0001752724-24-268912.txt : 20241126 0001752724-24-268912.hdr.sgml : 20241126 20241126093030 ACCESSION NUMBER: 0001752724-24-268912 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240930 FILED AS OF DATE: 20241126 DATE AS OF CHANGE: 20241126 PERIOD START: 20241231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Six Circles Trust CENTRAL INDEX KEY: 0001724826 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23325 FILM NUMBER: 241498513 BUSINESS ADDRESS: STREET 1: C/O J.P. MORGAN PRIVATE INVESTMENTS INC. STREET 2: 383 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10179 BUSINESS PHONE: 212-270-6000 MAIL ADDRESS: STREET 1: C/O J.P. MORGAN PRIVATE INVESTMENTS INC. STREET 2: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 FORMER COMPANY: FORMER CONFORMED NAME: 23Wall Trust DATE OF NAME CHANGE: 20171208 0001724826 S000061648 Six Circles Tax Aware Ultra Short Duration Fund C000199640 Six Circles Tax Aware Ultra Short Duration Fund CUTAX NPORT-P 1 primary_doc.xml NPORT-P false 0001724826 XXXXXXXX S000061648 C000199640 SIX CIRCLES TRUST 811-23325 0001724826 549300NG19QZK8S0N704 383 Madison Ave NULL NY 10179 212-464-2070 Six Circles Tax Aware Ultra Short Duration Fund S000061648 549300JM9VEQKW8WTZ21 2024-12-31 2024-09-30 N 808622996.39 48910045.22 759712951.17 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 24554102.23000000 AUD CAD GBP USD N N/A N/A AERCAP IRELAND C 3.5% 01/15/25 N/A AERCAP IRELAND CAP/GLOBA REGD 3.50000000 00774MAC9 600000.00000000 NS USD 597138.10000000 0.078600489708 Long DBT CORP IE N 2 2025-01-15 Fixed 3.50000000 N N N N N N AERCAP 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N N FORDL 2024-B A2B V/R 01/15/26 N/A FORD CREDIT AUTO LEASE TRUST 2024-B SER 2024-B CL A2B V/R REGD 5.74207000 345279AC7 1000000.00000000 NS USD 999067.50000000 0.131505919237 Long ABS-CBDO CORP US N 2 2027-02-15 Variable 5.74207000 N N N N N N FORDL 2023-B A2B V/R 01/15/25 N/A FORD CREDIT AUTO LEASE TRUST 2023-B SER 2023-B CL A2B V/R REGD 5.93207000 34529NAC4 604656.54000000 NS USD 604923.19000000 0.079625230696 Long ABS-CBDO CORP US N 2 2026-02-15 Variable 5.93207000 N N N N N N FORDO 2024-B A2 5.4% 02/15/26 N/A FORD CREDIT AUTO OWNER TRUST 2024-B SER 2024-B CL A2A REGD 5.40000000 34531QAB5 1500000.00000000 NS USD 1511961.75000000 0.199017503607 Long ABS-CBDO CORP US N 2 2027-04-15 Fixed 5.40000000 N N N N N N FORDO 2024-C A 4.32% 05/15/26 N/A FORD CREDIT AUTO OWNER TRUST 2024-C SER 2024-C CL A2A REGD 4.32000000 34532UAB5 2000000.00000000 NS USD 2000046.80000000 0.263263486152 Long ABS-CBDO CORP US N 2 2027-08-15 Fixed 4.32000000 N N N N N N FORD MOTOR CREDI 2.3% 02/10/25 N/A FORD 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ABS-CBDO CORP CA Y 2 2026-02-20 Fixed 4.98100000 N N N N N N GMALT 2023-2 A 5.44% 10/20/25 N/A GM FINANCIAL AUTOMOBILE LEASING TRUST 2023-2 SER 2023-2 CL A2A REGD 5.44000000 362548AB5 161677.67000000 NS USD 161772.91000000 0.021293951847 Long ABS-CBDO CORP US N 2 2025-10-20 Fixed 5.44000000 N N N N N N GMCAR 2023-2 A2 5.1% 05/18/26 N/A GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2023-2 SER 2023-2 CL A2A REGD 5.10000000 362583AB2 246917.26000000 NS USD 246985.83000000 0.032510414574 Long ABS-CBDO CORP US N 2 2026-05-18 Fixed 5.10000000 N N N N N N GMCAR 2023-2 A2B V/R 05/18/26 N/A GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST SER 2023-2 CL A2B V/R REGD 6.09207000 362583AC0 246917.26000000 NS USD 247111.95000000 0.032527015581 Long ABS-CBDO CORP US N 2 2026-05-18 Variable 6.09207000 N N N N N N GSMBS 2021-RPL1 V/R 12/25/60 N/A GS MORTGAGE-BACKED SECURITIES CORP TRUST 2021 SER 2021-RPL1 CL A1 V/R REGD 144A P/P 1.75000000 36261WAA5 199911.50000000 NS USD 186768.10000000 0.024584035287 Long ABS-CBDO CORP US Y 2 2060-12-25 Variable 1.75000000 N N N N N N HALEON UK CAPI 3.125% 03/24/25 5493004B26DRJNN0OV17 HALEON UK CAPITAL PLC REGD 3.12500000 36264NAB0 1000000.00000000 NS USD 991132.43000000 0.130461436582 Long DBT CORP GB N 2 2025-03-24 Fixed 3.12500000 N N N N N N GARLAND TX ELEC UT 5% 03/01/25 N/A GARLAND TX ELEC UTILITY SYS RE REGD N/C B/E 5.00000000 366133NG7 2190000.00000000 NS USD 2205325.40000000 0.290284033805 Long DBT MUN US N 2 2025-03-01 Fixed 5.00000000 N N N N N N GENERAL MOTORS F 3.5% 11/07/24 N/A GENERAL MOTORS FINL CO REGD 3.50000000 37045XCD6 2500000.00000000 NS USD 2495975.05000000 0.328541858626 Long DBT CORP US N 2 2024-11-07 Fixed 3.50000000 N N N N N N GLOBAL PAYMENTS 1.5% 11/15/24 549300NOMHGVQBX6S778 GLOBAL PAYMENTS INC REGD 1.50000000 37940XAF9 2000000.00000000 NS USD 1990372.74000000 0.261990102568 Long DBT CORP US N 2 2024-11-15 Fixed 1.50000000 N N N N N N GMCAR 2023-4 A 5.89% 06/16/25 N/A GM FINANCIAL CONSUMER AUTOMOBILE 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V/R B/E 3.15000000 771902FC2 3900000.00000000 NS USD 3900000.00000000 0.513351785565 Long DBT MUN US N 2 2038-11-15 Variable 3.15000000 N N N N N N ROGERS COMMUNIC 2.95% 03/15/25 5493000M6Z4XFIP6PF03 ROGERS COMMUNICATIONS IN REGD 2.95000000 775109CF6 1200000.00000000 NS USD 1188799.14000000 0.156480041332 Long DBT CORP CA N 2 2025-03-15 Fixed 2.95000000 N N N N N N ROLLS-ROYCE PL 3.625% 10/14/25 N/A ROLLS-ROYCE PLC REGD P/P 3.62500000 77578JAB4 500000.00000000 NS USD 491274.35000000 0.064665785839 Long DBT CORP GB Y 2 2025-10-14 Fixed 3.62500000 N N N N N N SBALT 2024-C A 4.56% 11/20/26 N/A SBNA AUTO LEASE TRUST 2024-C SER 2024-C CL A3 REGD 144A P/P 4.56000000 78398DAC1 900000.00000000 NS USD 901852.65000000 0.118709658511 Long ABS-CBDO CORP US Y 2 2028-02-22 Fixed 4.56000000 N N N N N N SLMA 2004-10 A7B V/R 10/25/29 N/A SLM STUDENT LOAN TRUST 2004-10 SER 2004-10 CL A7B V/R 144A P/P 6.22075000 78442GNK8 19549.34000000 NS USD 19557.66000000 0.002574348636 Long ABS-CBDO CORP US Y 2 2029-10-25 Variable 6.22075000 N N N N N N SMB 2022-C A1B V/R 11/15/31 N/A SMB PRIVATE EDUCATION LOAN TRUST 2022-C SER 2022-C CL A1B V/R REGD 144A P/P 7.19207000 78449CAB4 261815.48000000 NS USD 265936.48000000 0.035004863296 Long ABS-CBDO CORP US Y 2 2050-05-16 Variable 7.19207000 N N N N N N SMB 2016-C A2A 2.34% 08/15/25 N/A SMB PRIVATE EDUCATION LOAN TRUST 2016-C SER 2016-C CL A2A REGD 144A P/P 2.34000000 78449KAB6 59569.35000000 NS USD 59107.51000000 0.007780242512 Long ABS-CBDO CORP US Y 2 2034-09-15 Fixed 2.34000000 N N N N N N SMB 2020-PTA A2 1.6% 09/15/54 N/A SMB PRIVATE EDUCATION LOAN TRUST 2020-PT-A SER 2020-PTA CL A2A REGD 144A P/P 1.60000000 78449VAB2 334102.12000000 NS USD 311354.11000000 0.040983125208 Long ABS-CBDO CORP US Y 2 2054-09-15 Fixed 1.60000000 N N N N N N SMB 2023-A A1A 5.38% 01/15/53 N/A SMB PRIVATE EDUCATION LOAN TRUST 2023-A SER 2023-A CL A1A REGD 144A P/P 5.38000000 78450QAA1 149241.80000000 NS USD 152422.67000000 0.020063192257 Long ABS-CBDO CORP US Y 2 2053-01-15 Fixed 5.38000000 N N N N N N SREIT 2021-IND A V/R 10/15/23 N/A SREIT TRUST 2021-IND SER 2021-IND CL A V/R REGD 144A P/P 5.91148000 78473JAA0 100000.00000000 NS USD 99125.00000000 0.013047691216 Long ABS-CBDO CORP US Y 2 2038-10-15 Variable 5.91148000 N N N N N N SABINE PASS LI 5.625% 03/01/25 N/A SABINE PASS LIQUEFACTION REGD SER WI 5.62500000 785592AM8 954000.00000000 NS USD 954331.78000000 0.125617416226 Long DBT CORP US N 2 2025-03-01 Fixed 5.62500000 N N N N N N SALT LAKE CITY UT 5% 02/01/25 N/A SALT LAKE CITY UT PUBLIC UTILS REGD N/C B/E 5.00000000 795604BW6 1550000.00000000 NS USD 1559708.58000000 0.205302355001 Long DBT MUN US N 2 2025-02-01 Fixed 5.00000000 N N N N N N SAN ANTONIO TX 5% 02/01/26 N/A SAN ANTONIO TX REGD N/C B/E 5.00000000 79623PSR7 1035000.00000000 NS USD 1066671.41000000 0.140404531521 Long DBT MUN US N 2 2026-02-01 Fixed 5.00000000 N N N N N N SAN FRANCISCO CALI 5% 05/01/25 54930055TIDYHNDP4F84 SAN FRANCISCO CALIF CITY &CNTY REGD N/C B/E AMT 5.00000000 79766DUZ0 3000000.00000000 NS USD 3027592.80000000 0.398517992267 Long DBT MUN US N 2 2025-05-01 Fixed 5.00000000 N N N N N N SANTANDER HOLDI 3.45% 06/02/25 N/A SANTANDER HOLDINGS USA REGD 3.45000000 80282KBB1 1500000.00000000 NS USD 1484114.73000000 0.195352037597 Long DBT CORP US N 2 2025-06-02 Fixed 3.45000000 N N N N N N SARASOTA CNTY FL S 5% 07/01/26 N/A SARASOTA CNTY FL SCH BRD COPS REGD N/C B/E 5.00000000 80330QDE2 1250000.00000000 NS USD 1302402.25000000 0.171433466810 Long DBT MUN US N 2 2026-07-01 Fixed 5.00000000 N N N N N N SKANDINAVISKA EN 1.4% 11/19/25 F3JS33DEI6XQ4ZBPTN86 SKANDINAVISKA ENSKILDA REGD 144A P/P 1.40000000 83051GAU2 2100000.00000000 NS USD 2034049.06000000 0.267739158173 Long DBT CORP SE Y 2 2025-11-19 Fixed 1.40000000 N N N N N N JM SMUCKER CO 3.5% 03/15/25 5493000WDH6A0LHDJD55 JM SMUCKER CO REGD SER WI 3.50000000 832696AK4 300000.00000000 NS USD 298189.94000000 0.039250343111 Long DBT CORP US N 2 2025-03-15 Fixed 3.50000000 N N N N N N SOCIETE GENERA 2.625% 10/16/24 O2RNE8IBXP4R0TD8PU41 SOCIETE GENERALE REGD 144A P/P 2.62500000 83368RAU6 300000.00000000 NS USD 299645.07000000 0.039441879928 Long DBT CORP FR Y 2 2024-10-16 Fixed 2.62500000 N N N N N N SOCIETE GENERALE V/R 01/21/26 O2RNE8IBXP4R0TD8PU41 SOCIETE GENERALE REGD V/R 144A P/P 6.26665100 83368RBF8 800000.00000000 NS USD 800849.66000000 0.105414769982 Long DBT CORP FR Y 2 2026-01-21 Variable 6.26665100 N N N N N N SOCIETE GENERALE V/R 01/21/26 O2RNE8IBXP4R0TD8PU41 SOCIETE GENERAL REGD V/R REG S 6.26665100 83368TBF4 800000.00000000 NS USD 800849.66000000 0.105414769982 Long DBT CORP FR N 2 2026-01-21 Variable 6.26665100 N N N N N N STANDARD CHARTERE V/R 03/30/26 U4LOSYZ7YG4W3S5F2G91 STANDARD CHARTERED PLC REGD V/R 144A P/P 6.60894800 853254CK4 500000.00000000 NS USD 503396.61000000 0.066261422715 Long DBT CORP GB Y 2 2026-03-30 Variable 6.60894800 N N N N N N STANDARD CHARTERE V/R 11/16/25 U4LOSYZ7YG4W3S5F2G91 STANDARD CHARTERED PLC REGD V/R P/P 7.77600000 853254CL2 400000.00000000 NS USD 401180.44000000 0.052806844925 Long DBT CORP GB Y 2 2025-11-16 Variable 7.77600000 N N N N N N STAR 2021-2 A1 V/R 05/25/65 N/A STARWOOD MORTGAGE RESIDENTIAL TRUST 2021-2 SER 2021-2 CL A1 V/R REGD 144A P/P 0.94300000 85573HAA8 205810.92000000 NS USD 191640.36000000 0.025225364357 Long ABS-CBDO CORP US Y 2 2065-05-25 Variable 0.94300000 N N N N N N STAR 2020-3 A1 V/R 04/25/65 N/A STARWOOD MORTGAGE RESIDENTIAL TRUST 2020-3 SER 2020-3 CL A1 V/R REGD 144A P/P 1.48600000 85573MAA7 159218.53000000 NS USD 153893.98000000 0.020256858825 Long ABS-CBDO CORP US Y 2 2065-04-25 Variable 1.48600000 N N N N N N SUMITOMO MITSUI F V/R 07/13/26 35380028MYWPB6AUO129 SUMITOMO MITSUI FINL GRP REGD V/R 6.57233300 86562MCZ1 700000.00000000 NS USD 709548.15000000 0.093396874294 Long DBT CORP JP N 2 2026-07-13 Variable 6.57233300 N N N N N N SWEDBANK AB 6.136% 09/12/26 M312WZV08Y7LYUC71685 SWEDBANK AB REGD 144A P/P 6.13600000 87020PAX5 2900000.00000000 NS USD 2993197.71000000 0.393990612558 Long DBT CORP SE Y 2 2026-09-12 Fixed 6.13600000 N N N N N N SYNIT 2023-A1 5.54% 07/15/26 N/A SYNCHRONY CARD FUNDING LLC SER 2023-A1 CL A REGD 5.54000000 87166PAK7 1000000.00000000 NS USD 1021043.30000000 0.134398564408 Long ABS-CBDO CORP US N 2 2029-07-15 Fixed 5.54000000 N N N N N N T-MOBILE USA INC 3.5% 04/15/25 N/A T-MOBILE USA INC REGD 3.50000000 87264ABB0 1000000.00000000 NS USD 992721.35000000 0.130670583997 Long DBT CORP US N 2 2025-04-15 Fixed 3.50000000 N N N N N N TESLA 2024-A A 5.37% 09/20/25 N/A TESLA AUTO LEASE TRUST 2024-A SER 2024-A CL A2A REGD 144A P/P 5.37000000 88166VAB2 1619742.83000000 NS USD 1623063.14000000 0.213641631026 Long ABS-CBDO CORP US Y 2 2026-06-22 Fixed 5.37000000 N N N N N N TESLA 2023-B A 6.02% 02/20/25 N/A TESLA AUTO LEASE TRUST 2023-B SER 2023-B CL A2 REGD 144A P/P 6.02000000 88167QAB2 319146.51000000 NS USD 319763.64000000 0.042090060398 Long ABS-CBDO CORP US Y 2 2025-09-22 Fixed 6.02000000 N N N N N N TEXAS ST A & M UNI 5% 05/15/25 N/A TEXAS ST A & M UNIV REVENUES REGD N/C B/E 5.00000000 88213AGS8 3000000.00000000 NS USD 3039909.60000000 0.400139236183 Long DBT MUN US N 2 2025-05-15 Fixed 5.00000000 N N N N N N TEXAS ST PUBLIC FI 5% 02/01/25 N/A TEXAS ST PUBLIC FIN AUTH LEASE REGD N/C B/E 5.00000000 882669AZ7 2980000.00000000 NS USD 2997072.12000000 0.394500595966 Long DBT MUN US N 2 2025-02-01 Fixed 5.00000000 N N N N N N TPMT 2019-HY2 A1 V/R 05/25/58 N/A TOWD POINT MORTGAGE TRUST 2019-HY2 SER 2019-HY2 CL A1 V/R REGD 144A P/P 5.96926000 89177HAA0 191091.88000000 NS USD 196884.54000000 0.025915648758 Long ABS-CBDO CORP US Y 2 2058-05-25 Variable 5.96926000 N N N N N N TPAT 2021-SL1 A2 V/R 11/20/26 N/A TOWD POINT ASSET TRUST 2021-SL1 SER 2021-SL1 CL A2 V/R REGD 144A P/P 5.77534000 89179XAL9 103309.98000000 NS USD 102648.86000000 0.013511532196 Long ABS-CBDO CORP US Y 2 2061-11-20 Variable 5.77534000 N N N N N N TAOT 2023-A A3 4.63% 05/15/26 N/A TOYOTA AUTO RECEIVABLES 2023-A OWNER TRUST SER 2023-A CL A3 REGD 4.63000000 891940AC2 200000.00000000 NS USD 200481.42000000 0.026389101264 Long ABS-CBDO CORP US N 2 2027-09-15 Fixed 4.63000000 N N N N N N TAOT 2022-C A3 3.76% 12/15/25 N/A TOYOTA AUTO RECEIVABLES 2022-C OWNER TRUST SER 2022-C CL A3 REGD 3.76000000 89231CAD9 872459.72000000 NS USD 867843.97000000 0.114233141433 Long ABS-CBDO CORP US N 2 2027-04-15 Fixed 3.76000000 N N N N N N TAOT 2023-C A2A 5.6% 04/15/25 N/A TOYOTA AUTO RECEIVABLES 2023-C OWNER TRUST SER 2023-C CL A2A REGD 5.60000000 89231FAB6 255648.36000000 NS USD 256213.09000000 0.033724986470 Long ABS-CBDO CORP US N 2 2026-08-17 Fixed 5.60000000 N N N N N N TALNT 2020-1A 1.35% 05/27/25 N/A TOYOTA AUTO LOAN EXTENDED NOTE TRUST 2020-1 SER 2020-1A CL A REGD 144A P/P 1.35000000 89237JAA4 1800000.00000000 NS USD 1761755.76000000 0.231897555160 Long ABS-CBDO CORP US Y 2 2033-05-25 Fixed 1.35000000 N N N N N N TLOT 2023-B A2 5.73% 08/20/25 N/A TOYOTA LEASE OWNER TRUST 2023-B SER 2023-B CL A2A REGD 144A P/P 5.73000000 89240HAB1 693943.51000000 NS USD 696587.57000000 0.091690890477 Long ABS-CBDO CORP US Y 2 2026-04-20 Fixed 5.73000000 N N N N N N TRIBOROUGH NY BRID 5% 11/15/25 54930020ZN4LQF7K3456 TRIBOROUGH NY BRIDGE & TUNNEL REGD N/C B/E 5.00000000 89602RHX6 6455000.00000000 NS USD 6628831.86000000 0.872544274754 Long DBT MUN US N 2 2025-11-15 Fixed 5.00000000 N N N N N N TCCT 2023-3A A V/R 08/26/25 N/A TRILLIUM CREDIT CARD TRUST II SER 2023-3A CL A V/R REGD 144A P/P 5.67791900 89621ABT5 2000000.00000000 NS USD 2006505.80000000 0.264113675686 Long ABS-CBDO CORP CA Y 2 2028-08-26 Variable 5.67791900 N N N N N N PRK 2017-280P A V/R 09/15/19 N/A 280 PARK AVENUE 2017-280P MORTGAGE TRUST SER 2017-280P CL A V/R REGD 144A P/P 6.29800000 90205FAA8 500000.00000000 NS USD 487539.00000000 0.064174106713 Long ABS-CBDO CORP US Y 2 2034-09-15 Variable 6.29800000 N N N N N N US T BILL ZCP 10/10/24 N/A UNITED STATES TREASURY BILL ZCP 0.00000000 912797KT3 6000.00000000 PA USD 5993.02000000 0.000788853209 Long STIV UST US N 2 2024-10-10 Fixed 0.00000000 N N N N N N US T BILL ZCP 12/19/24 N/A UNITED STATES TREASURY BILL ZCP 0.00000000 912797LQ8 187000.00000000 PA USD 185150.04000000 0.024371052213 Long STIV UST US N 2 2024-12-19 Fixed 0.00000000 N N N N N N US T BILL ZCP 10/08/24 N/A UNITED STATES TREASURY BILL ZCP 0.00000000 912797LS4 437000.00000000 PA USD 436602.23000000 0.057469367782 Long STIV UST US N 2 2024-10-08 Fixed 0.00000000 N N N N N N US TIPS 2.125% 04/15/29 N/A UNITED STATES TREASURY INFLATION INDEXED BONDS 2.12500000 91282CKL4 9864124.00000000 NS USD 10130409.48000000 1.333452255144 Long DBT UST US N 2 2029-04-15 Fixed 2.12500000 N N N N N N UNIV OF NEW MEXIC V/R 06/01/26 549300WZXG6PIBC7KB43 UNIV OF NEW MEXICO NM REGD V/R B/E 3.25000000 914692WL8 3640000.00000000 NS USD 3640000.00000000 0.479128333194 Long DBT MUN US N 2 2026-06-01 Variable 3.25000000 N N N N N N UNIV OF TEXAS TX V/R 08/01/39 TEHUYFNKZR6XVWLGEU86 UNIV OF TEXAS TX REGD V/R B/E 3.05000000 915137U35 14000000.00000000 NS USD 14000000.00000000 1.842801281515 Long DBT MUN US N 2 2039-08-01 Variable 3.05000000 N N N N N N UNIV OF UTAH UT RE 5% 08/01/25 N/A UNIV OF UTAH UT REVENUES REGD N/C B/E 5.00000000 9151832E6 925000.00000000 NS USD 942397.40000000 0.124046509744 Long DBT MUN US N 2 2025-08-01 Fixed 5.00000000 N N N N N N UTAH ST 5% 07/01/26 254900RWV9NSVUZONC07 UTAH ST REGD N/C B/E 5.00000000 917542WL2 5000000.00000000 NS USD 5221968.50000000 0.687360731702 Long DBT MUN US N 2 2026-07-01 Fixed 5.00000000 N N N N N N VMC 2021-FL4 A V/R 06/16/36 N/A VMC FINANCE 2021-FL4 LLC SER 2021-FL4 CL A V/R REGD 144A P/P 6.22877000 91835RAA8 29330.48000000 NS USD 29224.01000000 0.003846717362 Long ABS-CBDO CORP US Y 2 2036-06-16 Variable 6.22877000 N N N N N N VZMT 2024-1 A1A 5% 12/20/28 5493007MUBNP1GFMEB89 VERIZON MASTER TRUST SER 2024-1 CL A1A REGD 5.00000000 92348KCL5 2000000.00000000 NS USD 2015029.80000000 0.265235678409 Long ABS-CBDO CORP US N 2 2028-12-20 Fixed 5.00000000 N N N N N N VZMT 2024-6 A1B V/R 08/20/27 5493007MUBNP1GFMEB89 VERIZON MASTER TRUST SER 2024-6 CL A1B V/R REGD 0.00000000 92348KDF7 1100000.00000000 NS USD 1101165.56000000 0.144944950366 Long ABS-CBDO CORP US N 2 2030-08-20 Variable 0.00000000 N N N N N N VOLKSWAGEN GROUP V/R 09/12/25 N/A VOLKSWAGEN GROUP AMERICA REGD V/R 144A P/P 5.84833800 928668BY7 1500000.00000000 NS USD 1504176.27000000 0.197992711284 Long DBT CORP US Y 2 2025-09-12 Variable 5.84833800 N N N N N N VOLKSWAGEN GROUP V/R 03/20/26 N/A VOLKSWAGEN GROUP AMERICA REGD V/R 144A P/P 5.70373800 928668CD2 600000.00000000 NS USD 600798.00000000 0.079082237452 Long DBT CORP US Y 2 2026-03-20 Variable 5.70373800 N N N N N N VWALT 2023-A A 5.87% 01/20/26 N/A VOLKSWAGEN AUTO LEASE TRUST 2023-A SER 2023-A CL A2A REGD 5.87000000 92867UAB8 512795.02000000 NS USD 513997.47000000 0.067656799743 Long ABS-CBDO CORP US N 2 2026-01-20 Fixed 5.87000000 N N N N N N VALET 2023-1 A2 5.5% 12/21/26 N/A VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2023-1 SER 2023-1 CL A2A REGD 5.50000000 92867WAB4 443341.61000000 NS USD 444337.98000000 0.058487614212 Long ABS-CBDO CORP US N 2 2026-12-21 Fixed 5.50000000 N N N N N N VALET 2023-2 A 5.72% 10/20/25 N/A VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2023-2 SER 2023-2 CL A2A REGD 5.72000000 92867YAB0 1710264.66000000 NS USD 1720010.26000000 0.226402650810 Long ABS-CBDO CORP US N 2 2027-03-22 Fixed 5.72000000 N N N N N N WASHINGTON DC MET 5% 07/15/25 N/A WASHINGTON DC MET AREA TRANSIT REGD N/C B/E 5.00000000 93878YCV9 1250000.00000000 NS USD 1271349.88000000 0.167346084865 Long DBT MUN US N 2 2025-07-15 Fixed 5.00000000 N N N N N N WASHINGTON DC MET 5% 07/15/26 N/A WASHINGTON DC MET AREA TRANSIT REGD N/C B/E 5.00000000 93878YCW7 1250000.00000000 NS USD 1305134.00000000 0.171793043410 Long DBT MUN US N 2 2026-07-15 Fixed 5.00000000 N N N N N N WASHINGTON ST 5% 07/01/27 549300X3TODFMUKLQ364 WASHINGTON ST REGD N/C B/E 5.00000000 93974ED78 8000000.00000000 NS USD 8567794.40000000 1.127767321434 Long DBT MUN US N 2 2027-07-01 Fixed 5.00000000 N N N N N N WELLS FARGO & COM V/R 10/30/25 PBLD0EJDB5FWOLXP3B76 WELLS FARGO & COMPANY REGD V/R MTN 2.40600000 95000U2H5 900000.00000000 NS USD 897542.21000000 0.118142281057 Long DBT CORP US N 2 2025-10-30 Variable 2.40600000 N N N N N N WELLS FARGO & COM V/R 04/25/26 PBLD0EJDB5FWOLXP3B76 WELLS FARGO & COMPANY REGD V/R MTN 6.50583400 95000U2Y8 1200000.00000000 NS USD 1205433.71000000 0.158669627540 Long DBT CORP US N 2 2026-04-25 Variable 6.50583400 N N N N N N WINCHESTER VA ECON 5% 01/01/25 N/A WINCHESTER VA ECON DEV AUTH RE REGD N/C B/E 5.00000000 973122AA2 800000.00000000 PA USD 803216.56000000 0.105726321864 Long STIV MUN US N 2 2025-01-01 Fixed 5.00000000 N N N N N N WINCHESTER VA ECON 5% 01/01/27 N/A WINCHESTER VA ECON DEV AUTH RE REGD N/C B/E 5.00000000 973122AC8 800000.00000000 NS USD 841431.84000000 0.110756548075 Long DBT MUN US N 2 2027-01-01 Fixed 5.00000000 N N N N N N WISCONSIN ST 5% 05/01/27 549300VTAT608CNZ5827 WISCONSIN ST REGD N/C B/E 5.00000000 97705ML52 5000000.00000000 NS USD 5330323.50000000 0.701623355478 Long DBT MUN US N 2 2027-05-01 Fixed 5.00000000 N N N N N N WOART 2024-B A 5.48% 09/15/27 N/A WORLD OMNI AUTO RECEIVABLES TRUST 2024-B SER 2024-B CL A2A REGD 5.48000000 98164HAB4 600000.00000000 NS USD 603438.90000000 0.079429855588 Long ABS-CBDO CORP US N 2 2027-09-15 Fixed 5.48000000 N N N N N N WOART 2023-A A 5.18% 12/15/24 N/A WORLD OMNI AUTO RECEIVABLES TRUST 2023-A SER 2023-A CL A2A REGD 5.18000000 98164JAB0 148338.25000000 NS USD 148351.84000000 0.019527354347 Long ABS-CBDO CORP US N 2 2026-07-15 Fixed 5.18000000 N N N N N N WOART 2023-B A 5.25% 02/18/25 N/A WORLD OMNI AUTO RECEIVABLES TRUST 2023-B SER 2023-B CL A2A REGD 5.25000000 98164QAB4 267965.36000000 NS USD 268069.84000000 0.035285674620 Long ABS-CBDO CORP US N 2 2026-11-16 Fixed 5.25000000 N N N N N N SYDNEY AIRPORT 3.625% 04/28/26 N/A SYDNEY AIRPORT FINANCE REGD REG S 3.62500000 Q8809VAH2 2100000.00000000 NS USD 2072005.68000000 0.272735337315 Long DBT CORP AU N 2 2026-04-28 Fixed 3.62500000 N N N N N N INCITEC PIV 4.3% 03/18/26/AUD/ 254900UW2F3BKV6Z9V18 INCITEC PIVOT LTD /AUD/ REGD REG S MTN 4.30000000 Q4887EAE1 800000.00000000 NS 547637.67000000 0.072084814291 Long DBT CORP AU N 2 2026-03-18 Fixed 4.30000000 N N N N N N BANK OF QUEE V/R 10/30/24/AUD/ 549300WFIN7T02UKDG08 BANK OF QUEENSLAND LTD /AUD/ REGD V/R MTN 5.59100000 Q12764C97 2000000.00000000 NS 1383464.78000000 0.182103619251 Long DBT CORP AU N 2 2024-10-30 Variable 5.59100000 N N N N N N KOREA SOUTHE V/R 10/30/24/AUD/ N/A KOREA SOUTHERN POWER /AUD/ REGD V/R 5.46100000 Y4949FEE1 600000.00000000 NS 414814.13000000 0.054601429311 Long DBT CORP KR N 2 2024-10-30 Variable 5.46100000 N N N N N N SUMITOMO MIT V/R 10/16/24/AUD/ 35380028MYWPB6AUO129 SUMITOMO MITSUI FINL GRP /AUD/ REGD V/R REG S EMTN 5.69240000 J7771XBV0 2400000.00000000 NS 1659626.79000000 0.218454455389 Long DBT CORP JP N 2 2024-10-16 Variable 5.69240000 N N N N N N STANDARD CHARTERE V/R 01/30/26 U4LOSYZ7YG4W3S5F2G91 STANDARD CHARTERED PLC REGD V/R REG S 2.81900000 G8421LAA8 800000.00000000 NS USD 793209.31000000 0.104409080927 Long DBT CORP GB N 2 2026-01-30 Variable 2.81900000 N N N N N N FIRST ABU DH V/R 02/18/25/AUD/ 2138002Y3WMK6RZS8H90 FIRST ABU DHABI BANK PJS /AUD/ REGD V/R MTN 5.46420000 Q38285AB0 700000.00000000 NS 483891.74000000 0.063694022756 Long DBT CORP AE N 2 2025-02-18 Variable 5.46420000 N N N N N N BANK OF QUEE V/R 10/29/25/AUD/ 549300WFIN7T02UKDG08 BANK OF QUEENSLAND LTD /AUD/ REGD V/R MTN 5.58000000 Q1279GXK9 1000000.00000000 NS 694378.08000000 0.091400058262 Long DBT CORP AU N 2 2025-10-29 Variable 5.58000000 N N N N N N OPTUS FINAN 1.6% 07/01/25/AUD/ N/A OPTUS FINANCE PTY LTD /AUD/ REGD REG S MTN 1.60000000 Q7151CAT4 1000000.00000000 NS 674563.99000000 0.088791956088 Long DBT CORP AU N 2 2025-07-01 Fixed 1.60000000 N N N N N N CHESH 2020- V/R 08/20/25 /GBP/ N/A CHESHIRE 2020-1 PLC SER 2020-1 CL A V/R REGD REG S /GBP/ 5.86310000 G2R3Z7AC4 308167.96000000 NS 412368.52000000 0.054279516936 Long ABS-CBDO CORP GB N 2 2045-08-20 Variable 5.86310000 N N N N N N BPCE SA V/R 06/05/25/AUD/ N/A BPCE SA /AUD/ REGD V/R REG S MTN 5.98750000 F1883FQ78 1200000.00000000 NS 834489.83000000 0.109842780581 Long DBT CORP FR N 2 2025-06-05 Variable 5.98750000 N N N N N N MUFG BANK L V/R 02/17/26 /AUD/ N/A MUFG BANK LTD SYDNEY VARIABLE_ SER TCD /AUD/ CTF OF DEPOSIT 5.23420000 N/A 700000.00000000 NS 486108.21000000 0.063985773738 Long DBT CORP JP N 2 2026-02-17 Variable 5.23420000 N N N N N N STANDARD CHARTERE V/R 11/23/25 U4LOSYZ7YG4W3S5F2G91 STANDARD CHARTERED PLC REGD V/R REG S 5.95662900 G84228EX2 400000.00000000 NS USD 400230.55000000 0.052681812174 Long DBT CORP GB N 2 2025-11-23 Variable 5.95662900 N N N N N N MIZUHO BANK V/R 02/21/25 /AUD/ N/A MIZUHO BANK LTD/SYDNEY_VARIABLE SER TCD /AUD/ CTF OF_ DEPOSIT 4.91930000 Q6S38KAT7 1500000.00000000 NS 1037574.57000000 0.136574553375 Long DBT CORP JP N 2 2025-02-21 Variable 4.91930000 N N N N N N SVENSKA HAND V/R 03/04/26/AUD/ NHBDILHZTYCNBV5UYZ31 SVENSKA HANDELSBANKEN AB /AUD/ REGD V/R MTN 4.85940000 W9125C8G7 600000.00000000 NS 413918.14000000 0.054483491345 Long DBT CORP SE N 2 2026-03-04 Variable 4.85940000 N N N N N N ING BANK (AU V/R 05/26/25/AUD/ N/A ING BANK (AUSTRALIA) LTD /AUD/ REGD V/R REG S 5.13110000 Q4R128DX8 500000.00000000 NS 346587.57000000 0.045620858439 Long DBT CORP AU N 2 2025-05-26 Variable 5.13110000 N N N N N N CASH COLLATERAL CME WFS N/A CASH COLLATERAL CME WFS /CCWFSXUS7 4.73000000 N/A 963000.00000000 NS USD 963000.00000000 0.126758402435 Long STIV CORP US N 2 2049-12-31 Floating 4.73000000 N N N N N N BPCE SA V/R 09/29/25/AUD/ N/A BPCE SA /AUD/ REGD V/R REG S MTN 5.78410000 F1883F8S2 700000.00000000 NS 486906.72000000 0.064090880542 Long DBT CORP FR N 2 2025-09-29 Variable 5.78410000 N N N N N N SGSHR 1A A V/R 11/17/25 /GBP/ N/A SAGE AR FUNDING NO 1 PLC SER 1A CL A V/R REGD 144A P/P /GBP/ 6.21345000 G7770JAA2 800000.00000000 NS 1068506.45000000 0.140646075383 Long ABS-CBDO CORP GB Y 2 2030-11-17 Variable 6.21345000 N N N N N N UBS AG AUSTR V/R 07/30/25/AUD/ N/A UBS AG AUSTRALIA /AUD/ REGD V/R REG S SER . 5.36100000 Q9T799BR8 2200000.00000000 NS 1526141.23000000 0.200883929601 Long DBT CORP CH N 2 2025-07-30 Variable 5.36100000 N N N N N N HARLEY-DAVIDSON 3.35% 06/08/25 N/A HARLEY-DAVIDSON FINL SER REGD REG S 3.35000000 U24652AT3 500000.00000000 NS USD 493883.77000000 0.065009260305 Long DBT CORP US N 2 2025-06-08 Fixed 3.35000000 N N N N N N NAVSL 2018-BX A2 V/R 09/15/26 N/A NAVIENT PRIVATE EDUCATION LOAN TRUST 2018-B SER 2018-BX CL A2B V/R REGD REG S 5.93099000 U6379HAC3 395143.88000000 NS USD 394530.06000000 0.051931464297 Long ABS-CBDO CORP US N 2 2059-12-15 Variable 5.93099000 N N N N N N 2024-10-30 Six Circles Trust Gregory McNeil Gregory McNeil Treasurer/Principal Financial Officer XXXX NPORT-EX 2 d900440d8k.htm SOI HTML

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 — 18.1%     
American Express Credit Account Master Trust, Series 2022-2, Class A, 3.39%, 05/15/2027      1,200       1,191  
Americredit Automobile Receivables Trust, Series 2023-1, Class A2B, (United States 30 Day Average SOFR + 0.73%), 6.07%, 10/19/2026 (aa)      358       358  
Asimi Funding plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.00%), 5.96%, 09/16/2031 (aa)    GBP 308       413  
Auto ABS Spanish Loans FT, (Spain), Series 2024-1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.85%), Zero Coupon, 09/28/2038 (aa)    EUR 800       892  
AutoFlorence Srl, (Italy),     
Series 2, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.70%), 4.07%, 12/24/2044 (aa)    EUR 298       332  
Series 2, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.75%), 4.12%, 12/24/2044 (aa)    EUR 62       68  
Series 3, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.95%), 4.30%, 12/25/2046 (aa)    EUR 900       1,006  
Series 3, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 2.35%), 5.70%, 12/25/2046 (aa)    EUR 90       102  
Autonoria Spain 2022 FT, (Spain),     
Series 2022-SP, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.84%), 4.19%, 01/25/2040 (aa)    EUR 496       554  
Series 2022-SP, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 2.00%), 5.35%, 01/26/2040 (aa)    EUR 62       70  
Autonoria Spain 2023 FT, (Spain),     
Series 2023-SP, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.70%), 4.05%, 09/30/2041 (aa)    EUR 612       682  
Series 2023-SP, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 1.15%), 4.50%, 09/30/2041 (aa)    EUR 87       98  
Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class A, 5.36%, 06/20/2030 (e)      1,500       1,541  
BA Credit Card Trust, Series 2022-A2, Class A2, 5.00%, 04/15/2028      1,485       1,496  
Bank of America Auto Trust,     
Series 2023-1A, Class A2, 5.83%, 05/15/2026 (e)      350       350  
Series 2023-2A, Class A2, 5.85%, 08/17/2026 (e)      1,106       1,110  
Barings CLO Ltd. 2019-III, (Cayman Islands), Series 2019-3A, Class A1R, (CME Term SOFR 3 Month + 1.33%), 6.61%, 04/20/2031 (e) (aa)      246       246  
Battalion CLO 18 Ltd., (Cayman Islands), Series 2020-18A, Class AR, (CME Term SOFR 3 Month + 1.46%), 6.76%, 10/15/2036 (e) (aa)      1,000       1,001  
Bavarian Sky 5 plc, (United Kingdom), Series UK5, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.62%), 5.58%, 04/20/2031 (aa)    GBP 857       1,146  
Bavarian Sky SA, (Luxembourg), Series GE13, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.43%), 3.83%, 03/20/2032 (aa)    EUR 500       556  
Benefit Street Partners CLO Ltd., (Cayman Islands), Series 2015-6BR, Class A, (CME Term SOFR 3 Month + 1.45%), 6.73%, 07/20/2034 (e) (aa)      1,000       1,001  
Benefit Street Partners CLO VIII Ltd., (Cayman Islands), Series 2015-8A, Class A1AR, (CME Term SOFR 3 Month + 1.36%), 6.64%, 01/20/2031 (e) (aa)      511       512  
BMW Canada Auto Trust, (Canada),     
Series 2023-1A, Class A1, 5.43%, 01/20/2026 (e)    CAD 128       96  
Series 2024-1A, Class A1, 5.03%, 04/20/2026 (e)    CAD 451       337  
BMW Vehicle Owner Trust, Series 2023-A, Class A2B, (United States 30 Day Average SOFR + 0.43%), 5.71%, 04/27/2026 (aa)      1,276       1,276  
Brignole Co., (Italy), Series 2024, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.78%), 4.15%, 02/24/2042 (aa)    EUR 550       613  
Bumper DE SA, (Luxembourg), Series 2023-DE1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.58%), 3.98%, 08/23/2032 (aa)    EUR 445       495  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     
Capital One Multi-Asset Execution Trust,     
Series 2021-A3, Class A3, 1.04%, 11/15/2026      1,300       1,294  
Series 2022-A1, Class A1, 2.80%, 03/15/2027      1,700       1,685  
Series 2022-A2, Class A, 3.49%, 05/15/2027      500       497  
Cardiff Auto Receivables Securitisation plc, (United Kingdom), Series 2024-1, Class B, Reg. S, (SONIA Interest Rate Benchmark + 1.40%), 6.36%, 08/20/2031 (aa)    GBP 264       354  
CARDS II Trust, (Canada), Series 2023-2A, Class A, (United States SOFR + 0.85%), 5.87%, 07/15/2028 (e) (aa)      1,100       1,102  
CarMax Auto Owner Trust,     
Series 2021-2, Class A3, 0.52%, 02/17/2026      68       67  
Series 2023-3, Class A2A, 5.72%, 11/16/2026      505       507  
Series 2023-4, Class A2A, 6.08%, 12/15/2026      821       826  
Series 2024-1, Class A2A, 5.30%, 03/15/2027      1,672       1,676  
Series 2024-1, Class A3, 4.92%, 10/16/2028      474       479  
Series 2024-2, Class A2A, 5.65%, 05/17/2027      900       906  
Cars Alliance Auto Leases France, (France),     
Series 2023-1FRV, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.65%), 4.05%, 10/21/2038 (aa)    EUR 900       1,003  
Series 2023-1FRV, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 1.30%), 4.70%, 10/21/2038 (aa)    EUR 400       449  
Carvana Auto Receivables Trust,     
Series 2023-P4, Class A2, 6.23%, 01/11/2027 (e)      248       248  
Series 2023-P5, Class A2, 5.77%, 04/12/2027 (e)      617       619  
Series 2024-P3, Class A2, 4.61%, 11/10/2027      1,000       1,001  
Citibank Credit Card Issuance Trust,     
Series 2018-A5, Class A5, (CME Term SOFR 1 Month + 0.72%), 5.84%, 08/07/2027 (aa)      900       903  
Series 2023-A1, Class A1, 5.23%, 12/08/2027      1,600       1,617  
Citizen Irish Auto Receivables Trust, (Ireland),     
Series 2023-1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.77%), 4.28%, 12/15/2032 (aa)    EUR 413       460  
Series 2023-1, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 1.40%), 4.91%, 12/15/2032 (aa)    EUR 121       136  
Citizens Auto Receivables Trust, Series 2023-1, Class A3, 5.84%, 01/18/2028 (e)      1,900       1,928  
CNH Equipment Trust,     
Series 2023-B, Class A2, 5.90%, 02/16/2027      300       301  
Series 2024-A, Class A3, 4.77%, 06/15/2029      479       486  
Compartment BL Consumer Credit, (Luxembourg),     
Series 2024-1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.63%), 3.98%, 09/25/2041 (aa)    EUR 642       716  
Series 2024-1, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.90%), 4.25%, 09/25/2041 (aa)    EUR 292       325  
Daimler Trucks Retail Trust, Series 2023-1, Class A2, 6.03%, 09/15/2025      188       188  
Dell Equipment Finance Trust, Series 2023-2, Class A2, 5.84%, 01/22/2029 (e)      208       209  
Dryden 49 Senior Loan Fund, (Cayman Islands), Series 2017-49A, Class AR, (CME Term SOFR 3 Month + 1.21%), 6.49%, 07/18/2030 (e) (aa)      1,177       1,178  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     
E-Carat DE, (Luxembourg), Series 2024-1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.45%), 4.06%, 11/25/2035 (aa)    EUR 800       890  
ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e)      625       556  
Enterprise Fleet Financing LLC, Series 2023-1, Class A2, 5.51%, 01/22/2029 (e)      518       521  
FCT Autonoria, (France),     
Series 2023-DE, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.47%), 3.82%, 01/26/2043 (aa)    EUR 773       860  
Series 2023-DE, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 1.15%), 4.50%, 01/26/2043 (aa)    EUR 193       216  
Ford Credit Auto Lease Trust,     
Series 2023-B, Class A2B, (United States 30 Day Average SOFR + 0.59%), 5.93%, 02/15/2026 (aa)      504       504  
Series 2024-B, Class A2B, (United States 30 Day Average SOFR + 0.40%), 5.74%, 02/15/2027 (aa)      1,000       999  
Ford Credit Auto Owner Trust,     
Series 2022-D, Class A3, 5.27%, 05/17/2027      94       94  
Series 2023-A, Class A2B, (United States 30 Day Average SOFR + 0.72%), 6.06%, 03/15/2026 (aa)      389       389  
Series 2024-1, Class A, SUB, 4.87%, 08/15/2036 (e)      789       805  
Series 2024-B, Class A2A, 5.40%, 04/15/2027      1,500       1,512  
Series 2024-C, Class A2A, 4.32%, 08/15/2027      1,500       1,500  
Series 2024-C, Class A3, 4.07%, 07/15/2029      829       829  
Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class A2, (United States 30 Day Average SOFR + 1.25%), 6.59%, 05/15/2028 (e) (aa)      1,290       1,303  
GAMMA Sociedade de Titularizacao de Creditos, (Portugal), Series 2, Class A, Reg. S, (ICE LIBOR EUR 3 Month + 0.90%), 0.00%, 02/26/2034 (aa)    EUR 400       446  
GM Financial Automobile Leasing Trust,     
Series 2023-2, Class A2A, 5.44%, 10/20/2025      162       162  
Series 2024-3, Class A2A, 4.29%, 01/20/2027 (w)      1,900       1,899  
GM Financial Consumer Automobile Receivables Trust,     
Series 2023-2, Class A2A, 5.10%, 05/18/2026      222       222  
Series 2023-2, Class A2B, (United States 30 Day Average SOFR + 0.75%), 6.09%, 05/18/2026 (aa)      247       247  
Series 2023-2, Class A3, 4.47%, 02/16/2028      429       430  
Series 2023-3, Class A2B, (United States 30 Day Average SOFR + 0.47%), 5.81%, 09/16/2026 (aa)      1,288       1,288  
Series 2023-4, Class A2A, 5.89%, 11/16/2026      557       560  
Series 2024-1, Class A3, 4.85%, 12/18/2028      940       952  
GMF Canada Leasing Trust, (Canada), Series 2024-1A, Class A1, 4.98%, 02/20/2026 (e)    CAD 610       452  
Golden Bar Securitisation Srl, (Italy), Series 2023-2, Class B, Reg. S, (ICE LIBOR EUR 3 Month + 2.90%), 6.36%, 09/22/2043 (aa)    EUR 328       373  
Harley-Davidson Motorcycle Trust,     
Series 2024-A, Class A2, 5.65%, 02/16/2027      1,000       1,004  
Series 2024-B, Class A2, 4.62%, 08/16/2027      1,500       1,500  
Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.49%, 06/25/2027 (e)      1,700       1,718  
Hill FL 2024-1BV, (Netherlands), Series 2024-1FL, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 1.10%), 4.51%, 02/18/2032 (aa)    EUR 200       223  
Hill FL 2024-2 BV, (Netherlands), Series 2024-2FL, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.72%), Zero Coupon, 10/18/2032 (w) (aa) (cc)    EUR 600       668  
Honda Auto Receivables Owner Trust, Series 2024-1, Class A2, 5.36%, 09/15/2026      2,045       2,051  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     
Hyundai Auto Receivables Trust,     
Series 2023-A, Class A2A, 5.19%, 12/15/2025      115       115  
Series 2023-A, Class A3, 4.58%, 04/15/2027      500       500  
Series 2023-B, Class A2B, (United States 30 Day Average SOFR + 0.48%), 5.82%, 05/15/2026 (aa)      886       887  
Series 2024-A, Class A3, 4.99%, 02/15/2029      3,197       3,249  
Koromo Italy Srl, (Italy), Series 1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.80%), 4.16%, 02/26/2035 (aa)    EUR 293       326  
LT Autorahoitus IV DAC, (Ireland), Series 4, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.69%), 4.10%, 07/18/2033 (aa)    EUR 356       398  
LT Autorahoitus V DAC, (Ireland), Series 5, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.90%), 4.31%, 05/18/2035 (aa)    EUR 400       442  
M&T Equipment Notes, Series 2023-1A, Class A2, 6.09%, 07/15/2030 (e)      368       369  
Madison Park Funding XXXIII Ltd., (Cayman Islands), Series 2019-33A, Class AR, (CME Term SOFR 3 Month + 1.29%), 6.59%, 10/15/2032 (e) (aa)      250       250  
Master Credit Card Trust II, (Canada), Series 2023-1A, Class A, 4.70%, 06/21/2027 (e)      600       602  
MBarc Credit Canada, Inc., (Canada), Series 2024-AA, Class A2, 5.30%, 10/15/2026 (e)    CAD 500       372  
Mercedes-Benz Auto Lease Trust, Series 2024-B, Class A2A, 4.57%, 12/15/2026      1,000       1,000  
Mercedes-Benz Auto Receivables Trust,     
Series 2023-1, Class A3, 4.51%, 11/15/2027      986       986  
Series 2023-2, Class A2, 5.92%, 11/16/2026      743       746  
Navient Private Education Loan Trust,     
Series 2018-BX, Class A2B, Reg. S, (CME Term SOFR 1 Month + 0.83%), 5.93%, 12/15/2059 (aa)      237       237  
Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 1.01%), 6.11%, 11/15/2068 (e) (aa)      1,198       1,193  
Navient Private Education Refi Loan Trust,     
Series 2019-D, Class A2B, (CME Term SOFR 1 Month + 1.16%), 6.26%, 12/15/2059 (e) (aa)      229       229  
Series 2019-GA, Class A, 2.40%, 10/15/2068 (e)      110       106  
Series 2021-DA, Class A, (Prime Rate-1.99%), 6.51%, 04/15/2060 (e) (aa)      283       280  
Navient Student Loan Trust, Series 2019-BA, Class A2B, (CME Term SOFR 1 Month + 1.09%), 6.19%, 12/15/2059 (e) (aa)      152       151  
Nelnet Student Loan Trust,     
Series 2019-2A, Class A, (United States 30 Day Average SOFR + 1.01%), 6.29%, 06/27/2067 (e) (aa)      509       509  
Series 2021-CA, Class AFL, (CME Term SOFR 1 Month + 0.85%), 5.82%, 04/20/2062 (e) (aa)      689       684  
NewDay Funding, (United Kingdom), Series 2024-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.18%), 6.14%, 03/15/2032 (aa)    GBP 534       718  
Nissan Auto Lease Trust, Series 2024-B, Class A3, 4.92%, 11/15/2027      500       509  
OneMain Direct Auto Receivables Trust, Series 2022-1A, Class A2, (United States 30 Day Average SOFR + 1.60%), 6.94%, 03/14/2029 (e) (aa)      658       661  
OneMain Financial Issuance Trust, Series 2023-2A, Class A2, (United States 30 Day Average SOFR + 1.50%), 6.84%, 09/15/2036 (e) (aa)      1,652       1,677  
Oscar US Funding XVII LLC, Series 2024-2A, Class A2, 4.63%, 12/10/2027 (e)      1,000       1,000  
Palmer Square CLO 2013-2 Ltd., (Cayman Islands), Series 2013-2A, Class A1A3, (CME Term SOFR 3 Month + 1.26%), 6.55%, 10/17/2031 (e) (aa)      136       136  
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (CME Term SOFR 1 Month + 0.91%), 5.76%, 07/25/2035 (aa)      200       199  
Pawnee Equipment Receivables LLC, Series 2021-1, Class A2, 1.10%, 07/15/2027 (e)      50       49  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     
Pony SA Compartment German Auto Loans, (Luxembourg),     
Series 2024-1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.52%), 3.96%, 01/14/2033 (aa)    EUR 800       891  
Series 2024-1, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.85%), 4.29%, 01/14/2033 (aa)    EUR 100       111  
PRET LLC,     
Series 2021-NPL3, Class A1, SUB, 4.87%, 07/25/2051 (e)      505       499  
Series 2021-NPL6, Class A1, SUB, 2.49%, 07/25/2051 (e)      178       177  
Pretium Mortgage Credit Partners LLC, Series 2021-RN1, Class A1, SUB, 4.99%, 02/25/2061 (e)      170       170  
Prodigy Finance DAC, (Ireland), Series 2021-1A, Class A, (CME Term SOFR 1 Month + 1.36%), 6.22%, 07/25/2051 (e) (aa)      46       45  
Red & Black Auto Germany UG, (Germany),     
Series 8, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.75%), 4.19%, 09/15/2030 (aa)    EUR 87       97  
Series 10, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 1.20%), 4.64%, 09/15/2032 (aa)    EUR 100       112  
Red & Black Auto Italy Srl, (Italy),     
Series 1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.70%), 4.08%, 12/28/2031 (aa)    EUR 344       383  
Series 2, Class A1, Reg. S, (ICE LIBOR EUR 1 Month + 1.00%), 4.38%, 07/28/2034 (aa)    EUR 583       652  
Series 2, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 1.80%), 5.18%, 07/28/2034 (aa)    EUR 112       126  
RevoCar UG, (Germany), Series 2024-1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.56%), 3.96%, 02/21/2037 (aa)    EUR 544       605  
Rockford Tower CLO 2017-3 Ltd., (Cayman Islands), Series 2017-3A, Class A, (CME Term SOFR 3 Month + 1.45%), 6.73%, 10/20/2030 (e) (aa)      120       120  
RR 3 Ltd., (Cayman Islands), Series 2018-3A, Class A1R2, (CME Term SOFR 3 Month + 1.35%), 6.65%, 01/15/2030 (e) (aa)      282       282  
Santander Drive Auto Receivables Trust, Series 2023-4, Class A2, 6.18%, 02/16/2027      1,072       1,075  
SBNA Auto Lease Trust, Series 2024-C, Class A3, 4.56%, 02/22/2028 (e)      900       902  
SC Germany SA Compartment Consumer, (Luxembourg), Series 2020-1, Class C, Reg. S, (ICE LIBOR EUR 1 Month + 1.75%), 5.19%, 11/14/2034 (aa)    EUR 114       128  
SLM Student Loan Trust, Series 2004-10, Class A7B, (United States 90 Day Average SOFR + 0.86%), 6.22%, 10/25/2029 (e) (aa)      18       18  
SMB Private Education Loan Trust,     
Series 2016-B, Class A2B, (CME Term SOFR 1 Month + 1.56%), 6.66%, 02/17/2032 (e) (aa)      88       88  
Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e)      56       56  
Series 2017-A, Class A2B, (CME Term SOFR 1 Month + 1.01%), 6.11%, 09/15/2034 (e) (aa)      346       346  
Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 0.94%), 6.04%, 09/15/2037 (e) (aa)      383       382  
Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e)      292       272  
Series 2021-A, Class A2A1, (CME Term SOFR 1 Month + 0.84%), 5.94%, 01/15/2053 (e) (aa)      1,390       1,374  
Series 2021-A, Class APL, (CME Term SOFR 1 Month + 0.84%), 5.94%, 01/15/2053 (e) (aa)      165       163  
Series 2021-D, Class A1B, (CME Term SOFR 1 Month + 0.71%), 5.81%, 03/17/2053 (e) (aa)      146       144  
Series 2022-B, Class A1B, (United States 30 Day Average SOFR + 1.45%), 6.79%, 02/16/2055 (e) (aa)      1,301       1,306  
Series 2022-C, Class A1B, (United States 30 Day Average SOFR + 1.85%), 7.19%, 05/16/2050 (e) (aa)      196       199  
Series 2022-D, Class A1B, (United States 30 Day Average SOFR + 1.80%), 7.14%, 10/15/2058 (e) (aa)      2,015       2,049  
Series 2023-A, Class A1A, 5.38%, 01/15/2053 (e)      149       152  
Synchrony Card Funding LLC, Series 2023-A1, Class A, 5.54%, 07/15/2029      1,000       1,021  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     
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%), 4.33%, 10/28/2040 (aa)    EUR 235       258  
TCI-Symphony CLO 2016-1 Ltd., (Cayman Islands), Series 2016-1A, Class AR2, (CME Term SOFR 3 Month + 1.28%), 6.58%, 10/13/2032 (e) (aa)      196       196  
Tesla Auto Lease Trust,     
Series 2023-B, Class A2, 6.02%, 09/22/2025 (e)      266       266  
Series 2024-A, Class A2A, 5.37%, 06/22/2026 (e)      1,350       1,353  
Towd Point Asset Trust, Series 2021-SL1, Class A2, (CME Term SOFR 1 Month + 0.81%), 5.78%, 11/20/2061 (e) (aa)      103       103  
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e)      1,500       1,468  
Toyota Auto Receivables Owner Trust,     
Series 2022-C, Class A3, 3.76%, 04/15/2027      698       694  
Series 2023-A, Class A3, 4.63%, 09/15/2027      200       201  
Series 2023-C, Class A2A, 5.60%, 08/17/2026      256       256  
Series 2024-A, Class A3, 4.83%, 10/16/2028      4,109       4,155  
Toyota Lease Owner Trust, Series 2023-B, Class A2A, 5.73%, 04/20/2026 (e)      636       639  
Trillium Credit Card Trust II, (Canada), Series 2023-3A, Class A, (United States SOFR + 0.85%), 5.70%, 08/26/2028 (e) (aa)      1,700       1,706  
Verizon Master Trust,     
Series 2024-1, Class A1A, 5.00%, 12/20/2028      1,700       1,713  
Series 2024-1, Class A1B, (United States 30 Day Average SOFR + 0.65%), 5.99%, 12/20/2028 (aa)      1,578       1,581  
Series 2024-6, Class A1B, (United States 30 Day Average SOFR + 0.67%), 0.00%, 08/20/2030 (aa)      1,000       1,001  
Volkswagen Auto Lease Trust, Series 2023-A, Class A2A, 5.87%, 01/20/2026      456       457  
Volkswagen Auto Loan Enhanced Trust,     
Series 2023-1, Class A2A, 5.50%, 12/21/2026      443       444  
Series 2023-2, Class A2A, 5.72%, 03/22/2027      1,115       1,122  
Series 2023-2, Class A2B, (United States 30 Day Average SOFR + 0.63%), 5.98%, 03/22/2027 (aa)      3,056       3,060  
VOYA CLO 2017-2, (Cayman Islands), Series 2017-2A, Class A1R, (CME Term SOFR 3 Month + 1.24%), 6.54%, 06/07/2030 (e) (aa)      78       78  
Wind River CLO Ltd., (Cayman Islands), Series 2013-1A, Class A1RR, (CME Term SOFR 3 Month + 1.24%), 6.52%, 07/20/2030 (e) (aa)      9       9  
World Omni Auto Receivables Trust,     
Series 2023-A, Class A2A, 5.18%, 07/15/2026      104       104  
Series 2023-B, Class A2A, 5.25%, 11/16/2026      268       268  
Series 2024-B, Class A2A, 5.48%, 09/15/2027      500       503  
Youni Italy Srl, (Italy), Series 2024-1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.88%), 4.23%, 04/20/2034 (aa)    EUR 519       580  
    

 

 

  
Total Asset-Backed Securities
(Cost $117,421)		        118,615  
    

 

 

  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

    PRINCIPAL
  AMOUNT ($)  		        VALUE ($)    
Certificates of Deposit — 0.3%     
Financial — 0.3%     
Banks — 0.3%     
Mizuho Bank Ltd., (Japan),     
(BBSW ASX Australian 3 Month + 0.54%), 4.92%, 02/21/2025 (aa)    AUD 1,300       899  
(BBSW ASX Australian 3 Month + 0.85%), 5.27%, 09/14/2026 (aa)    AUD 500       347  
MUFG Bank/Sydney Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.87%), 5.23%, 02/17/2026 (aa)    AUD 700       486  
    

 

 

  
Total Financial        1,732  
    

 

 

  
Total Certificates of Deposit
(Cost $1,652)		        1,732  
    

 

 

  
Collateralized Mortgage Obligations — 4.0%     
Atlas Funding plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.85%), 5.81%, 09/20/2061 (aa)    GBP 558       747  
Avon Finance, (United Kingdom), Series 4A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 5.88%, 12/28/2049 (e) (aa)    GBP 659       882  
Braccan Mortgage Funding plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.84%), Zero Coupon, 02/15/2067 (aa)    GBP 757       1,013  
Cheshire plc, (United Kingdom), Series 2020-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 5.88%, 08/20/2045 (aa)    GBP 308       412  
CSMC Trust, Series 2021-RPL4, Class A1, 4.07%, 12/27/2060 (e) (z)      262       261  
Dutch Property Finance BV, (Netherlands), Series 2022-1, Class A, Reg. S, (ICE LIBOR EUR 3 Month + 0.75%), 4.44%, 10/28/2059 (aa)    EUR 676       753  
Economic Master Issuer plc, (United Kingdom), Series 2023-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.56%), 5.52%, 06/25/2074 (aa)    GBP 242       324  
FHLMC REMICS, Series 5426, Class BF, (United States 30 Day Average SOFR + 0.90%), 6.25%, 04/15/2049 (aa)      466       460  
FNMA REMICS,     
Series 2018-82, Class W, 6.76%, 11/25/2058 (z)      225       231  
Series 2020-29, Class FC, (United States 30 Day Average SOFR + 0.91%), 6.27%, 05/25/2050 (aa)      1,137       1,132  
Series 2022-8, Class D, 2.00%, 08/25/2038      1,081       1,012  
Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 6.15%, 01/25/2051 (aa)      909       921  
Friary No. 7 plc, (United Kingdom), Series 7, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.67%), 5.70%, 10/21/2070 (aa)    GBP 189       254  
GNMA,     
Series 2015-H04, Class FA, (CME Term SOFR 1 Month + 0.76%), 6.12%, 12/20/2064 (aa)      828       827  
Series 2017-121, Class PE, 3.00%, 07/20/2046      111       109  
Series 2018-H18, Class FC, (CME Term SOFR 1 Month + 0.46%), 5.82%, 08/20/2065 (aa)      278       277  
Series 2019-54, Class KF, (CME Term SOFR 1 Month + 0.53%), 5.74%, 05/20/2044 (aa)      268       260  
Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 6.85%, 06/20/2071 (aa)      1,387       1,416  
Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa)      816       731  
Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 5.70%, 01/20/2072 (aa)      681       664  
Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 6.25%, 01/20/2073 (aa)      498       489  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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-H12, Class FA, (United States 30 Day Average SOFR + 1.00%), 6.35%, 05/20/2073 (aa)      1,676       1,694  
Series 2023-H26, Class DF, (United States 30 Day Average SOFR + 0.30%), 5.65%, 09/20/2073 (aa)      1,137       1,130  
Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 6.45%, 11/20/2073 (aa)      501       510  
Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 6.25%, 01/20/2074 (aa)      1,004       1,010  
Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 6.28%, 01/20/2074 (aa)      1,006       1,014  
GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z)      250       233  
Holmes Master Issuer plc, (United Kingdom), Series 2023-1X, Class A1, Reg. S, (SONIA Interest Rate Benchmark + 0.58%), 5.63%, 10/15/2072 (aa)    GBP 666       893  
Jupiter Mortgage No. 1 plc, (United Kingdom), Series 1X, Class AR, Reg. S, (SONIA Interest Rate Benchmark + 1.00%), 6.03%, 07/20/2055 (aa)    GBP 635       850  
Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 4.75%, 07/25/2061 (e)      1,011       1,003  
MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z)      284       257  
New Residential Mortgage Loan Trust,     
Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z)      88       87  
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z)      246       232  
Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z)      364       341  
Resimac Bastille Trust, (Australia), Series 2021-2NCA, Class A1A, (CME Term SOFR 1 Month + 0.76%), 5.96%, 02/03/2053 (e) (aa)      102       102  
Silverstone Master Issuer plc, (United Kingdom),     
Series 2022-1X, Class 2A, Reg. S, (SONIA Interest Rate Benchmark + 0.29%), 5.32%, 01/21/2070 (aa)    GBP 550       733  
Series 2023-1, Class 2A, Reg. S, (SONIA Interest Rate Benchmark + 0.50%), 5.53%, 01/21/2070 (aa)    GBP 635       850  
Starwood Mortgage Residential Trust,     
Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z)      133       128  
Series 2020-INV1, Class A1, 1.03%, 11/25/2055 (e) (z)      81       77  
Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z)      183       170  
Towd Point Mortgage Funding 2024 - Granite 6 plc, (United Kingdom), Series 2024-GR6A, Class A1, (SONIA Interest Rate Benchmark + 0.93%), 5.95%, 07/20/2053 (e) (aa)    GBP 942       1,262  
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (CME Term SOFR 1 Month + 1.11%), 5.97%, 05/25/2058 (e) (aa)      191       197  
    

 

 

  
Total Collateralized Mortgage Obligations
(Cost $25,860)		        25,948  
    

 

 

  

Commercial Mortgage-Backed Securities — 3.4%

     
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, (CME Term SOFR 1 Month + 1.18%), 6.30%, 09/15/2034 (e) (aa)      500       487  
AREIT Trust, (Cayman Islands), Series 2021-CRE5, Class A, (CME Term SOFR 1 Month + 1.19%), 6.28%, 11/17/2038 (e) (aa)      82       82  
Ashford Hospitality Trust, Series 2018-KEYS, Class A, (CME Term SOFR 1 Month + 1.30%), 6.39%, 06/15/2035 (e) (aa)      56       56  
BDS LLC, Series 2022-FL12, Class A, (CME Term SOFR 1 Month + 2.14%), 7.10%, 08/19/2038 (e) (aa)      700       702  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     
BMP, Series 2024-MF23, Class A, (CME Term SOFR 1 Month + 1.37%), 6.47%, 06/15/2041 (e) (aa)      690       689  
BSST Mortgage Trust, Series 2021-SSCP, Class A, (CME Term SOFR 1 Month + 0.86%), 5.96%, 04/15/2036 (e) (aa)      579       573  
BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 6.46%, 09/15/2036 (e) (aa)      500       476  
BX Commercial Mortgage Trust,     
Series 2022-CSMO, Class A, (CME Term SOFR 1 Month + 2.11%), 7.21%, 06/15/2027 (e) (aa)      800       802  
Series 2024-MF, Class A, (CME Term SOFR 1 Month + 1.44%), 6.54%, 02/15/2039 (e) (aa)      947       947  
Series 2024-XL4, Class A, (CME Term SOFR 1 Month + 1.44%), 6.54%, 02/15/2039 (e) (aa)      890       890  
Series 2024-XL5, Class A, (CME Term SOFR 1 Month + 1.39%), 6.49%, 03/15/2041 (e) (aa)      407       407  
BX Trust,     
Series 2024-CNYN, Class A, (CME Term SOFR 1 Month + 1.44%), 6.54%, 04/15/2041 (e) (aa)      152       152  
Series 2024-PAT, Class A, (CME Term SOFR 1 Month + 2.09%), 7.19%, 03/15/2041 (e) (aa)      270       271  
Series 2024-VLT4, Class A, (CME Term SOFR 1 Month + 1.49%), 6.59%, 07/15/2029 (e) (aa)      555       555  
CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class A, (CME Term SOFR 1 Month + 0.99%), 6.08%, 02/15/2039 (e) (aa)      530       505  
CENT Trust, Series 2023-CITY, Class A, (CME Term SOFR 1 Month + 2.62%), 7.72%, 09/15/2038 (e) (aa)      410       411  
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058      285       283  
Citigroup Commercial Mortgage Trust, Series 2021-KEYS, Class A, (CME Term SOFR 1 Month + 1.29%), 6.39%, 10/15/2036 (e) (aa)      900       893  
COMM Mortgage Trust,     
Series 2014-UBS3, Class A4, 3.82%, 06/10/2047      43       43  
Series 2015-LC19, Class ASB, 3.04%, 02/10/2048      1       1  
Series 2024-WCL1, Class A, (CME Term SOFR 1 Month + 1.84%), 6.92%, 06/15/2041 (e) (aa)      420       419  
CONE Trust, Series 2024-DFW1, Class A, (CME Term SOFR 1 Month + 1.64%), 6.74%, 08/15/2041 (e) (aa)      220       220  
CSMC, Series 2021-BHAR, Class A, (CME Term SOFR 1 Month + 1.26%), 6.36%, 11/15/2038 (e) (aa)      699       692  
DBGS Mortgage Trust, Series 2018-BIOD, Class A, (CME Term SOFR 1 Month + 1.10%), 6.20%, 05/15/2035 (e) (aa)      613       610  
ELM Trust,     
Series 2024-ELM, Class A10, 5.99%, 06/10/2039 (e) (z)      800       818  
Series 2024-ELM, Class A15, 5.99%, 06/10/2039 (e) (z)      800       818  
FS Rialto Issuer LLC, Series 2022-FL6, Class A, (CME Term SOFR 1 Month + 2.58%), 7.54%, 08/17/2037 (e) (aa)      297       298  
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A, (CME Term SOFR 1 Month + 2.25%), 7.34%, 10/15/2039 (e) (aa)      480       479  
INTOWN Mortgage Trust, Series 2022-STAY, Class A, (CME Term SOFR 1 Month + 2.49%), 7.59%, 08/15/2039 (e) (aa)      1,250       1,253  
LUX, Series 2023-LION, Class A, (CME Term SOFR 1 Month + 2.69%), 7.79%, 08/15/2040 (e) (aa)      185       186  
MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 6.17%, 12/15/2034 (e) (aa)      1,130       1,115  
Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (CME Term SOFR 1 Month + 1.11%), 6.21%, 05/15/2036 (e) (aa)      700       481  
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, (CME Term SOFR 1 Month + 1.40%), 6.50%, 03/15/2039 (e) (aa)      1,100       1,092  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     
Natixis Commercial Mortgage Securities Trust, Series 2022-RRI, Class A, (CME Term SOFR 1 Month + 1.82%), 6.92%, 03/15/2035 (e) (aa)      608       608  
Sage AR Funding No. 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Interest Rate Benchmark + 1.25%), 6.23%, 11/17/2030 (e) (aa)    GBP 800       1,068  
SMRT, Series 2022-MINI, Class A, (CME Term SOFR 1 Month + 1.00%), 6.10%, 01/15/2039 (e) (aa)      350       347  
SREIT Trust, Series 2021-IND, Class A, (CME Term SOFR 1 Month + 0.81%), 5.91%, 10/15/2038 (e) (aa)      900       892  
Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, (CME Term SOFR 1 Month + 2.19%), 7.28%, 05/15/2037 (e) (aa)      520       521  
UK Logistics DAC, (United Kingdom), Series 2024-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.65%), 6.63%, 05/17/2034 (aa)    GBP 202       271  
Vita Scientia DAC, (Ireland), Series 2022-1X, Class A, Reg. S, (ICE LIBOR EUR 3 Month + 1.30%), 4.84%, 02/27/2033 (aa)    EUR 1,000       1,105  
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, Class A2, 3.02%, 07/15/2058      97       97  
    

 

 

  
Total Commercial Mortgage-Backed Securities
(Cost $22,790)		        22,615  
    

 

 

  

Corporate Bonds — 49.7%

    

Basic Materials — 0.6%

     

Mining — 0.6%

     
Glencore Funding LLC,     
3.88%, 10/27/2027 (e)      747       737  
4.00%, 03/27/2027 (e)      1,760       1,743  
6.13%, 10/06/2028 (e)      1,650       1,747  
    

 

 

  
Total Basic Materials        4,227  
    

 

 

  

Communications — 6.6%

     

Internet — 0.2%

     
Amazon.com, Inc., 3.15%, 08/22/2027      1,305       1,281  
    

 

 

  

Media — 1.3%

     
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.15%, 11/10/2026      3,200       3,288  
Comcast Corp.,     
2.35%, 01/15/2027      3,130       3,017  
3.15%, 03/01/2026      1,402       1,383  
3.55%, 05/01/2028      655       642  
    

 

 

  
       8,330  
    

 

 

  

Telecommunications — 5.1%

     
AT&T, Inc.,     
1.70%, 03/25/2026      1,610       1,549  
2.30%, 06/01/2027      1,880       1,795  
2.95%, 07/15/2026      1,410       1,380  
NTT Finance Corp., (Japan),     
1.16%, 04/03/2026 (e)      3,585       3,424  
5.10%, 07/02/2027 (e)      1,100       1,126  
Optus Finance Pty Ltd., (Australia), Reg. S, 1.60%, 07/01/2025    AUD 1,000       675  
Rogers Communications, Inc., (Canada),     
2.95%, 03/15/2025      4,750       4,706  
3.20%, 03/15/2027      2,210       2,151  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

    PRINCIPAL
  AMOUNT ($)  		        VALUE ($)    

Corporate Bonds — continued

     

Telecommunications — continued

     
Sprint LLC, 7.63%, 03/01/2026      2,000       2,066  
T-Mobile USA, Inc.,     
1.50%, 02/15/2026      540       519  
2.25%, 02/15/2026      4,440       4,314  
2.63%, 04/15/2026      2,300       2,241  
3.50%, 04/15/2025      1,000       993  
3.75%, 04/15/2027      1,700       1,679  
Verizon Communications, Inc.,     
2.63%, 08/15/2026      1,885       1,832  
3.38%, 02/15/2025      1,555       1,546  
3.50%, 11/01/2024      1,355       1,353  
    

 

 

  
       33,349  
    

 

 

  
Total Communications        42,960  
    

 

 

  

Consumer Cyclical — 5.1%

     

Auto Manufacturers — 4.8%

     
American Honda Finance Corp.,     
(United States SOFR + 0.55%), 5.65%, 02/12/2025 (aa)      1,700       1,701  
(SOFR Compounded Index + 0.78%), 5.98%, 04/23/2025 (aa)      2,724       2,730  
BMW US Capital LLC,     
4.60%, 08/13/2027 (e)      1,105       1,117  
(SOFR Compounded Index + 0.84%), 5.71%, 04/01/2025 (e) (aa)      1,100       1,103  
(SOFR Compounded Index + 0.80%), 5.89%, 08/13/2026 (e) (aa)      1,900       1,907  
Daimler Truck Finance North America LLC, 5.20%, 01/17/2025 (e)      2,000       2,000  
Ford Motor Credit Co. LLC,     
2.30%, 02/10/2025      400       395  
2.70%, 08/10/2026      1,150       1,105  
4.13%, 08/04/2025      200       198  
5.13%, 06/16/2025      200       200  
5.80%, 03/05/2027      1,250       1,273  
7.35%, 11/04/2027      1,795       1,905  
(United States SOFR + 2.95%), 7.90%, 03/06/2026 (aa)      300       308  
General Motors Financial Co., Inc.,     
3.50%, 11/07/2024      2,000       1,997  
(SOFR Compounded Index + 1.30%), 6.59%, 04/07/2025 (aa)      700       702  
Hyundai Capital America, (United States SOFR + 1.15%), 6.29%, 08/04/2025 (e) (aa)      1,100       1,106  
Mercedes-Benz Finance North America LLC,     
4.88%, 07/31/2026 (e)      1,120       1,135  
4.90%, 01/09/2026 (e)      2,080       2,096  
(United States SOFR + 0.63%), 5.81%, 07/31/2026 (e) (aa)      1,400       1,399  
Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 (e)      500       469  
Nissan Motor Co. Ltd., (Japan), 3.52%, 09/17/2025 (e)      600       590  
Toyota Motor Credit Corp.,     
4.80%, 01/05/2026      3,265       3,295  
(United States SOFR + 0.65%), 5.57%, 09/11/2025 (aa)      1,000       1,003  
Volkswagen Group of America Finance LLC,     
(United States SOFR + 0.83%), 5.70%, 03/20/2026 (e) (aa)      500       501  
5.80%, 09/12/2025 (e)      221       223  
(United States SOFR + 0.93%), 5.85%, 09/12/2025 (e) (aa)      1,000       1,003  
    

 

 

  
       31,461  
    

 

 

  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     

Leisure Time — 0.1%

     
Harley-Davidson Financial Services, Inc., Reg. S, 3.35%, 06/08/2025      500       494  
    

 

 

  

Lodging — 0.1%

     
Las Vegas Sands Corp., 5.90%, 06/01/2027      650       668  
    

 

 

  

Retail — 0.1%

     
Home Depot, Inc. (The), 2.80%, 09/14/2027      800       777  
    

 

 

  
Total Consumer Cyclical        33,400  
    

 

 

  

Consumer Non-cyclical — 5.6%

     

Agriculture — 1.1%

     
BAT Capital Corp.,     
3.22%, 09/06/2026      2,175       2,128  
4.70%, 04/02/2027      2,750       2,774  
Imperial Brands Finance plc, (United Kingdom), 3.50%, 07/26/2026 (e)      800       784  
Philip Morris International, Inc., 4.75%, 02/12/2027      1,530       1,554  
    

 

 

  
       7,240  
    

 

 

  

Biotechnology — 0.7%

     
Amgen, Inc.,     
2.20%, 02/21/2027      1,640       1,570  
5.25%, 03/02/2025      2,935       2,939  
    

 

 

  
       4,509  
    

 

 

  

Commercial Services — 0.6%

     
Global Payments, Inc.,     
1.20%, 03/01/2026      2,500       2,389  
1.50%, 11/15/2024      1,500       1,493  
    

 

 

  
       3,882  
    

 

 

  

Cosmetics/Personal Care — 0.1%

     
Haleon UK Capital plc, (United Kingdom), 3.13%, 03/24/2025      1,000       991  
    

 

 

  

Food — 0.2%

     
J M Smucker Co. (The), 3.50%, 03/15/2025      1,200       1,193  
    

 

 

  

Healthcare—Products — 0.3%

     
Baxter International, Inc., 1.32%, 11/29/2024      1,800       1,788  
    

 

 

  

Healthcare—Services — 1.8%

     
Elevance Health, Inc., 1.50%, 03/15/2026      1,875       1,803  
HCA, Inc.,     
3.13%, 03/15/2027      3,820       3,712  
5.25%, 04/15/2025      1,100       1,101  
5.38%, 09/01/2026      2,000       2,022  
Humana, Inc., 1.35%, 02/03/2027      900       841  
Roche Holdings, Inc., 2.63%, 05/15/2026 (e)      1,866       1,828  
UnitedHealth Group, Inc., 3.85%, 06/15/2028      620       617  
    

 

 

  
       11,924  
    

 

 

  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

    PRINCIPAL
  AMOUNT ($)  		        VALUE ($)    

Corporate Bonds — continued

     

Pharmaceuticals — 0.8%

     
AbbVie, Inc., 3.60%, 05/14/2025      1,000       994  
Bayer US Finance II LLC, 4.25%, 12/15/2025 (e)      1,800       1,787  
Bristol-Myers Squibb Co., 1.13%, 11/13/2027      755       693  
Pfizer Investment Enterprises Pte Ltd., (Singapore), 4.65%, 05/19/2025      1,600       1,602  
    

 

 

  
       5,076  
    

 

 

  
Total Consumer Non-cyclical        36,603  
    

 

 

  

Energy — 2.7%

     

Oil & Gas — 1.0%

     

BP Capital Markets America, Inc.,

     
3.02%, 01/16/2027      955       933  
5.02%, 11/17/2027      1,310       1,347  
Diamondback Energy, Inc., 5.20%, 04/18/2027      3,410       3,480  
Occidental Petroleum Corp., 5.00%, 08/01/2027      830       842  
    

 

 

  
       6,602  
    

 

 

  

Pipelines — 1.7%

     
Enbridge, Inc., (Canada), 5.25%, 04/05/2027      1,295       1,325  
ONEOK, Inc.,     
4.55%, 07/15/2028      1,045       1,050  
5.55%, 11/01/2026      1,500       1,534  
Sabine Pass Liquefaction LLC,     
4.20%, 03/15/2028      705       701  
5.63%, 03/01/2025      1,582       1,583  
5.88%, 06/30/2026      2,915       2,962  
Targa Resources Corp., 5.20%, 07/01/2027      1,990       2,035  
    

 

 

  
       11,190  
    

 

 

  
Total Energy        17,792  
    

 

 

  

Financial — 20.8%

     

Banks — 17.7%

     
ABN AMRO Bank NV, (Netherlands), (CMT Index 1 Year + 1.55%), 6.58%, 10/13/2026 (e) (aa)      1,900       1,934  
Banco Santander SA, (Spain), (United States SOFR + 1.12%), 6.39%, 07/15/2028 (aa)      1,000       1,001  
Bank of America Corp.,     
(CME Term SOFR 3 Month + 1.35%), 3.09%, 10/01/2025 (aa)      1,400       1,400  
(United States SOFR + 1.75%), 4.83%, 07/22/2026 (aa)      4,000       4,002  
(United States SOFR + 1.29%), 5.08%, 01/20/2027 (aa)      3,785       3,816  
(United States SOFR + 1.34%), 5.93%, 09/15/2027 (aa)      3,200       3,294  
(CME Term SOFR 3 Month + 1.03%), 6.27%, 02/05/2026 (aa)      900       900  
Bank of Nova Scotia (The), (Canada), (United States SOFR + 1.00%), 4.40%, 09/08/2028 (aa)      1,135       1,139  
Bank of Queensland Ltd., (Australia),     
(BBSW ASX Australian 3 Month + 1.10%), 5.58%, 10/29/2025 (aa)    AUD 700       486  
(BBSW ASX Australian 3 Month + 1.10%), 5.59%, 10/30/2024 (aa)    AUD 2,000       1,384  
Banque Federative du Credit Mutuel SA, (France),     
Reg. S, 1.00%, 02/04/2025      500       493  
5.90%, 07/13/2026 (e)      1,300       1,336  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

    PRINCIPAL
  AMOUNT ($)  		        VALUE ($)    

Corporate Bonds — continued

     

Banks — continued

     
Barclays plc, (United Kingdom),     
(CMT Index 1 Year + 2.30%), 5.30%, 08/09/2026 (aa)      4,205       4,219  
(CMT Index 1 Year + 3.05%), 7.33%, 11/02/2026 (aa)      1,100       1,129  
BNP Paribas SA, (France),     
(United States SOFR + 2.07%), 2.22%, 06/09/2026 (e) (aa)      1,000       981  
(CME Term SOFR 3 Month + 1.37%), 2.82%, 11/19/2025 (e) (aa)      900       896  
BPCE SA, (France),     
Reg. S, (BBSW ASX Australian 3 Month + 1.35%), 5.78%, 09/29/2025 (aa)    AUD 600       417  
Reg. S, (United States SOFR + 0.57%), 5.83%, 01/14/2025 (aa)      700       701  
(United States SOFR + 0.96%), 5.83%, 09/25/2025 (e) (aa)      2,140       2,150  
Reg. S, (BBSW ASX Australian 3 Month + 1.60%), 5.99%, 06/05/2025 (aa)    AUD 1,100       765  
Canadian Imperial Bank of Commerce, (Canada), (United States SOFR + 1.22%), 6.53%, 10/02/2026 (aa)      1,000       1,010  
Citibank NA,     
4.93%, 08/06/2026      625       634  
(SOFR Compounded Index + 1.06%), 6.04%, 12/04/2026 (aa)      800       807  
Citigroup, Inc.,     
(United States SOFR + 0.69%), 2.01%, 01/25/2026 (aa)      4,250       4,207  
(United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa)      800       792  
(United States SOFR + 1.53%), 3.29%, 03/17/2026 (aa)      5,490       5,445  
Cooperatieve Rabobank UA, (Netherlands), (CMT Index 1 Year + 0.73%), 1.98%, 12/15/2027 (e) (aa)      2,100       1,993  
Credit Agricole SA, (France), Reg. S, (United States SOFR + 0.87%), 5.79%, 03/11/2027 (aa)      500       502  
Deutsche Bank AG, (Germany),     
(United States SOFR + 1.87%), 2.13%, 11/24/2026 (f) (aa)      500       484  
(United States SOFR + 2.58%), 3.96%, 11/26/2025 (aa)      1,900       1,895  
DNB Bank ASA, (Norway), (SOFR Compounded Index + 1.95%), 5.90%, 10/09/2026 (e) (aa)      600       607  
Federation des Caisses Desjardins du Quebec, (Canada), 2.05%, 02/10/2025 (e)      500       495  
First Abu Dhabi Bank PJSC, (United Arab Emirates), (BBSW ASX Australian 3 Month + 1.10%), 5.46%, 02/18/2025 (aa)    AUD 700       484  
Goldman Sachs Bank USA, (United States SOFR + 0.78%), 5.28%, 03/18/2027 (aa)      2,110       2,137  
Goldman Sachs Group, Inc. (The),     
(United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa)      2,325       2,216  
(United States SOFR + 1.85%), 3.62%, 03/15/2028 (aa)      3,245       3,192  
5.70%, 11/01/2024      2,000       2,001  
HSBC Holdings plc, (United Kingdom),     
(CME Term SOFR 3 Month + 1.40%), 2.63%, 11/07/2025 (aa)      500       499  
(United States SOFR + 1.43%), 3.00%, 03/10/2026 (aa)      200       198  
(United States SOFR + 1.51%), 4.18%, 12/09/2025 (aa)      1,000       997  
(CME Term SOFR 3 Month + 1.61%), 4.29%, 09/12/2026 (aa)      800       796  
(United States SOFR + 1.57%), 5.89%, 08/14/2027 (aa)      2,090       2,147  
HSBC USA, Inc., 5.63%, 03/17/2025      1,500       1,505  
ING Bank Australia Ltd., (Australia), Reg. S, (BBSW ASX Australian 3 Month + 0.78%), 5.13%, 05/26/2025 (aa)    AUD 500       347  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
ING Groep NV, (Netherlands),     
(SOFR Compounded Index + 1.01%), 5.88%, 04/01/2027 (aa)      500       502  
(SOFR Compounded Index + 1.64%), 6.51%, 03/28/2026 (aa)      1,000       1,006  
Lloyds Banking Group plc, (United Kingdom),     
(CMT Index 1 Year + 1.00%), 2.44%, 02/05/2026 (aa)      400       396  
4.45%, 05/08/2025      1,800       1,794  
Mitsubishi UFJ Financial Group, Inc., (Japan),     
(CMT Index 1 Year + 1.13%), 3.84%, 04/17/2026 (aa)      400       398  
(United States SOFR + 0.94%), 6.01%, 02/20/2026 (aa)      1,000       1,002  
Morgan Stanley,     
(United States SOFR + 0.56%), 1.16%, 10/21/2025 (aa)      1,400       1,397  
(United States SOFR + 1.61%), 4.21%, 04/20/2028 (aa)      870       868  
(United States SOFR + 1.01%), 5.65%, 04/13/2028 (aa)      2,165       2,234  
Morgan Stanley Bank NA,     
(United States SOFR + 1.08%), 4.95%, 01/14/2028 (aa)      4,825       4,897  
5.88%, 10/30/2026      1,465       1,518  
National Australia Bank Ltd., (Australia),     
4.75%, 12/10/2025      1,450       1,460  
4.94%, 01/12/2028      710       728  
National Bank of Canada, (Canada), (SOFR Compounded Index + 0.90%), 5.77%, 03/25/2027 (aa)      1,000       1,002  
NatWest Markets plc, (United Kingdom),     
3.48%, 03/22/2025 (e)      1,825       1,811  
5.42%, 05/17/2027 (e)      700       718  
Nordea Bank Abp, (Finland),     
(United States SOFR + 0.74%), 5.62%, 03/19/2027 (e) (aa)      1,200       1,203  
(United States SOFR + 0.96%), 5.91%, 06/06/2025 (e) (aa)      500       502  
Royal Bank of Canada, (Canada),     
5.66%, 10/25/2024      980       980  
(SOFR Compounded Index + 1.08%), 6.30%, 07/20/2026 (aa)      2,000       2,016  
Santander Holdings USA, Inc., (United States SOFR + 1.23%), 6.12%, 05/31/2027 (aa)      765       781  
Skandinaviska Enskilda Banken AB, (Sweden), 1.40%, 11/19/2025 (e)      1,900       1,840  
Societe Generale SA, (France),     
(United States SOFR + 1.05%), 6.27%, 01/21/2026 (e) (aa)      500       501  
Reg. S, (United States SOFR + 1.05%), 6.27%, 01/21/2026 (aa)      1,100       1,101  
Standard Chartered plc, (United Kingdom),     
Reg. S, (ICE LIBOR USD 3 Month + 1.21%), 2.82%, 01/30/2026 (aa)      1,100       1,091  
Reg. S, (United States SOFR + 0.93%), 5.96%, 11/23/2025 (aa)      200       200  
(United States SOFR + 1.74%), 6.61%, 03/30/2026 (e) (aa)      500       503  
Sumitomo Mitsui Financial Group, Inc., (Japan),     
Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 5.69%, 10/16/2024 (aa)    AUD 2,300       1,591  
(United States SOFR + 1.30%), 6.57%, 07/13/2026 (aa)      400       405  
Svenska Handelsbanken AB, (Sweden), (BBSW ASX Australian 3 Month + 0.45%), 4.86%, 03/04/2026 (aa)    AUD 500       345  
Swedbank AB, (Sweden), 6.14%, 09/12/2026 (e)      2,400       2,477  
UBS AG, (Switzerland),     
3.70%, 02/21/2025      1,500       1,493  
Reg. S, (BBSW ASX Australian 3 Month + 0.87%), 5.36%, 07/30/2025 (aa)    AUD 2,100       1,457  
UBS Group AG, (Switzerland), (CMT Index 1 Year + 1.60%), 6.33%, 12/22/2027 (e) (aa)      1,435       1,494  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Wells Fargo & Co.,     
(CME Term SOFR 3 Month + 1.09%), 2.41%, 10/30/2025 (aa)      1,800       1,795  
(United States SOFR + 1.07%), 5.71%, 04/22/2028 (aa)      1,265       1,306  
(United States SOFR + 1.07%), 6.28%, 04/22/2028 (aa)      745       748  
Wells Fargo Bank NA, (United States SOFR + 0.80%), 5.95%, 08/01/2025 (aa)      2,620       2,626  
    

 

 

  
       116,019  
    

 

 

  
Diversified Financial Services — 1.4%     
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland),     
1.65%, 10/29/2024      200       200  
3.50%, 01/15/2025      1,300       1,294  
Series 3NC1, 1.75%, 10/29/2024      300       299  
American Express Co., (SOFR Compounded Index + 0.93%), 5.91%, 03/04/2025 (aa)      1,120       1,121  
Aviation Capital Group LLC, 5.50%, 12/15/2024 (e)      700       699  
Avolon Holdings Funding Ltd., (Cayman Islands), 2.88%, 02/15/2025 (e)      1,400       1,385  
LeasePlan Corp. NV, (Netherlands), 2.88%, 10/24/2024 (e)      1,500       1,498  
Mitsubishi HC Capital, Inc., (Japan), 3.64%, 04/13/2025 (e)      300       298  
Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025      1,900       1,857  
ORIX Corp., (Japan), 3.25%, 12/04/2024      400       399  
    

 

 

  
       9,050  
    

 

 

  

Insurance — 1.1%

     
MassMutual Global Funding II, 5.10%, 04/09/2027 (e)      835       857  
New York Life Global Funding,     
3.00%, 01/10/2028 (e)      1,030       997  
5.45%, 09/18/2026 (e)      3,790       3,895  
Protective Life Global Funding, 4.34%, 09/13/2027 (e)      1,320       1,321  
    

 

 

  
       7,070  
    

 

 

  

REITS — 0.6%

     
GLP Capital LP / GLP Financing II, Inc., 5.38%, 04/15/2026      4,230       4,247  
    

 

 

  
Total Financial        136,386  
    

 

 

  

Industrial — 4.1%

     

Aerospace/Defense — 2.3%

     
BAE Systems plc, (United Kingdom), 5.00%, 03/26/2027 (e)      1,415       1,438  
Boeing Co. (The), 4.88%, 05/01/2025      1,800       1,793  
General Dynamics Corp., 2.63%, 11/15/2027      765       736  
L3Harris Technologies, Inc.,     
4.40%, 06/15/2028      1,015       1,019  

5.40%, 01/15/2027

      1,995       2,047  
Northrop Grumman Corp.,     
2.93%, 01/15/2025      2,000       1,987  
3.20%, 02/01/2027      936       917  
3.25%, 01/15/2028      745       724  
RTX Corp.,     
2.65%, 11/01/2026      2,000       1,941  
3.13%, 05/04/2027      1,055       1,029  
5.75%, 11/08/2026      1,580       1,629  
    

 

 

  
       15,260  
    

 

 

  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

    PRINCIPAL
  AMOUNT ($)  		        VALUE ($)    

Corporate Bonds — continued

     

Engineering & Construction — 0.3%

     
Sydney Airport Finance Co. Pty Ltd., (Australia), Reg. S, 3.63%, 04/28/2026      1,700       1,677  
    

 

 

  

Machinery - Construction & Mining — 0.4%

     
Caterpillar Financial Services Corp.,     
5.00%, 05/14/2027      815       837  
(United States SOFR + 0.52%), 5.43%, 06/13/2025 (aa)      2,000       2,004  
    

 

 

  
       2,841  
    

 

 

  

Machinery - Diversified — 0.2%

     
John Deere Capital Corp., 1.75%, 03/09/2027      1,495       1,419  
    

 

 

  

Miscellaneous Manufacturers — 0.1%

     
Incitec Pivot Ltd., (Australia), Reg. S, 4.30%, 03/18/2026    AUD 700       479  
    

 

 

  

Packaging & Containers — 0.1%

     
Berry Global, Inc., 4.88%, 07/15/2026 (e)      838       837  
    

 

 

  

Transportation — 0.7%

     
Canadian Pacific Railway Co., (Canada), 1.35%, 12/02/2024      3,540       3,517  
Norfolk Southern Corp., 2.90%, 06/15/2026      1,255       1,229  
    

 

 

  
       4,746  
    

 

 

  
Total Industrial        27,259  
    

 

 

  

Technology — 2.1%

     

Semiconductors — 0.8%

     
Broadcom, Inc.,     
3.46%, 09/15/2026      1,740       1,716  
3.63%, 10/15/2024      1,000       999  
QUALCOMM, Inc., 3.25%, 05/20/2027      920       905  
Renesas Electronics Corp., (Japan), 1.54%, 11/26/2024 (e)      1,900       1,889  
    

 

 

  
       5,509  
    

 

 

  

Software — 1.3%

     
Oracle Corp.,     
1.65%, 03/25/2026      2,690       2,586  
2.80%, 04/01/2027      1,470       1,423  
2.95%, 11/15/2024      1,000       997  
2.95%, 05/15/2025      1,000       989  

VMware LLC,

     
1.40%, 08/15/2026      1,990       1,885  
3.90%, 08/21/2027      750       742  
    

 

 

  
       8,622  
    

 

 

  
Total Technology        14,131  
    

 

 

  

Utilities — 2.1%

     

Electric — 2.1%

     
Ausgrid Finance Pty Ltd., (Australia), Reg. S, (BBSW ASX Australian 3 Month + 1.22%), 5.71%, 10/30/2024 (aa)    AUD 1,500       1,037  
Duke Energy Corp., 2.65%, 09/01/2026      2,489       2,420  
Edison International, 4.70%, 08/15/2025      200       199  
Enel Finance International NV, (Netherlands), 4.50%, 06/15/2025 (e)      300       299  
Israel Electric Corp. Ltd., (Israel), Series 6, Reg. S, 5.00%, 11/12/2024 (e)      1,800       1,798  
Korea Southern Power Co. Ltd., (South Korea), (BBSW ASX Australian 3 Month + 0.97%), 5.46%, 10/30/2024 (aa)    AUD 500       346  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
National Rural Utilities Cooperative Finance Corp., 4.12%, 09/16/2027      850       856  
NextEra Energy Capital Holdings, Inc.,     
3.55%, 05/01/2027      1,545       1,523  
4.63%, 07/15/2027      1,200       1,218  
Southern California Edison Co.,     
4.40%, 09/06/2026      1,195       1,204  
5.85%, 11/01/2027      1,595       1,675  
Southern Co. (The), 5.11%, 08/01/2027      1,105       1,130  
    

 

 

  
Total Utilities        13,705  
    

 

 

  
Total Corporate Bonds
(Cost $323,272)		        326,463  
    

 

 

  

Foreign Government Security — 0.1%

    
Export-Import Bank of Korea, (South Korea), 4.88%, 01/11/2026
(Cost $499)		      500       505  
    

 

 

  
Mortgage-Backed Securities — 0.9%     
FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 11/01/2050 (w)      4,400       4,453  
FNMA Pool, 2.80%, 06/01/2025      1,327       1,308  
    

 

 

  
Total Mortgage-Backed Securities
(Cost $5,773)		        5,761  
    

 

 

  

U.S. Government Agency Securities — 0.5%

    
FHLMC,     
5.08%, 10/25/2024      1,000       1,000  
5.55%, 07/30/2027      1,400       1,399  
FNMA, 4.00%, 02/28/2025      1,000       998  
    

 

 

  
Total U.S. Government Agency Securities
(Cost $3,400)		        3,397  
    

 

 

  

U.S. Treasury Obligations — 9.5%

    

U.S. Treasury Inflation Indexed Note, 2.13%, 04/15/2029

      8,644       8,877  

U.S. Treasury Notes,

     
1.38%, 01/31/2025      8,665       8,575  
2.75%, 06/30/2025      24,000       23,769  
3.88%, 04/30/2025      21,285       21,232  
    

 

 

  
Total U.S. Treasury Obligations
(Cost $61,987)		        62,453  
    

 

 

  

Short-Term Investments — 14.1%

    

Certificate of Deposit — 0.6%

     
Bayerische Landesbank, (Germany), 4.66%, 08/28/2025 (n)      4,000       4,013  
    

 

 

  

Commercial Papers — 4.2%

     
Banco Santader SA, (Spain), 5.60%, 04/07/2025 (e) (n)      2,500       2,442  

Barclays Capital, Inc., 5.47%, 02/11/2025 (e) (n)

      4,250       4,178  
BofA Securities, Inc.,     
5.15%, 07/25/2025 (e) (n)      3,000       2,897  
5.54%, 06/06/2025 (e) (n)      2,000       1,941  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

    PRINCIPAL
  AMOUNT ($)  		        VALUE ($)    

Short-Term Investments — continued

     

Commercial Papers — continued

     
HSBC USA, Inc.,     
5.48%, 07/25/2025 (e) (n)      2,500       2,408  
6.52%, 10/11/2024 (e) (n)      2,000       1,997  
LVMH Moet Hennessy Louis Vuitton SE, (France), 5.36%, 11/15/2024 (e) (n)      5,000       4,970  
Macquarie Bank Ltd., (Australia), 4.73%, 05/27/2025 (e) (n)      3,000       2,916  
Sempra, 5.68%, 11/12/2024 (e) (n)      2,000       1,988  
Westpac Securities NZ Ltd., (United Kingdom), 5.49%, 05/16/2025 (e) (n)      2,000       1,946  
    

 

 

  
Total Commercial Papers        27,683  
    

 

 

  

Repurchase Agreement — 1.2%

     
BofA Securities, Inc., 4.95%, dated 09/30/2024 due 10/01/2024, repurchase price $8,000 collateralized by U.S. Treasury Security, 4.13%, due 03/31/2029, with a value of $1,011      8,000       8,000  
    

 

 

  

Time Deposits — 0.6%

     
Australia & New Zealand Banking Group Ltd., 2.90%, 10/01/2024    AUD 147       101  
Citibank NA,     
2.33%, 10/01/2024    EUR 857       954  
4.18%, 10/01/2024      184       184  
Royal Bank of Canada,     
3.03%, 10/01/2024    CAD 47       34  
3.91%, 10/01/2024    GBP 257       344  
4.18%, 10/01/2024      193       193  
Sumitomo Mitsui Banking Corp., 0.01%, 10/01/2024    JPY 77       1  
Sumitomo Mitsui Trust Bank Ltd., 4.18%, 10/01/2024      2,193       2,193  
    

 

 

  
Total Time Deposits        4,004  
    

 

 

  

U.S. Treasury Obligations — 7.5%

     
U.S. Treasury Bills,     
3.92%, 09/04/2025 (n)      23,500       22,651  
4.33%, 03/27/2025 (n)      10,000       9,790  
4.54%, 12/19/2024 (n) (ii)      205       203  
4.74%, 07/10/2025 (n)      14,000       13,574  
5.19%, 10/08/2024 (n)      437       437  
5.19%, 10/03/2024 (n)      32       32  
5.23%, 10/24/2024 (n)      2,500       2,492  
5.23%, 10/01/2024 (n)      27       27  
5.27%, 10/10/2024 (n)      4       4  
    

 

 

  
Total U.S. Treasury Obligations        49,210  
    

 

 

  
Total Short-Term Investments
(Cost $92,752)		        92,910  
    

 

 

  
Total Investments — 100.6%
(Cost - $655,406)*		        660,399  

Liabilities in Excess of Other Assets — (0.6)%

        (4,046 ) 
    

 

 

  

NET ASSETS — 100.0%

      $ 656,353  
    

 

 

  

 

Percentages indicated are based on net assets.

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Futures contracts outstanding as of September 30, 2024:

Exchange Traded

 

DESCRIPTION

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

Long Contracts

             

Australia 3-Year Bond

      51       12/2024        AUD        3,784       (5 ) 

Australia 10-Year Bond

      96       12/2024        AUD        7,778       (53 ) 

Long Gilt

      28       12/2024        GBP        3,703       (18 ) 

SOFR 3 Month

      212       09/2025        USD        51,365       (66 ) 

U.S. Treasury 5 Year Note

      45       12/2024        USD        4,974       (29 ) 
            

 

 

  
               (171 ) 
            

 

 

  

Short Contracts

             

U.S. Treasury 2 Year Note

      (291 )      12/2024        USD        (60,593 )      (5 ) 

U.S. Treasury 5 Year Note

      (384 )      12/2024        USD        (42,163 )      (32 ) 

U.S. Treasury 10 Year Note

      (88 )      12/2024        USD        (10,047 )      (10 ) 

U.S. Treasury Ultra Bond

      (35 )      12/2024        USD        (4,720 )      62  

U.S. Ultra Treasury 10 Year Note

      (68 )      12/2024        USD        (8,046 )      2  
            

 

 

  
               17  
            

 

 

  

Total unrealized appreciation (depreciation)

                (154 ) 
            

 

 

  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Forward foreign currency exchange contracts outstanding as of September 30, 2024:

 

CURRENCY PURCHASED

     

CURRENCY SOLD

     

COUNTERPARTY

    SETTLEMENT
DATE		      UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

AUD

      965      USD      651      Bank of America, NA      10/02/2024        16  

AUD

      17,083      USD      11,755      Barclays Bank plc      10/02/2024        56  

AUD

      1,391      USD      952      Deutsche Bank AG      10/02/2024        9  

USD

      1,448      CAD      1,951      Bank of America, NA      10/02/2024        6  

USD

      722      EUR      645      Nomura International plc      12/18/2024        1  
                 

 

 

  

Total unrealized appreciation

 

            88  
                 

 

 

  

USD

      502      AUD      737      Bank of America, NA      10/02/2024        (7 ) 

USD

      12,723      AUD      18,702      Barclays Bank plc      10/02/2024        (207 ) 

CAD

      269      USD      200      Barclays Bank plc      10/02/2024        (1 ) 

USD

      3,774      GBP      2,860      Barclays Bank plc      10/02/2024        (51 ) 

USD

      11,761      AUD      17,083      Barclays Bank plc      11/04/2024        (56 ) 

USD

      3,822      GBP      2,860      Barclays Bank plc      11/04/2024        (3 ) 

USD

      281      EUR      252      UBS AG LONDON      12/18/2024        — (h) 

USD

      17,063      EUR      15,283      UBS AG LONDON      12/18/2024        (3 ) 

USD

      709      GBP      542      UBS AG LONDON      12/18/2024        (15 ) 

USD

      7,840      GBP      5,975      UBS AG LONDON      12/18/2024        (146 ) 
                 

 

 

  

Total unrealized depreciation

         (489 ) 
                 

 

 

  

Net unrealized appreciation (depreciation)

         (401 ) 
                 

 

 

  

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 SEPTEMBER 30, 2024

 

ASX   —     Australian Stock Exchange
BBSW   —     Bank Bill Swap Rate
CLO   —     Collateralized Loan Obligations
CMT   —     Constant Maturity Treasury
FHLMC   —     Federal Home Loan Mortgage Corp.
FNMA   —     Federal National Mortgage Association
GNMA   —     Government National Mortgage Association
ICE   —     Intercontinental Exchange
LIBOR   —     London Interbank Offered Rate
Reg. S   —     Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REMICS   —     Real Estate Mortgage Investment Conduit
SOFR   —     Secured Overnight Financing Rate
SONIA   —     Sterling Overnight Interbank Average Rate
SUB   —     Step-Up Bond. The interest rate shown is the rate in effect as of September 30, 2024.
TBA   —     To Be Announced
(e)   —     Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(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 September 30, 2024.
(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 September 30, 2024.
(aa)   —     Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2024
(cc)   —     Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
(ii)   —     Approximately $203 of these investments are restricted as collateral for forwards to various brokers.
*   —     The cost of securities is substantially the same for federal income tax purposes.
AUD   —     Australian Dollar
CAD   —     Canadian Dollar
EUR   —     Euro
GBP   —     British Pound
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 SEPTEMBER 30, 2024 (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 — 8.6%     
American Express Credit Account Master Trust, Series 2022-2, Class A, 3.39%, 05/15/2027      1,200       1,191  
Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class A, 5.36%, 06/20/2030 (e)      2,000       2,054  
Bank of America Auto Trust,     
Series 2023-1A, Class A2, 5.83%, 05/15/2026 (e)      350       351  
Series 2023-2A, Class A2, 5.85%, 08/17/2026 (e)      1,659       1,664  
BMW Canada Auto Trust, (Canada),     
Series 2023-1A, Class A1, 5.43%, 01/20/2026 (e)    CAD  142       106  
Series 2024-1A, Class A1, 5.03%, 04/20/2026 (e)    CAD  451       337  
Capital One Multi-Asset Execution Trust,     
Series 2021-A3, Class A3, 1.04%, 11/15/2026      1,300       1,294  
Series 2022-A1, Class A1, 2.80%, 03/15/2027      2,400       2,379  
Series 2022-A2, Class A, 3.49%, 05/15/2027      500       496  
CARDS II Trust, (Canada), Series 2023-2A, Class A, (United States SOFR + 0.85%), 5.87%, 07/15/2028 (e) (aa)      1,500       1,503  
Carmax Auto Owner Trust, Series 2023-3, Class A2A, 5.72%, 11/16/2026      505       507  
CarMax Auto Owner Trust,     
Series 2023-4, Class A2A, 6.08%, 12/15/2026      821       826  
Series 2024-1, Class A2A, 5.30%, 03/15/2027      1,922       1,927  
Series 2024-2, Class A2A, 5.65%, 05/17/2027      1,100       1,107  
Carvana Auto Receivables Trust,     
Series 2023-P4, Class A2, 6.23%, 01/11/2027 (e)      248       248  
Series 2024-P3, Class A2, 4.61%, 11/10/2027      1,000       1,001  
Citibank Credit Card Issuance Trust,     
Series 2017-A6, Class A6, (CME Term SOFR 1 Month + 0.88%), 5.98%, 05/14/2029 (aa)      2,000       2,021  
Series 2018-A5, Class A5, (CME Term SOFR 1 Month + 0.72%), 5.84%, 08/07/2027 (aa)      1,000       1,003  
Series 2023-A1, Class A1, 5.23%, 12/08/2027      2,300       2,325  
Citizens Auto Receivables Trust, Series 2023-1, Class A3, 5.84%, 01/18/2028 (e)      2,100       2,131  
CNH Equipment Trust, Series 2023-B, Class A2, 5.90%, 02/16/2027      350       351  
Daimler Trucks Retail Trust, Series 2023-1, Class A2, 6.03%, 09/15/2025      225       226  
Dell Equipment Finance Trust, Series 2023-2, Class A2, 5.84%, 01/22/2029 (e)      208       209  
ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e)      681       606  
Enterprise Fleet Financing LLC, Series 2022-1, Class A2, 3.03%, 01/20/2028 (e)      209       208  
Ford Credit Auto Lease Trust,     
Series 2023-B, Class A2B, (United States 30 Day Average SOFR + 0.59%), 5.93%, 02/15/2026 (aa)      605       605  
Series 2024-B, Class A2B, (United States 30 Day Average SOFR + 0.40%), 5.74%, 02/15/2027 (aa)      1,000       999  
Ford Credit Auto Owner Trust,     
Series 2024-B, Class A2A, 5.40%, 04/15/2027      1,500       1,512  
Series 2024-C, Class A2A, 4.32%, 08/15/2027      2,000       2,000  
GM Financial Automobile Leasing Trust,     
Series 2023-2, Class A2A, 5.44%, 10/20/2025      162       162  
Series 2024-3, Class A2A, 4.29%, 01/20/2027 (w)      1,700       1,699  
GM Financial Consumer Automobile Receivables Trust,     
Series 2023-2, Class A2A, 5.10%, 05/18/2026      247       247  
Series 2023-2, Class A2B, (United States 30 Day Average SOFR + 0.75%), 6.09%, 05/18/2026 (aa)      247       247  
Series 2023-4, Class A2A, 5.89%, 11/16/2026      557       560  
GMF Canada Leasing Trust, (Canada), Series 2024-1A, Class A1, 4.98%, 02/20/2026 (e)    CAD  610       452  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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     
Harley-Davidson Motorcycle Trust,     
Series 2024-A, Class A2, 5.65%, 02/16/2027      1,000       1,004  
Series 2024-B, Class A2, 4.62%, 08/16/2027      2,000       2,000  
Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.49%, 06/25/2027 (e)      2,000       2,021  
Hyundai Auto Receivables Trust, Series 2023-A, Class A2A, 5.19%, 12/15/2025      144       144  
M&T Equipment Notes, Series 2023-1A, Class A2, 6.09%, 07/15/2030 (e)      368       369  
Master Credit Card Trust II, (Canada), Series 2023-1A, Class A, 4.70%, 06/21/2027 (e)      600       602  
MBarc Credit Canada, Inc., (Canada), Series 2024-AA, Class A2, 5.30%, 10/15/2026 (e)    CAD  800       595  
Mercedes-Benz Auto Lease Trust, Series 2024-B, Class A2A, 4.57%, 12/15/2026      1,100       1,101  
Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3, 4.51%, 11/15/2027      1,183       1,183  
Navient Private Education Loan Trust,     
Series 2018-BX, Class A2B, Reg. S, (CME Term SOFR 1 Month + 0.83%), 5.93%, 12/15/2059 (aa)      395       395  
Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 1.01%), 6.11%, 11/15/2068 (e) (aa)      720       717  
Nelnet Student Loan Trust, Series 2019-2A, Class A, (United States 30 Day Average SOFR + 1.01%), 6.29%, 06/27/2067 (e) (aa)      577       577  
Nissan Auto Lease Trust, Series 2024-B, Class A3, 4.92%, 11/15/2027      600       610  
Oscar US Funding XVII LLC, Series 2024-2A, Class A2, 4.63%, 12/10/2027 (e)      1,000       1,000  
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (CME Term SOFR 1 Month + 0.91%), 5.76%, 07/25/2035 (aa)      260       258  
Pawnee Equipment Receivables Series LLC, Series 2021-1, Class A2, 1.10%, 07/15/2027 (e)      54       54  
PRET LLC,     
Series 2021-NPL3, Class A1, SUB, 4.87%, 07/25/2051 (e)      568       561  
Series 2021-NPL6, Class A1, SUB, 2.49%, 07/25/2051 (e)      178       178  
Pretium Mortgage Credit Partners LLC, Series 2021-RN1, Class A1, SUB, 4.99%, 02/25/2061 (e)      170       170  
SBNA Auto Lease Trust, Series 2024-C, Class A3, 4.56%, 02/22/2028 (e)      900       902  
SLM Student Loan Trust, Series 2004-10, Class A7B, (United States 90 Day Average SOFR + 0.86%), 6.22%, 10/25/2029 (e) (aa)      20       20  
SMB Private Education Loan Trust,     
Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e)      60       59  
Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e)      334       311  
Series 2022-C, Class A1B, (United States 30 Day Average SOFR + 1.85%), 7.19%, 05/16/2050 (e) (aa)      262       266  
Series 2023-A, Class A1A, 5.38%, 01/15/2053 (e)      149       153  
Synchrony Card Funding LLC, Series 2023-A1, Class A, 5.54%, 07/15/2029      1,000       1,021  
Tesla Auto Lease Trust,     
Series 2023-B, Class A2, 6.02%, 09/22/2025 (e)      319       320  
Series 2024-A, Class A2A, 5.37%, 06/22/2026 (e)      1,620       1,623  
Towd Point Asset Trust, Series 2021-SL1, Class A2, (CME Term SOFR 1 Month + 0.81%), 5.78%, 11/20/2061 (e) (aa)      103       103  
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e)      1,800       1,762  
Toyota Auto Receivables Owner Trust,     
Series 2022-C, Class A3, 3.76%, 04/15/2027      872       868  
Series 2023-A, Class A3, 4.63%, 09/15/2027      200       201  
Series 2023-C, Class A2A, 5.60%, 08/17/2026      256       256  
Toyota Lease Owner Trust, Series 2023-B, Class A2A, 5.73%, 04/20/2026 (e)      694       697  
Trillium Credit Card Trust II, (Canada), Series 2023-3A, Class A, (United States SOFR + 0.85%), 5.70%, 08/26/2028 (e) (aa)      2,000       2,006  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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     
Verizon Master Trust,     
Series 2024-1, Class A1A, 5.00%, 12/20/2028      2,000       2,015  
Series 2024-6, Class A1B, (United States 30 Day Average SOFR + 0.67%), 0.00%, 08/20/2030 (aa)      1,100       1,101  
Volkswagen Auto Lease Trust, Series 2023-A, Class A2A, 5.87%, 01/20/2026      513       514  
Volkswagen Auto Loan Enhanced Trust,     
Series 2023-1, Class A2A, 5.50%, 12/21/2026      443       444  
Series 2023-2, Class A2A, 5.72%, 03/22/2027      1,710       1,720  
World Omni Auto Receivables Trust,     
Series 2023-A, Class A2A, 5.18%, 07/15/2026      148       148  
Series 2023-B, Class A2A, 5.25%, 11/16/2026      268       268  
Series 2024-B, Class A2A, 5.48%, 09/15/2027      600       604  
    

 

 

  
Total Asset-Backed Securities
(Cost $65,246)		        65,475  
    

 

 

  
Certificates of Deposit — 0.3%     
Financial — 0.3%     
Banks — 0.3%     
Mizuho Bank Ltd., (Japan),     
(BBSW ASX Australian 3 Month + 0.54%), 4.92%, 02/21/2025 (aa)    AUD  1,500       1,038  
(BBSW ASX Australian 3 Month + 0.85%), 5.27%, 09/14/2026 (aa)    AUD  600       416  
MUFG Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.87%), 5.23%, 02/17/2026 (aa)    AUD  700       486  
    

 

 

  
Total Financial        1,940  
    

 

 

  
Total Certificates of Deposit
(Cost $1,849)		        1,940  
    

 

 

  
Collateralized Mortgage Obligations — 2.8%     
Avon Finance, (United Kingdom), Series 4A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 5.88%, 12/28/2049 (e) (aa)    GBP  989       1,323  
Cheshire plc, (United Kingdom), Series 2020-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 5.88%, 08/20/2045 (aa)    GBP  308       412  
CSMC Trust, Series 2021-RPL4, Class A1, 4.07%, 12/27/2060 (e) (z)      262       261  
FHLMC REMICS, Series 5426, Class BF, (United States 30 Day Average SOFR + 0.90%), 6.25%, 04/15/2049 (aa)      466       459  
FNMA REMICS,     
Series 2018-82, Class W, 6.76%, 11/25/2058 (z)      225       231  
Series 2020-29, Class FC, (United States 30 Day Average SOFR + 0.91%), 6.27%, 05/25/2050 (aa)      1,267       1,262  
Series 2022-8, Class D, 2.00%, 08/25/2038      1,141       1,068  
Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 6.15%, 01/25/2051 (aa)      909       921  
GNMA,     
Series 2015-H04, Class FA, (CME Term SOFR 1 Month + 0.76%), 6.12%, 12/20/2064 (aa)      828       827  
Series 2017-121, Class PE, 3.00%, 07/20/2046      132       130  
Series 2018-H18, Class FC, (CME Term SOFR 1 Month + 0.46%), 5.82%, 08/20/2065 (aa)      278       277  
Series 2019-54, Class KF, (CME Term SOFR 1 Month + 0.53%), 5.74%, 05/20/2044 (aa)      314       306  
Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 6.85%, 06/20/2071 (aa)      1,474       1,504  
Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa)      816       731  
Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 5.70%, 01/20/2072 (aa)      779       759  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 6.25%, 01/20/2073 (aa)      399       391  
Series 2023-H12, Class FA, (United States 30 Day Average SOFR + 1.00%), 6.35%, 05/20/2073 (aa)      1,971       1,993  
Series 2023-H26, Class DF, (United States 30 Day Average SOFR + 0.30%), 5.65%, 09/20/2073 (aa)      1,606       1,595  
Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 6.45%, 11/20/2073 (aa)      501       510  
Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 6.25%, 01/20/2074 (aa)      1,004       1,010  
Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 6.28%, 01/20/2074 (aa)      1,207       1,216  
GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z)      200       187  
Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 4.75%, 07/25/2061 (e)      1,078       1,069  
MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z)      331       300  
New Residential Mortgage Loan Trust,     
Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z)      88       87  
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z)      220       207  
Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z)      387       363  
Starwood Mortgage Residential Trust,     
Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z)      159       154  
Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z)      206       191  
Towd Point Mortgage Funding 2024 - Granite 6 plc, (United Kingdom), Series 2024-GR6A, Class A1, (SONIA Interest Rate Benchmark + 0.93%), 5.95%, 07/20/2053 (e) (aa)    GBP  1,036       1,389  
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (CME Term SOFR 1 Month + 1.11%), 5.97%, 05/25/2058 (e) (aa)      191       197  
    

 

 

  
Total Collateralized Mortgage Obligations (Cost $21,500)        21,330  
    

 

 

  
Commercial Mortgage-Backed Securities — 0.9%     
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, (CME Term SOFR 1 Month + 1.18%), 6.30%, 09/15/2034 (e) (aa)      500       488  
AREIT Trust, (Cayman Islands),     
Series 2021-CRE5, Class A, (CME Term SOFR 1 Month + 1.19%), 6.28%, 11/17/2038 (e) (aa)      70       70  
Series 2022-CRE6, Class A, (United States 30 Day Average SOFR + 1.25%), 6.59%, 01/20/2037 (e) (aa)      676       672  
Ashford Hospitality Trust, Series 2018-KEYS, Class A, (CME Term SOFR 1 Month + 1.30%), 6.39%, 06/15/2035 (e) (aa)      62       62  
BDS LLC, Series 2022-FL12, Class A, (CME Term SOFR 1 Month + 2.14%), 7.10%, 08/19/2038 (e) (aa)      900       902  
BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 6.46%, 09/15/2036 (e) (aa)      500       476  
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058      238       236  
Citigroup Commercial Mortgage Trust, Series 2021-KEYS, Class A, (CME Term SOFR 1 Month + 1.29%), 6.39%, 10/15/2036 (e) (aa)      900       893  
MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 6.17%, 12/15/2034 (e) (aa)      900       888  
Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (CME Term SOFR 1 Month + 1.11%), 6.21%, 05/15/2036 (e) (aa)      700       481  
Natixis Commercial Mortgage Securities Trust, Series 2022-RRI, Class A, (CME Term SOFR 1 Month + 1.82%), 6.92%, 03/15/2035 (e) (aa)      608       608  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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     
Sage AR Funding No. 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Interest Rate Benchmark + 1.25%), 6.23%, 11/17/2030 (e) (aa)    GBP  800       1,068  
SREIT Trust, Series 2021-IND, Class A, (CME Term SOFR 1 Month + 0.81%), 5.91%, 10/15/2038 (e) (aa)      100       99  
VMC Finance LLC, Series 2021-FL4, Class A, (CME Term SOFR 1 Month + 1.21%), 6.23%, 06/16/2036 (e) (aa)      29       29  
    

 

 

  
Total Commercial Mortgage-Backed Securities
(Cost $7,234)		        6,972  
    

 

 

  
Corporate Bonds — 14.0%     
Communications — 0.4%     
Telecommunications — 0.4%     
Optus Finance Pty Ltd., (Australia), Reg. S, 1.60%, 07/01/2025    AUD  1,000       674  
Rogers Communications, Inc., (Canada), 2.95%, 03/15/2025      1,200       1,189  
T-Mobile USA, Inc., 3.50%, 04/15/2025      1,000       993  
    

 

 

  
Total Communications        2,856  
    

 

 

  
Consumer Cyclical — 2.0%     
Auto Manufacturers — 1.9%     
American Honda Finance Corp., (United States SOFR + 0.55%), 5.65%, 02/12/2025 (aa)      2,100       2,102  
BMW US Capital LLC, (SOFR Compounded Index + 0.80%), 5.89%, 08/13/2026 (e) (aa)      2,200       2,208  
Ford Motor Credit Co. LLC,     
2.30%, 02/10/2025      600       593  
4.13%, 08/04/2025      300       297  
5.80%, 03/05/2027      1,450       1,476  
(United States SOFR + 2.95%), 7.90%, 03/06/2026 (aa)      300       308  
General Motors Financial Co., Inc., 3.50%, 11/07/2024      2,500       2,496  
Hyundai Capital America, (United States SOFR + 1.15%), 6.29%, 08/04/2025 (e) (aa)      200       201  
Mercedes-Benz Finance North America LLC, (United States SOFR + 0.63%), 5.81%, 07/31/2026 (e) (aa)      1,500       1,499  
Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 (e)      600       562  
Nissan Motor Co. Ltd., (Japan), 3.52%, 09/17/2025 (e)      700       689  
Volkswagen Group of America Finance LLC,     
(United States SOFR + 0.83%), 5.70%, 03/20/2026 (e) (aa)      600       601  
(United States SOFR + 0.93%), 5.85%, 09/12/2025 (e) (aa)      1,500       1,504  
    

 

 

  
       14,536  
    

 

 

  
Leisure Time — 0.1%     
Harley-Davidson Financial Services, Inc., Reg. S, 3.35%, 06/08/2025      500       494  
    

 

 

  
Total Consumer Cyclical        15,030  
    

 

 

  
Consumer Non-cyclical — 1.2%     
Commercial Services — 0.3%     
Global Payments, Inc., 1.50%, 11/15/2024      2,000       1,991  
    

 

 

  
Cosmetics/Personal Care — 0.1%     
Haleon UK Capital plc, (United Kingdom), 3.13%, 03/24/2025      1,000       991  
    

 

 

  
Food — 0.0% (g)     
J M Smucker Co. (The), 3.50%, 03/15/2025      300       298  
    

 

 

  
Healthcare - Products — 0.3%     
Baxter International, Inc., 1.32%, 11/29/2024      500       497  
(SOFR Compounded Index + 0.44%), 5.44%, 11/29/2024 (aa)      1,900       1,900  
    

 

 

  
       2,397  
    

 

 

  
Healthcare - Services — 0.2%     
HCA, Inc., 5.25%, 04/15/2025      1,100       1,101  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
  AMOUNT ($)  

       VALUE ($)    
Corporate Bonds — continued     
Pharmaceuticals — 0.3%     
Bayer US Finance II LLC, 4.25%, 12/15/2025 (e)      2,000       1,985  
    

 

 

  
Total Consumer Non-cyclical        8,763  
    

 

 

  
Energy — 0.1%     
Pipelines — 0.1%     
Sabine Pass Liquefaction LLC, 5.63%, 03/01/2025      776       776  
    

 

 

  
Financial — 8.7%     
Banks — 7.5%     
ABN AMRO Bank NV, (Netherlands), (CMT Index 1 Year + 1.55%), 6.58%, 10/13/2026 (e) (aa)      2,200       2,240  
Banco Santander SA, (Spain), (United States SOFR + 1.12%), 6.39%, 07/15/2028 (aa)      400       400  
Bank of America Corp.,     
(CME Term SOFR 3 Month + 1.35%), 3.09%, 10/01/2025 (aa)      2,000       2,000  
(CME Term SOFR 3 Month + 1.03%), 6.27%, 02/05/2026 (aa)      500       500  
Bank of Queensland Ltd., (Australia),     
(BBSW ASX Australian 3 Month + 1.10%), 5.58%, 10/29/2025 (aa)    AUD 1,000       694  
(BBSW ASX Australian 3 Month + 1.10%), 5.59%, 10/30/2024 (aa)    AUD 2,000       1,384  
Banque Federative du Credit Mutuel SA, (France),     
Reg. S, 1.00%, 02/04/2025      600       592  
Reg. S, (SOFR Compounded Index + 0.41%), 5.55%, 02/04/2025 (aa)      500       500  
5.90%, 07/13/2026 (e)      1,500       1,542  
Barclays plc, (United Kingdom), (CMT Index 1 Year + 3.05%), 7.33%, 11/02/2026 (aa)      1,157       1,187  
BNP Paribas SA, (France),     
(United States SOFR + 2.07%), 2.22%, 06/09/2026 (e) (aa)      1,200       1,177  
(CME Term SOFR 3 Month + 1.37%), 2.82%, 11/19/2025 (e) (aa)      900       896  
BPCE SA, (France),     
Reg. S, (BBSW ASX Australian 3 Month + 1.35%), 5.78%, 09/29/2025 (aa)    AUD 700       487  
Reg. S, (United States SOFR + 0.57%), 5.83%, 01/14/2025 (aa)      800       801  
Reg. S, (BBSW ASX Australian 3 Month + 1.60%), 5.99%, 06/05/2025 (aa)    AUD 1,200       834  
Canadian Imperial Bank of Commerce, (Canada), (United States SOFR + 1.22%), 6.53%, 10/02/2026 (aa)      1,200       1,212  
Citibank NA, (SOFR Compounded Index + 1.06%), 6.04%, 12/04/2026 (aa)      1,200       1,211  
Citigroup, Inc., (United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa)      800       792  
Cooperatieve Rabobank UA, (Netherlands), (CMT Index 1 Year + 0.73%), 1.98%, 12/15/2027 (e) (aa)      2,400       2,277  
Credit Agricole SA, (France), Reg. S, (United States SOFR + 0.87%), 5.79%, 03/11/2027 (aa)      500       502  
Deutsche Bank AG, (Germany),     
(United States SOFR + 1.87%), 2.13%, 11/24/2026 (f) (aa)      600       581  
(United States SOFR + 2.58%), 3.96%, 11/26/2025 (aa)      2,200       2,194  
DNB Bank ASA, (Norway), (SOFR Compounded Index + 1.95%), 5.90%, 10/09/2026 (e) (aa)      700       708  
Federation des Caisses Desjardins du Quebec, (Canada), 2.05%, 02/10/2025 (e)      500       495  
First Abu Dhabi Bank PJSC, (United Arab Emirates), (BBSW ASX Australian 3 Month + 1.10%), 5.46%, 02/18/2025 (aa)    AUD  700       484  
Goldman Sachs Group, Inc. (The),     
(United States SOFR + 0.79%), 5.74%, 12/09/2026 (aa)      400       400  
(CME Term SOFR 3 Month + 1.43%), 6.55%, 05/15/2026 (aa)      1,000       1,006  
HSBC Holdings plc, (United Kingdom),     
(CME Term SOFR 3 Month + 1.40%), 2.63%, 11/07/2025 (aa)      700       698  
(United States SOFR + 1.43%), 3.00%, 03/10/2026 (aa)      200       198  
(United States SOFR + 1.51%), 4.18%, 12/09/2025 (aa)      1,200       1,197  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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     
(CME Term SOFR 3 Month + 1.61%), 4.29%, 09/12/2026 (aa)      900       896  
ING Bank Australia Ltd., (Australia), Reg. S, (BBSW ASX Australian 3 Month + 0.78%), 5.13%, 05/26/2025 (aa)    AUD  500       347  
ING Groep NV, (Netherlands),     
(SOFR Compounded Index + 1.01%), 5.88%, 04/01/2027 (aa)      500       502  
(SOFR Compounded Index + 1.64%), 6.51%, 03/28/2026 (aa)      1,300       1,308  
Lloyds Banking Group plc, (United Kingdom),     
(CMT Index 1 Year + 1.00%), 2.44%, 02/05/2026 (aa)      500       495  
4.45%, 05/08/2025      2,100       2,093  
Mitsubishi UFJ Financial Group, Inc., (Japan),     
(United States SOFR + 0.94%), 6.01%, 02/20/2026 (aa)      530       531  
(United States SOFR + 1.44%), 6.70%, 04/17/2026 (aa)      500       503  
National Bank of Canada, (Canada), (SOFR Compounded Index + 0.90%), 5.77%, 03/25/2027 (aa)      1,200       1,203  
NatWest Markets plc, (United Kingdom), 3.48%, 03/22/2025 (e)      1,000       992  
Nordea Bank Abp, (Finland),     
(United States SOFR + 0.74%), 5.62%, 03/19/2027 (e) (aa)      1,200       1,203  
(United States SOFR + 0.96%), 5.91%, 06/06/2025 (e) (aa)      725       728  
Santander Holdings USA, Inc., 3.45%, 06/02/2025      1,500       1,484  
Skandinaviska Enskilda Banken AB, (Sweden), 1.40%, 11/19/2025 (e)      2,100       2,034  
Societe Generale SA, (France),     
2.63%, 10/16/2024 (e)      300       299  
(United States SOFR + 1.05%), 6.27%, 01/21/2026 (e) (aa)      800       801  
Reg. S, (United States SOFR + 1.05%), 6.27%, 01/21/2026 (aa)      800       801  
Standard Chartered plc, (United Kingdom),     
Reg. S, (ICE LIBOR USD 3 Month + 1.21%), 2.82%, 01/30/2026 (aa)      800       793  
Reg. S, (United States SOFR + 0.93%), 5.96%, 11/23/2025 (aa)      400       400  
(United States SOFR + 1.74%), 6.61%, 03/30/2026 (e) (aa)      500       504  
(CMT Index 1 Year + 3.10%), 7.78%, 11/16/2025 (e) (aa)      400       401  
Sumitomo Mitsui Financial Group, Inc., (Japan),     
Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 5.69%, 10/16/2024 (aa)    AUD  2,400       1,660  
(United States SOFR + 1.30%), 6.57%, 07/13/2026 (aa)      700       709  
Svenska Handelsbanken AB, (Sweden), (BBSW ASX Australian 3 Month + 0.45%), 4.86%, 03/04/2026 (aa)    AUD  600       414  
Swedbank AB, (Sweden), 6.14%, 09/12/2026 (e)      2,900       2,993  
UBS AG, (Switzerland), Reg. S, (BBSW ASX Australian 3 Month + 0.87%), 5.36%, 07/30/2025 (aa)    AUD  2,200       1,526  
Wells Fargo & Co.,     
(CME Term SOFR 3 Month + 1.09%), 2.41%, 10/30/2025 (aa)      900       898  
(United States SOFR + 1.32%), 6.51%, 04/25/2026 (aa)      1,200       1,205  
    

 

 

  
       56,912  
    

 

 

  
Diversified Financial Services — 1.2%     
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland),     
1.65%, 10/29/2024      1,200       1,197  
3.50%, 01/15/2025      600       597  
Series 3NC1, 1.75%, 10/29/2024      300       299  
Aviation Capital Group LLC, 5.50%, 12/15/2024 (e)      800       799  
Avolon Holdings Funding Ltd., (Cayman Islands), 2.88%, 02/15/2025 (e)      1,600       1,583  
LeasePlan Corp. NV, (Netherlands), 2.88%, 10/24/2024 (e)      1,500       1,498  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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     
Mitsubishi HC Capital, Inc., (Japan), 3.64%, 04/13/2025 (e)      570       566  
Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025      2,300       2,248  
ORIX Corp., (Japan), 3.25%, 12/04/2024      400       399  
    

 

 

  
       9,186  
    

 

 

  
Total Financial        66,098  
    

 

 

  
Industrial — 0.8%     
Aerospace/Defense — 0.3%     
Boeing Co. (The), 4.88%, 05/01/2025      2,100       2,092  
Rolls-Royce plc, (United Kingdom), 3.63%, 10/14/2025 (e)      500       491  
    

 

 

  
       2,583  
    

 

 

  
Engineering & Construction — 0.3%     
Sydney Airport Finance Co. Pty Ltd., (Australia), Reg. S, 3.63%, 04/28/2026      2,100       2,072  
    

 

 

  
Miscellaneous Manufacturers — 0.1%     
Incitec Pivot Ltd., (Australia), Reg. S, 4.30%, 03/18/2026    AUD  800       548  
    

 

 

  
Packaging & Containers — 0.1%     
Berry Global, Inc., 4.88%, 07/15/2026 (e)      977       975  
    

 

 

  
Total Industrial        6,178  
    

 

 

  
Technology — 0.4%     
Semiconductors — 0.4%     
Broadcom, Inc., 3.63%, 10/15/2024      1,100       1,099  
Renesas Electronics Corp., (Japan), 1.54%, 11/26/2024 (e)      2,100       2,087  
    

 

 

  
Total Technology        3,186  
    

 

 

  
Utilities — 0.4%     
Electric — 0.4%     
Edison International, 4.70%, 08/15/2025      200       199  
Enel Finance International NV, (Netherlands), 4.50%, 06/15/2025 (e)      300       299  
Israel Electric Corp. Ltd., (Israel), Series 6, Reg. S, 5.00%, 11/12/2024 (e)      2,100       2,098  
Korea Southern Power Co. Ltd., (South Korea), (BBSW ASX Australian 3 Month + 0.97%), 5.46%, 10/30/2024 (aa)    AUD  600       415  
Niagara Mohawk Power Corp., 3.51%, 10/01/2024 (e)      129       129  
    

 

 

  
Total Utilities        3,140  
    

 

 

  
Total Corporate Bonds
(Cost $105,544)		        106,027  
    

 

 

  
Foreign Government Security — 0.1%     
Export-Import Bank of Korea, (South Korea), 4.88%, 01/11/2026
(Cost $799)		      800       808  
    

 

 

  
Mortgage-Backed Securities — 0.9%     
FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 11/01/2050 (w)      5,000       5,060  
FNMA Pool, 2.80%, 06/01/2025      1,769       1,744  
    

 

 

  
Total Mortgage-Backed Securities
(Cost $6,819)		        6,804  
    

 

 

  
Municipal Bonds — 65.4% (t)     
Alabama — 0.2%     
County of Jefferson Sewer Revenue, Warrants, Rev., 5.00%, 10/01/2026      1,250       1,302  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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     
Alaska — 0.2%     
State of Alaska,     
Series B, GO, 5.00%, 08/01/2026      690       722  
Series B, GO, 5.00%, 08/01/2027      750       804  
    

 

 

  
       1,526  
    

 

 

  
Arizona — 1.5%     
Arizona Board of Regents, Series A, Rev., VRDO, 3.20%, 10/07/2024 (z)      11,595       11,595  
    

 

 

  
California — 1.4%     
City of Los Angeles Department of Airports, Senior Bonds Green Bond Project, Rev., AMT, 5.00%, 05/15/2025      2,475       2,499  
San Francisco City & County Airport Commission International Airport, Revenue Refunding, Second Series, Series A, Rev., AMT, 5.00%, 05/01/2025      3,000       3,028  
State of California, GO, 5.00%, 08/01/2027      5,000       5,369  
    

 

 

  
       10,896  
    

 

 

  
Connecticut — 0.9%     
Connecticut Housing Finance Authority, Series B3, Rev., VRDO, 3.15%, 10/07/2024 (z)      5,680       5,680  
State of Connecticut Special Tax Revenue, Series D, Rev., 5.00%, 11/01/2025      1,250       1,282  
    

 

 

  
       6,962  
    

 

 

  
District of Columbia — 3.4%     
District of Columbia,     
Rev., VRDO, LOC: Wells Fargo Bank NA, 3.15%, 10/07/2024 (z)      2,325       2,325  
Series A, GO, 5.00%, 08/01/2027 (w)      5,000       5,364  
Metropolitan Washington Airports Authority Aviation Revenue,     
Rev., AMT, 5.00%, 10/01/2025      9,425       9,592  
Series A, Rev., AMT, 5.00%, 10/01/2025      1,665       1,695  
Series A, Rev., AMT, 5.00%, 10/01/2026      2,805       2,900  
Series B, Rev., 5.00%, 10/01/2025      1,030       1,054  
Washington Metropolitan Area Transit Authority Dedicated Revenue, Sustainability Financed Bond,     
Rev., 5.00%, 07/15/2025      1,250       1,271  
Rev., 5.00%, 07/15/2026      1,250       1,305  
    

 

 

  
       25,506  
    

 

 

  
Florida — 3.4%     
Citizens Property Insurance, Inc., Series A1, Rev., 5.00%, 06/01/2025 (p)      1,000       1,003  
City of Jacksonville, Series B, Rev., 5.00%, 10/01/2025      1,250       1,278  
City of Jacksonville FL, Series A, Rev., 5.00%, 10/01/2025      1,500       1,533  
County of Miami-Dade Seaport Department, Senior Bonds, Series A, Rev., AMT, 5.00%, 10/01/2025      1,500       1,526  
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 3.15%, 10/07/2024 (z)      2,800       2,800  
Orlando Utilities Commission, Series 1, Rev., VRDO, 2.94%, 10/07/2024 (z)      14,500       14,500  
Sarasota County School Board, Master Lease Program, COP, 5.00%, 07/01/2026      1,250       1,302  
State of Florida Lottery Revenue, Lottery, Series A, Rev., 5.00%, 07/01/2025      2,000       2,032  
    

 

 

  
       25,974  
    

 

 

  
Georgia — 1.1%     
Main Street Natural Gas, Inc., Series A, Rev., 5.00%, 06/01/2025      700       707  
Municipal Electric Authority of Georgia, General Resolution Project, Rev., 5.00%, 01/01/2026 (w)      625       642  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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, Plant Vogtle Units 3&4 Project, Rev., AGM, 5.00%, 07/01/2025      550       559  
Municipal Electric Authority of Georgia, Project One Subordinated,     
Rev., 5.00%, 01/01/2026 (w)      4,000       4,108  
Rev., 5.00%, 01/01/2027 (w)      1,000       1,051  
Private Colleges & Universities Authority, Emory University, Series B, Rev., 5.00%, 09/01/2025      1,020       1,040  
    

 

 

  
       8,107  
    

 

 

  
Guam — 0.1%     
Guam Government Waterworks Authority,     
Series A, Rev., 5.00%, 07/01/2025      350       355  
Series A, Rev., 5.00%, 07/01/2026      350       362  
    

 

 

  
       717  
    

 

 

  
Illinois — 1.8%     
Chicago Midway International Airport, Senior, Series C, Rev., AMT, 5.00%, 01/01/2026      3,000       3,062  
Chicago O’Hare International Airport, Senior Lien O’Hare International, Rev., AMT, 5.00%, 01/01/2026      3,500       3,587  
Illinois Finance Authority, Rev., VRDO, LOC: Northern Trust Co., 3.20%, 10/07/2024 (z)      1,770       1,770  
State of Illinois,     
Series A, GO, 5.00%, 10/01/2025      2,465       2,515  
Series D, GO, 5.00%, 07/01/2025      2,600       2,638  
    

 

 

  
       13,572  
    

 

 

  
Indiana — 1.2%     
Indiana Finance Authority, Health Systems, Sisters of St. Francis, Series I, Rev., VRDO, LOC: Barclays Bank plc, 4.15%, 10/01/2024 (z)      6,000       6,000  
Indiana Municipal Power Agency, Series B, Rev., VRDO, LOC: U.S. Bank NA, 3.80%, 10/01/2024 (z)      1,000       1,000  
Indianapolis Local Public Improvement Bond Bank, Series A, Rev., 5.00%, 06/01/2026      1,800       1,868  
    

 

 

  
       8,868  
    

 

 

  
Kansas — 0.3%     
Johnson County Unified School District No. 512 Shawnee Mission, Series A, GO, 5.00%, 10/01/2025      1,935       1,978  
    

 

 

  
Louisiana — 2.4%     
Louisiana State Citizens Property Insurance Corp., Series A, Rev., 5.00%, 06/01/2026      16,000       16,589  
State of Louisiana, Series C, GO, 5.00%, 12/01/2026      1,340       1,414  
    

 

 

  
       18,003  
    

 

 

  
Maryland — 0.7%     
County of Baltimore, Consolidated Public Improvement, Series A, GO, 5.00%, 07/01/2027      6,000       6,424  
    

 

 

  
Massachusetts — 1.3%     
Massachusetts Development Finance Agency, Partners Healthcare System, Inc., Series K1, Rev., VRDO, 3.05%, 10/07/2024 (z)      5,700       5,700  
Massachusetts Educational Financing Authority, Senior Issue M, Series B, Rev., AMT, 5.00%, 07/01/2026      4,000       4,121  
    

 

 

  
       9,821  
    

 

 

  
Michigan — 0.7%     
Michigan State Building Authority, Facilities Program, Series II, Rev., 5.00%, 10/15/2025      5,500       5,628  
    

 

 

  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 — 2.2%     
City of Rochester MN,     
Series A, Rev., VRDO, 3.15%, 10/07/2024 (z)      13,000       13,000  
Series B, Rev., VRDO, 3.15%, 10/07/2024 (z)      3,900       3,900  
    

 

 

  
       16,900  
    

 

 

  
Mississippi — 0.1%     
Mississippi Development Bank, Desoto County Highway Project, Series A, Rev., 5.00%, 01/01/2027 (w)      1,000       1,054  
    

 

 

  
Missouri — 1.3%     
City of Kansas City, Series A, GO, 5.00%, 02/01/2026      900       929  
Curators of the University of Missouri (The), Rev., 5.00%, 11/01/2026      7,000       7,381  
Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Rev., 5.00%, 01/01/2027 (w)      1,530       1,610  
    

 

 

  
       9,920  
    

 

 

  
Nebraska — 0.3%     
Public Power Generation Agency, Whelan Energy Center Unit, Rev., 5.00%, 01/01/2027 (w)      2,000       2,105  
    

 

 

  
New Hampshire — 0.2%     
New Hampshire Health and Education Facilities Authority Act, Rev., VRDO, LOC: TD Bank NA, 3.05%, 10/07/2024 (z)      1,575       1,575  
    

 

 

  
New Jersey — 2.4%     
Casino Reinvestment Development Authority, Inc.,     
Series A, Rev., AGC, 5.00%, 11/01/2026      1,000       1,048  
Series B, Rev., AGC, 5.00%, 11/01/2026      500       524  
New Jersey Economic Development Authority, Rev., 5.00%, 03/01/2026      500       516  
New Jersey Educational Facilities Authority, Montclair State University,     
Rev., AGM, 5.00%, 07/01/2025      1,690       1,716  
Rev., AGM, 5.00%, 07/01/2026      1,000       1,042  
New Jersey Higher Education Student Assistance Authority, Senior, Series A, Rev., AMT, 5.00%, 12/01/2025      575       586  
New Jersey Transportation Trust Fund Authority, Series A, Rev., 5.00%, 06/15/2025      2,025       2,053  
State of New Jersey, GO, 5.00%, 06/01/2027      5,000       5,332  
State of New Jersey, Covid 19 Go Emergency Bonds, GO, 5.00%, 06/01/2025      5,320       5,396  
    

 

 

  
       18,213  
    

 

 

  
New Mexico — 0.9%     
New Mexico Finance Authority, Subordinate, Series A, Rev., 5.00%, 06/15/2025      2,795       2,837  
University of New Mexico (The), Rev., VRDO, 3.25%, 10/07/2024 (z)      3,640       3,640  
    

 

 

  
       6,477  
    

 

 

  
New York — 8.6%     
City of New York NY, Series B, GO, VRDO, 4.15%, 10/01/2024 (z)      3,500       3,500  
City of New York, Fiscal Year 2017, Series A4, GO, VRDO, LOC: Citibank NA, 3.17%, 10/07/2024 (z)      1,090       1,090  
City of New York, Fiscal Year 2018, Series B5, GO, VRDO, 4.15%, 10/01/2024 (z)      10,000       10,000  
New York City Municipal Water Finance Authority, Second General Resolution,     
Rev., VRDO, 3.75%, 10/01/2024 (z)      5,225       5,225  
Rev., VRDO, 3.90%, 10/01/2024 (z)      20,825       20,825  
New York City Transitional Finance Authority Future Tax Secured Revenue, Series B5, Rev., VRDO, 3.90%, 10/01/2024 (z)      5,700       5,700  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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, Subordinated, Series E1, Rev., 5.00%, 11/01/2025      7,000       7,184  
Port Authority of New York & New Jersey, Series 242, Rev., AMT, 5.00%, 12/01/2025      5,000       5,105  
Triborough Bridge & Tunnel Authority, MTA Bridges And Tunnels, Rev., 5.00%, 11/15/2025      6,455       6,629  
    

 

 

  
       65,258  
    

 

 

  
North Carolina — 1.0%     
City of Raleigh NC, Rev., 5.00%, 10/01/2026      7,250       7,623  
    

 

 

  
Ohio — 5.2%     
County of Franklin, Facilities, OhioHealth Corp., Series D, Rev., VRDO, LOC: Northern Trust Co., 3.05%, 10/07/2024 (z)      1,500       1,500  
Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System Obligated Group, Series B3, Rev., VRDO, 3.80%, 10/01/2024 (z)      5,000       5,000  
Ohio State University (The), Multiyear Debt Issuance,     
Rev., VRDO, 3.00%, 10/07/2024 (z)      6,000       6,000  
Rev., VRDO, 3.18%, 10/07/2024 (z)      11,600       11,600  
State of Ohio, Rev., VRDO, 3.00%, 10/07/2024 (z)      14,000       14,000  
State of Ohio, Mental Health Facilities Improvement, Rev., 5.00%, 02/01/2026      1,500       1,549  
    

 

 

  
       39,649  
    

 

 

  
Oklahoma — 0.5%     
Oklahoma Municipal Power Authority, Power Supply System, Series A, Rev., AGM, 5.00%, 01/01/2026      3,500       3,598  
    

 

 

  
Oregon — 0.4%     
Portland Community College District, GO, 5.00%, 06/15/2025      3,235       3,284  
    

 

 

  
Pennsylvania — 3.9%     
City of Philadelphia Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2026      2,500       2,578  
City of Philadelphia Airport Revenue, Private Activity, Rev., AMT, 5.00%, 07/01/2026      9,755       10,058  
City of Philadelphia Water & Wastewater Revenue,     
Series B, Rev., AGM, 5.00%, 09/01/2026      2,550       2,674  
Series C, Rev., 5.00%, 06/01/2025      1,355       1,373  
Commonwealth of Pennsylvania, GO, 5.00%, 09/15/2026      2,000       2,099  
Northampton County General Purpose Authority, St. Luke’s University Health Network,     
Rev., 5.00%, 08/15/2025      5,565       5,651  
Rev., 5.00%, 08/15/2026      5,000       5,192  
    

 

 

  
       29,625  
    

 

 

  
Texas — 7.3%     
Austin Independent School District, GO, 5.00%, 08/01/2025      4,500       4,581  
Board of Regents of the University of Texas System, Financing System, Series B, Rev., VRDO, LIQ: University of Texas Investment Management Co. (The), 3.05%, 10/07/2024 (z)      14,000       14,000  
City of Garland Electric Utility System Revenue, Series A, Rev., 5.00%, 03/01/2025      2,190       2,205  
City of Houston Combined Utility System Revenue, Combined First Lien, Rev., VRDO, 3.23%, 10/07/2024 (z)      12,380       12,380  
City of Houston TX Combined Utility System Revenue, Rev., VRDO, (SIFMA Municipal Swap Index + 0.01%), 3.23%, 10/07/2024 (aa)      6,000       6,000  
City of San Antonio, Tax Notes, GO, 5.00%, 02/01/2026      1,035       1,067  
Clifton Higher Education Finance Corp., International Leadership of Texas, Inc.,     
Rev., PSF-GTD, 5.00%, 08/15/2025      1,385       1,410  
Rev., PSF-GTD, 5.00%, 08/15/2026      1,000       1,043  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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     
Cypress-Fairbanks Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2025      2,140       2,155  
North Texas Tollway Authority, First Tier Bonds, Series A, Rev., 5.00%, 01/01/2027 (w)      1,000       1,055  
Plano Independent School District, GO, 5.00%, 02/15/2025      3,600       3,626  
Texas A&M University, Financing System, Series E, Rev., 5.00%, 05/15/2025      3,000       3,040  
Texas Public Finance Authority, Rev., 5.00%, 02/01/2025      2,980       2,997  
    

 

 

  
       55,559  
    

 

 

  
Utah — 1.0%     
City of Salt Lake City Public Utilities Revenue, Rev., 5.00%, 02/01/2025      1,550       1,560  
State of Utah, GO, 5.00%, 07/01/2026      5,000       5,222  
University of Utah, Green Bonds, Series A, Rev., 5.00%, 08/01/2025      925       942  
    

 

 

  
       7,724  
    

 

 

  
Virginia — 2.1%     
Norfolk Economic Development Authority, Sentara Healthcare Obligated Group,     
Series A, Rev., VRDO, 3.15%, 10/07/2024 (z)      6,300       6,300  
Series B, Rev., VRDO, 3.20%, 10/07/2024 (z)      8,835       8,835  
Winchester Economic Development Authority, Valley Health System, Series A, Rev., 5.00%, 01/01/2027      800       842  
    

 

 

  
       15,977  
    

 

 

  
Washington — 6.7%     
Central Puget Sound Regional Transit Authority, Green Bonds, Series S1, Rev., 5.00%, 11/01/2025      5,000       5,132  
Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 3.05%, 10/07/2024 (z)      13,160       13,160  
Port of Seattle WA, GO, 5.00%, 06/01/2027      7,300       7,795  
Port of Seattle, Intermediate Lien, Rev., AMT, 5.00%, 08/01/2025      1,735       1,758  
Port of Seattle, Intermediate Lien, Series B, Rev., AMT, 5.00%, 07/01/2027      7,000       7,330  
Port of Seattle, Private Activity, Rev., AMT, 5.00%, 09/01/2025      6,885       7,001  
State of Washington, Series R-2023B, GO, 5.00%, 07/01/2027      8,000       8,568  
    

 

 

  
       50,744  
    

 

 

  
Wisconsin — 0.7%     
State of Wisconsin, Series 2024-2, GO, 5.00%, 05/01/2027      5,000       5,330  
    

 

 

  
Total Municipal Bonds
(Cost $496,020)		        497,494  
    

 

 

  
U.S. Government Agency Security — 0.1%     
FHLMC, 5.55%, 07/30/2027
(Cost $600)		      600       600  
    

 

 

  
U.S. Treasury Obligation — 1.3%     
U.S. Treasury Inflation Indexed Notes, 2.13%, 04/15/2029
(Cost $9,929)		      9,864       10,131  
    

 

 

  
Short-Term Investments — 8.6%     
Municipal Bonds — 3.7% (t)     
County of Los Angeles CA, Rev., TRAN, 5.00%, 06/30/2025 (n)      13,760       13,992  
Mississippi Development Bank, Desoto County Highway Project, Series A, Rev., 5.00%, 01/01/2025 (n) (w)      3,475       3,488  
Pennsylvania Economic Development Financing Authority Parking System Revenue, Junior Insured Capitol, Rev., AGM, 5.00%, 01/01/2025      2,000       2,007  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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     
Municipal Bonds — continued     
The Monmouth County Improvement Authority, Government Pooled Loan Project, Rev., CNTY GTD, 4.00%, 03/14/2025 (n)      8,000       8,034  
Winchester Economic Development Authority, Valley Health System, Series A, Rev., 5.00%, 01/01/2025 (n)      800       803  
    

 

 

  
Total Municipal Bonds        28,324  
    

 

 

  
Repurchase Agreement — 1.8%     
BofA Securities, Inc., 4.98%, dated 09/30/2024 due 10/01/2024, repurchase price $13,600 collaterized by U.S. Treasury Security, 4.50%, due 05/31/2029, with a value of $1,045      13,600       13,600  
    

 

 

  
Time Deposits — 3.0%     
Australia & New Zealand Banking Group Ltd., 2.90%, 10/01/2024    AUD  170       118  
Citibank NA,     
2.33%, 10/01/2024    EUR  8       9  
4.18%, 10/01/2024      22,165       22,165  
Royal Bank of Canada,     
3.03%, 10/01/2024    CAD  47       35  
3.91%, 10/01/2024    GBP  134       178  
Sumitomo Mitsui Banking Corp., 0.01%, 10/01/2024    JPY  1,006       7  
Sumitomo Mitsui Trust Bank Ltd., 4.18%, 10/01/2024      250       250  
    

 

 

  
Total Time Deposits        22,762  
    

 

 

  
U.S. Treasury Obligations — 0.1%     
U.S. Treasury Bills,     
4.53%, 12/19/2024 (n) (ii)      185       185  
5.19%, 10/08/2024 (n)      437       437  
5.30%, 10/10/2024 (n)      6       6  
    

 

 

  
Total U.S. Treasury Obligations        628  
    

 

 

  
Total Short-Term Investments
(Cost $65,253)		        65,314  
    

 

 

  
Total Investments — 103.0%
(Cost—$780,793)*		        782,895  
Liabilities in Excess of Other Assets — (3.0)%        (22,689 ) 
    

 

 

  
NET ASSETS — 100.0%      $ 760,206  
    

 

 

  

 

Percentages indicated are based on net assets.

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Futures contracts outstanding as of September 30, 2024:

Exchange Traded

 

DESCRIPTION

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

Long Contracts

             

Australia 3-Year Bond

      59       12/2024        AUD        4,377       (6 ) 

Australia 10-Year Bond

      112       12/2024        AUD        9,074       (61 ) 

Long Gilt

      33       12/2024        GBP        4,364       (21 ) 

SOFR 3 Month

      243       06/2025        USD        58,876       (76 ) 

U.S. Treasury 5 Year Note

      53       12/2024        USD        5,858       (34 ) 
            

 

 

  
               (198 ) 
            

 

 

  

Short Contracts

             

U.S. Treasury 2 Year Note

      (41 )      12/2024        USD        (8,550 )      12  

U.S. Treasury 10 Year Note

      (101 )      12/2024        USD        (11,531 )      (11 ) 

U.S. Treasury Ultra Bond

      (41 )      12/2024        USD        (5,529 )      72  

U.S. Ultra Treasury 10 Year Note

      (80 )      12/2024        USD        (9,468 )      4  
            

 

 

  
               77  
            

 

 

  

Total unrealized appreciation (depreciation)

                (121 ) 
            

 

 

  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Forward foreign currency exchange contracts outstanding as of September 30, 2024:

 

CURRENCY PURCHASED

     

   CURRENCY SOLD   

     

COUNTERPARTY

    SETTLEMENT
DATE		      UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  
AUD      1,307      USD      881      Bank of America, NA      10/02/2024        22  
AUD      16,931      USD      11,650      Barclays Bank plc      10/02/2024        55  
AUD      1,590      USD      1,089      Deutsche Bank AG      10/02/2024        11  
USD      1,742      CAD      2,347      Bank of America, NA      10/02/2024        7  
                 

 

 

  

Total unrealized appreciation

 

            95  
        

 

 

  
USD      606      AUD      889      Bank of America, NA      10/02/2024        (9 ) 
USD      12,884      AUD      18,939      Barclays Bank plc      10/02/2024        (209 ) 
CAD      390      USD      290      Barclays Bank plc      10/02/2024        (1 ) 
USD      4,370      GBP      3,313      Barclays Bank plc      10/02/2024        (59 ) 
USD      11,656      AUD      16,931      Barclays Bank plc      11/04/2024        (56 ) 
USD      4,426      GBP      3,313      Barclays Bank plc      11/04/2024        (3 ) 
                 

 

 

  

Total unrealized depreciation

 

            (337 ) 
        

 

 

  

Net unrealized appreciation (depreciation)

 

            (242 ) 
        

 

 

  

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 SEPTEMBER 30, 2024

 

ASX

   —    Australian Stock Exchange

AGM

   —    Insured by Assured Guaranty Municipal Corp.

AMT

   —    Alternative Minimum Tax

BBSW

   —    Bank Bill Swap Rate

CMT

   —    Constant Maturity Treasury

COP

   —    Certificate of Participation

FHLMC

   —    Federal Home Loan Mortgage Corp.

FNMA

   —    Federal National Mortgage Association

GO

   —    General Obligation

GNMA

   —    Government National Mortgage Association

GTD

   —    Guaranteed

ICE

   —    Intercontinental Exchange

LIBOR

   —    London Interbank Offered Rate

LIQ

   —    Liquidity Agreement

LOC

   —    Letter of Credit

PSF

   —    Permanent School Fund

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

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 September 30, 2024.

TBA

   —    To Be Announced

VRDO

   —    Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of September 30, 2024.

(e)

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

(f)

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

(g)

   —    Amount rounds to less than 0.05%.

(n)

   —    The rate shown is the effective yield as of September 30, 2024.

(p)

   —    Security is prerefunded or escrowed to maturity.

(t)

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

(w)

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

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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)

 

(z)

   —    Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2024.

(aa)

   —    Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2024

*

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

AUD

   —    Australian Dollar

CAD

   —    Canadian Dollar

EUR

   —    Euro

GBP

   —    British Pound

JPY

   —    Japanese Yen

USD

   —    United States Dollar

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

  SHARES  

       VALUE ($)    

Common Stocks — 99.8%

    

Basic Materials — 1.3%

     

Chemicals — 1.2%

     

Air Products & Chemicals, Inc.

      786       233,887  

Albemarle Corp.

      18       1,661  

Celanese Corp., Class A

      14       1,906  

CF Industries Holdings, Inc.

      23       1,949  

Dow, Inc.

      115       6,270  

DuPont de Nemours, Inc.

      57       5,062  

Eastman Chemical Co.

      15       1,658  

Ecolab, Inc.

      32       8,079  

International Flavors & Fragrances, Inc.

      34       3,583  

Linde plc

      66       31,264  

LyondellBasell Industries NV, Class A

      45       4,352  

Mosaic Co. (The)

      60       1,599  

PPG Industries, Inc.

      30       3,988  

RPM International, Inc.

      8       1,010  

Sherwin-Williams Co. (The)

      32       12,275  

Westlake Corp.

      4       620  
    

 

 

  
       319,163  
    

 

 

  

Forest Products & Paper — 0.0% (g)

     

International Paper Co.

      56       2,749  
    

 

 

  

Iron/Steel — 0.0% (g)

     

Nucor Corp.

      31       4,734  

Reliance, Inc.

      4       1,228  

Steel Dynamics, Inc.

      19       2,403  
    

 

 

  
       8,365  
    

 

 

  

Mining — 0.1%

     

Freeport-McMoRan, Inc.

      176       8,795  

Newmont Corp.

      138       7,387  
    

 

 

  
       16,182  
    

 

 

  

Total Basic Materials

        346,459  
    

 

 

  

Communications — 16.1%

     

Advertising — 0.0% (g)

     

Interpublic Group of Cos., Inc. (The)

      90       2,834  

Omnicom Group, Inc.

      39       4,053  

Trade Desk, Inc. (The), Class A (a)

      60       6,592  
    

 

 

  
       13,479  
    

 

 

  

Internet — 14.9%

     

Airbnb, Inc., Class A (a)

      55       7,010  

Alphabet, Inc., Class A

      2,708       449,145  

Alphabet, Inc., Class C

      2,563       428,554  

Amazon.com, Inc. (a)

      7,417       1,382,030  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     

Booking Holdings, Inc.

      5       20,399  

CDW Corp.

      54       12,246  

DoorDash, Inc., Class A (a)

      36       5,154  

eBay, Inc.

      64       4,165  

Expedia Group, Inc. (a)

      18       2,677  

F5, Inc. (a)

      21       4,519  

Gen Digital, Inc.

      320       8,769  

GoDaddy, Inc., Class A (a)

      16       2,522  

Match Group, Inc. (a)

      64       2,440  

MercadoLibre, Inc., (Uruguay) (a)

      6       12,581  

Meta Platforms, Inc., Class A

      1,682       962,777  

Netflix, Inc. (a)

      60       42,838  

Okta, Inc., Class A (a)

      23       1,740  

Palo Alto Networks, Inc. (a)

      181       62,020  

Pinterest, Inc., Class A (a)

      178       5,762  

Robinhood Markets, Inc., Class A (a)

      258       6,045  

Roku, Inc., Class A (a)

      19       1,382  

Snap, Inc., Class A (a)

      325       3,477  

Uber Technologies, Inc. (a)

      6,060       455,469  

VeriSign, Inc. (a)

      7       1,309  

Zillow Group, Inc., Class C (a)

      20       1,250  
    

 

 

  
       3,886,280  
    

 

 

  

Media — 0.3%

     

Charter Communications, Inc., Class A (a)

      12       3,816  

Comcast Corp., Class A

      514       21,482  

FactSet Research Systems, Inc.

      19       8,826  

Fox Corp., Class A

      50       2,122  

Fox Corp., Class B

      31       1,197  

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

      32       2,444  

News Corp., Class A

      64       1,701  

Paramount Global, Class B

      79       841  

Walt Disney Co. (The)

      255       24,518  

Warner Bros Discovery, Inc. (a)

      364       3,000  
    

 

 

  
       69,947  
    

 

 

  

Telecommunications — 0.9%

     

Arista Networks, Inc. (a)

      104       39,944  

AT&T, Inc.

      950       20,911  

Cisco Systems, Inc.

      1,611       85,716  

Corning, Inc.

      322       14,553  

Juniper Networks, Inc.

      127       4,967  

Motorola Solutions, Inc.

      64       28,699  

T-Mobile US, Inc.

      69       14,166  

Verizon Communications, Inc.

      564       25,331  
    

 

 

  
       234,287  
    

 

 

  

Total Communications

        4,203,993  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     

Consumer Cyclical — 10.2%

     

Apparel — 0.1%

     

Deckers Outdoor Corp. (a)

      19       3,057  

NIKE, Inc., Class B

      163       14,383  
    

 

 

  
       17,440  
    

 

 

  

Auto Manufacturers — 0.5%

     

Cummins, Inc.

      22       7,024  

Ford Motor Co.

      564       5,950  

General Motors Co.

      174       7,787  

PACCAR, Inc.

      80       7,848  

Rivian Automotive, Inc., Class A (a)

      88       992  

Tesla, Inc. (a)

      390       102,106  
    

 

 

  
       131,707  
    

 

 

  

Auto Parts & Equipment — 0.0% (g)

     

Aptiv plc, (Ireland) (a)

      42       3,008  
    

 

 

  

Distribution/Wholesale — 0.1%

     

Copart, Inc. (a)

      99       5,187  

Fastenal Co.

      73       5,232  

LKQ Corp.

      29       1,176  

Pool Corp.

      4       1,453  

Watsco, Inc.

      4       1,920  

WW Grainger, Inc.

      6       6,182  
    

 

 

  
       21,150  
    

 

 

  

Entertainment — 0.0% (g)

     

DraftKings, Inc., Class A (a)

      57       2,225  

Flutter Entertainment plc, (Ireland) (a)

      20       4,862  

Live Nation Entertainment, Inc. (a)

      26       2,867  
    

 

 

  
       9,954  
    

 

 

  

Home Builders — 3.8%

     

DR Horton, Inc.

      1,795       342,412  

Lennar Corp., Class A

      1,473       276,224  

NVR, Inc. (a)

      19       183,451  

PulteGroup, Inc.

      1,263       181,244  
    

 

 

  
       983,331  
    

 

 

  

Leisure Time — 0.0% (g)

     

Carnival Corp. (a)

      151       2,792  

Royal Caribbean Cruises Ltd.

      37       6,621  
    

 

 

  
       9,413  
    

 

 

  

Lodging — 0.1%

     

Hilton Worldwide Holdings, Inc.

      43       9,968  

Hyatt Hotels Corp., Class A

      11       1,669  

Las Vegas Sands Corp.

      30       1,509  

Marriott International, Inc., Class A

      43       10,567  

MGM Resorts International (a)

      15       572  

Wynn Resorts Ltd.

      4       362  
    

 

 

  
       24,647  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 — 5.6%

     

AutoZone, Inc. (a)

      2       6,804  

Bath & Body Works, Inc.

      23       746  

Best Buy Co., Inc.

      29       3,038  

Burlington Stores, Inc. (a)

      8       2,120  

CarMax, Inc. (a)

      28       2,187  

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

      184       10,587  

Costco Wholesale Corp.

      61       53,983  

Darden Restaurants, Inc.

      19       3,066  

Dick’s Sporting Goods, Inc.

      9       1,775  

Dollar General Corp.

      31       2,640  

Dollar Tree, Inc. (a)

      23       1,585  

Domino’s Pizza, Inc.

      3       1,180  

Ferguson Enterprises, Inc.

      27       5,450  

Genuine Parts Co.

      20       2,784  

Home Depot, Inc. (The)

      134       54,142  

Lowe’s Cos., Inc.

      75       20,386  

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

      15       4,119  

McDonald’s Corp.

      99       30,121  

O’Reilly Automotive, Inc. (a)

      7       8,521  

Ross Stores, Inc.

      42       6,311  

Starbucks Corp.

      154       14,989  

Target Corp.

      64       9,984  

TJX Cos., Inc. (The)

      150       17,603  

Tractor Supply Co.

      12       3,518  

Ulta Beauty, Inc. (a)

      6       2,330  

Walgreens Boots Alliance, Inc.

      110       983  

Walmart, Inc.

      14,365       1,160,001  

Williams-Sonoma, Inc.

      17       2,706  

Yum! Brands, Inc.

      30       4,219  
    

 

 

  
       1,437,878  
    

 

 

  

Total Consumer Cyclical

        2,638,528  
    

 

 

  

Consumer Non-cyclical — 16.5%

     

Agriculture — 0.2%

     

Altria Group, Inc.

      225       11,483  

Archer-Daniels-Midland Co.

      70       4,202  

Bunge Global SA

      21       2,064  

Philip Morris International, Inc.

      214       25,948  
    

 

 

  
       43,697  
    

 

 

  

Beverages — 2.0%

     

Brown-Forman Corp., Class B

      63       3,122  

Celsius Holdings, Inc. (a)

      67       2,087  

Coca-Cola Co. (The)

      4,726       339,610  

Constellation Brands, Inc., Class A

      70       18,041  

Keurig Dr Pepper, Inc.

      470       17,606  

Molson Coors Beverage Co., Class B

      82       4,733  

Monster Beverage Corp. (a)

      311       16,218  

PepsiCo., Inc.

      610       103,783  
    

 

 

  
       505,200  
    

 

 

  

Biotechnology — 0.4%

     

Alnylam Pharmaceuticals, Inc. (a)

      17       4,553  

Amgen, Inc.

      74       23,915  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

  SHARES  

       VALUE ($)    

Common Stocks — continued

     

Biotechnology — continued

    

Biogen, Inc. (a)

      20       3,922  

BioMarin Pharmaceutical, Inc. (a)

      29       2,019  

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

      11       3,601  

Corteva, Inc.

      89       5,229  

Gilead Sciences, Inc.

      169       14,130  

Illumina, Inc. (a)

      99       12,920  

Incyte Corp. (a)

      25       1,635  

Moderna, Inc. (a)

      47       3,141  

Regeneron Pharmaceuticals, Inc. (a)

      16       16,502  

Royalty Pharma plc, Class A

      12       329  

United Therapeutics Corp. (a)

      7       2,623  

Vertex Pharmaceuticals, Inc. (a)

      36       16,797  
    

 

 

  
       111,316  
    

 

 

  

Commercial Services — 1.2%

     

Automatic Data Processing, Inc.

      59       16,203  

Block, Inc., Class A (a)

      300       20,135  

Booz Allen Hamilton Holding Corp., Class A

      17       2,814  

Cintas Corp.

      61       12,517  

Corpay, Inc. (a)

      37       11,511  

Equifax, Inc.

      22       6,319  

Global Payments, Inc.

      138       14,134  

MarketAxess Holdings, Inc.

      18       4,587  

Moody’s Corp.

      97       45,829  

PayPal Holdings, Inc. (a)

      557       43,501  

Quanta Services, Inc.

      22       6,448  

Rollins, Inc.

      53       2,685  

S&P Global, Inc.

      197       101,557  

Toast, Inc., Class A (a)

      197       5,564  

TransUnion

      30       3,136  

U-Haul Holding Co., Class B

      16       1,167  

United Rentals, Inc.

      9       7,530  

Verisk Analytics, Inc., Class A

      19       5,124  
    

 

 

  
       310,761  
    

 

 

  

Cosmetics/Personal Care — 0.7%

     

Colgate-Palmolive Co.

      98       10,182  

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

      33       3,329  

Kenvue, Inc.

      268       6,202  

Procter & Gamble Co. (The)

      951       164,718  
    

 

 

  
       184,431  
    

 

 

  

Food — 0.2%

     

Albertsons Cos., Inc., Class A

      55       1,023  

Campbell Soup Co.

      25       1,204  

Conagra Brands, Inc.

      82       2,657  

General Mills, Inc.

      90       6,647  

Hershey Co. (The)

      19       3,592  

Hormel Foods Corp.

      38       1,215  

J M Smucker Co. (The)

      15       1,784  

Kellanova

      40       3,225  

Kraft Heinz Co. (The)

      151       5,297  

Kroger Co. (The)

      93       5,338  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

  SHARES  

       VALUE ($)    

Common Stocks — continued

     

Food — continued

     

Lamb Weston Holdings, Inc.

      13       814  

McCormick & Co., Inc.

      35       2,902  

Mondelez International, Inc., Class A

      194       14,263  

Sysco Corp.

      65       5,087  

Tyson Foods, Inc., Class A

      47       2,823  
    

 

 

  
       57,871  
    

 

 

  

Healthcare - Products — 1.8%

     

Abbott Laboratories

      238       27,090  

Agilent Technologies, Inc.

      178       26,428  

Align Technology, Inc. (a)

      10       2,492  

Avantor, Inc. (a)

      400       10,360  

Baxter International, Inc.

      51       1,926  

Bio-Techne Corp.

      99       7,890  

Boston Scientific Corp. (a)

      192       16,129  

Cooper Cos., Inc. (The) (a)

      19       2,071  

Danaher Corp.

      411       114,203  

Edwards Lifesciences Corp. (a)

      81       5,355  

Exact Sciences Corp. (a)

      25       1,670  

GE HealthCare Technologies, Inc.

      55       5,140  

Hologic, Inc. (a)

      21       1,727  

IDEXX Laboratories, Inc. (a)

      10       5,009  

Insulet Corp. (a)

      8       1,855  

Intuitive Surgical, Inc. (a)

      47       23,267  

Medtronic plc, (Ireland)

      188       16,927  

ResMed, Inc.

      20       4,921  

Revvity, Inc.

      78       9,946  

Solventum Corp. (a)

      11       773  

STERIS plc

      11       2,573  

Stryker Corp.

      46       16,482  

Teleflex, Inc.

      5       1,133  

Thermo Fisher Scientific, Inc.

      233       143,850  

Waters Corp. (a)

      34       12,243  

West Pharmaceutical Services, Inc.

      44       13,149  

Zimmer Biomet Holdings, Inc.

      22       2,329  
    

 

 

  
       476,938  
    

 

 

  

Healthcare - Services — 3.5%

     

Catalent, Inc. (a)

      140       8,463  

Centene Corp. (a)

      75       5,644  

Charles River Laboratories International, Inc. (a)

      31       6,030  

Cigna Group (The)

      39       13,442  

DaVita, Inc. (a)

      5       882  

Elevance Health, Inc.

      32       16,630  

HCA Healthcare, Inc.

      27       10,971  

Humana, Inc.

      16       5,060  

IQVIA Holdings, Inc. (a)

      111       26,389  

Labcorp Holdings, Inc.

      10       2,165  

Molina Healthcare, Inc. (a)

      7       2,544  

Quest Diagnostics, Inc.

      12       1,887  

UnitedHealth Group, Inc.

      1,373       802,536  

Universal Health Services, Inc., Class B

      7       1,625  
    

 

 

  
       904,268  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

  SHARES  

       VALUE ($)    

Common Stocks — continued

     

Household Products/Wares — 0.1%

     

Avery Dennison Corp.

      14       3,052  

Church & Dwight Co., Inc.

      27       2,825  

Clorox Co. (The)

      15       2,477  

Kimberly-Clark Corp.

      43       6,113  
    

 

 

  
       14,467  
    

 

 

  

Pharmaceuticals — 6.4%

     

AbbVie, Inc.

      243       47,889  

Becton Dickinson & Co.

      37       9,017  

Bristol-Myers Squibb Co.

      1,598       82,670  

Cardinal Health, Inc.

      32       3,538  

Cencora, Inc.

      24       5,449  

CVS Health Corp.

      176       11,078  

Dexcom, Inc. (a)

      53       3,555  

Eli Lilly & Co.

      624       552,742  

Henry Schein, Inc. (a)

      5       399  

Johnson & Johnson

      2,531       410,125  

McKesson Corp.

      17       8,447  

Merck & Co., Inc.

      2,882       327,271  

Neurocrine Biosciences, Inc. (a)

      13       1,454  

Pfizer, Inc.

      4,459       129,048  

Viatris, Inc.

      890       10,337  

Zoetis, Inc., Class A

      353       68,904  
    

 

 

  
       1,671,923  
    

 

 

  

Total Consumer Non-cyclical

        4,280,872  
    

 

 

  

Energy — 2.9%

     

Energy - Alternate Sources — 0.1%

     

Enphase Energy, Inc. (a)

      74       8,312  

First Solar, Inc. (a)

      55       13,680  
    

 

 

  
       21,992  
    

 

 

  

Oil & Gas — 2.2%

     

APA Corp.

      165       4,034  

Chesapeake Energy Corp.

      81       6,665  

Chevron Corp.

      745       109,666  

Chord Energy Corp.

      21       2,695  

ConocoPhillips

      508       53,523  

Coterra Energy, Inc.

      320       7,674  

Devon Energy Corp.

      293       11,480  

Diamondback Energy, Inc.

      79       13,570  

EOG Resources, Inc.

      249       30,616  

EQT Corp.

      243       8,914  

Exxon Mobil Corp.

      1,915       224,481  

Hess Corp.

      112       15,176  

HF Sinclair Corp.

      99       4,426  

Marathon Oil Corp.

      238       6,327  

Marathon Petroleum Corp.

      151       24,658  

Occidental Petroleum Corp.

      283       14,576  

Ovintiv, Inc.

      115       4,418  

Phillips 66

      178       23,451  

Texas Pacific Land Corp.

      7       6,580  

Valero Energy Corp.

      138       18,567  
    

 

 

  
       591,497  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

  SHARES  

       VALUE ($)    

Common Stocks — continued

     

Oil & Gas Services — 0.2%

     

Baker Hughes Co., Class A

      421       15,210  

Halliburton Co.

      390       11,316  

Schlumberger NV

      617       25,886  
    

 

 

  
       52,412  
    

 

 

  

Pipelines — 0.4%

     

Cheniere Energy, Inc.

      91       16,393  

Kinder Morgan, Inc.

      806       17,801  

ONEOK, Inc.

      238       21,728  

Targa Resources Corp.

      82       12,172  

Williams Cos., Inc. (The)

      498       22,742  
    

 

 

  
       90,836  
    

 

 

  

Total Energy

        756,737  
    

 

 

  

Financial — 15.7%

     

Banks — 4.7%

     

Bank of America Corp.

      12,045       477,965  

Bank of New York Mellon Corp. (The)

      559       40,166  

Citigroup, Inc.

      1,203       75,280  

Citizens Financial Group, Inc.

      504       20,689  

Fifth Third Bancorp

      612       26,231  

First Citizens BancShares, Inc., Class A

      11       19,976  

Goldman Sachs Group, Inc. (The)

      199       98,639  

Huntington Bancshares, Inc.

      1,491       21,921  

KeyCorp.

      1,124       18,834  

M&T Bank Corp.

      153       27,173  

Morgan Stanley

      768       80,039  

Northern Trust Corp.

      134       12,107  

PNC Financial Services Group, Inc. (The)

      277       51,257  

Regions Financial Corp.

      949       22,134  

State Street Corp.

      247       21,826  

Truist Financial Corp.

      981       41,958  

US Bancorp

      1,093       49,985  

Wells Fargo & Co.

      2,131       120,407  
    

 

 

  
       1,226,587  
    

 

 

  

Diversified Financial Services — 4.2%

     

Ally Financial, Inc.

      180       6,412  

American Express Co.

      358       97,090  

Ameriprise Financial, Inc.

      60       27,954  

Apollo Global Management, Inc.

      248       30,999  

Ares Management Corp., Class A

      101       15,745  

BlackRock, Inc., Class A

      65       61,926  

Capital One Financial Corp.

      273       40,873  

Cboe Global Markets, Inc.

      84       17,150  

Charles Schwab Corp. (The)

      893       57,863  

CME Group, Inc., Class A

      244       53,861  

Coinbase Global, Inc., Class A (a)

      107       19,018  

Discover Financial Services

      215       30,106  

Franklin Resources, Inc.

      160       3,218  

Intercontinental Exchange, Inc.

      379       60,944  

LPL Financial Holdings, Inc.

      43       9,935  

Mastercard, Inc., Class A

      467       230,662  

Nasdaq, Inc.

      258       18,816  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

  SHARES  

       VALUE ($)    

Common Stocks — continued

     

Diversified Financial Services — continued

     

Raymond James Financial, Inc.

      164       20,085  

SEI Investments Co.

      39       2,718  

Synchrony Financial

      318       15,845  

T Rowe Price Group, Inc.

      137       14,873  

Tradeweb Markets, Inc., Class A

      70       8,660  

Visa, Inc., Class A

      908       249,746  
    

 

 

  
       1,094,499  
    

 

 

  

Insurance — 4.0%

     

Aflac, Inc.

      390       43,580  

Allstate Corp. (The)

      155       29,487  

American Financial Group, Inc.

      40       5,323  

American International Group, Inc.

      467       34,167  

Aon plc, Class A

      104       36,071  

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

      264       29,484  

Arthur J Gallagher & Co.

      119       33,392  

Assurant, Inc.

      38       7,604  

Berkshire Hathaway, Inc., Class B (a)

      749       344,613  

Brown & Brown, Inc.

      122       12,671  

Chubb Ltd., (Switzerland)

      248       71,598  

Cincinnati Financial Corp.

      90       12,220  

Equitable Holdings, Inc.

      198       8,321  

Erie Indemnity Co., Class A

      12       6,582  

Everest Group Ltd., (Bermuda)

      23       8,828  

Fidelity National Financial, Inc.

      151       9,349  

Hartford Financial Services Group, Inc. (The)

      250       29,364  

Loews Corp.

      130       10,243  

Markel Group, Inc. (a)

      7       11,008  

Marsh & McLennan Cos., Inc.

      270       60,165  

MetLife, Inc.

      453       37,339  

Principal Financial Group, Inc.

      220       18,872  

Progressive Corp. (The)

      356       90,359  

Prudential Financial, Inc.

      271       32,771  

Travelers Cos., Inc. (The)

      144       33,811  

Willis Towers Watson plc, (United Kingdom)

      52       15,434  

WR Berkley Corp.

      169       9,577  
    

 

 

  
       1,042,233  
    

 

 

  

Private Equity — 0.5%

     

Blackstone, Inc.

      428       65,549  

Carlyle Group, Inc. (The)

      112       4,826  

KKR & Co., Inc.

      372       48,593  
    

 

 

  
       118,968  
    

 

 

  

Real Estate — 0.0% (g)

     

CBRE Group, Inc., Class A (a)

      45       5,543  

CoStar Group, Inc. (a)

      43       3,256  
    

 

 

  
       8,799  
    

 

 

  

REITS — 2.3%

     

Alexandria Real Estate Equities, Inc.

      23       2,700  

American Homes 4 Rent, Class A

      32       1,215  

American Tower Corp.

      1,918       445,996  

Annaly Capital Management, Inc.

      263       5,268  

AvalonBay Communities, Inc.

      20       4,452  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     

BXP, Inc.

      19       1,547  

Camden Property Trust

      12       1,535  

Crown Castle, Inc.

      60       7,138  

Digital Realty Trust, Inc.

      43       6,956  

Equinix, Inc.

      13       11,398  

Equity LifeStyle Properties, Inc.

      9       615  

Equity Residential

      52       3,854  

Essex Property Trust, Inc.

      8       2,371  

Extra Space Storage, Inc.

      29       5,249  

Gaming and Leisure Properties, Inc.

      39       1,985  

Healthpeak Properties, Inc.

      113       2,594  

Host Hotels & Resorts, Inc.

      90       1,588  

Invitation Homes, Inc.

      65       2,285  

Iron Mountain, Inc.

      36       4,262  

Kimco Realty Corp.

      100       2,311  

Mid-America Apartment Communities, Inc.

      17       2,698  

Prologis, Inc.

      127       16,070  

Public Storage

      23       8,371  

Realty Income Corp.

      132       8,390  

Regency Centers Corp.

      14       1,020  

SBA Communications Corp., Class A

      11       2,639  

Simon Property Group, Inc.

      45       7,654  

Sun Communities, Inc.

      13       1,795  

UDR, Inc.

      34       1,544  

Ventas, Inc.

      55       3,559  

VICI Properties, Inc., Class A

      168       5,588  

Welltower, Inc.

      79       10,163  

Weyerhaeuser Co.

      106       3,591  

WP Carey, Inc.

      35       2,198  
    

 

 

  
       590,599  
    

 

 

  

Total Financial

        4,081,685  
    

 

 

  

Industrial — 6.2%

     

Aerospace/Defense — 0.5%

     

Boeing Co. (The) (a)

      83       12,558  

General Dynamics Corp.

      34       10,393  

General Electric Co.

      152       28,625  

HEICO Corp.

      7       1,746  

HEICO Corp., Class A

      6       1,143  

Howmet Aerospace, Inc.

      53       5,329  

L3Harris Technologies, Inc.

      25       6,064  

Lockheed Martin Corp.

      30       17,668  

Northrop Grumman Corp.

      20       10,705  

RTX Corp.

      185       22,429  

TransDigm Group, Inc.

      7       10,113  
    

 

 

  
       126,773  
    

 

 

  

Building Materials — 0.2%

     

Builders FirstSource, Inc. (a)

      19       3,612  

Carrier Global Corp.

      114       9,205  

CRH plc

      96       8,899  

Fortune Brands Innovations, Inc.

      19       1,702  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     

Johnson Controls International plc

      97       7,558  

Lennox International, Inc.

      3       1,965  

Martin Marietta Materials, Inc.

      10       5,199  

Masco Corp.

      30       2,541  

Owens Corning

      12       2,196  

Trane Technologies plc, (Ireland)

      33       12,739  

Vulcan Materials Co.

      21       5,231  
    

 

 

  
       60,847  
    

 

 

  

Electrical Components & Equipment — 0.1%

     

AMETEK, Inc.

      29       4,952  

Eaton Corp. plc

      55       18,224  

Emerson Electric Co.

      78       8,565  
    

 

 

  
       31,741  
    

 

 

  

Electronics — 0.4%

     

Allegion plc, (Ireland)

      8       1,115  

Amphenol Corp., Class A

      468       30,516  

Fortive Corp.

      46       3,600  

Garmin Ltd., (Switzerland)

      19       3,387  

Honeywell International, Inc.

      91       18,826  

Hubbell, Inc., Class B

      7       3,006  

Jabil, Inc.

      48       5,723  

Keysight Technologies, Inc. (a)

      65       10,404  

Mettler-Toledo International, Inc. (a)

      13       18,917  

Trimble, Inc. (a)

      92       5,710  
    

 

 

  
       101,204  
    

 

 

  

Engineering & Construction — 0.0% (g)

     

AECOM

      22       2,317  

EMCOR Group, Inc.

      5       2,220  

Jacobs Solutions, Inc.

      25       3,289  
    

 

 

  
       7,826  
    

 

 

  

Environmental Control — 0.2%

     

Pentair plc, (United Kingdom)

      26       2,556  

Republic Services, Inc., Class A

      40       8,055  

Veralto Corp.

      37       4,121  

Waste Connections, Inc., (Canada)

      45       8,102  

Waste Management, Inc.

      61       12,679  
    

 

 

  
       35,513  
    

 

 

  

Hand/Machine Tools — 0.0% (g)

     

Snap-on, Inc.

      9       2,569  

Stanley Black & Decker, Inc.

      25       2,721  
    

 

 

  
       5,290  
    

 

 

  

Machinery - Construction & Mining — 0.2%

     

Caterpillar, Inc.

      70       27,269  

GE Vernova, Inc. (a)

      38       9,596  

Vertiv Holdings Co., Class A

      51       5,123  
    

 

 

  
       41,988  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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—Diversified — 1.1%

     

CNH Industrial NV, (United Kingdom)

      180       2,003  

Deere & Co.

      591       246,495  

Dover Corp.

      22       4,175  

Graco, Inc.

      15       1,336  

IDEX Corp.

      9       2,003  

Ingersoll Rand, Inc.

      56       5,533  

Nordson Corp.

      7       1,819  

Otis Worldwide Corp.

      48       4,965  

Rockwell Automation, Inc.

      14       3,826  

Toro Co. (The)

      12       1,064  

Westinghouse Air Brake Technologies Corp.

      25       4,612  

Xylem, Inc.

      38       5,164  
    

 

 

  
       282,995  
    

 

 

  

Miscellaneous Manufacturers — 0.2%

    

3M Co.

      77       10,527  

AO Smith Corp.

      8       722  

Axon Enterprise, Inc. (a)

      10       3,990  

Carlisle Cos., Inc.

      6       2,664  

Illinois Tool Works, Inc.

      42       10,975  

Parker-Hannifin Corp.

      19       11,837  

Teledyne Technologies, Inc. (a)

      18       7,967  

Textron, Inc.

      22       1,943  
    

 

 

  
       50,625  
    

 

 

  

Packaging & Containers — 0.1%

     

Amcor plc, (United Kingdom)

      307       3,483  

Ball Corp.

      47       3,175  

Crown Holdings, Inc.

      19       1,848  

Packaging Corp. of America

      19       4,083  

Smurfit WestRock plc, (Ireland)

      77       3,796  
    

 

 

  
       16,385  
    

 

 

  

Shipbuilding — 0.0% (g)

     

Huntington Ingalls Industries, Inc.

      6       1,638  
    

 

 

  

Transportation — 3.2%

     

CH Robinson Worldwide, Inc.

      19       2,094  

CSX Corp.

      12,671       437,524  

Expeditors International of Washington, Inc.

      22       2,839  

FedEx Corp.

      33       9,073  

JB Hunt Transport Services, Inc.

      14       2,494  

Knight-Swift Transportation Holdings, Inc., Class A

      29       1,573  

Norfolk Southern Corp.

      34       8,419  

Old Dominion Freight Line, Inc.

      28       5,643  

Union Pacific Corp.

      89       21,881  

United Parcel Service, Inc., Class B

      2,577       351,281  
    

 

 

  
       842,821  
    

 

 

  

Total Industrial

        1,605,646  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     

Technology — 30.3%

     

Computers — 6.0%

     

Accenture plc, (Ireland), Class A

      87       30,735  

Amentum Holdings, Inc. (a)

      25       810  

Apple, Inc.

      5,711       1,330,775  

Cognizant Technology Solutions Corp., Class A

      77       5,965  

Crowdstrike Holdings, Inc., Class A (a)

      129       36,236  

Dell Technologies, Inc., Class C

      110       13,084  

EPAM Systems, Inc. (a)

      9       1,732  

Fortinet, Inc. (a)

      366       28,377  

Gartner, Inc. (a)

      9       4,769  

Hewlett Packard Enterprise Co.

      537       10,980  

HP, Inc.

      394       14,144  

International Business Machines Corp.

      129       28,577  

Leidos Holdings, Inc.

      16       2,641  

NetApp, Inc.

      82       10,174  

Pure Storage, Inc., Class A (a)

      114       5,727  

Seagate Technology Holdings plc

      77       8,452  

Super Micro Computer, Inc. (a)

      21       8,745  

TE CONNECTIVITY plc (a)

      124       18,726  

Western Digital Corp. (a)

      125       8,524  

Zscaler, Inc. (a)

      52       8,837  
    

 

 

  
       1,578,010  
    

 

 

  

Office/Business Equipment — 0.0% (g)

     

Zebra Technologies Corp., Class A (a)

      18       6,834  
    

 

 

  

Semiconductors — 11.1%

     

Advanced Micro Devices, Inc. (a)

      865       141,963  

Analog Devices, Inc.

      267       61,429  

Applied Materials, Inc.

      444       89,656  

Broadcom, Inc.

      2,363       407,656  

Entegris, Inc.

      76       8,529  

Intel Corp.

      2,279       53,471  

KLA Corp.

      72       55,659  

Lam Research Corp.

      70       56,994  

Marvell Technology, Inc.

      462       33,355  

Microchip Technology, Inc.

      286       22,932  

Micron Technology, Inc.

      594       61,636  

Monolithic Power Systems, Inc.

      26       23,869  

NVIDIA Corp.

      13,179       1,600,462  

NXP Semiconductors NV, (Netherlands)

      137       32,780  

ON Semiconductor Corp. (a)

      227       16,450  

Qorvo, Inc. (a)

      48       4,974  

QUALCOMM, Inc.

      598       101,750  

Skyworks Solutions, Inc.

      87       8,598  

Teradyne, Inc.

      80       10,648  

Texas Instruments, Inc.

      488       100,879  
    

 

 

  
       2,893,690  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 — 13.2%

     

Adobe, Inc. (a)

      249       128,967  

Akamai Technologies, Inc. (a)

      22       2,239  

ANSYS, Inc. (a)

      50       15,815  

AppLovin Corp., Class A (a)

      113       14,731  

Aspen Technology, Inc. (a)

      17       3,944  

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

      88       14,034  

Autodesk, Inc. (a)

      120       33,108  

Bentley Systems, Inc., Class B

      84       4,263  

Broadridge Financial Solutions, Inc.

      20       4,286  

Cadence Design Systems, Inc. (a)

      152       41,199  

Cloudflare, Inc., Class A (a)

      43       3,512  

Datadog, Inc., Class A (a)

      154       17,765  

Dayforce, Inc. (a)

      22       1,349  

DocuSign, Inc., Class A (a)

      117       7,294  

Dynatrace, Inc. (a)

      159       8,507  

Electronic Arts, Inc.

      33       4,791  

Fair Isaac Corp. (a)

      14       26,444  

Fidelity National Information Services, Inc.

      327       27,421  

Fiserv, Inc. (a)

      360       64,752  

HubSpot, Inc. (a)

      28       14,674  

Intuit, Inc.

      157       97,730  

Jack Henry & Associates, Inc.

      32       5,694  

Manhattan Associates, Inc. (a)

      32       9,111  

Microsoft Corp.

      4,219       1,815,251  

MicroStrategy, Inc., Class A (a)

      86       14,429  

MongoDB, Inc., Class A (a)

      11       2,864  

MSCI, Inc., Class A

      44       25,814  

Oracle Corp.

      3,207       546,497  

Palantir Technologies, Inc., Class A (a)

      1,132       42,100  

Paychex, Inc.

      47       6,297  

Paycom Software, Inc.

      8       1,351  

PTC, Inc. (a)

      63       11,410  

ROBLOX Corp., Class A (a)

      62       2,737  

Roper Technologies, Inc.

      60       33,428  

Salesforce, Inc.

      544       148,938  

Samsara, Inc., Class A (a)

      109       5,227  

ServiceNow, Inc. (a)

      115       102,990  

Snowflake, Inc., Class A (a)

      44       5,043  

SS&C Technologies Holdings, Inc.

      32       2,349  

Synopsys, Inc. (a)

      86       43,342  

Take-Two Interactive Software, Inc. (a)

      23       3,549  

Twilio, Inc., Class A (a)

      25       1,623  

Tyler Technologies, Inc. (a)

      24       14,035  

Veeva Systems, Inc., Class A (a)

      21       4,307  

Workday, Inc., Class A (a)

      119       29,063  

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

      143       9,996  
    

 

 

  
       3,424,270  
    

 

 

  

Total Technology

        7,902,804  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     

Utilities — 0.6%

     

Electric — 0.6%

     

AES Corp. (The)

      81       1,628  

Alliant Energy Corp.

      22       1,342  

Ameren Corp.

      40       3,460  

American Electric Power Co., Inc.

      78       7,952  

CenterPoint Energy, Inc.

      68       1,986  

CMS Energy Corp.

      31       2,197  

Consolidated Edison, Inc.

      57       5,971  

Constellation Energy Corp.

      43       11,084  

Dominion Energy, Inc.

      127       7,335  

DTE Energy Co.

      27       3,516  

Duke Energy Corp.

      112       12,963  

Edison International

      52       4,494  

Entergy Corp.

      39       5,122  

Evergy, Inc.

      30       1,847  

Eversource Energy

      40       2,755  

Exelon Corp.

      137       5,547  

FirstEnergy Corp.

      61       2,706  

NextEra Energy, Inc.

      282       23,870  

NRG Energy, Inc.

      30       2,774  

PG&E Corp.

      255       5,048  

PPL Corp.

      77       2,536  

Public Service Enterprise Group, Inc.

      70       6,249  

Sempra

      91       7,647  

Southern Co. (The)

      168       15,115  

Vistra Corp.

      49       5,843  

WEC Energy Group, Inc.

      45       4,367  

Xcel Energy, Inc.

      81       5,264  
    

 

 

  
       160,618  
    

 

 

  

Gas — 0.0% (g)

     

Atmos Energy Corp.

      18       2,472  

NiSource, Inc.

      38       1,331  
    

 

 

  
       3,803  
    

 

 

  

Water — 0.0% (g)

     

American Water Works Co., Inc.

      20       2,918  

Essential Utilities, Inc.

      6       250  
    

 

 

  
       3,168  
    

 

 

  

Total Utilities

        167,589  
    

 

 

  

Total Common Stocks

(Cost $16,831,397)

        25,984,313  
    

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 — 0.2%

    

Time Deposits — 0.2%

     

Australia & New Zealand Banking Group Ltd., 4.18%, 10/01/2024

      1,481       1,481  

Citibank NA, 4.18%, 10/01/2024

      10,319       10,319  

Royal Bank of Canada, 4.18%, 10/01/2024

      14,359       14,359  

Sumitomo Mitsui Banking Corp., 4.18%, 10/01/2024

      25,798       25,798  

Sumitomo Mitsui Trust Bank Ltd., 4.18%, 10/01/2024

      20,227       20,227  
    

 

 

  

Total Short-Term Investments

(Cost $72,184)

        72,184  
    

 

 

  

Total Investments — 100.0%

(Cost - $16,903,581) *

        26,056,497  

Liabilities in Excess of Other Assets — 0.0% (g)

        (8,665 ) 
    

 

 

  

NET ASSETS — 100.0%

      $  26,047,832  
    

 

 

  

 

Percentages indicated are based on net assets.

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Futures contracts outstanding as of September 30, 2024:

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

      4        12/2024        USD        341        (3 ) 

E-mini Energy Select Sector Index

      9        12/2024        USD        809        26  

E-mini Financial Select Sector Index

      42        12/2024        USD        5,867        56  

E-mini Health Care Select Sector Index

      18        12/2024        USD        2,873        (45 ) 

E-mini Technology Select Sector Index

      32        12/2024        USD        7,192        166  

Micro E-mini NASDAQ 100 Index

      38        12/2024        USD        1,499        41  

NASDAQ 100 E-mini Index

      3        12/2024        USD        1,193        23  

S&P 500 E-mini Index

      109        12/2024        USD        31,013        674  

S&P Mid-cap 400 E-mini Index

      5        12/2024        USD        1,527        48  
              

 

 

  

Total unrealized appreciation (depreciation)

                  986  
              

 

 

  

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 SEPTEMBER 30, 2024
(a)    —    Non-income producing security.
(g)    —    Amount rounds to less than 0.05%.
*    —    The cost of securities is substantially the same for federal income tax purposes.
USD    —    United States Dollar

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Summary of Investments by Industry, September 30, 2024

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

 

INDUSTRY

    PERCENTAGE  

Internet

      14.9 % 

Software

      13.1 % 

Semiconductors

      11.1 % 

Pharmaceuticals

      6.4 % 

Computers

      6.1 % 

Retail

      5.5 % 

Banks

      4.7 % 

Diversified Financial Services

      4.2 % 

Insurance

      4.0 % 

Home Builders

      3.8 % 

Healthcare - Services

      3.5 % 

Transportation

      3.2 % 

REITS

      2.3 % 

Oil & Gas

      2.3 % 

Beverages

      1.9 % 

Healthcare - Products

      1.8 % 

Chemicals

      1.2 % 

Commercial Services

      1.2 % 

Machinery - Diversified

      1.1 % 

Others (Each less than 1.0%)

      7.4 % 

Short-Term Investments

      0.3 % 

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

  SHARES  

       VALUE ($)    

Common Stocks — 98.3%

    

Austria — 0.2%

     

Erste Group Bank AG

      470       25,751  

OMV AG

      125       5,333  

Verbund AG

      50       4,106  

voestalpine AG

      223       5,796  
    

 

 

  
       40,986  
    

 

 

  

Belgium — 2.0%

     

Ageas SA

      248       13,247  

Anheuser-Busch InBev SA

      3,438       227,821  

D’ieteren Group

      3       721  

Elia Group SA

      22       2,460  

Groupe Bruxelles Lambert NV

      116       9,073  

KBC Group NV

      321       25,501  

Lotus Bakeries NV

      —  (h)      872  

Sofina SA

      21       5,994  

Syensqo SA

      154       13,659  

UCB SA

      77       13,948  

Warehouses De Pauw CVA

      28       749  
    

 

 

  
       314,045  
    

 

 

  

Chile — 0.1%

     

Antofagasta plc

      941       25,352  
    

 

 

  

China — 0.0% (g)

     

Silergy Corp.

      123       1,811  
    

 

 

  

Denmark — 7.8%

     

AP Moller - Maersk A/S, Class A

      3       4,318  

AP Moller - Maersk A/S, Class B

      4       6,491  

Carlsberg A/S, Class B

      365       43,509  

Coloplast A/S, Class B

      20       2,616  

Danske Bank A/S

      963       28,951  

Demant A/S (a)

      16       616  

DSV A/S

      149       30,707  

Genmab A/S (a)

      132       32,062  

Novo Nordisk A/S, Class B

      8,233       976,539  

Novonesis (Novozymes) B, Class B

      733       52,784  

Orsted A/S (a) (e)

      137       9,048  

Pandora A/S

      100       16,538  

ROCKWOOL A/S, Class B

      8       3,843  

Tryg A/S

      528       12,528  

Vestas Wind Systems A/S (a)

      880       19,359  

Zealand Pharma A/S (a)

      134       16,350  
    

 

 

  
       1,256,259  
    

 

 

  

Finland — 1.2%

     

Elisa OYJ

      23       1,202  

Fortum OYJ

      326       5,367  

Kesko OYJ, Class B

      44       928  

Kone OYJ, Class B

      295       17,662  

Metso OYJ

      543       5,811  

Neste OYJ

      67       1,311  

Nokia OYJ

      851       3,714  

Nordea Bank Abp

      4,404       51,990  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

  SHARES  

       VALUE ($)    

Common Stocks — continued

     

Finland — continued

    

Orion OYJ, Class B

      66       3,628  

Sampo OYJ, Class A

      780       36,399  

Stora Enso OYJ, Class R

      1,211       15,488  

UPM-Kymmene OYJ

      1,110       37,143  

Wartsila OYJ Abp

      440       9,855  
    

 

 

  
       190,498  
    

 

 

  

France — 11.8%

     

Accor SA

      31       1,345  

Aeroports de Paris SA

      30       3,836  

Air Liquide SA

      1,202       232,133  

Airbus SE

      519       75,989  

Alstom SA (a)

      303       6,299  

Amundi SA (e)

      87       6,489  

Arkema SA

      118       11,213  

AXA SA

      2,825       108,762  

BioMerieux

      7       784  

BNP Paribas SA

      1,421       97,502  

Bollore SE

      116       778  

Bouygues SA

      166       5,554  

Bureau Veritas SA

      278       9,223  

Capgemini SE

      25       5,355  

Carrefour SA

      91       1,546  

Cie de Saint-Gobain SA, Class A

      397       36,232  

Cie Generale des Etablissements Michelin SCA

      108       4,406  

Covivio SA

      8       512  

Credit Agricole SA

      1,479       22,617  

Danone SA

      103       7,471  

Dassault Aviation SA

      18       3,654  

Dassault Systemes SE

      107       4,237  

Edenred SE

      347       13,159  

Eiffage SA

      65       6,270  

Engie SA

      1,323       22,874  

EssilorLuxottica SA

      47       11,230  

Eurazeo SE

      63       5,201  

Gecina SA

      7       857  

Getlink SE

      261       4,652  

Hermes International SCA

      39       95,451  

Ipsen SA

      23       2,857  

Kering SA

      91       26,227  

Klepierre SA

      34       1,123  

La Francaise des Jeux SAEM (e)

      17       698  

Legrand SA

      229       26,348  

L’Oreal SA

      264       118,568  

LVMH Moet Hennessy Louis Vuitton SE

      337       258,277  

Orange SA

      297       3,407  

Pernod Ricard SA

      776       117,362  

Publicis Groupe SA

      37       3,995  

Renault SA

      190       8,258  

Rexel SA

      199       5,778  

Safran SA

      300       70,544  

Sanofi SA

      697       80,297  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

    

Sartorius Stedim Biotech

      5       985  

Schneider Electric SE

      476       125,465  

SEB SA

      4       474  

Societe Generale SA

      1,008       25,128  

Sodexo SA

      14       1,160  

Teleperformance SE

      47       4,902  

Thales SA

      84       13,356  

TotalEnergies SE

      1,826       118,553  

Unibail-Rodamco-Westfield

      19       1,656  

Veolia Environnement SA

      500       16,455  

Vinci SA

      436       51,010  

Vivendi SE

      115       1,330  
    

 

 

  
       1,889,844  
    

 

 

  

Germany — 14.5%

    

adidas AG

      198       52,534  

Allianz SE (Registered)

      609       200,276  

BASF SE

      1,856       98,357  

Bayer AG (Registered)

      601       20,347  

Bayerische Motoren Werke AG

      313       27,655  

Bechtle AG

      13       591  

Beiersdorf AG

      109       16,417  

Brenntag SE

      114       8,493  

Carl Zeiss Meditec AG

      6       504  

Commerzbank AG

      1,406       25,928  

Continental AG

      17       1,131  

Covestro AG (a) (e)

      393       24,484  

CTS Eventim AG & Co. KGaA

      10       1,031  
Daimler Truck Holding AG      432       16,237  
Delivery Hero SE, Class A (a) (e)      31       1,238  
Deutsche Bank AG (Registered)      2,645       45,783  
Deutsche Boerse AG      265       62,250  
Deutsche Lufthansa AG (Registered)      516       3,778  
Deutsche Post AG      890       39,683  
Deutsche Telekom AG (Registered)      557       16,356  
E.ON SE      1,625       24,198  
Evonik Industries AG      533       12,473  
Fresenius Medical Care AG      33       1,392  
Fresenius SE & Co. KGaA (a)      67       2,562  
GEA Group AG      136       6,668  
Hannover Rueck SE      94       26,768  
Heidelberg Materials AG      284       30,920  
Henkel AG & Co. KGaA      20       1,682  

Infineon Technologies AG

      208       7,308  

Knorr-Bremse AG

      63       5,620  

LEG Immobilien SE

      12       1,239  

Mercedes-Benz Group AG

      740       47,969  

Merck KGaA

      79       13,945  

MTU Aero Engines AG

      47       14,796  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)

      208       114,643  

Nemetschek SE

      256       26,574  

Puma SE

      129       5,402  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

    

Rational AG

      4       4,585  

Rheinmetall AG

      38       20,772  

RWE AG

      457       16,645  

SAP SE

      4,624       1,057,562  

Scout24 SE (e)

      12       1,030  

Siemens AG

      663       134,087  

Siemens Energy AG (a)

      558       20,607  

Siemens Healthineers AG (e)

      45       2,682  

Symrise AG, Class A

      276       38,201  

Talanx AG

      101       8,509  

Vonovia SE

      119       4,337  

Zalando SE (a) (e)

      36       1,179  
    

 

 

  
       2,317,428  
    

 

 

  

Hong Kong — 0.3%

     

Prudential plc

      5,104       47,349  
    

 

 

  

Ireland — 0.8%

     

AerCap Holdings NV

      171       16,151  

AIB Group plc

      2,523       14,455  

Bank of Ireland Group plc

      1,427       15,935  

DCC plc

      117       7,973  

Experian plc

      1,084       57,085  

Kerry Group plc, Class A

      26       2,657  

Kingspan Group plc

      136       12,755  
    

 

 

  
       127,011  
    

 

 

  

Italy — 3.1%

     

Amplifon SpA

      20       571  

Banco BPM SpA

      1,799       12,154  

Davide Campari-Milano NV

      2,355       19,965  

DiaSorin SpA

      4       418  

Enel SpA

      5,885       47,007  

Eni SpA

      1,944       29,578  

Ferrari NV

      125       58,377  

FinecoBank Banca Fineco SpA

      851       14,604  

Generali

      1,586       45,907  

Infrastrutture Wireless Italiane SpA (e)

      55       672  

Intesa Sanpaolo SpA

      20,405       87,349  

Leonardo SpA

      262       5,858  

Mediobanca Banca di Credito Finanziario SpA

      699       11,949  

Moncler SpA

      269       17,118  

Nexi SpA (a) (e)

      832       5,655  

Poste Italiane SpA (e)

      713       10,016  

Prysmian SpA

      238       17,322  

Recordati Industria Chimica e Farmaceutica SpA

      64       3,635  

Snam SpA

      1,464       7,455  

Telecom Italia SpA (a)

      1,580       439  

Terna - Rete Elettrica Nazionale

      1,037       9,341  

UniCredit SpA

      2,057       90,319  
    

 

 

  
       495,709  
    

 

 

  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 — 2.1%

     

Advantest Corp.

      65       3,071  

Aeon Co. Ltd.

      55       1,505  

AGC, Inc.

      17       539  

Aisin Corp.

      45       500  

Ajinomoto Co., Inc.

      40       1,540  

ANA Holdings, Inc.

      14       298  

Asahi Group Holdings Ltd.

      124       1,624  

Asahi Kasei Corp.

      106       807  

Asics Corp.

      58       1,216  

Astellas Pharma, Inc.

      153       1,773  

Bandai Namco Holdings, Inc.

      51       1,159  

Bridgestone Corp.

      48       1,869  

Brother Industries Ltd.

      20       388  

Canon, Inc.

      79       2,615  

Capcom Co. Ltd.

      29       686  

Central Japan Railway Co.

      66       1,512  

Chiba Bank Ltd. (The)

      45       367  

Chubu Electric Power Co., Inc.

      55       642  

Chugai Pharmaceutical Co. Ltd.

      57       2,777  

Concordia Financial Group Ltd.

      89       497  

Dai Nippon Printing Co. Ltd.

      33       589  

Daifuku Co. Ltd.

      28       532  

Dai-ichi Life Holdings, Inc.

      77       2,006  

Daiichi Sankyo Co. Ltd.

      157       5,199  

Daikin Industries Ltd.

      22       3,144  

Daito Trust Construction Co. Ltd.

      5       609  

Daiwa House Industry Co. Ltd.

      48       1,495  

Daiwa Securities Group, Inc.

      113       802  

Denso Corp.

      161       2,426  

Dentsu Group, Inc.

      17       530  

Disco Corp.

      8       2,081  

East Japan Railway Co.

      78       1,544  

Eisai Co. Ltd.

      21       798  

ENEOS Holdings, Inc.

      244       1,337  

FANUC Corp.

      81       2,373  

Fast Retailing Co. Ltd.

      16       5,375  

Fuji Electric Co. Ltd.

      11       691  

FUJIFILM Holdings Corp.

      95       2,457  

Fujitsu Ltd.

      141       2,899  

Hamamatsu Photonics KK

      24       316  

Hankyu Hanshin Holdings, Inc.

      19       599  

Hikari Tsushin, Inc.

      2       334  

Hitachi Construction Machinery Co. Ltd.

      9       216  

Hitachi Ltd.

      395       10,461  

Honda Motor Co. Ltd.

      382       4,079  

Hoshizaki Corp.

      9       310  

Hoya Corp.

      30       4,127  

Hulic Co. Ltd.

      33       336  

Ibiden Co. Ltd.

      10       315  

Idemitsu Kosan Co. Ltd.

      83       602  

Inpex Corp.

      80       1,084  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

    

Isuzu Motors Ltd.

      51       697  

ITOCHU Corp.

      101       5,454  

Japan Airlines Co. Ltd.

      12       206  

Japan Exchange Group, Inc.

      84       1,094  

Japan Post Bank Co. Ltd.

      123       1,152  

Japan Post Holdings Co. Ltd.

      164       1,570  

Japan Post Insurance Co. Ltd.

      17       303  

Japan Real Estate Investment Corp.

      —  (h)      437  

Japan Tobacco, Inc.

      102       2,983  

JFE Holdings, Inc.

      49       656  

Kajima Corp.

      34       632  

Kansai Electric Power Co., Inc. (The)

      60       989  

KAO Corp.

      40       1,952  

Kawasaki Kisen Kaisha Ltd.

      33       519  

KDDI Corp.

      131       4,184  

Keisei Electric Railway Co. Ltd.

      11       331  

Keyence Corp.

      17       7,956  

Kikkoman Corp.

      58       654  

Kirin Holdings Co. Ltd.

      66       1,004  

Kobe Bussan Co. Ltd.

      13       402  

Kokusai Electric Corp.

      12       271  

Komatsu Ltd.

      79       2,214  

Konami Group Corp.

      9       867  

Kubota Corp.

      85       1,211  

Kyocera Corp.

      109       1,272  

Kyowa Kirin Co. Ltd.

      21       365  

Lasertec Corp.

      7       1,134  

LY Corp.

      227       661  

M3, Inc.

      38       379  

Makita Corp.

      20       686  

Marubeni Corp.

      121       1,996  

MatsukiyoCocokara & Co.

      29       481  

Mazda Motor Corp.

      48       368  

McDonald’s Holdings Co. Japan Ltd

      8       357  

MEIJI Holdings Co. Ltd.

      20       498  

MINEBEA MITSUMI, Inc.

      31       609  

Mitsubishi Chemical Group Corp.

      115       739  

Mitsubishi Corp.

      285       5,912  

Mitsubishi Electric Corp.

      164       2,657  

Mitsubishi Estate Co. Ltd.

      97       1,538  

Mitsubishi HC Capital, Inc.

      68       486  

Mitsubishi Heavy Industries Ltd.

      273       4,080  

Mitsubishi UFJ Financial Group, Inc.

      945       9,702  

Mitsui & Co. Ltd.

      219       4,898  

Mitsui Chemicals, Inc.

      15       390  

Mitsui Fudosan Co. Ltd.

      226       2,133  

Mitsui OSK Lines Ltd.

      29       1,011  

Mizuho Financial Group, Inc.

      205       4,246  

MonotaRO Co. Ltd.

      22       359  

MS&AD Insurance Group Holdings, Inc.

      109       2,564  

Murata Manufacturing Co. Ltd.

      144       2,850  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

    

NEC Corp.

      21       2,009  

Nexon Co. Ltd.

      29       566  

NIDEC Corp.,

      71       1,491  

Nintendo Co. Ltd.

      89       4,730  

Nippon Building Fund, Inc.

      1       596  

Nippon Paint Holdings Co. Ltd.

      80       612  

Nippon Prologis REIT, Inc.

      —  (h)      336  

Nippon Sanso Holdings Corp.

      15       540  

Nippon Steel Corp.

      74       1,652  

Nippon Telegraph & Telephone Corp.

      2,533       2,597  

Nippon Yusen KK

      39       1,447  

Nissan Motor Co. Ltd.

      199       565  

Nissin Foods Holdings Co. Ltd.

      17       475  

Nitori Holdings Co. Ltd.

      7       1,012  

Nitto Denko Corp.

      61       1,027  

Nomura Holdings, Inc.

      255       1,330  

Nomura Real Estate Holdings, Inc.

      9       243  

Nomura Research Institute Ltd.

      32       1,188  

NTT Data Group Corp.

      54       963  

Obayashi Corp.

      55       701  

Obic Co. Ltd.

      28       982  

Olympus Corp.

      100       1,905  

Omron Corp.

      15       681  

Ono Pharmaceutical Co. Ltd.

      32       427  

Oracle Corp. Japan

      3       351  

Oriental Land Co. Ltd.

      93       2,393  

ORIX Corp.

      98       2,288  

Osaka Gas Co. Ltd.

      31       706  

Otsuka Corp.

      20       482  

Otsuka Holdings Co. Ltd.

      36       2,016  

Pan Pacific International Holdings Corp.

      32       839  

Panasonic Holdings Corp.

      198       1,737  

Rakuten Group, Inc.

      127       821  

Recruit Holdings Co. Ltd.

      126       7,673  

Renesas Electronics Corp.

      143       2,080  

Resona Holdings, Inc.

      179       1,253  

Ricoh Co. Ltd.

      47       506  

Rohm Co. Ltd.

      30       332  

SBI Holdings, Inc.

      23       532  

SCREEN Holdings Co. Ltd.

      7       485  

SCSK Corp.

      14       282  

Secom Co. Ltd.

      36       1,317  

Seiko Epson Corp.

      25       455  

Sekisui Chemical Co. Ltd.

      32       507  

Sekisui House Ltd.

      51       1,405  

Seven & i Holdings Co. Ltd.

      190       2,856  

SG Holdings Co. Ltd.

      28       297  

Shimadzu Corp.

      20       672  

Shimano, Inc.

      7       1,237  

Shin-Etsu Chemical Co. Ltd.

      153       6,406  

Shionogi & Co. Ltd.

      64       920  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

    

Shiseido Co. Ltd.

      34       922  

Shizuoka Financial Group, Inc.

      38       328  

SMC Corp.

      5       2,191  

SoftBank Corp.

      2,432       3,175  

SoftBank Group Corp.

      88       5,196  

Sompo Holdings, Inc.

      80       1,806  

Sony Group Corp.

      531       10,316  

Subaru Corp.

      51       904  

SUMCO Corp.

      30       321  

Sumitomo Corp.

      88       1,978  

Sumitomo Electric Industries Ltd.

      61       984  

Sumitomo Metal Mining Co. Ltd.

      21       630  

Sumitomo Mitsui Financial Group, Inc.

      320       6,827  

Sumitomo Mitsui Trust Holdings, Inc.

      56       1,328  

Sumitomo Realty & Development Co. Ltd.

      24       819  

Suntory Beverage & Food Ltd.

      12       444  

Suzuki Motor Corp.

      133       1,500  

Sysmex Corp.

      43       845  

T&D Holdings, Inc.

      42       732  

Taisei Corp.

      14       619  

Takeda Pharmaceutical Co. Ltd.

      135       3,901  

TDK Corp.

      165       2,108  

Terumo Corp.

      115       2,171  

TIS, Inc.

      18       465  

Toho Co. Ltd.

      10       389  

Tokio Marine Holdings, Inc.

      160       5,896  

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

      129       574  

Tokyo Electron Ltd.

      38       6,795  

Tokyo Gas Co. Ltd.

      31       713  

Tokyu Corp.

      42       549  

TOPPAN Holdings, Inc.

      20       604  

Toray Industries, Inc.

      118       695  

TOTO Ltd.

      12       454  

Toyota Industries Corp.

      13       985  

Toyota Motor Corp.

      874       15,702  

Toyota Tsusho Corp.

      54       987  

Trend Micro, Inc./Japan

      11       671  

Unicharm Corp.

      34       1,232  

West Japan Railway Co.

      37       707  

Yakult Honsha Co. Ltd.

      22       507  

Yamaha Motor Co. Ltd.

      72       644  

Yaskawa Electric Corp.

      20       711  

Yokogawa Electric Corp.

      19       497  

Zensho Holdings Co. Ltd.

      8       460  

ZOZO, Inc.

      12       425  
    

 

 

  
       334,790  
    

 

 

  

Jordan — 0.0% (g)

     

Hikma Pharmaceuticals plc

      154       3,946  
    

 

 

  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     

Luxembourg — 0.2%

     

ArcelorMittal SA

      975       25,529  

Eurofins Scientific SE

      22       1,364  

Tenaris SA

      76       1,209  
    

 

 

  
       28,102  
    

 

 

  

Netherlands — 10.5%

     

ABN AMRO Bank NV, CVA (e)

      639       11,543  

Adyen NV (a) (e)

      30       47,498  

Aegon Ltd.

      2,113       13,574  

Akzo Nobel NV

      355       25,056  

Argenx SE (a)

      9       5,125  

ASM International NV

      147       97,007  

ASML Holding NV

      1,251       1,040,950  

ASR Nederland NV

      246       12,080  

BE Semiconductor Industries NV

      241       30,789  

Euronext NV (e)

      112       12,184  

EXOR NV

      138       14,833  

Ferrovial SE

      456       19,610  

Heineken Holding NV

      496       37,468  

Heineken NV

      1,102       97,811  

IMCD NV

      49       8,567  

ING Groep NV

      4,609       83,629  

JDE Peet’s NV

      19       401  

Koninklijke Ahold Delhaize NV

      151       5,202  

Koninklijke KPN NV

      629       2,568  

Koninklijke Philips NV

      128       4,202  

NN Group NV

      421       20,996  

OCI NV

      218       6,225  

Prosus NV (a)

      226       9,868  

QIAGEN NV (a)

      36       1,608  

Randstad NV

      94       4,681  

Stellantis NV

      2,092       28,975  

Universal Music Group NV

      132       3,449  

Wolters Kluwer NV

      217       36,582  
    

 

 

  
       1,682,481  
    

 

 

  

Norway — 0.6%

     

Aker BP ASA

      50       1,074  

DNB Bank ASA

      1,249       25,607  

Equinor ASA

      711       17,980  

Gjensidige Forsikring ASA

      308       5,762  

Kongsberg Gruppen ASA

      78       7,611  

Mowi ASA

      74       1,333  

Norsk Hydro ASA

      2,926       18,899  

Orkla ASA

      113       1,063  

Salmar ASA

      11       555  

Telenor ASA

      101       1,289  

Yara International ASA

      344       10,867  
    

 

 

  
       92,040  
    

 

 

  

Poland — 0.0% (g)

     

InPost SA (a)

      177       3,336  
    

 

 

  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

  SHARES  

       VALUE ($)    

Common Stocks — continued

     

Portugal — 0.1%

     

EDP SA

      2,279       10,395  

Galp Energia SGPS SA

      393       7,358  

Jeronimo Martins SGPS SA

      45       886  
    

 

 

  
       18,639  
    

 

 

  

Spain — 2.4%

     

Acciona SA

      18       2,535  

ACS Actividades de Construccion y Servicios SA

      167       7,705  

Aena SME SA (e)

      66       14,486  

Amadeus IT Group SA

      72       5,211  

Banco Bilbao Vizcaya Argentaria SA

      8,046       86,914  

Banco de Sabadell SA

      7,570       16,076  

Banco Santander SA

      21,632       110,842  

CaixaBank SA

      5,077       30,297  

Cellnex Telecom SA (e)

      84       3,400  

EDP Renovaveis SA

      226       3,945  

Endesa SA

      235       5,142  

Grifols SA (a)

      48       540  

Iberdrola SA

      4,436       68,575  

Industria de Diseno Textil SA

      174       10,322  

Redeia Corp. SA

      243       4,726  

Repsol SA

      1,031       13,594  

Telefonica SA

      650       3,181  
    

 

 

  
       387,491  
    

 

 

  

Sweden — 3.3%

     

AddTech AB, Class B

      225       6,759  

Alfa Laval AB

      253       12,151  

Assa Abloy AB, Class B

      868       29,245  

Atlas Copco AB, Class A

      2,338       45,309  

Atlas Copco AB, Class B

      1,363       23,378  

Beijer Ref AB, Class B

      314       5,172  

Boliden AB

      569       19,306  

Epiroc AB, Class A

      570       12,354  

Epiroc AB, Class B

      343       6,497  

EQT AB

      519       17,832  

Essity AB, Class B

      97       3,026  

Evolution AB (e)

      29       2,811  

Fastighets AB Balder, Class B (a)

      106       929  

Getinge AB, Class B

      36       784  

H & M Hennes & Mauritz AB, Class B

      91       1,557  

Hexagon AB, Class B

      331       3,562  

Holmen AB, Class B

      158       6,827  

Husqvarna AB, Class B

      302       2,115  

Industrivarden AB, Class A

      175       6,470  

Industrivarden AB, Class C

      218       8,014  

Indutrade AB

      238       7,417  

Investment AB Latour, Class B

      131       4,089  

Investor AB, Class B

      2,415       74,431  

L E Lundbergforetagen AB, Class B

      107       6,139  

Lifco AB, Class B

      206       6,776  

Nibe Industrier AB, Class B

      1,314       7,200  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

    

Saab AB, Class B

      285       6,084  

Sagax AB, Class B

      35       1,007  

Sandvik AB

      928       20,760  

Securitas AB, Class B

      431       5,474  

Skandinaviska Enskilda Banken AB, Class A

      2,215       33,903  

Skanska AB, Class B

      298       6,217  

SKF AB, Class B

      296       5,903  

Svenska Cellulosa AB SCA, Class B

      1,259       18,360  

Svenska Handelsbanken AB, Class A

      2,037       20,927  

Swedbank AB, Class A

      1,185       25,143  

Swedish Orphan Biovitrum AB (a)

      31       1,005  

Tele2 AB, Class B

      85       965  

Telefonaktiebolaget LM Ericsson, Class B

      442       3,340  

Telia Co. AB

      373       1,207  

Trelleborg AB, Class B

      186       7,177  

Volvo AB, Class A

      171       4,558  

Volvo AB, Class B

      1,392       36,830  

Volvo Car AB, Class B (a)

      733       2,018  
    

 

 

  
       521,028  
    

 

 

  

Switzerland — 15.8%

     

ABB Ltd. (Registered)

      1,383       80,230  

Adecco Group AG (Registered)

      146       4,996  

Alcon, Inc.

      80       7,974  

Avolta AG (a)

      14       613  

Bachem Holding AG, Class B

      5       456  

Baloise Holding AG (Registered)

      68       13,821  

Banque Cantonale Vaudoise (Registered)

      42       4,287  

Barry Callebaut AG (Registered)

      11       19,577  

BKW AG

      15       2,797  

Chocoladefabriken Lindt & Spruengli AG

      3       37,423  

Chocoladefabriken Lindt & Spruengli AG (Registered)

      —  (h)      40,886  

Cie Financiere Richemont SA, Class A (Registered)

      658       104,481  

Clariant AG (Registered) (a)

      449       6,810  

Coca-Cola HBC AG (a)

      903       32,179  

DSM-Firmenich AG

      387       53,367  

EMS-Chemie Holding AG (Registered)

      15       12,264  

Galderma Group AG (a)

      36       3,352  

Geberit AG

      29       18,949  

Givaudan SA

      19       105,336  

Glencore plc (a)

      24,761       141,799  

Helvetia Holding AG (Registered)

      58       10,020  

Holcim AG (a)

      1,084       106,126  

Julius Baer Group Ltd.

      286       17,273  

Kuehne + Nagel International AG (Registered)

      42       11,517  

Logitech International SA (Registered)

      25       2,220  

Lonza Group AG

      12       7,328  

Nestle SA

      7,786       782,450  

Novartis AG

      1,206       138,901  

Partners Group Holding AG

      32       47,747  

Roche Holding AG

      450       144,314  

Sandoz Group AG

      250       10,427  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

    

Schindler Holding AG

      35       10,375  

Schindler Holding AG (Registered)

      21       5,832  

SGS SA (Registered)

      134       14,973  

SIG Group AG (a)

      636       14,174  

Sika AG (Registered)

      317       105,069  

Sonova Holding AG (Registered)

      8       2,901  

STMicroelectronics NV

      108       3,217  

Straumann Holding AG

      18       2,902  

Swatch Group AG (The)

      35       7,563  

Swatch Group AG (The) (Registered)

      64       2,760  

Swiss Life Holding AG (Registered)

      45       37,396  

Swiss Prime Site AG (Registered)

      12       1,361  

Swiss Re AG

      469       64,888  

Swisscom AG (Registered)

      4       2,681  

Temenos AG (Registered)

      10       710  

UBS Group AG (Registered)

      4,590       142,040  

VAT Group AG (e)

      23       12,007  

Zurich Insurance Group AG

      228       137,459  
    

 

 

  
       2,538,228  
    

 

 

  

Taiwan — 2.1%

     

Alchip Technologies Ltd.

      30       1,889  

ASE Technology Holding Co. Ltd.

      1,249       5,923  

eMemory Technology, Inc.

      24       1,975  

Global Unichip Corp.

      33       1,133  

Globalwafers Co. Ltd.

      100       1,434  

MediaTek, Inc.

      577       21,266  

Nanya Technology Corp. (a)

      471       704  

Novatek Microelectronics Corp.

      220       3,582  

Realtek Semiconductor Corp.

      185       2,746  

Taiwan Semiconductor Manufacturing Co. Ltd.

      9,354       282,062  

United Microelectronics Corp.

      4,308       7,261  

Vanguard International Semiconductor Corp.

      341       1,114  

Winbond Electronics Corp. (a)

      1,259       847  
    

 

 

  
       331,936  
    

 

 

  

United Arab Emirates — 0.0%

     

NMC Health plc (a) (bb) (cc)

      116       —  
    

 

 

  

United Kingdom — 19.4%

    

3i Group plc

      1,659       73,475  

Admiral Group plc

      484       18,046  

Anglo American plc

      3,034       98,621  

Ashtead Group plc

      516       39,954  

Associated British Foods plc

      156       4,889  

AstraZeneca plc

      1,427       222,297  

Auto Trader Group plc (e)

      417       4,849  

Aviva plc

      5,002       32,399  

BAE Systems plc

      3,587       59,558  

Barclays plc

      25,156       75,582  

Barratt Developments plc

      651       4,175  

Berkeley Group Holdings plc

      48       3,011  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

    

BP plc

      19,085       99,541  

British American Tobacco plc

      934       34,062  

BT Group plc, Class A

      3,010       5,966  

Bunzl plc

      398       18,854  

Centrica plc

      2,439       3,814  

Coca-Cola Europacific Partners plc

      790       62,177  

Compass Group plc

      796       25,506  

Croda International plc

      316       17,877  

Diageo plc

      9,193       321,094  

Endeavour Mining plc

      438       10,366  

Entain plc

      299       3,054  

GSK plc

      3,815       77,683  

Haleon plc

      10,279       53,782  

Halma plc

      177       6,176  

Hargreaves Lansdown plc

      610       9,088  

HSBC Holdings plc

      31,555       283,081  

Imperial Brands plc

      380       11,050  

Informa plc

      622       6,838  

InterContinental Hotels Group plc

      76       8,243  

Intertek Group plc

      190       13,153  

J Sainsbury plc

      775       3,069  

JD Sports Fashion plc

      1,216       2,507  

Kingfisher plc

      855       3,692  

Land Securities Group plc

      330       2,881  

Legal & General Group plc

      11,079       33,579  

Lloyds Banking Group plc

      106,331       83,607  

London Stock Exchange Group plc

      815       111,551  

M&G plc

      3,860       10,708  

Melrose Industries plc

      1,547       9,452  

Mondi plc

      1,053       20,083  

National Grid plc

      2,251       31,115  

NatWest Group plc

      11,326       52,433  

Next plc

      56       7,362  

Pearson plc

      283       3,854  

Persimmon plc

      149       3,275  

Phoenix Group Holdings plc

      1,296       9,710  

Reckitt Benckiser Group plc

      327       19,978  

RELX plc

      2,207       104,221  

Rentokil Initial plc

      2,970       14,524  

Rio Tinto plc

      2,692       191,074  

Rolls-Royce Holdings plc (a)

      10,047       71,104  

Sage Group plc (The)

      471       6,473  

Schroders plc

      1,365       6,395  

Segro plc

      599       7,025  

Severn Trent plc

      126       4,446  

Shell plc

      7,276       236,038  

Smith & Nephew plc

      411       6,376  

Smiths Group plc

      405       9,097  

Spirax Group plc

      86       8,659  

SSE plc

      512       12,893  

Standard Chartered plc

      3,696       39,200  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

    

Taylor Wimpey plc

      1,647       3,623  

Tesco plc

      3,241       15,563  

Unilever plc

      3,510       227,563  

United Utilities Group plc

      322       4,509  

Vodafone Group plc

      10,576       10,600  

Whitbread plc

      84       3,538  

Wise plc, Class A (a)

      1,133       10,191  

WPP plc

      508       5,201  
    

 

 

  
       3,115,430  
    

 

 

  

Total Common Stocks

(Cost $12,416,253)

        15,763,739  
    

 

 

  

Preferred Stocks — 0.2%

    

Germany — 0.2%

     

Bayerische Motoren Werke AG

      61       5,070  

Dr Ing hc F Porsche AG (e)

      112       8,985  

Henkel AG & Co. KGaA

      24       2,301  

Porsche Automobil Holding SE

      151       6,921  

Sartorius AG

      4       1,176  

Volkswagen AG

      203       21,613  
    

 

 

  

Total Preferred Stocks

(Cost $50,910)

        46,066  
    

 

 

  

SECURITY DESCRIPTION

   

PRINCIPAL
  AMOUNT ($)  

     VALUE ($)    

Short-Term Investments — 0.9%

    

Time Deposits — 0.9%

     
Australia & New Zealand Banking Group Ltd., 4.18%, 10/01/2024      1,644       1,644  
Brown Brothers Harriman,     
2.00%, 10/01/2024    DKK  69,434       10,368  
2.29%, 10/01/2024     SEK  13,181       1,298  
3.18%, 10/01/2024    NOK 4,915       466  
Citibank NA,     
2.33%, 10/01/2024     EUR 45,530       50,682  
4.18%, 10/01/2024      1,917       1,917  
Royal Bank of Canada,     
3.91%, 10/01/2024     GBP 20,663       27,625  
4.18%, 10/01/2024      14,924       14,924  
Skandinaviska Enskilda Banken AB, 0.15%, 10/01/2024     CHF 9,911       11,711  
Sumitomo Mitsui Banking Corp.,     
0.01%, 10/01/2024     JPY  311,712       2,169  
4.18%, 10/01/2024      8,675       8,675  
Sumitomo Mitsui Trust Bank Ltd., 4.18%, 10/01/2024      7,832       7,832  
    

 

 

  
Total Short-Term Investments
(Cost $139,311)		        139,311  
    

 

 

  

Total Investments — 99.4%

(Cost - $12,606,474) *

        15,949,116  

Other Assets in Excess of Liabilities — 0.6%

        92,946  
    

 

 

  

NET ASSETS — 100.0%

      $  16,042,062  
    

 

 

  

 

Percentages indicated are based on net assets.

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Futures contracts outstanding as of September 30, 2024:

Exchange Traded

 

DESCRIPTION

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

Long Contracts

               

Euro STOXX 50 Index

      952        12/2024        EUR        51,900        1,404  

FTSE 100 Index

      342        12/2024        GBP        38,079        (181 ) 

FTSE Taiwan Index

      28        10/2024        USD        2,096        (6 ) 

OMX Copenhagen 25 Index

      420        10/2024        DKK        12,350        (106 ) 

STOXX 600 Insurance Index

      21        12/2024        EUR        471        5  

STOXX Europe 600 Index

      643        12/2024        EUR        18,568        252  

TOPIX Index

      29        12/2024        JPY        5,354        (12 ) 
              

 

 

  

Total unrealized appreciation (depreciation)

                  1,356  
              

 

 

  

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 SEPTEMBER 30, 2024

 

CVA    —    Dutch Certification
OYJ    —    Public Limited Company
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

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Summary of Investments by Industry, September 30, 2024

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

 

INDUSTRY

    PERCENTAGE  

Pharmaceuticals

      11.0 % 

Banks

      10.9 % 

Semiconductors

      9.6 % 

Software

      6.9 % 

Insurance

      6.6 % 

Beverages

      6.0 % 

Food

      5.8 % 

Chemicals

      4.6 % 

Oil & Gas

      3.4 % 

Mining

      3.2 % 

Apparel

      2.7 % 

Cosmetics/Personal Care

      2.7 % 

Commercial Services

      2.5 % 

Aerospace/Defense

      2.2 % 

Building Materials

      2.2 % 

Auto Manufacturers

      1.9 % 

Electric

      1.8 % 

Diversified Financial Services

      1.5 % 

Retail

      1.2 % 

Miscellaneous Manufacturers

      1.1 % 

Others (Each less than 1.0%)

      11.3 % 

Short-Term Investments

      0.9 % 

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Long Positions — 106.3%              
Asset-Backed Securities — 0.4%      
Anchorage Capital CLO 28 Ltd., (Cayman Islands), Series 2024-28A, Class A, (CME Term SOFR 3 Month + 1.70%), 6.98%, 04/20/2037 (e) (aa)      2,000        2,012  
Apex Credit CLO 2024-I Ltd., (Bermuda), Series 2024-1A, Class A1, (CME Term SOFR 3 Month + 1.80%), 7.08%, 04/20/2036 (e) (aa)      1,000        1,008  
ARES L CLO Ltd., (Cayman Islands), Series 2018-50A, Class AR, (CME Term SOFR 3 Month + 1.31%), 6.61%, 01/15/2032 (e) (aa)      2,510        2,513  
Atlas Senior Loan Fund Ltd., (Cayman Islands), Series 2017-8A, Class A, (CME Term SOFR 3 Month + 1.41%), 6.70%, 01/16/2030 (e) (aa)      518        519  
Benefit Street Partners CLO XVII Ltd., (Cayman Islands), Series 2019-17A, Class AR, (CME Term SOFR 3 Month + 1.34%), 6.64%, 07/15/2032 (e) (aa)      4,300        4,300  
BlueMountain CLO 2016-3 Ltd., (Cayman Islands), Series 2016-3A, Class A1R2, (CME Term SOFR 3 Month + 1.20%), 6.32%, 11/15/2030 (e) (aa)      830        831  
CARLYLE US CLO Ltd., (Cayman Islands),      
Series 2017-1A, Class A1R, (CME Term SOFR 3 Month + 1.26%), 6.54%, 04/20/2031 (e) (aa)      904        905  
Series 2018-2A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 6.45%, 10/15/2031 (e) (aa)      2,825        2,826  
CIFC Funding Ltd., (Cayman Islands), Series 2017-4A, Class A1R, (CME Term SOFR 3 Month + 1.21%), 6.49%, 10/24/2030 (e) (aa)      1,655        1,656  
Crestline Denali CLO XV Ltd., (Cayman Islands), Series 2017-1A, Class AR, (CME Term SOFR 3 Month + 1.29%), 6.57%, 04/20/2030 (e) (aa)      1,432        1,432  
Diameter Capital CLO 6 Ltd., (Cayman Islands), Series 2024-6A, Class A1, (CME Term SOFR 3 Month + 1.61%), 6.94%, 04/15/2037 (e) (aa)      2,700        2,715  
Drive Auto Receivables Trust, Series 2024-2, Class C, 4.67%, 05/17/2032      770        769  
Dryden 27 R Euro CLO 2017 DAC, (Ireland), Series 2017-27A, Class AR, (ICE LIBOR EUR 3 Month + 0.66%), 4.35%, 04/15/2033 (e) (aa)    EUR 7,149        7,944  
Dryden Senior Loan Fund, (Cayman Islands), Series 2014-36A, Class AR3, (CME Term SOFR 3 Month + 1.28%), 6.58%, 04/15/2029 (e) (aa)      2,510        2,511  
Exeter Automobile Receivables Trust, Series 2024-3A, Class C, 5.70%, 07/16/2029      1,046        1,070  
FHLB, 2.05%, 03/19/2035      162        132  
Generate CLO 3 Ltd., (Cayman Islands), Series 3A, Class A2R, (CME Term SOFR 3 Month + 1.83%), 7.11%, 10/20/2036 (e) (aa)      2,400        2,418  
GM Financial Consumer Automobile Receivables Trust,      
Series 2023-1, Class A3, 4.66%, 02/16/2028      1,850        1,856  
Series 2023-1, Class A4, 4.59%, 07/17/2028      230        232  
Series 2024-2, Class A3, 5.10%, 03/16/2029      1,175        1,197  
Series 2024-2, Class B, 5.28%, 10/16/2029      850        872  
Goldentree Loan Management US CLO 4 Ltd., (Cayman Islands), Series 2019-4A, Class ARR, (CME Term SOFR 3 Month + 1.15%), 6.43%, 04/24/2031 (e) (aa)      1,956        1,956  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Asset-Backed Securities — continued      
KKR CLO 28 Ltd., (Cayman Islands), Series 28A, Class AR, (CME Term SOFR 3 Month + 1.44%), 6.73%, 02/09/2035 (e) (aa)      1,100        1,101  
Madison Park Funding XXIX Ltd., (Cayman Islands), Series 2018-29A, Class AR, (CME Term SOFR 3 Month + 1.18%), 6.46%, 10/18/2030 (e) (aa)      1,398        1,399  
Marathon CLO 14 Ltd., (Cayman Islands), Series 2019-2A, Class A1AR, (CME Term SOFR 3 Month + 1.38%), 6.66%, 01/20/2033 (e) (aa)      1,400        1,400  
Marble Point CLO X Ltd., (Cayman Islands), Series 2017-1A, Class AR, (CME Term SOFR 3 Month + 1.30%), 6.60%, 10/15/2030 (e) (aa)      410        410  
Mountain View CLO 2017-1 LLC, (Cayman Islands), Series 2017-1A, Class AR, (CME Term SOFR 3 Month + 1.35%), 6.64%, 10/16/2029 (e) (aa)      153        153  
Mountain View CLO 2017-2 LLC, (Cayman Islands), Series 2017-2A, Class AR, (CME Term SOFR 3 Month + 1.30%), 6.59%, 01/16/2031 (e) (aa)      1,497        1,498  
Octagon Investment Partners 39 Ltd., (Cayman Islands), Series 2018-3A, Class AR, (CME Term SOFR 3 Month + 1.15%), 6.43%, 10/20/2030 (e) (aa)      3,084        3,085  
Palmer Square CLO 2022-1 Ltd., (Cayman Islands), Series 2022-1A, Class A, (CME Term SOFR 3 Month + 1.32%), 6.60%, 04/20/2035 (e) (aa)      600        600  
Regatta XIX Funding Ltd., (Cayman Islands), Series 2022-1A, Class A1, (CME Term SOFR 3 Month + 1.32%), 6.60%, 04/20/2035 (e) (aa)      1,000        1,000  
Sound Point CLO XXIII, (Cayman Islands), Series 2019-2A, Class AR, (CME Term SOFR 3 Month + 1.43%), 6.73%, 07/15/2034 (e) (aa)      500        500  
Sycamore Tree CLO 2023-2 Ltd., (Cayman Islands), Series 2023-2A, Class AR, (CME Term SOFR 3 Month + 1.68%), 6.96%, 01/20/2037 (e) (aa)      1,600        1,609  
Symphony CLO XXIV Ltd., (Cayman Islands), Series 2020-24A, Class AR, (CME Term SOFR 3 Month + 1.20%), 6.48%, 01/23/2032 (e) (aa)      944        944  
TCW CLO 2024-1 Ltd., (Cayman Islands), Series 2024-1A, Class A1, (CME Term SOFR 3 Month + 1.60%), 6.89%, 01/16/2037 (e) (aa)      700        703  
Venture 33 CLO Ltd., (Cayman Islands), Series 2018-33A, Class A1LR, (CME Term SOFR 3 Month + 1.32%), 6.62%, 07/15/2031 (e) (aa)      623        623  
Voya CLO 2017-1 Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (CME Term SOFR 3 Month + 1.21%), 6.50%, 04/17/2030 (e) (aa)      1,632        1,632  
Westlake Automobile Receivables Trust, Series 2023-4A, Class C, 6.64%, 11/15/2028 (e)      325        335  
     

 

 

  
Total Asset-Backed Securities
(Cost $59,228)		         58,666  
     

 

 

  
Collateralized Mortgage Obligations — 2.1%      
Citigroup Mortgage Loan Trust,      
Series 2021-INV1, Class A3A, 2.50%, 05/25/2051 (e) (z)      5,488        4,619  
Series 2021-INV3, Class A11, (United States 30 Day Average SOFR + 0.85%), 5.00%, 05/25/2051 (e) (aa)      394        366  
FHLMC REMICS,      
Series 3404, Class SA, IF, IO, (5.89% - United States 30 Day Average SOFR), 0.54%, 01/15/2038 (aa)      941        103  
Series 3680, Class SA, IF, IO, (4.89% - United States 30 Day Average SOFR), 0.00%, 06/15/2040 (aa)      2,002        139  
Series 4023, Class S, IF, IO, (6.14% - United States 30 Day Average SOFR), 0.79%, 03/15/2042 (aa)      973        100  
Series 4056, Class GS, IF, IO, (6.54% - United States 30 Day Average SOFR), 1.19%, 12/15/2041 (aa)      378        34  
Series 4134, Class PI, IO, 3.00%, 11/15/2042      412        43  
Series 4147, Class JI, IO, 3.50%, 12/15/2032      3,664        284  
Series 4165, Class TI, IO, 3.00%, 12/15/2042      396        23  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 4368, Class CZ, SUB, 3.75%, 11/15/2041      2,463        2,397  
Series 4479, Class AI, IO, 3.50%, 09/15/2025      875        9  
Series 4598, Class IK, IO, 3.50%, 03/15/2046      546        91  
Series 4710, Class EI, IO, 3.50%, 11/15/2031      2,425        148  
Series 4751, Class EF, (United States 30 Day Average SOFR + 0.36%), 5.71%, 05/15/2041 (aa)      2,192        2,141  
Series 4764, Class WF, (United States 30 Day Average SOFR + 0.41%), 5.76%, 02/15/2048 (aa)      4,276        4,190  
Series 4790, Class F, (United States 30 Day Average SOFR + 0.30%), 5.65%, 10/15/2043 (aa)      1,611        1,572  
Series 4825, Class SE, IF, IO, (6.09% - United States 30 Day Average SOFR), 0.74%, 09/15/2048 (aa)      3,652        517  
Series 4830, Class IL, IO, 4.50%, 04/15/2048      1,562        305  
Series 4888, Class IB, IO, 4.00%, 03/15/2047      291        47  
Series 4930, Class IP, IO, 3.50%, 09/25/2048      4,613        581  
Series 4990, Class MI, IO, 4.00%, 07/25/2050      3,870        866  
Series 5003, Class AS, IF, IO, (5.99% - United States 30 Day Average SOFR), 0.71%, 08/25/2050 (aa)      6,668        1,057  
Series 5013, Class IQ, IO, 3.50%, 09/25/2050      4,601        789  
Series 5016, Class PI, IO, 3.00%, 09/25/2050      9,904        1,559  
Series 5023, Class BI, IO, 2.00%, 10/25/2050      20,429        2,731  
Series 5034, Class MI, IO, 2.00%, 11/25/2050      1,853        242  
Series 5034, Class YI, IO, 4.00%, 11/25/2050      2,483        484  
Series 5045, Class DI, IO, 2.50%, 11/25/2050      2,609        380  
Series 5047, Class CI, IO, 2.00%, 12/25/2050      1,629        200  
Series 5056, Class PI, IO, 2.50%, 12/25/2050      7,826        968  
Series 5062, Class EI, IO, 2.00%, 01/25/2051      3,489        437  
Series 5065, Class IG, IO, 3.00%, 01/25/2051      3,083        525  
Series 5069, Class DI, IO, 3.50%, 02/25/2041      1,157        166  
Series 5069, Class LI, IO, 2.50%, 02/25/2051      13,748        1,975  
Series 5071, Class IN, IO, 4.00%, 08/25/2050      5,045        1,084  
Series 5081, Class EI, IO, 2.50%, 03/25/2051      18,849        2,659  
Series 5087, Class IL, IO, 3.00%, 03/25/2051      1,839        313  
Series 5109, Class IE, IO, 2.50%, 05/25/2051      952        128  
Series 5124, Class LI, IO, 4.50%, 07/25/2051      10,130        2,277  
Series 5157, Class IA, IO, 3.00%, 10/25/2051      45,739        7,208  
Series 5202, Class UI, IO, 3.50%, 01/25/2052      3,802        644  
Series 5210, Class AI, IO, 3.50%, 01/25/2042      3,752        470  
Series 5227, Class EI, IO, 4.00%, 04/25/2050      3,841        356  
Series 5383, Class AF, (United States 30 Day Average SOFR + 1.00%), 6.35%, 08/15/2048 (aa)      860        868  

FHLMC STRIPs,

      
Series 365, Class C2, IO, 4.00%, 06/15/2049      3,517        639  
Series 399, Class C29, IO, 2.00%, 06/25/2052      9,465        1,244  
Series 399, Class C30, IO, 2.00%, 06/25/2051      73,454        9,473  

FNMA Interest STRIP,

      
Series 379, Class S56, IF, IO, (7.79% - United States 30 Day Average SOFR), 2.51%, 05/25/2037 (aa)      325        48  
Series 405, Class 1, PO, Zero Coupon, 10/25/2040      265        212  
Series 406, Class 23, IO, 6.00%, 11/25/2040 (z)      122        26  
Series 413, Class C32, IO, 4.00%, 01/25/2039      1,263        197  
Series 429, Class 161, IO, 2.00%, 03/25/2051      2,802        300  
Series 429, Class 162, IO, 2.00%, 03/25/2051      2,178        233  
Series 429, Class 163, IO, 2.00%, 02/25/2051      519        55  
Series 429, Class 164, IO, 2.00%, 03/25/2051      956        104  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Collateralized Mortgage Obligations — continued      

FNMA REMICS,

      
Series 2007-30, Class JS, IF, IO, (6.33% - United States 30 Day Average SOFR), 1.05%, 04/25/2037 (aa)      1,326        163  
Series 2012-35, Class SP, IF, IO, (6.39% - United States 30 Day Average SOFR), 1.11%, 04/25/2042 (aa)      1,857        247  
Series 2012-53, Class IO, IO, 3.50%, 05/25/2027      237        6  
Series 2012-135, Class SB, IF, IO, (5.99% - United States 30 Day Average SOFR), 0.71%, 12/25/2042 (aa)      829        117  
Series 2013-30, Class CA, 1.50%, 04/25/2043      1,139        959  
Series 2013-109, Class BO, PO, Zero Coupon, 07/25/2043      411        256  
Series 2014-34, Class US, IF, (8.37% - United States 30 Day Average SOFR), 0.00%, 06/25/2044 (aa)      67        60  
Series 2014-47, Class FB, (United States 30 Day Average SOFR + 0.46%), 5.82%, 08/25/2054 (aa)      2,228        2,172  
Series 2016-26, Class SY, IF, (6.77% - United States 30 Day Average SOFR), 0.00%, 11/25/2042 (aa)      514        349  
Series 2016-40, Class EF, (United States 30 Day Average SOFR + 0.56%), 5.92%, 07/25/2046 (aa)      543        538  
Series 2016-63, Class AS, IF, IO, (5.89% - United States 30 Day Average SOFR), 0.61%, 09/25/2046 (aa)      1,327        204  
Series 2016-68, Class WI, IO, 0.79%, 10/25/2046 (z)      3,687        236  
Series 2016-71, Class NI, IO, 3.50%, 04/25/2046      684        84  
Series 2017-97, Class BF, (United States 30 Day Average SOFR + 0.41%), 5.69%, 12/25/2047 (aa)      4,172        4,102  
Series 2018-67, Class HF, (United States 30 Day Average SOFR + 0.41%), 5.69%, 09/25/2048 (aa)      2,286        2,245  
Series 2018-67, Class SH, IF, IO, (6.09% - United States 30 Day Average SOFR), 0.81%, 09/25/2048 (aa)      2,890        395  
Series 2018-77, Class PF, (United States 30 Day Average SOFR + 0.41%), 5.69%, 10/25/2048 (aa)      1,822        1,789  
Series 2019-47, Class SI, IO, 0.54%, 08/25/2049 (z)      10,420        864  
Series 2019-48, Class IB, IO, 0.65%, 06/25/2039 (z)      18,903        359  
Series 2019-53, Class IA, IO, 0.83%, 09/25/2049 (z)      20,500        1,558  
Series 2019-68, Class US, IF, IO, (5.89% - United States 30 Day Average SOFR), 0.61%, 11/25/2049 (aa)      5,642        761  
Series 2019-78, Class DI, IO, 4.50%, 11/25/2049      528        97  
Series 2020-29, Class SA, IO, 0.58%, 05/25/2050 (z)      4,181        242  
Series 2020-33, Class IO, IO, 0.60%, 05/25/2050 (z)      11,440        695  
Series 2020-42, Class CI, IO, 3.00%, 06/25/2050      11,632        1,760  
Series 2020-60, Class BI, IO, 3.50%, 09/25/2050      10,498        1,887  
Series 2020-68, Class CI, IO, 3.00%, 10/25/2050      8,043        1,281  
Series 2020-74, Class PI, IO, 2.00%, 12/25/2049      9,415        1,150  
Series 2020-86, Class PI, IO, 2.50%, 12/25/2050      3,044        473  
Series 2020-89, Class IM, IO, 2.00%, 12/25/2050      9,236        1,208  
Series 2020-89, Class LI, IO, 3.00%, 12/25/2050      10,675        1,841  
Series 2020-99, Class IQ, IO, 3.00%, 01/25/2051      874        154  
Series 2021-3, Class TI, IO, 2.50%, 02/25/2051      2,471        399  
Series 2021-8, Class WI, IO, 1.06%, 03/25/2051 (z)      11,830        805  
Series 2021-8, Class YF, (United States 30 Day Average SOFR + 0.20%), 5.55%, 03/25/2061 (aa)      7,451        7,500  
Series 2021-36, Class YI, IO, 1.11%, 06/25/2061 (z)      13,657        912  
Series 2021-47, Class PI, IO, 2.50%, 07/25/2051      610        75  
Series 2022-52, Class IH, IO, 3.00%, 03/25/2051      9,910        1,791  
Series 2024-10, Class AF, (United States 30 Day Average SOFR + 0.90%), 6.25%, 12/25/2050 (aa)      2,420        2,417  
Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 6.15%, 01/25/2051 (aa)      5,907        5,987  

GNMA,

      
Series 2015-H03, Class FA, (CME Term SOFR 1 Month + 0.61%), 5.97%, 12/20/2064 (aa)      22        22  
Series 2015-H33, Class FA, (CME Term SOFR 1 Month + 0.77%), 6.13%, 12/20/2065 (aa)      7,226        7,218  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 2017-H03, Class HA, 3.00%, 01/20/2067      3,363        3,283  
Series 2019-65, Class ID, IO, 4.00%, 02/20/2049      1,206        149  
Series 2019-H02, Class JA, 3.50%, 12/20/2068      1,795        1,715  
Series 2019-H06, Class PT, 3.50%, 01/20/2069 (z)      1,603        1,537  
Series 2019-H08, Class FE, (CME Term SOFR 1 Month + 0.76%), 6.12%, 01/20/2069 (aa)      4,892        4,861  
Series 2019-H15, Class GA, 2.25%, 08/20/2069      149        144  
Series 2019-H16, Class FD, (CME Term SOFR 1 Month + 0.91%), 6.27%, 10/20/2069 (aa)      2,210        2,222  
Series 2020-142, Class LI, IO, 2.50%, 09/20/2050      9,923        1,302  
Series 2020-142, Class MT, IF, IO, (6.04% - CME Term SOFR 1 Month), 0.05%, 07/20/2047 (aa)      11,748        21  
Series 2020-142, Class TN, IF, IO, (6.09% - CME Term SOFR 1 Month), 0.10%, 09/20/2047 (aa)      15,723        63  
Series 2020-176, Class FW, (CME Term SOFR 1 Month + 0.41%), 4.00%, 11/20/2050 (aa)      2,473        2,284  
Series 2020-H12, Class F, (CME Term SOFR 1 Month + 0.61%), 5.97%, 07/20/2070 (aa)      1,306        1,290  
Series 2020-H13, Class FA, (CME Term SOFR 1 Month + 0.56%), 5.92%, 07/20/2070 (aa)      7,969        7,847  
Series 2020-H14, Class FH, (CME Term SOFR 1 Month + 1.36%), 6.72%, 08/20/2070 (aa)      6,615        6,759  
Series 2020-H15, Class FH, (CME Term SOFR 1 Month + 1.16%), 6.52%, 07/20/2070 (aa)      2,618        2,642  
Series 2020-H15, Class FK, (CME Term SOFR 1 Month + 1.36%), 6.72%, 04/20/2070 (aa)      4,750        4,831  
Series 2020-H16, Class FN, (CME Term SOFR 1 Month + 1.36%), 6.72%, 09/20/2070 (aa)      1,797        1,835  
Series 2021-23, Class GI, IO, 2.00%, 02/20/2051      10,791        1,233  
Series 2021-44, Class TF, (United States 30 Day Average SOFR + 0.30%), 4.00%, 03/20/2051 (aa)      2,292        2,093  
Series 2021-122, Class IT, IO, 2.50%, 07/20/2051      10,934        1,663  
Series 2021-206, Class IG, IO, 2.50%, 09/20/2051      9,202        972  
Series 2021-223, Class QI, IO, 2.50%, 10/20/2051      9,863        1,008  
Series 2021-H03, Class ML, 7.57%, 01/20/2071 (z)      6,555        6,620  
Series 2021-H05, Class FJ, (United States 30 Day Average SOFR + 0.75%), 6.10%, 03/20/2071 (aa)      278        277  
Series 2021-H12, Class DF, (United States 30 Day Average SOFR + 1.50%), 6.85%, 08/20/2071 (aa)      1,973        2,014  
Series 2021-H14, Class HF, (United States 30 Day Average SOFR + 1.50%), 6.85%, 09/20/2071 (aa)      7,895        8,103  
Series 2021-H15, Class HB, 1.25%, 09/20/2065      262        242  
Series 2021-H16, Class F, (United States 30 Day Average SOFR + 1.50%), 6.85%, 09/20/2071 (aa)      9,773        10,047  
Series 2022-H09, Class FA, (United States 30 Day Average SOFR + 0.67%), 6.02%, 04/20/2072 (aa)      765        756  
Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 6.25%, 01/20/2073 (aa)      2,867        2,815  
Series 2023-H02, Class FL, (United States 30 Day Average SOFR + 0.90%), 6.25%, 01/20/2073 (aa)      8,360        8,402  
Series 2023-H02, Class JF, (United States 30 Day Average SOFR + 0.90%), 6.25%, 01/20/2073 (aa)      6,401        6,435  
Series 2023-H03, Class FA, (United States 30 Day Average SOFR + 0.87%), 6.22%, 02/20/2073 (aa)      11,637        11,681  
Series 2023-H09, Class FA, (United States 30 Day Average SOFR + 0.80%), 6.15%, 04/20/2073 (aa)      1,901        1,901  
Series 2023-H11, Class FC, (United States 30 Day Average SOFR + 1.10%), 6.45%, 05/20/2073 (aa)      8,657        8,800  
Series 2023-H11, Class FD, (United States 30 Day Average SOFR + 1.15%), 6.50%, 05/20/2073 (aa)      1,455        1,478  
Series 2023-H15, Class FB, (United States 30 Day Average SOFR + 1.00%), 6.35%, 03/20/2073 (aa)      2,028        2,031  
Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 6.45%, 11/20/2073 (aa)      5,013        5,103  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 6.25%, 01/20/2074 (aa)      3,011        3,030  
Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 6.28%, 01/20/2074 (aa)      5,532        5,575  
Series 2024-H02, Class FJ, (United States 30 Day Average SOFR + 1.00%), 6.35%, 12/20/2073 (aa)      3,954        3,963  
Series 2024-H07, Class FC, (United States 30 Day Average SOFR + 0.65%), 6.00%, 02/20/2074 (aa)      2,769        2,761  
Series 2024-H11, Class FD, (United States 30 Day Average SOFR + 0.90%), 6.25%, 07/20/2074 (aa)      3,107        3,127  
GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A2, 2.50%, 02/25/2052 (e) (z)      1,019        858  
IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA, 3.40%, 08/18/2043 (e)      1,621        1,604  
MFA Trust, Series 2020-NQM2, Class A1, 1.38%, 04/25/2065 (e) (z)      2,115        2,009  
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)      1,738        1,616  
OBX Trust, Series 2021-INV2, Class A11, (United States 30 Day Average SOFR + 0.90%), 5.00%, 10/25/2051 (e) (aa)      410        382  
PMT Loan Trust,      
Series 2021-INV1, Class A11, (United States 30 Day Average SOFR + 0.90%), 5.00%, 07/25/2051 (e) (aa)      8,090        7,551  
Series 2021-INV1, Class A3, 2.50%, 07/25/2051 (e) (z)      3,845        3,234  
PRET Trust, Series 2024-RPL1, Class A1, 3.90%, 10/25/2063 (e) (z)      925        893  
PRPM, Series 2024-NQM3, Class A1, SUB, 5.23%, 08/25/2069 (e)      4,300        4,300  
PRPM Trust, Series 2024-NQM2, Class A1, SUB, 6.33%, 06/25/2069 (e)      975        991  
     

 

 

  

Total Collateralized Mortgage Obligations

(Cost $294,532)

         282,357  
     

 

 

  
Commercial Mortgage-Backed Securities — 0.4%      
AREIT LLC, (Bermuda), Series 2023-CRE8, Class A, (CME Term SOFR 1 Month + 2.11%), 7.19%, 08/17/2041 (e) (aa)      1,676        1,680  
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class ASB, 3.43%, 09/15/2048      99        98  
BANK,      
Series 2017-BNK7, Class AS, 3.75%, 09/15/2060      750        720  
Series 2018-BN13, Class A5, 4.22%, 08/15/2061 (z)      500        493  
Series 2018-BN15, Class A4, 4.41%, 11/15/2061 (z)      1,235        1,228  
Barclays Commercial Mortgage Trust,      
Series 2019-C5, Class A4, 3.06%, 11/15/2052      1,000        937  
Series 2019-C5, Class ASB, 2.99%, 11/15/2052      500        486  
BBCMS Mortgage Trust,      
Series 2020-C6, Class ASB, 2.60%, 02/15/2053      600        574  
Series 2020-C7, Class A5, 2.04%, 04/15/2053      210        184  
BCP Trust, Series 2021-330N, Class A, (CME Term SOFR 1 Month + 0.91%), 6.01%, 06/15/2038 (e) (aa)      2,800        2,598  
Benchmark Mortgage Trust,      
Series 2020-B16, Class AM, 2.94%, 02/15/2053 (z)      350        312  
Series 2020-B17, Class A5, 2.29%, 03/15/2053      500        435  
Series 2020-B20, Class A5, 2.03%, 10/15/2053      750        631  
BMO Mortgage Trust, Series 2023-C5, Class A5, 5.77%, 06/15/2056      832        896  
BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 6.46%, 09/15/2036 (e) (aa)      4,600        4,378  
BX Commercial Mortgage Trust, Series 2021-21M, Class A, (CME Term SOFR 1 Month + 0.84%), 5.94%, 10/15/2036 (e) (aa)      2,025        2,011  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
CD Mortgage Trust, Series 2017-CD5, Class AAB, 3.22%, 08/15/2050      560        549  
CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4, 3.46%, 08/15/2050      1,100        1,057  
Citigroup Commercial Mortgage Trust,      
Series 2015-GC33, Class AS, 4.11%, 09/10/2058      500        480  
Series 2019-GC41, Class AS, 3.02%, 08/10/2056      250        221  
COMM Mortgage Trust, Series 2016-CR28, Class ASB, 3.53%, 02/10/2049      113        112  
CSAIL Commercial Mortgage Trust, Series 2016-C7, Class ASB, 3.31%, 11/15/2049      119        118  
CSMC, Series 2020-FACT, Class A, (CME Term SOFR 1 Month + 1.71%), 6.81%, 10/15/2037 (e) (aa)      2,100        2,037  
FHLMC Multifamily Structured Pass Through Certificates,      
Series K047, Class A2, 3.33%, 05/25/2025 (z)      989        980  
Series K057, Class A2, 2.57%, 07/25/2026      850        829  
Series K063, Class A2, 3.43%, 01/25/2027 (z)      1,000        988  
Series K071, Class A2, 3.29%, 11/25/2027      500        491  
Series K073, Class A2, 3.35%, 01/25/2028      1,000        983  
Series K075, Class A2, 3.65%, 02/25/2028 (z)      500        495  
Series K094, Class A2, 2.90%, 06/25/2029      112        107  
Series K103, Class A2, 2.65%, 11/25/2029      500        470  
Series K108, Class A2, 1.52%, 03/25/2030      304        268  
Series K117, Class A2, 1.41%, 08/25/2030      1,500        1,297  
Series K118, Class A2, 1.49%, 09/25/2030      500        434  
Series K729, Class A2, 3.14%, 10/25/2024      71        71  
Series K737, Class A2, 2.53%, 10/25/2026      650        633  
Series K755, Class A2, 5.20%, 02/25/2031      2,000        2,118  
Series KJ50, Class A2, 4.23%, 10/25/2034 (z)      5,900        5,838  
Series K-152, Class A2, 3.78%, 11/25/2032 (z)      2,500        2,434  
Series K-161, Class A2, 4.90%, 10/25/2033      1,500        1,576  
FNMA-ACES,      
Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z)      439        430  
Series 2016-M5, Class A2, 2.47%, 04/25/2026      424        413  
Series 2017-M11, Class A2, 2.98%, 08/25/2029      950        907  
Series 2017-M12, Class A2, 3.16%, 06/25/2027 (z)      84        82  
Series 2017-M13, Class A2, 3.03%, 09/25/2027 (z)      455        442  
Series 2018-M8, Class A2, 3.41%, 06/25/2028 (z)      902        883  
Series 2020-M46, Class A2, 1.32%, 05/25/2030      1,000        872  
GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.05%, 11/10/2052      250        234  
Morgan Stanley Bank of America Merrill Lynch Trust,      
Series 2016-C29, Class A4, 3.33%, 05/15/2049      500        490  
Series 2016-C31, Class A5, 3.10%, 11/15/2049      500        479  
Series 2016-C32, Class A4, 3.72%, 12/15/2049      1,000        979  
UBS Commercial Mortgage Trust,      
Series 2018-C11, Class ASB, 4.12%, 06/15/2051      514        511  
Series 2018-C12, Class A5, 4.30%, 08/15/2051      1,380        1,355  
Wells Fargo Commercial Mortgage Trust,      
Series 2017-C39, Class A5, 3.42%, 09/15/2050      1,000        964  
Series 2017-C40, Class A4, 3.58%, 10/15/2050      550        535  
Series 2018-C44, Class A5, 4.21%, 05/15/2051      1,000        980  
Series 2021-C60, Class A4, 2.34%, 08/15/2054      550        478  
     

 

 

  
Total Commercial Mortgage-Backed Securities
(Cost $56,622)		         53,281  
     

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Corporate Bonds — 26.2%      
Basic Materials — 0.7%      
Chemicals — 0.5%      
Air Liquide Finance SA, (France),      
Reg. S, 0.38%, 05/27/2031    EUR 3,000        2,841  
Reg. S, 0.63%, 06/20/2030    EUR 5,600        5,518  
Reg. S, 2.88%, 09/16/2032    EUR 5,000        5,532  
Air Products and Chemicals, Inc.,      
2.80%, 05/15/2050      5        3  
4.00%, 03/03/2035    EUR 1,600        1,878  
Akzo Nobel NV, (Netherlands),      
Reg. S, 1.50%, 03/28/2028    EUR 1,000        1,063  
Reg. S, 2.00%, 03/28/2032    EUR 1,000        1,018  
Argentum Netherlands BV for Givaudan SA, (Netherlands),      
Reg. S, 1.13%, 09/17/2025    EUR 800        874  
Reg. S, 2.00%, 09/17/2030    EUR 1,000        1,059  
Arkema SA, (France),      
Reg. S, 0.75%, 12/03/2029    EUR 1,000        1,000  
Reg. S, (EUR Swap Rate 5 Year + 1.57%), 1.50%, 10/21/2025 (x) (aa)    EUR 1,000        1,077  
Reg. S, 1.50%, 04/20/2027    EUR 1,000        1,082  
Brenntag Finance BV, (Netherlands),      
Reg. S, 0.50%, 10/06/2029    EUR 500        490  
Reg. S, 1.13%, 09/27/2025    EUR 1,000        1,092  
Celanese US Holdings LLC,      
6.35%, 11/15/2028      10        11  
6.70%, 11/15/2033      5        5  
CF Industries, Inc., 4.50%, 12/01/2026 (e)      1,800        1,799  
Covestro AG, (Germany), Reg. S, 0.88%, 02/03/2026    EUR 1,875        2,033  
Dow Chemical Co. (The),      
4.55%, 11/30/2025      118        118  
5.25%, 11/15/2041      600        593  
6.90%, 05/15/2053      460        551  
DuPont de Nemours, Inc.,      
4.73%, 11/15/2028      854        870  
5.32%, 11/15/2038      24        26  
5.42%, 11/15/2048      297        327  
Eastman Chemical Co., 5.63%, 02/20/2034      110        115  
Ecolab, Inc.,      
1.30%, 01/30/2031      26        22  
2.13%, 02/01/2032      48        42  
2.70%, 12/15/2051      2        1  
FMC Corp.,      
5.15%, 05/18/2026      675        681  
5.65%, 05/18/2033      2,485        2,569  
Givaudan Finance Europe BV, (Netherlands),      
Reg. S, 1.00%, 04/22/2027    EUR 100        107  
Reg. S, 4.13%, 11/28/2033    EUR 1,950        2,311  
Huntsman International LLC, 4.50%, 05/01/2029      975        957  
LANXESS AG, (Germany), Reg. S, 0.63%, 12/01/2029    EUR 500        478  
Linde Finance BV, (Netherlands),      
Reg. S, 0.25%, 05/19/2027    EUR 1,000        1,048  
Reg. S, 0.55%, 05/19/2032    EUR 800        747  
Reg. S, 1.00%, 04/20/2028    EUR 1,005        1,075  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Linde plc, (Ireland),      
Reg. S, 0.00%, 09/30/2026    EUR 500        528  
Reg. S, 1.00%, 09/30/2051    EUR 4,400        2,884  
Reg. S, 3.40%, 02/14/2036    EUR 1,900        2,127  
Linde, Inc., 1.63%, 12/01/2025    EUR 350        383  
LYB International Finance II BV, (Netherlands),      
0.88%, 09/17/2026    EUR 1,000        1,069  
1.63%, 09/17/2031    EUR 1,000        1,000  
LYB International Finance III LLC, 5.50%, 03/01/2034      110        114  
Nutrien Ltd., (Canada), 5.40%, 06/21/2034      2,000        2,068  
PPG Industries, Inc.,      
0.88%, 11/03/2025    EUR 1,000        1,086  
1.20%, 03/15/2026      5        5  
1.40%, 03/13/2027    EUR  1,000        1,078  
2.75%, 06/01/2029    EUR 1,000        1,105  
RPM International, Inc.,      
2.95%, 01/15/2032      50        44  
3.75%, 03/15/2027      190        187  
4.55%, 03/01/2029      50        50  
Sherwin-Williams Co. (The), 4.80%, 09/01/2031      210        214  
Syensqo SA, (Belgium), Reg. S, 2.75%, 12/02/2027    EUR 1,000        1,108  
Westlake Corp., 1.63%, 07/17/2029    EUR 3,000        3,084  
Yara International ASA, (Norway), 3.15%, 06/04/2030 (e)      1,000        904  
     

 

 

  
        60,051  
     

 

 

  
Forest Products & Paper — 0.0% (g)      
Georgia-Pacific LLC, 8.88%, 05/15/2031      10        12  
Mondi Finance Europe GmbH, (Austria), Reg. S, 2.38%, 04/01/2028    EUR 500        546  
     

 

 

  
        558  
     

 

 

  
Iron/Steel — 0.0% (g)      
ArcelorMittal SA, (Luxembourg), 6.80%, 11/29/2032      19        21  
Nucor Corp.,      
2.70%, 06/01/2030      3        3  
2.98%, 12/15/2055      8        5  
Reliance, Inc., 2.15%, 08/15/2030      195        171  
Steel Dynamics, Inc., 3.25%, 01/15/2031      3,120        2,881  
     

 

 

  
        3,081  
     

 

 

  
Mining — 0.2%      
Barrick PD Australia Finance Pty Ltd., (Australia), 5.95%, 10/15/2039      920        990  
BHP Billiton Finance Ltd., (Australia),      
Series 10, Reg. S, 3.25%, 09/24/2027    EUR 1,898        2,135  
Series 12, Reg. S, 4.30%, 09/25/2042    GBP 3,000        3,491  
BHP Billiton Finance USA Ltd., (Australia),      
4.75%, 02/28/2028      10        10  
5.25%, 09/08/2030      9        9  
5.50%, 09/08/2053      135        144  
Freeport-McMoRan, Inc.,      
4.13%, 03/01/2028      1,500        1,490  
5.40%, 11/14/2034      4        4  
5.45%, 03/15/2043      30        30  
Glencore Finance Europe Ltd., (Jersey),      

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Reg. S, 1.50%, 10/15/2026    EUR 3,500        3,777  
Reg. S, 3.75%, 04/01/2026    EUR 1,500        1,684  
Kinross Gold Corp., (Canada),      
4.50%, 07/15/2027      2,500        2,507  
6.25%, 07/15/2033      1,070        1,160  
Newmont Corp. / Newcrest Finance Pty Ltd., 5.35%, 03/15/2034      550        575  
Norsk Hydro ASA, (Norway), Reg. S, 2.00%, 04/11/2029    EUR 800        848  
Orano SA, (France),      
Reg. S, 2.75%, 03/08/2028    EUR 200        219  
Reg. S, 4.00%, 03/12/2031    EUR 100        113  
Reg. S, 5.38%, 05/15/2027    EUR 200        234  
Rio Tinto Finance plc, (United Kingdom), Reg. S, 4.00%, 12/11/2029    GBP 2,000        2,616  
Rio Tinto Finance USA Ltd., (Australia), 2.75%, 11/02/2051      26        18  
Silfin NV, (Belgium), Reg. S, 5.13%, 07/17/2030    EUR 2,500        2,895  
Southern Copper Corp., 5.25%, 11/08/2042      127        124  
Yamana Gold, Inc., (Canada), 2.63%, 08/15/2031      2,705        2,339  
     

 

 

  
        27,412  
     

 

 

  
Total Basic Materials         91,102  
     

 

 

  
Communications — 1.5%      
Advertising — 0.1%      
Interpublic Group of Cos., Inc. (The), 3.38%, 03/01/2041      4        3  
JCDecaux SE, (France),      
Reg. S, 1.63%, 02/07/2030    EUR 1,000        1,013  
Reg. S, 2.63%, 04/24/2028    EUR 1,000        1,098  
Reg. S, 5.00%, 01/11/2029    EUR 1,800        2,129  
MMS USA Holdings, Inc.,      
Reg. S, 1.25%, 06/13/2028    EUR 2,200        2,311  
Reg. S, 1.75%, 06/13/2031    EUR 6,900        7,113  
Omnicom Group, Inc., 5.30%, 11/01/2034      50        52  
     

 

 

  
        13,719  
     

 

 

  
Internet — 0.4%      
Alphabet, Inc.,      
1.90%, 08/15/2040      700        499  
2.25%, 08/15/2060      25        15  
Amazon.com, Inc.,      
3.10%, 05/12/2051      5        4  
3.25%, 05/12/2061      5        3  
Booking Holdings, Inc.,      
0.50%, 03/08/2028    EUR 4,500        4,644  
1.80%, 03/03/2027    EUR 1,500        1,634  
3.63%, 11/12/2028    EUR 339        390  
4.13%, 05/12/2033    EUR 762        900  
Expedia Group, Inc., 4.63%, 08/01/2027      700        705  
Meta Platforms, Inc., 5.55%, 08/15/2064      255        270  
Netflix, Inc.,      
Reg. S, 3.88%, 11/15/2029    EUR 9,850        11,411  
4.63%, 05/15/2029    EUR 8,050        9,601  
5.40%, 08/15/2054      20        21  
Prosus NV, (Netherlands),      
Reg. S, 1.29%, 07/13/2029    EUR 6,900        6,878  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Reg. S, 1.54%, 08/03/2028    EUR 1,000        1,034  
Reg. S, 1.99%, 07/13/2033    EUR 3,637        3,364  
Reg. S, 2.03%, 08/03/2032    EUR 3,900        3,751  
Reg. S, 2.09%, 01/19/2030    EUR 1,000        1,019  
Reg. S, 2.78%, 01/19/2034    EUR 3,000        2,929  
Uber Technologies, Inc.,      
4.80%, 09/15/2034      450        449  
5.35%, 09/15/2054      15        15  
VeriSign, Inc.,      
2.70%, 06/15/2031      178        155  
4.75%, 07/15/2027      27        27  
5.25%, 04/01/2025      27        27  
     

 

 

  
        49,745  
     

 

 

  
Media — 0.3%      
Charter Communications Operating LLC / Charter Communications Operating Capital,      
3.70%, 04/01/2051      894        569  
3.90%, 06/01/2052      980        642  
3.95%, 06/30/2062      50        31  
4.80%, 03/01/2050      6        4  
5.13%, 07/01/2049      560        450  
5.50%, 04/01/2063      5        4  
Comcast Corp.,      
0.25%, 09/14/2029    EUR 3,100        3,031  
1.88%, 02/20/2036    GBP 575        564  
1.95%, 01/15/2031      2,875        2,494  
3.20%, 07/15/2036      5        4  
3.75%, 04/01/2040      30        26  
4.25%, 10/15/2030      160        160  
4.60%, 10/15/2038      10        10  
5.10%, 06/01/2029      20        21  
5.25%, 09/26/2040    GBP 700        930  
5.30%, 06/01/2034      160        168  
5.65%, 06/01/2054      30        32  
Cox Communications, Inc.,      
3.85%, 02/01/2025 (e)      1,500        1,493  
5.45%, 09/01/2034 (e)      985        997  
5.80%, 12/15/2053 (e)      580        570  
Discovery Communications LLC, 4.13%, 05/15/2029      940        888  
FactSet Research Systems, Inc.,      
2.90%, 03/01/2027      955        923  
3.45%, 03/01/2032      47        43  
Fox Corp.,      
5.48%, 01/25/2039      95        96  
6.50%, 10/13/2033      950        1,038  
Informa plc, (United Kingdom),      
Reg. S, 1.25%, 04/22/2028    EUR 9,600        10,044  
Reg. S, 3.13%, 07/05/2026    GBP 1,100        1,423  
ITV plc, (United Kingdom),      
Reg. S, 1.38%, 09/26/2026    EUR 362        390  
Reg. S, 4.25%, 06/19/2032    EUR 8,400        9,540  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Pearson Funding plc, (United Kingdom),      
Reg. S, 3.75%, 06/04/2030    GBP 2,475        3,086  
Reg. S, 5.38%, 09/12/2034    GBP 1,100        1,463  
TDF Infrastructure SASU, (France), Reg. S, 1.75%, 12/01/2029    EUR 4,500        4,528  
Time Warner Cable LLC,      
4.50%, 09/15/2042      50        38  
5.50%, 09/01/2041      800        693  
     

 

 

  
        46,393  
     

 

 

  
Telecommunications — 0.7%      
A1 Towers Holding GmbH, (Austria), Reg. S, 5.25%, 07/13/2028    EUR 12,500        14,712  
America Movil SAB de CV, (Mexico),      
2.13%, 03/10/2028    EUR 1,300        1,417  
4.38%, 08/07/2041    GBP 1,500        1,759  
5.00%, 10/27/2026    GBP 1,200        1,613  
AT&T, Inc.,      
1.70%, 03/25/2026      62        60  
1.80%, 09/05/2026    EUR 2,250        2,459  
2.05%, 05/19/2032    EUR 200        205  
2.45%, 03/15/2035    EUR 825        834  
3.50%, 06/01/2041      2,140        1,750  
3.65%, 06/01/2051      1,800        1,372  
4.25%, 06/01/2043    GBP 200        221  
4.30%, 12/15/2042      12        11  
5.40%, 02/15/2034      1,280        1,341  
5.54%, 02/20/2026      2        2  
7.00%, 04/30/2040    GBP 400        608  
Corning, Inc., 5.45%, 11/15/2079      15        15  
Deutsche Telekom International Finance BV, (Netherlands), 8.75%, 06/15/2030      35        42  
Emirates Telecommunications Group Co. PJSC, (United Arab Emirates), Reg. S, 0.88%, 05/17/2033    EUR 1,600        1,471  
Koninklijke KPN NV, (Netherlands),      
Reg. S, 3.88%, 02/16/2036    EUR 1,600        1,822  
Reg. S, 5.75%, 09/17/2029    GBP 2,000        2,779  
Motorola Solutions, Inc.,      
2.75%, 05/24/2031      120        107  
5.40%, 04/15/2034      1,540        1,606  
NBN Co. Ltd., (Australia), Reg. S, 4.13%, 03/15/2029    EUR 2,000        2,333  
Nokia OYJ, (Finland), 6.63%, 05/15/2039      50        53  
NTT Finance Corp., (Japan),      
Reg. S, 0.08%, 12/13/2025    EUR 1,000        1,075  
Reg. S, 0.34%, 03/03/2030    EUR 500        485  
Reg. S, 0.40%, 12/13/2028    EUR 1,000        1,007  
Optus Finance Pty Ltd., (Australia), Reg. S, 1.00%, 06/20/2029    EUR 1,400        1,406  
Orange SA, (France),      
Reg. S, 0.00%, 09/04/2026    EUR 2,000        2,116  
Reg. S, 0.50%, 09/04/2032    EUR 100        92  
Reg. S, 3.25%, 01/15/2032    GBP 1,100        1,334  
OTE plc, (United Kingdom), Reg. S, 0.88%, 09/24/2026    EUR 100        107  
Proximus SADP, (Belgium),      
Reg. S, 0.75%, 11/17/2036    EUR 100        82  
Reg. S, 1.88%, 10/01/2025    EUR 100        110  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Reg. S, 3.75%, 03/27/2034    EUR 200        229  
Reg. S, 4.00%, 03/08/2030    EUR 200        233  
Reg. S, 4.13%, 11/17/2033    EUR 300        356  
Rogers Communications, Inc., (Canada),      
3.80%, 03/15/2032      100        93  
5.30%, 02/15/2034      1,550        1,575  
SES SA, (Luxembourg), Reg. S, 3.50%, 01/14/2029    EUR 100        110  
Sprint Capital Corp.,      
6.88%, 11/15/2028      2,621        2,862  
8.75%, 03/15/2032      90        111  
Sprint LLC, 7.63%, 02/15/2025      2,800        2,809  
Swisscom Finance BV, (Netherlands), Reg. S, 3.88%, 05/29/2044    EUR 6,875        7,875  
Tele2 AB, (Sweden), Reg. S, 3.75%, 11/22/2029    EUR 7,800        8,887  
Telefonaktiebolaget LM Ericsson, (Sweden), Reg. S, 1.00%, 05/26/2029    EUR 1,315        1,311  
Telefonica Emisiones SA, (Spain), Reg. S, 1.86%, 07/13/2040    EUR 4,800        4,138  
Telekom Finanzmanagement GmbH, (Austria), Reg. S, 1.50%, 12/07/2026    EUR 200        218  
Telenor ASA, (Norway), Reg. S, 0.25%, 02/14/2028    EUR 1,300        1,334  
Telia Co. AB, (Sweden), Reg. S, 2.13%, 02/20/2034    EUR 700        722  
Telstra Group Ltd., (Australia), Reg. S, 3.75%, 05/04/2031    EUR 4,525        5,263  
T-Mobile USA, Inc.,      
2.05%, 02/15/2028      40        37  
2.55%, 02/15/2031      70        63  
3.30%, 02/15/2051      10        7  
3.60%, 11/15/2060      269        195  
3.75%, 04/15/2027      31        31  
3.88%, 04/15/2030      3,420        3,325  
4.38%, 04/15/2040      12        11  
4.50%, 04/15/2050      100        89  
5.15%, 04/15/2034      10        10  
5.25%, 06/15/2055      600        596  
5.50%, 01/15/2055      105        108  
Verizon Communications, Inc.,      
0.88%, 04/08/2027    EUR 475        505  
1.68%, 10/30/2030      8        7  
2.50%, 04/08/2031    GBP 1,000        1,160  
2.55%, 03/21/2031      437        390  
2.65%, 11/20/2040      950        699  
3.25%, 02/17/2026    EUR 200        224  
3.88%, 03/01/2052      370        302  
4.02%, 12/03/2029      2        2  
4.75%, 10/31/2034    EUR 200        247  
4.78%, 02/15/2035 (e)      20        20  
     

 

 

  
        92,560  
     

 

 

  
Total Communications         202,417  
     

 

 

  
Consumer Cyclical — 1.7%      
Airlines — 0.1%      
easyJet FinCo. BV, (Netherlands), Reg. S, 1.88%, 03/03/2028    EUR 3,350        3,582  
Ryanair DAC, (Ireland), Reg. S, 0.88%, 05/25/2026    EUR 1,500        1,615  
Southwest Airlines Co., 5.13%, 06/15/2027      1,150        1,169  
United Airlines, Inc.,      
4.38%, 04/15/2026 (e)      525        517  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
4.63%, 04/15/2029 (e)      360        348  
     

 

 

  
        7,231  
     

 

 

  
Apparel — 0.1%      
Burberry Group plc, (United Kingdom), Reg. S, 1.13%, 09/21/2025    GBP 825        1,058  
LVMH Moet Hennessy Louis Vuitton SE, (France),      
Reg. S, 0.13%, 02/11/2028    EUR 800        822  
Reg. S, 1.13%, 02/11/2027    GBP 1,200        1,492  
Tapestry, Inc.,      
3.05%, 03/15/2032      99        85  
7.05%, 11/27/2025      10        10  
7.35%, 11/27/2028      5        5  
7.70%, 11/27/2030      5        6  
7.85%, 11/27/2033      10        11  
VF Corp., 4.25%, 03/07/2029    EUR 9,000        9,849  
     

 

 

  
        13,338  
     

 

 

  
Auto Manufacturers — 0.6%      
American Honda Finance Corp.,      
1.50%, 10/19/2027    GBP 2,300        2,818  
3.75%, 10/25/2027    EUR 3,300        3,763  
4.90%, 01/10/2034      40        41  
Cummins, Inc., 5.45%, 02/20/2054      30        32  
Dongfeng Motor Hong Kong International Co. Ltd., (Hong Kong), Reg. S, 0.43%, 10/19/2024    EUR 600        667  
Ford Motor Co., 3.25%, 02/12/2032      700        596  
Ford Motor Credit Co. LLC,      
4.00%, 11/13/2030      545        504  
4.45%, 02/14/2030    EUR 2,075        2,342  
4.95%, 05/28/2027      3,065        3,057  
6.80%, 11/07/2028      400        422  
7.35%, 03/06/2030      600        649  
General Motors Co.,      
5.20%, 04/01/2045      560        513  
6.25%, 10/02/2043      95        97  
6.60%, 04/01/2036      520        562  
General Motors Financial Co., Inc.,      
2.35%, 02/26/2027      10        10  
2.70%, 08/20/2027      1,450        1,380  
2.70%, 06/10/2031      585        504  
2.75%, 06/20/2025      40        39  
5.00%, 04/09/2027      1,120        1,132  
5.80%, 01/07/2029      60        62  
Hyundai Capital America, 6.50%, 01/16/2029 (e)      1,085        1,163  
Mercedes-Benz Finance North America LLC, 5.00%, 01/11/2034 (e)      210        212  
Mercedes-Benz Group AG, (Germany), Reg. S, 1.13%, 11/06/2031    EUR 15        15  
Nissan Motor Co. Ltd., (Japan), 3.52%, 09/17/2025 (e)      3,000        2,950  
PACCAR Financial Europe BV, (Netherlands), Reg. S, 3.25%, 11/29/2025    EUR 5,000        5,582  
RCI Banque SA, (France),      
Reg. S, 1.13%, 01/15/2027    EUR 800        851  
Reg. S, 4.75%, 07/06/2027    EUR 2,100        2,415  
Toyota Finance Australia Ltd., (Australia), Reg. S, 3.39%, 03/18/2030    EUR 2,675        3,003  
Toyota Motor Finance Netherlands BV, (Netherlands), Reg. S, 3.13%, 07/11/2029    EUR 1,496        1,672  
Traton Finance Luxembourg SA, (Luxembourg), Reg. S, 3.75%, 03/27/2030    EUR 14,500        16,235  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Corporate Bonds — continued      
Auto Manufacturers — continued      
Volkswagen Bank GmbH, (Germany),      
Reg. S, 1.25%, 12/15/2025    EUR 1,000        1,090  
Reg. S, 4.63%, 05/03/2031    EUR 2,500        2,889  
Volkswagen Financial Services NV, (Netherlands), Reg. S, 1.13%, 07/05/2026    GBP 1,000        1,246  
Volkswagen Financial Services Overseas AG, (Germany), Reg. S, 2.25%, 10/16/2026    EUR 10        11  
Volkswagen Group of America Finance LLC, 5.30%, 03/22/2027 (e)      1,540        1,568  
Volkswagen International Finance NV, (Netherlands),      
Reg. S, (EUR Swap Rate 9 Year + 3.96%), 3.88%, 06/17/2029 (x) (aa)    EUR 2,000        2,071  
Reg. S, 4.13%, 11/15/2025    EUR 8,000        8,997  
Reg. S, 4.25%, 03/29/2029    EUR 1,500        1,718  
Reg. S, (EUR Swap Rate 12 Year + 2.97%), 4.63%, 03/24/2026 (x) (aa)    EUR 210        232  
Volkswagen Leasing GmbH, (Germany),      
Reg. S, 0.38%, 07/20/2026    EUR 1,500        1,591  
Reg. S, 1.50%, 06/19/2026    EUR 5,000        5,416  
     

 

 

  
        80,117  
     

 

 

  
Auto Parts & Equipment — 0.1%      
BorgWarner, Inc., 1.00%, 05/19/2031    EUR 1,500        1,423  
Cie Generale des Etablissements Michelin SCA, (France), Reg. S, 0.63%, 11/02/2040    EUR 300        219  
Magna International, Inc., (Canada),      
2.45%, 06/15/2030      1,000        902  
4.15%, 10/01/2025      2,000        1,994  
Pirelli & C SpA, (Italy), Reg. S, 4.25%, 01/18/2028    EUR 2,925        3,369  
Robert Bosch GmbH, (Germany), Reg. S, 4.00%, 06/02/2035    EUR 4,500        5,173  
     

 

 

  
        13,080  
     

 

 

  
Distribution/Wholesale — 0.2%      
Bunzl Finance plc, (United Kingdom),      
Reg. S, 1.50%, 10/30/2030    GBP 1,050        1,168  
Reg. S, 3.38%, 04/09/2032 (w)    EUR 5,025        5,595  
IMCD NV, (Netherlands), Reg. S, 3.63%, 04/30/2030    EUR 11,950        13,333  
LKQ Corp., 5.75%, 06/15/2028      55        57  
     

 

 

  
        20,153  
     

 

 

  
Entertainment — 0.1%      
Smithsonian Institution, 1.87%, 09/01/2029      1,000        897  
Universal Music Group NV, (Netherlands),      
Reg. S, 3.75%, 06/30/2032    EUR 3,700        4,259  
Reg. S, 4.00%, 06/13/2031    EUR 4,200        4,915  
Warnermedia Holdings, Inc., 5.05%, 03/15/2042      865        706  
5.14%, 03/15/2052      1,000        771  
     

 

 

  
        11,548  
     

 

 

  
Food Service — 0.1%      
Compass Group plc, (United Kingdom),      
Reg. S, 2.00%, 07/03/2029    GBP 2,500        3,021  
Reg. S, 3.25%, 02/06/2031    EUR 2,375        2,669  
Reg. S, 3.25%, 09/16/2033    EUR 6,300        7,007  
Sodexo SA, (France),      
Reg. S, 1.00%, 07/17/2028    EUR 500        521  
Reg. S, 1.00%, 04/27/2029    EUR 1,000        1,026  
Reg. S, 2.50%, 06/24/2026    EUR 500        554  
     

 

 

  
        14,798  
     

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Corporate Bonds — continued      
Home Builders — 0.0% (g)      
Berkeley Group plc (The), (United Kingdom), Reg. S, 2.50%, 08/11/2031    GBP 172        184  
Lennar Corp., 5.00%, 06/15/2027      10        10  
MDC Holdings, Inc., 6.00%, 01/15/2043      5        5  
NVR, Inc., 3.00%, 05/15/2030      152        141  
PulteGroup, Inc.,      
6.38%, 05/15/2033      24        26  
7.88%, 06/15/2032      30        36  
Toll Brothers Finance Corp., 3.80%, 11/01/2029      100        97  
     

 

 

  
        499  
     

 

 

  
Leisure Time — 0.0% (g)      
Amadeus IT Group SA, (Spain),      
Reg. S, 1.50%, 09/18/2026    EUR 1,000        1,090  
Reg. S, 2.88%, 05/20/2027    EUR 500        558  
     

 

 

  
        1,648  
     

 

 

  
Lodging — 0.2%      
Accor SA, (France),      
Reg. S, 1.75%, 02/04/2026    EUR 6,900        7,551  
Reg. S, 2.38%, 11/29/2028    EUR 3,500        3,775  
Reg. S, 3.88%, 03/11/2031    EUR 300        340  
Choice Hotels International, Inc., 5.85%, 08/01/2034      40        41  
Hyatt Hotels Corp., 4.38%, 09/15/2028      10        10  
IHG Finance LLC, Reg. S, 4.38%, 11/28/2029    EUR 7,725        8,993  
InterContinental Hotels Group plc, (United Kingdom),      
Reg. S, 2.13%, 08/24/2026    GBP 600        761  
Reg. S, 2.13%, 05/15/2027    EUR 3,000        3,274  
Reg. S, 3.38%, 10/08/2028    GBP 450        568  
Las Vegas Sands Corp.,      
5.90%, 06/01/2027      15        15  
6.00%, 08/15/2029      115        119  
6.20%, 08/15/2034      35        37  
Marriott International, Inc.,      
4.88%, 05/15/2029      30        30  
5.00%, 10/15/2027      775        791  
5.30%, 05/15/2034      80        82  
5.35%, 03/15/2035      830        851  
5.45%, 09/15/2026      87        89  
Series HH, 2.85%, 04/15/2031      624        561  
Whitbread Group plc, (United Kingdom), Reg. S, 2.38%, 05/31/2027    GBP 1,000        1,244  
     

 

 

  
        29,132  
     

 

 

  
Retail — 0.2%      
Alimentation Couche-Tard, Inc., (Canada),      
Reg. S, 4.01%, 02/12/2036    EUR 1,100        1,226  
5.27%, 02/12/2034 (e)      560        570  
AutoNation, Inc., 4.75%, 06/01/2030      1,300        1,293  
AutoZone, Inc.,      
1.65%, 01/15/2031      2,595        2,188  
4.75%, 02/01/2033      850        850  
5.20%, 08/01/2033      25        26  
6.25%, 11/01/2028      30        32  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Darden Restaurants, Inc.,      
4.35%, 10/15/2027 (w)      20        20  
4.55%, 10/15/2029 (w)      55        55  
6.30%, 10/10/2033      20        22  
Dick’s Sporting Goods, Inc., 4.10%, 01/15/2052      105        80  
Genuine Parts Co., 4.95%, 08/15/2029      910        925  
Greene King Finance plc, (United Kingdom), Series A2, 5.32%, 09/15/2031    GBP 25        33  
Home Depot, Inc. (The),      
4.20%, 04/01/2043      818        746  
4.95%, 06/25/2034      155        161  
McDonald’s Corp.,      
Reg. S, 0.90%, 06/15/2026    EUR 1,500        1,617  
Reg. S, 1.75%, 05/03/2028    EUR 1,000        1,074  
Reg. S, 1.88%, 05/26/2027    EUR 1,000        1,089  
Reg. S, 2.38%, 05/31/2029    EUR 200        217  
3.63%, 09/01/2049      58        46  
4.60%, 05/26/2045      20        19  
O’Reilly Automotive, Inc.,      
3.90%, 06/01/2029      2        2  
4.20%, 04/01/2030      8        8  
4.70%, 06/15/2032      6        6  
Pandora A/S, (Denmark),      
Reg. S, 3.88%, 05/31/2030    EUR 3,950        4,481  
Reg. S, 4.50%, 04/10/2028    EUR 6,225        7,237  
Roadster Finance DAC, (Ireland), Reg. S, 2.38%, 12/08/2027    EUR 500        525  
Walmart, Inc.,      
2.55%, 04/08/2026    EUR 2,550        2,835  
4.50%, 09/09/2052      15        15  
4.50%, 04/15/2053      19        18  
     

 

 

  
        27,416  
     

 

 

  
Total Consumer Cyclical         218,960  
     

 

 

  
Consumer Non-cyclical — 3.8%      
Agriculture — 0.7%      
Altria Group, Inc.,      
3.13%, 06/15/2031    EUR 12,900        13,960  
3.40%, 02/04/2041      75        58  
3.70%, 02/04/2051      110        81  
3.88%, 09/16/2046      95        74  
4.00%, 02/04/2061      60        46  
5.80%, 02/14/2039      6        6  
5.95%, 02/14/2049      6        6  
6.20%, 11/01/2028      75        80  
6.20%, 02/14/2059      8        9  
BAT Capital Corp.,      
2.26%, 03/25/2028      10        9  
3.56%, 08/15/2027      646        633  
4.54%, 08/15/2047      4        3  
4.76%, 09/06/2049      5        4  
5.83%, 02/20/2031      65        69  
6.00%, 02/20/2034      15        16  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
7.08%, 08/02/2043      10        12  
7.08%, 08/02/2053      15        17  
BAT International Finance plc, (United Kingdom),      
Reg. S, 1.25%, 03/13/2027    EUR 625        670  
Reg. S, 2.25%, 06/26/2028    GBP 860        1,045  
Reg. S, 2.25%, 01/16/2030    EUR 2,500        2,625  
Reg. S, 2.25%, 09/09/2052    GBP 1,500        951  
Reg. S, 3.13%, 03/06/2029    EUR 559        620  
Reg. S, 4.13%, 04/12/2032    EUR 5,950        6,703  
4.45%, 03/16/2028      20        20  
5.93%, 02/02/2029      1,825        1,926  
Reg. S, 6.00%, 11/24/2034    GBP 600        825  
British American Tobacco plc, (United Kingdom), Series 5.25, Reg. S, (EUR Swap Rate 5 Year + 3.37%), 3.00%, 09/27/2026 (x) (aa)    EUR 2,000        2,171  
Cargill, Inc.,      
1.70%, 02/02/2031 (e)      750        641  
2.13%, 04/23/2030 (e)      1,500        1,354  
Imperial Brands Finance Netherlands BV, (Netherlands), Reg. S, 5.25%, 02/15/2031    EUR 9,300        11,102  
Imperial Brands Finance plc, (United Kingdom),      
Reg. S, 3.38%, 02/26/2026    EUR 1,161        1,298  
Reg. S, 5.50%, 09/28/2026    GBP 4,000        5,400  
5.50%, 02/01/2030 (e)      2,000        2,064  
JT International Financial Services BV, (Netherlands),      
Reg. S, 1.00%, 11/26/2029    EUR 4,700        4,730  
Reg. S, 2.75%, 09/28/2033    GBP 4,475        5,030  
Reg. S, (EUR Swap Rate 5 Year + 3.18%), 2.88%, 10/07/2083 (aa)    EUR 1,254        1,334  
Reg. S, 3.63%, 04/11/2034    EUR 5,000        5,582  
Philip Morris International, Inc.,      
0.13%, 08/03/2026    EUR 1,000        1,060  
1.75%, 11/01/2030      70        60  
1.88%, 11/06/2037    EUR 2,300        2,015  
3.13%, 06/03/2033    EUR 1,000        1,084  
3.75%, 01/15/2031    EUR 6,850        7,835  
3.88%, 08/21/2042      23        19  
4.25%, 11/10/2044      165        146  
4.88%, 11/15/2043      15        15  
5.13%, 02/13/2031      635        659  
5.25%, 02/13/2034      100        104  
6.38%, 05/16/2038      105        120  
Sudzucker International Finance BV, (Netherlands), Reg. S, 5.13%, 10/31/2027    EUR 500        583  
Viterra Finance BV, (Netherlands),      
Reg. S, 0.38%, 09/24/2025    EUR 1,000        1,082  
Reg. S, 1.00%, 09/24/2028    EUR 2,050        2,103  
     

 

 

  
        88,059  
     

 

 

  
Beverages — 0.2%      
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.,      
4.70%, 02/01/2036 (jj)      1,700        1,705  
4.90%, 02/01/2046      1,655        1,628  
Anheuser-Busch InBev SA, (Belgium), Reg. S, 2.75%, 03/17/2036    EUR 10        10  
Anheuser-Busch InBev Worldwide, Inc., 4.35%, 06/01/2040      5        5  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Carlsberg Breweries A/S, (Denmark), Reg. S, 3.50%, 11/26/2026    EUR 4,100        4,631  
CCEP Finance Ireland DAC, (Ireland), Reg. S, 0.50%, 09/06/2029    EUR 300        297  
Coca-Cola Co. (The),      
0.13%, 03/09/2029    EUR 4,800        4,780  
0.50%, 03/09/2033    EUR 700        639  
1.25%, 03/08/2031    EUR 1,000        1,016  
2.75%, 06/01/2060      175        115  
3.00%, 03/05/2051      230        169  
3.45%, 03/25/2030      70        68  
5.40%, 05/13/2064      450        481  
Coca-Cola Europacific Partners plc, (United Kingdom),      
Reg. S, 1.13%, 04/12/2029    EUR 1,000        1,031  
Reg. S, 1.75%, 03/27/2026    EUR 2,000        2,194  
Coca-Cola HBC Finance BV, (Netherlands), Reg. S, 1.63%, 05/14/2031    EUR 3,293        3,359  
Constellation Brands, Inc.,      
2.25%, 08/01/2031      10        9  
4.35%, 05/09/2027      35        35  
Diageo Finance plc, (United Kingdom),      
Reg. S, 1.25%, 03/28/2033    GBP 3,000        3,111  
Reg. S, 2.50%, 03/27/2032    EUR 600        647  
Reg. S, 2.75%, 06/08/2038    GBP 625        657  
PepsiCo., Inc.,      
0.40%, 10/09/2032    EUR 1,750        1,611  
0.75%, 10/14/2033    EUR 2,950        2,715  
1.13%, 03/18/2031    EUR 1,000        1,005  
4.20%, 07/18/2052      45        40  
4.65%, 02/15/2053      3        3  
     

 

 

  
        31,961  
     

 

 

  
Biotechnology — 0.1%      
Amgen, Inc.,      
1.90%, 02/21/2025      10        10  
4.05%, 08/18/2029      39        39  
4.40%, 05/01/2045      35        31  
5.15%, 03/02/2028      10        10  
5.25%, 03/02/2033      1,505        1,565  
5.60%, 03/02/2043      615        646  
5.65%, 03/02/2053      450        473  
Gilead Sciences, Inc.,      
3.65%, 03/01/2026      65        64  
4.00%, 09/01/2036      315        296  
4.80%, 04/01/2044      265        256  
H Lundbeck A/S, (Denmark), Reg. S, 0.88%, 10/14/2027    EUR 8,200        8,559  
Regeneron Pharmaceuticals, Inc., 2.80%, 09/15/2050      155        102  
Royalty Pharma plc, (United Kingdom),      
2.15%, 09/02/2031      60        51  
3.30%, 09/02/2040      65        50  
     

 

 

  
        12,152  
     

 

 

  
Commercial Services — 1.2%      
AA Bond Co. Ltd., (Jersey), Reg. S, 6.85%, 07/31/2031    GBP 100        136  
Abertis Infraestructuras SA, (Spain), Reg. S, 3.38%, 11/27/2026    GBP 4,400        5,684  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
APRR SA, (France), Reg. S, 1.88%, 01/03/2029    EUR 4,000        4,278  
ASTM SpA, (Italy),      
Reg. S, 1.00%, 11/25/2026    EUR 1,000        1,068  
Reg. S, 1.63%, 02/08/2028    EUR 500        532  
Automatic Data Processing, Inc., 1.25%, 09/01/2030      10        9  
Autoroutes du Sud de la France SA, (France), Reg. S, 1.25%, 01/18/2027    EUR 3,900        4,213  
Autostrade per l’Italia SpA, (Italy),      
Reg. S, 1.63%, 01/25/2028    EUR 7,000        7,424  
Reg. S, 2.25%, 01/25/2032    EUR 7,000        7,028  
Ayvens SA, (France),      
Reg. S, 1.25%, 03/02/2026    EUR 3,000        3,258  
Reg. S, 3.88%, 01/24/2028    EUR 1,100        1,247  
Babcock International Group plc, (United Kingdom), Reg. S, 1.38%, 09/13/2027    EUR 22,627        23,889  
Central Nippon Expressway Co. Ltd., (Japan),      
Reg. S, 0.89%, 09/29/2025      1,500        1,448  
Reg. S, 0.89%, 12/10/2025      200        192  
Cintas Corp. No. 2, 4.00%, 05/01/2032      30        29  
East Nippon Expressway Co. Ltd., (Japan), Series 66, 0.10%, 12/18/2026    JPY 100,000        689  
Edenred SE, (France), Reg. S, 1.88%, 03/06/2026    EUR 500        549  
Elis SA, (France), Reg. S, 3.75%, 03/21/2030    EUR 2,000        2,245  
Equifax, Inc.,      
3.10%, 05/15/2030      1,800        1,684  
5.10%, 12/15/2027      90        92  
ERAC USA Finance LLC,      
3.85%, 11/15/2024 (e)      160        160  
4.50%, 02/15/2045 (e)      400        368  
4.60%, 05/01/2028 (e)      1,100        1,114  
4.90%, 05/01/2033 (e)      865        881  
7.00%, 10/15/2037 (e)      800        953  
Experian Finance plc, (United Kingdom),      
Reg. S, 1.38%, 06/25/2026    EUR 2,625        2,857  
Reg. S, 3.25%, 04/07/2032    GBP 425        518  
Reg. S, 3.38%, 10/10/2034    EUR 7,000        7,834  
Global Payments, Inc., 4.88%, 03/17/2031    EUR 2,050        2,432  
Holding d’Infrastructures de Transport SASU, (France),      
Reg. S, 0.63%, 09/14/2028    EUR 300        303  
Reg. S, 2.50%, 05/04/2027    EUR 1,600        1,759  
Johns Hopkins University, Series A, 2.81%, 01/01/2060      600        398  
Leasys SpA, (Italy), Reg. S, 4.50%, 07/26/2026    EUR 1,000        1,141  
ManpowerGroup, Inc.,      
Reg. S, 1.75%, 06/22/2026    EUR 1,000        1,096  
Reg. S, 3.50%, 06/30/2027    EUR 500        563  
Massachusetts Institute of Technology,      
3.89%, 07/01/2116      663        522  
4.68%, 07/01/2114      550        523  
Moody’s Corp., 1.75%, 03/09/2027    EUR 1,125        1,220  
Motability Operations Group plc, (United Kingdom), Reg. S, 5.75%, 06/17/2051    GBP 2,425        3,332  
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        1,637  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      60        52  
2.90%, 10/01/2030      45        41  
3.05%, 10/01/2041      30        23  
RELX Capital, Inc., 4.75%, 05/20/2032      610        616  
RELX Finance BV, (Netherlands),      
Reg. S, 0.50%, 03/10/2028    EUR 500        517  
Reg. S, 0.88%, 03/10/2032    EUR 9,000        8,615  
Reg. S, 1.38%, 05/12/2026    EUR 1,000        1,090  
Reg. S, 3.75%, 06/12/2031    EUR 7,000        8,110  
Rentokil Initial plc, (United Kingdom), Reg. S, 5.00%, 06/27/2032    GBP 4,000        5,245  
S&P Global, Inc.,      
2.30%, 08/15/2060      41        23  
2.45%, 03/01/2027      35        34  
5.25%, 09/15/2033      35        37  
Securitas Treasury Ireland DAC, (Ireland), Reg. S, 3.88%, 02/23/2030    EUR 6,525        7,445  
SGS Nederland Holding BV, (Netherlands), Reg. S, 0.13%, 04/21/2027    EUR 2,500        2,602  
Transurban Finance Co. Pty Ltd., (Australia),      
Reg. S, 1.45%, 05/16/2029    EUR 7,000        7,266  
Reg. S, 3.00%, 04/08/2030    EUR 100        110  
Reg. S, 4.23%, 04/26/2033    EUR 1,450        1,700  
Trustees of Princeton University (The), 4.20%, 03/01/2052      1,295        1,200  
University of Oxford, (United Kingdom), Reg. S, 2.54%, 12/08/2117    GBP 1,500        1,052  
University of Southern California, 4.98%, 10/01/2053      656        677  
Verisk Analytics, Inc.,      
5.25%, 06/05/2034      80        83  
5.50%, 06/15/2045      28        28  
5.75%, 04/01/2033      17        18  
Washington University (The),      
4.35%, 04/15/2122      255        219  
Series 2022, 3.52%, 04/15/2054      900        723  
Wellcome Trust Ltd. (The), (United Kingdom),      
Reg. S, 1.50%, 07/14/2071    GBP 1,500        764  
Reg. S, 2.52%, 02/07/2118    GBP 200        139  
West Nippon Expressway Co. Ltd., (Japan), Series 29, 0.31%, 02/12/2026    JPY 200,000        1,389  
Wolters Kluwer NV, (Netherlands),      
Reg. S, 0.25%, 03/30/2028    EUR 1,500        1,534  
Reg. S, 0.75%, 07/03/2030    EUR 4,475        4,413  
Reg. S, 1.50%, 03/22/2027    EUR 4,375        4,730  
Reg. S, 3.75%, 04/03/2031    EUR 5,000        5,784  
     

 

 

  
        161,591  
     

 

 

  
Cosmetics/Personal Care — 0.2%      
Colgate-Palmolive Co., 3.70%, 08/01/2047      20        17  
Essity AB, (Sweden), Reg. S, 0.25%, 02/08/2031    EUR 4,340        4,099  
Procter & Gamble Co. (The),      
0.35%, 05/05/2030    EUR 2,800        2,742  
1.88%, 10/30/2038    EUR 325        313  
3.25%, 08/02/2031    EUR 3,700        4,233  
4.55%, 01/29/2034      1,200        1,238  
4.88%, 05/11/2027    EUR 425        500  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 — continued      
Reckitt Benckiser Treasury Services Nederland BV, (Netherlands), Reg. S, 0.75%, 05/19/2030    EUR 200        197  
Unilever Finance Netherlands BV, (Netherlands),      
Reg. S, 1.13%, 02/12/2027    EUR 825        890  
Reg. S, 1.13%, 04/29/2028    EUR 1,000        1,064  
Reg. S, 1.25%, 02/28/2031    EUR 1,500        1,520  
Reg. S, 1.75%, 03/25/2030    EUR 6,000        6,373  
Reg. S, 3.50%, 02/23/2035    EUR 2,850        3,296  
     

 

 

  
        26,482  
     

 

 

  
Food — 0.3%      
Campbell Soup Co., 4.75%, 03/23/2035 (w)      1,190        1,185  
Conagra Brands, Inc., 5.30%, 11/01/2038      95        95  
General Mills, Inc.,      
0.13%, 11/15/2025    EUR 1,000        1,077  
0.45%, 01/15/2026    EUR 3,000        3,226  
3.65%, 10/23/2030    EUR 2,300        2,622  
Hormel Foods Corp., 1.70%, 06/03/2028      4        4  
JBS USA Holding Lux Sarl / JBS USA Food Co. / JBS Lux Co. Sarl, (Luxembourg),      
3.00%, 05/15/2032      575        498  
5.75%, 04/01/2033      741        768  
Kellanova, 0.50%, 05/20/2029    EUR 1,500        1,508  
Kraft Heinz Foods Co., Reg. S, 2.25%, 05/25/2028    EUR 1,000        1,091  
Kroger Co. (The),      
3.95%, 01/15/2050      5        4  
4.70%, 08/15/2026      665        670  
5.50%, 09/15/2054      30        30  
5.65%, 09/15/2064      20        20  
Mars, Inc., 2.38%, 07/16/2040 (e)      1,200        854  
Mondelez International Holdings Netherlands BV, (Netherlands),      
Reg. S, 0.25%, 09/09/2029    EUR 1,000        982  
Reg. S, 0.38%, 09/22/2029    EUR 200        197  
Mondelez International, Inc.,      
0.25%, 03/17/2028    EUR 1,000        1,019  
0.75%, 03/17/2033    EUR 500        455  
1.50%, 02/04/2031      1,000        844  
Nestle Capital Corp., 5.10%, 03/12/2054 (e)      610        635  
Nestle Finance International Ltd., (Luxembourg),      
Reg. S, 0.00%, 06/14/2026    EUR 1,500        1,601  
Reg. S, 0.38%, 05/12/2032    EUR 936        877  
Reg. S, 1.25%, 03/29/2031    EUR 1,200        1,228  
Reg. S, 3.00%, 03/15/2028    EUR 15        17  
Pilgrim’s Pride Corp.,      
3.50%, 03/01/2032      35        31  
6.25%, 07/01/2033      115        122  
REWE International Finance BV, (Netherlands), Reg. S, 4.88%, 09/13/2030    EUR 5,400        6,434  
Tesco Corporate Treasury Services plc, (United Kingdom),      
Reg. S, 0.88%, 05/29/2026    EUR 1,500        1,619  
Reg. S, 1.88%, 11/02/2028    GBP 1,300        1,556  
Reg. S, 2.75%, 04/27/2030    GBP 825        990  
Reg. S, 5.50%, 02/27/2035    GBP 2,000        2,683  
Tyson Foods, Inc., 5.70%, 03/15/2034      440        463  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Woolworths Group Ltd., (Australia), Reg. S, 0.38%, 11/15/2028    EUR 1,500        1,486  
     

 

 

  
        36,891  
     

 

 

  
Healthcare - Products — 0.3%      
Abbott Laboratories, 4.90%, 11/30/2046      25        26  
Agilent Technologies, Inc., 3.05%, 09/22/2026      35        34  
Alcon Finance BV, (Netherlands), Reg. S, 2.38%, 05/31/2028    EUR 200        219  
American Medical Systems Europe BV, (Netherlands),      
3.38%, 03/08/2029    EUR 1,500        1,698  
3.50%, 03/08/2032    EUR 2,900        3,287  
Becton Dickinson Euro Finance Sarl, (Luxembourg), 1.21%, 06/04/2026    EUR 825        895  
Boston Scientific Corp.,      
0.63%, 12/01/2027    EUR 800        834  
6.50%, 11/15/2035      15        17  
DH Europe Finance II Sarl, (Luxembourg), 0.20%, 03/18/2026    EUR 3,775        4,049  
Edwards Lifesciences Corp., 4.30%, 06/15/2028      45        45  
EssilorLuxottica SA, (France), Reg. S, 0.38%, 01/05/2026    EUR 600        649  
GE HealthCare Technologies, Inc., 4.80%, 08/14/2029      50        51  
Medtronic Global Holdings SCA, (Luxembourg),      
1.13%, 03/07/2027    EUR 4,000        4,289  
1.63%, 10/15/2050    EUR 900        656  
1.75%, 07/02/2049    EUR 900        679  
3.00%, 10/15/2028    EUR 3,400        3,821  
3.38%, 10/15/2034    EUR 4,200        4,753  
Medtronic, Inc., 4.15%, 10/15/2053    EUR 270        311  
Smith & Nephew plc, (United Kingdom), 4.57%, 10/11/2029    EUR 1,500        1,777  
Stryker Corp.,      
1.00%, 12/03/2031    EUR 1,300        1,256  
3.38%, 12/11/2028    EUR 2,200        2,494  
3.63%, 09/11/2036    EUR 4,525        5,049  
Thermo Fisher Scientific Finance I BV, (Netherlands), 1.13%, 10/18/2033    EUR 1,000        941  
Thermo Fisher Scientific, Inc., 1.88%, 10/01/2049    EUR 900        695  
Werfen SA, (Spain), Reg. S, 0.50%, 10/28/2026    EUR 1,200        1,270  
Zimmer Biomet Holdings, Inc.,      
1.16%, 11/15/2027    EUR 1,000        1,056  
2.43%, 12/13/2026    EUR 500        552  
2.60%, 11/24/2031      16        14  
     

 

 

  
        41,417  
     

 

 

  
Healthcare - Services — 0.3%      
Advocate Health & Hospitals Corp., 3.39%, 10/15/2049      35        27  
Aetna, Inc., 3.50%, 11/15/2024      58        58  
AHS Hospital Corp., Series 2021, 2.78%, 07/01/2051      750        514  
Ascension Health, 3.95%, 11/15/2046      40        35  
Centene Corp., 2.45%, 07/15/2028      95        87  
Cigna Group (The),      
2.40%, 03/15/2030      66        60  
4.90%, 12/15/2048      800        753  
5.60%, 02/15/2054      40        41  
Cleveland Clinic Foundation (The), 4.86%, 01/01/2114      1,000        940  
CommonSpirit Health, 3.91%, 10/01/2050      50        40  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Elevance Health, Inc., 5.65%, 06/15/2054      2,050        2,160  
Hackensack Meridian Health, Inc., Series 2020, 2.68%, 09/01/2041      1,335        991  
HCA, Inc.,      
3.13%, 03/15/2027      2,560        2,488  
4.13%, 06/15/2029      105        103  
4.63%, 03/15/2052      85        74  
5.13%, 06/15/2039      355        349  
5.45%, 04/01/2031      110        114  
5.45%, 09/15/2034      20        21  
5.60%, 04/01/2034      20        21  
5.95%, 09/15/2054      40        42  
6.00%, 04/01/2054      35        37  
6.10%, 04/01/2064      40        42  
Health Care Service Corp. A Mutual Legal Reserve Co.,      
2.20%, 06/01/2030 (e)      1,400        1,244  
5.20%, 06/15/2029 (e)      405        417  
5.88%, 06/15/2054 (e)      265        280  
Humana, Inc., 5.88%, 03/01/2033      50        53  
Icon Investments Six DAC, (Ireland), 5.85%, 05/08/2029      825        867  
IQVIA, Inc., 6.25%, 02/01/2029      1,067        1,135  
Kaiser Foundation Hospitals,      
4.15%, 05/01/2047      1,200        1,077  
Series 2021, 3.00%, 06/01/2051      50        36  
Laboratory Corp. of America Holdings, 4.80%, 10/01/2034      860        849  
Lonza Finance International NV, (Belgium), Reg. S, 1.63%, 04/21/2027    EUR 2,800        3,030  
Mayo Clinic,      
3.77%, 11/15/2043      30        26  
Series 2021, 3.20%, 11/15/2061      440        316  
Memorial Sloan-Kettering Cancer Center, 4.13%, 07/01/2052      15        13  
Methodist Hospital (The), Series 20A, 2.71%, 12/01/2050      1,500        1,019  
MultiCare Health System, 2.80%, 08/15/2050      1,000        635  
MyMichigan Health, Series 2020, 3.41%, 06/01/2050      1,495        1,123  
New York and Presbyterian Hospital (The),      
2.26%, 08/01/2040      1,090        779  
4.02%, 08/01/2045      20        18  
OhioHealth Corp.,      
2.30%, 11/15/2031      830        718  
2.83%, 11/15/2041      370        284  
Series 2020, 3.04%, 11/15/2050      535        403  
PeaceHealth Obligated Group,      
Series 2020, 1.38%, 11/15/2025      700        674  
Series 2020, 3.22%, 11/15/2050      745        526  
Piedmont Healthcare, Inc.,      
Series 2032, 2.04%, 01/01/2032      470        397  
Series 2042, 2.72%, 01/01/2042      450        336  
Providence St Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/2051      50        32  
Roche Holdings, Inc.,      
4.99%, 03/08/2034 (e)      1,950        2,031  
5.59%, 11/13/2033 (e) (jj)      1,650        1,788  
Sentara Health, Series 2021, 2.93%, 11/01/2051      2,365        1,663  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Texas Health Resources, 2.33%, 11/15/2050      750        467  
Trinity Health Corp., Series 2021, 2.63%, 12/01/2040      230        172  
UnitedHealth Group, Inc.,      
2.00%, 05/15/2030      160        142  
3.70%, 08/15/2049      1,100        884  
5.20%, 04/15/2063      1,200        1,199  
5.75%, 07/15/2064      925        997  
6.05%, 02/15/2063      20        23  
Universal Health Services, Inc.,      
2.65%, 10/15/2030      153        136  
2.65%, 01/15/2032      37        32  
5.05%, 10/15/2034      100        98  
     

 

 

  
        34,916  
     

 

 

  
Household Products/Wares — 0.0% (g)      
Henkel AG & Co. KGaA, (Germany), Reg. S, 0.50%, 11/17/2032    EUR 1,000        943  
Kimberly-Clark Corp.,      
2.88%, 02/07/2050      25        18  
3.10%, 03/26/2030      8        8  
Reckitt Benckiser Treasury Services plc, (United Kingdom),      
Reg. S, 1.75%, 05/19/2032    GBP 2,175        2,342  
Reg. S, 3.88%, 09/14/2033    EUR 1,700        1,954  
     

 

 

  
        5,265  
     

 

 

  
Pharmaceuticals — 0.5%      
AbbVie, Inc.,      
3.20%, 11/21/2029 (jj)      4,960        4,740  
4.05%, 11/21/2039      25        23  
4.40%, 11/06/2042      5        5  
4.50%, 05/14/2035      255        254  
4.95%, 03/15/2031      10        10  
5.05%, 03/15/2034      10        10  
5.35%, 03/15/2044      10        11  
5.50%, 03/15/2064      210        224  
Astrazeneca Finance LLC, 1.75%, 05/28/2028      50        46  
AstraZeneca plc, (United Kingdom),      
Reg. S, 0.38%, 06/03/2029    EUR 1,500        1,506  
Reg. S, 1.25%, 05/12/2028    EUR 1,000        1,065  
2.13%, 08/06/2050      3        2  
4.38%, 11/16/2045      8        7  
Bayer AG, (Germany), Reg. S, 1.13%, 01/06/2030    EUR 1,000        993  
Bayer Capital Corp. BV, (Netherlands), Reg. S, 2.13%, 12/15/2029    EUR 600        630  
Bristol-Myers Squibb Co., 6.40%, 11/15/2063      820        963  
Cardinal Health, Inc.,      
4.37%, 06/15/2047      15        13  
4.50%, 11/15/2044      5        5  
5.45%, 02/15/2034      23        24  
Cencora, Inc.,      
2.70%, 03/15/2031      65        58  
3.25%, 03/01/2025      8        8  
3.45%, 12/15/2027      5        5  
4.25%, 03/01/2045      21        18  
4.30%, 12/15/2047      2        2  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 
 AMOUNT ($) 

       VALUE ($)   
Corporate Bonds — continued      
Pharmaceuticals — continued      
CVS Health Corp., 5.05%, 03/25/2048      1,200        1,094  
Eli Lilly & Co.,      
0.50%, 09/14/2033    EUR 1,500        1,372  
1.13%, 09/14/2051    EUR 2,717        1,862  
1.38%, 09/14/2061    EUR 1,620        1,024  
1.63%, 06/02/2026    EUR 1,500        1,642  
2.13%, 06/03/2030    EUR 3,500        3,792  
4.60%, 08/14/2034      522        529  
4.70%, 02/09/2034      510        521  
4.88%, 02/27/2053      270        270  
4.95%, 02/27/2063      100        100  
GlaxoSmithKline Capital plc, (United Kingdom),      
5.25%, 12/19/2033    GBP 640        900  
Reg. S, 5.25%, 04/10/2042    GBP 150        202  
Johnson & Johnson,      
1.15%, 11/20/2028    EUR 1,000        1,060  
2.45%, 09/01/2060      30        19  
5.25%, 06/01/2054      1,255        1,358  
McKesson Corp.,      
0.90%, 12/03/2025      10        10  
1.50%, 11/17/2025    EUR 1,000        1,095  
1.63%, 10/30/2026    EUR 2,000        2,178  
3.13%, 02/17/2029    GBP 1,925        2,426  
Merck & Co., Inc.,      
1.38%, 11/02/2036    EUR 1,000        915  
1.88%, 10/15/2026    EUR 1,900        2,085  
2.35%, 06/24/2040      10        7  
2.50%, 10/15/2034    EUR 500        531  
2.90%, 12/10/2061      55        36  
3.70%, 02/10/2045      10        9  
3.90%, 03/07/2039      150        137  
4.30%, 05/17/2030      20        20  
4.90%, 05/17/2044      285        286  
5.00%, 05/17/2053      10        10  
5.15%, 05/17/2063      215        220  
Merck KGaA, (Germany), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.54%), 3.88%, 08/27/2054 (aa)    EUR 2,700        3,006  
MSD Netherlands Capital BV, (Netherlands), 3.75%, 05/30/2054    EUR 400        442  
Novartis Capital Corp., 2.75%, 08/14/2050      45        32  
Novartis Finance SA, (Luxembourg),      
Reg. S, 0.63%, 09/20/2028    EUR 1,000        1,042  
Reg. S, 1.13%, 09/30/2027    EUR 1,000        1,072  
Reg. S, 1.38%, 08/14/2030    EUR 1,000        1,038  
Reg. S, 1.70%, 08/14/2038    EUR 1,000        949  
Novo Nordisk Finance Netherlands BV, (Denmark), Reg. S, 3.38%, 05/21/2034    EUR 6,475        7,399  
Novo Nordisk Finance Netherlands BV, (Netherlands),      
Reg. S, 1.13%, 09/30/2027    EUR 1,000        1,071  
Reg. S, 1.38%, 03/31/2030    EUR 1,000        1,040  
Pfizer Investment Enterprises Pte Ltd., (Singapore), 5.34%, 05/19/2063      6        6  
Sanofi SA, (France), Series 20FX, Reg. S, 1.88%, 03/21/2038    EUR 800        777  
Upjohn Finance BV, (Netherlands), Reg. S, 1.36%, 06/23/2027    EUR 1,000        1,066  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 
 AMOUNT ($) 

       VALUE ($)   
Corporate Bonds — continued      
Pharmaceuticals — continued      
Viatris, Inc.,      
3.85%, 06/22/2040      2,200        1,713  
4.00%, 06/22/2050      30        21  
Zoetis, Inc., 4.70%, 02/01/2043      28        27  
     

 

 

  
        57,033  
     

 

 

  
Total Consumer Non-cyclical         495,767  
     

 

 

  
Energy — 0.9%      
Energy - Alternate Sources — 0.0% (g)      
ERG SpA, (Italy),      
Reg. S, 0.50%, 09/11/2027    EUR 5,000        5,167  
Reg. S, 0.88%, 09/15/2031    EUR 200        184  
     

 

 

  
        5,351  
     

 

 

  
Oil & Gas — 0.6%      
Aker BP ASA, (Norway),      
3.10%, 07/15/2031 (e)      1,885        1,679  
5.13%, 10/01/2034 (e) (w)      195        193  
5.60%, 06/13/2028 (e)      795        823  
6.00%, 06/13/2033 (e)      715        749  
BP Capital Markets BV, (Netherlands), Reg. S, 4.32%, 05/12/2035    EUR 1,500        1,770  
BP Capital Markets plc, (United Kingdom),      
Reg. S, 1.64%, 06/26/2029    EUR 1,000        1,054  
Reg. S, 2.27%, 07/03/2026    GBP 2,000        2,577  
Reg. S, (EUR Swap Rate 5 Year + 3.78%), 3.63%, 03/22/2029 (x) (aa)    EUR 1,300        1,418  
Reg. S, (UK Gilts 5 Year + 3.89%), 4.25%, 03/22/2027 (x) (aa)    GBP 4,900        6,338  
Canadian Natural Resources Ltd., (Canada),      
3.85%, 06/01/2027      9        9  
4.95%, 06/01/2047      20        18  
6.25%, 03/15/2038      10        11  
6.50%, 02/15/2037      60        65  
Cepsa Finance SA, (Spain),      
Reg. S, 2.25%, 02/13/2026    EUR 100        110  
Reg. S, 4.13%, 04/11/2031    EUR 400        445  
Chevron USA, Inc., 2.34%, 08/12/2050      24        15  
CNOOC Petroleum North America ULC, (Canada), 6.40%, 05/15/2037      10        12  
ConocoPhillips Co.,      
5.55%, 03/15/2054      10        10  
5.70%, 09/15/2063      535        570  
Continental Resources, Inc., 4.90%, 06/01/2044      5        4  
Devon Energy Corp., 5.88%, 06/15/2028      217        219  
Diamondback Energy, Inc.,      
3.13%, 03/24/2031      2,400        2,187  
5.15%, 01/30/2030      30        31  
5.20%, 04/18/2027      30        30  
5.40%, 04/18/2034      10        10  
5.75%, 04/18/2054      660        665  
6.25%, 03/15/2033      300        323  
Eni SpA, (Italy),      
Reg. S, 0.63%, 01/23/2030    EUR 500        492  
Reg. S, 1.00%, 10/11/2034    EUR 400        352  
Reg. S, 1.50%, 02/02/2026    EUR 1,000        1,092  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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, 1.50%, 01/17/2027    EUR 2,700        2,929  
Reg. S, 1.63%, 05/17/2028    EUR 1,000        1,071  
Reg. S, 2.00%, 05/18/2031    EUR 500        519  
EOG Resources, Inc., 4.38%, 04/15/2030      10        10  
EQT Corp.,      
5.70%, 04/01/2028      15        16  
7.00%, 02/01/2030      3        3  
Equinor ASA, (Norway),      
Reg. S, 1.38%, 05/22/2032    EUR 825        820  
1.75%, 01/22/2026      200        194  
2.38%, 05/22/2030      30        27  
3.25%, 11/18/2049      30        23  
3.63%, 04/06/2040      1,800        1,549  
3.70%, 04/06/2050      15        12  
Reg. S, 6.88%, 03/11/2031    GBP 150        226  
Exxon Mobil Corp.,      
0.84%, 06/26/2032    EUR 1,050        987  
1.41%, 06/26/2039    EUR 1,205        1,010  
3.45%, 04/15/2051      54        42  
Helmerich & Payne, Inc., 2.90%, 09/29/2031      240        206  
Hess Corp.,      
5.60%, 02/15/2041      10        11  
5.80%, 04/01/2047      6        6  
Marathon Oil Corp.,      
5.30%, 04/01/2029      60        62  
5.70%, 04/01/2034      80        86  
Marathon Petroleum Corp., 4.50%, 04/01/2048      15        13  
MOL Hungarian Oil & Gas plc, (Hungary), Reg. S, 1.50%, 10/08/2027    EUR 4,300        4,492  
Occidental Petroleum Corp.,      
5.20%, 08/01/2029      400        407  
5.55%, 10/01/2034      545        554  
6.13%, 01/01/2031      60        63  
6.63%, 09/01/2030      55        59  
8.88%, 07/15/2030      70        83  
ORLEN SA, (Poland), Reg. S, 1.13%, 05/27/2028    EUR 1,300        1,339  
Ovintiv, Inc.,      
5.65%, 05/15/2025      735        738  
5.65%, 05/15/2028      715        737  
Pioneer Natural Resources Co., 1.90%, 08/15/2030      1,050        920  
Santos Finance Ltd., (Australia), 6.88%, 09/19/2033 (e)      460        507  
Shell International Finance BV, (Netherlands),      
Reg. S, 0.75%, 08/15/2028    EUR 3,000        3,105  
Reg. S, 1.63%, 01/20/2027    EUR 3,900        4,241  
Reg. S, 1.88%, 04/07/2032    EUR 1,000        1,022  
6.38%, 12/15/2038      15        17  
TotalEnergies Capital International SA, (France),      
Reg. S, 0.95%, 05/18/2031    EUR 1,000        976  
Reg. S, 1.38%, 10/04/2029    EUR 2,000        2,091  
Reg. S, 1.49%, 09/04/2030    EUR 1,000        1,029  
Reg. S, 1.54%, 05/31/2039    EUR 1,000        874  
TotalEnergies Capital SA, (France), 5.15%, 04/05/2034      1,150        1,195  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
TotalEnergies SE, (France),      
Reg. S, (EUR Swap Rate 5 Year + 1.90%), 2.00%, 01/17/2027 (x) (aa)    EUR 2,000        2,132  
Reg. S, (EUR Swap Rate 5 Year + 2.94%), 3.25%, 07/17/2036 (x) (aa)    EUR 500        493  
Reg. S, (EUR Swap Rate 5 Year + 3.35%), 3.37%, 10/06/2026 (x) (aa)    EUR 3,500        3,866  
Series NC7, Reg. S, (EUR Swap Rate 5 Year + 1.99%), 1.63%, 10/25/2027 (x) (aa)    EUR 1,000        1,038  
Valero Energy Corp., 6.63%, 06/15/2037      65        73  
Var Energi ASA, (Norway),      
5.00%, 05/18/2027 (e)      1,600        1,606  
Reg. S, 5.50%, 05/04/2029    EUR 4,175        5,006  
     

 

 

  
        71,756  
     

 

 

  
Oil & Gas Services — 0.0% (g)      
Schlumberger Finance BV, (Netherlands),      
Reg. S, 0.25%, 10/15/2027    EUR 1,500        1,554  
Reg. S, 0.50%, 10/15/2031    EUR 500        466  
Schlumberger Finance France SAS, (France), Reg. S, 1.00%, 02/18/2026    EUR 500        543  
     

 

 

  
        2,563  
     

 

 

  
Pipelines — 0.3%      
Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/2029      8        8  
Cheniere Energy, Inc., 5.65%, 04/15/2034 (e)      110        114  
Colonial Enterprises, Inc., 3.25%, 05/15/2030 (e)      1,330        1,240  
Columbia Pipelines Operating Co. LLC,      
5.93%, 08/15/2030 (e)      185        196  
6.04%, 11/15/2033 (e)      280        298  
DCP Midstream Operating LP,      
3.25%, 02/15/2032      5        4  
5.13%, 05/15/2029      1,500        1,538  
5.38%, 07/15/2025      4        4  
Enbridge, Inc., (Canada),      
(CMT Index 5 Year + 2.97%), 7.20%, 06/27/2054 (aa)      50        53  
(CMT Index 5 Year + 3.12%), 7.38%, 03/15/2055 (aa)      10        10  
Energy Transfer LP,      
4.20%, 04/15/2027      5,800        5,778  
5.25%, 04/15/2029      135        139  
5.40%, 10/01/2047      95        90  
5.55%, 02/15/2028      1,210        1,251  
6.05%, 12/01/2026      1,710        1,770  
6.40%, 12/01/2030      620        676  
6.55%, 12/01/2033      246        272  
Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa)      1,490        1,486  
EnLink Midstream Partners LP, 5.05%, 04/01/2045      35        31  
Enterprise Products Operating LLC,      
4.20%, 01/31/2050      40        34  
5.10%, 02/15/2045 (jj)      1,700        1,673  
(CME Term SOFR 3 Month + 2.83%), 5.38%, 02/15/2078 (aa)      600        573  
5.55%, 02/16/2055      558        576  
Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 08/16/2077 (aa)      70        69  
Erdoel-Lagergesellschaft mbH, (Austria), Reg. S, 2.75%, 03/20/2028    EUR 200        222  
Kinder Morgan Energy Partners LP, 4.70%, 11/01/2042      850        757  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 
 AMOUNT ($) 

       VALUE ($)   
Corporate Bonds — continued      
Pipelines — continued      
Kinder Morgan, Inc.,      
1.75%, 11/15/2026      40        38  
2.25%, 03/16/2027    EUR 1,500        1,638  
4.80%, 02/01/2033      100        99  
5.00%, 02/01/2029      30        31  
5.95%, 08/01/2054      45        47  
MPLX LP,      
2.65%, 08/15/2030      1,585        1,425  
4.13%, 03/01/2027      48        48  
4.50%, 04/15/2038      130        120  
4.70%, 04/15/2048      1,272        1,108  
4.90%, 04/15/2058      20        18  
4.95%, 03/14/2052      865        775  
5.00%, 03/01/2033      1,470        1,470  
5.50%, 06/01/2034      40        41  
5.50%, 02/15/2049      60        58  
ONEOK Partners LP, 6.65%, 10/01/2036      50        56  
ONEOK, Inc.,      
2.20%, 09/15/2025      1,010        987  
3.40%, 09/01/2029      220        209  
3.95%, 03/01/2050      15        12  
4.45%, 09/01/2049      2,562        2,135  
5.00%, 03/01/2026      400        402  
5.20%, 07/15/2048      14        13  
5.65%, 11/01/2028      325        340  
5.85%, 01/15/2026      25        25  
6.05%, 09/01/2033      1,100        1,174  
6.10%, 11/15/2032      31        33  
6.35%, 01/15/2031      40        43  
7.15%, 01/15/2051      7        8  
Plains All American Pipeline LP / PAA Finance Corp., 3.55%, 12/15/2029      90        86  
South Bow USA Infrastructure Holdings LLC,      
4.91%, 09/01/2027 (e)      10        10  
5.03%, 10/01/2029 (e)      10        10  
5.58%, 10/01/2034 (e)      70        71  
Targa Resources Corp.,      
4.20%, 02/01/2033      100        94  
4.95%, 04/15/2052      115        103  
5.20%, 07/01/2027      965        987  
5.50%, 02/15/2035      985        1,014  
6.13%, 03/15/2033      285        306  
6.15%, 03/01/2029      75        80  
6.50%, 02/15/2053      300        333  
Targa Resources Partners LP / Targa Resources Partners Finance Corp.,      
4.88%, 02/01/2031      75        74  
5.00%, 01/15/2028      69        69  
Transcontinental Gas Pipe Line Co. LLC,      
3.25%, 05/15/2030      80        75  
7.85%, 02/01/2026      48        49  
Western Midstream Operating LP,      
4.05%, 02/01/2030      660        636  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
4.50%, 03/01/2028      1,200        1,190  
4.65%, 07/01/2026      480        480  
6.15%, 04/01/2033      20        21  
Williams Cos., Inc. (The),      
3.50%, 11/15/2030      1,900        1,795  
5.15%, 03/15/2034      2,015        2,035  
5.30%, 08/15/2028      2,350        2,425  
5.30%, 08/15/2052      30        29  
5.80%, 11/15/2043      5        5  
5.80%, 11/15/2054      400        413  
     

 

 

  
        43,605  
     

 

 

  
Total Energy         123,275  
     

 

 

  
Financial — 10.8%      
Banks — 7.3%      
ABN AMRO Bank NV, (Netherlands),      
Reg. S, 0.40%, 09/17/2041    EUR 100        72  
Reg. S, 1.25%, 01/10/2033    EUR 100        99  
Reg. S, 1.38%, 01/12/2037    EUR 100        94  
Reg. S, 1.45%, 04/12/2038    EUR 100        92  
Reg. S, 4.38%, 10/20/2028    EUR 3,500        4,084  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.45%), 5.50%, 09/21/2033 (aa)    EUR 1,100        1,298  
(CMT Index 1 Year + 1.65%), 6.34%, 09/18/2027 (e) (aa)      1,100        1,139  
(CMT Index 1 Year + 1.55%), 6.58%, 10/13/2026 (e) (aa)      2,100        2,138  
Achmea Bank NV, (Netherlands), Reg. S, 0.50%, 02/20/2026    EUR 100        108  
AIB Group plc, (Ireland), Reg. S, (EUR Swap Rate 1 Year + 1.30%), 2.25%, 04/04/2028 (aa)    EUR 1,000        1,092  
AMCO - Asset Management Co. SpA, (Italy),      
Reg. S, 0.75%, 04/20/2028    EUR 163        167  
Reg. S, 4.63%, 02/06/2027    EUR 200        231  
ANZ New Zealand Int’l Ltd., (New Zealand), Reg. S, 0.20%, 09/23/2027    EUR 6,000        6,197  
Argenta Spaarbank NV, (Belgium), Reg. S, 3.38%, 06/22/2028    EUR 100        114  
Arion Banki HF, (Iceland),      
Reg. S, 0.05%, 10/05/2026    EUR 100        105  
Reg. S, 0.38%, 07/14/2025    EUR 2,950        3,207  
Arkea Public Sector SCF SA, (France), Reg. S, 3.11%, 02/28/2029    EUR 100        114  
ASB Bank Ltd., (New Zealand),      
Reg. S, 0.25%, 09/08/2028    EUR 1,000        1,006  
Reg. S, 0.50%, 09/24/2029    EUR 1,000        1,003  
Australia & New Zealand Banking Group Ltd., (Australia),      
Reg. S, (EUR Swap Rate 5 Year + 1.12%), 0.67%, 05/05/2031 (aa)    EUR 2,925        3,116  
Reg. S, (EUR Swap Rate 5 Year + 2.15%), 5.10%, 02/03/2033 (aa)    EUR 1,500        1,750  
Banca Monte dei Paschi di Siena SpA, (Italy),      
Reg. S, 0.88%, 10/08/2026    EUR 3,504        3,759  
Reg. S, 3.50%, 04/23/2029    EUR 100        115  
Banco Bilbao Vizcaya Argentaria SA, (Spain),      
Reg. S, (ICE LIBOR EUR 3 Month + 0.52%), 0.13%, 03/24/2027 (aa)    EUR 6,700        7,170  
Reg. S, 0.38%, 11/15/2026    EUR 1,000        1,061  
Reg. S, 0.50%, 01/14/2027    EUR 1,000        1,058  
Reg. S, 1.00%, 06/21/2026    EUR 1,000        1,080  
Reg. S, 3.38%, 09/20/2027    EUR 6,800        7,732  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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%, 02/10/2027    EUR 500        564  
Reg. S, 3.50%, 03/26/2031    EUR 900        1,027  
Banco BPI SA, (Portugal), Reg. S, 3.63%, 07/04/2028    EUR 1,600        1,841  
Banco BPM SpA, (Italy), Reg. S, 3.38%, 01/24/2030    EUR 100        114  
Banco de Sabadell SA, (Spain),      
Reg. S, (EUR Swap Rate 1 Year + 1.55%), 1.13%, 03/11/2027 (aa)    EUR 2,900        3,149  
Reg. S, 1.75%, 05/30/2029    EUR 100        107  
Reg. S, 3.25%, 06/05/2034    EUR 100        115  
Banco di Desio e della Brianza SpA, (Italy), Reg. S, 4.00%, 03/13/2028    EUR 1,700        1,962  
Banco Santander SA, (Spain),      
Reg. S, 0.10%, 02/27/2032    EUR 200        183  
Reg. S, 0.20%, 02/11/2028    EUR 5,900        6,011  
Reg. S, 1.13%, 10/25/2028    EUR 100        105  
Reg. S, 1.63%, 10/22/2030    EUR 800        799  
Reg. S, 2.38%, 09/08/2027    EUR 100        111  
Reg. S, 5.13%, 01/25/2030    GBP 1,000        1,352  
5.29%, 08/18/2027      200        204  
5.44%, 07/15/2031      4,200        4,388  
(CMT Index 1 Year + 1.45%), 5.54%, 03/14/2030 (aa)      5,015        5,183  
Series DIP, Reg. S, 3.25%, 04/04/2026    EUR 10,000        11,159  
Banco Santander Totta SA, (Portugal),      
Reg. S, 1.25%, 09/26/2027    EUR 100        107  
Reg. S, 3.38%, 04/19/2028    EUR 1,800        2,051  
Bank of America Corp.,      
Reg. S, (ICE LIBOR EUR 3 Month + 0.89%), 1.66%, 04/25/2028 (aa)    EUR 2,340        2,528  
Reg. S, (UK Gilts 1 Year + 1.10%), 1.67%, 06/02/2029 (aa)    GBP 2,000        2,397  
(United States SOFR + 0.96%), 1.73%, 07/22/2027 (aa)      1,423        1,358  
Reg. S, (ICE LIBOR EUR 3 Month + 0.91%), 1.95%, 10/27/2026 (aa)    EUR 2,000        2,200  
(United States SOFR + 1.06%), 2.09%, 06/14/2029 (aa)      1,500        1,384  
(United States SOFR + 1.22%), 2.30%, 07/21/2032 (aa)      1,000        865  
(CME Term SOFR 3 Month + 1.25%), 2.50%, 02/13/2031 (aa)      3,300        2,986  
(United States SOFR + 1.05%), 2.55%, 02/04/2028 (aa)      5        5  
(United States SOFR + 1.21%), 2.57%, 10/20/2032 (aa)      2,605        2,282  
(United States SOFR + 1.93%), 2.68%, 06/19/2041 (aa)      1,720        1,291  
(United States SOFR + 1.32%), 2.69%, 04/22/2032 (aa)      2,150        1,916  
(CME Term SOFR 3 Month + 1.45%), 2.88%, 10/22/2030 (aa)      5        5  
(United States SOFR + 1.33%), 2.97%, 02/04/2033 (aa)      140        125  
(United States SOFR + 1.58%), 3.31%, 04/22/2042 (aa)      10        8  
(CME Term SOFR 3 Month + 1.30%), 3.42%, 12/20/2028 (aa)      350        340  
Reg. S, (UK Gilts 1 Year + 1.75%), 3.58%, 04/27/2031 (aa)    GBP 1,500        1,884  
(CME Term SOFR 3 Month + 1.63%), 3.59%, 07/21/2028 (aa)      660        648  
(CMT Index 5 Year + 2.00%), 3.85%, 03/08/2037 (aa)      132        122  
(CME Term SOFR 3 Month + 1.33%), 3.97%, 03/05/2029 (aa)      120        118  
(CME Term SOFR 3 Month + 1.58%), 4.08%, 04/23/2040 (aa)      10        9  
(CME Term SOFR 3 Month + 3.41%), 4.08%, 03/20/2051 (aa)      10        9  
(United States SOFR + 1.58%), 4.38%, 04/27/2028 (aa)      150        150  
(United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa)      1,012        1,030  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 + 1.63%), 5.20%, 04/25/2029 (aa)      30        31  
(United States SOFR + 1.91%), 5.29%, 04/25/2034 (aa)      1,016        1,054  
Reg. S, 7.00%, 07/31/2028    GBP 650        938  
Series N, (United States SOFR + 1.22%), 2.65%, 03/11/2032 (aa)      1,305        1,164  
Series N, (United States SOFR + 1.65%), 3.48%, 03/13/2052 (aa)      90        71  
Bank of Montreal, (Canada),      
Reg. S, 0.13%, 01/26/2027    EUR 1,800        1,897  
Reg. S, 1.00%, 04/05/2026    EUR 100        109  
3.70%, 06/07/2025      40        40  
5.30%, 06/05/2026      10        10  
5.72%, 09/25/2028      30        31  
5.92%, 09/25/2025      20        20  
Bank of New York Mellon Corp. (The),      
(United States SOFR + 1.35%), 4.41%, 07/24/2026 (aa)      13        13  
(United States SOFR + 1.17%), 4.54%, 02/01/2029 (aa)      16        16  
(United States SOFR + 1.51%), 4.71%, 02/01/2034 (aa)      10        10  
(SOFR Compounded Index + 1.80%), 5.80%, 10/25/2028 (aa)      9        10  
(United States SOFR + 1.60%), 6.32%, 10/25/2029 (aa)      2        2  
Bank of New Zealand, (New Zealand),      
Reg. S, 2.55%, 06/29/2027    EUR 100        111  
Reg. S, 3.71%, 12/20/2028    EUR 1,150        1,330  
Bank of Nova Scotia (The), (Canada),      
Reg. S, 0.01%, 01/14/2027    EUR 1,900        1,998  
Reg. S, 0.38%, 03/26/2030    EUR 100        98  
1.05%, 03/02/2026      20        19  
3.45%, 04/11/2025      45        45  
Bank of Queensland Ltd., (Australia), Reg. S, 1.84%, 06/09/2027    EUR 7,600        8,298  
Bankinter SA, (Spain),      
Reg. S, 0.88%, 07/08/2026    EUR 3,000        3,227  
Reg. S, (EUR Swap Rate 5 Year + 1.45%), 1.25%, 12/23/2032 (aa)    EUR 1,900        1,981  
Banque Federative du Credit Mutuel SA, (France),      
Reg. S, 0.01%, 05/11/2026    EUR 1,000        1,064  
Reg. S, 0.63%, 11/03/2028    EUR 1,000        1,007  
Reg. S, 0.75%, 06/08/2026    EUR 1,000        1,076  
Reg. S, 0.75%, 01/17/2030    EUR 1,000        981  
Reg. S, 1.13%, 11/19/2031    EUR 600        555  
Reg. S, 1.25%, 05/26/2027    EUR 1,000        1,071  
Reg. S, 1.25%, 06/03/2030    EUR 1,000        990  
Reg. S, 1.38%, 07/16/2028    EUR 3,000        3,166  
Reg. S, 1.88%, 11/04/2026    EUR 1,200        1,305  
Reg. S, 1.88%, 06/18/2029    EUR 1,000        1,037  
Reg. S, 2.50%, 05/25/2028    EUR 1,500        1,625  
Reg. S, 2.63%, 11/06/2029    EUR 500        540  
Reg. S, 3.13%, 09/14/2027    EUR 3,400        3,813  
Reg. S, 3.63%, 09/14/2032    EUR 3,000        3,440  
Reg. S, (EUR Swap Rate 5 Year + 2.20%), 3.88%, 06/16/2032 (aa)    EUR 3,400        3,798  
4.94%, 01/26/2026 (e)      2,000        2,015  
Reg. S, 5.00%, 10/22/2029    GBP 6,600        8,887  
5.90%, 07/13/2026 (e)      2,800        2,877  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 
 AMOUNT ($) 

       VALUE ($)   
Corporate Bonds — continued      
Banks — continued      
Barclays Bank plc, (United Kingdom), Reg. S, 5.75%, 09/14/2026    GBP 90        122  
Barclays plc, (United Kingdom),      
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.85%), 0.88%, 01/28/2028 (aa)    EUR 2,000        2,124  
Reg. S, 3.00%, 05/08/2026    GBP 100        130  
Reg. S, 3.25%, 02/12/2027    GBP 1,200        1,544  
Reg. S, (UK Gilts 5 Year + 3.75%), 3.75%, 11/22/2030 (aa)    GBP 825        1,078  
(United States SOFR + 1.49%), 5.67%, 03/12/2028 (aa)      1,320        1,356  
(United States SOFR + 2.42%), 6.04%, 03/12/2055 (aa)      210        229  
(United States SOFR + 1.88%), 6.50%, 09/13/2027 (aa)      1,120        1,160  
Basellandschaftliche Kantonalbank, (Switzerland),      
Reg. S, 0.25%, 01/25/2027    CHF 900        1,049  
Reg. S, 0.38%, 05/13/2030    CHF 100        115  
Bausparkasse Schwaebisch Hall AG, (Germany), Reg. S, 2.00%, 05/17/2034    EUR 100        104  
BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, (Austria),      
Reg. S, 0.10%, 05/12/2031    EUR 100        94  
Reg. S, 2.00%, 08/25/2032    EUR 100        105  
Bayerische Landesbank, (Germany),      
Reg. S, 0.05%, 04/30/2031    EUR 50        47  
Reg. S, 0.13%, 02/10/2028    EUR 100        101  
Reg. S, 0.13%, 11/02/2029    EUR 50        50  
Reg. S, (EUR Swap Rate 5 Year + 1.40%), 1.38%, 11/22/2032 (aa)    EUR 100        102  
Reg. S, 2.13%, 09/01/2031    EUR 50        54  
Reg. S, 3.75%, 02/07/2029    EUR 200        230  
Reg. S, 4.25%, 06/21/2027    EUR 400        461  
Belfius Bank SA, (Belgium),      
Reg. S, 0.00%, 08/28/2026    EUR 200        211  
Reg. S, 0.13%, 09/14/2026    EUR 100        106  
Reg. S, 0.13%, 02/08/2028    EUR 600        611  
Reg. S, 3.25%, 10/18/2027    EUR 100        114  
Reg. S, 4.13%, 09/12/2029    EUR 100        117  
Reg. S, (EUR Swap Rate 5 Year + 2.20%), 4.88%, 06/11/2035 (aa)    EUR 500        578  
Berlin Hyp AG, (Germany),      
Reg. S, 0.01%, 08/24/2026    EUR 100        106  
Reg. S, 0.01%, 07/07/2028    EUR 100        102  
Reg. S, 1.75%, 05/10/2032    EUR 50        53  
Reg. S, 3.00%, 01/10/2033    EUR 50        57  
BNP Paribas SA, (France),      
Reg. S, (ICE LIBOR EUR 3 Month + 0.73%), 0.50%, 02/19/2028 (aa)    EUR 1,000        1,047  
Reg. S, (ICE LIBOR EUR 3 Month + 0.83%), 0.50%, 01/19/2030 (aa)    EUR 3,500        3,455  
Reg. S, 0.63%, 12/03/2032    EUR 1,400        1,257  
Reg. S, (ICE LIBOR EUR 3 Month + 0.83%), 0.88%, 07/11/2030 (aa)    EUR 2,500        2,477  
Reg. S, (EUR Swap Rate 5 Year + 1.17%), 0.88%, 08/31/2033 (aa)    EUR 1,000        997  
Reg. S, 1.13%, 06/11/2026    EUR 1,000        1,080  
Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.13%, 01/15/2032 (aa)    EUR 1,500        1,574  
Reg. S, 1.38%, 05/28/2029    EUR 200        205  
Reg. S, 1.50%, 05/23/2028    EUR 500        528  
Reg. S, 1.50%, 05/25/2028    EUR 1,500        1,599  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 + 0.91%), 1.68%, 06/30/2027 (e) (aa)      1,250        1,191  
Reg. S, 1.88%, 12/14/2027    GBP 2,000        2,438  
Reg. S, 2.10%, 04/07/2032    EUR 1,500        1,520  
Reg. S, 2.25%, 01/11/2027    EUR 500        547  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.60%), 2.50%, 03/31/2032 (aa)    EUR 2,700        2,915  
Reg. S, 2.88%, 02/24/2029    GBP 2,000        2,458  
Reg. S, 3.38%, 01/23/2026    GBP 600        786  
Reg. S, (ICE LIBOR EUR 3 Month + 0.95%), 4.13%, 09/26/2032 (aa)    EUR 2,600        3,066  
(United States SOFR + 1.52%), 5.18%, 01/09/2030 (e) (aa)      925        949  
Reg. S, 5.75%, 06/13/2032    GBP 1,500        2,071  
BPCE SA, (France),      
Reg. S, 0.25%, 01/15/2026    EUR 6,200        6,671  
Reg. S, 0.25%, 01/14/2031    EUR 1,900        1,779  
Reg. S, 1.00%, 12/22/2025    GBP 2,000        2,553  
Reg. S, 1.00%, 10/05/2028    EUR 500        519  
Reg. S, 3.50%, 01/25/2028    EUR 10,000        11,346  
Reg. S, 4.00%, 11/29/2032    EUR 4,300        5,034  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.65%)5.75%, 06/01/2033 (aa)    EUR 2,900        3,449  
(United States SOFR + 1.85%), 5.94%, 05/30/2035 (e) (aa)      1,395        1,459  
(United States SOFR + 2.10%), 5.98%, 01/18/2027 (e) (aa)      1,700        1,725  
(United States SOFR + 2.27%), 6.71%, 10/19/2029 (e) (aa)      475        507  
Caixa Geral de Depositos SA, (Portugal),      
Reg. S, (EUR Swap Rate 1 Year + 0.70%), 0.38%, 09/21/2027 (aa)    EUR 500        528  
Reg. S, (EUR Swap Rate 1 Year + 2.75%), 5.75%, 10/31/2028 (aa)    EUR 100        120  
CaixaBank SA, (Spain),      
Reg. S, (ICE LIBOR EUR 3 Month + 0.90%), 0.50%, 02/09/2029 (aa)    EUR 1,500        1,531  
Reg. S, (ICE LIBOR EUR 3 Month + 1.00%), 0.75%, 05/26/2028 (aa)    EUR 2,100        2,210  
Reg. S, 1.00%, 09/25/2025    EUR 100        110  
Reg. S, 1.25%, 01/11/2027    EUR 200        216  
Reg. S, (EUR Swap Rate 5 Year + 1.63%), 1.25%, 06/18/2031 (aa)    EUR 500        537  
Reg. S, 1.38%, 06/19/2026    EUR 2,300        2,498  
Reg. S, (ICE LIBOR EUR 3 Month + 1.30%), 3.63%, 09/19/2032 (aa)    EUR 10,300        11,542  
Reg. S, 3.75%, 09/07/2029    EUR 500        579  
(United States SOFR + 2.08%), 6.68%, 09/13/2027 (e) (aa)      1,750        1,820  
Caja Rural de Navarra SCC, (Spain),      
Reg. S, 0.75%, 02/16/2029    EUR 2,000        2,048  
Reg. S, 3.00%, 04/26/2027    EUR 100        112  
Cajamar Caja Rural SCC, (Spain), Reg. S, 3.38%, 07/25/2029    EUR 3,500        3,993  
Canadian Imperial Bank of Commerce, (Canada),      
Reg. S, 0.01%, 04/30/2029    EUR 4,000        3,959  
5.26%, 04/08/2029      10        11  
Cie de Financement Foncier SA, (France),      
Reg. S, 0.38%, 04/09/2027    EUR 100        106  
Reg. S, 0.60%, 10/25/2041    EUR 100        75  
Reg. S, 0.75%, 05/29/2026    EUR 100        108  
Reg. S, 2.38%, 03/15/2030    EUR 100        110  
Reg. S, 3.13%, 04/24/2027    EUR 100        113  
Reg. S, 3.38%, 09/16/2031    EUR 100        116  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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, 3.88%, 04/25/2055    EUR 20        25  
Citibank NA, 4.93%, 08/06/2026      2,550        2,588  
Citigroup, Inc.,      
(United States SOFR + 0.77%), 1.46%, 06/09/2027 (aa)      3,100        2,951  
(United States SOFR + 1.17%), 2.56%, 05/01/2032 (aa)      1,275        1,118  
(United States SOFR + 2.11%), 2.57%, 06/03/2031 (aa)      3,621        3,253  
(United States SOFR + 1.38%), 2.90%, 11/03/2042 (aa)      5        4  
(United States SOFR + 1.35%), 3.06%, 01/25/2033 (aa)      445        397  
(United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa)      135        134  
(United States SOFR + 1.94%), 3.79%, 03/17/2033 (aa)      10        9  
(CME Term SOFR 3 Month + 2.10%), 4.28%, 04/24/2048 (aa)      20        18  
4.40%, 06/10/2025      3,500        3,487  
(United States SOFR + 3.91%), 4.41%, 03/31/2031 (aa)      98        97  
(United States SOFR + 1.36%), 5.17%, 02/13/2030 (aa)      1,485        1,524  
5.30%, 05/06/2044      5        5  
(United States SOFR + 4.55%), 5.32%, 03/26/2041 (aa)      10        10  
(United States SOFR + 1.45%), 5.45%, 06/11/2035 (aa)      900        938  
(United States SOFR + 2.06%), 5.83%, 02/13/2035 (aa)      1,940        2,024  
(United States SOFR + 2.66%), 6.17%, 05/25/2034 (aa)      40        43  
Citizens Financial Group, Inc., (United States SOFR + 1.91%), 5.72%, 07/23/2032 (aa)      30        31  
Clydesdale Bank plc, (United Kingdom),      
Reg. S, 2.50%, 06/22/2027    EUR 5,000        5,541  
Reg. S, 3.75%, 08/22/2028    EUR 1,800        2,082  
Comerica, Inc., (United States SOFR + 2.16%), 5.98%, 01/30/2030 (aa)      708        729  
Commerzbank AG, (Germany),      
Reg. S, 0.01%, 03/11/2030    EUR 100        97  
Reg. S, 1.00%, 03/04/2026    EUR 1,500        1,631  
Reg. S, 1.13%, 06/22/2026    EUR 1,100        1,191  
Reg. S, 2.63%, 09/03/2029    EUR 25        28  
Reg. S, 2.88%, 04/28/2026    EUR 100        112  
Reg. S, (ICE LIBOR EUR 3 Month + 1.50%), 3.00%, 09/14/2027 (aa)    EUR 3,100        3,449  
Reg. S, 3.13%, 04/20/2029    EUR 100        114  
Reg. S, (ICE LIBOR EUR 3 Month + 2.10%), 4.63%, 01/17/2031 (aa)    EUR 2,300        2,698  
Commonwealth Bank of Australia, (Australia),      
Reg. S, 0.75%, 02/28/2028    EUR 100        105  
Reg. S, 1.13%, 01/18/2028    EUR 1,000        1,063  
Reg. S, (EUR Swap Rate 5 Year + 1.45%), 1.94%, 10/03/2029 (aa)    EUR 1,825        2,032  
Reg. S, 3.25%, 10/24/2025    EUR 100        112  
Reg. S, 3.77%, 08/31/2027    EUR 100        115  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.35%), 4.27%, 06/04/2034 (aa)    EUR 5,300        6,049  
Cooperatieve Rabobank UA, (Netherlands),      
Reg. S, 0.01%, 11/27/2040    EUR 100        69  
Reg. S, 0.13%, 12/01/2031    EUR 100        94  
Reg. S, 0.75%, 03/02/2032    EUR 100        97  
Reg. S, 0.88%, 02/08/2028    EUR 200        212  
Reg. S, (ICE LIBOR EUR 3 Month + 1.18%), 0.88%, 05/05/2028 (aa)    EUR 700        741  
Reg. S, 0.88%, 02/01/2029    EUR 100        104  
Reg. S, 1.25%, 03/23/2026    EUR 1,475        1,608  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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, 1.38%, 02/03/2027    EUR 25        27  
Reg. S, (EUR Swap Rate 5 Year + 1.95%), 3.88%, 11/30/2032 (aa)    EUR 2,100        2,369  
4.38%, 08/04/2025      250        249  
Reg. S, (ICE LIBOR EUR 3 Month + 1.55%), 4.63%, 01/27/2028 (aa)    EUR 5,700        6,585  
Reg. S, 5.25%, 05/23/2041    GBP 50        69  
Credit Agricole Italia SpA, (Italy),      
Reg. S, 0.13%, 03/15/2033    EUR 100        89  
Reg. S, 3.50%, 01/15/2030    EUR 100        115  
Reg. S, 3.50%, 03/11/2036    EUR 100        116  
Series 15Y, Reg. S, 1.00%, 09/30/2031    EUR 2,100        2,069  
Credit Agricole SA, (France),      
Reg. S, 0.38%, 10/21/2025    EUR 7,000        7,582  
Reg. S, 1.75%, 03/05/2029    EUR 1,100        1,154  
Reg. S, (UK Gilts 5 Year + 1.50%), 1.87%, 12/09/2031 (aa)    GBP 600        744  
Reg. S, 1.88%, 12/20/2026    EUR 1,000        1,090  
Reg. S, (ICE LIBOR EUR 3 Month + 0.77%), 1.88%, 04/22/2027 (aa)    EUR 1,000        1,095  
Reg. S, 3.50%, 09/26/2034    EUR 3,800        4,209  
Reg. S, 3.75%, 01/22/2034    EUR 3,300        3,806  
Reg. S, 4.00%, 01/18/2033    EUR 2,500        2,944  
Reg. S, (UK Gilts 1 Year + 2.60%), 5.75%, 11/29/2027 (aa)    GBP 3,000        4,066  
(United States SOFR + 1.86%), 6.32%, 10/03/2029 (e) (aa)      1,000        1,063  
Reg. S, (UK Gilts 1 Year + 2.18%), 6.38%, 06/14/2031 (aa)    GBP 4,300        6,088  
Credit Mutuel Arkea SA, (France),      
Reg. S, 3.25%, 06/01/2026    EUR 500        558  
Reg. S, 3.38%, 09/19/2027    EUR 3,000        3,387  
Reg. S, 4.25%, 12/01/2032    EUR 3,600        4,245  
Credito Emiliano SpA, (Italy),      
Reg. S, (ICE LIBOR EUR 3 Month + 1.05%), 1.13%, 01/19/2028 (aa)    EUR 2,000        2,136  
Reg. S, (ICE LIBOR EUR 3 Month + 1.60%), 4.88%, 03/26/2030 (aa)    EUR 3,900        4,646  
Crelan SA, (Belgium),      
Reg. S, 5.75%, 01/26/2028    EUR 900        1,079  
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 2.85%), 6.00%, 02/28/2030 (aa)    EUR 2,000        2,442  
Danske Bank A/S, (Denmark),      
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.88%), 0.75%, 06/09/2029 (aa)    EUR 1,100        1,125  
Reg. S, (EUR Swap Rate 5 Year + 1.40%), 1.00%, 05/15/2031 (aa)    EUR 1,000        1,075  
Reg. S, (EUR Swap Rate 1 Year + 0.85%), 1.38%, 02/17/2027 (aa)    EUR 1,000        1,087  
Reg. S, (UK Gilts 1 Year + 1.65%), 2.25%, 01/14/2028 (aa)    GBP 5,000        6,291  
Reg. S, 3.13%, 06/06/2031    EUR 100        115  
(CMT Index 5 Year + 1.10%), 4.61%, 10/02/2030 (e) (w) (aa)      1,010        1,008  
(CMT Index 1 Year + 0.95%), 5.43%, 03/01/2028 (e) (aa)      1,090        1,117  
(CMT Index 1 Year + 1.18%), 6.26%, 09/22/2026 (e) (aa)      1,480        1,503  
(CMT Index 1 Year + 2.10%), 6.47%, 01/09/2026 (e) (aa)      1,175        1,179  
Danske Hypotek AB, (Sweden),      
Series 2512, Reg. S, 1.00%, 12/17/2025    SEK 2,000        194  
Series 2812, Reg. S, 3.50%, 12/20/2028    SEK 2,000        206  
Danske Mortgage Bank plc, (Finland), Reg. S, 0.01%, 11/24/2026    EUR 100        106  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
de Volksbank NV, (Netherlands),      
Reg. S, 0.38%, 03/03/2028    EUR 2,500        2,523  
Reg. S, 1.00%, 03/08/2028    EUR 100        106  
Reg. S, (EUR Swap Rate 5 Year + 2.10%), 1.75%, 10/22/2030 (aa)    EUR 200        218  
Reg. S, 4.63%, 11/23/2027    EUR 300        346  
Reg. S, 4.88%, 03/07/2030    EUR 300        357  
Deutsche Apotheker-und Aerztebank eG, (Germany), Reg. S, 0.01%, 02/06/2029    EUR 100        100  
Deutsche Bank AG, (Germany),      
Reg. S, 0.13%, 01/21/2030    EUR 75        74  
Reg. S, (ICE LIBOR EUR 3 Month + 2.05%), 1.75%, 11/19/2030 (aa)    EUR 2,500        2,542  
Reg. S, (ICE LIBOR EUR 3 Month + 1.38%), 1.88%, 02/23/2028 (aa)    EUR 2,900        3,126  
(United States SOFR + 1.87%), 2.13%, 11/24/2026 (aa)      2,950        2,856  
Reg. S, 2.25%, 09/20/2027    EUR 100        111  
(United States SOFR + 1.22%), 2.31%, 11/16/2027 (aa)      200        190  
(United States SOFR + 1.32%), 2.55%, 01/07/2028 (aa)      200        191  
Reg. S, 3.13%, 10/19/2026    EUR 100        113  
(United States SOFR + 2.76%), 3.73%, 01/14/2032 (aa)      2,160        1,937  
Reg. S, (ICE LIBOR EUR 3 Month + 2.95%), 5.00%, 09/05/2030 (aa)    EUR 600        709  
Reg. S, (ICE LIBOR EUR 3 Month + 2.50%), 5.38%, 01/11/2029 (aa)    EUR 1,300        1,539  
Reg. S, (EUR Swap Rate 5 Year + 6.00%), 5.63%, 05/19/2031 (aa)    EUR 2,500        2,847  
Deutsche Kreditbank AG, (Germany),      
Reg. S, 1.63%, 05/05/2032    EUR 50        52  
Reg. S, 2.88%, 03/21/2036    EUR 50        56  
Reg. S, 3.00%, 07/02/2030    EUR 100        114  
Deutsche Pfandbriefbank AG, (Germany),      
Reg. S, 0.63%, 08/30/2027    EUR 100        105  
Reg. S, 1.00%, 04/13/2026    EUR 100        108  
DNB Bank ASA, (Norway), Reg. S, (EUR Swap Rate 5 Year + 2.00%), 4.63%, 02/28/2033 (aa)    EUR 3,425        3,945  
DNB Boligkreditt A/S, (Norway),      
Reg. S, 0.01%, 05/12/2028    EUR 5,000        5,102  
Reg. S, 0.01%, 01/21/2031    EUR 100        95  
Reg. S, 2.88%, 03/12/2029    EUR 100        113  
DZ HYP AG, (Germany),      
Reg. S, 0.01%, 06/23/2028    EUR 100        102  
Reg. S, 0.01%, 10/27/2028    EUR 25        25  
Reg. S, 0.38%, 03/31/2026    EUR 100        108  
Reg. S, 0.88%, 04/17/2034    EUR 100        94  
Reg. S, 3.00%, 10/29/2027    EUR 50        57  
Reg. S, 3.00%, 11/30/2032    EUR 100        114  
Eika Boligkreditt A/S, (Norway), Reg. S, 0.01%, 03/12/2027    EUR 100        105  
Equitable Bank, (Canada), Reg. S, 3.50%, 05/28/2027    EUR 100        114  
Erste Group Bank AG, (Austria),      
Reg. S, 0.01%, 09/11/2029    EUR 100        98  
Reg. S, (ICE LIBOR EUR 3 Month + 0.52%), 0.10%, 11/16/2028 (aa)    EUR 1,000        1,026  
Reg. S, 0.13%, 05/17/2028    EUR 1,000        1,024  
Reg. S, 0.50%, 01/12/2037    EUR 100        83  
Reg. S, 0.88%, 05/22/2026    EUR 1,000        1,077  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.10%), 0.88%, 11/15/2032 (aa)    EUR 4,500        4,614  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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, 1.50%, 04/07/2026    EUR 1,000        1,093  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.10%), 1.63%, 09/08/2031 (aa)    EUR 1,000        1,073  
Reg. S, (ICE LIBOR EUR 3 Month + 1.25%), 4.00%, 01/16/2031 (aa)    EUR 1,500        1,750  
Reg. S, (ICE LIBOR EUR 3 Month + 1.25%), 4.25%, 05/30/2030 (aa)    EUR 2,200        2,579  
Eurocaja Rural SCC, (Spain), Reg. S, 0.13%, 09/22/2031    EUR 2,300        2,135  
Federation des Caisses Desjardins du Quebec, (Canada), Reg. S, 0.01%, 04/08/2026    EUR 100        107  
Fifth Third Bancorp,      
(United States SOFR + 1.49%), 4.90%, 09/06/2030 (aa)      120        122  
(United States SOFR + 1.84%), 5.63%, 01/29/2032 (aa)      5        5  
(United States SOFR + 2.34%), 6.34%, 07/27/2029 (aa)      1,415        1,503  
First Abu Dhabi Bank PJSC, (United Arab Emirates), Reg. S, 0.13%, 02/16/2026    EUR 1,000        1,066  
Goldman Sachs Group, Inc. (The),      
Reg. S, 0.25%, 01/26/2028    EUR 1,000        1,025  
Reg. S, 0.88%, 05/09/2029    EUR 1,000        1,010  
Reg. S, 1.00%, 03/18/2033    EUR 1,000        931  
(United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa)      1,585        1,511  
2.60%, 02/07/2030      1,895        1,738  
(United States SOFR + 1.28%), 2.62%, 04/22/2032 (aa)      2,715        2,398  
(United States SOFR + 1.26%), 2.65%, 10/21/2032 (aa)      80        70  
(United States SOFR + 1.47%), 2.91%, 07/21/2042 (aa)      25        19  
Reg. S, 3.13%, 07/25/2029    GBP 1,500        1,883  
Reg. S, (UK Gilts 1 Year + 1.95%), 3.63%, 10/29/2029 (aa)    GBP 2,000        2,558  
(CME Term SOFR 3 Month + 1.63%), 4.02%, 10/31/2038 (aa)      185        168  
Reg. S, 4.25%, 01/29/2026    GBP 2,000        2,656  
(United States SOFR + 1.73%), 4.48%, 08/23/2028 (aa)      43        43  
(United States SOFR + 1.21%), 5.05%, 07/23/2030 (aa)      135        138  
(United States SOFR + 1.55%), 5.33%, 07/23/2035 (aa)      3,480        3,601  
(United States SOFR + 1.08%), 5.80%, 08/10/2026 (aa)      10        10  
(United States SOFR + 1.55%), 5.85%, 04/25/2035 (aa)      1,780        1,911  
6.75%, 10/01/2037      20        23  
6.88%, 01/18/2038    GBP 825        1,212  
Hamburg Commercial Bank AG, (Germany),      
Reg. S, 3.38%, 02/01/2028    EUR 50        57  
Reg. S, 3.63%, 01/30/2026    EUR 100        112  
Hamburger Sparkasse AG, (Germany), Reg. S, 0.75%, 03/30/2027    EUR 100        107  
HSBC Holdings plc, (United Kingdom),      
(United States SOFR + 1.73%), 2.01%, 09/22/2028 (aa)      700        653  
(United States SOFR + 1.29%), 2.21%, 08/17/2029 (aa)      2,625        2,406  
(United States SOFR + 1.43%), 3.00%, 03/10/2026 (aa)      400        396  
(GBP Swap Rate 1 Year + 1.77%), 3.00%, 05/29/2030 (aa)    GBP 225        275  
(CME Term SOFR 3 Month + 1.87%), 3.97%, 05/22/2030 (aa)      900        876  
(United States SOFR + 1.46%), 5.55%, 03/04/2030 (aa)      305        317  
Reg. S, 6.00%, 03/29/2040    GBP 2,000        2,653  
(SONIA Interest Rate Benchmark + 2.12%), 6.80%, 09/14/2031 (aa)    GBP 4,500        6,511  
Reg. S, 7.00%, 04/07/2038    GBP 300        435  
Huntington Bancshares, Inc.,      
(SOFR Compounded Index + 1.87%), 5.71%, 02/02/2035 (aa)      2,110        2,195  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 + 2.02%), 6.21%, 08/21/2029 (aa)      235        248  
HYPO NOE Landesbank fuer Niederoesterreich und Wien AG, (Austria),      
Reg. S, 0.13%, 06/30/2026    EUR 200        211  
Reg. S, 3.00%, 04/16/2032    EUR 100        113  
Reg. S, 3.25%, 04/19/2028    EUR 100        114  
Hypo Vorarlberg Bank AG, (Austria), Reg. S, 4.13%, 02/16/2026    EUR 100        113  
Iccrea Banca SpA, (Italy), Reg. S, 3.88%, 01/12/2029    EUR 100        116  
ING Bank NV, (Netherlands),      
Reg. S, 0.13%, 12/08/2031    EUR 100        93  
Reg. S, 0.75%, 02/18/2029    EUR 100        103  
Reg. S, 2.50%, 02/21/2030    EUR 100        111  
Reg. S, 3.00%, 05/21/2034    EUR 100        114  
ING Belgium SA, (Belgium),      
Reg. S, 0.01%, 02/20/2030    EUR 100        97  
Reg. S, 1.50%, 05/19/2029    EUR 100        106  
ING Groep NV, (Netherlands),      
Reg. S, (ICE LIBOR EUR 3 Month + 0.68%), 0.25%, 02/18/2029 (aa)    EUR 4,000        4,043  
Reg. S, (ICE LIBOR EUR 3 Month + 0.70%), 0.38%, 09/29/2028 (aa)    EUR 1,000        1,029  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.15%), 0.88%, 06/09/2032 (aa)    EUR 1,000        1,042  
Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.00%, 11/13/2030 (aa)    EUR 1,000        1,079  
Reg. S, (SONIA Interest Rate Benchmark + 0.91%), 1.13%, 12/07/2028 (aa)    GBP 1,900        2,275  
Reg. S, 1.38%, 01/11/2028    EUR 1,000        1,065  
(United States SOFR + 1.01%), 1.73%, 04/01/2027 (aa)      1,265        1,214  
Reg. S, 2.00%, 09/20/2028    EUR 800        858  
Reg. S, (EUR Swap Rate 5 Year + 2.40%), 2.13%, 05/26/2031 (aa)    EUR 1,300        1,416  
Reg. S, 3.00%, 02/18/2026    GBP 2,000        2,609  
Reg. S, (ICE LIBOR EUR 3 Month + 1.30%), 3.75%, 09/03/2035 (aa)    EUR 5,800        6,536  
(United States SOFR + 1.64%), 3.87%, 03/28/2026 (aa)      200        199  
ING-DiBa AG, (Germany), Reg. S, 0.01%, 10/07/2028    EUR 200        202  
Intesa Sanpaolo SpA, (Italy),      
Reg. S, 0.38%, 09/14/2026    EUR 100        107  
Reg. S, 0.63%, 02/24/2026    EUR 1,000        1,077  
Reg. S, 1.35%, 02/24/2031    EUR 1,500        1,467  
Reg. S, 1.75%, 03/20/2028    EUR 400        428  
Reg. S, 2.50%, 01/15/2030    GBP 3,000        3,534  
Reg. S, (ICE LIBOR EUR 3 Month + 1.48%), 3.85%, 09/16/2032 (aa)    EUR 6,000        6,755  
Reg. S, 4.75%, 09/06/2027    EUR 1,000        1,167  
Reg. S, 5.25%, 01/13/2030    EUR 1,458        1,789  
7.00%, 11/21/2025 (e)      1,060        1,085  
7.80%, 11/28/2053 (e)      1,085        1,302  
(CMT Index 1 Year + 4.40%), 8.25%, 11/21/2033 (e) (aa)      640        743  
Investec plc, (United Kingdom),      
Reg. S, (UK Gilts 1 Year + 1.50%), 1.88%, 07/16/2028 (aa)    GBP 1,500        1,818  
Reg. S, (UK Gilts 5 Year + 2.05%), 2.63%, 01/04/2032 (aa)    GBP 1,000        1,227  
Investitionsbank Berlin, (Germany),      
Reg. S, 2.75%, 10/04/2027    EUR 300        339  
Reg. S, 3.13%, 03/01/2033    EUR 500        581  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 
 AMOUNT ($) 

       VALUE ($)   
Corporate Bonds — continued      
Banks — continued      
Series 208, 0.05%, 03/02/2035    EUR 100        85  
KBC Group NV, (Belgium), Reg. S, (UK Gilts 5 Year + 2.25%), 6.15%, 03/19/2034 (aa)    GBP 4,000        5,454  
KeyCorp., (SOFR Compounded Index + 2.42%), 6.40%, 03/06/2035 (aa)      520        564  
Knab NV, (Netherlands), Reg. S, 0.01%, 11/16/2025    EUR 100        108  
Kookmin Bank, (South Korea), Reg. S, 0.05%, 10/19/2026    EUR 1,800        1,899  
Kreditanstalt fuer Wiederaufbau, (Germany),      
Reg. S, 0.00%, 06/15/2026    EUR 500        535  
Reg. S, 0.00%, 03/31/2027    EUR 500        526  
Reg. S, 0.00%, 04/30/2027    EUR 1,530        1,608  
Reg. S, 0.00%, 12/15/2027    EUR 1,140        1,181  
Reg. S, 0.00%, 09/15/2028    EUR 1,325        1,350  
Reg. S, 0.00%, 11/09/2028    EUR 1,490        1,511  
Reg. S, 0.00%, 06/15/2029    EUR 254        254  
Reg. S, 0.00%, 09/17/2030    EUR 3,108        3,007  
Reg. S, 0.00%, 01/10/2031    EUR 670        643  
Reg. S, 0.01%, 05/05/2027    EUR 520        547  
Reg. S, 0.05%, 09/29/2034    EUR 780        674  
Reg. S, 0.13%, 01/09/2032    EUR 830        784  
0.38%, 07/18/2025      150        146  
Reg. S, 0.38%, 04/23/2030    EUR 360        360  
Reg. S, 0.38%, 05/20/2036    EUR 548        471  
Reg. S, 0.50%, 09/28/2026    EUR 2,520        2,714  
0.50%, 09/15/2027    EUR 500        529  
0.63%, 01/07/2028    EUR 720        760  
Reg. S, 0.75%, 01/15/2029    EUR 500        522  
Reg. S, 0.88%, 07/04/2039    EUR 1,010        867  
Reg. S, 1.13%, 09/15/2032    EUR 400        403  
Reg. S, 1.13%, 05/09/2033    EUR 550        547  
Reg. S, 1.13%, 03/31/2037    EUR 1,500        1,395  
Reg. S, 1.25%, 06/30/2027    EUR 1,420        1,539  
Reg. S, 1.38%, 06/07/2032    EUR 700        722  
Reg. S, 1.38%, 07/31/2035    EUR 202        198  
Reg. S, 2.00%, 11/15/2029    EUR 500        548  
Reg. S, 2.38%, 08/05/2027    EUR 2,800        3,128  
Reg. S, 2.50%, 11/19/2025    EUR 2,450        2,731  
Reg. S, 2.63%, 04/26/2029    EUR 2,490        2,808  
Reg. S, 2.63%, 01/10/2034    EUR 1,500        1,679  
Reg. S, 2.75%, 03/15/2028    EUR 100        113  
Reg. S, 2.75%, 05/15/2030    EUR 525        597  
Reg. S, 2.75%, 02/20/2031    EUR 600        681  
Reg. S, 2.75%, 02/14/2033    EUR 700        796  
Reg. S, 2.88%, 05/29/2026    EUR 1,000        1,123  
Reg. S, 2.88%, 12/28/2029    EUR 1,280        1,462  
Reg. S, 2.88%, 03/31/2032    EUR 700        802  
Reg. S, 2.88%, 06/07/2033    EUR 500        573  
Reg. S, 3.13%, 10/10/2028    EUR 2,300        2,640  
Reg. S, 3.13%, 06/07/2030    EUR 700        811  
Reg. S, 3.25%, 03/24/2031    EUR 400        468  
4.70%, 06/02/2037    CAD 140        111  
Reg. S, 4.88%, 03/15/2037    GBP 825        1,165  
5.00%, 03/16/2026      200        203  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
5.75%, 06/07/2032    GBP 1,300        1,933  
6.00%, 12/07/2028    GBP 2,500        3,598  
La Banque Postale SA, (France),      
Reg. S, 0.25%, 07/12/2026    EUR 200        213  
Reg. S, 0.75%, 06/23/2031    EUR 100        93  
Reg. S, (ICE LIBOR EUR 3 Month + 0.78%), 1.00%, 02/09/2028 (aa)    EUR 400        424  
Reg. S, 1.38%, 04/24/2029    EUR 200        205  
Reg. S, 3.50%, 06/13/2030    EUR 400        453  
Reg. S, 4.00%, 05/03/2028    EUR 400        460  
Reg. S, (EUR Swap Rate 5 Year + 2.85%), 5.50%, 03/05/2034 (aa)    EUR 300        353  
Landesbank Baden-Wuerttemberg, (Germany),      
Reg. S, 0.25%, 07/21/2028    EUR 200        201  
Reg. S, 0.38%, 02/18/2027    EUR 200        209  
Reg. S, 0.38%, 02/28/2028    EUR 200        203  
Reg. S, 0.38%, 05/07/2029    EUR 300        295  
Reg. S, 0.38%, 02/21/2031    EUR 400        369  
Reg. S, 0.88%, 09/15/2025    EUR 100        109  
Reg. S, 2.75%, 03/12/2031    EUR 100        113  
Reg. S, 3.13%, 11/13/2029    EUR 50        57  
Reg. S, 3.25%, 09/27/2027    EUR 50        57  
Series 809, Reg. S, 0.38%, 07/29/2026    EUR 100        106  
Landesbank Hessen-Thueringen Girozentrale, (Germany),      
Reg. S, 0.01%, 07/19/2027    EUR 100        104  
Reg. S, 0.38%, 06/04/2029    EUR 300        296  
Reg. S, 0.63%, 01/12/2027    EUR 100        107  
Reg. S, 2.88%, 02/06/2034    EUR 100        113  
Reg. S, 4.00%, 02/04/2030    EUR 300        351  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.75%), 4.50%, 09/15/2032 (aa)    EUR 100        111  
Landeskreditbank Baden-Wuerttemberg Foerderbank, (Germany),      
Reg. S, 0.38%, 02/25/2027    EUR 400        425  
Reg. S, 0.75%, 03/16/2032    EUR 100        99  
Series 5614, Reg. S, 0.01%, 01/20/2031    EUR 200        192  
Landwirtschaftliche Rentenbank, (Germany),      
Reg. S, 0.00%, 09/28/2026    EUR 535        570  
Reg. S, 0.00%, 09/22/2027    EUR 300        312  
Reg. S, 0.00%, 07/19/2028    EUR 1,700        1,738  
Reg. S, 0.00%, 12/13/2028    EUR 720        729  
Reg. S, 0.00%, 11/27/2029    EUR 120        119  
Reg. S, 0.01%, 11/26/2040    EUR 200        140  
Reg. S, 0.05%, 12/18/2029    EUR 380        376  
Reg. S, 0.05%, 01/31/2031    EUR 200        192  
Reg. S, 0.10%, 03/08/2027    EUR 200        212  
Reg. S, 0.38%, 02/14/2028    EUR 1,140        1,193  
Reg. S, 0.50%, 02/28/2029    EUR 400        412  
Reg. S, 0.63%, 02/20/2030    EUR 440        448  
Reg. S, 0.63%, 10/31/2036    EUR 75        66  
Reg. S, 0.88%, 12/15/2026    GBP 2,000        2,494  
Reg. S, 2.75%, 02/16/2032    EUR 200        227  
Reg. S, 3.00%, 11/14/2034    EUR 700        806  
Reg. S, 3.25%, 09/06/2030    EUR 600        700  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
LFA Foerderbank Bayern, (Germany), Series 1180, 0.75%, 04/01/2031    EUR 200        200  
Lloyds Bank plc, (United Kingdom),      
Reg. S, 0.13%, 06/18/2026    EUR 100        107  
Reg. S, 6.00%, 02/08/2029    GBP 100        142  
Reg. S, 6.50%, 09/17/2040    GBP 300        459  
Lloyds Banking Group plc, (United Kingdom),      
(UK Gilts 5 Year + 1.60%), 1.99%, 12/15/2031 (aa)    GBP 1,900        2,373  
Reg. S, (UK Gilts 5 Year + 2.40%), 2.71%, 12/03/2035 (aa)    GBP 600        673  
(CMT Index 1 Year + 1.48%), 5.99%, 08/07/2027 (aa)      2,150        2,207  
Luzerner Kantonalbank AG, (Switzerland), Reg. S, 0.35%, 02/05/2027    CHF 500        584  
M&T Bank Corp.,      
(United States SOFR + 2.26%), 6.08%, 03/13/2032 (aa)      115        122  
(United States SOFR + 2.80%), 7.41%, 10/30/2029 (aa)      105        115  
Macquarie Group Ltd., (Australia),      
Reg. S, 2.13%, 10/01/2031    GBP 1,500        1,692  
Reg. S, 4.08%, 05/31/2029    GBP 2,000        2,600  
Mediobanca Banca di Credito Finanziario SpA, (Italy),      
Reg. S, 0.75%, 07/15/2027    EUR 425        446  
Reg. S, (ICE LIBOR EUR 3 Month + 0.90%), 1.00%, 07/17/2029 (aa)    EUR 5,000        5,153  
Reg. S, (ICE LIBOR EUR 3 Month + 1.45%), 4.88%, 09/13/2027 (aa)    EUR 2,950        3,400  
Series 4, Reg. S, 1.38%, 11/10/2025    EUR 100        110  
Mitsubishi UFJ Financial Group, Inc., (Japan),      
(CMT Index 1 Year + 0.75%), 1.54%, 07/20/2027 (aa)      780        742  
Reg. S, 3.56%, 06/15/2032    EUR 5,800        6,637  
(CMT Index 1 Year + 1.90%), 5.35%, 09/13/2028 (aa)      3,450        3,552  
Mizuho Financial Group, Inc., (Japan),      
Reg. S, 2.10%, 04/08/2032    EUR 1,000        1,023  
(CME Term SOFR 3 Month + 1.39%), 3.15%, 07/16/2030 (aa)      930        874  
Reg. S, 4.42%, 05/20/2033    EUR 7,700        9,097  
Reg. S, 5.63%, 06/13/2028    GBP 3,150        4,318  
(CMT Index 1 Year + 1.50%), 5.67%, 05/27/2029 (aa)      470        490  
Morgan Stanley,      
(ICE LIBOR EUR 3 Month + 0.70%), 0.41%, 10/29/2027 (aa)    EUR 4,350        4,597  
(United States SOFR + 0.86%), 1.51%, 07/20/2027 (aa)      39        37  
(ICE LIBOR EUR 3 Month + 0.90%), 2.10%, 05/08/2026 (aa)    EUR 900        995  
(United States SOFR + 1.00%), 2.48%, 01/21/2028 (aa)      2        2  
(United States SOFR + 1.36%), 2.48%, 09/16/2036 (aa)      14        12  
(United States SOFR + 1.20%), 2.51%, 10/20/2032 (aa)      65        57  
2.63%, 03/09/2027    GBP 1,425        1,813  
(United States SOFR + 1.14%), 2.70%, 01/22/2031 (aa)      1,010        924  
(United States SOFR + 1.43%), 2.80%, 01/25/2052 (aa)      45        31  
(ICE LIBOR EUR 3 Month + 1.25%), 2.95%, 05/07/2032 (aa)    EUR 2,200        2,394  
3.95%, 04/23/2027      17        17  
(United States SOFR + 1.61%), 4.21%, 04/20/2028 (aa)      3        3  
(CME Term SOFR 3 Month + 1.89%), 4.43%, 01/23/2030 (aa)      14        14  
(United States SOFR + 1.67%), 4.68%, 07/17/2026 (aa)      808        807  
(United States SOFR + 1.59%), 5.16%, 04/20/2029 (aa)      10        10  
(United States SOFR + 1.45%), 5.17%, 01/16/2030 (aa)      2,275        2,344  
(United States SOFR + 1.87%), 5.25%, 04/21/2034 (aa)      385        397  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 + 1.56%), 5.32%, 07/19/2035 (aa)      1,470        1,524  
(United States SOFR + 1.88%), 5.42%, 07/21/2034 (aa)      795        828  
(United States SOFR + 1.63%), 5.45%, 07/20/2029 (aa)      528        548  
(United States SOFR + 1.73%), 5.47%, 01/18/2035 (aa)      20        21  
(United States SOFR + 1.58%), 5.83%, 04/19/2035 (aa)      615        660  
(CMT Index 5 Year + 2.43%), 5.95%, 01/19/2038 (aa)      11        11  
(United States SOFR + 2.24%), 6.30%, 10/18/2028 (aa)      110        116  
(United States SOFR + 2.56%), 6.34%, 10/18/2033 (aa)      30        33  
Muenchener Hypothekenbank eG, (Germany),      
Reg. S, 0.01%, 11/02/2040    EUR 50        35  
Reg. S, 0.13%, 02/01/2029    EUR 50        50  
Reg. S, 1.00%, 04/18/2039    EUR 50        43  
Reg. S, 2.50%, 07/04/2028    EUR 50        56  
Reg. S, 3.00%, 02/01/2034    EUR 50        57  
Series 2057, Reg. S, 3.00%, 07/11/2031    EUR 25        29  
National Australia Bank Ltd., (Australia),      
Reg. S, 1.25%, 05/18/2026    EUR 1,000        1,089  
Reg. S, (UK Gilts 5 Year + 1.40%), 1.70%, 09/15/2031 (aa)    GBP 1,425        1,778  
Reg. S, 2.13%, 05/24/2028    EUR 500        546  
Reg. S, 2.35%, 08/30/2029    EUR 100        110  
Reg. S, 3.13%, 02/28/2030    EUR 5,175        5,817  
Reg. S, 3.15%, 02/05/2031    EUR 1,800        2,059  
National Bank of Canada, (Canada), Reg. S, 0.01%, 03/25/2028    EUR 100        102  
NatWest Group plc, (United Kingdom),      
Reg. S, (ICE LIBOR EUR 3 Month + 0.89%), 0.67%, 09/14/2029 (aa)    EUR 2,000        2,025  
Reg. S, (ICE LIBOR EUR 3 Month + 0.95%), 0.78%, 02/26/2030 (aa)    EUR 2,500        2,510  
Reg. S, (EUR Swap Rate 5 Year + 1.27%), 1.04%, 09/14/2032 (aa)    EUR 875        906  
Reg. S, (UK Gilts 5 Year + 1.75%), 2.11%, 11/28/2031 (aa)    GBP 600        752  
Reg. S, (UK Gilts 1 Year + 2.10%), 3.62%, 03/29/2029 (aa)    GBP 4,000        5,127  
Reg. S, (ICE LIBOR EUR 3 Month + 1.10%), 3.67%, 08/05/2031 (aa)    EUR 7,300        8,273  
NatWest Markets plc, (United Kingdom), Reg. S, 0.13%, 06/18/2026    EUR 1,000        1,065  
NIBC Bank NV, (Netherlands), Reg. S, 0.13%, 04/21/2031    EUR 100        94  
NORD / LB Luxembourg SA Covered Bond Bank, (Luxembourg), Reg. S, 0.01%, 06/10/2027    EUR 100        104  
Norddeutsche Landesbank-Girozentrale, (Germany),      
Reg. S, 0.01%, 09/23/2026    EUR 100        106  
Reg. S, 0.25%, 10/28/2026    EUR 20        21  
Reg. S, 0.50%, 06/29/2026    EUR 50        54  
Reg. S, 2.88%, 05/14/2027    EUR 50        56  
Reg. S, 4.88%, 07/11/2028    EUR 100        120  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.95%), 5.63%, 08/23/2034 (aa)    EUR 100        114  
Nordea Bank Abp, (Finland),      
Reg. S, 4.13%, 05/05/2028    EUR 2,825        3,272  
Reg. S, (EUR Swap Rate 5 Year + 1.85%), 4.88%, 02/23/2034 (aa)    EUR 725        853  
Nordea Hypotek AB, (Sweden),      
Series 5536, Reg. S, 0.50%, 09/16/2026    SEK 1,700        162  
Series 5537, Reg. S, 1.00%, 06/16/2027    SEK 2,000        191  
Series 5538, Reg. S, 3.50%, 09/20/2028    SEK 2,000        206  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

      
Nordea Kiinnitysluottopankki OYJ, (Finland),      
Reg. S, 0.13%, 06/18/2027    EUR 100        105  
Reg. S, 2.50%, 09/14/2032    EUR 100        110  
Reg. S, 3.00%, 01/31/2031    EUR 150        171  
NRW Bank, (Germany),      
Reg. S, 0.00%, 02/18/2030    EUR 400        392  
Reg. S, 0.00%, 07/28/2031    EUR 138        130  
Reg. S, 0.10%, 07/09/2035    EUR 300        253  
Reg. S, 0.38%, 05/16/2029    EUR 550        559  
Reg. S, 0.50%, 06/17/2041    EUR 100        75  
Reg. S, 0.75%, 06/30/2028    EUR 260        273  
1.20%, 03/28/2039    EUR 100        89  
1.25%, 05/13/2049    EUR 87        66  
2.75%, 02/21/2029    EUR 500        566  
Reg. S, 2.75%, 05/15/2031    EUR 1,502        1,705  
Reg. S, 2.88%, 04/05/2033    EUR 300        342  
Reg. S, 3.00%, 05/31/2030    EUR 173        199  
Nykredit Realkredit A/S, (Denmark),      
Reg. S, (EUR Swap Rate 5 Year + 1.18%), 0.88%, 07/28/2031 (aa)    EUR 5,000        5,332  
Series 13G, Reg. S, 1.00%, 04/01/2026    DKK 300        44  
Series 13H, Reg. S, 1.00%, 07/01/2026    DKK 600        88  
Series 13H, Reg. S, 1.00%, 01/01/2027    DKK 1,000        145  
Series 13H, Reg. S, 1.00%, 07/01/2027    DKK 800        116  
Series 13H, Reg. S, 1.00%, 01/01/2028    DKK 200        29  
Series 13H, Reg. S, 1.00%, 07/01/2028    DKK 400        57  
Series 13H, Reg. S, 2.00%, 01/01/2026    DKK 1,000        149  
Series SDO, Reg. S, 1.00%, 01/01/2029    DKK 700        99  
Oesterreichische Kontrollbank AG, (Austria), Reg. S, 0.00%, 10/08/2026    EUR 150        160  
OP Corporate Bank plc, (Finland), Reg. S, 4.13%, 04/18/2027    EUR 3,000        3,455  
OP Mortgage Bank, (Finland),      
Reg. S, 0.63%, 02/15/2029    EUR 100        102  
Reg. S, 1.00%, 10/05/2027    EUR 100        107  
Reg. S, 3.00%, 07/17/2031    EUR 100        114  
Permanent TSB Group Holdings plc, (Ireland),      
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.60%), 4.25%, 07/10/2030 (aa)    EUR 200        229  
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 3.50%), 6.63%, 04/25/2028 (aa)    EUR 300        359  
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 3.50%), 6.63%, 06/30/2029 (aa)    EUR 300        369  
Pfandbriefbank schweizerischer Hypothekarinstitute AG, (Switzerland),      
Reg. S, 0.00%, 02/26/2030    CHF 750        847  
Series 676, Reg. S, 0.25%, 04/26/2034    CHF 100        111  
Series 678, Reg. S, 0.00%, 08/26/2049    CHF 40        37  
Series 682, Reg. S, 0.00%, 04/06/2027    CHF 200        232  
Series 683, Reg. S, 0.00%, 02/25/2028    CHF 200        230  
Series 684, Reg. S, 0.00%, 05/10/2045    CHF 125        121  
Series 695, Reg. S, 0.00%, 10/26/2029    CHF 100        113  
Series 697, Reg. S, 0.00%, 05/20/2041    CHF 250        251  
Series 706, Reg. S, 0.13%, 08/19/2031    CHF 200        224  
Series 741, Reg. S, 1.88%, 06/24/2050    CHF 10        14  
Series 743, Reg. S, 1.75%, 07/09/2038    CHF 50        65  
Series 755, Reg. S, 1.50%, 07/13/2027    CHF 100        121  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

      
Pfandbriefzentrale der schweizerischen Kantonalbanken AG, (Switzerland),      
Series 483, Reg. S, 0.00%, 01/27/2027    CHF 600        696  
Series 490, Reg. S, 0.50%, 02/20/2032    CHF 50        57  
Series 524, Reg. S, 0.00%, 06/21/2028    CHF 50        57  
Series 530, Reg. S, 0.00%, 03/18/2033    CHF 370        405  
Series 531, Reg. S, 0.00%, 02/15/2036    CHF 365        387  
Series 534, Reg. S, 0.00%, 03/13/2028    CHF 50        58  
Series 538, Reg. S, 0.00%, 07/25/2031    CHF 80        89  
Series 576, Reg. S, 1.85%, 07/19/2038    CHF 50        66  
Series 585, Reg. S, 1.50%, 04/02/2031    CHF 100        123  
PNC Financial Services Group, Inc. (The),      
(United States SOFR + 1.60%), 5.40%, 07/23/2035 (aa)      75        78  
(United States SOFR + 1.20%), 5.49%, 05/14/2030 (aa)      60        63  
(United States SOFR + 1.84%), 5.58%, 06/12/2029 (aa)      75        78  
(United States SOFR + 1.90%), 5.68%, 01/22/2035 (aa)      160        169  
(SOFR Compounded Index + 1.73%), 6.62%, 10/20/2027 (aa)      10        11  
(United States SOFR + 2.28%), 6.88%, 10/20/2034 (aa)      760        869  
Raiffeisen Bank International AG, (Austria),      
Reg. S, 3.88%, 03/16/2026    EUR 100        113  
Reg. S, (ICE LIBOR EUR 3 Month + 1.95%), 4.63%, 08/21/2029 (aa)    EUR 700        801  
Reg. S, (ICE LIBOR EUR 3 Month + 1.95%), 4.75%, 01/26/2027 (aa)    EUR 700        795  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.20%), 7.38%, 12/20/2032 (aa)    EUR 1,300        1,546  
Raiffeisen Bausparkasse Gesellschaft mbH, (Austria), Reg. S, 3.38%, 07/10/2029    EUR 100        115  
Raiffeisenlandesbank Niederoesterreich-Wien AG, (Austria),      
Reg. S, 0.63%, 08/28/2026    EUR 100        107  
Reg. S, 3.25%, 01/11/2030    EUR 100        114  
Raiffeisenlandesbank Oberoesterreich AG, (Austria), Reg. S, 1.25%, 04/26/2027    EUR 100        108  
Raiffeisen-Landesbank Steiermark AG, (Austria), Reg. S, 2.38%, 06/14/2028    EUR 100        110  
Raiffeisen-Landesbank Tirol AG, (Austria), Reg. S, 3.00%, 01/24/2028    EUR 100        112  
Regions Financial Corp., (United States SOFR + 2.06%), 5.50%, 09/06/2035 (aa)      140        142  
Rheinland-Pfalz Bank, (Germany), SUB, 6.88%, 02/23/2028 (e)      2,000        2,160  
Royal Bank of Canada, (Canada),      
Reg. S, 0.01%, 10/05/2028    EUR 100        101  
Reg. S, 0.01%, 01/27/2031    EUR 500        471  
Reg. S, 0.13%, 04/26/2027    EUR 700        734  
Reg. S, 1.50%, 09/15/2027    EUR 100        108  
Reg. S, 2.38%, 09/13/2027    EUR 150        166  
Reg. S, 4.38%, 10/02/2030    EUR 8,100        9,662  
4.95%, 02/01/2029      10        10  
5.20%, 08/01/2028      56        58  
Santander Holdings USA, Inc., (United States SOFR + 2.14%), 6.34%, 05/31/2035 (aa)      43        45  
Santander UK Group Holdings plc, (United Kingdom), (United States SOFR + 2.75%), 6.83%, 11/21/2026 (aa)      2,200        2,246  
Santander UK plc, (United Kingdom),      
Reg. S, 0.05%, 01/12/2027    EUR 100        105  
Reg. S, 1.13%, 03/12/2027    EUR 100        108  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

      
Skandinaviska Enskilda Banken AB, (Sweden),      
Reg. S, 3.25%, 05/04/2028    EUR 100        114  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.80%), 4.50%, 11/27/2034 (aa)    EUR 9,075        10,513  
Series 581, Reg. S, 0.50%, 12/16/2026    SEK 4,000        380  
Series 601, Reg. S, 3.00%, 12/06/2027    SEK 2,000        202  
Slovenska Sporitelna A/S, (Slovakia), Reg. S, 0.13%, 06/12/2026    EUR 100        106  
Societe Generale SA, (France),      
Reg. S, 0.13%, 02/24/2026    EUR 1,000        1,072  
(EUR Swap Rate 5 Year + 1.55%), 1.00%, 11/24/2030 (aa)    EUR 1,000        1,075  
Reg. S, 1.25%, 12/07/2027    GBP 3,000        3,586  
(CMT Index 1 Year + 1.05%), 2.23%, 01/21/2026 (e) (aa)      2,850        2,823  
Reg. S, 2.63%, 05/30/2029    EUR 1,000        1,095  
(CMT Index 1 Year + 1.30%), 2.80%, 01/19/2028 (e) (aa)      2,595        2,479  
Reg. S, 4.00%, 11/16/2027    EUR 3,000        3,446  
Reg. S, (EUR Swap Rate 5 Year + 3.10%), 5.25%, 09/06/2032 (aa)    EUR 200        231  
(CMT Index 1 Year + 1.50%), 5.52%, 01/19/2028 (e) (aa)      1,800        1,825  
Reg. S, 6.25%, 06/22/2033    GBP 2,000        2,847  
(CMT Index 1 Year + 2.95%), 7.13%, 01/19/2055 (e) (aa)      250        255  
SpareBank 1 Boligkreditt A/S, (Norway),      
Reg. S, 0.01%, 09/22/2027    EUR 5,000        5,190  
Reg. S, 0.13%, 05/14/2026    EUR 100        107  
Reg. S, 0.13%, 05/12/2031    EUR 100        94  
Reg. S, 1.00%, 01/30/2029    EUR 100        105  
Sparebank 1 Oestlandet, (Norway), Reg. S, 1.75%, 04/27/2027    EUR 1,000        1,084  
Sparebanken Soer Boligkreditt A/S, (Norway),      
Reg. S, 0.01%, 09/25/2028    EUR 5,000        5,037  
Reg. S, 0.50%, 02/06/2026    EUR 100        108  
SP-Kiinnitysluottopankki OYJ, (Finland), Reg. S, 3.13%, 11/01/2027    EUR 100        113  
SR-Boligkreditt A/S, (Norway), Reg. S, 0.01%, 03/10/2031    EUR 100        94  
Stadshypotek AB, (Sweden),      
Reg. S, 0.01%, 11/24/2028    EUR 100        101  
Reg. S, 3.63%, 06/20/2028    SEK 2,000        206  
Series 1591, Reg. S, 0.50%, 06/01/2026    SEK 2,000        191  
Series 1592, Reg. S, 1.00%, 03/01/2027    SEK 2,000        192  
Series 1594, Reg. S, 2.00%, 09/01/2028    SEK 3,000        293  
Standard Chartered plc, (United Kingdom),      
(CMT Index 1 Year + 1.00%), 1.46%, 01/14/2027 (e) (aa)      1,200        1,150  
(CMT Index 1 Year + 1.05%), 5.69%, 05/14/2028 (e) (aa)      1,050        1,078  
Sumitomo Mitsui Banking Corp., (Japan), Reg. S, 0.41%, 11/07/2029    EUR 2,100        2,062  
Sumitomo Mitsui Financial Group, Inc., (Japan),      
Reg. S, 1.55%, 06/15/2026    EUR 6,000        6,538  
Reg. S, 4.49%, 06/12/2030    EUR 5,400        6,391  
Sumitomo Mitsui Trust Bank Ltd., (Japan), Reg. S, 0.01%, 10/15/2027    EUR 2,000        2,050  
Suomen Hypoteekkiyhdistys, (Finland), Reg. S, 0.50%, 03/13/2026    EUR 100        108  
Svenska Handelsbanken AB, (Sweden),      
Reg. S, 0.05%, 09/06/2028    EUR 1,000        1,003  
Reg. S, 0.13%, 11/03/2026    EUR 3,200        3,374  
Reg. S, 0.50%, 02/18/2030    EUR 1,875        1,828  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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, 3.75%, 11/01/2027    EUR 1,200        1,378  
Sveriges Sakerstallda Obligationer AB, (Sweden),      
Reg. S, 0.01%, 03/14/2030    EUR 100        97  
Reg. S, 0.63%, 10/30/2025    EUR 100        109  
Series 147, Reg. S, 2.00%, 06/17/2026    SEK 1,000        98  
Series 151, Reg. S, 1.00%, 06/12/2030    SEK 2,000        182  
Swedbank AB, (Sweden),      
Reg. S, (EUR Swap Rate 1 Year + 0.57%), 0.30%, 05/20/2027 (aa)    EUR 1,500        1,601  
Reg. S, 1.30%, 02/17/2027    EUR 1,000        1,073  
Reg. S, (UK Gilts 1 Year + 1.00%), 1.38%, 12/08/2027 (aa)    GBP 1,500        1,869  
Reg. S, 2.10%, 05/25/2027    EUR 1,000        1,098  
Reg. S, (EUR Swap Rate 5 Year + 2.15%), 3.63%, 08/23/2032 (aa)    EUR 3,200        3,583  
Reg. S, 4.38%, 09/05/2030    EUR 5,500        6,521  
Sydbank A/S, (Denmark), Reg. S, (EUR Swap Rate 1 Year + 1.85%), 5.13%, 09/06/2028 (aa)    EUR 3,100        3,644  
Toronto-Dominion Bank (The), (Canada),      
Reg. S, 0.86%, 03/24/2027    EUR 1,800        1,924  
Reg. S, 2.78%, 09/03/2027    EUR 200        224  
Reg. S, 2.86%, 04/15/2031    EUR 100        113  
Reg. S, 3.19%, 02/16/2029    EUR 100        114  
Reg. S, 3.72%, 03/13/2030    EUR 100        117  
Reg. S, 3.77%, 09/08/2026    EUR 100        114  
Reg. S, 3.88%, 03/13/2026    EUR 100        113  
4.69%, 09/15/2027      55        56  
Truist Bank, 2.25%, 03/11/2030      250        220  
Truist Financial Corp.,      
3.88%, 03/19/2029      1,400        1,363  
(United States SOFR + 1.57%), 5.15%, 08/05/2032 (aa)      3        3  
(United States SOFR + 1.62%), 5.44%, 01/24/2030 (aa)      884        914  
(United States SOFR + 2.36%), 5.87%, 06/08/2034 (aa)      400        425  
(United States SOFR + 2.45%), 7.16%, 10/30/2029 (aa)      626        686  
UBS AG, (Switzerland),      
Reg. S, 0.25%, 01/05/2026    EUR 1,000        1,076  
Reg. S, 0.25%, 09/01/2028    EUR 2,400        2,414  
5.65%, 09/11/2028      200        210  
UBS Group AG, (Switzerland),      
Reg. S, 0.25%, 02/24/2028    EUR 1,000        1,014  
Reg. S, (EUR Swap Rate 1 Year + 0.77%), 0.25%, 11/05/2028 (aa)    EUR 1,200        1,225  
Reg. S, 0.63%, 01/18/2033    EUR 10,584        9,390  
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.77%), 0.65%, 01/14/2028 (aa)    EUR 900        948  
Reg. S, 1.25%, 09/01/2026    EUR 1,000        1,081  
Reg. S, (EUR Swap Rate 1 Year + 1.60%), 2.13%, 10/13/2026 (aa)    EUR 700        771  
(CMT Index 1 Year + 1.10%), 2.75%, 02/11/2033 (e) (aa)      1,000        866  
Reg. S, (EUR Swap Rate 1 Year + 1.95%), 2.88%, 04/02/2032 (aa)    EUR 1,600        1,725  
(United States SOFR + 1.73%), 3.09%, 05/14/2032 (e) (aa)      755        680  
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 08/13/2030 (e) (aa)      300        280  
Reg. S, (UK Gilts 1 Year + 4.55%), 7.38%, 09/07/2033 (aa)    GBP 5,000        7,570  
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 4.95%), 7.75%, 03/01/2029 (aa)    EUR 1,200        1,529  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

      
UBS Switzerland AG, (Switzerland),      
Reg. S, 0.00%, 10/31/2030    CHF 25        28  
Reg. S, 3.39%, 12/05/2025    EUR 100        112  
UniCredit Bank Czech Republic & Slovakia A/S, (Czech Republic),      
Reg. S, 2.88%, 03/25/2029    EUR 100        112  
Reg. S, 3.13%, 10/11/2027    EUR 1,900        2,134  
UniCredit Bank GmbH, (Germany),      
Reg. S, 0.01%, 09/15/2028    EUR 50        50  
Reg. S, 0.01%, 03/10/2031    EUR 125        118  
Reg. S, 0.85%, 05/22/2034    EUR 50        47  
Reg. S, 0.88%, 01/11/2029    EUR 100        104  
UniCredit SpA, (Italy),      
Reg. S, 0.33%, 01/19/2026    EUR 1,000        1,078  
Reg. S, 0.38%, 10/31/2026    EUR 100        106  
Reg. S, (ICE LIBOR EUR 3 Month + 0.90%), 0.80%, 07/05/2029 (aa)    EUR 1,000        1,028  
Reg. S, (ICE LIBOR EUR 3 Month + 0.85%), 0.93%, 01/18/2028 (aa)    EUR 1,000        1,066  
Reg. S, 1.63%, 01/18/2032    EUR 1,615        1,604  
Reg. S, 2.13%, 10/24/2026    EUR 1,000        1,100  
Reg. S, (ICE LIBOR EUR 3 Month + 2.55%), 2.20%, 07/22/2027 (aa)    EUR 1,000        1,099  
(CMT Index 1 Year + 2.30%), 2.57%, 09/22/2026 (e) (aa)      3,000        2,932  
Reg. S, 3.50%, 07/31/2030    EUR 1,800        2,082  
Reg. S, (ICE LIBOR EUR 3 Month + 1.60%), 4.45%, 02/16/2029 (aa)    EUR 3,650        4,221  
Reg. S, (ICE LIBOR EUR 3 Month + 1.90%), 4.80%, 01/17/2029 (aa)    EUR 1,500        1,765  
United Overseas Bank Ltd., (Singapore), Reg. S, 0.01%, 12/01/2027    EUR 100        103  
US Bancorp,      
(CMT Index 5 Year + 2.54%), 3.70%, 01/15/2027 (x) (aa)      2,300        2,118  
(United States SOFR + 1.56%), 5.38%, 01/23/2030 (aa)      30        31  
(United States SOFR + 1.86%), 5.68%, 01/23/2035 (aa)      15        16  
(United States SOFR + 1.43%), 5.73%, 10/21/2026 (aa)      30        31  
(United States SOFR + 2.26%), 5.84%, 06/12/2034 (aa)      725        773  
Virgin Money UK plc, (United Kingdom),      
Reg. S, (UK Gilts 1 Year + 2.80%), 4.00%, 09/25/2026 (aa)    GBP 200        264  
Reg. S, (UK Gilts 5 Year + 5.25%), 5.13%, 12/11/2030 (aa)    GBP 1,000        1,328  
Vseobecna Uverova Banka A/S, (Slovakia),      
Reg. S, 0.01%, 06/23/2025    EUR 1,700        1,847  
Reg. S, 0.01%, 03/24/2026    EUR 100        107  
Reg. S, 3.25%, 03/20/2031    EUR 100        113  
Wells Fargo & Co.,      
Reg. S, 1.00%, 02/02/2027    EUR 1,000        1,063  
Reg. S, 1.38%, 10/26/2026    EUR 1,900        2,050  
Reg. S, 2.00%, 04/27/2026    EUR 1,000        1,096  
Reg. S, 2.13%, 09/24/2031    GBP 1,000        1,122  
Reg. S, 2.50%, 05/02/2029    GBP 1,500        1,816  
(CME Term SOFR 3 Month + 1.43%), 2.88%, 10/30/2030 (aa)      16        15  
(United States SOFR + 2.53%), 3.07%, 04/30/2041 (aa)      2,110        1,658  
(CME Term SOFR 3 Month + 1.43%), 3.20%, 06/17/2027 (aa)      1,590        1,559  
(United States SOFR + 1.50%), 3.35%, 03/02/2033 (aa)      1,040        950  
Reg. S, (SONIA Interest Rate Benchmark + 1.28%), 3.47%, 04/26/2028 (aa)    GBP 1,000        1,292  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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%, 09/12/2029    GBP 1,500        1,892  
(CME Term SOFR 3 Month + 1.57%), 3.58%, 05/22/2028 (aa)      3        3  
(United States SOFR + 2.13%), 4.61%, 04/25/2053 (aa)      650        601  
4.63%, 11/02/2035    GBP 1,500        1,944  
4.75%, 12/07/2046      15        14  
(United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa)      1,016        1,028  
Reg. S, 4.88%, 11/29/2035    GBP 1,000        1,256  
(United States SOFR + 1.50%), 5.20%, 01/23/2030 (aa)      1,500        1,545  
(United States SOFR + 2.02%), 5.39%, 04/24/2034 (aa)      940        974  
(United States SOFR + 1.78%), 5.50%, 01/23/2035 (aa)      95        99  
(United States SOFR + 1.99%), 5.56%, 07/25/2034 (aa)      2,065        2,164  
(United States SOFR + 1.74%), 5.57%, 07/25/2029 (aa)      1,480        1,539  
5.61%, 01/15/2044      24        25  
(United States SOFR + 1.07%), 5.71%, 04/22/2028 (aa)      1,510        1,559  
(United States SOFR + 2.06%), 6.49%, 10/23/2034 (aa)      1,615        1,802  
Wells Fargo Bank NA, 5.25%, 12/11/2026      2,050        2,100  
Westpac Banking Corp., (Australia),      
Reg. S, 0.01%, 09/22/2028    EUR 100        100  
Reg. S, 0.88%, 04/17/2027    EUR 1,000        1,067  
Reg. S, 1.08%, 04/05/2027    EUR 100        107  
2.96%, 11/16/2040      30        23  
Westpac Securities NZ Ltd., (New Zealand),      
Reg. S, 0.43%, 12/14/2026    EUR 2,500        2,644  
Reg. S, 3.75%, 04/20/2028    EUR 100        116  
Wirtschafts- und Infrastrukturbank Hessen, (Germany), 0.88%, 06/14/2028    EUR 100        106  
2.63%, 01/26/2033    EUR 100        112  
2.88%, 02/22/2034    EUR 200        228  
Wuestenrot Bausparkasse AG, (Germany), Series 20, Reg. S, 3.38%, 11/28/2028    EUR 100        115  
Zuercher Kantonalbank, (Switzerland),      
Series 140, Reg. S, 0.05%, 11/23/2026    CHF 500        581  
Series 150, Reg. S, 0.10%, 03/31/2031    CHF 240        269  
     

 

 

  
        967,077  
     

 

 

  
Diversified Financial Services — 0.5%      
Aareal Bank AG, (Germany),      
Reg. S, 2.88%, 05/10/2028    EUR 100        112  
Series 236, Reg. S, 0.01%, 02/01/2028    EUR 100        102  
Affordable Housing Finance plc, (United Kingdom),      
Reg. S, 2.89%, 08/11/2043    GBP 200        204  
Reg. S, 3.80%, 05/20/2042    GBP 100        118  
American Express Co.,      
(United States SOFR + 1.00%), 4.99%, 05/01/2026 (aa)      25        25  
(United States SOFR + 1.84%), 5.04%, 05/01/2034 (aa)      60        61  
(United States SOFR + 1.00%), 5.10%, 02/16/2028 (aa)      30        31  
(United States SOFR + 1.93%), 5.63%, 07/28/2034 (aa)      35        37  
Ameriprise Financial, Inc., 5.15%, 05/15/2033      9        9  
Apollo Global Management, Inc.,      
5.80%, 05/21/2054      50        53  
6.38%, 11/15/2033      18        20  
Arkea Home Loans SFH SA, (France), Reg. S, 3.25%, 08/01/2033    EUR 100        115  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Artesian Finance II plc, (United Kingdom), 6.00%, 09/30/2033    GBP 30        40  
Aspire Defence Finance plc, (United Kingdom), Series B, 4.67%, 03/31/2040    GBP 38        50  
AXA Home Loan SFH SA, (France), Reg. S, 0.01%, 10/16/2029    EUR 100        98  
Bayerische Landesbodenkreditanstalt, (Germany), Reg. S, 2.88%, 02/28/2031    EUR 100        114  
BlackRock Funding, Inc., 5.25%, 03/14/2054      225        233  
Blue Owl Finance LLC, 6.25%, 04/18/2034 (e)      110        115  
BNP Paribas Home Loan SFH SA, (France),      
Reg. S, 3.00%, 05/25/2028    EUR 100        113  
Reg. S, 3.00%, 01/31/2030    EUR 100        114  
BPCE SFH SA, (France),      
Reg. S, 0.01%, 11/08/2026    EUR 100        106  
Reg. S, 0.01%, 01/21/2027    EUR 100        105  
Reg. S, 0.01%, 01/29/2036    EUR 100        80  
Reg. S, 0.13%, 12/03/2030    EUR 100        95  
Reg. S, 0.63%, 09/22/2027    EUR 100        106  
Reg. S, 1.13%, 04/12/2030    EUR 100        103  
Reg. S, 1.75%, 05/27/2032    EUR 100        103  
Reg. S, 2.88%, 01/15/2027    EUR 100        112  
Reg. S, 3.00%, 02/20/2029    EUR 100        113  
Reg. S, 3.38%, 03/13/2029    EUR 100        115  
Caisse de Refinancement de l’Habitat SA, (France),      
Reg. S, 0.01%, 02/07/2028    EUR 200        205  
Reg. S, 0.01%, 10/08/2029    EUR 100        98  
Reg. S, 3.38%, 06/28/2032    EUR 100        116  
Cantor Fitzgerald LP, 4.50%, 04/14/2027 (e)      2,055        2,034  
Capital One Financial Corp.,      
1.65%, 06/12/2029    EUR 1,800        1,855  
(United States SOFR + 1.56%), 5.46%, 07/26/2030 (aa)      30        31  
(United States SOFR + 2.64%), 6.31%, 06/08/2029 (aa)      146        154  
(United States SOFR + 2.44%), 7.15%, 10/29/2027 (aa)      2        2  
(United States SOFR + 3.07%), 7.62%, 10/30/2031 (aa)      620        704  
Cboe Global Markets, Inc., 1.63%, 12/15/2030      29        25  
CCF SFH SACA, (France),      
Reg. S, 0.75%, 03/22/2027    EUR 100        106  
Reg. S, 2.50%, 06/28/2028    EUR 1,900        2,105  
Charles Schwab Corp. (The), Series I, (CMT Index 5 Year + 3.17%), 4.00%, 06/01/2026 (x) (aa)      60        58  
Credit Agricole Home Loan SFH SA, (France),      
Reg. S, 0.01%, 04/12/2028    EUR 4,200        4,282  
Reg. S, 0.01%, 11/03/2031    EUR 100        92  
Reg. S, 0.05%, 12/06/2029    EUR 100        98  
Reg. S, 0.88%, 08/11/2028    EUR 100        105  
Reg. S, 0.88%, 05/06/2034    EUR 100        93  
Reg. S, 2.13%, 01/07/2030    EUR 100        108  
Reg. S, 3.25%, 09/28/2026    EUR 100        113  
Reg. S, 3.38%, 09/04/2028    EUR 100        115  
Credit Agricole Public Sector SCF SA, (France),      
Reg. S, 0.88%, 08/02/2027    EUR 100        106  
Reg. S, 3.00%, 06/14/2030    EUR 100        114  
Credit Mutuel Home Loan SFH SA, (France),      
Reg. S, 0.01%, 07/20/2028    EUR 5,000        5,056  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Corporate Bonds — continued      
Diversified Financial Services — continued      
Reg. S, 0.75%, 09/15/2027    EUR 100        106  
Reg. S, 0.88%, 03/04/2032    EUR 100        97  
Reg. S, 1.00%, 01/30/2029    EUR 100        104  
Reg. S, 2.38%, 02/08/2028    EUR 100        111  
Reg. S, 3.00%, 07/23/2029    EUR 100        113  
Reg. S, 3.25%, 04/20/2029    EUR 100        114  
DLR Kredit A/S, (Denmark), Series CCB, Reg. S, 1.00%, 04/01/2028    DKK 700        100  
Enact Holdings, Inc., 6.25%, 05/28/2029      210        218  
IG Group Holdings plc, (United Kingdom), Reg. S, 3.13%, 11/18/2028    GBP 2,000        2,377  
Intercontinental Exchange, Inc.,      
5.20%, 06/15/2062      20        20  
5.25%, 06/15/2031      1,175        1,232  
Jefferies Financial Group, Inc.,      
2.63%, 10/15/2031      1,250        1,084  
2.75%, 10/15/2032      1,420        1,210  
5.88%, 07/21/2028      405        422  
Jyske Realkredit A/S, (Denmark), Series CCB, Reg. S, 1.00%, 04/01/2026    DKK 400        59  
La Banque Postale Home Loan SFH SA, (France),      
Reg. S, 3.00%, 01/31/2031    EUR 100        113  
Reg. S, 3.13%, 01/29/2034    EUR 100        115  
Lansforsakringar Hypotek AB, (Sweden),      
Reg. S, 1.38%, 05/31/2027    EUR 100        108  
Series 519, Reg. S, 1.50%, 09/16/2026    SEK 900        88  
Series 520, Reg. S, 1.00%, 09/15/2027    SEK 1,000        95  
Series 521, Reg. S, 0.50%, 09/20/2028    SEK 2,200        202  
London Stock Exchange Group plc, (United Kingdom),      
Reg. S, 1.63%, 04/06/2030    GBP 2,000        2,309  
Reg. S, 1.75%, 12/06/2027    EUR 800        865  
LPL Holdings, Inc., 6.75%, 11/17/2028      350        376  
Lseg Netherlands BV, (Netherlands), Reg. S, 0.75%, 04/06/2033    EUR 1,000        914  
Mastercard, Inc.,      
2.10%, 12/01/2027    EUR 1,825        2,007  
2.95%, 06/01/2029      20        19  
3.35%, 03/26/2030      24        23  
3.85%, 03/26/2050      20        17  
4.55%, 01/15/2035      90        91  
Nasdaq, Inc., 5.35%, 06/28/2028      10        10  
Nomura Holdings, Inc., (Japan),      
1.85%, 07/16/2025      1,755        1,715  
2.17%, 07/14/2028      1,500        1,373  
2.61%, 07/14/2031      730        634  
3.00%, 01/22/2032      320        282  
6.07%, 07/12/2028      1,625        1,710  
Nordea Kredit Realkreditaktieselskab, (Denmark),      
Reg. S, 1.00%, 04/01/2026 (e)    DKK 250        37  
1.00%, 10/01/2026    DKK 500        73  
Reg. S, 1.00%, 10/01/2027 (e)    DKK 200        29  
Series Cc2, Reg. S, 1.00%, 04/01/2029 (e)    DKK 300        42  
Series CC2, Reg. S, 1.00%, 04/01/2027 (e)    DKK 500        72  
Series CC2, Reg. S, 1.00%, 10/01/2028 (e)    DKK 300        43  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Nuveen LLC, 5.55%, 01/15/2030 (e)      190        199  
OSB Group plc, (United Kingdom), Reg. S, (UK Gilts 1 Year + 4.99%), 9.50%, 09/07/2028 (aa)    GBP 3,400        4,939  
Private Export Funding Corp., Series PP, 1.40%, 07/15/2028      775        712  
Prs Finance plc, (United Kingdom),      
Reg. S, 1.50%, 08/24/2034    GBP 200        204  
Reg. S, 1.75%, 11/24/2026    GBP 178        226  
Reg. S, 2.00%, 01/23/2029    GBP 500        610  
Radian Group, Inc., 6.20%, 05/15/2029      40        42  
Realkredit Danmark A/S, (Denmark),      
Series 10F, Reg. S, 1.00%, 01/01/2026 (e)    DKK 1,000        147  
Series 10f, Reg. S, 1.00%, 04/01/2026    DKK 500        73  
Series 22S, Reg. S, 0.00%, 10/01/2040 (e)    DKK 39        5  
Saltaire Finance plc, (United Kingdom),      
Reg. S, 4.81%, 03/14/2053    GBP 100        132  
Reg. S, 4.82%, 12/01/2033    GBP 100        137  
Societe Generale SFH SA, (France),      
Reg. S, 0.50%, 01/28/2026    EUR 100        108  
Reg. S, 1.75%, 05/05/2034    EUR 200        203  
Sparebanken Vest Boligkreditt A/S, (Norway),      
Reg. S, 2.50%, 09/22/2027    EUR 100        111  
Reg. S, 3.00%, 07/31/2029    EUR 100        114  
Swedbank Hypotek AB, (Sweden),      
Reg. S, 0.50%, 02/05/2026    EUR 100        108  
Series 196, Reg. S, 1.00%, 03/18/2026    SEK 1,000        97  
Series 197, Reg. S, 1.00%, 03/17/2027    SEK 700        67  
Series 199, Reg. S, 3.00%, 03/28/2029    SEK 2,000        202  
Series 200, Reg. S, 3.00%, 12/27/2029    SEK 1,500        152  
THFC Funding No. 1 plc, (United Kingdom), Reg. S, 5.13%, 12/21/2035    GBP 1,370        1,842  
TP ICAP Finance plc, (United Kingdom), Reg. S, 5.25%, 05/29/2026    GBP 2,000        2,661  
Visa, Inc.,      
2.00%, 06/15/2029    EUR 4,100        4,440  
2.70%, 04/15/2040      10        8  
3.65%, 09/15/2047      20        16  
Voya Financial, Inc., 5.00%, 09/20/2034      170        169  
Wellcome Trust Finance plc, (United Kingdom), Reg. S, 4.63%, 07/25/2036    GBP 225        301  
Western Union Co. (The), 1.35%, 03/15/2026      510        487  
     

 

 

  
        59,818  
     

 

 

  
Insurance — 1.2%      
Aflac, Inc.,      
3.60%, 04/01/2030      40        38  
4.75%, 01/15/2049      20        19  
AIA Group Ltd., (Hong Kong), Reg. S, (EUR Swap Rate 5 Year + 1.10%), 0.88%, 09/09/2033 (aa)    EUR 1,800        1,797  
Alleghany Corp.,      
3.25%, 08/15/2051      15        11  
3.63%, 05/15/2030      5        5  
Allianz Finance II BV, (Netherlands),      
Reg. S, 0.50%, 11/22/2033    EUR 200        180  
Series 62, Reg. S, 4.50%, 03/13/2043    GBP 1,500        1,886  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Allianz SE, (Germany),      
Reg. S, (ICE LIBOR EUR 3 Month + 3.55%), 4.25%, 07/05/2052 (aa)    EUR 2,600        2,966  
Reg. S, (ICE LIBOR EUR 3 Month + 3.65%), 5.82%, 07/25/2053 (aa)    EUR 1,900        2,388  
Allstate Corp. (The), 5.05%, 06/24/2029      40        41  
American International Group, Inc., 1.88%, 06/21/2027    EUR 1,000        1,084  
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        540  
Arthur J Gallagher & Co.,      
3.05%, 03/09/2052      20        13  
3.50%, 05/20/2051      5        4  
ASR Nederland NV, (Netherlands),      
Reg. S, (EUR Swap Rate 5 Year + 4.00%), 3.38%, 05/02/2049 (aa)    EUR 1,000        1,080  
Reg. S, (EUR Swap Rate 5 Year + 5.20%), 5.13%, 09/29/2045 (aa)    EUR 1,000        1,126  
Assurant, Inc.,      
2.65%, 01/15/2032      26        22  
3.70%, 02/22/2030      30        29  
4.90%, 03/27/2028      7        7  
Athene Holding Ltd.,      
3.45%, 05/15/2052      8        5  
3.95%, 05/25/2051      5        4  
Aviva plc, (United Kingdom),      
Reg. S, 1.88%, 11/13/2027    EUR 500        543  
Reg. S, (ICE LIBOR EUR 3 Month + 3.55%), 3.38%, 12/04/2045 (aa)    EUR 1,000        1,107  
Reg. S, (UK Gilts 5 Year + 4.70%), 4.00%, 06/03/2055 (aa)    GBP 825        920  
Reg. S, (UK Gilts 5 Year + 2.85%), 6.13%, 11/14/2036 (aa)    GBP 430        588  
Reg. S, (UK Gilts 5 Year + 3.30%), 6.13%, 09/12/2054 (aa)    GBP 1,800        2,393  
AXA SA, (France),      
Reg. S, (ICE LIBOR EUR 3 Month + 3.75%), 3.38%, 07/06/2047 (aa)    EUR 1,900        2,114  
Reg. S, (EUR Swap Rate 11 Year + 3.25%), 3.88%, 10/08/2025 (x) (aa)    EUR 5,000        5,562  
Berkshire Hathaway Finance Corp.,      
1.50%, 03/18/2030    EUR 2,200        2,297  
2.38%, 06/19/2039    GBP 825        798  
2.85%, 10/15/2050      5        3  
3.85%, 03/15/2052      45        38  
4.20%, 08/15/2048      5        4  
Berkshire Hathaway, Inc., 2.15%, 03/15/2028    EUR 1,000        1,095  
BNP Paribas Cardif SA, (France), Reg. S, (ICE LIBOR EUR 3 Month + 3.93%), 4.03%, 11/25/2025 (x) (aa)    EUR 6,000        6,665  
Brown & Brown, Inc.,      
2.38%, 03/15/2031      69        59  
4.20%, 03/17/2032      8        8  
4.95%, 03/17/2052      30        27  
5.65%, 06/11/2034      80        84  
BUPA Finance plc, (United Kingdom), Reg. S, 5.00%, 10/12/2030    EUR 1,700        2,038  
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, (France), Reg. S, 0.75%, 07/07/2028    EUR 4,900        4,941  
Chubb INA Holdings LLC,      
0.88%, 12/15/2029    EUR 1,000        1,004  
1.55%, 03/15/2028    EUR 3,000        3,193  
5.00%, 03/15/2034      505        524  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Cloverie PLC for Zurich Insurance Co. Ltd., (Ireland), Reg. S, 1.50%, 12/15/2028    EUR 1,000        1,059  
CNA Financial Corp.,      
2.05%, 08/15/2030      2,500        2,189  
5.13%, 02/15/2034      210        214  
CNP Assurances SACA, (France),      
Reg. S, 0.38%, 03/08/2028    EUR 100        101  
Reg. S, 1.25%, 01/27/2029    EUR 700        715  
Reg. S, (ICE LIBOR EUR 3 Month + 2.70%), 1.88%, 10/12/2053 (aa)    EUR 300        276  
Reg. S, (ICE LIBOR EUR 3 Month + 3.65%), 2.50%, 06/30/2051 (aa)    EUR 1,000        1,013  
Corebridge Financial, Inc., 4.35%, 04/05/2042      155        137  
Credit Agricole Assurances SA, (France), Reg. S, 2.00%, 07/17/2030    EUR 600        608  
Enstar Group Ltd., (Bermuda),      
3.10%, 09/01/2031      131        113  
4.95%, 06/01/2029      30        30  
Everest Reinsurance Holdings, Inc., 3.50%, 10/15/2050      860        624  
Fairfax Financial Holdings Ltd., (Canada),      
Reg. S, 2.75%, 03/29/2028    EUR 3,000        3,290  
3.38%, 03/03/2031      2,010        1,831  
4.85%, 04/17/2028      35        35  
5.63%, 08/16/2032      1,100        1,139  
6.00%, 12/07/2033 (e)      30        32  
6.10%, 03/15/2055 (e)      31        32  
6.35%, 03/22/2054 (e)      60        64  
Fidelity National Financial, Inc.,      
2.45%, 03/15/2031      210        182  
3.20%, 09/17/2051      20        14  
3.40%, 06/15/2030      10        9  
4.50%, 08/15/2028      10        10  
Generali, (Italy),      
Reg. S, 1.71%, 06/30/2032    EUR 100        96  
Reg. S, 2.43%, 07/14/2031    EUR 1,000        1,029  
Reg. S, 4.13%, 05/04/2026    EUR 100        113  
Reg. S, (ICE LIBOR EUR 3 Month + 4.50%), 4.60%, 11/21/2025 (x) (aa)    EUR 770        860  
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        2,053  
Reg. S, 3.75%, 04/30/2029    EUR 2,200        2,496  
Hannover Rueck SE, (Germany),      
Reg. S, (ICE LIBOR EUR 3 Month + 2.38%), 1.13%, 10/09/2039 (aa)    EUR 1,000        993  
Reg. S, (ICE LIBOR EUR 3 Month + 3.75%), 5.88%, 08/26/2043 (aa)    EUR 1,200        1,519  
Jackson Financial, Inc., 4.00%, 11/23/2051      5        4  
Just Group plc, (United Kingdom), Reg. S, 6.88%, 03/30/2035    GBP 1,750        2,339  
Legal & General Finance plc, (United Kingdom), Reg. S, 5.88%, 04/05/2033    GBP 425        603  
Legal & General Group plc, (United Kingdom),      
Reg. S, (UK Gilts 5 Year + 5.25%), 4.50%, 11/01/2050 (aa)    GBP 825        1,028  
Reg. S, (UK Gilts 5 Year + 4.65%), 5.13%, 11/14/2048 (aa)    GBP 600        794  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Liberty Mutual Group, Inc.,      
3.95%, 10/15/2050 (e)      875        684  
5.50%, 06/15/2052 (e)      450        442  
M&G plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.16%), 5.56%, 07/20/2055 (aa)    GBP 825        1,025  
Markel Group, Inc.,      
3.45%, 05/07/2052      1,000        707  
6.00%, 05/16/2054      190        202  
Marsh & McLennan Cos., Inc.,      
1.98%, 03/21/2030    EUR 5,050        5,341  
2.90%, 12/15/2051      90        61  
4.20%, 03/01/2048      40        35  
5.45%, 03/15/2053      5        5  
Metropolitan Life Global Funding I,      
Reg. S, 0.50%, 05/25/2029    EUR 500        500  
Reg. S, 0.55%, 06/16/2027    EUR 1,475        1,552  
Reg. S, 0.63%, 12/08/2027    GBP 1,000        1,182  
Reg. S, 1.63%, 10/12/2028    GBP 1,000        1,199  
Reg. S, 1.63%, 09/21/2029    GBP 2,125        2,480  
MGIC Investment Corp., 5.25%, 08/15/2028      26        26  
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, (Germany), Reg. S, (ICE LIBOR EUR 3 Month + 2.60%), 4.25%, 05/26/2044 (aa)    EUR 7,600        8,616  
Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres et Sal, (France), Reg. S, 0.63%, 06/21/2027    EUR 1,900        1,972  
New York Life Global Funding, Reg. S, 3.63%, 01/09/2030    EUR 9,625        11,104  
NN Group NV, (Netherlands),      
Reg. S, (ICE LIBOR EUR 3 Month + 4.00%), 4.50%, 01/15/2026 (x) (aa)    EUR 1,350        1,510  
Reg. S, (ICE LIBOR EUR 3 Month + 4.00%), 6.00%, 11/03/2043 (aa)    EUR 6,600        8,160  
Old Republic International Corp., 3.85%, 06/11/2051      15        11  
Pension Insurance Corp. plc, (United Kingdom), Reg. S, 5.63%, 09/20/2030    GBP 1,121        1,458  
Phoenix Group Holdings plc, (United Kingdom), Reg. S, 6.63%, 12/18/2025    GBP 425        574  
Primerica, Inc., 2.80%, 11/19/2031      35        31  
Progressive Corp. (The),      
3.70%, 03/15/2052      20        16  
3.95%, 03/26/2050      4        3  
Prudential Funding Asia plc, (United Kingdom), 5.88%, 05/11/2029    GBP 1,500        2,087  
Reinsurance Group of America, Inc., 5.75%, 09/15/2034      87        92  
RenaissanceRe Holdings Ltd., (Bermuda),      
3.60%, 04/15/2029      50        48  
5.75%, 06/05/2033      52        55  
Rothesay Life plc, (United Kingdom), Reg. S, 7.02%, 12/10/2034    GBP 3,325        4,593  
Sampo OYJ, (Finland), Reg. S, 2.25%, 09/27/2030    EUR 1,000        1,071  
SCOR SE, (France), Reg. S, (EUR Swap Rate 10 Year + 3.25%), 3.00%, 06/08/2046 (aa)    EUR 3,600        3,943  
Sogecap SA, (France), Reg. S, (EUR Swap Rate 5 Year + 4.15%), 4.13%, 02/18/2026 (x) (aa)    EUR 1,700        1,890  
Talanx AG, (Germany), Reg. S, 4.00%, 10/25/2029    EUR 7,800        9,087  
Travelers Cos., Inc. (The), 5.45%, 05/25/2053      20        21  
UNIQA Insurance Group AG, (Austria),      
Reg. S, 1.38%, 07/09/2030    EUR 500        504  
Reg. S, (ICE LIBOR EUR 3 Month + 3.35%), 2.38%, 12/09/2041 (aa)    EUR 500        483  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Reg. S, (ICE LIBOR EUR 3 Month + 5.82%), 6.00%, 07/27/2046 (aa)    EUR 500        574  
Unum Group,      
4.00%, 06/15/2029      1,764        1,728  
4.13%, 06/15/2051      904        712  
5.75%, 08/15/2042      5        5  
6.00%, 06/15/2054      755        785  
W R Berkley Corp., 4.00%, 05/12/2050      700        573  
Willis North America, Inc.,      
4.65%, 06/15/2027      30        30  
5.35%, 05/15/2033      20        21  
5.90%, 03/05/2054      70        73  
Zurich Finance Ireland Designated Activity Co., (Ireland),      
Reg. S, 1.63%, 06/17/2039    EUR 500        436  
Reg. S, (UK Gilts 5 Year + 4.10%), 5.13%, 11/23/2052 (aa)    GBP 5,625        7,296  
     

 

 

  
        161,897  
     

 

 

  
Investment Companies — 0.2%      
Apollo Debt Solutions BDC, 6.90%, 04/13/2029 (e)      35        36  
Ares Capital Corp.,      
2.15%, 07/15/2026      6        6  
5.95%, 07/15/2029      40        41  
7.00%, 01/15/2027      50        52  
Blackstone Private Credit Fund, 3.25%, 03/15/2027      25        24  
Blackstone Secured Lending Fund, 2.85%, 09/30/2028      13        12  
Blue Owl Capital Corp., 2.88%, 06/11/2028      45        41  
CDP Reti SpA, (Italy), Reg. S, 5.88%, 10/25/2027    EUR 500        597  
EXOR NV, (Netherlands), Reg. S, 3.75%, 02/14/2033    EUR 7,725        8,651  
FS KKR Capital Corp.,      
2.63%, 01/15/2027      35        33  
3.13%, 10/12/2028      140        127  
7.88%, 01/15/2029      60        65  
Golub Capital BDC, Inc.,      
2.50%, 08/24/2026      5        5  
6.00%, 07/15/2029      45        45  
Investor AB, (Sweden),      
Reg. S, 0.38%, 10/29/2035    EUR 425        346  
Reg. S, 1.50%, 09/12/2030    EUR 700        726  
Reg. S, 2.75%, 06/10/2032    EUR 10,400        11,293  
Main Street Capital Corp.,      
3.00%, 07/14/2026      45        43  
6.95%, 03/01/2029      55        58  
MDGH GMTN RSC Ltd., (United Arab Emirates),      
Reg. S, 0.38%, 03/10/2027    EUR 1,000        1,039  
Reg. S, 1.00%, 03/10/2034    EUR 600        533  
New Mountain Finance Corp., 6.88%, 02/01/2029      20        20  
Sixth Street Specialty Lending, Inc., 6.13%, 03/01/2029      15        15  
Temasek Financial I Ltd., (Singapore),      
Reg. S, 1.50%, 03/01/2028    EUR 4,700        5,017  
Reg. S, 3.25%, 02/15/2027    EUR 1,500        1,691  
Wendel SE, (France), Reg. S, 1.00%, 06/01/2031    EUR 2,600        2,510  
     

 

 

  
        33,026  
     

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Corporate Bonds — continued      
Private Equity — 0.1%      
3i Group plc, (United Kingdom),      
Reg. S, 4.88%, 06/14/2029    EUR 4,925        5,820  
Reg. S, 5.75%, 12/03/2032    GBP 350        488  
Brookfield Finance LLC / Brookfield Finance, Inc., 3.45%, 04/15/2050      3        2  
Brookfield Finance, Inc., (Canada),      
5.68%, 01/15/2035      70        73  
5.97%, 03/04/2054      42        46  
Intermediate Capital Group plc, (United Kingdom), Reg. S, 1.63%, 02/17/2027    EUR 1,000        1,064  
     

 

 

  
        7,493  
     

 

 

  
Real Estate — 0.8%      
Affinity Sutton Capital Markets plc, (United Kingdom), Reg. S, 5.98%, 09/17/2038    GBP 1,000        1,428  
Akelius Residential Property Financing BV, (Netherlands),      
Reg. S, 1.00%, 01/17/2028    EUR 1,000        1,020  
Reg. S, 1.13%, 01/11/2029    EUR 4,500        4,489  
Aroundtown SA, (Luxembourg),      
Reg. S, 0.00%, 07/16/2026    EUR 3,800        3,958  
Reg. S, 1.45%, 07/09/2028    EUR 6,500        6,564  
Reg. S, (EUR Swap Rate 5 Year + 2.42%), 1.63%, 04/15/2026 (x) (aa)    EUR 3,000        2,746  
Reg. S, 3.00%, 10/16/2029    GBP 4,650        5,330  
Reg. S, 4.80%, 07/16/2029    EUR 900        1,015  
Balder Finland OYJ, (Finland),      
Reg. S, 1.00%, 01/18/2027    EUR 2,000        2,108  
Reg. S, 2.00%, 01/18/2031    EUR 7,400        7,214  
Blackstone Property Partners Europe Holdings Sarl, (Luxembourg),      
Reg. S, 1.63%, 04/20/2030    EUR 1,000        986  
Reg. S, 1.75%, 03/12/2029    EUR 2,500        2,557  
Reg. S, 2.63%, 10/20/2028    GBP 1,075        1,290  
Broadgate Financing plc, (United Kingdom), Series A4, Reg. S, 4.82%, 07/05/2033    GBP 50        67  
CBRE Services, Inc., 5.95%, 08/15/2034      92        99  
Citycon Treasury BV, (Netherlands), Reg. S, 6.50%, 03/08/2029    EUR 2,150        2,531  
Clarion Funding plc, (United Kingdom),      
Reg. S, 1.25%, 11/13/2032    GBP 1,000        1,008  
Reg. S, 1.88%, 09/07/2051    GBP 500        334  
Reg. S, 2.63%, 01/18/2029    GBP 200        244  
CTP NV, (Netherlands),      
Reg. S, 0.88%, 01/20/2026    EUR 558        601  
Reg. S, 1.50%, 09/27/2031    EUR 9,850        9,336  
Reg. S, 4.75%, 02/05/2030    EUR 225        260  
Deutsche Wohnen SE, (Germany),      
Reg. S, 0.50%, 04/07/2031    EUR 500        459  
Reg. S, 1.50%, 04/30/2030    EUR 900        907  
Fastighets AB Balder, (Sweden),      
Reg. S, 1.13%, 01/29/2027    EUR 4,000        4,215  
Reg. S, 1.88%, 01/23/2026    EUR 2,000        2,179  
Heimstaden Bostad AB, (Sweden), Reg. S, 1.13%, 01/21/2026    EUR 1,200        1,277  
Heimstaden Bostad Treasury BV, (Netherlands), 1.38%, 03/03/2027    EUR 600        618  
Hexagon Housing Association Ltd., (United Kingdom), Reg. S, 3.63%, 04/22/2048    GBP 1,000        950  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
HOWOGE Wohnungsbaugesellschaft mbH, (Germany),      
Reg. S, 0.63%, 11/01/2028    EUR 400        403  
Reg. S, 1.13%, 11/01/2033    EUR 100        91  
Logicor 2019-1 UK plc, (United Kingdom), Reg. S, 1.88%, 11/17/2026    GBP 825        1,040  
Logicor Financing Sarl, (Luxembourg),      
Reg. S, 0.88%, 01/14/2031    EUR 400        370  
Reg. S, 1.50%, 07/13/2026    EUR 1,000        1,077  
Reg. S, 1.63%, 07/15/2027    EUR 2,500        2,657  
Reg. S, 1.63%, 01/17/2030    EUR 200        198  
Reg. S, 2.00%, 01/17/2034    EUR 100        94  
London & Quadrant Housing Trust, (United Kingdom),      
Reg. S, 2.00%, 03/31/2032    GBP 1,000        1,084  
Reg. S, 2.00%, 10/20/2038    GBP 425        382  
Reg. S, 2.63%, 02/28/2028    GBP 1,225        1,525  
Reg. S, 2.75%, 07/20/2057    GBP 425        333  
Reg. S, 3.13%, 02/28/2053    GBP 500        442  
Meadowhall Finance plc, (United Kingdom), Series A1, Reg. S, 4.99%, 01/12/2032    GBP 23        30  
NE Property BV, (Netherlands),      
Reg. S, 1.75%, 11/23/2024    EUR 500        554  
Reg. S, 1.88%, 10/09/2026    EUR 1,000        1,071  
Reg. S, 2.00%, 01/20/2030    EUR 500        503  
Reg. S, 3.38%, 07/14/2027    EUR 500        552  
Notting Hill Genesis, (United Kingdom),      
Reg. S, 3.25%, 10/12/2048    GBP 1,000        941  
Reg. S, 4.38%, 02/20/2054    GBP 500        559  
Reg. S, 5.25%, 07/07/2042    GBP 1,000        1,289  
Ontario Teachers’ Cadillac Fairview Properties Trust, (Canada),      
2.50%, 10/15/2031 (e)      580        498  
4.13%, 02/01/2029 (e)      2,100        2,062  
Optivo Finance plc, (United Kingdom), Reg. S, 5.25%, 03/13/2043    GBP 1,000        1,277  
Orbit Capital plc, (United Kingdom), Reg. S, 3.38%, 06/14/2048    GBP 1,325        1,277  
P3 Group Sarl, (Luxembourg),      
Reg. S, 0.88%, 01/26/2026    EUR 490        528  
Reg. S, 1.63%, 01/26/2029    EUR 2,300        2,355  
Reg. S, 4.63%, 02/13/2030    EUR 200        230  
Sagax Euro Mtn NL BV, (Netherlands), Reg. S, 1.63%, 02/24/2026    EUR 1,000        1,087  
Sinochem Offshore Capital Co. Ltd., (British Virgin Islands), Reg. S, 0.75%, 11/25/2025    EUR 1,000        1,076  
Sirius Real Estate Ltd., (Guernsey), Reg. S, 1.75%, 11/24/2028    EUR 1,800        1,836  
Southern Housing, (United Kingdom), Reg. S, 5.63%, 10/01/2054 (w)    GBP 1,125        1,484  
Telereal Securitisation plc, (United Kingdom), Series B4, 6.16%, 12/10/2031    GBP 39        53  
Tesco Property Finance 1 plc, (United Kingdom), Reg. S, 7.62%, 07/13/2039    GBP 76        115  
Trafford Centre Finance Ltd. (The), (Cayman Islands), Series A2, Reg. S, 6.50%, 07/28/2033    GBP 30        41  
VGP NV, (Belgium),      
Reg. S, 1.63%, 01/17/2027    EUR 1,300        1,372  
Reg. S, 2.25%, 01/17/2030    EUR 700        698  
Vonovia SE, (Germany),      
Reg. S, 0.63%, 07/09/2026    EUR 300        320  
Reg. S, 1.00%, 01/28/2041    EUR 1,100        772  
     

 

 

  
        98,066  
     

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Corporate Bonds — continued      
REITS - 0.6%      
Aedifica SA, (Belgium), Reg. S, 0.75%, 09/09/2031    EUR 1,200        1,103  
Alexandria Real Estate Equities, Inc.,      
5.25%, 05/15/2036      345        350  
5.63%, 05/15/2054      1,240        1,268  
Altarea SCA, (France), Reg. S, 1.75%, 01/16/2030    EUR 400        377  
American Tower Corp.,      
1.95%, 05/22/2026    EUR 1,000        1,097  
3.80%, 08/15/2029      627        610  
5.20%, 02/15/2029      55        57  
5.80%, 11/15/2028      30        31  
AvalonBay Communities, Inc., 5.35%, 06/01/2034      75        78  
Brixmor Operating Partnership LP,      
4.05%, 07/01/2030      1,175        1,141  
4.13%, 06/15/2026      2,300        2,287  
4.13%, 05/15/2029      940        920  
Crown Castle, Inc.,      
5.60%, 06/01/2029      60        63  
5.80%, 03/01/2034      10        10  
Digital Dutch Finco BV, (Netherlands), Reg. S, 1.50%, 03/15/2030    EUR 2,500        2,512  
Digital Realty Trust LP,      
3.70%, 08/15/2027      43        42  
5.55%, 01/15/2028      4        4  
Equinix, Inc.,      
1.00%, 09/15/2025      50        48  
1.00%, 03/15/2033    EUR 800        734  
1.45%, 05/15/2026      20        19  
2.63%, 11/18/2024      5        5  
2.90%, 11/18/2026      20        20  
ERP Operating LP, 4.65%, 09/15/2034      50        50  
Extra Space Storage LP,      
3.50%, 07/01/2026      13        13  
5.35%, 01/15/2035      30        31  
5.40%, 02/01/2034      15        15  
GLP Capital LP / GLP Financing II, Inc.,      
3.25%, 01/15/2032      780        690  
5.30%, 01/15/2029      400        407  
5.38%, 04/15/2026      1,500        1,506  
5.63%, 09/15/2034      60        61  
6.25%, 09/15/2054      10        11  
Hammerson plc, (United Kingdom), Reg. S, 7.25%, 04/21/2028    GBP 1,400        1,995  
Healthcare Realty Holdings LP, 2.00%, 03/15/2031      80        67  
Healthpeak OP LLC, 3.00%, 01/15/2030      1,400        1,304  
Host Hotels & Resorts LP,      
5.50%, 04/15/2035      70        71  
5.70%, 07/01/2034      460        474  
Series J, 2.90%, 12/15/2031      415        365  
Invitation Homes Operating Partnership LP,      
2.00%, 08/15/2031      60        50  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
4.88%, 02/01/2035      810        799  
5.45%, 08/15/2030      10        10  
Kimco Realty OP LLC,      
2.70%, 10/01/2030      1,900        1,725  
4.85%, 03/01/2035      700        695  
Klepierre SA, (France),      
Reg. S, 1.63%, 12/13/2032    EUR 1,000        986  
Reg. S, 2.00%, 05/12/2029    EUR 1,000        1,065  
Land Securities Capital Markets plc, (United Kingdom), Reg. S, 4.63%, 09/23/2034    GBP 2,350        3,064  
Mercialys SA, (France),      
Reg. S, 1.80%, 02/27/2026    EUR 1,000        1,087  
Reg. S, 2.50%, 02/28/2029    EUR 300        320  
Merlin Properties Socimi SA, (Spain), Reg. S, 2.38%, 07/13/2027    EUR 1,000        1,094  
National Health Investors, Inc., 3.00%, 02/01/2031      50        44  
Praemia Healthcare SACA, (France), Reg. S, 5.50%, 09/19/2028    EUR 3,600        4,258  
Prologis LP, 2.25%, 06/30/2029    GBP 1,600        1,924  
Public Storage Operating Co., 5.35%, 08/01/2053      7        7  
Rayonier LP, 2.75%, 05/17/2031      9        8  
Realty Income Corp.,      
1.63%, 12/15/2030    GBP 200        218  
1.75%, 07/13/2033    GBP 1,100        1,121  
3.10%, 12/15/2029      800        755  
4.75%, 02/15/2029      30        31  
5.00%, 10/15/2029    GBP 2,300        3,056  
5.25%, 09/04/2041    GBP 1,500        1,926  
Sabra Health Care LP, 3.20%, 12/01/2031      90        79  
Scentre Group Trust 1 / Scentre Group Trust 2, (Australia), Reg. S, 1.45%, 03/28/2029    EUR 2,000        2,067  
Scentre Group Trust 1, (Australia), Reg. S, 3.88%, 07/16/2026    GBP 554        727  
Segro plc, (United Kingdom), Reg. S, 3.50%, 09/24/2032    EUR 1,725        1,921  
SELP Finance Sarl, (Luxembourg), Reg. S, 3.75%, 08/10/2027    EUR 2,300        2,594  
Simon Property Group LP,      
1.38%, 01/15/2027      10        9  
2.20%, 02/01/2031      65        57  
3.25%, 09/13/2049      2        2  
4.25%, 10/01/2044      2        2  
4.25%, 11/30/2046      3        3  
5.85%, 03/08/2053      45        48  
6.65%, 01/15/2054      12        14  
Sun Communities Operating LP,      
2.30%, 11/01/2028      2,660        2,426  
2.70%, 07/15/2031      135        118  
Unibail-Rodamco-Westfield SE, (France),      
Reg. S, 1.38%, 12/04/2031    EUR 7,600        7,318  
Reg. S, 1.88%, 01/15/2031    EUR 3,800        3,881  
UNITE Group plc (The), (United Kingdom), Reg. S, 5.63%, 06/25/2032    GBP 1,150        1,564  
Ventas Realty LP,      
4.13%, 01/15/2026      2,300        2,288  
5.63%, 07/01/2034      90        95  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
VICI Properties LP,      
4.75%, 02/15/2028      205        206  
4.95%, 02/15/2030      1,645        1,656  
Welltower OP LLC,      
2.75%, 01/15/2031      50        45  
3.10%, 01/15/2030      2,472        2,320  
4.00%, 06/01/2025      7        7  
4.25%, 04/15/2028      4        4  
4.50%, 12/01/2034    GBP 300        374  
4.80%, 11/20/2028    GBP 1,650        2,196  
Weyerhaeuser Co., 4.00%, 04/15/2030      1,500        1,469  
WP Carey, Inc.,      
2.25%, 04/01/2033      1,000        826  
4.25%, 07/23/2032    EUR 2,100        2,408  
     

 

 

  
        80,803  
     

 

 

  
Savings & Loans — 0.1%      
Coventry Building Society, (United Kingdom), Reg. S, 2.63%, 12/07/2026    EUR 5,000        5,566  
Nationwide Building Society, (United Kingdom),      
Reg. S, 0.63%, 03/25/2027    EUR 100        106  
Reg. S, 3.31%, 05/02/2034    EUR 120        140  
Skipton Building Society, (United Kingdom), Reg. S, 3.25%, 06/18/2029    EUR 1,800        2,056  
Yorkshire Building Society, (United Kingdom), Reg. S, 0.01%, 11/16/2028    EUR 5,000        5,016  
     

 

 

  
        12,884  
     

 

 

  
Total Financial         1,421,064  
     

 

 

  
Government — 1.4%      
Multi-National — 1.4%      
African Development Bank, (Supranational),      
0.50%, 03/22/2027    EUR 1,000        1,066  
0.50%, 03/21/2029    EUR 3,500        3,594  
0.88%, 05/24/2028    EUR 400        423  
2.25%, 09/14/2029    EUR 2,000        2,215  
Asian Development Bank, (Supranational),      
Reg. S, 0.03%, 01/31/2030    EUR 3,550        3,491  
0.35%, 07/16/2025    EUR 700        765  
0.75%, 12/07/2027    GBP 5,000        6,039  
1.40%, 02/06/2037    EUR 7,000        6,673  
2.88%, 05/06/2025      150        149  
4.13%, 02/14/2029    GBP 5,000        6,713  
4.50%, 08/25/2028      150        155  
6.22%, 08/15/2027      100        106  
Corp. Andina de Fomento, (Supranational), Reg. S, 0.25%, 02/04/2026    EUR 2,000        2,147  
Council Of Europe Development Bank, (Supranational),      
Reg. S, 0.00%, 01/20/2031    EUR 5,000        4,797  
Reg. S, 0.25%, 01/19/2032    EUR 3,000        2,857  
Reg. S, 0.63%, 01/30/2029    EUR 1,500        1,558  
Dexia SA, (France),      
Reg. S, 0.00%, 01/21/2028    EUR 1,300        1,339  
Reg. S, 0.01%, 01/22/2027    EUR 500        527  
Reg. S, 0.63%, 01/17/2026    EUR 600        651  
Reg. S, 1.00%, 10/18/2027    EUR 300        321  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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, 2.13%, 02/12/2025    GBP 400        529  
Reg. S, 2.75%, 01/18/2029    EUR 200        225  
Reg. S, 3.13%, 06/01/2028    EUR 200        228  
Erste Abwicklungsanstalt, (Germany), Reg. S, 3.13%, 06/22/2026    EUR 400        451  
Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial, (Supranational),      
4.55%, 03/30/2027    CAD 500        381  
5.50%, 06/07/2032    GBP 300        428  
European Investment Bank, (Supranational),      
Reg. S, 0.00%, 03/13/2026    EUR 700        754  
Zero Coupon, 05/28/2037 (e)    CAD 150        67  
Reg. S, 0.01%, 11/15/2035    EUR 4,200        3,477  
Reg. S, 0.01%, 05/15/2041    EUR 5,000        3,427  
Reg. S, 0.05%, 11/15/2029    EUR 10,000        9,904  
0.05%, 01/16/2030    EUR 17,900        17,677  
Reg. S, 0.05%, 10/13/2034    EUR 19,000        16,353  
Reg. S, 0.10%, 10/15/2026    EUR 5,000        5,337  
Reg. S, 0.13%, 12/14/2026    GBP 1,875        2,304  
Reg. S, 0.25%, 06/15/2040    EUR 3,950        2,928  
Reg. S, 0.50%, 11/13/2037    EUR 2,000        1,666  
Reg. S, 0.88%, 05/15/2026    GBP 2,000        2,540  
0.88%, 09/13/2047    EUR 200        146  
Reg. S, 1.00%, 03/14/2031    EUR 20,000        20,375  
Reg. S, 1.00%, 04/14/2032    EUR 3,275        3,283  
1.50%, 10/16/2048    EUR 5,000        4,125  
2.75%, 09/13/2030    EUR 230        261  
Reg. S, 3.50%, 04/15/2027    EUR 10,000        11,490  
Reg. S, 3.63%, 03/14/2042    EUR 2,025        2,445  
Reg. S, 3.88%, 06/08/2037    GBP 3,000        3,851  
4.38%, 03/19/2027      200        203  
5.00%, 04/15/2039    GBP 3,500        4,968  
Series 1981, 2.63%, 03/15/2035    EUR 40        44  
Series DIP, Reg. S, 4.63%, 10/12/2054    GBP 3,055        4,072  
FMS Wertmanagement, (Germany), Reg. S, 0.38%, 04/29/2030    EUR 1,600        1,602  
Inter-American Development Bank, (Supranational),      
0.88%, 04/20/2026      200        191  
2.38%, 08/03/2029    GBP 1,000        1,242  
6.75%, 07/15/2027      700        747  
International Development Association, (Supranational),      
Reg. S, 0.00%, 10/19/2026    EUR 1,000        1,062  
Reg. S, 0.35%, 04/22/2036    EUR 3,500        2,966  
Reg. S, 0.38%, 09/22/2027    GBP 2,000        2,403  
Reg. S, 0.70%, 01/17/2042    EUR 1,000        760  
International Finance Corp., (Supranational),      
SUB, 0.75%, 03/15/2026      10        10  
SUB, 0.75%, 05/15/2026      150        145  
North American Development Bank, (Supranational), Reg. S, 0.20%, 11/28/2028    CHF 200        229  
     

 

 

  
        180,882  
     

 

 

  
Municipal — 0.0% (g)      
Transport for London, (United Kingdom),      
Reg. S, 3.88%, 07/23/2042    GBP 140        159  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Corporate Bonds — continued      
Municipal — continued      
Reg. S, 4.00%, 09/12/2033    GBP 300        375  
Reg. S, 4.00%, 04/07/2064    GBP 100        110  
     

 

 

  
        644  
     

 

 

  

Regional (State/Province) — 0.0% (g)

      
KAF Kaerntner Ausgleichszahlungs-Fonds, (Austria), Reg. S, Zero Coupon, 01/14/2032    EUR 860        769  
UK Municipal Bonds Agency Finance Co. Designated Activity Co., (Ireland), Reg. S, 1.63%, 08/26/2060    GBP 100        53  
     

 

 

  
        822  
     

 

 

  
Total Government         182,348  
     

 

 

  

Industrial — 2.3%

      

Aerospace/Defense — 0.4%

      
Airbus SE, (Netherlands),      
Reg. S, 1.63%, 06/09/2030    EUR 3,050        3,173  
Reg. S, 2.00%, 04/07/2028    EUR 1,715        1,861  
Reg. S, 2.38%, 04/07/2032    EUR 2,300        2,455  
BAE Systems plc, (United Kingdom), 1.90%, 02/15/2031 (e)      1,350        1,152  
Boeing Co. (The),      
3.45%, 11/01/2028      10        9  
4.88%, 05/01/2025      27        27  
5.15%, 05/01/2030      60        60  
5.71%, 05/01/2040      2,300        2,242  
5.81%, 05/01/2050      50        48  
6.30%, 05/01/2029 (e)      20        21  
6.39%, 05/01/2031 (e)      30        32  
6.86%, 05/01/2054 (e)      20        22  
7.01%, 05/01/2064 (e)      1,290        1,420  
GE Capital UK Funding Unlimited Co., (Ireland), Reg. S, 5.88%, 01/18/2033    GBP 2,400        3,337  
General Dynamics Corp.,      
2.25%, 06/01/2031      36        32  
4.25%, 04/01/2040      2        2  
General Electric Co.,      
1.50%, 05/17/2029    EUR 10,950        11,486  
1.88%, 05/28/2027    EUR 1,000        1,083  
Reg. S, 4.13%, 09/19/2035    EUR 600        707  
Reg. S, 4.88%, 09/18/2037    GBP 4,000        4,967  
Hexcel Corp., 4.20%, 02/15/2027      25        24  
L3Harris Technologies, Inc., 5.40%, 07/31/2033      1,600        1,669  
Lockheed Martin Corp.,      
2.80%, 06/15/2050      3        2  
3.80%, 03/01/2045      30        26  
4.30%, 06/15/2062      34        30  
4.70%, 05/15/2046      18        17  
5.20%, 02/15/2064      50        52  
5.70%, 11/15/2054      10        11  
5.90%, 11/15/2063      5        6  
MTU Aero Engines AG, (Germany), Reg. S, 3.88%, 09/18/2031    EUR 3,925        4,435  
RTX Corp., 2.15%, 05/18/2030    EUR 1,500        1,567  
Safran SA, (France),      
Reg. S, 0.13%, 03/16/2026    EUR 1,000        1,071  
Reg. S, 0.75%, 03/17/2031    EUR 5,500        5,362  
Thales SA, (France),      
Reg. S, 0.00%, 03/26/2026    EUR 4,100        4,376  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Reg. S, 1.00%, 05/15/2028    EUR 1,900        1,980  
Reg. S, 4.13%, 10/18/2028    EUR 800        928  
     

 

 

  
        55,692  
     

 

 

  
Building Materials — 0.3%      
Carrier Global Corp., 4.13%, 05/29/2028    EUR 1,600        1,846  
Cie de Saint-Gobain SA, (France),      
Reg. S, 3.38%, 04/08/2030    EUR 900        1,014  
Reg. S, 3.63%, 04/08/2034    EUR 2,000        2,261  
CRH Finance DAC, (Ireland), Reg. S, 1.38%, 10/18/2028    EUR 1,164        1,223  
Crh Finance UK plc, (United Kingdom), Reg. S, 4.13%, 12/02/2029    GBP 1,500        1,961  
CRH Funding BV, (Netherlands), Reg. S, 1.63%, 05/05/2030    EUR 800        822  
CRH SMW Finance DAC, (Ireland),      
Reg. S, 1.25%, 11/05/2026    EUR 1,000        1,079  
Reg. S, 4.25%, 07/11/2035    EUR 4,250        4,986  
Eagle Materials, Inc., 2.50%, 07/01/2031      61        54  
Heidelberg Materials AG, (Germany), Reg. S, 3.75%, 05/31/2032    EUR 2,425        2,747  
Holcim Finance Luxembourg SA, (Luxembourg),      
Reg. S, 0.50%, 09/03/2030    EUR 500        475  
Reg. S, 0.50%, 04/23/2031    EUR 7,700        7,178  
Reg. S, 0.63%, 01/19/2033    EUR 10,000        8,925  
Holcim Sterling Finance Netherlands BV, (Netherlands),      
Reg. S, 2.25%, 04/04/2034    GBP 1,900        1,990  
Reg. S, 3.00%, 05/12/2032    GBP 3,500        4,061  
Johnson Controls International plc / Tyco Fire & Security Finance SCA, (Ireland),      
1.00%, 09/15/2032    EUR 1,000        938  
3.00%, 09/15/2028    EUR 1,000        1,113  
Lennox International, Inc.,      
1.35%, 08/01/2025      2        2  
5.50%, 09/15/2028      25        26  
Martin Marietta Materials, Inc., 3.20%, 07/15/2051      16        11  
Owens Corning, 3.95%, 08/15/2029      500        488  
Trane Technologies Financing Ltd., (Ireland), 4.50%, 03/21/2049      5        5  
Vulcan Materials Co., 3.50%, 06/01/2030      60        57  
     

 

 

  
        43,262  
     

 

 

  
Electrical Components & Equipments — 0.3%      
Eaton Capital Unlimited Co., (Ireland),      
Reg. S, 0.58%, 03/08/2030    EUR 4,500        4,411  
Reg. S, 3.60%, 05/21/2031    EUR 2,500        2,868  
Reg. S, 3.80%, 05/21/2036    EUR 13,600        15,670  
Emerson Electric Co.,      
1.25%, 10/15/2025    EUR 1,000        1,093  
2.00%, 10/15/2029    EUR 1,500        1,600  
2.80%, 12/21/2051      17        12  
Legrand SA, (France),      
Reg. S, 0.63%, 06/24/2028    EUR 1,000        1,033  
Reg. S, 1.00%, 03/06/2026    EUR 1,000        1,088  
Reg. S, 1.88%, 07/06/2032    EUR 1,000        1,048  
Schneider Electric SE, (France),      
Reg. S, 3.25%, 10/10/2035    EUR 4,400        4,921  
Reg. S, 3.50%, 06/12/2033    EUR 400        461  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 & Equipments — continued      
Signify NV, (Netherlands), Reg. S, 2.38%, 05/11/2027    EUR 175        192  
     

 

 

  
        34,397  
     

 

 

  
Electronics — 0.2%      
Amphenol Corp., 5.25%, 04/05/2034      885        924  
Amphenol Technologies Holding GmbH, (Germany), Reg. S, 0.75%, 05/04/2026    EUR 2,525        2,718  
Arrow Electronics, Inc.,      
5.15%, 08/21/2029      70        71  
5.88%, 04/10/2034      140        145  
Assa Abloy AB, (Sweden), Reg. S, 4.13%, 09/13/2035    EUR 1,875        2,229  
Fortive Corp.,      
3.70%, 02/13/2026    EUR 2,250        2,530  
3.70%, 08/15/2029    EUR 2,600        2,950  
Honeywell International, Inc.,      
0.75%, 03/10/2032    EUR 2,500        2,358  
2.25%, 02/22/2028    EUR 1,500        1,642  
4.13%, 11/02/2034    EUR 3,700        4,352  
4.50%, 01/15/2034      71        72  
Hubbell, Inc., 2.30%, 03/15/2031      59        52  
Jabil, Inc.,      
1.70%, 04/15/2026      20        19  
5.45%, 02/01/2029      40        41  
Tyco Electronics Group SA, (Luxembourg), 0.00%, 02/16/2029    EUR 1,000        985  
     

 

 

  
        21,088  
     

 

 

  
Engineering & Construction — 0.4%      
ABB Finance BV, (Netherlands),      
Reg. S, 0.00%, 01/19/2030    EUR 2,000        1,919  
Reg. S, 3.38%, 01/16/2031    EUR 7,200        8,213  
Reg. S, 3.38%, 01/15/2034    EUR 3,100        3,520  
Aeroports de Paris SA, (France),      
Reg. S, 1.00%, 01/05/2029    EUR 500        515  
Reg. S, 1.50%, 07/02/2032    EUR 600        594  
Reg. S, 2.13%, 10/02/2026    EUR 200        220  
Reg. S, 2.75%, 06/05/2028    EUR 100        111  
Reg. S, 2.75%, 04/02/2030    EUR 2,500        2,738  
Arcadis NV, (Netherlands), Reg. S, 4.88%, 02/28/2028    EUR 18,168        21,138  
Cellnex Finance Co. SA, (Spain), Reg. S, 2.25%, 04/12/2026    EUR 2,000        2,205  
CRCC Hean Ltd., (Hong Kong), Reg. S, 0.88%, 05/20/2026    EUR 300        320  
DAA Finance plc, (Ireland), Reg. S, 1.60%, 11/05/2032    EUR 400        393  
Ferrovial Emisiones SA, (Spain),      
Reg. S, 0.54%, 11/12/2028    EUR 1,000        1,014  
Reg. S, 1.38%, 05/14/2026    EUR 1,000        1,088  
Heathrow Funding Ltd., (Jersey),      
Reg. S, 4.63%, 10/31/2046    GBP 325        374  
Reg. S, 6.45%, 12/10/2031    GBP 225        323  
Reg. S, 6.75%, 12/03/2026    GBP 150        208  
Jacobs Engineering Group, Inc., 6.35%, 08/18/2028      950        1,010  
Royal Schiphol Group NV, (Netherlands),      
Reg. S, 0.38%, 09/08/2027    EUR 300        313  
Reg. S, 0.75%, 04/22/2033    EUR 200        183  
Reg. S, 0.88%, 09/08/2032    EUR 400        375  
Sydney Airport Finance Co. Pty Ltd., (Australia), Reg. S, 1.75%, 04/26/2028    EUR 1,000        1,067  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Vinci SA, (France), Reg. S, 3.38%, 10/17/2032    EUR 2,000        2,261  
     

 

 

  
        50,102  
     

 

 

  
Environmental Control — 0.0% (g)      
Republic Services, Inc.,      
5.00%, 12/15/2033      100        103  
5.20%, 11/15/2034      80        84  
Waste Connections, Inc., (Canada),      
2.60%, 02/01/2030      200        185  
3.20%, 06/01/2032      10        9  
4.20%, 01/15/2033      20        19  
Waste Management, Inc.,      
2.00%, 06/01/2029      4        4  
4.63%, 02/15/2033      19        19  
4.95%, 07/03/2031      130        135  
     

 

 

  
        558  
     

 

 

  
Hand/Machine Tools — 0.0% (g)      
Regal Rexnord Corp., 6.05%, 02/15/2026      620        630  
Snap-on, Inc., 3.10%, 05/01/2050      10        7  
     

 

 

  
        637  
     

 

 

  
Machinery - Construction & Mining — 0.0% (g)      
Sandvik AB, (Sweden),      
Reg. S, 2.13%, 06/07/2027    EUR 1,000        1,093  
Reg. S, 3.75%, 09/27/2029    EUR 1,000        1,154  
Siemens Energy Finance BV, (Netherlands), Reg. S, 4.25%, 04/05/2029    EUR 1,000        1,152  
     

 

 

  
        3,399  
     

 

 

  
Machinery - Diversified — 0.1%      
Atlas Copco AB, (Sweden), Reg. S, 0.63%, 08/30/2026    EUR 1,325        1,418  
Atlas Copco Finance DAC, (Ireland),      
Reg. S, 0.13%, 09/03/2029    EUR 500        491  
Reg. S, 0.75%, 02/08/2032    EUR 2,500        2,379  
Dover Corp.,      
0.75%, 11/04/2027    EUR 1,000        1,046  
1.25%, 11/09/2026    EUR 1,000        1,078  
Flowserve Corp., 3.50%, 10/01/2030      12        11  
Highland Holdings Sarl, (Luxembourg),      
0.32%, 12/15/2026    EUR 1,500        1,582  
0.93%, 12/15/2031    EUR 2,050        1,950  
IDEX Corp.,      
2.63%, 06/15/2031      155        137  
3.00%, 05/01/2030      82        76  
4.95%, 09/01/2029      690        705  
Ingersoll Rand, Inc.,      
5.40%, 08/14/2028      230        240  
5.45%, 06/15/2034      590        620  
5.70%, 08/14/2033      20        21  
Nordson Corp.,      
5.60%, 09/15/2028      95        99  
5.80%, 09/15/2033      275        296  
nVent Finance Sarl, (Luxembourg), 5.65%, 05/15/2033      105        109  
Otis Worldwide Corp., 2.29%, 04/05/2027      20        19  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Westinghouse Air Brake Technologies Corp.,      
3.20%, 06/15/2025      40        40  
5.61%, 03/11/2034      40        42  
     

 

 

  
        12,359  
     

 

 

  
Miscellaneous Manufacturers — 0.3%      
Alfa Laval Treasury International AB, (Sweden),      
Reg. S, 0.88%, 02/18/2026    EUR 4,681        5,063  
Reg. S, 1.38%, 02/18/2029    EUR 5,000        5,224  
Carlisle Cos., Inc.,      
2.20%, 03/01/2032      54        46  
2.75%, 03/01/2030      10        9  
Eaton Corp., 4.15%, 11/02/2042      15        14  
Illinois Tool Works, Inc.,      
0.63%, 12/05/2027    EUR 1,000        1,045  
1.00%, 06/05/2031    EUR 500        493  
3.25%, 05/17/2028    EUR 2,100        2,375  
3.38%, 05/17/2032    EUR 4,100        4,671  
Knorr-Bremse AG, (Germany), Reg. S, 3.25%, 09/30/2032    EUR 5,775        6,387  
Pentair Finance Sarl, (Luxembourg), 4.50%, 07/01/2029      2,000        1,993  
Smiths Group plc, (United Kingdom), Reg. S, 2.00%, 02/23/2027    EUR 6,402        6,965  
Teledyne Technologies, Inc., 1.60%, 04/01/2026      20        19  
Textron, Inc.,      
2.45%, 03/15/2031      1,000        874  
3.00%, 06/01/2030      130        120  
Wabtec Transportation Netherlands BV, (Netherlands), 1.25%, 12/03/2027    EUR 1,500        1,575  
     

 

 

  
        36,873  
     

 

 

  
Packaging & Containers — 0.0% (g)      
Amcor UK Finance plc, (United Kingdom), 1.13%, 06/23/2027    EUR 1,500        1,594  
Berry Global, Inc., 5.50%, 04/15/2028      615        630  
DS Smith plc, (United Kingdom), Reg. S, 0.88%, 09/12/2026    EUR 3,300        3,528  
Packaging Corp. of America, 5.70%, 12/01/2033      6        6  
     

 

 

  
        5,758  
     

 

 

  
Shipbuilding — 0.0% (g)      
Huntington Ingalls Industries, Inc., 4.20%, 05/01/2030      30        30  
     

 

 

  
Transportation — 0.3%      
Aurizon Network Pty Ltd., (Australia), Reg. S, 3.13%, 06/01/2026    EUR 1,000        1,118  
Brambles Finance plc, (United Kingdom), Reg. S, 1.50%, 10/04/2027    EUR 1,000        1,072  
Burlington Northern Santa Fe LLC,      
2.88%, 06/15/2052      40        28  
4.15%, 04/01/2045      10        9  
4.45%, 01/15/2053      5        5  
4.55%, 09/01/2044      160        151  
4.95%, 09/15/2041      700        699  
5.20%, 04/15/2054      900        928  
5.40%, 06/01/2041      20        21  
Canadian National Railway Co., (Canada), 6.13%, 11/01/2053      600        711  
Canadian Pacific Railway Co., (Canada), 3.10%, 12/02/2051      210        150  
CSX Corp., 4.90%, 03/15/2055      10        10  
Deutsche Bahn Finance GMBH, (Germany),      
Reg. S, 0.35%, 09/29/2031    EUR 700        666  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Corporate Bonds — continued      
Transportation — continued      
Reg. S, 0.50%, 04/09/2027    EUR 140        149  
Reg. S, 0.63%, 04/15/2036    EUR 350        296  
Reg. S, 0.63%, 12/08/2050    EUR 200        117  
Reg. S, 1.00%, 12/17/2027    EUR 300        320  
Reg. S, 1.13%, 12/18/2028    EUR 300        317  
Reg. S, 1.13%, 05/29/2051    EUR 112        75  
Reg. S, 1.38%, 03/28/2031    EUR 2,000        2,069  
Reg. S, 1.38%, 04/16/2040    EUR 50        42  
Reg. S, 1.63%, 08/16/2033    EUR 89        91  
Reg. S, 1.88%, 05/24/2030    EUR 300        321  
1.99%, 07/08/2030    AUD 200        118  
Reg. S, 3.25%, 05/19/2033    EUR 300        346  
Reg. S, 3.63%, 12/18/2037    EUR 193        225  
Reg. S, 3.75%, 10/29/2025    AUD 1,000        684  
Reg. S, 4.00%, 11/23/2043    EUR 300        358  
Series CB, Reg. S, (EUR Swap Rate 5 Year + 1.89%), 1.60%, 07/18/2029 (x) (aa)    EUR 1,500        1,473  
East Japan Railway Co., (Japan), Reg. S, 4.50%, 01/25/2036    GBP 2,000        2,550  
Ferrovie dello Stato Italiane SpA, (Italy),      
Reg. S, 4.13%, 05/23/2029    EUR 300        349  
Reg. S, 4.50%, 05/23/2033    EUR 200        237  
Hamburger Hochbahn AG, (Germany), Reg. S, 0.13%, 02/24/2031    EUR 1,000        944  
International Distribution Services plc, (United Kingdom), Reg. S, 5.25%, 09/14/2028    EUR 7,100        8,320  
La Poste SA, (France),      
Reg. S, 0.00%, 07/18/2029    EUR 200        194  
Reg. S, 0.38%, 09/17/2027    EUR 100        104  
Reg. S, 0.63%, 10/21/2026    EUR 1,300        1,385  
Reg. S, 1.00%, 09/17/2034    EUR 500        450  
Reg. S, 1.38%, 04/21/2032    EUR 1,000        982  
Reg. S, 2.63%, 09/14/2028    EUR 100        111  
Reg. S, 4.00%, 06/12/2035    EUR 400        470  
Network Rail Infrastructure Finance plc, (United Kingdom),      
Reg. S, 4.38%, 12/09/2030    GBP 190        258  
4.75%, 11/29/2035    GBP 200        276  
Norfolk Southern Corp., 5.95%, 03/15/2064      660        730  
OeBB-Infrastruktur AG, (Austria),      
2.25%, 05/28/2029    EUR 325        360  
3.00%, 10/24/2033    EUR 200        229  
Reg. S, 3.38%, 05/18/2032    EUR 4        5  
TOTE Maritime Alaska LLC, Series 45293, 6.37%, 04/15/2028      2,564        2,651  
United Parcel Service, Inc., 1.50%, 11/15/2032    EUR 1,125        1,132  
     

 

 

  
        34,306  
     

 

 

  
Trucking & Leasing — 0.0% (g)      
Penske Truck Leasing Co. LP / PTL Finance Corp.,      
4.40%, 07/01/2027 (e)      730        730  
5.55%, 05/01/2028 (e)      1,135        1,173  
5.75%, 05/24/2026 (e)      860        876  
6.05%, 08/01/2028 (e)      660        694  
     

 

 

  
        3,473  
     

 

 

  
Total Industrial         301,934  
     

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 — 0.8%      
Computers — 0.2%      
Amdocs Ltd., (Guernsey), 2.54%, 06/15/2030      175        156  
Apple, Inc.,      
0.50%, 11/15/2031    EUR 1,600        1,544  
1.38%, 05/24/2029    EUR 1,600        1,704  
1.63%, 11/10/2026    EUR 1,125        1,231  
2.55%, 08/20/2060      5        3  
2.85%, 08/05/2061      20        14  
3.05%, 07/31/2029    GBP 425        543  
3.75%, 09/12/2047      1,000        860  
CGI, Inc., (Canada),      
1.45%, 09/14/2026      60        57  
2.30%, 09/14/2031      60        51  
Dell Bank International DAC, (Ireland),      
Reg. S, 0.50%, 10/27/2026    EUR 1,000        1,062  
Reg. S, 3.63%, 06/24/2029    EUR 11,050        12,533  
Reg. S, 4.50%, 10/18/2027    EUR 1,000        1,158  
Fortinet, Inc., 2.20%, 03/15/2031      20        17  
Genpact Luxembourg Sarl, (Luxembourg), 3.38%, 12/01/2024      1,400        1,394  
HP, Inc., 5.50%, 01/15/2033      90        95  
IBM International Capital Pte Ltd., (Singapore), 4.90%, 02/05/2034      110        113  
International Business Machines Corp.,      
1.20%, 02/11/2040    EUR 561        455  
1.25%, 02/09/2034    EUR 1,000        943  
4.88%, 02/06/2038    GBP 300        385  
4.90%, 07/27/2052      100        96  
Leidos, Inc.,      
2.30%, 02/15/2031      60        52  
4.38%, 05/15/2030      30        29  
5.75%, 03/15/2033      30        32  
NetApp, Inc., 1.88%, 06/22/2025      1,700        1,665  
Teledyne FLIR LLC, 2.50%, 08/01/2030      80        71  
Western Digital Corp., 3.10%, 02/01/2032      4        4  
     

 

 

  
        26,267  
     

 

 

  
Office/Business & Equipments — 0.0% (g)      
CDW LLC / CDW Finance Corp.,      
2.67%, 12/01/2026      989        951  
3.25%, 02/15/2029      39        37  
3.28%, 12/01/2028      113        107  
3.57%, 12/01/2031      162        148  
4.25%, 04/01/2028      12        12  
5.10%, 03/01/2030      755        766  
     

 

 

  
        2,021  
     

 

 

  
Semiconductors — 0.2%      
Analog Devices, Inc.,      
1.70%, 10/01/2028      20        18  
3.45%, 06/15/2027      30        30  
ASML Holding NV, (Netherlands),      
Reg. S, 0.25%, 02/25/2030    EUR 6,000        5,865  
Reg. S, 0.63%, 05/07/2029    EUR 1,200        1,219  
Reg. S, 1.38%, 07/07/2026    EUR 2,000        2,178  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Reg. S, 1.63%, 05/28/2027    EUR 2,750        2,986  
Broadcom, Inc.,      
3.14%, 11/15/2035 (e)      3,235        2,763  
3.19%, 11/15/2036 (e)      795        672  
5.05%, 07/12/2029      1,605        1,653  
Infineon Technologies AG, (Germany), Reg. S, 1.13%, 06/24/2026    EUR 1,400        1,514  
Intel Corp.,      
4.75%, 03/25/2050      280        242  
4.88%, 02/10/2028      30        30  
5.60%, 02/21/2054      375        365  
5.63%, 02/10/2043      225        224  
5.90%, 02/10/2063      295        295  
Marvell Technology, Inc.,      
2.95%, 04/15/2031      30        27  
5.75%, 02/15/2029      27        28  
5.95%, 09/15/2033      19        21  
Microchip Technology, Inc., 4.25%, 09/01/2025      3,650        3,634  
Micron Technology, Inc.,      
5.30%, 01/15/2031      145        151  
6.75%, 11/01/2029      10        11  
NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational),      
2.50%, 05/11/2031      70        61  
3.40%, 05/01/2030      1,035        977  
3.88%, 06/18/2026      590        585  
Skyworks Solutions, Inc., 3.00%, 06/01/2031      73        64  
Texas Instruments, Inc.,      
1.75%, 05/04/2030      9        8  
2.70%, 09/15/2051      30        20  
     

 

 

  
        25,641  
     

 

 

  
Software — 0.4%      
Adobe, Inc., 2.30%, 02/01/2030      28        26  
Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031      165        145  
Electronic Arts, Inc., 1.85%, 02/15/2031      17        15  
Fidelity National Information Services, Inc., 3.10%, 03/01/2041      180        139  
Fiserv, Inc.,      
1.63%, 07/01/2030    EUR 195        200  
3.00%, 07/01/2031    GBP 1,000        1,182  
3.50%, 07/01/2029      170        164  
4.40%, 07/01/2049      87        77  
4.50%, 05/24/2031    EUR 6,100        7,209  
5.63%, 08/21/2033      1,060        1,122  
Intuit, Inc.,      
1.65%, 07/15/2030      28        24  
5.20%, 09/15/2033      10        11  
5.50%, 09/15/2053      20        21  
Microsoft Corp.,      
2.50%, 09/15/2050      10        7  
2.53%, 06/01/2050      1,105        757  
2.68%, 06/01/2060      75        49  
3.13%, 12/06/2028    EUR 10,005        11,419  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Oracle Corp.,      
2.30%, 03/25/2028      100        94  
2.65%, 07/15/2026      30        29  
2.95%, 04/01/2030      5        5  
3.60%, 04/01/2050      1,365        1,038  
3.65%, 03/25/2041      91        75  
3.85%, 04/01/2060      14        11  
3.95%, 03/25/2051      250        201  
4.00%, 07/15/2046      325        269  
4.10%, 03/25/2061      35        27  
4.30%, 07/08/2034      309        299  
4.50%, 07/08/2044      10        9  
4.70%, 09/27/2034      110        110  
5.38%, 09/27/2054      60        60  
5.55%, 02/06/2053      538        550  
6.25%, 11/09/2032      70        77  
6.90%, 11/09/2052      305        367  
Roper Technologies, Inc.,      
1.75%, 02/15/2031      77        65  
2.95%, 09/15/2029      2        2  
4.20%, 09/15/2028      37        37  
Sage Group plc (The), (United Kingdom),      
Reg. S, 1.63%, 02/25/2031    GBP 2,000        2,187  
Reg. S, 2.88%, 02/08/2034    GBP 2,500        2,786  
SAP SE, (Germany),      
Reg. S, 0.38%, 05/18/2029    EUR 7,000        7,043  
Reg. S, 1.38%, 03/13/2030    EUR 200        209  
Reg. S, 1.63%, 03/10/2031    EUR 14,500        15,122  
ServiceNow, Inc., 1.40%, 09/01/2030      5        4  
VMware LLC, 4.50%, 05/15/2025      25        25  
     

 

 

  
        53,268  
     

 

 

  
Total Technology         107,197  
     

 

 

  
Utilities — 2.3%      
Electric — 1.9%      
A2A SpA, (Italy),      
Reg. S, 0.63%, 07/15/2031    EUR 200        186  
Reg. S, 1.00%, 07/16/2029    EUR 100        101  
Reg. S, 1.00%, 11/02/2033    EUR 100        89  
Reg. S, 1.63%, 10/19/2027    EUR 200        216  
Reg. S, 4.38%, 02/03/2034    EUR 100        117  
Reg. S, 4.50%, 09/19/2030    EUR 200        238  
ACEA SpA, (Italy),      
Reg. S, 0.50%, 04/06/2029    EUR 100        100  
Reg. S, 1.75%, 05/23/2028    EUR 130        139  
Reg. S, 3.88%, 01/24/2031    EUR 500        574  
AEP Texas, Inc.,      
4.70%, 05/15/2032      885        887  
5.45%, 05/15/2029      510        532  
Series I, 2.10%, 07/01/2030      2,600        2,289  
AEP Transmission Co. LLC, 5.15%, 04/01/2034      10        10  
AES Corp. (The), 2.45%, 01/15/2031      15        13  
Alabama Power Co.,      
3.00%, 03/15/2052      10        7  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
3.13%, 07/15/2051      7        5  
3.75%, 09/01/2027      30        30  
Algonquin Power & Utilities Corp., (Canada), SUB, 5.37%, 06/15/2026      475        481  
Alliander NV, (Netherlands),      
Reg. S, 2.63%, 09/09/2027    EUR 400        445  
Reg. S, 3.25%, 06/13/2028    EUR 600        680  
Ameren Illinois Co.,      
3.25%, 03/15/2050      1,200        877  
5.55%, 07/01/2054      10        11  
American Electric Power Co., Inc.,      
2.30%, 03/01/2030      5        4  
5.95%, 11/01/2032      10        11  
Amprion GmbH, (Germany),      
Reg. S, 0.63%, 09/23/2033    EUR 1,500        1,321  
Reg. S, 3.97%, 09/22/2032    EUR 800        930  
Appalachian Power Co.,      
5.65%, 04/01/2034      10        10  
Series BB, 4.50%, 08/01/2032      20        20  
Series Z, 3.70%, 05/01/2050      5        4  
Arizona Public Service Co.,      
2.20%, 12/15/2031      10        9  
2.60%, 08/15/2029      14        13  
3.35%, 05/15/2050      10        7  
5.55%, 08/01/2033      1,375        1,432  
Atlantic City Electric Co., 4.00%, 10/15/2028      10        10  
Baltimore Gas and Electric Co.,      
2.90%, 06/15/2050      10        7  
4.55%, 06/01/2052      30        27  
5.40%, 06/01/2053      10        10  
5.65%, 06/01/2054      10        11  
Berkshire Hathaway Energy Co.,      
1.65%, 05/15/2031      10        8  
2.85%, 05/15/2051      50        34  
4.25%, 10/15/2050      5        4  
4.60%, 05/01/2053      5        5  
5.15%, 11/15/2043      10        10  
Black Hills Corp., 2.50%, 06/15/2030      10        9  
CenterPoint Energy Houston Electric LLC,      
5.30%, 04/01/2053      10        10  
Series AD, 2.90%, 07/01/2050      25        17  
Series AJ, 4.85%, 10/01/2052      10        10  
CenterPoint Energy, Inc.,      
2.95%, 03/01/2030      5        5  
4.25%, 11/01/2028      3        3  
CEZ A/S, (Czech Republic), Reg. S, 2.38%, 04/06/2027    EUR 1,425        1,553  
Coentreprise de Transport d’Electricite SA, (France),      
Reg. S, 1.50%, 07/29/2028    EUR 400        422  
Reg. S, 2.13%, 07/29/2032    EUR 100        102  
Reg. S, 3.75%, 01/17/2036    EUR 200        225  
Commonwealth Edison Co.,      
3.00%, 03/01/2050      5        3  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
4.00%, 03/01/2048      5        4  
4.35%, 11/15/2045      980        881  
Series 131, 2.75%, 09/01/2051      440        290  
Series 132, 3.15%, 03/15/2032      60        55  
Connecticut Light and Power Co. (The),      
4.95%, 08/15/2034      338        347  
Series A, 2.05%, 07/01/2031      905        780  
Consolidated Edison Co. of New York, Inc.,      
3.20%, 12/01/2051      50        36  
3.60%, 06/15/2061      20        15  
5.20%, 03/01/2033      10        10  
6.15%, 11/15/2052      4        4  
Series 20A, 3.35%, 04/01/2030      10        10  
Series A, 4.13%, 05/15/2049      275        234  
Series C, 4.30%, 12/01/2056      740        646  
Constellation Energy Generation LLC,      
5.60%, 06/15/2042      10        10  
6.50%, 10/01/2053      10        12  
Consumers Energy Co.,      
3.75%, 02/15/2050      5        4  
4.20%, 09/01/2052      20        18  
4.60%, 05/30/2029      10        10  
Dominion Energy South Carolina, Inc.,      
4.60%, 06/15/2043      1,400        1,297  
6.25%, 10/15/2053      505        588  
Dominion Energy, Inc.,      
Series A, (CMT Index 5 Year + 2.39%), 6.88%, 02/01/2055 (aa)      70        75  
Series B, 4.85%, 08/15/2052      25        23  
Series C, (CMT Index 5 Year + 3.20%), 4.35%, 01/15/2027 (x) (aa)      70        68  
DTE Electric Co.,      
2.95%, 03/01/2050      5        4  
3.70%, 03/15/2045      1,100        913  
Series B, 3.25%, 04/01/2051      20        15  
DTE Energy Co.,      
2.85%, 10/01/2026      30        29  
4.95%, 07/01/2027      560        570  
Series C, 3.40%, 06/15/2029      19        18  
Duke Energy Carolinas LLC,      
3.55%, 03/15/2052      10        8  
4.95%, 01/15/2033      10        10  
5.35%, 01/15/2053      5        5  
Duke Energy Corp.,      
2.45%, 06/01/2030      110        99  
3.10%, 06/15/2028    EUR 2,150        2,394  
3.50%, 06/15/2051      10        7  
3.85%, 06/15/2034    EUR 2,200        2,462  
4.50%, 08/15/2032      50        49  
5.00%, 08/15/2052      30        29  
Duke Energy Florida LLC, 3.00%, 12/15/2051      10        7  
Duke Energy Indiana LLC,      
5.25%, 03/01/2034      10        10  
5.40%, 04/01/2053      25        26  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 Ohio, Inc., 4.30%, 02/01/2049      10        9  
Duke Energy Progress LLC, 4.00%, 04/01/2052      20        17  
E.ON International Finance BV, (Netherlands),      
Reg. S, 5.88%, 10/30/2037    GBP 1,000        1,389  
Reg. S, 6.13%, 07/06/2039    GBP 1,650        2,335  
E.ON SE, (Germany),      
Reg. S, 1.00%, 10/07/2025    EUR 100        109  
Reg. S, 3.50%, 01/12/2028    EUR 11,000        12,553  
Eastern Power Networks plc, (United Kingdom), Reg. S, 5.38%, 02/26/2042    GBP 2,800        3,690  
EDP SA, (Portugal), Reg. S, 1.63%, 04/15/2027    EUR 200        216  
Electricite de France SA, (France),      
Reg. S, 1.00%, 10/13/2026    EUR 600        644  
Reg. S, 1.00%, 11/29/2033    EUR 300        271  
Reg. S, 1.88%, 10/13/2036    EUR 200        183  
Reg. S, 2.00%, 12/09/2049    EUR 700        506  
Reg. S, 4.25%, 01/25/2032    EUR 400        467  
Reg. S, 4.38%, 10/12/2029    EUR 300        353  
Reg. S, 4.38%, 06/17/2036    EUR 100        116  
Reg. S, 4.63%, 01/25/2043    EUR 400        463  
Reg. S, 4.75%, 10/12/2034    EUR 1,600        1,939  
Reg. S, 4.75%, 06/17/2044    EUR 300        351  
Reg. S, 5.13%, 09/22/2050    GBP 800        915  
Reg. S, 5.50%, 03/27/2037    GBP 500        643  
Reg. S, 5.50%, 10/17/2041    GBP 1,000        1,246  
5.88%, 07/18/2031    GBP 465        640  
Reg. S, 6.00%, 01/23/2114    GBP 600        741  
Reg. S, 6.13%, 06/02/2034    GBP 600        832  
Reg. S, 6.25%, 05/30/2028    GBP 3,000        4,192  
Elia Transmission Belgium SA, (Belgium), Reg. S, 3.63%, 01/18/2033    EUR 5,400        6,185  
Emera US Finance LP,      
2.64%, 06/15/2031      10        9  
4.75%, 06/15/2046      45        40  
EnBW Energie Baden-Wuerttemberg AG, (Germany),      
Reg. S, (EUR Swap Rate 5 Year + 1.65%), 1.38%, 08/31/2081 (aa)    EUR 100        100  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.73%), 1.63%, 08/05/2079 (aa)    EUR 100        104  
Reg. S, (EUR Swap Rate 5 Year + 2.32%), 1.88%, 06/29/2080 (aa)    EUR 100        107  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.66%), 5.25%, 01/23/2084 (aa)    EUR 500        578  
EnBW International Finance BV, (Netherlands),      
Reg. S, 0.13%, 03/01/2028    EUR 182        188  
Reg. S, 0.50%, 03/01/2033    EUR 97        86  
Reg. S, 3.50%, 07/24/2028    EUR 120        137  
Reg. S, 3.85%, 05/23/2030    EUR 400        464  
Reg. S, 4.00%, 01/24/2035    EUR 100        116  
Reg. S, 4.05%, 11/22/2029    EUR 200        235  
Reg. S, 4.30%, 05/23/2034    EUR 100        118  
Reg. S, 6.13%, 07/07/2039    EUR 40        56  
Enel Finance International NV, (Netherlands),      
Reg. S, 0.25%, 11/17/2025    EUR 2,000        2,165  
Reg. S, 0.25%, 05/28/2026    EUR 3,000        3,204  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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, SUB, 0.25%, 06/17/2027    EUR 627        654  
Reg. S, 0.38%, 06/17/2027    EUR 1,000        1,050  
Reg. S, 0.63%, 05/28/2029    EUR 10,000        9,982  
Reg. S, SUB, 0.75%, 06/17/2030    EUR 3,000        2,931  
Reg. S, 0.88%, 01/17/2031    EUR 3,000        2,907  
Reg. S, 0.88%, 06/17/2036    EUR 5,700        4,679  
Reg. S, 1.25%, 01/17/2035    EUR 741        672  
3.50%, 04/06/2028 (e)      1,300        1,261  
Reg. S, 3.88%, 03/09/2029    EUR 422        487  
Enel SpA, (Italy),      
Reg. S, 5.63%, 06/21/2027    EUR 2,000        2,408  
Series 9.5Y, Reg. S, (EUR Swap Rate 5 Year + 2.01%), 1.88%, 06/08/2030 (x) (aa)    EUR 1,100        1,059  
e-netz Suedhessen AG, (Germany), 6.13%, 04/23/2041    EUR 20        28  
Enexis Holding NV, (Netherlands),      
Reg. S, 0.38%, 04/14/2033    EUR 400        359  
Reg. S, 0.75%, 07/02/2031    EUR 134        131  
Reg. S, 0.88%, 04/28/2026    EUR 100        108  
Engie SA, (France),      
Reg. S, 0.38%, 06/21/2027    EUR 1,000        1,046  
Reg. S, 0.38%, 10/26/2029    EUR 1,000        979  
Reg. S, 0.50%, 10/24/2030    EUR 2,000        1,917  
Reg. S, 1.00%, 10/26/2036    EUR 1,000        837  
Reg. S, 1.75%, 03/27/2028    EUR 3,000        3,216  
Reg. S, 2.00%, 09/28/2037    EUR 1,000        919  
Reg. S, 2.38%, 05/19/2026    EUR 3,000        3,317  
Reg. S, (EUR Swap Rate 5 Year + 3.17%), 3.25%, 11/28/2024 (x) (aa)    EUR 1,800        2,000  
Reg. S, 3.75%, 09/06/2027    EUR 2,000        2,279  
Reg. S, 5.00%, 10/01/2060    GBP 1,000        1,185  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.37%), 5.13%, 03/14/2033 (x) (aa)    EUR 4,400        5,020  
5.63%, 04/10/2034 (e)      1,095        1,150  
Reg. S, 7.00%, 10/30/2028    GBP 2,000        2,897  
Entergy Arkansas LLC,      
2.65%, 06/15/2051      85        54  
4.20%, 04/01/2049      10        9  
Entergy Corp., 0.90%, 09/15/2025      30        29  
Entergy Louisiana LLC,      
1.60%, 12/15/2030      2,300        1,955  
2.35%, 06/15/2032      30        26  
3.12%, 09/01/2027      2,500        2,438  
5.70%, 03/15/2054      44        47  
Entergy Texas, Inc.,      
4.00%, 03/30/2029      15        15  
5.00%, 09/15/2052      20        19  
5.55%, 09/15/2054      30        31  
ESB Finance DAC, (Ireland),      
Reg. S, 1.00%, 07/19/2034    EUR 100        91  
Reg. S, 1.13%, 06/11/2030    EUR 100        101  
Reg. S, 1.88%, 06/14/2031    EUR 224        231  
Reg. S, 2.13%, 06/08/2027    EUR 100        109  
Reg. S, 3.75%, 01/25/2043    EUR 100        109  
Reg. S, 4.00%, 10/03/2028    EUR 100        116  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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, 4.25%, 03/03/2036    EUR 100        119  
Evergy Kansas Central, Inc., 3.45%, 04/15/2050      5        4  
Evergy Metro, Inc., Series 2020, 2.25%, 06/01/2030      20        18  
Eversource Energy,      
3.38%, 03/01/2032      40        36  
4.60%, 07/01/2027      100        101  
EWE AG, (Germany),      
Reg. S, 0.25%, 06/08/2028    EUR 200        203  
Reg. S, 0.38%, 10/22/2032    EUR 390        345  
Exelon Corp., 2.75%, 03/15/2027      20        19  
Fingrid OYJ, (Finland), Reg. S, 3.25%, 03/20/2034    EUR 400        450  
FirstEnergy Corp., Series C, 3.40%, 03/01/2050      10        7  
FirstEnergy Transmission LLC, 4.35%, 01/15/2025 (e)      1,100        1,098  
Florida Power & Light Co.,      
2.45%, 02/03/2032      20        18  
2.88%, 12/04/2051      35        24  
3.95%, 03/01/2048      500        429  
5.15%, 06/15/2029      10        10  
5.30%, 04/01/2053      10        11  
FLUVIUS System Operator CV, (Belgium),      
Reg. S, 0.63%, 11/24/2031    EUR 100        93  
Reg. S, 3.88%, 03/18/2031    EUR 200        231  
Reg. S, 3.88%, 05/02/2034    EUR 300        345  
FLUVIUS System Operator CVBA, (Belgium),      
Reg. S, 3.88%, 05/09/2033    EUR 3,500        4,033  
Reg. S, 4.00%, 07/06/2032    EUR 200        233  
Fortum OYJ, (Finland),      
Reg. S, 2.13%, 02/27/2029    EUR 200        214  
Reg. S, 4.50%, 05/26/2033    EUR 300        357  
Georgia Power Co.,      
4.70%, 05/15/2032      2,350        2,392  
5.13%, 05/15/2052      17        17  
Series B, 3.70%, 01/30/2050      10        8  
Hera SpA, (Italy),      
Reg. S, 0.25%, 12/03/2030    EUR 160        149  
Reg. S, 0.88%, 07/05/2027    EUR 100        106  
Reg. S, 1.00%, 04/25/2034    EUR 200        176  
Reg. S, 4.25%, 04/20/2033    EUR 100        117  
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        3,252  
Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.57%), 2.25%, 01/28/2029 (x) (aa)    EUR 2,000        2,071  
Idaho Power Co., 5.80%, 04/01/2054      5        5  
Ignitis Grupe AB, (Lithuania),      
Reg. S, 1.88%, 07/10/2028    EUR 200        210  
Reg. S, 2.00%, 05/21/2030    EUR 110        110  
Interstate Power and Light Co., 3.50%, 09/30/2049      10        7  
Iren SpA, (Italy), Reg. S, 1.00%, 07/01/2030    EUR 550        552  
ITC Holdings Corp., 4.95%, 09/22/2027 (e)      1,170        1,187  
Kentucky Utilities Co., 3.30%, 06/01/2050      5        4  
MidAmerican Energy Co., 2.70%, 08/01/2052      5        3  
Mississippi Power Co., Series B, 3.10%, 07/30/2051      10        7  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
National Grid Electricity Distribution East Midlands plc, (United Kingdom), Reg. S, 6.25%, 12/10/2040    GBP 1,000        1,413  
National Grid Electricity Distribution South Wales plc, (United Kingdom), Series WALE, 5.75%, 03/23/2040    GBP 2,000        2,684  
National Grid Electricity Distribution South West plc, (United Kingdom), Reg. S, 5.88%, 03/25/2027    GBP 20        27  
National Grid Electricity Transmission plc, (United Kingdom), Reg. S, 2.00%, 04/17/2040    GBP 425        358  
National Grid plc, (United Kingdom),      
Reg. S, 0.25%, 09/01/2028    EUR 1,000        1,001  
Reg. S, 0.55%, 09/18/2029    EUR 175        172  
Reg. S, 2.18%, 06/30/2026    EUR 3,925        4,315  
5.42%, 01/11/2034      10        10  
National Rural Utilities Cooperative Finance Corp.,      
3.45%, 06/15/2025      10        10  
5.80%, 01/15/2033      30        32  
Naturgy Finance Iberia SA, (Spain),      
Reg. S, 1.25%, 01/15/2026    EUR 3,900        4,245  
Reg. S, 1.25%, 04/19/2026    EUR 1,000        1,087  
Reg. S, 1.88%, 10/05/2029    EUR 1,000        1,061  
Nevada Power Co., 6.00%, 03/15/2054      5        5  
NextEra Energy Capital Holdings, Inc.,      
2.25%, 06/01/2030      1,180        1,054  
2.75%, 11/01/2029      5        5  
3.00%, 01/15/2052      205        141  
4.63%, 07/15/2027      20        20  
5.25%, 02/28/2053      365        366  
5.55%, 03/15/2054      285        297  
5.75%, 09/01/2025      10        10  
NIE Finance plc, (United Kingdom), Reg. S, 5.88%, 12/01/2032    GBP 100        141  
Northern Powergrid Yorkshire plc, (United Kingdom), Reg. S, 5.13%, 05/04/2035    GBP 150        200  
Northern States Power Co.,      
2.25%, 04/01/2031      1,450        1,280  
2.60%, 06/01/2051      25        16  
NRG Energy, Inc.,      
2.00%, 12/02/2025 (e)      2,150        2,075  
2.45%, 12/02/2027 (e)      2,275        2,131  
NSTAR Electric Co., 4.55%, 06/01/2052      470        431  
Oglethorpe Power Corp., 5.05%, 10/01/2048      10        9  
Ohio Power Co., Series R, 2.90%, 10/01/2051      5        3  
Oklahoma Gas and Electric Co.,      
4.15%, 04/01/2047      900        766  
5.60%, 04/01/2053      5        5  
Oncor Electric Delivery Co. LLC,      
3.10%, 09/15/2049      10        7  
3.70%, 05/15/2050      5        4  
4.30%, 05/15/2028      20        20  
4.60%, 06/01/2052      15        14  
4.95%, 09/15/2052      20        19  
Origin Energy Finance Ltd., (Australia), Reg. S, 1.00%, 09/17/2029    EUR 13,992        13,848  
Orsted A/S, (Denmark),      
Reg. S, 2.25%, 06/14/2028    EUR 1,000        1,087  
Reg. S, 5.75%, 04/09/2040    GBP 425        576  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
Pacific Gas and Electric Co.,      
3.15%, 01/01/2026      65        64  
3.50%, 08/01/2050      10        7  
3.95%, 12/01/2047      900        708  
4.40%, 03/01/2032      24        23  
4.50%, 07/01/2040      30        27  
4.95%, 07/01/2050      800        727  
5.25%, 03/01/2052      10        9  
5.90%, 10/01/2054      20        21  
6.75%, 01/15/2053      10        11  
PacifiCorp.,      
2.90%, 06/15/2052      720        465  
3.30%, 03/15/2051      1,750        1,233  
4.13%, 01/15/2049      165        137  
4.15%, 02/15/2050      110        91  
5.30%, 02/15/2031      30        31  
5.35%, 12/01/2053      5        5  
5.50%, 05/15/2054      10        10  
PECO Energy Co.,      
2.80%, 06/15/2050      50        34  
3.05%, 03/15/2051      435        308  
4.60%, 05/15/2052      270        251  
4.90%, 06/15/2033      1,640        1,681  
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia), Reg. S, 1.88%, 11/05/2031    EUR 1,000        953  
Potomac Electric Power Co., 5.50%, 03/15/2054      5        5  
PPL Capital Funding, Inc., 4.13%, 04/15/2030      40        39  
PPL Electric Utilities Corp.,      
4.85%, 02/15/2034      985        1,007  
5.25%, 05/15/2053      10        10  
Public Service Co. of Colorado,      
5.25%, 04/01/2053      10        10  
5.75%, 05/15/2054      665        719  
Series 38, 4.10%, 06/01/2032      20        20  
Series 39, 4.50%, 06/01/2052      20        18  
Public Service Electric and Gas Co.,      
1.90%, 08/15/2031      5        4  
2.05%, 08/01/2050      10        6  
3.00%, 03/01/2051      20        14  
3.10%, 03/15/2032      30        28  
3.65%, 09/01/2028      10        10  
4.65%, 03/15/2033      10        10  
Puget Energy, Inc.,      
2.38%, 06/15/2028      1,030        954  
4.22%, 03/15/2032      20        19  
Puget Sound Energy, Inc., 5.33%, 06/15/2034      10        10  
Redeia Corp. SA, (Spain), Reg. S, 3.38%, 07/09/2032    EUR 4,800        5,401  
Ren Finance BV, (Netherlands),      
Reg. S, 0.50%, 04/16/2029    EUR 1,000        999  
Reg. S, 1.75%, 01/18/2028    EUR 1,000        1,076  
RTE Reseau de Transport d’Electricite SADIR, (France),      
Reg. S, 0.75%, 01/12/2034    EUR 100        90  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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, 1.13%, 07/08/2040    EUR 200        158  
Reg. S, 1.13%, 09/09/2049    EUR 100        67  
Reg. S, 1.50%, 09/27/2030    EUR 100        103  
Reg. S, 1.63%, 11/27/2025    EUR 300        329  
Reg. S, 2.00%, 04/18/2036    EUR 100        97  
Reg. S, 3.50%, 12/07/2031    EUR 400        456  
Reg. S, 3.50%, 04/30/2033    EUR 200        227  
Reg. S, 3.50%, 10/02/2036 (w)    EUR 100        111  
Reg. S, 3.75%, 07/04/2035    EUR 200        228  
Reg. S, 3.75%, 04/30/2044    EUR 200        221  
RWE AG, (Germany),      
Reg. S, 2.13%, 05/24/2026    EUR 2,000        2,202  
Reg. S, 4.13%, 02/13/2035    EUR 1,425        1,658  
San Diego Gas & Electric Co.,      
4.15%, 05/15/2048      800        683  
5.55%, 04/15/2054      10        11  
Series WWW, 2.95%, 08/15/2051      5        4  
Series XXX, 3.00%, 03/15/2032      30        27  
Scottish Hydro Electric Transmission plc, (United Kingdom), Reg. S, 2.13%, 03/24/2036    GBP 1,500        1,483  
Sempra,      
(CMT Index 5 Year + 2.87%), 4.13%, 04/01/2052 (aa)      105        100  
5.50%, 08/01/2033      10        10  
(CMT Index 5 Year + 2.63%), 6.40%, 10/01/2054 (aa)      50        50  
Southern California Edison Co.,      
2.75%, 02/01/2032      40        36  
3.45%, 02/01/2052      40        30  
3.65%, 02/01/2050      10        8  
4.00%, 04/01/2047      140        117  
4.05%, 03/15/2042      900        776  
4.65%, 10/01/2043      500        466  
5.20%, 06/01/2034      10        10  
5.88%, 12/01/2053      10        11  
Series B, 3.65%, 03/01/2028      5        5  
Series C, 4.13%, 03/01/2048      265        223  
Southern Co. (The),      
5.20%, 06/15/2033      20        21  
5.70%, 10/15/2032      10        11  
5.70%, 03/15/2034      5        5  
Series 21-A, (CMT Index 5 Year + 2.92%), 3.75%, 09/15/2051 (aa)      10        10  
Series A, 3.70%, 04/30/2030      15        14  
Southwestern Electric Power Co.,      
3.25%, 11/01/2051      35        24  
5.30%, 04/01/2033      20        20  
Series N, 1.65%, 03/15/2026      10        10  
Southwestern Public Service Co.,      
3.70%, 08/15/2047      1,000        792  
Series 8, 3.15%, 05/01/2050      20        14  
SP Transmission plc, (United Kingdom), Reg. S, 2.00%, 11/13/2031    GBP 100        112  
SSE plc, (United Kingdom),      
Reg. S, 1.38%, 09/04/2027    EUR 3,000        3,217  
Reg. S, 6.25%, 08/27/2038    GBP 3,000        4,344  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      
State Grid Overseas Investment BVI Ltd., (British Virgin Islands), Reg. S, 1.30%, 08/05/2032    EUR 500        488  

Stedin Holding NV, (Netherlands),

      
Reg. S, 0.50%, 11/14/2029    EUR 300        296  
Reg. S, 0.88%, 10/24/2025    EUR 100        109  
Reg. S, 1.38%, 09/19/2028    EUR 200        211  
Reg. S, 2.38%, 06/03/2030    EUR 400        431  
System Energy Resources, Inc., 6.00%, 04/15/2028      190        199  
Tampa Electric Co., 4.30%, 06/15/2048      10        9  
Tauron Polska Energia SA, (Poland), Reg. S, 2.38%, 07/05/2027    EUR 3,550        3,790  

TenneT Holding BV, (Netherlands),

      
Reg. S, 0.50%, 11/30/2040    EUR 200        144  
Reg. S, 0.88%, 06/03/2030    EUR 120        120  
Reg. S, 0.88%, 06/16/2035    EUR 300        264  
Reg. S, 1.00%, 06/13/2026    EUR 200        216  
Reg. S, 1.13%, 06/09/2041    EUR 300        236  
Reg. S, 1.38%, 06/26/2029    EUR 100        105  
Reg. S, 1.63%, 11/17/2026    EUR 450        488  
Reg. S, 2.00%, 06/05/2034    EUR 100        101  
Reg. S, 2.75%, 05/17/2042    EUR 200        195  
Reg. S, 4.25%, 04/28/2032    EUR 200        238  
Reg. S, 4.50%, 10/28/2034    EUR 500        611  
Reg. S, 4.75%, 10/28/2042    EUR 100        122  

Terna - Rete Elettrica Nazionale, (Italy),

      
Reg. S, 0.38%, 09/25/2030    EUR 825        782  
Reg. S, 0.75%, 07/24/2032    EUR 200        186  
Reg. S, 1.00%, 10/11/2028    EUR 1,000        1,043  
Reg. S, 1.38%, 07/26/2027    EUR 2,125        2,283  
Reg. S, 3.50%, 01/17/2031    EUR 7,100        8,031  
Tucson Electric Power Co.,      

1.50%, 08/01/2030

      30        26  
3.25%, 05/01/2051      10        7  
5.20%, 09/15/2034      1,220        1,247  
Union Electric Co.,      

2.15%, 03/15/2032

      40        34  
3.90%, 04/01/2052      30        25  
5.20%, 04/01/2034      65        68  
Vattenfall AB, (Sweden), Reg. S, 3.88%, 11/24/2025    SEK 2,000        199  
Verbund AG, (Austria), Reg. S, 0.90%, 04/01/2041    EUR 100        75  
Virginia Electric and Power Co.,      

3.30%, 12/01/2049

      10        7  
5.05%, 08/15/2034      273        280  
5.35%, 01/15/2054      5        5  
5.45%, 04/01/2053      10        11  
Series B, 3.80%, 09/15/2047      10        8  
Series C, 4.63%, 05/15/2052      10        9  
WEC Energy Group, Inc.,      

3.55%, 06/15/2025

      7        7  
5.00%, 09/27/2025      30        30  
Wisconsin Power and Light Co., 3.00%, 07/01/2029      10        9  
Wisconsin Public Service Corp., 3.30%, 09/01/2049      15        11  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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      

Xcel Energy, Inc.,

      

1.75%, 03/15/2027

      10        10  
4.60%, 06/01/2032      165        163  
Zapadoslovenska Energetika A/S, (Slovakia), Reg. S, 1.75%, 03/02/2028    EUR 100        105  
     

 

 

  
        254,411  
     

 

 

  

Gas — 0.3%

      

APA Infrastructure Ltd., (Australia),

      
Reg. S, 2.00%, 03/22/2027    EUR 2,000        2,166  
Reg. S, 2.00%, 07/15/2030    EUR 1,000        1,032  
Reg. S, 3.50%, 03/22/2030    GBP 2,430        2,983  
Atmos Energy Corp.,      

1.50%, 01/15/2031

      1,600        1,354  
2.63%, 09/15/2029      5        5  
2.85%, 02/15/2052      5        3  
3.38%, 09/15/2049      200        151  
5.75%, 10/15/2052      10        11  
Cadent Finance plc, (United Kingdom), Reg. S, 2.63%, 09/22/2038    GBP 1,725        1,631  
CenterPoint Energy Resources Corp., 5.25%, 03/01/2028      20        21  
Centrica plc, (United Kingdom), Reg. S, 4.25%, 09/12/2044    GBP 1,000        1,103  
Italgas SpA, (Italy), Reg. S, 1.00%, 12/11/2031    EUR 1,125        1,080  
National Gas Transmission plc, (United Kingdom), Reg. S, 1.38%, 02/07/2031    GBP 1,600        1,702  
National Grid North America, Inc., Reg. S, 0.41%, 01/20/2026    EUR 2,500        2,690  

Nederlandse Gasunie NV, (Netherlands),

      
Reg. S, 0.75%, 10/13/2036    EUR 100        82  
Reg. S, 3.38%, 07/11/2034    EUR 200        228  
Reg. S, 3.88%, 04/29/2044    EUR 200        230  
NiSource, Inc.,      

3.49%, 05/15/2027

      10        10  
3.60%, 05/01/2030      5        5  
4.38%, 05/15/2047      5        4  
5.00%, 06/15/2052      10        10  
5.40%, 06/30/2033      10        10  
(CMT Index 5 Year + 2.53%), 6.38%, 03/31/2055 (aa)      60        61  
ONE Gas, Inc., 4.25%, 09/01/2032      10        10  
Piedmont Natural Gas Co., Inc.,      

2.50%, 03/15/2031

      1,550        1,367  
3.35%, 06/01/2050      5        3  
5.05%, 05/15/2052      570        548  

Snam SpA, (Italy),

      
Reg. S, 0.00%, 12/07/2028    EUR 500        493  
Reg. S, 0.88%, 10/25/2026    EUR 6,000        6,430  
Southern California Gas Co.,      

5.05%, 09/01/2034

      865        891  
Series WW, 3.95%, 02/15/2050      40        33  
Southern Co. Gas Capital Corp.,      

5.15%, 09/15/2032

      10        10  
5.75%, 09/15/2033      10        11  
Series 20-A, 1.75%, 01/15/2031      3,700        3,135  
Series 21A, 3.15%, 09/30/2051      5        4  
Southern Gas Networks plc, (United Kingdom), 6.38%, 05/15/2040    GBP 825        1,165  
Southwest Gas Corp., 4.05%, 03/15/2032      15        14  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
SPP-Distribucia A/S, (Slovakia), Reg. S, 1.00%, 06/09/2031    EUR 200        180  
Vier Gas Transport GmbH, (Germany), Reg. S, 0.50%, 09/10/2034    EUR 1,200        1,010  
Wales & West Utilities Finance plc, (United Kingdom), Reg. S, 1.88%, 05/28/2041    GBP 825        670  
     

 

 

  
        32,546  
     

 

 

  

Water — 0.1%

      
Affinity Water Finance 2004 plc, (United Kingdom), 5.88%, 07/13/2026    GBP 30        40  
American Water Capital Corp.,      

4.15%, 06/01/2049

      10        9  
4.45%, 06/01/2032      40        40  
Essential Utilities, Inc.,      

2.40%, 05/01/2031

      10        9  
5.38%, 01/15/2034      10        10  

Northumbrian Water Finance plc, (United Kingdom),

      
Reg. S, 1.63%, 10/11/2026    GBP 825        1,019  
Reg. S, 5.13%, 01/23/2042    GBP 1,000        1,169  
Reg. S, 5.63%, 04/29/2033    GBP 425        560  
Thames Water Utilities Finance plc, (United Kingdom), Reg. S, 0.88%, 01/31/2028    EUR 2,375        1,903  

United Utilities Water Finance plc, (United Kingdom),

      
Reg. S, 2.00%, 07/03/2033    GBP 900        935  
Reg. S, 5.75%, 05/28/2051    GBP 3,275        4,226  

Wessex Water Services Finance plc, (United Kingdom),

      
Reg. S, 1.50%, 09/17/2029    GBP 2,700        2,943  
Reg. S, 5.38%, 03/10/2028    GBP 2,425        3,173  
     

 

 

  
        16,036  
     

 

 

  
Total Utilities         302,993  
     

 

 

  

Total Corporate Bonds

(Cost $3,314,008)

         3,447,057  
     

 

 

  

Foreign Government Securities — 54.7%

     

Action Logement Services, (France),

      
Reg. S, 0.38%, 10/05/2031    EUR 500        468  
Reg. S, 3.13%, 09/28/2037    EUR 300        323  
Reg. S, 3.63%, 05/25/2043    EUR 100        110  
Reg. S, 4.13%, 10/03/2038    EUR 100        118  

Adif Alta Velocidad, (Spain),

      
Reg. S, 0.55%, 04/30/2030    EUR 100        98  
Reg. S, 0.55%, 10/31/2031    EUR 200        188  
Reg. S, 0.95%, 04/30/2027    EUR 200        213  
Reg. S, 3.25%, 05/31/2029    EUR 800        904  
Reg. S, 3.50%, 07/30/2028    EUR 100        114  
Reg. S, 3.50%, 07/30/2029    EUR 200        229  
Reg. S, 3.50%, 04/30/2032    EUR 100        115  
Reg. S, 3.65%, 04/30/2034    EUR 100        114  

Agence Francaise de Developpement EPIC, (France),

      
Reg. S, 0.13%, 09/29/2031    EUR 300        275  
Reg. S, 0.25%, 07/21/2026    EUR 1,100        1,175  
Reg. S, 0.25%, 06/29/2029    EUR 400        396  
Reg. S, 0.38%, 05/25/2036    EUR 500        401  
Reg. S, 0.50%, 05/25/2030    EUR 200        196  
Reg. S, 0.50%, 05/31/2035    EUR 500        426  
Reg. S, 1.00%, 01/31/2028    EUR 1,600        1,690  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Foreign Government Securities — continued      
Reg. S, 1.13%, 03/02/2037    EUR 300        261  
Reg. S, 1.50%, 10/31/2034    EUR 900        865  
Reg. S, 1.63%, 05/25/2032    EUR 200        202  
Reg. S, 3.00%, 01/17/2034    EUR 300        332  
Reg. S, 3.38%, 05/25/2033    EUR 500        572  
Reg. S, 3.50%, 02/25/2033    EUR 100        115  
Agence France Locale, (France),      
Reg. S, 0.00%, 09/20/2027    EUR 500        515  
Reg. S, 0.00%, 03/20/2031    EUR 100        93  
Reg. S, 0.13%, 06/20/2026    EUR 400        427  
Reg. S, 1.13%, 06/20/2028    EUR 1,000        1,052  
Reg. S, 3.00%, 03/20/2030    EUR 300        336  
Reg. S, 3.13%, 03/20/2034    EUR 200        223  
Reg. S, 3.25%, 12/20/2031    EUR 400        453  
Reg. S, 3.63%, 06/20/2038    EUR 100        113  
Agricultural Development Bank of China, (China),      
2.87%, 05/14/2027    CNY 44,200        6,449  
2.91%, 02/21/2029    CNY 18,000        2,655  
Reg. S, 3.40%, 11/06/2024    CNH 56,000        8,004  
3.48%, 02/04/2028    CNY 10,400        1,552  
Reg. S, 3.80%, 10/27/2030    CNH 14,350        2,199  
Series 1618, 3.58%, 04/22/2026    CNY 10,000        1,463  
Series 1806, 4.65%, 05/11/2028    CNY 38,100        5,920  
Series 1901, 3.75%, 01/25/2029    CNY 88,500        13,495  
Series 1906, 3.74%, 07/12/2029    CNY 55,100        8,464  
Series 1908, 3.63%, 07/19/2026    CNY 136,000        19,990  
Series 2004, 2.96%, 04/17/2030    CNY 94,300        14,018  
Series 2010, 3.79%, 10/26/2030    CNY 5,000        778  
Series 2103, 3.35%, 03/24/2026    CNY 37,000        5,392  
Series 2105, 3.52%, 05/24/2031    CNY 38,600        5,939  
Series 2108, 2.99%, 08/11/2026    CNY 126,000        18,326  
Series 2110, 3.30%, 11/05/2031    CNY 125,800        19,148  
Series 2202, 2.74%, 02/23/2027    CNY 9,800        1,425  
Series 2205, 3.06%, 06/06/2032    CNY 61,400        9,216  
Series 2207, 2.50%, 08/24/2027    CNY 68,300        9,892  
Series 2210, 2.97%, 10/14/2032    CNY 135,300        20,222  
Series 2212, 2.60%, 12/01/2025    CNY 7,200        1,036  
Series 2301, 3.01%, 03/16/2030    CNY 10,000        1,488  
Series 2302, 3.10%, 02/27/2033    CNY 59,600        8,989  
Series 2303, 2.90%, 03/08/2028    CNY 137,900        20,245  
Series 2304, 2.72%, 03/16/2026    CNY 3,200        462  
Series 2307, 2.63%, 06/07/2028    CNY 115,300        16,780  
Series 2310, 2.83%, 06/16/2033    CNY 43,500        6,433  
Series 2313, 2.35%, 09/07/2026    CNY 130,700        18,795  
Series 2320, 2.85%, 10/20/2033    CNY 27,900        4,139  
Series 2410, 2.47%, 04/02/2034    CNY 25,000        3,598  
Series 2420, 2.30%, 07/04/2034    CNY 18,400        2,612  
Andorra International Bond, (Andorra),      
Reg. S, 1.25%, 02/23/2027    EUR 800        851  
Reg. S, 1.25%, 05/06/2031    EUR 1,000        983  
Auckland Council, (New Zealand),      
Reg. S, 0.13%, 09/26/2029    EUR 200        197  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Foreign Government Securities — continued      
Reg. S, 0.25%, 11/17/2031    EUR 200        188  
Reg. S, 1.00%, 01/19/2027    EUR 300        323  
Reg. S, 1.50%, 11/28/2025    CHF 300        358  
Australia Government Bond, (Australia),      
Series 136, Reg. S, 4.75%, 04/21/2027    AUD 5,470        3,892  
Series 138, Reg. S, 3.25%, 04/21/2029    AUD 3,200        2,181  
Series 139, Reg. S, 3.25%, 04/21/2025    AUD 1,475        1,015  
Series 142, Reg. S, 4.25%, 04/21/2026    AUD 4,040        2,818  
Series 144, Reg. S, 3.75%, 04/21/2037    AUD 820        547  
Series 147, Reg. S, 3.25%, 06/21/2039    AUD 1,730        1,068  
Series 149, Reg. S, 2.25%, 05/21/2028    AUD 7,880        5,211  
Series 150, Reg. S, 3.00%, 03/21/2047    AUD 1,926        1,044  
Series 152, Reg. S, 2.75%, 11/21/2028    AUD 6,428        4,308  
Series 154, Reg. S, 2.75%, 11/21/2029    AUD 605        401  
Series 155, Reg. S, 2.50%, 05/21/2030    AUD 8,465        5,502  
Series 156, Reg. S, 2.75%, 05/21/2041    AUD 2,480        1,390  
Series 157, Reg. S, 1.50%, 06/21/2031    AUD 4,300        2,572  
Series 158, 1.25%, 05/21/2032    AUD 7,510        4,296  
Series 160, Reg. S, 1.00%, 12/21/2030    AUD 2,850        1,673  
Series 161, Reg. S, 0.25%, 11/21/2025    AUD 3,490        2,318  
Series 162, Reg. S, 1.75%, 06/21/2051    AUD 1,860        726  
Series 163, Reg. S, 1.00%, 11/21/2031    AUD 1,730        986  
Series 164, Reg. S, 0.50%, 09/21/2026    AUD 4,960        3,229  
Series 165, Reg. S, 1.75%, 11/21/2032    AUD 5,800        3,408  
Series 166, Reg. S, 3.00%, 11/21/2033    AUD 4,720        3,023  
Series 167, Reg. S, 3.75%, 05/21/2034    AUD 3,040        2,063  
Series 168, Reg. S, 3.50%, 12/21/2034    AUD 5,060        3,350  
Series 169, Reg. S, 4.75%, 06/21/2054    AUD 1,120        795  
Australian Capital Territory, (Australia),      
Reg. S, 1.75%, 05/17/2030    AUD 400        243  
Reg. S, 4.50%, 10/23/2034    AUD 400        268  
Autobahnen- und Schnell- strassen-Finanzierungs AG, (Austria),      
Reg. S, 0.10%, 07/09/2029    EUR 700        701  
Reg. S, 0.10%, 07/16/2035    EUR 100        84  
Reg. S, 2.75%, 06/11/2032    EUR 300        339  
Reg. S, 2.75%, 06/20/2033    EUR 130        146  
Autonomous Community of Andalusia Spain, (Spain),      
Reg. S, 0.50%, 04/30/2031    EUR 363        346  
Reg. S, 1.38%, 04/30/2029    EUR 30        32  
Reg. S, 3.40%, 04/30/2034    EUR 500        569  
Autonomous Community of Catalonia, (Spain), 4.22%, 04/26/2035    EUR 100        115  
Autonomous Community of Madrid Spain, (Spain),      
Reg. S, 0.42%, 04/30/2030    EUR 161        158  
Reg. S, 0.42%, 04/30/2031    EUR 300        287  
Reg. S, 1.57%, 04/30/2029    EUR 200        213  
Reg. S, 1.72%, 04/30/2032    EUR 110        113  
Reg. S, 1.77%, 04/30/2028    EUR 200        217  
Reg. S, 2.82%, 10/31/2029    EUR 100        112  
Reg. S, 3.46%, 04/30/2034    EUR 300        346  
Reg. S, 3.60%, 04/30/2033    EUR 400        467  
4.30%, 09/15/2026    EUR 500        575  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
Autonomous Region of the Azores, (Portugal),      
Reg. S, 1.10%, 09/27/2036    EUR 200        169  
Reg. S, 2.16%, 04/06/2032    EUR 300        312  
Bangko Sentral ng Pilipinas International Bond, (Philippines), Series A, 8.60%, 06/15/2027      300        328  
Basque Government, (Spain),      
Reg. S, 0.25%, 04/30/2031    EUR 300        285  
Reg. S, 0.45%, 04/30/2032    EUR 200        187  
Reg. S, 0.85%, 04/30/2030    EUR 50        51  
Reg. S, 1.75%, 03/16/2026    EUR 170        187  
Reg. S, 3.40%, 04/30/2034    EUR 300        345  
Reg. S, 3.50%, 04/30/2033    EUR 100        117  
Bermuda Government International Bond, (Bermuda), 2.38%, 08/20/2030 (e)      670        589  
BNG Bank NV, (Netherlands),      
Zero Coupon, 04/05/2028    CAD 1,000        667  
Reg. S, 0.00%, 01/20/2031    EUR 200        191  
Reg. S, 0.01%, 10/05/2032    EUR 500        455  
Reg. S, 0.10%, 01/15/2030    EUR 320        316  
Reg. S, 0.13%, 04/11/2026    EUR 530        571  
Reg. S, 0.13%, 04/19/2033    EUR 700        632  
Reg. S, 0.13%, 07/09/2035    EUR 580        490  
Reg. S, 0.25%, 11/22/2036    EUR 300        246  
Reg. S, 0.63%, 06/19/2027    EUR 650        693  
Reg. S, 0.75%, 01/11/2028    EUR 500        530  
Reg. S, 0.81%, 06/28/2049    EUR 200        133  
Reg. S, 0.88%, 10/17/2035    EUR 100        92  
Reg. S, 0.88%, 10/24/2036    EUR 400        357  
Reg. S, 1.25%, 03/30/2037    EUR 200        185  
Reg. S, 1.50%, 03/29/2038    EUR 190        177  
Reg. S, 1.50%, 07/15/2039    EUR 170        155  
Reg. S, 1.88%, 07/13/2032    EUR 820        869  
Reg. S, 2.75%, 10/04/2027    EUR 1,910        2,156  
Reg. S, 2.75%, 04/05/2029    EUR 300        339  
Reg. S, 2.75%, 01/11/2034    EUR 300        336  
Reg. S, 3.00%, 02/23/2028    EUR 600        684  
Reg. S, 3.00%, 04/23/2030    EUR 500        573  
Reg. S, 3.00%, 01/11/2033    EUR 500        573  
Reg. S, 3.25%, 08/29/2033    EUR 550        642  
Reg. S, 3.50%, 09/27/2038    EUR 100        118  
Bonos de la Tesoreria de la Republica en pesos, (Chile), Reg. S, 4.70%, 09/01/2030 (e)    CLP 300,000        327  
Bpifrance SACA, (France),      
Reg. S, 0.13%, 11/25/2028    EUR 300        301  
Reg. S, 0.25%, 03/29/2030    EUR 200        195  
Reg. S, 0.25%, 06/04/2031    EUR 200        188  
Reg. S, 0.63%, 05/25/2026    EUR 500        540  
Reg. S, 0.88%, 09/26/2028    EUR 200        208  
Reg. S, 2.13%, 11/29/2027    EUR 400        440  
Reg. S, 2.88%, 11/25/2029    EUR 500        561  
Reg. S, 3.00%, 09/10/2026    EUR 1,800        2,022  
Reg. S, 3.38%, 11/25/2032    EUR 200        230  
Reg. S, 3.38%, 05/25/2034    EUR 1,000        1,142  
Reg. S, 3.50%, 09/27/2027    EUR 200        229  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
Bulgaria Government International Bond, (Bulgaria),      
Reg. S, 1.38%, 09/23/2050    EUR 1,300        876  
Reg. S, 4.13%, 09/23/2029    EUR 1,000        1,163  
Reg. S, 4.50%, 01/27/2033    EUR 6,000        7,180  
Reg. S, 4.63%, 09/23/2034    EUR 1,000        1,207  
Series 12YR, Reg. S, 3.00%, 03/21/2028    EUR 800        893  
Bundesobligation, (Germany),      
Series 183, Reg. S, 0.00%, 04/10/2026    EUR 14,576        15,723  
Series 184, Reg. S, 0.00%, 10/09/2026    EUR 3,690        3,946  
Series 185, Reg. S, 0.00%, 04/16/2027    EUR 2,083        2,209  
Series 186, Reg. S, 1.30%, 10/15/2027    EUR 4,080        4,465  
Series 187, Reg. S, 2.20%, 04/13/2028    EUR 3,120        3,506  
Series 188, Reg. S, 2.40%, 10/19/2028    EUR 650        737  
Series 189, Reg. S, 2.10%, 04/12/2029    EUR 2,950        3,305  
Series G, Reg. S, 0.00%, 10/10/2025    EUR 1,400        1,522  
Series G, Reg. S, 2.10%, 04/12/2029    EUR 8,940        10,020  
Bundesrepublik Deutschland Bundesanleihe, (Germany),      
Reg. S, 0.00%, 08/15/2026    EUR 5,510        5,911  
Reg. S, 0.00%, 11/15/2027    EUR 2,951        3,098  
Reg. S, 0.00%, 11/15/2028    EUR 1,385        1,429  
Reg. S, 0.00%, 08/15/2029    EUR 5,432        5,521  
Reg. S, 0.00%, 02/15/2030    EUR 7,293        7,338  
Reg. S, 0.00%, 08/15/2030    EUR 1,540        1,535  
Reg. S, 0.00%, 02/15/2031    EUR 1,739        1,716  
Reg. S, 0.00%, 08/15/2031    EUR 3,460        3,376  
Reg. S, 0.00%, 02/15/2032    EUR 6,744        6,505  
Reg. S, 0.00%, 05/15/2035    EUR 2,829        2,502  
Reg. S, 0.00%, 05/15/2036    EUR 2,870        2,468  
Reg. S, 0.00%, 08/15/2050    EUR 9,701        5,798  
Reg. S, 0.00%, 08/15/2052    EUR 6,475        3,689  
Reg. S, 0.25%, 02/15/2027    EUR 4,730        5,065  
Reg. S, 0.25%, 08/15/2028    EUR 2,899        3,036  
Reg. S, 0.25%, 02/15/2029    EUR 4,610        4,789  
Reg. S, 0.50%, 02/15/2026    EUR 5,197        5,658  
Reg. S, 0.50%, 08/15/2027    EUR 6,576        7,045  
Reg. S, 0.50%, 02/15/2028    EUR 6,910        7,355  
Reg. S, 1.00%, 05/15/2038    EUR 5,082        4,777  
Reg. S, 1.25%, 08/15/2048    EUR 6,290        5,492  
Reg. S, 1.70%, 08/15/2032    EUR 2,310        2,519  
Reg. S, 1.80%, 08/15/2053    EUR 4,760        4,586  
Reg. S, 2.10%, 11/15/2029    EUR 3,620        4,059  
Reg. S, 2.20%, 02/15/2034    EUR 3,660        4,110  
Reg. S, 2.30%, 02/15/2033    EUR 6,930        7,874  
Reg. S, 2.40%, 11/15/2030    EUR 4,370        4,981  
Reg. S, 2.50%, 07/04/2044    EUR 6,635        7,422  
Reg. S, 2.50%, 08/15/2046    EUR 5,146        5,759  
Reg. S, 2.50%, 08/15/2054    EUR 2,705        3,037  
Reg. S, 2.60%, 08/15/2034    EUR 2,520        2,922  
Reg. S, 3.25%, 07/04/2042    EUR 3,326        4,128  
Reg. S, 4.00%, 01/04/2037    EUR 1,493        1,963  
Reg. S, 4.25%, 07/04/2039    EUR 7,684        10,509  
Reg. S, 4.75%, 07/04/2034    EUR 9,511        13,024  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Foreign Government Securities — continued      
Reg. S, 4.75%, 07/04/2040    EUR 2,264        3,286  
Reg. S, 5.50%, 01/04/2031    EUR 300        403  
Reg. S, 5.63%, 01/04/2028    EUR 780        969  
Reg. S, 6.25%, 01/04/2030    EUR 1,025        1,382  
Reg. S, 6.50%, 07/04/2027    EUR 16,810        20,965  
Reg. S, 2.60%, 08/15/2033    EUR 2,180        2,532  
Series G, Reg. S, 0.00%, 08/15/2030    EUR 1,320        1,316  
Series G, Reg. S, 0.00%, 08/15/2031    EUR 9,760        9,522  
Series G, Reg. S, 0.00%, 08/15/2050    EUR 1,102        660  
Series G, Reg. S, 1.80%, 08/15/2053    EUR 2,408        2,323  
Series G, Reg. S, 2.30%, 02/15/2033    EUR 1,850        2,102  
Bundesschatzanweisungen, (Germany),      
Reg. S, 2.90%, 06/18/2026    EUR 3,120        3,517  
Series 2Y, Reg. S, 3.10%, 12/12/2025    EUR 2,130        2,393  
Caisse d’Amortissement de la Dette Sociale, (France),      
Reg. S, 0.00%, 02/25/2028    EUR 200        205  
Reg. S, 0.00%, 05/25/2029    EUR 500        494  
Reg. S, 0.00%, 11/25/2030    EUR 700        662  
Reg. S, 0.00%, 05/25/2031    EUR 1,000        932  
Reg. S, 0.13%, 09/15/2031    EUR 300        279  
Reg. S, 0.45%, 01/19/2032    EUR 800        757  
Reg. S, 0.60%, 11/25/2029    EUR 600        603  
Reg. S, 1.50%, 05/25/2032    EUR 1,500        1,524  
Reg. S, 1.75%, 11/25/2027    EUR 700        763  
Reg. S, 2.75%, 09/24/2027    EUR 400        449  
Reg. S, 2.75%, 02/25/2029    EUR 2,400        2,689  
Reg. S, 2.75%, 11/25/2032    EUR 400        443  
Reg. S, 2.88%, 05/25/2027    EUR 700        788  
Reg. S, 3.00%, 05/25/2028    EUR 800        905  
Reg. S, 3.00%, 11/25/2031    EUR 600        679  
Reg. S, 3.13%, 03/01/2030    EUR 1,000        1,141  
Reg. S, 4.00%, 12/15/2025    EUR 1,383        1,564  
Caisse des Depots et Consignations, (France),      
Reg. S, 3.00%, 11/25/2027    EUR 400        452  
Reg. S, 3.00%, 05/25/2028    EUR 100        113  
Reg. S, 3.00%, 05/25/2029    EUR 400        453  
Reg. S, 3.13%, 05/25/2033    EUR 200        226  
Caisse Francaise de Financement Local, (France),      
Reg. S, 0.13%, 06/30/2031    EUR 100        93  
Reg. S, 0.50%, 01/19/2026    EUR 100        108  
Reg. S, 1.25%, 05/11/2032    EUR 100        100  
Reg. S, 3.00%, 10/02/2028    EUR 5,000        5,655  
Reg. S, 3.13%, 11/24/2033    EUR 100        114  
Reg. S, 3.13%, 05/17/2039    EUR 100        113  
Reg. S, 3.63%, 01/17/2029    EUR 100        116  
Canadian Government Bond, (Canada),      
1.00%, 06/01/2027    CAD 200        142  
1.25%, 03/01/2025    CAD 1,115        816  
1.50%, 06/01/2031    CAD 600        408  
1.75%, 12/01/2053    CAD 400        218  
2.00%, 06/01/2032    CAD 600        417  
2.00%, 12/01/2051    CAD 530        310  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Foreign Government Securities — continued      
3.50%, 03/01/2028    CAD 500        379  
3.50%, 09/01/2029    CAD 100        77  
3.50%, 12/01/2045    CAD 2,090        1,636  
4.00%, 06/01/2041    CAD 150        124  
Canton of Zurich, (Switzerland),      
Reg. S, 0.00%, 11/10/2033    CHF 700        777  
Reg. S, 0.10%, 06/23/2045    CHF 50        51  
Cassa Depositi e Prestiti SpA, (Italy),      
Reg. S, 1.00%, 09/21/2028    EUR 300        309  
Reg. S, 2.00%, 04/20/2027    EUR 200        219  
Reg. S, 3.63%, 01/13/2030    EUR 400        456  
Reg. S, 3.88%, 02/13/2029    EUR 200        230  
CDP Financial, Inc., (Canada),      
Reg. S, 1.13%, 04/06/2027    EUR 2,000        2,157  
5.60%, 11/25/2039 (e)      250        271  
Chile Government International Bond, (Chile),      
0.83%, 07/02/2031    EUR 1,050        1,002  
1.25%, 01/22/2051    EUR 6,900        4,417  
1.30%, 07/26/2036    EUR 1,000        872  
2.55%, 07/27/2033      200        171  
4.13%, 07/05/2034    EUR 4,047        4,704  
China Development Bank, (China),      
Reg. S, 2.95%, 07/19/2027    CNH 15,000        2,193  
Reg. S, 3.23%, 11/27/2025    CNH 10,000        1,449  
Reg. S, 4.20%, 01/19/2027    CNH 13,000        1,939  
Reg. S, 4.30%, 08/02/2032    CNH 7,000        1,129  
Reg. S, 4.50%, 11/13/2028    CNH 2,500        391  
Series 1605, 3.80%, 01/25/2036    CNY 98,000        15,928  
Series 1613, 3.05%, 08/25/2026    CNY 208,000        30,292  
Series 1710, 4.04%, 04/10/2027    CNY 244,900        36,711  
Series 1715, 4.24%, 08/24/2027    CNY 20,000        3,035  
Series 1810, 4.04%, 07/06/2028    CNY 139,200        21,299  
Series 1814, 4.15%, 10/26/2025    CNY 7,200        1,052  
Series 1904, 3.68%, 02/26/2026    CNY 700        102  
Series 1905, 3.48%, 01/08/2029    CNY 328,200        49,552  
Series 1910, 3.65%, 05/21/2029    CNY 286,500        43,724  
Series 1915, 3.45%, 09/20/2029    CNY 66,300        10,060  
Series 2004, 3.43%, 01/14/2027    CNY 14,500        2,137  
Series 2005, 3.07%, 03/10/2030    CNY 41,600        6,220  
Series 2009, 3.39%, 07/10/2027    CNY 28,000        4,148  
Series 2010, 3.09%, 06/18/2030    CNY 36,000        5,390  
Series 2015, 3.70%, 10/20/2030    CNY 18,000        2,796  
Series 2104, 3.40%, 01/08/2028    CNY 8,000        1,192  
Series 2105, 3.66%, 03/01/2031    CNY 64,700        10,011  
Series 2108, 2.83%, 09/10/2026    CNY 16,800        2,438  
Series 2110, 3.41%, 06/07/2031    CNY 81,400        12,454  
Series 2115, 3.12%, 09/13/2031    CNY 83,800        12,632  
Series 2204, 2.99%, 03/01/2029    CNY 4,000        593  
Series 2205, 3.00%, 01/17/2032    CNY 182,200        27,242  
Series 2210, 2.98%, 04/22/2032    CNY 52,700        7,871  
Series 2215, 2.96%, 07/18/2032    CNY 120,600        17,994  
Series 2220, 2.77%, 10/24/2032    CNY 166,600        24,537  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 2305, 3.02%, 03/06/2033    CNY 97,300        14,621  
Series 2307, 2.25%, 07/06/2026    CNY 35,400        5,081  
Series 2310, 2.82%, 05/22/2033    CNY 95,400        14,110  
Series 2315, 2.69%, 09/11/2033    CNY 110,000        16,115  
Series 2318, 2.35%, 10/16/2025    CNY 3,500        502  
Series 2402, 2.34%, 01/05/2027    CNY 35,000        5,041  
Series 2405, 2.63%, 01/08/2034    CNY 17,200        2,510  
Series 2415, 2.26%, 07/19/2034    CNY 28,500        4,050  
China Government Bond, (China),      
2.11%, 08/25/2034    CNY 64,900        9,193  
2.18%, 08/15/2026    CNY 171,500        24,704  
2.27%, 05/25/2034    CNY 60,000        8,606  
2.28%, 03/25/2031    CNY 22,600        3,284  
2.30%, 05/15/2026    CNY 127,800        18,442  
2.35%, 02/25/2034    CNY 33,600        4,846  
2.37%, 01/20/2027    CNY 283,000        41,084  
2.40%, 07/15/2028    CNY 55,000        8,004  
2.44%, 10/15/2027    CNY 602,200        87,749  
2.46%, 02/15/2026    CNY 470,000        67,741  
2.48%, 04/15/2027    CNY 148,300        21,591  
2.48%, 09/25/2028    CNY 117,900        17,230  
2.52%, 08/25/2033    CNY 54,500        7,964  
2.60%, 09/15/2030    CNY 172,700        25,354  
2.60%, 09/01/2032    CNY 307,900        45,238  
2.62%, 04/15/2028    CNY 25,000        3,666  
2.62%, 09/25/2029    CNY 56,000        8,279  
2.62%, 06/25/2030    CNY 264,500        38,831  
2.65%, 03/25/2074    CNY 73,900        11,430  
2.67%, 05/25/2033    CNY 54,800        8,095  
2.67%, 11/25/2033    CNY 70,300        10,398  
2.68%, 05/21/2030    CNY 517,300        76,184  
2.69%, 08/15/2032    CNY 33,400        4,937  
Reg. S, 2.71%, 06/16/2033    CNH 11,000        1,605  
2.75%, 06/15/2029    CNY 132,500        19,635  
2.75%, 02/17/2032    CNY 221,300        32,857  
2.76%, 05/15/2032    CNY 208,500        30,990  
2.80%, 03/24/2029    CNY 283,600        42,042  
2.80%, 03/25/2030    CNY 14,000        2,085  
2.80%, 11/15/2032    CNY 69,400        10,366  
Reg. S, 2.82%, 08/12/2032    CNY 10,000        1,469  
2.85%, 06/04/2027    CNY 272,800        40,107  
2.88%, 02/25/2033    CNY 9,000        1,352  
2.89%, 11/18/2031    CNY 187,300        28,176  
3.00%, 10/15/2053    CNY 4,600        748  
3.12%, 10/25/2052    CNY 173,600        28,595  
3.19%, 04/15/2053    CNY 9,400        1,569  
3.27%, 03/25/2073    CNY 117,870        21,192  
Reg. S, 3.31%, 11/30/2025    CNH 2,000        291  
3.32%, 04/15/2052    CNY 301,030        50,172  
Reg. S, 3.38%, 11/21/2024    CNH 3,000        429  
Reg. S, 3.38%, 07/04/2026    CNH 24,000        3,521  
3.39%, 03/16/2050    CNY 49,540        8,441  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
3.53%, 10/18/2051    CNY 133,600        23,462  
Reg. S, 3.60%, 06/27/2028    CNH 26,500        3,990  
Reg. S, 3.60%, 05/21/2030    CNH 8,500        1,299  
3.72%, 04/12/2051    CNY 97,700        17,517  
3.73%, 05/25/2070    CNY 14,670        2,890  
3.81%, 09/14/2050    CNY 87,700        15,966  
Reg. S, 3.85%, 12/12/2026    CNH 19,000        2,826  
Reg. S, 3.90%, 07/04/2036    CNH 13,500        2,213  
Reg. S, 4.00%, 11/30/2035    CNH 30,500        5,013  
Reg. S, 4.15%, 12/04/2027    CNH 20,000        3,040  
Reg. S, 4.15%, 12/12/2031    CNH 3,000        479  
Reg. S, 4.29%, 05/22/2029    CNH 3,000        469  
Reg. S, 4.40%, 12/12/2046    CNH 26,000        4,701  
Series 1908, 4.00%, 06/24/2069    CNY 5,000        1,024  
Series 2216, 2.50%, 07/25/2027    CNY 81,700        11,901  
China Government International Bond, (China), Reg. S, 0.13%, 11/12/2026    EUR 8,700        9,184  
City of Milan Italy, (Italy), 4.02%, 06/29/2035    EUR 40        45  
City of Montreal Canada, (Canada), 1.75%, 09/01/2030    CAD 500        339  
City of Ottawa Ontario, (Canada), 4.45%, 06/04/2033    CAD 200        157  
City of Quebec Canada, (Canada),      
2.10%, 07/06/2031    CAD 300        202  
2.65%, 12/20/2027    CAD 565        410  
City of Toronto Canada, (Canada),      
2.60%, 09/24/2039    CAD 300        183  
2.95%, 04/28/2035    CAD 200        136  
Colombia Government International Bond, (Colombia), 9.85%, 06/28/2027    COP 500,000        117  
Communaute Francaise de Belgique, (Belgium),      
Reg. S, 0.25%, 01/23/2030    EUR 300        294  
Reg. S, 1.63%, 05/03/2032    EUR 200        203  
Reg. S, 3.38%, 06/22/2034    EUR 200        228  
Reg. S, 3.75%, 06/22/2033    EUR 100        117  
Comunidad Autonoma de Canarias, (Spain), Reg. S, 0.71%, 10/31/2031    EUR 300        287  
Corp. de Reservas Estrategicas de Productos Petroliferos Cores, (Spain), Reg. S, 1.75%, 11/24/2027    EUR 200        217  
CPPIB Capital, Inc., (Canada),      
Reg. S, 0.25%, 04/06/2027    EUR 2,550        2,692  
Reg. S, 0.75%, 07/15/2049    EUR 600        399  
Reg. S, 1.63%, 10/22/2071    GBP 2,000        1,095  
Croatia Government International Bond, (Croatia),      
Reg. S, 1.13%, 06/19/2029    EUR 300        311  
Reg. S, 1.50%, 06/17/2031    EUR 120        123  
Reg. S, 1.75%, 03/04/2041    EUR 500        449  
Reg. S, 2.70%, 06/15/2028    EUR 510        569  
Reg. S, 2.88%, 04/22/2032    EUR 520        579  
Reg. S, 3.00%, 03/20/2027    EUR 300        336  
Reg. S, 3.38%, 03/12/2034    EUR 1,230        1,402  
Cyprus Government International Bond, (Cyprus),      
Reg. S, 0.63%, 01/21/2030    EUR 235        237  
Reg. S, 0.95%, 01/20/2032    EUR 300        295  
Reg. S, 1.25%, 01/21/2040    EUR 720        592  
Reg. S, 2.25%, 04/16/2050    EUR 10        9  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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%, 05/03/2049    EUR 230        226  
Reg. S, 3.25%, 06/27/2031    EUR 239        275  
Reg. S, 4.13%, 04/13/2033    EUR 360        438  
Czech Republic Government Bond, (Czech Republic),      
Series 49, Reg. S, 4.20%, 12/04/2036    CZK 5,390        246  
Series 53, Reg. S, 4.85%, 11/26/2057    CZK 2,340        112  
Series 78, Reg. S, 2.50%, 08/25/2028    CZK 39,010        1,669  
Series 89, Reg. S, 2.40%, 09/17/2025    CZK 16,910        739  
Series 94, Reg. S, 0.95%, 05/15/2030    CZK 17,380        671  
Series 95, Reg. S, 1.00%, 06/26/2026    CZK 25,480        1,080  
Series 100, 0.25%, 02/10/2027    CZK 60,340        2,476  
Series 103, 2.00%, 10/13/2033    CZK 20,000        769  
Series 105, 2.75%, 07/23/2029    CZK 29,860        1,282  
Series 121, 1.20%, 03/13/2031    CZK 27,250        1,046  
Series 125, 1.50%, 04/24/2040    CZK 22,990        724  
Series 130, 0.05%, 11/29/2029    CZK 13,030        486  
Series 138, 1.75%, 06/23/2032    CZK 20,400        791  
Series 142, 1.95%, 07/30/2037    CZK 12,960        459  
Series 145, 3.50%, 05/30/2035    CZK 11,300        486  
Series 148, 6.00%, 02/26/2026    CZK 5,910        270  
Series 149, 5.50%, 12/12/2028    CZK 10,640        509  
Series 150, 5.00%, 09/30/2030    CZK 4,140        198  
Series 151, 4.90%, 04/14/2034    CZK 22,710        1,093  
Series 152, 6.20%, 06/16/2031    CZK 17,600        904  
Series 153, 5.75%, 03/29/2029    CZK 18,100        878  
Series 154, 4.50%, 11/11/2032    CZK 14,800        693  
Series 156, 3.00%, 03/03/2033    CZK 13,630        572  
Denmark Government Bond, (Denmark),      
0.25%, 11/15/2052    DKK 8,661        744  
0.50%, 11/15/2027    DKK 20,078        2,880  
0.50%, 11/15/2029    DKK 13,494        1,884  
1.75%, 11/15/2025    DKK 5,460        812  
2.25%, 11/15/2033    DKK 9,720        1,479  
4.50%, 11/15/2039    DKK 17,230        3,286  
Series G, 0.00%, 11/15/2031    DKK 960        126  
Series G, 2.25%, 11/15/2033    DKK 3,650        556  
Series TWIN, 0.00%, 11/15/2031    DKK 14,257        1,862  
Development Bank of Japan, Inc., (Japan),      
Reg. S, 0.88%, 10/10/2025    EUR 1,000        1,092  
Reg. S, 2.13%, 09/01/2026    EUR 1,000        1,105  
4.75%, 11/26/2027    EUR 900        1,070  
Series 86, 0.24%, 10/13/2027    JPY 100,000        689  
Emissionskonsortium der gemeinsamen Landesfoerderinstitute, (Germany), Reg. S, 2.50%, 09/28/2029    EUR 100        112  
Estonia Government International Bond, (Estonia),      
Reg. S, 0.13%, 06/10/2030    EUR 200        192  
Reg. S, 3.25%, 01/17/2034    EUR 400        452  
Reg. S, 4.00%, 10/12/2032    EUR 290        347  
European Financial Stability Facility, (Luxembourg),      
Reg. S, 0.00%, 10/13/2027    EUR 4,325        4,493  
Reg. S, 0.00%, 01/20/2031    EUR 9,600        9,157  
Reg. S, 0.05%, 10/17/2029    EUR 9,000        8,916  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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, 0.05%, 01/18/2052    EUR 1,000        504  
Reg. S, 0.63%, 10/16/2026    EUR 100        108  
Reg. S, 0.70%, 01/20/2050    EUR 2,500        1,649  
Reg. S, 0.88%, 04/10/2035    EUR 15,900        14,704  
Reg. S, 1.20%, 02/17/2045    EUR 2,325        1,880  
Reg. S, 1.70%, 02/13/2043    EUR 1,900        1,726  
Reg. S, 1.75%, 07/17/2053    EUR 2,050        1,705  
Reg. S, 2.00%, 02/28/2056    EUR 2,000        1,748  
Reg. S, 2.38%, 06/21/2032    EUR 5,000        5,496  
Reg. S, 2.75%, 12/03/2029    EUR 1,020        1,155  
Reg. S, 2.88%, 02/13/2034    EUR 10,000        11,300  
Reg. S, 3.00%, 12/15/2028    EUR 2,000        2,284  
Reg. S, 3.38%, 04/03/2037    EUR 3,000        3,512  
European Stability Mechanism, (Supranational),      
Reg. S, 0.01%, 03/04/2030    EUR 2,900        2,844  
Reg. S, 0.01%, 10/15/2031    EUR 7,900        7,430  
Reg. S, 0.50%, 03/05/2029    EUR 6,000        6,176  
Reg. S, 0.75%, 09/05/2028    EUR 2,750        2,887  
Reg. S, 0.88%, 07/18/2042    EUR 1,020        806  
Reg. S, 1.75%, 10/20/2045    EUR 1,050        949  
Reg. S, 1.80%, 11/02/2046    EUR 10,420        9,449  
Reg. S, 1.85%, 12/01/2055    EUR 180        151  
European Union, (Supranational),      
Reg. S, 0.00%, 10/04/2028    EUR 1,900        1,928  
Reg. S, 0.00%, 04/22/2031    EUR 5,800        5,518  
Reg. S, 0.00%, 07/04/2031    EUR 20,000        18,862  
Reg. S, 0.25%, 04/22/2036    EUR 21,900        18,391  
Reg. S, 0.45%, 07/04/2041    EUR 9,800        7,129  
Reg. S, 0.70%, 07/06/2051    EUR 5,900        3,663  
Reg. S, 0.75%, 04/04/2031    EUR 3,925        3,938  
Reg. S, 1.00%, 07/06/2032    EUR 5,800        5,748  
Reg. S, 1.13%, 04/04/2036    EUR 1,265        1,186  
Reg. S, 1.38%, 10/04/2029    EUR 8,000        8,513  
Reg. S, 1.50%, 10/04/2035    EUR 5,000        4,937  
Reg. S, 1.63%, 12/04/2029    EUR 32,000        34,267  
Reg. S, 2.50%, 10/04/2052    EUR 18,000        17,087  
Reg. S, 2.88%, 12/06/2027    EUR 30,000        33,932  
Reg. S, 3.00%, 03/04/2053    EUR 8,000        8,387  
Reg. S, 3.13%, 12/05/2028    EUR 30,000        34,368  
Reg. S, 3.38%, 04/04/2032    EUR 1,200        1,420  
Reg. S, 3.38%, 04/04/2038    EUR 15,000        17,655  
Reg. S, 3.38%, 10/04/2038    EUR 10,000        11,540  
Reg. S, 3.75%, 04/04/2042    EUR 5,015        6,120  
Series SURE, Reg. S, 0.00%, 06/02/2028    EUR 5,000        5,130  
Series SURE, Reg. S, 0.00%, 10/04/2030    EUR 10,000        9,660  
Series SURE, Reg. S, 0.00%, 07/04/2035    EUR 10,800        9,016  
Series SURE, Reg. S, 0.10%, 10/04/2040    EUR 7,675        5,485  
Series SURE, Reg. S, 0.20%, 06/04/2036    EUR 9,600        7,981  
Series SURE, Reg. S, 0.30%, 11/04/2050    EUR 1,220        699  
Series SURE, Reg. S, 0.45%, 05/02/2046    EUR 5,000        3,312  
Series SURE, Reg. S, 0.75%, 01/04/2047    EUR 5,000        3,538  
Series SURE, Reg. S, 1.13%, 06/04/2037    EUR 5,000        4,565  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
Export Development Canada, (Canada), Reg. S, 0.50%, 02/25/2027    EUR 2,000        2,134  
Export-Import Bank of China (The), (China),      
Series 1610, 3.18%, 09/05/2026    CNY 50,000        7,303  
Series 1910, 3.86%, 05/20/2029    CNY 97,800        15,052  
Series 2007, 3.26%, 02/24/2027    CNY 86,000        12,641  
Series 2010, 3.23%, 03/23/2030    CNY 41,400        6,231  
Series 2011, 3.74%, 11/16/2030    CNY 10,000        1,552  
Series 2015, 3.43%, 10/23/2025    CNY 39,000        5,656  
Series 2105, 3.22%, 05/14/2026    CNY 51,400        7,486  
Series 2110, 3.38%, 07/16/2031    CNY 5,900        902  
Series 2205, 2.61%, 01/27/2027    CNY 18,000        2,606  
Series 2207, 2.74%, 09/05/2029    CNY 8,200        1,207  
Series 2210, 3.18%, 03/11/2032    CNY 169,600        25,671  
Series 2211, 2.90%, 08/19/2032    CNY 99,100        14,742  
Series 2215, 2.82%, 06/17/2027    CNY 27,300        3,980  
Series 2305, 2.87%, 02/06/2028    CNY 118,500        17,372  
Series 2310, 3.10%, 02/13/2033    CNY 80,400        12,129  
Series 2311, 2.85%, 07/07/2033    CNY 59,000        8,740  
Series 2313, 2.50%, 10/13/2026    CNY 95,400        13,763  
Series 2402, 2.06%, 03/18/2026    CNY 10,000        1,430  
Series 2410, 2.44%, 04/12/2034    CNY 5,200        747  
Export-Import Bank of Korea, (South Korea), 3.63%, 09/18/2027    EUR 500        571  
Finland Government Bond, (Finland),      
Reg. S, 0.00%, 09/15/2026 (e)    EUR 660        704  
Reg. S, 0.00%, 09/15/2030 (e)    EUR 130        126  
Reg. S, 0.13%, 09/15/2031 (e)    EUR 755        717  
Reg. S, 0.13%, 04/15/2052 (e)    EUR 800        428  
Reg. S, 0.25%, 09/15/2040 (e)    EUR 654        482  
Reg. S, 0.50%, 04/15/2026 (e)    EUR 1,440        1,561  
Reg. S, 0.50%, 09/15/2027 (e)    EUR 660        700  
Reg. S, 0.50%, 09/15/2028 (e)    EUR 484        504  
Reg. S, 0.50%, 09/15/2029 (e)    EUR 1,680        1,714  
Reg. S, 0.50%, 04/15/2043 (e)    EUR 450        327  
Reg. S, 0.75%, 04/15/2031 (e)    EUR 1,321        1,323  
Reg. S, 1.13%, 04/15/2034 (e)    EUR 421        410  
Reg. S, 1.38%, 04/15/2027 (e)    EUR 1,760        1,921  
Reg. S, 1.50%, 09/15/2032 (e)    EUR 1,300        1,340  
Reg. S, 2.63%, 07/04/2042 (e)    EUR 1,375        1,466  
Reg. S, 2.75%, 07/04/2028 (e)    EUR 960        1,090  
Reg. S, 2.75%, 04/15/2038 (e)    EUR 540        593  
Reg. S, 2.88%, 04/15/2029 (e)    EUR 1,160        1,324  
Reg. S, 3.00%, 09/15/2033 (e)    EUR 1,120        1,287  
Series 10Y, Reg. S, 3.00%, 09/15/2034 (e)    EUR 1,720        1,971  
Series 30Y, Reg. S, 1.38%, 04/15/2047 (e)    EUR 1,217        1,008  
Series 31Y, Reg. S, 2.95%, 04/15/2055 (e)    EUR 550        605  
Finnvera OYJ, (Finland),      
Reg. S, 0.00%, 09/15/2027    EUR 500        521  
Reg. S, 0.38%, 04/09/2029    EUR 300        307  
Reg. S, 0.75%, 08/07/2028    EUR 1,300        1,367  
Reg. S, 1.25%, 07/14/2033    EUR 200        200  
Reg. S, 2.13%, 03/08/2028    EUR 300        333  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
Free and Hanseatic City of Hamburg, (Germany),      
Reg. S, 0.00%, 04/07/2026    EUR 280        301  
Reg. S, 0.01%, 06/30/2028    EUR 380        389  
Reg. S, 0.01%, 06/03/2030    EUR 500        488  
0.01%, 11/05/2035    EUR 70        58  
Reg. S, 0.20%, 09/03/2049    EUR 70        40  
Reg. S, 0.25%, 02/18/2041    EUR 394        287  
2.38%, 10/02/2029 (w)    EUR 200        223  
2.88%, 04/30/2032    EUR 200        229  
Free State of Bavaria, (Germany),      
Reg. S, 0.01%, 01/18/2035    EUR 352        304  
Series 134, Reg. S, 0.01%, 05/07/2029    EUR 600        601  
Free State of Saxony, (Germany),      
Reg. S, 0.01%, 11/05/2029    EUR 197        195  
Reg. S, 2.88%, 05/15/2034    EUR 200        229  
Series 132, Reg. S, 0.01%, 12/17/2035    EUR 210        175  
Series 135, Reg. S, 0.40%, 05/12/2036    EUR 300        259  
French Republic Government Bond OAT, (France),      
Reg. S, 0.00%, 02/25/2026 (e)    EUR 8,580        9,245  
Reg. S, 0.00%, 02/25/2027 (e)    EUR 5,895        6,213  
Reg. S, 0.00%, 11/25/2029 (e)    EUR 10,505        10,302  
Reg. S, 0.00%, 11/25/2030 (e)    EUR 6,780        6,460  
Reg. S, 0.00%, 11/25/2031 (e)    EUR 14,604        13,491  
Reg. S, 0.00%, 05/25/2032 (e)    EUR 4,920        4,471  
Reg. S, 0.25%, 11/25/2026 (e)    EUR 4,076        4,345  
Reg. S, 0.50%, 05/25/2026 (e)    EUR 7,309        7,902  
Reg. S, 0.50%, 05/25/2029 (e)    EUR 20,987        21,374  
Reg. S, 0.50%, 05/25/2040 (e)    EUR 72,593        53,851  
Reg. S, 0.50%, 06/25/2044 (e)    EUR 56,980        37,780  
Reg. S, 0.50%, 05/25/2072 (e)    EUR 31,903        12,903  
Reg. S, 0.75%, 02/25/2028 (e)    EUR 9,480        10,006  
Reg. S, 0.75%, 05/25/2028 (e)    EUR 7,363        7,740  
Reg. S, 0.75%, 11/25/2028 (e)    EUR 3,737        3,890  
Reg. S, 0.75%, 05/25/2052 (e)    EUR 81,108        47,357  
Reg. S, 0.75%, 05/25/2053 (e)    EUR 78,983        44,927  
Reg. S, 1.00%, 11/25/2025 (e)    EUR 4,070        4,458  
Reg. S, 1.00%, 05/25/2027 (e)    EUR 18,958        20,401  
Reg. S, 1.25%, 05/25/2034 (e)    EUR 14,206        13,672  
Reg. S, 1.25%, 05/25/2036 (e)    EUR 114,947        105,856  
Reg. S, 1.25%, 05/25/2038 (e)    EUR 69,672        61,221  
Reg. S, 1.50%, 05/25/2031 (e)    EUR 16,243        16,894  
Reg. S, 1.50%, 05/25/2050 (e)    EUR 77,024        57,557  
Reg. S, 1.75%, 06/25/2039 (e)    EUR 91,760        85,223  
Reg. S, 1.75%, 05/25/2066 (e)    EUR 45,403        32,038  
Reg. S, 2.00%, 11/25/2032 (e)    EUR 8,910        9,382  
Reg. S, 2.00%, 05/25/2048 (e)    EUR 68,908        59,239  
Reg. S, 2.50%, 09/24/2026 (e)    EUR 8,738        9,762  
Reg. S, 2.50%, 09/24/2027 (e)    EUR 10,280        11,497  
Reg. S, 2.50%, 05/25/2030 (e)    EUR 10,861        12,077  
Reg. S, 2.50%, 05/25/2043 (e)    EUR 48,682        47,886  
Reg. S, 2.75%, 10/25/2027 (e)    EUR 5,509        6,209  
Reg. S, 2.75%, 02/25/2029 (e)    EUR 2,400        2,703  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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%, 02/25/2030 (e)    EUR 4,320        4,858  
Reg. S, 3.00%, 05/25/2033 (e)    EUR 5,240        5,924  
Reg. S, 3.00%, 11/25/2034 (e)    EUR 48,920        54,810  
Reg. S, 3.00%, 06/25/2049 (e)    EUR 23,044        23,834  
Reg. S, 3.00%, 05/25/2054 (e)    EUR 62,873        63,151  
Reg. S, 3.25%, 05/25/2045 (e)    EUR 74,410        81,493  
Reg. S, 3.25%, 05/25/2055 (e)    EUR 36,811        38,635  
Reg. S, 3.50%, 04/25/2026 (e)    EUR 11,886        13,467  
Reg. S, 3.50%, 11/25/2033 (e)    EUR 9,395        11,010  
Reg. S, 4.00%, 10/25/2038 (e)    EUR 61,331        74,714  
Reg. S, 4.00%, 04/25/2055 (e)    EUR 56,111        67,723  
Reg. S, 4.00%, 04/25/2060 (e)    EUR 48,531        59,076  
Reg. S, 4.50%, 04/25/2041 (e)    EUR 86,515        111,476  
Reg. S, 4.75%, 04/25/2035 (e)    EUR 67,455        87,399  
Reg. S, 5.50%, 04/25/2029 (e)    EUR 4,037        5,073  
Reg. S, 5.75%, 10/25/2032 (e)    EUR 1,029        1,392  
Reg. S, 6.00%, 10/25/2025 (e)    EUR 1,290        1,488  
Gemeinsame Deutsche Bundeslaender, (Germany),      
Series 58, Reg. S, 0.00%, 02/19/2027    EUR 220        232  
Series 59, Reg. S, 0.01%, 08/26/2030    EUR 500        486  
Series 60, Reg. S, 0.01%, 02/04/2031    EUR 146        140  
Series 62, Reg. S, 1.25%, 05/04/2029    EUR 580        616  
Series 63, Reg. S, 3.00%, 04/26/2030    EUR 200        230  
Series 64, Reg. S, 2.63%, 02/07/2031    EUR 500        564  
Gestion Securite de Stocks Securite SA, (France),      
Reg. S, 1.50%, 10/25/2027    EUR 1,000        1,074  
Reg. S, 3.38%, 06/29/2030    EUR 900        1,024  
Reg. S, 3.50%, 11/25/2029    EUR 300        344  
Hellenic Republic Government Bond, (Greece),      
Reg. S, 0.75%, 06/18/2031 (e)    EUR 2,170        2,117  
Reg. S, 1.50%, 06/18/2030 (e)    EUR 750        783  
Reg. S, 1.88%, 07/23/2026 (e)    EUR 2,250        2,494  
Reg. S, 1.88%, 02/04/2035 (e)    EUR 1,400        1,377  
Reg. S, 1.88%, 01/24/2052 (e)    EUR 480        368  
Reg. S, 3.38%, 06/15/2034 (e)    EUR 1,480        1,683  
Reg. S, 3.75%, 01/30/2028    EUR 1,400        1,635  
Reg. S, 3.88%, 03/12/2029 (e)    EUR 1,480        1,748  
Reg. S, 4.13%, 06/15/2054 (e)    EUR 700        804  
Reg. S, 4.20%, 01/30/2042    EUR 870        1,037  
Reg. S, 4.25%, 06/15/2033 (e)    EUR 2,000        2,434  
Reg. S, 4.38%, 07/18/2038 (e)    EUR 1,100        1,342  
HM Treasury UK Sovereign Sukuk plc, (United Kingdom), Reg. S, 0.33%, 07/22/2026    GBP 900        1,126  
Hong Kong Government Bond Programme, (Hong Kong),      
1.97%, 01/17/2029    HKD 200        25  
2.02%, 03/07/2034    HKD 3,000        361  
Hong Kong Government International Bond, (Hong Kong),      
Reg. S, 2.80%, 11/30/2024    CNH 5,000        715  
Reg. S, 2.95%, 06/07/2028    CNH 8,500        1,241  
Reg. S, 3.00%, 11/30/2026    CNH 10,000        1,452  
Reg. S, 3.30%, 06/07/2033    CNH 16,000        2,426  
Hungary Government Bond, (Hungary),      
Series 26/E, 1.50%, 04/22/2026    HUF 739,160        1,948  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 26/F, 1.50%, 08/26/2026    HUF 623,300        1,621  
Series 26/D, 2.75%, 12/22/2026    HUF 80,210        212  
Series 27/A, 3.00%, 10/27/2027    HUF 194,780        506  
Series 28/B, 4.50%, 03/23/2028    HUF 422,060        1,139  
Series 28/A, 6.75%, 10/22/2028    HUF 75,000        218  
Series 29/A, 2.00%, 05/23/2029    HUF 200,000        478  
Series 30/A, 3.00%, 08/21/2030    HUF 297,350        720  
Series 31/A, 3.25%, 10/22/2031    HUF 207,050        494  
Series 32/G, 4.50%, 05/27/2032    HUF 372,050        948  
Series 32/A, 4.75%, 11/24/2032    HUF 58,400        150  
Series 33/A, 2.25%, 04/20/2033    HUF 194,590        411  
Series 34/A, 2.25%, 06/22/2034    HUF 100,520        203  
Series 38/A, 3.00%, 10/27/2038    HUF 82,470        160  
Series 41/A, 3.00%, 04/25/2041    HUF 149,290        274  
Hungary Government International Bond, (Hungary),      
Reg. S, 0.50%, 11/18/2030    EUR 1,000        923  
Reg. S, 1.63%, 04/28/2032    EUR 1,000        946  
Reg. S, 1.75%, 10/10/2027    EUR 825        877  
Reg. S, 1.75%, 06/05/2035    EUR 5,000        4,369  
Hydro-Quebec, (Canada),      
6.00%, 02/15/2040    CAD 300        272  
SUB, 8.40%, 03/28/2025      1,000        1,016  
SUB, 8.91%, 11/18/2024      800        803  
Series HH, 8.50%, 12/01/2029      100        119  
Series HK, 9.38%, 04/15/2030      500        623  
Ile-de-France Mobilites, (France),      
Reg. S, 0.40%, 05/28/2031    EUR 500        473  
Reg. S, 0.68%, 11/24/2036    EUR 100        82  
Reg. S, 1.00%, 05/25/2034    EUR 300        275  
Reg. S, 1.28%, 02/14/2042    EUR 100        78  
Reg. S, 3.05%, 02/03/2033    EUR 300        334  
Reg. S, 3.40%, 05/25/2043    EUR 100        108  
Reg. S, 3.45%, 06/25/2049    EUR 300        321  
Reg. S, 3.50%, 10/04/2039 (w)    EUR 100        112  
Indonesia Government International Bond, (Indonesia),      
0.90%, 02/14/2027    EUR 1,600        1,681  
1.10%, 03/12/2033    EUR 1,000        914  
Reg. S, 3.75%, 06/14/2028    EUR 1,000        1,130  
4.65%, 09/20/2032      200        202  
Indonesia Treasury Bond, (Indonesia),      
Series 100, 6.63%, 02/15/2034    IDR 34,992,000        2,339  
Series 101, 6.88%, 04/15/2029    IDR 14,964,000        1,015  
Series 102, 6.88%, 07/15/2054    IDR 6,598,000        436  
Series FR56, 8.38%, 09/15/2026    IDR 3,269,000        225  
Series FR65, 6.63%, 05/15/2033    IDR 400,000        27  
Series FR67, 8.75%, 02/15/2044    IDR 2,074,000        165  
Series FR75, 7.50%, 05/15/2038    IDR 1,300,000        92  
Series FR76, 7.38%, 05/15/2048    IDR 21,821,000        1,528  
Series FR78, 8.25%, 05/15/2029    IDR 1,000,000        71  
Series FR79, 8.38%, 04/15/2039    IDR 13,027,000        988  
Series FR80, 7.50%, 06/15/2035    IDR 47,876,000        3,389  
Series FR82, 7.00%, 09/15/2030    IDR 38,229,000        2,608  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 FR83, 7.50%, 04/15/2040    IDR 32,000,000        2,262  
Series FR86, 5.50%, 04/15/2026    IDR 10,000,000        653  
Series FR87, 6.50%, 02/15/2031    IDR 24,043,000        1,598  
Series FR89, 6.88%, 08/15/2051    IDR 300,000        20  
Series FR90, 5.13%, 04/15/2027    IDR 100,000,000        6,433  
Series FR91, 6.38%, 04/15/2032    IDR 28,200,000        1,853  
Series FR95, 6.38%, 08/15/2028    IDR 29,000,000        1,924  
Series FR96, 7.00%, 02/15/2033    IDR 46,000,000        3,142  
Series FR97, 7.13%, 06/15/2043    IDR 26,858,000        1,835  
Industrial Bank of Korea, (South Korea), Reg. S, 0.02%, 07/16/2025    CHF 300        352  
Instituto de Credito Oficial, (Spain),      
Reg. S, 0.00%, 04/30/2027    EUR 1,000        1,046  
Reg. S, 2.65%, 01/31/2028    EUR 100        112  
Reg. S, 3.05%, 04/30/2031    EUR 400        456  
International Bank for Reconstruction & Development, (Supranational),      
Zero Coupon, 07/15/2029      143        117  
Zero Coupon, 11/01/2029      65        53  
Zero Coupon, 05/01/2030      228        182  
Zero Coupon, 10/31/2030      1,500        1,158  
0.10%, 09/17/2035    EUR 5,475        4,598  
Reg. S, 0.20%, 01/21/2061    EUR 1,000        436  
0.25%, 09/23/2027    GBP 2,900        3,475  
0.25%, 05/21/2029    EUR 600        608  
0.50%, 06/21/2035    EUR 50        44  
0.65%, 02/10/2026      750        720  
Reg. S, 0.70%, 10/22/2046    EUR 2,000        1,419  
1.00%, 12/21/2029    GBP 2,000        2,303  
1.20%, 08/08/2034    EUR 9,000        8,779  
2.14%, 02/04/2041      500        352  
(SOFR Compounded Index + 0.26%), 2.33%, 05/31/2026 (aa)      1,000        969  
2.90%, 01/19/2033    EUR 7,000        8,001  
4.00%, 08/27/2026      80        80  
4.63%, 08/01/2028      250        259  
InvestitionsBank des Landes Brandenburg, (Germany), Reg. S, 3.25%, 03/13/2030    EUR 200        233  
Investitionsbank Schleswig-Holstein, (Germany),      
Reg. S, 0.01%, 05/15/2026    EUR 100        107  
Reg. S, 2.88%, 02/21/2034    EUR 300        342  
Reg. S, 3.25%, 03/10/2031    EUR 300        350  
Ireland Government Bond, (Ireland),      
Reg. S, 0.00%, 10/18/2031    EUR 2,377        2,258  
Reg. S, 0.20%, 05/15/2027    EUR 1,290        1,369  
Reg. S, 0.20%, 10/18/2030    EUR 1,111        1,095  
Reg. S, 0.35%, 10/18/2032    EUR 290        277  
Reg. S, 0.40%, 05/15/2035    EUR 1,200        1,071  
Reg. S, 0.55%, 04/22/2041    EUR 1,035        817  
Reg. S, 0.90%, 05/15/2028    EUR 1,812        1,936  
Reg. S, 1.00%, 05/15/2026    EUR 1,480        1,617  
Reg. S, 1.10%, 05/15/2029    EUR 2,567        2,725  
Reg. S, 1.30%, 05/15/2033    EUR 1,230        1,257  
Reg. S, 1.35%, 03/18/2031    EUR 1,265        1,333  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Foreign Government Securities — continued      
Reg. S, 1.50%, 05/15/2050    EUR 1,663        1,409  
Reg. S, 1.70%, 05/15/2037    EUR 800        799  
Reg. S, 2.00%, 02/18/2045    EUR 1,485        1,440  
Reg. S, 2.40%, 05/15/2030    EUR 1,000        1,124  
Reg. S, 2.60%, 10/18/2034    EUR 1,100        1,237  
Reg. S, 3.00%, 10/18/2043    EUR 990        1,138  
Israel Government AID Bond, (Israel),      
5.50%, 09/18/2033      25        28  
Series 2, Zero Coupon, 11/01/2024      749        745  
Israel Government Bond - Fixed, (Israel),      
Series 142, 5.50%, 01/31/2042    ILS 290        83  
Series 327, 2.00%, 03/31/2027    ILS 800        205  
Series 330, 1.00%, 03/31/2030    ILS 1,200        268  
Series 537, 1.50%, 05/31/2037    ILS 305        56  
Israel Government International Bond, (Israel),      
Reg. S, 0.63%, 01/18/2032    EUR 3,000        2,643  
Reg. S, 1.50%, 01/18/2027    EUR 2,000        2,106  
Reg. S, 2.50%, 01/16/2049    EUR 825        754  
Italy Buoni Poliennali Del Tesoro, (Italy),      
Series 2Y, Reg. S, 3.60%, 09/29/2025    EUR 3,200        3,592  
Series 3Y, Reg. S, 1.20%, 08/15/2025    EUR 4,660        5,118  
Series 3Y, Reg. S, 2.95%, 02/15/2027    EUR 3,600        4,053  
Series 3Y, Reg. S, 3.50%, 01/15/2026    EUR 2,240        2,522  
Series 3Y, Reg. S, 3.80%, 04/15/2026    EUR 2,600        2,950  
Series 3Y, Reg. S, 3.85%, 09/15/2026    EUR 1,800        2,057  
Series 5Y, Reg. S, 0.00%, 04/01/2026    EUR 4,060        4,358  
Series 5Y, Reg. S, 0.00%, 08/01/2026    EUR 3,447        3,673  
Series 5Y, Reg. S, 0.50%, 02/01/2026    EUR 5,270        5,712  
Series 5Y, Reg. S, 1.10%, 04/01/2027    EUR 3,160        3,406  
Series 5Y, Reg. S, 2.65%, 12/01/2027    EUR 660        739  
Series 5Y, Reg. S, 3.00%, 10/01/2029    EUR 1,210        1,360  
Series 5Y, Reg. S, 3.35%, 07/01/2029    EUR 7,570        8,654  
Series 5Y, Reg. S, 3.80%, 08/01/2028    EUR 450        523  
Series 5Y, Reg. S, 4.10%, 02/01/2029    EUR 2,195        2,585  
Series 7Y, Reg. S, 0.25%, 03/15/2028    EUR 7,600        7,833  
Series 7Y, Reg. S, 0.45%, 02/15/2029    EUR 1,360        1,378  
Series 7Y, Reg. S, 0.50%, 07/15/2028    EUR 4,074        4,204  
Series 7Y, Reg. S, 0.95%, 09/15/2027    EUR 3,660        3,903  
Series 7Y, Reg. S, 2.10%, 07/15/2026    EUR 5,850        6,477  
Series 7Y, Reg. S, 2.50%, 11/15/2025    EUR 545        607  
Series 7Y, Reg. S, 2.80%, 06/15/2029    EUR 4,820        5,388  
Series 7Y, Reg. S, 3.50%, 02/15/2031 (e)    EUR 2,910        3,337  
Series 7Y, Reg. S, 3.70%, 06/15/2030    EUR 1,800        2,088  
Series 7Y, Reg. S, 3.85%, 12/15/2029    EUR 1,500        1,755  
Series 7Y, Reg. S, 4.00%, 11/15/2030    EUR 1,550        1,827  
Series 8Y, Reg. S, 0.85%, 01/15/2027 (e)    EUR 6,435        6,919  
Series 8Y, Reg. S, 4.00%, 10/30/2031 (e)    EUR 1,770        2,098  
Series 10Y, Reg. S, 0.60%, 08/01/2031 (e)    EUR 14,464        13,749  
Series 10Y, Reg. S, 0.95%, 08/01/2030    EUR 910        909  
Series 10Y, Reg. S, 0.95%, 12/01/2031 (e)    EUR 3,605        3,484  
Series 10Y, Reg. S, 0.95%, 06/01/2032    EUR 3,305        3,151  
Series 10Y, Reg. S, 1.25%, 12/01/2026    EUR 1,457        1,584  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 10Y, Reg. S, 1.60%, 06/01/2026    EUR 5,740        6,307  
Series 10Y, Reg. S, 1.65%, 12/01/2030 (e)    EUR 124        128  
Series 10Y, Reg. S, 2.00%, 02/01/2028    EUR 2,552        2,798  
Series 10Y, Reg. S, 2.05%, 08/01/2027    EUR 3,580        3,945  
Series 10Y, Reg. S, 2.20%, 06/01/2027    EUR 15,277        16,920  
Series 10Y, Reg. S, 2.50%, 12/01/2032    EUR 5,610        5,970  
Series 10Y, Reg. S, 2.80%, 12/01/2028    EUR 3,430        3,851  
Series 10Y, Reg. S, 3.00%, 08/01/2029    EUR 11,056        12,472  
Series 10Y, Reg. S, 3.85%, 07/01/2034    EUR 12,730        14,753  
Series 10Y, Reg. S, 4.20%, 03/01/2034    EUR 4,200        5,012  
Series 10Y, Reg. S, 4.35%, 11/01/2033    EUR 2,300        2,779  
Series 10Y, Reg. S, 4.40%, 05/01/2033    EUR 3,770        4,578  
Series 11Y, Reg. S, 0.90%, 04/01/2031    EUR 2,707        2,650  
Series 11Y, Reg. S, 1.35%, 04/01/2030    EUR 3,150        3,249  
Series 11Y, Reg. S, 3.85%, 02/01/2035    EUR 860        992  
Series 13Y, Reg. S, 4.00%, 04/30/2035 (e)    EUR 800        940  
Series 13Y, Reg. S, 4.05%, 10/30/2037 (e)    EUR 1,840        2,147  
Series 15Y, Reg. S, 2.45%, 09/01/2033 (e)    EUR 2,770        2,908  
Series 15Y, Reg. S, 4.15%, 10/01/2039 (e)    EUR 1,900        2,206  
Series 15Y, Reg. S, 4.75%, 09/01/2028 (e)    EUR 1,720        2,068  
Series 16Y, Reg. S, 0.95%, 03/01/2037 (e)    EUR 3,214        2,652  
Series 16Y, Reg. S, 1.45%, 03/01/2036 (e)    EUR 2,229        2,012  
Series 16Y, Reg. S, 3.25%, 03/01/2038 (e)    EUR 3,490        3,713  
Series 16Y, Reg. S, 3.50%, 03/01/2030 (e)    EUR 6,136        7,086  
Series 16Y, Reg. S, 4.50%, 03/01/2026 (e)    EUR 2,853        3,263  
Series 17Y, Reg. S, 1.65%, 03/01/2032 (e)    EUR 2,246        2,273  
Series 20Y, Reg. S, 2.25%, 09/01/2036 (e)    EUR 2,564        2,509  
Series 20Y, Reg. S, 2.95%, 09/01/2038 (e)    EUR 3,722        3,821  
Series 20Y, Reg. S, 4.45%, 09/01/2043 (e)    EUR 2,450        2,918  
Series 21Y, Reg. S, 1.80%, 03/01/2041 (e)    EUR 3,104        2,615  
Series 21Y, Reg. S, 3.10%, 03/01/2040 (e)    EUR 4,852        4,979  
Series 26Y, Reg. S, 3.35%, 03/01/2035 (e)    EUR 4,860        5,390  
Series 30Y, Reg. S, 2.15%, 09/01/2052 (e)    EUR 2,751        2,130  
Series 30Y, Reg. S, 3.85%, 09/01/2049 (e)    EUR 5,450        5,952  
Series 30Y, Reg. S, 4.30%, 10/01/2054 (e)    EUR 880        1,003  
Series 30Y, Reg. S, 4.50%, 10/01/2053 (e)    EUR 2,955        3,519  
Series 30Y, Reg. S, 6.50%, 11/01/2027    EUR 890        1,110  
Series 30Y, Reg. S, 7.25%, 11/01/2026    EUR 1,355        1,657  
Series 31Y, Reg. S, 1.70%, 09/01/2051 (e)    EUR 2,267        1,609  
Series 31Y, Reg. S, 2.70%, 03/01/2047 (e)    EUR 1,350        1,236  
Series 31Y, Reg. S, 3.25%, 09/01/2046 (e)    EUR 1,926        1,938  
Series 31Y, Reg. S, 3.45%, 03/01/2048 (e)    EUR 2,815        2,905  
Series 31Y, Reg. S, 4.00%, 02/01/2037 (e)    EUR 1,310        1,533  
Series 31Y, Reg. S, 4.75%, 09/01/2044 (e)    EUR 5,355        6,650  
Series 31Y, Reg. S, 5.00%, 08/01/2034 (e)    EUR 966        1,226  
Series 31Y, Reg. S, 5.00%, 09/01/2040 (e)    EUR 560        711  
Series 31Y, Reg. S, 5.25%, 11/01/2029    EUR 1,777        2,215  
Series 31Y, Reg. S, 5.75%, 02/01/2033    EUR 1,260        1,663  
Series 31Y, Reg. S, 6.00%, 05/01/2031    EUR 4,453        5,864  
Series 32Y, Reg. S, 5.00%, 08/01/2039 (e)    EUR 7,023        8,912  
Series 34Y, Reg. S, 1.50%, 04/30/2045 (e)    EUR 3,821        2,843  
Series 50Y, Reg. S, 2.15%, 03/01/2072 (e)    EUR 1,280        900  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 50Y, Reg. S, 2.80%, 03/01/2067 (e)    EUR 1,945        1,655  
Series CAC, Reg. S, 2.45%, 09/01/2050 (e)    EUR 2,842        2,401  
Japan Bank for International Cooperation, (Japan),      
0.63%, 07/15/2025      250        243  
3.13%, 02/15/2028    EUR 1,000        1,136  
Japan Expressway Holding and Debt Repayment Agency, (Japan),      
Series 37, 2.42%, 06/20/2028    JPY 100,000        743  
Series 75, 1.96%, 09/19/2031    JPY 100,000        752  
Series 271, 0.02%, 03/31/2026    JPY 30,000        208  
Japan Finance Organization for Municipalities, (Japan),      
Reg. S, 0.01%, 02/02/2028    EUR 1,000        1,025  
Reg. S, 0.05%, 02/12/2027    EUR 500        525  
Reg. S, 0.63%, 09/02/2025      1,000        967  
Series 69, 0.48%, 02/28/2025    JPY 100,000        696  
Series 2022, 2.32%, 06/18/2027    JPY 20,000        146  
Japan Government Five Year Bond, (Japan),      
Series 143, 0.10%, 03/20/2025    JPY 15,700        109  
Series 144, 0.10%, 06/20/2025    JPY 329,000        2,289  
Series 146, 0.10%, 12/20/2025    JPY 452,050        3,139  
Series 148, 0.01%, 06/20/2026    JPY 409,750        2,834  
Series 149, 0.01%, 09/20/2026    JPY 10,000        69  
Series 150, 0.01%, 12/20/2026    JPY 77,150        532  
Series 151, 0.01%, 03/20/2027    JPY 4,208,000        29,012  
Series 153, 0.01%, 06/20/2027    JPY 3,159,600        21,762  
Series 154, 0.10%, 09/20/2027    JPY 1,355,000        9,347  
Series 161, 0.30%, 06/20/2028    JPY 290,000        2,008  
Series 164, 0.20%, 12/20/2028    JPY 3,606,700        24,821  
Series 167, 0.40%, 03/20/2029    JPY 2,435,000        16,880  
Series 168, 0.60%, 03/20/2029    JPY 800,000        5,594  
Series 170, 0.60%, 06/20/2029    JPY 188,450        1,317  
Japan Government Forty Year Bond, (Japan),      
Series 1, 2.40%, 03/20/2048    JPY 100,000        762  
Series 3, 2.20%, 03/20/2050    JPY 505,350        3,679  
Series 6, 1.90%, 03/20/2053    JPY 650        4  
Series 7, 1.70%, 03/20/2054    JPY 127,050        809  
Series 8, 1.40%, 03/20/2055    JPY 14,350        84  
Series 9, 0.40%, 03/20/2056    JPY 617,800        2,605  
Series 10, 0.90%, 03/20/2057    JPY 174,350        863  
Series 11, 0.80%, 03/20/2058    JPY 91,700        432  
Series 12, 0.50%, 03/20/2059    JPY 210,000        869  
Series 13, 0.50%, 03/20/2060    JPY 683,000        2,765  
Series 14, 0.70%, 03/20/2061    JPY 650,000        2,797  
Series 15, 1.00%, 03/20/2062    JPY 544,850        2,584  
Series 16, 1.30%, 03/20/2063    JPY 488,850        2,534  
Series 17, 2.20%, 03/20/2064    JPY 12,300        83  
Japan Government Ten Year Bond, (Japan),      
Series 1, 0.70%, 12/20/2033    JPY 3,242,750        22,355  
Series 2, 1.00%, 03/20/2034    JPY 180,650        1,276  
Series 342, 0.10%, 03/20/2026    JPY 2,000,000        13,869  
Series 343, 0.10%, 06/20/2026    JPY 202,900        1,406  
Series 344, 0.10%, 09/20/2026    JPY 131,500        910  
Series 345, 0.10%, 12/20/2026    JPY 21,950        152  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 346, 0.10%, 03/20/2027    JPY 4,398,500        30,396  
Series 347, 0.10%, 06/20/2027    JPY 2,600,000        17,954  
Series 349, 0.10%, 12/20/2027    JPY 152,200        1,049  
Series 353, 0.10%, 12/20/2028    JPY 4,700,000        32,209  
Series 354, 0.10%, 03/20/2029    JPY 900,000        6,157  
Series 357, 0.10%, 12/20/2029    JPY 210,100        1,431  
Series 358, 0.10%, 03/20/2030    JPY 90,300        614  
Series 359, 0.10%, 06/20/2030    JPY 1,935,000        13,149  
Series 360, 0.10%, 09/20/2030    JPY 53,450        363  
Series 361, 0.10%, 12/20/2030    JPY 4,351,300        29,453  
Series 362, 0.10%, 03/20/2031    JPY 649,500        4,390  
Series 363, 0.10%, 06/20/2031    JPY 2,906,200        19,598  
Series 364, 0.10%, 09/20/2031    JPY 531,050        3,573  
Series 365, 0.10%, 12/20/2031    JPY 112,350        754  
Series 366, 0.20%, 03/20/2032    JPY 4,345,100        29,296  
Series 367, 0.20%, 06/20/2032    JPY 6,000        40  
Series 368, 0.20%, 09/20/2032    JPY 116,450        781  
Series 369, 0.50%, 12/20/2032    JPY 181,000        1,241  
Series 370, 0.50%, 03/20/2033    JPY 242,700        1,659  
Series 371, 0.40%, 06/20/2033    JPY 65,000        439  
Series 372, 0.80%, 09/20/2033    JPY 206,850        1,443  
Series 373, 0.60%, 12/20/2033    JPY 2,829,400        19,331  
Series 374, 0.80%, 03/20/2034    JPY 3,940,600        27,344  
Series 375, 1.10%, 06/20/2034    JPY 587,050        4,174  
Japan Government Thirty Year Bond, (Japan),      
Series 11, 1.70%, 06/20/2033    JPY 100,000        752  
Series 21, 2.30%, 12/20/2035    JPY 704,850        5,564  
Series 22, 2.50%, 03/20/2036    JPY 116,250        935  
Series 24, 2.50%, 09/20/2036    JPY 46,950        378  
Series 33, 2.00%, 09/20/2040    JPY 333,000        2,491  
Series 34, 2.20%, 03/20/2041    JPY 23,000        176  
Series 40, 1.80%, 09/20/2043    JPY 5,450        39  
Series 42, 1.70%, 03/20/2044    JPY 1,650,000        11,510  
Series 43, 1.70%, 06/20/2044    JPY 620,200        4,315  
Series 44, 1.70%, 09/20/2044    JPY 14,000        97  
Series 47, 1.60%, 06/20/2045    JPY 10,000        68  
Series 49, 1.40%, 12/20/2045    JPY 165,000        1,071  
Series 59, 0.70%, 06/20/2048    JPY 1,250,000        6,717  
Series 61, 0.70%, 12/20/2048    JPY 2,550        14  
Series 62, 0.50%, 03/20/2049    JPY 1,600,000        8,046  
Series 63, 0.40%, 06/20/2049    JPY 195,100        948  
Series 64, 0.40%, 09/20/2049    JPY 45,650        220  
Series 65, 0.40%, 12/20/2049    JPY 1,800,000        8,658  
Series 66, 0.40%, 03/20/2050    JPY 1,465,150        7,006  
Series 67, 0.60%, 06/20/2050    JPY 50,000        251  
Series 68, 0.60%, 09/20/2050    JPY 121,500        608  
Series 69, 0.70%, 12/20/2050    JPY 130,000        665  
Series 71, 0.70%, 06/20/2051    JPY 385,800        1,954  
Series 73, 0.70%, 12/20/2051    JPY 8,000        40  
Series 74, 1.00%, 03/20/2052    JPY 114,000        619  
Series 75, 1.30%, 06/20/2052    JPY 56,000        328  
Series 76, 1.40%, 09/20/2052    JPY 3,000        18  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 77, 1.60%, 12/20/2052    JPY 41,500        260  
Series 78, 1.40%, 03/20/2053    JPY 1,006,000        5,994  
Series 79, 1.20%, 06/20/2053    JPY 750,000        4,241  
Series 80, 1.80%, 09/20/2053    JPY 11,800        77  
Series 81, 1.60%, 12/20/2053    JPY 1,036,600        6,447  
Series 82, 1.80%, 03/20/2054    JPY 1,213,150        7,901  
Series 83, 2.20%, 06/20/2054    JPY 83,950        597  
Japan Government Twenty Year Bond, (Japan),      
Series 80, 2.10%, 06/20/2025    JPY 517,000        3,648  
Series 105, 2.10%, 09/20/2028    JPY 214,950        1,593  
Series 117, 2.10%, 03/20/2030    JPY 38,000        287  
Series 118, 2.00%, 06/20/2030    JPY 6,800        51  
Series 121, 1.90%, 09/20/2030    JPY 3,500,000        26,307  
Series 122, 1.80%, 09/20/2030    JPY 924,000        6,908  
Series 129, 1.80%, 06/20/2031    JPY 233,450        1,756  
Series 131, 1.70%, 09/20/2031    JPY 61,200        458  
Series 140, 1.70%, 09/20/2032    JPY 163,950        1,232  
Series 142, 1.80%, 12/20/2032    JPY 10,900        82  
Series 143, 1.60%, 03/20/2033    JPY 4,800        36  
Series 147, 1.60%, 12/20/2033    JPY 2,900,000        21,601  
Series 148, 1.50%, 03/20/2034    JPY 450,250        3,322  
Series 149, 1.50%, 06/20/2034    JPY 498,700        3,675  
Series 151, 1.20%, 12/20/2034    JPY 65,700        470  
Series 153, 1.30%, 06/20/2035    JPY 10,000        72  
Series 157, 0.20%, 06/20/2036    JPY 900,000        5,662  
Series 160, 0.70%, 03/20/2037    JPY 258,000        1,702  
Series 161, 0.60%, 06/20/2037    JPY 2,800,000        18,175  
Series 163, 0.60%, 12/20/2037    JPY 180,000        1,158  
Series 164, 0.50%, 03/20/2038    JPY 237,350        1,500  
Series 165, 0.50%, 06/20/2038    JPY 3,450        22  
Series 167, 0.50%, 12/20/2038    JPY 2,482,750        15,456  
Series 168, 0.40%, 03/20/2039    JPY 15,500        95  
Series 169, 0.30%, 06/20/2039    JPY 784,700        4,694  
Series 170, 0.30%, 09/20/2039    JPY 833,900        4,954  
Series 171, 0.30%, 12/20/2039    JPY 89,000        526  
Series 172, 0.40%, 03/20/2040    JPY 2,952,950        17,631  
Series 173, 0.40%, 06/20/2040    JPY 125,000        743  
Series 174, 0.40%, 09/20/2040    JPY 150,000        886  
Series 175, 0.50%, 12/20/2040    JPY 80,000        478  
Series 176, 0.50%, 03/20/2041    JPY 173,050        1,029  
Series 177, 0.40%, 06/20/2041    JPY 40,000        233  
Series 178, 0.50%, 09/20/2041    JPY 410,950        2,419  
Series 179, 0.50%, 12/20/2041    JPY 3,537,600        20,734  
Series 180, 0.80%, 03/20/2042    JPY 190,000        1,167  
Series 183, 1.40%, 12/20/2042    JPY 35,000        235  
Series 184, 1.10%, 03/20/2043    JPY 13,650        87  
Series 185, 1.10%, 06/20/2043    JPY 14,000        89  
Series 186, 1.50%, 09/20/2043    JPY 268,800        1,822  
Series 187, 1.30%, 12/20/2043    JPY 2,016,000        13,186  
Series 188, 1.60%, 03/20/2044    JPY 2,420,550        16,589  
Series 189, 1.90%, 06/20/2044    JPY 228,800        1,645  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Foreign Government Securities — continued      
Japan Government Two Year Bond, (Japan),      
Series 454, 0.10%, 11/01/2025    JPY 800,000        5,558  
Series 455, 0.01%, 12/01/2025    JPY 1,600,000        11,098  
Series 458, 0.20%, 03/01/2026    JPY 625,000        4,341  
Series 459, 0.20%, 04/01/2026    JPY 2,000,000        13,889  
Series 460, 0.30%, 05/01/2026    JPY 1,986,500        13,812  
Series 464, 0.40%, 09/01/2026    JPY 520,200        3,621  
Japan Housing Finance Agency, (Japan),      
Series 71, 1.75%, 03/19/2026    JPY 200,000        1,418  
Series 108, 1.43%, 06/18/2027    JPY 100,000        712  
Japan International Cooperation Agency, (Japan), Series 35, 0.08%, 06/19/2026    JPY 200,000        1,382  
Japanese Government CPI Linked Bond, (Japan), Series 25, 0.20%, 03/10/2030    JPY 108,312        809  
Jersey International Bond, (Jersey), Reg. S, 3.75%, 06/09/2054    GBP 400        431  
Junta de Castilla y Leon, (Spain), Reg. S, 0.43%, 04/30/2030    EUR 62        61  
Kazakhstan Government International Bond, (Kazakhstan), Reg. S, 1.50%, 09/30/2034    EUR 400        381  
Kingdom of Belgium Government Bond, (Belgium),      
Series 44, Reg. S, 5.00%, 03/28/2035 (e)    EUR 3,430        4,569  
Series 60, Reg. S, 4.25%, 03/28/2041 (e)    EUR 2,330        2,959  
Series 64, Reg. S, 4.50%, 03/28/2026 (e)    EUR 1,245        1,431  
Series 66, Reg. S, 4.00%, 03/28/2032    EUR 992        1,211  
Series 71, Reg. S, 3.75%, 06/22/2045    EUR 1,313        1,569  
Series 73, Reg. S, 3.00%, 06/22/2034 (e)    EUR 3,738        4,265  
Series 75, Reg. S, 1.00%, 06/22/2031 (e)    EUR 2,797        2,834  
Series 76, Reg. S, 1.90%, 06/22/2038 (e)    EUR 1,740        1,695  
Series 77, Reg. S, 1.00%, 06/22/2026 (e)    EUR 2,862        3,121  
Series 78, Reg. S, 1.60%, 06/22/2047 (e)    EUR 2,317        1,890  
Series 80, Reg. S, 2.15%, 06/22/2066 (e)    EUR 1,561        1,295  
Series 81, Reg. S, 0.80%, 06/22/2027 (e)    EUR 2,270        2,436  
Series 83, Reg. S, 2.25%, 06/22/2057 (e)    EUR 967        835  
Series 84, Reg. S, 1.45%, 06/22/2037 (e)    EUR 830        778  
Series 85, Reg. S, 0.80%, 06/22/2028 (e)    EUR 5,432        5,743  
Series 86, Reg. S, 1.25%, 04/22/2033 (e)    EUR 2,674        2,679  
Series 87, Reg. S, 0.90%, 06/22/2029 (e)    EUR 3,854        4,025  
Series 88, Reg. S, 1.70%, 06/22/2050 (e)    EUR 1,736        1,391  
Series 89, Reg. S, 0.10%, 06/22/2030 (e)    EUR 1,501        1,470  
Series 90, Reg. S, 0.40%, 06/22/2040 (e)    EUR 1,285        950  
Series 91, Reg. S, 0.00%, 10/22/2027 (e)    EUR 6,446        6,713  
Series 92, Reg. S, 0.00%, 10/22/2031 (e)    EUR 2,187        2,045  
Series 93, Reg. S, 0.65%, 06/22/2071 (e)    EUR 1,508        713  
Series 94, Reg. S, 0.35%, 06/22/2032 (e)    EUR 1,880        1,768  
Series 95, Reg. S, 1.40%, 06/22/2053 (e)    EUR 2,395        1,707  
Series 96, Reg. S, 2.75%, 04/22/2039 (e)    EUR 1,550        1,666  
Series 97, Reg. S, 3.00%, 06/22/2033 (e)    EUR 3,020        3,456  
Series 98, Reg. S, 3.30%, 06/22/2054 (e)    EUR 1,680        1,830  
Series 99, Reg. S, 3.45%, 06/22/2043 (e)    EUR 929        1,067  
Series 100, Reg. S, 2.85%, 10/22/2034 (e)    EUR 1,740        1,953  
Series 101, Reg. S, 3.50%, 06/22/2055 (e)    EUR 1,290        1,451  
Series 102, Reg. S, 2.70%, 10/22/2029 (e)    EUR 700        792  
Kommunalbanken A/S, (Norway),      
Reg. S, 0.05%, 10/24/2029    EUR 1,500        1,486  
Reg. S, 0.88%, 05/24/2027    EUR 500        536  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
Kommunekredit, (Denmark),      
0.00%, 11/17/2029    EUR 800        790  
Reg. S, 0.01%, 05/04/2034    EUR 500        432  
Reg. S, 0.50%, 01/24/2025    EUR 460        508  
Reg. S, 2.88%, 01/19/2035    EUR 7,000        7,903  
Kommuninvest I Sverige AB, (Sweden),      
Reg. S, 0.38%, 06/10/2026    SEK 2,000        191  
Reg. S, 3.00%, 06/18/2031    SEK 4,000        407  
Series 2505, Reg. S, 1.00%, 05/12/2025    SEK 5,000        487  
Series 2602, Reg. S, 0.75%, 02/04/2026    SEK 2,880        278  
Series 2611, Reg. S, 1.00%, 11/12/2026    SEK 4,000        386  
Korea Development Bank (The), (South Korea),      
Reg. S, 1.83%, 08/10/2027    SEK 2,000        189  
2.63%, 09/08/2027    EUR 1,500        1,668  
6.00%, 01/22/2025    IDR 15,000,000        987  
Korea Expressway Corp., (South Korea), Reg. S, 3.10%, 06/08/2026      800        771  
Korea Housing Finance Corp., (South Korea),      
Reg. S, 0.26%, 10/27/2028    EUR 1,900        1,928  
Reg. S, 1.96%, 07/19/2026    EUR 1,800        1,981  
Reg. S, 3.71%, 04/11/2027    EUR 100        114  
Korea National Oil Corp., (South Korea),      
Reg. S, 0.00%, 10/04/2024    CHF 300        355  
Reg. S, 0.26%, 07/30/2027    CHF 300        347  
Korea Treasury Bond, (South Korea),      
Series 2512, 4.25%, 12/10/2025    KRW 6,500,000        5,049  
Series 2603, 1.25%, 03/10/2026    KRW 4,145,000        3,099  
Series 2603, 3.25%, 03/10/2026    KRW 6,000,000        4,614  
Series 2612, 1.50%, 12/10/2026    KRW 569,490        423  
Series 2612, 3.88%, 12/10/2026    KRW 9,000,000        7,036  
Series 2706, 2.13%, 06/10/2027    KRW 5,500,000        4,130  
Series 2803, 3.25%, 03/10/2028    KRW 110,000        85  
Series 2806, 2.63%, 06/10/2028    KRW 6,050,000        4,588  
Series 2809, 3.50%, 09/10/2028    KRW 5,800,000        4,539  
Series 2912, 1.38%, 12/10/2029    KRW 5,000,000        3,538  
Series 3006, 1.38%, 06/10/2030    KRW 3,160,000        2,218  
Series 3012, 1.50%, 12/10/2030    KRW 1,500,000        1,054  
Series 3106, 2.00%, 06/10/2031    KRW 4,491,310        3,243  
Series 3112, 2.38%, 12/10/2031    KRW 60,920        45  
Series 3206, 3.38%, 06/10/2032    KRW 4,500,000        3,553  
Series 3212, 4.25%, 12/10/2032    KRW 2,600,000        2,159  
Series 3306, 3.25%, 06/10/2033    KRW 160,000        125  
Series 3312, 4.13%, 12/10/2033    KRW 4,024,390        3,363  
Series 3406, 3.50%, 06/10/2034    KRW 698,030        556  
Series 3709, 2.25%, 09/10/2037    KRW 3,000,000        2,108  
Series 3809, 2.38%, 09/10/2038    KRW 1,406,080        999  
Series 4009, 1.50%, 09/10/2040    KRW 277,980        172  
Series 4109, 1.88%, 09/10/2041    KRW 2,115,790        1,378  
Series 4209, 3.25%, 09/10/2042    KRW 2,135,980        1,692  
Series 4212, 3.00%, 12/10/2042    KRW 70,000        54  
Series 4309, 3.88%, 09/10/2043    KRW 4,168,100        3,593  
Series 4803, 2.63%, 03/10/2048    KRW 6,000,000        4,346  
Series 4903, 2.00%, 03/10/2049    KRW 5,014,620        3,210  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 5003, 1.50%, 03/10/2050    KRW  4,937,810        2,821  
Series 5103, 1.88%, 03/10/2051    KRW 2,881,580        1,792  
Series 5303, 3.25%, 03/10/2053    KRW 4,251,170        3,446  
Series 5309, 3.63%, 09/10/2053    KRW 3,979,440        3,452  
Series 5403, 3.25%, 03/10/2054    KRW 4,188,600        3,383  
Series 5409, 2.75%, 09/10/2054    KRW 761,650        565  
Series 6809, 2.00%, 09/10/2068    KRW 1,200,000        720  
Series 7009, 1.63%, 09/10/2070    KRW 250,340        131  
Series 7209, 3.50%, 09/10/2072    KRW 1,300,000        1,167  
Kuntarahoitus OYJ, (Finland),      
Reg. S, 0.00%, 10/14/2030    EUR 500        481  
Reg. S, 0.05%, 09/06/2029    EUR 400        398  
Reg. S, 0.25%, 02/25/2032    EUR 100        94  
Reg. S, 1.25%, 02/23/2033    EUR 600        600  
Reg. S, 2.75%, 02/02/2034    EUR 300        335  
Reg. S, 2.88%, 01/18/2028    EUR 1,600        1,814  
Reg. S, 3.00%, 09/25/2028    EUR 200        228  
Land Baden-Wuerttemberg, (Germany),      
Reg. S, 0.01%, 09/02/2030    EUR 218        212  
Reg. S, 0.01%, 03/07/2031    EUR 400        383  
Reg. S, 0.13%, 11/19/2040    EUR 100        72  
Reg. S, 0.63%, 01/27/2026    EUR 380        413  
Reg. S, 3.00%, 06/27/2033    EUR 800        928  
Land Berlin, (Germany),      
Reg. S, 0.01%, 07/02/2030    EUR 490        477  
Reg. S, 0.05%, 08/06/2040    EUR 200        143  
Reg. S, 0.10%, 01/18/2030    EUR 635        629  
Reg. S, 0.13%, 11/24/2045    EUR 90        56  
Reg. S, 0.15%, 02/22/2036    EUR 200        168  
Reg. S, 0.63%, 02/05/2029    EUR 800        830  
Reg. S, 0.63%, 01/26/2052    EUR 200        124  
Reg. S, 1.25%, 06/01/2028    EUR 500        536  
Reg. S, 1.63%, 08/02/2032    EUR 180        188  
Reg. S, 2.88%, 02/15/2034    EUR 200        228  
Reg. S, 3.00%, 03/13/2054    EUR 510        567  
Series 493, Reg. S, 0.63%, 02/08/2027    EUR 220        236  
Series 495, Reg. S, 1.38%, 06/05/2037    EUR 260        247  
Series 506, Reg. S, 1.38%, 08/27/2038    EUR 115        107  
Series 530, Reg. S, 0.10%, 01/18/2041    EUR 80        57  
Series 546, 2.75%, 02/14/2033    EUR 1,080        1,226  
Series 557, Reg. S, 3.00%, 05/15/2029    EUR 300        344  
Land Thueringen, (Germany),      
Reg. S, 0.05%, 05/06/2030    EUR 260        255  
Reg. S, 0.13%, 01/13/2051    EUR 100        53  
0.50%, 03/02/2029    EUR 600        618  
Reg. S, 3.00%, 11/15/2028    EUR 800        916  
Latvia Government International Bond, (Latvia),      
Reg. S, 0.00%, 03/17/2031    EUR 100        92  
Reg. S, 0.25%, 01/23/2030    EUR 1,000        966  
Reg. S, 1.13%, 05/30/2028    EUR 390        411  
Reg. S, 1.38%, 05/16/2036    EUR 610        558  
Reg. S, 1.88%, 02/19/2049    EUR 100        81  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Foreign Government Securities — continued      
Reg. S, 3.50%, 01/17/2028    EUR 650        743  
Reg. S, 3.88%, 05/22/2029    EUR 1,020        1,181  
LCR Finance plc, (United Kingdom),      
Reg. S, 4.50%, 12/07/2028    GBP 400        543  
Reg. S, 4.50%, 12/07/2038    GBP 110        148  
5.10%, 03/07/2051    GBP 150        211  
Lithuania Government International Bond, (Lithuania),      
Reg. S, 0.50%, 07/28/2050    EUR 560        320  
Reg. S, 0.75%, 05/06/2030    EUR 440        434  
Reg. S, 0.95%, 05/26/2027    EUR 500        532  
Reg. S, 2.13%, 06/01/2032    EUR 1,010        1,054  
Reg. S, 3.88%, 06/14/2033    EUR 800        941  
Malaysia Government Bond, (Malaysia),      
Series 119, 3.91%, 07/15/2026    MYR 5,600        1,373  
Series 120, 4.07%, 06/15/2050    MYR 4,100        982  
Series 122, 3.58%, 07/15/2032    MYR 9,710        2,332  
Series 123, 4.46%, 03/31/2053    MYR 4,600        1,162  
Series 124, 4.05%, 04/18/2039    MYR 10,770        2,655  
Series 219, 3.89%, 08/15/2029    MYR 6,600        1,627  
Series 220, 2.63%, 04/15/2031    MYR 11,660        2,653  
Series 222, 4.70%, 10/15/2042    MYR 8,700        2,291  
Series 223, 3.52%, 04/20/2028    MYR 11,000        2,673  
Series 316, 3.90%, 11/30/2026    MYR 7,500        1,843  
Series 318, 4.64%, 11/07/2033    MYR 200        52  
Series 322, 4.50%, 04/30/2029    MYR 10,000        2,526  
Series 417, 3.90%, 11/16/2027    MYR 3,500        861  
Series 518, 4.92%, 07/06/2048    MYR 4,000        1,086  
Series 519, 3.76%, 05/22/2040    MYR 640        151  
Malaysia Government Investment Issue, (Malaysia),      
Series 119, 4.13%, 07/09/2029    MYR 810        202  
Series 120, 3.42%, 09/30/2027    MYR 3,270        793  
Series 122, 4.19%, 10/07/2032    MYR 140        35  
Series 222, 5.36%, 05/15/2052    MYR 20        6  
Series 223, 4.29%, 08/14/2043    MYR 5,200        1,300  
Series 417, 4.90%, 05/08/2047    MYR 271        74  
Series 617, 4.72%, 06/15/2033    MYR 505        131  
Series 619, 4.12%, 11/30/2034    MYR 15,000        3,748  
Metropolitano de Lisboa EPE, (Portugal),      
4.80%, 12/07/2027    EUR 800        952  
7.30%, 12/23/2025    EUR 500        586  
Mexican Bonos, (Mexico),      
Series M, 7.50%, 06/03/2027    MXN 17,000        830  
Series M, 7.75%, 05/29/2031    MXN 12,000        566  
Series M, 7.75%, 11/13/2042    MXN 2,000        85  
Series M, 8.00%, 11/07/2047    MXN 5,000        214  
Series M, 8.50%, 05/31/2029    MXN 1,000        49  
Series M, 8.50%, 11/18/2038    MXN 2,000        93  
Series M, 10.00%, 11/20/2036    MXN 3,000        159  
Mexico Government International Bond, (Mexico),      
1.13%, 01/17/2030    EUR 1,200        1,157  
1.45%, 10/25/2033    EUR 7,000        6,076  
1.63%, 04/08/2026    EUR 200        217  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
1.75%, 04/17/2028    EUR 2,000        2,107  
3.00%, 03/06/2045    EUR 825        692  
Reg. S, 3.38%, 02/23/2031    EUR 3,000        3,212  
3.50%, 02/12/2034      200        170  
Reg. S, 4.00%, 03/15/2115    EUR 3,500        2,891  
4.49%, 05/25/2032    EUR 4,900        5,512  
Reg. S, 5.63%, 03/19/2114    GBP 800        794  
5.75%, 10/12/2110      80        69  
Ministeries Van de Vlaamse Gemeenschap, (Belgium),      
Reg. S, 0.30%, 10/20/2031    EUR 900        844  
Reg. S, 1.00%, 01/23/2051    EUR 100        64  
Reg. S, 1.38%, 11/21/2033    EUR 500        490  
Reg. S, 1.50%, 07/12/2038    EUR 100        90  
Reg. S, 1.50%, 04/11/2044    EUR 100        81  
Reg. S, 3.00%, 10/12/2032    EUR 100        112  
Reg. S, 3.13%, 06/22/2034    EUR 600        679  
Reg. S, 3.25%, 01/12/2043    EUR 200        217  
Reg. S, 3.50%, 06/22/2045    EUR 700        788  
Reg. S, 4.00%, 09/26/2042    EUR 300        361  
Municipal Finance Authority of British Columbia, (Canada),      
1.10%, 06/01/2025    CAD 200        146  
2.55%, 10/09/2029    CAD 300        216  
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, (Netherlands), Reg. S, 3.00%, 10/25/2027    EUR 400        456  
Nederlandse Waterschapsbank NV, (Netherlands),      
Reg. S, 0.00%, 09/08/2031    EUR 930        874  
Reg. S, 0.00%, 02/16/2037    EUR 850        668  
Reg. S, 0.05%, 01/28/2030    EUR 374        368  
Reg. S, 0.25%, 01/19/2032    EUR 600        567  
Reg. S, 0.38%, 09/28/2046    EUR 269        171  
Reg. S, 0.63%, 01/18/2027    EUR 1,000        1,073  
Reg. S, 0.63%, 02/06/2029    EUR 500        516  
Reg. S, 0.75%, 10/04/2041    EUR 200        154  
Reg. S, 1.00%, 03/01/2028    EUR 300        319  
Reg. S, 1.25%, 06/07/2032    EUR 200        203  
Reg. S, 1.25%, 05/27/2036    EUR 140        132  
Reg. S, 1.50%, 04/27/2038    EUR 440        414  
Reg. S, 1.50%, 06/15/2039    EUR 160        147  
Reg. S, 2.50%, 09/13/2027    EUR 200        224  
Reg. S, 2.63%, 01/10/2034    EUR 200        222  
Reg. S, 2.75%, 12/17/2029    EUR 1,000        1,132  
5.20%, 03/31/2025    CAD 1,000        744  
Netherlands Government Bond, (Netherlands),      
Reg. S, 0.00%, 01/15/2027 (e)    EUR 3,000        3,188  
Reg. S, 0.00%, 01/15/2029 (e)    EUR 1,980        2,015  
Reg. S, 0.00%, 07/15/2030 (e)    EUR 1,014        996  
Reg. S, 0.00%, 07/15/2031 (e)    EUR 2,477        2,372  
Reg. S, 0.00%, 01/15/2038 (e)    EUR 1,332        1,050  
Reg. S, 0.00%, 01/15/2052 (e)    EUR 2,924        1,611  
Reg. S, 0.25%, 07/15/2029 (e)    EUR 5,649        5,757  
Reg. S, 0.50%, 07/15/2026 (e)    EUR 5,210        5,639  
Reg. S, 0.50%, 07/15/2032 (e)    EUR 2,160        2,099  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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%, 01/15/2040 (e)    EUR 4,920        4,015  
Reg. S, 0.75%, 07/15/2027 (e)    EUR 3,413        3,666  
Reg. S, 0.75%, 07/15/2028 (e)    EUR 2,880        3,051  
Reg. S, 2.00%, 01/15/2054 (e)    EUR 3,335        3,206  
Reg. S, 2.50%, 01/15/2030 (e)    EUR 600        679  
Reg. S, 2.50%, 01/15/2033 (e)    EUR 2,288        2,580  
Reg. S, 2.50%, 07/15/2033 (e)    EUR 2,259        2,541  
Reg. S, 2.50%, 07/15/2034 (e)    EUR 3,750        4,202  
Reg. S, 2.75%, 01/15/2047 (e)    EUR 3,197        3,601  
Reg. S, 3.25%, 01/15/2044 (e)    EUR 1,900        2,293  
Reg. S, 3.75%, 01/15/2042 (e)    EUR 2,212        2,825  
Reg. S, 4.00%, 01/15/2037 (e)    EUR 974        1,246  
Reg. S, 5.50%, 01/15/2028 (e)    EUR 1,366        1,684  
New South Wales Treasury Corp., (Australia),      
1.25%, 11/20/2030    AUD 880        512  
Reg. S, 1.75%, 03/20/2034    AUD 1,040        556  
Reg. S, 2.00%, 03/20/2031    AUD 1,310        789  
Reg. S, 2.00%, 03/08/2033    AUD 2,100        1,190  
2.25%, 05/07/2041    AUD 400        186  
Reg. S, 2.50%, 11/22/2032    AUD 50        30  
Reg. S, 3.00%, 03/20/2028    AUD 1,700        1,143  
Reg. S, 3.00%, 02/20/2030    AUD 3,960        2,591  
Reg. S, 4.25%, 02/20/2036    AUD 1,560        1,015  
Reg. S, 4.75%, 02/20/2035    AUD 1,820        1,252  
Reg. S, 4.75%, 02/20/2037    AUD 400        270  
Series 27, Reg. S, 3.00%, 05/20/2027    AUD 1,970        1,335  
New Zealand Government Bond, (New Zealand),      
Series 427, Reg. S, 4.50%, 04/15/2027    NZD 2,740        1,776  
Series 429, 3.00%, 04/20/2029    NZD 1,630        1,002  
Series 433, Reg. S, 3.50%, 04/14/2033    NZD 40        24  
Series 528, 0.25%, 05/15/2028    NZD 880        494  
Series 530, 4.50%, 05/15/2030    NZD 1,260        824  
Series 531, 1.50%, 05/15/2031    NZD 2,250        1,222  
Series 532, 2.00%, 05/15/2032    NZD 2,420        1,326  
Series 534, 4.25%, 05/15/2034    NZD 50        32  
Series 535, 4.50%, 05/15/2035    NZD 1,590        1,023  
Series 541, 1.75%, 05/15/2041    NZD 1,380        577  
Series 551, 2.75%, 05/15/2051    NZD 760        333  
Series 554, 5.00%, 05/15/2054    NZD 430        279  
New Zealand Local Government Funding Agency Bond, (New Zealand),      
Reg. S, 1.50%, 04/20/2029    NZD 2,000        1,132  
Reg. S, 2.00%, 04/15/2037    NZD 250        114  
3.50%, 04/14/2033    NZD 1,800        1,044  
Niedersachsen Invest GmbH, (Germany), Reg. S, 0.25%, 07/16/2035    EUR 400        348  
Northern Territory Treasury Corp., (Australia),      
Reg. S, 2.00%, 04/21/2031    AUD 300        178  
Reg. S, 5.25%, 03/21/2034    AUD 800        563  
Norway Government Bond, (Norway),      
Series 478, Reg. S, 1.50%, 02/19/2026 (e)    NOK 4,500        414  
Series 479, Reg. S, 1.75%, 02/17/2027 (e)    NOK 17,520        1,600  
Series 480, Reg. S, 2.00%, 04/26/2028 (e)    NOK 16,060        1,457  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 481, Reg. S, 1.75%, 09/06/2029 (e)    NOK 3,040        269  
Series 482, Reg. S, 1.38%, 08/19/2030 (e)    NOK 7,050        602  
Series 483, Reg. S, 1.25%, 09/17/2031 (e)    NOK 18,344        1,524  
Series 484, Reg. S, 2.13%, 05/18/2032 (e)    NOK 5,867        513  
Series 485, Reg. S, 3.50%, 10/06/2042 (e)    NOK 3,780        366  
Series 486, Reg. S, 3.00%, 08/15/2033 (e)    NOK 6,100        565  
Series 487, Reg. S, 3.63%, 04/13/2034 (e)    NOK 12,280        1,190  
OMERS Finance Trust, (Canada),      
0.45%, 05/13/2025 (e)    EUR 250        274  
Reg. S, 0.45%, 05/13/2025    EUR 3,200        3,506  
Reg. S, 2.60%, 05/14/2029    CAD 500        361  
Reg. S, 3.13%, 01/25/2029    EUR 500        568  
Ontario Electricity Financial Corp., (Canada), Series 40, Zero Coupon, 04/11/2031    CAD 1,500        886  
Ontario Teachers’ Finance Trust, (Canada),      
Reg. S, 0.10%, 05/19/2028    EUR 100        102  
Reg. S, 0.50%, 05/06/2025    EUR 1,700        1,864  
Reg. S, 0.90%, 05/20/2041    EUR 1,650        1,293  
Reg. S, 3.30%, 10/05/2029    EUR 800        918  
Panama Government International Bond, (Panama), 6.70%, 01/26/2036      100        104  
Perusahaan Penerbit SBSN Indonesia, (Indonesia), 6.88%, 03/15/2036    IDR 5,968,000        408  
Peruvian Government International Bond, (Peru),      
1.25%, 03/11/2033    EUR 2,000        1,806  
Reg. S, 1.95%, 11/17/2036    EUR 1,000        883  
Reg. S, 2.75%, 01/30/2026    EUR 825        911  
2.78%, 01/23/2031      110        98  
3.00%, 01/15/2034      60        51  
3.23%, 07/28/2121      5        3  
3.55%, 03/10/2051      5        4  
Reg. S, 6.90%, 08/12/2037    PEN 1,000        278  
Philippine Government International Bond, (Philippines), 1.75%, 04/28/2041    EUR 1,000        813  
Portugal Obrigacoes do Tesouro OT, (Portugal),      
Reg. S, 0.30%, 10/17/2031 (e)    EUR 1,542        1,489  
Reg. S, 0.48%, 10/18/2030 (e)    EUR 1,782        1,786  
Reg. S, 0.70%, 10/15/2027 (e)    EUR 2,825        3,020  
Reg. S, 0.90%, 10/12/2035 (e)    EUR 1,461        1,336  
Reg. S, 1.00%, 04/12/2052 (e)    EUR 1,040        674  
Reg. S, 1.15%, 04/11/2042 (e)    EUR 395        321  
Reg. S, 1.65%, 07/16/2032 (e)    EUR 1,210        1,269  
Reg. S, 1.95%, 06/15/2029 (e)    EUR 2,553        2,812  
Reg. S, 2.13%, 10/17/2028 (e)    EUR 2,137        2,382  
Reg. S, 2.88%, 10/15/2025 (e)    EUR 1,500        1,677  
Reg. S, 2.88%, 07/21/2026 (e)    EUR 1,710        1,928  
Reg. S, 3.50%, 06/18/2038 (e)    EUR 1,400        1,641  
Reg. S, 3.88%, 02/15/2030 (e)    EUR 1,020        1,228  
Reg. S, 4.10%, 04/15/2037 (e)    EUR 837        1,046  
Reg. S, 4.10%, 02/15/2045 (e)    EUR 1,660        2,066  
Reg. S, 4.13%, 04/14/2027 (e)    EUR 1,480        1,732  
Series 11Y, Reg. S, 2.88%, 10/20/2034 (e)    EUR 1,120        1,265  
Series 15Y, Reg. S, 2.25%, 04/18/2034 (e)    EUR 1,576        1,698  
Series 30Y, Reg. S, 3.63%, 06/12/2054 (e)    EUR 420        480  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
Province of Alberta Canada, (Canada), Reg. S, 1.40%, 02/20/2029    SEK 2,000        185  
Province of British Columbia Canada, (Canada),      
2.80%, 06/18/2048    CAD 400        236  
7.25%, 09/01/2036      300        377  
Province of Manitoba Canada, (Canada), 2.05%, 09/05/2052    CAD 100        48  
Province of Nova Scotia Canada, (Canada),      
3.15%, 12/01/2051    CAD 100        62  
3.45%, 06/01/2045    CAD 200        132  
Province of Ontario Canada, (Canada),      
Reg. S, 0.01%, 11/25/2030    EUR 3,000        2,848  
Reg. S, 0.25%, 12/15/2026    GBP 1,900        2,329  
Reg. S, 0.25%, 06/09/2031    EUR 3,000        2,849  
Reg. S, 0.38%, 04/08/2027    EUR 1,500        1,587  
5.60%, 06/02/2035    CAD 300        258  
Province of Quebec Canada, (Canada),      
Reg. S, 0.00%, 10/15/2029    EUR 1,000        982  
Reg. S, 0.50%, 01/25/2032    EUR 3,000        2,860  
Reg. S, 0.88%, 05/04/2027    EUR 3,500        3,747  
Reg. S, 0.88%, 07/05/2028    EUR 1,025        1,077  
3.50%, 12/01/2045    CAD 200        135  
4.50%, 09/08/2033      610        626  
Series PD, 7.50%, 09/15/2029      100        116  
Province of Saskatchewan Canada, (Canada), 3.30%, 06/02/2048    CAD 400        258  
PSP Capital, Inc., (Canada), 3.25%, 07/02/2034 (e)    EUR 2,600        2,970  
Queensland Treasury Corp., (Australia),      
Reg. S, 1.75%, 08/21/2031 (e)    AUD 2,170        1,269  
Reg. S, 1.75%, 07/20/2034 (e)    AUD 1,660        878  
Reg. S, 2.00%, 08/22/2033 (e)    AUD 70        39  
Reg. S, 2.50%, 03/06/2029 (e)    AUD 570        371  
Reg. S, 3.25%, 08/21/2029 (e)    AUD 970        647  
Reg. S, 3.50%, 08/21/2030 (e)    AUD 1,000        667  
Reg. S, 4.50%, 03/09/2033 (e)    AUD 1,680        1,157  
Reg. S, 4.75%, 02/02/2034 (e)    AUD 770        536  
Reg. S, 5.25%, 07/21/2036 (e)    AUD 1,040        737  
Series 26, Reg. S, 3.25%, 07/21/2026 (e)    AUD 2,090        1,429  
Series 27, Reg. S, 2.75%, 08/20/2027 (e)    AUD 400        268  
Regiao Autonoma Madeira, (Portugal), 0.94%, 05/29/2032    EUR 1,200        1,166  
Regie Autonome des Transports Parisiens EPIC, (France),      
Reg. S, 0.35%, 06/20/2029    EUR 500        499  
Reg. S, 0.40%, 12/19/2036    EUR 960        888  
Reg. S, 0.88%, 05/25/2027    EUR 100        106  
Reg. S, 1.88%, 05/25/2032    EUR 100        103  
Reg. S, 3.25%, 04/11/2033    EUR 100        113  
Reg. S, 3.25%, 05/25/2034    EUR 200        225  
Region of Ile de France, (France),      
Reg. S, 0.00%, 04/20/2028    EUR 200        203  
Reg. S, 0.63%, 04/23/2027    EUR 200        211  
Reg. S, 2.23%, 07/19/2032    EUR 200        210  
Region of Lazio Italy, (Italy), Reg. S, 3.09%, 03/31/2043    EUR 160        165  
Region Wallonne Belgium, (Belgium),      
Reg. S, 0.25%, 05/03/2026    EUR 300        321  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Foreign Government Securities — continued      
Reg. S, 0.38%, 10/22/2031    EUR 100        94  
Reg. S, 0.50%, 06/22/2037    EUR 100        79  
Reg. S, 1.05%, 06/22/2040    EUR 100        78  
Reg. S, 1.25%, 05/03/2034    EUR 200        189  
Reg. S, 1.38%, 04/06/2032    EUR 200        199  
Reg. S, 2.88%, 01/14/2038    EUR 300        315  
Reg. S, 3.00%, 12/06/2030    EUR 1,500        1,688  
Reg. S, 3.25%, 06/22/2033    EUR 400        453  
Reg. S, 3.50%, 03/15/2043    EUR 100        110  
Reg. S, 3.75%, 04/22/2039    EUR 400        461  
Reg. S, 3.90%, 06/22/2054    EUR 100        113  
Republic of Austria Government Bond, (Austria),      
Reg. S, 0.00%, 10/20/2028 (e)    EUR 990        1,008  
Reg. S, 0.00%, 02/20/2030 (e)    EUR 1,768        1,737  
Reg. S, 0.00%, 02/20/2031 (e)    EUR 3,244        3,096  
Reg. S, 0.00%, 10/20/2040 (e)    EUR 1,410        986  
Reg. S, 0.25%, 10/20/2036 (e)    EUR 1,450        1,195  
Reg. S, 0.50%, 04/20/2027 (e)    EUR 2,700        2,884  
Reg. S, 0.50%, 02/20/2029 (e)    EUR 1,219        1,259  
Reg. S, 0.70%, 04/20/2071 (e)    EUR 1,951        1,015  
Reg. S, 0.75%, 10/20/2026 (e)    EUR 3,950        4,275  
Reg. S, 0.75%, 02/20/2028 (e)    EUR 2,740        2,908  
Reg. S, 0.75%, 03/20/2051 (e)    EUR 1,892        1,256  
Reg. S, 0.85%, 06/30/2120 (e)    EUR 1,010        523  
Reg. S, 0.90%, 02/20/2032 (e)    EUR 2,990        2,972  
Reg. S, 1.20%, 10/20/2025 (e)    EUR 1,760        1,933  
Reg. S, 1.50%, 02/20/2047 (e)    EUR 895        753  
Reg. S, 1.50%, 11/02/2086 (e)    EUR 190        131  
Reg. S, 1.85%, 05/23/2049 (e)    EUR 1,530        1,363  
Reg. S, 2.00%, 07/15/2026 (e)    EUR 1,900        2,108  
Reg. S, 2.10%, 09/20/2117 (e)    EUR 756        661  
Reg. S, 2.40%, 05/23/2034 (e)    EUR 2,173        2,370  
Reg. S, 2.90%, 05/23/2029 (e)    EUR 3,770        4,314  
Reg. S, 2.90%, 02/20/2033 (e)    EUR 1,660        1,891  
Reg. S, 2.90%, 02/20/2034 (e)    EUR 2,450        2,786  
Reg. S, 3.15%, 06/20/2044 (e)    EUR 1,648        1,874  
Reg. S, 3.15%, 10/20/2053 (e)    EUR 1,510        1,709  
Reg. S, 3.20%, 07/15/2039 (e)    EUR 660        759  
Reg. S, 3.45%, 10/20/2030 (e)    EUR 620        730  
Reg. S, 3.80%, 01/26/2062 (e)    EUR 540        703  
Reg. S, 4.15%, 03/15/2037 (e)    EUR 1,445        1,830  
Reg. S, 4.85%, 03/15/2026 (e)    EUR 461        532  
Reg. S, 6.25%, 07/15/2027    EUR 783        967  
Republic of Austria Government International Bond, (Austria), Reg. S, 5.38%, 12/01/2034 (e)    CAD 200        167  
Republic of Italy Government International Bond, (Italy),      
1.25%, 02/17/2026      2,000        1,919  
2.88%, 10/17/2029      200        185  
Reg. S, (ICE EURIBOR Swap Rate 30 Year + 0.00%), 4.25%, 06/28/2029 (aa)    EUR 1,000        1,170  
5.20%, 07/31/2034    EUR 200        250  
Reg. S, 6.00%, 08/04/2028    GBP 1,050        1,450  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Foreign Government Securities — continued      
Republic of Poland Government Bond, (Poland),      
Series 426, Zero Coupon, 04/25/2026    PLN 7,200        1,747  
Series 428, 2.75%, 04/25/2028    PLN 6,310        1,534  
Series 429, 5.75%, 04/25/2029    PLN 4,630        1,244  
Series 432, 1.75%, 04/25/2032    PLN 11,723        2,419  
Series 447, 4.00%, 04/25/2047    PLN 1,523        318  
Series 527, 3.75%, 05/25/2027    PLN 10,290        2,607  
Series 725, 3.25%, 07/25/2025    PLN 4,160        1,074  
Series 726, 2.50%, 07/25/2026    PLN 4,870        1,218  
Series 727, 2.50%, 07/25/2027    PLN 8,450        2,069  
Series 728, 7.50%, 07/25/2028    PLN 6,150        1,746  
Series 729, 4.75%, 07/25/2029    PLN 12,430        3,202  
Series 1026, 0.25%, 10/25/2026    PLN 6,040        1,434  
Series 1029, 2.75%, 10/25/2029    PLN 3,773        888  
Series 1030, 1.25%, 10/25/2030    PLN 5,923        1,247  
Series 1033, 6.00%, 10/25/2033    PLN 6,530        1,794  
Series 1034, 5.00%, 10/25/2034    PLN 2,140        545  
Republic of Poland Government International Bond, (Poland),      
Reg. S, 0.00%, 02/10/2025    EUR 160        176  
Reg. S, 0.88%, 05/10/2027    EUR 1,900        2,030  
Reg. S, 1.13%, 08/07/2026    EUR 1,825        1,979  
Reg. S, 1.38%, 10/22/2027    EUR 6,000        6,465  
Reg. S, 2.00%, 03/08/2049    EUR 53        43  
Reg. S, 2.38%, 01/18/2036    EUR 1,000        1,003  
Reg. S, 2.75%, 05/25/2032    EUR 3,000        3,258  
Romania Government Bond, (Romania),      
Series 5Y, 3.25%, 06/24/2026    RON 11,015        2,354  
Series 5Y, 3.65%, 07/28/2025    RON 7,370        1,619  
Series 5Y, 4.25%, 04/28/2036    RON 1,215        220  
Series 6Y, 8.75%, 10/30/2028    RON 5,850        1,418  
Series 7Y, 2.50%, 10/25/2027    RON 6,350        1,277  
Series 8Y, 4.15%, 01/26/2028    RON 1,930        404  
Series 8Y, 7.35%, 04/28/2031    RON 2,000        465  
Series 10YR, 4.15%, 10/24/2030    RON 6,005        1,184  
Series 10Y, 6.70%, 02/25/2032    RON 3,130        703  
Series 10Y, 8.25%, 09/29/2032    RON 5,080        1,246  
Series 11Y, 7.10%, 07/31/2034    RON 6,060        1,395  
Series 15Y, 7.90%, 02/24/2038    RON 1,650        410  
Romanian Government International Bond, (Romania),      
Reg. S, 1.38%, 12/02/2029    EUR 2,000        1,925  
Reg. S, 1.75%, 07/13/2030    EUR 1,000        950  
Reg. S, 2.00%, 04/14/2033    EUR 1,500        1,298  
Reg. S, 2.12%, 07/16/2031    EUR 3,000        2,794  
Reg. S, 2.63%, 12/02/2040    EUR 1,000        745  
Reg. S, 2.75%, 02/26/2026    EUR 15        16  
Reg. S, 2.75%, 04/14/2041    EUR 800        601  
Reg. S, 2.88%, 10/28/2024    EUR 1,475        1,640  
Reg. S, 2.88%, 04/13/2042    EUR 1,000        751  
Reg. S, 3.38%, 02/08/2038    EUR 1,425        1,247  
Reg. S, 3.38%, 01/28/2050    EUR 1,265        956  
Reg. S, 3.62%, 05/26/2030    EUR 1,875        1,995  
Reg. S, 3.75%, 02/07/2034    EUR 1,000        985  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Foreign Government Securities — continued      
Reg. S, 3.88%, 10/29/2035    EUR 5,000        4,800  
Reg. S, 4.63%, 04/03/2049    EUR 2,000        1,872  
Reg. S, 5.00%, 09/27/2026    EUR 1,000        1,143  
Reg. S, 6.63%, 09/27/2029    EUR 2,000        2,440  
Saudi Government International Bond, (Saudi Arabia),      
Reg. S, 2.00%, 07/09/2039    EUR 1,200        1,045  
5.75%, 01/16/2054 (e)      2,645        2,695  
SFIL SA, (France),      
Reg. S, 0.05%, 06/04/2029    EUR 1,800        1,770  
Reg. S, 1.50%, 03/05/2032    EUR 300        302  
Reg. S, 2.88%, 01/18/2028    EUR 1,000        1,121  
Reg. S, 2.88%, 01/22/2031    EUR 200        223  
Reg. S, 3.25%, 11/25/2030    EUR 200        228  
Reg. S, 3.25%, 10/05/2032    EUR 200        227  
Singapore Government Bond, (Singapore),      
1.63%, 07/01/2031    SGD 1,010        740  
1.88%, 03/01/2050    SGD 1,083        720  
1.88%, 10/01/2051    SGD 1,000        661  
2.13%, 06/01/2026    SGD 2,134        1,652  
2.38%, 07/01/2039    SGD 1,490        1,116  
2.63%, 08/01/2032    SGD 1,400        1,090  
2.75%, 04/01/2042    SGD 30        23  
2.75%, 03/01/2046    SGD 1,130        891  
2.88%, 09/01/2027    SGD 1,230        969  
2.88%, 08/01/2028    SGD 2,240        1,770  
2.88%, 07/01/2029    SGD 150        119  
2.88%, 09/01/2030    SGD 2,215        1,756  
3.00%, 04/01/2029    SGD 1,720        1,369  
Reg. S, 3.00%, 08/01/2072    SGD 740        634  
Reg. S, 3.25%, 06/01/2054    SGD 260        228  
3.38%, 09/01/2033    SGD 340        280  
3.38%, 05/01/2034    SGD 1,650        1,365  
Slovakia Government Bond, (Slovakia),      
Series 227, Reg. S, 3.63%, 01/16/2029    EUR 470        546  
Series 229, Reg. S, 1.63%, 01/21/2031    EUR 1,200        1,238  
Series 231, 0.63%, 05/22/2026    EUR 860        928  
Series 232, Reg. S, 1.88%, 03/09/2037    EUR 160        147  
Series 233, Reg. S, 2.00%, 10/17/2047    EUR 460        374  
Series 234, Reg. S, 1.00%, 06/12/2028    EUR 700        737  
Series 235, Reg. S, 2.25%, 06/12/2068    EUR 399        312  
Series 236, Reg. S, 0.75%, 04/09/2030    EUR 420        421  
Series 239, Reg. S, 1.00%, 05/14/2032    EUR 718        694  
Series 241, Reg. S, 0.13%, 06/17/2027    EUR 1,362        1,422  
Series 242, Reg. S, 0.38%, 04/21/2036    EUR 379        295  
Series 243, Reg. S, 1.00%, 10/13/2051    EUR 280        173  
Series 244, Reg. S, 4.00%, 10/19/2032    EUR 80        94  
Series 245, Reg. S, 3.75%, 02/23/2035    EUR 1,140        1,301  
Series 246, Reg. S, 4.00%, 02/23/2043    EUR 160        184  
Series 247, Reg. S, 3.63%, 06/08/2033    EUR 375        431  
Series 250, Reg. S, 3.75%, 03/06/2034    EUR 1,360        1,565  
Slovenia Government Bond, (Slovenia),      
Series RS70, Reg. S, 5.13%, 03/30/2026    EUR 470        544  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 RS74, Reg. S, 1.50%, 03/25/2035    EUR 120        116  
Series RS76, Reg. S, 3.13%, 08/07/2045    EUR 290        312  
Series RS77, Reg. S, 2.25%, 03/03/2032    EUR 130        140  
Series RS78, Reg. S, 1.75%, 11/03/2040    EUR 612        557  
Series RS80, Reg. S, 1.00%, 03/06/2028    EUR 500        535  
Series RS81, Reg. S, 1.19%, 03/14/2029    EUR 420        446  
Series RS82, Reg. S, 0.28%, 01/14/2030    EUR 586        585  
Series RS84, Reg. S, 0.88%, 07/15/2030    EUR 190        194  
Series RS85, Reg. S, 0.49%, 10/20/2050    EUR 450        257  
Series RS86, Reg. S, 0.00%, 02/12/2031    EUR 800        758  
Series RS87, Reg. S, 0.69%, 03/03/2081    EUR 121        58  
Series RS91, Reg. S, 3.63%, 03/11/2033    EUR 760        900  
Series RS93, Reg. S, 3.00%, 03/10/2034    EUR 690        773  
Slovenia Government International Bond, (Slovenia), Reg. S, 5.00%, 09/19/2033      1,000        1,043  
SNCF Reseau, (France),      
Reg. S, 0.88%, 01/22/2029    EUR 200        206  
Reg. S, 1.00%, 11/09/2031    EUR 300        293  
Reg. S, 1.13%, 05/19/2027    EUR 500        536  
Reg. S, 1.13%, 05/25/2030    EUR 500        508  
Reg. S, 1.50%, 05/29/2037    EUR 300        269  
Reg. S, 2.00%, 11/12/2026    CHF 300        363  
Reg. S, 2.00%, 02/05/2048    EUR 100        80  
Reg. S, 2.25%, 12/20/2047    EUR 100        85  
Reg. S, 3.13%, 10/25/2028    EUR 1,000        1,130  
4.70%, 06/01/2035    CAD 100        79  
Reg. S, 4.83%, 03/25/2060    GBP 2,000        2,512  
Reg. S, 5.00%, 10/10/2033    EUR 200        255  
Reg. S, 5.00%, 03/11/2052    GBP 145        188  
Reg. S, 5.25%, 12/07/2028    GBP 300        416  
Societe Des Grands Projects EPIC, (France),      
Reg. S, 0.00%, 11/25/2030    EUR 700        658  
Reg. S, 0.30%, 11/25/2031    EUR 300        279  
Reg. S, 0.30%, 09/02/2036    EUR 200        158  
Reg. S, 0.70%, 10/15/2060    EUR 300        133  
Reg. S, 0.88%, 05/10/2046    EUR 600        399  
Reg. S, 1.00%, 11/26/2051    EUR 200        121  
Reg. S, 1.13%, 10/22/2028    EUR 700        735  
Reg. S, 1.13%, 05/25/2034    EUR 200        186  
Reg. S, 1.70%, 05/25/2050    EUR 300        226  
Reg. S, 3.38%, 05/25/2045    EUR 200        215  
Reg. S, 3.50%, 05/25/2043    EUR 400        440  
Reg. S, 3.50%, 06/25/2049    EUR 700        761  
Reg. S, 3.70%, 05/25/2053    EUR 200        222  
Societe Nationale SNCF SACA, (France),      
Reg. S, 0.63%, 04/17/2030    EUR 500        494  
Reg. S, 1.00%, 05/25/2040    EUR 100        77  
Reg. S, 1.00%, 01/19/2061    EUR 100        46  
Reg. S, 1.50%, 02/02/2029    EUR 300        317  
Reg. S, 3.13%, 05/25/2034    EUR 700        778  
Reg. S, 3.38%, 05/25/2033    EUR 400        456  
Reg. S, 5.38%, 03/18/2027    GBP 400        544  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
South Australian Government Financing Authority, (Australia),      
Reg. S, 1.75%, 05/24/2032    AUD 670        382  
Reg. S, 2.00%, 05/23/2036    AUD 89        45  
Reg. S, 2.75%, 05/24/2030    AUD 500        322  
Reg. S, 4.00%, 05/24/2029    AUD 1,000        691  
Reg. S, 4.50%, 05/23/2031    AUD 400        279  
Reg. S, 4.75%, 05/24/2038    AUD 400        268  
Spain Government Bond, (Spain),      
0.00%, 01/31/2026    EUR 3,200        3,449  
0.00%, 01/31/2027    EUR 3,250        3,429  
Reg. S, 0.00%, 01/31/2028 (e)    EUR 3,878        3,997  
Reg. S, 0.10%, 04/30/2031 (e)    EUR 9,780        9,280  
Reg. S, 0.50%, 04/30/2030 (e)    EUR 6,473        6,472  
Reg. S, 0.50%, 10/31/2031 (e)    EUR 5,188        4,998  
Reg. S, 0.60%, 10/31/2029 (e)    EUR 2,750        2,794  
Reg. S, 0.70%, 04/30/2032 (e)    EUR 3,110        3,003  
Reg. S, 0.80%, 07/30/2027 (e)    EUR 3,441        3,675  
0.80%, 07/30/2029    EUR 8,100        8,349  
Reg. S, 0.85%, 07/30/2037 (e)    EUR 4,393        3,700  
Reg. S, 1.00%, 07/30/2042 (e)    EUR 1,293        982  
Reg. S, 1.00%, 10/31/2050 (e)    EUR 4,370        2,777  
Reg. S, 1.20%, 10/31/2040 (e)    EUR 2,511        2,050  
Reg. S, 1.25%, 10/31/2030 (e)    EUR 1,058        1,094  
Reg. S, 1.30%, 10/31/2026 (e)    EUR 2,251        2,456  
Reg. S, 1.40%, 04/30/2028 (e)    EUR 3,456        3,725  
Reg. S, 1.40%, 07/30/2028 (e)    EUR 2,991        3,215  
Reg. S, 1.45%, 10/31/2027 (e)    EUR 4,440        4,818  
Reg. S, 1.45%, 04/30/2029 (e)    EUR 5,130        5,478  
Reg. S, 1.45%, 10/31/2071 (e)    EUR 1,529        871  
Reg. S, 1.50%, 04/30/2027 (e)    EUR 3,815        4,163  
Reg. S, 1.85%, 07/30/2035 (e)    EUR 4,233        4,224  
Reg. S, 1.90%, 10/31/2052 (e)    EUR 2,842        2,215  
Reg. S, 1.95%, 04/30/2026 (e)    EUR 2,228        2,465  
Reg. S, 1.95%, 07/30/2030 (e)    EUR 1,744        1,885  
Reg. S, 2.15%, 10/31/2025 (e)    EUR 7,035        7,800  
Reg. S, 2.35%, 07/30/2033 (e)    EUR 2,841        3,056  
2.50%, 05/31/2027    EUR 8,130        9,088  
Reg. S, 2.55%, 10/31/2032 (e)    EUR 3,290        3,619  
2.80%, 05/31/2026    EUR 5,540        6,208  
Reg. S, 2.90%, 10/31/2046 (e)    EUR 3,443        3,479  
Reg. S, 3.10%, 07/30/2031    EUR 1,410        1,616  
Reg. S, 3.15%, 04/30/2033 (e)    EUR 4,020        4,603  
Reg. S, 3.25%, 04/30/2034 (e)    EUR 10,700        12,273  
Reg. S, 3.45%, 10/31/2034 (e)    EUR 3,050        3,547  
Reg. S, 3.45%, 07/30/2043 (e)    EUR 2,113        2,337  
Reg. S, 3.45%, 07/30/2066 (e)    EUR 2,310        2,425  
3.50%, 05/31/2029    EUR 7,550        8,795  
Reg. S, 3.55%, 10/31/2033 (e)    EUR 2,315        2,724  
Reg. S, 3.90%, 07/30/2039 (e)    EUR 7,530        8,958  
Reg. S, 4.00%, 10/31/2054 (e)    EUR 1,820        2,134  
Reg. S, 4.20%, 01/31/2037 (e)    EUR 1,173        1,451  
Reg. S, 4.70%, 07/30/2041 (e)    EUR 1,804        2,345  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Foreign Government Securities — continued      
Reg. S, 4.90%, 07/30/2040 (e)    EUR 2,339        3,095  
Reg. S, 5.15%, 10/31/2028 (e)    EUR 3,906        4,812  
Reg. S, 5.15%, 10/31/2044 (e)    EUR 4,751        6,557  
5.75%, 07/30/2032    EUR 2,406        3,255  
Reg. S, 5.90%, 07/30/2026 (e)    EUR 5,670        6,708  
6.00%, 01/31/2029    EUR 2,430        3,106  
Series 30Y, Reg. S, 2.70%, 10/31/2048 (e)    EUR 3,341        3,213  
State of Brandenburg, (Germany),      
Reg. S, 0.13%, 01/26/2046    EUR 259        160  
Reg. S, 1.13%, 07/04/2033    EUR 200        199  
Reg. S, 1.45%, 11/26/2038    EUR 180        168  
Reg. S, 2.50%, 01/25/2029    EUR 200        225  
Reg. S, 2.88%, 05/23/2034    EUR 500        573  
Reg. S, 3.00%, 02/27/2032    EUR 200        231  
State of Bremen, (Germany),      
Series 215, Reg. S, 1.20%, 01/30/2034    EUR 40        39  
Series 217, Reg. S, 1.00%, 05/27/2039    EUR 200        173  
Series 224, Reg. S, 0.40%, 08/20/2049    EUR 30        18  
Series 232, Reg. S, 0.55%, 02/04/2050    EUR 30        19  
Series 247, Reg. S, 0.15%, 09/14/2040    EUR 310        225  
Series 250, Reg. S, 0.01%, 10/06/2028    EUR 640        651  
Series 258, Reg. S, 0.50%, 05/06/2041    EUR 138        105  
Series 272, Reg. S, 3.00%, 03/02/2033    EUR 700        808  
Series 274, Reg. S, 2.75%, 01/30/2032    EUR 100        114  
State of Hesse, (Germany),      
Reg. S, 0.13%, 10/10/2031    EUR 403        382  
2.50%, 10/01/2031 (w)    EUR 200        223  
Reg. S, 2.75%, 01/10/2034    EUR 200        226  
Reg. S, 3.25%, 10/05/2028    EUR 300        346  
Series 1801, Reg. S, 0.63%, 08/02/2028    EUR 230        240  
Series 2006, Reg. S, 0.01%, 03/11/2030    EUR 990        973  
Series 2010, Reg. S, 0.00%, 11/08/2030    EUR 500        482  
Series 2301, 2.88%, 01/10/2033    EUR 1,100        1,260  
State of Lower Austria, (Austria),      
Reg. S, 0.00%, 11/16/2035    EUR 300        246  
Reg. S, 3.63%, 10/04/2033    EUR 300        359  
State of Lower Saxony, (Germany),      
Reg. S, 0.00%, 02/11/2027    EUR 1,310        1,383  
Reg. S, 0.01%, 01/10/2031    EUR 779        748  
Reg. S, 0.05%, 03/09/2035    EUR 277        237  
Reg. S, 0.38%, 05/14/2029    EUR 1,500        1,529  
Reg. S, 1.50%, 10/17/2029    EUR 200        214  
Reg. S, 2.63%, 03/18/2032    EUR 200        225  
Reg. S, 2.75%, 02/17/2031    EUR 700        796  
Series 884, Reg. S, 0.88%, 10/25/2028    EUR 320        337  
Series 898, Reg. S, 0.01%, 08/13/2030    EUR 149        145  
Series 908, Reg. S, 0.25%, 04/09/2029    EUR 700        711  
Series 917, Reg. S, 2.63%, 01/09/2034    EUR 200        224  
State of Mecklenburg-Western Pomerania, (Germany),      
2.55%, 01/12/2032    EUR 200        224  
Reg. S, 2.95%, 06/05/2034    EUR 100        115  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 North Rhine-Westphalia Germany, (Germany),      
Reg. S, 0.00%, 01/15/2029    EUR 161        162  
Reg. S, 0.13%, 06/04/2031    EUR 300        288  
Reg. S, 0.20%, 03/31/2027    EUR 490        518  
Reg. S, 0.20%, 04/09/2030    EUR 694        687  
Reg. S, 0.20%, 01/27/2051    EUR 270        146  
Reg. S, 0.38%, 09/02/2050    EUR 385        224  
Reg. S, 0.50%, 11/25/2039    EUR 110        87  
Reg. S, 0.60%, 06/04/2041    EUR 300        231  
Reg. S, 0.75%, 08/16/2041    EUR 360        283  
Reg. S, 0.80%, 07/30/2049    EUR 100        68  
Reg. S, 0.90%, 11/15/2028    EUR 600        631  
Reg. S, 0.95%, 03/13/2028    EUR 144        153  
Reg. S, 0.95%, 01/10/2121    EUR 195        98  
Reg. S, 1.00%, 10/16/2046    EUR 1,360        1,024  
Reg. S, 1.25%, 05/12/2036    EUR 1,400        1,336  
Reg. S, 1.38%, 01/15/2120    EUR 434        256  
Reg. S, 1.45%, 02/16/2043    EUR 100        87  
Reg. S, 1.45%, 01/19/2122    EUR 150        92  
Reg. S, 1.65%, 02/22/2038    EUR 480        466  
Reg. S, 1.65%, 05/16/2047    EUR 220        190  
Reg. S, 1.75%, 10/26/2057    EUR 172        140  
Reg. S, 1.75%, 07/11/2068    EUR 104        81  
Reg. S, 1.95%, 09/26/2078    EUR 254        204  
Reg. S, 2.00%, 06/15/2032    EUR 450        484  
Reg. S, 2.15%, 03/21/2119    EUR 376        311  
Reg. S, 2.75%, 01/15/2032    EUR 430        488  
Reg. S, 2.90%, 06/07/2033    EUR 200        229  
Reg. S, 2.90%, 01/15/2053    EUR 390        421  
Reg. S, 3.00%, 01/27/2028    EUR 400        456  
Reg. S, 3.00%, 06/06/2029    EUR 300        344  
Reg. S, 3.00%, 03/20/2054    EUR 200        221  
Reg. S, 3.38%, 10/31/2028    EUR 500        580  
Reg. S, 3.40%, 03/07/2073    EUR 1,310        1,582  
Series 15YR, Reg. S, 0.00%, 10/12/2035    EUR 1,054        877  
Series 15YR, Reg. S, 1.10%, 03/13/2034    EUR 240        234  
Series 1250, Reg. S, 2.38%, 05/13/2033    EUR 1,050        1,156  
Series 1409, Reg. S, 0.50%, 04/16/2026    EUR 980        1,061  
Series 1439, Reg. S, 1.55%, 06/16/2048    EUR 200        168  
State of Rhineland-Palatinate, (Germany),      
Reg. S, 0.01%, 02/25/2028    EUR 500        516  
Reg. S, 0.01%, 01/21/2031    EUR 410        394  
Reg. S, 0.38%, 01/26/2027    EUR 220        235  
Reg. S, 0.38%, 03/10/2051    EUR 200        116  
Reg. S, 0.75%, 01/19/2026    EUR 725        790  
2.75%, 02/23/2028    EUR 300        339  
Reg. S, 3.00%, 05/02/2034    EUR 350        404  
State of Saarland, (Germany),      
Reg. S, 0.05%, 11/05/2040    EUR 68        49  
2.75%, 01/18/2030    EUR 300        341  
2.75%, 04/10/2031    EUR 100        113  
State of Saxony-Anhalt, (Germany),      
Reg. S, 0.00%, 03/10/2031    EUR 280        267  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
0.35%, 02/09/2032    EUR 300        288  
Reg. S, 0.50%, 03/24/2051    EUR 123        75  
3.15%, 02/06/2054    EUR 150        172  
Series 10Y, Reg. S, 0.75%, 01/29/2029    EUR 200        209  
Series 32, Reg. S, 2.95%, 06/20/2033    EUR 450        518  
State of Schleswig-Holstein Germany, (Germany),      
Reg. S, 0.05%, 07/08/2031    EUR 400        380  
Reg. S, 0.13%, 06/12/2029    EUR 331        333  
Reg. S, 0.38%, 02/08/2027    EUR 310        330  
Reg. S, 0.50%, 03/22/2029    EUR 440        452  
Reg. S, 0.63%, 08/31/2028    EUR 140        146  
Reg. S, 1.38%, 07/14/2027    EUR 200        217  
Reg. S, 2.88%, 06/25/2029    EUR 400        457  
Reg. S, 2.88%, 05/30/2034    EUR 200        229  
Reg. S, 3.00%, 08/16/2033    EUR 400        463  
State of the Grand-Duchy of Luxembourg, (Luxembourg),      
Reg. S, 0.00%, 11/13/2026    EUR 400        425  
Reg. S, 0.00%, 04/28/2030    EUR 150        147  
Reg. S, 0.00%, 03/24/2031    EUR 103        98  
Reg. S, 0.00%, 09/14/2032    EUR 400        367  
Reg. S, 1.38%, 05/25/2029    EUR 380        406  
Reg. S, 1.75%, 05/25/2042    EUR 710        661  
Reg. S, 3.25%, 03/02/2043    EUR 100        115  
States of Guernsey Bond, (Guernsey), Reg. S, 3.38%, 12/12/2046    GBP 200        210  
Svensk Exportkredit AB, (Sweden),      
Zero Coupon, 05/11/2037      224        125  
Reg. S, 2.00%, 06/30/2027    EUR 1,000        1,101  
Reg. S, 2.75%, 02/23/2028    EUR 395        444  
Sweden Government Bond, (Sweden),      
Series 1053, Reg. S, 3.50%, 03/30/2039    SEK 5,820        669  
Series 1056, Reg. S, 2.25%, 06/01/2032    SEK 9,200        930  
Series 1059, Reg. S, 1.00%, 11/12/2026    SEK 31,600        3,069  
Series 1060, Reg. S, 0.75%, 05/12/2028 (e)    SEK 16,175        1,542  
Series 1061, Reg. S, 0.75%, 11/12/2029 (e)    SEK 27,090        2,540  
Series 1062, Reg. S, 0.13%, 05/12/2031 (e)    SEK 14,255        1,257  
Series 1063, Reg. S, 0.50%, 11/24/2045    SEK 4,650        328  
Series 1064, Reg. S, 1.38%, 06/23/2071 (e)    SEK 570        40  
Series 1065, Reg. S, 1.75%, 11/11/2033    SEK 11,000        1,068  
Series 1066, Reg. S, 2.25%, 05/11/2035    SEK 3,500        353  
Swiss Confederation Government Bond, (Switzerland),      
Reg. S, 0.00%, 06/22/2029    CHF 1,250        1,452  
Reg. S, 0.00%, 06/26/2034    CHF 1,929        2,192  
Reg. S, 0.00%, 07/24/2039    CHF 1,319        1,460  
Reg. S, 0.50%, 05/27/2030    CHF 540        642  
Reg. S, 0.50%, 06/27/2032    CHF 2,090        2,492  
Reg. S, 0.50%, 06/28/2045    CHF 1,060        1,269  
Reg. S, 0.50%, 05/24/2055    CHF 622        756  
Reg. S, 0.50%, 05/30/2058    CHF 260        320  
Reg. S, 1.25%, 06/27/2037    CHF 680        886  
Reg. S, 1.50%, 04/30/2042    CHF 1,140        1,589  
Reg. S, 2.00%, 06/25/2064    CHF 611        1,170  
Reg. S, 2.25%, 06/22/2031    CHF 752        999  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Foreign Government Securities — continued      
Reg. S, 3.25%, 06/27/2027    CHF 1,360        1,733  
Reg. S, 4.00%, 04/08/2028    CHF 663        883  
Reg. S, 4.00%, 01/06/2049    CHF 460        991  
Tasmanian Public Finance Corp., (Australia), 4.75%, 01/25/2035    AUD 400        274  
Thailand Government Bond, (Thailand),      
1.00%, 06/17/2027    THB 40,000        1,205  
1.59%, 12/17/2035    THB 1,400        39  
1.60%, 12/17/2029    THB 123,830        3,725  
2.00%, 12/17/2031    THB 68,600        2,081  
2.00%, 06/17/2042    THB 46,000        1,268  
2.13%, 12/17/2026    THB 3,024        94  
2.35%, 06/17/2026    THB 70,000        2,182  
2.40%, 11/17/2027    THB 4,660        146  
2.40%, 03/17/2029    THB 37,000        1,158  
2.65%, 06/17/2028    THB 94,700        2,991  
2.80%, 06/17/2034    THB 87,770        2,801  
2.88%, 06/17/2046    THB 1,430        43  
3.14%, 06/17/2047    THB 52,160        1,633  
3.39%, 06/17/2037    THB 71,500        2,399  
3.40%, 06/17/2036    THB 4,000        134  
3.45%, 06/17/2043    THB 46,630        1,566  
3.65%, 06/20/2031    THB 3,480        117  
4.00%, 06/17/2055    THB 30,000        1,083  
4.00%, 06/17/2066    THB 26,620        909  
4.00%, 06/17/2072    THB 25,000        868  
Series THAI, 2.75%, 06/17/2052    THB 740        22  
Tokyo Metropolitan Government, (Japan), Reg. S, 0.75%, 07/16/2025      1,000        972  
Treasury Corp. of Victoria, (Australia),      
1.25%, 11/19/2027    AUD 2,370        1,513  
Reg. S, 1.50%, 11/20/2030    AUD 1,400        823  
Reg. S, 1.50%, 09/10/2031    AUD 2,000        1,142  
Reg. S, 2.25%, 09/15/2033    AUD 1,730        981  
2.25%, 11/20/2034    AUD 500        273  
2.25%, 11/20/2041    AUD 1,500        678  
Reg. S, 2.50%, 10/22/2029    AUD 200        128  
Reg. S, 3.00%, 10/20/2028    AUD 3,390        2,261  
4.25%, 12/20/2032    AUD 2,790        1,884  
Reg. S, 4.75%, 09/15/2036    AUD 1,500        1,008  
Reg. S, 5.25%, 09/15/2038    AUD 810        561  
5.50%, 11/17/2026    AUD 1,880        1,343  
Tyollisyysrahasto, (Finland), 0.01%, 06/16/2027    EUR 200        210  
U.S. Treasury Notes,      
4.13%, 09/30/2027      45        46  
4.38%, 08/31/2028      19        19  
UNEDIC ASSEO, (France),      
Reg. S, 0.00%, 03/05/2030    EUR 100        97  
Reg. S, 0.00%, 11/19/2030    EUR 200        189  
Reg. S, 0.01%, 05/25/2031    EUR 1,300        1,214  
Reg. S, 0.10%, 11/25/2026    EUR 600        635  
Reg. S, 0.10%, 05/25/2034    EUR 100        85  
Reg. S, 0.25%, 11/25/2029    EUR 2,000        1,977  
Reg. S, 0.25%, 07/16/2035    EUR 600        503  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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%, 05/25/2036    EUR 300        250  
Reg. S, 0.63%, 03/03/2026    EUR 100        108  
Reg. S, 1.25%, 10/21/2027    EUR 200        215  
Reg. S, 1.25%, 05/25/2033    EUR 700        686  
Reg. S, 1.50%, 04/20/2032    EUR 200        204  
Reg. S, 1.75%, 11/25/2032    EUR 600        618  
Reg. S, 3.13%, 11/25/2034    EUR 300        339  
United Kingdom Gilt, (United Kingdom),      
Reg. S, 0.13%, 01/30/2026    GBP 6,250        7,968  
Reg. S, 0.13%, 01/31/2028    GBP 8,227        9,792  
Reg. S, 0.25%, 07/31/2031    GBP 7,276        7,671  
Reg. S, 0.38%, 10/22/2026    GBP 5,227        6,521  
Reg. S, 0.38%, 10/22/2030    GBP 6,129        6,711  
Reg. S, 0.50%, 01/31/2029    GBP 9,330        10,870  
Reg. S, 0.50%, 10/22/2061    GBP 12,552        5,122  
Reg. S, 0.63%, 07/31/2035    GBP 18,924        17,789  
Reg. S, 0.63%, 10/22/2050    GBP 19,596        10,772  
Reg. S, 0.88%, 10/22/2029    GBP 6,830        7,949  
Reg. S, 0.88%, 07/31/2033    GBP 5,801        5,997  
Reg. S, 0.88%, 01/31/2046    GBP 13,769        9,328  
Reg. S, 1.00%, 01/31/2032    GBP 9,482        10,388  
Reg. S, 1.13%, 01/31/2039    GBP 13,976        12,484  
Reg. S, 1.13%, 10/22/2073    GBP 7,187        3,569  
Reg. S, 1.25%, 07/22/2027    GBP 13,571        16,946  
Reg. S, 1.25%, 10/22/2041    GBP 18,131        15,202  
Reg. S, 1.25%, 07/31/2051    GBP 14,756        9,730  
Reg. S, 1.50%, 07/22/2026    GBP 11,911        15,270  
Reg. S, 1.50%, 07/22/2047    GBP 12,225        9,354  
Reg. S, 1.50%, 07/31/2053    GBP 10,360        7,111  
Reg. S, 1.63%, 10/22/2028    GBP 8,345        10,302  
Reg. S, 1.63%, 10/22/2054    GBP 19,321        13,572  
Reg. S, 1.63%, 10/22/2071    GBP 11,690        7,214  
Reg. S, 1.75%, 09/07/2037    GBP 14,769        15,028  
Reg. S, 1.75%, 01/22/2049    GBP 16,929        13,415  
Reg. S, 1.75%, 07/22/2057    GBP 15,394        10,955  
Reg. S, 2.50%, 07/22/2065    GBP 12,362        10,461  
Reg. S, 3.25%, 01/31/2033    GBP 5,150        6,554  
Reg. S, 3.25%, 01/22/2044    GBP 18,050        20,273  
Reg. S, 3.50%, 10/22/2025    GBP 2,450        3,246  
Reg. S, 3.50%, 01/22/2045    GBP 21,577        24,977  
Reg. S, 3.50%, 07/22/2068    GBP 9,520        10,384  
Reg. S, 3.75%, 03/07/2027    GBP 2,860        3,804  
Reg. S, 3.75%, 01/29/2038    GBP 16,450        21,005  
Reg. S, 3.75%, 07/22/2052    GBP 10,137        11,812  
Reg. S, 3.75%, 10/22/2053    GBP 14,546        16,867  
Reg. S, 4.00%, 10/22/2031    GBP 5,240        7,047  
Reg. S, 4.00%, 01/22/2060    GBP 10,928        13,259  
Reg. S, 4.00%, 10/22/2063    GBP 10,365        12,506  
Reg. S, 4.13%, 01/29/2027    GBP 3,270        4,385  
Reg. S, 4.13%, 07/22/2029    GBP 5,530        7,474  
Reg. S, 4.25%, 12/07/2027    GBP 2,300        3,119  
Reg. S, 4.25%, 06/07/2032    GBP 2,800        3,845  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 PRINCIPAL 

 AMOUNT ($) 

       VALUE ($)   
Foreign Government Securities — continued      
Reg. S, 4.25%, 07/31/2034    GBP 4,565        6,222  
Reg. S, 4.25%, 03/07/2036    GBP 12,293        16,669  
Reg. S, 4.25%, 09/07/2039    GBP 20,057        26,657  
Reg. S, 4.25%, 12/07/2040    GBP 11,975        15,798  
Reg. S, 4.25%, 12/07/2046    GBP 13,498        17,308  
Reg. S, 4.25%, 12/07/2049    GBP 12,255        15,626  
Reg. S, 4.25%, 12/07/2055    GBP 11,359        14,386  
Reg. S, 4.38%, 01/31/2040    GBP 4,170        5,604  
Reg. S, 4.38%, 07/31/2054    GBP 10,566        13,637  
Reg. S, 4.50%, 06/07/2028    GBP 1,150        1,570  
Reg. S, 4.50%, 09/07/2034    GBP 5,520        7,681  
Reg. S, 4.50%, 12/07/2042    GBP 11,215        15,108  
Reg. S, 4.63%, 01/31/2034    GBP 10,445        14,657  
Reg. S, 4.75%, 12/07/2030    GBP 2,976        4,186  
Reg. S, 4.75%, 12/07/2038    GBP 11,274        15,892  
Reg. S, 4.75%, 10/22/2043    GBP 10,302        14,242  
Reg. S, 6.00%, 12/07/2028    GBP 912        1,327  
United States Department of Housing and Urban Development, 3.26%, 08/01/2029      25        24  
United States International Development Finance Corp.,      
3.25%, 10/15/2030      694        678  
3.37%, 10/05/2034      81        77  
Series 1, 1.11%, 05/15/2029      729        681  
Series 2, 0.80%, 05/15/2029      363        336  
Ville de Paris, (France),      
Reg. S, 0.75%, 11/30/2041    EUR 100        71  
Reg. S, 1.38%, 11/20/2034    EUR 300        279  
Reg. S, 1.63%, 02/02/2033    EUR 200        197  
Reg. S, 1.75%, 05/25/2031    EUR 200        206  
3.02%, 10/25/2029    EUR 400        443  
Reg. S, 3.50%, 02/02/2044    EUR 100        110  
3.88%, 12/29/2025    EUR 600        676  
Western Australian Treasury Corp., (Australia),      
Reg. S, 1.50%, 10/22/2030    AUD 780        464  
Reg. S, 2.25%, 07/23/2041    AUD 50        24  
Reg. S, 4.25%, 07/20/2033    AUD 1,000        680  
Series 28, Reg. S, 3.25%, 07/20/2028    AUD 1,000        677  
Series 29, Reg. S, 2.75%, 07/24/2029    AUD 670        438  
Xunta de Galicia, (Spain),      
Reg. S, 0.27%, 07/30/2028    EUR 300        306  
Reg. S, 3.30%, 04/30/2031    EUR 200        229  
     

 

 

  

Total Foreign Government Securities

(Cost $6,970,378)

         7,193,251  
     

 

 

  
Mortgage-Backed Securities — 14.1%      
FHLMC Gold Pool,      
3.00%, 10/01/2046      162        146  
3.50%, 12/01/2044      390        369  
3.50%, 06/01/2045      788        741  
3.50%, 05/01/2046      123        116  
3.50%, 10/01/2046      178        166  
FHLMC Gold Pool, Single Family, 15 years,      
3.00%, 10/01/2026      27        26  
3.00%, 11/01/2026      143        142  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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%, 01/01/2027      776        766  
3.00%, 05/01/2029      3,187        3,130  
3.00%, 02/01/2032      289        281  
3.00%, 04/01/2032      1,496        1,453  
3.00%, 05/01/2032      1,009        981  
3.00%, 07/01/2032      548        533  
3.00%, 10/01/2032      573        557  
3.00%, 11/01/2032      1,001        972  
FHLMC Gold Pool, Single Family, 30 years,      
3.00%, 03/01/2046      16        15  
3.00%, 12/01/2046      26        24  
4.00%, 08/01/2040      213        210  
4.00%, 10/01/2040      2,039        2,017  
4.00%, 11/01/2040      495        489  
4.00%, 11/01/2047      1,517        1,480  
4.00%, 01/01/2048      33        32  
FHLMC Non Gold Pool, ARM, (USD IBOR Consumer Cash Fallbacks 1 Year + 1.64%), 3.69%, 01/01/2050 (aa)      44        43  
FHLMC Pool,      
3.05%, 03/01/2032      885        815  
3.50%, 02/01/2043      46        44  
3.50%, 02/01/2044      72        69  
6.00%, 08/01/2035      50        50  
FHLMC Pool, Single Family, 15 years,      
1.50%, 12/01/2035      320        287  
1.50%, 03/01/2036      489        439  
1.50%, 02/01/2037      712        636  
1.50%, 03/01/2037      740        660  
2.00%, 12/01/2035      628        579  
2.00%, 02/01/2036      4,246        3,908  
2.00%, 03/01/2036      359        329  
2.00%, 05/01/2036      2,174        1,999  
2.00%, 08/01/2036      1,041        956  
2.00%, 10/01/2036      552        507  
2.00%, 11/01/2036      3,126        2,871  
2.00%, 12/01/2036      315        289  
2.00%, 01/01/2037      3,806        3,499  
2.00%, 04/01/2037      1,435        1,313  
2.00%, 05/01/2037      893        816  
2.00%, 06/01/2037      1,710        1,564  
2.50%, 07/01/2032      1,608        1,544  
2.50%, 10/01/2035      7,147        6,754  
2.50%, 07/01/2036      1,110        1,043  
2.50%, 04/01/2037      131        123  
2.50%, 05/01/2037      329        309  
3.00%, 04/01/2028      22        21  
3.00%, 10/01/2028      830        813  
3.00%, 04/01/2029      22        22  
3.00%, 05/01/2030      4        4  
3.00%, 06/01/2030      424        415  
3.00%, 11/01/2030      82        80  
3.00%, 11/01/2031      23        22  
3.00%, 11/01/2032      86        83  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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%, 01/01/2033      41        40  
3.50%, 11/01/2025      100        99  
3.50%, 09/01/2033      231        228  
3.50%, 02/01/2034      569        561  
3.50%, 05/01/2035      494        487  
3.50%, 12/01/2035      48        47  
3.50%, 02/01/2036      165        162  
4.00%, 07/01/2025      4        4  
4.00%, 05/01/2026      5        5  
4.00%, 07/01/2029      100        99  
4.00%, 11/01/2033      18        18  
4.00%, 01/01/2034      12        12  
4.00%, 08/01/2037      123        122  
4.00%, 02/01/2038      127        127  
FHLMC Pool, Single Family, 20 years,      
3.00%, 07/01/2042      329        305  
3.00%, 08/01/2042      114        106  
3.50%, 06/01/2039      228        220  
3.50%, 07/01/2039      131        127  
3.50%, 08/01/2039      504        485  
3.50%, 09/01/2039      318        307  
FHLMC Pool, Single Family, 30 years,      
1.50%, 02/01/2051      25        20  
1.50%, 04/01/2051      46        37  
1.50%, 05/01/2051      5,122        4,054  
1.50%, 07/01/2051      858        679  
2.00%, 09/01/2050      664        554  
2.00%, 10/01/2050      4,119        3,438  
2.00%, 02/01/2051      3,695        3,082  
2.00%, 03/01/2051      2,687        2,249  
2.00%, 05/01/2051      10,565        8,789  
2.00%, 06/01/2051      1,253        1,044  
2.00%, 07/01/2051      1,279        1,072  
2.00%, 10/01/2051      1,643        1,380  
2.00%, 11/01/2051      5,311        4,444  
2.00%, 12/01/2051      4,195        3,479  
2.00%, 01/01/2052      456        379  
2.00%, 02/01/2052      2,039        1,693  
2.00%, 03/01/2052      5,170        4,283  
2.50%, 11/01/2050 (gg)      21,265        18,457  
2.50%, 12/01/2050      730        636  
2.50%, 02/01/2051      11,598        10,088  
2.50%, 04/01/2051      379        327  
2.50%, 08/01/2051 (gg)      13,994        12,255  
2.50%, 11/01/2051      714        625  
2.50%, 02/01/2052      2,155        1,865  
2.50%, 03/01/2052      1,614        1,405  
2.50%, 04/01/2052      193        168  
3.00%, 02/01/2049      1,980        1,829  
3.00%, 11/01/2049      1,419        1,301  
3.00%, 05/01/2050      3,218        2,954  
3.00%, 07/01/2050      1,651        1,494  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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%, 08/01/2050      3,589        3,282  
3.00%, 10/01/2050      729        665  
3.00%, 12/01/2050      238        217  
3.00%, 06/01/2051      2,969        2,679  
3.00%, 07/01/2051      5,581        5,103  
3.00%, 11/01/2051      8,324        7,494  
3.00%, 12/01/2051      3,518        3,161  
3.00%, 02/01/2052      933        838  
3.00%, 03/01/2052      2,716        2,445  
3.00%, 04/01/2052      4,422        3,990  
3.00%, 05/01/2052      1,707        1,533  
3.50%, 03/01/2042      2        2  
3.50%, 09/01/2042      2,059        1,967  
3.50%, 07/01/2043      2        2  
3.50%, 11/01/2047      299        282  
3.50%, 02/01/2048      1,557        1,469  
3.50%, 03/01/2048      262        248  
3.50%, 05/01/2048      3,394        3,201  
3.50%, 06/01/2048      4        3  
3.50%, 01/01/2049      35        33  
3.50%, 02/01/2049      482        458  
3.50%, 09/01/2049      1,973        1,864  
3.50%, 10/01/2049      1,819        1,718  
3.50%, 04/01/2050      2,662        2,518  
4.00%, 05/01/2045      3,999        3,914  
4.00%, 10/01/2048      2,466        2,397  
4.00%, 04/01/2049      2,028        1,971  
4.00%, 09/01/2049      1,280        1,251  
4.00%, 05/01/2050      933        904  
4.00%, 08/01/2050      984        954  
4.00%, 09/01/2050      8,482        8,235  
4.00%, 04/01/2052      53        51  
4.00%, 06/01/2052      879        846  
4.00%, 07/01/2052      891        856  
4.00%, 08/01/2052      1,595        1,534  
4.00%, 09/01/2052      533        512  
4.00%, 10/01/2052      531        515  
4.00%, 02/01/2053      436        423  
4.50%, 12/01/2047      155        155  
4.50%, 04/01/2048      338        338  
4.50%, 08/01/2048      19        18  
4.50%, 09/01/2048      624        619  
4.50%, 08/01/2049      1,171        1,174  
4.50%, 09/01/2050      814        807  
4.50%, 10/01/2050      3,142        3,111  
4.50%, 07/01/2052      196        193  
4.50%, 08/01/2052      479        471  
4.50%, 12/01/2052      1,646        1,638  
4.50%, 08/01/2053      93        91  
5.00%, 12/01/2049      348        356  
5.00%, 08/01/2052      235        236  
5.00%, 09/01/2052      556        561  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
5.00%, 10/01/2052      269        269  
5.00%, 11/01/2052      228        228  
5.00%, 01/01/2053      3,844        3,883  
5.00%, 04/01/2053      1,259        1,260  
5.00%, 06/01/2053      183        184  
5.50%, 11/01/2052      379        389  
5.50%, 12/01/2052      1,145        1,171  
5.50%, 01/01/2053      816        833  
5.50%, 02/01/2053      541        553  
5.50%, 03/01/2053      529        539  
5.50%, 04/01/2053      379        385  
5.50%, 05/01/2053      1,862        1,891  
5.50%, 06/01/2053      101        103  
5.50%, 03/01/2054      2,508        2,541  
5.50%, 05/01/2054      3,943        4,030  
5.50%, 08/01/2054      488        497  
6.00%, 06/01/2053      320        330  
6.00%, 08/01/2053      2,778        2,879  
6.00%, 09/01/2053      852        877  
6.00%, 02/01/2054      453        468  
6.00%, 04/01/2054      353        367  
6.00%, 05/01/2054      4,334        4,473  
6.00%, 07/01/2054      807        833  
6.50%, 09/01/2053      764        790  
6.50%, 10/01/2053      489        507  
6.50%, 11/01/2053      219        226  
6.50%, 12/01/2053      1,241        1,285  
6.50%, 01/01/2054      102        105  
6.50%, 02/01/2054      228        235  
6.50%, 05/01/2054      708        738  
7.00%, 07/01/2054      300        312  
FNMA or FHLMC, Single Family, 15 years,      
TBA, 1.50%, 10/01/2054 (w)      1,241        1,108  
TBA, 2.00%, 10/01/2052 (w)      1,550        1,418  
TBA, 2.50%, 10/25/2037 (w)      3,275        3,071  
TBA, 3.00%, 10/01/2039 (w)      3,375        3,236  
TBA, 3.50%, 10/01/2054 (w)      4,350        4,260  
TBA, 4.00%, 10/01/2039 (w)      3,125        3,104  
TBA, 4.50%, 10/01/2039 (w)      6,800        6,818  
TBA, 5.50%, 10/01/2043 (w)      3,000        3,065  
FNMA or FHLMC, Single Family, 30 years,      
TBA, 1.50%, 10/15/2052 (w)      7,300        5,768  
TBA, 2.00%, 10/01/2054 (w)      9,025        7,463  
TBA, 2.00%, 11/01/2054 (w)      92,000        76,195  
TBA, 2.50%, 10/01/2052 (w)      20,775        17,923  
TBA, 3.00%, 10/01/2054 (w)      21,478        19,282  
TBA, 3.50%, 10/01/2054 (w)      66,904        62,270  
TBA, 4.00%, 10/01/2054 (w)      44,775        42,966  
TBA, 4.00%, 11/01/2054 (w)      72,400        69,534  
TBA, 4.50%, 11/01/2042 (w)      6,075        5,973  
TBA, 4.50%, 10/01/2054 (w)      5,393        5,300  
TBA, 5.00%, 10/01/2054 (w)      49,479        49,429  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL

 AMOUNT ($) 

       VALUE ($)   
Mortgage-Backed Securities — continued      
TBA, 5.00%, 11/01/2054 (w)      13,400        13,388  
TBA, 5.50%, 11/01/2050 (w)      39,400        39,871  
TBA, 5.50%, 10/01/2054 (w)      6,443        6,520  
TBA, 6.00%, 10/01/2054 (w)      49,800        50,915  
TBA, 6.00%, 11/01/2054 (w)      153,700        157,135  
TBA, 6.50%, 11/01/2041 (w)      35,700        36,785  
TBA, 6.50%, 10/01/2054 (w)      5,625        5,798  
TBA, 7.00%, 10/01/2054 (w)      4,000        4,156  
FNMA Pool,      
1.41%, 01/01/2031      5,000        4,240  
2.00%, 11/01/2027      219        213  
2.32%, 01/01/2026      2,042        1,988  
2.92%, 10/01/2025 (z) (gg)      6,654        6,568  
3.00%, 12/01/2042      223        205  
3.00%, 06/01/2043      951        859  
3.00%, 05/01/2045      295        266  
3.00%, 07/01/2045      31        28  
3.00%, 11/01/2046      29        26  
3.00%, 03/01/2060      15,481        13,746  
3.01%, 04/01/2032      4,035        3,751  
3.02%, 03/01/2028      400        388  
3.15%, 03/01/2026      3,900        3,839  
3.29%, 04/01/2027      2,600        2,554  
3.29%, 03/01/2028      1,400        1,367  
3.43%, 05/01/2028      500        489  
3.44%, 01/01/2037      309        289  
3.50%, 09/01/2027      72        71  
3.50%, 12/01/2028      41        41  
3.50%, 08/01/2032      48        46  
3.50%, 12/01/2042      132        125  
3.50%, 04/01/2043      190        180  
3.50%, 11/01/2043      92        88  
3.50%, 02/01/2045      230        219  
3.50%, 02/01/2048      695        649  
3.50%, 09/01/2048      71        66  
3.50%, 07/01/2049      279        258  
3.59%, 12/01/2025      3,900        3,859  
4.00%, 04/01/2041      104        104  
4.00%, 08/01/2046      90        89  
4.13%, 08/01/2031      2,290        2,284  
4.14%, 04/01/2028      521        523  
4.25%, 01/01/2033      3,820        3,834  
4.39%, 04/01/2033      552        557  
4.50%, 06/01/2030      100        102  
4.55%, 05/01/2028      100        102  
4.59%, 06/01/2033      1,173        1,201  
4.62%, 08/01/2031      200        205  
4.64%, 09/01/2028      229        234  
4.70%, 08/01/2031      1,700        1,756  
4.79%, 06/01/2033      1,280        1,320  
4.82%, 09/01/2028      700        720  
4.83%, 06/01/2030      3,310        3,436  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
4.83%, 12/01/2031      1,838        1,914  
4.83%, 12/01/2032      3,252        3,379  
4.88%, 06/01/2028      5,168        5,309  
4.88%, 09/01/2028      1,101        1,133  
4.90%, 10/01/2028      355        365  
4.94%, 05/01/2031      1,076        1,116  
4.99%, 03/01/2031      496        512  
5.09%, 02/01/2031      1,741        1,818  
5.17%, 08/01/2034      742        784  
5.24%, 11/01/2031      1,143        1,207  
5.27%, 03/01/2031      725        764  
5.42%, 08/01/2030      3,845        4,067  
5.57%, 10/01/2028      435        449  
5.73%, 12/01/2033      700        771  
5.75%, 06/01/2034      1,144        1,264  
5.80%, 05/01/2033      995        1,095  
FNMA Pool, 30 years, FHA/VA, 3.00%, 01/01/2047      738        680  
FNMA Pool, Single Family, 15 years,      
1.50%, 10/01/2036      468        419  
1.50%, 11/01/2036      415        372  
1.50%, 03/01/2037      414        370  
1.50%, 05/01/2037      167        149  
1.50%, 08/01/2037      459        410  
2.00%, 02/01/2028      9        9  
2.00%, 09/01/2028      80        77  
2.00%, 11/01/2028      74        71  
2.00%, 07/01/2032      8        7  
2.00%, 12/01/2035      701        646  
2.00%, 02/01/2036      5,258        4,835  
2.00%, 03/01/2036      400        368  
2.00%, 08/01/2036      993        913  
2.00%, 10/01/2036      310        284  
2.00%, 11/01/2036      2,029        1,866  
2.00%, 12/01/2036      1,041        955  
2.00%, 01/01/2037      497        457  
2.00%, 02/01/2037      855        783  
2.00%, 04/01/2037      996        916  
2.00%, 05/01/2037      621        568  
2.50%, 08/01/2035      203        192  
2.50%, 03/01/2036      1,871        1,768  
2.50%, 07/01/2036      742        697  
2.50%, 08/01/2036      115        108  
2.50%, 03/01/2037      216        203  
2.50%, 04/01/2037      444        416  
2.50%, 05/01/2037      116        108  
3.00%, 10/01/2026      35        35  
3.00%, 11/01/2026      526        518  
3.00%, 12/01/2026      68        67  
3.00%, 01/01/2027      720        709  
3.00%, 02/01/2027      147        145  
3.00%, 04/01/2027      273        268  
3.00%, 11/01/2027      19        19  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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%, 02/01/2028      128        126  
3.00%, 10/01/2029      39        38  
3.00%, 03/01/2030      28        27  
3.00%, 05/01/2030      12        12  
3.00%, 07/01/2030      14        13  
3.00%, 09/01/2030      450        440  
3.00%, 12/01/2030      21        20  
3.00%, 04/01/2031      77        75  
3.00%, 12/01/2031      178        174  
3.00%, 02/01/2032      285        277  
3.00%, 03/01/2032      278        270  
3.00%, 04/01/2032      1,370        1,329  
3.00%, 05/01/2032      413        401  
3.00%, 07/01/2032      896        871  
3.00%, 08/01/2032      355        344  
3.00%, 11/01/2032      711        691  
3.00%, 01/01/2033      52        51  
3.00%, 07/01/2033      89        86  
3.00%, 02/01/2034      1,039        1,009  
3.00%, 09/01/2034      401        388  
3.00%, 12/01/2035      392        380  
3.50%, 12/01/2025      52        51  
3.50%, 01/01/2026      171        169  
3.50%, 07/01/2031      47        46  
3.50%, 07/01/2034      278        275  
3.50%, 03/01/2035      1,101        1,088  
3.50%, 04/01/2035      683        672  
3.50%, 05/01/2035      62        61  
3.50%, 06/01/2035      217        214  
4.00%, 03/01/2025      6        6  
4.00%, 06/01/2026      29        29  
4.00%, 08/01/2026      16        16  
4.00%, 08/01/2027      18        17  
4.00%, 12/01/2028      15        15  
4.00%, 04/01/2033      402        402  
4.00%, 10/01/2033      63        63  
4.00%, 11/01/2033      37        37  
4.00%, 12/01/2033      14        14  
4.00%, 03/01/2035      402        399  
4.00%, 09/01/2037      168        167  
4.00%, 11/01/2037      243        242  
4.00%, 05/01/2038      111        110  
4.00%, 11/01/2038      70        70  
FNMA Pool, Single Family, 20 years,      
3.00%, 05/01/2042      674        624  
3.00%, 06/01/2042      350        324  
3.00%, 07/01/2042      1,268        1,181  
3.50%, 03/01/2037      404        393  
3.50%, 08/01/2038      92        89  
3.50%, 04/01/2039      11        11  
3.50%, 08/01/2039      143        138  
4.50%, 06/01/2039      27        27  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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%, 07/01/2043      922        927  
FNMA Pool, Single Family, 30 years,      
1.50%, 11/01/2050      1,259        997  
1.50%, 06/01/2051      1,879        1,489  
1.50%, 07/01/2051      1,160        919  
1.50%, 04/01/2052      884        699  
2.00%, 07/01/2050      1,336        1,115  
2.00%, 09/01/2050      1,165        975  
2.00%, 10/01/2050      887        740  
2.00%, 12/01/2050      7,386        6,159  
2.00%, 01/01/2051      3,718        3,113  
2.00%, 02/01/2051      1,250        1,041  
2.00%, 03/01/2051      1,869        1,568  
2.00%, 04/01/2051      3,392        2,842  
2.00%, 05/01/2051      1,694        1,415  
2.00%, 06/01/2051      5,507        4,603  
2.00%, 07/01/2051      2,903        2,418  
2.00%, 10/01/2051      17,672        14,708  
2.00%, 11/01/2051      2,116        1,770  
2.00%, 12/01/2051      17,873        14,832  
2.00%, 05/01/2052      3,373        2,795  
2.50%, 08/01/2046      4,631        4,124  
2.50%, 08/01/2050      15        14  
2.50%, 10/01/2050      10,703        9,302  
2.50%, 12/01/2050      13,008        11,247  
2.50%, 02/01/2051      1,822        1,588  
2.50%, 03/01/2051      4,885        4,262  
2.50%, 04/01/2051      6,086        5,282  
2.50%, 07/01/2051      1,589        1,386  
2.50%, 08/01/2051      3,514        3,071  
2.50%, 09/01/2051      474        413  
2.50%, 10/01/2051      2,989        2,592  
2.50%, 11/01/2051      4,836        4,191  
2.50%, 12/01/2051      14,107        12,299  
2.50%, 01/01/2052      17,298        14,994  
2.50%, 02/01/2052      988        859  
2.50%, 03/01/2052      14,702        12,788  
2.50%, 04/01/2052      4,387        3,821  
2.50%, 05/01/2052      844        735  
2.50%, 07/01/2052      466        405  
3.00%, 08/01/2046      1,050        962  
3.00%, 11/01/2046      2,800        2,598  
3.00%, 02/01/2047      542        502  
3.00%, 04/01/2048      5,507        5,109  
3.00%, 01/01/2050      2,620        2,404  
3.00%, 03/01/2050      1,378        1,262  
3.00%, 06/01/2050      253        231  
3.00%, 07/01/2050      11,438        10,405  
3.00%, 08/01/2050      3,077        2,813  
3.00%, 09/01/2050      285        259  
3.00%, 11/01/2050      504        459  
3.00%, 12/01/2050      3,606        3,290  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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%, 01/01/2051      1,553        1,415  
3.00%, 05/01/2051      10,126        9,178  
3.00%, 06/01/2051      6,266        5,669  
3.00%, 07/01/2051      1,725        1,563  
3.00%, 08/01/2051      1,154        1,052  
3.00%, 10/01/2051      2,939        2,645  
3.00%, 11/01/2051      2,505        2,259  
3.00%, 12/01/2051      2,436        2,190  
3.00%, 02/01/2052      891        806  
3.00%, 03/01/2052      471        429  
3.00%, 04/01/2052      4,977        4,487  
3.00%, 05/01/2052      1,312        1,180  
3.50%, 07/01/2042      1        1  
3.50%, 09/01/2042      143        137  
3.50%, 05/01/2043      4        4  
3.50%, 07/01/2043      6,248        5,975  
3.50%, 08/01/2043      15,871        15,161  
3.50%, 01/01/2044      193        185  
3.50%, 10/01/2045      18        17  
3.50%, 12/01/2045      1,788        1,687  
3.50%, 07/01/2046      3,282        3,119  
3.50%, 02/01/2047      3,573        3,410  
3.50%, 07/01/2047      796        755  
3.50%, 10/01/2047      1,203        1,135  
3.50%, 02/01/2048      1,896        1,788  
3.50%, 03/01/2048      167        158  
3.50%, 03/01/2049      306        289  
3.50%, 06/01/2049      3,338        3,149  
3.50%, 08/01/2049      1,651        1,558  
3.50%, 04/01/2050      157        148  
3.50%, 05/01/2050      3,750        3,537  
3.50%, 07/01/2050      8,697        8,114  
3.50%, 01/01/2051      647        609  
3.50%, 03/01/2052 (gg)      11,293        10,685  
3.50%, 05/01/2052 (gg)      18,170        16,991  
3.50%, 06/01/2052      4,198        3,935  
3.50%, 07/01/2052      922        859  
4.00%, 04/01/2039      1,102        1,093  
4.00%, 03/01/2042      495        491  
4.00%, 04/01/2043      199        196  
4.00%, 04/01/2044      1,469        1,434  
4.00%, 02/01/2045      211        208  
4.00%, 08/01/2045      2,474        2,426  
4.00%, 09/01/2046      120        119  
4.00%, 09/01/2047      36        35  
4.00%, 10/01/2047      442        430  
4.00%, 03/01/2048      67        66  
4.00%, 04/01/2048      389        379  
4.00%, 06/01/2048      26        25  
4.00%, 07/01/2048      4,152        4,061  
4.00%, 08/01/2048      110        107  
4.00%, 09/01/2048      260        253  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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%, 03/01/2049      1,045        1,016  
4.00%, 05/01/2049      5,154        5,096  
4.00%, 06/01/2049      1,032        1,007  
4.00%, 11/01/2049      435        424  
4.00%, 05/01/2050      829        805  
4.00%, 03/01/2051      2,216        2,127  
4.00%, 05/01/2051      218        212  
4.00%, 04/01/2052      54        52  
4.00%, 05/01/2052      1,736        1,671  
4.00%, 06/01/2052      602        579  
4.00%, 07/01/2052      441        424  
4.00%, 08/01/2052      1,908        1,834  
4.00%, 09/01/2052      295        284  
4.00%, 07/01/2053      433        421  
4.50%, 05/01/2047      2        2  
4.50%, 11/01/2047      556        554  
4.50%, 01/01/2048      508        506  
4.50%, 04/01/2048      25        24  
4.50%, 08/01/2048      14        14  
4.50%, 09/01/2048      404        403  
4.50%, 02/01/2049      4,415        4,373  
4.50%, 05/01/2049      395        393  
4.50%, 08/01/2049      7        7  
4.50%, 01/01/2050      149        150  
4.50%, 04/01/2050 (gg)      6,527        6,480  
4.50%, 05/01/2052      20        20  
4.50%, 06/01/2052      1,289        1,269  
4.50%, 07/01/2052 (gg)      8,657        8,519  
4.50%, 08/01/2052      356        351  
4.50%, 09/01/2052      2,104        2,069  
4.50%, 10/01/2052      887        873  
4.50%, 11/01/2052      3,067        3,019  
4.50%, 12/01/2052      461        454  
4.50%, 08/01/2053      270        266  
5.00%, 09/01/2049      878        896  
5.00%, 10/01/2052      530        536  
5.00%, 11/01/2052      1,019        1,025  
5.00%, 12/01/2052      519        523  
5.00%, 01/01/2053      2,187        2,188  
5.00%, 02/01/2053      1,331        1,330  
5.00%, 03/01/2053      330        334  
5.00%, 04/01/2053      902        902  
5.00%, 05/01/2053      199        199  
5.00%, 06/01/2053      251        255  
5.00%, 07/01/2053      1,942        1,941  
5.00%, 08/01/2053      1,096        1,094  
5.50%, 09/01/2052      296        306  
5.50%, 01/01/2053      431        445  
5.50%, 02/01/2053      1,839        1,868  
5.50%, 03/01/2053      1,408        1,445  
5.50%, 04/01/2053      1,791        1,837  
5.50%, 05/01/2053      1,659        1,689  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
5.50%, 06/01/2053      3,891        3,989  
5.50%, 09/01/2053      351        366  
5.50%, 04/01/2054      710        722  
5.50%, 07/01/2054      391        398  
5.50%, 08/01/2054      619        630  
6.00%, 01/01/2053      2,157        2,208  
6.00%, 07/01/2053      1,240        1,269  
6.00%, 08/01/2053      468        488  
6.00%, 09/01/2053      1,908        1,975  
6.00%, 11/01/2053      2,196        2,258  
6.00%, 12/01/2053      735        759  
6.00%, 04/01/2054      2,215        2,281  
6.00%, 08/01/2054      3,335        3,434  
6.00%, 09/01/2054      1,540        1,578  
6.50%, 10/01/2053      763        797  
6.50%, 11/01/2053      1,895        1,959  
6.50%, 12/01/2053      1,342        1,408  
6.50%, 01/01/2054      1,556        1,615  
6.50%, 02/01/2054      792        840  
6.50%, 07/01/2054      759        787  
6.50%, 08/01/2054      2,489        2,581  
GNMA I Pool, Single Family, 30 years,      
3.00%, 10/15/2049      172        157  
3.00%, 03/15/2050      14        13  
GNMA II Pool,      
2.50%, 12/20/2049      239        208  
3.00%, 01/20/2047      1,142        1,039  
3.00%, 02/20/2047      417        379  
3.00%, 06/20/2047      474        431  
3.00%, 07/20/2047      1,105        1,006  
3.00%, 08/20/2047      463        421  
3.00%, 09/20/2047      376        342  
3.00%, 10/20/2047      386        351  
3.00%, 12/20/2047      527        479  
3.00%, 01/20/2048      535        487  
3.00%, 08/20/2050      592        537  
3.50%, 09/20/2042      2,233        2,088  
3.50%, 08/20/2045      2,148        2,008  
3.50%, 09/20/2045      658        615  
3.50%, 12/20/2047      3,266        3,052  
3.50%, 06/20/2048      45        42  
3.50%, 07/20/2048      29        27  
3.50%, 08/20/2049      89        82  
3.50%, 11/20/2049      152        140  
3.50%, 07/20/2050      148        136  
4.00%, 11/20/2041      19        19  
4.00%, 10/20/2050      328        313  
4.50%, 08/20/2040      17        16  
4.50%, 10/20/2040      36        36  
ARM, (CMT Index 1 Year + 1.84%), 6.93%, 07/20/2072 (aa) (gg)      19,084        19,881  
ARM, (USD IBOR Consumer Cash Fallbacks 1 Month + 2.21%), 7.66%, 10/20/2071 (aa) (gg)      7,397        7,616  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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, (USD IBOR Consumer Cash Fallbacks 1 Month + 2.22%), 7.66%, 02/20/2071 (aa)      2,389        2,463  
GNMA II Pool, Single Family, 15 years, 2.00%, 12/20/2035      2,560        2,367  
GNMA II Pool, Single Family, 30 years,      
1.50%, 10/20/2051      283        232  
2.00%, 07/20/2050      137        117  
2.00%, 08/20/2050      4,475        3,805  
2.00%, 11/20/2050      1,564        1,328  
2.00%, 12/20/2050      2,602        2,209  
2.00%, 01/20/2051      1,101        935  
2.00%, 02/20/2051      951        807  
2.00%, 10/20/2051      5,127        4,349  
2.00%, 12/20/2051      5,069        4,300  
2.00%, 01/20/2052      471        400  
2.00%, 03/20/2052      1,287        1,092  
2.00%, 04/20/2052      2,996        2,543  
2.50%, 01/20/2051      283        249  
2.50%, 02/20/2051      4,025        3,553  
2.50%, 05/20/2051      5,862        5,170  
2.50%, 07/20/2051      7,510        6,618  
2.50%, 09/20/2051 (gg)      10,775        9,491  
2.50%, 11/20/2051      3,226        2,841  
2.50%, 12/20/2051      3,541        3,119  
2.50%, 03/20/2052      847        746  
2.50%, 04/20/2052      425        374  
2.50%, 05/20/2052      755        665  
2.50%, 07/20/2052      246        217  
2.50%, 08/20/2052      410        361  
3.00%, 01/20/2043      401        373  
3.00%, 11/20/2043      83        77  
3.00%, 03/20/2045      87        81  
3.00%, 09/20/2046      1,899        1,751  
3.00%, 11/20/2046      1,167        1,078  
3.00%, 10/20/2047      381        352  
3.00%, 04/20/2049      29        27  
3.00%, 04/20/2050 (gg)      6,910        6,328  
3.00%, 07/20/2050      5,864        5,349  
3.00%, 08/20/2050      3,175        2,907  
3.00%, 08/20/2051      583        532  
3.00%, 10/20/2051      2,610        2,382  
3.00%, 11/20/2051      3,274        2,987  
3.00%, 12/20/2051      799        729  
3.00%, 01/20/2052 (gg)      7,525        6,866  
3.00%, 02/20/2052      325        296  
3.00%, 03/20/2052      1,071        968  
3.00%, 09/20/2052      860        785  
3.00%, 02/20/2053      3,025        2,768  
3.50%, 09/20/2045      2,370        2,260  
3.50%, 09/20/2047      3,041        2,882  
3.50%, 08/20/2048      154        146  
3.50%, 11/20/2048      185        175  
3.50%, 12/20/2048      5        5  
3.50%, 03/20/2049      889        841  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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%, 07/20/2049      873        829  
3.50%, 09/20/2049      1,100        1,039  
3.50%, 10/20/2049      465        440  
3.50%, 12/20/2049      367        347  
3.50%, 01/20/2050      551        521  
3.50%, 04/20/2050      109        103  
3.50%, 01/20/2052      3,952        3,714  
3.50%, 02/20/2052      2,354        2,210  
3.50%, 05/20/2052      694        652  
3.50%, 02/20/2053      3,078        2,901  
4.00%, 07/20/2048      895        875  
4.00%, 09/20/2048      1,523        1,488  
4.00%, 11/20/2048      27        26  
4.00%, 12/20/2048      770        750  
4.00%, 05/20/2049      475        463  
4.00%, 01/20/2050      849        827  
4.00%, 03/20/2050      182        178  
4.00%, 12/20/2050      2,198        2,146  
4.00%, 07/20/2052      188        181  
4.00%, 09/20/2052      1,692        1,636  
4.00%, 12/20/2052      389        376  
4.50%, 03/20/2047      419        417  
4.50%, 06/20/2047      762        758  
4.50%, 07/20/2047      1,324        1,327  
4.50%, 10/20/2047      287        286  
4.50%, 11/20/2047      974        967  
4.50%, 05/20/2048      6,799        6,753  
4.50%, 09/20/2048      601        582  
4.50%, 11/20/2048      736        731  
4.50%, 01/20/2049      1,650        1,649  
4.50%, 03/20/2049      417        417  
4.50%, 05/20/2049      231        229  
4.50%, 10/20/2049      587        585  
4.50%, 08/20/2052      1,483        1,466  
4.50%, 06/20/2053      1,245        1,229  
4.50%, 12/20/2053      392        387  
5.00%, 12/20/2048      133        134  
5.00%, 06/20/2049      291        295  
5.00%, 07/20/2052      107        107  
5.00%, 09/20/2052      815        818  
5.00%, 12/20/2052      1,187        1,190  
5.00%, 04/20/2053      1,115        1,119  
5.00%, 05/20/2053      1,214        1,217  
5.00%, 07/20/2053      1,810        1,815  
5.50%, 12/20/2052      1,094        1,106  
5.50%, 01/20/2053      135        136  
5.50%, 03/20/2053      496        502  
5.50%, 04/20/2053      1,281        1,295  
5.50%, 06/20/2053      1,105        1,116  
5.50%, 07/20/2053      389        396  
5.50%, 08/20/2054      2,332        2,354  
6.00%, 09/20/2053      606        618  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
6.00%, 10/20/2053      928        945  
6.00%, 08/20/2054      2,101        2,138  
6.50%, 06/20/2054      1,982        2,029  
6.50%, 07/20/2054      1,198        1,227  
6.50%, 08/20/2054      673        689  
7.00%, 01/20/2053      1,484        1,520  
7.00%, 05/20/2054      4,766        4,888  
GNMA, Single Family, 30 years,      
TBA, 2.00%, 10/01/2054 (w)      4,325        3,668  
TBA, 2.00%, 11/01/2054 (w)      15,000        12,738  
TBA, 2.50%, 10/01/2054 (w)      3,000        2,643  
TBA, 2.50%, 11/01/2054 (w)      6,600        5,820  
TBA, 3.00%, 10/01/2054 (w)      41,862        38,184  
TBA, 3.00%, 11/01/2054 (w)      19,000        17,346  
TBA, 3.50%, 10/01/2054 (w)      5,245        4,925  
TBA, 3.50%, 11/01/2054 (w)      1,000        940  
TBA, 4.00%, 10/01/2054 (w)      8,185        7,911  
TBA, 4.50%, 10/01/2054 (w)      3,375        3,331  
TBA, 4.50%, 11/01/2054 (w)      6,000        5,920  
TBA, 5.00%, 10/01/2054 (w)      3,305        3,311  
TBA, 5.00%, 11/01/2054 (w)      15,325        15,345  
TBA, 5.50%, 10/01/2054 (w)      7,814        7,887  
TBA, 6.00%, 10/01/2054 (w)      6,500        6,612  
TBA, 6.50%, 10/01/2054 (w)      3,175        3,248  
     

 

 

  
Total Mortgage-Backed Securities
(Cost $1,925,669)		         1,849,072  
     

 

 

  

Municipal Bonds — 0.1% (t)

      

Arizona — 0.0% (g)

      

Salt River Project Agricultural Improvement & Power District, Series A, Rev., 4.84%, 01/01/2041

      100        98  
     

 

 

  

California — 0.0% (g)

      

California State University, Taxable Systemwide, Series E, Rev., 2.90%, 11/01/2051

      15        11  

Regents of the University of California Medical Center Pooled Revenue, Build America Bonds, Series F, Rev., 6.58%, 05/15/2049

      100        115  

State of California, Taxable Construction Bond Bidding Group, GO, 1.75%, 11/01/2030

      100        89  
     

 

 

  
        215  
     

 

 

  
District of Columbia — 0.1%      
District of Columbia, Water & Sewer Authority, Senior Lien, Green Bonds, Series A, Rev., 4.81%, 10/01/2114      890        860  
     

 

 

  
Illinois — 0.0% (g)      
State of Illinois, Taxable Pension, GO, 5.10%, 06/01/2033      94        96  
     

 

 

  
Louisiana — 0.0% (g)      
State of Louisiana Gasoline & Fuels Tax Revenue, Taxable, Series A, Rev., 2.95%, 05/01/2041      1,450        1,168  
     

 

 

  
Maryland — 0.0% (g)      
Maryland Economic Development Corp., Rev., 5.43%, 05/31/2056      1,560        1,622  
     

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 — 0.0% (g)      
University of Michigan, Rev., 4.45%, 04/01/2122      1,000        880  
     

 

 

  
New York — 0.0% (g)      
Port Authority of New York & New Jersey,      
Rev., 5.07%, 07/15/2053      2,205        2,257  
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      100        108  
     

 

 

  
        2,393  
     

 

 

  
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  
     

 

 

  
Texas — 0.0% (g)      
Dallas Fort Worth International Airport, Taxable,      
Series A, Rev., 4.09%, 11/01/2051      425        381  
Series C, Rev., 3.09%, 11/01/2040      100        82  
     

 

 

  
        463  
     

 

 

  
Virginia — 0.0% (g)      
University of Virginia, Rev., 2.26%, 09/01/2050      1,480        924  
University of Virginia, Taxable, Series C, Rev., 4.18%, 09/01/2117      40        34  
     

 

 

  
        958  
     

 

 

  
Total Municipal Bonds
(Cost $9,499)		         8,771  
     

 

 

  
U.S. Government Agency Securities — 0.1%      

Federal Agricultural Mortgage Corp., 2.00%, 10/27/2031

      1,000        874  

Federal Farm Credit Banks Funding Corp.,

      

1.28%, 06/03/2030

      540        468  
1.30%, 11/04/2030      5        4  
1.30%, 02/03/2031      1,235        1,046  
1.43%, 12/11/2030      44        38  
2.20%, 12/09/2031      1,030        911  
2.20%, 01/12/2032      60        53  
5.48%, 06/27/2042      1,000        1,000  
FHLBs,      

0.50%, 04/14/2025

      25        24  
1.00%, 03/23/2026      366        350  
1.28%, 12/02/2030      15        13  
1.30%, 02/11/2030      10        9  
1.50%, 09/11/2029      110        98  
1.85%, 06/11/2035      25        20  
3.25%, 11/16/2028      25        25  

FHLMC,

      
Zero Coupon, 12/14/2029      710        584  
0.38%, 07/21/2025      25        24  
1.22%, 08/19/2030      215        184  
1.25%, 11/19/2030      10        9  
1.38%, 07/15/2030      17        15  
1.40%, 06/28/2030      30        26  
1.50%, 02/12/2025      25        25  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
 AMOUNT ($) 

       VALUE ($)   
U.S. Government Agency Securities — continued      
6.25%, 07/15/2032      7        8  
6.75%, 03/15/2031      50        58  

FHLMC STRIPs, Zero Coupon, 03/15/2031

      542        420  

FNMA,

      
Zero Coupon, 11/15/2030      445        350  
0.88%, 08/05/2030      50        42  
5.38%, 12/07/2028    GBP 460        640  

Resolution Funding Corp. Interest STRIP,

      
Zero Coupon, 10/15/2027      129        115  
Zero Coupon, 10/15/2028      635        547  
Zero Coupon, 01/15/2030      1,750        1,428  
Zero Coupon, 04/15/2030      2,965        2,392  

Resolution Funding Corp. Principal STRIP,

      
Zero Coupon, 01/15/2030      1,050        857  
Zero Coupon, 04/15/2030      395        318  

Tennessee Valley Authority, 4.63%, 06/07/2043

    GBP 200        250  
     

 

 

  
Total U.S. Government Agency Securities
(Cost $13,443)		         13,225  
     

 

 

  

U.S. Treasury Obligations — 6.8%

     

U.S. Treasury Bonds,

      

1.13%, 05/15/2040 (jj)

      755        498  
1.13%, 08/15/2040      35        23  
1.25%, 05/15/2050 (jj)      6,208        3,316  
1.38%, 11/15/2040      203        138  
1.38%, 08/15/2050      63        35  
1.63%, 11/15/2050      462        271  
1.75%, 08/15/2041      486        344  
1.88%, 02/15/2041      46        34  
1.88%, 02/15/2051      68        43  
1.88%, 11/15/2051      494        307  
2.00%, 11/15/2041      26        19  
2.00%, 02/15/2050      1,607        1,046  
2.00%, 08/15/2051      70        45  
2.25%, 05/15/2041      47        36  
2.25%, 08/15/2046      470        336  
2.25%, 08/15/2049      39        27  
2.25%, 02/15/2052      59        40  
2.38%, 02/15/2042      45        35  
2.38%, 11/15/2049      36        26  
2.38%, 05/15/2051      70        49  
2.50%, 02/15/2045      949        724  
2.50%, 02/15/2046      27        20  
2.50%, 05/15/2046      418        315  
2.75%, 08/15/2042      14        12  
2.75%, 11/15/2042      25        20  
2.75%, 08/15/2047      29        23  
2.75%, 11/15/2047      707        550  
2.88%, 05/15/2043      247        205  
2.88%, 08/15/2045      1,195        970  
2.88%, 11/15/2046      19        15  
2.88%, 05/15/2049      42        33  
2.88%, 05/15/2052      56        44  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
3.00%, 05/15/2042      19        16  
3.00%, 11/15/2044      35        29  
3.00%, 05/15/2045      855        710  
3.00%, 11/15/2045      9        7  
3.00%, 02/15/2047      27        22  
3.00%, 05/15/2047      20        16  
3.00%, 02/15/2048      33        27  
3.00%, 08/15/2048      51        41  
3.00%, 02/15/2049      2,339        1,891  
3.00%, 08/15/2052      53        43  
3.13%, 11/15/2041      21        19  
3.13%, 02/15/2042      10        9  
3.13%, 02/15/2043      91        79  
3.13%, 08/15/2044      371        316  
3.13%, 05/15/2048      35        29  
3.25%, 05/15/2042      40        36  
3.38%, 08/15/2042      34        31  
3.38%, 05/15/2044      5        4  
3.38%, 11/15/2048      54        47  
3.50%, 02/15/2039      19        18  
3.63%, 08/15/2043      1,117        1,033  
3.63%, 02/15/2044      1,021        941  
3.63%, 02/15/2053      53        48  
3.63%, 05/15/2053      53        48  
3.75%, 08/15/2041      4        4  
3.75%, 11/15/2043      1,577        1,482  
3.88%, 08/15/2040      19        19  
3.88%, 02/15/2043      34        33  
3.88%, 05/15/2043      272        262  
4.00%, 11/15/2042      34        33  
4.00%, 11/15/2052      53        51  
4.13%, 08/15/2044      18        18  
4.13%, 08/15/2053      59        59  
4.25%, 05/15/2039      9        9  
4.25%, 11/15/2040      30        31  
4.25%, 02/15/2054      272        277  
4.25%, 08/15/2054      36        36  
4.38%, 02/15/2038      12        13  
4.38%, 11/15/2039      12        13  
4.38%, 05/15/2040      10        10  
4.38%, 05/15/2041      16        17  
4.38%, 08/15/2043 (ff)      412        423  
4.50%, 02/15/2036      60        64  
4.50%, 05/15/2038      5        5  
4.50%, 08/15/2039      11        12  
4.50%, 02/15/2044      285        297  
4.63%, 02/15/2040      15        16  
4.63%, 05/15/2044      14        15  
4.63%, 05/15/2054      54        59  
4.75%, 02/15/2037      12        13  
4.75%, 02/15/2041      31        34  
4.75%, 11/15/2043      47        51  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
4.75%, 11/15/2053      62        68  
5.00%, 05/15/2037      12        13  
5.25%, 02/15/2029      365        391  
5.38%, 02/15/2031      5        5  
U.S. Treasury Inflation Indexed Bonds, 2.38%, 01/15/2025 (ee) (ii)      834        829  
U.S. Treasury Inflation Indexed Notes,      
0.13%, 04/15/2025      49        48  
0.25%, 01/15/2025 (ee) (ii)      3,851        3,804  
U.S. Treasury Notes,      
0.38%, 11/30/2025      46        44  
0.38%, 12/31/2025      49        47  
0.38%, 01/31/2026      53        51  
0.38%, 07/31/2027      42        38  
0.38%, 09/30/2027      43        39  
0.50%, 04/30/2027      32        30  
0.50%, 05/31/2027      28        26  
0.50%, 06/30/2027      35        32  
0.50%, 08/31/2027      33        30  
0.50%, 10/31/2027      28        26  
0.63%, 07/31/2026      91        86  
0.63%, 03/31/2027      39        36  
0.63%, 11/30/2027      38        35  
0.63%, 12/31/2027      20        18  
0.63%, 05/15/2030      71        60  
0.63%, 08/15/2030 (jj)      99        83  
0.75%, 03/31/2026      58        55  
0.75%, 04/30/2026      58        55  
0.75%, 05/31/2026      73        70  
0.75%, 08/31/2026      77        73  
0.75%, 01/31/2028      41        37  
0.88%, 06/30/2026      41        39  
0.88%, 09/30/2026      89        84  
0.88%, 11/15/2030      101        86  
1.00%, 07/31/2028      615        558  
1.13%, 10/31/2026      51        48  
1.13%, 02/28/2027      39        37  
1.13%, 02/29/2028      52        48  
1.13%, 08/31/2028      116        106  
1.13%, 02/15/2031      100        86  
1.25%, 11/30/2026      58        55  
1.25%, 12/31/2026      66        63  
1.25%, 03/31/2028      20        18  
1.25%, 04/30/2028      81        75  
1.25%, 05/31/2028      695        639  
1.25%, 06/30/2028      198        182  
1.25%, 09/30/2028      70        64  
1.25%, 08/15/2031      103        88  
1.38%, 08/31/2026      4        4  
1.38%, 10/31/2028      2,089        1,914  
1.38%, 12/31/2028      97        89  
1.38%, 11/15/2031      71,369        61,068  
1.50%, 08/15/2026      41        39  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL

 AMOUNT ($) 

       VALUE ($)   
U.S. Treasury Obligations — continued      
1.50%, 01/31/2027      73        70  
1.50%, 11/30/2028      41        38  
1.50%, 02/15/2030      52        47  
1.63%, 02/15/2026      46        45  
1.63%, 05/15/2026      58        56  
1.63%, 09/30/2026      10        10  
1.63%, 10/31/2026      23        22  
1.63%, 11/30/2026      19        18  
1.63%, 08/15/2029      41        37  
1.63%, 05/15/2031      93        82  
1.75%, 12/31/2026      32        31  
1.75%, 01/31/2029      47        44  
1.75%, 11/15/2029      20        18  
1.88%, 06/30/2026      10        10  
1.88%, 07/31/2026      10        10  
1.88%, 02/28/2027      58        56  
1.88%, 02/28/2029      52        48  
1.88%, 02/15/2032      68,245        60,215  
2.00%, 11/15/2026      46        44  
2.13%, 05/31/2026      8        8  
2.25%, 11/15/2025      52        51  
2.25%, 03/31/2026      23        23  
2.25%, 02/15/2027      46        45  
2.25%, 08/15/2027      38        37  
2.25%, 11/15/2027      10        10  
2.38%, 04/30/2026      19        19  
2.38%, 05/15/2027      51        49  
2.38%, 03/31/2029      45        43  
2.38%, 05/15/2029      47        45  
2.50%, 03/31/2027      45        44  
2.63%, 05/31/2027      50        49  
2.63%, 02/15/2029      61        59  
2.63%, 07/31/2029      35        34  
2.75%, 04/30/2027      58        57  
2.75%, 07/31/2027      44        43  
2.75%, 02/15/2028      1,021        994  
2.75%, 05/31/2029      41        40  
2.75%, 08/15/2032      65,098        60,765  
2.88%, 11/30/2025      50        49  
2.88%, 05/15/2028      60        59  
2.88%, 08/15/2028      70        68  
2.88%, 04/30/2029      41        40  
2.88%, 05/15/2032      67,884        64,113  
3.00%, 07/15/2025      4,000        3,967  
3.00%, 09/30/2025      20        20  
3.00%, 10/31/2025      1,185        1,174  
3.13%, 08/31/2027      41        40  
3.13%, 11/15/2028      2,683        2,635  
3.13%, 08/31/2029      32        31  
3.25%, 06/30/2027      42        42  
3.25%, 06/30/2029      39        38  
3.38%, 09/15/2027      80        80  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
3.38%, 05/15/2033      64,500        62,653  
3.50%, 09/15/2025      36        36  
3.50%, 01/31/2028      20        20  
3.50%, 04/30/2028      20        20  
3.50%, 09/30/2029      40        40  
3.50%, 01/31/2030      34        34  
3.50%, 04/30/2030      30        30  
3.50%, 02/15/2033      64,509        63,327  
3.63%, 05/15/2026      58        58  
3.63%, 03/31/2028      28        28  
3.63%, 05/31/2028      30        30  
3.63%, 08/31/2029      59        59  
3.63%, 03/31/2030      31        31  
3.63%, 09/30/2031      32        32  
3.75%, 04/15/2026      36        36  
3.75%, 08/15/2027      75        75  
3.75%, 12/31/2028      78        78  
3.75%, 05/31/2030      39        39  
3.75%, 06/30/2030      32        32  
3.75%, 12/31/2030      57        57  
3.75%, 08/31/2031      40        40  
3.88%, 01/15/2026      39        39  
3.88%, 11/30/2027      73        74  
3.88%, 12/31/2027      34        34  
3.88%, 09/30/2029      32        32  
3.88%, 11/30/2029      28        28  
3.88%, 12/31/2029      442        447  
3.88%, 08/15/2033      70,383        70,881  
3.88%, 08/15/2034      53,251        53,567  
4.00%, 12/15/2025      66        66  
4.00%, 02/15/2026      58        58  
4.00%, 01/15/2027      3,310        3,336  
4.00%, 02/29/2028      36        36  
4.00%, 06/30/2028      36        37  
4.00%, 01/31/2029      57        58  
4.00%, 07/31/2029      230        234  
4.00%, 10/31/2029      39        40  
4.00%, 02/28/2030      28        29  
4.00%, 07/31/2030      46        47  
4.00%, 01/31/2031      113        115  
4.00%, 02/15/2034      78,200        79,459  
4.13%, 06/15/2026      77        78  
4.13%, 02/15/2027      144        146  
4.13%, 10/31/2027      28        28  
4.13%, 07/31/2028      137        140  
4.13%, 03/31/2029      65        66  
4.13%, 08/31/2030      32        33  
4.13%, 03/31/2031      61        63  
4.13%, 07/31/2031      33        34  
4.13%, 11/15/2032 (jj)      70,652        72,608  
4.25%, 05/31/2025      2,515        2,516  
4.25%, 10/15/2025      56        56  
4.25%, 12/31/2025      77        77  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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      
4.25%, 03/15/2027      106        108  
4.25%, 02/28/2029      78        80  
4.25%, 06/30/2029      328        337  
4.25%, 02/28/2031      61        63  
4.25%, 06/30/2031      40        41  
4.38%, 08/15/2026      58        59  
4.38%, 12/15/2026      87        88  
4.38%, 07/15/2027      60        61  
4.38%, 11/30/2028      49        50  
4.38%, 11/30/2030      3,459        3,595  
4.38%, 05/15/2034      78,191        81,795  
4.50%, 11/15/2025      39        39  
4.50%, 03/31/2026      22        22  
4.50%, 07/15/2026      58        59  
4.50%, 04/15/2027      130        133  
4.50%, 05/15/2027      65        66  
4.50%, 05/31/2029      61        64  
4.50%, 11/15/2033      74,539        78,630  
4.63%, 06/30/2025      540        542  
4.63%, 02/28/2026      42        42  
4.63%, 03/15/2026      77        78  
4.63%, 06/30/2026      4,000        4,061  
4.63%, 09/15/2026      52        53  
4.63%, 10/15/2026      41        42  
4.63%, 11/15/2026      46        47  
4.63%, 06/15/2027      84        86  
4.63%, 09/30/2028      8        8  
4.63%, 04/30/2029      50        52  
4.63%, 09/30/2030      32        34  
4.63%, 04/30/2031      42        44  
4.63%, 05/31/2031      596        629  
4.88%, 11/30/2025      1,438        1,454  
4.88%, 05/31/2026      40        41  
4.88%, 10/31/2028      40        42  
4.88%, 10/31/2030      33        35  
5.00%, 09/30/2025      13        13  
5.00%, 10/31/2025      42        42  
U.S. Treasury STRIP Coupon Bonds,      
Zero Coupon, 05/15/2026      5,000        4,702  
Zero Coupon, 11/15/2026      5,000        4,628  
Zero Coupon, 11/15/2028 (ee) (ff) (jj)      12,000        10,324  
Zero Coupon, 11/15/2038 (ee) (jj)      6,250        3,458  
Zero Coupon, 11/15/2041      200        95  
Zero Coupon, 08/15/2045      600        238  
     

 

 

  
Total U.S. Treasury Obligations
(Cost $880,359)		         892,903  
     

 

 

  
Short-Term Investments — 1.4%      
Time Deposits — 0.6%      
Australia & New Zealand Banking Group Ltd.,      
2.83%, 10/01/2024    NZD 137        87  
2.90%, 10/01/2024    AUD 543        375  
4.18%, 10/01/2024      3,011        3,011  
Brown Brothers Harriman & Co.,      

2.00%, 10/01/2024

    DKK 991        148  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL

 AMOUNT ($) 

       VALUE ($)   
Short-Term Investments — continued      
Time Deposits — continued      
2.29%, 10/01/2024    SEK 927        91  
2.45%, 10/01/2024    SGD 485        377  
3.18%, 10/01/2024    NOK 1,895        180  
4.15%, 10/02/2024    HKD 541        69  
Citibank NA,      

2.33%, 10/01/2024

    EUR 11,423        12,715  
4.18%, 10/01/2024      13,783        13,783  

Royal Bank of Canada, 3.91%, 10/01/2024

    GBP 1,913        2,558  

Skandinaviska Enskilda Banken AB, 0.15%, 10/01/2024

    CHF 439        519  

Sumitomo Mitsui Banking Corp., 0.01%, 10/01/2024

    JPY 44,791        312  

Sumitomo Mitsui Trust Bank Ltd., 4.18%, 10/01/2024

      44,790        44,790  
     

 

 

  

Total Time Deposits

         79,015  
     

 

 

  

U.S. Treasury Obligations — 0.8%

      

U.S. Treasury Bills,

      

4.53%, 12/19/2024 (n) (ii)

      10        10  
4.93%, 10/15/2024 (n)      110,800        110,596  
     

 

 

  

Total U.S. Treasury Obligations

         110,606  
     

 

 

  
Total Short-Term Investments
(Cost $189,613)		         189,621  
     

 

 

  
Total Investments, Before Short Positions — 106.3%
(Cost - $13,713,351)*		         13,988,204  
Liabilities in Excess of Other Assets — (6.3)%         (832,574 ) 
     

 

 

  
NET ASSETS — 100.0%       $ 13,155,630  
     

 

 

  
Short Positions — 2.2%      
Mortgage-Backed Securities — 2.2%      
FHLMC Pool, Single Family, 15 years,      
3.50%, 12/01/2035      48        46  
3.50%, 02/01/2036      165        162  
FNMA or FHLMC, Single Family, 15 years,      

TBA, 2.00%, 11/01/2039 (w)

      200        183  

TBA, 2.00%, 10/01/2052 (w)

      200        183  

TBA, 3.00%, 10/01/2039 (w)

      4,500        4,315  

TBA, 3.50%, 11/01/2039 (w)

      100        98  

TBA, 3.50%, 10/01/2054 (w)

      100        98  

FNMA or FHLMC, Single Family, 30 years,

      

TBA, 2.50%, 10/01/2052 (w)

      14,200        12,251  

TBA, 2.50%, 11/01/2054 (w)

      14,200        12,264  

TBA, 3.00%, 10/01/2054 (w)

      15,200        13,646  

TBA, 3.00%, 11/01/2054 (w)

      69,400        62,377  

TBA, 3.50%, 10/01/2054 (w)

      63,765        59,349  

TBA, 3.50%, 11/01/2054 (w)

      63,765        59,396  

TBA, 4.00%, 10/01/2054 (w)

      21,300        20,440  

TBA, 5.00%, 10/01/2054 (w)

      42,100        42,057  

FNMA Pool, Single Family, 15 years,

      

3.50%, 06/01/2035

      217        214  

3.50%, 04/01/2035

      683        672  
GNMA II Pool, Single Family, 30 years, 4.00%, 12/20/2050      2,198        2,146  
     

 

 

  
Total Mortgage-Backed Securities
(Cost $290,566)		         289,897  
     

 

 

  
Total Securities Sold Short— 2.2%
(Cost $290,566)*		         289,897  
     

 

 

  

 

Percentages indicated are based on net assets.

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Futures contracts outstanding as of September 30, 2024:

Exchange Traded

 

DESCRIPTION

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

Long Contracts

             

Euro Bund

      130       12/2024        EUR        19,355       169  

Euro Buxl

      83       12/2024        EUR        12,341       251  

Euro Schatz

      119       12/2024        EUR        14,118       79  

EURO-OAT

      19       12/2024        EUR        2,671       12  

SOFR 3 Month

      96       03/2027        USD        23,306       (36 ) 

U.S. Treasury 2 Year Note

      79       12/2024        USD        16,419       32  

U.S. Treasury 5 Year Note

      150       12/2024        USD        16,483      
 (—
)(h) 

U.S. Treasury 10 Year Note

      73       12/2024        USD        8,403       (60 ) 

U.S. Treasury Long Bond

      191       12/2024        USD        23,789       (69 ) 

U.S. Treasury Ultra Bond

      39       12/2024        USD        5,223       (32 ) 

U.S. Ultra Treasury 10 Year Note

      23       12/2024        USD        2,722       (1 ) 
            

 

 

  
               345  
            

 

 

  

Short Contracts

             

Euro BOBL

      (694 )      12/2024        EUR        (91,885 )      (857 ) 

Euro Bund

      (308 )      12/2024        EUR        (46,094 )      (163 ) 

Euro Schatz

      (37 )      12/2024        EUR        (4,403 )      (11 ) 

Long Gilt

      (159 )      12/2024        GBP        (21,039 )      116  

SOFR 3 Month

      (42 )      12/2024        USD        (9,994 )      (10 ) 

SOFR 3 Month

      (96 )      03/2026        USD        (23,311 )      31  

U.S. Treasury 2 Year Note

      (90 )      12/2024        USD        (18,672 )      (70 ) 

U.S. Treasury 5 Year Note

      (145 )      10/2024        USD        (57,352 )      (157 ) 

U.S. Treasury 5 Year Note

      (15 )      12/2024        USD        (1,646 )      (2 ) 

U.S. Treasury 10 Year Note

      (234 )      12/2024        USD        (26,707 )      (35 ) 

U.S. Treasury Long Bond

      (1 )      12/2024        USD        (125 )      1  

U.S. Ultra Treasury 10 Year Note

      (86 )      12/2024        USD        (10,178 )      4  
            

 

 

  
               (1,153 ) 
            

 

 

  

Total unrealized appreciation (depreciation)

                (808 ) 
            

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Forward foreign currency exchange contracts outstanding as of September 30, 2024:

 

CURRENCY PURCHASED

        CURRENCY SOLD       

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

AUD

      602      USD      408      Bank of America, NA    10/02/2024      8  

USD

      140      CAD      189      Goldman Sachs International    10/02/2024      1  

USD

      115      CHF      97      Morgan Stanley & Co.    10/02/2024      — (h) 

USD

      20      CHF      17      UBS AG London    10/02/2024      — (h) 

USD

      4,260      CHF      3,602      Westpac Banking Corp.    10/02/2024      5  

USD

      22,462      CHF      18,990      Westpac Banking Corp.    10/02/2024      24  

USD

      17,012      CZK      384,013      Goldman Sachs International    10/02/2024      58  

USD

      424      CZK      9,580      Morgan Stanley & Co.    10/02/2024      1  

USD

      2,339      EUR      2,090      Bank of America, NA    10/02/2024      12  

USD

      10,383      EUR      9,320      Bank of America, NA    10/02/2024      9  

USD

      3,552      EUR      3,190      Bank of America, NA    10/02/2024      1  

USD

      1,928      EUR      1,730      Bank of New York Mellon    10/02/2024      2  

USD

      2,351      EUR      2,110      Bank of New York Mellon    10/02/2024      2  

USD

      73      EUR      65      Bank of New York Mellon    10/02/2024      — (h) 

EUR

      1,060      USD      1,175      Barclays Bank plc    10/02/2024      5  

USD

      4,043      EUR      3,627      BNP Paribas    10/02/2024      6  

USD

      2,311      EUR      2,070      Citibank, NA    10/02/2024      7  

USD

      1,281      EUR      1,150      Citibank, NA    10/02/2024      1  

EUR

      25,110      USD      27,831      Citibank, NA    10/02/2024      120  

USD

      2,585      EUR      2,320      Goldman Sachs International    10/02/2024      3  

USD

      1,288      EUR      1,150      Goldman Sachs International    10/02/2024      8  

USD

      2,701      EUR      2,426      Goldman Sachs International    10/02/2024      1  

USD

      850      EUR      762      HSBC Bank plc    10/02/2024      2  

USD

      110,095      EUR      98,785      Morgan Stanley & Co.    10/02/2024      132  

EUR

      41,700      USD      46,219      Morgan Stanley & Co.    10/02/2024      199  

USD

      700      EUR      626      Morgan Stanley & Co.    10/02/2024      4  

USD

      118,712      EUR      106,145      Morgan Stanley & Co.    10/02/2024      556  

USD

      63,828      EUR      57,071      Morgan Stanley & Co.    10/02/2024      299  

EUR

      23,450      USD      25,991      Standard Chartered Bank    10/02/2024      112  

USD

      5,785      EUR      5,190      Standard Chartered Bank    10/02/2024      8  

USD

      4,922      EUR      4,420      Standard Chartered Bank    10/02/2024      2  

EUR

      630      USD      698      UBS AG London    10/02/2024      3  

EUR

      631      USD      700      Westpac Banking Corp.    10/02/2024      2  

USD

      2,064      GBP      1,540      Bank of America, NA    10/02/2024      5  

USD

      1,086      GBP      810      Bank of America, NA    10/02/2024      3  

GBP

      317      USD      421      Bank of America, NA    10/02/2024      3  

USD

      1,513      GBP      1,130      Bank of New York Mellon    10/02/2024      2  

USD

      429      GBP      320      Citibank, NA    10/02/2024      1  

GBP

      2,540      USD      3,339      Citibank, NA    10/02/2024      57  

GBP

      3,000      USD      3,953      Morgan Stanley & Co.    10/02/2024      58  

GBP

      6,210      USD      8,164      Morgan Stanley & Co.    10/02/2024      139  

USD

      9,386      HUF      3,327,107      Morgan Stanley & Co.    10/02/2024      64  

USD

      4,106      JPY      582,470      Bank of America, NA    10/02/2024      54  

JPY

      2,814,490      USD      19,411      Deutsche Bank AG    10/02/2024      171  

USD

      2,457      JPY      352,760      Goldman Sachs International    10/02/2024      3  

JPY

      8,432,398      USD      58,494      Morgan Stanley & Co.    10/02/2024      176  

USD

      1,529      JPY      217,660      Royal Bank of Canada    10/02/2024      15  

USD

      8,351      NOK      87,860      Citibank, NA    10/02/2024      26  

NZD

      16,742      USD      10,629      Morgan Stanley & Co.    10/02/2024      8  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Forward foreign currency exchange contracts outstanding as of September 30, 2024 (continued):

 

CURRENCY PURCHASED

        CURRENCY SOLD       

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

SGD

      1,220      USD      938      Deutsche Bank AG    10/02/2024      12  

THB

      6,110      USD      181      Goldman Sachs International    10/02/2024      9  

THB

      793,080      USD      24,640      Goldman Sachs International    10/02/2024      7  

CNY

      34,000      USD      4,801      Brown Brothers Harriman & Co.    10/09/2024      48  

CNY

      12,531,700      USD      1,786,797      Brown Brothers Harriman & Co.    10/09/2024      510  

AUD

      1,418      USD      969      Morgan Stanley & Co.    10/21/2024      12  

CHF

      319      USD      365      Goldman Sachs International    10/21/2024      13  

JPY

      245,511      USD      1,576      Goldman Sachs International    10/21/2024      137  

USD

      32,489      AUD      46,885      Bank of New York Mellon    11/04/2024      58  

USD

      257      AUD      370      Morgan Stanley & Co.    11/04/2024      1  

USD

      18,047      AUD      26,045      Morgan Stanley & Co.    11/04/2024      31  

USD

      312      AUD      450      Morgan Stanley & Co.    11/04/2024      1  

USD

      11,542      AUD      16,670      UBS AG London    11/04/2024      11  

USD

      28,155      AUD      40,630      UBS AG London    11/04/2024      51  

USD

      4,339      CHF      3,651      Bank of New York Mellon    11/04/2024      8  

USD

      22,570      CHF      18,990      Bank of New York Mellon    11/04/2024      41  

USD

      31      CHF      26      Morgan Stanley & Co.    11/04/2024      — (h) 

USD

      17,494      CZK      393,593      Morgan Stanley & Co.    11/04/2024      104  

USD

      13,174      DKK      87,655      Bank of America, NA    11/04/2024      60  

USD

      1,423      DKK      9,468      Bank of America, NA    11/04/2024      7  

USD

      42      DKK      281      BNP Paribas    11/04/2024      — (h) 

USD

      858      DKK      5,725      BNP Paribas    11/04/2024      1  

USD

      1,233      DKK      8,233      Morgan Stanley & Co.    11/04/2024      1  

USD

      14      DKK      91      Morgan Stanley & Co.    11/04/2024      — (h) 

USD

      150      DKK      1,002      Morgan Stanley & Co.    11/04/2024      1  

USD

      416,917      EUR      371,770      Bank of America, NA    11/04/2024      2,468  

USD

      114,581      EUR      102,412      BNP Paribas    11/04/2024      412  

USD

      417,020      EUR      371,770      Goldman Sachs International    11/04/2024      2,571  

USD

      2,552,517      EUR      2,276,541      Morgan Stanley & Co.    11/04/2024      14,629  

USD

      1,676,251      EUR      1,495,016      Morgan Stanley & Co.    11/04/2024      9,607  

USD

      226      EUR      202      Morgan Stanley & Co.    11/04/2024      1  

USD

      417,866      EUR      372,887      Standard Chartered Bank    11/04/2024      2,172  

USD

      23,656      EUR      21,091      UBS AG London    11/04/2024      144  

USD

      171      EUR      153      UBS AG London    11/04/2024      1  

USD

      7,991      EUR      7,150      UBS AG London    11/04/2024      20  

USD

      6,605      EUR      5,910      UBS AG London    11/04/2024      16  

USD

      112,081      GBP      83,615      Bank of America, NA    11/04/2024      294  

USD

      427,036      GBP      318,477      Citibank, NA    11/04/2024      1,258  

USD

      345,035      GBP      257,322      Citibank, NA    11/04/2024      1,016  

USD

      112,115      GBP      83,615      Goldman Sachs International    11/04/2024      328  

USD

      112,270      GBP      83,870      Standard Chartered Bank    11/04/2024      143  

USD

      747      GBP      557      Westpac Banking Corp.    11/04/2024      2  

USD

      420      HKD      3,260      Toronto-Dominion Bank (The)    11/04/2024      — (h) 

USD

      9,346      HUF      3,327,107      Citibank, NA    11/04/2024      37  

USD

      8,347      NOK      87,860      Bank of New York Mellon    11/04/2024      18  

USD

      24,523      PLN      93,825      Morgan Stanley & Co.    11/04/2024      165  

USD

      638      PLN      2,450      UBS AG London    11/04/2024      2  

USD

      12,709      RON      56,555      Goldman Sachs International    11/04/2024      61  

USD

      426      RON      1,900      UBS AG London    11/04/2024      1  

USD

      13,243      SEK      133,575      Bank of America, NA    11/04/2024      68  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Forward foreign currency exchange contracts outstanding as of September 30, 2024 (continued):

 

CURRENCY PURCHASED

        CURRENCY SOLD       

COUNTERPARTY

    SETTLEMENT
DATE		      UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

USD

      3,904      SEK      39,382      Bank of America, NA      11/04/2024        20  

USD

      14,356      SGD      18,361      Bank of America, NA      11/04/2024        45  

USD

      141      CAD      189      Morgan Stanley & Co.      11/05/2024        1  

USD

      123,304      EUR      110,370      Citibank, NA      11/05/2024        259  

USD

      64,893      EUR      58,086      Citibank, NA      11/05/2024        136  

USD

      1,346      EUR      1,204      Goldman Sachs International      11/05/2024        3  

USD

      2,804      EUR      2,509      HSBC Bank plc      11/05/2024        7  

USD

      121,207      EUR      107,944      Morgan Stanley & Co.      11/05/2024        866  

USD

      65,223      EUR      58,086      Morgan Stanley & Co.      11/05/2024        466  

USD

      17,189      GBP      12,841      HSBC Bank plc      11/05/2024        22  

USD

      33,454      GBP      24,992      HSBC Bank plc      11/05/2024        42  

USD

      746,230      JPY      105,925,926      Deutsche Bank AG      11/05/2024        5,470  

USD

      648      CNH      4,508      Goldman Sachs International      12/18/2024        — (h) 

KRW

      957,090      USD      718      Bank of America, NA      12/18/2024        17  

KRW

      996,606      USD      750      Morgan Stanley & Co.      12/18/2024        16  
                 

 

 

  

Total unrealized appreciation

         46,306  
                 

 

 

  

AUD

      46,885      USD      32,473      Bank of New York Mellon      10/02/2024        (59 ) 

USD

      613      AUD      920      Deutsche Bank AG      10/02/2024        (23 ) 

AUD

      26,045      USD      18,038      Morgan Stanley & Co.      10/02/2024        (32 ) 

USD

      61,559      AUD      90,515      Royal Bank of Canada      10/02/2024        (1,019 ) 

USD

      26,405      AUD      38,795      UBS AG London      10/02/2024        (416 ) 

AUD

      40,630      USD      28,141      UBS AG London      10/02/2024        (52 ) 

AUD

      16,670      USD      11,537      UBS AG London      10/02/2024        (12 ) 

CAD

      189      USD      141      Morgan Stanley & Co.      10/02/2024        (1 ) 

CHF

      18,990      USD      22,485      Bank of New York Mellon      10/02/2024        (48 ) 

CHF

      3,651      USD      4,323      Bank of New York Mellon      10/02/2024        (9 ) 

CHF

      65      USD      77      UBS AG London      10/02/2024        (— )(h) 

CZK

      393,593      USD      17,482      Morgan Stanley & Co.      10/02/2024        (105 ) 

DKK

      9,468      USD      1,421      Bank of America, NA      10/02/2024        (7 ) 

DKK

      87,655      USD      13,152      Bank of America, NA      10/02/2024        (62 ) 

USD

      1,028      DKK      6,920      Bank of America, NA      10/02/2024        (5 ) 

DKK

      5,735      USD      858      BNP Paribas      10/02/2024        (1 ) 

USD

      1,398      DKK      9,395      Goldman Sachs International      10/02/2024        (5 ) 

USD

      12,626      DKK      84,835      Goldman Sachs International      10/02/2024        (43 ) 

USD

      419      DKK      2,820      Morgan Stanley & Co.      10/02/2024        (2 ) 

USD

      1,244      DKK      8,348      Morgan Stanley & Co.      10/02/2024        (3 ) 

DKK

      8,248      USD      1,233      Morgan Stanley & Co.      10/02/2024        (1 ) 

DKK

      1,004      USD      150      Morgan Stanley & Co.      10/02/2024        (1 ) 

USD

      11      DKK      73      UBS AG London      10/02/2024        (— )(h) 

USD

      137      EUR      123      Bank of America, NA      10/02/2024        (— )(h) 

USD

      2,092      EUR      1,890      Bank of America, NA      10/02/2024        (12 ) 

USD

      1,240      EUR      1,120      Bank of America, NA      10/02/2024        (7 ) 

USD

      2,952      EUR      2,660      Bank of America, NA      10/02/2024        (9 ) 

USD

      23,870      EUR      21,508      Bank of America, NA      10/02/2024        (72 ) 

USD

      10,272      EUR      9,300      Bank of America, NA      10/02/2024        (80 ) 

USD

      849      EUR      766      Bank of America, NA      10/02/2024        (4 ) 

USD

      412,712      EUR      371,875      Bank of America, NA      10/02/2024        (1,240 ) 

USD

      2,484      EUR      2,232      Bank of America, NA      10/02/2024        (— )(h) 

EUR

      371,770      USD      416,353      Bank of America, NA      10/02/2024        (2,517 ) 

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Forward foreign currency exchange contracts outstanding as of September 30, 2024 (continued):

 

CURRENCY PURCHASED

        CURRENCY SOLD       

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

USD

      640      EUR      580      Bank of New York Mellon    10/02/2024      (6 ) 

USD

      13,904      EUR      12,500      Bank of New York Mellon    10/02/2024      (10 ) 

USD

      2,781      EUR      2,510      Barclays Bank plc    10/02/2024      (13 ) 

USD

      1,995      EUR      1,799      Barclays Bank plc    10/02/2024      (7 ) 

EUR

      102,412      USD      114,426      BNP Paribas    10/02/2024      (426 ) 

USD

      63,525      EUR      57,071      Citibank, NA    10/02/2024      (4 ) 

USD

      118,148      EUR      106,145      Citibank, NA    10/02/2024      (7 ) 

EUR

      58,086      USD      64,803      Citibank, NA    10/02/2024      (144 ) 

EUR

      110,370      USD      123,132      Citibank, NA    10/02/2024      (273 ) 

USD

      421      EUR      380      Goldman Sachs International    10/02/2024      (2 ) 

USD

      1,450      EUR      1,310      Goldman Sachs International    10/02/2024      (8 ) 

USD

      2,534,061      EUR      2,287,121      Goldman Sachs International    10/02/2024      (11,846 ) 

USD

      1,668,731      EUR      1,506,116      Goldman Sachs International    10/02/2024      (7,801 ) 

USD

      413,945      EUR      372,987      Goldman Sachs International    10/02/2024      (1,245 ) 

EUR

      371,770      USD      416,449      Goldman Sachs International    10/02/2024      (2,614 ) 

USD

      559      EUR      502      HSBC Bank plc    10/02/2024      (— )(h) 

USD

      1,134      EUR      1,023      Morgan Stanley & Co.    10/02/2024      (5 ) 

EUR

      58,086      USD      65,132      Morgan Stanley & Co.    10/02/2024      (473 ) 

USD

      957      EUR      860      Morgan Stanley & Co.    10/02/2024      (1 ) 

EUR

      1,495,016      USD      1,673,969      Morgan Stanley & Co.    10/02/2024      (9,793 ) 

EUR

      3,648      USD      4,075      Morgan Stanley & Co.    10/02/2024      (14 ) 

EUR

      2,276,541      USD      2,549,043      Morgan Stanley & Co.    10/02/2024      (14,913 ) 

EUR

      107,944      USD      121,038      Morgan Stanley & Co.    10/02/2024      (880 ) 

EUR

      372,887      USD      417,298      Standard Chartered Bank    10/02/2024      (2,219 ) 

USD

      412,772      EUR      371,875      Standard Chartered Bank    10/02/2024      (1,180 ) 

USD

      3,740      EUR      3,360      Standard Chartered Bank    10/02/2024      (— )(h) 

EUR

      21,091      USD      23,624      UBS AG London    10/02/2024      (146 ) 

USD

      210      EUR      190      UBS AG London    10/02/2024      (1 ) 

USD

      164      EUR      148      UBS AG London    10/02/2024      (1 ) 

USD

      109,870      GBP      83,355      Bank of America, NA    10/02/2024      (1,572 ) 

USD

      400      GBP      300      Bank of America, NA    10/02/2024      (1 ) 

USD

      429      GBP      326      Bank of America, NA    10/02/2024      (7 ) 

GBP

      83,615      USD      112,083      Bank of America, NA    10/02/2024      (294 ) 

USD

      4,875      GBP      3,722      Bank of America, NA    10/02/2024      (102 ) 

GBP

      318,477      USD      427,046      Citibank, NA    10/02/2024      (1,258 ) 

USD

      426      GBP      320      Citibank, NA    10/02/2024      (1 ) 

USD

      633      GBP      480      Citibank, NA    10/02/2024      (8 ) 

USD

      421      GBP      320      Citibank, NA    10/02/2024      (7 ) 

GBP

      257,322      USD      345,043      Citibank, NA    10/02/2024      (1,016 ) 

USD

      492      GBP      370      Deutsche Bank AG    10/02/2024      (3 ) 

USD

      1,362      GBP      1,020      Deutsche Bank AG    10/02/2024      (2 ) 

GBP

      83,615      USD      112,118      Goldman Sachs International    10/02/2024      (329 ) 

GBP

      24,992      USD      33,455      HSBC Bank plc    10/02/2024      (43 ) 

GBP

      12,841      USD      17,190      HSBC Bank plc    10/02/2024      (22 ) 

USD

      28,499      GBP      21,586      Morgan Stanley & Co.    10/02/2024      (360 ) 

USD

      423,274      GBP      321,037      Morgan Stanley & Co.    10/02/2024      (5,937 ) 

USD

      339,874      GBP      257,782      Morgan Stanley & Co.    10/02/2024      (4,767 ) 

USD

      734      GBP      557      Morgan Stanley & Co.    10/02/2024      (10 ) 

USD

      16,523      GBP      12,515      Morgan Stanley & Co.    10/02/2024      (209 ) 

USD

      109,872      GBP      83,355      Standard Chartered Bank    10/02/2024      (1,570 ) 

GBP

      83,870      USD      112,273      Standard Chartered Bank    10/02/2024      (143 ) 

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Forward foreign currency exchange contracts outstanding as of September 30, 2024 (continued):

 

CURRENCY PURCHASED

        CURRENCY SOLD       

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

USD

      2,392      GBP      1,820      UBS AG London    10/02/2024      (41 ) 

USD

      110,305      GBP      83,610      UBS AG London    10/02/2024      (1,477 ) 

USD

      588      GBP      440      UBS AG London    10/02/2024      (— )(h) 

USD

      841      GBP      640      UBS AG London    10/02/2024      (14 ) 

GBP

      557      USD      747      Westpac Banking Corp.    10/02/2024      (2 ) 

HUF

      3,327,107      USD      9,358      Citibank, NA    10/02/2024      (36 ) 

USD

      425      JPY      61,691      Bank of America, NA    10/02/2024      (4 ) 

USD

      58,162      JPY      8,370,707      Bank of America, NA    10/02/2024      (79 ) 

JPY

      105,925,926      USD      742,766      Deutsche Bank AG    10/02/2024      (5,762 ) 

USD

      744,095      JPY      107,587,526      UBS AG London    10/02/2024      (4,470 ) 

NOK

      87,860      USD      8,344      Bank of New York Mellon    10/02/2024      (18 ) 

USD

      10,483      NZD      16,742      Morgan Stanley & Co.    10/02/2024      (153 ) 

USD

      24,295      PLN      93,825      Goldman Sachs International    10/02/2024      (81 ) 

PLN

      93,825      USD      24,540      Morgan Stanley & Co.    10/02/2024      (163 ) 

USD

      12,593      RON      56,555      Citibank, NA    10/02/2024      (60 ) 

RON

      56,555      USD      12,713      Goldman Sachs International    10/02/2024      (61 ) 

SEK

      133,575      USD      13,222      Bank of America, NA    10/02/2024      (70 ) 

SEK

      39,382      USD      3,898      Bank of America, NA    10/02/2024      (20 ) 

USD

      13,072      SEK      133,575      Bank of America, NA    10/02/2024      (80 ) 

USD

      3,824      SEK      39,078      Bank of America, NA    10/02/2024      (23 ) 

USD

      30      SEK      304      UBS AG London    10/02/2024      (— )(h) 

SGD

      18,361      USD      14,332      Bank of America, NA    10/02/2024      (47 ) 

USD

      15,056      SGD      19,581      Bank of America, NA    10/02/2024      (178 ) 

USD

      23,606      THB      799,190      Standard Chartered Bank    10/02/2024      (1,231 ) 

USD

      419      HKD      3,260      Bank of America, NA    10/03/2024      (1 ) 

HKD

      3,260      USD      420      Toronto-Dominion Bank (The)    10/03/2024      (— )(h) 

USD

      1,792      CNY      12,700      Brown Brothers Harriman & Co.    10/09/2024      (19 ) 

USD

      1,776,820      CNY      12,554,300      Brown Brothers Harriman & Co.    10/09/2024      (13,710 ) 

USD

      892      CNY      6,300      Brown Brothers Harriman & Co.    10/09/2024      (7 ) 

USD

      2,831      CNY      20,000      Brown Brothers Harriman & Co.    10/09/2024      (22 ) 

USD

      5,043      CNY      35,800      Brown Brothers Harriman & Co.    10/09/2024      (63 ) 

USD

      436      AUD      642      Bank of America, NA    10/21/2024      (8 ) 

USD

      7,056      AUD      10,440      Citibank, NA    10/21/2024      (165 ) 

CAD

      271      USD      201      Citibank, NA    10/21/2024      (1 ) 

USD

      517      CAD      712      Goldman Sachs International    10/21/2024      (10 ) 

USD

      10,639      CAD      14,519      HSBC Bank plc    10/21/2024      (101 ) 

CHF

      508      USD      603      Citibank, NA    10/21/2024      (1 ) 

USD

      2,799      CHF      2,476      HSBC Bank plc    10/21/2024      (133 ) 

USD

      949      CZK      22,045      Morgan Stanley & Co.    10/21/2024      (24 ) 

USD

      679      DKK      4,651      Goldman Sachs International    10/21/2024      (17 ) 

USD

      451      HUF      163,362      Bank of America, NA    10/21/2024      (6 ) 

USD

      343      NOK      3,663      Citibank, NA    10/21/2024      (4 ) 

USD

      687      NZD      1,136      Citibank, NA    10/21/2024      (35 ) 

USD

      839      PLN      3,307      Citibank, NA    10/21/2024      (20 ) 

USD

      572      RON      2,629      HSBC Bank plc    10/21/2024      (16 ) 

USD

      1,100      SEK      11,538      Goldman Sachs International    10/21/2024      (37 ) 

USD

      8,574      CNY      60,000      Brown Brothers Harriman & Co.    11/04/2024      (6 ) 

USD

      1,790,896      CNY      12,531,700      Brown Brothers Harriman & Co.    11/04/2024      (1,012 ) 

EUR

      2,670      USD      2,987      Citibank, NA    11/04/2024      (10 ) 

EUR

      625      USD      700      Morgan Stanley & Co.    11/04/2024      (3 ) 

EUR

      5,000      USD      5,588      Morgan Stanley & Co.    11/04/2024      (14 ) 

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Forward foreign currency exchange contracts outstanding as of September 30, 2024 (continued):

 

CURRENCY PURCHASED

        CURRENCY SOLD       

COUNTERPARTY

    SETTLEMENT
DATE		      UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

EUR

      6,860      USD      7,667      Standard Chartered Bank      11/04/2024        (19 ) 

GBP

      1,010      USD      1,355      BNP Paribas      11/04/2024        (4 ) 

GBP

      2,200      USD      2,951      Morgan Stanley & Co.      11/04/2024        (10 ) 

GBP

      4,780      USD      6,412      Morgan Stanley & Co.      11/04/2024        (21 ) 

GBP

      4,090      USD      5,486      UBS AG London      11/04/2024        (18 ) 

USD

      10,630      NZD      16,742      Morgan Stanley & Co.      11/04/2024        (8 ) 

SEK

      2,311      USD      228      UBS AG London      11/04/2024        (— )(h) 

USD

      514      THB      16,530      Goldman Sachs International      11/04/2024        (1 ) 

USD

      24,690      THB      793,080      Goldman Sachs International      11/04/2024        (17 ) 

USD

      58,765      JPY      8,432,398      Morgan Stanley & Co.      11/05/2024        (204 ) 

JPY

      1,169,980      USD      8,218      UBS AG London      11/05/2024        (36 ) 

USD

      338      CLP      319,372      HSBC Bank plc      12/18/2024        (17 ) 

USD

      57,802      CNH      408,370      Morgan Stanley & Co.      12/18/2024        (849 ) 

USD

      996      IDR      15,451,037      Bank of America, NA      12/18/2024        (21 ) 

USD

      412      IDR      6,344,210      Goldman Sachs International      12/18/2024        (5 ) 

USD

      32,665      IDR      506,658,432      UBS AG London      12/18/2024        (695 ) 

USD

      777      ILS      2,907      Citibank, NA      12/18/2024        (4 ) 

USD

      87,831      KRW      117,433,600      UBS AG London      12/18/2024        (2,386 ) 

USD

      87      MXN      1,733      Bank of America, NA      12/18/2024        (— )(h) 

USD

      1,659      MXN      33,500      Goldman Sachs International      12/18/2024        (22 ) 

USD

      28,076      MYR      121,640      Morgan Stanley & Co.      12/18/2024        (1,533 ) 

USD

      1,425      MYR      6,136      Morgan Stanley & Co.      12/18/2024        (69 ) 

USD

      205      PEN      778      Bank of America, NA      12/18/2024        (5 ) 

USD

      1,300      SGD      1,689      Citibank, NA      12/18/2024        (20 ) 

USD

      718      THB      24,028      Goldman Sachs International      12/18/2024        (32 ) 

USD

      716      THB      24,028      HSBC Bank plc      12/18/2024        (35 ) 
                 

 

 

  

Total unrealized depreciation

         (113,086 ) 
                 

 

 

  

Net unrealized appreciation (depreciation)

         (66,780 ) 
                 

 

 

  

OTC Interest Rate Swaps contracts outstanding as of September 30, 2024:

 

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)     (74 )      (74 ) 

Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month

   3.88%
quarterly		     Pay      

 Morgan
Stanley &
Co.		  
 
 		     11/23/2030     MYR 1,030       —       5       5  

Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month

   3.81%
quarterly		     Pay      
 Goldman
Sachs		  
 		     05/17/2031     MYR 2,300       —       10       10  

CFETS China Fixing Repo Rates 7 Day

   2.36%
quarterly		     Pay      

 Morgan
Stanley &
Co.		  
 
 		     09/01/2030     CNY 7,000       —       29       29  
           

 

 

    

 

 

    

 

 

  
Total

 

     (— )(h)     (30 )      (30 ) 
           

 

 

    

 

 

    

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2024:

 

FLOATING RATE INDEX (a)

    FIXED RATE    PAY/RECEIVE
FLOATING
RATE		    MATURITY
DATE		      NOTIONAL
AMOUNT		      UPFRONT
PAYMENTS
(RECEIPTS) ($)		     UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		     VALUE ($)  

Bank of Israel Tel Aviv Interbank Offered 3 Month

    4.22%
annually		    Pay      5/17/2029      ILS 1,000        (2 )      5       3  

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

    0.10%
semi-
annually		    Pay      12/3/2025      JPY  140,000        (— )(h)      (4 )      (4 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

    0.24%
annually		    Pay      2/2/2026      JPY  120,000        —  (h)      (1 )      (1 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

    (0.05)%
annually		    Pay      7/8/2027      JPY  400,000        (32 )      (13 )      (45 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

    (0.05)%
annually		    Pay      7/8/2028      JPY  975,000        (162 )      4       (158 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

    0.65%
annually		    Pay      7/8/2029      JPY  365,000        (— )(h)      9       9  

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

    (0.05)%
annually		    Receive      7/8/2029      JPY  25,000        5       (— )(h)      5  

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

    (0.05)%
annually		    Receive      7/8/2030      JPY 780,000        257       (40 )      217  

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

    0.30%
semi-
annually		    Pay      12/3/2030      JPY 143,500        (— )(h)      (25 )      (25 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

    0.05%
annually		    Pay      7/8/2032      JPY 120,000        (40 )      (5 )      (45 ) 

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2024 (continued):

 

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

    0.10%
annually		    Pay      7/8/2033      JPY 245,000        (98 )      (5 )      (103 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

    0.01%
annually		    Pay      7/8/2034      JPY 200,000        (95 )      (18 )      (113 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

    0.15%
annually		    Pay      7/8/2037      JPY 135,000        (79 )      (23 )      (102 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

    0.30%
annually		    Pay      7/8/2043      JPY 210,000        (225 )      (36 )      (261 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

    1.55%
annually		    Pay      7/8/2044      JPY 110,000        3       21       24  

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

    0.45%
annually		    Pay      7/8/2048      JPY 115,000        (142 )      (31 )      (173 ) 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

    0.45%
annually		    Pay      7/8/2054      JPY 255,000        (463 )      (33 )      (496 ) 

BBSW ASX Australian 6 Month

    2.50%
semi-
annually		    Pay      12/3/2025      AUD 3,390        270       (329 )      (59 ) 

BBSW ASX Australian 6 Month

    2.55%
semi-
annually		    Pay      12/3/2026      AUD 770        (26 )      9       (17 ) 

BBSW ASX Australian 6 Month

    2.75%
semi-
annually		    Pay      12/3/2030      AUD 1,035        144       (191 )      (47 ) 

BBSW ASX Australian 6 Month

    2.75%
semi-
annually		    Pay      12/3/2031      AUD 210        (13 )      2       (11 ) 

BBSW ASX Australian 6 Month

    2.80%
semi-
annually		    Pay      12/3/2033      AUD 3,695        (326 )      71       (255 ) 

BBSW ASX Australian 6 Month

    2.80%
semi-
annually		    Pay      12/3/2033      AUD 485        (42 )      8       (34 ) 

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2024 (continued):

 

FLOATING RATE INDEX (a)

    FIXED RATE    PAY/RECEIVE
FLOATING
RATE		    MATURITY
DATE		      NOTIONAL
AMOUNT		      UPFRONT
PAYMENTS
(RECEIPTS) ($)		     UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		     VALUE ($)  

BBSW ASX Australian 6 Month

    2.85%
semi-
annually		    Pay      12/3/2034      AUD 520        (46 )      7       (39 ) 

Canadian Overnight Repo Rate Average

    4.45%
semi-
annually		    Pay      12/3/2024      CAD 13,145        45       (44 )      1  

Canadian Overnight Repo Rate Average

    3.85%
semi-
annually		    Pay      12/3/2026      CAD 4,285        2       63       65  

Canadian Overnight Repo Rate Average

    3.65%
semi-
annually		    Pay      12/3/2027      CAD 10,850        133       80       213  

Canadian Overnight Repo Rate Average

    3.50%
semi-
annually		    Pay      12/3/2029      CAD 3,550        56       47       103  

Canadian Overnight Repo Rate Average

    3.45%
semi-
annually		    Pay      12/3/2032      CAD 3,490        40       85       125  

Canadian Overnight Repo Rate Average

    3.50%
semi-
annually		    Pay      12/3/2033      CAD 800        (2 )      34       32  

Canadian Overnight Repo Rate Average

    3.55%
semi-
annually		    Pay      12/3/2042      CAD 1,895        57       34       91  

Canadian Overnight Repo Rate Average

    3.40%
semi-
annually		    Pay      12/3/2049      CAD 480        (1 )      23       22  

Canadian Overnight Repo Rate Average

    3.30%
semi-
annually		    Pay      12/3/2052      CAD 1,510        36       26       62  

Canadian Overnight Repo Rate Average

    3.30%
semi-
annually		    Pay      12/3/2053      CAD 860        23       15       38  

Canadian Overnight Repo Rate Average

    3.25%
semi-
annually		    Pay      12/3/2054      CAD 275        (1 )      12       11  

CFETS China Fixing Repo Rates 7 Day

    2.30%
quarterly		    Pay      5/11/2025      CNY 19,045        12       (— )(h)      12  

CFETS China Fixing Repo Rates 7 Day

    2.81%
quarterly		    Pay      4/12/2026      CNY 3,590        —  (h)      10       10  

CFETS China Fixing Repo Rates 7 Day

    2.40%
quarterly		    Pay      5/11/2026      CNY 5,970        7       4       11  

CFETS China Fixing Repo Rates 7 Day

    2.60%
quarterly		    Pay      5/11/2028      CNY 91,220        206       210       416  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2024 (continued):

 

FLOATING RATE INDEX (a)

    FIXED RATE    PAY/RECEIVE
FLOATING
RATE		    MATURITY
DATE		      NOTIONAL
AMOUNT		      UPFRONT
PAYMENTS
(RECEIPTS) ($)		     UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		     VALUE ($)  

CFETS China Fixing Repo Rates 7 Day

    2.40%
quarterly		    Pay      12/6/2028      CNY 5,000        11       8       19  

CFETS China Fixing Repo Rates 7 Day

    2.65%
quarterly		    Pay      5/10/2029      CNY 53,435        269       31       300  

Colombia IBR Overnight Nominal Interbank Reference Rate

    7.81%
quarterly		    Pay      5/21/2029      COP 1,000,000       
 —
  
(h) 		     6       6  

Colombia IBR Overnight Nominal Interbank Reference Rate

    4.44%
quarterly		    Pay      9/10/2030      COP 2,257,000       
 —
  
(h) 		     (73 )      (73 ) 

Copenhagen Interbank Offered Rates 6 Month

    3.20%
annually		    Pay      7/10/2034      DKK 1,000        6       3       9  

Czech Interbank Offered Rates 6 Month

    3.51%
annually		    Pay      3/20/2031      CZK 10,000        (14 )      31       17  

ESTR Volume Weighted Trimmed Mean Rate

    1.20%
annually		    Pay      5/11/2052      EUR 1,810        (182 )      (282 )      (464 ) 

GPW Benchmark WIBID/WIBOR PLN 6 Months

    4.35%
annually		    Pay      5/11/2031      PLN 1,000        (11 )      10       (1 ) 

GPW Benchmark WIBID/WIBOR PLN 6 Months

    4.82%
annually		    Pay      11/28/2030      PLN 1,000       
 —
  
(h) 		     12       12  

KRW Certificate of Deposit 3 Month

    1.00%
quarterly		    Pay      9/1/2025      KRW 2,400,000       
 —
  
(h) 		     (39 )      (39 ) 

KRW Certificate of Deposit 3 Month

    3.14%
quarterly		    Pay      4/19/2028      KRW 860,000       
 —
  
(h) 		     7       7  

KRW Certificate of Deposit 3 Month

    1.07%
quarterly		    Pay      4/27/2030      KRW 200,000        (8 )      (6 )      (14 ) 

KRW Certificate of Deposit 3 Month

    0.97%
quarterly		    Pay      8/14/2030      KRW 2,100,000       
 —
  
(h) 		     (165 )      (165 ) 

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2024 (continued):

 

FLOATING RATE INDEX (a)

    FIXED RATE    PAY/RECEIVE
FLOATING
RATE		    MATURITY
DATE		      NOTIONAL
AMOUNT		      UPFRONT
PAYMENTS
(RECEIPTS) ($)		     UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		     VALUE ($)  

KRW Certificate of Deposit 3 Month

    0.94%
quarterly		    Pay      8/19/2030      KRW 5,075,000        (82 )      (315 )      (397 ) 

KRW Certificate of Deposit 3 Month

    2.82%
quarterly		    Pay      4/28/2032      KRW 1,245,595        (13 )      14       1  

KRW Certificate of Deposit 3 Month

    3.15%
quarterly		    Pay      3/10/2033      KRW 1,868,660        (15 )      52       37  

KRW Certificate of Deposit 3 Month

    3.61%
quarterly		    Pay      11/24/2033      KRW 805,000       
 —
  
(h) 		     40       40  

KRW Certificate of Deposit 3 Month

    3.15%
quarterly		    Pay      3/10/2034      KRW 2,157,620        (17 )      62       45  

KRW Certificate of Deposit 3 Month

    3.10%
quarterly		    Pay      3/10/2043      KRW 161,125        (3 )      9       6  

National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index

    6.85%
annually		    Pay      5/6/2031      HUF 60,000        5       7       12  

Norway Interbank Offered Rate Fixing 6 Month

    3.85%
annually		    Pay      7/10/2034      NOK 1,300        3       1       4  

NZD Bank Bill 3 Month

    4.24%
semi-
annually		    Pay      6/30/2032      NZD 500        (6 )      20       14  

Singapore Domestic Interbank Overnight Rate Average

    3.24%
semi-
annually		    Pay      5/3/2034      SGD 300        4       12       16  

SONIA Interest Rate Benchmark

    0.45%
annually		    Pay      3/31/2026      GBP 1,250       
 —
  
(h) 		     (125 )      (125 ) 

SONIA Interest Rate Benchmark

    1.00%
annually		    Receive      5/8/2026      GBP 1,330        (115 )      5       (110 ) 

SONIA Interest Rate Benchmark

    1.10%
annually		    Receive      5/8/2029      GBP 2,010        (308 )      (19 )      (327 ) 

SONIA Interest Rate Benchmark

    1.10%
annually		    Receive      5/8/2030      GBP 4,590        1,148       (284 )      864  

SONIA Interest Rate Benchmark

    3.90%
annually		    Receive      5/8/2031      GBP 1,145        (20 )     
 (—
)(h) 		     (20 ) 

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2024 (continued):

 

FLOATING RATE INDEX (a)

    FIXED RATE    PAY/RECEIVE
FLOATING
RATE		    MATURITY
DATE		      NOTIONAL
AMOUNT		      UPFRONT
PAYMENTS
(RECEIPTS) ($)		     UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		     VALUE ($)  

SONIA Interest Rate Benchmark

    1.15%
annually		    Receive      5/8/2033      GBP 165        (50 )      7       (43 ) 

SONIA Interest Rate Benchmark

    1.20%
annually		    Pay      5/8/2038      GBP 345        (140 )      10       (130 ) 

SONIA Interest Rate Benchmark

    1.25%
annually		    Pay      5/8/2039      GBP 1,080        (468 )      44       (424 ) 

SONIA Interest Rate Benchmark

    3.90%
annually		    Receive      5/8/2039      GBP 1,470        (28 )      4       (24 ) 

SONIA Interest Rate Benchmark

    1.25%
annually		    Receive      5/8/2043      GBP 895        381       41       422  

SONIA Interest Rate Benchmark

    1.25%
annually		    Pay      5/8/2046      GBP 1,865        299       (1,273 )      (974 ) 

SONIA Interest Rate Benchmark

    1.25%
annually		    Pay      5/8/2048      GBP 1,155        (638 )      1       (637 ) 

SONIA Interest Rate Benchmark

    1.25%
annually		    Pay      5/8/2054      GBP 950        (579 )      (11 )      (590 ) 

SONIA Interest Rate Benchmark

    3.90%
annually		    Pay      5/8/2054      GBP 330        (2 )      8       6  

Stockholm Interbank Offered Rates 3 Month

    3.15%
annually		    Pay      7/10/2032      SEK 1,000        5       2       7  

Swiss Average Rate ON Intraday Value

    2.00%
annually		    Pay      5/8/2030      CHF 1,700        80       97       177  

Swiss Average Rate ON Intraday Value

    0.13%
annually		    Pay      11/5/2031      CHF 150        2       (9 )      (7 ) 

Swiss Average Rate ON Intraday Value

    1.91%
annually		    Pay      3/31/2033      CHF 400       
 —
  
(h) 		     56       56  

Swiss Average Rate ON Intraday Value

    2.00%
annually		    Pay      5/8/2034      CHF 440        40       32       72  

Thailand Overnight Repo Rate ON

    1.15%
quarterly		    Pay      11/19/2030      THB 31,000       
 —
  
(h) 		     (59 )      (59 ) 

Thailand Overnight Repo Rate ON

    2.86%
quarterly		    Pay      4/23/2034      THB 15,000       
 —
  
(h) 		     19       19  

United States SOFR

    1.75%
annually		    Pay      6/15/2025      USD 15,200        (730 )      317       (413 ) 

United States SOFR

    3.50%
annually		    Receive      6/21/2026      USD 5,500        130       (99 )      31  

United States SOFR

    3.75%
annually		    Pay      12/18/2026      USD 21,400        143       56       199  

United States SOFR

    2.00%
annually		    Receive      12/21/2027      USD 5,400        449       (91 )      358  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2024 (continued):

 

FLOATING RATE INDEX (a)

    FIXED RATE   PAY/RECEIVE
FLOATING
RATE		    MATURITY
DATE		      NOTIONAL
AMOUNT		      UPFRONT
PAYMENTS
(RECEIPTS) ($)		     UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		     VALUE ($)  

United States SOFR

    1.22%
annually		   Receive      8/15/2028      USD 5,797        — (h)      464       464  

United States SOFR

    1.50%
semi-
annually		   Pay      12/15/2028      USD 27,300        (3,606 )      1,470       (2,136 ) 

United States SOFR

    4.25%
annually		   Receive      3/20/2029      USD 15,800        (513 )      (32 )      (545 ) 

United States SOFR

    3.75%
annually		   Pay      12/18/2029      USD 18,000        256       196       452  

United States SOFR

    3.50%
annually		   Pay      12/20/2030      USD 14,000        484       (458 )      26  

United States SOFR

    3.75%
annually		   Receive      6/20/2031      USD 19,200        (121 )      578       457  

United States SOFR

    3.75%
annually		   Receive      6/20/2031      USD 2,500        13       (73 )      (60 ) 

United States SOFR

    3.50%
annually		   Receive      12/20/2033      USD 45,100        2,149       (2,141 )      8  

United States SOFR

    3.75%
annually		   Receive      6/20/2034      USD 4,800        171       (316 )      (145 ) 

United States SOFR

    3.75%
annually		   Pay      12/18/2034      USD 14,500        (195 )      (350 )      (545 ) 

United States SOFR

    3.25%
annually		   Receive      12/20/2053      USD 7,200        835       (607 )      228  
United States SOFR    3.50%
annually		   Receive      12/18/2054      USD 4,500        (53 )      (115 )      (168 ) 
             

 

 

  
Total

 

      (1,533 )      (3,229 )      (4,762 ) 
             

 

 

  

 

(a)

Value of floating rate index as of September 30, 2024 was as follows:

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

FLOATING RATE INDEX       

Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month

      3.55 % 

Bank Of Israel Tel Aviv Interbank Offered 3 Month

      4.51 % 

Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR

      0.23 % 

BBSW ASX Australian 6 Month

      4.62 % 

Canadian Overnight Repo Rate Average

      4.30 % 

CFETS China Fixing Repo Rates 7 Day

      2.40 % 

Colombia IBR Overnight Nominal Interbank Reference Rate

      10.08 % 

Copenhagen Interbank Offered Rates 6 Month

      3.17 % 

Czech Interbank Offered Rates 6 Month

      3.94 % 

ESTR Volume Weighted Trimmed Mean Rate

      3.41 % 

GPW Benchmark WIBID/WIBOR PLN 6 Months

      5.75 % 

KRW Certificate of Deposit 3 Month

      3.53 % 

National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index

      6.21 % 

Norway Interbank Offered Rate Fixing 6 Month

      4.72 % 

NZD Bank Bill 3 Months

      4.87 % 

Singapore Domestic Interbank Overnight Rate Average

      3.88 % 

SONIA Interest Rate Benchmark

      4.95 % 

Stockholm Interbank Offered Rates 3 months

      3.08 % 

Swiss Average Rate ON Intraday Value

      0.96 % 

Thailand Overnight Repo Rate ON

      2.48 % 

United States SOFR

      4.96 % 

Centrally Cleared Credit Default Swaps contracts outstanding — buy protection (1) as of September 30, 2024:

 

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.43

      1.00        quarterly        12/20/2029        0.53        USD        4,240        (96 )      — (h)      (96 ) 
                    

 

 

  
Total

 

            (96 )      — (h)      (96 ) 
                    

 

 

  

 

(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 Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 September 30, 2024:

 

DESCRIPTION

    COUNTERPARTY      NUMBER OF
CONTRACTS		     NOTIONAL
AMOUNT		     EXERCISE
PRICE		      EXPIRATION
DATE		      VALUE  

FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 10/15/2054

     
 Citigroup Global
Markets, Inc.		  
 		      (12,000 )    USD — (h)    USD  91.13        10/08/2024        — (h) 

FNMA or FHLMC, Single Family, 30 years, TBA, 5.00%, 10/15/2054

     
 Citigroup Global
Markets, Inc.		  
 		      (8,000 )    USD (70 )    USD  98.48        10/08/2024        (1 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 5.00%, 10/15/2054

     
 Citigroup Global
Markets, Inc.		  
 		      (9,500 )    USD (407 )    USD  99.13        10/08/2024        (4 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 5.00%, 10/15/2054

     
 Citigroup Global
Markets, Inc.		  
 		      (24,000 )    USD  (6,100 )    USD  99.94        10/08/2024        (61 ) 
               

 

 

  
                  (66 ) 
               

 

 

  

Written Call Option contracts on securities as of September 30, 2024:

 

DESCRIPTION

    COUNTERPARTY      NUMBER OF
CONTRACTS		     NOTIONAL
AMOUNT		     EXERCISE
PRICE		      EXPIRATION
DATE		      VALUE  

FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 10/15/2054

     
 Citigroup Global
Markets, Inc.		  
 		      (12,000 )    USD (22,024 )    USD 94.13        10/08/2024      $ (234 ) 

FNMA or FHLMC, Single Family, 30 years, TBA, 4.50%, 10/15/2054

     
 Citigroup Global
Markets, Inc.		  
 		      (13,000 )    USD (2,488 )    USD 98.64        10/08/2024        (25 ) 
               

 

 

  
                  (259 ) 
               

 

 

  

Total Written Options Contracts (Premiums Received $249)

                   (325 ) 
               

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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		  

Wells Fargo Bank NA

     5.07 %      9/27/2024       10/15/2024       (8,026 )      (8,030 )      8,030       —  

Citigroup Global Markets Ltd.

     5.29 %      9/16/2024       10/15/2024       (116,551 )      (6,469 )      6,469       —  
         

 

 

      
            (14,499 )     
         

 

 

      

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

     —       (14,499 )      —       —       (14,499 ) 
         

 

 

  

Payable for Reverse Repurchase Agreements

          

Sale-Buyback Transactions

 

COUNTERPARTY

    BORROWING
DATE		      MATURITY
DATE		      BORROWING
RATE		     AMOUNT
BORROWED		     PAYABLE FOR
SALE-BUYBACK
TRANSACTIONS		  

BofA Securities, Inc.

      9/27/2024        10/3/2024        5.19 %      (1,670 )      (1,671 ) 
            

 

 

  

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 SEPTEMBER 30, 2024

 

ACES   —   Alternative Credit Enhancement Securities
ARM   —   Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of September 30, 2024.
ASX   —   Australian Stock Exchange
BAM   —   Insured by Build America Mutual
BBSW   —   Bank Bill Swap Rate
CDX   —   Credit Default Swap Index
CFETS   —   China Foreign Exchange Trade System
CLO   —   Collateralized Loan Obligations
CMT   —   Constant Maturity Treasury
CPI   —   Consumer Price Index
EURIBOR   —   Euro Interbank Offered Rate
ESTR   —   Euro short-term rate
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
GPW   —   Polish Stock Market
IBR   —   Indicador Bancario de Referencia
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 September 30, 2024. 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
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.

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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)

 

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 September 30, 2024.
TBA   —   To Be Announced
TONAR   —   Tokyo Overnight Average Rate
VA   —   Veterans Administration
WIBID   —   Warsaw Interbank Bid Rate
WIBOR   —   Warsaw Interbank Offered Rate
(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 September 30, 2024.
(t)   —   The date shown represents the earliest of the next put date or final maturity date.
(w)   —   All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(x)   —   Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of September 30, 2024.
(z)   —   Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2024.
(aa)   —   Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2024
(ee)   —   Approximately $3,213 of these investments are restricted as collateral for swaps to various brokers.
(ff)   —   Approximately $1,016 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.
(ii)   —   Approximately $592 of these investments are restricted as collateral for forwards to Citigroup Global Markets, Inc.
(jj)   —   Approximately $3,995 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.

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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)

 

AUD   —   Australian Dollar
CAD   —   Canadian Dollar
CHF   —   Swiss Franc
CLP   —   Chilean Peso
CNH   —   Chinese Yuan
CNY   —   Chinese Yuan
COP   —   Colombian Peso
CZK   —   Czech Koruna
DKK   —   Danish Krone
EUR   —   Euro
GBP   —   British Pound
HKD   —   Hong Kong Dollar
HUF   —   Hungarian Forint
IDR   —   Indonesian Rupiah
ILS   —   Israeli New Shekel
JPY   —   Japanese Yen
KRW   —   Korean Won
MXN   —   Mexican Peso
MYR   —   Malaysian Ringgit
NOK   —   Norwegian Krone
NZD   —   New Zealand Dollar
PEN   —   Peruvian Nuevo Sol
PLN   —   Polish Zloty
RON   —   Romanian Leu
SEK   —   Swedish Krona
SGD   —   Singapore Dollar
THB   —   Thai Baht
USD   —   United States Dollar

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — 98.7% (t)

 

Alabama — 3.8%     
Alabama Economic Settlement Authority, BP Settlement, Series A, Rev., 4.00%, 09/15/2033      1,000       1,013  
Alabama Federal Aid Highway Finance Authority, Garvee,     
Series A, Rev., 5.00%, 09/01/2032 (p)      1,160       1,242  
Series A, Rev., 5.00%, 09/01/2035 (p)      1,000       1,071  
Series A, Rev., 5.00%, 09/01/2036 (p)      2,000       2,095  
Alabama Housing Finance Authority,     
Rev., GNMA/FNMA/FHLMC, 4.45%, 10/01/2044      760       770  
Rev., GNMA/FNMA/FHLMC, 5.75%, 04/01/2055      3,350       3,698  
Alabama Housing Finance Authority, South Oak Residence Project, Rev., 1.25%, 12/01/2025 (z)      4,270       4,248  
Alabama Public School and College Authority, Social Bonds,     
Series A, Rev., 5.00%, 11/01/2037      6,400       7,107  
Series A, Rev., 5.00%, 11/01/2039      10,000       11,021  
Alabama Special Care Facilities Financing Authority, Ascension Senior Credit Group, Series C, Rev., 5.00%, 11/15/2046      5,000       5,080  
Auburn University, Series A, Rev., 4.00%, 06/01/2041      7,000       7,002  
Birmingham-Jefferson Civic Center Authority, Series A, Special Tax, 5.00%, 07/01/2048      3,200       3,308  
Birmingham-Jefferson Civic Center Authority, City of Birmingham, Rev., 5.00%, 05/01/2048      12,700       13,085  
Black Belt Energy Gas District,     
Rev., 4.00%, 06/01/2051 (z)      23,030       23,708  
Rev., 5.00%, 05/01/2055 (z)      24,270       26,415  
Series A, Rev., 5.25%, 05/01/2055 (z)      2,000       2,204  
Series B1, Rev., 4.00%, 04/01/2053 (z)      2,000       2,020  
Series B2, Rev., (SIFMA Municipal Swap Index + 0.65%), 3.80%, 04/01/2053 (aa)      9,250       8,977  
Series B, Rev., LIQ: Royal Bank of Canada, 5.25%, 12/01/2053 (z)      4,845       5,320  
Series C1, Rev., 5.25%, 02/01/2053 (z)      9,000       9,653  
Series C, Rev., 5.50%, 10/01/2054 (z)      5,000       5,575  
Series D1, Rev., LIQ: Royal Bank of Canada, 4.00%, 07/01/2052 (z)      1,800       1,821  
Black Belt Energy Gas District, Gas Project,     
Series D1, Rev., 5.50%, 06/01/2049 (z)      7,100       7,682  
Series F, Rev., 5.50%, 11/01/2053 (z)      10,625       11,447  
Black Belt Energy Gas District, Gas Project Bonds Project No. 7, Rev., 4.00%, 10/01/2052 (z)      13,120       13,244  
Black Belt Energy Gas District, Gas Project No. 8, Series A, Rev., 4.00%, 12/01/2052 (z)      4,910       4,948  
Black Belt Energy Gas District, Project No. 4, Series A1, Rev., 4.00%, 12/01/2049 (z)      6,810       6,849  
Black Belt Energy Gas District, Project No. 5, Series A1, Rev., 4.00%, 10/01/2049 (z)      5,000       5,037  
Black Belt Energy Gas District, Project No. 6, Series B, Rev., 4.00%, 10/01/2052 (z)      9,005       9,090  
City of Birmingham, Warrants, Series A, GO, 4.00%, 06/01/2032      4,075       4,266  
County of Jefferson AL, Rev., 4.00%, 09/15/2036      2,590       2,624  
County of Jefferson Sewer Revenue, Warrants,     
Rev., 5.00%, 10/01/2035      2,285       2,589  
Rev., 5.00%, 10/01/2036      1,455       1,640  
Rev., 5.00%, 10/01/2037      8,685       9,753  
Rev., 5.00%, 10/01/2038      2,190       2,444  
Rev., 5.00%, 10/01/2039      4,285       4,753  
Rev., 5.25%, 10/01/2049      3,805       4,143  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Alabama — continued     
Energy Southeast A Cooperative District,     
Series A1, Rev., 5.50%, 11/01/2053 (z)      1,500       1,664  
Series B1, Rev., 5.75%, 04/01/2054 (z)      650       738  
Series B, Rev., 5.25%, 07/01/2054 (z)      7,695       8,518  
Health Care Authority for Baptist Health, Affiliate of UAB Health System Community, Rev., 5.00%, 11/15/2032      10,495       11,604  
Health Care Authority of the City of Huntsville, Health System,     
Series B1, Rev., 4.00%, 06/01/2045      1,750       1,701  
Series B1, Rev., 5.00%, 06/01/2038      1,000       1,068  
Homewood Educational Building Authority, Rev., 5.50%, 10/01/2049      3,500       3,788  
Hoover Industrial Development Board, Green Bonds, Rev., AMT, 6.38%, 11/01/2050 (z)      2,375       2,736  
Hoover Industrial Development Board, United States Steel Corporation, Rev., AMT, 5.75%, 10/01/2049      3,500       3,691  
Huntsville Public Building Authority, Rev., 5.00%, 02/01/2052      3,000       3,207  
Industrial Development Board of the City of Mobile Alabama, Alabama Power Co. Barry Plant, Rev., 3.65%, 07/15/2034 (z)      8,795       8,789  
Lower Alabama Gas District (The), Gas Project Revenue Bonds, Rev., 4.00%, 12/01/2050 (z)      3,250       3,269  
Madison Water & Wastewater Board, Rev., 5.25%, 12/01/2048      1,700       1,916  
Mobile County Industrial Development Authority, Rev., AMT, 5.00%, 06/01/2054      5,800       6,018  
Selma Industrial Development Board, Rev., 3.45%, 11/01/2033 (w) (z)      2,150       2,164  
Selma Industrial Development Board, International Paper Co. Project, Rev., 1.38%, 05/01/2034 (z)      1,000       982  
Southeast Alabama Gas Supply District, Project No. 1, Series A, Rev., 5.00%, 08/01/2054 (z)      21,175       23,010  
Southeast Alabama Gas Supply District, Project No. 2, Rev., 5.00%, 06/01/2049 (z)      20,485       22,510  
Southeast Energy Authority A Cooperative District, Project #4, Series B1, Rev., 5.00%, 05/01/2053 (z)      4,935       5,215  
Southeast Energy Authority A Cooperative District, Project #6,     
Series B, Rev., LIQ: Royal Bank of Canada, 5.00%, 06/01/2030      2,225       2,398  
Series B, Rev., LIQ: Royal Bank of Canada, 5.00%, 01/01/2054 (z)      10,000       10,769  
Southeast Energy Authority A Cooperative District, Project 1, Series A, Rev., 4.00%, 11/01/2051 (z)      4,580       4,656  
Southeast Energy Authority A Cooperative District, Project 2, Series B, Rev., 4.00%, 12/01/2051 (z)      8,830       8,989  
Southeast Energy Authority A Cooperative District, Project No. 3, Series A1, Rev., 5.50%, 01/01/2053 (z)      1,820       1,985  
Southeast Energy Authority A Cooperative District, Project No. 5, Series A, Rev., 5.25%, 01/01/2054 (z)      15,000       16,163  
State of Alabama Docks Department, Docks,     
Series A, Rev., AGM, AMT, 5.00%, 10/01/2025      1,750       1,775  
Series A, Rev., AGM, AMT, 5.00%, 10/01/2026      1,890       1,947  
Tender Option Bond Trust, Floater Certificates, Series 2022-XF3073, Rev., LIQ: Morgan Stanley, 3.45%, 02/01/2053 (e) (z)      10,000       10,000  
Tuscaloosa City Board of Education, Warrants, Rev., 5.00%, 08/01/2041 (p)      2,525       2,643  
UAB Medicine Finance Authority, Series B, Rev., 5.00%, 09/01/2041      1,750       1,783  
University of South Alabama,     

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     

Alabama — continued

     
Rev., AGM, 4.00%, 11/01/2035      2,000       2,018  
Rev., BAM, 5.25%, 04/01/2054      2,845       3,122  
Water Works Board of the City of Birmingham (The), Rev., 3.75%, 09/01/2026 (e)      2,690       2,693  
    

 

 

  
       420,471  
    

 

 

  
Alaska — 0.2%     
Alaska Housing Finance Corp., General Mortgage, Series B, Rev., 3.25%, 12/01/2044      1,340       1,332  
Alaska Housing Finance Corp., General Mortgage Revenue II, Series A, Rev., 4.50%, 06/01/2044      5,000       5,097  
Alaska Housing Finance Corp., Social Bonds State Capital,     
Rev., 5.00%, 06/01/2032      920       1,032  
Rev., 5.00%, 12/01/2032      945       1,059  
City of Anchorage Electric Revenue, Senior Lien, Series A, Rev., 5.00%, 12/01/2041 (p)      1,000       1,002  
State of Alaska,     
GO, 5.00%, 08/01/2033      2,000       2,346  
GO, 5.00%, 08/01/2034      1,125       1,335  
GO, 5.00%, 08/01/2035      2,000       2,356  
State of Alaska International Airports System,     
Series C, Rev., AMT, 5.00%, 10/01/2025      1,000       1,019  
Series C, Rev., AMT, 5.00%, 10/01/2027      2,000       2,107  
Series C, Rev., AMT, 5.00%, 10/01/2030      5,000       5,466  
    

 

 

  
       24,151  
    

 

 

  
Arizona — 1.4%     
Arizona Board of Regents, Series A, Rev., 5.00%, 07/01/2043      2,480       2,682  
Arizona Health Facilities Authority, Scottsdale Lincoln Hospital Project, Rev., 5.00%, 12/01/2029      2,705       2,712  
Arizona Industrial Development Authority,     
Rev., 4.00%, 07/01/2061      3,000       2,744  
Series 2019-2, Rev., 3.63%, 05/20/2033      1,592       1,560  
Series A, Rev., 4.00%, 09/01/2035      225       230  
Series A, Rev., 4.00%, 09/01/2036      250       255  
Arizona Industrial Development Authority, Greathearts Arizona Project, Series A, Rev., 5.00%, 07/01/2026      125       129  
Arizona Industrial Development Authority, Jerome Facilities Project, Series B, Rev., 4.00%, 07/01/2051      2,000       1,875  
Arizona Industrial Development Authority, Phoenix Children’s Hospital, Rev., 5.00%, 02/01/2033      2,000       2,280  
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Aliante,     
Rev., 3.00%, 12/15/2031 (e)      475       443  
Rev., 4.00%, 12/15/2041 (e)      500       461  
Rev., 4.00%, 12/15/2051 (e)      700       595  
Arizona Industrial Development Authority, Sustainable Bonds Equitable, Rev., 5.00%, 11/01/2028      2,870       3,069  
Arizona State University,     
Series A, Rev., 5.00%, 07/01/2043      1,105       1,177  
Series C, Rev., 5.00%, 07/01/2042      2,000       2,053  
Arizona State University, Board of Regents,     
Series B, Rev., 5.00%, 07/01/2026      100       104  
Series B, Rev., 5.00%, 07/01/2042      2,000       2,074  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Arizona — continued     
Chandler Industrial Development Authority, Intel Corp. Project,     
Rev., AMT, 5.00%, 09/01/2042 (z)      3,000       3,086  
Rev., AMT, 5.00%, 09/01/2052 (z)      2,860       2,942  
City of Glendale AZ, Rev., 5.00%, 07/01/2038      5,190       6,071  
City of Mesa, GO, 5.00%, 07/01/2042      2,665       3,010  
City of Mesa Utility System Revenue, Rev., 5.00%, 07/01/2032      1,000       1,079  
City of Phoenix, Civic Improvement Corp.,     
Series A, Rev., 5.00%, 07/01/2029      1,000       1,094  
Series A, Rev., 5.00%, 07/01/2031      2,000       2,170  
Series A, Rev., 5.00%, 07/01/2032      1,000       1,085  
Series A, Rev., 5.00%, 07/01/2034      3,785       4,178  
City of Phoenix, Civic Improvement Corp., Airport Revenue, Junior Lien,     
Series A, Rev., 5.00%, 07/01/2044      1,000       1,061  
Series B, Rev., AMT, 5.00%, 07/01/2027      1,500       1,574  
Series B, Rev., AMT, 5.00%, 07/01/2033      2,000       2,137  
City of Phoenix, Civic Improvement Corp., Junior Lien, Series A, Rev., 5.00%, 07/01/2029      1,515       1,691  
City of Phoenix, Civic Improvement Corp., Junior Lien Airport Special Obligation, Rev., 4.00%, 07/01/2040      3,555       3,556  
County of Pima Sewer System Revenue, Rev., 5.00%, 07/01/2028      500       545  
Gilbert Public Facilities Municipal Property Corp., Rev., 5.00%, 07/01/2026      1,025       1,070  
Gilbert Water Resource Municipal Property Corp., Green Bond Senior Lien, Rev., 4.00%, 07/15/2047      1,000       1,003  
Industrial Development Authority of the County of Pima (The), American Leadership Academy,     
Rev., 4.00%, 06/15/2025 (e)      2,555       2,553  
Rev., 4.00%, 06/15/2027 (e)      2,680       2,691  
Rev., 4.00%, 06/15/2030 (e)      1,510       1,511  
Industrial Development Authority of the County of Yavapai, Waste Management, Inc. Project, Rev., AMT, 1.30%, 06/01/2027      3,260       2,987  
Maricopa County Industrial Development Authority, Rev., 4.00%, 01/01/2048      5,450       5,358  
Maricopa County Industrial Development Authority, Banner Health,     
Rev., 5.00%, 01/01/2053 (z)      2,925       3,131  
Series A3, Rev., 5.00%, 01/01/2053 (z)      3,000       3,343  
Series A, Rev., 4.00%, 01/01/2041      4,000       4,009  
Maricopa County Pollution Control Corp., Rev., 3.88%, 01/01/2038 (z)      1,165       1,203  
Maricopa County Pollution Control Corp., Southern California Edison, Rev., 2.40%, 06/01/2035      4,280       3,682  
Maricopa County Special Health Care District, Series C, GO, 4.00%, 07/01/2037      21,910       22,240  
Maricopa County Unified School District No. 69 Paradise Valley, GO, 4.00%, 07/01/2036      1,170       1,210  
Maricopa County Unified School District No. 97-Deer Valley, Series E, GO, 5.00%, 07/01/2025      500       508  
Salt River Project Agricultural Improvement & Power District,     
Rev., 5.00%, 05/01/2039 (w)      3,740       4,374  
Series A, Rev., 5.00%, 12/01/2036      5,000       5,065  
Series A, Rev., 5.00%, 12/01/2045      3,200       3,239  
Salt River Project Agricultural Improvement & Power District, Salt River Project,     
Series A, Rev., 5.00%, 01/01/2026      3,000       3,094  
Series B, Rev., 5.00%, 01/01/2044      3,325       3,749  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Arizona — continued     
Salt Verde Financial Corp., Rev., 5.00%, 12/01/2032      420       460  
Sierra Vista Industrial Development Authority, Rev., 5.00%, 06/15/2044 (e) (w)      750       763  
Yuma Industrial Development Authority,     
Rev., AGC, 4.00%, 08/01/2049 (w)      4,420       4,344  
Rev., AGC, 5.25%, 08/01/2042 (w)      1,495       1,705  
Rev., AGC, 5.25%, 08/01/2044 (w)      1,915       2,165  
Rev., 5.25%, 08/01/2049 (w)      7,000       7,768  
    

 

 

  
       152,947  
    

 

 

  
Arkansas — 0.1%     
Arkansas Development Finance Authority, Rev., 5.00%, 06/01/2027      535       571  
Arkansas Development Finance Authority, Big River Steel Project,     
Rev., AMT, 4.50%, 09/01/2049 (e)      3,130       3,107  
Rev., AMT, 4.75%, 09/01/2049 (e)      7,000       7,004  
Arkansas Development Finance Authority, Green Bond United States, Rev., AMT, 5.45%, 09/01/2052      3,000       3,143  
    

 

 

  
       13,825  
    

 

 

  
California — 8.0%     
Alameda County, Oakland Unified School District, GO, 5.00%, 08/01/2027      65       68  
Anaheim City School District, Election 2016, Series A, GO, 4.00%, 08/01/2048      4,000       3,955  
Anaheim Housing & Public Improvements Authority, Series A, Rev., 5.00%, 10/01/2050      1,780       1,806  
Anaheim Public Financing Authority, Senior Public Improvement Project, Series A, Rev., BAM, 5.00%, 09/01/2036      2,250       2,349  
Anaheim Union High School District, Capital Appreciation Election 2002, GO, NATL, Zero Coupon, 08/01/2028      2,175       1,973  
Bay Area Toll Authority, San Francisco Bay Area, Series C, Rev., (SIFMA Municipal Swap Index + 0.45%), 3.60%, 04/01/2056 (aa)      2,675       2,667  
Bay Area Toll Authority, San Francisco Bay Area Toll, Rev., (SIFMA Municipal Swap Index + 0.41%), 3.56%, 04/01/2056 (aa)      5,000       4,924  
Burbank-Glendale-Pasadena Airport Authority Brick Campaign,     
Rev., AMT, 5.25%, 07/01/2040      950       1,075  
Rev., AMT, 5.25%, 07/01/2049      5,870       6,440  
Cabrillo Unified School District, Election 2018, Series B, GO, 5.00%, 08/01/2050      5,000       5,239  
California Community Choice Financing Authority,     
Rev., 5.00%, 01/01/2055 (z)      9,985       10,962  
Series B1, Rev., 4.00%, 02/01/2052 (z)      17,880       18,437  
California Community Choice Financing Authority, Clean Energy Project Revenue, Rev., 5.00%, 05/01/2054 (z)      17,000       18,699  
California Community Choice Financing Authority, Green Bond, Series A1, Rev., 4.00%, 05/01/2053 (z)      6,860       7,024  
California Community Choice Financing Authority, Green Bonds Clean Energy Project,     
Rev., 5.00%, 07/01/2053 (z)      8,685       9,319  
Rev., 5.00%, 12/01/2053 (z)      6,160       6,592  
Rev., 5.00%, 02/01/2054 (z)      3,245       3,525  
Rev., 5.25%, 01/01/2054 (z)      14,375       15,530  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

California — continued     
California Community Choice Financing Authority, Sustainability Bonds Clean Energy, Rev., 5.25%, 11/01/2054 (z)      17,825       19,403  
California Community Choice Financing Authority, Sustainable Bond Clean Energy, Rev., 5.50%, 10/01/2054 (z)      2,220       2,484  
California County, Tobacco Securitization Agency, Series A, Rev., 5.00%, 06/01/2027      10       10  
California County, Tobacco Securitization Agency, Senior Bonds, Merced County Tobacco Funding Corporation, Rev., 5.00%, 06/01/2032      340       372  
California County, Tobacco Securitization Agency, Sonoma County Securitization,     
Rev., 5.00%, 06/01/2031      255       279  
Rev., 5.00%, 06/01/2032      250       273  
Rev., 5.00%, 06/01/2033      300       327  
Rev., 5.00%, 06/01/2049      185       191  
California Educational Facilities Authority, Loyola Marymount University, Series A, Rev., NATL, Zero Coupon, 10/01/2037      340       213  
California Educational Facilities Authority, University of Southern California, Series C, Rev., 5.25%, 10/01/2024 (p)      210       210  
California Health Facilities Financing Authority, Rev., 5.00%, 10/01/2039 (p) (z)      945       968  
California Health Facilities Financing Authority, Cedars Sinai Health System, Rev., 4.00%, 08/15/2040      4,050       4,239  
California Health Facilities Financing Authority, Children’s Hospital of Orange, Rev., 3.00%, 11/01/2039      3,765       3,533  
California Health Facilities Financing Authority, City of Hope, Rev., 5.00%, 11/15/2049      3,000       3,040  
California Health Facilities Financing Authority, Commonspirit Health,     
Series A, Rev., 4.00%, 04/01/2037      3,000       3,063  
Series A, Rev., 4.00%, 04/01/2038      3,500       3,563  
Series A, Rev., 5.00%, 04/01/2033      3,000       3,345  
California Health Facilities Financing Authority, Episcopal Communities & Service,     
Rev., 5.00%, 11/15/2038      570       619  
Rev., 5.00%, 11/15/2043      570       607  
California Health Facilities Financing Authority, Initial Entrance Fees, Series A, Rev., 3.85%, 11/15/2027      40       40  
California Health Facilities Financing Authority, Kaiser Permanente,     
Series A2, Rev., 4.00%, 11/01/2044      3,000       3,007  
Series A-1-S, Rev., 5.00%, 11/01/2027      2,500       2,718  
Series A-2, Rev., 4.00%, 11/01/2038      6,270       6,358  
California Health Facilities Financing Authority, PIH Health, Series A, Rev., 5.00%, 06/01/2035      3,010       3,293  
California Health Facilities Financing Authority, Stanford Health Care,     
Rev., 3.00%, 08/15/2054 (z)      5,000       4,994  
Series A, Rev., 5.00%, 11/15/2030      2,000       2,147  
California Health Facilities Financing Authority, Sutter Health,     
Series A, Rev., 4.00%, 11/15/2048      2,240       2,202  
Series A, Rev., 5.00%, 08/15/2043 (p)      465       475  
California Health Facilities Financing Authority, Unrefunded, Rev., 5.00%, 10/01/2039 (z)      1,055       1,066  
California Housing Finance Agency,     
Rev., 3.25%, 08/20/2036      9,223       8,813  
Rev., 3.50%, 11/20/2035      1,420       1,389  
Rev., 4.25%, 01/15/2035      2,302       2,417  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

California — continued     
California Housing Finance Agency, Symphony at Del Sur, Rev., 5.00%, 05/01/2054 (z)      425       442  
California Infrastructure & Economic Development Bank, J. Paul Getty Trust, Rev., 3.00%, 10/01/2047 (z)      1,000       1,003  
California Infrastructure & Economic Development Bank, Los Angeles County, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 3.85%, 12/01/2050 (aa)      1,370       1,369  
California Infrastructure & Economic Development Bank, Sanford Consortium Project, Series A, Rev., 5.00%, 05/15/2031      1,230       1,278  
California Municipal Finance Authority, Community Facilities No. 2023-5 Improvement, Special Tax, 5.50%, 09/01/2048      600       655  
California Municipal Finance Authority, Draw Down Waste Management, Rev., AMT, 4.80%, 11/01/2041 (z)      1,460       1,465  
California Municipal Finance Authority, Open Door Community Health Center,     
Rev., 4.00%, 09/15/2034      920       976  
Rev., 4.00%, 09/15/2035      960       1,015  
Rev., 4.00%, 09/15/2036      1,000       1,053  
California Municipal Finance Authority, Republic Services, Rev., AMT, 4.38%, 09/01/2053 (z)      4,350       4,589  
California Municipal Finance Authority, Republic Services, Inc., Rev., AMT, 3.88%, 03/01/2054 (z)      550       562  
California Municipal Finance Authority, Simpson University, Series A, Rev., 6.00%, 10/01/2050 (e)      2,000       2,062  
California Municipal Finance Authority, Southern California Institute, Rev., 5.00%, 12/01/2037      745       773  
California Municipal Finance Authority, Taxable Virginia Oceanside Health Care Center, Rev., 3.64%, 07/01/2030 (e)      2,970       2,767  
California Municipal Finance Authority, United Airlines, Inc. Project, Rev., AMT, 4.00%, 07/15/2029      2,500       2,520  
California Municipal Finance Authority, Waste Management, Inc. Project,     
Rev., AMT, 3.95%, 10/01/2045 (z)      3,500       3,498  
Series A, Rev., AMT, 2.40%, 10/01/2044 (z)      4,960       4,765  
California Pollution Control Financing Authority, Plant Bonds,     
Rev., AMT, 5.00%, 07/01/2037 (e)      1,500       1,503  
Rev., AMT, 5.00%, 11/21/2045 (e)      6,000       6,009  
California Pollution Control Financing Authority, Poseidon Resources, Rev., AMT, 5.00%, 07/01/2037 (e)      2,200       2,430  
California Pollution Control Financing Authority, Republic Services, Inc.,     
Rev., AMT, 4.05%, 07/01/2043 (e) (z)      2,920       2,917  
Rev., AMT, 4.10%, 11/01/2042 (e) (z)      1,410       1,410  
California Public Finance Authority, Enso Village Project, Green Bond, Rev., 5.00%, 11/15/2036 (e)      325       333  
California Public Finance Authority, Henry Mayo Newhall Hospital, Rev., 5.00%, 10/15/2032      1,000       1,023  
California School Finance Authority, Rev., 5.00%, 07/01/2046 (e)      1,500       1,515  
California School Finance Authority, Rocketship Education Obligated, Series A, Rev., 5.00%, 06/01/2034 (e)      1,230       1,247  
California State Public Works Board, Series H, Rev., 5.00%, 12/01/2026      1,000       1,028  
California State Public Works Board, Corrections Facilities, Series A, Rev., 5.00%, 09/01/2039      7,560       7,574  
California State Public Works Board, Forward Delivery, Series A, Rev., 5.00%, 02/01/2030      1,665       1,880  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

California — continued     
California State Public Works Board, Various Capital Projects,     
Rev., 4.00%, 11/01/2030      1,245       1,268  
Rev., 4.00%, 11/01/2031      1,000       1,014  
Rev., 5.00%, 11/01/2026      565       597  
Series D, Rev., 4.00%, 11/01/2037      1,000       1,057  
California State Public Works Board, Various Corrections Facilities, Series A, Rev., 5.00%, 09/01/2031      4,560       4,570  
California State University, Series A, Rev., 5.00%, 11/01/2044      2,640       2,841  
California State University, Systemwide, Series A, Rev., 4.00%, 11/01/2035      1,000       1,016  
California Statewide Communities Development Authority,     
Rev., 5.00%, 12/01/2034      1,750       2,092  
Series B, Special Assessment, 4.00%, 09/02/2040      570       565  
California Statewide Communities Development Authority, Enloe Medical Center, Series A, Rev., AGM, 5.13%, 08/15/2047      500       545  
California Statewide Communities Development Authority, Green Bond, Marin General Hospital, Rev., 4.00%, 08/01/2045      3,000       2,758  
California Statewide Communities Development Authority, Loma Linda University Medical, Rev., 5.50%, 12/01/2058 (e)      2,000       2,071  
California Statewide Communities Development Authority, Loma Linda University Medical Center,     
Rev., 5.25%, 12/01/2044      6,065       6,065  
Rev., 5.50%, 12/01/2054      1,100       1,101  
Series A, Rev., 5.00%, 12/01/2026 (e)      300       311  
Series A, Rev., 5.00%, 12/01/2041 (e)      2,000       2,028  
Series A, Rev., 5.25%, 12/01/2056 (e)      9,750       9,870  
California Statewide Communities Development Authority, Montage Health, Series A, Rev., 4.00%, 06/01/2028      435       459  
California Statewide Communities Development Authority, Southern California Edison, Rev., 4.50%, 11/01/2033      1,000       1,082  
Chino Valley Unified School District, Election of 2016, Series C, GO, Zero Coupon, 08/01/2034      125       89  
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       307  
Special Tax, 4.00%, 09/01/2036 (e)      155       156  
City & County of San Francisco Special Tax District No. 2020-1, Special Tax,     
Special Tax, 5.50%, 09/01/2043 (e)      2,060       2,257  
City of Dixon, Community Facilities District Improvement, Special Tax, 4.00%, 09/01/2036      200       201  
City of Long Beach Airport System Revenue,     
Series C, Rev., AGM, AMT, 5.00%, 06/01/2042      1,000       1,083  
Series C, Rev., AGM, AMT, 5.25%, 06/01/2047      1,000       1,089  
City of Los Angeles Department of Airports,     
Rev., AMT, 5.00%, 05/15/2026      1,500       1,546  
Series B, Rev., AMT, 5.00%, 05/15/2046      21,965       22,285  
City of Los Angeles Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2032      1,000       1,071  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

California — continued     
City of Los Angeles Department of Airports, Senior,     
Series A, Rev., AMT, 4.75%, 05/15/2040      2,415       2,423  
Series B, Rev., 5.00%, 05/15/2034      1,600       1,815  
Series C, Rev., AMT, 5.00%, 05/15/2036      4,090       4,388  
City of Los Angeles Department of Airports, Senior Bonds Green Bond Project,     
Rev., AMT, 5.00%, 05/15/2029      4,000       4,354  
Rev., AMT, 5.25%, 05/15/2047      4,000       4,329  
City of Los Angeles Department of Airports, Senior Bonds Private Activity, Rev., AMT, 5.50%, 05/15/2047      4,625       5,083  
City of Los Angeles Department of Airports, Subordinate,     
Series B, Rev., 5.00%, 05/15/2040      900       1,010  
Series C, Rev., AMT, 5.00%, 05/15/2033      1,330       1,388  
Series C, Rev., 5.00%, 05/15/2038      2,000       2,025  
Series D, Rev., AMT, 5.00%, 05/15/2027      2,605       2,739  
Series D, Rev., AMT, 5.00%, 05/15/2028      500       535  
Series D, Rev., AMT, 5.00%, 05/15/2029      4,485       4,881  
Series E, Rev., 5.00%, 05/15/2039      1,510       1,637  
Series E, Rev., 5.00%, 05/15/2044      1,000       1,066  
City of Los Angeles Department of Airports, Subordinate Los Angeles International Airport,     
Rev., AMT, 5.00%, 05/15/2027      1,235       1,299  
Rev., AMT, 5.00%, 05/15/2029      1,000       1,088  
Rev., 5.00%, 05/15/2036      1,000       1,103  
Rev., AMT, 5.25%, 05/15/2038      1,735       1,833  
City of Los Angeles Department of Airports, Subordinate P3 Project,     
Series A, Rev., AMT, 5.00%, 05/15/2026      1,180       1,216  
Series A, Rev., AMT, 5.00%, 05/15/2046      8,000       8,490  
City of Los Angeles Department of Airports, Subordinated Los Angeles International, Rev., AMT, 5.25%, 05/15/2048      3,000       3,122  
City of Los Angeles Department of Airports, Subordinated Los Angeles International Airport,     
Rev., AMT, 3.25%, 05/15/2049      3,000       2,484  
Series D, Rev., AMT, 4.00%, 05/15/2051      23,000       22,322  
City of Los Angeles Department of Airports, Sustainable Bond Subordinate, Rev., AMT, 5.00%, 05/15/2036      1,650       1,853  
City of Los Angeles Department of Airports, Unrefunded Subordinate, Rev., AMT, 4.00%, 05/15/2038      1,995       2,010  
City of Los Angeles Wastewater System Revenue, Subordinate, Series C, Rev., 5.00%, 06/01/2026      500       522  
City of Roseville,     
Special Tax, 4.00%, 09/01/2040      1,000       1,005  
Special Tax, 5.00%, 09/01/2035      1,160       1,236  
City of San Francisco, Public Utilities Commission Water Revenue, Regional Water, Series B, Rev., 5.00%, 11/01/2050      4,235       4,414  
City of Santa Rosa Wastewater Revenue, Series A, Rev., 5.00%, 09/01/2033      1,770       2,015  
City of Victorville Electric Revenue,     
Series A, Rev., 5.00%, 05/01/2038      1,055       1,195  
Series A, Rev., 5.00%, 05/01/2039      1,110       1,247  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

California — continued     
City of Woodland, Facilities District Number 2004 1 Capital Project, Special Tax, 4.00%, 09/01/2041      500       496  
Coachella Valley Water District Drinking Water System Revenue, Notes, Series A, Rev., 1.38%, 06/01/2025      2,000       1,969  
Coast Community College District, Election of 2012, Series F, GO, Zero Coupon, 08/01/2040      3,020       1,685  
Compton Community Redevelopment Agency Successor Agency, Series A, Tax Allocation, AGM, 5.00%, 08/01/2042      750       824  
Compton Unified School District, Series B, GO, BAM, Zero Coupon, 06/01/2036      1,400       921  
County of Los Angeles Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2033      105       114  
County of Los Angeles, Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2042      540       579  
County of Sacramento, Community Facilities District #2004-1, Special Tax, 5.00%, 09/01/2035      1,335       1,374  
CSCDA Community Improvement Authority, Series A, Rev., 5.00%, 01/01/2054 (e)      5,995       5,461  
CSCDA Community Improvement Authority, Renaissance at City Center, Series A, Rev., 5.00%, 07/01/2051 (e)      215       215  
CSCDA Community Improvement Authority, Social Bonds, Rev., 4.00%, 08/01/2056 (e)      410       371  
CSCDA Community Improvement Authority, Union South Bay, Social Bonds, Rev., 4.00%, 07/01/2056 (e)      2,000       1,690  
Department of Veterans Affairs, Veteran’s Farm & Home Purchase Program, Series A, Rev., 3.00%, 12/01/2050      665       659  
East Bay Municipal Utility District Water System Revenue, Green Bond, Series A, Rev., 5.00%, 06/01/2035      1,200       1,277  
East County Advanced Water Purification Joint Powers Authority, Rev., 5.00%, 09/01/2026      2,000       2,081  
East Side Union High School District, 2014 Election Education Tech, Series D, GO, 5.00%, 08/01/2025      400       408  
Elk Grove Finance Authority, Special Tax, 4.00%, 09/01/2040      1,280       1,251  
FHLMC Multifamily ML Certificates,     
Rev., 4.03%, 12/25/2036 (z)      1,774       1,822  
Rev., 4.55%, 08/25/2040      3,598       3,809  
Series 2021-ML10, Class A, Rev., 2.03%, 01/25/2038 (e)      332       268  
Foothill-De Anza Community College District, Capital Appreciation, Series B, GO, AMBAC, Zero Coupon, 08/01/2032      7,930       6,351  
Fremont Unified School District, Series D, GO, 3.00%, 08/01/2033      1,205       1,186  
Fremont Unified School District, Election 2014, Series E, GO, 4.00%, 08/01/2042      2,230       2,294  
Golden State Tobacco Securitization Corp., Subordinated, Series B2, Rev., Zero Coupon, 06/01/2066      5,000       595  
Golden State Tobacco Securitization Corp., Taxable Tobacco Settlement Asset Backed Bonds, Series C, Rev., 2.75%, 06/01/2034      1,900       1,661  
Golden State Tobacco Securitization Corp., Tobacco Settlement Asset Backed Bonds, Rev., 5.00%, 06/01/2051      3,235       3,411  
Hayward Unified School District, COP, 5.25%, 08/01/2047      3,000       3,116  
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Green Bond Measure R, Rev., 5.00%, 06/01/2027      1,000       1,074  
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Proposition C, Series A, Rev., 5.00%, 07/01/2027      1,255       1,353  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

California — continued     
Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinated, Green Bonds, Series A, Rev., 5.00%, 06/01/2034      7,000       7,435  
Los Angeles County Sanitation Districts Financing Authority, Series A, Rev., 4.00%, 10/01/2033      1,000       1,023  
Los Angeles County, Metropolitan Transportation Authority, Green Bond, Measure R Junior Subordinated, Series A, Rev., 5.00%, 06/01/2030      750       857  
Los Angeles Department of Water,     
Series B, Rev., 4.00%, 07/01/2027      1,500       1,570  
Series B, Rev., 5.00%, 07/01/2037      740       798  
Los Angeles Department of Water & Power,     
Series A, Rev., 5.00%, 07/01/2029      1,000       1,129  
Series B, Rev., 5.00%, 07/01/2039      500       576  
Series C, Rev., 5.00%, 07/01/2038      275       316  
Los Angeles Department of Water & Power Water System Revenue, Series A, Rev., 4.00%, 07/01/2047      8,000       8,004  
Los Angeles Department of Water & Power, Power System Bonds, Series C, Rev., 5.00%, 07/01/2037      1,000       1,093  
Los Angeles Department of Water & Power, Power System Revenue,     
Series A, Rev., 5.25%, 07/01/2049      9,500       10,164  
Series B, Rev., 5.00%, 07/01/2038      1,000       1,041  
Los Angeles Unified School District,     
GO, 4.00%, 07/01/2049 (w)      2,000       2,020  
Series A, GO, 3.00%, 01/01/2034      2,000       1,976  
Series C, GO, 4.00%, 07/01/2036      1,000       1,051  
Series C, GO, 4.00%, 07/01/2038      1,860       1,936  
Series C, GO, 5.00%, 07/01/2026      2,285       2,392  
Los Angeles Unified School District, Election 2008, Series B1, GO, BAM, 5.00%, 07/01/2029      100       108  
Los Angeles Unified School District, Sustainability Bonds, Series QRR, GO, 5.00%, 07/01/2026      550       576  
Marin Municipal Water District, Subordinate, Rev., 4.00%, 06/15/2045      3,500       3,555  
Metropolitan Water District of Southern California,     
Rev., 5.00%, 07/01/2037 (z)      550       620  
Rev., 5.00%, 01/01/2038      3,015       3,255  
Natomas Unified School District,     
Series A, GO, AGM, 4.00%, 08/01/2045      7,740       7,740  
Series A, GO, AGM, 4.00%, 08/01/2049      2,655       2,609  
Norman Y Mineta San Jose International Airport SJC,     
Series A, Rev., BAM, AMT, 4.00%, 03/01/2034      3,875       3,964  
Series A, Rev., AMT, 5.00%, 03/01/2027      1,480       1,550  
Series A, Rev., AMT, 5.00%, 03/01/2031      1,000       1,109  
Series A, Rev., AMT, 5.00%, 03/01/2032      2,000       2,210  
Series A, Rev., AMT, 5.00%, 03/01/2036      1,160       1,192  
Northern California Energy Authority, Rev., 5.00%, 12/01/2054 (z)      2,000       2,164  
Norwalk-La Mirada Unified School District, Series D, GO, 3.00%, 08/01/2043      2,000       1,784  
Norwalk-La Mirada Unified School District, Election 2014, Series E, GO, 3.00%, 08/01/2050      10,000       8,458  
Oakland Unified School District, Election Of 2020,     
Series A, GO, AGM, 5.00%, 08/01/2037      1,850       2,153  
Series A, GO, AGM, 5.25%, 08/01/2041      1,410       1,636  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

California — continued     
Oakland Unified School District/Alameda County, Election Of 2012, Series A, GO, AGM, 4.00%, 08/01/2034      1,000       1,022  
Ontario International Airport Authority, Series A, Rev., AGM, 5.00%, 05/15/2046      1,500       1,643  
Orange County Community Facilities District, District No. 2021-1 Rienda, Series A, Special Tax, 5.00%, 08/15/2033      300       328  
Orange County Transportation Authority, 405 Improvement Project, Rev., BAN, 5.00%, 10/15/2024 (p)      3,230       3,232  
Oxnard Union High School District, Series B, GO, 5.00%, 08/01/2045      3,000       3,170  
Palo Alto Unified School District, Capital Appreciation Election Of 2008, GO, Zero Coupon, 08/01/2032      15,385       12,417  
Palomar Health, Rev., 5.00%, 11/01/2039      4,000       4,005  
Palomar Health, Capital Appreciation, Electric of 2004,     
Series A, GO, AGC, Zero Coupon, 08/01/2028      500       442  
Series A, GO, AGC, Zero Coupon, 08/01/2031      330       261  
Peralta Community College District, GO, 5.25%, 08/01/2037      2,000       2,360  
Pittsburg Public Financing Authority, Series A, Rev., AGM, 4.13%, 08/01/2047      1,400       1,419  
Port of Oakland,     
Rev., AMT, 5.00%, 05/01/2027 (p)      2,500       2,631  
Rev., AMT, 5.00%, 05/01/2028 (p)      4,275       4,571  
Rev., AMT, 5.00%, 05/01/2029      980       1,060  
Rancho Mirage Community Facilities District, Special Tax, 5.00%, 09/01/2049      1,000       1,052  
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Special Tax, AGM, 5.25%, 09/01/2052      1,085       1,191  
Sacramento City Unified School District, GO, BAM, 5.00%, 07/01/2031      525       604  
Sacramento Municipal Utility District, Electric, Series H, Rev., 4.00%, 08/15/2040      2,000       2,064  
San Bernardino Community College District, Election of 2018, Series A, GO, 3.00%, 08/01/2041 (p)      2,000       2,045  
San Diego Community College District, GO, 4.00%, 08/01/2032 (p)      2,910       3,000  
San Diego County Regional Airport Authority, Rev., AMT, 5.00%, 07/01/2053      2,500       2,661  
San Diego County Regional Airport Authority Subordinate, Series B, Rev., AMT, 4.00%, 07/01/2035      2,915       2,965  
San Diego County Regional Airport Authority, Subordinated, Series B, Rev., AMT, 5.00%, 07/01/2031      775       803  
San Diego Unified School District, Series K2, GO, Zero Coupon, 07/01/2038      2,045       1,207  
San Diego Unified School District, Election 2008, Series E, GO, Zero Coupon, 07/01/2034      1,250       937  
San Diego Unified School District, Election 2012, Series I, GO, 4.00%, 07/01/2047      8,000       7,957  
San Diego Unified School District, Election Of 2008,     
Series SR-3A, GO, 5.00%, 07/01/2034      500       599  
Series SR-3A, GO, 5.00%, 07/01/2035      500       597  
San Dieguito School Facilities Financing Authority, Special Tax, 5.00%, 03/01/2031      1,030       1,112  
San Francisco Bay Area Rapid Transit District Sales Tax Revenue, Series A, Rev., 4.00%, 07/01/2037      2,350       2,391  
San Francisco Bay Area Rapid Transit District, Election 2004, Green Bond, GO, 5.00%, 08/01/2036      1,875       1,978  
San Francisco Bay Area Rapid Transit District, Green Bonds, Series C1, GO, 4.00%, 08/01/2032      1,000       1,064  
San Francisco Bay Area Rapid Transit District, Sustainable Bond Transit District, GO, 3.00%, 08/01/2037      2,495       2,427  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

California — continued     
San Francisco City & County Airport Commission-San Francisco International Airport,     
Series H, Rev., AMT, 5.00%, 05/01/2025      1,500       1,514  
Series H, Rev., AMT, 5.00%, 05/01/2028      3,000       3,209  
San Francisco City & County Airport Commission-San Francisco International Airport, Unrefunded, Rev., AMT, 5.00%, 05/01/2027      775       813  
San Francisco City & County Airport Comm-San Francisco International Airport,     
Rev., AMT, 5.25%, 05/01/2042      6,895       7,125  
Rev., AMT, 5.25%, 05/01/2044      5,645       6,268  
Series A, Rev., AMT, 5.00%, 05/01/2025      2,000       2,019  
Series A, Rev., AMT, 5.00%, 05/01/2027      3,000       3,152  
Series A, Rev., AMT, 5.00%, 05/01/2030      2,000       2,202  
Series A, Rev., AMT, 5.00%, 05/01/2032      2,000       2,214  
Series C, Rev., 5.00%, 05/01/2046      1,920       1,961  
Series H, Rev., AMT, 5.00%, 05/01/2027      5,500       5,779  
San Francisco City & County Public Utilities Commission Wastewater Revenue, Rev., 4.00%, 10/01/2039      1,325       1,329  
San Francisco City & County Public Utilities Commission Wastewater Revenue, Green Bonds, Series C, Rev., 4.00%, 10/01/2048 (z)      2,290       2,427  
San Francisco City & County Redevelopment Agency Successor Agency, Community Facilities No. 6 Mission Bay,     
Special Tax, AGM, 5.00%, 08/01/2036      1,000       1,167  
Special Tax, AGM, 5.25%, 08/01/2037      1,000       1,181  
Special Tax, AGM, 5.25%, 08/01/2038      1,000       1,175  
San Jacinto Unified School District, Election 2016, GO, 4.00%, 08/01/2042      2,580       2,691  
San Joaquin Hills Transportation Corridor Agency, Junior Lien,     
Series B, Rev., 5.25%, 01/15/2044      8,020       8,056  
Series B, Rev., 5.25%, 01/15/2049      8,000       8,033  
San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Rev., 4.00%, 01/15/2034      3,000       3,194  
San Jose Unified School District, Taxable, GO, 1.01%, 08/01/2027      1,700       1,576  
San Mateo County Community College District, Capital Appreciation Election 2005, Series B, GO, NATL, Zero Coupon, 09/01/2035      1,955       1,404  
South San Francisco Public Facilities Financing Authority, Multiple Capital Projects at Orange Memorial Park, Rev., 5.25%, 06/01/2046      1,000       1,095  
Southern California Public Power Authority, Rev., 5.00%, 04/01/2055 (z)      13,320       14,419  
Southern California Public Power Authority, Green Bond Milford Wind Co., Rev., 5.00%, 07/01/2025      250       255  
State of California,     
GO, 3.00%, 11/01/2040      500       452  
GO, 4.00%, 09/01/2028      2,060       2,183  
GO, 4.00%, 11/01/2041      1,000       1,000  
GO, 5.00%, 10/01/2026      2,000       2,105  
GO, 5.00%, 04/01/2027      145       154  
GO, 5.00%, 09/01/2027      2,000       2,152  
GO, 5.00%, 04/01/2028      1,000       1,090  
GO, 5.00%, 09/01/2028      3,160       3,476  
GO, 5.00%, 04/01/2029      80       89  
GO, 5.00%, 08/01/2029      1,000       1,121  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

California — continued     
GO, 5.00%, 09/01/2029      2,005       2,252  
GO, 5.00%, 11/01/2029      8,215       9,256  
GO, 5.00%, 08/01/2030      700       798  
GO, 5.00%, 08/01/2031      3,840       4,437  
GO, 5.00%, 08/01/2032      2,450       2,868  
GO, 5.00%, 09/01/2034      3,335       3,652  
GO, 5.00%, 10/01/2047      1,500       1,537  
Series CU, GO, 5.50%, 12/01/2052      230       255  
State of California, Bidding Group A, GO, 5.00%, 09/01/2027      3,000       3,228  
State of California, Taxable, GO, 4.60%, 04/01/2038      16,000       15,714  
State of California, Taxable Bidding Group A, GO, 1.75%, 10/01/2028      5,000       4,598  
State of California, Taxable Group B, GO, 5.50%, 10/01/2025      9,000       9,112  
State of California, Various Purpose,     
GO, 4.00%, 09/01/2031      1,000       1,022  
GO, 4.00%, 11/01/2033      3,550       3,660  
GO, 4.00%, 10/01/2035      2,825       3,006  
GO, 4.00%, 10/01/2036      8,850       9,345  
GO, 4.00%, 10/01/2037      6,000       6,330  
GO, 5.00%, 10/01/2029      1,000       1,125  
GO, 5.00%, 04/01/2031      1,000       1,150  
GO, 5.00%, 03/01/2034      1,455       1,623  
GO, 5.00%, 04/01/2035      1,000       1,090  
State of California, Veterans Bonds, GO, 5.00%, 12/01/2031      5,500       5,518  
Stockton Unified School District, Series B, GO, AGM, 5.00%, 08/01/2031      5,000       5,817  
Tejon Ranch Public Facilities Finance Authority,     
Special Tax, 5.00%, 09/01/2038      1,000       1,105  
Special Tax, 5.00%, 09/01/2042      615       666  
Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization,     
Rev., 5.00%, 06/01/2027      750       785  
Rev., 5.00%, 06/01/2028      750       798  
University of California,     
Rev., 5.00%, 05/15/2031      2,000       2,319  
Series BM, Rev., 5.00%, 05/15/2029      1,665       1,874  
Series BN, Rev., 5.00%, 05/15/2037      1,000       1,174  
Series BN, Rev., 5.00%, 05/15/2038      5,000       5,846  
Series BT, Rev., 5.00%, 05/15/2026      4,000       4,175  
University of California, Limited Project,     
Series M, Rev., 4.00%, 05/15/2047      1,300       1,294  
Series M, Rev., 5.00%, 05/15/2034      1,500       1,581  
University of California, Limited Project Bonds, Series Q, Rev., 4.00%, 05/15/2040      1,000       1,038  
University of California, Limited Project Revenue Bonds, Series Q, Rev., 5.00%, 05/15/2032      350       404  
Upper Santa Clara Valley Joint Powers Authority,     
Series A, Rev., 4.00%, 08/01/2045      1,500       1,500  
Series A, Rev., 4.00%, 08/01/2050      2,000       2,000  
Victor Valley Union High School District, Series B, GO, AGM, 4.00%, 08/01/2036      1,270       1,289  
West Contra Costa Healthcare District, Special Tax, 5.00%, 07/01/2027      805       864  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

California — continued     
William S Hart Union High School District, Capital Appreciation Election 2001, Series B, GO, AGM, Zero Coupon, 09/01/2025      1,960       1,912  
    

 

 

  
       871,115  
    

 

 

  
Colorado — 3.3%     
Adams & Weld Counties School District No. 27J Brighton, GO, 5.00%, 12/01/2042      1,000       1,050  
Aerotropolis Regional Transportation Authority, Rev., 4.25%, 12/01/2041      500       475  
Alpine Mountain Ranch Metropolitan District Special Improvement District No. 1, Special Assessment, 4.00%, 12/01/2040      500       473  
Baseline Metropolitan District No. 1,     
GO, AGC, 4.00%, 12/01/2046 (w)      2,000       1,972  
GO, AGC, 5.00%, 12/01/2049 (w)      1,970       2,107  
Board of Water Commissioners City & County of Denver, Green Bond, Series A, Rev., 4.00%, 09/15/2042      2,180       2,190  
Brighton Crossing Metropolitan District No. 6, Series A, GO, 5.00%, 12/01/2035      525       522  
Castle Oaks Metropolitan District No. 3, GO, AGM, 4.00%, 12/01/2026      220       226  
Centennial Water & Sanitation District, Rev., 5.00%, 12/01/2053      2,750       3,006  
Centerra Metropolitan District No. 1, Rev., 6.50%, 12/01/2053      500       521  
City & County of Denver Airport System Revenue,     
Series A, Rev., AMT, 5.00%, 11/15/2026      3,500       3,644  
Series A, Rev., AMT, 5.00%, 11/15/2027      3,000       3,173  
Series A, Rev., AMT, 5.00%, 11/15/2028      1,000       1,071  
Series A, Rev., AMT, 5.00%, 11/15/2029      1,000       1,085  
Series A, Rev., AMT, 5.00%, 12/01/2030      3,000       3,283  
Series A, Rev., AMT, 5.00%, 11/15/2047      13,500       14,337  
Series A, Rev., AMT, 5.50%, 11/15/2053      4,000       4,402  
Series B2, Rev., AMT, 5.00%, 11/15/2031 (z)      1,000       1,018  
Series B, Rev., 5.25%, 11/15/2053      4,775       5,291  
Series D, Rev., AMT, 5.75%, 11/15/2040      4,750       5,479  
Series D, Rev., AMT, 5.75%, 11/15/2041      3,000       3,445  
Series D, Rev., AMT, 5.75%, 11/15/2045      11,050       12,525  
City & County of Denver Airport System Revenue, Subordinate,     
Series B, Rev., AMT, 5.00%, 11/15/2029      3,250       3,526  
Series B, Rev., AMT, 5.00%, 11/15/2030      6,215       6,798  
Series B, Rev., AMT, 5.00%, 11/15/2031      4,250       4,688  
Series B, Rev., AMT, 5.50%, 11/15/2037      700       818  
City & County of Denver Airport System Revenue, Subordinated,     
Series A, Rev., AMT, 5.00%, 12/01/2027      5,840       6,171  
Series A, Rev., AMT, 5.00%, 12/01/2034      2,510       2,647  
Series A, Rev., AMT, 5.00%, 12/01/2043      3,000       3,098  
City & County of Denver CO Airport System Revenue, Rev., AMT, 4.13%, 11/15/2053      5,000       4,906  
City & County of Denver Dedicated Excise Tax Revenue, Series A, Rev., 4.00%, 08/01/2051      9,925       9,727  
Colorado Bridge & Tunnel Enterprise, Senior Infrastructure, Series A, Rev., AGM, 5.25%, 12/01/2049      2,330       2,618  
Colorado Bridge Enterprise, Rev., AMT, 4.00%, 06/30/2051      1,500       1,339  
Colorado Bridge Enterprise, Central 70 Project,     
Rev., AMT, 4.00%, 12/31/2025      1,000       1,007  
Rev., AMT, 4.00%, 12/31/2030      1,505       1,518  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Colorado — continued     
Colorado Educational & Cultural Facilities Authority, Aspen View Academy Project,     
Rev., 4.00%, 05/01/2036      175       175  
Rev., 4.00%, 05/01/2041      175       168  
Colorado Health Facilities Authority,     
Rev., 4.00%, 11/15/2048      9,000       8,794  
Rev., 4.00%, 05/15/2052      11,610       11,229  
Rev., 5.00%, 05/15/2054      33,325       35,522  
Rev., 5.00%, 11/15/2059 (z)      2,000       2,204  
Colorado Health Facilities Authority, AdventHealth Obligated Group,     
Rev., 3.00%, 11/15/2051      9,790       7,782  
Rev., 4.00%, 11/15/2038      2,000       2,032  
Rev., 5.00%, 11/15/2038      1,000       1,116  
Colorado Health Facilities Authority, Adventist Health System, Rev., 5.00%, 11/15/2036 (z)      1,295       1,353  
Colorado Health Facilities Authority, Adventist Health System Sunbelt, Rev., 5.00%, 11/15/2041      4,000       4,082  
Colorado Health Facilities Authority, Children’s Hospital, Series C, Rev., 5.00%, 12/01/2030      1,000       1,032  
Colorado Health Facilities Authority, Commonspirit Health,     
Rev., 5.25%, 11/01/2052      2,710       2,960  
Series A1, Rev., 5.00%, 08/01/2027      1,025       1,089  
Series A1, Rev., 5.00%, 08/01/2034      1,240       1,332  
Series A2, Rev., 5.00%, 08/01/2028      2,215       2,396  
Series A2, Rev., 5.00%, 08/01/2044      20,440       21,307  
Series A, Rev., 5.00%, 12/01/2034      5,680       6,561  
Colorado Health Facilities Authority, Improvement Bonds Christian Living Communities, Rev., 4.00%, 01/01/2042      500       455  
Colorado Health Facilities Authority, Intermountain Healthcare, Rev., 5.00%, 05/15/2052      2,500       2,681  
Colorado Health Facilities Authority, Sanford Health, Series A, Rev., 4.00%, 11/01/2039      3,400       3,408  
Colorado Health Facilities Authority, SCL Health System, Series A, Rev., 5.00%, 01/01/2030      1,175       1,314  
Colorado Housing and Finance Authority, Series H, Rev., GNMA COLL, 3.00%, 05/01/2050      1,560       1,541  
Colorado Housing and Finance Authority, Class III Bonds Sustainable Bond, Rev., GNMA COLL, 6.50%, 05/01/2054      695       785  
Colorado Housing and Finance Authority, Social Bonds,     
Series E, Rev., GNMA, 3.00%, 11/01/2051      2,290       2,261  
Series H, Rev., GNMA, 3.00%, 11/01/2051      1,020       1,005  
Series I, Rev., GNMA COLL, 6.00%, 05/01/2053      1,360       1,509  
Series L, Rev., GNMA COLL, 3.25%, 11/01/2051      1,520       1,511  
Colorado Housing and Finance Authority, Wintergreen Ridge Apartments Project, Rev., 4.00%, 05/01/2041 (z)      80       80  
Colorado Science and Technology Park Metropolitan District No. 1, Series B, Rev., AGM, 4.75%, 12/15/2054      1,000       1,037  
Copperleaf Metropolitan District No. 2, GO, BAM, 4.00%, 12/01/2025      470       476  
Crystal Valley, Metropolitan District No. 2,     
Series A, GO, AGM, 5.00%, 12/01/2028      500       547  
Series A, GO, AGM, 5.00%, 12/01/2030      360       406  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Colorado — continued     
Dawson Trails Metropolitan District No. 1, GO, Zero Coupon, 12/01/2031      6,740       3,831  
Denver City & County, School District No. 1, GO, 5.00%, 12/01/2029      1,000       1,054  
Denver Convention Center Hotel Authority, Senior, Rev., 5.00%, 12/01/2036      1,320       1,346  
Denver Urban Renewal Authority, Senior Subordinated Stapleton, Series B, Tax Allocation, 5.00%, 12/01/2025      500       513  
E-470 Public Highway Authority, Rev., 5.00%, 09/01/2040      1,550       1,772  
E-470 Public Highway Authority, Capital Appreciation, Series A, Rev., NATL, Zero Coupon, 09/01/2027      1,250       1,146  
E-470 Public Highway Authority, Capital Appreciation School Reform, Series B, Rev., NATL, Zero Coupon, 09/01/2030      290       239  
E-470 Public Highway Authority, Senior,     
Series A, Rev., 5.00%, 09/01/2027      1,000       1,071  
Series A, Rev., 5.00%, 09/01/2028      1,000       1,094  
Falcon Area Water & Wastewater Authority, Series A, Rev., 6.75%, 12/01/2034 (e)      3,000       3,004  
Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork, GO, 4.00%, 12/15/2034 (p)      2,000       2,033  
Jefferson Center Metropolitan District No. 1,     
Series A2, Rev., 4.13%, 12/01/2040      575       543  
Series A2, Rev., 4.38%, 12/01/2047      795       757  
Jefferson County School District, Series R1, GO, 5.00%, 12/15/2031      2,000       2,185  
Jefferson County School District No. R-1, GO, 4.00%, 12/15/2032      1,500       1,604  
Kremmling Memorial Hospital District, COP, 6.13%, 12/01/2044 (e)      3,850       3,789  
Mesa County School District No. 50, GO, 5.50%, 12/01/2049      1,835       2,074  
Park Creek Metropolitan District, Senior, Series A, Rev., AGM, 5.00%, 12/01/2043      1,500       1,627  
Peak Metropolitan District No. 3, GO, 0.00%, 12/01/2042      3,950       2,475  
Public Authority for Colorado Energy, Rev., 6.50%, 11/15/2038      6,000       7,523  
Pueblo Urban Renewal Authority, EVRAZ Project Tax, Increment, Tax Allocation, 4.75%, 12/01/2045 (e)      635       442  
Regional Transportation District Sales Tax Revenue, Fastracks Project, Series A, Rev., 5.00%, 11/01/2033      1,000       1,186  
Regional Transportation District, Denver Transit Partners Eagle,     
Series A, Rev., 5.00%, 07/15/2026      575       594  
Series A, Rev., 5.00%, 01/15/2027      1,000       1,042  
Series A, Rev., 5.00%, 01/15/2032      1,470       1,613  
Riverpark Metropolitan District/Arapahoe County, GO, 6.00%, 12/01/2042      1,150       1,188  
Siena Lake Metropolitan District, GO, 3.75%, 12/01/2041      500       414  
South Suburban Park & Recreation District, COP, 4.00%, 12/15/2036      1,350       1,385  
Spring Valley Metropolitan District No. 3, Series A, GO, 5.00%, 12/01/2049      2,035       2,018  
State of Colorado,     
COP, 4.00%, 12/15/2040      1,600       1,624  
COP, 6.00%, 12/15/2041      15,000       17,918  
Series A, COP, 4.00%, 12/15/2039      1,500       1,532  
Series A, COP, 5.00%, 12/15/2029      1,000       1,119  
Series L, COP, 5.00%, 03/15/2028      1,000       1,081  
Sterling Ranch Community Authority Board, Senior, Rev., 6.50%, 12/01/2054      1,000       1,054  
Sterling Ranch Community Authority Board, Special Improvement District No. 1, Special Assessment, 5.63%, 12/01/2043      1,500       1,568  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Colorado — continued     
Sterling Ranch Metropolitan District No. 1, GO, 5.00%, 12/01/2040      500       497  
Trails at Crowfoot Metropolitan District No. 3, GO, AGC, 4.25%, 12/01/2054      1,500       1,498  
University of Colorado, Series B1, Rev., 4.00%, 06/01/2034 (p)      4,000       4,106  
University of Colorado Hospital Authority, Rev., 5.00%, 11/15/2031      2,665       3,052  
University of Colorado, University Enterprise,     
Rev., 2.00%, 06/01/2051 (z)      4,000       3,928  
Verve Metropolitan District No. 1, GO, 5.00%, 12/01/2036      1,500       1,376  
Village Metropolitan District (The), GO, 4.15%, 12/01/2030      425       422  
Villages at Johnstown Metropolitan District No. 3, Senior Bond, Series A, GO, 5.00%, 12/01/2040      585       575  
Waterview II Metropolitan District, GO, 5.00%, 12/01/2041      1,250       1,267  
Weld County School District No. RE-4,     
GO, 5.00%, 12/01/2029      1,100       1,235  
GO, 5.00%, 12/01/2031      1,000       1,155  
GO, 5.25%, 12/01/2047      5,000       5,601  
Windler Public Improvement Authority, Series A1, Rev., 4.00%, 12/01/2036      2,565       2,352  
Windy Gap Firming Project Water Activity Enterprise, Windy Gap Firming Project, Rev., 5.00%, 07/15/2051      5,000       5,356  
    

 

 

  
       358,184  
    

 

 

  
Connecticut — 1.0%     
City of Bridgeport, Series A, GO, 4.00%, 06/01/2039      250       254  
Connecticut Housing Finance Authority, Social Bonds,     
Series A1, Rev., 3.50%, 11/15/2051      65       65  
Series B, Rev., 4.50%, 11/15/2043      2,725       2,782  
Connecticut Housing Finance Authority, Sustainable Bond, Housing Mortgage Finance,     
Rev., 5.13%, 11/15/2043      5,000       5,339  
Rev., 6.25%, 05/15/2054      4,875       5,392  
Connecticut Housing Finance Authority, Sustainable Bonds, Rev., GNMA/FNMA/FHLMC, 4.45%, 11/15/2044      10,000       10,123  
Connecticut State Health & Educational Facilities Authority,     
Series 2017 B1, Rev., 5.00%, 07/01/2029      4,845       5,437  
Series A, Rev., 2.80%, 07/01/2048 (z)      2,000       2,003  
Connecticut State Health & Educational Facilities Authority, Connecticut Children’s Medical Center, Rev., 5.25%, 07/15/2048      4,575       5,031  
Connecticut State Health & Educational Facilities Authority, Hartford Healthcare Project,     
Series A, Rev., 5.00%, 07/01/2026      555       576  
Series A, Rev., 5.00%, 07/01/2033      565       617  
Connecticut State Health & Educational Facilities Authority, Quinnipiac University Issue, Rev., 5.00%, 07/01/2048      3,000       3,226  
Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issue,     
Rev., 4.00%, 07/01/2035      1,000       1,027  
Rev., 4.00%, 07/01/2038      2,500       2,539  
Rev., 4.00%, 07/01/2041      2,250       2,234  
Rev., 5.00%, 07/01/2030      865       962  
Connecticut State Higher Education Supplement Loan Authority, Rev., AMT, 4.13%, 11/15/2040      2,315       2,350  
Connecticut State Higher Education Supplement Loan Authority, CHESLA Loan Program, Series B, Rev., AMT, 5.00%, 11/15/2030      500       537  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Connecticut — continued     
Connecticut State, Health & Educational Facilities Authority, Sacred Heart University,     
Series K, Rev., 4.00%, 07/01/2045      2,625       2,599  
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)      2,150       2,332  
State of Connecticut,     
Series 2021A, GO, 3.00%, 01/15/2026      5,000       5,025  
Series 2021A, GO, 3.00%, 01/15/2032      2,250       2,227  
Series 2021A, GO, 3.00%, 01/15/2033      500       496  
Series 2021A, GO, 4.00%, 01/15/2028      3,500       3,677  
Series A, GO, 4.00%, 03/15/2032      850       853  
Series B, GO, 5.00%, 08/01/2033      1,750       2,063  
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       547  
Series A, Rev., 5.00%, 05/01/2035      500       565  
Series A, Rev., 5.25%, 07/01/2042      10,000       11,394  
Series D, Rev., 4.00%, 11/01/2038      3,500       3,643  
Series D, Rev., 5.00%, 11/01/2028      1,480       1,630  
Series D, Rev., 5.00%, 11/01/2033      1,675       1,921  
State of Connecticut, Social Bonds, Series F, GO, 5.00%, 11/15/2041      1,525       1,717  
State of Connecticut, Special Tax Obligation Bonds, Rev., 5.00%, 05/01/2040      300       327  
State of Connecticut, Special Tax Revenue, Transportation Infrastructure, Series A, Rev., 5.00%, 09/01/2031      1,220       1,222  
State of Connecticut, Sustainable Bond,     
Series B, GO, 4.00%, 01/15/2041      1,000       1,038  
Series B, GO, 5.00%, 01/15/2040      1,000       1,147  
Steel Point Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation, 4.00%, 04/01/2036 (e)      195       192  
Town of Hamden,     
GO, BAM, 4.00%, 08/15/2027      535       554  
GO, BAM, 5.00%, 08/15/2029      575       636  
GO, BAM, 5.00%, 08/15/2031      500       566  
Series A, GO, BAM, 5.00%, 08/01/2032      2,255       2,507  
University of Connecticut,     
Series A, Rev., 5.00%, 02/15/2025      1,200       1,208  
Series A, Rev., 5.00%, 01/15/2037      3,000       3,127  
Series A, Rev., 5.00%, 08/15/2039      650       745  
Series A, Rev., 5.00%, 08/15/2040      860       980  
    

 

 

  
       106,511  
    

 

 

  
Delaware — 0.3%     
County of Kent DE, Rev., 5.00%, 07/01/2033      1,190       1,227  
Delaware State Economic Development Authority, NRG Energy Project, Rev., 1.25%, 10/01/2045 (z)      4,065       3,957  
Delaware State Health Facilities Authority, Beebe Medical Center, Rev., 5.00%, 06/01/2050      2,250       2,289  
Delaware State Health Facilities Authority, Christiana Health Care System, Rev., 5.00%, 10/01/2039      5,345       5,702  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Delaware — continued     
Delaware Transportation Authority,     
Rev., 5.00%, 07/01/2027      1,000       1,070  
Rev., 5.00%, 07/01/2033      2,265       2,547  
Delaware Transportation Authority, Garvee, Rev., 5.00%, 09/01/2025      1,000       1,021  
State of Delaware,     
GO, 2.00%, 02/01/2036      6,910       5,653  
GO, 4.00%, 02/01/2031      1,000       1,055  
GO, 5.00%, 02/01/2028      5,020       5,453  
GO, 5.00%, 02/01/2031      85       98  
    

 

 

  
       30,072  
    

 

 

  
District of Columbia — 1.9%     
District of Columbia,     
GO, 5.00%, 12/01/2030 (w)      1,070       1,223  
GO, 5.00%, 12/01/2031 (w)      2,210       2,562  
Rev., 5.00%, 06/01/2040      1,725       1,754  
Series A, Rev., 4.00%, 03/01/2037      2,000       2,068  
Series A, Rev., 4.00%, 03/01/2040      10,000       10,117  
Series A, GO, 5.00%, 01/01/2027      475       502  
Series A, Rev., 5.00%, 03/01/2031      1,500       1,669  
Series A, GO, 5.00%, 01/01/2038      1,000       1,148  
Series A, GO, 5.00%, 01/01/2040      2,400       2,716  
Series B, GO, 5.00%, 06/01/2025      1,000       1,015  
Series C, Rev., 4.00%, 05/01/2039      2,500       2,571  
Series C, Rev., 4.00%, 05/01/2045      5,000       5,004  
Series D, GO, 5.00%, 02/01/2028      820       890  
Series D, GO, 5.00%, 02/01/2029      70       78  
Series E, GO, 5.00%, 06/01/2025      2,000       2,030  
Series E, GO, 5.00%, 02/01/2028      110       119  
District of Columbia Housing Finance Agency, Rev., 5.00%, 12/01/2028 (z)      225       238  
District of Columbia Housing Finance Agency, Kenilworth 166 Apartments, Rev., HUD, 1.25%, 06/01/2025 (z)      3,225       3,208  
District of Columbia Income Tax Revenue,     
Series A, Rev., 5.00%, 10/01/2037      2,000       2,358  
Series A, Rev., 5.00%, 05/01/2038      1,450       1,669  
Series A, Rev., 5.00%, 05/01/2039      2,000       2,286  
District of Columbia Water & Sewer Authority,     
Rev., VRDO, 3.90%, 10/01/2024 (z)      20,000       20,000  
Rev., 4.00%, 10/01/2041      2,000       1,988  
District of Columbia Water & Sewer Authority, Green Bond Subordinate, Series A, Rev., 5.00%, 10/01/2038      1,010       1,098  
District of Columbia Water & Sewer Authority, Subordinate, Series C1, Rev., 5.00%, 10/01/2031      2,000       2,311  
District of Columbia, Latin American Montessori, Rev., 4.00%, 06/01/2030      655       655  
District of Columbia, National Public Radio,     
Rev., 4.00%, 04/01/2032 (p)      1,500       1,531  
Rev., 5.00%, 04/01/2028 (p)      270       280  
Rev., 5.00%, 04/01/2029 (p)      275       285  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

District of Columbia — continued     
Metropolitan Washington Airports Authority,     
Rev., AMT, 5.00%, 10/01/2026      1,335       1,380  
Rev., AMT, 5.00%, 10/01/2029      2,000       2,101  
Series A, Rev., AMT, 5.00%, 10/01/2027      1,515       1,592  
Metropolitan Washington Airports Authority Aviation Revenue,     
Rev., AMT, 4.00%, 10/01/2051      2,500       2,426  
Rev., AMT, 5.00%, 10/01/2027      1,000       1,051  
Rev., AMT, 5.00%, 10/01/2030      3,845       4,190  
Rev., AMT, 5.00%, 10/01/2044      3,500       3,740  
Series A, Rev., AMT, 5.00%, 10/01/2025      450       458  
Series A, Rev., AMT, 5.00%, 10/01/2028      4,880       5,206  
Series A, Rev., AMT, 5.00%, 10/01/2030      6,000       6,091  
Series A, Rev., AMT, 5.00%, 10/01/2032      5,000       5,441  
Series A, Rev., AMT, 5.00%, 10/01/2034      8,000       8,002  
Series A, Rev., AMT, 5.00%, 10/01/2044      3,890       3,891  
Series A, Rev., AMT, 5.25%, 10/01/2039      1,135       1,266  
Series A, Rev., AMT, 5.25%, 10/01/2048      7,000       7,575  
Metropolitan Washington Airports Authority Aviation Revenue, Airport System,     
Series A, Rev., AMT, 5.00%, 10/01/2033      3,000       3,207  
Series A, Rev., AMT, 5.00%, 10/01/2049      5,000       5,185  
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Dulles Metrorail & Capital, Rev., AGM, 4.00%, 10/01/2052      10,000       9,789  
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Subordinated Dulles Metrorail, Rev., AGM, 4.00%, 10/01/2053      1,965       1,887  
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, Series C, Rev., AGC, 6.50%, 10/01/2041 (p)      350       377  
Washington Convention & Sports Authority,     
Series A, Rev., 4.00%, 10/01/2034      1,015       1,055  
Series A, Rev., 5.00%, 10/01/2033      1,000       1,112  
Washington Convention & Sports Authority, Senior Lien,     
Series B, Tax Allocation, 5.00%, 10/01/2029      1,000       1,111  
Series B, Tax Allocation, 5.00%, 10/01/2030      1,500       1,685  
Washington Metropolitan Area Transit Authority,     
Series A, Rev., 5.00%, 07/15/2026      1,650       1,723  
Series A, Rev., 5.00%, 07/15/2037      2,000       2,203  
Series B, Rev., 5.00%, 07/01/2032      1,115       1,172  
Washington Metropolitan Area Transit Authority Dedicated Revenue,     
Rev., 5.00%, 07/15/2054      23,750       25,939  
Rev., 5.00%, 07/15/2056      8,750       9,556  
Rev., 5.25%, 07/15/2059      12,870       14,339  
Series A, Rev., 5.00%, 07/15/2025      1,990       2,024  
Washington Metropolitan Area Transit Authority Dedicated Revenue, Sustainability Financed Bond, Rev., 5.00%, 07/15/2029      3,000       3,342  
Washington Metropolitan Area Transit Authority, Green Bond, Series A, Rev., 5.00%, 07/15/2029      1,540       1,715  
    

 

 

  
       215,204  
    

 

 

  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Florida — 5.2%     
Alachua County Health Facilities Authority, Oak Hammock at The University of Florida, Inc. Project, Rev., 4.00%, 10/01/2031      615       617  
Alachua County Health Facilities Authority, Shands Teaching Hospital & Clinics, Rev., 5.00%, 12/01/2034      2,570       2,790  
Ave Maria Stewardship Community District, Phase 3 Master Improvements Project,     
Special Assessment, 2.75%, 05/01/2031      420       386  
Special Assessment, 3.13%, 05/01/2041      1,775       1,437  
Aventura Isles Community Development District,     
Special Assessment, 5.00%, 05/01/2034      720       770  
Special Assessment, 5.00%, 05/01/2043      1,000       1,023  
Babcock Ranch Community Independent Special District, Special Assessment, 4.00%, 05/01/2052      695       595  
Belmond Reserve Community Development District, 202 Project, Special Assessment, 4.00%, 05/01/2040      345       341  
Belmont II Community Development District, 2020 Assessment Area,     
Special Assessment, 2.50%, 12/15/2025      10       10  
Special Assessment, 3.13%, 12/15/2030      125       121  
Boggy Branch Community Development District, Special Assessment, 2.50%, 05/01/2026      100       98  
Boggy Creek Improvement District, Special Assessment, Series 2013, Special Assessment, 5.13%, 05/01/2043 (e)      1,000       1,000  
Brevard County Health Facilities Authority, Health First Obligated Group, Rev., 5.00%, 04/01/2052      8,235       8,761  
Brevard County Health Facilities Authority, Health First, Inc., Rev., 4.00%, 04/01/2036      1,790       1,790  
Broward County Housing Finance Authority, Pinnacle 441 Phase 2, Rev., 4.05%, 09/01/2056 (z)      990       1,003  
Broward County Water & Sewer Utility Revenue, Series A, Rev., 4.00%, 10/01/2038      675       705  
Capital Projects Finance Authority, Florida University Project, Series A1, Rev., 5.00%, 10/01/2032      1,350       1,427  
Capital Projects Finance Authority, IPS Enterprises, Inc. Projects, Rev., 7.00%, 06/15/2030 (e)      4,000       4,201  
Capital Projects Finance Authority/FL, Rev., 5.00%, 06/15/2044 (e)      760       768  
Capital Trust Agency, Inc., Imagine School at North Manatee, Rev., 5.00%, 06/01/2041 (e)      325       320  
Capital Trust Agency, Inc., Lutz Preparatory School, Inc. Project, Series A, Rev., 4.00%, 06/01/2041      300       289  
Capital Trust Agency, Inc., Tallahassee Classical School, Rev., 4.00%, 07/01/2036 (e)      1,370       1,182  
Capital Trust Agency, Inc., Franklin Academy Project, Rev., 5.00%, 12/15/2050 (e)      2,350       2,212  
Capital Trust Authority, Ips Enterprises, Inc., Series A, Rev., 6.00%, 06/15/2043 (e)      4,350       4,596  
Central Florida Expressway Authority,     
Rev., AGC, 5.00%, 07/01/2032      1,500       1,730  
Series D, Rev., 5.00%, 07/01/2029      565       628  
Series D, Rev., AGM, 5.00%, 07/01/2034      3,000       3,411  
Series D, Rev., AGM, 5.00%, 07/01/2035      10,000       11,332  
Central Florida Expressway Authority, Senior Lien,     
Rev., AGM, 4.00%, 07/01/2038      3,625       3,773  
Rev., AGM, 4.00%, 07/01/2039      1,260       1,306  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Florida — continued     
Centre Lake Community Development District, Special Assessment, 3.00%, 05/01/2042      605       489  
Chapel Creek Community Development District, Special Assessment, 3.00%, 05/01/2031 (e)      185       172  
Charlotte County Industrial Development Authority, Town & Country Utilities Project, Rev., AMT, 5.00%, 10/01/2049 (e)      1,545       1,557  
City of Doral FL, GO, 4.00%, 07/01/2043      3,055       3,084  
City of Jacksonville, Baptist Health, Rev., VRDO, 3.15%, 10/07/2024 (z)      4,755       4,755  
City of Jacksonville, Baptist Health, Rev., VRDO, 3.15%, 10/07/2024 (z)      1,300       1,300  
City of Jacksonville, Brooks Rehabilitation Project,     
Rev., 4.00%, 11/01/2034      500       504  
Rev., 4.00%, 11/01/2045      1,500       1,410  
City of Miami Beach, Arts and Cultural Facilities, Series A, GO, 5.25%, 05/01/2053      5,000       5,508  
City of Pompano Beach, John Knox Village Project, Series A, Rev., 4.00%, 09/01/2036      175       176  
City of Port St. Lucie Stormwater Utility Revenue, Rev., 4.00%, 05/01/2039      1,075       1,092  
City of Tallahassee, Energy System Revenue, Rev., 5.00%, 10/01/2028      2,000       2,200  
City of Tampa, Baycare, Series A, Rev., 5.00%, 11/15/2046      10,000       10,153  
City of Tampa, H. Lee Moffitt Cancer Center, Rev., 5.00%, 07/01/2050      4,000       4,202  
Collier County Health Facilities Authority, The Moorings, Inc., Rev., 4.00%, 05/01/2052      145       137  
County of Broward Port Facilities Revenue, Rev., AMT, 5.50%, 09/01/2052      3,675       4,000  
County of Broward Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 5.00%, 09/01/2031      3,000       3,404  
County of Broward, Airport System Revenue,     
Rev., AMT, 5.00%, 10/01/2033      655       682  
Series A, Rev., AMT, 5.00%, 10/01/2028      800       855  
Series A, Rev., AMT, 5.00%, 10/01/2036      2,000       2,128  
County of Broward, Port Facilities Revenue, Senior Bond, Series B, Rev., AMT, 4.00%, 09/01/2044      3,000       2,915  
County of Broward, Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 4.00%, 09/01/2047      3,000       2,950  
County of Hillsborough, Rev., 4.00%, 08/01/2034      4,370       4,612  
County of Lee Airport Revenue,     
Series B, Rev., AMT, 5.00%, 10/01/2029      180       195  
Series B, Rev., AMT, 5.00%, 10/01/2032      2,000       2,179  
County of Lee Local Option Gas Tax Revenue, Rev., 5.25%, 08/01/2049      13,000       14,107  
County of Miami-Dade Aviation Department, Series A, Rev., AMT, 5.00%, 10/01/2033      1,000       1,001  
County of Miami-Dade Aviation Revenue,     
Rev., AMT, 5.00%, 10/01/2028      7,000       7,008  
Rev., 5.00%, 10/01/2041      6,000       6,125  
Series A, Rev., 5.00%, 10/01/2025      1,250       1,279  
Series A, Rev., AMT, 5.00%, 10/01/2027      1,325       1,326  
Series A, Rev., AMT, 5.00%, 10/01/2030      2,000       2,029  
Series A, Rev., 5.00%, 10/01/2031      2,000       2,246  
Series A, Rev., AMT, 5.00%, 10/01/2044      2,200       2,276  
Series A, Rev., AMT, 5.00%, 10/01/2049      3,250       3,348  
Series B, Rev., AMT, 5.00%, 10/01/2040      23,000       23,587  
County of Miami-Dade FL Aviation Revenue,     
Rev., AMT, 5.00%, 10/01/2027      3,700       3,894  
Rev., AMT, 5.00%, 10/01/2029      4,920       5,320  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Florida — continued     
Rev., AMT, 5.00%, 10/01/2035      15,000       16,614  
Rev., AMT, 5.00%, 10/01/2036      3,710       4,086  
County of Miami-Dade FL Transit System, Rev., 4.00%, 07/01/2035      3,405       3,430  
County of Miami-Dade FL Water & Sewer System Revenue,     
Rev., 5.00%, 10/01/2041      4,500       5,105  
Rev., 5.00%, 10/01/2042      5,000       5,639  
County of Miami-Dade Seaport Department, Senior Bonds,     
Series A, Rev., AMT, 5.00%, 10/01/2030      1,970       2,135  
Series A, Rev., AMT, 5.00%, 10/01/2031      2,975       3,249  
Series A, Rev., AMT, 5.00%, 10/01/2033      3,500       3,845  
Series A, Rev., AMT, 5.25%, 10/01/2052      2,000       2,143  
County of Miami-Dade Seaport Department, Subordinate, Series A1, Rev., AGM, AMT, 4.00%, 10/01/2040      2,675       2,683  
County of Miami-Dade Transit System,     
Rev., 4.00%, 07/01/2048      5,000       4,923  
Series A, Rev., 4.00%, 07/01/2045      2,070       2,075  
County of Miami-Dade, Building Better Communities Project, Series A, GO, 4.00%, 07/01/2044      350       352  
County of Miami-Dade, Public Health Trust Program, GO, 4.00%, 07/01/2042      3,000       3,023  
County of Monroe Airport Revenue, Key West International Airport, Series 202, Rev., AMT, 5.00%, 10/01/2052      2,450       2,504  
County of Orange Water Utility System Revenue, Rev., 5.00%, 10/01/2028      2,040       2,239  
Currents Community Development District, Series A, Special Assessment, 4.00%, 05/01/2051 (e)      2,000       1,724  
Cypress Mill Community Development District, 2023 Project, Special Assessment, 5.00%, 05/01/2053      1,025       1,041  
Daytona Beach Housing Authority, The WM at River Project, Rev., 1.25%, 12/01/2025 (z)      115       114  
DG Farms Community Development District, Special Assessment, 3.75%, 05/01/2040      400       365  
Duval County Public Schools, Series A, COP, AGM, 5.00%, 07/01/2032      4,750       5,286  
Eden Hills Community Development District, Special Assessment, 4.00%, 05/01/2040      300       294  
Epperson North Community Development District, Assessment Area, Special Assessment, 2.50%, 05/01/2026      85       83  
Epperson Ranch II Community Development District, Assessment Area Two Capital Improvement, Special Assessment, 4.20%, 05/01/2040      1,385       1,314  
Everlands II Community Development District, Special Assessment, 5.20%, 06/15/2044      725       735  
Florida Development Finance Corp.,     
Rev., 5.00%, 06/01/2044 (e)      1,750       1,804  
Rev., 5.25%, 06/01/2059 (e)      1,145       1,177  
Rev., AMT, 8.25%, 07/01/2057 (e) (z)      15,300       15,758  
Series A, Rev., 4.00%, 06/01/2030      500       482  
Florida Development Finance Corp., Brightline Florida Passenger,     
Rev., AMT, 5.00%, 07/01/2041      11,000       11,331  
Rev., AGM, AMT, 5.00%, 07/01/2044      7,800       8,215  
Rev., AGM, AMT, 5.25%, 07/01/2047      6,050       6,457  
Rev., AGM, AMT, 5.25%, 07/01/2053      4,000       4,228  
Rev., AMT, 5.50%, 07/01/2053      7,000       7,329  
Rev., AMT, 12.00%, 07/15/2032 (e)      3,980       4,244  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Florida — continued     
Florida Development Finance Corp., Discovery High School Project, Series A, Rev., 4.00%, 06/01/2030 (e)      1,200       1,069  
Florida Development Finance Corp., Lakeland Regional Health System, Rev., 4.00%, 11/15/2037      2,400       2,472  
Florida Development Finance Corp., Mater Academy Project, Series A, Rev., 5.00%, 06/15/2040      400       408  
Florida Development Finance Corp., Tampa General Hospital Project, Rev., 5.25%, 08/01/2055 (e)      4,750       5,065  
Florida Development Finance Corp., UF Health Jacksonville Project, Rev., 5.00%, 02/01/2035      1,200       1,247  
Florida Development Finance Corp., Waste Pro USA, Inc., Rev., AMT, 5.00%, 05/01/2029 (e)      2,500       2,553  
Florida Housing Finance Corp.,     
Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055      2,960       3,317  
Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052      475       468  
Series 3, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 01/01/2054      645       712  
Florida Housing Finance Corp., Social Bond, Social Bond, Series 1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052      1,065       1,052  
Florida Housing Finance Corp., Social Bonds,     
Series 1, Rev., GNMA/FNMA/FHLMC, 3.50%, 07/01/2052      895       895  
Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051      4,685       4,632  
Florida State Board of Governors Florida International University Dormitory Rev, Series A, Rev., BAM, 5.00%, 07/01/2029      1,900       2,100  
Florida State Board of Governors University of North Florida Dormitory Revenue, Series A, Rev., BAM, 5.00%, 11/01/2053      6,375       6,929  
Fort Pierce Utilities Authority, Series A, Rev., AGM, 5.00%, 10/01/2039      925       1,022  
Greater Orlando Aviation Authority,     
Series A, Rev., AMT, 5.00%, 10/01/2026 (p)      1,785       1,814  
Series A, Rev., AMT, 5.00%, 10/01/2027 (p)      1,875       1,906  
Series A, Rev., AMT, 5.00%, 10/01/2030 (p)      1,005       1,021  
Series A, Rev., AMT, 5.00%, 10/01/2032      1,500       1,609  
Series A, Rev., AMT, 5.00%, 10/01/2046 (p)      5,000       5,204  
Series A, Rev., AMT, 5.00%, 10/01/2049      8,880       9,184  
Greater Orlando Aviation Authority, Priority Subordinated,     
Series A, Rev., AMT, 5.00%, 10/01/2033      1,500       1,562  
Series A, Rev., AMT, 5.00%, 10/01/2036      2,230       2,313  
Hammock Reserve Community Development District, Assessment Area One Project, Special Assessment, 4.00%, 05/01/2040      545       521  
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 3.15%, 10/07/2024 (z)      17,000       17,000  
Hillsborough County Aviation Authority, Tampa, Rev., AMT, 5.00%, 10/01/2040 (p)      750       750  
Hillsborough County Industrial Development Authority,     
Rev., 4.13%, 11/15/2051      6,965       6,841  
Rev., 5.00%, 11/15/2029      1,270       1,420  
Rev., 5.25%, 11/15/2049      1,500       1,686  
Hillsborough County Industrial Development Authority, Tampa General Hospital Project,     
Rev., 4.00%, 08/01/2050      5,000       4,659  
Series A, Rev., 4.00%, 08/01/2045      3,275       3,138  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Florida — continued     
Hobe-St Lucie Conservancy District, Special Assessment, 5.88%, 05/01/2055      1,000       1,044  
JEA Electric System Revenue,     
Rev., AGC, 5.00%, 10/01/2033 (w)      1,000       1,164  
Series 3A, Rev., 5.00%, 10/01/2035      5,000       5,532  
Series IIIB, Rev., 5.00%, 10/01/2032      1,295       1,365  
JEA Electric System Revenue, Subordinate, Series A, Rev., 5.00%, 10/01/2031      1,795       2,050  
JEA Water & Sewer System Revenue, Series A, Rev., 4.00%, 10/01/2037      750       786  
Julington Creek Plantation Community Development District, Special Assessment, Special Assessment, AGM, 5.50%, 05/01/2043      1,500       1,680  
Lake Hideaway Community Development District, Assessment Area One, Special Assessment, 5.65%, 05/01/2044      1,000       1,019  
Lakewood Ranch Stewardship District, Special Assessment, 5.30%, 05/01/2044      485       497  
Lakewood Ranch Stewardship District, Del Webb Project, Special Assessment, 5.00%, 05/01/2037 (e)      1,655       1,685  
Lakewood Ranch Stewardship District, Lorraine Lakes Project,     
Special Assessment, 3.13%, 05/01/2030 (e)      315       301  
Special Assessment, 3.88%, 05/01/2051 (e)      2,000       1,762  
Lakewood Ranch Stewardship District, Northeast Sector Project,     
Special Assessment, 2.50%, 05/01/2025 (e)      295       293  
Special Assessment, 3.20%, 05/01/2030 (e)      545       522  
Special Assessment, 3.50%, 05/01/2040      925       813  
Lakewood Ranch Stewardship District, Zario Project, Special Assessment, 2.63%, 05/01/2025      145       144  
Lee County Industrial Development Authority, Shell Point/Waterside Health,     
Rev., 5.00%, 11/15/2044      3,000       3,127  
Rev., 5.00%, 11/15/2049      2,550       2,638  
Lee County Industrial Development Authority/FL,     
Rev., 4.13%, 11/15/2029      1,000       1,007  
Rev., 5.25%, 11/15/2054      2,000       2,148  
Lee Memorial Health System, Series A1, Rev., 4.00%, 04/01/2037      3,000       3,043  
Miami Beach Health Facilities Authority, Mount Sinai Medical Center,     
Rev., 5.00%, 11/15/2039      2,000       2,002  
Rev., 5.00%, 11/15/2044      5,000       5,004  
Miami Beach Redevelopment Agency, Tax, Increment Revenue, Tax Allocation, 5.00%, 02/01/2028      1,000       1,004  
Miami-Dade County Health Facilities Authority, Rev., AGM-CR, 4.00%, 08/01/2046      1,790       1,754  
Miami-Dade County Housing Finance Authority, Cutler Vista, Rev., 5.00%, 03/01/2027 (z)      2,445       2,484  
Miami-Dade County Housing Finance Authority, Doral Academy, Inc., Rev., 5.00%, 01/15/2048      1,570       1,584  
Midtown Miami Community Development District, Series A, Special Assessment, 5.00%, 05/01/2037      350       350  
Mirada Community Development District, Assessment Area Five, Special Assessment, 5.00%, 05/01/2034      1,620       1,658  
North Loop Community Development District, Special Assessment, 6.38%, 05/01/2043      1,000       1,092  
North Powerline Road Community Development District, Special Assessment, 3.63%, 05/01/2040      1,345       1,184  
Old Hickory Community Development District, Special Assessment, 2.50%, 06/15/2025      55       55  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Florida — continued     
Orange County Health Facilities Authority, Orlando Health Obligated Group, Rev., 4.00%, 10/01/2052      5,000       4,791  
Orange County Health Facilities Authority, Presbyterian Retirement Communities, Rev., 4.00%, 08/01/2036      295       303  
Orlando Utilities Commission,     
Series 2018A, Rev., 5.00%, 10/01/2035      2,480       2,631  
Series A, Rev., 5.00%, 10/01/2027      500       537  
Palm Beach County Health Facilities Authority, BRRH Corporation Obligated Group, Rev., 5.00%, 12/01/2024 (p)      1,910       1,914  
Palm Beach County Health Facilities Authority, Retirement Life Communities, Rev., 5.00%, 11/15/2032      2,270       2,339  
Palm Coast Park Community Development District, Sawmill Branch at Palm Coast Park Homeowners Association, Inc., Special Assessment, 5.13%, 05/01/2051      1,500       1,519  
Parkview at Long Lake Ranch Community Development District, Special Assessment, 4.00%, 05/01/2051      800       690  
Parrish Lakes Community Development District, Special Assessment, 5.00%, 05/01/2031      580       584  
Pasco County School Board, Series A, COP, BAM, 5.00%, 08/01/2036      1,720       1,843  
Pine Island Community Development District, Special Assessment, 5.75%, 05/01/2035      3,700       3,718  
Reunion East Community Development District,     
Special Assessment, 2.40%, 05/01/2026 (e)      50       49  
Special Assessment, 2.85%, 05/01/2031      25       23  
Saddle Creek Preserve of Polk County Community Development District, Special Assessment, 4.00%, 06/15/2040      500       488  
Sarasota County Health Facilities Authority, Sunnyside Village Project, Rev., 5.00%, 05/15/2048      425       427  
Sarasota County Public Hospital District, Sarasota Memorial Hospital Project,     
Rev., 4.00%, 07/01/2052      6,000       5,727  
Rev., 5.00%, 07/01/2052      1,175       1,254  
Sarasota County School Board, Series A, COP, 5.00%, 07/01/2033      1,000       1,169  
Sarasota National Community Development District, Special Assessment, 4.00%, 05/01/2039      615       620  
Sawyers Landing Community Development District, Special Assessment, 3.75%, 05/01/2031      400       385  
School District of Broward County, Series A, COP, 5.00%, 07/01/2027      1,500       1,600  
Somerset Community Development District, Special Assessment, 4.00%, 05/01/2032      845       831  
South Broward Hospital District,     
Rev., 4.00%, 05/01/2048      6,500       6,293  
Series A, Rev., 4.00%, 05/01/2044      4,000       3,903  
South Kendall Community Development District, Special Assessment, 4.25%, 11/01/2037      1,575       1,578  
St. John’s County School Board,     
Series A, COP, AGM, 5.25%, 07/01/2046      1,500       1,678  
Series A, COP, AGM, 5.25%, 07/01/2047      3,000       3,331  
State Board of Administration Finance Corp., Taxable, Series A, Rev., 1.71%, 07/01/2027      4,000       3,741  
State of Florida Department of Transportation Turnpike System Revenue, Series C, Rev., 3.00%, 07/01/2046      1,650       1,390  
State of Florida Department of Transportation Turnpike System Revenue, Department Of Transportation, Rev., 4.00%, 07/01/2041      1,000       1,027  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Florida — continued     
State of Florida Department of Transportation Turnpike System Revenue, Turnpike Revenue, Series B, Rev., 3.00%, 07/01/2033      2,390       2,366  
State of Florida Department of Transportation Turnpike System, Revenue Refunding, Series A, Rev., 5.00%, 07/01/2026      1,000       1,044  
State of Florida, Capital Outlay, Series C, GO, 5.00%, 06/01/2027      1,060       1,101  
State of Florida, Department of Transportation, Turnpike System Revenue, Series A, Rev., 5.00%, 07/01/2029      500       557  
Stellar North Community Development District, Special Assessment, 4.00%, 05/01/2052      1,560       1,331  
Stillwater Community Development District, Project 2021, Special Assessment, 3.00%, 06/15/2031 (e)      225       209  
Stonegate Preserve Community Development District, 2023 Project Area, Special Assessment, 5.88%, 12/15/2043      1,000       1,065  
Stoneybrook South Community Development District, Fox South Assessment Area,     
Special Assessment, 2.50%, 12/15/2025 (e)      280       276  
Special Assessment, 3.00%, 12/15/2030 (e)      475       462  
Special Assessment, 3.50%, 12/15/2040 (e)      1,030       965  
Storey Park Community Development District, Assessment Area Four Project,     
Special Assessment, 2.38%, 06/15/2026 (e)      20       19  
Special Assessment, 2.88%, 06/15/2031 (e)      60       58  
Summit View Community Development District, Assessment Area Two, Special Assessment, 5.63%, 05/01/2044      1,025       1,048  
Tampa Bay Water, Rev., 5.25%, 10/01/2054 (w)      14,500       16,261  
Touchstone Community Development District, Senior Lien, Series A1, Special Assessment, 5.38%, 05/01/2042      1,000       1,052  
Towne Park Community Development District, Assessment Area 3D Project, Special Assessment, 2.63%, 05/01/2025 (e)      130       129  
Tradition Community Development District No. 9, Special Assessment, 3.00%, 05/01/2041      130       103  
Turtle Run Community Development District, Special Assessment, Series 2, Special Assessment, 5.00%, 05/01/2047      1,500       1,513  
Two Rivers West Community Development District, Special Assessment, 5.63%, 05/01/2044 (e)      580       592  
Village Community Development District No. 13,     
Special Assessment, 1.88%, 05/01/2025 (e)      245       243  
Special Assessment, 2.63%, 05/01/2030 (e)      1,455       1,377  
Village Community Development District No. 15,     
Special Assessment, 4.00%, 05/01/2034 (e) (w)      120       122  
Special Assessment, 4.20%, 05/01/2039 (e) (w)      500       506  
Villamar Community Development District, Special Assessment, 3.75%, 05/01/2040      655       618  
Volusia County Educational Facility Authority, Educational Facilities Embry Riddle, Rev., 5.00%, 10/15/2029      1,000       1,058  
West Hillcrest Community Development District, Series 2023, Special Assessment, 5.50%, 06/15/2053      1,250       1,303  
West Villages Improvement District, Special Assessment, Unit Of Development #8, Special Assessment, 5.38%, 05/01/2042      1,875       1,966  
Wildwood Utility Dependent District, Senior South Sumter Utilities Project,     
Rev., BAM, 5.00%, 10/01/2031      1,300       1,464  
Rev., BAM, 5.00%, 10/01/2033      1,150       1,290  
Rev., BAM, 5.00%, 10/01/2039      1,490       1,636  
Rev., BAM, 5.00%, 10/01/2040      1,610       1,754  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Florida — continued     
Wildwood Utility Dependent District, Senior South Sumter Utility Project, Rev., BAM, 5.00%, 10/01/2052      1,640       1,737  
Wildwood Utility Dependent District, Subordinate South Sumter Utilities Project, Rev., BAM, 5.00%, 10/01/2041      650       705  
    

 

 

  
       576,526  
    

 

 

  
Georgia — 3.5%     
Bartow County Development Authority, Georgia Power Co. Pollution Bowen Project, Rev., 1.80%, 09/01/2029 (z)      4,425       3,900  
Board of Water Light & Sinking Fund Commissioners of The City of Dalton, Combined Utilities Revenue Bonds,     
Rev., 4.00%, 03/01/2035      1,100       1,119  
Rev., 4.00%, 03/01/2036      1,000       1,015  
Rev., 4.00%, 03/01/2037      1,135       1,152  
Rev., 4.00%, 03/01/2038      1,000       1,017  
Brookhaven Development Authority, Children’s Healthcare of Atlanta,     
Rev., 5.00%, 07/01/2036      2,425       2,631  
Rev., 5.00%, 07/01/2037      2,400       2,595  
Series A, Rev., 4.00%, 07/01/2044      3,000       3,016  
Brookhaven Urban Redevelopment Agency, Series A, Rev., 4.00%, 07/01/2045      3,260       3,317  
City of Atlanta Airport Passenger Facility Charge, Airport Revenue Subordinated, Rev., AMT, 4.00%, 07/01/2038      2,825       2,838  
City of Atlanta Department of Aviation,     
Series B, Rev., AMT, 5.00%, 07/01/2028      3,300       3,514  
Series C, Rev., AMT, 5.00%, 07/01/2026      960       994  
Series C, Rev., AMT, 5.00%, 07/01/2034      540       590  
Series C, Rev., AMT, 5.00%, 07/01/2048      1,000       1,063  
Series G, Rev., AMT, 5.00%, 07/01/2025      750       760  
Series G, Rev., AMT, 5.00%, 07/01/2028      2,500       2,662  
City of Atlanta GA Department of Aviation,     
Rev., AMT, 5.25%, 07/01/2041      1,775       1,994  
Rev., AMT, 5.25%, 07/01/2043      1,500       1,674  
City of Atlanta Water & Wastewater Revenue, Series B, Rev., 4.00%, 11/01/2037      1,000       1,023  
City of Atlanta, Airport Passenger Facility, Subordinated Lien, Series C, Rev., 5.00%, 07/01/2040      2,000       2,149  
City of Atlanta, Department of Aviation, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2031      1,155       1,239  
Cobb County Hospital Authority, Rev., VRDO, LOC: Truist Bank, 3.18%, 10/07/2024 (z)      8,000       8,000  
Cobb County Kennestone Hospital Authority, Revenue Anticipation Certificates, Rev., 5.00%, 04/01/2036      500       520  
Cobb County Kennestone Hospital Authority, Wellstar Health System, Inc., Rev., 3.00%, 04/01/2037      700       643  
Columbia County Hospital Authority, Anticipation Certificate Wellstar, Rev., 5.13%, 04/01/2053      3,625       3,923  
DeKalb County Housing Authority, Kensington Station Project, Series A, Rev., 4.00%, 12/01/2033      10,000       10,143  
Development Authority for Fulton County, Jonesboro Road Senior Village, Rev., 3.00%, 10/01/2025 (z)      2,020       2,020  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Georgia — continued     
Development Authority of Burke County (The), Rev., 3.30%, 12/01/2049 (z)      515       523  
Development Authority of Burke County, Georgia Power Co. Plant Vogtle Project, Rev., 3.38%, 11/01/2053 (z)      1,000       1,011  
Development Authority of Burke County (The), Oglethorpe Power Corp. Scherer Project, Series A, Rev., 1.50%, 01/01/2040 (z)      250       247  
Development Authority of Cobb County, The Northwest Classical Academy Project, Rev., 5.70%, 06/15/2038 (e)      605       626  
Development Authority of Monroe County (The), Oglethorpe Power Corporation Scherer Project, Series A, Rev., 1.50%, 01/01/2039 (z)      125       123  
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       1,674  
Development Authority of Rockdale County, Arbours at Conyers Project, Rev., 3.63%, 02/01/2026 (z)      1,085       1,083  
Fayette County Development Authority,     
Rev., 5.00%, 10/01/2036      900       1,006  
Rev., 5.00%, 10/01/2037      925       1,030  
Rev., 5.00%, 10/01/2041      950       1,034  
Rev., 5.00%, 10/01/2043      1,400       1,510  
Rev., 5.00%, 10/01/2044      1,250       1,344  
Gainesville & Hall County Hospital Authority,     
Rev., 5.00%, 10/15/2030      3,500       3,892  
Rev., 5.00%, 10/15/2034      7,545       8,694  
George L Smith II Congress Center Authority, Convention Center Hotel, Series 2, Rev., 5.00%, 01/01/2054 (e)      1,000       965  
George L Smith II Congress Center Authority, Convention Center Hotel First,     
Rev., 4.00%, 01/01/2054      3,850       3,505  
Series 1, Rev., 4.00%, 01/01/2036      2,750       2,777  
Georgia Housing & Finance Authority,     
Rev., 4.70%, 12/01/2054      15,000       15,282  
Series A, Rev., 2.75%, 12/01/2035      500       442  
Georgia Ports Authority, Rev., 5.25%, 07/01/2043      2,705       3,061  
Georgia State Road & Tollway Authority,     
Rev., 5.00%, 06/01/2027      5,250       5,604  
Rev., 5.00%, 06/01/2028      5,500       6,005  
Rev., 5.00%, 06/01/2030      6,205       7,020  
Main Street Natural Gas, Inc.,     
Rev., 5.00%, 12/01/2054 (z)      1,730       1,867  
Series A, Rev., 4.00%, 07/01/2052 (z)      14,500       14,678  
Series A, Rev., 5.00%, 05/15/2033      4,950       5,189  
Series A, Rev., 5.00%, 05/15/2043      8,000       8,303  
Series A, Rev., 5.00%, 06/01/2053 (z)      15,000       16,016  
Series A, Rev., 5.00%, 05/01/2054 (z)      15,925       17,407  
Series A, Rev., 5.50%, 09/15/2028      1,000       1,079  
Series B, Rev., 5.00%, 06/01/2028      2,500       2,650  
Series B, Rev., 5.00%, 06/01/2029      1,500       1,607  
Series B, Rev., 5.00%, 12/01/2052 (z)      5,000       5,289  
Series B, Rev., 5.00%, 07/01/2053 (z)      8,020       8,682  
Series B, Rev., 5.00%, 12/01/2054 (z)      11,185       12,265  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Georgia — continued     
Series C, Rev., 4.00%, 03/01/2050 (z)      6,350       6,408  
Series C, Rev., 4.00%, 05/01/2052 (z)      15,310       15,573  
Series C, Rev., 5.00%, 09/01/2053 (z)      11,285       12,190  
Series D, Rev., 5.00%, 05/01/2054 (z)      9,500       10,148  
Series E1, Rev., 5.00%, 12/01/2053 (z)      3,000       3,267  
Main Street Natural Gas, Inc., Gas Supply, Series C, Rev., 4.00%, 08/01/2052 (e) (z)      32,600       32,550  
Metropolitan Atlanta Rapid Transit Authority, Rev., 5.00%, 07/01/2036      8,500       10,030  
Milledgeville & Baldwin County Development Authority, Georgia College & State University Projects,     
Rev., 4.00%, 06/15/2037      500       511  
Rev., 5.00%, 06/15/2025      360       365  
Municipal Electric Authority of Georgia,     
Rev., 5.00%, 01/01/2029 (w)      1,000       1,093  
Rev., 5.00%, 01/01/2059      2,000       2,032  
Municipal Electric Authority of Georgia, Combined Cycle Project,     
Series A, Rev., 5.00%, 11/01/2027      250       268  
Series A, Rev., 5.00%, 11/01/2029      250       277  
Municipal Electric Authority of Georgia, General Resolution Project, Series A, Rev., 4.00%, 01/01/2037      1,125       1,147  
Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Rev., 5.00%, 01/01/2059      3,000       3,077  
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project,     
Series A, Rev., AGM, 5.00%, 07/01/2033      1,610       1,824  
Series A, Rev., AGM, 5.00%, 07/01/2035      1,300       1,464  
Series A, Rev., AGM, 5.00%, 07/01/2036      2,795       3,134  
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project,     
Rev., AGM, 4.00%, 01/01/2036      330       339  
Rev., AGM, 4.00%, 01/01/2041      1,000       1,010  
Rev., AGM, 5.00%, 01/01/2025      200       201  
Rev., AGM, 5.00%, 01/01/2027      125       132  
Rev., AGM, 5.00%, 07/01/2027      500       533  
Rev., 5.00%, 01/01/2039      1,310       1,360  
Rev., BAM, 5.00%, 01/01/2049      2,000       2,073  
Rev., AGM, 5.00%, 07/01/2053      3,675       3,948  
Rev., AGM, 5.00%, 07/01/2055      4,615       4,918  
Municipal Electric Authority of Georgia, Power Revenue,     
Series HH, Rev., 5.00%, 01/01/2033      1,000       1,057  
Series HH, Rev., 5.00%, 01/01/2034      1,000       1,055  
Municipal Electric Authority of Georgia, Project One Subordinated,     
Rev., 5.00%, 01/01/2029      1,110       1,214  
Rev., 5.00%, 01/01/2037      1,250       1,372  
Series A, Rev., 5.00%, 01/01/2035      2,245       2,254  
Municipal Electric Authority of Georgia, Project One, Subordinated, Series B, Rev., 4.00%, 01/01/2039      1,400       1,413  
Municipal Electric Authority of Georgia, Subordinate General Resolution, Rev., 5.00%, 01/01/2033      1,010       1,139  
Municipal Electric Authority of Georgia, Subordinate Project One,     
Series A, Rev., 5.00%, 01/01/2030      705       783  
Series A, Rev., 5.00%, 01/01/2031      1,715       1,924  
Paulding County Hospital Authority, Anticipation Certificates Wellstar Health,     

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Georgia — continued     
Rev., 5.00%, 04/01/2036      325       364  
Rev., 5.00%, 04/01/2038      500       555  
Private Colleges & Universities Authority, Emory University,     
Series B, Rev., 4.00%, 10/01/2038      13,500       13,589  
Series B, Rev., 4.00%, 09/01/2039      1,420       1,463  
Private Colleges & Universities Authority, Savannah College of Art And Design,     
Rev., 4.00%, 04/01/2038      1,400       1,435  
Rev., 5.00%, 04/01/2027      400       422  
State of Georgia, Series E, GO, 5.00%, 12/01/2027      1,570       1,656  
State of Georgia, Bidding Group 1, Series A, GO, 5.00%, 07/01/2033      2,000       2,299  
State of Georgia, Bidding Group 2, Series A, GO, 4.00%, 07/01/2035      750       808  
State of Georgia, Tranche 2, Series A, GO, 5.00%, 07/01/2030      2,000       2,227  
    

 

 

  
       387,169  
    

 

 

  
Guam — 0.0% (g)     
Antonio B Won Pat International Airport Authority,     
Rev., AMT, 5.00%, 10/01/2031 (w)      250       268  
Rev., AMT, 5.25%, 10/01/2035 (w)      250       275  
Antonio B. Won Pat International Airport Authority, Rev., AMT, 5.25%, 10/01/2030      750       812  
Territory of Guam, Series F, Rev., 4.00%, 01/01/2042      1,000       987  
    

 

 

  
       2,342  
    

 

 

  
Hawaii — 0.4%     
City & County Honolulu HI Wastewater System Revenue,     
Rev., 5.00%, 07/01/2032 (w)      290       327  
Rev., 5.00%, 07/01/2036 (w)      1,310       1,523  
Rev., 5.00%, 07/01/2041      2,945       3,366  
Rev., 5.25%, 07/01/2054      6,900       7,751  
City & County Honolulu Wastewater System Revenue, Green Bonds Senior Lien, Rev., 5.00%, 07/01/2040      540       611  
City & County Honolulu Wastewater System Revenue, Senior First Bond Resolution, Series A, Rev., 5.00%, 07/01/2035      2,110       2,245  
City & County of Honolulu,     
Series A, GO, 5.00%, 10/01/2025      15       15  
Series A, GO, 5.00%, 09/01/2027      30       32  
Series C, GO, 5.00%, 10/01/2028      1,450       1,594  
Series C, GO, 5.00%, 10/01/2029      1,000       1,122  
City & County of Honolulu, Rail Transit Project,     
GO, 3.00%, 07/01/2032      430       427  
GO, 3.00%, 07/01/2035      1,000       977  
State of Hawaii,     
Series FG, GO, 4.00%, 10/01/2032      2,000       2,036  
Series FG, GO, 4.00%, 10/01/2033      3,000       3,053  
State of Hawaii Airports System Revenue,     
Series A, Rev., AMT, 5.00%, 07/01/2032      1,500       1,579  
Series A, Rev., AMT, 5.00%, 07/01/2033      1,630       1,714  
Series A, Rev., AMT, 5.00%, 07/01/2034      2,000       2,159  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Hawaii — continued     
Series A, Rev., AMT, 5.00%, 07/01/2035      1,000       1,048  
Series A, Rev., AMT, 5.00%, 07/01/2051      1,905       2,011  
Series B, Rev., 5.00%, 07/01/2026      1,250       1,302  
State of Hawaii Department of Budget & Finance,     
Rev., 3.20%, 07/01/2039      3,000       2,528  
Rev., 5.00%, 07/01/2034 (e)      1,350       1,398  
State of Hawaii Harbor System Revenue,     
Series A, Rev., AMT, 4.00%, 07/01/2031      250       261  
Series A, Rev., AMT, 4.00%, 07/01/2032      500       519  
Series A, Rev., AMT, 4.00%, 07/01/2033      750       774  
Series A, Rev., AMT, 4.00%, 07/01/2034      3,555       3,649  
Series A, Rev., AMT, 5.00%, 07/01/2027      250       263  
Series A, Rev., AMT, 5.00%, 07/01/2028      500       534  
Series A, Rev., AMT, 5.00%, 07/01/2029      250       271  
Series C, Rev., 4.00%, 07/01/2032      200       212  
State of Hawaii State Highway Fund, Rev., 5.00%, 01/01/2029      1,000       1,102  
State of Hawaii, Airports System Revenue, Series D, Rev., 5.00%, 07/01/2030      1,000       1,127  
    

 

 

  
       47,530  
    

 

 

  
Idaho — 0.1%     
Idaho Health Facilities Authority, Trinity Health Credit Group,     
Rev., 4.00%, 12/01/2043      4,460       4,473  
Series A, Rev., 5.00%, 12/01/2047      1,715       1,762  
Idaho Housing & Finance Association,     
Series A, Rev., 5.00%, 08/15/2029      1,000       1,118  
Series A, Rev., 5.00%, 08/15/2034      1,130       1,332  
Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054      3,750       4,213  
Idaho Housing & Finance Association, Garvee,     
Series A, Rev., 4.00%, 07/15/2039      1,440       1,465  
Series A, Rev., 5.00%, 07/15/2030      1,250       1,409  
Idaho Housing & Finance Association, Transportation Expansion & Mitigation, Rev., 5.00%, 08/15/2037      165       188  
Spring Valley Community Infrastructure District No. 1, Assessment Area Two, Special Assessment, 6.25%, 09/01/2053 (e)      1,120       1,196  
    

 

 

  
       17,156  
    

 

 

  
Illinois — 6.8%     
Champaign County Community Unit School District No. 4 Champaign, GO, 5.00%, 01/01/2029      1,765       1,814  
Chicago Board of Education,     
GO, 5.00%, 12/01/2032      600       628  
Series A, GO, AGM, 5.00%, 12/01/2026      10       10  
Series A, GO, 5.00%, 12/01/2033      2,000       2,070  
Series A, GO, 5.00%, 12/01/2041      1,000       1,028  
Series A, GO, 5.00%, 12/01/2042      10,000       9,999  
Series A, GO, 5.25%, 12/01/2036      5,500       5,992  
Series D, GO, 5.00%, 12/01/2046      7,500       7,500  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Illinois — continued     
Chicago Board of Education Dedicated Capital Improvement Tax,     
Rev., 5.25%, 04/01/2039      3,125       3,464  
Rev., 5.75%, 04/01/2048      4,000       4,459  
Chicago Board of Education, Capital Appreciation School Reform,     
Series A, GO, NATL, Zero Coupon, 12/01/2024      500       497  
Series A, GO, NATL, Zero Coupon, 12/01/2025      255       245  
Series A, GO, NATL, Zero Coupon, 12/01/2029      1,220       1,000  
Series B1, GO, NATL, Zero Coupon, 12/01/2028      500       429  
Series B1, GO, NATL, Zero Coupon, 12/01/2029      1,105       905  
Chicago Board of Education, Dedicated,     
Series C, GO, 5.00%, 12/01/2034      2,000       2,050  
Series G, GO, 5.00%, 12/01/2034      1,000       1,025  
Series H, GO, 5.00%, 12/01/2036      2,000       2,042  
Series H, GO, 5.00%, 12/01/2046      1,000       1,008  
Chicago Midway International Airport, Series B, Rev., 5.00%, 01/01/2046      10,000       10,098  
Chicago Midway International Airport, Senior,     
Series C, Rev., AMT, 5.00%, 01/01/2028      2,825       2,977  
Series C, Rev., AMT, 5.00%, 01/01/2034      6,000       6,640  
Series C, Rev., AMT, 5.00%, 01/01/2040      2,610       2,798  
Chicago Midway International Airport, Senior Lien,     
Series A, Rev., BAM, AMT, 5.00%, 01/01/2033      2,400       2,663  
Series A, Rev., AMT, 5.00%, 01/01/2034      1,660       1,837  
Chicago O’Hare International Airport,     
Rev., AMT, 5.00%, 01/01/2030      3,400       3,411  
Rev., AMT, 5.00%, 01/01/2031      8,500       8,525  
Rev., AMT, 5.00%, 01/01/2032      2,000       2,005  
Rev., 5.00%, 01/01/2052      4,030       4,109  
Rev., 5.25%, 01/01/2053      5,000       5,533  
Chicago O’Hare International Airport, General Senior Lien, Series B, Rev., 5.00%, 01/01/2053      4,895       5,096  
Chicago O’Hare International Airport, Passenger Facility Charge, Rev., AMT, 5.00%, 01/01/2032      3,500       3,501  
Chicago O’Hare International Airport, Senior Lien,     
Series A, Rev., 4.00%, 01/01/2035      3,500       3,603  
Series A, Rev., 5.00%, 01/01/2035      6,000       6,568  
Series A, Rev., AMT, 5.00%, 01/01/2039      2,000       2,083  
Series F, Rev., BAM, 4.25%, 01/01/2047      2,180       2,187  
Chicago O’Hare International Airport, Senior Lien Customer Facility, Rev., BAM, 5.25%, 01/01/2042      1,465       1,645  
Chicago O’Hare International Airport, Trips Obligated Group, Rev., AMT, 5.00%, 07/01/2048      3,000       3,041  
Chicago Transit Authority Capital Grant Receipts Revenue, Section 5357, Rev., 5.00%, 06/01/2028      1,000       1,070  
Chicago Transit Authority Sales Tax Receipts Fund,     
Rev., 5.00%, 12/01/2044      5,000       5,007  
Rev., AGM, 5.00%, 12/01/2044      6,000       6,009  
Rev., 5.00%, 12/01/2046      4,780       4,854  
Rev., 5.25%, 12/01/2049      13,000       13,017  
Series A, Rev., 5.00%, 12/01/2045      6,500       6,825  
Series A, Rev., BAM, 5.00%, 12/01/2046      4,500       4,812  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Illinois — continued     
Chicago Transit Authority Sales Tax Receipts Fund, Second Lien,     
Rev., 5.00%, 12/01/2051      4,750       4,784  
Series A, Rev., 4.00%, 12/01/2049      4,000       3,846  
Series A, Rev., 5.00%, 12/01/2052      5,000       5,307  
Series A, Rev., 5.00%, 12/01/2055      2,000       2,069  
City of Aurora Waterworks & Sewerage Revenue, Series B, Rev., 4.00%, 12/01/2034      1,565       1,565  
City of Berwyn, Series A, GO, 5.00%, 12/01/2029      1,000       1,012  
City of Chicago,     
Series A, GO, 5.00%, 01/01/2027      5,500       5,724  
Series A, GO, 5.00%, 01/01/2034      4,500       4,864  
Series A, GO, 5.50%, 01/01/2049      6,325       6,599  
Series A, GO, 6.00%, 01/01/2038      8,775       9,170  
Series B, GO, 4.00%, 01/01/2038 (e)      521       516  
Series C, GO, Zero Coupon, 01/01/2027 (p)      500       468  
Series C, GO, 5.00%, 01/01/2025      45       45  
Series C, GO, 5.00%, 01/01/2028      1,450       1,471  
City of Chicago IL Wastewater Transmission Revenue,     
Rev., AGM, 5.00%, 01/01/2036      1,000       1,134  
Rev., BAM, 5.00%, 01/01/2041      1,000       1,127  
Rev., BAM, 5.00%, 01/01/2042      785       886  
Rev., BAM, 5.00%, 01/01/2043      1,125       1,264  
Rev., AGM, 5.25%, 01/01/2058      1,910       2,089  
City of Chicago IL Waterworks Revenue,     
Rev., 5.00%, 11/01/2031      665       756  
Rev., AGM, 5.00%, 11/01/2037      1,000       1,121  
City of Chicago Special Assessment Revenue, Lakeshore East Project,     
Special Assessment, 2.69%, 12/01/2026 (e)      305       301  
Special Assessment, 3.04%, 12/01/2028 (e)      270       265  
City of Chicago Wastewater Transmission Revenue, Second Lien,     
Series B, Rev., AGM, 5.00%, 01/01/2037      1,050       1,186  
Series B, Rev., AGM, 5.00%, 01/01/2039      2,000       2,227  
Series C, Rev., 5.00%, 01/01/2034      2,430       2,439  
City of Chicago Wastewater Transmission Revenue, Second Lien Wastewater Transmission Revenue Bonds, Rev., BAM, 5.00%, 01/01/2044      1,500       1,683  
City of Chicago Waterworks Revenue, Second Lien,     
Series 2017-2, Rev., AGM, 5.00%, 11/01/2038      3,500       3,649  
Series B, Rev., AGM, 5.00%, 11/01/2038      1,000       1,113  
Series B, Rev., AGM, 5.00%, 11/01/2039      1,000       1,112  
City of Chicago Waterworks Revenue, Second Lien Project,     
Rev., 4.00%, 11/01/2037      215       215  
Rev., 5.00%, 11/01/2044      5,410       5,430  
City of Chicago, Chicago Works,     
Series A, GO, 5.25%, 01/01/2038      2,680       2,934  
Series A, GO, 5.50%, 01/01/2039      1,180       1,302  
Series A, GO, 5.50%, 01/01/2040      1,000       1,098  
Series A, GO, 5.50%, 01/01/2041      1,000       1,071  
Series A, GO, 5.50%, 01/01/2043      1,500       1,598  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Illinois — continued     
City of Chicago, Wastewater Transmission Revenue, Second Lien,     
Series A, Rev., AGM, 5.25%, 01/01/2048      5,000       5,475  
Series B, Rev., AGM-CR, 5.00%, 01/01/2027      1,000       1,053  
Series B, Rev., AGM, 5.00%, 01/01/2029      300       329  
Series B, Rev., AGM, 5.00%, 01/01/2038      1,940       2,180  
City of Chicago, Waterworks Revenue, Second Lien,     
Rev., 5.00%, 11/01/2034      7,000       7,025  
Series A, Rev., AGM, 5.25%, 11/01/2048      1,500       1,661  
Series B, Rev., AGM, 4.00%, 11/01/2040      4,320       4,391  
Series B, Rev., AGM, 5.00%, 11/01/2028      300       328  
Series B, Rev., AGM, 5.00%, 11/01/2031      400       457  
Series B, Rev., AGM, 5.00%, 11/01/2033      2,350       2,653  
City of Granite City, Waste Management, Inc., Rev., AMT, 1.25%, 05/01/2027      5,000       4,587  
Cook County Community College District No. 508, City Colleges of Chicago,     
GO, BAM, 5.00%, 12/01/2041      3,000       3,270  
GO, BAM, 5.00%, 12/01/2042      2,000       2,171  
Cook County Community Consolidated School District No. 34 Glenview, GO, 4.00%, 12/01/2029      2,000       2,143  
Cook County High School District No. 214 Arlington Heights, GO, 4.00%, 12/01/2026      1,910       1,973  
Cook County School District No. 87 Berkeley, GO, AGM, 3.00%, 12/01/2034      1,500       1,427  
Cook County, Community School District No. 97, Oak Park, GO, 4.00%, 01/01/2034      2,000       2,064  
County of Cook,     
Series A, GO, 5.00%, 11/15/2025      960       981  
Series A, GO, AGM, 5.00%, 11/15/2026      1,000       1,049  
Series A, GO, 5.00%, 11/15/2026      3,900       4,089  
Series A, GO, 5.00%, 11/15/2033      250       288  
County of Cook IL Sales Tax Revenue, Rev., 5.00%, 11/15/2031      2,000       2,280  
County of Cook Sales Tax Revenue,     
Rev., 4.00%, 11/15/2037      3,500       3,563  
Rev., 4.00%, 11/15/2038      1,545       1,561  
Series A, Rev., 4.00%, 11/15/2039      2,000       2,019  
Series A, Rev., 4.00%, 11/15/2040      5,250       5,286  
Series A, Rev., 5.00%, 11/15/2025      690       707  
Series A, Rev., 5.25%, 11/15/2045      2,500       2,780  
County of Cook, Sales Tax Revenue, Series A, Rev., 5.00%, 11/15/2038      1,240       1,359  
County of Will, GO, 4.00%, 11/15/2047      7,000       6,842  
Illinois Finance Authority,     
Rev., 5.00%, 04/01/2036      3,000       3,512  
Rev., 5.25%, 04/01/2038      3,250       3,839  
Rev., 5.25%, 04/01/2040      1,660       1,832  
Rev., 5.25%, 04/01/2043      1,200       1,301  
Series A, Rev., 4.00%, 07/15/2036      710       736  
Series A, Rev., 4.00%, 07/15/2039      3,000       3,066  
Series B2, Rev., 5.00%, 05/15/2050 (z)      4,800       4,944  
Illinois Finance Authority, Acero Charter Schools, Inc., Rev., 4.00%, 10/01/2042 (e)      500       454  
Illinois Finance Authority, Advocate Health Care Network Project, Rev., 4.00%, 11/01/2030      2,165       2,190  
Illinois Finance Authority, Ann & Robert H. Lurie Child, Rev., 4.00%, 08/15/2037      500       502  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Illinois — continued     
Illinois Finance Authority, Ann & Robert H. Lurie Children’s Hospital of Chicago, Rev., 5.00%, 08/15/2035      1,610       1,678  
Illinois Finance Authority, Carle Foundation, Series A, Rev., 5.00%, 02/15/2045      20,275       20,507  
Illinois Finance Authority, Depaul College Prep Foundation, Rev., 5.50%, 08/01/2043 (e)      1,360       1,489  
Illinois Finance Authority, Green Bond, Rev., 4.00%, 07/01/2038      4,160       4,307  
Illinois Finance Authority, Green Bonds,     
Rev., 4.00%, 01/01/2033      8,190       8,710  
Rev., 4.00%, 07/01/2040      1,500       1,551  
Illinois Finance Authority, Health Services Facility Lease Revenue, Provident Group UIC Surgery,     
Rev., 4.00%, 10/01/2040      1,750       1,697  
Rev., 5.00%, 10/01/2032      750       802  
Illinois Finance Authority, Illinois State Clean Water Initiative, Green Bond, Rev., 5.00%, 01/01/2028      100       108  
Illinois Finance Authority, Mercy Health Corp., Rev., 5.00%, 12/01/2040      1,080       1,100  
Illinois Finance Authority, Northshore University Health System,     
Rev., 4.00%, 08/15/2037      1,000       1,015  
Rev., 5.00%, 08/15/2035      750       825  
Illinois Finance Authority, Northwestern Memorial HealthCare, Rev., 4.00%, 07/15/2047      9,000       8,741  
Illinois Finance Authority, OSF Healthcare System,     
Rev., 4.00%, 05/15/2050      1,000       923  
Series A, Rev., 5.00%, 11/15/2045      10,900       10,970  
Series B1, Rev., 5.00%, 05/15/2050 (z)      2,250       2,254  
Illinois Finance Authority, Plymouth Place, Inc., Rev., 5.00%, 05/15/2041      400       393  
Illinois Finance Authority, Presbyterian Homes, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 3.85%, 05/01/2042 (aa)      180       178  
Illinois Finance Authority, Rush University Medical Center, Series A, Rev., 4.00%, 11/15/2039      1,320       1,296  
Illinois Finance Authority, Silver Cross Hospital & Medical, Rev., 5.00%, 08/15/2044      7,500       7,540  
Illinois Finance Authority, Southern Illinois Healthcare, Rev., 5.00%, 03/01/2031      2,135       2,203  
Illinois Finance Authority, State Clean Water Initiative, Rev., 4.00%, 07/01/2026      2,100       2,136  
Illinois Finance Authority, Swedish Covenant Hospital, Rev., 5.00%, 08/15/2032 (p)      4,000       4,161  
Illinois Finance Authority, The Carle Foundation,     
Series A, Rev., 3.00%, 08/15/2048      2,850       2,276  
Series A, Rev., 4.00%, 08/15/2038      1,615       1,631  
Series A, Rev., 5.00%, 08/15/2031      2,530       2,861  
Series B, Rev., 5.00%, 08/15/2053 (z)      285       318  
Illinois Finance Authority, UChicago Medicine,     
Rev., 5.00%, 08/15/2052 (z)      1,710       1,805  
Series A, Rev., 5.00%, 08/15/2047      17,000       18,128  
Illinois Finance Authority, University of Chicago,     
Series A, Rev., 5.00%, 10/01/2028      3,000       3,285  
Series A, Rev., 5.00%, 10/01/2030      3,000       3,000  
Series A, Rev., 5.00%, 10/01/2034      1,750       2,067  
Series A, Rev., 5.00%, 10/01/2035      1,400       1,668  
Series A, Rev., 5.00%, 10/01/2038      10,600       10,600  
Series A, Rev., 5.25%, 05/15/2048      2,000       2,231  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Illinois — continued     
Illinois Housing Development Authority,     
Series C, Rev., FHA, 0.80%, 07/01/2026      270       257  
Series D, Rev., GNMA/FNMA/FHLMC, 3.75%, 04/01/2050      1,090       1,094  
Illinois Housing Development Authority, 6900 Crandon, Rev., FHA HUD, 5.00%, 02/01/2027 (z)      1,700       1,743  
Illinois Housing Development Authority, Social Bonds,     
Series A, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051      3,140       3,101  
Series B, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051      335       330  
Series H, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 10/01/2053      660       715  
Illinois Housing Development Authority, South Shore HHDC, Rev., HUD, 5.00%, 02/01/2027 (z)      1,520       1,558  
Illinois Housing Development Authority, Sustainable Bond, Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 10/01/2054      810       895  
Illinois Housing Development Authority, Sustainable Bonds,     
Series C, Rev., GNMA/FNMA/FHLMC, 4.85%, 04/01/2049      5,000       5,143  
Series N, Rev., GNMA/FNMA/FHLMC, 6.25%, 04/01/2054      9,705       10,748  
Illinois Sports Facilities Authority (The), State Tax Supported,     
Rev., 5.00%, 06/15/2030      500       536  
Rev., AGM, 5.25%, 06/15/2031      225       226  
Rev., AGM, 5.25%, 06/15/2032      5,000       5,027  
Illinois State Toll Highway Authority,     
Series A, Rev., 4.00%, 01/01/2044      1,000       1,001  
Series A, Rev., 4.00%, 01/01/2046      14,950       14,821  
Series A, Rev., 5.00%, 01/01/2028      100       108  
Series A, Rev., 5.00%, 01/01/2040      4,500       4,549  
Series A, Rev., 5.00%, 01/01/2041      3,300       3,670  
Series A, Rev., 5.00%, 01/01/2043      4,000       4,399  
Series A, Rev., 5.00%, 01/01/2044      6,580       7,005  
Series B, Rev., 5.00%, 01/01/2029      100       103  
Series B, Rev., 5.00%, 01/01/2040      5,500       5,610  
Illinois State Toll Highway Authority, Senior,     
Series A, Rev., 5.00%, 01/01/2029      800       877  
Series A, Rev., 5.00%, 12/01/2031      5,115       5,248  
Series A, Rev., 5.00%, 01/01/2036      1,300       1,521  
Series A, Rev., 5.00%, 01/01/2037      800       932  
Series A, Rev., 5.25%, 01/01/2043      2,315       2,623  
Series B, Rev., 5.00%, 01/01/2028      4,000       4,312  
Series B, Rev., 5.00%, 01/01/2041      2,190       2,248  
Illinois State Toll Highway Authority, Toll Highway Revenue,     
Series A, Rev., 5.00%, 01/01/2036      1,000       1,119  
Series A, Rev., 5.00%, 01/01/2037      1,555       1,734  
Kane & DuPage Counties Community Unit School District No. 303 St Charles,     
GO, 4.00%, 01/01/2041      2,110       2,159  
GO, 4.00%, 01/01/2042      2,210       2,246  
Macon County, School District No. 61 Decatur,     
GO, AGM, 4.00%, 01/01/2040      1,420       1,427  
GO, AGM, 4.00%, 01/01/2045      3,000       2,934  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued

 

Illinois — continued     
Metropolitan Pier & Exposition Authority,     
Rev., NATL, Zero Coupon, 12/15/2034      500       347  
Rev., 5.00%, 12/15/2036      540       611  
Rev., 5.00%, 12/15/2037      1,090       1,229  
Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion, Rev., 5.00%, 06/15/2042      5,645       6,006  
Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick,     
Rev., NATL, Zero Coupon, 12/15/2035      500       332  
Rev., NATL, Zero Coupon, 06/15/2036      6,000       3,898  
Rev., NATL, Zero Coupon, 06/15/2037      500       311  
Rev., AGM, Zero Coupon, 06/15/2044      500       222  
Series B, Rev., AGM, Zero Coupon, 06/15/2027      4,310       3,974  
Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick Project, Rev., NATL, Zero Coupon, 06/15/2028      4,250       3,789  
Metropolitan Pier & Exposition Authority, McCormick Expansion Project, Series B, Rev., 5.00%, 12/15/2027      125       128  
Metropolitan Pier & Exposition Authority, McCormick Place,     
Rev., Zero Coupon, 06/15/2037      1,175       727  
Rev., Zero Coupon, 06/15/2041      1,750       878  
Metropolitan Pier & Exposition Authority, McCormick Place Expansion,     
Rev., Zero Coupon, 12/15/2035      3,200       2,115  
Rev., 3.00%, 06/15/2025      150       149  
Rev., 4.00%, 12/15/2042      1,000       999  
Rev., 4.00%, 06/15/2050      1,000       953  
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Rev., 5.00%, 06/15/2057      1,760       1,796  
Metropolitan Water Reclamation District of Greater Chicago, Green Bond, Series C, GO, 5.00%, 12/01/2045      3,000       3,069  
Metropolitan Water Reclamation District of Greater Chicago, Green Bonds, Series E, GO, 5.00%, 12/01/2036      2,065       2,151  
Northern Illinois University, Auxiliary Facilities Systems Revenue Bonds, Rev., BAM, 4.00%, 10/01/2041      825       825  
Northern Illinois University, Board of Trustees Auxiliary Facilities, Rev., BAM, 4.00%, 10/01/2033      1,000       1,026  
Regional Transportation Authority, Series A, Rev., NATL, 6.00%, 07/01/2025      25       26  
Sales Tax Securitization Corp., Series A, Rev., 5.00%, 01/01/2048      2,000       2,053  
Sales Tax Securitization Corp., Second Lien,     
Series A, Rev., 4.00%, 01/01/2039      3,000       3,034  
Series A, Rev., 5.00%, 01/01/2035      10,935       11,463  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Illinois — continued     
Series A, Rev., BAM, 5.00%, 01/01/2037      750       812  
Series C, Rev., 5.00%, 01/01/2029      850       928  
Series C, Rev., 5.00%, 01/01/2032      1,400       1,581  
Southwestern Illinois Development Authority, Southwestern Il Flood Prevention, Rev., 4.00%, 10/15/2035      1,215       1,245  
State of Illinois,     
GO, 4.00%, 06/01/2032      1,980       1,994  
GO, 4.00%, 06/01/2034      4,485       4,509  
GO, 4.00%, 06/01/2035      1,000       1,004  
GO, 4.00%, 06/01/2036      485       487  
GO, 5.00%, 01/01/2028      6,810       6,983  
GO, 5.00%, 02/01/2028      1,050       1,102  
GO, 5.00%, 01/01/2029      2,085       2,135  
GO, 5.00%, 02/01/2029      1,450       1,536  
GO, 5.00%, 02/01/2030 (w)      1,460       1,609  
GO, 5.00%, 05/01/2041      850       939  
GO, 5.25%, 02/01/2030      2,000       2,010  
GO, 5.50%, 05/01/2030      2,000       2,187  
Series A, GO, 4.00%, 03/01/2041      250       249  
Series A, GO, 5.00%, 11/01/2026      1,360       1,421  
Series A, GO, 5.00%, 03/01/2027      855       899  
Series A, GO, 5.00%, 03/01/2028      1,500       1,608  
Series A, GO, 5.00%, 03/01/2030      1,000       1,104  
Series A, GO, 5.00%, 03/01/2046      1,000       1,060  
Series A, GO, 5.50%, 03/01/2042      1,500       1,674  
Series A, GO, 5.50%, 03/01/2047      2,690       2,961  
Series A, GO, 6.00%, 05/01/2025      500       508  
Series B, GO, 4.00%, 10/01/2033      2,000       2,057  
Series B, GO, 5.00%, 10/01/2029      1,000       1,098  
Series B, GO, 5.00%, 10/01/2031      5,000       5,528  
Series B, GO, 5.50%, 05/01/2039      250       275  
Series B, GO, 5.50%, 05/01/2047      2,500       2,756  
Series C, GO, 4.00%, 10/01/2037      2,000       2,023  
Series C, GO, 5.00%, 11/01/2029      4,200       4,449  
Series C, GO, 5.25%, 10/01/2047      3,000       3,258  
Series D, GO, 5.00%, 11/01/2024      1,000       1,001  
Series D, GO, 5.00%, 11/01/2026      1,980       2,070  
Series D, GO, 5.00%, 11/01/2027      6,080       6,479  
Series D, GO, 5.00%, 11/01/2028      2,500       2,655  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Illinois — continued     
State of Illinois Sales Tax Revenue, Series A, Rev., BAM, 4.00%, 06/15/2029      2,250       2,354  
State of Illinois Sales Tax Revenue, Junior Obligation,     
Series A, Rev., BAM, 4.00%, 06/15/2026      505       515  
Series A, Rev., BAM, 4.00%, 06/15/2031      1,500       1,563  
State of Illinois, Build America Bonds,     
GO, 6.90%, 03/01/2035      1,000       1,119  
GO, 7.35%, 07/01/2035      3,143       3,453  
State of Illinois, Rebuild Illinois Program, Series B, GO, 4.00%, 11/01/2039      1,500       1,502  
University of Illinois Auxiliary Facilities System, Rev., 5.25%, 04/01/2041      4,390       5,044  
University of Illinois, Auxiliary Facility, Series A, Rev., AGM-CR, 4.00%, 04/01/2036      4,730       4,767  
Village of Rosemont, Series A, GO, BAM, 5.00%, 12/01/2042      10,000       10,645  
Will County Community Unit School District No. 209-U Wilmington, GO, AGM, 5.50%, 02/01/2038      1,195       1,316  
    

 

 

  
       744,942  
    

 

 

  
Indiana — 1.4%     
City of Carmel IN Waterworks Revenue, Rev., BAM, 5.25%, 05/01/2051      1,375       1,479  
City of Fishers Sewage Works Revenue, Rev., BAM, 4.00%, 07/01/2047      1,000       980  
City of Rockport, Industry Pollution Control, Michigan Power Company Project, Rev., 2.75%, 06/01/2025      100       99  
City of Valparaiso, Pratt Paper (In) LLC, Rev., AMT, 4.88%, 01/01/2044 (e)      3,000       3,149  
City of Whiting, BP Products North America,     
Rev., AMT, 4.40%, 11/01/2045 (z)      6,000       6,157  
Rev., AMT, 4.40%, 03/01/2046 (z)      4,500       4,613  
City of Whiting, BP Products North America, Inc. Project, Rev., AMT, 5.00%, 11/01/2047 (z)      5,000       5,004  
Evansville Waterworks District, Series A, Rev., BAM, 5.00%, 07/01/2042      925       1,007  
Indiana Finance Authority, Rev., 5.25%, 10/01/2044      5,000       5,696  
Indiana Finance Authority, Citizens Water Westfield Project, Series A, Rev., 4.00%, 10/01/2048      1,500       1,460  
Indiana Finance Authority, Community Foundation of Northwest Industry, Rev., 5.00%, 09/01/2036      1,000       1,033  
Indiana Finance Authority, DePauw University Project, Series A, Rev., 5.00%, 07/01/2047      8,000       8,301  
Indiana Finance Authority, Duke Energy Indian, Rev., AMT, 4.50%, 05/01/2035 (z)      3,305       3,361  
Indiana Finance Authority, First Lien, Series A, Rev., 5.00%, 10/01/2025      1,625       1,628  
Indiana Finance Authority, First Lien CWA Authority Project,     
Rev., 5.00%, 10/01/2033      1,250       1,474  
Rev., 5.00%, 10/01/2034      955       1,129  
Rev., 5.00%, 10/01/2035      1,250       1,464  
Rev., 5.00%, 10/01/2040      1,250       1,429  
Rev., 5.00%, 10/01/2041      500       567  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Indiana — continued     
Indiana Finance Authority, Green Bonds CWA Authority Project, Rev., 4.00%, 10/01/2037      1,440       1,473  
Indiana Finance Authority, IN University Health Obligation Group, Rev., 4.00%, 12/01/2040      1,000       995  
Indiana Finance Authority, Indianapolis Power,     
Series A, Rev., 0.75%, 12/01/2038 (z)      4,875       4,717  
Series B, Rev., AMT, 0.95%, 12/01/2038 (z)      7,025       6,818  
Indiana Finance Authority, Margaret Mary Health,     
Rev., 5.50%, 03/01/2044      2,650       2,875  
Rev., 5.75%, 03/01/2054      4,050       4,422  
Indiana Finance Authority, Marion General Hospital, Series A, Rev., 4.00%, 07/01/2040      5,060       4,952  
Indiana Finance Authority, Ohio Valley Electric Corp., Rev., 3.00%, 11/01/2030      1,230       1,196  
Indiana Finance Authority, Ohio Valley Electric Corp. Project,     
Series A, Rev., 4.25%, 11/01/2030      2,000       2,098  
Series B, Rev., 2.50%, 11/01/2030      1,000       932  
Indiana Finance Authority, Second Lien, CWA Authority Project, Rev., 5.00%, 10/01/2035      3,000       3,396  
Indiana Finance Authority, United States Steel Corp., Series A, Rev., 4.13%, 12/01/2026      145       147  
Indiana Finance Authority, University of Evansville, Rev., 5.25%, 09/01/2037      1,150       1,196  
Indiana Finance Authority, Valley Electric Corporation Project, Series B, Rev., 3.00%, 11/01/2030      1,000       972  
Indiana Finance Authority, Valparaiso University Project, Rev., 4.00%, 10/01/2034      1,315       1,301  
Indiana Health & Educational Facilities Financing Authority, Rev., 4.00%, 11/15/2046      3,400       3,221  
Indiana Housing & Community Development Authority, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051      595       588  
Indiana Housing & Community Development Authority, Social Bonds,     
Series A1, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 07/01/2053      245       263  
Series A, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2052      865       851  
Series C1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052      40       40  
Indiana Housing & Community Development Authority, Sustainable Bond, Series A1, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044      4,000       4,067  
Indiana Municipal Power Agency, Series A, Rev., 5.00%, 01/01/2029      400       436  
Indiana University, Rev., 5.00%, 06/01/2034      2,665       3,165  
Indianapolis Local Public Improvement Bond Bank,     
Series A, Rev., AGM, 4.00%, 06/01/2036      5,000       5,222  
Series A, Rev., AGM, 4.00%, 06/01/2041      9,000       9,162  
Series A, Rev., 5.00%, 06/01/2025      500       507  
Indianapolis Local Public Improvement Bond Bank, Airport Authority, Series A1, Rev., AMT, 5.00%, 01/01/2028      200       206  
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport, Rev., AMT, 5.00%, 01/01/2029      2,855       3,062  
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority,     
Rev., AMT, 5.00%, 01/01/2026      1,500       1,533  
Rev., AMT, 5.00%, 01/01/2029      4,245       4,553  
Rev., AMT, 5.00%, 01/01/2031      3,500       3,833  
Series I, Rev., AMT, 5.00%, 01/01/2032      4,885       4,902  
Series I, Rev., AMT, 5.00%, 01/01/2033      5,000       5,017  
Indianapolis Local Public Improvement Bond Bank, Metropolitan Thoroughfare District, Series D, Rev., 4.00%, 01/01/2041      10,000       10,254  
Indianapolis Local Public Improvement Bond Bank, Senior, Convention Center Hotel,     
Rev., 5.50%, 03/01/2038      2,150       2,419  
Rev., 6.00%, 03/01/2053      2,050       2,280  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Indiana — continued     
Northern Indiana Commuter Transportation District, Rev., 5.25%, 01/01/2049      1,500       1,669  
Northwestern School Building Corp.,     
Rev., 6.00%, 07/15/2040      700       805  
Rev., 6.00%, 07/15/2041      900       1,030  
Purdue University, Series A, Rev., 5.00%, 07/01/2027      1,500       1,602  
    

 

 

  
       158,207  
    

 

 

  
Iowa — 0.4%     
Iowa Finance Authority,     
Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2039      3,545       3,606  
Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044      5,665       5,764  
Series D, Rev., GNMA/FNMA/FHLMC, 3.50%, 01/01/2049      245       246  
Iowa Finance Authority, Ahepa 192, IV Apartments Project, Rev., HUD, 5.00%, 11/01/2026 (z)      3,040       3,097  
Iowa Finance Authority, Alcoa, Inc. Project, Rev., 4.75%, 08/01/2042      5,000       5,005  
Iowa Finance Authority, Iowa Fertilizer Company Project,     
Rev., 4.00%, 12/01/2050 (p) (z)      5,905       6,480  
Rev., 5.00%, 12/01/2050 (p)      5,255       6,151  
Iowa Finance Authority, Social Bond, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052      1,770       1,741  
Iowa Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2047      1,485       1,465  
Iowa Finance Authority, Sustainable Bond Mortgage Backed, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044      2,000       2,035  
Iowa Student Loan Liquidity Corp., Series B, Rev., AMT, 5.00%, 12/01/2030      1,000       1,074  
Iowa Tobacco Settlement Authority, Subordinate,     
Series B1, Rev., 4.00%, 06/01/2049      910       917  
Series B, Rev., Zero Coupon, 06/01/2065      10,635       1,720  
PEFA, Inc., Rev., 5.00%, 09/01/2049 (z)      2,745       2,823  
Sioux City Community School District, Rev., BAM, 3.00%, 10/01/2025      3,625       3,626  
Southeast Polk Community School District, Series A, GO, 5.00%, 05/01/2028      5,185       5,627  
    

 

 

  
       51,377  
    

 

 

  
Kansas — 0.2%     
Butler County Unified School District No. 385 Andover, Refunding and School Building, GO, 5.00%, 09/01/2032 (p)      1,000       1,072  
City of Lawrence KS, Rev., 4.00%, 07/01/2036      1,500       1,487  
City of Manhattan, Meadowlark Hills, Series A, Rev., 4.00%, 06/01/2036      1,000       987  
City of Wichita KS, Rev., 5.25%, 05/15/2039 (w)      2,460       2,465  
Johnson County Unified School District No. 512 Shawnee Mission, Series A, GO, 4.00%, 10/01/2043      2,000       2,025  
Kansas Development Finance Authority, Unrefunded, Rev., 5.00%, 11/15/2054 (z)      1,500       1,626  
Riley County Unified School District No. 383 Manhattan-Ogden, Series A, GO, 5.00%, 09/01/2034 (p)      1,000       1,072  
University of Kansas Hospital Authority, Improvement Ku Health System, Rev., 5.00%, 09/01/2045      3,800       3,837  
University of Kansas Hospital Authority, University Kansas Health System, Rev., 5.00%, 03/01/2047 (p)      3,865       4,088  
University of Kansas Hospital Authority, Unrefunded University Kansas Health System, Rev., 5.00%, 03/01/2047      7,350       7,505  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Kansas — continued     
Wyandotte County Unified School District No. 203 Piper,     
Series A, GO, AGM, 5.00%, 09/01/2040      900       995  
Series A, GO, AGM, 5.25%, 09/01/2052      1,000       1,088  
    

 

 

  
       28,247  
    

 

 

  
Kentucky — 1.5%     
City of Henderson, Pratt Paper LLC Project, Rev., AMT, 4.45%, 01/01/2042 (e)      1,685       1,693  
County of Carroll, Utilities Company Project, Rev., AMT, 2.00%, 02/01/2032      8,620       7,334  
County of Trimble, Kentucky Utilities Co., Rev., AMT, 4.70%, 06/01/2054 (z)      8,000       8,082  
County of Trimble, Louisville Gas & Electric, Rev., 0.63%, 09/01/2026      605       573  
County of Trimble, Louisville Gas & Electricity, Rev., AMT, 1.35%, 11/01/2027      8,100       7,627  
County of Trimble, Louisville Gas and Electric, Rev., AMT, 4.70%, 06/01/2054 (z)      6,665       6,733  
County of Trimble, Louisville Gas and Electric Company, Rev., AMT, 1.30%, 09/01/2044 (z)      4,500       4,145  
County of Warren, Bowling Green Warren County,     
Rev., 5.00%, 04/01/2042      2,540       2,802  
Rev., 5.00%, 04/01/2043      2,500       2,747  
Rev., 5.25%, 04/01/2049      5,000       5,513  
Fayette County School District Finance Corp., Series A, Rev., 4.00%, 05/01/2038      3,000       3,013  
Kenton County Airport Board, Rev., AMT, 5.00%, 01/01/2032      1,175       1,290  
Kentucky Bond Development Corp., Centre College, Rev., 4.00%, 06/01/2040      420       422  
Kentucky Economic Development Finance Authority, Baptist Healthcare System, Series B, Rev., 5.00%, 08/15/2041      9,550       9,836  
Kentucky Economic Development Finance Authority, Commonspirit Health, Series A, Rev., 5.00%, 08/01/2044      3,500       3,648  
Kentucky Economic Development Finance Authority, Norton Healthcare, Inc.,     
Series B, Rev., NATL, Zero Coupon, 10/01/2026      4,305       3,993  
Series B, Rev., NATL, Zero Coupon, 10/01/2027      2,195       1,959  
Kentucky Economic Development Finance Authority, Owensboro Health, Series A, Rev., 5.00%, 06/01/2045      1,000       1,010  
Kentucky Economic Development Finance Authority, Senior Next Generation Information,     
Rev., 4.25%, 07/01/2035      2,645       2,649  
Rev., 5.00%, 07/01/2040      5,000       5,024  
Rev., 5.00%, 01/01/2045      3,295       3,306  
Kentucky Housing Corp.,     
Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055      1,070       1,199  
Series A, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2054      2,390       2,709  
Kentucky Housing Corp., Beecher Terrace Phase IV, Rev., HUD, 5.00%, 09/01/2043 (z)      1,015       1,044  
Kentucky Public Energy Authority,     
Rev., 5.00%, 01/01/2055 (z)      8,010       8,759  
Series A1, Rev., 4.00%, 08/01/2052 (z)      1,000       1,027  
Series A1, Rev., 5.25%, 04/01/2054 (z)      24,200       26,895  
Series A2, Rev., (United States SOFR * 0.67 + 1.20%), 4.44%, 08/01/2052 (aa)      2,500       2,505  
Series A2, Rev., (CME Term SOFR 1 Month * 0.67 + 1.12%), 4.68%, 12/01/2049 (aa)      1,000       1,002  
Series A, Rev., 5.00%, 05/01/2055 (z)      10,285       11,063  
Series C, Rev., 4.00%, 02/01/2050 (z)      10,885       11,082  
Kentucky State University, Kentucky State University Project,     
COP, BAM, 4.00%, 11/01/2033      145       153  
COP, BAM, 4.00%, 11/01/2035      135       142  
COP, BAM, 4.00%, 11/01/2036      155       162  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Kentucky — continued     
COP, BAM, 4.00%, 11/01/2038      650       672  
Louisville and Jefferson County Metropolitan Government, Louisville Gas And Electric Co. Project, Series A, Rev., 0.90%, 09/01/2026      2,750       2,624  
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2031      670       689  
Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric, Rev., 2.00%, 10/01/2033      1,000       827  
Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric Co. Project, Rev., AMT, 1.35%, 11/01/2027      2,000       1,875  
Louisville/Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2047      3,180       3,353  
Rural Water Financing Agency, Public Projects Construction, Rev., 3.70%, 05/01/2027      4,000       4,031  
    

 

 

  
       165,212  
    

 

 

  
Louisiana — 1.1%     
City of New Orleans LA, GO, 5.00%, 12/01/2039      2,000       2,272  
City of New Orleans Sewerage Service Revenue, Rev., 5.00%, 06/01/2045 (p)      2,000       2,028  
Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax, Rev., AGC, 5.00%, 08/01/2027      1,400       1,494  
East Baton Rouge Sewerage Commission, Series A, Rev., 1.30%, 02/01/2041 (z)      4,500       4,063  
Ernest N Morial New Orleans Exhibition Hall Authority, Special Tax, 5.25%, 07/15/2048      6,000       6,617  
Lakeshore Villages Master Community Development District, Parish of St. Tammany, Special Assessment, 3.20%, 06/01/2041 (e)      630       522  
Louisiana Housing Corp., Home Ownership Program, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 06/01/2054      400       438  
Louisiana Housing Corp., Social Bonds Home Ownership Project, Rev., GNMA/FNMA/FHLMC, 5.00%, 06/01/2052      1,115       1,167  
Louisiana Local Government Environmental Facilities & Community Development Authority, Entergy Louisiana LLC Project,     
Rev., 2.00%, 06/01/2030      2,755       2,502  
Rev., 2.50%, 04/01/2036      1,185       1,009  
Louisiana Local Government Environmental Facilities & Community Development Authority, Subordinate, East Baton Rouge,     
Rev., 5.00%, 02/01/2036      640       716  
Rev., 5.00%, 02/01/2041      1,560       1,708  
Louisiana Local Government Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project, Rev., 3.50%, 11/01/2032      3,685       3,625  
Louisiana Public Facilities Authority,     
Rev., AMT, 5.50%, 09/01/2054      3,000       3,307  
Rev., AMT, 5.75%, 09/01/2064      2,500       2,780  
Louisiana Public Facilities Authority, Children’s Medical Center Project, Rev., 5.00%, 06/01/2045 (z)      450       478  
Louisiana Public Facilities Authority, Elementus Minerals LLC Project, Rev., AMT, 5.00%, 10/01/2043 (e) (z)      6,365       6,446  
Louisiana Public Facilities Authority, Loyola University Project,     
Rev., 4.00%, 10/01/2038      2,560       2,564  
Rev., 5.25%, 10/01/2048      2,100       2,226  
Louisiana Public Facilities Authority, Ochsner Clinic Foundation, Series B, Rev., 5.00%, 05/15/2050 (z)      1,100       1,111  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Louisiana — continued     
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Rev., 5.00%, 05/15/2042      1,480       1,519  
Louisiana Stadium & Exposition District, Senior Bonds,     
Series A, Rev., 5.00%, 07/01/2042      5,460       6,069  
Series A, Rev., 5.00%, 07/01/2048      2,500       2,741  
Series A, Rev., 5.25%, 07/01/2053      7,500       8,307  
New Orleans Aviation Board,     
Series B, Rev., AMT, 5.00%, 01/01/2040      22,075       22,099  
Series B, Rev., AMT, 5.00%, 01/01/2045      4,000       4,002  
New Orleans Aviation Board, General Airport, Series D2, Rev., AMT, 5.00%, 01/01/2033      1,100       1,128  
New Orleans Aviation Board, General Airport North Terminal,     
Series B, Rev., AMT, 5.00%, 01/01/2038      1,000       1,020  
Series B, Rev., AMT, 5.00%, 01/01/2048      5,000       5,044  
Parish of St John the Baptist, Marathon Oil Corporation Project, Rev., 4.05%, 06/01/2037 (z)      2,625       2,653  
Port New Orleans Board of Commissioners, Series E, Rev., AMT, 5.00%, 04/01/2039      1,170       1,233  
St. Tammany Parish Hospital Service District No. 1,     
Series A, Rev., 5.00%, 07/01/2032      1,615       1,721  
Series A, Rev., 5.00%, 07/01/2034      1,655       1,761  
State of Louisiana, Series A, GO, 5.00%, 03/01/2037      9,555       10,280  
State of Louisiana Gasoline & Fuels Tax Revenue, Second Lien, Series A, Rev., (United States SOFR * 0.70 + 0.50%), 3.89%, 05/01/2043 (aa)      1,120       1,117  
    

 

 

  
       117,767  
    

 

 

  
Maine — 0.2%     
Finance Authority of Maine, Supplemental Educational Loan Program,     
Series A1, Rev., AGM, AMT, 2.38%, 12/01/2033      705       613  
Series A1, Rev., AGM, AMT, 5.00%, 12/01/2024      75       75  
Series A1, Rev., AGM, AMT, 5.00%, 12/01/2025      85       87  
Maine Health & Higher Educational Facilities Authority, Series A, Rev., AGM, 4.38%, 07/01/2048      2,100       2,116  
Maine Health & Higher Educational Facilities Authority, Maine Healthcare,     
Series A, Rev., 5.00%, 07/01/2041      3,500       3,504  
Series A, Rev., 5.00%, 07/01/2046      4,000       4,003  
Maine State Housing Authority, Social Bonds, Series D, Rev., 3.00%, 11/15/2051      870       859  
Maine Turnpike Authority,     
Rev., 4.00%, 07/01/2045      9,000       9,060  
Rev., 5.00%, 07/01/2028      2,000       2,185  
    

 

 

  
       22,502  
    

 

 

  
Maryland — 1.8%     
City of Baltimore MD, Rev., 4.88%, 06/01/2042      1,275       1,306  
City of Baltimore, Wastewater Projects, Series A, Rev., 5.00%, 07/01/2049      5,000       5,264  
City of Baltimore, Water Project, Series A, Rev., 5.00%, 07/01/2050      3,200       3,403  
City of Brunswick, Brunswick Crossing Special Tax, Special Tax, 4.00%, 07/01/2029      500       501  
County of Baltimore, GO, 4.00%, 03/01/2042      10,300       10,351  
County of Howard, Series D, GO, 5.00%, 02/15/2030      3,000       3,240  
County of Montgomery, Series B, GO, 4.00%, 11/01/2028      1,500       1,596  
County of Montgomery MD,     
GO, 2.00%, 08/01/2039      2,000       1,552  
GO, 3.00%, 12/01/2028      8,500       8,502  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Maryland — continued     
Rev., 5.00%, 12/01/2045      5,000       5,074  
County of Montgomery, Trinity Health Credit Group, Rev., 4.00%, 12/01/2044      3,000       2,965  
County of Prince George’s, Chesapeake Lighthouse Obligations, Series A, Rev., 6.50%, 08/01/2035 (e) (p)      750       779  
Maryland Community Development Administration,     
Series B, Rev., 3.00%, 09/01/2051      120       118  
Series D, Rev., 3.25%, 09/01/2050      1,885       1,873  
Maryland Community Development Administration, Community Dev Admin Social Bonds, Rev., GNMA/FNMA/FHLMC COLL, 4.95%, 09/01/2042      1,430       1,505  
Maryland Community Development Administration, Park Heights Senior, Series C, Rev., 5.25%, 11/01/2025      4,880       4,938  
Maryland Community Development Administration, Residential,     
Series A, Rev., 3.75%, 03/01/2050      1,020       1,024  
Series B, Rev., AMT, 4.50%, 09/01/2048      1,115       1,128  
Maryland Community Development Administration, Social Bonds,     
Series C, Rev., 3.00%, 09/01/2051      4,791       4,723  
Series C, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 09/01/2054      445       483  
Maryland Community Development Administration, Sustainable Bonds, Series E, Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2054      4,880       5,394  
Maryland Economic Development Corp., CNX Marine Terminals, Inc., Rev., 5.75%, 09/01/2025      750       756  
Maryland Economic Development Corp., Green Bond Purple Line Light, Rev., AMT, 5.25%, 06/30/2052      2,000       2,100  
Maryland Economic Development Corp., Green Bond, Purple Line, Rev., AMT, 5.25%, 06/30/2047      1,300       1,374  
Maryland Economic Development Corp., Morgan State University Project,     
Rev., 4.00%, 07/01/2040      665       656  
Rev., 5.38%, 07/01/2038      1,250       1,380  
Maryland Economic Development Corp., Port Covington Project,     
Tax Allocation, 3.25%, 09/01/2030      1,260       1,236  
Tax Allocation, 4.00%, 09/01/2040      2,280       2,169  
Maryland Economic Development Corp., Transportation Facilities Project, Series A, Rev., 5.00%, 06/01/2035      1,000       1,049  
Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare,     
Rev., 4.00%, 01/01/2038      2,020       2,004  
Rev., 5.00%, 01/01/2025      470       470  
Rev., 5.00%, 01/01/2036      4,580       4,860  
Maryland Health & Higher Educational Facilities Authority, Doctors Community Hospital, Rev., 5.00%, 07/01/2034      2,000       2,059  
Maryland Health & Higher Educational Facilities Authority, Lifebridge Health, Rev., 4.00%, 07/01/2041      2,315       2,277  
Maryland Health & Higher Educational Facilities Authority, Medstar Health Issue,     
Series A, Rev., 5.00%, 05/15/2042      3,000       3,093  
Series A, Rev., 5.00%, 05/15/2045      9,565       9,815  
Series B, Rev., 5.00%, 08/15/2038      1,000       1,001  
Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center, Rev., 5.00%, 07/01/2028      1,300       1,317  
Maryland Health & Higher Educational Facilities Authority, UPMC Health System, Series B, Rev., 4.00%, 04/15/2050      3,000       2,879  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Maryland — continued     
Maryland Stadium Authority Built to Learn Revenue, Series A, Rev., 5.00%, 06/01/2033      1,375       1,578  
Maryland State Transportation Authority Passenger Facility Charge Revenue, Rev., AMT, 4.00%, 06/01/2039      5,145       5,149  
State of Maryland,     
GO, 5.00%, 06/01/2036      5,000       5,930  
Series B, GO, 5.00%, 08/01/2026      1,000       1,047  
State of Maryland Department of Transportation, Rev., 3.00%, 10/01/2030      1,500       1,493  
State of Maryland Department of Transportation, Baltimore Washington International,     
Rev., AMT, 4.00%, 08/01/2038      965       971  
Rev., AMT, 4.00%, 08/01/2039      1,160       1,161  
State of Maryland, Group 1, Series A, GO, 5.00%, 08/01/2028      1,500       1,648  
State of Maryland, Local Facilities Loan, Series A, GO, 5.00%, 08/01/2028      5,000       5,493  
State of Maryland, State & Local Facilities Loan of 2022, GO, 5.00%, 06/01/2033      1,000       1,163  
Tender Option Bond Trust Receipts/Certificates, Rev., LIQ: Morgan Stanley, 3.22%, 07/01/2030 (e) (z)      19,385       19,385  
University System of Maryland, Series A, Rev., 4.00%, 04/01/2051      1,500       1,482  
Washington Suburban Sanitary Commission,     
Rev., CNTY GTD, 2.13%, 06/01/2036      7,885       6,681  
Rev., CNTY GTD, 3.00%, 06/01/2038      4,550       4,279  
Rev., CNTY GTD, 5.00%, 06/01/2029      2,000       2,235  
Rev., CNTY GTD, 5.00%, 06/01/2039      9,080       10,464  
Washington Suburban Sanitary Commission, Consolidated Public Improvement,     
Rev., CNTY GTD, 3.00%, 06/01/2035      3,045       2,975  
Rev., CNTY GTD, 3.00%, 06/01/2037      5,180       4,928  
Rev., CNTY GTD, 5.00%, 06/01/2029      1,500       1,638  
Rev., CNTY GTD, 5.00%, 06/01/2038      5,000       5,883  
    

 

 

  
       191,797  
    

 

 

  
Massachusetts — 2.1%     
Boston Water & Sewer Commission, Senior Bonds, Series B, Rev., 4.00%, 11/01/2039      1,570       1,651  
City of Brockton, GO, 4.00%, 08/01/2047      3,145       3,133  
Collegiate Charter School of Lowell, Rev., 5.00%, 06/15/2049      1,250       1,254  
Commonwealth of Massachusetts,     
GO, 4.00%, 09/01/2036      11,765       11,819  
GO, 4.00%, 07/01/2037      10,000       10,035  
GO, 4.00%, 09/01/2044      13,020       13,022  
GO, 4.00%, 05/01/2045      10,000       9,972  
Rev., NATL, 5.50%, 01/01/2034      1,500       1,728  
Series B, GO, 5.00%, 11/01/2041      9,000       10,333  
Series C, GO, 5.00%, 10/01/2049      10,000       11,010  
Series D, GO, 5.00%, 10/01/2053      10,000       10,919  
Series E, GO, 4.00%, 09/01/2043      10,000       10,005  
Series E, GO, 5.00%, 11/01/2047      5,000       5,490  
Commonwealth of Massachusetts Transportation Fund Revenue, Rail Enhancement Project, Series B, Rev., 5.00%, 06/01/2025      375       380  
Commonwealth of Massachusetts, Consolidated Loan,     
Series A, GO, 5.00%, 01/01/2041      1,500       1,716  
Series A, GO, 5.00%, 01/01/2054      10,000       10,931  
Commonwealth of Massachusetts, Consolidated Loans, Series E, GO, 5.00%, 11/01/2050      2,175       2,328  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Massachusetts — continued     
Massachusetts Clean Water Trust (The), Sustainable Bonds,     
Rev., 5.00%, 02/01/2033      1,000       1,191  
Rev., 5.00%, 02/01/2035      3,760       4,435  
Rev., 5.00%, 02/01/2038      250       291  
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Rev., 5.00%, 07/01/2032      4,385       5,006  
Massachusetts Development Finance Agency, Boston Medical Center, Rev., 5.25%, 07/01/2052      2,000       2,194  
Massachusetts Development Finance Agency, Emerson College, Series A, Rev., 5.00%, 01/01/2047      3,075       3,110  
Massachusetts Development Finance Agency, Green Bond, Boston Medical Center, Rev., 5.00%, 07/01/2044      2,840       2,851  
Massachusetts Development Finance Agency, Lahey Health System, Series F, Rev., 5.00%, 08/15/2045      10,000       10,063  
Massachusetts Development Finance Agency, Lowell General Hospital, Series G, Rev., 5.00%, 07/01/2044      2,000       1,994  
Massachusetts Development Finance Agency, Mass General Brigham,     
Series D, Rev., 5.00%, 07/01/2047      8,010       8,790  
Series D, Rev., 5.00%, 07/01/2054      8,000       8,679  
Massachusetts Development Finance Agency, Milford Regional Medical Center, Rev., 5.00%, 07/15/2046 (e)      1,000       1,011  
Massachusetts Development Finance Agency, Northeastern University Issue, Rev., 5.00%, 10/01/2044      2,000       2,225  
Massachusetts Development Finance Agency, Partners Healthcare System, Rev., (SIFMA Municipal Swap Index + 0.60%), 3.75%, 07/01/2049 (aa) (e)      100       100  
Massachusetts Development Finance Agency, Suffolk University Project, Rev., 4.00%, 07/01/2051      1,250       1,100  
Massachusetts Development Finance Agency, UMass Memorial Health Care, Rev., 5.00%, 07/01/2044      1,000       1,018  
Massachusetts Educational Financing Authority,     
Rev., AMT, 4.25%, 07/01/2032      80       81  
Rev., AMT, 5.00%, 07/01/2029      2,250       2,423  
Rev., AMT, 5.00%, 07/01/2032      585       633  
Series B, Rev., AMT, 2.63%, 07/01/2036      300       299  
Series I, Rev., AMT, 5.00%, 01/01/2025      3,000       3,009  
Massachusetts Educational Financing Authority, Educational Loan Revenue Bonds, Rev., AMT, 2.00%, 07/01/2037      140       122  
Massachusetts Educational Financing Authority, Senior, Series B, Rev., AMT, 5.00%, 07/01/2029      1,400       1,487  
Massachusetts Educational Financing Authority, Senior Bonds,     
Series B, Rev., AMT, 4.25%, 07/01/2044      305       301  
Series B, Rev., AMT, 5.00%, 07/01/2029      2,650       2,815  
Massachusetts Educational Financing Authority, Senior Issue M, Series B, Rev., AMT, 3.63%, 07/01/2038      780       734  
Massachusetts Housing Finance Agency, Mill Road Apartments Project, Rev., VRDO, 3.15%, 10/07/2024 (z)      5,875       5,875  
Massachusetts Housing Finance Agency, Social Bond, Series 220, Rev., GNMA/FNMA/FHLMC, 3.00%, 12/01/2050      2,815       2,781  
Massachusetts Housing Finance Agency, Social Bonds,     
Series 223, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2047      900       889  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Massachusetts — continued     
Series 227, Rev., GNMA/FNMA/FHLMC COLL, 4.70%, 12/01/2043      2,250       2,326  
Massachusetts Housing Finance Agency, Sustainability Bond,     
Series B2, Rev., 0.75%, 06/01/2025      115       112  
Series C1, Rev., 2.65%, 12/01/2034      1,000       883  
Series D3, Rev., FHA HUD, 3.35%, 06/01/2027      650       655  
Massachusetts Housing Finance Agency, Sustainable Bond, Series 234, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/01/2044      575       585  
Massachusetts Port Authority,     
Rev., AMT, 4.00%, 07/01/2046      8,000       7,651  
Rev., AMT, 5.00%, 07/01/2049      2,735       2,833  
Series E, Rev., AMT, 5.00%, 07/01/2031      1,495       1,668  
Series E, Rev., AMT, 5.00%, 07/01/2032      2,000       2,218  
Massachusetts Port Authority, Green Bonds,     
Series A, Rev., AMT, 5.00%, 07/01/2031      925       1,032  
Series A, Rev., AMT, 5.00%, 07/01/2038      2,580       2,828  
Series A, Rev., AMT, 5.00%, 07/01/2040      3,500       3,794  
Massachusetts School Building Authority, Rev., 4.00%, 02/15/2042      5,700       5,700  
Massachusetts School Building Authority, Sales Tax, Series A, Rev., 5.00%, 11/15/2027      1,105       1,135  
Massachusetts Water Resources Authority, Green Bond, Series B, Rev., 5.00%, 08/01/2026      1,000       1,047  
Town of Watertown MA, GO, 4.00%, 06/15/2050      1,850       1,857  
University of Massachusetts Building Authority, Series 2021, Rev., 5.00%, 11/01/2026      5,000       5,271  
    

 

 

  
       232,828  
    

 

 

  
Michigan — 1.8%     
City of Detroit Sewage Disposal System Revenue, Floating Rate Notes Refunding System Libor D, Rev., AGM, (CME Term SOFR 3 Month * 0.67 + 0.60%), 4.35%, 07/01/2032 (aa)      1,000       979  
City of Detroit, Social Bonds,     
Series A, GO, 4.00%, 04/01/2041      500       497  
Series A, GO, 5.00%, 04/01/2039      115       123  
Series A, GO, 5.00%, 04/01/2046      35       37  
Series A, GO, 5.00%, 04/01/2050      30       31  
City of Grand Rapids MI, GO, 5.00%, 04/01/2054      2,700       2,965  
Detroit Downtown Development Authority, Tax Allocation, 5.00%, 07/01/2048      1,120       1,192  
Gerald R Ford International Airport Authority,     
Rev., CNTY GTD, AMT, 5.00%, 01/01/2026      225       230  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2027      350       368  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2028      275       295  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2029      600       654  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2034      1,140       1,275  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2038      1,300       1,433  
Rev., CNTY GTD, AMT, 5.00%, 01/01/2039      1,000       1,095  
Grand Rapids Public Schools,     
GO, AGM, 5.00%, 05/01/2042      1,225       1,372  
GO, AGM, 5.00%, 05/01/2043      1,700       1,896  
GO, AGM, 5.00%, 05/01/2044      1,450       1,611  
GO, AGM, 5.00%, 05/01/2046      4,000       4,449  
Great Lakes Water Authority Sewage Disposal System Revenue, Senior Lien,     
Series A, Rev., 5.00%, 07/01/2038      645       745  
Series B, Rev., 5.00%, 07/01/2025      1,115       1,133  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Michigan — continued     
Series B, Rev., 5.00%, 07/01/2028      140       153  
Series C, Rev., 5.00%, 07/01/2037      850       987  
Series C, Rev., 5.00%, 07/01/2038      725       837  
Series C, Rev., 5.00%, 07/01/2040      1,150       1,310  
Series C, Rev., 5.00%, 07/01/2041      1,140       1,292  
Series C, Rev., 5.00%, 07/01/2042      1,200       1,354  
Series C, Rev., 5.00%, 07/01/2043      875       983  
Great Lakes Water Authority Water Supply System Revenue,     
Rev., 5.00%, 07/01/2036      10,625       12,293  
Rev., 5.00%, 07/01/2037      1,570       1,822  
Rev., 5.25%, 07/01/2052      3,000       3,307  
Great Lakes Water Authority Water Supply System Revenue, Senior Lien, Series C, Rev., 5.25%, 07/01/2033      2,515       2,614  
Great Lakes Water Authority Water Supply System Revenue, Senior Lien Bonds,     
Series A, Rev., 5.00%, 07/01/2037      2,510       2,913  
Series A, Rev., 5.00%, 07/01/2038      2,000       2,308  
Series B, Rev., 5.00%, 07/01/2037      550       639  
Series B, Rev., 5.00%, 07/01/2038      500       577  
Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C, Rev., 5.00%, 07/01/2032      75       77  
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B, Rev., 5.00%, 07/01/2030      3,200       3,327  
Lansing Board of Water & Light,     
Series A, Rev., 5.00%, 07/01/2037      1,625       1,892  
Series A, Rev., 5.00%, 07/01/2039      405       466  
Series A, Rev., 5.00%, 07/01/2041      1,500       1,706  
Series A, Rev., 5.00%, 07/01/2048      1,675       1,770  
Series A, Rev., 5.25%, 07/01/2054      7,000       7,788  
Michigan Finance Authority, Series A, Rev., 4.00%, 12/01/2049      1,000       958  
Michigan Finance Authority, Aquinas College Project,     
Rev., 5.00%, 05/01/2036      300       274  
Rev., 5.00%, 05/01/2046      2,000       1,670  
Michigan Finance Authority, Beaumont Health Credit Group, Rev., 5.00%, 11/01/2044      8,090       8,160  
Michigan Finance Authority, Beaumont Spectrum,     
Rev., 4.00%, 04/15/2042      2,500       2,519  
Rev., 5.00%, 04/15/2030      3,000       3,362  
Michigan Finance Authority, Beaumont Spectrum Consolidated, Rev., 4.00%, 04/15/2038      1,175       1,200  
Michigan Finance Authority, Che Trinity Health, Rev., 4.00%, 12/01/2040 (p)      95       102  
Michigan Finance Authority, Henry Ford Health System,     
Rev., 5.00%, 11/15/2041      3,145       3,218  
Series A, Rev., 5.00%, 11/15/2048      7,000       7,341  
Michigan Finance Authority, Higher Educational Facilities Authority,     
Rev., 5.00%, 09/01/2032      690       759  
Rev., 5.00%, 09/01/2033      800       874  
Rev., 5.00%, 09/01/2034      570       622  
Rev., 5.00%, 09/01/2035      1,200       1,306  
Michigan Finance Authority, Local Government Loan Program, Rev., 5.00%, 07/01/2044      4,000       4,002  
Michigan Finance Authority, Multi Modal McLaren Health Care,     
Rev., 4.00%, 02/15/2044      9,625       9,604  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Michigan — continued     
Rev., 4.00%, 02/15/2047      3,000       2,941  
Rev., 4.00%, 02/15/2050      2,500       2,400  
Michigan Finance Authority, Senior Turbo, Series A2, Rev., 5.00%, 06/01/2040      1,655       1,758  
Michigan Finance Authority, Sparrow Obligated Group, Rev., 5.00%, 11/15/2045 (p)      2,250       2,279  
Michigan Finance Authority, Trinity Health Credit Group,     
Rev., 4.00%, 12/01/2040      9,130       9,157  
Rev., 4.00%, 12/01/2048      1,300       1,255  
Rev., 5.00%, 12/01/2036      1,000       1,110  
Michigan Finance Authority, Unrefunded Trinity Health Co., Rev., 5.00%, 12/01/2045      2,250       2,281  
Michigan State Building Authority, Series I, Rev., 5.00%, 10/15/2027      2,500       2,685  
Michigan State Building Authority, Facilities Program,     
Series II, Rev., 4.00%, 10/15/2043      1,000       1,013  
Series II, Rev., 5.00%, 10/15/2026      3,500       3,674  
Series II, Rev., 5.00%, 10/15/2042      1,350       1,513  
Michigan State Hospital Finance Authority, Hospital Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2027      100       107  
Michigan State Housing Development Authority,     
Rev., HUD, 4.45%, 10/01/2044      1,500       1,524  
Series A, Rev., 0.55%, 04/01/2025      240       236  
Series C, Rev., 3.00%, 06/01/2051      1,800       1,778  
Michigan State Housing Development Authority, Social Bond,     
Series A, Rev., 3.00%, 06/01/2052      3,050       3,009  
Series A, Rev., 5.00%, 06/01/2053      2,090       2,193  
Michigan State Housing Development Authority, Social Bonds,     
Series A, Rev., 5.50%, 12/01/2053      1,255       1,368  
Series D, Rev., 5.50%, 06/01/2053      330       352  
Michigan State Housing Development Authority, Sustainable Bonds, Series A, Rev., 6.00%, 06/01/2054      2,890       3,196  
Michigan State University, Series C, Rev., 4.00%, 02/15/2039      2,000       2,035  
Michigan Strategic Fund, Consumers Energy Co. Project, Rev., AMT, 0.88%, 04/01/2035 (z)      1,620       1,485  
Michigan Strategic Fund, Detroit Edison Co. Exempt, Rev., 1.35%, 08/01/2029      3,450       3,069  
Michigan Strategic Fund, Detroit Edison Company, Rev., 1.45%, 09/01/2030      810       699  
Michigan Strategic Fund, Green Bond Recycling, Rev., AMT, 4.00%, 10/01/2061 (z)      1,685       1,694  
Okemos Public Schools, Series II, GO, Q-SBLF, 5.00%, 05/01/2046      1,200       1,321  
State of Michigan Trunk Line Revenue, State Trunk Line Fund Bonds, Rev., 4.00%, 11/15/2037      2,015       2,100  
State of Michigan Trunk Line Revenue, State Trunkline Fund Bonds, Series A, Rev., 4.00%, 11/15/2046      8,125       8,115  
State of Michigan, Environmental Program Bonds, Series A, GO, 5.00%, 05/15/2030      400       453  
State of Michigan, Gans Garvee, Rev., GAN, 5.00%, 03/15/2027      2,000       2,122  
Troy School District, GO, Q-SBLF, 5.00%, 05/01/2039      1,025       1,159  
Wayne County Airport Authority, Series F, Rev., AMT, 5.00%, 12/01/2034      1,470       1,492  
Wayne County Airport Authority, Detroit Metropolitan Wayne County Airport, Series B, Rev., BAM, 5.00%, 12/01/2039      3,000       3,004  
    

 

 

  
       193,343  
    

 

 

  
Minnesota — 1.1%     
Brainerd Independent School District No. 181, GO, 4.00%, 02/01/2039      6,760       6,833  
City of Minneapolis, Allina Health System,     
Series A, Rev., 5.00%, 11/15/2052 (z)      1,000       1,078  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Minnesota — continued     
Series B, Rev., 5.00%, 11/15/2053 (z)      2,650       2,899  
City of Minneapolis, Fairview Health Services, Series A, Rev., 4.00%, 11/15/2048      4,120       3,800  
County of Hennepin, Series C, GO, 5.00%, 12/15/2032      1,500       1,672  
Duluth Economic Development Authority, Essentia Health Obligation Group,     
Rev., 5.00%, 02/15/2048      3,000       3,071  
Rev., 5.25%, 02/15/2058      1,000       1,029  
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Fairview Health Services, Series A, Rev., 5.00%, 11/15/2047      9,000       9,151  
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hope Community Academy Project, Series A, Rev., 5.00%, 12/01/2043      1,000       806  
Housing & Redevelopment Authority of The City of St. Paul Minnesota, System Fairview Health Services, Series 2015, Rev., AGM-CR, 5.00%, 11/15/2047      4,500       4,612  
Minneapolis St. Paul Metropolitan Airports Commission, Subordinate,     
Series B, Rev., AMT, 5.00%, 01/01/2034      1,345       1,470  
Series B, Rev., AMT, 5.25%, 01/01/2047      1,845       1,988  
Minneapolis-St Paul Metropolitan Airports Commission,     
Rev., AMT, 5.00%, 01/01/2035      5,000       5,553  
Rev., AMT, 5.00%, 01/01/2038      5,000       5,484  
Rev., AMT, 5.00%, 01/01/2040      1,800       1,944  
Rev., AMT, 5.25%, 01/01/2049      6,000       6,544  
Minnesota Agricultural & Economic Development Board, Healthpartners Obligated Group,     
Rev., 5.25%, 01/01/2047      5,000       5,580  
Rev., 5.25%, 01/01/2054      5,000       5,510  
Minnesota Housing Finance Agency,     
Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055      3,310       3,783  
Series B, Rev., GNMA/FNMA/FHLMC, 2.63%, 01/01/2040      1,920       1,618  
Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051      845       832  
Series C, Rev., 5.00%, 08/01/2032      2,365       2,670  
Series D, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052      1,420       1,396  
Series G, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051      2,600       2,570  
Series I, Rev., GNMA/FNMA/FHLMC, 2.80%, 12/01/2047      303       252  
Series I, Rev., 3.00%, 01/01/2051      1,430       1,413  
Minnesota Housing Finance Agency, Social Bond, Series H, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052      350       345  
Minnesota Housing Finance Agency, Social Bonds,     
Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052      1,045       1,029  
Series F, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052      205       202  
Series F, Rev., GNMA/FNMA/FHLMC, 5.75%, 07/01/2053      385       416  
Minnesota Housing Finance Agency, State Appropriation Bond Housing, Rev., 5.00%, 08/01/2029      1,245       1,378  
Minnesota Housing Finance Agency, Sustainable Bonds, Series R, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2054      4,980       5,514  
Minnesota Municipal Gas Agency, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 12/01/2052 (z)      2,910       2,949  
Minnesota Office of Higher Education, Supplemental Student Loan, Rev., AMT, 4.00%, 11/01/2037      665       666  
St. Paul Port Authority, Solid Gerdau St. Paul Steel Mill Project, Rev., AMT, 4.50%, 10/01/2037 (e)      4,600       4,567  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Minnesota — continued     
State of Minnesota,     
Series A, GO, 4.00%, 09/01/2037      690       734  
Series A, GO, 5.00%, 08/01/2026      250       262  
Series A, GO, 5.00%, 10/01/2029      45       48  
Series A, GO, 5.00%, 10/01/2032      1,000       1,070  
Series A, GO, 5.00%, 08/01/2033      3,375       3,689  
Series A, GO, 5.00%, 08/01/2034      2,000       2,173  
Series E, GO, 3.00%, 08/01/2026      710       712  
University of Minnesota,     
Series A, Rev., 5.00%, 01/01/2040      405       466  
Series A, Rev., 5.00%, 01/01/2041      2,500       2,859  
Series A, Rev., 5.00%, 01/01/2042      2,750       3,132  
    

 

 

  
       115,769  
    

 

 

  
Mississippi — 0.0% (g)     
Mississippi Business Finance Corp., System Energy Resources, Inc. Project, Rev., 2.38%, 06/01/2044      175       116  
Mississippi Development Bank, Hinds County School District Project, Rev., 5.00%, 03/01/2048      1,360       1,402  
Mississippi Home Corp., Social Bond, Series C, Rev., GNMA/FNMA/FHLMC COLL, 5.00%, 12/01/2052      170       178  
Mississippi Hospital Equipment & Facilities Authority,     
Rev., 5.00%, 09/01/2036      1,250       1,268  
Rev., 5.00%, 09/01/2046      1,500       1,509  
Mississippi Hospital Equipment & Facilities Authority, Baptist Memorial Health Care, Rev., 5.00%, 09/01/2044 (z)      250       252  
    

 

 

  
       4,725  
    

 

 

  
Missouri — 0.7%     
Cape Girardeau County Industrial Development Authority, Rev., 4.00%, 06/01/2043      5,305       5,287  
Cape Girardeau County Industrial Development Authority, Southeasthealth, Rev., 4.00%, 03/01/2041      870       877  
City of Kansas City Sanitary Sewer System Revenue, Series A, Rev., 5.00%, 01/01/2041      1,000       1,125  
City of St Louis MO Airport Revenue, Rev., AGM, 5.00%, 07/01/2032      1,000       1,148  
Curators of the University of Missouri (The), Series A, Rev., 4.00%, 11/01/2034      2,500       2,501  
Health & Educational Facilities Authority of the State of Missouri, Series C, Rev., 5.00%, 05/01/2052 (z)      2,695       2,902  
Health & Educational Facilities Authority of the State of Missouri, Luke’s Health System, Rev., 4.00%, 11/15/2038      2,000       2,036  
Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Service Projects, Series A, Rev., 5.00%, 02/01/2029      1,410       1,468  
Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services, Rev., 4.00%, 02/01/2034      500       512  
Kansas City Industrial Development Authority, Rev., AMT, 5.00%, 03/01/2032      900       964  
Kansas City Industrial Development Authority, Kansas City International Airport,     
Rev., AMT, 4.00%, 03/01/2036      1,250       1,265  
Rev., AMT, 5.00%, 03/01/2029      3,050       3,267  
Rev., AMT, 5.00%, 03/01/2038      2,480       2,588  
Kansas City Industrial Development Authority, Kansas City International Airport, Rev., AMT, 5.00%, 03/01/2044      5,000       5,184  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Missouri — continued     
Kansas City Planned Industrial Expansion Authority, The Depot On Old Santa Fe, Rev., 5.00%, 07/01/2045 (z)      5,722       5,975  
Missouri Development Finance Board, Procter & Gamble Paper Products, Rev., AMT, 5.20%, 03/15/2029      370       402  
Missouri Housing Development Commission,     
Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044      4,445       4,502  
Rev., GNMA/FNMA/FHLMC, 4.55%, 11/01/2044      1,000       1,022  
Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2055      10,345       11,664  
Missouri Housing Development Commission, First Place Homeownership Loan,     
Rev., GNMA/FNMA/FHLMC, 3.00%, 05/01/2052      3,360       3,315  
Rev., GNMA/FNMA/FHLMC, 3.25%, 11/01/2052      370       368  
Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044      1,745       1,767  
Rev., GNMA/FNMA/FHLMC, 5.75%, 05/01/2055      2,885       3,180  
Rev., GNMA/FNMA/FHLMC, 6.50%, 05/01/2054      2,665       3,047  
Series D, Rev., GNMA/FNMA/FHLMC, 3.25%, 05/01/2051      5       5  
Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Company Project, Series AR, Rev., 2.90%, 09/01/2033      2,000       1,842  
Plaza at Noah’s Ark Community Improvement District, Rev., 3.00%, 05/01/2030      575       547  
St. Louis Municipal Finance Corp., Convention Center Expansion, Rev., AGM, 5.00%, 10/01/2045      3,215       3,388  
    

 

 

  
       72,148  
    

 

 

  
Montana — 0.1%     
City of Forsyth, Northwestern Corp. Colstrip, Rev., 3.88%, 07/01/2028      3,275       3,362  
Montana Board of Housing,     
Rev., 3.00%, 12/01/2050      2,310       2,282  
Rev., 4.60%, 12/01/2049      2,785       2,816  
Rev., 6.00%, 12/01/2054      410       455  
Series A, Rev., 3.00%, 06/01/2052      330       325  
Series B2, Rev., AMT, 3.50%, 12/01/2042      150       149  
Series B, Rev., 3.00%, 12/01/2051      1,015       1,001  
Series C, Rev., 6.25%, 06/01/2054      1,440       1,596  
Montana Facility Finance Authority, Rev., 5.00%, 02/15/2033      1,000       1,034  
    

 

 

  
       13,020  
    

 

 

  
Nebraska — 0.4%     
Central Plains Energy Project,     
Rev., LIQ: Royal Bank of Canada, 4.00%, 12/01/2049 (z)      15,845       15,921  
Series 1, Rev., 5.00%, 05/01/2053 (z)      3,915       4,176  
County of Douglas, Creighton University Project, Rev., (SIFMA Municipal Swap Index + 0.53%), 3.68%, 07/01/2035 (aa)      2,185       2,172  
County of Washington, Cargill, Inc. Project, Rev., AMT, 0.90%, 09/01/2030 (z)      350       343  
Douglas County Hospital Authority No. 2, Children’s Hospital Obligation, Rev., 4.00%, 11/15/2038      1,125       1,138  
Douglas County Hospital Authority No. 2, Health Facilities Children’s Hospital, Rev., 5.00%, 11/15/2047      3,000       3,057  
Douglas County Hospital Authority No. 2, Madonna Rehabilitation Hospital, Rev., 4.00%, 05/15/2033      2,100       2,019  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Nebraska — continued     
Douglas County, Hospital Authority No. 2, Children’s Hospital Obligated Group, Rev., 5.00%, 11/15/2053 (z)      2,190       2,219  
Nebraska Educational Health Cultural & Social Services Finance Authority, Rev., 4.00%, 01/01/2044      500       473  
Nebraska Educational Health Cultural & Social Services Finance Authority, Immanuel Obligated Group, Rev., 4.00%, 01/01/2037      1,000       998  
Nebraska Public Power District, Series A, Rev., 5.00%, 07/01/2028      300       324  
Omaha Public Power District, Rev., 5.00%, 02/01/2038      5,505       6,353  
Omaha School District, GO, 4.00%, 12/15/2038      5,000       5,000  
University of Nebraska Lincoln Student, Rev., 3.00%, 07/01/2035 (p)      1,030       1,039  
    

 

 

  
       45,232  
    

 

 

  
Nevada — 0.9%     
City of Carson City, Carson Tahoe Regional Medical Center, Rev., 5.00%, 09/01/2047      1,000       1,015  
City of Henderson, Series A1, GO, 4.00%, 06/01/2045      2,000       2,014  
City of Las Vegas Special Improvement District No. 612 Skye Hills, Special Assessment, 3.50%, 06/01/2035      205       187  
City of Las Vegas Special Improvement District No. 817 Summerlin Village 29, Special Improvement No. 817, Summerlin Village,     
Special Assessment, 5.50%, 06/01/2038      400       427  
Special Assessment, 5.75%, 06/01/2043      500       529  
City of North Las Vegas, GO, BAM, 5.00%, 06/01/2027      2,000       2,128  
Clark County School District,     
Series A, GO, AGM, 4.00%, 06/15/2040      1,375       1,399  
Series B, GO, 5.00%, 06/15/2030      1,445       1,628  
Series C, GO, 5.00%, 06/15/2026      1,250       1,301  
Clark County School District, Building,     
Series A, GO, 5.00%, 06/15/2029      500       543  
Series B, GO, AGM-CR, 5.00%, 06/15/2033      3,000       3,232  
County of Clark, GO, 4.00%, 06/01/2038      4,300       4,329  
County of Clark Department of Aviation, Airport Systems, Subordinate, Rev., 5.00%, 07/01/2033      1,010       1,147  
County of Clark Department of Aviation, Jet Aviation Fuel Tax, Rev., AMT, 5.00%, 07/01/2025      1,625       1,645  
County of Clark Department of Aviation, Subordinate, Series B, Rev., AMT, 5.00%, 07/01/2027      6,000       6,295  
County of Clark Department of Aviation, System Senior, Series A, Rev., 5.00%, 07/01/2040      4,000       4,037  
County of Clark Passenger Facility Charge Revenue, McCarran International,     
Rev., 5.00%, 07/01/2029      5,000       5,558  
Rev., 5.00%, 07/01/2031      1,950       2,138  
Rev., 5.00%, 07/01/2032      2,385       2,609  
County of Clark, Detention Center, GO, 4.00%, 06/01/2034      3,335       3,457  
County of Clark, Passenger Facility Charge Revenue, Las Vegas McCarran International Airport, Rev., 5.00%, 07/01/2030      1,425       1,571  
County of Clark, Southern CA Edison Company, Rev., 2.10%, 06/01/2031      1,000       891  
County of Clark, Streets and Highway Project, Rev., 4.00%, 07/01/2043      4,465       4,532  
County of Washoe, Sierra Pacific Power Company, Rev., AMT, 4.13%, 03/01/2036 (z)      9,000       9,134  
Las Vegas Convention & Visitors Authority,     
Series A, Rev., 5.00%, 07/01/2027      900       959  
Series A, Rev., 5.00%, 07/01/2028      1,250       1,361  
Series A, Rev., 5.00%, 07/01/2040      250       279  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Nevada — continued     
Series B, Rev., 4.00%, 07/01/2049      10,765       10,273  
Series B, Rev., 5.00%, 07/01/2029      1,345       1,490  
Series B, Rev., 5.00%, 07/01/2034      1,275       1,452  
Series B, Rev., 5.00%, 07/01/2038      1,000       1,118  
Series B, Rev., 5.00%, 07/01/2043      5,150       5,393  
Las Vegas Valley Water District,     
Series A, GO, 5.00%, 06/01/2026      1,500       1,562  
Series D, GO, 5.00%, 06/01/2027      2,025       2,161  
Las Vegas Valley Water District, Water Improvement, Series A, GO, 5.00%, 06/01/2046      5,000       5,107  
State of Nevada Department of Business & Industry, Republic Services Project, Rev., AMT, 4.15%, 12/01/2026 (e) (z)      1,000       1,001  
Truckee Meadows Water Authority, Rev., 5.00%, 07/01/2034      2,000       2,384  
    

 

 

  
       96,286  
    

 

 

  
New Hampshire — 0.4%     
New Hampshire Business Finance Authority,     
Rev., 3.63%, 08/20/2039      10,554       10,110  
Rev., 4.13%, 01/20/2034      2,966       3,011  
Rev., 4.25%, 07/20/2041      5,098       5,126  
Rev., 4.38%, 09/20/2036      645       663  
New Hampshire Business Finance Authority, Caritas Oregon Project, Series A, Rev., 4.13%, 08/15/2040 (e)      2,000       1,831  
New Hampshire Business Finance Authority, Presbyterian Senior Living Project, Rev., 5.25%, 07/01/2048      750       803  
New Hampshire Business Finance Authority, Saint Luke’s University Health, Rev., 4.00%, 08/15/2036      720       730  
New Hampshire Business Finance Authority, Springpoint Senior Living,     
Rev., 4.00%, 01/01/2026      270       270  
Rev., 4.00%, 01/01/2027      250       250  
Rev., 4.00%, 01/01/2028      290       290  
Rev., 4.00%, 01/01/2029      300       300  
Rev., 4.00%, 01/01/2030      280       279  
Rev., 4.00%, 01/01/2031      580       578  
New Hampshire Business Finance Authority, Sustainable Bond, Series B, Rev., AMT, 3.75%, 07/01/2045 (e) (z)      3,000       2,592  
New Hampshire Business Finance Authority, Sustainable Certificates, Series 2, Rev., 3.88%, 01/20/2038      1,234       1,215  
New Hampshire Business Finance Authority, Taxable Virginia Birmingham Care Center, Rev., 3.78%, 01/01/2036      2,000       1,698  
New Hampshire Business Finance Authority, University of Nevada, Reno Project, Rev., BAM, 5.25%, 06/01/2051      1,875       2,055  
New Hampshire Health and Education Facilities Authority Act,     
Rev., 3.30%, 06/01/2040 (z)      2,500       2,528  
Rev., 4.00%, 08/01/2043      5,000       4,820  
Series B, Rev., AMT, 5.00%, 11/01/2043      1,430       1,519  
New Hampshire Health and Education Facilities Authority Act, Dartmouth Hitchcock Obligation, Rev., BAM, 4.00%, 08/01/2033      5,000       5,000  
New Hampshire Housing Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC COLL, 6.00%, 07/01/2053      430       466  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
New Hampshire — continued     
New Hampshire Housing Finance Authority, Sustainable Bonds, Series D, Rev., GNMA/FNMA/FHLMC, 6.50%, 07/01/2055      2,090       2,337  
    

 

 

  
       48,471  
    

 

 

  
New Jersey — 2.4%     
Camden County Improvement Authority, Social Bonds, KIPP Cooper Norcross Academy,     
Rev., 6.00%, 06/15/2042      530       584  
Rev., 6.00%, 06/15/2047      1,000       1,093  
City of Bayonne, Qualified General Improvement, GO, BAM, 5.00%, 07/01/2034 (p)      1,000       1,043  
City of Newark, Series A, GO, AGM, 5.00%, 10/01/2028      750       815  
Garden State Preservation Trust, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 11/01/2026      1,000       942  
Gloucester County Improvement Authority, The Rowan University Fossil Park,     
Rev., BAM, 4.00%, 07/01/2046      725       726  
Rev., BAM, 4.00%, 07/01/2051      1,000       987  
Jersey City Municipal Utilities Authority, Sewer Project Notes, Series B, Rev., 5.00%, 05/01/2025      210       212  
Jersey City Municipal Utilities Authority, Water Project Notes, Series A, Rev., 5.00%, 05/01/2025      170       172  
New Brunswick Parking Authority, City Guaranteed Parking, Series A, Rev., BAM, 5.00%, 09/01/2026      1,000       1,046  
New Jersey Economic Development Authority,     
Rev., 5.00%, 03/01/2028      785       849  
Series A, Rev., 5.00%, 11/01/2027      2,500       2,679  
Series AAA, Rev., 5.00%, 06/15/2036 (p)      1,000       1,057  
Series AAA, Rev., 5.00%, 06/15/2041 (p)      500       528  
Series AAA, Rev., 5.50%, 06/15/2028      5,000       5,263  
Series AAA, Rev., 5.50%, 06/15/2032 (p)      2,000       2,135  
Series BBB, Rev., 5.50%, 06/15/2030 (p)      1,225       1,308  
Series DDD, Rev., 5.00%, 06/15/2031 (p)      2,000       2,141  
Series WW, Rev., 5.00%, 06/15/2034 (p)      1,500       1,522  
Series WW, Rev., 5.25%, 06/15/2030 (p)      1,000       1,017  
New Jersey Economic Development Authority, Higher Education Capital Improvement Fund, Series A, Rev., 5.00%, 09/01/2025      245       245  
New Jersey Economic Development Authority, Middlesex Water Company,     
Rev., AMT, 4.00%, 08/01/2059      4,200       3,889  
Rev., AMT, 5.00%, 08/01/2059      3,000       3,095  
New Jersey Economic Development Authority, New Jersey American Water Company, Inc.,     
Rev., AMT, 1.10%, 11/01/2029 (z)      2,610       2,365  
Series E, Rev., AMT, 0.85%, 12/01/2025      1,940       1,857  
New Jersey Economic Development Authority, Port Newark Container, Rev., AMT, 5.00%, 10/01/2037      1,000       1,036  
New Jersey Economic Development Authority, Portal North Bridge NJ Transit,     
Rev., 5.00%, 11/01/2038      5,345       5,987  
Rev., 5.00%, 11/01/2052      6,190       6,662  
Rev., 5.25%, 11/01/2041      6,000       6,735  
New Jersey Economic Development Authority, School Facilities Construction,     
Series EEE, Rev., 5.00%, 06/15/2032      1,500       1,615  
Series GGG, Rev., 5.25%, 09/01/2026 (e)      8,000       8,398  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
New Jersey — continued     
New Jersey Economic Development Authority, Self Designated Social Bonds,     
Series QQQ, Rev., 5.00%, 06/15/2026      555       577  
Series QQQ, Rev., 5.00%, 06/15/2027      410       436  
Series QQQ, Rev., 5.00%, 06/15/2028      400       434  
New Jersey Economic Development Authority, State House Project,     
Series B, Rev., 5.00%, 06/15/2027      10,690       11,360  
Series B, Rev., 5.00%, 06/15/2028      8,635       9,364  
New Jersey Economic Development Authority, Sustainable Bonds, Series QQQ, Rev., 4.00%, 06/15/2037      2,400       2,455  
New Jersey Educational Facilities Authority, Higher Education Capital Improvement Fund Issue,     
Rev., 5.00%, 09/01/2038      1,000       1,130  
Rev., 5.00%, 09/01/2040      2,200       2,461  
New Jersey Educational Facilities Authority, Montclair State University, Series D, Rev., 5.00%, 07/01/2028      2,000       2,030  
New Jersey Educational Facilities Authority, Princeton University, Series I, Rev., 5.00%, 07/01/2036      1,015       1,069  
New Jersey Educational Facilities Authority, Princeton University Revenue, Rev., 5.00%, 03/01/2044      2,250       2,574  
New Jersey Educational Facilities Authority, Ramapo College of New Jersey, Series A, Rev., AGM, 5.00%, 07/01/2035      200       228  
New Jersey Health Care Facilities Financing Authority, Rev., 5.00%, 07/01/2036      7,500       8,761  
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligated, Rev., 5.00%, 07/01/2032      2,070       2,312  
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligation, Rev., 3.00%, 07/01/2051      1,715       1,367  
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group,     
Rev., 4.25%, 07/01/2054      1,875       1,920  
Rev., 5.25%, 07/01/2044      8,780       10,045  
New Jersey Higher Education Student Assistance Authority,     
Series B, Rev., AMT, 5.00%, 12/01/2024      570       571  
Series B, Rev., AMT, 5.00%, 12/01/2027      1,340       1,409  
Series B, Rev., AMT, 5.00%, 12/01/2028      1,480       1,576  
Series B, Rev., AMT, 5.00%, 12/01/2029      1,440       1,547  
New Jersey Higher Education Student Assistance Authority, Senior,     
Series 2015-1A, Rev., AMT, 4.00%, 12/01/2030      755       750  
Series A, Rev., AMT, 3.50%, 12/01/2039      95       90  
Series B, Rev., AMT, 4.00%, 12/01/2041      720       723  
Series B, Rev., AMT, 4.00%, 12/01/2044      2,200       2,146  
Series B, Rev., AMT, 4.25%, 12/01/2045      3,880       3,961  
Series B, Rev., AMT, 5.00%, 12/01/2027      1,060       1,115  
New Jersey Higher Education Student Assistance Authority, Senior Bonds, Series B, Rev., AMT, 5.00%, 12/01/2024      300       301  
New Jersey Higher Education Student Assistance Authority, Subordinated, Series C, Rev., AMT, 4.00%, 12/01/2048      1,195       1,110  
New Jersey Housing & Mortgage Finance Agency, Series E, Rev., 3.50%, 04/01/2051      1,965       1,963  
New Jersey Housing & Mortgage Finance Agency, New Irvine Turner Apartments, Rev., HUD, 3.67%, 02/01/2026      550       552  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
New Jersey — continued     
New Jersey Housing & Mortgage Finance Agency, Social Bond, Rev., 5.00%, 10/01/2053      185       194  
New Jersey Housing & Mortgage Finance Agency, Social Bonds, Series H, Rev., 3.00%, 10/01/2052      725       713  
New Jersey Housing & Mortgage Finance Agency, Sustainable Bond, Series K, Rev., 4.55%, 10/01/2044      665       677  
New Jersey Transportation Trust Fund Authority,     
Series A, Rev., 5.00%, 06/15/2029      1,550       1,710  
Series A, Rev., 5.00%, 06/15/2030      3,000       3,357  
Series AA, Rev., 4.00%, 06/15/2040      3,750       3,821  
Series AA, Rev., 5.00%, 06/15/2029      1,000       1,103  
Series AA, Rev., 5.00%, 06/15/2035      3,000       3,395  
Series AA, Rev., 5.00%, 06/15/2045      660       708  
Series BB, Rev., 5.00%, 06/15/2032      2,000       2,162  
New Jersey Transportation Trust Fund Authority, Capital Appreciation,     
Series A, Rev., BAM, TRAN, Zero Coupon, 12/15/2038      1,000       599  
Series C, Rev., AMBAC, TRAN, Zero Coupon, 12/15/2026      2,000       1,875  
New Jersey Transportation Trust Fund Authority, Program B,     
Rev., 5.00%, 06/15/2037      2,000       2,258  
Rev., 5.25%, 06/15/2046      14,455       16,114  
New Jersey Transportation Trust Fund Authority, Transportation Program,     
Series BB, Rev., 5.00%, 06/15/2036      3,000       3,447  
Series BB, Rev., 5.00%, 06/15/2037      2,745       3,138  
Series BB, Rev., 5.00%, 06/15/2038      4,000       4,551  
Series BB, Rev., 5.00%, 06/15/2040      8,120       9,134  
New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Rev., 5.00%, 06/15/2035      500       561  
New Jersey Transportation Trust Fund Authority, Transportation System, Series A, Rev., 5.00%, 06/15/2038      500       565  
New Jersey Transportation Trust Fund Authority, Transportation System Bond,     
Rev., 4.00%, 12/15/2039      2,000       2,036  
Rev., 5.00%, 12/15/2028      1,000       1,094  
Rev., 5.00%, 12/15/2031      1,560       1,723  
New Jersey Turnpike Authority,     
Rev., 5.00%, 01/01/2042 (w)      10,000       11,290  
Series A, Rev., 4.00%, 01/01/2042      1,000       1,022  
Series B, Rev., 4.50%, 01/01/2048      1,750       1,819  
Series D, Rev., 5.00%, 01/01/2028      2,400       2,479  
Series E, Rev., 5.00%, 01/01/2032      7,000       7,025  
Newark Board of Education, Sustainability Bonds,     
GO, BAM, 4.00%, 07/15/2034      400       421  
GO, BAM, 4.00%, 07/15/2035      410       429  
GO, BAM, 4.00%, 07/15/2036      425       442  
GO, BAM, 4.00%, 07/15/2037      430       447  
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       1,289  
Rev., AGM, 5.00%, 06/01/2041      1,000       1,170  
Rev., AGM, 5.00%, 06/01/2042      1,000       1,170  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
New Jersey — continued     
South Jersey Port Corp., Marine Terminal,     
Series B, Rev., AMT, 5.00%, 01/01/2025      500       501  
Series B, Rev., AMT, 5.00%, 01/01/2026      1,015       1,036  
South Jersey Port Corp., Marine Terminal, Subordinated, Series B, Rev., AMT, 5.00%, 01/01/2037      1,000       1,042  
South Jersey Port Corp., Subordinate Marine Term, Series B, Rev., AMT, 5.00%, 01/01/2032      2,140       2,253  
South Jersey Port Corp., Subordinate, Marine Terminal,     
Series B, Rev., AMT, 5.00%, 01/01/2033      1,220       1,281  
Series B, Rev., AMT, 5.00%, 01/01/2034      1,250       1,310  
Series B, Rev., AMT, 5.00%, 01/01/2036      1,000       1,043  
South Jersey Transportation Authority,     
Series A, Rev., AGM, 5.00%, 11/01/2030      500       547  
Series A, Rev., AGM, 5.00%, 11/01/2033      1,215       1,320  
Series A, Rev., BAM, 5.00%, 11/01/2041      2,925       3,176  
South Jersey Transportation Authority, Transportation System, Rev., BAM, 5.25%, 11/01/2052      3,100       3,393  
State of New Jersey, Covid-19 Emergency Bonds, General Obligations,     
Series A, GO, 4.00%, 06/01/2030      2,000       2,154  
Series A, GO, 5.00%, 06/01/2028      4,245       4,627  
The Gloucester County Improvement Authority, Rowan University Project, Rev., BAM, 5.00%, 07/01/2044      900       987  
Tobacco Settlement Financing Corp., Series A, Rev., 5.00%, 06/01/2025      1,650       1,668  
    

 

 

  
       265,906  
    

 

 

  
New Mexico — 0.3%     
City of Farmington NM,     
Rev., 3.88%, 06/01/2040 (z)      8,750       9,036  
City of Farmington, Four Corners Project, Rev., 1.80%, 04/01/2029      3,000       2,758  
City of Farmington, Public Service Company, San Juan, Rev., 3.90%, 06/01/2040 (z)      1,000       1,029  
City of Farmington, San Juan and Four Corners,     
Rev., 2.15%, 04/01/2033      4,890       4,068  
New Mexico Educational Assistance Foundation, Series 1A, Rev., AMT, 2.05%, 09/01/2051      170       152  
New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 4.00%, 06/01/2028      1,070       1,094  
New Mexico Hospital Equipment Loan Council,     
Rev., 5.00%, 06/01/2030      1,050       1,134  
Rev., 5.00%, 06/01/2032      1,000       1,062  
New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare, Rev., 4.00%, 08/01/2037      500       503  
New Mexico Mortgage Finance Authority, Series C, Rev., GNMA/FNMA/FHLMC, 4.70%, 09/01/2049      2,000       2,032  
New Mexico Mortgage Finance Authority, Single Family Mortgage Program,     
Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 03/01/2054      605       661  
Series C, Rev., GNMA/FNMA/FHLMC, 4.00%, 01/01/2049      130       131  
New Mexico Municipal Energy Acquisition Authority, Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 11/01/2039 (z)      3,500       3,533  
Santa Fe Public School District, GO, 5.00%, 08/01/2029      1,375       1,488  
Winrock Town Center, Increment Development District No 1, Senior Lien, Tax Allocation, 4.25%, 05/01/2040 (e)      1,750       1,682  
    

 

 

  
       30,363  
    

 

 

  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
New York — 12.1%     
Battery Park City Authority, Series B, Rev., 5.00%, 11/01/2036      2,000       2,372  
Broome County, Local Development Corp., United Health Services Hospital,     
Rev., AGM, 4.00%, 04/01/2039      2,750       2,775  
Rev., AGM, 5.00%, 04/01/2026      500       514  
Build NYC Resource Corp., Rev., 5.00%, 07/01/2026      325       329  
Build NYC Resource Corp., Family Life Academy Charter, Series A1, Rev., 5.25%, 06/01/2040 (e)      1,220       1,224  
Build NYC Resource Corp., Family Life Academy Charter Project, Rev., 7.25%, 06/01/2055 (e)      250       271  
Build NYC Resource Corp., Friends of Hellenic Classical, Series A, Rev., 4.00%, 12/01/2031 (e)      700       675  
Build NYC Resource Corp., Grand Concourse Academy Charter School,     
Rev., 5.00%, 07/01/2042      555       573  
Rev., 5.00%, 07/01/2052      700       713  
City of Long Beach,     
Series A, GO, 5.00%, 09/01/2025      1,990       2,017  
Series A, GO, 5.00%, 09/01/2027      1,500       1,606  
City of New York,     
Series 1I, GO, 5.00%, 03/01/2026      360       361  
Series A1, GO, 4.00%, 08/01/2034      3,000       3,152  
Series A1, GO, 4.00%, 08/01/2036      1,000       1,049  
Series A1, GO, 5.00%, 08/01/2029      2,900       3,235  
Series A1, GO, 5.00%, 09/01/2034      2,000       2,302  
Series A1, GO, 5.00%, 08/01/2041      3,000       3,212  
Series A1, GO, 5.25%, 09/01/2042      8,715       9,824  
Series B1, GO, 5.00%, 08/01/2031      1,000       1,144  
Series B1, GO, 5.00%, 10/01/2031      500       573  
Series B1, GO, 5.00%, 08/01/2035      90       103  
Series C1, GO, 5.00%, 08/01/2031      500       562  
Series C4, GO, AGM, 5.00%, 10/01/2027      5,000       5,382  
Series C, GO, 5.00%, 08/01/2027      2,000       2,142  
Series C, GO, 5.00%, 03/01/2042      1,340       1,508  
Series C, GO, 5.25%, 03/01/2053      30,140       33,553  
Series D1, GO, 5.00%, 12/01/2024      150       150  
Series D1, GO, 5.00%, 12/01/2031      1,380       1,501  
Series D1, GO, 5.00%, 12/01/2036      11,955       12,835  
Series E, GO, LOC: Bank of America NA, 3.90%, 08/01/2034 (z)      15,000       15,000  
Series E, GO, 5.00%, 08/01/2028      1,625       1,778  
Series E, GO, 5.00%, 08/01/2033      2,000       2,171  
Series F1, GO, 3.00%, 03/01/2035      2,135       2,039  
Series F1, GO, 5.00%, 03/01/2043      1,000       1,086  
Series G6, GO, VRDO, LOC: Mizuho Bank Ltd., 3.75%, 10/01/2024 (z)      10,000       10,000  
City of New York NY,     
GO, 5.00%, 08/01/2031      6,000       6,864  
GO, 5.00%, 09/01/2041      2,000       2,270  
City of New York, Fiscal 2001,     
Series 2, GO, VRDO, 4.15%, 10/07/2024 (z)      120       120  
Series 3, GO, VRDO, 4.15%, 10/01/2024 (z)      1,590       1,590  
City of New York, Fiscal 2015, Series F4, GO, 5.00%, 06/01/2044 (z)      125       127  
City of New York, Fiscal 2020, Series B1, GO, 5.00%, 10/01/2038      5,000       5,416  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
New York — continued     
City of New York, Fiscal 2021,     
Series C, GO, 4.00%, 08/01/2037      450       467  
Series C, GO, 5.00%, 08/01/2035      4,740       5,270  
City of New York, Fiscal 2022,     
GO, 5.25%, 05/01/2039      200       227  
GO, 5.25%, 05/01/2041      2,000       2,252  
GO, 5.50%, 05/01/2044      1,000       1,133  
City of New York, Fiscal 2024, Series A, GO, 5.00%, 08/01/2028      360       394  
City of New York, Subordinated,     
Series E1, GO, 4.00%, 04/01/2050      8,500       8,403  
Series F1, GO, 5.00%, 08/01/2025      390       397  
Series F1, GO, 5.00%, 08/01/2027      1,750       1,874  
Series F1, GO, 5.00%, 08/01/2028      350       383  
City of Yonkers,     
Series F, GO, BAM, 5.00%, 11/15/2038      500       571  
Series F, GO, BAM, 5.00%, 11/15/2039      1,000       1,135  
County of Nassau,     
Series A, GO, AGM, 4.00%, 04/01/2046      1,300       1,313  
Series B, GO, BAM, 5.00%, 10/01/2027      1,450       1,525  
Dutchess County, Local Development Corp., Health Quest System, Inc. Project, Series B, Rev., 5.00%, 07/01/2046      6,250       6,308  
Genesee County Funding Corp. (The), Rochester Regional Health Obligation, Rev., 5.25%, 12/01/2052      2,000       2,099  
Hempstead Town Local Development Corp., Evergreen Charter School Project, Series A, Rev., 5.25%, 06/15/2042      4,000       4,198  
Hudson Yards Infrastructure Corp.,     
Series A, Rev., AGM, 4.00%, 02/15/2047      9,335       9,229  
Series A, Rev., 5.00%, 02/15/2045      2,210       2,280  
Long Island Power Authority,     
Rev., 5.00%, 09/01/2042      2,070       2,165  
Series A, Rev., 5.00%, 09/01/2037      1,250       1,391  
Series A, Rev., 5.00%, 09/01/2044      1,000       1,002  
Series B, Rev., 1.50%, 09/01/2051 (z)      5,700       5,480  
Long Island Power Authority, Green Bond, Series E, Rev., 5.00%, 09/01/2048      2,440       2,678  
Long Island Power Authority, Notes, Rev., 1.00%, 09/01/2025      2,680       2,596  
Metropolitan Transportation Authority,     
Rev., BAM, 4.00%, 11/15/2048      4,415       4,374  
Rev., AGM, (United States SOFR * 0.67 + 0.80%), 4.04%, 11/01/2032 (aa)      430       430  
Rev., 5.00%, 11/15/2049      2,000       2,098  
Special Tax, 5.25%, 11/15/2042      2,140       2,483  
Rev., 5.25%, 11/15/2044      5,045       5,052  
Special Tax, 5.25%, 11/15/2045      8,500       9,703  
Series A, Rev., 5.25%, 11/15/2030      1,475       1,548  
Series A, Rev., 5.25%, 11/15/2034      8,000       8,367  
Series B, Rev., 5.00%, 11/15/2024      340       340  
Series B, Rev., 5.00%, 11/15/2025      540       553  
Series B, Rev., TRAN, 5.00%, 11/15/2040      2,450       2,468  
Series C1, Rev., 5.00%, 11/15/2056      3,100       3,145  
Series D, Rev., BAM, 4.00%, 11/15/2042      3,295       3,283  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
New York — continued     
Series D, Rev., 5.00%, 11/15/2027      1,200       1,250  
Metropolitan Transportation Authority, Build America Bonds, Rev., 6.67%, 11/15/2039      2,500       2,820  
Metropolitan Transportation Authority, Green Bond,     
Series A2, Rev., 5.00%, 11/15/2027      1,085       1,131  
Series C2, Rev., Zero Coupon, 11/15/2032      500       376  
Series C, Rev., 5.00%, 11/15/2040      2,465       2,623  
Series D, Rev., 5.00%, 11/15/2034 (z)      5,000       5,005  
Series E, Rev., 4.00%, 11/15/2045      60       59  
Series E, Rev., 5.00%, 11/15/2029      250       277  
Metropolitan Transportation Authority, Green Bonds,     
Series A2, Rev., 5.00%, 11/15/2025      1,000       1,024  
Series B1, Rev., 5.00%, 11/15/2046      2,000       2,050  
Series D1, Rev., 5.00%, 11/15/2043      2,000       2,133  
Series D3, Rev., 4.00%, 11/15/2049      1,000       974  
Metropolitan Transportation Authority, Green Bonds, Subordinated, Series B1, Rev., 5.00%, 11/15/2036      10,000       10,377  
Metropolitan Transportation Authority, Sustainable Bond,     
Series A, Rev., 5.25%, 11/15/2049      2,000       2,199  
Series E, Rev., 5.00%, 11/15/2033      2,400       2,659  
Metropolitan Transportation Authority, Transportation Green Bonds, Series B, Rev., 5.00%, 11/15/2026      1,720       1,804  
Monroe County Industrial Development Corp., Andrews Terrace Community,     
Rev., HUD, 5.00%, 07/01/2028 (z)      3,915       4,126  
Monroe County Industrial Development Corp., Rochester Regional Health Project,     
Rev., 5.00%, 12/01/2027      1,000       1,053  
Rev., 5.00%, 12/01/2028      1,700       1,815  
Rev., 5.00%, 12/01/2029      1,900       2,044  
Monroe County Industrial Development Corp., University of Rochester Project, Series A, Rev., 5.00%, 07/01/2053      13,650       14,983  
MTA Hudson Rail Yards Trust Obligations,     
Series A, Rev., 5.00%, 11/15/2051      5,000       5,008  
Series A, Rev., 5.00%, 11/15/2056      2,000       2,003  
New York City Health and Hospitals Corp.,     
Series A, Rev., 5.00%, 02/15/2026      6,055       6,258  
Series A, Rev., 5.00%, 02/15/2027      5,360       5,686  
New York City Housing Development Corp., Rev., HUD, 3.70%, 05/01/2064 (z)      2,450       2,508  
New York City Housing Development Corp., Sustainability Bonds,     
Rev., 0.70%, 11/01/2060 (z)      2,500       2,449  
Series C2, Rev., 0.70%, 11/01/2060 (z)      1,095       1,069  
New York City Housing Development Corp., Sustainable Bond, Series E2, Rev., 3.80%, 11/01/2063 (z)      1,300       1,328  
New York City Industrial Development Agency, Queens Baseball Stadium Project,     
Rev., AGM, 2.00%, 01/01/2038      675       522  
Rev., AGM, 3.00%, 01/01/2040      250       224  
Series A, Rev., AGM, 4.00%, 01/01/2032      1,000       1,051  
Series A, Rev., AGM, 5.00%, 01/01/2025      250       251  
Series A, Rev., AGM, 5.00%, 01/01/2027      625       656  
Series A, Rev., AGM, 5.00%, 01/01/2029      1,000       1,090  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
New York — continued     
Series A, Rev., AGM, 5.00%, 01/01/2030      1,500       1,660  
New York City Industrial Development Agency, Yankee Stadium Project Pilot,     
Rev., AGM, 4.00%, 03/01/2045      8,825       8,757  
Rev., AGM, 5.00%, 03/01/2028      1,250       1,348  
Rev., AGM, 5.00%, 03/01/2029      1,500       1,646  
Rev., AGM, 5.00%, 03/01/2030      3,900       4,338  
New York City Municipal Water Finance Authority,     
Series CC1, Rev., 4.00%, 06/15/2052      5,000       4,957  
Series CC, Rev., 5.25%, 06/15/2054      5,000       5,585  
Series DD, Rev., 5.00%, 06/15/2034      1,920       2,269  
New York City Municipal Water Finance Authority, Second General Resolution,     
Rev., VRDO, 3.90%, 10/01/2024 (z)      8,000       8,000  
Rev., 4.00%, 06/15/2051      6,205       6,165  
Rev., 5.00%, 06/15/2044      2,755       3,080  
Rev., 5.25%, 06/15/2054      9,605       10,680  
Series CC1, Rev., 5.00%, 06/15/2049      5,000       5,321  
New York City Transitional Finance Authority,     
Rev., 5.00%, 11/01/2027      4,490       4,833  
Rev., 5.00%, 05/01/2030 (w)      2,000       2,252  
Rev., 5.00%, 05/01/2038      4,900       5,673  
Rev., 5.00%, 11/01/2038      3,485       4,047  
Rev., 5.00%, 05/01/2041      6,000       6,792  
Rev., 5.25%, 05/01/2048      5,165       5,780  
Rev., 5.25%, 05/01/2049      3,000       3,351  
New York City Transitional Finance Authority Building Aid Revenue, Fiscal 2015, Subordinate, Series S, Rev., 5.00%, 07/15/2040      17,800       18,010  
New York City Transitional Finance Authority Building Aid Revenue, Fiscal Year 2015, Series S1, Rev., 5.00%, 07/15/2035      585       588  
New York City Transitional Finance Authority Building Aid Revenue, Subordinate,     
Series S1, Rev., 4.00%, 07/15/2034      1,000       1,062  
Series S1, Rev., 5.00%, 07/15/2043      1,505       1,531  
New York City Transitional Finance Authority Building Aid Revenue, Subordinate Fiscal 2015, Series S, Rev., 5.00%, 07/15/2028      2,060       2,073  
New York City Transitional Finance Authority Future Tax Secured, Rev., 5.00%, 08/01/2029      1,000       1,114  
New York City Transitional Finance Authority Future Tax Secured Revenue,     
Rev., 4.00%, 08/01/2036      11,260       11,485  
Rev., 5.00%, 11/01/2028      600       659  
Series A4, Rev., VRDO, 4.15%, 10/01/2024 (z)      11,200       11,200  
Series B1, Rev., 4.00%, 08/01/2042      17,500       17,584  
Series E1, Rev., 3.00%, 02/01/2028      730       739  
Series F1, Rev., 5.00%, 02/01/2039      3,000       3,346  
Series F1, Rev., 5.00%, 02/01/2041      2,000       2,253  
Series F1, Rev., 5.00%, 02/01/2045      5,000       5,530  
Series F1, Rev., 5.00%, 02/01/2046      3,335       3,669  
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured,     
Rev., 4.00%, 11/01/2035      7,000       7,351  
Series A3, Rev., 4.00%, 08/01/2043      5,645       5,667  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
New York — continued     
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured Subordinate, Series B1, Rev., 5.00%, 08/01/2038      1,000       1,029  
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Subordinated,     
Series A3, Rev., 4.00%, 08/01/2042      2,500       2,512  
Series E1, Rev., 4.00%, 02/01/2041      12,000       12,030  
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate,     
Rev., 4.00%, 05/01/2038      2,000       2,077  
Rev., 5.00%, 11/01/2025      255       262  
Series B1, Rev., 4.00%, 08/01/2036      7,415       7,794  
Series DS, Rev., 4.00%, 11/01/2038      4,000       4,145  
Series E1, Rev., 4.00%, 02/01/2046      2,000       2,001  
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Future Tax Secured, Rev., 4.00%, 11/01/2040      5,000       5,081  
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Multi Modal, Series A, Rev., 5.00%, 05/01/2040      1,000       1,124  
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate, Future Tax Secured, Rev., 3.75%, 11/01/2025      8,000       7,969  
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated,     
Rev., 5.00%, 11/01/2026      1,000       1,052  
Rev., 5.00%, 05/01/2031      1,000       1,129  
Rev., 5.25%, 08/01/2042      3,000       3,368  
Series A3, Rev., 4.00%, 05/01/2042      2,000       2,019  
Series A3, Rev., 5.00%, 08/01/2040      1,720       1,802  
New York City Transitional Finance Authority Future Tax Secured Revenue, Taxable Subordinate, Series F2, Rev., 2.85%, 05/01/2025      6,600       6,533  
New York City Transitional Finance Authority, Multi Modal Bonds Subordinate, Rev., 5.00%, 05/01/2039      1,500       1,709  
New York City Transitional Finance Authority, Subordinate,     
Series D1, Rev., 5.00%, 11/01/2034      4,410       5,195  
Series D1, Rev., 5.00%, 11/01/2037      715       830  
Series D1, Rev., 5.00%, 11/01/2039      3,000       3,437  
New York City Trust for Cultural Resources, Refunding Lincoln Center, Series A, Rev., 5.00%, 12/01/2032      500       562  
New York City Water & Sewer System,     
Series AA2, Rev., 5.00%, 06/15/2029      1,350       1,512  
Series BB1, Rev., 5.00%, 06/15/2049      500       532  
Series FF, Rev., 5.00%, 06/15/2041      2,000       2,178  
Series GG1, Rev., 5.00%, 06/15/2030      1,000       1,137  
Series GG, Rev., 5.00%, 06/15/2039      2,660       2,690  
New York City Water & Sewer System, Second General Resolution,     
Rev., 5.00%, 06/15/2026      1,005       1,049  
Rev., 5.00%, 06/15/2029      535       599  
Series CC1, Rev., 5.00%, 06/15/2048      2,730       2,836  
Series CC1, Rev., 5.25%, 06/15/2037      2,345       2,462  
Series DD1, Rev., 5.00%, 06/15/2048      3,115       3,258  
Series DD2, Rev., 5.00%, 06/15/2040      2,000       2,111  
Series DD, Rev., 5.00%, 06/15/2047      6,680       6,901  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
New York — continued     
New York City Water & Sewer System, Various Second General Resolution, Series BB4, Rev., VRDO, 4.15%, 10/01/2024 (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       1,198  
New York Liberty Development Corp.,     
Series 1WTC, Rev., 3.00%, 02/15/2042      1,755       1,526  
Series 1WTC, Rev., 4.00%, 02/15/2043      4,985       4,998  
New York Liberty Development Corp., 3 World Trade Center, Rev., 5.38%, 11/15/2040 (e)      1,945       1,947  
New York Liberty Development Corp., 7 World Trade Center Project, Rev., 3.13%, 09/15/2050      3,000       2,466  
New York Liberty Development Corp., World Trade Center Project, Series 1, Rev., 5.00%, 11/15/2044 (e)      19,900       19,912  
New York Power Authority,     
Rev., 4.00%, 11/15/2049 (w)      2,000       1,999  
Rev., 5.00%, 11/15/2041 (w)      1,500       1,736  
Series A, Rev., 4.00%, 11/15/2045      9,000       8,991  
New York Power Authority, Green Transmission Project,     
Rev., AGM, 4.00%, 11/15/2036      145       154  
Rev., AGM, 5.00%, 11/15/2028      1,000       1,107  
Rev., AGM, 5.00%, 11/15/2034      635       732  
Rev., AGM, 5.00%, 11/15/2035      1,250       1,436  
New York State Dormitory Authority,     
Rev., AGM, 5.00%, 10/01/2025      1,350       1,381  
Rev., AGM, 5.00%, 10/01/2026      875       920  
Rev., 5.00%, 07/01/2035 (w)      750       895  
Rev., AGM, 5.00%, 10/01/2037      1,000       1,143  
Rev., AGM, 5.00%, 10/01/2039      860       971  
Series A1, Rev., 5.00%, 03/15/2036      2,500       2,899  
Series A, Rev., 4.00%, 03/15/2039      1,000       1,029  
Series A, Rev., 4.00%, 03/15/2054      8,090       7,810  
Series A, Rev., 5.00%, 03/15/2029      3,000       3,327  
Series A, Rev., 5.00%, 03/15/2034      2,000       2,078  
Series A, Rev., 5.00%, 03/15/2036      1,765       2,070  
Series A, Rev., 5.00%, 03/15/2040      1,000       1,068  
Series A, Rev., 5.00%, 03/15/2044      2,460       2,751  
New York State Dormitory Authority, Bidding Group 1, Series E, Rev., 5.00%, 03/15/2029      3,000       3,327  
New York State Dormitory Authority, Cornell University, Series A, Rev., 5.50%, 07/01/2054      5,000       5,781  
New York State Dormitory Authority, Exchange Bonds, Series C, Rev., 5.00%, 07/01/2031      1,227       1,399  
New York State Dormitory Authority, General Purpose, Series D, Rev., 5.00%, 02/15/2026 (p)      95       98  
New York State Dormitory Authority, Green Bond, Cornell University, Rev., 5.00%, 07/01/2034      1,100       1,339  
New York State Dormitory Authority, Group 2,     
Series A, Rev., 5.00%, 03/15/2033      2,000       2,250  
Series A, Rev., 5.00%, 03/15/2036      2,015       2,180  
New York State Dormitory Authority, Group 3, Series A, Rev., 5.00%, 03/15/2037      5,000       5,391  
New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Rev., 5.00%, 07/01/2040      1,500       1,505  
New York State Dormitory Authority, Montefiore Obligated Group,     
Series A, Rev., 5.00%, 08/01/2025      1,000       1,003  
Series A, Rev., 5.00%, 08/01/2026      900       919  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
New York — continued     
Series A, Rev., 5.00%, 08/01/2031      1,010       1,050  
New York State Dormitory Authority, Northwell Health Obligated Group,     
Rev., 4.00%, 05/01/2045      6,500       6,372  
Rev., 4.25%, 05/01/2052      4,930       4,923  
Rev., 5.00%, 05/01/2052      3,000       3,207  
New York State Dormitory Authority, Refunded General Purpose, Series B, Rev., 5.00%, 02/15/2026 (p)      2,835       2,926  
New York State Dormitory Authority, Second Bond Financing Program,     
Rev., AGM, 5.00%, 10/01/2029      2,000       2,243  
Rev., AGM, 5.00%, 10/01/2030      4,000       4,539  
Rev., AGM, 5.00%, 10/01/2036      260       294  
New York State Dormitory Authority, St John’s University, Series A, Rev., 4.00%, 07/01/2048      1,000       971  
New York State Dormitory Authority, Unrefunded General Purpose, Series D, Rev., 5.00%, 02/15/2026 (p)      5       5  
New York State Dormitory Authority, Unrefunded Group 2, Series E, Rev., 5.00%, 03/15/2028 (p)      1,000       1,093  
New York State Dormitory Authority, Yeshiva University, Series A, Rev., 5.00%, 07/15/2037      2,500       2,672  
New York State Environmental Facilities Corp., Green Bond 2010 Master Financing Project,     
Rev., 5.00%, 09/15/2028      575       634  
Rev., 5.00%, 09/15/2031      250       290  
New York State Environmental Facilities Corp., Solid Waste Disposal Revenue, Casella Waste System, Inc. Project, Rev., AMT, 2.75%, 09/01/2050 (e) (z)      250       247  
New York State Housing Finance Agency, Sustainability Bonds,     
Series B, Rev., HUD, SONYMA, 3.60%, 11/01/2062 (z)      1,705       1,712  
Series I, Rev., SONYMA, 0.70%, 11/01/2056 (z)      1,290       1,249  
Series J, Rev., HUD, SONYMA, 1.10%, 11/01/2061 (z)      4,170       3,922  
Series K2, Rev., HUD, SONYMA, 1.00%, 11/01/2061 (z)      1,945       1,846  
Series K, Rev., SONYMA, 0.70%, 11/01/2024      1,085       1,080  
New York State Thruway Authority,     
Series A1, Rev., 4.00%, 03/15/2041      500       508  
Series A1, Rev., 5.00%, 03/15/2033      1,000       1,137  
Series A, Rev., 5.00%, 03/15/2027 (p)      1,000       1,065  
New York State Thruway Authority, Group 2, Series N, Rev., 4.00%, 01/01/2041      3,120       3,151  
New York State Urban Development Corp.,     
Series A, Rev., 4.00%, 03/15/2042      2,000       2,014  
Series E, Rev., 4.00%, 03/15/2046      10,000       9,954  
New York State Urban Development Corp., Bidding Group 1, Series A, Rev., 5.00%, 03/15/2034      1,690       1,931  
New York State Urban Development Corp., Bidding Group 4, Series A, Rev., 3.00%, 03/15/2050      4,000       3,256  
New York State Urban Development Corp., Group 2, Series E, Rev., 4.00%, 03/15/2038      1,000       1,027  
New York State Urban Development Corp., Personal Income Tax,     
Rev., 4.00%, 03/15/2037      2,000       2,067  
Rev., 4.00%, 03/15/2041      5,000       5,059  
Rev., 5.00%, 03/15/2030      500       565  
Series C3, Rev., 5.00%, 03/15/2038      1,860       1,958  
New York State Urban Development Corp., State Personal Income Tax,     
Rev., 4.00%, 03/15/2042      2,000       2,018  
Series AG, Rev., 5.00%, 03/15/2038      5,000       5,220  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
New York — continued     
New York State Urban Development Corp., State Personal Income Tax, General Purpose,     
Series A, Rev., 5.00%, 03/15/2042      5,000       5,279  
Series B, Rev., 3.54%, 03/15/2028 (p)      7,000       6,961  
New York State Urban Development Corp., Sustainable Bond State Person, Rev., 5.00%, 03/15/2063      25,905       28,088  
New York Transportation Development Corp.,     
Rev., AGM, AMT, 5.00%, 06/30/2049      12,000       12,649  
Rev., AGM, AMT, 5.00%, 06/30/2054      5,000       5,228  
Rev., AMT, 5.25%, 06/30/2049      5,000       5,309  
Rev., AMT, 5.50%, 06/30/2060      14,000       14,965  
New York Transportation Development Corp., American Airlines, Inc.,     
Rev., AMT, 2.25%, 08/01/2026      395       385  
Rev., AMT, 5.00%, 08/01/2026      3,670       3,677  
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia,     
Rev., AMT, 4.38%, 10/01/2045      9,630       9,424  
Rev., AMT, 5.00%, 01/01/2032      3,000       3,104  
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 4.00%, 10/01/2030      2,500       2,522  
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 5.00%, 10/01/2035      11,000       11,612  
New York Transportation Development Corp., John F. Kennedy International Airport, Rev., AMT, 5.38%, 08/01/2036      2,000       2,145  
New York Transportation Development Corp., LaGuardia Airport Terminal,     
Rev., AMT, 5.63%, 04/01/2040      15,355       16,686  
Rev., AMT, 6.00%, 04/01/2035      5,000       5,653  
New York Transportation Development Corp., LaGuardia Airport Terminal B,     
Rev., AMT, 4.00%, 07/01/2033      2,500       2,500  
Rev., AMT, 5.00%, 07/01/2046      15,180       15,180  
Rev., AMT, 5.25%, 01/01/2050      8,425       8,426  
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment,     
Rev., AMT, 4.00%, 07/01/2031      4,500       4,500  
Rev., AGM, AMT, 4.00%, 07/01/2035      5,080       5,080  
Rev., AMT, 5.00%, 07/01/2041      1,000       1,000  
New York Transportation Development Corp., New York State Thruway, Rev., AMT, 4.00%, 10/31/2034      600       596  
New York Transportation Development Corp., Sustainable Bond, JFK International Airport,     
Rev., AGM, AMT, 5.00%, 06/30/2049      14,750       15,390  
Rev., AMT, 5.38%, 06/30/2060      2,390       2,497  
Rev., AGM, AMT, 5.50%, 06/30/2043      1,585       1,741  
Rev., AMT, 6.00%, 06/30/2054      10,575       11,556  
New York Transportation Development Corp., Terminal 4 JFK International,     
Rev., AMT, 5.00%, 12/01/2030      1,710       1,854  
Rev., AMT, 5.00%, 12/01/2032      2,005       2,185  
Rev., AMT, 5.00%, 12/01/2033      1,000       1,068  
Rev., AMT, 5.00%, 12/01/2037      3,500       3,753  
Rev., AMT, 5.00%, 12/01/2038      1,000       1,067  
New York Transportation Development Corp., Terminal 4 JFK International Airport, Rev., AMT, 5.00%, 12/01/2030      4,160       4,509  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

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       299  
Rev., AMT, 4.00%, 12/01/2039      300       297  
Rev., AMT, 4.00%, 12/01/2040      1,475       1,448  
Rev., AMT, 4.00%, 12/01/2041      300       292  
Rev., AMT, 4.00%, 12/01/2042      300       290  
Rev., 5.00%, 12/01/2024      200       200  
Rev., 5.00%, 12/01/2025      200       205  
Rev., 5.00%, 12/01/2026      995       1,041  
Rev., 5.00%, 12/01/2027      200       213  
Rev., 5.00%, 12/01/2028      200       217  
Rev., 5.00%, 12/01/2037      250       270  
Rev., 5.00%, 12/01/2038      2,250       2,427  
Port Authority of New York & New Jersey,     
Series 207, Rev., AMT, 5.00%, 09/15/2027      2,210       2,327  
Series 207, Rev., AMT, 5.00%, 09/15/2028      1,080       1,144  
Series 207, Rev., AMT, 5.00%, 09/15/2031      5,000       5,245  
Series 226, Rev., AMT, 5.00%, 10/15/2031      4,500       4,975  
Series 226, Rev., AMT, 5.00%, 10/15/2032      1,250       1,377  
Series 226, Rev., AMT, 5.00%, 10/15/2036      2,040       2,221  
Series 242, Rev., AMT, 5.00%, 12/01/2042      7,000       7,622  
Port Authority of New York & New Jersey, Consolidated,     
Series 197, Rev., AMT, 5.00%, 11/15/2032      3,000       3,104  
Series 206, Rev., AMT, 5.00%, 11/15/2032      3,000       3,127  
Series 221, Rev., AMT, 5.00%, 07/15/2031      1,620       1,765  
Series 221, Rev., AMT, 5.00%, 07/15/2032      1,500       1,630  
Port Authority of New York & New Jersey, Consolidated 211, Rev., 4.00%, 09/01/2043      18,590       18,703  
Port Authority of New York & New Jersey, Consolidated Bond 233, Rev., 5.00%, 08/01/2038      670       764  
Port Authority of New York & New Jersey, Consolidated Bond Two, Rev., AMT, 5.50%, 08/01/2052      8,500       9,324  
Port Authority of New York & New Jersey, Consolidated Bond Two Hund, Rev., AMT, 5.00%, 01/15/2039      1,250       1,365  
Port Authority of New York & New Jersey, Consolidated Bonds,     
Series 221, Rev., AMT, 4.00%, 07/15/2039      5,000       5,060  
Series 221, Rev., AMT, 4.00%, 07/15/2040      3,715       3,744  
Port Authority of New York & New Jersey, Consolidated One Hundred Eighty,     
Rev., AMT, 5.00%, 09/01/2026      3,000       3,004  
Series 222, Rev., 4.00%, 07/15/2036      10,250       10,674  
RBC Municipal Products, Inc. Trust, Rev., AMT, LOC: Royal Bank of Canada, LIQ: Royal Bank of Canada, 3.21%, 10/01/2029 (e) (z)      7,600       7,600  
State of New York Mortgage Agency Homeowner Mortgage Revenue, Social Bonds, Series 253, Rev., SONYMA, AMT, 4.70%, 10/01/2038      2,085       2,179  
State of New York Mortgage Agency, Social Bonds, Series 233, Rev., 3.00%, 10/01/2045      1,930       1,905  
State of New York Mortgage Agency, Social Bonds 242, Rev., SONYMA, 3.50%, 10/01/2052      100       100  
Suffolk Regional Off-Track Betting Co., Rev., 6.00%, 12/01/2053      1,000       1,054  
Triborough Bridge & Tunnel Authority,     
Rev., 5.25%, 05/15/2054      9,940       11,129  
Series A2, Rev., 2.00%, 05/15/2045 (z)      4,250       4,034  
Series A, Rev., 5.00%, 11/15/2041      1,975       2,026  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
New York — continued     
Series A, Rev., 5.00%, 11/15/2047      2,500       2,724  
Series A, Rev., 5.00%, 11/15/2049      3,040       3,239  
Triborough Bridge & Tunnel Authority Sales Tax Revenue,     
Series A1, Rev., 5.00%, 05/15/2049      2,600       2,866  
Series A1, Rev., 5.00%, 05/15/2054      2,355       2,577  
Series A1, Rev., 5.25%, 05/15/2059      16,710       18,580  
Series A1, Rev., 5.25%, 05/15/2064      25,770       28,544  
Series A2, Rev., 5.25%, 05/15/2064      24,000       26,358  
Triborough Bridge & Tunnel Authority, Green Bond,     
Series E1, Rev., 5.00%, 11/15/2027      1,155       1,241  
Series E-2B, Rev., 5.00%, 11/15/2032      575       670  
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Rev., 5.00%, 05/15/2047      5,250       5,713  
Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Rev., 5.00%, 11/15/2026      2,440       2,574  
Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Green Bonds, Rev., 5.00%, 11/15/2029      1,615       1,817  
Triborough Bridge & Tunnel Authority, Senior, Series C, Rev., 5.00%, 05/15/2040      5,000       5,608  
Triborough Bridge & Tunnel Authority, Senior Lien,     
Rev., 5.00%, 05/15/2050 (z)      7,000       7,223  
Series C, Rev., 5.25%, 05/15/2052      10,000       11,006  
Series C1-A, Rev., 5.00%, 05/15/2038      2,000       2,250  
Triborough Bridge & Tunnel Authority, Senior Lien MTA Bridges & Tunnels,     
Rev., 5.00%, 05/15/2035      2,000       2,305  
Rev., 5.00%, 05/15/2036      2,000       2,292  
Rev., 5.00%, 05/15/2038      4,240       4,814  
Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Rev., 4.00%, 09/01/2036      750       766  
TSASC, Inc., Series B, Rev., 5.00%, 06/01/2048      6,780       6,116  
Utility Debt Securitization Authority,     
Series 1, Rev., 5.00%, 12/15/2031      3,000       3,370  
Series 1, Rev., 5.00%, 12/15/2039      1,000       1,179  
Series 1, Rev., 5.00%, 12/15/2040      1,420       1,661  
Utility Debt Securitization Authority, Restructuring Bonds,     
Rev., 5.00%, 12/15/2033      1,500       1,537  
Series TE, Rev., 5.00%, 12/15/2029      1,500       1,607  
Westchester County Local Development Corp., Westchester Med. Ctr. Obligated,     
Rev., AGM, 5.00%, 11/01/2047      5,610       6,058  
Rev., AGM, 5.75%, 11/01/2048      1,400       1,600  
Rev., AGM, 5.75%, 11/01/2049      2,000       2,282  
Rev., 6.25%, 11/01/2052      420       482  
Western Regional Off-Track Betting Corp., Rev., 3.00%, 12/01/2026 (e)      235       231  
    

 

 

  
       1,321,158  
    

 

 

  
North Carolina — 1.0%     
Charlotte-Mecklenburg Hospital Authority, Atrium Health, Series B, Rev., 1.95%, 01/15/2048 (z)      2,285       2,107  
Charlotte-Mecklenburg Hospital Authority, The Atrium Health, Series D, Rev., 3.63%, 01/15/2048 (z)      2,200       2,223  
City of Charlotte Airport Revenue, Rev., 5.00%, 07/01/2040      2,375       2,697  
City of Charlotte Airport Revenue, Airport, Series A, Rev., 4.00%, 07/01/2036      1,520       1,590  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
North Carolina — continued     
City of Charlotte Airport Revenue, Charlotte Douglas International, Rev., AMT, 5.00%, 07/01/2026      1,315       1,361  
City of Charlotte Airport Special Facilities Revenue, Charlotte Douglas International,     
Rev., 5.00%, 07/01/2049      5,000       5,282  
Rev., AMT, 5.00%, 07/01/2049      7,335       7,593  
City of Charlotte NC Water & Sewer System Revenue, Rev., 5.00%, 07/01/2041      500       579  
City of Charlotte, Airport Special Facilities Revenue, Series B, Rev., AMT, 5.00%, 07/01/2027      1,315       1,380  
Columbus County Industrial Facilities & Pollution Control Financing Authority,     
Rev., 3.45%, 11/01/2033 (w) (z)      2,500       2,516  
County of Cumberland, Qualified School Construction Bonds, COP, 1.25%, 12/15/2025      4,000       3,858  
County of Macon NC, Rev., 4.00%, 10/01/2043      650       653  
Greater Asheville Regional Airport Authority,     
Rev., AGM, AMT, 5.25%, 07/01/2040      500       551  
Rev., AGM, AMT, 5.25%, 07/01/2041      415       455  
Rev., AGM, AMT, 5.25%, 07/01/2048      1,750       1,897  
North Carolina Capital Facilities Finance Agency, Republic Services Project A, Rev., 3.50%, 07/01/2034 (z)      7,000       7,000  
North Carolina Department of Transportation, I-77 Hot Lanes Project, Rev., AMT, 5.00%, 06/30/2054      3,825       3,833  
North Carolina Housing Finance Agency,     
Rev., GNMA/FNMA/FHLMC, 3.20%, 07/01/2056 (w) (z)      3,760       3,758  
Rev., GNMA/FNMA/FHLMC, 4.35%, 01/01/2044 (w)      1,080       1,091  
Rev., GNMA/FNMA/FHLMC, 4.55%, 07/01/2044      835       850  
Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055      930       1,060  
Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 (w)      1,855       2,092  
Series 37A, Rev., AMT, 3.50%, 07/01/2039      20       20  
Series 44, Rev., 2.30%, 01/01/2031      1,030       942  
Series 44, Rev., 4.00%, 07/01/2050      245       247  
Series 45, Rev., GNMA/FNMA/FHLMC, 1.90%, 01/01/2032      1,525       1,305  
North Carolina Housing Finance Agency, Home Ownership, Series 47, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051      770       760  
North Carolina Housing Finance Agency, Sustainable Bond 1998 Trust Agency, Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055      2,125       2,365  
North Carolina Housing Finance Agency, Sustainable Bonds 1998 Trust,     
Rev., GNMA/FNMA/FHLMC, 4.90%, 07/01/2043      5,000       5,237  
Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055      4,915       5,439  
North Carolina Medical Care Commission, CaroMont Health, Series A, Rev., 4.00%, 02/01/2036      1,875       1,934  
North Carolina Medical Care Commission, Lutheran Services for the Aging, Rev., 4.00%, 03/01/2041      1,050       990  
North Carolina Medical Care Commission, Presbyterian Homes Obligations,     
Series A, Rev., 4.00%, 10/01/2027      600       606  
Series A, Rev., 4.00%, 10/01/2040      1,600       1,588  
Series A, Rev., 4.00%, 10/01/2045      2,250       2,145  
North Carolina Medical Care Commission, Rex Healthcare, Series A, Rev., 5.00%, 07/01/2031      1,760       1,925  
North Carolina Medical Care Commission, The Forest at Duke Project, Rev., 4.00%, 09/01/2041      830       786  
North Carolina Medical Care Commission, Vidant Health, Rev., 5.00%, 06/01/2045      1,145       1,150  
North Carolina State Education Assistance Authority, Senior Bonds, Series A, Rev., AMT, 5.00%, 06/01/2043      1,190       1,218  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
North Carolina — continued     
North Carolina Turnpike Authority, Senior Lien, Rev., AGM, 5.00%, 01/01/2038      2,375       2,533  
North Carolina Turnpike Authority, Triangle Expressway System,     
Rev., AGM, 5.00%, 01/01/2053      2,000       2,167  
Rev., AGM, 5.00%, 01/01/2058      2,020       2,178  
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., AGM, 5.00%, 01/01/2049      1,000       1,049  
Raleigh Durham Airport Authority, Series A, Rev., AMT, 5.00%, 05/01/2032      505       524  
State of North Carolina, Rev., 3.00%, 05/01/2028      3,000       3,000  
State of North Carolina, Build Nc Programs, Series B, Rev., 5.00%, 05/01/2027      2,750       2,932  
State of North Carolina, Grant Anticipation Revenue, Rev., 5.00%, 03/01/2029      1,000       1,107  
Town of Fuquay-Varina Combined Utilities Revenue, Series A, Rev., 4.00%, 02/01/2049      3,250       3,247  
Western Carolina University, Series B, Rev., 5.00%, 04/01/2031      2,120       2,364  
    

 

 

  
       104,184  
    

 

 

  
North Dakota — 0.4%     
Cass County Joint Water Resource District, Series A, Rev., CNTY GTD, 3.45%, 04/01/2027      17,250       17,369  
City of Grand Forks, Altru Health System,     
Rev., 5.00%, 12/01/2031      1,500       1,568  
Series A, Rev., AGM, 5.00%, 12/01/2041      1,000       1,078  
County of Ward, Trinity Obligation Group, Series C, Rev., 5.00%, 06/01/2043      2,500       2,511  
North Dakota Housing Finance Agency,     
Rev., 4.65%, 07/01/2044      5,000       5,149  
Series B, Rev., 3.00%, 07/01/2051      1,570       1,551  
Series C, Rev., 4.00%, 01/01/2050      585       593  
North Dakota Housing Finance Agency, Home Mortgage Financing Program, Series A, Rev., 3.00%, 01/01/2052      40       39  
North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Finance, Series D, Rev., 4.25%, 01/01/2049      1,930       1,949  
North Dakota Housing Finance Agency, Social Bonds, Series B, Rev., 3.00%, 07/01/2052      915       900  
North Dakota Housing Finance Agency, Social Bonds Home Mortgage Finance Program, Rev., 5.75%, 01/01/2054      500       541  
North Dakota Housing Finance Agency, Social Bonds Home Mortgage Financing, Rev., 5.75%, 07/01/2053      1,275       1,372  
North Dakota Housing Finance Agency, Sustainable Bonds Home Mortgage, Rev., 6.25%, 01/01/2054      3,750       4,155  
North Dakota Public Finance Authority, Rev., 5.00%, 10/01/2038      4,840       5,681  
University of North Dakota, Series A, COP, AGM, 4.00%, 06/01/2046      1,480       1,469  
West Fargo Public School District No. 6, Series C, GO, 4.00%, 08/01/2026      300       308  
    

 

 

  
       46,233  
    

 

 

  
Ohio — 2.1%     
Akron Bath Copley Joint Township Hospital District,     
Rev., 5.00%, 11/15/2030      700       762  
Rev., 5.25%, 11/15/2046      6,275       6,371  
Akron Bath Copley Joint Township Hospital District, Children’s Hospital Medical, Rev., 4.00%, 11/15/2042      1,265       1,247  
Akron Bath Copley Joint Township Hospital District, Summa Health Obligations,     
Rev., 4.00%, 11/15/2034      500       499  
Rev., 4.00%, 11/15/2035      1,000       994  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Ohio — continued     
Rev., 4.00%, 11/15/2038      750       733  
American Municipal Power, Inc., Fremont Energy Center Project,     
Rev., 4.00%, 02/15/2036      1,750       1,815  
Rev., 5.00%, 02/15/2026      600       620  
American Municipal Power, Inc., Prairie State Energy Campus, Rev., 5.00%, 02/15/2026      2,500       2,581  
Buckeye Tobacco Settlement Financing Authority, Series B2, Rev., 5.00%, 06/01/2055      7,665       7,209  
Buckeye Tobacco Settlement Financing Authority, Senior, Series A2, Rev., 4.00%, 06/01/2048      2,210       2,062  
City of Chillicothe, Adena Health System, Rev., 5.00%, 12/01/2047      6,000       6,103  
City of Cincinnati, Mercer Commons Phase 2 Project, Rev., 5.00%, 11/01/2035      1,085       1,107  
Columbus Metropolitan Housing Authority, Rev., 4.00%, 06/01/2034      2,000       2,024  
Columbus-Franklin County Finance Authority,     
Rev., 5.00%, 12/01/2029 (e)      970       1,028  
Rev., 5.00%, 12/01/2038 (e)      1,345       1,394  
Columbus-Franklin County Finance Authority, Bridge Park D Block Project, Series A, Rev., 5.00%, 12/01/2051      1,750       1,770  
Columbus-Franklin County Finance Authority, Dering Family Homes Project, Rev., HUD, 5.00%, 07/01/2045 (z)      2,200       2,288  
County of Allen OH Hospital Facilities Revenue, Rev., 4.00%, 12/01/2040      1,415       1,426  
County of Allen, Hospital Facilities Revenue, Series A, Rev., 5.00%, 08/01/2027      50       53  
County of Butler, UC Health, Rev., 5.00%, 11/15/2030      1,300       1,334  
County of Franklin, Nationwide Children’s Hospital,     
Rev., 4.00%, 11/01/2040      2,000       2,001  
Rev., 5.00%, 11/01/2031      1,000       1,137  
County of Hamilton OH Sewer System Revenue, Rev., 5.00%, 12/01/2049      2,915       3,221  
County of Hamilton, Trihealth, Inc. Obligated Group, Rev., 5.00%, 08/15/2040      1,510       1,599  
County of Lucas, ProMedica Healthcare Obligated Group, Rev., 5.25%, 11/15/2048      2,500       2,554  
County of Miami, Improvement, Kettering Health Network, Rev., 5.00%, 08/01/2049      2,000       2,042  
County of Montgomery, Dayton Children’s Hospital,     
Rev., 5.00%, 08/01/2027      725       769  
Rev., 5.00%, 08/01/2029      145       159  
Rev., 5.00%, 08/01/2033      230       257  
County of Montgomery, Kettering Health Network Obligations, Rev., 4.00%, 08/01/2041      1,200       1,204  
County of Van Wert, Van Wert Health Obligated, Rev., 6.13%, 12/01/2049 (p)      1,900       2,164  
Franklin County Convention Facilities Authority, Greater Columbus Convention Center, Rev., 5.00%, 12/01/2044      1,000       1,008  
Hamilton City School District, Various Purpose, GO, 5.00%, 12/01/2034 (p)      1,500       1,504  
Jefferson County Port Authority, JSW Steel USA Ohio, Rev., AMT, 5.00%, 12/01/2053 (e) (z)      5,835       5,985  
Lancaster Port Authority, Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 08/01/2049 (z)      5,000       5,028  
Miami University,     
Series A, Rev., 5.00%, 09/01/2028      515       563  
Series A, Rev., 5.00%, 09/01/2030      1,005       1,137  
Series A, Rev., 5.00%, 09/01/2037      925       1,079  
Northeast Ohio Medical University, Rev., BAM, 5.00%, 12/01/2043      1,475       1,569  
Ohio Air Quality Development Authority,     
Rev., AMT, 3.70%, 04/01/2028 (w)      3,345       3,358  
Rev., AMT, 3.70%, 10/01/2028 (w)      3,345       3,360  
Ohio Air Quality Development Authority, American Electric Power, Rev., AMT, 2.10%, 07/01/2028 (z)      2,500       2,500  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Ohio — continued     
Ohio Air Quality Development Authority, American Electric Power Co. Project, Rev., AMT, 2.50%, 08/01/2040 (z)      2,500       2,357  
Ohio Air Quality Development Authority, American Electric Power Company,     
Rev., 1.90%, 05/01/2026 (z)      5,000       5,000  
Series A, Rev., AMT, 2.10%, 01/01/2029 (z)      1,250       1,250  
Ohio Air Quality Development Authority, AMG Vanadium Project, Rev., AMT, 5.00%, 07/01/2049 (e)      9,000       9,000  
Ohio Air Quality Development Authority, Dayton Power & Light, Rev., AMT, 4.25%, 11/01/2040 (z)      7,000       7,183  
Ohio Air Quality Development Authority, Duke Energy, Rev., AMT, 4.25%, 11/01/2039 (z)      7,205       7,334  
Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Rev., AMT, 2.50%, 11/01/2042 (z)      1,000       943  
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project,     
Rev., 1.38%, 02/01/2026 (z)      1,875       1,870  
Rev., 1.50%, 02/01/2026 (z)      120       116  
Ohio Higher Educational Facility Commission, Rev., 4.00%, 10/01/2050      1,500       1,380  
Ohio Higher Educational Facility Commission, Case Western Reserve, Rev., (SIFMA Municipal Swap Index + 0.23%), 3.38%, 12/01/2042 (aa)      155       153  
Ohio Higher Educational Facility Commission, Case Western Reserve University, Rev., 5.00%, 12/01/2040      1,065       1,108  
Ohio Higher Educational Facility Commission, Hospital Cleveland Clinic, Series B4, Rev., VRDO, 4.10%, 10/01/2024 (z)      15,000       15,000  
Ohio Higher Educational Facility Commission, Senior University Circle, Inc., Rev., 5.00%, 01/15/2050      1,000       1,047  
Ohio Higher Educational Facility Commission, University of Dayton, Rev., 5.00%, 02/01/2034      1,125       1,231  
Ohio Housing Finance Agency,     
Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2055      1,250       1,405  
Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 09/01/2048      790       802  
Ohio Housing Finance Agency, Mortgage Backed Securities Program, Rev., GNMA/FNMA/FHLMC, 3.25%, 09/01/2052      5,510       5,478  
Ohio Housing Finance Agency, Robert Cassidy Manor Apartments, Rev., FHA HUD, 5.00%, 04/01/2026 (z)      3,060       3,082  
Ohio Housing Finance Agency, Thornwood Commons, Rev., FHA HUD, 5.00%, 12/01/2026 (z)      2,000       2,041  
Ohio State University (The), Sustainable Bonds Multiyear Debt, Rev., 4.00%, 12/01/2041      2,060       2,120  
Ohio Turnpike & Infrastructure Commission, Infrastructure Projects, Series A, Rev., 4.00%, 02/15/2038      1,500       1,523  
Ohio Turnpike & Infrastructure Commission, Junior Lien Infrastructure,     
Rev., 5.00%, 02/15/2028      500       541  
Rev., 5.00%, 02/15/2033      365       426  
Ohio Water Development Authority, Series A, Rev., 5.00%, 06/01/2029      500       556  
Ohio Water Development Authority Water Pollution Control Loan Fund,     
Series A, Rev., 5.00%, 12/01/2030      3,000       3,427  
Series B, Rev., 3.00%, 12/01/2034      125       124  
Ohio Water Development Authority Water Pollution Control Loan Fund, Loan Fund, Series A, Rev., 5.00%, 12/01/2031      1,000       1,060  
Ohio Water Development Authority Water Pollution Control Loan Fund, Sustainable Bonds Water Pollution, Rev., 5.00%, 12/01/2033      4,420       5,224  
Ohio Water Development Authority, Sustainability Bond, Series A, Rev., 5.00%, 06/01/2031      300       345  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Ohio — continued     
Port of Greater Cincinnati Development Authority,     
Rev., AGM, 4.25%, 12/01/2048      4,865       4,889  
Rev., 5.00%, 12/01/2053      5,985       6,414  
State of Ohio,     
Rev., 5.25%, 08/15/2048      3,000       3,353  
Series A2, Rev., 4.00%, 04/01/2033      3,000       3,009  
Series A, GO, 5.00%, 03/01/2034      1,000       1,176  
Series X, GO, 5.00%, 05/01/2035      300       346  
State of Ohio, Cleveland Clinic Health System,     
Rev., 5.00%, 01/01/2033      2,410       2,761  
Rev., 5.00%, 01/01/2034      2,425       2,772  
Rev., 5.00%, 01/01/2039      570       635  
Series A, Rev., 5.00%, 01/01/2027      940       992  
State of Ohio, Common Schools, Series C, GO, 5.00%, 03/15/2030      125       141  
State of Ohio, Garvee,     
Series 1A, Rev., 5.00%, 12/15/2025      800       823  
Series 1A, Rev., 5.00%, 12/15/2028      1,000       1,103  
Series 2022-1, Rev., 5.00%, 12/15/2028      1,000       1,103  
Series 2022-1, Rev., 5.00%, 12/15/2031      1,000       1,134  
State of Ohio, Higher Education,     
Series A, GO, 5.00%, 05/01/2032      10,000       10,589  
Series C, GO, 5.00%, 08/01/2028 (p)      350       384  
State of Ohio, Infrastructure Improvement,     
GO, 4.00%, 09/01/2025      1,075       1,088  
GO, 4.00%, 09/01/2027      1,690       1,766  
GO, 5.00%, 03/01/2034      1,000       1,159  
State of Ohio, Premier Health Partners,     
Rev., 4.00%, 11/15/2039      1,320       1,257  
Rev., 4.00%, 11/15/2041      1,450       1,359  
Rev., 5.00%, 11/15/2028      680       716  
State of Ohio, University Hospital Health, Rev., VRDO, 3.40%, 10/01/2024 (z)      1,500       1,500  
State of Ohio, University Hospitals Health, Rev., 4.00%, 01/15/2037      1,000       1,012  
State of Ohio, University Hospitals Health System, Series A, Rev., 5.00%, 01/15/2041      1,000       1,015  
Summit County Development Finance Authority, University of Akron Parking Project, Rev., 5.63%, 12/01/2048      4,645       5,064  
    

 

 

  
       228,304  
    

 

 

  
Oklahoma — 0.7%     
Creek County Educational Facilities Authority, Sapulpa Public Schools Project, Rev., BAM, 4.13%, 09/01/2048      4,250       4,269  
Grand River Dam Authority, Rev., 5.00%, 06/01/2037      1,850       2,129  
Oklahoma City Economic Development Trust, Increment District #8 Project,     
Rev., 4.00%, 03/01/2032      1,640       1,742  
Rev., 4.00%, 03/01/2033      5,000       5,304  
Rev., 4.00%, 03/01/2034      4,440       4,697  
Oklahoma City Water Utilities Trust, Rev., 5.25%, 07/01/2059      10,000       11,233  
Oklahoma Development Finance Authority, Integris, Series A, Rev., 4.00%, 08/15/2038      2,000       2,002  
Oklahoma Development Finance Authority, Integris Obligated Group, Rev., VRDO, 3.60%, 10/07/2024 (z)      1,810       1,810  
Oklahoma Development Finance Authority, OU Health Project, Series A, Rev., 5.50%,
08/15/2037 (e)		      1,110       1,184  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Oklahoma — continued     
Oklahoma Development Finance Authority, OU Medicine Project, Series B, Rev., 5.50%, 08/15/2057      8,000       8,255  
Oklahoma Housing Finance Agency, Rev., GNMA/FNMA/FHLMC, 6.25%, 09/01/2055      775       883  
Oklahoma Housing Finance Agency, Home Ownership Loan Program, Rev., GNMA/FNMA/FHLMC, 6.50%, 09/01/2054      2,670       3,052  
Oklahoma Turnpike Authority,     
Series A, Rev., 3.75%, 01/01/2033      1,000       1,004  
Series A, Rev., 5.00%, 01/01/2037      1,665       1,707  
Oklahoma Water Resources Board,     
Rev., 4.25%, 10/01/2050      4,200       4,268  
Series B, Rev., 5.00%, 10/01/2026      1,255       1,319  
Oklahoma Water Resources Board, Drinking Water Program 2019 Master, Rev., 4.00%, 04/01/2048      13,950       13,993  
Osage County Industrial Authority, Rev., 5.75%, 09/01/2053      1,000       1,020  
Tulsa County Independent School District No. 1 Tulsa, Series B, GO, 2.00%, 09/01/2026      1,500       1,470  
University of Oklahoma, Series A, Rev., BAM, 5.00%, 07/01/2042      1,740       1,965  
    

 

 

  
       73,306  
    

 

 

  
Oregon — 1.1%     
Astoria Hospital Facilities Authority, Rev., 5.25%, 08/01/2054      1,340       1,435  
City of Portland Sewer System Revenue, Second Lien, Series A, Rev., 5.00%, 12/01/2031      2,670       3,081  
City of Portland Water System Revenue, Second Lien, Series A, Rev., 4.00%, 05/01/2039      500       511  
Jackson County School District No. 5 Ashland, GO, SCH BD GTY, 5.00%, 06/15/2030      1,000       1,105  
Medford Hospital Facilities Authority, Asante Project, Series A, Rev., AGM, 4.00%, 08/15/2045      9,740       9,611  
Multnomah County School District No. 1 Portland, GO, SCH BD GTY, 5.00%, 06/15/2028      1,850       2,022  
Oregon Health & Science University, Series B1, Rev., 5.00%, 07/01/2046 (z)      1,500       1,641  
Oregon State Facilities Authority, Samaritan Health Services, Rev., 5.00%, 10/01/2040      1,750       1,829  
Oregon State Facilities Authority, Samaritan Health Services Project, Rev., 5.00%, 10/01/2031      1,740       1,781  
Port of Portland Airport Revenue,     
Series 24B, Rev., AMT, 5.00%, 07/01/2037      1,000       1,027  
Series 27A, Rev., AMT, 5.00%, 07/01/2028      1,595       1,698  
Series 27A, Rev., AMT, 5.00%, 07/01/2034      1,455       1,565  
Series 27A, Rev., AMT, 5.00%, 07/01/2036      1,000       1,070  
Port of Portland Airport Revenue, Green Bonds, Rev., AMT, 5.00%, 07/01/2036      500       550  
Port of Portland Airport Revenue, Portland International Air, Rev., AMT, 5.00%, 07/01/2035      1,270       1,346  
Port of Portland Airport Revenue, Portland International Airport,     
Rev., AMT, 5.00%, 07/01/2026      1,145       1,182  
Rev., AMT, 5.00%, 07/01/2031      2,230       2,381  
Series 25B, Rev., AMT, 5.00%, 07/01/2039      1,020       1,070  
Port of Portland OR Airport Revenue,     
Rev., AMT, 5.00%, 07/01/2047      5,000       5,083  
Rev., AMT, 5.25%, 07/01/2040      2,000       2,259  
Rev., AMT, 5.25%, 07/01/2041      1,895       2,129  
Rev., AMT, 5.25%, 07/01/2049      23,500       25,823  
Rev., AMT, 5.25%, 07/01/2054      21,250       23,147  
Salem Hospital Facility Authority, Capital Manor Project,     
Rev., 4.00%, 05/15/2032      185       182  
Rev., 4.00%, 05/15/2040      750       698  
Salem Hospital Facility Authority, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2046      3,000       3,035  
State of Oregon Department of Transportation, Subordinate, Series A, Rev., 5.00%, 11/15/2036      9,095       9,992  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Oregon — continued     
State of Oregon Housing & Community Services Department, Series C, Rev., 3.00%, 01/01/2052      3,130       3,093  
State of Oregon Housing & Community Services Department, Single Family Mortgage Program, Series A, Rev., 3.00%, 07/01/2052      615       607  
State of Oregon, Article XI Q, Series F, GO, 5.00%, 05/01/2030      100       104  
State of Oregon, Article XI Q State Project,     
GO, 5.00%, 05/01/2025      500       506  
GO, 5.00%, 05/01/2030      405       459  
State of Oregon, Article XI-Q State Project, Series A, GO, 5.00%, 05/01/2027      1,220       1,300  
State of Oregon, Veterans Welfare Bonds, GO, 5.50%, 12/01/2053      260       283  
State of Oregon, Veterans Welfare Bonds Series, GO, 3.00%, 12/01/2051      1,295       1,273  
University of Oregon, Series A, Rev., 5.00%, 04/01/2048      1,000       1,040  
Yamhill Clackamas & Washington Counties School District No. 29J Newberg, Series B, GO, SCH BD GTY, 4.00%, 06/15/2039      3,620       3,748  
    

 

 

  
       119,666  
    

 

 

  
Pennsylvania — 4.7%     
Allegheny County Airport Authority,     
Series A, Rev., AGM, AMT, 4.00%, 01/01/2046      11,800       11,634  
Series A, Rev., AGM-CR, AMT, 4.00%, 01/01/2056      8,920       8,465  
Series B, Rev., AGM, 4.00%, 01/01/2039      2,635       2,682  
Allegheny County Hospital Development Authority, Health Network Obligations,     
Rev., 5.00%, 04/01/2033      1,000       1,054  
Series A, Rev., 5.00%, 04/01/2047      1,560       1,599  
Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center,     
Rev., 4.00%, 07/15/2037      1,000       1,017  
Rev., 4.00%, 07/15/2038      3,185       3,217  
Rev., 5.00%, 07/15/2030      1,000       1,093  
Allegheny County Industrial Development Authority, United States Steel Corp., Rev., 4.88%, 11/01/2024      1,500       1,501  
Allegheny County Sanitary Authority, Rev., 5.75%, 06/01/2047      2,250       2,597  
Allegheny County, Hospital Development Authority, Pittsburg University Medical Center,     
Series A, Rev., 4.00%, 07/15/2036      4,795       4,884  
Series A, Rev., 5.00%, 07/15/2027      765       816  
Allegheny County, Sanitary Authority,     
Series B, Rev., 4.00%, 06/01/2035      400       418  
Series B, Rev., 4.00%, 06/01/2036      675       703  
Series B, Rev., 5.00%, 06/01/2030      500       563  
Allentown Neighborhood Improvement Zone Development Authority, Rev., 5.25%, 05/01/2032 (e)      500       525  
Allentown Neighborhood Improvement Zone Development Authority, Forward Delivery, Rev., 5.00%, 05/01/2042      1,000       1,057  
Allentown Neighborhood Improvement Zone Development Authority, Neuweiler Lofts Project, Rev., 6.25%, 05/01/2042 (e)      2,010       2,050  
Allentown Neighborhood Improvement Zone Development Authority, Senior Tax Revenue, Rev., 6.00%, 05/01/2042 (e)      180       192  
Altoona Area School District, GO, BAM, 5.00%, 12/01/2048 (p)      1,000       1,027  
Bentworth School District, Series A, GO, BAM, 4.00%, 03/15/2025      1,380       1,385  
Berks County Municipal Authority (The),     
Rev., 0.00%, 06/30/2044      1,647       1,007  
Rev., 5.00%, 06/30/2039      3,054       3,023  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Pennsylvania — continued     
Rev., 6.00%, 06/30/2034      243       264  
Rev., 7.00%, 06/30/2039      700       637  
Rev., 8.00%, 06/30/2034      510       521  
Bethlehem Area School District Authority, Bethlehem Area School District,     
Rev., (United States SOFR * 0.67 + 0.35%), 3.59%, 01/01/2030 (aa)      230       229  
Rev., (United States SOFR * 0.67 + 0.35%), 3.59%, 07/01/2031 (aa)      270       268  
Rev., (United States SOFR * 0.67 + 0.35%), 3.59%, 01/01/2032 (aa)      240       239  
Capital Region Water, Water Revenue, Rev., 5.00%, 07/15/2032      1,000       1,075  
Central Bradford Progress Authority, Guthrie Clinic, Rev., VRDO, 3.77%, 10/07/2024 (z)      400       400  
Chartiers Valley School District, Series B, GO, 5.00%, 10/15/2040 (p)      1,000       1,010  
Chester County Industrial Development Authority, Avon Grove Charter School, Rev., 5.00%, 03/01/2027      185       190  
Chester County School Authority, Chester County Intermediate Unit,     
Rev., BAM, 5.00%, 04/01/2037      1,000       1,101  
Rev., BAM, 5.00%, 04/01/2039      1,000       1,086  
Rev., BAM, 5.00%, 04/01/2040      1,550       1,678  
Rev., BAM, 5.00%, 04/01/2043      1,000       1,074  
City of Lancaster, GO, BAM, 5.00%, 11/01/2047      6,665       7,131  
City of Philadelphia,     
GO, AGM, 5.00%, 08/01/2031      1,795       1,901  
Series A, GO, 5.00%, 08/01/2030      4,000       4,059  
City of Philadelphia Airport Revenue,     
Series A, Rev., 5.00%, 07/01/2047      5,000       5,136  
Series B, Rev., AMT, 5.00%, 07/01/2035      2,235       2,316  
Series C, Rev., AMT, 4.00%, 07/01/2050      1,500       1,418  
Series C, Rev., AMT, 5.00%, 07/01/2028      10,000       10,639  
City of Philadelphia Airport Revenue, Private Activity, Rev., AGM, AMT, 4.00%, 07/01/2041      1,100       1,093  
City of Philadelphia PA Airport Revenue, Rev., AMT, 5.00%, 07/01/2042      4,440       4,545  
City of Philadelphia Water & Wastewater Revenue,     
Series A, Rev., 5.00%, 11/01/2040      2,790       3,039  
Series A, Rev., 5.00%, 11/01/2045      7,000       7,509  
Series C, Rev., 5.00%, 06/01/2042      1,000       1,099  
Commonwealth Financing Authority, Tobacco Master Settlement Payment,     
Rev., AGM, 4.00%, 06/01/2039      6,340       6,385  
Rev., 5.00%, 06/01/2025      1,820       1,842  
Commonwealth of Pennsylvania,     
Series 1, GO, 4.00%, 03/15/2034      5,000       5,020  
Series 1, GO, 4.00%, 03/01/2035      3,650       3,745  
Commonwealth of Pennsylvania, Bidding Group C First Series, Series 1, GO, 4.00%, 09/01/2040      5,000       5,193  
County of Allegheny, Series C75, GO, 5.00%, 11/01/2028      2,305       2,421  
County of Lehigh, St. Luke’s Hospital Project, Rev., (SIFMA Municipal Swap Index + 1.10%), 4.25%, 08/15/2038 (aa)      355       352  
Cumberland County Municipal Authority, Rev., 5.00%, 05/01/2030      1,000       1,030  
Cumberland County Municipal Authority, Unrefunded Diakon Lutheran, Rev., 5.00%, 01/01/2038      3,000       3,004  
Delaware River Port Authority,     
Rev., 5.00%, 01/01/2037      3,000       3,008  
Rev., 5.00%, 01/01/2040      10,000       10,040  
Delaware Valley Regional Finance Authority,     

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Pennsylvania — continued     
Series A, Rev., AMBAC, 5.50%, 08/01/2028      3,595       3,936  
Series C, Rev., (CME Term SOFR 3 Month * 0.67 + 0.75%), 4.31%, 06/01/2037 (aa)      250       234  
DuBois Hospital Authority, Penn Highlands Healthcare Bay, Rev., BAM, 4.00%, 07/15/2043      6,450       6,374  
Geisinger Authority,     
Rev., 4.00%, 02/15/2039      1,750       1,756  
Rev., 4.00%, 02/15/2047      2,500       2,457  
Geisinger Authority, Geisinger Health System Obligation Group, Rev., 4.00%, 04/01/2039      7,000       7,033  
Geisinger Authority, Geisinger Health System Se, Rev., 5.00%, 02/15/2045      5,560       5,688  
Lancaster County Hospital Authority, Auth Masonic Villages Project, Rev., 5.13%, 11/01/2038      1,675       1,832  
Lancaster County Hospital Authority, Penn State Health, Rev., 5.00%, 11/01/2037      600       642  
Lancaster Industrial Development Authority, Landis Homes Retirement Community, Rev., 4.00%, 07/01/2056      765       678  
Lancaster Municipal Authority, Rev., 5.00%, 05/01/2049      900       949  
Lehigh County Industrial Development Authority, PPL Electric Utilities Project, Series A, Rev., 3.00%, 09/01/2029      3,455       3,451  
Monroe County Hospital Authority/PA, Rev., 5.10%, 06/15/2039 (e)      4,890       4,972  
Monroeville Finance Authority,     
Series B, Rev., 5.00%, 02/15/2029      1,425       1,565  
Series B, Rev., 5.00%, 02/15/2038      1,200       1,330  
Series B, Rev., 5.00%, 02/15/2039      2,000       2,198  
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Rev., 4.00%, 05/01/2038      250       253  
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Rev., 4.00%, 09/01/2044      1,610       1,554  
Montgomery County Industrial Development Authority, Constellation Energy, Rev., 4.10%, 04/01/2053 (z)      8,435       8,668  
Montgomery County Industrial Development Authority, Retirement Life Communities,     
Rev., 5.00%, 11/15/2033      1,500       1,545  
Series C, Rev., 5.00%, 11/15/2045      2,585       2,696  
New Castle Sanitation Authority, Series A, Rev., AGM, 3.00%, 06/01/2029      500       503  
Norristown Area School District, GO, 5.00%, 09/01/2026      1,500       1,564  
Northampton County General Purpose Authority, Rev., 5.00%, 08/15/2048      1,125       1,155  
Northampton County General Purpose Authority, St. Luke’s University Health Network,     
Rev., 5.00%, 08/15/2046      5,030       5,075  
Rev., AGM, 5.00%, 08/15/2049      4,000       4,433  
Pennsylvania Economic Development Financing Authority,     
Rev., 4.00%, 05/15/2048      2,055       2,005  
Rev., 5.00%, 05/15/2031      2,385       2,671  
Rev., 5.25%, 12/01/2038 (z)      1,500       1,528  
Pennsylvania Economic Development Financing Authority Parking System Revenue, Senior Insured Capitol,     
Rev., AGM, 4.00%, 01/01/2041      1,000       1,013  
Rev., AGM, 4.00%, 01/01/2042      1,035       1,042  
Rev., AGM, 4.13%, 01/01/2043      1,070       1,079  
Rev., AGM, 5.00%, 01/01/2034      2,000       2,211  
Pennsylvania Economic Development Financing Authority, Covanta Project Sustainable, Rev., AMT, 3.25%, 08/01/2039 (e)      2,515       2,089  
Pennsylvania Economic Development Financing Authority, Pennsylvania Bridges Finco LP P3 Project,     
Rev., AMT, 5.00%, 12/31/2030      3,460       3,542  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Pennsylvania — continued     
Rev., AMT, 5.00%, 12/31/2034      2,000       2,041  
Rev., AMT, 5.00%, 06/30/2042      1,250       1,266  
Pennsylvania Economic Development Financing Authority, Philadelphia Biosolids Facility,     
Rev., 4.00%, 01/01/2028      1,590       1,601  
Rev., 4.00%, 01/01/2029      450       453  
Rev., 4.00%, 01/01/2031      800       803  
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges,     
Rev., AGM, AMT, 5.00%, 12/31/2057      6,730       7,079  
Rev., AMT, 5.25%, 06/30/2035      1,500       1,669  
Rev., AGM, AMT, 5.50%, 06/30/2042      5,640       6,304  
Rev., AMT, 5.75%, 06/30/2048      3,750       4,181  
Rev., AGM, AMT, 5.75%, 12/31/2062      2,500       2,819  
Rev., AMT, 6.00%, 06/30/2061      1,150       1,300  
Pennsylvania Economic Development Financing Authority, The PennDOT Major Bridges, Rev., AMT, 5.25%, 06/30/2053      2,000       2,115  
Pennsylvania Economic Development Financing Authority, UPMC,     
Series A1, Rev., 4.00%, 04/15/2045      5,440       5,374  
Series A, Rev., 4.00%, 02/15/2042      1,330       1,335  
Series A, Rev., 5.00%, 02/01/2030      4,960       4,965  
Pennsylvania Economic Development Financing Authority, Villanova University Project, Rev., 5.00%, 08/01/2049      2,525       2,813  
Pennsylvania Economic Development Financing Authority, Waste Management Project, Rev., 0.95%, 12/01/2033 (z)      2,000       1,861  
Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Rev., AMT, 1.10%, 06/01/2031 (z)      2,000       1,889  
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project,     
Rev., AMT, 4.25%, 08/01/2038 (z)      8,000       8,007  
Rev., AMT, 4.25%, 08/01/2045 (z)      10,000       9,998  
Rev., AMT, 4.60%, 10/01/2046 (z)      10,000       10,109  
Pennsylvania Higher Education Assistance Agency, Series A, Rev., AMT, 5.00%, 06/01/2026      95       97  
Pennsylvania Higher Education Assistance Agency, Senior,     
Rev., AMT, 4.13%, 06/01/2045      490       481  
Series A, Rev., AMT, 5.00%, 06/01/2028      3,775       3,961  
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University,     
Rev., 5.25%, 09/01/2050      1,345       1,348  
Rev., AGM-CR, 5.25%, 09/01/2050      7,000       7,033  
Pennsylvania Higher Educational Facilities Authority, Trustees University, Series A, Rev., 4.00%, 02/15/2043      1,000       1,005  
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System,     
Rev., 5.00%, 08/15/2042      1,250       1,288  
Rev., 5.00%, 08/15/2049      3,000       3,133  
Pennsylvania Higher Educational Facilities Authority, University Pennsylvania Health System, Series A, Rev., 4.00%, 08/15/2035      1,170       1,191  
Pennsylvania Housing Finance Agency,     
Rev., 4.50%, 10/01/2044      5,000       5,093  
Rev., 4.60%, 10/01/2044      7,500       7,665  
Rev., 6.00%, 10/01/2054      3,275       3,638  
Rev., 6.25%, 10/01/2054      2,955       3,326  
Series 133, Rev., 3.00%, 10/01/2050      2,710       2,678  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Pennsylvania — continued     
Pennsylvania Housing Finance Agency, Social Bond,     
Series A, Rev., 4.85%, 10/01/2043      4,000       4,182  
Series A, Rev., 5.50%, 10/01/2053      1,485       1,592  
Pennsylvania Housing Finance Agency, Social Bonds, Series 141A, Rev., 5.75%, 10/01/2053      2,970       3,194  
Pennsylvania Housing Finance Agency, Sustainable Bond,     
Series 144A, Rev., 4.45%, 10/01/2044      2,000       2,025  
Series 144A, Rev., 6.00%, 10/01/2054      2,535       2,803  
Pennsylvania Housing Finance Agency, Sustainable Bonds, Series 2022, Rev., 4.25%, 10/01/2052      1,975       2,015  
Pennsylvania Turnpike Commission,     
Rev., 5.00%, 12/01/2043      2,250       2,253  
Rev., 5.50%, 12/01/2046      6,430       6,641  
Series A1, Rev., 5.00%, 12/01/2027      1,000       1,077  
Series A1, Rev., 5.00%, 12/01/2034      1,000       1,063  
Series A1, Rev., 5.00%, 12/01/2045      7,685       7,742  
Series A1, Rev., 5.00%, 12/01/2046      1,000       1,019  
Series A2, Rev., 5.00%, 12/01/2024      100       100  
Series A, Rev., 4.00%, 12/01/2041      1,250       1,272  
Series A, Rev., 5.25%, 12/01/2044      2,500       2,670  
Series B1, Rev., 5.25%, 06/01/2047      2,465       2,545  
Series B, Rev., 4.00%, 12/01/2039      3,000       3,060  
Series B, Rev., 5.00%, 12/01/2026      400       421  
Series B, Rev., 5.00%, 12/01/2027      500       539  
Series B, Rev., 5.00%, 12/01/2039      1,305       1,473  
Series B, Rev., 5.25%, 12/01/2047      3,000       3,353  
Series C, Rev., 4.00%, 12/01/2040      1,400       1,432  
Series C, Rev., 4.00%, 12/01/2042      1,555       1,577  
Series C, Rev., 5.00%, 12/01/2027      345       372  
Series C, Rev., 5.00%, 12/01/2041      1,560       1,724  
Series C, Rev., 5.00%, 12/01/2046      1,350       1,474  
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Subordinate, Series B, Rev., 5.00%, 12/01/2038      1,500       1,603  
Pennsylvania Turnpike Commission, Motor License, Rev., 5.00%, 12/01/2040      1,000       1,044  
Pennsylvania Turnpike Commission, Subordinate, Rev., 5.00%, 12/01/2030      1,750       1,855  
Pennsylvania Turnpike Commission, Subordinated,     
Rev., 5.00%, 06/01/2026      2,000       2,051  
Series A, Rev., 5.00%, 12/01/2036      2,775       2,877  
Series B2, Rev., 5.00%, 06/01/2027      2,480       2,642  
Philadelphia Authority for Industrial Development,     
Rev., 5.00%, 05/01/2033      1,250       1,336  
Rev., 5.00%, 06/15/2039 (e)      740       771  
Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia, Rev., 4.00%, 07/01/2037      2,000       2,008  
Philadelphia Authority for Industrial Development, String Theory Charter School, Rev., 5.00%, 06/15/2040 (e)      900       918  
Philadelphia Authority for Industrial Development, Thomas Jefferson University,     
Series A, Rev., 5.00%, 09/01/2032      1,110       1,150  
Series A, Rev., 5.00%, 09/01/2035      1,105       1,142  
Series A, Rev., 5.00%, 09/01/2047      1,000       1,014  
Philadelphia Gas Works Co., Series A, Rev., AGM, 4.00%, 08/01/2045      5,000       5,009  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Pennsylvania — continued     
Phoenixville Area School District, GO, 4.00%, 11/15/2040      695       718  
Pittsburgh Water & Sewer Authority,     
Series B, Rev., AGM, 4.00%, 09/01/2036      500       514  
Series B, Rev., AGM, 4.00%, 09/01/2038      500       510  
Series B, Rev., AGM, 4.00%, 09/01/2045      2,250       2,257  
Pittsburgh Water & Sewer Authority, First Lien, Series A, Rev., AGM, 5.00%, 09/01/2048      1,000       1,086  
Ridley School District, GO, BAM, 5.25%, 11/15/2039      4,545       4,958  
School District of Philadelphia, Series A, GO, BAM, 4.00%, 09/01/2039      7,500       7,684  
School District of Philadelphia (The),     
GO, 4.00%, 09/01/2046      2,000       1,954  
GO, BAM, 4.00%, 09/01/2046      6,610       6,584  
Series A, GO, 5.00%, 09/01/2027      610       646  
Series A, GO, 5.00%, 09/01/2031      245       273  
Series A, GO, 5.00%, 09/01/2035      3,000       3,181  
Series F, GO, 5.00%, 09/01/2035      5,000       5,143  
Series F, GO, 5.00%, 09/01/2037      2,000       2,050  
School District of Philadelphia (The), Green Bond,     
Series B, GO, 5.00%, 09/01/2027      895       948  
Series B, GO, 5.00%, 09/01/2028      485       523  
Series B, GO, 5.00%, 09/01/2029      450       491  
Scranton School District, Series E, GO, BAM, 4.00%, 12/01/2037      1,025       1,027  
Southeastern Pennsylvania Transportation Authority, Asset Improvement Program,     
Rev., 5.25%, 06/01/2041      3,000       3,394  
Rev., 5.25%, 06/01/2042      1,500       1,691  
Rev., 5.25%, 06/01/2047      7,750       8,588  
Sports & Exhibition Authority of Pittsburgh and Allegheny County,     
Rev., AGM, 5.00%, 02/01/2027      2,250       2,372  
Rev., AGM, 5.00%, 02/01/2028      2,590       2,777  
State Public School Building Authority, Northampton County Area Community,     
Rev., BAM, 4.00%, 03/01/2029      1,000       1,042  
Rev., BAM, 4.00%, 03/01/2030      640       664  
Rev., BAM, 4.00%, 03/01/2031      500       516  
Rev., BAM, 5.00%, 03/01/2027      715       751  
Rev., BAM, 5.00%, 03/01/2028      755       808  
State Public School Building Authority, Philadelphia School District, Rev., AGM, 5.00%, 06/01/2030      3,480       3,620  
Westmoreland County Industrial Development Authority, Excela Health Project,     
Series A, Rev., 4.00%, 07/01/2025      575       575  
Series A, Rev., 5.00%, 07/01/2028      1,400       1,462  
    

 

 

  
       515,691  
    

 

 

  
Puerto Rico — 0.7%     
Commonwealth of Puerto Rico, 0.00%, 11/01/2051 (z)      6,151       3,360  
Commonwealth of Puerto Rico, Restructured,     
Series A1, GO, 4.00%, 07/01/2033      481       482  
Series A1, GO, 5.38%, 07/01/2025      954       959  
Series A1, GO, 5.63%, 07/01/2027      5,045       5,268  
Series A1, GO, 5.63%, 07/01/2029      2,000       2,160  
Series A1, GO, 5.75%, 07/01/2031      2,008       2,232  
Series A, GO, Zero Coupon, 07/01/2033      7,410       5,029  
Commonwealth of Puerto Rico, Subordinate, Note Claims, Series CW, 0.00%, 11/01/2043 (z)      18,224       11,732  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Puerto Rico — continued     
Commonwealth of Puerto Rico, Subordinated, Series CL, 0.00%, 11/01/2051 (z)      9,835       6,429  
Puerto Rico Electric Power Authority,     
Series AAA, Rev., 5.25%, 07/01/2023 (d)      100       42  
Series CCC, Rev., 4.63%, 07/01/2025 (d)      100       42  
Series DDD, Rev., 5.00%, 07/01/2020 (d)      570       239  
Series NN, Rev., NATL, 4.75%, 07/01/2033      30       30  
Series TT, Rev., 5.00%, 07/01/2020 (d)      285       120  
Series TT, Rev., 5.00%, 07/01/2021 (d)      100       42  
Series TT, Rev., 5.00%, 07/01/2037 (d)      1,200       504  
Series XX, Rev., 4.63%, 07/01/2025 (d)      100       42  
Series XX, Rev., 4.75%, 07/01/2026 (d)      295       124  
Series ZZ, Rev., 4.25%, 07/01/2020 (d)      470       197  
Series ZZ, Rev., 5.25%, 07/01/2019 (d)      580       244  
Series ZZ, Rev., 5.25%, 07/01/2023 (d)      500       210  
Puerto Rico Electric Power Authority, Libor, Series UU, Rev., AGM, (CME Term SOFR 3 Month * 0.67 + 0.52%), 4.26%, 07/01/2029 (aa)      500       482  
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured,     
Series A1, Rev., Zero Coupon, 07/01/2031      2,925       2,256  
Series A1, Rev., 5.00%, 07/01/2058      20,950       21,157  
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured,     
Series A1, Rev., 4.55%, 07/01/2040      1,385       1,392  
Series A2, Rev., 4.33%, 07/01/2040      11,000       10,977  
    

 

 

  
       75,751  
    

 

 

  
Rhode Island — 0.2%     
Rhode Island Health and Educational Building Corp., Brown University, Series A, Rev., 4.00%, 09/01/2037      1,000       1,018  
Rhode Island Health and Educational Building Corp., Lifespan Health System, Rev., 5.00%, 05/15/2039      5,500       5,572  
Rhode Island Housing & Mortgage Finance Corp., Rev., FHA, 3.60%, 10/01/2054 (z)      1,000       1,002  
Rhode Island Housing and Mortgage Finance Corp., Series 71, Rev., GNMA COLL, 3.75%, 10/01/2049      250       251  
Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity,     
Series 73A, Rev., 0.95%, 04/01/2026      500       474  
Series 73A, Rev., 1.10%, 04/01/2027      300       281  
Series 73A, Rev., 1.65%, 10/01/2029      715       639  
Series 73A, Rev., 3.00%, 10/01/2050      870       860  
Rhode Island Housing and Mortgage Finance Corp., Social Bonds, Series 75A, Rev., 3.00%, 10/01/2051      2,090       2,063  
Rhode Island Student Loan Authority,     
Rev., AMT, 3.63%, 12/01/2037      930       896  
Rev., AMT, 4.13%, 12/01/2041      1,265       1,249  
Rev., AMT, 4.13%, 12/01/2043      1,600       1,581  
Rhode Island Student Loan Authority, Senior Bond, Series A, Rev., AMT, 5.00%, 12/01/2029      370       400  
Rhode Island Turnpike & Bridge Authority, Rev., 5.00%, 10/01/2040      1,000       1,021  
Tobacco Settlement Financing Corp., Series B, Rev., 4.50%, 06/01/2045      2,505       2,514  
    

 

 

  
       19,821  
    

 

 

  
South Carolina — 1.2%     
Charleston County Airport District, Rev., 5.00%, 07/01/2042 (w)      1,650       1,859  
City of Columbia Waterworks & Sewer System Revenue,     
Rev., 5.00%, 02/01/2047      2,625       2,914  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
South Carolina — continued     
Series B, Rev., 4.00%, 02/01/2041      5,000       5,019  
Series B, Rev., 5.00%, 02/01/2036      1,085       1,261  
Series B, Rev., 5.00%, 02/01/2037      1,500       1,737  
Series B, Rev., 5.00%, 02/01/2038      1,500       1,731  
Lexington County Health Services District, Inc., Lexmed Obligated Group,     
Rev., 4.00%, 11/01/2030      1,000       1,034  
Rev., 4.00%, 11/01/2031      1,000       1,031  
Patriots Energy Group Financing Agency, Series B1, Rev., 5.25%, 02/01/2054 (z)      14,400       15,834  
South Carolina Jobs-Economic Development Authority, Rev., 4.50%, 11/01/2054      2,300       2,343  
South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Series S, Rev., 5.00%, 12/01/2048 (z)      1,000       1,018  
South Carolina Jobs-Economic Development Authority, McLeod Health Projects, Rev., 5.00%, 11/01/2048      1,000       1,026  
South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Series A, Rev., 5.00%, 05/01/2030      1,500       1,600  
South Carolina Jobs-Economic Development Authority, Prisma Health Obligation Group, Rev., 5.00%, 05/01/2043      2,000       2,055  
South Carolina Ports Authority,     
Rev., AMT, 5.00%, 07/01/2043      5,680       5,854  
Rev., AMT, 5.00%, 07/01/2055      2,000       2,038  
South Carolina Public Service Authority,     
Rev., AGM, 5.00%, 12/01/2037      3,250       3,738  
Rev., 5.00%, 12/01/2039      4,000       4,403  
Rev., AGM, 5.00%, 12/01/2042      3,250       3,617  
Rev., 5.00%, 12/01/2043      2,800       3,085  
Series A, Rev., 4.00%, 12/01/2033      1,000       1,027  
Series A, Rev., 4.00%, 12/01/2034      2,000       2,051  
Series A, Rev., 4.00%, 12/01/2037      2,000       2,044  
Series A, Rev., 4.00%, 12/01/2038      520       529  
Series A, Rev., 5.00%, 12/01/2027      1,525       1,634  
Series A, Rev., 5.00%, 12/01/2028      1,700       1,720  
Series A, Rev., 5.00%, 12/01/2029      85       94  
Series A, Rev., 5.00%, 12/01/2031      4,500       4,992  
Series A, Rev., 5.00%, 12/01/2032      1,000       1,107  
Series B, Rev., 5.00%, 12/01/2040      1,000       1,090  
Series B, Rev., 5.00%, 12/01/2041      2,000       2,040  
South Carolina Public Service Authority, Bond Exchange, Series A, Rev., 5.00%, 12/01/2050      5,000       5,019  
South Carolina Public Service Authority, Obligations, Series C, Rev., 5.00%, 12/01/2027      1,600       1,664  
South Carolina Public Service Authority, Pre-refunded Obligations, Series A, Rev., 5.00%, 12/01/2024 (p)      380       381  
South Carolina Public Service Authority, Unrefunded Obligations,     
Rev., 5.00%, 12/01/2038      1,000       1,001  
Series A, Rev., 5.00%, 12/01/2024      120       120  
Series A, Rev., 5.50%, 12/01/2054      9,550       9,562  
Series C, Rev., 5.00%, 12/01/2046      3,000       3,003  
Series E, Rev., 5.25%, 12/01/2055      7,000       7,058  
South Carolina State Housing Finance & Development Authority,     
Rev., 6.00%, 01/01/2055      3,335       3,767  
Series A, Rev., 3.00%, 01/01/2052      590       582  
Series A, Rev., 4.00%, 01/01/2052      770       781  
Series B, Rev., 3.25%, 01/01/2052      5,240       5,213  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
South Carolina — continued     
South Carolina State Housing Finance & Development Authority, Villages at Congaree, Rev., 4.25%, 06/01/2025 (z)      915       915  
South Carolina Transportation Infrastructure Bank, Rev., 5.00%, 10/01/2039      5,000       5,251  
Spartanburg Regional Health Services District, Services District, Inc.,     
Rev., 5.00%, 04/15/2026      565       584  
Rev., 5.00%, 04/15/2028      500       537  
    

 

 

  
       126,963  
    

 

 

  
South Dakota — 0.3%     
County of Lincoln, GO, 5.00%, 12/01/2048      3,000       3,221  
County of Lincoln, Augustana College Association, Rev., 4.00%, 08/01/2041      250       233  
South Dakota Health & Educational Facilities Authority, Rev., 5.00%, 07/01/2046      2,000       2,042  
South Dakota Health & Educational Facilities Authority, Avera Health, Series A, Rev., 5.25%, 07/01/2054      10,000       11,130  
South Dakota Health & Educational Facilities Authority, Sanford Obligated Group, Rev., 5.00%, 11/01/2045      4,500       4,543  
South Dakota Housing Development Authority,     
Rev., GNMA/FNMA/FHLMC, 6.25%, 11/01/2055      3,245       3,712  
Series C, Rev., GNMA/FNMA/FHLMC, 3.50%, 05/01/2051      815       815  
Series G, Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2055      4,265       4,725  
South Dakota Housing Development Authority, Homeownership Mortgage, Series B, Rev., 3.00%, 11/01/2051      2,410       2,377  
    

 

 

  
       32,798  
    

 

 

  
Tennessee — 1.2%     
Chattanooga Health Educational & Housing Facility Board, Commonspirit Health,     
Series A1, Rev., 5.00%, 08/01/2028      305       330  
Series A, Rev., 5.00%, 08/01/2044      1,000       1,042  
City of Clarksville Water Sewer & Gas Revenue, Rev., 5.00%, 02/01/2041 (p)      965       997  
City of Memphis Storm Water System Revenue, Rev., 5.00%, 10/01/2044      3,365       3,504  
City of Memphis TN Electric System Revenue,     
Rev., 5.00%, 12/01/2025      1,085       1,114  
Rev., 5.00%, 12/01/2031      600       692  
Rev., 5.00%, 12/01/2032      850       989  
Cleveland Health & Educational Facilities Board, Rev., 5.25%, 08/15/2054      14,700       16,305  
County of Coffee, GO, 5.00%, 06/01/2026      250       260  
County of Rutherford TN, GO, 3.00%, 04/01/2033      6,625       6,518  
Johnson City Health & Educational Facilities Board, Tapestry at Roan Hill, Rev., HUD, 3.60%, 12/01/2027 (z)      3,000       3,040  
Knox County Health Educational & Housing Facility Board, University of Tennessee Project,     
Series A1, Rev., BAM, 5.00%, 07/01/2039      500       553  
Series A1, Rev., BAM, 5.25%, 07/01/2049      1,365       1,479  
Knox County Health Educational & Housing Facility Board, Westview Towers Project, Rev., HUD, 3.95%, 12/01/2027 (z)      410       414  
Knoxville’s Community Development Corp., Willow Place Project, Rev., HUD, 3.75%, 12/01/2027 (z)      1,800       1,816  
Memphis-Shelby County Airport Authority,     
Rev., AMT, 5.00%, 07/01/2032      270       283  
Rev., AMT, 5.00%, 07/01/2043      2,055       2,107  
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Belmont University, Rev., 5.25%, 05/01/2048      1,250       1,374  
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Vanderbilt University Medical Center, Rev., 5.00%, 07/01/2046      1,285       1,297  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Tennessee — continued     
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bond, Vanderbilt University Medical Center, Series A, Rev., 5.00%, 07/01/2040      7,555       7,696  
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bond, Rev., 4.00%, 10/01/2054      2,000       1,988  
Metropolitan Government Nashville & Davidson County Sports Authority, Stadium Project Senior Lien, Series A, Rev., AGM, 5.25%, 07/01/2048      2,925       3,238  
Metropolitan Government of Nashville & Davidson County Electric Revenue, Series A, Rev., 5.00%, 05/15/2043      1,500       1,696  
Metropolitan Government of Nashville & Davidson County, Water & Sewer Revenue, Subordinate, Series B, Rev., 5.00%, 07/01/2035      1,500       1,580  
Metropolitan Nashville Airport Authority (The),     
Series B, Rev., AMT, 5.00%, 07/01/2026      70       73  
Series B, Rev., AMT, 5.00%, 07/01/2027      170       178  
Series B, Rev., AMT, 5.25%, 07/01/2033      270       305  
Series B, Rev., AMT, 5.25%, 07/01/2047      3,500       3,788  
Series B, Rev., AMT, 5.50%, 07/01/2038      1,625       1,857  
Shelby County Health Educational & Housing Facilities Board, Rev., 5.00%, 09/01/2049 (z)      2,225       2,402  
State of Tennessee, GO, 5.00%, 05/01/2041      7,470       8,518  
Tennergy Corp., Series A, Rev., 4.00%, 12/01/2051 (z)      6,500       6,613  
Tennergy Corp., Gas Supply Bonds, Series A, Rev., 5.50%, 10/01/2053 (z)      5,000       5,454  
Tennessee Energy Acquisition Corp.,     
Rev., 4.00%, 11/01/2049 (z)      4,480       4,505  
Rev., 5.00%, 05/01/2052 (z)      18,000       19,513  
Tennessee Energy Acquisition Corp., Gas Project, Series A1, Rev., 5.00%, 05/01/2053 (z)      9,000       9,475  
Tennessee Housing Development Agency, Rev., GNMA/FNMA/FHLMC, 6.00%, 01/01/2055      755       851  
Tennessee Housing Development Agency, Residential Finance Program I, Rev., 3.75%, 01/01/2050      185       186  
Tennessee Housing Development Agency, Sustainable Bonds,     
Series 1A, Rev., 4.50%, 07/01/2044      1,220       1,238  
Series 1A, Rev., 5.75%, 01/01/2055      550       602  
Williamson County Industrial Development Board, Wood Duck Court Apartments, Rev., HUD, 5.00%, 05/01/2042 (z)      1,460       1,521  
    

 

 

  
       127,391  
    

 

 

  
Texas — 11.0%     
Alamo Community College District, Maintenance Tax Notes, GO, 5.00%, 02/15/2026      5,000       5,165  
Anson Education Facilities Corp., Arlington Classics Academy, Rev., 5.00%, 08/15/2045      1,370       1,379  
Arlington Higher Education Finance Corp.,     
Rev., 4.88%, 06/15/2054 (e)      1,050       1,054  
Series A, Rev., PSF-GTD, 4.00%, 08/15/2025      445       449  
Series A, Rev., PSF-GTD, 4.00%, 08/15/2026      265       270  
Series A, Rev., PSF-GTD, 4.00%, 08/15/2030      425       443  
Series A, Rev., PSF-GTD, 5.00%, 08/15/2031      555       622  
Arlington Higher Education Finance Corp., Legacy Traditional Schools,     
Rev., 4.13%, 02/15/2041      815       686  
Rev., 6.00%, 02/15/2042 (e)      250       255  
Austin Community College District,     
GO, 5.00%, 08/01/2048      3,500       3,842  
GO, 5.25%, 08/01/2053      1,500       1,668  
Austin Convention Enterprises, Inc., First Tier Convention Center, Rev., 5.00%, 01/01/2033      1,125       1,142  
Austin Independent School District,     

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Texas — continued     
GO, 5.00%, 08/01/2026      1,000       1,046  
GO, 5.00%, 08/01/2038      500       571  
Series A, GO, PSF-GTD, 4.00%, 08/01/2032 (p)      1,000       1,009  
Barbers Hill Independent School District,     
GO, PSF-GTD, 5.00%, 02/15/2032 (w)      500       569  
GO, PSF-GTD, 5.00%, 02/15/2035      3,000       3,418  
Bastrop Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040      2,000       2,245  
Beaumont Independent School District,     
GO, PSF-GTD, 3.00%, 02/15/2033      2,500       2,428  
GO, PSF-GTD, 5.00%, 02/15/2028      1,535       1,583  
Bells Independent School District, GO, PSF-GTD, 4.25%, 02/15/2053      2,310       2,325  
Bexar County Hospital District, Certificate Obligation, GO, 5.00%, 02/15/2043      2,750       3,016  
Bexar County Hospital District, Certificates Obligation, GO, 4.00%, 02/15/2039      1,090       1,116  
Bexar County Hospital District, Certificates of Obligation,     
GO, 5.00%, 02/15/2036      370       416  
GO, 5.00%, 02/15/2037      230       258  
Board of Regents of the University of Texas System,     
Rev., 4.00%, 08/15/2054 (w)      10,000       9,837  
Series A, Rev., 5.00%, 08/15/2030      1,000       1,133  
Series E, Rev., 5.00%, 08/15/2027      1,000       1,072  
Boerne Independent School District, GO, PSF-GTD, 3.13%, 02/01/2053 (z)      1,765       1,771  
Brazoria County Toll Road Authority, Subordinated Lien, Series A, Rev., CNTY GTD, 5.00%, 03/01/2033      1,670       1,758  
Brazos Higher Education Authority, Inc., Rev., AMT, 4.00%, 04/01/2045      2,630       2,597  
Brazosport Independent School District,     
GO, PSF-GTD, 5.00%, 02/15/2029      2,000       2,209  
GO, PSF-GTD, 5.00%, 02/15/2030      1,925       2,118  
Capital Area Housing Finance Corp., Redwood Apartments, Rev., 3.50%, 01/01/2041 (z)      3,000       3,005  
Carrollton-Farmers Branch Independent School District,     
GO, PSF-GTD, 4.00%, 02/15/2053      5,000       4,963  
GO, PSF-GTD, 5.00%, 02/15/2026      2,500       2,582  
Castleberry Independent School District, GO, PSF-GTD, 5.00%, 02/15/2041      700       788  
Celina Independent School District, GO, PSF-GTD, 5.00%, 02/15/2031      500       566  
Central Texas Regional Mobility Authority,     
Rev., 5.00%, 01/01/2037      1,285       1,390  
Series B, Rev., 4.00%, 01/01/2040      800       811  
Series B, Rev., 4.00%, 01/01/2051      1,250       1,214  
Series B, Rev., 5.00%, 01/01/2037      1,000       1,095  
Series B, Rev., 5.00%, 01/01/2046      1,500       1,598  
Series C, Rev., BAN, 5.00%, 01/01/2027      2,000       2,045  
Central Texas Regional Mobility Authority, Senior Lien,     
Series B, Rev., 4.00%, 01/01/2039      600       610  
Series B, Rev., 4.00%, 01/01/2040      500       506  
Series B, Rev., 5.00%, 01/01/2045      3,595       3,800  
Series D, Rev., 5.00%, 01/01/2033      480       536  
Series E, Rev., 5.00%, 01/01/2045      2,665       2,817  
Central Texas Regional Mobility Authority, Subordinated, Series F, Rev., BAN, 5.00%, 01/01/2025      4,770       4,779  
Central Texas Turnpike System,     
Rev., 5.00%, 08/15/2031      1,490       1,682  
Rev., 5.00%, 08/15/2037      10,000       11,450  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Texas — continued     
Rev., 5.00%, 08/15/2038      7,690       8,756  
Rev., 5.00%, 08/15/2040      2,500       2,797  
Central Texas Turnpike System, Subordinate,     
Series C, Rev., 5.00%, 08/15/2031      1,000       1,001  
Series C, Rev., 5.00%, 08/15/2042      5,000       5,007  
Chapel Hill Independent School District/Smith County, GO, PSF-GTD, 5.00%, 02/15/2039      700       795  
City Austin, Certificates Obligation,     
GO, 5.00%, 09/01/2032      1,750       1,968  
GO, 5.00%, 09/01/2033      1,100       1,235  
GO, 5.00%, 09/01/2034      1,750       1,958  
City of Arlington TX Water & Wastewater System Revenue,     
Rev., 5.00%, 06/01/2037      1,445       1,687  
Rev., 5.00%, 06/01/2039      1,445       1,662  
City of Arlington, Tax, Increment Reinvestment Zone, Tax Allocation, 4.00%, 08/15/2041      1,000       928  
City of Austin Electric Utility Revenue, Series A, Rev., 5.00%, 11/15/2031      1,595       1,628  
City of Austin TX Water & Wastewater System Revenue, Rev., 5.00%, 11/15/2041      6,500       7,368  
City of Austin Water & Wastewater System Revenue,     
Rev., 4.00%, 11/15/2036      185       194  
Rev., 4.00%, 11/15/2041      1,510       1,542  
Rev., 5.00%, 11/15/2041      7,000       7,202  
Series C, Rev., 5.00%, 11/15/2025 (p)      510       523  
Series C, Rev., 5.00%, 11/15/2032      1,000       1,128  
City of Austin, Airport System Revenue,     
Rev., AMT, 5.00%, 11/15/2029      1,400       1,519  
Rev., AMT, 5.00%, 11/15/2040      1,500       1,618  
Series B, Rev., AMT, 5.00%, 11/15/2030      1,000       1,080  
Series B, Rev., AMT, 5.00%, 11/15/2033      1,130       1,162  
Series B, Rev., AMT, 5.00%, 11/15/2036      3,335       3,469  
City of Austin, Electric Utility Revenue,     
Series A, Rev., 5.00%, 11/15/2038      1,265       1,286  
Series B, Rev., 5.00%, 11/15/2037      1,505       1,635  
Series B, Rev., 5.00%, 11/15/2038      1,340       1,452  
City of Austin, Refunding & Public Improvement, GO, 5.00%, 09/01/2033      620       696  
City of Beaumont TX Waterworks & Sewer System Revenue, Rev., BAM, 5.00%, 09/01/2049      2,000       2,156  
City of Celina TX, Special Assessment, BAM, 5.00%, 09/01/2040      1,200       1,288  
City of Corpus Christi, Utility System Revenue,     
Rev., 5.00%, 07/15/2028      1,885       2,055  
Rev., 5.00%, 07/15/2039      1,000       1,129  
City of Dallas Housing Finance Corp., Rev., FHA, 5.00%, 08/01/2027 (z)      350       363  
City of Dallas Housing Finance Corp., Estates at Ferguson, Rev., 5.00%, 07/01/2042 (z)      1,010       1,056  
City of Dallas TX, GO, AGM-CR, 4.00%, 02/15/2043      6,000       6,057  
City of Dallas Waterworks & Sewer System Revenue,     
Series A, Rev., 5.00%, 10/01/2032      1,250       1,297  
Series A, Rev., 5.00%, 10/01/2047      5,000       5,516  
Series C, Rev., 4.00%, 10/01/2031      2,000       2,084  
City of Dallas, Fair Park Venue Project Senior, Special Tax, 6.25%, 08/15/2053 (e) (z)      3,500       3,517  
City of Dallas, Hutchison Convention Center, Special Tax, 6.00%, 08/15/2053 (e) (z)      9,720       9,779  
City of Dallas, Waterworks & Sewer System Revenue,     
Series C, Rev., 4.00%, 10/01/2039      7,470       7,657  
Series C, Rev., 4.00%, 10/01/2040      1,000       1,021  
Series C, Rev., 5.00%, 10/01/2029      1,125       1,254  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Texas — continued     
City of Denton, GO, 2.00%, 02/15/2032      1,345       1,206  
City of Denton, Certificates Obligation,     
GO, 2.00%, 02/15/2034      2,565       2,212  
GO, 2.00%, 02/15/2035      2,625       2,215  
City of Eagle Pass, Certificates Obligation,     
GO, AGM, 4.00%, 03/01/2039      500       509  
GO, AGM, 4.00%, 03/01/2041      680       694  
City of El Paso, GO, BAM, 4.00%, 08/15/2042      10,900       10,876  
City of Fort Worth, GO, 4.00%, 03/01/2030      1,150       1,207  
City of Fort Worth TX Water & Sewer System Revenue,     
Rev., 5.00%, 02/15/2037      2,305       2,649  
Rev., 5.00%, 02/15/2038      1,390       1,589  
Rev., 5.00%, 02/15/2041      710       792  
City of Galveston TX Wharves & Terminal Revenue,     
Rev., AMT, 5.25%, 08/01/2039      750       824  
Rev., AMT, 5.50%, 08/01/2041      1,050       1,174  
Rev., AMT, 5.50%, 08/01/2042      700       781  
Rev., AMT, 5.50%, 08/01/2043      1,100       1,223  
Rev., AMT, 5.50%, 08/01/2044      700       777  
City of Haslet, Improvement Area Second Project, Special Assessment, 3.25%, 09/01/2031 (e)      500       451  
City of Houston Airport System Revenue, Series C, Rev., AMT, 5.00%, 07/01/2028      470       500  
City of Houston Airport System Revenue, Subordinated Lien,     
Series A, Rev., AMT, 4.00%, 07/01/2035      1,000       1,017  
Series A, Rev., AMT, 4.00%, 07/01/2040      3,570       3,546  
Series A, Rev., AMT, 5.00%, 07/01/2028      1,890       2,012  
Series A, Rev., AGM, AMT, 5.00%, 07/01/2028      550       586  
Series A, Rev., AGM, AMT, 5.00%, 07/01/2029      1,580       1,706  
Series A, Rev., AMT, 5.00%, 07/01/2034      2,500       2,699  
Series A, Rev., AGM, AMT, 5.00%, 07/01/2037      2,000       2,205  
Series B, Rev., 5.00%, 07/01/2026      1,000       1,042  
Series B, Rev., 5.00%, 07/01/2027      1,995       2,126  
City of Houston Airport System Revenue, United Airlines, Inc. Terminal, Rev., AMT, 4.00%, 07/15/2041      4,365       4,289  
City of Houston Combined Utility System Revenue, First Lien, Series A, Rev., 4.00%, 11/15/2033      1,200       1,263  
City of Houston Combined Utility System Revenue, Subordinated First Lien, Rev., 5.00%, 11/15/2025      2,500       2,566  
City of Houston Hotel Occupancy Tax & Special Revenue, Convention & Entertainment,     
Rev., 4.00%, 09/01/2025      45       46  
Rev., 4.00%, 09/01/2029      280       293  
City of Houston TX, GO, 5.25%, 03/01/2049      16,000       17,878  
City of Houston, Airport System Revenue, Special Facilities, United Airlines, Inc., Rev., AMT, 5.00%, 07/15/2028      600       621  
City of Houston, Combined Utility System Revenue, First Lien,     
Series A, Rev., 5.00%, 11/15/2029      1,100       1,229  
Series C, Rev., 5.00%, 11/15/2029      3,100       3,468  
City of Hutto TX,     
GO, BAM, 4.13%, 08/01/2049      2,500       2,493  
GO, BAM, 5.00%, 08/01/2043      1,220       1,347  
City of Justin, Timberbrook Public Improvement, Special Assessment, 3.00%, 09/01/2031 (e)      315       291  
City of Kyle, 6 Creeks Public Improvement, Special Assessment, 2.63%, 09/01/2025 (e)      185       182  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

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       828  
Rev., 5.00%, 04/15/2027      785       831  
Rev., 5.00%, 04/15/2028      900       972  
Rev., AGM, 5.00%, 04/15/2035      1,345       1,543  
Rev., AGM, 5.00%, 04/15/2038      1,045       1,184  
Rev., AGM, 5.00%, 04/15/2040      1,200       1,342  
City of McKinney Waterworks & Sewer System Revenue, Rev., 5.00%, 03/15/2026      350       362  
City of Palestine, Certificates Obligation, GO, AGM, 4.00%, 02/15/2046      5,000       4,869  
City of Plano, GO, 4.00%, 09/01/2043      1,000       1,021  
City of Round Rock TX, GO, 4.13%, 08/15/2046      3,210       3,219  
City of San Antonio Electric & Gas Systems Revenue,     
Rev., 4.00%, 02/01/2030      1,660       1,766  
Rev., 5.00%, 02/01/2025      3,000       3,019  
Rev., 5.00%, 02/01/2033      1,795       1,881  
Rev., 5.00%, 02/01/2035      1,650       1,725  
Series B, Rev., 5.25%, 02/01/2040      3,000       3,425  
City of San Antonio Electric & Gas Systems Revenue, Junior Lien,     
Rev., 4.00%, 02/01/2037      1,000       1,044  
Rev., (SIFMA Municipal Swap Index + 0.87%), 4.02%, 02/01/2048 (aa)      3,000       2,997  
Series A, Rev., 5.00%, 02/01/2035      2,200       2,450  
Series D, Rev., 1.13%, 12/01/2045 (z)      6,510       6,107  
City of San Antonio TX, GO, 5.00%, 02/01/2029      1,125       1,242  
City of San Antonio TX Electric & Gas Systems Revenue,     
Rev., 5.00%, 02/01/2036      1,680       1,952  
Rev., 5.00%, 02/01/2040      1,000       1,136  
Rev., 5.25%, 02/01/2044      1,660       1,883  
Rev., 5.25%, 02/01/2049      4,000       4,473  
City of San Antonio, Electric & Gas Systems Revenue, Rev., 4.00%, 02/01/2027      2,000       2,067  
City of Waco TX, GO, 5.00%, 02/01/2049      3,000       3,284  
Cleburne Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2036      1,065       1,093  
Clifton Higher Education Finance Corp.,     
Rev., PSF-GTD, 4.00%, 08/15/2044      4,045       4,052  
Rev., PSF-GTD, 5.00%, 08/15/2035      1,300       1,465  
Rev., PSF-GTD, 5.00%, 08/15/2037      500       559  
Clifton Higher Education Finance Corp., Idea Public School,     
Rev., PSF-GTD, 5.00%, 08/15/2026      1,840       1,920  
Series A, Rev., 4.00%, 08/15/2035      415       422  
Series A, Rev., 4.00%, 08/15/2047      1,300       1,236  
Series T, Rev., PSF-GTD, 4.00%, 08/15/2036      700       735  
Series T, Rev., PSF-GTD, 4.00%, 08/15/2047      1,175       1,170  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2025      70       71  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2026      55       57  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2027      30       32  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2028      40       44  
Series T, Rev., PSF-GTD, 5.00%, 08/15/2030      215       240  
Clifton Higher Education Finance Corp., International Leadership of Texas, Rev., PSF-GTD, 4.00%, 08/15/2025      145       146  
Clifton Higher Education Finance Corp., International Leadership of Texas, Inc., Rev., PSF-GTD, 5.00%, 08/15/2028      900       978  
Collin County Community College District, Series A, GO, 4.00%, 08/15/2035      1,600       1,666  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Texas — continued     
Conroe Independent School District, GO, PSF-GTD, 4.00%, 02/15/2049      6,000       5,888  
County of Bexar,     
GO, 4.00%, 06/15/2040      11,085       11,093  
GO, 5.00%, 06/15/2043 (p)      2,000       2,079  
County of Collin, GO, 5.00%, 02/15/2029      2,000       2,212  
County of Dallas, Certificates of Obligation, GO, 5.00%, 08/15/2041      2,550       2,844  
County of Denton, GO, 5.00%, 07/15/2027      1,000       1,069  
County of Denton TX, GO, 4.00%, 07/15/2043      2,800       2,840  
County of El Paso, Series A, GO, 5.00%, 02/15/2027      1,430       1,476  
County of Harris, Series A, GO, 5.00%, 10/01/2029      1,150       1,287  
County of Harris Toll Road Revenue, First Lien, Rev., 4.00%, 08/15/2045      1,500       1,503  
County of Harris, Subordinate, Series A, GO, 5.00%, 08/15/2026      1,750       1,833  
County of Nueces, GO, 5.00%, 02/15/2029      460       503  
County of Williamson,     
GO, 5.00%, 02/15/2030 (p)      3,845       3,869  
GO, 5.00%, 02/15/2031 (p)      4,045       4,070  
GO, 5.00%, 02/15/2032 (p)      2,125       2,138  
Dallas Area Rapid Transit,     
Series A, Rev., 5.00%, 12/01/2029 (p)      1,890       1,941  
Series A, Rev., 5.00%, 12/01/2046 (p)      2,000       2,054  
Dallas Area Rapid Transit, Senior Lien,     
Rev., 5.00%, 12/01/2032      1,000       1,106  
Series B, Rev., 4.00%, 12/01/2051      2,000       1,952  
Dallas Fort Worth International Airport,     
Series B, Rev., 5.00%, 11/01/2050      4,000       4,325  
Series C, Rev., AMT, 5.00%, 11/01/2030      5,000       5,467  
Dallas Fort Worth International Airport, Dallas Fort Worth International, Rev., 5.00%, 11/01/2025      1,825       1,871  
Dallas Independent School District, Series B, GO, PSF-GTD, 3.00%, 02/15/2034      1,370       1,344  
Del Valle Independent School District,     
GO, PSF-GTD, 4.00%, 06/15/2031      3,085       3,288  
GO, PSF-GTD, 4.00%, 06/15/2032      3,405       3,613  
GO, PSF-GTD, 4.00%, 06/15/2033      5,740       6,073  
GO, PSF-GTD, 4.00%, 06/15/2034      3,280       3,461  
Denton Independent School District,     
GO, PSF-GTD, 5.00%, 08/15/2027      600       643  
GO, PSF-GTD, 5.00%, 08/15/2034      950       1,111  
GO, PSF-GTD, 5.00%, 08/15/2053      13,130       14,265  
Forney Independent School District,     
GO, PSF-GTD, 5.00%, 08/15/2040      600       669  
GO, PSF-GTD, 5.00%, 08/15/2043      2,075       2,284  
Series A, GO, PSF-GTD, 3.00%, 08/15/2037      3,585       3,391  
Series A, GO, PSF-GTD, 3.00%, 08/15/2038      4,950       4,623  
Fort Bend Grand Parkway Toll Road Authority,     
Series A, Rev., CNTY GTD, 5.00%, 03/01/2026      750       774  
Series A, Rev., CNTY GTD, 5.00%, 03/01/2027      285       302  
Series A, Rev., CNTY GTD, 5.00%, 03/01/2029      390       430  
Series A, Rev., CNTY GTD, 5.00%, 03/01/2030      1,000       1,119  
Fort Bend Independent School District,     
GO, PSF-GTD, 4.00%, 08/01/2054 (z)      4,165       4,293  
Series B, GO, PSF-GTD, 0.72%, 08/01/2051 (z)      610       576  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Texas — continued     
Series B, GO, PSF-GTD, 0.88%, 08/01/2050 (z)      830       813  
Fort Worth Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040      1,750       1,975  
Garland Independent School District,     
GO, PSF-GTD, 5.00%, 02/15/2037      500       574  
Series A, GO, PSF-GTD, 5.00%, 02/15/2037      3,500       4,016  
Georgetown Independent School District, GO, PSF-GTD, 2.00%, 08/15/2034      6,155       5,189  
Goose Creek Consolidated Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026      900       929  
Grand Parkway Transportation Corp., Grand Parkway System, Rev., 4.00%, 10/01/2045      10,125       10,035  
Greater Texoma Utility Authority, City of Sherman Project,     
Rev., BAM, 5.00%, 10/01/2037      3,060       3,492  
Rev., BAM, 5.00%, 10/01/2038      1,450       1,645  
Rev., BAM, 5.00%, 10/01/2049      10,000       10,784  
Series A, Rev., BAM, 4.00%, 10/01/2043      1,940       1,920  
Gregory-Portland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2025      1,000       1,007  
Harris County Cultural Education Facilities Finance Corp., Texas Children’s Hospital,     
Rev., 4.00%, 10/01/2041      1,000       1,004  
Rev., 5.00%, 10/01/2051 (z)      3,000       3,359  
Harris County Cultural Education Facilities Finance Corp., Texas Children’s Hospital,     
Rev., BAM, 4.00%, 10/01/2037      1,790       1,820  
Rev., 4.00%, 10/01/2038      1,000       1,012  
Rev., BAM, 4.00%, 10/01/2038      1,000       1,013  
Harris County Cultural Education Facilities Finance Corp., Texas Medical Center, Series A, Rev., 0.90%, 05/15/2050 (z)      6,315       6,193  
Harris County Flood Control District, Series A, GO, 5.00%, 10/01/2029      1,700       1,902  
Harris County Flood Control District, Sustainability Bond,     
Series A, GO, 4.00%, 09/15/2041      2,500       2,556  
Series A, GO, 4.00%, 09/15/2048      9,000       8,944  
Harris County Industrial Development Corp., Energy Transfer, Rev., 4.05%, 11/01/2050 (z)      2,000       2,056  
Harris County, Toll Road Authority, First Lien, Rev., 5.00%, 08/15/2030      1,200       1,358  
Hays Consolidated Independent School District,     
GO, PSF-GTD, 4.00%, 02/15/2042      18,160       18,185  
GO, PSF-GTD, 5.00%, 02/15/2025      480       483  
GO, PSF-GTD, 5.00%, 02/15/2038      1,000       1,123  
GO, PSF-GTD, 5.00%, 02/15/2040      1,305       1,449  
Hidalgo County Regional Mobility Authority, Senior Lien,     
Series A, Rev., 5.00%, 12/01/2032      1,000       1,093  
Series A, Rev., 5.00%, 12/01/2033      575       627  
Series A, Rev., 5.00%, 12/01/2034      750       817  
Houston Higher Education Finance Corp., Houston Baptist University, Rev., 4.00%, 10/01/2051      1,100       931  
Houston Higher Education Finance Corp., Kipp Inc, Rev., PSF-GTD, 4.00%, 08/15/2040      2,500       2,505  
Houston Housing Finance Corp., Summerdale Apartments, Rev., 5.00%, 08/01/2041 (z)      315       324  
Houston Independent School District, Series C, GO, PSF-GTD, 4.00%, 06/01/2039 (z)      4,350       4,370  
Hutto Independent School District, GO, PSF-GTD, 5.00%, 08/01/2048      2,400       2,629  
Irving Independent School District,     
GO, PSF-GTD, 5.00%, 02/15/2028      500       541  
GO, PSF-GTD, 5.00%, 02/15/2035      2,300       2,649  
GO, PSF-GTD, 5.00%, 02/15/2038      4,375       4,964  
GO, PSF-GTD, 5.00%, 02/15/2041      250       279  
Jarrell Independent School District, GO, PSF-GTD, 5.00%, 02/15/2037      725       816  
Katy Independent School District,     
GO, PSF-GTD, 4.00%, 02/15/2031      2,000       2,006  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Texas — continued     
GO, PSF-GTD, 5.00%, 02/15/2036      1,340       1,502  
Series B, GO, PSF-GTD, 5.00%, 02/15/2036      2,475       2,537  
Kilgore Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026      450       464  
Klein Independent School District, GO, PSF-GTD, 4.00%, 08/01/2046      4,000       4,011  
Krum Independent School District, GO, PSF-GTD, 4.25%, 08/15/2054      9,255       9,271  
Lake Houston Redevelopment Authority, Rev., 4.00%, 09/01/2035      250       244  
Lake Travis Independent School District, School Building, Series A, GO, PSF-GTD, 5.00%, 02/15/2043 (p)      1,090       1,153  
Lamar Consolidated Independent School District,     
GO, PSF-GTD, 5.00%, 02/15/2029      150       166  
GO, PSF-GTD, 5.00%, 02/15/2041      1,500       1,694  
GO, PSF-GTD, 5.00%, 02/15/2043      2,100       2,348  
Series A, GO, PSF-GTD, 5.00%, 02/15/2058      4,335       4,662  
Leander Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026      1,430       1,477  
Liberty Hill Independent School District,     
GO, PSF-GTD, 5.00%, 02/01/2040      1,890       2,147  
GO, PSF-GTD, 5.00%, 02/01/2041      2,020       2,277  
Llano Independent School District, GO, PSF-GTD, 5.00%, 02/15/2032      1,350       1,387  
Longview Independent School District, GO, PSF-GTD, 5.00%, 02/15/2043      1,750       1,967  
Love Field Airport Modernization Corp., Southwest Airlines Co Project, Rev., AMT, 5.00%, 11/01/2028      1,710       1,711  
Lower Colorado River Authority,     
Rev., AGM, 4.00%, 05/15/2033      500       503  
Rev., AGM, 5.00%, 05/15/2031      4,795       5,441  
Rev., AGM, 5.00%, 05/15/2032      5,000       5,650  
Series A, Rev., 5.00%, 05/15/2027      420       446  
Series B, Rev., 5.00%, 05/15/2039 (z)      3,000       3,160  
Lower Colorado River Authority, LCRA Transmission Services,     
Rev., 5.00%, 05/15/2030      1,000       1,120  
Rev., 5.00%, 05/15/2051      3,500       3,725  
Lower Colorado, River Authority, Transmission Services Contract, Rev., 5.00%, 05/15/2029      100       110  
Mansfield Independent School District, GO, PSF-GTD, 3.00%, 08/01/2036      1,000       972  
Matagorda County Navigation District No. 1, Central Power & Light, Rev., AMT, 4.25%, 05/01/2030      825       858  
Matagorda County Navigation District No. 1, Central Power & Light Co., Rev., 2.60%, 11/01/2029      3,500       3,363  
McKinney Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026      1,245       1,286  
Medina Valley Independent School District,     
GO, PSF-GTD, 0.82%, 02/15/2051 (z)      445       427  
GO, PSF-GTD, 5.00%, 02/15/2040      3,000       3,370  
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Contractual Obligation, Series B, Rev., 5.00%, 11/01/2025      435       445  
Midland County Hospital District, Rev., BAM, 5.25%, 05/15/2054      2,170       2,431  
Midland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2050      2,300       2,404  
Mission Economic Development Corp.,     
Rev., AMT, 0.00%, 06/01/2048 (z)      5,665       5,700  
Rev., AMT, 4.00%, 06/01/2054 (z)      2,475       2,545  
Mission Economic Development Corp., Waste Management, Inc. Project, Series B, Rev., AMT, 4.00%, 07/01/2040 (z)      8,235       8,231  
New Caney Independent School District,     

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Texas — continued     
GO, PSF-GTD, 5.00%, 02/15/2037      625       719  
GO, PSF-GTD, 5.00%, 02/15/2040      1,375       1,561  
GO, PSF-GTD, 5.00%, 02/15/2041      2,000       2,259  
GO, PSF-GTD, 5.00%, 02/15/2044      1,250       1,391  
New Hope Cultural Education Facilities Finance Corp., Series A, Rev., 5.00%, 07/01/2047 (d)      2,000       2,000  
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A, Rev., 5.00%, 08/15/2047      1,000       1,024  
New Hope Cultural Education Facilities Finance Corp., NCCD College Station Project, Series A, Rev., 5.00%, 07/01/2035 (d)      9,400       9,400  
New Hope Cultural Education Facilities Finance Corp., Westminster Project, Rev., 4.00%, 11/01/2049      100       93  
Newark Higher Education Finance Corp., Austin Achieve Public Schools, Rev., PSF-GTD, 5.00%, 06/15/2038      1,365       1,528  
North East Independent School District, GO, PSF-GTD, 3.75%, 08/01/2049 (z)      1,570       1,603  
North Fort Bend Water Authority, Rev., BAM, 5.00%, 12/15/2026      1,520       1,600  
North Texas Higher Education Authority, Inc., Rev., AMT, 4.13%, 06/01/2045      5,205       5,137  
North Texas Municipal Water District Water System Revenue, Rev., 3.00%, 09/01/2041      575       518  
North Texas Tollway Authority,     
Rev., AGC, Zero Coupon, 01/01/2035      10,000       7,087  
Rev., 5.00%, 01/01/2031 (w)      3,000       3,378  
Rev., 5.00%, 01/01/2032 (w)      6,070       6,905  
Rev., 5.00%, 01/01/2035 (w)      3,250       3,772  
Rev., 5.25%, 01/01/2044 (w)      3,225       3,644  
Series A, Rev., 5.00%, 01/01/2029      1,800       1,851  
Series B, Rev., 5.00%, 01/01/2027      1,150       1,155  
North Texas Tollway Authority, Capital Appreciation, First Tier, Rev., AGC, Zero Coupon, 01/01/2030      1,500       1,278  
North Texas Tollway Authority, First Tier Bonds,     
Series A, Rev., 4.00%, 01/01/2035      2,000       2,052  
Series A, Rev., 5.00%, 01/01/2037      1,500       1,688  
Series A, Rev., 5.00%, 01/01/2040      4,000       4,425  
North Texas Tollway Authority, Second Tier,     
Rev., 4.25%, 01/01/2049      4,000       3,945  
Rev., 5.00%, 01/01/2048      2,335       2,410  
Series B, Rev., 4.00%, 01/01/2035      2,100       2,159  
Series B, Rev., 4.00%, 01/01/2036      1,000       1,023  
Series B, Rev., 4.00%, 01/01/2037      1,000       1,018  
Series B, Rev., 5.00%, 01/01/2027      215       221  
Series B, Rev., 5.00%, 01/01/2033      1,000       1,041  
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       13,331  
Northwest Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040      1,000       1,114  
Northwest Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2042 (p)      4,515       4,657  
Odessa Junior College District, Consolidated Fund, Rev., AGM, 4.00%, 07/01/2026      1,015       1,037  
Pasadena Independent School District, GO, PSF-GTD, 5.00%, 02/15/2047      2,000       2,176  
Pearland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026      1,075       1,110  
Pecos Barstow Toyah Independent School District,     
GO, PSF-GTD, 5.00%, 02/15/2027      300       317  
GO, PSF-GTD, 5.00%, 02/15/2039      500       540  
Permanent University Fund - Texas A&M University System, Board of Regents, Rev., 5.00%, 07/01/2042      1,695       1,888  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Texas — continued     
Permanent University Fund - Texas A&M University System, Board Of Regents, Rev., 5.00%, 07/01/2039      1,500       1,692  
Permanent University Fund - University of Texas System, Permanent University Fund Bonds, Rev., 5.00%, 07/01/2033      1,090       1,105  
Plano Independent School District, GO, 5.00%, 02/15/2027      650       687  
Port Authority of Houston of Harris County Texas,     
Rev., 5.00%, 10/01/2026      850       892  
Rev., 5.00%, 10/01/2028      1,250       1,368  
Rev., 5.00%, 10/01/2029      1,250       1,392  
Port Authority of Houston of Harris County Texas, First Lien,     
Rev., 5.00%, 10/01/2025      950       972  
Rev., 5.00%, 10/01/2048      8,500       9,278  
Port Beaumont Navigation District, Jefferson Gulf Coast Energy,     
Rev., AMT, 2.00%, 01/01/2027 (e)      550       526  
Rev., AMT, 2.25%, 01/01/2029 (e)      800       743  
Rev., AMT, 2.88%, 01/01/2041 (e)      120       98  
Port of Beaumont Industrial Development Authority, Taxable Jefferson Gulf Coast Energy, Rev., 4.10%, 01/01/2028 (e)      3,000       2,695  
Port of Beaumont Navigation District, Rev., AMT, 5.00%, 01/01/2039 (e)      3,250       3,396  
Prosper Independent School District,     
GO, PSF-GTD, 4.00%, 02/15/2054      12,250       11,950  
GO, PSF-GTD, 4.25%, 02/15/2054      20,000       20,169  
GO, PSF-GTD, 5.00%, 02/15/2025      2,620       2,638  
Series A, GO, PSF-GTD, 5.00%, 02/15/2030      25       28  
Red River Education Finance Corp., Rev., 5.00%, 03/15/2035      1,430       1,702  
Rockwall Independent School District, GO, PSF-GTD, 5.00%, 02/15/2027      1,335       1,412  
Royse City Independent School District, GO, PSF-GTD, 5.00%, 02/15/2039      1,000       1,130  
San Antonio Education Facilities Corp., University of The Incarnate Word,     
Rev., 4.00%, 04/01/2038      2,065       1,948  
Rev., 4.00%, 04/01/2041      1,000       908  
San Antonio Housing Trust Finance Corp., The Arbors at West Avenue, Rev., HUD, 1.45%, 03/01/2026 (z)      805       794  
San Antonio Water System,     
Series 2013F, Rev., 1.00%, 05/01/2043 (z)      6,000       5,640  
Series A, Rev., 5.00%, 05/15/2034      2,375       2,537  
Series C, Rev., 5.00%, 05/15/2046      6,670       7,140  
San Antonio Water System, Junior Lien, Series A, Rev., 5.00%, 05/15/2043      3,500       3,668  
San Marcos Consolidated Independent School District,     
GO, PSF-GTD, 5.00%, 08/15/2027      1,830       1,958  
GO, PSF-GTD, 5.00%, 08/15/2040      2,000       2,258  
Socorro Independent School District, GO, PSF-GTD, 4.00%, 08/15/2040      2,575       2,594  
Southwest Independent School District, GO, PSF-GTD, 5.00%, 02/01/2027      410       433  
Spring Independent School District, GO, 5.00%, 08/15/2030      600       674  
State of Texas, Series B, GO, 4.00%, 08/01/2030      60       60  
State of Texas, Mobility Fund, Series B, GO, 5.00%, 10/01/2032      14,655       14,948  
State of Texas, Public Finance Authority, GO, 5.00%, 10/01/2026      1,000       1,050  
State of Texas, Water Financial Assistance, Series B, GO, 5.00%, 08/01/2037      1,000       1,014  
Strategic Housing Finance Corp. of Travis County, ECG Yager LP, Rev., 0.46%, 09/01/2041 (z)      2,500       2,470  
Tarrant County Cultural Education Facilities Finance Corp., Rev., 5.00%, 07/01/2038      9,115       9,655  
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health,     

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Texas — continued     
Rev., 4.00%, 11/15/2042      15,000       14,925  
Series A, Rev., 5.00%, 11/15/2045      4,195       4,253  
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Rev., 5.50%, 11/15/2047      12,415       13,896  
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health, Rev., 5.00%, 11/15/2052 (z)      1,450       1,491  
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott And White Health, Rev., 5.00%, 11/15/2052 (z)      3,005       3,327  
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B, Rev., 5.00%, 07/01/2035      1,110       1,187  
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Taxable, Rev., AGM, 1.39%, 09/01/2025      600       584  
Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas,     
Rev., 4.00%, 10/01/2041      1,975       1,991  
Rev., 5.00%, 10/01/2030      1,000       1,121  
Rev., 5.00%, 10/01/2037      1,000       1,119  
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources, Rev., 5.00%, 02/15/2041      5,000       5,118  
Tarrant Regional Water District Water Supply System Revenue, Rev., 5.00%, 03/01/2036      3,500       4,078  
Texas A&M University,     
Rev., 5.00%, 05/15/2036      5,000       5,887  
Rev., 5.00%, 05/15/2037      1,000       1,173  
Rev., 5.00%, 05/15/2042      4,830       5,502  
Texas A&M University, Financing System, Series B, Rev., 4.00%, 05/15/2043      20,595       20,373  
Texas Department of Housing & Community Affairs,     
Rev., GNMA COLL, 6.00%, 07/01/2054      2,020       2,279  
Series A, Rev., GNMA COLL, 4.00%, 03/01/2050      315       320  
Series B, Rev., GNMA COLL, 6.00%, 03/01/2053      580       642  
Series C, Rev., GNMA COLL, 6.00%, 03/01/2054      3,130       3,505  
Texas Department of Housing & Community Affairs, Aspen Park, Rev., 5.00%, 03/01/2041 (z)      1,225       1,235  
Texas Department of Housing & Community Affairs, Social Bonds, Series A, Rev., GNMA, 3.00%, 01/01/2052      1,890       1,862  
Texas Department of Housing & Community Affairs, Sustainable Bond, Series B, Rev., GNMA COLL, 5.75%, 01/01/2053      950       1,028  
Texas Municipal Gas Acquisition & Supply Corp. III,     
Rev., 5.00%, 12/15/2025      1,305       1,327  
Rev., 5.00%, 12/15/2030      3,300       3,563  
Rev., 5.00%, 12/15/2031      2,000       2,174  
Texas Municipal Gas Acquisition & Supply Corp. IV,     
Series A, Rev., 5.50%, 01/01/2054 (z)      15,815       17,220  
Series B, Rev., 5.50%, 01/01/2054 (z)      9,795       11,138  
Texas Municipal Gas Acquisition and Supply Corp. I, Series D, Rev., 6.25%, 12/15/2026      3,560       3,682  
Texas Municipal Power Agency, Rev., AGM, 3.00%, 09/01/2038      500       452  
Texas Private Activity Bond Surface Transportation Corp., Rev., AMT, 5.00%, 06/30/2058      24,555       25,134  
Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group,     
Rev., 4.00%, 12/31/2030      3,970       4,153  
Rev., 4.00%, 06/30/2033      1,000       1,033  
Texas Private Activity Bond Surface Transportation Corp., Senior Lien Blueridge Transport,     
Rev., AMT, 5.00%, 12/31/2040      2,955       2,955  
Rev., AMT, 5.00%, 12/31/2045      3,000       3,000  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Texas — continued     
Rev., AMT, 5.00%, 12/31/2050      2,000       2,000  
Rev., AMT, 5.00%, 12/31/2055      3,000       3,000  
Texas Private Activity Bond Surface Transportation Corp., Senior Lien Bond,     
Rev., AMT, 5.38%, 06/30/2037      1,750       1,908  
Rev., AMT, 5.38%, 06/30/2038      3,955       4,297  
Rev., AMT, 5.50%, 06/30/2041      1,425       1,543  
Rev., AMT, 5.50%, 06/30/2043      2,750       2,967  
Texas Private Activity Bond Surface Transportation Corp., Senior Lien North Tarrant Express Project, Rev., AMT, 5.50%, 12/31/2058      4,000       4,396  
Texas State Affordable Housing Corp., Juniper Creek Apartments, Rev., 3.75%, 07/01/2044 (z)      485       491  
Texas State Affordable Housing Corp., Norman Commons, Rev., 3.63%, 01/01/2045 (z)      565       573  
Texas State University System, Rev., 5.00%, 03/15/2041      2,550       2,866  
Texas Transportation Commission, GO, 5.00%, 04/01/2025      1,045       1,056  
Texas Transportation Commission, Transportation Commission Mobility, GO, 0.65%, 10/01/2041 (z)      4,500       4,290  
Texas Water Development Board,     
Rev., 4.00%, 10/15/2035      4,000       4,022  
Rev., 5.00%, 08/01/2025      1,300       1,325  
Rev., 5.00%, 08/01/2026      2,250       2,355  
Series A, Rev., 5.00%, 10/15/2028      115       126  
Texas Water Development Board, Master Trust, Rev., 4.00%, 10/15/2033      1,000       1,056  
Texas Water Development Board, Revolving Fund,     
Rev., 4.00%, 08/01/2038      500       516  
Rev., 5.00%, 08/01/2028      625       684  
Series A, Rev., 5.00%, 10/15/2028      100       108  
Texas Water Development Board, State Revolving Fund,     
Rev., 4.00%, 08/01/2037      2,015       2,083  
Rev., 5.00%, 08/01/2027      2,835       3,039  
Texas Water Development Board, State Water Implementation Fund,     
Rev., 3.00%, 10/15/2033      2,000       1,974  
Series A, Rev., 4.00%, 10/15/2033      1,900       1,950  
Series A, Rev., 5.00%, 04/15/2026      100       104  
Series A, Rev., 5.00%, 10/15/2030      500       510  
Series A, Rev., 5.00%, 10/15/2047      2,480       2,570  
Series B, Rev., 5.00%, 04/15/2049      11,535       12,126  
Texas Water Development Board, State Water Implementation Revenue, Rev., 5.25%, 10/15/2046      2,000       2,081  
Travis County Housing Finance Corp., Airport Gateway Apartments, Rev., 4.13%, 06/01/2045 (z)      190       191  
Trinity River Authority Central Regional Wastewater System Revenue, Rev., 5.00%, 08/01/2029      1,500       1,672  
University of Houston,     
Series A, Rev., 5.00%, 02/15/2034      2,000       2,269  
Series A, Rev., 5.00%, 02/15/2041      2,000       2,197  
University of Texas, Series C, Rev., 5.00%, 08/15/2028      100       110  
Upper Trinity Regional Water District, Rev., BAM, 4.25%, 08/01/2049      1,500       1,504  
Uptown Development Authority,     
Tax Allocation, 4.00%, 09/01/2033      400       399  
Tax Allocation, 4.00%, 09/01/2035      995       971  
Waco Educational Finance Corp., Baylor University Issue,     
Rev., 5.00%, 03/01/2035      1,500       1,675  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Texas — continued     
Series A, Rev., 4.00%, 03/01/2036      750       775  
Waller Consolidated Independent School District,     
GO, BAM, 5.00%, 02/15/2040      2,800       3,120  
GO, BAM, 5.00%, 02/15/2042      6,550       7,230  
Waxahachie Independent School District,     
GO, PSF-GTD, 4.00%, 02/15/2049      2,500       2,457  
GO, PSF-GTD, 4.25%, 02/15/2053      1,670       1,680  
GO, PSF-GTD, 5.00%, 02/15/2028      1,250       1,353  
GO, PSF-GTD, 5.00%, 02/15/2029      1,370       1,513  
GO, PSF-GTD, 5.00%, 02/15/2035      1,135       1,325  
GO, PSF-GTD, 5.00%, 02/15/2040      1,000       1,138  
GO, PSF-GTD, 5.00%, 02/15/2041      1,000       1,133  
GO, PSF-GTD, 5.00%, 02/15/2042      1,000       1,128  
GO, PSF-GTD, 5.00%, 02/15/2043      1,500       1,685  
GO, PSF-GTD, 5.00%, 02/15/2044      900       1,006  
Weslaco Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040      500       568  
Whitesboro Independent School District, GO, PSF-GTD, 5.00%, 02/15/2028      550       593  
    

 

 

  
       1,198,752  
    

 

 

  
Utah — 0.7%     
Black Desert Public Infrastructure District, Special Assessment, 5.63%, 12/01/2053 (e)      2,135       2,227  
Canyons School District, Series B, GO, SCH BD GTY, 5.00%, 06/15/2027      1,000       1,070  
City of Salt Lake City Airport Revenue,     
Series A, Rev., AMT, 5.00%, 07/01/2028      1,875       1,996  
Series A, Rev., AMT, 5.00%, 07/01/2037      5,000       5,378  
Series A, Rev., AMT, 5.00%, 07/01/2046      5,000       5,260  
Series A, Rev., AMT, 5.00%, 07/01/2047      2,560       2,608  
Series A, Rev., AMT, 5.25%, 07/01/2040      2,400       2,646  
Series A, Rev., AMT, 5.25%, 07/01/2041      1,000       1,097  
Series A, Rev., AMT, 5.25%, 07/01/2042      2,750       3,010  
Series A, Rev., AMT, 5.25%, 07/01/2048      2,750       2,993  
County of Utah, IHC Health Services, Inc.,     
Series A, Rev., 4.00%, 05/15/2045      10,020       9,797  
Series B, Rev., 5.00%, 05/15/2060 (z)      625       644  
Downtown East Streetcar Sewer Public Infrastructure District, Senior Lien, Series A, GO, 6.00%, 03/01/2053 (e)      1,415       1,417  
Firefly Public Infrastructure District No. 1 Assessment Area No. 1, Special Assessment, 5.63%, 12/01/2043 (e)      545       570  
Intermountain Power Agency, Series A, Rev., 5.00%, 07/01/2030      500       568  
Provo School District, GO, SCH BD GTY, 5.00%, 06/15/2028      2,000       2,183  
Red Bridge Public Infrastructure District No. 1, Senior Infrastructure District, Series 1A, GO, 3.63%, 02/01/2035 (e)      600       499  
State of Utah,     
GO, 3.00%, 07/01/2034      2,000       1,984  
Series B, GO, 5.00%, 07/01/2029      100       111  
University of Utah (The), Series A, Rev., 5.00%, 08/01/2039      1,505       1,569  
University of Utah, Board of Regents, Series A, Rev., 4.00%, 08/01/2040      1,750       1,789  
Utah Housing Corp.,     
Rev., GNMA/FNMA/FHLMC, 4.60%, 07/01/2044      2,275       2,330  
Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054      1,790       2,017  
Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055      2,690       3,074  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Utah — continued     
Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 01/01/2054      1,445       1,619  
Series C, Rev., GNMA/FNMA/FHLMC, 4.45%, 01/01/2044      1,350       1,367  
Series C, Rev., GNMA/FNMA/FHLMC, 4.65%, 01/01/2049      2,000       2,034  
Series C, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054      2,000       2,247  
Utah Housing Corp., Drawdown New City, Rev., FHA HUD, 3.63%, 02/01/2026      906       910  
Utah Municipal Power Agency, Rev., 5.00%, 07/01/2038      8,900       9,181  
Utah Telecommunication Open Infrastructure Agency,     
Rev., 5.00%, 06/01/2025      115       116  
Rev., 5.00%, 06/01/2027      130       138  
Rev., 5.00%, 06/01/2031      210       237  
Rev., 5.25%, 06/01/2035      700       804  
Rev., 5.25%, 06/01/2037      2,250       2,567  
Utah Transit Authority, Series A, Rev., 4.00%, 06/15/2036 (p)      1,500       1,511  
    

 

 

  
       79,568  
    

 

 

  
Vermont — 0.1%     
Vermont Housing Finance Agency,     
Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044      2,035       2,061  
Series A, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/01/2049      225       228  
Vermont Municipal Bond Bank, Vermont State Colleges System, Series A, Rev., 4.00%, 10/01/2034      250       261  
Vermont Student Assistance Corp.,     
Rev., AMT, 4.13%, 06/15/2036      500       500  
Rev., AMT, 4.25%, 06/15/2037      850       855  
Rev., AMT, 4.38%, 06/15/2038      750       760  
Rev., AMT, 4.50%, 06/15/2039      800       815  
Rev., AMT, 5.25%, 06/15/2030      600       650  
Rev., AMT, 5.25%, 06/15/2031      700       764  
Rev., AMT, 5.25%, 06/15/2032      950       1,043  
Series A, Rev., AMT, 2.38%, 06/15/2039      425       398  
    

 

 

  
       8,335  
    

 

 

  
Virginia — 2.1%     
Albemarle County Economic Development Authority, Westminster Canterbury of the Blue Ridge, Rev., 4.00%, 06/01/2035      1,365       1,422  
Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, Rev., 5.00%, 07/01/2051      7,145       7,201  
Commonwealth of Virginia, Series B, GO, 5.00%, 06/01/2027      1,000       1,042  
County of Fairfax Sewer Revenue, Series A, Rev., 5.00%, 07/15/2037      685       811  
County of Fairfax, Public Improvement, Series A, GO, 5.00%, 10/01/2031 (p)      945       979  
County of Henrico Water & Sewer Revenue, Rev., 5.00%, 05/01/2046 (p)      1,000       1,040  
Fairfax County Industrial Development Authority,     
Rev., 4.00%, 05/15/2048      17,040       16,819  
Rev., 4.13%, 05/15/2054      3,000       2,972  
Fairfax County Industrial Development Authority, Inova Health System Project,     
Rev., 4.00%, 05/15/2042      5,000       5,106  
Rev., 5.00%, 05/15/2029      2,000       2,216  
Fairfax County Redevelopment & Housing Authority, Dominion Square North Project, Rev., 5.00%, 01/01/2045 (z)      2,250       2,353  
Fairfax County Redevelopment & Housing Authority, One University Senior Apartments, Rev., 1.25%, 12/01/2025 (z)      4,680       4,656  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Virginia — continued     
FHLMC Multifamily VRD Certificates, Series A, Rev., 2.25%, 12/15/2037      950       803  
Halifax County Industrial Development Authority, Rev., 3.80%, 12/01/2041 (z)      1,000       1,025  
Hampton Roads Sanitation District,     
Series A, Rev., 5.00%, 11/01/2036      1,000       1,190  
Series A, Rev., 5.00%, 11/01/2037      1,600       1,896  
Series A, Rev., 5.00%, 11/01/2038      1,500       1,767  
Hampton Roads Transportation Accountability Commission, Series A, Rev., BAN, 5.00%, 07/01/2027      6,310       6,738  
Hampton Roads Transportation Accountability Commission, Senior Lien,     
Series A, Rev., BAN, 5.00%, 07/01/2026 (p)      1,130       1,178  
Series A, Rev., 5.00%, 07/01/2031      1,500       1,693  
Series A, Rev., TRAN, 5.00%, 07/01/2038 (p)      1,000       1,079  
Series A, Rev., 5.00%, 07/01/2039      2,100       2,302  
Isle of Wight County Economic Development Authority, Riverside Health System,     
Rev., AGM, 5.00%, 07/01/2036      750       836  
Rev., AGM, 5.00%, 07/01/2037      500       555  
Rev., AGM, 5.25%, 07/01/2043      1,620       1,825  
Rev., AGM, 5.25%, 07/01/2053      5,000       5,480  
James City County Economic Development Authority, Williamsburg Landing, Series A, Rev., 4.00%, 12/01/2035      150       149  
Louisa Industrial Development Authority, Virginia Electric and Power Co. Project, Series B, Rev., 0.75%, 11/01/2035 (z)      2,125       2,045  
Lynchburg Economic Development Authority, Centra Health Obligation Group,     
Rev., 3.00%, 01/01/2051      4,750       3,753  
Rev., 5.00%, 01/01/2029      700       758  
Norfolk Airport Authority, Rev., 5.00%, 07/01/2038      1,175       1,252  
Norfolk Redevelopment & Housing Authority, Braywood Manor Apartments Project, Rev., HUD, 5.00%, 05/01/2043 (z)      350       361  
Norfolk Redevelopment & Housing Authority, Fort Norfolk Retirement Community Harbor, Rev., 4.38%, 01/01/2039      1,400       1,318  
Roanoke Economic Development Authority, Carilion Clinic Obligation Group, Rev., 5.00%, 07/01/2047      2,000       2,332  
Southampton County Industrial Development Authority, PRTI-Virginia One LLC, Rev., AMT, 4.88%, 11/01/2053 (z)      4,940       4,939  
Upper Occoquan Sewage Authority,     
Rev., 4.00%, 07/01/2033 (p)      2,630       2,653  
Rev., 5.00%, 07/01/2027 (p)      2,485       2,526  
Virginia Beach Development Authority, Temps 50Sm Westminster Canterbury, Rev., 5.38%, 09/01/2029      2,000       2,084  
Virginia Beach Development Authority, Westminster Canterbury, Rev., 5.00%, 09/01/2044      2,215       2,250  
Virginia Beach Development Authority, Westminster Canterbury on Chesapeake Bay, Rev., 6.50%, 09/01/2043      3,300       3,801  
Virginia College Building Authority,     
Rev., 4.00%, 02/01/2043      2,000       2,041  
Series A, Rev., 4.00%, 02/01/2034      3,500       3,628  
Virginia College Building Authority, 21st Century College & Equipment,     
Rev., 4.00%, 02/01/2044      5,000       5,078  
Rev., 5.00%, 02/01/2028      1,000       1,083  
Virginia College Building Authority, 21st Century College and Equipment,     
Rev., 4.00%, 02/01/2040      1,815       1,838  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Virginia — continued     
Rev., 5.00%, 02/01/2029      1,000       1,106  
Rev., 5.00%, 02/01/2033      3,750       4,164  
Virginia College Building Authority, Marymount University Project, Series A, Rev., 5.00%, 07/01/2045 (e)      1,000       902  
Virginia Commonwealth University Health System Authority, Rev., VRDO, LOC: TD Bank NA, 3.80%, 10/01/2024 (z)      14,700       14,700  
Virginia Housing Development Authority,     
Rev., 4.40%, 10/01/2044      1,000       1,009  
Series E1, Rev., 4.35%, 10/01/2044      685       690  
Series G, Rev., 5.05%, 11/01/2047      1,750       1,852  
Virginia Port Authority, Series B, Rev., AMT, 5.00%, 07/01/2045      5,000       5,028  
Virginia Port Authority Commonwealth Port Fund, Rev., AMT, 5.00%, 07/01/2039 (p)      1,955       1,980  
Virginia Public Building Authority, Rev., 5.00%, 08/01/2034      4,000       4,780  
Virginia Public Building Authority, Bidding Group 1, Series A, Rev., 5.00%, 08/01/2033      1,000       1,161  
Virginia Public School Authority, Series B, Rev., 5.00%, 08/01/2052      3,670       4,013  
Virginia Resources Authority Clean Water Revolving Fund, Revolving Fund, Series B, Rev., 4.00%, 10/01/2027      5,000       5,005  
Virginia Resources Authority, Virginia Pooled Financing, Rev., 5.00%, 11/01/2028      1,510       1,662  
Virginia Resources Authority, Virginia Pooled Financing Program, Rev., 5.00%, 11/01/2028      1,000       1,102  
Virginia Small Business Financing Authority, National Senior Campuses,     
Series A, Rev., 5.00%, 01/01/2025      700       701  
Series A, Rev., 5.00%, 01/01/2032      1,500       1,585  
Virginia Small Business Financing Authority, Senior Lien 95 Express,     
Rev., AMT, 5.00%, 07/01/2032      400       433  
Rev., AMT, 5.00%, 07/01/2033      2,320       2,503  
Rev., AMT, 5.00%, 01/01/2036      200       214  
Rev., AMT, 5.00%, 07/01/2037      1,000       1,067  
Virginia Small Business Financing Authority, Senior Lien, 495 Hot,     
Rev., AMT, 5.00%, 06/30/2040      3,735       4,051  
Rev., AMT, 5.00%, 06/30/2041      3,470       3,749  
Rev., AMT, 5.00%, 12/31/2047      1,000       1,061  
Virginia Small Business Financing Authority, Senior Lien, Elizabeth River,     
Rev., AMT, 3.00%, 01/01/2041      8,740       7,148  
Rev., AMT, 4.00%, 01/01/2030      3,125       3,182  
Rev., AMT, 4.00%, 01/01/2033      1,500       1,517  
Rev., AMT, 4.00%, 01/01/2034      2,250       2,271  
Virginia Small Business Financing Authority, Transform 66 P3 Project,     
Rev., AMT, 5.00%, 12/31/2047      2,575       2,626  
Rev., AMT, 5.00%, 12/31/2052      8,425       8,560  
Rev., AMT, 5.00%, 12/31/2056      6,250       6,337  
Williamsburg Economic Development Authority, Williamsburg Properties LLC,     
Rev., AGM, 4.00%, 07/01/2048      1,245       1,231  
Rev., AGM, 5.25%, 07/01/2053      5,100       5,612  
Wise County Industrial Development Authority, Electric and Power Company Project, Series A, Rev., 0.75%, 10/01/2040 (z)      4,500       4,331  
    

 

 

  
       226,206  
    

 

 

  
Washington — 3.3%     
Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes Revenue, Series S1, Rev., 5.00%, 11/01/2035 (p)      1,085       1,112  
Chelan County Public Utility District No. 1, Series C, Rev., AMT, 5.00%, 07/01/2026      1,285       1,332  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Washington — continued     
City of Seattle Municipal Light & Power Revenue,     
Rev., 4.00%, 09/01/2040      1,000       1,000  
Series B, Rev., (SIFMA Municipal Swap Index + 0.25%), 3.40%, 05/01/2045 (aa)      2,000       1,963  
City of Seattle Municipal Light & Power Revenue, Green Bond, Series A, Rev., 4.00%, 07/01/2040      1,300       1,325  
City of Seattle WA Municipal Light & Power Revenue, Series A, Rev., 4.00%, 01/01/2047      10,000       9,928  
City of Seattle, Drainage & Wastewater Revenue, Rev., 4.00%, 05/01/2044      945       945  
City of Tacoma, Electric System Revenue, Series A, Rev., 4.00%, 01/01/2042      5,460       5,404  
Clark County Public Utility District No. 1, Rev., 4.00%, 01/01/2034      665       701  
County of Grant, GO, 5.25%, 12/01/2047      1,000       1,109  
County of King,     
GO, 5.00%, 12/01/2042      5,155       5,859  
Series A, GO, 5.00%, 12/01/2034      1,335       1,502  
Energy Northwest,     
Rev., 5.00%, 07/01/2025      5,000       5,078  
Series A, Rev., 5.00%, 07/01/2039      1,000       1,156  
Energy Northwest Washington, Project 3 Electric Revenue, Series C, Rev., 5.00%, 07/01/2027      100       107  
Energy Northwest, Columbia Generating Station,     
Rev., 4.00%, 07/01/2035      5,265       5,287  
Rev., 4.00%, 07/01/2042      1,625       1,652  
Energy Northwest, Project 1, Series A, Rev., 5.00%, 07/01/2028      4,550       4,622  
Grant County Public Hospital District No. 2, GO, 5.50%, 12/01/2044      900       974  
Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project,     
Rev., 5.00%, 01/01/2040      1,250       1,404  
Series A, Rev., 5.00%, 01/01/2043 (p)      1,555       1,601  
Grant County, Public Utility District No. 2, Electric Revenue,     
Series 2017-O, Rev., 5.00%, 01/01/2047      4,950       5,150  
Series R, Rev., 2.00%, 01/01/2044 (z)      1,500       1,479  
Jefferson County Public Hospital District No. 2, Jefferson Healthcare, Series A, Rev., 6.63%, 12/01/2043      7,500       7,732  
King & Snohomish Counties School District No. 417 Northshore, GO, SCH BD GTY, 5.00%, 12/01/2042      3,855       4,365  
King County Housing Authority, Rev., 5.00%, 11/01/2029      1,325       1,429  
King County Public Hospital District No. 4, GO, 5.00%, 12/01/2038      1,000       1,003  
King County School District No. 401 Highline, GO, SCH BD GTY, 5.00%, 12/01/2041      5,030       5,632  
King County School District No. 405 Bellevue,     
GO, SCH BD GTY, 3.00%, 12/01/2037      5,385       5,219  
GO, SCH BD GTY, 3.00%, 12/01/2038      1,925       1,817  
Pierce County School District No. 10 Tacoma, GO, SCH BD GTY, 5.00%, 12/01/2048 (w)      4,000       4,443  
Pierce County School District No. 10 Tacoma, Social Bonds, Series B, GO, SCH BD GTY, 4.00%, 12/01/2042      10,000       10,147  
Port of Seattle,     
Series A, Rev., AMT, 5.00%, 05/01/2036      2,000       2,067  
Series B, Rev., AMT, 5.00%, 05/01/2028      4,000       4,243  
Port of Seattle Industrial Development Corp., Special Facilities Delta Airline, Rev., AMT, 5.00%, 04/01/2030      2,000       2,001  
Port of Seattle WA,     
Rev., AMT, 5.00%, 07/01/2028      2,250       2,393  
GO, AMT, 5.00%, 06/01/2048      10,000       10,770  
Rev., AMT, 5.25%, 07/01/2043      5,000       5,505  
Rev., AMT, 5.25%, 07/01/2044      14,000       15,362  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Washington — continued     
Port of Seattle, Intermediate Lien,     
Rev., AMT, 5.00%, 08/01/2026      1,000       1,034  
Rev., 5.00%, 02/01/2028      900       925  
Rev., AMT, 5.00%, 04/01/2028      2,250       2,384  
Rev., AMT, 5.00%, 08/01/2028      1,000       1,065  
Rev., AMT, 5.00%, 04/01/2030      4,000       4,281  
Rev., AMT, 5.00%, 04/01/2032      2,110       2,239  
Rev., AMT, 5.00%, 04/01/2044      2,000       2,072  
Rev., AMT, 5.00%, 08/01/2046      3,500       3,694  
Rev., AMT, 5.00%, 08/01/2047      1,250       1,327  
Rev., AMT, 5.50%, 08/01/2047      1,000       1,096  
Series C, Rev., AMT, 5.00%, 05/01/2026      1,000       1,029  
Series C, Rev., AMT, 5.00%, 05/01/2034      3,455       3,578  
Series C, Rev., AMT, 5.00%, 08/01/2034      5,000       5,448  
Seattle Housing Authority, Northgate Plaza Project, Rev., 1.00%, 06/01/2026      2,045       1,956  
Skagit County Public Hospital District No. 1, Rev., 5.50%, 12/01/2054      4,500       4,853  
Skagit County Public Hospital District No. 1, Improvement Skagit Regional Health, Rev., 5.00%, 12/01/2031      2,145       2,178  
Spokane County School District No. 81 Spokane, Series C, GO, SCH BD GTY, 5.00%, 12/01/2034      2,000       2,137  
State of Washington,     
GO, 4.00%, 06/01/2043      2,975       3,034  
Series 2020A, GO, 5.00%, 08/01/2038      1,500       1,632  
Series 2021A, GO, 5.00%, 06/01/2034      1,000       1,117  
Series A1, GO, 5.00%, 08/01/2040      13,645       13,805  
Series A3, GO, 5.00%, 08/01/2044      1,000       1,103  
Series A, GO, 5.00%, 08/01/2036      1,475       1,641  
Series A, GO, 5.00%, 08/01/2040      3,890       4,265  
Series B, GO, 5.00%, 07/01/2025      75       76  
Series B, GO, 5.00%, 07/01/2027      1,000       1,030  
Series B, GO, 5.00%, 06/01/2035      4,760       5,305  
Series B, GO, 5.00%, 02/01/2040      20,000       20,093  
Series B, GO, 5.00%, 06/01/2045      2,900       3,218  
Series D, GO, 4.00%, 07/01/2033      2,000       2,143  
Series F, GO, AMBAC, Zero Coupon, 12/01/2029      1,000       862  
Series R, GO, 5.00%, 02/01/2031      1,000       1,144  
Series R, GO, 5.00%, 08/01/2031      750       864  
Series R, GO, 5.00%, 08/01/2040      1,545       1,777  
Series RC, GO, 5.00%, 08/01/2029      100       107  
Series R-2015E, GO, 5.00%, 07/01/2025      1,000       1,005  
Series R-2017A, GO, 5.00%, 08/01/2027      1,000       1,044  
Series R-2022B, GO, 4.00%, 02/01/2035      500       533  
Series R-2022D, GO, 4.00%, 07/01/2028      3,140       3,316  
State of Washington, Bid Group 1, Series C, GO, 5.00%, 02/01/2028      1,490       1,617  
State of Washington, Bid Group 2, Series C, GO, 5.00%, 02/01/2046      7,000       7,794  
State of Washington, MVFT/VRF GO Bonds,     
Series F, GO, 5.00%, 06/01/2034      4,080       4,634  
Series F, GO, 5.00%, 06/01/2038      2,775       3,102  
State of Washington, Various Purpose,     
Series 2015A1, GO, 5.00%, 08/01/2036      11,200       11,203  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Washington — continued     
Series A, GO, 5.00%, 08/01/2041      10,000       10,598  
Three Rivers Regional Wastewater Authority, Sustainable Bond,     
Rev., BAM, 4.00%, 09/01/2042      1,750       1,773  
Rev., BAM, 4.00%, 09/01/2043      1,000       1,011  
Thurston County School District No. 111 Olympia, GO, SCH BD GTY, 5.00%, 12/01/2026      1,275       1,344  
University of Washington,     
Rev., 5.00%, 04/01/2026 (p)      1,500       1,555  
Series B, Rev., 4.00%, 06/01/2035      3,075       3,089  
Washington Health Care Facilities Authority, Multicare Health System, Series B, Rev., 5.00%, 08/15/2037      1,200       1,253  
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance,     
Rev., 4.00%, 12/01/2040 (e)      1,510       1,495  
Rev., 5.00%, 09/01/2045      1,000       1,058  
Washington Health Care Facilities Authority, Seattle Children’s Hospital, Series A, Rev., 4.00%, 10/01/2045      7,500       7,446  
Washington Health Care Facilities Authority, Unrefunded Providence Health, Rev., 5.00%, 10/01/2041      8,000       8,002  
Washington Health Care Facilities Authority, Unrefunded Providence Health & Services, Rev., 5.00%, 10/01/2044      4,365       4,365  
Washington Health Care Facilities Authority, Virginia Mason Medical Center, Rev., 5.00%, 08/15/2036      5,500       5,620  
Washington State Convention Center Public Facilities District, Rev., 5.00%, 07/01/2058      3,150       3,194  
Washington State Convention Center Public Facilities District, Subordinated Sustainable Bond, Rev., 5.00%, 07/01/2032      1,540       1,656  
Washington State Housing Finance Commission,     
Rev., 3.38%, 04/20/2037      2,408       2,228  
Rev., 3.50%, 12/20/2035      5,667       5,412  
Rev., 4.08%, 03/20/2040      3,915       3,889  
Series 2N, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 12/01/2050      645       637  
Washington State Housing Finance Commission, Ardea at Totem Lake Apartments, Rev., 5.00%, 12/01/2043 (z)      4,900       5,065  
Washington State Housing Finance Commission, Downtowner Apartments Project, Rev., LIQ: FHLMC, 3.70%, 07/01/2030      2,000       2,035  
Washington State Housing Finance Commission, Social Bond, Series 2N, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2051      915       901  
    

 

 

  
       357,204  
    

 

 

  
West Virginia — 0.3%     
Monongalia County Commission Excise Tax District, Series A, Rev., 4.13%, 06/01/2043 (e)      465       423  
Monongalia County Commission Special District, Refunding and Improvement, University Town Center, Series A, Rev., 5.50%, 06/01/2037 (e)      1,050       1,077  
Monongalia County Commission Special District, University Town Center, Series A, Rev., 5.75%, 06/01/2043 (e)      500       513  
West Virginia Economic Development Authority, Appalachian Power Company Amos Project, Rev., AMT, 1.00%, 01/01/2041 (z)      2,765       2,677  
West Virginia Economic Development Authority, Provident Group Marshall Properties,     
Rev., AGM, 5.00%, 07/01/2035      3,150       3,501  
Rev., AGM, 5.00%, 07/01/2036      3,000       3,318  
Rev., AGM, 5.00%, 07/01/2037      2,250       2,481  
West Virginia Hospital Finance Authority, Rev., 5.75%, 09/01/2043      5,250       6,011  
West Virginia Hospital Finance Authority, Improvement, University Health System Obligation, Rev., 5.00%, 06/01/2052      2,000       2,054  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
West Virginia — continued     
West Virginia Housing Development Fund, Sustainable Bonds, Series A, Rev., 4.40%, 11/01/2044      4,000       4,044  
West Virginia Parkways Authority, Senior Lien, Rev., 5.00%, 06/01/2038      1,000       1,107  
    

 

 

  
       27,206  
    

 

 

  
Wisconsin — 2.4%     
City of Milwaukee, Promissory Notes,     
Series N3, GO, AGM, 5.00%, 04/01/2031      5,500       6,171  
Series N4, GO, 5.00%, 04/01/2030      10,150       11,120  
City of Milwaukee, Sewerage System Revenue, Series S7, Rev., 5.00%, 06/01/2026      2,665       2,750  
Milwaukee Metropolitan Sewerage District, Green Bond, Series A, GO, 3.00%, 10/01/2031      1,700       1,685  
Milwaukee Metropolitan Sewerage District, Green Bond Climate Bond Certificate, GO, 4.00%, 10/01/2043      6,150       6,202  
Public Finance Authority, Rev., 5.20%, 12/01/2037      2,450       2,511  
Public Finance Authority, A Challenge Foundation Academy,     
Rev., 6.63%, 07/01/2043 (e)      700       737  
Rev., 6.88%, 07/01/2053 (e)      1,650       1,737  
Public Finance Authority, Carmelite System, Social Bonds, Rev., 5.00%, 01/01/2045      1,105       1,138  
Public Finance Authority, Celanese Project, Series C, Rev., AMT, 4.30%, 11/01/2030      5,000       5,022  
Public Finance Authority, CFP3 Eastern Michigan University,     
Rev., BAM, 5.00%, 07/01/2029      500       548  
Rev., BAM, 5.25%, 07/01/2034      260       296  
Rev., BAM, 5.25%, 07/01/2042      5,625       6,168  
Rev., BAM, 5.38%, 07/01/2047      8,025       8,764  
Rev., BAM, 5.50%, 07/01/2052      6,005       6,573  
Public Finance Authority, CHF Wilmington LLC University, Rev., AGM, 5.00%, 07/01/2053      3,970       4,069  
Public Finance Authority, Duke Energy Progress, Rev., 3.70%, 10/01/2046 (z)      1,525       1,541  
Public Finance Authority, Ku Campus Development Corp. Project, Rev., 5.00%, 03/01/2041      3,000       3,056  
Public Finance Authority, KU Campus Development Corp. Project, Rev., 5.00%, 03/01/2046      6,495       6,599  
Public Finance Authority, Lenoir Rhyne University,     
Rev., 5.00%, 04/01/2036      1,625       1,708  
Rev., 5.00%, 04/01/2037      1,705       1,783  
Public Finance Authority, Miami Waterworld Center Project, Tax Allocation, 5.00%, 06/01/2041 (e)      4,570       4,691  
Public Finance Authority, Point College Prep Project,     
Rev., 4.00%, 06/15/2030 (e)      200       190  
Rev., 5.00%, 06/15/2041 (e)      250       239  
Public Finance Authority, Renown Regional Medical Center Project,     
Rev., 5.00%, 06/01/2026      500       513  
Rev., 5.00%, 06/01/2027      425       444  
Rev., 5.00%, 06/01/2028      600       637  
Rev., 5.00%, 06/01/2034      1,000       1,085  
Public Finance Authority, Senior Lien, Grand Hyatt San Antonio Hotel Acquisition Project, Rev., 5.00%, 02/01/2042      4,000       4,195  
Public Finance Authority, Sky Harbour Capital LLC, Rev., AMT, 4.00%, 07/01/2036      815       766  
Public Finance Authority, United Methodist Retirement, Rev., 4.00%, 10/01/2026      60       61  
Public Finance Authority, Waste Management, Inc. Project,     
Rev., AMT, 1.10%, 07/01/2029 (z)      1,445       1,381  
Rev., AMT, 2.63%, 11/01/2025      5,000       4,929  
State of Wisconsin,     
GO, 5.00%, 05/01/2026      7,000       7,279  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Wisconsin — continued     
Series 1, GO, 5.00%, 05/01/2027      2,400       2,559  
Series 1, GO, 5.00%, 05/01/2033 (w)      770       893  
Series 1, GO, 5.00%, 05/01/2035 (w)      1,375       1,630  
Series 1, GO, 5.00%, 05/01/2036 (w)      1,000       1,179  
Series 2, GO, 5.00%, 05/01/2034      1,000       1,179  
Series 2024-2, GO, 5.00%, 05/01/2027      2,000       2,132  
Series 20212, GO, 5.00%, 05/01/2026      5,850       6,084  
Series B, GO, 4.00%, 05/01/2039      500       510  
Series B, GO, 5.00%, 05/01/2035      10,580       11,597  
University of Wisconsin Hospitals & Clinics, Rev., 5.00%, 04/01/2027      900       954  
University of Wisconsin Hospitals & Clinics, Green Bond University of Wisconsin Hospital, Rev., 4.00%, 04/01/2035      440       456  
University of Wisconsin Hospitals & Clinics, Green Bonds, Rev., 4.00%, 04/01/2046      4,120       4,015  
Wisconsin Center District, Capital Appreciation Senior Dedicated,     
Series C, Rev., AGM, Zero Coupon, 12/15/2036      1,550       968  
Series C, Rev., AGM, Zero Coupon, 12/15/2039      1,750       948  
Series C, Rev., AGM, Zero Coupon, 12/15/2040      1,650       847  
Series D, Rev., AGM, Zero Coupon, 12/15/2028      545       476  
Wisconsin Center District, Junior Dedicated, Series D, Rev., AGM, Zero Coupon, 12/15/2045      8,500       3,443  
Wisconsin Department of Transportation, Series A, Rev., 5.00%, 07/01/2027      1,675       1,793  
Wisconsin Health & Educational Facilities Authority,     
Rev., 4.50%, 11/15/2039      4,000       4,017  
Rev., 5.00%, 10/01/2029      5,940       6,549  
Rev., 5.00%, 10/01/2030      6,355       7,091  
Wisconsin Health & Educational Facilities Authority Revenue, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2027      500       537  
Wisconsin Health & Educational Facilities Authority, Advocate Aurora Health Care,     
Rev., 4.00%, 08/15/2035      1,250       1,266  
Rev., 4.00%, 08/15/2037      1,605       1,619  
Rev., 4.00%, 08/15/2038      1,680       1,691  
Wisconsin Health & Educational Facilities Authority, Advocate Aurora Healthcare, Rev., 5.00%, 08/15/2054 (z)      2,590       2,676  
Wisconsin Health & Educational Facilities Authority, Ascension Health Alliance Senor, Rev., 4.00%, 11/15/2043      2,045       2,033  
Wisconsin Health & Educational Facilities Authority, Ascension Health Credit Group,     
Rev., 4.00%, 11/15/2039      10,500       10,449  
Rev., 5.00%, 11/15/2035      4,500       4,624  
Wisconsin Health & Educational Facilities Authority, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2036      1,500       1,539  
Wisconsin Health & Educational Facilities Authority, Aspirus, Inc. Obligated Group, Rev., 5.00%, 08/15/2038      1,000       1,068  
Wisconsin Health & Educational Facilities Authority, Bellin Memorial Hospital, Inc.,     
Rev., 5.00%, 12/01/2045      2,500       2,700  
Series B, Rev., 5.25%, 12/01/2048      3,000       3,296  
Wisconsin Health & Educational Facilities Authority, Beloit Health System, Inc., Rev., 4.00%, 07/01/2046      1,870       1,755  
Wisconsin Health & Educational Facilities Authority, Forensic Science and Protective Medicine Facility Project, Rev., 5.00%, 08/01/2027 (e)      7,000       7,197  
Wisconsin Health & Educational Facilities Authority, Froedtert Health, Series A, Rev., 4.00%, 04/01/2039      2,710       2,750  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Municipal Bonds — continued     
Wisconsin — continued     
Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc.,     
Series A, Rev., 5.00%, 04/01/2030      1,280       1,414  
Series A, Rev., 5.00%, 04/01/2033      1,010       1,138  
Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc. Obligated,     
Rev., 4.00%, 04/01/2039      5,000       5,008  
Rev., 5.00%, 04/01/2035      1,325       1,380  
Wisconsin Health & Educational Facilities Authority, Gundersen Health System,     
Rev., 4.00%, 10/15/2035      545       562  
Rev., 4.00%, 10/15/2036      2,100       2,151  
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System,     
Rev., 5.00%, 02/15/2047      1,955       1,963  
Rev., 5.00%, 02/15/2051 (z)      2,600       2,673  
Series B, Rev., 5.00%, 02/15/2042      1,000       1,005  
Series B, Rev., 5.00%, 02/15/2046      8,935       8,958  
Wisconsin Health & Educational Facilities Authority, ProHealth Care Obligation Group, Rev., 5.00%, 08/15/2039      2,000       2,003  
Wisconsin Health & Educational Facilities Authority, The Medical College of Wisconsin, Rev., 4.00%, 12/01/2046      3,000       2,951  
Wisconsin Health & Educational Facilities Authority, The Milwaukee Regional Medical Center, Rev., 5.00%, 04/01/2044      2,500       2,580  
Wisconsin Health & Educational Facilities Authority, Three Pillars Senior Living Communities, Rev., 4.19%, 08/15/2055      1,000       595  
Wisconsin Housing & Economic Development Authority,     
Rev., 5.00%, 08/01/2058 (z)      245       254  
Series B, Rev., HUD, 0.50%, 11/01/2050 (z)      160       159  
Series D, Rev., 4.00%, 03/01/2047      60       61  
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Rev., GNMA/FNMA/FHLMC, 6.00%, 03/01/2055      1,990       2,210  
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Sustainable Bond, Series A, Rev., GNMA/FNMA/FHLMC, 4.38%, 09/01/2044      7,000       7,075  
Wisconsin Housing & Economic Development Authority Housing Revenue, Series E, Rev., HUD, 3.88%, 11/01/2054 (z)      830       838  
Wisconsin Housing & Economic Development Authority, Social Bond, Series A, Rev., 3.00%, 03/01/2052      695       685  
Wisconsin Housing & Economic Development Authority, Social Bonds, Series C, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 09/01/2052      1,085       1,066  
    

 

 

  
       257,837  
    

 

 

  
Wyoming — 0.3%     
Consolidated Municipalities Electric Power Systems Joint Powers Board, Rev., 5.25%, 06/01/2039      1,000       1,134  
County of Converse, PacifiCorp., Rev., VRDO, 3.60%, 10/07/2024 (z)      8,000       8,000  
County of Laramie, Cheyenne Regional Medical Center, Rev., 4.00%, 05/01/2026      615       625  
County of Sweetwater WY, Rev., VRDO, 3.60%, 10/07/2024 (z)      11,060       11,060  
County of Sweetwater, Idaho Power Company Project, Rev., 1.70%, 07/15/2026      1,045       1,011  
Wyoming Community Development Authority,     
Rev., 6.00%, 12/01/2054      480       534  
Series 2, Rev., 3.00%, 06/01/2049      925       914  
Series 2, Rev., VRDO, LIQ: Royal Bank of Canada, 3.15%, 10/07/2024 (z)      3,000       3,000  
Series 3, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 06/01/2050      1,190       1,175  
Series 3, Rev., GNMA/FNMA/FHLMC, 4.70%, 12/01/2043      5,000       5,170  
    

 

 

  
       32,623  
    

 

 

  

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

SECURITY DESCRIPTION

    PRINCIPAL
 AMOUNT ($) 		      VALUE ($)   
Total Municipal Bonds
(Cost $10,790,540)		        10,800,342  
    

 

 

  
Short-Term Investments — 1.4%     
Municipal Bonds — 0.1% (t)     
Bergen County Improvement Authority (The), Rev., CNTY GTD, 4.50%, 05/28/2025      4,025       4,056  
Chicago Midway International Airport, Senior, Series C, Rev., AMT, 5.00%, 01/01/2025      3,000       3,008  
County of Lorain, GO, BAN, 4.38%, 05/01/2025      1,280       1,286  
State of California, GO, 4.00%, 08/01/2025      1,000       1,011  
State of Illinois, GO, 5.00%, 02/01/2025 (w)      5,000       5,025  
    

 

 

  
Total Municipal Bonds        14,386  
    

 

 

  
Time Deposits — 1.3%     
Royal Bank of Canada, 4.18%, 10/01/2024      4,036       4,036  
Sumitomo Mitsui Trust Bank Ltd., 4.18%, 10/01/2024      131,223       131,223  
    

 

 

  
Total Time Deposits        135,259  
    

 

 

  
Total Short-Term Investments
(Cost $149,638)		        149,645  
    

 

 

  
Total Investments — 100.1%
(Cost - $10,940,178)*		        10,949,987  
Liabilities in Excess of Other Assets — (0.1)%        (6,022 ) 
    

 

 

  
NET ASSETS — 100.0%      $ 10,943,965  
    

 

 

  

 

Percentages indicated are based on net assets.

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands)

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

 

AS OF SEPTEMBER 30, 2024
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
GNMA    —     Government National Mortgage Association
GO    —     General Obligation
GTD    —     Guaranteed
HUD    —     U.S. Department of Housing and Urban Development
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 September 30, 2024.
(d)    —     Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued.
(e)    —     Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)    —     Amount rounds to less than 0.05%.
(p)    —     Security is prerefunded or escrowed to maturity.
(t)    —     The date shown represents the earliest of the next put date or final maturity date.
(w)    —     All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(z)    —     Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2024.
(aa)    —     Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2024.
*    —     The cost of securities is substantially the same for federal income tax purposes.
USD    —     United States Dollar

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 — 1.8%     
Affirm Asset Securitization Trust,     
Series 2023-B, Class A, 6.82%, 09/15/2028 (e)      1,415       1,444  
Series 2024-A, Class 1A, 5.61%, 02/15/2029 (e)      920       932  
AIMCO CLO 17 Ltd., (Jersey), Series 2022-17A, Class D1R, (CME Term SOFR 3 Month + 2.90%), 8.18%, 07/20/2037 (e) (aa)      1,000       1,000  
American Express Credit Account Master Trust,     
Series 2024-1, Class A, 5.23%, 04/15/2029      980       1,009  
Series 2024-2, Class A, 5.24%, 04/15/2031      350       367  
Americredit Automobile Receivables Trust,     
Series 2023-1, Class A2A, 5.84%, 10/19/2026      96       96  
Series 2023-1, Class A3, 5.62%, 11/18/2027      2,966       2,999  
Series 2023-1, Class C, 5.80%, 12/18/2028      240       247  
AmeriCredit Automobile Receivables Trust,     
Series 2023-2, Class A3, 5.81%, 05/18/2028      1,102       1,123  
Series 2024-1, Class A2A, 5.75%, 02/18/2028      900       904  
Series 2024-1, Class A3, 5.43%, 01/18/2029      675       687  
AMMC CLO 23 Ltd., (Cayman Islands), Series 2020-23A, Class A1R2, (CME Term SOFR 3 Month + 1.42%), 6.71%, 04/17/2035 (e) (aa)      1,500       1,503  
AMMC CLO 25 Ltd., (Cayman Islands), Series 2022-25A, Class A1R, (CME Term SOFR 3 Month + 1.35%), 6.65%, 04/15/2035 (e) (aa)      1,360       1,361  
Apidos CLO XL Ltd., (Jersey), Series 2022-40A, Class D1R, (CME Term SOFR 3 Month + 2.90%), 8.10%, 07/15/2037 (e) (aa)      2,000       1,992  
ARES L CLO Ltd., (Cayman Islands), Series 2018-50A, Class AR, (CME Term SOFR 3 Month + 1.31%), 6.61%, 01/15/2032 (e) (aa)      228       228  
Ares XXVIIIR CLO Ltd., (Cayman Islands), Series 2018-28RA, Class A1R, (CME Term SOFR 3 Month + 1.15%), 6.44%, 10/17/2030 (e) (aa)      8,863       8,868  
Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.02%, 02/20/2027 (e)      1,150       1,114  
BA Credit Card Trust, Series 2024-A1, Class A, 4.93%, 05/15/2029      985       1,008  
Bain Capital Credit CLO 2019-1, (Cayman Islands), Series 2019-1A, Class AR2, (CME Term SOFR 3 Month + 1.23%), 6.35%, 04/19/2034 (e) (aa)      1,500       1,500  
Ballyrock CLO 2019-2 Ltd., (Cayman Islands), Series 2019-2A, Class A1RR, (CME Term SOFR 3 Month + 1.40%), 6.53%, 02/20/2036 (e) (aa)      1,000       1,001  
Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class A, (United States 30 Day Average SOFR + 1.10%), 6.38%, 12/26/2031 (e) (aa)      449       450  
Benefit Street Partners CLO IV Ltd., (Cayman Islands), Series 2014-IVA, Class AR4, (CME Term SOFR 3 Month + 1.35%), 6.63%, 04/20/2034 (e) (aa)      610       611  
BlueMountain CLO 2016-2 Ltd., (Cayman Islands), Series 2016-2A, Class A1R2, (CME Term SOFR 3 Month + 1.38%), 6.51%, 08/20/2032 (e) (aa)      14,500       14,514  
BMW Vehicle Lease Trust, Series 2023-1, Class A3, 5.16%, 11/25/2025      2,153       2,155  
Capital One Multi-Asset Execution Trust,     
Series 2005-B3, Class B3, (CME Term SOFR 3 Month + 0.81%), 6.11%, 05/15/2028 (aa)      1,310       1,309  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 2022-A1, Class A1, 2.80%, 03/15/2027      1,110       1,100  
Series 2022-A2, Class A, 3.49%, 05/15/2027      885       879  
Carlyle Global Market Strategies CLO 2015-4 Ltd., (Cayman Islands), Series 2015-4A, Class A1JR, (CME Term SOFR 3 Month + 1.55%), 6.83%, 07/20/2032 (e) (aa)      1,500       1,501  
CARLYLE US CLO 2018-2 Ltd., (Cayman Islands), Series 2018-2A, Class A2R, (CME Term SOFR 3 Month + 1.80%), 7.10%, 10/15/2031 (e) (aa)      1,210       1,212  
CarMax Auto Owner Trust, Series 2024-2, Class A3, 5.50%, 01/16/2029      624       641  
Carmax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027 (e)      500       504  
CarVal CLO VII-C Ltd., (Jersey), Series 2023-1A, Class D1R, (CME Term SOFR 3 Month + 3.15%), 8.43%, 07/20/2037 (e) (aa)      2,000       2,006  
Carvana Auto Receivables Trust,     
Series 2021-N1, Class A, 0.70%, 01/10/2028      78       75  
Series 2022-P1, Class A3, 3.35%, 02/10/2027      1,134       1,125  
Cedar Funding VII CLO Ltd., (Cayman Islands), Series 2018-7A, Class AR, (CME Term SOFR 3 Month + 1.08%), 6.18%, 01/20/2031 (e) (aa)      1,180       1,181  
CIFC Funding 2021-IV Ltd., (Cayman Islands), Series 2021-4A, Class DR, (CME Term SOFR 3 Month + 2.95%), 8.12%, 07/23/2037 (e) (aa)      1,000       995  
CIFC Funding Ltd., (Cayman Islands), Series 2013-2A, Class A1L2, (CME Term SOFR 3 Month + 1.26%), 6.54%, 10/18/2030 (e) (aa)      286       287  
Citizens Auto Receivables Trust,     
Series 2023-1, Class A3, 5.84%, 01/18/2028 (e)      2,160       2,191  
Series 2023-2, Class A2A, 6.09%, 10/15/2026 (e)      532       534  
Credit Acceptance Auto Loan Trust, Series 2023-1A, Class A, 6.48%, 03/15/2033 (e)      1,630       1,658  
Dell Equipment Finance Trust, Series 2023-1, Class A3, 5.65%, 09/22/2028 (e)      1,195       1,202  
Discover Card Execution Note Trust,     
Series 2022-A3, Class A3, 3.56%, 07/15/2027      1,835       1,822  
Series 2022-A4, Class A, 5.03%, 10/15/2027      2,205       2,220  
Series 2023-A2, Class A, 4.93%, 06/15/2028      205       208  
DLLAA LLC, Series 2023-1A, Class A2, 5.93%, 07/20/2026 (e)      388       390  
Dryden 104 CLO Ltd., (Cayman Islands), Series 2022-104A, Class A1R, (CME Term SOFR 3 Month + 1.29%), 6.29%, 08/20/2034 (e) (aa)      980       979  
Dryden 113 CLO Ltd., (Jersey), Series 2022-113A, Class A1R, (CME Term SOFR 3 Month + 1.63%), 6.91%, 10/20/2035 (e) (aa)      500       501  
Elmwood CLO VII Ltd., (Cayman Islands), Series 2020-4A, Class AR, (CME Term SOFR 3 Month + 1.63%), 6.92%, 01/17/2034 (e) (aa)      250       250  
Elmwood CLO X Ltd., (Cayman Islands), Series 2021-3A, Class A1R, (CME Term SOFR 3 Month + 1.27%), 6.55%, 04/20/2034 (e) (aa)      1,500       1,501  
First Investors Auto Owner Trust, Series 2022-2A, Class A, 6.26%, 07/15/2027 (e)      178       179  
Flagship Credit Auto Trust,     
Series 2022-3, Class A3, 4.55%, 04/15/2027 (e)      999       997  
Series 2023-1, Class A3, 5.01%, 08/16/2027 (e)      470       470  
Series 2023-3, Class A3, 5.44%, 04/17/2028 (e)      1,551       1,566  
Ford Credit Auto Lease Trust,     
Series 2024-A, Class A3, 5.06%, 05/15/2027      315       318  
Series 2024-A, Class B, 5.29%, 06/15/2027      1,230       1,248  
Series 2024-B, Class A3, 4.99%, 12/15/2027      905       917  
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 07/15/2031 (e)      491       488  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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     
Galaxy XXVI CLO Ltd., (Cayman Islands), Series 2018-26A, Class AR, (CME Term SOFR 3 Month + 1.17%), 6.29%, 11/22/2031 (e) (aa)      1,761       1,762  
Generate CLO Ltd., (Cayman Islands), Series 2024-17A, Class D1, (CME Term SOFR 3 Month + 3.00%), 8.13%, 10/22/2037 (e) (aa)      2,000       1,982  
GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class A3, 4.85%, 12/18/2028      1,135       1,149  
GREYWOLF CLO VI Ltd., (Cayman Islands), Series 2018-1A, Class A1, (CME Term SOFR 3 Month + 1.29%), 6.57%, 04/26/2031 (e) (aa)      1,438       1,439  
Honda Auto Receivables Owner Trust,     
Series 2023-1, Class A2, 5.22%, 10/21/2025      113       113  
Series 2023-4, Class A3, 5.67%, 06/21/2028      1,405       1,437  
Huntington Bank Auto Credit-Linked Notes Series, Series 2024-1, Class B1, 6.15%, 05/20/2032 (e)      662       673  
Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A3, 5.02%, 03/15/2027 (e)      285       287  
KKR CLO 15 Ltd., (Cayman Islands), Series 15, Class A1R2, (CME Term SOFR 3 Month + 1.10%), 6.32%, 01/18/2032 (e) (aa)      860       860  
KKR CLO 23 Ltd., (Cayman Islands), Series 23, Class BR, (CME Term SOFR 3 Month + 1.55%), 6.70%, 10/20/2031 (e) (aa)      1,190       1,188  
KKR CLO 40 Ltd., (Jersey), Series 40A, Class AR, (CME Term SOFR 3 Month + 1.30%), 6.58%, 10/20/2034 (e) (aa)      1,030       1,031  
KKR Financial CLO 2013-1 Ltd., (Cayman Islands), Series 2013-1A, Class A2R2, (CME Term SOFR 3 Month + 1.45%), 6.75%, 04/15/2029 (e) (aa)      1,080       1,082  
Lendmark Funding Trust,     
Series 2021-2A, Class A, 2.00%, 04/20/2032 (e)      915       854  
Series 2023-1A, Class A, 5.59%, 05/20/2033 (e)      756       761  
LHMC Finco 2 Sarl, (Luxembourg), Reg. S, 7.25% (cash), 10/02/2025 (v)    EUR 4,234       4,715  
Madison Park Funding LVII Ltd., (Cayman Islands), Series 2022-57A, Class A1R, (CME Term SOFR 3 Month + 1.28%), 6.38%, 07/27/2034 (e) (aa)      1,170       1,170  
Madison Park Funding XIV Ltd., (Cayman Islands), Series 2014-14A, Class BR3, (CME Term SOFR 3 Month + 1.80%), 7.08%, 10/22/2030 (e) (aa)      360       361  
Madison Park Funding XVII Ltd., (Cayman Islands), Series 2015-17A, Class AR2, (CME Term SOFR 3 Month + 1.26%), 6.54%, 07/21/2030 (e) (aa)      175       175  
Madison Park Funding XVIII Ltd., (Cayman Islands), Series 2015-18A, Class ARR, (CME Term SOFR 3 Month + 1.20%), 6.48%, 10/21/2030 (e) (aa)      7,707       7,723  
Madison Park Funding XXIX Ltd., (Cayman Islands), Series 2018-29A, Class BR, (CME Term SOFR 3 Month + 1.80%), 7.08%, 10/18/2030 (e) (aa)      540       541  
Mariner Finance Issuance Trust,     
Series 2021-AA, Class A, 1.86%, 03/20/2036 (e)      910       866  
Series 2021-BA, Class A, 2.10%, 11/20/2036 (e)      1,395       1,317  
Series 2022-AA, Class A, 6.45%, 10/20/2037 (e)      440       440  
Mercedes-Benz Auto Lease Trust,     
Series 2024-A, Class A4, 5.32%, 02/15/2030      983       1,009  
Series 2024-B, Class A3, 4.23%, 02/15/2028      405       405  
Merchants Fleet Funding LLC, Series 2024-1A, Class A, 5.82%, 04/20/2037 (e)      1,352       1,374  
MidOcean Credit CLO VI, (Cayman Islands), Series 2016-6A, Class ARRR, (CME Term SOFR 3 Month + 1.23%), 6.51%, 04/20/2033 (e) (aa)      950       950  
Navistar Financial Dealer Note Master Owner Trust, Series 2024-1, Class A, 5.59%, 04/25/2029 (e)      1,100       1,118  
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (e)      402       372  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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     
Neuberger Berman Loan Advisers CLO 35 Ltd., (Cayman Islands), Series 2019-35A, Class ANR, (CME Term SOFR 3 Month + 1.30%), 6.58%, 01/19/2033 (e) (aa)      1,700       1,702  
Newark BSL CLO 1 Ltd., (Cayman Islands), Series 2016-1A, Class A1R, (CME Term SOFR 3 Month + 1.36%), 6.63%, 12/21/2029 (e) (aa)      390       391  
NextGear Floorplan Master Owner Trust,     
Series 2022-1A, Class A2, 2.80%, 03/15/2027 (e)      2,034       2,014  
Series 2023-1A, Class A2, 5.74%, 03/15/2028 (e)      1,185       1,204  
Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93%, 03/15/2028      2,050       2,093  
OCP CLO 2016-11 Ltd., (Cayman Islands), Series 2016-11A, Class A1R2, (CME Term SOFR 3 Month + 1.42%), 6.70%, 04/26/2036 (e) (aa)      750       751  
OCP CLO 2024-34 Ltd., (Jersey), Series 2024-34A, Class D1, (CME Term SOFR 3 Month + 2.90%), 7.85%, 10/15/2037 (e) (aa)      1,000       1,000  
Octagon Investment Partners XVII Ltd., (Cayman Islands), Series 2013-1A, Class A1R2, (CME Term SOFR 3 Month + 1.26%), 6.55%, 01/25/2031 (e) (aa)      120       120  
Octane Receivables Trust, Series 2024-2A, Class A2, 5.80%, 07/20/2032 (e)      560       568  
OFSI BSL IX Ltd., (Cayman Islands), Series 2018-1A, Class AR, (CME Term SOFR 3 Month + 1.19%), 6.49%, 07/15/2031 (e) (aa)      5,516       5,518  
OHA Credit Funding 13 Ltd., (Bermuda), Series 2022-13A, Class D2R, (CME Term SOFR 3 Month + 4.10%), 9.38%, 07/20/2037 (e) (aa)      1,000       996  
OneMain Financial Issuance Trust,     
Series 2019-2A, Class A, 3.14%, 10/14/2036 (e)      535       518  
Series 2021-1A, Class A1, 1.55%, 06/16/2036 (e)      290       272  
Series 2022-3A, Class A, 5.94%, 05/15/2034 (e)      650       657  
OZLM Funding II Ltd., (Cayman Islands),     
Series 2012-2A, Class A1A2, (CME Term SOFR 3 Month + 1.20%), 6.46%, 07/30/2031 (e) (aa)      940       940  
Series 2012-2A, Class A2RA, (CME Term SOFR 3 Month + 1.80%), 7.06%, 07/30/2031 (e) (aa)      720       721  
PenFed Auto Receivables Owner Trust, Series 2022-A, Class A3, 3.96%, 04/15/2026 (e)      224       224  
PFS Financing Corp., Series 2024-D, Class A, 5.34%, 04/15/2029 (e)      1,085       1,113  
Rad CLO 6 Ltd., (Cayman Islands), Series 2019-6A, Class A1, (CME Term SOFR 3 Month + 1.64%), 6.92%, 01/20/2033 (e) (aa)      440       441  
Rad CLO 7 Ltd., (Cayman Islands), Series 2020-7A, Class A1R, (CME Term SOFR 3 Month + 1.35%), 6.64%, 04/17/2036 (e) (aa)      1,000       1,000  
RR 24 Ltd., (Bermuda), Series 2022-24A, Class A1AR, (CME Term SOFR 3 Month + 1.73%), 7.03%, 01/15/2036 (e) (aa)      450       451  
RR 8 Ltd., (Cayman Islands), Series 2020-8A, Class A1R, (CME Term SOFR 3 Month + 1.35%), 6.67%, 07/15/2037 (e) (aa)      1,500       1,500  
Santander Drive Auto Receivables Trust,     
Series 2022-4, Class C, 5.00%, 11/15/2029      1,315       1,323  
Series 2022-7, Class C, 6.69%, 03/17/2031      930       960  
Series 2023-2, Class A3, 5.21%, 07/15/2027      489       489  
Series 2023-3, Class A3, 5.61%, 10/15/2027      700       703  
Series 2023-3, Class C, 5.77%, 11/15/2030      380       391  
Series 2024-1, Class A2, 5.71%, 02/16/2027      215       215  
Series 2024-1, Class A3, 5.25%, 04/17/2028      2,655       2,676  
Series 2024-2, Class A3, 5.63%, 11/15/2028      660       671  
Series 2024-2, Class B, 5.78%, 07/16/2029      1,295       1,331  
Series 2024-3, Class B, 5.55%, 09/17/2029      325       333  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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     
SBNA Auto Lease Trust,     
Series 2024-A, Class A3, 5.39%, 11/20/2026 (e)      415       419  
Series 2024-B, Class A2, 5.67%, 11/20/2026 (e)      450       452  
Series 2024-B, Class A3, 5.56%, 11/22/2027 (e)      570       580  
SCF Equipment Leasing LLC,     
Series 2021-1A, Class B, 1.37%, 08/20/2029 (e)      662       654  
Series 2024-1A, Class A3, 5.52%, 01/20/2032 (e)      145       150  
SFS Auto Receivables Securitization Trust,     
Series 2023-1A, Class A3, 5.47%, 10/20/2028 (e)      715       725  
Series 2024-1A, Class A3, 4.95%, 05/21/2029 (e)      240       242  
Silver Point CLO 5 Ltd., (Cayman Islands), Series 2024-5A, Class D1, (CME Term SOFR 3 Month + 3.25%), 7.98%, 10/20/2037 (e) (aa)      1,500       1,494  
Sycamore Tree CLO 2024-5 Ltd., (Cayman Islands), Series 2024-5A, Class A1, (CME Term SOFR 3 Month + 1.42%), 6.74%, 04/20/2036 (e) (aa)      600       600  
TCW CLO 2022-1 Ltd., (Cayman Islands), Series 2022-1A, Class A1, (CME Term SOFR 3 Month + 1.34%), 6.62%, 04/22/2033 (e) (aa)      500       500  
Tesla Auto Lease Trust, Series 2023-A, Class A3, 5.89%, 06/22/2026 (e)      190       191  
Toyota Auto Receivables Owner Trust, Series 2023-D, Class A3, 5.54%, 08/15/2028      2,593       2,653  
Trimaran Cavu Ltd., (Cayman Islands), Series 2021-1A, Class D1R, (CME Term SOFR 3 Month + 3.40%), 8.68%, 07/23/2037 (e) (aa)      1,500       1,493  
TUI Cruises GmbH, (Germany), Reg. S, 6.50%, 05/15/2026    EUR 4,087       4,615  
Voya CLO 2014-2 Ltd., (Cayman Islands), Series 2014-2A, Class A1RR, (CME Term SOFR 3 Month + 1.28%), 6.57%, 04/17/2030 (e) (aa)      1,447       1,447  
Voya CLO 2015-3 Ltd., (Cayman Islands), Series 2015-3A, Class A1R3, (CME Term SOFR 3 Month + 1.15%), 6.43%, 10/20/2031 (e) (aa)      4,311       4,313  
Voya CLO 2016-1 Ltd., (Cayman Islands), Series 2016-1A, Class A1R, (CME Term SOFR 3 Month + 1.33%), 6.61%, 01/20/2031 (e) (aa)      4,262       4,264  
Wellfleet CLO 2018-3 Ltd., (Cayman Islands), Series 2018-3A, Class A1A, (CME Term SOFR 3 Month + 1.51%), 6.79%, 01/20/2032 (e) (aa)      5,298       5,303  
Westlake Automobile Receivables Trust,     
Series 2022-2A, Class C, 4.85%, 09/15/2027 (e)      1,749       1,747  
Series 2024-2A, Class D, 5.91%, 04/15/2030 (e)      540       551  
Westlake Flooring Master Trust, Series 2024-1A, Class A, 5.43%, 02/15/2028 (e)      740       749  
World Financial Network Credit Card Master Trust,     
Series 2023-A, Class A, 5.02%, 03/15/2030      1,225       1,238  
Series 2024-A, Class A, 5.47%, 02/15/2031      925       951  
    

 

 

  

Total Asset-Backed Securities

(Cost $183,893)

        185,338  
    

 

 

  

Collateralized Mortgage Obligations — 0.1%

     
Connecticut Avenue Securities Trust,     
Series 2022-R08, Class 1M1, (United States 30 Day Average SOFR + 2.55%), 7.83%, 07/25/2042 (e) (aa)      212       218  
Series 2023-R01, Class 1M1, (United States 30 Day Average SOFR + 2.40%), 7.66%, 12/25/2042 (e) (aa)      287       295  
Series 2023-R03, Class 2M1, (United States 30 Day Average SOFR + 2.50%), 7.78%, 04/25/2043 (e) (aa)      104       106  
Series 2024-R03, Class 2M1, (United States 30 Day Average SOFR + 1.15%), 6.41%, 03/25/2044 (e) (aa)      659       659  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 2024-R04, Class 1A1, (United States 30 Day Average SOFR + 1.00%), 6.28%, 05/25/2044 (e) (aa)      328       328  
Series 2024-R05, Class 2A1, (United States 30 Day Average SOFR + 1.00%), 6.28%, 07/25/2044 (e) (aa)      446       445  
FHLMC STACR REMIC Trust,     
Series 2022-DNA6, Class M1A, (United States 30 Day Average SOFR + 2.15%), 7.43%, 09/25/2042 (e) (aa)      151       152  
Series 2022-HQA1, Class M1A, (United States 30 Day Average SOFR + 2.10%), 7.38%, 03/25/2042 (e) (aa)      60       60  
Series 2022-HQA2, Class M1A, (United States 30 Day Average SOFR + 2.65%), 7.93%, 07/25/2042 (e) (aa)      453       465  
Series 2022-HQA3, Class M1A, (United States 30 Day Average SOFR + 2.30%), 7.58%, 08/25/2042 (e) (aa)      166       170  
Series 2023-DNA2, Class M1A, (United States 30 Day Average SOFR + 2.10%), 7.36%, 04/25/2043 (e) (aa)      762       774  
Series 2023-HQA1, Class M1A, (United States 30 Day Average SOFR + 2.00%), 7.28%, 05/25/2043 (e) (aa)      350       352  
Series 2024-DNA1, Class A1, (United States 30 Day Average SOFR + 1.35%), 6.63%, 02/25/2044 (e) (aa)      589       592  
Series 2024-DNA2, Class A1, (United States 30 Day Average SOFR + 1.25%), 6.53%, 05/25/2044 (e) (aa)      453       454  
Series 2024-HQA1, Class M1, (United States 30 Day Average SOFR + 1.25%), 6.53%, 03/25/2044 (e) (aa)      349       349  
Towd Point Mortgage Trust, Series 2019-HY1, Class M2, (CME Term SOFR 1 Month + 2.11%), 6.97%, 10/25/2048 (e) (aa)      385       400  
Verus Securitization Trust, Series 2021-1, Class A1, 0.82%, 01/25/2066 (e) (z)      148       134  
    

 

 

  

Total Collateralized Mortgage Obligations

(Cost $5,954)

        5,953  
    

 

 

  

Commercial Mortgage-Backed Securities — 0.2%

     
ACREC Ltd., (Cayman Islands), Series 2021-FL1, Class A, (CME Term SOFR 1 Month + 1.26%), 6.28%, 10/16/2036 (e) (aa)      482       479  
BANK5, Series 2023-5YR2, Class A3, 6.66%, 07/15/2056 (z)      800       854  
BBCMS Mortgage Trust, Series 2024-5C29, Class A2, 4.74%, 09/15/2057      700       705  
Benchmark Mortgage Trust,     
Series 2018-B2, Class A5, 3.88%, 02/15/2051 (z)      90       87  
Series 2019-B11, Class A5, 3.54%, 05/15/2052      200       188  
Series 2024-V5, Class A3, 5.81%, 01/10/2057      240       251  
Series 2024-V6, Class A3, 5.93%, 03/15/2029      890       935  
BMO Mortgage Trust, Series 2023-5C2, Class A3, 7.30%, 11/15/2056 (z)      1,000       1,093  
BSPRT Issuer Ltd., (Cayman Islands), Series 2021-FL7, Class A, (CME Term SOFR 1 Month + 1.43%), 6.53%, 12/15/2038 (e) (aa)      408       407  
BX Commercial Mortgage Trust,     
Series 2021-XL2, Class A, (CME Term SOFR 1 Month + 0.80%), 5.90%, 10/15/2038 (e) (aa)      577       572  
Series 2024-XL4, Class A, (CME Term SOFR 1 Month + 1.44%), 6.54%, 02/15/2039 (e) (aa)      360       360  
Series 2024-XL5, Class A, (CME Term SOFR 1 Month + 1.39%), 6.49%, 03/15/2041 (e) (aa)      1,220       1,220  
BX Trust,     
Series 2022-PSB, Class A, (CME Term SOFR 1 Month + 2.45%), 7.55%, 08/15/2039 (e) (aa)      894       896  
Series 2024-CNYN, Class A, (CME Term SOFR 1 Month + 1.44%), 6.54%, 04/15/2041 (e) (aa)      574       573  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.62%, 02/10/2049      945       923  
COMM Mortgage Trust,     
Series 2015-CR25, Class A3, 3.51%, 08/10/2048      788       781  
Series 2015-LC21, Class A4, 3.71%, 07/10/2048      570       565  
CONE Trust, Series 2024-DFW1, Class A, (CME Term SOFR 1 Month + 1.64%), 6.74%, 08/15/2041 (e) (aa)      300       300  
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A3, 3.45%, 08/15/2048      642       636  
GS Mortgage Securities Corp. Trust,     
Series 2021-ROSS, Class A, (CME Term SOFR 1 Month + 1.41%), 6.51%, 05/15/2026 (e) (aa)      720       665  
Series 2021-ROSS, Class H, (CME Term SOFR 1 Month + 6.16%), 11.26%, 05/15/2026 (e) (aa)      270       48  
JPMDB Commercial Mortgage Securities Trust,     
Series 2017-C5, Class A4, 3.41%, 03/15/2050      669       652  
Series 2017-C7, Class A4, 3.15%, 10/15/2050      2,227       2,147  
KIND Commercial Mortgage Trust, Series 2024-1, Class A, (CME Term SOFR 1 Month + 1.89%), 6.99%, 08/15/2041 (e) (aa)      310       311  
LoanCore Issuer Ltd., (Cayman Islands), Series 2022-CRE7, Class A, (United States 30 Day Average SOFR + 1.55%), 6.89%, 01/17/2037 (e) (aa)      520       519  
MF1 LLC, Series 2022-FL9, Class A, (CME Term SOFR 1 Month + 2.15%), 7.11%, 06/19/2037 (e) (aa)      496       496  
MF1 Ltd., (Cayman Islands), Series 2021-FL7, Class A, (CME Term SOFR 1 Month + 1.19%), 6.21%, 10/16/2036 (e) (aa)      300       299  
Morgan Stanley Bank of America Merrill Lynch Trust,     
Series 2015-C27, Class A4, 3.75%, 12/15/2047      180       177  
Series 2016-C29, Class A4, 3.33%, 05/15/2049      900       883  
Morgan Stanley Capital I Trust, Series 2024-NSTB, Class A, 3.90%, 07/20/2032 (e) (z)      990       960  
UBS Commercial Mortgage Trust, Series 2019-C18, Class A4, 3.04%, 12/15/2052      50       46  
Wells Fargo Commercial Mortgage Trust,     
Series 2015-NXS2, Class A4, 3.50%, 07/15/2058      910       900  
Series 2015-SG1, Class A4, 3.79%, 09/15/2048      191       189  
Series 2017-C42, Class A3, 3.33%, 12/15/2050      1,500       1,449  
Series 2019-C50, Class A5, 3.73%, 05/15/2052      90       87  
Series 2024-5C1, Class A3, 5.93%, 07/15/2057      500       527  
    

 

 

  

Total Commercial Mortgage-Backed Securities

(Cost $22,426)

        22,180  
    

 

 

  

Convertible Bonds — 0.5%

     

Communications — 0.1%

     

Internet — 0.1%

     
Uber Technologies, Inc.,     
Zero Coupon, 12/15/2025      620       684  
Series 2028, 0.88%, 12/01/2028 (e)      4,938       6,182  
    

 

 

  
       6,866  
    

 

 

  

Media — 0.0% (g)

     
Cable One, Inc.,     
Zero Coupon, 03/15/2026      857       784  
1.13%, 03/15/2028      2,025       1,629  
    

 

 

  
       2,413  
    

 

 

  
Total Communications        9,279  
    

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
 AMOUNT ($) 

      VALUE ($)   

Convertible Bonds — continued

     

Consumer Cyclical — 0.0% (g)

     

Lodging — 0.0% (g)

     
Wynn Macau Ltd., (Cayman Islands), 4.50%, 03/07/2029 (e)      342       362  
    

 

 

  

Consumer Non-cyclical — 0.1%

     

Commercial Services — 0.1%

     
Global Payments, Inc., 1.50%, 03/01/2031 (e)      5,702       5,445  
Nexi SpA, (Italy), Reg. S, Zero Coupon, 02/24/2028    EUR  1,200       1,162  
Shift4 Payments, Inc., Zero Coupon, 12/15/2025      1,735       2,109  
Worldline SA, (France), Reg. S, Zero Coupon, 07/30/2026    EUR 839       848  
    

 

 

  
       9,564  
    

 

 

  

Household Products/Wares — 0.0% (g)

     
Spectrum Brands, Inc., 3.38%, 06/01/2029 (e)      1,877       1,943  
    

 

 

  
Total Consumer Non-cyclical        11,507  
    

 

 

  

Energy — 0.1%

     

Energy - Alternate Sources — 0.1%

     
NextEra Energy Partners LP,     
Zero Coupon, 11/15/2025 (e)      2,896       2,705  
2.50%, 06/15/2026 (e)      2,036       1,914  
    

 

 

  
       4,619  
    

 

 

  

Oil & Gas — 0.0% (g)

     
Northern Oil & Gas, Inc., 3.63%, 04/15/2029 (e)      1,520       1,735  
    

 

 

  
Total Energy        6,354  
    

 

 

  

Financial — 0.0% (g)

     

Banks — 0.0% (g)

     
Barclays Bank plc, (United Kingdom), 1.00%, 02/16/2029      3,891       3,912  
    

 

 

  

Real Estate — 0.0% (g)

     
Sunac China Holdings Ltd., (Cayman Islands), 1.00% (PIK), 09/30/2032 (e) (v)      8       1  
    

 

 

  

REITS — 0.0% (g)

     
Pebblebrook Hotel Trust, 1.75%, 12/15/2026      144       132  
    

 

 

  
Total Financial        4,045  
    

 

 

  

Industrial — 0.0% (g)

     

Engineering & Construction — 0.0% (g)

     
Cellnex Telecom SA, (Spain),     
Reg. S, 0.75%, 11/20/2031 EUR      100       98  
Reg. S, 2.13%, 08/11/2030 EUR      600       709  
    

 

 

  
Total Industrial        807  
    

 

 

  

Technology — 0.1%

     

Semiconductors — 0.0% (g)

     
ams-OSRAM AG, (Austria), Reg. S, 2.13%, 11/03/2027 EUR      200       178  
MKS Instruments, Inc., 1.25%, 06/01/2030 (e)      4,275       4,260  
    

 

 

  
       4,438  
    

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     

Software — 0.1%

     
Snowflake, Inc.,     
Zero Coupon, 10/01/2027 (e)      4,004       4,152  
Zero Coupon, 10/01/2029 (e)      4,004       4,114  
    

 

 

  
       8,266  
    

 

 

  
Total Technology        12,704  
    

 

 

  

Utilities — 0.1%

     

Electric — 0.1%

     
FirstEnergy Corp., 4.00%, 05/01/2026      5,855       6,127  
PG&E Corp., 4.25%, 12/01/2027 (e)      1,973       2,137  
    

 

 

  
Total Utilities        8,264  
    

 

 

  
Total Convertible Bonds
(Cost $52,481)		        53,322  
    

 

 

  

Corporate Bonds — 76.8%

     

Basic Materials — 3.5%

     

Chemicals — 1.6%

     
Ashland, Inc.,     
3.38%, 09/01/2031 (e)      1,000       888  
6.88%, 05/15/2043      2,625       2,815  
Avient Corp., 6.25%, 11/01/2031 (e)      2,362       2,422  
Axalta Coating Systems Dutch Holding B BV, (Netherlands), 7.25%, 02/15/2031 (e)      3,148       3,362  
Axalta Coating Systems LLC, 3.38%, 02/15/2029 (e)      1,806       1,691  
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, (Multinational), 4.75%, 06/15/2027 (e)      401       398  
Celanese US Holdings LLC, 6.17%, 07/15/2027      997       1,033  
Chemours Co. (The),     
4.00%, 05/15/2026    EUR 542       600  
4.63%, 11/15/2029 (e)      789       706  
5.38%, 05/15/2027      3,608       3,532  
5.75%, 11/15/2028 (e)      2,469       2,345  
Element Solutions, Inc., 3.88%, 09/01/2028 (e)      11,077       10,569  
FIS Fabbrica Italiana Sintetici SpA, (Italy), Reg. S, 5.63%, 08/01/2027    EUR 700       777  
Herens Holdco Sarl, (Luxembourg), 4.75%, 05/15/2028 (e)      2,043       1,783  
Herens Midco Sarl, (Luxembourg), Reg. S, 5.25%, 05/15/2029    EUR 100       83  
ICL Group Ltd., (Israel), Reg. S, 6.38%, 05/31/2038 (e)      6,000       5,905  
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 (e)      3,608       3,647  
INEOS Finance plc, (United Kingdom), Reg. S, 6.38%, 04/15/2029    EUR 9,353       10,755  
INEOS Quattro Finance 2 Plc, (United Kingdom),     
Reg. S, 2.50%, 01/15/2026    EUR 594       658  
Reg. S, 8.50%, 03/15/2029    EUR 200       236  
International Flavors & Fragrances, Inc., 1.23%, 10/01/2025 (e)      1,195       1,153  
Italmatch Chemicals SpA, (Italy), Reg. S, 10.00%, 02/06/2028    EUR 3,063       3,623  
Kobe US Midco 2, Inc., 9.25% (cash), 11/01/2026 (e) (v)      1,583       1,320  
Kraton Corp., 5.00%, 07/15/2027 (e)      437       445  
Kronos International, Inc., Reg. S, 9.50%, 03/15/2029    EUR 297       360  
LSF11 A5 HoldCo. LLC, 6.63%, 10/15/2029 (e)      2,616       2,544  
Lune Holdings Sarl, (Luxembourg), Reg. S, 5.63%, 11/15/2028    EUR 10,290       10,041  
Mativ Holdings, Inc., 8.00%, 10/01/2029 (e) (w)      2,220       2,266  
Monitchem HoldCo. 3 SA, (Luxembourg), Reg. S, 8.75%, 05/01/2028    EUR 200       229  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Nobian Finance BV, (Netherlands), Reg. S, 3.63%, 07/15/2026    EUR 418       461  
OCP SA, (Morocco),     
Reg. S, 3.75%, 06/23/2031      5,800       5,198  
Reg. S, 4.50%, 10/22/2025      200       198  
Reg. S, 5.13%, 06/23/2051      7,400       6,013  
Olympus Water US Holding Corp.,     
4.25%, 10/01/2028 (e)      1,836       1,753  
Reg. S, 5.38%, 10/01/2029    EUR 200       210  
6.25%, 10/01/2029 (e)      1,100       1,064  
7.25%, 06/15/2031 (e)      7,959       8,282  
Reg. S, 9.63%, 11/15/2028    EUR 598       714  
9.75%, 11/15/2028 (e)      20,068       21,419  
Orbia Advance Corp. SAB de CV, (Mexico), 1.88%, 05/11/2026 (e)      249       236  
Rain CII Carbon LLC / CII Carbon Corp., 7.25%, 04/01/2025 (e)      47       47  
Sasol Financing USA LLC, Reg. S, 8.75%, 05/03/2029      5,200       5,499  
SCIL IV LLC / SCIL USA Holdings LLC,     
Reg. S, (ICE LIBOR EUR 3 Month + 4.38%), 8.01%, 11/01/2026 (aa)    EUR 100       112  
Reg. S, 9.50%, 07/15/2028    EUR 201       241  
SK Invictus Intermediate II Sarl, (Luxembourg), 5.00%, 10/30/2029 (e)      10,111       9,707  
SNF Group SACA, (France),     
3.13%, 03/15/2027 (e)      387       369  
3.38%, 03/15/2030 (e)      1,799       1,621  
Tronox, Inc., 4.63%, 03/15/2029 (e)      2,890       2,699  
WR Grace Holdings LLC,     
4.88%, 06/15/2027 (e)      858       846  
5.63%, 08/15/2029 (e)      15,787       14,828  
7.38%, 03/01/2031 (e)      4,313       4,519  
    

 

 

  
       162,222  
    

 

 

  

Forest Products & Paper — 0.1%

     
Ahlstrom Holding 3 Oy, (Finland),     
Reg. S, 3.63%, 02/04/2028    EUR 100       107  
4.88%, 02/04/2028 (e)      700       659  
WEPA Hygieneprodukte GmbH, (Germany),     
Reg. S, 2.88%, 12/15/2027    EUR 4,000       4,287  
Reg. S, 5.63%, 01/15/2031    EUR 2,000       2,283  
    

 

 

  
       7,336  
    

 

 

  

Iron/Steel — 0.3%

     
ATI, Inc.,     
4.88%, 10/01/2029      816       788  
5.13%, 10/01/2031      3,254       3,162  
7.25%, 08/15/2030      6,193       6,595  
Big River Steel LLC / BRS Finance Corp., 6.63%, 01/31/2029 (e)      8,821       8,937  
Carpenter Technology Corp., 7.63%, 03/15/2030      3,756       3,931  
Cleveland-Cliffs, Inc.,     
6.75%, 04/15/2030 (e)      2,950       3,001  
7.00%, 03/15/2032 (e)      710       716  
CSN Inova Ventures, (Cayman Islands), Reg. S, 6.75%, 01/28/2028      3,000       2,899  
Mineral Resources Ltd., (Australia), 9.25%, 10/01/2028 (e)      2,450       2,602  
Vale Overseas Ltd., (Cayman Islands), 6.40%, 06/28/2054      1,300       1,369  
    

 

 

  
       34,000  
    

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 — 1.5%

     
Alcoa Nederland Holding BV, (Netherlands), 5.50%, 12/15/2027 (e)      1,200       1,204  
Anglo American Capital plc, (United Kingdom),     
2.25%, 03/17/2028 (e)      200       185  
4.00%, 09/11/2027 (e)      426       419  
4.50%, 03/15/2028 (e)      340       339  
4.75%, 04/10/2027 (e)      400       402  
4.88%, 05/14/2025 (e)      1,344       1,343  
AngloGold Ashanti Holdings plc, (Isle of Man), 3.75%, 10/01/2030      1,400       1,297  
Antofagasta plc, (United Kingdom), Reg. S, 2.38%, 10/14/2030      4,900       4,266  
Arsenal AIC Parent LLC,     
8.00%, 10/01/2030 (e)      1,499       1,609  
11.50%, 10/01/2031 (e)      14,556       16,451  
Constellium SE, (France),     
3.75%, 04/15/2029 (e)      9,168       8,562  
Reg. S, 5.38%, 08/15/2032    EUR 600       687  
6.38%, 08/15/2032 (e)      6,266       6,431  
Corp. Nacional del Cobre de Chile, (Chile),     
Reg. S, 4.50%, 08/01/2047      6,500       5,525  
Reg. S, 5.95%, 01/08/2034      3,300       3,472  
Eldorado Gold Corp., (Canada), 6.25%, 09/01/2029 (e)      3,825       3,818  
ERO Copper Corp., (Canada), 6.50%, 02/15/2030 (e)      1,107       1,102  
First Quantum Minerals Ltd., (Canada),     
6.88%, 10/15/2027 (e)      4,280       4,232  
8.63%, 06/01/2031 (e)      600       601  
9.38%, 03/01/2029 (e)      8,424       8,930  
Freeport Indonesia PT, (Indonesia), 4.76%, 04/14/2027 (e)      800       803  
Freeport-McMoRan, Inc., 4.55%, 11/14/2024      400       399  
Glencore Funding LLC,     
1.63%, 04/27/2026 (e)      235       226  
4.00%, 04/16/2025 (e)      164       163  
4.00%, 03/27/2027 (e)      306       303  
5.34%, 04/04/2027 (e)      476       487  
5.37%, 04/04/2029 (e)      473       489  
6.13%, 10/06/2028 (e)      116       123  
Hecla Mining Co., 7.25%, 02/15/2028      2,943       3,001  
Hudbay Minerals, Inc., (Canada),     
4.50%, 04/01/2026 (e)      3,858       3,816  
6.13%, 04/01/2029 (e)      3,106       3,152  
Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT, (Indonesia),     
Reg. S, 5.45%, 05/15/2030      3,300       3,369  
Reg. S, 5.80%, 05/15/2050      8,700       8,682  
Kaiser Aluminum Corp.,     
4.50%, 06/01/2031 (e)      12,608       11,521  
4.63%, 03/01/2028 (e)      2,402       2,323  
New Gold, Inc., (Canada), 7.50%, 07/15/2027 (e)      11,444       11,671  
Novelis Corp.,     
3.25%, 11/15/2026 (e)      6,632       6,399  
3.88%, 08/15/2031 (e)      5,868       5,351  
4.75%, 01/30/2030 (e)      11,313       10,976  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Novelis Sheet Ingot GmbH, (Germany), Reg. S, 3.38%, 04/15/2029    EUR 2,640       2,806  
Taseko Mines Ltd., (Canada), 8.25%, 05/01/2030 (e)      1,760       1,848  
    

 

 

  
       148,783  
    

 

 

  
Total Basic Materials        352,341  
    

 

 

  

Communications — 10.5%

     

Advertising — 0.6%

     
Clear Channel Outdoor Holdings, Inc.,     
5.13%, 08/15/2027 (e)      5,465       5,373  
7.50%, 06/01/2029 (e)      6,810       5,882  
7.75%, 04/15/2028 (e)      584       523  
7.88%, 04/01/2030 (e)      8,925       9,333  
9.00%, 09/15/2028 (e)      15,753       16,748  
CMG Media Corp., 8.88%, 12/15/2027 (e)      3,688       2,157  
Lamar Media Corp., 4.00%, 02/15/2030      113       106  
Neptune Bidco US, Inc., 9.29%, 04/15/2029 (e)      7,649       7,503  
Outfront Media Capital LLC / Outfront Media Capital Corp.,     
4.25%, 01/15/2029 (e)      8,110       7,722  
4.63%, 03/15/2030 (e)      348       331  
7.38%, 02/15/2031 (e)      3,392       3,621  
Summer BC Holdco B Sarl, (Luxembourg), Reg. S, 5.75%, 10/31/2026    EUR 5,920       6,590  
    

 

 

  
       65,889  
    

 

 

  

Internet — 0.9%

     
Acuris Finance US, Inc. / Acuris Finance Sarl,     
5.00%, 05/01/2028 (e)      3,000       2,747  
9.00%, 08/01/2029 (e)      1,307       1,314  
ANGI Group LLC, 3.88%, 08/15/2028 (e)      835       766  
Cablevision Lightpath LLC,     
3.88%, 09/15/2027 (e)      7,397       7,041  
5.63%, 09/15/2028 (e)      2,775       2,604  
Engineering - Ingegneria Informatica - SpA, (Italy), Reg. S, 11.13%, 05/15/2028    EUR 2,217       2,505  
Gen Digital, Inc., 5.00%, 04/15/2025 (e)      4,210       4,186  
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 03/01/2029 (e)      3,399       3,189  
iliad SA, (France),     
Reg. S, 2.38%, 06/17/2026    EUR 6,800       7,409  
Reg. S, 5.63%, 02/15/2030    EUR 600       705  
Iliad SA, (France), Reg. S, 5.38%, 06/14/2027    EUR 300       347  
ION Trading Technologies Sarl, (Luxembourg), 9.50%, 05/30/2029 (e)      735       752  
Match Group Holdings II LLC, 4.63%, 06/01/2028 (e)      2,381       2,315  
Netflix, Inc., 4.88%, 04/15/2028      175       179  
Prosus NV, (Netherlands),     
3.26%, 01/19/2027 (e)      200       193  
Reg. S, 3.26%, 01/19/2027      4,800       4,630  
Reg. S, 4.99%, 01/19/2052      5,600       4,724  
Rakuten Group, Inc., (Japan),     
Reg. S, (EUR Swap Rate 5 Year + 4.74%), 4.25%, 04/22/2027 (x) (aa)    EUR 5,410       5,154  
9.75%, 04/15/2029 (e)      4,505       4,916  
11.25%, 02/15/2027 (e)      1,856       2,030  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Uber Technologies, Inc.,     
4.50%, 08/15/2029 (e)      1,724       1,708  
6.25%, 01/15/2028 (e)      540       546  
United Group BV, (Netherlands),     
Reg. S, 4.00%, 11/15/2027    EUR 4,119       4,476  
Reg. S, 4.63%, 08/15/2028    EUR 7,000       7,675  
Reg. S, 5.25%, 02/01/2030    EUR 12,817       13,982  
Reg. S, 6.75%, 02/15/2031    EUR 100       116  
Reg. S, (ICE LIBOR EUR 3 Month + 4.25%), 7.79%, 02/15/2031 (aa)    EUR 268       298  
    

 

 

  
       86,507  
    

 

 

  

Media — 2.9%

     
Cable One, Inc., 4.00%, 11/15/2030 (e)      506       403  
CCO Holdings LLC / CCO Holdings Capital Corp.,     
4.25%, 02/01/2031 (e)      11,199       9,879  
4.25%, 01/15/2034 (e)      11,097       9,118  
4.50%, 08/15/2030 (e)      528       478  
4.50%, 05/01/2032      3,722       3,218  
4.75%, 03/01/2030 (e)      674       620  
5.00%, 02/01/2028 (e)      9,131       8,882  
5.13%, 05/01/2027 (e)      4,319       4,251  
5.38%, 06/01/2029 (e)      450       434  
6.38%, 09/01/2029 (e)      9,796       9,795  
7.38%, 03/01/2031 (e)      9,764       10,001  
Charter Communications Operating LLC / Charter Communications Operating Capital,     
4.91%, 07/23/2025      81       81  
6.15%, 11/10/2026      201       206  
CSC Holdings LLC,     
3.38%, 02/15/2031 (e)      2,239       1,590  
4.13%, 12/01/2030 (e)      5,619       4,095  
4.50%, 11/15/2031 (e)      1,200       874  
4.63%, 12/01/2030 (e)      7,510       3,812  
5.00%, 11/15/2031 (e)      1,700       840  
5.38%, 02/01/2028 (e)      3,825       3,222  
5.50%, 04/15/2027 (e)      9,032       7,943  
5.75%, 01/15/2030 (e)      2,000       1,035  
6.50%, 02/01/2029 (e)      1,700       1,408  
7.50%, 04/01/2028 (e)      500       334  
11.25%, 05/15/2028 (e)      5,900       5,695  
11.75%, 01/31/2029 (e)      7,916       7,652  
Diamond Sports Group LLC / Diamond Sports Finance Co.,     
5.38%, 08/15/2026 (d) (e)      17,957       224  
6.63%, 08/15/2027 (d) (e)      10,954       137  
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc., 5.88%, 08/15/2027 (e)      8,770       8,615  
Discovery Communications LLC, 3.95%, 03/20/2028      127       121  
DISH DBS Corp.,     
5.13%, 06/01/2029      1,150       772  
5.25%, 12/01/2026 (e)      7,604       7,027  
5.75%, 12/01/2028 (e)      6,183       5,402  
7.38%, 07/01/2028      5,423       4,072  
7.75%, 07/01/2026      9,515       8,299  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
DISH Network Corp., 11.75%, 11/15/2027 (e)      18,949       19,839  
FactSet Research Systems, Inc., 2.90%, 03/01/2027      120       116  
GCI LLC, 4.75%, 10/15/2028 (e)      182       175  
Gray Television, Inc., 10.50%, 07/15/2029 (e)      7,221       7,542  
LCPR Senior Secured Financing DAC, (Ireland), 6.75%, 10/15/2027 (e)      5,127       4,690  
Midcontinent Communications, 8.00%, 08/15/2032 (e)      4,238       4,313  
News Corp., 3.88%, 05/15/2029 (e)      950       899  
Nexstar Media, Inc., 5.63%, 07/15/2027 (e)      1,717       1,701  
Radiate Holdco LLC / Radiate Finance, Inc.,     
4.50%, 09/15/2026 (e)      5,352       4,567  
6.50%, 09/15/2028 (e)      7,485       4,955  
RCS & RDS SA, (Romania), Reg. S, 3.25%, 02/05/2028    EUR 200       214  
Sinclair Television Group, Inc., 5.13%, 02/15/2027 (e)      1,840       1,601  
Sirius XM Radio, Inc.,     
3.13%, 09/01/2026 (e)      2,201       2,126  
4.00%, 07/15/2028 (e)      371       350  
5.00%, 08/01/2027 (e)      11,948       11,754  
Summer BidCo BV, (Netherlands), Reg. S, 10.00% (cash), 02/15/2029 (v)    EUR 4,119       4,731  
Sunrise FinCo. I BV, (Netherlands), 4.88%, 07/15/2031 (e)      4,433       4,180  
Tele Columbus AG, (Germany), Reg. S, 10.00% (PIK), 01/01/2029 (v)    EUR 5,721       5,015  
Telenet Finance Luxembourg Notes Sarl, (Luxembourg), 5.50%, 03/01/2028 (e)      1,800       1,760  
Univision Communications, Inc.,     
4.50%, 05/01/2029 (e)      2,125       1,905  
6.63%, 06/01/2027 (e)      14,454       14,480  
8.00%, 08/15/2028 (e)      8,474       8,665  
8.50%, 07/31/2031 (e)      3,757       3,772  
UPCB Finance VII Ltd., (Cayman Islands), Reg. S, 3.63%, 06/15/2029    EUR 5,380       5,809  
Videotron Ltd., (Canada), 5.13%, 04/15/2027 (e)      887       884  
Virgin Media Secured Finance plc, (United Kingdom),     
Reg. S, 4.13%, 08/15/2030    GBP 100       116  
4.50%, 08/15/2030 (e)      2,900       2,580  
5.50%, 05/15/2029 (e)      1,775       1,702  
Virgin Media Vendor Financing Notes III DAC, (Ireland), Reg. S, 4.88%, 07/15/2028    GBP 9,560       11,808  
Virgin Media Vendor Financing Notes IV DAC, (Ireland), 5.00%, 07/15/2028 (e)      5,855       5,643  
VZ Secured Financing BV, (Netherlands),     
Reg. S, 3.50%, 01/15/2032    EUR 100       103  
5.00%, 01/15/2032 (e)      4,150       3,820  
VZ Vendor Financing II BV, (Netherlands), Reg. S, 2.88%, 01/15/2029    EUR 364       374  
Ziggo Bond Co. BV, (Netherlands),     
5.13%, 02/28/2030 (e)      1,072       989  
6.00%, 01/15/2027 (e)      3,452       3,450  
Ziggo BV, (Netherlands),     
Reg. S, 2.88%, 01/15/2030    EUR 7,570       7,786  
4.88%, 01/15/2030 (e)      5,302       5,038  
    

 

 

  
       289,987  
    

 

 

  

Telecommunications — 6.1%

     
Altice Financing SA, (Luxembourg),     
2.25%, 01/15/2025 (e)    EUR 2,525       2,768  
Reg. S, 3.00%, 01/15/2028    EUR 5,100       4,641  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Reg. S, 4.25%, 08/15/2029    EUR 16,138       14,416  
5.00%, 01/15/2028 (e)      2,700       2,284  
5.75%, 08/15/2029 (e)      19,760       15,920  
9.63%, 07/15/2027 (e)      12,887       12,550  
Altice Finco SA, (Luxembourg), Reg. S, 4.75%, 01/15/2028    EUR 4,268       3,310  
Altice France Holding SA, (Luxembourg),     
Reg. S, 4.00%, 02/15/2028    EUR 5,125       1,512  
Reg. S, 8.00%, 05/15/2027    EUR 4,500       1,528  
Altice France SA, (France),     
Reg. S, 3.38%, 01/15/2028    EUR 239       188  
Reg. S, 4.25%, 10/15/2029    EUR 16,655       12,952  
5.13%, 01/15/2029 (e)      1,276       897  
5.13%, 07/15/2029 (e)      7,557       5,314  
5.50%, 01/15/2028 (e)      155       113  
5.50%, 10/15/2029 (e)      6,405       4,486  
Reg. S, 5.88%, 02/01/2027    EUR 3,500       3,052  
Reg. S, 11.50%, 02/01/2027    EUR 300       275  
AT&T, Inc., 5.54%, 02/20/2026      1,386       1,384  
Axiata SPV2 Bhd., (Malaysia), Reg. S, 2.16%, 08/19/2030      11,200       9,863  
British Telecommunications plc, (United Kingdom), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.54%), 5.13%, 10/03/2054 (aa)    EUR 325       371  
CK Hutchison Group Telecom Finance SA, (Luxembourg), Reg. S, 2.63%, 10/17/2034    GBP 200       197  
CommScope, Inc., 4.75%, 09/01/2029 (e)      3,398       2,854  
Connect Finco Sarl / Connect US Finco LLC, (Multinational),     
6.75%, 10/01/2026 (e)      6,525       6,525  
9.00%, 09/15/2029 (e)      7,825       7,576  
Digicel Group Holdings Ltd., (Bermuda),     
Series 1B14, , Zero Coupon, 12/31/2030 (e) (bb) (cc)      104       8  
Series 3A14, , Zero Coupon, 12/31/2030 (e) (bb) (cc)      1       1  
Series 3B14, , Zero Coupon, 12/31/2030 (e) (bb) (cc)      64       — (h) 
Digicel Intermediate Holdings Ltd. / Digicel International Finance Ltd. / Difl US, (Multinational), 12.00% (Blend (cash 9.00% + PIK 3.00%)), 05/25/2027 (v)      1,026       1,032  
Digicel Midco Ltd. / Difl US II LLC, (Saint Lucia), 10.50% (cash), 11/25/2028 (v)      3,015       2,713  
Frontier Communications Holdings LLC,     
5.00%, 05/01/2028 (e)      11,011       10,928  
5.88%, 10/15/2027 (e)      5,741       5,765  
5.88%, 11/01/2029      7,902       7,857  
6.75%, 05/01/2029 (e)      860       867  
8.63%, 03/15/2031 (e)      1,986       2,141  
8.75%, 05/15/2030 (e)      20,784       22,149  
Global Switch Finance BV, (Netherlands), Reg. S, 1.38%, 10/07/2030    EUR 591       604  
Iliad Holding SASU, (France),     
6.50%, 10/15/2026 (e)      11,811       11,941  
Reg. S, 6.88%, 04/15/2031    EUR 25,491       30,149  
7.00%, 10/15/2028 (e)      3,624       3,686  
8.50%, 04/15/2031 (e)      5,299       5,699  
Intelsat Jackson Holdings SA, (Luxembourg), 6.50%, 03/15/2030 (e)      12,037       11,518  
Kaixo Bondco Telecom SA, (Spain), Reg. S, 5.13%, 09/30/2029    EUR 300       333  
Koninklijke KPN NV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 3.77%), 6.00%, 09/21/2027 (x) (aa)    EUR 3,720       4,405  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Level 3 Financing, Inc.,     
3.63%, 01/15/2029 (e)      2,700       1,883  
3.75%, 07/15/2029 (e)      3,225       2,193  
3.88%, 10/15/2030 (e)      200       147  
4.00%, 04/15/2031 (e)      1,305       949  
4.25%, 07/01/2028 (e)      2,475       1,983  
4.50%, 04/01/2030 (e)      1,710       1,324  
4.88%, 06/15/2029 (e)      4,826       4,054  
10.50%, 04/15/2029 (e)      14,725       16,051  
10.50%, 05/15/2030 (e)      14,960       16,101  
10.75%, 12/15/2030 (e)      3,912       4,293  
11.00%, 11/15/2029 (e)      18,609       20,618  
Lorca Telecom Bondco SA, (Spain),     
Reg. S, 4.00%, 09/18/2027    EUR 13,649       15,097  
Reg. S, 5.75%, 04/30/2029    EUR 440       511  
Lumen Technologies, Inc.,     
4.13%, 04/15/2029 (e)      901       756  
4.13%, 04/15/2030 (e)      901       730  
Matterhorn Telecom SA, (Luxembourg), Reg. S, 3.13%, 09/15/2026    EUR 11,860       13,038  
Odido Group Holding BV, (Netherlands), Reg. S, 5.50%, 01/15/2030    EUR 156       169  
Odido Holding BV, (Netherlands), Reg. S, 3.75%, 01/15/2029    EUR 7,180       7,843  
Optics Bidco SpA, (Italy),     
1.63%, 01/18/2029    EUR 1,000       1,018  
Reg. S, 2.38%, 10/12/2027    EUR 13,706       14,637  
6.00%, 09/30/2034 (e)      3,170       3,209  
7.20%, 07/18/2036 (e)      6,967       7,498  
PLT VII Finance Sarl, (Luxembourg), 6.00%, 06/15/2031 (e)    EUR 6,300       7,285  
PPF Telecom Group BV, (Netherlands), Reg. S, 3.25%, 09/29/2027    EUR 8,360       9,202  
Sable International Finance Ltd., (Cayman Islands), 7.13%, 10/15/2032 (e) (w)      6,165       6,185  
SES SA, (Luxembourg),     
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.19%), 2.88%, 05/27/2026 (x) (aa)    EUR 236       249  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.59%), 6.00%, 09/12/2054 (aa)    EUR 400       419  
SoftBank Group Corp., (Japan),     
Reg. S, 2.88%, 01/06/2027    EUR 250       271  
Reg. S, 3.13%, 09/19/2025    EUR 282       310  
Reg. S, 3.38%, 07/06/2029    EUR 7,510       7,836  
Reg. S, 3.88%, 07/06/2032    EUR 400       409  
Reg. S, 4.00%, 09/19/2029    EUR 100       107  
Reg. S, 4.50%, 04/20/2025    EUR 7,180       7,992  
Reg. S, 5.00%, 04/15/2028    EUR 13,542       15,241  
Reg. S, 5.75%, 07/08/2032    EUR 400       452  
Sprint Capital Corp.,     
6.88%, 11/15/2028      893       975  
8.75%, 03/15/2032      575       713  
Sprint LLC, 7.63%, 02/15/2025      1,390       1,394  
Telecom Italia SpA, (Italy),     
Reg. S, 1.63%, 01/18/2029    EUR 13,981       14,237  
Reg. S, 2.75%, 04/15/2025    EUR 2,830       3,131  
Reg. S, 2.88%, 01/28/2026    EUR 8,830       9,794  
Reg. S, 3.00%, 09/30/2025    EUR 5,640       6,239  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Reg. S, 6.88%, 02/15/2028    EUR 8,575       10,344  
Reg. S, 7.88%, 07/31/2028    EUR 6,290       7,910  
Telefonica Europe BV, (Netherlands),     
Reg. S, (EUR Swap Rate 8 Year + 2.62%), 2.38%, 02/12/2029 (x) (aa)    EUR 12,500       12,714  
Reg. S, (EUR Swap Rate 8 Year + 3.07%), 2.88%, 06/24/2027 (x) (aa)    EUR 3,000       3,221  
Reg. S, (EUR Swap Rate 6 Year + 2.87%), 2.88%, 02/24/2028 (x) (aa)    EUR 5,100       5,409  
Reg. S, (EUR Swap Rate 8 Year + 2.97%), 3.88%, 06/22/2026 (x) (aa)    EUR 400       443  
Reg. S, (EUR Swap Rate 7 + 3.35%), 6.14%, 02/03/2030 (x) (aa)    EUR 200       238  
Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.62%), 6.75%, 06/07/2031 (x) (aa)    EUR 11,000       13,500  
Reg. S, (EUR Swap Rate 6 Year + 4.32%), 7.13%, 08/23/2028 (x) (aa)    EUR 200       244  
T-Mobile USA, Inc.,     
2.25%, 02/15/2026      56       55  
2.63%, 04/15/2026      36       35  
3.75%, 04/15/2027      51       50  
Viasat, Inc., 5.63%, 09/15/2025 (e)      9,800       9,759  
Viavi Solutions, Inc., 3.75%, 10/01/2029 (e)      577       524  
Vmed O2 UK Financing I plc, (United Kingdom),     
Reg. S, 3.25%, 01/31/2031    EUR 12,703       13,075  
Reg. S, 4.00%, 01/31/2029    GBP 100       120  
4.25%, 01/31/2031 (e)      303       268  
Reg. S, 4.50%, 07/15/2031    GBP 11,787       13,592  
Reg. S, 5.63%, 04/15/2032    EUR 8,341       9,382  
7.75%, 04/15/2032 (e)      4,100       4,210  
Vodafone Group plc, (United Kingdom),     
Reg. S, (EUR Swap Rate 5 Year + 3.48%), 3.00%, 08/27/2080 (aa)    EUR 100       104  
(CMT Index 5 Year + 2.77%), 4.13%, 06/04/2081 (aa)      400       362  
Reg. S, (GBP Swap Rate 5 Year + 3.27%), 4.88%, 10/03/2078 (aa)    GBP 200       265  
Reg. S, (EUR Swap Rate 5 Year + 3.49%), 6.50%, 08/30/2084 (aa)    EUR 100       122  
Reg. S, (UK Gilts 5 Year + 3.84%), 8.00%, 08/30/2086 (aa)    GBP 9,320       13,676  
Windstream Escrow LLC / Windstream Escrow Finance Corp.,     
7.75%, 08/15/2028 (e)      4,640       4,644  
8.25%, 10/01/2031 (e) (w)      4,146       4,216  
Zayo Group Holdings, Inc.,     
4.00%, 03/01/2027 (e)      9,960       8,907  
6.13%, 03/01/2028 (e)      4,732       3,928  
Zegona Finance plc, (United Kingdom),     
Reg. S, 6.75%, 07/15/2029    EUR 600       697  
8.63%, 07/15/2029 (e)      3,935       4,201  
    

 

 

  
       609,530  
    

 

 

  
Total Communications        1,051,913  
    

 

 

  

Consumer Cyclical — 13.3%

     

Airlines — 0.5%

     
Air Canada, (Canada), 3.88%, 08/15/2026 (e)      1,285       1,251  
American Airlines, Inc.,     
7.25%, 02/15/2028 (e)      1,870       1,914  
8.50%, 05/15/2029 (e)      5,383       5,714  
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., (Multinational),     
5.50%, 04/20/2026 (e)      58       58  
5.75%, 04/20/2029 (e)      5,279       5,271  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Finnair OYJ, (Finland), Reg. S, 4.75%, 05/24/2029    EUR 600       670  
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (e)      483       489  
Singapore Airlines Ltd., (Singapore),     
Reg. S, 3.00%, 07/20/2026      2,150       2,102  
Reg. S, 3.38%, 01/19/2029      6,200       5,955  
United Airlines 2014-1 Class A Pass Through Trust, Series A, 4.00%, 04/11/2026      315       310  
United Airlines Pass Through Trust, Series 20-1, Class A, 5.88%, 10/15/2027      529       539  
United Airlines, Inc.,     
4.38%, 04/15/2026 (e)      3,861       3,802  
4.63%, 04/15/2029 (e)      9,971       9,631  
VistaJet Malta Finance plc / Vista Management Holding, Inc., (Multinational),     
6.38%, 02/01/2030 (e)      2,950       2,534  
7.88%, 05/01/2027 (e)      4,379       4,288  
9.50%, 06/01/2028 (e)      3,165       3,089  
    

 

 

  
       47,617  
    

 

 

  

Apparel — 0.2%

     
Crocs, Inc.,     
4.13%, 08/15/2031 (e)      163       148  
4.25%, 03/15/2029 (e)      1,111       1,050  
Hanesbrands, Inc.,     
4.88%, 05/15/2026 (e)      695       689  
9.00%, 02/15/2031 (e)      100       108  
Kontoor Brands, Inc., 4.13%, 11/15/2029 (e)      2,850       2,691  
Levi Strauss & Co., 3.50%, 03/01/2031 (e)      2,079       1,884  
PVH Corp., 4.63%, 07/10/2025      190       189  
S&S Holdings LLC, 8.38%, 10/01/2031 (e) (w)      856       863  
Tapestry, Inc.,     
7.00%, 11/27/2026      207       214  
7.05%, 11/27/2025      213       217  
Wolverine World Wide, Inc., 4.00%, 08/15/2029 (e)      7,650       6,751  
    

 

 

  
       14,804  
    

 

 

  

Auto Manufacturers — 0.4%

     
Aston Martin Capital Holdings Ltd., (Jersey),     
10.00%, 03/31/2029 (e)      1,685       1,655  
Reg. S, 10.38%, 03/31/2029    GBP 581       773  
Daimler Truck Finance North America LLC,     
5.13%, 09/25/2027 (e)      244       249  
5.60%, 08/08/2025 (e)      503       507  
Ford Motor Credit Co. LLC,     
2.30%, 02/10/2025      628       621  
3.38%, 11/13/2025      1,774       1,740  
4.13%, 08/04/2025      200       198  
4.27%, 01/09/2027      2,500       2,456  
4.69%, 06/09/2025      200       199  
5.13%, 06/16/2025      3,077       3,076  
5.13%, 11/05/2026      816       820  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
5.30%, 09/06/2029      652       650  
5.80%, 03/08/2029      467       475  
5.85%, 05/17/2027      1,347       1,371  
General Motors Financial Co., Inc.,     
2.75%, 06/20/2025      1,000       984  
4.35%, 01/17/2027      80       80  
4.90%, 10/06/2029      408       408  
5.35%, 07/15/2027      254       260  
5.40%, 05/08/2027      242       247  
Series C, (CMT Index 5 Year + 5.00%), 5.70%, 09/30/2030 (x) (aa)      735       719  
Hyundai Capital America,     
2.00%, 06/15/2028 (e)      353       323  
5.25%, 01/08/2027 (e)      198       202  
5.30%, 01/08/2029 (e)      116       119  
5.65%, 06/26/2026 (e)      687       701  
5.95%, 09/21/2026 (e)      178       183  
6.10%, 09/21/2028 (e)      1,049       1,106  
6.50%, 01/16/2029 (e)      500       536  
Jaguar Land Rover Automotive plc, (United Kingdom),     
Reg. S, 4.50%, 01/15/2026    EUR 5,410       6,060  
7.75%, 10/15/2025 (e)      399       398  
JB Poindexter & Co., Inc., 8.75%, 12/15/2031 (e)      1,845       1,952  
Nissan Motor Acceptance Co. LLC,     
2.00%, 03/09/2026 (e)      194       185  
6.95%, 09/15/2026 (e)      658       680  
Nissan Motor Co. Ltd., (Japan), 3.52%, 09/17/2025 (e)      1,000       983  
PM General Purchaser LLC, 9.50%, 10/01/2028 (e)      5,885       5,989  
RCI Banque SA, (France),     
Reg. S, (EUR Swap Rate 5 Year + 2.85%), 2.63%, 02/18/2030 (aa)    EUR 1,600       1,764  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.75%), 5.50%, 10/09/2034 (aa)    EUR 200       227  
Volkswagen Group of America Finance LLC,     
4.90%, 08/14/2026 (e)      200       201  
5.40%, 03/20/2026 (e)      511       517  
5.70%, 09/12/2026 (e)      222       227  
5.80%, 09/12/2025 (e)      281       284  
6.00%, 11/16/2026 (e)      200       206  
Wabash National Corp., 4.50%, 10/15/2028 (e)      76       70  
    

 

 

  
       40,401  
    

 

 

  

Auto Parts & Equipment — 1.6%

     
Adient Global Holdings Ltd., (Jersey),     
4.88%, 08/15/2026 (e)      1,313       1,302  
7.00%, 04/15/2028 (e)      3,050       3,141  
American Axle & Manufacturing, Inc., 6.50%, 04/01/2027      1,450       1,454  
Aptiv plc / Aptiv Global Financing DAC, (Jersey), (CMT Index 5 Year + 3.39%), 6.88%, 12/15/2054 (aa)      7,730       7,789  
Clarios Global LP / Clarios US Finance Co., (Multinational),     
Reg. S, 4.38%, 05/15/2026    EUR 17,792       19,739  
6.75%, 05/15/2028 (e)      8,799       9,069  
8.50%, 05/15/2027 (e)      13,966       14,007  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Dana Financing Luxembourg Sarl, (Luxembourg),     
Reg. S, 3.00%, 07/15/2029    EUR 200       196  
5.75%, 04/15/2025 (e)      74       74  
Reg. S, 8.50%, 07/15/2031    EUR 3,236       3,834  
Dana, Inc.,     
4.25%, 09/01/2030      1,950       1,759  
4.50%, 02/15/2032      1,050       931  
5.38%, 11/15/2027      275       273  
5.63%, 06/15/2028      700       686  
Forvia SE, (France),     
Reg. S, 2.75%, 02/15/2027    EUR 9,308       9,948  
Reg. S, 3.13%, 06/15/2026    EUR 5,120       5,600  
Reg. S, 5.50%, 06/15/2031    EUR 228       252  
Reg. S, 7.25%, 06/15/2026    EUR 463       533  
Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.75%, 05/31/2032 (e)      4,499       4,605  
Goodyear Europe BV, (Netherlands), Reg. S, 2.75%, 08/15/2028    EUR 424       427  
Goodyear Tire & Rubber Co. (The),     
5.00%, 07/15/2029      678       624  
5.63%, 04/30/2033      406       358  
9.50%, 05/31/2025      117       117  
IHO Verwaltungs GmbH, (Germany), Reg. S, 8.75% (cash), 05/15/2028 (v)    EUR 6,114       7,148  
LG Energy Solution Ltd., (South Korea),     
5.38%, 07/02/2029 (e)      3,600       3,687  
Reg. S, 5.38%, 07/02/2029      400       410  
Mahle GmbH, (Germany),     
Reg. S, 2.38%, 05/14/2028    EUR 700       674  
Reg. S, 6.50%, 05/02/2031    EUR 197       213  
Phinia, Inc.,     
6.63%, 10/15/2032 (e)      2,197       2,218  
6.75%, 04/15/2029 (e)      2,115       2,183  
Schaeffler AG, (Germany),     
Reg. S, 2.75%, 10/12/2025    EUR 10,300       11,350  
Reg. S, 4.50%, 08/14/2026    EUR 100       113  
Reg. S, 4.75%, 08/14/2029    EUR 100       112  
SK On Co. Ltd., (South Korea), Reg. S, 5.38%, 05/11/2026      3,100       3,141  
Tenneco, Inc., 8.00%, 11/17/2028 (e)      12,551       11,653  
Titan International, Inc., 7.00%, 04/30/2028      3,875       3,857  
ZF Europe Finance BV, (Netherlands),     
Reg. S, 2.00%, 02/23/2026    EUR 9,500       10,230  
Reg. S, 3.00%, 10/23/2029    EUR 4,300       4,267  
Reg. S, 4.75%, 01/31/2029    EUR 100       108  
Reg. S, 6.13%, 03/13/2029    EUR 700       794  
ZF Finance GmbH, (Germany),     
Reg. S, 3.75%, 09/21/2028    EUR 10,900       11,409  
Reg. S, 5.75%, 08/03/2026    EUR 100       113  
ZF North America Capital, Inc.,     
4.75%, 04/29/2025 (e)      1,624       1,609  
6.88%, 04/14/2028 (e)      450       457  
    

 

 

  
       162,464  
    

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
 AMOUNT ($) 

      VALUE ($)   

Corporate Bonds — continued

     

Distribution/Wholesale — 0.4%

     
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029 (e)      45       42  
Azelis Finance NV, (Belgium), 4.75%, 09/25/2029 (e)    EUR 5,630       6,374  
BCPE Empire Holdings, Inc., 7.63%, 05/01/2027 (e)      4,599       4,614  
Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/2028 (e)      186       185  
Gates Corp., 6.88%, 07/01/2029 (e)      3,046       3,155  
Green Bidco SA, (Spain), Reg. S, 10.25%, 07/15/2028    EUR 2,500       2,658  
H&E Equipment Services, Inc., 3.88%, 12/15/2028 (e)      8,875       8,332  
Mitsubishi Corp., (Japan), 5.00%, 07/02/2029 (e)      279       289  
Resideo Funding, Inc.,     
4.00%, 09/01/2029 (e)      218       205  
6.50%, 07/15/2032 (e)      4,508       4,628  
Ritchie Bros Holdings, Inc.,     
6.75%, 03/15/2028 (e)      275       284  
7.75%, 03/15/2031 (e)      875       932  
Velocity Vehicle Group LLC, 8.00%, 06/01/2029 (e)      460       479  
Windsor Holdings III LLC, 8.50%, 06/15/2030 (e)      3,250       3,476  
    

 

 

  
       35,653  
    

 

 

  

Entertainment — 2.9%

     
888 Acquisitions Ltd., (Gibraltar), Reg. S, 7.56%, 07/15/2027    EUR 4,350       4,743  
Allwyn Entertainment Financing UK plc, (United Kingdom),     
Reg. S, 7.25%, 04/30/2030    EUR 10,192       12,054  
7.88%, 04/30/2029 (e)      666       701  
Banijay Entertainment SAS, (France),     
Reg. S, 7.00%, 05/01/2029    EUR 9,660       11,304  
8.13%, 05/01/2029 (e)      410       426  
Banijay SAS, (France), Reg. S, 6.50%, 03/01/2026    EUR 4,000       4,462  
Boyne USA, Inc., 4.75%, 05/15/2029 (e)      3,911       3,759  
Caesars Entertainment, Inc.,     
4.63%, 10/15/2029 (e)      16,744       15,925  
6.50%, 02/15/2032 (e)      11,112       11,494  
7.00%, 02/15/2030 (e)      16,819       17,567  
8.13%, 07/01/2027 (e)      1,878       1,917  
CCM Merger, Inc.,     
6.38%, 05/01/2026 (e)      1,995       1,992  
Churchill Downs, Inc.,     
4.75%, 01/15/2028 (e)      5,851       5,737  
5.75%, 04/01/2030 (e)      11,408       11,410  
6.75%, 05/01/2031 (e)      4,763       4,918  
Cinemark USA, Inc., 7.00%, 08/01/2032 (e)      1,402       1,464  
Cirsa Finance International Sarl, (Luxembourg),     
Reg. S, 6.50%, 03/15/2029    EUR 5,511       6,423  
Reg. S, (ICE LIBOR EUR 3 Month + 4.50%), 8.14%, 07/31/2028 (aa)    EUR 8,146       9,159  
CPUK Finance Ltd., (Jersey),     
Reg. S, 3.59%, 08/28/2025    GBP 116       153  
Reg. S, 4.50%, 08/28/2027    GBP 100       125  
Reg. S, 7.88%, 08/28/2029    GBP 100       137  
Everi Holdings, Inc., 5.00%, 07/15/2029 (e)      674       671  
Flutter Treasury DAC, (Ireland), 6.38%, 04/29/2029 (e)      1,405       1,455  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Inter Media and Communication SpA, (Italy), Reg. S, 6.75%, 02/09/2027    EUR 198       224  
International Game Technology plc, (United Kingdom),     
Reg. S, 3.50%, 06/15/2026    EUR 15,540       17,236  
5.25%, 01/15/2029 (e)      655       654  
Jacobs Entertainment, Inc.,     
6.75%, 02/15/2029 (e)      8,050       7,832  
Light & Wonder International, Inc., 7.50%, 09/01/2031 (e)      2,501       2,623  
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/2029 (e)      2,507       2,251  
Live Nation Entertainment, Inc.,     
3.75%, 01/15/2028 (e)      410       394  
4.75%, 10/15/2027 (e)      5,016       4,941  
Lottomatica SpA, (Italy),     
5.38%, 06/01/2030 (e)    EUR 12,313       14,193  
Reg. S, 7.13%, 06/01/2028    EUR 9,190       10,767  
Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/2031 (e)      5,839       5,862  
Merlin Entertainments Ltd., (United Kingdom), 5.75%, 06/15/2026 (e)      1,000       988  
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 05/01/2029 (e)      4,699       4,505  
Motion Finco Sarl, (Luxembourg), Reg. S, 7.38%, 06/15/2030    EUR 9,542       10,748  
Odeon Finco plc, (United Kingdom), 12.75%, 11/01/2027 (e)      2,331       2,449  
Penn Entertainment, Inc.,     
4.13%, 07/01/2029 (e)      2,654       2,416  
5.63%, 01/15/2027 (e)      4,309       4,268  
Pinewood Finco plc, (United Kingdom),     
Reg. S, 3.63%, 11/15/2027    GBP 400       505  
Reg. S, 6.00%, 03/27/2030    GBP 17,631       23,637  
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.,     
5.63%, 09/01/2029 (e)      1,409       1,055  
5.88%, 09/01/2031 (e)      2,911       1,987  
Raptor Acquisition Corp. / Raptor Co-Issuer LLC, 4.88%, 11/01/2026 (e)      725       704  
Scientific Games Holdings LP / Scientific Games US FinCo., Inc., 6.63%, 03/01/2030 (e)      5,434       5,395  
Six Flags Entertainment Corp., 7.25%, 05/15/2031 (e)      8,274       8,570  
Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc., 6.63%, 05/01/2032 (e)      638       661  
Vail Resorts, Inc., 6.50%, 05/15/2032 (e)      4,158       4,344  
Warnermedia Holdings, Inc.,     
3.76%, 03/15/2027      2,079       2,010  
3.79%, 03/15/2025      112       111  
4.05%, 03/15/2029      172       162  
6.41%, 03/15/2026      1,145       1,146  
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.,     
5.13%, 10/01/2029 (e)      13,869       13,696  
6.25%, 03/15/2033 (e)      3,474       3,523  
7.13%, 02/15/2031 (e)      5,227       5,635  
    

 

 

  
       293,488  
    

 

 

  

Food Service — 0.0% (g)

     
Aramark International Finance Sarl, (Luxembourg), Reg. S, 3.13%, 04/01/2025    EUR 693       767  
Aramark Services, Inc., 5.00%, 02/01/2028 (e)      2,611       2,603  
Elior Group SA, (France), Reg. S, 3.75%, 07/15/2026    EUR 200       220  
    

 

 

  
       3,590  
    

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
 AMOUNT ($) 

      VALUE ($)   

Corporate Bonds — continued

     

Home Builders — 1.2%

     
Ashton Woods USA LLC / Ashton Woods Finance Co.,     
4.63%, 08/01/2029 (e)      3,733       3,583  
4.63%, 04/01/2030 (e)      2,650       2,537  
6.63%, 01/15/2028 (e)      1,575       1,589  
Beazer Homes USA, Inc.,     
5.88%, 10/15/2027      5,850       5,852  
7.25%, 10/15/2029      7,775       7,980  
7.50%, 03/15/2031 (e)      1,741       1,806  
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, (Canada),     
4.88%, 02/15/2030 (e)      11,238       10,578  
5.00%, 06/15/2029 (e)      4,211       4,036  
6.25%, 09/15/2027 (e)      2,325       2,321  
Dream Finders Homes, Inc., 8.25%, 08/15/2028 (e)      517       546  
Empire Communities Corp., (Canada), 9.75%, 05/01/2029 (e)      3,417       3,648  
Forestar Group, Inc.,     
3.85%, 05/15/2026 (e)      2,475       2,420  
5.00%, 03/01/2028 (e)      3,525       3,433  
K Hovnanian Enterprises, Inc., 11.75%, 09/30/2029 (e)      3,555       3,954  
KB Home,     
4.00%, 06/15/2031      1,450       1,342  
4.80%, 11/15/2029      3,125       3,083  
6.88%, 06/15/2027      698       727  
7.25%, 07/15/2030      400       418  
Landsea Homes Corp., 8.88%, 04/01/2029 (e)      3,695       3,897  
LGI Homes, Inc., 8.75%, 12/15/2028 (e)      585       626  
M/I Homes, Inc.,     
3.95%, 02/15/2030      1,400       1,307  
4.95%, 02/01/2028      2,568       2,524  
Mattamy Group Corp., (Canada),     
4.63%, 03/01/2030 (e)      4,842       4,637  
5.25%, 12/15/2027 (e)      6,734       6,695  
Meritage Homes Corp., 3.88%, 04/15/2029 (e)      406       388  
Miller Homes Group Finco plc, (United Kingdom), Reg. S, 7.00%, 05/15/2029    GBP 9,423       12,252  
New Home Co., Inc. (The), 9.25%, 10/01/2029 (e)      2,886       3,038  
Shea Homes LP / Shea Homes Funding Corp.,     
4.75%, 02/15/2028      3,800       3,717  
4.75%, 04/01/2029      3,225       3,125  
STL Holding Co. LLC, 8.75%, 02/15/2029 (e)      2,660       2,830  
Taylor Morrison Communities, Inc.,     
5.13%, 08/01/2030 (e)      4,021       3,995  
5.75%, 01/15/2028 (e)      1,900       1,933  
5.88%, 06/15/2027 (e)      3,595       3,670  
Tri Pointe Homes, Inc.,     
5.25%, 06/01/2027      450       450  
5.70%, 06/15/2028      3,976       4,048  
    

 

 

  
       118,985  
    

 

 

  

Home Furnishings — 0.0% (g)

     
Leggett & Platt, Inc., 3.50%, 11/15/2027      87       84  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 — continued

     
Tempur Sealy International, Inc.,     
3.88%, 10/15/2031 (e)      135       120  
4.00%, 04/15/2029 (e)      3,253       3,034  
    

 

 

  
       3,238  
    

 

 

  

Housewares — 0.3%

     
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025 (e)      1,230       1,230  
CD&R Smokey Buyer, Inc. / Radio Systems Corp., 9.50%, 10/15/2029 (e) (w)      4,006       4,016  
Scotts Miracle-Gro Co. (The),     
4.00%, 04/01/2031      5,541       5,079  
4.38%, 02/01/2032      9,413       8,723  
4.50%, 10/15/2029      1,948       1,873  
SWF Holdings I Corp., 6.50%, 10/01/2029 (e)      7,600       4,826  
    

 

 

  
       25,747  
    

 

 

  

Leisure Time — 2.1%

     
Acushnet Co., 7.38%, 10/15/2028 (e)      153       161  
Amer Sports Co., 6.75%, 02/16/2031 (e)      4,580       4,695  
Carnival Corp., (Panama),     
4.00%, 08/01/2028 (e)      16,116       15,553  
5.75%, 03/01/2027 (e)      8,615       8,728  
Reg. S, 5.75%, 01/15/2030    EUR 6,869       8,187  
6.00%, 05/01/2029 (e)      7,628       7,727  
7.00%, 08/15/2029 (e)      617       656  
Carnival Holdings Bermuda Ltd., (Bermuda), 10.38%, 05/01/2028 (e)      19,555       21,128  
Carnival plc, (United Kingdom), 1.00%, 10/28/2029    EUR 100       97  
Deuce Finco Plc, (United Kingdom), Reg. S, 5.50%, 06/15/2027    GBP 513       673  
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/2028 (e)      4,652       4,867  
Lindblad Expeditions LLC, 6.75%, 02/15/2027 (e)      2,122       2,136  
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029 (e)      2,816       2,739  
NCL Corp. Ltd., (Bermuda),     
3.63%, 12/15/2024 (e)      117       116  
5.88%, 03/15/2026 (e)      12,006       12,018  
5.88%, 02/15/2027 (e)      2,800       2,810  
6.25%, 03/01/2030 (e)      4,577       4,579  
7.75%, 02/15/2029 (e)      5,912       6,336  
8.13%, 01/15/2029 (e)      832       890  
8.38%, 02/01/2028 (e)      1,884       1,979  
NCL Finance Ltd., (Bermuda), 6.13%, 03/15/2028 (e)      4,308       4,394  
Pinnacle Bidco plc, (United Kingdom),     
Reg. S, 8.25%, 10/11/2028    EUR 7,444       8,781  
Reg. S, 10.00%, 10/11/2028    GBP 7,820       11,148  
Royal Caribbean Cruises Ltd., (Liberia),     
4.25%, 07/01/2026 (e)      589       582  
5.50%, 08/31/2026 (e)      425       429  
5.50%, 04/01/2028 (e)      6,416       6,499  
5.63%, 09/30/2031 (e)      12,332       12,513  
6.00%, 02/01/2033 (e)      13,104       13,432  
6.25%, 03/15/2032 (e)      935       970  
Sabre GLBL, Inc.,     
8.63%, 06/01/2027 (e)      5,494       5,387  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
11.25%, 12/15/2027 (e)      150       156  
TUI AG, (Germany), Reg. S, 5.88%, 03/15/2029    EUR 5,992       6,949  
TUI Cruises GmbH, (Germany), Reg. S, 6.25%, 04/15/2029    EUR 4,372       5,122  
Viking Cruises Ltd., (Bermuda),     
5.88%, 09/15/2027 (e)      5,488       5,484  
6.25%, 05/15/2025 (e)      500       499  
7.00%, 02/15/2029 (e)      2,475       2,506  
9.13%, 07/15/2031 (e)      12,437       13,646  
Viking Ocean Cruises Ship VII Ltd., (Bermuda), 5.63%, 02/15/2029 (e)      3,997       3,989  
Vista Outdoor, Inc., 4.50%, 03/15/2029 (e)      200       199  
VOC Escrow Ltd., (Bermuda), 5.00%, 02/15/2028 (e)      2,890       2,857  
    

 

 

  
       211,617  
    

 

 

  

Lodging — 1.2%

     
Accor SA, (France),     
Reg. S, (EUR Swap Rate 5 Year + 3.25%), 2.63%, 01/30/2025 (x) (aa)    EUR 8,000       8,832  
Reg. S, (EUR Swap Rate 5 Year + 4.11%), 7.25%, 01/11/2029 (x) (aa)    EUR 200       246  
AccorInvest Group SA, (Luxembourg), 6.38%, 10/15/2029 (e) (w)    EUR 7,540       8,688  
Boyd Gaming Corp., 4.75%, 06/15/2031 (e)      4,500       4,297  
Fortune Star BVI Ltd., (British Virgin Islands),     
Reg. S, 3.95%, 10/02/2026    EUR 1,800       1,855  
Reg. S, 5.00%, 05/18/2026      1,600       1,516  
Reg. S, 5.05%, 01/27/2027      2,700       2,521  
Reg. S, 5.95%, 10/19/2025      700       684  
Hilton Domestic Operating Co., Inc.,     
3.63%, 02/15/2032 (e)      4,977       4,497  
3.75%, 05/01/2029 (e)      603       572  
4.88%, 01/15/2030      949       937  
5.88%, 04/01/2029 (e)      1,200       1,230  
5.88%, 03/15/2033 (e)      7,031       7,165  
6.13%, 04/01/2032 (e)      2,727       2,809  
Hyatt Hotels Corp., 5.25%, 06/30/2029      216       221  
Las Vegas Sands Corp.,     
2.90%, 06/25/2025      966       949  
3.50%, 08/18/2026      620       607  
3.90%, 08/08/2029      18       17  
5.90%, 06/01/2027      140       144  
Melco Resorts Finance Ltd., (Cayman Islands),     
4.88%, 06/06/2025 (e)      2,200       2,180  
5.38%, 12/04/2029 (e)      5,557       5,191  
5.63%, 07/17/2027 (e)      200       195  
5.75%, 07/21/2028 (e)      1,200       1,159  
7.63%, 04/17/2032 (e)      1,952       2,012  
MGM China Holdings Ltd., (Cayman Islands),     
4.75%, 02/01/2027 (e)      2,333       2,267  
5.88%, 05/15/2026 (e)      200       199  
7.13%, 06/26/2031 (e)      714       735  
MGM Resorts International,     
4.63%, 09/01/2026      450       447  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
4.75%, 10/15/2028      6,726       6,591  
5.50%, 04/15/2027      4,600       4,616  
5.75%, 06/15/2025      475       477  
6.13%, 09/15/2029      4,908       4,972  
6.50%, 04/15/2032      4,555       4,641  
Motel One GmbH, (Germany), Reg. S, 7.75%, 04/02/2031    EUR 4,977       5,838  
Sani/Ikos Financial Holdings 1 Sarl, (Luxembourg), 7.25%, 07/31/2030 (e)    EUR 4,690       5,359  
Station Casinos LLC,     
4.50%, 02/15/2028 (e)      2,684       2,592  
4.63%, 12/01/2031 (e)      2,898       2,688  
6.63%, 03/15/2032 (e)      1,400       1,431  
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025 (e)      2,751       2,742  
Wynn Macau Ltd., (Cayman Islands),     
5.13%, 12/15/2029 (e)      3,137       2,947  
5.50%, 01/15/2026 (e)      1,000       992  
5.50%, 10/01/2027 (e)      1,830       1,789  
5.63%, 08/26/2028 (e)      15,637       15,200  
    

 

 

  
       125,047  
    

 

 

  

Retail — 2.5%

     
1011778 BC ULC / New Red Finance, Inc., (Canada),     
3.50%, 02/15/2029 (e)      2,025       1,898  
3.88%, 01/15/2028 (e)      1,115       1,072  
4.00%, 10/15/2030 (e)      12,604       11,624  
4.38%, 01/15/2028 (e)      767       745  
5.63%, 09/15/2029 (e)      2,030       2,062  
Afflelou SAS, (France), Reg. S, 6.00%, 07/25/2029    EUR 654       748  
Arko Corp., 5.13%, 11/15/2029 (e)      3,925       3,649  
Asbury Automotive Group, Inc.,     
4.75%, 03/01/2030      3       3  
5.00%, 02/15/2032 (e)      270       256  
BCPE Ulysses Intermediate, Inc., 7.75% (cash), 04/01/2027 (e) (v)      1,950       1,930  
Beacon Roofing Supply, Inc.,     
4.13%, 05/15/2029 (e)      768       723  
6.50%, 08/01/2030 (e)      1,192       1,234  
Bertrand Franchise Finance SAS, (France),     
Reg. S, 6.50%, 07/18/2030    EUR 600       692  
6.50%, 07/18/2030 (e)    EUR 6,223       7,173  
Brinker International, Inc.,     
5.00%, 10/01/2024 (e)      643       643  
8.25%, 07/15/2030 (e)      3,625       3,895  
Bubbles Bidco SpA, (Italy),     
Reg. S, 6.50%, 09/30/2031 (w)    EUR 338       376  
6.50%, 09/30/2031 (e) (w)    EUR 11,705       13,038  
Reg. S, (ICE LIBOR EUR 3 Month + 4.25%), 7.58%, 09/30/2031 (w) (aa)    EUR 331       368  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Carvana Co.,     
12.00% (PIK), 12/01/2028 (e) (v)      1,876       1,970  
13.00% (PIK), 06/01/2030 (e) (v)      12,258       13,341  
14.00% (PIK), 06/01/2031 (e) (v)      13,433       15,823  
CD&R Firefly Bidco plc, (United Kingdom), Reg. S, 8.63%, 04/30/2029    GBP 570       788  
CEC Entertainment LLC, 6.75%, 05/01/2026 (e)      992       985  
Cougar JV Subsidiary LLC, 8.00%, 05/15/2032 (e)      3,544       3,747  
Dave & Buster’s, Inc., 7.63%, 11/01/2025 (e)      712       712  
Dufry One BV, (Netherlands),     
Reg. S, 3.38%, 04/15/2028    EUR 3,020       3,322  
Reg. S, 4.75%, 04/18/2031    EUR 197       227  
Duomo Bidco SpA, (Italy), Reg. S, (ICE LIBOR EUR 3 Month + 4.13%), 7.80%, 07/15/2031 (aa)    EUR 513       577  
eG Global Finance plc, (United Kingdom), 12.00%, 11/30/2028 (e)      6,415       7,159  
Eroski S Coop, (Spain), Reg. S, 10.63%, 04/30/2029    EUR 8,922       10,552  
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.,     
4.63%, 01/15/2029 (e)      6,405       6,115  
6.75%, 01/15/2030 (e)      12,400       11,551  
Foundation Building Materials, Inc., 6.00%, 03/01/2029 (e)      4,149       3,662  
Gap, Inc. (The),     
3.63%, 10/01/2029 (e)      1,475       1,334  
3.88%, 10/01/2031 (e)      3,655       3,196  
Goldstory SAS, (France),     
Reg. S, 6.75%, 02/01/2030    EUR 6,000       6,832  
Reg. S, (ICE LIBOR EUR 3 Month + 4.00%), 7.63%, 02/01/2030 (aa)    EUR 300       334  
Group 1 Automotive, Inc., 6.38%, 01/15/2030 (e)      1,400       1,423  
GYP Holdings III Corp., 4.63%, 05/01/2029 (e)      5,491       5,253  
Home Depot, Inc. (The), 4.75%, 06/25/2029      283       292  
Ken Garff Automotive LLC, 4.88%, 09/15/2028 (e)      3       3  
LBM Acquisition LLC, 6.25%, 01/15/2029 (e)      5,375       5,083  
LCM Investments Holdings II LLC,     
4.88%, 05/01/2029 (e)      7,575       7,278  
8.25%, 08/01/2031 (e)      6,177       6,561  
Lithia Motors, Inc.,     
3.88%, 06/01/2029 (e)      3,450       3,220  
4.38%, 01/15/2031 (e)      200       186  
Park River Holdings, Inc.,     
5.63%, 02/01/2029 (e)      3,275       2,808  
6.75%, 08/01/2029 (e)      1,625       1,401  
Patrick Industries, Inc.,     
4.75%, 05/01/2029 (e)      2,150       2,045  
7.50%, 10/15/2027 (e)      60       60  
PetSmart, Inc. / PetSmart Finance Corp., 7.75%, 02/15/2029 (e)      4,276       4,221  
PEU Fin plc, (United Kingdom), Reg. S, 7.25%, 07/01/2028    EUR 11,786       13,671  
Raising Cane’s Restaurants LLC, 9.38%, 05/01/2029 (e)      646       700  
Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032      6,594       6,773  
Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.50%, 11/28/2025 (e)      525       527  
Staples, Inc., 10.75%, 09/01/2029 (e)      2,327       2,257  
Stonegate Pub Co. Financing 2019 PLC, (United Kingdom),     
Reg. S, (ICE LIBOR EUR 3 Month + 6.63%), 10.17%, 07/31/2029 (aa)    EUR 110       125  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Reg. S, 10.75%, 07/31/2029    GBP 102       141  
10.75%, 07/31/2029 (e)    GBP 3,500       4,837  
Suburban Propane Partners LP / Suburban Energy Finance Corp.,     
5.00%, 06/01/2031 (e)      4,600       4,286  
5.88%, 03/01/2027      2,825       2,821  
Superior Plus LP / Superior General Partner, Inc., (Canada), 4.50%, 03/15/2029 (e)      5,481       5,216  
Walgreens Boots Alliance, Inc., 8.13%, 08/15/2029      1,002       1,000  
White Cap Buyer LLC, 6.88%, 10/15/2028 (e)      20,974       21,180  
White Cap Parent LLC, 8.25% (cash), 03/15/2026 (e) (v)      2,325       2,326  
Yum! Brands, Inc., 4.75%, 01/15/2030 (e)      752       742  
    

 

 

  
       250,792  
    

 

 

  

Toys/Games/Hobbies — 0.0% (g)

     
Hasbro, Inc., 3.90%, 11/19/2029      724       698  
Mattel, Inc., 3.38%, 04/01/2026 (e)      155       151  
    

 

 

  
       849  
    

 

 

  
Total Consumer Cyclical        1,334,292  
    

 

 

  

Consumer Non-cyclical — 11.7%

     

Agriculture — 0.2%

     
BAT Capital Corp.,     
2.26%, 03/25/2028      220       205  
3.56%, 08/15/2027      717       702  
BAT International Finance plc, (United Kingdom), 5.93%, 02/02/2029      142       150  
Darling Ingredients, Inc., 6.00%, 06/15/2030 (e)      4,538       4,580  
Imperial Brands Finance plc, (United Kingdom),     
5.50%, 02/01/2030 (e)      971       1,002  
6.13%, 07/27/2027 (e)      1,055       1,097  
Philip Morris International, Inc., 4.88%, 02/13/2029      1,512       1,549  
Reynolds American, Inc., 4.45%, 06/12/2025      175       175  
Tereos Finance Groupe I SA, (France),     
Reg. S, 5.88%, 04/30/2030    EUR 200       224  
Reg. S, 7.25%, 04/15/2028    EUR 275       318  
Vector Group Ltd., 5.75%, 02/01/2029 (e)      5,650       5,726  
Viterra Finance BV, (Netherlands),     
2.00%, 04/21/2026 (e)      1,000       959  
4.90%, 04/21/2027 (e)      600       605  
    

 

 

  
       17,292  
    

 

 

  

Beverages — 0.0% (g)

     
Bacardi Ltd. / Bacardi-Martini BV, (Multinational), 5.25%, 01/15/2029 (e)      179       184  
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, (British Virgin Islands), 5.25%, 04/27/2029 (e)      800       778  
Coca-Cola Consolidated, Inc., 5.25%, 06/01/2029      210       218  
    

 

 

  
       1,180  
    

 

 

  

Biotechnology — 0.1%

     
Amgen, Inc.,     
5.15%, 03/02/2028      27       28  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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%, 03/02/2025      123       123  
5.51%, 03/02/2026      633       633  
Cidron Aida Finco Sarl, (Luxembourg),     
Reg. S, 5.00%, 04/01/2028    EUR 10,698       11,567  
Reg. S, 6.25%, 04/01/2028    GBP 400       508  
Illumina, Inc.,     
5.75%, 12/13/2027      151       157  
5.80%, 12/12/2025      38       39  
    

 

 

  
       13,055  
    

 

 

  

Commercial Services — 4.7%

     
AA Bond Co. Ltd., (Jersey), Reg. S, 7.38%, 07/31/2029    GBP 2,800       3,903  
ADT Security Corp. (The),     
4.13%, 08/01/2029 (e)      1,209       1,155  
4.88%, 07/15/2032 (e)      3,208       3,063  
Adtalem Global Education, Inc., 5.50%, 03/01/2028 (e)      1,550       1,535  
Albion Financing 1 Sarl / Aggreko Holdings, Inc., (Luxembourg),     
Reg. S, 5.25%, 10/15/2026    EUR 10,580       11,915  
6.13%, 10/15/2026 (e)      200       201  
Allied Universal Holdco LLC, 7.88%, 02/15/2031 (e)      29,629       30,272  
Allied Universal Holdco LLC / Allied Universal Finance Corp.,     
6.00%, 06/01/2029 (e)      17,871       15,979  
9.75%, 07/15/2027 (e)      9,624       9,650  
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 Sarl, (Multinational),     
Reg. S, 3.63%, 06/01/2028    EUR 160       168  
4.63%, 06/01/2028 (e)      19,719       18,531  
Reg. S, 4.88%, 06/01/2028    GBP 800       984  
Alta Equipment Group, Inc., 9.00%, 06/01/2029 (e)      2,574       2,304  
Amber Finco plc, (United Kingdom),     
Reg. S, 6.63%, 07/15/2029    EUR 578       673  
6.63%, 07/15/2029 (e)    EUR 7,565       8,811  
AMN Healthcare, Inc.,     
4.00%, 04/15/2029 (e)      3,950       3,693  
4.63%, 10/01/2027 (e)      2,777       2,714  
APi Group DE, Inc.,     
4.13%, 07/15/2029 (e)      1,730       1,627  
4.75%, 10/15/2029 (e)      2,775       2,661  
APX Group, Inc.,     
5.75%, 07/15/2029 (e)      3,185       3,154  
6.75%, 02/15/2027 (e)      49       49  
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 04/01/2028 (e)      5,350       5,031  
Avis Budget Finance Plc, (Jersey),     
Reg. S, 7.00%, 02/28/2029    EUR 5,480       6,089  
Reg. S, 7.25%, 07/31/2030    EUR 8,513       9,464  
BCP V Modular Services Finance II plc, (United Kingdom),     
Reg. S, 4.75%, 11/30/2028    EUR 3,953       4,280  
Reg. S, 6.13%, 11/30/2028    GBP 1,200       1,524  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
BCP V Modular Services Finance plc, (United Kingdom), Reg. S, 6.75%, 11/30/2029    EUR 5,184       5,078  
Block, Inc.,     
2.75%, 06/01/2026      2,972       2,882  
3.50%, 06/01/2031      1,060       966  
6.50%, 05/15/2032 (e)      20,570       21,420  
Boels Topholding BV, (Netherlands),     
Reg. S, 5.75%, 05/15/2030    EUR 13,640       15,604  
Reg. S, 6.25%, 02/15/2029    EUR 500       578  
Boost Newco Borrower LLC, 7.50%, 01/15/2031 (e)      12,109       12,994  
Boost Newco Borrower LLC / GTCR W Dutch Finance Sub BV, (Multinational), Reg. S, 8.50%, 01/15/2031    GBP 9,870       14,291  
Brink’s Co. (The),     
4.63%, 10/15/2027 (e)      2,630       2,590  
6.50%, 06/15/2029 (e)      1,352       1,401  
6.75%, 06/15/2032 (e)      4,965       5,177  
Champions Financing, Inc., 8.75%, 02/15/2029 (e)      2,708       2,763  
Cimpress plc, (Ireland), 7.38%, 09/15/2032 (e)      2,926       2,959  
DP World Ltd., (United Arab Emirates), Reg. S, 4.70%, 09/30/2049      1,500       1,319  
eHi Car Services Ltd., (Cayman Islands), Reg. S, 12.00%, 09/26/2027 (c)      2,700       1,822  
Garda World Security Corp., (Canada),     
4.63%, 02/15/2027 (e)      904       888  
6.00%, 06/01/2029 (e)      587       561  
7.75%, 02/15/2028 (e)      6,993       7,249  
8.25%, 08/01/2032 (e)      5,499       5,629  
9.50%, 11/01/2027 (e)      1,234       1,236  
Global Payments, Inc.,     
2.65%, 02/15/2025      47       47  
4.45%, 06/01/2028      155       154  
GXO Logistics, Inc., 6.25%, 05/06/2029      1,679       1,766  
Herc Holdings, Inc.,     
5.50%, 07/15/2027 (e)      500       499  
6.63%, 06/15/2029 (e)      4,710       4,878  
Hertz Corp. (The),     
4.63%, 12/01/2026 (e)      400       315  
5.00%, 12/01/2029 (e)      3,035       2,005  
La Financiere Atalian, (France), Reg. S, 8.50%, 06/30/2028    EUR 148       79  
Loxam SAS, (France),     
Reg. S, 4.50%, 02/15/2027    EUR 5,029       5,634  
Reg. S, 6.38%, 05/15/2028    EUR 400       462  
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/2029 (e)      10,210       9,811  
Mundys SpA, (Italy), Reg. S, 1.88%, 02/12/2028    EUR 9,380       9,867  
NESCO Holdings II, Inc., 5.50%, 04/15/2029 (e)      3,600       3,317  
Nexi SpA, (Italy), Reg. S, 1.63%, 04/30/2026    EUR 5,880       6,345  
Pachelbel Bidco SpA, (Italy),     
Reg. S, 7.13%, 05/17/2031    EUR 420       498  
7.13%, 05/17/2031 (e)    EUR 13,849       16,425  
Reg. S, (ICE LIBOR EUR 3 Month + 4.25%), 8.07%, 05/17/2031 (aa)    EUR 100       112  
Pelabuhan Indonesia Persero PT, (Indonesia), Reg. S, 5.38%, 05/05/2045      3,100       3,115  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 01/15/2028 (e)      4,250       4,251  
Q-Park Holding I BV, (Netherlands),     
Reg. S, 5.13%, 03/01/2029    EUR 110       126  
Reg. S, 5.13%, 02/15/2030    EUR 458       520  
RR Donnelley & Sons Co., 9.50%, 08/01/2029 (e)      2,813       2,837  
Rutas 2 & 7 Finance Ltd., (Cayman Islands), Reg. S, Zero Coupon, 09/30/2036      1,680       1,211  
Service Corp. International,     
3.38%, 08/15/2030      835       757  
4.00%, 05/15/2031      5,217       4,827  
5.75%, 10/15/2032      11,625       11,703  
7.50%, 04/01/2027      1,400       1,462  
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.,     
4.63%, 11/01/2026 (e)      2,271       2,248  
6.75%, 08/15/2032 (e)      13,297       13,886  
Sotheby’s, 7.38%, 10/15/2027 (e)      8,262       7,966  
Sotheby’s / Bidfair Holdings, Inc., 5.88%, 06/01/2029 (e)      1,801       1,578  
Techem Verwaltungsgesellschaft 674 mbH, (Germany), Reg. S, 6.00%, 07/30/2026    EUR 12,766       14,235  
Techem Verwaltungsgesellschaft 675 mbH, (Germany), Reg. S, 5.38%, 07/15/2029    EUR 5,476       6,219  
Triton Container International Ltd., (Bermuda), 2.05%, 04/15/2026 (e)      1,619       1,548  
United Rentals North America, Inc.,     
3.75%, 01/15/2032      6,347       5,794  
3.88%, 02/15/2031      895       832  
4.88%, 01/15/2028      2,025       2,010  
5.25%, 01/15/2030      3,650       3,653  
6.13%, 03/15/2034 (e)      2,144       2,216  
Valvoline, Inc., 3.63%, 06/15/2031 (e)      3,501       3,133  
Verisure Holding AB, (Sweden),     
Reg. S, 3.25%, 02/15/2027    EUR 8,300       9,065  
Reg. S, 3.88%, 07/15/2026    EUR 14,753       16,340  
Reg. S, 5.50%, 05/15/2030    EUR 7,274       8,340  
Reg. S, 9.25%, 10/15/2027    EUR 316       369  
Verisure Midholding AB, (Sweden), Reg. S, 5.25%, 02/15/2029    EUR 950       1,050  
VT Topco, Inc., 8.50%, 08/15/2030 (e)      1,575       1,681  
Wand NewCo. 3, Inc., 7.63%, 01/30/2032 (e)      8,878       9,353  
Williams Scotsman, Inc.,     
4.63%, 08/15/2028 (e)      2,337       2,272  
6.63%, 06/15/2029 (e)      1,147       1,181  
7.38%, 10/01/2031 (e)      3,490       3,689  
    

 

 

  
       468,518  
    

 

 

  

Cosmetics/Personal Care — 0.1%

     
Coty, Inc.,     
Reg. S, 4.75%, 04/15/2026    EUR 3,553       3,950  
5.00%, 04/15/2026 (e)      720       717  
Coty, Inc. / HFC Prestige Products, Inc. / HFC Prestige International US LLC, 6.63%, 07/15/2030 (e)      2,149       2,233  
Perrigo Finance Unlimited Co., (Ireland), 6.13%, 09/30/2032      3,343       3,374  
    

 

 

  
       10,274  
    

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
 AMOUNT ($) 

      VALUE ($)   

Corporate Bonds — continued

     

Food — 1.6%

     
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC,     
3.25%, 03/15/2026 (e)      195       189  
3.50%, 03/15/2029 (e)      9,437       8,797  
4.63%, 01/15/2027 (e)      432       420  
4.88%, 02/15/2030 (e)      1,990       1,958  
5.88%, 02/15/2028 (e)      2,400       2,411  
6.50%, 02/15/2028 (e)      1,029       1,048  
B&G Foods, Inc.,     
5.25%, 04/01/2025      623       623  
5.25%, 09/15/2027      8,671       8,324  
8.00%, 09/15/2028 (e)      4,561       4,772  
Bellis Acquisition Co. plc, (United Kingdom),     
Reg. S, 8.13%, 05/14/2030    GBP 14,534       19,232  
8.13%, 05/14/2030 (e)    GBP 1,975       2,613  
Bellis Finco plc, (United Kingdom), Reg. S, 4.00%, 02/16/2027    GBP 180       222  
Boparan Finance plc, (United Kingdom), Reg. S, 7.63%, 11/30/2025    GBP 103       136  
Chobani LLC / Chobani Finance Corp., Inc.,     
4.63%, 11/15/2028 (e)      7,262       7,073  
7.63%, 07/01/2029 (e)      14,754       15,494  
Darling Global Finance BV, (Netherlands), Reg. S, 3.63%, 05/15/2026    EUR 300       332  
ELO SACA, (France),     
Reg. S, 3.25%, 07/23/2027    EUR 2,400       2,456  
Reg. S, 5.88%, 04/17/2028    EUR 2,300       2,394  
Fiesta Purchaser, Inc.,     
7.88%, 03/01/2031 (e)      662       702  
9.63%, 09/15/2032 (e)      1,397       1,446  
Iceland Bondco plc, (United Kingdom),     
Reg. S, 4.38%, 05/15/2028    GBP 6,373       7,775  
Reg. S, (ICE LIBOR EUR 3 Month + 5.50%), 9.04%, 12/15/2027 (aa)    EUR 2,532       2,868  
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (e)      970       1,009  
Kroger Co. (The),     
4.60%, 08/15/2027      299       301  
4.65%, 09/15/2029      303       304  
4.70%, 08/15/2026      240       242  
Lamb Weston Holdings, Inc.,     
4.13%, 01/31/2030 (e)      4,589       4,304  
4.38%, 01/31/2032 (e)      3,711       3,442  
4.88%, 05/15/2028 (e)      72       72  
Lion / Polaris Lux 4 SA, (Luxembourg), Reg. S, (ICE LIBOR EUR 3 Month + 3.63%), 6.95%, 07/01/2029 (aa)    EUR 144       161  
Market Bidco Finco plc, (United Kingdom), Reg. S, 5.50%, 11/04/2027    GBP 14,057       17,715  
NBM US Holdings, Inc., 7.00%, 05/14/2026 (e)      200       201  
Performance Food Group, Inc.,     
4.25%, 08/01/2029 (e)      2,009       1,911  
6.13%, 09/15/2032 (e)      5,689       5,819  
Picard Groupe SAS, (France), Reg. S, 6.38%, 07/01/2029    EUR 421       482  
Pilgrim’s Pride Corp.,     
3.50%, 03/01/2032      2,600       2,309  
4.25%, 04/15/2031      8,148       7,745  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
 AMOUNT ($) 

      VALUE ($)   

Corporate Bonds — continued

     

Food — continued

     
Post Holdings, Inc.,     
4.50%, 09/15/2031 (e)      1,905       1,780  
4.63%, 04/15/2030 (e)      6,105       5,842  
5.50%, 12/15/2029 (e)      2,150       2,134  
6.25%, 02/15/2032 (e)      3,860       3,976  
6.25%, 10/15/2034 (e) (w)      3,072       3,087  
6.38%, 03/01/2033 (e)      5,645       5,713  
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 4.63%, 03/01/2029 (e)      1,139       1,079  
United Natural Foods, Inc., 6.75%, 10/15/2028 (e)      592       565  
US Foods, Inc.,     
4.75%, 02/15/2029 (e)      3,758       3,664  
7.25%, 01/15/2032 (e)      1,051       1,112  
    

 

 

  
       166,254  
    

 

 

  
Healthcare - Products — 0.7%     
Avantor Funding, Inc.,     
Reg. S, 2.63%, 11/01/2025    EUR 1,081       1,193  
Reg. S, 3.88%, 07/15/2028    EUR 100       111  
3.88%, 11/01/2029 (e)      983       930  
4.63%, 07/15/2028 (e)      1,663       1,626  
Bausch + Lomb Corp., (Canada), 8.38%, 10/01/2028 (e)      15,902       16,816  
Baxter International, Inc., 1.32%, 11/29/2024      173       172  
GE HealthCare Technologies, Inc., 4.80%, 08/14/2029      112       114  
Medline Borrower LP,     
3.88%, 04/01/2029 (e)      25,231       23,886  
5.25%, 10/01/2029 (e)      14,215       13,929  
Medline Borrower LP / Medline Co-Issuer, Inc., 6.25%, 04/01/2029 (e)      3,096       3,191  
Neogen Food Safety Corp., 8.63%, 07/20/2030 (e)      942       1,043  
Solventum Corp.,     
5.40%, 03/01/2029 (e)      1,800       1,851  
5.45%, 02/25/2027 (e)      425       433  
Sotera Health Holdings LLC, 7.38%, 06/01/2031 (e)      2,240       2,326  
Teleflex, Inc., 4.25%, 06/01/2028 (e)      1,284       1,244  
    

 

 

  
       68,865  
    

 

 

  
Healthcare - Services — 2.2%     
Acadia Healthcare Co., Inc., 5.00%, 04/15/2029 (e)      90       86  
AHP Health Partners, Inc., 5.75%, 07/15/2029 (e)      5,638       5,510  
CAB SELAS, (France), Reg. S, 3.38%, 02/01/2028    EUR  11,094       11,418  
Catalent Pharma Solutions, Inc.,     
Reg. S, 2.38%, 03/01/2028    EUR 100       109  
3.13%, 02/15/2029 (e)      5,224       5,147  
3.50%, 04/01/2030 (e)      2,285       2,243  
5.00%, 07/15/2027 (e)      1,103       1,097  
Centene Corp.,     
2.45%, 07/15/2028      784       722  
4.25%, 12/15/2027      1,702       1,672  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Charles River Laboratories International, Inc.,     
4.00%, 03/15/2031 (e)      15       14  
4.25%, 05/01/2028 (e)      1,363       1,325  
CHS / Community Health Systems, Inc.,     
4.75%, 02/15/2031 (e)      5,372       4,725  
5.25%, 05/15/2030 (e)      5,673       5,240  
5.63%, 03/15/2027 (e)      11,408       11,226  
6.00%, 01/15/2029 (e)      5,913       5,740  
10.88%, 01/15/2032 (e)      9,155       10,091  
Cigna Group (The), 5.69%, 03/15/2026      859       859  
Clariane SE, (France), Reg. S, (UK Gilts 5 Year + 9.08%), 13.17%, 06/15/2025 (x) (aa)    GBP 200       262  
Concentra Escrow Issuer Corp., 6.88%, 07/15/2032 (e)      4,703       4,943  
DaVita, Inc.,     
3.75%, 02/15/2031 (e)      10,757       9,708  
4.63%, 06/01/2030 (e)      10,950       10,441  
6.88%, 09/01/2032 (e)      4,090       4,225  
Encompass Health Corp.,     
4.50%, 02/01/2028      55       54  
4.63%, 04/01/2031      3,813       3,659  
4.75%, 02/01/2030      984       962  
Ephios Subco 3 Sarl, (Luxembourg), Reg. S, 7.88%, 01/31/2031    EUR 634       761  
Fortrea Holdings, Inc., 7.50%, 07/01/2030 (e)      678       683  
Fresenius Medical Care US Finance III, Inc., 3.75%, 06/15/2029 (e)      750       712  
HAH Group Holding Co. LLC, 9.75%, 10/01/2031 (e)      1,399       1,420  
HCA, Inc.,     
5.25%, 04/15/2025      500       501  
5.45%, 09/15/2034      726       745  
7.05%, 12/01/2027      950       1,018  
7.50%, 11/06/2033      1,650       1,910  
Health Care Service Corp. A Mutual Legal Reserve Co, 5.20%, 06/15/2029 (e)      175       180  
HealthEquity, Inc., 4.50%, 10/01/2029 (e)      9,319       9,008  
Humana, Inc., 5.70%, 03/13/2026      317       317  
IQVIA, Inc.,     
Reg. S, 1.75%, 03/15/2026    EUR 200       218  
Reg. S, 2.25%, 03/15/2029    EUR 100       104  
5.00%, 05/15/2027 (e)      200       199  
6.50%, 05/15/2030 (e)      978       1,020  
Legacy LifePoint Health LLC, 4.38%, 02/15/2027 (e)      7,125       6,985  
LifePoint Health, Inc.,     
5.38%, 01/15/2029 (e)      2,650       2,504  
9.88%, 08/15/2030 (e)      1,164       1,281  
10.00%, 06/01/2032 (e)      2,926       3,217  
11.00%, 10/15/2030 (e)      10,264       11,581  
Molina Healthcare, Inc.,     
3.88%, 11/15/2030 (e)      334       310  
3.88%, 05/15/2032 (e)      966       884  
MPH Acquisition Holdings LLC, 5.50%, 09/01/2028 (e)      6,275       4,495  
Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (e)      745       770  
Star Parent, Inc., 9.00%, 10/01/2030 (e)      12,168       13,063  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Surgery Center Holdings, Inc., 7.25%, 04/15/2032 (e)      9,391       9,802  
Tenet Healthcare Corp.,     
4.25%, 06/01/2029      8,362       8,062  
4.38%, 01/15/2030      19,177       18,399  
6.13%, 06/15/2030      670       681  
6.75%, 05/15/2031      11,569       12,062  
Universal Health Services, Inc., 4.63%, 10/15/2029      500       497  
US Acute Care Solutions LLC, 9.75%, 05/15/2029 (e)      2,661       2,757  
Voyage Care BondCo plc , (United Kingdom), Reg. S, 5.88%, 02/15/2027    GBP 3,832       4,823  
    

 

 

  
       222,447  
    

 

 

  
Household Products/Wares — 0.1%     
ACCO Brands Corp., 4.25%, 03/15/2029 (e)      5,379       5,037  
Central Garden & Pet Co.,     
4.13%, 10/15/2030      14       13  
4.13%, 04/30/2031 (e)      2,015       1,845  
5.13%, 02/01/2028      360       357  
Kronos Acquisition Holdings, Inc.,     
8.25%, 06/30/2031 (e)      2,398       2,398  
10.75%, 06/30/2032 (e)      4,415       4,200  
    

 

 

  
       13,850  
    

 

 

  
Pharmaceuticals — 2.0%     
1375209 BC Ltd., (Canada), 9.00%, 01/30/2028 (e)      1,954       1,941  
AdaptHealth LLC,     
4.63%, 08/01/2029 (e)      5,850       5,418  
5.13%, 03/01/2030 (e)      4,875       4,564  
6.13%, 08/01/2028 (e)      2,840       2,843  
Bausch Health Americas, Inc., 8.50%, 01/31/2027 (e)      125       102  
Bausch Health Cos., Inc., (Canada),     
4.88%, 06/01/2028 (e)      175       137  
5.00%, 01/30/2028 (e)      2,125       1,381  
5.00%, 02/15/2029 (e)      4,225       2,440  
5.25%, 01/30/2030 (e)      24,760       13,804  
5.25%, 02/15/2031 (e)      3,670       2,013  
5.75%, 08/15/2027 (e)      462       393  
6.13%, 02/01/2027 (e)      3,289       2,970  
6.25%, 02/15/2029 (e)      6,918       4,236  
7.00%, 01/15/2028 (e)      450       306  
9.00%, 12/15/2025 (e)      100       96  
11.00%, 09/30/2028 (e)      4,439       4,117  
Bayer AG, (Germany),     
Reg. S, (EUR Swap Rate 5 Year + 3.11%), 3.13%, 11/12/2079 (aa)    EUR 4,000       4,197  
Reg. S, (EUR Swap Rate 5 Year + 3.75%), 4.50%, 03/25/2082 (aa)    EUR 500       550  
Reg. S, (EUR Swap Rate 5 Year + 3.90%), 7.00%, 09/25/2083 (aa)    EUR 12,200       14,512  
Series NC5, Reg. S, (EUR Swap Rate 5 Year + 3.43%), 6.63%, 09/25/2083 (aa)    EUR 1,000       1,160  
Bayer US Finance II LLC,     
4.25%, 12/15/2025 (e)      2,300       2,283  
4.38%, 12/15/2028 (e)      1,311       1,295  
Bayer US Finance LLC, 6.25%, 01/21/2029 (e)      400       423  
Cheplapharm Arzneimittel GmbH, (Germany), Reg. S, 7.50%, 05/15/2030    EUR 3,952       4,632  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
 AMOUNT ($) 

      VALUE ($)   

Corporate Bonds — continued

     

Pharmaceuticals — continued

     
Endo Finance Holdings, Inc., 8.50%, 04/15/2031 (e)      4,740       5,079  
Grifols SA, (Spain),     
Reg. S, 2.25%, 11/15/2027    EUR 6,255       6,679  
Reg. S, 3.88%, 10/15/2028    EUR 11,651       12,054  
Gruenenthal GmbH, (Germany),     
Reg. S, 3.63%, 11/15/2026    EUR 4,650       5,147  
Reg. S, 6.75%, 05/15/2030    EUR 300       358  
Jazz Securities DAC, (Ireland), 4.38%, 01/15/2029 (e)      1,928       1,865  
Nidda Healthcare Holding GmbH, (Germany),     
Reg. S, 7.00%, 02/21/2030    EUR 700       812  
7.00%, 02/21/2030 (e)    EUR 5,051       5,862  
Reg. S, 7.50%, 08/21/2026    EUR 28,593       32,918  
Option Care Health, Inc., 4.38%, 10/31/2029 (e)      957       910  
Organon & Co. / Organon Foreign Debt Co-Issuer BV,     
Reg. S, 2.88%, 04/30/2028    EUR 300       320  
4.13%, 04/30/2028 (e)      4,075       3,919  
5.13%, 04/30/2031 (e)      11,883       11,203  
P&L Development LLC / PLD Finance Corp., 7.75%, 11/15/2025 (e)      558       550  
Rossini Sarl, (Luxembourg),     
Reg. S, 6.75%, 12/31/2029    EUR 600       702  
6.75%, 12/31/2029 (e)    EUR 12,910       15,111  
Teva Pharmaceutical Finance Netherlands II BV, (Netherlands),     
4.38%, 05/09/2030    EUR 1,083       1,201  
7.38%, 09/15/2029    EUR 200       250  
Teva Pharmaceutical Finance Netherlands III BV, (Netherlands),     
3.15%, 10/01/2026      10,768       10,350  
7.13%, 01/31/2025      500       500  
7.88%, 09/15/2029      3,169       3,501  
8.13%, 09/15/2031      1,248       1,431  
    

 

 

  
       196,535  
    

 

 

  
Total Consumer Non-cyclical        1,178,270  
    

 

 

  
Diversified — 0.0% (g)     
Holding Companies - Diversified — 0.0% (g)     
Benteler International AG, (Austria), Reg. S, 9.38%, 05/15/2028    EUR 1,407       1,613  
ProGroup AG, (Germany),     
Reg. S, 5.13%, 04/15/2029    EUR 100       109  
Reg. S, 5.38%, 04/15/2031    EUR 129       140  
Stena International SA, (Luxembourg),     
7.25%, 01/15/2031 (e)      300       316  
7.63%, 02/15/2031 (e)      400       420  
    

 

 

  
Total Diversified        2,598  
    

 

 

  
Energy — 9.2%     
Coal — 0.1%     
Conuma Resources Ltd., (Canada), 13.13%, 05/01/2028 (e)      822       845  
Coronado Finance Pty Ltd., (Australia),     
9.25%, 10/01/2029 (e) (w)      2,075       2,132  
10.75%, 05/15/2026 (e)      1,779       1,851  
    

 

 

  
       4,828  
    

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 - Alternate Sources — 0.1%     
Cullinan Holdco Scsp, (Luxembourg), Reg. S, 4.63%, 10/15/2026    EUR 9,234       9,090  
Greenko Dutch BV, (Netherlands), 3.85%, 03/29/2026 (e)      541       522  
Greenko Solar Mauritius Ltd., (Mauritius), Reg. S, 5.55%, 01/29/2025      949       946  
    

 

 

  
       10,558  
    

 

 

  
Oil & Gas — 5.3%     
Adnoc Murban Rsc Ltd., (United Arab Emirates), 5.13%, 09/11/2054 (e)      6,000       5,908  
Aethon United BR LP / Aethon United Finance Corp.,     
7.50%, 10/01/2029 (e) (w)      5,510       5,586  
8.25%, 02/15/2026 (e)      1,992       2,016  
Antero Resources Corp., 7.63%, 02/01/2029 (e)      836       863  
Apache Corp., 4.38%, 10/15/2028      1,370       1,345  
Ascent Resources Utica Holdings LLC / ARU Finance Corp.,     
5.88%, 06/30/2029 (e)      6,899       6,816  
7.00%, 11/01/2026 (e)      1,425       1,426  
8.25%, 12/31/2028 (e)      6,900       7,069  
9.00%, 11/01/2027 (e)      2,854       3,411  
Baytex Energy Corp., (Canada), 8.50%, 04/30/2030 (e)      1,105       1,146  
Berry Petroleum Co. LLC, 7.00%, 02/15/2026 (e)      392       381  
Borr IHC Ltd. / Borr Finance LLC, (Multinational),     
10.00%, 11/15/2028 (e)      2,174       2,256  
10.38%, 11/15/2030 (e)      1,578       1,668  
California Resources Corp., 7.13%, 02/01/2026 (e)      203       203  
Canadian Natural Resources Ltd., (Canada), 3.85%, 06/01/2027      100       99  
Chesapeake Energy Corp.,     
5.50%, 02/01/2026 (e)      691       690  
5.88%, 02/01/2029 (e)      835       839  
6.75%, 04/15/2029 (e)      981       999  
Chord Energy Corp., 6.38%, 06/01/2026 (e)      356       357  
CITGO Petroleum Corp.,     
6.38%, 06/15/2026 (d) (e)      425       425  
7.00%, 06/15/2025 (d) (e)      6,040       6,036  
8.38%, 01/15/2029 (e)      7,186       7,480  
Civitas Resources, Inc.,     
5.00%, 10/15/2026 (e)      250       247  
8.38%, 07/01/2028 (e)      4,692       4,878  
8.63%, 11/01/2030 (e)      2,253       2,387  
8.75%, 07/01/2031 (e)      10,177       10,773  
CNX Resources Corp., 7.25%, 03/01/2032 (e)      835       877  
Comstock Resources, Inc.,     
5.88%, 01/15/2030 (e)      7,845       7,358  
6.75%, 03/01/2029 (e)      14,089       13,744  
Continental Resources, Inc.,     
2.27%, 11/15/2026 (e)      1,911       1,811  
4.38%, 01/15/2028      775       763  
Coterra Energy, Inc., 4.38%, 03/15/2029      911       899  
Crescent Energy Finance LLC,     
7.38%, 01/15/2033 (e)      8,620       8,534  
7.63%, 04/01/2032 (e)      6,401       6,403  
9.25%, 02/15/2028 (e)      3,903       4,071  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
CrownRock LP / CrownRock Finance, Inc., 5.00%, 05/01/2029 (e)      225       228  
Devon Energy Corp., 5.25%, 10/15/2027      415       417  
Diamond Foreign Asset Co. / Diamond Finance LLC, (Cayman Islands), 8.50%, 10/01/2030 (e)      3,445       3,600  
Diamondback Energy, Inc.,     
5.15%, 01/30/2030      140       143  
5.20%, 04/18/2027      134       137  
Ecopetrol SA, (Colombia),     
4.63%, 11/02/2031      2,500       2,147  
5.38%, 06/26/2026      187       187  
8.38%, 01/19/2036      4,400       4,500  
8.63%, 01/19/2029      106       114  
Empresa Nacional del Petroleo, (Chile), Reg. S, 6.15%, 05/10/2033      5,100       5,416  
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/2031 (e)      2,594       2,727  
EQT Corp.,     
3.13%, 05/15/2026 (e)      1,258       1,225  
3.90%, 10/01/2027      825       811  
7.00%, 02/01/2030      442       483  
Gulfport Energy Corp., 6.75%, 09/01/2029 (e)      1,947       1,973  
Helmerich & Payne, Inc.,     
4.65%, 12/01/2027 (e)      344       345  
4.85%, 12/01/2029 (e)      674       664  
Hess Corp., 7.88%, 10/01/2029      750       858  
HF Sinclair Corp.,     
5.00%, 02/01/2028      942       937  
6.38%, 04/15/2027      936       949  
Hilcorp Energy I LP / Hilcorp Finance Co.,     
5.75%, 02/01/2029 (e)      7,247       7,051  
6.00%, 04/15/2030 (e)      740       721  
6.00%, 02/01/2031 (e)      5,143       4,992  
6.25%, 11/01/2028 (e)      2,016       2,012  
6.25%, 04/15/2032 (e)      650       633  
6.88%, 05/15/2034 (e)      3,631       3,619  
8.38%, 11/01/2033 (e)      11,968       12,903  
KazMunayGas National Co. JSC, (Kazakhstan), Reg. S, 6.38%, 10/24/2048      6,700       6,656  
Kosmos Energy Ltd., 8.75%, 10/01/2031 (e)      6,100       6,011  
Kraken Oil & Gas Partners LLC, 7.63%, 08/15/2029 (e)      805       804  
Leviathan Bond Ltd., (Israel), Reg. S, 6.13%, 06/30/2025 (e)      9,300       9,142  
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/2026 (e)      693       689  
Matador Resources Co.,     
6.50%, 04/15/2032 (e)      6,485       6,475  
6.88%, 04/15/2028 (e)      1,964       2,001  
MEG Energy Corp., (Canada), 5.88%, 02/01/2029 (e)      1,345       1,316  
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031 (e)      2,014       1,986  
Nabors Industries Ltd., (Bermuda), 7.50%, 01/15/2028 (e)      4,596       4,306  
Nabors Industries, Inc.,     
7.38%, 05/15/2027 (e)      6,199       6,212  
8.88%, 08/15/2031 (e)      2,498       2,379  
9.13%, 01/31/2030 (e)      8,020       8,271  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Noble Finance II LLC, 8.00%, 04/15/2030 (e)      9,115       9,401  
Northern Oil & Gas, Inc.,     
8.13%, 03/01/2028 (e)      10,309       10,384  
8.75%, 06/15/2031 (e)      4,293       4,473  
Occidental Petroleum Corp.,     
5.88%, 09/01/2025      715       718  
6.38%, 09/01/2028      510       537  
7.88%, 09/15/2031      500       579  
8.50%, 07/15/2027      1,000       1,088  
Ovintiv, Inc.,     
5.38%, 01/01/2026      555       559  
5.65%, 05/15/2028      683       704  
Parkland Corp., (Canada),     
4.50%, 10/01/2029 (e)      4,050       3,834  
4.63%, 05/01/2030 (e)      2,562       2,417  
5.88%, 07/15/2027 (e)      1,550       1,546  
6.63%, 08/15/2032 (e)      3,453       3,506  
PBF Holding Co. LLC / PBF Finance Corp., 7.88%, 09/15/2030 (e)      1,065       1,097  
Permian Resources Operating LLC,     
5.38%, 01/15/2026 (e)      400       399  
5.88%, 07/01/2029 (e)      3,553       3,549  
6.25%, 02/01/2033 (e)      8,789       8,916  
7.00%, 01/15/2032 (e)      4,873       5,069  
8.00%, 04/15/2027 (e)      782       805  
9.88%, 07/15/2031 (e)      1,205       1,345  
Pertamina Persero PT, (Indonesia),     
Reg. S, 4.18%, 01/21/2050      1,900       1,576  
Reg. S, 6.50%, 11/07/2048      5,800       6,532  
Petrobras Global Finance BV, (Netherlands), 5.30%, 01/27/2025      531       529  
Petroleos del Peru SA, (Peru),     
Reg. S, 4.75%, 06/19/2032      6,400       5,036  
Reg. S, 5.63%, 06/19/2047      3,200       2,182  
Petroleos Mexicanos, (Mexico),     
6.35%, 02/12/2048      30,200       20,915  
6.38%, 01/23/2045      3,800       2,647  
6.49%, 01/23/2027      2,700       2,659  
6.63%, 06/15/2035      8,100       6,615  
6.70%, 02/16/2032      1,200       1,077  
6.88%, 10/16/2025      260       260  
7.69%, 01/23/2050      1,600       1,250  
Petronas Capital Ltd., (Malaysia),     
4.55%, 04/21/2050 (e)      5,800       5,385  
Reg. S, 4.55%, 04/21/2050      700       650  
Petrorio Luxembourg Holding Sarl, (Luxembourg), Reg. S, 6.13%, 06/09/2026      7,000       6,993  
Precision Drilling Corp., (Canada), 6.88%, 01/15/2029 (e)      4,385       4,372  
QatarEnergy, (Qatar),     
Reg. S, 1.38%, 09/12/2026      10,000       9,482  
Reg. S, 3.13%, 07/12/2041      20,900       16,612  
Reg. S, 3.30%, 07/12/2051      3,500       2,625  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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     
Range Resources Corp.,     
4.75%, 02/15/2030 (e)      1,625       1,567  
4.88%, 05/15/2025      801       797  
8.25%, 01/15/2029      510       528  
Rio Oil Finance Trust Series 2014-3, Reg. S, 9.75%, 01/06/2027      758       783  
Rio Oil Finance Trust Series 2018-1, 8.20%, 04/06/2028 (e)      692       706  
Seadrill Finance Ltd., (Bermuda), 8.38%, 08/01/2030 (e)      910       950  
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 7.88%, 11/01/2028 (e)      4,592       4,803  
SM Energy Co.,     
6.50%, 07/15/2028      190       190  
6.75%, 08/01/2029 (e)      985       989  
7.00%, 08/01/2032 (e)      3,241       3,253  
Southwestern Energy Co.,     
4.75%, 02/01/2032      4,942       4,729  
5.38%, 02/01/2029      3,622       3,611  
5.38%, 03/15/2030      6,364       6,345  
5.70%, 01/23/2025      468       468  
8.38%, 09/15/2028      250       257  
State Oil Co. of the Azerbaijan Republic, (Azerbaijan), Reg. S, 6.95%, 03/18/2030      9,100       9,675  
Strathcona Resources Ltd., (Canada), 6.88%, 08/01/2026 (e)      600       597  
Suncor Energy, Inc., (Canada), 7.88%, 06/15/2026      145       153  
Sunoco LP, 7.00%, 05/01/2029 (e)      960       1,003  
Sunoco LP / Sunoco Finance Corp.,     
4.50%, 05/15/2029      4,875       4,686  
4.50%, 04/30/2030      1,350       1,294  
5.88%, 03/15/2028      495       497  
Talos Production, Inc.,     
9.00%, 02/01/2029 (e)      2,576       2,653  
9.38%, 02/01/2031 (e)      921       947  
Tengizchevroil Finance Co. International Ltd., (Bermuda),     
2.63%, 08/15/2025 (e)      800       780  
Reg. S, 3.25%, 08/15/2030      2,900       2,519  
Reg. S, 4.00%, 08/15/2026      607       593  
TGNR Intermediate Holdings LLC, 5.50%, 10/15/2029 (e)      3,321       3,155  
Transocean Aquila Ltd., (Cayman Islands), 8.00%, 09/30/2028 (e)      527       540  
Transocean Titan Financing Ltd., (Cayman Islands), 8.38%, 02/01/2028 (e)      925       953  
Transocean, Inc., (Cayman Islands),     
8.00%, 02/01/2027 (e)      4,604       4,601  
8.25%, 05/15/2029 (e)      11,517       11,415  
8.50%, 05/15/2031 (e)      9,815       9,750  
8.75%, 02/15/2030 (e)      8,286       8,639  
Valaris Ltd., (Bermuda), 8.38%, 04/30/2030 (e)      10,930       11,261  
Vantage Drilling International Ltd., (Cayman Islands), 9.50%, 02/15/2028 (e)      2,509       2,525  
Var Energi ASA, (Norway), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.77%), 7.86%, 11/15/2083 (aa)    EUR 8,938       10,919  
Vermilion Energy, Inc., (Canada), 6.88%, 05/01/2030 (e)      197       197  
Viper Energy, Inc., 5.38%, 11/01/2027 (e)      700       697  
Vital Energy, Inc.,     
7.88%, 04/15/2032 (e)      8,024       7,774  
9.75%, 10/15/2030      4,227       4,516  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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     
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029 (e)      2,074       2,036  
Wintershall Dea Finance 2 BV, (Netherlands),     
Series NC5, Reg. S, (EUR Swap Rate 5 Year + 2.92%), 2.50%, 04/20/2026 (x) (aa)    EUR 3,000       3,205  
Series NC8, Reg. S, (EUR Swap Rate 5 Year + 3.32%), 3.00%, 07/20/2028 (x) (aa)    EUR 6,200       6,376  
    

 

 

  
       538,059  
    

 

 

  
Oil & Gas Services — 0.5%     
Archrock Partners LP / Archrock Partners Finance Corp.,     
6.25%, 04/01/2028 (e)      6,143       6,171  
6.63%, 09/01/2032 (e)      8,368       8,581  
6.88%, 04/01/2027 (e)      573       575  
Enerflex Ltd., (Canada), 9.00%, 10/15/2027 (e)      786       812  
Guara Norte Sarl, (Luxembourg), Reg. S, 5.20%, 06/15/2034      6,542       6,233  
Kodiak Gas Services LLC, 7.25%, 02/15/2029 (e)      8,863       9,174  
Oceaneering International, Inc., 6.00%, 02/01/2028      295       296  
OEG Finance plc, (United Kingdom), Reg. S, 7.25%, 09/27/2029    EUR 206       233  
Star Holding LLC, 8.75%, 08/01/2031 (e)      2,874       2,741  
USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/2029 (e)      3,306       3,405  
Weatherford International Ltd., (Bermuda), 8.63%, 04/30/2030 (e)      4,046       4,212  
Welltec International ApS, (Denmark), 8.25%, 10/15/2026 (e)      200       205  
Yinson Boronia Production BV, (Netherlands),     
8.95%, 07/31/2042 (e)      2,200       2,348  
Reg. S, 8.95%, 07/31/2042      1,270       1,355  
Yinson Production Financial Services Pte Ltd., (Singapore), Reg. S, 9.63%, 05/03/2029 (e)      3,600       3,684  
    

 

 

  
       50,025  
    

 

 

  
Pipelines — 3.2%     
Antero Midstream Partners LP / Antero Midstream Finance Corp.,     
5.38%, 06/15/2029 (e)      7,424       7,347  
5.75%, 03/01/2027 (e)      1,800       1,799  
5.75%, 01/15/2028 (e)      4,646       4,653  
6.63%, 02/01/2032 (e)      1,506       1,558  
Blue Racer Midstream LLC / Blue Racer Finance Corp.,     
7.00%, 07/15/2029 (e)      4,824       5,015  
7.25%, 07/15/2032 (e)      2,660       2,791  
Buckeye Partners LP,     
3.95%, 12/01/2026      88       85  
4.13%, 03/01/2025 (e)      527       523  
4.35%, 10/15/2024      88       88  
5.60%, 10/15/2044      46       39  
5.85%, 11/15/2043      1,770       1,590  
6.88%, 07/01/2029 (e)      634       650  
Cheniere Energy Partners LP, 4.00%, 03/01/2031      600       568  
Cheniere Energy, Inc., 4.63%, 10/15/2028      800       795  
CNX Midstream Partners LP, 4.75%, 04/15/2030 (e)      1,230       1,150  
Columbia Pipelines Holding Co. LLC,     
6.04%, 08/15/2028 (e)      473       494  
6.06%, 08/15/2026 (e)      500       512  
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 (e)      12,514       12,270  
DCP Midstream Operating LP, 5.38%, 07/15/2025      103       103  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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     
DT Midstream, Inc.,     
4.13%, 06/15/2029 (e)      2,466       2,359  
4.38%, 06/15/2031 (e)      171       162  
Enbridge, Inc., (Canada),     
5.30%, 04/05/2029      206       213  
5.90%, 11/15/2026      96       99  
(CMT Index 5 Year + 2.97%), 7.20%, 06/27/2054 (aa)      2,888       3,027  
(CMT Index 5 Year + 3.12%), 7.38%, 03/15/2055 (aa)      1,688       1,751  
(CMT Index 5 Year + 4.43%), 8.50%, 01/15/2084 (aa)      891       997  
Energy Transfer LP,     
5.63%, 05/01/2027 (e)      1,133       1,137  
6.00%, 02/01/2029 (e)      932       954  
(CMT Index 5 Year + 2.83%), 7.13%, 10/01/2054 (aa)      2,742       2,805  
(CMT Index 5 Year + 4.02%), 8.00%, 05/15/2054 (aa)      4,080       4,392  
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 02/15/2028 (x) (aa)      731       721  
Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa)      5,655       5,641  
EnLink Midstream LLC, 5.63%, 01/15/2028 (e)      490       502  
EnLink Midstream Partners LP, 4.15%, 06/01/2025      944       936  
EQM Midstream Partners LP,     
4.50%, 01/15/2029 (e)      11       11  
4.75%, 01/15/2031 (e)      6,212       6,015  
6.00%, 07/01/2025 (e)      74       74  
6.38%, 04/01/2029 (e)      2,189       2,260  
6.50%, 07/01/2027 (e)      1,750       1,803  
7.50%, 06/01/2027 (e)      1,760       1,811  
7.50%, 06/01/2030 (e)      2,758       3,030  
Genesis Energy LP / Genesis Energy Finance Corp.,     
7.75%, 02/01/2028      927       939  
7.88%, 05/15/2032      5,294       5,388  
8.00%, 01/15/2027      383       392  
8.25%, 01/15/2029      2,664       2,759  
8.88%, 04/15/2030      1,189       1,250  
Global Partners LP / GLP Finance Corp.,     
6.88%, 01/15/2029      1,300       1,304  
7.00%, 08/01/2027      2,100       2,116  
8.25%, 01/15/2032 (e)      1,680       1,742  
Harvest Midstream I LP, 7.50%, 05/15/2032 (e)      2,347       2,468  
Hess Midstream Operations LP, 6.50%, 06/01/2029 (e)      1,651       1,709  
Howard Midstream Energy Partners LLC,     
7.38%, 07/15/2032 (e)      3,241       3,357  
8.88%, 07/15/2028 (e)      1,535       1,628  
ITT Holdings LLC, 6.50%, 08/01/2029 (e)      4,086       3,873  
Kinder Morgan, Inc., 5.00%, 02/01/2029      315       322  
Kinetik Holdings LP,     
5.88%, 06/15/2030 (e)      93       94  
6.63%, 12/15/2028 (e)      602       625  
NGL Energy Operating LLC / NGL Energy Finance Corp.,     
8.13%, 02/15/2029 (e)      4,742       4,862  
8.38%, 02/15/2032 (e)      11,782       12,132  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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     
NGPL PipeCo. LLC, 4.88%, 08/15/2027 (e)      549       551  
Northriver Midstream Finance LP, (Canada), 6.75%, 07/15/2032 (e)      1,579       1,630  
Plains All American Pipeline LP / PAA Finance Corp., 3.60%, 11/01/2024      23       23  
Prairie Acquiror LP, 9.00%, 08/01/2029 (e)      1,197       1,236  
Rockies Express Pipeline LLC,     
3.60%, 05/15/2025 (e)      1,000       983  
4.80%, 05/15/2030 (e)      1,770       1,668  
4.95%, 07/15/2029 (e)      183       175  
6.88%, 04/15/2040 (e)      3,675       3,581  
7.50%, 07/15/2038 (e)      1,425       1,481  
Sabal Trail Transmission LLC, 4.25%, 05/01/2028 (e)      800       792  
Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026      250       254  
South Bow Canadian Infrastructure Holdings Ltd., (Canada),     
(CMT Index 5 Year + 3.67%), 7.50%, 03/01/2055 (e) (aa)      2,939       3,088  
(CMT Index 5 Year + 3.95%), 7.63%, 03/01/2055 (e) (aa)      1,281       1,328  
South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027 (e)      1,000       1,007  
Southern Gas Corridor CJSC, (Azerbaijan), Reg. S, 6.88%, 03/24/2026      13,900       14,217  
Summit Midstream Holdings LLC, 8.63%, 10/31/2029 (e)      1,454       1,520  
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.,     
5.50%, 01/15/2028 (e)      6,414       6,211  
6.00%, 03/01/2027 (e)      1,063       1,062  
6.00%, 12/31/2030 (e)      2,503       2,378  
6.00%, 09/01/2031 (e)      2,414       2,287  
7.38%, 02/15/2029 (e)      5,994       6,069  
Targa Resources Partners LP / Targa Resources Partners Finance Corp.,     
5.00%, 01/15/2028      1,081       1,081  
6.50%, 07/15/2027      244       247  
6.88%, 01/15/2029      1,490       1,527  
TransCanada PipeLines Ltd., (Canada), 6.20%, 03/09/2026      1,619       1,621  
Venture Global Calcasieu Pass LLC,     
3.88%, 08/15/2029 (e)      6,215       5,880  
3.88%, 11/01/2033 (e)      4,921       4,412  
4.13%, 08/15/2031 (e)      3,055       2,840  
6.25%, 01/15/2030 (e)      450       472  
Venture Global LNG, Inc.,     
7.00%, 01/15/2030 (e)      1,715       1,752  
8.13%, 06/01/2028 (e)      750       782  
8.38%, 06/01/2031 (e)      14,210       15,007  
(CMT Index 5 Year + 5.44%), 9.00%, 09/30/2029 (e) (x) (aa)      45,530       46,160  
9.50%, 02/01/2029 (e)      29,046       32,633  
9.88%, 02/01/2032 (e)      19,109       21,239  
Western Midstream Operating LP,     
4.65%, 07/01/2026      1,120       1,120  
4.75%, 08/15/2028      121       121  
5.50%, 08/15/2048      400       371  
Whistler Pipeline LLC, 5.40%, 09/30/2029 (e)      500       510  
    

 

 

  
       319,006  
    

 

 

  
Total Energy        922,476  
    

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
 AMOUNT ($) 

      VALUE ($)   

Corporate Bonds — continued

     
Financial — 13.3%     
Banks — 3.9%     
Abanca Corp. Bancaria SA, (Spain), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.25%), 8.38%, 09/23/2033 (aa)    EUR 5,100       6,416  
ABN AMRO Bank NV, (Netherlands),     
4.75%, 07/28/2025 (e)      700       697  
(CMT Index 1 Year + 1.65%), 6.34%, 09/18/2027 (e) (aa)      2,200       2,277  
Reg. S, (EUR Swap Rate 5 Year + 4.24%), 6.88%, 09/22/2031 (x) (aa)    EUR 4,000       4,647  
AIB Group plc, (Ireland),     
Reg. S, (EUR Swap Rate 5 Year + 5.70%), 5.25%, 10/09/2024 (x) (aa)    EUR 359       400  
Reg. S, (EUR Swap Rate 5 Year + 6.63%), 6.25%, 06/23/2025 (x) (aa)    EUR 600       674  
(United States SOFR + 2.33%), 6.61%, 09/13/2029 (e) (aa)      616       659  
Alpha Bank SA, (Greece), Reg. S, (EUR Swap Rate 1 Year + 2.43%), 5.00%, 05/12/2030 (aa)    EUR 300       347  
Banca Monte dei Paschi di Siena SpA, (Italy),     
Reg. S, (ICE LIBOR EUR 3 Month + 3.21%), 6.75%, 03/02/2026 (aa)    EUR 100       113  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.01%), 7.71%, 01/18/2028 (aa)    EUR 100       121  
Reg. S, (EUR Swap Rate 5 Year + 8.92%), 8.50%, 09/10/2030 (aa)    EUR 4,510       5,179  
Reg. S, 10.50%, 07/23/2029    EUR 500       683  
Banco Bilbao Vizcaya Argentaria SA, (Spain),     
5.38%, 03/13/2029      200       208  
Reg. S, (EUR Swap Rate 5 Year + 6.46%), 6.00%, 01/15/2026 (x) (aa)    EUR 200       225  
Reg. S, (EUR Swap Rate 5 Year + 4.27%), 6.88%, 12/13/2030 (x) (aa)    EUR 200       228  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.54%), 8.38%, 06/21/2028 (x) (aa)    EUR 2,400       2,913  
Banco BPM SpA, (Italy), Reg. S, (EUR Swap Rate 5 Year + 3.40%), 3.38%, 01/19/2032 (aa)    EUR 214       235  
Banco Davivienda SA, (Colombia), Reg. S, (CMT Index 10 Year + 5.10%), 6.65%, 04/22/2031 (x) (aa)      3,800       3,259  
Banco de Credito Social Cooperativo SA, (Spain),     
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.70%), 4.13%, 09/03/2030 (aa)    EUR 200       225  
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 4.27%), 7.50%, 09/14/2029 (aa)    EUR 500       634  
Banco de Sabadell SA, (Spain),     
Reg. S, (EUR Swap Rate 5 Year + 2.95%), 2.50%, 04/15/2031 (aa)    EUR 200       219  
Reg. S, (EUR Swap Rate 5 Year + 6.20%), 5.75%, 03/15/2026 (x) (aa)    EUR 200       221  
Reg. S, (EUR Swap Rate 5 Year + 3.15%)6.00%, 08/16/2033 (aa)    EUR 9,200       10,956  
Reg. S, (EUR Swap Rate 5 Year + 6.83%), 9.38%, 07/18/2028 (x) (aa)    EUR 7,800       9,648  
Banco Mercantil del Norte SA, (Mexico), Reg. S, (CMT Index 1 Year + 5.47%), 7.50%, 06/27/2029 (x) (aa)      3,700       3,708  
Banco Nacional de Comercio Exterior SNC, (Mexico), Reg. S, 4.38%, 10/14/2025      1,938       1,927  
Banco Santander SA, (Spain), 6.92%, 08/08/2033      800       884  
Bank of America Corp.,     
(United States SOFR + 0.96%), 1.73%, 07/22/2027 (aa)      98       93  
(CME Term SOFR 3 Month + 1.13%), 2.46%, 10/22/2025 (aa)      709       708  
(CME Term SOFR 3 Month + 1.35%), 3.09%, 10/01/2025 (aa)      18       18  
(United States SOFR + 1.33%), 3.38%, 04/02/2026 (aa)      672       667  
(CME Term SOFR 3 Month + 1.63%), 3.59%, 07/21/2028 (aa)      1,460       1,433  
(United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa)      230       234  
Series L, 3.95%, 04/21/2025      552       549  
Bank of Cyprus Holdings plc, (Ireland), Reg. S, (EUR Swap Rate 5 Year + 6.90%), 6.63%, 10/23/2031 (aa)    EUR 5,269       5,991  
Bank of Cyprus PCL, (Cyprus), Reg. S, (ICE LIBOR EUR 3 Month + 1.97%), 5.00%, 05/02/2029 (aa)    EUR 600       685  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 Ireland Group plc, (Ireland),     
(CMT Index 1 Year + 1.10%), 2.03%, 09/30/2027 (e) (aa)      1,316       1,256  
(United States SOFR + 1.62%), 5.60%, 03/20/2030 (e) (aa)      534       554  
(CMT Index 1 Year + 2.65%), 6.25%, 09/16/2026 (e) (aa)      400       405  
Reg. S, (EUR Swap Rate 5 Year + 7.92%), 7.50%, 05/19/2025 (x) (aa)    EUR 400       455  
Bank of Montreal, (Canada), 5.27%, 12/11/2026      83       85  
Bank of Nova Scotia (The), (Canada), 5.45%, 06/12/2025      60       60  
Bankinter SA, (Spain), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.71%), 7.38%, 08/15/2028 (x) (aa)    EUR 600       701  
BankUnited, Inc., 4.88%, 11/17/2025      544       541  
Barclays plc, (United Kingdom),     
(CMT Index 1 Year + 1.05%), 2.28%, 11/24/2027 (aa)      449       428  
(United States SOFR + 2.71%), 2.85%, 05/07/2026 (aa)      376       371  
(CMT Index 5 Year + 3.41%), 4.38%, 03/15/2028 (x) (aa)      465       416  
(United States SOFR + 1.34%), 4.84%, 09/10/2028 (aa)      857       864  
(United States SOFR + 1.88%), 6.50%, 09/13/2027 (aa)      662       686  
(CMT Index 1 Year + 3.05%), 7.33%, 11/02/2026 (aa)      356       365  
(CMT Index 5 Year + 5.43%), 8.00%, 03/15/2029 (x) (aa)      1,834       1,932  
(GBP Swap Rate 5 Year + 5.64%), 9.25%, 09/15/2028 (x) (aa)    GBP  12,650       17,942  
(USD SOFR ICE Swap Rate 5 Year + 5.78%), 9.63%, 12/15/2029 (x) (aa)      10,305       11,603  
BNP Paribas SA, (France),     
(United States SOFR + 1.00%), 1.32%, 01/13/2027 (e) (aa)      1,250       1,198  
(United States SOFR + 1.61%), 1.90%, 09/30/2028 (e) (aa)      600       557  
(United States SOFR + 2.07%), 2.22%, 06/09/2026 (e) (aa)      711       697  
(United States SOFR + 1.23%), 2.59%, 01/20/2028 (e) (aa)      1,838       1,764  
(CME Term SOFR 3 Month + 1.37%), 2.82%, 11/19/2025 (e) (aa)      200       199  
(United States SOFR + 1.59%), 5.50%, 05/20/2030 (e) (aa)      200       207  
BOI Finance BV, (Netherlands), Reg. S, 7.50%, 02/16/2027    EUR 2,100       2,212  
BPCE SA, (France),     
4.50%, 03/15/2025 (e)      500       497  
4.88%, 04/01/2026 (e)      200       200  
CaixaBank SA, (Spain),     
Reg. S, (EUR Swap Rate 5 Year + 4.50%), 5.25%, 03/23/2026 (x) (aa)    EUR 5,400       5,944  
(United States SOFR + 1.78%), 5.67%, 03/15/2030 (e) (aa)      203       211  
Reg. S, (EUR Swap Rate 5 Year + 6.35%), 5.88%, 10/09/2027 (x) (aa)    EUR 400       447  
Canadian Imperial Bank of Commerce, (Canada), 5.00%, 04/28/2028      33       34  
Citigroup, Inc.,     
(United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa)      2,079       2,058  
(CME Term SOFR 3 Month + 1.82%), 3.89%, 01/10/2028 (aa)      1,148       1,136  
(United States SOFR + 1.36%), 5.17%, 02/13/2030 (aa)      1,569       1,610  
Series AA, (CMT Index 5 Year + 3.21%), 7.63%, 11/15/2028 (x) (aa)      1,455       1,555  
Series CC, (CMT Index 5 Year + 2.69%), 7.13%, 08/15/2029 (x) (aa)      9,870       10,271  
Series DD, (CMT Index 1 Year + 2.76%), 7.00%, 08/15/2034 (x) (aa)      2,380       2,550  
Series X, (CMT Index 5 Year + 3.42%), 3.88%, 02/18/2026 (x) (aa)      4,860       4,677  
Citizens Bank NA, (United States SOFR + 1.45%), 6.06%, 10/24/2025 (aa)      926       926  
Commerzbank AG, (Germany),     
Reg. S, (EUR Swap Rate 5 Year + 4.39%), 4.25%, 10/09/2027 (x) (aa)    EUR 200       207  
Reg. S, (EUR Swap Rate 5 Year + 6.36%), 6.13%, 10/09/2025 (x) (aa)    EUR 800       893  
Reg. S, (EUR Swap Rate 5 Year + 6.74%), 6.50%, 10/09/2029 (x) (aa)    EUR 400       452  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 EURIBOR Swap Rate 5 Year + 5.13%), 7.88%, 10/09/2031 (x) (aa)    EUR 200       238  
Cooperatieve Rabobank UA, (Netherlands),     
Reg. S, (EUR Swap Rate 5 Year + 4.68%), 4.38%, 06/29/2027 (x) (aa)    EUR 200       217  
Reg. S, (EUR Swap Rate 5 Year + 3.72%), 4.88%, 06/29/2029 (x) (aa)    EUR 11,000       11,820  
Credit Agricole SA, (France), 4.38%, 03/17/2025 (e)      450       448  
Danske Bank A/S, (Denmark),     
(CMT Index 1 Year + 1.35%), 1.62%, 09/11/2026 (e) (aa)      1,709       1,657  
(ICE LIBOR USD 3 Month + 1.59%), 3.24%, 12/20/2025 (e) (aa)      1,193       1,187  
(CMT Index 1 Year + 1.75%), 4.30%, 04/01/2028 (e) (aa)      900       896  
(CMT Index 1 Year + 2.10%), 6.47%, 01/09/2026 (e) (aa)      1,815       1,821  
Deutsche Bank AG, (Germany),     
4.50%, 04/01/2025      1,576       1,569  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.55%), 4.50%, 11/30/2026 (x) (aa)    EUR 200       204  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.75%), 4.63%, 10/30/2027 (x) (aa)    EUR 200       201  
Reg. S, (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 4.36%), 4.79%, 04/30/2025 (x) (aa)      600       582  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.69%), 6.75%, 10/30/2028 (x) (aa)    EUR 8,000       8,805  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.26%), 8.13%, 10/30/2029 (x) (aa)    EUR 200       232  
Discover Bank, 4.25%, 03/13/2026      250       249  
Erste Group Bank AG, (Austria),     
Reg. S, (EUR Swap Rate 5 Year + 4.65%), 4.25%, 10/15/2027 (x) (aa)    EUR 5,800       6,053  
Reg. S, (EUR Swap Rate 5 Year + 5.46%), 8.50%, 10/15/2028 (x) (aa)    EUR 2,600       3,183  
Eurobank SA, (Greece),     
Reg. S, (EUR Swap Rate 1 Year + 1.80%), 4.00%, 09/24/2030 (aa)    EUR 225       252  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.17%), 4.88%, 04/30/2031 (aa)    EUR 10,150       11,797  
Federation des Caisses Desjardins du Quebec, (Canada),     
5.25%, 04/26/2029 (e)      371       382  
5.70%, 03/14/2028 (e)      200       207  
First Citizens BancShares, Inc., (CME Term SOFR 3 Month + 2.47%), 3.38%, 03/15/2030 (aa)      155       152  
Freedom Mortgage Corp.,     
6.63%, 01/15/2027 (e)      500       501  
7.63%, 05/01/2026 (e)      3,383       3,413  
12.00%, 10/01/2028 (e)      1,507       1,647  
12.25%, 10/01/2030 (e)      1,033       1,157  
Goldman Sachs Group, Inc. (The),     
(United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa)      200       191  
(United States SOFR + 1.11%), 2.64%, 02/24/2028 (aa)      2,117       2,034  
(CME Term SOFR 3 Month + 1.56%), 4.22%, 05/01/2029 (aa)      714       709  
(United States SOFR + 1.08%), 5.80%, 08/10/2026 (aa)      69       70  
Series Y, (CMT Index 1 Year + 2.40%), 6.13%, 11/10/2034 (x) (aa)      9,008       9,061  
HSBC Holdings plc, (United Kingdom),     
(United States SOFR + 1.43%), 3.00%, 03/10/2026 (aa)      3,053       3,024  
(CME Term SOFR 3 Month + 1.61%), 4.29%, 09/12/2026 (aa)      585       582  
(CMT Index 5 Year + 3.65%), 4.60%, 12/17/2030 (x) (aa)      200       182  
Reg. S, (EUR Swap Rate 5 Year + 3.84%), 4.75%, 07/04/2029 (x) (aa)    EUR 400       435  
(United States SOFR + 1.06%), 5.60%, 05/17/2028 (aa)      486       499  
(United States SOFR + 1.57%), 5.89%, 08/14/2027 (aa)      212       218  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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     
Huntington Bancshares, Inc., (United States SOFR + 1.97%), 4.44%, 08/04/2028 (aa)      83       83  
ING Groep NV, (Netherlands),     
(CMT Index 5 Year + 2.86%), 3.88%, 05/16/2027 (x) (aa)      400       361  
(CMT Index 5 Year + 4.34%), 5.75%, 11/16/2026 (x) (aa)      200       199  
(United States SOFR + 1.56%), 6.08%, 09/11/2027 (aa)      332       342  
Reg. S, (USD SOFR ICE Swap Rate 5 Year + 4.08%), 7.25%, 11/16/2034 (x) (aa)      225       232  
Intesa Sanpaolo SpA, (Italy),     
Reg. S, 2.93%, 10/14/2030    EUR 7,750       8,255  
(CMT Index 1 Year + 2.60%), 4.20%, 06/01/2032 (e) (aa)      4,170       3,714  
(CMT Index 1 Year + 2.75%), 4.95%, 06/01/2042 (e) (aa)      450       361  
Reg. S, 5.15%, 06/10/2030    GBP 497       633  
Reg. S, (EUR Swap Rate 5 Year + 5.85%), 5.50%, 03/01/2028 (x) (aa)    EUR 600       664  
5.71%, 01/15/2026 (e)      500       504  
Reg. S, (EUR Swap Rate 5 Year + 6.09%), 5.88%, 09/01/2031 (x) (aa)    EUR 11,110       12,228  
KODIT Global 2024-1 Co. Ltd., (South Korea), 5.36%, 05/29/2027 (e)      453       466  
Lloyds Banking Group plc, (United Kingdom),     
4.58%, 12/10/2025      200       199  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.29%), 4.95%, 06/27/2025 (x) (aa)    EUR 400       445  
(UK Gilts 5 Year + 4.61%), 5.13%, 12/27/2024 (x) (aa)    GBP 200       267  
(CMT Index 1 Year + 1.38%), 5.46%, 01/05/2028 (aa)      200       204  
(CMT Index 1 Year + 1.48%), 5.99%, 08/07/2027 (aa)      200       205  
(UK Gilts 5 Year + 5.14%), 8.50%, 03/27/2028 (x) (aa)    GBP 3,920       5,510  
Macquarie Bank Ltd., (Australia), 4.88%, 06/10/2025 (e)      698       697  
Macquarie Group Ltd., (Australia),     
(United States SOFR + 1.07%), 1.34%, 01/12/2027 (e) (aa)      105       101  
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (e) (aa)      722       707  
Manufacturers & Traders Trust Co., 4.65%, 01/27/2026      610       609  
Mitsubishi UFJ Financial Group, Inc., (Japan), (CMT Index 1 Year + 0.45%), 0.96%, 10/11/2025 (aa)      200       200  
Morgan Stanley,     
(United States SOFR + 1.99%), 2.19%, 04/28/2026 (aa)      323       318  
(United States SOFR + 1.67%), 4.68%, 07/17/2026 (aa)      37       37  
(United States SOFR + 1.22%), 5.04%, 07/19/2030 (aa)      218       224  
(United States SOFR + 1.73%), 5.12%, 02/01/2029 (aa)      678       695  
(United States SOFR + 1.63%), 5.45%, 07/20/2029 (aa)      137       142  
Morgan Stanley Bank NA, (United States SOFR + 0.93%), 4.97%, 07/14/2028 (aa)      250       255  
National Bank of Greece SA, (Greece),     
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.15%), 5.88%, 06/28/2035 (aa)    EUR 9,400       10,897  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.65%), 8.00%, 01/03/2034 (aa)    EUR 4,536       5,649  
National Securities Clearing Corp., 4.90%, 06/26/2029 (e)      315       325  
NatWest Group plc, (United Kingdom),     
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 05/18/2029 (aa)      820       828  
(CMT Index 1 Year + 1.22%), 4.96%, 08/15/2030 (aa)      296       301  
(CMT Index 1 Year + 1.95%), 5.81%, 09/13/2029 (aa)      413       432  
(CMT Index 1 Year + 2.85%), 7.47%, 11/10/2026 (aa)      1,324       1,363  
(CMT Index 5 Year + 3.75%), 8.13%, 11/10/2033 (x) (aa)      15,991       17,444  
Nordea Bank Abp, (Finland), (CMT Index 5 Year + 2.66%), 6.30%, 09/25/2031 (e) (x) (aa)      2,072       2,053  
Piraeus Bank SA, (Greece), Reg. S, (EUR Swap Rate 1 Year + 3.84%), 6.75%, 12/05/2029 (aa)    EUR 5,952       7,340  
PNC Financial Services Group, Inc. (The),     

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 + 1.20%), 5.49%, 05/14/2030 (aa)      1,000       1,044  
Series V, (CMT Index 5 Year + 3.24%), 6.20%, 09/15/2027 (x) (aa)      2,931       2,984  
Series W, (CMT Index 7 Year + 2.81%), 6.25%, 03/15/2030 (x) (aa)      2,683       2,724  
Santander Holdings USA, Inc., (United States SOFR + 2.33%), 5.81%, 09/09/2026 (aa)      57       57  
Santander UK Group Holdings plc, (United Kingdom), 4.75%, 09/15/2025 (e)      200       199  
Societe Generale SA, (France), (CMT Index 1 Year + 1.10%), 1.49%, 12/14/2026 (e) (aa)      281       269  
Standard Chartered plc, (United Kingdom),     
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 01/30/2026 (e) (aa)      857       850  
Reg. S, (CMT Index 5 Year + 1.85%), 3.52%, 02/12/2030 (aa)      250       248  
(CMT Index 1 Year + 1.05%), 5.69%, 05/14/2028 (e) (aa)      256       263  
(CMT Index 1 Year + 1.85%), 6.75%, 02/08/2028 (e) (aa)      600       628  
State Street Corp.,     
(United States SOFR + 1.02%), 4.53%, 02/20/2029 (aa)      223       225  
(United States SOFR + 1.13%), 5.10%, 05/18/2026 (aa)      10       10  
Series I, (CMT Index 5 Year + 2.61%), 6.70%, 03/15/2029 (x) (aa)      2,788       2,887  
Swedbank AB, (Sweden), 6.14%, 09/12/2026 (e)      400       413  
Toronto-Dominion Bank (The), (Canada),     
4.69%, 09/15/2027      105       107  
5.26%, 12/11/2026      289       296  
(CMT Index 5 Year + 2.98%), 7.25%, 07/31/2084 (aa)      4,441       4,627  
Truist Financial Corp., (United States SOFR + 1.44%), 4.87%, 01/26/2029 (aa)      73       74  
UBS Group AG, (Switzerland),     
(SOFR Compounded Index + 0.98%), 1.31%, 02/02/2027 (e) (aa)      250       239  
(CMT Index 1 Year + 0.85%), 1.49%, 08/10/2027 (e) (aa)      1,525       1,441  
(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 01/12/2029 (e) (aa)      1,150       1,125  
(CMT Index 1 Year + 1.55%), 4.49%, 05/12/2026 (e) (aa)      1,235       1,231  
(CMT Index 1 Year + 1.52%), 5.43%, 02/08/2030 (e) (aa)      200       207  
(USD SOFR ICE Swap Rate 5 Year + 3.63%), 6.85%, 09/10/2029 (e) (x) (aa)      2,065       2,090  
Reg. S, (USD Semi-annual Swap Rate 5 Year + 4.59%), 6.88%, 08/07/2025 (x) (aa)      200       201  
Reg. S, (USD Semi-annual Swap Rate 5 Year + 4.87%), 7.00%, 02/19/2025 (x) (aa)      200       200  
(USD SOFR ICE Swap Rate 5 Year + 4.16%), 7.75%, 04/12/2031 (e) (x) (aa)      7,396       7,909  
(CMT Index 5 Year + 4.75%), 9.25%, 11/13/2028 (e) (x) (aa)      4,217       4,662  
(CMT Index 5 Year + 4.76%), 9.25%, 11/13/2033 (e) (x) (aa)      5,351       6,311  
UniCredit SpA, (Italy),     
(CMT Index 1 Year + 2.30%), 2.57%, 09/22/2026 (e) (aa)      878       858  
Reg. S, (EUR Swap Rate 5 Year + 2.80%), 2.73%, 01/15/2032 (aa)    EUR 18,420       20,069  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.80%), 5.38%, 04/16/2034 (aa)    EUR 4,000       4,669  
US Bancorp,     
(United States SOFR + 2.02%), 5.78%, 06/12/2029 (aa)      676       708  
(United States SOFR + 1.88%), 6.79%, 10/26/2027 (aa)      222       233  
Uzbek Industrial and Construction Bank ATB, (Uzbekistan),     
8.95%, 07/24/2029 (e)      1,000       1,004  
Reg. S, 8.95%, 07/24/2029      900       904  
Wells Fargo & Co.,     
(CME Term SOFR 3 Month + 1.01%), 2.16%, 02/11/2026 (aa)      1,109       1,097  
(United States SOFR + 2.00%), 2.19%, 04/30/2026 (aa)      111       109  
(CME Term SOFR 3 Month + 1.09%), 2.41%, 10/30/2025 (aa)      811       809  
(United States SOFR + 1.56%), 4.54%, 08/15/2026 (aa)      113       113  
(United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa)      231       234  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 + 1.50%), 5.20%, 01/23/2030 (aa)      347       357  
(United States SOFR + 1.74%), 5.57%, 07/25/2029 (aa)      252       262  
(United States SOFR + 1.07%), 5.71%, 04/22/2028 (aa)      342       353  
(United States SOFR + 1.79%), 6.30%, 10/23/2029 (aa)      1,122       1,200  
(CMT Index 5 Year + 2.77%), 6.85%, 09/15/2029 (x) (aa)      5,290       5,516  
(CMT Index 5 Year + 3.61%), 7.63%, 09/15/2028 (x) (aa)      1,974       2,150  
    

 

 

  
       392,777  
    

 

 

  
Diversified Financial Services — 2.9%     
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland),     
3.50%, 01/15/2025      173       172  
4.45%, 10/01/2025      447       446  
Series 3NC1, 1.75%, 10/29/2024      1,100       1,097  
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 (e)      469       481  
Air Lease Corp.,     
3.38%, 07/01/2025      704       696  
Series D, (CMT Index 5 Year + 2.56%), 6.00%, 09/24/2029 (x) (aa)      1,237       1,224  
Aircastle Ltd., (Bermuda),     
5.25%, 08/11/2025 (e)      607       607  
5.95%, 02/15/2029 (e)      187       194  
Ally Financial, Inc., 5.75%, 11/20/2025      329       331  
American Express Co.,     
3.95%, 08/01/2025      138       138  
(United States SOFR + 1.00%), 4.99%, 05/01/2026 (aa)      176       176  
(United States SOFR + 0.93%), 5.04%, 07/26/2028 (aa)      213       218  
(SOFR Compounded Index + 1.28%), 5.28%, 07/27/2029 (aa)      179       185  
(United States SOFR + 1.33%), 6.34%, 10/30/2026 (aa)      418       426  
Aviation Capital Group LLC,     
1.95%, 01/30/2026 (e)      175       169  
1.95%, 09/20/2026 (e)      875       829  
4.88%, 10/01/2025 (e)      1,296       1,294  
5.38%, 07/15/2029 (e)      194       198  
5.50%, 12/15/2024 (e)      545       544  
Avolon Holdings Funding Ltd., (Cayman Islands),     
2.13%, 02/21/2026 (e)      1,085       1,044  
2.53%, 11/18/2027 (e)      1,288       1,202  
3.25%, 02/15/2027 (e)      355       342  
4.25%, 04/15/2026 (e)      2,136       2,114  
5.50%, 01/15/2026 (e)      500       502  
5.75%, 03/01/2029 (e)      152       157  
5.75%, 11/15/2029 (e)      256       264  
Bracken MidCo1 plc, (United Kingdom), Reg. S, 6.75% (cash), 11/01/2027 (v)    GBP 3,700       4,782  
Bread Financial Holdings, Inc., 9.75%, 03/15/2029 (e)      4,378       4,630  
Credicorp Capital Sociedad Titulizadora SA, (Peru), Reg. S, 10.10%, 12/15/2043 (e)    PEN 6,300       1,738  
Enact Holdings, Inc., 6.25%, 05/28/2029      478       496  
Encore Capital Group, Inc.,     
Reg. S, 4.25%, 06/01/2028    GBP 8,008       9,816  
Reg. S, 4.88%, 10/15/2025    EUR 13,496       15,030  
Reg. S, 5.38%, 02/15/2026    GBP 3,775       5,009  
8.50%, 05/15/2030 (e)      2,360       2,487  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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     
Focus Financial Partners LLC, 6.75%, 09/15/2031 (e)      2,671       2,693  
Freedom Mortgage Holdings LLC,     
9.13%, 05/15/2031 (e)      7,687       7,903  
9.25%, 02/01/2029 (e)      5,865       6,102  
Gabon Blue Bond Master Trust Series 2, Reg. S, 6.10%, 08/01/2038      300       302  
Garfunkelux Holdco 3 SA, (Luxembourg), Reg. S, 6.75%, 11/01/2025    EUR 200       150  
GGAM Finance Ltd., (Cayman Islands),     
5.88%, 03/15/2030 (e)      2,548       2,544  
6.88%, 04/15/2029 (e)      4,776       4,971  
8.00%, 02/15/2027 (e)      2,849       2,977  
8.00%, 06/15/2028 (e)      5,388       5,775  
Global Aircraft Leasing Co. Ltd., (Cayman Islands), 8.75%, 09/01/2027 (e)      1,517       1,539  
goeasy Ltd., (Canada),     
4.38%, 05/01/2026 (e)      1,775       1,750  
7.63%, 07/01/2029 (e)      1,140       1,182  
9.25%, 12/01/2028 (e)      920       992  
Intercontinental Exchange, Inc., 3.63%, 09/01/2028      2,805       2,738  
Interoceanica IV Finance Ltd., (Cayman Islands), Reg. S, Zero Coupon, 11/30/2025      1,753       1,678  
Intrum AB, (Sweden),     
Reg. S, 3.00%, 09/15/2027    EUR 394       331  
Reg. S, 9.25%, 03/15/2028    EUR 200       169  
Jefferies Finance LLC / JFIN Co-Issuer Corp., 5.00%, 08/15/2028 (e)      3,349       3,185  
Jerrold Finco plc, (United Kingdom),     
Reg. S, 5.25%, 01/15/2027    GBP 11,461       15,074  
Reg. S, 7.88%, 04/15/2030    GBP 10,757       14,676  
Julius Baer Group Ltd., (Switzerland), Reg. S, (EUR Swap Rate 5 Year + 3.85%), 6.63%, 08/15/2029 (x) (aa)    EUR 200       225  
Kuwait Projects Co. SPC Ltd., (United Arab Emirates), Reg. S, 4.50%, 02/23/2027      3,200       3,006  
LD Holdings Group LLC, 6.13%, 04/01/2028 (e)      1,628       1,440  
LFS Topco LLC, 5.88%, 10/15/2026 (e)      1,375       1,293  
LPL Holdings, Inc.,     
4.00%, 03/15/2029 (e)      848       811  
4.63%, 11/15/2027 (e)      1,638       1,625  
Macquarie Airfinance Holdings Ltd., (United Kingdom),     
6.40%, 03/26/2029 (e)      812       847  
6.50%, 03/26/2031 (e)      3,490       3,694  
8.13%, 03/30/2029 (e)      5,957       6,310  
8.38%, 05/01/2028 (e)      443       466  
Nationstar Mortgage Holdings, Inc.,     
5.00%, 02/01/2026 (e)      14,332       14,263  
5.13%, 12/15/2030 (e)      7,924       7,598  
5.50%, 08/15/2028 (e)      2,651       2,624  
5.75%, 11/15/2031 (e)      6,057       5,933  
6.50%, 08/01/2029 (e)      6,335       6,441  
7.13%, 02/01/2032 (e)      5,723       5,977  
Navient Corp.,     
4.88%, 03/15/2028      3,300       3,190  
5.00%, 03/15/2027      100       99  
5.50%, 03/15/2029      5,074       4,932  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
 AMOUNT ($) 

      VALUE ($)   

Corporate Bonds — continued

     
Diversified Financial Services — continued     
5.88%, 10/25/2024      190       190  
6.75%, 06/25/2025      1,048       1,054  
9.38%, 07/25/2030      4,383       4,862  
Nuveen Finance LLC, 4.13%, 11/01/2024 (e)      270       270  
Nuveen LLC, 5.55%, 01/15/2030 (e)      500       523  
OneMain Finance Corp.,     
3.50%, 01/15/2027      391       374  
3.88%, 09/15/2028      5,650       5,238  
4.00%, 09/15/2030      8,992       8,009  
5.38%, 11/15/2029      215       207  
7.13%, 03/15/2026      3,800       3,882  
7.13%, 11/15/2031      2,121       2,147  
7.50%, 05/15/2031      2,547       2,621  
7.88%, 03/15/2030      3,720       3,889  
Osaic Holdings, Inc., 10.75%, 08/01/2027 (e)      356       362  
Panama Infrastructure Receivable Purchaser plc, (United Kingdom), Zero Coupon, 04/05/2032 (e)      10,200       7,114  
PennyMac Financial Services, Inc.,     
4.25%, 02/15/2029 (e)      5,080       4,847  
5.38%, 10/15/2025 (e)      2,950       2,945  
7.13%, 11/15/2030 (e)      3,906       4,044  
7.88%, 12/15/2029 (e)      2,098       2,237  
PRA Group, Inc., 8.88%, 01/31/2030 (e)      2,235       2,328  
Radian Group, Inc., 6.20%, 05/15/2029      300       313  
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc.,     
2.88%, 10/15/2026 (e)      8,544       8,208  
3.63%, 03/01/2029 (e)      1,195       1,124  
3.88%, 03/01/2031 (e)      5,918       5,438  
4.00%, 10/15/2033 (e)      1,112       994  
Sherwood Financing plc, (United Kingdom), Reg. S, 4.50%, 11/15/2026    EUR 1,730       1,825  
SLM Corp., 3.13%, 11/02/2026      61       59  
SOCAR Turkey Enerji AS via Steas Funding 1 DAC, (Ireland), Reg. S, 7.23%, 03/17/2026      6,000       5,977  
Synchrony Financial, 4.50%, 07/23/2025      764       759  
Titanium 2l Bondco Sarl, (Luxembourg), 6.25% (cash), 01/14/2031 (v)    EUR 5,077       1,582  
    

 

 

  
       289,965  
    

 

 

  
Insurance — 3.1%     
Acrisure LLC / Acrisure Finance, Inc.,     
7.50%, 11/06/2030 (e)      6,255       6,437  
8.25%, 02/01/2029 (e)      4,185       4,318  
8.50%, 06/15/2029 (e)      3,115       3,253  
AEGON Funding Co. LLC, 5.50%, 04/16/2027 (e)      679       693  
AIA Group Ltd., (Hong Kong),     
Reg. S, 3.20%, 09/16/2040      2,450       1,919  
5.40%, 09/30/2054 (e)      7,000       7,027  
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer,     
4.25%, 10/15/2027 (e)      5,452       5,220  
5.88%, 11/01/2029 (e)      12,421       11,936  
6.75%, 10/15/2027 (e)      16,625       16,563  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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     
6.75%, 04/15/2028 (e)      64       65  
7.00%, 01/15/2031 (e)      15,477       15,907  
7.38%, 10/01/2032 (e)      9,681       9,826  
AmWINS Group, Inc.,     
4.88%, 06/30/2029 (e)      6,800       6,520  
6.38%, 02/15/2029 (e)      1,417       1,452  
Aon Corp., 8.21%, 01/01/2027      588       633  
Aon North America, Inc., 5.15%, 03/01/2029      168       173  
Ardonagh Finco Ltd., (Jersey),     
Reg. S, 6.88%, 02/15/2031    EUR 9,303       10,498  
7.75%, 02/15/2031 (e)      9,109       9,423  
Ardonagh Group Finance Ltd., (Jersey), 8.88%, 02/15/2032 (e)      5,786       5,985  
Assurant, Inc., 4.90%, 03/27/2028      286       288  
AssuredPartners, Inc.,     
5.63%, 01/15/2029 (e)      2,825       2,720  
7.50%, 02/15/2032 (e)      4,279       4,398  
Athene Global Funding,     
5.58%, 01/09/2029 (e)      205       212  
5.62%, 05/08/2026 (e)      1,246       1,266  
AXA SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.84%), 6.38%, 07/16/2033 (x) (aa)    EUR 300       349  
Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/2031 (e)      506       532  
Brighthouse Financial Global Funding,     
1.55%, 05/24/2026 (e)      328       312  
5.55%, 04/09/2027 (e)      504       515  
BroadStreet Partners, Inc., 5.88%, 04/15/2029 (e)      2,236       2,137  
CNO Financial Group, Inc., 5.25%, 05/30/2025      250       250  
CNO Global Funding,     
1.75%, 10/07/2026 (e)      406       385  
4.95%, 09/09/2029 (e)      165       165  
5.88%, 06/04/2027 (e)      1,700       1,751  
Corebridge Financial, Inc., (CMT Index 5 Year + 2.65%), 6.38%, 09/15/2054 (aa)      2,584       2,611  
Corebridge Global Funding,     
5.20%, 01/12/2029 (e)      450       462  
5.75%, 07/02/2026 (e)      66       68  
Equitable Financial Life Global Funding,     
1.40%, 07/07/2025 (e)      183       178  
5.45%, 03/03/2028 (e)      182       187  
F&G Annuities & Life, Inc.,     
6.50%, 06/04/2029      252       260  
7.40%, 01/13/2028      322       340  
F&G Global Funding,     
1.75%, 06/30/2026 (e)      251       238  
2.00%, 09/20/2028 (e)      1,725       1,533  
2.30%, 04/11/2027 (e)      902       844  
5.15%, 07/07/2025 (e)      666       666  
Fidelity & Guaranty Life Holdings, Inc., 5.50%, 05/01/2025 (e)      171       171  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
GA Global Funding Trust,     
1.95%, 09/15/2028 (e)      884       804  
3.85%, 04/11/2025 (e)      483       480  
4.40%, 09/23/2027 (e)      666       664  
5.50%, 01/08/2029 (e)      425       440  
Galaxy Bidco Ltd., (Jersey), Reg. S, 6.50%, 07/31/2026    GBP 7,247       9,616  
Global Atlantic Fin Co., 4.40%, 10/15/2029 (e)      376       362  
Howden UK Refinance plc / Howden UK Refinance 2 plc / Howden US Refinance LLC, (United Kingdom),     
7.25%, 02/15/2031 (e)      18,821       19,530  
8.13%, 02/15/2032 (e)      9,541       9,809  
HUB International Ltd.,     
7.25%, 06/15/2030 (e)      33,884       35,318  
7.38%, 01/31/2032 (e)      40,087       41,397  
Jackson National Life Global Funding,     
3.05%, 04/29/2026 (e)      1,142       1,114  
5.50%, 01/09/2026 (e)      500       505  
Jones Deslauriers Insurance Management, Inc., (Canada),     
8.50%, 03/15/2030 (e)      5,750       6,154  
10.50%, 12/15/2030 (e)      3,871       4,210  
MGIC Investment Corp., 5.25%, 08/15/2028      677       672  
Mutual of Omaha Cos. Global Funding,     
5.45%, 12/12/2028 (e)      785       813  
5.80%, 07/27/2026 (e)      65       67  
Panther Escrow Issuer LLC, 7.13%, 06/01/2031 (e)      31,381       32,921  
Ryan Specialty LLC,     
4.38%, 02/01/2030 (e)      776       748  
5.88%, 08/01/2032 (e)      2,099       2,139  
USI, Inc., 7.50%, 01/15/2032 (e)      5,194       5,381  
    

 

 

  
       313,830  
    

 

 

  

Investment Companies — 1.0%

     
Abu Dhabi Developmental Holding Co. PJSC, (United Arab Emirates),     
5.38%, 05/08/2029 (e)      1,500       1,562  
5.50%, 05/08/2034 (e)      1,500       1,592  
Reg. S, 5.50%, 05/08/2034      2,200       2,335  
Apollo Debt Solutions BDC, 6.90%, 04/13/2029 (e)      3,600       3,741  
Ares Capital Corp., 5.88%, 03/01/2029      637       652  
Ares Strategic Income Fund, 5.60%, 02/15/2030 (e) (w)      3,262       3,232  
Blackstone Private Credit Fund,     
3.25%, 03/15/2027      498       475  
5.95%, 07/16/2029 (e)      895       911  
6.25%, 01/25/2031 (e)      1,748       1,794  
Blue Owl Capital Corp.,     
3.40%, 07/15/2026      424       410  
3.75%, 07/22/2025      529       523  
Blue Owl Capital Corp. II, 8.45%, 11/15/2026 (e)      672       705  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Blue Owl Credit Income Corp.,     
6.60%, 09/15/2029 (e)      532       546  
6.65%, 03/15/2031      1,833       1,871  
7.75%, 09/16/2027      2,674       2,816  
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 (e)      1,450       1,409  
Gaci First Investment Co., (Cayman Islands),     
Reg. S, 4.75%, 02/14/2030      2,700       2,714  
Reg. S, 4.88%, 02/14/2035      3,000       2,957  
Reg. S, 5.25%, 10/13/2032      31,900       32,718  
HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/2034 (e)      1,606       1,642  
HPS Corporate Lending Fund, 6.75%, 01/30/2029 (e)      1,002       1,037  
Huarong Finance 2017 Co. Ltd., (British Virgin Islands),     
Reg. S, 4.25%, 11/07/2027      300       287  
Reg. S, 4.75%, 04/27/2027      300       292  
Huarong Finance 2019 Co. Ltd., (British Virgin Islands), Reg. S, 4.50%, 05/29/2029      1,900       1,811  
Huarong Finance II Co. Ltd., (British Virgin Islands),     
Reg. S, 4.63%, 06/03/2026      300       295  
Reg. S, 5.00%, 11/19/2025      300       297  
Icahn Enterprises LP / Icahn Enterprises Finance Corp.,     
4.38%, 02/01/2029      4,808       4,210  
5.25%, 05/15/2027      7,193       6,893  
9.00%, 06/15/2030 (e)      1,355       1,366  
9.75%, 01/15/2029 (e)      3,404       3,531  
Khazanah Capital Ltd., (Malaysia), Reg. S, 4.88%, 06/01/2033      7,000       7,135  
Oaktree Strategic Credit Fund,     
6.50%, 07/23/2029 (e)      1,816       1,843  
8.40%, 11/14/2028 (e)      745       805  
    

 

 

  
       94,407  
    

 

 

  

Private Equity — 0.0% (g)

     
HAT Holdings I LLC / HAT Holdings II LLC,     
3.38%, 06/15/2026 (e)      1,774       1,718  
8.00%, 06/15/2027 (e)      2,593       2,747  
    

 

 

  
       4,465  
    

 

 

  

Real Estate — 1.1%

     
Adler Financing Sarl, (Luxembourg),     
Series 1.5L, Reg. S, 14.00% (PIK), 12/31/2029 (v)    EUR 257       296  
Series 1L, 12.50% (PIK), 12/31/2028 (v)    EUR 4,622       5,356  
ADLER Real Estate GmbH, (Germany), Reg. S, 3.00%, 04/27/2026    EUR 1,500       1,590  
Aedas Homes Opco SL, (Spain), Reg. S, 4.00%, 08/15/2026    EUR 5,496       6,114  
Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp.,     
7.00%, 04/15/2030 (e)      5,310       4,939  
Series AI, 7.00%, 04/15/2030      720       669  
Aroundtown Finance Sarl, (Luxembourg), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.51%), 7.13%, 01/16/2030 (x) (aa)    EUR 300       311  
Aroundtown SA, (Luxembourg), Reg. S, 0.38%, 04/15/2027    EUR 400       407  
BRANICKS Group AG, (Germany), Reg. S, 2.25%, 09/22/2026    EUR 100       62  
Citycon Treasury BV, (Netherlands), Reg. S, 2.38%, 01/15/2027    EUR 500       537  
CoreLogic, Inc., 4.50%, 05/01/2028 (e)      11,468       10,827  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Cushman & Wakefield US Borrower LLC,     
6.75%, 05/15/2028 (e)      4,336       4,394  
8.88%, 09/01/2031 (e)      1,195       1,304  
DEMIRE Deutsche Mittelstand Real Estate AG, (Germany), Reg. S, 1.88%, 10/15/2024    EUR 100       94  
Easy Tactic Ltd., (British Virgin Islands), Reg. S, 6.50%, (cash), 07/11/2028 (d)      120       3  
Emeria SASU, (France),     
Reg. S, 3.38%, 03/31/2028    EUR 3,220       3,063  
Reg. S, 7.75%, 03/31/2028    EUR 3,690       3,925  
Fastighets AB Balder, (Sweden), Reg. S, 1.13%, 01/29/2027    EUR 300       316  
Five Point Operating Co. LP / Five Point Capital Corp., SUB, 10.50%, 01/15/2028 (e)      4,764       4,874  
Greystar Real Estate Partners LLC, 7.75%, 09/01/2030 (e)      1,000       1,062  
Heimstaden Bostad AB, (Sweden),     
Reg. S, (EUR Swap Rate 5 Year + 3.15%), 2.63%, 02/01/2027 (x) (aa)    EUR 1,400       1,335  
Reg. S, (EUR Swap Rate 5 Year + 3.27%), 3.00%, 10/29/2027 (x) (aa)    EUR 2,800       2,639  
Reg. S, (EUR Swap Rate 5 Year + 3.91%), 3.38%, 01/15/2026 (x) (aa)    EUR 2,150       2,142  
Reg. S, (EUR Swap Rate 5 Year + 3.90%), 3.63%, 10/13/2026 (x) (aa)    EUR 2,000       1,961  
Heimstaden Bostad Treasury BV, (Netherlands),     
Reg. S, 0.63%, 07/24/2025    EUR 100       108  
Reg. S, 1.00%, 04/13/2028    EUR 100       98  
Reg. S, 1.63%, 10/13/2031    EUR 5,440       4,845  
Howard Hughes Corp. (The),     
4.13%, 02/01/2029 (e)      5,131       4,784  
4.38%, 02/01/2031 (e)      4,353       3,991  
5.38%, 08/01/2028 (e)      6,375       6,281  
Hunt Cos., Inc., 5.25%, 04/15/2029 (e)      4,190       4,053  
Samhallsbyggnadsbolaget i Norden AB, (Sweden),     
Reg. S, 2.25%, 08/12/2027 (d)    EUR 9,170       8,364  
Reg. S, SUB, 2.38%, 09/04/2026 (d)    EUR 7,542       7,343  
Reg. S, 2.62%, 01/30/2025 (d) (x)    EUR 10,000       5,343  
SBB Treasury OYJ, (Finland), Reg. S, 1.13%, 11/26/2029 (d)    EUR 5,130       4,094  
Sunac China Holdings Ltd., (Cayman Islands),     
6.00% (PIK), 09/30/2025 (e) (v)      22       3  
Reg. S, 6.25% (PIK), 09/30/2026 (v)      72       8  
6.50% (PIK), 09/30/2027 (e) (v)      48       4  
Reg. S, 6.75% (PIK), 09/30/2028 (v)      107       9  
6.75% (PIK), 09/30/2028 (e) (v)      75       7  
Reg. S, 7.00% (PIK), 09/30/2029 (v)      399       30  
7.25% (PIK), 09/30/2030 (e) (v)      38       3  
Unique Pub Finance Co. plc (The), (United Kingdom), Series N, Reg. S, 6.46%, 03/30/2032    GBP 229       315  
    

 

 

  
       107,903  
    

 

 

  

REITS — 1.3%

     
American Tower Corp.,     
1.60%, 04/15/2026      28       27  
2.75%, 01/15/2027      750       725  
3.60%, 01/15/2028      240       234  
3.65%, 03/15/2027      171       168  
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 04/01/2027 (e)      57       56  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Crown Castle, Inc.,     
3.65%, 09/01/2027      544       533  
4.80%, 09/01/2028      88       89  
Diversified Healthcare Trust,     
4.38%, 03/01/2031      1,950       1,604  
4.75%, 02/15/2028      3,620       3,276  
9.75%, 06/15/2025      73       73  
EPR Properties, 4.75%, 12/15/2026      999       995  
GLP Capital LP / GLP Financing II, Inc.,     
5.25%, 06/01/2025      530       529  
5.38%, 04/15/2026      674       677  
5.75%, 06/01/2028      522       536  
Host Hotels & Resorts LP, 5.50%, 04/15/2035      2,371       2,403  
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (e)      5,191       5,006  
Iron Mountain UK plc, (United Kingdom), Reg. S, 3.88%, 11/15/2025    GBP 100       132  
Iron Mountain, Inc.,     
5.25%, 07/15/2030 (e)      155       153  
5.63%, 07/15/2032 (e)      360       359  
7.00%, 02/15/2029 (e)      4,977       5,188  
Kite Realty Group Trust, 4.00%, 03/15/2025      99       98  
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.,     
4.75%, 06/15/2029 (e)      19       19  
5.25%, 10/01/2025 (e)      201       200  
7.00%, 07/15/2031 (e)      3,579       3,795  
MPT Operating Partnership LP / MPT Finance Corp.,     
2.50%, 03/24/2026    GBP 979       1,182  
3.50%, 03/15/2031      8,801       6,430  
4.63%, 08/01/2029      7,834       6,309  
5.00%, 10/15/2027      278       250  
5.25%, 08/01/2026      346       330  
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.00%, 02/01/2030 (e)      2,204       2,291  
Pebblebrook Hotel LP / PEB Finance Corp., 6.38%, 10/15/2029 (e) (w)      1,276       1,284  
RHP Hotel Properties LP / RHP Finance Corp.,     
4.50%, 02/15/2029 (e)      3,289       3,182  
4.75%, 10/15/2027      1,972       1,948  
6.50%, 04/01/2032 (e)      13,780       14,243  
7.25%, 07/15/2028 (e)      885       926  
RLJ Lodging Trust LP, 4.00%, 09/15/2029 (e)      159       146  
SBA Communications Corp., 3.13%, 02/01/2029      7,954       7,345  
Service Properties Trust,     
8.63%, 11/15/2031 (e)      15,185       16,514  
8.88%, 06/15/2032      4,181       3,994  
Starwood Property Trust, Inc.,     
4.38%, 01/15/2027 (e)      325       316  
6.00%, 04/15/2030 (e) (w)      929       929  
7.25%, 04/01/2029 (e)      4,463       4,680  
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 10.50%, 02/15/2028 (e)      22,688       24,213  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
VICI Properties LP, 5.63%, 05/15/2052      44       43  
VICI Properties LP / VICI Note Co., Inc.,     
3.50%, 02/15/2025 (e)      665       659  
3.75%, 02/15/2027 (e)      713       696  
3.88%, 02/15/2029 (e)      608       583  
4.25%, 12/01/2026 (e)      621       615  
4.50%, 09/01/2026 (e)      472       470  
4.50%, 01/15/2028 (e)      500       493  
4.63%, 06/15/2025 (e)      871       866  
5.75%, 02/01/2027 (e)      1,507       1,533  
Vornado Realty LP, 3.50%, 01/15/2025      219       217  
    

 

 

  
       129,562  
    

 

 

  

Savings & Loans — 0.0% (g)

     
Nationwide Building Society, (United Kingdom), Reg. S, (UK Gilts 5 Year + 5.63%), 5.75%, 06/20/2027 (x) (aa)    GBP 500       646  
    

 

 

  
Total Financial        1,333,555  
    

 

 

  

Government — 0.0% (g)

     

Multi-National — 0.0% (g)

     
Africa Finance Corp., (Supranational), Reg. S, 2.87%, 08/13/2031      200       170  
    

 

 

  

Industrial — 9.0%

     

Aerospace/Defense — 1.9%

     
AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (e)      1,689       1,757  
Boeing Co. (The),     
2.20%, 02/04/2026      1,300       1,252  
2.25%, 06/15/2026      87       83  
3.10%, 05/01/2026      498       483  
3.20%, 03/01/2029      311       288  
4.88%, 05/01/2025      137       137  
5.81%, 05/01/2050      1,270       1,226  
5.93%, 05/01/2060      3,605       3,460  
6.26%, 05/01/2027 (e)      345       356  
6.30%, 05/01/2029 (e)      546       574  
6.86%, 05/01/2054 (e)      4,947       5,427  
7.01%, 05/01/2064 (e)      1,960       2,157  
Bombardier, Inc., (Canada),     
6.00%, 02/15/2028 (e)      5,348       5,382  
7.00%, 06/01/2032 (e)      7,635       7,986  
7.13%, 06/15/2026 (e)      682       692  
7.25%, 07/01/2031 (e)      7,628       8,064  
7.50%, 02/01/2029 (e)      5,539       5,861  
7.88%, 04/15/2027 (e)      2,980       2,988  
8.75%, 11/15/2030 (e)      8,667       9,513  
Embraer Netherlands Finance BV, (Netherlands), 7.00%, 07/28/2030 (e)      3,000       3,267  
F-Brasile SpA / F-Brasile US LLC, (Italy), Series XR, 7.38%, 08/15/2026 (e)      4,738       4,724  
HEICO Corp., 5.25%, 08/01/2028      78       80  
Hexcel Corp., 4.95%, 08/15/2025      136       135  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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)      1,889       1,856  
5.75%, 10/15/2027 (e)      400       412  
Spirit AeroSystems, Inc.,     
9.38%, 11/30/2029 (e)      4,880       5,295  
9.75%, 11/15/2030 (e)      5,429       6,053  
TransDigm, Inc.,     
4.63%, 01/15/2029      4,533       4,377  
5.50%, 11/15/2027      2,001       1,994  
6.00%, 01/15/2033 (e)      15,609       15,828  
6.38%, 03/01/2029 (e)      25,775       26,630  
6.63%, 03/01/2032 (e)      28,362       29,548  
6.75%, 08/15/2028 (e)      12,331       12,690  
7.13%, 12/01/2031 (e)      7,872       8,318  
Triumph Group, Inc., 9.00%, 03/15/2028 (e)      12,528       13,141  
    

 

 

  
       192,034  
    

 

 

  

Building Materials — 1.4%

     
Builders FirstSource, Inc.,     
5.00%, 03/01/2030 (e)      430       422  
6.38%, 03/01/2034 (e)      1,231       1,278  
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 (e)      5,369       5,433  
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029 (e)      3,975       3,512  
Eco Material Technologies, Inc., 7.88%, 01/31/2027 (e)      3,097       3,130  
EMRLD Borrower LP / Emerald Co-Issuer, Inc.,     
Reg. S, 6.38%, 12/15/2030    EUR 5,495       6,416  
6.38%, 12/15/2030 (e)    EUR 731       854  
6.63%, 12/15/2030 (e)      27,184       28,031  
6.75%, 07/15/2031 (e)      5,194       5,417  
Griffon Corp., 5.75%, 03/01/2028      1,380       1,362  
HT Troplast GmbH, (Germany), Reg. S, 9.38%, 07/15/2028    EUR 200       230  
JELD-WEN, Inc.,     
4.88%, 12/15/2027 (e)      2,108       2,060  
7.00%, 09/01/2032 (e)      4,166       4,206  
Knife River Corp., 7.75%, 05/01/2031 (e)      185       197  
Masterbrand, Inc., 7.00%, 07/15/2032 (e)      645       676  
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (e)      906       939  
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (e)      3,550       3,441  
New Enterprise Stone & Lime Co., Inc.,     
5.25%, 07/15/2028 (e)      2,603       2,544  
9.75%, 07/15/2028 (e)      1,087       1,110  
Owens Corning, 3.50%, 02/15/2030      97       92  
PCF GmbH, (Germany), Reg. S, 4.75%, 04/15/2029    EUR 2,423       2,323  
Smyrna Ready Mix Concrete LLC,     
6.00%, 11/01/2028 (e)      7,962       7,999  
8.88%, 11/15/2031 (e)      14,464       15,598  
Standard Building Solutions, Inc., 6.50%, 08/15/2032 (e)      4,159       4,305  
Standard Industries, Inc.,     
Reg. S, 2.25%, 11/21/2026    EUR 9,377       10,077  
3.38%, 01/15/2031 (e)      5,320       4,740  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
 AMOUNT ($) 

      VALUE ($)   

Corporate Bonds — continued

     

Building Materials — continued

     
4.38%, 07/15/2030 (e)      11,125       10,531  
4.75%, 01/15/2028 (e)      858       840  
5.00%, 02/15/2027 (e)      1,621       1,608  
Summit Materials LLC / Summit Materials Finance Corp.,     
5.25%, 01/15/2029 (e)      38       38  
7.25%, 01/15/2031 (e)      5,212       5,515  
Wilsonart LLC, 11.00%, 08/15/2032 (e)      3,406       3,406  
    

 

 

  
       138,330  
    

 

 

  

Electrical Components & Equipments — 0.2%

     
Belden, Inc.,     
Reg. S, 3.38%, 07/15/2027    EUR 3,000       3,307  
Reg. S, 3.38%, 07/15/2031    EUR 3,513       3,709  
Energizer Holdings, Inc.,     
4.38%, 03/31/2029 (e)      625       592  
4.75%, 06/15/2028 (e)      500       485  
6.50%, 12/31/2027 (e)      2,275       2,312  
EnerSys,     
4.38%, 12/15/2027 (e)      560       544  
6.63%, 01/15/2032 (e)      235       243  
Nexans SA, (France), Reg. S, 4.25%, 03/11/2030    EUR 100       114  
WESCO Distribution, Inc.,     
6.38%, 03/15/2029 (e)      5,202       5,375  
6.63%, 03/15/2032 (e)      3,837       3,996  
7.25%, 06/15/2028 (e)      1,485       1,521  
    

 

 

  
       22,198  
    

 

 

  

Electronics — 0.2%

     
Coherent Corp., 5.00%, 12/15/2029 (e)      4,834       4,727  
EquipmentShare.com, Inc., 8.00%, 03/15/2033 (e)      1,428       1,463  
Imola Merger Corp., 4.75%, 05/15/2029 (e)      3,265       3,188  
Sensata Technologies BV, (Netherlands), 4.00%, 04/15/2029 (e)      74       71  
Sensata Technologies, Inc.,     
3.75%, 02/15/2031 (e)      990       907  
4.38%, 02/15/2030 (e)      5,753       5,498  
6.63%, 07/15/2032 (e)      6,567       6,848  
Vontier Corp., 2.40%, 04/01/2028      1,811       1,664  
    

 

 

  
       24,366  
    

 

 

  

Engineering & Construction — 1.1%

     
Abertis Infraestructuras Finance BV, (Netherlands),     
Reg. S, (EUR Swap Rate 5 Year + 3.27%), 2.63%, 01/26/2027 (x) (aa)    EUR 13,900       14,809  
Reg. S, (EUR Swap Rate 5 Year + 3.69%), 3.25%, 11/24/2025 (x) (aa)    EUR 200       220  
Arcosa, Inc.,     
4.38%, 04/15/2029 (e)      2,845       2,727  
6.88%, 08/15/2032 (e)      5,187       5,429  
Assemblin Caverion Group AB, (Sweden), 6.25%, 07/01/2030 (e)    EUR 7,480       8,536  
Azzurra Aeroporti SpA, (Italy), Reg. S, 2.63%, 05/30/2027    EUR 300       321  
Bioceanico Sovereign Certificate Ltd., (Cayman Islands), Reg. S, Zero Coupon, 06/05/2034      4,309       3,372  
Brand Industrial Services, Inc., 10.38%, 08/01/2030 (e)      19,575       20,956  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Dycom Industries, Inc., 4.50%, 04/15/2029 (e)      343       331  
Gatwick Airport Finance plc, (United Kingdom), Reg. S, 4.38%, 04/07/2026    GBP 14,440       18,881  
GMR Hyderabad International Airport Ltd., (India), Reg. S, 4.25%, 10/27/2027      377       361  
Heathrow Finance plc, (United Kingdom),     
Reg. S, SUB, 3.88%, 03/01/2027    GBP 1,940       2,464  
Reg. S, 5.75%, 03/03/2025    GBP 5,200       6,932  
Reg. S, 6.63%, 03/01/2031    GBP 12,000       16,057  
Infrastrutture Wireless Italiane SpA, (Italy), Reg. S, 1.63%, 10/21/2028    EUR 400       420  
Jacobs Engineering Group, Inc., 6.35%, 08/18/2028      309       329  
Kier Group plc, (United Kingdom), Reg. S, 9.00%, 02/15/2029    GBP 164       234  
Kingston Airport Revenue Finance Ltd., (Cayman Islands), 6.75%, 12/15/2036 (e) (w)      1,200       1,244  
MasTec, Inc., 4.50%, 08/15/2028 (e)      538       528  
TopBuild Corp.,     
3.63%, 03/15/2029 (e)      1,750       1,632  
4.13%, 02/15/2032 (e)      1,525       1,402  
    

 

 

  
       107,185  
    

 

 

  

Environmental Control — 0.5%

     
Clean Harbors, Inc.,     
4.88%, 07/15/2027 (e)      104       103  
5.13%, 07/15/2029 (e)      41       40  
6.38%, 02/01/2031 (e)      506       518  
GFL Environmental, Inc., (Canada),     
3.50%, 09/01/2028 (e)      185       176  
4.00%, 08/01/2028 (e)      2,312       2,222  
4.38%, 08/15/2029 (e)      3,877       3,717  
4.75%, 06/15/2029 (e)      3,939       3,843  
6.75%, 01/15/2031 (e)      7,697       8,077  
Madison IAQ LLC,     
4.13%, 06/30/2028 (e)      1,116       1,077  
5.88%, 06/30/2029 (e)      4,405       4,288  
Paprec Holding SA, (France), Reg. S, 7.25%, 11/17/2029    EUR 805       952  
Reworld Holding Corp.,     
4.88%, 12/01/2029 (e)      5,095       4,796  
5.00%, 09/01/2030      1,131       1,061  
Veralto Corp.,     
5.35%, 09/18/2028      188       196  
5.50%, 09/18/2026      215       220  
Waste Pro USA, Inc., 5.50%, 02/15/2026 (e)      16,978       16,892  
Wrangler Holdco Corp., 6.63%, 04/01/2032 (e)      6,277       6,525  
    

 

 

  
       54,703  
    

 

 

  

Hand/Machine Tools — 0.1%

     
Dynamo Newco II GmbH, (Germany),     
Reg. S, 6.25%, 10/15/2031    EUR 174       195  
6.25%, 10/15/2031 (e)    EUR 4,819       5,398  
Regal Rexnord Corp.,     
6.05%, 02/15/2026      114       115  
6.05%, 04/15/2028      1,680       1,746  
    

 

 

  
       7,454  
    

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 - Construction & Mining — 0.2%

     
BWX Technologies, Inc.,     
4.13%, 06/30/2028 (e)      341       329  
4.13%, 04/15/2029 (e)      2,629       2,526  
Manitowoc Co., Inc. (The), 9.25%, 10/01/2031 (e)      1,430       1,466  
Terex Corp.,     
5.00%, 05/15/2029 (e)      5,085       4,960  
6.25%, 10/15/2032 (e) (w)      975       985  
Vertiv Group Corp., 4.13%, 11/15/2028 (e)      5,257       5,082  
Weir Group plc (The), (United Kingdom), 2.20%, 05/13/2026 (e)      1,425       1,370  
    

 

 

  
       16,718  
    

 

 

  

Machinery - Diversified — 0.6%

     
AGCO Corp., 5.45%, 03/21/2027      83       85  
ATS Corp., (Canada), 4.13%, 12/15/2028 (e)      114       107  
Chart Industries, Inc.,     
7.50%, 01/01/2030 (e)      9,627       10,147  
9.50%, 01/01/2031 (e)      3,403       3,710  
Esab Corp., 6.25%, 04/15/2029 (e)      1,567       1,609  
GrafTech Finance, Inc., 4.63%, 12/15/2028 (e)      3,120       2,082  
GrafTech Global Enterprises, Inc., 9.88%, 12/15/2028 (e)      580       465  
Husky Injection Molding Systems Ltd. / Titan Co-Borrower LLC, (Canada), 9.00%, 02/15/2029 (e)      11,209       11,677  
Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/2028 (e)      4,090       4,335  
Mueller Water Products, Inc., 4.00%, 06/15/2029 (e)      1,088       1,038  
Nova Alexandre III SAS, (France), Reg. S, (ICE LIBOR EUR 3 Month + 5.25%), 8.91%, 07/15/2029 (aa)    EUR 555       605  
TK Elevator Holdco GmbH, (Germany),     
Reg. S, 6.63%, 07/15/2028    EUR 667       741  
7.63%, 07/15/2028 (e)      8,122       8,173  
TK Elevator Midco GmbH, (Germany), Reg. S, 4.38%, 07/15/2027    EUR 1,053       1,162  
TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (e)      17,154       16,974  
    

 

 

  
       62,910  
    

 

 

  

Metal Fabricate/Hardware — 0.1%

     
Advanced Drainage Systems, Inc.,     
5.00%, 09/30/2027 (e)      292       288  
6.38%, 06/15/2030 (e)      3,987       4,074  
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 (e)      3,020       2,895  
Vallourec SACA, (France), 7.50%, 04/15/2032 (e)      3,133       3,324  
    

 

 

  
       10,581  
    

 

 

  

Miscellaneous Manufacturers — 0.1%

     
Amsted Industries, Inc.,     
4.63%, 05/15/2030 (e)      3,191       3,047  
5.63%, 07/01/2027 (e)      850       848  
Trinity Industries, Inc., 7.75%, 07/15/2028 (e)      3,710       3,892  
    

 

 

  
       7,787  
    

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 — 2.0%

     
ARD Finance SA, (Luxembourg), 6.50% (cash), 06/30/2027 (e) (v)      2,224       500  
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, (Multinational),     
Reg. S, 2.00%, 09/01/2028    EUR 300       303  
Reg. S, 3.00%, 09/01/2029    EUR 300       285  
3.25%, 09/01/2028 (e)      1,707       1,563  
4.00%, 09/01/2029 (e)      15,371       13,674  
6.00%, 06/15/2027 (e)      2,884       2,905  
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., (Multinational),     
Reg. S, 2.13%, 08/15/2026    EUR 10,835       10,434  
4.13%, 08/15/2026 (e)      9,807       8,825  
Ball Corp., 2.88%, 08/15/2030      1,925       1,713  
Clydesdale Acquisition Holdings, Inc.,     
6.63%, 04/15/2029 (e)      6,653       6,720  
6.88%, 01/15/2030 (e)      5,290       5,396  
8.75%, 04/15/2030 (e)      6,878       7,014  
Crown Americas LLC, 5.25%, 04/01/2030      488       493  
Crown European Holdings SACA, (France),     
Reg. S, 3.38%, 05/15/2025    EUR 8,010       8,893  
Reg. S, 5.00%, 05/15/2028    EUR 100       116  
Fiber Bidco Spa, (Italy),     
Reg. S, 6.13%, 06/15/2031    EUR 660       731  
6.13%, 06/15/2031 (e)    EUR 4,310       4,774  
Reg. S, (ICE LIBOR EUR 3 Month + 4.00%), 7.35%, 01/15/2030 (aa)    EUR 100       112  
Fiber Midco Spa, (Italy), Reg. S, 10.00% (cash), 06/15/2029 (v)    EUR 100       114  
Graham Packaging Co., Inc., 7.13%, 08/15/2028 (e)      1,600       1,587  
Graphic Packaging International LLC,     
Reg. S, 2.63%, 02/01/2029    EUR 400       416  
3.50%, 03/15/2028 (e)      975       929  
3.50%, 03/01/2029 (e)      2,150       2,019  
Intelligent Packaging Holdco Issuer LP, (Canada), 9.00% (cash), 01/15/2026 (e) (v)      1,775       1,775  
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, (Canada), 6.00%, 09/15/2028 (e)      4,964       4,922  
Iris Holding, Inc., 10.00%, 12/15/2028 (e)      2,899       2,523  
Kleopatra Finco Sarl, (Luxembourg), Reg. S, 4.25%, 03/01/2026    EUR 424       443  
Kleopatra Holdings 2 SCA, (Luxembourg), Reg. S, 6.50%, 09/01/2026    EUR 100       85  
LABL, Inc.,     
5.88%, 11/01/2028 (e)      1,537       1,441  
6.75%, 07/15/2026 (e)      2,975       2,972  
8.25%, 11/01/2029 (e)      1,430       1,289  
8.63%, 10/01/2031 (e) (w)      6,238       6,210  
9.50%, 11/01/2028 (e)      6,340       6,552  
10.50%, 07/15/2027 (e)      2,705       2,710  
Mauser Packaging Solutions Holding Co.,     
7.88%, 04/15/2027 (e)      36,321       37,483  
9.25%, 04/15/2027 (e)      780       800  
OI European Group BV, (Netherlands),     
Reg. S, 2.88%, 02/15/2025    EUR 7,040       7,789  
4.75%, 02/15/2030 (e)      250       236  
6.25%, 05/15/2028 (e)    EUR 568       659  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Owens-Brockway Glass Container, Inc.,     
6.63%, 05/13/2027 (e)      354       356  
7.25%, 05/15/2031 (e)      1,990       2,044  
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028 (e)      2,200       2,107  
Reno de Medici SpA, (Italy), Reg. S, (ICE LIBOR EUR 3 Month + 5.00%), 8.48%, 04/15/2029 (aa)    EUR 13,200       13,425  
Sealed Air Corp.,     
4.00%, 12/01/2027 (e)      89       86  
5.00%, 04/15/2029 (e)      267       263  
6.50%, 07/15/2032 (e)      2,045       2,108  
Sealed Air Corp. / Sealed Air Corp. US,     
6.13%, 02/01/2028 (e)      375       381  
7.25%, 02/15/2031 (e)      3,478       3,682  
Sonoco Products Co., 4.45%, 09/01/2026      108       108  
Titan Holdings II BV, (Netherlands), Reg. S, 5.13%, 07/15/2029    EUR 153       173  
Trident TPI Holdings, Inc., 12.75%, 12/31/2028 (e)      8,118       9,012  
TriMas Corp., 4.13%, 04/15/2029 (e)      1,625       1,557  
Trivium Packaging Finance BV, (Netherlands),     
5.50%, 08/15/2026 (e)      5,378       5,359  
8.50%, 08/15/2027 (e)      200       200  
    

 

 

  
       198,266  
    

 

 

  

Shipbuilding — 0.0% (g)

     
Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028      768       705  
    

 

 

  

Transportation — 0.2%

     
Brightline East LLC, 11.00%, 01/31/2030 (e)      1,499       1,276  
Empresa de los Ferrocarriles del Estado, (Chile), Reg. S, 3.83%, 09/14/2061      2,500       1,747  
Genesee & Wyoming, Inc., 6.25%, 04/15/2032 (e)      4,846       4,986  
GN Bondco LLC, 9.50%, 10/15/2031 (e)      8,029       8,451  
Mobico Group plc, (United Kingdom),     
Reg. S, 2.38%, 11/20/2028    GBP 175       211  
Reg. S, (UK Gilts 5 Year + 4.14%), 4.25%, 11/26/2025 (x) (aa)    GBP 275       334  
Reg. S, 4.88%, 09/26/2031    EUR 100       109  
Poste Italiane SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.68%), 2.63%, 03/24/2029 (x) (aa)    EUR 100       102  
Rand Parent LLC, 8.50%, 02/15/2030 (e)      1,411       1,439  
RXO, Inc., 7.50%, 11/15/2027 (e)      2,269       2,340  
Ryder System, Inc., 5.30%, 03/15/2027      95       97  
SGL Group ApS, (Denmark), (ICE LIBOR EUR 3 Month + 4.75%), 8.44%, 04/22/2030 (aa)    EUR 760       848  
Watco Cos. LLC / Watco Finance Corp, 7.13%, 08/01/2032 (e)      898       936  
XPO, Inc.,     
6.25%, 06/01/2028 (e)      650       664  
7.13%, 06/01/2031 (e)      150       157  
7.13%, 02/01/2032 (e)      1,650       1,737  
    

 

 

  
       25,434  
    

 

 

  

Trucking & Leasing — 0.4%

     
Fortress Transportation and Infrastructure Investors LLC,     
5.50%, 05/01/2028 (e)      5,394       5,380  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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 — continued

     
7.00%, 05/01/2031 (e)      11,559       12,166  
7.00%, 06/15/2032 (e)      8,831       9,272  
7.88%, 12/01/2030 (e)      7,240       7,801  
9.75%, 08/01/2027 (e)      1,034       1,059  
GATX Corp., 5.40%, 03/15/2027      140       144  
Penske Truck Leasing Co. LP / PTL Finance Corp.,     
3.40%, 11/15/2026 (e)      113       111  
4.20%, 04/01/2027 (e)      697       693  
5.35%, 01/12/2027 (e)      450       458  
    

 

 

  
       37,084  
    

 

 

  
Total Industrial        905,755  
    

 

 

  

Technology — 3.1%

     

Computers — 0.5%

     
Amentum Escrow Corp., 7.25%, 08/01/2032 (e)      4,305       4,492  
Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 (e)      173       168  
CA Magnum Holdings, (Mauritius), 5.38%, 10/31/2026 (e)      6,947       6,843  
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029      405       375  
Fortress Intermediate 3, Inc., 7.50%, 06/01/2031 (e)      8,700       9,179  
Gartner, Inc.,     
3.75%, 10/01/2030 (e)      500       470  
4.50%, 07/01/2028 (e)      358       354  
Genpact Luxembourg Sarl / Genpact USA, Inc., (Luxembourg), 6.00%, 06/04/2029      109       114  
Insight Enterprises, Inc., 6.63%, 05/15/2032 (e)      1,871       1,953  
KBR, Inc., 4.75%, 09/30/2028 (e)      438       419  
McAfee Corp., 7.38%, 02/15/2030 (e)      13,346       13,016  
NCR Atleos Corp., 9.50%, 04/01/2029 (e)      5,487       6,040  
NCR Voyix Corp.,     
5.00%, 10/01/2028 (e)      3,375       3,317  
5.13%, 04/15/2029 (e)      924       904  
Seagate HDD Cayman, (Cayman Islands),     
8.25%, 12/15/2029 (e)      4,337       4,713  
8.50%, 07/15/2031 (e)      2,131       2,329  
    

 

 

  
       54,686  
    

 

 

  

Office/Business & Equipments — 0.0% (g)

     
CDW LLC / CDW Finance Corp.,     
5.10%, 03/01/2030      76       77  
5.55%, 08/22/2034      1,925       1,970  
Zebra Technologies Corp., 6.50%, 06/01/2032 (e)      1,323       1,382  
    

 

 

  
       3,429  
    

 

 

  

Semiconductors — 0.2%

     
ams-OSRAM AG, (Austria), Reg. S, 10.50%, 03/30/2029    EUR 301       347  
Broadcom, Inc.,     
5.05%, 07/12/2027      522       533  
5.05%, 07/12/2029      363       374  
Entegris, Inc.,     
4.38%, 04/15/2028 (e)      476       459  
4.75%, 04/15/2029 (e)      3,470       3,420  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Foundry JV Holdco LLC,     
5.90%, 01/25/2030 (e)      200       207  
6.25%, 01/25/2035 (e)      2,694       2,816  
6.40%, 01/25/2038 (e)      1,299       1,366  
Intel Corp.,     
2.45%, 11/15/2029      220       198  
3.15%, 05/11/2027      91       88  
3.75%, 08/05/2027      250       245  
Microchip Technology, Inc., 4.25%, 09/01/2025      607       604  
Micron Technology, Inc., 5.38%, 04/15/2028      44       45  
Qorvo, Inc., 1.75%, 12/15/2024      500       496  
SK Hynix, Inc., (South Korea),     
5.50%, 01/16/2027 (e)      600       613  
6.50%, 01/17/2033 (e)      3,900       4,299  
Reg. S, 6.50%, 01/17/2033      400       441  
Synaptics, Inc., 4.00%, 06/15/2029 (e)      579       549  
    

 

 

  
       17,100  
    

 

 

  

Software — 2.4%

     
AthenaHealth Group, Inc., 6.50%, 02/15/2030 (e)      27,738       26,646  
Atlassian Corp., 5.25%, 05/15/2029      1,012       1,045  
Cadence Design Systems, Inc.,     
4.20%, 09/10/2027      144       144  
4.30%, 09/10/2029      284       285  
Camelot Finance SA, (Luxembourg), 4.50%, 11/01/2026 (e)      1,345       1,326  
Capstone Borrower, Inc., 8.00%, 06/15/2030 (e)      4,465       4,732  
Cedacri Mergeco SPA, (Italy),     
Reg. S, (ICE LIBOR EUR 3 Month + 4.63%), 8.17%, 05/15/2028 (aa)    EUR 500       556  
Reg. S, (ICE LIBOR EUR 3 Month + 5.50%), 9.04%, 05/15/2028 (aa)    EUR 200       223  
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 (e)      2,035       2,117  
Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (e)      10,389       10,623  
Clarivate Science Holdings Corp.,     
3.88%, 07/01/2028 (e)      11,067       10,620  
4.88%, 07/01/2029 (e)      15,358       14,771  
Cloud Software Group, Inc.,     
6.50%, 03/31/2029 (e)      27,074       26,895  
8.25%, 06/30/2032 (e)      19,721       20,606  
9.00%, 09/30/2029 (e)      24,385       24,788  
Concentrix Corp., 6.65%, 08/02/2026      174       179  
Constellation Software, Inc., (Canada), 5.16%, 02/16/2029 (e)      632       651  
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029 (e)      9,462       9,426  
Elastic NV, (Netherlands), 4.13%, 07/15/2029 (e)      3,514       3,283  
Fair Isaac Corp., 4.00%, 06/15/2028 (e)      1,912       1,850  
Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl,     
Reg. S, 7.88%, 05/01/2029    EUR 6,386       7,232  
8.75%, 05/01/2029 (e)      914       934  
IPD 3 BV, (Netherlands), Reg. S, 8.00%, 06/15/2028    EUR 3,530       4,164  
Oracle Corp., 2.30%, 03/25/2028      506       475  
Playtika Holding Corp., 4.25%, 03/15/2029 (e)      348       319  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
SS&C Technologies, Inc.,     
5.50%, 09/30/2027 (e)      9,710       9,708  
6.50%, 06/01/2032 (e)      8,433       8,717  
Take-Two Interactive Software, Inc.,     
4.95%, 03/28/2028      429       437  
5.00%, 03/28/2026      730       737  
TeamSystem SpA, (Italy),     
Reg. S, (ICE LIBOR EUR 3 Month + 3.50%), 7.13%, 07/31/2031 (aa)    EUR 600       671  
(ICE LIBOR EUR 3 Month + 3.50%), 7.13%, 07/31/2031 (e) (aa)    EUR 6,665       7,451  
Twilio, Inc.,     
3.63%, 03/15/2029      228       213  
3.88%, 03/15/2031      5,758       5,319  
UKG, Inc., 6.88%, 02/01/2031 (e)      27,617       28,533  
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 09/01/2025 (e)      842       790  
ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.88%, 02/01/2029 (e)      6,328       5,850  
    

 

 

  
       242,316  
    

 

 

  
Total Technology        317,531  
    

 

 

  

Utilities — 3.2%

     

Electric — 2.9%

     
A2A SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.26%), 5.00%, 06/11/2029 (x) (aa)    EUR 500       568  
AEP Texas, Inc., 5.45%, 05/15/2029      180       188  
AES Corp. (The),     
3.30%, 07/15/2025 (e)      1,005       991  
5.45%, 06/01/2028      206       212  
(CMT Index 5 Year + 3.20%), 7.60%, 01/15/2055 (aa)      3,112       3,271  
Alexander Funding Trust II, 7.47%, 07/31/2028 (e)      400       432  
Algonquin Power & Utilities Corp., (Canada), SUB, 5.37%, 06/15/2026      574       581  
Alliant Energy Finance LLC,     
5.40%, 06/06/2027 (e)      136       140  
5.95%, 03/30/2029 (e)      1,016       1,072  
Alpha Generation LLC, 6.75%, 10/15/2032 (e)      4,350       4,415  
Ameren Corp., 5.70%, 12/01/2026      874       898  
American Electric Power Co., Inc.,     
5.20%, 01/15/2029      350       361  
5.70%, 08/15/2025      500       504  
Avangrid, Inc., 3.20%, 04/15/2025      537       532  
Black Hills Corp., 5.95%, 03/15/2028      137       144  
Calpine Corp.,     
3.75%, 03/01/2031 (e)      11,215       10,396  
4.50%, 02/15/2028 (e)      973       949  
4.63%, 02/01/2029 (e)      5,335       5,156  
5.00%, 02/01/2031 (e)      9,550       9,250  
5.13%, 03/15/2028 (e)      11,475       11,318  
CenterPoint Energy, Inc.,     
Series A, (CMT Index 5 Year + 3.25%), 7.00%, 02/15/2055 (aa)      1,322       1,373  
Series B, (CMT Index 5 Year + 2.95%), 6.85%, 02/15/2055 (aa)      2,643       2,726  
Centrais Eletricas Brasileiras SA, (Brazil), 6.50%, 01/11/2035 (e)      3,600       3,615  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Chile Electricity Lux MPC Sarl, (Luxembourg), Reg. S, 6.01%, 01/20/2033      2,606       2,698  
Cikarang Listrindo Tbk. PT, (Indonesia), Reg. S, 4.95%, 09/14/2026      1,150       1,132  
Clearway Energy Operating LLC,     
3.75%, 01/15/2032 (e)      3,236       2,928  
4.75%, 03/15/2028 (e)      421       413  
Cleco Corporate Holdings LLC, 3.74%, 05/01/2026      1,126       1,108  
CLP Power Hong Kong Financing Ltd., (British Virgin Islands), Reg. S, 2.13%, 06/30/2030      1,400       1,247  
Comision Federal de Electricidad, (Mexico),     
6.26%, 02/15/2052 (e)      1,600       1,466  
Reg. S, 6.26%, 02/15/2052      400       367  
Connecticut Light and Power Co. (The), 4.65%, 01/01/2029      1,000       1,016  
Constellation Energy Generation LLC, 5.60%, 03/01/2028      56       58  
Consumers Energy Co., 4.70%, 01/15/2030      257       263  
ContourGlobal Power Holdings SA, (Luxembourg),     
Reg. S, 2.75%, 01/01/2026    EUR 6,966       7,645  
Reg. S, 3.13%, 01/01/2028    EUR 2,370       2,490  
Dominion Energy, Inc., Series B, (CMT Index 5 Year + 2.51%), 7.00%, 06/01/2054 (aa)      1,818       1,986  
DPL, Inc., 4.13%, 07/01/2025      374       370  
DTE Energy Co., 4.95%, 07/01/2027      185       188  
Duke Energy Corp., (CMT Index 5 Year + 2.59%), 6.45%, 09/01/2054 (aa)      3,204       3,328  
Edison International,     
Series A, (CMT Index 5 Year + 4.70%), 5.38%, 03/15/2026 (x) (aa)      7,483       7,410  
Series B, (CMT Index 5 Year + 3.90%), 5.00%, 12/15/2026 (x) (aa)      2,326       2,273  
EDP SA, (Portugal),     
Reg. S, (EUR Swap Rate 5 Year + 1.84%), 1.70%, 07/20/2080 (aa)    EUR 3,700       4,045  
Reg. S, (EUR Swap Rate 5 Year + 2.38%), 1.88%, 08/02/2081 (aa)    EUR 200       215  
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.40%), 4.63%, 09/16/2054 (aa)    EUR 400       446  
Reg. S, (EUR Swap Rate 5 Year + 3.18%), 5.94%, 04/23/2083 (aa)    EUR 4,400       5,158  
Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.08%), 1.88%, 03/14/2082 (aa)    EUR 8,500       8,483  
Electricite de France SA, (France),     
Reg. S, (EUR Swap Rate 5 Year + 3.97%), 3.38%, 06/15/2030 (x) (aa)    EUR 13,000       13,184  
5.70%, 05/23/2028 (e)      260       271  
Reg. S, (GBP Swap Rate 13 Year + 4.23%), 6.00%, 01/29/2026 (x) (aa)    GBP 1,300       1,729  
Reg. S, (UK Gilts 5 Year + 3.78%), 7.38%, 06/17/2035 (x) (aa)    GBP 400       546  
Enel Finance International NV, (Netherlands), 5.13%, 06/26/2029 (e)      379       388  
Engie SA, (France), 5.25%, 04/10/2029 (e)      200       207  
EPH Financing International A/S, (Czech Republic), Reg. S, 6.65%, 11/13/2028    EUR 4,800       5,731  
Eskom Holdings SOC Ltd., (South Africa),     
Reg. S, 6.35%, 08/10/2028      8,100       8,239  
7.13%, 02/11/2025 (e)      1,008       1,009  
Reg. S, 7.13%, 02/11/2025      1,600       1,602  
Reg. S, 8.45%, 08/10/2028      5,200       5,506  
Evergy Missouri West, Inc., 5.15%, 12/15/2027 (e)      234       239  
Eversource Energy, 5.95%, 02/01/2029      300       317  
Fells Point Funding Trust, 3.05%, 01/31/2027 (e)      1,036       1,003  
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, (Mexico), 7.25%, 01/31/2041 (e)      1,800       1,879  
FirstEnergy Corp., 2.05%, 03/01/2025      330       325  
FirstEnergy Transmission LLC, 4.35%, 01/15/2025 (e)      973       972  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
Israel Electric Corp. Ltd., (Israel), Reg. S, 4.25%, 08/14/2028 (e)      8,300       7,963  
Liberty Utilities Co., 5.58%, 01/31/2029 (e)      557       576  
MVM Energetika Zrt, (Hungary), Reg. S, 7.50%, 06/09/2028      5,000       5,321  
National Grid plc, (United Kingdom), 5.60%, 06/12/2028      91       95  
Naturgy Finance Iberia SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 2.44%), 2.37%, 11/23/2026 (x) (aa)    EUR 300       322  
NextEra Energy Capital Holdings, Inc.,     
5.75%, 09/01/2025      154       156  
(CMT Index 5 Year + 2.46%), 6.75%, 06/15/2054 (aa)      3,046       3,287  
NextEra Energy Operating Partners LP,     
3.88%, 10/15/2026 (e)      671       653  
7.25%, 01/15/2029 (e)      753       794  
NGG Finance plc, (United Kingdom),     
Reg. S, (EUR Swap Rate 5 Year + 2.53%), 2.13%, 09/05/2082 (aa)    EUR 9,431       9,973  
Reg. S, (GBP Swap Rate 12 Year + 3.48%), 5.63%, 06/18/2073 (aa)    GBP 5,040       6,729  
NRG Energy, Inc.,     
3.38%, 02/15/2029 (e)      750       699  
3.63%, 02/15/2031 (e)      3,485       3,158  
3.88%, 02/15/2032 (e)      6,950       6,332  
5.25%, 06/15/2029 (e)      1,204       1,200  
5.75%, 01/15/2028      3,025       3,048  
6.63%, 01/15/2027      538       539  
7.00%, 03/15/2033 (e)      455       505  
(CMT Index 5 Year + 5.92%), 10.25%, 03/15/2028 (e) (x) (aa)      8,690       9,787  
OGE Energy Corp., 5.45%, 05/15/2029      142       148  
Orsted A/S, (Denmark), Reg. S, (UK Gilts 5 Year + 2.14%), 2.50%, 02/18/3021 (aa)    GBP 2,134       2,111  
Pacific Gas and Electric Co.,     
3.15%, 01/01/2026      529       519  
3.30%, 12/01/2027      1,270       1,225  
5.45%, 06/15/2027      9       9  
Palomino Funding Trust I, 7.23%, 05/17/2028 (e)      500       536  
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 08/15/2028 (e)      462       447  
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia),     
Reg. S, 4.00%, 06/30/2050      1,700       1,314  
Reg. S, 4.13%, 05/15/2027      1,900       1,883  
Reg. S, 5.25%, 10/24/2042      4,800       4,612  
PG&E Corp.,     
5.25%, 07/01/2030      926       920  
(CMT Index 5 Year + 3.88%), 7.38%, 03/15/2055 (aa)      1,860       1,954  
Pike Corp., 8.63%, 01/31/2031 (e)      402       430  
Public Service Enterprise Group, Inc., 5.85%, 11/15/2027      123       129  
Puget Energy, Inc., 3.65%, 05/15/2025      300       297  
System Energy Resources, Inc., 6.00%, 04/15/2028      832       872  
Talen Energy Supply LLC, 8.63%, 06/01/2030 (e)      606       661  
Terna - Rete Elettrica Nazionale, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.14%), 4.75%, 01/11/2030 (x) (aa)    EUR 500       569  
TransAlta Corp., (Canada), 7.75%, 11/15/2029      382       404  
Vistra Corp.,     
(CMT Index 5 Year + 5.74%), 7.00%, 12/15/2026 (e) (x) (aa)      11,884       12,130  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

(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

     
(CMT Index 5 Year + 6.93%), 8.00%, 10/15/2026 (e) (x) (aa)      3,752       3,931  
Series C, (CMT Index 5 Year + 5.05%), 8.88%, 01/15/2029 (e) (x) (aa)      950       1,018  
Vistra Operations Co. LLC,     
3.70%, 01/30/2027 (e)      279       273  
4.38%, 05/01/2029 (e)      14,645       14,177  
5.00%, 07/31/2027 (e)      8,490       8,449  
5.50%, 09/01/2026 (e)      835       835  
5.63%, 02/15/2027 (e)      2,403       2,399  
6.88%, 04/15/2032 (e)      7,634       8,032  
7.75%, 10/15/2031 (e)      1,839       1,980  
WEC Energy Group, Inc., 5.60%, 09/12/2026      125       128  
    

 

 

  
       292,501  
    

 

 

  

Gas — 0.1%

     
AltaGas Ltd., (Canada), (CMT Index 5 Year + 3.57%), 7.20%, 10/15/2054 (e) (aa)      3,357       3,427  
AmeriGas Partners LP / AmeriGas Finance Corp.,     
5.50%, 05/20/2025      318       317  
5.75%, 05/20/2027      1,650       1,619  
5.88%, 08/20/2026      1,975       1,958  
9.38%, 06/01/2028 (e)      324       340  
Brooklyn Union Gas Co. (The), 4.63%, 08/05/2027 (e)      696       696  
Centrica plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 2.51%), 6.50%, 05/21/2055 (aa)    GBP 152       208  
National Fuel Gas Co.,     
5.50%, 01/15/2026      289       291  
5.50%, 10/01/2026      679       693  
National Gas Co. of Trinidad & Tobago Ltd., (Trinidad and Tobago), Reg. S, 6.05%, 01/15/2036      2,400       2,248  
NiSource, Inc., 5.25%, 03/30/2028      47       48  
Southwest Gas Corp., 5.45%, 03/23/2028      100       103  
Spire, Inc., 5.30%, 03/01/2026      958       969  
UGI International LLC, Reg. S, 2.50%, 12/01/2029    EUR 100       104  
    

 

 

  
       13,021  
    

 

 

  

Water — 0.2%

     
Thames Water Utilities Finance plc, (United Kingdom), Reg. S, 4.00%, 04/18/2027    EUR 100       82  
Veolia Environnement SA, (France),     
Reg. S, (EUR Swap Rate 5 Year + 2.84%), 2.50%, 01/20/2029 (x) (aa)    EUR 8,000       8,284  
Reg. S, (EUR Swap Rate 5 Year + 2.82%), 5.99%, 11/22/2028 (x) (aa)    EUR 7,600       8,998  
    

 

 

  
       17,364  
    

 

 

  
Total Utilities        322,886  
    

 

 

  
Total Corporate Bonds
(Cost $7,468,391)		        7,721,787  
    

 

 

  

Foreign Government Securities — 10.3%

     
Abu Dhabi Government International Bond, (United Arab Emirates), Reg. S, 3.88%, 04/16/2050      2,000       1,677  
Angolan Government International Bond, (Angola),     
Reg. S, 8.00%, 11/26/2029      15,600       14,171  
Reg. S, 9.38%, 05/08/2048      7,300       6,168  
Reg. S, 9.50%, 11/12/2025      2,400       2,437  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     
Argentine Republic Government International Bond, (Argentina),     
1.00%, 07/09/2029      2,780       1,817  
SUB, 3.50%, 07/09/2041      50,800       23,124  
Bahrain Government International Bond, (Bahrain),     
Reg. S, 4.25%, 01/25/2028      15,700       15,160  
Reg. S, 5.63%, 09/30/2031      3,700       3,651  
Bank Gospodarstwa Krajowego, (Poland),     
Reg. S, 3.88%, 03/13/2035    EUR 3,800       4,242  
Reg. S, 6.25%, 10/31/2028      5,600       6,006  
Benin Government International Bond, (Benin), Reg. S, 7.96%, 02/13/2038      3,900       3,866  
Brazilian Government International Bond, (Brazil),     
4.75%, 01/14/2050      800       611  
6.13%, 01/22/2032      800       822  
6.13%, 03/15/2034      2,750       2,803  
7.13%, 05/13/2054      13,150       13,605  
Bulgaria Government International Bond, (Bulgaria),     
Reg. S, 3.63%, 09/05/2032    EUR 11,700       13,228  
Reg. S, 5.00%, 03/05/2037      5,000       4,998  
Chile Government International Bond, (Chile),     
4.85%, 01/22/2029      15,800       16,134  
4.95%, 01/05/2036      13,500       13,668  
5.33%, 01/05/2054      1,700       1,719  
Colombia Government International Bond, (Colombia),     
3.88%, 04/25/2027      3,050       2,936  
5.00%, 06/15/2045      14,300       10,531  
5.63%, 02/26/2044      8,100       6,514  
7.50%, 02/02/2034      11,700       12,139  
8.00%, 11/14/2035      1,500       1,599  
8.75%, 11/14/2053      700       767  
Costa Rica Government International Bond, (Costa Rica),     
Reg. S, 5.63%, 04/30/2043      2,700       2,525  
Reg. S, 7.30%, 11/13/2054      5,000       5,519  
Dominican Republic International Bond, (Dominican Republic),     
Reg. S, 4.50%, 01/30/2030      9,200       8,786  
Reg. S, 5.95%, 01/25/2027      5,800       5,867  
Reg. S, 6.00%, 02/22/2033      12,300       12,561  
Reg. S, 6.85%, 01/27/2045      10,100       10,755  
Reg. S, 6.88%, 01/29/2026      2,300       2,339  
Ecuador Government International Bond, (Ecuador),     
Reg. S, SUB, 5.00%, 07/31/2040      11,100       5,709  
Reg. S, SUB, 5.50%, 07/31/2035      21,400       12,132  
Reg. S, SUB, 6.90%, 07/31/2030      13,170       9,563  
Egypt Government International Bond, (Egypt),     
Reg. S, 3.88%, 02/16/2026      2,600       2,495  
Reg. S, 4.75%, 04/16/2026    EUR 18,100       19,547  
Reg. S, 5.88%, 02/16/2031      4,000       3,337  
Reg. S, 6.38%, 04/11/2031    EUR 18,700       17,428  
Reg. S, 7.30%, 09/30/2033      800       679  
Reg. S, 7.50%, 02/16/2061      8,500       6,146  
Reg. S, 7.63%, 05/29/2032      2,000       1,772  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     
El Salvador Government International Bond, (El Salvador),     
Reg. S, 6.38%, 01/18/2027      1,937       1,855  
Reg. S, 7.12%, 01/20/2050      7,200       5,452  
Reg. S, 7.63%, 09/21/2034      4,500       3,778  
Reg. S, 7.65%, 06/15/2035      4,800       4,138  
Reg. S, 8.25%, 04/10/2032      1,900       1,763  
Finance Department Government of Sharjah, (United Arab Emirates), Reg. S, 4.00%, 07/28/2050      4,500       3,148  
Gabon Government International Bond, (Gabon),     
Reg. S, 6.63%, 02/06/2031      1,200       929  
Reg. S, 6.95%, 06/16/2025      2,900       2,721  
Ghana Government International Bond, (Ghana), Reg. S, 10.75%, 10/14/2030      20,100       13,797  
Guatemala Government Bond, (Guatemala),     
Reg. S, 4.38%, 06/05/2027      14,900       14,517  
Reg. S, 5.38%, 04/24/2032      3,000       2,977  
6.05%, 08/06/2031 (e)      1,300       1,333  
Reg. S, 6.05%, 08/06/2031      200       205  
6.55%, 02/06/2037 (e)      2,600       2,698  
Reg. S, 6.55%, 02/06/2037      8,000       8,302  
Reg. S, 6.60%, 06/13/2036      3,200       3,361  
Hungary Government International Bond, (Hungary),     
Reg. S, 5.25%, 06/16/2029      3,800       3,856  
Reg. S, 5.50%, 03/26/2036      3,100       3,123  
Reg. S, 6.75%, 09/25/2052      3,700       4,172  
Series 30Y, 7.63%, 03/29/2041      9,800       11,692  
Indonesia Government International Bond, (Indonesia),     
Reg. S, 4.75%, 07/18/2047      1,700       1,673  
Reg. S, 6.63%, 02/17/2037      5,800       6,771  
Iraq International Bond, (Iraq), Reg. S, 5.80%, 01/15/2028      1,684       1,635  
Israel Government International Bond, (Israel),     
Series 5Y, 5.38%, 03/12/2029      7,800       7,926  
Series 10Y, 5.50%, 03/12/2034      3,100       3,108  
Series 30Y, 5.75%, 03/12/2054      1,400       1,331  
Ivory Coast Government International Bond, (Ivory Coast),     
Reg. S, 4.88%, 01/30/2032    EUR 7,800       7,660  
Reg. S, 5.25%, 03/22/2030    EUR 3,500       3,712  
Reg. S, SUB, 5.75%, 12/31/2032      209       200  
Reg. S, 6.88%, 10/17/2040    EUR 4,300       4,224  
Reg. S, 8.25%, 01/30/2037      9,000       9,258  
Jordan Government International Bond, (Jordan),     
Reg. S, 5.75%, 01/31/2027      11,400       11,172  
Reg. S, 7.38%, 10/10/2047      800       738  
Korea National Oil Corp., (South Korea),     
Reg. S, 4.88%, 04/03/2028      4,700       4,780  
4.88%, 04/03/2029 (e)      4,800       4,895  
Reg. S, 4.88%, 04/03/2029      200       204  
KSA Sukuk Ltd., (Cayman Islands), Reg. S, 5.27%, 10/25/2028      3,300       3,439  
Latvia Government International Bond, (Latvia), Reg. S, 5.13%, 07/30/2034      1,900       1,970  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     
Magyar Export-Import Bank Zrt, (Hungary), Reg. S, 6.13%, 12/04/2027      7,300       7,499  
Mexican Udibonos, (Mexico),     
Series S, 2.75%, 11/27/2031    MXN 190,521       8,436  
Series S, 3.00%, 12/03/2026    MXN 521,251       24,954  
Series S, 4.00%, 08/24/2034    MXN 159,180       7,556  
Mexico Government International Bond, (Mexico),     
4.50%, 04/22/2029      200       197  
5.00%, 05/07/2029      3,800       3,823  
5.75%, 10/12/2110      3,800       3,299  
6.00%, 05/07/2036      1,500       1,528  
6.40%, 05/07/2054      3,400       3,402  
MFB Magyar Fejlesztesi Bank Zrt, (Hungary), Reg. S, 6.50%, 06/29/2028      9,400       9,839  
Mongolia Government International Bond, (Mongolia),     
Reg. S, 3.50%, 07/07/2027      2,200       2,036  
Reg. S, 4.45%, 07/07/2031      2,300       2,035  
Reg. S, 5.13%, 04/07/2026      300       296  
7.88%, 06/05/2029 (e)      300       317  
Reg. S, 7.88%, 06/05/2029      1,600       1,690  
8.65%, 01/19/2028 (e)      300       321  
Reg. S, 8.65%, 01/19/2028      300       320  
Montenegro Government International Bond, (Montenegro), 7.25%, 03/12/2031 (e)      2,500       2,618  
Morocco Government International Bond, (Morocco), Reg. S, 5.50%, 12/11/2042      2,700       2,561  
National Bank of Uzbekistan, (Uzbekistan), Reg. S, 4.85%, 10/21/2025      700       689  
Nigeria Government International Bond, (Nigeria),     
Reg. S, 7.38%, 09/28/2033      9,700       8,244  
Reg. S, 7.63%, 11/21/2025      6,400       6,401  
Reg. S, 8.38%, 03/24/2029      20,100       19,463  
North Macedonia Government International Bond, (North Macedonia), Reg. S, 6.96%, 03/13/2027    EUR 5,100       5,928  
Oman Government International Bond, (Oman),     
Reg. S, 4.75%, 06/15/2026      1,000       997  
Reg. S, 6.25%, 01/25/2031      25,500       27,209  
Reg. S, 6.75%, 01/17/2048      3,900       4,221  
Oriental Republic of Uruguay, (Uruguay), 5.25%, 09/10/2060      10,400       10,403  
Pakistan Global Sukuk Programme Co. Ltd. (The), (Pakistan), Reg. S, 7.95%, 01/31/2029      500       472  
Pakistan Government International Bond, (Pakistan),     
Reg. S, 6.00%, 04/08/2026      5,500       5,151  
Reg. S, 6.88%, 12/05/2027      3,700       3,358  
Reg. S, 7.38%, 04/08/2031      3,300       2,797  
Reg. S, 8.25%, 09/30/2025      3,600       3,530  
Reg. S, 8.88%, 04/08/2051      9,300       7,446  
Panama Government International Bond, (Panama),     
3.16%, 01/23/2030      4,400       3,932  
3.75%, 03/16/2025      1,200       1,191  
4.50%, 04/01/2056      12,400       8,910  
6.85%, 03/28/2054      1,800       1,820  
7.50%, 03/01/2031      12,700       13,903  
7.88%, 03/01/2057      4,000       4,514  
8.00%, 03/01/2038      6,000       6,779  
8.88%, 09/30/2027      19,000       21,083  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     
Paraguay Government International Bond, (Paraguay),     
Reg. S, 5.40%, 03/30/2050      4,000       3,726  
Reg. S, 5.85%, 08/21/2033      8,600       8,959  
6.00%, 02/09/2036 (e)      400       422  
Reg. S, 6.00%, 02/09/2036      600       633  
7.90%, 02/09/2031 (e)    PYG 9,789,000       1,278  
Peruvian Government International Bond, (Peru),     
3.23%, 07/28/2121      9,800       5,846  
3.60%, 01/15/2072      11,900       8,132  
5.88%, 08/08/2054      1,690       1,774  
6.55%, 03/14/2037      9,600       10,751  
6.90%, 08/12/2037 (e)    PEN 6,300       1,749  
Reg. S, 6.95%, 08/12/2031    PEN 3,800       1,096  
Philippine Government International Bond, (Philippines),     
2.95%, 05/05/2045      2,400       1,770  
3.70%, 03/01/2041      2,500       2,169  
5.18%, 09/05/2049      4,200       4,268  
6.38%, 10/23/2034      1,200       1,365  
Qatar Government International Bond, (Qatar),     
Reg. S, 4.82%, 03/14/2049      10,300       10,169  
Reg. S, 5.10%, 04/23/2048      5,200       5,343  
Reg. S, 6.40%, 01/20/2040      2,100       2,495  
Republic of Armenia International Bond, (Armenia),     
Reg. S, 3.60%, 02/02/2031      1,500       1,277  
Reg. S, 3.95%, 09/26/2029      3,900       3,495  
Republic of Cameroon International Bond, (Cameroon),     
Reg. S, 5.95%, 07/07/2032    EUR 5,900       5,316  
Reg. S, 9.50%, 11/19/2025      533       530  
Republic of Kenya Government International Bond, (Kenya),     
Reg. S, 7.00%, 05/22/2027      5,400       5,292  
Reg. S, 7.25%, 02/28/2028      8,800       8,450  
Reg. S, 8.00%, 05/22/2032      2,100       1,952  
9.75%, 02/16/2031 (e)      2,800       2,826  
Reg. S, 9.75%, 02/16/2031      3,900       3,937  
Republic of Poland Government International Bond, (Poland), 5.50%, 04/04/2053      12,200       12,482  
Republic of South Africa Government International Bond, (South Africa),     
4.85%, 09/30/2029      5,800       5,629  
5.75%, 09/30/2049      9,700       8,061  
7.30%, 04/20/2052      3,500       3,480  
Republic of Uzbekistan International Bond, (Uzbekistan), Reg. S, 3.90%, 10/19/2031      4,700       4,014  
Romanian Government International Bond, (Romania),     
Reg. S, 2.12%, 07/16/2031    EUR 2,700       2,515  
Reg. S, 2.13%, 03/07/2028    EUR 4,800       5,022  
Reg. S, 2.63%, 12/02/2040    EUR 7,400       5,512  
Reg. S, 5.13%, 09/24/2031    EUR 1,400       1,565  
5.75%, 03/24/2035 (e)      1,000       993  
Reg. S, 5.75%, 03/24/2035      300       298  
5.88%, 01/30/2029 (e)      2,370       2,427  
Reg. S, 5.88%, 01/30/2029      4,150       4,250  
Reg. S, 6.13%, 01/22/2044      900       899  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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, 6.38%, 09/18/2033    EUR 7,500       8,964  
6.38%, 01/30/2034 (e)      1,800       1,869  
Reg. S, 6.38%, 01/30/2034      1,800       1,869  
Reg. S, 6.63%, 02/17/2028      1,800       1,881  
Saudi Government International Bond, (Saudi Arabia),     
Reg. S, 3.25%, 10/22/2030      5,500       5,169  
Reg. S, 3.45%, 02/02/2061      5,700       3,885  
Reg. S, 3.75%, 01/21/2055      6,000       4,434  
Reg. S, 4.38%, 04/16/2029      6,100       6,136  
Reg. S, 5.00%, 01/16/2034      3,100       3,174  
Reg. S, 5.75%, 01/16/2054      1,800       1,834  
Senegal Government International Bond, (Senegal),     
Reg. S, 4.75%, 03/13/2028    EUR 900       934  
Reg. S, 5.38%, 06/08/2037    EUR 6,500       5,330  
Reg. S, 6.25%, 05/23/2033      3,500       3,014  
Series 7Y, Reg. S, 7.75%, 06/10/2031      3,300       3,131  
Serbia International Bond, (Serbia),     
Reg. S, 2.05%, 09/23/2036    EUR 6,300       5,220  
6.00%, 06/12/2034 (e)      1,400       1,439  
Reg. S, 6.00%, 06/12/2034      1,700       1,747  
Reg. S, 6.25%, 05/26/2028      8,400       8,741  
Reg. S, 6.50%, 09/26/2033      1,000       1,069  
Slovenia Government International Bond, (Slovenia), Reg. S, 5.00%, 09/19/2033      3,600       3,753  
Trinidad & Tobago Government International Bond, (Trinidad and Tobago),     
5.95%, 01/14/2031 (e)      1,200       1,223  
Reg. S, 5.95%, 01/14/2031      200       204  
Tunisian Republic, (Tunisia),     
Reg. S, 5.75%, 01/30/2025      4,200       4,070  
Reg. S, 6.38%, 07/15/2026    EUR 3,300       3,318  
Turkiye Government Bond, (Turkey),     
Series 4Y, (Turkish Lira Overnight Reference Rate + 0.00%), 51.59%, 05/17/2028 (aa)    TRY 176,800       5,129  
Series 4Y, (Turkish Lira Overnight Reference Rate + 0.00%), 51.81%, 05/20/2026 (aa)    TRY 9,600       283  
Series 5Y, (Turkish Lira Overnight Reference Rate + 0.00%), 51.81%, 08/19/2026 (aa)    TRY 71,400       2,100  
Turkiye Government International Bond, (Turkey),     
Series 6Y, 9.38%, 03/14/2029      3,200       3,628  
Series 10Y, 7.63%, 05/15/2034      6,900       7,323  
Series 30Y, 5.75%, 05/11/2047      14,600       11,825  
Series 30Y, 6.88%, 03/17/2036      17,800       17,800  
Turkiye Ihracat Kredi Bankasi A/S, (Turkey),     
7.50%, 02/06/2028 (e)      1,000       1,037  
Reg. S, 7.50%, 02/06/2028      200       207  
Uruguay Government International Bond, (Uruguay),     
5.10%, 06/18/2050      4,100       4,092  
5.75%, 10/28/2034      3,700       4,010  
Uzbekneftegaz JSC, (Uzbekistan), Reg. S, 4.75%, 11/16/2028      4,700       4,151  
    

 

 

  
Total Foreign Government Securities
(Cost $1,004,085)		        1,037,394  
    

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 — 0.1%

     
FHLMC Pool, Single Family, 15 years,     
5.50%, 11/01/2038      1,808       1,863  
6.00%, 07/01/2039      1,019       1,057  
FNMA Pool, Single Family, 15 years,     
5.50%, 09/01/2039      1,693       1,747  
6.00%, 10/01/2038      2,133       2,238  
6.00%, 05/01/2039      2,535       2,644  
    

 

 

  
Total Mortgage-Backed Securities
(Cost $9,560)		        9,549  
    

 

 

  

U.S. Treasury Obligations — 1.5%

     
U.S. Treasury Notes,     
2.75%, 04/30/2027 (ff)      740       725  
3.75%, 12/31/2028 (ee) (ii)      13,700       13,785  
4.25%, 01/31/2026 (ee) (ff)      57,328       57,639  
4.25%, 02/28/2031      26,850       27,746  
4.38%, 05/15/2034      13,500       14,122  
4.63%, 06/30/2026      30,826       31,297  
4.88%, 11/30/2025      3,698       3,738  
    

 

 

  
Total U.S. Treasury Obligations
(Cost $147,325)		        149,052  
    

 

 

  
    

SHARES

        

Common Stocks — 0.1%

     

Basic Materials — 0.0% (g)

     

Chemicals — 0.0% (g)

     
Venator Materials plc, (United Kingdom) (a) (bb) (cc)      4       1,847  
    

 

 

  

Communications — 0.1%

     

Telecommunications — 0.1%

     
Digicel Holdings Bermuda Ltd., (Jamaica) (a) (bb) (cc)      856       2,149  
Intelsat SA, (Luxembourg) (a)      87       2,673  
    

 

 

  
Total Communications        4,822  
    

 

 

  

Utilities — 0.0% (g)

     

Electric — 0.0% (g)

     
Heritage Power LLC, (a) (bb) (cc)      47       1,136  
    

 

 

  
Total Common Stocks
(Cost $10,524)		        7,805  
    

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

 SHARES 

      VALUE ($)   

Exchange-Traded Funds — 0.7%

     
Invesco Senior Loan ETF      412       8,651  
SPDR Blackstone Senior Loan ETF      1,355       56,599  
    

 

 

  
Total Exchange-Traded Funds
(Cost $65,230)		        65,250  
    

 

 

  

Preferred Stocks — 0.1%

     

Communications — 0.0% (g)

     

Telecommunications — 0.0% (g)

     
Digicel Holdings Bermuda Ltd., expiring, (Jamaica) (a) (bb) (cc)      91       982  
    

 

 

  

Consumer Cyclical — 0.1%

     

Retail — 0.1%

     
Ferrellgas Escrow LLC, expiring, 03/30/2031 (a) (bb) (cc)      6       6,467  
    

 

 

  
Total Preferred Stocks
(Cost $7,039)		        7,449  
    

 

 

  
    

PRINCIPAL

AMOUNT ($)

        

Loan Assignments — 4.2% (o)

     

Basic Materials — 0.1%

     

Chemicals — 0.1%

     
Consolidated Energy Finance S.A., 2024 Incremental Term Loan, (Luxembourg), (CME Term SOFR 3 Month + 4.50%), 9.56%, 11/15/2030 (aa)      2,985       2,793  
Discovery Purchaser Corp., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 4.38%), 9.69%, 10/04/2029 (u) (aa)      3,711       3,692  
Ecovyst Catalyst Technologies LLC, Second Amendment Term Loan, (CME Term SOFR 3 Month + 2.25%), 7.50%, 06/12/2031 (aa)      1,000       993  
Herens Holdco S.a r.l., Facility B (USD), (Luxembourg), (CME Term SOFR 3 Month + 3.93%), 8.63%, 07/03/2028 (aa)      610       569  
Venator Materials LLC, First-Out Term Loan, (CME Term SOFR 3 Month + 2.00%), 7.29%, 01/16/2026 (aa)      888       888  
Venator Materials LLC, Initial Term Loan, (CME Term SOFR 3 Month + 2.00%), 7.30%, 10/12/2028 (aa)      1,265       1,255  
    

 

 

  
Total Basic Materials        10,190  
    

 

 

  

Communications — 0.7%

     

Advertising — 0.1%

     
Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.96%, 08/21/2028 (aa)      2,710       2,698  
CMG Media Corp., 2021 Term B Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 8.20%, 12/17/2026 (aa)      165       144  
Neptune BidCo US, Inc., Dollar Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 10.40%, 04/11/2029 (aa)      2,975       2,787  
    

 

 

  
       5,629  
    

 

 

  

Internet — 0.1%

     
Cablevision Lightpath LLC, Initial Term Loan, (CME Term SOFR 1 Month + 3.25%), 8.46%, 11/30/2027 (aa)      1,370       1,367  
CNT Holdings I Corp., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 8.75%, 11/08/2027 (aa)      553       554  
Gen Digital, Inc., Initial Tranche A Term Loan, (CME Term SOFR 1 Month + 1.50%), 6.45%, 09/10/2027 (u) (aa)      1,207       1,204  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     

Internet — continued

     
MH Sub I LLC, 2021 Replacement Term Loan (Second Lien), (CME Term SOFR 3 Month + 6.25%), 11.50%, 02/23/2029 (aa)      758       743  
MH Sub I LLC, 2023 May Incremental Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 9.10%, 05/03/2028 (aa)      5,560       5,521  
Proofpoint, Inc., 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.85%, 08/31/2028 (aa)      283       283  
    

 

 

  
       9,672  
    

 

 

  

Media — 0.2%

     
Charter Communications Operating LLC, Term B-2 Loan, (CME Term SOFR 3 Month + 1.75%), 7.08%, 02/01/2027 (aa)      1,417       1,415  
CSC Holdings LLC, 2022 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.50%), 9.60%, 01/18/2028 (u) (aa)      10,042       9,743  
CSC Holdings LLC, September 2019 Initial Term Loan, (CME Term SOFR 6 Month + 2.50%), 7.17%, 04/15/2027 (aa)      426       389  
Diamond Sports Group LLC, DIP Term Loan, 5.00%, 12/02/2024 (d)      2,035       2,426  
Diamond Sports Group LLC, Term Loan (First Lien), (CME Term SOFR 1 Month + 10.00%), 15.30%, 05/25/2026 (d) (aa)      411       358  
Diamond Sports Group LLC, Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 10.20%, 08/24/2026 (d) (aa)      4,720       48  
DIRECTV Financing LLC, Closing Date Term Loan, (CME Term SOFR 1 Month + 5.00%), 9.96%, 08/02/2027 (u) (aa)      679       678  
Gray Television, Inc., Term F Loan, (CME Term SOFR 1 Month + 5.25%), 10.45%, 06/04/2029 (u) (aa)      2,104       2,016  
Radiate Holdco LLC, Amendment No. 6 Term B Loan, (CME Term SOFR 1 Month + 3.25%), 8.21%, 09/25/2026 (u) (aa)      7,464       6,384  
Univision Communications, Inc., 2021 Replacement Converted First-Lien Term Loan, (CME Term SOFR 1 Month + 3.25%), 8.21%, 03/15/2026 (u) (aa)      1,439       1,438  
Univision Communications, Inc., 2024 Replacement Converted First-Lien Term Loan, (CME Term SOFR 1 Month + 3.50%), 8.46%, 01/31/2029 (aa)      276       269  
Virgin Media Bristol LLC, Facility Q, (CME Term SOFR 1 Month + 3.25%), 4.79%, 01/31/2029 (u) (aa)      625       597  
Virgin Media Bristol LLC, N Facility, (CME Term SOFR 1 Month + 2.50%), 7.71%, 01/31/2028 (aa)      1,042       996  
    

 

 

  
       26,757  
    

 

 

  

Telecommunications — 0.3%

     
Altice Financing S.A., 2022 Refinancing Dollar Commitments, (Luxembourg), (CME Term SOFR 3 Month + 5.00%), 4.66%, 10/31/2027 (u) (aa)      499       452  
Delta Topco, Inc., Second Amendment Refinancing Term Loan (Second Lien), (CME Term SOFR 6 Month + 5.25%), 9.95%, 11/29/2030 (aa)      386       388  
Delta Topco, Inc., Second Amendment Term Loan (First Lien), (CME Term SOFR 6 Month + 3.50%), 8.20%, 11/30/2029 (aa)      1,685       1,681  
Digicel International Finance Ltd., Initial Term Loan (First Lien), (Saint Lucia), (CME Term SOFR 3 Month + 5.25%), 10.50%, 05/25/2027 (aa)      1,658       1,636  
Level 3 Financing, Inc., Term B-1, (CME Term SOFR 1 Month + 6.56%), 11.41%, 04/15/2029 (u) (aa)      4,327       4,412  
Level 3 Financing, Inc., Term B-2, (CME Term SOFR 1 Month + 6.56%), 11.41%, 04/15/2030 (aa)      2,320       2,358  
Lumen Technologies, Inc., Term A Loan, (CME Term SOFR 1 Month + 6.00%), 10.85%, 06/01/2028 (aa)      274       263  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 — continued

     
Odido Holding BV, Facility B Loan, (Netherlands), (EURIBOR 3 Month + 3.90%), 7.25%, 03/30/2029    EUR 6,910       7,715  
Xplore, Inc., Initial Term Loan (Second Lien), (Canada), (CME Term SOFR 3 Month + 7.00%), 5.33%, 10/01/2029 (d) (aa)      1,300       11  
Xplore, Inc., Refinancing Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 4.00%), 8.00%, 10/02/2028 (d) (aa)      3,232       537  
Zayo Group Holdings, Inc., Initial Dollar Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.96%, 03/09/2027 (u) (aa)      6,372       5,810  
Zegona Holdco Ltd., Facility B (USD), (United Kingdom), (CME Term SOFR 6 Month + 4.25%), 9.40%, 07/17/2029 (aa)      2,025       2,020  
    

 

 

  
       27,283  
    

 

 

  
Total Communications        69,341  
    

 

 

  

Consumer Cyclical — 0.5%

     

Airlines — 0.0% (g)

     
AAdvantage Loyalty IP Ltd., Initial Term Loan, (CME Term SOFR 3 Month + 4.75%), 10.29%, 04/20/2028 (aa)      879       902  
    

 

 

  

Auto Parts & Equipment — 0.0% (g)

     
First Brands Group LLC, 2021 Term Loan (Second Lien), (CME Term SOFR 3 Month + 8.50%), 14.01%, 03/30/2028 (aa)      2,290       2,164  
Tenneco, Inc., Term A Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 9.98%, 11/17/2028 (aa)      1,881       1,776  
    

 

 

  
       3,940  
    

 

 

  

Distribution/Wholesale — 0.1%

     
BCPE Empire Holdings, Inc., Amendment No. 5 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 4.00%), 8.85%, 12/11/2028 (aa)      398       398  
Core & Main LP, Tranche C Term Loan, (CME Term SOFR 1 Month + 2.25%), 7.11%, 02/09/2031 (u) (aa)      1,995       1,995  
Parts Europe, Facility B, (France), (EURIBOR 3 Month + 3.50%), 7.19%, 02/03/2031    EUR 3,000       3,344  
    

 

 

  
       5,737  
    

 

 

  

Entertainment — 0.1%

     
Bally’s Corp., Term B Facility Loan, (CME Term SOFR 3 Month + 3.25%), 8.79%, 10/02/2028 (aa)      2,125       2,021  
Caesars Entertainment, Inc., 2023 Incremental Term B Loan, (CME Term SOFR 1 Month + 2.75%), 7.60%, 02/06/2030 (u) (aa)      2,493       2,491  
Entain plc, Facility B3 (USD), (Isle of Man), (CME Term SOFR 6 Month + 2.75%), 8.01%, 10/31/2029 (aa)      865       865  
Motion Acquisition Ltd., Facility B (USD) Loan, (United Kingdom), (CME Term SOFR 3 Month + 3.50%), 8.10%, 11/12/2029 (aa)      510       490  
    

 

 

  
       5,867  
    

 

 

  

Housewares — 0.0% (g)

     
SWF Holdings I Corp., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 4.00%), 4.85%, 10/06/2028 (u) (aa)      349       287  
    

 

 

  

Leisure Time — 0.0% (g)

     
City Football Group Ltd., Term B-1 Loan, (United Kingdom), (CME Term SOFR 1 Month + 3.00%), 7.97%, 07/21/2030 (aa)      1,172       1,164  
Sabre GLBL, Inc., 2021 Other Term B-1 Loan, (CME Term SOFR 1 Month + 3.50%), 8.46%, 12/17/2027 (aa)      250       232  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     

Leisure Time — continued

     
Sabre GLBL, Inc., 2021 Other Term B-2 Loan, (CME Term SOFR 1 Month + 3.50%), 8.46%, 12/17/2027 (aa)      395       368  
    

 

 

  
       1,764  
    

 

 

  

Lodging — 0.0% (g)

     
Wyndham Hotels & Resorts, Inc., 2022 Term A Loan, (CME Term SOFR 1 Month + 1.75%), 6.70%, 04/08/2027 (aa)      281       281  
    

 

 

  

Retail — 0.3%

     
1011778 B.C. Unlimited Liability Co., Term B-5 Loan, (Canada), (CME Term SOFR 1 Month + 2.25%), 6.60%, 09/20/2030 (u) (aa)      1,413       1,397  
Breitling Holdings S.a r.l., Facility B, (Luxembourg), (EURIBOR 3 Month + 3.90%), 0.00%, 10/25/2028 (u)    EUR 4,500       4,801  
Foundation Building Materials, Inc., 2024 Incremental Term Loan, (CME Term SOFR 3 Month + 4.00%), 9.25%, 01/29/2031 (aa)      5,764       5,604  
Great Outdoors Group LLC, Term B-2 Loan, (CME Term SOFR 1 Month + 3.75%), 8.71%, 03/06/2028 (aa)      2,188       2,186  
Gulfside Supply, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 3.00%), 8.29%, 06/17/2031 (aa)      365       365  
Peer Holding III BV, Additional Facility (EUR) 2, (Netherlands), (EURIBOR 3 Month + 3.25%), 0.00%, 07/01/2031 (u)    EUR 3,000       3,340  
PetSmart LLC, Initial Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.70%, 02/11/2028 (aa)      1,514       1,499  
Whatabrands LLC, 2024 Refinancing Term B Loan, (CME Term SOFR 1 Month + 2.75%), 7.60%, 08/03/2028 (aa)      3,990       3,982  
White Cap Supply Holdings LLC, Tranche C Term Loan, (CME Term SOFR 1 Month + 3.25%), 8.10%, 10/19/2029 (aa)      7,975       7,914  
    

 

 

  
       31,088  
    

 

 

  
Total Consumer Cyclical        49,866  
    

 

 

  

Consumer Non-cyclical — 0.6%

     

Commercial Services — 0.2%

     
Allied Universal Holdco LLC, Initial U.S. Dollar Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.70%, 05/12/2028 (aa)      2,151       2,128  
Camelot U.S. Acquisition LLC, Amendment No. 6 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.60%, 01/31/2031 (aa)      1,995       1,991  
Champions Holdco, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.75%), 9.74%, 02/23/2029 (aa)      1,995       1,915  
Ensemble RCM LLC, Term B Loan, (CME Term SOFR 3 Month + 3.00%), 8.25%, 08/01/2029 (aa)      852       853  
Grant Thornton Advisors LLC, Initial Term Loan, (CME Term SOFR 1 Month + 3.25%), 8.10%, 06/02/2031 (aa)      1,283       1,285  
Neon Maple Purchaser, Inc., Tranche B-1 Term Loan, (CME Term SOFR 3 Month + 3.00%), 8.34%, 07/18/2031 (u) (aa)      3,578       3,538  
PG Polaris Bidco S.A.R.L., Initial Term Loan, (Luxembourg), (CME Term SOFR 3 Month + 3.50%), 8.10%, 03/26/2031 (aa)      911       912  
Vortex Opco LLC, Second-Out New Money Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 4.25%), 9.12%, 12/17/2028 (aa)      360       256  
Wand Newco 3, Inc., Tranche B-1 Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.85%, 01/30/2031 (aa)      7,085       7,073  
    

 

 

  
       19,951  
    

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     

Cosmetics/Personal Care — 0.0% (g)

     
KDC/ONE Development Corp., Inc., 2024 Refinancing Dollar Term Loan, (Canada), (CME Term SOFR 1 Month + 4.50%), 9.36%, 08/15/2028 (aa)      716       716  
    

 

 

  

Food — 0.1%

     
Best Food of Nature HoldCo III, Facility B, (France), (EURIBOR 1 Month + 4.00%), 7.38%, 09/11/2026 (u)    EUR 5,500       5,772  
    

 

 

  

Healthcare - Products — 0.1%

     
Bausch + Lomb Corp., Initial Term Loan, (Canada), (CME Term SOFR 1 Month + 3.25%), 8.27%, 05/10/2027 (aa)      6,544       6,513  
Medline Borrower, LP, Third Amendment Incremental Term Loan, (CME Term SOFR 1 Month + 2.25%), 7.10%, 10/23/2028 (aa)      7,083       7,073  
    

 

 

  
       13,586  
    

 

 

  

Healthcare - Services — 0.1%

     
Catalent Pharma Solutions, Inc., 2021 Incremental Dollar Term B-3, (CME Term SOFR 1 Month + 2.00%), 7.03%, 02/22/2028 (aa)      1,492       1,491  
LifePoint Health, Inc., 2024 Incremental Term Loan (First Lien), (CME Term SOFR 1 Month + 4.00%), 8.96%, 05/17/2031 (aa)      1,025       1,024  
LifePoint Health, Inc., 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 10.05%, 11/16/2028 (aa)      552       551  
LifePoint Health, Inc., Term Loan B, (CME Term SOFR 3 Month + 3.75%), 3.75%, 05/16/2031 (u) (aa)      2,121       2,117  
Parexel International, Inc., Fifth Amendment Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.85%, 11/15/2028 (aa)      247       247  
Quorum Health Corp., Term Loan (Exit), (CME Term SOFR 3 Month + 8.25%), 13.65%, 04/29/2025 (aa)      636       471  
Star Parent, Inc., Term Loan, (CME Term SOFR 3 Month + 3.75%), 8.35%, 09/27/2030 (u) (aa)      3,267       3,174  
Surgery Center Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.67%, 12/19/2030 (aa)      177       177  
    

 

 

  
       9,252  
    

 

 

  

Pharmaceuticals — 0.1%

     
Bausch Health Companies, Inc., Second Amendment Term Loan, (Canada), (CME Term SOFR 1 Month + 5.25%), 10.20%, 02/01/2027 (u) (aa)      2,742       2,629  
Cooper Consumer Health, Incremental Facility B2, (France), (EURIBOR 3 Month + 4.75%), 0.00%, 11/06/2028 (u)    EUR 3,775       4,209  
Elanco Animal Health, Inc., Term Loan, (CME Term SOFR 1 Month + 1.75%), 7.05%, 08/01/2027 (aa)      977       975  
Endo Finance Holdings, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.50%), 9.78%, 04/23/2031 (aa)      2,787       2,783  
Gainwell Acquisition Corp., Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 8.70%, 10/01/2027 (u) (aa)      2,663       2,528  
    

 

 

  
       13,124  
    

 

 

  
Total Consumer Non-cyclical        62,401  
    

 

 

  

Diversified — 0.0% (g)

     

Holding Companies—Diversified — 0.0% (g)

     
GN Loanco LLC, Term B Loan, (CME Term SOFR 3 Month + 4.50%), 9.75%, 12/19/2030 (aa)      1,413       1,401  
    

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     

Energy — 0.0% (g)

     

Oil & Gas Services — 0.0% (g)

     
Star Holding LLC, Term B Loan (First Lien), (CME Term SOFR 1 Month + 4.50%), 9.35%, 07/31/2031 (aa)      4,226       4,121  
    

 

 

  

Pipelines — 0.0% (g)

     
Buckeye Partners, L.P., 2024 Tranche B-5 Term Loan, (CME Term SOFR 1 Month + 1.75%), 6.60%, 11/01/2026 (aa)      422       422  
NGL Energy Operating LLC, Initial Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.60%, 02/03/2031 (aa)      666       662  
    

 

 

  
       1,084  
    

 

 

  
Total Energy        5,205  
    

 

 

  

Financial — 0.5%

     

Banks — 0.0% (g)

     
Ziraat Katilim Bankasi Anonim Sirketi, Tranche B, (CME Term SOFR 3 Month + 3.10%), 5.30%, 06/15/2034 (aa) (bb) (cc)      2,400       2,400  
    

 

 

  

Diversified Financial Services — 0.1%

     
Avolon TLB Borrower 1, Term B-4 Loan, (Term SOFR 1 Month + 1.50%), 6.56%, 02/12/2027 (u)      498       497  
Avolon TLB Borrower 1, Term B-6 Loan, (CME Term SOFR 1 Month + 2.00%), 6.96%, 06/22/2028 (u) (aa)      564       564  
Castlelake Aviation One Designated Activity Co., Initial Term Loan, (Term SOFR 3 Month + 2.50%), 7.25%, 10/22/2026 (u)      288       288  
Corpay Technologies Operating Co. LLC, Term B-5 Loan, (CME Term SOFR 1 Month + 1.75%), 6.60%, 04/28/2028 (aa)      942       941  
CPI Holdco B LLC, Initial Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.85%, 05/17/2031 (aa)      1,179       1,173  
Deerfield Dakota Holding LLC, 2021 Replacement Term Loan (Second Lien), (CME Term SOFR 3 Month + 6.75%), 11.62%, 04/07/2028 (aa)      653       636  
Edelman Financial Engines Center LLC,2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.25%), 8.10%, 04/07/2028 (aa)      1,995       1,991  
Fly Funding II S.a r.l., Replacement Loan, (Luxembourg), (ICE LIBOR USD 3 Month + 1.75%), 5.37%, 08/11/2025 (u)      302       294  
Jane Street Group LLC, 2024 Repricing Term Loan, (CME Term SOFR 1 Month + 2.50%), 7.46%, 01/26/2028 (aa)      695       694  
LPL Holdings, Inc., Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 1.75%), 7.05%, 11/12/2026 (aa)      222       222  
Osmosis Buyer Ltd.,2024 Refinancing Term B Loan, (United Kingdom), (CME Term SOFR 1 Month + 3.50%), 8.70%, 07/31/2028 (aa)      3,500       3,495  
Setanta Aircraft Leasing Designated Activity Co., New Loan, (Ireland), (CME Term SOFR 3 Month + 1.75%), 6.35%, 11/05/2028 (aa)      119       119  
    

 

 

  
       10,914  
    

 

 

  

Insurance — 0.4%

     
Acrisure LLC, 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.25%), 4.76%, 11/06/2030 (u) (aa)      1,496       1,480  
AmWINS Group, Inc., Term Loan, (CME Term SOFR 1 Month + 2.25%), 7.21%, 02/19/2028 (aa)      1,995       1,991  
AssuredPartners, Inc., 2024 Term Loan, (CME Term SOFR 1 Month + 3.50%), 8.35%, 02/14/2031 (aa)      4,289       4,284  
Asurion LLC, New B-4 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 10.21%, 01/20/2029 (aa)      1,475       1,360  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL

 AMOUNT ($) 

      VALUE ($)   

Loan Assignments — continued

     

Insurance — continued

     
Asurion LLC, New B-8 Term Loan, (Term SOFR 1 Month + 3.25%), 8.21%, 12/23/2026 (u)      6,513       6,505  
Asurion LLC, New B-9 Term Loan, (Term SOFR 1 Month + 3.25%), 8.21%, 07/31/2027 (u)      188       185  
Sedgwick Claims Management Services, Inc., 2024 Term Loan, (CME Term SOFR 3 Month + 3.00%), 8.25%, 07/31/2031 (aa)      1,994       1,990  
Truist Insurance Holdings LLC, Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.85%, 05/06/2031 (aa)      3,340       3,332  
Truist Insurance Holdings LLC, Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 4.75%), 9.35%, 05/06/2032 (aa)      7,779       7,896  
USI, Inc., 2024 Term Loan, (CME Term SOFR 3 Month + 2.75%), 7.35%, 09/27/2030 (aa)      4,987       4,970  
    

 

 

  
       33,993  
    

 

 

  

Investment Companies — 0.0% (g)

     
WEC US Holdings Ltd., Initial Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.60%, 01/27/2031 (aa)      285       285  
    

 

 

  

Real Estate — 0.0% (g)

     
CoreLogic, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.50%), 8.46%, 06/02/2028 (aa)      743       734  
    

 

 

  
Total Financial        48,326  
    

 

 

  

Government — 0.1%

     

Sovereign — 0.1%

     
Republic of Cote d’Ivoire, Term Loan, (EURIBOR 3 Month + 3.05%), 6.86%, 02/11/2034 (bb) (cc)    EUR 4,000       4,437  
Republic of Tanzania, Term Loan, (CME Term SOFR 3 Month + 5.47%), 10.74%, 06/20/2030 (aa) (bb) (cc)      5,000       4,981  
    

 

 

  
Total Government        9,418  
    

 

 

  

Industrial — 0.7%

     

Aerospace/Defense — 0.1%

     
Bleriot US Bidco, Inc., 2024 Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.85%, 10/31/2030 (aa)      727       727  
Dynasty Acquisition Co., Inc., 2024 Specified Refinancing Term B-1 Loan, (CME Term SOFR 1 Month + 3.50%), 8.35%, 08/24/2028 (u) (aa)      — (h)      — (h) 
Ovation Parent, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 3.50%), 8.10%, 04/21/2031 (aa)      455       456  
TransDigm, Inc., New Tranche J Term Loan, (CME Term SOFR 3 Month + 2.50%), 7.10%, 02/28/2031 (aa)      4,988       4,967  
    

 

 

  
       6,150  
    

 

 

  

Building Materials — 0.1%

     
Chariot Buyer LLC, Amendment No. 2 Term Loan (First Lien), (CME Term SOFR 1 Month + 3.50%), 8.35%, 11/03/2028 (aa)      896       893  
Chariot Buyer LLC, Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 8.20%, 11/03/2028 (aa)      997       991  
Cornerstone Building Brands, Inc., Tranche C Term Loan, (CME Term SOFR 1 Month + 4.50%), 9.60%, 05/15/2031 (aa)      492       486  
EMRLD Borrower LP, Second Amendment Incremental Term Loan, (CME Term SOFR 3 Month + 2.50%), 7.56%, 08/04/2031 (aa)      4,137       4,126  
Hobbs & Associates LLC, Closing Date Term Loan, (CME Term SOFR 1 Month + 3.00%), 8.10%, 07/23/2031 (aa)      1,000       997  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     

Building Materials — continued

     
Hobbs & Associates LLC, Delayed Draw Term Loan, (CME Term SOFR 3 Month + 1.63%), 1.63%, 07/23/2031 (aa)      100       100  
Quikrete Holdings, Inc., Tranche B-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 7.10%, 03/19/2029 (aa)      1,125       1,124  
Standard Building Solutions, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.92%, 09/22/2028 (aa)      1,342       1,344  
Wilsonart LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.85%, 08/05/2031 (aa)      3,132       3,095  
    

 

 

  
       13,156  
    

 

 

  

Electronics — 0.1%

     
Indicor LLC, Tranche C Dollar Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.85%, 11/22/2029 (aa)      1,232       1,234  
LIKEWIZE Corp., Closing Date Term Loan, (CME Term SOFR 3 Month + 6.00%), 10.35%, 08/15/2029 (aa)      1,673       1,624  
LIKEWIZE Corp., Delayed Draw Term Loan, (ICE LIBOR USD 3 Month + 1.00%), 1.00%, 08/15/2029      152       147  
    

 

 

  
       3,005  
    

 

 

  

Engineering & Construction — 0.1%

     
Apple Bidco LLC, Amendment No. 3 Term Loan (First Lien), (CME Term SOFR 1 Month + 3.50%), 8.35%, 09/22/2028 (aa)      155       156  
Brand Industrial Services, Inc., Tranche C Term Loan, (CME Term SOFR 3 Month + 4.50%), 9.75%, 08/01/2030 (aa)      8,161       7,923  
Brown Group Holding LLC, Incremental Term B-2 Facility, (CME Term SOFR 3 Month + 2.75%), 8.00%, 07/01/2031 (aa)      3,376       3,367  
Chromalloy Corp., Term Loan, (CME Term SOFR 3 Month + 4.00%), 9.08%, 03/27/2031 (aa)      1,944       1,844  
    

 

 

  
       13,290  
    

 

 

  

EnvironmentalControl — 0.1%

     
Filtration Group Corp., 2021 Incremental Term Loan, (CME Term SOFR 1 Month + 3.50%), 8.46%, 10/21/2028 (aa)      4,987       4,986  
GFL Environmental, Inc., 2024 Refinancing Term Loan, (Canada), (CME Term SOFR 3 Month + 2.00%), 7.32%, 07/03/2031 (aa)      1,761       1,758  
    

 

 

  
       6,744  
    

 

 

  

Hand/MachineTools — 0.0% (g)

     
Alliance Laundry Systems LLC, Initial Term B Loan, (CME Term SOFR 1 Month + 3.50%), 8.35%, 08/19/2031 (aa)      450       450  
Madison Safety & Flow LLC, Term Loan B, (CME Term SOFR 3 Month + 3.25%), 8.21%, 09/19/2031 (u) (aa)      1,177       1,176  
    

 

 

  
       1,626  
    

 

 

  

Machinery - Construction & Mining — 0.0% (g)

     
Vertiv Group Corp., Term B-2 Loan, (CME Term SOFR 1 Month + 2.00%), 7.20%, 03/02/2027 (aa)      1,995       1,996  
    

 

 

  

Machinery - Diversified — 0.1%

     
CD&R Hydra Buyer, Inc., First Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.95%, 03/25/2031 (aa)      853       847  
Husky Injection Molding Systems Ltd., Amendment No. 5 Refinancing Term Loan, (Canada), (CME Term SOFR 6 Month + 5.00%), 10.33%, 02/15/2029 (aa)      6,006       5,971  
SPX Flow, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.50%), 8.35%, 04/05/2029 (aa)      950       951  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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     
Machinery - Diversified — continued     
TK Elevator Midco GmbH, Facility B2 (USD), (Germany), (CME Term SOFR 6 Month + 3.50%), 8.59%, 04/30/2030 (aa)      5,162       5,171  
    

 

 

  
       12,940  
    

 

 

  
Metal Fabricate/Hardware — 0.0% (g)     
Doncasters US Finance LLC, Delayed Draw Term Loan, (CME Term SOFR 3 Month + 2.00%), 1.50%, 04/23/2030 (aa)      223       221  
Doncasters US Finance LLC, Initial Term Loan, (CME Term SOFR 3 Month + 7.00%), 11.10%, 04/23/2030 (aa)      2,219       2,196  
    

 

 

  
       2,417  
    

 

 

  
Packaging & Containers — 0.1%     
Berry Global, Inc., Term AA Loan, (CME Term SOFR 3 Month + 1.75%), 7.32%, 07/01/2029 (aa)      744       746  
Iris Holding, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 10.10%, 06/28/2028 (aa)      1,467       1,384  
Mauser Packaging Solutions Holding Co., Term B-1 Loan, (CME Term SOFR 1 Month + 3.50%), 8.70%, 04/15/2027 (aa)      549       550  
Trident TPI Holdings, Inc., Tranche B-6 Initial Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.60%, 09/15/2028 (aa)      323       323  
    

 

 

  
       3,003  
    

 

 

  
Transportation — 0.0% (g)     
Genesee & Wyoming, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.60%, 04/10/2031 (aa)      2,433       2,427  
    

 

 

  
Total Industrial        66,754  
    

 

 

  
Technology — 1.0%     
Computers — 0.2%     
Atlas CC Acquisition Corp., Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.25%), 9.57%, 05/25/2028 (aa)      1,210       932  
Atlas CC Acquisition Corp., Term C Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 9.57%, 05/25/2028 (aa)      246       190  
McAfee Corp., First Amendment Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 3.25%), 8.45%, 03/01/2029 (aa)      6,878       6,846  
NCR Atleos LLC, Term B Loan, (CME Term SOFR 3 Month + 4.75%), 10.10%, 03/27/2029 (aa)      1,583       1,597  
Peraton Corp., Term B Loan (First Lien), (CME Term SOFR 1 Month + 3.75%), 8.70%, 02/01/2028 (u) (aa)      4,923       4,727  
Peraton Corp., Term B-1 Loan (Second Lien), (CME Term SOFR 3 Month + 8.00%), 12.97%, 02/01/2029 (aa)      1,199       1,123  
Tempo Acquisition LLC, Sixth Incremental Term Loan, (CME Term SOFR 1 Month + 2.00%), 7.10%, 08/31/2028 (aa)      4,985       4,986  
    

 

 

  
       20,401  
    

 

 

  
Semiconductors — 0.0% (g)     
Icon Parent, Inc., Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.95%, 09/11/2031 (u) (aa)      1,425       1,414  
    

 

 

  
Software — 0.8%     
Ascend Learning LLC, Initial Term Loan (2021) (First Lien), (CME Term SOFR 1 Month + 4.00%), 8.45%, 12/11/2028 (aa)      2,028       2,017  
Ascend Learning LLC, Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.75%), 10.70%, 12/10/2029 (aa)      458       442  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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     
athenahealth Group, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 3.25%), 8.10%, 02/15/2029 (u) (aa)      15,550       15,436  
Azalea TopCo, Inc., Initial Term Loan (2024) (First Lien), (CME Term SOFR 1 Month + 3.50%), 8.35%, 04/30/2031 (aa)      811       809  
Boxer Parent Co. Inc., 2031 New Dollar Term Loan, (CME Term SOFR 3 Month + 3.75%), 9.01%, 07/30/2031 (aa)      3,371       3,362  
Boxer Parent Co. Inc., Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.75%), 11.01%, 07/30/2032 (aa)      1,366       1,344  
Central Parent LLC, 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.85%, 07/06/2029 (aa)      4,604       4,551  
Cloud Software Group, Inc., Fourth Amendment Incremental Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.60%, 03/30/2029 (aa)      5,934       5,904  
Cloud Software Group, Inc., Third Amendment Term Loan (First Lien), (CME Term SOFR 3 Month + 4.50%), 9.10%, 03/21/2031 (aa)      2,383       2,388  
Cotiviti, Inc., Initial Fixed Rate Term Loan, 7.63%, 05/01/2031      17,063       17,127  
Cotiviti, Inc., Initial Floating Rate Term Loan, (CME Term SOFR 1 Month + 3.25%), 8.45%, 05/01/2031 (aa)      3,990       3,985  
Ellucian Holdings, Inc., Term B-1 Loan (First Lien), (CME Term SOFR 1 Month + 3.50%), 8.45%, 10/09/2029 (u) (aa)      919       921  
Genesys Cloud Services Holdings I LLC, 2024 Incremental Dollar Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.71%, 12/01/2027 (aa)      805       805  
Mitchell International, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 8.10%, 06/17/2031 (aa)      3,802       3,743  
Modena Buyer LLC, Initial Term Loan, (CME Term SOFR 3 Month + 5.00%), 9.10%, 07/01/2031 (aa)      2,241       2,141  
Planview Parent, Inc., 2024-A Incremental Loan (Second Lien), (CME Term SOFR 3 Month + 6.00%), 10.60%, 12/18/2028 (aa)      197       192  
Polaris Newco LLC, Dollar Term Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 9.51%, 06/02/2028 (aa)      1,842       1,810  
Project Alpha Intermediate Holding, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 3 Month + 3.75%), 9.00%, 10/28/2030 (aa)      591       592  
Project Boost Purchaser LLC, Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 8.79%, 07/16/2031 (aa)      2,546       2,544  
RealPage, Inc., Initial Loan (Second Lien), (CME Term SOFR 1 Month + 6.50%), 11.46%, 04/23/2029 (aa)      338       324  
RealPage, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.96%, 04/24/2028 (aa)      2,891       2,805  
Skillsoft Finance II, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.00%), 10.22%, 07/14/2028 (aa)      1,821       1,473  
UKG Inc., 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 8.55%, 02/10/2031 (aa)      1,821       1,821  
    

 

 

  
       76,536  
    

 

 

  
Total Technology        98,351  
    

 

 

  
Utilities — 0.0% (g)     
Electric — 0.0% (g)     
Calpine Corp., 2024 Term Loan (05/15), (CME Term SOFR 1 Month + 2.00%), 6.85%, 12/16/2027 (aa)      830       826  
Heritage Power LLC, Term Loan, (CME Term SOFR 3 Month + 7.00%), 11.60%, 07/20/2028 (aa)      158       156  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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     
Electric — continued     
Nautilus Power LLC, Term Loan, (Term SOFR 3 Month + 0.00%), 10.85%, 11/16/2026 (u)      624       621  
    

 

 

  
Total Utilities        1,603  
    

 

 

  
Total Loan Assignments
(Cost $429,485)		        422,856  
    

 

 

  
Short-Term Investments — 2.4%     
Commercial Papers — 0.1%     
CommonSpirit Health, Series B, 5.73%, 11/14/2024 (n)      1,093       1,086  
Congara Brands, Inc., 5.67%, 10/02/2024 (e) (n)      4,411       4,410  
    

 

 

  
Total Commercial Papers        5,496  
    

 

 

  
Corporate Bond — 0.0% (g)     
Pacific Gas and Electric Co., (SOFR Compounded Index + 0.95%), 5.91%, 09/04/2025 (n) (aa)      488       488  
    

 

 

  
Time Deposits — 2.2%     
Australia & New Zealand Banking Group Ltd., 4.18%, 10/01/2024      839       839  
Citibank NA,     
2.33%, 10/01/2024    EUR 35,476       39,489  
4.18%, 10/01/2024      81,811       81,811  
Royal Bank of Canada,     
3.03%, 10/01/2024    CAD 1       1  
3.91%, 10/01/2024    GBP 1,351       1,807  
4.18%, 10/01/2024      28,956       28,956  
Skandinaviska Enskilda Banken AB, 0.15%, 10/01/2024    CHF 1       1  
Sumitomo Mitsui Banking Corp., 0.01%, 10/01/2024    JPY 6,896       48  
Sumitomo Mitsui Trust Bank Ltd., 4.18%, 10/01/2024      72,497       72,497  
    

 

 

  
Total Time Deposits        225,449  
    

 

 

  
U.S. Treasury Obligations — 0.1%     
U.S. Treasury Bills,     
4.64%, 11/29/2024 (n)      700       695  
4.78%, 11/05/2024 (n)      696       693  
5.17%, 10/15/2024 (n)      925       923  
5.23%, 10/03/2024 (n)      3,716       3,715  
5.30%, 10/29/2024 (n) (ii)      83       83  
5.32%, 10/08/2024 (n)      164       164  
    

 

 

  
Total U.S. Treasury Obligations        6,273  
    

 

 

  
Total Short-Term Investments
(Cost $237,705)		        237,706  
    

 

 

  

Total Investments — 98.8%

(Cost - $9,644,098)*

        9,925,641  

Other Assets in Excess of Liabilities — 1.2%

        125,056  
    

 

 

  

NET ASSETS — 100.0%

      $ 10,050,697  
    

 

 

  

 

Percentages indicated are based on net assets.

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Futures contracts outstanding as of September 30, 2024:

Exchange Traded

 

DESCRIPTION

    NUMBER OF
CONTRACTS		     EXPIRATION
DATE		      TRADING
CURRENCY		      NOTIONAL
AMOUNT ($)		     VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  
Long Contracts             
Euro Schatz      1,303       12/2024        EUR        155,398       52  
U.S. Treasury 2 Year Note      655       12/2024        USD        136,243       156  
U.S. Treasury 5 Year Note      317       12/2024        USD        34,764       69  
U.S. Treasury 10 Year Note      433       12/2024        USD        49,519       (36 ) 
U.S. Treasury Long Bond      52       12/2024        USD        6,473       (15 ) 
            

 

 

  
               226  
            

 

 

  
Short Contracts             
Euro BOBL      (104 )      12/2024        EUR        (13,806 )      (92 ) 
Euro Bund      (152 )      12/2024        EUR        (22,665 )      (164 ) 
Euro Buxl      (39 )      12/2024        EUR        (5,889 )      (27 ) 
U.S. Treasury 5 Year Note      (205 )      12/2024        USD        (22,551 )      25  
U.S. Treasury Long Bond      (45 )      12/2024        USD        (5,612 )      24  
U.S. Treasury Ultra Bond      (31 )      12/2024        USD        (4,153 )      27  
            

 

 

  
               (207 ) 
            

 

 

  
Total unrealized appreciation (depreciation)                19  
            

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Forward foreign currency exchange contracts outstanding as of September 30, 2024:

 

CURRENCY PURCHASED

     

CURRENCY SOLD

     

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  
BRL      4,358      USD      799      Citibank, NA    10/02/2024      1  
BRL      797      USD      146      Citibank, NA    10/02/2024      — (h) 
USD      631      EUR      564      Bank of America, NA    10/02/2024      3  
USD      15,589      EUR      13,991      Bank of America, NA    10/02/2024      15  
USD      14,987      EUR      13,435      Bank of America, NA    10/02/2024      32  
USD      2,587      EUR      2,314      Bank of America, NA    10/02/2024      11  
USD      3,792      EUR      3,401      Barclays Bank plc    10/02/2024      6  
USD      1,391      EUR      1,248      Citibank, NA    10/02/2024      1  
USD      63,132      EUR      56,647      Morgan Stanley & Co.    10/02/2024      76  
TRY      261,989      USD      7,493      Barclays Bank plc    10/16/2024      53  
EUR      17,400      USD      19,056      Citibank, NA    10/17/2024      326  
EUR      5,239      USD      5,736      Citibank, NA    10/17/2024      100  
USD      5,587      EUR      4,989      Citibank, NA    10/17/2024      30  
USD      4,803      EUR      4,296      Citibank, NA    10/17/2024      18  
EUR      5,300      USD      5,802      Citibank, NA    10/17/2024      101  
EUR      27,500      USD      30,603      Citibank, NA    10/17/2024      29  
USD      5,075      EUR      4,539      Citibank, NA    10/17/2024      19  
USD      4,173      EUR      3,743      Citibank, NA    10/17/2024      4  
GBP      7,400      USD      9,645      Citibank, NA    10/17/2024      248  
USD      401      CZK      9,051      Bank of America, NA    10/18/2024      1  
CZK      4,007      USD      171      Barclays Bank plc    10/18/2024      6  
CZK      6,288      USD      269      Barclays Bank plc    10/18/2024      8  
INR      600      USD      7      Citibank, NA    10/24/2024      — (h) 
INR      557      USD      7      Citibank, NA    10/24/2024      — (h) 
INR      591      USD      7      Citibank, NA    10/24/2024      — (h) 
INR      591      USD      7      Citibank, NA    10/24/2024      — (h) 
INR      288      USD      3      Citibank, NA    10/24/2024      — (h) 
INR      872      USD      10      Citibank, NA    10/24/2024      — (h) 
BRL      40,647      USD      7,239      Citibank, NA    11/04/2024      192  
USD      136,999      EUR      122,550      Barclays Bank plc    11/04/2024      381  
USD      2,581      EUR      2,314      Goldman Sachs International    11/05/2024      1  
USD      2,634      GBP      1,968      HSBC Bank plc    11/05/2024      3  
EGP      151,678      USD      3,048      Citibank, NA    11/12/2024      40  
TRY      27,169      USD      744      Barclays Bank plc    11/27/2024      2  
EGP      251,500      USD      5,000      Bank of America, NA    12/03/2024      76  
EGP      90,037      USD      1,790      Citibank, NA    12/03/2024      27  
EGP      266,325      USD      5,300      Morgan Stanley & Co.    12/03/2024      75  
TRY      93,039      USD      2,480      Barclays Bank plc    12/13/2024      33  
EGP      132,902      USD      2,645      Citibank, NA    12/18/2024      18  
EGP      84,781      USD      1,679      Citibank, NA    12/18/2024      20  
USD      45      EUR      40      BNP Paribas    12/18/2024      — (h) 
USD      56      EUR      50      Morgan Stanley & Co.    12/18/2024      — (h) 
USD      34,987      MXN      685,476      Barclays Bank plc    12/18/2024      593  
USD      1,583      MXN      31,135      Morgan Stanley & Co.    12/18/2024      21  
USD      1,964      MXN      38,503      Morgan Stanley & Co.    12/18/2024      32  
TRY      64,477      USD      1,717      Barclays Bank plc    12/20/2024      11  
EGP      46,781      USD      920      Citibank, NA    12/26/2024      14  
TRY      206,992      USD      5,439      Barclays Bank plc    01/06/2025      14  
                 

 

 

  
Total unrealized appreciation         2,641  
                 

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of September 30, 2024 (continued):

 

CURRENCY PURCHASED

     

CURRENCY SOLD

     

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  
USD      928      BRL      5,155      Citibank, NA    10/02/2024      (18 ) 
USD      18,029      EUR      16,348      Bank of America, NA    10/02/2024      (169 ) 
EUR      122,550      USD      136,813      Barclays Bank plc    10/02/2024      (396 ) 
USD      3,379      EUR      3,039      Citibank, NA    10/02/2024      (3 ) 
USD      14,255      EUR      12,834      Citibank, NA    10/02/2024      (31 ) 
USD      1,156      EUR      1,043      Citibank, NA    10/02/2024      (5 ) 
EUR      2,314      USD      2,577      Goldman Sachs International    10/02/2024      (1 ) 
EUR      50      USD      56      Morgan Stanley & Co.    10/02/2024      (— )(h) 
USD      183      GBP      139      Barclays Bank plc    10/02/2024      (2 ) 
GBP      1,968      USD      2,634      HSBC Bank plc    10/02/2024      (3 ) 
USD      202      GBP      154      Morgan Stanley & Co.    10/02/2024      (3 ) 
USD      2,598      GBP      1,968      Morgan Stanley & Co.    10/02/2024      (33 ) 
USD      2,605      PEN      9,940      Citibank, NA    10/11/2024      (76 ) 
USD      1,766      PEN      6,647      Bank of America, NA    10/16/2024      (27 ) 
USD      4,152      EUR      3,783      Citibank, NA    10/17/2024      (61 ) 
USD      3,671      EUR      3,313      Citibank, NA    10/17/2024      (19 ) 
USD      13,044      EUR      11,925      Citibank, NA    10/17/2024      (239 ) 
USD      236,878      EUR      217,676      Citibank, NA    10/17/2024      (5,587 ) 
USD      3,294      EUR      3,025      Citibank, NA    10/17/2024      (76 ) 
USD      5,330      EUR      4,800      Citibank, NA    10/17/2024      (17 ) 
EUR      14,300      USD      15,970      Citibank, NA    10/17/2024      (41 ) 
USD      236,889      EUR      217,739      Citibank, NA    10/17/2024      (5,646 ) 
USD      236,788      EUR      217,613      Citibank, NA    10/17/2024      (5,606 ) 
USD      4,798      EUR      4,406      Citibank, NA    10/17/2024      (110 ) 
USD      4,259      EUR      3,917      Citibank, NA    10/17/2024      (104 ) 
USD      252,515      EUR      232,107      Citibank, NA    10/17/2024      (6,024 ) 
USD      4,967      EUR      4,604      Citibank, NA    10/17/2024      (162 ) 
USD      3,191      EUR      2,903      Citibank, NA    10/17/2024      (43 ) 
USD      5,800      EUR      5,300      Citibank, NA    10/17/2024      (104 ) 
USD      3,334      EUR      3,043      Citibank, NA    10/17/2024      (56 ) 
USD      236,139      EUR      217,047      Citibank, NA    10/17/2024      (5,625 ) 
USD      3,415      EUR      3,126      Citibank, NA    10/17/2024      (67 ) 
USD      7,043      EUR      6,424      Citibank, NA    10/17/2024      (113 ) 
USD      10,863      EUR      9,980      Citibank, NA    10/17/2024      (253 ) 
USD      236,077      EUR      216,984      Citibank, NA    10/17/2024      (5,617 ) 
USD      5,618      GBP      4,250      Citibank, NA    10/17/2024      (64 ) 
USD      4,274      GBP      3,250      Citibank, NA    10/17/2024      (71 ) 
USD      3,212      GBP      2,461      Citibank, NA    10/17/2024      (78 ) 
USD      3,347      GBP      2,504      Citibank, NA    10/17/2024      (— )(h) 
USD      4,306      GBP      3,300      Citibank, NA    10/17/2024      (106 ) 
USD      2,553      GBP      1,975      Citibank, NA    10/17/2024      (87 ) 
USD      6,748      GBP      5,250      Citibank, NA    10/17/2024      (271 ) 
USD      251,203      GBP      195,802      Citibank, NA    10/17/2024      (10,573 ) 
USD      3,204      GBP      2,500      Citibank, NA    10/17/2024      (139 ) 
USD      5,341      GBP      4,000      Citibank, NA    10/17/2024      (7 ) 
USD      3,580      GBP      2,766      Citibank, NA    10/17/2024      (118 ) 
USD      248      CZK      5,756      Morgan Stanley & Co.    10/18/2024      (6 ) 
INR      908      USD      11      Citibank, NA    10/24/2024      (— )(h) 
NGN      377,428      USD      225      Citibank, NA    10/29/2024      (4 ) 
NGN      950,913      USD      564      Bank of America, NA    10/31/2024      (8 ) 
USD      799      BRL      4,373      Citibank, NA    11/04/2024      (1 ) 

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of September 30, 2024 (continued):

 

CURRENCY PURCHASED

     

CURRENCY SOLD

     

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  
NGN      1,313,305      USD      785      Bank of America, NA    11/18/2024      (26 ) 
NGN      1,462,720      USD      896      Bank of America, NA    11/18/2024      (50 ) 
KZT      425,700      USD      879      Barclays Bank plc    11/19/2024      (4 ) 
KZT      360,307      USD      743      Citibank, NA    11/19/2024      (2 ) 
TRY      105,765      USD      2,909      Barclays Bank plc    11/29/2024      (9 ) 
USD      95,116      EUR      85,193      UBS AG LONDON    12/18/2024      (19 ) 
USD      222      GBP      168      Morgan Stanley & Co.    12/18/2024      (3 ) 
USD      43      GBP      33      UBS AG LONDON    12/18/2024      (1 ) 
USD      18,188      GBP      13,861      UBS AG LONDON    12/18/2024      (340 ) 
USD      2,007      MXN      40,288      Barclays Bank plc    12/18/2024      (14 ) 
USD      435      MXN      8,725      Citibank, NA    12/18/2024      (3 ) 
KZT      357,008      USD      733      Citibank, NA    12/24/2024      (6 ) 
KZT      376,398      USD      774      Citibank, NA    12/31/2024      (9 ) 
                 

 

 

  
Total unrealized depreciation         (48,356 ) 
                 

 

 

  
Net unrealized appreciation (depreciation)         (45,715 ) 
                 

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2024:

 

FLOATING RATE INDEX (a)

    FIXED RATE      PAY/RECEIVE
FLOATING
RATE		      MATURITY
DATE		      NOTIONAL
AMOUNT		      UPFRONT
PAYMENTS
(RECEIPTS)
($)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		     VALUE
($)		  

Brazil Cetip DI Interbank Deposite 1 Year

      0.00% maturity        Receive        01/04/2027      BRL 50,600        —       193       193  

Brazil Cetip DI Interbank Deposite 1 Year

      0.00% maturity        Pay        01/04/2027      BRL 85,200        —       (887 )      (887 ) 

Brazil Cetip DI Interbank Deposite 1 Year

      0.00% maturity        Pay        01/04/2027      BRL 45,000        —       (104 )      (104 ) 

Brazil Cetip DI Interbank Deposite 1 Year

      0.00% maturity        Pay        01/04/2027      BRL 3,500        —       (8 )      (8 ) 

Czech Interbank Offered Rates 6 Month

      3.53% annually        Pay        07/15/2029      CZK 241,300        112       60       172  

ICE LIBOR EUR 6 Month

      2.50% annually        Pay        03/19/2030      EUR 10,000        (123 )      (72 )      (195 ) 

ICE LIBOR EUR 6 Month

      2.50% annually        Pay        03/19/2035      EUR 16,561        183       113       296  

ICE LIBOR EUR 6 Month

      2.25% annually        Receive        03/19/2055      EUR 3,905        (24 )      19       (5 ) 

SONIA Interest Rate Benchmark

      4.00% annually        Pay        09/18/2029      GBP 35,650        827       (53 )      774  

United States SOFR

      3.75% annually        Receive        06/20/2029      USD 2,100        5       (39 )      (34 ) 

United States SOFR

      3.75% annually        Pay        12/18/2029      USD 21,100        45       485       530  

United States SOFR

      3.75% annually        Receive        12/18/2029      USD 43,600        1,082       14       1,096  

United States SOFR

      3.75% annually        Pay        06/20/2034      USD 1,300        12       28       40  

United States SOFR

      3.75% annually        Pay        06/20/2034      USD 29,800        (311 )      1,213       902  

United States SOFR

      3.75% annually        Receive        12/18/2034      USD 7,100        294       (28 )      266  

United States SOFR

      3.75% annually        Receive        06/20/2039      USD 700        39       (62 )      (23 ) 

United States SOFR

      3.50% annually        Pay        06/20/2054      USD 18,600        (374 )      888       514  

United States SOFR

      3.50% annually        Receive        12/18/2054      USD 5,300        (163 )      (35 )      (198 ) 

United States SOFR

      3.50% annually        Receive        12/18/2054      USD 6,700        80       (331 )      (251 ) 
              

 

 

    

 

 

    

 

 

  
Total                  1,684       1,394       3,078  
              

 

 

    

 

 

    

 

 

  

 

(a)

Value of floating rate index as of September 30, 2024 was as follows:

 

FLOATING RATE INDEX

       
Brazil Cetip DI Interbank Deposite 1 Year      10.65%  
Czech Interbank Offered Rates 6 Month      3.94%  
ICE LIBOR EUR 6 Month      3.11%  
SONIA Interest Rate Benchmark      4.95%  
United States SOFR      4.96%  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

OTC Credit Default Swaps contracts outstanding — sell protection (1) as of September 30, 2024:

 

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
($)		  

State of Israel, 2.88%, 03/16/2026

     1.00       quarterly     Citibank, NA     06/20/2025       0.89     USD 200       — (h)      (—) (h)      — (h) 

CMA CGM SA, 7.50%, 01/15/2026

     5.00       quarterly     Goldman Sachs     06/20/2026       0.99     EUR 10       1       (—) (h)      1  

Adler Real Estate, 3.00%, 04/27/2026

     5.00       quarterly     Goldman Sachs     06/20/2026       5.50     EUR 100       (3 )      3       — (h) 

CMA CGM SA, 7.50%, 01/15/2026

     5.00       quarterly     Goldman Sachs     06/20/2027       1.33     EUR 70       2       5       7  

CMA CGM SA, 7.50%, 01/15/2026

     5.00       quarterly     Barclays Bank plc     06/20/2027       1.33     EUR 49       2       4       6  

State of Israel, 2.88%, 03/16/2026

     1.00       quarterly     Citibank, NA     06/20/2027       1.20     USD 4,600       (26 )      4       (22 ) 

Adler Real Estate AG, 2.13%, 02/06/2024

     5.00       quarterly     Bank of America, NA     12/20/2027       4.93     EUR 200       (50 )      50       — (h) 

Forvia SA, Reg. S, 3.13%, 06/15/2026

     5.00       quarterly     Barclays Bank plc     06/20/2029       3.30     EUR 127       16       (6 )      10  

Forvia SA, Reg. S, 3.13%, 06/15/2026

     5.00       quarterly     Goldman Sachs     06/20/2029       3.30     EUR 100       12       (4 )      8  

Intrum AB, 4.88%, 08/15/2025

     5.00       quarterly     Goldman Sachs     06/20/2029       29.07     EUR 59       (16 )      2       (14 ) 

Intrum AB, 4.88%, 08/15/2025

     5.00       quarterly     Goldman Sachs     06/20/2029       29.07     EUR 39       (9 )      (—) (h)      (9 ) 

China Government International Bond, 7.50%, 10/28/2027

     1.00       quarterly     Morgan Stanley Capital Service     06/20/2029       0.55     USD 1,100       20       1       21  

China Government International Bond, 7.50%, 10/28/2027

     1.00       quarterly     Morgan Stanley Capital Service     12/20/2029       0.60     USD 1,100       20       1       21  

Saudi International Bond, 4.75%, 01/16/2030

     1.00       quarterly     Barclays Bank Plc Wholesale     12/20/2029       0.62     USD 13,100       256       (17 )      239  

China Government International Bond, 7.50%, 10/28/2027

     1.00       quarterly     Morgan Stanley Capital Service     12/20/2029       0.60     USD 8,300       153       8       161  

Saudi International Bond, 4.75%, 01/16/2030

     1.00       quarterly     Morgan Stanley Capital Service     12/20/2029       0.62     USD 8,300       160       (9 )      151  
             

 

 

    

 

 

    

 

 

  

Total

                 538       42       580  
             

 

 

    

 

 

    

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

OTC Credit Default Swaps contracts outstanding — buy protection (2) as of September 30, 2024:

 

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
($)		  

Morocco Government International Bond, 3.00%, 12/15/2032

     1.00       quarterly      
 Barclays Bank
Plc Wholesale		  
 		     06/20/2029       0.82     USD 2,700       —       (21 )      (21 ) 

United Mexican States, 4.14%, 03/28/2027

     1.00       quarterly      
 Morgan Stanley
Capital Service		  
 		     06/20/2029       1.10     USD 3,400       25       (12 )      13  

Republic of Panama, 8.88%, 09/30/2027

     1.00       quarterly      
 Barclays Bank
Plc Wholesale		  
 		     06/20/2029       1.45     USD 1,200       39       (16 )      23  

Republic of Panama, 8.88%, 09/30/2027

     1.00       quarterly      
 Bank of
America, NA		  
 		     06/20/2029       1.45     USD 1,100       26       (5 )      21  

China Government International Bond, 7.50%, 10/28/2027

     1.00       quarterly      
 Morgan Stanley
Capital Service		  
 		     06/20/2029       0.55     USD 1,100       (21 )      (—) (h)      (21 ) 

Korea International Bond, 2.75%, 01/19/2027

     1.00       quarterly      
 Morgan Stanley
Capital Service		  
 		     12/20/2029       0.32     USD 900       (30 )      (—) (h)      (30 ) 

Matterhorn Telecom SA, Reg. S, 4.00%, 11/15/2027

     5.00       quarterly       Goldman Sachs       12/20/2029       2.28     EUR 226       (31 )      (2 )      (33 ) 

Korea International Bond, 2.75%, 01/19/2027

     1.00       quarterly      
 Morgan Stanley
Capital Service		  
 		     12/20/2029       0.32     USD 5,000       (165 )      — (h)      (165 ) 

Korea International Bond, 2.75%, 01/19/2027

     1.00       quarterly      
 Barclays Bank
Plc Wholesale		  
 		     12/20/2029       0.32     USD 1,850       (61 )      — (h)      (61 ) 

Saudi Government International Bond, 4.00%, 04/17/2025

     1.00       quarterly      
 Barclays Bank
Plc Wholesale		  
 		     06/20/2034       0.93     USD 8,500       (94 )      42       (52 ) 

Saudi Government International Bond, 4.00%, 04/17/2025

     1.00       quarterly      
 Morgan Stanley
Capital Service		  
 		     06/20/2034       0.93     USD 5,200       (58 )      27       (31 ) 
             

 

 

    

 

 

    

 

 

  

Total

                 (370 )      13       (357 ) 
             

 

 

    

 

 

    

 

 

  

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 (1) as of September 30, 2024:

 

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.EM.40 12/28      1.00        quarterly        12/20/2028        1.40        USD        2,200        (73 )      40       (33 ) 
CDX.NA.IG.41-V1      1.00        quarterly        12/20/2028        0.42        USD        820        8       11       19  
CDX.EM HY.40 12/28      1.00        quarterly        12/20/2028        2.45        USD        15,600        (1,417 )      583       (834 ) 
CDX.NA.HY.42 06/29      5.00        quarterly        06/20/2029        3.07        USD        96,295        6,107       1,432       7,539  
CDX.EM.41 06/29      1.00        quarterly        06/20/2029        1.53        USD        700        (27 )      11       (16 ) 
CDX.NA.IG.42-V1      1.00        quarterly        06/20/2029        0.48        USD        8,726        181       18       199  
CDX.EM.42 12/29      1.00        quarterly        12/20/2029        1.63        USD        800        (24 )      1       (23 ) 
ITRX EUR XOVER 12/29      5.00        quarterly        12/20/2029        3.11        EUR        17,400        1,637       (4 )      1,633  
CDX.NA.HY.43 12/29      5.00        quarterly        12/20/2029        3.32        USD        132,500        9,747       36       9,783  
                    

 

 

    

 

 

    

 

 

  
Total                        16,139       2,128       18,267  
                    

 

 

    

 

 

    

 

 

  

 

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 SEPTEMBER 30, 2024

 

CDX    —   Credit Default Swap Index
CLO    —   Collateralized Loan Obligations
CMT    —   Constant Maturity Treasury
EURIBOR    —   Euro Interbank Offered Rate
FHLMC    —   Federal Home Loan Mortgage Corp.
FNMA    —   Federal National Mortgage Association
ICE    —   Intercontinental Exchange
LIBOR    —   London Interbank Offered Rate
OYJ    —   Public Limited Company
PIK    —   Payment in Kind
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 September 30, 2024.
(a)    —   Non-income producing security.
(c)    —   All or a portion of this security is held by the Six Circles Credit Opportunities Fund (Cayman) Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands.
(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 September 30, 2024.
(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 September 30, 2024. 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 September 30, 2024.
(z)    —   Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2024.
(aa)    —   Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2024
(bb)    —   Security has been valued using significant unobservable inputs.

Six Circles Credit Opportunities Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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)

 

(cc)    —   Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
(ee)    —   Approximately $12,307 of these investments are restricted as collateral for swaps to various brokers.
(ff)    —   Approximately $795 of these investments are restricted as collateral for futures to Citigroup Global Markets, Inc.
(ii)    —   Approximately $335 of these investments are restricted as collateral for forwards to various brokers.
*    —   The cost of securities is substantially the same for federal income tax purposes.
BRL    —   Brazilian Real
CAD    —   Canadian Dollar
CHF    —   Swiss Franc
CZK    —   Czech Koruna
EGP    —   Egyptian Pound
EUR    —   Euro
GBP    —   British Pound
INR    —   Indian Rupee
JPY    —   Japanese Yen
KZT    —   Kazakhstani Tenge
MXN    —   Mexican Peso
NGN    —   Nigerian Naira
PEN    —   Peruvian Nuevo Sol
PYG    —   Paraguayan Guarani
TRY    —   Turkish Lira
USD    —   United States Dollar

Six Circles Multi-Strategy Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
 AMOUNT ($) 

      VALUE ($)   
Long Positions — 83.0%     

Asset-Backed Securities — 12.6%

    
BBAM European CLO I DAC, Series 1A, Class AR, 4.56%, 07/22/2034 (e) (z)    EUR 250       277  
Carvana Auto Receivables Trust,     
Series 2024-N3, Class A2, 4.84%, 12/10/2027 (e)      240       240  
Series 2024-N3, Class A3, 4.53%, 01/10/2029 (e)      240       240  
Series 2024-N3, Class B, 4.67%, 12/10/2030 (e)      240       240  
Series 2024-N3, Class C, 4.90%, 12/10/2030 (e)      240       240  
Dryden Euro CLO, Series 2020-74A, Class A, 4.67%, 04/18/2033 (e) (z)    EUR 250       278  
GM Financial Automobile Leasing Trust, Series 2024-3, Class A2A, 4.29%, 01/20/2027 (w)      120       120  
LCM Ltd., (Cayman Islands), Series 31A, Class AR, (CME Term SOFR 3 Month + 1.28%), 6.56%, 07/20/2034 (e) (aa)      250       250  
PK ALIFT Loan Funding 4 LP, (Cayman Islands), Series 2024-2, Class A, 5.05%, 10/15/2039 (e) (w)      240       240  
PRET LLC,     
Series 2022-RN1, Class A1, SUB, 3.72%, 07/25/2051 (e)      365       362  
Series 2022-RN2, Class A1, SUB, 5.00%, 06/25/2052 (e)      408       403  
Providus CLO II DAC, Series 2A, Class ARR, 4.34%, 10/15/2038 (e) (z)    EUR 250       278  
    

 

 

  
Total Asset-Backed Securities
(Cost $3,174)		        3,168  
    

 

 

  

Collateralized Mortgage Obligations — 26.4%

    
FHLMC REMICS,     
Series 5010, Class IK, IO, 2.50%, 09/25/2050      62       9  
Series 5010, Class JI, IO, 2.50%, 09/25/2050      224       36  
Series 5013, Class IN, IO, 2.50%, 09/25/2050      76       12  
Series 5059, Class IB, IO, 2.50%, 01/25/2051      706       113  
Series 5069, Class MI, IO, 2.50%, 02/25/2051      566       85  
Series 5071, Class IH, IO, 2.50%, 02/25/2051      623       78  
Series 5274, Class IO, IO, 2.50%, 01/25/2051      624       103  
FHLMC Strips, Series 362, Class C4, IO, 3.00%, 12/15/2047      8,840       1,430  
FNMA REMICS,     
Series 2020-89, Class DI, IO, 2.50%, 12/25/2050      1,599       242  
Series 2021-3, Class NI, IO, 2.50%, 02/25/2051      693       99  
GNMA,     
Series 2016-H24, Class KF, (CME Term SOFR 1 Year + 0.97%), 6.40%, 11/20/2066 (aa)      386       387  
Series 2017-H16, Class F, (CME Term SOFR 1 Year + 0.77%), 5.82%, 08/20/2067 (aa)      226       227  
Series 2018-H09, Class FA, (CME Term SOFR 1 Year + 1.22%), 6.47%, 04/20/2068 (aa)      470       480  
Series 2021-H05, Class AF, (United States 30 Day Average SOFR + 1.50%), 6.85%, 03/20/2071 (aa)      995       1,008  
Series 2022-H11, Class FE, (United States 30 Day Average SOFR + 0.78%), 6.13%, 05/20/2072 (aa)      909       904  
Series 2022-H16, Class FB, (United States 30 Day Average SOFR + 0.90%), 6.25%, 08/20/2072 (aa)      935       936  
Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM3, Class A1, 5.04%, 07/25/2069 (e) (z)      240       240  
PRPM, Series 2024-NQM3, Class A1, SUB, 5.23%, 08/25/2069 (e)      120       120  
RCKT Mortgage Trust, Series 2024-CES7, Class A1A, SUB, 5.16%, 10/25/2044 (e)      120       120  
    

 

 

  
Total Collateralized Mortgage Obligations
(Cost $6,607)		        6,629  
    

 

 

  

Six Circles Multi-Strategy Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 — 31.7%

    
FNMA or FHLMC, Single Family, 30 years,     
TBA, 4.00%, 10/01/2054 (w)      1,450       1,391  
TBA, 4.50%, 10/01/2054 (w)      1,000       983  
TBA, 5.50%, 11/01/2050 (w)      1,000       1,012  
TBA, 6.00%, 11/01/2054 (w)      1,500       1,534  
TBA, 6.50%, 11/01/2041 (w)      2,000       2,061  
TBA, 7.00%, 10/01/2054 (w)      500       519  
GNMA, Single Family, 30 years,     
TBA, 3.00%, 10/01/2054 (w)      250       228  
TBA, 4.50%, 10/01/2054 (w)      250       247  
    

 

 

  
Total Mortgage-Backed Securities
(Cost $7,999)		        7,975  
    

 

 

  

Loan Assignments — 12.3% (o)

     

Basic Materials — 0.8%

     
Chemicals — 0.4%     
Medline Borrower, LP, Refinancing Term Loan, (CME Term SOFR 1 Month + 2.75%), 0.00%, 10/23/2028 (u) (aa)      100       100  
    

 

 

  

Mining — 0.4%

     
Allied Universal Holdco LLC, Initial U.S. Dollar Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.70%, 05/12/2028 (u) (aa)      100       99  
    

 

 

  
Total Basic Materials        199  
    

 

 

  

Communications — 0.4%

     

Telecommunications — 0.4%

     
Iridium Communications Inc., Term B-4 Loan, (CME Term SOFR 1 Month + 2.25%), 7.10%, 09/20/2030 (u) (aa)      100       98  
    

 

 

  

Consumer, Cyclical — 2.4%

     

Airlines — 0.8%

     
AAdvantage Loyalty IP Ltd., Initial Term Loan, (CME Term SOFR 3 Month + 4.75%), 10.29%, 04/20/2028 (u) (aa)      95       98  
Envestnet, Inc., Term Loan, (CME Term SOFR 1 Month + 3.50%), 0.00%, 09/19/2031 (u) (aa)      100       99  
    

 

 

  
       197  
    

 

 

  

Entertainment — 0.8%

     
Asurion LLC, New B-11 Term Loan, (CME Term SOFR 1 Month + 4.25%), 0.00%, 08/19/2028 (u) (aa)      100       99  
UFC Holdings LLC, Term B-3 Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 0.00%, 04/29/2026 (u) (aa)      100       100  
    

 

 

  
       199  
    

 

 

  

Retail — 0.8%

     
Insulet Corp., 2024-A Incremental Term Loan, (CME Term SOFR 1 Month + 2.50%), 0.00%, 08/04/2031 (u) (aa)      100       100  
IRB Holding Corp., 2024 Replacement Term B Loan, (CME Term SOFR 1 Month + 2.75%), 7.70%, 12/15/2027 (u) (aa)      100       100  
    

 

 

  
       200  
    

 

 

  
Total Consumer, Cyclical        596  
    

 

 

  

Six Circles Multi-Strategy Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     

Consumer, Non-cyclical — 2.0%

     

Commercial Services — 0.8%

     
Nouryon Finance BV, 2024 B-2 Dollar Term Loan, (Netherlands), (CME Term SOFR 6 Month + 3.50%), 7.78%, 04/03/2028 (u) (aa)      100       100  
Wand Newco 3, Inc., Tranche B-1 Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.85%, 01/30/2031 (u) (aa)      100       100  
    

 

 

  
       200  
    

 

 

  

Healthcare—Products — 0.4%

     
Hub International Ltd.,2024-1 Incremental Term Loan, (CME Term SOFR 3 Month + 3.00%), 8.26%, 06/20/2030 (u) (aa)      100       100  
    

 

 

  

Healthcare—Services — 0.8%

     
LifePoint Health, Inc., 2024 Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 8.96%, 05/17/2031 (u) (aa)      100       100  
Parexel International, Inc., Fifth Amendment Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.85%, 11/15/2028 (u) (aa)      100       100  
    

 

 

  
       200  
    

 

 

  
Total Consumer, Non-cyclical        500  
    

 

 

  

Financial — 2.4%

     

Diversified Financial Services — 0.4%

     
Filtration Group Corp., 2021 Incremental Term Loan, (CME Term SOFR 1 Month + 3.50%), 8.46%, 10/21/2028 (u) (aa)      100       100  
    

 

 

  

Insurance — 2.0%

     
Arsenal AIC Parent LLC, 2024-A Refinancing Term B Loan, (CME Term SOFR 1 Month + 3.25%), 8.10%, 08/18/2030 (u) (aa)      100       100  
Ascend Learning LLC, Initial Term Loan (2021) (First Lien), (CME Term SOFR 1 Month + 3.50%), 8.45%, 12/11/2028 (u) (aa)      100       99  
AssuredPartners, Inc., 2024 Term Loan, (CME Term SOFR 3 Month + 3.50%), 8.35%, 02/14/2031 (u) (aa)      100       100  
HighTower Holding LLC, Amendment No. 7 Term Loan, (CME Term SOFR 3 Month + 3.50%), 8.75%, 08/21/2028 (u) (aa)      100       100  
Truist Insurance Holdings LLC, Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.85%, 05/06/2031 (u) (aa)      100       100  
    

 

 

  
       499  
    

 

 

  
Total Financial        599  
    

 

 

  

Industrial — 1.3%

     

Aerospace/Defense — 0.8%

     
Charter Next Generation, Inc., Initial Term Loan (2024) (First Lien), (CME Term SOFR 1 Month + 3.25%), 8.10%, 12/01/2027 (u) (aa)      100       100  
Cloud Software Group, Inc., Third Amendment Term Loan (First Lien), (CME Term SOFR 3 Month + 4.50%), 9.10%, 03/21/2031 (u) (aa)      100       100  
    

 

 

  
       200  
    

 

 

  

Machinery—Diversified — 0.1%

     
Dynasty Acquisition Co., Inc., 2024 Specified Refinancing Term B-2 Loan, (CME Term SOFR 1 Month + 3.50%), 0.00%, 08/24/2028 (u) (aa)      28       28  
    

 

 

  

Packaging & Containers — 0.4%

     
Boost Newco Borrower LLC, USD Term B-1 Loan, (CME Term SOFR 3 Month + 2.50%), 0.00%, 01/31/2031 (u) (aa)      100       100  
    

 

 

  
Total Industrial        328  
    

 

 

  

Six Circles Multi-Strategy Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

     

Technology — 2.7%

     

Software — 2.7%

     
Applied Systems, Inc., Tranche B-1 Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 7.60%, 02/24/2031 (u) (aa)      100       100  
Caesars Entertainment, Inc., 2023 Incremental Term B Loan, (CME Term SOFR 1 Month + 2.75%), 7.60%, 02/06/2030 (u) (aa)      100       100  
Dynasty Acquisition Co., Inc., 2024 Specified Refinancing Term B-1 Loan, (CME Term SOFR 1 Month + 3.50%), 8.35%, 08/24/2028 (u) (aa)      72       72  
Ellucian Holdings, Inc., Term B-1 Loan (First Lien), (CME Term SOFR 1 Month + 3.50%), 8.45%, 10/09/2029 (u) (aa)      100       100  
Engineered Machinery Holdings, Inc., Incremental Amendment No. 5 Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 0.00%, 05/19/2028 (u) (aa)      100       100  
Epicor Software Corp., 2024 Delayed Draw Term Loan, (CME Term SOFR 1 Month + 3.25%), 3.25%, 05/30/2031 (u) (aa)      11       10  
Epicor Software Corp., Term E Loan, (CME Term SOFR 1 Month + 3.25%), 8.10%, 05/30/2031 (u) (aa)      89       90  
UKG Inc., 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 8.55%, 02/10/2031 (u) (aa)      100       100  
    

 

 

  
Total Technology        672  
    

 

 

  

Utilities — 0.4%

     

Electric — 0.4%

     
Talen Energy Supply LLC, Initial Term B Loan, (CME Term SOFR 3 Month + 3.50%), 0.00%, 05/17/2030 (u) (aa)      65       65  
Talen Energy Supply LLC, Initial Term C Loan, (CME Term SOFR 3 Month + 3.50%), 0.00%, 05/17/2030 (u) (aa)      35       35  
    

 

 

  
Total Utilities        100  
    

 

 

  
Total Loan Assignments
(Cost $3,101)		        3,092  
    

 

 

  

Short-Term Investments — 63.7%

    

Time Deposits — 51.0%

     
Citibank NA, 4.18%, 10/01/2024      5,208       5,208  
Sumitomo Mitsui Banking Corp., 4.18%, 10/01/2024      7,611       7,611  
    

 

 

  
Total Time Deposits        12,819  
    

 

 

  

U.S. Government Agency Security — 2.0%

     
FHLB, Zero Coupon, 10/01/2024      500       500  
    

 

 

  

U.S. Treasury Obligation — 10.7%

     
U.S. Treasury Bill, 4.74%, 10/31/2024 (n)      2,700       2,689  
    

 

 

  
Total Short-Term Investments
(Cost $16,008)		        16,008  
    

 

 

  

Total Investments, Before Short Positions — 146.7%

(Cost—$36,889)*

        36,872  

Liabilities in Excess of Other Assets — (46.7)%

        (11,745 ) 
    

 

 

  

NET ASSETS — 100.0%

      $ 25,127  
    

 

 

  

Six Circles Multi-Strategy Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

   

PRINCIPAL
 AMOUNT ($) 

      VALUE ($)   

Short Positions — 2.0%

     

Mortgage-Backed Securities — 2.0%

     
FNMA or FHLMC, Single Family, 30 years,     
TBA, 2.50%, 10/01/2052 (w)      300       259  
TBA, 3.50%, 10/01/2054 (w)      250       232  
    

 

 

  
Total Mortgage-Backed Securities
(Proceeds $495)		        491  
    

 

 

  

Total Securities Sold Short— 2.0%

(Proceeds $495) *

        491  
    

 

 

  

 

Percentages indicated are based on net assets.

Six Circles Multi-Strategy Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Futures contracts outstanding as of September 30, 2024:

Exchange Traded

 

DESCRIPTION

    NUMBER OF
CONTRACTS		     EXPIRATION
DATE		      TRADING
CURRENCY		      NOTIONAL
AMOUNT ($)		     VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  
Long Contracts             
E-mini Russell 2000 Index      3       12/2024        USD        335       3  
MSCI EAFE Index      10       12/2024        USD        1,214       30  
MSCI Emerging Markets Index      9       12/2024        USD        494       33  
NASDAQ 100 E-mini Index      2       12/2024        USD        783       27  
S&P MidCap 400 E-mini Index      2       12/2024        USD        621       9  
SOFR 3 Month      33       03/2026        USD        8,011       (6 ) 
U.S. Dollar Index      26       12/2024        USD        2,604       9  
            

 

 

  
               105  
            

 

 

  
Short Contracts             
U.S. Treasury Long Bond      (10 )      12/2024        USD        (1,261 )      19  
            

 

 

  
Total unrealized appreciation (depreciation)                124  
            

 

 

  

Forward foreign currency exchange contracts outstanding as of September 30, 2024:

 

CURRENCY PURCHASED

     

  CURRENCY SOLD  

     

COUNTERPARTY

    SETTLEMENT
DATE		    UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  
USD      564      EUR      503      Barclays Bank plc    11/04/2024      3  
                 

 

 

  
Net unrealized appreciation (depreciation)         3  
                 

 

 

  

Six Circles Multi-Strategy Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

OTC Total Return Swap contracts outstanding as of September 30, 2024:

 

REFERENCE

INDEX

   FLOATING
RATE
PAID
BY THE
FUND		     PAYMENT
FREQUENCY		     COUNTERPARTY     MATURITY
DATE		     NOTIONAL
AMOUNT		     UPFRONT
PAYMENTS
(RECEIPTS)
($)		     UNREALIZED
APPRECIATION
(DEPRECIATION)
($)		     VALUE
($)		  

iBoxx USD Liquid Leveraged Loans Total Return Index

    




 United States
SOFR
Secured
Overnight
Financing
Rate		  
 
 
 
 
 		     quarterly      

 Morgan
Stanley
& Co.		  
 
 		     12/20/2024     USD  1,800       (— )(h)      (1 )      (1 ) 
           

 

 

  
Total               (— )(h)      (1 )      (1 ) 
           

 

 

  

Six Circles Multi-Strategy Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 SEPTEMBER 30, 2024

 

CLO    —   Collateralized Loan Obligations
FHLB    —   Federal Home Loan Bank
FHLMC    —   Federal Home Loan Mortgage Corp.
FNMA    —   Federal National Mortgage Association
GNMA    —   Government National Mortgage Association
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.
REMICS    —   Real Estate Mortgage Investment Conduit
SOFR    —   Secured Overnight Financing Rate
SUB    —   Step-Up Bond. The interest rate shown is the rate in effect as of September 30, 2024.
TBA    —   To Be Announced
(e)    —   Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(h)    —   Amount rounds to less than 500 shares or principal/ $500.
(n)    —   The rate shown is the effective yield as of September 30, 2024.
(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 September 30, 2024. Unless otherwise indicated, the coupon rate is undetermined.
(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 September 30, 2024.
(aa)    —   Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2024
*    —   The cost of securities is substantially the same for federal income tax purposes.
EUR    —   Euro
USD    —   United States Dollar

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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 the 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 SEPTEMBER 30, 2024 (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 SEPTEMBER 30, 2024 (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

    $  —      $  118,615     $  —       $  118,615  

Certificates of Deposit

          

Financial

      —        1,732       —         1,732  

Collateralized Mortgage Obligations

      —        25,948       —         25,948  

Commercial Mortgage-Backed Securities

      —        22,615       —         22,615  

Corporate Bonds

          

Basic Materials

      —        4,227       —         4,227  

Communications

      —        42,960       —         42,960  

Consumer Cyclical

      —        33,400       —         33,400  

Consumer Non-cyclical

      —        36,603       —         36,603  

Energy

      —        17,792       —         17,792  

Financial

      —        136,386       —         136,386  

Industrial

      —        27,259       —         27,259  

Technology

      —        14,131       —         14,131  

Utilities

      —        13,705       —         13,705  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Corporate Bonds

      —        326,463       —         326,463  
  

 

 

    

 

 

    

 

 

     

 

 

  

Foreign Government Security

      —        505       —         505  

Mortgage-Backed Securities

      —        5,761       —         5,761  

U.S. Government Agency Securities

      —        3,397       —         3,397  

U.S. Treasury Obligations

      —        62,453       —         62,453  

Short-Term Investments

          

Certificate of Deposit

      —        4,013       —         4,013  

Commercial Papers

      —        27,683       —         27,683  

Repurchase Agreement

      —        8,000       —         8,000  

Time Deposits

      —        4,004       —         4,004  

U.S. Treasury Obligations

      —        49,210       —         49,210  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Short-Term Investments

      —        92,910       —         92,910  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ —      $ 660,399     $ —       $ 660,399  
  

 

 

    

 

 

    

 

 

     

 

 

  

Appreciation in Other Financial Instruments

          

Futures contracts

    $ 64     $ —      $ —       $ 64  

Forward Foreign Currency Exchange contracts

      —        88       —         88  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Appreciation in Other Financial Instruments

    $ 64     $ 88     $ —       $ 152  
  

 

 

    

 

 

    

 

 

     

 

 

  

Depreciation in Other Financial Instruments

          

Futures contracts

    $ (218 )    $ —      $ —       $ (218 ) 

Forward Foreign Currency Exchange contracts

      —        (489 )      —         (489 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Depreciation in Other Financial Instruments

    $ (218 )    $ (489 )    $ —       $ (707 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

    $  —      $ 65,475     $  —       $ 65,475  

Certificates of Deposit

          

Financial

      —        1,940       —         1,940  

Collateralized Mortgage Obligations

      —        21,330       —         21,330  

Commercial Mortgage-Backed Securities

      —        6,972       —         6,972  

Corporate Bonds

          

Communications

      —        2,856       —         2,856  

Consumer Cyclical

      —        15,030       —         15,030  

Consumer Non-cyclical

      —        8,763       —         8,763  

Energy

      —        776       —         776  

Financial

      —        66,098       —         66,098  

Industrial

      —        6,178       —         6,178  

Technology

      —        3,186       —         3,186  

Utilities

      —        3,140       —         3,140  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Corporate Bonds

      —        106,027       —         106,027  
  

 

 

    

 

 

    

 

 

     

 

 

  

Foreign Government Security

      —        808       —         808  

Mortgage-Backed Securities

      —        6,804       —         6,804  

Municipal Bonds

      —        497,494       —         497,494  

U.S. Government Agency Security

      —        600       —         600  

U.S. Treasury Obligation

      —        10,131       —         10,131  

Short-Term Investments

          

Municipal Bonds

      —        28,324       —         28,324  

Repurchase Agreement

      —        13,600       —         13,600  

Time Deposits

      —        22,762       —         22,762  

U.S. Treasury Obligations

      —        628       —         628  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Short-Term Investments

      —        65,314       —         65,314  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ —      $  782,895     $ —       $  782,895  
  

 

 

    

 

 

    

 

 

     

 

 

  

Appreciation in Other Financial Instruments

          

Futures contracts

    $ 88     $ —      $ —       $ 88  

Forward Foreign Currency Exchange contracts

      —        95       —         95  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Appreciation in Other Financial Instruments

    $ 88     $ 95     $ —       $ 183  
  

 

 

    

 

 

    

 

 

     

 

 

  

Depreciation in Other Financial Instruments

          

Futures contracts

    $ (209 )    $ —      $ —       $ (209 ) 

Forward Foreign Currency Exchange contracts

      —        (337 )      —         (337 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Depreciation in Other Financial Instruments

    $ (209 )    $ (337 )    $ —       $ (546 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

    $ 346,459     $ —       $ —       $ 346,459  

Communications

      4,203,993       —         —         4,203,993  

Consumer Cyclical

      2,638,528       —         —         2,638,528  

Consumer Non-cyclical

      4,280,872       —         —         4,280,872  

Energy

      756,737       —         —         756,737  

Financial

      4,081,685       —         —         4,081,685  

Industrial

      1,605,646       —         —         1,605,646  

Technology

      7,902,804       —         —         7,902,804  

Utilities

      167,589       —         —         167,589  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Common Stocks

      25,984,313       —         —         25,984,313  
  

 

 

    

 

 

     

 

 

     

 

 

  

Short-Term Investments

           

Time Deposits

      —        72,184        —         72,184  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $  25,984,313     $  72,184      $  —       $  26,056,497  
  

 

 

    

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

           

Futures contracts

    $ 1,034     $ —       $ —       $ 1,034  
  

 

 

    

 

 

     

 

 

     

 

 

  

Depreciation in Other Financial Instruments

           

Futures contracts

    $ (48 )    $ —       $ —       $ (48 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

    $ —      $ 40,986      $ —       $ 40,986  

Belgium

      13,659       300,386        —         314,045  

Chile

      —        25,352        —         25,352  

China

      —        1,811        —         1,811  

Denmark

      —        1,256,259        —         1,256,259  

Finland

      —        190,498        —         190,498  

France

      1,160       1,888,684        —         1,889,844  

Germany

      —        2,317,428        —         2,317,428  

Hong Kong

      —        47,349        —         47,349  

Ireland

      16,151       110,860        —         127,011  

Italy

      —        495,709        —         495,709  

Japan

      —        334,790        —         334,790  

Jordan

      —        3,946        —         3,946  

Luxembourg

      —        28,102        —         28,102  

Netherlands

      15,070       1,667,411        —         1,682,481  

Norway

      7,606       84,434        —         92,040  

Poland

      —        3,336        —         3,336  

Portugal

      886       17,753        —         18,639  

Spain

      —        387,491        —         387,491  

Sweden

      6,203       514,825        —         521,028  

Switzerland

      3,352       2,534,876        —         2,538,228  

Taiwan

      —        331,936        —         331,936  

United Arab Emirates

      —        —         —         —   

United Kingdom

      62,177       3,053,253        —         3,115,430  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Common Stocks

      126,264       15,637,475        —         15,763,739  
  

 

 

    

 

 

     

 

 

     

 

 

  

Preferred Stocks

           

Germany

      —        46,066        —         46,066  

Short-Term Investments

           

Time Deposits

      —        139,311        —         139,311  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $  126,264     $  15,822,852      $ —       $  15,949,116  
  

 

 

    

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

           

Futures contracts

    $ 1,661     $ —       $  —       $ 1,661  
  

 

 

    

 

 

     

 

 

     

 

 

  

Depreciation in Other Financial Instruments

           

Futures contracts

    $ (305 )    $ —       $ —       $ (305 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

    $  —      $ 58,666     $  —       $ 58,666  

Collateralized Mortgage Obligations

      —        282,357       —         282,357  

Commercial Mortgage-Backed Securities

      —        53,281       —         53,281  

Corporate Bonds

          

Basic Materials

      —        91,102       —         91,102  

Communications

      —        202,417       —         202,417  

Consumer Cyclical

      —        218,960       —         218,960  

Consumer Non-cyclical

      —        495,767       —         495,767  

Energy

      —        123,275       —         123,275  

Financial

      —        1,421,064       —         1,421,064  

Government

      —        182,348       —         182,348  

Industrial

      —        301,934       —         301,934  

Technology

      —        107,197       —         107,197  

Utilities

      —        302,993       —         302,993  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Corporate Bonds

      —        3,447,057       —         3,447,057  
  

 

 

    

 

 

    

 

 

     

 

 

  

Foreign Government Securities

      —        7,193,251       —         7,193,251  

Mortgage-Backed Securities

      —        1,849,072       —         1,849,072  

Municipal Bonds

      —        8,771       —         8,771  

U.S. Government Agency Securities

      —        13,225       —         13,225  

U.S. Treasury Obligations

      —        892,903       —         892,903  

Short-Term Investments

          

Time Deposits

      —        79,015       —         79,015  

U.S. Treasury Obligations

      —        110,606       —         110,606  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Short-Term Investments

      —        189,621       —         189,621  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ —      $  13,988,204     $ —       $  13,988,204  
  

 

 

    

 

 

    

 

 

     

 

 

  

Liabilities

          

Debt Securities

          

Mortgage-Backed Securities

    $ —      $ 289,897     $ —       $ 289,897  

Appreciation in Other Financial Instruments

          

Futures contracts

    $ 695     $ —      $ —       $ 695  

Forward Foreign Currency Exchange contracts

      —        46,306       —         46,306  

OTC Interest Rate Swaps contracts

      —        44       —         44  

Centrally Cleared Interest Rate Swap contracts

      —        4,511       —         4,511  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Appreciation in Other Financial Instruments

    $ 695     $ 50,861     $ —       $ 51,556  
  

 

 

    

 

 

    

 

 

     

 

 

  

Depreciation in Other Financial Instruments

          

Futures contracts

    $ (1,503 )    $ —      $ —       $ (1,503 ) 

Forward Foreign Currency Exchange contracts

      —        (113,086 )      —         (113,086 ) 

OTC Interest Rate Swap contract

      —        (74 )      —         (74 ) 

Centrally Cleared Interest Rate Swap contracts

      —        (7,740 )      —         (7,740 ) 

Centrally Cleared Credit Default Swaps contracts

      —        —  (h)      —         —  (h) 

Written Option contracts

          

Written Call Option contracts

      —        (259 )      —         (259 ) 

Written Put Option contracts

      —        (66 )      —         (66 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Written Option contracts

      —        (325 )      —         (325 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Depreciation in Other Financial Instruments

    $ (1,503 )    $ (121,225 )    $ —       $ (122,728 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

 

Six Circles Global Bond Fund (continued)

 

     Level 1
Quoted prices		      Level 2
Other significant
observable
inputs		      Level 3
Significant
unobservable
inputs		      Total  

Investments in Securities

            

Debt Securities

            

Municipal Bonds

    $  —       $  10,800,342      $  —       $  10,800,342  

Short-Term Investments

            

Municipal Bonds

      —         14,386        —         14,386  

Time Deposits

      —         135,259        —         135,259  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Short-Term Investments

      —         149,645        —         149,645  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ —       $ 10,949,987      $ —       $ 10,949,987  
  

 

 

     

 

 

     

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (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

    $ —       $ 185,338      $ —       $ 185,338  

Collateralized Mortgage Obligations

      —         5,953        —         5,953  

Commercial Mortgage-Backed Securities

      —         22,180        —         22,180  

Convertible Bonds

            

Communications

      —         9,279        —         9,279  

Consumer Cyclical

      —         362        —         362  

Consumer Non-cyclical

      —         11,507        —         11,507  

Energy

      —         6,354        —         6,354  

Financial

      —         4,045        —         4,045  

Industrial

      —         807        —         807  

Technology

      —         12,704        —         12,704  

Utilities

      —         8,264        —         8,264  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Convertible Bonds

      —         53,322        —         53,322  
  

 

 

     

 

 

     

 

 

     

 

 

  

Corporate Bonds

            

Basic Materials

      —         352,341        —         352,341  

Communications

      —         1,051,904        9        1,051,913  

Consumer Cyclical

      —         1,334,292        —         1,334,292  

Consumer Non-cyclical

      —         1,178,270        —         1,178,270  

Diversified

      —         2,598        —         2,598  

Energy

      —         922,476        —         922,476  

Financial

      —         1,333,555        —         1,333,555  

Government

      —         170        —         170  

Industrial

      —         905,755        —         905,755  

Technology

      —         317,531        —         317,531  

Utilities

      —         322,886        —         322,886  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Corporate Bonds

      —         7,721,778        9        7,721,787  
  

 

 

     

 

 

     

 

 

     

 

 

  

Foreign Government Securities

      —         1,037,394        —         1,037,394  

Mortgage-Backed Securities

      —         9,549        —         9,549  

U.S. Treasury Obligations

      —         149,052        —         149,052  

Common Stocks

            

Basic Materials

      —         —         1,847        1,847  

Communications

      —         2,673        2,149        4,822  

Utilities

      —         —         1,136        1,136  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Common Stocks

      —         2,673        5,132        7,805  
  

 

 

     

 

 

     

 

 

     

 

 

  

Exchange-Traded Funds

      65,250        —         —         65,250  

Preferred Stocks

            

Communications

      —         —         982        982  

Consumer Cyclical

      —         —         6,467        6,467  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Preferred Stocks

      —         —         7,449        7,449  
  

 

 

     

 

 

     

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

Six Circles Credit Opportunities Fund (continued)

 

     Level 1
Quoted prices		     Level 2
Other significant
observable
inputs		     Level 3
Significant
unobservable
inputs		      Total  

Loan Assignments

          

Basic Materials

    $ —      $ 10,190     $ —       $ 10,190  

Communications

      —        69,341       —         69,341  

Consumer Cyclical

      —        49,866       —         49,866  

Consumer Non-cyclical

      —        62,401       —         62,401  

Diversified

      —        1,401       —         1,401  

Energy

      —        5,205       —         5,205  

Financial

      —        45,926       2,400        48,326  

Government

      —        —        9,418        9,418  

Industrial

      —        66,754       —         66,754  

Technology

      —        98,351       —         98,351  

Utilities

      —        1,603       —         1,603  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Loan Assignments

      —        411,038       11,818        422,856  
  

 

 

    

 

 

    

 

 

     

 

 

  

Short-Term Investments

          

Commercial Papers

      —        5,496       —         5,496  

Corporate Bond

      —        488       —         488  

Time Deposits

      —        225,449       —         225,449  

U.S. Treasury Obligations

      —        6,273       —         6,273  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Short-Term Investments

      —        237,706       —         237,706  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ 65,250     $ 9,835,983     $ 24,408      $ 9,925,641  
  

 

 

    

 

 

    

 

 

     

 

 

  

Appreciation in Other Financial Instruments

          

Futures contracts

    $ 353     $ —      $ —       $ 353  

Forward Foreign Currency Exchange contracts

      —        2,641       —         2,641  

Centrally Cleared Interest Rate Swap contracts

      —        3,013       —         3,013  

OTC Credit Default Swaps contracts

      —        147       —         147  

Centrally Cleared Credit Default Swaps contracts

      —        2,132       —         2,132  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Appreciation in Other Financial Instruments

    $ 353     $ 7,933     $ —       $ 8,286  
  

 

 

    

 

 

    

 

 

     

 

 

  

Depreciation in Other Financial Instruments

          

Futures contracts

    $ (334 )    $ —      $ —       $ (334 ) 

Forward Foreign Currency Exchange contracts

      —        (48,356 )      —         (48,356 ) 

Centrally Cleared Interest Rate Swap contracts

      —        (1,619 )      —         (1,619 ) 

OTC Credit Default Swaps contracts

      —        (92 )      —         (92 ) 

Centrally Cleared Credit Default Swap contract

      —        (4 )      —         (4 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Depreciation in Other Financial Instruments

    $ (334 )    $ (50,071 )    $ —       $ (50,405 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

 

Six Circles Multi-Strategy 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

    $ —      $ 3,168     $ —       $ 3,168  

Collateralized Mortgage Obligations

      —        6,629       —         6,629  

Mortgage-Backed Securities

      —        7,975       —         7,975  

Loan Assignments

          

Basic Materials

      —        199       —         199  

Communications

      —        98       —         98  

Consumer Cyclical

      —        596       —         596  

Consumer Non-cyclical

      —        500       —         500  

Financial

      —        599       —         599  

Industrial

      —        328       —         328  

Technology

      —        672       —         672  

Utilities

      —        100       —         100  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Loan Assignments

      —        3,092       —         3,092  
  

 

 

    

 

 

    

 

 

     

 

 

  

Short-Term Investments

          

Time Deposits

      —        12,819       —         12,819  

U.S. Government Agency Security

      —        500       —         500  

U.S. Treasury Obligation

      —        2,689       —         2,689  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Short-Term Investments

      —        16,008       —         16,008  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ —      $ 36,872     $ —       $ 36,872  
  

 

 

    

 

 

    

 

 

     

 

 

  

Liabilities

          

Debt Securities

          

Mortgage-Backed Securities

    $ —      $ 491     $ —       $ 491  

Appreciation in Other Financial Instruments

          

Futures contracts

    $ 130     $ —      $ —       $ 130  

Forward Foreign Currency contract

      —        3       —         3  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Appreciation in Other Financial Instruments

    $ 130     $ 3     $ —       $ 133  
  

 

 

    

 

 

    

 

 

     

 

 

  

Depreciation in Other Financial Instruments

          

Future contract

    $ (6 )    $ —      $ —       $ (6 ) 

OTC Total Return Swap contracts

      —        (1 )      —         (1 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Depreciation in Other Financial Instruments

    $ (6 )    $ (1 )    $ —       $ (7 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

 

B. Loan Assignments — The Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund invest 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 September 30, 2024, the Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund had no loan commitments outstanding.

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

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

 

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 Funds’ 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 Credit Opportunities Fund and Six Circles Multi-Strategy Fund used interest rate futures to manage interest rate risks associated with portfolio investments. The Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund and Six Circles Multi-Strategy 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 SEPTEMBER 30, 2024 (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 Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy 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 Global Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy 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.

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.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2024 (Unaudited) (continued)

 

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

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

Credit Default Swaps

The Six Circles Global Bond 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 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.

Total Return Swaps

The Six Circles Multi-Strategy Fund entered into total return index swaps to gain exposure to specific indices and manage portfolio risk. These instruments can provide the Fund with ability to gain or reduce exposure to certain market segments without directly investing in underlying securities.

A total return index swap is a contract in which one party agrees to pay the other the total return of a specified index, including both capital gains and income, in exchange for periodic payments based on a fixed or floating interest rate.