
Series 84, Reg. S, 1.45%, 06/22/2037 (e)    EUR 300        261  
Series 85, Reg. S, 0.80%, 06/22/2028 (e)    EUR 2,362        2,335  
Series 86, Reg. S, 1.25%, 04/22/2033 (e)    EUR 2,124        1,975  
Series 87, Reg. S, 0.90%, 06/22/2029 (e)    EUR 2,254        2,198  
Series 88, Reg. S, 1.70%, 06/22/2050 (e)    EUR 956        739  
Series 89, Reg. S, 0.10%, 06/22/2030 (e)    EUR 1,332        1,196  
Series 90, Reg. S, 0.40%, 06/22/2040 (e)    EUR 1,285        872  
Series 91, Reg. S, 0.00%, 10/22/2027 (e)    EUR 3,496        3,363  
Series 92, Reg. S, 0.00%, 10/22/2031 (e)    EUR 2,227        1,895  
Series 93, Reg. S, 0.65%, 06/22/2071 (e)    EUR 628        283  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Series 94, Reg. S, 0.35%, 06/22/2032 (e)    EUR 1,880        1,621  
Series 95, Reg. S, 1.40%, 06/22/2053 (e)    EUR 1,845        1,272  
Series 96, Reg. S, 2.75%, 04/22/2039 (e)    EUR 400        407  
Series 97, Reg. S, 3.00%, 06/22/2033 (e)    EUR 400        435  
Kommunalbanken A/S, (Norway),      
Reg. S, 0.05%, 10/24/2029    EUR 6,200        5,524  
Reg. S, 0.63%, 04/20/2026    EUR 1,200        1,202  
Reg. S, 0.88%, 05/24/2027    EUR 500        494  
Kommunekredit, (Denmark),      
Reg. S, 0.01%, 05/04/2034    EUR 500        385  
Reg. S, 0.50%, 01/24/2025    EUR 700        722  
Reg. S, 2.38%, 09/15/2032    EUR 4,000        4,090  
Reg. S, 2.88%, 01/19/2035    EUR 7,000        7,327  
Kommuninvest I Sverige AB, (Sweden),      
Reg. S, 1.50%, 05/12/2025    SEK 3,000        277  
Series 2505, Reg. S, 1.00%, 05/12/2025    SEK 5,000        457  
Series 2602, Reg. S, 0.75%, 02/04/2026    SEK 2,880        257  
Series 2611, Reg. S, 1.00%, 11/12/2026    SEK 4,000        355  
Series G24, Reg. S, 0.38%, 03/27/2024    SEK 4,880        456  
Korea Development Bank (The), (South Korea),      
Reg. S, 1.83%, 08/10/2027    SEK 2,000        183  
2.63%, 09/08/2027    EUR 6,500        6,820  
6.00%, 01/22/2025    IDR 15,000,000        987  
Korea Expressway Corp., (South Korea), Reg. S, 3.10%, 06/08/2026      800        745  
Korea Housing Finance Corp., (South Korea), Reg. S, 1.96%, 07/19/2026    EUR 100        103  
Korea Hydro & Nuclear Power Co. Ltd., (South Korea), Reg. S, 0.00%, 07/19/2024    CHF 300        317  
Korea National Oil Corp., (South Korea),      
Reg. S, 0.00%, 10/04/2024    CHF 300        316  
Reg. S, 0.26%, 07/30/2027    CHF 300        298  
Korea Treasury Bond, (South Korea),      
Series 2409, 1.38%, 09/10/2024    KRW 700,550        524  
Series 2612, 1.50%, 12/10/2026    KRW 719,490        518  
Series 3106, 2.00%, 06/10/2031    KRW 491,310        342  
Series 3112, 2.38%, 12/10/2031    KRW 140,920        101  
Series 4009, 1.50%, 09/10/2040    KRW 277,980        162  
Series 4209, 3.25%, 09/10/2042    KRW 79,120        60  
Series 5003, 1.50%, 03/10/2050    KRW 627,880        324  
Series 7009, 1.63%, 09/10/2070    KRW 72,350        33  
Kuntarahoitus OYJ, (Finland),      
Reg. S, 0.00%, 10/14/2030    EUR 500        435  
Reg. S, 0.05%, 09/06/2029    EUR 400        360  
Reg. S, 0.13%, 03/07/2024    EUR 180        190  
Reg. S, 0.25%, 02/25/2032    EUR 100        85  
Reg. S, 0.38%, 12/17/2025    GBP 5,000        5,544  
Reg. S, 1.25%, 02/23/2033    EUR 200        184  
Reg. S, 3.00%, 09/25/2028    EUR 200        217  
Land Baden-Wuerttemberg, (Germany),      
Reg. S, 0.01%, 09/02/2030    EUR 218        190  
Reg. S, 0.13%, 11/19/2040    EUR 100        64  
Reg. S, 0.63%, 01/27/2026    EUR 380        385  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Land Berlin, (Germany),      
Reg. S, 0.01%, 07/02/2030    EUR 490        430  
Reg. S, 0.05%, 08/06/2040    EUR 200        126  
Reg. S, 0.10%, 01/18/2030    EUR 635        569  
Reg. S, 0.13%, 11/24/2045    EUR 90        50  
Reg. S, 0.15%, 02/22/2036    EUR 100        74  
Reg. S, 0.63%, 02/05/2029    EUR 800        760  
Reg. S, 0.63%, 01/26/2052    EUR 200        115  
Reg. S, 1.63%, 08/02/2032    EUR 180        174  
Series 493, Reg. S, 0.63%, 02/08/2027    EUR 220        218  
Series 495, Reg. S, 1.38%, 06/05/2037    EUR 260        224  
Series 506, Reg. S, 1.38%, 08/27/2038    EUR 115        97  
Series 530, Reg. S, 0.10%, 01/18/2041    EUR 80        50  
Land Thueringen, (Germany),      
Reg. S, 0.05%, 05/06/2030    EUR 260        230  
Reg. S, 0.13%, 01/13/2051    EUR 100        48  
0.50%, 03/02/2029    EUR 500        471  
Latvia Government International Bond, (Latvia),      
Reg. S, 0.00%, 03/17/2031    EUR 100        80  
Reg. S, 1.13%, 05/30/2028    EUR 390        372  
Reg. S, 1.38%, 05/16/2036    EUR 110        87  
Reg. S, 1.88%, 02/19/2049    EUR 100        76  
Reg. S, 3.50%, 01/17/2028    EUR 650        699  
Lithuania Government International Bond, (Lithuania),      
Reg. S, 0.25%, 05/06/2025    EUR 70        70  
Reg. S, 0.50%, 07/28/2050    EUR 210        100  
Reg. S, 0.75%, 05/06/2030    EUR 440        387  
Reg. S, 2.13%, 06/01/2032    EUR 210        198  
Luxembourg Government Bond, (Luxembourg),      
Reg. S, 0.00%, 04/28/2025    EUR 110        111  
Reg. S, 0.00%, 11/13/2026    EUR 400        390  
Reg. S, 0.00%, 04/28/2030    EUR 150        133  
Malaysia Government Bond, (Malaysia),      
Series 114, 4.18%, 07/15/2024    MYR 740        170  
Series 219, 3.89%, 08/15/2029    MYR 6,600        1,497  
Series 519, 3.76%, 05/22/2040    MYR 640        137  
Malaysia Government Investment Issue, (Malaysia),      
Series 119, 4.13%, 07/09/2029    MYR 810        185  
Series 417, 4.90%, 05/08/2047    MYR 271        66  
Series 617, 4.72%, 06/15/2033    MYR 505        121  
Metropolitano de Lisboa EPE, (Portugal),      
4.80%, 12/07/2027    EUR 700        811  
7.30%, 12/23/2025    EUR 500        601  
Mexican Bonos, (Mexico),      
Series M, 7.75%, 05/29/2031    MXN     12,000        624  
Series M 20, 7.50%, 06/03/2027    MXN 17,000        894  
Series M 20, 8.50%, 05/31/2029    MXN 1,000        55  
Series M 30, 8.50%, 11/18/2038    MXN 2,000        106  
Mexico Government International Bond, (Mexico),      
1.13%, 01/17/2030    EUR 1,200        1,059  
1.35%, 09/18/2027    EUR 3,075        3,001  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
1.45%, 10/25/2033    EUR 2,000        1,564  
1.63%, 04/08/2026    EUR 200        204  
2.13%, 10/25/2051    EUR 2,200        1,327  
3.00%, 03/06/2045    EUR 825        652  
Reg. S, 3.38%, 02/23/2031    EUR 3,000        2,995  
3.50%, 02/12/2034      700        593  
3.75%, 04/19/2071      200        133  
Reg. S, 4.00%, 03/15/2115    EUR 3,500        2,691  
4.40%, 02/12/2052      400        312  
4.50%, 04/22/2029      200        195  
4.60%, 02/10/2048      250        204  
Reg. S, 5.63%, 03/19/2114    GBP 800        740  
5.75%, 10/12/2110      80        71  
6.75%, 02/06/2024    GBP 100        125  
Ministeries Van de Vlaamse Gemeenschap, (Belgium),      
Reg. S, 0.30%, 10/20/2031    EUR 900        768  
Reg. S, 1.00%, 01/23/2051    EUR 100        61  
Reg. S, 1.38%, 11/21/2033    EUR 500        450  
Reg. S, 1.50%, 07/12/2038    EUR 100        83  
Reg. S, 1.50%, 04/11/2044    EUR 100        75  
Reg. S, 3.00%, 10/12/2032    EUR 100        106  
Reg. S, 3.25%, 01/12/2043    EUR 200        206  
Municipal Finance Authority of British Columbia, (Canada),      
1.10%, 06/01/2025    CAD 200        139  
2.55%, 10/09/2029    CAD 300        210  
2.80%, 12/03/2023    CAD 500        366  
Nederlandse Waterschapsbank NV, (Netherlands),      
Reg. S, 0.00%, 09/08/2031    EUR 930        784  
Reg. S, 0.05%, 01/28/2030    EUR 374        332  
0.13%, 09/25/2023    EUR 400        428  
Reg. S, 0.25%, 06/07/2024    EUR 683        714  
Reg. S, 0.38%, 09/28/2046    EUR 169        99  
Reg. S, 0.75%, 10/04/2041    EUR 200        141  
Reg. S, 1.00%, 03/01/2028    EUR 300        295  
Reg. S, 1.25%, 05/27/2036    EUR 140        120  
Reg. S, 1.50%, 04/27/2038    EUR 440        380  
Reg. S, 1.50%, 06/15/2039    EUR 160        135  
5.20%, 03/31/2025    CAD     1,000        759  
Netherlands Government Bond, (Netherlands),      
Reg. S, 0.00%, 01/15/2026 (e)    EUR 1,100        1,109  
Reg. S, 0.00%, 01/15/2027 (e)    EUR 990        975  
0.00%, 01/15/2029    EUR 1,030        965  
Reg. S, 0.00%, 07/15/2030 (e)    EUR 1,814        1,635  
Reg. S, 0.00%, 07/15/2031 (e)    EUR 1,167        1,025  
Reg. S, 0.00%, 01/15/2038 (e)    EUR 1,552        1,123  
Reg. S, 0.00%, 01/15/2052 (e)    EUR 1,564        828  
Reg. S, 0.25%, 07/15/2025 (e)    EUR 2,884        2,962  
Reg. S, 0.25%, 07/15/2029 (e)    EUR 799        752  
Reg. S, 0.50%, 07/15/2026 (e)    EUR 2,140        2,169  
Reg. S, 0.50%, 07/15/2032 (e)    EUR 2,160        1,941  
Reg. S, 0.50%, 01/15/2040 (e)    EUR 1,720        1,307  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Reg. S, 0.75%, 07/15/2027 (e)    EUR 1,913        1,923  
Reg. S, 0.75%, 07/15/2028 (e)    EUR 1,990        1,969  
Reg. S, 2.00%, 01/15/2054 (e)    EUR 660        624  
Reg. S, 2.50%, 01/15/2033 (e)    EUR 2,288        2,452  
Reg. S, 2.75%, 01/15/2047 (e)    EUR 2,068        2,276  
Reg. S, 3.75%, 01/15/2042 (e)    EUR 1,881        2,334  
Reg. S, 4.00%, 01/15/2037 (e)    EUR 974        1,205  
Reg. S, 5.50%, 01/15/2028 (e)    EUR 1,366        1,674  
New South Wales Treasury Corp., (Australia),      
Reg. S, 2.00%, 03/20/2031    AUD 200        116  
Reg. S, 3.00%, 02/20/2030    AUD 200        128  
New Zealand Government Bond, (New Zealand),      
Series 425, Reg. S, 2.75%, 04/15/2025    NZD 170        102  
Series 429, 3.00%, 04/20/2029    NZD 110        64  
Series 528, 0.25%, 05/15/2028    NZD 700        358  
Series 532, 2.00%, 05/15/2032    NZD 80        42  
Series 551, 2.75%, 05/15/2051    NZD 40        19  
New Zealand Local Government Funding Agency Bond, (New Zealand),      
Reg. S, 2.00%, 04/15/2037    NZD 250        106  
3.50%, 04/14/2033    NZD 300        165  
Northern Territory Treasury Corp., (Australia), Reg. S, 2.00%, 04/21/2031    AUD 300        173  
Norway Government Bond, (Norway),      
Series 476, Reg. S, 3.00%, 03/14/2024 (e)    NOK 6,073        578  
Series 477, Reg. S, 1.75%, 03/13/2025 (e)    NOK 6,500        604  
Series 478, Reg. S, 1.50%, 02/19/2026 (e)    NOK 4,500        412  
Series 479, Reg. S, 1.75%, 02/17/2027 (e)    NOK 3,070        280  
Series 480, Reg. S, 2.00%, 04/26/2028 (e)    NOK 6,510        594  
Series 481, Reg. S, 1.75%, 09/06/2029 (e)    NOK 3,040        270  
Series 482, Reg. S, 1.38%, 08/19/2030 (e)    NOK 7,050        603  
Series 483, Reg. S, 1.25%, 09/17/2031 (e)    NOK 7,444        620  
Series 484, Reg. S, 2.13%, 05/18/2032 (e)    NOK 5,867        523  
Series 485, Reg. S, 3.50%, 10/06/2042 (e)    NOK 1,280        133  
OMERS Finance Trust, (Canada),      
0.45%, 05/13/2025 (e)    EUR 250        254  
Reg. S, 0.45%, 05/13/2025    EUR 2,700        2,747  
Ontario Electricity Financial Corp., (Canada), Series 40, Zero Coupon, 04/11/2031    CAD 1,500        823  
Ontario Teachers’ Finance Trust, (Canada),      
Reg. S, 0.50%, 05/06/2025    EUR 6,800        6,926  
Reg. S, 0.90%, 05/20/2041    EUR 1,850        1,296  
Reg. S, 1.85%, 05/03/2032    EUR 10,000        9,442  
Reg. S, 3.30%, 10/05/2029    EUR 400        428  
Panama Government International Bond, (Panama),      
3.30%, 01/19/2033      400        333  
4.50%, 01/19/2063      400        288  
Peruvian Government International Bond, (Peru),      
1.25%, 03/11/2033    EUR 2,000        1,563  
Reg. S, 1.95%, 11/17/2036    EUR 1,000        759  
Reg. S, 2.75%, 01/30/2026    EUR 825        863  
2.78%, 01/23/2031      110        94  
3.00%, 01/15/2034      570        464  
3.23%, 07/28/2121      25        15  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
3.55%, 03/10/2051      75        55  
Reg. S, 6.90%, 08/12/2037    PEN     1,000        249  
Philippine Government International Bond, (Philippines),      
1.20%, 04/28/2033    EUR 5,000        4,013  
1.65%, 06/10/2031      200        160  
1.75%, 04/28/2041    EUR 1,000        684  
3.20%, 07/06/2046      200        148  
5.61%, 04/13/2033      400        425  
9.50%, 02/02/2030      100        126  
Portugal Obrigacoes do Tesouro OT, (Portugal),      
Reg. S, 0.30%, 10/17/2031 (e)    EUR 1,092        941  
Reg. S, 0.48%, 10/18/2030 (e)    EUR 377        341  
Reg. S, 0.70%, 10/15/2027 (e)    EUR 1,675        1,663  
Reg. S, 0.90%, 10/12/2035 (e)    EUR 861        704  
Reg. S, 1.00%, 04/12/2052 (e)    EUR 370        212  
Reg. S, 1.15%, 04/11/2042 (e)    EUR 395        286  
Reg. S, 1.65%, 07/16/2032 (e)    EUR 1,210        1,155  
Reg. S, 1.95%, 06/15/2029 (e)    EUR 1,803        1,858  
Reg. S, 2.13%, 10/17/2028 (e)    EUR 1,047        1,097  
Reg. S, 2.88%, 10/15/2025 (e)    EUR 1,500        1,631  
Reg. S, 2.88%, 07/21/2026 (e)    EUR 1,710        1,864  
Reg. S, 3.50%, 06/18/2038 (e)    EUR 700        761  
Reg. S, 3.88%, 02/15/2030 (e)    EUR 1,020        1,171  
Reg. S, 4.10%, 04/15/2037 (e)    EUR 837        975  
Reg. S, 4.10%, 02/15/2045 (e)    EUR 640        744  
Reg. S, 4.13%, 04/14/2027 (e)    EUR 480        548  
Series 15Y, Reg. S, 2.25%, 04/18/2034 (e)    EUR 426        420  
Province of Alberta Canada, (Canada),      
Reg. S, 1.40%, 02/20/2029    SEK 2,000        167  
2.20%, 06/01/2026    CAD 600        426  
Province of British Columbia Canada, (Canada),      
2.80%, 06/18/2048    CAD 400        236  
7.25%, 09/01/2036      300        394  
7.88%, 11/30/2023    CAD 620        468  
Province of Manitoba Canada, (Canada), 2.75%, 06/02/2029    CAD 500        355  
Province of Nova Scotia Canada, (Canada), 3.45%, 06/01/2045    CAD 200        132  
Province of Ontario Canada, (Canada),      
Reg. S, 0.01%, 11/25/2030    EUR 3,000        2,544  
Reg. S, 0.25%, 12/15/2026    GBP 1,900        2,011  
Reg. S, 0.25%, 06/09/2031    EUR 3,000        2,545  
Reg. S, 0.50%, 12/15/2023    GBP 500        599  
Reg. S, 0.63%, 04/17/2025    EUR 400        410  
Reg. S, 0.88%, 01/21/2025    EUR 1,000        1,037  
5.60%, 06/02/2035    CAD 300        259  
Province of Quebec Canada, (Canada),      
Reg. S, 0.25%, 05/05/2031    EUR 8,000        6,825  
Reg. S, 0.50%, 01/25/2032    EUR 3,000        2,557  
Reg. S, 0.88%, 05/04/2027    EUR 3,500        3,454  
Reg. S, 0.88%, 07/05/2028    EUR 1,025        985  
Reg. S, 2.38%, 01/22/2024    EUR 425        457  
3.50%, 12/01/2045    CAD 200        135  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Series PD, 7.50%, 09/15/2029      100        119  
Province of Saskatchewan Canada, (Canada), 3.30%, 06/02/2048    CAD 400        257  
Queensland Treasury Corp., (Australia),      
Reg. S, 1.75%, 08/21/2031 (e)    AUD 600        341  
Series 27, Reg. S, 2.75%, 08/20/2027 (e)    AUD 400        260  
Regiao Autonoma Madeira, (Portugal), 0.94%, 05/29/2032    EUR 200        174  
Regie Autonome des Transports Parisiens, (France),      
Reg. S, 0.38%, 06/15/2024    EUR 300        314  
Reg. S, 0.40%, 12/19/2036    EUR 682        637  
Reg. S, 0.88%, 05/25/2027    EUR 100        99  
Reg. S, 1.75%, 05/25/2031    EUR 500        490  
Reg. S, 1.88%, 05/25/2032    EUR 100        97  
Region of Ile de France, (France),      
Reg. S, 0.00%, 04/20/2028    EUR 200        186  
Reg. S, 0.50%, 06/14/2025    EUR 200        205  
Reg. S, 0.63%, 04/23/2027    EUR 200        197  
Reg. S, 2.23%, 07/19/2032    EUR 200        199  
Reg. S, 3.63%, 03/27/2024    EUR 100        108  
Region Wallonne Belgium, (Belgium),      
Reg. S, 0.05%, 06/22/2025    EUR 800        812  
Reg. S, 0.25%, 05/03/2026    EUR 300        298  
Reg. S, 0.38%, 10/22/2031    EUR 100        85  
Reg. S, 0.50%, 06/22/2037    EUR 100        72  
Reg. S, 1.05%, 06/22/2040    EUR 100        72  
Reg. S, 1.25%, 05/03/2034    EUR 200        173  
Reg. S, 1.38%, 04/06/2032    EUR 200        185  
Reg. S, 3.25%, 06/22/2033    EUR 500        535  
Reg. S, 3.50%, 03/15/2043    EUR 100        105  
Republic of Austria Government Bond, (Austria),      
Reg. S, 0.00%, 07/15/2024 (e)    EUR 280        293  
Reg. S, 0.00%, 04/20/2025 (e)    EUR     1,300        1,331  
Reg. S, 0.00%, 10/20/2028 (e)    EUR 490        456  
Reg. S, 0.00%, 02/20/2030 (e)    EUR 1,178        1,051  
Reg. S, 0.00%, 02/20/2031 (e)    EUR 2,094        1,813  
Reg. S, 0.00%, 10/20/2040 (e)    EUR 760        480  
Reg. S, 0.25%, 10/20/2036 (e)    EUR 1,100        821  
Reg. S, 0.50%, 04/20/2027 (e)    EUR 1,100        1,092  
Reg. S, 0.50%, 02/20/2029 (e)    EUR 1,219        1,157  
Reg. S, 0.70%, 04/20/2071 (e)    EUR 751        370  
Reg. S, 0.75%, 10/20/2026 (e)    EUR 1,000        1,014  
Reg. S, 0.75%, 02/20/2028 (e)    EUR 2,740        2,705  
Reg. S, 0.75%, 03/20/2051 (e)    EUR 1,362        853  
Reg. S, 0.85%, 06/30/2120 (e)    EUR 300        137  
Reg. S, 0.90%, 02/20/2032 (e)    EUR 1,050        960  
Reg. S, 1.20%, 10/20/2025 (e)    EUR 860        897  
Reg. S, 1.50%, 02/20/2047 (e)    EUR 895        720  
Reg. S, 1.50%, 11/02/2086 (e)    EUR 190        124  
Reg. S, 1.85%, 05/23/2049 (e)    EUR 570        485  
Reg. S, 2.00%, 07/15/2026 (e)    EUR 270        286  
Reg. S, 2.10%, 09/20/2117 (e)    EUR 756        603  
Reg. S, 2.40%, 05/23/2034 (e)    EUR 673        688  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Reg. S, 2.90%, 02/20/2033 (e)    EUR 690        744  
Reg. S, 3.15%, 06/20/2044 (e)    EUR 748        827  
Reg. S, 3.80%, 01/26/2062 (e)    EUR 290        368  
Reg. S, 4.15%, 03/15/2037 (e)    EUR 1,195        1,447  
Reg. S, 4.85%, 03/15/2026 (e)    EUR 2,661        3,056  
Reg. S, 6.25%, 07/15/2027    EUR 133        164  
Series 1, Reg. S, 1.65%, 10/21/2024 (e)    EUR 1,468        1,562  
Republic of Austria Government International Bond, (Austria), Reg. S, 5.38%, 12/01/2034 (e)    CAD 200        165  
Republic of Italy Government International Bond, (Italy),      
1.25%, 02/17/2026      2,000        1,781  
2.88%, 10/17/2029      200        173  
Reg. S, (ICE EURIBOR Swap Rate 30 Year + 0.00%), 4.25%, 06/28/2029 (aa)    EUR 1,000        1,103  
Reg. S, 5.13%, 07/31/2024    EUR 520        575  
5.20%, 07/31/2034    EUR 200        229  
Reg. S, 6.00%, 08/04/2028    GBP 1,050        1,330  
Republic of Poland Government Bond, (Poland),      
Series 424, 2.50%, 04/25/2024    PLN 1,639        366  
Series 425, 0.75%, 04/25/2025    PLN 1,810        377  
Series 428, 2.75%, 04/25/2028    PLN 6,310        1,260  
Series 429, 5.75%, 04/25/2029    PLN 530        121  
Series 432, 1.75%, 04/25/2032    PLN 4,323        709  
Series 447, 4.00%, 04/25/2047    PLN 373        61  
Series 725, 3.25%, 07/25/2025    PLN 4,160        907  
Series 726, 2.50%, 07/25/2026    PLN 4,870        1,011  
Series 727, 2.50%, 07/25/2027    PLN 8,450        1,703  
Series 1024, 2.25%, 10/25/2024    PLN 5,960        1,303  
Series 1026, 0.25%, 10/25/2026    PLN 6,040        1,147  
Series 1029, 2.75%, 10/25/2029    PLN 3,773        724  
Series 1030, 1.25%, 10/25/2030    PLN 4,143        689  
Republic of Poland Government International Bond, (Poland),      
Reg. S, 0.00%, 07/07/2023    EUR 425        456  
Reg. S, 0.00%, 02/10/2025    EUR 160        162  
Reg. S, 0.88%, 05/10/2027    EUR 1,900        1,832  
Reg. S, 1.13%, 08/07/2026    EUR 1,825        1,816  
Reg. S, 1.38%, 10/22/2027    EUR 6,000        5,824  
Reg. S, 2.00%, 03/08/2049    EUR 53        39  
Reg. S, 2.38%, 01/18/2036    EUR 1,000        890  
Reg. S, 2.75%, 05/25/2032    EUR 3,000        2,915  
Reg. S, 4.25%, 02/14/2043    EUR 5,000        5,253  
Reg. S, 5.25%, 01/20/2025    EUR 1,000        1,112  
Romania Government Bond, (Romania),      
Series 5Y, 3.25%, 06/24/2026    RON 2,215        430  
Series 5Y, 3.65%, 07/28/2025    RON 9,970        2,029  
Series 5Y, 4.25%, 04/28/2036    RON 1,215        194  
Series 7Y, 2.50%, 10/25/2027    RON     1,350        242  
Series 8Y, 4.15%, 01/26/2028    RON 1,930        370  
Series 10YR, 4.15%, 10/24/2030    RON 3,055        544  
Series 10Y, 6.70%, 02/25/2032    RON 3,130        650  
Series 10Y, 8.25%, 09/29/2032    RON 630        144  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Romanian Government International Bond, (Romania),      
Reg. S, 1.38%, 12/02/2029    EUR 2,000        1,629  
Reg. S, 1.75%, 07/13/2030    EUR 1,000        796  
Reg. S, 2.00%, 04/14/2033    EUR     1,500        1,107  
Reg. S, 2.12%, 07/16/2031    EUR 3,000        2,360  
Reg. S, 2.13%, 03/07/2028    EUR 3,000        2,770  
Reg. S, 2.38%, 04/19/2027    EUR 2,000        1,940  
Reg. S, 2.63%, 12/02/2040    EUR 1,000        627  
Reg. S, 2.75%, 10/29/2025    EUR 6,000        6,294  
Reg. S, 2.75%, 02/26/2026    EUR 15        15  
Reg. S, 2.75%, 04/14/2041    EUR 800        508  
Reg. S, 2.88%, 10/28/2024    EUR 1,475        1,571  
Reg. S, 2.88%, 04/13/2042    EUR 1,000        634  
Reg. S, 3.38%, 02/08/2038    EUR 1,425        1,072  
Reg. S, 3.38%, 01/28/2050    EUR 1,265        827  
Reg. S, 3.62%, 05/26/2030    EUR 1,875        1,718  
Reg. S, 3.75%, 02/07/2034    EUR 1,000        845  
Reg. S, 3.88%, 10/29/2035    EUR 5,000        4,128  
Reg. S, 5.00%, 09/27/2026    EUR 1,000        1,082  
Reg. S, 6.63%, 09/27/2029    EUR 2,000        2,215  
Saudi Government International Bond, (Saudi Arabia),      
Reg. S, 0.75%, 07/09/2027    EUR 2,200        2,106  
Reg. S, 2.00%, 07/09/2039    EUR 1,200        936  
SFIL SA, (France),      
Reg. S, 0.00%, 05/24/2024    EUR 200        209  
Reg. S, 0.05%, 06/04/2029    EUR 300        270  
Reg. S, 0.13%, 10/18/2024    EUR 500        517  
Reg. S, 1.50%, 03/05/2032    EUR 300        284  
Singapore Government Bond, (Singapore),      
1.88%, 03/01/2050    SGD 53        34  
2.13%, 06/01/2026    SGD 134        98  
2.38%, 07/01/2039    SGD 60        42  
2.75%, 03/01/2046    SGD 60        46  
2.88%, 07/01/2029    SGD 150        112  
2.88%, 09/01/2030    SGD 1,215        907  
3.38%, 09/01/2033    SGD 100        78  
Slovakia Government Bond, (Slovakia),      
Series 231, 0.63%, 05/22/2026    EUR 860        858  
Series 232, Reg. S, 1.88%, 03/09/2037    EUR 160        135  
Series 233, Reg. S, 2.00%, 10/17/2047    EUR 280        216  
Series 234, Reg. S, 1.00%, 06/12/2028    EUR 240        232  
Series 235, Reg. S, 2.25%, 06/12/2068    EUR 99        75  
Series 236, Reg. S, 0.75%, 04/09/2030    EUR 420        379  
Series 238, Reg. S, 0.25%, 05/14/2025    EUR 690        701  
Series 239, Reg. S, 1.00%, 05/14/2032    EUR 718        621  
Series 241, Reg. S, 0.13%, 06/17/2027    EUR 162        154  
Series 242, Reg. S, 0.38%, 04/21/2036    EUR 379        261  
Series 243, Reg. S, 1.00%, 10/13/2051    EUR 280        156  
Series 244, Reg. S, 4.00%, 10/19/2032    EUR 80        89  
Series 245, Reg. S, 3.75%, 02/23/2035    EUR 840        894  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Slovenia Government Bond, (Slovenia),      
Series RS66, Reg. S, 4.63%, 09/09/2024    EUR 319        357  
Series RS70, Reg. S, 5.13%, 03/30/2026    EUR 470        544  
Series RS74, Reg. S, 1.50%, 03/25/2035    EUR 120        104  
Series RS76, Reg. S, 3.13%, 08/07/2045    EUR 160        160  
Series RS77, Reg. S, 2.25%, 03/03/2032    EUR 130        129  
Series RS78, Reg. S, 1.75%, 11/03/2040    EUR 212        174  
Series RS80, Reg. S, 1.00%, 03/06/2028    EUR 500        490  
Series RS82, Reg. S, 0.28%, 01/14/2030    EUR 586        521  
Series RS84, Reg. S, 0.88%, 07/15/2030    EUR 190        174  
Series RS85, Reg. S, 0.49%, 10/20/2050    EUR 190        99  
Series RS87, Reg. S, 0.69%, 03/03/2081    EUR 121        60  
Series RS91, Reg. S, 3.63%, 03/11/2033    EUR 760        846  
SNCF Reseau, (France),      
Reg. S, 0.88%, 01/22/2029    EUR 200        191  
Reg. S, 1.00%, 11/09/2031    EUR 300        273  
Reg. S, 1.13%, 05/19/2027    EUR 500        502  
Reg. S, 1.13%, 05/25/2030    EUR 500        474  
Reg. S, 1.50%, 05/29/2037    EUR 300        254  
Reg. S, 2.00%, 11/12/2026    CHF 300        328  
Reg. S, 2.00%, 02/05/2048    EUR 100        78  
Reg. S, 2.25%, 12/20/2047    EUR 100        83  
Reg. S, 3.13%, 10/25/2028    EUR 500        543  
4.70%, 06/01/2035    CAD 100        79  
Reg. S, 4.83%, 03/25/2060    GBP     2,000        2,541  
Reg. S, 5.00%, 10/10/2033    EUR 200        247  
Reg. S, 5.00%, 03/11/2052    GBP 145        183  
Reg. S, 5.25%, 12/07/2028    GBP 300        388  
Societe Du Grand Paris EPIC, (France),      
Reg. S, 0.00%, 11/25/2030    EUR 400        342  
Reg. S, 0.30%, 09/02/2036    EUR 200        143  
Reg. S, 0.70%, 10/15/2060    EUR 300        127  
Reg. S, 0.88%, 05/10/2046    EUR 100        62  
Reg. S, 1.00%, 11/26/2051    EUR 200        114  
Reg. S, 1.13%, 10/22/2028    EUR 700        685  
Reg. S, 1.13%, 05/25/2034    EUR 200        171  
Reg. S, 1.70%, 05/25/2050    EUR 300        218  
Reg. S, 3.50%, 05/25/2043    EUR 500        527  
Societe Nationale SNCF SA, (France),      
Reg. S, 0.63%, 04/17/2030    EUR 300        273  
Reg. S, 1.00%, 05/25/2040    EUR 100        71  
Reg. S, 1.00%, 01/19/2061    EUR 100        45  
Reg. S, 1.50%, 02/02/2029    EUR 300        296  
Reg. S, 5.38%, 03/18/2027    GBP 400        509  
South Australian Government Financing Authority, (Australia), Reg. S, 2.00%, 05/23/2036    AUD 89        45  
Spain Government Bond, (Spain),      
Reg. S, 0.00%, 05/31/2024    EUR 509        533  
0.00%, 01/31/2025    EUR 5,469        5,630  
0.00%, 05/31/2025    EUR 970        988  
0.00%, 01/31/2026    EUR 3,200        3,201  
0.00%, 01/31/2027    EUR 1,730        1,680  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Reg. S, 0.00%, 01/31/2028 (e)    EUR 3,878        3,650  
Reg. S, 0.10%, 04/30/2031 (e)    EUR 1,030        878  
Reg. S, 0.50%, 04/30/2030 (e)    EUR 5,923        5,390  
Reg. S, 0.50%, 10/31/2031 (e)    EUR 3,588        3,118  
Reg. S, 0.60%, 10/31/2029 (e)    EUR 980        911  
Reg. S, 0.70%, 04/30/2032 (e)    EUR 2,660        2,318  
Reg. S, 0.80%, 07/30/2027 (e)    EUR 1,321        1,310  
0.80%, 07/30/2029    EUR 1,100        1,040  
Reg. S, 0.85%, 07/30/2037 (e)    EUR 4,393        3,313  
Reg. S, 1.00%, 07/30/2042 (e)    EUR 1,293        885  
Reg. S, 1.00%, 10/31/2050 (e)    EUR 2,900        1,683  
Reg. S, 1.20%, 10/31/2040 (e)    EUR 2,511        1,852  
Reg. S, 1.25%, 10/31/2030 (e)    EUR 2,458        2,337  
Reg. S, 1.30%, 10/31/2026 (e)    EUR 1,651        1,696  
Reg. S, 1.40%, 04/30/2028 (e)    EUR 2,796        2,811  
Reg. S, 1.40%, 07/30/2028 (e)    EUR 1,421        1,423  
Reg. S, 1.45%, 10/31/2027 (e)    EUR 4,440        4,510  
Reg. S, 1.45%, 04/30/2029 (e)    EUR 5,130        5,089  
Reg. S, 1.45%, 10/31/2071 (e)    EUR 549        289  
Reg. S, 1.50%, 04/30/2027 (e)    EUR 1,325        1,359  
Reg. S, 1.60%, 04/30/2025 (e)    EUR 2,810        2,969  
Reg. S, 1.85%, 07/30/2035 (e) (ee)    EUR 2,233        2,034  
Reg. S, 1.90%, 10/31/2052 (e)    EUR 842        604  
Reg. S, 1.95%, 04/30/2026 (e)    EUR 3,228        3,406  
Reg. S, 1.95%, 07/30/2030 (e)    EUR 1,340        1,346  
Reg. S, 2.15%, 10/31/2025 (e)    EUR     3,525        3,760  
Reg. S, 2.35%, 07/30/2033 (e)    EUR 1,491        1,478  
Reg. S, 2.55%, 10/31/2032 (e)    EUR 2,160        2,206  
2.80%, 05/31/2026    EUR 900        972  
Reg. S, 2.90%, 10/31/2046 (e)    EUR 1,463        1,386  
Reg. S, 3.15%, 04/30/2033 (e)    EUR 3,130        3,342  
Reg. S, 3.45%, 07/30/2043 (e)    EUR 1,330        1,375  
Reg. S, 3.45%, 07/30/2066 (e)    EUR 1,610        1,595  
Reg. S, 3.80%, 04/30/2024 (e)    EUR 1,457        1,593  
Reg. S, 4.20%, 01/31/2037 (e)    EUR 773        896  
Reg. S, 4.65%, 07/30/2025 (e)    EUR 1,956        2,205  
Reg. S, 4.70%, 07/30/2041 (e)    EUR 714        876  
Reg. S, 4.80%, 01/31/2024 (e)    EUR 818        899  
Reg. S, 4.90%, 07/30/2040 (e)    EUR 2,689        3,370  
Reg. S, 5.15%, 10/31/2028 (e)    EUR 1,476        1,773  
Reg. S, 5.15%, 10/31/2044 (e)    EUR 1,421        1,862  
5.75%, 07/30/2032    EUR 1,706        2,226  
Reg. S, 5.90%, 07/30/2026 (e)    EUR 2,920        3,463  
6.00%, 01/31/2029    EUR 1,780        2,237  
Series 5YR, Reg. S, 0.25%, 07/30/2024 (e)    EUR 1,223        1,280  
Series 30Y, Reg. S, 2.70%, 10/31/2048 (e)    EUR 2,634        2,366  
State of Brandenburg, (Germany),      
Reg. S, 0.13%, 01/26/2046    EUR 259        143  
Reg. S, 1.45%, 11/26/2038    EUR 180        153  
Reg. S, 2.50%, 01/25/2029    EUR 200        211  
Reg. S, 3.00%, 02/27/2032    EUR 200        218  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
State of Bremen, (Germany),      
Series 191, Reg. S, 1.88%, 03/18/2024    EUR 580        620  
Series 215, Reg. S, 1.20%, 01/30/2034    EUR 40        36  
Series 224, Reg. S, 0.40%, 08/20/2049    EUR 30        17  
Series 232, Reg. S, 0.55%, 02/04/2050    EUR 30        17  
Series 247, Reg. S, 0.15%, 09/14/2040    EUR 210        134  
Series 250, Reg. S, 0.01%, 10/06/2028    EUR 640        591  
Series 258, Reg. S, 0.50%, 05/06/2041    EUR 138        93  
State of Hesse, (Germany),      
Reg. S, 0.13%, 10/10/2031    EUR 203        173  
Reg. S, 0.88%, 12/10/2024    EUR 600        626  
Reg. S, 1.38%, 06/10/2024    EUR 490        520  
Series 1801, Reg. S, 0.63%, 08/02/2028    EUR 230        221  
Series 2006, Reg. S, 0.01%, 03/11/2030    EUR 100        89  
Series 2301, 2.88%, 01/10/2033    EUR 800        862  
State of Lower Saxony, (Germany),      
Reg. S, 0.00%, 02/11/2027    EUR     1,310        1,266  
Reg. S, 0.01%, 01/10/2031    EUR 479        414  
Reg. S, 0.05%, 03/09/2035    EUR 277        210  
Reg. S, 0.25%, 02/06/2024    EUR 325        344  
Reg. S, 0.38%, 05/14/2029    EUR 500        465  
Reg. S, 1.50%, 10/17/2029    EUR 200        198  
Series 884, Reg. S, 0.88%, 10/25/2028    EUR 320        310  
Series 898, Reg. S, 0.01%, 08/13/2030    EUR 149        130  
Series 901, Reg. S, 0.01%, 11/25/2027    EUR 640        606  
State of North Rhine-Westphalia Germany, (Germany),      
Reg. S, 0.00%, 01/15/2029    EUR 161        147  
Reg. S, 0.20%, 04/09/2030    EUR 694        623  
Reg. S, 0.20%, 01/27/2051    EUR 270        134  
Reg. S, 0.38%, 09/02/2050    EUR 713        383  
Reg. S, 0.50%, 11/25/2039    EUR 110        78  
Reg. S, 0.75%, 08/16/2041    EUR 360        255  
Reg. S, 0.80%, 07/30/2049    EUR 100        63  
Reg. S, 0.90%, 11/15/2028    EUR 600        583  
Reg. S, 0.95%, 03/13/2028    EUR 144        142  
Reg. S, 0.95%, 01/10/2121    EUR 195        83  
Reg. S, 1.38%, 01/15/2120    EUR 434        232  
Reg. S, 1.45%, 02/16/2043    EUR 100        80  
Reg. S, 1.45%, 01/19/2122    EUR 150        83  
Reg. S, 1.65%, 02/22/2038    EUR 480        426  
Reg. S, 1.65%, 05/16/2047    EUR 620        501  
Reg. S, 1.75%, 10/26/2057    EUR 172        132  
Reg. S, 1.75%, 07/11/2068    EUR 104        73  
Reg. S, 1.88%, 03/15/2024    EUR 630        674  
Reg. S, 1.95%, 09/26/2078    EUR 254        192  
Reg. S, 2.13%, 06/13/2025    GBP 1,000        1,178  
Reg. S, 2.15%, 03/21/2119    EUR 376        288  
Reg. S, 2.75%, 01/15/2032    EUR 430        459  
Reg. S, 2.90%, 01/15/2053    EUR 390        408  
Reg. S, 3.40%, 03/07/2073    EUR 100        114  
Series 15YR, Reg. S, 0.00%, 10/12/2035    EUR 654        481  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Series 15YR, Reg. S, 1.10%, 03/13/2034    EUR 240        213  
Series 1250, Reg. S, 2.38%, 05/13/2033    EUR 350        359  
Series 1409, Reg. S, 0.50%, 04/16/2026    EUR 980        985  
Series 1439, Reg. S, 1.55%, 06/16/2048    EUR 200        157  
State of Rhineland-Palatinate, (Germany),      
Reg. S, 0.01%, 01/21/2031    EUR 410        354  
Reg. S, 0.38%, 01/26/2027    EUR 220        216  
Reg. S, 0.38%, 03/10/2051    EUR 200        107  
Reg. S, 0.75%, 01/19/2026    EUR 725        737  
State of Saarland, (Germany), Reg. S, 0.05%, 11/05/2040    EUR 68        43  
State of Saxony-Anhalt, (Germany),      
Reg. S, 0.00%, 03/10/2031    EUR 280        241  
0.35%, 02/09/2032    EUR 100        86  
Reg. S, 0.50%, 03/24/2051    EUR 123        69  
Reg. S, 1.88%, 04/10/2024    EUR 300        321  
Series 10Y, Reg. S, 0.75%, 01/29/2029    EUR 200        192  
State of Schleswig-Holstein Germany, (Germany),      
Reg. S, 0.05%, 07/08/2031    EUR 400        343  
Reg. S, 0.13%, 06/12/2029    EUR 331        302  
Reg. S, 0.50%, 03/22/2029    EUR 140        132  
Reg. S, 0.63%, 08/31/2028    EUR 140        134  
State of the Grand-Duchy of Luxembourg, (Luxembourg),      
Reg. S, 0.00%, 03/24/2031    EUR 103        89  
Reg. S, 0.00%, 09/14/2032    EUR 400        330  
Reg. S, 1.38%, 05/25/2029    EUR 380        377  
Reg. S, 1.75%, 05/25/2042    EUR 360        313  
States of Guernsey Bond, (Guernsey), Reg. S, 3.38%, 12/12/2046    GBP 200        200  
Svensk Exportkredit AB, (Sweden),      
Zero Coupon, 05/11/2037      224        118  
Reg. S, 2.00%, 06/30/2027    EUR 1,000        1,032  
Sweden Government Bond, (Sweden),      
Series 1053, Reg. S, 3.50%, 03/30/2039    SEK 3,890        435  
Series 1056, Reg. S, 2.25%, 06/01/2032    SEK 9,200        887  
Series 1058, Reg. S, 2.50%, 05/12/2025 (e)    SEK 5,100        488  
Series 1059, Reg. S, 1.00%, 11/12/2026    SEK   10,000        912  
Series 1060, Reg. S, 0.75%, 05/12/2028 (e)    SEK 16,175        1,436  
Series 1061, Reg. S, 0.75%, 11/12/2029 (e)    SEK 7,090        617  
Series 1062, Reg. S, 0.13%, 05/12/2031 (e)    SEK 5,705        463  
Series 1063, Reg. S, 0.50%, 11/24/2045    SEK 2,100        139  
Series 1064, Reg. S, 1.38%, 06/23/2071 (e)    SEK 570        36  
Series 1065, Reg. S, 1.75%, 11/11/2033    SEK 2,830        261  
Sweden Government International Bond, (Sweden), Reg. S, 0.13%, 04/24/2023    EUR 700        758  
Swiss Confederation Government Bond, (Switzerland),      
Reg. S, 0.00%, 06/22/2029    CHF 670        682  
Reg. S, 0.00%, 06/26/2034    CHF 1,179        1,131  
Reg. S, 0.00%, 07/24/2039    CHF 1,009        905  
Reg. S, 0.50%, 05/27/2030    CHF 540        564  
Reg. S, 0.50%, 06/27/2032    CHF 760        781  
Reg. S, 0.50%, 06/28/2045    CHF 110        104  
Reg. S, 0.50%, 05/24/2055    CHF 222        199  
Reg. S, 0.50%, 05/30/2058    CHF 160        142  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Reg. S, 1.25%, 06/11/2024    CHF 410        448  
Reg. S, 1.25%, 05/28/2026    CHF 550        602  
Reg. S, 1.25%, 06/27/2037    CHF 330        361  
Reg. S, 1.50%, 07/24/2025    CHF 190        209  
Reg. S, 1.50%, 04/30/2042    CHF 240        275  
Reg. S, 2.00%, 06/25/2064    CHF 411        586  
Reg. S, 2.25%, 06/22/2031    CHF 52        62  
Reg. S, 3.25%, 06/27/2027    CHF 510        603  
Reg. S, 4.00%, 04/08/2028    CHF 663        823  
Reg. S, 4.00%, 01/06/2049    CHF 440        782  
Thailand Government Bond, (Thailand),      
1.45%, 12/17/2024    THB 3,270        95  
1.60%, 12/17/2029    THB   54,000        1,523  
2.13%, 12/17/2026    THB 4,024        119  
2.88%, 06/17/2046    THB 1,430        41  
3.40%, 06/17/2036    THB 4,000        126  
3.45%, 06/17/2043    THB 980        31  
3.65%, 06/20/2031    THB 3,480        112  
4.00%, 06/17/2066    THB 1,620        53  
Tokyo Metropolitan Government, (Japan), Reg. S, 0.75%, 07/16/2025      1,000        915  
Treasury Corp. of Victoria, (Australia),      
2.25%, 11/20/2034    AUD 500        273  
2.25%, 11/20/2041    AUD 500        229  
Reg. S, 2.50%, 10/22/2029    AUD 200        125  
Reg. S, 4.75%, 09/15/2036    AUD 100        69  
Tyollisyysrahasto, (Finland), 0.01%, 06/16/2027    EUR 200        191  
U.S. Treasury Notes,      
2.63%, 04/15/2025      2,000        1,943  
4.13%, 09/30/2027      1,007        1,025  
UNEDIC ASSEO, (France),      
Reg. S, 0.00%, 03/05/2030    EUR 100        89  
Reg. S, 0.00%, 11/19/2030    EUR 200        174  
Reg. S, 0.01%, 05/25/2031    EUR 1,700        1,458  
Reg. S, 0.10%, 11/25/2026    EUR 600        586  
Reg. S, 0.25%, 11/25/2029    EUR 1,000        910  
Reg. S, 0.25%, 07/16/2035    EUR 300        228  
Reg. S, 0.50%, 05/25/2036    EUR 300        227  
Reg. S, 0.63%, 03/03/2026    EUR 100        101  
Reg. S, 1.25%, 10/21/2027    EUR 200        201  
Reg. S, 1.25%, 05/25/2033    EUR 200        182  
Reg. S, 1.75%, 11/25/2032    EUR 300        290  
United Kingdom Gilt, (United Kingdom),      
Reg. S, 0.13%, 01/30/2026    GBP 5,130        5,765  
Reg. S, 0.13%, 01/31/2028    GBP 5,987        6,307  
Reg. S, 0.25%, 01/31/2025    GBP 4,950        5,712  
Reg. S, 0.25%, 07/31/2031    GBP 4,196        3,992  
Reg. S, 0.38%, 10/22/2026    GBP 3,607        3,973  
Reg. S, 0.38%, 10/22/2030    GBP 7,352        7,256  
Reg. S, 0.50%, 01/31/2029    GBP 4,670        4,845  
Reg. S, 0.50%, 10/22/2061    GBP 3,012        1,330  
Reg. S, 0.63%, 06/07/2025    GBP 4,338        5,037  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Reg. S, 0.63%, 07/31/2035    GBP 5,584        4,828  
Reg. S, 0.63%, 10/22/2050    GBP 3,956        2,235  
Reg. S, 0.88%, 10/22/2029    GBP 3,550        3,736  
Reg. S, 0.88%, 07/31/2033    GBP 1,861        1,769  
Reg. S, 0.88%, 01/31/2046    GBP 2,859        1,932  
Reg. S, 1.00%, 04/22/2024    GBP 410        490  
Reg. S, 1.00%, 01/31/2032    GBP 3,752        3,767  
Reg. S, 1.13%, 01/31/2039    GBP 2,046        1,720  
Reg. S, 1.13%, 10/22/2073    GBP 1,127        617  
Reg. S, 1.25%, 07/22/2027    GBP 3,271        3,686  
Reg. S, 1.25%, 10/22/2041    GBP 3,291        2,676  
Reg. S, 1.25%, 07/31/2051    GBP 2,286        1,570  
Reg. S, 1.50%, 07/22/2026    GBP 5,920        6,854  
Reg. S, 1.50%, 07/22/2047    GBP 2,153        1,666  
Reg. S, 1.50%, 07/31/2053    GBP 1,940        1,398  
Reg. S, 1.63%, 10/22/2028    GBP 2,175        2,447  
Reg. S, 1.63%, 10/22/2054    GBP 1,731        1,285  
Reg. S, 1.63%, 10/22/2071    GBP 2,120        1,464  
Reg. S, 1.75%, 09/07/2037    GBP 1,989        1,905  
Reg. S, 1.75%, 01/22/2049    GBP 4,510        3,653  
Reg. S, 1.75%, 07/22/2057    GBP 3,284        2,508  
Reg. S, 2.00%, 09/07/2025    GBP     3,573        4,243  
Reg. S, 2.50%, 07/22/2065    GBP 2,112        1,957  
Reg. S, 2.75%, 09/07/2024    GBP 3,800        4,610  
Reg. S, 3.25%, 01/31/2033    GBP 3,560        4,295  
Reg. S, 3.25%, 01/22/2044    GBP 8,130        9,125  
Reg. S, 3.50%, 01/22/2045    GBP 3,187        3,704  
Reg. S, 3.50%, 07/22/2068    GBP 2,089        2,489  
Reg. S, 3.75%, 01/29/2038    GBP 5,420        6,640  
Reg. S, 3.75%, 07/22/2052    GBP 1,027        1,244  
Reg. S, 3.75%, 10/22/2053    GBP 3,170        3,832  
Reg. S, 4.00%, 01/22/2060    GBP 1,778        2,315  
Reg. S, 4.25%, 12/07/2027    GBP 2,300        2,938  
Reg. S, 4.25%, 06/07/2032    GBP 1,620        2,131  
Reg. S, 4.25%, 03/07/2036    GBP 1,449        1,896  
Reg. S, 4.25%, 09/07/2039    GBP 894        1,159  
Reg. S, 4.25%, 12/07/2040    GBP 2,045        2,657  
Reg. S, 4.25%, 12/07/2046    GBP 3,948        5,135  
Reg. S, 4.25%, 12/07/2049 (ff)    GBP 1,387        1,816  
Reg. S, 4.25%, 12/07/2055    GBP 1,689        2,249  
Reg. S, 4.50%, 09/07/2034    GBP 1,799        2,413  
Reg. S, 4.50%, 12/07/2042    GBP 1,215        1,633  
Reg. S, 4.75%, 12/07/2030    GBP 2,676        3,606  
Reg. S, 4.75%, 12/07/2038    GBP 1,679        2,305  
Reg. S, 5.00%, 03/07/2025    GBP 3,178        4,007  
Reg. S, 6.00%, 12/07/2028    GBP 912        1,273  
United States International Development Finance Corp., 3.37%, 10/05/2034      88        83  
Uruguay Government International Bond, (Uruguay),      
4.98%, 04/20/2055      350        343  
5.10%, 06/18/2050      150        150  

Six Circles Global Bond 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 ($)      

Foreign Government Securities — continued

      
Ville de Paris, (France),      
Reg. S, 1.38%, 11/20/2034    EUR 100        88  
Reg. S, 1.63%, 02/02/2033    EUR 200        187  
Reg. S, 1.75%, 05/25/2031    EUR 200        196  
3.88%, 12/29/2025    EUR 500        552  
Western Australian Treasury Corp., (Australia), Reg. S, 2.25%, 07/23/2041    AUD 100        48  
Xunta de Galicia, (Spain), Reg. S, 0.27%, 07/30/2028    EUR 300        278  
     

 

 

  
Total Foreign Government Securities
(Cost $2,654,930)		         2,465,694  
     

 

 

  
Mortgage-Backed Securities — 14.7%      
FHLMC Gold Pool,      
3.00%, 10/01/2046      180        163  
3.50%, 12/01/2044      411        379  
3.50%, 06/01/2045      823        761  
3.50%, 05/01/2046      132        122  
3.50%, 10/01/2046      186        171  
FHLMC Gold Pool, Single Family, 15 years, 3.00%, 05/01/2029      5,425        5,264  
FHLMC Gold Pool, Single Family, 30 years,      
3.00%, 03/01/2046      18        17  
3.00%, 12/01/2046      29        27  
4.00%, 08/01/2040      275        269  
4.00%, 10/01/2040      2,453        2,400  
4.00%, 11/01/2040      562        551  
4.00%, 11/01/2047      1,773        1,728  
4.00%, 01/01/2048      38        36  
FHLMC Non Gold Pool, ARM, (ICE LIBOR USD 1 Year + 1.64%), 3.57%, 01/01/2050 (aa)      57        55  
FHLMC Pool,      
3.50%, 02/01/2043      61        58  
3.50%, 02/01/2044      85        80  
6.00%, 08/01/2035      54        55  
FHLMC Pool, Single Family, 15 years,      
1.50%, 12/01/2035      383        337  
1.50%, 03/01/2036      582        511  
1.50%, 02/01/2037      832        731  
1.50%, 03/01/2037      860        756  
2.00%, 12/01/2035      757        684  
2.00%, 02/01/2036      5,203        4,695  
2.00%, 03/01/2036      433        390  
2.00%, 05/01/2036      2,634        2,374  
2.00%, 08/01/2036      1,247        1,124  
2.00%, 10/01/2036      679        612  
2.00%, 11/01/2036      3,753        3,382  
2.00%, 12/01/2036      377        340  
2.00%, 01/01/2037      4,544        4,096  
2.00%, 04/01/2037      1,684        1,517  
2.00%, 05/01/2037      1,046        942  
2.00%, 06/01/2037      1,981        1,785  
2.50%, 07/01/2032      2,299        2,160  
2.50%, 10/01/2035      8,454        7,857  
2.50%, 07/01/2036      1,332        1,234  
2.50%, 04/01/2037      160        148  

Six Circles Global Bond 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 ($)      
Mortgage-Backed Securities — continued      
2.50%, 05/01/2037      391        361  
3.00%, 04/01/2028      40        38  
3.00%, 10/01/2028      1,314        1,271  
3.00%, 04/01/2029      43        42  
3.00%, 05/01/2030      5        5  
3.00%, 06/01/2030      626        599  
3.00%, 11/01/2030      115        110  
3.00%, 11/01/2031      39        38  
3.00%, 11/01/2032      116        111  
3.00%, 01/01/2033      55        52  
3.50%, 11/01/2025      328        323  
3.50%, 09/01/2033      310        302  
3.50%, 02/01/2034      766        746  
3.50%, 05/01/2035      627        611  
3.50%, 12/01/2035      52        51  
3.50%, 02/01/2036      182        176  
4.00%, 07/01/2025      19        19  
4.00%, 05/01/2026      14        14  
4.00%, 07/01/2029      337        335  
4.00%, 11/01/2033      312        311  
4.00%, 01/01/2034      16        16  
FHLMC Pool, Single Family, 20 years,      
3.00%, 07/01/2042      363        332  
3.00%, 08/01/2042      129        118  
3.50%, 06/01/2039      275        263  
3.50%, 07/01/2039      161        153  
3.50%, 08/01/2039      616        587  
3.50%, 09/01/2039      373        356  
FHLMC Pool, Single Family, 30 years,      
1.50%, 02/01/2051      27        21  
1.50%, 04/01/2051      50        39  
1.50%, 05/01/2051      5,610        4,411  
1.50%, 07/01/2051      939        738  
2.00%, 09/01/2050      751        622  
2.00%, 10/01/2050      4,537        3,760  
2.00%, 02/01/2051      4,115        3,408  
2.00%, 03/01/2051      3,003        2,487  
2.00%, 05/01/2051      11,664        9,657  
2.00%, 06/01/2051      1,393        1,153  
2.00%, 07/01/2051      1,417        1,175  
2.00%, 10/01/2051      1,820        1,508  
2.00%, 11/01/2051      5,934        4,909  
2.00%, 12/01/2051      4,605        3,809  
2.00%, 01/01/2052      493        408  
2.00%, 02/01/2052      2,233        1,847  
2.00%, 03/01/2052      828        684  
2.50%, 11/01/2050      23,089        19,990  
2.50%, 12/01/2050      807        697  
2.50%, 02/01/2051 (gg)      12,438        10,769  
2.50%, 04/01/2051      415        358  
2.50%, 08/01/2051      14,813        12,937  

Six Circles Global Bond 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 ($)      
Mortgage-Backed Securities — continued      
2.50%, 11/01/2051      860        742  
2.50%, 03/01/2052      1,794        1,552  
2.50%, 04/01/2052      216        186  
3.00%, 02/01/2049      2,274        2,089  
3.00%, 11/01/2049      1,633        1,483  
3.00%, 05/01/2050      3,709        3,376  
3.00%, 07/01/2050      1,736        1,567  
3.00%, 08/01/2050      4,076        3,694  
3.00%, 06/01/2051      3,326        2,985  
3.00%, 07/01/2051      5,763        5,233  
3.00%, 11/01/2051      9,965        8,945  
3.00%, 12/01/2051      11,140        9,996  
3.00%, 02/01/2052      1,616        1,449  
3.00%, 03/01/2052      3,151        2,831  
3.00%, 04/01/2052      6,723        6,040  
3.50%, 03/01/2042      2        2  
3.50%, 07/01/2043      2        2  
3.50%, 11/01/2047      341        321  
3.50%, 02/01/2048      1,793        1,686  
3.50%, 03/01/2048      306        289  
3.50%, 05/01/2048      3,812        3,586  
3.50%, 06/01/2048      4        4  
3.50%, 01/01/2049      45        42  
3.50%, 02/01/2049      563        530  
3.50%, 09/01/2049      2,309        2,168  
3.50%, 10/01/2049      2,152        2,017  
3.50%, 04/01/2050      3,109        2,931  
3.50%, 11/01/2051      500        464  
3.50%, 01/01/2052      436        404  
3.50%, 04/01/2052      1,687        1,565  
3.50%, 06/01/2052      7,263        6,742  
3.50%, 07/01/2052      1,909        1,771  
3.50%, 08/01/2052      1,583        1,468  
3.50%, 09/01/2052      16        15  
4.00%, 10/01/2048      2,827        2,743  
4.00%, 04/01/2049      2,398        2,326  
4.00%, 09/01/2049      1,501        1,464  
4.00%, 05/01/2050      1,069        1,036  
4.00%, 08/01/2050      1,230        1,184  
4.00%, 09/01/2050      10,125        9,784  
4.00%, 04/01/2052      51        49  
4.00%, 06/01/2052      955        913  
4.00%, 07/01/2052      990        946  
4.00%, 08/01/2052      3,136        2,998  
4.00%, 09/01/2052      2,215        2,117  
4.00%, 10/01/2052      594        572  
4.50%, 12/01/2047      180        180  
4.50%, 03/01/2048      214        212  
4.50%, 04/01/2048      621        618  
4.50%, 08/01/2048      22        22  
4.50%, 09/01/2048      720        714  

Six Circles Global Bond 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 ($)      
Mortgage-Backed Securities — continued      
4.50%, 08/01/2049      1,404        1,403  
4.50%, 09/01/2050      965        958  
4.50%, 10/01/2050      3,567        3,508  
4.50%, 07/01/2052      228        224  
4.50%, 08/01/2052      158        155  
4.50%, 12/01/2052      997        988  
5.00%, 12/01/2049      425        433  
5.00%, 08/01/2052      270        270  
5.00%, 09/01/2052      641        645  
5.00%, 10/01/2052      313        313  
5.00%, 11/01/2052      268        268  
5.00%, 01/01/2053      495        494  
5.00%, 04/01/2053      870        868  
5.50%, 11/01/2052      427        436  
5.50%, 12/01/2052      1,345        1,373  
5.50%, 01/01/2053      920        937  
5.50%, 02/01/2053      578        591  
5.50%, 03/01/2053      532        537  
5.50%, 04/01/2053      423        427  
FNMA or FHLMC, Single Family, 15 years,      
TBA, 1.50%, 04/01/2038 (w)      2,316        2,034  
TBA, 2.00%, 04/01/2038 (w)      150        135  
TBA, 2.50%, 04/01/2038 (w)      14,200        13,129  
TBA, 3.00%, 04/01/2038 (w)      2,325        2,202  
TBA, 3.50%, 04/01/2038 (w)      1,575        1,522  
TBA, 4.00%, 04/01/2038 (w)      1,525        1,501  
TBA, 4.50%, 04/01/2038 (w)      7,000        6,976  
FNMA or FHLMC, Single Family, 30 years,      
TBA, 1.50%, 04/01/2053 (w)      7,300        5,726  
TBA, 2.00%, 05/01/2050 (w)      90,000        74,389  
TBA, 2.00%, 04/01/2053 (w)      1,000        826  
TBA, 2.50%, 04/01/2053 (w)      6,651        5,732  
TBA, 2.50%, 05/01/2053 (w)      33,200        28,645  
TBA, 3.00%, 04/01/2053 (w)      7,778        6,970  
TBA, 3.50%, 04/01/2053 (w)      5,114        4,743  
TBA, 4.00%, 05/01/2042 (w)      78,350        74,873  
TBA, 4.00%, 04/01/2053 (w)      1,804        1,723  
TBA, 4.50%, 04/01/2053 (w)      3,468        3,394  
TBA, 5.00%, 04/01/2053 (w)      3,352        3,341  
TBA, 5.00%, 05/01/2053 (w)      64,800        64,580  
TBA, 5.50%, 04/01/2053 (w)      10,243        10,338  
TBA, 5.50%, 05/01/2053 (w)      29,200        29,461  
TBA, 6.00%, 05/01/2053 (w)      18,200        18,545  
TBA, 6.50%, 04/01/2053 (w)      10,000        10,313  
FNMA Pool,      
2.00%, 11/01/2027      376        359  
2.32%, 01/01/2026      2,097        1,991  
3.00%, 12/01/2042      255        232  
3.00%, 06/01/2043      1,028        929  
3.00%, 05/01/2045      334        302  
3.00%, 07/01/2045      35        32  

Six Circles Global Bond 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 ($)      
Mortgage-Backed Securities — continued      
3.00%, 11/01/2046      32        29  
3.00%, 03/01/2060 (gg)      18,976        17,053  
3.01%, 04/01/2032      4,139        3,725  
3.44%, 01/01/2037      320        300  
3.50%, 07/01/2024      75        74  
3.50%, 09/01/2027      151        146  
3.50%, 12/01/2028      64        62  
3.50%, 08/01/2032      69        66  
3.50%, 12/01/2042      149        141  
3.50%, 04/01/2043      222        210  
3.50%, 11/01/2043      109        103  
3.50%, 02/01/2045      263        249  
3.50%, 02/01/2048      784        723  
3.50%, 09/01/2048      81        74  
3.50%, 07/01/2049      292        268  
4.00%, 04/01/2041      124        120  
4.00%, 08/01/2046      108        106  
4.13%, 08/01/2031      2,291        2,269  
4.25%, 01/01/2033      3,900        3,886  
4.83%, 12/01/2032      3,310        3,441  
5.09%, 02/01/2031      1,761        1,850  
5.17%, 08/01/2034      752        800  
FNMA Pool, 30 years, FHA/VA, 3.00%, 01/01/2047      876        801  
FNMA Pool, Single Family, 15 years,      
1.50%, 10/01/2036      554        487  
1.50%, 11/01/2036      501        440  
1.50%, 03/01/2037      483        424  
1.50%, 05/01/2037      194        171  
1.50%, 08/01/2037      537        472  
2.00%, 02/01/2028      15        14  
2.00%, 09/01/2028      123        116  
2.00%, 11/01/2028      118        112  
2.00%, 07/01/2032      10        9  
2.00%, 12/01/2035      861        778  
2.00%, 02/01/2036      6,363        5,742  
2.00%, 03/01/2036      482        434  
2.00%, 08/01/2036      1,213        1,093  
2.00%, 11/01/2036      2,436        2,196  
2.00%, 12/01/2036      1,225        1,104  
2.00%, 01/01/2037      599        540  
2.00%, 02/01/2037      1,022        921  
2.00%, 04/01/2037      1,206        1,087  
2.00%, 05/01/2037      731        659  
2.50%, 08/01/2035      249        231  
2.50%, 03/01/2036      2,278        2,114  
2.50%, 07/01/2036      914        847  
2.50%, 08/01/2036      137        127  
2.50%, 03/01/2037      257        238  
2.50%, 04/01/2037      532        492  
2.50%, 05/01/2037      137        127  
3.00%, 04/01/2027      549        533  

Six Circles Global Bond 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 ($)      
Mortgage-Backed Securities — continued      
3.00%, 11/01/2027      38        36  
3.00%, 02/01/2028      238        231  
3.00%, 10/01/2029      66        63  
3.00%, 03/01/2030      44        42  
3.00%, 05/01/2030      23        23  
3.00%, 07/01/2030      22        21  
3.00%, 09/01/2030      661        634  
3.00%, 12/01/2030      31        30  
3.00%, 04/01/2031      109        105  
3.00%, 12/01/2031      241        230  
3.00%, 07/01/2032      103        99  
3.00%, 01/01/2033      71        68  
3.00%, 07/01/2033      116        111  
3.00%, 02/01/2034      1,394        1,331  
3.00%, 09/01/2034      524        496  
3.00%, 12/01/2035      585        559  
3.50%, 12/01/2025      180        177  
3.50%, 01/01/2026      525        515  
3.50%, 07/01/2031      71        69  
3.50%, 07/01/2034      455        442  
3.50%, 03/01/2035      1,500        1,461  
3.50%, 04/01/2035      919        889  
3.50%, 05/01/2035      88        86  
3.50%, 06/01/2035      292        284  
4.00%, 03/01/2025      64        63  
4.00%, 06/01/2026      79        78  
4.00%, 08/01/2026      48        48  
4.00%, 08/01/2027      50        49  
4.00%, 12/01/2028      21        21  
4.00%, 04/01/2033      582        576  
4.00%, 10/01/2033      86        85  
4.00%, 11/01/2033      345        343  
4.00%, 12/01/2033      22        21  
4.00%, 03/01/2035      1,240        1,231  
FNMA Pool, Single Family, 20 years,      
3.00%, 05/01/2042      760        695  
3.00%, 06/01/2042      388        355  
3.00%, 07/01/2042      1,435        1,311  
3.50%, 03/01/2037      490        471  
3.50%, 08/01/2038      110        105  
3.50%, 04/01/2039      14        13  
3.50%, 08/01/2039      169        161  
4.50%, 06/01/2039      33        33  
FNMA Pool, Single Family, 30 years,      
1.50%, 11/01/2050      1,377        1,083  
1.50%, 06/01/2051      2,072        1,629  
1.50%, 07/01/2051      1,264        993  
1.50%, 04/01/2052      957        752  
2.00%, 07/01/2050      1,477        1,224  
2.00%, 09/01/2050      1,292        1,072  
2.00%, 10/01/2050      979        812  

Six Circles Global Bond 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 ($)      
Mortgage-Backed Securities — continued      
2.00%, 12/01/2050      8,141        6,746  
2.00%, 01/01/2051      4,210        3,487  
2.00%, 02/01/2051      1,386        1,148  
2.00%, 03/01/2051      2,114        1,751  
2.00%, 04/01/2051      3,821        3,165  
2.00%, 05/01/2051      1,881        1,558  
2.00%, 06/01/2051      6,138        5,083  
2.00%, 07/01/2051      3,186        2,636  
2.00%, 10/01/2051      19,372        16,016  
2.00%, 11/01/2051      2,331        1,932  
2.00%, 12/01/2051 (hh)      16,400        13,566  
2.50%, 08/01/2046      5,508        4,831  
2.50%, 08/01/2050      18        16  
2.50%, 10/01/2050      8,771        7,591  
2.50%, 12/01/2050      13,763        11,891  
2.50%, 02/01/2051      1,929        1,665  
2.50%, 03/01/2051      5,425        4,699  
2.50%, 04/01/2051      6,625        5,721  
2.50%, 07/01/2051      1,789        1,547  
2.50%, 08/01/2051      3,965        3,438  
2.50%, 10/01/2051      952        821  
2.50%, 11/01/2051      5,396        4,655  
2.50%, 12/01/2051      14,467        12,490  
2.50%, 01/01/2052      19,178        16,542  
2.50%, 02/01/2052      1,119        966  
2.50%, 03/01/2052      16,317        14,080  
2.50%, 04/01/2052      4,881        4,218  
2.50%, 05/01/2052      933        805  
3.00%, 08/01/2046      1,203        1,103  
3.00%, 11/01/2046      3,190        2,938  
3.00%, 02/01/2047      615        567  
3.00%, 04/01/2048      6,307        5,809  
3.00%, 01/01/2050      3,122        2,842  
3.00%, 03/01/2050      1,591        1,438  
3.00%, 07/01/2050      11,621        10,467  
3.00%, 08/01/2050      3,349        3,033  
3.00%, 12/01/2050 (gg)      4,118        3,736  
3.00%, 01/01/2051      1,555        1,401  
3.00%, 05/01/2051 (gg)      11,245        10,086  
3.00%, 06/01/2051      7,218        6,487  
3.00%, 07/01/2051      1,575        1,414  
3.00%, 08/01/2051      1,330        1,205  
3.00%, 10/01/2051      3,363        3,018  
3.00%, 11/01/2051      3,508        3,149  
3.00%, 12/01/2051      2,697        2,421  
3.00%, 01/01/2052      5,411        4,856  
3.00%, 02/01/2052      833        749  
3.00%, 03/01/2052      2,165        1,941  
3.00%, 04/01/2052      7,663        6,875  
3.00%, 05/01/2052      1,429        1,282  
3.00%, 07/01/2052      1,480        1,327  

Six Circles Global Bond 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 ($)      
Mortgage-Backed Securities — continued      
3.50%, 07/01/2042      1        1  
3.50%, 09/01/2042      165        157  
3.50%, 05/01/2043      5        5  
3.50%, 07/01/2043      7,321        6,972  
3.50%, 08/01/2043 (gg)      18,474        17,556  
3.50%, 01/01/2044      226        215  
3.50%, 10/01/2045      22        20  
3.50%, 12/01/2045      2,058        1,940  
3.50%, 07/01/2046      3,957        3,729  
3.50%, 02/01/2047      4,236        4,033  
3.50%, 07/01/2047      926        877  
3.50%, 09/01/2047      66        62  
3.50%, 10/01/2047      1,366        1,286  
3.50%, 02/01/2048      2,175        2,048  
3.50%, 03/01/2048      195        184  
3.50%, 03/01/2049      352        331  
3.50%, 06/01/2049      3,815        3,581  
3.50%, 08/01/2049      600        565  
3.50%, 04/01/2050      175        164  
3.50%, 05/01/2050      4,171        3,904  
3.50%, 07/01/2050      10,510        9,793  
3.50%, 01/01/2051      817        763  
3.50%, 03/01/2052 (gg)      14,544        13,633  
3.50%, 04/01/2052      282        262  
3.50%, 05/01/2052 (gg)      18,565        17,257  
3.50%, 06/01/2052      8,345        7,749  
3.50%, 07/01/2052      3,121        2,897  
3.50%, 09/01/2052      69        64  
4.00%, 04/01/2039      1,382        1,351  
4.00%, 03/01/2042      596        587  
4.00%, 04/01/2043      230        225  
4.00%, 02/01/2045      250        244  
4.00%, 09/01/2046      144        142  
4.00%, 09/01/2047      41        40  
4.00%, 10/01/2047      511        496  
4.00%, 03/01/2048      78        76  
4.00%, 04/01/2048      432        419  
4.00%, 06/01/2048      31        30  
4.00%, 08/01/2048      130        125  
4.00%, 09/01/2048      304        295  
4.00%, 03/01/2049      1,221        1,184  
4.00%, 06/01/2049      1,219        1,189  
4.00%, 11/01/2049      222        217  
4.00%, 05/01/2050      988        951  
4.00%, 03/01/2051      2,600        2,508  
4.00%, 05/01/2051      255        246  
4.00%, 04/01/2052      53        51  
4.00%, 05/01/2052      1,764        1,687  
4.00%, 06/01/2052      625        598  
4.00%, 07/01/2052      651        622  
4.00%, 08/01/2052      3,278        3,133  

Six Circles Global Bond 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 ($)      
Mortgage-Backed Securities — continued      
4.00%, 09/01/2052      286        273  
4.50%, 05/01/2047      2        2  
4.50%, 11/01/2047      622        619  
4.50%, 01/01/2048      605        603  
4.50%, 04/01/2048      31        31  
4.50%, 08/01/2048      17        16  
4.50%, 09/01/2048      445        443  
4.50%, 02/01/2049 (gg)      5,249        5,198  
4.50%, 05/01/2049      474        471  
4.50%, 08/01/2049      10        10  
4.50%, 01/01/2050      153        155  
4.50%, 04/01/2050      7,448        7,398  
4.50%, 05/01/2052      21        21  
4.50%, 06/01/2052      1,385        1,357  
4.50%, 08/01/2052      407        399  
4.50%, 09/01/2052      820        803  
4.50%, 10/01/2052      981        961  
4.50%, 11/01/2052      2,949        2,890  
4.50%, 12/01/2052      492        482  
5.00%, 09/01/2049      1,066        1,081  
5.00%, 10/01/2052      567        571  
5.00%, 11/01/2052      546        550  
5.00%, 12/01/2052      594        598  
5.00%, 01/01/2053      2,415        2,409  
5.50%, 09/01/2052      345        356  
5.50%, 01/01/2053      495        511  
5.50%, 02/01/2053      1,470        1,484  
5.50%, 03/01/2053      1,524        1,559  
5.50%, 04/01/2053      1,926        1,973  
6.50%, 04/01/2053      500        516  
GNMA I Pool, Single Family, 30 years,      
3.00%, 10/15/2049      204        187  
3.00%, 03/15/2050      17        15  
GNMA II Pool,      
2.50%, 12/20/2049      263        226  
3.00%, 01/20/2047      118        107  
3.00%, 08/20/2050      668        593  
3.50%, 09/20/2042      2,504        2,364  
3.50%, 08/20/2045      2,496        2,342  
3.50%, 09/20/2045      825        774  
3.50%, 12/20/2047      3,735        3,505  
3.50%, 06/20/2048      52        49  
3.50%, 07/20/2048      39        37  
3.50%, 08/20/2049      102        95  
3.50%, 11/20/2049      170        158  
3.50%, 07/20/2050      175        161  
4.00%, 11/20/2041      22        21  
4.00%, 10/20/2050      339        321  
4.50%, 08/20/2040      18        17  
4.50%, 10/20/2040      41        40  
ARM, (CMT Index 1 Year + 1.84%), 6.48%, 07/20/2072 (aa)      19,596        20,487  
ARM, (ICE LIBOR USD 1 Month + 2.21%), 6.59%, 02/20/2071 (aa)      3,455        3,569  

Six Circles Global Bond 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 ($)      
Mortgage-Backed Securities — continued      
ARM, (ICE LIBOR USD 1 Month + 2.21%), 6.59%, 10/20/2071 (aa)      10,947        11,297  
GNMA II Pool, Single Family, 15 years, 2.00%, 12/20/2035      3,269        2,949  
GNMA II Pool, Single Family, 30 years,      
1.50%, 10/20/2051      313        254  
2.00%, 07/20/2050      158        135  
2.00%, 08/20/2050      5,109        4,358  
2.00%, 11/20/2050      1,785        1,524  
2.00%, 12/20/2050      2,967        2,532  
2.00%, 02/20/2051      1,086        925  
2.00%, 10/20/2051      8,487        7,214  
2.00%, 12/20/2051      5,740        4,874  
2.00%, 01/20/2052      530        449  
2.00%, 03/20/2052      1,443        1,224  
2.00%, 04/20/2052      3,369        2,857  
2.50%, 01/20/2051      325        287  
2.50%, 02/20/2051      2,460        2,174  
2.50%, 05/20/2051      6,747        5,954  
2.50%, 07/20/2051      8,627        7,593  
2.50%, 08/20/2051      1,625        1,430  
2.50%, 09/20/2051 (gg)      12,354        10,872  
2.50%, 11/20/2051      3,672        3,232  
2.50%, 12/20/2051      4,031        3,547  
2.50%, 03/20/2052      965        849  
2.50%, 04/20/2052      483        425  
2.50%, 05/20/2052      856        753  
2.50%, 07/20/2052      286        252  
2.50%, 08/20/2052      479        421  
3.00%, 01/20/2043      467        434  
3.00%, 11/20/2043      97        90  
3.00%, 03/20/2045      102        95  
3.00%, 09/20/2046      2,219        2,053  
3.00%, 10/20/2047      448        412  
3.00%, 04/20/2049      34        31  
3.00%, 04/20/2050      8,080        7,414  
3.00%, 07/20/2050      4,073        3,732  
3.00%, 08/20/2050      6,504        5,959  
3.00%, 08/20/2051      669        611  
3.00%, 10/20/2051      3,036        2,771  
3.00%, 11/20/2051      3,770        3,440  
3.00%, 12/20/2051      921        839  
3.00%, 01/20/2052      8,646        7,879  
3.00%, 02/20/2052      370        337  
3.00%, 09/20/2052      492        448  
3.00%, 02/20/2053      3,492        3,198  
3.50%, 09/20/2045      2,768        2,628  
3.50%, 09/20/2047      3,568        3,396  
3.50%, 08/20/2048      183        174  
3.50%, 11/20/2048      217        205  
3.50%, 12/20/2048      6        5  
3.50%, 03/20/2049      1,055        998  
3.50%, 07/20/2049      1,032        975  
3.50%, 09/20/2049      1,307        1,223  

Six Circles Global Bond 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 ($)      
Mortgage-Backed Securities — continued      
3.50%, 10/20/2049      551        521  
3.50%, 12/20/2049      434        409  
3.50%, 01/20/2050      648        606  
3.50%, 04/20/2050      130        123  
3.50%, 01/20/2052      4,521        4,230  
3.50%, 02/20/2052      2,700        2,527  
3.50%, 09/20/2052      1,038        971  
3.50%, 02/20/2053      3,490        3,292  
4.00%, 07/20/2048      1,057        1,029  
4.00%, 09/20/2048      1,798        1,742  
4.00%, 11/20/2048      31        31  
4.00%, 12/20/2048      906        877  
4.00%, 05/20/2049      559        543  
4.00%, 03/20/2050      220        214  
4.00%, 12/20/2050      2,618        2,538  
4.00%, 07/20/2052      210        202  
4.00%, 09/20/2052      2,568        2,469  
4.00%, 12/20/2052      422        406  
4.50%, 03/20/2047      435        434  
4.50%, 06/20/2047      852        849  
4.50%, 07/20/2047      1,572        1,572  
4.50%, 10/20/2047      359        356  
4.50%, 11/20/2047      1,102        1,096  
4.50%, 05/20/2048 (gg)      7,882        7,808  
4.50%, 09/20/2048      656        638  
4.50%, 11/20/2048      763        755  
4.50%, 01/20/2049      1,952        1,943  
4.50%, 03/20/2049      500        498  
4.50%, 05/20/2049      238        228  
4.50%, 10/20/2049      718        715  
4.50%, 08/20/2052      1,678        1,652  
5.00%, 12/20/2048      172        175  
5.00%, 06/20/2049      369        373  
5.00%, 07/20/2052      124        124  
5.00%, 09/20/2052      935        936  
5.00%, 12/20/2052      1,337        1,338  
5.50%, 12/20/2052      477        482  
5.50%, 01/20/2053      155        157  
5.50%, 03/20/2053      566        573  
GNMA, Single Family, 30 years,      
TBA, 2.50%, 04/01/2053 (w)      711        626  
TBA, 3.00%, 04/01/2053 (w)      1,487        1,353  
TBA, 3.00%, 05/01/2053 (w)      52,950        48,200  
TBA, 3.50%, 05/15/2042 (w)      2,000        1,873  
TBA, 3.50%, 04/01/2053 (w)      2,670        2,498  
TBA, 4.00%, 04/01/2053 (w)      7,860        7,557  
TBA, 4.50%, 04/01/2053 (w)      1,025        1,009  
TBA, 5.00%, 04/01/2053 (w)      1,880        1,881  
TBA, 5.50%, 04/01/2053 (w)      2,639        2,667  
TBA, 5.50%, 05/01/2053 (w)      11,000        11,106  
     

 

 

  
Total Mortgage-Backed Securities
(Cost $1,481,502)		         1,384,002  
     

 

 

  

Six Circles Global Bond 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 ($)      
Municipal Bonds — 0.1% (t)      
Arizona — 0.0% (g)      
Salt River Project Agricultural Improvement & Power District, Series A, Rev., 4.84%, 01/01/2041      150        153  
     

 

 

  
California — 0.0% (g)      
Bay Area Toll Authority, Build America Bonds, Series S1, Rev., 6.92%, 04/01/2040      115        137  
Bay Area Toll Authority, San Francisco Bay Area, Rev., 2.57%, 04/01/2031      100        91  
California Health Facilities Financing Authority, Taxable, Social Bonds,      
Rev., 4.19%, 06/01/2037      5        5  
Rev., 4.35%, 06/01/2041      5        4  
California State University, Taxable Systemwide, Series E, Rev., 2.90%, 11/01/2051      15        11  
City of San Francisco CA Public Utilities Commission Water Revenue, Rev., 6.95%, 11/01/2050      70        86  
Los Angeles Community College District, Taxable, GO, 2.11%, 08/01/2032      150        124  
Los Angeles County Metropolitan Transportation Authority, Build America Bonds, Rev., 5.74%, 06/01/2039      50        53  
Los Angeles Department of Water & Power,      
Rev., 6.57%, 07/01/2045      50        59  
Rev., 6.60%, 07/01/2050      30        38  
Los Angeles Unified School District, Build America Bond, GO, 5.75%, 07/01/2034      25        27  
Regents of the University of California Medical Center Pooled Revenue, Build America Bonds, Series F, Rev., 6.58%, 05/15/2049      200        235  
Regents of the University of California Medical Center Pooled Revenue, Taxable, Series N, Rev., 3.26%, 05/15/2060      50        34  
San Diego County Regional Transportation Commission, Taxable, Series A, Rev., 3.25%, 04/01/2048      100        78  
State of California, GO, 7.55%, 04/01/2039      150        194  
State of California, Build America Bonds,      
GO, 7.35%, 11/01/2039      100        125  
GO, 7.50%, 04/01/2034      50        62  
GO, 7.60%, 11/01/2040      50        66  
State of California, Taxable Construction Bond Bidding Group, GO, 1.75%, 11/01/2030      350        290  
University of California, Rev., 5.95%, 05/15/2045      35        39  
University of California, Taxable,      
Series AQ, Rev., 4.77%, 05/15/2115      20        18  
Series BJ, Rev., 3.07%, 05/15/2051      5        4  
     

 

 

  
        1,780  
     

 

 

  
District of Columbia — 0.0% (g)      
District of Columbia, Water & Sewer Authority, Senior Lien, Green Bonds, Series A, Rev., 4.81%, 10/01/2114      895        850  
     

 

 

  
Florida — 0.0% (g)      
State Board of Administration Finance Corp., Taxable, Series A, Rev., 1.26%, 07/01/2025      100        93  
     

 

 

  
Illinois — 0.0% (g)      
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, Series B, Rev., 6.90%, 12/01/2040      100        115  
Sales Tax Securitization Corp., Taxable, Second Lien, Series B, Rev., 3.24%, 01/01/2042      40        32  
State of Illinois, Taxable Pension, GO, 5.10%, 06/01/2033      350        349  
     

 

 

  
        496  
     

 

 

  
Louisiana — 0.0% (g)      
State of Louisiana Gasoline & Fuels Tax Revenue, Taxable, Series A, Rev., 2.95%, 05/01/2041      1,450        1,146  
     

 

 

  

Six Circles Global Bond 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 ($)      
Municipal Bonds — continued      
Massachusetts — 0.0% (g)      
Commonwealth of Massachusetts, Series H, GO, 2.90%, 09/01/2049      15        11  
Commonwealth of Massachusetts, Build America Bonds, GO, 4.91%, 05/01/2029      100        102  
Commonwealth of Massachusetts, Taxable, Series D, GO, 2.66%, 09/01/2039      148        121  
     

 

 

  
        234  
     

 

 

  
Michigan — 0.0% (g)      
Michigan State University, Taxable, Series A, Rev., 4.17%, 08/15/2122      115        91  
University of Michigan, Taxable,      
Series B, Rev., 2.56%, 04/01/2050      25        18  
Series C, Rev., 3.60%, 04/01/2047      14        12  
     

 

 

  
        121  
     

 

 

  
Missouri — 0.0% (g)      
Health & Educational Facilities Authority of the State of Missouri, Washington University, Series A, Rev., 3.23%, 05/15/2050      35        27  
     

 

 

  
New Jersey — 0.0% (g)      
New Jersey Transportation Trust Fund Authority, Build America Bonds, Series B, Rev., 6.56%, 12/15/2040      125        145  
New Jersey Turnpike Authority, Build America Bonds, Series F, Rev., 7.41%, 01/01/2040      230        292  
     

 

 

  
        437  
     

 

 

  
New York — 0.0% (g)      
City of New York, Build America Bonds, GO, 5.52%, 10/01/2037      25        27  
Metropolitan Transportation Authority, Taxable Green Bond, Series C2, Rev., 5.18%, 11/15/2049      100        91  
New York City Municipal Water Finance Authority, Second General Resolution, Rev., 5.95%, 06/15/2042      200        229  
New York City Water & Sewer System, Build America Bonds, Second General Resolution, Rev., 5.44%, 06/15/2043      30        33  
New York State Dormitory Authority, State University of New York Dormitory Facilities, Taxable, Rev., 3.14%, 07/01/2043      150        123  
Port Authority of New York & New Jersey,      
Rev., 4.46%, 10/01/2062      50        47  
Series 21, Rev., 3.29%, 08/01/2069      40        28  
Port Authority of New York & New Jersey, Taxable Consolidated 160, Rev., 5.65%, 11/01/2040      250        270  
     

 

 

  
        848  
     

 

 

  
Ohio — 0.0% (g)      
Ohio State University (The), Taxable, Series A, Rev., 4.80%, 06/01/2111      130        120  
     

 

 

  
Oklahoma — 0.0% (g)      
Oklahoma Development Finance Authority, Rev., 4.62%, 06/01/2044      10        10  
     

 

 

  
Oregon — 0.0% (g)      
Oregon State University, Rev., BAM, 3.42%, 03/01/2060      10        8  
State of Oregon Department of Transportation, Taxable Subordinated, Build America Bonds, Series A, Rev., 5.83%, 11/15/2034      50        55  
     

 

 

  
        63  
     

 

 

  
Pennsylvania — 0.0% (g)      
City of Philadelphia PA Water & Wastewater Revenue, Rev., 2.93%, 07/01/2045      10        7  
     

 

 

  

Six Circles Global Bond 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 ($)      
Municipal Bonds — continued      
Texas — 0.1%      
Board of Regents of the University of Texas System, Series C, Rev., 4.79%, 08/15/2046      110        113  
City of San Antonio, Electric & Gas Systems Revenue, Build America Bonds, Rev., 5.99%, 02/01/2039      20        22  
Dallas Area Rapid Transit, Build America Bonds, Rev., 5.02%, 12/01/2048      30        31  
Dallas Area Rapid Transit, Taxable, Senior Lien, Series A, Rev., 2.61%, 12/01/2048      130        91  
Dallas Fort Worth International Airport, Taxable,      
Rev., 3.09%, 11/01/2040      100        80  
Series A, Rev., 4.09%, 11/01/2051      425        367  
Series A, Rev., 4.51%, 11/01/2051      100        92  
North Texas Tollway Authority, Build America Bonds, Series B, Rev., 6.72%, 01/01/2049      65        81  
State of Texas, Build America Bonds Taxable, GO, 5.52%, 04/01/2039      150        165  
Texas Transportation Commission, Taxable Mobility Fund, GO, 2.47%, 10/01/2044      10        7  
     

 

 

  
        1,049  
     

 

 

  
Virginia — 0.0% (g)      
University of Virginia, Taxable, Series C, Rev., 4.18%, 09/01/2117      40        34  
     

 

 

  
Total Municipal Bonds
(Cost $8,568)		         7,468  
     

 

 

  
U.S. Government Agency Securities — 0.1%      
Federal Farm Credit Banks Funding Corp., 5.48%, 06/27/2042      1,000        978  
FHLBs,      
0.50%, 04/14/2025      2,000        1,860  
3.25%, 11/16/2028      650        632  
FHLMC,      
Zero Coupon, 12/14/2029      1,170        895  
0.38%, 07/21/2025      1,000        920  
1.50%, 02/12/2025      107        102  
6.25%, 07/15/2032      184        219  
6.75%, 03/15/2031      400        480  
FHLMC STRIPs, Zero Coupon, 03/15/2031      757        547  
FNMA,      
0.25%, 05/22/2023      1,000        994  
0.88%, 08/05/2030      810        661  
5.38%, 12/07/2028    GBP 460        604  
Resolution Funding Corp. Interest STRIP,      
Zero Coupon, 07/15/2027      53        45  
Zero Coupon, 07/15/2028      166        135  
Zero Coupon, 10/15/2028      993        798  
Zero Coupon, 10/15/2029      175        135  
Zero Coupon, 01/15/2030      950        702  
Zero Coupon, 04/15/2030      1,780        1,335  
Resolution Funding Corp. Principal STRIP,      
Zero Coupon, 01/15/2030      1,050        775  
Zero Coupon, 04/15/2030      145        109  
Tennessee Valley Authority, 4.63%, 06/07/2043    GBP 200        241  
     

 

 

  
Total U.S. Government Agency Securities
(Cost $14,681)		         13,167  
     

 

 

  

Six Circles Global Bond 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 ($)      
U.S. Treasury Obligations — 11.4%      
U.S. Treasury Bonds,      
1.13%, 05/15/2040      46,782        31,066  
1.13%, 08/15/2040      51,225        33,801  
1.25%, 05/15/2050 (jj)      7,480        4,328  
1.38%, 11/15/2040      71,470        49,150  
1.38%, 08/15/2050      1,626        972  
1.63%, 11/15/2050      1,600        1,021  
1.75%, 08/15/2041      117,500        84,926  
1.88%, 02/15/2041      97,000        72,420  
1.88%, 02/15/2051      700        476  
1.88%, 11/15/2051      2,730        1,850  
2.00%, 11/15/2041      102,400        77,140  
2.00%, 02/15/2050      2,169        1,531  
2.00%, 08/15/2051      2,450        1,715  
2.25%, 05/15/2041      92,300        73,177  
2.25%, 08/15/2046      940        707  
2.25%, 08/15/2049      1,800        1,348  
2.25%, 02/15/2052      400        297  
2.38%, 02/15/2042      78,650        63,135  
2.38%, 11/15/2049      700        539  
2.38%, 05/15/2051      1,800        1,376  
2.50%, 02/15/2045      1,420        1,130  
2.50%, 02/15/2046      700        554  
2.50%, 05/15/2046      1,370        1,084  
2.75%, 08/15/2042      7,000        5,943  
2.75%, 11/15/2042      2,200        1,862  
2.75%, 08/15/2047      700        580  
2.75%, 11/15/2047      1,575        1,306  
2.88%, 05/15/2043      720        621  
2.88%, 08/15/2045      1,435        1,220  
2.88%, 11/15/2046      500        425  
2.88%, 05/15/2049      1,500        1,279  
2.88%, 05/15/2052      640        545  
3.00%, 05/15/2042      7,200        6,382  
3.00%, 11/15/2044      900        783  
3.00%, 05/15/2045      1,730        1,503  
3.00%, 11/15/2045      229        199  
3.00%, 02/15/2047      338        293  
3.00%, 05/15/2047      500        434  
3.00%, 02/15/2048      250        217  
3.00%, 08/15/2048      520        452  
3.00%, 02/15/2049      550        480  
3.00%, 08/15/2052      750        656  
3.13%, 11/15/2041      900        819  
3.13%, 02/15/2043      13,860        12,440  
3.13%, 08/15/2044      350        312  
3.13%, 05/15/2048      100        89  
3.25%, 05/15/2042      57,100        52,601  
3.38%, 08/15/2042      46,550        43,648  
3.38%, 11/15/2048      500        466  
3.50%, 02/15/2039      500        493  

Six Circles Global Bond 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 ($)      
U.S. Treasury Obligations — continued      
3.63%, 08/15/2043      1,790        1,734  
3.63%, 02/15/2044      1,500        1,448  
3.63%, 02/15/2053      660        652  
3.75%, 11/15/2043      3,115        3,071  
3.88%, 08/15/2040      31,800        32,558  
3.88%, 02/15/2043      6,900        6,950  
4.00%, 11/15/2042      35,430        36,338  
4.00%, 11/15/2052      975        1,030  
4.25%, 11/15/2040      19,769        21,191  
4.38%, 02/15/2038      3,000        3,282  
4.38%, 11/15/2039      14,900        16,258  
4.38%, 05/15/2040      21,500        23,429  
4.38%, 05/15/2041      410        445  
4.50%, 02/15/2036      1,805        2,005  
4.50%, 05/15/2038      17,691        19,598  
4.63%, 02/15/2040      19,900        22,365  
4.75%, 02/15/2037      300        342  
4.75%, 02/15/2041      14,400        16,377  
5.00%, 05/15/2037      1,500        1,747  
5.25%, 02/15/2029      365        395  
U.S. Treasury Inflation Indexed Notes, 0.13%, 04/15/2025      46        45  
U.S. Treasury Notes,      
0.25%, 05/15/2024      2,000        1,907  
0.25%, 06/15/2024      3,500        3,327  
0.25%, 05/31/2025      1,000        922  
0.25%, 06/30/2025      1,500        1,382  
0.25%, 07/31/2025      1,255        1,152  
0.25%, 08/31/2025      500        458  
0.25%, 09/30/2025      500        457  
0.38%, 04/15/2024      600        574  
0.38%, 08/15/2024      2,000        1,894  
0.38%, 04/30/2025      1,195        1,108  
0.38%, 11/30/2025      500        456  
0.38%, 12/31/2025      900        820  
0.38%, 01/31/2026      600        544  
0.38%, 07/31/2027      315        273  
0.38%, 09/30/2027      4,600        3,973  
0.50%, 03/31/2025      500        466  
0.50%, 04/30/2027      1,532        1,347  
0.50%, 05/31/2027      500        438  
0.50%, 08/31/2027      400        348  
0.50%, 10/31/2027      700        607  
0.63%, 07/31/2026      2,350        2,118  
0.63%, 03/31/2027      1,000        886  
0.63%, 11/30/2027      200        174  
0.63%, 05/15/2030 (jj)      6,343        5,188  
0.63%, 08/15/2030      3,555        2,894  
0.75%, 03/31/2026      1,500        1,371  
0.75%, 04/30/2026      2,500        2,278  
0.75%, 05/31/2026      2,400        2,181  
0.75%, 08/31/2026      2,000        1,806  

Six Circles Global Bond 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 ($)      
U.S. Treasury Obligations — continued      
0.75%, 01/31/2028      1,000        873  
0.88%, 06/30/2026      1,000        911  
0.88%, 09/30/2026      2,300        2,081  
0.88%, 11/15/2030      2,200        1,819  
1.00%, 12/15/2024      500        474  
1.00%, 07/31/2028      1,095        956  
1.13%, 10/31/2026      500        456  
1.13%, 02/28/2027      1,000        907  
1.13%, 02/29/2028      1,300        1,153  
1.13%, 08/31/2028      3,500        3,070  
1.13%, 02/15/2031      3,100        2,607  
1.25%, 11/30/2026      2,000        1,828  
1.25%, 12/31/2026      1,700        1,552  
1.25%, 03/31/2028      500        445  
1.25%, 04/30/2028      2,100        1,867  
1.25%, 05/31/2028      1,550        1,377  
1.25%, 06/30/2028      390        346  
1.25%, 09/30/2028      1,800        1,587  
1.25%, 08/15/2031      1,430        1,198  
1.38%, 10/31/2028      2,300        2,039  
1.38%, 12/31/2028      2,500        2,212  
1.38%, 11/15/2031      1,700        1,434  
1.50%, 10/31/2024      500        479  
1.50%, 11/30/2024      300        287  
1.50%, 08/15/2026      1,000        927  
1.50%, 01/31/2027      500        460  
1.50%, 11/30/2028      500        446  
1.50%, 02/15/2030      649        568  
1.63%, 02/15/2026      500        470  
1.63%, 05/15/2026      1,500        1,403  
1.63%, 10/31/2026      600        557  
1.63%, 08/15/2029      500        446  
1.63%, 05/15/2031      1,970        1,711  
1.75%, 06/30/2024      3,800        3,677  
1.75%, 03/15/2025      5,800        5,544  
1.75%, 12/31/2026      840        781  
1.75%, 01/31/2029      500        451  
1.75%, 11/15/2029      500        449  
1.88%, 02/28/2027      1,500        1,398  
1.88%, 02/28/2029      500        454  
1.88%, 02/15/2032      1,550        1,359  
2.00%, 05/31/2024      1,000        972  
2.00%, 08/15/2025      1,000        956  
2.00%, 11/15/2026      1,285        1,208  
2.13%, 07/31/2024      3,000        2,911  
2.13%, 09/30/2024      400        387  
2.13%, 05/15/2025      1,000        961  
2.25%, 11/15/2024      700        678  
2.25%, 11/15/2025      538        516  
2.25%, 03/31/2026      400        382  
2.25%, 02/15/2027      3,200        3,029  

Six Circles Global Bond 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 ($)      
U.S. Treasury Obligations — continued      
2.25%, 08/15/2027      200        189  
2.38%, 08/15/2024      800        778  
2.38%, 05/15/2027      1,000        949  
2.38%, 03/31/2029      1,100        1,026  
2.38%, 05/15/2029      600        559  
2.50%, 04/30/2024      1,000        978  
2.50%, 05/31/2024      1,500        1,466  
2.50%, 01/31/2025      500        485  
2.50%, 03/31/2027      1,000        954  
2.63%, 07/31/2029      500        472  
2.75%, 02/28/2025      1,000        975  
2.75%, 06/30/2025      800        778  
2.75%, 04/30/2027      1,500        1,444  
2.75%, 07/31/2027      1,900        1,828  
2.75%, 02/15/2028      1,980        1,900  
2.75%, 05/31/2029      1,000        952  
2.75%, 08/15/2032      1,600        1,504  
2.88%, 04/30/2025      900        878  
2.88%, 06/15/2025      2,500        2,440  
2.88%, 07/31/2025      1,000        976  
2.88%, 11/30/2025      1,300        1,266  
2.88%, 05/15/2028      2,500        2,409  
2.88%, 08/15/2028      1,800        1,732  
2.88%, 04/30/2029      1,000        959  
2.88%, 05/15/2032      2,885        2,743  
3.00%, 07/31/2024      1,000        981  
3.00%, 07/15/2025      1,000        978  
3.00%, 09/30/2025      60        59  
3.13%, 08/15/2025      1,000        981  
3.13%, 08/31/2027      1,000        977  
3.13%, 11/15/2028      6,390        6,224  
3.25%, 08/31/2024      1,720        1,693  
3.25%, 06/30/2027      500        491  
3.25%, 06/30/2029      1,000        980  
3.50%, 09/15/2025      500        495  
3.50%, 01/31/2028      2,700        2,684  
3.50%, 01/31/2030      4,200        4,179  
3.50%, 02/15/2033      14,400        14,411  
3.63%, 03/31/2028      200        200  
3.63%, 03/31/2030      550        552  
3.88%, 01/15/2026      1,000        1,000  
3.88%, 11/30/2027      985        994  
3.88%, 12/31/2027      350        353  
3.88%, 09/30/2029      300        305  
3.88%, 11/30/2029      990        1,006  
3.88%, 12/31/2029      1,210        1,231  
4.00%, 12/15/2025      500        502  
4.00%, 02/15/2026      5,200        5,218  
4.00%, 02/29/2028      900        915  
4.00%, 10/31/2029      1,000        1,023  
4.00%, 02/28/2030      700        718  

Six Circles Global Bond 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 ($)      
U.S. Treasury Obligations — continued      
4.13%, 01/31/2025      800        799  
4.13%, 10/31/2027      700        713  
4.13%, 11/15/2032      2,300        2,415  
4.25%, 09/30/2024      700        699  
4.25%, 10/15/2025      1,000        1,007  
4.50%, 11/30/2024      1,500        1,505  
4.50%, 11/15/2025      1,000        1,014  
4.63%, 02/28/2025      1,000        1,009  
4.63%, 03/15/2026      2,000        2,044  
U.S. Treasury STRIP Coupon Bonds,      
Zero Coupon, 05/15/2024      800        762  
Zero Coupon, 05/15/2026      5,000        4,446  
Zero Coupon, 11/15/2026      5,000        4,372  
Zero Coupon, 11/15/2028 (ee) (ff)      12,000        9,790  
Zero Coupon, 11/15/2038 (jj)      6,250        3,442  
Zero Coupon, 11/15/2041      200        96  
Zero Coupon, 08/15/2045      600        247  
     

 

 

  
Total U.S. Treasury Obligations
(Cost $1,075,182)		         1,071,609  
     

 

 

  
Short-Term Investments — 1.7%      
Time Deposits — 1.7%      
Australia & New Zealand Banking Group Ltd.,      
2.20%, 04/03/2023    AUD 28        18  
4.18%, 04/03/2023      10,091        10,091  
Barclays SA, 4.18%, 04/03/2023      9,297        9,297  
BNP Paribas SA, 3.32%, 04/03/2023    CAD 81        60  
Brown Brothers Harriman & Co.,      
0.00%, 04/03/2023    CHF 284        310  
0.92%, 04/03/2023    HKD 2        —  (h) 
1.40%, 04/03/2023    DKK 1,864        271  
1.58%, 04/03/2023    NOK 1,846        176  
1.74%, 04/03/2023    SEK 2,126        205  
2.21%, 04/03/2023    SGD 22        16  
3.15%, 04/03/2023    GBP 1,686        2,080  
3.40%, 04/03/2023    NZD 2        2  
Citibank NA,      
1.91%, 04/03/2023    EUR 63,039        68,365  
4.18%, 04/03/2023      64,493        64,493  
Skandinaviska Enskilda Banken, 3.15%, 04/03/2023    GBP 44        55  
Sumitomo Mitsui Banking Corp.,      
(0.53%), 04/03/2023    JPY 42,716        322  
4.18%, 04/03/2023      1,916        1,916  
     

 

 

  
Total Time Deposits         157,677  
     

 

 

  

Six Circles Global Bond 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 ($)      
U.S. Treasury Obligations — 0.0% (g)      
U.S. Treasury Bills,      
Zero Coupon, 04/06/2023      1,032        1,032  
Zero Coupon, 04/25/2023 (hh) (ii)      3,757        3,747  
Zero Coupon, 05/25/2023 (hh) (ii)      287        285  
     

 

 

  
Total U.S. Treasury Obligations         5,064  
     

 

 

  
Total Short-Term Investments
(Cost $162,739)		         162,741  
     

 

 

  
Total Investments, Before Short Positions — 105.3%
(Cost - $10,337,720)*		         9,892,992  

Liabilities in Excess of Other Assets — (5.3)%

         (500,268 ) 
     

 

 

  

NET ASSETS — 100.0%

       $ 9,392,724  
     

 

 

  
Short Positions — 1.7%      
Mortgage-Backed Securities — 1.7%      
FHLMC Pool, Single Family, 15 years,      
3.50%, 12/01/2035      52        50  
3.50%, 02/01/2036      182        176  
FNMA or FHLMC, Single Family, 15 years,      
TBA, 3.00%, 04/01/2038 (w)      5,300        5,019  
TBA, 4.00%, 04/01/2038 (w)      3,000        2,952  
FNMA or FHLMC, Single Family, 30 years,      
TBA, 3.00%, 05/15/2042 (w)      94,400        84,679  
TBA, 3.00%, 04/01/2053 (w)      5,800        5,197  
TBA, 3.50%, 05/01/2042 (w)      24,165        22,428  
TBA, 4.50%, 05/01/2053 (w)      15,900        15,583  
TBA, 5.50%, 04/01/2053 (w)      2,200        2,220  
FNMA Pool, Single Family, 15 years,      
3.50%, 06/01/2035      292        284  
3.50%, 04/01/2035      919        889  
GNMA II Pool, Single Family, 30 years, 4.00%, 12/20/2050      2,618        2,538  
GNMA, Single Family, 30 years,      
TBA, 2.50%, 04/01/2053 (w)      12,300        10,823  
TBA, 4.50%, 04/01/2053 (w)      6,400        6,299  
     

 

 

  
Total Mortgage-Backed Securities
(Proceeds $157,659)		         159,137  
     

 

 

  
Total Securities Sold Short — 1.7%
(Proceeds $157,659)*		         159,137  
     

 

 

  

 

Percentages indicated are based on net assets.

Six Circles Global Bond 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

             

Euro BOBL

      8       06/2023        EUR        998       24  

Euro Bund

      140       06/2023        EUR        20,494       131  

Euro Buxl

      33       06/2023        EUR        4,718       323  

Euro Schatz

      28       06/2023        EUR        3,177       32  

Long Gilt

      121       06/2023        GBP        15,071       355  

SOFR 3 Month

      212       09/2023        USD        50,300       259  

U.S. Treasury 10 Year Note

      80       06/2023        USD        8,938       256  

U.S. Treasury 2 Year Note

      121       06/2023        USD        24,755       225  

U.S. Treasury 5 Year Note

      143       06/2023        USD        15,394       266  

U.S. Treasury Long Bond

      197       06/2023        USD        24,785       1,052  

U.S. Treasury Ultra Bond

      113       06/2023        USD        15,505       442  

U.S. Ultra Treasury 10 Year Note

      28       06/2023        USD        3,289       103  
            

 

 

  
               3,468  
            

 

 

  

Short Contracts

             

Euro BOBL

      (264 )      06/2023        EUR        (33,024 )      (726 ) 

Euro Bund

      (28 )      06/2023        EUR        (4,006 )      (119 ) 

Euro Schatz

      (42 )      06/2023        EUR        (4,766 )      (48 ) 

SOFR 3 Month

      (106 )      12/2023        USD        (25,233 )      (127 ) 

SOFR 3 Month

      (106 )      03/2024        USD        (25,360 )      (105 ) 

U.S. Treasury 10 Year Note

      (448 )      06/2023        USD        (50,124 )      (1,361 ) 

U.S. Treasury 2 Year Note

      (16 )      06/2023        USD        (3,265 )      (38 ) 

U.S. Treasury 5 Year Note

      (10 )      06/2023        USD        (1,078 )      (17 ) 

U.S. Treasury Long Bond

      (26 )      06/2023        USD        (3,268 )      (142 ) 

U.S. Treasury Ultra Bond

      (33 )      06/2023        USD        (4,501 )      (156 ) 

U.S. Ultra Treasury 10 Year Note

      (25 )      06/2023        USD        (2,936 )      (93 ) 
            

 

 

  
               (2,932 ) 
            

 

 

  

Total unrealized appreciation (depreciation)

                536  
            

 

 

  

Six Circles Global Bond 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)

 

Forward foreign currency exchange contracts outstanding as of March 31, 2023:

 

CURRENCY PURCHASED

            CURRENCY SOLD           

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

DKK

      7,033      USD      1,022      BNP Paribas    04/03/2023      2  

AUD

      584      USD      388      Bank of America, NA    04/04/2023      2  

USD

      2,329      AUD      3,450      Deutsche Bank AG    04/04/2023      23  

USD

      399      AUD      584      Morgan Stanley & Co.    04/04/2023      9  

CAD

      3,034      USD      2,242      Citibank, NA    04/04/2023      3  

CAD

      570      USD      419      HSBC Bank plc    04/04/2023      3  

CAD

      782      USD      570      Morgan Stanley & Co.    04/04/2023      8  

CHF

      15      USD      16      Citibank, NA    04/04/2023      — (h) 

CHF

      125      EUR      126      Goldman Sachs International    04/04/2023      — (h) 

CHF

      3,605      USD      3,929      Morgan Stanley & Co.    04/04/2023      11  

CHF

      9,132      USD      9,952      Morgan Stanley & Co.    04/04/2023      28  

CHF

      10      USD      11      UBS AG London    04/04/2023      — (h) 

CHF

      115      USD      125      Westpac Banking Corp.    04/04/2023      1  

CNY

      17,000      USD      2,460      Brown Brothers Harriman & Co.    04/04/2023      14  

CNY

      2,700      USD      391      Brown Brothers Harriman & Co.    04/04/2023      2  

DKK

      45      USD      7      Bank of America, NA    04/04/2023      — (h) 

EUR

      115      USD      124      Bank of America, NA    04/04/2023      1  

EUR

      50      USD      53      Goldman Sachs International    04/04/2023      1  

USD

      180      EUR      166      HSBC Bank plc    04/04/2023      — (h) 

EUR

      874      USD      922      HSBC Bank plc    04/04/2023      25  

EUR

      1,974      USD      2,097      HSBC Bank plc    04/04/2023      43  

EUR

      720      USD      779      Morgan Stanley & Co.    04/04/2023      2  

EUR

      2,840      USD      3,036      Morgan Stanley & Co.    04/04/2023      44  

EUR

      39,501      USD      42,815      Morgan Stanley & Co.    04/04/2023      23  

EUR

      7,000      USD      7,485      Morgan Stanley & Co.    04/04/2023      107  

EUR

      87,074      USD      94,380      Morgan Stanley & Co.    04/04/2023      51  

EUR

      658      USD      700      UBS AG London    04/04/2023      14  

USD

      700      EUR      644      UBS AG London    04/04/2023      2  

EUR

      3,500      USD      3,742      UBS AG London    04/04/2023      53  

GBP

      13,685      USD      16,792      Bank of America, NA    04/04/2023      91  

GBP

      20,801      USD      25,521      HSBC Bank plc    04/04/2023      140  

GBP

      1,361      USD      1,634      HSBC Bank plc    04/04/2023      45  

GBP

      528      USD      640      HSBC Bank plc    04/04/2023      12  

GBP

      60      USD      74      Morgan Stanley & Co.    04/04/2023      — (h) 

GBP

      10      USD      12      UBS AG London    04/04/2023      — (h) 

USD

      26      HKD      200      Deutsche Bank AG    04/04/2023      — (h) 

JPY

      542,925      USD      4,077      Bank of New York Mellon    04/04/2023      12  

JPY

      542,925      USD      4,081      Morgan Stanley & Co.    04/04/2023      8  

JPY

      542,925      USD      4,078      Royal Bank of Canada    04/04/2023      11  

JPY

      542,925      USD      4,079      Standard Chartered Bank    04/04/2023      10  

JPY

      542,930      USD      4,085      Toronto-Dominion Bank (The)    04/04/2023      4  

USD

      4,570      NOK      47,175      Bank of America, NA    04/04/2023      64  

NZD

      20      USD      12      Morgan Stanley & Co.    04/04/2023      — (h) 

SEK

      100      USD      10      UBS AG London    04/04/2023      — (h) 

SGD

      30      USD      22      Morgan Stanley & Co.    04/04/2023      — (h) 

USD

      7,870      AUD      11,301      HSBC Bank plc    04/19/2023      312  

USD

      12,043      CAD      16,134      Bank of America, NA    04/19/2023      103  

USD

      327      CAD      436      Barclays Bank plc    04/19/2023      4  

CAD

      488      USD      359      Morgan Stanley & Co.    04/19/2023      3  

Six Circles Global Bond 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)

 

Forward foreign currency exchange contracts outstanding as of March 31, 2023 (continued):

 

CURRENCY PURCHASED

            CURRENCY SOLD           

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

USD

      1,209      EUR      1,108      Barclays Bank plc    04/19/2023      6  

USD

      1,198      EUR      1,102      HSBC Bank plc    04/19/2023      2  

EUR

      1,207      USD      1,283      Morgan Stanley & Co.    04/19/2023      27  

USD

      530      GBP      428      HSBC Bank plc    04/19/2023      1  

GBP

      526      USD      638      Morgan Stanley & Co.    04/19/2023      12  

USD

      371      NOK      3,663      Morgan Stanley & Co.    04/19/2023      21  

USD

      721      NZD      1,136      Goldman Sachs International    04/19/2023      11  

AUD

      602      USD      400      Bank of America, NA    05/02/2023      3  

CAD

      3,605      USD      2,631      Morgan Stanley & Co.    05/02/2023      37  

USD

      1,267      DKK      8,663      Barclays Bank plc    05/02/2023      4  

USD

      42,955      EUR      39,501      Citibank, NA    05/02/2023      49  

USD

      94,868      EUR      87,240      Citibank, NA    05/02/2023      108  

USD

      935      EUR      860      Goldman Sachs International    05/02/2023      2  

USD

      56,163      EUR      51,632      Morgan Stanley & Co.    05/02/2023      80  

USD

      67,589      JPY      8,790,484      Barclays Bank plc    05/02/2023      1,080  

JPY

      34,500      USD      260      Morgan Stanley & Co.    05/02/2023      1  

USD

      9,915      PLN      42,683      UBS AG London    05/02/2023      44  

USD

      439      AUD      655      Bank of New York Mellon    05/03/2023      1  

USD

      439      AUD      655      Morgan Stanley & Co.    05/03/2023      1  

USD

      74      AUD      110      Morgan Stanley & Co.    05/03/2023      — (h) 

USD

      439      AUD      655      Royal Bank of Canada    05/03/2023      1  

USD

      440      AUD      655      Standard Chartered Bank    05/03/2023      1  

USD

      443      AUD      660      Toronto-Dominion Bank (The)    05/03/2023      1  

CHF

      125      EUR      126      Bank of America, NA    05/03/2023      1  

USD

      9,006      CZK      194,904      UBS AG London    05/03/2023      13  

USD

      6,910      DKK      47,197      Bank of America, NA    05/03/2023      26  

USD

      1,269      DKK      8,675      Bank of America, NA    05/03/2023      4  

SEK

      850      EUR      75      Bank of America, NA    05/03/2023      — (h) 

USD

      551,239      EUR      505,815      Bank of America, NA    05/03/2023      1,792  

USD

      3,776      EUR      3,465      Bank of America, NA    05/03/2023      12  

USD

      278,695      EUR      255,665      Bank of New York Mellon    05/03/2023      976  

USD

      1,395,943      EUR      1,279,421      Morgan Stanley & Co.    05/03/2023      6,156  

USD

      9,570      EUR      8,771      Morgan Stanley & Co.    05/03/2023      42  

USD

      1,296,876      EUR      1,190,155      UBS AG London    05/03/2023      4,056  

USD

      278,590      EUR      255,665      UBS AG London    05/03/2023      871  

USD

      8,886      EUR      8,155      UBS AG London    05/03/2023      28  

USD

      279,560      EUR      256,433      Westpac Banking Corp.    05/03/2023      1,007  

USD

      831      GBP      671      Bank of America, NA    05/03/2023      3  

USD

      57,180      GBP      46,140      Bank of New York Mellon    05/03/2023      227  

USD

      378,475      GBP      305,265      Citibank, NA    05/03/2023      1,672  

USD

      203,492      GBP      164,372      Goldman Sachs International    05/03/2023      600  

USD

      57,150      GBP      46,140      UBS AG London    05/03/2023      197  

USD

      57,383      GBP      46,284      Westpac Banking Corp.    05/03/2023      253  

USD

      26      HKD      200      UBS AG London    05/03/2023      — (h) 

USD

      3,934      HUF      1,386,696      Goldman Sachs International    05/03/2023      14  

USD

      4,524      NOK      47,175      Goldman Sachs International    05/03/2023      12  

USD

      251      NZD      400      Deutsche Bank AG    05/03/2023      — (h) 

USD

      4,364      RON      19,860      UBS AG London    05/03/2023      15  

USD

      3,712      SEK      38,398      Morgan Stanley & Co.    05/03/2023      6  

USD

      7,126      SEK      73,620      Morgan Stanley & Co.    05/03/2023      21  

Six Circles Global Bond 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)

 

Forward foreign currency exchange contracts outstanding as of March 31, 2023 (continued):

 

CURRENCY PURCHASED

            CURRENCY SOLD           

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

USD

      361      SGD      480      Goldman Sachs International    05/03/2023      — (h) 

USD

      928,685      CNY      6,362,000      Brown Brothers Harriman & Co.    05/05/2023      469  

USD

      52,013      CNH      356,008      Morgan Stanley & Co.    05/23/2023      7  

USD

      59      KRW      75,820      Bank of America, NA    06/21/2023      — (h) 

KRW

      1,260,908      USD      960      Citibank, NA    06/21/2023      13  

USD

      20      THB      690      Morgan Stanley & Co.    06/21/2023      — (h) 
                 

 

 

  

Total unrealized appreciation

 

            21,277  
        

 

 

  

USD

      1,072      DKK      7,518      Bank of America, NA    04/03/2023      (22 ) 

USD

      1,167      DKK      8,206      Bank of America, NA    04/03/2023      (28 ) 

USD

      400      AUD      602      Bank of America, NA    04/04/2023      (3 ) 

AUD

      655      USD      439      Bank of New York Mellon    04/04/2023      (1 ) 

AUD

      602      USD      412      Morgan Stanley & Co.    04/04/2023      (9 ) 

AUD

      170      USD      115      Morgan Stanley & Co.    04/04/2023      (1 ) 

AUD

      655      USD      439      Morgan Stanley & Co.    04/04/2023      (1 ) 

AUD

      655      USD      439      Royal Bank of Canada    04/04/2023      (1 ) 

AUD

      655      USD      439      Standard Chartered Bank    04/04/2023      (1 ) 

AUD

      660      USD      442      Toronto-Dominion Bank (The)    04/04/2023      (1 ) 

USD

      578      CAD      782      Citibank, NA    04/04/2023      (1 ) 

USD

      2,630      CAD      3,605      Morgan Stanley & Co.    04/04/2023      (37 ) 

EUR

      125      CHF      125      Bank of America, NA    04/04/2023      (1 ) 

USD

      4,044      CHF      3,780      Morgan Stanley & Co.    04/04/2023      (88 ) 

USD

      9,768      CHF      9,132      Morgan Stanley & Co.    04/04/2023      (213 ) 

CHF

      5      USD      5      Morgan Stanley & Co.    04/04/2023      (— )(h) 

CHF

      30      USD      33      Morgan Stanley & Co.    04/04/2023      (— )(h) 

USD

      2,837      CNY      19,500      Brown Brothers Harriman & Co.    04/04/2023      (— )(h) 

USD

      10,790      CNY      75,000      Brown Brothers Harriman & Co.    04/04/2023      (125 ) 

USD

      48,790      CNY      338,000      Brown Brothers Harriman & Co.    04/04/2023      (397 ) 

USD

      860,719      CNY      5,962,800      Brown Brothers Harriman & Co.    04/04/2023      (6,995 ) 

USD

      592      CNY      4,100      Brown Brothers Harriman & Co.    04/04/2023      (5 ) 

USD

      3,928      CNY      27,000      Brown Brothers Harriman & Co.    04/04/2023      (1 ) 

USD

      474      CNY      3,300      Brown Brothers Harriman & Co.    04/04/2023      (6 ) 

USD

      1,046      CZK      23,245      Bank of America, NA    04/04/2023      (28 ) 

USD

      7,717      CZK      171,659     

UBS AG London

    04/04/2023      (215 ) 

CZK

      194,904      USD      9,020     

UBS AG London

    04/04/2023      (13 ) 

USD

      1,246      DKK      8,720      Bank of America, NA    04/04/2023      (23 ) 

DKK

      47,197      USD      6,896      Bank of America, NA    04/04/2023      (26 ) 

DKK

      8,675      USD      1,266      Bank of America, NA    04/04/2023      (4 ) 

USD

      6,118      DKK      42,812      Bank of America, NA    04/04/2023      (114 ) 

USD

      626      DKK      4,385      Bank of America, NA    04/04/2023      (12 ) 

USD

      10,854      EUR      10,215      Bank of America, NA    04/04/2023      (224 ) 

EUR

      505,815      USD      550,347      Bank of America, NA    04/04/2023      (1,791 ) 

USD

      2,617      EUR      2,450      Bank of America, NA    04/04/2023      (40 ) 

USD

      9,607      EUR      9,031      Bank of America, NA    04/04/2023      (187 ) 

USD

      244      EUR      230      Bank of America, NA    04/04/2023      (5 ) 

EUR

      3,465      USD      3,770      Bank of America, NA    04/04/2023      (12 ) 

USD

      5      EUR      5      Bank of America, NA    04/04/2023      (— )(h) 

USD

      1,320,474      EUR      1,240,931      Bank of America, NA    04/04/2023      (25,315 ) 

USD

      1,141      EUR      1,061      Bank of America, NA    04/04/2023      (10 ) 

EUR

      75      SEK      850      Bank of America, NA    04/04/2023      (— )(h) 

Six Circles Global Bond 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)

 

Forward foreign currency exchange contracts outstanding as of March 31, 2023 (continued):

 

CURRENCY PURCHASED

            CURRENCY SOLD           

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

SEK

      850      EUR      77      Bank of America, NA    04/04/2023      (2 ) 

USD

      267,739      EUR      251,470      Bank of New York Mellon    04/04/2023      (4,980 ) 

EUR

      255,665      USD      278,240      Bank of New York Mellon    04/04/2023      (972 ) 

USD

      678      EUR      642      Barclays Bank plc    04/04/2023      (18 ) 

EUR

      39,501      USD      42,886      Citibank, NA    04/04/2023      (48 ) 

USD

      40,602      EUR      38,374      Citibank, NA    04/04/2023      (1,015 ) 

USD

      106,260      EUR      100,000      Citibank, NA    04/04/2023      (2,190 ) 

USD

      89,088      EUR      84,200      Citibank, NA    04/04/2023      (2,227 ) 

USD

      5,905      EUR      5,535      Citibank, NA    04/04/2023      (97 ) 

EUR

      87,240      USD      94,716      Citibank, NA    04/04/2023      (105 ) 

USD

      1,731      EUR      1,612      Goldman Sachs International    04/04/2023      (18 ) 

USD

      2,119      EUR      2,000      Goldman Sachs International    04/04/2023      (50 ) 

USD

      32      EUR      30      Morgan Stanley & Co.    04/04/2023      (— )(h) 

USD

      40,795      EUR      38,374      Morgan Stanley & Co.    04/04/2023      (822 ) 

USD

      89,512      EUR      84,200      Morgan Stanley & Co.    04/04/2023      (1,803 ) 

USD

      768,260      EUR      721,475      Morgan Stanley & Co.    04/04/2023      (14,180 ) 

USD

      2,059      EUR      1,940      Morgan Stanley & Co.    04/04/2023      (45 ) 

USD

      5,596      EUR      5,255      Morgan Stanley & Co.    04/04/2023      (103 ) 

USD

      881      EUR      830      Morgan Stanley & Co.    04/04/2023      (20 ) 

EUR

      51,632      USD      56,072      Morgan Stanley & Co.    04/04/2023      (77 ) 

EUR

      1,279,421      USD      1,393,673      Morgan Stanley & Co.    04/04/2023      (6,141 ) 

EUR

      8,771      USD      9,554      Morgan Stanley & Co.    04/04/2023      (42 ) 

USD

      54,590      EUR      51,632      Morgan Stanley & Co.    04/04/2023      (1,405 ) 

EUR

      1,190,155      USD      1,294,770      UBS AG London    04/04/2023      (4,047 ) 

USD

      267,941      EUR      251,470      UBS AG London    04/04/2023      (4,779 ) 

USD

      7,165      EUR      6,725      UBS AG London    04/04/2023      (128 ) 

USD

      983,970      EUR      923,485      UBS AG London    04/04/2023      (17,549 ) 

EUR

      255,665      USD      278,138      UBS AG London    04/04/2023      (869 ) 

EUR

      8,155      USD      8,872      UBS AG London    04/04/2023      (28 ) 

EUR

      256,433      USD      279,108      Westpac Banking Corp.    04/04/2023      (1,007 ) 

USD

      268,873      EUR      252,228      Westpac Banking Corp.    04/04/2023      (4,669 ) 

GBP

      671      USD      830      Bank of America, NA    04/04/2023      (2 ) 

USD

      3,567      GBP      3,000      Bank of America, NA    04/04/2023      (134 ) 

USD

      9,244      GBP      7,500      Bank of America, NA    04/04/2023      (8 ) 

USD

      1,472      GBP      1,215      Bank of America, NA    04/04/2023      (27 ) 

GBP

      46,140      USD      57,146      Bank of New York Mellon    04/04/2023      (228 ) 

USD

      55,495      GBP      45,735      Bank of New York Mellon    04/04/2023      (924 ) 

USD

      535,258      GBP      441,137      Citibank, NA    04/04/2023      (8,929 ) 

GBP

      305,265      USD      378,248      Citibank, NA    04/04/2023      (1,673 ) 

USD

      899      GBP      741      Citibank, NA    04/04/2023      (15 ) 

USD

      21,805      GBP      18,000      Citibank, NA    04/04/2023      (400 ) 

GBP

      164,372      USD      203,371      Goldman Sachs International    04/04/2023      (602 ) 

USD

      16,581      GBP      13,685      Morgan Stanley & Co.    04/04/2023      (302 ) 

USD

      27,490      GBP      22,690      Morgan Stanley & Co.    04/04/2023      (500 ) 

GBP

      46,140      USD      57,117      UBS AG London    04/04/2023      (198 ) 

USD

      55,468      GBP      45,735      UBS AG London    04/04/2023      (951 ) 

GBP

      46,284      USD      57,348      Westpac Banking Corp.    04/04/2023      (252 ) 

USD

      55,678      GBP      45,879      Westpac Banking Corp.    04/04/2023      (918 ) 

HKD

      200      USD      25      UBS AG London    04/04/2023      (— )(h) 

HUF

      1,386,696      USD      3,972      Goldman Sachs International    04/04/2023      (14 ) 

Six Circles Global Bond 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)

 

Forward foreign currency exchange contracts outstanding as of March 31, 2023 (continued):

 

CURRENCY PURCHASED

            CURRENCY SOLD           

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

USD

      3,458      HUF      1,247,696      Morgan Stanley & Co.    04/04/2023      (104 ) 

USD

      385      HUF      139,000      Morgan Stanley & Co.    04/04/2023      (12 ) 

USD

      116      JPY      15,700      Bank of America, NA    04/04/2023      (2 ) 

JPY

      8,790,484      USD      67,318      Barclays Bank plc    04/04/2023      (1,112 ) 

USD

      63,654      JPY      8,543,751      Barclays Bank plc    04/04/2023      (694 ) 

USD

      1,820      JPY      246,733      Barclays Bank plc    04/04/2023      (38 ) 

USD

      19,327      JPY      2,620,450      Deutsche Bank AG    04/04/2023      (409 ) 

USD

      644      JPY      87,290      Morgan Stanley & Co.    04/04/2023      (14 ) 

USD

      6      JPY      780      Standard Chartered Bank    04/04/2023      (— )(h) 

JPY

      9,590      USD      73      Standard Chartered Bank    04/04/2023      (1 ) 

NOK

      47,175      USD      4,517      Goldman Sachs International    04/04/2023      (12 ) 

USD

      260      NZD      420      Deutsche Bank AG    04/04/2023      (2 ) 

NZD

      400      USD      251      Deutsche Bank AG    04/04/2023      (— )(h) 

USD

      626      PLN      2,785      Bank of America, NA    04/04/2023      (19 ) 

PLN

      42,683      USD      9,932      UBS AG London    04/04/2023      (44 ) 

USD

      8,953      PLN      39,898      UBS AG London    04/04/2023      (290 ) 

USD

      4,278      RON      19,860      UBS AG London    04/04/2023      (75 ) 

RON

      19,860      USD      4,368      UBS AG London    04/04/2023      (15 ) 

USD

      6,442      SEK      67,115      Bank of America, NA    04/04/2023      (24 ) 

USD

      625      SEK      6,505      Bank of America, NA    04/04/2023      (2 ) 

USD

      3,793      SEK      39,488      Morgan Stanley & Co.    04/04/2023      (11 ) 

SEK

      38,398      USD      3,706      Morgan Stanley & Co.    04/04/2023      (6 ) 

SEK

      990      USD      96      Morgan Stanley & Co.    04/04/2023      (— )(h) 

SEK

      73,620      USD      7,114      Morgan Stanley & Co.    04/04/2023      (21 ) 

USD

      379      SGD      510      Deutsche Bank AG    04/04/2023      (4 ) 

SGD

      480      USD      361      Goldman Sachs International    04/04/2023      (— )(h) 

USD

      280      CAD      378      HSBC Bank plc    04/19/2023      (1 ) 

USD

      2,691      CHF      2,476      Morgan Stanley & Co.    04/19/2023      (20 ) 

USD

      987      CZK      22,045      HSBC Bank plc    04/19/2023      (31 ) 

USD

      678      DKK      4,651      Bank of America, NA    04/19/2023      (— )(h) 

USD

      625      GBP      507      Barclays Bank plc    04/19/2023      (1 ) 

USD

      428      HUF      163,362      Citibank, NA    04/19/2023      (36 ) 

USD

      1,679      JPY      222,934      HSBC Bank plc    04/19/2023      (4 ) 

USD

      752      PLN      3,307      Morgan Stanley & Co.    04/19/2023      (14 ) 

USD

      570      RON      2,629      Goldman Sachs International    04/19/2023      (6 ) 

USD

      1,107      SEK      11,538      Barclays Bank plc    04/19/2023      (5 ) 

USD

      388      AUD      584      Bank of America, NA    05/02/2023      (2 ) 

USD

      381      CAD      516      Goldman Sachs International    05/02/2023      (1 ) 

USD

      570      CAD      782      Morgan Stanley & Co.    05/02/2023      (8 ) 

USD

      1,022      DKK      7,020      BNP Paribas    05/02/2023      (2 ) 

USD

      94,533      EUR      87,074      Morgan Stanley & Co.    05/02/2023      (47 ) 

USD

      42,885      EUR      39,501      Morgan Stanley & Co.    05/02/2023      (21 ) 

USD

      16,801      GBP      13,685      Bank of America, NA    05/02/2023      (91 ) 

USD

      25,535      GBP      20,801      HSBC Bank plc    05/02/2023      (140 ) 

USD

      4,093      JPY      542,925      Bank of New York Mellon    05/02/2023      (15 ) 

USD

      94      JPY      12,480      Morgan Stanley & Co.    05/02/2023      (— )(h) 

USD

      4,097      JPY      542,925      Morgan Stanley & Co.    05/02/2023      (11 ) 

USD

      4,095      JPY      542,925      Royal Bank of Canada    05/02/2023      (13 ) 

USD

      4,095      JPY      542,925      Standard Chartered Bank    05/02/2023      (13 ) 

USD

      4,102      JPY      542,930      Toronto-Dominion Bank (The)    05/02/2023      (6 ) 

Six Circles Global Bond 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)

 

Forward foreign currency exchange contracts outstanding as of March 31, 2023 (continued):

 

CURRENCY PURCHASED

            CURRENCY SOLD           

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

CHF

      110      USD      121      Bank of America, NA    05/03/2023      (— )(h) 

CHF

      60      USD      66      Bank of America, NA    05/03/2023      (— )(h) 

USD

      3,942      CHF      3,605      Morgan Stanley & Co.    05/03/2023      (11 ) 

USD

      9,983      CHF      9,132      Morgan Stanley & Co.    05/03/2023      (28 ) 

DKK

      280      USD      41      Bank of America, NA    05/03/2023      (— )(h) 

EUR

      4,400      USD      4,788      Bank of America, NA    05/03/2023      (9 ) 

EUR

      450      USD      491      Bank of America, NA    05/03/2023      (2 ) 

EUR

      105      USD      114      Bank of America, NA    05/03/2023      (— )(h) 

EUR

      44,800      USD      48,752      Bank of America, NA    05/03/2023      (88 ) 

EUR

      643      USD      700      UBS AG London    05/03/2023      (2 ) 

GBP

      6,100      USD      7,547      Bank of America, NA    05/03/2023      (17 ) 

GBP

      15      USD      19      Bank of America, NA    05/03/2023      (— )(h) 

SEK

      1,175      USD      114      Bank of America, NA    05/03/2023      (— )(h) 

SEK

      960      USD      93      Morgan Stanley & Co.    05/03/2023      (— )(h) 

USD

      5,252      CNY      36,000      Brown Brothers Harriman & Co.    05/05/2023      (1 ) 

USD

      434      CNH      3,002      Morgan Stanley & Co.    05/23/2023      (4 ) 

USD

      902      IDR      13,976,912      Goldman Sachs International    06/21/2023      (28 ) 

USD

      1,794      IDR      27,858,741      HSBC Bank plc    06/21/2023      (60 ) 

USD

      802      ILS      2,907      HSBC Bank plc    06/21/2023      (9 ) 

USD

      2,041      KRW      2,667,880      Morgan Stanley & Co.    06/21/2023      (18 ) 

USD

      205      MXN      3,755      HSBC Bank plc    06/21/2023      (— )(h) 

USD

      1,521      MXN      27,927      HSBC Bank plc    06/21/2023      (5 ) 

USD

      678      MYR      3,043      Goldman Sachs International    06/21/2023      (15 ) 

USD

      1,361      MYR      6,136      Morgan Stanley & Co.    06/21/2023      (37 ) 

USD

      165      PEN      627      Bank of America, NA    06/21/2023      (1 ) 

USD

      152      PEN      578      Barclays Bank plc    06/21/2023      (1 ) 

USD

      1,078      SGD      1,454      HSBC Bank plc    06/21/2023      (17 ) 

THB

      3,836      USD      114      Bank of America, NA    06/21/2023      (1 ) 

THB

      1,273      USD      38      Bank of America, NA    06/21/2023      (— )(h) 

USD

      701      THB      24,268      Goldman Sachs International    06/21/2023      (14 ) 

USD

      1,381      THB      48,057      Morgan Stanley & Co.    06/21/2023      (35 ) 

USD

      394      CLP      319,372      Citibank, NA    06/22/2023      (4 ) 
                 

 

 

  

Total unrealized depreciation

      (125,275 ) 
        

 

 

  

Net unrealized appreciation (depreciation)

      (103,998 ) 
        

 

 

  

Six Circles Global Bond 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)

 

OTC Interest Rate Swaps contracts outstanding as of March 31, 2023:

 

FLOATING RATE INDEX (a)

   FIXED RATE     PAY/
RECEIVE
FLOATING
RATE		     COUNTERPARTY     MATURITY
DATE		     NOTIONAL
AMOUNT		     UPFRONT
PAYMENTS
(RECEIPTS)
($)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		     VALUE
($)		  

Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month

    
 2.44%
quarterly		  
 		     Pay      

 Morgan
Stanley &
Co.		  
 
 		     11/17/2030       MYR 5,000       (— )(h)      (103 )      (103 ) 
           

 

 

    

 

 

    

 

 

  

Total

               (— )(h)      (103 )      (103 ) 
           

 

 

    

 

 

    

 

 

  

Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2023:

 

FLOATING RATE INDEX (a)

  

FIXED RATE

   PAY/RECEIVE
FLOATING
RATE		   MATURITY
DATE		     NOTIONAL
AMOUNT		     UPFRONT
PAYMENTS
(RECEIPTS) ($)		     UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		     VALUE ($)  

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   (0.05)% annually   Pay     07/08/2023     JPY   360,000       3       (3 )      (— )(h) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   (0.05)% annually   Pay     07/08/2024     JPY   600,000       (11 )      3       (8 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   0.14% annually   Pay     12/06/2024     JPY   193,790       — (h)      1       1  

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   0.10% semi-annually   Pay     12/03/2025     JPY   140,000       (— )(h)      (2 )      (2 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   (0.05)% annually   Receive     07/08/2029     JPY   300,000       70       (5 )      65  

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   0.30% semi-annually   Pay     12/03/2030     JPY   143,500       (— )(h)      (16 )      (16 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

   0.15% annually   Pay     07/08/2037     JPY   135,000       (78 )      (15 )      (93 ) 

BBSW ASX Australian 6 Month

   2.50% semi-annually   Pay     12/03/2025     AUD   3,390       269       (334 )      (65 ) 

BBSW ASX Australian 6 Month

   2.75% semi-annually   Pay     12/03/2030     AUD   1,035       144       (191 )      (47 ) 

Canadian Overnight Repo Rate Average

   4.45% semi-annually   Pay     12/03/2024     CAD   13,145       45       50       95  

Canadian Overnight Repo Rate Average

   3.65% semi-annually   Pay     12/03/2027     CAD   8,000       132       16       148  

Six Circles Global Bond 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)

 

Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2023 (continued):

 

FLOATING RATE INDEX (a)

  

FIXED RATE

   PAY/RECEIVE
FLOATING
RATE		   MATURITY
DATE		     NOTIONAL
AMOUNT		     UPFRONT
PAYMENTS
(RECEIPTS) ($)		     UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		     VALUE ($)  

Canadian Overnight Repo Rate Average

   3.50% semi-annually   Pay     12/03/2029     CAD   2,325       51       5       56  

Canadian Overnight Repo Rate Average

   3.45% semi-annually   Pay     12/03/2032     CAD   1,775       45       7       52  

Canadian Overnight Repo Rate Average

   3.55% semi-annually   Pay     12/03/2042     CAD   1,895       57       22       79  

Canadian Overnight Repo Rate Average

   3.30% semi-annually   Pay     12/03/2052     CAD   1,510       36       22       58  

CFETS China Fixing Repo Rates 7 Day

   2.81% quarterly   Pay     04/12/2026     CNY   3,590       — (h)      4       4  

Colombia IBR Overnight Nominal Interbank Reference Rate

   4.44% quarterly   Pay     09/10/2030     COP   2,257,000       — (h)      (113 )      (113 ) 

ESTR Volume Weighted Trimmed Mean Rate

   1.20% annually   Pay     05/11/2052     EUR   1,810       (182 )      (317 )      (499 ) 

ICE LIBOR USD 3 Month

   1.50% semi-annually   Pay     12/15/2028     USD   27,300       151       (3,026 )      (2,875 ) 

KRW Certificate of Deposit 3 Month

   3.15% quarterly   Pay     08/04/2024     KRW   1,448,000       — (h)      (6 )      (6 ) 

KRW Certificate of Deposit 3 Month

   1.00% quarterly   Pay     09/01/2025     KRW   2,400,000       — (h)      (102 )      (102 ) 

KRW Certificate of Deposit 3 Month

   1.07% quarterly   Pay     04/27/2030     KRW   200,000       (8 )      (12 )      (20 ) 

KRW Certificate of Deposit 3 Month

   0.97% quarterly   Pay     08/14/2030     KRW   2,100,000       — (h)      (235 )      (235 ) 

KRW Certificate of Deposit 3 Month

   0.94% quarterly   Pay     08/19/2030     KRW   5,075,000       (83 )      (484 )      (567 ) 

KRW Certificate of Deposit 3 Month

   2.82% quarterly   Pay     04/28/2032     KRW   1,245,595       (13 )      (10 )      (23 ) 

SONIA Interest Rate Benchmark

   0.45% annually   Pay     03/31/2026     GBP   1,250       — (h)      (155 )      (155 ) 

SONIA Interest Rate Benchmark

   1.15% annually   Receive     05/08/2033     GBP   2,500       666       (81 )      585  

SONIA Interest Rate Benchmark

   1.25% annually   Receive     05/08/2043     GBP   260       107       (12 )      95  

SONIA Interest Rate Benchmark

   1.25% annually   Pay     05/08/2046     GBP   1,865       300       (1,068 )      (768 ) 

Swiss Average Rate ON Intraday Value

   0.13% annually   Pay     11/05/2031     CHF   150       2       (26 )      (24 ) 

Swiss Average Rate ON Intraday Value

   1.91% annually   Pay     03/31/2033     CHF   400       — (h)      (1 )      (1 ) 

Thailand Overnight Repo Rate ON

   1.15% quarterly   Pay     11/19/2030     THB   31,000       — (h)      (84 )      (84 ) 

United States FEDEF

   0.20% maturity   Receive     04/29/2023     USD   22,600       1       656       657  

United States SOFR

   1.75% annually   Pay     06/15/2025     USD   53,500       (1,423 )      (1,764 )      (3,187 ) 

United States SOFR

   3.75% annually   Receive     06/21/2025     USD   37,200       495       (409 )      86  

United States SOFR

   2.00% annually   Receive     12/21/2027     USD   13,700       1,018       (89 )      929  

United States SOFR

   3.25% annually   Receive     06/21/2028     USD   7,800       274       (262 )      12  

United States SOFR

   1.22% annually   Receive     08/15/2028     USD   5,797       — (h)      694       694  

Six Circles Global Bond 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)

 

Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2023 (continued):

 

FLOATING RATE INDEX (a)

  

FIXED RATE

   PAY/RECEIVE
FLOATING
RATE		   MATURITY
DATE		     NOTIONAL
AMOUNT		     UPFRONT
PAYMENTS
(RECEIPTS) ($)		     UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		     VALUE ($)  

United States SOFR

   2.00% annually   Receive     12/21/2029     USD   19,600       1,964       (345 )      1,619  

United States SOFR

   3.00% annually   Receive     06/21/2030     USD   22,600       320       (68 )      252  

United States SOFR

   1.75% annually   Receive     06/15/2032     USD   3,700       483       (33 )      450  

United States SOFR

   2.00% annually   Receive     12/21/2032     USD   66,500       9,078       (1,978 )      7,100  

United States SOFR

   3.00% annually   Receive     06/21/2033     USD   17,000       710       (487 )      223  
         

 

 

  

Total

             14,623       (10,253 )      4,370  
         

 

 

  

 

(a)

Value of floating rate index as of March 31, 2023 was as follows:

 

FLOATING RATE INDEX

       

Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month

      3.62 % 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

      (0.03 )% 

BBSW ASX Australian 6 Month

      3.79 % 

Canadian Overnight Repo Rate Average

      4.50 % 

CFETS China Fixing Repo Rates 7 Day

      2.70 % 

Colombia IBR Overnight Nominal Interbank Reference Rate

      12.02. % 

ESTR Volume Weighted Trimmed Mean Rate

      2.88 % 

ICE LIBOR USD 3 Month

      5.19 % 

KRW Certificate of Deposit 3 Month

      3.59 % 

SONIA Interest Rate Benchmark

      4.18 % 

Swiss Average Rate ON Intraday Value

      1.42 % 

Thailand Overnight Repo Rate ON

      1.74 % 

United States FEDEF

      4.83 % 

United States SOFR

      4.87 % 

Written Call Option contracts on securities as of March 31, 2023:

 

DESCRIPTION

    COUNTERPARTY    NUMBER OF
CONTRACTS		     NOTIONAL
AMOUNT		     EXERCISE
PRICE		      EXPIRATION
DATE		      VALUE ($)  

FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053

    BofA
Securities, Inc.		      (11,700 )      USD        (16,694 )    USD   94.17        04/06/2023        (178 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053

    BofA
Securities, Inc.		      (8,000 )      USD        (10,759 )    USD   94.27        04/06/2023        (114 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 4.50%, 04/13/2053

    BofA
Securities, Inc.		      (6,700 )      USD        (149 )    USD   99.47        04/06/2023        (1 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 4.50%, 04/13/2053

    BofA
Securities, Inc.		      (13,600 )      USD        (104 )    USD   99.89        04/06/2023        (1 ) 
                  

 

 

  
               (294 ) 
                  

 

 

  

Six Circles Global Bond 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)

 

Written Put Option contracts on securities as of March 31, 2023:

 

DESCRIPTION

    COUNTERPARTY      NUMBER OF
CONTRACTS		     NOTIONAL
AMOUNT		     EXERCISE
PRICE		      EXPIRATION
DATE		      VALUE ($)  

FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053

     
 Citigroup Global
Markets, Inc.		  
 		      (4,000 )      USD        (155 )      USD  94.44        04/06/2023        (2 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053

     
 BofA Securities,
Inc.		  
 		      (6,400 )      USD        (320 )      USD  94.56        04/06/2023        (3 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053

     
 Citigroup Global
Markets, Inc.		  
 		      (3,600 )      USD        (268 )      USD  94.77        04/06/2023        (3 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053

     
 BofA Securities,
Inc.		  
 		      (5,000 )      USD        (544 )      USD  94.97        04/06/2023        (6 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053

     
 Citigroup Global
Markets, Inc.		  
 		      (3,600 )      USD        (489 )      USD  95.09        04/06/2023        (5 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053

     
 BofA Securities,
Inc.		  
 		      (2,300 )      USD        (697 )      USD  95.59        04/06/2023        (7 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053

     
 Citigroup Global
Markets, Inc.		  
 		      (24,300 )      USD        (7,701 )      USD  95.63        04/06/2023        (81 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053

     
 BofA Securities,
Inc.		  
 		      (8,000 )      USD        (8,531 )      USD  96.72        04/06/2023        (88 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 06/13/2053

     
 Citigroup Global
Markets, Inc.		  
 		      (5,000 )      USD        (2,950 )      USD  94.80        06/06/2023        (31 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 4.50%, 04/13/2053

     
 BofA Securities,
Inc.		  
 		      (6,700 )      USD        (1,172 )      USD  97.47        04/06/2023        (12 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 4.50%, 04/13/2053

     
 BofA Securities,
Inc.		  
 		      (13,600 )      USD        (4,406 )      USD  97.89        04/06/2023        (45 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 4.50%, 04/13/2053

     
 Citigroup Global
Markets, Inc.		  
 		      (12,300 )      USD        (7,116 )      USD  98.36        04/06/2023        (72 ) 
                  

 

 

  
                     (355 ) 
                  

 

 

  

Total Written Options Contracts (Premiums Received $820)

                      (649 ) 
                  

 

 

  

Six Circles Global Bond 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)

 

Reverse Repurchase Agreements

 

COUNTERPARTY

   BORROWING
RATE		     SETTLEMENT
DATE		     MATURITY
DATE		     AMOUNT
BORROWED		     PAYABLE
FOR REVERSE
REPURCHASE
AGREEMENTS		     COLLATERAL
PLEDGED/
(RECEIVED)		     NET AMOUNT
(DUE TO)/ FROM
COUNTERPATRY		  

Citigroup Global Markets, Inc.

     4.89 %      3/13/2023       4/13/2023       (68,760 )      (68,938 )      68,938       —  

Wells Fargo Bank NA

     4.78       3/13/2023       4/13/2023       (8,460 )      (8,482 )      8,482       —  
         

 

 

      
            (77,420 )     
         

 

 

      

Accounted for as Secured Borrowings

Remaining Contractual Maturity of the Agreements

 

    OVERNIGHT
AND
CONTINUOUS		     UP TO 30 DAYS     31-90 DAYS     GREATER THAN
90 DAYS		     TOTAL  

Reverse Repurchase Agreements

          

Mortgage Backed Securities

     —       (77,420 )      —       —       (77,420 ) 
         

 

 

  

Payable for Reverse Repurchase Agreements

             (77,420 ) 
         

 

 

  

Six Circles Global Bond 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
ACES   —   Alternative Credit Enhancement Securities
ARM   —   Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of March 31, 2023.
ASX   —   Australian Stock Exchange
BAM   —   Insured by Build America Mutual
BBSW   —   Bank Bill Swap Rate
BofA   —   Bank of America
CFETS   —   China Foreign Exchange Trade System
CLO   —   Collateralized Loan Obligations
CMT   —   Constant Maturity Treasury
CPI   —   Consumer Price Index
EURIBOR   —   Euro Interbank Offered Rate
FEDEF   —   Federal Fund Effective Rate (Continuous Series)
FHA   —   Federal Housing Administration
FHLB   —   Federal Home Loan Bank
FHLMC   —   Federal Home Loan Mortgage Corp.
FNMA   —   Federal National Mortgage Association
GNMA   —   Government National Mortgage Association
GO   —   General Obligation
IBR   —   Indicador Bancario de Referencia
ESTR   —   Euro short-term rate
ICE   —   Intercontinental Exchange
IF   —   Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of March 31, 2023. The rate may be subject to a cap and floor.
IO   —   Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
KLIBOR   —   Kuala Lumpur Interbank Offered Rate
LIBOR   —   London Interbank Offered Rate
OYJ   —   Public Limited Company
PO   —   Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REIT   —   Real Estate Investment Trust
Reg. S   —   Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REMICS   —   Real Estate Mortgage Investment Conduit
Rev.   —   Revenue
SOFR   —   Secured Overnight Financing Rate
SONIA   —   Sterling Overnight Interbank Average Rate
STRIP   —   Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB   —   Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2023.
TBA   —   To Be Announced
TONAR   —   Tokyo Overnight Average Rate
VA   —   Veterans Administration
(e)   —   Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Six Circles Global Bond 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 (continued)

 

(g)   —   Amount rounds to less than 0.05%.
(h)   —   Amount rounds to less than 500 shares or principal/ $500.
(t)   —   The date shown represents the earliest of the next put date or final maturity date.
(w)   —   All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(x)   —   Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of March 31, 2023.
(z)   —   Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2023.
(aa)   —   Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023.
(bb)   —   Security has been valued using significant unobservable inputs.
(ee)   —   Approximately $602 of these investments are restricted as collateral for swaps to Citigroup Clearing.
(ff)   —   Approximately $670 of these investments are restricted as collateral for futures to Citigroup Global Markets, Inc.
(gg)   —   Position, or portion thereof, has been segregated to collateralize reverse repurchase agreements.
(hh)   —   Approximately $1,343 of these investments are restricted as collateral for TBAs to various brokers.
(ii)   —   Approximately $2,588 of these investments are restricted as collateral for forwards to various brokers.
(jj)   —   Approximately $9,245 of these investments are restricted as collateral for bi-lateral derivatives to various brokers.
*   —   The cost of securities is substantially the same for federal income tax purposes.
AUD   —   Australian Dollar
CAD   —   Canadian Dollar
CHF   —   Swiss Franc
CLP   —   Chilean Peso
CNH   —   Chinese Yuan
COP   —   Colombian Peso
CNY   —   Chinese Yuan
CZK   —   Czech Koruna
DKK   —   Danish Krone
EUR   —   Euro
GBP   —   British Pound
HKD   —   Hong Kong Dollar
HUF   —   Hungarian Forint
IDR   —   Indonesian Rupiah
ILS   —   Israeli New Shekel
JPY   —   Japanese Yen
KRW   —   Korean Won
MXN   —   Mexican Peso
MYR   —   Malaysian Ringgit
NOK   —   Norwegian Krone
NZD   —   New Zealand Dollar
PEN   —   Peruvian Nuevo Sol
PLN   —   Polish Zloty
RON   —   Romanian Leu
SEK   —   Swedish Krona
SGD   —   Singapore Dollar
THB   —   Thai Baht
USD   —   United States Dollar

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

    PRINCIPAL
    AMOUNT ($)    		         VALUE ($)      
Corporate Bond — 0.0% (g)     
Consumer Non-cyclical — 0.0% (g)     
Healthcare - Services — 0.0% (g)     
Tower Health, Series 2020, 4.45%, 02/01/2050
(Cost $865)		      1,000       435  
    

 

 

  
Municipal Bonds — 96.7% (t)     
Alabama — 3.2%     
Alabama Economic Settlement Authority, BP Settlement, Series A, Rev., 4.00%, 09/15/2033      1,000       1,002  
Alabama Federal Aid Highway Finance Authority, Series A, Rev., 5.00%, 09/01/2035 (p)      2,000       2,177  
Alabama Federal Aid Highway Finance Authority, Garvee,     
Series A, Rev., 5.00%, 09/01/2032 (p)      1,160       1,293  
Series A, Rev., 5.00%, 09/01/2035 (p)      1,000       1,114  
Series A, Rev., 5.00%, 09/01/2036 (p)      2,000       2,177  
Alabama Housing Finance Authority, South Oak Residence Project, Rev., 1.25%, 12/01/2025 (z)      4,270       4,109  
Alabama Public School and College Authority, Social Bonds,     
Series A, Rev., 5.00%, 11/01/2037      6,400       7,208  
Series A, Rev., 5.00%, 11/01/2039      10,000       11,191  
Alabama Special Care Facilities Financing Authority, Ascension Senior Credit Group, Series C, Rev., 5.00%, 11/15/2046      5,000       5,110  
Black Belt Energy Gas District,     
Rev., LIQ: Royal Bank of Canada, 4.00%, 06/01/2051 (z)      14,030       13,823  
Series B1, Rev., 4.00%, 04/01/2053 (z)      2,000       1,968  
Series B2, Rev., (SIFMA Municipal Swap Index + 0.65%), 4.62%, 04/01/2053 (aa)      9,250       8,923  
Series C1, Rev., 5.25%, 02/01/2053 (z)      12,245       12,898  
Series D1, Rev., LIQ: Royal Bank of Canada, 4.00%, 07/01/2052 (z)      1,930       1,930  
Black Belt Energy Gas District, Gas Project, Series F, Rev., 5.50%, 11/01/2053 (z)      10,625       11,214  
Black Belt Energy Gas District, Gas Project Bonds Project No. 7, Rev., 4.00%, 10/01/2052 (z)      12,120       11,966  
Black Belt Energy Gas District, Gas Project No. 8, Series A, Rev., 4.00%, 12/01/2052 (z)      3,410       3,305  
Black Belt Energy Gas District, Project No. 4, Series A1, Rev., 4.00%, 12/01/2049 (z)      7,810       7,767  
Black Belt Energy Gas District, Project No. 5, Series A1, Rev., 4.00%, 10/01/2049 (z)      5,000       4,963  
Black Belt Energy Gas District, Project No. 6, Series B, Rev., 4.00%, 10/01/2052 (z)      6,505       6,422  
City of Birmingham, Warrants, Series A, GO, 4.00%, 06/01/2032      4,075       4,381  
County of Jefferson, Sewer Revenue, Senior Lien, Warrants, Series A, Rev., AGM, 5.50%, 10/01/2053      500       513  
County of Jefferson, Sewer Revenue, Subordinated Lien, Series D, Rev., 6.50%, 10/01/2053      220       234  
Health Care Authority for Baptist Health, Series B, Rev., VRDO, 5.02%, 04/07/2023 (z)      2,035       2,035  
Health Care Authority for Baptist Health, Affiliate Of UAB Health System Community, Rev., 5.00%, 11/15/2032      10,495       11,983  
Health Care Authority of the City of Huntsville, Health System,     
Series B1, Rev., 4.00%, 06/01/2045      1,750       1,681  
Series B1, Rev., 5.00%, 06/01/2038      1,000       1,066  
Hoover Industrial Development Board, Green Bonds, Rev., AMT, 6.38%, 11/01/2050 (z)      2,375       2,616  
Huntsville Public Building Authority, Rev., 5.00%, 02/01/2052      3,000       3,222  
Lower Alabama Gas District (The), Gas Project Revenue Bonds, Rev., 4.00%, 12/01/2050 (z)      3,250       3,222  
Selma Industrial Development Board, International Paper Co. Project, Rev., 1.38%, 05/01/2034 (z)      1,000       932  
Southeast Alabama Gas Supply District (The), Project No. 2, Series A, Rev., 4.00%, 06/01/2049 (z)      100       100  
Southeast Energy Authority A Cooperative District, Project 1, Series A, Rev., 4.00%, 11/01/2051 (z)      4,580       4,497  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Alabama — continued     
Southeast Energy Authority A Cooperative District, Project 2, Series B, Rev., 4.00%, 12/01/2051 (z)      6,000       5,831  
Southeast Energy Authority A Cooperative District, Project No. 3, Series A1, Rev., 5.50%, 01/01/2053 (z)      1,820       1,945  
Southeast Energy Authority A Cooperative District, Project No. 5, Series A, Rev., 5.25%, 01/01/2054 (z)      15,000       15,822  
State of Alabama Docks Department, Docks,     
Series A, Rev., AGM, AMT, 5.00%, 10/01/2025      1,750       1,825  
Series A, Rev., AGM, AMT, 5.00%, 10/01/2026      1,890       1,999  
Tender Option Bond Trust Receipts/Certificates, Floaters, Series 2022-XF3073, Rev., VRDO, LIQ: Morgan Stanley Bank NA, 4.27%, 04/07/2023 (e) (z)      5,000       5,000  
Tuscaloosa City Board of Education, Warrants, Rev., 5.00%, 08/01/2041 (p)      2,525       2,730  
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A, Rev., 4.50%, 05/01/2032 (e)      855       747  
UAB Medicine Finance Authority, Series B, Rev., 5.00%, 09/01/2041      1,750       1,815  
University of South Alabama, Rev., AGM, 4.00%, 11/01/2035      2,000       2,016  
    

 

 

  
       196,772  
    

 

 

  
Alaska — 0.2%     
Alaska Housing Finance Corp.,     
Series A, Rev., 5.00%, 12/01/2032 (p)      125       127  
Series A, Rev., 5.00%, 12/01/2033 (p)      60       61  
Alaska Housing Finance Corp., General Mortgage, Series B, Rev., 3.25%, 12/01/2044      1,760       1,736  
Alaska Housing Finance Corp., Social Bonds State Capital,     
Rev., 5.00%, 06/01/2032      920       1,063  
Rev., 5.00%, 12/01/2032      945       1,089  
City of Anchorage Electric Revenue, Senior Lien, Series A, Rev., 5.00%, 12/01/2041 (p)      1,000       1,039  
Northern Tobacco Securitization Corp., Senior, Series B2, Rev., Zero Coupon, 06/01/2066      9,475       1,188  
State of Alaska International Airports System,     
Series C, Rev., AMT, 5.00%, 10/01/2025      1,000       1,039  
Series C, Rev., AMT, 5.00%, 10/01/2027      2,000       2,146  
Series C, Rev., AMT, 5.00%, 10/01/2030      5,000       5,581  
    

 

 

  
       15,069  
    

 

 

  
Arizona — 1.6%     
Arizona Board of Regents, Series A, Rev., 5.00%, 07/01/2043      2,480       2,721  
Arizona Health Facilities Authority, Banner Health, Series A, Rev., 5.00%, 01/01/2044 (p)      1,055       1,074  
Arizona Health Facilities Authority, Scottsdale Lincoln Hospital Project, Rev., 5.00%, 12/01/2029      2,705       2,800  

Arizona Industrial Development Authority,

     

Series 2019-2, Rev., 3.63%, 05/20/2033

      1,174       1,097  

Series A, Rev., 4.00%, 09/01/2035

      225       232  

Series A, Rev., 4.00%, 09/01/2036

      250       255  

Arizona Industrial Development Authority, Greathearts Arizona Project,

     

Series A, Rev., 5.00%, 07/01/2024

      125       128  

Series A, Rev., 5.00%, 07/01/2026

      125       131  
Arizona Industrial Development Authority, Jerome Facilities Project, Series B, Rev., 4.00%, 07/01/2051      2,000       1,640  
Arizona Industrial Development Authority, Phoenix Children’s Hospital, Rev., 5.00%, 02/01/2033      2,000       2,363  

Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Aliante,

     

Rev., 3.00%, 12/15/2031 (e)

      525       448  

Rev., 4.00%, 12/15/2041 (e)

      500       399  

Rev., 4.00%, 12/15/2051 (e)

      700       509  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Arizona — continued     
Arizona State University,     
Series A, Rev., 5.00%, 07/01/2043      1,105       1,202  
Series C, Rev., 5.00%, 07/01/2042      2,000       2,093  
Arizona State University, Board of Regents,     
Series B, Rev., 5.00%, 07/01/2026      100       108  
Series B, Rev., 5.00%, 07/01/2042      2,000       2,117  
Arizona Transportation Board, Rev., 5.00%, 07/01/2023      25       25  
Chandler Industrial Development Authority, Intel Corp. Project, Rev., AMT, 5.00%, 09/01/2042 (z)      3,000       3,143  
Chandler Industrial Development Authority, Intel Corp. Project,     
Rev., 2.40%, 12/01/2035 (z)      775       771  
Rev., AMT, 5.00%, 09/01/2052 (z)      2,860       2,997  
City of Bullhead Excise Taxes Revenue, Second Series, Rev., 0.60%, 07/01/2024      250       241  
City of Mesa Utility System Revenue, Rev., 5.00%, 07/01/2032      1,000       1,122  
City of Phoenix Civic Improvement Corp.,     
Series A, Rev., 5.00%, 07/01/2029      1,000       1,126  
Series A, Rev., 5.00%, 07/01/2031      2,000       2,237  
Series A, Rev., 5.00%, 07/01/2032      1,000       1,114  
Series A, Rev., 5.00%, 07/01/2034      1,600       1,898  
City of Phoenix Civic Improvement Corp., Junior Lien, Series A, Rev., 5.00%, 07/01/2029      1,515       1,753  
City of Phoenix, Civic Improvement Corp.,     
Series A, Rev., 5.00%, 07/01/2034      2,185       2,409  
Series B, Rev., 5.00%, 07/01/2024      130       134  
City of Phoenix, Civic Improvement Corp., Airport Revenue, Junior Lien,     
Series A, Rev., 5.00%, 07/01/2044      1,000       1,064  
Series B, Rev., AMT, 5.00%, 07/01/2027      1,500       1,602  
Series B, Rev., AMT, 5.00%, 07/01/2033      2,000       2,186  
County of Pima Sewer System Revenue, Rev., 5.00%, 07/01/2028      500       565  
Gilbert Public Facilities Municipal Property Corp., Rev., 5.00%, 07/01/2026      1,025       1,111  
Gilbert Water Resource Municipal Property Corp., Green Bond Senior Lien, Rev., 4.00%, 07/15/2047      1,000       982  
Industrial Development Authority of the City of Phoenix, Republic Services, Rev., AMT, 3.50%, 12/01/2035 (z)      1,000       1,000  
Industrial Development Authority of the County of Pima (The), American Leadership Academy,     
Rev., 4.00%, 06/15/2023 (e)      1,290       1,288  
Rev., 4.00%, 06/15/2025 (e)      2,555       2,510  
Rev., 4.00%, 06/15/2027 (e)      2,680       2,604  
Rev., 4.00%, 06/15/2030 (e)      1,510       1,436  
Industrial Development Authority of the County of Pima (The), Tucson Medical Center, Rev., 4.00%, 04/01/2035      825       834  
Industrial Development Authority of the County of Yavapai, Waste Management, Inc. Project, Rev., AMT, 1.30%, 06/01/2027      3,260       2,890  
Kyrene Elementary School District No. 28, School Improvement Project 2010,     
Series B, GO, 4.50%, 07/01/2024      315       317  
Series B, GO, 4.50%, 07/01/2025      255       256  
Maricopa County Pollution Control Corp., Southern California Edison, Rev., 2.40%, 06/01/2035      1,000       792  
Maricopa County Special Health Care District, Series C, GO, 4.00%, 07/01/2037      21,910       22,169  
Northern Arizona University, Speed Stimulus Plan Economic Education, Rev., 5.00%, 08/01/2032 (p)      3,145       3,170  
Salt River Project Agricultural Improvement & Power District, Series A, Rev., 5.00%, 12/01/2045      7,300       7,606  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Arizona — continued     
Salt River Project Agricultural Improvement & Power District, Salt River Project, Series A, Rev., 5.00%, 01/01/2026      3,000       3,209  
Salt Verde Financial Corp., Rev., 5.00%, 12/01/2032      420       448  
Salt Verde Financial Corp., Senior, Rev., 5.50%, 12/01/2029      1,475       1,599  
Tempe Industrial Development Authority, Friendship Village of Tempe, Rev., 1.13%, 12/01/2026      3,350       2,905  
    

 

 

  
       100,830  
    

 

 

  
Arkansas — 0.1%     
Arkansas Development Finance Authority Public Safety Charges Revenue, Division of Emergency Management Project, Rev., 5.00%, 06/01/2024      1,000       1,026  
Arkansas Development Finance Authority, Big River Steel Project, Rev., AMT, 4.50%, 09/01/2049 (e) (f)      630       563  
Arkansas Development Finance Authority, Green Bond United States, Rev., AMT, 5.45%, 09/01/2052 (e)      3,000       2,987  
    

 

 

  
       4,576  
    

 

 

  
California — 9.6%     
Alameda County, Oakland Unified School District,     
GO, 5.00%, 08/01/2027      65       70  
Series A, GO, 5.00%, 08/01/2040 (p)      300       318  
Anaheim City School District, Election 2016, Series A, GO, 4.00%, 08/01/2048      4,000       4,000  
Anaheim Housing & Public Improvements Authority,     
Series A, Rev., 5.00%, 10/01/2035      250       265  
Series A, Rev., 5.00%, 10/01/2050      1,780       1,838  
Anaheim Public Financing Authority, Senior Public Improvement Project, Series A, Rev., BAM, 5.00%, 09/01/2036      2,250       2,410  
Bay Area Toll Authority, San Francisco Bay Area,     
Rev., 2.00%, 04/01/2053 (z)      2,200       2,171  
Series C, Rev., (SIFMA Municipal Swap Index + 0.45%), 4.42%, 04/01/2056 (aa)      2,675       2,650  
Bay Area Toll Authority, San Francisco Bay Area Toll, Rev., (SIFMA Municipal Swap Index + 0.41%), 4.38%, 04/01/2056 (aa)      5,000       4,843  
Bay Area Toll Authority, Subordinated, Series S4, Rev., 5.00%, 04/01/2031 (p)      4,000       4,000  
Bay Area Water Supply & Conservation Agency, Series A, Rev., 5.00%, 10/01/2034      100       100  
Cabrillo Unified School District, Election 2018, Series B, GO, 5.00%, 08/01/2050      5,000       5,329  
California Community Choice Financing Authority, Series B1, Rev., 4.00%, 02/01/2052 (z)      5,680       5,605  
California Community Choice Financing Authority, Green Bond, Series A1, Rev., 4.00%, 05/01/2053 (z)      6,860       6,852  
California Community Choice Financing Authority, Green Bond, Clean Energy, Rev., 5.00%, 12/01/2053 (z)      6,160       6,437  
California Community Choice Financing Authority, Green Bonds Clean Energy Project,     
Rev., 5.00%, 07/01/2053 (z)      11,050       11,616  
Rev., 5.25%, 01/01/2054 (z)      14,375       14,713  
California County, Tobacco Securitization Agency, Series A, Rev., 5.00%, 06/01/2027      10       11  
California County, Tobacco Securitization Agency, Senior Bonds, Merced County Tobacco Funding Corporation,     
Rev., 5.00%, 06/01/2032      340       375  
Rev., 5.00%, 06/01/2033      170       187  
California County, Tobacco Securitization Agency, Sonoma County Securitization,     
Rev., 5.00%, 06/01/2031      255       282  
Rev., 5.00%, 06/01/2032      250       276  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
California — continued     
Rev., 5.00%, 06/01/2033      300       330  
Rev., 5.00%, 06/01/2049      325       327  
California Educational Facilities Authority, Loyola Marymount University, Series A, Rev., NATL, Zero Coupon, 10/01/2037      340       188  
California Educational Facilities Authority, University Southern California, Series C, Rev., 5.25%, 10/01/2024 (p)      210       219  
California Health Facilities Financing Authority, Rev., 5.00%, 10/01/2039 (p) (z)      945       1,002  
California Health Facilities Financing Authority, Adventist Health System, Rev., 3.00%, 03/01/2041 (z)      1,815       1,816  
California Health Facilities Financing Authority, Cedars Sinai Health System, Rev., 4.00%, 08/15/2040      4,050       4,080  
California Health Facilities Financing Authority, Children’s Hospital, Rev., 4.00%, 11/01/2035      1,460       1,527  
California Health Facilities Financing Authority, City of Hope, Rev., 5.00%, 11/15/2049      3,000       3,079  
California Health Facilities Financing Authority, Commonspirit Health,     
Series A, Rev., 4.00%, 04/01/2038      3,500       3,498  
Series A, Rev., 5.00%, 04/01/2033      3,000       3,331  
California Health Facilities Financing Authority, PIH Health, Series A, Rev., 5.00%, 06/01/2035      3,010       3,290  
California Health Facilities Financing Authority, Stanford Health Care, Series A, Rev., 5.00%, 11/15/2030      2,000       2,226  
California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 5.00%, 08/15/2043 (p)      465       493  
California Health Facilities Financing Authority, Unrefunded, Rev., 5.00%, 10/01/2039 (z)      1,055       1,102  
California Housing Finance Agency, Series 2021-1, Rev., 3.50%, 11/20/2035      971       924  
California Housing Finance Agency, Social Certificates, Series A, Rev., 3.25%, 08/20/2036      6,741       6,181  
California Infrastructure & Economic Development Bank, Brightline West Passenger, Rev., AMT, 3.65%, 01/01/2050 (e) (z)      13,935       13,938  
California Infrastructure & Economic Development Bank, J. Paul Getty Trust, Rev., 3.00%, 10/01/2047 (z)      1,000       1,013  
California Infrastructure & Economic Development Bank, Los Angeles County, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 4.67%, 12/01/2050 (aa)      1,370       1,325  
California Infrastructure & Economic Development Bank, Sanford Consortium Project, Series A, Rev., 5.00%, 05/15/2031      1,230       1,332  
California Municipal Finance Authority, Open Door Community Health Center,     
Rev., 4.00%, 09/15/2034      920       984  
Rev., 4.00%, 09/15/2035      960       1,007  
Rev., 4.00%, 09/15/2036      1,000       1,030  
California Municipal Finance Authority, Republic Services, Inc. Project, Series B, Rev., AMT, 3.60%, 07/01/2051 (z)      6,000       5,999  
California Municipal Finance Authority, Simpson University, Series A, Rev., 6.00%, 10/01/2050 (e) (f)      2,000       2,018  
California Municipal Finance Authority, Southern California Institute, Rev., 5.00%, 12/01/2037      745       765  
California Municipal Finance Authority, Subordinate Caritas Project, Series B, Rev., 4.00%, 08/15/2041      300       282  
California Municipal Finance Authority, Taxable Virginia Oceanside Health Care Center, Rev., 3.64%, 07/01/2030 (f)      2,995       2,584  
California Municipal Finance Authority, Walnut Apartments, Rev., HUD, 0.45%, 12/01/2024 (z)      1,125       1,098  
California Municipal Finance Authority, Waste Management, Inc. Project,     
Rev., AMT, 0.70%, 12/01/2044 (z)      1,670       1,636  
Rev., AMT, 3.95%, 10/01/2045 (z)      900       901  
Series A, Rev., AMT, 2.40%, 10/01/2044 (z)      4,960       4,518  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
California — continued     
California Pollution Control Financing Authority, Plant Bonds, Rev., AMT, 5.00%, 07/01/2037 (e)      1,500       1,500  
California Pollution Control Financing Authority, Poseidon Resources, Rev., AMT, 5.00%, 07/01/2037 (e)      2,200       2,308  
California Pollution Control Financing Authority, Republic Services, Rev., AMT, 3.50%, 08/01/2023 (e) (z)      2,000       2,000  
California Public Finance Authority, Enso Village Project, Rev., 2.13%, 11/15/2027 (e)      1,000       949  
California Public Finance Authority, Enso Village Project, Green Bond, Rev., 5.00%, 11/15/2036 (e) (f)      325       312  
California Public Finance Authority, Henry Mayo Newhall Hospital,     
Rev., 5.00%, 10/15/2032      1,000       1,050  
Series A, Rev., 4.00%, 10/15/2023      130       131  
California School Finance Authority, Rocketship Education Obligated, Series A, Rev., 5.00%, 06/01/2034 (e)      1,230       1,199  
California State Public Works Board, Corrections Facilities, Series A, Rev., 5.00%, 09/01/2039      7,560       7,749  
California State Public Works Board, Forward Delivery, Series A, Rev., 5.00%, 02/01/2030      2,500       2,942  
California State Public Works Board, Green Bond Natural Resources, Rev., 5.00%, 11/01/2033      1,035       1,244  
California State Public Works Board, Various Capital Projects,     
Rev., 4.00%, 11/01/2030      1,245       1,305  
Rev., 4.00%, 11/01/2031      1,000       1,046  
Rev., 5.00%, 11/01/2026      565       619  
Series D, Rev., 4.00%, 11/01/2037      1,000       1,037  
California State University, Series A, Rev., 5.00%, 11/01/2044      2,640       2,891  
California State University, Systemwide, Series A, Rev., 4.00%, 11/01/2035      1,000       1,026  
California State University, Unrefunded Systemwide, Rev., 5.00%, 11/01/2039 (p)      4,700       4,884  
California Statewide Communities Development Authority, Series B, Special Assessment, 4.00%, 09/02/2040      570       525  
California Statewide Communities Development Authority, Enloe Medical Center, Series A, Rev., AGM, 5.13%, 08/15/2047      500       537  
California Statewide Communities Development Authority, Health Facility, Dignity Health, Rev., AGM, 0.01%, 07/01/2041 (z)      2,000       2,000  
California Statewide Communities Development Authority, Loma Linda University Medical Center,     
Rev., 5.25%, 12/01/2044      6,065       6,076  
Rev., 5.50%, 12/01/2054      1,100       1,101  
Series A, Rev., 5.00%, 12/01/2026 (e) (f)      300       314  
Series A, Rev., 5.00%, 12/01/2041 (e)      2,000       1,983  
Series A, Rev., 5.25%, 12/01/2056 (e)      3,000       2,916  
California Statewide Communities Development Authority, Montage Health, Series A, Rev., 4.00%, 06/01/2028      435       469  
California Statewide Communities Development Authority, South California Edison Co., Rev., 2.63%, 11/01/2033 (z)      275       273  
California Statewide Communities Development Authority, Villa Del Sol Apartments, Rev., 0.39%, 10/01/2023 (z)      50       50  
Chino Valley Unified School District, Election of 2016, Series C, GO, Zero Coupon, 08/01/2034      125       85  
City & County of San Francisco,     
Series R2, GO, 5.00%, 06/15/2023      85       86  
Series R2, GO, 5.00%, 06/15/2024      1,000       1,030  
City & County of San Francisco Special Tax District No. 2020-1, Mission Rock Facilities And Services, Special Tax, 4.00%, 09/01/2036 (e)      155       150  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
California — continued     
City & County of San Francisco, 49 South Van Ness Project, Green Bond, Series A, COP, 4.00%, 04/01/2035      810       840  
City & County of San Francisco, Special Tax District No. 2020-1, Mission Rock Facilities and Services, Special Tax, 4.00%, 09/01/2031 (e)      300       302  
City of Dixon, Community Facilities District Improvement, Special Tax, 4.00%, 09/01/2036      200       197  
City of Long Beach Airport System Revenue,     
Series C, Rev., AGM, AMT, 5.00%, 06/01/2042      1,000       1,069  
Series C, Rev., AGM, AMT, 5.25%, 06/01/2047      1,000       1,074  
City of Los Angeles Department of Airports, Los Angeles International Airport,     
Rev., AMT, 5.00%, 05/15/2026      1,500       1,589  
Series B, Rev., AMT, 5.00%, 05/15/2027      1,000       1,076  
Series B, Rev., AMT, 5.00%, 05/15/2046      21,965       22,370  
City of Los Angeles Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2032      1,000       1,095  
City of Los Angeles Department of Airports, Private Activity, Series A, Rev., AMT, 5.00%, 05/15/2045      5,000       5,293  
City of Los Angeles Department of Airports, Senior,     
Series A, Rev., AMT, 4.75%, 05/15/2040      2,415       2,432  
Series C, Rev., AMT, 5.00%, 05/15/2036      4,090       4,468  
City of Los Angeles Department of Airports, Senior Bonds Green Bond Project,     
Rev., AMT, 5.00%, 05/15/2029      4,000       4,421  
Rev., AMT, 5.25%, 05/15/2047      4,000       4,320  
City of Los Angeles Department of Airports, Subordinate,     
Series C, Rev., 5.00%, 05/15/2038      2,000       2,081  
Series D, Rev., AMT, 5.00%, 05/15/2027      2,605       2,803  
Series D, Rev., AMT, 5.00%, 05/15/2029      4,485       4,947  
City of Los Angeles Department of Airports, Subordinate Los Angeles International Airport,     
Rev., AMT, 5.00%, 05/15/2027      1,235       1,329  
Rev., AMT, 5.00%, 05/15/2029      1,000       1,103  
City of Los Angeles Department of Airports, Subordinate P3 Project,     
Series A, Rev., AMT, 5.00%, 05/15/2026      1,180       1,249  
Series A, Rev., AMT, 5.00%, 05/15/2046      8,000       8,409  
City of Los Angeles Department of Airports, Subordinated,     
Series C, Rev., AMT, 5.00%, 05/15/2033      1,330       1,420  
Series E, Rev., 5.00%, 05/15/2039      1,510       1,654  
Series E, Rev., 5.00%, 05/15/2044      1,000       1,078  
City of Los Angeles Department of Airports, Subordinated Los Angeles International, Rev., AMT, 5.25%, 05/15/2038      1,735       1,851  
City of Los Angeles Wastewater System Revenue, Subordinate, Series C, Rev., 5.00%, 06/01/2026      500       543  
City of Los Angeles, Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2023      150       150  
City of Los Angeles, Department of Airports, Senior, Series B, Rev., 5.00%, 05/15/2034      1,600       1,881  
City of Roseville, Special Tax,     
5.00%, 09/01/2035      1,160       1,245  
4.00%, 09/01/2040      1,000       934  
City of San Francisco CA Public Utilities Commission Water Revenue, Regional Water, Series B, Rev., 5.00%, 11/01/2050      4,235       4,493  
City of Santa Rosa Wastewater Revenue, Series A, Rev., 5.00%, 09/01/2033      1,770       2,078  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
California — continued     
City of Victorville Electric Revenue,     
Series A, Rev., 5.00%, 05/01/2038      1,055       1,185  
Series A, Rev., 5.00%, 05/01/2039      1,110       1,241  
City of Woodland, Facilities District Number 2004 1 Capital Project, Special Tax, 4.00%, 09/01/2041      500       497  
Coachella Valley Water District Drinking Water System Revenue, Notes, Series A, Rev., 1.38%, 06/01/2025      2,000       1,927  
Compton Community Redevelopment Agency Successor Agency, Series A, Tax Allocation, AGM, 5.00%, 08/01/2042      750       829  
Compton Unified School District, Series B, GO, BAM, Zero Coupon, 06/01/2036      1,400       813  
County of Los Angeles Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2033      105       115  
County of Los Angeles, Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2042      540       557  
CSCDA Community Improvement Authority, Series A, Rev., 5.00%, 01/01/2054 (e)      3,295       2,615  
CSCDA Community Improvement Authority, Renaissance at City Center, Series A, Rev., 5.00%, 07/01/2051 (e)      215       192  
CSCDA Community Improvement Authority, Social Bonds, Rev., 4.00%, 08/01/2056 (e) (f)      410       314  
CSCDA Community Improvement Authority, Union South Bay, Social Bonds, Rev., 4.00%, 07/01/2056 (e)      2,000       1,493  
Department of Veterans Affairs, Veteran’s Farm & Home Purchase Program, Series A, Rev., 3.00%, 12/01/2050      895       883  
East Bay Municipal Utility District Water System Revenue, Green Bond, Series A, Rev., 5.00%, 06/01/2035      1,200       1,323  
Eastern Municipal Water District, Series A, Rev., 3.00%, 07/01/2024      30       30  
Elk Grove Finance Authority, Special Tax, 4.00%, 09/01/2040      1,280       1,198  
FHLMC Multifamily ML Certificates, Series 2021-ML10, Class A, Rev., 2.03%, 01/25/2038 (e)      339       261  
Fontana Public Facilities Financing Authority, Series A, Special Tax, 4.00%, 09/01/2023      145       145  
Fresno Unified School District,     
Series D, GO, 2.00%, 08/01/2023      20       20  
Series D, GO, 2.00%, 08/01/2024      100       99  
Gilroy School Facilities Financing Authority, General Obligations, Series A, Rev., 5.00%, 08/01/2046 (p)      5,000       5,040  
Golden State Tobacco Securitization Corp., Subordinated, Series B2, Rev., Zero Coupon, 06/01/2066      8,000       809  
Golden State Tobacco Securitization Corp., Taxable Tobacco Settlement Asset Backed Bonds, Series C, Rev., 2.75%, 06/01/2034      1,900       1,585  
Golden State Tobacco Securitization Corp., Tobacco Settlement Asset Backed Bonds, Rev., 5.00%, 06/01/2051      2,235       2,339  
Hayward Unified School District, COP, 5.25%, 08/01/2047      3,000       3,144  
Los Angeles County Metropolitan Transportation Authority, Series A, Rev., 5.00%, 06/01/2023      25       25  
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Green Bond Measure R, Rev., 5.00%, 06/01/2027      1,000       1,115  
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Proposition C, Series A, Rev., 5.00%, 07/01/2027      1,255       1,401  
Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinated, Green Bonds, Series A, Rev., 5.00%, 06/01/2034      7,000       7,729  
Los Angeles County Metropolitan Transportation Authority, Measure R Junior, Green Bond, Subordinated, Series A, Rev., 5.00%, 06/01/2033      2,000       2,360  
Los Angeles County Sanitation Districts Financing Authority, Series A, Rev., 4.00%, 10/01/2033      1,000       1,041  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
California — continued     
Los Angeles County, Metropolitan Transportation Authority, Green Bond, Measure R Junior Subordinated, Series A, Rev., 5.00%, 06/01/2030      1,500       1,778  
Los Angeles Department of Water,     
Series B, Rev., 4.00%, 07/01/2027      1,500       1,606  
Series B, Rev., 4.00%, 07/01/2029      1,000       1,100  
Series B, Rev., 5.00%, 07/01/2037      740       820  
Los Angeles Department of Water & Power,     
Series A, Rev., 5.00%, 07/01/2029 (w)      3,000       3,508  
Series B, Rev., 5.00%, 07/01/2039      500       578  
Series C, Rev., 5.00%, 07/01/2038      275       317  
Los Angeles Department of Water & Power, Power System Bonds, Series C, Rev., 5.00%, 07/01/2037      1,000       1,125  
Los Angeles Department of Water & Power, Power System Revenue,     
Series A, Rev., 5.25%, 07/01/2049      9,500       10,321  
Series B, Rev., 5.00%, 07/01/2038      1,000       1,072  
Los Angeles Unified School District,     
Series A, GO, 3.00%, 01/01/2034      2,000       1,991  
Series C, GO, 4.00%, 07/01/2036      1,000       1,053  
Series C, GO, 5.00%, 07/01/2026      2,285       2,484  
Series C, GO, 5.00%, 07/01/2028      1,000       1,141  
Series RYQ, GO, 5.00%, 07/01/2035      1,280       1,485  
Los Angeles Unified School District, Election 2008, Series B1, GO, BAM, 5.00%, 07/01/2029      100       113  
Los Angeles Unified School District, Sustainability Bonds, Series QRR, GO, 5.00%, 07/01/2026      550       598  
Metropolitan Water District of Southern California, Rev., 5.00%, 01/01/2038      3,015       3,343  
Municipal Improvement Corp. of Los Angeles, Real Property, Series B, Rev., 5.00%, 11/01/2039      2,535       2,822  
Natomas Unified School District,     
Series A, GO, AGM, 4.00%, 08/01/2045      7,740       7,763  
Series A, GO, AGM, 4.00%, 08/01/2049      2,655       2,653  
Norman Y Mineta San Jose International Airport SJC,     
Series A, Rev., AMT, 5.00%, 03/01/2027      1,480       1,582  
Series A, Rev., AMT, 5.00%, 03/01/2031      1,000       1,124  
Series A, Rev., AMT, 5.00%, 03/01/2032      2,000       2,244  
Series A, Rev., AMT, 5.00%, 03/01/2036      1,160       1,214  
Northern California Energy Authority, Series A, Rev., 4.00%, 07/01/2049 (z)      2,000       2,003  
Norwalk-La Mirada Unified School District, Series D, GO, 3.00%, 08/01/2043      2,000       1,670  
Norwalk-La Mirada Unified School District, Election 2014, Series E, GO, 3.00%, 08/01/2050      10,000       7,723  
Oakland Unified School District/Alameda County, Election Of 2012, Series A, GO, AGM, 4.00%, 08/01/2034      1,000       1,054  
Ontario International Airport Authority, Series A, Rev., AGM, 5.00%, 05/15/2046      1,500       1,653  
Orange County Community Facilities District, District No. 2021-1 Rienda, Series A, Special Tax, 5.00%, 08/15/2033      300       329  
Orange County Transportation Authority, 405 Improvement Project, Rev., BAN, 5.00%, 10/15/2024 (p)      3,230       3,358  
Oxnard Union High School District, Series B, GO, 5.00%, 08/01/2045      3,000       3,234  
Palomar Health, Rev., 5.00%, 11/01/2039      4,000       4,078  
Palomar Health, Capital Appreciation, Electric of 2004,     
Series A, GO, AGC, Zero Coupon, 08/01/2028      500       423  
Series A, GO, AGC, Zero Coupon, 08/01/2031      330       250  
Peralta Community College District, GO, 5.25%, 08/01/2037      2,000       2,380  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
California — continued     
Port of Oakland, Intermediate Lien,     
Series H, Rev., AMT, 5.00%, 05/01/2027      2,500       2,678  
Series H, Rev., AMT, 5.00%, 05/01/2028      4,275       4,647  
Series H, Rev., AMT, 5.00%, 05/01/2029      980       1,080  
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Special Tax, AGM, 5.25%, 09/01/2052      1,085       1,216  
Sacramento City Unified School District, GO, BAM, 5.00%, 07/01/2031      525       632  
Sacramento City Unified School District, Election of 2020 Measure,     
GO, BAM, 5.00%, 08/01/2024      860       887  
GO, BAM, 5.00%, 08/01/2038      500       562  
Sacramento County Sanitation Districts Financing Authority, Series A, Rev., 5.00%, 12/01/2044      4,250       4,326  
Sacramento Municipal Utility District, Electric, Series H, Rev., 4.00%, 08/15/2040      2,000       2,044  
San Bernardino Community College District, Election of 2018, Series A, GO, 3.00%, 08/01/2041 (p)      2,000       2,059  
San Diego Community College District, GO, 4.00%, 08/01/2032 (p)      2,910       3,085  
San Diego County Regional Airport Authority, Subordinate, Series B, Rev., AMT, 4.00%, 07/01/2036      1,090       1,102  
San Diego County Regional Airport Authority, Subordinated,     
Rev., 5.00%, 07/01/2034      1,000       1,174  
Series B, Rev., AMT, 5.00%, 07/01/2031      775       826  
San Diego Public Facilities Financing Authority, Series A, Rev., 5.00%, 05/15/2039      1,565       1,669  
San Diego Unified School District, Election 2008, Series E, GO, Zero Coupon, 07/01/2034      1,250       871  
San Dieguito School Facilities Financing Authority, Special Tax, 5.00%, 03/01/2031      1,030       1,154  
San Francisco Bay Area Rapid Transit District, Election 2004, Green Bond, GO, 5.00%, 08/01/2036      1,875       2,062  
San Francisco Bay Area Rapid Transit District, Green Bonds, Series C1, GO, 4.00%, 08/01/2032      1,000       1,095  
San Francisco City & County Airport Commission-San Francisco International Airport,     
Series H, Rev., AMT, 5.00%, 05/01/2025      1,500       1,553  
Series H, Rev., AMT, 5.00%, 05/01/2028      3,000       3,261  
San Francisco City & County Airport Commission-San Francisco International Airport, Unrefunded,     
Rev., AMT, 5.00%, 05/01/2027      775       830  
Series A, Rev., AMT, 5.00%, 05/01/2044      1,495       1,500  
San Francisco City & County Airport Comm-San Francisco International Airport,     
Series A, Rev., AMT, 5.00%, 05/01/2025      2,000       2,071  
Series A, Rev., AMT, 5.00%, 05/01/2030      2,000       2,234  
Series A, Rev., 5.00%, 05/01/2031      205       222  
Series A, Rev., AMT, 5.00%, 05/01/2032      2,000       2,248  
Series C, Rev., 5.00%, 05/01/2046      1,920       1,987  
San Francisco Unified School District, Series B, GO, 4.00%, 06/15/2035      300       318  
San Joaquin Hills Transportation Corridor Agency, Junior Lien,     
Series B, Rev., 5.25%, 01/15/2044      8,020       8,118  
Series B, Rev., 5.25%, 01/15/2049      3,000       3,032  
San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Rev., 4.00%, 01/15/2034      3,000       3,154  
San Jose Unified School District, Taxable, GO, 1.01%, 08/01/2027      1,700       1,473  
Santa Clara Valley Water District, Water System Utility Improvement, COP, 5.00%, 06/01/2038      2,495       2,834  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
California — continued     
Santaluz Community Facilities District No. 2,     
Special Tax, 3.00%, 09/01/2023      250       250  
Special Tax, 3.00%, 09/01/2024      95       96  
Sierra View Local Health Care District, Tulare Co., Rev., 4.00%, 07/01/2024      475       479  
South San Francisco Public Facilities Financing Authority, Multiple Capital Projects at Orange Memorial Park, Rev., 5.25%, 06/01/2046      1,000       1,112  
Southern California Public Power Authority, Green Bond Milford Wind Co.,     
Rev., 5.00%, 07/01/2024      40       41  
Rev., 5.00%, 07/01/2025      250       265  
State of California,     
GO, 4.00%, 03/01/2036      4,000       4,223  
GO, 4.00%, 11/01/2041      1,000       1,006  
GO, 5.00%, 09/01/2024      5,000       5,174  
GO, 5.00%, 10/01/2026      2,000       2,188  
GO, 5.00%, 04/01/2027      145       160  
GO, 5.00%, 04/01/2029      80       93  
GO, 5.00%, 09/01/2029      1,000       1,169  
GO, 5.00%, 11/01/2029      13,215       15,497  
GO, 5.00%, 12/01/2029      700       822  
GO, 5.00%, 12/01/2030      55       65  
GO, 5.00%, 10/01/2047      1,500       1,566  
Series CU, GO, 5.50%, 12/01/2052      250       271  
State of California, Taxable Bidding Group A, GO, 1.75%, 10/01/2028      5,000       4,371  
State of California, Taxable Group B, GO, 5.50%, 10/01/2025      9,000       9,258  
State of California, Various Purpose,     
GO, 4.00%, 09/01/2031      1,000       1,047  
GO, 4.00%, 11/01/2033      3,550       3,734  
GO, 4.00%, 10/01/2035      2,825       3,017  
GO, 4.00%, 10/01/2036      8,850       9,366  
GO, 5.00%, 10/01/2029      1,000       1,171  
GO, 5.00%, 04/01/2031      1,000       1,200  
GO, 5.00%, 03/01/2034      2,180       2,533  
GO, 5.00%, 03/01/2035      505       581  
GO, 5.00%, 04/01/2035      1,000       1,134  
State of California, Veterans Bonds, GO, 5.00%, 12/01/2031      5,500       5,699  
University of California,     
Series AK, Rev., 5.00%, 05/15/2048 (z)      1,000       1,003  
Series AR, Rev., 5.00%, 05/15/2041      2,000       2,114  
Series BM, Rev., 5.00%, 05/15/2029      5,000       5,822  
Series BN, Rev., 5.00%, 05/15/2037      1,000       1,192  
Series BN, Rev., 5.00%, 05/15/2038      5,000       5,935  
Series S, Rev., 5.00%, 05/15/2031      1,500       1,815  
University of California, Limited Project,     
Series K, Rev., 4.00%, 05/15/2046      300       300  
Series K, Rev., 5.00%, 05/15/2035      1,980       2,126  
Series M, Rev., 4.00%, 05/15/2047      1,300       1,295  
Series M, Rev., 5.00%, 05/15/2034      1,500       1,651  
University of California, Limited Project Revenue Bonds, Series Q, Rev., 5.00%, 05/15/2032      350       423  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
California — continued     
Upper Santa Clara Valley Joint Powers Authority,     
Series A, Rev., 4.00%, 08/01/2045      1,500       1,503  
Series A, Rev., 4.00%, 08/01/2050      2,000       1,990  
Val Verde Unified School District, Election 2012, Series A, GO, BAM, 5.00%, 08/01/2042 (p)      500       504  
Victor Valley Union High School District, Series B, GO, AGM, 4.00%, 08/01/2036      1,270       1,293  
West Contra Costa Healthcare District, Special Tax, 5.00%, 07/01/2027      805       889  
William S Hart Union High School District, Capital Appreciation Election 2001, Series B, GO, AGM, Zero Coupon, 09/01/2025      1,960       1,821  
    

 

 

  
       591,555  
    

 

 

  
Colorado — 3.4%     
Adams & Weld Counties School District No. 27J Brighton, GO, 5.00%, 12/01/2042      1,000       1,078  
Aerotropolis Regional Transportation Authority, Rev., 4.25%, 12/01/2041      500       403  
Alpine Mountain Ranch Metropolitan District Special Improvement District No. 1, Special Assessment, 4.00%, 12/01/2040      500       385  
Arapahoe County School District No. 6 Littleton, GO, 5.00%, 12/01/2023      670       680  
Board of Water Commissioners City & County of Denver, Green Bond, Series A, Rev., 4.00%, 09/15/2042      2,180       2,194  
Brighton Crossing Metropolitan District No. 6, Series A, GO, 5.00%, 12/01/2035      525       500  
Castle Oaks Metropolitan District No. 3, GO, AGM, 4.00%, 12/01/2026      220       230  
Centerra Metropolitan District No. 1, Rev., 6.50%, 12/01/2053      500       503  
City & County of Denver Airport System Revenue,     
Series A, Rev., AMT, 4.00%, 11/15/2041      3,000       2,926  
Series A, Rev., AMT, 5.00%, 11/15/2029      1,000       1,112  
Series A, Rev., AMT, 5.50%, 11/15/2053      4,000       4,377  
Series B, Rev., 5.25%, 11/15/2053      4,775       5,319  
Series D, Rev., AMT, 5.75%, 11/15/2040      4,750       5,496  
Series D, Rev., AMT, 5.75%, 11/15/2041      3,000       3,454  
Series D, Rev., AMT, 5.75%, 11/15/2045      11,050       12,545  
City & County of Denver Airport System Revenue, Subordinate System, Series A, Rev., AMT, 5.00%, 12/01/2034      2,510       2,696  
City & County of Denver Dedicated Excise Tax Revenue, Series A, Rev., 4.00%, 08/01/2051      9,925       9,726  
City & County of Denver, Airport System Revenue,     
Series A, Rev., AMT, 5.00%, 11/15/2027      1,000       1,081  
Series A, Rev., AMT, 5.00%, 12/01/2030      3,000       3,355  
Series B2, Rev., AMT, 5.00%, 11/15/2031 (z)      1,000       1,044  
City & County of Denver, Airport System Revenue, Subordinated, Series A, Rev., AMT, 5.00%, 12/01/2027      5,840       6,276  
City & County of Denver, Airport System Revenue, Subordinated System, Series A, Rev., AMT, 5.00%, 12/01/2043      3,000       3,113  
City of Aurora, Water Revenue, Green Bond, Rev., 5.00%, 08/01/2041 (p)      1,800       1,955  
Colorado Bridge Enterprise, Central 70 Project,     
Rev., AMT, 4.00%, 12/31/2025      1,000       1,019  
Rev., AMT, 4.00%, 12/31/2030      1,505       1,536  
Colorado Educational & Cultural Facilities Authority, Aspen View Academy Project,     
Rev., 4.00%, 05/01/2036      175       164  
Rev., 4.00%, 05/01/2041      175       153  
Colorado Health Facilities Authority, AdventHealth Obligated Group,     
Rev., 3.00%, 11/15/2051      9,790       7,387  
Rev., 4.00%, 11/15/2038      2,000       2,005  
Rev., 5.00%, 11/15/2038      1,000       1,114  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Colorado — continued     
Colorado Health Facilities Authority, Adventist Health System, Rev., 5.00%, 11/15/2036 (z)      1,295       1,390  
Colorado Health Facilities Authority, Children’s Hospital, Series C, Rev., 5.00%, 12/01/2030      1,000       1,063  
Colorado Health Facilities Authority, Children’s Hospital Co. Project, Series A, Rev., 5.00%, 12/01/2033      3,765       3,786  
Colorado Health Facilities Authority, Commonspirit Health,     
Series A1, Rev., 5.00%, 08/01/2027      1,025       1,105  
Series A1, Rev., 5.00%, 08/01/2034      1,240       1,344  
Series A2, Rev., 5.00%, 08/01/2028      2,215       2,426  
Series A2, Rev., 5.00%, 08/01/2044      15,525       16,021  
Colorado Health Facilities Authority, Commonspirit Health Obligation Group, Rev., 5.25%, 11/01/2052      2,000       2,111  
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project, Rev., 5.00%, 05/15/2048      1,070       1,073  
Colorado Health Facilities Authority, Improvement Bonds Christian Living Communities, Rev., 4.00%, 01/01/2042      500       366  
Colorado Health Facilities Authority, SCL Health System, Series A, Rev., 5.00%, 01/01/2030      1,175       1,356  
Colorado Housing and Finance Authority, Series H, Rev., GNMA COLL, 3.00%, 05/01/2050      1,960       1,926  
Colorado Housing and Finance Authority, Social Bonds,     
Series E, Rev., GNMA, 3.00%, 11/01/2051      2,850       2,791  
Series L, Rev., GNMA COLL, 3.25%, 11/01/2051      1,590       1,567  
Colorado Housing and Finance Authority, Social Bonds Class I, Series H, Rev., GNMA, 3.00%, 11/01/2051      1,255       1,227  
Colorado Housing and Finance Authority, Wintergreen Ridge Apartments Project, Rev., 4.00%, 05/01/2041 (z)      80       81  
Copperleaf Metropolitan District No. 2,     
GO, BAM, 4.00%, 12/01/2023      305       307  
GO, BAM, 4.00%, 12/01/2025      470       486  
Crystal Valley, Metropolitan District No. 2,     
Series A, GO, AGM, 5.00%, 12/01/2028      500       566  
Series A, GO, AGM, 5.00%, 12/01/2029      405       466  
Series A, GO, AGM, 5.00%, 12/01/2030      360       422  
Denver City & County, School District No. 1, GO, 5.00%, 12/01/2029      1,000       1,091  
Denver Convention Center Hotel Authority, Senior, Rev., 5.00%, 12/01/2036      1,320       1,335  
Denver Urban Renewal Authority, Senior Subordinated Stapleton, Series B, Tax Allocation, 5.00%, 12/01/2025      500       531  
E-470 Public Highway Authority, Series B, Rev., (United States SOFR * 0.67 + 0.35%), 3.58%, 09/01/2039 (aa)      1,485       1,479  
E-470 Public Highway Authority, Capital Appreciation, Series A, Rev., NATL, Zero Coupon, 09/01/2027      1,250       1,099  
E-470 Public Highway Authority, Capital Appreciation School Reform, Series B, Rev., NATL, Zero Coupon, 09/01/2030      290       231  
E-470 Public Highway Authority, Senior,     
Series A, Rev., 5.00%, 09/01/2027      1,000       1,106  
Series A, Rev., 5.00%, 09/01/2028      1,000       1,126  
Series A, Rev., 5.00%, 09/01/2040      2,775       2,813  
Falcon Area Water & Wastewater Authority, Series A, Rev., 6.75%, 12/01/2034 (e)      3,000       3,030  
Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork, GO, 4.00%, 12/15/2034 (p)      2,000       2,086  
Great Western Metropolitan District, GO, 4.75%, 12/01/2050      500       427  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Colorado — continued     
Jefferson Center Metropolitan District No. 1,     
Series A2, Rev., 4.13%, 12/01/2040      575       481  
Series A2, Rev., 4.38%, 12/01/2047      795       645  
Jefferson County School District, Series R1, GO, 5.00%, 12/15/2031      2,000       2,280  
Jefferson County School District No. R-1, GO, 4.00%, 12/15/2032      1,500       1,654  
Peak Metropolitan District No. 3, GO, 0.00%, 12/01/2042      3,950       2,205  
Public Authority for Colorado Energy, Rev., 6.50%, 11/15/2038      6,000       7,180  
Pueblo Urban Renewal Authority, EVRAZ Project Tax Increment, Tax Allocation, 4.75%, 12/01/2045 (e) (f)      635       362  
Regional Transportation District, Denver Transit Partners Eagle,     
Series A, Rev., 5.00%, 07/15/2026      575       602  
Series A, Rev., 5.00%, 01/15/2027      1,000       1,054  
Series A, Rev., 5.00%, 01/15/2032      1,470       1,618  
Siena Lake Metropolitan District, GO, 3.75%, 12/01/2041      500       381  
South Suburban Park & Recreation District, COP, 4.00%, 12/15/2036      1,350       1,371  
Spring Valley Metropolitan District No. 3, Series A, GO, 5.00%, 12/01/2049      1,360       1,230  
State of Colorado,     
COP, 6.00%, 12/15/2041      15,000       18,195  
Series A, COP, 5.00%, 09/01/2026      1,500       1,622  
Series A, COP, 5.00%, 12/15/2029      1,000       1,156  
Series L, COP, 5.00%, 03/15/2028      1,000       1,118  
Sterling Ranch Metropolitan District No. 1, GO, 5.00%, 12/01/2040      500       468  
University of Colorado, University Enterprise,     
Rev., 2.00%, 06/01/2051 (z)      4,000       3,889  
Verve Metropolitan District No. 1, GO, 5.00%, 12/01/2036      1,500       1,472  
Village Metropolitan District (The), GO, 4.15%, 12/01/2030      460       434  
Villages at Johnstown Metropolitan District No. 3, Senior Bond, Series A, GO, 5.00%, 12/01/2040      585       543  
Weld County School District No. RE-4,     
GO, 5.00%, 12/01/2029      1,100       1,280  
GO, 5.00%, 12/01/2031      1,000       1,203  
GO, 5.25%, 12/01/2047      5,000       5,683  
Windler Public Improvement Authority, Series A1, Rev., 4.00%, 12/01/2036      2,565       2,072  
Windy Gap Firming Project Water Activity Enterprise, Windy Gap Firming Project, Rev., 5.00%, 07/15/2051      5,000       5,443  
    

 

 

  
       207,701  
    

 

 

  
Connecticut — 1.3%     
City of Bridgeport, Series A, GO, 4.00%, 06/01/2039      250       251  
Connecticut Housing Finance Authority, Social Bond, Series C, Rev., (SIFMA Municipal Swap Index + 0.63%), 4.60%, 05/15/2051 (aa)      1,560       1,557  
Connecticut Housing Finance Authority, Social Bonds, Series A1, Rev., 3.50%, 11/15/2051      65       64  
Connecticut State Health & Educational Facilities Authority,     
Series 2017 B1, Rev., 5.00%, 07/01/2029      4,845       5,632  
Series A, Rev., 2.80%, 07/01/2048 (z)      2,000       1,989  
Connecticut State Health & Educational Facilities Authority, Hartford Healthcare Project,     
Series A, Rev., 5.00%, 07/01/2026      555       589  
Series A, Rev., 5.00%, 07/01/2033      565       631  
Connecticut State Health & Educational Facilities Authority, Quinnipiac University Issue, Rev., 5.00%, 07/01/2048      3,000       3,226  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Connecticut — continued     
Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issue,     
Rev., 4.00%, 07/01/2035      1,000       1,001  
Rev., 4.00%, 07/01/2038      2,500       2,393  
Rev., 4.00%, 07/01/2041      2,250       2,086  
Rev., 5.00%, 07/01/2024      175       178  
Rev., 5.00%, 07/01/2030      865       961  
Connecticut State Health & Educational Facilities Authority, Yale New Haven, Series B, Rev., 1.80%, 07/01/2049 (z)      4,000       3,902  
Connecticut State Higher Education Supplement Loan Authority, CHESLA Loan Program, Series B, Rev., AMT, 5.00%, 11/15/2030      500       552  
Connecticut State, Health & Educational Facilities Authority, Sacred Heart University,     
Series K, Rev., 4.00%, 07/01/2045      750       715  
Series K, Rev., 5.00%, 07/01/2037      950       1,033  
Connecticut State, Health & Educational Facilities Authority, Yale University, Series C1, Rev., 5.00%, 07/01/2040 (z)      3,220       3,631  
State of Connecticut,     
Series 2021A, GO, 3.00%, 01/15/2026      5,000       5,041  
Series 2021A, GO, 3.00%, 01/15/2032      2,250       2,251  
Series 2021A, GO, 3.00%, 01/15/2033      500       495  
Series 2021A, GO, 4.00%, 01/15/2028      3,500       3,756  
Series A, GO, 4.00%, 03/15/2032      850       868  
Series C, GO, 5.00%, 06/15/2037      40       46  
State of Connecticut Special Tax Revenue,     
Series A, Rev., 5.00%, 07/01/2028      500       566  
Series A, Rev., 5.00%, 05/01/2035      500       583  
Series A, Rev., 5.25%, 07/01/2042      10,000       11,425  
Series D, Rev., 4.00%, 11/01/2038      3,500       3,590  
Series D, Rev., 5.00%, 11/01/2028      1,480       1,687  
Series D, Rev., 5.00%, 11/01/2033      1,675       1,997  
Series D, Rev., 5.00%, 11/01/2036      1,500       1,730  
State of Connecticut, Social Bonds,     
Series B, GO, 4.00%, 01/15/2038      500       514  
Series F, GO, 5.00%, 11/15/2041      1,525       1,716  
State of Connecticut, Special Tax Obligation Bonds,     
Rev., 5.00%, 05/01/2025      300       315  
Rev., 5.00%, 05/01/2040      300       332  
State of Connecticut, Special Tax Revenue, Transportation Infrastructure, Series A, Rev., 5.00%, 09/01/2031      1,220       1,259  
Steel Point Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation, 4.00%, 04/01/2036 (e)      195       170  
Town of Hamden,     
GO, BAM, 4.00%, 08/15/2027      535       556  
GO, BAM, 5.00%, 08/15/2029      575       645  
GO, BAM, 5.00%, 08/15/2031      500       571  
Series A, GO, BAM, 5.00%, 08/01/2032      2,255       2,523  
University of Connecticut,     
Series A, Rev., 5.00%, 02/15/2025      1,200       1,255  
Series A, Rev., 5.00%, 08/15/2026      1,400       1,413  
Series A, Rev., 5.00%, 01/15/2037      3,000       3,200  
    

 

 

  
       78,895  
    

 

 

  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Delaware — 0.4%     
Delaware State Economic Development Authority, NRG Energy Project, Rev., 1.25%, 10/01/2045 (z)      4,065       3,724  
Delaware State Health Facilities Authority, Christiana Health Care System, Rev., 5.00%, 10/01/2039      5,345       5,734  
Delaware Transportation Authority,     
Rev., 5.00%, 07/01/2027      1,000       1,112  
Rev., 5.00%, 07/01/2033      2,265       2,653  
Delaware Transportation Authority, Garvee, Rev., 5.00%, 09/01/2025      1,000       1,059  
State of Delaware,     
GO, 4.00%, 02/01/2031      1,000       1,093  
GO, 5.00%, 02/01/2028      6,520       7,349  
GO, 5.00%, 02/01/2031      85       102  
Series A, GO, 5.00%, 10/01/2024      1,500       1,555  
    

 

 

  
       24,381  
    

 

 

  
District of Columbia — 1.5%     
District of Columbia,     
Rev., 5.00%, 06/01/2040      1,725       1,702  
Series A, Rev., 4.00%, 03/01/2037      2,000       2,067  
Series A, Rev., 4.00%, 03/01/2040      10,000       10,206  
Series A, GO, 5.00%, 01/01/2027      475       521  
Series A, Rev., 5.00%, 03/01/2031      1,500       1,751  
Series A, GO, 5.00%, 01/01/2038      1,000       1,183  
Series B, GO, 5.00%, 06/01/2025      1,000       1,054  
Series C, Rev., 4.00%, 05/01/2039      2,500       2,569  
Series C, Rev., 5.00%, 10/01/2030      1,250       1,461  
Series D, GO, 5.00%, 02/01/2028      820       923  
Series D, GO, 5.00%, 02/01/2029      70       80  
Series D, GO, 5.00%, 02/01/2034      5,000       5,992  
Series E, GO, 5.00%, 02/01/2028      110       124  
District of Columbia Housing Finance Agency, Kenilworth 166 Apartments, Rev., HUD, 1.25%, 06/01/2025 (z)      3,225       3,103  
District of Columbia Water & Sewer Authority, Green Bond Subordinate, Series A, Rev., 5.00%, 10/01/2038      1,010       1,124  
District of Columbia Water & Sewer Authority, Subordinate, Series C1, Rev., 5.00%, 10/01/2031      2,000       2,413  
District of Columbia, Latin American Montessori, Rev., 4.00%, 06/01/2030      745       713  
District of Columbia, National Public Radio,     
Rev., 4.00%, 04/01/2032 (p)      1,500       1,571  
Rev., 5.00%, 04/01/2028 (p)      270       290  
Rev., 5.00%, 04/01/2029 (p)      275       296  
Metropolitan Washington Airports Authority,     
Rev., AMT, 5.00%, 10/01/2026      1,335       1,423  
Rev., AMT, 5.00%, 10/01/2029      2,000       2,148  
Series A, Rev., AMT, 5.00%, 10/01/2027      1,000       1,079  
Metropolitan Washington Airports Authority Aviation Revenue,     
Rev., AMT, 5.00%, 10/01/2027      1,000       1,078  
Series A, Rev., AMT, 5.00%, 10/01/2023      85       86  
Series A, Rev., AMT, 5.00%, 10/01/2025      450       471  
Series A, Rev., AMT, 5.00%, 10/01/2028      1,880       2,059  
Series A, Rev., AMT, 5.00%, 10/01/2030      1,000       1,125  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
District of Columbia — continued     
Series A, Rev., AMT, 5.00%, 10/01/2032      5,000       5,636  
Series A, Rev., NATL, AMT, 5.00%, 10/01/2034      8,000       8,120  
Series A, Rev., AMT, 5.00%, 10/01/2044      3,890       3,906  
Metropolitan Washington Airports Authority Aviation Revenue, Airport System, Series A, Rev., AMT, 5.00%, 10/01/2033      3,000       3,295  
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B, Rev., 4.00%, 10/01/2049      1,000       922  
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Dulles Metrorail & Capital, Rev., AGM, 4.00%, 10/01/2052      5,000       4,755  
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Subordinated Dulles Metrorail, Rev., AGM, 4.00%, 10/01/2053      1,965       1,863  
Metropolitan Washington Airports Authority, Airport System Revenue, Series A, Rev., AMT, 5.00%, 10/01/2034      395       432  
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, Series C, Rev., AGC, 6.50%, 10/01/2041 (p)      350       397  
Washington Convention & Sports Authority,     
Series A, Rev., 4.00%, 10/01/2034      1,015       1,063  
Series A, Rev., 4.00%, 10/01/2036      330       338  
Series A, Rev., 5.00%, 10/01/2033      1,000       1,151  
Washington Convention & Sports Authority, Senior Lien,     
Series B, Tax Allocation, 5.00%, 10/01/2029      1,000       1,143  
Series B, Tax Allocation, 5.00%, 10/01/2030      1,500       1,736  
Washington Metropolitan Area Transit Authority,     
Series A, Rev., 5.00%, 07/15/2026      1,650       1,787  
Series A, Rev., 5.00%, 07/15/2037      2,000       2,250  
Washington Metropolitan Area Transit Authority Dedicated Revenue, Series A, Rev., 5.00%, 07/15/2025      1,990       2,100  
Washington Metropolitan Area Transit Authority, Green Bond, Series A, Rev., 5.00%, 07/15/2029      1,540       1,772  
    

 

 

  
       91,278  
    

 

 

  
Florida — 5.1%     
Alachua County Health Facilities Authority, Oak Hammock At The University of Florida, Inc. Project, Rev., 4.00%, 10/01/2031      615       555  
Alachua County Health Facilities Authority, Shands Teaching Hospital & Clinics,     
Rev., 5.00%, 12/01/2032      1,000       1,093  
Rev., 5.00%, 12/01/2034      2,570       2,785  
Ave Maria Stewardship Community District, Phase 3 Master Improvements Project,     
Special Assessment, 2.75%, 05/01/2031      420       365  
Special Assessment, 3.13%, 05/01/2041      1,775       1,321  
Ave Maria Stewardship Community District, Phase 4 Master Improvement, Special Assessment, BAN, 3.50%, 05/01/2026 (e)      1,000       970  
Belmond Reserve Community Development District, 202 Project, Special Assessment, 4.00%, 05/01/2040      345       295  
Belmont II Community Development District, 2020 Assessment Area,     
Special Assessment, 2.50%, 12/15/2025      15       14  
Special Assessment, 3.13%, 12/15/2030      125       115  
Boggy Branch Community Development District, Special Assessment, 2.50%, 05/01/2026      295       278  
Brevard County Health Facilities Authority, Health First, Inc., Rev., 5.00%, 04/01/2025      1,600       1,628  
Broward County Housing Finance Authority, Solaris Apartments, Series B, Rev., 0.70%, 01/01/2025 (z)      1,470       1,409  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Florida — continued     
Broward County Water & Sewer Utility Revenue, Series A, Rev., 4.00%, 10/01/2038      675       695  
Capital Projects Finance Authority, Florida University Project, Series A1, Rev., 5.00%, 10/01/2032      1,350       1,408  
Capital Trust Agency, Inc., College Park Towers Apartments, Rev., HUD, 1.25%, 05/01/2024 (z)      7,500       7,489  
Capital Trust Agency, Inc., Imagine School at North Manatee, Rev., 5.00%, 06/01/2041 (e) (f)      325       294  
Capital Trust Agency, Inc., Liza Jackson Preparatory School, Rev., 5.00%, 08/01/2040      150       153  
Capital Trust Agency, Inc., Lutz Preparatory School, Inc. Project, Series A, Rev., 4.00%, 06/01/2041      300       288  
Capital Trust Agency, Inc., Tallahassee Classical School, Rev., 4.00%, 07/01/2036 (e)      1,370       1,099  
Central Florida Expressway Authority,     
Series D, Rev., 5.00%, 07/01/2029      565       650  
Series D, Rev., AGM, 5.00%, 07/01/2034      3,000       3,532  
Series D, Rev., AGM, 5.00%, 07/01/2035      10,000       11,672  
Central Florida Expressway Authority, Senior Lien,     
Rev., AGM, 4.00%, 07/01/2038      3,625       3,706  
Rev., AGM, 4.00%, 07/01/2039      1,260       1,278  
Centre Lake Community Development District, Special Assessment, 3.00%, 05/01/2042      605       440  
Chapel Creek Community Development District, Special Assessment, 3.00%, 05/01/2031 (e)      260       227  
City of Cape Coral, Water & Sewer Revenue, Rev., 5.00%, 10/01/2029      250       277  
City of Jacksonville, Series A, Rev., 5.00%, 10/01/2034      1,250       1,442  
City of Jacksonville, Baptist Health, Rev., VRDO, 3.95%, 04/07/2023 (z)      2,000       2,000  
City of Jacksonville, Brooks Rehabilitation Project,     
Rev., 4.00%, 11/01/2034      500       515  
Rev., 4.00%, 11/01/2045      1,500       1,393  
City of Pompano Beach, John Knox Village Project, Series A, Rev., 4.00%, 09/01/2036      175       150  
City of Port St. Lucie Stormwater Utility Revenue, Rev., 4.00%, 05/01/2039      1,075       1,089  
City of South Miami, Health Facilities Authority, Inc., Baptist Health South Florida, Rev., 5.00%, 08/15/2023      100       101  
City of Tallahassee, Energy System Revenue, Rev., 5.00%, 10/01/2028      2,000       2,251  
City of Tampa, Baycare, Series A, Rev., 5.00%, 11/15/2046      4,000       4,061  
Collier County Health Facilities Authority, The Moorings, Inc., Rev., 4.00%, 05/01/2052      145       128  
Collier County Water-Sewer District, Rev., 4.00%, 07/01/2043      3,145       3,149  
County of Broward Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 5.00%, 09/01/2031      3,000       3,488  
County of Broward, Airport System Revenue,     
Rev., AMT, 5.00%, 10/01/2033      655       696  
Series A, Rev., AMT, 5.00%, 10/01/2028      800       870  
Series A, Rev., AMT, 5.00%, 10/01/2036      2,000       2,148  
County of Broward, Port Facilities Revenue, Senior Bond, Series B, Rev., AMT, 4.00%, 09/01/2044      3,000       2,863  
County of Hillsborough, Rev., 4.00%, 08/01/2034      4,370       4,668  
County of Lee Airport Revenue,     
Series B, Rev., AMT, 5.00%, 10/01/2029      180       198  
Series B, Rev., AMT, 5.00%, 10/01/2032      2,000       2,244  
County of Lee Local Option Gas Tax Revenue, Rev., 5.25%, 08/01/2049      13,000       14,222  
County of Miami-Dade Aviation Revenue,     
Rev., 5.00%, 10/01/2041      6,000       6,187  
Series A, Rev., 5.00%, 10/01/2025      1,250       1,321  
Series A, Rev., 5.00%, 10/01/2031      2,000       2,315  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Florida — continued     
Series A, Rev., AMT, 5.00%, 10/01/2044      2,200       2,278  
Series A, Rev., AMT, 5.00%, 10/01/2049      3,250       3,335  
Series B, Rev., AMT, 5.00%, 10/01/2040      7,000       7,202  
County of Miami-Dade Seaport Department, Senior Bonds,     
Series A, Rev., AMT, 5.00%, 10/01/2030      1,970       2,193  
Series A, Rev., AMT, 5.00%, 10/01/2031      2,975       3,343  
Series A, Rev., AMT, 5.00%, 10/01/2033      3,500       3,944  
Series A, Rev., AMT, 5.25%, 10/01/2052      2,000       2,131  
County of Miami-Dade Seaport Department, Subordinate, Series A1, Rev., AGM, AMT, 4.00%, 10/01/2040      2,675       2,676  
County of Miami-Dade Transit System, Rev., 4.00%, 07/01/2048      5,000       4,841  
County of Miami-Dade, Aviation Revenue,     
Rev., AMT, 5.00%, 10/01/2028      7,000       7,131  
Series A, Rev., AMT, 5.00%, 10/01/2027      1,325       1,350  
Series A, Rev., AMT, 5.00%, 10/01/2030      2,000       2,063  
County of Miami-Dade, Building Better Communities Project, Series A, GO, 4.00%, 07/01/2044      350       348  
County of Miami-Dade, Water & Sewer System Revenue,     
Series B, Rev., 5.00%, 10/01/2031      500       526  
Series B, Rev., 5.00%, 10/01/2033      1,000       1,046  
County of Monroe Airport Revenue, Key West International Airport, Series 202, Rev., AMT, 5.00%, 10/01/2052      2,450       2,476  
Cypress Bluff Community, Development District, Delaware Webb Project, Series A, Special Assessment, 2.70%, 05/01/2025 (e)      115       111  
Daytona Beach Housing Authority, The WM at River Project, Rev., 1.25%, 12/01/2025 (z)      115       110  
DG Farms Community Development District, Special Assessment, 3.75%, 05/01/2040      400       326  
Duval County Public Schools, Series A, COP, AGM, 5.00%, 07/01/2032      4,750       5,509  
Eden Hills Community Development District, Special Assessment, 4.00%, 05/01/2040      300       268  
Epperson North Community Development District, Assessment Area, Special Assessment, 2.50%, 05/01/2026      195       184  
Florida Development Finance Corp., Series A, Rev., 4.00%, 06/01/2030 (e)      500       462  
Florida Development Finance Corp., Brightline Florida Passenger Rail, Series B, Rev., AMT, 7.38%, 01/01/2049 (e) (f)      9,500       8,750  
Florida Development Finance Corp., Brightline Passenger Rail, Rev., AMT, 7.50%, 07/01/2057 (e)      6,500       6,418  
Florida Development Finance Corp., Brighton, Florida Passenger Rail, Rev., AMT, 7.25%, 07/01/2057 (e)      8,000       8,062  
Florida Development Finance Corp., Discovery High School Project, Series A, Rev., 4.00%, 06/01/2030 (e) (f)      1,500       1,391  
Florida Development Finance Corp., Lakeland Regional Health System, Rev., 4.00%, 11/15/2037      2,400       2,404  
Florida Development Finance Corp., Mater Academy Project, Series A, Rev., 5.00%, 06/15/2040      400       395  
Florida Development Finance Corp., Mayflower Retirement, Rev., 1.75%, 06/01/2026 (e)      510       460  
Florida Development Finance Corp., UF Health Jacksonville Project, Rev., 5.00%, 02/01/2035      1,200       1,245  
Florida Development Finance Corp., Virgin Trains USA Passenger,     
Series A, Rev., AMT, 6.38%, 01/01/2049 (e) (f) (z)      3,225       3,047  
Series A, Rev., AMT, 6.50%, 01/01/2049 (e) (f) (z)      2,475       2,304  
Florida Housing Finance Corp., Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052      590       577  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Florida — continued     
Florida Housing Finance Corp., Social Bond, Social Bond, Series 1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052      1,390       1,362  
Florida Housing Finance Corp., Social Bonds,     
Series 1, Rev., GNMA/FNMA/FHLMC, 3.50%, 07/01/2052      1,000       994  
Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051      6,435       6,311  
Florida State Board of Governors Florida International University Dormitory Rev, Series A, Rev., BAM, 5.00%, 07/01/2029      1,900       2,161  
Fort Pierce Utilities Authority, Series A, Rev., AGM, 5.00%, 10/01/2039      925       1,036  
Greater Orlando Aviation Authority, Series A, Rev., AMT, 5.00%, 10/01/2032      1,500       1,653  
Greater Orlando Aviation Authority, Priority Subordinated,     
Series A, Rev., AMT, 5.00%, 10/01/2033      1,500       1,595  
Series A, Rev., AMT, 5.00%, 10/01/2036      2,230       2,333  
Hammock Reserve Community Development District, Assessment Area One Project, Special Assessment, 4.00%, 05/01/2040      545       486  
Hillsborough County Aviation Authority, Tampa, Rev., AMT, 5.00%, 10/01/2040 (p)      750       771  
Hillsborough County Industrial Development Authority, Tampa General Hospital Project,     
Rev., 4.00%, 08/01/2050      5,000       4,582  
Series A, Rev., 4.00%, 08/01/2045      3,275       3,060  
JEA Electric System Revenue,     
Series 3A, Rev., 5.00%, 10/01/2035      5,000       5,648  
Series IIIB, Rev., 5.00%, 10/01/2032      1,295       1,417  
JEA Electric System Revenue, Subordinate, Series A, Rev., 5.00%, 10/01/2031      1,795       2,128  
JEA Water & Sewer System Revenue, Series A, Rev., 4.00%, 10/01/2037      750       772  
JEA Water & Sewer System Revenue, Subordinated, Series A, Rev., 5.00%, 10/01/2031      885       979  
Lakewood Ranch Stewardship District, Lorraine Lakes Project, Special Assessment, 3.13%, 05/01/2030 (e)      315       282  
Lakewood Ranch Stewardship District, Northeast Sector Project,     
Special Assessment, 2.50%, 05/01/2025 (e)      865       830  
Special Assessment, 3.20%, 05/01/2030 (e)      545       491  
Special Assessment, 3.50%, 05/01/2040      925       729  
Lakewood Ranch Stewardship District, Zario Project, Special Assessment, 2.63%, 05/01/2025      425       408  
Lee Memorial Health System, Float Mode, Lee Memorial, Rev., VRDO, 4.57%, 04/07/2023 (z)      8,000       8,000  
Miami Beach Health Facilities Authority, Mount Sinai Medical Center,     
Rev., 5.00%, 11/15/2039      2,000       2,016  
Rev., 5.00%, 11/15/2044      5,000       5,031  
Miami Beach Redevelopment Agency, Tax Increment Revenue, Tax Allocation, 5.00%, 02/01/2028      1,000       1,017  
Miami-Dade County Housing Finance Authority, Platform 3750 LLC, Rev., 0.25%, 08/01/2024 (z)      1,525       1,506  
Midtown Miami Community Development District, Series A, Special Assessment, 5.00%, 05/01/2037      350       347  
North Powerline Road Community Development District, Special Assessment, 3.63%, 05/01/2040      1,345       1,078  
Old Hickory Community Development District, Special Assessment, 2.50%, 06/15/2025      165       158  
Orange County Health Facilities Authority, Orlando Health Obligated Group,     
Rev., 4.00%, 10/01/2052      5,000       4,588  
Rev., 5.00%, 10/01/2027      365       401  
Orange County Health Facilities Authority, Presbyterian Retirement Communities,     
Rev., 4.00%, 08/01/2036 (w)      295       271  
Rev., 5.00%, 08/01/2047      790       818  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Florida — continued     
Orange County Housing Finance Authority, Stratford Point Apartments, Rev., 0.55%, 01/01/2025 (z)      885       847  
Orlando Utilities Commission, Series 2018A, Rev., 5.00%, 10/01/2035      2,480       2,707  
Palm Beach County Health Facilities Authority, BRRH Corporation Obligated Group, Rev., 5.00%, 12/01/2024 (p)      1,910       1,983  
Palm Beach County Health Facilities Authority, Retirement Life Communities, Rev., 5.00%, 11/15/2032      2,270       2,301  
Palm Beach County Housing Finance Authority, Christian Manor, Rev., 1.25%, 02/15/2025 (z)      1,985       1,933  
Parkview at Long Lake Ranch Community Development District, Special Assessment, 4.00%, 05/01/2051      800       620  
Pasco County School Board, Series A, COP, BAM, 5.00%, 08/01/2036      1,720       1,902  
Pine Island Community Development District, Special Assessment, 5.75%, 05/01/2035      2,000       2,007  
Pine Ridge Plantation Community Development District, Senior Lien, Series A1, Special Assessment, AGM, 3.00%, 05/01/2023      480       480  
Pinellas County Housing Finance Authority, Jordan Park Apartments, Rev., HUD, 0.65%, 01/01/2025 (z)      1,135       1,087  
Reunion East Community Development District,     
Special Assessment, 2.40%, 05/01/2026      100       94  
Special Assessment, 2.85%, 05/01/2031      25       22  
Saddle Creek Preserve of Polk County Community Development District, Special Assessment, 4.00%, 06/15/2040      500       430  
Sarasota County Health Facilities Authority, Sunnyside Village Project, Rev., 5.00%, 05/15/2048      425       381  
Sarasota County Public Hospital District, Sarasota Memorial Hospital Project, Rev., 4.00%, 07/01/2052      6,000       5,544  
Sarasota County School Board, Series A, COP, 5.00%, 07/01/2033      1,000       1,224  
Sarasota National Community Development District, Special Assessment, 4.00%, 05/01/2039      615       534  
Sawyers Landing Community Development District, Special Assessment, 3.75%, 05/01/2031      400       369  
School District of Broward County, Series A, COP, 5.00%, 07/01/2027      1,500       1,652  
Somerset Community Development District, Special Assessment, 4.00%, 05/01/2032      800       753  
South Kendall Community Development District, Special Assessment, 4.25%, 11/01/2037      1,575       1,521  
St. John’s County School Board, Series A, COP, AGM, 5.25%, 07/01/2047      3,000       3,364  
State Board of Administration Finance Corp., Taxable, Series A, Rev., 1.71%, 07/01/2027      4,000       3,566  
State of Florida Department of Transportation, Rev., 5.00%, 07/01/2024      430       443  
State of Florida Department of Transportation Turnpike System Revenue, Series B, Rev., 5.00%, 07/01/2033      1,000       1,194  
State of Florida Department of Transportation Turnpike System Revenue, Turnpike Revenue, Series B, Rev., 3.00%, 07/01/2033      2,390       2,334  
State of Florida Department of Transportation Turnpike System, Revenue Refunding, Series A, Rev., 5.00%, 07/01/2026 (w)      1,515       1,643  
State of Florida, Capital Outlay, Series C, GO, 5.00%, 06/01/2027      1,060       1,142  
State of Florida, Department of Transportation, Turnpike System Revenue,     
Series B, Rev., 5.00%, 07/01/2023      125       126  
Series A, Rev., 5.00%, 07/01/2029      500       579  
Stillwater Community Development District, Project 2021, Special Assessment, 3.00%, 06/15/2031 (e)      225       196  
Stoneybrook South Community Development District, Fox South Assessment Area,     
Special Assessment, 2.50%, 12/15/2025 (e)      415       395  
Special Assessment, 3.00%, 12/15/2030 (e)      475       430  
Special Assessment, 3.50%, 12/15/2040 (e)      1,030       842  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Florida — continued     
Storey Park Community Development District, Assessment Area Four Project,     
Special Assessment, 2.38%, 06/15/2026 (e)      35       33  
Special Assessment, 2.88%, 06/15/2031 (e)      60       53  
Touchstone Community Development District, Senior Lien, Series A1, Special Assessment, 5.38%, 05/01/2042      1,000       1,059  
Towne Park Community Development District, Assessment Area 3D Project, Special Assessment, 2.63%, 05/01/2025 (e)      380       367  
Tradition Community Development District No. 9, Special Assessment, 3.00%, 05/01/2041      130       94  
Village Community Development District No. 13,     
Special Assessment, 1.88%, 05/01/2025 (e)      735       700  
Special Assessment, 2.63%, 05/01/2030 (e)      1,465       1,288  
Villamar Community Development District, Special Assessment, 3.75%, 05/01/2040      655       535  
West Villages Improvement District, Special Assessment, Unit Of Development #8, Special Assessment, 5.38%, 05/01/2042      1,875       1,876  
Wildwood Utility Dependent District, Senior South Sumter Utilities Project,     
Rev., BAM, 5.00%, 10/01/2031      1,300       1,533  
Rev., BAM, 5.00%, 10/01/2033      1,150       1,348  
Rev., BAM, 5.00%, 10/01/2039      1,490       1,651  
Rev., BAM, 5.00%, 10/01/2040      1,610       1,769  
Wildwood Utility Dependent District, Subordinate South Sumter Utilities Project, Rev., BAM, 5.00%, 10/01/2041      650       710  
    

 

 

  
       313,361  
    

 

 

  
Georgia — 3.7%     
Atlanta Urban Residential Finance Authority, Sylvan Senior Apartments, Rev., FHA, 0.41%, 12/01/2025 (z)      575       561  
Bartow County Development Authority, Georgia Power Co. Pollution Bowen Project, Rev., 1.80%, 09/01/2029 (z)      4,425       3,768  
Board of Water Light & Sinking Fund Commissioners of The City of Dalton, Combined Utilities Revenue Bonds,     
Rev., 4.00%, 03/01/2035      1,100       1,111  
Rev., 4.00%, 03/01/2036      1,000       1,009  
Rev., 4.00%, 03/01/2037      1,135       1,145  
Rev., 4.00%, 03/01/2038      1,000       1,007  
Brookhaven Development Authority, Children’s Healthcare Of Atlanta,     
Rev., 5.00%, 07/01/2036      2,425       2,697  
Rev., 5.00%, 07/01/2037      2,400       2,648  
Brookhaven Development Authority, Children’s Healthcare of Atlanta Obligated Group, Series A, Rev., 4.00%, 07/01/2044      3,000       2,990  
Brookhaven Urban Redevelopment Agency, Series A, Rev., 4.00%, 07/01/2045      3,260       3,269  
Carroll County, School District, GO, 5.00%, 04/01/2024      1,000       1,024  
City of Atlanta Department of Aviation,     
Series C, Rev., AMT, 5.00%, 07/01/2026      960       1,019  
Series C, Rev., AMT, 5.00%, 07/01/2034      540       607  
City of Atlanta Water & Wastewater Revenue, Series B, Rev., 4.00%, 11/01/2037      1,000       1,017  
City of Atlanta, Airport Passenger Facility, Subordinated Lien, Series C, Rev., 5.00%, 07/01/2040      2,000       2,172  
City of Atlanta, Department of Aviation, Series B, Rev., AMT, 5.00%, 07/01/2028      3,300       3,601  
City of Atlanta, Department of Aviation, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2031      1,155       1,277  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Georgia — continued     
Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Rev., 4.00%, 04/01/2033      500       519  
DeKalb County Housing Authority, Columbia Village Project, Series A, Rev., HUD, 0.34%, 08/01/2024 (z)      285       281  
Development Authority for Fulton County, Jonesboro Road Senior Village, Rev., 3.00%, 10/01/2025 (z)      2,020       2,015  
Development Authority of Burke County (The), Oglethorpe Power Corp. Scherer Project, Series A, Rev., 1.50%, 01/01/2040 (z)      250       238  
Development Authority of Monroe County (The), Oglethorpe Power Corporation Scherer Project, Series A, Rev., 1.50%, 01/01/2039 (z)      125       119  
Development Authority of Monroe County, Georgia Power Company Plant Scherer, Rev., 3.88%, 06/01/2042 (z)      1,250       1,267  
Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer, Rev., 1.00%, 07/01/2049 (z)      1,785       1,595  
Development Authority of Rockdale County, Arbours at Conyers Project, Rev., 3.63%, 02/01/2026 (z)      1,085       1,086  
George L Smith II Congress Center Authority, Convention Center Hotel, Series 2, Rev., 5.00%, 01/01/2054 (e)      1,000       782  
George L Smith II Congress Center Authority, Convention Center Hotel First, Rev., 4.00%, 01/01/2036      2,750       2,552  
Georgia Housing & Finance Authority, Series A, Rev., 2.75%, 12/01/2035      500       440  
Georgia Ports Authority, Rev., 5.25%, 07/01/2043      2,705       3,108  
Georgia State Road & Tollway Authority,     
Rev., 5.00%, 06/01/2026      3,200       3,457  
Rev., 5.00%, 06/01/2027      5,250       5,798  
Rev., 5.00%, 06/01/2028      5,500       6,203  
Rev., 5.00%, 06/01/2030      6,205       7,270  
Main Street Natural Gas, Inc.,     
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 04/01/2048 (z)      1,650       1,652  
Series A, Rev., 4.00%, 07/01/2052 (z)      14,500       14,495  
Series A, Rev., 5.00%, 06/01/2053 (z)      14,855       15,496  
Series B, Rev., (ICE LIBOR USD 1 Month * 0.67 + 0.75%), 3.87%, 04/01/2048 (aa)      11,500       11,512  
Series B, Rev., 4.00%, 08/01/2049 (z)      1,575       1,584  
Series B, Rev., 5.00%, 06/01/2028      2,500       2,601  
Series B, Rev., 5.00%, 06/01/2029      1,500       1,567  
Series B, Rev., 5.00%, 12/01/2052 (z)      8,000       8,314  
Series B, Rev., 5.00%, 07/01/2053 (z)      10,850       11,484  
Series C, Rev., LIQ: Royal Bank of Canada, 4.00%, 08/01/2048 (z)      105       105  
Series C, Rev., 4.00%, 03/01/2050 (z)      6,350       6,314  
Series C, Rev., 4.00%, 05/01/2052 (z)      12,310       12,085  
Main Street Natural Gas, Inc., Gas Supply, Series C, Rev., 4.00%, 08/01/2052 (e) (z)      11,000       10,491  
Main Street Natural Gas, Inc., Main Street Gas, Series D, Rev., LIQ: Royal Bank of Canada, (ICE LIBOR USD 1 Month * 0.67 + 0.83%), 3.95%, 08/01/2048 (aa)      1,000       1,002  
Metropolitan Atlanta Rapid Transit Authority, Series B, Rev., 5.00%, 07/01/2045      10,000       10,428  
Milledgeville & Baldwin County Development Authority, Georgia College & State University Projects,     
Rev., 4.00%, 06/15/2037      500       505  
Rev., 5.00%, 06/15/2024      470       482  
Rev., 5.00%, 06/15/2025      360       377  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Georgia — continued     
Municipal Electric Authority of Georgia, Combined Cycle Project,     
Series A, Rev., 4.00%, 11/01/2023      2,750       2,764  
Series A, Rev., 5.00%, 11/01/2027      250       272  
Series A, Rev., 5.00%, 11/01/2029      250       280  
Municipal Electric Authority of Georgia, General Resolution Project, Series A, Rev., 4.00%, 01/01/2037      1,125       1,126  
Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Rev., 5.00%, 01/01/2059      3,000       3,030  
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project,     
Series A, Rev., AGM, 5.00%, 07/01/2033      1,610       1,870  
Series A, Rev., AGM, 5.00%, 07/01/2035      1,300       1,480  
Series A, Rev., AGM, 5.00%, 07/01/2036      2,795       3,138  
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project,     
Rev., AGM, 4.00%, 01/01/2036      330       336  
Rev., AGM, 4.00%, 01/01/2041      1,000       997  
Rev., AGM, 5.00%, 01/01/2025      200       207  
Rev., AGM, 5.00%, 01/01/2027      125       135  
Rev., AGM, 5.00%, 07/01/2027      500       548  
Rev., BAM, 5.00%, 01/01/2049      2,000       2,074  
Rev., AGM, 5.00%, 07/01/2053      3,675       3,865  
Rev., AGM, 5.00%, 07/01/2055      4,615       4,824  
Municipal Electric Authority of Georgia, Project One, Subordinated, Series B, Rev., 4.00%, 01/01/2039      1,400       1,378  
Municipal Electric Authority of Georgia, Subordinate General Resolution, Rev., 5.00%, 01/01/2033      1,010       1,154  
Municipal Electric Authority of Georgia, Subordinate Project One,     
Series A, Rev., 5.00%, 01/01/2030      705       791  
Series A, Rev., 5.00%, 01/01/2031      1,715       1,941  
Northwest Georgia Housing Authority, Dallas Manor Apartments Projects, Rev., HUD, 0.25%, 10/01/2024 (z)      260       255  
Paulding County Hospital Authority, Anticipation Certificates Wellstar Health,     
Rev., 5.00%, 04/01/2036      325       355  
Rev., 5.00%, 04/01/2038      500       537  
Private Colleges & Universities Authority, Emory University, Series B, Rev., 4.00%, 09/01/2039      1,420       1,459  
Private Colleges & Universities Authority, Savannah College of Art And Design,     
Rev., 4.00%, 04/01/2038      1,400       1,405  
Rev., 5.00%, 04/01/2027      400       431  
Savannah Economic Development Authority, International Paper Company Project, Rev., 1.90%, 08/01/2024      150       145  
State of Georgia,     
Series A1, GO, 5.00%, 02/01/2024      100       102  
Series A, GO, 5.00%, 08/01/2023      85       86  
Series C, GO, 4.00%, 07/01/2027      1,000       1,070  
Series C, GO, 5.00%, 07/01/2031      500       604  
Series E, GO, 5.00%, 12/01/2027      1,570       1,720  
Series F, GO, 5.00%, 01/01/2025      2,000       2,086  
State of Georgia, Bidding Group 2, Series A, GO, 4.00%, 07/01/2035      750       819  
State of Georgia, Group 2, Series A, GO, 4.00%, 08/01/2034      1,000       1,095  
State of Georgia, Tranche #1, Series A, GO, 5.00%, 07/01/2023      1,420       1,428  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Georgia — continued     
State of Georgia, Tranche 2, Series A, GO, 5.00%, 07/01/2030      2,000       2,322  
Valdosta Housing Authority, Tishco Rural Rental Housing, Rev., 1.25%, 02/01/2025 (z)      375       368  
Villa Rica Downtown Development Authority, Arbours At Villa Rica Project, Rev., 1.25%, 08/01/2025 (z)      4,415       4,279  
Walker County Development Authority, Gateway At Rossville Project, Rev., 0.46%, 12/01/2024 (z)      1,000       976  
    

 

 

  
       231,898  
    

 

 

  
Guam — 0.0% (g)     
Antonio B. Won Pat International Airport Authority, Rev., AMT, 5.25%, 10/01/2030 (w)      750       786  
Territory of Guam, Series F, Rev., 4.00%, 01/01/2042      1,000       904  
    

 

 

  
       1,690  
    

 

 

  
Hawaii — 0.4%     
City & County Honolulu Wastewater System Revenue, Senior First Bond Resolution, Series A, Rev., 5.00%, 07/01/2035      2,110       2,329  
City & County of Honolulu,     
Series A, GO, 5.00%, 10/01/2025      15       16  
Series A, GO, 5.00%, 09/01/2027      30       33  
Series C, GO, 5.00%, 10/01/2029      1,000       1,164  
State of Hawaii, Series FG, GO, 4.00%, 10/01/2032      2,000       2,071  
State of Hawaii Airports System Revenue,     
Series A, Rev., AMT, 5.00%, 07/01/2032      1,500       1,616  
Series A, Rev., AMT, 5.00%, 07/01/2033      1,630       1,753  
Series A, Rev., AMT, 5.00%, 07/01/2034      2,000       2,202  
Series B, Rev., 5.00%, 07/01/2026      1,250       1,349  
State of Hawaii Department of Budget & Finance, Rev., 3.20%, 07/01/2039      3,000       2,546  
State of Hawaii Harbor System Revenue,     
Series A, Rev., AMT, 4.00%, 07/01/2031      250       262  
Series A, Rev., AMT, 4.00%, 07/01/2032      500       522  
Series A, Rev., AMT, 4.00%, 07/01/2033      750       776  
Series A, Rev., AMT, 4.00%, 07/01/2034      3,555       3,651  
Series A, Rev., AMT, 5.00%, 07/01/2027      250       269  
Series A, Rev., AMT, 5.00%, 07/01/2028      500       547  
Series A, Rev., AMT, 5.00%, 07/01/2029      250       278  
Series C, Rev., 4.00%, 07/01/2032      200       214  
State of Hawaii State Highway Fund, Rev., 5.00%, 01/01/2029      1,000       1,142  
State of Hawaii, Airports System Revenue, Series D, Rev., 5.00%, 07/01/2030      1,000       1,159  
    

 

 

  
       23,899  
    

 

 

  
Idaho — 0.1%     
Idaho Health Facilities Authority, Trinity Health Credit Group, Series A, Rev., 5.00%, 12/01/2047      1,715       1,767  
Idaho Housing & Finance Association, Garvee,     
Series A, Rev., 5.00%, 07/15/2029      280       320  
Series A, Rev., 5.00%, 07/15/2030      1,250       1,451  
Idaho Housing & Finance Association, Transportation Expansion & Mitigation, Rev., 5.00%, 08/15/2037      165       191  
    

 

 

  
       3,729  
    

 

 

  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Illinois — 6.9%     
Champaign County Community Unit School District No. 4 Champaign, GO, 5.00%, 01/01/2029      1,765       1,878  
Chicago Board of Education,     
Series A, GO, AGM, 5.00%, 12/01/2026      10       10  
Series A, GO, 5.00%, 12/01/2041      1,000       996  
Series A, GO, 5.00%, 12/01/2042      9,500       9,256  
Chicago Board of Education Dedicated Capital Improvement Tax,     
Rev., 5.25%, 04/01/2039      3,125       3,341  
Rev., 5.75%, 04/01/2048      4,000       4,355  
Chicago Board of Education, Capital Appreciation School Reform,     
Series A, GO, NATL, Zero Coupon, 12/01/2024      500       472  
Series A, GO, NATL, Zero Coupon, 12/01/2025      255       232  
Series A, GO, NATL, Zero Coupon, 12/01/2029      1,220       948  
Series B1, GO, NATL, Zero Coupon, 12/01/2028      500       406  
Series B1, GO, NATL, Zero Coupon, 12/01/2029      1,105       858  
Chicago Board of Education, Dedicated,     
Series C, GO, 5.00%, 12/01/2034      2,000       2,058  
Series G, GO, 5.00%, 12/01/2034      1,000       1,029  
Chicago Midway International Airport, Series B, Rev., 5.00%, 01/01/2046      10,000       10,182  
Chicago Midway International Airport, Second Lien, Series A, Rev., AMT, 5.00%, 01/01/2041      3,000       3,002  
Chicago O’Hare International Airport,     
Rev., AMT, 5.00%, 01/01/2030      3,400       3,479  
Rev., AMT, 5.00%, 01/01/2032      2,000       2,045  
Chicago O’Hare International Airport, Passenger Facility Charge, Rev., AMT, 5.00%, 01/01/2032      3,500       3,503  
Chicago O’Hare International Airport, Senior Lien,     
Series A, Rev., 4.00%, 01/01/2035      3,500       3,637  
Series A, Rev., 5.00%, 01/01/2035      6,000       6,733  
Chicago Transit Authority Capital Grant Receipts Revenue, Section 5307, Rev., 5.00%, 06/01/2023      700       702  
Chicago Transit Authority Capital Grant Receipts Revenue, Section 5357, Rev., 5.00%, 06/01/2028      1,000       1,090  
Chicago Transit Authority Sales Tax Receipts Fund, Series A, Rev., BAM, 5.00%, 12/01/2046      4,500       4,783  
Chicago Transit Authority Sales Tax Receipts Fund, Second Lien,     
Rev., 5.00%, 12/01/2051      4,750       4,845  
Series A, Rev., 4.00%, 12/01/2049      4,000       3,786  
Series A, Rev., 5.00%, 12/01/2055      2,000       2,075  
Chicago Transit Authority, Sales Tax Receipts Fund,     
Rev., AGM, 5.00%, 12/01/2044      1,000       1,028  
Rev., 5.25%, 12/01/2049      10,000       10,110  
Series A, Rev., 5.00%, 12/01/2045      6,750       7,010  
City of Aurora Waterworks & Sewerage Revenue, Series B, Rev., 4.00%, 12/01/2034      1,565       1,574  
City of Berwyn, Series A, GO, 5.00%, 12/01/2029      1,000       1,022  
City of Chicago,     
Series A, GO, 5.00%, 01/01/2027      5,500       5,753  
Series A, GO, 5.00%, 01/01/2033      1,000       1,062  
Series A, GO, 5.00%, 01/01/2034      4,500       4,759  
Series A, GO, 5.50%, 01/01/2049      6,325       6,615  
Series A, GO, 6.00%, 01/01/2038      8,775       9,375  
Series B, GO, 4.00%, 01/01/2038 (e)      521       487  
Series C, GO, Zero Coupon, 01/01/2027      500       435  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Illinois — continued     
Series C, GO, 5.00%, 01/01/2025      45       46  
Series C, GO, 5.00%, 01/01/2028      1,450       1,492  
City of Chicago Special Assessment Revenue, Lakeshore East Project,     
Special Assessment, 2.69%, 12/01/2026 (e)      305       289  
Special Assessment, 3.04%, 12/01/2028 (e)      270       250  
City of Chicago Wastewater Transmission Revenue, Second Lien, Rev., 5.00%, 01/01/2042      575       575  
City of Chicago Waterworks Revenue, Second Lien Project,     
Rev., 4.00%, 11/01/2037      1,000       1,000  
Rev., 5.00%, 11/01/2023      100       101  
Rev., 5.00%, 11/01/2044      2,410       2,432  
City of Chicago, Chicago Works,     
Series A, GO, 5.25%, 01/01/2038      2,680       2,876  
Series A, GO, 5.50%, 01/01/2039      1,180       1,284  
Series A, GO, 5.50%, 01/01/2040      1,000       1,077  
Series A, GO, 5.50%, 01/01/2041      1,000       1,058  
Series A, GO, 5.50%, 01/01/2043      1,500       1,580  
City of Granite City, Waste Management, Inc., Rev., AMT, 1.25%, 05/01/2027      5,000       4,434  
Cook County Community College District No. 508, City Colleges Chicago,     
GO, 5.13%, 12/01/2038      1,000       1,002  
GO, 5.25%, 12/01/2030      1,000       1,004  
Cook County Community Consolidated School District No. 34 Glenview, GO, 4.00%, 12/01/2029      2,000       2,189  
Cook County High School District No. 214 Arlington Heights, GO, 4.00%, 12/01/2026      1,910       2,017  
Cook County, Community School District No. 97, Oak Park, GO, 4.00%, 01/01/2034      2,000       2,113  
County of Cook,     
Series A, GO, 5.00%, 11/15/2025      960       1,013  
Series A, GO, AGM, 5.00%, 11/15/2026      1,000       1,081  
Series A, GO, 5.00%, 11/15/2026      3,900       4,204  
Series A, GO, 5.00%, 11/15/2033      250       290  
County of Cook Sales Tax Revenue,     
Series A, Rev., 5.00%, 11/15/2025      690       728  
Series A, Rev., 5.25%, 11/15/2045      2,500       2,721  
County of Cook, Sales Tax Revenue, Series A, Rev., 5.00%, 11/15/2038      1,240       1,348  
Illinois Finance Authority,     
Series A, Rev., 4.00%, 07/15/2036      710       736  
Series A, Rev., 4.00%, 07/15/2039      3,000       3,049  
Series B2, Rev., 5.00%, 05/15/2050 (z)      2,550       2,696  
Illinois Finance Authority, Acero Charter Schools, Inc., Rev., 4.00%, 10/01/2042 (e)      500       378  
Illinois Finance Authority, Advocate Health Care Network Project, Rev., 4.00%, 11/01/2030      2,600       2,651  
Illinois Finance Authority, American Water Capital Corp. Project, Rev., 0.70%, 05/01/2040 (z)      895       885  
Illinois Finance Authority, Ann & Robert H. Lurie Children’s Hospital of Chicago, Rev., 5.00%, 08/15/2035      500       529  
Illinois Finance Authority, Carle Foundation, Series A, Rev., 5.00%, 02/15/2045      14,250       14,590  
Illinois Finance Authority, Centegra Health System, Series A, Rev., 5.00%, 09/01/2025 (p)      130       134  
Illinois Finance Authority, Depaul College Prep Foundation, Rev., 5.50%, 08/01/2043 (e)      1,360       1,342  
Illinois Finance Authority, Green Bond, Rev., 4.00%, 07/01/2038      4,160       4,298  
Illinois Finance Authority, Green Bonds,     
Rev., 4.00%, 01/01/2033      8,190       8,885  
Rev., 4.00%, 07/01/2040      1,500       1,518  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Illinois — continued     
Illinois Finance Authority, Health Services Facility Lease Revenue, Provident Group UIC Surgery,     
Rev., 4.00%, 10/01/2040      1,750       1,591  
Rev., 5.00%, 10/01/2032      750       812  
Rev., 5.00%, 10/01/2034      125       134  
Illinois Finance Authority, Illinois State Clean Water Initiative, Green Bond, Rev., 5.00%, 01/01/2028      100       112  
Illinois Finance Authority, Mercy Health Corp., Rev., 5.00%, 12/01/2040      1,080       1,103  
Illinois Finance Authority, Northshore University Health System, Rev., 5.00%, 08/15/2035      1,500       1,702  
Illinois Finance Authority, OSF Healthcare System,     
Rev., 4.00%, 05/15/2050      1,000       905  
Series A, Rev., 5.00%, 11/15/2045      10,900       11,020  
Series B1, Rev., 5.00%, 05/15/2050 (z)      2,250       2,290  
Illinois Finance Authority, Plymouth Place, Inc., Rev., 5.00%, 05/15/2041      400       343  
Illinois Finance Authority, Presbyterian Homes, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 4.67%, 05/01/2042 (aa)      180       175  
Illinois Finance Authority, Southern Illinois Healthcare, Rev., 5.00%, 03/01/2031      2,135       2,264  
Illinois Finance Authority, Swedish Covenant Hospital,     
Rev., 5.00%, 08/15/2032 (p)      4,000       4,275  
Series A, Rev., 5.00%, 08/15/2026 (p)      1,690       1,806  
Illinois Finance Authority, The Carle Foundation,     
Series A, Rev., 3.00%, 08/15/2048      2,850       2,168  
Series A, Rev., 5.00%, 08/15/2031      2,530       2,935  
Series B, Rev., 5.00%, 08/15/2053 (z)      285       322  
Illinois Finance Authority, The University Of Chicago, Series A, Rev., 5.25%, 05/15/2048      2,000       2,268  
Illinois Finance Authority, UChicago Medicine,     
Rev., 5.00%, 08/15/2052 (z)      1,710       1,859  
Series A, Rev., 5.00%, 08/15/2047      17,000       18,225  
Illinois Finance Authority, University of Chicago,     
Series A, Rev., 5.00%, 10/01/2028      3,000       3,406  
Series A, Rev., 5.00%, 10/01/2034      1,750       2,150  
Series A, Rev., 5.00%, 10/01/2035      1,400       1,717  
Illinois Finance Authority, University Of Chicago,     
Series A, Rev., 5.00%, 10/01/2038      1,000       1,212  
Series A, Rev., 5.25%, 10/01/2052 (p)      335       335  
Illinois Housing Development Authority,     
Series C, Rev., FHA, 0.80%, 07/01/2026      270       250  
Series D, Rev., GNMA/FNMA/FHLMC COLL, 3.75%, 04/01/2050      1,445       1,447  
Illinois Housing Development Authority, Social Bonds,     
Series A, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051      4,000       3,918  
Series B, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051      420       411  
Illinois Sports Facilities Authority (The), State Tax Supported,     
Rev., 5.00%, 06/15/2030      500       514  
Rev., AGM, 5.25%, 06/15/2031      225       228  
Illinois State Toll Highway Authority,     
Series A, Rev., 5.00%, 01/01/2028      185       197  
Series A, Rev., 5.00%, 01/01/2041      3,300       3,622  
Series A, Rev., 5.00%, 01/01/2044      6,580       7,013  
Series B, Rev., 5.00%, 01/01/2029      100       106  
Series B, Rev., 5.00%, 01/01/2037      5,000       5,055  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Illinois — continued     
Illinois State Toll Highway Authority, Senior,     
Series A, Rev., 5.00%, 12/01/2031      5,115       5,404  
Series B, Rev., 5.00%, 01/01/2028      4,000       4,468  
Series B, Rev., 5.00%, 01/01/2041      2,190       2,273  
Illinois State Toll Highway Authority, Toll Highway Revenue,     
Series A, Rev., 5.00%, 01/01/2036      1,000       1,131  
Series A, Rev., 5.00%, 01/01/2037      1,555       1,747  
Illinois State University, Auxiliary Facilities System, Series A, Rev., AGM, 5.00%, 04/01/2023      500       500  
Macon County, School District No. 61 Decatur,     
GO, AGM, 4.00%, 01/01/2040      1,420       1,424  
GO, AGM, 4.00%, 01/01/2045      3,000       2,954  
Metropolitan Pier & Exposition Authority, Rev., NATL, Zero Coupon, 12/15/2034      500       314  
Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion, Rev., 5.00%, 06/15/2042      5,645       5,786  
Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick,     
Rev., NATL, Zero Coupon, 12/15/2035      500       296  
Rev., NATL, Zero Coupon, 06/15/2036      6,000       3,453  
Rev., NATL, Zero Coupon, 06/15/2037      500       268  
Rev., AGM, Zero Coupon, 06/15/2044      500       186  
Series B, Rev., AGM, Zero Coupon, 06/15/2027      660       574  
Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick Project, Rev., NATL, Zero Coupon, 06/15/2028      250       208  
Metropolitan Pier & Exposition Authority, McCormick Expansion Project, Series B, Rev., 5.00%, 12/15/2027      125       130  
Metropolitan Pier & Exposition Authority, McCormick Place,     
Rev., Zero Coupon, 06/15/2037      1,175       606  
Rev., Zero Coupon, 06/15/2041      1,750       707  
Metropolitan Pier & Exposition Authority, McCormick Place Expansion,     
Rev., 3.00%, 06/15/2025      150       148  
Rev., 4.00%, 12/15/2042      4,990       4,598  
Metropolitan Water Reclamation District of Greater Chicago, Green Bonds, Series E, GO, 5.00%, 12/01/2036      2,065       2,201  
Northern Illinois University, Board of Trustees Auxiliary Facilities, Rev., BAM, 4.00%, 10/01/2033      1,000       1,030  
Railsplitter Tobacco Settlement Authority, Rev., 5.00%, 06/01/2023      130       130  
Regional Transportation Authority, Series A, Rev., NATL, 6.00%, 07/01/2025      25       27  
Sales Tax Securitization Corp., Series A, Rev., 5.00%, 01/01/2048      2,000       2,070  
Sales Tax Securitization Corp., Second Lien, Series A, Rev., BAM, 5.00%, 01/01/2037      750       816  
Southern Illinois University, Housing, Rev., BAM, 5.00%, 04/01/2032      650       721  
Southwestern Illinois Development Authority, Southwestern Il Flood Prevention, Rev., 4.00%, 10/15/2035      1,215       1,260  
State of Illinois,     
GO, 4.00%, 06/01/2036      485       487  
GO, 5.00%, 07/01/2023      85       85  
GO, 5.00%, 01/01/2028      6,810       7,171  
GO, 5.00%, 02/01/2028      3,000       3,218  
GO, 5.00%, 01/01/2029      2,085       2,187  
GO, 5.00%, 02/01/2029      1,000       1,071  
GO, 5.25%, 02/01/2030      2,000       2,027  
GO, 5.50%, 05/01/2030      2,000       2,251  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Illinois — continued     
GO, 5.50%, 07/01/2038      1,000       1,003  
Series A, GO, 4.00%, 03/01/2041      250       240  
Series A, GO, 5.00%, 10/01/2023      300       303  
Series A, GO, 5.00%, 03/01/2024      80       81  
Series A, GO, 5.00%, 11/01/2026      1,360       1,454  
Series A, GO, 5.00%, 03/01/2027      2,355       2,532  
Series A, GO, 5.00%, 03/01/2028      2,500       2,730  
Series A, GO, 5.00%, 03/01/2030      1,000       1,120  
Series A, GO, 5.00%, 03/01/2046      1,000       1,058  
Series A, GO, 5.50%, 03/01/2042      1,500       1,669  
Series A, GO, 5.50%, 03/01/2047      2,690       2,965  
Series B, GO, 5.00%, 10/01/2029      1,000       1,114  
Series B, GO, 5.00%, 10/01/2031      5,000       5,615  
Series B, GO, 5.50%, 05/01/2039      250       277  
Series C, GO, 5.00%, 11/01/2029      4,200       4,546  
Series C, GO, 5.25%, 10/01/2047      3,000       3,249  
Series D, GO, 5.00%, 11/01/2024      1,000       1,030  
Series D, GO, 5.00%, 11/01/2026      1,980       2,117  
Series D, GO, 5.00%, 11/01/2027      6,080       6,601  
Series D, GO, 5.00%, 11/01/2028      2,500       2,712  
State of Illinois Sales Tax Revenue, Series A, Rev., BAM, 4.00%, 06/15/2029      2,250       2,358  
State of Illinois Sales Tax Revenue, Junior Obligation,     
Series A, Rev., BAM, 4.00%, 06/15/2026      505       518  
Series A, Rev., BAM, 4.00%, 06/15/2031      1,500       1,584  
State of Illinois, Build America Bonds,     
GO, 6.90%, 03/01/2035      1,000       1,100  
GO, 7.35%, 07/01/2035      3,714       4,077  
University of Illinois, Auxiliary Facilities System, Series A, Rev., 5.00%, 04/01/2025      140       143  
University of Illinois, Auxiliary Facility, Series A, Rev., AGM-CR, 4.00%, 04/01/2036      4,730       4,728  
Village of Rosemont, Series A, GO, BAM, 5.00%, 12/01/2042      10,000       11,063  
Will County Community Unit School District No. 209-U Wilmington, GO, AGM, 5.50%, 02/01/2038      1,195       1,345  
Will Grundy Etc. Counties Community College District No. 525, Alternative Revenue Source, Series B, GO, 5.50%, 06/01/2031 (p)      3,375       3,440  
    

 

 

  
       429,415  
    

 

 

  
Indiana — 2.1%     
City of Fishers Sewage Works Revenue, Rev., BAM, 4.00%, 07/01/2047      1,000       969  
City of Franklin, Otterbein Homes, Series B, Rev., 5.00%, 07/01/2023      115       115  
City of Kokomo, KHA RAD I Apartments, Rev., HUD, 0.56%, 02/01/2025 (z)      2,175       2,112  
City of Mount Vernon, Southern Industry Gas And Electric Company, Rev., AMT, 0.88%, 09/01/2055 (z)      250       248  
City of Rockport, Industry Pollution Control, Michigan Power Company Project, Rev., 2.75%, 06/01/2025      100       99  
City of Whiting, BP Products North America, Inc. Project, Rev., AMT, 5.00%, 11/01/2047 (z)      5,000       5,065  
Evansville Waterworks District, Series A, Rev., BAM, 5.00%, 07/01/2042      925       1,026  
Indiana Finance Authority, Citizens Water Westfield Project, Series A, Rev., 4.00%, 10/01/2048      1,500       1,451  
Indiana Finance Authority, Community Foundation of Northwest Industry, Rev., 5.00%, 09/01/2036      1,000       1,051  
Indiana Finance Authority, Community Health Network, Series A, Rev., 5.00%, 05/01/2042 (p)      55       55  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Indiana — continued     
Indiana Finance Authority, DePauw University Project, Series A, Rev., 5.00%, 07/01/2047      8,000       8,200  
Indiana Finance Authority, Duke Energy Indian, Rev., AMT, 4.50%, 05/01/2035 (z)      3,305       3,379  
Indiana Finance Authority, First Lien, CWA Authority Project, Rev., 5.00%, 10/01/2023      45       45  
Indiana Finance Authority, Green Bonds CWA Authority Project, Rev., 4.00%, 10/01/2037      1,440       1,455  
Indiana Finance Authority, Indianapolis Power,     
Series A, Rev., 0.75%, 12/01/2038 (z)      4,875       4,347  
Series B, Rev., AMT, 0.95%, 12/01/2038 (z)      7,025       6,323  
Indiana Finance Authority, Marion General Hospital, Series A, Rev., 4.00%, 07/01/2040      5,060       5,024  
Indiana Finance Authority, Ohio Valley Electric Corp. Project,     
Series A, Rev., 4.25%, 11/01/2030      2,000       2,017  
Series B, Rev., 2.50%, 11/01/2030      1,000       895  
Indiana Finance Authority, Private Activity Ohio River Bridge, Rev., AMT, 5.00%, 07/01/2035 (p)      2,000       2,011  
Indiana Finance Authority, Private Activity Ohio River Bridges Project, Rev., AMT, 5.00%, 07/01/2044 (p)      10,000       10,053  
Indiana Finance Authority, Private Activity, Ohio River Bridges, Rev., AMT, 5.00%, 07/01/2048 (p)      7,435       7,474  
Indiana Finance Authority, Second Lien, CWA Authority Project, Rev., 5.00%, 10/01/2035      3,000       3,470  
Indiana Finance Authority, United States Steel Corp., Series A, Rev., 4.13%, 12/01/2026      145       142  
Indiana Finance Authority, University of Evansville, Rev., 5.25%, 09/01/2037      1,150       1,168  
Indiana Finance Authority, Valley Electric Corporation Project, Series B, Rev., 3.00%, 11/01/2030      1,000       928  
Indiana Finance Authority, Valparaiso University Project, Rev., 4.00%, 10/01/2034      1,315       1,300  
Indiana Health Facility Financing Authority, Ascension Health Substitute Credit Group, Series A, Rev., 4.00%, 11/01/2023      85       86  
Indiana Housing & Community Development Authority, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051      810       794  
Indiana Housing & Community Development Authority, RD Moving Forward Justus Project, Rev., 0.33%, 06/01/2024 (z)      135       134  
Indiana Housing & Community Development Authority, Social Bonds,     
Series A1, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 07/01/2053      250       272  
Series A, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2052      990       964  
Series C1, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 01/01/2052      45       44  
Indiana Municipal Power Agency, Series A, Rev., 5.00%, 01/01/2029      400       454  
Indianapolis Local Public Improvement Bond Bank,     
Series A, Rev., AGM, 4.00%, 06/01/2036      5,000       5,137  
Series A, Rev., AGM, 4.00%, 06/01/2041      9,000       8,879  
Series A, Rev., 5.00%, 06/01/2024      15       15  
Series A, Rev., 5.00%, 06/01/2025      500       523  
Indianapolis Local Public Improvement Bond Bank, Airport Authority, Series A1, Rev., AMT, 5.00%, 01/01/2028      200       210  
Indianapolis Local Public Improvement Bond Bank, CityWay 1 Project, Series B, Rev., 5.00%, 02/01/2024      175       178  
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport, Rev., AMT, 5.00%, 01/01/2029      2,855       3,117  
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority,     
Series D, Rev., AMT, 5.00%, 01/01/2029      3,000       3,028  
Series D, Rev., AMT, 5.00%, 01/01/2030      2,000       2,019  
Series D, Rev., AMT, 5.00%, 01/01/2031      4,000       4,035  
Series D, Rev., AMT, 5.00%, 01/01/2032      4,500       4,536  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Indiana — continued     
Series D, Rev., AMT, 5.00%, 01/01/2033      3,500       3,525  
Series I, Rev., AMT, 5.00%, 01/01/2032      4,885       4,987  
Series I, Rev., AMT, 5.00%, 01/01/2033      5,000       5,102  
Indianapolis Local Public Improvement Bond Bank, Metropolitan Thoroughfare District, Series D, Rev., 4.00%, 01/01/2041      10,000       10,011  
Purdue University, Series A, Rev., 5.00%, 07/01/2027      1,500       1,664  
Southwest Allen Multi School Building Corp., 1st Mortgage, Rev., 5.00%, 01/15/2030      1,200       1,340  
Tippecanoe School Corp., GO, 4.00%, 07/15/2023      1,080       1,084  
    

 

 

  
       132,560  
    

 

 

  
Iowa — 0.6%     
Clinton Community School District,     
GO, AGM, 5.00%, 06/01/2024      1,425       1,462  
GO, AGM, 5.00%, 06/01/2026      1,290       1,384  
Iowa Finance Authority,     
Series A, Rev., 5.00%, 08/01/2034      1,030       1,222  
Series D, Rev., GNMA/FNMA/FHLMC, 3.50%, 01/01/2049      330       328  
Iowa Finance Authority, Iowa Fertilizer Company Project,     
Rev., 4.00%, 12/01/2050 (z)      5,905       5,743  
Rev., 5.00%, 12/01/2050      2,435       2,381  
Iowa Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2047      1,995       1,953  
Iowa Tobacco Settlement Authority, Subordinate,     
Series B1, Rev., 4.00%, 06/01/2049      7,750       7,649  
Series B, Rev., Zero Coupon, 06/01/2065      15,345       1,637  
PEFA, Inc., Rev., 5.00%, 09/01/2049 (z)      2,745       2,800  
Sioux City Community School District, Rev., BAM, 3.00%, 10/01/2025      3,625       3,632  
Southeast Polk Community School District, Series A, GO, 5.00%, 05/01/2028      5,185       5,827  
    

 

 

  
       36,018  
    

 

 

  
Kansas — 0.4%     
Butler County Unified School District No. 385 Andover, Refunding And School Building, GO, 5.00%, 09/01/2032 (p)      1,000       1,115  
City of Manhattan, Meadowlark Hills, Series A, Rev., 4.00%, 06/01/2036      1,000       814  
Johnson County Unified School District No. 512 Shawnee Mission, Series A, GO, 4.00%, 10/01/2043      2,000       2,012  
Kansas Development Finance Authority, Unrefunded, Rev., 5.00%, 11/15/2054 (z)      1,500       1,663  
Riley County Unified School District No. 383 Manhattan-Ogden, Series A, GO, 5.00%, 09/01/2034 (p)      1,000       1,110  
University of Kansas Hospital Authority, Improvement Ku Health System, Rev., 5.00%, 09/01/2045      3,800       3,877  
University of Kansas Hospital Authority, University Kansas Health System, Rev., 5.00%, 03/01/2047 (p)      3,865       4,235  
University of Kansas Hospital Authority, Unrefunded University Kansas Health System, Rev., 5.00%, 03/01/2047      7,350       7,542  
Wyandotte County Unified School District No. 203 Piper,     
Series A, GO, AGM, 5.00%, 09/01/2040      900       1,020  
Series A, GO, AGM, 5.25%, 09/01/2052      1,000       1,109  
    

 

 

  
       24,497  
    

 

 

  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Kentucky — 1.2%     
City of Henderson, Pratt Paper LLC Project, Rev., AMT, 4.45%, 01/01/2042 (e)      1,685       1,569  
County of Carroll, Utilities Company Project, Rev., AMT, 2.00%, 02/01/2032      8,620       7,268  
County of Trimble, Louisville Gas & Electric, Rev., 0.63%, 09/01/2026      605       552  
County of Trimble, Louisville Gas & Electricity, Rev., AMT, 1.35%, 11/01/2027      8,100       7,424  
County of Trimble, Louisville Gas And Electric Company, Rev., AMT, 1.30%, 09/01/2044 (z)      1,000       844  
Kentucky Bond Development Corp., Centre College, Rev., 4.00%, 06/01/2040      420       396  
Kentucky Economic Development Finance Authority, Norton Healthcare, Inc.,     
Series B, Rev., NATL, Zero Coupon, 10/01/2026      3,930       3,502  
Series B, Rev., NATL, Zero Coupon, 10/01/2027      1,995       1,718  
Kentucky Economic Development Finance Authority, Senior Next Generation Information, Rev., 5.00%, 07/01/2040      5,000       5,021  
Kentucky Housing Corp., Cambridge Square Project, Rev., 0.30%, 08/01/2024 (z)      575       557  
Kentucky Housing Corp., New Hope Properties Portfolio, Rev., HUD, 0.41%, 04/01/2024 (z)      275       269  
Kentucky Public Energy Authority,     
Series A1, Rev., 4.00%, 08/01/2052 (z)      1,000       976  
Series A2, Rev., (ICE LIBOR USD 1 Month * 0.67 + 1.12%), 4.24%, 12/01/2049 (aa)      1,000       1,001  
Series A2, Rev., (United States SOFR * 0.67 + 1.20%), 4.43%, 08/01/2052 (aa)      2,500       2,387  
Series C, Rev., 4.00%, 02/01/2050 (z)      10,885       10,745  
Kentucky Public Energy Authority, Gas Supply, Series B, Rev., 4.00%, 01/01/2049 (z)      12,885       12,878  
Kentucky State University, Kentucky State University Project,     
COP, BAM, 4.00%, 11/01/2033      145       157  
COP, BAM, 4.00%, 11/01/2035      135       142  
COP, BAM, 4.00%, 11/01/2036      155       160  
COP, BAM, 4.00%, 11/01/2038      650       657  
Louisville and Jefferson County Metropolitan Government, Louisville Gas And Electric Co. Project, Series A, Rev., 0.90%, 09/01/2026      2,750       2,547  
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2031      670       708  
Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric, Rev., 2.00%, 10/01/2033      1,000       821  
Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric Co. Project, Rev., AMT, 1.35%, 11/01/2027      2,000       1,805  
Louisville/Jefferson County Metropolitan Government, Norton Healthcare Obligation Group, Rev., 5.75%, 10/01/2042      5,000       5,048  
Louisville/Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2047      3,180       3,282  
    

 

 

  
       72,434  
    

 

 

  
Louisiana — 1.3%     
City of Alexandria, Utilities Revenue, Series A, Rev., 5.00%, 05/01/2038 (p)      2,000       2,004  
City of New Orleans Sewerage Service Revenue, Rev., 5.00%, 06/01/2045 (p)      2,000       2,107  
City of Shreveport, Water & Sewer Improvement, GO, 5.00%, 09/01/2032 (p)      4,390       4,528  
Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax, Rev., AGM, 5.00%, 08/01/2027      1,400       1,539  
East Baton Rouge Sewerage Commission, Series A, Rev., 1.30%, 02/01/2041 (z)      4,500       3,836  
Lakeshore Villages Master Community Development District, Parish of St. Tammany, Special Assessment, 3.20%, 06/01/2041 (f)      630       498  
Louisiana Housing Corp., Hollywood Acres And Hollywood Heights Projects, Rev., 0.55%, 12/01/2023      165       161  
Louisiana Housing Corp., Mabry Place Townhouse Project, Rev., 0.31%, 08/01/2024 (z)      1,955       1,931  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Louisiana — continued     
Louisiana Housing Corp., Social Bonds Home Ownership Project, Rev., GNMA/FNMA/FHLMC, 5.00%, 06/01/2052      1,245       1,313  
Louisiana Local Government Environmental Facilities & Community Development Authority, Entergy Louisiana LLC Project,     
Rev., 2.00%, 06/01/2030      2,755       2,452  
Rev., 2.50%, 04/01/2036      1,000       829  
Louisiana Public Facilities Authority, Loyola University Project, Rev., 4.00%, 10/01/2038      2,560       2,433  
Louisiana Public Facilities Authority, Ochsner Clinic Foundation, Series B, Rev., 5.00%, 05/15/2050 (z)      1,100       1,139  
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Rev., 5.00%, 05/15/2042      1,480       1,519  
New Orleans Aviation Board,     
Series B, Rev., AMT, 5.00%, 01/01/2040      14,500       14,594  
Series B, Rev., AMT, 5.00%, 01/01/2045      4,000       4,009  
New Orleans Aviation Board, General Airport, Series D2, Rev., AMT, 5.00%, 01/01/2033      1,100       1,154  
New Orleans Aviation Board, General Airport North Terminal,     
Series B, Rev., AMT, 5.00%, 01/01/2038      1,000       1,031  
Series B, Rev., AMT, 5.00%, 01/01/2048      5,000       5,064  
Parish of St John the Baptist, Marathon Oil Corporation Project, Rev., 4.05%, 06/01/2037 (w) (z)      2,625       2,625  
Parish of St. John the Baptist, Marathon Oil Corp. Project, Series B1, Rev., 2.13%, 06/01/2037 (z)      875       854  
Port New Orleans Board of Commissioners, Series E, Rev., AMT, 5.00%, 04/01/2039      1,170       1,219  
St. Tammany Parish Hospital Service District No. 1,     
Series A, Rev., 5.00%, 07/01/2032      1,615       1,725  
Series A, Rev., 5.00%, 07/01/2034      1,655       1,753  
State of Louisiana, Series A, GO, 5.00%, 03/01/2037      9,555       10,544  
State of Louisiana Gasoline & Fuels Tax Revenue, Second Lien,     
Series A, Rev., 0.60%, 05/01/2043 (z)      4,135       4,135  
Series A, Rev., (United States SOFR * 0.70 + 0.50%), 3.87%, 05/01/2043 (aa)      1,135       1,113  
Series D, Rev., 0.60%, 05/01/2043 (z)      1,605       1,605  
Tobacco Settlement Financing Corp., Asset Backed, Series A, Rev., 5.00%, 05/15/2023      125       125  
    

 

 

  
       77,839  
    

 

 

  
Maine — 0.2%     
Finance Authority of Maine, Supplemental Educational Loan Program,     
Series A1, Rev., AGM, AMT, 2.38%, 12/01/2033      705       631  
Series A1, Rev., AGM, AMT, 5.00%, 12/01/2023      165       167  
Series A1, Rev., AGM, AMT, 5.00%, 12/01/2024      75       77  
Series A1, Rev., AGM, AMT, 5.00%, 12/01/2025      85       89  
Maine Health & Higher Educational Facilities Authority,     
Series A, Rev., AGM, 5.00%, 07/01/2030      50       57  
Series A, Rev., AGM, 5.00%, 07/01/2031      295       341  
Series A, Rev., AGM, 5.00%, 07/01/2032      315       360  
Maine State Housing Authority, Social Bonds, Series D, Rev., 3.00%, 11/15/2051      970       948  
Maine Turnpike Authority,     
Rev., 4.00%, 07/01/2045      9,000       8,991  
Rev., 5.00%, 07/01/2028      2,000       2,260  
Rev., 5.00%, 07/01/2031      400       466  
Rev., 5.00%, 07/01/2033      1,155       1,337  
    

 

 

  
       15,724  
    

 

 

  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Maryland — 1.5%     
City of Baltimore, Water Project, Series A, Rev., 5.00%, 07/01/2050      3,200       3,460  
City of Brunswick, Brunswick Crossing Special Tax, Special Tax, 4.00%, 07/01/2029      500       488  
County of Baltimore, Series 83, GO, 5.00%, 03/01/2024      50       51  
County of Howard, Series D, GO, 5.00%, 02/15/2030      3,000       3,371  
County of Montgomery, Series B, GO, 4.00%, 11/01/2028      1,500       1,634  
County of Montgomery, Trinity Health Credit Group, Rev., 4.00%, 12/01/2044      3,000       2,934  
County of Prince George’s, Series A, GO, 5.00%, 07/01/2029      1,250       1,452  
County of Prince George’s, Behavioral Health Facility, COP, 5.00%, 10/01/2023      650       657  
County of Prince George’s, Chesapeake Lighthouse Obligations, Series A, Rev., 6.50%, 08/01/2035 (e)      750       770  
Maryland Community Development Administration,     
Series B, Rev., 3.00%, 09/01/2051      155       152  
Series D, Rev., 3.25%, 09/01/2050      2,545       2,513  
Maryland Community Development Administration, Community Dev Admin Social Bonds, Rev., GNMA/FNMA/FHLMC COLL, 4.95%, 09/01/2042      1,430       1,495  
Maryland Community Development Administration, Residential, Series B, Rev., AMT, 4.50%, 09/01/2048      1,505       1,525  
Maryland Community Development Administration, Social Bonds, Series C, Rev., 3.00%, 09/01/2051      2,511       2,452  
Maryland Economic Development Corp., Green Bond, Purple Line, Rev., AMT, 5.25%, 06/30/2047      1,300       1,325  
Maryland Economic Development Corp., Morgan State University Project,     
Rev., 4.00%, 07/01/2040      665       602  
Rev., 5.38%, 07/01/2038      1,250       1,330  
Maryland Economic Development Corp., Port Covington Project,     
Tax Allocation, 3.25%, 09/01/2030      1,405       1,288  
Tax Allocation, 4.00%, 09/01/2040      2,280       2,000  
Maryland Economic Development Corp., Transportation Facilities Project, Series A, Rev., 5.00%, 06/01/2035      1,000       1,057  
Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare,     
Rev., 4.00%, 01/01/2038      2,020       1,852  
Rev., 5.00%, 01/01/2025      470       481  
Rev., 5.00%, 01/01/2036      4,580       4,754  
Maryland Health & Higher Educational Facilities Authority, Lifebridge Health, Rev., 4.00%, 07/01/2041      2,315       2,282  
Maryland Health & Higher Educational Facilities Authority, Medstar Health Issue,     
Series A, Rev., 5.00%, 05/15/2042      3,000       3,100  
Series A, Rev., 5.00%, 05/15/2045      4,000       4,111  
Series B, Rev., 5.00%, 08/15/2038      1,000       1,003  
Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center, Rev., 5.00%, 07/01/2028      1,300       1,343  
Maryland Stadium Authority Built to Learn Revenue,     
Rev., 4.00%, 06/01/2035      2,000       2,108  
Rev., 4.00%, 06/01/2036      2,125       2,203  
Series A, Rev., 5.00%, 06/01/2033      1,375       1,635  
State of Maryland, Series B, GO, 5.00%, 08/01/2026      1,000       1,088  
State of Maryland Department of Transportation, Rev., 3.00%, 10/01/2030      1,500       1,508  
State of Maryland Department of Transportation, Baltimore Washington International,     
Rev., AMT, 4.00%, 08/01/2037      865       854  
Rev., AMT, 4.00%, 08/01/2038      965       947  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Maryland — continued     
Rev., AMT, 4.00%, 08/01/2039      1,160       1,132  
State of Maryland, Bidding Group 1, Series A, GO, 5.00%, 03/15/2030      1,495       1,758  
State of Maryland, Group 1, Series A, GO, 5.00%, 08/01/2028      1,500       1,709  
State of Maryland, Local Facilities Loan, Series A, GO, 5.00%, 08/01/2028      5,000       5,697  
State of Maryland, State & Local Facilities Loan of 2022, GO, 5.00%, 06/01/2033      1,000       1,220  
State of Maryland, State and Local Facilities Loan, Series A, GO, 5.00%, 06/01/2036      1,500       1,783  
Tender Option Bond Trust Receipts/Certificates, Series 2018-XF0605, Rev., LIQ: Bank of America NA, 0.00%, 05/01/2047 (e) (z)      3,300       3,300  
Washington Suburban Sanitary Commission,     
Rev., CNTY GTD, 5.00%, 06/01/2029      3,000       3,481  
Rev., CNTY GTD, 5.00%, 06/01/2039      9,080       10,707  
Washington Suburban Sanitary Commission, Consolidated Public Improvement, Rev., CNTY GTD, 5.00%, 06/01/2029      1,500       1,702  
Washington Suburban Sanitary Commission, Consolidated Public Improvement Bonds, Rev., CNTY GTD, 5.00%, 06/01/2033      3,000       3,370  
    

 

 

  
       95,684  
    

 

 

  
Massachusetts — 1.3%     
Boston Water & Sewer Commission, Senior Bonds, Series B, Rev., 4.00%, 11/01/2039      1,570       1,633  
Commonwealth of Massachusetts,     
Rev., NATL, 5.50%, 01/01/2034      1,500       1,821  
Series A, GO, 5.00%, 06/01/2044 (z)      1,500       1,506  
Series E, GO, 5.00%, 11/01/2047      5,000       5,581  
Commonwealth of Massachusetts Transportation Fund Revenue, Rail Enhancement Project, Series B, Rev., 5.00%, 06/01/2025      375       395  
Commonwealth of Massachusetts, Consolidated Loans, Series E, GO, 5.00%, 11/01/2050      2,175       2,368  
Massachusetts Development Finance Agency, Series B, Rev., 0.25%, 07/01/2024 (z)      370       366  
Massachusetts Development Finance Agency, Green Bond, Boston Medical Center, Rev., 5.00%, 07/01/2044      1,150       1,166  
Massachusetts Development Finance Agency, Harvard University Issue, Series A, Rev., 5.00%, 10/15/2030      1,000       1,194  
Massachusetts Development Finance Agency, Lahey Health System, Series F, Rev., 5.00%, 08/15/2045      10,000       10,210  
Massachusetts Development Finance Agency, Milford Regional Medical Center, Rev., 5.00%, 07/15/2046 (e)      1,000       916  
Massachusetts Development Finance Agency, Northeastern University Issue, Rev., 5.00%, 10/01/2044      2,000       2,252  
Massachusetts Development Finance Agency, Partners Healthcare System, Rev., (SIFMA Municipal Swap Index + 0.60%), 4.57%, 07/01/2049 (e) (aa)      100       99  
Massachusetts Development Finance Agency, Suffolk University Project, Rev., 4.00%, 07/01/2051      1,250       1,094  
Massachusetts Development Finance Agency, UMass Memorial Health Care, Rev., 5.00%, 07/01/2044      1,000       1,010  
Massachusetts Educational Financing Authority,     
Series B, Rev., AMT, 2.63%, 07/01/2036      300       287  
Series B, Rev., AMT, 5.00%, 07/01/2023      250       251  
Series B, Rev., AMT, 5.00%, 07/01/2024      615       627  
Series I, Rev., AMT, 5.00%, 01/01/2025      3,000       3,080  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Massachusetts — continued     
Massachusetts Educational Financing Authority, Educational Loan Revenue Bonds, Rev., AMT, 2.00%, 07/01/2037      180       154  
Massachusetts Educational Financing Authority, Senior Issue M, Series B, Rev., AMT, 3.63%, 07/01/2038      1,030       968  
Massachusetts Health & Educational Facilities Authority, Mass Institute Technology, Rev., 5.50%, 07/01/2032      2,000       2,546  
Massachusetts Health & Educational Facilities Authority, Massachusetts Institute Technology, Series J2, Rev., VRDO, 3.75%, 04/07/2023 (z)      4,015       4,015  
Massachusetts Housing Finance Agency, Social Bond,     
Series 220, Rev., GNMA/FNMA/FHLMC, 3.00%, 12/01/2050      3,395       3,328  
Series 220, Rev., GNMA/FNMA/FHLMC, 5.00%, 12/01/2023      500       507  
Massachusetts Housing Finance Agency, Social Bonds,     
Series 223, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2047      1,040       1,018  
Series 227, Rev., GNMA/FNMA/FHLMC COLL, 4.70%, 12/01/2043      2,250       2,315  
Massachusetts Housing Finance Agency, Sustainability Bond,     
Series B2, Rev., 0.75%, 06/01/2025      115       108  
Series D3, Rev., FHA HUD, 3.35%, 06/01/2027      650       654  
Massachusetts Housing Finance Agency, Sustainability Bonds,     
Series A2, Rev., HUD, 0.30%, 12/01/2023      105       103  
Series A2, Rev., HUD, 0.40%, 06/01/2024      140       136  
Massachusetts Port Authority,     
Series A, Rev., 5.00%, 07/01/2037      1,000       1,141  
Series E, Rev., AMT, 5.00%, 07/01/2031      1,495       1,698  
Series E, Rev., AMT, 5.00%, 07/01/2032      2,000       2,267  
Massachusetts Port Authority, Green Bonds,     
Series A, Rev., AMT, 5.00%, 07/01/2031      925       1,051  
Series A, Rev., AMT, 5.00%, 07/01/2038      2,580       2,841  
Series A, Rev., AMT, 5.00%, 07/01/2040      3,500       3,811  
Massachusetts School Building Authority, Sales Tax, Series A, Rev., 5.00%, 11/15/2027      1,105       1,180  
Massachusetts School Building Authority, Subordinated, Series A, Rev., 5.00%, 02/15/2036 (p)      7,190       7,339  
Massachusetts Water Resources Authority, Green Bond, Series B, Rev., 5.00%, 08/01/2026      1,000       1,087  
University of Massachusetts Building Authority, Series 2021, Rev., 5.00%, 11/01/2026      5,000       5,468  
    

 

 

  
       79,591  
    

 

 

  
Michigan — 1.6%     
City of Detroit Sewage Disposal System Revenue, Floating Rate Notes Refunding System Libor D, Rev., AGM, (ICE LIBOR USD 3 Month * 0.67 + 0.60%), 3.79%, 07/01/2032 (aa)      1,000       939  
City of Detroit, Social Bonds,     
Series A, GO, 4.00%, 04/01/2041      500       438  
Series A, GO, 5.00%, 04/01/2039      115       117  
Series A, GO, 5.00%, 04/01/2046      35       34  
Series A, GO, 5.00%, 04/01/2050      30       29  
Detroit Downtown Development Authority, Catalyst Development Project, Series A, Tax Allocation, AGM, 5.00%, 07/01/2048      2,000       2,001  
Gerald R Ford International Airport Authority,     
Rev., CNTY GTD, AMT, 5.00%, 01/01/2026      225       239  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2027      350       379  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2028      275       302  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2029      600       668  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2034      1,140       1,310  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Michigan — continued     
Rev., CNTY GTD, AMT, 5.00%, 01/01/2038      1,300       1,419  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2039      1,000       1,086  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2040      1,125       1,215  
Great Lakes Water Authority Water Supply System Revenue, Taxable Senior Lien, Series C, Rev., 2.19%, 07/01/2027      3,000       2,741  
Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C, Rev., 5.00%, 07/01/2032      75       80  
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B, Rev., 5.00%, 07/01/2030      3,200       3,440  
Lansing Board of Water & Light, Series A, Rev., 5.00%, 07/01/2048      1,675       1,781  
Michigan Finance Authority,     
Rev., 5.00%, 11/15/2023      1,375       1,389  
Rev., 5.00%, 11/15/2045      5,000       5,082  
Michigan Finance Authority, Aquinas College Project,     
Rev., 5.00%, 05/01/2036      300       271  
Rev., 5.00%, 05/01/2046      2,000       1,679  
Michigan Finance Authority, Beaumont Spectrum,     
Rev., 4.00%, 04/15/2042      2,500       2,448  
Rev., 5.00%, 04/15/2030      3,000       3,450  
Michigan Finance Authority, Che Trinity Health, Rev., 4.00%, 12/01/2040 (p)      95       105  
Michigan Finance Authority, Henry Ford Health System, Series A, Rev., 5.00%, 11/15/2048      5,000       5,086  
Michigan Finance Authority, Higher Educational Facilities Authority,     
Rev., 5.00%, 09/01/2032      690       781  
Rev., 5.00%, 09/01/2033      800       903  
Rev., 5.00%, 09/01/2034      570       641  
Rev., 5.00%, 09/01/2035      1,200       1,338  
Michigan Finance Authority, Multi Modal McLaren Health Care,     
Rev., 4.00%, 02/15/2044      9,625       9,327  
Rev., 4.00%, 02/15/2050      2,500       2,329  
Michigan Finance Authority, Senior Lien Great Lakes, Rev., 5.00%, 07/01/2033      5,000       5,103  
Michigan Finance Authority, Senior Turbo, Series A2, Rev., 5.00%, 06/01/2040      1,655       1,719  
Michigan Finance Authority, Trinity Health Credit Group, Rev., 5.00%, 12/01/2036      1,000       1,101  
Michigan State Building Authority,     
Series I, Rev., 5.00%, 10/15/2027      2,500       2,789  
Series I, Rev., 5.00%, 10/15/2029      1,750       2,033  
Michigan State Hospital Finance Authority, Hospital Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2027      100       111  
Michigan State Housing Development Authority,     
Series A, Rev., 0.55%, 04/01/2025      375       353  
Series C, Rev., 3.00%, 06/01/2051      2,415       2,367  
Michigan State Housing Development Authority, Carpenter Place Apartments, Rev., HUD, 1.25%, 12/01/2024 (z)      495       489  
Michigan State Housing Development Authority, Social Bond,     
Series A, Rev., 3.00%, 06/01/2052      3,285       3,213  
Series A, Rev., 5.00%, 06/01/2053      2,435       2,570  
Michigan State Housing Development Authority, Social Bonds,     
Series A, Rev., 5.50%, 12/01/2053 (w)      1,305       1,424  
Series D, Rev., 5.50%, 06/01/2053      350       379  
Michigan State University,     
Series A, Rev., 5.00%, 08/15/2029      2,000       2,307  
Series A, Rev., 5.00%, 08/15/2038      250       251  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Michigan — continued     
Series C, Rev., 4.00%, 02/15/2039      2,000       2,003  
Michigan Strategic Fund, Consumers Energy Co. Project, Rev., AMT, 0.88%, 04/01/2035 (z)      1,620       1,509  
Michigan Strategic Fund, Detroit Edison Co. Exempt, Rev., 1.35%, 08/01/2029      3,450       3,053  
Michigan Strategic Fund, Detroit Edison Company, Rev., 1.45%, 09/01/2030      810       704  
Michigan Strategic Fund, Green Bond Recycling, Rev., AMT, 4.00%, 10/01/2061 (z)      1,685       1,662  
State of Michigan, Environmental Program Bonds, Series A, GO, 5.00%, 05/15/2030      400       470  
State of Michigan, Garvee, Rev., GAN, 5.00%, 03/15/2027      2,000       2,197  
Troy School District, GO, Q-SBLF, 5.00%, 05/01/2039      1,025       1,171  
Wayne County Airport Authority, Series F, Rev., AMT, 5.00%, 12/01/2034      1,470       1,513  
Wayne County Airport Authority, Detroit Metropolitan Wayne County Airport, Series B, Rev., BAM, 5.00%, 12/01/2039      3,000       3,075  
    

 

 

  
       96,613  
    

 

 

  
Minnesota — 0.8%     
County of Hennepin, Series C, GO, 5.00%, 12/15/2032      1,500       1,752  
Dakota County Community Development Agency, Aster House Apartments Project, Rev., 0.35%, 06/01/2024 (z)      2,415       2,401  
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Fairview Health Services, Series A, Rev., 5.00%, 11/15/2047      9,000       9,209  
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hope Community Academy Project, Series A, Rev., 5.00%, 12/01/2043      1,000       880  
Minneapolis St. Paul Metropolitan Airports Commission, Subordinate,     
Series B, Rev., AMT, 5.00%, 01/01/2034      1,345       1,503  
Series B, Rev., AMT, 5.25%, 01/01/2047      1,845       1,968  
Minnesota Housing Finance Agency,     
Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051      740       724  
Series C, Rev., 5.00%, 08/01/2032      2,365       2,786  
Series D, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 01/01/2052      850       831  
Series G, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051      3,230       3,167  
Series I, Rev., GNMA/FNMA/FHLMC, 2.80%, 12/01/2047      341       325  
Series I, Rev., 3.00%, 01/01/2051      1,725       1,690  
Minnesota Housing Finance Agency, Social Bond, Series H, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052      95       93  
Minnesota Housing Finance Agency, Social Bonds,     
Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052      1,120       1,093  
Series F, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052      245       239  
Minnesota Housing Finance Agency, State Appropriation Bond Housing, Rev., 5.00%, 08/01/2029      1,245       1,429  
Minnesota Municipal Gas Agency, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 12/01/2052 (z)      4,370       4,424  
Minnesota Office of Higher Education, Supplemental Student Loan, Rev., AMT, 4.00%, 11/01/2037      945       942  
Shakopee Independent School District No. 720, Series D, GO, 5.00%, 02/01/2024      3,685       3,753  
St. Paul Port Authority, Solid Gerdau St. Paul Steel Mill Project, Rev., AMT, 4.50%, 10/01/2037 (e)      4,500       4,165  
State of Minnesota,     
Series A, GO, 4.00%, 09/01/2037      690       737  
Series A, GO, 5.00%, 08/01/2026      250       272  
Series A, GO, 5.00%, 10/01/2029      45       50  
Series A, GO, 5.00%, 10/01/2032      1,000       1,113  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Minnesota — continued     
Series A, GO, 5.00%, 08/01/2033      2,000       2,159  
Series A, GO, 5.00%, 08/01/2034      2,000       2,252  
Series E, GO, 3.00%, 08/01/2026      710       721  
    

 

 

  
       50,678  
    

 

 

  
Mississippi — 0.1%     
Mississippi Business Finance Corp., Chevron USA, Inc., Rev., VRDO, 3.80%, 04/07/2023 (z)      4,000       4,000  
Mississippi Business Finance Corp., System Energy Resources, Inc. Project, Rev., 2.38%, 06/01/2044      175       113  
Mississippi Development Bank, Hinds County School District Project, Rev., 5.00%, 03/01/2048      1,360       1,423  
Mississippi Home Corp., Social Bond, Series C, Rev., GNMA/FNMA/FHLMC COLL, 5.00%, 12/01/2052      185       196  
Mississippi Home Corp., Southwest Village Apartments Project, Rev., HUD, 2.00%, 02/01/2025 (z)      2,970       2,942  
Mississippi Hospital Equipment & Facilities Authority, Baptist Memorial Health Care, Rev., 5.00%, 09/01/2044 (z)      250       259  
    

 

 

  
       8,933  
    

 

 

  
Missouri — 0.8%     
Cape Girardeau County Industrial Development Authority, Southeasthealth, Rev., 4.00%, 03/01/2041      870       754  
City of St Louis Airport Revenue, St Louis Lambert International, Rev., 5.00%, 07/01/2048      1,000       1,083  
City of St. Charles, Series B, COP, 4.00%, 02/01/2029      515       551  
Curators of the University of Missouri (The),     
Series A, Rev., 4.00%, 11/01/2034      2,500       2,533  
Series A, Rev., 4.00%, 11/01/2035      1,000       1,011  
Health & Educational Facilities Authority of the State of Missouri, Series C, Rev., 5.00%, 05/01/2052 (z)      2,695       2,976  
Health & Educational Facilities Authority of the State of Missouri, Capital Region Medical Center, Rev., 5.00%, 11/01/2035      3,400       3,255  
Health & Educational Facilities Authority of the State of Missouri, Luke’s Health System, Rev., 4.00%, 11/15/2038      2,000       2,011  
Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Service Projects, Series A, Rev., 5.00%, 02/01/2029      1,410       1,419  
Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services, Rev., 4.00%, 02/01/2034      500       445  
Kansas City Industrial Development Authority, Rev., AMT, 5.00%, 03/01/2032      900       993  
Kansas City Industrial Development Authority, Kansas City International Airport,     
Rev., AMT, 4.00%, 03/01/2036      1,250       1,251  
Rev., AMT, 4.00%, 03/01/2040      2,500       2,426  
Rev., AMT, 5.00%, 03/01/2029      3,050       3,327  
Rev., AMT, 5.00%, 03/01/2038      2,480       2,619  
Rev., AMT, 5.00%, 03/01/2044      5,000       5,185  
Missouri Development Finance Board, Procter & Gamble Paper Products, Rev., AMT, 5.20%, 03/15/2029      370       421  
Missouri Housing Development Commission, First Place Homeownership Loan,     
Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 05/01/2052      490       480  
Rev., GNMA/FNMA/FHLMC, 3.00%, 05/01/2052      3,115       3,047  
Rev., GNMA/FNMA/FHLMC, 3.25%, 11/01/2052      440       433  
Series D, Rev., GNMA/FNMA/FHLMC, 3.25%, 05/01/2051      5       5  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Missouri — continued     
Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Company Project, Series AR, Rev., 2.90%, 09/01/2033      2,000       1,918  
Orchard Farm R-V School District,     
COP, 4.00%, 04/01/2027 (p)      400       424  
COP, 4.00%, 04/01/2028 (p)      410       441  
Plaza at Noah’s Ark Community Improvement District, Rev., 3.00%, 05/01/2030      575       519  
St. Charles County Industrial Development Authority, Hidden Valley Estates, Rev., HUD, 0.27%, 08/01/2025 (z)      1,290       1,266  
St. Louis Municipal Finance Corp., Convention Center Expansion, Rev., AGM, 5.00%, 10/01/2045      3,215       3,411  
State of Missouri, Health & Educational Facilities, Saint Luke’s Health System, Inc., Rev., 5.00%, 11/15/2023      290       294  
Tender Option Bond Trust Receipts/Certificates, Floaters, Series 2023-XL0424, Rev., VRDO, LIQ: Barclays Bank plc, 3.89%, 04/07/2023 (e) (z)      5,000       5,000  
    

 

 

  
       49,498  
    

 

 

  
Montana — 0.1%     
Montana Board of Housing,     
Rev., 3.00%, 12/01/2050      3,125       3,065  
Series A, Rev., 3.00%, 06/01/2052      360       351  
Series B2, Rev., AMT, 3.50%, 12/01/2042      345       343  
Series B, Rev., 3.00%, 12/01/2051      1,230       1,203  
Montana Facility Finance Authority, Rev., 5.00%, 02/15/2033      1,000       1,052  
Montana State Board of Regents,     
Series G, Rev., 5.00%, 11/15/2031      250       298  
Series G, Rev., 5.00%, 11/15/2032      630       746  
    

 

 

  
       7,058  
    

 

 

  
Nebraska — 0.5%     
Central Plains Energy Project,     
Rev., LIQ: Royal Bank of Canada, 4.00%, 12/01/2049 (z)      4,000       4,011  
Series 1, Rev., 5.00%, 05/01/2053 (z)      3,915       4,053  
County of Douglas, Creighton University Project, Rev., (SIFMA Municipal Swap Index + 0.53%), 4.50%, 07/01/2035 (aa)      2,230       2,204  
County of Washington, Cargill, Inc. Project, Rev., AMT, 0.90%, 09/01/2030 (z)      350       331  
Douglas County Hospital Authority No. 2, Health Facilities Children’s Hospital, Rev., 5.00%, 11/15/2047      3,000       3,075  
Douglas County Hospital Authority No. 2, Madonna Rehabilitation Hospital, Rev., 4.00%, 05/15/2033      2,100       2,067  
Douglas County, Hospital Authority No. 2, Children’s Hospital Obligated Group, Rev., 5.00%, 11/15/2053 (z)      2,190       2,282  
Nebraska Educational Health Cultural & Social Services Finance Authority, Immanuel Obligated Group, Rev., 4.00%, 01/01/2037      1,000       1,016  
Nebraska Public Power District, Series A, Rev., 0.60%, 01/01/2051 (z)      9,000       8,940  
University of Nebraska, University Nebraska Lincoln Student, Rev., 3.00%, 07/01/2035 (p)      1,030       1,049  
    

 

 

  
       29,028  
    

 

 

  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Nevada — 1.0%     
City of Carson City, Carson Tahoe Regional Medical Center, Rev., 5.00%, 09/01/2047      1,000       1,023  
City of Las Vegas Special Improvement District No. 612 Skye Hills, Special Assessment, 3.50%, 06/01/2035      210       174  
City of North Las Vegas, GO, BAM, 5.00%, 06/01/2027      2,000       2,203  
Clark County School District,     
Series B, GO, 5.00%, 06/15/2030      1,445       1,675  
Series C, GO, 5.00%, 06/15/2026      1,250       1,345  
Clark County School District, Building,     
Series A, GO, 5.00%, 06/15/2029      500       560  
Series B, GO, AGM-CR, 5.00%, 06/15/2033      3,000       3,364  
County of Clark Department of Aviation, Airport Systems, Subordinate, Rev., 5.00%, 07/01/2033      1,010       1,177  
County of Clark Department of Aviation, Jet Aviation Fuel Tax, Rev., AMT, 5.00%, 07/01/2025      1,625       1,681  
County of Clark Department of Aviation, Subordinate, Series B, Rev., AMT, 5.00%, 07/01/2027      6,000       6,409  
County of Clark Department of Aviation, System Senior, Series A, Rev., 5.00%, 07/01/2040      2,000       2,062  
County of Clark Passenger Facility Charge Revenue, McCarran International,     
Rev., 5.00%, 07/01/2029      5,000       5,718  
Rev., 5.00%, 07/01/2031      1,950       2,211  
Rev., 5.00%, 07/01/2032      2,385       2,700  
County of Clark, Detention Center, GO, 4.00%, 06/01/2034      3,335       3,518  
County of Clark, Passenger Facility Charge Revenue, Las Vegas McCarran International Airport, Rev., 5.00%, 07/01/2030      1,425       1,616  
County of Clark, Southern CA Edison Company, Rev., 2.10%, 06/01/2031      1,000       844  
Las Vegas Convention & Visitors Authority,     
Series B, Rev., 5.00%, 07/01/2029      1,345       1,522  
Series B, Rev., 5.00%, 07/01/2034      1,275       1,490  
Series B, Rev., 5.00%, 07/01/2043      5,150       5,413  
Las Vegas Valley Water District,     
Series A, GO, 5.00%, 06/01/2026      1,500       1,621  
Series C, GO, 5.00%, 06/01/2032      1,560       1,891  
Las Vegas Valley Water District, Water Improvement, Series A, GO, 5.00%, 06/01/2046      5,000       5,232  
Las Vegas Valley, Water District, Series B, GO, 5.00%, 12/01/2023      70       71  
State of Nevada Department of Business & Industry, Brightline West Passenger Rail, Rev., AMT, 3.70%, 01/01/2050 (e) (z)      3,415       3,418  
    

 

 

  
       58,938  
    

 

 

  
New Hampshire — 0.2%     
New Hampshire Business Finance Authority,     
Series 1A, Rev., 4.13%, 01/20/2034      954       951  
Series 2022-1, Rev., 4.38%, 09/20/2036      658       651  
New Hampshire Business Finance Authority, Caritas Oregon Project, Series A, Rev., 4.13%, 08/15/2040 (f)      2,000       1,701  
New Hampshire Business Finance Authority, Saint Luke’s University Health, Rev., 4.00%, 08/15/2036      720       728  
New Hampshire Business Finance Authority, Springpoint Senior Living,     
Rev., 4.00%, 01/01/2026      270       265  
Rev., 4.00%, 01/01/2027      250       244  
Rev., 4.00%, 01/01/2028      290       280  
Rev., 4.00%, 01/01/2029      300       286  
Rev., 4.00%, 01/01/2030      280       264  
Rev., 4.00%, 01/01/2031      290       271  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
New Hampshire — continued     
New Hampshire Business Finance Authority, Taxable Virginia Birmingham Care Center, Rev., 3.78%, 01/01/2036      2,000       1,558  
New Hampshire Business Finance Authority, Waste Management, Inc. Project, Rev., AMT, (SIFMA Municipal Swap Index + 0.38%), 4.35%, 10/01/2033 (aa)      4,170       4,067  
New Hampshire Housing Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC COLL, 6.00%, 07/01/2053      435       479  
    

 

 

  
       11,745  
    

 

 

  
New Jersey — 3.2%     
Camden County Improvement Authority, Social Bonds, KIPP Cooper Norcross Academy,     
Rev., 6.00%, 06/15/2042      530       575  
Rev., 6.00%, 06/15/2047      1,000       1,074  
City of Newark,     
Series A, GO, AGM, 5.00%, 10/01/2027      100       110  
Series A, GO, AGM, 5.00%, 10/01/2028      750       839  
Garden State Preservation Trust, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 11/01/2026      1,000       904  
Gloucester County Improvement Authority, The Rowan University Fossil Park,     
Rev., BAM, 4.00%, 07/01/2046      725       710  
Rev., BAM, 4.00%, 07/01/2051      1,000       962  
Hudson County Improvement Authority, Hudson County Courthouse Project, Rev., 5.00%, 10/01/2028      150       170  
New Brunswick Parking Authority, City Guaranteed Parking, Series A, Rev., BAM, 5.00%, 09/01/2026      1,000       1,079  
New Jersey Building Authority, Prerefunded Refunding, Series A, Rev., BAM, 5.00%, 06/15/2025 (p)      1,000       1,054  
New Jersey Economic Development Authority,     
Series A, Rev., 5.00%, 11/01/2027      2,500       2,714  
Series AAA, Rev., 5.00%, 06/15/2036      1,000       1,049  
Series AAA, Rev., 5.00%, 06/15/2041 (p)      500       545  
Series AAA, Rev., 5.50%, 06/15/2028      5,000       5,437  
Series AAA, Rev., 5.50%, 06/15/2032 (p)      2,000       2,224  
Series B, Rev., 5.00%, 11/01/2023      75       76  
Series DDD, Rev., 5.00%, 06/15/2031 (p)      2,000       2,218  
Series DDD, Rev., 5.00%, 06/15/2033 (p)      1,500       1,664  
Series WW, Rev., 5.00%, 06/15/2034 (p)      1,500       1,582  
Series WW, Rev., 5.25%, 06/15/2030 (p)      1,000       1,059  
New Jersey Economic Development Authority, American Water Company,     
Series B, Rev., AMT, 1.20%, 11/01/2034 (z)      1,265       1,260  
Series C, Rev., AMT, 1.15%, 06/01/2023      135       135  
New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Rev., AMT, 5.13%, 09/15/2023      710       710  
New Jersey Economic Development Authority, Higher Education Capital Improvement Fund, Series A, Rev., 5.00%, 09/01/2025      245       252  
New Jersey Economic Development Authority, New Jersey American Water Company, Inc.,     
Rev., AMT, 1.10%, 11/01/2029 (z)      2,610       2,262  
Series E, Rev., AMT, 0.85%, 12/01/2025      2,205       2,015  
New Jersey Economic Development Authority, Port Newark Container, Rev., AMT, 5.00%, 10/01/2037      1,000       1,002  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
New Jersey — continued     
New Jersey Economic Development Authority, Portal North Bridge NJ Transit,     
Rev., 5.00%, 11/01/2038      5,345       5,862  
Rev., 5.00%, 11/01/2052      6,190       6,518  
Rev., 5.25%, 11/01/2041      6,000       6,595  
New Jersey Economic Development Authority, School Facilities Construction,     
Series EEE, Rev., 5.00%, 06/15/2032      1,500       1,653  
Series GGG, Rev., 5.25%, 09/01/2026 (e)      8,000       8,612  
New Jersey Economic Development Authority, School Facilities Construction SIFMA, Series I, Rev., (SIFMA Municipal Swap Index + 1.60%), 5.57%, 03/01/2028 (aa)      10,000       9,979  
New Jersey Economic Development Authority, Self Designated Social Bonds,     
Series QQQ, Rev., 4.00%, 06/15/2034      500       520  
Series QQQ, Rev., 4.00%, 06/15/2035      500       514  
Series QQQ, Rev., 5.00%, 06/15/2026      555       591  
Series QQQ, Rev., 5.00%, 06/15/2027      410       442  
Series QQQ, Rev., 5.00%, 06/15/2028      400       439  
New Jersey Economic Development Authority, State House Project,     
Series B, Rev., 5.00%, 06/15/2027      10,690       11,532  
Series B, Rev., 5.00%, 06/15/2028      8,635       9,468  
New Jersey Educational Facilities Authority, Montclair State University, Series D, Rev., 5.00%, 07/01/2028      2,000       2,086  
New Jersey Educational Facilities Authority, Princeton University,     
Series B, Rev., 5.00%, 07/01/2024      1,000       1,031  
Series I, Rev., 5.00%, 07/01/2036      1,015       1,108  
New Jersey Educational Facilities Authority, Ramapo College of New Jersey, Series A, Rev., AGM, 5.00%, 07/01/2035      200       232  
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligated, Rev., 5.00%, 07/01/2032      2,070       2,390  
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligation, Rev., 3.00%, 07/01/2051      1,715       1,273  
New Jersey Higher Education Student Assistance Authority,     
Series B, Rev., AMT, 5.00%, 12/01/2024      570       584  
Series B, Rev., AMT, 5.00%, 12/01/2027      1,340       1,440  
Series B, Rev., AMT, 5.00%, 12/01/2028      1,480       1,613  
Series B, Rev., AMT, 5.00%, 12/01/2029      1,440       1,589  
New Jersey Higher Education Student Assistance Authority, Senior,     
Series A, Rev., AMT, 3.50%, 12/01/2039      115       112  
Series B, Rev., AMT, 4.00%, 12/01/2041      250       252  
New Jersey Higher Education Student Assistance Authority, Senior Bonds, Series B, Rev., AMT, 5.00%, 12/01/2024      300       308  
New Jersey Higher Education Student Assistance Authority, Senior Student Loan, Rev., AMT, 5.00%, 12/01/2023      215       218  
New Jersey Higher Education Student Assistance Authority, Subordinated, Series C, Rev., AMT, 4.00%, 12/01/2048      1,195       1,094  
New Jersey Housing & Mortgage Finance Agency, Series E, Rev., 3.50%, 04/01/2051      2,550       2,536  
New Jersey Housing & Mortgage Finance Agency, Browns Woods Apartments Project, Rev., HUD, 1.25%, 12/01/2024 (z)      850       839  
New Jersey Housing & Mortgage Finance Agency, Social Bond, Rev., 5.00%, 10/01/2053      200       212  
New Jersey Housing & Mortgage Finance Agency, Social Bonds, Series H, Rev., 3.00%, 10/01/2052      825       803  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
New Jersey — continued     
New Jersey Transportation Trust Fund Authority,     
Series A, Rev., 4.00%, 06/15/2035      2,000       2,061  
Series A, Rev., 5.00%, 12/15/2028      300       332  
Series A, Rev., 5.00%, 06/15/2029      1,550       1,725  
Series A, Rev., 5.00%, 06/15/2030      3,000       3,382  
Series AA, Rev., 4.00%, 06/15/2040      3,750       3,728  
Series AA, Rev., 5.00%, 06/15/2029      1,000       1,113  
Series AA, Rev., 5.00%, 06/15/2035      3,000       3,373  
Series AA, Rev., 5.00%, 06/15/2045      660       694  
Series BB, Rev., 5.00%, 06/15/2032      2,000       2,204  
New Jersey Transportation Trust Fund Authority, Capital Appreciation, Series A, Rev., BAM, Zero Coupon, 12/15/2038      1,000       528  
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Rev., 5.00%, 06/15/2023      55       55  
New Jersey Transportation Trust Fund Authority, Program B,     
Rev., 5.00%, 06/15/2037      2,000       2,207  
Rev., 5.25%, 06/15/2046      14,455       15,655  
New Jersey Transportation Trust Fund Authority, Transportation Program, Series AA, Rev., 5.00%, 06/15/2036      1,305       1,308  
New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Rev., 5.00%, 06/15/2035      500       559  
New Jersey Transportation Trust Fund Authority, Transportation System Bond,     
Rev., 4.00%, 12/15/2039      2,000       2,002  
Rev., 5.00%, 12/15/2028      1,000       1,105  
Rev., 5.00%, 12/15/2031      1,560       1,745  
New Jersey Turnpike Authority,     
Series A, Rev., 4.00%, 01/01/2042      1,000       1,002  
Series B, Rev., 4.50%, 01/01/2048      1,750       1,804  
Series D, Rev., 5.00%, 01/01/2028      2,400       2,575  
Series E, Rev., 5.00%, 01/01/2027      1,000       1,093  
Series E, Rev., 5.00%, 01/01/2032      7,000       7,291  
Newark Board of Education, Sustainability Bonds,     
GO, BAM, 4.00%, 07/15/2034      400       418  
GO, BAM, 4.00%, 07/15/2035      410       421  
GO, BAM, 4.00%, 07/15/2036      425       430  
GO, BAM, 4.00%, 07/15/2037      430       431  
North Hudson Sewerage Authority, Senior Lien Lease Certificates,     
Rev., AGM, 5.00%, 06/01/2039      1,100       1,290  
Rev., AGM, 5.00%, 06/01/2040      1,100       1,279  
Rev., AGM, 5.00%, 06/01/2041      1,000       1,166  
Rev., AGM, 5.00%, 06/01/2042      1,000       1,171  
Rutgers The State University of New Jersey, Series L, Rev., 5.00%, 05/01/2043 (p)      1,805       1,808  
South Jersey Port Corp., Marine Terminal,     
Series B, Rev., AMT, 5.00%, 01/01/2025      500       507  
Series B, Rev., AMT, 5.00%, 01/01/2026      1,015       1,056  
South Jersey Port Corp., Marine Terminal, Subordinated, Series B, Rev., AMT, 5.00%, 01/01/2037      1,000       1,034  
South Jersey Transportation Authority,     
Series A, Rev., AGM, 5.00%, 11/01/2030      500       559  
Series A, Rev., AGM, 5.00%, 11/01/2033      1,215       1,350  
Series A, Rev., BAM, 5.00%, 11/01/2041      2,925       3,150  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
New Jersey — continued     
South Jersey Transportation Authority, Transportation System, Rev., BAM, 5.25%, 11/01/2052      3,100       3,388  
State of New Jersey, Covid-19 Emergency Bonds, General Obligations,     
Series A, GO, 4.00%, 06/01/2030      2,000       2,208  
Series A, GO, 5.00%, 06/01/2028      4,245       4,771  
    

 

 

  
       200,104  
    

 

 

  
New Mexico — 0.4%     
Albuquerque Municipal School District No. 12, Series A, GO, 5.00%, 08/01/2024      250       258  
City of Farmington, Four Corners Project, Rev., 1.80%, 04/01/2029      3,000       2,605  
City of Farmington, Pollution Control Revenue, Public Service Company, New Mexico Sanitary, Series E, Rev., 1.15%, 06/01/2040 (z)      1,000       967  
City of Farmington, San Juan And Four Corners, Rev., 2.15%, 04/01/2033      4,890       4,060  
New Mexico Educational Assistance Foundation, Series 1A, Rev., AMT, 2.05%, 09/01/2051      930       840  
New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 4.00%, 06/01/2028      1,070       1,120  
New Mexico Finance Authority, Subordinated Lien, Public Project Revolving Fund, Rev., 5.00%, 06/15/2024      1,000       1,029  
New Mexico Hospital Equipment Loan Council,     
Rev., 5.00%, 06/01/2030      1,050       1,159  
Rev., 5.00%, 06/01/2032      1,000       1,089  
New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare, Rev., 4.00%, 08/01/2037      500       500  
New Mexico Mortgage Finance Authority, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052      1,250       1,223  
New Mexico Mortgage Finance Authority, Single Family Mortgage Program,     
Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052      2,150       2,100  
Series C, Rev., GNMA/FNMA/FHLMC, 4.00%, 01/01/2049      185       186  
New Mexico Municipal Energy Acquisition Authority, Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 11/01/2039 (z)      3,500       3,594  
Santa Fe Public School District, GO, 5.00%, 08/01/2029      1,375       1,552  
Winrock Town Center Tax, Increment Development District No. 1, Senior Lien, Tax Allocation, 4.25%, 05/01/2040 (e)      1,750       1,461  
    

 

 

  
       23,743  
    

 

 

  
New York — 11.9%     
Albany County, Airport Authority, Series B, Rev., AMT, 5.00%, 12/15/2023      1,225       1,238  
Broome County, Local Development Corp., United Health Services Hospital,     
Rev., AGM, 4.00%, 04/01/2039      2,750       2,703  
Rev., AGM, 5.00%, 04/01/2026      500       529  
Build C Resource Corp., Family Life Academy Charter Project, Rev., 7.25%, 06/01/2055 (e)      250       251  
Build NYC Resource Corp., Rev., 5.00%, 07/01/2026      325       338  
Build NYC Resource Corp., Academic Leadership Charter School,     
Rev., 4.00%, 06/15/2023      100       100  
Rev., 4.00%, 06/15/2024      70       70  
Build NYC Resource Corp., Family Life Academy Charter, Series A1, Rev., 5.25%, 06/01/2040 (e) (f)      1,220       1,030  
Build NYC Resource Corp., Friends of Hellenic Classical, Series A, Rev., 4.00%, 12/01/2031 (e)      700       619  
Build NYC Resource Corp., Grand Concourse Academy Charter School,     
Rev., 5.00%, 07/01/2042      555       566  
Rev., 5.00%, 07/01/2052      700       704  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
New York — continued     
City of Long Beach,     
Series A, GO, 5.00%, 09/01/2025      1,990       2,067  
Series A, GO, 5.00%, 09/01/2027      1,500       1,596  
City of New York,     
Series 1I, GO, 5.00%, 03/01/2026      360       367  
Series A1, GO, 4.00%, 08/01/2034      3,000       3,180  
Series A1, GO, 4.00%, 08/01/2036      1,000       1,044  
Series A1, GO, 5.00%, 08/01/2029      2,900       3,364  
Series A1, GO, 5.00%, 09/01/2034      2,000       2,392  
Series A1, GO, 5.00%, 08/01/2041      3,000       3,267  
Series A1, GO, 5.25%, 09/01/2042      8,715       9,877  
Series B1, GO, 5.00%, 08/01/2031      1,000       1,197  
Series B1, GO, 5.00%, 10/01/2031      500       600  
Series B1, GO, 5.00%, 08/01/2035      90       106  
Series B1, GO, 5.00%, 12/01/2037      1,760       1,895  
Series C1, GO, 5.00%, 08/01/2031      500       586  
Series C, GO, 5.00%, 08/01/2027      2,330       2,591  
Series D1, GO, 5.00%, 12/01/2024      150       156  
Series D1, GO, 5.00%, 12/01/2031      1,380       1,561  
Series D1, GO, 5.00%, 12/01/2036      11,955       13,185  
Series D1, GO, 5.00%, 12/01/2044      2,560       2,740  
Series E, GO, 5.00%, 08/01/2028      1,625       1,848  
Series E, GO, 5.00%, 08/01/2033      2,000       2,264  
Series F1, GO, 5.00%, 03/01/2043      1,000       1,093  
Series J3, GO, AGM, 4.30%, 06/01/2036 (z)      1,000       1,000  
Series J, GO, 5.00%, 08/01/2025      1,320       1,329  
City of New York, Fiscal 2001,     
Series 2, GO, VRDO, 4.50%, 04/01/2023 (z)      120       120  
Series 3, GO, VRDO, 4.17%, 04/07/2023 (z)      1,590       1,590  
City of New York, Fiscal 2008, Series J10, GO, 5.00%, 08/01/2026      505       549  
City of New York, Fiscal 2015, Series F4, GO, 5.00%, 06/01/2044 (z)      125       130  
City of New York, Fiscal 2020, Series B1, GO, 5.00%, 10/01/2038      5,000       5,537  
City of New York, Fiscal 2021,     
Series C, GO, 4.00%, 08/01/2037      450       460  
Series C, GO, 5.00%, 08/01/2033      2,000       2,329  
Series C, GO, 5.00%, 08/01/2035      4,740       5,439  
City of New York, Fiscal 2022,     
GO, 5.25%, 05/01/2039      200       230  
GO, 5.25%, 05/01/2041      2,000       2,273  
GO, 5.50%, 05/01/2044      1,000       1,157  
City of New York, Fiscal 2022 Subordinated, Series D3, GO, VRDO, 3.95%, 04/01/2023 (z)      10,000       10,000  
City of New York, Subordinated, Series E1, GO, 4.00%, 04/01/2050 (w)      8,500       8,217  
City of New York, Unrefunded, Series F1, GO, 5.00%, 03/01/2037      5       5  
City of Yonkers,     
Series F, GO, BAM, 5.00%, 11/15/2038      500       559  
Series F, GO, BAM, 5.00%, 11/15/2039      1,000       1,108  
County of Dutchess, Local Development Corp., Marist College Project, Series A, Rev., 5.00%, 07/01/2045      485       496  
County of Nassau, Series B, GO, BAM, 5.00%, 10/01/2027      1,450       1,570  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
New York — continued     
Dutchess County, Local Development Corp., Health Quest System, Inc. Project, Series B, Rev., 5.00%, 07/01/2046      1,250       1,212  
Hempstead Town Local Development Corp., Evergreen Charter School Project, Series A, Rev., 5.25%, 06/15/2042      4,000       4,003  
Hudson Yards Infrastructure Corp.,     
Series A, Rev., AGM, 4.00%, 02/15/2047      9,335       9,033  
Series A, Rev., 5.00%, 02/15/2045      2,210       2,328  
Long Island Power Authority,     
Rev., 5.00%, 09/01/2042      2,070       2,214  
Series A, Rev., 5.00%, 09/01/2037      1,250       1,399  
Series B, Rev., 1.50%, 09/01/2051 (z)      5,700       5,376  
Long Island Power Authority, Notes, Rev., 1.00%, 09/01/2025      2,680       2,523  
Metropolitan Transportation Authority,     
Rev., AGM, (United States SOFR * 0.67 + 0.55%), 3.78%, 11/01/2032 (aa)      1,770       1,764  
Rev., AGM, (United States SOFR * 0.67 + 0.80%), 4.04%, 11/01/2032 (aa)      430       421  
Series A, Rev., 5.25%, 11/15/2030      3,025       3,293  
Series A, Rev., 5.25%, 11/15/2034      8,000       8,681  
Series B4, Rev., 5.00%, 11/15/2023      2,000       2,028  
Series B, Rev., 5.00%, 11/15/2024      340       350  
Series B, Rev., 5.00%, 11/15/2025      540       565  
Series C1, Rev., 5.00%, 11/15/2056      3,100       3,114  
Series D, Rev., 5.00%, 11/15/2027      1,200       1,269  
Series D, Rev., 5.00%, 11/15/2038      600       601  
Metropolitan Transportation Authority, Build America Bonds, Rev., 6.67%, 11/15/2039      2,500       2,692  
Metropolitan Transportation Authority, Green Bond,     
Series A2, Rev., 5.00%, 11/15/2027      1,085       1,147  
Series B, Rev., 5.00%, 11/15/2023      100       101  
Series C2, Rev., Zero Coupon, 11/15/2032      500       343  
Series C, Rev., 5.00%, 11/15/2040      2,465       2,586  
Series D, Rev., 5.00%, 11/15/2034 (z)      5,000       5,127  
Series E, Rev., 4.00%, 11/15/2045      60       56  
Series E, Rev., 5.00%, 11/15/2029      250       272  
Metropolitan Transportation Authority, Green Bonds,     
Series A2, Rev., 5.00%, 11/15/2025      1,000       1,046  
Series B1, Rev., 5.00%, 11/15/2046      2,000       2,095  
Series D1, Rev., 5.00%, 11/15/2043      2,000       2,086  
Series D3, Rev., 4.00%, 11/15/2049      1,000       911  
Metropolitan Transportation Authority, Green Bonds, Subordinated, Series B1, Rev., 5.00%, 11/15/2036      10,000       10,670  
Metropolitan Transportation Authority, Transportation,     
Series A1, Rev., 5.00%, 11/15/2044      4,500       4,508  
Series A1, Rev., 5.25%, 11/15/2039      1,000       1,005  
Series B, Rev., 5.25%, 11/15/2037      4,795       4,847  
Series C1, Rev., 5.00%, 11/15/2026      305       317  
Metropolitan Transportation Authority, Transportation Green Bonds, Series B, Rev., 5.00%, 11/15/2026      1,720       1,825  
Monroe County Industrial Development Corp., Rochester Regional Health Project,     
Rev., 5.00%, 12/01/2027      1,000       1,068  
Rev., 5.00%, 12/01/2028      1,700       1,831  
Rev., 5.00%, 12/01/2029      1,900       2,056  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
New York — continued     
New York City Health and Hospitals Corp.,     
Series A, Rev., 5.00%, 02/15/2024      270       275  
Series A, Rev., 5.00%, 02/15/2026      6,055       6,461  
Series A, Rev., 5.00%, 02/15/2027      5,360       5,851  
Series A, Rev., 5.00%, 02/15/2028      3,760       4,193  
Series A, Rev., 5.00%, 02/15/2029      2,485       2,827  
New York City Housing Development Corp., Sustainability Bonds,     
Rev., FHA, 0.70%, 11/01/2060 (z)      2,500       2,348  
Series C2, Rev., 0.70%, 11/01/2060 (z)      1,790       1,678  
New York City Housing Development Corp., Sustainable Development Bonds, Series D2, Rev., FHA, 0.70%, 05/01/2060 (z)      1,000       948  
New York City Industrial Development Agency, Queens Baseball Stadium Project,     
Rev., AGM, 3.00%, 01/01/2040      250       204  
Series A, Rev., AGM, 4.00%, 01/01/2032      1,000       1,063  
Series A, Rev., AGM, 5.00%, 01/01/2025      250       259  
Series A, Rev., AGM, 5.00%, 01/01/2027      625       675  
Series A, Rev., AGM, 5.00%, 01/01/2029      1,000       1,116  
Series A, Rev., AGM, 5.00%, 01/01/2030      1,500       1,694  
New York City Industrial Development Agency, Yankee Stadium Project Pilot,     
Rev., AGM, 4.00%, 03/01/2045      8,825       8,509  
Rev., AGM, 5.00%, 03/01/2028      1,250       1,374  
Rev., AGM, 5.00%, 03/01/2029      1,500       1,676  
Rev., AGM, 5.00%, 03/01/2030      3,900       4,418  
New York City Municipal Water Finance Authority,     
Series CC1, Rev., 4.00%, 06/15/2052      5,000       4,859  
Series DD, Rev., 5.00%, 06/15/2034      1,920       2,346  
New York City Municipal Water Finance Authority, Second General Resolution,     
Rev., VRDO, 3.80%, 04/01/2023 (z)      8,000       8,000  
Series CC1, Rev., 5.00%, 06/15/2049      5,000       5,352  
New York City Transitional Finance Authority Building Aid Revenue, Fiscal 2015, Subordinate, Series S, Rev., 5.00%, 07/15/2040      17,800       18,403  
New York City Transitional Finance Authority Building Aid Revenue, Fiscal Year 2015, Series S1, Rev., 5.00%, 07/15/2035      585       606  
New York City Transitional Finance Authority Building Aid Revenue, Subordinate,     
Series S1, Rev., 4.00%, 07/15/2034      1,000       1,080  
Series S1, Rev., 5.00%, 07/15/2031      1,590       1,908  
Series S1, Rev., 5.00%, 07/15/2043      1,505       1,564  
New York City Transitional Finance Authority Future Tax Secured, Rev., 5.00%, 08/01/2029      3,000       3,487  
New York City Transitional Finance Authority Future Tax Secured Revenue,     
Rev., 5.00%, 11/01/2028      600       687  
Series E1, Rev., 3.00%, 02/01/2028      730       753  
Series F1, Rev., 5.00%, 02/01/2039      3,000       3,393  
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured, Rev., 4.00%, 11/01/2035      7,000       7,414  
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured Subordinate, Series B1, Rev., 5.00%, 08/01/2038      1,000       1,063  
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Subordinated, Series A3, Rev., 4.00%, 08/01/2042      2,500       2,483  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
New York — continued     
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate,     
Rev., 4.00%, 05/01/2038      2,000       2,040  
Rev., 5.00%, 11/01/2025      255       271  
Series B1, Rev., 4.00%, 08/01/2042      500       497  
Series DS, Rev., 4.00%, 11/01/2038      4,000       4,079  
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate, Future Tax Secured, Rev., 3.75%, 11/01/2025      8,000       7,858  
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated,     
Rev., 5.00%, 11/01/2026      1,000       1,094  
Rev., 5.00%, 05/01/2031      1,000       1,184  
Rev., 5.25%, 08/01/2042      3,000       3,402  
Series A3, Rev., 4.00%, 05/01/2042      2,000       1,987  
Series A3, Rev., 5.00%, 08/01/2040      1,720       1,846  
New York City Transitional Finance Authority Future Tax Secured Revenue, Taxable Subordinate, Series F2, Rev., 2.85%, 05/01/2025      6,600       6,383  
New York City Transitional Finance Authority, Future Tax Secured, Rev., 5.00%, 11/01/2026      375       410  
New York City Transitional Finance Authority, Future Tax Secured Revenue, Series I, Rev., 5.00%, 05/01/2027      345       346  
New York City Trust for Cultural Resources, Refunding Lincoln Center, Series A, Rev., 5.00%, 12/01/2032      500       578  
New York City Water & Sewer System,     
Series AA2, Rev., 5.00%, 06/15/2029      1,350       1,565  
Series BB1, Rev., 5.00%, 06/15/2049      500       535  
Series FF, Rev., 5.00%, 06/15/2041      2,000       2,206  
Series GG1, Rev., 5.00%, 06/15/2030      1,000       1,183  
Series GG, Rev., 5.00%, 06/15/2039      2,660       2,759  
New York City Water & Sewer System, Second General Resolution,     
Rev., 5.00%, 06/15/2026      1,005       1,089  
Rev., 5.00%, 06/15/2029      870       1,009  
Rev., 5.00%, 06/15/2047      14,655       14,721  
Series CC1, Rev., 5.00%, 06/15/2048      2,730       2,889  
Series CC1, Rev., 5.25%, 06/15/2037      2,345       2,532  
Series DD1, Rev., 5.00%, 06/15/2048      3,115       3,324  
Series DD2, Rev., 5.00%, 06/15/2040      2,000       2,154  
Series DD, Rev., 5.00%, 06/15/2047      6,680       7,057  
New York City Water & Sewer System, Various Second General Resolution, Series BB4, Rev., VRDO, 3.65%, 04/01/2023 (z)      2,000       2,000  
New York City Water & Sewer System, Water And Sewer System Revenue Second General Resolution, Series BB2, Rev., 4.00%, 06/15/2042      1,180       1,180  
New York Liberty Development Corp.,     
Series 1WTC, Rev., 3.00%, 02/15/2042      1,755       1,401  
Series 1WTC, Rev., 4.00%, 02/15/2043      1,000       986  
New York Liberty Development Corp., 7 World Trade Center Project, Rev., 3.13%, 09/15/2050      3,000       2,390  
New York Liberty Development Corp., World Trade Center Project, Series 1, Rev., 5.00%, 11/15/2044 (e)      10,900       10,468  
New York Power Authority, Green Transmission Project,     
Rev., AGM, 4.00%, 11/15/2036      145       151  
Rev., AGM, 5.00%, 11/15/2028      1,000       1,149  
Rev., AGM, 5.00%, 11/15/2033      1,700       2,054  
Rev., AGM, 5.00%, 11/15/2034      1,385       1,656  
Rev., AGM, 5.00%, 11/15/2035      1,250       1,476  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
New York — continued     
New York State Dormitory Authority,     
Series 2015-B, Rev., 5.00%, 03/15/2027 (p)      1,000       1,062  
Series A, Rev., 4.00%, 03/15/2039      1,000       1,006  
Series A, Rev., 5.00%, 03/15/2024 (p)      100       102  
Series A, Rev., 5.00%, 03/15/2029      3,000       3,451  
Series A, Rev., 5.00%, 03/15/2034      2,000       2,159  
Series A, Rev., 5.00%, 03/15/2040      1,000       1,085  
New York State Dormitory Authority, Bidding Group 1, Series E, Rev., 5.00%, 03/15/2029      3,000       3,451  
New York State Dormitory Authority, Cornell University, Series A, Rev., 5.00%, 07/01/2031      1,000       1,212  
New York State Dormitory Authority, Exchange Bonds, Series C, Rev., 5.00%, 07/01/2031      1,227       1,472  
New York State Dormitory Authority, General Purpose, Series D, Rev., 5.00%, 02/15/2026      100       107  
New York State Dormitory Authority, Green Bond, Cornell University, Rev., 5.00%, 07/01/2034      1,100       1,381  
New York State Dormitory Authority, Group 1, Series A, Rev., 5.00%, 03/15/2024 (p)      2,000       2,046  
New York State Dormitory Authority, Group 2,     
Series A, Rev., 5.00%, 03/15/2033      2,000       2,341  
Series A, Rev., 5.00%, 03/15/2036      2,015       2,233  
New York State Dormitory Authority, Group 3, Series A, Rev., 5.00%, 03/15/2037      5,000       5,505  
New York State Dormitory Authority, Montefiore Obligated Group,     
Series A, Rev., 5.00%, 08/01/2025      1,000       1,019  
Series A, Rev., 5.00%, 08/01/2026      900       916  
Series A, Rev., 5.00%, 08/01/2031      1,010       1,014  
New York State Dormitory Authority, New York University, Series A, Rev., 4.00%, 07/01/2035      620       637  
New York State Dormitory Authority, Northwell Health Obligated Group,     
Rev., 4.00%, 05/01/2045      6,500       6,298  
Rev., 4.25%, 05/01/2052      4,930       4,664  
Rev., 5.00%, 05/01/2052      3,000       3,155  
New York State Dormitory Authority, Refunded General Purpose, Series B, Rev., 5.00%, 02/15/2026 (p)      2,835       3,044  
New York State Dormitory Authority, St. John’s University, Series A, Rev., 4.00%, 07/01/2048      1,000       966  
New York State Dormitory Authority, Unrefunded, Series D, Rev., 5.00%, 02/15/2027      35       38  
New York State Dormitory Authority, Unrefunded Group 2, Series E, Rev., 5.00%, 03/15/2028      1,000       1,128  
New York State Dormitory Authority, Unrefunded School Districts Revenue, Rev., AGM, 5.00%, 10/01/2025      1,460       1,545  
New York State Dormitory Authority, Yeshiva University, Series A, Rev., 5.00%, 07/15/2037      2,500       2,609  
New York State Environmental Facilities Corp., Green Bond 2010 Master Finance, Rev., 4.00%, 08/15/2037      1,760       1,827  
New York State Environmental Facilities Corp., Green Bond 2010 Master Financing Project,     
Rev., 5.00%, 09/15/2028      575       660  
Rev., 5.00%, 09/15/2031      250       305  
New York State Environmental Facilities Corp., Municipal Water, Subordinated, Rev., 5.00%, 06/15/2042      2,655       2,851  
New York State Environmental Facilities Corp., Solid Waste Disposal Revenue, Casella Waste System Incorporate Project, Rev., AMT, 2.75%, 09/01/2050 (f) (z)      250       235  
New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revenue Revolving, Rev., 5.00%, 06/15/2026      1,000       1,087  
New York State Housing Finance Agency, Sustainability Bonds,     
Series B, Rev., HUD, SONYMA, 3.60%, 11/01/2062 (z)      1,705       1,711  
Series I, Rev., SONYMA, 0.70%, 11/01/2056 (z)      2,375       2,214  
Series J, Rev., HUD, SONYMA, 1.10%, 11/01/2061 (z)      4,170       3,790  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
New York — continued     
Series K2, Rev., HUD, SONYMA, 1.00%, 11/01/2061 (z)      2,320       2,135  
Series K, Rev., SONYMA, 0.70%, 11/01/2024      1,085       1,042  
Series P, Rev., 1.55%, 11/01/2023      170       168  
New York State Thruway Authority,     
Series A1, Rev., 4.00%, 03/15/2041      500       501  
Series A1, Rev., 5.00%, 03/15/2033      1,000       1,183  
Series A, Rev., 5.00%, 03/15/2027      1,000       1,100  
Series L, Rev., 5.00%, 01/01/2024      75       76  
New York State Thruway Authority, Group 2, Series N, Rev., 4.00%, 01/01/2041      3,120       3,112  
New York State Urban Development Corp., Bidding Group 1,     
Series A, Rev., 5.00%, 03/15/2027      4,000       4,405  
Series A, Rev., 5.00%, 03/15/2034      1,690       2,012  
New York State Urban Development Corp., Bidding Group 4, Series A, Rev., 3.00%, 03/15/2050      4,000       3,127  
New York State Urban Development Corp., Personal Income Tax,     
Rev., 4.00%, 03/15/2037      2,000       2,047  
Rev., 4.00%, 03/15/2041      5,000       4,999  
Rev., 5.00%, 03/15/2030      500       587  
Series C3, Rev., 5.00%, 03/15/2038      1,860       2,009  
New York State Urban Development Corp., State Personal Income Tax,     
Rev., 4.00%, 03/15/2042      2,000       1,987  
Rev., 5.00%, 03/15/2028      1,250       1,410  
Rev., 5.00%, 03/15/2034      3,000       3,054  
Series A, Rev., 5.00%, 03/15/2024      1,000       1,024  
New York State Urban Development Corp., State Personal Income Tax, General Purpose,     
Series A, Rev., 5.00%, 03/15/2042      5,000       5,356  
Series B, Rev., 3.54%, 03/15/2028      7,000       6,696  
New York Transportation Development Corp., American Airlines, Inc.,     
Rev., AMT, 2.25%, 08/01/2026      770       716  
Rev., AMT, 5.00%, 08/01/2026      7,000       7,005  
New York Transportation Development Corp., Delta Air Lines, Inc. LaGuardia, Rev., AMT, 5.00%, 01/01/2032      3,000       3,109  
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 5.00%, 10/01/2035      11,000       11,338  
New York Transportation Development Corp., LaGuardia Airport Terminal B,     
Rev., AMT, 5.00%, 07/01/2046      12,180       12,204  
Rev., AMT, 5.25%, 01/01/2050      7,425       7,446  
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment,     
Rev., AMT, 4.00%, 07/01/2031      4,500       4,509  
Rev., AGM, AMT, 4.00%, 07/01/2035      5,080       5,086  
Rev., AMT, 5.00%, 07/01/2041      1,000       1,003  
New York Transportation Development Corp., New York State Thruway, Rev., AMT, 4.00%, 10/31/2034      600       595  
New York Transportation Development Corp., Terminal 4 JFK International,     
Rev., AMT, 5.00%, 12/01/2030      1,710       1,878  
Rev., AMT, 5.00%, 12/01/2032      2,005       2,220  
Rev., AMT, 5.00%, 12/01/2033      1,000       1,082  
Rev., AMT, 5.00%, 12/01/2037      3,500       3,711  
Rev., AMT, 5.00%, 12/01/2038      1,000       1,059  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
New York — continued     
New York Transportation Development Corp., Terminal 4 John F Kennedy International,     
Rev., AMT, 4.00%, 12/01/2038      300       286  
Rev., AMT, 4.00%, 12/01/2039      300       284  
Rev., AMT, 4.00%, 12/01/2040      1,475       1,376  
Rev., AMT, 4.00%, 12/01/2041      300       277  
Rev., AMT, 4.00%, 12/01/2042      300       274  
Rev., 5.00%, 12/01/2024      200       206  
Rev., 5.00%, 12/01/2025      200       210  
Rev., 5.00%, 12/01/2026      200       214  
Rev., 5.00%, 12/01/2027      200       218  
Rev., 5.00%, 12/01/2028      200       221  
Rev., 5.00%, 12/01/2037      250       273  
Rev., 5.00%, 12/01/2038      2,250       2,450  
Port Authority of New York & New Jersey,     
Series 207, Rev., AMT, 5.00%, 09/15/2031      5,000       5,388  
Series 223, Rev., AMT, 5.00%, 07/15/2023      1,220       1,226  
Series 226, Rev., AMT, 5.00%, 10/15/2031      4,500       5,084  
Series 226, Rev., AMT, 5.00%, 10/15/2032      1,250       1,439  
Series 226, Rev., AMT, 5.00%, 10/15/2036      2,040       2,270  
Port Authority of New York & New Jersey, Consolidated,     
Series 197, Rev., AMT, 5.00%, 11/15/2032      3,000       3,163  
Series 206, Rev., AMT, 5.00%, 11/15/2032      3,000       3,225  
Series 221, Rev., AMT, 5.00%, 07/15/2031      1,620       1,839  
Series 221, Rev., AMT, 5.00%, 07/15/2032      1,500       1,698  
Port Authority of New York & New Jersey, Consolidated Bond 233, Rev., 5.00%, 08/01/2038      670       767  
Port Authority of New York & New Jersey, Consolidated Bond Two Hund, Rev., AMT, 5.00%, 01/15/2039      1,250       1,378  
Port Authority of New York & New Jersey, Consolidated One Hundred Eighty,     
Rev., AMT, 5.00%, 09/01/2026      3,000       3,080  
Series 222, Rev., 4.00%, 07/15/2036      10,250       10,622  
Series 222, Rev., 5.00%, 07/15/2034      5,000       5,839  
State of New York Mortgage Agency, Social Bond, Series 239, Rev., SONYMA, 3.25%, 10/01/2051      290       285  
State of New York Mortgage Agency, Social Bonds,     
Series 233, Rev., 3.00%, 10/01/2045      2,330       2,284  
Series 235, Rev., AMT, 0.40%, 04/01/2023      215       215  
Series 235, Rev., AMT, 0.55%, 10/01/2023      190       187  
State of New York Mortgage Agency, Social Bonds 242, Rev., SONYMA, 3.50%, 10/01/2052      110       109  
Triborough Bridge & Tunnel Authority,     
Series A2, Rev., 2.00%, 05/15/2045 (z)      4,250       4,020  
Series A, Rev., BAN, 5.00%, 08/15/2024      3,000       3,093  
Series A, Rev., 5.00%, 11/15/2041      1,975       2,066  
Series A, Rev., 5.00%, 11/15/2047      2,500       2,730  
Series A, Rev., 5.00%, 11/15/2049      3,040       3,262  
Series B2, Rev., 5.00%, 11/15/2027      2,000       2,238  
Triborough Bridge & Tunnel Authority, Green Bond,     
Series E1, Rev., 5.00%, 11/15/2027      1,155       1,287  
Series E-2B, Rev., 5.00%, 11/15/2032      575       696  
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Rev., 5.00%, 05/15/2047      5,250       5,720  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
New York — continued     
Triborough Bridge & Tunnel Authority, MTA Bridges And Tunnels,     
Rev., 5.00%, 11/15/2026      3,660       4,001  
Rev., 5.00%, 11/15/2027      1,285       1,438  
Triborough Bridge & Tunnel Authority, MTA Bridges And Tunnels, Green Bonds, Rev., 5.00%, 11/15/2029      1,615       1,883  
Triborough Bridge & Tunnel Authority, Senior, Series C, Rev., 5.00%, 05/15/2040      5,000       5,620  
Triborough Bridge & Tunnel Authority, Senior Lien,     
Rev., 5.00%, 05/15/2050 (z)      7,000       7,450  
Series C, Rev., 5.25%, 05/15/2052      10,000       11,150  
Series C1-A, Rev., 5.00%, 05/15/2038      2,000       2,289  
Triborough Bridge & Tunnel Authority, Senior Lien MTA Bridges & Tunnels,     
Rev., 5.00%, 05/15/2035      2,000       2,362  
Rev., 5.00%, 05/15/2036      2,000       2,329  
Rev., 5.00%, 05/15/2038      4,240       4,836  
Triborough Bridge & Tunnel Authority, Subordinated, Series A, Rev., 5.00%, 11/15/2025      50       50  
Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Rev., 4.00%, 09/01/2036      750       751  
TSASC, Inc., Series B, Rev., 5.00%, 06/01/2048      6,780       6,226  
Utility Debt Securitization Authority, Restructuring, Rev., 5.00%, 12/15/2025      15       15  
Utility Debt Securitization Authority, Restructuring Bonds,     
Rev., 5.00%, 12/15/2033      1,500       1,595  
Series TE, Rev., 5.00%, 12/15/2029      1,500       1,684  
Series TE, Rev., 5.00%, 12/15/2032      800       955  
Westchester County Industrial Development Agency, Marble Hall Tuckahoe Limited, Rev., FHA, 0.28%, 04/01/2024 (z)      270       270  
Westchester County Local Development Corp., Purchase Senior Learning, Rev., 2.88%, 07/01/2026 (e)      500       475  
Western Regional Off-Track Betting Corp., Rev., 3.00%, 12/01/2026 (e)      340       309  
    

 

 

  
       733,365  
    

 

 

  
North Carolina — 0.9%     
Charlotte-Mecklenburg Hospital Authority, Atrium Health, Series B, Rev., 1.95%, 01/15/2048 (z)      2,285       2,181  
City of Charlotte Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2023      1,750       1,758  
City of Charlotte Airport Special Facilities Revenue, Charlotte Douglas International,     
Rev., 5.00%, 07/01/2049      5,000       5,313  
Rev., AMT, 5.00%, 07/01/2049      5,000       5,192  
City of Charlotte, 2003 Governmental Facilities Project, VRDO, COP, LIQ: Wells Fargo Bank NA, 3.90%, 04/07/2023 (z)      2,600       2,600  
City of Charlotte, Airport Special Facilities Revenue, Series B, Rev., AMT, 5.00%, 07/01/2027      1,315       1,413  
City of Goldsboro, Grand At Day Point Project, Rev., HUD, GNMA COLL, 0.28%, 05/01/2024 (z)      2,785       2,776  
County of Cumberland, Qualified School Construction Bonds, COP, 1.25%, 12/15/2025      4,000       3,666  
North Carolina Housing Finance Agency,     
Series 37A, Rev., AMT, 3.50%, 07/01/2039      55       55  
Series 44, Rev., 4.00%, 07/01/2050      345       348  
Series 45, Rev., GNMA/FNMA/FHLMC COLL, 1.90%, 01/01/2032      1,525       1,281  
North Carolina Housing Finance Agency, Home Ownership, Series 47, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051      980       958  
North Carolina Housing Finance Agency, Wind Crest Senior Living, Rev., 0.36%, 06/01/2024 (z)      825       822  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
North Carolina — continued     
North Carolina Medical Care Commission, CaroMont Health, Series A, Rev., 4.00%, 02/01/2036      500       517  
North Carolina Medical Care Commission, Lutheran Services for the Aging, Rev., 4.00%, 03/01/2041      1,050       814  
North Carolina Medical Care Commission, Presbyterian Homes Obligations,     
Series A, Rev., 4.00%, 10/01/2027      600       594  
Series A, Rev., 4.00%, 10/01/2040      1,200       1,023  
Series A, Rev., 4.00%, 10/01/2045      2,250       1,810  
North Carolina Medical Care Commission, Rex Healthcare, Series A, Rev., 5.00%, 07/01/2031      1,760       1,978  
North Carolina Medical Care Commission, The Forest at Duke Project, Rev., 4.00%, 09/01/2041      830       697  
North Carolina Turnpike Authority, Rev., BAN, 5.00%, 02/01/2024 (p)      7,130       7,256  
North Carolina Turnpike Authority, Senior Lien, Rev., AGM, 5.00%, 01/01/2038      2,375       2,520  
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., AGM, 5.00%, 01/01/2049      1,000       1,042  
Raleigh Durham Airport Authority,     
Series A, Rev., AMT, 5.00%, 05/01/2032      1,200       1,312  
State of North Carolina, Build Nc Programs, Series B, Rev., 5.00%, 05/01/2027      2,750       3,041  
State of North Carolina, Grant Anticipation Revenue, Rev., 5.00%, 03/01/2029      1,000       1,146  
University of North Carolina at Chapel Hill, University of North Carolina at Chapel Hill, Rev., (United States SOFR * 0.67 + 0.65%), 3.88%, 12/01/2041 (aa)      1,250       1,248  
Western Carolina University, Series B, Rev., 5.00%, 04/01/2031      2,120       2,425  
    

 

 

  
       55,786  
    

 

 

  
North Dakota — 0.3%     
Cass County Joint Water Resource District, Series A, GO, 0.48%, 05/01/2024      3,635       3,491  
City of Grand Forks, Altru Health System,     
Rev., 5.00%, 12/01/2027      595       629  
Rev., 5.00%, 12/01/2031      1,900       2,065  
City of West Fargo, Series A, GO, 2.00%, 05/01/2023      525       524  
County of Ward, Trinity Obligation Group, Series C, Rev., 5.00%, 06/01/2043      2,500       2,191  
North Dakota Housing Finance Agency,     
Series B, Rev., 3.00%, 07/01/2051      2,020       1,980  
Series C, Rev., 4.00%, 01/01/2050      755       764  
North Dakota Housing Finance Agency, Home Mortgage Financing Program, Series A, Rev., 3.00%, 01/01/2052      45       44  
North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Finance, Series D, Rev., 4.25%, 01/01/2049      2,385       2,406  
North Dakota Housing Finance Agency, Social Bonds, Series B, Rev., 3.00%, 07/01/2052      1,040       1,013  
North Dakota Housing Finance Agency, Social Bonds Home Mortgage Financing, Rev., 5.75%, 07/01/2053      1,315       1,434  
University of North Dakota, Series A, COP, AGM, 4.00%, 06/01/2046      1,480       1,425  
West Fargo Public School District No. 6, Series C, GO, 4.00%, 08/01/2026      300       315  
    

 

 

  
       18,281  
    

 

 

  
Ohio — 1.9%     
Akron Bath Copley Joint Township Hospital District, Rev., 5.25%, 11/15/2046      5,775       5,876  
Akron Bath Copley Joint Township Hospital District, Children’s Hospital Medical, Rev., 4.00%, 11/15/2042      1,265       1,232  
Akron Bath Copley Joint Township Hospital District, Summa Health Obligations,     
Rev., 4.00%, 11/15/2034      500       497  
Rev., 4.00%, 11/15/2035      1,000       978  
Rev., 4.00%, 11/15/2038      750       696  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Ohio — continued     
American Municipal Power, Inc., Fremont Energy Center Project,     
Rev., 4.00%, 02/15/2036      1,750       1,785  
Rev., 5.00%, 02/15/2026      600       639  
Buckeye Tobacco Settlement Financing Authority, Series B2, Rev., 5.00%, 06/01/2055      12,815       11,603  
Buckeye Tobacco Settlement Financing Authority, Senior, Series A2, Rev., 4.00%, 06/01/2048      2,210       1,950  
City of Cincinnati, Mercer Commons Phase 2 Project, Rev., 5.00%, 11/01/2035      1,085       1,141  
Cleveland Department of Public Utilities Division of Water, Series FF, Rev., 5.00%, 01/01/2026      300       321  
Columbus-Franklin County Finance Authority, Bridge Park D Block Project, Series A, Rev., 5.00%, 12/01/2051      1,000       975  
County of Allen, Hospital Facilities Revenue, Series A, Rev., 5.00%, 08/01/2027      50       55  
County of Butler, UC Health, Rev., 5.00%, 11/15/2030      1,300       1,390  
County of Franklin, Nationwide Children’s Hospital, Rev., 5.00%, 11/01/2031      1,000       1,165  
County of Hamilton, Trihealth, Inc. Obligated Group, Rev., 5.00%, 08/15/2040      1,510       1,605  
County of Montgomery, Dayton Children’s Hospital,     
Rev., 5.00%, 08/01/2027      725       791  
Rev., 5.00%, 08/01/2029      145       163  
Rev., 5.00%, 08/01/2033      230       265  
County of Montgomery, Kettering Health Network Obligations,     
Rev., 4.00%, 08/01/2037      525       532  
Rev., 4.00%, 08/01/2041      1,200       1,173  
Dayton Metropolitan Housing Authority, Southern Montgomery Apartments, Rev., HUD, 0.32%, 09/01/2024 (z)      1,505       1,482  
Hamilton City School District, Various Purpose, GO, 5.00%, 12/01/2034 (p)      1,500       1,561  
Lancaster Port Authority, Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 08/01/2049 (z)      5,000       5,100  
Miami University,     
Series A, Rev., 5.00%, 09/01/2028      515       582  
Series A, Rev., 5.00%, 09/01/2030      1,005       1,178  
Northeast Ohio Medical University,     
Rev., BAM, 5.00%, 12/01/2043      1,475       1,577  
Series A, Rev., 4.00%, 12/01/2035      250       249  
Ohio Air Quality Development Authority, American Electric Power Company, Series A, Rev., AMT, 2.10%, 01/01/2029 (z)      1,250       1,217  
Ohio Air Quality Development Authority, Dayton Power & Light, Rev., AMT, 4.25%, 11/01/2040 (z)      7,000       7,056  
Ohio Air Quality Development Authority, Duke Energy, Rev., AMT, 4.25%, 11/01/2039 (z)      7,205       7,265  
Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Rev., AMT, 2.50%, 11/01/2042 (z)      1,000       886  
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project,     
Rev., 1.38%, 02/01/2026 (z)      1,875       1,779  
Rev., 1.50%, 02/01/2026 (z)      120       110  
Ohio Higher Educational Facility Commission, Case Western Reserve, Rev., (SIFMA Municipal Swap Index + 0.23%), 4.20%, 12/01/2042 (aa)      155       149  
Ohio Higher Educational Facility Commission, Case Western Reserve University, Rev., 5.00%, 12/01/2040      1,065       1,124  
Ohio Higher Educational Facility Commission, Otterbein Homes Obligated, Rev., 4.00%, 07/01/2023      75       75  
Ohio Higher Educational Facility Commission, Senior University Circle, Inc. Project, Rev., 5.00%, 01/15/2037      265       267  
Ohio Higher Educational Facility Commission, University of Dayton, Rev., 5.00%, 02/01/2034      1,125       1,254  
Ohio Housing Finance Agency, Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 09/01/2048      980       997  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Ohio — continued     
Ohio Housing Finance Agency, Franklin Manor North Project, Rev., HUD, 0.25%, 09/01/2024 (z)      160       157  
Ohio Housing Finance Agency, Glen Meadows Apartments, Rev., HUD, 0.40%, 11/01/2024 (z)      620       607  
Ohio Housing Finance Agency, Marianna Terrace Apartments, Rev., HUD, 1.30%, 03/01/2025 (z)      330       323  
Ohio Housing Finance Agency, Post Oak Station, Rev., HUD, 3.35%, 07/01/2025 (z)      295       294  
Ohio Turnpike & Infrastructure Commission, Infrastructure Projects, Series A, Rev., 4.00%, 02/15/2038      1,500       1,529  
Ohio Turnpike & Infrastructure Commission, Junior Lien Infrastructure,     
Rev., 5.00%, 02/15/2028      500       561  
Rev., 5.00%, 02/15/2033      365       447  
Rev., 5.00%, 02/15/2039      3,000       3,460  
Ohio Water Development Authority, Series A, Rev., 5.00%, 06/01/2029      500       575  
Ohio Water Development Authority Water Pollution Control Loan Fund, Green Bond, Series A, Rev., 5.00%, 12/01/2034      160       190  
Ohio Water Development Authority Water Pollution Control Loan Fund, Loan Fund, Series A, Rev., 5.00%, 12/01/2031      1,000       1,106  
Ohio Water Development Authority, Fresh Water, Series A, Rev., 5.00%, 06/01/2023      155       156  
Ohio Water Development Authority, Sustainability Bond, Series A, Rev., 5.00%, 06/01/2031      300       359  
Ohio Water Development Authority, Water Pollution Control Loan Fund, Series A, Rev., VRDO, 3.75%, 04/07/2023 (z)      3,500       3,500  
State of Ohio,     
GO, 5.00%, 06/15/2028      1,000       1,134  
Series A, GO, 5.00%, 09/01/2024      130       135  
Series A, GO, 5.00%, 03/01/2034      1,000       1,219  
Series A, GO, 5.00%, 02/01/2038 (p)      3,000       3,217  
Series X, GO, 5.00%, 05/01/2035      300       357  
State of Ohio, Cleveland Clinic Health System,     
Rev., 5.00%, 01/01/2033      2,410       2,824  
Rev., 5.00%, 01/01/2034      2,425       2,826  
Rev., 5.00%, 01/01/2039      570       634  
Series A, Rev., 5.00%, 01/01/2027      940       1,024  
State of Ohio, Common Schools, Series C, GO, 5.00%, 03/15/2030      125       147  
State of Ohio, Garvee,     
Series 1A, Rev., 5.00%, 12/15/2025      800       854  
Series 1A, Rev., 5.00%, 12/15/2028      1,000       1,143  
Series 2022-1, Rev., 5.00%, 12/15/2028      1,000       1,142  
Series 2022-1, Rev., 5.00%, 12/15/2031      1,000       1,182  
State of Ohio, Higher Education,     
Series A, GO, 5.00%, 05/01/2032      10,000       11,016  
Series C, GO, 5.00%, 08/01/2028 (p)      350       398  
State of Ohio, Infrastructure Improvement, GO, 5.00%, 03/01/2034      1,000       1,204  
State of Ohio, Natural Resources, Series S, GO, 5.00%, 04/01/2024 (p)      180       180  
State of Ohio, Premier Health Partners,     
Rev., 4.00%, 11/15/2039      1,320       1,254  
Rev., 4.00%, 11/15/2041      1,450       1,352  
Rev., 5.00%, 11/15/2028      680       735  
State of Ohio, University Hospital Health, Rev., VRDO, 4.17%, 04/01/2023 (z)      1,500       1,500  
State of Ohio, University Hospitals Health, Rev., 4.00%, 01/15/2037      1,000       996  
State of Ohio, University Hospitals Health System, Series A, Rev., 5.00%, 01/15/2041      1,000       1,027  
    

 

 

  
       119,504  
    

 

 

  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Oklahoma — 0.4%     
Oklahoma City Economic Development Trust, Increment District #8 Project,     
Rev., 4.00%, 03/01/2032      1,640       1,785  
Rev., 4.00%, 03/01/2033      5,000       5,430  
Rev., 4.00%, 03/01/2034      4,440       4,790  
Oklahoma Development Finance Authority, Integris, Series A, Rev., 4.00%, 08/15/2038      2,000       2,005  
Oklahoma Development Finance Authority, Integris Obligated Group, Rev., VRDO, 4.27%, 04/07/2023 (z)      2,110       2,110  
Oklahoma Development Finance Authority, OU Health Project, Series A, Rev., 5.50%, 08/15/2037      1,110       1,074  
Oklahoma Development Finance Authority, OU Medicine Project, Series B, Rev., 5.50%, 08/15/2057      6,000       5,739  
Tulsa County Independent School District No. 1 Tulsa, Series B, GO, 2.00%, 09/01/2026      1,500       1,464  
    

 

 

  
       24,397  
    

 

 

  
Oregon — 0.7%     
City of Portland Water System Revenue, Second Lien,     
Series A, Rev., 4.00%, 05/01/2039      500       509  
Series A, Rev., 5.00%, 05/01/2033      1,825       2,108  
Hospital Facilities Authority of Multnomah County Oregon, Green Bond Terwilliger, Rev., 0.95%, 06/01/2027      1,200       1,048  
Jackson County School District No. 5 Ashland, GO, SCH BD GTY, 5.00%, 06/15/2030      1,000       1,148  
Medford Hospital Facilities Authority, Asante Project, Series A, Rev., AGM, 4.00%, 08/15/2045      1,330       1,281  
Multnomah County School District No. 1 Portland, GO, SCH BD GTY, 5.00%, 06/15/2028      1,850       2,093  
Oregon Health & Science University, Series B1, Rev., 5.00%, 07/01/2046 (z)      1,500       1,706  
Oregon State Business Development Commission, Intel Corp. Project, Series 232, Rev., 2.40%, 12/01/2040 (z)      200       199  
Oregon State Facilities Authority, Samaritan Health Services Project, Rev., 5.00%, 10/01/2031      1,740       1,825  
Port of Portland Airport Revenue,     
Series 27A, Rev., AMT, 5.00%, 07/01/2028      1,595       1,740  
Series 27A, Rev., AMT, 5.00%, 07/01/2036      1,000       1,090  
Port of Portland Airport Revenue, Green Bonds, Rev., AMT, 5.00%, 07/01/2036      500       561  
Port of Portland Airport Revenue, Portland International Air, Rev., AMT, 5.00%, 07/01/2035      1,270       1,377  
Port of Portland Airport Revenue, Portland International Airport, Series 25B, Rev., AMT, 5.00%, 07/01/2039      1,020       1,082  
Salem Hospital Facility Authority, Capital Manor Project,     
Rev., 4.00%, 05/15/2032      185       173  
Rev., 4.00%, 05/15/2040      750       608  
Salem Hospital Facility Authority, Multi Model, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2023      100       100  
Salem Hospital Facility Authority, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2046      3,000       3,074  
State of Oregon, Series N, GO, 5.00%, 12/01/2023      1,890       1,892  
State of Oregon Department of Transportation, Subordinate, Series A, Rev., 5.00%, 11/15/2036      9,095       10,246  
State of Oregon Housing & Community Services Department, Single Family Mortgage Program, Series A, Rev., 3.00%, 07/01/2052      645       631  
State of Oregon Housing & Community Services Department, The Susan Emmons Apartment, Rev., HUD, 0.38%, 06/01/2024 (z)      945       922  
State of Oregon, Article XI Q, Series F, GO, 5.00%, 05/01/2030      100       108  
State of Oregon, Article XI Q State Project,     
GO, 5.00%, 05/01/2025      500       526  
GO, 5.00%, 05/01/2030      405       477  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Oregon — continued     
State of Oregon, Article Xi-M & Xi-N Seismic, GO, 5.00%, 06/01/2030      1,995       2,353  
State of Oregon, Article XI-Q State Project, Series A, GO, 5.00%, 05/01/2027      1,220       1,350  
State of Oregon, Veterans Welfare Bonds Series, GO, 3.00%, 12/01/2051      1,425       1,386  
University of Oregon, Series A, Rev., 5.00%, 04/01/2048      1,000       1,059  
Yamhill County Hospital Authority, Friendsview, Series B3, Rev., 1.75%, 11/15/2026      1,360       1,269  
    

 

 

  
       43,941  
    

 

 

  
Pennsylvania — 5.8%     
Allegheny County Airport Authority, Series A, Rev., AGM, AMT, 4.00%, 01/01/2046      11,800       11,275  
Allegheny County Hospital Development Authority, Health Network Obligations,     
Rev., 5.00%, 04/01/2033      1,000       1,082  
Series A, Rev., 5.00%, 04/01/2047      1,560       1,607  
Allegheny County Hospital Development Authority, University Pittsburgh Medical Center, Rev., 4.00%, 07/15/2038      2,185       2,171  
Allegheny County Industrial Development Authority, United States Steel Corp., Rev., 4.88%, 11/01/2024      1,500       1,502  
Allegheny County Sanitary Authority, Rev., 5.75%, 06/01/2047      2,250       2,614  
Allegheny County, Hospital Development Authority, Health Network Obligations, Series A, Rev., 5.00%, 04/01/2023      1,000       1,000  
Allegheny County, Hospital Development Authority, Pittsburg University Medical Center,     
Series A, Rev., 4.00%, 07/15/2036      2,200       2,208  
Series A, Rev., 5.00%, 07/15/2027      765       833  
Allegheny County, Sanitary Authority,     
Series B, Rev., 4.00%, 06/01/2035      400       421  
Series B, Rev., 4.00%, 06/01/2036      675       705  
Series B, Rev., 5.00%, 06/01/2030      500       584  
Series B, Rev., 5.00%, 06/01/2032      550       644  
Series B, Rev., 5.00%, 06/01/2033      600       700  
Allentown Neighborhood Improvement Zone Development Authority, Forward Delivery, Rev., 5.00%, 05/01/2042      1,000       1,009  
Allentown Neighborhood Improvement Zone Development Authority, Senior Tax Revenue, Rev., 6.00%, 05/01/2042 (e) (f)      180       183  
Altoona Area School District, GO, BAM, 5.00%, 12/01/2048 (p)      1,000       1,067  
Bentworth School District, Series A, GO, BAM, 4.00%, 03/15/2025      1,380       1,414  
Berks County Industrial Development Authority, Tower Health Project,     
Rev., 4.00%, 11/01/2050      1,500       732  
Rev., 5.00%, 11/01/2047      2,155       1,303  
Bethlehem Area School District Authority, Bethlehem Area School District,     
Rev., (United States SOFR * 0.67 + 0.35%), 3.59%, 01/01/2030 (aa)      230       224  
Rev., (United States SOFR * 0.67 + 0.35%), 3.59%, 07/01/2031 (aa)      305       298  
Rev., (United States SOFR * 0.67 + 0.35%), 3.59%, 01/01/2032 (aa)      240       234  
Capital Region Water, Water Revenue, Rev., 5.00%, 07/15/2032      1,000       1,115  
Central Bradford Progress Authority, Guthrie Clinic, Rev., VRDO, 4.59%, 04/07/2023 (z)      400       400  
Chester County Health and Education Facilities Authority, Main Line Health System, Series A, Rev., 5.00%, 10/01/2035      2,025       2,155  
City of Lancaster, GO, BAM, 5.00%, 11/01/2047      6,665       7,171  
City of Philadelphia,     
GO, AGM, 5.00%, 08/01/2031      1,795       1,953  
Series A, GO, 5.00%, 08/01/2030      4,000       4,197  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Pennsylvania — continued     
City of Philadelphia Airport Revenue,     
Series A, Rev., 5.00%, 07/01/2047      5,000       5,131  
Series C, Rev., AMT, 4.00%, 07/01/2050      1,500       1,392  
Series C, Rev., AMT, 5.00%, 07/01/2028      10,000       10,816  
City of Philadelphia Airport Revenue, Private Activity, Rev., AGM, AMT, 4.00%, 07/01/2041      1,100       1,066  
City of Philadelphia Water & Wastewater Revenue,     
Series A, Rev., 5.00%, 11/01/2045      7,000       7,535  
Series C, Rev., 5.00%, 06/01/2042      1,000       1,099  
City of Philadelphia, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2035      2,235       2,335  
City of Philadelphia, Airport Revenue, Private Activity, Rev., AGM, AMT, 4.00%, 07/01/2046      3,750       3,581  
City of Philadelphia, Water & Wastewater Revenue, Series A, Rev., 5.00%, 11/01/2040      2,790       3,049  
City of Pittsburgh, GO, 5.00%, 09/01/2030      500       558  
Commonwealth of Pennsylvania,     
Series 1, GO, 4.00%, 03/15/2034      5,000       5,112  
Series 1, GO, 4.00%, 03/01/2035      3,650       3,812  
Series 1, GO, 4.00%, 03/15/2035      2,000       2,031  
County of Allegheny, Series C75, GO, 5.00%, 11/01/2028      2,305       2,493  
County of Berks, GO, 4.00%, 11/15/2027 (p)      225       227  
County of Lehigh, St. Luke’s Hospital Project, Rev., (SIFMA Municipal Swap Index + 1.10%), 5.07%, 08/15/2038 (aa)      355       350  
Cumberland County Municipal Authority, Rev., 5.00%, 05/01/2030      1,000       1,061  
Cumberland Valley School District,     
GO, 5.00%, 11/15/2032 (p)      150       152  
GO, 5.00%, 11/15/2034 (p)      140       142  
Delaware River Port Authority,     
Rev., 5.00%, 01/01/2037      3,000       3,039  
Rev., 5.00%, 01/01/2040      10,000       10,117  
Delaware Valley Regional Finance Authority,     
Series A, Rev., AMBAC, 5.50%, 08/01/2028      5,000       5,692  
Series C, Rev., (ICE LIBOR USD 3 Month * 0.67 + 0.75%), 4.08%, 06/01/2037 (aa)      250       221  
Geisinger Authority, Geisinger Health System Obligation Group, Rev., 4.00%, 04/01/2039      1,000       982  
Lancaster County Hospital Authority, Penn State Health, Rev., 5.00%, 11/01/2037      600       647  
Lancaster Industrial Development Authority, Landis Homes Retirement Community, Rev., 4.00%, 07/01/2056      765       553  
Lehigh County Industrial Development Authority, PPL Electric Utilities Project, Series A, Rev., 3.00%, 09/01/2029      3,455       3,479  
Monroeville Finance Authority,     
Series B, Rev., 5.00%, 02/15/2029      1,425       1,595  
Series B, Rev., 5.00%, 02/15/2038      1,200       1,296  
Series B, Rev., 5.00%, 02/15/2039      2,000       2,144  
Montgomery County Higher Education and Health Authority, Thomas Jefferson University,     
Rev., 4.00%, 05/01/2038      250       247  
Rev., VRDO, 4.53%, 04/07/2023 (z)      4,050       4,050  
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Rev., 4.00%, 09/01/2044      1,610       1,527  
Montgomery County Industrial Development Authority, Constellation Energy, Rev., 4.10%, 04/01/2053 (w) (z)      3,335       3,383  
Montgomery County Industrial Development Authority, Retirement Life Communities,     
Rev., 5.00%, 11/15/2033      1,500       1,519  
Series C, Rev., 5.00%, 11/15/2045      2,585       2,457  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Pennsylvania — continued     
New Castle Sanitation Authority, Series A, Rev., AGM, 3.00%, 06/01/2029      500       507  
Norristown Area School District, GO, 5.00%, 09/01/2026      1,500       1,614  
Pennsylvania Economic Development Financing Authority, Bridges Finco Project, Rev., AMT, 5.00%, 06/30/2023      495       497  
Pennsylvania Economic Development Financing Authority, Pennsylvania Bridges Finco LP P3 Project,     
Rev., AMT, 5.00%, 12/31/2030      3,460       3,565  
Rev., AMT, 5.00%, 12/31/2034      2,000       2,042  
Rev., AMT, 5.00%, 06/30/2042      1,250       1,252  
Pennsylvania Economic Development Financing Authority, Philadelphia Biosolids Facility,     
Rev., 4.00%, 01/01/2028      1,590       1,611  
Rev., 4.00%, 01/01/2029      450       455  
Rev., 4.00%, 01/01/2031      800       809  
Pennsylvania Economic Development Financing Authority, PPL Energy Supply LLC, Series B, Rev., VRDO, LOC: MUFG Bank Ltd., 5.00%, 04/07/2023 (z)      7,000       7,000  
Pennsylvania Economic Development Financing Authority, Republic Services, Inc. Project,     
Rev., AMT, 3.45%, 04/01/2034 (z)      5,000       4,999  
Rev., AMT, 3.45%, 04/01/2049 (z)      5,000       4,999  
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges,     
Rev., AGM, AMT, 5.00%, 12/31/2057      6,730       6,955  
Rev., AGM, AMT, 5.50%, 06/30/2042      5,640       6,173  
Rev., AMT, 5.75%, 06/30/2048      7,000       7,557  
Rev., AMT, 6.00%, 06/30/2061      1,500       1,643  
Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center, Rev., 5.00%, 07/01/2038      5,500       5,518  
Pennsylvania Economic Development Financing Authority, UPMC, Series A1, Rev., 4.00%, 04/15/2045      5,440       5,196  
Pennsylvania Economic Development Financing Authority, Waste Management Project, Rev., 0.95%, 12/01/2033 (z)      2,000       1,778  
Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Rev., AMT, 1.10%, 06/01/2031 (z)      2,000       1,792  
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project,     
Rev., AMT, 1.75%, 08/01/2038 (z)      5,000       4,846  
Rev., AMT, 3.50%, 08/01/2045 (z)      4,885       4,884  
Rev., AMT, (SIFMA Municipal Swap Index + 0.40%), 4.37%, 06/01/2041 (aa)      805       787  
Series A, Rev., AMT, 0.58%, 08/01/2037 (z)      2,610       2,491  
Pennsylvania Higher Education Assistance Agency, Series A, Rev., AMT, 5.00%, 06/01/2026      95       100  
Pennsylvania Higher Education Assistance Agency, Senior, Series A, Rev., AMT, 5.00%, 06/01/2028      3,775       4,018  
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Rev., 5.00%, 08/15/2042      1,250       1,305  
Pennsylvania Higher Educational Facilities Authority, University Pennsylvania Health System, Series A, Rev., 4.00%, 08/15/2035      1,170       1,196  
Pennsylvania Housing Finance Agency, Series 133, Rev., 3.00%, 10/01/2050      3,250       3,188  
Pennsylvania Housing Finance Agency, Harrison Senior Tower, Rev., 0.25%, 06/01/2024 (z)      185       184  
Pennsylvania Housing Finance Agency, School of Nursing, Rev., HUD, 0.27%, 08/01/2024 (z)      3,200       3,160  
Pennsylvania Housing Finance Agency, Social Bonds,     
Series 141B, Rev., VRDO, 3.85%, 04/07/2023 (z)      5,000       5,000  
Series 141A, Rev., 5.75%, 10/01/2053      3,075       3,353  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Pennsylvania — continued     
Pennsylvania Turnpike Commission,     
Series A1, Rev., 5.00%, 12/01/2027      1,000       1,114  
Series A1, Rev., 5.00%, 12/01/2031      250       277  
Series A1, Rev., 5.00%, 12/01/2034      1,000       1,092  
Series A1, Rev., 5.00%, 12/01/2045      7,685       7,844  
Series A1, Rev., 5.00%, 12/01/2046      1,000       1,030  
Series A2, Rev., 5.00%, 12/01/2024      100       104  
Series A, Rev., AGM, 5.25%, 07/15/2028      300       345  
Series A, Rev., 5.25%, 12/01/2044      2,500       2,694  
Series B, Rev., 4.00%, 12/01/2039      3,000       3,038  
Series B, Rev., 5.00%, 12/01/2026      400       437  
Series B, Rev., 5.00%, 12/01/2027      900       1,003  
Series B, Rev., 5.00%, 12/01/2028      700       796  
Series B, Rev., 5.00%, 12/01/2039      1,305       1,462  
Series B, Rev., 5.25%, 12/01/2047      3,000       3,332  
Series C, Rev., 4.00%, 12/01/2040      1,400       1,425  
Series C, Rev., 4.00%, 12/01/2042      1,555       1,567  
Series C, Rev., 5.00%, 12/01/2027      345       384  
Series C, Rev., 5.00%, 12/01/2041      1,560       1,709  
Series C, Rev., 5.00%, 12/01/2046      1,350       1,449  
Pennsylvania Turnpike Commission, Motor License, Rev., 5.00%, 12/01/2040      1,000       1,063  
Pennsylvania Turnpike Commission, Subordinate,     
Rev., 5.00%, 12/01/2030      1,750       1,917  
Series A, Rev., 4.00%, 12/01/2043      2,135       2,099  
Pennsylvania Turnpike Commission, Subordinated,     
Rev., 5.00%, 06/01/2026      2,000       2,123  
Series A, Rev., 5.00%, 12/01/2036      2,775       2,923  
Series B2, Rev., 5.00%, 06/01/2027      2,480       2,706  
Philadelphia Authority for Industrial Development, Rev., 5.00%, 05/01/2033      1,250       1,364  
Philadelphia Authority for Industrial Development, String Theory Charter School, Rev., 5.00%, 06/15/2040 (e) (f)      900       881  
Philadelphia Authority for Industrial Development, Thomas Jefferson University,     
Series A, Rev., 5.00%, 09/01/2032      1,110       1,186  
Series A, Rev., 5.00%, 09/01/2035      1,105       1,166  
Series A, Rev., 5.00%, 09/01/2047      1,000       1,020  
Philadelphia Gas Works Co., Series A, Rev., AGM, 4.00%, 08/01/2045      5,000       4,905  
Pittsburgh Water & Sewer Authority,     
Series B, Rev., AGM, 4.00%, 09/01/2036      500       516  
Series B, Rev., AGM, 4.00%, 09/01/2038      500       509  
Series B, Rev., AGM, 4.00%, 09/01/2045      2,250       2,267  
Series C, Rev., AGM, (SIFMA Municipal Swap Index + 0.65%), 4.62%, 09/01/2040 (aa)      3,110       3,111  
Ridley School District, GO, BAM, 5.25%, 11/15/2039      4,545       5,035  
School District of Philadelphia (The),     
Series A, GO, 5.00%, 09/01/2027      610       665  
Series A, GO, 5.00%, 09/01/2031      245       283  
Series A, GO, 5.00%, 09/01/2035      3,000       3,275  
Series F, GO, 5.00%, 09/01/2035      5,000       5,243  
School District of Philadelphia (The), Green Bond,     
Series B, GO, 5.00%, 09/01/2027      895       975  
Series B, GO, 5.00%, 09/01/2028      1,485       1,647  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Pennsylvania — continued     
Series B, GO, 5.00%, 09/01/2029      450       507  
Scranton School District, Series E, GO, BAM, 4.00%, 12/01/2037      1,025       1,042  
Southeastern Pennsylvania Transportation Authority, Asset Improvement Program,     
Rev., 5.25%, 06/01/2041      3,000       3,443  
Rev., 5.25%, 06/01/2042      1,500       1,713  
Rev., 5.25%, 06/01/2047      7,750       8,729  
Sports & Exhibition Authority of Pittsburgh and Allegheny County,     
Rev., AGM, 5.00%, 02/01/2027      2,250       2,445  
Rev., AGM, 5.00%, 02/01/2028      2,590       2,873  
State Public School Building Authority, Montgomery County Community College, Rev., 5.50%, 05/01/2033 (p)      1,000       1,002  
State Public School Building Authority, Northampton County Area Community,     
Rev., BAM, 4.00%, 03/01/2029      1,000       1,062  
Rev., BAM, 4.00%, 03/01/2030      640       677  
Rev., BAM, 4.00%, 03/01/2031      500       529  
Rev., BAM, 5.00%, 03/01/2027      715       775  
Rev., BAM, 5.00%, 03/01/2028      755       834  
State Public School Building Authority, Philadelphia School District, Rev., AGM, 5.00%, 06/01/2030      3,480       3,712  
Westmoreland County Industrial Development Authority, Excela Health Project,     
Series A, Rev., 4.00%, 07/01/2025      575       578  
Series A, Rev., 5.00%, 07/01/2028      1,400       1,484  
    

 

 

  
       355,551  
    

 

 

  
Puerto Rico — 0.8%     
Commonwealth of Puerto Rico, Restructured,     
Series A1, GO, 4.00%, 07/01/2033      481       433  
Series A1, GO, 4.00%, 07/01/2041      505       409  
Series A1, GO, 4.00%, 07/01/2046      525       409  
Series A1, GO, 5.25%, 07/01/2023      1,267       1,269  
Series A1, GO, 5.38%, 07/01/2025      1,917       1,947  
Series A1, GO, 5.63%, 07/01/2027      4,045       4,180  
Series A1, GO, 5.63%, 07/01/2029      2,000       2,088  
Series A1, GO, 5.75%, 07/01/2031      2,008       2,129  
Series A, GO, Zero Coupon, 07/01/2024      161       151  
Series A, GO, Zero Coupon, 07/01/2033      7,410       4,196  
Commonwealth of Puerto Rico, Subordinate, Note Claims, Series CW, 0.00%, 11/01/2043 (z)      2,279       992  
Puerto Rico Electric Power Authority,     
Series AAA, Rev., 5.25%, 07/01/2023 (d)      100       71  
Series AAA, Rev., 5.25%, 07/01/2024 (d)      2,450       1,746  
Series CCC, Rev., 4.63%, 07/01/2025 (d)      100       71  
Series DDD, Rev., 5.00%, 07/01/2020 (d)      570       399  
Series NN, Rev., NATL, 4.75%, 07/01/2033 (d)      30       30  
Series TT, Rev., 5.00%, 07/01/2020 (d)      285       200  
Series TT, Rev., 5.00%, 07/01/2021 (d)      100       70  
Series TT, Rev., 5.00%, 07/01/2037 (d)      1,200       858  
Series XX, Rev., 4.63%, 07/01/2025 (d)      100       71  
Series XX, Rev., 4.75%, 07/01/2026 (d)      295       209  
Series ZZ, Rev., 4.25%, 07/01/2020 (d)      470       324  
Series ZZ, Rev., 5.25%, 07/01/2019 (d)      580       407  
Series ZZ, Rev., 5.25%, 07/01/2023 (d)      500       356  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Puerto Rico — continued     
Puerto Rico Electric Power Authority, Libor, Series UU, Rev., AGM, (ICE LIBOR USD 3 Month * 0.67 + 0.52%), 3.71%, 07/01/2029 (d) (aa)      500       454  
Puerto Rico Highway & Transportation Authority, Restructured Toll Revenue, Series A, Rev., 5.00%, 07/01/2062      5,000       4,737  
Puerto Rico Highway & Transportation Authority, Restructured Toll Revenue Convertible Capital Appreciation, Series C, Rev., 0.00%, 07/01/2053      3,000       1,747  
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured,     
Series A1, Rev., Zero Coupon, 07/01/2031      2,925       1,951  
Series A1, Rev., 4.75%, 07/01/2053      3,000       2,744  
Series A1, Rev., 5.00%, 07/01/2058      7,500       7,063  
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured,     
Series A1, Rev., 4.55%, 07/01/2040      1,385       1,295  
Series A2, Rev., 4.33%, 07/01/2040      8,100       7,372  
    

 

 

  
       50,378  
    

 

 

  
Rhode Island — 0.2%     
Rhode Island Health and Educational Building Corp., Brown University, Series A, Rev., 4.00%, 09/01/2037      1,000       1,029  
Rhode Island Housing and Mortgage Finance Corp., Series 71, Rev., GNMA COLL, 3.75%, 10/01/2049      375       375  
Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity,     
Series 73A, Rev., 0.95%, 04/01/2026      500       466  
Series 73A, Rev., 1.10%, 04/01/2027      300       276  
Series 73A, Rev., 1.65%, 10/01/2029      715       635  
Series 73A, Rev., 3.00%, 10/01/2050      1,215       1,191  
Rhode Island Housing and Mortgage Finance Corp., Social Bonds, Series 75A, Rev., 3.00%, 10/01/2051      2,720       2,661  
Rhode Island Student Loan Authority, Senior Bond, Series A, Rev., AMT, 5.00%, 12/01/2029      370       411  
Tobacco Settlement Financing Corp., Series B, Rev., 4.50%, 06/01/2045      4,000       3,951  
    

 

 

  
       10,995  
    

 

 

  
South Carolina — 1.0%     
City of Columbia Waterworks & Sewer System Revenue, Rev., 5.00%, 02/01/2047      2,625       2,941  
City of Rock Hill SC Combined Utility System Revenue, Rev., 5.00%, 01/01/2027      250       266  
Columbia Housing Authority, Colonial Bluffs Apartments, Rev., 1.25%, 08/01/2025 (z)      770       746  
Columbia Housing Authority, Palmetto Terrace Apartment, Rev., 0.31%, 06/01/2024 (z)      80       80  
Lexington County Health Services District Inc., Lexmed Obligated Group,     
Rev., 4.00%, 11/01/2030      1,000       1,041  
Rev., 4.00%, 11/01/2031      1,000       1,038  
Patriots Energy Group Financing Agency, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 10/01/2048 (z)      40       40  
South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Series S, Rev., 5.00%, 12/01/2048 (z)      1,000       1,045  
South Carolina Jobs-Economic Development Authority, McLeod Health Projects, Rev., 5.00%, 11/01/2048      1,000       1,034  
South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Series A, Rev., 5.00%, 05/01/2030      1,500       1,622  
South Carolina Jobs-Economic Development Authority, Prisma Health Obligation Group, Rev., VRDO, 4.56%, 04/07/2023 (z)      5,800       5,800  
South Carolina Ports Authority, Rev., AMT, 5.00%, 07/01/2043      5,680       5,888  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
South Carolina — continued     
South Carolina Public Service Authority,     
Series A, Rev., 4.00%, 12/01/2033      1,000       1,021  
Series A, Rev., 4.00%, 12/01/2034      2,000       2,031  
Series A, Rev., 4.00%, 12/01/2037      2,000       1,980  
Series A, Rev., 4.00%, 12/01/2038      520       513  
Series A, Rev., 5.00%, 12/01/2024      500       516  
Series A, Rev., 5.00%, 12/01/2027      1,525       1,659  
Series A, Rev., 5.00%, 12/01/2028      1,700       1,767  
Series A, Rev., 5.00%, 12/01/2029      85       95  
Series A, Rev., 5.00%, 12/01/2031      4,500       5,043  
Series A, Rev., 5.00%, 12/01/2032      1,000       1,113  
Series B, Rev., 5.00%, 12/01/2041      1,000       1,020  
South Carolina Public Service Authority, Bond Exchange, Series A, Rev., 5.00%, 12/01/2050      5,000       5,023  
South Carolina Public Service Authority, Obligations, Series C, Rev., 5.00%, 12/01/2027      1,600       1,712  
South Carolina State Housing Finance & Development Authority,     
Series A, Rev., 3.00%, 01/01/2052      725       709  
Series A, Rev., 4.00%, 01/01/2052      880       896  
Series B, Rev., 3.25%, 01/01/2052      7,135       7,048  
South Carolina State Housing Finance & Development Authority, James Lewis Jr. Eastside, Rev., FNMA COLL, 0.30%, 09/01/2024 (z)      2,190       2,115  
South Carolina State Housing Finance & Development Authority, Villages At Congaree, Rev., 1.25%, 06/01/2025 (z)      895       871  
Spartanburg Housing Authority, Connecticut Village Apartments, Rev., 1.05%, 08/01/2025 (z)      625       617  
Spartanburg Housing Authority, Hickory Heights And Oakland, Rev., HUD, 0.29%, 10/01/2024 (z)      1,000       981  
Spartanburg Regional Health Services District, Services District, Inc.,     
Rev., 5.00%, 04/15/2026      565       596  
Rev., 5.00%, 04/15/2028      500       546  
    

 

 

  
       59,413  
    

 

 

  
South Dakota — 0.1%     
County of Lincoln, Augustana College Association, Rev., 4.00%, 08/01/2041      250       222  
South Dakota Housing Development Authority, Homeownership Mortgage, Series B, Rev., 3.00%, 11/01/2051      2,780       2,719  
    

 

 

  
       2,941  
    

 

 

  
Tennessee — 1.2%     
Chattanooga Health Educational & Housing Facility Board, Battery Heights Apartments, Rev., 0.20%, 08/01/2024 (z)      90       89  
Chattanooga Health Educational & Housing Facility Board, Commonspirit Health, Series A1, Rev., 5.00%, 08/01/2028      305       334  
City of Clarksville Water Sewer & Gas Revenue, Rev., 5.00%, 02/01/2041 (p)      965       1,032  
City of Memphis Storm Water System Revenue, Rev., 5.00%, 10/01/2044      3,365       3,571  
County of Coffee, GO, 5.00%, 06/01/2026      250       270  
Health Educational and Housing Facility Board of the City of Memphis (The), Tillman Cove Apartments, Rev., HUD, 0.55%, 12/01/2024 (z)      2,275       2,183  
Knox County Health Educational & Housing Facility Board, Westview Towers Project, Rev., HUD, 3.95%, 12/01/2027 (z)      410       415  
Knoxville’s Community Development Corp., Austin 1B Apartments Project, Rev., 0.22%, 10/01/2024 (z)      320       314  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Tennessee — continued     
Memphis-Shelby County Airport Authority,     
Rev., AMT, 5.00%, 07/01/2032      270       290  
Rev., AMT, 5.00%, 07/01/2043      2,055       2,107  
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bond, Vanderbilt University Medical Center, Series A, Rev., 5.00%, 07/01/2040      7,555       7,769  
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds, Richland Hills Apartments Project, Rev., HUD, 1.25%, 12/01/2024 (z)      5,644       5,574  
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds, Vanderbilt University Medical, Rev., 5.00%, 07/01/2031      2,785       3,120  
Metropolitan Government Nashville & Davidson County Industrial Development Board, Waste Management, Inc. Tenn Project, Rev., AMT, 0.58%, 08/01/2031 (z)      600       573  
Metropolitan Government of Nashville & Davidson County, Water & Sewer Revenue, Rev., 5.00%, 07/01/2025 (p)      50       50  
Metropolitan Nashville Airport Authority (The),     
Series B, Rev., AMT, 5.00%, 07/01/2026      70       74  
Series B, Rev., AMT, 5.00%, 07/01/2027      170       181  
Series B, Rev., AMT, 5.25%, 07/01/2033      270       310  
Series B, Rev., AMT, 5.25%, 07/01/2047      3,500       3,744  
Series B, Rev., AMT, 5.50%, 07/01/2038      1,625       1,839  
Tennergy Corp., Series A, Rev., 4.00%, 12/01/2051 (z)      5,500       5,417  
Tennergy Corp., Gas Supply Bonds, Series A, Rev., 5.50%, 10/01/2053 (z)      5,000       5,308  
Tennessee Energy Acquisition Corp.,     
Rev., 4.00%, 11/01/2049 (z)      4,480       4,476  
Rev., 5.00%, 05/01/2052 (z)      20,595       21,487  
Tennessee Energy Acquisition Corp., Gas Project, Series A1, Rev., 5.00%, 05/01/2053 (z)      4,000       4,117  
Tennessee Energy Acquisition Corp., Junior, Series B, Rev., 5.63%, 09/01/2026      1,410       1,477  
Tennessee Energy Acquisition Corp., Project, Series A, Rev., 4.00%, 05/01/2048 (z)      500       500  
Tennessee Housing Development Agency, Residential Finance Program I, Rev., 3.75%, 01/01/2050      235       235  
    

 

 

  
       76,856  
    

 

 

  
Texas — 8.7%     
Argyle Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2027      1,000       1,108  
Arlington Higher Education Finance Corp.,     
Series A, Rev., PSF-GTD, 4.00%, 08/15/2024      200       203  
Series A, Rev., PSF-GTD, 4.00%, 08/15/2025      445       455  
Series A, Rev., PSF-GTD, 4.00%, 08/15/2026      265       275  
Series A, Rev., PSF-GTD, 4.00%, 08/15/2030      425       449  
Series A, Rev., PSF-GTD, 5.00%, 08/15/2031      555       650  
Arlington Higher Education Finance Corp., Legacy Traditional Schools, Rev., 4.13%, 02/15/2041      815       619  
Arlington Higher Education Finance Corp., Legacy Traditional Schools Texas, Rev., 6.00%, 02/15/2042 (e)      250       238  
Austin Convention Enterprises, Inc., First Tier Convention Center, Rev., 5.00%, 01/01/2033      1,125       1,161  
Austin Independent School District,     
GO, 5.00%, 08/01/2026      1,000       1,084  
GO, 5.00%, 08/01/2038      500       587  
Barbers Hill Independent School District,     
GO, PSF-GTD, 5.00%, 02/15/2033      1,010       1,215  
GO, PSF-GTD, 5.00%, 02/15/2035      3,000       3,548  
Beaumont Independent School District, GO, PSF-GTD, 5.00%, 02/15/2028      1,535       1,640  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Texas — continued     
Bexar County Hospital District, Certificates of Obligation,     
GO, 5.00%, 02/15/2036      370       423  
GO, 5.00%, 02/15/2037      230       260  
Board of Regents of the University of Texas System,     
Series A, Rev., 5.00%, 08/15/2030      1,000       1,181  
Series E, Rev., 5.00%, 08/15/2027      1,000       1,112  
Brazoria County Toll Road Authority, Subordinated Lien, Series A, Rev., CNTY GTD, 5.00%, 03/01/2033      1,670       1,812  
Brazosport Independent School District,     
GO, PSF-GTD, 5.00%, 02/15/2029      2,000       2,281  
GO, PSF-GTD, 5.00%, 02/15/2030      1,925       2,193  
Cameron County Housing Finance Corp., Sunfield Country Apartments, Rev., 0.28%, 02/01/2024 (z)      415       410  
Capital Area Housing Finance Corp., Redwood Apartments, Rev., 0.41%, 01/01/2041 (z)      6,605       6,425  
Central Texas Regional Mobility Authority,     
Series B, Rev., 4.00%, 01/01/2040      800       785  
Series B, Rev., 4.00%, 01/01/2051      1,250       1,145  
Series B, Rev., 5.00%, 01/01/2037      1,000       1,095  
Series B, Rev., 5.00%, 01/01/2046      1,500       1,599  
Central Texas Regional Mobility Authority, Senior Lien,     
Series B, Rev., 4.00%, 01/01/2039      600       595  
Series B, Rev., 4.00%, 01/01/2040      500       491  
Series B, Rev., 5.00%, 01/01/2024      230       233  
Series B, Rev., 5.00%, 01/01/2045      3,595       3,810  
Series D, Rev., 5.00%, 01/01/2033      480       544  
Series E, Rev., 5.00%, 01/01/2045      2,665       2,825  
Central Texas Regional Mobility Authority, Subordinated, Series F, Rev., BAN, 5.00%, 01/01/2025      4,770       4,875  
Central Texas Turnpike System, Subordinate, Series C, Rev., 5.00%, 08/15/2042      5,000       5,021  
City Austin, Certificates Obligation,     
GO, 5.00%, 09/01/2032      1,750       2,044  
GO, 5.00%, 09/01/2033      1,100       1,281  
GO, 5.00%, 09/01/2034      1,750       2,027  
City of Arlington, Tax Increment Reinvestment Zone, Tax Allocation, 4.00%, 08/15/2041      1,000       934  
City of Arlington, Water & Wastewater System Revenue, Rev., 5.00%, 06/01/2023      90       90  
City of Austin Airport System Revenue,     
Rev., AMT, 5.00%, 11/15/2029      1,400       1,545  
Rev., AMT, 5.00%, 11/15/2040      1,500       1,618  
City of Austin Water & Wastewater System Revenue,     
Rev., 4.00%, 11/15/2036      185       191  
Rev., 5.00%, 11/15/2039      500       511  
Series C, Rev., 5.00%, 11/15/2025 (p)      175       186  
Series C, Rev., 5.00%, 11/15/2032      1,000       1,173  
City of Austin Water & Wastewater System Revenue, Unrefunded, Series C, Rev., 5.00%, 11/15/2025      335       356  
City of Austin, Airport System Revenue,     
Series B, Rev., AMT, 5.00%, 11/15/2030      1,000       1,103  
Series B, Rev., AMT, 5.00%, 11/15/2033      1,130       1,187  
Series B, Rev., AMT, 5.00%, 11/15/2036      3,335       3,505  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Texas — continued     
City of Austin, Electric Utility Revenue,     
Series B, Rev., 5.00%, 11/15/2037      1,505       1,676  
Series B, Rev., 5.00%, 11/15/2038      1,340       1,485  
Series B, Rev., 5.00%, 11/15/2044      1,000       1,079  
City of Austin, Refunding & Public Improvement, GO, 5.00%, 09/01/2033      620       722  
City of Austin, Water & Wastewater System Revenue, Rev., 5.00%, 11/15/2041      7,000       7,350  
City of Dallas Housing Finance Corp., Midpark Towers, Rev., 0.35%, 01/01/2024 (z)      120       119  
City of Dallas Waterworks & Sewer System Revenue,     
Series A, Rev., 5.00%, 10/01/2047      5,000       5,595  
Series C, Rev., 4.00%, 10/01/2031      2,000       2,158  
City of Dallas, Waterworks & Sewer System Revenue,     
Series C, Rev., 4.00%, 10/01/2039      7,470       7,721  
Series C, Rev., 4.00%, 10/01/2040      1,000       1,026  
Series C, Rev., 5.00%, 10/01/2029      1,125       1,300  
City of Eagle Pass, Certificates Obligation,     
GO, AGM, 4.00%, 03/01/2039      500       505  
GO, AGM, 4.00%, 03/01/2041      680       685  
City of Fort Worth, GO, 4.00%, 03/01/2030      1,150       1,220  
City of Garland, Certificates Obligation, GO, 5.00%, 02/15/2024      275       280  
City of Haslet, Improvement Area Second Project, Special Assessment, 3.25%, 09/01/2031 (e)      500       420  
City of Houston Airport System Revenue, Subordinated, Series A, Rev., AMT, 4.00%, 07/01/2035      1,000       1,015  
City of Houston Airport System Revenue, Subordinated Lien,     
Series A, Rev., AMT, 4.00%, 07/01/2040      3,570       3,476  
Series A, Rev., AMT, 5.00%, 07/01/2024      1,000       1,019  
Series A, Rev., AMT, 5.00%, 07/01/2028      1,000       1,084  
Series A, Rev., AMT, 5.00%, 07/01/2034      2,500       2,752  
Series B, Rev., 5.00%, 07/01/2027      1,995       2,197  
City of Houston Airport System Revenue, United Airlines, Inc. Terminal, Rev., AMT, 4.00%, 07/15/2041      4,365       3,701  
City of Houston Combined Utility System Revenue, First Lien, Series A, Rev., 4.00%, 11/15/2033      1,200       1,292  
City of Houston Hotel Occupancy Tax & Special Revenue, Convention & Entertainment,     
Rev., 4.00%, 09/01/2023      50       50  
Rev., 4.00%, 09/01/2024      150       152  
Rev., 4.00%, 09/01/2025      45       46  
Rev., 4.00%, 09/01/2029      280       298  
City of Houston, Airport System Revenue, Series C, Rev., AMT, 5.00%, 07/01/2028      470       509  
City of Houston, Airport System Revenue, Special Facilities, United Airlines, Inc., Rev., AMT, 5.00%, 07/15/2028      600       604  
City of Houston, Airport System Revenue, Subordinated Lien,     
Series A, Rev., AMT, 5.00%, 07/01/2028      890       964  
Series B, Rev., 5.00%, 07/01/2026      1,000       1,080  
City of Houston, Combined Utility System Revenue, First Lien,     
Series A, Rev., 5.00%, 11/15/2029      1,100       1,276  
Series C, Rev., 5.00%, 11/15/2029      1,850       2,145  
City of Justin, Timberbrook Public Improvement, Special Assessment, 3.00%, 09/01/2031 (e)      315       272  
City of Kyle, 6 Creeks Public Improvement, Special Assessment, 2.63%, 09/01/2025 (e) (f)      330       309  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Texas — continued     
City of Lubbock Electric Light & Power System Revenue,     
Rev., 5.00%, 04/15/2026      800       858  
Rev., 5.00%, 04/15/2027      785       861  
Rev., 5.00%, 04/15/2028      900       1,004  
City of McKinney Waterworks & Sewer System Revenue, Rev., 5.00%, 03/15/2026      350       375  
City of Palestine, Certificates Obligation, GO, AGM, 4.00%, 02/15/2046      5,000       4,888  
City of San Antonio Electric & Gas Systems Revenue,     
Rev., 4.00%, 02/01/2030      1,660       1,781  
Rev., 5.00%, 02/01/2025      3,095       3,231  
City of San Antonio Electric & Gas Systems Revenue, Junior Lien,     
Rev., 4.00%, 02/01/2037      1,000       1,024  
Rev., (SIFMA Municipal Swap Index + 0.87%), 4.84%, 02/01/2048 (aa)      3,000       3,000  
Series D, Rev., 1.13%, 12/01/2045 (z)      6,510       5,830  
City of San Antonio, Electric & Gas Systems Revenue, Rev., 4.00%, 02/01/2027      2,000       2,110  
Cleburne Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2036      1,065       1,122  
Clifton Higher Education Finance Corp., Idea Public School,     
Series A, Rev., 4.00%, 08/15/2035      415       418  
Series A, Rev., 4.00%, 08/15/2047      1,300       1,192  
Series T, Rev., PSF-GTD, 4.00%, 08/15/2036      700       732  
Series T, Rev., PSF-GTD, 4.00%, 08/15/2047      1,175       1,162  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2023      60       60  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2024      65       67  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2025      70       74  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2026      55       59  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2027      30       33  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2028      40       45  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2030      215       248  
Clifton Higher Education Finance Corp., Idea Public Schools, Rev., PSF-GTD, 5.00%, 08/15/2026      1,840       1,978  
Clifton Higher Education Finance Corp., International Leadership of Texas,     
Rev., PSF-GTD, 4.00%, 08/15/2023      75       76  
Rev., PSF-GTD, 4.00%, 08/15/2024      115       117  
Rev., PSF-GTD, 4.00%, 08/15/2025      145       149  
Conroe Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2024      750       766  
County of Bexar,     
GO, 4.00%, 06/15/2040      11,085       11,113  
GO, 5.00%, 06/15/2043 (p)      2,000       2,163  
County of Dallas, Certificates of Obligation, GO, 5.00%, 08/15/2041      2,550       2,876  
County of El Paso, Series A, GO, 5.00%, 02/15/2027      1,430       1,531  
County of Harris,     
Series A, GO, 5.00%, 10/01/2024      1,900       1,970  
Series A, GO, 5.00%, 10/01/2029      1,150       1,334  
County of Harris, Subordinate, Series A, GO, 5.00%, 08/15/2026      1,750       1,900  
County of Nueces, GO, 5.00%, 02/15/2029      460       523  
Cypress-Fairbanks Independent School District, School Building, Series B2, GO, PSF-GTD, 0.28%, 02/15/2040 (z)      1,350       1,295  
Dallas Area Rapid Transit,     
Series A, Rev., 5.00%, 12/01/2029 (p)      1,890       2,009  
Series A, Rev., 5.00%, 12/01/2046 (p)      2,000       2,125  
Dallas Area Rapid Transit, Senior Lien, Rev., 5.00%, 12/01/2032      1,000       1,149  
Dallas Fort Worth International Airport, Series B, Rev., 5.00%, 11/01/2050      4,000       4,323  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Texas — continued     
Dallas Fort Worth International Airport, Dallas Fort Worth International,     
Rev., 5.00%, 11/01/2025      1,825       1,937  
Rev., 5.00%, 11/01/2026      2,850       3,093  
Dallas Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026      1,240       1,330  
Deer Park Independent School District, GO, PSF-GTD, 5.00%, 08/15/2028      1,000       1,132  
Del Valle Independent School District,     
GO, PSF-GTD, 4.00%, 06/15/2031      3,085       3,322  
GO, PSF-GTD, 4.00%, 06/15/2032      3,405       3,656  
GO, PSF-GTD, 4.00%, 06/15/2033      5,740       6,138  
GO, PSF-GTD, 4.00%, 06/15/2034      3,280       3,475  
GO, PSF-GTD, 5.00%, 06/15/2026      1,750       1,892  
Denton Independent School District,     
GO, PSF-GTD, 3.00%, 08/15/2033      1,605       1,597  
GO, PSF-GTD, 5.00%, 08/15/2027      1,000       1,107  
Eagle Mountain & Saginaw Independent School District, GO, PSF-GTD, 5.00%, 08/15/2026      1,000       1,081  
Fort Bend Grand Parkway Toll Road Authority,     
Series A, Rev., CNTY GTD, 5.00%, 03/01/2026      750       803  
Series A, Rev., CNTY GTD, 5.00%, 03/01/2027      285       312  
Series A, Rev., CNTY GTD, 5.00%, 03/01/2029      890       1,016  
Series A, Rev., CNTY GTD, 5.00%, 03/01/2030      1,000       1,159  
Fort Bend Independent School District,     
Series B, GO, PSF-GTD, 0.72%, 08/01/2051 (z)      640       586  
Series B, GO, PSF-GTD, 0.88%, 08/01/2050 (z)      860       814  
Fort Worth Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040      1,750       2,023  
Frisco Independent School District, school Building, Series A, GO, PSF-GTD, 4.00%, 08/15/2032      2,140       2,211  
Galveston Independent School District, GO, PSF-GTD, 5.00%, 02/01/2031      670       779  
Galveston Public Facility Corp., The Oleanders At Broadway, Rev., HUD, 0.47%, 08/01/2025 (z)      560       536  
Goose Creek Consolidated Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026      900       965  
Grand Parkway Transportation Corp., Grand Parkway System, Rev., 4.00%, 10/01/2045      10,125       9,835  
Grand Parkway Transportation Corp., Subordinated Tier Toll, Series B, Rev., 5.00%, 04/01/2053 (p)      100       101  
Hale Center Education Facilities Corp., Wayland Baptist University Project, Rev., 5.00%, 03/01/2034      1,265       1,352  
Harlandale Independent School District, GO, PSF-GTD, 0.75%, 08/15/2045 (z)      465       445  
Harlandale Independent School District, Variable Maintenance Tax Notes, GO, BAM, 2.00%, 08/15/2040 (z)      350       346  
Harlingen Consolidated Independent School District, GO, PSF-GTD, 5.00%, 08/15/2024      80       83  
Harris County Cultural Education Facilities Finance Corp., Medical Facilities Mortgage Revenue, Rev., (ICE LIBOR USD 1 Month * 0.70 + 0.65%), 3.91%, 11/15/2046 (aa)      1,130       1,132  
Harris County Cultural Education Facilities Finance Corp., Texas Children’s Hospital,     
Rev., 4.00%, 10/01/2041      3,205       3,204  
Rev., 5.00%, 10/01/2051 (z)      3,000       3,467  
Harris County Cultural Education Facilities Finance Corp., Texas Medical Center, Series A, Rev., 0.90%, 05/15/2050 (z)      6,315       5,959  
Harris County Flood Control District, Series A, GO, 5.00%, 10/01/2029      1,700       1,974  
Harris County Toll Road Authority, First Lien, Rev., 5.00%, 08/15/2030      1,200       1,411  
Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann, Rev., 5.00%, 06/01/2032 (z)      1,000       1,032  
Harris County, Toll Road Authority, Senior Lien, Series A, Rev., 5.00%, 08/15/2024      100       103  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Texas — continued     
Hidalgo County Regional Mobility Authority, Senior Lien,     
Series A, Rev., 5.00%, 12/01/2032      1,000       1,060  
Series A, Rev., 5.00%, 12/01/2033      575       607  
Series A, Rev., 5.00%, 12/01/2034      750       785  
Housing Options, Inc., The Oaks Project, Rev., 0.50%, 08/01/2041 (z)      240       223  
Houston Higher Education Finance Corp., Houston Baptist University, Rev., 4.00%, 10/01/2051      1,100       900  
Houston Housing Finance Corp., Temenos Place Apartments, Rev., 0.29%, 08/01/2024 (z)      60       59  
Houston Independent School District, Series C, GO, PSF-GTD, 4.00%, 06/01/2039 (z)      4,350       4,464  
Katy Independent School District, Series B, GO, PSF-GTD, 5.00%, 02/15/2036      2,475       2,626  
Kilgore Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026      450       482  
Lake Houston Redevelopment Authority, Rev., 4.00%, 09/01/2035      250       243  
Love Field Airport Modernization Corp., Southwest Airlines Co. Project, Rev., AMT, 5.00%, 11/01/2028      2,000       2,000  
Lower Colorado River Authority,     
Rev., AGM, 4.00%, 05/15/2033      500       507  
Rev., AGM, 5.00%, 05/15/2031      4,795       5,671  
Rev., AGM, 5.00%, 05/15/2032      5,000       5,892  
Lower Colorado River Authority, LCRA Transmission Services,     
Rev., 5.00%, 05/15/2023      2,265       2,271  
Rev., 5.00%, 05/15/2027      700       771  
Lower Colorado River Authority, LCRA Transmission Services, Rev., 5.00%, 05/15/2030      1,000       1,161  
Lower Colorado, River Authority, Transmission Services Contract, Rev., 5.00%, 05/15/2029      100       114  
Mansfield Independent School District, GO, PSF-GTD, 3.00%, 08/01/2036      1,000       949  
Matagorda County Navigation District No. 1, Central Power & Light Co., Rev., 2.60%, 11/01/2029      3,500       3,159  
Matagorda County Navigation District No. 1, Central Power and Light Co., Rev., AMT, 0.90%, 05/01/2030 (z)      4,945       4,873  
Medina Valley Independent School District, GO, PSF-GTD, 0.82%, 02/15/2051 (z)      615       568  
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Contractual Obligation, Series B, Rev., 5.00%, 11/01/2025      435       463  
Midland County Public Facility Corp., Palladium West Francis, Rev., 0.35%, 06/01/2024 (z)      3,000       2,982  
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A, Rev., 5.00%, 08/15/2047      1,000       1,032  
New Hope Cultural Education Facilities Finance Corp., Westminster Project, Rev., 4.00%, 11/01/2049      100       74  
Newark Higher Education Finance Corp., Austin Achieve Public Schools, Rev., PSF-GTD, 5.00%, 06/15/2038      1,365       1,557  
North Central Texas Housing Finance Corp., Bluebonnet Ridge Apartment, Rev., 0.38%, 08/01/2040 (z)      505       481  
North East Independent School District, Series C, GO, PSF-GTD, 2.05%, 08/01/2046 (z)      2,665       2,654  
North Fort Bend Water Authority, Rev., BAM, 5.00%, 12/15/2026      1,520       1,661  
North Texas Municipal Water District Water System Revenue, Rev., 3.00%, 09/01/2041      575       494  
North Texas Tollway Authority,     
Series A, Rev., 5.00%, 01/01/2029      1,800       1,909  
Series B, Rev., 5.00%, 01/01/2027      1,150       1,199  
North Texas Tollway Authority, Capital Appreciation, First Tier, Rev., AGC, Zero Coupon, 01/01/2030      1,500       1,196  
North Texas Tollway Authority, First Tier Bonds,     
Series A, Rev., 4.00%, 01/01/2035      2,000       2,076  
Series A, Rev., 5.00%, 01/01/2037      1,500       1,695  
Series A, Rev., 5.00%, 01/01/2040      4,000       4,392  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Texas — continued     
North Texas Tollway Authority, Second Tier,     
Rev., 5.00%, 01/01/2048      2,335       2,434  
Series B, Rev., 4.00%, 01/01/2035      1,000       1,050  
Series B, Rev., 4.00%, 01/01/2037      1,000       1,028  
Series B, Rev., 5.00%, 01/01/2027      215       228  
Series B, Rev., 5.00%, 01/01/2033      1,000       1,077  
North Texas Tollway Authority, Unrefunded First Tier, Series A, Rev., 5.00%, 01/01/2025      45       45  
Northside Independent School District, GO, PSF-GTD, 0.70%, 06/01/2050 (z)      13,550       12,833  
Northwest Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2042 (p)      4,515       4,841  
Odessa Junior College District, Consolidated Fund, Rev., AGM, 4.00%, 07/01/2026      1,015       1,060  
Pasadena Independent School District, GO, PSF-GTD, 5.00%, 02/15/2047      2,000       2,218  
Pearland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026      1,075       1,152  
Permanent University Fund - Texas A&M University System, Board Of Regents, Rev., 5.00%, 07/01/2039      1,500       1,733  
Permanent University Fund - University of Texas System, Permanent University Fund Bonds, Rev., 5.00%, 07/01/2033      1,090       1,145  
Plano Independent School District, GO, 5.00%, 02/15/2027      650       713  
Port Authority of Houston of Harris County Texas,     
Rev., 5.00%, 10/01/2026      850       925  
Rev., 5.00%, 10/01/2028      1,250       1,417  
Rev., 5.00%, 10/01/2029      1,250       1,444  
Port Beaumont Navigation District, Jefferson Gulf Coast Energy,     
Rev., AMT, 2.00%, 01/01/2027 (e)      550       486  
Rev., AMT, 2.25%, 01/01/2029 (e)      800       665  
Rev., AMT, 2.88%, 01/01/2041 (e)      120       79  
Port of Beaumont Industrial Development Authority, Taxable Jefferson Gulf Coast Energy, Rev., 4.10%, 01/01/2028 (e)      3,000       2,419  
Port of Port Arthur Navigation District, Motiva Enterprises, Rev., VRDO, 4.42%, 04/07/2023 (z)      13,600       13,600  
Prosper Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2030      25       29  
Rockwall Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2038      1,000       1,125  
Round Rock Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2031      1,000       1,150  
San Antonio Education Facilities Corp., University of The Incarnate Word,     
Rev., 4.00%, 04/01/2038      2,065       1,924  
Rev., 4.00%, 04/01/2041      1,000       899  
San Antonio Housing Trust Finance Corp., The Arbors At West Avenue, Rev., HUD, 1.45%, 03/01/2026 (z)      805       774  
San Antonio Water System, Series 2013F, Rev., 1.00%, 05/01/2043 (z)      5,000       4,533  
San Antonio Water System, Junior Lien, Series A, Rev., 5.00%, 05/15/2043      3,500       3,737  
Spring Branch Independent School District, GO, PSF-GTD, 5.00%, 02/01/2028      1,660       1,865  
State of Texas, Series B, GO, 4.00%, 08/01/2030      60       62  
State of Texas, Mobility Fund, Series B, GO, 5.00%, 10/01/2032      14,655       15,471  
State of Texas, Public Finance Authority, GO, 5.00%, 10/01/2026      1,000       1,090  
State of Texas, Water Financial Assistance,     
GO, 5.00%, 08/01/2024      125       129  
Series B, GO, 5.00%, 08/01/2037      1,000       1,040  
Strategic Housing Finance Corp. of Travis County, ECG Yager LP Yager, Rev., 0.46%, 09/01/2041 (z)      2,500       2,350  
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health, Series A, Rev., 5.00%, 11/15/2045      2,195       2,261  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Texas — continued     
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Rev., 5.50%, 11/15/2047      12,415       13,819  
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott And White Health,     
Rev., 5.00%, 11/15/2052 (z)      4,455       4,900  
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B, Rev., 5.00%, 07/01/2035      1,110       1,202  
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Taxable,     
Rev., AGM, 1.36%, 09/01/2024      800       760  
Rev., AGM, 1.39%, 09/01/2025      600       553  
Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas,     
Rev., 5.00%, 10/01/2030      1,000       1,163  
Rev., 5.00%, 10/01/2037      1,000       1,105  
Texas Department of Housing & Community Affairs,     
Series A, Rev., GNMA COLL, 4.00%, 03/01/2050      390       394  
Series B, Rev., GNMA COLL, 6.00%, 03/01/2053      600       671  
Texas Department of Housing & Community Affairs, Corona Del Valle, Rev., HUD, 0.37%, 08/01/2025 (z)      380       375  
Texas Department of Housing & Community Affairs, Palladium Simpson Stuart Apartments, Rev., 0.35%, 01/01/2025 (z)      1,290       1,254  
Texas Department of Housing & Community Affairs, Social Bond, Series A, Rev., GNMA, 3.50%, 07/01/2052      1,135       1,127  
Texas Department of Housing & Community Affairs, Social Bonds, Series A, Rev., GNMA, 3.00%, 01/01/2052      2,160       2,108  
Texas Municipal Gas Acquisition & Supply Corp. III,     
Rev., 5.00%, 12/15/2025      1,305       1,328  
Rev., 5.00%, 12/15/2028      4,950       5,144  
Rev., 5.00%, 12/15/2030      3,300       3,445  
Rev., 5.00%, 12/15/2031      2,000       2,096  
Texas Municipal Gas Acquisition and Supply Corp. I, Series D, Rev., 6.25%, 12/15/2026      4,555       4,793  
Texas Municipal Power Agency, Rev., AGM, 3.00%, 09/01/2038      500       436  
Texas Private Activity Bond Surface Transportation Corp., Rev., AMT, 5.00%, 06/30/2058      12,920       12,749  
Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group,     
Rev., 4.00%, 12/31/2030      3,970       4,030  
Rev., 4.00%, 06/30/2033      1,000       1,009  
Texas Transportation Commission, Transportation Commission Mobility, GO, 0.65%, 10/01/2041 (z)      4,500       4,114  
Texas Water Development Board, Master Trust, Rev., 4.00%, 10/15/2033      1,000       1,079  
Texas Water Development Board, Revolving Fund,     
Rev., 4.00%, 08/01/2038      500       516  
Rev., 5.00%, 08/01/2024      250       258  
Rev., 5.00%, 08/01/2028      125       142  
Series A, Rev., 5.00%, 10/15/2028      100       113  
Texas Water Development Board, State Revolving Fund, Rev., 5.00%, 08/01/2027      2,835       3,153  
Texas Water Development Board, State Water Implementation Fund,     
Series A, Rev., 4.00%, 10/15/2033      1,900       1,966  
Series A, Rev., 5.00%, 04/15/2026      100       108  
Series A, Rev., 5.00%, 10/15/2030      500       530  
Series A, Rev., 5.00%, 10/15/2047      2,480       2,616  
Series B, Rev., 5.00%, 04/15/2049      11,535       12,231  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Texas — continued     
Texas Water Development Board, State Water Implementation Revenue, Rev., 5.25%, 10/15/2046      2,000       2,123  
Tomball Independent School District, School Building, Series B2, GO, PSF-GTD, 0.26%, 02/15/2039 (z)      3,055       2,914  
Travis County Housing Finance Corp., Airport Gateway Apartments, Rev., 4.13%, 06/01/2045 (z)      190       193  
Travis County Housing Finance Corp., Montopolis Apartments, Rev., 0.40%, 07/01/2041 (z)      1,930       1,843  
Trinity River Authority Central Regional Wastewater System Revenue, Rev., 5.00%, 08/01/2029      1,500       1,731  
University of Houston, Series A, Rev., 5.00%, 02/15/2041      2,000       2,220  
University of Texas, Series C, Rev., 5.00%, 08/15/2028      100       114  
Upper Trinity Regional Water District, Regional Treated Water Supply, Rev., BAM, 3.00%, 08/01/2023      715       716  
Uptown Development Authority,     
Tax Allocation, 4.00%, 09/01/2033      400       395  
Tax Allocation, 4.00%, 09/01/2035      995       963  
Waco Educational Finance Corp., Baylor University Issue, Series A, Rev., 4.00%, 03/01/2036      750       769  
Waller Consolidated Independent School District,     
GO, BAM, 5.00%, 02/15/2040      2,800       3,148  
GO, BAM, 5.00%, 02/15/2042      6,550       7,289  
    

 

 

  
       536,645  
    

 

 

  
Utah — 0.5%     
City of Salt Lake City Airport Revenue,     
Series A, Rev., AMT, 5.00%, 07/01/2028      1,750       1,899  
Series A, Rev., AMT, 5.00%, 07/01/2037      5,000       5,413  
County of Utah, IHC Health Services, Inc., Series B, Rev., 5.00%, 05/15/2060 (z)      625       670  
Downtown East Streetcar Sewer Public Infrastructure District, Senior Lien, Series A, GO, 6.00%, 03/01/2053 (e)      1,415       1,423  
Granite School District Board of Education, GO, SCH BD GTY, 5.00%, 06/01/2024      150       154  
Intermountain Power Agency, Series A, Rev., 5.00%, 07/01/2030      500       589  
Provo School District, GO, SCH BD GTY, 5.00%, 06/15/2028      2,000       2,263  
Red Bridge Public Infrastructure District No. 1, Senior Infrastructure District, Series 1A, GO, 3.63%, 02/01/2035 (e)      600       485  
State of Utah,     
GO, 3.00%, 07/01/2034      2,000       1,990  
GO, 5.00%, 07/01/2024      100       103  
GO, 5.00%, 07/01/2029      1,580       1,812  
GO, 5.00%, 07/01/2030      2,000       2,290  
Series B, GO, 5.00%, 07/01/2025      2,250       2,377  
Series B, GO, 5.00%, 07/01/2029      100       115  
University of Utah (The), Series A, Rev., 5.00%, 08/01/2039      1,505       1,613  
University of Utah, Board of Regents, Series A, Rev., 4.00%, 08/01/2040      1,750       1,771  
Utah Housing Corp., Drawdown New City, Rev., HUD, 3.50%, 08/01/2025 (z)      900       899  
Utah Telecommunication Open Infrastructure Agency,     
Rev., 5.00%, 06/01/2025      115       120  
Rev., 5.00%, 06/01/2027      130       142  
Rev., 5.00%, 06/01/2031      210       243  
Rev., 5.25%, 06/01/2035      700       820  
Rev., 5.25%, 06/01/2037      2,250       2,586  
Utah Transit Authority, Series A, Rev., 5.25%, 06/15/2023      85       85  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Utah — continued     
Vineyard Redevelopment Agency,     
Tax Allocation, AGM, 5.00%, 05/01/2023      725       726  
Tax Allocation, AGM, 5.00%, 05/01/2024      190       195  
    

 

 

  
       30,783  
    

 

 

  
Vermont — 0.0% (g)     
Vermont Housing Finance Agency, Series A, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 11/01/2049      310       313  
Vermont Municipal Bond Bank, Vermont State Colleges System, Series A, Rev., 4.00%, 10/01/2034      250       268  
Vermont Student Assistance Corp., Series A, Rev., AMT, 2.38%, 06/15/2039      595       528  
    

 

 

  
       1,109  
    

 

 

  
Virgin Islands — 0.0% (g)     
Matching Fund Special Purpose Securitization Corp., Series A, Rev., 5.00%, 10/01/2027      1,505       1,538  
    

 

 

  
Virginia — 1.8%     
Albemarle County Economic Development Authority, Westminster Canterbury of the Blue Ridge, Rev., 4.00%, 06/01/2035      1,365       1,281  
Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution,     
Rev., BAN, 5.00%, 11/01/2023      4,000       4,046  
Rev., 5.00%, 07/01/2051      4,000       4,049  
Chesapeake Hospital Authority, Chesapeake Regional Medical Center, Rev., 5.00%, 07/01/2030      300       334  
Chesapeake Hospital Authority, Regional Medical Center, Rev., 5.00%, 07/01/2028      550       608  
Commonwealth of Virginia, Series B, GO, 5.00%, 06/01/2027      3,000       3,251  
County of Fairfax, Public Improvement, Series A, GO, 5.00%, 10/01/2031 (p)      945       1,018  
County of Henrico Water & Sewer Revenue, Rev., 5.00%, 05/01/2046 (p)      1,000       1,078  
Fairfax County Industrial Development Authority, Inova Health System Project, Rev., 5.00%, 05/15/2029      2,000       2,291  
Fairfax County Redevelopment & Housing Authority, Arrowbrook Apartments Project, Rev., 0.41%, 01/01/2041 (z)      225       218  
Fairfax County Redevelopment & Housing Authority, One University Senior Apartments, Rev., 1.25%, 12/01/2025 (z)      4,680       4,504  
FHLMC Multifamily VRD Certificates, Series M67, Rev., 2.25%, 12/15/2037      971       771  
Hampton Roads Transportation Accountability Commission, Senior Lien,     
Series A, Rev., 5.00%, 07/01/2031      1,500       1,767  
Series A, Rev., 5.00%, 07/01/2038 (p)      1,000       1,123  
Series A, Rev., 5.00%, 07/01/2039      2,100       2,355  
Henrico County Economic Development Authority, Westminster Canterbury Richmond, Rev., 5.00%, 10/01/2042      100       106  
Hopewell Redevelopment & Housing Authority, Hopewell Heights Apartment, Rev., HUD, 0.49%, 12/01/2024 (z)      750       732  
James City County Economic Development Authority, Williamsburg Landing, Series A, Rev., 4.00%, 12/01/2035      150       131  
Louisa Industrial Development Authority, Virginia Electric And Power Co. Project, Series B, Rev., 0.75%, 11/01/2035 (z)      2,125       1,959  
Lynchburg Economic Development Authority, Centra Health Obligation Group,     
Rev., 3.00%, 01/01/2051      4,750       3,472  
Rev., 5.00%, 01/01/2029      700       765  
Norfolk Airport Authority, Rev., 5.00%, 07/01/2038      1,175       1,273  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Virginia — continued     
Upper Occoquan Sewage Authority,     
Rev., 4.00%, 07/01/2033 (p)      2,630       2,724  
Rev., 5.00%, 07/01/2027 (p)      2,485       2,627  
Virginia Beach Development Authority, Westminster Canterbury, Rev., 5.00%, 09/01/2044      2,215       2,030  
Virginia College Building Authority, Series B, Rev., 5.00%, 09/01/2023      1,000       1,010  
Virginia College Building Authority, 21st Century College and Equipment, Rev., 5.00%, 02/01/2029      1,000       1,147  
Virginia College Building Authority, 21st Century College And Equipment, Rev., 5.00%, 02/01/2033      3,750       4,328  
Virginia College Building Authority, Marymount University Project, Series A, Rev., 5.00%, 07/01/2045 (e)      1,000       945  
Virginia College Building Authority, Regent University Project, Rev., 5.00%, 06/01/2023      165       165  
Virginia Commonwealth Transportation Board, Rev., 5.00%, 05/15/2027      1,500       1,660  
Virginia Housing Development Authority, Series G, Rev., 5.05%, 11/01/2047      1,750       1,828  
Virginia Port Authority Commonwealth Port Fund, Rev., AMT, 5.00%, 07/01/2039 (p)      1,955       2,034  
Virginia Public Building Authority, Series A, Rev., 4.00%, 08/01/2027 (p)      2,000       2,009  
Virginia Public Building Authority, Bidding Group 1, Series A, Rev., 5.00%, 08/01/2033      1,000       1,217  
Virginia Resources Authority, Series A, Rev., 5.00%, 11/01/2024 (p)      105       106  
Virginia Resources Authority, Virginia Pooled Financing, Rev., 5.00%, 11/01/2028      1,510       1,721  
Virginia Resources Authority, Virginia Pooled Financing Program, Rev., 5.00%, 11/01/2028      1,000       1,142  
Virginia Small Business Financing Authority, Lifespire of Virginia, Rev., 3.00%, 12/01/2023      35       35  
Virginia Small Business Financing Authority, National Senior Campuses,     
Series A, Rev., 5.00%, 01/01/2025      700       716  
Series A, Rev., 5.00%, 01/01/2032      1,500       1,626  
Virginia Small Business Financing Authority, Senior Lien 95 Express,     
Rev., AMT, 5.00%, 07/01/2032      400       436  
Rev., AMT, 5.00%, 07/01/2033      2,320       2,522  
Rev., AMT, 5.00%, 01/01/2036      200       212  
Rev., AMT, 5.00%, 07/01/2037      1,000       1,045  
Virginia Small Business Financing Authority, Senior Lien, 495 Hot,     
Rev., AMT, 5.00%, 06/30/2040      3,735       3,888  
Rev., AMT, 5.00%, 06/30/2041      3,470       3,594  
Rev., AMT, 5.00%, 12/31/2047      1,000       1,017  
Virginia Small Business Financing Authority, Senior Lien, Elizabeth River,     
Rev., AMT, 3.00%, 01/01/2041      8,740       6,776  
Rev., AMT, 4.00%, 01/01/2030      3,125       3,167  
Rev., AMT, 4.00%, 01/01/2033      1,500       1,516  
Rev., AMT, 4.00%, 01/01/2034      2,250       2,265  
Virginia Small Business Financing Authority, Transform 66 P3 Project,     
Rev., AMT, 5.00%, 12/31/2047      1,800       1,787  
Rev., AMT, 5.00%, 12/31/2052      8,425       8,258  
Rev., AMT, 5.00%, 12/31/2056      3,000       2,919  
Wise County Industrial Development Authority, Electric and Power Company Project, Series A, Rev., 0.75%, 10/01/2040 (z)      4,500       4,149  
    

 

 

  
       109,753  
    

 

 

  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Washington — 2.9%     
Central Puget Sound Regional Transit Authority, Green Bond, Series S1, Rev., 5.00%, 11/01/2035 (p)      1,085       1,155  
Chelan County Public Utility District No. 1, Series C, Rev., AMT, 5.00%, 07/01/2026      1,285       1,376  
City of Seattle Municipal Light & Power Revenue, Series B, Rev., (SIFMA Municipal Swap Index + 0.25%), 4.22%, 05/01/2045 (aa)      2,960       2,906  
City of Seattle Municipal Light & Power Revenue, Green Bond, Series A, Rev., 4.00%, 07/01/2040      1,300       1,319  
City of Seattle, Drainage & Wastewater Revenue, Rev., 4.00%, 05/01/2044      945       945  
City of Seattle, Municipal Light & Power Revenue, Rev., 4.00%, 09/01/2040      1,000       1,003  
Clark County Public Utility District No. 1, Rev., 4.00%, 01/01/2034      665       715  
County of Grant, GO, 5.25%, 12/01/2047      1,000       1,114  
County of King, Series A, GO, 5.00%, 12/01/2034      1,335       1,554  
County of King, Sewer Revenue, Rev., AGM, 5.00%, 01/01/2047      5,000       5,095  
Energy Northwest Washington, Project 3 Electric Revenue, Series C, Rev., 5.00%, 07/01/2027      100       111  
Energy Northwest, Columbia Generating Station, Rev., 4.00%, 07/01/2042      1,625       1,629  
Everett Housing Authority, Baker Heights Legacy, Rev., 0.30%, 09/01/2024 (z)      575       566  
Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project, Series A, Rev., 5.00%, 01/01/2043 (p)      1,555       1,662  
Grant County, Public Utility District No. 2, Electric Revenue,     
Series 2017-O, Rev., 5.00%, 01/01/2047      4,950       5,208  
Series R, Rev., 2.00%, 01/01/2044 (z)      1,500       1,451  
HopeSource III Portfolio Projects, Rev., 1.25%, 01/01/2025 (z)      2,765       2,712  
King & Snohomish Counties School District No. 417 Northshore, GO, SCH BD GTY, 4.00%, 12/01/2032      1,000       1,012  
King County Housing Authority, Rev., 5.00%, 11/01/2029      1,325       1,469  
Pierce County School District No. 10 Tacoma, Social Bonds, Series B, GO, SCH BD GTY, 4.00%, 12/01/2042      10,000       10,072  
Port of Seattle, Series C, Rev., AMT, 5.00%, 04/01/2028      500       512  
Port of Seattle Industrial Development Corp., Special Facilities Delta Airline, Rev., AMT, 5.00%, 04/01/2030      2,000       2,001  
Port of Seattle, Intermediate Lien,     
Rev., AMT, 5.00%, 04/01/2028      2,250       2,451  
Rev., AMT, 5.00%, 08/01/2028      1,000       1,095  
Rev., AMT, 5.00%, 04/01/2030      4,000       4,409  
Rev., AMT, 5.00%, 04/01/2032      2,110       2,322  
Rev., AMT, 5.00%, 04/01/2044      2,000       2,093  
Rev., AMT, 5.00%, 08/01/2046      3,500       3,698  
Rev., AMT, 5.00%, 08/01/2047      1,250       1,320  
Rev., AMT, 5.50%, 08/01/2047      1,000       1,094  
Series C, Rev., AMT, 5.00%, 08/01/2034      5,000       5,601  
Seattle Housing Authority, Lam Bow Apartments Project, Rev., 1.25%, 06/01/2024      120       117  
Seattle Housing Authority, Northgate Plaza Project, Rev., 1.00%, 06/01/2026      2,045       1,890  
Skagit County Public Hospital District No. 1, Improvement Skagit Regional Health, Rev., 5.00%, 12/01/2031      2,145       2,236  
Snohomish County School District No. 201 Snohomish, GO, SCH BD GTY, 5.00%, 12/01/2028      1,500       1,714  
Spokane County School District No. 81 Spokane, Series C, GO, SCH BD GTY, 5.00%, 12/01/2034      2,000       2,196  
State of Washington,     
Series 2020A, GO, 5.00%, 08/01/2038      1,500       1,666  
Series 2021A, GO, 5.00%, 06/01/2034      1,000       1,162  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Washington — continued     
Series A1, GO, 5.00%, 08/01/2040      13,645       14,146  
Series A3, GO, 5.00%, 08/01/2044      1,000       1,121  
Series A, GO, 5.00%, 08/01/2036      1,475       1,678  
Series A, GO, 5.00%, 08/01/2040      3,890       4,329  
Series B, GO, 5.00%, 07/01/2025      75       79  
Series B, GO, 5.00%, 07/01/2027      1,000       1,068  
Series B, GO, 5.00%, 06/01/2035      4,760       5,455  
Series D, GO, 4.00%, 07/01/2033      2,000       2,215  
Series R, GO, 5.00%, 02/01/2031      1,000       1,194  
Series R, GO, 5.00%, 08/01/2031      750       903  
Series RC, GO, 5.00%, 08/01/2029      100       111  
Series R-2017A, GO, 5.00%, 08/01/2027      1,000       1,083  
Series R-2017A, GO, 5.00%, 08/01/2034      1,840       1,974  
Series R-2022B, GO, 4.00%, 02/01/2035      500       541  
Series R-2022D, GO, 4.00%, 07/01/2028      3,140       3,402  
State of Washington, Bid Group, Series C, GO, 5.00%, 02/01/2024      1,000       1,020  
State of Washington, MVFT/VRF GO Bonds,     
Series F, GO, 5.00%, 06/01/2034      4,080       4,807  
Series F, GO, 5.00%, 06/01/2038      2,775       3,151  
State of Washington, Various Purpose,     
Series 2015A1, GO, 5.00%, 08/01/2036      11,200       11,455  
Series A, GO, 5.00%, 08/01/2041      10,000       10,812  
Thurston County School District No. 111 Olympia, GO, SCH BD GTY, 5.00%, 12/01/2026      1,275       1,396  
University of Washington, Series C, Rev., 5.00%, 04/01/2026      1,500       1,613  
Washington Health Care Facilities Authority, Multicare Health System, Series B, Rev., 5.00%, 08/15/2037      1,200       1,246  
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance,     
Rev., 4.00%, 12/01/2040 (e)      860       853  
Rev., 5.00%, 09/01/2045      1,000       1,039  
Washington Health Care Facilities Authority, Unrefunded Providence Health, Rev., 5.00%, 10/01/2041      8,000       8,025  
Washington Health Care Facilities Authority, Virginia Mason Medical Center, Rev., 5.00%, 08/15/2036      5,500       5,629  
Washington State Housing Finance Commission,     
Series A1, Rev., 3.50%, 12/20/2035      1,913       1,792  
Series 2N, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 12/01/2050      745       731  
Washington State Housing Finance Commission, Downtowner Apartments Project, Rev., LIQ: FHLMC, 3.70%, 07/01/2030      2,000       2,051  
Washington State Housing Finance Commission, Garden Haus Apartments Project, Rev., 0.37%, 07/01/2024 (z)      350       347  
Washington State Housing Finance Commission, Rockwood Retirement Communities, Rev., 3.00%, 07/01/2027 (e)      1,000       879  
Washington State Housing Finance Commission, Social Bond, Series 2N, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2051      975       950  
    

 

 

  
       177,746  
    

 

 

  
West Virginia — 0.1%     
Marshall University, Series A, Rev., AGM, 5.00%, 05/01/2030      300       346  
Monongalia County Commission Excise Tax District, Series A, Rev., 4.13%, 06/01/2043 (e)      500       443  
Monongalia County Commission Special District, Refunding and Improvement, University Town Center, Series A, Rev., 5.50%, 06/01/2037 (e)      1,050       1,064  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
West Virginia — continued     
Monongalia County Commission Special District, University Town Center, Series A, Rev., 5.75%, 06/01/2043 (e)      500       508  
West Virginia Economic Development Authority, Appalachian Power Company Amos Project, Rev., AMT, 1.00%, 01/01/2041 (z)      2,765       2,579  
West Virginia Hospital Finance Authority, WV United Health System Obligated Group, Rev., 5.38%, 06/01/2038 (p)      2,000       2,008  
West Virginia Parkways Authority, Senior Lien, Rev., 5.00%, 06/01/2038      1,000       1,128  
    

 

 

  
       8,076  
    

 

 

  
Wisconsin — 2.6%     
City of Milwaukee, Promissory Notes, Series N4, GO, 5.00%, 04/01/2030      10,150       11,410  
City of Milwaukee, Sewerage System Revenue, Series S7, Rev., 5.00%, 06/01/2026      2,665       2,857  
County of Milwaukee, Airport Revenue, Series A, Rev., 5.00%, 12/01/2028      250       283  
Milwaukee Metropolitan Sewerage District, Green Bond, Series A, GO, 3.00%, 10/01/2031      1,700       1,701  
Public Finance Authority, Appalachian Healthcare System,     
Rev., 5.00%, 07/01/2036      350       374  
Rev., 5.00%, 07/01/2037      300       318  
Rev., 5.00%, 07/01/2039      350       366  
Public Finance Authority, Carmelite System, Social Bonds, Rev., 5.00%, 01/01/2045      1,105       1,053  
Public Finance Authority, Celanese Project, Series C, Rev., AMT, 4.30%, 11/01/2030      3,000       2,919  
Public Finance Authority, CFP3 Eastern Michigan University,     
Rev., BAM, 5.00%, 07/01/2029      500       553  
Rev., BAM, 5.25%, 07/01/2034      260       301  
Rev., BAM, 5.25%, 07/01/2042      5,625       6,155  
Rev., BAM, 5.38%, 07/01/2047      8,025       8,717  
Rev., BAM, 5.50%, 07/01/2052      6,005       6,522  
Public Finance Authority, CHF Wilmington LLC University, Rev., AGM, 5.00%, 07/01/2053      3,970       4,112  
Public Finance Authority, Duke Energy Progress, Rev., 3.70%, 10/01/2046 (z)      1,500       1,544  
Public Finance Authority, Ku Campus Development Corp. Project, Rev., 5.00%, 03/01/2041      3,000       3,127  
Public Finance Authority, Lenoir Rhyne University,     
Rev., 5.00%, 04/01/2036      1,625       1,658  
Rev., 5.00%, 04/01/2037      1,705       1,721  
Public Finance Authority, Point College Prep Project,     
Rev., 4.00%, 06/15/2030 (e) (f)      200       181  
Rev., 5.00%, 06/15/2041 (e) (f)      250       215  
Public Finance Authority, Renown Regional Medical Center Project,     
Rev., 5.00%, 06/01/2026      500       529  
Rev., 5.00%, 06/01/2027      425       457  
Rev., 5.00%, 06/01/2028      600       655  
Rev., 5.00%, 06/01/2034      1,000       1,077  
Public Finance Authority, Senior Lien, Grand Hyatt San Antonio Hotel Acquisition Project, Rev., 5.00%, 02/01/2042      4,000       4,068  
Public Finance Authority, Sky Harbour Capital LLC, Rev., AMT, 4.00%, 07/01/2036      815       696  
Public Finance Authority, United Methodist Retirement, Rev., 4.00%, 10/01/2026      60       58  
Public Finance Authority, Waste Management, Inc. Project,     
Rev., AMT, 1.10%, 07/01/2029 (z)      1,445       1,311  
Rev., AMT, 2.63%, 11/01/2025      5,000       4,809  
State of Wisconsin,     
Series 1, GO, 5.00%, 05/01/2027      2,400       2,658  
Series 3, GO, 5.00%, 11/01/2027      1,000       1,106  
Series 20212, GO, 5.00%, 05/01/2026      5,850       6,321  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Wisconsin — continued     
Series B, GO, 4.00%, 05/01/2039      500       511  
Series B, GO, 5.00%, 05/01/2035      10,580       11,975  
University of Wisconsin Hospitals & Clinics, Green Bond University of Wisconsin Hospital, Rev., 4.00%, 04/01/2035      440       457  
University of Wisconsin Hospitals & Clinics, Green Bonds, Rev., 4.00%, 04/01/2046      4,120       3,901  
Wisconsin Center District, Capital Appreciation Senior Dedicated,     
Series C, Rev., AGM, Zero Coupon, 12/15/2036      1,550       878  
Series C, Rev., AGM, Zero Coupon, 12/15/2039      1,750       836  
Series C, Rev., AGM, Zero Coupon, 12/15/2040      1,650       743  
Series D, Rev., AGM, Zero Coupon, 12/15/2028      545       455  
Series D, Rev., AGM, Zero Coupon, 12/15/2029      395       317  
Wisconsin Department of Transportation, Series A, Rev., 5.00%, 07/01/2027      1,675       1,862  
Wisconsin Health & Educational Facilities Authority,     
Rev., 5.00%, 10/01/2029      5,940       6,746  
Rev., 5.00%, 10/01/2030      6,355       7,331  
Wisconsin Health & Educational Facilities Authority Revenue, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2027      500       554  
Wisconsin Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Series B1, Rev., 5.00%, 02/15/2052 (z)      2,000       2,040  
Wisconsin Health & Educational Facilities Authority, Advocate Aurora Healthcare, Rev., 5.00%, 08/15/2054      2,590       2,768  
Wisconsin Health & Educational Facilities Authority, Ascension Health Credit Group, Rev., 5.00%, 11/15/2035      4,500       4,713  
Wisconsin Health & Educational Facilities Authority, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2036      1,500       1,564  
Wisconsin Health & Educational Facilities Authority, Bellin Memorial Hospital, Inc.,     
Rev., 5.00%, 12/01/2045      2,500       2,628  
Series B, Rev., 5.25%, 12/01/2048      3,000       3,215  
Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc.,     
Series A, Rev., 5.00%, 04/01/2030      1,280       1,461  
Series A, Rev., 5.00%, 04/01/2033      1,010       1,159  
Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc. Obligated,     
Rev., 4.00%, 04/01/2039      5,000       4,904  
Rev., 5.00%, 04/01/2035      1,325       1,412  
Wisconsin Health & Educational Facilities Authority, Gundersen Health System,     
Rev., 4.00%, 10/15/2035      545       565  
Rev., 4.00%, 10/15/2036      2,100       2,158  
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System,     
Rev., 5.00%, 02/15/2051 (z)      2,600       2,726  
Series B, Rev., 5.00%, 02/15/2042      1,000       1,008  
Series B, Rev., 5.00%, 02/15/2046      4,550       4,557  
Wisconsin Health & Educational Facilities Authority, St. John’s Communities, Inc. Project,     
Series A, Rev., 5.00%, 09/15/2045 (p)      1,000       1,010  
Series A, Rev., 5.00%, 09/15/2050 (p)      1,725       1,742  
Wisconsin Housing & Economic Development Authority,     
Series B, Rev., HUD, 0.40%, 05/01/2045 (z)      195       191  
Series B, Rev., HUD, 0.50%, 11/01/2050 (z)      245       231  
Series D, Rev., 4.00%, 03/01/2047      105       106  

Six Circles Tax Aware Bond 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 ($)    		         VALUE ($)      
Municipal Bonds — continued     
Wisconsin — continued     
Wisconsin Housing & Economic Development Authority, Social Bond, Series A, Rev., 3.00%, 03/01/2052      845       825  
Wisconsin Housing & Economic Development Authority, Social Bonds, Series C, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 09/01/2052      1,280       1,249  
    

 

 

  
       158,630  
    

 

 

  
Wyoming — 0.1%     
Consolidated Municipalities Electric Power Systems Joint Powers Board, Rev., 5.25%, 06/01/2039      1,000       1,128  
County of Laramie, Cheyenne Regional Medical Center,     
Rev., 4.00%, 05/01/2026      615       638  
Rev., 4.00%, 05/01/2028      460       488  
County of Sweetwater, Idaho Power Company Project, Rev., 1.70%, 07/15/2026      1,045       992  
Wyoming Community Development Authority,     
Series 2, Rev., 3.00%, 06/01/2049      1,245       1,221  
Series 2, Rev., VRDO, LIQ: Royal Bank of Canada, 3.88%, 04/07/2023 (z)      3,000       3,000  
Series 3, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 06/01/2050      1,525       1,496  
    

 

 

  
       8,963  
    

 

 

  
Total Municipal Bonds
(Cost $6,237,077)		        5,970,385  
    

 

 

  
Short-Term Investments — 2.4%     
Municipal Bonds — 0.0% (g) (t)     
City of Los Angeles, Rev., TRAN, 4.00%, 06/29/2023      2,000       2,006  
Miami-Dade County Housing Finance Authority, Council Towers Seniors Apartment, Rev., HUD, 5.00%, 02/01/2024      950       962  
San Diego Unified School District, Series A, Rev., TRAN, 4.00%, 06/30/2023      825       828  
    

 

 

  
Total Municipal Bonds        3,796  
    

 

 

  
Time Deposits — 2.4%     
Barclays SA, 4.18%, 04/03/2023      70,890       70,890  
Citibank NA, 4.18%, 04/03/2023      50,648       50,648  
Sumitomo Mitsui Trust Bank Ltd., 4.18%, 04/03/2023      25,223       25,223  
    

 

 

  
Total Time Deposits        146,761  
    

 

 

  
Total Short-Term Investments
(Cost $150,555)		        150,557  
    

 

 

  
Total Investments — 99.1%
(Cost - $6,388,497)*		        6,121,377  

Other Assets in Excess of Liabilities — 0.9%

        55,015  
    

 

 

  

NET ASSETS — 100.0%

      $ 6,176,392  
    

 

 

  

 

Percentages indicated are based on net assets.

Six Circles Tax Aware Bond 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

             

U.S. Treasury 2 Year Note

      100       06/2023        USD        20,660       (15 ) 

U.S. Treasury 5 Year Note

      399       06/2023        USD        42,948       745  
            

 

 

  
               730  
            

 

 

  

Short Contracts

             

U.S. Ultra Treasury 10 Year Note

      (246)       06/2023        USD        (29,104 )      (696 ) 
            

 

 

  

Total unrealized appreciation (depreciation)

                34  
            

 

 

  

Six Circles Tax Aware Bond 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

 

AGC    —      Insured by Assured Guaranty Corp.
AGM    —      Insured by Assured Guaranty Municipal Corp.
AMBAC    —      Insured by American Municipal Bond Assurance Corp.
AMT    —      Alternative Minimum Tax
BAM    —      Insured by Build America Mutual
BAN    —      Bond Anticipation Note
CNTY    —      County
COLL    —      Collateral
COP    —      Certificate of Participation
CR    —      Custodial Receipts
FHA    —      Federal Housing Administration
FHLMC    —      Federal Home Loan Mortgage Corp.
FNMA    —      Federal National Mortgage Association
GAN    —      Grant Anticipation Note
GO    —      General Obligation
GNMA    —      Government National Mortgage Association
GTD    —      Guaranteed
HUD    —      U.S. Department of Housing and Urban Development
ICE    —      Intercontinental Exchange
LIBOR    —      London Interbank Offered Rate
LIQ    —      Liquidity Agreement
LOC    —      Letter of Credit
NATL    —      Insured by National Public Finance Guarantee Corp.
PSF    —      Permanent School Fund
Q-SBLF    —      Qualified School Bond Loan Fund
Rev.    —      Revenue
SCH BD GTY    —      School Bond Guaranty
SIFMA    —      Securities Industry and Financial Markets Association
SOFR    —      Secured Overnight Financing Rate
SONYMA    —      State of New York Mortgage Agency
TRAN    —      Tax & Revenue Anticipation Note
VRDO    —      Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of March 31, 2023.
(d)    —      Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued.
(e)    —      Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)    —     

Security is exempt from registration under Rule 144A or

Section 4 (a) (2) of the Securities Act of 1933, as amended.

(g)    —      Amount rounds to less than 0.05%.
(p)    —      Security is prerefunded or escrowed to maturity.
(t)    —      The date shown represents the earliest of the next put date or final maturity date.
(w)    —      All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(z)    —      Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2023.
(aa)    —      Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023.
*    —      The cost of securities is substantially the same for federal income tax purposes.
USD    —      United States Dollar

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2023 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL

    AMOUNT ($)    

         VALUE ($)      
              
Asset-Backed Securities — 3.8%     
American Express Credit Account Master Trust,     
Series 2022-2, Class A, 3.39%, 05/15/2027      1,350       1,318  
Series 2022-3, Class A, 3.75%, 08/15/2027      220       216  
Americredit Automobile Receivables Trust,     
Series 2023-1, Class A2A, 5.84%, 10/19/2026      375       376  
Series 2023-1, Class A3, 5.62%, 11/18/2027      225       228  
Series 2023-1, Class B, 5.57%, 03/20/2028      100       102  
Series 2023-1, Class C, 5.80%, 12/18/2028      100       102  
AmeriCredit Automobile Receivables Trust, Series 2022-2, Class C, 5.32%, 04/18/2028      100       100  
AMMC CLO 23 Ltd., (Cayman Islands), Series 2020-23A, Class A1R, (ICE LIBOR USD 3 Month + 1.04%), 5.83%, 10/17/2031 (e) (aa)      1,740       1,712  
Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.02%, 02/20/2027 (e)      1,150       1,056  
BA Credit Card Trust, Series 2022-A2, Class A2, 5.00%, 04/15/2028      340       344  
BDS LLC, Series 2022-FL11, Class ATS, (CME Term SOFR 1 Month + 1.80%), 6.56%, 03/19/2039 (e) (aa)      1,000       990  
BlueMountain CLO Ltd., (Cayman Islands), Series 2016-2A, Class A1R2, (ICE LIBOR USD 3 Month + 1.12%), 6.04%, 08/20/2032 (e) (aa)      14,500       14,217  
BMW Vehicle Lease Trust,     
Series 2023-1, Class A2, 5.27%, 02/25/2025      395       395  
Series 2023-1, Class A3, 5.16%, 11/25/2025      775       777  
BSPRT Issuer Ltd., (Cayman Islands), Series 2021-FL7, Class A, (ICE LIBOR USD 1 Month + 1.32%), 6.00%, 12/15/2038 (e) (aa)      1,770       1,727  
Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95%, 10/15/2027      280       283  
Carlyle Global Market Strategies CLO Ltd., (Cayman Islands), Series 2015-5A, Class A1RR, (ICE LIBOR USD 3 Month + 1.08%), 5.89%, 01/20/2032 (e) (aa)      3,750       3,701  
CarMax Auto Owner Trust, Series 2023-1, Class A3, 4.75%, 10/15/2027      200       200  
Carvana Auto Receivables Trust,     
Series 2021-N1, Class A, 0.70%, 01/10/2028      179       168  
Series 2022-P1, Class A3, 3.35%, 02/10/2027      565       545  
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 05/15/2030 (e)      675       652  
Dell Equipment Finance Trust, Series 2021-2, Class A2, 0.33%, 12/22/2026 (e)      158       157  
Discover Card Execution Note Trust, Series 2022-A3, Class A3, 3.56%, 07/15/2027      745       727  
Elmwood CLO 19 Ltd., (Cayman Islands), Series 2022-6A, Class A, (CME Term SOFR 3 Month + 2.20%), 5.82%, 10/17/2034 (e) (aa)      1,000       998  
Exeter Automobile Receivables Trust, Series 2021-2A, Class C, 0.98%, 06/15/2026      420       409  
First Investors Auto Owner Trust, Series 2022-2A, Class A, 6.26%, 07/15/2027 (e)      288       290  
Flagship Credit Auto Trust, Series 2023-1, Class A3, 5.01%, 08/16/2027 (e)      350       347  
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 07/15/2031 (e)      850       824  
Generate CLO Ltd., (Cayman Islands), Series 2A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 5.97%, 01/22/2031 (e) (aa)      2,170       2,144  
GM Financial Automobile Leasing Trust,     
Series 2022-2, Class A3, 3.42%, 06/20/2025      980       962  
Series 2022-3, Class A2A, 4.01%, 10/21/2024      333       331  
Series 2022-3, Class A3, 4.01%, 09/22/2025      364       359  
Series 2023-1, Class A3, 5.16%, 04/20/2026      780       784  

Six Circles Credit Opportunities 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 ($)      
Asset-Backed Securities — continued     
GREYWOLF CLO VI Ltd., (Cayman Islands), Series 2018-1A, Class A1, (CME Term SOFR 3 Month + 1.29%), 5.96%, 04/26/2031 (e) (aa)      2,460       2,433  
Guggenheim CLO STAT Ltd., (Cayman Islands), Series 2022-1A, Class A1A, (CME Term SOFR 3 Month + 2.59%), 6.71%, 10/25/2031 (e) (aa)      8,000       7,999  
Honda Auto Receivables Owner Trust,     
Series 2023-1, Class A2, 5.22%, 10/21/2025      775       775  
Series 2023-1, Class A3, 5.04%, 04/21/2027      775       780  
Hyundai Auto Lease Securitization Trust, Series 2022-C, Class A2A, 4.34%, 01/15/2025 (e)      1,154       1,147  
Jamestown CLO VI-R Ltd., (Cayman Islands), Series 2018-6RA, Class A1, (ICE LIBOR USD 3 Month + 1.15%), 5.97%, 04/25/2030 (e) (aa)      904       891  
KKR Static CLO LTD, (Cayman Islands), Series 2022-2A, Class A1, (CME Term SOFR 3 Month + 2.22%), 6.74%, 10/20/2031 (e) (aa)      12,000       11,993  
Lendmark Funding Trust, Series 2021-2A, Class A, 2.00%, 04/20/2032 (e)      915       783  
Madison Park Funding XVII Ltd., (Cayman Islands), Series 2015-17A, Class AR2, (ICE LIBOR USD 3 Month + 1.00%), 5.82%, 07/21/2030 (e) (aa)      245       241  
Madison Park Funding XVIII Ltd., (Cayman Islands), Series 2015-18A, Class ARR, (ICE LIBOR USD 3 Month + 0.94%), 5.76%, 10/21/2030 (e) (aa)      8,966       8,845  
Magnetite VII Ltd., (Cayman Islands), Series 2012-7A, Class A1R2, (ICE LIBOR USD 3 Month + 0.80%), 5.59%, 01/15/2028 (e) (aa)      192       190  
Mariner Finance Issuance Trust,     
Series 2021-BA, Class A, 2.10%, 11/20/2036 (e)      895       783  
Series 2022-AA, Class A, 6.45%, 10/20/2037 (e)      440       444  
MF1 Ltd., (Cayman Islands), Series 2022-FL8, Class AS, (United States 30 Day Average SOFR + 1.75%), 6.31%, 02/19/2037 (e) (aa)      1,000       980  
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (e)      584       528  
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/2061 (e)      1,480       1,275  
NextGear Floorplan Master Owner Trust, Series 2023-1A, Class A2, 5.74%, 03/15/2028 (e)      310       312  
OneMain Financial Issuance Trust,     
Series 2019-2A, Class A, 3.14%, 10/14/2036 (e)      535       491  
Series 2021-1A, Class A1, 1.55%, 06/16/2036 (e)      190       166  
Series 2022-3A, Class A, 5.94%, 05/15/2034 (e)      320       320  
Pagaya AI Debt Trust, Series 2022-1, Class A, 2.03%, 10/15/2029 (e)      569       549  
Palmer Square Loan Funding Ltd., (Cayman Islands), Series 2022-3A, Class A1A, (CME Term SOFR 3 Month + 1.82%), 5.83%, 04/15/2031 (e) (aa)      10,000       9,978  
Race Point CLO Ltd., (Cayman Islands), Series 2013-8A, Class AR2, (ICE LIBOR USD 3 Month + 1.04%), 5.96%, 02/20/2030 (e) (aa)      4,472       4,422  
Rad CLO 1 Ltd., (Cayman Islands), Series 2018-1A, Class AR, (ICE LIBOR USD 3 Month + 0.98%), 5.77%, 07/15/2031 (e) (aa)      340       333  
Rad CLO 7 Ltd., (Cayman Islands), Series 2020-7A, Class A1, (ICE LIBOR USD 3 Month + 1.20%), 5.99%, 04/17/2033 (e) (aa)      250       246  
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class C, 1.29%, 04/15/2026 (e)      1,066       1,032  
Santander Drive Auto Receivables Trust,     
Series 2022-5, Class A2, 3.98%, 01/15/2025      262       261  
Series 2022-6, Class A2, 4.37%, 05/15/2025      313       312  
Series 2022-7, Class C, 6.69%, 03/17/2031      375       388  
SCF Equipment Leasing LLC,     
Series 2019-2A, Class A2, 2.47%, 04/20/2026 (e)      460       456  

Six Circles Credit Opportunities 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 ($)      
Asset-Backed Securities — continued     
Series 2021-1A, Class A3, 0.83%, 08/21/2028 (e)      432       415  
Series 2021-1A, Class B, 1.37%, 08/20/2029 (e)      1,000       917  
Summer BidCo BV, (Netherlands), Reg. S, 9.00% (cash), 11/15/2025 (v)    EUR 268       224  
TCW CLO Ltd., (Cayman Islands), Series 2022-1A, Class A1, (CME Term SOFR 3 Month + 1.34%), 5.99%, 04/22/2033 (e) (aa)      500       489  
TICP CLO IX Ltd., (Cayman Islands), Series 2017-9A, Class A, (ICE LIBOR USD 3 Month + 1.14%), 5.95%, 01/20/2031 (e) (aa)      1,000       990  
Upstart Securitization Trust, Series 2021-5, Class A, 1.31%, 11/20/2031 (e)      621       604  
Verizon Master Trust, Series 2022-7, Class A1A, SUB, 5.23%, 11/22/2027      265       266  
Voya CLO Ltd., (Cayman Islands),     
Series 2014-2A, Class A1RR, (ICE LIBOR USD 3 Month + 1.02%), 5.81%, 04/17/2030 (e) (aa)      4,366       4,314  
Series 2016-1A, Class A1R, (CME Term SOFR 3 Month + 1.33%), 5.97%, 01/20/2031 (e) (aa)      8,500       8,401  
Wellfleet CLO Ltd., (Cayman Islands), Series 2018-3A, Class A1A, (ICE LIBOR USD 3 Month + 1.25%), 6.06%, 01/20/2032 (e) (aa)      7,600       7,526  
Westlake Automobile Receivables Trust, Series 2022-2A, Class C, 4.85%, 09/15/2027 (e)      75       74  
    

 

 

  
Total Asset-Backed Securities
(Cost $121,953)		        121,114  
    

 

 

  
Collateralized Mortgage Obligations — 0.1%

 

  
Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (United States 30 Day Average SOFR + 2.40%), 6.97%, 12/25/2042 (e) (aa)      364       365  
CSMC,     
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065 (e) (z)      655       552  
Series 2021-NQM3, Class A1, 1.02%, 04/25/2066 (e) (z)      374       303  
Series 2022-NQM1, Class A1, 2.27%, 11/25/2066 (e) (z)      911       783  
Verus Securitization Trust,     
Series 2021-1, Class A1, 0.82%, 01/25/2066 (e) (z)      209       175  
Series 2021-3, Class A1, 1.05%, 06/25/2066 (e) (z)      543       452  
Series 2021-R2, Class A1, 0.92%, 02/25/2064 (e) (z)      687       587  
Series 2021-R3, Class A1, 1.02%, 04/25/2064 (e) (z)      347       308  
    

 

 

  
Total Collateralized Mortgage Obligations
(Cost $4,089)		        3,525  
    

 

 

  
Commercial Mortgage-Backed Securities — 0.5%     
BBCMS Mortgage Trust, Series 2018-TALL, Class C, (ICE LIBOR USD 1 Month + 1.12%), 5.96%, 03/15/2037 (e) (aa)      1,600       1,257  
BWAY Mortgage Trust, Series 2015-1740, Class C, 3.34%, 01/10/2035 (e)      2,750       2,063  
BX Commercial Mortgage Trust, Series 2021-XL2, Class A, (ICE LIBOR USD 1 Month + 0.69%), 5.37%, 10/15/2038 (e) (aa)      834       799  
BXHPP Trust, Series 2021-FILM, Class B, (ICE LIBOR USD 1 Month + 0.90%), 5.58%, 08/15/2036 (e) (aa)      600       549  
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class XA, IO, 0.98%,
02/15/2053 (z)		      44,984       2,190  
DBWF Mortgage Trust, Series 2018-GLKS, Class A, (ICE LIBOR USD 1 Month + 1.13%), 5.89%, 12/19/2030 (e) (aa)      452       443  
Great Wolf Trust, Series 2019-WOLF, Class A, (CME Term SOFR 1 Month + 1.15%), 5.98%, 12/15/2036 (e) (aa)      1,850       1,809  

Six Circles Credit Opportunities 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 ($)      
Commercial Mortgage-Backed Securities — continued     
GS Mortgage Securities Corp. Trust,     
Series 2021-ROSS, Class A, (ICE LIBOR USD 1 Month + 1.15%), 5.84%,
05/15/2026 (e) (aa)		      720       648  
Series 2021-ROSS, Class H, (ICE LIBOR USD 1 Month + 5.90%), 10.59%,
05/15/2026 (e) (aa)		      270       203  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A4, 3.33%, 05/15/2049      900       846  
Morgan Stanley Capital I Trust, Series 2014-150E, Class A, 3.91%, 09/09/2032 (e)      1,220       1,030  
Waikiki Beach Hotel Trust, Series 2019-WBM, Class D, (ICE LIBOR USD 1 Month + 2.03%), 6.71%, 12/15/2033 (e) (aa)      600       568  
WFRBS Commercial Mortgage Trust,     
Series 2013-C15, Class AS, 4.36%, 08/15/2046 (z)      1,000       988  
Series 2014-C19, Class A5, 4.10%, 03/15/2047      1,245       1,221  
    

 

 

  

Total Commercial Mortgage-Backed Securities

(Cost $17,351)

        14,614  
    

 

 

  
Convertible Bonds — 0.5%     
Communications — 0.3%     
Internet — 0.2%     
Booking Holdings, Inc., 0.75%, 05/01/2025      493       738  
Meituan, (Cayman Islands), Reg. S, Zero Coupon, 04/27/2028      5,100       4,205  
Uber Technologies, Inc., Zero Coupon, 12/15/2025      2,600       2,288  
    

 

 

  
       7,231  
    

 

 

  
Media — 0.1%     
Cable One, Inc.,     
Zero Coupon, 03/15/2026      623       491  
1.13%, 03/15/2028      986       721  
    

 

 

  
       1,212  
    

 

 

  
Telecommunications — 0.0% (g)     
Digicel Group Holdings Ltd., (Bermuda), 7.00% (cash), 04/17/2023 (e) (v) (x)      65       7  
    

 

 

  
Total Communications        8,450  
    

 

 

  
Consumer Cyclical — 0.1%     
Airlines — 0.0% (g)     
International Consolidated Airlines Group SA, (Spain), Reg. S, 1.13%, 05/18/2028    EUR 100       86  
    

 

 

  
Auto Manufacturers — 0.0% (g)     
Ford Motor Co., Zero Coupon, 03/15/2026      1,011       1,010  
    

 

 

  
Lodging — 0.1%     
Wynn Macau Ltd., (Cayman Islands), 4.50%, 03/07/2029 (e)      1,900       2,060  
    

 

 

  
Total Consumer Cyclical        3,156  
    

 

 

  
Consumer Non-cyclical — 0.0% (g)     
Commercial Services — 0.0% (g)     
Nexi SpA, (Italy), Reg. S, Zero Coupon, 02/24/2028    EUR 200       161  
Shift4 Payments, Inc., Zero Coupon, 12/15/2025      292       341  
    

 

 

  
Total Consumer Non-cyclical        502  
    

 

 

  

Six Circles Credit Opportunities 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 ($)      
Convertible Bonds — continued     
Financial — 0.1%     
Banks — 0.1%     
Barclays Bank plc, (United Kingdom), Zero Coupon, 02/04/2025      2,039       2,991  
    

 

 

  
Total Convertible Bonds
(Cost $14,573)		        15,099  
    

 

 

  
Corporate Bonds — 82.3%     
Basic Materials — 4.1%     
Chemicals — 1.3%     
Ashland LLC,     
3.38%, 09/01/2031 (e)      1,232       1,007  
6.88%, 05/15/2043      500       501  
Avient Corp., 7.13%, 08/01/2030 (e)      581       599  
Axalta Coating Systems Dutch Holding B BV, (Netherlands), Reg. S, 3.75%, 01/15/2025    EUR 200       214  
Axalta Coating Systems LLC, 3.38%, 02/15/2029 (e)      1,806       1,547  
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, (Multinational), 4.75%, 06/15/2027 (e)      1,590       1,511  
Celanese US Holdings LLC,     
5.90%, 07/05/2024      408       408  
6.17%, 07/15/2027      628       634  
Chemours Co. (The),     
4.63%, 11/15/2029 (e)      1,150       948  
5.75%, 11/15/2028 (e)      1,113       994  
Diamond BC BV, (Netherlands), 4.63%, 10/01/2029 (e)      1,635       1,593  
Element Solutions, Inc., 3.88%, 09/01/2028 (e)      7,253       6,365  
FIS Fabbrica Italiana Sintetici SpA, (Italy), Reg. S, 5.63%, 08/01/2027    EUR 100       96  

Herens Holdco Sarl, (Luxembourg), 4.75%, 05/15/2028 (e)

      1,505       1,211  

Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 (e)

      2,110       1,871  

INEOS Finance plc, (United Kingdom), Reg. S, 6.63%, 05/15/2028

    EUR 140       153  

INEOS Quattro Finance 2 plc, (United Kingdom), Reg. S, 2.50%, 01/15/2026

    EUR 194       188  

International Flavors & Fragrances, Inc., 1.23%, 10/01/2025 (e)

      406       363  

Iris Holding, Inc., 10.00%, 12/15/2028 (e)

      2,200       1,616  

Kobe US Midco 2, Inc., 9.25% (cash), 11/01/2026 (e) (v)

      1,436       1,034  

LSF11 A5 HoldCo LLC, 6.63%, 10/15/2029 (e)

      662       557  

Monitchem HoldCo 3 SA, (Luxembourg), Reg. S, 5.25%, 03/15/2025

    EUR 100       108  

Olympus Water US Holding Corp., 4.25%, 10/01/2028 (e)

      1,125       931  

Orbia Advance Corp. SAB de CV, (Mexico), 1.88%, 05/11/2026 (e)

      249       222  

Rain CII Carbon LLC / CII Carbon Corp., 7.25%, 04/01/2025 (e)

      2,145       2,077  

SCIL IV LLC / SCIL USA Holdings LLC,

     

5.38%, 11/01/2026 (e)

      982       897  

Reg. S, (ICE LIBOR EUR 3 Month + 4.38%), 6.86%, 11/01/2026 (aa)

    EUR 100       107  

SK Invictus Intermediate II Sarl, (Luxembourg), 5.00%, 10/30/2029 (e)

      4,359       3,619  

SPCM SA, (France), 3.13%, 03/15/2027 (e)

      387       339  

Tronox, Inc., 4.63%, 03/15/2029 (e)

      1,715       1,433  

Valvoline, Inc., 3.63%, 06/15/2031 (e)

      1,950       1,658  

Venator Finance Sarl / Venator Materials LLC, (Multinational),

     

5.75%, 07/15/2025 (e)

      1,835       257  

9.50%, 07/01/2025 (e)

      529       328  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Chemicals — continued     

WR Grace Holdings LLC,

     

4.88%, 06/15/2027 (e)

      858       827  

5.63%, 08/15/2029 (e)

      5,024       4,258  

7.38%, 03/01/2031 (e)

      1,025       1,029  
    

 

 

  
       41,500  
    

 

 

  
Iron/Steel — 1.0%     

ATI, Inc.,

     

4.88%, 10/01/2029

      816       743  

5.13%, 10/01/2031

      895       814  

5.88%, 12/01/2027

      1,002       979  

Baffinland Iron Mines Corp. / Baffinland Iron Mines LP, (Canada), 8.75%, 07/15/2026 (e)

      83       79  

Big River Steel LLC / BRS Finance Corp., 6.63%, 01/31/2029 (e)

      8,803       8,736  

Carpenter Technology Corp.,

     

6.38%, 07/15/2028

      2,899       2,828  

7.63%, 03/15/2030

      1,089       1,126  

Commercial Metals Co.,

     

4.13%, 01/15/2030

      116       102  

4.38%, 03/15/2032

      400       344  

Mineral Resources Ltd., (Australia), 8.13%, 05/01/2027 (e)

      2,537       2,575  

Periama Holdings LLC, Reg. S, 5.95%, 04/19/2026

      14,950       14,099  
    

 

 

  
       32,425  
    

 

 

  
Mining — 1.8%     

Alcoa Nederland Holding BV, (Netherlands), 5.50%, 12/15/2027 (e)

      246       243  

Anglo American Capital plc, (United Kingdom), 4.88%, 05/14/2025 (e)

      344       342  

Arconic Corp.,

     

6.00%, 05/15/2025 (e)

      252       252  

6.13%, 02/15/2028 (e)

      1,804       1,777  

Bukit Makmur Mandiri Utama PT, (Indonesia), Reg. S, 7.75%, 02/10/2026

      6,400       5,457  

China Hongqiao Group Ltd., (Cayman Islands),

     

Reg. S, 6.25%, 06/08/2024

      2,900       2,789  

Reg. S, 7.38%, 05/02/2023

      1,600       1,598  

Constellium SE, (France),

     

3.75%, 04/15/2029 (e)

      3,871       3,353  

Reg. S, 4.25%, 02/15/2026

    EUR 400       421  

5.63%, 06/15/2028 (e)

      1,126       1,062  

5.88%, 02/15/2026 (e)

      1,730       1,732  

Eldorado Gold Corp., (Canada), 6.25%, 09/01/2029 (e)

      575       535  

ERO Copper Corp., (Canada), 6.50%, 02/15/2030 (e)

      608       532  

First Quantum Minerals Ltd., (Canada),

     

6.88%, 03/01/2026 (e)

      335       325  

6.88%, 10/15/2027 (e)

      1,812       1,759  

7.50%, 04/01/2025 (e)

      850       849  

Glencore Funding LLC,

     

1.63%, 04/27/2026 (e)

      291       263  

4.00%, 04/16/2025 (e)

      164       160  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Mining — continued     

4.00%, 03/27/2027 (e)

      250       241  

4.13%, 05/30/2023 (e)

      250       249  

4.63%, 04/29/2024 (e)

      558       551  

Hecla Mining Co., 7.25%, 02/15/2028

      883       892  

Hudbay Minerals, Inc., (Canada),

     

4.50%, 04/01/2026 (e)

      525       488  

6.13%, 04/01/2029 (e)

      1,781       1,683  

Kaiser Aluminum Corp.,

     

4.50%, 06/01/2031 (e)

      2,015       1,655  

4.63%, 03/01/2028 (e)

      931       829  

Kinross Gold Corp., (Canada), 5.95%, 03/15/2024

      207       207  

New Gold, Inc., (Canada), 7.50%, 07/15/2027 (e)

      5,801       5,584  

Novelis Corp.,

     

3.25%, 11/15/2026 (e)

      5,115       4,674  

3.88%, 08/15/2031 (e)

      3,347       2,774  

4.75%, 01/30/2030 (e)

      4,065       3,725  

Novelis Sheet Ingot GmbH, (Germany), Reg. S, 3.38%, 04/15/2029

    EUR 900       848  

Vedanta Resources Finance II plc, (United Kingdom),

     

8.95%, 03/11/2025 (e)

      200       123  

Reg. S, 8.95%, 03/11/2025

      14,100       8,706  
    

 

 

  
       56,678  
    

 

 

  

Total Basic Materials

        130,603  
    

 

 

  
Communications — 9.8%     
Advertising — 0.6%     

Clear Channel International BV, (Netherlands), 6.63%, 08/01/2025 (e)

      1,608       1,565  

Clear Channel Outdoor Holdings, Inc.,

     

5.13%, 08/15/2027 (e)

      5,380       4,828  

7.50%, 06/01/2029 (e)

      4,488       3,243  

7.75%, 04/15/2028 (e)

      3,401       2,551  

CMG Media Corp., 8.88%, 12/15/2027 (e)

      7,089       5,359  

Outfront Media Capital LLC / Outfront Media Capital Corp.,

     

4.25%, 01/15/2029 (e)

      2,263       1,878  

4.63%, 03/15/2030 (e)

      66       55  

5.00%, 08/15/2027 (e)

      1,809       1,630  

Summer BC Holdco B Sarl, (Luxembourg), Reg. S, 5.75%, 10/31/2026

    EUR 300       283  
    

 

 

  
       21,392  
    

 

 

  
Internet — 1.1%     

Acuris Finance US, Inc. / Acuris Finance Sarl, 5.00%, 05/01/2028 (e)

      3,167       2,486  

ANGI Group LLC, 3.88%, 08/15/2028 (e)

      1,234       938  

Arches Buyer, Inc., 4.25%, 06/01/2028 (e)

      115       96  

Cablevision Lightpath LLC,

     

3.88%, 09/15/2027 (e)

      6,014       4,840  

5.63%, 09/15/2028 (e)

      1,050       724  

Gen Digital, Inc., 5.00%, 04/15/2025 (e)

      1,185       1,164  

Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 03/01/2029 (e)

      1,314       1,136  

ION Trading Technologies Sarl, (Luxembourg), 5.75%, 05/15/2028 (e)

      1,008       805  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Internet — continued     
Match Group Holdings II LLC,     
3.63%, 10/01/2031 (e)      1,312       1,060  
4.63%, 06/01/2028 (e)      1,587       1,466  
Netflix, Inc.,     
Reg. S, 3.63%, 06/15/2030    EUR 215       223  
4.88%, 04/15/2028      175       176  
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.,     
4.75%, 04/30/2027 (e)      705       601  
6.00%, 02/15/2028 (e)      630       465  
Prosus NV, (Netherlands),     
Reg. S, 3.06%, 07/13/2031      3,300       2,597  
Reg. S, 4.99%, 01/19/2052      5,200       3,874  
Uber Technologies, Inc.,     
4.50%, 08/15/2029 (e)      8,521       7,764  
6.25%, 01/15/2028 (e)      1,267       1,264  
7.50%, 05/15/2025 (e)      113       115  
7.50%, 09/15/2027 (e)      1,606       1,656  
8.00%, 11/01/2026 (e)      1,105       1,133  
United Group BV, (Netherlands), Reg. S, 4.88%, 07/01/2024    EUR 100       105  
    

 

 

  
       34,688  
    

 

 

  
Media — 4.0%     
Altice Financing SA, (Luxembourg),     
Reg. S, 2.25%, 01/15/2025    EUR 200       204  
Reg. S, 3.00%, 01/15/2028    EUR 100       86  
Reg. S, 4.25%, 08/15/2029    EUR 107       93  
5.00%, 01/15/2028 (e)      515       424  
5.75%, 08/15/2029 (e)      6,354       5,052  
AMC Networks, Inc.,     
4.75%, 08/01/2025      31       27  
5.00%, 04/01/2024      450       444  
Cable One, Inc., 4.00%, 11/15/2030 (e)      1,963       1,597  
CCO Holdings LLC / CCO Holdings Capital Corp.,     
4.25%, 02/01/2031 (e)      9,971       8,271  
4.25%, 01/15/2034 (e)      5,732       4,483  
4.50%, 08/15/2030 (e)      989       836  
4.50%, 05/01/2032      4,947       4,046  
4.50%, 06/01/2033 (e)      3,638       2,929  
4.75%, 03/01/2030 (e)      4,586       3,973  
4.75%, 02/01/2032 (e)      3,034       2,548  
5.00%, 02/01/2028 (e)      5,808       5,358  
5.13%, 05/01/2027 (e)      4,219       3,987  
6.38%, 09/01/2029 (e)      4,241       4,050  
Charter Communications Operating LLC / Charter Communications Operating Capital,     
4.40%, 04/01/2033      153       136  
5.50%, 04/01/2063      826       668  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Media — continued     
CSC Holdings LLC,     
3.38%, 02/15/2031 (e)      1,781       1,232  
4.13%, 12/01/2030 (e)      5,602       4,023  
4.50%, 11/15/2031 (e)      4,844       3,492  
4.63%, 12/01/2030 (e)      6,735       3,321  
5.00%, 11/15/2031 (e)      2,575       1,304  
5.25%, 06/01/2024      443       428  
5.38%, 02/01/2028 (e)      825       677  
5.50%, 04/15/2027 (e)      2,115       1,785  
5.75%, 01/15/2030 (e)      1,800       948  
6.50%, 02/01/2029 (e)      1,500       1,235  
7.50%, 04/01/2028 (e)      500       319  
Diamond Sports Group LLC / Diamond Sports Finance Co.,     
5.38%, 08/15/2026 (d) (e)      17,957       987  
6.63%, 08/15/2027 (d) (e)      10,954       137  
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc., 5.88%, 08/15/2027 (e)      1,673       1,506  
DISH DBS Corp.,     
5.13%, 06/01/2029      1,344       717  
5.25%, 12/01/2026 (e)      2,754       2,182  
5.75%, 12/01/2028 (e)      3,807       2,841  
7.38%, 07/01/2028      5,423       3,093  
7.75%, 07/01/2026      4,515       2,971  
DISH Network Corp., 11.75%, 11/15/2027 (e)      7,184       6,915  
FactSet Research Systems, Inc., 2.90%, 03/01/2027      120       111  
GCI LLC, 4.75%, 10/15/2028 (e)      182       157  
Gray Television, Inc.,     
5.88%, 07/15/2026 (e)      1,000       865  
7.00%, 05/15/2027 (e)      500       419  
iHeartCommunications, Inc., 6.38%, 05/01/2026      1,175       1,037  
LCPR Senior Secured Financing DAC, (Ireland), 6.75%, 10/15/2027 (e)      2,112       1,968  
Midcontinent Communications / Midcontinent Finance Corp., 5.38%, 08/15/2027 (e)      325       294  
News Corp., 3.88%, 05/15/2029 (e)      250       222  
Nexstar Media, Inc., 4.75%, 11/01/2028 (e)      590       525  
Radiate Holdco LLC / Radiate Finance, Inc.,     
4.50%, 09/15/2026 (e)      3,865       3,025  
6.50%, 09/15/2028 (e)      9,191       3,768  
Sinclair Television Group, Inc.,     
4.13%, 12/01/2030 (e)      4,035       3,253  
5.13%, 02/15/2027 (e)      36       32  
Sirius XM Radio, Inc.,     
3.13%, 09/01/2026 (e)      2,810       2,525  
4.00%, 07/15/2028 (e)      80       69  
4.13%, 07/01/2030 (e)      47       39  
5.00%, 08/01/2027 (e)      3,099       2,901  
TEGNA, Inc., 4.75%, 03/15/2026 (e)      202       192  
Tele Columbus AG, (Germany), Reg. S, 3.88%, 05/02/2025    EUR 344       277  
Telenet Finance Luxembourg Notes Sarl, (Luxembourg), 5.50%, 03/01/2028 (e)      1,200       1,104  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Media — continued     
Univision Communications, Inc.,     
5.13%, 02/15/2025 (e)      2,857       2,800  
6.63%, 06/01/2027 (e)      5,231       4,960  
7.38%, 06/30/2030 (e)      1,152       1,089  
UPC Broadband Finco BV, (Netherlands), 4.88%, 07/15/2031 (e)      1,402       1,212  
Virgin Media Vendor Financing Notes III DAC, (Ireland), Reg. S, 4.88%, 07/15/2028    GBP 300       314  
Virgin Media Vendor Financing Notes IV DAC, (Ireland), 5.00%, 07/15/2028 (e)      2,389       2,123  
VZ Secured Financing BV, (Netherlands),     
Reg. S, 3.50%, 01/15/2032    EUR 100       86  
5.00%, 01/15/2032 (e)      2,150       1,745  
VZ Vendor Financing II BV, (Netherlands), Reg. S, 2.88%, 01/15/2029    EUR 100       86  
Ziggo Bond Co. BV, (Netherlands), 5.13%, 02/28/2030 (e)      872       701  
Ziggo BV, (Netherlands), 4.88%, 01/15/2030 (e)      152       130  
    

 

 

  
       127,354  
    

 

 

  
Telecommunications — 4.1%     
Altice France Holding SA, (Luxembourg), 10.50%, 05/15/2027 (e)      3,083       2,359  
Altice France SA, (France),     
Reg. S, 2.13%, 02/15/2025    EUR 300       300  
5.13%, 01/15/2029 (e)      1,476       1,125  
5.13%, 07/15/2029 (e)      3,054       2,298  
5.50%, 01/15/2028 (e)      155       125  
5.50%, 10/15/2029 (e)      2,418       1,848  
8.13%, 02/01/2027 (e)      4,216       3,903  
CommScope Technologies LLC, 6.00%, 06/15/2025 (e)      2,170       2,044  
CommScope, Inc.,     
4.75%, 09/01/2029 (e)      2,937       2,448  
6.00%, 03/01/2026 (e)      1,204       1,162  
7.13%, 07/01/2028 (e)      275       203  
8.25%, 03/01/2027 (e)      1,653       1,318  
Connect Finco Sarl / Connect US Finco LLC, (Multinational), 6.75%, 10/01/2026 (e)      6,080       5,715  
Digicel Group Holdings Ltd., (Bermuda), 8.00% (Blend (cash 5.00% + PIK 3.00%)), 04/01/2025 (e) (v)      190       74  
Digicel International Finance Ltd. / Digicel international Holdings Ltd., (Multinational),     
8.00%, 12/31/2026 (e)      6,725       1,379  
8.75%, 05/25/2024 (e)      1,000       899  
13.00% (Blend (cash 6.00% + PIK 7.00%)), 12/31/2025 (e) (v)      2,651       1,657  
Digicel Ltd., (Bermuda), 6.75%, 03/01/2023 (e)      19,230       3,942  
Frontier Communications Holdings LLC,     
5.00%, 05/01/2028 (e)      1,138       987  
5.88%, 10/15/2027 (e)      576       524  
6.75%, 05/01/2029 (e)      860       682  
8.75%, 05/15/2030 (e)      7,011       6,983  
Global Switch Holdings Ltd., (British Virgin Islands), Reg. S, 2.25%, 05/31/2027    EUR 179       182  
Globe Telecom, Inc., (Philippines),     
Reg. S, 3.00%, 07/23/2035      1,300       946  
Reg. S, (CMT Index 5 Year + 5.53%), 4.20%, 08/02/2026 (x) (aa)      7,384       6,705  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Telecommunications — continued     
Iliad Holding SASU, (France),     
Reg. S, 5.63%, 10/15/2028    EUR 100       101  
6.50%, 10/15/2026 (e)      5,721       5,452  
7.00%, 10/15/2028 (e)      4,853       4,604  
Intelsat Jackson Holdings SA, (Luxembourg),     
5.50%, 08/01/2023 (d) (bb) (cc)      3,425       — (h) 
6.50%, 03/15/2030 (e)      4,320       3,960  
8.50%, 10/15/2024 (d) (e) (bb) (cc)      3,800       — (h) 
9.75%, 07/15/2025 (d) (e) (bb) (cc)      1,875       — (h) 
Level 3 Financing, Inc.,     
3.40%, 03/01/2027 (e)      5,498       4,352  
3.63%, 01/15/2029 (e)      146       80  
3.75%, 07/15/2029 (e)      1,242       662  
3.88%, 11/15/2029 (e)      1,232       891  
4.25%, 07/01/2028 (e)      1,933       1,091  
4.63%, 09/15/2027 (e)      709       426  
Liberty Costa Rica Senior Secured Finance, (Cayman Islands), 10.88%, 01/15/2031 (e)      832       782  
Ligado Networks LLC, 15.50% (PIK), 11/01/2023 (e) (v)      284       87  
Lorca Telecom Bondco SA, (Spain), Reg. S, 4.00%, 09/18/2027    EUR 319       317  
Lumen Technologies, Inc.,     
4.00%, 02/15/2027 (e)      4,473       2,952  
4.50%, 01/15/2029 (e)      1,758       787  
5.38%, 06/15/2029 (e)      502       243  
Nokia OYJ, (Finland), 6.63%, 05/15/2039      1,051       1,049  
SES SA, (Luxembourg),     
Reg. S, (EUR Swap Rate 5 Year + 3.19%), 2.88%, 05/27/2026 (x) (aa)    EUR 100       88  
Reg. S, (EUR Swap Rate 5 Year + 5.40%), 5.63%, 01/29/2024 (x) (aa)    EUR 100       106  
SoftBank Group Corp., (Japan),     
Reg. S, 3.13%, 09/19/2025    EUR 482       478  
Reg. S, 4.50%, 04/20/2025    EUR 100       104  
Reg. S, (USD ICE Swap Rate 5 Year + 4.23%), 6.00%, 07/19/2023 (x) (aa)      200       193  
Sprint Capital Corp.,     
6.88%, 11/15/2028      6,581       7,085  
8.75%, 03/15/2032      8,956       10,917  
Sprint LLC,     
7.13%, 06/15/2024      2,584       2,634  
7.63%, 02/15/2025      1,390       1,442  
7.63%, 03/01/2026      135       143  
7.88%, 09/15/2023      1,150       1,159  
Telecom Italia Capital SA, (Luxembourg),     
6.00%, 09/30/2034      367       314  
6.38%, 11/15/2033      500       453  
7.20%, 07/18/2036      1,514       1,370  
Telecom Italia Finance SA, (Luxembourg), Reg. S, 7.75%, 01/24/2033    EUR 100       116  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Telecommunications — continued     
Telecom Italia SpA, (Italy),     
Reg. S, 1.63%, 01/18/2029    EUR 542       460  
Reg. S, 2.38%, 10/12/2027    EUR 100       94  
5.30%, 05/30/2024 (e)      200       196  
Telefonica Europe BV, (Netherlands), Reg. S, (EUR Swap Rate 6 Year + 4.32%), 7.13%, 08/23/2028 (x) (aa)    EUR 200       220  
T-Mobile USA, Inc.,     
2.05%, 02/15/2028      167       148  
2.25%, 02/15/2026      160       149  
2.63%, 04/15/2026      36       34  
3.75%, 04/15/2027      90       86  
Viasat, Inc.,     
5.63%, 09/15/2025 (e)      8,387       7,951  
5.63%, 04/15/2027 (e)      393       369  
Viavi Solutions, Inc., 3.75%, 10/01/2029 (e)      1,696       1,450  
Vmed O2 UK Financing I plc, (United Kingdom),     
Reg. S, 4.00%, 01/31/2029    GBP 100       102  
4.25%, 01/31/2031 (e)      549       467  
4.75%, 07/15/2031 (e)      1,385       1,187  
Vodafone Group plc, (United Kingdom),     
Reg. S, (EUR Swap Rate 5 Year + 3.48%), 3.00%, 08/27/2080 (aa)    EUR 100       87  
(CMT Index 5 Year + 2.45%), 3.25%, 06/04/2081 (aa)      171       145  
Reg. S, (GBP Swap Rate 5 Year + 3.27%), 4.88%, 10/03/2078 (aa)    GBP 200       234  
Reg. S, (USD Semi-annual Swap Rate 5 Year + 3.05%), 6.25%, 10/03/2078 (aa)      200       194  
Zayo Group Holdings, Inc.,     
4.00%, 03/01/2027 (e)      9,250       7,030  
6.13%, 03/01/2028 (e)      9,149       5,564  
    

 

 

  
       130,413  
    

 

 

  
Total Communications        313,847  
    

 

 

  
Consumer Cyclical — 16.5%     
Airlines — 1.2%     
Air Canada, (Canada), 3.88%, 08/15/2026 (e)      1,647       1,496  
Air France-KLM, (France), Reg. S, 8.13%, 05/31/2028    EUR 200       218  
Allegiant Travel Co., 7.25%, 08/15/2027 (e)      410       408  
American Airlines Group, Inc., 3.75%, 03/01/2025 (e)      44       40  
American Airlines, Inc.,     
7.25%, 02/15/2028 (e)      1,106       1,075  
11.75%, 07/15/2025 (e)      7,007       7,667  
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., (Multinational),     
5.50%, 04/20/2026 (e)      770       758  
5.75%, 04/20/2029 (e)      5,395       5,176  
British Airways 2013-1 Class A Pass Through Trust, 4.63%, 06/20/2024 (e)      160       158  
Deutsche Lufthansa AG, (Germany), Reg. S, 3.50%, 07/14/2029    EUR 300       285  
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., (Cayman Islands), 5.75%, 01/20/2026 (e)      2,483       2,358  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Airlines — continued     
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (e)      3,827       3,815  
Singapore Airlines Ltd., (Singapore), Reg. S, 3.00%, 07/20/2026      4,650       4,439  
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., (Cayman Islands),     
8.00%, 09/20/2025 (e)      763       768  
United Airlines Pass Through Trust,     
Series 20-1, Class A, 5.88%, 10/15/2027      80       80  
Series 20-1, Class B, 4.88%, 01/15/2026      43       42  
United Airlines, Inc.,     
4.38%, 04/15/2026 (e)      4,247       4,068  
4.63%, 04/15/2029 (e)      5,405       4,898  
    

 

 

  
       37,749  
    

 

 

  
Apparel — 0.2%     
Crocs, Inc.,     
4.13%, 08/15/2031 (e)      337       277  
4.25%, 03/15/2029 (e)      1,205       1,057  
Hanesbrands, Inc., 9.00%, 02/15/2031 (e)      1,752       1,794  
Kontoor Brands, Inc., 4.13%, 11/15/2029 (e)      500       426  
Levi Strauss & Co., 3.50%, 03/01/2031 (e)      1,078       919  
PVH Corp., 4.63%, 07/10/2025      190       186  
William Carter Co. (The), 5.63%, 03/15/2027 (e)      330       321  
Wolverine World Wide, Inc., 4.00%, 08/15/2029 (e)      2,875       2,336  
    

 

 

  
       7,316  
    

 

 

  
Auto Manufacturers — 1.6%     
Allison Transmission, Inc., 3.75%, 01/30/2031 (e)      900       768  
Daimler Truck Finance North America LLC, 5.15%, 01/16/2026 (e)      150       150  
Ford Motor Co.,     
3.25%, 02/12/2032      2,127       1,672  
4.75%, 01/15/2043      5,723       4,388  
5.29%, 12/08/2046      1,880       1,542  
6.10%, 08/19/2032      651       629  
7.40%, 11/01/2046      1,275       1,277  
Ford Motor Credit Co. LLC,     
2.70%, 08/10/2026      3,406       3,031  
2.90%, 02/16/2028      577       496  
2.90%, 02/10/2029      200       165  
3.63%, 06/17/2031      600       495  
3.82%, 11/02/2027      400       359  
4.00%, 11/13/2030      1,493       1,268  
4.13%, 08/04/2025      597       568  
4.13%, 08/17/2027      440       403  
4.27%, 01/09/2027      2,500       2,328  
4.39%, 01/08/2026      908       861  
4.54%, 03/06/2025    GBP 287       339  
4.87%, 08/03/2027    EUR 325       342  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Auto Manufacturers — continued     
4.95%, 05/28/2027      3,820       3,644  
5.11%, 05/03/2029      3,253       3,054  
5.13%, 06/16/2025      4,896       4,793  
5.58%, 03/18/2024      879       873  
6.95%, 03/06/2026      1,100       1,118  
7.35%, 03/06/2030      1,280       1,315  
General Motors Co.,     
5.40%, 04/01/2048      354       306  
5.60%, 10/15/2032      697       679  
General Motors Financial Co., Inc.,     
2.75%, 06/20/2025      1,000       947  
Series C, (CMT Index 5 Year + 5.00%), 5.70%, 09/30/2030 (x) (aa)      5       4  
Hyundai Capital America,     
0.80%, 04/03/2023 (e)      110       110  
0.80%, 01/08/2024 (e)      500       482  
Jaguar Land Rover Automotive plc, (United Kingdom), Reg. S, 4.50%, 07/15/2028    EUR 100       89  
Mercedes-Benz Finance North America LLC, 4.80%, 03/30/2026 (e)      185       185  
Nissan Motor Acceptance Co. LLC, 3.88%, 09/21/2023 (e)      775       766  
PM General Purchaser LLC, 9.50%, 10/01/2028 (e)      2,510       2,298  
RCI Banque SA, (France), Reg. S, (EUR Swap Rate 5 Year + 2.85%), 2.63%, 02/18/2030 (aa)    EUR 600       593  
TML Holdings Pte Ltd., (Singapore),     
Reg. S, 4.35%, 06/09/2026      6,650       5,994  
Reg. S, 5.50%, 06/03/2024      3,200       3,104  
Wabash National Corp., 4.50%, 10/15/2028 (e)      76       66  
    

 

 

  
       51,501  
    

 

 

  
Auto Parts & Equipment — 0.9%     
Adient Global Holdings Ltd., (Jersey),     
Reg. S, 3.50%, 08/15/2024    EUR 100       108  
4.88%, 08/15/2026 (e)      2,325       2,241  
7.00%, 04/15/2028 (e)      575       591  
American Axle & Manufacturing, Inc., 6.50%, 04/01/2027      1,275       1,173  
Clarios Global LP / Clarios US Finance Co., (Multinational),     
Reg. S, 4.38%, 05/15/2026    EUR 397       410  
6.25%, 05/15/2026 (e)      4,343       4,311  
8.50%, 05/15/2027 (e)      12,597       12,644  
Clarios Global LP, (Canada), 6.75%, 05/15/2025 (e)      1,204       1,217  
Dana Financing Luxembourg Sarl, (Luxembourg), 5.75%, 04/15/2025 (e)      150       148  
Dana, Inc.,     
4.25%, 09/01/2030      950       761  
4.50%, 02/15/2032      575       454  
5.38%, 11/15/2027      275       257  
5.63%, 06/15/2028      700       657  
Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/2028 (e)      186       167  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Auto Parts & Equipment — continued     
Faurecia SE, (France),     
Reg. S, 2.75%, 02/15/2027    EUR 300       289  
Reg. S, 7.25%, 06/15/2026    EUR 150       167  
Goodyear Tire & Rubber Co. (The),     
5.00%, 07/15/2029      678       606  
5.63%, 04/30/2033      740       640  
9.50%, 05/31/2025      105       108  
Grupo Antolin-Irausa SA, (Spain), Reg. S, 3.50%, 04/30/2028    EUR 200       156  
IHO Verwaltungs GmbH, (Germany), Reg. S, 8.75% (cash), 05/15/2028 (v) (w)    EUR 128       142  
Titan International, Inc., 7.00%, 04/30/2028      1,025       923  
ZF Europe Finance BV, (Netherlands), Reg. S, 2.00%, 02/23/2026    EUR 300       295  
ZF Finance GmbH, (Germany), Reg. S, 5.75%, 08/03/2026    EUR 100       109  
    

 

 

  
       28,574  
    

 

 

  
Distribution/Wholesale — 0.2%     
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029 (e)      45       38  
BCPE Empire Holdings, Inc., 7.63%, 05/01/2027 (e)      1,605       1,467  
H&E Equipment Services, Inc., 3.88%, 12/15/2028 (e)      3,250       2,848  
Resideo Funding, Inc., 4.00%, 09/01/2029 (e)      218       181  
Ritchie Bros Holdings, Inc.,     
6.75%, 03/15/2028 (e)      552       569  
7.75%, 03/15/2031 (e)      650       681  
    

 

 

  
       5,784  
    

 

 

  
Entertainment — 2.6%     
Boyne USA, Inc., 4.75%, 05/15/2029 (e)      2,344       2,086  
Caesars Entertainment, Inc.,     
4.63%, 10/15/2029 (e)      7,163       6,264  
6.25%, 07/01/2025 (e)      6,135       6,135  
7.00%, 02/15/2030 (e)      7,922       8,080  
8.13%, 07/01/2027 (e)      6,133       6,256  
Caesars Resort Collection LLC / CRC Finco, Inc., 5.75%, 07/01/2025 (e)      366       366  
CCM Merger, Inc., 6.38%, 05/01/2026 (e)      1,302       1,271  
CDI Escrow Issuer, Inc., 5.75%, 04/01/2030 (e)      4,894       4,727  
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op,     
5.38%, 04/15/2027      242       231  
5.50%, 05/01/2025 (e)      1,811       1,810  
6.50%, 10/01/2028      3       3  
Churchill Downs, Inc.,     
4.75%, 01/15/2028 (e)      2,222       2,081  
5.50%, 04/01/2027 (e)      387       379  
Cirsa Finance International Sarl, (Luxembourg), Reg. S, 4.75%, 05/22/2025    EUR 100       105  
CPUK Finance Ltd., (Jersey), Reg. S, 4.88%, 08/28/2025    GBP 100       117  
Everi Holdings, Inc., 5.00%, 07/15/2029 (e)      100       89  
Golden Entertainment, Inc., 7.63%, 04/15/2026 (e)      1,829       1,845  
Inter Media and Communication SpA, (Italy), Reg. S, 6.75%, 02/09/2027    EUR 100       101  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Entertainment — continued     
International Game Technology plc, (United Kingdom),     
5.25%, 01/15/2029 (e)      855       819  
6.25%, 01/15/2027 (e)      800       809  
Jacobs Entertainment, Inc., 6.75%, 02/15/2029 (e)      1,300       1,136  
Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029 (e)      1,573       1,034  
Live Nation Entertainment, Inc.,     
3.75%, 01/15/2028 (e)      410       367  
4.75%, 10/15/2027 (e)      2,153       1,992  
4.88%, 11/01/2024 (e)      33       32  
5.63%, 03/15/2026 (e)      78       75  
6.50%, 05/15/2027 (e)      7,594       7,681  
Lottomatica SpA, (Italy),     
Reg. S, 6.25%, 07/15/2025    EUR 300       324  
Reg. S, 9.75%, 09/30/2027    EUR 123       141  
Merlin Entertainments Ltd., (United Kingdom), 5.75%, 06/15/2026 (e)      1,555       1,475  
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%,
05/01/2029 (e)		      1,521       1,322  
Motion Bondco DAC, (Ireland), 6.63%, 11/15/2027 (e)      957       883  
Odeon Finco plc, (United Kingdom), 12.75%, 11/01/2027 (e)      313       288  
Penn Entertainment, Inc.,     
4.13%, 07/01/2029 (e)      2,200       1,834  
5.63%, 01/15/2027 (e)      2,264       2,126  
Pinewood Finance Co. Ltd., (United Kingdom), Reg. S, 3.63%, 11/15/2027    GBP 100       109  
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.88%,
09/01/2031 (e)		      1,741       1,243  
Scientific Games Holdings LP / Scientific Games US FinCo., Inc., 6.63%, 03/01/2030 (e)      1,080       953  
Scientific Games International, Inc.,     
7.00%, 05/15/2028 (e)      1,196       1,184  
7.25%, 11/15/2029 (e)      500       501  
8.63%, 07/01/2025 (e)      58       59  
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025 (e)      958       968  
Warnermedia Holdings, Inc.,     
3.43%, 03/15/2024 (e)      226       221  
3.79%, 03/15/2025 (e)      112       108  
5.14%, 03/15/2052 (e)      6,746       5,447  
5.39%, 03/15/2062 (e)      2,273       1,821  
6.41%, 03/15/2026      381       383  
(SOFR Compounded Index + 1.78%), 6.60%, 03/15/2024 (e) (aa)      62       62  
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.,     
5.13%, 10/01/2029 (e)      4,574       4,155  
7.13%, 02/15/2031 (e)      1,218       1,229  
    

 

 

  
       82,727  
    

 

 

  
Food Service — 0.2%     
Aramark International Finance Sarl, (Luxembourg), Reg. S, 3.13%, 04/01/2025    EUR 693       727  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Food Service — continued     
Aramark Services, Inc.,     
5.00%, 04/01/2025 (e)      406       400  
5.00%, 02/01/2028 (e)      2,705       2,560  
6.38%, 05/01/2025 (e)      2,470       2,488  
Elior Group SA, (France), Reg. S, 3.75%, 07/15/2026    EUR 100       94  
    

 

 

  
       6,269  
    

 

 

  
Home Builders — 1.4%     
Ashton Woods USA LLC / Ashton Woods Finance Co.,     
4.63%, 08/01/2029 (e)      1,108       897  
4.63%, 04/01/2030 (e)      500       412  
6.63%, 01/15/2028 (e)      950       861  
Beazer Homes USA, Inc.,     
5.88%, 10/15/2027      5,850       5,329  
6.75%, 03/15/2025      1,330       1,307  
7.25%, 10/15/2029      1,800       1,674  
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, (Canada),     
4.88%, 02/15/2030 (e)      4,143       3,125  
5.00%, 06/15/2029 (e)      1,586       1,213  
6.25%, 09/15/2027 (e)      1,550       1,361  
Century Communities, Inc., 6.75%, 06/01/2027      1,125       1,123  
Empire Communities Corp., (Canada), 7.00%, 12/15/2025 (e)      225       198  
Forestar Group, Inc.,     
3.85%, 05/15/2026 (e)      650       585  
5.00%, 03/01/2028 (e)      1,475       1,320  
KB Home,     
4.00%, 06/15/2031      1,050       910  
4.80%, 11/15/2029      2,000       1,830  
6.88%, 06/15/2027      698       709  
7.25%, 07/15/2030      600       608  
M/I Homes, Inc., 4.95%, 02/01/2028      1,718       1,589  
Mattamy Group Corp., (Canada),     
4.63%, 03/01/2030 (e)      1,580       1,374  
5.25%, 12/15/2027 (e)      4,922       4,633  
Meritage Homes Corp.,     
5.13%, 06/06/2027      653       635  
6.00%, 06/01/2025      800       806  
Shea Homes LP / Shea Homes Funding Corp.,     
4.75%, 02/15/2028      3,225       2,882  
4.75%, 04/01/2029      450       393  
STL Holding Co. LLC, 7.50%, 02/15/2026 (e)      1,615       1,413  
Taylor Morrison Communities, Inc.,     
5.13%, 08/01/2030 (e)      3,346       3,089  
5.75%, 01/15/2028 (e)      700       688  
5.88%, 06/15/2027 (e)      2,265       2,222  
Tri Pointe Homes, Inc.,     
5.25%, 06/01/2027      450       427  
5.70%, 06/15/2028      1,801       1,733  
    

 

 

  
       45,346  
    

 

 

  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Home Furnishings — 0.0% (g)     
Tempur Sealy International, Inc.,     
3.88%, 10/15/2031 (e)      398       332  
4.00%, 04/15/2029 (e)      1,449       1,275  
    

 

 

  
       1,607  
    

 

 

  
Housewares — 0.2%     
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025 (e)      1,230       1,055  
Scotts Miracle-Gro Co. (The),     
4.00%, 04/01/2031      3,072       2,450  
4.38%, 02/01/2032      1,000       803  
SWF Escrow Issuer Corp., 6.50%, 10/01/2029 (e)      6,487       3,990  
    

 

 

  
       8,298  
    

 

 

  
Leisure Time — 1.5%     
Carnival Corp., (Panama),     
4.00%, 08/01/2028 (e)      1,988       1,711  
5.75%, 03/01/2027 (e)      3,167       2,605  
6.00%, 05/01/2029 (e)      3,477       2,768  
7.63%, 03/01/2026 (e)      436       398  
Reg. S, 7.63%, 03/01/2026    EUR 103       99  
9.88%, 08/01/2027 (e)      1,256       1,291  
Reg. S, 10.13%, 02/01/2026    EUR 300       342  
10.50%, 02/01/2026 (e)      2,738       2,850  
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028 (e)      10,234       11,016  
Dometic Group AB, (Sweden), Reg. S, 3.00%, 05/08/2026    EUR 100       98  
Life Time, Inc.,     
5.75%, 01/15/2026 (e)      2,136       2,075  
8.00%, 04/15/2026 (e)      815       777  
Lindblad Expeditions LLC, 6.75%, 02/15/2027 (e)      1,385       1,341  
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029 (e)      74       55  
NCL Corp. Ltd., (Bermuda),     
5.88%, 03/15/2026 (e)      1,516       1,289  
5.88%, 02/15/2027 (e)      950       893  
7.75%, 02/15/2029 (e)      69       59  
8.38%, 02/01/2028 (e)      2,042       2,049  
NCL Finance Ltd., (Bermuda), 6.13%, 03/15/2028 (e)      87       70  
Royal Caribbean Cruises Ltd., (Liberia),     
4.25%, 07/01/2026 (e)      589       530  
5.38%, 07/15/2027 (e)      595       533  
5.50%, 08/31/2026 (e)      524       490  
5.50%, 04/01/2028 (e)      316       278  
7.25%, 01/15/2030 (e)      2,700       2,720  
8.25%, 01/15/2029 (e)      1,800       1,881  
9.25%, 01/15/2029 (e)      2,902       3,070  
11.50%, 06/01/2025 (e)      1,639       1,748  
11.63%, 08/15/2027 (e)      2,143       2,301  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Leisure Time — continued     
Viking Cruises Ltd., (Bermuda),     
5.88%, 09/15/2027 (e)      200       173  
6.25%, 05/15/2025 (e)      500       474  
Viking Ocean Cruises Ship VII Ltd., (Bermuda), 5.63%, 02/15/2029 (e)      2,169       1,862  
    

 

 

  
       47,846  
    

 

 

  
Lodging — 4.2%     
Accor SA, (France), Reg. S, (EUR Swap Rate 5 Year + 4.56%), 4.38%, 01/30/2024 (x) (aa)    EUR 200       210  
Boyd Gaming Corp., 4.75%, 06/15/2031 (e)      1,997       1,815  
Champion Path Holdings Ltd., (British Virgin Islands), Reg. S, 4.50%, 01/27/2026      1,519       1,337  
Fortune Star BVI Ltd., (British Virgin Islands),     
Reg. S, 5.00%, 05/18/2026      2,900       2,057  
Reg. S, 5.05%, 01/27/2027      600       413  
Reg. S, 5.95%, 10/19/2025      7,400       5,704  
Reg. S, 6.85%, 07/02/2024      6,300       5,573  
Genting New York LLC / GENNY Capital, Inc., 3.30%, 02/15/2026 (e)      270       240  
Hilton Domestic Operating Co., Inc.,     
3.63%, 02/15/2032 (e)      1,973       1,665  
3.75%, 05/01/2029 (e)      835       745  
4.00%, 05/01/2031 (e)      245       215  
4.88%, 01/15/2030      2,041       1,955  
5.75%, 05/01/2028 (e)      858       858  
Hyatt Hotels Corp., 1.30%, 10/01/2023      440       431  
Las Vegas Sands Corp., 3.90%, 08/08/2029      18       16  
Melco Resorts Finance Ltd., (Cayman Islands),     
4.88%, 06/06/2025 (e)      200       188  
Reg. S, 4.88%, 06/06/2025      5,580       5,248  
5.38%, 12/04/2029 (e)      1,200       978  
Reg. S, 5.63%, 07/17/2027      1,600       1,408  
5.75%, 07/21/2028 (e)      400       345  
Reg. S, 5.75%, 07/21/2028      18,250       15,713  
MGM China Holdings Ltd., (Cayman Islands),     
Reg. S, 4.75%, 02/01/2027      2,800       2,508  
5.25%, 06/18/2025 (e)      2,000       1,895  
Reg. S, 5.25%, 06/18/2025      2,970       2,814  
5.38%, 05/15/2024 (e)      1,900       1,855  
Reg. S, 5.88%, 05/15/2026      2,300       2,165  
MGM Resorts International,     
4.63%, 09/01/2026      750       709  
4.75%, 10/15/2028      3,476       3,236  
5.50%, 04/15/2027      650       631  
5.75%, 06/15/2025      475       475  
6.75%, 05/01/2025      350       352  
Sands China Ltd., (Cayman Islands),     
2.80%, 03/08/2027      3,900       3,338  
3.75%, 08/08/2031      1,800       1,443  
4.30%, 01/08/2026      8,850       8,297  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Lodging — continued     
4.88%, 06/18/2030      1,800       1,592  
5.63%, 08/08/2025      5,600       5,451  
5.90%, 08/08/2028      13,000       12,339  
Station Casinos LLC,     
4.50%, 02/15/2028 (e)      1,578       1,424  
4.63%, 12/01/2031 (e)      588       497  
Studio City Co. Ltd., (British Virgin Islands), Reg. S, 7.00%, 02/15/2027      1,800       1,698  
Studio City Finance Ltd., (British Virgin Islands),     
Reg. S, 5.00%, 01/15/2029      1,200       921  
Reg. S, 6.00%, 07/15/2025      8,883       8,140  
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025 (e)      800       764  
Wynn Macau Ltd., (Cayman Islands),     
Reg. S, 4.88%, 10/01/2024      2,000       1,940  
Reg. S, 5.13%, 12/15/2029      650       532  
5.50%, 01/15/2026 (e)      500       464  
Reg. S, 5.50%, 01/15/2026      12,550       11,640  
5.50%, 10/01/2027 (e)      1,530       1,335  
Reg. S, 5.50%, 10/01/2027      3,400       2,967  
5.63%, 08/26/2028 (e)      2,550       2,169  
Reg. S, 5.63%, 08/26/2028      3,900       3,317  
    

 

 

  
       134,022  
    

 

 

  
Retail — 2.1%     
1011778 BC ULC / New Red Finance, Inc., (Canada),     
3.50%, 02/15/2029 (e)      1,500       1,343  
3.88%, 01/15/2028 (e)      240       223  
4.00%, 10/15/2030 (e)      3,271       2,805  
4.38%, 01/15/2028 (e)      767       708  
5.75%, 04/15/2025 (e)      77       77  
7-Eleven, Inc., 0.80%, 02/10/2024 (e)      425       407  
Arko Corp., 5.13%, 11/15/2029 (e)      1,009       835  
Asbury Automotive Group, Inc.,     
4.75%, 03/01/2030      3       3  
5.00%, 02/15/2032 (e)      793       694  
At Home Group, Inc.,     
4.88%, 07/15/2028 (e)      300       203  
7.13%, 07/15/2029 (e)      1,475       845  
BCPE Ulysses Intermediate, Inc., 7.75% (cash), 04/01/2027 (e) (v)      125       98  
Beacon Roofing Supply, Inc., 4.13%, 05/15/2029 (e)      935       825  
Brinker International, Inc., 5.00%, 10/01/2024 (e)      625       613  
Burger King France SAS, (France), Reg. S, (ICE LIBOR EUR 3 Month + 4.75%), 7.23%, 11/01/2026 (aa)    EUR 300       322  
Carrols Restaurant Group, Inc., 5.88%, 07/01/2029 (e)      975       785  
Constellation Automotive Financing plc, (United Kingdom), Reg. S, 4.88%, 07/15/2027    GBP 200       179  
eG Global Finance plc, (United Kingdom),     
Reg. S, 3.63%, 02/07/2024    EUR 100       106  
Reg. S, 4.38%, 02/07/2025    EUR 922       914  
Reg. S, 6.25%, 10/30/2025    EUR 1,536       1,537  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Retail — continued     
6.75%, 02/07/2025 (e)      2,357       2,180  
8.50%, 10/30/2025 (e)      1,765       1,652  
Ferrellgas LP / Ferrellgas Finance Corp.,     
5.38%, 04/01/2026 (e)      300       281  
5.88%, 04/01/2029 (e)      335       288  
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.,     
4.63%, 01/15/2029 (e)      1,491       1,308  
6.75%, 01/15/2030 (e)      2,812       2,314  
Foundation Building Materials, Inc., 6.00%, 03/01/2029 (e)      2,984       2,365  
Gap, Inc. (The),     
3.63%, 10/01/2029 (e)      875       624  
3.88%, 10/01/2031 (e)      2,030       1,409  
Goldstory SASU, (France), Reg. S, 5.38%, 03/01/2026    EUR 200       199  
GYP Holdings III Corp., 4.63%, 05/01/2029 (e)      1,502       1,284  
Jollibee Worldwide Pte Ltd., (Singapore), Reg. S, 4.13%, 01/24/2026      4,200       3,971  
Ken Garff Automotive LLC, 4.88%, 09/15/2028 (e)      3       3  
LBM Acquisition LLC, 6.25%, 01/15/2029 (e)      1,875       1,435  
LCM Investments Holdings II LLC, 4.88%, 05/01/2029 (e)      2,665       2,229  
Lithia Motors, Inc., 3.88%, 06/01/2029 (e)      13       11  
Lowe’s Cos., Inc., 4.80%, 04/01/2026      86       86  
NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.13%, 04/01/2026 (e)      1,007       945  
Park River Holdings, Inc.,     
5.63%, 02/01/2029 (e)      2,900       1,977  
6.75%, 08/01/2029 (e)      550       379  
Patrick Industries, Inc.,     
4.75%, 05/01/2029 (e)      950       824  
7.50%, 10/15/2027 (e)      60       60  
Penske Automotive Group, Inc., 3.75%, 06/15/2029 (e)      252       218  
PetSmart, Inc. / PetSmart Finance Corp.,     
4.75%, 02/15/2028 (e)      250       235  
7.75%, 02/15/2029 (e)      2,955       2,900  
Sally Holdings LLC / Sally Capital, Inc., 5.63%, 12/01/2025      2,675       2,634  
SRS Distribution, Inc.,     
4.63%, 07/01/2028 (e)      2,625       2,331  
6.00%, 12/01/2029 (e)      3,286       2,713  
6.13%, 07/01/2029 (e)      4,266       3,600  
Staples, Inc., 7.50%, 04/15/2026 (e)      1,056       923  
Stonegate Pub Co. Financing 2019 plc, (United Kingdom), Reg. S, 8.00%, 07/13/2025    GBP 150       170  
Suburban Propane Partners LP / Suburban Energy Finance Corp.,     
5.00%, 06/01/2031 (e)      1,950       1,704  
5.88%, 03/01/2027      925       897  
Superior Plus LP / Superior General Partner, Inc., (Canada), 4.50%, 03/15/2029 (e)      2,500       2,232  
White Cap Buyer LLC, 6.88%, 10/15/2028 (e)      6,486       5,626  
White Cap Parent LLC, 8.25% (cash), 03/15/2026 (e) (v)      1,350       1,228  
    

 

 

  
       66,757  
    

 

 

  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Storage/Warehousing — 0.1%     
GLP China Holdings Ltd., (Hong Kong), Reg. S, 2.95%, 03/29/2026      3,050       2,228  
    

 

 

  
Toys/Games/Hobbies — 0.1%     
Mattel, Inc., 5.45%, 11/01/2041      2,701       2,274  
    

 

 

  
Total Consumer Cyclical        528,298  
    

 

 

  
Consumer Non-cyclical — 10.4%     
Agriculture — 0.3%     
BAT Capital Corp.,     
3.22%, 08/15/2024      327       317  
3.56%, 08/15/2027      228       212  
4.70%, 04/02/2027      274       268  
BAT International Finance plc, (United Kingdom),     
1.67%, 03/25/2026      30       27  
3.95%, 06/15/2025 (e)      337       328  
Darling Ingredients, Inc., 6.00%, 06/15/2030 (e)      2,720       2,711  
Imperial Brands Finance plc, (United Kingdom),     
3.13%, 07/26/2024 (e)      643       622  
6.13%, 07/27/2027 (e)      400       410  
Philip Morris International, Inc.,     
4.88%, 02/13/2026      189       190  
5.00%, 11/17/2025      77       78  
5.13%, 11/17/2027      193       197  
Reynolds American, Inc., 4.45%, 06/12/2025      281       276  
Tereos Finance Groupe I SA, (France), Reg. S, 7.25%, 04/15/2028    EUR 175       186  
Vector Group Ltd., 5.75%, 02/01/2029 (e)      3,175       2,825  
Viterra Finance BV, (Netherlands), 2.00%, 04/21/2026 (e)      700       623  
    

 

 

  
       9,270  
    

 

 

  
Biotechnology — 0.0% (g)     
Amgen, Inc.,     
5.15%, 03/02/2028      241       246  
5.25%, 03/02/2025      226       228  
5.51%, 03/02/2026      241       242  
Cidron Aida Finco Sarl, (Luxembourg), Reg. S, 6.25%, 04/01/2028    GBP 100       105  
Gilead Sciences, Inc., 0.75%, 09/29/2023      760       743  
Illumina, Inc.,     
5.75%, 12/13/2027      151       154  
5.80%, 12/12/2025      38       39  
    

 

 

  
       1,757  
    

 

 

  
Commercial Services — 4.1%     
Adani Ports & Special Economic Zone Ltd., (India), 3.38%, 07/24/2024 (e)      200       185  
ADT Security Corp. (The),     
4.13%, 08/01/2029 (e)      1,209       1,078  
4.88%, 07/15/2032 (e)      156       138  
Albion Financing 1 Sarl / Aggreko Holdings, Inc., (Luxembourg), 6.13%, 10/15/2026 (e)      200       178  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Commercial Services — continued     
Allied Universal Holdco LLC / Allied Universal Finance Corp.,     
6.00%, 06/01/2029 (e)      6,924       5,169  
6.63%, 07/15/2026 (e)      5,991       5,757  
9.75%, 07/15/2027 (e)      6,986       6,226  
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 Sarl, (Multinational),     
Reg. S, 3.63%, 06/01/2028    EUR 160       142  
4.63%, 06/01/2028 (e)      10,825       9,145  
Alta Equipment Group, Inc., 5.63%, 04/15/2026 (e)      900       842  
AMN Healthcare, Inc.,     
4.00%, 04/15/2029 (e)      450       398  
4.63%, 10/01/2027 (e)      874       811  
APi Group DE, Inc.,     
4.13%, 07/15/2029 (e)      1,730       1,484  
4.75%, 10/15/2029 (e)      450       396  
APX Group, Inc.,     
5.75%, 07/15/2029 (e)      2,735       2,448  
6.75%, 02/15/2027 (e)      154       153  
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 04/01/2028 (e)      1,450       1,319  
Avis Budget Finance plc, (Jersey), Reg. S, 4.75%, 01/30/2026    EUR 300       317  
BCP V Modular Services Finance II plc, (United Kingdom),     
Reg. S, 4.75%, 11/30/2028    EUR 100       92  
Reg. S, 6.13%, 11/30/2028    GBP 100       105  
Block, Inc.,     
2.75%, 06/01/2026      987       900  
3.50%, 06/01/2031      6,448       5,295  
Brink’s Co. (The),     
4.63%, 10/15/2027 (e)      1,738       1,638  
5.50%, 07/15/2025 (e)      625       619  
Carriage Services, Inc., 4.25%, 05/15/2029 (e)      400       329  
CoreLogic, Inc., 4.50%, 05/01/2028 (e)      2,209       1,676  
eHi Car Services Ltd., (Cayman Islands),     
Reg. S, 7.00%, 09/21/2026      8,050       5,280  
Reg. S, 7.75%, 11/14/2024      500       385  
Garda World Security Corp., (Canada),     
4.63%, 02/15/2027 (e)      27       24  
7.75%, 02/15/2028 (e)      1,209       1,192  
Gartner, Inc.,     
3.63%, 06/15/2029 (e)      111       99  
3.75%, 10/01/2030 (e)      500       449  
4.50%, 07/01/2028 (e)      799       758  
Global Payments, Inc.,     
2.65%, 02/15/2025      47       45  
2.90%, 05/15/2030      717       607  
3.20%, 08/15/2029      716       626  
3.75%, 06/01/2023      146       146  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Commercial Services — continued     
4.45%, 06/01/2028      155       147  
5.40%, 08/15/2032      1,475       1,445  
5.95%, 08/15/2052      1,429       1,354  
HealthEquity, Inc., 4.50%, 10/01/2029 (e)      3,036       2,698  
Herc Holdings, Inc., 5.50%, 07/15/2027 (e)      2,174       2,098  
Hertz Corp. (The),     
4.63%, 12/01/2026 (e)      632       572  
5.00%, 12/01/2029 (e)      825       684  
India Toll Roads, (Mauritius), Reg. S, 5.50%, 08/19/2024      7,300       6,952  
La Financiere Atalian SASU, (France),     
Reg. S, 4.00%, 05/15/2024    EUR 100       79  
Reg. S, 5.13%, 05/15/2025    EUR 100       73  
Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.00%,
02/01/2026 (e)		      41       37  
Metis Merger Sub LLC, 6.50%, 05/15/2029 (e)      4,085       3,402  
MPH Acquisition Holdings LLC, 5.50%, 09/01/2028 (e)      2,000       1,604  
Neptune Bidco US, Inc., 9.29%, 04/15/2029 (e)      1,287       1,193  
NESCO Holdings II, Inc., 5.50%, 04/15/2029 (e)      2,236       2,023  
Prime Security Services Borrower LLC / Prime Finance, Inc.,     
5.75%, 04/15/2026 (e)      1,983       1,968  
6.25%, 01/15/2028 (e)      2,085       1,950  
Rekeep SpA, (Italy), Reg. S, 7.25%, 02/01/2026    EUR 200       191  
Royal Capital BV, (Netherlands),     
Reg. S, (CMT Index 5 Year + 5.93%), 4.88%, 05/05/2024 (x) (aa)      1,131       1,097  
Reg. S, (CMT Index 5 Year + 7.40%), 5.00%, 02/05/2026 (x) (aa)      6,150       5,888  
Sabre GLBL, Inc.,     
7.38%, 09/01/2025 (e)      1,849       1,652  
11.25%, 12/15/2027 (e)      887       827  
Service Corp. International,     
3.38%, 08/15/2030      320       274  
4.00%, 05/15/2031      2,866       2,522  
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026 (e)      3,269       3,073  
Sotheby’s, 7.38%, 10/15/2027 (e)      8,580       8,065  
Sotheby’s / Bidfair Holdings, Inc., 5.88%, 06/01/2029 (e)      299       248  
Techem Verwaltungsgesellschaft 674 mbH, (Germany), Reg. S, 6.00%, 07/30/2026    EUR 176       180  
Triton Container International Ltd., (Bermuda),     
0.80%, 08/01/2023 (e)      400       391  
1.15%, 06/07/2024 (e)      169       159  
United Rentals North America, Inc.,     
3.75%, 01/15/2032      1,750       1,507  
3.88%, 02/15/2031      895       790  
4.88%, 01/15/2028      2,025       1,936  
5.25%, 01/15/2030      425       409  
6.00%, 12/15/2029 (e)      8,112       8,224  
Verisure Holding AB, (Sweden), Reg. S, 9.25%, 10/15/2027    EUR 100       116  
Verscend Escrow Corp., 9.75%, 08/15/2026 (e)      6,775       6,775  
Williams Scotsman International, Inc., 4.63%, 08/15/2028 (e)      1,309       1,191  
    

 

 

  
       130,245  
    

 

 

  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Cosmetics/Personal Care — 0.0% (g)     
Coty, Inc., Reg. S, 3.88%, 04/15/2026    EUR 100       104  
Coty, Inc. / HFC Prestige Products, Inc. / HFC Prestige International US LLC, 4.75%, 01/15/2029 (e)      62       58  
    

 

 

  
       162  
    

 

 

  
Food — 1.7%     
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC,     
3.25%, 03/15/2026 (e)      358       337  
3.50%, 03/15/2029 (e)      1,760       1,532  
4.63%, 01/15/2027 (e)      282       273  
4.88%, 02/15/2030 (e)      1,144       1,068  
5.88%, 02/15/2028 (e)      2,001       1,989  
6.50%, 02/15/2028 (e)      1,845       1,849  
B&G Foods, Inc.,     
5.25%, 04/01/2025      1,625       1,513  
5.25%, 09/15/2027      2,271       1,948  
Bellis Acquisition Co. plc, (United Kingdom), Reg. S, 3.25%, 02/16/2026    GBP 200       202  
C&S Group Enterprises LLC, 5.00%, 12/15/2028 (e)      675       520  
Casino Guichard Perrachon SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.82%), 3.99%, 01/31/2024 (x) (aa)    EUR 100       7  
China Modern Dairy Holdings Ltd., (Cayman Islands), Reg. S, 2.13%, 07/14/2026      1,800       1,554  
Chobani LLC / Chobani Finance Corp., Inc.,     
4.63%, 11/15/2028 (e)      4,507       4,107  
7.50%, 04/15/2025 (e)      5,857       5,711  
Darling Global Finance BV, (Netherlands), Reg. S, 3.63%, 05/15/2026    EUR 300       315  
FPC Resources Ltd., (British Virgin Islands), Reg. S, 4.38%, 09/11/2027      300       277  
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., (Multinational), 3.75%, 12/01/2031 (e)      98       81  
JGSH Philippines Ltd., (British Virgin Islands), Reg. S, 4.13%, 07/09/2030      6,350       5,664  
Kraft Heinz Foods Co.,     
6.88%, 01/26/2039      2,000       2,261  
7.13%, 08/01/2039 (e)      500       570  
Lamb Weston Holdings, Inc.,     
4.13%, 01/31/2030 (e)      613       561  
4.38%, 01/31/2032 (e)      4,610       4,179  
4.88%, 05/15/2028 (e)      72       70  
Market Bidco Finco plc, (United Kingdom), 5.50%, 11/04/2027 (e)    GBP 150       140  
Performance Food Group, Inc.,     
4.25%, 08/01/2029 (e)      212       192  
5.50%, 10/15/2027 (e)      2,651       2,591  
Picard Groupe SAS, (France), Reg. S, 3.88%, 07/01/2026    EUR 100       96  
Pilgrim’s Pride Corp.,     
3.50%, 03/01/2032      2,648       2,155  
4.25%, 04/15/2031      8,148       7,187  
Post Holdings, Inc.,     
4.50%, 09/15/2031 (e)      1,666       1,473  
4.63%, 04/15/2030 (e)      1,405       1,259  
5.50%, 12/15/2029 (e)      1,000       941  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Food — continued     
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 4.63%, 03/01/2029 (e)      1,139       926  
United Natural Foods, Inc., 6.75%, 10/15/2028 (e)      123       114  
US Foods, Inc.,     
4.75%, 02/15/2029 (e)      1,879       1,736  
6.25%, 04/15/2025 (e)      456       460  
    

 

 

  
       55,858  
    

 

 

  
Healthcare—Products — 0.7%     
Avantor Funding, Inc.,     
Reg. S, 2.63%, 11/01/2025    EUR 1,081       1,125  
Reg. S, 3.88%, 07/15/2028    EUR 100       101  
3.88%, 11/01/2029 (e)      2,015       1,809  
4.63%, 07/15/2028 (e)      1,867       1,772  
Embecta Corp.,     
5.00%, 02/15/2030 (e)      1,175       1,011  
6.75%, 02/15/2030 (e)      1,184       1,077  
Garden Spinco Corp., 8.63%, 07/20/2030 (e)      942       1,006  
GE HealthCare Technologies, Inc., 5.60%, 11/15/2025 (e)      225       228  
Medline Borrower LP,     
3.88%, 04/01/2029 (e)      4,103       3,555  
5.25%, 10/01/2029 (e)      11,232       9,745  
Teleflex, Inc., 4.25%, 06/01/2028 (e)      1,284       1,221  
    

 

 

  
       22,650  
    

 

 

  
Healthcare—Services — 2.2%     
Acadia Healthcare Co., Inc., 5.00%, 04/15/2029 (e)      126       118  
AHP Health Partners, Inc., 5.75%, 07/15/2029 (e)      1,798       1,510  
Cano Health LLC, 6.25%, 10/01/2028 (e)      655       359  
Catalent Pharma Solutions, Inc.,     
3.13%, 02/15/2029 (e)      431       379  
3.50%, 04/01/2030 (e)      2,466       2,167  
Centene Corp.,     
2.45%, 07/15/2028      919       795  
2.50%, 03/01/2031      1,581       1,280  
2.63%, 08/01/2031      1,059       855  
3.00%, 10/15/2030      5,291       4,453  
4.25%, 12/15/2027      498       475  
Charles River Laboratories International, Inc.,     
4.00%, 03/15/2031 (e)      15       13  
4.25%, 05/01/2028 (e)      1,363       1,276  
CHS / Community Health Systems, Inc.,     
4.75%, 02/15/2031 (e)      3,669       2,709  
5.25%, 05/15/2030 (e)      3,164       2,465  
5.63%, 03/15/2027 (e)      700       614  
DaVita, Inc.,     
3.75%, 02/15/2031 (e)      4,157       3,279  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Healthcare—Services — continued     
4.63%, 06/01/2030 (e)      3,000       2,561  
Encompass Health Corp.,     
4.50%, 02/01/2028      55       51  
4.63%, 04/01/2031      1,065       931  
4.75%, 02/01/2030      1,553       1,412  
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026 (e)      275       226  
HCA, Inc.,     
4.63%, 03/15/2052 (e)      932       774  
5.25%, 04/15/2025      500       499  
7.05%, 12/01/2027      950       1,006  
7.50%, 11/06/2033      1,650       1,830  
Humana, Inc., 5.70%, 03/13/2026      102       102  
IQVIA, Inc.,     
Reg. S, 1.75%, 03/15/2026    EUR 200       202  
Reg. S, 2.25%, 03/15/2029    EUR 100       92  
5.00%, 10/15/2026 (e)      397       388  
Korian SA, (France), Reg. S, (UK Gilts 5 Year + 9.08%), 4.13%, 03/15/2024 (x) (aa)    GBP 200       192  
Legacy LifePoint Health LLC,     
4.38%, 02/15/2027 (e)      173       142  
6.75%, 04/15/2025 (e)      1,492       1,416  
LifePoint Health, Inc., 5.38%, 01/15/2029 (e)      2,650       1,620  
ModivCare, Inc., 5.88%, 11/15/2025 (e)      648       621  
Molina Healthcare, Inc.,     
3.88%, 11/15/2030 (e)      334       291  
3.88%, 05/15/2032 (e)      1,855       1,560  
4.38%, 06/15/2028 (e)      217       202  
Prime Healthcare Services, Inc., 7.25%, 11/01/2025 (e)      2,425       2,145  
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 9.75%, 12/01/2026 (e)      6,100       4,934  
Surgery Center Holdings, Inc.,     
6.75%, 07/01/2025 (e)      427       422  
10.00%, 04/15/2027 (e)      2,518       2,568  
Tenet Healthcare Corp.,     
4.25%, 06/01/2029      3,279       2,967  
4.38%, 01/15/2030      7,730       6,938  
4.88%, 01/01/2026      973       954  
5.13%, 11/01/2027      4,525       4,344  
6.13%, 10/01/2028      3,483       3,328  
6.13%, 06/15/2030 (e)      1,083       1,068  
6.25%, 02/01/2027      697       685  
    

 

 

  
       69,218  
    

 

 

  
Household Products/Wares — 0.2%     
ACCO Brands Corp., 4.25%, 03/15/2029 (e)      1,715       1,481  
Central Garden & Pet Co.,     
4.13%, 10/15/2030      101       89  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Household Products/Wares — continued     
5.13%, 02/01/2028      360       348  
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.,     
5.00%, 12/31/2026 (e)      450       411  
7.00%, 12/31/2027 (e)      1,625       1,418  
Spectrum Brands, Inc., 3.88%, 03/15/2031 (e)      1,691       1,383  
    

 

 

  
       5,130  
    

 

 

  
Pharmaceuticals — 1.2%     
AdaptHealth LLC,     
4.63%, 08/01/2029 (e)      2,100       1,748  
5.13%, 03/01/2030 (e)      1,301       1,104  
6.13%, 08/01/2028 (e)      865       794  
Bausch Health Americas, Inc., 8.50%, 01/31/2027 (e)      275       126  
Bausch Health Cos., Inc., (Canada),     
5.00%, 01/30/2028 (e)      2,125       807  
5.00%, 02/15/2029 (e)      3,800       1,488  
5.25%, 01/30/2030 (e)      4,610       1,706  
5.25%, 02/15/2031 (e)      2,370       916  
6.25%, 02/15/2029 (e)      6,918       2,761  
7.00%, 01/15/2028 (e)      450       180  
Bayer AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 3.75%), 4.50%, 03/25/2082 (aa)    EUR 300       301  
Bayer US Finance II LLC,     
3.88%, 12/15/2023 (e)      554       548  
4.25%, 12/15/2025 (e)      300       293  
(ICE LIBOR USD 3 Month + 1.01%), 5.88%, 12/15/2023 (e) (aa)      200       200  
Cheplapharm Arzneimittel GmbH, (Germany), 5.50%, 01/15/2028 (e)      2,033       1,810  
Gruenenthal GmbH, (Germany), Reg. S, 4.13%, 05/15/2028    EUR 100       98  
Health & Happiness H&H International Holdings Ltd., (Cayman Islands), Reg. S, 5.63%, 10/24/2024      8,250       7,254  
Jazz Securities DAC, (Ireland), 4.38%, 01/15/2029 (e)      1,884       1,729  
Nidda Healthcare Holding GmbH, (Germany), Reg. S, 3.50%, 09/30/2024    EUR 100       106  
Option Care Health, Inc., 4.38%, 10/31/2029 (e)      957       845  
Organon & Co. / Organon Foreign Debt Co-Issuer BV,     
4.13%, 04/30/2028 (e)      1,798       1,643  
5.13%, 04/30/2031 (e)      3,581       3,179  
P&L Development LLC / PLD Finance Corp., 7.75%, 11/15/2025 (e)      1,483       1,159  
PRA Health Sciences, Inc., 2.88%, 07/15/2026 (e)      2,384       2,199  
Teva Pharmaceutical Finance Netherlands II BV, (Netherlands), 7.38%, 09/15/2029    EUR 200       220  
Teva Pharmaceutical Finance Netherlands III BV, (Netherlands),     
3.15%, 10/01/2026      1,677       1,518  
7.13%, 01/31/2025      200       204  
7.88%, 09/15/2029      1,730       1,812  
8.13%, 09/15/2031      551       576  
    

 

 

  
       37,324  
    

 

 

  
Total Consumer Non-cyclical        331,614  
    

 

 

  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Diversified — 0.1%     
Holding Companies — Diversified — 0.1%     
San Miguel Corp., (Philippines), Reg. S, (CMT Index 5 Year + 10.24%), 5.50%, 07/29/2025 (x) (aa)      3,150       2,819  
    

 

 

  
Energy — 10.8%     
Coal — 0.4%     
Adaro Indonesia PT, (Indonesia), Reg. S, 4.25%, 10/31/2024      5,200       4,953  
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 7.50%, 05/01/2025 (e)      150       149  
Coronado Finance Pty Ltd., (Australia), 10.75%, 05/15/2026 (e)      554       578  
Indika Energy Capital IV Pte Ltd., (Singapore), Reg. S, 8.25%, 10/22/2025      7,950       7,831  
    

 

 

  
       13,511  
    

 

 

  
Energy—Alternate Sources — 1.2%     
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energ, (India), Reg. S, 6.25%, 12/10/2024      4,300       4,047  
Continuum Energy Levanter Pte Ltd., (Singapore), Reg. S, 4.50%, 02/09/2027      1,116       983  
Cullinan Holdco Scsp, (Luxembourg), Reg. S, 4.63%, 10/15/2026    EUR 201       191  
Enviva Partners LP / Enviva Partners Finance Corp., 6.50%, 01/15/2026 (e)      154       140  
Greenko Dutch BV, (Netherlands),     
3.85%, 03/29/2026 (e)      188       168  
Reg. S, 3.85%, 03/29/2026      8,178       7,318  
Greenko Solar Mauritius Ltd., (Mauritius), Reg. S, 5.55%, 01/29/2025      5,850       5,601  
Greenko Wind Projects Mauritius Ltd., (Mauritius),     
5.50%, 04/06/2025 (e)      7,200       6,809  
Reg. S, 5.50%, 04/06/2025      700       662  
India Cleantech Energy, (Mauritius), Reg. S, 4.70%, 08/10/2026      1,373       1,210  
India Green Energy Holdings, (Mauritius), Reg. S, 5.38%, 04/29/2024      9,000       8,698  
India Green Power Holdings, (Mauritius), Reg. S, 4.00%, 02/22/2027      2,200       1,859  
TerraForm Power Operating LLC, 4.75%, 01/15/2030 (e)      1,165       1,045  
    

 

 

  
       38,731  
    

 

 

  
Oil & Gas — 5.5%     
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 02/15/2026 (e)      4,827       4,736  
Aker BP ASA, (Norway), 2.00%, 07/15/2026 (e)      314       282  
Antero Resources Corp.,     
5.38%, 03/01/2030 (e)      2,520       2,344  
7.63%, 02/01/2029 (e)      950       972  
Apache Corp.,     
4.75%, 04/15/2043      250       187  
5.10%, 09/01/2040      1,779       1,508  
5.35%, 07/01/2049      695       536  
Ascent Resources Utica Holdings LLC / ARU Finance Corp.,     
5.88%, 06/30/2029 (e)      4,022       3,550  
7.00%, 11/01/2026 (e)      1,075       1,039  
8.25%, 12/31/2028 (e)      597       577  
9.00%, 11/01/2027 (e)      1,629       1,979  
Athabasca Oil Corp., (Canada), 9.75%, 11/01/2026 (e)      2,545       2,653  
California Resources Corp., 7.13%, 02/01/2026 (e)      236       239  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Oil & Gas — continued     
Callon Petroleum Co.,     
6.38%, 07/01/2026      4,697       4,462  
7.50%, 06/15/2030 (e)      1,765       1,659  
8.00%, 08/01/2028 (e)      3,685       3,651  
8.25%, 07/15/2025      206       205  
Chesapeake Energy Corp.,     
5.50%, 02/01/2026 (e)      500       492  
5.88%, 02/01/2029 (e)      835       795  
6.75%, 04/15/2029 (e)      2,751       2,731  
Chord Energy Corp., 6.38%, 06/01/2026 (e)      156       155  
CITGO Petroleum Corp.,     
6.38%, 06/15/2026 (d) (e)      2,405       2,345  
7.00%, 06/15/2025 (d) (e)      4,567       4,506  
CNX Resources Corp.,     
6.00%, 01/15/2029 (e)      9       8  
7.25%, 03/14/2027 (e)      2,315       2,335  
7.38%, 01/15/2031 (e)      1,464       1,447  
Comstock Resources, Inc.,     
5.88%, 01/15/2030 (e)      4,040       3,471  
6.75%, 03/01/2029 (e)      4,471       4,074  
Continental Resources, Inc.,     
2.27%, 11/15/2026 (e)      580       514  
3.80%, 06/01/2024      450       441  
4.38%, 01/15/2028      275       259  
Crescent Energy Finance LLC,     
7.25%, 05/01/2026 (e)      3,913       3,680  
9.25%, 02/15/2028 (e)      1,759       1,686  
CrownRock LP / CrownRock Finance, Inc.,     
5.00%, 05/01/2029 (e)      152       141  
5.63%, 10/15/2025 (e)      3,442       3,364  
Devon Energy Corp., 5.25%, 10/15/2027      415       415  
Diamondback Energy, Inc.,     
4.25%, 03/15/2052      1,210       946  
6.25%, 03/15/2033      1,693       1,790  
Earthstone Energy Holdings LLC, 8.00%, 04/15/2027 (e)      1,727       1,676  
Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 01/30/2028 (e)      2,033       2,018  
Eni SpA, (Italy), Series X-R, 4.00%, 09/12/2023 (e)      1,000       992  
EnQuest plc, (United Kingdom), 11.63%, 11/01/2027 (e)      200       185  
EQT Corp.,     
3.90%, 10/01/2027      326       306  
6.13%, 02/01/2025      342       344  
Gulfport Energy Corp., 8.00%, 05/17/2026 (e)      302       299  
Harbour Energy plc, (United Kingdom), 5.50%, 10/15/2026 (e)      264       231  
Hilcorp Energy I LP / Hilcorp Finance Co.,     

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Oil & Gas — continued     
5.75%, 02/01/2029 (e)      2,074       1,909  
6.00%, 04/15/2030 (e)      350       323  
6.00%, 02/01/2031 (e)      3,969       3,654  
6.25%, 11/01/2028 (e)      786       746  
6.25%, 04/15/2032 (e)      1,150       1,064  
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/2026 (e)      156       152  
Matador Resources Co., 5.88%, 09/15/2026      1,237       1,220  
Medco Oak Tree Pte Ltd., (Singapore), Reg. S, 7.38%, 05/14/2026      11,550       11,001  
MEG Energy Corp., (Canada),     
5.88%, 02/01/2029 (e)      1,450       1,390  
7.13%, 02/01/2027 (e)      1,375       1,403  
Nabors Industries Ltd., (Bermuda),     
7.25%, 01/15/2026 (e)      415       392  
7.50%, 01/15/2028 (e)      6,121       5,642  
Nabors Industries, Inc.,     
5.75%, 02/01/2025      3,850       3,729  
7.38%, 05/15/2027 (e)      4,501       4,400  
Northern Oil and Gas, Inc., 8.13%, 03/01/2028 (e)      6,487       6,357  
Occidental Petroleum Corp.,     
4.20%, 03/15/2048      49       38  
4.30%, 08/15/2039      132       106  
4.40%, 04/15/2046      2,445       1,938  
4.63%, 06/15/2045      1,442       1,155  
5.88%, 09/01/2025      416       419  
6.13%, 01/01/2031      184       191  
6.20%, 03/15/2040      1,083       1,089  
6.45%, 09/15/2036      2,559       2,684  
6.60%, 03/15/2046      98       103  
6.63%, 09/01/2030      4,567       4,810  
6.95%, 07/01/2024      15       15  
7.15%, 05/15/2028      675       713  
7.50%, 05/01/2031      234       258  
7.88%, 09/15/2031      500       562  
8.88%, 07/15/2030      1,017       1,172  
Ovintiv Exploration, Inc., 5.38%, 01/01/2026      250       250  
Ovintiv, Inc., 6.63%, 08/15/2037      267       269  
Parkland Corp., (Canada),     
4.50%, 10/01/2029 (e)      1,800       1,599  
4.63%, 05/01/2030 (e)      500       445  
5.88%, 07/15/2027 (e)      741       719  
PDC Energy, Inc.,     
5.75%, 05/15/2026      377       367  
6.13%, 09/15/2024      115       114  
Permian Resources Operating LLC,     

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Oil & Gas — continued     
5.38%, 01/15/2026 (e)      54       51  
5.88%, 07/01/2029 (e)      3,644       3,451  
6.88%, 04/01/2027 (e)      1,284       1,256  
7.75%, 02/15/2026 (e)      1,191       1,194  
Petroleos Mexicanos, (Mexico),     
4.63%, 09/21/2023      100       99  
6.88%, 08/04/2026      315       299  
Petron Corp., (Philippines), Reg. S, (CMT Index 5 Year + 7.57%), 5.95%, 04/19/2026 (x) (aa)      3,500       3,062  
Precision Drilling Corp., (Canada), 6.88%, 01/15/2029 (e)      1,035       939  
Range Resources Corp.,     
4.75%, 02/15/2030 (e)      325       296  
4.88%, 05/15/2025      1,926       1,889  
Repsol International Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 4.41%), 4.25%, 09/11/2028 (x) (aa)    EUR 185       180  
Rockcliff Energy II LLC, 5.50%, 10/15/2029 (e)      2,316       2,045  
Saka Energi Indonesia PT, (Indonesia), Reg. S, 4.45%, 05/05/2024      2,400       2,288  
SM Energy Co.,     
5.63%, 06/01/2025      888       861  
6.50%, 07/15/2028      896       854  
6.63%, 01/15/2027      25       24  
6.75%, 09/15/2026      603       591  
Southwestern Energy Co.,     
4.75%, 02/01/2032      2,217       1,958  
5.38%, 02/01/2029      1,422       1,340  
5.38%, 03/15/2030      3,154       2,917  
5.70%, 01/23/2025      3       3  
Suncor Energy, Inc., (Canada), 7.88%, 06/15/2026      145       156  
Sunoco LP / Sunoco Finance Corp.,     
4.50%, 05/15/2029      1,500       1,377  
4.50%, 04/30/2030      775       701  
5.88%, 03/15/2028      320       307  
Tap Rock Resources LLC, 7.00%, 10/01/2026 (e)      5,178       4,508  
Tengizchevroil Finance Co. International Ltd., (Bermuda), 2.63%, 08/15/2025 (e)      200       178  
Transocean Titan Financing Ltd., (Cayman Islands), 8.38%, 02/01/2028 (e)      1,225       1,261  
Transocean, Inc., (Cayman Islands),     
7.25%, 11/01/2025 (e)      225       213  
7.50%, 01/15/2026 (e)      1,524       1,384  
8.00%, 02/01/2027 (e)      625       562  
8.75%, 02/15/2030 (e)      4,372       4,459  
11.50%, 01/30/2027 (e)      1,353       1,397  
Vermilion Energy, Inc., (Canada), 6.88%, 05/01/2030 (e)      197       180  
Vital Energy, Inc., 9.50%, 01/15/2025      228       230  
    

 

 

  
       177,133  
    

 

 

  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Oil & Gas Services — 0.5%     
Archrock Partners LP / Archrock Partners Finance Corp.,     
6.25%, 04/01/2028 (e)      4,192       4,043  
6.88%, 04/01/2027 (e)      1,935       1,899  
Enerflex Ltd., (Canada), 9.00%, 10/15/2027 (e)      786       765  
Oceaneering International, Inc., 4.65%, 11/15/2024      157       153  
USA Compression Partners LP / USA Compression Finance Corp.,     
6.88%, 04/01/2026      2,967       2,883  
6.88%, 09/01/2027      2,254       2,153  
Weatherford International Ltd., (Bermuda),     
6.50%, 09/15/2028 (e)      1,166       1,168  
8.63%, 04/30/2030 (e)      1,056       1,080  
11.00%, 12/01/2024 (e)      177       182  
    

 

 

  
       14,326  
    

 

 

  
Pipelines — 3.2%     
Antero Midstream Partners LP / Antero Midstream Finance Corp.,     
5.38%, 06/15/2029 (e)      2,812       2,646  
5.75%, 03/01/2027 (e)      1,531       1,496  
5.75%, 01/15/2028 (e)      2,146       2,060  
7.88%, 05/15/2026 (e)      450       459  
Buckeye Partners LP,     
3.95%, 12/01/2026      88       78  
5.60%, 10/15/2044      46       33  
5.85%, 11/15/2043      17       13  
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025      1,019       1,026  
Cheniere Energy Partners LP,     
3.25%, 01/31/2032      5,604       4,623  
4.00%, 03/01/2031      4,202       3,739  
Cheniere Energy, Inc., 4.63%, 10/15/2028      2,408       2,285  
CNX Midstream Partners LP, 4.75%, 04/15/2030 (e)      1,530       1,316  
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 (e)      4,660       4,189  
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.,     
5.63%, 05/01/2027 (e)      62       60  
6.00%, 02/01/2029 (e)      2,139       2,036  
7.38%, 02/01/2031 (e)      674       674  
8.00%, 04/01/2029 (e)      52       53  
DCP Midstream Operating LP,     
5.38%, 07/15/2025      161       160  
6.45%, 11/03/2036 (e)      610       632  
6.75%, 09/15/2037 (e)      260       282  
DT Midstream, Inc.,     
4.13%, 06/15/2029 (e)      2,466       2,162  
4.38%, 06/15/2031 (e)      171       149  
El Paso Natural Gas Co. LLC, 3.50%, 02/15/2032 (e)      312       269  
Energy Transfer LP,     
3.75%, 05/15/2030      859       791  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Pipelines — continued     
5.00%, 05/15/2050      2,301       1,948  
5.30%, 04/15/2047      830       725  
Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa)      2,073       1,826  
EnLink Midstream LLC,     
5.38%, 06/01/2029      319       307  
5.63%, 01/15/2028 (e)      3,133       3,070  
6.50%, 09/01/2030 (e)      764       768  
EnLink Midstream Partners LP,     
4.15%, 06/01/2025      96       93  
4.85%, 07/15/2026      380       366  
5.45%, 06/01/2047      923       736  
5.60%, 04/01/2044      113       91  
EQM Midstream Partners LP,     
4.50%, 01/15/2029 (e)      11       9  
4.75%, 01/15/2031 (e)      248       206  
6.00%, 07/01/2025 (e)      1,366       1,350  
6.50%, 07/01/2027 (e)      1,338       1,297  
7.50%, 06/01/2027 (e)      1,225       1,230  
7.50%, 06/01/2030 (e)      958       928  
Genesis Energy LP / Genesis Energy Finance Corp.,     
6.50%, 10/01/2025      49       47  
7.75%, 02/01/2028      339       329  
8.88%, 04/15/2030      659       670  
Global Partners LP / GLP Finance Corp., 7.00%, 08/01/2027      600       576  
Hess Midstream Operations LP, 4.25%, 02/15/2030 (e)      1,480       1,322  
ITT Holdings LLC, 6.50%, 08/01/2029 (e)      2,449       2,068  
Kinder Morgan, Inc., 4.80%, 02/01/2033      697       672  
Kinetik Holdings LP, 5.88%, 06/15/2030 (e)      2,319       2,232  
New Fortress Energy, Inc.,     
6.50%, 09/30/2026 (e)      6,528       6,006  
6.75%, 09/15/2025 (e)      4,470       4,320  
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 02/01/2026 (e)      1,142       1,102  
NOVA Gas Transmission Ltd., (Canada), 7.88%, 04/01/2023      420       420  
NuStar Logistics LP,     
5.75%, 10/01/2025      32       31  
6.00%, 06/01/2026      1,514       1,484  
6.38%, 10/01/2030      13       13  
ONEOK, Inc., 4.95%, 07/13/2047      829       692  
Plains All American Pipeline LP / PAA Finance Corp.,     
3.55%, 12/15/2029      1,179       1,054  
3.60%, 11/01/2024      121       118  
Rockies Express Pipeline LLC,     
4.95%, 07/15/2029 (e)      183       163  
7.50%, 07/15/2038 (e)      2,825       2,570  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Pipelines — continued     
Sabal Trail Transmission LLC, 4.25%, 05/01/2028 (e)      425       411  
Sabine Pass Liquefaction LLC,     
5.75%, 05/15/2024      100       100  
5.88%, 06/30/2026      250       255  
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.,     
5.50%, 01/15/2028 (e)      4,098       3,747  
6.00%, 03/01/2027 (e)      836       791  
6.00%, 12/31/2030 (e)      33       30  
6.00%, 09/01/2031 (e)      2,664       2,356  
7.50%, 10/01/2025 (e)      61       61  
Targa Resources Corp., 6.25%, 07/01/2052      772       755  
Targa Resources Partners LP / Targa Resources Partners Finance Corp.,     
4.00%, 01/15/2032      749       653  
6.50%, 07/15/2027      244       250  
Venture Global Calcasieu Pass LLC,     
3.88%, 08/15/2029 (e)      5,561       5,016  
3.88%, 11/01/2033 (e)      5,995       5,042  
4.13%, 08/15/2031 (e)      4,617       4,056  
Western Midstream Operating LP,     
4.30%, 02/01/2030      300       273  
4.65%, 07/01/2026      360       348  
5.30%, 03/01/2048      624       529  
5.45%, 04/01/2044      190       165  
5.50%, 08/15/2048      463       399  
5.50%, 02/01/2050      5,650       4,830  
6.15%, 04/01/2033 (w)      330       334  
    

 

 

  
       102,471  
    

 

 

  
Total Energy        346,172  
    

 

 

  
Financial — 13.2%     
Banks — 2.9%     
ABN AMRO Bank NV, (Netherlands), 4.75%, 07/28/2025 (e)      700       676  
AIB Group plc, (Ireland),     
(ICE LIBOR USD 3 Month + 1.87%), 4.26%, 04/10/2025 (e) (aa)      483       473  
Reg. S, (EUR Swap Rate 5 Year + 5.70%), 5.25%, 10/09/2024 (x) (aa)    EUR 359       349  
Banca Monte dei Paschi di Siena SpA, (Italy), Reg. S, (ICE LIBOR EUR 3 Month + 3.21%), 6.75%, 03/02/2026 (aa)    EUR 200       212  
Banco Bilbao Vizcaya Argentaria SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 6.04%), 6.00%, 03/29/2024 (x) (aa)    EUR 400       408  
Banco BPM SpA, (Italy),     
Reg. S, (EUR Swap Rate 5 Year + 3.40%), 3.38%, 01/19/2032 (aa)    EUR 214       193  
Reg. S, (EUR Swap Rate 5 Year + 4.67%), 4.25%, 10/01/2029 (aa)    EUR 100       103  
Banco de Sabadell SA, (Spain),     
Reg. S, (EUR Swap Rate 5 Year + 2.95%), 2.50%, 04/15/2031 (aa)    EUR 200       179  
Reg. S, (EUR Swap Rate 1 Year + 2.40%), 5.25%, 02/07/2029 (aa)    EUR 100       103  
Bangkok Bank PCL, (Thailand),     
Reg. S, (CMT Index 5 Year + 1.90%), 3.73%, 09/25/2034 (aa)      3,550       3,011  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Banks — continued     
Reg. S, (CMT Index 5 Year + 4.73%), 5.00%, 09/23/2025 (x) (aa)      3,400       3,093  
Bank Negara Indonesia Persero Tbk. PT, (Indonesia), Reg. S, 3.75%, 03/30/2026      9,050       8,240  
Bank of America Corp.,     
(United States SOFR + 0.96%), 1.73%, 07/22/2027 (aa)      98       88  
(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (aa)      80       76  
(United States SOFR + 1.33%), 3.38%, 04/02/2026 (aa)      672       646  
(United States SOFR + 1.11%), 3.84%, 04/25/2025 (aa)      1,063       1,043  
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 07/23/2024 (aa)      355       353  
(United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa)      230       228  
(United States SOFR + 1.99%), 6.20%, 11/10/2028 (aa)      1,378       1,441  
Series L, 3.95%, 04/21/2025      552       534  
Bank of East Asia Ltd. (The), (Hong Kong), Reg. S, (CMT Index 5 Year + 3.75%), 4.00%, 05/29/2030 (aa)      3,400       3,095  
Bank of Ireland Group plc, (Ireland),     
4.50%, 11/25/2023 (e)      700       691  
(CMT Index 1 Year + 2.65%), 6.25%, 09/16/2026 (e) (aa)      200       199  
Bank of Montreal, (Canada), 3.70%, 06/07/2025      141       137  
Bank of New York Mellon Corp. (The), (United States SOFR + 1.17%), 4.54%, 02/01/2029 (aa)      124       123  
Bank of Nova Scotia (The), (Canada), 4.75%, 02/02/2026      124       123  
Bankinter SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 4.71%), 7.38%, 08/15/2028 (x) (aa)    EUR 200       202  
BankUnited, Inc., 4.88%, 11/17/2025      544       487  
Barclays plc, (United Kingdom),     
(United States SOFR + 2.71%), 2.85%, 05/07/2026 (aa)      376       351  
(ICE LIBOR USD 3 Month + 1.61%), 3.93%, 05/07/2025 (aa)      415       404  
(ICE LIBOR USD 3 Month + 1.36%), 4.34%, 05/16/2024 (aa)      200       199  
(CMT Index 5 Year + 3.41%), 4.38%, 03/15/2028 (x) (aa)      465       318  
(CMT Index 5 Year + 5.43%), 8.00%, 03/15/2029 (x) (aa)      794       678  
BNP Paribas SA, (France),     
(United States SOFR + 1.00%), 1.32%, 01/13/2027 (e) (aa)      221       195  
Reg. S, (EUR Swap Rate 5 Year + 4.63%), 7.38%, 06/11/2030 (x) (aa)    EUR 200       207  
BPCE SA, (France),     
4.50%, 03/15/2025 (e)      200       193  
4.88%, 04/01/2026 (e)      200       193  
5.15%, 07/21/2024 (e)      235       230  
Canadian Imperial Bank of Commerce, (Canada), 3.95%, 08/04/2025      231       224  
Citigroup, Inc.,     
(United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa)      382       365  
(CME Term SOFR 3 Month + 1.16%), 3.35%, 04/24/2025 (aa)      935       911  
3.70%, 01/12/2026      608       588  
(United States SOFR + 1.37%), 4.14%, 05/24/2025 (aa)      243       239  
Series Y, (CMT Index 5 Year + 3.00%), 4.15%, 11/15/2026 (x) (aa)      15       12  
Commerzbank AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 6.36%), 6.13%, 10/09/2025 (x) (aa)    EUR 200       185  
Credit Agricole SA, (France),     
4.38%, 03/17/2025 (e)      450       432  
(CMT Index 5 Year + 3.24%), 4.75%, 03/23/2029 (e) (x) (aa)      261       196  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Banks — continued     
Credit Suisse AG, (Switzerland), 3.63%, 09/09/2024      605       576  
Credit Suisse Group AG, (Switzerland), (ICE LIBOR USD 3 Month + 1.24%), 4.21%, 06/12/2024 (e) (aa)      300       291  
Danske Bank A/S, (Denmark), (ICE LIBOR USD 3 Month + 1.59%), 3.24%, 12/20/2025 (e) (aa)      1,193       1,134  
Development Bank of the Philippines, (Philippines), Reg. S, 2.38%, 03/11/2031      2,683       2,094  
Discover Bank, 4.25%, 03/13/2026      250       237  
Federation des Caisses Desjardins du Quebec, (Canada), 5.70%, 03/14/2028 (e)      200       205  
First-Citizens Bank & Trust Co., (CME Term SOFR 3 Month + 1.72%), 2.97%, 09/27/2025 (aa)      250       227  
Freedom Mortgage Corp., 7.63%, 05/01/2026 (e)      883       708  
Goldman Sachs Group, Inc. (The),     
(United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa)      200       178  
(United States SOFR + 1.11%), 2.64%, 02/24/2028 (aa)      554       505  
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa)      316       307  
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 05/01/2029 (aa)      212       202  
Series R, (CMT Index 5 Year + 3.22%), 4.95%, 02/10/2025 (x) (aa)      441       404  
HDFC Bank Ltd., (India), Reg. S, (CMT Index 5 Year + 2.93%), 3.70%, 08/25/2026 (x) (aa)      1,800       1,506  
HSBC Holdings plc, (United Kingdom),     
(ICE LIBOR USD 3 Month + 1.21%), 3.80%, 03/11/2025 (aa)      400       391  
(CMT Index 5 Year + 3.65%), 4.60%, 12/17/2030 (x) (aa)      200       150  
(United States SOFR + 3.35%), 7.39%, 11/03/2028 (aa)      992       1,055  
HSBC USA, Inc., 5.63%, 03/17/2025      200       201  
Huntington Bancshares, Inc., (United States SOFR + 1.97%), 4.44%, 08/04/2028 (aa)      100       92  
ING Groep NV, (Netherlands), (CMT Index 5 Year + 4.34%), 5.75%, 11/16/2026 (x) (aa)      200       173  
Intesa Sanpaolo SpA, (Italy),     
(CMT Index 1 Year + 2.60%), 4.20%, 06/01/2032 (e) (aa)      620       451  
5.02%, 06/26/2024 (e)      672       645  
Reg. S, 5.15%, 06/10/2030    GBP 247       248  
5.71%, 01/15/2026 (e)      300       284  
Kasikornbank PCL, (Thailand), Reg. S, (CMT Index 5 Year + 4.94%), 5.28%, 10/14/2025 (x) (aa)      9,900       9,040  
Lloyds Banking Group plc, (United Kingdom),     
4.58%, 12/10/2025      200       189  
(CMT Index 5 Year + 3.91%), 8.00%, 09/27/2029 (x) (aa)      1,225       1,128  
Macquarie Bank Ltd., (Australia),     
4.88%, 06/10/2025 (e)      284       279  
6.80%, 01/18/2033 (e)      640       650  
Macquarie Group Ltd., (Australia),     
(United States SOFR + 1.07%), 1.34%, 01/12/2027 (e) (aa)      105       94  
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (e) (aa)      400       366  
Manufacturers & Traders Trust Co.,     
4.65%, 01/27/2026      610       574  
4.70%, 01/27/2028      250       234  
Mitsubishi UFJ Financial Group, Inc., (Japan),     
(CMT Index 1 Year + 0.45%), 0.96%, 10/11/2025 (aa)      200       186  
(CMT Index 1 Year + 1.70%), 4.79%, 07/18/2025 (aa)      295       292  
(CMT Index 1 Year + 1.55%), 5.06%, 09/12/2025 (aa)      200       199  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Banks — continued     
(CMT Index 1 Year + 1.08%), 5.72%, 02/20/2026 (aa)      200       200  
Morgan Stanley,     
(United States SOFR + 0.51%), 0.79%, 01/22/2025 (aa)      250       240  
(United States SOFR + 1.99%), 2.19%, 04/28/2026 (aa)      323       303  
(United States SOFR + 1.16%), 3.62%, 04/17/2025 (aa)      390       383  
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 04/24/2024 (aa)      950       948  
(United States SOFR + 1.30%), 5.05%, 01/28/2027 (aa)      68       68  
(United States SOFR + 1.73%), 5.12%, 02/01/2029 (aa)      99       100  
(CMT Index 5 Year + 2.43%), 5.95%, 01/19/2038 (aa)      755       750  
(United States SOFR + 1.77%), 6.14%, 10/16/2026 (aa)      104       106  
NatWest Group plc, (United Kingdom),     
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 03/22/2025 (aa)      200       196  
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 06/25/2024 (aa)      200       199  
Northern Trust Corp., 6.13%, 11/02/2032      854       910  
PNC Financial Services Group, Inc. (The),     
Series V, (CMT Index 5 Year + 3.24%), 6.20%, 09/15/2027 (x) (aa)      654       606  
Series W, (CMT Index 7 Year + 2.81%), 6.25%, 03/15/2030 (x) (aa)      1,234       1,148  
Santander Holdings USA, Inc., (United States SOFR + 2.33%), 5.81%, 09/09/2026 (aa)      85       83  
Santander UK Group Holdings plc, (United Kingdom),     
(United States SOFR + 0.79%), 1.09%, 03/15/2025 (aa)      200       189  
4.75%, 09/15/2025 (e)      200       191  
Societe Generale SA, (France), Reg. S, (EUR Swap Rate 5 Year + 5.23%), 7.88%, 01/18/2029 (x) (aa)    EUR 100       99  
Standard Chartered plc, (United Kingdom),     
5.20%, 01/26/2024 (e)      585       579  
Reg. S, (CMT Index 5 Year + 5.66%), 6.00%, 07/26/2025 (x) (aa)      3,300       2,998  
(CMT Index 5 Year + 4.98%), 7.75%, 08/15/2027 (e) (x) (aa)      4,100       3,855  
Reg. S, (CMT Index 5 Year + 4.98%), 7.75%, 08/15/2027 (x) (aa)      17,700       16,642  
Toronto-Dominion Bank (The), (Canada), 4.69%, 09/15/2027      179       177  
Truist Financial Corp., (United States SOFR + 1.44%), 4.87%, 01/26/2029 (aa)      73       71  
UBS Group AG, (Switzerland),     
(CMT Index 5 Year + 3.31%), 4.38%, 02/10/2031 (e) (x) (aa)      200       139  
(CMT Index 1 Year + 1.55%), 4.49%, 05/12/2026 (e) (aa)      304       293  
(CMT Index 1 Year + 1.55%), 5.71%, 01/12/2027 (e) (aa)      200       198  
UniCredit SpA, (Italy),     
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 7.33%), 7.50%, 06/03/2026 (x) (aa)    EUR 200       205  
7.83%, 12/04/2023 (e)      700       703  
Wells Fargo & Co.,     
(United States SOFR + 2.00%), 2.19%, 04/30/2026 (aa)      111       104  
(United States SOFR + 1.56%), 4.54%, 08/15/2026 (aa)      223       219  
(United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa)      231       228  
    

 

 

  
       91,251  
    

 

 

  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Diversified Financial Services — 1.8%     
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland),     
2.88%, 08/14/2024      336       321  
3.50%, 01/15/2025      347       331  
Series 3NC1, 1.75%, 10/29/2024      541       504  
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 (e)      534       537  
Agps Bondco plc, (United Kingdom),     
Reg. S, 2.75%, 11/13/2026    EUR 200       84  
Reg. S, 3.25%, 08/05/2025    EUR 100       43  
Air Lease Corp., 3.00%, 09/15/2023      320       316  
Aircastle Ltd., (Bermuda), 4.40%, 09/25/2023      448       440  
Ally Financial, Inc.,     
1.45%, 10/02/2023      80       77  
5.13%, 09/30/2024      250       242  
5.75%, 11/20/2025      329       310  
American Express Co.,     
(CMT Index 5 Year + 2.85%), 3.55%, 09/15/2026 (x) (aa)      760       642  
3.95%, 08/01/2025      156       153  
4.90%, 02/13/2026      165       166  
5.85%, 11/05/2027      55       58  
Aviation Capital Group LLC,     
1.95%, 01/30/2026 (e)      175       156  
1.95%, 09/20/2026 (e)      389       336  
4.38%, 01/30/2024 (e)      151       147  
5.50%, 12/15/2024 (e)      300       296  
Avolon Holdings Funding Ltd., (Cayman Islands), 4.25%, 04/15/2026 (e)      520       489  
Blackstone Holdings Finance Co. LLC,     
5.90%, 11/03/2027 (e)      814       830  
6.20%, 04/22/2033 (e)      1,417       1,491  
Bread Financial Holdings, Inc., 4.75%, 12/15/2024 (e)      1,716       1,537  
Capital One Financial Corp.,     
(United States SOFR + 1.37%), 4.17%, 05/09/2025 (aa)      260       252  
(United States SOFR + 0.69%), 5.49%, 12/06/2024 (aa)      311       304  
Discover Financial Services, 6.70%, 11/29/2032      605       622  
Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin, 3.88%, 02/15/2026 (e)      250       221  
Enact Holdings, Inc., 6.50%, 08/15/2025 (e)      1,618       1,577  
Encore Capital Group, Inc., Reg. S, 5.38%, 02/15/2026    GBP 200       220  
Garfunkelux Holdco 3 SA, (Luxembourg), Reg. S, 6.75%, 11/01/2025    EUR 200       165  
Global Aircraft Leasing Co. Ltd., (Cayman Islands), 6.50% (cash), 09/15/2024 (e) (v)      162       146  
Home Point Capital, Inc., 5.00%, 02/01/2026 (e)      79       59  
Intrum AB, (Sweden),     
Reg. S, 3.13%, 07/15/2024    EUR 78       81  
Reg. S, 9.25%, 03/15/2028    EUR 100       106  
Jefferies Finance LLC / JFIN Co-Issuer Corp., 5.00%, 08/15/2028 (e)      3,731       3,159  
Jerrold Finco plc, (United Kingdom), Reg. S, 4.88%, 01/15/2026    GBP 100       106  
LD Holdings Group LLC, 6.13%, 04/01/2028 (e)      1,603       748  
LFS Topco LLC, 5.88%, 10/15/2026 (e)      625       545  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Diversified Financial Services — continued     
Lincoln Financing Sarl, (Luxembourg), Reg. S, 3.63%, 04/01/2024    EUR 50       53  
LPL Holdings, Inc., 4.38%, 05/15/2031 (e)      225       199  
Muthoot Finance Ltd., (India), Reg. S, 4.40%, 09/02/2023      930       921  
Nationstar Mortgage Holdings, Inc.,     
5.13%, 12/15/2030 (e)      2,266       1,741  
5.50%, 08/15/2028 (e)      1,951       1,673  
5.75%, 11/15/2031 (e)      118       92  
6.00%, 01/15/2027 (e)      1,339       1,215  
Navient Corp.,     
5.50%, 03/15/2029      2,763       2,335  
5.88%, 10/25/2024      190       184  
6.13%, 03/25/2024      229       227  
6.75%, 06/25/2025      49       48  
7.25%, 09/25/2023      108       107  
NFP Corp.,     
4.88%, 08/15/2028 (e)      3,570       3,220  
6.88%, 08/15/2028 (e)      7,748       6,706  
7.50%, 10/01/2030 (e)      385       372  
Nuveen Finance LLC, 4.13%, 11/01/2024 (e)      270       264  
OneMain Finance Corp.,     
3.50%, 01/15/2027      391       328  
3.88%, 09/15/2028      1,100       872  
4.00%, 09/15/2030      2,835       2,126  
5.38%, 11/15/2029      301       253  
6.13%, 03/15/2024      171       167  
6.63%, 01/15/2028      255       234  
6.88%, 03/15/2025      4,895       4,719  
7.13%, 03/15/2026      746       717  
Park Aerospace Holdings Ltd., (Cayman Islands), 5.50%, 02/15/2024 (e)      250       248  
PennyMac Financial Services, Inc.,     
4.25%, 02/15/2029 (e)      925       736  
5.38%, 10/15/2025 (e)      1,175       1,098  
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc.,     
2.88%, 10/15/2026 (e)      3,635       3,265  
3.63%, 03/01/2029 (e)      695       597  
3.88%, 03/01/2031 (e)      640       531  
4.00%, 10/15/2033 (e)      805       639  
Sherwood Financing plc, (United Kingdom), Reg. S, 6.00%, 11/15/2026    GBP 200       205  
Shriram Finance Ltd., (India),     
Reg. S, 4.15%, 07/18/2025      1,484       1,369  
Reg. S, 4.40%, 03/13/2024      1,148       1,109  
SLM Corp., 3.13%, 11/02/2026      61       52  
VistaJet Malta Finance plc / XO Management Holding, Inc., (Multinational),     
6.38%, 02/01/2030 (e)      1,150       1,025  
7.88%, 05/01/2027 (e)      1,179       1,140  
    

 

 

  
       58,604  
    

 

 

  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Insurance — 1.5%     
Acrisure LLC / Acrisure Finance, Inc., 6.00%, 08/01/2029 (e)      98       81  
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer,     
4.25%, 10/15/2027 (e)      5,809       5,203  
5.88%, 11/01/2029 (e)      6,735       5,674  
6.75%, 10/15/2027 (e)      11,157       10,369  
6.75%, 04/15/2028 (e)      2,599       2,570  
AmWINS Group, Inc., 4.88%, 06/30/2029 (e)      1,509       1,335  
Aon Corp., 8.21%, 01/01/2027      269       271  
BroadStreet Partners, Inc., 5.88%, 04/15/2029 (e)      1,261       1,068  
CNO Financial Group, Inc., 5.25%, 05/30/2025      250       247  
CNO Global Funding, 1.75%, 10/07/2026 (e)      406       364  
Equitable Financial Life Global Funding,     
1.40%, 07/07/2025 (e)      183       169  
5.45%, 03/03/2028 (e)      182       186  
F&G Annuities & Life, Inc., 7.40%, 01/13/2028 (e)      92       93  
F&G Global Funding,     
1.75%, 06/30/2026 (e)      220       197  
2.30%, 04/11/2027 (e)      444       394  
GA Global Funding Trust,     
0.80%, 09/13/2024 (e)      674       627  
3.85%, 04/11/2025 (e)      483       468  
Galaxy Bidco Ltd., (Jersey), Reg. S, 6.50%, 07/31/2026    GBP 157       173  
GTCR AP Finance, Inc., 8.00%, 05/15/2027 (e)      1,772       1,690  
HUB International Ltd.,     
5.63%, 12/01/2029 (e)      60       53  
7.00%, 05/01/2026 (e)      4,798       4,713  
Jackson National Life Global Funding, 5.50%, 01/09/2026 (e)      500       505  
Jones Deslauriers Insurance Management, Inc., (Canada),     
8.50%, 03/15/2030 (e)      1,258       1,304  
10.50%, 12/15/2030 (e)      1,170       1,178  
Muang Thai Life Assurance PCL, (Thailand), Reg. S, (CMT Index 10 Year + 2.40%), 3.55%, 01/27/2037 (aa)      2,400       2,065  
Ryan Specialty Group LLC, 4.38%, 02/01/2030 (e)      776       676  
Tongyang Life Insurance Co. Ltd., (South Korea), Reg. S, (CMT Index 5 Year + 4.98%), 5.25%, 09/22/2025 (x) (aa)      2,000       1,710  
ZhongAn Online P&C Insurance Co. Ltd., (China),     
Reg. S, 3.13%, 07/16/2025      4,750       4,010  
Reg. S, 3.50%, 03/08/2026      1,100       885  
    

 

 

  
       48,278  
    

 

 

  
Investment Companies — 0.5%     
Blackstone Private Credit Fund,     
3.25%, 03/15/2027      498       423  
7.05%, 09/29/2025 (e)      602       593  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Investment Companies — continued     
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 (e)      1,450       1,276  
Huarong Finance 2019 Co. Ltd., (British Virgin Islands), Reg. S, 4.50%, 05/29/2029      3,000       2,164  
Huarong Finance II Co. Ltd., (British Virgin Islands), Reg. S, 5.00%, 11/19/2025      6,800       5,874  
Icahn Enterprises LP / Icahn Enterprises Finance Corp.,     
4.38%, 02/01/2029      1,616       1,390  
5.25%, 05/15/2027      2,650       2,486  
6.25%, 05/15/2026      190       187  
Owl Rock Capital Corp.,     
3.40%, 07/15/2026      424       374  
3.75%, 07/22/2025      529       482  
4.25%, 01/15/2026      113       104  
OWL Rock Core Income Corp.,     
3.13%, 09/23/2026      284       246  
5.50%, 03/21/2025      195       190  
7.75%, 09/16/2027 (e)      1,603       1,567  
    

 

 

  
       17,356  
    

 

 

  
Private Equity — 0.1%     
GLP Pte Ltd., (Singapore),     
Reg. S, (CMT Index 5 Year + 3.74%), 4.50%, 05/17/2026 (x) (aa)      1,000       495  
Reg. S, (CMT Index 5 Year + 3.73%), 4.60%, 06/29/2027 (x) (aa)      5,260       2,472  
    

 

 

  
       2,967  
    

 

 

  
Real Estate — 5.1%     
Agile Group Holdings Ltd., (Cayman Islands),     
Reg. S, 5.50%, 04/21/2025      6,300       3,127  
Reg. S, 5.75%, 01/02/2025      7,350       3,926  
Aroundtown SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 3.98%), 3.38%, 09/23/2024 (x) (aa)    EUR 200       96  
China SCE Group Holdings Ltd., (Cayman Islands),     
Reg. S, 5.95%, 09/29/2024      3,450       1,808  
Reg. S, 6.00%, 02/04/2026      4,300       1,771  
CIFI Holdings Group Co. Ltd., (Cayman Islands),     
Reg. S, 4.45%, 08/17/2026 (d)      7,550       1,580  
Reg. S, 6.00%, 07/16/2025 (d)      5,500       1,153  
Country Garden Holdings Co. Ltd., (Cayman Islands),     
Reg. S, 2.70%, 07/12/2026      5,900       3,220  
Reg. S, 3.13%, 10/22/2025      3,220       1,851  
Reg. S, 3.88%, 10/22/2030      4,773       2,184  
Reg. S, 4.20%, 02/06/2026      3,700       2,137  
Reg. S, 4.80%, 08/06/2030      4,079       1,983  
Reg. S, 5.13%, 01/17/2025      1,000       644  
Reg. S, 5.13%, 01/14/2027      10,752       6,060  
Reg. S, 5.40%, 05/27/2025      1,000       648  
Reg. S, 5.63%, 01/14/2030      3,200       1,665  
Reg. S, 6.50%, 04/08/2024      2,300       1,798  
Reg. S, 7.25%, 04/08/2026      9,500       6,009  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Real Estate — continued     
Reg. S, 8.00%, 01/27/2024      3,150       2,727  
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028 (e)      2,168       1,941  
DIC Asset AG, (Germany), Reg. S, 2.25%, 09/22/2026    EUR 100       68  
Easy Tactic Ltd., (British Virgin Islands),     
Reg. S, 7.50% (PIK), 07/11/2025 (v)      400       106  
Reg. S, 7.50% (PIK), 07/11/2027 (v)      14,811       3,527  
Reg. S, 7.50% (PIK), 07/11/2028 (v)      10,124       2,070  
Five Point Operating Co. LP / Five Point Capital Corp., 7.88%, 11/15/2025 (e)      2,705       2,433  
Gemdale Ever Prosperity Investment Ltd., (Hong Kong), Reg. S, 4.95%, 08/12/2024      700       641  
Global Prime Capital Pte Ltd., (Singapore), Reg. S, 5.95%, 01/23/2025      1,000       958  
Greenland Global Investment Ltd., (British Virgin Islands), Reg. S, 7.25%, 01/22/2027      8,700       2,829  
Greystar Real Estate Partners LLC, 5.75%, 12/01/2025 (e)      200       195  
Heimstaden Bostad AB, (Sweden), Reg. S, (EUR Swap Rate 5 Year + 3.91%), 3.38%, 01/15/2026 (x) (aa)    EUR 150       85  
Howard Hughes Corp. (The),     
4.13%, 02/01/2029 (e)      206       174  
4.38%, 02/01/2031 (e)      3,000       2,415  
5.38%, 08/01/2028 (e)      2,500       2,277  
Hunt Cos., Inc., 5.25%, 04/15/2029 (e)      2,740       2,141  
KWG Group Holdings Ltd., (Cayman Islands), Reg. S, 5.95%, 08/10/2025      14,000       3,730  
New Metro Global Ltd., (British Virgin Islands),     
Reg. S, 4.50%, 05/02/2026      2,300       1,447  
Reg. S, 4.80%, 12/15/2024      3,700       2,660  
Reg. S, 6.80%, 08/05/2023      7,100       6,607  
NWD Finance BVI Ltd., (British Virgin Islands),     
Reg. S, (CMT Index 5 Year + 7.89%), 5.25%, 03/22/2026 (x) (aa)      22,300       19,379  
Reg. S, (CMT Index 3 Year + 6.20%), 6.15%, 03/16/2025 (x) (aa)      2,700       2,497  
Powerlong Real Estate Holdings Ltd., (Cayman Islands), Reg. S, 5.95%, 04/30/2025      4,700       1,063  
Realogy Group LLC / Realogy Co-Issuer Corp.,     
5.25%, 04/15/2030 (e)      1,005       718  
5.75%, 01/15/2029 (e)      3,635       2,721  
RKPF Overseas 2019 A Ltd., (British Virgin Islands), Reg. S, 6.00%, 09/04/2025      900       710  
RKPF Overseas 2020 A Ltd., (British Virgin Islands), Reg. S, 5.13%, 07/26/2026      11,350       7,705  
Seazen Group Ltd., (Cayman Islands), Reg. S, 4.45%, 07/13/2025      3,248       2,112  
Shui On Development Holding Ltd., (Cayman Islands), Reg. S, 5.50%, 06/29/2026      3,300       2,509  
Sino-Ocean Land Treasure IV Ltd., (British Virgin Islands),     
Reg. S, 2.70%, 01/13/2025      6,200       3,142  
Reg. S, 3.25%, 05/05/2026      13,520       6,422  
Sunac China Holdings Ltd., (Cayman Islands),     
Reg. S, 5.95%, 04/26/2024 (d)      1,500       354  
Reg. S, 6.50%, 07/09/2023 (d)      9,400       2,227  
Reg. S, 6.80%, 10/20/2024 (d)      6,800       1,605  
Reg. S, 7.95%, 10/11/2023 (d)      2,000       473  
Theta Capital Pte Ltd., (Singapore), Reg. S, 6.75%, 10/31/2026      1,200       841  
Times China Holdings Ltd., (Cayman Islands),     

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Real Estate — continued     
Reg. S, 5.55%, 06/04/2024 (d)      8,800       1,325  
Reg. S, 6.60%, 03/02/2023 (d)      1,200       187  
VLL International, Inc., (Cayman Islands), Reg. S, 5.75%, 11/28/2024      9,200       8,791  
Wanda Properties Global Co. Ltd., (British Virgin Islands), Reg. S, 11.00%, 02/13/2026      900       728  
Wanda Properties International Co. Ltd., (British Virgin Islands), Reg. S, 7.25%, 01/29/2024      5,450       4,855  
Wanda Properties Overseas Ltd., (British Virgin Islands), Reg. S, 6.88%, 07/23/2023      2,000       1,901  
Wheelock MTN BVI Ltd., (British Virgin Islands), Reg. S, 2.38%, 01/25/2026      3,000       2,796  
Yanlord Land HK Co. Ltd., (Hong Kong), Reg. S, 5.13%, 05/20/2026      6,900       5,727  
    

 

 

  
       161,479  
    

 

 

  
REITS — 1.3%     
American Tower Corp.,     
1.60%, 04/15/2026      28       26  
3.60%, 01/15/2028      240       225  
3.65%, 03/15/2027      429       406  
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 04/01/2027 (e)      65       52  
Diversified Healthcare Trust,     
4.38%, 03/01/2031      2,200       1,582  
4.75%, 05/01/2024      250       225  
4.75%, 02/15/2028      4,150       2,802  
9.75%, 06/15/2025      2,083       1,999  
EPR Properties, 4.75%, 12/15/2026      247       215  
GLP Capital LP / GLP Financing II, Inc.,     
3.25%, 01/15/2032      1,404       1,139  
5.25%, 06/01/2025      139       136  
HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026 (e)      1,002       869  
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (e)      1,679       1,442  
Iron Mountain UK plc, (United Kingdom), Reg. S, 3.88%, 11/15/2025    GBP 100       117  
Iron Mountain, Inc.,     
5.00%, 07/15/2028 (e)      108       100  
5.25%, 07/15/2030 (e)      349       313  
Kite Realty Group Trust, 4.00%, 03/15/2025      99       94  
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.,     
4.75%, 06/15/2029 (e)      19       14  
5.25%, 10/01/2025 (e)      201       177  
MPT Operating Partnership LP / MPT Finance Corp.,     
2.55%, 12/05/2023    GBP 340       397  
3.50%, 03/15/2031      3,527       2,349  
4.63%, 08/01/2029      5,354       3,970  
5.00%, 10/15/2027      437       359  
RHP Hotel Properties LP / RHP Finance Corp.,     
4.50%, 02/15/2029 (e)      1,923       1,737  
4.75%, 10/15/2027      1,824       1,710  
RLJ Lodging Trust LP, 4.00%, 09/15/2029 (e)      159       132  
Sabra Health Care LP, 5.13%, 08/15/2026      250       234  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
REITS — continued     
SBA Communications Corp.,     
3.13%, 02/01/2029      3,301       2,842  
3.88%, 02/15/2027      1,956       1,838  
Starwood Property Trust, Inc., 5.50%, 11/01/2023 (e)      2       2  
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 10.50%, 02/15/2028 (e)      2,009       1,946  
VICI Properties LP,     
4.75%, 02/15/2028      308       291  
4.95%, 02/15/2030      1,554       1,457  
5.63%, 05/15/2052      1,982       1,785  
VICI Properties LP / VICI Note Co., Inc.,     
3.50%, 02/15/2025 (e)      625       592  
3.75%, 02/15/2027 (e)      105       97  
3.88%, 02/15/2029 (e)      183       163  
4.13%, 08/15/2030 (e)      146       129  
4.50%, 09/01/2026 (e)      29       27  
4.50%, 01/15/2028 (e)      876       811  
4.63%, 06/15/2025 (e)      389       376  
4.63%, 12/01/2029 (e)      2,754       2,510  
5.63%, 05/01/2024 (e)      611       606  
5.75%, 02/01/2027 (e)      1,088       1,068  
Vornado Realty LP, 3.50%, 01/15/2025      219       198  
WEA Finance LLC / Westfield UK & Europe Finance plc, 3.75%, 09/17/2024 (e)      500       474  
    

 

 

  
       40,033  
    

 

 

  
Savings & Loans — 0.0% (g)     
Nationwide Building Society, (United Kingdom), 4.00%, 09/14/2026 (e)      394       367  
    

 

 

  
Total Financial        420,335  
    

 

 

  
Industrial — 9.9%     
Aerospace/Defense — 3.0%     
Boeing Co. (The),     
1.43%, 02/04/2024      800       773  
5.15%, 05/01/2030      1,745       1,757  
5.81%, 05/01/2050      3,143       3,152  
5.93%, 05/01/2060      5,929       5,901  
Bombardier, Inc., (Canada),     
6.00%, 02/15/2028 (e)      3,643       3,547  
7.13%, 06/15/2026 (e)      7,905       7,934  
7.45%, 05/01/2034 (e)      351       393  
7.50%, 03/15/2025 (e)      868       868  
7.50%, 02/01/2029 (e)      5,812       5,920  
7.88%, 04/15/2027 (e)      13,399       13,572  
F-Brasile SpA / F-Brasile US LLC, (Italy), Series XR, 7.38%, 08/15/2026 (e)      1,458       1,217  
Hexcel Corp., 4.95%, 08/15/2025      136       133  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Aerospace/Defense — continued     
Rolls-Royce plc, (United Kingdom),     
3.63%, 10/14/2025 (e)      364       345  
5.75%, 10/15/2027 (e)      3,045       3,033  
Spirit AeroSystems, Inc.,     
7.50%, 04/15/2025 (e)      1,929       1,929  
9.38%, 11/30/2029 (e)      3,720       4,060  
TransDigm UK Holdings plc, (United Kingdom), 6.88%, 05/15/2026      1,075       1,059  
TransDigm, Inc.,     
5.50%, 11/15/2027      400       377  
6.25%, 03/15/2026 (e)      23,447       23,503  
6.75%, 08/15/2028 (e)      11,378       11,506  
7.50%, 03/15/2027      676       674  
8.00%, 12/15/2025 (e)      451       460  
Triumph Group, Inc., 9.00%, 03/15/2028 (e)      3,939       3,939  
    

 

 

  
       96,052  
    

 

 

  
Building Materials — 1.0%     
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 (e)      3,297       3,053  
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029 (e)      500       357  
Eco Material Technologies, Inc., 7.88%, 01/31/2027 (e)      2,100       1,992  
Griffon Corp., 5.75%, 03/01/2028      1,030       955  
HT Troplast GmbH, (Germany), Reg. S, 9.25%, 07/15/2025    EUR 100       106  
JELD-WEN, Inc., 4.63%, 12/15/2025 (e)      1,078       1,000  
Masonite International Corp., (Canada),     
3.50%, 02/15/2030 (e)      97       80  
5.38%, 02/01/2028 (e)      1,188       1,135  
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (e)      1,150       972  
New Enterprise Stone & Lime Co., Inc.,     
5.25%, 07/15/2028 (e)      881       779  
9.75%, 07/15/2028 (e)      1,023       977  
PCF GmbH, (Germany), Reg. S, 4.75%, 04/15/2026    EUR 100       93  
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028 (e)      5,403       5,072  
Standard Industries, Inc.,     
Reg. S, 2.25%, 11/21/2026    EUR 367       344  
3.38%, 01/15/2031 (e)      5,173       4,160  
4.38%, 07/15/2030 (e)      2,994       2,605  
4.75%, 01/15/2028 (e)      13       12  
5.00%, 02/15/2027 (e)      127       121  
Summit Materials LLC / Summit Materials Finance Corp., 5.25%, 01/15/2029 (e)      38       36  
Vulcan Materials Co., 5.80%, 03/01/2026      191       193  
West China Cement Ltd., (Jersey), Reg. S, 4.95%, 07/08/2026      9,200       7,339  
    

 

 

  
       31,381  
    

 

 

  
Electrical Components & Equipment — 0.3%     
Energizer Holdings, Inc.,     
4.38%, 03/31/2029 (e)      750       659  
6.50%, 12/31/2027 (e)      700       680  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Electrical Components & Equipment — continued     
EnerSys, 4.38%, 12/15/2027 (e)      560       519  
Nexans SA, (France), Reg. S, 5.50%, 04/05/2028 (w)    EUR 100       111  
WESCO Distribution, Inc.,     
7.13%, 06/15/2025 (e)      3,369       3,425  
7.25%, 06/15/2028 (e)      3,512       3,606  
    

 

 

  
       9,000  
    

 

 

  
Electronics — 0.6%     
AAC Technologies Holdings, Inc., (Cayman Islands), Reg. S, 3.00%, 11/27/2024      7,350       6,876  
Coherent Corp., 5.00%, 12/15/2029 (e)      2,103       1,909  
Imola Merger Corp., 4.75%, 05/15/2029 (e)      2,492       2,229  
Likewize Corp., 9.75%, 10/15/2025 (e)      1,780       1,618  
Sensata Technologies BV, (Netherlands),     
4.00%, 04/15/2029 (e)      74       67  
5.88%, 09/01/2030 (e)      864       856  
Sensata Technologies, Inc.,     
3.75%, 02/15/2031 (e)      547       478  
4.38%, 02/15/2030 (e)      3,942       3,592  
TD SYNNEX Corp., 1.25%, 08/09/2024      825       772  
    

 

 

  
       18,397  
    

 

 

  
Engineering & Construction — 0.8%     
Abertis Infraestructuras Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 3.69%), 3.25%, 11/24/2025 (x) (aa)    EUR 200       193  
Arcosa, Inc., 4.38%, 04/15/2029 (e)      1,705       1,516  
Azzurra Aeroporti SpA, (Italy), Reg. S, 2.13%, 05/30/2024    EUR 223       235  
Celestial Miles Ltd., (British Virgin Islands), Reg. S, (CMT Index 5 Year + 8.21%), 5.75%, 01/31/2024 (x) (aa)      11,500       11,255  
Cellnex Finance Co. SA, (Spain),     
Reg. S, 1.00%, 09/15/2027    EUR 100       93  
Reg. S, 1.25%, 01/15/2029    EUR 300       266  
Reg. S, 1.50%, 06/08/2028    EUR 100       92  
Cellnex Telecom SA, (Spain), Reg. S, 1.75%, 10/23/2030    EUR 100       86  
Dycom Industries, Inc., 4.50%, 04/15/2029 (e)      343       310  
Gatwick Airport Finance plc, (United Kingdom), Reg. S, 4.38%, 04/07/2026    GBP 172       195  
GMR Hyderabad International Airport Ltd., (India),     
Reg. S, 4.25%, 10/27/2027      1,700       1,481  
Reg. S, 4.75%, 02/02/2026      7,650       7,080  
Heathrow Finance plc, (United Kingdom), Reg. S, 5.75%, 03/03/2025    GBP 200       241  
India Airport Infra, (Mauritius), Reg. S, 6.25%, 10/25/2025      700       661  
Infrastrutture Wireless Italiane SpA, (Italy), Reg. S, 1.63%, 10/21/2028    EUR 100       96  
Promontoria Holding 264 BV, (Netherlands), Reg. S, 6.38%, 03/01/2027    EUR 100       104  
TopBuild Corp., 3.63%, 03/15/2029 (e)      500       428  
    

 

 

  
       24,332  
    

 

 

  
Environmental Control — 0.6%     
Clean Harbors, Inc.,     
4.88%, 07/15/2027 (e)      252       243  
5.13%, 07/15/2029 (e)      41       39  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Environmental Control — continued     
6.38%, 02/01/2031 (e)      1,074       1,096  
Covanta Holding Corp.,     
4.88%, 12/01/2029 (e)      1,607       1,430  
5.00%, 09/01/2030      156       134  
GFL Environmental, Inc., (Canada),     
3.50%, 09/01/2028 (e)      459       415  
3.75%, 08/01/2025 (e)      811       779  
4.00%, 08/01/2028 (e)      2,395       2,168  
4.25%, 06/01/2025 (e)      78       76  
4.38%, 08/15/2029 (e)      2,781       2,512  
4.75%, 06/15/2029 (e)      2,403       2,245  
5.13%, 12/15/2026 (e)      2,644       2,585  
Madison IAQ LLC, 5.88%, 06/30/2029 (e)      1,191       920  
Paprec Holding SA, (France), Reg. S, 3.50%, 07/01/2028    EUR 100       94  
Waste Pro USA, Inc., 5.50%, 02/15/2026 (e)      5,345       4,916  
    

 

 

  
       19,652  
    

 

 

  
Hand/Machine Tools — 0.2%     
Regal Rexnord Corp.,     
6.05%, 02/15/2026 (e)      114       114  
6.05%, 04/15/2028 (e)      1,944       1,944  
6.30%, 02/15/2030 (e)      1,600       1,610  
6.40%, 04/15/2033 (e)      1,490       1,490  
    

 

 

  
       5,158  
    

 

 

  
Machinery—Construction & Mining — 0.2%     
BWX Technologies, Inc.,     
4.13%, 06/30/2028 (e)      341       307  
4.13%, 04/15/2029 (e)      2,058       1,825  
Terex Corp., 5.00%, 05/15/2029 (e)      2,552       2,375  
Vertiv Group Corp., 4.13%, 11/15/2028 (e)      2,875       2,537  
    

 

 

  
       7,044  
    

 

 

  
Machinery—Diversified — 0.8%     
ATS Corp., (Canada), 4.13%, 12/15/2028 (e)      114       101  
Chart Industries, Inc.,     
7.50%, 01/01/2030 (e)      3,242       3,350  
9.50%, 01/01/2031 (e)      1,718       1,812  
GrafTech Finance, Inc., 4.63%, 12/15/2028 (e)      1,294       1,079  
Husky III Holding Ltd., (Canada), 13.00% (cash), 02/15/2025 (e) (v)      122       103  
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024 (e)      3,671       3,619  
Mueller Water Products, Inc., 4.00%, 06/15/2029 (e)      1,088       972  
OT Merger Corp., 7.88%, 10/15/2029 (e)      394       233  
Renk AG / Frankfurt am Main, (Germany), Reg. S, 5.75%, 07/15/2025    EUR 100       106  
Titan Acquisition Ltd. / Titan Co-Borrower LLC, (Multinational), 7.75%, 04/15/2026 (e)      6,387       5,261  
TK Elevator Holdco GmbH, (Germany), 7.63%, 07/15/2028 (e)      2,311       2,031  
TK Elevator Midco GmbH, (Germany), Reg. S, 4.38%, 07/15/2027    EUR 485       475  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Machinery—Diversified — continued     
TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (e)      6,216       5,869  
Westinghouse Air Brake Technologies Corp., 4.38%, 08/15/2023      200       199  
    

 

 

  
       25,210  
    

 

 

  
Metal Fabricate/Hardware — 0.1%     
Advanced Drainage Systems, Inc.,     
5.00%, 09/30/2027 (e)      198       188  
6.38%, 06/15/2030 (e)      3,685       3,611  
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 (e)      695       621  
Vallourec SA, (France), Reg. S, 8.50%, 06/30/2026    EUR 200       216  
    

 

 

  
       4,636  
    

 

 

  
Miscellaneous Manufacturers — 0.1%     
Amsted Industries, Inc.,     
4.63%, 05/15/2030 (e)      1,391       1,249  
5.63%, 07/01/2027 (e)      297       289  
Gates Global LLC / Gates Corp., 6.25%, 01/15/2026 (e)      2,751       2,703  
    

 

 

  
       4,241  
    

 

 

  
Packaging & Containers — 1.9%     
ARD Finance SA, (Luxembourg), 6.50% (cash), 06/30/2027 (e) (v)      5,528       4,229  
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, (Multinational),     
Reg. S, 2.00%, 09/01/2028    EUR 100       89  
Reg. S, 3.00%, 09/01/2029    EUR 300       241  
3.25%, 09/01/2028 (e)      926       802  
4.00%, 09/01/2029 (e)      6,567       5,139  
6.00%, 06/15/2027 (e)      824       817  
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., (Multinational),     
Reg. S, 2.13%, 08/15/2026    EUR 213       202  
4.13%, 08/15/2026 (e)      500       466  
Reg. S, 4.75%, 07/15/2027    GBP 100       94  
5.25%, 04/30/2025 (e)      200       197  
5.25%, 08/15/2027 (e)      600       473  
Ball Corp., 3.13%, 09/15/2031      846       700  
Clydesdale Acquisition Holdings, Inc.,     
6.63%, 04/15/2029 (e)      2,692       2,591  
8.75%, 04/15/2030 (e)      2,605       2,367  
Crown Americas LLC, 5.25%, 04/01/2030      422       406  
Fiber Bidco Spa, (Italy), Reg. S, 11.00%, 10/25/2027    EUR 100       116  
Graham Packaging Co., Inc., 7.13%, 08/15/2028 (e)      1,375       1,189  
Graphic Packaging International LLC,     
Reg. S, 2.63%, 02/01/2029    EUR 400       375  
4.13%, 08/15/2024      475       464  
4.75%, 07/15/2027 (e)      648       617  
Intelligent Packaging Holdco Issuer LP, (Canada), 9.00% (cash), 01/15/2026 (e) (v)      1,775       1,243  
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, (Canada), 6.00%, 09/15/2028 (e)      1,539       1,324  
Kleopatra Finco Sarl, (Luxembourg), Reg. S, 4.25%, 03/01/2026    EUR 300       271  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Packaging & Containers — continued     
LABL, Inc.,     
5.88%, 11/01/2028 (e)      2,981       2,648  
6.75%, 07/15/2026 (e)      2,525       2,430  
8.25%, 11/01/2029 (e)      800       682  
9.50%, 11/01/2028 (e) (w)      1,441       1,454  
10.50%, 07/15/2027 (e)      775       717  
Mauser Packaging Solutions Holding Co.,     
7.88%, 08/15/2026 (e)      15,559       15,559  
9.25%, 04/15/2027 (e)      194       179  
OI European Group BV, (Netherlands), 4.75%, 02/15/2030 (e)      300       273  
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027 (e)      354       354  
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028 (e)      875       765  
Sealed Air Corp., 4.00%, 12/01/2027 (e)      89       83  
Sealed Air Corp. / Sealed Air Corp. US, 6.13%, 02/01/2028 (e)      1,516       1,527  
Trident TPI Holdings, Inc.,     
6.63%, 11/01/2025 (e)      425       392  
9.25%, 08/01/2024 (e)      2,725       2,698  
TriMas Corp., 4.13%, 04/15/2029 (e)      525       462  
Trivium Packaging Finance BV, (Netherlands),     
Reg. S, 3.75%, 08/15/2026    EUR 100       100  
5.50%, 08/15/2026 (e)      2,218       2,125  
8.50%, 08/15/2027 (e)      5,611       5,106  
Verallia SA, (France), Reg. S, 1.88%, 11/10/2031    EUR 100       87  
    

 

 

  
       62,053  
    

 

 

  
Shipbuilding — 0.0% (g)     
Huntington Ingalls Industries, Inc., 4.20%, 05/01/2030      349       326  
    

 

 

  
Transportation — 0.1%     
MISC Capital Two Labuan Ltd., (Malaysia), Reg. S, 3.75%, 04/06/2027      1,800       1,700  
Poste Italiane SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.68%), 2.63%, 03/24/2029 (x) (aa)    EUR 200       166  
XPO Escrow Sub LLC, 7.50%, 11/15/2027 (e)      708       736  
    

 

 

  
       2,602  
    

 

 

  
Trucking & Leasing — 0.2%     
Fortress Transportation and Infrastructure Investors LLC,     
5.50%, 05/01/2028 (e)      3,321       3,030  
6.50%, 10/01/2025 (e)      2,901       2,903  
9.75%, 08/01/2027 (e)      349       368  
    

 

 

  
       6,301  
    

 

 

  
Total Industrial        316,385  
    

 

 

  
Technology — 3.7%     
Computers — 0.8%     
Atos SE, (France),     
Reg. S, 1.75%, 05/07/2025    EUR 200       193  
Reg. S, 2.50%, 11/07/2028    EUR 100       82  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Computers — continued     
Booz Allen Hamilton, Inc.,     
3.88%, 09/01/2028 (e)      393       359  
4.00%, 07/01/2029 (e)      2,182       1,985  
CA Magnum Holdings, (Mauritius),     
5.38%, 10/31/2026 (e)      3,578       3,133  
Reg. S, 5.38%, 10/31/2026      8,750       7,663  
Dell International LLC / EMC Corp.,     
4.90%, 10/01/2026      200       199  
6.02%, 06/15/2026      407       418  
KBR, Inc., 4.75%, 09/30/2028 (e)      306       273  
Lenovo Group Ltd., (Hong Kong), 5.83%, 01/27/2028 (e)      1,600       1,609  
McAfee Corp., 7.38%, 02/15/2030 (e)      4,995       4,189  
NCR Corp.,     
5.00%, 10/01/2028 (e)      788       693  
5.13%, 04/15/2029 (e)      1,551       1,342  
5.25%, 10/01/2030 (e)      1,052       859  
5.75%, 09/01/2027 (e)      500       491  
Presidio Holdings, Inc., 4.88%, 02/01/2027 (e)      203       188  
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 5.75%, 06/01/2025 (e)      949       941  
    

 

 

  
       24,617  
    

 

 

  
Office/Business & Equipment — 0.0% (g)     
CDW LLC / CDW Finance Corp.,     
3.25%, 02/15/2029      689       606  
3.28%, 12/01/2028      101       89  
    

 

 

  
       695  
    

 

 

  
Semiconductors — 0.6%     
Broadcom, Inc.,     
3.14%, 11/15/2035 (e)      1,646       1,265  
3.42%, 04/15/2033 (e)      1,727       1,442  
4.30%, 11/15/2032      1,179       1,083  
Entegris Escrow Corp.,     
4.75%, 04/15/2029 (e)      7,767       7,341  
5.95%, 06/15/2030 (e)      1,059       1,026  
Entegris, Inc., 4.38%, 04/15/2028 (e)      1,488       1,344  
Marvell Technology, Inc., 2.95%, 04/15/2031      927       774  
Microchip Technology, Inc., 4.25%, 09/01/2025      723       710  
Qorvo, Inc., 1.75%, 12/15/2024 (e)      78       72  
SK Hynix, Inc., (South Korea),     
1.50%, 01/19/2026 (e)      731       649  
6.38%, 01/17/2028 (e)      4,000       4,020  
Synaptics, Inc., 4.00%, 06/15/2029 (e)      1,039       895  
    

 

 

  
       20,621  
    

 

 

  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Software — 2.3%     
Alteryx, Inc., 8.75%, 03/15/2028 (e)      1,050       1,057  
AthenaHealth Group, Inc., 6.50%, 02/15/2030 (e)      8,379       6,782  
Black Knight InfoServ LLC, 3.63%, 09/01/2028 (e)      5,643       5,128  
Boxer Parent Co., Inc.,     
Reg. S, 6.50%, 10/02/2025    EUR 300       321  
7.13%, 10/02/2025 (e)      4,613       4,592  
9.13%, 03/01/2026 (e)      2,309       2,239  
Camelot Finance SA, (Luxembourg), 4.50%, 11/01/2026 (e)      279       264  
Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (e)      2,893       2,843  
Clarivate Science Holdings Corp.,     
3.88%, 07/01/2028 (e)      5,417       4,834  
4.88%, 07/01/2029 (e)      3,566       3,225  
Cloud Software Group Holdings, Inc., 6.50%, 03/31/2029 (e)      12,732       11,231  
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028 (e)      60       50  
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029 (e)      3,307       2,863  
Elastic NV, (Netherlands), 4.13%, 07/15/2029 (e)      2,106       1,798  
Fair Isaac Corp., 4.00%, 06/15/2028 (e)      1,672       1,541  
MicroStrategy, Inc., 6.13%, 06/15/2028 (e)      1,725       1,531  
MSCI, Inc.,     
3.25%, 08/15/2033 (e)      20       16  
3.63%, 09/01/2030 (e)      209       182  
3.88%, 02/15/2031 (e)      818       728  
Open Text Corp., (Canada), 6.90%, 12/01/2027 (e)      3,835       3,956  
Oracle Corp.,     
2.30%, 03/25/2028      615       550  
2.50%, 04/01/2025      74       71  
2.88%, 03/25/2031      1,873       1,602  
3.60%, 04/01/2050      2,029       1,432  
3.95%, 03/25/2051      3,131       2,331  
6.90%, 11/09/2052      390       435  
PTC, Inc., 3.63%, 02/15/2025 (e)      536       517  
SS&C Technologies, Inc., 5.50%, 09/30/2027 (e)      4,622       4,471  
TeamSystem SpA, (Italy), Reg. S, 3.50%, 02/15/2028    EUR 100       95  
Twilio, Inc.,     
3.63%, 03/15/2029      228       197  
3.88%, 03/15/2031      2,281       1,935  
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 09/01/2025 (e)      321       242  
ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.88%, 02/01/2029 (e)      4,628       4,007  
    

 

 

  
       73,066  
    

 

 

  
Total Technology        118,999  
    

 

 

  
Utilities — 3.8%     
Electric — 3.6%     
ACEN Finance Ltd., (Cayman Islands), Reg. S, 4.00%, 03/08/2025 (x)      5,000       3,449  
Adani Green Energy Ltd., (India), Reg. S, 4.38%, 09/08/2024      1,500       1,290  
AES Corp. (The), 3.30%, 07/15/2025 (e)      527       499  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Electric — continued     
Alexander Funding Trust, 1.84%, 11/15/2023 (e)      560       543  
American Electric Power Co., Inc., 5.75%, 11/01/2027      67       70  
Black Hills Corp., 5.95%, 03/15/2028      137       142  
Calpine Corp.,     
3.75%, 03/01/2031 (e)      2,455       2,071  
4.50%, 02/15/2028 (e)      1,273       1,182  
4.63%, 02/01/2029 (e)      3,235       2,793  
5.00%, 02/01/2031 (e)      3,900       3,303  
5.13%, 03/15/2028 (e)      8,223       7,528  
Cikarang Listrindo Tbk. PT, (Indonesia), Reg. S, 4.95%, 09/14/2026      6,400       6,096  
Clean Renewable Power Mauritius Pte Ltd., (Mauritius), Reg. S, 4.25%, 03/25/2027      2,093       1,810  
Clearway Energy Operating LLC,     
3.75%, 01/15/2032 (e)      832       691  
4.75%, 03/15/2028 (e)      1,589       1,516  
Comision Federal de Electricidad, (Mexico), Reg. S, 4.75%, 02/23/2027      200       189  
Constellation Energy Generation LLC, 5.60%, 03/01/2028      127       131  
Duke Energy Corp.,     
2.65%, 09/01/2026      94       88  
5.00%, 12/08/2025      58       58  
5.00%, 12/08/2027      52       53  
Edison International,     
Series A, (CMT Index 5 Year + 4.70%), 5.38%, 03/15/2026 (x) (aa)      792       700  
Series B, (CMT Index 5 Year + 3.90%), 5.00%, 12/15/2026 (x) (aa)      329       273  
EDP—Energias de Portugal SA, (Portugal),     
Reg. S, (EUR Swap Rate 5 Year + 1.84%), 1.70%, 07/20/2080 (aa)    EUR 100       98  
Reg. S, (EUR Swap Rate 5 Year + 2.38%), 1.88%, 08/02/2081 (aa)    EUR 200       188  
Electricite de France SA, (France), Reg. S, (EUR Swap Rate 5 Year + 3.97%), 3.38%, 06/15/2030 (x) (aa)    EUR 400       323  
Evergy Missouri West, Inc., 5.15%, 12/15/2027 (e)      234       236  
Fells Point Funding Trust, 3.05%, 01/31/2027 (e)      524       486  
FirstEnergy Corp.,     
2.05%, 03/01/2025      330       309  
Series C, 3.40%, 03/01/2050      3,429       2,351  
FirstEnergy Transmission LLC,     
4.35%, 01/15/2025 (e)      223       220  
4.55%, 04/01/2049 (e)      147       123  
5.45%, 07/15/2044 (e)      642       613  
India Clean Energy Holdings, (Mauritius), Reg. S, 4.50%, 04/18/2027      2,000       1,598  
Jersey Central Power & Light Co., 4.70%, 04/01/2024 (e)      312       310  
JSW Hydro Energy Ltd., (India), Reg. S, 4.13%, 05/18/2031      5,133       4,250  
Minejesa Capital BV, (Netherlands), Reg. S, 4.63%, 08/10/2030      4,700       4,129  
Mong Duong Finance Holdings BV, (Netherlands),     
Reg. S, 5.13%, 05/07/2029      6,239       5,270  
Naturgy Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 2.44%), 2.37%, 11/23/2026 (x) (aa)    EUR 300       282  

Six Circles Credit Opportunities 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 ($)      
Corporate Bonds — continued     
Electric — continued     
NRG Energy, Inc.,     
3.63%, 02/15/2031 (e)      2,185       1,751  
3.88%, 02/15/2032 (e)      1,475       1,180  
5.25%, 06/15/2029 (e)      1,580       1,467  
5.75%, 01/15/2028      1,555       1,525  
6.63%, 01/15/2027      538       537  
7.00%, 03/15/2033 (e)      920       953  
(CMT Index 5 Year + 5.92%), 10.25%, 03/15/2028 (e) (x) (aa)      3,626       3,454  
Pacific Gas and Electric Co.,     
3.15%, 01/01/2026      529       493  
3.75%, 02/15/2024      232       228  
6.75%, 01/15/2053      1,074       1,106  
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 08/15/2028 (e)      1,248       1,142  
PG&E Corp.,     
5.00%, 07/01/2028      700       657  
5.25%, 07/01/2030      5,611       5,209  
Public Service Enterprise Group, Inc., 5.85%, 11/15/2027      133       138  
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries, (India), Reg. S, 4.50%, 07/14/2028      9,600       8,061  
SMC Global Power Holdings Corp., (Philippines), Reg. S, (CMT Index 5 Year + 9.20%), 7.00%, 10/21/2025 (x) (aa)      10,150       8,667  
Star Energy Geothermal Wayang Windu Ltd., (British Virgin Islands), Reg. S, 6.75%, 04/24/2033      4,703       4,600  
System Energy Resources, Inc., 6.00%, 04/15/2028      552       567  
TransAlta Corp., (Canada), 7.75%, 11/15/2029      772       811  
Vistra Corp.,     
(CMT Index 5 Year + 5.74%), 7.00%, 12/15/2026 (e) (x) (aa)      2,549       2,243  
(CMT Index 5 Year + 6.93%), 8.00%, 10/15/2026 (e) (x) (aa)      1,525       1,425  
Vistra Operations Co. LLC,     
3.55%, 07/15/2024 (e)      622       600  
4.38%, 05/01/2029 (e)      6,551       5,799  
4.88%, 05/13/2024 (e)      495       488  
5.00%, 07/31/2027 (e)      1,454       1,375  
5.50%, 09/01/2026 (e)      2,824       2,742  
5.63%, 02/15/2027 (e)      2,703       2,623  
    

 

 

  
       115,102  
    

 

 

  
Gas — 0.2%     
AmeriGas Partners LP / AmeriGas Finance Corp.,     
5.50%, 05/20/2025      2,155       2,067  
5.88%, 08/20/2026      2,405       2,301  
Brooklyn Union Gas Co. (The), 4.63%, 08/05/2027 (e)      162       157  
CenterPoint Energy Resources Corp., 5.25%, 03/01/2028      83       85  
National Fuel Gas Co., 5.50%, 01/15/2026      289       289  
ONE Gas, Inc., 1.10%, 03/11/2024      125       120  
Southwest Gas Corp., 5.45%, 03/23/2028      100       101  
UGI International LLC, Reg. S, 2.50%, 12/01/2029    EUR 200       169  
    

 

 

  
       5,289  
    

 

 

  
Total Utilities        120,391  
    

 

 

  
Total Corporate Bonds
(Cost $2,704,116)		        2,629,463  
    

 

 

  

Six Circles Credit Opportunities 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 ($)      
Foreign Government Securities — 1.4%     
Mongolia Government International Bond, (Mongolia),     
Reg. S, 4.45%, 07/07/2031      200       148  
Reg. S, 5.13%, 04/07/2026      4,400       3,861  
5.63%, 05/01/2023 (e)      4,200       4,165  
Reg. S, 5.63%, 05/01/2023      1,800       1,785  
8.65%, 01/19/2028 (e)      5,300       5,194  
Oman Government International Bond, (Oman), Reg. S, 7.00%, 01/25/2051      1,100       1,069  
Pakistan Government International Bond, (Pakistan),     
Reg. S, 6.00%, 04/08/2026      12,200       4,423  
Reg. S, 6.88%, 12/05/2027      19,700       6,993  
Reg. S, 7.38%, 04/08/2031      12,850       4,530  
Sri Lanka Government International Bond, (Sri Lanka),     
Reg. S, 5.75%, 04/18/2023 (d)      2,600       917  
6.20%, 05/11/2027 (d) (e)      15,600       5,458  
Reg. S, 6.20%, 05/11/2027 (d)      3,800       1,330  
Reg. S, 6.75%, 04/18/2028 (d)      4,000       1,400  
Reg. S, 6.85%, 03/14/2024 (d)      12,100       4,238  
Reg. S, 7.55%, 03/28/2030 (d)      2,000       700  
Vietnam Government International Bond, (Vietnam), Series 30YR, 5.50%, 03/12/2028      228       217  
    

 

 

  
Total Foreign Government Securities
(Cost $69,829)		        46,428  
    

 

 

  
U.S. Treasury Obligations — 1.2%     
U.S. Treasury Inflation Indexed Notes,     
0.13%, 04/15/2025      811       786  
0.13%, 01/15/2032 (ii)      6,907       6,305  
0.25%, 01/15/2025      1,014       990  
0.50%, 04/15/2024      907       893  
U.S. Treasury Notes,     
2.50%, 05/31/2024 (ee) (jj)      26,890       26,278  
2.75%, 04/30/2027      740       712  
3.88%, 03/31/2025      1,062       1,058  
    

 

 

  
Total U.S. Treasury Obligations
(Cost $37,827)		        37,022  
    

 

 

  
    

SHARES

        
Common Stock — 0.1%     
Communications — 0.1%     
Telecommunications — 0.1%     
Intelsat SA (Luxembourg) (a) (bb) (cc)
(Cost $4,732)		      87       2,086  
    

 

 

  

Six Circles Credit Opportunities 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 ($)      
Preferred Stock — 0.2%     
Consumer Cyclical — 0.2%     
Retail — 0.2%     
Ferrellgas Escrow LLC, (a) (f) (bb) (cc)
(Cost $6,490)		      6       6,467  
    

 

 

  
    

PRINCIPAL
    AMOUNT ($)    

       
Loan Assignments — 4.4% (o)     
Basic Materials — 0.1%     
Chemicals — 0.1%     
ARC Falcon I, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 8.59%, 09/30/2028 (aa)      688       619  
Ascend Performance Materials Operations LLC, 2021 Refinancing Term Loan, (CME Term SOFR 6 Month + 4.75%), 9.71%, 08/27/2026 (aa)      579       568  
Discovery Purchaser Corp., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 4.38%), 8.96%, 10/04/2029 (aa)      2,400       2,269  
Nutrition & Biosciences, Inc., 3-Year Delayed Draw Term Loan, (ICE LIBOR USD 3 Month + 1.50%), 6.31%, 01/17/2023 (f) (aa)      64       63  
Sparta U.S. Holdco LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 7.92%, 08/02/2028 (aa)      614       607  
    

 

 

  
Total Basic Materials        4,126  
    

 

 

  
Communications — 0.9%     
Advertising — 0.1%     
Clear Channel Outdoor Holdings, Inc., Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 8.33%, 08/21/2026 (aa)      4,072       3,784  
    

 

 

  
Internet — 0.2%     
Acuris Finance US, Inc., Initial Dollar Term Loan, (CME Term SOFR 3 Month + 4.00%), 9.05%, 02/16/2028 (aa)      178       171  
CNT Holdings I Corp., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 8.13%, 11/08/2027 (aa)      1,165       1,144  
Comcast Hulu Holdings LLC, Term Loan A, (ICE LIBOR USD 1 Month + 0.88%), 5.72%, 03/15/2024 (aa)      750       743  
MH Sub I LLC, 2021 Replacement Term Loan (Second Lien), (CME Term SOFR 1 Month + 6.25%), 11.06%, 02/23/2029 (aa)      758       692  
Proofpoint, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 8.09%, 08/31/2028 (aa)      2,196       2,143  
    

 

 

  
       4,893  
    

 

 

  
Media — 0.3%     
Charter Communications Operating LLC Term B-1 Loan, (CME Term SOFR 1 Month + 1.75%), 6.56%, 04/30/2025 (aa)      858       857  
Diamond Sports Group LLC, Term Loan (First Lien), (CME Term SOFR 3 Month + 8.00%), 12.78%, 05/25/2026 (d) (aa)      2,745       2,569  
Diamond Sports Group LLC, Term Loan (Second Lien), (CME Term SOFR 3 Month + 3.25%), 8.03%, 08/24/2026 (d) (aa)      4,720       252  
DIRECTV Financing LLC, Closing Date Term Loan, (ICE LIBOR USD 1 Month + 5.00%), 9.84%, 08/02/2027 (aa)      3,842       3,689  
Univision Communications, Inc., 2017 Replacement Repriced First-Lien Term Loan, (ICE LIBOR USD 3 Month + 1.75%), 6.64%, 03/15/2024 (u) (aa)      175       175  
    

 

 

  
       7,542  
    

 

 

  

Six Circles Credit Opportunities 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 ($)      
Loan Assignments — continued     
Telecommunications — 0.3%     
Connect Finco Sarl, Amendment No. 1 Refinancing Term Loan, (Luxembourg), (ICE LIBOR USD 1 Month + 3.50%), 8.35%, 12/11/2026 (u) (aa)      1,738       1,725  
Delta Topco, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.66%, 12/01/2027 (aa)      1,081       999  
Digicel International Finance Ltd., Initial Term B Loan (First Lien), (Saint Lucia), (ICE LIBOR USD 1 Month + 3.25%), 8.08%, 05/27/2024 (u) (aa)      1,597       1,435  
Intelsat Jackson Holdings S.A., Term B Loan, (Luxembourg), (CME Term SOFR 3 Month + 4.25%), 9.08%, 02/01/2029 (aa)      2,166       2,139  
Xplornet Communications, Inc., Refinancing Term Loan (First Lien), (Canada), (ICE LIBOR USD 1 Month + 4.00%), 8.84%, 10/02/2028 (aa)      3,266       2,624  
Zayo Group Holdings, Inc., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 7.84%, 03/09/2027 (aa)      2,070       1,676  
    

 

 

  
       10,598  
    

 

 

  
Total Communications        26,817  
    

 

 

  
Consumer Cyclical — 0.5%     
Airlines — 0.2%     
AAdvantage Loyalty IP Ltd., Initial Term Loan, (Cayman Islands), (ICE LIBOR USD 3 Month + 4.75%), 9.56%, 04/20/2028 (aa)      3,369       3,416  
SkyMiles IP Ltd., Initial Term Loan, (Cayman Islands), (ICE LIBOR USD 3 Month + 3.75%), 8.56%, 10/20/2027 (aa)      655       678  
United AirLines, Inc., Class B Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 8.57%, 04/21/2028 (aa)      577       572  
    

 

 

  
       4,666  
    

 

 

  
Apparel — 0.0% (g)     
Crocs, Inc., Term Loan, (CME Term SOFR 1 Month + 3.50%), 8.41%, 02/20/2029 (aa)      573       570  
    

 

 

  
Entertainment — 0.0% (g)     
Churchill Downs, Inc., Term B Facility Loan, (ICE LIBOR USD 1 Month + 2.00%), 6.85%, 12/27/2024 (aa)      345       344  
Flutter Entertainment plc, USD Term Loan, (Ireland), (ICE LIBOR USD 3 Month + 2.25%), 7.41%, 07/21/2026 (u) (aa)      233       232  
    

 

 

  
       576  
    

 

 

  
Lodging — 0.1%     
Fertitta Entertainment LLC, Initial B Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.81%, 01/27/2029 (aa)      2,619       2,573  
Hilton Worldwide Finance LLC, Refinanced Series B-2 Term Loan, (ICE LIBOR USD 3 Month + 2.75%), 7.66%, 06/22/2026 (u) (aa)      383       383  
Resorts World Las Vegas LLC, Term A Facility Loan, (ICE LIBOR USD 1 Month + 1.50%), 6.35%, 04/16/2024 (aa)      500       495  
Wyndham Hotels & Resorts, Inc., Term B Loan, (ICE LIBOR USD 1 Month + 1.75%), 6.59%, 05/30/2025 (aa)      153       153  
    

 

 

  
       3,604  
    

 

 

  

Six Circles Credit Opportunities 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 ($)      
Loan Assignments — continued     
Retail — 0.2%     
Great Outdoors Group LLC, Term B-2 Loan, (ICE LIBOR USD 1 Month + 3.75%), 8.59%, 03/06/2028 (aa)      2,475       2,439  
IRB Holding Corp., 2022 Replacement Term B Loan, (CME Term SOFR 1 Month + 3.00%), 7.91%, 12/15/2027 (u) (aa)      676       664  
SRS Distribution. Inc., 2022 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.25%), 8.16%, 06/02/2028 (aa)      1,332       1,282  
White Cap Supply Holdings LLC, Initial Closing Date Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.56%, 10/19/2027 (aa)      1,617       1,596  
    

 

 

  
       5,981  
    

 

 

  
Total Consumer Cyclical        15,397  
    

 

 

  
Consumer Non-cyclical — 0.3%     
Beverages — 0.0% (g)     
Naked Juice LLC, Initial Loan (Second Lien), (CME Term SOFR 3 Month + 6.00%), 11.00%, 01/24/2030 (aa)      111       83  
Naked Juice LLC, Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 8.25%, 01/24/2029 (aa)      752       659  
    

 

 

  
       742  
    

 

 

  
Commercial Services — 0.2%     
CoreLogic, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.50%), 8.38%, 06/02/2028 (aa)      754       641  
PECF USS Intermediate Holding III Corp., Initial Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 9.09%, 12/15/2028 (aa)      830       696  
Sabre GLBL, Inc., 2021 Other Term B-1 Loan, (ICE LIBOR USD 1 Month + 3.50%), 8.34%, 12/17/2027 (aa)      235       198  
Sabre GLBL, Inc., 2021 Other Term B-2 Loan, (ICE LIBOR USD 1 Month + 3.50%), 8.34%, 12/17/2027 (aa)      377       318  
Verscend Holding Corp., Term B-1 Loan, (ICE LIBOR USD 1 Month + 4.00%), 8.84%, 08/27/2025 (aa)      4,190       4,181  
    

 

 

  
       6,034  
    

 

 

  
Food — 0.0% (g)     
Chobani LLC, 2020 New Term Loan, (CME Term SOFR 1 Month + 3.50%), 8.42%, 10/25/2027 (aa)      167       165  
    

 

 

  
Healthcare—Products — 0.0% (g)     
Bausch + Lomb Corp., Initial Term Loan, (Canada), (CME Term SOFR 3 Month + 3.25%), 8.46%, 05/10/2027 (aa)      74       71  
    

 

 

  
Healthcare—Services — 0.1%     
Envision Healthcare Corp., First Out Term Loan, (CME Term SOFR 3 Month + 7.88%), 12.92%, 03/31/2027 (aa)      53       44  
LifePoint Health, Inc., Term B Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 8.58%, 11/16/2025 (aa)      192       183  

Six Circles Credit Opportunities 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 ($)      
Loan Assignments — continued     
Healthcare—Services — continued     
Parexel International, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 8.09%, 11/15/2028 (u) (aa)      1,160       1,145  
Quorum Health Corp., Term Loan (Exit), (CME Term SOFR 3 Month + 8.25%), 12.98%, 04/29/2025 (aa)      569       342  
Surgery Center Holdings, Inc., 2021 New Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 8.46%, 08/31/2026 (aa)      712       707  
WCG Purchaser Corp., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.00%), 8.95%, 01/08/2027 (aa)      287       270  
    

 

 

  
       2,691  
    

 

 

  
Pharmaceuticals — 0.0% (g)     
Gainwell Acquisition Corp., Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 9.00%, 10/01/2027 (aa)      1,078       1,026  
    

 

 

  
Total Consumer Non-cyclical        10,729  
    

 

 

  
Electronics — 0.0% (g)     
Industrial — 0.0% (g)     
Indicor LLC, Initial Dollar Term Loan (First Lien), (CME Term SOFR 3 Month + 4.50%), 9.40%, 11/22/2029 (aa)      1,254       1,243  
    

 

 

  
Energy — 0.1%     
Oil & Gas — 0.1%     
Ascent Resources Utica Holdings LLC / Aru Finance Corp, Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 9.00%), 13.82%, 11/01/2025 (aa)      2,183       2,312  
    

 

 

  
Pipelines — 0.0% (g)     
Buckeye Partners, L.P., 2021 Tranche B-1 Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 7.09%, 11/01/2026 (aa)      150       149  
Freeport LNG investments, LLLP, Initial Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 8.31%, 12/21/2028 (aa)      1,769       1,710  
    

 

 

  
       1,859  
    

 

 

  
Total Energy        4,171  
    

 

 

  
Financial — 0.3%     
Banks — 0.0% (g)     
Mercury Borrower, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.50%), 8.38%, 08/02/2028 (aa)      529       512  
Mercury Borrower, Inc., Initial Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 6.50%), 11.31%, 08/02/2029 (aa)      325       290  
    

 

 

  
       802  
    

 

 

  
Diversified Financial Services — 0.1%     
Advisor Group Holdings, Inc., Term B-1 Loan, (ICE LIBOR USD 1 Month + 4.50%), 9.34%, 07/31/2026 (aa)      495       486  
Deerfield Dakota Holding LLC, 2021 Replacement Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 6.75%), 11.91%, 04/07/2028 (aa)      763       699  
Deerfield Dakota Holding LLC, Initial Dollar Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.65%, 04/09/2027 (u) (aa)      888       858  
    

 

 

  
       2,043  
    

 

 

  

Six Circles Credit Opportunities 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 ($)      
Loan Assignments — continued     
Insurance — 0.1%     
Alliant Holdings Intermediate LLC, TLB-5 New Term Loan, (CME Term SOFR 1 Month + 3.50%), 8.35%, 11/05/2027 (aa)      320       316  
AssuredPartners, Inc., 2022 Term Loan, (CME Term SOFR 1 Month + 3.50%), 8.31%, 02/12/2027 (aa)      1,251       1,235  
Asurion LLC, New B-4 Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.25%), 10.09%, 01/20/2029 (aa)      1,785       1,467  
Hub International Ltd., B-3 Incremental Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 8.06%, 04/25/2025 (aa)      184       184  
    

 

 

  
       3,202  
    

 

 

  
Investment Companies — 0.0% (g)     
Guardian US Holdco LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.68%, 01/31/2030 (aa)      1,190       1,173  
    

 

 

  
REITS — 0.1%     
Invitation Homes Operating Partnership LP, Term Loan A, (ICE LIBOR USD 1 Month + 1.00%), 5.84%, 01/31/2025 (aa)      1,552       1,517  
    

 

 

  
Total Financial        8,737  
    

 

 

  
Industrial — 0.6%     
Building Materials — 0.0% (g)     
Chariot Buyer LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 8.09%, 11/03/2028 (aa)      834       800  
    

 

 

  
Engineering & Construction — 0.3%     
Brand Industrial Services, Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 4.25%), 9.07%, 06/21/2024 (aa)      9,122       8,485  
KKR Apple Bidco LLC, Initial Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.75%), 10.59%, 09/21/2029 (aa)      96       94  
    

 

 

  
       8,579  
    

 

 

  
Machinery—Construction & Mining — 0.0% (g)     
Vertiv Group Corp., Term B Loan, (ICE LIBOR USD 1 Month + 2.75%), 7.42%, 03/02/2027 (aa)      495       484  
    

 

 

  
Machinery—Diversified — 0.2%     
Husky Injection Molding Systems Ltd., Initial Term Loan, (Canada), (ICE LIBOR USD 3 Month + 3.00%), 8.15%, 03/28/2025 (aa)      5,585       5,280  
SPX Flow, Inc., Term Loan, (CME Term SOFR 1 Month + 4.50%), 9.41%, 04/05/2029 (aa)      1,082       1,030  
    

 

 

  
       6,310  
    

 

 

  
Packaging & Containers — 0.1%     
Charter Next Generation, Inc., Initial Term Loan (2021) (First Lien), (CME Term SOFR 1 Month + 3.75%), 8.67%, 12/01/2027 (aa)      1,160       1,144  
Mauser Packaging Solutions Holding Company, Initial Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.78%, 08/14/2026 (aa)      944       935  
    

 

 

  
       2,079  
    

 

 

  

Six Circles Credit Opportunities 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 ($)      
Loan Assignments — continued     
Shipbuilding — 0.0% (g)     
MHI Holdings LLC, Initial Term Loan, (ICE LIBOR USD 1 Month + 5.00%), 9.84%, 09/21/2026 (aa)      689       687  
    

 

 

  
Transportation — 0.0% (g)     
AIT Worldwide Logistics Holdings, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 4.75%), 9.45%, 04/06/2028 (aa)      396       381  
XPO, Inc., Refinancing Term Loan (2018), (ICE LIBOR USD 1 Month + 1.75%), 6.45%, 02/24/2025 (aa)      464       463  
    

 

 

  
       844  
    

 

 

  
Total Industrial        19,783  
    

 

 

  
Technology — 1.6%     
Computers — 0.3%     
Magenta Buyer LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.75%), 9.58%, 07/27/2028 (aa)      4,107       3,372  
Magenta Buyer LLC, Initial Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 8.25%), 13.08%, 07/27/2029 (aa)      491       363  
McAfee Corp., Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.52%, 03/01/2029 (u) (aa)      3,169       2,971  
Peraton Corp., Term B Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 8.59%, 02/01/2028 (u) (aa)      2,033       2,003  
Peraton Corp., Term B-1 Loan (Second Lien), (ICE LIBOR USD 3 Month + 7.75%), 12.65%, 02/01/2029 (aa)      1,205       1,169  
Tempo Acquisition LLC, Initial Term B-1 Loan, (CME Term SOFR 1 Month + 3.00%), 7.81%, 08/31/2028 (aa)      485       484  
    

 

 

  
       10,362  
    

 

 

  
Software — 1.3%     
Ascend Learning LLC, Initial Term Loan (2021) (First Lien), (CME Term SOFR 1 Month + 3.50%), 8.41%, 12/11/2028 (aa)      758       699  
Ascend Learning LLC, Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.75%), 10.66%, 12/10/2029 (aa)      458       393  
athenahealth Group, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 3.50%), 8.26%, 02/15/2029 (aa)      5,144       4,810  
Banff Guarantor Inc., Initial Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.50%), 10.34%, 02/27/2026 (aa)      1,992       1,911  
Boxer Parent Company, Inc., 2021 Replacement Dollar Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 8.59%, 10/02/2025 (aa)      1,211       1,194  
Camelot U.S. Acquisition 1 Co., Amendment No. 2 Incremental Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 7.84%, 10/30/2026 (aa)      793       790  
Central Parent, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 4.25%), 9.15%, 07/06/2029 (aa)      1,300       1,294  

Six Circles Credit Opportunities 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 ($)      
Loan Assignments — continued     
Software — continued     
Cloud Software Group, Inc., Dollar Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.50%), 9.50%, 03/30/2029 (aa)      2,638       2,392  
Dun & Bradstreet Corp., The, 2022 Incremental Term B-2 Loan, (CME Term SOFR 1 Month + 3.25%), 8.04%, 01/18/2029 (aa)      930       923  
EP Purchaser LLC, Closing Date Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.50%), 8.66%, 11/06/2028 (aa)      486       483  
Epicor Software Corp., Term C Loan, (ICE LIBOR USD 1 Month + 3.25%), 8.09%, 07/30/2027 (aa)      496       486  
Helios Software Holdings, Inc., Initial Dollar Term Loan (2021), (CME Term SOFR 1 Month + 3.75%), 8.66%, 03/11/2028 (aa)      882       857  
Misys Ltd., Dollar Term Loan (First Lien), (United Kingdom), (ICE LIBOR USD 3 Month + 3.50%), 8.33%, 06/13/2024 (aa)      1,991       1,856  
Misys Ltd., Dollar Term Loan (Second Lien), (United Kingdom), (ICE LIBOR USD 3 Month + 7.25%), 12.08%, 06/13/2025 (u) (aa)      1,970       1,574  
Planview Parent, Inc., Closing Date Loan (Second Lien), (ICE LIBOR USD 3 Month + 7.25%), 12.41%, 12/18/2028 (aa)      180       159  
Polaris Newco LLC, Dollar Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.00%), 9.16%, 06/02/2028 (aa)      1,566       1,425  
Project Alpha Intermediate Holding, Inc., 2021 Refinancing Term Loan, (ICE LIBOR USD 1 Month + 4.00%), 8.85%, 04/26/2024 (aa)      221       219  
RealPage, Inc., Initial Loan (Second Lien), (ICE LIBOR USD 1 Month + 6.50%), 11.34%, 04/23/2029 (aa)      918       864  
RealPage, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.00%), 7.84%, 04/24/2028 (aa)      2,936       2,843  
Skillsoft Finance II, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.25%), 10.10%, 07/14/2028 (aa)      2,304       1,938  
Sophia, L.P., Term Loan B (First Lien), (ICE LIBOR USD 3 Month + 3.50%), 8.66%, 10/07/2027 (aa)      7,066       6,973  
Sovos Compliance LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 4.50%), 9.34%, 08/11/2028 (aa)      1,017       961  
UKG, Inc., 2021 Incremental Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 5.25%), 10.03%, 05/03/2027 (aa)      2,087       1,994  
UKG, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 8.58%, 05/04/2026 (aa)      1,756       1,725  
    

 

 

  
       38,763  
    

 

 

  
Total Technology        49,125  
    

 

 

  
Utilities — 0.0% (g)     
Electric — 0.0% (g)     
Heritage Power LLC, Term Loan, (PRIME 3 Month + 5.00%), 7.50%, 07/30/2026 (d) (aa)      1,416       443  
    

 

 

  
Total Loan Assignments
(Cost $143,383)		        140,571  
    

 

 

  

Six Circles Credit Opportunities 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

   

    NUMBER OF    

RIGHTS

         VALUE ($)      
Rights — 0.0% (g)     
Communications — 0.0% (g)     
Telecommunications — 0.0% (g)     
Intelsat Jackson Holdings SA, expiring,     
12/31/2049 (a) (bb) (cc)      18       104  
    

 

 

  
(Cost $0)     
    

PRINCIPAL
    AMOUNT ($)    

        
Short-Term Investments — 4.1%     
Commercial Papers — 0.1%     
Bayer Corp., 5.97%, 07/21/2023 (e) (n)      750       737  
General Motors Financial Co., Inc., 5.27%, 05/08/2023 (n)      353       351  
Global Payments, Inc., 5.65%, 04/03/2023 (e) (n)      523       523  
Jabil, Inc., 5.60%, 04/03/2023 (e) (n)      992       991  
    

 

 

  
Total Commercial Papers        2,602  
    

 

 

  
Time Deposits — 2.2%     
Australia & New Zealand Banking Group Ltd., 4.18%, 04/03/2023      20,283       20,283  
BNP Paribas SA, 3.32%, 04/03/2023    CAD 1       1  
Brown Brothers Harriman & Co.,     
0.00%, 04/03/2023    CHF 1       1  
Citibank NA,     
1.91%, 04/03/2023    EUR 450       488  
4.18%, 04/03/2023      31,607       31,607  
Royal Bank of Canada, 4.18%, 04/03/2023      18,376       18,376  
Skandinaviska Enskilda Banken, 3.15%, 04/03/2023    GBP 458       565  
Sumitomo Mitsui Banking Corp., 4.18%, 04/03/2023      639       639  
    

 

 

  
Total Time Deposits        71,960  
    

 

 

  
U.S. Government Agency Securities — 1.2%     
FHLB DNs,     
Zero Coupon, 04/03/2023      22,500       22,500  
Zero Coupon, 04/10/2023      3,100       3,097  
Zero Coupon, 04/24/2023      3,100       3,092  
Zero Coupon, 05/26/2023      8,000       7,947  
    

 

 

  
Total U.S. Government Agency Securities        36,636  
    

 

 

  
U.S. Treasury Obligations — 0.6%     
U.S. Treasury Bills,     
Zero Coupon, 04/04/2023      4,600       4,599  
Zero Coupon, 04/11/2023      6,336       6,330  
Zero Coupon, 05/04/2023 (ii)      3,200       3,187  
Zero Coupon, 05/11/2023      5,100       5,075  
    

 

 

  
Total U.S. Treasury Obligations        19,191  
    

 

 

  
Total Short-Term Investments
(Cost $130,373)		        130,389  
    

 

 

  
Total Investments — 98.6%
(Cost – $3,254,716)*		        3,146,882  

Other Assets in Excess of Liabilities — 1.4%

        46,180  
    

 

 

  

NET ASSETS — 100.0%

      $ 3,193,062  
    

 

 

  

 

Percentages indicated are based on net assets.

Six Circles Credit Opportunities 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             
Euro Schatz    2   06/2023    EUR      227       2  
U.S. Treasury 10 Year Note    63   06/2023    USD      7,038       202  
U.S. Treasury 2 Year Note    416   06/2023    USD      85,088       797  
U.S. Treasury 5 Year Note    547   06/2023    USD      58,755       1,146  
U.S. Treasury Long Bond    2   06/2023    USD      251       11  
            

 

 

  
               2,158  
            

 

 

  
Short Contracts             
Euro BOBL    (1)   06/2023    EUR      (125 )      (3 ) 
U.S. Treasury 5 Year Note    (133)   06/2023    USD      (14,280 )      (284 ) 
U.S. Treasury Long Bond    (7)   06/2023    USD      (892 )      (26 ) 
U.S. Treasury Ultra Bond    (134)   06/2023    USD      (18,050 )      (861 ) 
            

 

 

  
               (1,174 ) 
            

 

 

  
Total unrealized appreciation (depreciation)                984  
            

 

 

  

Forward foreign currency exchange contracts outstanding as of March 31, 2023:

 

CURRENCY PURCHASED

     

CURRENCY SOLD

     

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		  
EUR      2,530      USD      2,728      HSBC Bank plc    04/04/2023      16  
GBP      139      USD      170      Morgan Stanley & Co.    04/04/2023      1  
USD      253      EUR      232      Bank of America, NA    06/21/2023      – (h) 
USD      109      EUR      100      Bank of America, NA    06/21/2023      – (h) 
USD      370      EUR      337      Morgan Stanley & Co.    06/21/2023      3  
                 

 

 

  
Total unrealized appreciation         20  
                 

 

 

  
USD      2,700      EUR      2,530      Bank of America, NA    04/04/2023      (44 ) 
USD      167      GBP      139      Morgan Stanley & Co.    04/04/2023      (4 ) 
EUR      100      USD      109      Bank of America, NA    04/05/2023      – (h) 
USD      2,733      EUR      2,530      HSBC Bank plc    05/02/2023      (16 ) 
USD      170      GBP      139      Morgan Stanley & Co.    05/02/2023      (1 ) 
USD      16      EUR      15      Bank of America, NA    06/21/2023      – (h) 
USD      11,595      EUR      10,733      UBS AG LONDON    06/21/2023      (97 ) 
USD      11,480      EUR      10,643      UBS AG LONDON    06/21/2023      (115 ) 
USD      4,321      GBP      3,598      Bank of America, NA    06/21/2023      (124 ) 
                 

 

 

  
Total unrealized depreciation         (401 ) 
                 

 

 

  
Net unrealized appreciation (depreciation)         (381 ) 
                 

 

 

  

Six Circles Credit Opportunities 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)

 

Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2023:

 

FLOATING RATE INDEX (a)

    FIXED RATE      PAY/ RECEIVE
FLOATING
RATE		      MATURITY
DATE		      NOTIONAL
AMOUNT		      UPFRONT
PAYMENTS
(RECEIPTS)
($)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		     VALUE
($)		  

United States SOFR

      1.00% annually        Receive        06/15/2027      USD   26,300        (2,743 )      (101 )      (2,844 ) 

United States SOFR

      1.75% annually        Pay        06/15/2032      USD 400        31       20       51  
              

 

 

    

 

 

    

 

 

  
Total                  (2,712 )      (81 )      (2,793 ) 
              

 

 

    

 

 

    

 

 

  

 

(a)

Value of floating rate index as of March 31, 2023 was as follows:

 

FLOATING RATE

INDEX

       

United States SOFR

      4.87 % 

OTC Credit Default Swaps contracts outstanding — buy protection (1) as of March 31, 2023:

 

REFERENCE

OBLIGATION/

INDEX

   FINANCING
RATE PAID
BY THE
FUND(%)		     PAYMENT
FREQUENCY		    

COUNTERPARTY

   MATURITY
DATE		     IMPLIED
CREDIT
SPREAD
(%) (3)		     NOTIONAL
AMOUNT (4)		     UPFRONT
PAYMENTS
(RECEIPTS)
($) (5)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		     VALUE
($)		  
Saudi Government International Bond, 4.00%, 04/17/2025     1.00 %      quarterly     Bank of America     06/20/2028       0.63     USD   11,600       (168 )      (41 )      (209 ) 
             

 

 

    

 

 

    

 

 

  
Total                 (168 )      (41 )      (209 ) 
             

 

 

    

 

 

    

 

 

  

OTC Credit Default Swaps contracts outstanding — sell protection (2) as of March 31, 2023:

 

REFERENCE

OBLIGATION/INDEX

   FINANCING
RATE
RECEIVED
BY THE
FUND(%)		     PAYMENT
FREQUENCY		    

COUNTERPARTY

   MATURITY
DATE		     IMPLIED
CREDIT
SPREAD
(%) (3)		   NOTIONAL
AMOUNT (4)		     UPFRONT
PAYMENTS
(RECEIPTS)
($) (5)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		     VALUE
($)		  

Adler Real Estate AG, 2.13%, 02/06/2024

     5.00 %      quarterly     Bank of America     12/20/2027     23.72   EUR   200       (50 )      (14 )      (64 ) 

Casino Guichard Perrachon SA, 4.05%, 08/05/2026

     5.00 %      quarterly     Barclays Bank plc     06/20/2023     54.72   EUR 264       (8 )      (21 )      (29 ) 

CMA CGM SA, 7.50%, 01/15/2026

     5.00 %      quarterly     Goldman Sachs     06/20/2026     1.99   EUR 10       1       – (h)      1  

CMA CGM SA, 7.50%, 01/15/2026

     5.00 %      quarterly     Goldman Sachs International     06/20/2027     2.40   EUR 70       2       5       7  

CMA CGM SA, 7.50%, 01/15/2026

     5.00 %      quarterly     Barclays Bank plc     06/20/2027     2.40   EUR 49       2       4       6  

Jaguar Land Rover Automotive, 2.20%, 01/15/2024

     5.00 %      quarterly     Barclays Bank plc     12/20/2026     7.15   EUR 30       1       (3 )      (2 ) 

Six Circles Credit Opportunities 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)

 

REFERENCE

OBLIGATION/INDEX

   FINANCING
RATE
RECEIVED
BY THE
FUND(%)		     PAYMENT
FREQUENCY		    

COUNTERPARTY

   MATURITY
DATE		     IMPLIED
CREDIT
SPREAD
(%) (3)		     NOTIONAL
AMOUNT (4)		     UPFRONT
PAYMENTS
(RECEIPTS)
($) (5)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		     VALUE
($)		  

Jaguar Land Rover Automotive, 2.20%, 01/15/2024

     5.00 %      quarterly     Morgan Stanley     12/20/2026       7.15     EUR 10       – (h)      (1 )      (1 ) 

Jaguar Land Rover Automotive, 2.20%, 01/15/2024

     5.00 %      quarterly     Bank of America     12/20/2026       7.15     EUR 20       (1 )     
 (–
)(h) 		     (1 ) 

Loxam SAS, 6.00%, 04/15/2025

     5.00 %      quarterly     Bank of America     12/20/2027       7.63     EUR 140       (11 )      (2 )      (13 ) 

Novafives SAS, 5.00%, 06/15/2025

     5.00 %      quarterly     Goldman Sachs International     06/20/2023       7.66     EUR 4      
 (–
)(h) 		     – (h)     
 (–
)(h) 

Novafives SAS, 5.00%, 06/15/2025

     5.00 %      quarterly     Goldman Sachs International     06/20/2023       7.66     EUR 6      
 (–
)(h) 		     – (h)     
 (–
)(h) 

Novafives SAS, 5.00%, 06/15/2025

     5.00 %      quarterly     Citibank, NA     06/20/2023       7.66     EUR 20       (1 )      1      
 (–
)(h) 

thyssenkrupp AG, 2.50%, 02/25/2025

     5.00 %      quarterly     Bank of America     12/20/2023       0.91     EUR 140       (4 )      9       5  

United Group BV, 3.63%, 02/15/2028

     5.00 %      quarterly     Bank of America     12/20/2027       10.89     EUR 113       (17 )      (5 )      (22 ) 

United Group BV, 3.63%, 02/15/2028

     5.00 %      quarterly     Morgan Stanley     12/20/2027       10.89     EUR 137       (22 )      (5 )      (27 ) 

Vietnam Government International Bond, 4.80%, 11/19/2024

     1.00 %      quarterly     Citibank, NA     12/20/2027       1.23     USD 4,300       (125 )      84       (41 ) 
             

 

 

    

 

 

    

 

 

  
Total                 (233 )      52       (181 ) 
             

 

 

    

 

 

    

 

 

  

Centrally Cleared Credit Default Swaps contracts outstanding — buy protection (1) as of March 31, 2023:

 

REFERENCE

OBLIGATION/INDEX

    FINANCING
RATE PAID
BY THE
FUND(%)		     PAYMENT
FREQUENCY		      MATURITY
DATE		      IMPLIED
CREDIT
SPREAD
(%) (3)		      NOTIONAL
AMOUNT (4)		      UPFRONT
PAYMENTS
(RECEIPTS)
($) (5)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		     VALUE
($)		  
CDX.NA.HY.39-V1      5.00 %      quarterly        12/20/2027        4.69        USD        50,000        (804 )      135       (669 ) 
CDX.NA.IG.39-V1      1.00 %      quarterly        12/20/2032        1.10        USD        69,680        855       (354 )      501  
                   

 

 

    

 

 

    

 

 

  
Total                       51       (219 )      (168 ) 
                   

 

 

    

 

 

    

 

 

  

Six Circles Credit Opportunities 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)

 

Centrally Cleared Credit Default Swaps contracts outstanding — sell protection (2) as of March 31, 2023:

 

REFERENCE

OBLIGATION/INDEX

    FINANCING
RATE
RECEIVED
BY THE
FUND(%)		     PAYMENT
FREQUENCY		      MATURITY
DATE		      IMPLIED
CREDIT
SPREAD
(%) (3)		      NOTIONAL
AMOUNT (4)		      UPFRONT
PAYMENTS
(RECEIPTS)
($) (5)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		      VALUE
($)		  

CDX.NA.HY.39-V1

      5.00 %      quarterly        12/20/2027        4.69        USD        50,000        660       9        669  
CDX.NA.HY.40-V1      5.00 %      quarterly        06/20/2028        4.62        USD        70,423        (176 )      1,396        1,220  

CDX.NA.HY.40-V1

      5.00 %      quarterly        06/20/2028        4.62        USD        14,499        9       242        251  
                   

 

 

    

 

 

     

 

 

  

Total

                       493       1,647        2,140  
                   

 

 

    

 

 

     

 

 

  

 

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

Six Circles Credit Opportunities Fund

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

 

CDX    —    Credit Default Swap Index
CLO    —    Collateralized Loan Obligations
CMT    —    Constant Maturity Treasury
DN    —    Discount Notes
EURIBOR    —    Euro Interbank Offered Rate
FHLB    —    Federal Home Loan Bank
ICE    —    Intercontinental Exchange
IO    —    Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As result, interest income may be reduced considerably.
LIBOR    —    London Interbank Offered Rate
Reg. S    —    Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REIT    —    Real Estate Investment Trust
SOFR    —    Secured Overnight Financing Rate
SUB    —    Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2023.
(a)    —    Non-income producing security.
(d)    —    Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued.
(e)    —    Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)    —    Amount rounds to less than 0.05%.
(h)    —    Amount rounds to less than 500 shares or principal/ $500.
(n)    —    The rate shown is the effective yield as of March 31, 2023.
(o)    —    Loan assignments are presented by obligor. Each Series or loan tranche underlying each obligor may have varying terms.
(u)    —    All or a portion of the security is unsettled as of March 31, 2023. Unless otherwise indicated, the coupon rate is undetermined.
(v)    —    Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(w)    —    All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(x)    —    Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of March 31, 2023.
(z)    —    Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2023.
(aa)    —    Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023.

Six Circles Credit Opportunities 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 (continued)

 

(bb)    —    Security has been valued using significant unobservable inputs.
(cc)       Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
(ee)    —    Approximately $6,095 of these investments are restricted as collateral for swaps to Citigroup Clearing.
(ii)    —    Approximately $271 of these investments are restricted as collateral for forwards to various brokers.
(jj)    —    Approximately $61 of these investments are restricted as collateral for bi-lateral derivatives to various brokers.
*    —    The cost of securities is substantially the same for federal income tax purposes.
CAD    —    Canadian Dollar
CHF    —    Swiss Franc
EUR    —    Euro
GBP    —    British Pound
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 and options are generally valued on the basis of available market quotations. Swaps, forward foreign currency exchange contracts and over the counter options are valued utilizing market quotations from approved Pricing Services.

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

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

 

•  

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

 

•  

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

 

•  

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

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

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

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

Six Circles Ultra Short Duration Fund

 

     Level 1
Quoted prices		     Level 2
Other significant
observable
inputs		     Level 3
Significant
unobservable
inputs		      Total  

Investments in Securities

          

Debt Securities

          

Asset-Backed Securities

    $ —       $ 107,597     $ —        $ 107,597  

Certificate of Deposit

          

Financial

      —         1,300       —          1,300  

Collateralized Mortgage Obligations

      —         19,586       —          19,586  

Commercial Mortgage-Backed Securities

      —         25,309       —          25,309  

Corporate Bonds

          

Basic Materials

      —         1,505       —          1,505  

Communications

      —         27,207       —          27,207  

Consumer Cyclical

      —         32,386       —          32,386  

Consumer Non-cyclical

      —         39,352       —          39,352  

Energy

      —         7,041       —          7,041  

Financial

      —         118,667       —          118,667  

Industrial

      —         23,551       —          23,551  

Technology

      —         29,871       —          29,871  

Utilities

      —         17,949       —          17,949  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Corporate Bonds

      —         297,529       —          297,529  
  

 

 

    

 

 

    

 

 

     

 

 

  

Foreign Government Securities

      —         4,093       —          4,093  

Municipal Bonds

      —         2,857       —          2,857  

U.S. Government Agency Securities

      —         38,282       —          38,282  

U.S. Treasury Obligations

      —         11,842       —          11,842  

Short-Term Investments

          

Certificates of Deposit

      —         9,959       —          9,959  

Commercial Papers

      —         10,787       —          10,787  

Corporate Bond

      —         2,868       —          2,868  

Foreign Government Securities

      —         25,089       —          25,089  

Municipal Bond

      —         379       —          379  

Repurchase Agreement

      —         3,500       —          3,500  

Time Deposits

      —         20,431       —          20,431  

U.S. Treasury Obligation

      —         521       —          521  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Short-Term Investments

      —         73,534       —          73,534  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ —       $ 581,929     $ —        $ 581,929  
  

 

 

    

 

 

    

 

 

     

 

 

  

Appreciation in Other Financial Instruments

          

Future contract

    $ 542     $ —       $ —        $ 542  

Forward Foreign Currency Exchange contracts

      —         448       —          448  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Appreciation in Other Financial Instruments

    $ 542     $ 448     $ —        $ 990  
  

 

 

    

 

 

    

 

 

     

 

 

  

Depreciation in Other Financial Instruments

          

Futures contracts

    $ (586 )    $ —       $ —        $ (586 ) 

Forward Foreign Currency Exchange contracts

      —         (874 )      —          (874 ) 

Centrally Cleared Interest Rate Swap contract

      —         —         —          —    

Centrally Cleared Credit Default Swap contract

      —         (28 )      —          (28 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Depreciation in Other Financial Instruments

    $ (586 )    $ (902 )    $ —        $ (1,488 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Six Circles Tax Aware Ultra Short Duration Fund

 

     Level 1
Quoted prices		     Level 2
Other significant
observable
inputs		     Level 3
Significant
unobservable
inputs		      Total  

Investments in Securities

          

Debt Securities

          

Asset-Backed Securities

    $ —       $ 40,059     $ —        $ 40,059  

Collateralized Mortgage Obligations

      —         16,450       —          16,450  

Commercial Mortgage-Backed Securities

      —         9,092       —          9,092  

Corporate Bonds

          

Communications

      —         6,773       —          6,773  

Consumer Cyclical

      —         6,870       —          6,870  

Consumer Non-cyclical

      —         7,797       —          7,797  

Energy

      —         3,449       —          3,449  

Financial

      —         46,451       —          46,451  

Industrial

      —         6,528       —          6,528  

Technology

      —         3,128       —          3,128  

Utilities

      —         12,125       —          12,125  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Corporate Bonds

      —         93,121       —          93,121  
  

 

 

    

 

 

    

 

 

     

 

 

  

Foreign Government Securities

      —         4,364       —          4,364  

Municipal Bonds

      —         465,156       —          465,156  

U.S. Government Agency Securities

      —         18,258       —          18,258  

U.S. Treasury Obligation

      —         6,793       —          6,793  

Short-Term Investments

          

Commercial Papers

      —         3,582       —          3,582  

Corporate Bond

      —         3,603       —          3,603  

Foreign Government Security

      —         2,110       —          2,110  

Municipal Bonds

      —         8,026       —          8,026  

Repurchase Agreement

      —         8,600       —          8,600  

Time Deposits

      —         2,249       —          2,249  

U.S. Treasury Obligation

      —         494       —          494  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Short-Term Investments

      —         28,664       —          28,664  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ —       $ 681,957     $ —        $ 681,957  
  

 

 

    

 

 

    

 

 

     

 

 

  

Appreciation in Other Financial Instruments

          

Future contract

    $ 744     $ —       $ —        $ 744  

Forward Foreign Currency Exchange contracts

      —         434       —          434  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Appreciation in Other Financial Instruments

    $ 744     $ 434     $ —        $ 1,178  
  

 

 

    

 

 

    

 

 

     

 

 

  

Depreciation in Other Financial Instruments

          

Futures contracts

    $ (456 )    $ —       $ —        $ (456 ) 

Forward Foreign Currency Exchange contracts

      —         (204 )      —          (204 ) 

Centrally Cleared Interest Rate Swap contracts

      —         —         —          —    

Centrally Cleared Credit Default Swap contract

      —         (29 )      —          (29 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Depreciation in Other Financial Instruments

    $ (456 )    $ (233 )    $ —        $ (689 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Six Circles U.S. Unconstrained Equity Fund

 

     Level 1
Quoted prices		     Level 2
Other significant
observable
inputs		      Level 3
Significant
unobservable
inputs		      Total  

Investments in Securities

           

Common Stocks

           

Basic Materials

    $ 48,984     $ —        $ —        $ 48,984  

Communications

      2,661,926       —          —          2,661,926  

Consumer Cyclical

      201,952       —          —          201,952  

Consumer Non-cyclical

      4,135,995       —          —          4,135,995  

Energy

      122,265       —          —          122,265  

Financial

      2,441,783       —          —          2,441,783  

Industrial

      1,026,174       —          —          1,026,174  

Technology

      5,087,732       —          —          5,087,732  

Utilities

      60,704       —          —          60,704  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Common Stocks

      15,787,515       —          —          15,787,515  
  

 

 

    

 

 

     

 

 

     

 

 

  

Short-Term Investments

           

Time Deposits

      —         76,492        —          76,492  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ 15,787,515     $ 76,492      $ —        $ 15,864,007  
  

 

 

    

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

           

Futures contracts

    $ 4,351     $ —        $ —        $ 4,351  
  

 

 

    

 

 

     

 

 

     

 

 

  

Depreciation in Other Financial Instruments

           

Future contract

    $ (2 )    $ —        $ —        $ (2 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Six Circles International Unconstrained Equity Fund

 

     Level 1
Quoted prices		      Level 2
Other significant
observable
inputs		      Level 3
Significant
unobservable
inputs		      Total  

Investments in Securities

            

Common Stocks

            

Austria

    $ —        $ 43,755      $ —        $ 43,755  

Belgium

      —          219,939        —          219,939  

Cayman Islands

      —          762        —          762  

Chile

      —          3,414        —          3,414  

China

      —          1,445        —          1,445  

Denmark

      —          268,601        —          268,601  

Finland

      —          148,539        —          148,539  

France

      —          2,240,718        —          2,240,718  

Germany

      —          1,502,631        —          1,502,631  

Ireland

      4,238        81,497        —          85,735  

Italy

      —          531,200        —          531,200  

Japan

      337        311,774        —          312,111  

Jordan

      —          2,400        —          2,400  

Luxembourg

      —          4,661        —          4,661  

Netherlands

      404        1,055,241        —          1,055,645  

Norway

      —          103,550        —          103,550  

Portugal

      —          20,697        —          20,697  

South Korea

      —          132,864        —          132,864  

Spain

      —          428,555        —          428,555  

Sweden

      422        333,265        —          333,687  

Switzerland

      —          2,046,401        —          2,046,401  

Taiwan

      —          152,112        —          152,112  

United Arab Emirates

      —          —          —          —    

United Kingdom

      29,623        2,663,985        —          2,693,608  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Common Stocks

      35,024        12,298,006        —          12,333,030  
  

 

 

     

 

 

     

 

 

     

 

 

  

Preferred Stocks

            

Germany

      —          154,365        —          154,365  

South Korea

      —          18,968        —          18,968  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Preferred Stocks

      —          173,333        —          173,333  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments

            

Time Deposits

      —          88,947        —          88,947  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ 35,024      $ 12,560,286      $ —        $ 12,595,310  
  

 

 

     

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

            

Futures contracts

    $ 3,872      $ —        $ —        $ 3,872  
  

 

 

     

 

 

     

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Six Circles Global Bond Fund

 

     Level 1
Quoted prices		     Level 2
Other significant
observable
inputs		     Level 3
Significant
unobservable
inputs		      Total  

Investments in Securities

          

Debt Securities

          

Asset-Backed Securities

      —         70,157       —          70,157  

Collateralized Mortgage Obligations

      —         198,448       —          198,448  

Commercial Mortgage-Backed Securities

      —         45,278       —          45,278  

Corporate Bonds

          

Basic Materials

      —         119,687       —          119,687  

Communications

      —         194,212       —          194,212  

Consumer Cyclical

      —         252,987       —          252,987  

Consumer Non-cyclical

      —         580,102       —          580,102  

Energy

      —         179,936       —          179,936  

Financial

      —         1,661,263       —          1,661,263  

Government

      —         790,730       —          790,730  

Industrial

      —         263,546       —          263,546  

Technology

      —         90,287       —          90,287  

Utilities

      —         341,678       —          341,678  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Corporate Bonds

      —         4,474,428       —          4,474,428  
  

 

 

    

 

 

    

 

 

     

 

 

  

Foreign Government Securities

      —         2,465,674       20        2,465,694  

Mortgage-Backed Securities

      —         1,384,002       —          1,384,002  

Municipal Bonds

      —         7,468       —          7,468  

U.S. Government Agency Securities

      —         13,167       —          13,167  

U.S. Treasury Obligations

      —         1,071,609       —          1,071,609  

Short-Term Investments

          

Time Deposits

      —         157,677       —          157,677  

U.S. Treasury Obligations

      —         5,064       —          5,064  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Short-Term Investments

      —         162,741       —          162,741  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ —       $ 9,892,972     $ 20      $ 9,892,992  
  

 

 

    

 

 

    

 

 

     

 

 

  

Liabilities

          

Debt Securities

          

Mortgage-Backed Securities

    $ —       $ 159,137     $ —        $ 159,137  

Appreciation in Other Financial Instruments

          

Futures contracts

    $ 3,468     $ —       $ —        $ 3,468  

Forward Foreign Currency Exchange contracts

      —         21,277       —          21,277  

Centrally Cleared Interest Rate Swap contracts

      —         1,480       —          1,480  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Appreciation in Other Financial Instruments

    $ 3,468     $ 22,757     $ —        $ 26,225  
  

 

 

    

 

 

    

 

 

     

 

 

  

Depreciation in Other Financial Instruments

          

Futures contracts

    $ (2,932 )    $ —       $ —        $ (2,932 ) 

Forward Foreign Currency Exchange contracts

      —         (125,275 )      —          (125,275 ) 

OTC Interest Rate Swap contract

      —         (103 )      —          (103 ) 

Centrally Cleared Interest Rate Swap contracts

      —         (11,733 )      —          (11,733 ) 

Written Option contracts

          

Written Put Option contracts

      —         (355 )      —          (355 ) 

Written Call Option contracts

      —         (294 )      —          (294 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Written Option contracts

      —         (649 )      —          (649 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Depreciation in Other Financial Instruments

    $ (2,932 )    $ (137,760 )    $ —        $ (140,692 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Six Circles Tax Aware Bond Fund

 

     Level 1
Quoted prices		     Level 2
Other significant
observable
inputs		      Level 3
Significant
unobservable
inputs		      Total  

Investments in Securities

           

Debt Securities

           

Corporate Bond

           

Consumer Non-cyclical

    $ —       $ 435      $ —        $ 435  

Municipal Bonds

      —         5,970,385        —          5,970,385  

Short-Term Investments

           

Municipal Bonds

      —         3,796        —          3,796  

Time Deposits

      —         146,761        —          146,761  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Short-Term Investments

      —         150,557        —          150,557  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ —       $ 6,121,377      $ —        $ 6,121,377  
  

 

 

    

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

           

Future contract

    $ 745     $ —        $ —        $ 745  
  

 

 

    

 

 

     

 

 

     

 

 

  

Depreciation in Other Financial Instruments

           

Futures contracts

    $ (711 )    $ —        $ —        $ (711 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Six Circles Credit Opportunities Fund

 

     Level 1
Quoted prices		      Level 2
Other significant
observable
inputs		      Level 3
Significant
unobservable
inputs		     Total  

Investments in Securities

           

Debt Securities

           

Asset-Backed Securities

      —          121,114        —         121,114  

Collateralized Mortgage Obligations

      —          3,525        —         3,525  

Commercial Mortgage-Backed Securities

      —          14,614        —         14,614  

Convertible Bonds

           

Communications

      —          8,450        —         8,450  

Consumer Cyclical

      —          3,156        —         3,156  

Consumer Non-cyclical

      —          502        —         502  

Financial

      —          2,991        —         2,991  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total Convertible Bonds

      —          15,099        —         15,099  
  

 

 

     

 

 

     

 

 

    

 

 

  

Corporate Bonds

           

Basic Materials

      —          130,603        —         130,603  

Communications

      —          313,847        —   (a)      313,847  

Consumer Cyclical

      —          528,298        —         528,298  

Consumer Non-cyclical

      —          331,614        —         331,614  

Diversified

      —          2,819        —         2,819  

Energy

      —          346,172        —         346,172  

Financial

      —          420,335        —         420,335  

Industrial

      —          316,385        —         316,385  

Technology

      —          118,999        —         118,999  

Utilities

      —          120,391        —         120,391  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total Corporate Bonds

      —          2,629,463        —   (a)      2,629,463  
  

 

 

     

 

 

     

 

 

    

 

 

  

Foreign Government Securities

      —          46,428        —         46,428  

U.S. Treasury Obligations

      —          37,022        —         37,022  

Common Stock

           

Communications

      —          —          2,086       2,086  

Preferred Stock

           

Consumer Cyclical

      —          —          6,467       6,467  

Loan Assignments

           

Basic Materials

      —          4,126        —         4,126  

Communications

      —          26,817        —         26,817  

Consumer Cyclical

      —          15,397        —         15,397  

Consumer Non-cyclical

      —          10,729        —         10,729  

Electronics

      —          1,243        —         1,243  

Energy

      —          4,171        —         4,171  

Financial

      —          8,737        —         8,737  

Industrial

      —          19,783        —         19,783  

Technology

      —          49,125        —         49,125  

Utilities

      —          443        —         443  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total Loan Assignments

      —          140,571        —         140,571  
  

 

 

     

 

 

     

 

 

    

 

 

  

Rights

           

Communications

      —          —          104       104  

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Six Circles Credit Opportunities Fund (continued)

 

     Level 1
Quoted prices		     Level 2
Other significant
observable
inputs		     Level 3
Significant
unobservable
inputs		      Total  

Short-Term Investments

          

Commercial Papers

      —         2,602       —          2,602  

Time Deposits

      —         71,960       —          71,960  

U.S. Government Agency Securities

      —         36,636       —          36,636  

U.S. Treasury Obligations

      —         19,191       —          19,191  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Short-Term Investments

      —         130,389       —          130,389  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ —       $ 3,138,225     $ 8,657      $ 3,146,882  
  

 

 

    

 

 

    

 

 

     

 

 

  

Appreciation in Other Financial Instruments

          

Futures contracts

    $ 2,158     $ —       $ —        $ 2,158  

Forward Foreign Currency Exchange contracts

      —         20       —          20  

Centrally Cleared Interest Rate Swap contract

      —         20       —          20  

OTC Credit Default Swaps contracts

      —         103       —          103  

Centrally Cleared Credit Default Swaps contracts

      —         1,782       —          1,782  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Appreciation in Other Financial Instruments

    $ 2,158     $ 1,925     $ —        $ 4,083  
  

 

 

    

 

 

    

 

 

     

 

 

  

Depreciation in Other Financial Instruments

          

Futures contracts

    $ (1,174 )    $ —       $ —        $ (1,174 ) 

Forward Foreign Currency Exchange contracts

      —         (401 )      —          (401 ) 

Centrally Cleared Interest Rate Swap contracts

      —         (101 )      —          (101 ) 

OTC Credit Default Swaps contracts

      —         (92 )      —          (92 ) 

Centrally Cleared Credit Default Swap contract

      —         (354 )      —          (354 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Depreciation in Other Financial Instruments

    $ (1,174 )    $ (948 )    $ —        $ (2,122 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

 

(a)

Amount rounds to less than $500.

B. Loan Assignments — The Six Circles Credit Opportunities Fund invests in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent administers the terms of the loan, as specified in the loan agreement. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan, provided, however, the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through the Agent. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between each Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. The Adviser or Sub-Advisers may have access to material non-public information regarding the Borrower.

Certain loan assignments are also subject to the risks associated with high yield securities.

Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. As of March 31, 2023, the Six Circles Credit Opportunities Fund had the following loan commitments outstanding in which all of the commitment was unfunded (amounts in thousands):

 

                               Unfunded
Commitment		      Funded
Commitment		      Total
Commitment		  

Security
Description

   

Term

    Maturity
Date		      Commitment
Fee Rate		      Rate if
Funded		      Par      Value      Par      Value      Par      Value  

athenahealth Group, Inc.

   

Initial Delayed Draw Term Loan

      2/15/2029        3.50 %       3.50 %     $ 633      $ 592      $ —        $ —        $ 633      $ 592  
              

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
               $ 633      $ 592      $ —        $ —        $ 633      $ 592  
              

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

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

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

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

Notes C(1) — C(4) below describe the various derivatives used by the Funds.

(1) Options — The Six Circles Global Bond Fund purchased and sold (“wrote”) put and call options on securities to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

Options Purchased — The option is adjusted daily to reflect the current market value of the option. If the option is allowed to expire, the Funds will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — The amount of the liability is adjusted daily to reflect the current market value of the option written. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Funds are not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Fund’s option contracts are subject to master netting arrangements.

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

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

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

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

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

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

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

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

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

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

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

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

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

Credit Default Swaps

Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund and Six Circles Credit Opportunities Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

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

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

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

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

Interest Rate Swaps

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