Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 — 10.4%
Anchorage Capital CLO Ltd., (Cayman Islands),
Series 2014-3RA, Class A, (ICE LIBOR USD 3 Month + 1.05%), 1.18%, 01/28/2031 (e) (aa)		1,250		1,250
Series 2015-7A, Class AR2, (ICE LIBOR USD 3 Month + 1.09%), 1.22%, 01/28/2031 (e) (aa)		1,577		1,578
Series 2016-8A, Class AR, (ICE LIBOR USD 3 Month + 1.00%), 1.13%, 07/28/2028 (e) (aa)		1,332		1,332
Apidos CLO XXI, (Cayman Islands), Series 2015-21A, Class A1R, (ICE LIBOR USD 3 Month + 0.93%), 1.06%, 07/18/2027 (e) (aa)		530		529
Atlas Senior Loan Fund III Ltd., (Cayman Islands), Series 2013-1A, Class AR, (ICE LIBOR USD 3 Month + 0.83%), 0.95%, 11/17/2027 (e) (aa)		325		325
Atrium XII, (Cayman Islands), Series 12A, Class AR, (ICE LIBOR USD 3 Month + 0.83%), 0.97%, 04/22/2027 (e) (aa)		901		901
Autoflorence Srl, (Italy),
Series 2, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.70%), 0.00%, 12/21/2044 (w) (aa)	EUR	777		911
Series 2, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.75%), 0.00%, 12/21/2044 (w) (aa)	EUR	161		187
Avery Point VI CLO Ltd., (Cayman Islands), Series 2015-6A, Class AR2, (ICE LIBOR USD 3 Month + 0.90%), 1.02%, 08/05/2027 (e) (aa)		1,358		1,356
BA Credit Card Trust, Series 2021-A1, Class A1, 0.44%, 09/15/2026		2,180		2,175
Battalion CLO Ltd., (Cayman Islands), Series 2020-18A, Class A1, (ICE LIBOR USD 3 Month + 1.80%), 1.93%, 10/15/2032 (e) (aa)		1,000		1,000
Benefit Street Partners CLO Ltd., (Cayman Islands), Series 2015-VIBR, Class A, (ICE LIBOR USD 3 Month + 1.19%), 1.31%, 07/20/2034 (e) (aa)		1,000		1,000
Benefit Street Partners CLO VIII Ltd., (Cayman Islands), Series 2015-8A, Class A1AR, (ICE LIBOR USD 3 Month + 1.10%), 1.23%, 01/20/2031 (e) (aa)		1,000		999
Birch Grove CLO Ltd.,(Cayman Islands), Series 19A, Class AR, (ICE LIBOR USD 3 Month + 1.13%), 1.25%, 06/15/2031 (e) (aa)		2,000		2,000
BlueMountain CLO Ltd., (Cayman Islands), Series 2012-2A, Class AR2, (ICE LIBOR USD 3 Month + 1.05%), 1.18%, 11/20/2028 (e) (aa)		1,443		1,443
BMW Canada Auto Trust, (Canada), Series 2020-1A, Class A1, 1.96%, 09/20/2022 (e)	CAD	113		89
Burnham Park CLO Ltd., (Cayman Islands), Series 2016-1A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 1.28%, 10/20/2029 (e) (aa)		500		500
CarMax Auto Owner Trust, Series 2021-2, Class A3, 0.52%, 02/17/2026		1,060		1,062
Chesapeake Funding II LLC,
Series 2018-2A, Class A1, 3.23%, 08/15/2030 (e)		460		461
Series 2019-1A, Class A1, 2.94%, 04/15/2031 (e)		514		521
Series 2020-1A, Class A2, (ICE LIBOR USD 1 Month + 0.65%), 0.73%, 08/16/2032 (e) (aa)		767		770
CIFC Funding Ltd., (Cayman Islands), Series 2014-5A, Class A1R2, (ICE LIBOR USD 3 Month + 1.20%), 1.33%, 10/17/2031 (e) (aa)		750		750
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, (ICE LIBOR USD 1 Month + 1.35%), 1.44%, 10/25/2037 (e) (aa)		334		337
CNH Equipment Trust, Series 2020-A, Class A2, 1.08%, 07/17/2023		128		128
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 05/15/2030 (e)		350		350
Dryden 49 Senior Loan Fund, (Cayman Islands), Series 2017-49A, Class AR, (ICE LIBOR USD 3 Month + 0.95%), 1.08%, 07/18/2030 (e) (aa)		1,500		1,499
DT Auto Owner Trust, Series 2020-3A, Class A, 0.54%, 04/15/2024 (e)		782		782
Enterprise Fleet Financing LLC, Series 2019-3, Class A2, 2.06%, 05/20/2025 (e)		750		759
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (e)		798		795
Ford Auto Securitization Trust, (Canada), Series 2019-BA, Class A2, 2.32%, 10/15/2023 (e)	CAD	414		329
Ford Credit Auto Lease Trust, Series 2020-B, Class A2B, (ICE LIBOR USD 1 Month + 0.26%), 0.34%, 12/15/2022 (aa)		280		280
Ford Credit Floorplan Master Owner Trust A,
Series 2019-1, Class A, 2.84%, 03/15/2024		1,400		1,416

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 2019-3, Class A2, (ICE LIBOR USD 1 Month + 0.60%), 0.68%, 09/15/2024 (aa)		2,480		2,493
Series 2020-1, Class A1, 0.70%, 09/15/2025		1,400		1,407
Gilbert Park CLO Ltd., (Cayman Islands), Series 2017-1A, Class A, (ICE LIBOR USD 3 Month + 1.19%), 1.32%, 10/15/2030 (e) (aa)		1,650		1,650
Globaldrive Auto Receivables UK plc, (United Kingdom), Series 2019-UKA, Class B, Reg. S, (SONIA Deposit Rates Swap 1 Month + 1.50%), 1.55%, 09/20/2026 (aa)	GBP	500		676
GMF Canada Leasing Trust, (Canada), Series 2021-1A, Class A2, 0.64%, 03/20/2024 (e)	CAD	800		631
Home Equity Asset Trust, Series 2005-8, Class M1, (ICE LIBOR USD 1 Month + 0.65%), 0.73%, 02/25/2036 (aa)		183		183
Honda Auto Receivables Owner Trust, Series 2018-4, Class A3, 3.16%, 01/17/2023		148		149
ICG US CLO Ltd., (Cayman Islands), Series 2015-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.14%), 1.27%, 10/19/2028 (e) (aa)		885		886
John Deere Owner Trust, Series 2020-B, Class A2, 0.41%, 03/15/2023		415		415
KVK CLO Ltd., (Cayman Islands), Series 2018-1A, Class A, (ICE LIBOR USD 3 Month + 0.93%), 1.06%, 05/20/2029 (e) (aa)		257		257
Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, SUB, 3.75%, 04/25/2059 (e)		213		214
Master Credit Card Trust, (Canada), Series 2021-1A, Class A, 0.53%, 11/21/2025 (e)		1,500		1,496
Navient Private Education Loan Trust, Series 2017-A, Class A2B, (ICE LIBOR USD 1 Month + 0.90%), 0.98%, 12/16/2058 (e) (aa)		477		477
Nelnet Student Loan Trust, Series 2019-2A, Class A, (ICE LIBOR USD 1 Month + 0.90%), 0.99%, 06/27/2067 (e) (aa)		1,145		1,164
Neuberger Berman Loan Advisers CLO Ltd., (Cayman Islands), Series 2017-26A, Class A, (ICE LIBOR USD 3 Month + 1.17%), 1.30%, 10/18/2030 (e) (aa)		1,900		1,901
Oscar US Funding XI LLC, (Japan), Series 2019-2A, Class A4, 2.68%, 09/10/2026 (e)		300		310
Oscar US Funding XII LLC, (Japan), Series 2021-1A, Class A2, 0.40%, 03/11/2024 (e)		1,326		1,323
Oscar US Funding XIII LLC, Series 2021-2A, Class A2, 0.39%, 08/12/2024 (e)		800		799
OZLM XII Ltd., (Cayman Islands), Series 2015-12A, Class A1R, (ICE LIBOR USD 3 Month + 1.05%), 1.18%, 04/30/2027 (e) (aa)		76		76
Palmer Square Loan Funding Ltd., (Cayman Islands), Series 2018-5A, Class A1, (ICE LIBOR USD 3 Month + 0.85%), 0.98%, 01/20/2027 (e) (aa)		595		596
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 0.88%, 07/25/2035 (aa)		1,199		1,200
PRET LLC, Series 2021-NPL3, Class A1, SUB, 1.87%, 07/25/2051 (e)		788		788
Prodigy Finance CM2021-1 DAC, (Ireland), Series 2021-1A, Class A, (ICE LIBOR USD 1 Month + 1.25%), 1.34%, 07/25/2051 (e) (aa)		223		224
Red & Black Auto Germany UG, (Germany), Series 8, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.75%), 0.00%, 09/15/2030 (w) (aa)	EUR	200		233
RR 3 Ltd., (Cayman Islands), Series 2018-3A, Class A1R2, (ICE LIBOR USD 3 Month + 1.09%), 1.22%, 01/15/2030 (e) (aa)		1,000		1,002
Santander Drive Auto Receivables Trust,
Series 2020-4, Class A3, 0.48%, 07/15/2024		500		500
Series 2021-2, Class A2, 0.28%, 04/15/2024		287		288
SC Germany SA Compartment Consumer, (Luxembourg), Series 2020-1, Class C, Reg. S, (ICE LIBOR EUR 1 Month + 1.75%), 1.19%, 11/14/2034 (aa)	EUR	500		587
SLM Student Loan Trust,
Series 2003-10A, Class A3, (ICE LIBOR USD 3 Month + 0.47%), 0.59%, 12/15/2027 (e) (aa)		490		490
Series 2004-10, Class A7B, (ICE LIBOR USD 3 Month + 0.60%), 0.73%, 10/25/2029 (e) (aa)		1,420		1,422
SMB Private Education Loan Trust,
Series 2015-B, Class A2A, 2.98%, 07/15/2027 (e)		303		306
Series 2016-B, Class A2B, (ICE LIBOR USD 1 Month + 1.45%), 1.53%, 02/17/2032 (e) (aa)		992		1,005

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 2016-C, Class A2A, 2.34%, 09/15/2034 (e)		699		711
Series 2017-A, Class A2B, (ICE LIBOR USD 1 Month + 0.90%), 0.98%, 09/15/2034 (e) (aa)		1,377		1,385
Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e)		681		688
Series 2021-C, Class A1, (ICE LIBOR USD 1 Month + 0.40%), 0.48%, 01/15/2053 (e) (aa)		453		453
SoFi Consumer Loan Program Trust, Series 2019-3, Class A, 2.90%, 05/25/2028 (e)		24		24
SoFi Professional Loan Program LLC, Series 2016-C, Class A2B, 2.36%, 12/27/2032 (e)		275		277
SoFi Professional Loan Program Trust, Series 2020-A, Class A1FX, 2.06%, 05/15/2046 (e)		298		298
Springleaf Funding Trust, Series 2017-AA, Class A, 2.68%, 07/15/2030 (e)		74		74
TCI-Symphony CLO Ltd., (Cayman Islands), Series 2016-1A, Class AR, (ICE LIBOR USD 3 Month + 1.16%), 1.29%, 10/13/2029 (e) (aa)		265		265
Towd Point Asset Trust, Series 2021-SL1, Class A2, (ICE LIBOR USD 1 Month + 0.70%), 0.00%, 11/20/2061 (e) (aa)		286		286
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (ICE LIBOR USD 1 Month + 1.00%), 1.09%, 05/25/2058 (e) (aa)		488		492
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e)		1,500		1,520
Venture XVIII CLO Ltd., (Cayman Islands), Series 2014-18A, Class AR, (ICE LIBOR USD 3 Month + 1.22%), 1.35%, 10/15/2029 (e) (aa)		2,100		2,096
Verizon Owner Trust, Series 2020-A, Class A1B, (ICE LIBOR USD 1 Month + 0.27%), 0.36%, 07/22/2024 (aa)		520		521
Voya CLO Ltd., (Cayman Islands),
Series 2015-2A, Class AR, (ICE LIBOR USD 3 Month + 0.97%), 1.11%, 07/23/2027 (e) (aa)		583		583
Series 2018-3A, Class A1A, (ICE LIBOR USD 3 Month + 1.15%), 1.28%, 10/15/2031 (e) (aa)		1,150		1,150
VOYA CLO, (Cayman Islands), Series 2017-2A, Class A1R, (ICE LIBOR USD 3 Month + 0.98%), 1.11%, 06/07/2030 (e) (aa)		270		270
World Omni Select Auto Trust, Series 2020-A, Class A2, 0.47%, 06/17/2024		241		241
Total Asset-Backed Securities (Cost $64,151)				64,296
Certificates of Deposit — 2.1%
Financial — 2.1%
Banks — 2.1%
Barclays Bank plc, (United Kingdom), 0.33%, 02/01/2022		1,900		1,901
Credit Suisse AG, (Switzerland),
(United States SOFR + 0.43%), 0.48%, 10/28/2022 (aa)		4,500		4,501
0.50%, 10/28/2022		1,400		1,399
Goldman Sachs Bank USA, 0.00%, 01/13/2023		2,000		2,001
Sumitomo Mitsui Banking Corp., (Japan), 0.70%, 07/15/2022		3,000		3,011
Total Financial				12,813
Total Certificates of Deposit (Cost $12,800)				12,813
Collateralized Mortgage Obligations — 3.8%
Brass NO 8 plc, (United Kingdom), Series 8A, Class A1, (ICE LIBOR USD 3 Month + 0.70%), 0.82%, 11/16/2066 (e) (aa)		114		115
Canterbury Finance NO 1 plc, (United Kingdom), Series 1, Class A2, Reg. S, (SONIA Deposit Rates Swap 3 Month + 1.35%), 1.40%, 05/16/2056 (aa)	GBP	968		1,317
Cheshire plc, (United Kingdom), Series 2020-1, Class A, Reg. S, (SONIA Deposit Rates Swap 3 Month + 0.90%), 0.95%, 08/20/2045 (aa)	GBP	607		823
COLT Mortgage Loan Trust, Series 2020-1R, Class A1, 1.26%, 09/25/2065 (e) (z)		225		226
CSMC Trust, Series 2021-RPL4, Class A1, 1.80%, 12/27/2060 (e) (z)		379		381

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Collateralized Mortgage Obligations — continued
Finsbury Square plc, (United Kingdom),
Series 2018-2, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 0.95%), 1.02%, 09/12/2068 (aa)	GBP	224		303
Series 2019-3, Class A, Reg. S, (SONIA Deposit Rates Swap 3 Month + 1.01%), 1.06%, 12/16/2069 (aa)	GBP	231		314
Series 2020-2A, Class A, (SONIA Deposit Rates Swap 3 Month + 1.30%), 1.35%, 06/16/2070 (e) (aa)	GBP	417		568
FNMA REMICS, Series 2020-29, Class FC, (ICE LIBOR USD 1 Month + 0.80%), 0.90%, 05/25/2050 (aa)		2,206		2,224
GCAT LLC, Series 2020-3, Class A1, SUB, 2.98%, 09/25/2025 (e)		846		854
GNMA,
Series 2015-H04, Class FA, (ICE LIBOR USD 1 Month + 0.65%), 0.74%, 12/20/2064 (aa)		1,501		1,513
Series 2017-121, Class PE, 3.00%, 07/20/2046		429		438
Series 2018-H18, Class FC, (ICE LIBOR USD 1 Month + 0.35%), 0.44%, 08/20/2065 (aa)		2,096		2,097
Series 2019-54, Class KF, (ICE LIBOR USD 1 Month + 0.42%), 0.51%, 05/20/2044 (aa)		575		576
Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 1.55%, 06/20/2071 (aa)		1,601		1,729
GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z)		438		443
GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A9, (United States 30 Day Average SOFR + 0.85%), 0.90%, 02/25/2052 (e) (aa)		993		995
Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 1.75%, 07/25/2061 (e)		1,433		1,434
London Wall Mortgage Capital plc, (United Kingdom), Series 2017-FL1, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 0.85%), 0.92%, 11/15/2049 (aa)	GBP	47		63
MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z)		536		533
New Residential Mortgage Loan Trust,
Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z)		159		172
Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z)		1,169		1,170
Polaris RMBS, (United Kingdom), Series 2019-1, Class A, Reg. S, (SONIA Deposit Rates Swap 1 Month + 1.25%), 1.30%, 04/27/2057 (aa)	GBP	446		604
Pretium Mortgage Credit Partners LLC, Series 2021-RN1, Class A1, SUB, 1.99%, 02/25/2061 (e)		379		378
Ripon Mortgages plc, (United Kingdom), Series 1X, Class A1, Reg. S, (ICE LIBOR GBP 3 Month + 0.80%), 0.87%, 08/20/2056 (aa)	GBP	175		236
Sage AR Funding No 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Interest Rate Benchmark + 1.25%), 1.30%, 11/17/2030 (e) (aa)	GBP	800		1,082
Silverstone Master Issuer plc, (United Kingdom), Series 2019-1A, Class 1A, (ICE LIBOR USD 3 Month + 0.57%), 0.70%, 01/21/2070 (e) (aa)		110		110
Starwood Mortgage Residential Trust,
Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z)		523		525
Series 2020-INV1, Class A1, 1.03%, 11/25/2055 (e) (z)		283		283
Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z)		599		599
Stratton Mortgage Funding, (United Kingdom), Series 2021-2A, Class A, (SONIA Deposit Rates Swap 3 Month + 0.90%), 0.95%, 07/20/2060 (e) (aa)	GBP	185		251
Towd Point Mortgage Funding, (United Kingdom), Series 2019-A13A, Class A1, (SONIA Deposit Rates Swap 3 Month + 0.90%), 0.95%, 07/20/2045 (e) (aa)	GBP	749		1,012
Total Collateralized Mortgage Obligations (Cost $23,050)				23,368

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 — 4.0%
AREIT Trust,
Series 2019-CRE3, Class A, (United States 30 Day Average SOFR + 1.13%), 1.18%, 09/14/2036 (e) (aa)		432		432
Series 2021-CRE5, Class A, (ICE LIBOR USD 1 Month + 1.08%), 1.18%, 07/17/2026 (e) (w) (aa) (bb)		700		700
BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class A, (ICE LIBOR USD 1 Month + 1.05%), 1.13%, 04/15/2036 (e) (aa)		400		399
BWAY Mortgage Trust, Series 2021-1450, Class A, (ICE LIBOR USD 1 Month + 1.25%), 1.33%, 09/15/2036 (e) (aa)		500		500
BX Commercial Mortgage Trust, Series 2018-IND, Class A, (ICE LIBOR USD 1 Month + 0.75%), 0.83%, 11/15/2035 (e) (aa)		660		660
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058		1,117		1,171
Citigroup Commercial Mortgage Trust,
Series 2013-GC15, Class A4, 4.37%, 09/10/2046 (z)		1,000		1,065
Series 2021-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.18%), 1.28%, 10/15/2036 (e) (aa)		900		900
COMM, Series 2013-GAM, Class A2, 3.37%, 02/10/2028 (e)		1,299		1,294
COMM Mortgage Trust,
Series 2013-CR8, Class A5, 3.61%, 06/10/2046 (z)		418		436
Series 2013-CR11, Class A4, 4.26%, 08/10/2050		750		797
Series 2013-CR12, Class A4, 4.05%, 10/10/2046		260		276
Series 2014-UBS2, Class ASB, 3.47%, 03/10/2047		960		992
Series 2014-UBS3, Class A4, 3.82%, 06/10/2047		1,600		1,714
Series 2015-CR23, Class A2, 2.85%, 05/10/2048		569		576
Series 2015-LC19, Class A2, 2.79%, 02/10/2048		430		431
Series 2015-LC19, Class ASB, 3.04%, 02/10/2048		399		413
GS Mortgage Securities Trust,
Series 2012-GCJ9, Class A3, 2.77%, 11/10/2045		971		987
Series 2013-GC16, Class A4, 4.27%, 11/10/2046		1,000		1,064
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-AON, Class A, 4.13%, 07/05/2031 (e)		1,000		1,054
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C10, Class ASB, 3.91%, 07/15/2046 (z)		123		126
Series 2013-C11, Class AAB, 3.85%, 08/15/2046		407		419
Morgan Stanley Capital I Trust,
Series 2012-C4, Class AS, 3.77%, 03/15/2045		1,400		1,415
Series 2019-PLND, Class A, (ICE LIBOR USD 1 Month + 1.00%), 1.08%, 05/15/2036 (e) (aa)		700		698
PFP Ltd., (Cayman Islands), Series 2019-5, Class A, (ICE LIBOR USD 1 Month + 0.97%), 1.05%, 04/14/2036 (e) (aa)		382		382
Wells Fargo Commercial Mortgage Trust,
Series 2012-LC5, Class ASB, 2.53%, 10/15/2045		356		358
Series 2013-LC12, Class A3FL, (ICE LIBOR USD 1 Month + 1.05%), 1.13%, 07/15/2046 (e) (aa)		742		741
Series 2015-NXS2, Class A2, 3.02%, 07/15/2058		423		432
Series 2016-NXS5, Class A2, 2.71%, 01/15/2059		8		8
WFRBS Commercial Mortgage Trust,
Series 2012-C9, Class A3, 2.87%, 11/15/2045		1,617		1,642
Series 2013-C11, Class A5, 3.07%, 03/15/2045		891		910
Series 2013-C12, Class ASB, 2.84%, 03/15/2048		506		513
Series 2013-C18, Class A5, 4.16%, 12/15/2046 (z)		1,250		1,337
Total Commercial Mortgage-Backed Securities (Cost $24,977)				24,842

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — 54.0%
Basic Materials — 1.4%
Chemicals — 1.4%
DuPont de Nemours, Inc.,
(ICE LIBOR USD 3 Month + 1.11%), 1.23%, 11/15/2023 (aa)		1,500		1,529
4.21%, 11/15/2023		2,000		2,148
International Flavors & Fragrances, Inc., 0.70%, 09/15/2022 (e)		2,400		2,407
LYB International Finance III LLC, (ICE LIBOR USD 3 Month + 1.00%), 1.13%, 10/01/2023 (aa)		2,400		2,401
Total Basic Materials				8,485
Communications — 4.1%
Internet — 0.1%
SK Broadband Co. Ltd., (South Korea), Reg. S, 3.88%, 08/13/2023		400		423
Media — 1.5%
Charter Communications Operating LLC / Charter Communications Operating Capital,
(ICE LIBOR USD 3 Month + 1.65%), 1.78%, 02/01/2024 (aa)		3,800		3,908
4.46%, 07/23/2022		5,250		5,383
				9,291
Telecommunications — 2.5%
AT&T, Inc.,
(United States SOFR + 0.64%), 0.69%, 03/25/2024 (aa)		3,750		3,757
Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 1.26%, 09/19/2023 (aa)	AUD	720		527
(ICE LIBOR USD 3 Month + 1.18%), 1.29%, 06/12/2024 (aa)		4,000		4,097
SK Telecom Co. Ltd., (South Korea), Reg. S, 3.75%, 04/16/2023		400		418
Verizon Communications, Inc.,
(United States SOFR + 0.50%), 0.55%, 03/22/2024 (aa)		5,000		5,044
(ICE LIBOR USD 3 Month + 1.10%), 1.22%, 05/15/2025 (aa)		200		205
Reg. S, (BBSW ASX Australian 3 Month + 1.22%), 1.23%, 02/17/2023 (aa)	AUD	1,800		1,313
				15,361
Total Communications				25,075
Consumer Cyclical — 7.0%
Auto Manufacturers — 6.7%
BMW Finance NV, (Netherlands), 2.25%, 08/12/2022 (e)		1,100		1,119
BMW US Capital LLC, (United States SOFR + 0.38%), 0.43%, 08/12/2024 (e) (aa)		2,130		2,141
Daimler Finance North America LLC,
Reg. S, (ICE LIBOR USD 3 Month + 0.67%), 0.79%, 11/05/2021 (aa)		300		300
1.75%, 03/10/2023 (e)		1,800		1,833
2.55%, 08/15/2022 (e)		3,250		3,313
General Motors Financial Co., Inc.,
(United States SOFR + 0.76%), 0.81%, 03/08/2024 (aa)		1,000		1,009
1.05%, 03/08/2024		750		753
(ICE LIBOR USD 3 Month + 1.10%), 1.22%, 11/06/2021 (aa)		730		731
3.45%, 04/10/2022		2,000		2,021
3.55%, 07/08/2022		4,750		4,863
4.15%, 06/19/2023		500		528
Hyundai Capital America,
0.80%, 04/03/2023 (e)		2,790		2,791
1.00%, 09/17/2024 (e)		725		723
Reg. S, 4.13%, 06/08/2023		300		316

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Nissan Motor Acceptance Co. LLC,
(ICE LIBOR USD 3 Month + 0.64%), 0.75%, 03/08/2024 (e) (aa)		3,375		3,382
(ICE LIBOR USD 3 Month + 0.65%), 0.78%, 07/13/2022 (e) (aa)		600		601
(ICE LIBOR USD 3 Month + 0.69%), 0.82%, 09/28/2022 (e) (aa)		1,800		1,804
(ICE LIBOR USD 3 Month + 0.89%), 1.02%, 01/13/2022 (e) (aa)		40		40
1.05%, 03/08/2024 (e)		1,170		1,165
Stellantis NV, (Netherlands), 5.25%, 04/15/2023		2,000		2,133
Toyota Motor Credit Corp., 3.30%, 01/12/2022		1,100		1,110
Volkswagen Group of America Finance LLC,
0.75%, 11/23/2022 (e)		6,000		6,017
2.70%, 09/26/2022 (e)		200		205
2.90%, 05/13/2022 (e)		1,250		1,270
4.25%, 11/13/2023 (e)		1,000		1,072
				41,240
Retail — 0.3%
7-Eleven, Inc., 0.63%, 02/10/2023 (e)		1,700		1,700
Total Consumer Cyclical				42,940
Consumer Non-cyclical — 6.3%
Agriculture — 1.3%
BAT Capital Corp., (ICE LIBOR USD 3 Month + 0.88%), 1.00%, 08/15/2022 (aa)		3,200		3,217
Imperial Brands Finance plc, (United Kingdom), 3.75%, 07/21/2022 (e)		2,800		2,855
JT International Financial Services BV, (Netherlands), Reg. S, 3.50%, 09/28/2023		1,700		1,800
				7,872
Biotechnology — 0.3%
Gilead Sciences, Inc., 0.75%, 09/29/2023		2,000		2,000
Food — 1.2%
General Mills, Inc.,
(ICE LIBOR USD 3 Month + 1.01%), 1.14%, 10/17/2023 (aa)		1,797		1,828
2.60%, 10/12/2022		915		935
6.41%, 10/15/2022		500		530
Kroger Co. (The), 2.80%, 08/01/2022		3,000		3,055
Tyson Foods, Inc., 4.50%, 06/15/2022		792		807
				7,155
Healthcare - Services — 1.1%
Anthem, Inc.,
2.95%, 12/01/2022		1,500		1,542
3.13%, 05/15/2022		4,149		4,220
Humana, Inc., 0.65%, 08/03/2023		1,200		1,201
				6,963

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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 — 2.4%
AbbVie, Inc., 2.90%, 11/06/2022		3,500		3,594
Bayer US Finance II LLC,
(ICE LIBOR USD 3 Month + 1.01%), 1.13%, 12/15/2023 (e) (aa)		2,700		2,735
3.88%, 12/15/2023 (e)		3,700		3,937
Becton Dickinson and Co., (ICE LIBOR USD 3 Month + 1.03%), 1.15%, 06/06/2022 (aa)		945		951
CVS Health Corp., 3.50%, 07/20/2022		279		285
Shire Acquisitions Investments Ireland DAC, (Ireland), 2.88%, 09/23/2023		2,000		2,085
Takeda Pharmaceutical Co. Ltd., (Japan), 4.40%, 11/26/2023		1,000		1,078
				14,665
Total Consumer Non-cyclical				38,655
Diversified — 0.3%
Holding Companies—Diversified — 0.3%
Hutchison Whampoa International 12 II Ltd., (Cayman Islands), Reg. S, 3.25%, 11/08/2022		1,700		1,751
Energy — 1.8%
Oil & Gas — 1.2%
BG Energy Capital plc, (United Kingdom), 4.00%, 10/15/2021 (e)		750		751
Diamondback Energy, Inc., 0.90%, 03/24/2023		900		900
Dolphin Energy Ltd. LLC, (United Arab Emirates), Reg. S, 5.50%, 12/15/2021		1,500		1,513
Phillips 66, 0.90%, 02/15/2024		1,800		1,800
Saudi Arabian Oil Co., (Saudi Arabia), Reg. S, 2.88%, 04/16/2024		1,500		1,563
Woodside Finance Ltd., (Australia), Reg. S, 3.70%, 09/15/2026		1,000		1,080
				7,607
Pipelines — 0.6%
Enbridge, Inc., (Canada),
(United States SOFR + 0.40%), 0.45%, 02/17/2023 (aa)		375		376
0.55%, 10/04/2023 (w)		220		220
4.00%, 10/01/2023		1,750		1,853
Williams Cos., Inc. (The), 3.60%, 03/15/2022		1,500		1,514
				3,963
Total Energy				11,570
Financial — 25.9%
Banks — 22.4%
Banco Santander Chile, (Chile), Reg. S, (ICE LIBOR USD 3 Month + 1.20%), 1.32%, 11/28/2021 (aa)		3,000		3,003
Banco Santander SA, (Spain),
(CMT Index 1 Year + 0.45%), 0.70%, 06/30/2024 (aa)		1,200		1,202
3.85%, 04/12/2023		3,400		3,571
Bank of America Corp.,
(ICE LIBOR USD 3 Month + 0.96%), 1.10%, 07/23/2024 (aa)		1,500		1,521
(Canada Bankers Acceptances 3 Month + 1.13%), 2.60%, 03/15/2023 (f) (aa)	CAD	1,000		797
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (aa)		9,366		9,652
Barclays plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.38%), 1.50%, 05/16/2024 (aa)		4,400		4,476
Reg. S, (BBSW ASX Australian 3 Month + 1.80%), 1.81%, 06/15/2023 (aa)	AUD	1,000		738
(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 02/15/2023 (aa)		3,600		3,655

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
BNP Paribas SA, (France), Reg. S, (BBSW ASX Australian 3 Month + 1.75%), 1.76%, 12/16/2022 (aa)	AUD	500		368
BPCE SA, (France),
(ICE LIBOR USD 3 Month + 1.22%), 1.35%, 05/22/2022 (e) (aa)		1,000		1,007
(ICE LIBOR USD 3 Month + 1.24%), 1.35%, 09/12/2023 (e) (aa)		1,000		1,019
3.00%, 05/22/2022 (e)		1,000		1,017
Canadian Imperial Bank of Commerce, (Canada), 0.45%, 06/22/2023		2,200		2,200
CIT Group, Inc., 5.00%, 08/15/2022		200		207
Citigroup, Inc.,
(ICE LIBOR USD 3 Month + 0.95%), 1.08%, 07/24/2023 (aa)		700		704
(ICE LIBOR USD 3 Month + 1.07%), 1.18%, 12/08/2021 (aa)		2,000		2,002
(United States SOFR + 1.67%), 1.68%, 05/15/2024 (aa)		1,250		1,274
(BBSW ASX Australian 3 Month + 1.72%), 1.74%, 10/27/2023 (aa)	AUD	1,000		742
(United States SOFR + 0.87%), 2.31%, 11/04/2022 (aa)		700		701
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 01/24/2023 (aa)		3,233		3,260
Citizens Bank NA, 3.25%, 02/14/2022		2,000		2,017
Credit Suisse AG, (Switzerland), 0.52%, 08/09/2023		4,200		4,204
Credit Suisse Group AG, (Switzerland), 3.57%, 01/09/2023 (e)		1,700		1,714
3.80%, 06/09/2023		1,000		1,053
Credit Suisse Group Funding Guernsey Ltd., (Guernsey), 3.80%, 09/15/2022		2,340		2,417
Danske Bank A/S, (Denmark), Reg. S, (ICE LIBOR USD 3 Month + 1.06%), 1.17%, 09/12/2023 (aa)		500		506
Deutsche Bank AG, (Germany), 3.95%, 02/27/2023		1,500		1,567
Federation des Caisses Desjardins du Quebec, (Canada), (United States SOFR + 0.43%), 0.48%, 05/21/2024 (e) (aa)		1,900		1,904
First Abu Dhabi Bank PJSC, (United Arab Emirates), Reg. S, (ICE LIBOR USD 3 Month + 0.95%), 1.08%, 04/16/2022 (aa)		1,700		1,704
Goldman Sachs Group, Inc. (The),
0.48%, 01/27/2023		800		800
0.52%, 03/08/2023		4,000		4,002
(United States SOFR + 0.50%), 0.55%, 09/10/2024 (aa)		2,500		2,504
(ICE LIBOR USD 3 Month + 0.75%), 0.88%, 02/23/2023 (aa)		1,000		1,008
3.20%, 02/23/2023		1,516		1,570
Hana Bank, (South Korea), (ICE LIBOR USD 3 Month + 0.70%), 0.83%, 10/02/2022 (e) (aa)		400		401
HSBC Holdings plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.00%), 1.12%, 05/18/2024 (aa)		3,500		3,541
(ICE LIBOR USD 3 Month + 1.23%), 1.34%, 03/11/2025 (aa)		1,000		1,020
3.60%, 05/25/2023		1,500		1,577
Lloyds Banking Group plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.25%), 2.86%, 03/17/2023 (aa)		4,600		4,651
Mitsubishi UFJ Financial Group, Inc., (Japan),
(ICE LIBOR USD 3 Month + 0.86%), 0.99%, 07/26/2023 (aa)		2,300		2,329
3.22%, 03/07/2022		3,000		3,038
Mizuho Financial Group, Inc., (Japan),
(ICE LIBOR USD 3 Month + 0.63%), 0.76%, 05/25/2024 (aa)		5,000		5,032
(ICE LIBOR USD 3 Month + 0.94%), 1.06%, 02/28/2022 (aa)		1,000		1,004
3.55%, 03/05/2023		2,500		2,610

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Morgan Stanley,
(United States SOFR + 0.46%), 0.53%, 01/25/2024 (aa)		5,000		5,003
(Canada Bankers Acceptances 3 Month + 0.30%), 0.74%, 02/03/2023 (f) (aa)	CAD	1,800		1,425
(United States SOFR + 0.70%), 0.75%, 01/20/2023 (aa)		900		902
3.75%, 02/25/2023		1,000		1,046
Natwest Group plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.47%), 1.59%, 05/15/2023 (aa)		400		403
(ICE LIBOR USD 3 Month + 1.55%), 1.68%, 06/25/2024 (aa)		1,750		1,786
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 05/15/2023 (aa)		1,000		1,018
3.88%, 09/12/2023		4,400		4,666
NatWest Markets plc, (United Kingdom), (United States SOFR + 1.66%), 1.71%, 09/29/2022 (e) (aa)		2,100		2,132
Nordea Bank Abp, (Finland), (ICE LIBOR USD 3 Month + 0.94%), 1.06%, 08/30/2023 (e) (aa)		200		203
Oversea-Chinese Banking Corp. Ltd., (Singapore), (BBSW ASX Australian 3 Month + 0.26%), 0.27%, 08/12/2024 (aa)	AUD	1,000		724
QNB Finance Ltd., (Cayman Islands), Reg. S, (ICE LIBOR USD 3 Month + 1.00%), 1.13%, 05/02/2022 (aa)		800		802
Royal Bank of Canada, (Canada), (United States SOFR + 0.30%), 0.35%, 01/19/2024 (aa)		800		802
Santander UK Group Holdings plc, (United Kingdom), 3.57%, 01/10/2023		1,000		1,009
Shinhan Bank Co. Ltd., (South Korea), Reg. S, 2.88%, 03/28/2022		1,900		1,921
Standard Chartered plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.56%), 3.79%, 05/21/2025 (e) (aa)		1,600		1,706
Sumitomo Mitsui Financial Group, Inc., (Japan), Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 1.27%, 10/16/2024 (aa)	AUD	2,300		1,700
Synchrony Bank, 3.00%, 06/15/2022		300		305
UBS AG, (Switzerland),
(United States SOFR + 0.36%), 0.41%, 02/09/2024 (e) (aa)		1,000		1,004
(United States SOFR + 0.45%), 0.50%, 08/09/2024 (e) (aa)		1,615		1,625
Reg. S, (BBSW ASX Australian 3 Month + 0.87%), 0.89%, 07/30/2025 (aa)	AUD	2,100		1,540
UBS Group AG, (Switzerland), (ICE LIBOR USD 3 Month + 0.95%), 2.86%, 08/15/2023 (e) (aa)		3,500		3,574
UniCredit SpA, (Italy), 3.75%, 04/12/2022 (e)		1,454		1,478
Wells Fargo & Co.,
(United States SOFR + 1.60%), 1.65%, 06/02/2024 (aa)		3,000		3,058
2.51%, 10/27/2023 (f)	CAD	2,500		2,029
Woori Bank, (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.87%), 1.00%, 02/01/2023 (aa)		300		302
				137,452
Diversified Financial Services — 3.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland),
4.13%, 07/03/2023		2,600		2,735
4.45%, 12/16/2021		700		703
Air Lease Corp., (ICE LIBOR USD 3 Month + 0.35%), 0.47%, 12/15/2022 (aa)		2,800		2,805
Ally Financial, Inc., 4.63%, 05/19/2022		500		513

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Aviation Capital Group LLC,
2.88%, 01/20/2022 (e)		1,400		1,407
3.88%, 05/01/2023 (e)		2,500		2,609
Capital One Bank USA NA, (United States SOFR + 0.62%), 2.01%, 01/27/2023 (aa)		1,500		1,507
Capital One Financial Corp., 2.60%, 05/11/2023		3,500		3,617
GE Capital Canada Funding Co., (Canada), 4.60%, 01/26/2022	CAD	600		480
Mitsubishi HC Capital, Inc., (Japan),
2.65%, 09/19/2022 (e)		800		814
3.96%, 09/19/2023 (e)		550		583
Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025		1,900		1,928
Park Aerospace Holdings Ltd., (Cayman Islands), 5.25%, 08/15/2022 (e)		1,300		1,347
Synchrony Financial, 2.85%, 07/25/2022		300		305
				21,353
Total Financial				158,805
Government — 0.1%
Sovereign — 0.1%
KSA Sukuk Ltd., (Cayman Islands), Reg. S, 2.89%, 04/20/2022		800		810
Industrial — 2.3%
Aerospace/Defense — 0.4%
Boeing Co. (The),
1.43%, 02/04/2024		1,200		1,202
4.51%, 05/01/2023		1,000		1,057
				2,259
Building Materials — 0.1%
Martin Marietta Materials, Inc., 0.65%, 07/15/2023		695		696
Machinery - Construction & Mining — 0.2%
Komatsu Finance America, Inc., Reg. S, 0.85%, 09/09/2023		1,000		1,003
Machinery - Diversified — 0.1%
Rockwell Automation, Inc., 0.35%, 08/15/2023		480		480
Packaging & Containers — 0.3%
Berry Global, Inc., 0.95%, 02/15/2024 (e)		1,800		1,802
Transportation — 0.3%
Ryder System, Inc., 3.88%, 12/01/2023		2,000		2,135
Trucking & Leasing — 0.9%
GATX Corp., (ICE LIBOR USD 3 Month + 0.72%), 0.84%, 11/05/2021 (aa)		500		501
Penske Truck Leasing Co. Lp / PTL Finance Corp.,
2.70%, 03/14/2023 (e)		3,000		3,084
3.90%, 02/01/2024 (e)		2,000		2,132
				5,717
Total Industrial				14,092

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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 — 2.1%
Semiconductors — 0.5%
NXP BV / NXP Funding LLC, (Multinational),
3.88%, 09/01/2022 (e)		400		412
4.63%, 06/01/2023 (e)		2,500		2,658
				3,070
Software — 1.6%
Fidelity National Information Services, Inc., 0.38%, 03/01/2023		3,745		3,743
Fiserv, Inc., 3.80%, 10/01/2023		1,000		1,063
Oracle Corp., 2.40%, 09/15/2023		2,000		2,069
VMware, Inc., 0.60%, 08/15/2023		3,100		3,104
				9,979
Total Technology				13,049
Utilities — 2.7%
Electric — 2.7%
Dominion Energy, Inc., Series D, (ICE LIBOR USD 3 Month + 0.53%), 0.65%, 09/15/2023 (aa)		1,800		1,800
Duke Energy Corp., (ICE LIBOR USD 3 Month + 0.65%), 0.76%, 03/11/2022 (aa)		2,000		2,005
Israel Electric Corp. Ltd., (Israel), Series 6, Reg. S, 5.00%, 11/12/2024 (e)		300		333
Kansai Electric Power Co., Inc. (The), (Japan), Reg. S, 2.55%, 09/17/2024		440		458
NextEra Energy Capital Holdings, Inc.,
(United States SOFR + 0.54%), 0.59%, 03/01/2023 (aa)		710		713
0.65%, 03/01/2023		3,965		3,979
Pacific Gas and Electric Co.,
(ICE LIBOR USD 3 Month + 1.48%), 1.60%, 06/16/2022 (aa)		3,000		3,001
1.75%, 06/16/2022		600		599
3.25%, 06/15/2023		100		103
3.40%, 08/15/2024		100		104
3.75%, 02/15/2024		100		104
3.85%, 11/15/2023		100		104
4.25%, 08/01/2023		800		837
Southern California Edison Co., 0.70%, 04/03/2023		2,200		2,205
Total Utilities				16,345
Total Corporate Bonds (Cost $331,027)				331,577
Foreign Government Securities — 2.1%
International Bank for Reconstruction & Development, (Supranational), 0.65%, 02/10/2026		3,100		3,053
Japan Treasury Discount Bill, (Japan), Series 952, Zero Coupon, 11/22/2021	JPY	800,000		7,189
Korea Development Bank (The), (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.80%), 0.93%, 10/30/2022 (aa)		400		403
Korea National Oil Corp., (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.88%), 1.00%, 07/16/2023 (aa)		800		807
Saudi Government International Bond, (Saudi Arabia), Reg. S, 2.38%, 10/26/2021		1,200		1,201
Total Foreign Government Securities (Cost $12,857)				12,653

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — 0.6% (t)
Alaska — 0.0% (g)
Alaska Municipal Bond Bank Authority, Taxable, Series 2, Rev., 0.34%, 12/01/2022		235		235
California — 0.1%
Municipal Improvement Corp. of Los Angeles, Series A, Rev., 0.42%, 11/01/2023		590		589
Maryland — 0.1%
State of Maryland Department of Transportation, Series A, Rev., 0.36%, 08/01/2023		450		450
North Carolina — 0.1%
University of North Carolina at Charlotte (The),
Rev., 0.29%, 04/01/2022		175		175
Rev., 0.41%, 04/01/2023		350		351
				526
Pennsylvania — 0.3%
Pennsylvania Economic Development Financing Authority, State System Higher Education, Rev., 0.29%, 06/15/2022		315		315
Philadelphia Authority for Industrial Development, Rev., 0.94%, 04/15/2024		1,555		1,561
				1,876
Total Municipal Bonds (Cost $3,670)				3,676
U.S. Government Agency Securities — 1.1%
FHLBs,
0.96%, 03/05/2026		3,100		3,098
1.10%, 08/20/2026		1,800		1,797
1.11%, 07/27/2026		1,700		1,699
Total U.S. Government Agency Securities (Cost $6,600)				6,594
U.S. Treasury Obligation — 4.7%
U.S. Treasury Notes, 0.38%, 09/15/2024 (Cost $28,665)		28,800		28,672
Short-Term Investments — 18.1%
Certificates of Deposit — 1.5%
Bank of Montreal, (Canada), (ICE LIBOR USD 3 Month + 0.04%), 0.18%, 10/06/2021 (aa)		2,000		2,000
Bank of Nova Scotia (The), (Canada), 0.20%, 09/21/2022 (n)		3,000		3,000
Barclays Bank plc, (United Kingdom), 0.24%, 04/08/2022 (n)		2,000		2,001
0.27%, 03/03/2022 (n)		2,000		2,001
Total Certificates of Deposit				9,002
Corporate Bonds — 0.4%
Pacific Gas and Electric Co., (ICE LIBOR USD 3 Month + 1.38%), 1.50%, 11/15/2021 (aa)		900		900
Southern California Edison Co., Series F, (United States SOFR + 0.35%), 0.40%, 06/13/2022 (aa)		1,500		1,501
Total Corporate Bonds				2,401

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Foreign Government Securities — 6.0%
Alberta T-Bill, (Canada), Zero Coupon, 10/19/2021	CAD	5,000			3,947
Japan Treasury Discount Bill, (Japan),
Series 1005, Zero Coupon, 10/04/2021	JPY	850,000			7,638
Series 1010, Zero Coupon, 01/25/2022	JPY	1,500,000			13,483
Reg. S, Series 1014, Zero Coupon, 11/08/2021	JPY	699,000			6,281
Reg. S, Series 1026, Zero Coupon, 01/06/2022	JPY	170,000			1,528
Ontario T-Bill, (Canada), Zero Coupon, 10/20/2021	CAD	5,000			3,947
Total Foreign Government Securities					36,824
Municipal Bonds — 0.2% (t)
Alaska Municipal Bond Bank Authority, Taxable, Series 2, Rev., 0.24%, 12/01/2021		440			440
City of Philadelphia Water & Wastewater Revenue, Taxable, Series B, Rev., 0.25%, 01/01/2022		755			755
West Rankin Utility Authority, Taxable, Rev., AGM, 0.27%, 01/01/2022		135			135
Total Municipal Bonds					1,330
Time Deposits — 10.0%
BNP Paribas SA, (0.79%), 10/01/2021	EUR	—	(h)		—	(h)
Brown Brothers Harriman,
(0.23%), 10/01/2021	AUD	9			7
0.01%, 10/01/2021	CAD	197			155
Citibank NA, 0.01%, 10/01/2021	GBP	94			127
Sumitomo Mitsui Banking Corp., 0.01%, 10/01/2021		61,206			61,206
Total Time Deposits					61,495
Total Short-Term Investments (Cost $111,424)					111,052
Total Investments — 100.9% (Cost—$619,221)*					619,543
Liabilities in Excess of Other Assets — (0.9)%					(5,779	)
NET ASSETS — 100.0%				$	613,764

Percentages indicated are based on net assets

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Canadian Bankers’ Acceptance		108			12/2022		CAD		21,070			(15	)
Canadian Bankers’ Acceptance		123			03/2023		CAD		24,114			(186	)
U.S. Treasury 10 Year Note		5			12/2021		USD		658			—	(h)
												(201	)
Short Contracts
U.S. Treasury 2 Year Note		(41	)		12/2021		USD		(9,021	)		(1	)
U.S. Treasury 5 Year Note		(204	)		12/2021		USD		(25,150	)		111
U.S. Ultra Treasury 10 Year Note		(24	)		12/2021		USD		(3,566	)		79
												189
Total unrealized appreciation (depreciation)												(12	)

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021:

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	6,331	CAD	7,981	Bank of America, NA	10/04/2021		30
CAD	4,697	USD	3,689	Barclays Bank plc	10/04/2021		19
USD	6,054	GBP	4,416	Barclays Bank plc	10/04/2021		103
USD	37	GBP	27	Barclays Bank plc	10/04/2021		1
USD	730	GBP	530	Morgan Stanley & Co.	10/04/2021		16
USD	7,744	JPY	850,000	BNP Paribas	10/04/2021		107
USD	2,923	AUD	4,028	Bank of America, NA	10/05/2021		11
USD	4,744	AUD	6,471	Bank of America, NA	10/05/2021		65
USD	3,974	CAD	4,998	Citibank, NA	10/20/2021		29
USD	2	CAD	2	Citibank, NA	10/20/2021		—	(h)
USD	3,950	AUD	5,446	Bank of America, NA	11/02/2021		12
USD	2,385	CAD	3,017	Morgan Stanley & Co.	11/02/2021		3
USD	6,725	GBP	4,973	Bank of America, NA	11/02/2021		24
USD	4,886	JPY	539,000	Bank of America, NA	11/08/2021		42
USD	1,457	JPY	160,000	Bank of America, NA	11/08/2021		19
USD	7,346	JPY	800,000	Citibank NA	11/22/2021		156
USD	598	EUR	507	Citibank, NA	12/15/2021		10
USD	694	GBP	501	BNP Paribas	12/15/2021		19
USD	1,542	JPY	170,000	Morgan Stanley & Co.	01/06/2022		13
USD	13,676	JPY	1,500,000	Citibank, NA	01/25/2022		181
Total unrealized appreciation							860
CAD	267	USD	212	Morgan Stanley & Co.	10/04/2021		(1	)
CAD	3,017	USD	2,385	Morgan Stanley & Co.	10/04/2021		(3	)
GBP	4,973	USD	6,724	Bank of America, NA	10/04/2021		(24	)
AUD	5,446	USD	3,949	Bank of America, NA	10/05/2021		(12	)
USD	3,942	CAD	5,000	Citibank, NA	10/19/2021		(5	)
USD	3,689	CAD	4,697	Barclays Bank plc	11/02/2021		(19	)
Total unrealized depreciation							(64	)
Net unrealized appreciation (depreciation)							796

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021:    

FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)		UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
ICE LIBOR USD 1 Month	ICE LIBOR USD 3 Month	Pay		01/13/2023	USD	9,600		—		(5	)		(5	)
ICE LIBOR USD 1 Month	ICE LIBOR USD 3 Month	Pay		01/13/2023	USD	12,500		—		(7	)		(7	)
Total								—		(12	)		(12	)
(a)   Value of floating rate index as of September 30, 2021 was as follows:
FLOATING RATE INDEX
ICE LIBOR USD 1 Month													0.08	%
ICE LIBOR USD 3 Month													0.13	%

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Credit Default Swaps contracts outstanding — buy protection ⁽¹⁾ as of September 30, 2021:    

REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND(%)			PAYMENT FREQUENCY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (2)		NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CDX.NA.IG.35-V1		1.00	%		Quarterly		12/20/2025		0.42		USD	700		(15	)		(2	)		(17	)
CDX.NA.IG.36-V1		1.00	%		Quarterly		06/20/2026		0.48		USD	3,400		(83	)		— (h	)		(83	)
CDX.NA.IG.37-V1		1.00	%		Quarterly		12/20/2026		0.53		USD	8,600		(215	)		8			(207	)
Total														(313	)		6			(307	)

⁽¹⁾  The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

⁽²⁾  Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

⁽³⁾  The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

⁽⁴⁾  Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Six Circles Ultra Short Duration Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021

ASX	—	Australian Stock Exchange
AGM	—	Insured by Assured Guaranty Municipal Corp.
BBSW	—	Bank Bill Swap Rate
CDX	—	Credit Default Swap Index
CLO	—	Collateralized Loan Obligations
CMT	—	Constant Maturity Treasury
FHLB	—	Federal Home Loan Bank
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
ICE	—	Intercontinental Exchange
LIBOR	—	London Interbank Offered Rate
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REMICS	—	Real Estate Mortgage Investment Conduit
Rev.	—	Revenue
RMBS	—	Residential Mortgage Backed Security
SOFR	—	Secured Overnight Financing Rate
SONIA	—	Sterling Overnight Interbank Average Rate
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of September 30, 2021.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)	—	Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500 shares or principal/ $500.
(n)	—	The rate shown is the effective yield as of September 30, 2021.
(t)	—	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(w)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(z)	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2021.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2021.
(bb)	—	Security has been valued using significant unobservable inputs.
*	—	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 Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Asset-Backed Securities — 3.2%
BMW Canada Auto Trust, (Canada), Series 2020-1A, Class A1, 1.96%, 09/20/2022 (e)		CAD      122		97
Chesapeake Funding II LLC, Series 2019-1A, Class A1, 2.94%, 04/15/2031 (e)		514		521
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, (ICE LIBOR USD 1 Month + 1.35%), 1.44%, 10/25/2037 (e) (aa)		334		337
DT Auto Owner Trust, Series 2020-3A, Class A, 0.54%, 04/15/2024 (e)		899		900
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (e)		897		894
Ford Auto Securitization Trust, (Canada), Series 2019-BA, Class A2, 2.32%, 10/15/2023 (e)		CAD      414		329
Ford Credit Floorplan Master Owner Trust A,
Series 2019-3, Class A2, (ICE LIBOR USD 1 Month + 0.60%), 0.68%, 09/15/2024 (aa)		600		603
Series 2020-1, Class A1, 0.70%, 09/15/2025		1,700		1,708
GMF Canada Leasing Trust, (Canada), Series 2021-1A, Class A2, 0.64%, 03/20/2024 (e)		CAD      800		631
Home Equity Asset Trust, Series 2005-8, Class M1, (ICE LIBOR USD 1 Month + 0.65%), 0.73%, 02/25/2036 (aa)		186		186
Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, SUB, 3.75%, 04/25/2059 (e)		213		214
Master Credit Card Trust, (Canada), Series 2021-1A, Class A, 0.53%, 11/21/2025 (e)		900		898
Nelnet Student Loan Trust, Series 2019-2A, Class A, (ICE LIBOR USD 1 Month + 0.90%), 0.99%, 06/27/2067 (e) (aa)		1,298		1,319
Oscar US Funding XI LLC, (Japan), Series 2019-2A, Class A4, 2.68%, 09/10/2026 (e)		350		362
Oscar US Funding XII LLC, (Japan), Series 2021-1A, Class A2, 0.40%, 03/11/2024 (e)		1,503		1,500
Oscar US Funding XIII LLC, Series 2021-2A, Class A2, 0.39%, 08/12/2024 (e)		900		899
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 0.88%, 07/25/2035 (aa)		1,556		1,557
PRET LLC, Series 2021-NPL3, Class A1, SUB, 1.87%, 07/25/2051 (e)		887		886
SLM Student Loan Trust, Series 2004-10, Class A7B, (ICE LIBOR USD 3 Month + 0.60%), 0.73%, 10/25/2029 (e) (aa)		1,578		1,580
SMB Private Education Loan Trust,
Series 2015-B, Class A2A, 2.98%, 07/15/2027 (e)		303		305
Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e)		743		756
Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e)		778		786
SoFi Consumer Loan Program Trust, Series 2019-3, Class A, 2.90%, 05/25/2028 (e)		24		24
SoFi Professional Loan Program Trust, Series 2020-A, Class A1FX, 2.06%, 05/15/2046 (e)		137		138
Towd Point Asset Trust, Series 2021-SL1, Class A2, (ICE LIBOR USD 1 Month + 0.70%), 0.00%, 11/20/2061 (e) (aa)		286		286
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (ICE LIBOR USD 1 Month + 1.00%), 1.09%, 05/25/2058 (e) (aa)		488		492
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e)		1,800		1,824
World Omni Select Auto Trust, Series 2020-A, Class A2, 0.47%, 06/17/2024		241		241
Total Asset-Backed Securities (Cost $20,085)				20,273

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 — 3.9%
Brass NO 8 plc, (United Kingdom), Series 8A, Class A1, (ICE LIBOR USD 3 Month + 0.70%), 0.82%, 11/16/2066 (e) (aa)		114		115
Canterbury Finance NO 1 plc, (United Kingdom), Series 1, Class A2, Reg. S, (SONIA Deposit Rates Swap 3 Month + 1.35%), 1.40%, 05/16/2056 (aa)		GBP      968		1,318
Cheshire plc, (United Kingdom), Series 2020-1, Class A, Reg. S, (SONIA Deposit Rates Swap 3 Month + 0.90%), 0.95%, 08/20/2045 (aa)		GBP      607		823
COLT Mortgage Loan Trust, Series 2020-1R, Class A1, 1.26%, 09/25/2065 (e) (z)		225		226
CSMC Trust, Series 2021-RPL4, Class A1, 1.80%, 12/27/2060 (e) (z)		379		381
Finsbury Square plc, (United Kingdom),
Series 2018-2, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 0.95%), 1.02%, 09/12/2068 (aa)		GBP      561		757
Series 2019-3, Class A, Reg. S, (SONIA Deposit Rates Swap 3 Month + 1.01%), 1.06%, 12/16/2069 (aa)		GBP      308		418
Series 2020-2A, Class A, (SONIA Deposit Rates Swap 3 Month + 1.30%), 1.35%, 06/16/2070 (e) (aa)		GBP      417		568
FNMA REMICS, Series 2020-29, Class FC, (ICE LIBOR USD 1 Month + 0.80%), 0.90%, 05/25/2050 (aa)		2,458		2,479
GCAT LLC, Series 2020-3, Class A1, SUB, 2.98%, 09/25/2025 (e)		958		967
GNMA,
Series 2015-H04, Class FA, (ICE LIBOR USD 1 Month + 0.65%), 0.74%, 12/20/2064 (aa)		1,501		1,513
Series 2017-121, Class PE, 3.00%, 07/20/2046		510		520
Series 2018-H18, Class FC, (ICE LIBOR USD 1 Month + 0.35%), 0.44%, 08/20/2065 (aa)		2,096		2,097
Series 2019-54, Class KF, (ICE LIBOR USD 1 Month + 0.42%), 0.51%, 05/20/2044 (aa)		675		676
Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 1.55%, 06/20/2071 (aa)		1,701		1,837
GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z)		350		355
GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A9, (United States 30 Day Average SOFR + 0.85%), 0.90%, 02/25/2052 (e) (aa)		1,092		1,095
Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 1.75%, 07/25/2061 (e)		1,528		1,529
London Wall Mortgage Capital plc, (United Kingdom), Series 2017-FL1, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 0.85%), 0.92%, 11/15/2049 (aa)		GBP        59		79
MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z)		625		622
New Residential Mortgage Loan Trust,
Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z)		159		172
Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z)		1,242		1,243
Polaris RMBS, (United Kingdom), Series 2019-1, Class A, Reg. S, (SONIA Deposit Rates Swap 1 Month + 1.25%), 1.30%, 04/27/2057 (aa)		GBP      491		664
Pretium Mortgage Credit Partners LLC, Series 2021-RN1, Class A1, SUB, 1.99%, 02/25/2061 (e)		379		378
Ripon Mortgages plc, (United Kingdom), Series 1X, Class A1, Reg. S, (ICE LIBOR GBP 3 Month + 0.80%), 0.87%, 08/20/2056 (aa)		GBP      233		315
Sage AR Funding No 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Interest Rate Benchmark + 1.25%), 1.30%, 11/17/2030 (e) (aa)		GBP      800		1,082
Silverstone Master Issuer plc, (United Kingdom), Series 2019-1A, Class 1A, (ICE LIBOR USD 3 Month + 0.57%), 0.70%, 01/21/2070 (e) (aa)		110		110
Starwood Mortgage Residential Trust,
Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z)		627		630
Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z)		674		674
Stratton Mortgage Funding, (United Kingdom), Series 2021-2A, Class A, (SONIA Deposit Rates Swap 3 Month + 0.90%), 0.95%, 07/20/2060 (e) (aa)		GBP      185		251
Towd Point Mortgage Funding, (United Kingdom), Series 2019-A13A, Class A1, (SONIA Deposit Rates Swap 3 Month + 0.90%), 0.95%, 07/20/2045 (e) (aa)		GBP      749		1,012
Total Collateralized Mortgage Obligations (Cost $24,541)				24,906

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — 1.3%
AREIT Trust,
Series 2019-CRE3, Class A, (United States 30 Day Average SOFR + 1.13%), 1.18%, 09/14/2036 (e) (aa)		432		432
Series 2021-CRE5, Class A, (ICE LIBOR USD 1 Month + 1.08%), 1.18%, 07/17/2026 (e) (w) (aa) (bb)		600		600
AREIT Trust, (Cayman Islands), Series 2020-CRE4, Class A, (United States 30 Day Average SOFR + 2.73%), 2.78%, 04/15/2037 (e) (aa)		611		614
BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class A, (ICE LIBOR USD 1 Month + 1.05%), 1.13%, 04/15/2036 (e) (aa)		400		399
BWAY Mortgage Trust, Series 2021-1450, Class A, (ICE LIBOR USD 1 Month + 1.25%), 1.33%, 09/15/2036 (e) (aa)		500		500
BX Commercial Mortgage Trust, Series 2018-IND, Class A, (ICE LIBOR USD 1 Month + 0.75%), 0.83%, 11/15/2035 (e) (aa)		718		718
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058		931		976
Citigroup Commercial Mortgage Trust, Series 2021-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.18%), 1.28%, 10/15/2036 (e) (aa)		900		900
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class AAB, 3.85%, 08/15/2046		407		419
Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (ICE LIBOR USD 1 Month + 1.00%), 1.08%, 05/15/2036 (e) (aa)		700		698
PFP Ltd., (Cayman Islands), Series 2019-5, Class A, (ICE LIBOR USD 1 Month + 0.97%), 1.05%, 04/14/2036 (e) (aa)		382		382
VMC Finance LLC, Series 2021-FL4, Class A, (ICE LIBOR USD 1 Month + 1.10%), 1.19%, 06/16/2036 (e) (aa)		563		564
WFRBS Commercial Mortgage Trust, Series 2013-C11, Class A5, 3.07%, 03/15/2045		891		910
Total Commercial Mortgage-Backed Securities (Cost $8,121)				8,112
Corporate Bonds — 15.1%
Communications — 0.6%
Internet — 0.0% (g)
SK Broadband Co. Ltd., (South Korea), Reg. S, 3.88%, 08/13/2023		200		211
Media — 0.3%
Charter Communications Operating LLC / Charter Communications Operating Capital, (ICE LIBOR USD 3 Month + 1.65%), 1.78%, 02/01/2024 (aa)		1,700		1,748
Telecommunications — 0.3%
AT&T, Inc., Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 1.26%, 09/19/2023 (aa)		AUD      800		585
Verizon Communications, Inc.,
(ICE LIBOR USD 3 Month + 1.10%), 1.22%, 05/15/2025 (aa)		200		206
Reg. S, (BBSW ASX Australian 3 Month + 1.22%), 1.23%, 02/17/2023 (aa)		AUD   1,400		1,021
				1,812
Total Communications				3,771
Consumer Cyclical — 1.2%
Auto Manufacturers — 0.9%
General Motors Financial Co., Inc., 3.45%, 04/10/2022		1,500		1,516
Hyundai Capital America,
0.80%, 04/03/2023 (e)		1,200		1,201
3.00%, 06/20/2022 (e)		174		177
Reg. S, 4.13%, 06/08/2023		300		316

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Nissan Motor Acceptance Co. LLC,
(ICE LIBOR USD 3 Month + 0.65%), 0.78%, 07/13/2022 (e) (aa)		700		701
(ICE LIBOR USD 3 Month + 0.69%), 0.82%, 09/28/2022 (e) (aa)		1,620		1,623
				5,534
Retail — 0.3%
7-Eleven, Inc., 0.63%, 02/10/2023 (e)		1,800		1,800
McDonald’s Corp., Reg. S, (BBSW ASX Australian 3 Month + 1.13%), 1.14%, 03/08/2024 (aa)		AUD      600		439
				2,239
Total Consumer Cyclical				7,773
Consumer Non-cyclical — 1.7%
Agriculture — 1.0%
BAT Capital Corp., (ICE LIBOR USD 3 Month + 0.88%), 1.00%, 08/15/2022 (aa)		3,500		3,519
Imperial Brands Finance plc, (United Kingdom), 3.75%, 07/21/2022 (e)		3,100		3,161
				6,680
Food — 0.1%
General Mills, Inc., 6.41%, 10/15/2022		600		636
Pharmaceuticals — 0.6%
Bayer US Finance II LLC, (ICE LIBOR USD 3 Month + 1.01%), 1.13%, 12/15/2023 (e) (aa)		3,500		3,546
Total Consumer Non-cyclical				10,862
Diversified — 0.3%
Holding Companies—Diversified — 0.3%
Hutchison Whampoa International 12 II Ltd., (Cayman Islands), Reg. S, 3.25%, 11/08/2022		1,825		1,879
Energy — 0.9%
Oil & Gas — 0.9%
BG Energy Capital plc, (United Kingdom), 4.00%, 10/15/2021 (e)		1,045		1,046
Dolphin Energy Ltd. LLC, (United Arab Emirates), Reg. S, 5.50%, 12/15/2021		1,600		1,614
Saudi Arabian Oil Co., (Saudi Arabia), Reg. S, 2.88%, 04/16/2024		1,600		1,667
Woodside Finance Ltd., (Australia), Reg. S, 3.70%, 09/15/2026		1,000		1,080
Total Energy				5,407
Financial — 8.3%
Banks — 6.2%
Banco Santander Chile, (Chile), Reg. S, (ICE LIBOR USD 3 Month + 1.20%), 1.32%, 11/28/2021 (aa)		3,200		3,203
Bank of America Corp., (Canada Bankers Acceptances 3 Month + 1.13%), 2.60%, 03/15/2023 (f) (aa)		CAD   1,200		956
Barclays plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.38%), 1.50%, 05/16/2024 (aa)		1,000		1,017
Reg. S, (BBSW ASX Australian 3 Month + 1.80%), 1.81%, 06/15/2023 (aa)		AUD      750		554
BNP Paribas SA, (France), Reg. S, (BBSW ASX Australian 3 Month + 1.75%), 1.76%, 12/16/2022 (aa)		AUD      700		514
CIT Group, Inc., 5.00%, 08/15/2022		500		517
Citigroup, Inc.,
(ICE LIBOR USD 3 Month + 0.95%), 1.08%, 07/24/2023 (aa)		850		855
(BBSW ASX Australian 3 Month + 1.72%), 1.74%, 10/27/2023 (aa)		AUD   1,000		742

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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 — continued
Banks — continued
Credit Suisse Group AG, (Switzerland), 3.57%, 01/09/2023 (e)		1,800		1,815
Danske Bank A/S, (Denmark), Reg. S, (ICE LIBOR USD 3 Month + 1.06%), 1.17%, 09/12/2023 (aa)		600		607
First Abu Dhabi Bank PJSC, (United Arab Emirates), Reg. S, (ICE LIBOR USD 3 Month + 0.95%), 1.08%, 04/16/2022 (aa)		1,800		1,804
Goldman Sachs Group, Inc. (The), 0.48%, 01/27/2023		1,700		1,700
(ICE LIBOR USD 3 Month + 0.75%), 0.88%, 02/23/2023 (aa)		200		202
Hana Bank, (South Korea), (ICE LIBOR USD 3 Month + 0.70%), 0.83%, 10/02/2022 (e) (aa)		500		502
HSBC Holdings plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.00%), 1.12%, 05/18/2024 (aa)		800		809
(ICE LIBOR USD 3 Month + 1.23%), 1.34%, 03/11/2025 (aa)		1,000		1,020
Mitsubishi UFJ Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.86%), 0.99%, 07/26/2023 (aa)		2,500		2,531
Mizuho Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.63%), 0.76%, 05/25/2024 (aa)		3,400		3,422
Morgan Stanley,
(Canada Bankers Acceptances 3 Month + 0.30%), 0.74%, 02/03/2023 (f) (aa)		CAD   2,000		1,584
(United States SOFR + 0.70%), 0.75%, 01/20/2023 (aa)		1,594		1,597
Natwest Group plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.47%), 1.59%, 05/15/2023 (aa)		700		706
(ICE LIBOR USD 3 Month + 1.55%), 1.68%, 06/25/2024 (aa)		700		714
NatWest Markets plc, (United Kingdom), (United States SOFR + 1.66%), 1.71%, 09/29/2022 (e) (aa)		2,360		2,396
Nordea Bank Abp, (Finland), (ICE LIBOR USD 3 Month + 0.94%), 1.06%, 08/30/2023 (e) (aa)		200		203
Oversea-Chinese Banking Corp. Ltd., (Singapore), (BBSW ASX Australian 3 Month + 0.26%), 0.27%, 08/12/2024 (aa)		AUD   1,000		724
QNB Finance Ltd., (Cayman Islands), Reg. S, (ICE LIBOR USD 3 Month + 1.00%), 1.13%, 05/02/2022 (aa)		1,100		1,103
Royal Bank of Canada, (Canada), (United States SOFR + 0.30%), 0.35%, 01/19/2024 (aa)		400		401
Shinhan Bank Co. Ltd., (South Korea), Reg. S, 2.88%, 03/28/2022		2,100		2,123
Standard Chartered plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.56%), 3.79%, 05/21/2025 (e) (aa)		1,700		1,812
Sumitomo Mitsui Financial Group, Inc., (Japan), Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 1.27%, 10/16/2024 (aa)		AUD   2,400		1,774
UBS AG, (Switzerland), Reg. S, (BBSW ASX Australian 3 Month + 0.87%), 0.89%, 07/30/2025 (aa)		AUD   2,200		1,613
				39,520

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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 — 2.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.45%, 12/16/2021		700		703
Ally Financial, Inc., 4.63%, 05/19/2022		200		205
American Express Co., 2.75%, 05/20/2022		3,700		3,751
Aviation Capital Group LLC, 2.88%, 01/20/2022 (e)		1,600		1,608
GE Capital Canada Funding Co., (Canada), 4.60%, 01/26/2022		CAD      800		640
Mitsubishi HC Capital, Inc., (Japan), 2.65%, 09/19/2022 (e)		1,700		1,731
Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025		2,300		2,333
ORIX Corp., (Japan), 2.90%, 07/18/2022		688		702
Park Aerospace Holdings Ltd., (Cayman Islands), 5.25%, 08/15/2022 (e)		1,100		1,140
Synchrony Financial, 2.85%, 07/25/2022		600		611
				13,424
Total Financial				52,944
Government — 0.1%
Sovereign — 0.1%
KSA Sukuk Ltd., (Cayman Islands), Reg. S, 2.89%, 04/20/2022		800		810
Industrial — 0.8%
Aerospace/Defense — 0.4%
Boeing Co. (The),
1.43%, 02/04/2024		1,000		1,002
4.51%, 05/01/2023		1,400		1,479
				2,481
Machinery - Construction & Mining — 0.1%
Komatsu Finance America, Inc., Reg. S, 0.85%, 09/09/2023		1,000		1,003
Packaging & Containers — 0.2%
Berry Global, Inc., 0.95%, 02/15/2024 (e)		1,200		1,201
Trucking & Leasing — 0.1%
GATX Corp., (ICE LIBOR USD 3 Month + 0.72%), 0.84%, 11/05/2021 (aa)		500		500
Total Industrial				5,185
Technology — 0.1%
Semiconductors — 0.1%
NXP BV / NXP Funding LLC, (Multinational), 3.88%, 09/01/2022 (e)		400		412
Utilities — 1.1%
Electric — 1.1%
American Electric Power Co., Inc., Series A, (ICE LIBOR USD 3 Month + 0.48%), 0.61%, 11/01/2023 (aa)		1,300		1,301
Dominion Energy, Inc., Series D, (ICE LIBOR USD 3 Month + 0.53%), 0.65%, 09/15/2023 (aa)		800		800
Israel Electric Corp. Ltd., (Israel), Series 6, Reg. S, 5.00%, 11/12/2024 (e)		300		333
Kansai Electric Power Co., Inc. (The), (Japan), Reg. S, 2.55%, 09/17/2024		500		520
Pacific Gas and Electric Co.,
1.75%, 06/16/2022		600		599
3.25%, 06/15/2023		200		206

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
3.75%, 02/15/2024		100		104
3.85%, 11/15/2023		400		417
4.25%, 08/01/2023		800		837
Southern California Edison Co., (United States SOFR + 0.64%), 0.69%, 04/03/2023 (aa)		1,700		1,704
Total Utilities				6,821
Total Corporate Bonds (Cost $95,619)				95,864
Foreign Government Securities — 1.0%
Export-Import Bank of Korea, (South Korea), (ICE LIBOR USD 3 Month + 0.53%), 0.66%, 06/25/2022 (aa)		1,000		1,003
International Bank for Reconstruction & Development, (Supranational), 0.65%, 02/10/2026		3,400		3,348
Korea Development Bank (The), (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.80%), 0.93%, 10/30/2022 (aa)		500		503
Korea National Oil Corp., (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.88%), 1.00%, 07/16/2023 (aa)		500		505
Saudi Government International Bond, (Saudi Arabia), Reg. S, 2.38%, 10/26/2021		1,300		1,301
Total Foreign Government Securities (Cost $6,709)				6,660
Municipal Bonds — 69.0% (t)
Alabama — 0.1%
Lower Alabama Gas District, Series A, Rev., 4.00%, 12/01/2022		550		573
Alaska — 0.4%
Alaska Housing Finance Corp., Series B, Rev., VRDO, 0.05%, 10/07/2021 (z)		2,400		2,400
Arizona — 1.0%
Arizona State University, Series A, Rev., VRDO, 0.04%, 10/07/2021 (z)		4,200		4,200
Maricopa County Unified School District, GO, 5.00%, 07/01/2022		1,310		1,357
Maricopa County, Union High School District No. 210, School Improvement Project 2011 and 2017, GO, 5.00%, 07/01/2022		1,000		1,036
				6,593
California — 3.7%
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Series B, Rev., AMT, 5.00%, 07/01/2022		1,430		1,480
California Statewide Communities Development Authority, Washington Court Apartments, Rev., HUD, 0.22%, 08/01/2023 (z)		2,250		2,248
City of Long Beach, Series B, Rev., AMT, 4.00%, 05/15/2022		3,000		3,069
Los Angeles Department of Water, Series B4, Rev., VRDO, 0.04%, 10/01/2021 (z)		500		500
Los Angeles Department of Water & Power Power System Revenue, Subordinate, Series B8, Rev., VRDO, 0.03%, 10/07/2021 (z)		5,500		5,500
Sacramento County Sanitation Districts Financing Authority, Rev., 5.00%, 12/01/2022		2,000		2,112
San Francisco City & County Airport Comm-San Francisco International Airport, Series B, Rev., VRDO, LOC: Barclays Bank plc, 0.03%, 10/07/2021 (z)		4,850		4,850
State of California,
GO, 5.00%, 10/01/2022		1,000		1,048
GO, 5.00%, 11/01/2022		1,000		1,052
Series C3, GO, VRDO, LOC: U.S. Bank NA, 0.02%, 10/07/2021 (z)		1,445		1,445
				23,304

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Colorado — 2.3%
City & County of Denver, Airport System, Series A, Rev., AMT, 5.00%, 11/15/2021		2,000		2,011
Colorado Health Facilities Authority, Sisters of Charity of Leavenworth Health System, Inc. Obligated Group, Series A, Rev., 5.00%, 01/01/2022		2,500		2,529
Colorado Housing & Finance Authority, Multifamily Project, Series B2, Rev., 1.35%, 02/01/2022		5,000		5,002
Denver City & County School District No. 1, GO, 5.00%, 12/01/2022		3,000		3,169
Weld County School District No. 6 Greeley, GO, 5.00%, 12/01/2022		1,850		1,954
				14,665
Connecticut — 2.8%
Connecticut Housing Finance Authority,
Series B3, Rev., VRDO, 0.05%, 10/07/2021 (z)		680		680
Series F3, Rev., VRDO, 0.06%, 10/07/2021 (z)		10,500		10,500
Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issuer,
Rev., 4.00%, 07/01/2022		500		513
Rev., 4.00%, 07/01/2023		550		584
Connecticut State Health & Educational Facilities Authority, Yale University, Series V1, Rev., VRDO, 0.04%, 10/01/2021 (z)		1,500		1,500
Connecticut State, Health & Educational Facilities Authority, Yale University, Series U2, Rev., 2.00%, 07/01/2033 (z)		1,300		1,308
Hartford County, Metropolitan District (The), Series A, GO, 5.00%, 07/15/2022		1,200		1,246
State of Connecticut Special Tax Revenue, Series A, Rev., 4.00%, 05/01/2023		1,530		1,622
				17,953
District of Columbia — 0.6%
District of Columbia, Carnegie, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.06%, 10/07/2021 (z)		1,600		1,600
District of Columbia, Georgetown University, Series B2, Rev., VRDO, LOC: Bank of America NA, 0.05%, 10/07/2021 (z)		1,000		1,000
District of Columbia, Georgetown University (The), Series B1, Rev., VRDO, LOC: Bank of America NA, 0.05%, 10/07/2021 (z)		1,555		1,555
				4,155
Florida — 7.4%
Central Florida Expressway Authority, Senior Lien,
Rev., AGM, 5.00%, 07/01/2022		1,100		1,140
Rev., AGM, 5.00%, 07/01/2023		1,000		1,081
City of Fort Lauderdale, Police and Public Safety Project, Series B, GO, 5.00%, 07/01/2022		1,215		1,259
City of Gainesville, Utilities System,
Series A, Rev., 5.00%, 10/01/2021		1,400		1,400
Series B, Rev., VRDO, 0.04%, 10/07/2021 (z)		6,040		6,040
City of Orlando, Series B, Rev., 5.00%, 10/01/2021		775		775
County of Miami-Dade Aviation, Series C, Rev., 5.00%, 10/01/2021		1,650		1,650
County of Miami-Dade, Building Better Communities Project, Series A, GO, 5.00%, 07/01/2022		6,000		6,215
Florida Gulf Coast University Financing Corp., Parking Project, Series A, Rev., VRDO, LOC: TD Bank NA, 0.06%, 10/07/2021 (z)		3,455		3,455
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 0.05%, 10/07/2021 (z)		4,000		4,000
JEA Water & Sewer System Revenue, Subordinate, Series A1, Rev., VRDO, 0.08%, 10/01/2021 (z)		3,300		3,300

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — (continued)
Florida — (continued)
JEA Water & Sewer System Revenue, Subordinate, Series B1, Rev., VRDO, 0.07%, 10/07/2021 (z)		1,725		1,725
Lee Memorial Health System, Series A1, Rev., 5.00%, 04/01/2022		1,000		1,023
Orange County Health Facilities Authority, Nemours Foundation, Series B, Rev., VRDO, LOC: Northern Trust Co., 0.05%, 10/07/2021 (z)		2,100		2,100
Orlando Utilities Commission, Series 1, Rev., VRDO, 0.04%, 10/07/2021 (z)		6,785		6,785
Seacoast Utility Authority, Series B, Rev., 5.00%, 03/01/2023		2,215		2,364
State of Florida, Board Education, Capital Outlay, Series A, GO, 5.00%, 06/01/2022		2,500		2,580
				46,892
Georgia — 0.3%
Brookhaven Development Authority, Children’s Healthcare of Atlanta Obligated Group, Series A, Rev., 5.00%, 07/01/2022		1,040		1,078
City of Atlanta Department of Aviation, Series C, Rev., AMT, 5.00%, 07/01/2024 (w)		615		690
				1,768
Hawaii — 0.2%
State of Hawaii, Series EA, GO, 5.00%, 12/01/2021		1,075		1,083
Idaho — 0.7%
Idaho Health Facilities Authority, St. Luke’s Health System Obligated Group, Rev., VRDO, LOC: U.S. Bank NA, 0.08%, 10/01/2021 (z)		4,500		4,500
Illinois — 2.4%
Chicago O’Hare International Airport, Senior Lien,
Series A, Rev., AMT, 5.00%, 01/01/2022 (p)		2,000		2,023
Series C, Rev., 5.00%, 01/01/2022		3,670		3,713
County of Cook, Series A, GO, 5.00%, 11/15/2023		2,250		2,471
Illinois Finance Authority, The Catherine Cook School Project, Rev., VRDO, LOC: Northern Trust Co., 0.05%, 10/07/2021 (z)		1,770		1,770
Illinois Housing Development Authority, Multifamily Housing, Century Woods IL TC LP, Rev., VRDO, GNMA COLL, 1.90%, 10/01/2021 (z)		1,500		1,500
Illinois Housing Development Authority, Multifamily Housing, Heather Ridge IL TC LP, Rev., VRDO, 1.90%, 10/01/2021 (z)		3,000		3,000
State of Illinois, Series A, GO, 5.00%, 03/01/2023		500		532
				15,009
Indiana — 1.3%
Indiana Finance Authority, Green Bond, Series B, Rev., 5.00%, 02/01/2022		950		965
Indiana Finance Authority, Health Systems, Sisters of St. Francis, Series I, Rev., VRDO, LOC: Barclays Bank plc, 0.08%, 10/01/2021 (z)		1,715		1,715
Indiana Finance Authority, Sisters of St Francis, Rev., VRDO, LOC: Barclays Bank plc, 0.08%, 10/01/2021 (z)		1,000		1,000
Indiana Municipal Power Agency, Series B, Rev., VRDO, LOC: U.S. Bank NA, 0.08%, 10/01/2021 (z)		1,300		1,300
Indianapolis Local Public Improvement Bond Bank, Series A, Rev., 5.00%, 06/01/2022		400		413
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority, Rev., AMT, 5.00%, 01/01/2022		3,085		3,120
				8,513
Kansas — 0.2%
Geary County Unified School District No. 475, Series B, GO, 5.00%, 09/01/2022		1,275		1,331

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — (continued)
Louisiana — 0.4%
Jefferson Sales Tax District, Series A, Rev., AGM, 5.00%, 12/01/2021		2,325		2,342
Maine — 0.2%
Maine Health & Higher Educational Facilities Authority,
Series A, Rev., AGM, 5.00%, 07/01/2022		500		518
Series A, Rev., AGM, 5.00%, 07/01/2023		550		595
				1,113
Maryland — 1.1%
City of Frederick, Public Improvement, GO, 3.00%, 12/01/2022		1,000		1,033
County of Anne Arundel, General Improvements, GO, 5.00%, 04/01/2022		1,165		1,193
Washington Suburban Sanitary Commission, Series A, Rev., VRDO, BAN, CNTY GTD, 0.04%, 10/07/2021 (z)		5,000		5,000
				7,226
Massachusetts — 3.7%
Commonwealth of Massachusetts, Series B, GO, 5.00%, 07/01/2023		4,650		5,038
Massachusetts Bay Transportation Authority, Series A2, Rev., VRDO, 0.03%, 10/07/2021 (z)		4,130		4,130
Massachusetts Development Finance Agency, Dana-Farber Cancer Institute Obligated Group, Series O, Rev., 5.00%, 12/01/2021		1,000		1,008
Massachusetts Development Finance Agency, Northeastern University, Series A, Rev., 5.00%, 10/01/2022		2,350		2,462
Massachusetts Development Finance Agency, Partners Healthcare System, Inc., Series K1, Rev., VRDO, 0.05%, 10/07/2021 (z)		5,700		5,700
Massachusetts Educational Financing Authority, Series B, Rev., AMT, 5.00%, 07/01/2022		2,000		2,070
Massachusetts School Building Authority,
Series A, Rev., 5.00%, 08/15/2022 (p)		2,710		2,824
Town of Hingham, Water Bonds, GO, 5.00%, 02/15/2022		650		661
				23,893
Michigan — 2.7%
University of Michigan, Series D1, Rev., VRDO, 0.03%, 10/01/2021 (z)		3,675		3,675
Wayne County Airport Authority, Detroit Metropolitan Wayne County Airport, Rev., AMT, 4.00%, 12/01/2023 (e)		12,715		13,701
				17,376
Minnesota — 1.1%
City of Rochester, Mayo Clinic,
Series A, Rev., VRDO, 0.03%, 10/07/2021 (z)		3,000		3,000
Series B, Rev., VRDO, 0.03%, 10/07/2021 (z)		3,900		3,900
				6,900
Missouri — 0.7%
State of Missouri, Health & Educational Facilities Authority, Series F, Rev., VRDO, 0.08%, 10/01/2021 (z)		4,335		4,335
Nevada — 0.5%
Las Vegas Valley Water District, Series B, GO, 5.00%, 06/01/2022		2,000		2,064
Washoe County School District, Series C, GO, 5.00%, 10/01/2021		1,250		1,250
				3,314

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — (continued)
New Hampshire — 1.4%
New Hampshire Health and Education Facilities Authority Act, Bishop Guertin High School, Rev., VRDO, LOC: TD Bank NA, 0.06%, 10/07/2021 (z)		2,170		2,170
New Hampshire Health and Education Facilities Authority Act, University System of New Hampshire, Series B, Rev., VRDO, 0.08%, 10/01/2021 (z)		3,375		3,375
New Hampshire Health and Education Facilities Authority, University System, Series B1, Rev., VRDO, 0.08%, 10/01/2021 (z)		3,115		3,115
				8,660
New Jersey — 1.4%
City of Newark, Series A, GO, 5.00%, 10/01/2022		700		728
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group, Rev., 5.00%, 07/01/2024		6,930		7,819
New Jersey Higher Education Student Assistance Authority, Series B, Rev., AMT, 5.00%, 12/01/2023		300		329
				8,876
New Mexico — 0.1%
New Mexico Municipal Energy Acquisition Authority, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 11/01/2021		625		627
New York — 11.0%
City of New York,
Series F, GO, 5.00%, 08/01/2022		1,125		1,143
Series G6, GO, VRDO, LOC: MIZUHO Bank Ltd., 0.08%, 10/01/2021 (z)		5,315		5,315
Series I4, GO, VRDO, LOC: TD Bank NA, 0.08%, 10/01/2021 (z)		2,000		2,000
City of New York, Fiscal 2018 Subordinate, Series B, GO, VRDO, 0.08%, 10/01/2021 (z)		3,700		3,700
City of New York, Fiscal 2017, Series A4, GO, VRDO, LOC: Citibank NA, 0.06%, 10/07/2021 (z)		390		390
Metropolitan Transportation Authority,
Series A, Rev., BAN, 4.00%, 02/01/2022		12,000		12,143
Series A, Rev., BAN, 5.00%, 03/01/2022		2,000		2,039
New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series BB, Rev., VRDO, 0.10%, 10/01/2021 (z)		1,000		1,000
New York City Transitional Finance Authority, Future Tax Secured Revenue,
Rev., 5.00%, 11/01/2023		1,000		1,099
Series A4, Rev., VRDO, 0.08%, 10/01/2021 (z)		3,500		3,500
Series B1, Rev., 4.00%, 11/01/2022		1,800		1,875
Series B5, Rev., VRDO, 0.08%, 10/01/2021 (z)		1,000		1,000
Series E1, Rev., 5.00%, 02/01/2022		2,490		2,529
New York City Water & Sewer System, Series F2, Rev., VRDO, LOC: Citibank NA, 0.08%, 10/01/2021 (z)		1,300		1,300
New York City Water & Sewer System, Second General Resolution, Rev., VRDO, 0.08%, 10/01/2021 (z)		3,000		3,000
New York State Dormitory Authority,
Series A, Rev., AGM, 4.00%, 10/01/2023		1,150		1,234
Series B, Rev., 4.00%, 10/01/2023		2,805		3,008
New York State Dormitory Authority, School Districts Financing Program, Rev., 5.00%, 10/01/2023		1,245		1,361
New York State Dormitory Authority, St Johns University, Series A, Rev., 5.00%, 07/01/2023		500		542

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — (continued)
New York — continued
New York State Thruway Authority, Series O, Rev., 5.00%, 01/01/2023 (w)		8,905		9,427
New York State Urban Development Corp., Series A, Rev., 5.00%, 03/15/2022		8,575		8,762
Port Authority of New York & New Jersey, Consolidated, Series 195, Rev., AMT, 5.00%, 10/01/2021		1,600		1,600
Town of Oyster Bay, GO, 2.00%, 03/01/2022		900		906
Triborough Bridge & Tunnel Authority, Series B3, Rev., VRDO, LOC: State Street Bank & Trust Co., 0.10%, 10/01/2021 (z)		1,430		1,430
				70,303
North Carolina — 0.9%
City of Charlotte Water & Sewer System Revenue, Series B, Rev., VRDO, 0.04%, 10/07/2021 (z)		1,110		1,110
County of Durham, GO, 5.00%, 04/01/2022		1,135		1,162
North Carolina Turnpike Authority, Rev., BAN, 5.00%, 02/01/2024		3,000		3,306
				5,578
Ohio — 3.3%
City of Cincinnati, Series A, GO, 5.00%, 12/01/2032 (p)		1,700		1,754
County of Franklin, Facilities, OhioHealth Corp., Series D, Rev., VRDO, LOC: Northern Trust Co., 0.05%, 10/07/2021 (z)		2,500		2,500
Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group, Series B3, Rev., VRDO, 0.07%, 10/01/2021 (z)		3,800		3,800
Ohio State University (The), Series B2, Rev., VRDO, 0.04%, 10/07/2021 (z)		6,725		6,725
State of Ohio, Cleveland Clinic Health System, Rev., VRDO, 0.04%, 10/07/2021 (z)		6,000		6,000
State of Ohio, Mental Health Facilities Improvement, Series A, Rev., 5.00%, 02/01/2024		500		555
				21,334
Oklahoma — 0.3%
Tulsa County, Independent School District No. 1, Series A, GO, 2.00%, 03/01/2023		2,130		2,183
Oregon — 0.2%
Oregon State Lottery, Series A, Rev., 5.00%, 04/01/2024		1,100		1,228
Pennsylvania — 2.1%
Geisinger Authority, Health System, Series A, Rev., 5.00%, 04/01/2022		2,400		2,457
Lancaster Higher Education Authority, Harrisburg Area Community, Rev., BAM, 5.00%, 10/01/2023		600		656
Pennsylvania Economic Development Financing Authority,
Series A, Rev., 4.00%, 10/15/2022		600		624
Series A, Rev., 4.00%, 10/15/2023		700		753
Pennsylvania Economic Development Financing Authority, Waste Management PA Obligated Group, Series A, Rev., 2.15%, 11/01/2021		1,375		1,377
Philadelphia Authority for Industrial Development, Rev., 5.00%, 10/01/2021		4,000		4,000
Phoenixville Area School District, GO, 4.00%, 11/15/2022		1,000		1,041
Ringgold Pennsylvania School District, GO, BAM, 3.00%, 09/01/2022		2,325		2,383
				13,291
Rhode Island — 0.2%
Rhode Island Commerce Corp., Rev., GAN, 5.00%, 06/15/2022		1,550		1,602

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — (continued)
Tennessee — 0.7%
Memphis-Shelby County Airport Authority, Series B, Rev., AMT, 5.00%, 07/01/2022		1,750		1,811
Shelby County Health Educational & Housing Facilities Board, Methodist Le Bonheur, Rev., VRDO, AGM, 0.08%, 10/01/2021 (z)		2,775		2,775
				4,586
Texas — 9.2%
Allen Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2022		3,000		3,053
GO, PSF-GTD, 5.00%, 02/15/2023		1,205		1,284
City of Dallas, Refunding and Improvement, GO, 5.00%, 02/15/2022		3,000		3,053
City of Houston, Series A, GO, 5.00%, 03/01/2022		2,505		2,555
City of Houston Combined Utility System Revenue, Combined First Lien, Rev., VRDO, (SIFMA Municipal Swap Index + 0.01%), 0.06%, 10/07/2021 (aa)		5,000		5,000
City of Houston Combined Utility System Revenue, First Lien, Rev., VRDO, LOC: Citibank NA, 0.05%, 10/07/2021 (z)		1,650		1,650
City of Mesquite, GO, 3.00%, 02/15/2023		1,000		1,038
City of San Antonio, Municipal Drainage Utility, Rev., 5.00%, 02/01/2023		1,000		1,064
Collin County, Community College District, Series A, GO, 5.00%, 08/15/2022		1,310		1,365
County of Harris, Road Bonds, Series A, GO, 5.00%, 10/01/2022		1,660		1,740
County of Williamson,
GO, 4.00%, 02/15/2022		3,190		3,235
GO, 4.00%, 02/15/2023		2,315		2,435
GO, 5.00%, 02/15/2022		1,000		1,018
Dallas Fort Worth International Airport, Series B, Rev., 5.00%, 11/01/2022		3,000		3,155
Fort Bend Independent School District, GO, PSF-GTD, 5.00%, 08/15/2022		1,000		1,042
Frisco Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2022		2,000		2,035
GO, PSF-GTD, 5.00%, 08/15/2022		1,240		1,292
Garland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023		1,160		1,236
Harris County Toll Road Authority, First Lien,
Rev., 5.00%, 08/15/2022		2,100		2,188
Rev., 5.00%, 08/15/2023		1,600		1,743
North Texas Tollway Authority, Rev., 5.00%, 01/01/2022 (p)		880		890
North Texas Tollway Authority, Unrefunded, Rev., 5.00%, 01/01/2022		1,120		1,133
Round Rock Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2022		1,280		1,331
San Antonio Independent School District, GO, PSF-GTD, 5.00%, 02/15/2022		6,560		6,676
Texas State University System, Series A, Rev., 5.00%, 03/15/2022		2,200		2,248
Texas Water Development Board, Master Fund
Rev., 3.00%, 10/15/2021		1,750		1,752
Rev., 3.00%, 04/15/2022		1,000		1,015
Rev., 3.00%, 10/15/2022		2,000		2,058
				58,284
Utah — 0.3%
Central Valley Water Reclamation Facility, Green Bond, Series C, Rev., 5.00%, 03/01/2024		500		557
County of Utah, IHC Health Services, Inc., Series B, Rev., VRDO, 0.04%, 10/07/2021 (z)		1,250		1,250
				1,807

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — (continued)
Virginia — 2.0%
Albermarle County Economic Development Authority, Sentara Healthcare Obligated Group, Series B, Rev., VRDO, 0.08%, 10/02/2021 (z)		1,350		1,350
Norfolk Economic Development Authority, Sentara Healthcare Obligated Group,
Series A, Rev., VRDO, 0.07%, 10/07/2021 (z)		9,400		9,400
Rev., VRDO, 0.04%, 10/07/2021 (z)		425		425
Virginia College Building Authority, 21st Century College, Series E1, Rev., 5.00%, 02/01/2024		1,285		1,427
				12,602
Washington — 1.3%
Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 0.05%, 10/07/2021 (z)		4,000		4,000
Pierce County, School District No. 403 Bethel, GO, SCH BD GTY, 4.00%, 12/01/2021		850		855
Port of Seattle, Intermediate Lien, Rev., AMT, 5.00%, 04/01/2022		2,000		2,046
Snohomish County School District No. 6 Mukilteo, GO, SCH BD GTY, 5.00%, 12/01/2023		1,000		1,103
				8,004
Wisconsin — 0.8%
State of Wisconsin, Series A, GO, 5.00%, 05/01/2022		4,815		4,950
Total Municipal Bonds (Cost $438,726)				439,153
U.S. Government Agency Securities — 1.1%
FHLBs,
0.96%, 03/05/2026		3,400		3,398
1.10%, 08/20/2026		1,900		1,897
1.11%, 07/27/2026		1,800		1,799
Total U.S. Government Agency Securities (Cost $7,100)				7,094
U.S. Treasury Obligation — 4.4%
U.S. Treasury Notes, 0.38%, 09/15/2024 (Cost $28,068)		28,200		28,074
Short-Term Investments — 3.1%
Foreign Government Securities — 1.0%
Japan Treasury Discount Bill, (Japan),
Series 1014, Reg. S, Zero Coupon, 11/08/2021		JPY 523,000		4,700
Series 1026, Reg. S, Zero Coupon, 01/06/2022		JPY 170,000		1,528
Total Foreign Government Securities				6,228
Municipal Bonds — 0.2% (t)
County of Los Angeles, Rev., TRAN, 4.00%, 06/30/2022		1,000		1,029
State of Illinois, Series A, GO, 5.00%, 03/01/2022		500		510
Total Municipal Bonds				1,539

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 — 1.9%
Australia & New Zealand Banking Group Ltd., 0.01%, 10/01/2021		100			100
BNP Paribas SA,
(0.79%), 10/01/2021	EUR	2			2
0.01%, 10/01/2021		119			119
Brown Brothers Harriman,
(0.23%), 10/01/2021	AUD	11			8
0.01%, 10/01/2021	CAD	24			19
Citibank NA, 0.01%, 10/01/2021	GBP	—	(h)		1
Sumitomo Mitsui Banking Corp.,
(0.41%), 10/01/2021	JPY	34			— (h	)
0.01%, 10/01/2021		11,946			11,946
Total Time Deposits					12,195
Total Short-Term Investments (Cost $20,001)					19,962
Total Investments — 102.1% (Cost - $648,970)*					650,098
Liabilities in Excess of Other Assets — (2.1)%					(13,644	)
NET ASSETS — 100.0%				$	636,454

Percentages indicated are based on net assets

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Canadian Bankers’ Acceptance		85			12/2022		CAD		16,586			(15	)
Canadian Bankers’ Acceptance		157			03/2023		CAD		30,779			(237	)
U.S. Treasury 10 Year Note		5			12/2021		USD		658			—	(h)
												(252	)
Short Contracts
U.S. Treasury 2 Year Note		(24	)		12/2021		USD		(5,281	)		(1	)
U.S. Treasury 5 Year Note		(214	)		12/2021		USD		(26,369	)		102
U.S. Ultra Treasury 10 Year Note		(25	)		12/2021		USD		(3,714	)		83
												184
Total unrealized appreciation (depreciation)												(68	)

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021:

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	4,892	CAD	6,167	Bank of America, NA		10/04/2021		23
CAD	3,388	USD	2,661	Barclays Bank plc		10/04/2021		14
CAD	322	USD	252	Morgan Stanley & Co.		10/04/2021		2
USD	6,777	GBP	4,944	Barclays Bank plc		10/04/2021		116
USD	33	GBP	24	Barclays Bank plc		10/04/2021		1
USD	812	GBP	590	Morgan Stanley & Co.		10/04/2021		17
USD	3,046	AUD	4,197	Bank of America, NA		10/05/2021		12
USD	4,942	AUD	6,742	Bank of America, NA		10/05/2021		68
USD	4,115	AUD	5,674	Bank of America, NA		11/02/2021		12
USD	1,720	CAD	2,175	Morgan Stanley & Co.		11/02/2021		2
USD	7,317	GBP	5,411	Bank of America, NA		11/02/2021		26
USD	1,731	JPY	190,000	Bank of America, NA		11/08/2021		23
USD	5,104	JPY	563,000	Bank of America, NA		11/08/2021		44
USD	1,542	JPY	170,000	Morgan Stanley & Co.		01/06/2022		13
Total unrealized appreciation								373
CAD	282	USD	224	Morgan Stanley & Co.		10/04/2021		(1	)
CAD	2,175	USD	1,720	Morgan Stanley & Co.		10/04/2021		(2	)
GBP	5,411	USD	7,316	Bank of America, NA		10/04/2021		(26	)
GBP	147	USD	200	Morgan Stanley & Co.		10/04/2021		(2	)
AUD	5,674	USD	4,114	Bank of America, NA		10/05/2021		(12	)
USD	2,660	CAD	3,388	Barclays Bank plc		11/02/2021		(14	)
JPY	230,045	USD	2,093	Bank of America, NA		11/08/2021		(26	)
Total unrealized depreciation								(83	)
Net unrealized appreciation (depreciation)								290

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021:    

FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)		UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
ICE LIBOR USD 1 Month	ICE LIBOR USD 3 Month	Pay		01/13/2023		USD 10,800		—		(6	)		(6	)
ICE LIBOR USD 1 Month	ICE LIBOR USD 3 Month	Pay		01/13/2023		USD 14,200		—		(7	)		(7	)
Total								—		(13	)		(13	)

(a) Value of floating rate index as of September 30, 2021 was as follows:

FLOATING RATE INDEX
ICE LIBOR USD 1 Month	0.08	%
ICE LIBOR USD 3 Month	0.13	%

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Credit Default Swaps contracts outstanding — buy protection ⁽¹⁾ as of September 30, 2021:    

REFERENCE OBLIGATION/ INDEX	FINANCING RATE PAID BY THE FUND(%)			PAYMENT FREQUENCY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (2)		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CDX.NA.IG.35-V1		1.00	%		Quarterly		12/20/2025		0.42		USD    900		(19	)		(3	)		(22	)
CDX.NA.IG.36-V1		1.00	%		Quarterly		06/20/2026		0.48		USD 3,900		(96	)		—(h	)		(96	)
CDX.NA.IG.37-V1		1.00	%		Quarterly		12/20/2026		0.53		USD 9,400		(234	)		9			(225	)
Total													(349	)		6			(343	)

⁽¹⁾  The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

⁽²⁾  Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

⁽³⁾  The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

⁽⁴⁾  Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Six Circles Tax Aware Ultra Short Duration Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021

ASX	—	Australian Stock Exchange
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMT	—	Alternative Minimum Tax
BAN	—	Bond Anticipation Note
BAM	—	Insured by Build America Mutual
BBSW	—	Bank Bill Swap Rate
CDX	—	Credit Default Swap Index
CNTY	—	County
COLL	—	Collateral
FHLB	—	Federal Home Loan Bank
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
HUD	—	U.S. Department of Housing and Urban Development
ICE	—	Intercontinental Exchange
LIBOR	—	London Interbank Offered Rate
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
PSF	—	Permanent School Fund
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REMICS	—	Real Estate Mortgage Investment Conduit
Rev.	—	Revenue
RMBS	—	Residential Mortgage-Backed Securities
SCH BD GTY	—	School Bond Guaranty
SIFMA	—	Securities Industry and Financial Markets Association
SOFR	—	Secured Overnight Financing Rate
SONIA	—	Sterling Overnight Interbank Average Rate
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of September 30, 2021.
TRAN	—	Tax & Revenue Anticipation Note
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of September 30, 2021.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)	—	Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500 shares or principal/ $500.
(p)	—	Security is prerefunded or escrowed to maturity.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(w)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(z)	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2021.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2021.
(bb)	—	Security has been valued using significant unobservable inputs.
*	—	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, 2021 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — 99.4%
Basic Materials — 0.5%
Chemicals — 0.4%
Air Products & Chemicals, Inc.		25		6,379
Albemarle Corp.		13		2,889
Celanese Corp., Class A		14		2,156
CF Industries Holdings, Inc.		25		1,420
Dow, Inc.		96		5,548
DuPont de Nemours, Inc.		66		4,513
Eastman Chemical Co.		27		2,672
Ecolab, Inc.		30		6,179
FMC Corp.		13		1,197
International Flavors & Fragrances, Inc.		24		3,245
Linde plc, (United Kingdom)		60		17,529
LyondellBasell Industries NV, Class A		31		2,887
Mosaic Co. (The)		46		1,645
PPG Industries, Inc.		29		4,198
RPM International, Inc.		6		468
Sherwin-Williams Co. (The)		27		7,436
				70,361
Forest Products & Paper — 0.0% (g)
International Paper Co.		57		3,203
Iron/Steel — 0.0% (g)
Nucor Corp.		37		3,679
Steel Dynamics, Inc.		31		1,818
				5,497
Mining — 0.1%
Freeport-McMoRan, Inc.		176		5,719
Newmont Corp.		98		5,302
				11,021
Total Basic Materials				90,082
Communications — 23.6%
Advertising — 0.2%
Interpublic Group of Cos., Inc. (The)		42		1,550
Omnicom Group, Inc.		26		1,906
Trade Desk, Inc. (The), Class A (a)		322		22,663
				26,119
Internet — 22.0%
Airbnb, Inc., Class A (a)		14		2,347
Alphabet, Inc., Class A (a)		264		705,970
Alphabet, Inc., Class C (a)		256		681,147
Amazon.com, Inc. (a)		402		1,322,140
Booking Holdings, Inc. (a)		5		10,993
CDW Corp.		46		8,404
Chewy, Inc., Class A (a)		76		5,207
DoorDash, Inc., Class A (a)		65		13,443
eBay, Inc.		599		41,763
Etsy, Inc. (a)		111		23,148
Expedia Group, Inc. (a)		14		2,362
F5 Networks, Inc. (a)		24		4,770

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Facebook, Inc., Class A (a)		2,102			713,328
GoDaddy, Inc., Class A (a)		15			1,070
IAC/InterActiveCorp. (a)		69			9,042
Lyft, Inc., Class A (a)		135			7,211
Match Group, Inc. (a)		222			34,905
MercadoLibre, Inc., (Argentina) (a)		40			66,644
Netflix, Inc. (a)		50			30,363
NortonLifeLock, Inc.		418			10,571
Okta, Inc., Class A (a)		13			3,053
Palo Alto Networks, Inc. (a)		73			34,964
Pinterest, Inc., Class A (a)		479			24,388
Roku, Inc., Class A (a)		13			3,984
Snap, Inc., Class A (a)		834			61,626
Twitter, Inc. (a)		698			42,176
Uber Technologies, Inc. (a)		639			28,644
VeriSign, Inc. (a)		8			1,657
Wayfair, Inc., Class A (a)		65			16,626
Zendesk, Inc. (a)		87			10,113
Zillow Group, Inc., Class A (a)		52			4,582
Zillow Group, Inc., Class C (a)		145			12,793
					3,939,434
Media — 0.6%
Altice USA, Inc., Class A (a)		16			339
Cable One, Inc.		—	(h)		437
Charter Communications, Inc., Class A (a)		14			10,465
Comcast Corp., Class A		517			28,933
Discovery, Inc., Class A (a)		17			443
Discovery, Inc., Class C (a)		39			944
DISH Network Corp., Class A (a)		32			1,373
FactSet Research Systems, Inc.		33			13,091
Fox Corp., Class A		20			795
Fox Corp., Class B		42			1,564
Liberty Broadband Corp., Class A (a)		1			122
Liberty Broadband Corp., Class C (a)		16			2,718
Liberty Global plc, (United Kingdom), Class A (a)		39			1,167
Liberty Global plc, (United Kingdom), Class C (a)		17			504
Liberty Media Corp.-Liberty Formula One, Class C (a)		18			905
Liberty Media Corp.-Liberty SiriusXM, Class A (a)		4			191
Liberty Media Corp.-Liberty SiriusXM, Class C (a)		14			679
News Corp., Class A		43			1,019
Sirius XM Holdings, Inc.		21			127
ViacomCBS, Inc., Class B		69			2,725
Walt Disney Co. (The) (a)		206			34,931
					103,472

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Telecommunications — 0.8%
Arista Networks, Inc. (a)		15		5,151
AT&T, Inc.		829		22,388
Cisco Systems, Inc.		1,092		59,457
Corning, Inc.		210		7,652
Juniper Networks, Inc.		80		2,199
Lumen Technologies, Inc.		78		966
Motorola Solutions, Inc.		55		12,760
T-Mobile US, Inc. (a)		72		9,158
Verizon Communications, Inc.		481		25,982
				145,713
Total Communications				4,214,738
Consumer Cyclical — 2.7%
Airlines — 0.1%
Delta Air Lines, Inc. (a)		78		3,310
Southwest Airlines Co. (a)		99		5,100
				8,410
Apparel — 0.1%
Hanesbrands, Inc.		22		379
NIKE, Inc., Class B		144		20,946
Ralph Lauren Corp., Class A		4		481
VF Corp.		33		2,178
				23,984
Auto Manufacturers — 0.7%
Cummins, Inc.		81		18,275
Ford Motor Co. (a)		429		6,071
General Motors Co. (a)		154		8,130
PACCAR, Inc.		194		15,336
Tesla, Inc. (a)		92		70,972
				118,784
Auto Parts & Equipment — 0.0% (g)
Aptiv plc, (Ireland) (a)		31		4,640
Autoliv, Inc., (Sweden)		9		743
BorgWarner, Inc.		26		1,141
Lear Corp.		8		1,228
				7,752
Distribution/Wholesale — 0.3%
Copart, Inc. (a)		113		15,633
Fastenal Co.		303		15,662
LKQ Corp. (a)		39		1,970
Pool Corp.		7		2,868
WW Grainger, Inc.		23		8,936
				45,069

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES			VALUE ($)
Common Stocks — continued
Entertainment — 0.1%
AMC Entertainment Holdings, Inc., Class A (a)		56			2,123
Caesars Entertainment, Inc. (a)		22			2,438
DraftKings, Inc., Class A (a)		38			1,838
Live Nation Entertainment, Inc. (a)		18			1,619
Vail Resorts, Inc. (a)		5			1,549
					9,567
Food Service — 0.0% (g)
Aramark		24			805
Home Builders — 0.1%
DR Horton, Inc.		40			3,351
Lennar Corp., Class A		33			3,088
NVR, Inc. (a)		—	(h)		1,194
PulteGroup, Inc.		58			2,660
					10,293
Home Furnishings — 0.0% (g)
Leggett & Platt, Inc.		70			3,117
Whirlpool Corp.		9			1,901
					5,018
Housewares — 0.0% (g)
Newell Brands, Inc.		95			2,099
Leisure Time — 0.0% (g)
Carnival Corp. (a)		102			2,554
Peloton Interactive, Inc., Class A (a)		28			2,451
Royal Caribbean Cruises Ltd. (a)		27			2,437
					7,442
Lodging — 0.1%
Hilton Worldwide Holdings, Inc. (a)		30			4,009
Las Vegas Sands Corp. (a)		40			1,463
Marriott International, Inc., Class A (a)		34			5,035
MGM Resorts International		66			2,858
Wynn Resorts Ltd. (a)		10			844
					14,209
Retail — 1.2%
Advance Auto Parts, Inc.		9			1,918
AutoZone, Inc. (a)		2			3,970
Bath & Body Works, Inc.		28			1,790
Best Buy Co., Inc.		29			3,091
Burlington Stores, Inc. (a)		6			1,829
CarMax, Inc. (a)		18			2,267
Carvana Co., Class A (a)		7			2,228
Chipotle Mexican Grill, Inc., Class A (a)		4			6,572
Costco Wholesale Corp.		52			23,253
Darden Restaurants, Inc.		20			3,044
Dollar General Corp.		28			5,915
Dollar Tree, Inc. (a)		29			2,811

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Retail — continued
Domino’s Pizza, Inc.		3		1,413
Genuine Parts Co.		20		2,474
Home Depot, Inc. (The)		101		33,099
Lowe’s Cos., Inc.		78		15,784
Lululemon Athletica, Inc., (Canada) (a)		14		5,769
McDonald’s Corp.		84		20,287
O’Reilly Automotive, Inc. (a)		7		4,089
Ross Stores, Inc.		41		4,464
Starbucks Corp.		133		14,714
Target Corp.		57		12,934
TJX Cos., Inc. (The)		139		9,151
Tractor Supply Co.		13		2,662
Ulta Beauty, Inc. (a)		7		2,381
Walgreens Boots Alliance, Inc.		82		3,860
Walmart, Inc.		180		25,115
Yum! Brands, Inc.		28		3,399
				220,283
Textiles — 0.0% (g)
Mohawk Industries, Inc. (a)		14		2,554
Toys/Games/Hobbies — 0.0% (g)
Hasbro, Inc.		23		2,078
Total Consumer Cyclical				478,347
Consumer Non-cyclical — 18.9%
Agriculture — 0.2%
Altria Group, Inc.		192		8,760
Archer-Daniels-Midland Co.		83		4,973
Bunge Ltd.		23		1,872
Philip Morris International, Inc.		167		15,818
				31,423
Beverages — 4.2%
Boston Beer Co., Inc. (The), Class A (a)		12		6,312
Brown-Forman Corp., Class B		420		28,131
Coca-Cola Co. (The)		5,609		294,308
Constellation Brands, Inc., Class A		235		49,430
Keurig Dr Pepper, Inc.		965		32,976
Molson Coors Beverage Co., Class B		260		12,055
Monster Beverage Corp. (a)		548		48,651
PepsiCo., Inc.		1,878		282,404
				754,267
Biotechnology — 2.7%
Alnylam Pharmaceuticals, Inc. (a)		90		17,060
Amgen, Inc.		444		94,472
Biogen, Inc. (a)		117		33,050
BioMarin Pharmaceutical, Inc. (a)		142		10,954
Bio-Rad Laboratories, Inc., Class A (a)		3		2,515

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Corteva, Inc.		98		4,142
Exact Sciences Corp. (a)		132		12,614
Gilead Sciences, Inc.		972		67,886
Horizon Therapeutics Plc (a)		165		18,056
Illumina, Inc. (a)		16		6,683
Incyte Corp. (a)		144		9,937
Moderna, Inc. (a)		264		101,696
Novavax, Inc. (a)		54		11,254
Regeneron Pharmaceuticals, Inc. (a)		82		49,509
Royalty Pharma plc, Class A		21		755
Seagen, Inc. (a)		105		17,837
Vertex Pharmaceuticals, Inc. (a)		202		36,650
				495,070
Commercial Services — 1.8%
AMERCO		5		3,344
Automatic Data Processing, Inc.		49		9,849
Booz Allen Hamilton Holding Corp., Class A		65		5,194
Cintas Corp.		51		19,286
CoStar Group, Inc. (a)		204		17,536
Equifax, Inc.		64		16,274
FleetCor Technologies, Inc. (a)		9		2,276
Gartner, Inc. (a)		9		2,848
Global Payments, Inc.		33		5,265
IHS Markit Ltd., (United Kingdom)		202		23,584
MarketAxess Holdings, Inc.		29		12,254
Moody’s Corp.		104		36,860
PayPal Holdings, Inc. (a)		126		32,789
Quanta Services, Inc.		11		1,202
Robert Half International, Inc.		62		6,189
Rollins, Inc.		190		6,715
S&P Global, Inc.		156		66,297
Square, Inc., Class A (a)		43		10,363
TransUnion		97		10,885
United Rentals, Inc. (a)		38		13,420
Verisk Analytics, Inc., Class A		80		15,927
				318,357
Cosmetics/Personal Care — 0.3%
Colgate-Palmolive Co.		82		6,232
Estee Lauder Cos., Inc. (The), Class A		26		7,876
Procter & Gamble Co. (The)		244		34,091
				48,199
Food — 0.2%
Campbell Soup Co.		17		697
Conagra Brands, Inc.		48		1,620
General Mills, Inc.		78		4,688
Hershey Co. (The)		12		2,097

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Hormel Foods Corp.		29		1,184
J M Smucker Co. (The)		15		1,842
Kellogg Co.		42		2,675
Kraft Heinz Co. (The)		87		3,208
Kroger Co. (The)		79		3,206
Lamb Weston Holdings, Inc.		6		338
McCormick & Co., Inc.		20		1,661
Mondelez International, Inc., Class A		175		10,189
Sysco Corp.		49		3,830
Tyson Foods, Inc., Class A		44		3,490
				40,725
Healthcare - Products — 1.0%
10X Genomics, Inc., Class A (a)		8		1,111
Abbott Laboratories		187		22,122
ABIOMED, Inc. (a)		5		1,484
Align Technology, Inc. (a)		8		5,564
Avantor, Inc. (a)		43		1,777
Baxter International, Inc.		64		5,184
Bio-Techne Corp.		4		2,180
Boston Scientific Corp. (a)		165		7,151
Cooper Cos., Inc. (The)		5		2,039
Danaher Corp.		73		22,278
DENTSPLY SIRONA, Inc.		29		1,671
Edwards Lifesciences Corp. (a)		71		8,094
Henry Schein, Inc. (a)		38		2,903
Hologic, Inc. (a)		28		2,099
IDEXX Laboratories, Inc. (a)		8		5,280
Insulet Corp. (a)		5		1,554
Intuitive Surgical, Inc. (a)		14		13,500
Masimo Corp. (a)		5		1,392
Medtronic plc, (Ireland)		151		18,929
Novocure Ltd., (Jersey) (a)		10		1,116
PerkinElmer, Inc.		13		2,247
ResMed, Inc.		16		4,269
STERIS plc		15		3,007
Stryker Corp.		38		9,939
Teleflex, Inc.		5		1,792
Thermo Fisher Scientific, Inc.		45		25,693
West Pharmaceutical Services, Inc.		8		3,351
Zimmer Biomet Holdings, Inc.		25		3,720
				181,446
Healthcare - Services — 0.6%
Anthem, Inc.		27		10,166
Catalent, Inc. (a)		158		20,961
Centene Corp. (a)		61		3,818
Charles River Laboratories International, Inc. (a)		5		2,241
DaVita, Inc. (a)		4		492

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Healthcare - Services — continued
HCA Healthcare, Inc.		29		7,048
Humana, Inc.		15		5,656
IQVIA Holdings, Inc. (a)		22		5,171
Laboratory Corp. of America Holdings (a)		14		3,801
Molina Healthcare, Inc. (a)		5		1,275
Oak Street Health, Inc. (a)		8		327
PPD, Inc. (a)		12		551
Quest Diagnostics, Inc.		16		2,279
Teladoc Health, Inc. (a)		14		1,813
UnitedHealth Group, Inc.		95		36,949
Universal Health Services, Inc., Class B		12		1,625
				104,173
Household Products/Wares — 0.1%
Avery Dennison Corp.		10		1,972
Church & Dwight Co., Inc.		42		3,457
Clorox Co. (The)		10		1,638
Kimberly-Clark Corp.		37		4,929
				11,996
Pharmaceuticals — 7.8%
AbbVie, Inc.		1,361		146,794
AmerisourceBergen Corp., Class A		15		1,744
Becton Dickinson and Co.		33		8,212
Bristol-Myers Squibb Co.		2,040		120,709
Cardinal Health, Inc.		26		1,310
Cigna Corp.		40		8,087
CVS Health Corp.		157		13,282
Dexcom, Inc. (a)		10		5,654
Elanco Animal Health, Inc. (a)		45		1,426
Eli Lilly & Co.		735		169,735
Jazz Pharmaceuticals plc, (Ireland) (a)		6		754
Johnson & Johnson		2,409		389,090
McKesson Corp.		16		3,179
Merck & Co., Inc.		2,349		176,465
Neurocrine Biosciences, Inc. (a)		72		6,884
Organon & Co.		268		8,782
Pfizer, Inc.		5,187		223,101
Viatris, Inc.		1,109		15,023
Zoetis, Inc., Class A		436		84,609
				1,384,840
Total Consumer Non-cyclical				3,370,496
Energy — 0.8%
Energy - Alternate Sources — 0.1%
Enphase Energy, Inc. (a)		40		6,073
Plug Power, Inc. (a)		267		6,821
SolarEdge Technologies, Inc., (Israel) (a)		16		4,363
Sunrun, Inc. (a)		90		3,956
				21,213

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 — 0.5%
Cabot Oil & Gas Corp.		85		1,845
Chevron Corp.		226		22,919
ConocoPhillips		162		10,986
Devon Energy Corp.		70		2,471
EOG Resources, Inc.		75		6,050
Exxon Mobil Corp.		490		28,815
Hess Corp.		26		2,048
Marathon Petroleum Corp.		72		4,442
Occidental Petroleum Corp.		93		2,763
Phillips 66		49		3,452
Pioneer Natural Resources Co.		26		4,311
Valero Energy Corp.		46		3,213
				93,315
Oil & Gas Services — 0.1%
Baker Hughes Co., Class A		89		2,193
Halliburton Co.		107		2,316
Schlumberger NV		173		5,127
				9,636
Pipelines — 0.1%
Cheniere Energy, Inc. (a)		21		2,071
Kinder Morgan, Inc.		224		3,754
ONEOK, Inc.		47		2,727
Williams Cos., Inc. (The)		114		2,946
				11,498
Total Energy				135,662
Financial — 15.4%
Banks — 6.0%
Bank of America Corp.		5,018		213,010
Bank of New York Mellon Corp. (The)		665		34,490
Citigroup, Inc.		1,412		99,065
Citizens Financial Group, Inc.		435		20,424
Fifth Third Bancorp		633		26,858
First Republic Bank		148		28,556
Goldman Sachs Group, Inc. (The)		227		85,694
Huntington Bancshares, Inc.		1,340		20,719
KeyCorp.		930		20,109
M&T Bank Corp.		137		20,402
Morgan Stanley		934		90,857
Northern Trust Corp.		185		19,949
PNC Financial Services Group, Inc. (The)		301		58,803
Regions Financial Corp.		913		19,450
State Street Corp.		305		25,853
SVB Financial Group (a)		46		29,443
Truist Financial Corp.		967		56,696
US Bancorp		1,032		61,344
Wells Fargo & Co.		2,755		127,843
Zions Bancorp NA		36		2,229
				1,061,794

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 — 3.5%
Ally Financial, Inc.		230		11,736
American Express Co.		471		78,924
Ameriprise Financial, Inc.		73		19,231
Apollo Global Management, Inc., Class A		97		5,945
BlackRock, Inc., Class A		67		56,298
Capital One Financial Corp.		334		54,078
Cboe Global Markets, Inc.		74		9,160
Charles Schwab Corp. (The)		915		66,674
CME Group, Inc., Class A		258		49,843
Discover Financial Services		258		31,688
Franklin Resources, Inc.		254		7,540
Intercontinental Exchange, Inc.		403		46,279
Invesco Ltd.		241		5,818
Mastercard, Inc., Class A		99		34,299
Nasdaq, Inc.		75		14,515
Raymond James Financial, Inc.		127		11,704
SEI Investments Co.		150		8,921
Synchrony Financial		479		23,437
T Rowe Price Group, Inc.		184		36,200
Tradeweb Markets, Inc., Class A		84		6,767
Visa, Inc., Class A		193		43,059
Western Union Co. (The)		76		1,540
				623,656
Insurance — 4.8%
Aflac, Inc.		547		28,512
Alleghany Corp. (a)		11		6,896
Allstate Corp. (The)		234		29,744
American Financial Group, Inc.		65		8,156
American International Group, Inc.		606		33,246
Aon plc, Class A		142		40,663
Arch Capital Group Ltd., (Bermuda) (a)		262		10,004
Arthur J Gallagher & Co.		129		19,230
Assurant, Inc.		45		7,163
Athene Holding Ltd., (Bermuda), Class A (a)		85		5,839
Berkshire Hathaway, Inc., Class B (a)		857		233,979
Brown & Brown, Inc.		138		7,648
Chubb Ltd., (Switzerland)		310		53,775
Cincinnati Financial Corp.		123		14,094
Equitable Holdings, Inc.		273		8,103
Erie Indemnity Co., Class A		15		2,588
Everest Re Group Ltd., (Bermuda)		27		6,657
Fidelity National Financial, Inc.		179		8,115
Globe Life, Inc.		106		9,414
Hartford Financial Services Group, Inc. (The)		293		20,555
Lincoln National Corp.		161		11,043
Loews Corp.		163		8,803
Markel Corp. (a)		12		14,376

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Insurance — continued
Marsh & McLennan Cos., Inc.		369		55,905
MetLife, Inc.		593		36,610
Principal Financial Group, Inc.		268		17,241
Progressive Corp. (The)		415		37,519
Prudential Financial, Inc.		314		33,076
RenaissanceRe Holdings Ltd., (Bermuda)		45		6,261
Travelers Cos., Inc. (The)		209		31,784
Voya Financial, Inc.		176		10,787
Willis Towers Watson plc, (United Kingdom)		96		22,251
WR Berkley Corp.		133		9,757
				849,794
Private Equity — 0.4%
Blackstone Group, Inc. (The)		473		55,077
Carlyle Group, Inc. (The)		92		4,329
KKR & Co., Inc.		316		19,264
				78,670
Real Estate — 0.0% (g)
CBRE Group, Inc., Class A (a)		44		4,314
REITS — 0.7%
AGNC Investment Corp.		380		5,990
Alexandria Real Estate Equities, Inc.		16		3,096
American Tower Corp.		48		12,800
Annaly Capital Management, Inc.		861		7,252
AvalonBay Communities, Inc.		18		4,065
Boston Properties, Inc.		16		1,743
Camden Property Trust		9		1,362
Crown Castle International Corp.		47		8,101
Digital Realty Trust, Inc.		32		4,563
Duke Realty Corp.		35		1,670
Equinix, Inc.		10		8,138
Equity LifeStyle Properties, Inc.		11		852
Equity Residential		46		3,716
Essex Property Trust, Inc.		8		2,520
Extra Space Storage, Inc.		12		2,099
Healthpeak Properties, Inc.		72		2,415
Host Hotels & Resorts, Inc. (a)		93		1,515
Invitation Homes, Inc.		71		2,717
Iron Mountain, Inc.		27		1,182
Medical Properties Trust, Inc.		39		775
Mid-America Apartment Communities, Inc.		16		2,938
Omega Healthcare Investors, Inc.		18		553
Prologis, Inc.		91		11,434
Public Storage		18		5,235
Realty Income Corp.		40		2,568
Regency Centers Corp.		18		1,194
SBA Communications Corp., Class A		10		3,368

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Simon Property Group, Inc.		36		4,635
Sun Communities, Inc.		11		1,958
UDR, Inc.		24		1,297
Ventas, Inc.		52		2,851
VEREIT, Inc.		27		1,242
VICI Properties, Inc.		73		2,077
Vornado Realty Trust		56		2,359
Welltower, Inc.		52		4,266
Weyerhaeuser Co.		99		3,537
WP Carey, Inc.		12		844
				128,927
Savings & Loans — 0.0% (g)
People’s United Financial, Inc.		57		1,001
Total Financial				2,748,156
Industrial — 12.7%
Aerospace/Defense — 1.6%
Boeing Co. (The) (a)		293		64,462
General Dynamics Corp.		130		25,416
HEICO Corp.		24		3,189
HEICO Corp., Class A		36		4,260
Howmet Aerospace, Inc.		204		6,370
L3Harris Technologies, Inc.		107		23,533
Lockheed Martin Corp.		132		45,534
Northrop Grumman Corp.		81		29,140
Raytheon Technologies Corp.		807		69,405
Teledyne Technologies, Inc. (a)		10		4,477
TransDigm Group, Inc. (a)		27		16,552
				292,338
Building Materials — 0.5%
Carrier Global Corp.		434		22,455
Fortune Brands Home & Security, Inc.		70		6,275
Johnson Controls International plc		392		26,718
Lennox International, Inc.		16		4,619
Martin Marietta Materials, Inc.		8		2,741
Masco Corp.		121		6,708
Owens Corning		54		4,637
Vulcan Materials Co.		17		2,820
				76,973
Electrical Components & Equipments — 0.3%
AMETEK, Inc.		127		15,801
Emerson Electric Co.		320		30,134
Generac Holdings, Inc. (a)		33		13,469
				59,404

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Electronics — 0.9%
Agilent Technologies, Inc.		35		5,559
Allegion plc, (Ireland)		54		7,165
Amphenol Corp., Class A		164		12,044
Arrow Electronics, Inc. (a)		24		2,678
Fortive Corp.		177		12,479
Garmin Ltd., (Switzerland)		23		3,652
Honeywell International, Inc.		370		78,553
Keysight Technologies, Inc. (a)		55		9,094
Mettler-Toledo International, Inc. (a)		3		4,424
Sensata Technologies Holding plc (a)		79		4,308
TE Connectivity Ltd., (Switzerland)		93		12,797
Trimble, Inc. (a)		85		6,985
Waters Corp. (a)		5		1,812
				161,550
Engineering & Construction — 0.1%
Jacobs Engineering Group, Inc.		70		9,275
Environmental Control — 0.4%
Pentair plc, (United Kingdom)		89		6,478
Republic Services, Inc., Class A		123		14,717
Waste Connections, Inc.		141		17,741
Waste Management, Inc.		222		33,154
				72,090
Hand/Machine Tools — 0.1%
Snap-on, Inc.		29		5,966
Stanley Black & Decker, Inc.		88		15,443
				21,409
Machinery - Construction & Mining — 0.3%
Caterpillar, Inc.		289		55,446
Machinery - Diversified — 0.8%
Cognex Corp.		44		3,561
Deere & Co.		156		52,285
Dover Corp.		74		11,533
IDEX Corp.		38		7,764
Ingersoll Rand, Inc. (a)		211		10,613
Nordson Corp.		27		6,478
Otis Worldwide Corp.		207		17,005
Rockwell Automation, Inc.		60		17,709
Westinghouse Air Brake Technologies Corp.		95		8,188
Xylem, Inc.		102		12,563
				147,699

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Miscellaneous Manufacturers — 1.3%
3M Co.		305		53,529
AO Smith Corp.		69		4,195
Eaton Corp. plc		213		31,858
General Electric Co.		581		59,851
Illinois Tool Works, Inc.		163		33,678
Parker-Hannifin Corp.		69		19,343
Textron, Inc.		140		9,764
Trane Technologies plc, (Ireland)		127		21,884
				234,102
Packaging & Containers — 0.1%
Amcor plc, (United Kingdom)		179		2,077
Ball Corp.		36		3,213
Crown Holdings, Inc.		12		1,212
Packaging Corp. of America		16		2,138
Sealed Air Corp.		51		2,780
Westrock Co.		36		1,817
				13,237
Shipbuilding — 0.0% (g)
Huntington Ingalls Industries, Inc.		31		5,924
Transportation — 6.3%
CH Robinson Worldwide, Inc.		571		49,708
CSX Corp.		1,195		35,544
Expeditors International of Washington, Inc.		739		87,992
FedEx Corp.		1,073		235,361
JB Hunt Transport Services, Inc.		45		7,447
Kansas City Southern		47		12,780
Knight-Swift Transportation Holdings, Inc., Class A		86		4,423
Norfolk Southern Corp.		133		31,796
Old Dominion Freight Line, Inc.		53		15,063
Union Pacific Corp.		350		68,581
United Parcel Service, Inc., Class B		3,160		575,508
				1,124,203
Total Industrial				2,273,650
Technology — 24.2%
Computers — 4.3%
Accenture plc, (Ireland), Class A		74		23,735
Apple, Inc.		4,255		602,059
Cognizant Technology Solutions Corp., Class A		65		4,820
Crowdstrike Holdings, Inc., Class A (a)		141		34,667
Dell Technologies, Inc., Class C (a)		71		7,428
EPAM Systems, Inc. (a)		6		3,664
Fortinet, Inc. (a)		104		30,418
Hewlett Packard Enterprise Co.		334		4,764

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Computers — continued
HP, Inc.		328		8,969
International Business Machines Corp.		102		14,135
Leidos Holdings, Inc.		70		6,688
NetApp, Inc.		53		4,724
Seagate Technology Holdings plc		48		3,956
Western Digital Corp. (a)		81		4,544
Zscaler, Inc. (a)		60		15,748
				770,319
Office/Business Equipment — 0.1% (g)
Zebra Technologies Corp., Class A (a)		14		7,104
Semiconductors — 3.8%
Advanced Micro Devices, Inc. (a)		393		40,475
Analog Devices, Inc.		177		29,612
Applied Materials, Inc.		299		38,447
Broadcom, Inc.		131		63,622
Intel Corp.		1,316		70,132
IPG Photonics Corp. (a)		31		4,858
KLA Corp.		49		16,439
Lam Research Corp.		46		26,323
Marvell Technology, Inc.		263		15,888
Microchip Technology, Inc.		86		13,213
Micron Technology, Inc.		374		26,524
Monolithic Power Systems, Inc.		13		6,479
NVIDIA Corp.		806		167,073
NXP Semiconductors NV, (Netherlands)		90		17,608
ON Semiconductor Corp. (a)		142		6,477
Qorvo, Inc. (a)		36		6,037
QUALCOMM, Inc.		364		46,939
Skyworks Solutions, Inc.		54		8,829
Teradyne, Inc.		53		5,790
Texas Instruments, Inc.		299		57,522
Xilinx, Inc.		78		11,731
				680,018
Software — 16.0%
Activision Blizzard, Inc.		90		6,928
Adobe, Inc. (a)		359		206,711
Akamai Technologies, Inc. (a)		18		1,897
ANSYS, Inc. (a)		65		22,272
Autodesk, Inc. (a)		164		46,766
Avalara, Inc. (a)		65		11,330
Bentley Systems, Inc., Class B		129		7,822
Black Knight, Inc. (a)		110		7,922
Broadridge Financial Solutions, Inc.		9		1,496
Cadence Design Systems, Inc. (a)		209		31,674
Ceridian HCM Holding, Inc. (a)		103		11,562
Cerner Corp.		43		3,047

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Software — continued
Citrix Systems, Inc.		91		9,764
Clarivate plc, (United Kingdom) (a)		181		3,962
Cloudflare, Inc., Class A (a)		25		2,866
Coupa Software, Inc. (a)		54		11,826
Datadog, Inc., Class A (a)		139		19,714
DocuSign, Inc., Class A (a)		145		37,331
Dropbox, Inc., Class A (a)		235		6,880
Dynatrace, Inc. (a)		139		9,868
Electronic Arts, Inc.		34		4,793
Fair Isaac Corp. (a)		20		8,106
Fidelity National Information Services, Inc.		70		8,545
Fiserv, Inc. (a)		67		7,305
Guidewire Software, Inc. (a)		59		6,986
HubSpot, Inc. (a)		33		22,452
Intuit, Inc.		205		110,487
Jack Henry & Associates, Inc.		11		1,741
Microsoft Corp.		5,303		1,495,038
MongoDB, Inc., Class A (a)		6		2,735
MSCI, Inc., Class A		51		30,905
Oracle Corp.		1,399		121,903
Palantir Technologies, Inc., Class A (a)		1,150		27,641
Paychex, Inc.		37		4,161
Paycom Software, Inc. (a)		38		18,943
PTC, Inc. (a)		81		9,754
RingCentral, Inc., Class A (a)		55		11,993
Roper Technologies, Inc.		56		25,019
salesforce.com, Inc. (a)		728		197,406
ServiceNow, Inc. (a)		148		92,069
Snowflake, Inc., Class A (a)		22		6,602
Splunk, Inc. (a)		122		17,673
SS&C Technologies Holdings, Inc.		168		11,665
Synopsys, Inc. (a)		116		34,684
Take-Two Interactive Software, Inc. (a)		13		2,047
Twilio, Inc., Class A (a)		18		5,816
Tyler Technologies, Inc. (a)		30		13,672
Unity Software, Inc. (a)		44		5,517
Veeva Systems, Inc., Class A (a)		15		4,283
VMware, Inc., Class A (a)		64		9,460
Workday, Inc., Class A (a)		143		35,614
Zoom Video Communications, Inc., Class A (a)		159		41,521
				2,858,174
Total Technology				4,315,615

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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)		58		1,320
Alliant Energy Corp.		38		2,128
Ameren Corp.		23		1,858
American Electric Power Co., Inc.		60		4,875
CenterPoint Energy, Inc.		43		1,061
CMS Energy Corp.		21		1,255
Consolidated Edison, Inc.		43		3,104
Dominion Energy, Inc.		81		5,907
DTE Energy Co.		20		2,258
Duke Energy Corp.		92		8,956
Edison International		41		2,301
Entergy Corp.		23		2,303
Evergy, Inc.		21		1,295
Eversource Energy		37		3,032
Exelon Corp.		131		6,314
FirstEnergy Corp.		57		2,037
NextEra Energy, Inc.		229		17,972
NRG Energy, Inc.		26		1,062
PG&E Corp. (a)		163		1,566
Pinnacle West Capital Corp.		12		839
PPL Corp.		103		2,866
Public Service Enterprise Group, Inc.		74		4,537
Sempra Energy		43		5,455
Southern Co. (The)		136		8,408
Vistra Corp.		40		681
WEC Energy Group, Inc.		35		3,129
Xcel Energy, Inc.		62		3,889
				100,408
Gas — 0.0% (g)
Atmos Energy Corp.		11		964
NiSource, Inc.		16		387
UGI Corp.		21		909
				2,260
Water — 0.0% (g)
American Water Works Co., Inc.		18		3,114
Essential Utilities, Inc.		12		540
				3,654
Total Utilities				106,322
Total Common Stocks (Cost $13,699,235)				17,733,068

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)			VALUE ($)
Short-Term Investments — 0.6%
Time Deposits — 0.6%
Australia & New Zealand Banking Group Ltd., 0.01%, 10/01/2021		66,564			66,564
BNP Paribas SA, 0.01%, 10/01/2021		34,770			34,770
Brown Brothers Harriman, 0.01%, 10/01/2021		—	(h)		—	(h)
Sumitomo Mitsui Banking Corp., 0.01%, 10/01/2021		12,696			12,696
Total Short-Term Investments (Cost $114,030)					114,030
Total Investments — 100.0% (Cost - $13,813,265) *					17,847,098
Liabilities in Excess of Other Assets — 0.0% (g)					(1,942	)
NET ASSETS — 100.0%				$	17,845,156

Percentages indicated are based on net assets.

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
E-mini Russell 2000 Index		9		12/2021		USD		1,006			(16	)
Micro E-mini NASDAQ 100 Index		87		12/2021		USD		2,681			(126	)
NASDAQ 100 E-mini Index		99		12/2021		USD		30,639			(1,568	)
S&P 500 E-mini Index		228		12/2021		USD		50,623			(1,628	)
S&P MidCap 400 E-mini Index		19		12/2021		USD		5,021			(18	)
											(3,356	)
Short Contracts
S&P 500 E-mini Index		(55)		12/2021		USD		(11,815	)		(4	)
Total unrealized appreciation (depreciation)											(3,360	)

Six Circles U.S. Unconstrained Equity Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021

REIT	—	Real Estate Investment Trust
(a)	—	Non-income producing security.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500 shares or principal/ $500.
*	—	The cost of securities is substantially the same for federal income tax purposes.
USD	—	United States Dollar

Six Circles U.S. Unconstrained Equity Fund

Summary of Investments by Industry, September 30, 2021

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

INDUSTRY	PERCENTAGE
Internet		22.0	%
Software		16.0	%
Pharmaceuticals		7.8	%
Transportation		6.3	%
Banks		6.0	%
Insurance		4.8	%
Computers		4.3	%
Beverages		4.2	%
Semiconductors		3.8	%
Diversified Financial Services		3.5	%
Biotechnology		2.7	%
Commercial Services		1.8	%
Aerospace/Defense		1.6	%
Miscellaneous Manufacturers		1.3	%
Retail		1.2	%
Healthcare - Products		1.0	%
Others (Each less than 1.0%)		11.1	%
Short-Term Investments		0.6	%

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bond — 0.0% (g)
Consumer Non-cyclical — 0.0% (g)
Food — 0.0% (g)
Britannia Industries Ltd., (India), 5.50%, 06/03/2024 (Cost $0) (g)		INR        140		2
	SHARES
Common Stocks — 97.3%
Australia — 0.2%
BHP Group plc		851		21,435
Austria — 0.4%
Erste Group Bank AG		355		15,577
OMV AG		25		1,531
Raiffeisen Bank International AG		190		4,960
Verbund AG		191		19,348
voestalpine AG		19		700
				42,116
Belgium — 1.1%
Ageas SA		220		10,912
Anheuser-Busch InBev SA		478		27,089
Elia Group SA		89		10,585
Etablissements Franz Colruyt NV		9		472
Groupe Bruxelles Lambert SA		143		15,770
KBC Group NV		316		28,513
Proximus SADP		26		515
Sofina SA		20		7,756
Solvay SA		12		1,522
UCB SA		216		24,234
Umicore SA		33		1,926
				129,294
Chile — 0.0% (g)
Antofagasta plc		158		2,867
China — 0.0% (g)
China Huarong Asset Management Co. Ltd., Class H (a) (e) (bb) (cc)		374		37
Wangfujing Group Co. Ltd., Class A		6		29
				66

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Denmark — 4.4%
Ambu A/S, Class B		27		803
AP Moller - Maersk A/S, Class A		3		6,860
AP Moller - Maersk A/S, Class B		5		13,449
Carlsberg A/S, Class B		63		10,226
Chr Hansen Holding A/S		17		1,407
Coloplast A/S, Class B		19		3,034
Danske Bank A/S		872		14,692
Demant A/S (a)		18		887
DSV A/S		172		41,111
Genmab A/S (a)		11		4,650
GN Store Nord AS		20		1,399
Novo Nordisk A/S, Class B		2,877		277,360
Novozymes A/S, Class B		33		2,286
Orsted AS (e)		529		69,740
Pandora A/S		16		1,973
ROCKWOOL International A/S, Class B		7		3,111
Tryg A/S		453		10,268
Vestas Wind Systems A/S		860		34,498
				497,754
Finland — 1.7%
Elisa OYJ		24		1,479
Fortum OYJ		1,239		37,616
Kesko Oyj, Class B		45		1,548
Kone OYJ, Class B		291		20,425
Neste OYJ		70		3,976
Nokia OYJ (a)		4,879		26,911
Nordea Bank Abp, Class A		4,102		52,857
Orion OYJ, Class B		181		7,184
Sampo OYJ, Class A		631		31,202
Stora Enso OYJ, Class R		96		1,596
UPM-Kymmene OYJ		89		3,143
Wartsila OYJ Abp		404		4,806
				192,743
France — 11.0%
Accor SA (a)		28		994
Aeroports de Paris (a)		25		3,243
Air Liquide SA		79		12,579
Airbus SE (a)		504		66,843
Alstom SA		270		10,248
Amundi SA (e)		77		6,473
Arkema SA		10		1,340
Atos SE		91		4,829
AXA SA		2,451		67,911
BioMerieux		7		782
BNP Paribas SA		1,425		91,172
Bollore SA		144		830
Bouygues SA		195		8,081

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Bureau Veritas SA		252		7,790
Capgemini SE		148		30,589
Carrefour SA		104		1,866
Cie de Saint-Gobain		433		29,136
Cie Generale des Etablissements Michelin SCA		28		4,305
CNP Assurances		213		3,363
Covivio		8		677
Credit Agricole SA		1,472		20,232
Danone SA		410		27,930
Dassault Aviation SA		21		2,384
Dassault Systemes SE		610		32,117
Edenred		227		12,213
Eiffage SA		73		7,370
Electricite de France SA		1,314		16,508
Engie SA		5,154		67,425
EssilorLuxottica SA		47		9,048
Eurazeo SE		50		4,719
Faurecia SE		19		901
Gecina SA		8		1,034
Getlink SE		375		5,856
Hermes International		5		7,234
Ipsen SA		64		6,138
Kering SA		12		8,829
Klepierre SA		34		762
La Francaise des Jeux SAEM (e)		16		815
Legrand SA		229		24,537
L’Oreal SA		42		17,275
LVMH Moet Hennessy Louis Vuitton SE		46		32,939
Orange SA		330		3,567
Orpea SA		9		1,002
Pernod Ricard SA		131		28,967
Publicis Groupe SA		37		2,475
Remy Cointreau SA		14		2,770
Renault SA (a)		358		12,717
Safran SA		292		36,982
Sanofi		1,943		187,037
Sartorius Stedim Biotech		5		2,547
Schneider Electric SE		461		76,741
SCOR SE		201		5,792
SEB SA		5		643
Societe Generale SA		1,024		32,073
Sodexo SA (a)		14		1,263
Suez SA		1,002		22,841
Teleperformance		50		19,768
Thales SA		91		8,834
TotalEnergies SE		415		19,856
Ubisoft Entertainment SA (a)		15		910

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Unibail-Rodamco-Westfield (a)		21		1,520
Valeo SA		37		1,032
Veolia Environnement SA		1,845		56,378
Vinci SA		455		47,359
Vivendi SE		118		1,483
Wendel SE		33		4,628
Worldline SA (a) (e)		218		16,651
				1,255,153
Germany — 11.1%
adidas AG		32		9,924
Allianz SE (Registered)		522		117,053
BASF SE		152		11,560
Bayer AG (Registered)		1,682		91,304
Bayerische Motoren Werke AG		620		58,846
Bechtle AG		75		5,134
Beiersdorf AG		17		1,816
Brenntag SE		132		12,253
Carl Zeiss Meditec AG		7		1,281
Commerzbank AG (a)		1,281		8,483
Continental AG (a)		18		1,952
Covestro AG (e)		32		2,173
Daimler AG (Registered)		1,599		141,072
Delivery Hero SE (a) (e)		27		3,414
Deutsche Bank AG (Registered) (a)		2,612		33,196
Deutsche Boerse AG		240		39,020
Deutsche Lufthansa AG (Registered) (a)		510		3,480
Deutsche Post AG (Registered)		848		53,175
Deutsche Telekom AG (Registered)		553		11,083
Deutsche Wohnen SE		57		3,491
E.ON SE		6,335		77,320
Evonik Industries AG		35		1,110
Fresenius Medical Care AG & Co. KGaA		34		2,394
Fresenius SE & Co. KGaA		70		3,341
GEA Group AG		132		6,017
Hannover Rueck SE		77		13,325
HeidelbergCement AG		25		1,840
HelloFresh SE (a)		27		2,514
Henkel AG & Co. KGaA		15		1,329
Infineon Technologies AG		1,201		49,132
KION Group AG		61		5,715
Knorr-Bremse AG		62		6,637
LANXESS AG		14		931
LEG Immobilien SE		12		1,719
Merck KGaA		221		47,912
MTU Aero Engines AG		46		10,294
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		177		48,410

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Nemetschek SE		53		5,529
Puma SE		18		1,954
Rational AG		4		4,097
RWE AG		1,808		63,749
SAP SE		961		129,907
Scout24 AG (e)		14		1,003
Siemens AG (Registered)		654		107,039
Siemens Energy AG (a)		341		9,116
Siemens Healthineers AG (e)		47		3,037
Symrise AG, Class A		21		2,805
TeamViewer AG (a) (e)		148		4,320
Telefonica Deutschland Holding AG		174		497
Uniper SE		263		10,950
United Internet AG (Registered)		16		621
Volkswagen AG		61		18,678
Vonovia SE		91		5,470
Zalando SE (a) (e)		37		3,355
				1,261,777
Hong Kong — 0.0% (g)
Brilliance China Automotive Holdings Ltd. (a) (bb) (cc)		122		49
Indonesia — 0.0% (g)
Bank Rakyat Indonesia Persero Tbk. PT		654		174
Ireland — 0.8%
CRH plc		129		6,087
DCC plc		107		8,954
Experian plc		1,009		42,254
Flutter Entertainment plc (a)		29		5,700
Kerry Group plc, Class A		100		13,374
Kingspan Group plc		132		13,122
Smurfit Kappa Group plc		40		2,121
				91,612
Italy — 4.3%
Amplifon SpA		21		978
Assicurazioni Generali SpA		1,405		29,757
Atlantia SpA (a)		422		7,967
Davide Campari-Milano NV		329		4,617
DiaSorin SpA		4		879
Enel SpA		22,826		175,195
Eni SpA		423		5,643
Ferrari NV		236		49,169
FinecoBank Banca Fineco SpA (a)		771		13,922
Infrastrutture Wireless Italiane SpA (e)		56		625
Intesa Sanpaolo SpA		20,906		59,184
Mediobanca Banca di Credito Finanziario SpA (a)		785		9,443
Moncler SpA		34		2,066

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Italy — continued
Nexi SpA (a) (e)		404		7,535
Poste Italiane SpA (e)		668		9,175
Prysmian SpA		217		7,582
Recordati Industria Chimica e Farmaceutica SpA		179		10,403
Snam SpA		5,994		33,157
Telecom Italia SpA		2,634		1,041
Terna Rete Elettrica Nazionale		4,022		28,546
UniCredit SpA		2,705		35,792
				492,676
Jordan — 0.1%
Hikma Pharmaceuticals plc		337		11,078
Luxembourg — 0.1%
ArcelorMittal SA		118		3,623
Aroundtown SA		168		1,155
Eurofins Scientific SE		22		2,833
Tenaris SA		79		829
				8,440
Netherlands — 6.3%
ABN AMRO Bank NV, GDR, CVA (a) (e)		537		7,745
Adyen NV (a) (e)		18		50,800
Aegon NV		2,278		11,761
Akzo Nobel NV		32		3,454
Argenx SE (a)		8		2,275
ASM International NV		44		17,042
ASML Holding NV		386		288,253
EXOR NV		137		11,463
Heineken Holding NV		72		6,290
Heineken NV		163		16,985
ING Groep NV		4,942		71,850
JDE Peet’s NV		47		1,409
Just Eat Takeaway.com NV (a) (e)		30		2,160
Koninklijke Ahold Delhaize NV		174		5,805
Koninklijke DSM NV		29		5,811
Koninklijke KPN NV		564		1,775
Koninklijke Philips NV		151		6,729
Koninklijke Vopak NV		13		505
NN Group NV		343		17,963
Prosus NV (a)		154		12,360
QIAGEN NV (a)		38		1,964
Randstad NV		102		6,891
Royal Dutch Shell plc, Class A		1,652		36,741
Royal Dutch Shell plc, Class B		1,493		33,079
Stellantis NV		3,793		72,179
Universal Music Group NV (a)		120		3,203
Wolters Kluwer NV		229		24,274
				720,766

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Norway — 0.5%
Adevinta ASA, Class B (a)		43		745
DNB Bank ASA		1,172		26,641
Equinor ASA		160		4,063
Gjensidige Forsikring ASA		254		5,626
Mowi ASA		274		6,956
Norsk Hydro ASA		218		1,625
Orkla ASA		470		4,313
Schibsted ASA, Class A		13		634
Schibsted ASA, Class B		14		586
Telenor ASA		116		1,949
Yara International ASA		28		1,401
				54,539
Poland — 0.0% (g)
InPost SA (a)		171		2,833
Portugal — 0.4%
EDP - Energias de Portugal SA		7,956		41,792
Galp Energia SGPS SA		87		993
Jeronimo Martins SGPS SA		42		834
				43,619
South Korea — 3.3%
Samsung Electronics Co. Ltd.		4,442		275,375
Samsung Electronics Co. Ltd. (Registered), GDR		67		102,803
				378,178
Spain — 4.3%
ACS Actividades de Construccion y Servicios SA		210		5,702
Aena SME SA (a) (e)		65		11,155
Amadeus IT Group SA (a)		415		27,288
Banco Bilbao Vizcaya Argentaria SA		8,452		55,787
Banco Santander SA		21,984		79,633
CaixaBank SA		5,625		17,444
Cellnex Telecom SA (e)		85		5,255
EDP Renovaveis SA		806		20,011
Enagas SA		404		8,973
Endesa SA		956		19,273
Ferrovial SA		414		12,080
Grifols SA		51		1,250
Iberdrola SA		16,728		168,286
Industria de Diseno Textil SA		183		6,731
Naturgy Energy Group SA		882		22,199
Red Electrica Corp. SA		1,012		20,309
Repsol SA		249		3,252
Siemens Gamesa Renewable Energy SA (a)		205		5,211
Telefonica SA		864		4,054
				493,893

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 — 4.0%
Alfa Laval AB		270		10,063
Assa Abloy AB, Class B		858		24,878
Atlas Copco AB, Class A		574		34,649
Atlas Copco AB, Class B		334		17,000
Boliden AB		45		1,443
Electrolux AB, Class B		37		866
Embracer Group AB, Class B (a)		76		734
Epiroc AB, Class A		567		11,784
Epiroc AB, Class B		331		5,854
EQT AB		374		15,533
Essity AB, Class B		101		3,143
Evolution AB (e)		28		4,270
Fastighets AB Balder, Class B (a)		17		1,042
H & M Hennes & Mauritz AB, Class B (a)		121		2,443
Hexagon AB, Class B		1,813		28,037
Husqvarna AB, Class B		69		825
ICA Gruppen AB		17		779
Industrivarden AB, Class A		136		4,337
Industrivarden AB, Class C		205		6,339
Investment AB Latour, Class B		126		3,902
Investor AB, Class B		2,309		49,653
Kinnevik AB, Class B (a)		307		10,785
L E Lundbergforetagen AB, Class B		96		5,284
Lundin Energy AB		34		1,254
Nibe Industrier AB, Class B		1,220		15,328
Sandvik AB		966		22,062
Securitas AB, Class B		268		4,242
Sinch AB (a) (e)		465		9,015
Skandinaviska Enskilda Banken AB, Class A		2,057		28,989
Skanska AB, Class B		291		7,297
SKF AB, Class B		326		7,678
Svenska Cellulosa AB SCA, Class B		100		1,551
Svenska Handelsbanken AB, Class A		1,842		20,632
Swedbank AB, Class A		1,144		23,067
Swedish Match AB		992		8,688
Tele2 AB, Class B		84		1,244
Telefonaktiebolaget LM Ericsson, Class B		2,685		30,307
Telia Co. AB		443		1,821
Volvo AB, Class A		163		3,690
Volvo AB, Class B		1,230		27,458
				457,966
Switzerland — 25.4%
ABB Ltd. (Registered)		1,481		49,526
Adecco Group AG (Registered)		132		6,614
Alcon, Inc.		82		6,650
Baloise Holding AG (Registered)		59		8,948
Banque Cantonale Vaudoise (Registered)		38		2,861

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Barry Callebaut AG (Registered)		8			17,192
Chocoladefabriken Lindt & Spruengli AG		2			24,833
Chocoladefabriken Lindt & Spruengli AG (Registered)		—	(h)		26,651
Cie Financiere Richemont SA (Registered), Class A		86			8,882
Clariant AG (Registered) (a)		36			676
Coca-Cola HBC AG (a)		173			5,577
Credit Suisse Group AG (Registered)		3,225			31,854
EMS-Chemie Holding AG (Registered)		1			1,095
Geberit AG (Registered)		32			23,251
Givaudan SA (Registered)		2			6,916
Glencore plc		4,026			18,937
Julius Baer Group Ltd.		282			18,711
Kuehne + Nagel International AG (Registered)		46			15,832
Holcim Ltd. (a)		86			4,142
Logitech International SA (Registered)		159			14,135
Lonza Group AG (Registered)		12			9,159
Nestle SA (Registered)		6,110			736,199
Novartis AG (Registered)		7,408			607,446
Partners Group Holding AG		29			44,783
Roche Holding AG		2,454			900,690
Schindler Holding AG		35			9,423
Schindler Holding AG (Registered)		17			4,279
SGS SA (Registered)		5			15,119
Sika AG (Registered)		23			7,360
Sonova Holding AG (Registered)		9			3,387
STMicroelectronics NV		628			27,423
Straumann Holding AG (Registered)		2			3,035
Swatch Group AG (The)		5			1,328
Swatch Group AG (The) (Registered)		7			349
Swiss Life Holding AG (Registered)		40			20,372
Swiss Prime Site AG (Registered)		13			1,272
Swiss Re AG		381			32,532
Swisscom AG (Registered)		4			2,514
Temenos AG (Registered)		61			8,320
UBS Group AG (Registered)		4,617			73,687
Vifor Pharma AG		162			20,983
Zurich Insurance Group AG		190			77,870
					2,900,813
Taiwan — 0.0% (g)
Chang Hwa Commercial Bank Ltd.		3			2
E.Sun Financial Holding Co. Ltd.		35			33
First Financial Holding Co. Ltd.		5			4
Fubon Financial Holding Co. Ltd.		34			93
Hiwin Technologies Corp.		—	(h)		5
Hua Nan Financial Holdings Co. Ltd.		11			8
Ruentex Development Co. Ltd.		16			33
Taishin Financial Holding Co. Ltd.		23			15
Taiwan Cooperative Financial Holding Co. Ltd.		10			8
Wan Hai Lines Ltd.		3			19
					220

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
United Arab Emirates — –%
NMC Health plc (a) (bb) (cc)		116		—
United Kingdom — 17.9%
3i Group plc		1,460		25,077
Admiral Group plc		291		12,148
Anglo American plc		522		18,283
Ashtead Group plc		490		37,024
Associated British Foods plc		308		7,675
AstraZeneca plc		3,020		363,925
Auto Trader Group plc (e)		391		3,083
AVEVA Group plc		139		6,732
Aviva plc		5,898		31,261
BAE Systems plc		3,527		26,710
Barclays plc		25,561		64,951
Barratt Developments plc		408		3,610
Berkeley Group Holdings plc		45		2,617
BP plc		8,154		37,142
British American Tobacco plc		1,883		65,836
British Land Co. plc (The)		351		2,330
BT Group plc (a)		3,596		7,708
Bunzl plc		368		12,143
Burberry Group plc		163		3,958
CNH Industrial NV		876		14,720
Coca-Cola Europacific Partners plc		131		7,239
Compass Group plc (a)		719		14,697
Croda International plc		56		6,443
Diageo plc		2,021		97,829
Direct Line Insurance Group plc		2,030		7,922
Entain plc (a)		236		6,736
Evraz plc		203		1,610
Ferguson plc		245		33,972
GlaxoSmithKline plc		9,808		185,107
Halma plc		440		16,767
Hargreaves Lansdown plc		538		10,338
HSBC Holdings plc		30,725		160,649
Imperial Brands plc		818		17,104
Informa plc (a)		601		4,423
InterContinental Hotels Group plc (a)		74		4,712
Intertek Group plc		176		11,739
J Sainsbury plc		681		2,610
JD Sports Fashion plc		208		2,921
Johnson Matthey plc		79		2,816

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Kingfisher plc		851			3,842
Land Securities Group plc		285			2,653
Legal & General Group plc		8,958			33,658
Lloyds Banking Group plc		106,886			66,528
London Stock Exchange Group plc		495			49,582
M&G plc		3,884			10,613
Melrose Industries plc		4,762			11,057
Mondi plc		196			4,808
National Grid plc		1,432			17,065
Natwest Group plc		8,711			26,262
Next plc		53			5,868
Ocado Group plc (a)		197			4,403
Pearson plc		305			2,922
Persimmon plc		129			4,613
Phoenix Group Holdings plc		980			8,476
Prudential plc		3,936			76,379
Reckitt Benckiser Group plc		287			22,575
RELX plc		2,112			60,799
Rentokil Initial plc		2,033			15,961
Rio Tinto plc		452			29,653
Rolls-Royce Holdings plc (a)		9,132			17,057
Sage Group plc (The)		1,241			11,815
Schroders plc		188			9,037
Segro plc		483			7,766
Severn Trent plc		101			3,546
Smith & Nephew plc		354			6,106
Smiths Group plc		433			8,357
Spirax-Sarco Engineering plc		81			16,241
SSE plc		420			8,847
St James’s Place plc		814			16,425
Standard Chartered plc		3,988			23,312
Abrdn Plc		3,268			11,176
Taylor Wimpey plc		1,476			3,078
Tesco plc		3,115			10,607
Unilever plc		1,055			57,137
United Utilities Group plc		274			3,560
Vodafone Group plc		11,264			17,140
Whitbread plc (a)		81			3,616
Wm Morrison Supermarkets plc		964			3,826
WPP plc		486			6,516
					2,045,449
Total Common Stocks (Cost $10,035,478)					11,105,510
Preferred Stocks — 1.4%
Brazil — 0.0% (g)
Bradespar SA		2			17
Cia Energetica de Minas Gerais		—	(h)		—	(h)
					17

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES			VALUE ($)
Preferred Stocks — continued
Germany — 1.0%
Bayerische Motoren Werke AG		106			8,060
FUCHS PETROLUB SE		12			547
Henkel AG & Co. KGaA		31			2,879
Porsche Automobil Holding SE		286			28,291
Sartorius AG		4			2,759
Volkswagen AG		347			77,311
					119,847
South Korea — 0.4%
Samsung Electronics Co. Ltd.		765			44,650
Total Preferred Stocks (Cost $130,725)					164,514
	NUMBER OF RIGHTS
Rights — 0.0% (g)
India — 0.0% (g)
Bharti Airtel Ltd., expiring 10/21/2021 (a) (bb) (cc)		4			9
South Korea — 0.0% (g)
Hyundai Engineering & Construction Co. Ltd., expiring 10/22/2021 (a) (bb) (cc)		—	(h)		4
Samsung Heavy Industries, expiring 12/31/2049 (a) (bb) (cc)		9			8
					12
Total Rights (Cost $0)					21
	NUMBER OF WARRANTS
Warrants — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL,
expiring, 11/07/2024 (a) (w) (bb) (cc)		49			—
11/20/2026 (a) (w) (bb) (cc)		99			—
Total Warrants (Cost $–)					—

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 — 0.8%
Time Deposits — 0.8%
Australia & New Zealand Banking Group Ltd., 0.01%, 10/01/2021		2,337			2,337
BNP Paribas SA,
(1.42%), 10/01/2021	CHF	13,519			14,506
(0.79%), 10/01/2021	EUR	18,571			21,511
0.01%, 10/01/2021		12,620			12,621
Brown Brothers Harriman,
(1.42%), 10/01/2021	CHF	7,445			7,989
(0.79%), 10/01/2021	EUR	—	(h)		—	(h)
(0.46%), 10/01/2021	DKK	14,208			2,213
(0.27%), 10/01/2021	SEK	14,579			1,665
0.00%, 10/04/2021	HKD	312			40
0.01%, 10/01/2021	CAD	—	(h)		—	(h)
0.01%, 10/01/2021	NOK	2,953			338
0.01%, 10/01/2021		—	(h)		—	(h)
3.50%, 10/01/2021	ZAR	—	(h)		—	(h)
Citibank NA,
(0.79%), 10/01/2021	EUR	6,587			7,630
0.01%, 10/01/2021	GBP	5,877			7,919
0.01%, 10/01/2021		1,998			1,998
Sumitomo Mitsui Banking Corp., 0.01%, 10/01/2021		4,666			4,666
Total Short-Term Investments (Cost $85,433)					85,433
Total Investments — 99.5% (Cost—$10,251,636) *					11,355,480
Other Assets in Excess of Liabilities — 0.5%					58,255
NET ASSETS — 100.0%				$	11,413,735

Percentages indicated are based on net assets.

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY	NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Euro STOXX 50 Index		1,516		12/2021	EUR		72,423		(1,338	)
FTSE 100 Index		346		12/2021	GBP		32,819		158
MSCI Emerging Markets Index		57		12/2021	USD		3,632		(82	)
Total unrealized appreciation (depreciation)									(1,262	)

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021:

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
CHF	2,035	USD	2,178	Deutsche Bank AG	10/06/2021		6
CHF	1,000	EUR	925	Deutsche Bank AG	10/06/2021		1
CHF	42,154	USD	45,119	Morgan Stanley & Co.	10/06/2021		115
Total unrealized appreciation							122
USD	1,378	CHF	1,285	UBS AG LONDON	10/06/2021		(1	)
USD	5,757	DKK	37,014	Deutsche Bank AG	10/06/2021		(9	)
DKK	137,193	USD	21,385	Goldman Sachs International	10/06/2021		(14	)
USD	15,011	EUR	12,979	Bank of America, NA	10/06/2021		(24	)
EUR	254,909	USD	295,441	UBS AG LONDON	10/06/2021		(155	)
USD	232	NOK	2,031	Bank of America, NA	10/06/2021		(1	)
NOK	47,717	USD	5,466	Goldman Sachs International	10/06/2021		(8	)
SEK	265,579	USD	30,358	Bank of America, NA	10/06/2021		(21	)
Total unrealized depreciation							(233	)
Net unrealized appreciation (depreciation)							(111	)

Six Circles International Unconstrained Equity Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021

CVA	—	Dutch Certification
GDR	—	Global Depositary Receipt
(a)	—	Non-income producing security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500 shares or principal/ $500.
(w)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(bb)	—	Security has been valued using significant unobservable inputs.
(cc)	—	Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
*	—	The cost of securities is substantially the same for federal income tax purposes.
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong dollar
INR	—	Indian Rupiach
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
USD	—	United States Dollar
ZAR	—	South African Rand

Six Circles International Unconstrained Equity Fund

Summary of Investments by Industry, September 30, 2021

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		24.2	%
Banks		10.6	%
Food		7.9	%
Electric		7.7	%
Semiconductors		7.1	%
Insurance		6.1	%
Auto Manufacturers		4.4	%
Commercial Services		2.9	%
Software		1.8	%
Beverages		1.8	%
Aerospace/Defense		1.5	%
Diversified Financial Services		1.4	%
Electrical Componenst & Equipment		1.4	%
Oil & Gas		1.4	%
Transportation		1.3	%
Machinery - Diversified		1.3	%
Miscellaneous Manufacturers		1.2	%
Investment Companies		1.1	%
Telecommunications		1.0	%
Others (Each less than 1.0%)		13.1	%
Short-Term Investments		0.8	%

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Long Positions — 110.6%
Asset-Backed Securities — 1.0%
Adams Mill CLO Ltd., (Cayman Islands), Series 2014-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.10%), 1.23%, 07/15/2026 (e) (aa)		64		64
American Express Credit Account Master Trust, Series 2019-3, Class A, 2.00%, 04/15/2025		615		626
Anchorage Capital CLO Ltd., (Cayman Islands), Series 2019-11A, Class AR, (ICE LIBOR USD 3 Month + 1.14%), 1.28%, 07/22/2032 (e) (aa)		1,900		1,898
ARES L CLO Ltd., (Cayman Islands), Series 2018-50A, Class AR, (ICE LIBOR USD 3 Month + 1.05%), 1.18%, 01/15/2032 (e) (aa)		3,300		3,294
Atlas Senior Loan Fund Ltd., (Cayman Islands), Series 2017-8A, Class A, (ICE LIBOR USD 3 Month + 1.15%), 1.28%, 01/16/2030 (e) (aa)		5,200		5,200
Benefit Street Partners CLO XVII Ltd., (Cayman Islands), Series 2019-17A, Class AR, (ICE LIBOR USD 3 Month + 1.08%), 1.19%, 07/15/2032 (e) (aa)		4,300		4,297
BlueMountain CLO Ltd., (Cayman Islands), Series 2015-2A, Class A1R, (ICE LIBOR USD 3 Month + 0.93%), 1.06%, 07/18/2027 (e) (aa)		1,513		1,513
Capital One Multi-Asset Execution Trust,
Series 2017-A3, Class A3, 2.43%, 01/15/2025		360		364
Series 2019-A2, Class A2, 1.72%, 08/15/2024		500		506
Carlyle Global Market Strategies CLO Ltd., (Cayman Islands), Series 2015-3A, Class A1R, (ICE LIBOR USD 3 Month + 1.00%), 1.13%, 07/28/2028 (e) (aa)		1,155		1,155
CARLYLE US CLO Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.00%), 1.13%, 04/20/2031 (e) (aa)		1,900		1,898
Carmax Auto Owner Trust,
Series 2019-4, Class A3, 2.02%, 11/15/2024		136		138
Series 2020-1, Class A3, 1.89%, 12/16/2024		300		304
Catamaran CLO Ltd., (Cayman Islands), Series 2016-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.09%), 1.22%, 01/18/2029 (e) (aa)		521		521
CIFC Funding Ltd., (Cayman Islands), Series 2017-4A, Class A1R, (ICE LIBOR USD 3 Month + 0.95%), 1.08%, 10/24/2030 (e) (aa)		3,200		3,200
Crestline Denali CLO XV Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.03%), 1.16%, 04/20/2030 (e) (aa)		5,900		5,893
Crown City CLO II, (Cayman Islands), Series 2020-2A, Class A1A, (ICE LIBOR USD 3 Month + 1.38%), 1.51%, 01/20/2032 (e) (aa)		1,000		1,001
Dryden Senior Loan Fund, (Cayman Islands), Series 2014-36A, Class AR3, (ICE LIBOR USD 3 Month + 1.02%), 1.15%, 04/15/2029 (e) (aa)		6,325		6,325
Dryden XXVII-R Euro CLO BV, (Netherlands), Series 2017-27A, Class AR, (ICE LIBOR EUR 3 Month + 0.66%), 0.66%, 04/15/2033 (e) (aa)	EUR	7,600		8,753
Ford Credit Auto Owner Trust, Series 2020-B, Class A4, 0.79%, 11/15/2025		850		856
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A4, 1.74%, 08/18/2025		500		512
Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.41%, 11/15/2024		131		133

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Asset-Backed Securities — continued
KKR CLO Ltd., (Cayman Islands), Series 18, Class A, (ICE LIBOR USD 3 Month + 1.27%), 1.40%, 07/18/2030 (e) (aa)		3,200		3,201
Marathon CLO IX Ltd., (Cayman Islands), Series 2017-9A, Class A1AR, (ICE LIBOR USD 3 Month + 1.15%), 1.28%, 04/15/2029 (e) (aa)		450		450
Marble Point CLO X Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.04%), 1.17%, 10/15/2030 (e) (aa)		1,800		1,800
Mercedes-Benz Auto Lease Trust, Series 2020-A, Class A4, 1.88%, 09/15/2025		1,000		1,012
Mercedes-Benz Auto Receivables Trust, Series 2019-1, Class A4, 2.04%, 01/15/2026		1,000		1,025
Mountain View CLO LLC, (Cayman Islands),
Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.09%), 1.22%, 10/16/2029 (e) (aa)		1,800		1,798
Series 2017-2A, Class AR, (ICE LIBOR USD 3 Month + 1.04%), 1.14%, 01/16/2031 (e) (aa)		2,900		2,897
Nissan Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.38%, 12/16/2024		131		132
OCP CLO Ltd., (Cayman Islands), Series 2017-14A, Class A1A, (ICE LIBOR USD 3 Month + 1.15%), 1.28%, 11/20/2030 (e) (aa)		5,000		5,002
Palmer Square Loan Funding Ltd., (Cayman Islands), Series 2018-5A, Class A1, (ICE LIBOR USD 3 Month + 0.85%), 0.98%, 01/20/2027 (e) (aa)		226		226
Sculptor CLO XXV Ltd., (Cayman Islands), Series 25A, Class A1, (ICE LIBOR USD 3 Month + 1.27%), 1.40%, 01/15/2031 (e) (aa)		1,200		1,198
Sound Point CLO XII Ltd., (Cayman Islands), Series 2016-2A, Class AR2, (ICE LIBOR USD 3 Month + 1.05%), 1.18%, 10/20/2028 (e) (aa)		89		89
Venture CLO Ltd., (Cayman Islands), Series 2018-33A, Class A1LR, (ICE LIBOR USD 3 Month + 1.06%), 1.19%, 07/15/2031 (e) (aa)		700		699
Venture XXI CLO Ltd., (Cayman Islands), Series 2015-21A, Class AR, (ICE LIBOR USD 3 Month + 0.88%), 1.01%, 07/15/2027 (e) (aa)		978		978
Vibrant Clo VI Ltd., (Cayman Islands), Series 2017-6A, Class AR, (ICE LIBOR USD 3 Month + 0.95%), 1.07%, 06/20/2029 (e) (aa)		4,600		4,595
Voya CLO Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (ICE LIBOR USD 3 Month + 0.95%), 1.08%, 04/17/2030 (e) (aa)		5,200		5,194
World Omni Auto Receivables Trust, Series 2020-A, Class A3, 1.10%, 04/15/2025		175		176
Total Asset-Backed Securities (Cost $79,380)				78,923
Collateralized Mortgage Obligations — 1.8%
Citigroup Mortgage Loan Trust,
Series 2021-INV3, Class A11, (United States 30 Day Average SOFR + 0.85%), 0.90%, 05/25/2051 (e) (aa) (bb)		520		520
Series 2021-INV1, Class A3A, 2.50%, 05/25/2051 (e) (z)		6,761		6,854
FHLMC REMICS,
Series 3404, Class SA, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 5.92%, 01/15/2038 (aa)		1,613		301
Series 3680, Class SA, IF, IO, (5.00% - ICE LIBOR USD 1 Month), 4.92%, 06/15/2040 (aa)		4,190		492
Series 4023, Class S, IF, IO, (6.25% - ICE LIBOR USD 1 Month), 6.17%, 03/15/2042 (aa)		1,457		253
Series 4056, Class GS, IF, IO, (6.65% - ICE LIBOR USD 1 Month), 6.57%, 12/15/2041 (aa)		939		141
Series 4134, Class PI, IO, 3.00%, 11/15/2042		594		54
Series 4165, Class TI, IO, 3.00%, 12/15/2042		716		51
Series 4479, Class AI, IO, 3.50%, 09/15/2025		9,029		425
Series 4598, Class IK, IO, 3.50%, 03/15/2046		841		141
Series 4710, Class EI, IO, 3.50%, 11/15/2031		5,576		499

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 4825, Class SE, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 6.12%, 09/15/2048 (aa)		6,086		1,264
Series 4888, Class IB, IO, 4.00%, 03/15/2047		615		65
Series 4974, Class PO, PO, Zero Coupon, 08/25/2042		6		6
Series 4990, Class MI, IO, 4.00%, 07/25/2050		5,983		999
Series 5003, Class AS, IF, IO, (6.10% - ICE LIBOR USD 1 Month), 6.01%, 08/25/2050 (aa)		7,420		1,965
Series 5016, Class PI, IO, 3.00%, 09/25/2050		14,391		1,977
Series 5034, Class YI, IO, 4.00%, 11/25/2050		4,143		585
Series 5045, Class DI, IO, 2.50%, 11/25/2050		3,422		269
Series 5047, Class CI, IO, 2.00%, 12/25/2050		2,059		201
Series 5056, Class PI, IO, 2.50%, 12/25/2050		10,417		900
Series 5062, Class EI, IO, 2.00%, 01/25/2051		4,394		435
Series 5065, Class IG, IO, 3.00%, 01/25/2051		4,329		582
Series 5069, Class DI, IO, 3.50%, 02/25/2041		1,847		233
Series 5069, Class LI, IO, 2.50%, 02/25/2051		18,593		2,661
Series 5071, Class IN, IO, 4.00%, 08/25/2050		7,813		1,313
Series 5087, Class IL, IO, 3.00%, 03/25/2051		2,935		471
Series 5124, Class LI, IO, 4.50%, 07/25/2051		17,225		3,566
FHLMC STRIPs, Series 365, Class C2, IO, 4.00%, 06/15/2049		6,125		971
FNMA Interest STRIP,
Series 379, Class S56, IF, IO, (7.90% - ICE LIBOR USD 1 Month), 7.81%, 05/25/2037 (aa)		562		119
Series 405, Class 1, PO, Zero Coupon, 10/25/2040		435		409
Series 406, Class 23, IO, 6.00%, 11/25/2040 (z)		208		50
FNMA REMICS,
Series 2007-30, Class JS, IF, IO, (6.44% - ICE LIBOR USD 1 Month), 6.35%, 04/25/2037 (aa)		2,465		501
Series 2012-53, Class IO, IO, 3.50%, 05/25/2027		1,426		61
Series 2012-98, Class JI, IO, 3.00%, 04/25/2027		3,259		121
Series 2012-135, Class SB, IF, IO, (6.10% - ICE LIBOR USD 1 Month), 6.01%, 12/25/2042 (aa)		1,370		239
Series 2013-109, Class BO, PO, Zero Coupon, 07/25/2043		558		509
Series 2014-34, Class US, IF, (8.60% - ICE LIBOR USD 1 Month), 8.43%, 06/25/2044 (aa)		76		82
Series 2016-26, Class SY, IF, (7.03% - ICE LIBOR USD 1 Month), 6.83%, 11/25/2042 (aa)		644		648
Series 2016-63, Class AS, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 5.91%, 09/25/2046 (aa)		1,347		298
Series 2018-67, Class SH, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 6.11%, 09/25/2048 (aa)		4,755		1,004
Series 2019-48, Class IB, IO, 0.68%, 06/25/2039 (z)		29,184		784
Series 2019-68, Class US, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 5.91%, 11/25/2049 (aa)		8,672		1,645
Series 2019-78, Class DI, IO, 4.50%, 11/25/2049		991		106
Series 2020-42, Class CI, IO, 3.00%, 06/25/2050		15,529		2,361
Series 2020-60, Class BI, IO, 3.50%, 09/25/2050		14,812		2,078
Series 2020-68, Class CI, IO, 3.00%, 10/25/2050		11,129		1,396
Series 2020-86, Class PI, IO, 2.50%, 12/25/2050		3,865		379
Series 2020-89, Class IM, IO, 2.00%, 12/25/2050		11,521		1,230
Series 2020-89, Class LI, IO, 3.00%, 12/25/2050		14,758		2,345
Series 2020-93, Class JI, IO, 2.50%, 01/25/2051		4,092		538
Series 2020-99, Class IQ, IO, 3.00%, 01/25/2051		1,240		160
GNMA,
Series 2015-H03, Class FA, (ICE LIBOR USD 1 Month + 0.50%), 0.59%, 12/20/2064 (aa)		107		107
Series 2015-H33, Class FA, (ICE LIBOR USD 1 Month + 0.66%), 0.75%, 12/20/2065 (aa)		9,083		9,163

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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		6,433		6,756
Series 2019-H08, Class FE, (ICE LIBOR USD 1 Month + 0.65%), 0.74%, 01/20/2069 (aa)		5,724		5,810
Series 2019-H16, Class FD, (ICE LIBOR USD 1 Month + 0.80%), 0.89%, 10/20/2069 (aa)		3,439		3,530
Series 2020-142, Class MT, IF, IO, (6.15% - ICE LIBOR USD 1 Month), 0.05%, 07/20/2047 (aa)		19,177		33
Series 2020-142, Class TN, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 0.10%, 09/20/2047 (aa)		27,873		100
Series 2020-H14, Class FH, (ICE LIBOR USD 1 Month + 1.25%), 1.34%, 08/20/2070 (aa)		9,790		10,335
Series 2020-H15, Class FH, (ICE LIBOR USD 1 Month + 1.05%), 1.14%, 07/20/2070 (aa)		4,249		4,420
Series 2020-H15, Class FK, (ICE LIBOR USD 1 Month + 1.25%), 1.34%, 04/20/2070 (aa)		7,378		7,734
Series 2020-H16, Class FN, (ICE LIBOR USD 1 Month + 1.25%), 1.34%, 09/20/2070 (aa)		2,825		2,981
Series 2021-83, Class PU, 1.50%, 05/20/2051		6,190		6,126
Series 2021-H14, Class HF, (United States 30 Day Average SOFR + 1.50%), 1.60%, 09/20/2071 (aa) (bb)		8,000		8,640
Series 2021-H547, 1.55% 10/01/2071 (bb)		10,000		10,794
GS Mortgage-Backed Securities Trust,
Series 2021-GR2, Class A2, 2.50%, 02/25/2052 (e) (z)		2,085		2,118
Series 2021-INV1, Class A2, 2.50%, 12/25/2051 (e) (z)		991		1,002
IMS ECUADORIAN MORTGAGE TRUST, Series 2021-1, Class GA, 3.40%, 08/18/2043 (e)		2,300		2,391
MFA Trust, Series 2020-NQM2, Class A1, 1.38%, 04/25/2065 (e) (z)		8,334		8,355
Total Collateralized Mortgage Obligations (Cost $140,434)				135,652
Commercial Mortgage-Backed Securities — 0.7%
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class ASB, 3.43%, 09/15/2048		507		535
BANK,
Series 2017-BNK7, Class AS, 3.75%, 09/15/2060		750		820
Series 2018-BN13, Class A5, 4.22%, 08/15/2061 (z)		500		571
Series 2018-BN15, Class A4, 4.41%, 11/15/2061 (z)		1,235		1,428
Barclays Commercial Mortgage Trust,
Series 2019-C5, Class A4, 3.06%, 11/15/2052		1,000		1,074
Series 2019-C5, Class ASB, 2.99%, 11/15/2052		500		537
BBCMS Mortgage Trust,
Series 2020-C6, Class ASB, 2.60%, 02/15/2053		600		632
Series 2020-C7, Class A5, 2.04%, 04/15/2053		210		209
BCP Trust, Series 2021-330N, Class A, (ICE LIBOR USD 1 Month + 0.80%), 0.88%, 06/15/2038 (e) (aa)		2,800		2,780
Benchmark Mortgage Trust,
Series 2020-B16, Class AM, 2.94%, 02/15/2053 (z)		350		367
Series 2020-B17, Class A5, 2.29%, 03/15/2053		500		508
Series 2020-B20, Class A5, 2.03%, 10/15/2053		750		745
BWAY Mortgage Trust, Series 2021-1450, Class A, (ICE LIBOR USD 1 Month + 1.25%), 1.33%, 09/15/2036 (e) (aa)		4,600		4,600
CD Mortgage Trust, Series 2017-CD5, Class AAB, 3.22%, 08/15/2050		1,000		1,065
CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4, 3.46%, 08/15/2050		1,100		1,201
Citigroup Commercial Mortgage Trust,
Series 2014-GC23, Class AS, 3.86%, 07/10/2047		250		268
Series 2014-GC25, Class A4, 3.64%, 10/10/2047		500		537
Series 2015-GC33, Class AS, 4.11%, 09/10/2058		500		542
Series 2019-GC41, Class AS, 3.02%, 08/10/2056		250		264

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued
COMM Mortgage Trust, Series 2016-CR28, Class ASB, 3.53%, 02/10/2049		419		442
CSAIL Commercial Mortgage Trust, Series 2016-C7, Class ASB, 3.31%, 11/15/2049		357		377
CSMC, Series 2020-FACT, Class A, (ICE LIBOR USD 1 Month + 1.35%), 1.43%, 10/15/2037 (e) (aa)		2,100		2,107
FHLMC Multifamily Structured Pass Through Certificates,
Series K027, Class A2, 2.64%, 01/25/2023		805		825
Series K047, Class A2, 3.33%, 05/25/2025 (z)		1,000		1,083
Series K049, Class A2, 3.01%, 07/25/2025		250		268
Series K057, Class A2, 2.57%, 07/25/2026		850		905
Series K063, Class A2, 3.43%, 01/25/2027 (z)		1,000		1,107
Series K071, Class A2, 3.29%, 11/25/2027		500		554
Series K073, Class A2, 3.35%, 01/25/2028		1,000		1,113
Series K075, Class A2, 3.65%, 02/25/2028 (z)		500		566
Series K094, Class A2, 2.90%, 06/25/2029		112		123
Series K103, Class A2, 2.65%, 11/25/2029		500		539
Series K108, Class A2, 1.52%, 03/25/2030		304		302
Series K117, Class A2, 1.41%, 08/25/2030		1,500		1,474
Series K118, Class A2, 1.49%, 09/25/2030		500		495
Series K725, Class A2, 3.00%, 01/25/2024		225		236
Series K726, Class A2, 2.91%, 04/25/2024		869		911
Series K729, Class A2, 3.14%, 10/25/2024		200		212
Series K737, Class A2, 2.53%, 10/25/2026		650		690
FNMA-ACES,
Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z)		669		728
Series 2016-M5, Class A2, 2.47%, 04/25/2026		500		525
Series 2017-M11, Class A2, 2.98%, 08/25/2029		1,000		1,092
Series 2017-M12, Class A2, 3.17%, 06/25/2027 (z)		129		140
Series 2017-M13, Class A2, 3.02%, 09/25/2027 (z)		596		646
Series 2018-M8, Class A2, 3.44%, 06/25/2028 (z)		1,000		1,110
Series 2020-M46, Class A2, 1.32%, 05/25/2030		1,000		979
GS Mortgage Securities Trust,
Series 2013-GC12, Class AS, 3.38%, 06/10/2046		400		414
Series 2019-GSA1, Class A4, 3.05%, 11/10/2052		250		267
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2012-C5, Class A4, 3.18%, 08/15/2045		1,000		1,011
Series 2016-C29, Class A4, 3.33%, 05/15/2049		500		539
Series 2016-C31, Class A5, 3.10%, 11/15/2049		500		535
Series 2016-C32, Class A4, 3.72%, 12/15/2049		1,000		1,101
UBS Commercial Mortgage Trust,
Series 2018-C11, Class ASB, 4.12%, 06/15/2051		687		759
Series 2018-C12, Class A5, 4.30%, 08/15/2051		1,380		1,567
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C2, Class A4, 3.53%, 05/10/2063		200		203
Series 2012-C4, Class A5, 2.85%, 12/10/2045		500		510
Series 2013-C5, Class A4, 3.18%, 03/10/2046		415		425
Series 2013-C6, Class A4, 3.24%, 04/10/2046		400		412
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC18, Class A5, 3.41%, 12/15/2047		420		450
Series 2015-C27, Class A5, 3.45%, 02/15/2048		918		985
Series 2015-LC20, Class A5, 3.18%, 04/15/2050		500		533
Series 2017-C39, Class A5, 3.42%, 09/15/2050		1,000		1,091
Series 2017-C40, Class A4, 3.58%, 10/15/2050		550		603
Series 2018-C44, Class A5, 4.21%, 05/15/2051		1,000		1,138

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
WFRBS Commercial Mortgage Trust,
Series 2013-C12, Class A4, 3.20%, 03/15/2048		387		397
Series 2014-C20, Class ASB, 3.64%, 05/15/2047		800		830
Total Commercial Mortgage-Backed Securities (Cost $52,614)				52,002
Corporate Bonds — 19.1%
Basic Materials — 0.6%
Chemicals — 0.4%
Air Liquide Finance SA, (France),
Reg. S, 0.63%, 06/20/2030	EUR	400		479
Reg. S, 0.75%, 06/13/2024	EUR	600		713
Air Products and Chemicals, Inc.,
1.00%, 02/12/2025	EUR	1,550		1,866
2.80%, 05/15/2050		15		15
Albemarle New Holding GmbH, (Germany), Reg. S, 1.63%, 11/25/2028	EUR	1,000		1,239
Argentum Netherlands BV for Givaudan SA, (Netherlands),
Reg. S, 1.13%, 09/17/2025	EUR	800		968
Reg. S, 2.00%, 09/17/2030	EUR	2,200		2,886
Celanese US Holdings LLC, 3.50%, 05/08/2024		50		53
CF Industries, Inc.,
4.50%, 12/01/2026 (e)		1,800		2,051
5.38%, 03/15/2044		860		1,092
Covestro AG, (Germany), Reg. S, 0.88%, 02/03/2026	EUR	1,875		2,239
Dow Chemical Co. (The),
4.55%, 11/30/2025		118		133
5.25%, 11/15/2041		600		776
Eastman Chemical Co.,
1.50%, 05/26/2023	EUR	900		1,066
3.60%, 08/15/2022		2,900		2,957
Ecolab, Inc., 1.00%, 01/15/2024	EUR	1,950		2,314
FMC Corp., 3.20%, 10/01/2026		20		21
Givaudan Finance Europe BV, (Netherlands), Reg. S, 1.00%, 04/22/2027	EUR	100		121
Huntsman International LLC, 4.50%, 05/01/2029		2		2
Linde Finance BV, (Netherlands),
Reg. S, 0.55%, 05/19/2032	EUR	400		468
Reg. S, 1.88%, 05/22/2024	EUR	425		521
Linde plc, (Ireland), Reg. S, 1.00%, 09/30/2051	EUR	1,900		2,112
LYB International Finance BV, (Netherlands), 4.88%, 03/15/2044		550		675
LYB International Finance III LLC, 4.20%, 10/15/2049		1,000		1,136
Mosaic Co. (The), 4.25%, 11/15/2023		45		48
PPG Industries, Inc.,
1.20%, 03/15/2026		145		145
2.55%, 06/15/2030		170		174
Sherwin-Williams Co. (The),
3.13%, 06/01/2024		100		106
3.30%, 05/15/2050		70		72
3.45%, 08/01/2025		90		98
3.80%, 08/15/2049		90		101
4.50%, 06/01/2047		50		60

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Westlake Chemical Corp.,
1.63%, 07/17/2029	EUR	500		612
3.13%, 08/15/2051		415		389
3.38%, 08/15/2061		320		300
Yara International ASA, (Norway), 3.15%, 06/04/2030 (e)		1,000		1,054
				29,062
Iron/Steel — 0.0% (g)
ArcelorMittal SA, (Luxembourg),
6.75%, 03/01/2041		20		28
7.00%, 10/15/2039		20		28
Reliance Steel & Aluminum Co.,
1.30%, 08/15/2025		20		20
2.15%, 08/15/2030		235		229
Steel Dynamics, Inc., 3.25%, 01/15/2031		3,000		3,210
Vale Overseas Ltd., (Cayman Islands),
6.88%, 11/21/2036		15		20
6.88%, 11/10/2039		18		25
Vale SA, (Brazil), 5.63%, 09/11/2042		164		201
				3,761
Mining — 0.2%
Anglo American Capital plc, (United Kingdom),
Reg. S, 1.63%, 03/11/2026	EUR	500		609
Reg. S, 3.38%, 03/11/2029	GBP	1,350		1,960
Barrick PD Australia Finance Pty Ltd., (Australia), 5.95%, 10/15/2039		920		1,262
BHP Billiton Finance Ltd., (Australia), Series 17, Reg. S, 1.50%, 04/29/2030	EUR	775		964
Glencore Capital Finance DAC, (Ireland), Reg. S, 1.25%, 03/01/2033	EUR	1,125		1,265
Kinross Gold Corp., (Canada), 4.50%, 07/15/2027		2,500		2,872
Newmont Corp., 4.88%, 03/15/2042		30		38
Norsk Hydro ASA, (Norway), Reg. S, 1.13%, 04/11/2025	EUR	900		1,076
Southern Copper Corp.,
3.88%, 04/23/2025		35		38
5.88%, 04/23/2045		29		39
6.75%, 04/16/2040		10		14
Teck Resources Ltd., (Canada), 5.40%, 02/01/2043		1,100		1,344
Yamana Gold, Inc., (Canada), 2.63%, 08/15/2031 (e)		705		688
				12,169
Total Basic Materials				44,992
Communications — 1.1%
Advertising — 0.0% (g)
Interpublic Group of Cos., Inc. (The), 3.38%, 03/01/2041		100		105
MMS USA Holdings, Inc., Reg. S, 1.75%, 06/13/2031	EUR	1,000		1,260
Omnicom Group, Inc., 4.20%, 06/01/2030		25		29
WPP Finance 2013, (United Kingdom), Reg. S, 2.88%, 09/14/2046	GBP	425		558
				1,952

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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 — 0.0% (g)
Alphabet, Inc.,
1.90%, 08/15/2040		700		627
2.25%, 08/15/2060		65		56
Amazon.com, Inc.,
2.10%, 05/12/2031		100		101
2.88%, 05/12/2041		20		21
3.10%, 05/12/2051		100		105
3.25%, 05/12/2061		25		26
3.88%, 08/22/2037		20		24
4.25%, 08/22/2057		30		38
Booking Holdings, Inc.,
3.60%, 06/01/2026		50		55
4.63%, 04/13/2030		15		18
eBay, Inc., 1.90%, 03/11/2025		5		5
Expedia Group, Inc.,
2.50%, 06/03/2022	EUR	500		585
3.60%, 12/15/2023		10		11
4.63%, 08/01/2027		5		6
5.00%, 02/15/2026		20		22
VeriSign, Inc.,
2.70%, 06/15/2031		50		51
4.75%, 07/15/2027		77		81
5.25%, 04/01/2025		132		150
				1,982
Media — 0.5%
Charter Communications Operating LLC / Charter Communications Operating Capital,
3.50%, 06/01/2041		55		54
3.90%, 06/01/2052		3,050		3,025
4.40%, 12/01/2061		65		68
4.46%, 07/23/2022		190		195
4.50%, 02/01/2024		115		124
4.80%, 03/01/2050		80		90
4.91%, 07/23/2025		1,545		1,737
6.38%, 10/23/2035		40		52
6.48%, 10/23/2045		30		41
Comcast Corp.,
0.25%, 09/14/2029	EUR	3,100		3,533
1.88%, 02/20/2036	GBP	1,075		1,399
1.95%, 01/15/2031		2,875		2,827
2.35%, 01/15/2027		2,000		2,096
2.65%, 08/15/2062		25		22
3.97%, 11/01/2047		220		251
4.25%, 10/15/2030		120		140
4.60%, 10/15/2038		70		85
Cox Communications, Inc., 3.50%, 08/15/2027 (e)		3,180		3,480
Discovery Communications LLC,
5.20%, 09/20/2047		1,100		1,369
5.30%, 05/15/2049		90		112

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
ITV plc, (United Kingdom), Reg. S, 1.38%, 09/26/2026	EUR	900		1,088
Pearson Funding plc, (United Kingdom), Reg. S, 3.75%, 06/04/2030	GBP	475		704
RELX Finance BV, (Netherlands), Reg. S, 0.00%, 03/18/2024	EUR	100		116
Sky Ltd., (United Kingdom),
Reg. S, 2.25%, 11/17/2025	EUR	450		570
Reg. S, 2.50%, 09/15/2026	EUR	850		1,103
Thomson Reuters Corp., (Canada), 4.30%, 11/23/2023		120		128
Time Warner Cable LLC,
4.50%, 09/15/2042		100		108
5.50%, 09/01/2041		800		979
ViacomCBS, Inc., 5.85%, 09/01/2043		1,850		2,519
Vivendi SE, (France),
Reg. S, 0.63%, 06/11/2025	EUR	1,200		1,421
Reg. S, 1.13%, 12/11/2028	EUR	1,200		1,458
Wolters Kluwer NV, (Netherlands),
Reg. S, 0.75%, 07/03/2030	EUR	775		916
Reg. S, 1.50%, 03/22/2027	EUR	2,275		2,822
				34,632
Telecommunications — 0.6%
America Movil SAB de CV, (Mexico),
4.38%, 07/16/2042		200		239
5.00%, 10/27/2026	GBP	100		158
Series B, Reg. S, (EUR Swap Rate 5 Year + 4.55%), 6.38%, 09/06/2073 (aa)	EUR	1,500		1,934
AT&T, Inc.,
0.90%, 03/25/2024		100		100
1.70%, 03/25/2026		405		411
1.80%, 09/05/2026	EUR	1,150		1,431
1.80%, 09/14/2039	EUR	1,200		1,412
2.05%, 05/19/2032	EUR	100		128
2.45%, 03/15/2035	EUR	425		555
3.30%, 02/01/2052		25		24
3.50%, 06/01/2041		1,700		1,742
3.50%, 02/01/2061		45		43
3.55%, 09/15/2055		5		5
3.65%, 06/01/2051		1,800		1,824
3.80%, 12/01/2057		82		84
3.85%, 06/01/2060		20		21
4.25%, 06/01/2043	GBP	200		327
4.30%, 12/15/2042		100		112
4.45%, 04/01/2024		47		51
4.80%, 06/15/2044		20		24
4.85%, 03/01/2039		225		269
5.25%, 03/01/2037		60		74
Reg. S, 5.50%, 03/15/2027	GBP	450		728
7.00%, 04/30/2040	GBP	400		857
Bell Telephone Co. of Canada or Bell Canada (The), (Canada), Series US-3, 0.75%, 03/17/2024		100		100
CK Hutchison Group Telecom Finance SA, (Luxembourg), Reg. S, 0.38%, 10/17/2023	EUR	1,300		1,518

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Deutsche Telekom International Finance BV, (Netherlands),
3.60%, 01/19/2027 (e)		900		989
8.75%, 06/15/2030		256		379
Elisa OYJ, (Finland), Reg. S, 0.88%, 03/17/2024	EUR	100		119
Global Switch Holdings Ltd., (British Virgin Islands), Reg. S, 1.50%, 01/31/2024	EUR	450		537
Level 3 Financing, Inc., 3.40%, 03/01/2027 (e)		1,780		1,875
Motorola Solutions, Inc.,
2.30%, 11/15/2030		47		46
2.75%, 05/24/2031		340		347
4.00%, 09/01/2024		65		71
4.60%, 05/23/2029		40		46
5.50%, 09/01/2044		40		52
Orange SA, (France), Reg. S, 3.25%, 01/15/2032	GBP	1,100		1,646
OTE plc, (United Kingdom), Reg. S, 0.88%, 09/24/2026	EUR	100		119
Proximus SADP, (Belgium), Reg. S, 2.38%, 04/04/2024	EUR	100		123
Sprint Corp., 7.63%, 02/15/2025		2,800		3,273
Tele2 AB, (Sweden), Reg. S, 2.13%, 05/15/2028	EUR	800		1,018
Telefonaktiebolaget LM Ericsson, (Sweden), Reg. S, 1.88%, 03/01/2024	EUR	1,000		1,211
Telenor ASA, (Norway), Reg. S, 0.25%, 02/14/2028	EUR	700		811
Telstra Corp. Ltd., (Australia),
Reg. S, 1.00%, 04/23/2030	EUR	1,800		2,171
3.13%, 04/07/2025 (e)		2,600		2,764
T-Mobile USA, Inc.,
1.50%, 02/15/2026		10		10
3.50%, 04/15/2025		2,525		2,719
3.88%, 04/15/2030		3,420		3,782
4.38%, 04/15/2040		50		58
Verizon Communications, Inc.,
0.88%, 04/02/2025	EUR	750		897
0.88%, 04/08/2027	EUR	475		569
1.30%, 05/18/2033	EUR	1,225		1,468
1.50%, 09/19/2039	EUR	700		825
1.68%, 10/30/2030		78		74
1.88%, 11/03/2038	GBP	200		250
2.10%, 03/22/2028		50		51
2.36%, 03/15/2032 (e)		54		54
2.50%, 04/08/2031	GBP	1,000		1,399
2.55%, 03/21/2031		650		658
2.65%, 11/20/2040		1,020		956
2.88%, 11/20/2050		20		19
2.99%, 10/30/2056		35		33
3.00%, 11/20/2060		60		55
3.25%, 02/17/2026	EUR	200		264
3.70%, 03/22/2061		350		368
4.07%, 06/18/2024	GBP	100		146
4.13%, 08/15/2046		80		92
4.40%, 11/01/2034		20		24

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
4.50%, 08/10/2033		1,900		2,259
4.86%, 08/21/2046		170		216
				49,014
Total Communications				87,580
Consumer Cyclical — 1.1%
Airlines — 0.1%
easyJet FinCo. BV, (Netherlands), Reg. S, 1.88%, 03/03/2028	EUR	1,200		1,436
Southwest Airlines Co.,
5.13%, 06/15/2027		1,150		1,344
5.25%, 05/04/2025		1,600		1,806
United Airlines, Inc.,
4.38%, 04/15/2026 (e)		525		539
4.63%, 04/15/2029 (e)		360		372
				5,497
Apparel — 0.0% (g)
Burberry Group plc, (United Kingdom), Reg. S, 1.13%, 09/21/2025	GBP	425		567
LVMH Moet Hennessy Louis Vuitton SE, (France),
Reg. S, 0.13%, 02/11/2028	EUR	800		933
Reg. S, 0.75%, 04/07/2025	EUR	300		358
NIKE, Inc.,
3.25%, 03/27/2040		236		258
3.38%, 03/27/2050		50		55
Tapestry, Inc., 4.13%, 07/15/2027		52		57
VF Corp., 2.40%, 04/23/2025		25		26
				2,254
Auto Manufacturers — 0.7%
American Honda Finance Corp., 0.75%, 11/25/2026	GBP	4,800		6,299
BMW US Capital LLC,
3.80%, 04/06/2023 (e)		54		57
3.90%, 04/09/2025 (e)		1,100		1,201
Cummins, Inc., 2.60%, 09/01/2050		40		37
Daimler AG, (Germany),
Reg. S, 1.13%, 11/06/2031	EUR	15		18
Reg. S, 1.63%, 08/22/2023	EUR	20		24
Reg. S, 2.13%, 07/03/2037	EUR	775		1,030
Daimler International Finance BV, (Netherlands),
Reg. S, 0.63%, 02/27/2023	EUR	425		499
Reg. S, 2.63%, 04/07/2025	EUR	1,760		2,232
Ford Motor Credit Co. LLC,
2.75%, 06/14/2024	GBP	1,600		2,177
3.37%, 11/17/2023		2,000		2,050
4.00%, 11/13/2030		545		567
General Motors Co.,
5.20%, 04/01/2045		425		517
5.40%, 04/01/2048		275		341
6.60%, 04/01/2036		520		697
6.75%, 04/01/2046		66		93

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Corporate Bonds — continued
Auto Manufacturers — continued
General Motors Financial Co., Inc.,
Reg. S, 1.69%, 03/26/2025	EUR	775		940
1.70%, 08/18/2023		70		71
Reg. S, 2.25%, 09/06/2024	GBP	700		966
Reg. S, 2.35%, 09/03/2025	GBP	1,225		1,701
2.70%, 08/20/2027		1,450		1,504
2.70%, 06/10/2031		615		613
2.75%, 06/20/2025		180		188
2.90%, 02/26/2025		45		47
3.45%, 04/10/2022		60		61
4.20%, 11/06/2021		200		201
Harley-Davidson Financial Services, Inc., Reg. S, 3.88%, 05/19/2023	EUR	425		524
Nissan Motor Co. Ltd., (Japan), 3.52%, 09/17/2025 (e)		3,000		3,188
PACCAR Financial Europe BV, (Netherlands),
Reg. S, 0.00%, 03/03/2023	EUR	500		582
Reg. S, 0.13%, 03/07/2022	EUR	100		116
Stellantis Finance US, Inc., 2.69%, 09/15/2031 (e)		460		455
Stellantis NV, (Netherlands),
Reg. S, 0.63%, 03/30/2027	EUR	2,600		3,030
Reg. S, 1.25%, 06/20/2033	EUR	600		683
Reg. S, 2.75%, 05/15/2026	EUR	800		1,025
Toyota Motor Credit Corp., 0.80%, 01/09/2026		200		197
Volkswagen Bank GmbH, (Germany),
Reg. S, 0.75%, 06/15/2023	EUR	300		353
Reg. S, 1.25%, 06/10/2024	EUR	1,500		1,794
Volkswagen Financial Services AG, (Germany),
Reg. S, 1.38%, 10/16/2023	EUR	900		1,074
Reg. S, 2.25%, 10/16/2026	EUR	10		13
Reg. S, 2.50%, 04/06/2023	EUR	915		1,102
Reg. S, 3.00%, 04/06/2025	EUR	20		25
Reg. S, 3.38%, 04/06/2028	EUR	1,450		1,976
Volkswagen Financial Services NV, (Netherlands), Reg. S, 1.13%, 07/05/2026	GBP	1,000		1,325
Volkswagen International Finance NV, (Netherlands),
Reg. S, 0.05%, 06/10/2024	EUR	400		465
Reg. S, 3.25%, 11/18/2030	EUR	1,000		1,405
Reg. S, (EUR Swap Rate 5 Year + 3.75%), 3.50%, 06/17/2025 (x) (aa)	EUR	1,000		1,243
Reg. S, (EUR Swap Rate 9 Year + 3.96%), 3.88%, 06/17/2029 (x) (aa)	EUR	2,000		2,567
Reg. S, (EUR Swap Rate 12 Year + 2.97%), 4.63%, 03/24/2026 (x) (aa)	EUR	1,210		1,580
Volkswagen Leasing GmbH, (Germany), Reg. S, 0.63%, 07/19/2029	EUR	500		575
Volvo Treasury AB, (Sweden),
Reg. S, 0.13%, 09/17/2024	EUR	425		496
Reg. S, (EUR Swap Rate 5 Year + 4.10%), 4.85%, 03/10/2078 (aa)	EUR	1,575		1,940
				51,864
Auto Parts & Equipment — 0.1%
Aptiv Corp., 4.15%, 03/15/2024		55		59
Aptiv plc, (Jersey), 1.50%, 03/10/2025	EUR	425		514
Autoliv, Inc., Reg. S, 0.75%, 06/26/2023	EUR	700		822
Cie Generale des Etablissements Michelin SCA, (France), Reg. S, 0.63%, 11/02/2040	EUR	300		332

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Magna International, Inc., (Canada), 1.90%, 11/24/2023	EUR	1,125		1,357
2.45%, 06/15/2030		1,350		1,373
4.15%, 10/01/2025		2,000		2,216
				6,673
Distribution/Wholesale — 0.0% (g)
Bunzl Finance plc, (United Kingdom), Reg. S, 1.50%, 10/30/2030	GBP	550		713
Home Builders — 0.0% (g)
Berkeley Group plc (The), (United Kingdom), Reg. S, 2.50%, 08/11/2031	GBP	300		392
NVR, Inc., 3.00%, 05/15/2030		299		312
				704
Home Furnishings — 0.0% (g)
Whirlpool Finance Luxembourg Sarl, (Luxembourg),
1.10%, 11/09/2027	EUR	225		272
1.25%, 11/02/2026	EUR	200		244
				516
Housewares — 0.0% (g)
Newell Brands, Inc., 4.70%, 04/01/2026		650		716
Lodging — 0.0% (g)
Choice Hotels International, Inc., 3.70%, 12/01/2029		40		42
InterContinental Hotels Group plc, (United Kingdom),
Reg. S, 3.38%, 10/08/2028	GBP	450		644
Reg. S, 3.75%, 08/14/2025	GBP	100		145
Marriott International, Inc., Series HH, 2.85%, 04/15/2031		1,125		1,138
Whitbread Group plc, (United Kingdom), Reg. S, 2.38%, 05/31/2027	GBP	1,500		2,020
				3,989
Retail — 0.2%
AutoNation, Inc., 4.75%, 06/01/2030		1,309		1,525
AutoZone, Inc., 1.65%, 01/15/2031		2,595		2,462
Costco Wholesale Corp., 1.75%, 04/20/2032		87		85
Dollar General Corp., 4.15%, 11/01/2025		10		11
Genuine Parts Co., 1.88%, 11/01/2030		330		315
Home Depot, Inc. (The),
2.50%, 04/15/2027		100		106
3.50%, 09/15/2056		75		83
4.20%, 04/01/2043		800		955
5.88%, 12/16/2036		90		127
Kohl’s Corp., 3.38%, 05/01/2031		15		15
Lowe’s Cos., Inc., 3.50%, 04/01/2051		95		102
McDonald’s Corp.,
Reg. S, 2.38%, 11/27/2024	EUR	800		999
3.50%, 03/01/2027		100		110
Next Group plc, (United Kingdom),
Reg. S, 3.00%, 08/26/2025	GBP	225		322
Reg. S, 3.63%, 05/18/2028	GBP	1,075		1,581
Reg. S, 4.38%, 10/02/2026	GBP	300		454

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Walmart, Inc.,
2.55%, 04/08/2026	EUR	2,550		3,289
Reg. S, 5.25%, 09/28/2035	GBP	550		1,056
				13,597
Textiles — 0.0% (g)
Mohawk Industries, Inc., 2.00%, 01/14/2022	EUR	550		638
Total Consumer Cyclical				87,161
Consumer Non-cyclical — 2.7%
Agriculture — 0.3%
Altria Group, Inc.,
2.20%, 06/15/2027	EUR	1,000		1,247
3.40%, 02/04/2041		55		52
3.70%, 02/04/2051		120		113
3.88%, 09/16/2046		40		39
4.00%, 02/04/2061		120		115
5.38%, 01/31/2044		65		76
5.95%, 02/14/2049		10		13
6.20%, 02/14/2059		58		75
BAT Capital Corp.,
Reg. S, 1.13%, 11/16/2023	EUR	100		118
2.79%, 09/06/2024		2,285		2,403
3.22%, 08/15/2024		100		106
3.56%, 08/15/2027		520		560
3.73%, 09/25/2040		35		34
3.98%, 09/25/2050		45		43
4.76%, 09/06/2049		50		54
BAT International Finance plc, (United Kingdom),
Reg. S, 2.38%, 01/19/2023	EUR	3,800		4,541
Reg. S, 7.25%, 03/12/2024	GBP	235		362
Bunge Finance Europe BV, (Netherlands), 1.85%, 06/16/2023	EUR	300		357
Bunge Ltd. Finance Corp., 3.75%, 09/25/2027		30		33
Cargill, Inc., 2.13%, 04/23/2030 (e)		1,500		1,509
JT International Financial Services BV, (Netherlands),
Reg. S, 1.13%, 09/28/2025	EUR	100		120
Reg. S, 2.75%, 09/28/2033	GBP	975		1,399
Philip Morris International, Inc.,
0.80%, 08/01/2031	EUR	1,125		1,283
0.88%, 05/01/2026		1,715		1,683
2.88%, 03/03/2026	EUR	1,000		1,299
2.88%, 05/14/2029	EUR	1,250		1,686
4.25%, 11/10/2044		250		287
6.38%, 05/16/2038		155		217
STG Global Finance BV, (Netherlands), Reg. S, 1.38%, 09/24/2025	EUR	1,025		1,214
Viterra Finance BV, (Netherlands),
Reg. S, 0.38%, 09/24/2025	EUR	1,000		1,158
Reg. S, 1.00%, 09/24/2028	EUR	2,050		2,359
				24,555

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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 — 0.3%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.,
4.70%, 02/01/2036		1,700		2,052
4.90%, 02/01/2046		1,600		1,985
Anheuser-Busch InBev SA, (Belgium),
Reg. S, 2.75%, 03/17/2036	EUR	10		14
Reg. S, 3.70%, 04/02/2040	EUR	800		1,240
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/2049		50		67
CCEP Finance Ireland DAC, (Ireland), Reg. S, 0.50%, 09/06/2029	EUR	1,000		1,154
Coca-Cola Co. (The),
0.13%, 03/09/2029	EUR	3,500		3,993
0.13%, 03/15/2029	EUR	1,700		1,939
0.50%, 03/09/2033	EUR	500		564
1.00%, 03/09/2041	EUR	400		445
3.00%, 03/05/2051		230		238
Coca-Cola Europacific Partners plc, (United Kingdom), Reg. S, 2.38%, 05/07/2025	EUR	2,000		2,508
Coca-Cola Femsa SAB de CV, (Mexico), 2.75%, 01/22/2030		150		155
Constellation Brands, Inc., 3.70%, 12/06/2026		25		28
Diageo Capital plc, (United Kingdom), 3.88%, 04/29/2043		10		12
Diageo Finance plc, (United Kingdom), Reg. S, 1.88%, 03/27/2027	EUR	1,000		1,268
Diageo Investment Corp., 4.25%, 05/11/2042		20		24
Greene King Finance plc, (United Kingdom), Series A2, 5.32%, 09/15/2031	GBP	31		47
Keurig Dr Pepper, Inc., 4.06%, 05/25/2023		26		28
PepsiCo., Inc.,
0.40%, 10/09/2032	EUR	1,200		1,356
1.05%, 10/09/2050	EUR	750		837
3.45%, 10/06/2046		15		16
Pernod Ricard SA, (France), Reg. S, 1.13%, 04/07/2025	EUR	1,600		1,929
				21,899
Biotechnology — 0.0% (g)
Amgen, Inc., 1.90%, 02/21/2025		100		103
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030		1,000		950
				1,053
Commercial Services — 0.5%
Abertis Infraestructuras SA, (Spain), Reg. S, 3.38%, 11/27/2026	GBP	400		578
ALD SA, (France), Reg. S, 1.25%, 10/11/2022	EUR	2,500		2,944
Amadeus IT Group SA, (Spain), Reg. S, 0.88%, 09/18/2023	EUR	2,000		2,355
American University (The), Series 2019, 3.67%, 04/01/2049		30		34
Automatic Data Processing, Inc.,
1.25%, 09/01/2030		1,500		1,424
1.70%, 05/15/2028		90		91
Block Financial LLC,
2.50%, 07/15/2028		45		46
3.88%, 08/15/2030		60		65
California Institute of Technology, 4.70%, 11/01/2111		25		35
Central Nippon Expressway Co. Ltd., (Japan),
Reg. S, 0.89%, 09/29/2025		600		591
Reg. S, 1.87%, 09/26/2024	AUD	1,000		734

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Corporate Bonds — continued
Commercial Services — continued
Channel Link Enterprises Finance plc, (United Kingdom), Series A8, Reg. S, (ICE LIBOR EUR 6 Month + 5.90%), 2.71%, 06/30/2050 (aa)	EUR	100		118
Cintas Corp. No. 2, 3.70%, 04/01/2027		30		33
Cleveland Clinic Foundation (The), 4.86%, 01/01/2114		1,000		1,429
Duke University, Series 2020, 2.68%, 10/01/2044		20		20
East Nippon Expressway Co. Ltd., (Japan), Series 66, 0.10%, 12/18/2026	JPY	100,000		897
Equifax, Inc.,
2.60%, 12/15/2025		110		115
3.10%, 05/15/2030		1,830		1,933
ERAC USA Finance LLC,
2.70%, 11/01/2023 (e)		3,200		3,325
3.85%, 11/15/2024 (e)		160		173
4.50%, 02/15/2045 (e)		400		483
7.00%, 10/15/2037 (e)		800		1,187
Euronet Worldwide, Inc., 1.38%, 05/22/2026	EUR	925		1,093
Experian Finance plc, (United Kingdom),
Reg. S, 0.74%, 10/29/2025	GBP	300		397
Reg. S, 1.38%, 06/25/2026	EUR	1,125		1,376
Reg. S, 3.25%, 04/07/2032	GBP	225		338
George Washington University (The), Series 2014, 4.30%, 09/15/2044		30		37
Global Payments, Inc., 1.20%, 03/01/2026		80		79
Holding d’Infrastructures de Transport SASU, (France), Reg. S, 2.50%, 05/04/2027	EUR	1,900		2,442
Johns Hopkins University, Series A, 2.81%, 01/01/2060		600		609
Massachusetts Institute of Technology,
3.89%, 07/01/2116		663		799
4.68%, 07/01/2114		500		722
Series F, 2.99%, 07/01/2050		20		22
MMS USA Holdings, Inc., Reg. S, 0.63%, 06/13/2025	EUR	1,500		1,771
Moody’s Corp.,
0.95%, 02/25/2030	EUR	1,425		1,704
1.75%, 03/09/2027	EUR	1,125		1,411
2.55%, 08/18/2060		20		17
Northwestern University, Series 2020, 2.64%, 12/01/2050		10		10
PayPal Holdings, Inc.,
2.40%, 10/01/2024		50		52
2.65%, 10/01/2026		90		96
3.25%, 06/01/2050		35		38
President and Fellows of Harvard College, 2.52%, 10/15/2050		10		10
Quanta Services, Inc.,
0.95%, 10/01/2024		80		80
2.35%, 01/15/2032		70		68
2.90%, 10/01/2030		200		207
3.05%, 10/01/2041		30		29
Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/2050		5		5
S&P Global, Inc.,
1.25%, 08/15/2030		2,100		1,974
2.30%, 08/15/2060		331		281
Transurban Finance Co. Pty Ltd., (Australia), Reg. S, 3.00%, 04/08/2030	EUR	100		136
Trustees of Princeton University (The), Series 2020, 2.52%, 07/01/2050		20		20

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
United Rentals North America, Inc., 3.88%, 11/15/2027		84		88
University of Southern California,
2.81%, 10/01/2050		20		20
Series 21A, 2.95%, 10/01/2051		10		11
Verisk Analytics, Inc., 5.50%, 06/15/2045		43		57
Wellcome Trust Ltd. (The), (United Kingdom),
Reg. S, 1.50%, 07/14/2071	GBP	500		609
Reg. S, 2.52%, 02/07/2118	GBP	200		312
West Nippon Expressway Co. Ltd., (Japan), Series 29, 0.31%, 02/12/2026	JPY	200,000		1,815
				37,345
Cosmetics/Personal Care — 0.1%
Colgate-Palmolive Co., 0.50%, 03/06/2026	EUR	2,275		2,700
Estee Lauder Cos., Inc. (The),
2.60%, 04/15/2030		60		63
3.13%, 12/01/2049		20		22
Procter & Gamble Co. (The),
0.63%, 10/30/2024	EUR	1,450		1,724
1.20%, 10/30/2028	EUR	1,000		1,245
1.20%, 10/29/2030		400		380
1.88%, 10/30/2038	EUR	1,125		1,533
3.60%, 03/25/2050		80		97
4.88%, 05/11/2027	EUR	425		626
Unilever Finance Netherlands BV, (Netherlands),
Reg. S, 0.50%, 08/12/2023	EUR	1,400		1,648
Reg. S, 1.13%, 02/12/2027	EUR	425		522
Unilever plc, (United Kingdom), Reg. S, 1.50%, 06/11/2039	EUR	625		794
				11,354
Food — 0.1%
Flowers Foods, Inc., 2.40%, 03/15/2031		5		5
General Mills, Inc., 3.00%, 02/01/2051 (e)		20		20
Hershey Co. (The), 2.65%, 06/01/2050		10		10
Hormel Foods Corp., 1.80%, 06/11/2030		76		75
Kerry Group Financial Services Unltd Co., (Ireland), Reg. S, 2.38%, 09/10/2025	EUR	1,400		1,767
Kroger Co. (The), 3.95%, 01/15/2050		5		6
Mars, Inc., 2.38%, 07/16/2040 (e)		1,200		1,144
McCormick & Co., Inc.,
0.90%, 02/15/2026		100		98
3.15%, 08/15/2024		150		160
4.20%, 08/15/2047		5		6
Mondelez International Holdings Netherlands BV, (Netherlands), Reg. S, 0.38%, 09/22/2029	EUR	100		114
Mondelez International, Inc.,
0.75%, 03/17/2033	EUR	1,800		2,024
1.50%, 02/04/2031		1,000		940
1.88%, 10/15/2032		300		288
Tesco Corporate Treasury Services plc, (United Kingdom),
Reg. S, 0.88%, 05/29/2026	EUR	1,500		1,785
Reg. S, 1.38%, 10/24/2023	EUR	100		119

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Reg. S, 2.75%, 04/27/2030	GBP	425		599
Wm Morrison Supermarkets plc, (United Kingdom), Reg. S, 2.50%, 10/01/2031	GBP	400		539
				9,699
Healthcare - Products — 0.4%
Abbott Ireland Financing DAC, (Ireland),
Reg. S, 0.10%, 11/19/2024	EUR	700		818
Reg. S, 0.38%, 11/19/2027	EUR	1,950		2,282
Abbott Laboratories, 4.90%, 11/30/2046		115		155
Becton Dickinson Euro Finance Sarl, (Luxembourg),
1.21%, 06/04/2026	EUR	425		513
1.34%, 08/13/2041	EUR	2,000		2,223
Boston Scientific Corp.,
0.63%, 12/01/2027	EUR	800		937
3.45%, 03/01/2024		100		106
Danaher Corp., 2.50%, 03/30/2030	EUR	525		703
DH Europe Finance II Sarl, (Luxembourg),
0.20%, 03/18/2026	EUR	3,775		4,395
0.75%, 09/18/2031	EUR	1,000		1,165
1.35%, 09/18/2039	EUR	700		815
1.80%, 09/18/2049	EUR	700		851
3.40%, 11/15/2049		30		33
Edwards Lifesciences Corp., 4.30%, 06/15/2028		135		155
Koninklijke Philips NV, (Netherlands), Reg. S, 1.38%, 05/02/2028	EUR	500		621
Medtronic Global Holdings SCA, (Luxembourg),
0.00%, 03/15/2023	EUR	325		378
0.38%, 03/07/2023	EUR	100		117
0.38%, 10/15/2028	EUR	500		582
1.38%, 10/15/2040	EUR	825		967
1.63%, 10/15/2050	EUR	900		1,066
1.75%, 07/02/2049	EUR	900		1,093
Molnlycke Holding AB, (Sweden),
Reg. S, 0.63%, 01/15/2031	EUR	1,625		1,829
Reg. S, 1.88%, 02/28/2025	EUR	1,000		1,227
PerkinElmer, Inc.,
1.90%, 09/15/2028		135		134
2.25%, 09/15/2031		125		123
Stryker Corp., 1.00%, 12/03/2031	EUR	1,300		1,547
Thermo Fisher Scientific, Inc.,
1.88%, 10/01/2049	EUR	1,125		1,369
0.13%, 03/01/2025	EUR	1,000		1,165
1.75%, 04/15/2027	EUR	100		125
2.88%, 07/24/2037	EUR	625		888
4.10%, 08/15/2047		160		194
4.13%, 03/25/2025		70		77
Zimmer Biomet Holdings, Inc., 3.70%, 03/19/2023		100		104
				28,757

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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 — 0.4%
Advocate Health & Hospitals Corp., 3.39%, 10/15/2049		35		39
Aetna, Inc., 2.80%, 06/15/2023		30		31
AHS Hospital Corp., Series 2021, 2.78%, 07/01/2051		755		736
Allina Health System, Series 2019, 3.89%, 04/15/2049		40		47
Anthem, Inc.,
3.35%, 12/01/2024		100		107
4.10%, 03/01/2028		2,900		3,281
Ascension Health, 3.95%, 11/15/2046		70		85
City of Hope, Series 2013, 5.62%, 11/15/2043		35		49
CommonSpirit Health, 3.91%, 10/01/2050		18		20
Eurofins Scientific SE, (Luxembourg),
Reg. S, 0.88%, 05/19/2031	EUR	3,550		4,086
Reg. S, 2.13%, 07/25/2024	EUR	396		483
Hackensack Meridian Health, Inc.,
Series 2020, 2.68%, 09/01/2041		1,335		1,318
Series 2020, 2.88%, 09/01/2050		35		35
HCA, Inc.,
3.50%, 07/15/2051		55		55
5.00%, 03/15/2024		1,383		1,518
5.13%, 06/15/2039		700		867
5.25%, 06/15/2049		140		178
5.50%, 06/15/2047		277		358
Health Care Service Corp. A Mutual Legal Reserve Co., 2.20%, 06/01/2030 (e)		1,400		1,397
Humana, Inc.,
2.90%, 12/15/2022		50		52
3.85%, 10/01/2024		50		54
Kaiser Foundation Hospitals, 4.15%, 05/01/2047		1,200		1,466
Laboratory Corp. of America Holdings,
1.55%, 06/01/2026		200		200
4.70%, 02/01/2045		210		257
Mayo Clinic,
3.77%, 11/15/2043		30		35
Series 2013, 4.00%, 11/15/2047		25		30
Series 2021, 3.20%, 11/15/2061		440		468
Memorial Health Services, 3.45%, 11/01/2049		10		11
Memorial Sloan-Kettering Cancer Center, 4.13%, 07/01/2052		50		62
Methodist Hospital (The), Series 20A, 2.71%, 12/01/2050		1,500		1,444
MidMichigan Health, Series 2020, 3.41%, 06/01/2050		1,498		1,609
MultiCare Health System, 2.80%, 08/15/2050		1,000		991
New York and Presbyterian Hospital (The),
2.26%, 08/01/2040		1,090		1,016
4.02%, 08/01/2045		20		25
Northwell Healthcare, Inc., 4.26%, 11/01/2047		25		29
OhioHealth Corp., Series 2020, 3.04%, 11/15/2050		535		551
PeaceHealth Obligated Group,
Series 2020, 1.38%, 11/15/2025		700		706
Series 2020, 3.22%, 11/15/2050		849		876

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Piedmont Healthcare, Inc.,
2.86%, 01/01/2052		3		3
Series 2032, 2.04%, 01/01/2032		470		460
Series 2042, 2.72%, 01/01/2042		453		442
Providence St Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/2051 (w)		15		14
Texas Health Resources, 2.33%, 11/15/2050		750		662
Trinity Health Corp., Series 2021, 2.63%, 12/01/2040		233		228
UnitedHealth Group, Inc.,
2.00%, 05/15/2030		160		160
3.13%, 05/15/2060		140		143
3.70%, 08/15/2049		1,100		1,246
3.75%, 07/15/2025		20		22
3.88%, 08/15/2059		50		59
4.25%, 03/15/2043		120		145
Universal Health Services, Inc., 2.65%, 10/15/2030 (e)		194		195
				28,351
Household Products/Wares — 0.1%
Avery Dennison Corp.,
1.25%, 03/03/2025	EUR	2,026		2,441
2.25%, 02/15/2032		100		98
2.65%, 04/30/2030		104		106
Clorox Co. (The), 1.80%, 05/15/2030		10		10
Kimberly-Clark Corp., 2.88%, 02/07/2050		45		45
Reckitt Benckiser Treasury Services plc, (United Kingdom), Reg. S, 1.75%, 05/19/2032	GBP	1,675		2,254
				4,954
Pharmaceuticals — 0.5%
AbbVie, Inc.,
2.60%, 11/21/2024		490		515
3.20%, 11/21/2029		4,960		5,344
4.25%, 11/21/2049		1,400		1,661
AmerisourceBergen Corp.,
3.25%, 03/01/2025		40		42
3.45%, 12/15/2027		300		328
AstraZeneca plc, (United Kingdom), 0.70%, 04/08/2026		1,620		1,585
Bristol-Myers Squibb Co.,
2.35%, 11/13/2040		25		24
2.55%, 11/13/2050		110		103
3.40%, 07/26/2029		3,340		3,692
3.88%, 08/15/2025		24		26
4.55%, 02/20/2048		10		13
Cardinal Health, Inc.,
3.08%, 06/15/2024		10		11
4.37%, 06/15/2047		2		2
Cigna Corp.,
2.40%, 03/15/2030		75		76
3.40%, 03/01/2027		2,800		3,058
4.90%, 12/15/2048		800		1,020

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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.,
1.30%, 08/21/2027		40		39
2.63%, 08/15/2024		60		63
3.70%, 03/09/2023		32		33
4.13%, 04/01/2040		1,200		1,373
4.30%, 03/25/2028		329		374
4.78%, 03/25/2038		75		92
5.05%, 03/25/2048		1,200		1,546
Eli Lilly & Co.,
0.63%, 11/01/2031	EUR	2,500		2,937
1.38%, 09/14/2061	EUR	675		731
GlaxoSmithKline Capital plc, (United Kingdom),
5.25%, 12/19/2033	GBP	640		1,184
Reg. S, 5.25%, 04/10/2042	GBP	50		101
Johnson & Johnson,
2.10%, 09/01/2040		10		10
2.25%, 09/01/2050		30		28
2.45%, 09/01/2060		40		37
3.40%, 01/15/2038		50		56
3.55%, 03/01/2036		15		17
McKesson Corp.,
0.90%, 12/03/2025		70		69
3.13%, 02/17/2029	GBP	925		1,346
Merck & Co., Inc.,
1.88%, 10/15/2026	EUR	1,000		1,266
2.35%, 06/24/2040		50		47
3.70%, 02/10/2045		60		69
4.00%, 03/07/2049		10		12
Merck Financial Services GmbH, (Germany), Reg. S, 0.01%, 12/15/2023	EUR	600		699
Merck KGaA, (Germany),
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.00%), 1.63%, 09/09/2080 (aa)	EUR	800		953
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.94%), 2.88%, 06/25/2079 (aa)	EUR	400		507
Mylan, Inc., 5.20%, 04/15/2048		30		37
Novartis Capital Corp., 2.75%, 08/14/2050		61		61
Roche Finance Europe BV, (Netherlands),
Reg. S, 0.50%, 02/27/2023	EUR	200		234
Reg. S, 0.88%, 02/25/2025	EUR	1,600		1,922
Sanofi, (France),
Reg. S, 2.50%, 11/14/2023	EUR	600		733
Series 20FX, Reg. S, 1.88%, 03/21/2038	EUR	400		552
Takeda Pharmaceutical Co. Ltd., (Japan), Reg. S, 3.00%, 11/21/2030	EUR	1,000		1,383
Upjohn Finance BV, (Netherlands), Reg. S, 1.91%, 06/23/2032	EUR	1,400		1,718
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		30		33
Viatris, Inc., 3.85%, 06/22/2040 (e)		2,200		2,355

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Zoetis, Inc.,
3.90%, 08/20/2028		40		45
4.70%, 02/01/2043		190		241
				40,403
Total Consumer Non-cyclical				208,370
Energy — 1.1%
Energy - Alternate Sources — 0.0% (g)
ERG SpA, (Italy), Reg. S, 0.88%, 09/15/2031	EUR	700		809
Oil & Gas — 0.6%
Aker BP ASA, (Norway), 2.88%, 01/15/2026 (e)		1,400		1,479
BP Capital Markets plc, (United Kingdom),
Reg. S, 1.53%, 09/26/2022	EUR	175		206
Reg. S, (EUR Swap Rate 5 Year + 4.12%), 3.63%, 03/22/2029 (x) (aa)	EUR	1,300		1,630
Reg. S, (UK Gilts 5 Year + 4.17%), 4.25%, 03/22/2027 (x) (aa)	GBP	500		716
Canadian Natural Resources Ltd., (Canada),
2.95%, 01/15/2023		10		10
3.85%, 06/01/2027		10		11
4.95%, 06/01/2047		55		68
6.25%, 03/15/2038		72		96
Cenovus Energy, Inc., (Canada), 4.40%, 04/15/2029		4,800		5,378
Cepsa Finance SA, (Spain), Reg. S, 2.25%, 02/13/2026	EUR	100		124
Chevron Corp., 2.24%, 05/11/2030		80		82
Chevron USA, Inc.,
1.02%, 08/12/2027		3,000		2,931
5.25%, 11/15/2043		75		101
CNOOC Petroleum North America ULC, (Canada), 6.40%, 05/15/2037		40		53
ConocoPhillips,
2.40%, 02/15/2031 (e)		2,100		2,134
4.88%, 10/01/2047 (e)		20		26
Devon Energy Corp.,
5.25%, 09/15/2024 (e)		8		9
5.88%, 06/15/2028 (e)		1,750		1,928
Diamondback Energy, Inc.,
2.88%, 12/01/2024		3,100		3,254
3.13%, 03/24/2031		2,540		2,635
3.50%, 12/01/2029		450		481
4.40%, 03/24/2051		35		40
Equinor ASA, (Norway),
Reg. S, 1.38%, 05/22/2032	EUR	425		529
1.75%, 01/22/2026		200		205
2.38%, 05/22/2030		60		62
3.25%, 11/18/2049		30		32
3.63%, 04/06/2040		1,800		2,007
3.70%, 04/06/2050		15		17
Reg. S, 6.88%, 03/11/2031	GBP	50		97
Exxon Mobil Corp.,
0.14%, 06/26/2024	EUR	2,000		2,336
0.84%, 06/26/2032	EUR	550		631

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
1.41%, 06/26/2039	EUR	700		784
3.45%, 04/15/2051		155		165
Helmerich & Payne, Inc., 2.90%, 09/29/2031 (e)		785		787
Hess Corp., 3.50%, 07/15/2024		10		11
Lundin Energy Finance BV, (Netherlands),
2.00%, 07/15/2026 (e)		1,360		1,368
3.10%, 07/15/2031 (e)		1,585		1,605
Ovintiv Exploration, Inc., 5.63%, 07/01/2024		5,817		6,449
Petroleos Mexicanos, (Mexico),
(ICE LIBOR USD 3 Month + 0.43%), 0.55%, 02/15/2024 (aa)		750		751
1.95%, 12/20/2022		1,200		1,212
Pioneer Natural Resources Co.,
1.90%, 08/15/2030		1,050		1,004
4.45%, 01/15/2026		100		111
TotalEnergies SE, (France),
Reg. S, (EUR Swap Rate 5 Year + 2.75%), 2.71%, 05/05/2023 (x) (aa)	EUR	650		777
Reg. S, (EUR Swap Rate 5 Year + 3.35%), 3.37%, 10/06/2026 (x) (aa)	EUR	2,000		2,559
Series NC7, Reg. S, (EUR Swap Rate 5 Year + 1.99%), 1.63%, 10/25/2027 (x) (aa)	EUR	1,000		1,160
Series NC12, Reg. S, (EUR Swap Rate 5 Year + 2.51%), 2.13%, 07/25/2032 (x) (aa)	EUR	1,350		1,529
				49,580
Oil & Gas Services — 0.0% (g)
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., 4.08%, 12/15/2047		110		124
Schlumberger Finance BV, (Netherlands), Reg. S, 0.25%, 10/15/2027	EUR	500		579
Schlumberger Finance Canada Ltd., (Canada), 1.40%, 09/17/2025		30		30
				733
Pipelines — 0.5%
Cheniere Corpus Christi Holdings LLC,
3.70%, 11/15/2029		528		573
5.88%, 03/31/2025		240		271
Colonial Enterprises, Inc., 3.25%, 05/15/2030 (e)		1,330		1,431
Enbridge, Inc., (Canada),
2.50%, 08/01/2033		50		50
2.90%, 07/15/2022		20		21
3.40%, 08/01/2051		20		20
4.00%, 10/01/2023		100		106
Energy Transfer LP,
4.05%, 03/15/2025		125		135
4.20%, 04/15/2027		5,800		6,410
5.30%, 04/15/2047		35		41
5.35%, 05/15/2045		10		11
5.40%, 10/01/2047		52		62
Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa)		1,490		1,552
Enterprise Products Operating LLC,
3.30%, 02/15/2053		35		34
4.20%, 01/31/2050		40		45
5.10%, 02/15/2045		1,700		2,111
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 02/15/2078 (aa)		600		624
Erdoel-Lagergesellschaft mbH, (Austria), Reg. S, 2.75%, 03/20/2028	EUR	200		270

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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 Energy Partners LP,
4.30%, 05/01/2024		3,200		3,451
4.70%, 11/01/2042		850		974
5.50%, 03/01/2044		49		61
Magellan Midstream Partners LP,
3.95%, 03/01/2050		940		999
5.00%, 03/01/2026		10		11
MPLX LP,
2.65%, 08/15/2030		1,745		1,749
4.50%, 04/15/2038		15		17
4.70%, 04/15/2048		1,293		1,492
4.88%, 06/01/2025		2,300		2,566
4.90%, 04/15/2058		40		46
5.20%, 03/01/2047		10		12
5.50%, 02/15/2049		130		164
ONEOK Partners LP, 4.90%, 03/15/2025		80		89
ONEOK, Inc.,
2.20%, 09/15/2025		1,000		1,021
2.75%, 09/01/2024		110		115
3.40%, 09/01/2029		60		64
4.45%, 09/01/2049		2,422		2,701
5.20%, 07/15/2048		35		42
6.35%, 01/15/2031		70		90
7.15%, 01/15/2051		20		29
Plains All American Pipeline LP / PAA Finance Corp.,
3.55%, 12/15/2029		65		68
5.15%, 06/01/2042		1,600		1,793
Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026		70		82
TransCanada PipeLines Ltd., (Canada), 6.20%, 10/15/2037		10		14
Transcontinental Gas Pipe Line Co. LLC,
3.25%, 05/15/2030		80		86
4.00%, 03/15/2028		20		22
Valero Energy Partners LP, 4.38%, 12/15/2026		1,736		1,942
Vier Gas Transport GmbH, (Germany), Reg. S, 0.50%, 09/10/2034	EUR	400		449
Williams Cos., Inc. (The),
3.50%, 11/15/2030		1,900		2,064
4.50%, 11/15/2023		80		86
5.10%, 09/15/2045		69		85
5.80%, 11/15/2043		15		20
				36,171
Total Energy				87,293
Financial — 7.6%
Banks — 5.1%
Abanca Corp. Bancaria SA, (Spain), Reg. S, 0.75%, 05/28/2029	EUR	100		122
ABN AMRO Bank NV, (Netherlands),
Reg. S, 0.60%, 01/15/2027	EUR	1,600		1,883
Reg. S, 0.88%, 01/14/2026	EUR	100		121
Reg. S, 1.00%, 06/02/2033	EUR	400		466
Reg. S, 1.25%, 01/10/2033	EUR	100		129

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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%, 01/12/2037	EUR	100		131
Reg. S, 1.45%, 04/12/2038	EUR	100		134
Reg. S, 1.50%, 09/30/2030	EUR	100		130
Reg. S, 3.50%, 09/21/2022	EUR	200		241
Aegon Bank NV, (Netherlands), Reg. S, 0.01%, 11/16/2025	EUR	100		117
Aktia Bank OYJ, (Finland), Reg. S, 0.38%, 05/30/2023	EUR	100		118
AMCO - Asset Management Co. SpA, (Italy),
Reg. S, 0.75%, 04/20/2028	EUR	163		188
Reg. S, 1.38%, 01/27/2025	EUR	100		121
ANZ New Zealand Int’l Ltd., (New Zealand), Reg. S, 0.13%, 09/22/2023	EUR	100		117
Argenta Spaarbank NV, (Belgium), Reg. S, 0.01%, 02/11/2031	EUR	100		114
Arion Banki HF, (Iceland),
Reg. S, 0.05%, 10/05/2026 (w)	EUR	100		116
Reg. S, 0.38%, 07/14/2025	EUR	2,050		2,372
Arkea Public Sector SCF SA, (France), Reg. S, 0.13%, 01/15/2030	EUR	100		116
ASB Finance Ltd., (New Zealand),
Reg. S, 0.25%, 09/08/2028	EUR	1,050		1,202
Reg. S, 0.25%, 05/21/2031	EUR	100		115
Reg. S, 0.63%, 10/18/2024	EUR	100		119
Australia & New Zealand Banking Group Ltd., (Australia),
Reg. S, 0.25%, 11/29/2022	EUR	100		117
Reg. S, (EUR Swap Rate 5 Year + 1.12%), 0.67%, 05/05/2031 (aa)	EUR	1,525		1,763
Banca Monte dei Paschi di Siena SpA, (Italy),
Reg. S, 0.88%, 10/08/2026	EUR	3,504		4,225
Reg. S, 2.00%, 01/29/2024	EUR	100		122
Series 16, Reg. S, 2.88%, 07/16/2024	EUR	100		126
Banco Bilbao Vizcaya Argentaria SA, (Spain),
0.88%, 09/18/2023		200		201
Reg. S, 0.88%, 11/22/2026	EUR	100		122
Banco de Sabadell SA, (Spain),
Reg. S, (EUR Swap Rate 1 Year + 0.97%), 0.63%, 11/07/2025 (aa)	EUR	1,000		1,170
Reg. S, 0.88%, 03/05/2023	EUR	1,300		1,526
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.15%), 0.88%, 06/16/2028 (aa)	EUR	900		1,025
Reg. S, 1.00%, 04/26/2027	EUR	100		123
Reg. S, 1.63%, 03/07/2024	EUR	1,200		1,444
Banco di Desio e della Brianza SpA, (Italy), Reg. S, 0.88%, 09/12/2024	EUR	100		120
Banco Santander SA, (Spain),
Reg. S, 0.10%, 02/27/2032	EUR	200		228
Reg. S, 0.13%, 06/04/2030	EUR	100		116
Reg. S, 0.20%, 02/11/2028	EUR	1,000		1,148
Reg. S, 0.75%, 09/09/2022	EUR	100		117
Reg. S, 1.00%, 04/07/2025	EUR	200		242
Reg. S, 1.38%, 01/05/2026	EUR	100		122
Reg. S, 1.63%, 10/22/2030	EUR	1,000		1,198
(CMT Index 1 Year + 0.90%), 1.72%, 09/14/2027 (aa)		200		199
Reg. S, 1.75%, 02/17/2027	GBP	500		676
1.85%, 03/25/2026		200		202
2.96%, 03/25/2031		1,800		1,850
3.49%, 05/28/2030		2,000		2,149
3.80%, 02/23/2028		200		219

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Bank of America Corp.,
Reg. S, (ICE LIBOR EUR 3 Month + 0.75%), 0.81%, 05/09/2026 (aa)	EUR	2,300		2,735
(United States SOFR + 0.74%), 0.81%, 10/24/2024 (aa)		240		241
(United States SOFR + 0.91%), 0.98%, 09/25/2025 (aa)		30		30
Reg. S, (ICE LIBOR EUR 3 Month + 0.95%), 1.10%, 05/24/2032 (aa)	EUR	1,300		1,541
Reg. S, (ICE LIBOR EUR 3 Month + 0.91%), 1.38%, 05/09/2030 (aa)	EUR	1,150		1,411
(United States SOFR + 0.96%), 1.73%, 07/22/2027 (aa)		1,465		1,471
(United States SOFR + 1.06%), 2.09%, 06/14/2029 (aa)		2,900		2,891
(United States SOFR + 1.22%), 2.30%, 07/21/2032 (aa)		1,250		1,231
(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (aa)		20		21
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 02/13/2031 (aa)		3,300		3,336
(United States SOFR + 1.93%), 2.68%, 06/19/2041 (aa)		1,920		1,850
(United States SOFR + 1.32%), 2.69%, 04/22/2032 (aa)		2,295		2,341
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 04/24/2023 (aa)		250		254
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (aa)		250		258
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/01/2025 (aa)		10		11
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 01/20/2023 (aa)		25		25
(United States SOFR + 1.58%), 3.31%, 04/22/2042 (aa)		1,020		1,071
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (aa)		350		379
(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 03/15/2025 (aa)		25		27
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 03/05/2024 (aa)		25		26
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 07/23/2024 (aa)		120		127
4.00%, 01/22/2025		4,200		4,563
(ICE LIBOR USD 3 Month + 1.32%), 4.08%, 04/23/2040 (aa)		170		195
(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 03/20/2051 (aa)		185		218
(ICE LIBOR USD 3 Month + 1.52%), 4.33%, 03/15/2050 (aa)		115		141
4.88%, 04/01/2044		50		64
Reg. S, 7.00%, 07/31/2028	GBP	350		634
Series N, (United States SOFR + 1.22%), 2.65%, 03/11/2032 (aa)		1,000		1,017
Series N, (United States SOFR + 1.65%), 3.48%, 03/13/2052 (aa)		150		162
Bank of Montreal, (Canada),
Reg. S, 0.05%, 06/08/2029	EUR	100		116
Reg. S, 0.10%, 10/20/2023	EUR	100		117
1.85%, 05/01/2025		120		123
Bank of New Zealand, (New Zealand), Reg. S, 0.01%, 06/15/2028	EUR	100		115
Bank of Nova Scotia (The), (Canada),
Reg. S, 0.01%, 01/14/2027	EUR	100		116
Reg. S, 0.25%, 09/28/2022	EUR	100		117
Reg. S, 0.38%, 10/23/2023	EUR	100		118
0.65%, 07/31/2024		120		120
0.70%, 04/15/2024		140		140
1.05%, 03/02/2026		170		168
Bankinter SA, (Spain), Reg. S, 0.88%, 08/03/2022	EUR	100		117
Banque Federative du Credit Mutuel SA, (France),
Reg. S, 0.50%, 11/16/2022	EUR	1,200		1,405
0.65%, 02/27/2024 (e)		1,300		1,298
Reg. S, 0.75%, 06/15/2023	EUR	100		118
Reg. S, 1.88%, 11/04/2026	EUR	1,200		1,489

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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), 5.75%, 09/14/2026	GBP	90		145
Barclays plc, (United Kingdom),
(CMT Index 1 Year + 0.80%), 1.01%, 12/10/2024 (aa)		200		201
Reg. S, (EUR Swap Rate 5 Year + 1.90%), 2.00%, 02/07/2028 (aa)	EUR	1,700		2,015
(United States SOFR + 2.71%), 2.85%, 05/07/2026 (aa)		1,400		1,470
Reg. S, 3.25%, 02/12/2027	GBP	600		865
Reg. S, (UK Gilts 5 Year + 3.75%), 3.75%, 11/22/2030 (aa)	GBP	425		613
4.34%, 01/10/2028		1,800		2,012
(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 02/15/2023 (aa)		900		914
Basellandschaftliche Kantonalbank, (Switzerland), Reg. S, 0.38%, 05/13/2030	CHF	100		109
BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, (Austria),
Reg. S, 0.01%, 01/21/2028	EUR	100		117
Reg. S, 0.10%, 05/12/2031	EUR	100		115
Bayerische Landesbank, (Germany), Reg. S, 0.25%, 01/14/2025	EUR	100		118
Belfius Bank SA, (Belgium), Reg. S, 0.13%, 01/28/2030	EUR	100		116
Berlin Hyp AG, (Germany),
Reg. S, 0.01%, 08/24/2026	EUR	50		59
Reg. S, 0.01%, 07/07/2028	EUR	100		116
Reg. S, 0.01%, 01/27/2031	EUR	100		115
Series 200, Reg. S, 0.38%, 02/21/2025	EUR	100		119
BNP Paribas SA, (France),
Reg. S, (ICE LIBOR EUR 3 Month + 0.95%), 0.50%, 09/01/2028 (aa)	EUR	1,100		1,272
Reg. S, 1.13%, 01/15/2023	EUR	2,430		2,870
Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.13%, 01/15/2032 (aa)	EUR	800		940
(United States SOFR + 1.00%), 1.32%, 01/13/2027 (e) (aa)		3,000		2,956
Reg. S, 1.38%, 05/28/2029	EUR	100		122
Reg. S, 1.63%, 07/02/2031	EUR	1,600		1,949
(United States SOFR + 0.91%), 1.68%, 06/30/2027 (e) (aa)		1,250		1,245
(United States SOFR + 1.61%), 1.90%, 09/30/2028 (e) (aa)		1,100		1,094
Reg. S, (EUR Swap Rate 5 Year + 1.85%), 2.38%, 11/20/2030 (aa)	EUR	800		996
(United States SOFR + 1.39%), 2.87%, 04/19/2032 (e) (aa)		1,665		1,698
Reg. S, 2.88%, 10/01/2026	EUR	100		130
Reg. S, 3.38%, 01/23/2026	GBP	600		872
BNZ International Funding Ltd., (New Zealand), Reg. S, 0.38%, 09/14/2024	EUR	1,450		1,706
BPCE SA, (France),
Reg. S, 0.25%, 01/15/2026	EUR	600		701
Reg. S, 0.50%, 02/24/2027	EUR	1,300		1,517
Reg. S, 0.88%, 01/31/2024	EUR	1,200		1,423
(United States SOFR + 1.52%), 1.65%, 10/06/2026 (e) (aa)		1,145		1,146
4.63%, 07/11/2024 (e)		1,800		1,959
BPER Banca, (Italy), Reg. S, 0.88%, 01/22/2022	EUR	100		116
Caisse Centrale du Credit Immobilier de France SA, (France),
Reg. S, 0.00%, 01/17/2024	EUR	200		234
Reg. S, 0.13%, 10/26/2022	EUR	400		466
Caixa Economica Montepio Geral Caixa Economica Bancaria SA, (Portugal),
Reg. S, 0.13%, 11/14/2024	EUR	100		117
Reg. S, 0.88%, 10/17/2022	EUR	4,200		4,924

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
CaixaBank SA, (Spain),
Reg. S, (ICE LIBOR EUR 3 Month + 1.00%), 0.75%, 05/26/2028 (aa)	EUR	1,100		1,286
Reg. S, 1.00%, 09/25/2025	EUR	300		364
Reg. S, 1.25%, 01/11/2027	EUR	200		248
Canadian Imperial Bank of Commerce, (Canada),
Reg. S, 0.01%, 04/30/2029	EUR	100		115
Reg. S, 0.04%, 07/09/2027	EUR	100		117
Reg. S, 0.10%, 10/24/2023	CHF	50		54
0.45%, 06/22/2023		110		110
3.10%, 04/02/2024		25		27
Cie de Financement Foncier SA, (France),
Reg. S, 0.01%, 07/15/2026	EUR	200		234
Reg. S, 0.23%, 09/14/2026	EUR	100		118
Reg. S, 0.25%, 04/11/2023	EUR	100		117
Reg. S, 0.50%, 09/04/2024	EUR	100		119
Reg. S, 0.75%, 05/29/2026	EUR	100		121
Reg. S, 3.88%, 04/25/2055	EUR	45		97
Citigroup, Inc.,
(United States SOFR + 0.69%), 0.78%, 10/30/2024 (aa)		330		331
(United States SOFR + 0.67%), 0.98%, 05/01/2025 (aa)		440		441
(United States SOFR + 0.77%), 1.12%, 01/28/2027 (aa)		130		128
(United States SOFR + 0.77%), 1.46%, 06/09/2027 (aa)		3,170		3,154
Reg. S, (ICE LIBOR EUR 3 Month + 1.07%), 1.50%, 07/24/2026 (aa)	EUR	3,400		4,139
Reg. S, 1.50%, 10/26/2028	EUR	2,050		2,551
(United States SOFR + 1.17%), 2.56%, 05/01/2032 (aa)		1,060		1,071
(United States SOFR + 2.11%), 2.57%, 06/03/2031 (aa)		3,800		3,869
(United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa)		155		165
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 01/24/2023 (aa)		150		151
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 04/24/2025 (aa)		65		69
3.38%, 03/01/2023		100		104
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 07/24/2028 (aa)		250		275
(ICE LIBOR USD 3 Month + 1.84%), 4.28%, 04/24/2048 (aa)		60		73
4.40%, 06/10/2025		3,500		3,872
4.65%, 07/23/2048		70		91
4.75%, 05/18/2046		50		63
(United States SOFR + 4.55%), 5.32%, 03/26/2041 (aa)		50		66
6.00%, 10/31/2033		100		131
Clydesdale Bank plc, (United Kingdom), Reg. S, 4.63%, 06/08/2026	GBP	100		157
Commerzbank AG, (Germany),
Reg. S, 0.01%, 03/11/2030	EUR	100		115
Reg. S, 0.50%, 06/09/2026	EUR	100		120
Reg. S, 2.00%, 11/27/2023	EUR	100		122
Commonwealth Bank of Australia, (Australia),
Reg. S, 0.88%, 02/19/2029	EUR	100		123
Reg. S, (EUR Swap Rate 5 Year + 1.45%), 1.94%, 10/03/2029 (aa)	EUR	1,425		1,728
Reg. S, 3.00%, 05/03/2022	EUR	100		118
Cooperatieve Rabobank UA, (Netherlands),
Reg. S, 0.01%, 07/02/2030	EUR	100		115
Reg. S, 0.01%, 11/27/2040	EUR	100		105
Reg. S, 0.63%, 04/26/2026	EUR	100		120

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Reg. S, 0.88%, 02/08/2028	EUR	100		123
Reg. S, 1.25%, 03/23/2026	EUR	775		952
Reg. S, 1.38%, 02/03/2027	EUR	25		31
Reg. S, 2.38%, 05/22/2023	EUR	30		36
Reg. S, 4.13%, 09/14/2022	EUR	1,950		2,351
4.38%, 08/04/2025		250		277
Reg. S, 5.25%, 05/23/2041	GBP	50		104
Credit Agricole Italia SpA, (Italy),
Reg. S, 0.13%, 03/15/2033	EUR	100		113
Reg. S, 0.25%, 09/30/2024	EUR	100		118
Reg. S, 0.25%, 01/17/2028	EUR	100		118
Credit Agricole SA, (France),
Reg. S, (ICE LIBOR EUR 3 Month + 1.25%), 1.00%, 04/22/2026 (aa)	EUR	3,000		3,581
Reg. S, 1.75%, 03/05/2029	EUR	100		125
Reg. S, (UK Gilts 5 Year + 1.50%), 1.87%, 12/09/2031 (aa)	GBP	300		401
Reg. S, 2.38%, 05/20/2024	EUR	100		124
Credit Suisse AG, (Switzerland), 0.52%, 08/09/2023		250		250
Credit Suisse Group AG, (Switzerland),
Reg. S, (EUR Swap Rate 1 Year + 0.75%), 1.25%, 07/17/2025 (aa)	EUR	1,400		1,668
(United States SOFR + 1.56%), 2.59%, 09/11/2025 (e) (aa)		3,850		3,990
(United States SOFR + 1.73%), 3.09%, 05/14/2032 (e) (aa)		2,405		2,458
Credito Emiliano SpA, (Italy), Reg. S, 0.01%, 07/07/2028	EUR	100		116
Danske Bank A/S, (Denmark),
Reg. S, 0.25%, 11/28/2022	EUR	425		496
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.15%), 0.50%, 08/27/2025 (aa)	EUR	425		497
(CMT Index 1 Year + 1.03%), 1.17%, 12/08/2023 (e) (aa)		3,350		3,366
Reg. S, (UK Gilts 1 Year + 1.65%), 2.25%, 01/14/2028 (aa)	GBP	2,000		2,740
Reg. S, 3.75%, 06/23/2022 (e)	EUR	50		60
Danske Hypotek AB, (Sweden),
Series 2212, Reg. S, 1.00%, 12/21/2022	SEK	2,000		231
Series 2512, Reg. S, 1.00%, 12/17/2025	SEK	2,000		234
de Volksbank NV, (Netherlands), Reg. S, 1.00%, 03/08/2028	EUR	100		124
Deutsche Apotheker-und Aerztebank eG, (Germany), Reg. S, 0.01%, 02/06/2029	EUR	100		116
Deutsche Bank AG, (Germany),
Reg. S, 0.13%, 01/21/2030	EUR	75		87
Reg. S, 0.25%, 03/08/2024	EUR	100		118
Reg. S, (ICE LIBOR EUR 3 Month + 1.60%), 1.00%, 11/19/2025 (aa)	EUR	400		473
Reg. S, 1.13%, 08/30/2023	EUR	775		921
Reg. S, 1.13%, 03/17/2025	EUR	400		478
(United States SOFR + 1.87%), 2.13%, 11/24/2026 (aa)		2,950		2,995
(United States SOFR + 2.16%), 2.22%, 09/18/2024 (aa)		435		446
3.95%, 02/27/2023		2,700		2,822
Deutsche Hypothekenbank AG, (Germany),
Reg. S, 0.13%, 11/23/2023	EUR	100		117
Reg. S, 0.50%, 06/29/2026	EUR	50		60
Deutsche Kreditbank AG, (Germany), Reg. S, 0.01%, 11/07/2029	EUR	50		58
Deutsche Pfandbriefbank AG, (Germany), Reg. S, 0.63%, 08/30/2027	EUR	100		121
Dexia Credit Local SA, (France),
Reg. S, 0.00%, 05/29/2024	EUR	300		350

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Reg. S, 0.01%, 01/22/2027	EUR	200		233
Reg. S, 0.63%, 01/17/2026	EUR	600		718
Reg. S, 1.25%, 11/26/2024	EUR	700		850
Discover Bank, 3.45%, 07/27/2026		1,200		1,300
DNB Boligkreditt A/S, (Norway),
Reg. S, 0.01%, 01/21/2031	EUR	100		114
Reg. S, 0.25%, 01/23/2023	EUR	200		234
Reg. S, 0.38%, 11/20/2024	EUR	100		119
Reg. S, 1.88%, 11/21/2022	EUR	100		119
DZ HYP AG, (Germany),
Reg. S, 0.01%, 06/23/2028	EUR	100		116
Reg. S, 0.01%, 10/27/2028	EUR	25		29
Reg. S, 0.01%, 11/15/2030	EUR	100		115
Reg. S, 0.63%, 10/27/2023	EUR	200		237
Reg. S, 0.88%, 04/17/2034	EUR	100		124
Eika Boligkreditt A/S, (Norway),
Reg. S, 0.13%, 06/16/2031	EUR	100		115
Reg. S, 0.38%, 02/26/2025	EUR	100		119
Equitable Bank, (Canada), Reg. S, 0.01%, 09/16/2024	EUR	100		117
Erste Group Bank AG, (Austria),
Reg. S, 0.25%, 06/26/2024	EUR	100		118
Reg. S, 0.75%, 02/05/2025	EUR	100		120
Eurocaja Rural SCC, (Spain), Reg. S, 0.13%, 09/22/2031	EUR	100		114
Federation des Caisses Desjardins du Quebec, (Canada), Reg. S, 0.01%, 04/08/2026	EUR	100		117
Goldman Sachs Group, Inc. (The),
(United States SOFR + 0.61%), 0.86%, 02/12/2026 (aa)		55		54
Reg. S, 0.88%, 01/21/2030	EUR	350		413
(United States SOFR + 0.79%), 1.09%, 12/09/2026 (aa)		270		266
Reg. S, 1.38%, 05/15/2024	EUR	1,650		1,958
(United States SOFR + 0.80%), 1.43%, 03/09/2027 (aa)		1,310		1,306
Reg. S, 2.00%, 03/22/2028	EUR	1,000		1,269
(United States SOFR + 1.25%), 2.38%, 07/21/2032 (aa)		730		723
2.60%, 02/07/2030		130		133
(United States SOFR + 1.28%), 2.62%, 04/22/2032 (aa)		4,150		4,192
(United States SOFR + 1.47%), 2.91%, 07/21/2042 (aa)		105		103
Reg. S, 3.13%, 07/25/2029	GBP	800		1,175
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa)		2,500		2,669
3.50%, 04/01/2025		95		102
3.80%, 03/15/2030		3,200		3,553
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (aa)		350		403
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 04/23/2039 (aa)		110		132
4.75%, 10/21/2045		190		245
5.15%, 05/22/2045		116		152
6.25%, 02/01/2041		50		73
6.75%, 10/01/2037		50		71
6.88%, 01/18/2038	GBP	425		877
Hamburg Commercial Bank AG, (Germany), Reg. S, 0.25%, 04/25/2022	EUR	100		116
Heta Asset Resolution AG, (Austria), Reg. S, 2.38%, 12/13/2022	EUR	800		957
HSBC Bank plc, (United Kingdom), Reg. S, 6.25%, 01/30/2041	GBP	175		352

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
HSBC Holdings plc, (United Kingdom),
(United States SOFR + 1.29%), 1.59%, 05/24/2027 (aa)		200		199
(United States SOFR + 1.54%), 1.65%, 04/18/2026 (aa)		1,000		1,005
(SONIA Interest Rate Benchmark + 1.31%), 1.75%, 07/24/2027 (aa)	GBP	800		1,075
(GBP Swap Rate 1 Year + 0.94%), 2.18%, 06/27/2023 (aa)	GBP	425		579
(GBP Swap Rate 1 Year + 1.65%), 3.00%, 07/22/2028 (aa)	GBP	1,000		1,422
(GBP Swap Rate 1 Year + 1.77%), 3.00%, 05/29/2030 (aa)	GBP	225		320
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 05/18/2024 (aa)		200		211
(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 05/22/2030 (aa)		900		993
Reg. S, 7.00%, 04/07/2038	GBP	300		597
Iccrea Banca SpA, (Italy), Reg. S, 0.01%, 09/23/2028	EUR	100		116
ING Bank NV, (Netherlands),
Reg. S, 0.75%, 02/18/2029	EUR	100		123
Reg. S, 1.88%, 05/22/2023	EUR	100		120
ING Belgium SA, (Belgium), Reg. S, 0.01%, 02/20/2030	EUR	100		115
ING Groep NV, (Netherlands),
Reg. S, (ICE LIBOR EUR 3 Month + 0.60%), 0.10%, 09/03/2025 (aa)	EUR	1,500		1,742
Reg. S, 1.13%, 02/14/2025	EUR	1,200		1,442
Reg. S, (SONIA Interest Rate Benchmark + 0.91%), 1.13%, 12/07/2028 (aa)	GBP	900		1,176
(United States SOFR + 1.01%), 1.73%, 04/01/2027 (aa)		1,265		1,272
Reg. S, 2.00%, 09/20/2028	EUR	300		384
Reg. S, (EUR Swap Rate 5 Year + 2.40%), 2.13%, 05/26/2031 (aa)	EUR	300		368
Reg. S, (EUR Swap Rate 5 Year + 2.85%), 3.00%, 04/11/2028 (aa)	EUR	300		363
4.10%, 10/02/2023		200		214
Intesa Sanpaolo SpA, (Italy),
Reg. S, 0.38%, 09/14/2026	EUR	100		119
Reg. S, 0.63%, 03/23/2023	EUR	100		118
Reg. S, 1.00%, 01/27/2023	EUR	100		118
Reg. S, 1.50%, 04/10/2024	EUR	1,600		1,927
Reg. S, 2.13%, 05/26/2025	EUR	2,275		2,824
Reg. S, 3.38%, 01/24/2025	EUR	100		130
Series XR, 3.25%, 09/23/2024 (e)		2,900		3,062
Investitionsbank Berlin, (Germany), Series 208, 0.05%, 03/02/2035	EUR	100		111
KBC Bank NV, (Belgium), Reg. S, 0.38%, 09/01/2022	EUR	100		117
Kookmin Bank, (South Korea), Reg. S, 0.05%, 07/15/2025	EUR	100		117
Kreditanstalt fuer Wiederaufbau, (Germany),
Reg. S, 0.00%, 06/30/2023	EUR	880		1,030
Reg. S, 0.00%, 02/18/2025	EUR	120		141
Reg. S, 0.00%, 03/31/2027	EUR	500		589
Reg. S, 0.00%, 09/15/2028	EUR	585		687
Reg. S, 0.00%, 06/15/2029	EUR	254		297
Reg. S, 0.00%, 09/17/2030	EUR	150		174
Reg. S, 0.00%, 01/10/2031	EUR	170		197
Reg. S, 0.01%, 05/05/2027	EUR	520		612
0.05%, 02/28/2024	EUR	500		587
Reg. S, 0.05%, 09/29/2034	EUR	280		316
0.13%, 06/07/2023	EUR	850		997
0.13%, 10/04/2024	EUR	500		590
0.25%, 09/15/2025	EUR	1,100		1,309
0.38%, 07/18/2025		200		197

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Reg. S, 0.38%, 04/23/2030	EUR	360		433
Reg. S, 0.38%, 05/20/2036	EUR	79		92
Reg. S, 0.50%, 09/28/2026	EUR	520		628
0.50%, 09/15/2027	EUR	500		606
Reg. S, 0.88%, 07/04/2039	EUR	40		50
Reg. S, 1.00%, 12/15/2022	GBP	1,650		2,242
Reg. S, 1.13%, 06/15/2037	EUR	340		440
Reg. S, 1.38%, 12/15/2025	GBP	225		311
Reg. S, 1.38%, 07/31/2035	EUR	202		268
2.00%, 05/02/2025		195		204
2.13%, 08/15/2023	EUR	1,100		1,339
2.38%, 12/29/2022		275		282
4.70%, 06/02/2037	CAD	100		100
Reg. S, 4.88%, 03/15/2037	GBP	425		846
6.00%, 12/07/2028	GBP	500		907
Kutxabank SA, (Spain), Reg. S, 1.25%, 09/22/2025	EUR	100		122
La Banque Postale SA, (France),
Reg. S, 0.25%, 07/12/2026	EUR	200		234
Reg. S, 0.75%, 06/23/2031	EUR	100		114
Reg. S, (EUR Swap Rate 5 Year + 2.25%), 2.75%, 11/19/2027 (aa)	EUR	2,000		2,388
Landesbank Baden-Wuerttemberg, (Germany),
Reg. S, 0.38%, 02/18/2027	EUR	200		234
Reg. S, 0.50%, 08/04/2022	EUR	100		117
Reg. S, 0.88%, 09/15/2025	EUR	100		121
Series 809, Reg. S, 0.38%, 07/29/2026	EUR	100		118
Landesbank Hessen-Thueringen Girozentrale, (Germany),
Reg. S, 0.38%, 06/04/2029	EUR	100		115
Reg. S, 0.63%, 01/12/2027	EUR	200		242
Landwirtschaftliche Rentenbank, (Germany),
Reg. S, 0.00%, 11/27/2029	EUR	270		314
Reg. S, 0.05%, 06/12/2023	EUR	270		316
Reg. S, 0.05%, 12/18/2029	EUR	180		210
Reg. S, 0.25%, 08/29/2025	EUR	300		356
Reg. S, 0.38%, 02/14/2028	EUR	140		168
Reg. S, 0.63%, 02/20/2030	EUR	140		171
Reg. S, 0.63%, 10/31/2036	EUR	75		90
Lansforsakringar Hypotek AB, (Sweden),
Series 515, Reg. S, 2.25%, 09/21/2022	SEK	700		82
Series 516, Reg. S, 1.25%, 09/20/2023	SEK	1,000		117
Series 517, Reg. S, 1.50%, 09/18/2024	SEK	600		71
Series 518, Reg. S, 1.25%, 09/17/2025	SEK	500		59
Series 519, Reg. S, 1.50%, 09/16/2026	SEK	400		48
Series 520, Reg. S, 1.00%, 09/15/2027	SEK	500		58
Liberbank SA, (Spain), Reg. S, 0.25%, 09/25/2029	EUR	100		117
Lloyds Bank plc, (United Kingdom),
Reg. S, 0.13%, 06/18/2026	EUR	100		117
Reg. S, 0.25%, 03/25/2024	EUR	100		117
Reg. S, 6.00%, 02/08/2029	GBP	100		180
Reg. S, 6.50%, 09/17/2040	GBP	300		674
Reg. S, 7.63%, 04/22/2025	GBP	600		985

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Lloyds Banking Group plc, (United Kingdom),
Reg. S, (EUR Swap Rate 1 Year + 0.85%), 0.50%, 11/12/2025 (aa)	EUR	2,400		2,819
(CMT Index 1 Year + 0.55%), 0.70%, 05/11/2024 (aa)		200		201
(UK Gilts 5 Year + 1.60%), 1.99%, 12/15/2031 (aa)	GBP	4,400		5,920
3.90%, 03/12/2024		2,500		2,687
Mediobanca Banca di Credito Finanziario SpA, (Italy),
Reg. S, 0.75%, 07/15/2027	EUR	425		495
Reg. S, 1.13%, 07/15/2025	EUR	975		1,167
Series 4, Reg. S, 1.38%, 11/10/2025	EUR	100		124
Mitsubishi UFJ Financial Group, Inc., (Japan),
(CMT Index 1 Year + 0.75%), 1.54%, 07/20/2027 (aa)		2,000		1,997
3.76%, 07/26/2023		3,150		3,338
Mizuho Financial Group, Inc., (Japan),
(ICE LIBOR USD 3 Month + 0.83%), 2.23%, 05/25/2026 (aa)		3,000		3,092
(United States SOFR + 1.24%), 2.84%, 07/16/2025 (aa)		200		210
Morgan Stanley,
(ICE LIBOR EUR 3 Month + 0.70%), 0.41%, 10/29/2027 (aa)	EUR	5,625		6,548
(ICE LIBOR EUR 3 Month + 0.72%), 0.50%, 02/07/2031 (aa)	EUR	1,050		1,195
(ICE LIBOR EUR 3 Month + 0.75%), 0.64%, 07/26/2024 (aa)	EUR	1,675		1,969
(United States SOFR + 0.62%), 0.73%, 04/05/2024 (aa)		100		100
(United States SOFR + 0.86%), 1.51%, 07/20/2027 (aa)		75		75
(United States SOFR + 0.88%), 1.59%, 05/04/2027 (aa)		1,085		1,087
(United States SOFR + 1.03%), 1.79%, 02/13/2032 (aa)		215		205
1.88%, 04/27/2027	EUR	1,300		1,638
(United States SOFR + 1.02%), 1.93%, 04/28/2032 (aa)		1,350		1,293
(United States SOFR + 1.18%), 2.24%, 07/21/2032 (aa)		1,900		1,869
2.63%, 03/09/2027	GBP	725		1,033
(United States SOFR + 1.14%), 2.70%, 01/22/2031 (aa)		4,020		4,144
(United States SOFR + 1.43%), 2.80%, 01/25/2052 (aa)		185		178
(United States SOFR + 1.49%), 3.22%, 04/22/2042 (aa)		65		68
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 07/22/2038 (aa)		320		366
4.10%, 05/22/2023		2,700		2,851
4.30%, 01/27/2045		170		207
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 04/22/2039 (aa)		10		12
4.88%, 11/01/2022		90		94
5.00%, 11/24/2025		140		160
(United States SOFR + 4.84%), 5.60%, 03/24/2051 (aa)		215		318
Muenchener Hypothekenbank eG, (Germany),
Reg. S, 0.01%, 11/02/2040	EUR	50		52
Reg. S, 1.50%, 06/25/2024	EUR	100		122
Reg. S, 2.50%, 07/04/2028	EUR	100		136
National Australia Bank Ltd., (Australia),
Reg. S, 0.01%, 01/06/2029	EUR	100		115
Reg. S, 0.75%, 01/30/2026	EUR	100		121
Reg. S, (UK Gilts 5 Year + 1.40%), 1.70%, 09/15/2031 (aa)	GBP	725		964
National Bank of Canada, (Canada), Reg. S, 0.75%, 03/13/2025	EUR	100		120
Nationale-Nederlanden Bank NV (The), (Netherlands), Reg. S, 0.01%, 07/08/2030	EUR	100		115
Natwest Group plc, (United Kingdom),
Reg. S, (EUR Swap Rate 5 Year + 1.27%), 1.04%, 09/14/2032 (aa)	EUR	875		1,010
Reg. S, (ICE LIBOR EUR 3 Month + 1.08%), 1.75%, 03/02/2026 (aa)	EUR	1,200		1,462

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Reg. S, (ICE LIBOR EUR 3 Month + 1.74%), 2.00%, 03/04/2025 (aa)	EUR	100		121
(CMT Index 1 Year + 2.15%), 2.36%, 05/22/2024 (aa)		2,000		2,052
(CMT Index 1 Year + 2.55%), 3.07%, 05/22/2028 (aa)		2,000		2,122
Reg. S, (UK Gilts 5 Year + 3.55%), 3.62%, 08/14/2030 (aa)	GBP	600		855
NIBC Bank NV, (Netherlands),
Reg. S, 0.13%, 04/21/2031	EUR	100		115
Reg. S, 0.63%, 06/01/2026	EUR	100		120
NORD / LB Luxembourg SA Covered Bond Bank, (Luxembourg), Reg. S, 0.01%, 06/10/2027	EUR	100		115
Norddeutsche Landesbank-Girozentrale, (Germany),
Reg. S, 0.01%, 09/23/2026	EUR	100		117
Reg. S, 0.25%, 10/28/2026	EUR	20		24
Nordea Bank Abp, (Finland),
Reg. S, 0.88%, 06/26/2023	EUR	425		502
3.75%, 08/30/2023 (e)		1,900		2,017
Nordea Hypotek AB, (Sweden),
Series 5533, Reg. S, 1.25%, 09/20/2023	SEK	1,700		199
Series 5534, Reg. S, 1.00%, 09/18/2024	SEK	1,500		176
Series 5535, Reg. S, 1.00%, 09/17/2025	SEK	1,800		210
Series 5536, Reg. S, 0.50%, 09/16/2026	SEK	500		57
Nordea Kiinnitysluottopankki OYJ, (Finland),
Reg. S, 0.13%, 06/18/2027	EUR	100		118
Reg. S, 0.63%, 10/19/2022	EUR	200		234
NRW Bank, (Germany),
Reg. S, 0.10%, 07/09/2035	EUR	100		111
Reg. S, 0.25%, 03/10/2025	EUR	120		142
Reg. S, 0.50%, 05/26/2025	EUR	320		382
Reg. S, 0.75%, 06/30/2028	EUR	260		318
1.20%, 03/28/2039	EUR	100		128
1.25%, 05/13/2049	EUR	87		116
Nykredit Realkredit A/S, (Denmark),
Series 01E, Reg. S, 1.00%, 10/01/2053	DKK	41,472		5,991
Series 13HH, Reg. S, 1.00%, 07/01/2024	DKK	700		113
Series 13H, Reg. S, 1.00%, 07/01/2026	DKK	300		49
Series 13H, Reg. S, 1.00%, 01/01/2027	DKK	100		16
Series 13H, Reg. S, 1.00%, 01/01/2028	DKK	200		33
Series 13H, Reg. S, 2.00%, 01/01/2025	DKK	100		17
Series 13H, Reg. S, 2.00%, 01/01/2026	DKK	1,000		169
Oesterreichische Kontrollbank AG, (Austria),
Reg. S, 0.00%, 10/08/2026	EUR	150		175
Reg. S, 0.25%, 09/26/2024	EUR	300		354
OP Mortgage Bank, (Finland),
Reg. S, 0.25%, 03/13/2024	EUR	100		118
Reg. S, 0.63%, 02/15/2029	EUR	100		122
Reg. S, 1.00%, 11/28/2024	EUR	150		181
Pfandbriefbank schweizerischer Hypothekarinstitute AG, (Switzerland),
Reg. S, 0.00%, 02/26/2030	CHF	700		746
Series 642, Reg. S, 0.00%, 02/14/2022	CHF	175		188
Series 670, Reg. S, 0.00%, 07/29/2024	CHF	100		109
Series 675, Reg. S, 0.00%, 06/15/2027	CHF	50		54
Series 678, Reg. S, 0.00%, 08/26/2049	CHF	125		124
Series 680, Reg. S, 0.00%, 03/30/2026	CHF	50		54

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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 682, Reg. S, 0.00%, 04/06/2027	CHF	50		54
Series 683, Reg. S, 0.00%, 02/25/2028	CHF	200		216
Series 684, Reg. S, 0.00%, 05/10/2045	CHF	50		50
Series 696, Reg. S, 0.13%, 11/19/2032	CHF	100		106
Series 697, Reg. S, 0.00%, 05/20/2041	CHF	100		101
Series 701, Reg. S, 0.13%, 06/20/2031	CHF	50		54
Series 703, Reg. S, 0.38%, 01/24/2042	CHF	50		54
Pfandbriefzentrale der schweizerischen Kantonalbanken AG, (Switzerland),
Series 472, Reg. S, 0.00%, 07/25/2023	CHF	150		162
Series 483, Reg. S, 0.00%, 01/27/2027	CHF	900		976
Series 485, Reg. S, 0.00%, 10/02/2026	CHF	300		326
Series 524, Reg. S, 0.00%, 06/21/2028	CHF	50		54
Series 526, Reg. S, 0.00%, 07/19/2030	CHF	75		80
Series 528, Reg. S, 0.00%, 03/15/2030	CHF	50		53
Series 531, Reg. S, 0.00%, 02/15/2036	CHF	255		261
Series 536, Reg. S, 0.20%, 06/12/2035	CHF	50		53
Prima Banka Slovensko A/S, (Slovakia), Reg. S, 0.01%, 09/14/2027	EUR	100		116
Raiffeisenlandesbank Niederoesterreich-Wien AG, (Austria), Reg. S, 0.63%, 08/28/2026	EUR	100		120
Raiffeisenlandesbank Oberoesterreich AG, (Austria), Reg. S, 0.88%, 07/12/2028	EUR	100		123
Rheinland-Pfalz Bank, (Germany), SUB, 6.88%, 02/23/2028 (e)		200		256
Royal Bank of Canada, (Canada),
Reg. S, 0.25%, 01/29/2024	EUR	100		117
Reg. S, 0.25%, 05/02/2024	EUR	700		820
Reg. S, 0.63%, 09/10/2025	EUR	100		120
1.15%, 06/10/2025		100		100
2.25%, 11/01/2024		25		26
Santander Consumer Bank A/S, (Norway),
Reg. S, 0.13%, 02/25/2025	EUR	2,700		3,134
Reg. S, 0.75%, 03/01/2023	EUR	2,000		2,350
Santander Holdings USA, Inc., 3.45%, 06/02/2025		100		107
Santander UK Group Holdings plc, (United Kingdom),
Reg. S, (EUR Swap Rate 1 Year + 0.80%), 0.60%, 09/13/2029 (aa)	EUR	1,050		1,202
3.57%, 01/10/2023		200		202
Santander UK plc, (United Kingdom),
Reg. S, 1.25%, 09/18/2024	EUR	100		121
Reg. S, 5.75%, 03/02/2026	GBP	100		163
Series 61, Reg. S, 0.25%, 04/21/2022	EUR	100		116
Skandinaviska Enskilda Banken AB, (Sweden),
Reg. S, 0.05%, 07/01/2024	EUR	775		906
Reg. S, 0.25%, 05/19/2023	EUR	325		380
Reg. S, 0.63%, 01/30/2023	EUR	100		118
Reg. S, (EUR Swap Rate 5 Year + 1.35%), 1.38%, 10/31/2028 (aa)	EUR	425		506
Series 576, Reg. S, 1.00%, 12/20/2023	SEK	2,000		233
Series 578, Reg. S, 4.25%, 12/01/2023	SEK	500		62
Series 579, Reg. S, 1.00%, 12/18/2024	SEK	2,000		234
Series 581, Reg. S, 0.50%, 12/16/2026	SEK	2,000		227
Societe Generale SA, (France),
Reg. S, 0.25%, 07/08/2027	EUR	1,500		1,734
Reg. S, 0.75%, 01/25/2027	EUR	3,700		4,343

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Reg. S, 1.13%, 01/23/2025	EUR	100		120
Reg. S, (EUR Swap Rate 5 Year + 1.60%), 1.13%, 06/30/2031 (aa)	EUR	3,300		3,851
Reg. S, 1.25%, 12/07/2027	GBP	500		650
(CMT Index 1 Year + 1.00%), 1.79%, 06/09/2027 (e) (aa)		2,595		2,580
2.63%, 01/22/2025 (e)		3,600		3,737
SpareBank 1 Boligkreditt A/S, (Norway),
Reg. S, 0.01%, 09/22/2027	EUR	100		117
Reg. S, 0.38%, 06/26/2024	EUR	100		118
Reg. S, 1.00%, 01/30/2029	EUR	100		124
Sparebank 1 Oestlandet, (Norway), Reg. S, 0.25%, 09/30/2024	EUR	600		703
SpareBank 1 SR-Bank ASA, (Norway), Reg. S, 0.63%, 03/25/2024	EUR	700		827
SR-Boligkreditt A/S, (Norway),
Reg. S, 0.01%, 03/10/2031	EUR	100		114
Reg. S, 0.75%, 10/17/2025	EUR	100		121
Stadshypotek AB, (Sweden),
Reg. S, 0.13%, 10/05/2026	EUR	130		153
Reg. S, 0.38%, 02/22/2023	EUR	100		117
Series 1587, Reg. S, 1.50%, 06/01/2023	SEK	2,000		235
Series 1588, Reg. S, 1.50%, 03/01/2024	SEK	2,000		236
Series 1589, Reg. S, 1.50%, 12/03/2024	SEK	2,000		238
Series 1590, Reg. S, 1.00%, 09/03/2025	SEK	2,000		234
Series 1594, Reg. S, 2.00%, 09/01/2028	SEK	2,000		246
Standard Chartered plc, (United Kingdom),
(CMT Index 1 Year + 1.00%), 1.46%, 01/14/2027 (e) (aa)		2,000		1,966
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 01/30/2026 (e) (aa)		1,800		1,874
Sumitomo Mitsui Banking Corp., (Japan),
Reg. S, 0.41%, 11/07/2029	EUR	4,100		4,818
Reg. S, 0.55%, 11/06/2023	EUR	100		118
Sumitomo Mitsui Financial Group, Inc., (Japan), 2.70%, 07/16/2024		3,700		3,886
SVB Financial Group,
1.80%, 02/02/2031		675		647
2.10%, 05/15/2028		120		121
Svenska Handelsbanken AB, (Sweden),
Reg. S, 0.50%, 02/18/2030	EUR	975		1,128
Reg. S, (EUR Swap Rate 5 Year + 0.80%), 1.25%, 03/02/2028 (aa)	EUR	1,675		1,975
Sveriges Sakerstallda Obligationer AB, (Sweden),
Reg. S, 0.01%, 03/14/2030	EUR	100		115
Reg. S, 0.63%, 10/30/2025	EUR	100		120
Series 144, Reg. S, 1.00%, 06/21/2023	SEK	2,000		232
Series 146, Reg. S, 0.50%, 06/11/2025	SEK	2,000		230
Series 147, Reg. S, 2.00%, 06/17/2026	SEK	1,000		122
Swedbank AB, (Sweden),
Reg. S, 0.75%, 05/05/2025	EUR	700		835
Reg. S, 1.00%, 06/01/2022	EUR	425		497
Reg. S, (EUR Swap Rate 5 Year + 1.28%), 1.50%, 09/18/2028 (aa)	EUR	1,900		2,261
Swedbank Hypotek AB, (Sweden),
Reg. S, 0.05%, 05/28/2025	EUR	100		117
Series 192, Reg. S, 1.00%, 03/15/2023	SEK	1,000		116
Series 193, Reg. S, 1.00%, 12/20/2023	SEK	500		58

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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 194, Reg. S, 1.00%, 09/18/2024	SEK	1,100		129
Series 195, Reg. S, 1.00%, 06/18/2025	SEK	1,500		176
Tesco Personal Finance Group plc, (United Kingdom), Reg. S, 3.50%, 07/25/2025	GBP	100		140
Toronto-Dominion Bank (The), (Canada),
Reg. S, 0.25%, 03/26/2024	EUR	100		118
Reg. S, 0.38%, 04/27/2023	EUR	100		117
1.25%, 09/10/2026		20		20
2.65%, 06/12/2024		50		53
3.25%, 03/11/2024		20		21
Truist Financial Corp.,
1.20%, 08/05/2025		160		161
3.88%, 03/19/2029		1,400		1,579
UBS Group AG, (Switzerland),
Reg. S, (EUR Swap Rate 1 Year + 0.77%), 0.25%, 11/05/2028 (aa)	EUR	1,200		1,376
Reg. S, (EUR Swap Rate 1 Year + 0.75%), 1.25%, 04/17/2025 (aa)	EUR	200		239
Reg. S, 1.75%, 11/16/2022	EUR	1,450		1,719
(CMT Index 1 Year + 1.00%), 2.10%, 02/11/2032 (e) (aa)		1,000		972
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 08/15/2023 (e) (aa)		3,900		3,982
UniCredit Bank AG, (Germany),
Reg. S, 0.01%, 09/15/2028	EUR	50		58
Reg. S, 0.01%, 03/10/2031	EUR	125		143
Reg. S, 0.25%, 01/15/2032	EUR	50		58
Reg. S, 0.85%, 05/22/2034	EUR	50		62
Reg. S, 0.88%, 01/11/2029	EUR	100		124
UniCredit Bank Austria AG, (Austria), Reg. S, 0.05%, 09/21/2035	EUR	100		110
UniCredit SpA, (Italy),
Reg. S, 0.38%, 10/31/2026	EUR	100		118
Reg. S, (ICE LIBOR EUR 3 Month + 1.35%), 1.20%, 01/20/2026 (aa)	EUR	1,175		1,393
(CMT Index 1 Year + 2.30%), 2.57%, 09/22/2026 (e) (aa)		3,000		3,049
6.57%, 01/14/2022 (e)		700		712
United Overseas Bank Ltd., (Singapore), Reg. S, 0.01%, 12/01/2027	EUR	100		116
US Bancorp, 0.85%, 06/07/2024	EUR	700		832
Valiant Bank AG, (Switzerland), Reg. S, 0.00%, 07/31/2029	CHF	50		53
Virgin Money UK plc, (United Kingdom),
Reg. S, (EUR Swap Rate 1 Year + 0.85%), 0.38%, 05/27/2024 (aa)	EUR	225		263
Reg. S, (UK Gilts 1 Year + 2.80%), 4.00%, 09/25/2026 (aa)	GBP	100		146
Reg. S, (UK Gilts 5 Year + 5.25%), 5.13%, 12/11/2030 (aa)	GBP	500		744
Vseobecna Uverova Banka A/S, (Slovakia), Reg. S, 0.25%, 03/26/2024	EUR	100		117
Wells Fargo & Co.,
Reg. S, (ICE LIBOR EUR 3 Month + 1.85%), 1.74%, 05/04/2030 (aa)	EUR	1,200		1,491
Reg. S, 2.13%, 09/24/2031	GBP	500		673
(United States SOFR + 1.09%), 2.41%, 10/30/2025 (aa)		400		417
(United States SOFR + 2.53%), 3.07%, 04/30/2041 (aa)		1,975		2,025
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 06/17/2027 (aa)		1,590		1,706
3.75%, 01/24/2024		265		283
4.75%, 12/07/2046		95		119
Reg. S, 4.88%, 11/29/2035	GBP	500		857
(United States SOFR + 4.50%), 5.01%, 04/04/2051 (aa)		70		94

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Westpac Banking Corp., (Australia),
Reg. S, 0.01%, 09/22/2028	EUR	100		115
Reg. S, 0.38%, 04/02/2026	EUR	100		119
Reg. S, (EUR Swap Rate 5 Year + 1.05%), 0.77%, 05/13/2031 (aa)	EUR	875		1,013
Westpac Securities NZ Ltd., (New Zealand), Reg. S, 0.25%, 04/06/2022	EUR	100		116
Wirtschafts- und Infrastrukturbank Hessen, (Germany), 0.88%, 06/14/2028	EUR	100		123
Zuercher Kantonalbank, (Switzerland), Series 150, Reg. S, 0.10%, 03/31/2031	CHF	240		256
				391,550
Diversified Financial Services — 0.4%
Aareal Bank AG, (Germany),
Series 225, Reg. S, 0.13%, 02/01/2023	EUR	100		117
Series 236, Reg. S, 0.01%, 02/01/2028	EUR	100		116
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.50%, 09/15/2023		150		160
Affiliated Managers Group, Inc.,
3.30%, 06/15/2030		154		164
3.50%, 08/01/2025		20		22
Affordable Housing Finance plc, (United Kingdom), Reg. S, 2.89%, 08/11/2043	GBP	100		166
Air Lease Corp.,
2.63%, 07/01/2022		95		97
3.50%, 01/15/2022		20		20
Ally Financial, Inc.,
1.45%, 10/02/2023		40		41
3.05%, 06/05/2023		40		41
Arkea Home Loans SFH SA, (France), Reg. S, 0.38%, 03/04/2024	EUR	100		118
Artesian Finance II plc, (United Kingdom), 6.00%, 09/30/2033	GBP	50		97
AXA Bank Europe SCF, (France),
Reg. S, 0.01%, 01/22/2027	EUR	100		117
Reg. S, 0.50%, 04/18/2025	EUR	100		119
AXA Home Loan SFH SA, (France), Reg. S, 0.13%, 06/25/2035	EUR	100		111
AYT Cedulas Cajas Global FTA, (Spain), Series 3, 3.75%, 12/14/2022	EUR	100		122
AyT Cedulas Cajas X Fondo de Titulizacion de Activos, (Spain), Series X, 3.75%, 06/30/2025	EUR	100		133
BPCE SFH SA, (France),
Reg. S, 0.01%, 10/16/2028	EUR	100		116
Reg. S, 0.01%, 05/27/2030	EUR	100		115
Reg. S, 0.01%, 01/29/2036	EUR	100		109
Reg. S, 0.13%, 12/03/2030	EUR	100		116
Reg. S, 0.63%, 09/22/2027	EUR	100		121
Reg. S, 0.75%, 09/02/2025	EUR	100		120
Reg. S, 2.38%, 11/29/2023	EUR	200		246
Brookfield Finance I UK plc, (United Kingdom), 2.34%, 01/30/2032		40		39
Brookfield Finance, Inc., (Canada),
3.50%, 03/30/2051		85		88
4.00%, 04/01/2024		40		43

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Caisse de Refinancement de l’Habitat SA, (France),
Reg. S, 0.01%, 10/08/2029	EUR	100		116
Reg. S, 0.13%, 04/30/2027	EUR	100		118
Reg. S, 2.38%, 03/05/2024	CHF	50		57
3.30%, 09/23/2022	EUR	100		120
3.90%, 10/20/2023	EUR	100		126
Capital One Financial Corp.,
0.80%, 06/12/2024	EUR	425		502
1.65%, 06/12/2029	EUR	1,078		1,321
Cedulas TDA 6 Fondo de Titulizacion de Activos, (Spain), Series A6, 3.88%, 05/23/2025	EUR	100		133
Charles Schwab Corp. (The), 1.15%, 05/13/2026		105		105
CI Financial Corp., (Canada), 4.10%, 06/15/2051		10		11
Clifford Capital Pte Ltd., (Singapore), Reg. S, 3.11%, 08/18/2032		200		202
Credit Agricole Home Loan SFH SA, (France),
Reg. S, 0.01%, 04/12/2028	EUR	200		233
Reg. S, 0.13%, 12/16/2024	EUR	100		118
Reg. S, 0.38%, 09/30/2024	EUR	100		118
Reg. S, 0.50%, 02/19/2026	EUR	100		120
Reg. S, 0.63%, 11/28/2022	EUR	100		117
Reg. S, 0.88%, 08/11/2028	EUR	200		246
Reg. S, 0.88%, 05/06/2034	EUR	100		124
Credit Agricole Public Sector SCF SA, (France), Reg. S, 0.88%, 08/02/2027	EUR	100		122
Credit Mutuel Home Loan SFH SA, (France),
Reg. S, 0.01%, 07/20/2028	EUR	100		116
Reg. S, 1.00%, 01/30/2029	EUR	100		125
Reg. S, 4.13%, 01/19/2024	EUR	100		128
Credit Suisse Schweiz AG, (Switzerland), Reg. S, 0.00%, 10/31/2030	CHF	25		26
Danmarks Skibskredit A/S, (Denmark), Reg. S, 0.13%, 03/20/2025	EUR	100		116
DLR Kredit A/S, (Denmark), Series B, Reg. S, 1.00%, 10/01/2022	DKK	300		47
FCA Bank SpA, (Italy),
Reg. S, 0.00%, 04/16/2024	EUR	750		869
Reg. S, 0.25%, 02/28/2023	EUR	3,000		3,494
GE Capital International Funding Co. Unlimited Co., (Ireland), Reg. S,4.42%, 11/15/2035		200		240
GE Capital UK Funding Unlimited Co., (Ireland), Reg. S, 5.88%, 01/18/2033	GBP	950		1,720
Harbour Funding plc, (United Kingdom), Reg. S, 5.28%, 03/31/2034	GBP	25		44
Hypo Tirol Bank AG, (Austria), Reg. S, 0.01%, 03/11/2031	EUR	100		114
Intercontinental Exchange, Inc.,
3.75%, 12/01/2025		25		27
4.25%, 09/21/2048		50		59
Jefferies Group LLC, 2.75%, 10/15/2032		1,420		1,421
Jyske Realkredit A/S, (Denmark),
Series 32lE, Reg. S, 1.00%, 04/01/2023	DKK	200		32
Series 32IE, Reg. S, 1.00%, 04/01/2025	DKK	400		65
Series CCE, Reg. S, 0.01%, 10/01/2027	EUR	100		116
Series CCE, Reg. S, 1.00%, 10/01/2024	DKK	100		16
La Banque Postale Home Loan SFH SA, (France),
Reg. S, 0.50%, 01/30/2026	EUR	100		120
Reg. S, 2.38%, 01/15/2024	EUR	100		123
London Stock Exchange Group plc, (United Kingdom), Reg. S, 1.75%, 12/06/2027	EUR	800		1,011

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Mastercard, Inc.,
2.10%, 12/01/2027	EUR	1,025		1,326
3.85%, 03/26/2050		40		47
Nasdaq, Inc.,
0.88%, 02/13/2030	EUR	2,950		3,465
0.90%, 07/30/2033	EUR	500		568
4.25%, 06/01/2024		60		65
Nomura Holdings, Inc., (Japan),
1.85%, 07/16/2025		200		203
2.61%, 07/14/2031		1,255		1,249
2.65%, 01/16/2025		2,000		2,083
Nordea Kredit Realkreditaktieselskab, (Denmark),
Reg. S, 1.00%, 10/01/2024 (e)	DKK	500		81
Reg. S, 1.00%, 04/01/2026 (e)	DKK	500		82
Series CC2, Reg. S, 1.00%, 04/01/2025 (e)	DKK	200		32
Series CT2, Reg. S, 1.00%, 10/01/2022 (e)	DKK	400		63
Private Export Funding Corp.,
0.55%, 07/30/2024 (e)		300		299
Series PP, 1.40%, 07/15/2028		775		771
Programa Cedulas TDA Fondo de Titulizacion de Activos, (Spain),
Series A6, 4.25%, 04/10/2031	EUR	100		160
Prs Finance plc, (United Kingdom),
Reg. S, 1.75%, 11/24/2026	GBP	192		269
Reg. S, 2.00%, 01/23/2029	GBP	700		993
Realkredit Danmark A/S, (Denmark),
Series 10F, Reg. S, 1.00%, 01/01/2025 (e)	DKK	700		113
Series 10F, Reg. S, 1.00%, 01/01/2026 (e)	DKK	1,000		163
Series 22S, Reg. S, 0.00%, 10/01/2040 (e)	DKK	47		7
Societe Generale SFH SA, (France),
Reg. S, 0.50%, 01/20/2023	EUR	100		117
Reg. S, 0.50%, 06/02/2025	EUR	100		119
Reg. S, 0.50%, 01/28/2026	EUR	100		120
Telereal Securitisation plc, (United Kingdom), Series B4, 6.16%, 12/10/2031	GBP	44		73
THFC Funding No. 1 plc, (United Kingdom), Reg. S, 5.13%, 12/21/2035	GBP	50		91
Visa, Inc., 2.70%, 04/15/2040	190			194
Wellcome Trust Finance plc, (United Kingdom), Reg. S, 4.63%, 07/25/2036	GBP	225		424
Western Union Co. (The), 1.35%, 03/15/2026		1,900		1,872
				31,961
Insurance — 0.8%
Aflac, Inc., 4.75%, 01/15/2049		145		189
Ageas SA, (Belgium), Reg. S, (ICE LIBOR EUR 3 Month + 3.10%), 1.88%, 11/24/2051 (aa)	EUR	400		468
Alleghany Corp., 3.25%, 08/15/2051		105		103
Allianz SE, (Germany), Reg. S, (ICE EURIBOR Swap Rate 10 Year + 3.20%), 3.38%, 09/18/2024 (x) (aa)	EUR	2,400		3,010
American International Group, Inc., 3.40%, 06/30/2030		3,880		4,230
Aon Corp., 2.80%, 05/15/2030		50		52
Aon plc, (Ireland), 4.60%, 06/14/2044		10		12
Aquarius & Investments plc for Zurich Insurance Co. Ltd., (Ireland), Reg. S, (ICE LIBOR EUR 3 Month + 3.45%), 4.25%, 10/02/2043 (aa)	EUR	100		125

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Assicurazioni Generali SpA, (Italy),
Reg. S, 3.88%, 01/29/2029	EUR	500		686
Reg. S, 4.13%, 05/04/2026	EUR	100		135
Athene Global Funding, 2.50%, 01/14/2025 (e)		20		21
Athene Holding Ltd., (Bermuda), 3.95%, 05/25/2051		50		55
Aviva plc, (United Kingdom),
Reg. S, (UK Gilts 5 Year + 4.70%), 4.00%, 06/03/2055 (aa)	GBP	425		622
Reg. S, (UK Gilts 5 Year + 2.85%), 6.13%, 11/14/2036 (aa)	GBP	230		371
AXA SA, (France),
Reg. S, (ICE LIBOR EUR 3 Month + 2.40%), 1.38%, 10/07/2041 (aa)	EUR	625		723
(ICE LIBOR GBP 3 Month + 2.75%), Reg. S, 6.69%, 07/06/2026 (x) (aa)	GBP	375		618
Berkshire Hathaway Finance Corp., 2.38%, 06/19/2039	GBP	425		598
Berkshire Hathaway, Inc., 0.00%, 03/12/2025	EUR	1,000		1,162
BNP Paribas Cardif SA, (France), Reg. S, 1.00%, 11/29/2024	EUR	1,000		1,186
Brown & Brown, Inc., 4.20%, 09/15/2024		65		71
Chubb INA Holdings, Inc., 1.55%, 03/15/2028	EUR	2,000		2,487
CNA Financial Corp., 2.05%, 08/15/2030		2,500		2,447
CNP Assurances, (France), Reg. S, 0.38%, 03/08/2028	EUR	400		454
Credit Agricole Assurances SA, (France),
Reg. S, 2.00%, 07/17/2030	EUR	1,200		1,455
Reg. S, (EUR Swap Rate 5 Year + 4.35%), 4.50%, 10/14/2025 (x) (aa)	EUR	100		132
Enstar Group Ltd., (Bermuda), 4.95%, 06/01/2029		90		102
Everest Reinsurance Holdings, Inc., 3.50%, 10/15/2050		745		791
Fairfax Financial Holdings Ltd., (Canada),
3.38%, 03/03/2031 (e)		2,000		2,072
4.63%, 04/29/2030		27		30
First American Financial Corp., 2.40%, 08/15/2031		100		97
Helvetia Europe SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 3.95%), 2.75%, 09/30/2041 (aa)	EUR	1,500		1,890
Legal & General Finance plc, (United Kingdom), Reg. S, 5.88%, 04/05/2033	GBP	225		427
Legal & General Group plc, (United Kingdom),
Reg. S, (UK Gilts 5 Year + 5.25%), 4.50%, 11/01/2050 (aa)	GBP	425		643
Reg. S, (UK Gilts 5 Year + 4.58%), 5.38%, 10/27/2045 (aa)	GBP	300		460
Liberty Mutual Finance Europe DAC, (Ireland), Reg. S, 1.75%, 03/27/2024	EUR	2,000		2,414
Liberty Mutual Group, Inc., 3.95%, 10/15/2050 (e)		830		919
Loews Corp., 3.20%, 05/15/2030		10		11
M&G plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.16%), 5.56%, 07/20/2055 (aa)	GBP	425		674
Markel Corp.,
3.45%, 05/07/2052		1,000		1,035
3.50%, 11/01/2027		5		5
Marsh & McLennan Cos., Inc.,
1.98%, 03/21/2030	EUR	3,150		4,044
4.20%, 03/01/2048		190		232
4.75%, 03/15/2039		179		225
4.90%, 03/15/2049		65		87
MetLife, Inc., 4.05%, 03/01/2045		75		89
Metropolitan Life Global Funding I,
Reg. S, 0.38%, 04/09/2024	EUR	1,125		1,324
Reg. S, 0.55%, 06/16/2027	EUR	775		921
Reg. S, 1.63%, 09/21/2029	GBP	1,125		1,528

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres et Sal, (France),
Reg. S, 0.63%, 06/21/2027	EUR	1,000		1,151
Reg. S, (ICE LIBOR EUR 3 Month + 3.45%), 2.13%, 06/21/2052 (aa)	EUR	1,000		1,164
NN Group NV, (Netherlands), Reg. S, (ICE LIBOR EUR 3 Month + 4.00%), 4.50%, 01/15/2026 (x) (aa)	EUR	1,350		1,787
Old Republic International Corp., 3.85%, 06/11/2051		105		113
Pension Insurance Corp. plc, (United Kingdom), Reg. S, 5.63%, 09/20/2030	GBP	1,121		1,821
Phoenix Group Holdings plc, (United Kingdom),
Reg. S, 5.63%, 04/28/2031	GBP	1,400		2,257
Reg. S, 6.63%, 12/18/2025	GBP	425		682
Principal Financial Group, Inc., 3.10%, 11/15/2026		1,400		1,505
Progressive Corp. (The), 4.13%, 04/15/2047		170		204
Sampo OYJ, (Finland),
Reg. S, (ICE LIBOR EUR 3 Month + 3.60%), 2.50%, 09/03/2052 (aa)	EUR	525		645
Reg. S, (ICE LIBOR EUR 3 Month + 4.05%), 3.38%, 05/23/2049 (aa)	EUR	675		891
Storebrand Livsforsikring A/S, (Norway), Reg. S, (ICE LIBOR EUR 6 Month + 2.95%), 1.88%, 09/30/2051 (aa)	EUR	600		682
Unum Group,
4.00%, 06/15/2029		1,700		1,880
4.13%, 06/15/2051		900		909
W R Berkley Corp.,
3.55%, 03/30/2052		20		21
4.00%, 05/12/2050		700		805
Willis North America, Inc.,
2.95%, 09/15/2029		50		52
3.60%, 05/15/2024		100		107
XLIT Ltd., (Cayman Islands), (ICE LIBOR EUR 3 Month + 2.90%), 3.25%, 06/29/2047 (aa)	EUR	1,300		1,689
				59,797
Investment Companies — 0.1%
Ares Capital Corp.,
2.15%, 07/15/2026		230		230
3.25%, 07/15/2025		90		95
3.50%, 02/10/2023		92		95
3.88%, 01/15/2026		187		200
4.25%, 03/01/2025		165		177
Bain Capital Specialty Finance, Inc., 2.95%, 03/10/2026		140		143
EXOR NV, (Netherlands),
Reg. S, 0.88%, 01/19/2031	EUR	450		515
Reg. S, 1.75%, 01/18/2028	EUR	500		621
Reg. S, 2.13%, 12/02/2022	EUR	225		266
FS KKR Capital Corp.,
2.63%, 01/15/2027		225		225
3.40%, 01/15/2026		240		251
Goldman Sachs BDC, Inc., 2.88%, 01/15/2026		345		354
Investor AB, (Sweden),
Reg. S, 0.38%, 10/29/2035	EUR	425		465
Reg. S, 1.50%, 09/12/2030	EUR	700		890
Main Street Capital Corp., 3.00%, 07/14/2026		155		158
Owl Rock Capital Corp.,
2.88%, 06/11/2028		10		10
3.40%, 07/15/2026		25		26

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Prospect Capital Corp.,
3.36%, 11/15/2026		75		76
3.44%, 10/15/2028		80		78
Wendel SE, (France), Reg. S, 1.00%, 06/01/2031	EUR	2,300		2,673
				7,548
Private Equity — 0.1%
3i Group plc, (United Kingdom), Reg. S, 5.75%, 12/03/2032	GBP	350		626
Blackstone Property Partners Europe Holdings Sarl, (Luxembourg),
Reg. S, 0.50%, 09/12/2023	EUR	2,200		2,571
Reg. S, 2.00%, 02/15/2024	EUR	500		602
Hercules Capital, Inc., 2.63%, 09/16/2026		120		120
				3,919
Real Estate — 0.4%
Acef Holding SCA, (Luxembourg), Reg. S, 0.75%, 06/14/2028	EUR	725		833
Annington Funding plc, (United Kingdom), Reg. S, 1.65%, 07/12/2024	EUR	2,000		2,418
Broadgate Financing plc, (United Kingdom), Series A4, Reg. S, 4.82%, 07/05/2033	GBP	50		86
CBRE Global Investors Open-Ended Fund SCA SICAV-SIF Pan European Core Fund, (Luxembourg), Reg. S, 0.50%, 01/27/2028	EUR	775		888
CBRE Services, Inc., 2.50%, 04/01/2031		425		428
Citycon Treasury BV, (Netherlands), Reg. S, 2.50%, 10/01/2024	EUR	1,575		1,943
Clarion Funding plc, (United Kingdom), Reg. S, 2.63%, 01/18/2029	GBP	100		144
CTP NV, (Netherlands),
Reg. S, 0.63%, 11/27/2023	EUR	750		879
Reg. S, 0.63%, 09/27/2026	EUR	1,800		2,086
Reg. S, 1.25%, 06/21/2029	EUR	300		349
Reg. S, 1.50%, 09/27/2031	EUR	800		916
Essential Properties LP, 2.95%, 07/15/2031		70		70
Fastighets AB Balder, (Sweden), Reg. S, 1.88%, 01/23/2026	EUR	1,000		1,223
Heimstaden Bostad AB, (Sweden), Reg. S, 1.13%, 01/21/2026	EUR	1,200		1,429
Logicor 2019-1 UK plc, (United Kingdom), Reg. S, 1.88%, 11/17/2026	GBP	425		590
Logicor Financing Sarl, (Luxembourg),
Reg. S, 0.75%, 07/15/2024	EUR	1,500		1,767
Reg. S, 1.50%, 07/13/2026	EUR	1,200		1,457
London & Quadrant Housing Trust, (United Kingdom),
Reg. S, 2.00%, 10/20/2038	GBP	425		560
Reg. S, 2.63%, 02/28/2028	GBP	625		898
Reg. S, 2.75%, 07/20/2057	GBP	225		331
Meadowhall Finance plc, (United Kingdom), Series A1, Reg. S, 4.99%, 01/12/2032	GBP	31		49
Notting Hill Genesis, (United Kingdom), Reg. S, 2.00%, 06/03/2036	GBP	300		394
Ontario Teachers’ Cadillac Fairview Properties Trust, (Canada), 4.13%, 02/01/2029 (e)		2,100		2,358
Orbit Capital plc, (United Kingdom), Reg. S, 3.38%, 06/14/2048	GBP	425		682
Sagax Euro Mtn NL BV, (Netherlands), Reg. S, 1.00%, 05/17/2029	EUR	3,300		3,806
Samhallsbyggnadsbolaget i Norden AB, (Sweden),
Reg. S, 1.00%, 08/12/2027	EUR	1,575		1,856
Reg. S, 1.75%, 01/14/2025	EUR	850		1,031
Tesco Property Finance 1 plc, (United Kingdom), Reg. S, 7.62%, 07/13/2039	GBP	83		163

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Tesco Property Finance 3 plc, (United Kingdom), Reg. S, 5.74%, 04/13/2040	GBP	47		83
Trafford Centre Finance Ltd. (The), (Cayman Islands), Series A2, Reg. S, 6.50%, 07/28/2033	GBP	37		60
Vonovia Finance BV, (Netherlands),
Reg. S, 0.63%, 07/09/2026	EUR	300		354
Reg. S, 0.88%, 07/03/2023	EUR	100		118
Reg. S, 1.63%, 04/07/2024	EUR	500		602
				30,851
REITS — 0.7%
Aedifica SA, (Belgium), Reg. S, 0.75%, 09/09/2031	EUR	600		683
Alexandria Real Estate Equities, Inc., 1.88%, 02/01/2033		40		38
Altarea SCA, (France), Reg. S, 1.75%, 01/16/2030	EUR	200		230
American Campus Communities Operating Partnership LP, 3.30%, 07/15/2026		20		21
American Homes 4 Rent LP, 3.38%, 07/15/2051		15		15
American Tower Corp.,
0.88%, 05/21/2029	EUR	1,500		1,747
1.00%, 01/15/2032	EUR	3,000		3,447
1.30%, 09/15/2025		60		60
1.38%, 04/04/2025	EUR	1,050		1,266
2.70%, 04/15/2031		50		51
3.38%, 05/15/2024		25		27
Brixmor Operating Partnership LP,
2.50%, 08/16/2031		20		20
4.05%, 07/01/2030		1,175		1,311
4.13%, 06/15/2026		2,300		2,546
4.13%, 05/15/2029		875		985
Camden Property Trust, 3.35%, 11/01/2049		10		11
Crown Castle International Corp.,
1.35%, 07/15/2025		200		201
2.50%, 07/15/2031		30		30
2.90%, 04/01/2041		50		48
Digital Realty Trust LP, 4.75%, 10/01/2025		50		56
Digital Stout Holding LLC, Reg. S, 3.75%, 10/17/2030	GBP	1,050		1,595
Equinix, Inc.,
1.00%, 03/15/2033	EUR	1,000		1,149
2.63%, 11/18/2024		120		126
ERP Operating LP, 2.85%, 11/01/2026		50		53
GLP Capital LP / GLP Financing II, Inc.,
3.35%, 09/01/2024		20		21
4.00%, 01/15/2030		5		5
4.00%, 01/15/2031		284		307
5.30%, 01/15/2029		135		158
5.38%, 11/01/2023		30		33
5.75%, 06/01/2028		60		70
Hammerson plc, (United Kingdom), Reg. S, 7.25%, 04/21/2028	GBP	400		673
Healthpeak Properties, Inc., 3.00%, 01/15/2030		1,400		1,475
Invitation Homes Operating Partnership LP, 2.00%, 08/15/2031		50		48
Kimco Realty Corp., 2.70%, 10/01/2030		1,900		1,951
Life Storage LP, 3.88%, 12/15/2027		50		56
LifeStorage LP, 3.50%, 07/01/2026		205		223
MPT Operating Partnership LP / MPT Finance Corp., 0.99%, 10/15/2026 (w)	EUR	1,650		1,913

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Corporate Bonds — continued
REITS — continued
Office Properties Income Trust,
2.65%, 06/15/2026		15		15
3.45%, 10/15/2031		230		225
Omega Healthcare Investors, Inc., 4.50%, 04/01/2027		36		40
Prologis Euro Finance LLC, 0.25%, 09/10/2027	EUR	1,425		1,652
Prologis LP,
2.13%, 10/15/2050		20		17
2.25%, 06/30/2029	GBP	600		848
3.25%, 10/01/2026		50		54
Public Storage,
0.88%, 02/15/2026		100		99
2.30%, 05/01/2031		230		233
3.09%, 09/15/2027		220		240
3.39%, 05/01/2029		145		159
Rayonier LP, 2.75%, 05/17/2031		145		144
Realty Income Corp.,
1.63%, 12/15/2030	GBP	100		132
3.00%, 01/15/2027		2,000		2,141
3.88%, 07/15/2024		100		108
3.88%, 04/15/2025		100		110
1.75%, 07/13/2033	GBP	1,100		1,448
Segro Capital Sarl, (Luxembourg), Reg. S, 0.50%, 09/22/2031	EUR	1,700		1,925
Simon International Finance SCA, (Luxembourg),
Reg. S, 1.13%, 03/19/2033	EUR	1,000		1,164
Reg. S, 1.25%, 05/13/2025	EUR	425		515
Simon Property Group LP,
1.38%, 01/15/2027		70		69
2.25%, 01/15/2032		2,170		2,113
3.50%, 09/01/2025		80		87
UDR, Inc., 3.00%, 08/15/2031		140		146
Unibail-Rodamco-Westfield SE, (France), Reg. S, 1.38%, 12/04/2031	EUR	800		960
Ventas Realty LP, 4.13%, 01/15/2026		2,300		2,540
VEREIT Operating Partnership LP,
2.85%, 12/15/2032		800		830
3.10%, 12/15/2029		800		851
Welltower, Inc.,
2.75%, 01/15/2031		50		51
3.10%, 01/15/2030		2,400		2,535
4.50%, 01/15/2024		3,500		3,758
4.50%, 12/01/2034	GBP	300		491
4.80%, 11/20/2028	GBP	850		1,362
Weyerhaeuser Co.,
4.00%, 11/15/2029		35		39
4.00%, 04/15/2030		1,500		1,693
WP Carey, Inc., 2.25%, 04/01/2033		1,000		954
WPC Eurobond BV, (Netherlands),
0.95%, 06/01/2030	EUR	1,800		2,055
1.35%, 04/15/2028	EUR	425		509
				54,961

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Corporate Bonds — continued
Savings & Loans — 0.0% (g)
Coventry Building Society, (United Kingdom), Reg. S, 0.01%, 07/07/2028	EUR	100		116
Nationwide Building Society, (United Kingdom),
Reg. S, 0.63%, 03/25/2027	EUR	100		120
Reg. S, 5.63%, 01/28/2026	GBP	100		162
Yorkshire Building Society, (United Kingdom), Reg. S, 0.01%, 10/13/2027	EUR	100		116
				514
Total Financial				581,101
Government — 1.8%
Multi-National — 0.9%
African Development Bank, (Supranational),
0.25%, 11/21/2024	EUR	925		1,092
0.88%, 05/24/2028	EUR	200		246
1.63%, 09/16/2022		65		66
Asian Development Bank, (Supranational),
Reg. S, 0.03%, 01/31/2030	EUR	1,850		2,137
1.63%, 01/24/2023		330		336
1.75%, 09/13/2022		270		274
2.63%, 01/30/2024		258		271
Council Of Europe Development Bank, (Supranational),
Reg. S, 0.38%, 10/27/2022	EUR	725		848
Reg. S, 0.38%, 03/27/2025	EUR	175		208
Reg. S, 0.63%, 01/30/2029	EUR	800		976
Reg. S, 0.75%, 06/09/2025	EUR	50		61
Erste Abwicklungsanstalt, (Germany), Reg. S, 0.01%, 11/03/2023	EUR	1,000		1,169
EUROFIMA, (Supranational),
Reg. S, 0.25%, 04/25/2023	EUR	825		966
4.55%, 03/30/2027	CAD	400		359
5.50%, 06/07/2032	GBP	300		557
European Bank for Reconstruction & Development, (Supranational),
0.25%, 07/10/2023		95		95
6.45%, 12/13/2022	IDR	10,000,000		714
European Investment Bank, (Supranational),
0.00%, 10/16/2023	EUR	3,200		3,749
0.00%, 03/15/2024	EUR	300		352
0.00%, 03/25/2025	EUR	10,200		12,007
Reg. S, 0.00%, 03/13/2026	EUR	700		825
Reg. S, 0.00%, 06/17/2027	EUR	1,500		1,767
Zero Coupon, 05/28/2037 (e)	CAD	150		76
Reg. S, 0.01%, 11/15/2035	EUR	200		221
Reg. S, 0.05%, 05/24/2024	EUR	2,000		2,352
0.05%, 01/16/2030	EUR	1,500		1,755
Reg. S, 0.25%, 06/15/2040	EUR	50		56
Reg. S, 0.38%, 04/14/2026	EUR	3,000		3,595
0.63%, 07/25/2025		100		99
Reg. S, 0.88%, 12/15/2023	GBP	1,375		1,868
0.88%, 09/13/2047	EUR	100		124
Reg. S, 1.00%, 04/14/2032	EUR	1,675		2,127
Reg. S, 1.00%, 11/14/2042	EUR	2,475		3,164
Reg. S, 1.13%, 09/15/2036	EUR	2,050		2,631
Reg. S, 1.38%, 03/07/2025	GBP	100		138

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
1.50%, 10/16/2048	EUR	445		631
1.63%, 03/14/2025		200		206
Reg. S, 2.25%, 10/14/2022	EUR	4,100		4,890
Reg. S, 2.50%, 10/31/2022	GBP	1,000		1,379
2.50%, 03/15/2023		180		186
2.75%, 09/13/2030	EUR	130		188
Reg. S, 3.00%, 09/28/2022	EUR	4,600		5,519
3.13%, 12/14/2023		250		265
3.25%, 01/29/2024		315		336
Reg. S, 3.63%, 03/14/2042	EUR	25		47
Reg. S, 4.50%, 03/07/2044	GBP	1,100		2,317
Reg. S, 6.27%, 08/28/2024	IDR	10,000,000		720
Series 1981, 2.63%, 03/15/2035	EUR	40		60
Series DIP, Reg. S, 4.63%, 10/12/2054	GBP	555		1,332
FMS Wertmanagement, (Germany), Reg. S, 1.13%, 03/20/2023	GBP	1,200		1,634
Inter-American Development Bank, (Supranational), 1.25%, 12/15/2023	GBP	1,650		2,259
2.13%, 01/15/2025		290		304
2.50%, 01/18/2023		230		237
2.63%, 01/16/2024		130		136
3.00%, 02/21/2024		200		212
7.88%, 03/14/2023	IDR	10,000,000		731
International Finance Corp., (Supranational), 2.88%, 07/31/2023		80		84
North American Development Bank, (Supranational),
Reg. S, 0.20%, 11/28/2028	CHF	200		217
2.40%, 10/26/2022		303		309
				71,480
Municipal — 0.0% (g)
Transport for London, (United Kingdom),
Reg. S, 4.00%, 09/12/2033	GBP	500		816
5.00%, 03/31/2035	GBP	300		515
				1,331
Regional (State/Province) — 0.0% (g)
KAF Kaerntner Ausgleichszahlungs-Fonds, (Austria), Reg. S, Zero Coupon, 01/14/2032	EUR	560		620
UK Municipal Bonds Agency Finance Co. Designated Activity Co., (Ireland), Reg. S, 1.63%, 08/26/2060	GBP	100		121
				741
Sovereign — 0.9%
European Financial Stability Facility, (Luxembourg),
Reg. S, 0.00%, 10/13/2027	EUR	1,325		1,556
Reg. S, 0.05%, 01/18/2052	EUR	500		487
Reg. S, 0.13%, 10/17/2023	EUR	3,500		4,109
Reg. S, 0.40%, 02/17/2025	EUR	1,000		1,192
Reg. S, 0.50%, 01/20/2023	EUR	3,425		4,024
Reg. S, 0.50%, 07/11/2025	EUR	1,000		1,199
Reg. S, 0.63%, 10/16/2026	EUR	100		121
Reg. S, 0.70%, 01/20/2050	EUR	1,300		1,531
Reg. S, 0.88%, 04/10/2035	EUR	1,500		1,862
Reg. S, 1.20%, 02/17/2045	EUR	1,225		1,600
Reg. S, 1.45%, 09/05/2040	EUR	170		230
Reg. S, 1.75%, 07/17/2053	EUR	1,050		1,587

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Corporate Bonds — continued
Sovereign — continued
Reg. S, 2.25%, 09/05/2022	EUR	3,700		4,400
Reg. S, 2.75%, 12/03/2029	EUR	520		741
European Stability Mechanism, (Supranational),
Reg. S, 0.00%, 10/18/2022	EUR	2,000		2,331
Reg. S, 0.00%, 02/10/2023	EUR	100		117
Reg. S, 0.10%, 07/31/2023	EUR	2,000		2,344
Reg. S, 0.50%, 03/02/2026	EUR	1,400		1,683
Reg. S, 0.75%, 09/05/2028	EUR	1,450		1,785
Reg. S, 0.88%, 07/18/2042	EUR	20		24
Reg. S, 1.75%, 10/20/2045	EUR	550		807
Reg. S, 1.80%, 11/02/2046	EUR	920		1,371
Reg. S, 1.85%, 12/01/2055	EUR	80		127
Reg. S, 2.13%, 11/20/2023	EUR	700		857
European Union, (Supranational),
Reg. S, 0.00%, 07/06/2026	EUR	1,000		1,181
Reg. S, 0.00%, 04/22/2031	EUR	3,000		3,474
Reg. S, 0.25%, 04/22/2036	EUR	1,500		1,711
Reg. S, 0.50%, 04/04/2025	EUR	1,875		2,246
Reg. S, 0.63%, 11/04/2023	EUR	925		1,098
Reg. S, 0.70%, 07/06/2051	EUR	1,000		1,187
Reg. S, 0.75%, 04/04/2031	EUR	2,025		2,512
Reg. S, 1.13%, 04/04/2036	EUR	665		854
Reg. S, 3.75%, 04/04/2042	EUR	15		28
Series SURE, Reg. S, 0.00%, 11/04/2025	EUR	2,698		3,183
Series SURE, Reg. S, 0.00%, 06/02/2028	EUR	2,000		2,351
Series SURE, Reg. S, 0.00%, 07/04/2035	EUR	350		389
Series SURE, Reg. S, 0.10%, 10/04/2040	EUR	3,975		4,291
Series SURE, Reg. S, 0.20%, 06/04/2036	EUR	1,000		1,133
Series SURE, Reg. S, 0.30%, 11/04/2050	EUR	1,220		1,304
HM Treasury UK Sovereign Sukuk plc, (United Kingdom), Reg. S, 0.33%, 07/22/2026	GBP	400		531
LCR Finance plc, (United Kingdom),
Reg. S, 4.50%, 12/07/2028	GBP	300		499
Reg. S, 4.50%, 12/07/2038	GBP	110		215
5.10%, 03/07/2051	GBP	50		122
				64,394
Total Government				137,946
Industrial — 1.1%
Aerospace/Defense — 0.1%
Airbus SE, (Netherlands),
Reg. S, 2.00%, 04/07/2028	EUR	100		127
Reg. S, 2.38%, 06/09/2040	EUR	900		1,187
BAE Systems plc, (United Kingdom), 1.90%, 02/15/2031 (e)		1,350		1,293
Boeing Co. (The), 4.51%, 05/01/2023		250		264
4.88%, 05/01/2025		200		223
5.71%, 05/01/2040		2,300		2,930
5.81%, 05/01/2050		105		139
5.93%, 05/01/2060		30		41
General Dynamics Corp., 2.25%, 06/01/2031		100		102
Raytheon Technologies Corp., 3.20%, 03/15/2024		30		32

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
3.95%, 08/16/2025		140		154
7.20%, 08/15/2027		20		26
Teledyne Technologies, Inc., 2.75%, 04/01/2031		795		813
				7,331
Building Materials — 0.2%
Buzzi Unicem SpA, (Italy), Reg. S, 2.13%, 04/28/2023	EUR	1,225		1,461
Carrier Global Corp.,
2.24%, 02/15/2025		20		21
2.49%, 02/15/2027		10		10
2.72%, 02/15/2030		50		52
3.38%, 04/05/2040		60		63
3.58%, 04/05/2050		85		90
Danfoss Finance I BV, (Netherlands), Reg. S, 0.13%, 04/28/2026	EUR	1,850		2,140
Eagle Materials, Inc., 2.50%, 07/01/2031		290		288
Fortune Brands Home & Security, Inc., 3.25%, 09/15/2029		31		33
HeidelbergCement Finance Luxembourg SA, (Luxembourg),
Reg. S, 1.13%, 12/01/2027	EUR	25		30
Reg. S, 2.50%, 10/09/2024	EUR	30		38
Lennox International, Inc., 1.35%, 08/01/2025		27		27
Martin Marietta Materials, Inc.,
2.40%, 07/15/2031		145		146
3.20%, 07/15/2051		130		129
4.25%, 07/02/2024		4,540		4,925
Mohawk Capital Finance SA, (Luxembourg), 1.75%, 06/12/2027	EUR	400		497
Owens Corning,
3.88%, 06/01/2030		100		110
3.95%, 08/15/2029		1,000		1,115
Vulcan Materials Co.,
3.50%, 06/01/2030		60		66
4.50%, 04/01/2025		10		11
4.70%, 03/01/2048		900		1,105
				12,357
Electrical Components & Equipments — 0.1%
Eaton Capital Unlimited Co., (Ireland), Reg. S, 0.70%, 05/14/2025	EUR	1,325		1,573
Schneider Electric SE, (France), Reg. S, 1.50%, 09/08/2023	EUR	1,000		1,195
Signify NV, (Netherlands),
Reg. S, 2.00%, 05/11/2024	EUR	550		668
Reg. S, 2.38%, 05/11/2027	EUR	175		224
				3,660
Electronics — 0.0% (g)
Agilent Technologies, Inc.,
2.10%, 06/04/2030		282		280
2.30%, 03/12/2031		120		120
2.75%, 09/15/2029		60		63
3.05%, 09/22/2026		100		107
Allegion US Holding Co., Inc., 3.20%, 10/01/2024		85		90
Amphenol Corp., 2.80%, 02/15/2030		147		154
Amphenol Technologies Holding GmbH, (Germany), Reg. S, 0.75%, 05/04/2026	EUR	1,325		1,580
Arrow Electronics, Inc., 3.88%, 01/12/2028		20		21
Flex Ltd., (Singapore), 3.75%, 02/01/2026		25		27

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Corporate Bonds — continued
Electronics — continued
Keysight Technologies, Inc.,
4.55%, 10/30/2024		200		221
4.60%, 04/06/2027		55		63
SYNNEX Corp.,
1.75%, 08/09/2026 (e)		65		64
2.65%, 08/09/2031 (e)		195		191
Trimble, Inc.,
4.15%, 06/15/2023		100		105
4.90%, 06/15/2028		235		272
				3,358
Engineering & Construction — 0.1%
Aeroporti di Roma SpA, (Italy), Series A4, 5.44%, 02/20/2023	GBP	50		71
Aeroports de Paris, (France),
Reg. S, 1.00%, 01/05/2029	EUR	300		363
Reg. S, 1.50%, 07/02/2032	EUR	100		124
Reg. S, 2.75%, 04/02/2030	EUR	1,200		1,640
Cellnex Finance Co. SA, (Spain), Reg. S, 2.00%, 02/15/2033	EUR	1,200		1,358
Heathrow Funding Ltd., (Jersey),
Reg. S, 4.63%, 10/31/2046	GBP	325		562
Reg. S, 6.45%, 12/10/2031	GBP	225		408
Reg. S, 6.75%, 12/03/2026	GBP	50		83
Reg. S, 7.13%, 02/14/2024	GBP	425		645
Royal Schiphol Group NV, (Netherlands), Reg. S, 0.38%, 09/08/2027	EUR	300		351
Vantage Towers AG, (Germany), Reg. S, 0.38%, 03/31/2027	EUR	600		695
Worley US Finance Sub Ltd., Reg. S, 0.88%, 06/09/2026	EUR	575		673
				6,973
Environmental Control — 0.0% (g)
Republic Services, Inc., 2.50%, 08/15/2024		50		52
Waste Connections, Inc., (Canada),
2.60%, 02/01/2030		200		206
4.25%, 12/01/2028		30		34
				292
Hand/Machine Tools — 0.0% (g)
Snap-on, Inc., 3.10%, 05/01/2050		30		31
Machinery - Construction & Mining — 0.0% (g)
Caterpillar Financial Services Corp., 0.80%, 11/13/2025		150		149
Caterpillar, Inc., 3.25%, 04/09/2050		90		97
Metso Outotec OYJ, (Finland), Reg. S, 0.88%, 05/26/2028	EUR	500		587
Oshkosh Corp., 3.10%, 03/01/2030		5		6
				839
Machinery - Diversified — 0.1%
Atlas Copco AB, (Sweden), Reg. S, 0.63%, 08/30/2026	EUR	425		508
CNH Industrial Finance Europe SA, (Luxembourg), Reg. S, 0.00%, 04/01/2024	EUR	1,000		1,159
IDEX Corp.,
2.63%, 06/15/2031		140		142
3.00%, 05/01/2030		332		350
John Deere Cash Management SARL, (Luxembourg),
Reg. S, 1.38%, 04/02/2024	EUR	1,600		1,930
Reg. S, 1.65%, 06/13/2039	EUR	425		559
Reg. S, 2.20%, 04/02/2032	EUR	603		820

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Otis Worldwide Corp.,
2.06%, 04/05/2025		20		21
3.36%, 02/15/2050		10		10
Rockwell Automation, Inc.,
1.75%, 08/15/2031		55		53
2.80%, 08/15/2061		40		38
Westinghouse Air Brake Technologies Corp.,
3.20%, 06/15/2025		50		53
4.40%, 03/15/2024		1,800		1,935
				7,578
Miscellaneous Manufacturers — 0.1%
Alfa Laval Treasury International AB, (Sweden), Reg. S, 1.38%, 09/12/2022	EUR	900		1,055
Alstom SA, (France), Reg. S, 0.00%, 01/11/2029	EUR	200		224
General Electric Co.,
4.25%, 05/01/2040		30		35
4.35%, 05/01/2050		5		6
5.25%, 12/07/2028	GBP	500		825
Reg. S, 5.38%, 12/18/2040	GBP	4		8
6.75%, 03/15/2032		50		68
Illinois Tool Works, Inc., 1.25%, 05/22/2023	EUR	1,025		1,213
Parker-Hannifin Corp.,
1.13%, 03/01/2025	EUR	850		1,015
4.00%, 06/14/2049		25		29
Pentair Finance Sarl, (Luxembourg), 4.50%, 07/01/2029		2,000		2,292
Siemens Financieringsmaatschappij NV, (Netherlands), Reg. S, 0.30%, 02/28/2024	EUR	20		24
Textron, Inc., 2.45%, 03/15/2031		1,900		1,902
Trane Technologies Luxembourg Finance SA, (Luxembourg), 4.50%, 03/21/2049		105		129
				8,825
Packaging & Containers — 0.1%
Ball Corp., 0.88%, 03/15/2024	EUR	2,000		2,336
DS Smith plc, (United Kingdom), Reg. S, 0.88%, 09/12/2026	EUR	2,300		2,725
Packaging Corp. of America, 3.05%, 10/01/2051		35		35
Sealed Air Corp., 5.50%, 09/15/2025 (e)		1,460		1,624
SIG Combibloc PurchaseCo. Sarl, (Luxembourg), Reg. S, 1.88%, 06/18/2023	EUR	2,000		2,384
Smurfit Kappa Treasury ULC, (Ireland), Reg. S, 1.00%, 09/22/2033	EUR	950		1,093
				10,197
Transportation — 0.3%
AP Moller - Maersk A/S, (Denmark),
Reg. S, 1.75%, 03/16/2026	EUR	850		1,053
Reg. S, 4.00%, 04/04/2025	GBP	800		1,183
Brambles Finance Ltd., (Australia), Reg. S, 2.38%, 06/12/2024	EUR	425		522
Burlington Northern Santa Fe LLC,
3.30%, 09/15/2051		20		22
4.15%, 04/01/2045		50		60
4.55%, 09/01/2044		170		214
4.95%, 09/15/2041		700		906
5.40%, 06/01/2041		70		95
Deutsche Bahn Finance GMBH, (Germany),
Reg. S, 0.10%, 01/28/2036	CHF	150		156

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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		167
Reg. S, 1.13%, 05/29/2051	EUR	112		128
Reg. S, 1.38%, 03/28/2031	EUR	2,000		2,531
Reg. S, 1.38%, 04/16/2040	EUR	50		61
Reg. S, 1.50%, 08/26/2024	CHF	500		567
Reg. S, 1.50%, 12/08/2032	EUR	200		258
Reg. S, 1.63%, 08/16/2033	EUR	189		243
1.99%, 07/08/2030	AUD	200		140
Reg. S, 2.75%, 06/20/2022	GBP	500		686
Reg. S, 3.50%, 09/27/2024	AUD	300		233
Series CB, Reg. S, (EUR Swap Rate 5 Year + 1.89%), 1.60%, 07/18/2029 (x) (aa)	EUR	1,700		2,015
FedEx Corp., 0.45%, 05/04/2029	EUR	330		379
Ferrovie dello Stato Italiane SpA, (Italy), Reg. S, 1.50%, 06/27/2025	EUR	810		990
Ile-de-France Mobilites, (France),
Reg. S, 0.40%, 05/28/2031	EUR	200		233
Reg. S, 1.00%, 05/25/2034	EUR	300		364
Kansas City Southern, 4.20%, 11/15/2069		10		12
La Poste SA, (France),
Reg. S, 0.38%, 09/17/2027	EUR	100		118
Reg. S, 0.63%, 10/21/2026	EUR	1,300		1,549
Reg. S, 0.63%, 01/18/2036	EUR	600		662
Reg. S, 1.38%, 04/21/2032	EUR	1,000		1,245
Network Rail Infrastructure Finance plc, (United Kingdom), Reg. S, 4.38%, 12/09/2030	GBP	190		326
Norfolk Southern Corp., 4.10%, 05/15/2121		15		17
OeBB-Infrastruktur AG, (Austria),
2.25%, 05/28/2029	EUR	325		439
3.00%, 10/24/2033	EUR	100		152
Reg. S, 3.38%, 05/18/2032	EUR	4		6
Reg. S, 3.88%, 06/30/2025	EUR	80		107
Reg. S, 4.88%, 06/27/2022	EUR	500		602
United Parcel Service, Inc.,
1.50%, 11/15/2032	EUR	1,125		1,426
5.30%, 04/01/2050		120		173
				20,040
Trucking & Leasing — 0.0% (g)
Penske Truck Leasing Co. LP / PTL Finance Corp., 4.88%, 07/11/2022 (e)		2,800		2,894
Total Industrial				84,375
Technology — 0.5%
Computers — 0.2%
Amdocs Ltd., (Guernsey), 2.54%, 06/15/2030		177		176
Apple, Inc.,
1.00%, 11/10/2022	EUR	700		824
1.38%, 05/24/2029	EUR	100		126
1.40%, 08/05/2028		240		236
1.63%, 11/10/2026	EUR	1,125		1,416
2.05%, 09/11/2026		140		146
2.38%, 02/08/2041		35		34
2.65%, 02/08/2051		30		29
2.70%, 08/05/2051		110		107
2.80%, 02/08/2061		20		19

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Corporate Bonds — continued
Computers — continued
2.85%, 08/05/2061		40		38
3.05%, 07/31/2029	GBP	425		647
3.25%, 02/23/2026		50		54
3.35%, 02/09/2027		15		16
3.75%, 11/13/2047		1,000		1,155
Capgemini SE, (France), Reg. S, 0.63%, 06/23/2025	EUR	100		119
CGI, Inc., (Canada), 2.30%, 09/14/2031 (e)		150		145
Dell International LLC / EMC Corp.,
5.45%, 06/15/2023		100		107
5.85%, 07/15/2025		10		12
6.02%, 06/15/2026		85		101
6.10%, 07/15/2027		5		6
6.20%, 07/15/2030		5		7
8.10%, 07/15/2036		143		216
8.35%, 07/15/2046		212		343
Fortinet, Inc., 2.20%, 03/15/2031		475		470
Genpact Luxembourg Sarl, (Luxembourg),
3.38%, 12/01/2024		1,400		1,494
3.70%, 04/01/2022		100		101
Hewlett Packard Enterprise Co.,
4.45%, 10/02/2023		120		129
6.35%, 10/15/2045		15		20
HP, Inc.,
2.20%, 06/17/2025		150		155
2.65%, 06/17/2031 (e)		314		310
3.00%, 06/17/2027		100		107
6.00%, 09/15/2041		47		60
NetApp, Inc., 1.88%, 06/22/2025		1,760		1,802
Teledyne FLIR LLC, 2.50%, 08/01/2030		1,625		1,636
Teleperformance, (France),
Reg. S, 0.25%, 11/26/2027	EUR	500		572
Reg. S, 1.50%, 04/03/2024	EUR	2,600		3,113
Reg. S, 1.88%, 07/02/2025	EUR	200		246
				16,294
Office/Business & Equipments — 0.0% (g)
CDW LLC / CDW Finance Corp.,
3.25%, 02/15/2029		77		79
4.25%, 04/01/2028		42		44
				123
Semiconductors — 0.2%
ASML Holding NV, (Netherlands),
Reg. S, 0.63%, 05/07/2029	EUR	100		119
Reg. S, 1.63%, 05/28/2027	EUR	1,450		1,825
Broadcom Corp. / Broadcom Cayman Finance Ltd., (Multinational), 3.88%, 01/15/2027		50		55
Broadcom, Inc.,
3.15%, 11/15/2025		7		8
3.19%, 11/15/2036 (e)		2,980		2,971
3.42%, 04/15/2033 (e)		93		96
3.46%, 09/15/2026		80		87
3.47%, 04/15/2034 (e)		100		103

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
3.50%, 02/15/2041 (e)		5		5
3.75%, 02/15/2051 (e)		45		45
4.11%, 09/15/2028		20		22
Infineon Technologies AG, (Germany),
Reg. S, 0.75%, 06/24/2023	EUR	800		941
Reg. S, 1.13%, 06/24/2026	EUR	200		242
Micron Technology, Inc.,
2.50%, 04/24/2023		110		113
4.66%, 02/15/2030		125		144
NVIDIA Corp., 3.70%, 04/01/2060		10		12
NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational), 3.40%, 05/01/2030 (e)		1,000		1,084
NXP BV / NXP Funding LLC, (Multinational),
3.88%, 09/01/2022 (e)		2,600		2,679
4.88%, 03/01/2024 (e)		150		163
Texas Instruments, Inc.,
1.75%, 05/04/2030		90		89
2.70%, 09/15/2051		60		59
4.15%, 05/15/2048		17		21
Xilinx, Inc., 2.38%, 06/01/2030		95		97
				10,980
Software — 0.1%
Activision Blizzard, Inc.,
1.35%, 09/15/2030		2,000		1,852
2.50%, 09/15/2050		100		86
Adobe, Inc., 2.30%, 02/01/2030		88		91
Autodesk, Inc., 2.85%, 01/15/2030		71		74
Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031		500		507
Electronic Arts, Inc.,
1.85%, 02/15/2031		25		24
2.95%, 02/15/2051		60		58
Fidelity National Information Services, Inc.,
2.25%, 03/01/2031		730		724
3.10%, 03/01/2041		180		182
3.36%, 05/21/2031	GBP	100		149
Fiserv, Inc., 2.65%, 06/01/2030		155		158
Intuit, Inc., 1.65%, 07/15/2030		355		346
Microsoft Corp.,
2.53%, 06/01/2050		1,100		1,058
2.68%, 06/01/2060		110		106
3.04%, 03/17/2062		10		11
Oracle Corp.,
1.65%, 03/25/2026		40		40
2.50%, 04/01/2025		350		366
3.65%, 03/25/2041		115		119
3.85%, 04/01/2060		60		61
3.95%, 03/25/2051		70		74
4.10%, 03/25/2061		60		64
Roper Technologies, Inc.,
1.75%, 02/15/2031		2,000		1,905
2.35%, 09/15/2024		200		209

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
SAP SE, (Germany), Reg. S, 1.00%, 04/01/2025	EUR	50		60
ServiceNow, Inc., 1.40%, 09/01/2030		2,025		1,897
VMware, Inc., 4.50%, 05/15/2025		35		39
				10,260
Total Technology				37,657
Utilities — 1.5%
Electric — 1.1%
A2A SpA, (Italy), Reg. S, 1.00%, 07/16/2029	EUR	100		121
ACEA SpA, (Italy),
Reg. S, 0.50%, 04/06/2029	EUR	100		115
Reg. S, 2.63%, 07/15/2024	EUR	100		124
AEP Texas, Inc.,
3.45%, 05/15/2051		10		10
Series I, 2.10%, 07/01/2030		2,600		2,542
AES Corp. (The), 2.45%, 01/15/2031		25		25
Alliander NV, (Netherlands), 2.88%, 06/14/2024	EUR	100		126
Ameren Corp.,
2.50%, 09/15/2024		30		31
3.50%, 01/15/2031		10		11
Ameren Illinois Co.,
1.55%, 11/15/2030		30		28
3.25%, 03/15/2050		1,200		1,272
American Electric Power Co., Inc.,
2.30%, 03/01/2030		25		25
3.25%, 03/01/2050		20		20
Appalachian Power Co.,
Series Y, 4.50%, 03/01/2049		20		24
Series Z, 3.70%, 05/01/2050		45		49
Arizona Public Service Co.,
2.60%, 08/15/2029		84		87
3.35%, 05/15/2050		10		10
4.25%, 03/01/2049		10		12
Atlantic City Electric Co., 4.00%, 10/15/2028		50		57
Baltimore Gas and Electric Co., 2.90%, 06/15/2050		30		29
Berkshire Hathaway Energy Co.,
2.85%, 05/15/2051		10		10
4.25%, 10/15/2050		15		18
5.15%, 11/15/2043		60		78
Black Hills Corp.,
3.05%, 10/15/2029		20		21
3.88%, 10/15/2049		10		11
Cadent Finance plc, (United Kingdom), Reg. S, 2.63%, 09/22/2038	GBP	1,325		1,798
CenterPoint Energy Houston Electric LLC, Series AD, 2.90%, 07/01/2050		45		45
CenterPoint Energy, Inc.,
2.95%, 03/01/2030		45		47
4.25%, 11/01/2028		10		11
Coentreprise de Transport d’Electricite SA, (France),
Reg. S, 0.88%, 09/29/2024	EUR	100		119
Reg. S, 2.13%, 07/29/2032	EUR	100		132

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Commonwealth Edison Co.,
3.00%, 03/01/2050		100		100
3.70%, 08/15/2028		10		11
4.00%, 03/01/2048		25		29
4.00%, 03/01/2049		10		12
4.70%, 01/15/2044		1,000		1,262
Connecticut Light and Power Co. (The), Series A, 2.05%, 07/01/2031		905		902
Consolidated Edison Co. of New York, Inc.,
3.85%, 06/15/2046		10		11
Series 09-C, 5.50%, 12/01/2039		10		13
Series 20A, 3.35%, 04/01/2030		70		76
Series 20B, 3.95%, 04/01/2050		55		63
Series A, 4.13%, 05/15/2049		20		23
Series C, 3.00%, 12/01/2060		20		19
Series E, 4.65%, 12/01/2048		10		12
Consumers Energy Co.,
2.50%, 05/01/2060		10		9
3.10%, 08/15/2050		30		31
3.25%, 08/15/2046		1,100		1,150
3.75%, 02/15/2050		25		29
Dominion Energy South Carolina, Inc., 4.60%, 06/15/2043		1,400		1,746
Dominion Energy, Inc.,
3.90%, 10/01/2025		220		241
4.25%, 06/01/2028		20		23
Series A, 4.60%, 03/15/2049		10		12
Series C, 3.38%, 04/01/2030		20		21
DTE Electric Co.,
2.95%, 03/01/2050		25		25
3.70%, 03/15/2045		1,100		1,241
3.95%, 03/01/2049		10		12
DTE Energy Co.,
Series C, 3.40%, 06/15/2029		19		21
Series F, 1.05%, 06/01/2025		1,400		1,388
Duke Energy Carolinas LLC, 5.30%, 02/15/2040		10		13
Duke Energy Corp.,
0.90%, 09/15/2025		40		40
2.45%, 06/01/2030		110		111
2.55%, 06/15/2031		10		10
2.65%, 09/01/2026		30		31
3.75%, 09/01/2046		10		11
4.20%, 06/15/2049		20		23
Duke Energy Florida LLC, 4.20%, 07/15/2048		10		12
Duke Energy Indiana LLC,
2.75%, 04/01/2050		20		19
Series YYY, 3.25%, 10/01/2049		40		42
Duke Energy Ohio, Inc.,
2.13%, 06/01/2030		30		30
3.65%, 02/01/2029		10		11
3.70%, 06/15/2046		1,700		1,894
4.30%, 02/01/2049		80		98
E.ON International Finance BV, (Netherlands), Reg. S, 6.13%, 07/06/2039	GBP	350		706

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
E.ON SE, (Germany), Reg. S, 1.00%, 10/07/2025	EUR	100		120
EDP - Energias de Portugal SA, (Portugal), Reg. S, 1.63%, 04/15/2027	EUR	100		124
EDP Finance BV, (Netherlands), Reg. S, 2.00%, 04/22/2025	EUR	700		869
Electricite de France SA, (France),
Reg. S, 1.00%, 10/13/2026	EUR	600		725
Reg. S, 1.88%, 10/13/2036	EUR	100		127
Reg. S, 2.00%, 12/09/2049	EUR	600		735
Reg. S, (EUR Swap Rate 5 Year + 4.00%), 3.38%, 06/15/2030 (x) (aa)	EUR	200		244
Reg. S, 5.13%, 09/22/2050	GBP	400		793
Reg. S, (GBP Swap Rate 15 Year + 3.32%), 5.88%, 01/22/2029 (x) (aa)	GBP	300		457
5.88%, 07/18/2031	GBP	265		476
Reg. S, (GBP Swap Rate 13 Year + 3.96%), 6.00%, 01/29/2026 (x) (aa)	GBP	100		149
Reg. S, 6.13%, 06/02/2034	GBP	300		569
EnBW Energie Baden-Wuerttemberg AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 2.32%), 1.88%, 06/29/2080 (aa)	EUR	100		120
EnBW International Finance BV, (Netherlands),
Reg. S, 0.13%, 03/01/2028	EUR	182		210
Reg. S, 0.50%, 03/01/2033	EUR	97		110
Reg. S, 0.63%, 04/17/2025	EUR	200		237
Enel Finance International NV, (Netherlands),
Reg. S, 0.00%, 06/17/2024	EUR	2,275		2,647
2.65%, 09/10/2024 (e)		3,500		3,667
3.50%, 04/06/2028 (e)		1,700		1,859
Enel SpA, (Italy), Reg. S, (EUR Swap Rate 5 Year + 2.68%), 2.25%, 12/10/2026 (x) (aa)	EUR	350		424
e-netz Suedhessen AG, (Germany), 6.13%, 04/23/2041	EUR	20		37
Enexis Holding NV, (Netherlands),
Reg. S, 0.88%, 04/28/2026	EUR	100		121
Reg. S, 1.50%, 10/20/2023	EUR	100		119
Engie SA, (France), Reg. S, (EUR Swap Rate 5 Year + 3.17%), 3.25%, 11/28/2024 (x) (aa)	EUR	1,800		2,249
Entergy Corp.,
0.90%, 09/15/2025		30		30
3.75%, 06/15/2050		30		32
Entergy Louisiana LLC,
1.60%, 12/15/2030		2,300		2,192
2.90%, 03/15/2051		30		29
3.12%, 09/01/2027		2,500		2,689
3.25%, 04/01/2028		10		11
4.20%, 09/01/2048		10		12
Entergy Texas, Inc., 4.00%, 03/30/2029		15		17
ESB Finance DAC, (Ireland),
Reg. S, 1.75%, 02/07/2029	EUR	100		128
Reg. S, 1.88%, 06/14/2031	EUR	224		292
Reg. S, 2.13%, 06/08/2027	EUR	100		128
Evergy Kansas Central, Inc., 3.45%, 04/15/2050		5		5
Evergy Metro, Inc.,
4.20%, 03/15/2048		10		12
Series 2019, 4.13%, 04/01/2049		20		24
Series 2020, 2.25%, 06/01/2030		10		10
Evergy, Inc., 2.45%, 09/15/2024		3,000		3,134
Eversource Energy,
3.45%, 01/15/2050		30		31

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Corporate Bonds — continued
Electric — continued
Series R, 1.65%, 08/15/2030		1,410		1,338
Exelon Corp.,
3.50%, 06/01/2022		2,649		2,695
4.05%, 04/15/2030		10		11
4.45%, 04/15/2046		10		12
4.70%, 04/15/2050		10		13
FirstEnergy Transmission LLC, 4.35%, 01/15/2025 (e)		1,100		1,196
Florida Power & Light Co.,
3.15%, 10/01/2049		20		21
3.95%, 03/01/2048		500		595
4.13%, 06/01/2048		20		25
FLUVIUS System Operator CVBA, (Belgium), Reg. S, 2.88%, 10/09/2023	EUR	400		492
Fortum OYJ, (Finland),
Reg. S, 0.88%, 02/27/2023	EUR	170		200
Reg. S, 2.13%, 02/27/2029	EUR	100		129
Georgia Power Co.,
Series A, 3.25%, 03/15/2051		20		20
Series B, 3.70%, 01/30/2050		60		64
Hera SpA, (Italy),
Reg. S, 0.25%, 12/03/2030	EUR	160		179
Reg. S, 2.38%, 07/04/2024	EUR	100		123
Iberdrola International BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 1.59%), 1.88%, 02/22/2023 (x) (aa)	EUR	1,200		1,418
Interstate Power and Light Co., 3.50%, 09/30/2049		10		11
Iren SpA, (Italy), Reg. S, 1.00%, 07/01/2030	EUR	550		650
Kentucky Utilities Co., 3.30%, 06/01/2050		25		26
MidAmerican Energy Co.,
2.70%, 08/01/2052		15		14
3.10%, 05/01/2027		10		11
6.75%, 12/30/2031		10		14
Mississippi Power Co., Series B, 3.10%, 07/30/2051		10		10
Narragansett Electric Co. (The), 3.40%, 04/09/2030 (e)		200		216
National Grid Electricity Transmission plc, (United Kingdom), Reg. S, 2.00%, 04/17/2040	GBP	425		544
National Grid plc, (United Kingdom), Reg. S, 0.55%, 09/18/2029	EUR	1,575		1,819
National Rural Utilities Cooperative Finance Corp.,
1.35%, 03/15/2031		50		46
4.30%, 03/15/2049		20		25
Nevada Power Co.,
Series DD, 2.40%, 05/01/2030		100		102
Series EE, 3.13%, 08/01/2050		30		30
NextEra Energy Capital Holdings, Inc.,
2.25%, 06/01/2030		1,280		1,286
2.75%, 11/01/2029		35		36
Northern Powergrid Holdings Co., (United Kingdom), 7.25%, 12/15/2022	GBP	450		653
Northern Powergrid Yorkshire plc, (United Kingdom), Reg. S, 5.13%, 05/04/2035	GBP	50		89
Northern States Power Co.,
2.25%, 04/01/2031		1,450		1,473
2.60%, 06/01/2051		35		33
3.20%, 04/01/2052		10		11
NRG Energy, Inc.,
2.00%, 12/02/2025 (e)		2,150		2,185

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL         AMOUNT  ($)		VALUE ($)
Corporate Bonds — continued
Electric — continued
2.45%, 12/02/2027 (e)		2,275		2,307
NSTAR Electric Co., 3.10%, 06/01/2051		10		10
Oglethorpe Power Corp., 5.05%, 10/01/2048		20		25
Ohio Power Co., Series R, 2.90%, 10/01/2051		5		5
Oklahoma Gas and Electric Co., 4.15%, 04/01/2047		920		1,085
Oncor Electric Delivery Co. LLC,
3.10%, 09/15/2049		50		52
3.70%, 05/15/2050		5		6
Orsted A/S, (Denmark),
Reg. S, 5.75%, 04/09/2040	GBP	225		472
Reg. S, (EUR Swap Rate 5 Year + 4.75%), 6.25%, 06/26/3013 (aa)	EUR	119		152
Pacific Gas and Electric Co.,
1.75%, 06/16/2022		50		50
3.15%, 01/01/2026		35		36
3.50%, 08/01/2050		20		18
3.75%, 07/01/2028		10		11
3.95%, 12/01/2047		400		384
4.50%, 07/01/2040		100		102
4.55%, 07/01/2030		30		32
4.95%, 07/01/2050		20		21
PacifiCorp.,
2.90%, 06/15/2052		720		694
3.30%, 03/15/2051		1,400		1,450
4.15%, 02/15/2050		15		18
PECO Energy Co.,
2.80%, 06/15/2050		50		49
3.05%, 03/15/2051		435		441
PPL Capital Funding, Inc., 4.13%, 04/15/2030		120		137
Public Service Co. of Colorado, Series 36, 2.70%, 01/15/2051		10		10
Public Service Electric and Gas Co.,
1.90%, 08/15/2031		35		34
2.05%, 08/01/2050		10		8
2.45%, 01/15/2030		20		21
3.65%, 09/01/2028		120		134
3.85%, 05/01/2049		10		12
Public Service Enterprise Group, Inc., 0.80%, 08/15/2025		3,000		2,948
Puget Energy, Inc.,
2.38%, 06/15/2028 (e)		1,040		1,039
4.10%, 06/15/2030		10		11
Puget Sound Energy, Inc., 3.25%, 09/15/2049		20		21
Red Electrica Financiaciones SAU, (Spain), Reg. S, 1.13%, 04/24/2025	EUR	100		121
RTE Reseau de Transport d’Electricite SADIR, (France),
Reg. S, 1.13%, 09/09/2049	EUR	100		112
Reg. S, 1.50%, 09/27/2030	EUR	200		252
Reg. S, 1.63%, 11/27/2025	EUR	300		371
Reg. S, 2.00%, 04/18/2036	EUR	100		133
San Diego Gas & Electric Co.,
4.15%, 05/15/2048		820		982
Series WWW, 2.95%, 08/15/2051		25		25
Sempra Energy, 3.40%, 02/01/2028		10		11
4.00%, 02/01/2048		10		11

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Southern California Edison Co.,
2.85%, 08/01/2029		10		10
3.65%, 02/01/2050		60		61
4.00%, 04/01/2047		20		22
4.05%, 03/15/2042		900		964
6.05%, 03/15/2039		10		13
Series 20A, 2.95%, 02/01/2051		6		6
Series B, 3.65%, 03/01/2028		25		27
Series D, 3.40%, 06/01/2023		1,400		1,461
Series E, 3.70%, 08/01/2025		10		11
Southern Co. (The),
Series 21-A, 0.60%, 02/26/2024		60		60
Series A, 3.70%, 04/30/2030		75		82
Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026		50		50
Southwestern Public Service Co.,
3.70%, 08/15/2047		1,000		1,110
Series 8, 3.15%, 05/01/2050		60		63
SP Transmission plc, (United Kingdom), Reg. S, 2.00%, 11/13/2031	GBP	100		136
SSE plc, (United Kingdom), Reg. S, 1.75%, 04/16/2030	EUR	1,300		1,624
Stedin Holding NV, (Netherlands),
Reg. S, 0.88%, 10/24/2025	EUR	100		120
Reg. S, (EUR Swap Rate 5 Year + 2.75%), 3.25%, 12/01/2021 (x) (aa)	EUR	100		116
Tampa Electric Co., 4.30%, 06/15/2048		30		36
TenneT Holding BV, (Netherlands),
Reg. S, 0.88%, 06/03/2030	EUR	120		145
Reg. S, 1.00%, 06/13/2026	EUR	200		242
Reg. S, 1.13%, 06/09/2041	EUR	100		117
Reg. S, 1.75%, 06/04/2027	EUR	300		380
Reg. S, 2.00%, 06/05/2034	EUR	100		133
Terna - Rete Elettrica Nazionale, (Italy),
Reg. S, 0.38%, 09/25/2030	EUR	425		483
Reg. S, 0.75%, 07/24/2032	EUR	100		117
Reg. S, 1.38%, 07/26/2027	EUR	1,125		1,386
Tucson Electric Power Co.,
1.50%, 08/01/2030		30		28
3.25%, 05/01/2051		10		10
4.00%, 06/15/2050		10		12
Union Electric Co.,
2.63%, 03/15/2051		10		9
3.25%, 10/01/2049		40		42
Virginia Electric and Power Co.,
3.30%, 12/01/2049		50		53
Series B, 3.80%, 09/15/2047		60		68
Vistra Operations Co. LLC, 3.55%, 07/15/2024 (e)		1,400		1,472
WEC Energy Group, Inc., 3.55%, 06/15/2025		168		182
Western Power Distribution South West plc, (United Kingdom), Reg. S, 5.88%, 03/25/2027	GBP	20		33
Wisconsin Electric Power Co., 1.70%, 06/15/2028		10		10
Wisconsin Power and Light Co., 3.00%, 07/01/2029		50		54
Wisconsin Public Service Corp., 3.30%, 09/01/2049		5		5

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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.,
3.40%, 06/01/2030		20		22
3.50%, 12/01/2049		20		21
				87,129
Gas — 0.3%
APT Pipelines Ltd., (Australia), Reg. S, 2.00%, 07/15/2030	EUR	1,000		1,248
Atmos Energy Corp.,
1.50%, 01/15/2031		1,630		1,532
2.63%, 09/15/2029		15		15
2.85%, 02/15/2052 (w)		5		5
3.38%, 09/15/2049		210		220
4.15%, 01/15/2043		10		11
Italgas SpA, (Italy),
Reg. S, 1.00%, 12/11/2031	EUR	1,125		1,327
Reg. S, 1.13%, 03/14/2024	EUR	850		1,014
National Fuel Gas Co.,
2.95%, 03/01/2031		25		25
5.50%, 01/15/2026		25		29
National Grid Gas plc, (United Kingdom), Reg. S, 1.38%, 02/07/2031	GBP	1,600		2,018
NiSource, Inc.,
0.95%, 08/15/2025		3,000		2,963
3.49%, 05/15/2027		130		142
3.60%, 05/01/2030		25		28
4.38%, 05/15/2047		15		18
4.80%, 02/15/2044		10		12
Piedmont Natural Gas Co., Inc.,
2.50%, 03/15/2031		1,550		1,557
3.35%, 06/01/2050		15		15
Redexis Gas Finance BV, (Netherlands), Reg. S, 1.88%, 05/28/2025	EUR	1,300		1,592
Snam SpA, (Italy), Reg. S, 0.88%, 10/25/2026	EUR	850		1,018
Southern California Gas Co.,
Series VV, 4.30%, 01/15/2049		20		25
Series XX, 2.55%, 02/01/2030		25		25
Southern Co. Gas Capital Corp.,
3.95%, 10/01/2046		20		22
Series 20-A, 1.75%, 01/15/2031		3,700		3,519
Series 21A, 3.15%, 09/30/2051		15		15
Southern Gas Networks plc, (United Kingdom),
Reg. S, 2.50%, 02/03/2025	GBP	425		598
6.38%, 05/15/2040	GBP	425		890
Southwest Gas Corp., 4.15%, 06/01/2049		10		11
Wales & West Utilities Finance plc, (United Kingdom), Reg. S, 1.88%, 05/28/2041	GBP	425		526
Washington Gas Light Co., 3.65%, 09/15/2049		10		11
				20,431
Water — 0.1%
Affinity Water Finance 2004 plc, (United Kingdom), 5.88%, 07/13/2026	GBP	30		49
American Water Capital Corp.,
2.80%, 05/01/2030		25		26
4.15%, 06/01/2049		60		71
Essential Utilities, Inc., 2.70%, 04/15/2030		40		41

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Water — continued
Northumbrian Water Finance plc, (United Kingdom),
Reg. S, 1.63%, 10/11/2026	GBP	425		582
Reg. S, 5.63%, 04/29/2033	GBP	225		417
Thames Water Utilities Finance plc, (United Kingdom),
Reg. S, 2.38%, 04/22/2040	GBP	300		397
Reg. S, 5.50%, 02/11/2041	GBP	550		1,073
6.75%, 11/16/2028	GBP	180		321
United Utilities Water Finance plc, (United Kingdom), Reg. S, 2.00%, 07/03/2033	GBP	900		1,231
Wessex Water Services Finance plc, (United Kingdom),
Reg. S, 1.50%, 09/17/2029	GBP	700		921
Reg. S, 5.38%, 03/10/2028	GBP	225		371
Reg. S, 5.75%, 10/14/2033	GBP	375		704
				6,204
Total Utilities				113,764
Total Corporate Bonds (Cost $1,492,278)				1,470,239
Foreign Government Securities — 49.0%
Action Logement Services, (France), Reg. S, 0.50%, 10/30/2034	EUR	100		114
Adif Alta Velocidad, (Spain),
Reg. S, 0.55%, 04/30/2030	EUR	200		235
Reg. S, 1.88%, 09/22/2022	EUR	600		711
Reg. S, 1.88%, 01/28/2025	EUR	100		124
Agence Francaise de Developpement EPIC, (France),
Reg. S, 0.00%, 03/25/2025	EUR	500		587
Reg. S, 0.13%, 11/15/2023	EUR	500		586
Reg. S, 0.25%, 07/21/2026	EUR	500		593
Reg. S, 0.25%, 06/29/2029	EUR	400		470
Reg. S, 0.38%, 04/30/2024	EUR	400		473
Reg. S, 0.38%, 05/25/2036	EUR	100		112
Reg. S, 0.50%, 05/25/2030	EUR	200		239
Reg. S, 0.50%, 05/31/2035	EUR	500		577
Reg. S, 1.38%, 09/17/2024	EUR	500		610
Reg. S, 1.50%, 10/31/2034	EUR	100		130
Agence France Locale, (France),
Reg. S, 0.00%, 09/20/2027	EUR	500		581
Reg. S, 0.13%, 06/20/2026	EUR	100		117
Reg. S, 1.13%, 06/20/2028	EUR	1,000		1,243
Agricultural Development Bank of China, (China),
2.58%, 07/26/2023	CNY	10,000		1,544
Reg. S, 3.18%, 11/06/2022	CNH	2,000		312
Reg. S, 3.40%, 11/06/2024	CNH	56,000		8,817
Reg. S, 3.80%, 10/27/2030	CNH	6,350		1,028
Series 1605, 3.33%, 01/06/2026	CNY	37,000		5,783
Series 1705, 3.85%, 01/06/2027	CNY	45,000		7,189
Series 1801, 4.98%, 01/12/2025	CNY	12,000		1,975
Series 1803, 4.99%, 01/24/2023	CNY	10,000		1,593
Series 1806, 4.65%, 05/11/2028	CNY	8,100		1,353
Series 1813, 3.55%, 11/21/2023	CNY	600		94
Series 1901, 3.75%, 01/25/2029	CNY	37,000		5,886

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 1906, 3.74%, 07/12/2029	CNY	100,000		15,911
Series 1908, 3.63%, 07/19/2026	CNY	105,300		16,669
Series 1909, 3.24%, 08/14/2024	CNY	58,000		9,079
Series 2002, 2.20%, 04/01/2023	CNY	141,200		21,692
Series 2004, 2.96%, 04/17/2030	CNY	141,400		21,286
Series 2005, 2.25%, 04/22/2025	CNY	150,700		22,801
Series 2007, 3.06%, 08/05/2023	CNY	30,000		4,667
Series 2008, 3.45%, 09/23/2025	CNY	15,000		2,357
Series 2103, 3.35%, 03/24/2026	CNY	10,000		1,566
Auckland Council, (New Zealand),
Reg. S, 1.00%, 01/19/2027	EUR	300		368
Reg. S, 1.50%, 11/28/2025	CHF	300		346
Australia Government Bond, (Australia),
Series 133, Reg. S, 5.50%, 04/21/2023	AUD	7,600		5,958
Series 136, Reg. S, 4.75%, 04/21/2027	AUD	10,000		8,746
Series 138, Reg. S, 3.25%, 04/21/2029	AUD	365		303
Series 140, Reg. S, 4.50%, 04/21/2033	AUD	12,300		11,665
Series 142, Reg. S, 4.25%, 04/21/2026	AUD	5,000		4,193
Series 144, Reg. S, 3.75%, 04/21/2037	AUD	263		237
Series 145, Reg. S, 2.75%, 06/21/2035	AUD	144		117
Series 147, Reg. S, 3.25%, 06/21/2039	AUD	2,500		2,118
Series 148, Reg. S, 2.75%, 11/21/2027	AUD	3,250		2,596
Series 149, Reg. S, 2.25%, 05/21/2028	AUD	200		155
Series 150, Reg. S, 3.00%, 03/21/2047	AUD	2,906		2,365
Series 152, Reg. S, 2.75%, 11/21/2028	AUD	1,400		1,123
Series 153, 2.25%, 11/21/2022	AUD	6,751		5,003
Series 154, Reg. S, 2.75%, 11/21/2029	AUD	34,155		27,483
Series 155, Reg. S, 2.50%, 05/21/2030	AUD	4,635		3,665
Series 156, Reg. S, 2.75%, 05/21/2041	AUD	2,938		2,309
Series 157, Reg. S, 1.50%, 06/21/2031	AUD	8,753		6,354
Series 158, 1.25%, 05/21/2032	AUD	1,000		703
Series 160, Reg. S, 1.00%, 12/21/2030	AUD	7,850		5,468
Series 162, Reg. S, 1.75%, 06/21/2051	AUD	3,450		2,162
Series 164, Reg. S, 0.50%, 09/21/2026	AUD	3,806		2,714
Series 139, Reg. S, 3.25%, 04/21/2025	AUD	10,875		8,639
Series 159, Reg. S, 0.25%, 11/21/2024	AUD	6,802		4,907
Series 161, Reg. S, 0.25%, 11/21/2025	AUD	9,600		6,845
Australian Capital Territory, (Australia),
Reg. S, 1.25%, 05/22/2025	AUD	200		148
1.75%, 10/23/2031	AUD	970		692
Autobahnen- und Schnell- strassen-Finanzierungs AG, (Austria),
Reg. S, 0.10%, 07/09/2029	EUR	500		584
Reg. S, 2.75%, 06/20/2033	EUR	130		193
Autonomous Community of Andalusia Spain, (Spain),
Reg. S, 0.50%, 04/30/2031	EUR	163		187
Reg. S, 1.38%, 04/30/2029	EUR	30		38
Autonomous Community of Madrid Spain, (Spain),
Reg. S, 0.42%, 04/30/2030	EUR	161		188
Reg. S, 1.19%, 05/08/2022	EUR	600		702
Reg. S, 1.83%, 04/30/2025	EUR	270		336
4.30%, 09/15/2026	EUR	500		705

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Basque Government, (Spain),
Reg. S, 0.25%, 04/30/2031	EUR	100		114
Reg. S, 0.85%, 04/30/2030	EUR	50		61
Reg. S, 1.75%, 03/16/2026	EUR	170		214
Bermuda Government International Bond, (Bermuda), 2.38%, 08/20/2030 (e)		670		663
BNG Bank NV, (Netherlands),
Reg. S, 0.00%, 01/20/2031	EUR	200		229
Reg. S, 0.10%, 01/15/2030	EUR	320		373
Reg. S, 0.13%, 04/11/2026	EUR	530		625
Reg. S, 0.13%, 07/09/2035	EUR	230		257
Reg. S, 0.20%, 11/09/2024	EUR	550		649
Reg. S, 0.88%, 10/17/2035	EUR	100		123
Reg. S, 1.50%, 07/15/2039	EUR	170		230
Reg. S, 3.88%, 05/26/2023	EUR	470		584
Bonos de la Tesoreria de la Republica en pesos, (Chile), Reg. S, 4.70%, 09/01/2030 (e)	CLP	300,000		351
Bpifrance SACA, (France),
Reg. S, 0.13%, 11/25/2023	EUR	300		352
Reg. S, 0.13%, 03/25/2025	EUR	400		472
Reg. S, 0.25%, 03/29/2030	EUR	200		234
Reg. S, 0.63%, 05/25/2026	EUR	500		604
Reg. S, 0.75%, 07/22/2022	GBP	200		270
Reg. S, 0.88%, 09/26/2028	EUR	200		247
Reg. S, 1.00%, 05/25/2027	EUR	500		618
Bulgaria Government International Bond, (Bulgaria),
Reg. S, 1.38%, 09/23/2050	EUR	200		223
Reg. S, 2.95%, 09/03/2024	EUR	400		505
Series 12YR, Reg. S, 3.00%, 03/21/2028	EUR	400		544
Bundesobligation, (Germany),
Series 176, Reg. S, 0.00%, 10/07/2022	EUR	2,541		2,964
Series 177, Reg. S, 0.00%, 04/14/2023	EUR	460		539
Series 178, Reg. S, 0.00%, 10/13/2023	EUR	1,368		1,608
Series 179, Reg. S, 0.00%, 04/05/2024	EUR	838		988
Series 180, Reg. S, 0.00%, 10/18/2024	EUR	2,376		2,811
Series 181, Reg. S, 0.00%, 04/11/2025	EUR	790		937
Series 182, Reg. S, 0.00%, 10/10/2025	EUR	4,670		5,550
Series 183, Reg. S, 0.00%, 04/10/2026	EUR	636		757
Bundesrepublik Deutschland Bundesanleihe, (Germany),
Reg. S, 0.00%, 08/15/2026	EUR	1,900		2,264
Reg. S, 0.00%, 11/15/2027	EUR	1,281		1,527
Reg. S, 0.00%, 11/15/2028	EUR	624		743
Reg. S, 0.00%, 08/15/2029	EUR	2,980		3,550
Reg. S, 0.00%, 02/15/2030	EUR	890		1,059
Reg. S, 0.00%, 08/15/2030	EUR	1,120		1,330
Reg. S, 0.00%, 02/15/2031	EUR	1,589		1,882
Reg. S, 0.00%, 08/15/2031	EUR	1,344		1,587
Reg. S, 0.00%, 05/15/2035	EUR	2,465		2,854
Reg. S, 0.00%, 05/15/2036	EUR	719		825
Reg. S, 0.00%, 08/15/2050	EUR	1,494		1,595
Reg. S, 0.00%, 08/15/2052	EUR	293		308
Reg. S, 0.25%, 02/15/2027	EUR	2,557		3,090
Reg. S, 0.25%, 08/15/2028	EUR	832		1,010

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Reg. S, 0.25%, 02/15/2029	EUR	210		255
Reg. S, 0.50%, 02/15/2025	EUR	227		274
Reg. S, 0.50%, 02/15/2026	EUR	1,967		2,391
Reg. S, 0.50%, 08/15/2027	EUR	2,160		2,652
Reg. S, 0.50%, 02/15/2028	EUR	230		283
Reg. S, 1.00%, 08/15/2024	EUR	1,753		2,131
Reg. S, 1.00%, 08/15/2025	EUR	1,130		1,394
Reg. S, 1.25%, 08/15/2048	EUR	1,180		1,725
Reg. S, 1.50%, 02/15/2023	EUR	833		994
Reg. S, 1.50%, 05/15/2024	EUR	3,000		3,678
Reg. S, 1.75%, 02/15/2024	EUR	1,701		2,088
Reg. S, 2.00%, 08/15/2023	EUR	1,002		1,221
Reg. S, 2.50%, 07/04/2044	EUR	1,595		2,830
Reg. S, 2.50%, 08/15/2046	EUR	3,198		5,797
Reg. S, 3.25%, 07/04/2042	EUR	808		1,545
Reg. S, 5.50%, 01/04/2031	EUR	700		1,256
Reg. S, 6.25%, 01/04/2030	EUR	775		1,399
Series 3, Reg. S, 4.75%, 07/04/2034	EUR	1,506		2,847
Series 5, Reg. S, 4.00%, 01/04/2037	EUR	1,064		1,993
Series 8, Reg. S, 4.75%, 07/04/2040	EUR	875		1,906
Series 97, Reg. S, 6.50%, 07/04/2027	EUR	1,410		2,306
Series 98, Reg. S, 4.75%, 07/04/2028	EUR	1,661		2,613
Series 98, Reg. S, 5.63%, 01/04/2028	EUR	780		1,256
Series 2007, Reg. S, 4.25%, 07/04/2039	EUR	1,020		2,067
Series G, Reg. S, 0.00%, 08/15/2030	EUR	770		919
Series G, Reg. S, 0.00%, 08/15/2050	EUR	512		553
Bundesschatzanweisungen, (Germany),
Reg. S, 0.00%, 12/15/2022	EUR	1,335		1,560
Reg. S, 0.00%, 03/10/2023	EUR	1,207		1,412
Caisse d’Amortissement de la Dette Sociale, (France),
Reg. S, 0.00%, 02/25/2028	EUR	200		233
Reg. S, 0.00%, 11/25/2030	EUR	300		342
Reg. S, 0.00%, 05/25/2031	EUR	100		114
Reg. S, 0.13%, 10/25/2023	EUR	1,800		2,113
Reg. S, 0.13%, 09/15/2031	EUR	300		343
Reg. S, 4.00%, 12/15/2025	EUR	1,383		1,899
Series DIP, Reg. S, 0.13%, 11/25/2022	EUR	300		350
Caisse Francaise de Financement Local, (France),
Reg. S, 0.01%, 05/07/2025	EUR	100		117
Reg. S, 0.13%, 06/30/2031	EUR	100		115
Reg. S, 0.50%, 10/01/2046 (w)	EUR	100		113
Reg. S, 1.00%, 04/25/2028	EUR	100		124
Reg. S, 1.25%, 05/11/2032	EUR	100		128
Reg. S, 1.50%, 06/28/2038	EUR	100		135
Series 12, Reg. S, 0.63%, 01/26/2023	EUR	200		235
Canada Housing Trust No. 1, (Canada), 0.95%, 06/15/2025 (e)	CAD	1,000		786
Canadian Government Bond, (Canada),
1.00%, 06/01/2027	CAD	200		156
1.50%, 06/01/2031	CAD	600		473
2.00%, 09/01/2023	CAD	1,900		1,541
3.50%, 12/01/2045	CAD	2,090		2,140

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
4.00%, 06/01/2041	CAD	150		160
Canton of Geneva Switzerland, (Switzerland), Reg. S, 0.02%, 11/27/2024	CHF	240		261
Canton of Zurich, (Switzerland), Reg. S, 0.10%, 06/23/2045	CHF	50		52
Cassa Depositi e Prestiti SpA, (Italy),
Reg. S, 0.75%, 11/21/2022	EUR	600		704
Reg. S, 1.00%, 09/21/2028	EUR	100		119
Reg. S, 2.00%, 04/20/2027	EUR	100		126
Reg. S, 2.13%, 09/27/2023	EUR	200		243
CDP Financial, Inc., (Canada), Reg. S, 5.60%, 11/25/2039		250		352
Chile Government International Bond, (Chile),
0.83%, 07/02/2031	EUR	550		635
1.25%, 01/22/2051	EUR	200		205
2.55%, 01/27/2032		200		198
China Development Bank, (China),
Reg. S, 3.23%, 11/27/2025	CNH	10,000		1,568
Reg. S, 4.20%, 01/19/2027	CNH	10,000		1,637
Reg. S, 4.30%, 08/02/2032	CNH	3,000		507
Reg. S, 4.35%, 08/06/2024	CNH	7,000		1,129
Reg. S, 4.35%, 09/19/2024	CNH	1,000		162
Series 1510, 4.21%, 04/13/2025	CNY	30,000		4,832
Series 1518, 3.74%, 09/10/2025	CNY	28,000		4,450
Series 1605, 3.80%, 01/25/2036	CNY	27,000		4,321
Series 1610, 3.18%, 04/05/2026	CNY	30,000		4,661
Series 1613, 3.05%, 08/25/2026	CNY	10,000		1,545
Series 1706, 4.02%, 04/17/2022	CNY	12,000		1,873
Series 1710, 4.04%, 04/10/2027	CNY	118,000		19,048
Series 1804, 4.69%, 03/23/2023	CNY	143,000		22,773
Series 1805, 4.88%, 02/09/2028	CNY	17,000		2,872
Series 1806, 4.73%, 04/02/2025	CNY	20,230		3,313
Series 1810, 4.04%, 07/06/2028	CNY	17,000		2,750
Series 1811, 3.76%, 08/14/2023	CNY	16,000		2,523
Series 1903, 3.30%, 02/01/2024	CNY	45,000		7,049
Series 1905, 3.48%, 01/08/2029	CNY	226,500		35,425
Series 1908, 3.42%, 07/02/2024	CNY	121,000		19,022
Series 1909, 3.50%, 08/13/2026	CNY	64,600		10,184
Series 1910, 3.65%, 05/21/2029	CNY	187,900		29,767
Series 1915, 3.45%, 09/20/2029	CNY	147,000		22,950
Series 2003, 3.23%, 01/10/2025	CNY	232,300		36,347
Series 2004, 3.43%, 01/14/2027	CNY	85,000		13,354
Series 2005, 3.07%, 03/10/2030	CNY	30,000		4,554
Series 2008, 2.89%, 06/22/2025	CNY	15,000		2,316
Series 2010, 3.09%, 06/18/2030	CNY	20,000		3,042
Series 2015, 3.70%, 10/20/2030	CNY	28,000		4,463
China Government Bond, (China),
1.99%, 04/09/2025	CNY	535,700		80,978
2.36%, 07/02/2023	CNY	433,500		66,936
2.57%, 05/20/2023	CNY	55,000		8,527
2.68%, 05/21/2030	CNY	392,000		59,206
2.85%, 06/04/2027	CNY	606,500		93,945
Reg. S, 3.16%, 06/27/2023	CNH	500		78
Reg. S, 3.30%, 07/04/2023	CNH	2,000		315

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 3.31%, 11/30/2025	CNH	2,000		320
Reg. S, 3.38%, 11/21/2024	CNH	3,000		478
Reg. S, 3.38%, 07/04/2026	CNH	24,000		3,860
3.39%, 03/16/2050	CNY	307,100		46,585
Reg. S, 3.60%, 06/27/2028	CNH	22,000		3,605
Reg. S, 3.60%, 05/21/2030	CNH	7,000		1,162
3.73%, 05/25/2070	CNY	20,670		3,316
3.76%, 03/22/2071	CNY	75,130		12,221
3.81%, 09/14/2050	CNY	145,100		23,826
Reg. S, 3.85%, 12/12/2026	CNH	19,000		3,128
Reg. S, 4.00%, 05/22/2024	CNH	8,500		1,368
Reg. S, 4.00%, 11/30/2035	CNH	6,500		1,149
Reg. S, 4.15%, 12/04/2027	CNH	20,000		3,366
Reg. S, 4.29%, 05/22/2029	CNH	3,000		517
Reg. S, 4.40%, 12/12/2046	CNH	25,000		4,679
Series 1824, 4.08%, 10/22/2048	CNY	22,100		3,769
Series 1906, 3.29%, 05/23/2029	CNY	52,000		8,268
Series 1908, 4.00%, 06/24/2069	CNY	5,000		853
Series 1910, 3.86%, 07/22/2049	CNY	32,500		5,354
Series 1915, 3.13%, 11/21/2029	CNY	38,000		5,957
China Government International Bond, (China),
Reg. S, 0.13%, 11/12/2026	EUR	200		234
Reg. S, 0.50%, 11/12/2031	EUR	650		752
City of Milan Italy, (Italy), 4.02%, 06/29/2035	EUR	40		60
City of Montreal Canada, (Canada), 2.30%, 09/01/2029	CAD	600		483
City of Quebec Canada, (Canada),
2.10%, 07/06/2031	CAD	300		232
2.65%, 12/20/2027	CAD	565		468
City of Toronto Canada, (Canada),
2.95%, 04/28/2035	CAD	200		165
3.50%, 06/02/2036	CAD	300		262
Corp. de Reservas Estrategicas de Productos Petroliferos Cores, (Spain), Reg. S, 1.50%, 11/27/2022	EUR	600		710
CPPIB Capital, Inc., (Canada),
Reg. S, 0.25%, 04/06/2027	EUR	1,450		1,711
Reg. S, 0.38%, 06/20/2024	EUR	300		355
Reg. S, 0.75%, 07/15/2049	EUR	300		342
Croatia Government International Bond, (Croatia), Reg. S, 1.13%, 03/04/2033	EUR	500		576
Cyprus Government International Bond, (Cyprus),
Reg. S, 0.63%, 01/21/2030	EUR	235		279
Reg. S, 1.25%, 01/21/2040	EUR	720		866
Reg. S, 2.25%, 04/16/2050	EUR	10		14
Czech Republic Government Bond, (Czech Republic),
Series 11Y, 1.75%, 06/23/2032	CZK	3,170		140
Series 49, Reg. S, 4.20%, 12/04/2036	CZK	5,390		311
Series 53, Reg. S, 4.85%, 11/26/2057	CZK	1,000		68
Series 58, Reg. S, 5.70%, 05/25/2024	CZK	140		7
Series 78, Reg. S, 2.50%, 08/25/2028	CZK	7,890		370
Series 89, Reg. S, 2.40%, 09/17/2025	CZK	16,910		782
Series 95, Reg. S, 1.00%, 06/26/2026	CZK	6,860		298
Series 97, Reg. S, 0.45%, 10/25/2023	CZK	12,000		532

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 100, 0.25%, 02/10/2027	CZK	26,000		1,079
Series 103, 2.00%, 10/13/2033	CZK	2,260		102
Series 105, 2.75%, 07/23/2029	CZK	11,450		548
Series 121, 1.20%, 03/13/2031	CZK	15,770		666
Series 125, 1.50%, 04/24/2040	CZK	3,380		138
Denmark Government Bond, (Denmark),
1.50%, 11/15/2023	DKK	5,945		967
1.75%, 11/15/2025	DKK	1,380		234
4.50%, 11/15/2039	DKK	5,674		1,541
7.00%, 11/10/2024	DKK	1,470		283
Series 10Y, Reg. S, 0.00%, 11/15/2031 (e)	DKK	3,023		466
Series 10Y, 0.50%, 11/15/2027	DKK	4,540		739
Series 10YR, Reg. S, 0.50%, 11/15/2029 (e)	DKK	9,644		1,573
Series 30Y, Reg. S, 0.25%, 11/15/2052 (e)	DKK	2,619		377
Development Bank of Japan, Inc., (Japan),
Reg. S, 0.88%, 10/10/2025	EUR	1,000		1,204
Reg. S, 1.13%, 04/28/2023	GBP	600		815
4.75%, 11/26/2027	EUR	900		1,342
Series 86, 0.24%, 10/13/2027	JPY	100,000		906
Estonia Government International Bond, (Estonia), Reg. S, 0.13%, 06/10/2030	EUR	200		233
European Union, (Supranational), Reg. S, 3.38%, 04/04/2032	EUR	600		931
Export-Import Bank of China (The), (China),
Series 1514, 3.87%, 09/14/2025	CNY	31,000		4,951
Series 1603, 3.33%, 02/22/2026	CNY	10,100		1,579
Series 1610, 3.18%, 09/05/2026	CNY	10,000		1,554
Series 1703, 4.11%, 03/20/2027	CNY	30,000		4,881
Series 1905, 3.28%, 02/11/2024	CNY	63,000		9,857
Series 1908, 3.23%, 11/04/2022	CNY	8,000		1,247
Series 1910, 3.86%, 05/20/2029	CNY	81,800		13,113
Series 2003, 2.17%, 04/07/2023	CNY	47,500		7,300
Series 2005, 2.93%, 03/02/2025	CNY	114,600		17,727
Series 2007, 3.26%, 02/24/2027	CNY	53,000		8,238
Series 2010, 3.23%, 03/23/2030	CNY	67,500		10,321
Series 2011, 3.74%, 11/16/2030	CNY	10,000		1,594
Series 2013, 3.34%, 09/04/2023	CNY	46,000		7,204
Export-Import Bank of Korea, (South Korea),
Reg. S, 2.60%, 11/08/2023	AUD	1,100		822
Reg. S, 8.00%, 05/15/2024	IDR	400,000		30
Finland Government Bond, (Finland),
Reg. S, 0.00%, 09/15/2023 (e)	EUR	330		387
Reg. S, 0.00%, 09/15/2030 (e)	EUR	50		58
Reg. S, 0.13%, 04/15/2036 (e)	EUR	120		135
Reg. S, 0.13%, 04/15/2052 (e)	EUR	150		152
Reg. S, 0.25%, 09/15/2040 (e)	EUR	384		431
Reg. S, 0.50%, 04/15/2026 (e)	EUR	820		994
Reg. S, 0.50%, 09/15/2027 (e)	EUR	280		341
Reg. S, 0.50%, 09/15/2029 (e)	EUR	610		743
Reg. S, 0.75%, 04/15/2031 (e)	EUR	321		399
Reg. S, 0.88%, 09/15/2025 (e)	EUR	430		527
Reg. S, 1.13%, 04/15/2034 (e)	EUR	522		675
Reg. S, 2.00%, 04/15/2024 (e)	EUR	447		554

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2.63%, 07/04/2042 (e)	EUR	170		284
Reg. S, 4.00%, 07/04/2025 (e)	EUR	270		368
Series 30Y, Reg. S, 1.38%, 04/15/2047 (e)	EUR	310		437
Finnvera OYJ, (Finland),
Reg. S, 0.38%, 04/09/2029	EUR	100		119
Reg. S, 0.75%, 08/07/2028	EUR	100		122
Fondo De Titulizacion Del Deficit Del Sistema Electrico FTA, (Spain),
Reg. S, 0.01%, 09/17/2025	EUR	100		117
Reg. S, 0.85%, 12/17/2023	EUR	600		715
Free and Hanseatic City of Hamburg, (Germany),
Reg. S, 0.00%, 04/07/2026	EUR	280		328
Reg. S, 0.01%, 06/30/2028	EUR	180		210
0.01%, 11/05/2035	EUR	70		77
Reg. S, 0.20%, 09/03/2049	EUR	70		72
Reg. S, 0.25%, 02/18/2041	EUR	94		103
Free State of Bavaria, (Germany), Reg. S, 0.01%, 01/18/2035	EUR	352		391
Free State of Saxony, (Germany), Reg. S, 0.01%, 11/05/2029	EUR	197		228
French Republic Government Bond OAT, (France),
Reg. S, 0.00%, 11/25/2029	EUR	2,745		3,193
Reg. S, 0.50%, 06/25/2044 (e)	EUR	451		498
Reg. S, 1.00%, 11/25/2025	EUR	1,150		1,416
Reg. S, 0.00%, 02/25/2023	EUR	2,627		3,072
Reg. S, 0.00%, 03/25/2023	EUR	3,301		3,862
Reg. S, 0.00%, 02/25/2024	EUR	727		855
Reg. S, 0.00%, 03/25/2024	EUR	1,300		1,529
Reg. S, 0.00%, 03/25/2025	EUR	3,340		3,943
Reg. S, 0.00%, 02/25/2026	EUR	85		100
Reg. S, 0.00%, 02/25/2027	EUR	1,205		1,421
Reg. S, 0.00%, 11/25/2030	EUR	2,750		3,168
Reg. S, 0.00%, 11/25/2031	EUR	149		170
Reg. S, 0.25%, 11/25/2026	EUR	2,730		3,267
Reg. S, 0.50%, 05/25/2025	EUR	2,513		3,022
Reg. S, 0.50%, 05/25/2026	EUR	1,637		1,980
Reg. S, 0.50%, 05/25/2029	EUR	2,197		2,663
Reg. S, 0.50%, 05/25/2040 (e)	EUR	3,773		4,274
Reg. S, 0.50%, 05/25/2072 (e)	EUR	519		462
Reg. S, 0.75%, 05/25/2028	EUR	1,893		2,336
Reg. S, 0.75%, 11/25/2028	EUR	1,140		1,408
Reg. S, 0.75%, 05/25/2052 (e)	EUR	3,079		3,394
Reg. S, 0.75%, 05/25/2053 (e)	EUR	205		224
Reg. S, 1.00%, 05/25/2027	EUR	2,841		3,541
Reg. S, 1.25%, 05/25/2034	EUR	1,879		2,425
Reg. S, 1.25%, 05/25/2036 (e)	EUR	1,967		2,541
Reg. S, 1.50%, 05/25/2031	EUR	3,819		5,025
Reg. S, 1.50%, 05/25/2050 (e)	EUR	1,826		2,448
Reg. S, 1.75%, 05/25/2023	EUR	3,030		3,650
Reg. S, 1.75%, 11/25/2024	EUR	2,526		3,143
Reg. S, 1.75%, 06/25/2039 (e)	EUR	1,494		2,094
Reg. S, 1.75%, 05/25/2066 (e)	EUR	712		1,034
Reg. S, 2.00%, 05/25/2048 (e)	EUR	1,548		2,301
Reg. S, 2.25%, 05/25/2024	EUR	662		826

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2.50%, 05/25/2030	EUR	6,088		8,598
Reg. S, 2.75%, 10/25/2027	EUR	2,455		3,379
Reg. S, 3.25%, 05/25/2045	EUR	1,261		2,267
Reg. S, 3.50%, 04/25/2026	EUR	36		49
Reg. S, 4.00%, 10/25/2038	EUR	825		1,506
Reg. S, 4.00%, 04/25/2055 (e)	EUR	966		2,105
Reg. S, 4.00%, 04/25/2060	EUR	768		1,747
Reg. S, 4.25%, 10/25/2023	EUR	1,910		2,438
Reg. S, 4.50%, 04/25/2041	EUR	1,951		3,891
Reg. S, 4.75%, 04/25/2035	EUR	2,007		3,695
Reg. S, 5.50%, 04/25/2029	EUR	2,037		3,373
Reg. S, 5.75%, 10/25/2032	EUR	1,159		2,167
Reg. S, 6.00%, 10/25/2025	EUR	2,740		4,025
Reg. S, 8.50%, 04/25/2023	EUR	1,220		1,616
Gemeinsame Deutsche Bundeslaender, (Germany),
Series 46, Reg. S, 1.13%, 09/30/2024	EUR	720		872
Series 58, Reg. S, 0.00%, 02/19/2027	EUR	220		258
Gestion Securite de Stocks Securite SA, (France), Reg. S, 4.00%, 01/24/2024	EUR	100		127
Hong Kong Government Bond Programme, (Hong Kong),
1.68%, 01/21/2026	HKD	11,350		1,516
1.97%, 01/17/2029	HKD	1,300		177
Housing & Development Board, (Singapore),
Reg. S, 1.76%, 02/24/2027	SGD	250		186
1.87%, 07/21/2033	SGD	1,000		716
Reg. S, 2.25%, 11/21/2024	SGD	750		571
Reg. S, 2.32%, 01/24/2028	SGD	250		192
Reg. S, 2.60%, 10/30/2029	SGD	1,500		1,167
Hungary Government Bond, (Hungary),
Series 24/C, 2.50%, 10/24/2024	HUF	281,740		915
Series 26/E, 1.50%, 04/22/2026	HUF	100,410		308
Series 26/D, 2.75%, 12/22/2026	HUF	80,210		259
Series 27/A, 3.00%, 10/27/2027	HUF	194,780		634
Series 28/A, 6.75%, 10/22/2028	HUF	75,000		300
Series 30/A, 3.00%, 08/21/2030	HUF	157,350		504
Series 33/A, 2.25%, 04/20/2033	HUF	57,020		165
Series 34/A, 2.25%, 06/22/2034	HUF	44,800		126
Series 41/A, 3.00%, 04/25/2041	HUF	27,170		77
Hungary Government International Bond, (Hungary),
Reg. S, 0.50%, 11/18/2030	EUR	500		567
Reg. S, 1.63%, 04/28/2032	EUR	500		610
Reg. S, 1.75%, 10/10/2027	EUR	425		539
Hydro-Quebec, (Canada),
6.00%, 02/15/2040	CAD	300		353
SUB, 8.40%, 03/28/2025		200		247
SUB, 8.91%, 11/18/2024		500		620
Indonesia Government International Bond, (Indonesia),
0.90%, 02/14/2027	EUR	1,600		1,867
1.85%, 03/12/2031		234		224
Reg. S, 2.15%, 07/18/2024	EUR	550		670
Reg. S, 3.75%, 06/14/2028	EUR	500		683

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Indonesia Treasury Bond, (Indonesia),
Series FR56, 8.38%, 09/15/2026	IDR	13,567,000		1,075
Series FR63, 5.63%, 05/15/2023	IDR	55,000,000		3,945
Series FR64, 6.13%, 05/15/2028	IDR	65,993,000		4,703
Series FR74, 7.50%, 08/15/2032	IDR	54,368,000		4,061
Series FR75, 7.50%, 05/15/2038	IDR	110,122,000		8,010
Series FR76, 7.38%, 05/15/2048	IDR	33,695,000		2,420
Series FR80, 7.50%, 06/15/2035	IDR	25,000,000		1,848
Series FR81, 6.50%, 06/15/2025	IDR	119,400,000		8,760
Series FR82, 7.00%, 09/15/2030	IDR	83,820,000		6,140
Series FR83, 7.50%, 04/15/2040	IDR	39,000,000		2,850
Series FR85, 7.75%, 04/15/2031	IDR	30,000,000		2,299
Series FR86, 5.50%, 04/15/2026	IDR	52,000,000		3,673
Series FR87, 6.50%, 02/15/2031	IDR	20,000,000		1,412
Series FR90, 5.13%, 04/15/2027	IDR	3,155,000		217
Industrial Bank of Korea, (South Korea), Reg. S, 0.02%, 07/16/2025	CHF	300		324
Infraestruturas de Portugal SA, (Portugal), Reg. S, 4.68%, 10/16/2024	EUR	150		200
Instituto de Credito Oficial, (Spain), Reg. S, 0.25%, 04/30/2024	EUR	50		59
International Bank for Reconstruction & Development, (Supranational),
0.00%, 01/15/2027	EUR	1,125		1,319
Zero Coupon, 10/31/2030		1,000		820
0.10%, 09/17/2035	EUR	775		865
Reg. S, 0.20%, 01/21/2061	EUR	500		482
0.25%, 09/23/2027	GBP	900		1,166
0.38%, 07/28/2025		50		49
0.50%, 07/24/2023	GBP	1,450		1,956
0.50%, 06/21/2035	EUR	50		59
0.88%, 12/13/2024	GBP	50		68
1.63%, 01/15/2025		475		490
2.00%, 01/26/2022		165		166
2.50%, 03/19/2024		365		383
3.00%, 09/27/2023		200		211
Investitionsbank Schleswig-Holstein, (Germany), Reg. S, 0.01%, 05/15/2026	EUR	100		117
Ireland Government Bond, (Ireland),
Reg. S, 0.20%, 10/18/2030	EUR	881		1,031
Reg. S, 0.40%, 05/15/2035	EUR	691		799
Reg. S, 0.00%, 10/18/2022	EUR	330		385
Reg. S, 0.00%, 10/18/2031	EUR	272		309
Reg. S, 0.20%, 05/15/2027	EUR	880		1,049
Reg. S, 0.55%, 04/22/2041	EUR	230		261
Reg. S, 0.90%, 05/15/2028	EUR	12		15
Reg. S, 1.10%, 05/15/2029	EUR	517		654
Reg. S, 1.35%, 03/18/2031	EUR	365		473
Reg. S, 1.50%, 05/15/2050	EUR	481		640
Reg. S, 1.70%, 05/15/2037	EUR	290		396
Reg. S, 2.00%, 02/18/2045	EUR	430		634
Reg. S, 2.40%, 05/15/2030	EUR	590		826
Reg. S, 3.40%, 03/18/2024	EUR	490		624
Reg. S, 3.90%, 03/20/2023	EUR	270		333
5.40%, 03/13/2025	EUR	790		1,104
Israel Government AID Bond, (Israel), 5.50%, 09/18/2033		900		1,250

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Israel Government Bond - Fixed, (Israel),
Series 142, 5.50%, 01/31/2042	ILS	290		144
Series 327, 2.00%, 03/31/2027	ILS	800		268
Series 330, 1.00%, 03/31/2030	ILS	1,200		368
Series 537, 1.50%, 05/31/2037	ILS	305		90
Israel Government International Bond, (Israel),
Reg. S, 2.50%, 01/16/2049	EUR	425		627
2.75%, 07/03/2030		200		212
Italy Buoni Poliennali Del Tesoro, (Italy),
Reg. S, 0.85%, 01/15/2027 (e)	EUR	6,435		7,704
Reg. S, 1.80%, 03/01/2041 (e)	EUR	1,073		1,297
Reg. S, 0.00%, 01/15/2024	EUR	1,045		1,219
Reg. S, 0.00%, 04/15/2024	EUR	1,038		1,210
Reg. S, 0.30%, 08/15/2023 (e)	EUR	1,640		1,925
Reg. S, 0.35%, 02/01/2025	EUR	380		447
Reg. S, 0.50%, 07/15/2028 (e)	EUR	154		179
Reg. S, 0.60%, 06/15/2023	EUR	1,640		1,934
Reg. S, 0.60%, 08/01/2031 (e)	EUR	554		626
Reg. S, 0.65%, 10/15/2023	EUR	1,000		1,183
Reg. S, 0.90%, 04/01/2031	EUR	927		1,081
Reg. S, 0.95%, 03/01/2023	EUR	1,646		1,944
Reg. S, 0.95%, 09/15/2027 (e)	EUR	880		1,057
Reg. S, 0.95%, 08/01/2030	EUR	1,510		1,781
Reg. S, 0.95%, 12/01/2031 (e)	EUR	175		204
Reg. S, 0.95%, 03/01/2037 (e)	EUR	203		223
Reg. S, 1.25%, 12/01/2026	EUR	1,242		1,519
Reg. S, 1.35%, 04/01/2030	EUR	1,390		1,698
Reg. S, 1.45%, 11/15/2024	EUR	1,900		2,313
Reg. S, 1.45%, 05/15/2025	EUR	1,013		1,240
Reg. S, 1.45%, 03/01/2036 (e)	EUR	1,079		1,285
Reg. S, 1.50%, 06/01/2025	EUR	1,620		1,986
Reg. S, 1.50%, 04/30/2045 (e)	EUR	687		774
Reg. S, 1.65%, 12/01/2030 (e)	EUR	2,329		2,905
Reg. S, 1.65%, 03/01/2032 (e)	EUR	676		840
Reg. S, 1.70%, 09/01/2051 (e)	EUR	709		801
Reg. S, 1.75%, 07/01/2024	EUR	1,140		1,392
Reg. S, 1.85%, 07/01/2025 (e)	EUR	2,260		2,806
Reg. S, 2.00%, 12/01/2025	EUR	760		954
Reg. S, 2.00%, 02/01/2028	EUR	140		179
Reg. S, 2.05%, 08/01/2027	EUR	1,290		1,646
Reg. S, 2.10%, 07/15/2026	EUR	1,702		2,159
Reg. S, 2.15%, 03/01/2072 (e)	EUR	79		90
Reg. S, 2.15%, 03/01/2072 (e)	EUR	233		265
Reg. S, 2.20%, 06/01/2027	EUR	2,407		3,094
Reg. S, 2.25%, 09/01/2036 (e)	EUR	740		973
Reg. S, 2.45%, 09/01/2033 (e)	EUR	1,194		1,597
Reg. S, 2.50%, 12/01/2024	EUR	994		1,249
Reg. S, 2.50%, 11/15/2025	EUR	902		1,153
Reg. S, 2.70%, 03/01/2047 (e)	EUR	440		612
Reg. S, 2.80%, 12/01/2028	EUR	590		794
Reg. S, 2.80%, 03/01/2067 (e)	EUR	575		783

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2.95%, 09/01/2038 (e)	EUR	704		1,007
Reg. S, 3.00%, 08/01/2029	EUR	1,426		1,958
Reg. S, 3.10%, 03/01/2040 (e)	EUR	912		1,331
Reg. S, 3.25%, 09/01/2046 (e)	EUR	1,090		1,659
Reg. S, 3.35%, 03/01/2035 (e)	EUR	2,940		4,321
Reg. S, 3.45%, 03/01/2048 (e)	EUR	712		1,123
Reg. S, 3.50%, 03/01/2030 (e)	EUR	1,306		1,866
Reg. S, 3.75%, 09/01/2024	EUR	1,230		1,590
Reg. S, 3.85%, 09/01/2049 (e)	EUR	883		1,491
Reg. S, 4.00%, 02/01/2037 (e)	EUR	1,310		2,081
Reg. S, 4.50%, 05/01/2023	EUR	1,891		2,362
Reg. S, 4.50%, 03/01/2024	EUR	59		76
Reg. S, 4.50%, 03/01/2026 (e)	EUR	3		4
Reg. S, 4.75%, 08/01/2023 (e)	EUR	1,000		1,269
Reg. S, 4.75%, 09/01/2028 (e)	EUR	1,593		2,382
Reg. S, 4.75%, 09/01/2044 (e)	EUR	2,050		3,790
Reg. S, 5.00%, 03/01/2025 (e)	EUR	890		1,212
Reg. S, 5.00%, 08/01/2034 (e)	EUR	1,238		2,097
Reg. S, 5.00%, 08/01/2039 (e)	EUR	1,074		1,942
Reg. S, 5.00%, 09/01/2040 (e)	EUR	960		1,756
Reg. S, 5.25%, 11/01/2029	EUR	1,777		2,819
Reg. S, 5.50%, 11/01/2022	EUR	1,414		1,743
Reg. S, 5.75%, 02/01/2033	EUR	1,100		1,926
Reg. S, 6.00%, 05/01/2031	EUR	1,753		3,010
Reg. S, 6.50%, 11/01/2027	EUR	890		1,413
Reg. S, 7.25%, 11/01/2026	EUR	1,580		2,490
Series 5Y, Reg. S, 2.45%, 10/01/2023	EUR	2,143		2,624
Series CAC, Reg. S, 2.45%, 09/01/2050 (e)	EUR	856		1,137
Japan Bank for International Cooperation, (Japan), 2.38%, 07/21/2022		200		203
Japan Expressway Holding and Debt Repayment Agency, (Japan),
Series 37, 2.42%, 06/20/2028	JPY	100,000		1,037
Series 75, 1.96%, 09/19/2031	JPY	100,000		1,053
Series 347, 0.73%, 04/30/2048	JPY	200,000		1,829
Japan Finance Corp., (Japan),
Series 57, 0.00%, 10/17/2025	JPY	400,000		3,592
Series 62, 0.00%, 07/31/2024	JPY	1,870,000		16,804
Japan Finance Organization for Municipalities, (Japan),
Reg. S, 0.05%, 02/12/2027	EUR	200		233
Series 4, 0.31%, 07/28/2023	JPY	1,000,000		9,038
Series 39, 0.82%, 08/26/2022	JPY	10,000		90
Series 55, 0.78%, 12/28/2023	JPY	100,000		914
Series 69, 0.48%, 02/28/2025	JPY	100,000		912
Series 72, 0.51%, 05/23/2025	JPY	1,016,000		9,296
Series 2022, 2.32%, 06/18/2027	JPY	1,400,000		14,186
Japan Government Five Year Bond, (Japan),
Series 135, 0.10%, 03/20/2023	JPY	3,819,750		34,430
Series 141, 0.10%, 09/20/2024	JPY	323,300		2,923
Series 143, 0.10%, 03/20/2025	JPY	934,600		8,457
Series 144, 0.10%, 06/20/2025	JPY	329,000		2,979
Series 148, 0.01%, 06/20/2026	JPY	184,750		1,667

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Japan Government Forty Year Bond, (Japan),
Series 1, 2.40%, 03/20/2048	JPY	100,000		1,292
Series 3, 2.20%, 03/20/2050	JPY	2,683,300		33,786
Series 4, 2.20%, 03/20/2051	JPY	540,200		6,824
Series 5, 2.00%, 03/20/2052	JPY	362,900		4,425
Series 6, 1.90%, 03/20/2053	JPY	109,500		1,316
Series 7, 1.70%, 03/20/2054	JPY	585,650		6,777
Series 8, 1.40%, 03/20/2055	JPY	474,850		5,139
Series 9, 0.40%, 03/20/2056	JPY	61,450		499
Series 10, 0.90%, 03/20/2057	JPY	150,450		1,428
Series 11, 0.80%, 03/20/2058	JPY	802,900		7,384
Series 12, 0.50%, 03/20/2059	JPY	1,099,550		9,129
Series 13, 0.50%, 03/20/2060	JPY	650,050		5,375
Series 14, 0.70%, 03/20/2061	JPY	478,400		4,217
Japan Government Ten Year Bond, (Japan),
Series 329, 0.80%, 06/20/2023	JPY	269,750		2,461
Series 330, 0.80%, 09/20/2023	JPY	5,101,700		46,658
Series 334, 0.60%, 06/20/2024	JPY	1,632,950		14,958
Series 336, 0.50%, 12/20/2024	JPY	523,900		4,799
Series 342, 0.10%, 03/20/2026	JPY	288,000		2,609
Series 343, 0.10%, 06/20/2026	JPY	3,348,200		30,343
Series 344, 0.10%, 09/20/2026	JPY	2,222,800		20,150
Series 345, 0.10%, 12/20/2026	JPY	7,942,800		72,022
Series 346, 0.10%, 03/20/2027	JPY	1,000,000		9,072
Series 347, 0.10%, 06/20/2027	JPY	1,381,350		12,534
Series 348, 0.10%, 09/20/2027	JPY	3,407,900		30,931
Series 349, 0.10%, 12/20/2027	JPY	2,115,800		19,203
Series 350, 0.10%, 03/20/2028	JPY	1,368,900		12,422
Series 351, 0.10%, 06/20/2028	JPY	1,529,200		13,876
Series 352, 0.10%, 09/20/2028	JPY	1,452,200		13,175
Series 354, 0.10%, 03/20/2029	JPY	309,200		2,804
Series 355, 0.10%, 06/20/2029	JPY	156,050		1,415
Series 356, 0.10%, 09/20/2029	JPY	2,192,650		19,870
Series 357, 0.10%, 12/20/2029	JPY	972,650		8,812
Series 358, 0.10%, 03/20/2030	JPY	1,115,100		10,102
Series 359, 0.10%, 06/20/2030	JPY	4,656,500		42,147
Series 360, 0.10%, 09/20/2030	JPY	910,250		8,230
Series 361, 0.10%, 12/20/2030	JPY	571,000		5,159
Series 363, 0.10%, 06/20/2031	JPY	508,400		4,580
Japan Government Thirty Year Bond, (Japan),
Series 4, 2.90%, 11/20/2030	JPY	411,050		4,656
Series 5, 2.20%, 05/20/2031	JPY	143,400		1,552
Series 11, 1.70%, 06/20/2033	JPY	100,000		1,061
Series 12, 2.10%, 09/20/2033	JPY	152,100		1,681
Series 17, 2.40%, 12/20/2034	JPY	112,150		1,296
Series 18, 2.30%, 03/20/2035	JPY	973,400		11,164
Series 19, 2.30%, 06/20/2035	JPY	3,067,700		35,275
Series 20, 2.50%, 09/20/2035	JPY	156,800		1,848
Series 21, 2.30%, 12/20/2035	JPY	749,850		8,675
Series 22, 2.50%, 03/20/2036	JPY	132,250		1,567
Series 23, 2.50%, 06/20/2036	JPY	469,200		5,574

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 24, 2.50%, 09/20/2036	JPY	754,250		8,994
Series 29, 2.40%, 09/20/2038	JPY	110,100		1,324
Series 32, 2.30%, 03/20/2040	JPY	271,450		3,259
Series 33, 2.00%, 09/20/2040	JPY	3,575,400		41,348
Series 34, 2.20%, 03/20/2041	JPY	622,350		7,419
Series 35, 2.00%, 09/20/2041	JPY	844,000		9,816
Series 37, 1.90%, 09/20/2042	JPY	1,558,300		17,950
Series 38, 1.80%, 03/20/2043	JPY	103,400		1,176
Series 39, 1.90%, 06/20/2043	JPY	316,950		3,669
Series 40, 1.80%, 09/20/2043	JPY	56,950		650
Series 41, 1.70%, 12/20/2043	JPY	385,100		4,323
Series 42, 1.70%, 03/20/2044	JPY	688,300		7,733
Series 44, 1.70%, 09/20/2044	JPY	283,000		3,185
Series 45, 1.50%, 12/20/2044	JPY	449,400		4,890
Series 46, 1.50%, 03/20/2045	JPY	761,350		8,292
Series 47, 1.60%, 06/20/2045	JPY	627,000		6,966
Series 48, 1.40%, 09/20/2045	JPY	2,214,250		23,719
Series 49, 1.40%, 12/20/2045	JPY	438,550		4,701
Series 50, 0.80%, 03/20/2046	JPY	131,550		1,248
Series 51, 0.30%, 06/20/2046	JPY	327,200		2,764
Series 52, 0.50%, 09/20/2046	JPY	355,000		3,139
Series 53, 0.60%, 12/20/2046	JPY	9,550		86
Series 56, 0.80%, 09/20/2047	JPY	2,286,950		21,585
Series 57, 0.80%, 12/20/2047	JPY	414,950		3,914
Series 58, 0.80%, 03/20/2048	JPY	305,200		2,875
Series 61, 0.70%, 12/20/2048	JPY	231,950		2,125
Series 62, 0.50%, 03/20/2049	JPY	2,351,650		20,436
Series 63, 0.40%, 06/20/2049	JPY	156,850		1,325
Series 64, 0.40%, 09/20/2049	JPY	135,300		1,140
Series 65, 0.40%, 12/20/2049	JPY	517,250		4,352
Series 66, 0.40%, 03/20/2050	JPY	455,350		3,825
Series 67, 0.60%, 06/20/2050	JPY	477,500		4,222
Series 68, 0.60%, 09/20/2050	JPY	131,500		1,162
Series 69, 0.70%, 12/20/2050	JPY	373,300		3,381
Series 70, 0.70%, 03/20/2051	JPY	493,700		4,464
Series 71, 0.70%, 06/20/2051	JPY	729,500		6,588
Japan Government Twenty Year Bond, (Japan),
Series 72, 2.10%, 09/20/2024	JPY	975,400		9,337
Series 75, 2.10%, 03/20/2025	JPY	37,000		358
Series 80, 2.10%, 06/20/2025	JPY	517,000		5,025
Series 82, 2.10%, 09/20/2025	JPY	1,631,800		15,944
Series 92, 2.10%, 12/20/2026	JPY	196,250		1,964
Series 94, 2.10%, 03/20/2027	JPY	47,500		477
Series 96, 2.10%, 06/20/2027	JPY	93,350		943
Series 99, 2.10%, 12/20/2027	JPY	771,550		7,863
Series 102, 2.40%, 06/20/2028	JPY	900,900		9,428
Series 105, 2.10%, 09/20/2028	JPY	25,450		263
Series 109, 1.90%, 03/20/2029	JPY	6,139,250		63,093
Series 113, 2.10%, 09/20/2029	JPY	204,150		2,142
Series 118, 2.00%, 06/20/2030	JPY	1,865,000		19,655
Series 121, 1.90%, 09/20/2030	JPY	1,808,800		18,968

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 122, 1.80%, 09/20/2030	JPY	965,200		10,043
Series 123, 2.10%, 12/20/2030	JPY	167,000		1,784
Series 124, 2.00%, 12/20/2030	JPY	253,200		2,684
Series 125, 2.20%, 03/20/2031	JPY	768,850		8,302
Series 126, 2.00%, 03/20/2031	JPY	845,200		8,983
Series 127, 1.90%, 03/20/2031	JPY	636,450		6,711
Series 128, 1.90%, 06/20/2031	JPY	797,950		8,439
Series 131, 1.70%, 09/20/2031	JPY	1,370,700		14,288
Series 133, 1.80%, 12/20/2031	JPY	526,850		5,554
Series 137, 1.70%, 06/20/2032	JPY	514,700		5,407
Series 140, 1.70%, 09/20/2032	JPY	2,049,100		21,574
Series 145, 1.70%, 06/20/2033	JPY	109,050		1,157
Series 146, 1.70%, 09/20/2033	JPY	173,100		1,840
Series 148, 1.50%, 03/20/2034	JPY	970,000		10,138
Series 149, 1.50%, 06/20/2034	JPY	4,177,850		43,736
Series 150, 1.40%, 09/20/2034	JPY	6,281,850		65,152
Series 151, 1.20%, 12/20/2034	JPY	585,550		5,944
Series 152, 1.20%, 03/20/2035	JPY	1,277,600		12,978
Series 153, 1.30%, 06/20/2035	JPY	800,000		8,229
Series 154, 1.20%, 09/20/2035	JPY	845,850		8,612
Series 155, 1.00%, 12/20/2035	JPY	963,350		9,578
Series 156, 0.40%, 03/20/2036	JPY	838,350		7,694
Series 157, 0.20%, 06/20/2036	JPY	1,132,250		10,080
Series 161, 0.60%, 06/20/2037	JPY	643,500		6,052
Series 164, 0.50%, 03/20/2038	JPY	489,650		4,522
Series 165, 0.50%, 06/20/2038	JPY	397,450		3,664
Series 166, 0.70%, 09/20/2038	JPY	22,000		209
Series 167, 0.50%, 12/20/2038	JPY	1,149,500		10,572
Series 168, 0.40%, 03/20/2039	JPY	590,400		5,336
Series 172, 0.40%, 03/20/2040	JPY	145,000		1,301
Series 173, 0.40%, 06/20/2040	JPY	872,500		7,817
Series 174, 0.40%, 09/20/2040	JPY	2,985,300		26,703
Series 175, 0.50%, 12/20/2040	JPY	698,400		6,349
Series 176, 0.50%, 03/20/2041	JPY	753,650		6,840
Series 177, 0.40%, 06/20/2041	JPY	908,850		8,088
Japan Government Two Year Bond, (Japan), Series 415, 0.10%, 08/01/2022	JPY	959,300		8,634
Japan Housing Finance Agency, (Japan),
Series 71, 1.75%, 03/19/2026	JPY	200,000		1,934
Series 108, 1.43%, 06/18/2027	JPY	100,000		967
Japan International Cooperation Agency, (Japan), Series 35, 0.08%, 06/19/2026	JPY	200,000		1,799
Japanese Government CPI Linked Bond, (Japan), Series 25, 0.20%, 03/10/2030	JPY	99,811		941
Jersey International Bond, (Jersey), Reg. S, 3.75%, 06/09/2054	GBP	400		774
Junta de Castilla y Leon, (Spain), Reg. S, 0.43%, 04/30/2030	EUR	62		72
Kazakhstan Government International Bond, (Kazakhstan), Reg. S, 1.50%, 09/30/2034	EUR	200		234
Kingdom of Belgium Government Bond, (Belgium),
Series 44, Reg. S, 5.00%, 03/28/2035 (e)	EUR	580		1,090
Series 60, Reg. S, 4.25%, 03/28/2041 (e)	EUR	710		1,370
Series 66, Reg. S, 4.00%, 03/28/2032	EUR	530		865
Series 68, Reg. S, 2.25%, 06/22/2023	EUR	762		928
Series 71, Reg. S, 3.75%, 06/22/2045	EUR	470		899
Series 72, Reg. S, 2.60%, 06/22/2024 (e)	EUR	250		316

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 73, Reg. S, 3.00%, 06/22/2034 (e)	EUR	2,227		3,458
Series 74, Reg. S, 0.80%, 06/22/2025 (e)	EUR	1,289		1,570
Series 75, Reg. S, 1.00%, 06/22/2031 (e)	EUR	477		603
Series 76, Reg. S, 1.90%, 06/22/2038 (e)	EUR	493		698
Series 77, Reg. S, 1.00%, 06/22/2026 (e)	EUR	1,412		1,750
Series 78, Reg. S, 1.60%, 06/22/2047 (e)	EUR	1,027		1,398
Series 79, Reg. S, 0.20%, 10/22/2023 (e)	EUR	247		291
Series 80, Reg. S, 2.15%, 06/22/2066 (e)	EUR	314		507
Series 81, Reg. S, 0.80%, 06/22/2027 (e)	EUR	100		124
Series 82, Reg. S, 0.50%, 10/22/2024 (e)	EUR	1,210		1,450
Series 83, Reg. S, 2.25%, 06/22/2057 (e)	EUR	354		568
Series 84, Reg. S, 1.45%, 06/22/2037 (e)	EUR	190		253
Series 85, Reg. S, 0.80%, 06/22/2028 (e)	EUR	1,400		1,739
Series 86, Reg. S, 1.25%, 04/22/2033 (e)	EUR	792		1,031
Series 87, Reg. S, 0.90%, 06/22/2029 (e)	EUR	1,124		1,408
Series 88, Reg. S, 1.70%, 06/22/2050 (e)	EUR	657		915
Series 89, Reg. S, 0.10%, 06/22/2030 (e)	EUR	722		846
Series 90, Reg. S, 0.40%, 06/22/2040 (e)	EUR	480		533
Series 91, Reg. S, 0.00%, 10/22/2027 (e)	EUR	1,326		1,567
Series 92, Reg. S, 0.00%, 10/22/2031 (e)	EUR	547		626
Series 93, Reg. S, 0.65%, 06/22/2071 (e)	EUR	258		247
Kommunalbanken A/S, (Norway),
Reg. S, 0.05%, 10/24/2029	EUR	100		115
Reg. S, 0.63%, 04/20/2026	EUR	1,000		1,202
Kommunekredit, (Denmark),
Reg. S, 0.01%, 05/04/2034	EUR	500		553
Reg. S, 0.25%, 03/29/2023	EUR	175		205
Reg. S, 0.50%, 01/24/2025	EUR	700		834
Kommuninvest I Sverige AB, (Sweden),
Reg. S, 1.50%, 05/12/2025	SEK	3,000		357
Series 2505, Reg. S, 1.00%, 05/12/2025	SEK	5,000		586
Series 2602, Reg. S, 0.75%, 02/04/2026	SEK	2,880		333
Series G23, Reg. S, 0.63%, 06/01/2023	SEK	100		11
Series G24, Reg. S, 0.38%, 03/27/2024	SEK	4,880		560
Korea Development Bank (The), (South Korea),
Reg. S, 1.83%, 08/10/2027	SEK	1,000		119
6.00%, 01/22/2025	IDR	15,000,000		1,066
Korea Expressway Corp., (South Korea), Reg. S, 3.10%, 06/08/2026		200		213
Korea Housing Finance Corp., (South Korea),
Reg. S, 0.01%, 06/29/2026	EUR	100		116
Reg. S, 0.10%, 06/18/2024	EUR	100		117
Korea Hydro & Nuclear Power Co. Ltd., (South Korea), Reg. S, 0.00%, 07/19/2024	CHF	300		325
Korea National Oil Corp., (South Korea),
Reg. S, 0.00%, 10/04/2024	CHF	300		325
Reg. S, 0.26%, 07/30/2027	CHF	300		327
Korea Treasury Bond, (South Korea),
Series 2306, 1.00%, 06/10/2023	KRW	32,596,600		27,334
Series 2312, 0.88%, 12/10/2023	KRW	1,000,000		833
Series 2409, 1.38%, 09/10/2024	KRW	13,098,440		10,969
Series 2509, 1.13%, 09/10/2025	KRW	23,030,000		18,919
Series 2603, 5.75%, 03/10/2026	KRW	5,119,010		5,020

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 2612, 1.50%, 12/10/2026	KRW	9,600,000		7,890
Series 2912, 1.38%, 12/10/2029	KRW	27,148,660		21,460
Series 3006, 1.38%, 06/10/2030	KRW	7,900,000		6,204
Series 3106, 2.00%, 06/10/2031	KRW	7,015,550		5,782
Series 3909, 1.13%, 09/10/2039	KRW	29,677,510		20,817
Series 4703, 2.13%, 03/10/2047	KRW	4,126,000		3,379
Series 5003, 1.50%, 03/10/2050	KRW	17,807,000		12,585
Series 5103, 1.88%, 03/10/2051	KRW	1,848,300		1,438
Series 6609, 1.50%, 09/10/2066	KRW	2,340,000		1,574
Series 7009, 1.63%, 09/10/2070	KRW	989,340		689
Kuntarahoitus OYJ, (Finland),
Reg. S, 0.05%, 09/06/2029	EUR	400		466
Reg. S, 0.13%, 03/07/2024	EUR	180		212
Reg. S, 1.25%, 02/23/2033	EUR	200		258
Land Baden-Wuerttemberg, (Germany),
Reg. S, 0.01%, 09/02/2030	EUR	118		136
Reg. S, 0.63%, 01/27/2026	EUR	380		458
Series 120, Reg. S, 2.00%, 11/13/2023	EUR	220		268
Land Berlin, (Germany),
Reg. S, 0.01%, 07/02/2030	EUR	490		565
Reg. S, 0.10%, 01/18/2030	EUR	135		158
Series 493, Reg. S, 0.63%, 02/08/2027	EUR	570		690
Series 495, Reg. S, 1.38%, 06/05/2037	EUR	260		342
Series 506, Reg. S, 1.38%, 08/27/2038	EUR	115		152
Series 530, Reg. S, 0.10%, 01/18/2041	EUR	80		85
Land Thueringen, (Germany),
Reg. S, 0.05%, 05/06/2030	EUR	260		301
Reg. S, 0.13%, 01/13/2051	EUR	44		45
Latvia Government International Bond, (Latvia),
Reg. S, 0.00%, 03/17/2031	EUR	100		115
Reg. S, 1.13%, 05/30/2028	EUR	390		490
Reg. S, 1.38%, 05/16/2036	EUR	110		146
Lithuania Government International Bond, (Lithuania),
Reg. S, 0.25%, 05/06/2025	EUR	70		82
Reg. S, 0.50%, 07/28/2050	EUR	210		230
Reg. S, 0.75%, 05/06/2030	EUR	440		542
Luxembourg Government Bond, (Luxembourg),
Reg. S, 0.00%, 04/28/2025	EUR	240		282
Reg. S, 0.00%, 11/13/2026	EUR	130		153
Reg. S, 0.00%, 04/28/2030	EUR	150		175
Malaysia Government Bond, (Malaysia),
Series 114, 4.18%, 07/15/2024	MYR	8,000		1,994
Series 118, 3.88%, 03/14/2025	MYR	2,000		498
Series 216, 4.74%, 03/15/2046	MYR	10,700		2,730
Series 217, 4.06%, 09/30/2024	MYR	12,000		2,986
Series 219, 3.89%, 08/15/2029	MYR	6,600		1,631
Series 307, 3.50%, 05/31/2027	MYR	2,000		487
Series 317, 4.76%, 04/07/2037	MYR	2,200		574
Series 318, 4.64%, 11/07/2033	MYR	10,000		2,566
Series 319, 3.48%, 06/14/2024	MYR	5,500		1,348
Series 418, 4.89%, 06/08/2038	MYR	11,600		3,038

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 518, 4.92%, 07/06/2048	MYR	1,800		473
Series 519, 3.76%, 05/22/2040	MYR	30		7
Malaysia Government Investment Issue, (Malaysia),
Series 119, 4.13%, 07/09/2029	MYR	31,630		7,889
Series 217, 4.05%, 08/15/2024	MYR	3,090		768
Series 218, 4.37%, 10/31/2028	MYR	7,600		1,937
Series 219, 4.47%, 09/15/2039	MYR	2,000		490
Series 316, 4.07%, 09/30/2026	MYR	21,579		5,440
Series 417, 4.90%, 05/08/2047	MYR	521		134
Series 517, 4.76%, 08/04/2037	MYR	3,800		973
Series 519, 4.64%, 11/15/2049	MYR	2,995		728
Series 615, 4.79%, 10/31/2035	MYR	2,946		764
Series 617, 4.72%, 06/15/2033	MYR	3,000		787
Series 719, 3.15%, 05/15/2023	MYR	9,000		2,187
Metropolitano de Lisboa EPE, (Portugal), 7.30%, 12/23/2025	EUR	500		760
Mexican Bonos, (Mexico),
Series M, 7.75%, 05/29/2031	MXN	12,000		596
Series M 20, 7.50%, 06/03/2027	MXN	17,000		837
Series M 20, 8.50%, 05/31/2029	MXN	1,000		52
Mexico Government International Bond, (Mexico),
1.13%, 01/17/2030	EUR	600		680
1.35%, 09/18/2027	EUR	1,575		1,877
1.63%, 04/08/2026	EUR	100		121
2.13%, 10/25/2051	EUR	600		575
3.00%, 03/06/2045	EUR	425		510
4.13%, 01/21/2026		280		313
4.60%, 02/10/2048		250		257
5.75%, 10/12/2110		20		23
6.75%, 02/06/2024	GBP	100		152
Ministeries Van de Vlaamse Gemeenschap, (Belgium),
Reg. S, 0.01%, 06/23/2027	EUR	500		585
Reg. S, 1.00%, 01/23/2051	EUR	100		115
Reg. S, 1.38%, 11/21/2033	EUR	300		388
Reg. S, 1.50%, 07/12/2038	EUR	100		130
Reg. S, 1.50%, 04/11/2044	EUR	100		130
Municipal Finance Authority of British Columbia, (Canada),
1.10%, 06/01/2025	CAD	200		157
2.55%, 10/09/2029	CAD	300		248
2.80%, 12/03/2023	CAD	1,000		825
Nederlandse Waterschapsbank NV, (Netherlands),
Reg. S, 0.05%, 01/28/2030	EUR	374		434
0.13%, 09/25/2023	EUR	400		469
Reg. S, 0.25%, 06/07/2024	EUR	683		806
Reg. S, 0.75%, 10/04/2041	EUR	100		119
Reg. S, 1.00%, 03/01/2028	EUR	300		372
Reg. S, 1.25%, 05/27/2036	EUR	140		180
Reg. S, 1.50%, 06/15/2039	EUR	160		216
5.20%, 03/31/2025	CAD	1,000		902
Netherlands Government Bond, (Netherlands),
Reg. S, 4.00%, 01/15/2037 (e)	EUR	846		1,555
Reg. S, 0.00%, 01/15/2024 (e)	EUR	771		907

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Reg. S, 0.00%, 01/15/2027 (e)	EUR	990		1,175
Reg. S, 0.00%, 07/15/2030 (e)	EUR	620		728
Reg. S, 0.00%, 01/15/2038 (e)	EUR	202		226
Reg. S, 0.00%, 01/15/2052 (e)	EUR	546		566
Reg. S, 0.25%, 07/15/2029 (e)	EUR	1,359		1,634
Reg. S, 0.50%, 01/15/2040 (e)	EUR	540		659
Reg. S, 0.75%, 07/15/2027 (e)	EUR	1,883		2,333
Reg. S, 0.75%, 07/15/2028 (e)	EUR	120		150
Reg. S, 1.75%, 07/15/2023 (e)	EUR	1,605		1,942
Reg. S, 2.00%, 07/15/2024 (e)	EUR	1,274		1,586
Reg. S, 2.50%, 01/15/2033 (e)	EUR	2,507		3,729
Reg. S, 2.75%, 01/15/2047 (e)	EUR	1,212		2,258
Reg. S, 3.75%, 01/15/2042 (e)	EUR	981		1,933
Reg. S, 5.50%, 01/15/2028 (e)	EUR	666		1,061
New South Wales Treasury Corp., (Australia),
Reg. S, 1.00%, 02/08/2024	AUD	500		367
Reg. S, 1.25%, 03/20/2025	AUD	3,000		2,221
Reg. S, 2.00%, 03/20/2031	AUD	1,900		1,401
Reg. S, 2.00%, 03/08/2033	AUD	3,500		2,528
2.25%, 05/07/2041	AUD	700		481
Reg. S, 3.00%, 03/20/2028	AUD	1,800		1,439
Reg. S, 3.00%, 02/20/2030	AUD	200		160
Series 27, Reg. S, 3.00%, 05/20/2027	AUD	4,100		3,271
New Zealand Government Bond, (New Zealand),
Series 423, Reg. S, 5.50%, 04/15/2023	NZD	3,250		2,396
Series 425, Reg. S, 2.75%, 04/15/2025	NZD	1,700		1,229
Series 427, Reg. S, 4.50%, 04/15/2027	NZD	730		580
Series 429, 3.00%, 04/20/2029	NZD	280		209
Series 433, Reg. S, 3.50%, 04/14/2033	NZD	1,980		1,554
Series 437, Reg. S, 2.75%, 04/15/2037	NZD	2,050		1,480
Series 524, 0.50%, 05/15/2024	NZD	5,500		3,726
Series 526, 0.50%, 05/15/2026	NZD	523		344
Series 528, 0.25%, 05/15/2028	NZD	6,400		4,002
Series 531, 1.50%, 05/15/2031	NZD	2,700		1,782
Series 541, 1.75%, 05/15/2041	NZD	1,265		759
Series 551, 2.75%, 05/15/2051	NZD	633		432
New Zealand Local Government Funding Agency Bond, (New Zealand),
Reg. S, 2.00%, 04/15/2037	NZD	1,570		952
3.50%, 04/14/2033	NZD	300		223
Northern Territory Treasury Corp., (Australia),
Reg. S, 2.00%, 04/21/2031	AUD	600		435
Reg. S, 2.75%, 04/21/2027	AUD	2,200		1,724
Norway Government Bond, (Norway),
Series 475, Reg. S, 2.00%, 05/24/2023 (e)	NOK	1,590		185
Series 476, Reg. S, 3.00%, 03/14/2024 (e)	NOK	6,073		726
Series 477, Reg. S, 1.75%, 03/13/2025 (e)	NOK	1,920		223
Series 478, Reg. S, 1.50%, 02/19/2026 (e)	NOK	2,520		290
Series 479, Reg. S, 1.75%, 02/17/2027 (e)	NOK	3,070		357
Series 480, Reg. S, 2.00%, 04/26/2028 (e)	NOK	1,450		171
Series 481, Reg. S, 1.75%, 09/06/2029 (e)	NOK	3,040		353
Series 483, Reg. S, 1.25%, 09/17/2031 (e)	NOK	2,794		309

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 482, Reg. S, 1.38%, 08/19/2030 (e)	NOK	3,270		368
OMERS Finance Trust, (Canada),
0.45%, 05/13/2025 (e)	EUR	250		295
Reg. S, 0.45%, 05/13/2025	EUR	2,700		3,191
Ontario Electricity Financial Corp., (Canada), Series 40, Zero Coupon, 04/11/2031	CAD	1,000		631
Ontario Teachers’ Finance Trust, (Canada),
Reg. S, 0.50%, 05/06/2025	EUR	2,100		2,494
Reg. S, 0.90%, 05/20/2041	EUR	200		231
Panama Government International Bond, (Panama), 4.50%, 04/16/2050		200		217
Peruvian Government International Bond, (Peru),
Reg. S, 2.75%, 01/30/2026	EUR	425		544
2.78%, 01/23/2031		110		109
3.23%, 07/28/2121		25		20
3.55%, 03/10/2051		50		50
Reg. S, 6.90%, 08/12/2037	PEN	1,000		231
Philippine Government International Bond, (Philippines), 1.65%, 06/10/2031		200		190
9.50%, 02/02/2030		100		155
Portugal Obrigacoes do Tesouro OT, (Portugal),
Reg. S, 0.30%, 10/17/2031 (e)	EUR	107		123
Reg. S, 0.48%, 10/18/2030 (e)	EUR	997		1,183
Reg. S, 0.70%, 10/15/2027 (e)	EUR	1,455		1,777
Reg. S, 0.90%, 10/12/2035 (e)	EUR	451		538
Reg. S, 1.00%, 04/12/2052 (e)	EUR	140		150
Reg. S, 1.95%, 06/15/2029 (e)	EUR	233		310
Reg. S, 2.13%, 10/17/2028 (e)	EUR	699		936
Reg. S, 2.20%, 10/17/2022 (e)	EUR	740		883
Reg. S, 2.88%, 10/15/2025 (e)	EUR	610		804
Reg. S, 2.88%, 07/21/2026 (e)	EUR	580		778
Reg. S, 3.88%, 02/15/2030 (e)	EUR	50		76
Reg. S, 4.10%, 04/15/2037 (e)	EUR	667		1,160
Reg. S, 4.10%, 02/15/2045 (e)	EUR	500		951
Reg. S, 4.13%, 04/14/2027 (e)	EUR	480		694
Reg. S, 5.65%, 02/15/2024 (e)	EUR	920		1,226
Series 15Y, Reg. S, 2.25%, 04/18/2034 (e)	EUR	426		595
Province of Alberta Canada, (Canada),
Reg. S, 1.50%, 12/15/2022	GBP	400		546
2.20%, 06/01/2026	CAD	600		492
Province of British Columbia Canada, (Canada), 2.80%, 06/18/2048	CAD	400		322
7.25%, 09/01/2036		300		494
7.88%, 11/30/2023	CAD	120		108
Province of Manitoba Canada, (Canada), 2.75%, 06/02/2029	CAD	500		420
Province of Nova Scotia Canada, (Canada), 3.45%, 06/01/2045	CAD	200		176
Province of Ontario Canada, (Canada),
Reg. S, 0.25%, 12/15/2026	GBP	1,000		1,295
Reg. S, 0.50%, 12/15/2023	GBP	500		673
Reg. S, 0.63%, 04/17/2025	EUR	400		478
5.60%, 06/02/2035	CAD	300		326
Province of Quebec Canada, (Canada),
Reg. S, 0.88%, 07/05/2028	EUR	1,025		1,252
Reg. S, 2.38%, 01/22/2024	EUR	425		523
3.50%, 12/01/2045	CAD	200		180

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 Saskatchewan Canada, (Canada), 3.30%, 06/02/2048	CAD	400		344
Queensland Treasury Corp., (Australia),
Reg. S, 1.75%, 08/21/2031 (e)	AUD	1,700		1,223
Reg. S, 1.75%, 07/20/2034 (e)	AUD	1,100		758
Reg. S, 2.25%, 04/16/2040 (e)	AUD	1,100		766
Reg. S, 2.25%, 11/20/2041 (e)	AUD	450		309
Reg. S, 3.25%, 08/21/2029 (e)	AUD	2,000		1,633
Reg. S, 3.50%, 08/21/2030 (e)	AUD	1,500		1,250
Series 23, Reg. S, 4.25%, 07/21/2023 (e)	AUD	3,500		2,713
Series 24, Reg. S, 5.75%, 07/22/2024	AUD	1,100		913
Series 25, Reg. S, 4.75%, 07/21/2025 (e)	AUD	2,000		1,666
Series 26, Reg. S, 3.25%, 07/21/2026 (e)	AUD	1,000		802
Series 27, Reg. S, 2.75%, 08/20/2027 (e)	AUD	1,800		1,419
Series 28, Reg. S, 3.25%, 07/21/2028 (e)	AUD	3,100		2,521
Regiao Autonoma Madeira, (Portugal), 0.94%, 05/29/2032	EUR	200		237
Regie Autonome des Transports Parisiens, (France),
Reg. S, 0.38%, 06/15/2024	EUR	300		354
Reg. S, 0.40%, 12/19/2036	EUR	700		766
Reg. S, 0.88%, 05/25/2027	EUR	100		122
Reg. S, 1.75%, 05/25/2031	EUR	500		656
Region of Ile de France, (France),
Reg. S, 0.50%, 06/14/2025	EUR	200		239
Reg. S, 3.63%, 03/27/2024	EUR	100		127
Region Wallonne Belgium, (Belgium),
Reg. S, 0.05%, 06/22/2025	EUR	800		938
Reg. S, 0.25%, 05/03/2026	EUR	300		354
Reg. S, 0.38%, 10/22/2031	EUR	100		116
Reg. S, 0.50%, 06/22/2037	EUR	100		111
Reg. S, 1.05%, 06/22/2040	EUR	100		118
Republic of Austria Government Bond, (Austria),
Reg. S, 0.00%, 04/20/2023 (e)	EUR	850		995
Reg. S, 0.00%, 07/15/2023 (e)	EUR	700		822
Reg. S, 0.00%, 07/15/2024 (e)	EUR	280		330
Reg. S, 0.00%, 02/20/2030 (e)	EUR	347		404
Reg. S, 0.00%, 02/20/2031 (e)	EUR	627		724
Reg. S, 0.00%, 10/20/2040 (e)	EUR	150		158
Reg. S, 0.25%, 10/20/2036 (e)	EUR	327		371
Reg. S, 0.50%, 04/20/2027 (e)	EUR	600		730
Reg. S, 0.50%, 02/20/2029 (e)	EUR	739		898
Reg. S, 0.75%, 10/20/2026 (e)	EUR	1,000		1,230
Reg. S, 0.75%, 02/20/2028 (e)	EUR	440		544
Reg. S, 0.75%, 03/20/2051 (e)	EUR	452		538
Reg. S, 0.85%, 06/30/2120 (e)	EUR	200		205
Reg. S, 1.50%, 02/20/2047 (e)	EUR	377		532
Reg. S, 1.50%, 11/02/2086 (e)	EUR	190		281
Reg. S, 1.75%, 10/20/2023 (e)	EUR	595		724
Reg. S, 2.10%, 09/20/2117 (e)	EUR	376		696
Reg. S, 2.40%, 05/23/2034 (e)	EUR	752		1,111
Reg. S, 3.15%, 06/20/2044 (e)	EUR	425		777
Reg. S, 3.80%, 01/26/2062 (e)	EUR	160		382
Reg. S, 4.15%, 03/15/2037 (e)	EUR	615		1,130

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 4.85%, 03/15/2026 (e)	EUR	911		1,314
Reg. S, 6.25%, 07/15/2027	EUR	133		214
Series 1, Reg. S, 1.65%, 10/21/2024 (e)	EUR	1,468		1,821
Republic of Italy Government International Bond, (Italy),
1.25%, 02/17/2026		2,000		1,969
2.88%, 10/17/2029		200		207
Reg. S, (ICE EURIBOR Swap Rate 30 Year + 0.00%), 4.25%, 06/28/2029 (aa)	EUR	1,000		1,461
Reg. S, 5.13%, 07/31/2024	EUR	520		689
Reg. S, 6.00%, 08/04/2028	GBP	1,050		1,789
Republic of Poland Government Bond, (Poland),
Series 424, 2.50%, 04/25/2024	PLN	1,639		429
Series 428, 2.75%, 04/25/2028	PLN	500		134
Series 429, 5.75%, 04/25/2029	PLN	530		170
Series 447, 4.00%, 04/25/2047	PLN	373		120
Series 726, 2.50%, 07/25/2026	PLN	1,890		500
Series 727, 2.50%, 07/25/2027	PLN	6,920		1,828
Series 1024, 2.25%, 10/25/2024	PLN	5,960		1,553
Series 1026, 0.25%, 10/25/2026	PLN	1,390		328
Series 1029, 2.75%, 10/25/2029	PLN	3,773		1,005
Series 1030, 1.25%, 10/25/2030	PLN	1,213		285
Republic of Poland Government International Bond, (Poland),
Reg. S, 0.00%, 07/07/2023	EUR	425		495
Reg. S, 0.00%, 02/10/2025	EUR	60		70
Reg. S, 0.88%, 05/10/2027	EUR	1,000		1,223
Reg. S, 1.13%, 08/07/2026	EUR	925		1,140
Reg. S, 2.00%, 03/08/2049	EUR	53		76
Romania Government Bond, (Romania),
Series 3Y, 4.00%, 10/25/2023	RON	4,550		1,085
Series 5Y, 3.25%, 06/24/2026	RON	2,215		511
Series 5Y, 3.65%, 07/28/2025	RON	2,600		611
Series 5Y, 4.25%, 04/28/2036	RON	555		124
Series 10YR, 4.15%, 10/24/2030	RON	1,855		433
Romanian Government International Bond, (Romania),
Reg. S, 1.75%, 07/13/2030	EUR	500		566
Reg. S, 2.00%, 04/14/2033	EUR	800		883
Reg. S, 2.75%, 02/26/2026	EUR	15		19
Reg. S, 2.88%, 10/28/2024	EUR	775		969
Reg. S, 3.38%, 02/08/2038	EUR	225		270
Reg. S, 3.38%, 01/28/2050	EUR	665		757
Reg. S, 3.62%, 05/26/2030	EUR	975		1,271
Russian Federal Bond - OFZ, (Russia),
Series 6207, 8.15%, 02/03/2027	RUB	32,780		470
Series 6212, 7.05%, 01/19/2028	RUB	53,210		727
Series 6220, 7.40%, 12/07/2022	RUB	20,430		282
Series 6221, 7.70%, 03/23/2033	RUB	27,810		395
Series 6222, 7.10%, 10/16/2024	RUB	69,940		961
Series 6223, 6.50%, 02/28/2024	RUB	70,390		954
Series 6225, 7.25%, 05/10/2034	RUB	34,675		472
Series 6226, 7.95%, 10/07/2026	RUB	50,622		719
Series 6228, 7.65%, 04/10/2030	RUB	94,968		1,345
Series 6233, 6.10%, 07/18/2035	RUB	17,890		219

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 6235, 5.90%, 03/12/2031	RUB	21,328		267
Russian Foreign Bond - Eurobond, (Russia), Reg. S, 2.88%, 12/04/2025	EUR	300		381
Saitama Prefecture, (Japan), Series 7, 2.29%, 06/22/2029	JPY	500,000		5,249
Saudi Government International Bond, (Saudi Arabia),
Reg. S, 0.75%, 07/09/2027	EUR	100		119
Reg. S, 2.00%, 07/09/2039	EUR	300		363
SFIL SA, (France),
Reg. S, 0.00%, 05/24/2024	EUR	200		234
Reg. S, 0.13%, 10/18/2024	EUR	500		588
Reg. S, 0.75%, 02/06/2026	EUR	500		604
Singapore Government Bond, (Singapore),
1.63%, 07/01/2031	SGD	1,608		1,187
1.75%, 02/01/2023	SGD	1,972		1,478
1.88%, 03/01/2050	SGD	2,293		1,647
2.00%, 02/01/2024	SGD	7,700		5,855
2.13%, 06/01/2026	SGD	3,044		2,362
2.25%, 08/01/2036	SGD	1,100		848
2.38%, 07/01/2039	SGD	1,320		1,037
2.63%, 05/01/2028	SGD	1,926		1,537
2.75%, 04/01/2042	SGD	783		650
2.75%, 03/01/2046	SGD	1,658		1,391
2.88%, 09/01/2030	SGD	1,215		994
3.38%, 09/01/2033	SGD	1,650		1,421
3.50%, 03/01/2027	SGD	1,800		1,490
Slovakia Government Bond, (Slovakia),
Series 225, Reg. S, 3.00%, 02/28/2023	EUR	370		451
Series 231, 0.63%, 05/22/2026	EUR	860		1,046
Series 233, Reg. S, 2.00%, 10/17/2047	EUR	180		263
Series 234, Reg. S, 1.00%, 06/12/2028	EUR	240		301
Series 235, Reg. S, 2.25%, 06/12/2068	EUR	21		35
Series 239, Reg. S, 1.00%, 05/14/2032	EUR	868		1,094
Series 241, Reg. S, 0.13%, 06/17/2027	EUR	162		193
Series 242, Reg. S, 0.38%, 04/21/2036	EUR	115		132
Slovenia Government Bond, (Slovenia),
Series RS70, Reg. S, 5.13%, 03/30/2026	EUR	470		680
Series RS74, Reg. S, 1.50%, 03/25/2035	EUR	120		157
Series RS76, Reg. S, 3.13%, 08/07/2045	EUR	160		278
Series RS77, Reg. S, 2.25%, 03/03/2032	EUR	130		181
Series RS78, Reg. S, 1.75%, 11/03/2040	EUR	112		154
Series RS82, Reg. S, 0.28%, 01/14/2030	EUR	316		371
Series RS84, Reg. S, 0.88%, 07/15/2030	EUR	190		234
Series RS87, Reg. S, 0.69%, 03/03/2081	EUR	40		39
SNCF Reseau, (France),
Reg. S, 0.88%, 01/22/2029	EUR	200		245
Reg. S, 1.13%, 05/19/2027	EUR	400		495
Reg. S, 1.50%, 05/29/2037	EUR	300		387
Reg. S, 2.00%, 11/12/2026	CHF	300		359
Reg. S, 2.00%, 02/05/2048	EUR	100		137
Reg. S, 5.00%, 10/10/2033	EUR	200		353
Reg. S, 5.00%, 03/11/2052	GBP	145		326
Reg. S, 5.25%, 12/07/2028	GBP	300		516

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Societe Du Grand Paris EPIC, (France),
Reg. S, 0.70%, 10/15/2060	EUR	300		295
Reg. S, 1.13%, 10/22/2028	EUR	700		876
Reg. S, 1.13%, 05/25/2034	EUR	300		373
Reg. S, 1.70%, 05/25/2050	EUR	300		403
Societe Nationale SNCF SA, (France),
Reg. S, 0.63%, 04/17/2030	EUR	300		358
Reg. S, 1.00%, 05/25/2040	EUR	100		115
Reg. S, 1.00%, 01/19/2061	EUR	100		98
Reg. S, 1.50%, 02/02/2029	EUR	100		126
Reg. S, 4.63%, 02/02/2024	EUR	300		388
Reg. S, 5.38%, 03/18/2027	GBP	400		654
South Australian Government Financing Authority, (Australia),
Reg. S, 2.00%, 05/23/2036	AUD	479		330
2.75%, 05/24/2030	AUD	2,000		1,573
Series 23, 4.25%, 11/20/2023	AUD	350		274
Series 24, Reg. S, 2.25%, 08/15/2024	AUD	400		304
Series 26, Reg. S, 3.00%, 07/20/2026	AUD	1,600		1,267
Spain Government Bond, (Spain),
Reg. S, 1.25%, 10/31/2030 (e)	EUR	2,170		2,724
Reg. S, 2.15%, 10/31/2025 (e)	EUR	3,525		4,504
0.00%, 04/30/2023	EUR	2,390		2,794
Reg. S, 0.00%, 05/31/2024	EUR	509		597
0.00%, 01/31/2025	EUR	1,479		1,738
Reg. S, 0.00%, 01/31/2028 (e)	EUR	618		716
Reg. S, 0.10%, 04/30/2031 (e)	EUR	383		432
0.35%, 07/30/2023	EUR	1,880		2,214
0.45%, 10/31/2022	EUR	766		897
Reg. S, 0.50%, 04/30/2030 (e)	EUR	1,128		1,335
Reg. S, 0.60%, 10/31/2029 (e)	EUR	680		814
Reg. S, 0.80%, 07/30/2027 (e)	EUR	2,071		2,524
Reg. S, 0.85%, 07/30/2037 (e)	EUR	193		222
Reg. S, 1.00%, 07/30/2042 (e)	EUR	382		436
Reg. S, 1.00%, 10/31/2050 (e)	EUR	1,343		1,428
Reg. S, 1.20%, 10/31/2040 (e)	EUR	1,060		1,261
Reg. S, 1.30%, 10/31/2026 (e)	EUR	1,121		1,400
Reg. S, 1.40%, 04/30/2028 (e)	EUR	666		843
Reg. S, 1.40%, 07/30/2028 (e)	EUR	871		1,104
Reg. S, 1.45%, 10/31/2027 (e)	EUR	1,840		2,330
Reg. S, 1.45%, 04/30/2029 (e)	EUR	3,020		3,853
Reg. S, 1.45%, 10/31/2071 (e)	EUR	230		237
Reg. S, 1.50%, 04/30/2027 (e)	EUR	1,585		2,007
Reg. S, 1.60%, 04/30/2025 (e)	EUR	1,005		1,249
Reg. S, 1.85%, 07/30/2035 (e)	EUR	1,813		2,407
Reg. S, 1.95%, 04/30/2026 (e)	EUR	568		725
Reg. S, 1.95%, 07/30/2030 (e)	EUR	1,340		1,781
Reg. S, 2.35%, 07/30/2033 (e)	EUR	1,398		1,948
Reg. S, 2.75%, 10/31/2024 (e)	EUR	1,693		2,157
Reg. S, 2.90%, 10/31/2046 (e)	EUR	1,107		1,755
Reg. S, 3.45%, 07/30/2066 (e)	EUR	860		1,528
Reg. S, 3.80%, 04/30/2024 (e)	EUR	940		1,210

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 4.20%, 01/31/2037 (e)	EUR	946		1,640
Reg. S, 4.40%, 10/31/2023 (e)	EUR	770		984
Reg. S, 4.65%, 07/30/2025 (e)	EUR	2,226		3,081
Reg. S, 4.70%, 07/30/2041 (e)	EUR	1,064		2,052
Reg. S, 4.80%, 01/31/2024 (e)	EUR	818		1,066
Reg. S, 4.90%, 07/30/2040 (e)	EUR	1,055		2,062
Reg. S, 5.15%, 10/31/2028 (e)	EUR	1,623		2,560
Reg. S, 5.15%, 10/31/2044 (e)	EUR	850		1,795
5.75%, 07/30/2032	EUR	2,006		3,625
Reg. S, 5.90%, 07/30/2026 (e)	EUR	16		24
6.00%, 01/31/2029	EUR	1,430		2,378
Series 5YR, Reg. S, 0.25%, 07/30/2024 (e)	EUR	313		370
Series 30Y, Reg. S, 2.70%, 10/31/2048 (e)	EUR	1,054		1,624
State of Brandenburg, (Germany),
Reg. S, 0.13%, 01/26/2046	EUR	70		72
Reg. S, 1.45%, 11/26/2038	EUR	180		241
State of Bremen, (Germany),
Series 191, Reg. S, 1.88%, 03/18/2024	EUR	580		710
Series 215, Reg. S, 1.20%, 01/30/2034	EUR	40		51
Series 224, Reg. S, 0.40%, 08/20/2049	EUR	30		33
Series 232, Reg. S, 0.55%, 02/04/2050	EUR	30		34
Series 258, Reg. S, 0.50%, 05/06/2041	EUR	138		158
State of Hesse, (Germany),
Reg. S, 0.88%, 12/10/2024	EUR	600		723
Reg. S, 1.38%, 06/10/2024	EUR	490		596
Series 1701, Reg. S, 0.13%, 01/25/2024	EUR	492		578
Series 1801, Reg. S, 0.63%, 08/02/2028	EUR	230		280
State of Lower Saxony, (Germany),
Reg. S, 0.01%, 01/10/2031	EUR	479		551
Reg. S, 0.05%, 03/09/2035	EUR	277		307
Reg. S, 0.25%, 02/06/2024	EUR	325		383
Series 884, Reg. S, 0.88%, 10/25/2028	EUR	320		395
State of North Rhine-Westphalia Germany, (Germany),
Reg. S, 0.00%, 01/15/2029	EUR	161		187
Reg. S, 0.20%, 04/09/2030	EUR	294		345
Reg. S, 0.20%, 01/27/2051	EUR	80		82
Reg. S, 0.38%, 02/16/2023	EUR	400		469
Reg. S, 0.38%, 09/02/2050	EUR	210		227
Reg. S, 0.50%, 11/25/2039	EUR	110		127
Reg. S, 0.75%, 08/16/2041	EUR	360		431
Reg. S, 0.80%, 07/30/2049	EUR	100		122
Reg. S, 0.95%, 03/13/2028	EUR	144		179
Reg. S, 0.95%, 01/10/2121	EUR	156		157
Reg. S, 1.38%, 01/15/2120	EUR	140		174
Reg. S, 1.45%, 02/16/2043	EUR	100		136
Reg. S, 1.65%, 02/22/2038	EUR	110		150
Reg. S, 1.65%, 05/16/2047	EUR	80		115
Reg. S, 1.75%, 10/26/2057	EUR	172		263
Reg. S, 1.75%, 07/11/2068	EUR	70		106
Reg. S, 1.88%, 03/15/2024	EUR	630		772
Reg. S, 1.95%, 09/26/2078	EUR	30		49

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2.15%, 03/21/2119	EUR	226		389
Series 15YR, Reg. S, 0.00%, 10/12/2035	EUR	274		300
Series 15YR, Reg. S, 1.10%, 03/13/2034	EUR	110		139
Series 1250, Reg. S, 2.38%, 05/13/2033	EUR	350		503
Series 1409, Reg. S, 0.50%, 04/16/2026	EUR	360		432
State of Rhineland-Palatinate, (Germany),
Reg. S, 0.38%, 01/26/2027	EUR	220		263
Reg. S, 0.75%, 01/19/2026	EUR	725		878
State of Saarland, (Germany), Reg. S, 0.05%, 11/05/2040	EUR	68		72
State of Saxony-Anhalt, (Germany), Reg. S, 1.88%, 04/10/2024	EUR	300		368
State of Schleswig-Holstein Germany, (Germany),
Reg. S, 0.13%, 06/12/2029	EUR	160		188
Reg. S, 0.50%, 03/22/2029	EUR	140		169
Reg. S, 0.63%, 08/31/2028	EUR	140		170
State of the Grand-Duchy of Luxembourg, (Luxembourg), Reg. S, 0.00%, 03/24/2031	EUR	103		119
States of Guernsey Bond, (Guernsey), Reg. S, 3.38%, 12/12/2046	GBP	200		345
Svensk Exportkredit AB, (Sweden), Zero Coupon, 05/11/2037		224		149
Sweden Government Bond, (Sweden),
Series 1053, 3.50%, 03/30/2039	SEK	2,210		369
Series 1056, Reg. S, 2.25%, 06/01/2032 (e)	SEK	1,925		261
Series 1057, Reg. S, 1.50%, 11/13/2023 (e)	SEK	7,010		831
Series 1059, Reg. S, 1.00%, 11/12/2026	SEK	4,770		571
Series 1060, Reg. S, 0.75%, 05/12/2028 (e)	SEK	6,075		720
Series 1061, Reg. S, 0.75%, 11/12/2029 (e)	SEK	2,490		295
Series 1062, Reg. S, 0.13%, 05/12/2031 (e)	SEK	5,535		615
Series 1063, Reg. S, 0.50%, 11/24/2045	SEK	640		67
Series 1064, Reg. S, 1.38%, 06/23/2071 (e)	SEK	570		67
Sweden Government International Bond, (Sweden), Reg. S, 0.13%, 04/24/2023	EUR	700		819
Swiss Confederation Government Bond, (Switzerland),
Reg. S, 0.00%, 06/22/2029	CHF	240		263
Reg. S, 0.00%, 06/26/2034	CHF	520		561
Reg. S, 0.00%, 07/24/2039	CHF	229		245
Reg. S, 0.50%, 05/27/2030	CHF	330		377
Reg. S, 0.50%, 06/28/2045	CHF	110		131
Reg. S, 0.50%, 05/24/2055	CHF	32		40
Reg. S, 0.50%, 05/30/2058	CHF	160		204
Reg. S, 1.25%, 06/11/2024	CHF	410		463
Reg. S, 1.25%, 06/27/2037	CHF	300		384
Reg. S, 1.50%, 07/24/2025	CHF	190		220
Reg. S, 1.50%, 04/30/2042	CHF	140		196
Reg. S, 2.00%, 06/25/2064	CHF	111		222
Reg. S, 2.25%, 06/22/2031	CHF	52		69
Reg. S, 3.25%, 06/27/2027	CHF	510		664
Reg. S, 4.00%, 04/08/2028	CHF	273		378
Reg. S, 4.00%, 01/06/2049	CHF	130		289
Tasmanian Public Finance Corp., (Australia), Reg. S, 2.25%, 01/22/2032	AUD	650		481
Thailand Government Bond, (Thailand), 1.45%, 12/17/2024	THB	108,000		3,261
1.60%, 12/17/2029	THB	54,000		1,581
1.88%, 06/17/2049	THB	64,000		1,589
2.00%, 12/17/2031	THB	48,253		1,436
2.00%, 06/17/2042	THB	19,000		507

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
2.13%, 12/17/2026	THB	41,991		1,306
2.40%, 12/17/2023	THB	220,000		6,760
2.88%, 12/17/2028	THB	124,165		4,004
2.88%, 06/17/2046	THB	15,000		461
3.30%, 06/17/2038	THB	202,300		6,637
3.40%, 06/17/2036	THB	25,000		831
3.60%, 06/17/2067	THB	53,000		1,784
3.65%, 06/20/2031	THB	110,000		3,763
Tokyo Metropolitan Government, (Japan),
Reg. S, 0.75%, 07/16/2025		1,000		989
Series 716, 0.77%, 12/20/2022	JPY	100,000		907
Series 726, 0.73%, 12/20/2023	JPY	1,800,000		16,432
Series 727, 0.72%, 12/20/2023	JPY	1,200,000		10,953
Series 747, 0.48%, 09/19/2025	JPY	200,000		1,829
Treasury Corp. of Victoria, (Australia),
0.50%, 11/20/2025	AUD	2,500		1,788
1.00%, 11/20/2023	AUD	3,650		2,681
1.25%, 11/19/2027	AUD	1,600		1,158
Reg. S, 1.50%, 09/10/2031	AUD	2,400		1,679
Reg. S, 2.00%, 09/17/2035	AUD	1,100		765
Reg. S, 2.25%, 11/20/2034	AUD	3,800		2,769
2.25%, 11/20/2041	AUD	878		597
Reg. S, 3.00%, 10/20/2028	AUD	1,200		961
Tyollisyysrahasto, (Finland), 0.01%, 06/16/2027	EUR	200		233
UNEDIC ASSEO, (France),
Reg. S, 0.00%, 03/05/2030	EUR	100		115
Reg. S, 0.00%, 11/19/2030	EUR	200		228
Reg. S, 0.10%, 11/25/2026	EUR	600		707
Reg. S, 0.25%, 11/25/2029	EUR	1,000		1,177
Reg. S, 0.25%, 07/16/2035	EUR	300		338
Reg. S, 0.63%, 03/03/2026	EUR	100		120
Reg. S, 0.88%, 10/25/2022	EUR	1,100		1,294
Reg. S, 1.25%, 10/21/2027	EUR	200		252
Reg. S, 1.25%, 05/25/2033	EUR	100		128
United Kingdom Gilt, (United Kingdom),
Reg. S, 0.13%, 01/31/2023	GBP	2,044		2,749
Reg. S, 0.13%, 01/31/2024	GBP	1,180		1,579
Reg. S, 0.13%, 01/30/2026	GBP	1,079		1,426
Reg. S, 0.13%, 01/31/2028	GBP	651		843
Reg. S, 0.25%, 07/31/2031	GBP	1,668		2,082
Reg. S, 0.38%, 10/22/2026	GBP	1,097		1,458
Reg. S, 0.38%, 10/22/2030	GBP	2,271		2,903
Reg. S, 0.50%, 10/22/2061	GBP	1,042		1,060
Reg. S, 0.63%, 06/07/2025	GBP	3,048		4,128
Reg. S, 0.63%, 07/31/2035	GBP	1,080		1,338
Reg. S, 0.63%, 10/22/2050	GBP	1,816		2,002
Reg. S, 0.75%, 07/22/2023	GBP	1,218		1,655
Reg. S, 0.88%, 10/22/2029	GBP	2,580		3,477
Reg. S, 0.88%, 01/31/2046	GBP	578		692
Reg. S, 1.00%, 04/22/2024	GBP	1,510		2,065
Reg. S, 1.25%, 07/22/2027	GBP	2,124		2,956

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Reg. S, 1.25%, 10/22/2041	GBP	1,115		1,469
Reg. S, 1.25%, 07/31/2051	GBP	910		1,180
Reg. S, 1.50%, 07/22/2026	GBP	2,600		3,657
Reg. S, 1.50%, 07/22/2047	GBP	1,483		2,041
Reg. S, 1.63%, 10/22/2028	GBP	1,285		1,834
Reg. S, 1.63%, 10/22/2054	GBP	1,030		1,479
Reg. S, 1.63%, 10/22/2071	GBP	1,062		1,664
Reg. S, 1.75%, 09/07/2037	GBP	1,759		2,522
Reg. S, 1.75%, 01/22/2049	GBP	1,486		2,164
Reg. S, 1.75%, 07/22/2057	GBP	1,190		1,793
Reg. S, 2.00%, 09/07/2025	GBP	2,463		3,512
Reg. S, 2.25%, 09/07/2023	GBP	2,190		3,061
Reg. S, 2.50%, 07/22/2065	GBP	977		1,858
Reg. S, 2.75%, 09/07/2024	GBP	1,260		1,812
Reg. S, 3.25%, 01/22/2044	GBP	2,450		4,474
Reg. S, 3.50%, 01/22/2045	GBP	2,494		4,767
Reg. S, 3.50%, 07/22/2068	GBP	1,076		2,601
Reg. S, 3.75%, 07/22/2052	GBP	1,102		2,368
Reg. S, 4.00%, 01/22/2060	GBP	1,264		3,089
Reg. S, 4.25%, 12/07/2027	GBP	1,620		2,651
Reg. S, 4.25%, 06/07/2032	GBP	1,800		3,204
Reg. S, 4.25%, 03/07/2036	GBP	1,449		2,732
Reg. S, 4.25%, 09/07/2039	GBP	1,611		3,188
Reg. S, 4.25%, 12/07/2040	GBP	2,165		4,349
Reg. S, 4.25%, 12/07/2046	GBP	3,395		7,337
Reg. S, 4.25%, 12/07/2049 (ff)	GBP	1,258		2,829
Reg. S, 4.25%, 12/07/2055	GBP	1,274		3,079
Reg. S, 4.50%, 09/07/2034	GBP	1,730		3,260
Reg. S, 4.50%, 12/07/2042	GBP	1,279		2,717
Reg. S, 4.75%, 12/07/2030	GBP	3,036		5,456
Reg. S, 4.75%, 12/07/2038	GBP	1,679		3,472
Reg. S, 5.00%, 03/07/2025	GBP	1,828		2,841
Reg. S, 6.00%, 12/07/2028	GBP	1,115		2,049
United States International Development Finance Corp., 3.37%, 10/05/2034		93		106
Uruguay Government International Bond, (Uruguay),
4.98%, 04/20/2055		50		63
5.10%, 06/18/2050		100		127
Ville de Paris, (France),
Reg. S, 1.38%, 11/20/2034	EUR	100		127
Reg. S, 1.75%, 05/25/2031	EUR	200		262
3.88%, 12/29/2025	EUR	500		676
Western Australian Treasury Corp., (Australia),
Reg. S, 1.50%, 10/22/2030	AUD	692		493
Reg. S, 1.75%, 10/22/2031	AUD	800		575
Series 24, Reg. S, 2.50%, 07/23/2024	AUD	2,800		2,141
Series 25, Reg. S, 5.00%, 07/23/2025	AUD	2,000		1,680
Series 26, Reg. S, 3.00%, 10/21/2026	AUD	400		318
Series 28, Reg. S, 3.25%, 07/20/2028	AUD	1,400		1,139
Total Foreign Government Securities (Cost $3,865,276)				3,765,204

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 — 21.4%
FHLMC Gold Pool,
3.00%, 10/01/2046		280		288
3.50%, 12/01/2044		430		450
3.50%, 06/01/2045		857		898
3.50%, 05/01/2046		236		247
3.50%, 10/01/2046		272		284
FHLMC Gold Pool, Single Family, 15 years, 3.00%, 05/01/2029		8,815		9,303
FHLMC Gold Pool, Single Family, 30 years,
3.00%, 03/01/2046		25		27
3.00%, 12/01/2046		40		42
4.00%, 08/01/2040		400		439
4.00%, 10/01/2040		3,219		3,561
4.00%, 11/01/2040		790		875
4.00%, 11/01/2047		2,821		3,045
4.00%, 01/01/2048		60		65
FHLMC Non Gold Pool, ARM, (ICE LIBOR USD 1 Year + 1.64%), 3.61%, 01/01/2050 (aa)		94		97
FHLMC Pool,
3.50%, 02/01/2043		104		112
3.50%, 02/01/2044		121		130
6.00%, 08/01/2035		58		62
FHLMC Pool, 10 years, 3.00%, 09/01/2029		1,608		1,690
FHLMC Pool, Single Family, 15 years,
2.00%, 02/01/2036		6,606		6,828
1.50%, 12/01/2035		480		485
2.00%, 12/01/2035		989		1,019
2.00%, 03/01/2036		535		554
2.00%, 08/01/2036		1,471		1,524
2.50%, 07/01/2032		3,348		3,517
2.50%, 10/01/2035		10,821		11,347
2.50%, 07/01/2036		1,816		1,892
3.00%, 10/01/2028		2,176		2,293
3.00%, 04/01/2029		90		96
3.00%, 05/01/2030		8		9
3.00%, 11/01/2030		174		184
3.00%, 11/01/2031		68		72
3.00%, 11/01/2032		175		185
3.00%, 01/01/2033		82		87
3.50%, 02/01/2034		1,122		1,200
3.50%, 12/01/2035		179		191
3.50%, 02/01/2036		821		876
FHLMC Pool, Single Family, 20 years,
3.50%, 06/01/2039		438		465
3.50%, 07/01/2039		260		275
3.50%, 08/01/2039		921		975
3.50%, 09/01/2039		554		589
FHLMC Pool, Single Family, 30 years,
2.00%, 03/01/2051		3,457		3,473
2.50%, 11/01/2050 (hh)		35,314		36,635
2.00%, 10/01/2050		3,863		3,879
2.00%, 02/01/2051		4,739		4,752
2.00%, 05/01/2051		13,276		13,315

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued
2.00%, 06/01/2051		1,556		1,562
2.00%, 10/01/2051		1,497		1,510
3.00%, 07/01/2050		2,381		2,518
3.00%, 08/01/2050		5,300		5,625
1.50%, 02/01/2051		32		32
1.50%, 04/01/2051		56		55
2.00%, 07/01/2051		1,583		1,596
2.50%, 07/01/2050		2,883		2,989
2.50%, 12/01/2050		986		1,022
2.50%, 08/01/2051		16,938		17,579
2.50%, 09/01/2051		436		449
3.00%, 11/01/2049		2,634		2,774
3.00%, 05/01/2050		4,767		5,112
3.00%, 06/01/2051		3,940		4,222
3.00%, 07/01/2051		6,886		7,401
3.50%, 11/01/2047		489		519
3.50%, 02/01/2048		2,753		2,923
3.50%, 03/01/2048		415		453
3.50%, 05/01/2048		5,627		6,019
3.50%, 01/01/2049		92		99
3.50%, 02/01/2049		747		808
3.50%, 09/01/2049		1,570		1,690
3.50%, 10/01/2049		771		834
3.50%, 04/01/2050		4,265		4,620
3.50%, 05/01/2050		343		363
3.50%, 06/01/2050		934		987
4.00%, 10/01/2048		4,399		4,753
4.00%, 04/01/2049		4,132		4,452
4.00%, 09/01/2049		2,159		2,367
4.00%, 05/01/2050		1,675		1,795
4.00%, 08/01/2050		2,239		2,400
4.00%, 09/01/2050		13,423		14,642
4.00%, 12/01/2050		373		399
4.50%, 05/01/2048		7,496		8,129
4.50%, 08/01/2048		38		41
4.50%, 06/01/2049		13		14
4.50%, 08/01/2049		2,109		2,347
4.50%, 09/01/2049		752		813
4.50%, 10/01/2050		5,819		6,343
5.00%, 12/01/2049		611		686
FNMA or FHLMC, Single Family, 15 years,
TBA, 1.50%, 10/01/2036 (w)		16,375		16,531
TBA, 1.50%, 11/01/2036 (w)		42,550		42,904
TBA, 2.00%, 10/01/2036 (w)		50,257		51,741
TBA, 2.00%, 11/01/2036 (w)		17,700		18,199
TBA, 2.50%, 11/01/2036 (w)		24,200		25,194
TBA, 3.00%, 10/01/2036 (w)		3,675		3,864
TBA, 3.50%, 10/01/2036 (w)		7,500		8,000
TBA, 3.50%, 11/01/2036 (w)		750		800
TBA, 4.00%, 10/01/2036 (w)		7,250		7,684

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued
FNMA or FHLMC, Single Family, 30 years,
TBA, 1.50%, 10/01/2051 (w)		15,825		15,365
TBA, 1.50%, 11/01/2051 (w)		3,800		3,684
TBA, 2.00%, 10/01/2051 (w)		35,696		35,769
TBA, 2.00%, 11/01/2051 (w)		22,700		22,705
TBA, 2.00%, 12/01/2051 (w)		49,900		49,832
TBA, 2.50%, 10/01/2051 (w)		67,593		69,652
TBA, 2.50%, 11/01/2051 (w)		4,100		4,217
TBA, 2.50%, 12/01/2051 (w)		85,300		87,526
TBA, 3.00%, 10/01/2051 (w)		46,635		48,777
TBA, 3.00%, 11/01/2051 (w)		1,575		1,646
TBA, 3.00%, 12/01/2051 (w)		56,500		58,949
TBA, 3.50%, 10/01/2051 (w)		15,141		16,020
TBA, 4.00%, 10/01/2051 (w)		3,625		3,884
TBA, 4.00%, 11/01/2051 (w)		23,400		25,097
TBA, 4.50%, 10/01/2051 (w)		5,650		6,110
TBA, 5.00%, 10/01/2051 (w)		150		165
FNMA Pool,
3.50%, 02/01/2045		372		401
3.00%, 05/01/2045		485		501
3.00%, 03/01/2060		25,712		27,779
3.50%, 08/01/2032		98		105
3.50%, 12/01/2042		211		227
3.50%, 04/01/2043		314		339
3.50%, 11/01/2043		152		164
3.50%, 09/01/2048		150		156
3.50%, 07/01/2049		452		473
4.00%, 04/01/2041		182		199
4.00%, 08/01/2046		153		170
5.39%, 07/01/2024		607		648
FNMA Pool, 10 years,
2.00%, 11/01/2027		720		741
3.00%, 09/01/2023		89		93
3.00%, 03/01/2024		407		427
3.00%, 04/01/2025		110		116
3.00%, 05/01/2025		239		251
3.00%, 09/01/2025		799		840
3.00%, 12/01/2025		363		382
3.00%, 03/01/2026		243		256
3.00%, 04/01/2026		417		438
3.00%, 11/01/2026		106		112
3.00%, 12/01/2026		29		31
3.00%, 04/01/2027		261		274
3.00%, 06/01/2027		20		21
3.00%, 10/01/2027		178		187
FNMA Pool, 30 years, FHA/VA, 3.00%, 01/01/2047		1,188		1,226
FNMA Pool, Single Family, 15 years,
2.00%, 12/01/2035		3,361		3,467
2.00%, 02/01/2036		8,234		8,505
2.00%, 03/01/2036		627		646
2.00%, 09/01/2028		186		192

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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		423		446
3.00%, 09/01/2030		1,027		1,087
3.50%, 06/01/2035		430		461
2.00%, 02/01/2028		22		23
2.00%, 11/01/2028		171		177
2.00%, 07/01/2032		14		14
2.00%, 08/01/2036		1,453		1,505
2.50%, 08/01/2035		343		357
2.50%, 03/01/2036		2,848		3,013
2.50%, 07/01/2036		1,133		1,194
3.00%, 04/01/2027		951		1,003
3.00%, 11/01/2027		69		73
3.00%, 10/01/2029		102		108
3.00%, 05/01/2030		41		43
3.00%, 07/01/2030		35		37
3.00%, 12/01/2030		47		50
3.00%, 04/01/2031		167		176
3.00%, 12/01/2031		395		418
3.00%, 07/01/2032		158		167
3.00%, 01/01/2033		105		111
3.00%, 07/01/2033		178		188
3.00%, 02/01/2034		2,127		2,241
3.50%, 03/01/2035		2,166		2,327
3.50%, 04/01/2035		1,575		1,681
3.50%, 05/01/2035		48		51
FNMA Pool, Single Family, 20 years,
3.50%, 03/01/2037		639		696
3.50%, 08/01/2038		168		177
3.50%, 04/01/2039		23		24
3.50%, 08/01/2039		273		289
4.50%, 06/01/2039		42		45
FNMA Pool, Single Family, 30 years,
2.50%, 07/01/2051		2,033		2,104
2.00%, 04/01/2051		4,379		4,406
2.00%, 06/01/2051		6,845		6,887
3.00%, 07/01/2050		15,372		16,300
3.50%, 05/01/2050		10,462		11,134
3.50%, 07/01/2050		15,473		16,520
2.00%, 09/01/2050		1,505		1,510
2.00%, 02/01/2051		1,609		1,615
2.00%, 07/01/2051		3,550		3,560
2.00%, 10/01/2051		20,224		20,292
2.50%, 10/01/2050		3,003		3,124
2.50%, 12/01/2050		15,728		16,384
2.50%, 03/01/2051		6,630		6,856
3.00%, 01/01/2050		4,470		4,707
3.50%, 02/01/2048		3,292		3,503
3.50%, 06/01/2049		4,288		4,552
4.00%, 12/01/2048		430		461
1.50%, 06/01/2051		2,330		2,264
2.00%, 07/01/2050		1,792		1,797

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued
2.00%, 12/01/2050		9,609		9,636
2.00%, 01/01/2051		4,775		4,788
2.00%, 03/01/2051		2,402		2,417
2.50%, 08/01/2046		6,971		7,219
2.50%, 08/01/2050		23		24
2.50%, 05/01/2051		10,420		10,747
2.50%, 06/01/2051		9,434		9,731
2.50%, 08/01/2051		2,741		2,849
3.00%, 08/01/2046		1,675		1,765
3.00%, 04/01/2048		8,125		8,665
3.00%, 03/01/2050		2,117		2,251
3.00%, 08/01/2050		4,209		4,490
3.00%, 12/01/2050		5,099		5,474
3.00%, 01/01/2051		2,051		2,185
3.00%, 05/01/2051		13,667		14,564
3.00%, 06/01/2051		9,657		10,146
3.00%, 07/01/2051		1,980		2,093
3.00%, 08/01/2051		1,514		1,631
3.50%, 12/01/2045		2,950		3,158
3.50%, 07/01/2046		5,640		6,117
3.50%, 07/01/2047		668		712
3.50%, 09/01/2047		97		103
3.50%, 10/01/2047		1,952		2,077
3.50%, 03/01/2048		270		293
3.50%, 04/01/2050		258		274
3.50%, 01/01/2051		95,676		101,223
3.50%, 04/01/2051		425		450
4.00%, 04/01/2039		1,952		2,158
4.00%, 03/01/2042		789		881
4.00%, 04/01/2043		323		355
4.00%, 02/01/2045		346		381
4.00%, 09/01/2046		198		219
4.00%, 09/01/2047		62		67
4.00%, 10/01/2047		799		862
4.00%, 03/01/2048		123		133
4.00%, 04/01/2048		711		766
4.00%, 06/01/2048		53		56
4.00%, 08/01/2048		202		216
4.00%, 10/01/2048		390		418
4.00%, 03/01/2049		1,892		2,026
4.00%, 06/01/2049		1,787		1,949
4.00%, 07/01/2049		39		42
4.00%, 10/01/2049		45		48
4.00%, 11/01/2049		331		363
4.00%, 05/01/2050		1,619		1,736
4.00%, 06/01/2050		3,573		3,829
4.50%, 01/01/2048		39		43
4.50%, 08/01/2048		29		31
4.50%, 09/01/2048		940		1,021
4.50%, 02/01/2049		8,373		9,062
4.50%, 05/01/2049		948		1,022

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued
4.50%, 08/01/2049		26		28
4.50%, 09/01/2049		756		818
4.50%, 11/01/2049		567		613
4.50%, 10/01/2050		626		678
5.00%, 09/01/2049		1,830		2,044
GNMA I Pool, Single Family, 30 years, 3.00%, 03/15/2050		30		31
GNMA II Pool,
ARM, (ICE LIBOR USD 1 Month + 2.21%), 2.30%, 02/20/2071 (aa)		4,633		5,024
2.50%, 12/20/2049		425		434
3.00%, 01/20/2047		190		196
3.00%, 08/20/2050		1,042		1,065
3.50%, 06/20/2048		106		109
3.50%, 07/20/2048		84		87
3.50%, 08/20/2049		197		202
3.50%, 11/20/2049		327		339
3.50%, 07/20/2050		339		351
4.00%, 11/20/2041		33		35
4.00%, 10/20/2050		834		869
4.50%, 08/20/2040		32		34
4.50%, 10/20/2040		51		55
GNMA II Pool, Single Family, 15 years, 2.00%, 12/20/2035		4,510		4,646
GNMA II Pool, Single Family, 30 years,
4.50%, 05/20/2048		12,647		13,704
4.50%, 09/20/2048		950		1,000
4.50%, 11/20/2048		1,182		1,299
2.00%, 04/20/2051		6,426		6,520
2.50%, 01/20/2051		464		478
2.50%, 02/20/2051		3,455		3,565
2.50%, 05/20/2051		8,516		8,783
2.50%, 07/20/2051		6,344		6,544
2.50%, 08/20/2051		1,893		1,953
3.00%, 03/20/2045		150		158
3.00%, 09/20/2046		3,358		3,534
3.00%, 04/20/2049		51		54
3.00%, 07/20/2050		6,253		6,538
3.00%, 08/20/2050		9,886		10,337
3.00%, 01/20/2051		2,987		3,124
3.50%, 09/20/2045		4,089		4,358
3.50%, 09/20/2047		5,710		6,053
3.50%, 08/20/2048		292		308
3.50%, 11/20/2048		342		360
3.50%, 12/20/2048		9		10
3.50%, 07/20/2049		1,761		1,853
3.50%, 01/20/2050		1,175		1,234
3.50%, 04/20/2050		216		227
3.50%, 05/20/2051		2,159		2,275
4.00%, 07/20/2048		1,767		1,887
4.00%, 09/20/2048		2,944		3,140
4.00%, 11/20/2048		52		55
4.00%, 05/20/2049		998		1,064
4.00%, 12/20/2050		4,435		4,713

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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%, 03/20/2047		583		637
4.50%, 06/20/2047		1,201		1,308
4.50%, 07/20/2047		2,656		2,877
4.50%, 10/20/2047		460		506
4.50%, 11/20/2047		1,517		1,646
4.50%, 01/20/2049		3,545		3,796
4.50%, 05/20/2049		755		783
4.50%, 10/20/2049		1,315		1,404
5.00%, 12/20/2048		356		389
5.00%, 06/20/2049		732		790
GNMA, Single Family, 30 years,
TBA, 1.50%, 10/15/2051 (w)		400		393
TBA, 2.00%, 10/01/2051 (w)		37,675		38,193
TBA, 2.00%, 12/01/2051 (w)		6,000		6,058
TBA, 2.50%, 10/01/2051 (w)		13,606		14,038
TBA, 2.50%, 11/01/2051 (w)		46,000		47,376
TBA, 2.50%, 12/01/2051 (w)		200		206
TBA, 3.00%, 10/01/2051 (w)		4,150		4,334
TBA, 3.00%, 12/01/2052 (w)		32,700		34,032
TBA, 3.50%, 10/01/2051 (w)		1,055		1,109
TBA, 3.50%, 11/01/2051 (w)		7,100		7,466
TBA, 3.50%, 12/01/2051 (w)		5,000		5,257
TBA, 4.00%, 10/01/2051 (w)		33,975		36,044
TBA, 4.00%, 11/01/2051 (w)		13,600		14,437
TBA, 4.50%, 10/01/2051 (w)		3,600		3,838
TBA, 5.00%, 10/01/2051 (w)		675		727
Total Mortgage-Backed Securities (Cost $1,649,282)				1,644,310
Municipal Bonds — 0.0% (g) (t)
Arizona — 0.0% (g)
Salt River Project, Agricultural Improvement & Power District, Build America Bonds, Series A, Rev., 4.84%, 01/01/2041		150		195
California — 0.0% (g)
Bay Area Toll Authority, San Francisco Bay Area, Rev., 2.57%, 04/01/2031		100		105
California State University, Taxable Systemwide, Series E, Rev., 2.90%, 11/01/2051		15		15
Los Angeles County Metropolitan Transportation Authority, Build America Bonds, Rev., 5.74%, 06/01/2039		50		66
Los Angeles Department of Water & Power System Revenue, Build America Bonds, Rev., 6.60%, 07/01/2050		30		51
Los Angeles Unified School District, Build America Bonds, GO, 5.75%, 07/01/2034		25		33
State of California, Build America Bonds,
GO, 7.50%, 04/01/2034		50		77
GO, 7.55%, 04/01/2039		50		84
GO, 7.60%, 11/01/2040		50		86
University of California, Build America Bonds, Rev., 5.95%, 05/15/2045		35		49
University of California, Taxable,
Series AQ, Rev., 4.77%, 05/15/2115		20		28
Series BJ, Rev., 3.07%, 05/15/2051		5		5
				599

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
District of Columbia — 0.0% (g)
District of Columbia, Water & Sewer Authority, Senior Lien, Green Bonds, Series A, Rev., 4.81%, 10/01/2114		895		1,276
Florida — 0.0% (g)
State Board of Administration Finance Corp., Rev., 1.26%, 07/01/2025		100		101
Illinois — 0.0% (g)
State of Illinois, Taxable Pension, GO, 5.10%, 06/01/2033		100		117
Massachusetts — 0.0% (g)
Commonwealth of Massachusetts, GO, 4.91%, 05/01/2029		100		122
Commonwealth of Massachusetts, Taxable Consolidated Loan, Series H, GO, 2.90%, 09/01/2049		15		16
				138
Michigan — 0.0% (g)
University of Michigan, Taxable, Series B, Rev., 2.56%, 04/01/2050		25		24
Missouri — 0.0% (g)
Health & Educational Facilities Authority of the State of Missouri, Washington University, Series A, Rev., 3.23%, 05/15/2050		35		38
New Jersey — 0.0% (g)
New Jersey Transportation Trust Fund Authority, Build America Bonds, Series B, Rev., 6.56%, 12/15/2040		25		37
New Jersey Turnpike Authority, Build America Bonds, Series F, Rev., 7.41%, 01/01/2040		30		49
				86
New York — 0.0% (g)
City of New York, Build America Bonds, GO, 5.52%, 10/01/2037		25		34
New York City Water & Sewer System, Build America Bonds, Second General Resolution, Rev., 5.44%, 06/15/2043		30		43
Port Authority of New York & New Jersey, Consolidated,
Series 21, Rev., 3.29%, 08/01/2069		40		44
Series 174 Rev., 4.46%, 10/01/2062		50		67
				188
Oregon — 0.0% (g)
Oregon State University, Taxable, Rev., BAM, 3.42%, 03/01/2060		10		10
State of Oregon Department of Transportation, Taxable Subordinated, Build America Bonds, Series A, Rev., 5.83%, 11/15/2034		50		69
				79
Pennsylvania — 0.0% (g)
City of Philadelphia Water & Wastewater Revenue, Rev., 2.93%, 07/01/2045		10		10
Texas — 0.0% (g)
City of San Antonio, Electric & Gas Systems Revenue, Build America Bonds, Rev., 5.99%, 02/01/2039		20		29
Dallas Area Rapid Transit, Build America Bonds, Rev., 5.02%, 12/01/2048		30		41
Dallas Fort Worth International Airport, Rev., 3.09%, 11/01/2040		100		103
North Texas Tollway Authority, Build America Bonds, Series B, Rev., 6.72%, 01/01/2049		15		25
Texas Transportation Commission, Taxable Mobility Fund, GO, 2.47%, 10/01/2044		10		10
University of Texas System, Build America Bonds, Series C, Rev., 4.79%, 08/15/2046		10		13
				221
Virginia — 0.0% (g)
University of Virginia, Taxable, Series C, Rev., 4.18%, 09/01/2117		40		53
Total Municipal Bonds (Cost $3,166)				3,125

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 — 0.2%
FHLBs,
0.50%, 04/14/2025		2,000		1,988
3.25%, 11/16/2028		650		732
5.50%, 07/15/2036		200		291
FHLMC,
Zero Coupon, 12/14/2029		925		810
Zero Coupon, 12/17/2029		32		28
Zero Coupon, 01/02/2034		550		429
0.13%, 07/25/2022		5		5
0.25%, 08/24/2023		2,650		2,649
0.38%, 07/21/2025		1,000		986
1.50%, 02/12/2025		107		110
6.25%, 07/15/2032		207		300
6.75%, 03/15/2031		400		580
FHLMC Coupon STRIPs, Zero Coupon, 03/15/2030		235		203
FHLMC STRIPs, Zero Coupon, 03/15/2031		700		591
FNMA,
0.25%, 05/22/2023		3,000		3,001
0.30%, 08/03/2023		100		100
0.35%, 08/18/2023		1,500		1,502
0.88%, 08/05/2030		1,310		1,232
5.38%, 12/07/2028	GBP	260		448
6.25%, 05/15/2029		1,000		1,343
FNMA Interest STRIP,
Zero Coupon, 09/23/2027		117		109
Zero Coupon, 11/15/2030		13		11
Zero Coupon, 07/15/2030		177		152
Resolution Funding Corp. Interest STRIP,
Zero Coupon, 10/15/2028		50		45
Zero Coupon, 07/15/2029		355		315
Zero Coupon, 01/15/2030		285		248
Resolution Funding Corp. Principal STRIP, Zero Coupon, 01/15/2030		50		44
Tennessee Valley Authority,
4.63%, 06/07/2043	GBP	200		396
5.88%, 04/01/2036		400		585
Total U.S. Government Agency Securities (Cost $19,565)				19,233
U.S. Treasury Obligations — 8.3%
U.S. Treasury Bonds,
1.13%, 05/15/2040		6,482		5,591
1.13%, 08/15/2040		3,225		2,769
1.25%, 05/15/2050 (jj)		9,680		7,895
1.38%, 11/15/2040		770		690
1.38%, 08/15/2050		3,626		3,051
1.63%, 11/15/2050		2,200		1,971
1.88%, 02/15/2041		400		390
1.88%, 02/15/2051		2,700		2,567
2.00%, 02/15/2050		2,609		2,556
2.00%, 08/15/2051		1,900		1,862
2.25%, 05/15/2041		3,600		3,735
2.25%, 08/15/2046		3,440		3,544

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — continued
2.25%, 08/15/2049		3,300		3,411
2.38%, 11/15/2049		2,200		2,335
2.38%, 05/15/2051		4,750		5,054
2.50%, 02/15/2045		6,420		6,918
2.50%, 02/15/2046		1,000		1,079
2.50%, 05/15/2046		2,370		2,558
2.75%, 11/15/2042		2,000		2,244
2.75%, 08/15/2047		900		1,019
2.75%, 11/15/2047		900		1,020
2.88%, 05/15/2043		2,000		2,290
2.88%, 11/15/2046		1,500		1,733
2.88%, 05/15/2049		3,000		3,500
3.00%, 05/15/2042		800		933
3.00%, 11/15/2044		900		1,054
3.00%, 05/15/2045		1,730		2,031
3.00%, 11/15/2045		4,229		4,973
3.00%, 02/15/2047		4,588		5,423
3.00%, 08/15/2048		2,020		2,401
3.00%, 02/15/2049		2,400		2,862
3.13%, 11/15/2041		800		951
3.13%, 02/15/2043		860		1,022
3.13%, 08/15/2044		350		418
3.38%, 11/15/2048		3,700		4,702
3.63%, 08/15/2043		4,090		5,239
3.63%, 02/15/2044		3,000		3,854
3.75%, 11/15/2043		3,115		4,066
3.88%, 08/15/2040		900		1,178
4.25%, 11/15/2040		1,769		2,427
4.38%, 05/15/2041		410		573
4.50%, 02/15/2036		1,805		2,463
4.63%, 02/15/2040		1,000		1,427
4.75%, 02/15/2037		300		423
4.75%, 02/15/2041		800		1,167
5.00%, 05/15/2037		300		434
5.25%, 02/15/2029		365		466
U.S. Treasury Inflation Indexed Notes, 0.13%, 04/15/2025		42		45
U.S. Treasury Notes,
0.13%, 04/30/2022		512		512
0.13%, 07/31/2022		4,200		4,201
0.13%, 09/30/2022		2,500		2,500
0.13%, 10/31/2022		18,000		18,001
0.13%, 05/15/2023		300		300
0.13%, 05/31/2023		500		499
0.13%, 06/30/2023		16,355		16,326
0.13%, 07/15/2023		13,000		12,973
0.13%, 08/15/2023		45		45
0.13%, 09/15/2023		10,000		9,969
0.13%, 01/15/2024		100		99
0.25%, 04/15/2023		1,203		1,204
0.25%, 06/15/2023		11,000		11,003

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — continued
0.25%, 03/15/2024		2,000		1,993
0.25%, 05/15/2024		2,000		1,990
0.25%, 06/15/2024		3,000		2,983
0.25%, 05/31/2025		10,000		9,828
0.25%, 06/30/2025		10,000		9,819
0.25%, 07/31/2025		19,920		19,532
0.25%, 09/30/2025		2,500		2,446
0.25%, 10/31/2025		600		586
0.38%, 04/15/2024		1,000		999
0.38%, 08/15/2024		2,000		1,993
0.38%, 04/30/2025		1,085		1,073
0.38%, 11/30/2025		3,500		3,432
0.38%, 12/31/2025		4,990		4,888
0.38%, 01/31/2026		600		587
0.38%, 07/31/2027		6,215		5,944
0.38%, 09/30/2027		5,500		5,245
0.50%, 03/15/2023		8,000		8,037
0.50%, 04/30/2027		532		514
0.50%, 05/31/2027		4,500		4,344
0.50%, 06/30/2027		5,000		4,824
0.50%, 08/31/2027		2,400		2,308
0.63%, 07/31/2026		2,350		2,311
0.63%, 11/30/2027		2,200		2,123
0.63%, 12/31/2027		3,600		3,470
0.63%, 05/15/2030		13,078		12,194
0.63%, 08/15/2030		4,555		4,233
0.75%, 03/31/2026		1,500		1,489
0.75%, 04/30/2026		2,500		2,480
0.75%, 05/31/2026		2,400		2,379
0.75%, 08/31/2026		2,000		1,978
0.75%, 01/31/2028		3,000		2,911
0.88%, 06/30/2026		6,000		5,976
0.88%, 09/30/2026		1,300		1,292
0.88%, 11/15/2030		4,700		4,455
1.00%, 07/31/2028		4,095		4,012
1.13%, 02/28/2027		4,000		4,012
1.13%, 02/29/2028		1,500		1,490
1.13%, 08/31/2028		3,500		3,455
1.13%, 02/15/2031		5,000		4,838
1.25%, 07/31/2023		8,100		8,248
1.25%, 03/31/2028		2,500		2,498
1.25%, 04/30/2028		2,300		2,297
1.25%, 05/31/2028 (ee) (gg)		9,700		9,678
1.25%, 06/30/2028		26,690		26,612
1.25%, 09/30/2028		1,000		995
1.25%, 08/15/2031		3,300		3,216
1.50%, 08/15/2026		1,000		1,025
1.50%, 02/15/2030		3,399		3,417
1.63%, 02/15/2026		5,500		5,673
1.63%, 05/15/2026		2,500		2,577
1.63%, 08/15/2029		2,000		2,035
1.63%, 05/15/2031		6,570		6,639

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
1.75%, 09/30/2022		1,400		1,423
1.75%, 01/31/2023		2,830		2,890
1.75%, 05/15/2023		140		143
1.75%, 06/30/2024		3,800		3,933
1.75%, 12/31/2026		840		871
1.75%, 11/15/2029		2,000		2,053
1.88%, 08/31/2022		675		686
2.00%, 07/31/2022		1,600		1,625
2.00%, 11/30/2022		1,560		1,594
2.00%, 02/15/2023		500		513
2.00%, 05/31/2024		4,000		4,164
2.00%, 08/15/2025		3,000		3,140
2.00%, 11/15/2026		6,700		7,026
2.13%, 02/29/2024		55		57
2.13%, 03/31/2024		12,000		12,509
2.13%, 07/31/2024		3,000		3,138
2.13%, 09/30/2024		10,400		10,893
2.13%, 05/15/2025		11,000		11,558
2.25%, 11/15/2024		10,700		11,261
2.25%, 11/15/2025		2,575		2,723
2.25%, 03/31/2026		400		424
2.25%, 02/15/2027		5,000		5,308
2.25%, 08/15/2027		4,200		4,461
2.38%, 01/31/2023		1,600		1,647
2.38%, 08/15/2024		3,800		4,004
2.38%, 05/15/2027		8,000		8,552
2.38%, 05/15/2029		3,500		3,754
2.63%, 02/15/2029		1,600		1,743
2.75%, 07/31/2023		7,000		7,319
2.75%, 11/15/2023		4,300		4,521
2.75%, 02/15/2024		3,000		3,169
2.75%, 02/28/2025		13,800		14,787
2.75%, 02/15/2028		4,660		5,095
2.88%, 11/15/2021		1		1
2.88%, 09/30/2023		3,000		3,154
2.88%, 10/31/2023		1,524		1,605
2.88%, 04/30/2025		10,900		11,742
2.88%, 11/30/2025		1,300		1,408
2.88%, 05/15/2028		4,500		4,960
2.88%, 08/15/2028		1,800		1,987
3.00%, 09/30/2025		120		130
3.13%, 11/15/2028		6,390		7,174
U.S. Treasury STRIP Coupon Bonds,
Zero Coupon, 05/15/2024		800		791
Zero Coupon, 05/15/2026		5,000		4,775
Zero Coupon, 11/15/2026		5,000		4,721
Zero Coupon, 11/15/2028 (ee) (ff)		12,000		10,841
Zero Coupon, 11/15/2038		6,250		4,386
Zero Coupon, 11/15/2041 (ee)		200		129
Zero Coupon, 08/15/2045		600		353
Total U.S. Treasury Obligations (Cost $660,492)				636,460

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 — 9.1%
Repurchase Agreement — 0.8%
HSBC Bank plc, 0.04%, dated 09/30/2021 due 10/01/2021, repurchase price $64,200, collateralized by U.S. Treasury Securities, Zero Coupon, due 05/19/2022 - 07/14/2022, with a value of $67,711.		64,200			64,200
Time Deposits — 7.9%
Australia & New Zealand Banking Group Ltd., 0.01%, 10/01/2021		4,948			4,948
BNP Paribas SA,
(1.42%), 10/01/2021	CHF	26			27
(0.79%), 10/01/2021	EUR	14,794			17,137
0.01%, 10/01/2021		189,604			189,604
Brown Brothers Harriman,
(1.42%), 10/01/2021	CHF	21			22
(0.46%), 10/01/2021	DKK	233			36
(0.27%), 10/01/2021	SEK	1,337			153
(0.23%), 10/01/2021	AUD	739			534
0.00%, 10/04/2021	HKD	1,932			248
0.01%, 10/01/2021	CAD	35			27
0.01%, 10/01/2021	GBP	—	(h)		—	(h)
0.01%, 10/01/2021	NOK	1,422			163
0.01%, 10/01/2021	NZD	159			110
0.01%, 10/01/2021	SGD	318			234
0.01%, 10/01/2021		—	(h)		—	(h)
Citibank NA,
(0.79%), 10/01/2021	EUR	16			19
0.01%, 10/01/2021	GBP	1,596			2,151
Sumitomo Mitsui Banking Corp.,
(0.41%), 10/01/2021	JPY	228,512			2,053
0.01%, 10/01/2021		174,043			174,043
Sumitomo Mitsui Trust Bank Ltd., 0.01%, 10/01/2021		214,506			214,506
Total Time Deposits					606,015
U.S. Treasury Obligations — 0.4%
U.S. Cash Management Bill,
Zero Coupon, 01/11/2022		5,300			5,299
Zero Coupon, 02/01/2022 (w)		6,700			6,699
U.S. Treasury Bills,
Zero Coupon, 10/07/2021 (ee) (gg)		8,700			8,700
Zero Coupon, 02/17/2022 (gg) (hh)		4,200			4,199
Zero Coupon, 03/24/2022		6,200			6,199
Total U.S. Treasury Obligations					31,096
Total Short-Term Investments (Cost $701,311)					701,311
Total Investments, Before Short Positions — 110.6% (Cost - $8,663,798)*					8,506,459
Liabilities in Excess of Other Assets — (10.6)%					(815,349	)
NET ASSETS — 100.0%				$	7,691,110

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 — 3.9%
Foreign Government Security — 0.0% (g)
China Development Bank, (China), Series 1706, 4.02%, 04/17/2022 (Proceeds $1,814)	CNY	12,000		1,873
Mortgage-Backed Securities — 3.9%
FHLMC Pool, Single Family, 15 years,
3.50%, 12/01/2035		179		191
3.50%, 02/01/2036		821		876
FNMA or FHLMC, Single Family, 15 years,
TBA, 2.00%, 10/01/2036 (w)		39,700		40,872
TBA, 3.00%, 10/01/2036 (w)		11,400		11,987
FNMA or FHLMC, Single Family, 30 years,
TBA, 2.00%, 10/01/2051 (w)		1,400		1,403
TBA, 2.50%, 10/01/2051 (w)		54,700		56,367
TBA, 3.00%, 10/01/2051 (w)		40,400		42,256
TBA, 3.50%, 10/01/2051 (w)		76,000		80,410
TBA, 4.00%, 10/01/2051 (w)		2,300		2,464
TBA, 4.00%, 11/01/2051 (w)		8,100		8,687
TBA, 4.50%, 10/01/2051 (w)		18,700		20,222
FNMA Pool, Single Family, 15 years,
3.50%, 06/01/2035		430		461
3.50%, 04/01/2035		1,575		1,681
GNMA II Pool, Single Family, 30 years, 4.00%, 12/20/2050		4,435		4,712
GNMA, Single Family, 30 years, TBA, 4.00%, 10/01/2051 (w)		27,700		29,387
Total Mortgage-Backed Securities (Proceeds $302,380)				301,976
Total Securities Sold Short— 3.9% (Proceeds $304,194)*				303,849

Percentages indicated are based on net assets.

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021:
Exchange Traded
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
3 Month Eurodollar		20		12/2021		USD		4,989			3
Euro BOBL		98		12/2021		EUR		15,392			(75	)
Euro Bund		134		12/2021		EUR		26,705			(346	)
Euro Buxl		12		12/2021		EUR		2,901			(75	)
Euro Schatz		62		12/2021		EUR		8,064			(6	)
Swiss Confederation Bond		20		12/2021		CHF		3,592			(56	)
U.S. Treasury 10 Year Note		373		12/2021		USD		49,756			(666	)
U.S. Treasury 2 Year Note		141		12/2021		USD		31,045			(17	)
U.S. Treasury 5 Year Note		17		12/2021		USD		2,101			(14	)
U.S. Treasury Long Bond		136		12/2021		USD		22,165			(511	)
U.S. Treasury Ultra Bond		109		12/2021		USD		21,356			(531	)
											(2,294	)
Short Contracts
Euro BOBL		(5)		12/2021		EUR		(786	)		5
Euro Buxl		(1)		12/2021		EUR		(241	)		6
Long Gilt		(12)		12/2021		GBP		(2,070	)		46
U.S. Treasury 10 Year Note		(323)		12/2021		USD		(43,090	)		580
U.S. Treasury 5 Year Note		(170)		12/2021		USD		(20,999	)		133
U.S. Treasury Long Bond		(33)		12/2021		USD		(5,396	)		142
U.S. Treasury Ultra Bond		(2)		12/2021		USD		(393	)		11
U.S. Ultra Treasury 10 Year Note		(351)		12/2021		USD		(51,985	)		1,002
											1,925
Total unrealized appreciation (depreciation)											(369	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021:

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	2,243	DKK	13,942	Morgan Stanley & Co.	10/01/2021		71
USD	4,376	DKK	27,315	Morgan Stanley & Co.	10/01/2021		122
CAD	16,443	USD	12,922	Bank of America, NA	10/04/2021		60
USD	13,020	CAD	16,443	Morgan Stanley & Co.	10/04/2021		38
USD	4,242	CHF	3,875	Bank of America, NA	10/04/2021		84
USD	2,894	CHF	2,641	HSBC Bank plc	10/04/2021		60
CHF	5,249	USD	5,605	Morgan Stanley & Co.	10/04/2021		27
CHF	3,875	USD	4,138	Morgan Stanley & Co.	10/04/2021		20
USD	5,747	CHF	5,249	Westpac Banking Corp.	10/04/2021		116
CZK	87,176	USD	3,962	UBS AG LONDON	10/04/2021		23
USD	4,036	CZK	87,176	UBS AG LONDON	10/04/2021		51
USD	5,099	DKK	32,038	Citibank, NA	10/04/2021		109
USD	428	DKK	2,690	Citibank, NA	10/04/2021		9
USD	902	EUR	770	Bank of America, NA	10/04/2021		10
USD	27,116	EUR	22,911	Bank of America, NA	10/04/2021		577
USD	522	EUR	441	Bank of America, NA	10/04/2021		11
USD	175,553	EUR	148,205	Bank of America, NA	10/04/2021		3,880
USD	2,020	EUR	1,704	Bank of America, NA	10/04/2021		46
USD	3,634	EUR	3,073	Barclays Bank plc	10/04/2021		74
USD	23,437	EUR	19,842	BNP Paribas	10/04/2021		453
USD	42,580	EUR	36,178	Citibank, NA	10/04/2021		674
USD	175,493	EUR	148,205	Citibank, NA	10/04/2021		3,820
USD	347	EUR	293	Citibank, NA	10/04/2021		8
USD	768	EUR	650	Citibank, NA	10/04/2021		15
USD	12	EUR	10	Citibank, NA	10/04/2021		—	(h)
USD	89,000	EUR	75,617	Citibank, NA	10/04/2021		1,409
EUR	150,230	USD	174,016	Citibank, NA	10/04/2021		3
USD	511,474	EUR	432,155	Goldman Sachs International	10/04/2021		10,888
EUR	434,860	USD	503,568	Goldman Sachs International	10/04/2021		152
EUR	23,421	USD	27,122	Goldman Sachs International	10/04/2021		8
EUR	150,683	USD	174,514	Morgan Stanley & Co.	10/04/2021		30
USD	42,619	EUR	36,178	Morgan Stanley & Co.	10/04/2021		712
USD	176,046	EUR	148,657	Morgan Stanley & Co.	10/04/2021		3,849
USD	234	EUR	200	Morgan Stanley & Co.	10/04/2021		3
USD	89,080	EUR	75,617	Morgan Stanley & Co.	10/04/2021		1,488
USD	158	EUR	134	Morgan Stanley & Co.	10/04/2021		3
USD	417	EUR	352	UBS AG LONDON	10/04/2021		10
USD	390	EUR	330	UBS AG LONDON	10/04/2021		8
USD	4,028	EUR	3,410	UBS AG LONDON	10/04/2021		78
USD	4,429	EUR	3,750	UBS AG LONDON	10/04/2021		86
USD	1,456	EUR	1,240	Westpac Banking Corp.	10/04/2021		19
USD	765	GBP	555	Bank of America, NA	10/04/2021		18
GBP	30,060	USD	40,480	Bank of America, NA	10/04/2021		23
USD	41,131	GBP	29,840	Bank of America, NA	10/04/2021		925
USD	205	GBP	150	Bank of America, NA	10/04/2021		3
GBP	30,060	USD	40,475	Citibank, NA	10/04/2021		28
USD	41,114	GBP	29,840	Citibank, NA	10/04/2021		908
USD	206	GBP	150	Citibank, NA	10/04/2021		4
USD	38,202	GBP	27,874	Citibank, NA	10/04/2021		644

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021 (continued):

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	25,285	GBP	18,449	Citibank, NA	10/04/2021		427
USD	41,229	GBP	29,929	Morgan Stanley & Co.	10/04/2021		903
GBP	30,145	USD	40,597	Morgan Stanley & Co.	10/04/2021		21
GBP	1,206	USD	1,621	UBS AG LONDON	10/04/2021		4
USD	1,376	GBP	1,000	UBS AG LONDON	10/04/2021		29
USD	1,111	GBP	807	UBS AG LONDON	10/04/2021		23
GBP	74,052	USD	99,545	UBS AG LONDON	10/04/2021		233
USD	100,677	GBP	73,052	Westpac Banking Corp.	10/04/2021		2,247
USD	1,662	GBP	1,206	Westpac Banking Corp.	10/04/2021		37
USD	277	GBP	200	Westpac Banking Corp.	10/04/2021		7
HKD	15,302	USD	1,965	UBS AG LONDON	10/04/2021		1
USD	1,967	HKD	15,302	UBS AG LONDON	10/04/2021		1
HUF	866,359	USD	2,787	Bank of America, NA	10/04/2021		5
USD	2,939	HUF	866,359	Goldman Sachs International	10/04/2021		146
JPY	31,367,155	USD	280,204	Bank of America, NA	10/04/2021		1,634
USD	284,718	JPY	31,225,395	Bank of America, NA	10/04/2021		4,154
USD	73,488	JPY	8,087,335	Citibank, NA	10/04/2021		823
JPY	31,367,150	USD	280,164	Deutsche Bank AG	10/04/2021		1,674
USD	6,454	JPY	708,792	Deutsche Bank AG	10/04/2021		85
USD	284,695	JPY	31,225,395	Goldman Sachs International	10/04/2021		4,131
JPY	31,367,155	USD	280,389	Goldman Sachs International	10/04/2021		1,449
JPY	31,367,155	USD	280,404	Morgan Stanley & Co.	10/04/2021		1,434
USD	284,746	JPY	31,225,395	Morgan Stanley & Co.	10/04/2021		4,181
USD	284,682	JPY	31,225,395	Standard Chartered Bank	10/04/2021		4,118
USD	284,720	JPY	31,225,398	Toronto-Dominion Bank (The)	10/04/2021		4,156
JPY	31,367,155	USD	280,377	UBS AG LONDON	10/04/2021		1,461
USD	2,396	NOK	20,726	Citibank, NA	10/04/2021		25
NOK	24,327	USD	2,764	Goldman Sachs International	10/04/2021		19
USD	414	NOK	3,601	UBS AG LONDON	10/04/2021		2
USD	19,723	NZD	27,950	Goldman Sachs International	10/04/2021		428
USD	789	NZD	1,136	Goldman Sachs International	10/04/2021		5
NZD	27,950	USD	19,187	Morgan Stanley & Co.	10/04/2021		109
USD	6,269	PLN	24,042	Morgan Stanley & Co.	10/04/2021		224
PLN	24,042	USD	6,012	UBS AG LONDON	10/04/2021		33
USD	2,265	RON	9,460	Goldman Sachs International	10/04/2021		50
USD	972	SEK	8,460	Morgan Stanley & Co.	10/04/2021		5
SEK	40,680	USD	4,628	Morgan Stanley & Co.	10/04/2021		19
SEK	41,969	USD	4,775	Morgan Stanley & Co.	10/04/2021		19
USD	4,882	SEK	41,969	UBS AG LONDON	10/04/2021		88
USD	4,734	SEK	40,680	UBS AG LONDON	10/04/2021		87
SGD	33,602	USD	24,701	Goldman Sachs International	10/04/2021		47
USD	25,008	SGD	33,602	Goldman Sachs International	10/04/2021		261
AUD	44,940	USD	32,367	Bank of America, NA	10/05/2021		122
USD	32,836	AUD	44,820	Bank of America, NA	10/05/2021		433
USD	445	AUD	609	Deutsche Bank AG	10/05/2021		5
AUD	44,949	USD	32,377	Deutsche Bank AG	10/05/2021		119
USD	32,819	AUD	44,820	Goldman Sachs International	10/05/2021		416
AUD	44,940	USD	32,379	Goldman Sachs International	10/05/2021		110
USD	7,333	AUD	10,113	HSBC Bank plc	10/05/2021		22
AUD	44,940	USD	32,380	Morgan Stanley & Co.	10/05/2021		110

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021 (continued):

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	32,814	AUD	44,820	Morgan Stanley & Co.	10/05/2021		411
USD	32,833	AUD	44,820	Standard Chartered Bank	10/05/2021		430
USD	32,836	AUD	44,820	Toronto-Dominion Bank (The)	10/05/2021		433
AUD	44,940	USD	32,413	UBS AG LONDON	10/05/2021		76
USD	2,634	CNY	17,000	Brown Brothers Harriman & Co.	10/12/2021		4
CNY	2,985,100	USD	461,533	Brown Brothers Harriman & Co.	10/12/2021		170
CNY	20,800	USD	3,205	Brown Brothers Harriman & Co.	10/12/2021		12
CNY	2,985,100	USD	461,483	Brown Brothers Harriman & Co.	10/12/2021		220
USD	292	AUD	397	Morgan Stanley & Co.	10/19/2021		5
USD	326	CAD	407	Morgan Stanley & Co.	10/19/2021		5
CAD	298	USD	235	Morgan Stanley & Co.	10/19/2021		—	(h)
USD	453	CZK	9,845	Barclays Bank plc	10/19/2021		3
USD	696	CZK	15,125	Barclays Bank plc	10/19/2021		5
USD	946	DKK	5,921	Morgan Stanley & Co.	10/19/2021		24
USD	775	EUR	655	Barclays Bank plc	10/19/2021		16
USD	1,910	EUR	1,609	Morgan Stanley & Co.	10/19/2021		46
USD	928	GBP	669	Morgan Stanley & Co.	10/19/2021		27
USD	653	GBP	470	Morgan Stanley & Co.	10/19/2021		20
USD	444	HUF	133,297	Citibank, NA	10/19/2021		14
USD	217	HUF	66,128	Goldman Sachs International	10/19/2021		4
USD	340	JPY	37,357	Bank of America, NA	10/19/2021		4
JPY	35,067	USD	314	HSBC Bank plc	10/19/2021		1
USD	1,185	JPY	130,308	Morgan Stanley & Co.	10/19/2021		14
USD	492	JPY	54,018	Morgan Stanley & Co.	10/19/2021		7
USD	1,089	PLN	4,187	Citibank, NA	10/19/2021		37
USD	398	RON	1,660	Goldman Sachs International	10/19/2021		10
USD	254	RON	1,064	Goldman Sachs International	10/19/2021		6
CAD	919	USD	722	Morgan Stanley & Co.	11/02/2021		3
USD	2,857	CHF	2,641	Bank of America, NA	11/02/2021		21
CHF	80	USD	86	Morgan Stanley & Co.	11/02/2021		—	(h)
USD	896	CNY	5,800	Brown Brothers Harriman & Co.	11/02/2021		—	(h)
USD	5,000	DKK	32,038	Bank of America, NA	11/02/2021		7
USD	420	DKK	2,690	Bank of America, NA	11/02/2021		1
USD	727	DKK	4,660	Citibank, NA	11/02/2021		—	(h)
USD	414	DKK	2,654	UBS AG LONDON	11/02/2021		—	(h)
USD	174,121	EUR	150,230	Bank of America, NA	11/02/2021		4
USD	23,008	EUR	19,842	BNP Paribas	11/02/2021		12
USD	42,375	EUR	36,245	Citibank, NA	11/02/2021		367
USD	90,192	EUR	77,144	Citibank, NA	11/02/2021		782
USD	8,291	EUR	7,150	Citibank, NA	11/02/2021		4
USD	90,264	EUR	77,144	Morgan Stanley & Co.	11/02/2021		854
EUR	604	USD	700	Morgan Stanley & Co.	11/02/2021		—	(h)
USD	42,409	EUR	36,245	Morgan Stanley & Co.	11/02/2021		401
USD	6,001	EUR	5,175	UBS AG LONDON	11/02/2021		3
USD	25,212	GBP	18,449	Barclays Bank plc	11/02/2021		352
USD	38,092	GBP	27,874	Barclays Bank plc	11/02/2021		533
USD	72,926	JPY	8,087,335	Citibank, NA	11/02/2021		246
USD	425	NOK	3,663	Morgan Stanley & Co.	11/02/2021		6
USD	796	NZD	1,136	Barclays Bank plc	11/02/2021		12
USD	2,215	RON	9,460	UBS AG LONDON	11/02/2021		4

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021 (continued):

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	977	SEK	8,460	Bank of America, NA	11/02/2021		11
CNH	1,000	USD	154	HSBC Bank plc	11/18/2021		1
USD	408	CLP	319,372	Goldman Sachs International	12/15/2021		17
USD	1,118	IDR	16,064,630	Bank of America, NA	12/15/2021		3
USD	50,390	IDR	724,839,220	Goldman Sachs International	12/15/2021		115
USD	904	ILS	2,907	Goldman Sachs International	12/15/2021		1
USD	147,714	KRW	172,802,217	Morgan Stanley & Co.	12/15/2021		1,924
USD	1,615	MXN	32,633	HSBC Bank plc	12/15/2021		51
USD	1,713	MYR	7,155	Barclays Bank plc	12/15/2021		10
USD	38,500	MYR	160,430	Morgan Stanley & Co.	12/15/2021		304
USD	293	PEN	1,205	Citibank, NA	12/15/2021		3
USD	1,049	SGD	1,410	Citibank, NA	12/15/2021		11
USD	1,702	THB	55,285	HSBC Bank plc	12/15/2021		68
USD	39,588	THB	1,297,243	Standard Chartered Bank	12/15/2021		1,264
USD	1,666	DKK	10,547	Bank of America, NA	04/01/2022		17
USD	2,393	DKK	15,144	Morgan Stanley & Co.	04/01/2022		25
USD	2,579	DKK	16,357	Morgan Stanley & Co.	04/01/2022		21
Total unrealized appreciation							77,261
DKK	10,587	USD	1,666	Bank of America, NA	10/01/2021		(17	)
DKK	16,419	USD	2,579	Morgan Stanley & Co.	10/01/2021		(21	)
DKK	15,202	USD	2,393	Morgan Stanley & Co.	10/01/2021		(25	)
CAD	919	USD	728	Bank of America, NA	10/04/2021		(3	)
USD	722	CAD	919	Morgan Stanley & Co.	10/04/2021		(3	)
CHF	2,641	USD	2,855	Bank of America, NA	10/04/2021		(21	)
DKK	2,690	USD	420	Bank of America, NA	10/04/2021		(1	)
DKK	32,038	USD	4,997	Bank of America, NA	10/04/2021		(7	)
EUR	150,230	USD	174,026	Bank of America, NA	10/04/2021		(8	)
EUR	591	USD	700	Citibank, NA	10/04/2021		(15	)
EUR	77,144	USD	90,143	Citibank, NA	10/04/2021		(783	)
EUR	36,245	USD	42,352	Citibank, NA	10/04/2021		(368	)
EUR	461	USD	545	Goldman Sachs International	10/04/2021		(11	)
USD	700	EUR	604	Morgan Stanley & Co.	10/04/2021		(—	)(h)
EUR	77,144	USD	90,214	Morgan Stanley & Co.	10/04/2021		(854	)
EUR	36,245	USD	42,385	Morgan Stanley & Co.	10/04/2021		(401	)
EUR	1,045	USD	1,236	Morgan Stanley & Co.	10/04/2021		(26	)
EUR	30	USD	36	Morgan Stanley & Co.	10/04/2021		(1	)
EUR	1,055	USD	1,248	Morgan Stanley & Co.	10/04/2021		(26	)
EUR	1,288	USD	1,523	Morgan Stanley & Co.	10/04/2021		(31	)
GBP	18,449	USD	25,211	Barclays Bank plc	10/04/2021		(352	)
GBP	27,874	USD	38,090	Barclays Bank plc	10/04/2021		(532	)
GBP	553	USD	761	Citibank, NA	10/04/2021		(16	)
GBP	653	USD	898	UBS AG LONDON	10/04/2021		(19	)
JPY	8,087,335	USD	72,912	Citibank, NA	10/04/2021		(246	)
USD	414	NOK	3,663	Citibank, NA	10/04/2021		(5	)
NOK	3,663	USD	425	Morgan Stanley & Co.	10/04/2021		(6	)
NZD	1,136	USD	796	Barclays Bank plc	10/04/2021		(12	)
RON	9,460	USD	2,218	UBS AG LONDON	10/04/2021		(4	)
SEK	8,460	USD	977	Bank of America, NA	10/04/2021		(11	)
USD	1,235	CNY	8,000	Brown Brothers Harriman & Co.	10/12/2021		(2	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021 (continued):

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	461,157	CNY	2,990,000	Brown Brothers Harriman & Co.	10/12/2021		(1,303	)
USD	460,687	CNY	2,990,000	Brown Brothers Harriman & Co.	10/12/2021		(1,773	)
EUR	1,137	USD	1,318	Morgan Stanley & Co.	10/19/2021		(1	)
GBP	695	USD	937	Morgan Stanley & Co.	10/19/2021		(1	)
JPY	21,321	USD	193	Barclays Bank plc	10/19/2021		(1	)
USD	32,371	AUD	44,940	Bank of America, NA	11/02/2021		(122	)
USD	3,575	AUD	4,948	Deutsche Bank AG	11/02/2021		(3	)
USD	32,380	AUD	44,949	Deutsche Bank AG	11/02/2021		(120	)
USD	32,383	AUD	44,940	Goldman Sachs International	11/02/2021		(110	)
USD	32,384	AUD	44,940	Morgan Stanley & Co.	11/02/2021		(110	)
USD	32,418	AUD	44,940	UBS AG LONDON	11/02/2021		(76	)
USD	12,922	CAD	16,443	Bank of America, NA	11/02/2021		(60	)
USD	5,609	CHF	5,249	Morgan Stanley & Co.	11/02/2021		(27	)
USD	4,141	CHF	3,875	Morgan Stanley & Co.	11/02/2021		(20	)
USD	460,767	CNY	2,985,100	Brown Brothers Harriman & Co.	11/02/2021		(171	)
USD	460,713	CNY	2,985,100	Brown Brothers Harriman & Co.	11/02/2021		(225	)
USD	3,959	CZK	87,176	UBS AG LONDON	11/02/2021		(22	)
EUR	160	USD	186	Citibank, NA	11/02/2021		(—	)(h)
EUR	1,498	USD	1,737	Citibank, NA	11/02/2021		(1	)
USD	174,111	EUR	150,230	Citibank, NA	11/02/2021		(5	)
USD	27,136	EUR	23,421	Goldman Sachs International	11/02/2021		(9	)
USD	503,843	EUR	434,860	Goldman Sachs International	11/02/2021		(160	)
EUR	190	USD	220	Morgan Stanley & Co.	11/02/2021		(—	)(h)
USD	174,609	EUR	150,683	Morgan Stanley & Co.	11/02/2021		(33	)
USD	40,481	GBP	30,060	Bank of America, NA	11/02/2021		(23	)
GBP	130	USD	175	Citibank, NA	11/02/2021		(—	)(h)
GBP	519	USD	700	Citibank, NA	11/02/2021		(1	)
USD	40,477	GBP	30,060	Citibank, NA	11/02/2021		(28	)
GBP	927	USD	1,250	Goldman Sachs International	11/02/2021		(1	)
GBP	10	USD	13	Morgan Stanley & Co.	11/02/2021		(—	)(h)
USD	40,599	GBP	30,145	Morgan Stanley & Co.	11/02/2021		(20	)
USD	1,621	GBP	1,206	UBS AG LONDON	11/02/2021		(4	)
USD	99,549	GBP	74,052	UBS AG LONDON	11/02/2021		(233	)
USD	1,965	HKD	15,302	UBS AG LONDON	11/02/2021		(1	)
USD	2,784	HUF	866,359	Bank of America, NA	11/02/2021		(5	)
USD	280,258	JPY	31,367,155	Bank of America, NA	11/02/2021		(1,636	)
USD	280,218	JPY	31,367,150	Deutsche Bank AG	11/02/2021		(1,676	)
USD	22,302	JPY	2,487,831	Deutsche Bank AG	11/02/2021		(56	)
USD	280,444	JPY	31,367,155	Goldman Sachs International	11/02/2021		(1,450	)
USD	280,458	JPY	31,367,155	Morgan Stanley & Co.	11/02/2021		(1,436	)
USD	280,429	JPY	31,367,155	UBS AG LONDON	11/02/2021		(1,465	)
USD	2,764	NOK	24,327	Goldman Sachs International	11/02/2021		(18	)
USD	19,184	NZD	27,950	Morgan Stanley & Co.	11/02/2021		(109	)
PLN	551	USD	139	Goldman Sachs International	11/02/2021		(—	)(h)
PLN	1,380	USD	348	UBS AG LONDON	11/02/2021		(1	)
USD	6,012	PLN	24,042	UBS AG LONDON	11/02/2021		(32	)
USD	4,629	SEK	40,680	Morgan Stanley & Co.	11/02/2021		(19	)
USD	4,776	SEK	41,969	Morgan Stanley & Co.	11/02/2021		(19	)
USD	24,699	SGD	33,602	Goldman Sachs International	11/02/2021		(47	)
USD	637	CNH	4,138	Barclays Bank plc	11/18/2021		(2	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021 (continued):

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	39,033	CNH	254,848	HSBC Bank plc	11/18/2021		(347	)
USD	977	CNH	6,342	HSBC Bank plc	11/18/2021		(3	)
USD	619	CNY	4,045	Citibank, NA	11/18/2021		(5	)
USD	3,386	IDR	49,417,649	Citibank, NA	12/15/2021		(42	)
USD	1,777	IDR	25,651,702	Morgan Stanley & Co.	12/15/2021		(2	)
KRW	308,689	USD	261	Barclays Bank plc	12/15/2021		(—	)(h)
KRW	346,425	USD	296	Morgan Stanley & Co.	12/15/2021		(4	)
USD	1,337	MYR	5,622	Goldman Sachs International	12/15/2021		(2	)
USD	6,244	RUB	463,895	Citibank, NA	12/15/2021		(40	)
USD	983	RUB	73,087	Goldman Sachs International	12/15/2021		(7	)
Total unrealized depreciation							(16,914	)
Net unrealized appreciation (depreciation)							60,347

OTC Interest Rate Swaps contracts outstanding as of September 30, 2021:

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 Offerred rate Fixing 3 Month

2.44% quarterly

Pay

Morgan Stanley & Co.

11/17/2030

MYR 5,000

(—

)(h)

(70

)

(70

)

Total

(—

)(h)

(70

)

(70

)

Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2021:

FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	(0.05%) annually	Pay		07/08/2023	JPY	360,000		3			(4	)		(1	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	0.00% annually	Pay		07/08/2031	JPY	95,000		(1	)		(4	)		(5	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	0.25% annually	Pay		07/08/2041	JPY	40,000		—	(h)		(3	)		(3	)
Bank of Thailand BIBOR Fixings 6 Month	1.15% semi-annually	Pay		11/19/2030	THB	31,000		—	(h)		(39	)		(39	)
BBSW ASX Australian 6 Month	2.50% semi-annually	Pay		12/03/2025	AUD	3,390		269			(82	)		187
BBSW ASX Australian 6 Month	2.75% semi-annually	Pay		12/03/2030	AUD	1,035		144			(61	)		83
Canada Bankers Acceptances 3 Month	2.45% semi-annually	Pay		12/03/2022	CAD	4,125		136			(45	)		91

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021 (continued):

FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
Canada Bankers Acceptances 3 Month	2.50% semi-annually	Pay		12/03/2025	CAD	8,915		563			(212	)		351
Canada Bankers Acceptances 3 Month	2.65% semi-annually	Pay		12/03/2030	CAD	4,555		434			(178	)		256
Canada Bankers Acceptances 3 Month	2.80% semi-annually	Pay		12/03/2040	CAD	1,585		308			(199	)		109
Canada Bankers Acceptances 3 Month	2.80% semi-annually	Pay		12/03/2049	CAD	1,245		321			(223	)		98
CFETS China Fixing Repo Rates 7 Day	2.81% quarterly	Pay		04/12/2026	CNY	3,590		—	(h)		9			9
Colombia IBR Overnight Nominal Interbank Reference Rate	4.44% quarterly	Pay		09/10/2030	COP	2,257,000		—	(h)		(83	)		(83	)
ICE LIBOR JPY 6 Month	(0.05%) semi-annually	Pay		11/12/2022	JPY	9,220,978		1			(43	)		(42	)
ICE LIBOR JPY 6 Month	(0.06%) semi-annually	Pay		02/16/2023	JPY	1,438,763		—	(h)		(9	)		(9	)
ICE LIBOR JPY 6 Month	(0.04%) semi-annually	Pay		03/17/2024	JPY	14,868,300		4			(182	)		(178	)
ICE LIBOR JPY 6 Month	(0.04%) semi-annually	Pay		04/26/2024	JPY	886,010		—	(h)		(9	)		(9	)
ICE LIBOR JPY 6 Month	(0.02%) semi-annually	Pay		05/20/2024	JPY	1,452,100		—	(h)		(11	)		(11	)
ICE LIBOR JPY 6 Month	(0.03%) semi-annually	Pay		11/12/2025	JPY	2,490,466		(1	)		(48	)		(49	)
ICE LIBOR JPY 6 Month	(0.05%) semi-annually	Pay		11/17/2025	JPY	873,680		—	(h)		(22	)		(22	)
ICE LIBOR JPY 6 Month	(0.04%) semi-annually	Pay		12/02/2025	JPY	1,479,353		—	(h)		(31	)		(31	)
ICE LIBOR JPY 6 Month	0.10% semi-annually	Pay		12/03/2025	JPY	140,000		9			(4	)		5
ICE LIBOR JPY 6 Month	(0.03%) semi-annually	Pay		03/17/2026	JPY	1,900,000		(1	)		(34	)		(35	)
ICE LIBOR JPY 6 Month	0.30% semi-annually	Pay		12/03/2030	JPY	143,500		35			(9	)		26
ICE LIBOR USD 3 Month	0.25% semi-annually	Receive		06/16/2023	USD	76,100		64			(52	)		12
ICE LIBOR USD 3 Month	0.25% semi-annually	Receive		06/16/2024	USD	41,220		311			31			342
ICE LIBOR USD 3 Month	0.50% semi-annually	Pay		06/16/2028	USD	2,300		(118	)		2			(116	)
ICE LIBOR USD 3 Month	1.50% semi-annually	Pay		12/15/2028	USD	21,900		150			22			172
ICE LIBOR USD 3 Month	1.00% semi-annually	Receive		12/16/2030	USD	2,020		(10	)		(72	)		(82	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021 (continued):

FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
ICE LIBOR USD 3 Month	0.75% semi-annually	Pay		03/17/2031	USD	400		(9	)		(18	)		(27	)
ICE LIBOR USD 3 Month	0.75% semi-annually	Pay		06/16/2031	USD	34,300		(2,792	)		402			(2,390	)
ICE LIBOR USD 3 Month	0.75% semi-annually	Pay		06/16/2031	USD	23,400		(1,371	)		(259	)		(1,630	)
KRW Certificate of Deposit 3 Month	1.00% maturity	Pay		09/01/2025	KRW	2,400,000		—	(h)		(59	)		(59	)
KRW Certificate of Deposit 3 Month	1.07% maturity	Pay		04/27/2030	KRW	200,000		(8	)		(3	)		(11	)
KRW Certificate of Deposit 3 Month	0.97% maturity	Pay		08/14/2030	KRW	2,100,000		—	(h)		(138	)		(138	)
KRW Certificate of Deposit 3 Month	0.94% maturity	Pay		08/19/2030	KRW	5,075,000		(83	)		(255	)		(338	)
SONIA Interest Rate Benchmark	0.45% annually	Pay		03/31/2026	GBP	1,250		—	(h)		(17	)		(17	)
SONIA Interest Rate Benchmark	0.11% annually	Receive		09/30/2030	GBP	500		—	(h)		45			45
SONIA Interest Rate Benchmark	0.26% annually	Receive		09/30/2040	GBP	275		—	(h)		48			48
SONIA Interest Rate Benchmark	1.25% annually	Pay		05/08/2046	GBP	2,080		332			(174	)		158
SONIA Interest Rate Benchmark	0.26% annually	Receive		09/30/2050	GBP	200		—	(h)		49			49
United States FEDEF	0.03% annually	Receive		06/12/2022	USD	450		—	(h)		—	(h)		—	(h)
United States FEDEF	0.10% maturity	Receive		01/13/2023	USD	442,600		37			181			218
United States FEDEF	0.20% maturity	Receive		04/29/2023	USD	22,600		1			9			10
Total								(1,272	)		(1,784	)		(3,056	)

(a) Value of floating rate index as of September 30, 2021 was as follows:

FLOATING RATE INDEX
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	(0.05	)%
Bank of Thailand BIBOR Fixings 6 Month	0.73	%
Bank Negara Malaysia Klibor Interbank Offerred rate Fixing 3 Month	1.93	%
BBSW ASX Australian 6 Month	0.05	%
Canada Bankers Acceptances 3 Month	0.45	%
CFETS China Fixing Repo Rates 7 Day	2.37	%
Colombia IBR Overnight Nominal Interbank Reference Rate	1.75	%
ICE LIBOR JPY 6 Month	(0.04	)%
ICE LIBOR USD 3 Month	0.13	%
KRW Certificate of Deposit 3 Month	1.04	%
SONIA Interest Rate Benchmark	0.05	%
United States FEDEF	0.06	%

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Written Call Option Contracts on securities as of September 30, 2021:

DESCRIPTION	COUNTERPARTY	NUMBER OF CONTRACTS			NOTIONAL AMOUNT			EXERCISE PRICE		EXPIRATION DATE		VALUE
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 10/14/2051	Citigroup Global Markets, Inc.		(3,000	)	USD	—	(h)	USD	101.73		10/07/2021		(—	)(h)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 10/14/2051	Citigroup Global Markets, Inc.		(100	)	USD	—		USD	102.75		10/07/2021		—
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 10/14/2051	Citigroup Global Markets, Inc.		(900	)	USD	—		USD	102.81		10/07/2021		—
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/10/2051	Citigroup Global Markets, Inc.		(5,500	)	USD	(1,833	)	USD	100.41		11/03/2021		(18	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/10/2051	Citigroup Global Markets, Inc.		(2,000	)	USD	(196	)	USD	101.16		11/03/2021		(2	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/10/2051	Citigroup Global Markets, Inc.		(1,500	)	USD	(93	)	USD	101.37		11/03/2021		(1	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/10/2051	Citigroup Global Markets, Inc.		(2,500	)	USD	(147	)	USD	101.39		11/03/2021		(2	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/10/2051	Citigroup Global Markets, Inc.		(2,000	)	USD	(105	)	USD	101.44		11/03/2021		(1	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/10/2051	Citigroup Global Markets, Inc.		(1,500	)	USD	(70	)	USD	101.48		11/03/2021		(1	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/10/2051	Citigroup Global Markets, Inc.		(2,500	)	USD	(111	)	USD	101.51		11/03/2021		(1	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/10/2051	Citigroup Global Markets, Inc.		(1,500	)	USD	(58	)	USD	101.56		11/03/2021		(1	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/10/2051	BofA Securities, Inc.		(3,000	)	USD	(111	)	USD	101.58		11/03/2021		(1	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/10/2051	Citigroup Global Markets, Inc.		(2,500	)	USD	(95	)	USD	101.57		11/03/2021		(1	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/10/2051	Citigroup Global Markets, Inc.		(3,000	)	USD	(90	)	USD	101.66		11/03/2021		(1	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/10/2051	Citigroup Global Markets, Inc.		(6,000	)	USD	(99	)	USD	101.86		11/03/2021		(1	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/10/2051	Citigroup Global Markets, Inc.		(5,500	)	USD	(731	)	USD	101.00		11/03/2021		(7	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 12/13/2051	Citigroup Global Markets, Inc.		(20,000	)	USD	(12,830	)	USD	100.06		12/06/2021		(128	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 12/13/2051	Citigroup Global Markets, Inc.		(26,500	)	USD	(8,101	)	USD	100.83		12/06/2021		(80	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 12/13/2051	Citigroup Global Markets, Inc.		(2,500	)	USD	(712	)	USD	100.89		12/06/2021		(7	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 12/13/2051	Citigroup Global Markets, Inc.		(2,000	)	USD	(388	)	USD	101.20		12/06/2021		(4	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 10/14/2051	Citigroup Global Markets, Inc.		(3,000	)	USD	(4	)	USD	103.98		10/07/2021		(—	)(h)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 12/13/2051	Citigroup Global Markets, Inc.		(1,000	)	USD	(320	)	USD	103.08		12/06/2021		(3	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 10/21/2051	Citigroup Global Markets, Inc.		(2,000	)	USD	(240	)	USD	100.78		10/14/2021		(2	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 12/13/2051	Citigroup Global Markets, Inc.		(5,500	)	USD	(1,510	)	USD	100.92		12/06/2021		(15	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 12/13/2051	Citigroup Global Markets, Inc.		(2,500	)	USD	(515	)	USD	101.16		12/06/2021		(5	)
													(282	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021:

DESCRIPTION	COUNTERPARTY		NUMBER OF CONTRACTS			NOTIONAL AMOUNT			EXERCISE PRICE		EXPIRATION DATE		VALUE
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 12/13/2051		Citigroup Global Markets, Inc.		(2,500	)	USD	(1,245	)	USD	99.16		12/06/2021		(13	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 10/14/2051		Citigroup Global Markets, Inc.		(1,100	)	USD	(640	)	USD	100.81		10/07/2021		(6	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/10/2051		Citigroup Global Markets, Inc.		(2,000	)	USD	(656	)	USD	99.66		11/03/2021		(7	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/10/2051		Citigroup Global Markets, Inc.		(6,000	)	USD	(2,394	)	USD	99.86		11/03/2021		(24	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 12/13/2051		Citigroup Global Markets, Inc.		(2,500	)	USD	(1,071	)	USD	98.89		12/06/2021		(11	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 12/13/2051		Citigroup Global Markets, Inc.		(5,500	)	USD	(2,398	)	USD	98.92		12/06/2021		(24	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 12/13/2051		Citigroup Global Markets, Inc.		(2,000	)	USD	(1,360	)	USD	99.70		12/06/2021		(14	)
FNMA or FHLMC, Single Family, 30 years, TBA, 3.00%, 10/14/2051		Citigroup Global Markets, Inc.		(2,000	)	USD	(5	)	USD	104.02		10/07/2021		(—	)(h)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 10/21/2051		Citigroup Global Markets, Inc.		(500	)	USD	(48	)	USD	100.65		10/14/2021		(—	)(h)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/18/2051		Citigroup Global Markets, Inc.		(500	)	USD	(147	)	USD	100.47		11/12/2021		(1	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 11/18/2051		Citigroup Global Markets, Inc.		(3,000	)	USD	(1,356	)	USD	100.95		11/12/2021		(13	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 10/21/2051		Citigroup Global Markets, Inc.		(2,000	)	USD	(68	)	USD	102.28		10/14/2021		(1	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.50%, 11/18/2051		Citigroup Global Markets, Inc.		(3,000	)	USD	(1,256	)	USD	103.07		11/12/2021		(12	)
FNMA or FHLMC, Single Family, 30 years, TBA, 3.00%, 10/21/2051		Citigroup Global Markets, Inc.		(5,000	)	USD	(74	)	USD	103.72		10/14/2021		(—	)(h)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 10/21/2051		Citigroup Global Markets, Inc.		(1,000	)	USD	(155	)	USD	100.94		10/14/2021		(2	)
FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 10/14/2051		Citigroup Global Markets, Inc.		(20,000	)	USD	(16,945	)	USD	101.10		10/07/2021		(168	)
														(296	)
Total Written Options Contracts (Premiums Paid $(535))														(578	)

Six Circles Global Bond Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021

ACES	—	Alternative Credit Enhancement Securities
ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of September 30, 2021.
ASX	—	Australian Stock Exchange
BAM	—	Insured by Build America Mutual
BBSW	—	Bank Bill Swap Rate
BIBOR	—	Bangkok Interbank Offered Rate
BofA	—	Bank of America
CFETS	—	China Foreign Exchange Trade System
CLO	—	Collateralized Loan Obligations
CMT	—	Constant Maturity Treasury
CPI	—	Consumer Price Index
EURIBOR	—	Euro Interbank Offered Rate
FEDEF	—	Federal Fund Effective Rate (Continuous Series)
FHA	—	Federal Housing Administration
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
IBR	—	Indicador Bancario de Referencia
ICE	—	Intercontinental Exchange
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of September 30, 2021. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
KLIBOR	—	Kuala Lumpur Interbank Offered Rate
LIBOR	—	London Interbank Offered Rate
OYJ	—	Public Limited Company
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.

Six Circles Global Bond Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (continued)

Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REIT	—	Real Estate Investment Trust
REMICS	—	Real Estate Mortgage Investment Conduit
Rev.	—	Revenue
SOFR	—	Secured Overnight Financing Rate
SONIA	—	Sterling Overnight Interbank Average Rate
STRIPS	—	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, 2021.
TBA	—	To Be Announced
TONAR	—	Tokyo Overnight Average Rate
VA	—	Veterans Administration
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500 shares or principal/ $500.
(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, 2021.
(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, 2021.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2021.
(bb)	—	Security has been valued using significant unobservable inputs.
(ee)	—	Approximately $5,161,218 of these investments is restricted as collateral for swaps to various brokers.
(ff)	—	Approximately $606,403 of this investment is restricted as collateral for futures to Citigroup Global Markets, Inc.
(gg)	—	Approximately $428,721 of these investments is restricted as collateral for options to Citigroup Global Markets, Inc.
(hh)	—	Approximately $3,118,220 of these investments is restricted as collateral for TBAs to various brokers.

Six Circles Global Bond Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (continued)

(jj)	—	Approximately $119,081 of this investment is restricted as collateral for bi-llateral derivatives to HSBC Bank PLC.
*	—	The cost of securities is substantially the same for federal income tax purposes.
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CLP	—	Chilean Peso
CNH	—	Chinese Yuan
CNY	—	Chinese Yuan
COP	—	Colombian Peso
CZK	—	Czech Koruna
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
HUF	—	Hungarian Forint
IDR	—	Indonesian Rupiah
ILS	—	Israeli New Shekel
JPY	—	Japanese Yen
KRW	—	Korean Won
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
PEN	—	Peruvian Nuevo Sol
PLN	—	Polish Zloty
RON	—	Romanian Leu
RUB	—	Russian Ruble
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
THB	—	Thai Baht
USD	—	United States Dollar

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Security — 0.0% (g)
FHLMC Multifamily ML Certificates, Series 2021-ML10, Class AUS, Rev., 2.03%, 01/25/2038 (Cost $358)		344		352
Corporate Bond — 0.0% (g)
Consumer Non-cyclical — 0.0% (g)
Healthcare - Services — 0.0% (g)
Tower Health, Series 2020, 4.45%, 02/01/2050 (Cost $861)		1,000		895
Municipal Bonds — 93.5% (t)
Alabama — 2.3%
Alabama Federal Aid Highway Finance Authority, Series A, Rev., 5.00%, 09/01/2035		2,000		2,390
Alabama Housing Finance Authority, Capstone At Kinsey Cove Project, Rev., 0.35%, 12/01/2023 (z)		1,005		1,006
Alabama Public School and College Authority, Social Bonds,
Series A, Rev., 5.00%, 11/01/2035		5,000		6,488
Series A, Rev., 5.00%, 11/01/2039		10,000		12,836
Alabama Special Care Facilities Financing Authority, Ascension Senior Credit Group, Series C, Rev., 5.00%, 11/15/2046		5,000		5,878
Baldwin County Board of Education, School Warrants,
Rev., 5.00%, 06/01/2024 (p)		2,605		2,688
Rev., 5.00%, 06/01/2026 (p)		2,870		2,962
Black Belt Energy Gas District,
Rev., LIQ: Royal Bank of Canada, 4.00%, 06/01/2051 (z)		17,035		20,787
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 08/01/2047 (z)		1,200		1,228
Black Belt Energy Gas District, Project No. 4, Series A1, Rev., 4.00%, 12/01/2049 (z)		1,175		1,326
Black Belt Energy Gas District, Project No. 5, Series A1, Rev., 4.00%, 10/01/2049 (z)		5,000		5,743
Black Belt Energy Gas District, Project No. 6, Series B, Rev., 4.00%, 10/01/2052 (z)		8,000		9,155
City of Birmingham, Series A, GO, 5.00%, 03/01/2043 (p)		1,935		2,066
City of Birmingham, Warrants, Series A, GO, 4.00%, 06/01/2032		4,075		4,935
City of Oxford, Warrants, Series C, GO, 5.00%, 10/01/2029 (p)		1,435		1,504
County of Jefferson, Sewer Revenue, Senior Lien, Warrants, Series A, Rev., AGM, 5.50%, 10/01/2053		500		555
County of Jefferson, Sewer Revenue, Subordinated Lien, Series D, Rev., 6.50%, 10/01/2053		220		254
Health Care Authority of the City of Huntsville, Health System,
Series B1, Rev., 4.00%, 06/01/2045		1,750		2,012
Series B1, Rev., 5.00%, 06/01/2038		1,000		1,260
Hoover Industrial Development Board, Green Bonds, Rev., AMT, 6.38%, 11/01/2050 (z)		3,020		3,821
Industrial Development Board of the City of Mobile Alabama, Power Co., Barry Plant, Rev., 2.90%, 07/15/2034 (z)		2,000		2,104
Morgan County Board of Education, Rev., 5.00%, 03/01/2035 (p)		2,720		2,829
Selma Industrial Development Board, International Paper Co. Project, Rev., 1.38%, 05/01/2034 (z)		1,000		1,026
Southeast Alabama Gas Supply District (The), Project No. 2, Series A, Rev., 4.00%, 06/01/2049 (z)		100		109
Southeast Energy Authority A Cooperative District, Project 1, Series A, Rev., 4.00%, 11/01/2051 (z)		11,625		13,671
Southeast Energy Authority A Cooperative District, Project 2, Series B, Rev., 4.00%, 12/01/2051 (z)		12,000		14,536
State of Alabama Docks Department, Docks,
Series A, Rev., AGM, AMT, 5.00%, 10/01/2025		1,750		2,039
Series A, Rev., AGM, AMT, 5.00%, 10/01/2026		1,890		2,264

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Alabama — continued
Tuscaloosa City Board of Education, Warrants, Rev., 5.00%, 08/01/2041 (p)		2,525		3,058
UAB Medicine Finance Authority,
Rev., 5.00%, 09/01/2032		1,800		2,302
Series B, Rev., 5.00%, 09/01/2041		1,450		1,713
Water Works Board of the City of Birmingham, Series B, Rev., 5.00%, 01/01/2038 (p)		3,000		3,179
				137,724
Alaska — 0.2%
Alaska Housing Finance Corp.,
Series A, Rev., 5.00%, 12/01/2032 (p)		1,425		1,571
Series A, Rev., 5.00%, 12/01/2033 (p)		685		755
Alaska Housing Finance Corp., General Mortgage, Series B, Rev., 3.25%, 12/01/2044		6,745		7,379
Alaska Housing Finance Corp., State Capital Project, Rev., 5.00%, 12/01/2031 (p)		1,690		1,744
State of Alaska International Airports System, Series C, Rev., AMT, 5.00%, 10/01/2026		1,500		1,805
				13,254
Arizona — 1.8%
Arizona Board of Regents, Arizona State University, Series C, Rev., 5.00%, 07/01/2031		1,000		1,342
Arizona Health Facilities Authority, Banner Health, Series A, Rev., 5.00%, 01/01/2044		1,055		1,147
Arizona Health Facilities Authority, Scottsdale Lincoln Hospital Project, Rev., 5.00%, 12/01/2029		2,705		3,074
Arizona Industrial Development Authority,
Series 2019-2, Rev., 3.63%, 05/20/2033		1,209		1,350
Series A, Rev., 4.00%, 09/01/2035		225		267
Series A, Rev., 4.00%, 09/01/2036		250		296
Arizona Industrial Development Authority, Greathearts Arizona Project,
Series A, Rev., 5.00%, 07/01/2024		125		140
Series A, Rev., 5.00%, 07/01/2026		125		148
Arizona Industrial Development Authority, Jerome Facilities Project, Series B, Rev., 4.00%, 07/01/2051		2,000		2,116
Arizona Industrial Development Authority, Lincoln South Beltway Project, Rev., 5.00%, 08/01/2025		1,000		1,166
Arizona Industrial Development Authority, Macombs Facilities Project, Series A, Rev., 4.00%, 07/01/2061		1,000		1,090
Arizona Industrial Development Authority, Phoenix Childrens Hospital,
Rev., 5.00%, 02/01/2025 (w)		1,200		1,372
Rev., 5.00%, 02/01/2032 (w)		1,375		1,826
Rev., 5.00%, 02/01/2033 (w)		2,000		2,635
Arizona Industrial Development Authority, Somerset Acacdemy of Las Vegas, Aliante,
Rev., 3.00%, 12/15/2031 (e)		525		548
Rev., 4.00%, 12/15/2041 (e)		500		544
Rev., 4.00%, 12/15/2051 (e)		700		751
Arizona State University,
Series B, Rev., VRDO, 0.05%, 10/07/2021 (z)		1,910		1,910
Series C, Rev., 5.00%, 07/01/2042		2,000		2,361
Arizona State University, Board of Regents,
Series A, Rev., 5.00%, 07/01/2043 (p)		1,500		1,554
Series B, Rev., 5.00%, 07/01/2026		100		120
Series B, Rev., 5.00%, 07/01/2042		2,000		2,394
Arizona Water Infrastructure Finance Authority, Unrefunded, Water Quality, Rev., 5.00%, 10/01/2023 (p)		1,665		1,745

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Arizona — continued
Chandler Industrial Development Authority, Intel Corp. Project, Rev., 2.40%, 12/01/2035 (z)		775		803
City of Bullhead Excise Taxes Revenue, Second Series, Rev., 0.60%, 07/01/2024		250		249
City of Mesa Excise Tax Revenue, Rev., 5.00%, 07/01/2028		600		760
City of Phoenix Civic Improvement Corp.,
Series A, Rev., 5.00%, 07/01/2029		1,000		1,257
Series A, Rev., 5.00%, 07/01/2031		2,000		2,493
Series A, Rev., 5.00%, 07/01/2032		1,000		1,243
Series A, Rev., 5.00%, 07/01/2034		1,600		2,132
City of Phoenix Civic Improvement Corp., Junior Lien,
Series A, Rev., 5.00%, 07/01/2029		1,515		1,965
Series B, Rev., 5.00%, 07/01/2026		1,750		2,111
City of Phoenix, Civic Improvement Corp.,
Series A, Rev., 5.00%, 07/01/2034		2,185		2,699
Series B, Rev., 5.00%, 07/01/2024		130		147
City of Phoenix, Civic Improvement Corp., Airport Revenue, Junior Lien,
Series A, Rev., 5.00%, 07/01/2044		1,000		1,236
Series B, Rev., AMT, 5.00%, 07/01/2027		1,500		1,838
Series B, Rev., AMT, 5.00%, 07/01/2033		2,000		2,511
Industrial Development Authority of the City of Phoenix, Republic Services, Inc. Project, Rev., AMT, 0.18%, 12/01/2035 (z)		2,325		2,325
Industrial Development Authority of the County of Pima (The), Tucson Medical Center, Rev., 4.00%, 04/01/2035		825		988
Industrial Development Authority of the County of Yavapai, Waste Management, Inc. Project, Rev., AMT, 1.30%, 06/01/2027		3,260		3,264
Kyrene Elementary School District No. 28, School Improvement Project 2010,
Series B, GO, 4.50%, 07/01/2024		315		339
Series B, GO, 4.50%, 07/01/2025		255		274
Maricopa County Industrial Development Authority, Banner Health, Series B, Rev., 5.00%, 01/01/2048 (z)		2,000		2,098
Maricopa County Industrial Development Authority, Banner Health Obligated Group, Rev., 5.00%, 01/01/2026		2,500		2,960
Maricopa County Pollution Control Corp., Public Service Company of New Mexico, Rev., 1.05%, 01/01/2038 (z)		695		697
Maricopa County Special Health Care District, Series C, GO, 4.00%, 07/01/2037		21,910		25,169
Northern Arizona University, Speed Stimulas Plan Economic Education, Rev., 5.00%, 08/01/2032 (p)		3,145		3,417
Salt River Project Agricultural Improvement & Power, Series A, Rev., 5.00%, 12/01/2045		7,300		8,349
Salt River Project Agricultural Improvement & Power District,
Series A, Rev., 5.00%, 01/01/2022		1,000		1,012
Series A, Rev., 5.00%, 12/01/2024		1,305		1,315
Salt Verde Financial Corp., Rev., 5.00%, 12/01/2032		420		551
Salt Verde Financial Corp., Senior,
Rev., 5.25%, 12/01/2021		600		604
Rev., 5.50%, 12/01/2029		1,475		1,917
State of Arizona, Series A, COP, 5.00%, 10/01/2021 (p)		80		80
Tempe Industrial Development Authority, Friendship Village Of Tempe, Rev., 1.13%, 12/01/2026 (w)		3,350		3,324
				110,023

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Arkansas — 0.0% (g)
Arkansas Development Finance Authority Public Safety Charges Revenue, Division of Emergency Management Project, Rev., 5.00%, 06/01/2024		1,000		1,120
Arkansas Development Finance Authority, Big River Steel Project, Rev., AMT, 4.50%, 09/01/2049 (e)		630		691
				1,811
California — 9.3%
Alameda County, Oakland Unified School District,
GO, 5.00%, 08/01/2027		65		78
Series A, GO, 5.00%, 08/01/2040		300		347
Anaheim Housing & Public Improvements Authority,
Series A, Rev., 5.00%, 10/01/2035		250		291
Series A, Rev., 5.00%, 10/01/2050		1,780		2,063
Anaheim Public Financing Authority, Senior Public Improvement Project, Series A, Rev., BAM, 5.00%, 09/01/2036		2,250		2,687
Bay Area Toll Authority, San Francisco Bay, Series A, Rev., 2.00%, 04/01/2056 (z)		1,565		1,658
Bay Area Toll Authority, San Francisco Bay Area,
Rev., 2.00%, 04/01/2053 (z)		2,200		2,268
Series C, Rev., (SIFMA Municipal Swap Index + 0.45%), 0.50%, 04/01/2056 (aa)		2,675		2,705
Bay Area Toll Authority, Subordinated, Series S4, Rev., 5.00%, 04/01/2031 (p)		4,000		4,288
Beverly Hills Unified School District, 2008 Election, GO, 2.00%, 08/01/2022		1,400		1,421
Cabrillo Unified School District, Election 2018, Series B, GO, 5.00%, 08/01/2050		5,000		6,137
California Community Choice Financing Authority, Series B1, Rev., 4.00%, 02/01/2052 (z)		7,235		8,768
California County, Tobacco Securitization Agency, Series A, Rev., 5.00%, 06/01/2027		10		12
California County, Tobacco Securitization Agency, Senior Bonds, Merced County Tobacco Funding Corporation,
Rev., 5.00%, 06/01/2032		340		443
Rev., 5.00%, 06/01/2033		170		221
California County, Tobacco Securitization Agency, Sonoma County Securitization,
Rev., 5.00%, 06/01/2031		255		334
Rev., 5.00%, 06/01/2032		250		326
Rev., 5.00%, 06/01/2033		300		389
Rev., 5.00%, 06/01/2049		405		493
California Educational Facilities Authority, Loyola Marymount University, Series A, Rev., NATL, Zero Coupon, 10/01/2037		340		242
California Educational Facilities Authority, University Southern California, Series C, Rev., 5.25%, 10/01/2024 (p)		210		241
California Health Facilities Financing Authority, Adventist Health System, Rev., 3.00%, 03/01/2041 (z)		1,905		1,989
California Health Facilities Financing Authority, City of Hope, Rev., 5.00%, 11/15/2049		3,000		3,567
California Health Facilities Financing Authority, Commonspirit Health,
Series A, Rev., 4.00%, 04/01/2038		3,500		4,103
Series A, Rev., 5.00%, 04/01/2033		3,000		3,862
California Health Facilities Financing Authority, Kaiser Permanente,
Series B, Rev., 5.00%, 11/01/2029 (z)		2,705		2,844
Series C, Rev., 5.00%, 06/01/2041 (z)		1,000		1,298
California Health Facilities Financing Authority, Lucile Salter Packard Chil, Rev., 5.00%, 05/15/2025 (w)		960		1,077
California Health Facilities Financing Authority, Pih Health, Series A, Rev., 5.00%, 06/01/2035		3,010		3,870

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
California Health Facilities Financing Authority, Providence St. Josephs, Rev., 5.00%, 10/01/2039 (z)		2,000		2,357
California Health Facilities Financing Authority, Stanford Health Care, Rev., 3.00%, 08/15/2054 (z)		3,335		3,660
California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 5.00%, 08/15/2043 (p)		465		546
California Housing Finance, Series A, Rev., 3.50%, 11/20/2035		3,788		4,393
California Infrastructure & Economic Development Bank, Brightline West Passenger Rail, Rev., AMT, 0.20%, 01/01/2050 (e) (z)		15,440		15,438
California Infrastructure & Economic Development Bank, Los Angeles County, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 0.75%, 12/01/2050 (aa)		1,370		1,392
California Infrastructure & Economic Development Bank, Sanford Consortium Project, Series A, Rev., 5.00%, 05/15/2031		1,230		1,462
California Infrastructure & Economic Development Bank, The Broad-Sustainability, Rev., 5.00%, 06/01/2026		1,300		1,567
California Municipal Finance Authority, Anaheim Electric Utility District System, Rev., 5.00%, 10/01/2022		1,175		1,231
California Municipal Finance Authority, Open Door Community Health Center,
Rev., 4.00%, 09/15/2034		920		1,118
Rev., 4.00%, 09/15/2035		960		1,164
Rev., 4.00%, 09/15/2036		1,000		1,209
California Municipal Finance Authority, Palomar Health, COP, 5.00%, 11/01/2027 (e)		445		525
California Municipal Finance Authority, Republic Services, Inc. Project,
Series A, Rev., AMT, 0.22%, 07/01/2041 (w) (z)		3,085		3,085
Series B, Rev., AMT, 0.30%, 07/01/2051 (z)		930		930
California Municipal Finance Authority, Simpson University, Series A, Rev., 6.00%, 10/01/2050 (e)		2,000		2,249
California Municipal Finance Authority, Southern California Insitute, Rev., 5.00%, 12/01/2037		745		846
California Municipal Finance Authority, Taxable Virginia Oceanside Health Care Center, Rev., 3.64%, 07/01/2030 (e)		3,000		3,181
California Municipal Finance Authority, Waste Management, Inc. Project,
Rev., AMT, 0.70%, 12/01/2044 (z)		1,670		1,679
Series A, Rev., AMT, 2.40%, 10/01/2044 (z)		2,960		3,179
California Pollution Control Financing Authority, Republic Services, Inc., Rev., AMT, 0.20%, 11/01/2042 (e) (z)		2,000		2,000
California Pollution Control Financing Authority, Republic Services, Inc. Project, Rev., AMT, 0.20%, 11/01/2042 (e) (z)		1,570		1,570
California Public Finance Authority, Enso Village Project, Rev., 2.13%, 11/15/2027 (e)		1,000		1,009
California Public Finance Authority, Enso Village Project, Green Bond, Rev., 5.00%, 11/15/2036 (e)		325		381
California Public Finance Authority, Henry Mayo Newhall Hospital,
Rev., 5.00%, 10/15/2030		1,165		1,381
Rev., 5.00%, 10/15/2032		1,000		1,181
Series A, Rev., 4.00%, 10/15/2022		110		114
Series A, Rev., 4.00%, 10/15/2023		130		139
California School Finance Authority, Rocketship Education Obligated, Series A, Rev., 5.00%, 06/01/2034 (e)		1,230		1,371
California State Public Works Board, Corrections Facilities, Series A, Rev., 5.00%, 09/01/2039		7,560		8,484
California State Public Works Board, Davidson Library, Series C, Rev., 5.00%, 03/01/2031 (p)		1,250		1,335

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
California State Public Works Board, Forward Delivery, Series A, Rev., 5.00%, 02/01/2030 (w)		2,500		3,241
California State Public Works Board, Various Capital Project,
Series B, Rev., 5.00%, 05/01/2026		400		480
Series B, Rev., 5.00%, 05/01/2033		1,000		1,320
California State Public Works Board, Various Purpose,
Series A, Rev., 5.00%, 08/01/2025 (w)		1,275		1,458
Series A, Rev., 5.00%, 08/01/2028 (w)		375		464
California State University, Series A, Rev., 5.00%, 11/01/2044		2,640		3,350
California State University, Systemwide,
Rev., 5.00%, 11/01/2039 (p)		335		382
Series A, Rev., 5.00%, 11/01/2037 (p)		9,200		9,234
Series A, Rev., 5.00%, 11/01/2042 (p)		3,980		4,189
Series C, Rev., 5.00%, 11/01/2026		1,685		2,060
California State University, Unrefunded Systemwide, Rev., 5.00%, 11/01/2039 (p)		4,700		5,380
California State, Public Works Board,
Series B, Rev., 5.00%, 10/01/2028		110		137
Series E, Rev., 5.00%, 09/01/2024 (p)		1,865		1,948
California State, Public Works Board Projects, Series D, Rev., 5.00%, 09/01/2024 (p)		1,700		1,775
California Statewide Communities Development Authority, Series B, Special Assessment, 4.00%, 09/02/2040		1,120		1,272
California Statewide Communities Development Authority, Health Facility, Dignity Health, Rev., AGM, 0.18%, 07/01/2041 (z)		2,000		2,000
California Statewide Communities Development Authority, Kaiser Permanente, Series 2004L, Rev., 5.00%, 04/01/2038 (z)		5,000		6,492
California Statewide Communities Development Authority, Loma Linda University Medical Center,
Rev., 5.25%, 12/01/2044		6,065		6,851
Rev., 5.50%, 12/01/2054		1,100		1,246
Series A, Rev., 5.00%, 12/01/2026 (e)		300		355
California Statewide Communities Development Authority, South California Edison Co., Rev., 2.63%, 11/01/2033 (z)		275		287
California Statewide Communities Development Authority, Villa Del Sol Apartments, Rev., 0.39%, 10/01/2023 (z)		560		560
California Statewide Communities Development Authority, Washington Court Apartments, Rev., HUD, 0.22%, 08/01/2023 (z)		260		260
Chino Basin Regional Financing Authority, Series B, Rev., 4.00%, 11/01/2025		3,000		3,399
City & County of San Francisco,
Series D1, GO, 4.00%, 06/15/2041		1,215		1,421
Series R2, GO, 5.00%, 06/15/2023		980		1,060
Series R2, GO, 5.00%, 06/15/2024		3,715		4,191
City & County of San Francisco, 49 South Van Ness Project, Green Bond, Series A, COP, 4.00%, 04/01/2035		810		938
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		348
City of Dixon, Community Facilities District Improvement, Special Tax, 4.00%, 09/01/2036		200		230
City of Los Angeles Department of Airports, Los Angeles International Airport,
Rev., AMT, 5.00%, 05/15/2032		2,000		2,512
Series A, Rev., 5.00%, 05/15/2040		500		635
City of Los Angeles Department of Airports, Senior,

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
Series A, Rev., AMT, 4.75%, 05/15/2040		2,415		2,714
Series B, Rev., 5.00%, 05/15/2027		2,570		3,176
Series C, Rev., AMT, 5.00%, 05/15/2036		4,090		5,164
City of Los Angeles Department of Airports, Subordinated,
Series C, Rev., AMT, 5.00%, 05/15/2033		1,330		1,628
Series E, Rev., 5.00%, 05/15/2039		1,510		1,885
Series E, Rev., 5.00%, 05/15/2044		1,000		1,239
City of Los Angeles, Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2023		150		161
City of Los Angeles, Department of Airports, Senior,
Series B, Rev., 5.00%, 05/15/2026		2,000		2,403
Series B, Rev., 5.00%, 05/15/2034		1,600		2,072
City of Los Angeles, Wastewater System Revenue, Subordinated, Series A, Rev., 5.00%, 06/01/2025		1,040		1,123
City of Roseville, Special Tax, 5.00%, 09/01/2035		1,160		1,375
City of Roseville, Special Tax, Special Tax, 4.00%, 09/01/2040		1,000		1,115
City of San Francisco CA Public Utilities Commission Water Revenue, Regional Water, Series B, Rev., 5.00%, 11/01/2050		4,235		5,157
City of Santa Rosa Wastewater Revenue, Series A, Rev., 5.00%, 09/01/2033		1,770		2,314
Coast Community College District, Series F, GO, 4.00%, 08/01/2022		100		103
Compton Unified School District, Series B, GO, BAM, Zero Coupon, 06/01/2036		1,400		950
County of Sacramento, Airport System Revenue, Senior, Rev., 4.00%, 07/01/2037		2,000		2,362
County of Sacramento, Airport System Revenue, Subordinated, Series E, Rev., 5.00%, 07/01/2029		1,025		1,286
CSCDA Community Improvement Authority, Series A, Rev., 5.00%, 01/01/2054 (e)		3,295		3,763
CSCDA Community Improvement Authority, Renaissance at City Center, Series A, Rev., 5.00%, 07/01/2051 (e)		215		245
CSCDA Community Improvement Authority, Social Bonds, Rev., 4.00%, 08/01/2056 (e)		410		434
Department of Veterans Affairs, Veteran’s Farm & Home Purchase Program, Series A, Rev., 3.00%, 12/01/2050		990		1,072
Deutsche Bank Spears/Lifers Trust, Series DBE8061, Rev., LOC: Deutsche Bank AG, LIQ: Deutsche Bank AG, 0.46%, 01/01/2060 (e) (z)		2,555		2,555
East Bay Municipal Utility District Water System Revenue, Green Bond, Series A, Rev., 5.00%, 06/01/2035		1,200		1,473
East Side Union High School District, 2008 Election, Series D, GO, 5.00%, 08/01/2037 (p)		10,000		10,403
Eastern Municipal Water District,
Series A, Rev., 3.00%, 07/01/2024		340		366
Series A, Rev., 3.00%, 07/01/2025		6,455		7,079
Elk Grove Finance Authority, Special Tax, 4.00%, 09/01/2040		1,280		1,424
Fontana Public Financing Authority,
Series A, Special Tax, 4.00%, 09/01/2022		95		98
Series A, Special Tax, 4.00%, 09/01/2023		145		155
Series A, Special Tax, 4.00%, 09/01/2025		1,200		1,349
Fresno Unified School District,
Series D, GO, 2.00%, 08/01/2023		220		227
Series D, GO, 2.00%, 08/01/2024		100		105
Gilroy School Facilities Financing Authority, General Obligations, Series A, Rev., 5.00%, 08/01/2046 (p)		5,000		5,440
Golden State Tobacco Securitization Corp., Series A2, Rev., 5.00%, 06/01/2047		1,000		1,028

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
Golden State Tobacco Securitization Corp., Taxable Tobacco Settlement Asset Backed Bonds, Series C, Rev., 2.75%, 06/01/2034		1,900		1,924
Los Angeles County Development Authority, Sunny Garden Apartments, Rev., HUD, 0.20%, 07/01/2024 (z)		155		155
Los Angeles County Metropolitan Transportation Authority, Series A, Rev., 5.00%, 06/01/2023		305		329
Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinated, Green Bonds,
Series A, Rev., 5.00%, 06/01/2024		3,365		3,791
Series A, Rev., 5.00%, 06/01/2034		7,000		8,579
Los Angeles County Metropolitan Transportation Authority, Measure R Junior, Green Bond, Subordinated,
Series A, Rev., 5.00%, 06/01/2026		500		604
Series A, Rev., 5.00%, 06/01/2033		2,000		2,641
Los Angeles County, Metropolitan Transportation Authority, Green Bond, Measure R Junior Subordinated, Series A, Rev., 5.00%, 06/01/2030		3,000		4,000
Los Angeles Department of Water,
Series B, Rev., 4.00%, 07/01/2027		1,500		1,783
Series B, Rev., 4.00%, 07/01/2029		1,000		1,234
Series B, Rev., 5.00%, 07/01/2037		740		922
Series C, Rev., 5.00%, 07/01/2033		2,765		3,651
Los Angeles Department of Water & Power Power System Revenue,
Series A, Rev., 5.25%, 07/01/2049		9,500		11,918
Series B, Rev., 4.00%, 01/01/2022		120		121
Series B, Rev., 5.00%, 07/01/2038		1,000		1,207
Los Angeles Department of Water & Power, Power System Revenue, Series B, Rev., 5.00%, 07/01/2023		155		168
Los Angeles Unified School District,
Series C, GO, 4.00%, 07/01/2040		1,000		1,171
Series C, GO, 5.00%, 07/01/2026		2,285		2,757
Series C, GO, 5.00%, 07/01/2027		5,000		6,203
Series C, GO, 5.00%, 07/01/2028		1,000		1,270
Los Angeles Unified School District, Election 2008, Series B1, GO, BAM, 5.00%, 07/01/2029		100		125
Metropolitan Water District of Southern California,
Rev., 5.00%, 01/01/2038		3,015		3,772
Series A1, Rev., VRDO, 0.04%, 10/01/2021 (z)		2,050		2,050
Municipal Improvement Corp. of Los Angeles, Real Property, Series B, Rev., 5.00%, 11/01/2039		2,535		3,242
Natomas Unified School District,
Series A, GO, AGM, 4.00%, 08/01/2045		7,740		8,691
Series A, GO, AGM, 4.00%, 08/01/2049		2,655		2,974
Norman Y Mineta San Jose International Airport SJC,
Series A, Rev., AMT, 5.00%, 03/01/2023 (p)		100		107
Series A, Rev., AMT, 5.00%, 03/01/2024		1,435		1,592
Series A, Rev., AMT, 5.00%, 03/01/2031		1,000		1,305
Series A, Rev., AMT, 5.00%, 03/01/2032		2,000		2,589
Northern California Power Agency, Hydroelectric Project, Series A, Rev., 5.00%, 07/01/2023		145		157
Orange County Sanitation District, Series A, Rev., 5.00%, 02/01/2036		1,230		1,629
Orange County Transportation Authority, 405 Improvement Project, Rev., BAN, 5.00%, 10/15/2024		2,880		3,285

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
Orange County Water District, Interim Obligations, Series A, COP, 2.00%, 08/15/2023		1,540		1,578
Oxnard Union High School District, Series B, GO, 5.00%, 08/01/2045		3,000		3,685
Palm Springs Unified School District, Series A, GO, 2.00%, 08/01/2026		2,000		2,132
Palomar Health, Rev., 5.00%, 11/01/2039		4,000		4,632
Palomar Health, Capital Appreciation Electric Of 2004, Series A, GO, AGC, Zero Coupon, 08/01/2031		330		275
Palomar Health, Capital Appreciation, Electric Of 2004, Series A, GO, AGC, Zero Coupon, 08/01/2028		500		453
Pomona Unified School District, 2016 Election, Series D, GO, 4.00%, 08/01/2038		1,745		2,087
Port of Oakland, Intermediate Lien,
Series H, Rev., AMT, 5.00%, 05/01/2022		1,700		1,747
Series H, Rev., AMT, 5.00%, 05/01/2027		2,500		3,039
Series H, Rev., AMT, 5.00%, 05/01/2028		1,875		2,329
Series H, Rev., AMT, 5.00%, 05/01/2029		405		513
Port of Oakland, Senior Lien, Series P, Rev., AMT, 5.00%, 05/01/2026 (p)		1,110		1,141
Sacramento County Sanitation Districts Financing Authority, Rev., 5.00%, 12/01/2032		5,000		6,982
Sacramento Municipal Utility District, Electric, Series H, Rev., 4.00%, 08/15/2040		2,000		2,394
San Bernardino City Unified School District, Series A, GO, AGM, 5.00%, 08/01/2022		1,500		1,559
San Diego Community College District,
GO, 4.00%, 08/01/2032		2,910		3,346
GO, 5.00%, 08/01/2025 (p)		10,000		10,403
San Diego County Regional Airport Authority, Subordinate Airport Revenue Bonds,
Rev., 5.00%, 07/01/2026		2,120		2,550
Rev., 5.00%, 07/01/2027		2,000		2,471
San Diego County Regional Airport Authority, Subordinated,
Rev., 5.00%, 07/01/2034		2,000		2,574
Series B, Rev., AMT, 5.00%, 07/01/2031		775		935
San Diego County Regional Transportation Commission, Series A, Rev., 5.00%, 10/01/2022		6,455		6,764
San Diego Public Facilities Financing Authority, Series A, Rev., 5.00%, 05/15/2039		1,565		1,859
San Diego Unified School District,
Series L2, GO, 4.00%, 07/01/2022		1,350		1,389
Series R4, GO, 5.00%, 07/01/2026		2,500		2,923
San Diego Unified School District, Measure YY Bonds, Series D2, GO, 5.00%, 07/01/2022		2,000		2,072
San Dieguito School Facilities Financing Authority, Special Tax, 5.00%, 03/01/2031		1,030		1,279
San Francisco Bay Area Rapid Transit District, Election 2004, Green Bond, GO, 5.00%, 08/01/2036		1,875		2,296
San Francisco City & County Airport Comm-San Francisco International Airport,
Series A, Rev., 5.00%, 05/01/2031		205		243
Series A, Rev., AMT, 5.00%, 05/01/2032		2,000		2,610
Series C, Rev., 5.00%, 05/01/2046		1,920		2,251
San Francisco Unified School District,
Series B, GO, 4.00%, 06/15/2022		2,000		2,054
Series B, GO, 4.00%, 06/15/2027		1,000		1,181
San Jose Financing Authority, Civic Center Project, Series A, Rev., 5.00%, 06/01/2028 (p)		1,010		1,090
San Jose Unified School District, Taxable, GO, 1.01%, 08/01/2027		1,700		1,673
San Mateo Foster City Public Financing Authority, Series B, Rev., 5.00%, 08/01/2025		2,780		3,268
Santa Clara Unified School District, GO, 5.00%, 07/01/2024		100		113
Santa Clara Valley Water District, Water System Utility Improvement, COP, 5.00%, 06/01/2038		2,495		3,232

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
Santaluz Community Facilities District No. 2,
Special Tax, 3.00%, 09/01/2022		245		251
Special Tax, 3.00%, 09/01/2023		250		263
Special Tax, 3.00%, 09/01/2024		95		102
Saugus Union School District School Facilities Improvement District No. 2014-1, Series C, GO, 3.00%, 08/01/2022		1,000		1,024
Sierra View Local Health Care District, Tulare Co.,
Rev., 4.00%, 07/01/2022		460		472
Rev., 4.00%, 07/01/2024		475		517
Southern California Public Power Authority, Canyon Power Project, Series A, Rev., 5.00%, 07/01/2034		1,000		1,158
Southern California Public Power Authority, Green Bond Milford Wind Co.,
Rev., 5.00%, 07/01/2023		135		146
Rev., 5.00%, 07/01/2024		40		45
Rev., 5.00%, 07/01/2025		250		293
Southern California Public Power Authority, Subordinated, Series A, Rev., 5.00%, 07/01/2023		2,195		2,376
State of California,
GO, 4.00%, 03/01/2036		8,850		10,562
GO, 4.00%, 11/01/2041		2,750		3,077
GO, 4.00%, 11/01/2045		2,000		2,229
GO, 5.00%, 11/01/2022		120		126
GO, 5.00%, 09/01/2023		2,525		2,756
GO, 5.00%, 12/01/2026		9,915		12,109
GO, 5.00%, 09/01/2029		1,000		1,300
GO, 5.00%, 12/01/2029		700		915
GO, 5.00%, 11/01/2030		10,910		14,456
GO, 5.00%, 12/01/2030		55		73
GO, 5.00%, 10/01/2047		1,500		1,761
GO, AGM, 5.25%, 08/01/2032		1,000		1,379
State of California Department of Water Resources, Water System, Series AT, Rev., (SIFMA Municipal Swap Index + 0.37%), 0.42%, 12/01/2035 (aa)		1,250		1,252
State of California, Bid Group, GO, 5.00%, 08/01/2027		3,065		3,703
State of California, Department of Water Resources, Series BB, Rev., 5.00%, 12/01/2027		1,855		2,339
State of California, Various Purpose, GO, 4.00%, 10/01/2036		4,000		4,835
State of California, Veterans Bonds, GO, 5.00%, 12/01/2031		5,500		6,219
Tobacco Securitization Authority of Northern California, Senior Bonds, Sacramento County, Series B1, Rev., 0.45%, 06/01/2030		15		15
Tuolumne Wind Project Authority, Series A, Rev., 5.00%, 01/01/2023		4,425		4,691
Turlock Public Financing Authority Water Revenue, Rev., BAN, 4.00%, 03/01/2027		18,500		18,532
University of California,
Series AR, Rev., 5.00%, 05/15/2041		2,000		2,367
Series BH, Rev., 5.00%, 05/15/2026		90		109
Series S, Rev., 5.00%, 05/15/2026 (w)		1,190		1,399
Series S, Rev., 5.00%, 05/15/2031 (w)		3,000		3,958
University of California, Limited Proj,
Series K, Rev., 5.00%, 05/15/2035		1,980		2,353
Series M, Rev., 4.00%, 05/15/2047		1,300		1,467
University of California, Limited Project, Series K, Rev., 4.00%, 05/15/2046		300		333
University of California, Limited Project Revenue Bonds, Series Q, Rev., 5.00%, 05/15/2032		350		469

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
Upper Santa Clara Valley Joint Powers Authority,
Series A, Rev., 4.00%, 08/01/2045		1,500		1,657
Series A, Rev., 4.00%, 08/01/2050		2,000		2,205
Ventura County Public Financing Authority,
Series A, Rev., 5.00%, 11/01/2024 (p)		1,000		1,053
Series A, Rev., 5.00%, 11/01/2025 (p)		1,000		1,052
Series A, Rev., 5.00%, 11/01/2026 (p)		1,000		1,052
				568,634
Colorado — 1.6%
Adams & Weld Counties School District No. 27J Brighton, GO, 5.00%, 12/01/2042		1,000		1,210
Alpine Mountain Ranch Metropolitan District Special Improvement District No. 1, Special Assessment, 4.00%, 12/01/2040		500		488
Arapahoe County School District No. 6 Littleton, GO, 5.00%, 12/01/2023		670		738
Brighton Crossing Metropolitan District No. 6, Series A, GO, 5.00%, 12/01/2035		525		585
Castle Oaks Metropolitan District No. 3, GO, AGM, 4.00%, 12/01/2026		220		253
City & County of Denver, Airport System Revenue,
Series A, Rev., AMT, 5.00%, 11/15/2027		2,000		2,472
Series A, Rev., AMT, 5.00%, 11/15/2028		2,500		3,065
Series A, Rev., AMT, 5.00%, 12/01/2030		3,000		3,889
Series B2, Rev., AMT, 5.00%, 11/15/2031 (z)		1,000		1,177
City & County of Denver, Airport System Revenue, Subordinated, Series A, Rev., AMT, 5.00%, 12/01/2027		2,000		2,464
City & County of Denver, Airport System Revenue, Subordinated System, Series A, Rev., AMT, 5.00%, 12/01/2043		3,000		3,629
City of Aurora, Water Revenue, Green Bond, Rev., 5.00%, 08/01/2041 (p)		1,800		2,180
City of Colorado Springs, Utilities System Revenue,
Series A, Rev., 5.00%, 11/15/2021		2,500		2,514
Series A, Rev., 5.00%, 11/15/2022		1,195		1,259
Series B, Rev., 5.00%, 11/15/2021		135		136
Colorado Bridge Enterprise, Central 70 Project,
Rev., AMT, 4.00%, 12/31/2025		1,000		1,132
Rev., AMT, 4.00%, 12/31/2030		1,505		1,721
Colorado Educational & Cultural Facilities Authority, Aspen View Academy Project,
Rev., 4.00%, 05/01/2036		175		195
Rev., 4.00%, 05/01/2041		175		193
Colorado Health Facilities Authority, Adventhealth Obligated, Rev., 4.00%, 11/15/2038		2,000		2,355
Colorado Health Facilities Authority, Adventhealth Obligated Group, Rev., 5.00%, 11/15/2038		1,000		1,311
Colorado Health Facilities Authority, Childrens Hospital, Series C, Rev., 5.00%, 12/01/2030		1,000		1,188
Colorado Health Facilities Authority, Commonspirit Health,
Series A1, Rev., 5.00%, 08/01/2027		1,025		1,260
Series A1, Rev., 5.00%, 08/01/2034		1,240		1,551
Series A2, Rev., 5.00%, 08/01/2028		2,215		2,781
Series A2, Rev., 5.00%, 08/01/2044		4,010		4,881
Colorado Health Facilities Authority, Covenant Retirement Communities, Series A, Rev., 5.00%, 12/01/2033 (p)		500		528
Colorado Health Facilities Authority, Improvement Bonds Christian Living Communities, Rev., 4.00%, 01/01/2042 (w)		500		548
Colorado Health Facilities Authority, Sanford Health, Series A, Rev., 5.00%, 11/01/2029		1,000		1,294

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Colorado — continued
Colorado Health Facilities Authority, SCL Health System, Series A, Rev., 5.00%, 01/01/2030		1,175		1,528
Colorado Housing and Finance Authority, Series H, Rev., GNMA COLL, 3.00%, 05/01/2050		2,440		2,619
Colorado Housing and Finance Authority, Social Bond, Series B, Rev., GNMA, 3.00%, 05/01/2051		6,725		7,280
Colorado Housing and Finance Authority, Social Bonds, Series E, Rev., GNMA, 3.00%, 11/01/2051		2,150		2,333
Colorado Housing and Finance Authority, Social Bonds Class I, Series H, Rev., GNMA, 3.00%, 11/01/2051		1,420		1,548
Copperleaf Metropolitan District No. 2,
GO, BAM, 4.00%, 12/01/2023		305		329
GO, BAM, 4.00%, 12/01/2025		470		534
Crystal Valley, Metropolitan District No. 2,
Series A, GO, AGM, 5.00%, 12/01/2028		500		630
Series A, GO, AGM, 5.00%, 12/01/2029		405		520
Series A, GO, AGM, 5.00%, 12/01/2030		360		468
Denver City & County, School District No. 1, GO, 5.00%, 12/01/2029		1,000		1,212
Denver Urban Renewal Authority, Senior Subordinated Stapleton, Series B, Tax Allocation, 5.00%, 12/01/2025		500		588
E-470 Public Highway Authority, Series B, Rev., (United States SOFR * 0.67 + 0.35%), 0.38%, 09/01/2039 (aa)		1,485		1,487
E-470 Public Highway Authority, Capital Appreciation School Reform, Series B, Rev., NATL, Zero Coupon, 09/01/2030		290		250
E-470 Public Highway Authority, Senior,
Series A, Rev., 5.00%, 09/01/2027		1,000		1,235
Series A, Rev., 5.00%, 09/01/2028		1,000		1,260
Series A, Rev., 5.00%, 09/01/2040		2,775		3,096
Great Western Metropolitan District, GO, 4.75%, 12/01/2050		500		541
Jefferson Center Metropolitan District No. 1,
Series A2, Rev., 4.13%, 12/01/2040		575		609
Series A2, Rev., 4.38%, 12/01/2047		795		843
Jefferson County School District, Series R1, GO, 5.00%, 12/15/2031		2,000		2,541
Poudre Tech Metropolitan District, GO, AGM, 3.00%, 12/01/2022		420		432
Public Authority for Colorado Energy, Rev., 6.50%, 11/15/2038		3,000		4,569
Pueblo County School District No. 70, Series A, GO, 4.00%, 12/01/2026		1,355		1,586
Pueblo Urban Renewal Authority, Everaz Project Tax, Increment, Tax Allocation, 4.75%, 12/01/2045 (e)		635		718
Regional Transportation District, Denver Transit Partners Eagle,
Series A, Rev., 5.00%, 07/15/2026		575		682
Series A, Rev., 5.00%, 01/15/2027		1,000		1,201
Series A, Rev., 5.00%, 01/15/2032		1,470		1,898
Siena Lake Metropolitan District, GO, 3.75%, 12/01/2041		500		491
State of Colorado, Series A, COP, 5.00%, 09/01/2026		1,500		1,813
Sterling Ranch Metropolitan District No. 1, GO, 5.00%, 12/01/2040		500		550
Verve Metropolitan District No. 1, GO, 5.00%, 12/01/2036		1,500		1,661
Village Metropolitan District (The), GO, 4.15%, 12/01/2030		500		552
Villages at Johnstown Metropolitan District No. 3, Senior Bond, Series A, GO, 5.00%, 12/01/2040		585		635
Windler Public Improvement Authority, Series A1, Rev., 4.00%, 12/01/2036		2,565		2,580
				97,816

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Connecticut — 1.3%
City of Bridgeport, Series A, GO, 4.00%, 06/01/2039		250		289
Connecticut Housing Finance Authority, Series E1, Rev., 3.00%, 11/15/2050		1,845		1,986
Connecticut Housing Finance Authority, Mortgage Finance Program, Series A1, Rev., 3.50%, 11/15/2045		3,680		4,062
Connecticut Housing Finance Authority, Social Bonds, Series B1, Rev., GNMA/FNMA/FHLMC, 3.00%, 11/15/2049		1,595		1,734
Connecticut State Health & Educational Facilities Authority, Yale University,
Series U2, Rev., 2.00%, 07/01/2033 (z)		250		251
Series A, Rev., 0.38%, 07/01/2035 (z)		6,415		6,407
Connecticut State Health & Educational Facilities Authority, Hartford Healthcare Project,
Series A, Rev., 5.00%, 07/01/2026		555		668
Series A, Rev., 5.00%, 07/01/2033		565		741
Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issue,
Rev., 4.00%, 07/01/2038 (w)		3,500		4,002
Rev., 4.00%, 07/01/2041 (w)		2,250		2,553
Rev., 5.00%, 07/01/2024 (w)		175		191
Rev., 5.00%, 07/01/2030 (w)		865		1,079
Connecticut State Health & Educational Facilities Authority, Yale New Haven, Series B, Rev., 1.80%, 07/01/2049 (z)		4,000		4,126
Connecticut State Higher Education Supplement Loan Authority, Chesla Loan Program, Series B, Rev., AMT, 5.00%, 11/15/2030		500		636
Connecticut State, Health & Educational Facilities Authority, Series J, Rev., 5.00%, 11/01/2025 (p)		1,000		1,004
Connecticut State, Health & Educational Facilities Authority, Bridgeport Hospital, Series D, Rev., 5.00%, 07/01/2025		3,565		3,688
Connecticut State, Health & Educational Facilities Authority, Sacred Heart University,
Series K, Rev., 4.00%, 07/01/2045		750		851
Series K, Rev., 5.00%, 07/01/2037		950		1,198
Connecticut State, Health & Educational Facilities Authority, Yale University,
Series A2, Rev., 2.00%, 07/01/2042 (z)		3,575		3,795
Series A, Rev., 1.10%, 07/01/2048 (z)		1,755		1,775
Series C1, Rev., 5.00%, 07/01/2040 (z)		2,515		3,142
East Hartford Housing Authority, Veterans Terrace Project, Rev., HUD, 0.25%, 06/01/2023 (z)		285		285
State of Connecticut,
Series 2021A, GO, 3.00%, 01/15/2022		1,655		1,668
Series 2021A, GO, 3.00%, 01/15/2026		5,000		5,531
Series 2021A, GO, 4.00%, 01/15/2027		7,000		8,207
Series 2021A, GO, 4.00%, 01/15/2028		3,500		4,180
Series A, GO, 4.00%, 03/15/2032		850		938
Series B, GO, 5.00%, 06/15/2026		1,000		1,163
Series E, GO, 5.00%, 10/15/2026		1,500		1,827
State of Connecticut, Special Tax Obligation Bonds,
Rev., 5.00%, 05/01/2025		1,150		1,335
Rev., 5.00%, 05/01/2040		300		380
State of Connecticut, Special Tax Revenue, Transportation Infrastructure, Series A, Rev., 5.00%, 09/01/2031		1,220		1,376
Steel Point Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation, 4.00%, 04/01/2036 (w)		195		204

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Connecticut — continued
Town of Hamden,
GO, BAM, 4.00%, 08/15/2027		535		623
GO, BAM, 5.00%, 08/15/2029		575		730
GO, BAM, 5.00%, 08/15/2031		500		654
Series A, GO, BAM, 5.00%, 08/01/2032		500		637
University of Connecticut,
Series A, Rev., 5.00%, 02/15/2025		2,590		2,986
Series A, Rev., 5.00%, 08/15/2026		1,400		1,513
Series A, Rev., 5.00%, 01/15/2037		3,000		3,560
				81,975
Delaware — 0.5%
Delaware State Economic Development Authority, Nrg Energy Project, Rev., 1.25%, 10/01/2045 (z)		4,065		4,092
Delaware State Health Facilities Authority, Christiana Health Care System, Rev., 5.00%, 10/01/2039		5,345		6,737
Delaware Transportation Authority,
Rev., 5.00%, 07/01/2027		1,000		1,240
Rev., 5.00%, 07/01/2033		2,265		2,951
State of Delaware,
GO, 5.00%, 02/01/2028		6,520		8,204
GO, 4.00%, 02/01/2031		3,000		3,612
Series B, GO, 4.00%, 07/01/2024		1,750		1,929
				28,765
District of Columbia — 1.7%
District of Columbia,
Rev., 5.00%, 06/01/2040		1,725		1,996
Series A, Rev., 4.00%, 03/01/2037		2,000		2,368
Series A, Rev., 4.00%, 03/01/2040		10,000		11,732
Series A, GO, 5.00%, 06/01/2022		2,175		2,245
Series A, Rev., 5.00%, 12/01/2022		2,000		2,112
Series A, Rev., 5.00%, 03/01/2031		1,500		1,938
Series C, Rev., 4.00%, 05/01/2039		2,500		2,969
Series C, Rev., 5.00%, 10/01/2030		4,500		5,834
District of Columbia Housing Finance Agency, 218 Vine St Project, Rev., 0.30%, 01/01/2040 (z)		2,500		2,504
District of Columbia, Association American Medical Colleges,
Series B, Rev., 5.00%, 10/01/2041 (p)		1,850		1,850
Series B, Rev., 5.25%, 10/01/2036 (p)		12,425		12,425
District of Columbia, Income Tax, Series B, Rev., 5.00%, 12/01/2026		3,440		3,628
District of Columbia, Latin American Montessori, Rev., 4.00%, 06/01/2030		745		837
District of Columbia, National Public Radio, Rev., 4.00%, 04/01/2032 (p)		1,500		1,729
District of Columbia, Water & Sewer Authority, Subordinated Lien, Series A, Rev., 5.00%, 10/01/2027		615		644
Metropolitan Washington Airports Authority,
Rev., AMT, 5.00%, 10/01/2026		1,335		1,607
Rev., AMT, 5.00%, 10/01/2029		2,000		2,454
Series A, Rev., AMT, 5.00%, 10/01/2027		4,000		4,933
Series A, Rev., AMT, 5.00%, 10/01/2031		5,000		6,346
Series A, Rev., AMT, 5.00%, 10/01/2032		2,000		2,564

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
District of Columbia — continued
Metropolitan Washington Airports Authority Aviation Revenue,
Series A, Rev., AMT, 5.00%, 10/01/2022		850		890
Series A, Rev., AMT, 5.00%, 10/01/2023		1,000		1,092
Series A, Rev., AMT, 5.00%, 10/01/2025		2,000		2,339
Series A, Rev., AMT, 5.00%, 10/01/2026		1,500		1,805
Metropolitan Washington Airports Authority, Airport System Revenue,
Series A, Rev., AMT, 5.00%, 10/01/2028		1,000		1,258
Series A, Rev., AMT, 5.00%, 10/01/2034		395		498
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B, Rev., 4.00%, 10/01/2049		1,000		1,121
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, Series C, Rev., AGC, 6.50%, 10/01/2041		350		443
Washington Convention & Sports Authority,
Series A, Rev., 4.00%, 10/01/2034		1,015		1,211
Series A, Rev., 4.00%, 10/01/2036		330		392
Series A, Rev., 5.00%, 10/01/2033		1,000		1,286
Washington Convention & Sports Authority, Senior Lien,
Series B, Tax Allocation, 5.00%, 10/01/2029		1,000		1,284
Series B, Tax Allocation, 5.00%, 10/01/2030		1,500		1,958
Washington Metropolitan Area Transit Authority,
Series A, Rev., 5.00%, 07/15/2026		1,650		1,993
Series A, Rev., 5.00%, 07/15/2031		4,240		5,566
Series A, Rev., 5.00%, 07/15/2037		2,000		2,569
Washington Metropolitan Area Transit Authority, Green Bond,
Series A, Rev., 5.00%, 07/15/2028		2,280		2,895
Series A, Rev., 5.00%, 07/15/2029		1,540		1,997
				103,312
Florida — 3.9%
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinic, Rev., 5.00%, 12/01/2032		1,000		1,275
Ave Maria Stewardship Community District, Phase 3 Master Improvements Project,
Special Assessment, 2.75%, 05/01/2031		420		415
Special Assessment, 3.13%, 05/01/2041		1,775		1,744
Ave Maria Stewardship Community District, Phase 4 Master Improvement, Special Assessment, BAN, 3.50%, 05/01/2026 (e)		1,000		993
Belmond Reserve Community Development District, 202 Project, Special Assessment, 4.00%, 05/01/2040		345		366
Belmont II Community Development District, 2020 Assessment Area,
Special Assessment, 2.50%, 12/15/2025		25		25
Special Assessment, 3.13%, 12/15/2030		125		129
Boggy Branch Community Development District, Special Assessment, 2.50%, 05/01/2026		395		397
Brevard County Health Facilities Authority, Health First, Inc., Rev., 5.00%, 04/01/2025		1,600		1,783
Brevard County Housing Finance Authority, Tropical Manor Apartaments, Rev., 0.25%, 12/01/2023 (z)		270		270
Capital Projects Finance Authority, Florida University Project, Series A1, Rev., 5.00%, 10/01/2032		1,350		1,661
Capital Trust Agency, Inc., Imagine School at North Manate, Rev., 5.00%, 06/01/2041 (e)		325		370
Capital Trust Agency, Inc., Liza Jackson Preparatory School, Rev., 5.00%, 08/01/2040		150		180

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Florida — continued
Capital Trust Agency, Inc., Lutz Perparatory School, Inc. Project, Series A, Rev., 4.00%, 06/01/2041		300		335
Central Florida Expressway Authority,
Series D, Rev., 5.00%, 07/01/2029		565		728
Series D, Rev., 5.00%, 07/01/2032		1,000		1,332
Series D, Rev., AGM, 5.00%, 07/01/2034		3,000		3,959
Series D, Rev., AGM, 5.00%, 07/01/2035		10,000		13,145
Chapel Creek Community Development District, Special Assessment, 3.00%, 05/01/2031 (e)		260		259
Citizens Property Insurance, Inc., Senior Secured, Series A1, Rev., 5.00%, 06/01/2022		320		330
City of Cape Coral, Water & Sewer Revenue, Rev., 5.00%, 10/01/2029		250		310
City of Jacksonville, Series A, Rev., 5.00%, 10/01/2034		1,250		1,607
City of Jacksonville, Brooks Rehabilitation Project,
Rev., 4.00%, 11/01/2034		500		580
Rev., 4.00%, 11/01/2045		1,500		1,696
City of Lake Worth Beach Consolidated Utility Revenue,
Rev., BAM, 5.00%, 10/01/2029		1,930		2,493
Rev., BAM, 5.00%, 10/01/2030		2,135		2,809
City of Port St Lucie Stormwater Utility Revenue, Rev., 4.00%, 05/01/2039		1,075		1,262
City Of South Miami, Health Facilities Authority, Inc., Baptist Health South Florida, Rev., 5.00%, 08/15/2023		100		109
City of Tallahassee, Energy System Revenue, Rev., 5.00%, 10/01/2028		3,000		3,808
County of Broward Airport System Revenue, Series P1, Rev., AMT, 5.00%, 10/01/2026 (p)		1,120		1,173
County of Broward, Airport System Revenue,
Rev., AMT, 5.00%, 10/01/2033		655		794
Series A, Rev., AMT, 5.00%, 10/01/2028		800		1,005
Series A, Rev., AMT, 5.00%, 10/01/2036		2,000		2,507
County of Broward, Port Facilities Revenue, Senior Bond, Series B, Rev., AMT, 4.00%, 09/01/2044		3,000		3,388
County of Hillsborough, Rev., 4.00%, 08/01/2034		4,370		5,209
County of Miami-Dade Aviation Revenue,
Series A, Rev., 5.00%, 10/01/2025		1,250		1,465
Series A, Rev., AMT, 5.00%, 10/01/2025 (p)		2,250		2,356
Series A, Rev., 5.00%, 10/01/2031		2,000		2,596
Series A, Rev., AMT, 5.00%, 10/01/2031 (p)		1,000		1,047
Series A, Rev., AMT, 5.00%, 10/01/2032 (p)		1,000		1,047
County of Miami-Dade Seaport Department, Subordinate, Series A1, Rev., AGM, AMT, 4.00%, 10/01/2040		2,675		3,130
County of Miami-Dade, Aviation Revenue,
Rev., AMT, 5.00%, 10/01/2028		7,000		7,892
Series A, Rev., AMT, 5.00%, 10/01/2030		2,000		2,309
Series A, Rev., AMT, 5.00%, 10/01/2027 (p)		1,455		1,630
County of Miami-Dade, Building Better Communities Project, Series A, GO, 4.00%, 07/01/2044		350		411
County of Miami-Dade, Transit System, Sales Tax,
Rev., 5.00%, 07/01/2025 (p)		35		36
Rev., 5.00%, 07/01/2042 (p)		5,000		5,181
County of Miami-Dade, Water & Sewer System Revenue,
Rev., 5.00%, 10/01/2031		1,500		2,001
Series B, Rev., 5.00%, 10/01/2031		500		586
Series B, Rev., 5.00%, 10/01/2033		1,000		1,167

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Florida — continued
Series B, Rev., AGM, 5.25%, 10/01/2022		1,125		1,182
Cypress Bluff Community, Development District, Delaware Webb Project, Series A, Special Assessment, 2.70%, 05/01/2025 (e)		190		193
DG Farms Community Development District, Special Assessment, 3.75%, 05/01/2040		400		408
Eden Hills Community Development District, Special Assessment, 4.00%, 05/01/2040		300		317
Epperson North Community Development District, Assessment Area, Special Assessment, 2.50%, 05/01/2026		300		301
Florida Development Finance Corp., Series A, Rev., 4.00%, 06/01/2030		500		530
Florida Development Finance Corp., Brightline Florida Passenger Rail, Series B, Rev., AMT, 7.38%, 01/01/2049 (e)		9,500		10,338
Florida Development Finance Corp., Discovery High School Project, Series A, Rev., 4.00%, 06/01/2030 (e)		1,500		1,612
Florida Development Finance Corp., Mater Academy Project, Series A, Rev., 5.00%, 06/15/2040 (e)		400		460
Florida Development Finance Corp., Mayflower Retirement, Rev., 1.75%, 06/01/2026 (e)		510		508
Florida Development Finance Corp., Virgin Trains Usa Passenger, Series A, Rev., AMT, 6.50%, 01/01/2049 (e) (z)		2,000		2,037
Florida Development Finance Corp., Virgin Trains USA Passenger, Series A, Rev., AMT, 6.38%, 01/01/2049 (e) (z)		3,225		3,292
Florida Housing Finance Corp., Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052		1,295		1,413
Florida Housing Finance Corp., Social Bond, Social Bond, Series 1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052		2,650		2,875
Florida Housing Finance Corp., Social Bonds, Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051		12,000		12,978
Florida Housing Finance Corp., Valencia Park Apartments, Series A, Rev., 0.25%, 12/01/2023 (z)		2,450		2,448
Florida Keys Aqueduct Authority, Series B, Rev., 5.00%, 09/01/2025		1,070		1,255
Florida State Board of Governors Florida International University Dormitory Rev, Series A, Rev., BAM, 5.00%, 07/01/2029		1,900		2,426
Greater Orlando Aviation Authority, Series A, Rev., AMT, 5.00%, 10/01/2032		1,500		1,900
Greater Orlando Aviation Authority, Priority Subordinated,
Series A, Rev., AMT, 5.00%, 10/01/2033		1,500		1,818
Series A, Rev., AMT, 5.00%, 10/01/2036		2,230		2,687
Hammock Reserve Community Development District, Assesment Area One Project, Special Assessment, 4.00%, 05/01/2040		545		576
Highlands County Health Facilities Authority, Adventhealth Obligated, Rev., VRDO, 0.05%, 10/07/2021 (z)		15,000		15,000
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 0.05%, 10/07/2021 (z)		6,000		6,000
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A, Rev., 4.00%, 08/01/2045		3,275		3,787
Hillsborough County, School Board, Master Lease Program, Series A, COP, 5.00%, 07/01/2029 (p)		200		207
JEA Electric System, Series 3A, Rev., 5.00%, 10/01/2022		370		388
JEA Electric System Revenue,
Series 3A, Rev., 5.00%, 10/01/2021		500		500
Series 3A, Rev., 5.00%, 10/01/2035		5,000		6,385
Series IIIB, Rev., 5.00%, 10/01/2032		1,295		1,581
JEA Electric System Revenue, Subordinate, Series A, Rev., 5.00%, 10/01/2031		2,795		3,751

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Florida — continued
JEA Water & Sewer System Revenue,
Series A, Rev., 4.00%, 10/01/2037		750		916
Series A, Rev., 5.00%, 10/01/2025		1,000		1,179
JEA Water & Sewer System Revenue, Subordinated, Series A, Rev., 5.00%, 10/01/2031		885		1,087
Lakewood Ranch Stewardship District, Lorraine Lakes Project, Special Assessment, 3.13%, 05/01/2030 (e)		315		325
Lakewood Ranch Stewardship District, Northeast Sector Project,
Special Assessment, 2.50%, 05/01/2025 (e)		1,165		1,176
Special Assessment, 3.20%, 05/01/2030 (e)		545		564
Special Assessment, 3.50%, 05/01/2040		925		946
Lakewood Ranch Stewardship District, Zario Project, Special Assessment, 2.63%, 05/01/2025		560		568
Miami-Dade County Housing Finance Authority, Platform 3750 LLC, Rev., 0.25%, 08/01/2024 (z)		2,810		2,811
Miami-Dade County Housing Finance Authority, Sunset Bay Apartments, Rev., 0.25%, 12/01/2023 (z)		945		945
Midtown Miami Community Development District, Series A, Special Assessment, 5.00%, 05/01/2037		350		362
North Powerline Road Community Development District, Special Assessment, 3.63%, 05/01/2040		1,345		1,377
Old Hickory Community Development District, Special Assessment, 2.50%, 06/15/2025		220		223
Orange County Housing Finance Authority, Dunwoodie Place Apartments, Rev., 0.20%, 09/01/2024 (z)		1,920		1,917
Orlando Utilities Commission,
Series 2018A, Rev., 5.00%, 10/01/2035		2,480		3,033
Series C, Rev., 5.00%, 10/01/2022		1,500		1,572
Palm Beach County Health Facilities Authority, Retirement Life Communities, Rev., 5.00%, 11/15/2032		2,270		2,689
Parkview at Long Lake Ranch Community Development District, Special Assessment, 4.00%, 05/01/2051		800		834
Pasco County School Board, Series A, COP, BAM, 5.00%, 08/01/2036		1,720		2,111
Pine Ridge Plantation Community Development District, Senior Lien,
Series A1, Special Assessment, AGM, 3.00%, 05/01/2022		470		476
Series A1, Special Assessment, AGM, 3.00%, 05/01/2023		480		497
Pinellas County Housing Finance Authority, Lexington Club Renaissance, Rev., 0.30%, 04/01/2023 (z)		2,000		2,000
Reunion East Community Development District,
Special Assessment, 2.40%, 05/01/2026		125		124
Special Assessment, 2.85%, 05/01/2031		25		25
Saddle Creek Preserve of Polk County Community Development District, Special Assessment, 4.00%, 06/15/2040		500		532
Sarasota County Health Facilities Authority, Sunnyside Village Project, Rev., 5.00%, 05/15/2048		425		477
Sarasota County Public Hospital District, Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.05%, 10/07/2021 (z)		5,730		5,730
Sarasota National Community Development District, Special Assessment, 4.00%, 05/01/2039		615		661
Sawyers Landing Community Development District, Special Assessment, 3.75%, 05/01/2031		400		414
School District of Broward County, Series A, COP, 5.00%, 07/01/2025 (p)		2,830		2,931
State of Florida Department of Transportation, Rev., 5.00%, 07/01/2024		430		485

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Florida — continued
State of Florida Department of Transportation Turnpike System Revenue, Series B, Rev., 5.00%, 07/01/2033		1,000		1,329
State of Florida Department of Transportation, Indirect Garvee, Series A, Rev., 5.00%, 07/01/2023		5,000		5,413
State of Florida, Department of Transportation, Turnpike System Revenue,
Series A, Rev., 5.00%, 07/01/2022		1,310		1,357
Series A, Rev., 5.00%, 07/01/2029		2,000		2,590
Series B, Rev., 5.00%, 07/01/2023		125		135
Stillwater Community Development District, Project 2021, Special Assessment, 3.00%, 06/15/2031 (e)		225		227
Stoneybrook South Community Development District, Fox South Assessment Area,
Special Assessment, 2.50%, 12/15/2025 (e)		675		680
Special Assessment, 3.00%, 12/15/2030 (e)		475		483
Special Assessment, 3.50%, 12/15/2040 (e)		1,030		1,055
Storey Park Community Development District, Assessment Area Four Project,
Special Assessment, 2.38%, 06/15/2026 (e)		40		40
Special Assessment, 2.88%, 06/15/2031 (e)		60		60
Towne Park Community Development District, Assessment Area 3D Project, Special Assessment, 2.63%, 05/01/2025 (e)		500		504
Tradition Community Development District No. 9, Special Assessment, 3.00%, 05/01/2041		130		126
Village Community Development District No. 13,
Special Assessment, 1.88%, 05/01/2025 (e)		1,000		1,015
Special Assessment, 2.63%, 05/01/2030 (e)		1,500		1,561
Villamar Community Development District, Special Assessment, 3.75%, 05/01/2040		655		681
				236,696
Georgia — 2.3%
Savannah Economic Development Authority, Series A, Rev., Zero Coupon, 12/01/2021 (p)		4,000		3,999
Atlanta Urban Residential Finance Authority, Sylvan Senior Apartments, Rev., FHA, 0.41%, 12/01/2025 (z)		575		575
Board of Water Light & Sinking Fund Commissioners of The City of Dalton, Combined Utilities Revenue Bonds,
Rev., 4.00%, 03/01/2035		1,100		1,301
Rev., 4.00%, 03/01/2036		1,000		1,178
Rev., 4.00%, 03/01/2037		1,135		1,328
Rev., 4.00%, 03/01/2038		1,000		1,167
Brookhaven Development Authority, Children’s Healthcare of Atlanta Obligated Group,
Series A, Rev., 4.00%, 07/01/2044		3,000		3,462
Series A, Rev., 4.00%, 07/01/2049		4,150		4,757
Carroll County, School District, GO, 5.00%, 04/01/2024		1,000		1,118
City of Atlanta Department of Aviation,
Series C, Rev., AMT, 5.00%, 07/01/2026 (w)		960		1,147
Series C, Rev., AMT, 5.00%, 07/01/2034 (w)		540		701
City of Atlanta, Airport Passenger Facility, Subordinated Lien, Series C, Rev., 5.00%, 07/01/2040		3,000		3,761
City of Atlanta, Department of Aviation, Series B, Rev., AMT, 5.00%, 07/01/2028		3,300		4,131
City of Atlanta, Department of Aviation, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2031		1,155		1,458
City of Atlanta, Water & Wastewater Revenue, Rev., 5.00%, 11/01/2024		3,110		3,556

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Georgia — continued
Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Rev., 4.00%, 04/01/2033		500		595
Dawson County Development Authority, Peaks Of Dawsonville Project, Rev., 0.28%, 10/01/2023		1,500		1,498
DeKalb County Housing Authority, Columbia Village Project, Series A, Rev., HUD, 0.34%, 08/01/2024 (z)		285		285
Development Authority of Burke County (The), Oglethorpe Power Corp. Scherer Project, Series A, Rev., 1.50%, 01/01/2040 (z)		250		257
Development Authority of Monroe County (The), Oglethorpe Power Corporation Scherer Project, Series A, Rev., 1.50%, 01/01/2039 (z)		125		128
George L Smith II Congress Center Authority, Convention Center Hotel, Series 2, Rev., 5.00%, 01/01/2054 (e)		1,000		1,172
Georgia Housing & Finance Authority, Series A, Rev., 4.00%, 06/01/2050		3,680		4,099
Georgia State Road & Tollway Authority,
Rev., 5.00%, 06/01/2026		3,200		3,847
Rev., 5.00%, 06/01/2027		5,250		6,484
Rev., 5.00%, 06/01/2028		5,500		6,949
Rev., 5.00%, 06/01/2030		6,205		8,140
Henry County School District, GO, 4.00%, 08/01/2026		1,175		1,364
Main Street Natural Gas, Inc.,
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 04/01/2048 (z)		5,000		5,314
Series B, Rev., 4.00%, 08/01/2049 (z)		2,675		2,948
Series C, Rev., LIQ: Royal Bank of Canada, 4.00%, 08/01/2048 (z)		105		113
Series C, Rev., 4.00%, 03/01/2050 (z)		7,350		8,388
Series C, Rev., 4.00%, 05/01/2052 (z)		5,810		6,860
Metropolitan Atlanta Rapid Transit Authority, Series B, Rev., 5.00%, 07/01/2045		10,000		11,878
Milledgeville & Baldwin County Development Authority, Georgia College & State University Projects,
Rev., 5.00%, 06/15/2024		470		528
Rev., 5.00%, 06/15/2025		360		418
Municipal Electric Authority of Georgia, Combined Cycle Project,
Series A, Rev., 4.00%, 11/01/2023		2,750		2,957
Series A, Rev., 5.00%, 11/01/2027		250		310
Series A, Rev., 5.00%, 11/01/2029		250		323
Municipal Electric Authority of Georgia, General Resolution Project, Series A, Rev., 4.00%, 01/01/2037		1,125		1,320
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project,
Rev., AGM, 4.00%, 01/01/2036		330		385
Rev., AGM, 4.00%, 01/01/2041		1,000		1,152
Rev., 5.00%, 01/01/2023		200		211
Rev., AGM, 5.00%, 01/01/2025		200		229
Rev., AGM, 5.00%, 01/01/2027		125		152
Municipal Electric Authority of Georgia, Project One, Subordinated,
Series B, Rev., 4.00%, 01/01/2039		1,400		1,634
Series B, Rev., 5.00%, 01/01/2023		1,000		1,058
Northwest Georgia Housing Authority, Charles Hight Apartments Project, Rev., FHA, 0.25%, 08/01/2022 (z)		335		335
Northwest Georgia Housing Authority, Dallas Manor Apartments Projects, Rev., HUD, 0.25%, 10/01/2024 (z)		260		259

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Northwest Georgia Housing Authority, Park Homes Apartments Project, Rev., FHA, 0.25%, 08/01/2022 (z)		365		365
Private Colleges & Universities Authority, Various Emory University, Series B, Rev., (SIFMA Municipal Swap Index + 0.42%), 0.47%, 10/01/2039 (aa)		1,000		1,000
Richmond County Development Authority, Subordinated, Series C, Rev., Zero Coupon, 12/01/2021 (p)		3,645		3,644
Savannah Economic Development Authority, International Paper Company Project, Rev., 1.90%, 08/01/2024		150		156
State of Georgia,
Series A1, GO, 5.00%, 02/01/2024		100		111
Series A, GO, 5.00%, 08/01/2023		1,010		1,099
Series C, GO, 4.00%, 10/01/2022		2,015		2,092
Series E, GO, 5.00%, 12/01/2021		1,865		1,879
State of Georgia, Group 2, Series A, GO, 4.00%, 08/01/2034		2,000		2,443
State of Georgia, Tranche 2, Series A, GO, 5.00%, 07/01/2030		2,000		2,588
Tender Option Bond Trust Receipts/Certificates, Series 2017-ZF0589, Rev., LIQ: Bank of America NA, 0.00%, 06/01/2049 (e) (z)		3,750		3,750
Thomaston Housing Authority, Fairview Apartments Project, Series A, Rev., FNMA HUD, 0.34%, 12/01/2023 (z)		4,250		4,254
Valdosta & Lowndes County Hospital Authority, South Medical Center Project, Series B, Rev., CNTY GTD, 5.00%, 10/01/2041 (p)		4,100		4,100
				142,710
Guam — 0.0% (g)
Territory of Guam, Series F, Rev., 4.00%, 01/01/2042 (w)		1,000		1,117
Hawaii — 0.4%
City & County of Honolulu,
Series A, GO, 5.00%, 10/01/2025		15		18
Series A, GO, 5.00%, 09/01/2027		30		37
County of Maui, GO, 5.00%, 03/01/2028		1,175		1,477
State of Hawaii,
Series EA, GO, 5.00%, 12/01/2023		2,000		2,015
Series FE, GO, 5.00%, 10/01/2021		2,500		2,500
Series FG, GO, 4.00%, 10/01/2032		2,000		2,301
State of Hawaii Airports System Revenue,
Series A, Rev., AMT, 5.00%, 07/01/2032		1,500		1,853
Series A, Rev., AMT, 5.00%, 07/01/2033		1,630		2,009
Series B, Rev., 5.00%, 07/01/2026		1,250		1,504
State of Hawaii Harbor System Revenue,
Series A, Rev., AMT, 4.00%, 07/01/2031		250		298
Series A, Rev., AMT, 4.00%, 07/01/2032		500		594
Series A, Rev., AMT, 4.00%, 07/01/2033		750		889
Series A, Rev., AMT, 4.00%, 07/01/2034		3,555		4,196
Series A, Rev., AMT, 5.00%, 07/01/2027		250		305
Series A, Rev., AMT, 5.00%, 07/01/2028		500		624
Series A, Rev., AMT, 5.00%, 07/01/2029		250		318
Series C, Rev., 4.00%, 07/01/2032		200		243

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Hawaii — continued
State of Hawaii State Highway Fund, Rev., 5.00%, 01/01/2029		1,000		1,280
State of Hawaii, Airports System Revenue, Series D, Rev., 5.00%, 07/01/2030		1,000		1,314
				23,775
Idaho — 0.1%
Idaho Health Facilities Authority, Trinity Health Credit Group, Series A, Rev., 5.00%, 12/01/2047		1,715		2,089
Idaho Housing & Finance Association, Garvee,
Series A, Rev., 5.00%, 07/15/2029		280		361
Series A, Rev., 5.00%, 07/15/2030		1,250		1,636
Series A, Rev., 5.00%, 07/15/2031		750		997
				5,083
Illinois — 5.5%
Champaign County Community Unit School District No. 4 Champaign, GO, 5.00%, 01/01/2029		1,765		2,086
Chicago Board of Education,
Series A, GO, AGM, 5.00%, 12/01/2026		10		12
Series A, GO, 5.00%, 12/01/2041		1,000		1,231
Chicago Board of Education, Capital Appreciation, School Reform,
Series A, GO, NATL, Zero Coupon, 12/01/2024		480		467
Series A, GO, NATL, Zero Coupon, 12/01/2029		1,130		977
Series B1, GO, NATL, Zero Coupon, 12/01/2022		1,105		1,098
Series B1, GO, NATL, Zero Coupon, 12/01/2028		200		178
Series B1, GO, NATL, Zero Coupon, 12/01/2029		1,105		956
Chicago Board of Education, Dedicated, Series C, GO, 5.00%, 12/01/2034		2,000		2,388
Chicago O’Hare International Airport, Rev., AMT, 5.00%, 01/01/2027		1,520		1,730
Chicago O’Hare International Airport, General Senior Lien, Series B, Rev., AMT, 5.00%, 01/01/2025 (p)		1,200		1,214
Chicago O’Hare International Airport, Senior Lien,
Series A, Rev., 4.00%, 01/01/2035		3,500		4,122
Series A, Rev., BAM, 4.00%, 01/01/2036		1,500		1,773
Series A, Rev., 5.00%, 01/01/2035		6,000		7,605
Chicago Transit Authority Capital Grant Receipts Revenue, Section 5307, Rev., 5.00%, 06/01/2023		700		753
Chicago Transit Authority Capital Grant Receipts Revenue, Section 5357, Rev., 5.00%, 06/01/2028		1,000		1,253
Chicago Transit Authority, Sales Tax Receipts Fund,
Rev., AGM, 5.00%, 12/01/2044		1,000		1,132
Rev., 5.25%, 12/01/2036 (p)		10,600		10,686
Rev., 5.25%, 12/01/2049		3,000		3,430
Series A, Rev., 5.00%, 12/01/2045		6,750		8,284
City of Berwyn, Series A, GO, 5.00%, 12/01/2029		1,000		1,132
City of Chicago,
Series 20023B, GO, 5.00%, 01/01/2024		30		33
Series A, GO, 5.00%, 01/01/2027		2,180		2,376
Series A, GO, 5.50%, 01/01/2033		1,815		2,049
Series A, GO, 6.00%, 01/01/2038		9,260		11,348
Series C, GO, Zero Coupon, 01/01/2027		500		446
Series C, GO, 5.00%, 01/01/2025		45		51
Series C, GO, 5.00%, 01/01/2028		1,450		1,674

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Illinois — continued
City of Chicago Waterworks Revenue, Second Lien Project, Rev., 5.00%, 11/01/2023		100		109
City of Chicago, Capital Appreciation City Colleges, GO, NATL, Zero Coupon, 01/01/2031		75		62
City of Chicago, Waterworks Revenue, Second Lien, Rev., 4.00%, 11/01/2021		200		201
City of Granite City, Waste Management, Inc., Rev., AMT, 1.25%, 05/01/2027		5,000		4,992
Cook County Community Consolidated School District No. 34 Glenview, GO, 4.00%, 12/01/2029		2,000		2,435
Cook County High School District No. 214 Arlington Heights, GO, 4.00%, 12/01/2026		1,910		2,214
Cook County, Community School District No. 97, Oak Park, GO, 4.00%, 01/01/2034		2,000		2,313
Cook County, Community Unit School District No. 401, Elmwood Park,
GO, 3.00%, 12/01/2021		715		718
GO, 3.00%, 12/01/2022		500		516
County of Cook,
Series A, GO, AGM, 5.00%, 11/15/2026		1,000		1,221
Series A, GO, 5.00%, 11/15/2026		3,900		4,731
Series A, GO, 5.00%, 11/15/2028		2,300		2,902
County of Cook, Sales Tax Revenue, Series A, Rev., 5.00%, 11/15/2038		1,240		1,567
Illinois Finance Authority,
Series A, Rev., 4.00%, 07/15/2036		710		859
Series A, Rev., 4.00%, 07/15/2039		3,000		3,596
Series B2, Rev., 5.00%, 05/15/2050 (z)		2,550		3,032
Illinois Finance Authority, Acero Charter Schools, Inc., Rev., 4.00%, 10/01/2042 (e)		500		549
Illinois Finance Authority, Advocate Health Care, Rev., 5.00%, 06/01/2042 (p)		1,000		1,032
Illinois Finance Authority, Advocate Health Care Network Project,
Rev., 4.00%, 11/01/2030		2,600		2,923
Rev., 4.00%, 06/01/2047 (p)		2,550		2,613
Rev., 5.00%, 05/01/2022		1,000		1,027
Illinois Finance Authority, American Water Capital Corp. Project, Rev., 0.70%, 05/01/2040 (z)		895		895
Illinois Finance Authority, Ann & Robert H. Lurie Children’s Hospital of Chicago, Rev., 5.00%, 08/15/2035		500		603
Illinois Finance Authority, Ascension Health, Series A, Rev., 5.00%, 11/15/2037 (p)		1,530		1,539
Illinois Finance Authority, Ascension Health Credit, Series C, Rev., 5.00%, 02/15/2036		1,355		1,621
Illinois Finance Authority, Bradley University, Series B, Rev., VRDO, LOC: PNC Bank NA, 0.05%, 10/07/2021 (z)		6,000		6,000
Illinois Finance Authority, Centegra Health System,
Series A, Rev., 5.00%, 09/01/2025 (p)		1,495		1,696
Series A, Rev., 5.00%, 09/01/2027 (p)		1,200		1,361
Illinois Finance Authority, Green Bond, Rev., 4.00%, 07/01/2038		4,160		4,998
Illinois Finance Authority, Green Bonds,
Rev., 4.00%, 01/01/2033		8,190		10,023
Rev., 4.00%, 07/01/2040		1,500		1,793
Rev., 5.00%, 01/01/2022		1,500		1,518
Illinois Finance Authority, Health Services Facility Lease Revenue, Provident Group UIC Surgery,
Rev., 4.00%, 10/01/2040		1,750		2,005
Rev., 5.00%, 10/01/2032		750		957
Rev., 5.00%, 10/01/2034		125		159
Illinois Finance Authority, Illinois State Clean Water Initiative, Green Bond,
Rev., 5.00%, 01/01/2022		220		223
Rev., 5.00%, 07/01/2023		1,650		1,788
Rev., 5.00%, 01/01/2028		100		125

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Illinois — continued
Illinois Finance Authority, Mercy Health Corp., Rev., 5.00%, 12/01/2040		1,080		1,266
Illinois Finance Authority, Northshore University Health System,
Rev., 5.00%, 08/15/2031		1,000		1,308
Rev., 5.00%, 08/15/2035		1,500		1,933
Illinois Finance Authority, Northwest Community Hospital, Series A, Rev., 5.00%, 07/01/2027		1,000		1,200
Illinois Finance Authority, OSF Healthcare System, Series B1, Rev., 5.00%, 05/15/2050 (z)		2,250		2,514
Illinois Finance Authority, Plymouth Place, Inc., Rev., 5.00%, 05/15/2041		400		472
Illinois Finance Authority, Presbyterian Homes, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 0.75%, 05/01/2042 (aa)		180		180
Illinois Finance Authority, Southern Illinois Healthcare, Rev., 5.00%, 03/01/2031		2,135		2,532
Illinois Finance Authority, Swedish Covenant Hospital, Series A, Rev., 5.00%, 08/15/2026 (p)		1,690		2,041
Illinois Finance Authority, The Carle Foundation,
Series A, Rev., 5.00%, 08/15/2031		2,530		3,367
Series B, Rev., 5.00%, 08/15/2053 (z)		285		379
Illinois Finance Authority, University of Chicago,
Series A, Rev., 5.00%, 10/01/2025		545		642
Series A, Rev., 5.00%, 10/01/2028		3,000		3,819
Series A, Rev., 5.00%, 10/01/2034		1,750		2,481
Series A, Rev., 5.00%, 10/01/2035		1,400		2,023
Illinois Housing Development Authority,
Series C, Rev., FHA, 0.80%, 07/01/2026		270		268
Series D, Rev., GNMA/FNMA/FHLMC COLL, 3.75%, 04/01/2050		1,355		1,498
Illinois Housing Development Authority, Concord Commons, Rev., 0.25%, 02/01/2024 (z)		1,745		1,744
Illinois Housing Development Authority, Social Bonds,
Series A, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051		4,420		4,796
Series B, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051		460		501
Illinois Sports Facilities Authority (The), State Tax Supported,
Rev., 5.00%, 06/15/2030		500		620
Rev., AGM, 5.25%, 06/15/2031		225		248
Illinois State Toll Highway Authority,
Series A, Rev., 5.00%, 01/01/2044		1,000		1,229
Series B, Rev., 5.00%, 01/01/2029		100		118
Series C, Rev., 5.00%, 01/01/2023		60		63
Series D, Rev., 5.00%, 01/01/2024		1,000		1,103
Series A, Rev., 5.00%, 01/01/2028		185		215
Illinois State Toll Highway Authority, Senior,
Series A, Rev., 5.00%, 12/01/2031		5,115		6,001
Series B, Rev., 5.00%, 01/01/2028		7,020		8,757
Series B, Rev., 5.00%, 01/01/2041		2,000		2,356
Illinois State Toll Highway Authority, Toll Highway Revenue,
Series A, Rev., 5.00%, 01/01/2036		1,000		1,296
Series A, Rev., 5.00%, 01/01/2037		1,555		2,006
Illinois State Toll Highway Authority, Toll Highway Revenue, Senior, Rev., 5.00%, 01/01/2031		1,000		1,288
Macon County, School District No. 61 Decatur,
GO, AGM, 4.00%, 01/01/2040		1,420		1,581
GO, AGM, 4.00%, 01/01/2045		3,000		3,307
Metropolitan Pier & Exposition Authority, Rev., NATL, Zero Coupon, 12/15/2034		1,500		1,110
Metropolitan Pier & Exposition Authority Revenue, Mccormick Place Expansion, Rev., 5.00%, 06/15/2042		2,500		3,091

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Illinois — continued
Metropolitan Pier & Exposition Authority, Capital Appreciation,Mccormick, Series B, Rev., AGM, Zero Coupon, 06/15/2027		660		614
Metropolitan Pier & Exposition Authority, Mccormick Place Expansion,
Rev., 3.00%, 06/15/2025 (w)		150		159
Rev., 4.00%, 12/15/2042 (w)		3,990		4,531
Rev., 4.00%, 12/15/2047 (w)		1,000		1,123
Metropolitan Water Reclamation District of Greater Chicago, Green Bonds, Series E, GO, 5.00%, 12/01/2036		2,065		2,485
Northern Illinois University, Board of Trustees Auxiliary Facilities, Rev., BAM, 4.00%, 10/01/2033		1,000		1,190
Railsplitter Tobacco Settlement Authority,
Rev., 5.00%, 06/01/2022		1,250		1,289
Rev., 5.00%, 06/01/2023		130		140
Regional Transportation Authority, Series A, Rev., NATL, 6.00%, 07/01/2025		25		30
Sales Tax Securitization Corp., Second Lien, Series A, Rev., BAM, 5.00%, 01/01/2037		750		943
Southern Illinois University, Housing, Rev., BAM, 5.00%, 04/01/2032		650		831
Southwestern Illinois Development Authority, Southwestern Il Flood Prevention, Rev., 4.00%, 10/15/2035		1,215		1,428
State of Illinois,
GO, 4.00%, 06/01/2036		485		532
GO, 5.00%, 07/01/2023		1,000		1,079
GO, 5.00%, 08/01/2024		850		882
GO, 5.00%, 02/01/2026		1,000		1,175
GO, 5.00%, 01/01/2028		6,810		7,889
GO, 5.00%, 02/01/2028		3,000		3,575
GO, 5.00%, 01/01/2029		2,085		2,407
GO, 5.00%, 02/01/2029		2,000		2,362
GO, 5.25%, 02/01/2030		2,000		2,198
GO, 5.50%, 05/01/2030		2,000		2,607
Series A, GO, 4.00%, 01/01/2026		1,050		1,059
Series A, GO, 5.00%, 10/01/2021		80		80
Series A, GO, 5.00%, 10/01/2023		300		327
Series A, GO, 5.00%, 11/01/2026		2,500		2,988
Series A, GO, 5.00%, 03/01/2027		2,355		2,834
Series A, GO, 5.00%, 03/01/2028		2,500		3,064
Series B, GO, 5.00%, 10/01/2026		1,000		1,193
Series B, GO, 5.00%, 10/01/2029		1,000		1,253
Series B, GO, 5.00%, 10/01/2031		5,000		6,323
Series B, GO, 5.50%, 05/01/2039		250		316
Series C, GO, 5.00%, 11/01/2029		2,900		3,476
Series D, GO, 5.00%, 11/01/2021		4,515		4,531
Series D, GO, 5.00%, 11/01/2026		4,480		5,355
Series D, GO, 5.00%, 11/01/2027		6,130		7,468
Series D, GO, 5.00%, 11/01/2028		2,750		3,325
State of Illinois, Build America Bonds,
GO, 6.90%, 03/01/2035		1,000		1,329
GO, 7.35%, 07/01/2035		4,000		5,078
Tender Option Bond Trust Receipts/Certificates, Series 2018-XL0082, Rev., VRDO, LIQ: Barclays Bank plc, 0.10%, 10/07/2021 (e) (z)		15,370		15,370

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Illinois — continued
University of Illinois, Auxiliary Facilities System,
Series A, Rev., 5.00%, 04/01/2022		300		307
Series A, Rev., 5.00%, 04/01/2025		140		156
Village of Rosemont, Series A, GO, BAM, 5.00%, 12/01/2042		10,000		12,367
Will Grundy Etc Counties Community College District No. 525, Alternative Revenue Source, Series B, GO, 5.50%, 06/01/2031 (p)		3,375		3,754
				338,175
Indiana — 2.3%
City of Franklin, Otterbeit Homes, Series B, Rev., 5.00%, 07/01/2023		115		124
City of Hobart, A Safe Haven For Veterans, Rev., 0.25%, 09/01/2022 (z)		1,750		1,748
City of Mount Vernon, Southern Industry Gas And Electric Company, Rev., AMT, 0.88%, 09/01/2055 (z)		250		250
City of Rockport, Industry Pollution Control, Michigan Power Company Project, Rev., 2.75%, 06/01/2025		100		108
City of Rockport, Rockport Pollution Control, Aep Generating Company Project, Series A, Rev., 1.35%, 07/01/2025 (z)		20		20
City of Whiting, BP Products North America, Inc. Project, Rev., AMT, 5.00%, 11/01/2047 (z)		5,000		5,689
City of Whiting, Whiting Industry Environmental Facilities, Bp Products North America, Inc., Series A, Rev., AMT, 5.00%, 03/01/2046 (z)		1,585		1,687
County of Knox, Good Samaritan Hospital, Series A, Rev., 5.00%, 04/01/2037		1,200		1,222
Indiana Development Finance Authority, Waste Management, Inc. Project, Rev., AMT, 0.40%, 10/01/2031 (z)		660		660
Indiana Finance Authority, Citizens Water Westfield Project, Series A, Rev., 4.00%, 10/01/2048		1,500		1,719
Indiana Finance Authority, Community Foundation Northwest Industry, Rev., 4.00%, 03/01/2034 (p)		150		152
Indiana Finance Authority, Community Health Network, Series A, Rev., 5.00%, 05/01/2042 (p)		665		715
Indiana Finance Authority, Cwa Authority Project, Green Bonds, Rev., 5.00%, 10/01/2031		500		659
Indiana Finance Authority, Cwa Authority, First Lien, Series A, Rev., 5.25%, 10/01/2025		1,325		1,325
Indiana Finance Authority, Duke Energy Industry Project, Series A4, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.08%, 10/01/2021 (z)		2,500		2,500
Indiana Finance Authority, First Lien, CWA Authority Project,
Rev., 5.00%, 10/01/2023		550		602
Rev., 5.00%, 10/01/2025		1,095		1,289
Rev., 5.00%, 10/01/2034		5,000		6,647
Indiana Finance Authority, Green Bond, State Revolving Fund, Rev., 5.00%, 02/01/2047 (p)		7,000		9,024
Indiana Finance Authority, Indiana University Health, Series C, Rev., 5.00%, 12/01/2022		250		264
Indiana Finance Authority, Indianapolis Power,
Series A, Rev., 0.75%, 12/01/2038 (z)		4,875		4,827
Series B, Rev., AMT, 0.95%, 12/01/2038 (z)		7,025		6,921
Indiana Finance Authority, Marion General Hospital, Series A, Rev., 4.00%, 07/01/2045		5,000		5,699
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B, Rev., 2.50%, 11/01/2030		1,000		1,007
Indiana Finance Authority, Parkview Health, Series A, Rev., 5.00%, 11/01/2025		1,105		1,301
Indiana Finance Authority, Second Lien, CWA Authority Project,
Rev., 5.00%, 10/01/2022		450		471
Rev., 5.00%, 10/01/2023		190		208
Rev., 5.00%, 10/01/2034		2,000		2,641
Rev., 5.00%, 10/01/2035		3,000		3,955
Indiana Finance Authority, United States Steel Corp., Series A, Rev., 4.13%, 12/01/2026		145		160

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Indiana — continued
Indiana Finance Authority, Valley Electric Corporation Project, Series B, Rev., 3.00%, 11/01/2030		1,000		1,051
Indiana Finance Authority, Valparaiso University Project, Rev., 4.00%, 10/01/2034		1,315		1,540
Indiana Health Facility Financing Authority, Ascension Health Substitute Credit Group, Series A, Rev., 4.00%, 11/01/2023		85		92
Indiana Housing & Community Development Authority, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051		650		704
Indiana Housing & Community Development Authority , RD Moving Forward Justus Project, Rev., 0.33%, 06/01/2024 (z)		1,545		1,544
Indiana University, Series X, Rev., 3.00%, 08/01/2029		1,000		1,083
Indianapolis Local Public Improvement Bond Bank,
Series A, Rev., AGM, 4.00%, 06/01/2036		5,000		5,957
Series A, Rev., AGM, 4.00%, 06/01/2041		9,000		10,573
Series A, Rev., 5.00%, 06/01/2022		1,000		1,031
Series A, Rev., 5.00%, 06/01/2024		165		185
Series A, Rev., 5.00%, 06/01/2025		500		580
Series B, Rev., 5.00%, 02/01/2024		175		193
Series B, Rev., 5.00%, 02/01/2025		205		226
Indianapolis Local Public Improvement Bond Bank, Airport Authority, Series A1, Rev., AMT, 5.00%, 01/01/2028		200		237
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport,
Rev., AMT, 5.00%, 01/01/2026		1,050		1,237
Rev., AMT, 5.00%, 01/01/2029		2,855		3,589
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority,
Series D, Rev., AMT, 5.00%, 01/01/2028		3,715		4,076
Series D, Rev., AMT, 5.00%, 01/01/2029		3,000		3,292
Series D, Rev., AMT, 5.00%, 01/01/2030		2,000		2,194
Series D, Rev., AMT, 5.00%, 01/01/2031		4,000		4,385
Series D, Rev., AMT, 5.00%, 01/01/2032		4,500		4,928
Series D, Rev., AMT, 5.00%, 01/01/2033		3,500		3,832
Series I, Rev., AMT, 5.00%, 01/01/2032		4,885		5,524
Series I, Rev., AMT, 5.00%, 01/01/2033		5,000		5,652
Indianapolis Local Public Improvement Bond Bank, Metropolitan Thoroughfare District, Series D, Rev., 4.00%, 01/01/2041		10,000		11,827
Purdue University, Series EE, Rev., 5.00%, 07/01/2034		1,500		1,955
Southwest Allen Multi School Building Corp., 1st Mortgage, Rev., 5.00%, 01/15/2030		1,200		1,504
Tippecanoe School Corp., GO, 4.00%, 07/15/2023		1,080		1,148
				143,733
Iowa — 0.6%
Clinton Community School District,
GO, AGM, 5.00%, 06/01/2024		1,425		1,594
GO, AGM, 5.00%, 06/01/2026		1,290		1,534
Iowa Finance Authority,
Series A, Rev., 5.00%, 08/01/2034		1,030		1,377
Series D, Rev., GNMA/FNMA/FHLMC, 3.50%, 01/01/2049		385		425
Iowa Finance Authority, Cj Bio America, Incorporate Project, Rev., VRDO, LOC: Korea Development Bank, 0.09%, 10/07/2021 (z)		12,000		12,000
Iowa Finance Authority, Fertilizer Co. Project, Rev., 5.25%, 12/01/2025		3,550		3,840

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Iowa — continued
Iowa Finance Authority, Green Bond, Gevo NW Iowa Renewable Natural Gas Project, Rev., AMT, LOC: Citibank NA, 1.50%, 01/01/2042 (z)		790		795
Iowa Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2047		2,230		2,418
PEFA, Inc., Rev., 5.00%, 09/01/2049 (z)		1,000		1,184
Sioux City Community School District, Rev., BAM, 3.00%, 10/01/2025		3,625		3,929
Southeast Polk Community School District, Series A, GO, 5.00%, 05/01/2028		5,185		6,523
				35,619
Kansas — 0.4%
City of Manhattan, Meadowlark Hills, Series A, Rev., 4.00%, 06/01/2036		1,000		1,110
City of Olathe , Temporary Notes, Series A, GO, 4.00%, 08/01/2022		5,000		5,161
State of Kansas, Department of Transportation, Series C3, Rev., (ICE LIBOR USD 1 Month * 0.70 + 0.40%), 0.46%, 09/01/2023 (aa)		2,000		2,004
University of Kansas Hospital Authority, Rev., 5.00%, 03/01/2031		1,230		1,594
University of Kansas Hospital Authority, University Kansas Health System, Series A, Rev., 5.00%, 03/01/2047		10,000		11,892
Wyandotte County-Kansas City Unified Government Utility System Revenue, Improvement, Series B, Rev., 5.00%, 09/01/2026 (p)		210		219
				21,980
Kentucky — 1.1%
County of Carroll, Utilities Company Project, Rev., AMT, 2.00%, 02/01/2032		7,620		7,797
County of Trimble, Louisville Gas & Electric, Rev., 0.63%, 09/01/2026		605		600
County of Trimble, Louisville Gas & Electricity, Rev., AMT, 1.35%, 11/01/2027		8,100		8,161
County of Trimble, Louisville Gas And Electric Company, Rev., AMT, 1.30%, 09/01/2044 (z)		1,000		998
Kentucky Asset Liability Commission, Project Notes, Series A, Rev., 5.00%, 09/01/2022		2,000		2,087
Kentucky Bond Development Corp., Centre College, Rev., 4.00%, 06/01/2040		420		493
Kentucky Economic Development Finance Authority, Norton Healthcare, Inc.,
Series B, Rev., NATL, Zero Coupon, 10/01/2026		3,930		3,620
Series B, Rev., NATL, Zero Coupon, 10/01/2027		1,995		1,788
Kentucky Housing Corp., Cambridge Square Project, Rev., 0.30%, 08/01/2024 (z)		1,100		1,099
Kentucky Housing Corp., City View Park Project, Rev., 1.16%, 02/01/2023 (z)		3,500		3,511
Kentucky Housing Corp., New Hope Properties Portfolio, Rev., HUD, 0.41%, 04/01/2024 (z)		3,170		3,174
Kentucky Housing Corp., Winterwood II Rural Housing, Rev., 0.37%, 10/01/2024 (z)		1,295		1,296
Kentucky Public Energy Authority, Series A2, Rev., (ICE LIBOR USD 1 Month * 0.67 + 1.12%), 1.18%, 12/01/2049 (aa)		1,000		1,019
Kentucky Public Energy Authority, Gas Supply, Series B, Rev., 4.00%, 01/01/2049 (z)		3,475		3,827
Kentucky State Property & Building Commission, Project 125, Series A, Rev., 5.00%, 09/01/2022		345		360
Kentucky State University, Kentucky State University Project,
COP, BAM, 4.00%, 11/01/2033		145		174
COP, BAM, 4.00%, 11/01/2035		135		161
COP, BAM, 4.00%, 11/01/2036		155		184
COP, BAM, 4.00%, 11/01/2038		650		767
Louisville and Jefferson County Metropolitan Government, Louisville Gas And Electric Co. Project, Series A, Rev., 0.90%, 09/01/2026		2,750		2,726
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2031		670		799

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Kentucky — continued
Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric,
Rev., VRDO, 0.04%, 10/07/2021 (z)		10,000		10,000
Rev., 2.00%, 10/01/2033		2,000		2,003
Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric Co. Project, Rev., AMT, 1.35%, 11/01/2027		2,000		2,007
Louisville/Jefferson County Metropolitan Government, Norton Healthcare, Inc.,
Rev., 4.00%, 10/01/2034		125		141
Rev., 4.00%, 10/01/2035		500		565
Tender Option Bond Trust Receipts/Certificates, Series 2018-XG0161, Rev., AGM, LOC: Bank of America NA, LIQ: Bank of America NA, 0.00%, 12/01/2041 (e) (z)		5,460		5,460
				64,817
Louisiana — 1.4%
City of Alexandria, Utilities Revenue, Series A, Rev., 5.00%, 05/01/2038 (p)		4,000		4,302
Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax,
Rev., AGM, 5.00%, 08/01/2022		80		83
Rev., AGM, 5.00%, 08/01/2027		1,400		1,724
East Baton Rouge Parish, Sewerage Commission, Series B, Rev., 5.00%, 02/01/2039 (p)		1,200		1,383
East Baton Rouge Sewerage Commission, Series A, Rev., 1.30%, 02/01/2041 (z)		4,500		4,563
Ernest N. Morial New Orleans Exhibition Hall Authority, Special Tax, 5.00%, 07/15/2027		900		932
Lakeshore Villages Master Community Development District, Parish of St Tammany, Special Assessment, 3.20%, 06/01/2041 (e)		630		618
Louisiana Housing Corp., Arbours at Lafayette Project, Rev., 0.35%, 04/01/2024 (z)		2,320		2,321
Louisiana Housing Corp., Mabry Place Townhouse Project, Rev., 0.31%, 08/01/2024 (z)		1,955		1,952
Louisiana Housing Corp., Stone Vista Apartments Project, Rev., 0.32%, 12/01/2023 (z)		1,250		1,250
Louisiana Local Government Environmental Facilities & Community Development Authority, East Baton Rouge Sewage Commission, Subordinated Lien,
Rev., 5.00%, 02/01/2028 (p)		1,655		1,836
Series A, Rev., 4.00%, 02/01/2048 (p)		1,660		1,743
Louisiana Local Government Environmental Facilities & Community Development Authority, Entergy Louisiana LLC Project,
Rev., 2.00%, 06/01/2030		2,755		2,780
Rev., 2.50%, 04/01/2036		1,000		1,015
Louisiana Public Facilities Authority, Lafayette General Health, Series A, Rev., 5.00%, 11/01/2041 (p)		800		947
Louisiana Public Facilities Authority, Loyola University Project, Rev., 4.00%, 10/01/2037		2,020		2,351
Louisiana Public Facilities Authority, Ochsner Clinic Foundation, Series B, Rev., 5.00%, 05/15/2050 (z)		2,935		3,381
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Rev., 5.00%, 05/15/2042		1,480		1,744
New Orleans Aviation Board,
Series B, Rev., AMT, 5.00%, 01/01/2027		1,600		1,824
Series B, Rev., AMT, 5.00%, 01/01/2040		3,000		3,389
New Orleans Aviation Board, General Airport, Series D2, Rev., AMT, 5.00%, 01/01/2033		1,100		1,307
New Orleans Aviation Board, General Airport North Terminal,
Series B, Rev., AMT, 5.00%, 01/01/2038		1,000		1,181
Series B, Rev., AMT, 5.00%, 01/01/2048		5,000		5,873
Parish of St. James, Various Nucor Steel Louisiana, Series A1, Rev., VRDO, 0.09%, 10/07/2021 (z)		5,000		5,000

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Louisiana — continued
Parish of St. John the Baptist, Marathon Oil Corp. Project, Series B1, Rev., 2.13%, 06/01/2037 (z)		875		903
Port New Orleans Board of Commissioners, Series E, Rev., AMT, 5.00%, 04/01/2039		1,170		1,431
Regional Transit Authority Sales Tax Revenue, Series A, Rev., AGM, 5.00%, 01/01/2029		3,000		3,824
St Tammany Parish Hospital Service District No. 1,
Series A, Rev., 5.00%, 07/01/2032		1,615		1,980
Series A, Rev., 5.00%, 07/01/2034		1,655		2,016
State of Louisiana, Series A, GO, 5.00%, 03/01/2037		9,555		11,984
State of Louisiana Gasoline & Fuels Tax Revenue, Second Lien,
Series A, Rev., 0.60%, 05/01/2043 (z)		4,135		4,137
Series D, Rev., 0.55%, 05/01/2043 (z)		2,295		2,296
Series D, Rev., 0.60%, 05/01/2043 (z)		1,605		1,606
Tobacco Settlement Financing Corp., Asset Backed, Series A, Rev., 5.00%, 05/15/2023		125		134
				83,810
Maine — 0.2%
Finance Authority of Maine, Supplemental Educational Loan Program,
Series A1, Rev., AGM, AMT, 2.38%, 12/01/2033		705		699
Series A1, Rev., AGM, AMT, 5.00%, 12/01/2023		165		180
Series A1, Rev., AGM, AMT, 5.00%, 12/01/2024		75		85
Series A1, Rev., AGM, AMT, 5.00%, 12/01/2025		85		99
Maine Health & Higher Educational Facilities Authority,
Series A, Rev., AGM, 5.00%, 07/01/2030		50		65
Series A, Rev., AGM, 5.00%, 07/01/2031		295		392
Series A, Rev., AGM, 5.00%, 07/01/2032		315		417
Maine Turnpike Authority,
Rev., 4.00%, 07/01/2045		9,000		10,452
Rev., 5.00%, 07/01/2031		400		523
Rev., 5.00%, 07/01/2033		1,155		1,499
				14,411
Maryland — 2.3%
City of Baltimore, Water Project, Series A, Rev., 5.00%, 07/01/2050		3,200		4,015
City of Brunswick, Brunswick Crossing Special Tax, Special Tax, 4.00%, 07/01/2029		500		573
County of Baltimore, Series 83, GO, 5.00%, 03/01/2024		555		618
County of Frederick, Public Facilities Project, Series A, GO, 5.00%, 10/01/2022		4,995		5,235
County of Howard, Metropolitan District, Series E, GO, 5.00%, 02/15/2027		1,850		2,269
County of Montgomery,
Series A, GO, 4.00%, 08/01/2031		5,000		6,172
Series B, GO, 4.00%, 11/01/2028		7,985		9,664
Series C, GO, 5.00%, 10/01/2026		1,000		1,215
County of Prince George’s, Behavioral Health Facility,
COP, 5.00%, 10/01/2022		830		870
COP, 5.00%, 10/01/2023		650		711
County of Prince George’s, Chesapeake Lighthouse Obligations, Series A, Rev., 6.50%, 08/01/2035 (e)		750		848
County of Prince George’s, Public Improvement, Series A, GO, 4.00%, 07/15/2032		5,000		6,038
Maryland Community Development Administration,
Series B, Rev., 3.00%, 09/01/2051		3,645		3,975
Series B, Rev., 4.00%, 09/01/2049		2,035		2,244

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Maryland — continued
Series D, Rev., 3.25%, 09/01/2050		490		534
Maryland Community Development Administration, Residential,
Series A, Rev., 3.75%, 03/01/2050		1,315		1,452
Series A, Rev., 4.50%, 09/01/2048		5,965		6,703
Series B, Rev., AMT, 4.50%, 09/01/2048		5,300		5,921
Maryland Economic Development Corp., Morgan State University Project, Rev., 4.00%, 07/01/2040		665		757
Maryland Economic Development Corp., Port Covington Project,
Tax Allocation, 3.25%, 09/01/2030		1,405		1,557
Tax Allocation, 4.00%, 09/01/2040		1,280		1,460
Maryland Health & Higher Educational Facilities Authority, Series A, Rev., 5.00%, 07/01/2043 (p)		2,000		2,072
Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare,
Rev., 4.00%, 01/01/2038		2,020		2,308
Rev., 5.00%, 01/01/2025 (w)		470		536
Rev., 5.00%, 01/01/2036 (w)		2,290		2,918
Maryland Health & Higher Educational Facilities Authority, Ascension Health, Series B, Rev., 5.00%, 11/15/2051 (p)		1,150		1,156
Maryland Health & Higher Educational Facilities Authority, Carroll Hospital, Series A, Rev., 5.00%, 07/01/2023 (p)		1,415		1,466
Maryland Health & Higher Educational Facilities Authority, Loyola University Maryland, Series A, Rev., 5.00%, 10/01/2039 (p)		5,275		5,530
Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center, Rev., 5.00%, 07/01/2028		1,300		1,493
Maryland Health & Higher Educational Facilities Authority, Western Maryland Health System, Rev., 5.00%, 07/01/2024 (p)		2,500		2,815
State of Maryland,
Series B, GO, 5.00%, 08/01/2022		430		447
Series A, GO, 2.75%, 08/01/2025		1,735		1,811
State of Maryland Department of Transportation, Baltimore Washington International,
Rev., AMT, 4.00%, 08/01/2037		865		1,024
Rev., AMT, 4.00%, 08/01/2038		965		1,139
Rev., AMT, 4.00%, 08/01/2039		1,160		1,365
State of Maryland, First, Series A, GO, 5.00%, 03/01/2024 (p)		1,000		1,020
State of Maryland, Group 1, Series A, GO, 5.00%, 08/01/2028		1,500		1,907
State of Maryland, Group 2, State and Local Facilities Loan, GO, 5.00%, 08/01/2033		2,000		2,618
State of Maryland, Local Facilities Loan,
Series A, GO, 4.00%, 03/15/2034		13,070		15,846
Series A, GO, 5.00%, 08/01/2028		7,000		8,899
State of Maryland, Second, Series B, GO, 5.00%, 08/01/2025 (p)		505		525
Tender Option Bond Trust Receipts/Certificates, Series 2018-XF0605, Rev., LIQ: Bank of America NA, 0.00%, 05/01/2047 (e) (z)		3,300		3,300
Washington Suburban Sanitary Commission,
Rev., CNTY GTD, 5.00%, 06/01/2029		4,000		5,174
Series A, Rev., VRDO, BAN, CNTY GTD, 0.04%, 10/07/2021 (z)		3,400		3,400
Washington Suburban Sanitary Commission, Consolidated Public Improvement,
Rev., CNTY GTD, 4.00%, 06/01/2022		75		77
Rev., CNTY GTD, 5.00%, 06/01/2029		1,500		1,893
Series 2, Rev., CNTY GTD, 5.00%, 06/01/2022		1,200		1,238

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Maryland — continued
Washington Suburban Sanitary Commission, Consolidated Public Improvement Bonds, Rev., CNTY GTD, 5.00%, 06/01/2033		3,000		3,763
Washington Suburban Sanitary Commission, Green Bond, Series 2, Rev., CNTY GTD, 5.00%, 12/01/2026		1,180		1,441
				140,012
Massachusetts — 1.4%
Commonwealth of Massachusetts,
Series A, GO, 5.00%, 06/01/2044 (z)		1,500		1,619
Series D, GO, 4.00%, 11/01/2036		2,500		3,036
Series D, GO, 4.00%, 11/01/2041		4,000		4,766
Commonwealth of Massachusetts Transportation Fund Revenue, Rail Enhancement Project, Series B, Rev., 5.00%, 06/01/2025		375		437
Commonwealth of Massachusetts, Consolidated Loan, Series D2, GO, 1.70%, 08/01/2043 (z)		1,000		1,013
Massachusetts Bay Transportation Authority Sales Tax Revenue, Subordinate Sustainability, Rev., BAN, 4.00%, 05/01/2025		5,000		5,629
Massachusetts Development Finance Agency,
Series A1, Rev., 5.00%, 07/01/2050 (z)		5,000		6,482
Series B, Rev., 0.25%, 07/01/2024 (z)		370		369
Massachusetts Development Finance Agency, Milford Regional Medical Center, Rev., 5.00%, 07/15/2046 (e)		1,000		1,201
Massachusetts Development Finance Agency, Suffolk University Project, Rev., 4.00%, 07/01/2051		1,250		1,411
Massachusetts Development Finance Agency, Williams College Project, Rev., 0.45%, 07/01/2041 (z)		310		309
Massachusetts Educational Financing Authority,
Series B, Rev., AMT, 2.63%, 07/01/2036		5,460		5,608
Series B, Rev., AMT, 5.00%, 07/01/2023		250		270
Series B, Rev., AMT, 5.00%, 07/01/2024		615		689
Series I, Rev., AMT, 5.00%, 01/01/2025		3,000		3,415
Massachusetts Educational Financing Authority, Educational Loan Revenue Bonds, Rev., AMT, 2.00%, 07/01/2037		180		178
Massachusetts Health & Educational Facilities Authority, Massachusetts Institute Technology, Series J2, Rev., VRDO, 0.04%, 10/07/2021 (z)		4,015		4,015
Massachusetts Health & Educational Facilities Authority, University of Massachusetts, Series A, Rev., 1.85%, 11/01/2030 (z)		1,250		1,260
Massachusetts Housing Finance Agency, Social Bond,
Series 220, Rev., GNMA/FNMA/FHLMC, 3.00%, 12/01/2050		3,710		4,021
Series 220, Rev., GNMA/FNMA/FHLMC, 5.00%, 12/01/2023		500		550
Massachusetts Housing Finance Agency, Substainability Bonds,
Series A2, Rev., HUD, 0.30%, 12/01/2023		105		105
Series A2, Rev., HUD, 0.40%, 06/01/2024		140		140
Massachusetts Port Authority,
Series A, Rev., 5.00%, 07/01/2037		1,000		1,315
Series B, Rev., AMT, 5.00%, 07/01/2033		465		607
Series B, Rev., AMT, 5.00%, 07/01/2034		415		539
Series B, Rev., AMT, 5.00%, 07/01/2035		495		641
Series E, Rev., AMT, 5.00%, 07/01/2031		1,495		1,965
Series E, Rev., AMT, 5.00%, 07/01/2032		2,000		2,618
Series E, Rev., AMT, 5.00%, 07/01/2046		6,500		8,161

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Massachusetts — continued
Massachusetts School Building Authority, Senior,
Series B, Rev., 5.00%, 08/15/2028 (p)		5,000		5,210
Series B, Rev., 5.00%, 10/15/2041 (p)		1,355		1,357
Massachusetts School Building Authority, Subordinated, Series A, Rev., 5.00%, 02/15/2036 (p)		7,190		7,989
Massachusetts Water Resources Authority, Series C, Rev., 4.00%, 08/01/2022 (p)		3,180		3,280
Massachusetts Water Resources Authority, Green Bonds,
Series C, Rev., 4.00%, 08/01/2022 (p)		700		722
University of Massachusetts Building Authority, Series 2021, Rev., 5.00%, 11/01/2026		5,000		6,097
				87,024
Michigan — 1.4%
City of Detroit, Sewage Disposal System Revenue, Senior Lien, Series A, Rev., 5.00%, 07/01/2023		5,000		5,177
City of Detroit, Social Bonds,
Series A, GO, 4.00%, 04/01/2041		500		557
Series A, GO, 5.00%, 04/01/2039		115		140
Series A, GO, 5.00%, 04/01/2046		35		42
Series A, GO, 5.00%, 04/01/2050		30		36
City of Lansing, GO, AGM, 5.00%, 05/01/2028		515		642
Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C, Rev., 5.00%, 07/01/2032		75		89
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B, Rev., 5.00%, 07/01/2030		3,200		3,830
L’Anse Creuse Public Schools, GO, Q-SBLF, 5.00%, 05/01/2029 (p)		2,405		2,792
Michigan Finance Authority,
Rev., 5.00%, 11/15/2022		125		131
Rev., 5.00%, 11/15/2023		1,375		1,510
Rev., 5.00%, 11/15/2025		435		503
Series A, Rev., 5.00%, 06/01/2039 (p)		5,085		5,246
Michigan Finance Authority, Aquinas College Project, Rev., 5.00%, 05/01/2036		300		336
Michigan Finance Authority, Che Trinity Health, Rev., 4.00%, 12/01/2040 (p)		95		116
Michigan Finance Authority, Higher Educational Facilities Authority,
Rev., 5.00%, 09/01/2032		690		887
Rev., 5.00%, 09/01/2033		800		1,025
Rev., 5.00%, 09/01/2034		570		728
Rev., 5.00%, 09/01/2035		1,200		1,528
Michigan Finance Authority, Holland Community Hospital, Series A, Rev., 5.00%, 01/01/2040		1,980		2,083
Michigan Finance Authority, Senior,
Series A, Rev., 4.00%, 06/01/2022		1,500		1,536
Series A, Rev., 5.00%, 06/01/2024		2,000		2,231
Michigan Finance Authority, Trinity Health Co., Rev., 5.00%, 12/01/2034 (p)		2,560		2,642
Michigan Finance Authority, Unrefunded Che Trinity Health, Rev., 4.00%, 12/01/2040		1,405		1,632
Michigan Finance Authority,Refunded, Hospital Trinity Health, Rev., 5.00%, 12/01/2039 (p)		1,000		1,008
Michigan State Building Authority,
Series I, Rev., 5.00%, 10/15/2027		2,500		3,116
Series I, Rev., 5.00%, 10/15/2029		1,750		2,282
Michigan State Building Authority, Facilities Program,
Series IA, Rev., 5.00%, 10/15/2023 (p)		1,140		1,142
Series IA, Rev., 5.50%, 10/15/2045 (p)		2,770		2,774

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Michigan — continued
Michigan State Building Authority, Multi Modal Facilities Program, Rev., VRDO, 0.09%, 10/07/2021 (z)		3,500		3,500
Michigan State Hospital Finance Authority, Hospital Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2027		100		125
Michigan State Hospital Finance Authority, Trinity Health, Rev., 5.00%, 12/01/2034 (p)		1,000		1,032
Michigan State Hospital Finance Authority, Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2029		1,010		1,254
Michigan State Hospital Finance Authority, Trinity Health Credit Group,
Rev., 5.00%, 12/01/2026 (p)		810		836
Series B, Rev., 5.00%, 12/01/2048 (p)		755		779
Michigan State Housing Development Authority,
Rev., 0.32%, 12/01/2023 (z)		4,150		4,155
Series A, Rev., 0.55%, 04/01/2025		375		375
Series C, Rev., 3.00%, 06/01/2051		2,750		2,976
Michigan State Housing Development Authority, Social Bond, Series A, Rev., 3.00%, 06/01/2052		1,690		1,842
Michigan State University,
Series A, Rev., 5.00%, 08/15/2022		705		734
Series A, Rev., 5.00%, 08/15/2029		2,000		2,589
Series A, Rev., 5.00%, 08/15/2038		250		270
Michigan State University, Board of Trustees, Series B, Rev., 4.00%, 02/15/2024		300		326
Michigan Strategic Fund, Consumers Energy Co. Project, Rev., AMT, 0.88%, 04/01/2035 (w) (z)		1,620		1,607
Michigan Strategic Fund, Detroit Edison Co. Exempt, Rev., 1.35%, 08/01/2029		3,450		3,450
Michigan Strategic Fund, Detroit Edison Company, Rev., 1.45%, 09/01/2030		810		798
Michigan Strategic Fund, Green Bond Recycling, Rev., AMT, 4.00%, 10/01/2061 (z)		1,685		1,871
Monroe County Economic Development Corp., Collateral Detroit Edison Co., Series AA, Rev., NATL, 6.95%, 09/01/2022		2,500		2,650
State of Michigan Trunk Line Revenue, State Trunk Line Fund Bonds,
Rev., 5.00%, 11/15/2022		1,195		1,259
Rev., 5.00%, 11/15/2032		1,150		1,548
State of Michigan, Environmental Program Bonds, Series A, GO, 5.00%, 05/15/2030		400		527
State of Michigan, Garvee, Rev., GAN, 5.00%, 03/15/2024		1,435		1,599
Wayne County Airport Authority, Series F, Rev., AMT, 5.00%, 12/01/2034		1,470		1,711
				83,574
Minnesota — 1.0%
Burnsville-Eagan-Savage Independent School District No. 191, GO, 4.00%, 02/01/2026		1,210		1,387
City of Hopkins, Raspberry Ridge Project, Rev., HUD, 0.26%, 02/01/2024 (z)		1,105		1,104
City of Mahtomedi, Lincoln Place, Rev., HUD, 0.25%, 08/01/2023 (z)		620		620
City of Shakopee, Shakopee Housing, Rev., 0.25%, 08/01/2024 (z)		290		290
County of Hennepin,
Series A, GO, 5.00%, 12/01/2022		2,300		2,428
Series C, GO, 5.00%, 12/15/2032		3,000		3,897
Dakota County Community Development Agency, Aster House Apartments Project, Rev., 0.35%, 06/01/2024 (z)		4,815		4,820
Farmington Independent School District No. 192, Series A, GO, 5.00%, 02/01/2025		2,680		2,973
Housing & Redevelopment Authority of The City of St Paul Minnesota, Fairview Health Services, Series A, Rev., 5.00%, 11/15/2047		9,000		10,757

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Minnesota — continued
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hope Community Academy Project, Series A, Rev., 5.00%, 12/01/2043		1,000		1,033
Minnesota Housing Finance Agency,
Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051		895		972
Series D, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 01/01/2052		1,145		1,246
Series G, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051		3,795		4,103
Series I, Rev., GNMA/FNMA/FHLMC, 2.80%, 12/01/2047		476		487
Series I, Rev., 3.00%, 01/01/2051		3,880		4,205
Minnesota Housing Finance Agency, Non Ace Residential Housing, Series B, Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2048		2,675		2,888
Minnesota Housing Finance Agency, Social Bonds, Series F, Rev., 3.00%, 07/01/2052		2,955		3,225
Minnesota Office of Higher Education, Supplemental Studnet Loan, Rev., AMT, 4.00%, 11/01/2037		3,315		3,486
Shakopee Independent School District No. 720, Series D, GO, 5.00%, 02/01/2024		3,685		4,076
St. Paul Port Authority, Solid Gerdau St. Paul Steel Mill Project, Rev., AMT, 4.50%, 10/01/2037 (e)		1,500		1,524
State of Minnesota,
Series A, GO, 5.00%, 08/01/2026		250		303
Series A, GO, 5.00%, 10/01/2029		45		56
Series A, GO, 5.00%, 08/01/2031		840		1,082
Series A, GO, 5.00%, 08/01/2034		2,000		2,524
Series B, GO, 4.00%, 08/01/2028		2,000		2,416
Series B, GO, 5.00%, 08/01/2022		100		104
Series E, GO, 3.00%, 08/01/2026		710		792
State of Minnesota, Various Purpose, Series F, GO, 5.00%, 10/01/2021		1,000		1,000
				63,798
Mississippi — 0.0% (g)
Mississippi Business Finance Corp., System Energy Resources, Inc. Project, Rev., 2.38%, 06/01/2044		175		173
Mississippi Home Corp., J&A Development Portfolio Project, Series 1, Rev., 0.30%, 02/01/2024 (z)		470		469
Mississippi Hospital Equipment & Facilities Authority, Baptist Memorial Health Care, Rev., 5.00%, 09/01/2044 (z)		250		283
State of Mississippi, Series F, GO, 5.00%, 11/01/2030 (p)		1,000		1,184
				2,109
Missouri — 1.2%
Cape Girardeau County Industrial Development Authority, Southeasthealth, Rev., 4.00%, 03/01/2041		870		979
City of St Louis Airport Revenue, Series A, Rev., AGM, 5.00%, 07/01/2024		2,000		2,253
City of St. Charles, Series B, COP, 4.00%, 02/01/2029		515		612
Curators of the University of Missouri (The),
Series A, Rev., 4.00%, 11/01/2034		2,500		2,742
Series A, Rev., 4.00%, 11/01/2035		1,000		1,095
Hanley Road Corridor Transportation Development District, Rev., 1.00%, 10/01/2027		320		320
Health & Educational Facilities Authority of the State of Missouri, Series C, Rev., 5.00%, 05/01/2052 (z)		2,695		3,355
Health & Educational Facilities Authority of the State of Missouri, BJC Health System, Series B, Rev., 4.00%, 05/01/2051 (z)		6,750		7,757

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Missouri — continued
Health & Educational Facilities Authority of the State of Missouri, Capital Region Medical Center, Rev., 5.00%, 11/01/2035		1,700		2,130
Health & Educational Facilities Authority of the State of Missouri, Lukes Health System, Rev., 4.00%, 11/15/2038		2,000		2,341
Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Service Projects, Series A, Rev., 5.00%, 02/01/2029		1,410		1,584
Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services, Rev., 4.00%, 02/01/2034		500		572
Kansas City Industrial Development Authority, Rev., AMT, 5.00%, 03/01/2032		900		1,139
Kansas City Industrial Development Authority, Cathedral Towers, Rev., 0.35%, 12/01/2024 (z)		6,000		6,003
Kansas City Industrial Development Authority, Kansas City International Airport,
Rev., AMT, 4.00%, 03/01/2036		1,250		1,448
Rev., AMT, 4.00%, 03/01/2040		2,500		2,857
Rev., AMT, 5.00%, 03/01/2029		3,050		3,847
Missouri Development Finance Board, Procter & Gamble Paper Products, Rev., AMT, 5.20%, 03/15/2029		370		466
Missouri Housing Development Commission, First Place Homeownership Loan,
Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 05/01/2052		560		608
Rev., GNMA/FNMA/FHLMC, 3.00%, 05/01/2052		6,065		6,614
Series D, Rev., GNMA/FNMA/FHLMC, 3.25%, 05/01/2051		3,845		4,205
Missouri State Environmental Improvement & Energy Resources Authority, Revolving Funds Program, Series A, Rev., 5.00%, 01/01/2023 (p)		1,100		1,113
Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Company Project, Series AR, Rev., 2.90%, 09/01/2033		2,000		2,145
Orchard Farm R-V School District,
COP, 4.00%, 04/01/2027		400		458
COP, 4.00%, 04/01/2028		410		476
Plaza at Noah’s Ark Community Improvement District, Rev., 3.00%, 05/01/2030		575		580
RBC Municipal Products, Inc. Trust, Floater Certificates, Series C16, Rev., VRDO, LOC: Royal Bank of Canada, LIQ: Royal Bank of Canada, 0.11%, 10/07/2021 (e) (z)		11,000		11,000
St Charles County Industrial Development Authority, Hidden Valley Estates, Rev., HUD, 0.27%, 08/01/2025 (z)		1,290		1,288
St Louis Municipal Finance Corp., Convention Center Expansion, Rev., AGM, 5.00%, 10/01/2045		3,215		3,957
State of Missouri, Health & Educational Facilities, Saint Lukes Health System, Inc., Rev., 5.00%, 11/15/2023		290		318
				74,262
Montana — 0.2%
Montana Board of Housing,
Rev., 3.00%, 12/01/2050		3,510		3,795
Series A1, Rev., 3.00%, 06/01/2051		4,800		5,205
Series B2, Rev., AMT, 3.50%, 12/01/2042		650		680
Series B, Rev., 3.00%, 12/01/2051		1,270		1,385
Montana Facility Finance Authority, Rev., 5.00%, 02/15/2033		1,000		1,179
Montana State Board of Regents,
Series G, Rev., 5.00%, 11/15/2031 (w)		250		335
Series G, Rev., 5.00%, 11/15/2032 (w)		630		836
				13,415

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Nebraska — 0.4%
Central Plains Energy Project,
Rev., LIQ: Royal Bank of Canada, 4.00%, 12/01/2049 (z)		4,000		4,486
Rev., 5.00%, 09/01/2042		625		651
City of Omaha, Various Purpose,
Series A, GO, 4.00%, 04/15/2022		1,125		1,148
Series A, GO, 4.00%, 04/15/2023		1,675		1,771
County of Washington, Cargill, Inc. Project, Rev., AMT, 0.90%, 09/01/2030 (z)		350		353
Douglas County Hospital Authority No. 2, Health Facilities Childrens Hospital, Rev., 5.00%, 11/15/2047		3,000		3,535
Douglas County Hospital Authority No. 2, Madonna Rehabilitation Hospital, Rev., 4.00%, 05/15/2033		2,100		2,220
Douglas County, Hospital Authority No. 2, Childrens Hospital Obligated Group, Rev., 5.00%, 11/15/2053 (z)		2,190		2,549
Nebraska Educational Health Cultural & Social Services Finance Authority, Immanuel Obligated Group, Rev., 4.00%, 01/01/2037		1,000		1,123
Nebraska Public Power District, Series A, Rev., 0.60%, 01/01/2051 (z)		9,000		9,029
				26,865
Nevada — 1.2%
City of Carson City, Carson Tahoe Regional Medical Center, Rev., 5.00%, 09/01/2047		1,000		1,184
City of Las Vegas Special Improvement District No. 612 Skye Hills, Special Assessment, 3.50%, 06/01/2035		210		224
City of North Las Vegas, GO, BAM, 5.00%, 06/01/2027		2,000		2,455
Clark County School District, Building,
Series A, GO, 5.00%, 06/15/2029		500		624
Series B, GO, AGM-CR, 5.00%, 06/15/2033		3,000		3,760
County of Clark Department of Aviation, Airport Systems, Subordinate, Rev., 5.00%, 07/01/2033		1,010		1,337
County of Clark Department of Aviation, Subordinate,
Rev., 5.00%, 07/01/2026		2,000		2,406
Series B, Rev., AMT, 5.00%, 07/01/2025		1,235		1,433
Series B, Rev., AMT, 5.00%, 07/01/2027		6,000		7,349
County of Clark Passenger Facility Charge Revenue, Mccarran International,
Rev., 5.00%, 07/01/2029		5,000		6,474
Rev., 5.00%, 07/01/2031		1,950		2,486
Rev., 5.00%, 07/01/2032		2,385		3,032
County of Clark, Detention Center, GO, 4.00%, 06/01/2034		3,335		3,938
County of Clark, Limited Tax, Flood Control, GO, 5.00%, 11/01/2038 (p)		2,000		2,198
County of Clark, Passenger Facility Charge Revenue, Las Vegas McCarran International Airport, Rev., 5.00%, 07/01/2030		1,425		1,826
County of Washoe, Sierra Pacific Power Company,
Rev., AMT, 0.63%, 03/01/2036 (z)		900		901
Series B, Rev., 3.00%, 03/01/2036 (z)		10		10
Las Vegas Convention & Visitors Authority, Series B, Rev., 5.00%, 07/01/2043		4,900		5,872
Las Vegas Valley Water District,
Series B, GO, 5.00%, 06/01/2022		1,000		1,032
Series A, GO, 5.00%, 06/01/2022		3,000		3,096
Series B, GO, 5.00%, 12/01/2021		1,500		1,511
Series B, GO, 5.00%, 06/01/2023		5,065		5,466
Series D, GO, 5.00%, 06/01/2023		1,180		1,273

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Nevada — continued
Las Vegas Valley Water District, Water Improvement, Series A, GO, 5.00%, 06/01/2046		5,000		5,850
Las Vegas Valley, Water District, Series B, GO, 5.00%, 12/01/2023		70		77
Nevada Housing Division, Pinewood Terrace Apartments, Rev., 0.26%, 04/01/2024 (z)		500		500
Nevada Housing Division, Whittell Pointe, Rev., 0.30%, 10/01/2023 (z)		3,665		3,667
State of Nevada Department of Business & Industry, Brightline West Passenger Rail, Rev., AMT, 0.25%, 01/01/2050 (e) (z)		3,080		3,080
State of Nevada, Department of Business & Industry, Republic Services, Inc. Project, Rev., AMT, 0.25%, 12/01/2026 (e) (z)		665		665
				73,726
New Hampshire — 0.3%
New Hampshire Business Finance Authority, Rev., 4.13%, 01/20/2034		979		1,164
New Hampshire Business Finance Authority, Caritas Oregon Project, Series A, Rev., 4.13%, 08/15/2040 (e)		2,000		2,088
New Hampshire Business Finance Authority, Springpoint Senior Living,
Rev., 4.00%, 01/01/2026		270		299
Rev., 4.00%, 01/01/2027		250		281
Rev., 4.00%, 01/01/2028		290		325
Rev., 4.00%, 01/01/2029		300		335
Rev., 4.00%, 01/01/2030		280		311
Rev., 4.00%, 01/01/2031		290		321
New Hampshire Business Finance Authority, Taxable Virginia Birmingham Care Center, Rev., 3.78%, 01/01/2036		2,000		2,140
New Hampshire Business Finance Authority, Waste Management, Inc. Project,
Rev., AMT, 0.15%, 04/01/2024 (z)		6,600		6,599
Rev., AMT, (SIFMA Municipal Swap Index + 0.38%), 0.43%, 10/01/2033 (aa)		4,170		4,184
New Hampshire Health and Education Facilities Authority Act, Southern New Hampshire University, Rev., 5.00%, 01/01/2034 (p)		2,300		2,327
				20,374
New Jersey — 3.5%
City of Newark,
Series A, GO, AGM, 5.00%, 10/01/2027		100		122
Series A, GO, AGM, 5.00%, 10/01/2028		750		931
Garden State Preservation Trust, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 11/01/2026		1,000		935
Gloucester County Improvement Authority, The Rowan University Fossil Park,
Rev., BAM, 4.00%, 07/01/2046		725		841
Rev., BAM, 4.00%, 07/01/2051		1,000		1,156
Hudson County Improvement Authority, Hudson County Courthouse Project, Rev., 5.00%, 10/01/2028		150		190
New Brunswick Parking Authority, City Guaranteed Parking, Series A, Rev., BAM, 5.00%, 09/01/2026		1,000		1,197
New Jersey Economic Development Authority,
Series A, Rev., 5.00%, 11/01/2027		2,500		3,085
Series AAA, Rev., 5.50%, 06/15/2028		5,000		6,142
Series B, Rev., 5.00%, 11/01/2023		75		82
Series DDD, Rev., 5.00%, 06/15/2033		1,500		1,798
New Jersey Economic Development Authority, American Water Company,
Series B, Rev., AMT, 1.20%, 11/01/2034 (z)		1,265		1,277
Series C, Rev., AMT, 1.15%, 06/01/2023		1,550		1,568

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New Jersey — continued
New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Rev., AMT, 5.13%, 09/15/2023		1,375		1,435
New Jersey Economic Development Authority, Higher Education Capital Improvement Fund, Series A, Rev., 5.00%, 09/01/2025		245		276
New Jersey Economic Development Authority, Municipal Rehabilitation, Series A, Rev., 5.25%, 04/01/2027 (z)		5,000		6,142
New Jersey Economic Development Authority, New Jersey American Water Company, Inc.,
Rev., AMT, 1.10%, 11/01/2029 (z)		2,610		2,597
Series E, Rev., AMT, 0.85%, 12/01/2025		2,205		2,197
New Jersey Economic Development Authority, School Facilities Construction,
Rev., 5.00%, 03/01/2031		1,190		1,263
Series GGG, Rev., 5.25%, 09/01/2026 (e)		3,000		3,606
New Jersey Economic Development Authority, School Facilities Construction Sifma, Series I, Rev., (SIFMA Municipal Swap Index + 1.60%), 1.65%, 03/01/2028 (aa)		10,000		10,135
New Jersey Economic Development Authority, Self Designated Social Bonds,
Series QQQ, Rev., 4.00%, 06/15/2034		500		591
Series QQQ, Rev., 4.00%, 06/15/2035		500		590
Series QQQ, Rev., 5.00%, 06/15/2026		555		663
Series QQQ, Rev., 5.00%, 06/15/2027		410		501
Series QQQ, Rev., 5.00%, 06/15/2028		400		499
New Jersey Economic Development Authority, State House Project,
Series B, Rev., 5.00%, 06/15/2027		10,690		13,069
Series B, Rev., 5.00%, 06/15/2028		8,635		10,762
New Jersey Educational Facilities Authority, Montclair State University, Series D, Rev., 5.00%, 07/01/2028		2,000		2,299
New Jersey Educational Facilities Authority, Princeton University,
Series A, Rev., 5.00%, 07/01/2022		1,710		1,772
Series B, Rev., 5.00%, 07/01/2024		3,505		3,959
Series I, Rev., 5.00%, 07/01/2024		1,290		1,457
Series I, Rev., 5.00%, 07/01/2036		1,015		1,239
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligated, Rev., 5.00%, 07/01/2032		2,070		2,745
New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group, Rev., 5.00%, 07/01/2037		1,600		1,924
New Jersey Higher Education Student Assistance Authority,
Series B, Rev., AMT, 5.00%, 12/01/2024		570		647
Series B, Rev., AMT, 5.00%, 12/01/2027		1,340		1,632
Series B, Rev., AMT, 5.00%, 12/01/2028		1,480		1,835
Series B, Rev., AMT, 5.00%, 12/01/2029		1,440		1,810
New Jersey Higher Education Student Assistance Authority, Senior Bonds, Series B, Rev., AMT, 5.00%, 12/01/2024		300		341
New Jersey Higher Education Student Assistance Authority, Senior Student Loan, Rev., AMT, 5.00%, 12/01/2023		215		236
New Jersey Higher Education Student Assistance Authority, Subordinated, Series C, Rev., AMT, 4.00%, 12/01/2048		1,195		1,279
New Jersey Housing & Mortgage Finance Agency, Series E, Rev., 3.50%, 04/01/2051		3,045		3,364
New Jersey Housing & Mortgage Finance Agency, Social Bonds, Series H, Rev., 3.00%, 10/01/2052		840		924

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New Jersey — continued
New Jersey Transportation Trust Fund Authority,
Series A, Rev., 4.00%, 06/15/2035		2,000		2,371
Series A, Rev., 5.00%, 12/15/2028		300		378
Series A, Rev., 5.00%, 06/15/2030		3,000		3,853
Series AA, Rev., 4.00%, 06/15/2040		3,750		4,361
Series AA, Rev., 5.00%, 06/15/2035		3,000		3,842
Series AA, Rev., 5.00%, 06/15/2045		660		822
New Jersey Transportation Trust Fund Authority, Capital Appreciation, Series A, Rev., BAM, Zero Coupon, 12/15/2038		2,000		1,343
New Jersey Transportation Trust Fund Authority, Transportation System Bond, Rev., 4.00%, 12/15/2039		2,000		2,298
New Jersey Transportation Trust Fund Authority,Transportation System Bond,
Rev., 5.00%, 12/15/2028		1,000		1,259
Rev., 5.00%, 12/15/2031		1,560		1,972
New Jersey Turnpike Authority,
Series A, Rev., 4.00%, 01/01/2042		1,000		1,175
Series A, Rev., 5.00%, 01/01/2030 (p)		1,000		1,036
Series E, Rev., 5.00%, 01/01/2027		1,000		1,216
Newark Board of Education, Sustainability Bonds,
GO, BAM, 4.00%, 07/15/2034		400		483
GO, BAM, 4.00%, 07/15/2035		410		493
GO, BAM, 4.00%, 07/15/2036		425		509
GO, BAM, 4.00%, 07/15/2037		430		513
North Hudson Sewerage Authority, Senior Lien Lease Certific,
Rev., AGM, 5.00%, 06/01/2039 (w)		1,100		1,563
Rev., AGM, 5.00%, 06/01/2040 (w)		1,100		1,566
Rev., AGM, 5.00%, 06/01/2041 (w)		1,000		1,432
Rev., AGM, 5.00%, 06/01/2042 (w)		1,000		1,440
Princeton, GO, 2.00%, 12/15/2023		1,735		1,800
Rutgers The State University of New Jersey, Series L, Rev., 5.00%, 05/01/2043 (p)		1,805		1,941
South Jersey Port Corp., Marine Terminal,
Series B, Rev., AMT, 5.00%, 01/01/2025		500		565
Series B, Rev., AMT, 5.00%, 01/01/2026		1,015		1,183
South Jersey Port Corp., Marine Terminal, Subordinated, Series B, Rev., AMT, 5.00%, 01/01/2037		1,000		1,191
South Jersey Transportation Authority,
Series A, Rev., AGM, 5.00%, 11/01/2030		500		639
Series A, Rev., AGM, 5.00%, 11/01/2033		1,215		1,537
Series A, Rev., BAM, 5.00%, 11/01/2041		2,925		3,669
State of New Jersey, Covid-19 Emergency Bonds, General Obligations,
Series A, GO, 4.00%, 06/01/2030		2,000		2,438
Series A, GO, 4.00%, 06/01/2031		8,340		10,247
Series A, GO, 5.00%, 06/01/2028		4,245		5,326
Series A, GO, 5.00%, 06/01/2029		15,000		19,198
Tender Option Bond Trust Receipts/Certificates, Series 2019-XG0258, Rev., VRDO, LOC: Barclays Bank plc, LIQ: Barclays Bank plc, 0.08%, 10/07/2021 (e) (z)		13,300		13,300
Tender Option Bond Trust Receipts/Certificates, Floaters,
Series 2016-XM0226, Rev., BHAC-CR, NATL-RE, LIQ: Bank of America NA, 0.00%, 07/01/2026 (e) (z)		4,720		4,720

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New Jersey — continued
Series 2018-XX1093, Rev., VRDO, LOC: Barclays Bank plc, LIQ: Barclays Bank plc, 0.08%, 10/07/2021 (e) (z)		9,500		9,500
Tobacco Settlement Financing Corp., Series A, Rev., 5.00%, 06/01/2022		2,055		2,116
				214,408
New Mexico — 0.5%
Albuquerque Municipal School District No. 12,
Series A, GO, 5.00%, 08/01/2024		250		283
Series B, GO, 5.00%, 08/01/2024		330		373
City of Farmington, Pollution Control Revenue, Public Service Company, New Mexico Sanitary, Series E, Rev., 1.15%, 06/01/2040 (z)		4,635		4,686
City of Farmington, San Juan And Four Corners,
Rev., 2.15%, 04/01/2033 (w)		4,890		4,787
New Mexico Finance Authority,Subordinated Lien, Public Project Revolving Fund, Rev., 5.00%, 06/15/2024		1,000		1,126
New Mexico Hospital Equipment Loan Council,
Rev., 5.00%, 06/01/2030		1,050		1,340
Rev., 5.00%, 06/01/2032		1,000		1,263
New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare, Rev., 4.00%, 08/01/2037		305		344
New Mexico Mortgage Finance Authority,
Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052		2,240		2,436
Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051		3,290		3,563
New Mexico Mortgage Finance Authority, Single Family Mortgage Program,
Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052		850		927
Series C, Rev., GNMA/FNMA/FHLMC, 4.00%, 01/01/2049		5,945		6,521
New Mexico Municipal Energy Acquisition Authority,
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 05/01/2022		95		97
Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 11/01/2039 (z)		3,925		4,512
Santa Fe Public School District, GO, 5.00%, 08/01/2029		1,375		1,733
				33,991
New York — 11.0%
Albany County, Airport Authority, Series B, Rev., AMT, 5.00%, 12/15/2023		1,225		1,348
Broome County, Local Development Corp., United Health Services Hospital,
Rev., AGM, 4.00%, 04/01/2039		2,750		3,185
Rev., AGM, 5.00%, 04/01/2026		500		594
Build NYC Resource Corp., Rev., 5.00%, 07/01/2026		325		374
Build NYC Resource Corp., Academic Leadership Charter School,
Rev., 4.00%, 06/15/2023		100		106
Rev., 4.00%, 06/15/2024		70		76
Build NYC Resource Corp., Family Life Academy Charter, Series A1, Rev., 5.25%, 06/01/2040 (e)		1,220		1,253
Build NYC Resource Corp., Friends of Hellenic Classical, Series A, Rev., 4.00%, 12/01/2031 (e)		700		771
City of Long Beach,
Series A, GO, 5.00%, 09/01/2025		1,990		2,282
Series A, GO, 5.00%, 09/01/2027		1,500		1,797

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
City of New York,
Series 1I, GO, 5.00%, 03/01/2026		360		400
Series A1, GO, 4.00%, 08/01/2034		3,000		3,588
Series A1, GO, 4.00%, 08/01/2036		1,000		1,191
Series A1, GO, 5.00%, 08/01/2029		2,900		3,744
Series A1, GO, 5.00%, 08/01/2041		3,000		3,735
Series A, GO, 5.00%, 08/01/2028		100		123
Series C1, GO, 4.00%, 08/01/2022		1,800		1,857
Series C, GO, 5.00%, 08/01/2022		60		62
Series C, GO, 5.00%, 08/01/2027		1,870		2,315
Series D1, GO, 5.00%, 12/01/2024		150		172
Series D1, GO, 5.00%, 12/01/2031		1,380		1,745
Series D1, GO, 5.00%, 12/01/2036		11,955		14,952
Series D1, GO, 5.00%, 12/01/2044		2,560		3,134
Series D, GO, 5.00%, 08/01/2023		1,000		1,087
Series E, GO, 5.00%, 08/01/2028		1,625		2,060
Series F1, GO, 5.00%, 04/01/2037		2,730		3,342
Series F1, GO, 5.00%, 04/01/2039		5,000		6,077
Series F1, GO, 5.00%, 03/01/2043		1,000		1,259
Series J3, GO, AGM, 0.18%, 06/01/2036 (z)		2,000		2,000
Series J, GO, 5.00%, 08/01/2025		2,320		2,518
City of New York NY, Series C4, GO, AGC, 0.18%, 10/01/2027 (z)		2,000		2,000
City of New York Prerefunded, Series F1, GO, 5.00%, 03/01/2037 (p)		745		795
City of New York, Fiscal 2001,
Series 2, GO, VRDO, 0.13%, 10/01/2021 (z)		1,400		1,400
Series 3, GO, VRDO, 0.13%, 10/07/2021 (z)		1,065		1,065
City of New York, Fiscal 2008, Series J10, GO, 5.00%, 08/01/2026		1,755		2,120
City of New York, Fiscal 2015, Series F4, GO, 5.00%, 06/01/2044 (z)		1,455		1,685
City of New York, Fiscal 2020,
Series B1, GO, 4.00%, 10/01/2023		990		1,065
Series B1, GO, 5.00%, 10/01/2038		5,000		6,291
City of New York, Fiscal 2021,
Series C, GO, 4.00%, 08/01/2037		450		533
Series C, GO, 5.00%, 08/01/2033		2,000		2,585
Series C, GO, 5.00%, 08/01/2035		4,740		6,085
City of New York, Unrefunded, Series F1, GO, 5.00%, 03/01/2037		5		5
County of Dutchess, Local Development Corp., Marist College Project, Series A, Rev., 5.00%, 07/01/2045		485		553
County of Nassau,
Series B, GO, BAM, 5.00%, 10/01/2027		1,450		1,754
Series C, GO, 5.00%, 10/01/2025		1,005		1,176
Dutchess County, Local Development Corp., Health Quest System, Inc. Project, Series B, Rev., 5.00%, 07/01/2046		1,250		1,458
Geneva Development Corp., Hobart & William Smith College, Rev., 5.00%, 09/01/2032 (p)		530		553
Hudson Yards Infrastructure Corp.,
Rev., 4.00%, 02/15/2044		9,335		10,484
Series A, Rev., 5.00%, 02/15/2026		1,050		1,247
Series A, Rev., 5.00%, 02/15/2045		2,210		2,600

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Long Island Power Authority,
Rev., 5.00%, 09/01/2042		2,070		2,497
Series A, Rev., 5.00%, 09/01/2037		1,250		1,613
Series B, Rev., 1.50%, 09/01/2051 (z)		5,700		5,875
Series C, Rev., (ICE LIBOR USD 1 Month * 0.70 + 0.75%), 0.81%, 05/01/2033 (aa)		5,000		5,016
Long Island Power Authority, Notes, Rev., 1.00%, 09/01/2025		2,680		2,703
Long Island Power Authority, Unrefunded, Series A, Rev., 5.00%, 09/01/2042 (p)		500		521
Metropolitan Transportation Authority,
Rev., AGM, (United States SOFR * 0.67 + 0.55%), 0.58%, 11/01/2032 (aa)		1,770		1,775
Rev., AGM, (United States SOFR * 0.67 + 0.80%), 0.83%, 11/01/2032 (aa)		430		435
Series A, Rev., BAN, 4.00%, 02/01/2022		4,645		4,701
Series B1, Rev., BAN, 5.00%, 05/15/2022		4,000		4,115
Series B, Rev., 5.00%, 11/15/2024		1,095		1,237
Series B, Rev., 5.00%, 11/15/2025		540		626
Series C, Rev., 5.00%, 11/15/2022		1,000		1,051
Series C, Rev., 5.00%, 11/15/2047 (p)		4,375		4,612
Series D1, Rev., BAN, 5.00%, 09/01/2022		3,000		3,126
Series D1, Rev., 5.00%, 11/01/2028		2,000		2,094
Series D, Rev., 5.00%, 11/15/2027		1,200		1,442
Series D, Rev., 5.00%, 11/15/2038		600		648
Series F, Rev., 5.00%, 11/15/2022		160		168
Series F, Rev., BAN, 5.00%, 11/15/2022		3,375		3,549
Metropolitan Transportation Authority, Build America Bonds, Rev., 6.67%, 11/15/2039		2,500		3,585
Metropolitan Transportation Authority, Green Bond,
Series A1, Rev., BAN, 5.00%, 02/01/2023		1,575		1,671
Series A2, Rev., 5.00%, 11/15/2024		1,815		2,050
Series A2, Rev., 5.00%, 11/15/2027		1,085		1,304
Series B, Rev., 5.00%, 11/15/2021		125		126
Series B, Rev., 5.00%, 11/15/2023		100		109
Series E, Rev., 4.00%, 11/15/2045		60		67
Series E, Rev., 5.00%, 11/15/2029		250		314
Metropolitan Transportation Authority, Green Bonds,
Series A2, Rev., 5.00%, 11/15/2025		1,000		1,160
Series B1, Rev., 5.00%, 11/15/2046		2,000		2,360
Series C1, Rev., 5.00%, 11/15/2024		340		384
Series C1, Rev., 5.00%, 11/15/2027		1,115		1,353
Series D1, Rev., 5.00%, 11/15/2043		2,000		2,435
Series D3, Rev., 4.00%, 11/15/2049		2,000		2,218
Metropolitan Transportation Authority, Green Bonds, Subordinated, Series B1, Rev., 5.00%, 11/15/2036		10,000		11,930
Metropolitan Transportation Authority, Refunding, Transportation Subordinated, Series C1, Rev., 5.00%, 11/15/2025		1,055		1,223
Metropolitan Transportation Authority, Transportation,
Series A1, Rev., 5.00%, 11/15/2044		4,500		4,839
Series A1, Rev., 5.25%, 11/15/2039		1,000		1,086
Series C1, Rev., 5.00%, 11/15/2026		305		357
Metropolitan Transportation Authority, Transportation Green Bonds, Series B, Rev., 5.00%, 11/15/2026		1,720		2,050

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Metropolitan Transportation Authority, Transportation, Green Bonds, Series B, Rev., 5.00%, 11/15/2022		605		636
Metropolitan Transportation Authority, Unrefunded Balance, Transportation, Series A, Rev., 5.00%, 11/15/2041 (p)		4,000		4,022
Monroe County Industrial Development Corp., Rochester Regional Health Project,
Rev., 5.00%, 12/01/2022		600		631
Rev., 5.00%, 12/01/2027		1,000		1,232
Rev., 5.00%, 12/01/2028		1,700		2,136
Rev., 5.00%, 12/01/2029		1,900		2,437
Nassau County Interim Finance Authority, Taxable, Series B, Rev., 1.28%, 11/15/2028		3,000		2,959
New York City Health and Hospitals Corp.,
Series A, Rev., 4.00%, 02/15/2025		1,250		1,394
Series A, Rev., 5.00%, 02/15/2024		270		299
Series A, Rev., 5.00%, 02/15/2025		1,125		1,292
Series A, Rev., 5.00%, 02/15/2026		6,055		7,174
Series A, Rev., 5.00%, 02/15/2027		5,360		6,523
Series A, Rev., 5.00%, 02/15/2028		3,760		4,683
Series A, Rev., 5.00%, 02/15/2029		2,485		3,159
New York City Housing Development Corp., Sustainability Bonds,
Rev., FHA, 0.70%, 11/01/2060 (z)		9,490		9,508
Series C2, Rev., 0.23%, 05/01/2050 (z)		385		385
Series C2, Rev., 0.70%, 11/01/2060 (z)		1,790		1,795
Series C3-A, Rev., 0.20%, 05/01/2022		325		325
New York City Housing Development Corp., Sustainable Development Bonds, Series D2, Rev., FHA, 0.70%, 05/01/2060 (z)		1,000		1,003
New York City Housing Development Corp., Sustainable Neighborhood Bonds, Rev., 1.75%, 05/01/2059 (z)		1,000		1,003
New York City Industrial Development Agency, Queens Baseball Stadium Project,
Series A, Rev., AGM, 4.00%, 01/01/2032		1,000		1,219
Series A, Rev., AGM, 5.00%, 01/01/2025		250		286
Series A, Rev., AGM, 5.00%, 01/01/2027		625		758
Series A, Rev., AGM, 5.00%, 01/01/2029		1,000		1,269
Series A, Rev., AGM, 5.00%, 01/01/2030		1,500		1,940
New York City Industrial Development Agency, Yankee Stadium Project Pilot,
Rev., AGM, 4.00%, 03/01/2045		8,825		10,134
Rev., AGM, 5.00%, 03/01/2028		1,250		1,535
Rev., AGM, 5.00%, 03/01/2029		1,500		1,878
Rev., AGM, 5.00%, 03/01/2030		3,900		4,971
New York City Transitional Finance Authority Building Aid Revenue, Fiscal 2015, Subordinate, Series S, Rev., 5.00%, 07/15/2040		17,800		20,586
New York City Transitional Finance Authority Building Aid Revenue, Fiscal Year 2015, Series S1, Rev., 5.00%, 07/15/2035		585		669
New York City Transitional Finance Authority Building Aid Revenue, Subordinate,
Series S1, Rev., 4.00%, 07/15/2034		1,000		1,207
Series S1, Rev., 5.00%, 07/15/2031		1,590		2,127
Series S1, Rev., 5.00%, 07/15/2043		1,505		1,761
New York City Transitional Finance Authority Future Tax Secured,
Rev., 5.00%, 11/01/2028		1,000		1,277
Rev., 5.00%, 08/01/2029		5,000		6,485

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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,
Series A1, Rev., 5.00%, 05/01/2022		65		67
Series D, Rev., 5.00%, 11/01/2024		1,985		2,269
Series E1, Rev., 3.00%, 02/01/2028		730		826
Series E1, Rev., 5.00%, 02/01/2023		135		144
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured,
Rev., 4.00%, 11/01/2035		7,000		8,327
Rev., 5.00%, 11/01/2021		920		923
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate,
Rev., 4.00%, 05/01/2038		2,000		2,352
Series A1, Rev., 5.00%, 08/01/2042		2,000		2,462
Series A3, Rev., 4.00%, 05/01/2041		11,000		12,731
Series B1, Rev., 4.00%, 08/01/2042		815		955
Series B1, Rev., 5.00%, 08/01/2034		795		1,042
Series C1, Rev., 5.00%, 11/01/2021		1,970		1,977
Series DS, Rev., 4.00%, 11/01/2038		4,000		4,704
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate, Future Tax Secured, Rev., 3.75%, 11/01/2025		8,000		8,459
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated,
Rev., 5.00%, 05/01/2031		1,000		1,316
Series A3, Rev., 4.00%, 05/01/2042		2,000		2,311
Series A3, Rev., 5.00%, 08/01/2040		1,720		2,090
Series C1, Rev., 5.00%, 05/01/2024		1,000		1,121
New York City Transitional Finance Authority Future Tax Secured, Future Tax Secured Subordinated Fiscal, Series 1, Rev., 5.00%, 11/01/2026		2,600		3,166
New York City Transitional Finance Authority, Future Tax Secured, Rev., 5.00%, 11/01/2026		375		457
New York City Transitional Finance Authority, Future Tax Secured Revenue,
Rev., 5.00%, 11/01/2024		2,755		3,149
Series I, Rev., 5.00%, 05/01/2027		345		370
New York City Trust for Cultural Resources, Refunding Lincoln Center, Series A, Rev., 5.00%, 12/01/2032		500		650
New York City Water & Sewer System,
Series AA2, Rev., 5.00%, 06/15/2029		2,850		3,704
Series BB2, Rev., 5.00%, 06/15/2027		1,500		1,776
Series FF, Rev., 5.00%, 06/15/2041		2,000		2,539
Series GG1, Rev., 5.00%, 06/15/2030		1,000		1,323
Series GG, Rev., 5.00%, 06/15/2039		2,660		3,065
New York City Water & Sewer System, Second General Resolution,
Rev., 5.00%, 06/15/2026		880		1,062
Rev., 5.00%, 06/15/2029		870		1,131
Rev., 5.00%, 06/15/2047		14,655		15,727
Series CC1, Rev., 5.00%, 06/15/2048		2,730		3,273
Series CC1, Rev., 5.25%, 06/15/2037		2,345		2,870
Series DD1, Rev., 5.00%, 06/15/2048		3,115		3,786
Series DD2, Rev., 5.00%, 06/15/2040		2,000		2,446
Series DD, Rev., 5.00%, 06/15/2047		6,550		7,844
Series FF, Rev., 5.00%, 06/15/2045		500		517

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 Water & Sewer System, Various Second General Resolution, Series BB4, Rev., VRDO, 0.08%, 10/01/2021 (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		1,386
New York City, Water & Sewer System, Series BB1, Rev., 5.00%, 06/15/2049		500		628
New York Liberty Development Corp., World Trade Center Project,
Rev., 5.75%, 11/15/2051		10,165		10,230
Series 1, Rev., 5.00%, 11/15/2044 (e)		1,700		1,862
New York State Dormitory Authority,
Series A, Rev., 4.00%, 03/15/2039		1,000		1,180
Series A, Rev., 5.00%, 03/15/2024 (p)		100		112
Series A, Rev., 5.00%, 03/15/2029		3,000		3,866
Series A, Rev., 5.00%, 03/15/2034		2,000		2,397
Series A, Rev., 5.00%, 03/15/2040		1,000		1,247
Series D, Rev., 4.00%, 02/15/2037		2,000		2,349
New York State Dormitory Authority, Conrell University, Series A, Rev., 5.00%, 07/01/2031		1,000		1,357
New York State Dormitory Authority, General Purpose, Series D, Rev., 5.00%, 02/15/2026		100		119
New York State Dormitory Authority, General Purpose, Unrefunded, Series A, Rev., 5.00%, 02/15/2022		250		254
New York State Dormitory Authority, Group 1, Series A, Rev., 5.00%, 03/15/2024 (p)		2,000		2,231
New York State Dormitory Authority, Group 2,
Series A, Rev., 5.00%, 03/15/2033		2,000		2,593
Series A, Rev., 5.00%, 03/15/2036		2,015		2,528
New York State Dormitory Authority, Group 3, Series A, Rev., 5.00%, 03/15/2037		5,000		6,261
New York State Dormitory Authority, Montefiore Obligated Group,
Series A, Rev., 5.00%, 08/01/2025		2,035		2,353
Series A, Rev., 5.00%, 08/01/2026		900		1,069
Series A, Rev., 5.00%, 08/01/2031		1,010		1,235
New York State Dormitory Authority, Municipal Health Facilities, Rev., 4.00%, 01/15/2023		50		50
New York State Dormitory Authority, New York University, Series A, Rev., 4.00%, 07/01/2035		620		706
New York State Dormitory Authority, Rockefeller University, Series A, Rev., 5.00%, 07/01/2038		1,000		1,034
New York State Dormitory Authority, School Districts Financing Program, Series A, Rev., AGM, 5.00%, 10/01/2025		1,460		1,717
New York State Dormitory Authority, St Johns University, Series A, Rev., 4.00%, 07/01/2048		1,000		1,173
New York State Dormitory Authority, State University Dormitory Facilities, Series A, Rev., 5.00%, 07/01/2023 (p)		150		155
New York State Dormitory Authority, State University New York Dormitory Facilities, Series B, Rev., 5.00%, 07/01/2031		1,365		1,579
New York State Environmental Facilities Corp., Series B, Rev., 5.00%, 06/15/2023		1,000		1,082
New York State Environmental Facilities Corp., Municipal Water, Subordinated, Rev., 5.00%, 06/15/2042		2,655		3,213
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		262
New York State Housing Finance Agency, Sustainability Bonds,
SONYMA, Rev., 0.65%, 11/01/2056 (z)		1,380		1,378
Series K, SONYMA, Rev., 0.70%, 11/01/2024		1,085		1,088
Series P, Rev., 1.55%, 11/01/2023		300		301

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
New York State Thruway Authority,
Series A1, Rev., 5.00%, 03/15/2033		2,000		2,619
Series K, Rev., 5.00%, 01/01/2022		105		106
Series L, Rev., 5.00%, 01/01/2024		75		83
New York State Thruway Authority, General Revenue, Series I, Rev., 5.00%, 01/01/2032 (p)		2,050		2,074
New York State Thruway Authority, Group 2, Series N, Rev., 4.00%, 01/01/2041		4,120		4,780
New York State Urban Development Corp., Series A, Rev., 4.00%, 03/15/2049		1,300		1,488
New York State Urban Development Corp., Personal Income Tax,
Rev., 4.00%, 03/15/2037		2,000		2,350
Rev., 4.00%, 03/15/2041		5,000		5,811
Rev., 5.00%, 03/15/2030		500		657
Series C3, Rev., 5.00%, 03/15/2038		1,685		2,052
New York State Urban Development Corp., State Personal Income Tax,
Rev., 5.00%, 03/15/2028		1,250		1,574
Rev., 5.00%, 03/15/2034		3,000		3,327
Series A, Rev., 5.00%, 03/15/2024		8,000		8,924
New York State Urban Development Corp., State Personal Income Tax, General Purpose,
Series A, Rev., 5.00%, 03/15/2042		5,000		6,140
Series B, Rev., 3.54%, 03/15/2028		7,000		7,795
New York State Urban Development Corp., State Personal Income Taxes Facilities, Rev., NATL, 5.50%, 03/15/2024		6,000		6,767
New York Transportation Development Corp., American Airlines, Inc., Rev., AMT, 2.25%, 08/01/2026		945		967
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia, Rev., AMT, 5.00%, 10/01/2035		10,000		12,480
New York Transportation Development Corp., Laguardia Airport Terminal B, Rev., AMT, 5.25%, 01/01/2050		2,000		2,229
New York Transportation Development Corp., New York State Thruway, Rev., AMT, 4.00%, 10/31/2034		600		704
New York Transportation Development Corp., Terminal 4 John F Kennedy International,
Rev., AMT, 4.00%, 12/01/2038		300		341
Rev., AMT, 4.00%, 12/01/2039		300		340
Rev., AMT, 4.00%, 12/01/2040		1,475		1,669
Rev., AMT, 4.00%, 12/01/2041		300		338
Rev., AMT, 4.00%, 12/01/2042		300		336
Rev., 5.00%, 12/01/2024		200		226
Rev., 5.00%, 12/01/2025		200		233
Rev., 5.00%, 12/01/2026		200		239
Rev., 5.00%, 12/01/2027		200		243
Rev., 5.00%, 12/01/2028		200		248
Rev., 5.00%, 12/01/2037		250		313
Rev., 5.00%, 12/01/2038		250		312
Port Authority of New York & New Jersey,
Series 207, Rev., AMT, 5.00%, 09/15/2031		5,000		6,140
Series 223, Rev., AMT, 5.00%, 07/15/2023		1,220		1,321
Series 226, Rev., AMT, 5.00%, 10/15/2031		4,500		5,959
Series 226, Rev., AMT, 5.00%, 10/15/2032		1,250		1,638
Port Authority of New York & New Jersey, Consolidated,
Series 197, Rev., AMT, 5.00%, 11/15/2032		3,000		3,587

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
Series 221, Rev., AMT, 5.00%, 07/15/2031		1,620		2,086
Series 221, Rev., AMT, 5.00%, 07/15/2032		1,500		1,924
Port Authority of New York & New Jersey, Consolidated One Hundred Eighty,
Rev., AMT, 5.00%, 09/01/2026		3,000		3,369
Series 222, Rev., 4.00%, 07/15/2036		10,250		12,194
Series 222, Rev., 5.00%, 07/15/2034		5,000		6,464
State of New York Mortgage Agency, Social Bonds,
Series 233, Rev., 3.00%, 10/01/2045		5,405		5,875
Series 235, Rev., AMT, 0.30%, 10/01/2022		200		200
Series 235, Rev., AMT, 0.40%, 04/01/2023		215		215
Series 235, Rev., AMT, 0.55%, 10/01/2023		190		190
Tender Option Bond Trust Receipts/Certificates, Series 2020-ZF0950, Rev., VRDO, LIQ: Toronto Dominion Bank, 0.08%, 10/07/2021 (e) (z)		7,020		7,020
Triborough Bridge & Tunnel Authority,
Series A1, Rev., 5.00%, 05/15/2051		7,175		9,004
Series A, Rev., BAN, 5.00%, 11/01/2025		3,165		3,739
Series A, Rev., 5.00%, 11/15/2038		1,000		1,050
Series A, Rev., 5.00%, 11/15/2041		1,975		2,310
Series A, Rev., 5.00%, 11/15/2049		3,040		3,847
Series A2, Rev., 2.00%, 05/15/2045 (z)		8,250		8,745
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Series C1, Rev., 5.00%, 11/15/2025		2,960		3,501
Triborough Bridge & Tunnel Authority, Senior Lien,
Rev., 5.00%, 05/15/2050 (z)		3,000		3,587
Series C1-A, Rev., 5.00%, 05/15/2038		2,000		2,604
Triborough Bridge & Tunnel Authority, Subordinated, Series A, Rev., 5.00%, 11/15/2025		50		54
Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Rev., 4.00%, 09/01/2036		750		885
TSASC, Inc., Series B, Rev., 5.00%, 06/01/2048		6,780		7,409
Utility Debt Securitization Authority, Restructuring,
Rev., 5.00%, 12/15/2025		175		193
Series TE, Rev., 5.00%, 12/15/2033		3,150		3,474
Westchester County Industrial Development Agency, Eg Mount Vernon Preservation, Rev., FNMA COLL, 0.30%, 12/01/2023 (z)		1,525		1,525
Westchester County Industrial Development Agency, Marble Hall Tuckahoe Limited, Rev., FHA, 0.28%, 04/01/2024 (z)		3,135		3,132
Western Regional Off-Track Betting Corp., Rev., 3.00%, 12/01/2026 (e)		640		637
				677,293
North Carolina — 1.9%
Burlington Housing Authority, Thetford Portfolio, Rev., 0.30%, 11/01/2024 (z)		2,280		2,279
Charlotte-Mecklenburg Hospital Authority, Atrium Health,
Series B, Rev., 5.00%, 01/15/2048 (z)		1,000		1,019
Series B, Rev., 5.00%, 01/15/2050 (z)		8,620		9,854
Charlotte-Mecklenburg Hospital Authority, Atrium Health Obligated Group, Rev., 5.00%, 01/15/2050 (z)		880		1,125
City of Charlotte Airport Special Facilities Revenue, Charlotte Douglas International,
Rev., 5.00%, 07/01/2049		5,000		6,178
Rev., AMT, 5.00%, 07/01/2049		5,000		6,106

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
North Carolina — continued
City of Charlotte, 2003 Governmental Facilities Project, VRDO, COP, LIQ: Wells Fargo Bank NA, 0.04%, 10/07/2021 (z)		2,800		2,800
City of Charlotte, Airport Special Facilities Revenue, Series B, Rev., AMT, 5.00%, 07/01/2027		1,315		1,611
City of Charlotte, Water & Sewer System Revenue,
Rev., 5.00%, 07/01/2026		1,340		1,620
Rev., 5.00%, 07/01/2027		1,000		1,243
City of Goldsboro, Grand At Day Point Project, Rev., HUD, GNMA COLL, 0.28%, 05/01/2024 (z)		3,460		3,455
County of Wake, Rev., 5.00%, 03/01/2023		1,390		1,484
Durham Housing Authority, Jj Henderson, Rev., HUD, 0.30%, 06/01/2024 (z)		1,920		1,917
Durham Housing Authority, Oakley Square Apartments Project, Series A, Rev., 0.30%, 05/01/2024 (z)		2,000		2,000
North Carolina Capital Facilities Finance Agency, Republic Services Project A, Rev., 0.15%, 07/01/2034 (z)		6,195		6,195
North Carolina Capital Facilities Finance Agency, Republic Services, Inc. Project, Rev., AMT, 0.18%, 06/01/2038 (z)		6,500		6,499
North Carolina Eastern Municipal Power Agency, Prerefunded, Series A, Rev., 6.00%, 01/01/2026 (p)		1,000		1,014
North Carolina Housing Finance Agency,
Series 37A, Rev., AMT, 3.50%, 07/01/2039		75		79
Series 44, Rev., 4.00%, 07/01/2050		390		434
Series 45, Rev., GNMA/FNMA/FHLMC COLL, 1.90%, 01/01/2032		1,650		1,658
Series 45, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051		3,710		4,019
North Carolina Housing Finance Agency, Home Ownership, Series 47, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051		4,330		4,725
North Carolina Housing Finance Agency, Wind Crest Senior Living, Rev., 0.36%, 06/01/2024 (z)		825		824
North Carolina Medical Care Commission, Caromont Health,
Series A, Rev., 4.00%, 02/01/2036		500		601
Series B, Rev., 5.00%, 02/01/2051 (z)		790		937
North Carolina Medical Care Commission, Lutheran Services for the Aging, Rev., 4.00%, 03/01/2041		1,050		1,149
North Carolina Medical Care Commission, Presbyterian Homes Obligations,
Series A, Rev., 4.00%, 10/01/2027		600		705
Series A, Rev., 4.00%, 10/01/2040		1,200		1,359
Series A, Rev., 4.00%, 10/01/2045		1,750		1,972
North Carolina Medical Care Commission, Rex Healthcare, Series A, Rev., 5.00%, 07/01/2031		1,760		2,253
North Carolina Medical Care Commission, The Forest at Duke Project, Rev., 4.00%, 09/01/2041		830		957
North Carolina Municipal Power Agency No. 1, Series B, Rev., 5.00%, 01/01/2027 (p)		1,000		1,012
North Carolina Turnpike Authority, Rev., BAN, 5.00%, 02/01/2024		4,130		4,551
North Carolina Turnpike Authority, Senior Lien, Rev., AGM, 5.00%, 01/01/2038		2,375		2,932
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., AGM, 5.00%, 01/01/2049		1,000		1,238
Raleigh Durham Airport Authority, Series A, Rev., AMT, 5.00%, 05/01/2032		1,200		1,493
Sanford Housing Authority, Matthews Garden Gilmore, Rev., HUD, 0.30%, 10/01/2023 (z)		3,750		3,752
State of North Carolina,
Series A, GO, 5.00%, 06/01/2022		1,440		1,486
Series C, Rev., 5.00%, 05/01/2023		1,050		1,130
State of North Carolina, Build Nc Programs, Series B, Rev., 5.00%, 05/01/2027		2,750		3,398

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
North Carolina — continued
State of North Carolina, Public Improvement, Series A, GO, 5.00%, 06/01/2024		1,005		1,131
University of North Carolina at Chapel Hill, Series B, Rev., (ICE LIBOR USD 1 Month * 0.67 + 0.40%), 0.46%, 12/01/2041 (aa)		3,000		3,006
University of North Carolina at Chapel Hill Hospital, Rev., 5.00%, 02/01/2045		5,140		7,527
Western Carolina University, Series B, Rev., 5.00%, 04/01/2031		2,120		2,738
				113,465
North Dakota — 0.3%
Cass County Joint Water Resource District, Series A, GO, 0.48%, 05/01/2024		3,635		3,640
City of Grand Forks, Altru Health System,
Rev., 5.00%, 12/01/2027		595		730
Rev., 5.00%, 12/01/2031		1,900		2,474
City of West Fargo,
Series A, GO, 2.00%, 05/01/2022		500		505
Series A, GO, 2.00%, 05/01/2023		525		539
North Dakota Housing Finance Agency,
Series B, Rev., 3.00%, 07/01/2051		2,355		2,550
Series C, Rev., 4.00%, 01/01/2050		945		1,062
North Dakota Housing Finance Agency, Home Mortgage Financing Program, Series A, Rev., 3.00%, 01/01/2052		560		609
North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Finance, Series D, Rev., 4.25%, 01/01/2049		5,955		6,521
University of North Dakota, Series A, COP, AGM, 4.00%, 06/01/2046		1,480		1,693
West Fargo Public School District No. 6, Series C, GO, 4.00%, 08/01/2026		300		348
				20,671
Ohio — 2.6%
Akron Bath Copley Joint Township Hospital District, Rev., 5.25%, 11/15/2046		1,605		1,890
Akron Bath Copley Joint Township Hospital District, Summa Health Obligations,
Rev., 4.00%, 11/15/2034		500		584
Rev., 4.00%, 11/15/2035		1,000		1,167
Rev., 4.00%, 11/15/2038		750		870
American Municipal Power, Inc., Series A, Rev., 5.25%, 02/15/2033 (p)		2,430		2,475
Buckeye Tobacco Settlement Financing Authority, Series B2, Rev., 5.00%, 06/01/2055		5,000		5,660
Buckeye Tobacco Settlement Financing Authority, Capital Appreciation, Series A3, Rev., 6.25%, 06/01/2037 (p)		2,820		2,933
Buckeye Tobacco Settlement Financing Authority, Senior, Series A2, Rev., 4.00%, 06/01/2048		2,210		2,458
City of Cincinnati, Water System Revenue, Series A, Rev., 5.00%, 12/01/2036 (p)		2,500		2,519
City of Cleveland, Airport System Revenue, Series A, Rev., AGM, 5.00%, 01/01/2031 (p)		1,000		1,012
City of Columbus,
Series 1, GO, 5.00%, 07/01/2026 (p)		1,000		1,083
Series A, GO, 5.00%, 04/01/2032		2,200		2,912
Cleveland Department of Public Utilities, Division of Water, Series FF, Rev., 5.00%, 01/01/2026		300		356
Columbus-Franklin County Finance Authority, Bridge Park D Block Project, Series A, Rev., 5.00%, 12/01/2051		1,000		1,097
County of Allen Hospital Facilities Revenue, Catholic Health Partners, Series A, Rev., 5.00%, 05/01/2042 (p)		1,465		1,506
County of Allen, Hospital Facilities Revenue, Series A, Rev., 5.00%, 08/01/2027		50		62
County of Cuyahoga, Series D, Rev., 5.00%, 12/01/2026		3,500		4,250
County of Franklin, Che Trinity Health Credit Group, Rev., 0.08%, 12/01/2046 (z)		1,165		1,165

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Ohio — continued
County of Geauga, South Franklin Circle Project, Series A, Rev., 8.00%, 12/31/2047 (p) (z)		6,035		6,724
County of Hamilton, Trihealth, Inc. Obligated Group, Rev., 5.00%, 08/15/2040		1,510		1,899
County of Montgomery, Kettering Health Network Obligations,
Rev., 4.00%, 08/01/2037		525		629
Rev., 4.00%, 08/01/2041		1,200		1,422
Dayton Metro Library, Library Improvement, Series A, GO, 5.00%, 12/01/2038 (p)		145		146
Dayton Metropolitan Housing Authority, Southern Montgomery Apartments, Rev., HUD, 0.32%, 09/01/2024 (z)		1,505		1,504
Hamilton City School District, Various Purpose,
GO, 3.50%, 12/01/2031 (p)		1,000		1,099
GO, 5.00%, 12/01/2034 (p)		1,500		1,721
Lancaster Port Authority, Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 08/01/2049 (z)		5,000		5,699
Miami University, Series A, Rev., 5.00%, 09/01/2031		600		806
Northeast Ohio Medical University, Series A, Rev., 4.00%, 12/01/2035		250		287
Ohio Air Quality Development Authority, American Electric Power Company, Series A, Rev., AMT, 2.10%, 01/01/2029 (z)		1,250		1,295
Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Rev., AMT, 2.50%, 11/01/2042 (z)		1,000		1,084
Ohio Air Quality Development Authority, Ohio Vly Electric Corp. Project,
Rev., 1.38%, 02/01/2026 (z)		1,875		1,874
Rev., 1.50%, 02/01/2026 (z)		120		120
Ohio Higher Educational Facility Commission, Senior University Circle, Inc. Project, Rev., 5.00%, 01/15/2037		265		324
Ohio Higher Educational Facility Commission, University Of Dayton, Rev., 5.00%, 02/01/2034		1,125		1,423
Ohio Housing Finance Agency, Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 09/01/2048		1,255		1,395
Ohio Housing Finance Agency, Chevybrook Estates Apartments Project, Rev., 0.35%, 03/01/2024 (z)		410		410
Ohio Housing Finance Agency, Franklin Manor North Project, Rev., HUD, 0.00%, 09/01/2024 (z)		1,875		1,872
Ohio Housing Finance Agency, Glen Meadows Apartments, Rev., HUD, 0.40%, 11/01/2024 (z)		620		620
Ohio Housing Finance Agency, Pendleton Apartments Project, Rev., HUD, 0.26%, 03/01/2025 (z)		1,750		1,748
Ohio Housing Finance Agency, Pinzone Tower Apartments Project, Rev., HUD, 0.28%, 12/01/2023 (z)		1,330		1,329
Ohio Housing Finance Agency, The Arts Apartments Project, Series A, Rev., HUD, 0.35%, 12/01/2023 (z)		2,750		2,752
Ohio State University (The), Green Bonds Multiyear Debt Issue, Rev., 5.00%, 12/01/2022		2,000		2,113
Ohio Turnpike & Infrastructure Commission, Junior Lien, Infrastructure Project, Rev., 5.00%, 02/15/2025		455		484
Ohio Water Development Authority,
Series A, Rev., 5.00%, 06/01/2029		500		641
Series A, Rev., 5.00%, 12/01/2035		1,000		1,330
Ohio Water Development Authority Water Pollution Control Loan Fund,
Series B, Rev., 5.00%, 06/01/2024		1,000		1,126
Series B, Rev., 5.00%, 06/01/2025		1,300		1,517
Ohio Water Development Authority, Fresh Water, Series A, Rev., 5.00%, 06/01/2023		155		167
Ohio Water Development Authority, Water Pollution Control Loan Fund, Series A, Rev., VRDO, 0.04%, 10/07/2021 (z)		3,500		3,500

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Ohio — continued
State of Ohio,
Series A, GO, 5.00%, 09/15/2022		95		99
Series A, GO, 5.00%, 12/15/2022		75		79
Series A, GO, 5.00%, 02/01/2024		2,000		2,221
Series A, GO, 5.00%, 09/01/2024		1,500		1,704
Series A, GO, 5.00%, 02/01/2038 (p)		3,000		3,576
State of Ohio, Cleveland Clinic Health System,
Rev., 5.00%, 01/01/2023 (w)		935		991
Rev., 5.00%, 01/01/2024 (w)		1,155		1,274
Rev., 5.00%, 01/01/2025 (w)		1,670		1,911
Rev., 5.00%, 01/01/2026 (w)		5,500		6,487
Rev., 5.00%, 01/01/2033 (w)		2,410		3,230
Rev., 5.00%, 01/01/2034 (w)		2,425		3,238
Series A, Rev., 5.00%, 01/01/2027		940		1,149
State of Ohio, Common School, Series A, GO, 5.00%, 06/15/2022		825		853
State of Ohio, Common Shares, Series C, GO, 4.00%, 09/15/2022		5,000		5,183
State of Ohio, Conservation Project,
Series B, GO, 4.00%, 03/01/2022		1,145		1,163
Series B, GO, 4.00%, 03/01/2023		1,000		1,054
State of Ohio, Conservation Projects, Series A, GO, 2.00%, 03/01/2022		135		136
State of Ohio, Garvee,
Series 1A, Rev., 5.00%, 12/15/2025		800		949
Series 1A, Rev., 5.00%, 12/15/2028		1,000		1,280
State of Ohio, Higher Education,
Series A, GO, 5.00%, 05/01/2025		320		372
Series A, GO, 5.00%, 05/01/2032		10,000		12,244
Series C, GO, 5.00%, 08/01/2028		4,000		5,083
State of Ohio, Mental Health Facilities Improvement,
Series A, Rev., 5.00%, 02/01/2024		1,045		1,159
Series A, Rev., 5.00%, 02/01/2025		1,000		1,152
State of Ohio, Natural Resources, Series S, GO, 5.00%, 04/01/2024 (p)		180		193
State of Ohio, Portsmouth Bypass Project P3, Rev., AMT, 5.00%, 06/30/2022		160		165
State of Ohio, Premier Health Partners,
Rev., 4.00%, 11/15/2039		1,320		1,491
Rev., 4.00%, 11/15/2041		1,450		1,630
Rev., 5.00%, 11/15/2028		680		849
State of Ohio, University Hospitals Health System, Series A, Rev., 5.00%, 01/15/2041		1,000		1,156
Tender Option Bond Trust Receipts/Certificates, Series 2020, Rev., LIQ: Bank of America NA, 0.00%, 08/01/2037 (e) (z)		9,560		9,560
Toledo City School District, School Facilities Improvement,
GO, 5.00%, 12/01/2030 (p)		1,125		1,240
Series B, GO, 5.00%, 12/01/2024 (p)		2,920		3,084
				159,014
Oklahoma — 0.5%
Oklahoma City Economic Development Trust, Increment District #8 Project,
Rev., 4.00%, 03/01/2032		1,640		2,018
Rev., 4.00%, 03/01/2033		5,000		6,115
Rev., 4.00%, 03/01/2034		4,440		5,401

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Oklahoma — continued
Oklahoma Development Finance Authority, Gilcrease Expressway West, Rev., AMT, 1.63%, 07/06/2023		1,100		1,109
Oklahoma Housing Finance Agency, Homeownership Loan Program, Series B, Rev., GNMA/FNMA/FHLMC, 3.25%, 09/01/2050		2,770		3,029
Oklahoma Turnpike Authority, Second, Series C, Rev., 5.00%, 01/01/2031 (p)		3,000		3,036
Tulsa County Independent School District No. 1 Tulsa, Series B, GO, 2.00%, 09/01/2026		8,000		8,465
				29,173
Oregon — 0.9%
City of Portland Sewer System Revenue, Second Lien, Series A, Rev., 4.00%, 03/01/2033		3,850		4,709
City of Portland Water System Revenue, Second Lien, Series A, Rev., 5.00%, 05/01/2033		1,825		2,350
Hospital Facilities Authority of Multnomah County Oregon, Green Bond Terwil, Rev., 0.95%, 06/01/2027		1,200		1,188
Jackson County School District No. 5 Ashland, GO, SCH BD GTY, 5.00%, 06/15/2030		1,000		1,289
Medford Hospital Facilities Authority, Asante Project, Series A, Rev., AGM, 4.00%, 08/15/2045		1,330		1,545
Multnomah County School District No. 1 Portland,
GO, SCH BD GTY, 5.00%, 06/15/2028		1,850		2,345
Series B, GO, SCH BD GTY, 5.00%, 06/15/2022		10,000		10,339
Oregon State Business Development Commission, Intel Corp. Project, Series 232, Rev., 2.40%, 12/01/2040 (z)		200		207
Oregon State Facilities Authority, Providence Health and Services, Series A, Rev., 5.00%, 10/01/2022		80		84
Port of Portland Airport Revenue,
Series 27A, Rev., AMT, 5.00%, 07/01/2028		1,595		1,991
Series 27A, Rev., AMT, 5.00%, 07/01/2036		2,000		2,512
Port of Portland Airport Revenue, Portland International Airport, Series 25B, Rev., AMT, 5.00%, 07/01/2039		1,020		1,261
Salem Hospital Facility Authority, Multi Model, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2023		100		107
State of Oregon, Series N, GO, 5.00%, 12/01/2023		2,070		2,086
State of Oregon Department of Transportation, Series A, Rev., 5.00%, 11/15/2025 (p)		2,000		2,108
State of Oregon Department of Transportation, Subordinate, Series A, Rev., 5.00%, 11/15/2036		9,095		11,623
State of Oregon Housing & Community Services Department, Single Family Mortgage Program, Series A, Rev., 3.00%, 07/01/2052		650		709
State of Oregon Housing & Community Services Department, The Sunsan Emmons Apartment, Rev., HUD, 0.38%, 06/01/2024 (z)		3,695		3,694
State of Oregon Housing & Community Services Department, Westwind Apartments Project, Rev., HUD, 0.25%, 03/01/2024 (z)		360		360
State of Oregon, Article XI M & XI N Seismic Projects, GO, 5.00%, 06/01/2029		1,000		1,295
State of Oregon, Article XI Q, Series F, GO, 5.00%, 05/01/2030		100		119
State of Oregon, Article Xi-M & Xi-N Seismic, GO, 5.00%, 06/01/2030		1,995		2,631
University of Oregon, Series A, Rev., 5.00%, 04/01/2048		1,000		1,205
Yamhill County Hospital Authority, Friendsview, Series B3, Rev., 1.75%, 11/15/2026		2,000		2,002
				57,759
Pennsylvania — 5.0%
Allegheny County Airport Authority, Series A, Rev., AGM, AMT, 4.00%, 01/01/2046		12,000		13,671
Allegheny County Airport Authority, Pittsburgh International Airport, Series B, Rev., 4.00%, 01/01/2030 (p)		670		676

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Pennsylvania — continued
Allegheny County Hospital Development Authority, Health Network Obligations,
Rev., 5.00%, 04/01/2033		1,000		1,221
Series A, Rev., 5.00%, 04/01/2047		3,000		3,568
Allegheny County Hospital Development Authority, University Pittsburgh Medical Center, Rev., 4.00%, 07/15/2038		1,375		1,598
Allegheny County, Hospital Development Authority, Health Network Obligations, Series A, Rev., 5.00%, 04/01/2023		1,000		1,069
Allegheny County, Hospital Development Authority, Pittsburg University Medical Center,
Series A, Rev., 4.00%, 07/15/2036		2,200		2,571
Series A, Rev., 5.00%, 07/15/2027		765		943
Allegheny County, Sanitary Authority,
Series B, Rev., 4.00%, 06/01/2035		400		484
Series B, Rev., 4.00%, 06/01/2036		675		814
Series B, Rev., 5.00%, 06/01/2030		500		643
Series B, Rev., 5.00%, 06/01/2032		550		727
Series B, Rev., 5.00%, 06/01/2033		600		787
Allentown Neighborhood Improvement Zone Development Authority, Forward Delivery, Rev., 5.00%, 05/01/2042 (w)		1,000		1,236
Allentown Neighborhood Improvement Zone Development Authority, Senior Tax Revenue, Rev., 6.00%, 05/01/2042 (e)		280		348
Bentworth School District, Series A, GO, BAM, 4.00%, 03/15/2025		1,380		1,537
Berks County Industrial Development Authority, Tower Health Project,
Rev., 4.00%, 11/01/2050		1,500		1,544
Rev., 5.00%, 11/01/2047		3,155		3,471
Bucks County, Industrial Development Authority, Waste Management, Inc. Project, Rev., AMT, 2.75%, 12/01/2022		100		103
Capital Region Water Water Revenue, Rev., 5.00%, 07/15/2032		1,000		1,251
Chester County Health and Education Facilities Authority, Main Line Health System, Series B, Rev., 5.00%, 06/01/2024		1,000		1,125
City of Philadelphia,
GO, AGM, 5.00%, 08/01/2031		1,795		2,191
Series A, GO, 5.00%, 08/01/2030		4,000		4,649
City of Philadelphia Airport Revenue,
Series A, Rev., 5.00%, 07/01/2047		5,000		6,051
Series C, Rev., AMT, 4.00%, 07/01/2050		1,500		1,693
Series C, Rev., AMT, 5.00%, 07/01/2028		10,000		12,473
City of Philadelphia, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2035		2,235		2,681
City of Philadelphia, Airport Revenue, Private Activity, Rev., AGM, AMT, 4.00%, 07/01/2046		1,000		1,146
City of Philadelphia, Water & Wastewater Revenue, Series A, Rev., 5.00%, 11/01/2040		2,790		3,576
City of Pittsburgh,
GO, 5.00%, 09/01/2030		500		615
Series B, GO, 5.00%, 09/01/2025 (p)		3,000		3,133
Series B, GO, 5.00%, 09/01/2026 (p)		1,000		1,044
Commonwealth Financing Authority, Series B, Rev., 5.00%, 06/01/2027 (p)		500		516
Commonwealth of Pennsylvania,
Series 1, GO, 4.00%, 03/15/2034		5,000		5,537
Series 1, GO, 4.00%, 03/01/2035		3,650		4,213
Series 1, GO, 4.00%, 03/15/2035		2,000		2,212
Series 1, GO, 5.00%, 11/15/2026 (p)		1,000		1,006

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Pennsylvania — continued
County of Allegheny, Series C75, GO, 5.00%, 11/01/2028		2,305		2,793
County of Berks, GO, 4.00%, 11/15/2027 (p)		225		243
County of Lehigh, St Lukes Hospital Project, Rev., (SIFMA Municipal Swap Index + 1.10%), 1.15%, 08/15/2038 (aa)		355		364
Cumberland County Municipal Authority, Rev., 5.00%, 05/01/2030		1,000		1,175
Cumberland Valley School District,
GO, 5.00%, 11/15/2032 (p)		150		165
GO, 5.00%, 11/15/2034 (p)		140		154
Delaware River Joint Toll Bridge Commission, Series A, Rev., 5.00%, 07/01/2025 (p)		1,020		1,056
Delaware River Port Authority,
Rev., 5.00%, 01/01/2030		2,500		2,760
Rev., 5.00%, 01/01/2037		3,000		3,294
Delaware Valley Regional Finance Authority,
Series A, Rev., AMBAC, 5.50%, 08/01/2028		5,000		6,419
Series C, Rev., (ICE LIBOR USD 3 Month * 0.67 + 0.75%), 0.83%, 06/01/2037 (aa)		500		481
DuBois Hospital Authority, Penn Highlands Healthcare,
Rev., 4.00%, 07/15/2045		1,400		1,548
Rev., 5.00%, 07/15/2043		3,410		4,063
Emmaus General Authority, Rev., VRDO, AGM, 0.04%, 10/07/2021 (z)		4,015		4,015
Geisinger Authority, Geisinger Health System, Series C, Rev., 5.00%, 04/01/2043 (z)		2,630		3,356
Geisinger Authority, Geisinger Health System Obligation Group, Rev., 4.00%, 04/01/2039		1,000		1,156
Health Care Facilities Authority of Sayre, Guthrie Health, Rev., (ICE LIBOR USD 3 Month * 0.67 + 0.78%), 0.86%, 12/01/2024 (aa)		1,665		1,669
Lancaster County Hospital Authority, Health Facilities St Annes, Rev., 5.00%, 04/01/2033		1,830		1,853
Lehigh County General Purpose Authority, Good Shepherd Group, Series A, Rev., 4.00%, 11/01/2022		315		327
Lehigh County Industrial Development Authority, Electricity Utilities Corp., Rev., 1.80%, 09/01/2029 (z)		2,000		2,025
Lycoming County Authority, Pennsylvania College Technology, Rev., 5.00%, 05/01/2026 (p)		2,000		2,055
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Rev., 4.00%, 09/01/2044		1,610		1,830
Montgomery County Industrial Development Authority, Retirement,
Rev., 5.00%, 11/15/2025 (p)		1,500		1,545
Rev., 5.00%, 11/15/2028 (p)		1,600		1,648
Montgomery County Industrial Development Authority, Retirement Life Cmntys,
Rev., 5.00%, 11/15/2033		1,500		1,772
Series C, Rev., 5.00%, 11/15/2045		2,585		3,120
New Castle Sanitation Authority,
Series A, Rev., AGM, 3.00%, 06/01/2029		500		550
Series A, Rev., AGM, 3.00%, 06/01/2030		500		546
Norristown Area School District, GO, 5.00%, 09/01/2026		1,500		1,777
Pennsylvania Economic Development Financing Authority,
Rev., AMT, 5.00%, 06/30/2022		1,000		1,034
Series A, Rev., 5.00%, 11/15/2023		1,665		1,829
Pennsylvania Economic Development Financing Authority, Bridges Finco Project, Rev., AMT, 5.00%, 06/30/2023		495		534
Pennsylvania Economic Development Financing Authority, Philadelphia Bioslides Facility,
Rev., 4.00%, 01/01/2028		1,590		1,819
Rev., 4.00%, 01/01/2029		450		520

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Pennsylvania — continued
Rev., 4.00%, 01/01/2031		800		934
Pennsylvania Economic Development Financing Authority, PPL Energy Supply LLC, Series B, Rev., VRDO, LOC: MUFG Bank Ltd., 0.18%, 10/07/2021 (z)		7,000		7,000
Pennsylvania Economic Development Financing Authority, Republic Services, Series B, Rev., 0.20%, 12/01/2030 (z)		590		590
Pennsylvania Economic Development Financing Authority, Republic Services, Inc. Project, Rev., AMT, 0.23%, 06/01/2044 (z)		11,990		11,990
Pennsylvania Economic Development Financing Authority, Upmc, Series A1, Rev., 4.00%, 04/15/2045		5,440		6,257
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project,
Rev., AMT, (SIFMA Municipal Swap Index + 0.40%), 0.45%, 06/01/2041 (aa)		805		808
Rev., AMT, 1.75%, 08/01/2038 (z)		5,000		5,153
Series A, Rev., AMT, 0.58%, 08/01/2037 (z)		2,610		2,598
Pennsylvania Higher Education Assistance Agency,
Series A, Rev., AMT, 2.63%, 06/01/2042		895		892
Series A, Rev., AMT, 5.00%, 06/01/2026		95		111
Pennsylvania Higher Educational Facilities Authority, Temple University,
Rev., 5.00%, 04/01/2035 (p)		5,000		5,120
Rev., 5.00%, 04/01/2042 (p)		3,025		3,097
Pennsylvania Higher Educational Facilities Authority, University Of Pennsylvania, Rev., 5.00%, 08/15/2036		1,935		2,540
Pennsylvania Higher Educational Facilities Authority, University Pennsylvania Health System, Series A, Rev., 4.00%, 08/15/2035		1,170		1,336
Pennsylvania Housing Finance Agency, Series 133, Rev., 3.00%, 10/01/2050		3,555		3,843
Pennsylvania Housing Finance Agency, Harrison Senior Tower, Rev., 0.25%, 06/01/2024 (z)		2,125		2,120
Pennsylvania Housing Finance Agency, School Of Nursing, Rev., HUD, 0.27%, 08/01/2024 (z)		3,200		3,194
Pennsylvania Housing Finance Agency, Social Bond, Series 136, Rev., 3.00%, 10/01/2051		1,155		1,248
Pennsylvania Housing Finance Agency, Social Bonds, Series 135A, Rev., 3.00%, 10/01/2051		1,145		1,233
Pennsylvania Housing Finance Agencyl, Social Bonds,
Series 134B, Rev., AMT, 5.00%, 04/01/2022		1,000		1,023
Series 134B, Rev., AMT, 5.00%, 10/01/2022		1,000		1,046
Pennsylvania Turnpike Commission,
Series A1, Rev., 5.00%, 12/01/2027		1,000		1,242
Series A1, Rev., 5.00%, 12/01/2031		250		308
Series A1, Rev., 5.00%, 12/01/2034		1,000		1,222
Series A1, Rev., 5.00%, 12/01/2046		1,000		1,168
Series A2, Rev., 5.00%, 12/01/2024		100		114
Series A2, Rev., 5.00%, 12/01/2025		1,300		1,534
Series A, Rev., 5.00%, 12/01/2044		2,000		2,491
Series A, Rev., AGM, 5.25%, 07/15/2028		300		384
Series A, Rev., 5.25%, 12/01/2044		2,500		3,166
Series B, Rev., 4.00%, 12/01/2036		1,810		2,158
Series B, Rev., 4.00%, 12/01/2037		2,150		2,552
Series B, Rev., 5.00%, 12/01/2022		400		422
Series B, Rev., 5.00%, 12/01/2026		400		486
Series B, Rev., 5.00%, 12/01/2027		900		1,118
Series B, Rev., 5.00%, 12/01/2028		700		889
Pennsylvania Turnpike Commission, Motor License, Rev., 5.00%, 12/01/2040		1,000		1,198
Pennsylvania Turnpike Commission, Senior Lien, Series A, Rev., 5.00%, 12/01/2042 (p)		2,000		2,112

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Pennsylvania — continued
Pennsylvania Turnpike Commission, Subordinate, Series A, Rev., 4.00%, 12/01/2043		2,135		2,497
Pennsylvania Turnpike Commission, Subordinated,
Series A, Rev., 5.00%, 12/01/2036		2,775		3,310
Series B, Rev., 5.25%, 12/01/2031 (p)		1,000		1,008
Philadelphia Authority for Industrial Development, Rev., 5.00%, 05/01/2033		1,250		1,544
Philadelphia Authority for Industrial Development, String Theory Charter School, Rev., 5.00%, 06/15/2040 (e)		900		1,048
Philadelphia Authority for Industrial Development, Thomas Jefferson, Rev., VRDO, 0.14%, 10/07/2021 (z)		15,000		15,000
Philadelphia Authority for Industrial Development, Thomas Jefferson University,
Series A, Rev., 5.00%, 09/01/2032		1,110		1,327
Series A, Rev., 5.00%, 09/01/2035		1,105		1,320
Series A, Rev., 5.00%, 09/01/2047		1,000		1,181
Philadelphia Gas Works Co., Series A, Rev., AGM, 4.00%, 08/01/2045		5,000		5,774
Pittsburgh Water & Sewer Authority,
Series B, Rev., AGM, 4.00%, 09/01/2036		500		600
Series B, Rev., AGM, 4.00%, 09/01/2038		500		597
Series B, Rev., AGM, 4.00%, 09/01/2045		2,250		2,637
Series C, Rev., AGM, (SIFMA Municipal Swap Index + 0.65%), 0.70%, 09/01/2040 (aa)		4,275		4,309
Pittsburgh Water & Sewer Authority, Subordinated, Series B, Rev., AGM, 5.00%, 09/01/2031		1,750		2,322
Scranton School District, Series E, GO, BAM, 4.00%, 12/01/2037		1,025		1,174
Sports & Exhibition Authority of Pittsburgh and Allegheny County,
Rev., AGM, 5.00%, 02/01/2027		2,250		2,742
Rev., AGM, 5.00%, 02/01/2028		2,590		3,234
State Public School Building Authority, Montgomery County Community College, Rev., 5.50%, 05/01/2033 (p)		1,000		1,082
State Public School Building Authority, Northampton County Area Community,
Rev., BAM, 4.00%, 03/01/2029		1,000		1,179
Rev., BAM, 4.00%, 03/01/2030		640		748
Rev., BAM, 4.00%, 03/01/2031		500		583
Rev., BAM, 5.00%, 03/01/2027		715		860
Rev., BAM, 5.00%, 03/01/2028		755		929
State Public School Building Authority, Philadelphia Community College Project, Rev., 5.00%, 06/15/2022		250		258
State Public School Building Authority, Philadelphia School District, Rev., AGM, 5.00%, 06/01/2030		3,480		4,191
State Public School Building Authority, School District of Philadelphia,
Rev., 5.00%, 04/01/2024 (p)		2,000		2,047
Rev., 5.00%, 04/01/2030 (p)		3,000		3,070
Westmoreland County Industrial Development Authority, Excela Health Project,
Series A, Rev., 4.00%, 07/01/2025		575		644
Series A, Rev., 4.00%, 07/01/2026		1,250		1,428
Series A, Rev., 5.00%, 07/01/2028		1,400		1,741
				306,699
Puerto Rico — 0.3%
Puerto Rico Electric Power Authority,
Series DDD, Rev., 5.00%, 07/01/2020 (d)		570		556
Series TT, Rev., 5.00%, 07/01/2020 (d)		270		263
Series TT, Rev., 5.00%, 07/01/2037 (d)		1,200		1,173

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Puerto Rico — continued
Series ZZ, Rev., 4.25%, 07/01/2020 (d)		470		453
Series ZZ, Rev., 5.25%, 07/01/2019 (d)		520		505
Series ZZ, Rev., 5.25%, 07/01/2023 (d)		500		490
Puerto Rico Electric Power Authority, Libor, Series UU, Rev., AGM, (ICE LIBOR USD 3 Month * 0.67 + 0.52%), 0.62%, 07/01/2029 (aa)		325		322
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured, Series A1, Rev., Zero Coupon, 07/01/2031		2,825		2,251
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured,
Series A1, Rev., 4.55%, 07/01/2040		1,120		1,259
Series A2, Rev., 4.33%, 07/01/2040		9,100		10,091
				17,363
Rhode Island — 0.1%
Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity,
Series 73A, Rev., 0.95%, 04/01/2026		500		499
Series 73A, Rev., 1.10%, 04/01/2027		300		298
Series 73A, Rev., 1.65%, 10/01/2029		715		720
Series 73A, Rev., 3.00%, 10/01/2050		1,490		1,614
Rhode Island Housing and Mortgage Finance Corp., Social Bonds, Series 75A, Rev., 3.00%, 10/01/2051		4,420		4,822
Rhode Island Student Loan Authority, Senior Bond, Series A, Rev., AMT, 5.00%, 12/01/2029		370		465
				8,418
South Carolina — 1.2%
City of Rock Hill, Combined Utility System, Rev., 5.00%, 01/01/2027		250		294
Columbia Housing Authority, Palmetto Terrace Apartment, Rev., 0.31%, 06/01/2024 (z)		935		934
Lexington County Health Services District, Inc., Lexmed Obligated Group,
Rev., 4.00%, 11/01/2030		1,000		1,149
Rev., 4.00%, 11/01/2031		1,000		1,145
Patriots Energy Group Financing Agency, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 10/01/2048 (z)		40		43
South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Series S, Rev., 5.00%, 12/01/2048 (z)		1,000		1,172
South Carolina Jobs-Economic Development Authority, McLeod Health Projects, Rev., 5.00%, 11/01/2048		1,000		1,193
South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Series A, Rev., 5.00%, 05/01/2030		1,500		1,851
South Carolina Ports Authority, Rev., AMT, 5.00%, 07/01/2043		5,680		6,887
South Carolina Public Service Authority,
Series A, Rev., 4.00%, 12/01/2033		1,000		1,195
Series A, Rev., 4.00%, 12/01/2034		2,000		2,383
Series A, Rev., 5.00%, 12/01/2024		500		572
Series A, Rev., 5.00%, 12/01/2025		1,000		1,181
Series A, Rev., 5.00%, 12/01/2027		1,525		1,893
Series A, Rev., 5.00%, 12/01/2028		1,700		1,953
Series A, Rev., 5.00%, 12/01/2031		4,500		5,865
Series A, Rev., 5.00%, 12/01/2032		1,000		1,297
Series A, Rev., 5.00%, 12/01/2050		5,000		5,677
Series B, Rev., 5.00%, 12/01/2041		1,000		1,186
Series C, Rev., 5.00%, 12/01/2021		500		504

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
South Carolina — continued
South Carolina Public Service Authority, Santee Cooper, Series A, Rev., 5.75%, 12/01/2043 (p)		4,445		4,968
South Carolina Public Service Authority, Santee Cooper Project,
Series C, Rev., 5.00%, 12/01/2036		715		720
Series D, Rev., 5.00%, 12/01/2043 (p)		3,125		3,225
South Carolina State Housing Finance & Development Authority,
Series A, Rev., 3.00%, 01/01/2052		1,590		1,738
Series A, Rev., 4.00%, 07/01/2050		3,215		3,598
Series B, Rev., 3.25%, 01/01/2052		8,065		8,802
South Carolina State Housing Finance & Development Authority, James Lewis Jr. Eastside, Rev., FNMA COLL, 0.30%, 09/01/2024 (z)		2,190		2,183
South Carolina Transportation Infrastructure Bank, Series 2, Rev., (ICE LIBOR USD 1 Month * 0.67 + 0.45%), 0.51%, 10/01/2031 (aa)		6,885		6,885
South Carolina Transportation Infrastructure Bank, Unrefunded, Series 20, Rev., (ICE LIBOR USD 1 Month * 0.67 + 0.45%), 0.51%, 10/01/2031 (aa)		115		115
Spartanburg Housing Authority, Hickory Heights And Oakland, Rev., HUD, 0.29%, 10/01/2024 (z)		3,790		3,785
				74,393
South Dakota — 0.1%
County of Lincoln, Augustana College Associat, Rev., 4.00%, 08/01/2041		250		279
Harrisburg School District No. 41-2, GO, 4.50%, 07/15/2036 (p)		1,000		1,012
South Dakota Housing Development Authority, Homeownership Mortgage, Series B, Rev., 3.00%, 11/01/2051		3,080		3,356
				4,647
Tennessee — 1.3%
Chattanooga Health Educational & Housing Facility Board, Battery Heights Apartments, Rev., 0.20%, 08/01/2024 (z)		1,020		1,018
Chattanooga Health Educational & Housing Facility Board, Commonspirit Health, Series A1, Rev., 5.00%, 08/01/2028		305		383
City of Clarksville Water Sewer & Gas Revenue, Series A, Rev., 5.00%, 02/01/2028		1,000		1,254
City of Knoxville, Wastewater System Revenue,
Series A, Rev., 5.00%, 04/01/2028		2,000		2,527
Series A, Rev., 5.00%, 04/01/2032		2,000		2,737
City of Memphis, Gas System Revenue, Rev., 4.00%, 12/01/2045		2,175		2,573
City of Memphis, Sanitary Sewerage System Revenue,
Series B, Rev., 5.00%, 10/01/2022		1,430		1,499
Series B, Rev., 5.00%, 10/01/2023		1,000		1,095
Series B, Rev., 5.00%, 10/01/2027		1,000		1,246
County of Coffee, GO, 5.00%, 06/01/2026		250		300
Greeneville Health & Educational Facilities Board, People Road Portfolio Project, Rev., 1.45%, 12/01/2022 (z)		1,115		1,117
Health Educational and Housing Facility Board of the City of Memphis, Memphis Towers Apartments, Rev., 0.25%, 12/01/2023 (z)		3,875		3,879
Knoxville’s Community Development Corp., Austin 1B Apartments Project, Rev., 0.22%, 10/01/2024 (z)		320		319
Memphis-Shelby County Airport Authority,
Rev., AMT, 5.00%, 07/01/2032		270		331
Rev., AMT, 5.00%, 07/01/2043		2,055		2,458

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Tennessee — continued
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Vanderbilt University Medical Center, Series A, Rev., 5.00%, 07/01/2040		2,685		3,164
Metropolitan Government Nashville & Davidson County Industrial Development Board, Waste Management, Inc. Tenn Project, Rev., AMT, 0.58%, 08/01/2031 (z)		600		597
Metropolitan Government of Nashville & Davidson County, Electric Revenue, Series A, Rev., 5.00%, 05/15/2030		1,000		1,318
Metropolitan Government of Nashville & Davidson County, Improvement, Series A, GO, 5.00%, 01/01/2025 (p)		1,400		1,484
Metropolitan Government of Nashville & Davidson County, Water & Sewer Revenue, Rev., 5.00%, 07/01/2025		560		606
Metropolitan Nashville Airport Authority, Subordinated, Series A, Rev., 5.00%, 07/01/2054		1,000		1,231
State of Tennessee, Series A, GO, 5.00%, 08/01/2035 (p)		2,250		2,640
Tennergy Corp., Series A, Rev., 4.00%, 12/01/2051 (z)		12,500		14,738
Tennessee Energy Acquisition Corp.,
Rev., 4.00%, 11/01/2049 (z)		3,250		3,642
Rev., 5.00%, 05/01/2052 (z)		14,595		19,033
Tennessee Energy Acquisition Corp., Junior, Series B, Rev., 5.63%, 09/01/2026		1,410		1,708
Tennessee Housing Development Agency, Residental Financial Program, Rev., 3.00%, 07/01/2051		460		500
Tennessee Housing Development Agency, Residential Finance Program Bonds, Rev., 4.00%, 01/01/2048		2,700		3,003
				76,400
Texas — 11.1%
Abilene Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2024 (p)		2,800		2,983
Alamito Public Facility Corp., Hacep Rad Convertible Program Cramer, Rev., 0.25%, 11/01/2021		10,000		10,000
Angleton Independent School District, GO, PSF-GTD, 4.00%, 02/15/2022		2,880		2,919
Argyle Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2027		1,000		1,237
Arlington Higher Education Finance Corp.,
Series A, Rev., PSF-GTD, 4.00%, 08/15/2024		200		220
Series A, Rev., PSF-GTD, 4.00%, 08/15/2025		445		502
Series A, Rev., PSF-GTD, 4.00%, 08/15/2026		265		305
Series A, Rev., PSF-GTD, 4.00%, 08/15/2030		425		517
Series A, Rev., PSF-GTD, 5.00%, 08/15/2031		555		736
Austin Affordable Public Facility Corp., Inc., Bridge at Turtle Creek, Rev., 0.42%, 12/01/2040 (z)		6,000		6,005
Austin Community College District, Maintenance Tax Notes, GO, 5.00%, 08/01/2022		250		260
Austin Independent School District,
GO, PSF-GTD, 5.00%, 08/01/2026		1,250		1,509
GO, PSF-GTD, 5.00%, 08/01/2027		2,000		2,477
GO, PSF-GTD, 5.00%, 08/01/2028		1,000		1,269
Azle Independent School District, GO, PSF-GTD, 5.00%, 02/15/2025		1,000		1,151
Balmorhea Independent School District, Series A, GO, PSF-GTD, 4.00%, 02/15/2050		2,500		2,647
Barbers Hill Independent School District, GO, PSF-GTD, 5.00%, 02/15/2029		4,370		5,609
Bastrop Independent School District, GO, PSF-GTD, 5.00%, 02/15/2025		1,565		1,806
Bexar County Hospital District, Certificates Obligation, GO, 5.00%, 02/15/2031		1,000		1,272
Board of Regents of the University of Texas System,
Series A, Rev., 5.00%, 08/15/2030		2,000		2,636

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Series E, Rev., 5.00%, 08/15/2027		1,000		1,239
Boerne Public Facilities Corp., Liv At Boerne Senior Apartments, Rev., 2.75%, 11/01/2022 (z)		100		100
Boerne School District, School Building, GO, PSF-GTD, 5.00%, 02/01/2043 (p)		1,800		1,829
Brazoria County Toll Road Authority, Subordinated Lien, Series A, Rev., CNTY GTD, 5.00%, 03/01/2033		1,670		2,016
Brazosport Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2022		6,000		6,106
GO, PSF-GTD, 5.00%, 02/15/2027		2,500		3,064
GO, PSF-GTD, 5.00%, 02/15/2028		2,500		3,142
GO, PSF-GTD, 5.00%, 02/15/2029		3,000		3,856
GO, PSF-GTD, 5.00%, 02/15/2030		3,000		3,831
Cameron County Housing Finance Corp., Sunfield Country Apartments, Rev., 0.28%, 02/01/2024 (z)		415		414
Capital Area Housing Finance Corp., Grand Avenue Flats, Rev., 0.29%, 08/01/2039 (z)		2,015		2,007
Capital Area Housing Finance Corp., Redwood Apartments, Rev., 0.41%, 01/01/2041 (z)		9,205		9,215
Carrollton-Farmers Branch Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023		935		996
Central Texas Regional Mobility Authority,
Series B, Rev., 4.00%, 01/01/2040		800		926
Series B, Rev., 4.00%, 01/01/2051		1,250		1,415
Series B, Rev., 5.00%, 01/01/2046		1,500		1,870
Central Texas Regional Mobility Authority, Senior Lien,
Series B, Rev., 4.00%, 01/01/2039		600		688
Series B, Rev., 4.00%, 01/01/2040		500		573
Series B, Rev., 5.00%, 01/01/2024		230		253
Series B, Rev., 5.00%, 01/01/2045		3,595		4,401
Series E, Rev., 5.00%, 01/01/2045		2,665		3,263
Central Texas Regional Mobility Authority, Subordinated, Series F, Rev., BAN, 5.00%, 01/01/2025		4,770		5,330
Central Texas Regional Mobility Authority, Subordinated Lien, Rev., 5.00%, 01/01/2042 (p)		3,000		3,179
Central Texas Turnpike System, First Tier, Series A, Rev., 5.00%, 08/15/2041 (p)		7,045		7,341
City Austin, Certificates Obligation,
GO, 5.00%, 09/01/2032		1,750		2,304
GO, 5.00%, 09/01/2033		1,100		1,444
GO, 5.00%, 09/01/2034		1,750		2,289
City of Arlington, Water & Wastewater System Revenue, Rev., 5.00%, 06/01/2023		1,020		1,101
City of Austin, GO, 5.00%, 11/01/2021		1,520		1,526
City of Austin Water & Wastewater System Revenue, Series C, Rev., 5.00%, 11/15/2032		1,000		1,312
City of Austin, Airport System Revenue,
Rev., AMT, 5.00%, 11/15/2025		3,000		3,521
Series B, Rev., AMT, 5.00%, 11/15/2030		1,000		1,274
Series B, Rev., AMT, 5.00%, 11/15/2033		1,130		1,344
Series B, Rev., AMT, 5.00%, 11/15/2036		3,335		4,050
City of Austin, Electric Utility Revenue,
Series B, Rev., 5.00%, 11/15/2037		1,505		1,918
Series B, Rev., 5.00%, 11/15/2038		1,340		1,705
Series B, Rev., 5.00%, 11/15/2044		2,000		2,516
City of Austin, Refunding & Public Improvement, GO, 5.00%, 09/01/2033		620		814
City of Austin, Water & Wastewater System Revenue, Rev., 5.00%, 11/15/2041		7,000		8,389
City of Dallas Housing Finance Corp., Midpark Towers, Rev., 0.35%, 01/01/2024 (z)		1,380		1,380

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
City of Dallas, Waterworks & Sewer System Revenue,
Series C, Rev., 4.00%, 10/01/2039		7,470		8,962
Series C, Rev., 4.00%, 10/01/2040		1,000		1,196
Series C, Rev., 5.00%, 10/01/2029		1,125		1,464
Series C, Rev., 5.00%, 10/01/2032		3,450		4,545
City of Denton Utility System Revenue, Rev., 5.00%, 12/01/2022		1,000		1,054
City of Eagle Pass, Certificates Obligation,
GO, AGM, 4.00%, 03/01/2039		500		595
GO, AGM, 4.00%, 03/01/2041		680		806
City of Garland, Certificates Obligation, GO, 5.00%, 02/15/2024		275		305
City of Houston Airport System Revenue, Subordinated Lien,
Series A, Rev., AMT, 4.00%, 07/01/2040		3,570		4,114
Series A, Rev., AMT, 5.00%, 07/01/2023 (p)		10,000		10,353
Series A, Rev., AMT, 5.00%, 07/01/2024		1,000		1,123
Series A, Rev., AMT, 5.00%, 07/01/2028		1,000		1,250
Series A, Rev., AMT, 5.00%, 07/01/2034		2,500		3,168
Series B, Rev., 5.00%, 07/01/2027		1,995		2,464
City of Houston Airport System Revenue, United Airlines, Inc. Termin, Rev., AMT, 4.00%, 07/01/2041		2,615		2,781
City of Houston Combined Utility System Revenue, First Lien, Series A, Rev., 4.00%, 11/15/2033		1,200		1,481
City of Houston Hotel Occupancy Tax & Special Revenue, Convention & Entertainment,
Rev., 4.00%, 09/01/2022		50		52
Rev., 4.00%, 09/01/2023		50		53
Rev., 4.00%, 09/01/2024		150		165
Rev., 4.00%, 09/01/2025		45		50
Rev., 4.00%, 09/01/2029		280		334
City of Houston, Airport System Revenue, Series C, Rev., AMT, 5.00%, 07/01/2028		470		588
City of Houston, Airport System Revenue, Special Facilities, United Airlines, Inc., Rev., AMT, 5.00%, 07/15/2028		600		711
City of Houston, Airport System Revenue, Subordinated Lien,
Series A, Rev., AMT, 5.00%, 07/01/2028		890		1,113
Series B, Rev., 5.00%, 07/01/2026		1,000		1,203
Series B, Rev., 5.00%, 07/01/2030		1,000		1,311
City of Houston, Combined Utility System Revenue, First Lien,
Series A, Rev., 5.00%, 11/15/2029		1,100		1,434
Series A, Rev., 5.00%, 11/15/2030		1,000		1,329
Series C, Rev., 5.00%, 11/15/2029		2,850		3,716
Series D, Rev., 5.00%, 11/15/2026 (p)		460		463
City of Justin, Timberbrook Public Improvement, Special Assessment, 3.00%, 09/01/2031 (e)		315		310
City of Kyle, 6 Creeks Public Improvement, Special Assessment, 2.63%, 09/01/2025 (e)		500		502
City of Laredo, Certificates Obligation, GO, 5.00%, 02/15/2033		1,070		1,287
City of Lubbock Electric Light & Power System Revenue,
Rev., 5.00%, 04/15/2026		800		955
Rev., 5.00%, 04/15/2027		785		962
Rev., 5.00%, 04/15/2028		900		1,128
City of Lubbock Water & Wastewater System,
Series B, Rev., 5.00%, 02/15/2023		400		426
Series B, Rev., 5.00%, 02/15/2024		490		544

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
City of Mesquite, Waterworks & Sewer System Revenue, Rev., 4.00%, 03/01/2023		1,130		1,190
City of Palestine, Certificates Obligation, GO, AGM, 4.00%, 02/15/2046 (w)		5,000		5,639
City of San Antonio, GO, 5.00%, 02/01/2022		550		559
City of San Antonio Electric & Gas Systems Revenue, Rev., 4.00%, 02/01/2030		1,660		2,036
City of San Antonio Electric & Gas Systems Revenue, Junior Lien,
Rev., 5.00%, 02/01/2048 (p)		3,660		3,890
Series D, Rev., 1.13%, 12/01/2045 (z)		6,510		6,595
City of San Antonio, Electric & Gas Systems Revenue,
Rev., 4.00%, 02/01/2027		3,000		3,514
Series B, Rev., 2.00%, 02/01/2033 (z)		1,370		1,372
City of San Antonio, Electric & Gas Systems Revenue, Junior Lien,
Rev., 5.00%, 02/01/2043 (p)		4,350		4,623
Series A, Rev., 5.00%, 02/01/2038		1,750		2,262
City of San Antonio, General Improvement, GO, 5.00%, 02/01/2023 (p)		1,240		1,260
Clear Creek Independent School District, GO, PSF-GTD, 0.28%, 02/15/2038 (z)		610		608
Cleburne Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2036		1,065		1,248
Clifton Higher Education Finance Corp., Idea Public Schools, Rev., PSF-GTD, 5.00%, 08/15/2026		1,840		2,217
Clifton Higher Education Finance Corp., International Leadership of Texas,
Rev., PSF-GTD, 4.00%, 08/15/2023		75		80
Rev., PSF-GTD, 4.00%, 08/15/2024		115		127
Rev., PSF-GTD, 4.00%, 08/15/2025		145		163
College Station Independent School District, GO, PSF-GTD, 5.00%, 08/15/2024		2,285		2,590
Conroe Independent School District,
Series A, GO, PSF-GTD, 5.00%, 02/15/2024		750		834
Series A, GO, PSF-GTD, 5.00%, 02/15/2026		2,450		2,919
County of Bexar,
GO, 4.00%, 06/15/2040		11,085		12,243
GO, 5.00%, 06/15/2031		1,500		1,794
County of Bexar, Certificates Obligation,
Series A, GO, 4.00%, 06/15/2036 (p)		1,145		1,219
Series B, GO, 5.00%, 06/15/2043 (p)		1,000		1,081
County of El Paso, Series A, GO, 5.00%, 02/15/2027		1,430		1,699
County of Harris,
Series A, GO, 5.00%, 10/01/2022		4,615		4,834
Series A, GO, 5.00%, 10/01/2024		3,500		3,986
Series A, GO, 5.00%, 10/01/2029		1,150		1,493
County of Harris, Road Bonds, Series A, GO, 5.00%, 10/01/2022		1,185		1,242
County of Harris, Cultural Education Facilities Finance Corp., Teco Project, Rev., 5.00%, 11/15/2022		1,000		1,052
County of Harris, Flood Control District, Series A, GO, 4.00%, 10/01/2036		2,800		3,347
County of Harris, Refunding Road, Series A, GO, 5.00%, 10/01/2029		1,090		1,281
County of Harris, Senior Lien Toll Road, Rev., 5.00%, 08/15/2024		1,035		1,174
County of Nueces, GO, 5.00%, 02/15/2029		460		589
County of Williams, GO, 5.00%, 02/15/2027		1,000		1,226
Crowley Independent School District, School Building, GO, PSF-GTD, 5.00%, 08/01/2045 (p)		2,000		2,342
Cypress-Fairbanks Independent School District, School Building, Series B2, GO, PSF-GTD, 0.28%, 02/15/2040 (z)		3,555		3,540
Dallas Area Rapid Transit, Series A, Rev., 5.00%, 12/01/2046		5,000		5,816

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
Dallas Area Rapid Transit, Senior Lien, Rev., 5.00%, 12/01/2032		1,000		1,292
Dallas Fort Worth International Airport,
Series B, Rev., 4.00%, 11/01/2034		1,395		1,666
Series B, Rev., AMT, 4.50%, 11/01/2045		1,000		1,042
Series E, Rev., 5.00%, 11/01/2023		1,000		1,051
Dallas Fort Worth International Airport, Joint Improvement,
Series D, Rev., AMT, 5.00%, 11/01/2038 (p)		210		211
Series D, Rev., AMT, 5.00%, 11/01/2042 (p)		11,550		11,591
Dallas Independent School District,
GO, PSF-GTD, 4.00%, 02/15/2022		1,510		1,531
Series A, GO, PSF-GTD, 5.00%, 08/15/2023		130		142
Series A, GO, PSF-GTD, 5.00%, 08/15/2034 (p)		1,000		1,134
Dallas/Fort Worth, International Airport, Series C, Rev., AMT, 5.13%, 11/01/2043		350		368
Deer Park Independent School District, GO, PSF-GTD, 0.16%, 10/01/2042 (w) (z)		2,005		2,004
Del Valle Independent School District,
GO, PSF-GTD, 4.00%, 06/15/2031		3,085		3,772
GO, PSF-GTD, 4.00%, 06/15/2032		3,405		4,139
GO, PSF-GTD, 4.00%, 06/15/2033		5,740		6,938
GO, PSF-GTD, 4.00%, 06/15/2034		3,280		3,948
GO, PSF-GTD, 5.00%, 06/15/2026		1,750		2,103
Denton Independent School District, GO, PSF-GTD, 5.00%, 08/15/2027		1,000		1,240
Eagle Mountain & Saginaw Independent School District, GO, PSF-GTD, 5.00%, 08/15/2026		1,000		1,209
El Paso Independent School District, Maintenance Tax Notes, GO, 2.00%, 02/01/2040 (z)		1,040		1,071
Farmersville Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023		465		495
Fort Bend Independent School District,
GO, PSF-GTD, 5.00%, 08/15/2023		1,190		1,296
Series B, GO, PSF-GTD, 0.72%, 08/01/2051 (z)		2,745		2,743
Series B, GO, PSF-GTD, 0.88%, 08/01/2050 (z)		875		884
Frisco Independent School District, GO, PSF-GTD, 3.00%, 02/15/2022		1,625		1,642
Frisco Independent School District, school Building, Series A, GO, PSF-GTD, 4.00%, 08/15/2032		2,140		2,418
Galveston Public Facility Corp., The Oleanders At Broadway, Rev., HUD, 0.47%, 08/01/2025 (z)		1,110		1,108
Garland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023		4,000		4,263
Goose Creek Consolidated Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2022		1,000		1,018
GO, PSF-GTD, 5.00%, 02/15/2026		900		1,071
Series A, GO, PSF-GTD, 5.00%, 02/15/2028		2,000		2,372
Series B, GO, PSF-GTD, 0.00%, 10/01/2049 (w) (z)		1,115		1,114
Series B, GO, PSF-GTD, 0.60%, 02/15/2035 (z)		715		710
Grand Parkway Transportation Corp., Grand Parkway System, Rev., 4.00%, 10/01/2045		10,125		11,648
Grand Parkway Transportation Corp., Subordinated Tier Toll, Series B, Rev., 5.00%, 04/01/2053 (p)		100		110
Gregory-Portland Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2023		3,220		3,430
Harlandale Independent School District, GO, PSF-GTD, 0.75%, 08/15/2045 (z)		465		465
Harlandale Independent School District, Variable Maintenance Tax Notes, GO, BAM, 2.00%, 08/15/2040 (z)		375		380
Harlingen Consolidated Independent School District,
GO, PSF-GTD, 5.00%, 08/15/2024		80		90

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
GO, PSF-GTD, 5.00%, 08/15/2026		105		127
Harris County Cultural Education Facilities Finance Corp., Baylor College, Rev., 5.00%, 11/15/2037 (p)		1,515		1,597
Harris County Cultural Education Facilities Finance Corp., Medical Facilities Mortgage Revenue, Rev., (ICE LIBOR USD 1 Month * 0.70 + 0.65%), 0.71%, 11/15/2046 (aa)		1,130		1,134
Harris County Cultural Education Facilities Finance Corp., Texas Children’S Hospital,
Rev., 4.00%, 10/01/2041		3,205		3,828
Rev., 5.00%, 10/01/2051 (z)		3,000		4,026
Harris County Cultural Education Facilities Finance Corp., Texas Medical Center, Series A, Rev., 0.90%, 05/15/2050 (z)		6,315		6,318
Harris County Toll Road Authority, First Lien, Rev., 5.00%, 08/15/2030		2,200		2,910
Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann, Rev., 5.00%, 06/01/2032 (z)		1,000		1,142
Harris County, Metropolitan Transit Authority, Sales & Use Tax Revenue, Series A, Rev., 5.00%, 11/01/2021		100		100
Harris County, Toll Road Authority, Senior Lien, Series A, Rev., 5.00%, 08/15/2024		100		113
Harris County-Houston Sports Authority, Prefunded, Senior Lien, Series A, Rev., AGM, 5.00%, 11/15/2022 (p)		650		685
Housing Options, Inc., The Oaks Project, Rev., 0.50%, 08/01/2041 (z)		590		587
Houston Community College System,
Series A, GO, 3.00%, 02/15/2022		300		303
Series A, GO, 4.00%, 02/15/2023		725		762
Houston Higher Education Finance Corp., Houston Baptist University, Rev., 4.00%, 10/01/2051		1,100		1,194
Houston Housing Finance Corp., Temenos Place Apartments, Rev., 0.29%, 08/01/2024 (z)		670		669
Houston Independent School District, GO, PSF-GTD, 5.00%, 02/15/2022		1,725		1,756
Houston Independent School District, Maintenance Tax Notes, GO, 5.00%, 07/15/2022		80		83
Humble Independent School District, School Building, Series A, GO, PSF-GTD, 5.00%, 02/15/2022		1,200		1,221
Katy Independent School District, Series B, GO, PSF-GTD, 5.00%, 02/15/2036		2,475		2,943
Katy Independent School District, School Building, Series A, GO, PSF-GTD, 5.00%, 02/15/2031 (p)		1,000		1,018
Lake Houston Redevelopment Authority, Rev., 4.00%, 09/01/2035		250		293
Lamar Consolidated Independent School District, GO, PSF-GTD, 5.00%, 02/15/2027		1,315		1,613
Lewisville Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2024		1,000		1,133
Lewisville Independent School District, School Building, Series E, GO, PSF-GTD, 5.00%, 08/15/2029 (p)		4,000		4,168
Longview Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023		575		612
Lower Colorado River Authority, Lcra Transmission Services,
Rev., 5.00%, 05/15/2027		700		861
Series A, Rev., 5.00%, 05/15/2022		1,000		1,030
Lower Colorado River Authority, Transmission Services Co., Rev., 5.00%, 05/15/2022		5,000		5,148
Lower Colorado, River Authority, Transmission Services Contract, Rev., 5.00%, 05/15/2029		100		128
Lumberton Independent School District, GO, PSF-GTD, 4.00%, 02/15/2023		1,125		1,181
Matagorda County Navigation District No. 1, Central Power and Light Co., Rev., AMT, 0.90%, 05/01/2030 (z)		4,945		4,958
Medina Valley Independent School District, GO, PSF-GTD, 0.82%, 02/15/2051 (z)		655		650
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Series A, Rev., 5.00%, 11/01/2028 (p)		1,000		1,004
Metropolitan Transit Authority of Harris County, Sales & Use Tax Revenue, Series A, Rev., 5.00%, 11/01/2036 (p)		1,785		1,792

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Midland County Public Facility Corp., Palladium West Francis, Rev., 0.35%, 06/01/2024 (z)		10,000		9,985
Midlothian Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023		1,410		1,501
Mission Economic Development Corp., Republic Services, Rev., AMT, 0.20%, 01/01/2026 (z)		5,550		5,550
Mission Economic Development Corp., Waste Management, Rev., AMT, 0.15%, 05/01/2046 (z)		5,095		5,095
New Caney Independent School District, School Building, GO, PSF-GTD, 1.25%, 02/15/2050 (z)		535		547
New Hope Cultural Education Facilities Finance Corp., Childrens Health System, Series A, Rev., 5.00%, 08/15/2047		1,000		1,196
New Hope Cultural Education Facilities Finance Corp., Westminster Project, Rev., 4.00%, 11/01/2049		50		56
North Central Texas Housing Finance Corp., Bluebonnet Ridge Apartment, Rev., 0.38%, 08/01/2040 (z)		505		504
North East Independent School District, Series B, GO, PSF-GTD, 0.25%, 08/01/2032 (z)		265		265
North Fort Bend Water Authority,
Rev., BAM, 5.00%, 12/15/2026		1,520		1,849
Series B, Rev., 5.00%, 12/15/2029		1,130		1,460
North Texas Municipal Water District Water System Revenue,
Rev., 3.00%, 09/01/2041		575		620
Rev., 5.00%, 09/01/2022		345		360
North Texas Tollway Authority, Capital Appreciation, First Tier, Rev., AGC, Zero Coupon, 01/01/2030		1,500		1,325
North Texas Tollway Authority, First Tier,
Series A, Rev., 5.00%, 01/01/2025		390		413
Series A, Rev., 5.00%, 01/01/2029 (p)		1,000		1,011
Series D, Rev., 5.00%, 01/01/2038 (p)		2,120		2,145
North Texas Tollway Authority, First Tier Bonds, Series A, Rev., 4.00%, 01/01/2035		2,000		2,350
North Texas Tollway Authority, Second Tier,
Series B, Rev., 4.00%, 01/01/2035		1,000		1,198
Series B, Rev., 5.00%, 01/01/2033		1,000		1,192
Northside Independent School District, GO, PSF-GTD, 0.70%, 06/01/2050 (z)		16,850		16,892
Odessa Housing Finance Corp., Rev., 0.37%, 02/01/2024 (z)		1,540		1,541
Odessa Junior College District, Consolidated Fund,
Rev., AGM, 4.00%, 07/01/2024		1,000		1,098
Rev., AGM, 4.00%, 07/01/2026		1,015		1,166
Pasadena Independent School District, School Building,
GO, PSF-GTD, 5.00%, 02/15/2038		7,500		7,970
Series A, GO, PSF-GTD, 5.00%, 02/15/2035 (p)		1,000		1,018
Pearland Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2026		5,505		6,541
GO, PSF-GTD, 5.00%, 02/15/2027		3,490		4,263
Plano Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2023		2,665		2,840
Series A, GO, PSF-GTD, 4.00%, 02/15/2023		100		101
Port Beaumont Navigation District, Jefferson Gulf Coast Energy,
Rev., AMT, 2.00%, 01/01/2027 (e)		550		548
Rev., AMT, 2.25%, 01/01/2029 (e)		800		795
Rev., AMT, 2.88%, 01/01/2041 (e)		120		118
Rev., AMT, 3.00%, 01/01/2050 (e)		1,300		1,217

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
Port of Beaumont Industrial Development Authority, Taxable Jefferson Gulf Coast Energy, Rev., 4.10%, 01/01/2028 (e)		3,000		2,948
Round Rock Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2031		2,000		2,581
San Antonio Education Facilities Corp., University Of The Incarnate Word,
Rev., 4.00%, 04/01/2038		1,065		1,221
Rev., 4.00%, 04/01/2039		1,200		1,372
Rev., 4.00%, 04/01/2040		1,000		1,141
San Antonio Independent School District, Series B, GO, PSF-GTD, 5.00%, 08/15/2027		1,255		1,557
Schertz-Cibolo-Universal City Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2022		1,000		1,040
Spring Branch Independent School District, GO, PSF-GTD, 5.00%, 02/01/2023		65		69
State of Texas, Series B, GO, 4.00%, 08/01/2030		690		776
State of Texas, Transportation Commission Highway Improvement, GO, 5.00%, 04/01/2022		3,000		3,072
State of Texas, Veterans, GO, VRDO, 0.05%, 10/07/2021 (z)		10,000		10,000
State of Texas, Water Financial Assistance, GO, 5.00%, 08/01/2024		125		141
Strategic Housing Finance Corp. of Travis County, Ecg Yager Lp Yager, Rev., 0.46%, 09/01/2041 (z)		10,000		9,944
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health, Series A, Rev., 5.00%, 11/15/2045		2,195		2,571
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B, Rev., 5.00%, 07/01/2035		1,110		1,365
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Taxable,
Rev., AGM, 1.36%, 09/01/2024		800		807
Rev., AGM, 1.39%, 09/01/2025		600		602
Tarrant Regional Water District, City of Dallas Project, Series A, Rev., 4.00%, 09/01/2024		3,000		3,322
Texas Department of Housing & Community Affairs, Series A, Rev., GNMA COLL, 4.00%, 03/01/2050		485		545
Texas Department of Housing & Community Affairs, Corona Del Valle, Rev., HUD, 0.37%, 08/01/2025 (z)		380		380
Texas Department of Housing & Community Affairs, OSO Bay Apartments Mandatory, Rev., 0.27%, 09/01/2024 (z)		700		700
Texas Department of Housing & Community Affairs, Palladium Simpson Stuart Apartments, Rev., 0.35%, 01/01/2025 (z)		1,290		1,289
Texas Department of Housing & Community Affairs, Social Bonds,
Series A, Rev., GNMA, 3.00%, 01/01/2052		2,340		2,555
Series A, Rev., GNMA COLL, 3.00%, 03/01/2052		1,290		1,419
Texas Municipal Gas Acquisition & Supply Corp. III,
Rev., 5.00%, 12/15/2022		200		211
Rev., 5.00%, 12/15/2023		1,215		1,335
Rev., 5.00%, 12/15/2024		835		952
Rev., 5.00%, 12/15/2025		2,400		2,821
Rev., 5.00%, 12/15/2026		2,435		2,937
Rev., 5.00%, 12/15/2030		4,905		6,396
Rev., 5.00%, 12/15/2032		3,300		4,415
Texas Municipal Gas Acquisition and Supply Corp. I, Series D, Rev., 6.25%, 12/15/2026		7,535		8,759
Texas Municipal Power Agency, Rev., AGM, 3.00%, 09/01/2038		500		531
Texas Private Activity Bond Surface Transportation Corp., Rev., AMT, 5.00%, 06/30/2058		4,420		5,282
Texas Private Activity Bond Surface Transportation Corp., Lbj Infrastructure Group,
Rev., 4.00%, 12/31/2030		3,970		4,783

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
Rev., 4.00%, 06/30/2033		1,000		1,187
Texas State Affordable Housing Corp., Las Palmas Villa, Rev., HUD, 0.25%, 12/01/2024 (z)		1,140		1,139
Texas Transportation Commission State Highway Fund, Series A, Rev., 5.00%, 10/01/2021		1,000		1,000
Texas Transportation Commission State Highway Fund, First Tier,
Rev., 5.00%, 10/01/2022		2,195		2,300
Series A, Rev., 5.00%, 04/01/2022		1,000		1,024
Texas Transportation Commission, Transportation Commission Mobility, GO, 0.65%, 10/01/2041 (w) (z)		2,190		2,176
Texas Water Development Board, Master Trust,
Rev., 4.00%, 10/15/2033		1,000		1,228
Rev., 5.00%, 10/15/2026		3,310		4,022
Texas Water Development Board, Revolving Fund,
Rev., 4.00%, 08/01/2038		500		601
Rev., 5.00%, 08/01/2024		250		283
Rev., 5.00%, 08/01/2028		125		159
Series A, Rev., 5.00%, 10/15/2028		100		126
Texas Water Development Board, St Revolving Fund, Rev., 5.00%, 08/01/2022		1,000		1,040
Texas Water Development Board, St Wtrust Implementation Fund,
Series A, Rev., 4.00%, 10/15/2033		1,900		2,224
Series A, Rev., 5.00%, 10/15/2047		2,480		3,028
Series B, Rev., 5.00%, 04/15/2049		11,535		14,260
Texas Water Development Board, St Wtrust Implementation Revenue, Rev., 5.25%, 10/15/2046		2,000		2,433
Texas Water Development Board, State Water Implementation Fund,
Series A, Rev., 5.00%, 04/15/2026		100		120
Series A, Rev., 5.00%, 10/15/2030		500		588
Texas Water Development Board, Water Implementation Fund, Series A, Rev., 4.00%, 10/15/2049		1,000		1,167
Tomball Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2023		1,870		1,989
Tomball Independent School District, School Building, Series B2, GO, PSF-GTD, 0.26%, 02/15/2039 (z)		3,055		3,041
Travis County Housing Finance Corp., Montopolis Apartments, Rev., 0.40%, 07/01/2041 (z)		1,930		1,926
Trinity River Authority Central Regional Wastewater System Revenue, Rev., 5.00%, 08/01/2029		1,500		1,938
Trinity River Public Facility Corp., Cowan Place Apartments, Rev., HUD, 0.28%, 10/01/2024 (z)		2,500		2,495
University of Houston, Series A, Rev., 5.00%, 02/15/2026		2,050		2,438
University of Texas, Series C, Rev., 5.00%, 08/15/2028		100		127
Upper Trinity Regional Water District, Rev., 4.00%, 08/01/2024		900		987
Upper Trinity Regional Water District, Reglional Treated Water Supply, Rev., BAM, 3.00%, 08/01/2023		715		750
Uptown Development Authority,
Tax Allocation, 4.00%, 09/01/2033		400		473
Tax Allocation, 4.00%, 09/01/2035		995		1,168
Waco Educational Finance Corp., Baylor University Issue, Series A, Rev., 4.00%, 03/01/2036		750		884
				681,668
Utah — 0.6%
City of Salt Lake City Airport Revenue,
Series A, Rev., AMT, 4.00%, 07/01/2041		3,000		3,480
Series A, Rev., AMT, 5.00%, 07/01/2027		2,500		3,060

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Utah — continued
County of Utah, Ihc Health Services, Inc., Series B, Rev., 5.00%, 05/15/2060 (z)		2,125		2,552
Emery County School District, GO, SCH BD GTY, 5.00%, 06/15/2025		1,740		2,034
Granite School District Board of Education, GO, SCH BD GTY, 5.00%, 06/01/2024		1,755		1,975
Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.00%, 07/01/2023 (p)		1,000		1,036
Provo School District, GO, SCH BD GTY, 5.00%, 06/15/2028		2,000		2,530
Red Bridge Public Infrastructure District No. 1, Senior Infrastructure District, Series 1A, GO, 3.63%, 02/01/2035 (e)		600		620
State of Utah,
GO, 5.00%, 07/01/2024		100		113
GO, 5.00%, 07/01/2025		3,000		3,514
GO, 5.00%, 07/01/2030		4,500		5,759
Series B, GO, 5.00%, 07/01/2022		1,000		1,036
Series B, GO, 5.00%, 07/01/2029		100		129
University of Utah (The), Series A, Rev., 5.00%, 08/01/2039		1,505		1,833
University of Utah, Board of Regents, Series A, Rev., 4.00%, 08/01/2040		1,750		2,078
Utah Transit Authority, Series A, Rev., 5.25%, 06/15/2023		85		92
Vineyard Redevelopment Agency,
Tax Allocation, AGM, 5.00%, 05/01/2023		725		778
Tax Allocation, AGM, 5.00%, 05/01/2024		190		212
Tax Allocation, AGM, 5.00%, 05/01/2025		615		710
				33,541
Vermont — 0.0% (g)
Vermont Housing Finance Agency, Series A, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 11/01/2049		375		420
Vermont Municipal Bond Bank, Vermont State Colleges System, Series A, Rev., 4.00%, 10/01/2034		250		295
Vermont Student Assistance Corp., Series A, Rev., AMT, 2.38%, 06/15/2039		955		936
				1,651
Virginia — 1.5%
Chesapeake Hospital Authority, Chesapeake Regional Medical Center, Rev., 5.00%, 07/01/2030		300		379
Chesapeake Hospital Authority, Regional Medical Center, Rev., 5.00%, 07/01/2028		550		683
City of Richmond Public Utility Revenue, Taxable, Series B, Rev., 2.35%, 01/15/2027		3,000		3,169
County of Fairfax, Series A, GO, 5.00%, 10/01/2031		1,000		1,314
County of Fairfax, Public Improvement,
Series A, GO, 5.00%, 10/01/2031 (p)		945		1,131
Series B, GO, 5.00%, 10/01/2022		2,795		2,929
County of Fairfax, Sewer Revenue, Series B, Rev., 4.00%, 07/15/2038		1,500		1,817
County of Loudoun, Series A, GO, 4.00%, 12/01/2030		3,000		3,590
Fairfax County Redevelopment & Housing Authority, Arrowbrook Apartments Project, Rev., 0.41%, 01/01/2041 (z)		5,250		5,258
Halifax County Industrial Development Authority, Electric & Power Co. Project, Rev., 0.45%, 12/01/2041 (z)		1,000		1,001
Hampton Roads Transportation Accountability Commission, Senior Lien,
Series A, Rev., BAN, 5.00%, 07/01/2026		2,660		3,207
Series A, Rev., 5.00%, 07/01/2031		1,500		1,975
Series A, Rev., 5.00%, 07/01/2032		4,495		5,897
Series A, Rev., 5.00%, 07/01/2038		1,000		1,210
Series A, Rev., 5.00%, 07/01/2039		2,100		2,683

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Virginia — continued
James City County Economic Development Authority, Williamsburg Landing, Series A, Rev., 4.00%, 12/01/2035 (w)		150		167
Loudoun County Economic Development Authority,
Series A, Rev., 5.00%, 12/01/2024		2,520		2,887
Series A, Rev., 5.00%, 12/01/2025		2,665		3,154
Louisa Industrial Development Authority, Virginia Electric And Power Co. Project, Series B, Rev., 0.75%, 11/01/2035 (z)		2,125		2,121
Norfolk Airport Authority, Rev., 5.00%, 07/01/2038		1,175		1,470
Roanoke Economic Development Authority, Carilion Clinic, Rev., 5.00%, 07/01/2053 (z)		4,000		5,148
Virginia Beach Development Authority, Westminster Canterbury, Rev., 5.00%, 09/01/2044		2,215		2,524
Virginia College Building Authority, Series A, Rev., 5.00%, 02/01/2023		1,505		1,601
Virginia College Building Authority, 21st Century Century College And Equipment, Rev., 5.00%, 02/01/2033		3,750		4,848
Virginia College Building Authority, 21st Century College, Rev., 5.00%, 02/01/2025		1,300		1,498
Virginia College Building Authority, 21st Century College and Equipment, Rev., 5.00%, 02/01/2029		1,000		1,286
Virginia College Building Authority, Regent University Project, Rev., 5.00%, 06/01/2023		165		177
Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax, Interstate 81 Corridor Program,
Rev., 5.00%, 05/15/2032		500		671
Rev., 5.00%, 05/15/2033		525		701
Virginia Resources Authority, Series A, Rev., 5.00%, 11/01/2024 (p)		1,190		1,306
Virginia Small Business Financing Authority, 95 Express Lanes LLC Project, Rev., AMT, 5.00%, 01/01/2044		1,500		1,516
Virginia Small Business Financing Authority, Lifespire Of Virginia,
Rev., 3.00%, 12/01/2022		50		51
Rev., 3.00%, 12/01/2023		35		37
Virginia Small Business Financing Authority, National Senior Campuses,
Series A, Rev., 5.00%, 01/01/2024		755		831
Series A, Rev., 5.00%, 01/01/2025		700		799
Series A, Rev., 5.00%, 01/01/2026		1,100		1,293
Series A, Rev., 5.00%, 01/01/2031		1,500		1,835
Series A, Rev., 5.00%, 01/01/2032		1,500		1,828
Virginia Small Business Financing Authority, Senior Lien, Express Lanes LLC Project, Rev., AMT, 5.00%, 01/01/2040		1,450		1,466
Virginia Small Business Financing Authority, Transform 66 P3 Project,
Rev., AMT, 5.00%, 12/31/2049		1,500		1,782
Rev., AMT, 5.00%, 12/31/2052		4,000		4,731
Rev., AMT, 5.00%, 12/31/2056		1,000		1,182
Wise County Industrial Development Authority, Electric and Power Company Project, Series A, Rev., 0.75%, 10/01/2040 (z)		5,575		5,587
Wise County Industrial Development Authority, Virginia Electric & Power Company Project, Series A, Rev., 1.20%, 11/01/2040 (z)		15		15
				88,755
Washington — 2.6%
Central Puget Sound Regional Transit Authority, Green Bond, Series S1, Rev., 5.00%, 11/01/2035		1,085		1,270
Chelan County Public Utility District No. 1, Series C, Rev., AMT, 5.00%, 07/01/2026		1,285		1,516

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Washington — continued
City of Seattle Municipal Light & Power Revenue, Series B, Rev., (SIFMA Municipal Swap Index + 0.25%), 0.30%, 05/01/2045 (aa)		2,960		2,960
City of Seattle Municipal Light & Power Revenue, Green Bond, Series A, Rev., 4.00%, 07/01/2040		1,300		1,537
City of Seattle, Drainage & Wastewater Revenue, Rev., 4.00%, 05/01/2044		945		1,005
City of Seattle, Municipal Light & Power Revenue, Rev., 4.00%, 09/01/2040		1,000		1,083
Clark County Public Utility District No. 1, Rev., 4.00%, 01/01/2034		665		802
County of King, Series A, GO, 5.00%, 12/01/2034		1,335		1,752
County of King, Sewer Revenue,
Rev., 5.00%, 01/01/2024 (p)		1,570		1,588
Rev., AGM, 5.00%, 01/01/2047		5,000		5,543
Energy Northwest Washington, Project 3 Electric Revenue, Series C, Rev., 5.00%, 07/01/2027		100		124
Everett Housing Authority, Baker Heights Legacy, Rev., 0.30%, 09/01/2024 (z)		575		574
Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project, Series B, Rev., AMT, 5.00%, 01/01/2022 (p)		1,330		1,345
Grant County, Public Utility District No. 2, Electric Revenue,
Series 2017-O, Rev., 5.00%, 01/01/2047		4,950		5,929
Series R, Rev., 2.00%, 01/01/2044 (z)		1,500		1,579
King & Snohomish Counties School District No. 417 Northshore, GO, SCH BD GTY, 4.00%, 12/01/2032		1,000		1,087
King County Housing Authority, Rev., 5.00%, 11/01/2029		1,325		1,680
King County School District No. 210 Federal Way, GO, SCH BD GTY, 4.00%, 12/01/2025		2,000		2,287
Pierce County School District No. 10 Tacoma, Social Bonds, Series B, GO, SCH BD GTY, 4.00%, 12/01/2042		10,000		11,935
Port of Seattle, Series C, Rev., AMT, 5.00%, 04/01/2028		500		565
Port of Seattle, Intermediate Lien,
Rev., AMT, 5.00%, 04/01/2028		2,250		2,785
Rev., AMT, 5.00%, 04/01/2030		4,000		5,018
Rev., AMT, 5.00%, 04/01/2044		2,000		2,402
Series C, Rev., AMT, 5.00%, 08/01/2034		5,000		6,487
Seattle Housing Authority, Lam Bow Apartments Project, Rev., 1.25%, 06/01/2024		120		121
Seattle Housing Authority, Northgate Plaza Project, Rev., 1.00%, 06/01/2026		2,045		2,042
Skagit County Public Hospital District No. 1, Improvement Skagit Regional Health, Rev., 5.00%, 12/01/2031		2,145		2,511
Skagit County Public Hospital District No. 2, GO, 5.00%, 12/01/2025 (p)		1,020		1,077
Snohomish County School District No. 201 Snohomish, GO, SCH BD GTY, 5.00%, 12/01/2028		1,500		1,918
Spokane County School District No. 81 Spokane, Series C, GO, SCH BD GTY, 5.00%, 12/01/2034		2,000		2,462
State of Washington,
GO, 5.00%, 06/01/2040		4,250		5,400
Series 2020A, GO, 5.00%, 08/01/2038		1,500		1,894
Series 2021A, GO, 5.00%, 06/01/2034		1,000		1,290
Series A1, GO, 5.00%, 08/01/2040		13,645		15,780
Series A, GO, 5.00%, 08/01/2022		85		88
Series A, GO, 5.00%, 08/01/2040		3,890		4,962
Series B, GO, 5.00%, 07/01/2025		75		88
Series B, GO, 5.00%, 06/01/2035		4,760		6,129
Series E, GO, 5.00%, 02/01/2023		1,250		1,330
Series RC, GO, 5.00%, 08/01/2029		100		123

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Washington — continued
Series RD, GO, 5.00%, 08/01/2024		1,025		1,161
Series R-2017A, GO, 5.00%, 08/01/2022		975		1,014
Series R-2017A, GO, 5.00%, 08/01/2034		1,840		2,206
Series R-2020B, GO, 5.00%, 01/01/2026		2,500		2,969
State of Washington, Bid Group, Series C, GO, 5.00%, 02/01/2024		4,650		5,163
State of Washington, Motor Vehicle, Series R-2012D, GO, 5.00%, 07/01/2023		1,000		1,036
State of Washington, Various Purpose, Series 2015A1, GO, 5.00%, 08/01/2036		11,200		12,590
Thurston County School District No. 111 Olympia, GO, SCH BD GTY, 5.00%, 12/01/2026		1,275		1,558
University of Washington, Forward Delivery,
Series C, Rev., 5.00%, 04/01/2022		1,250		1,280
Series C, Rev., 5.00%, 04/01/2025		1,750		2,029
Series C, Rev., 5.00%, 04/01/2026		1,750		2,096
Washington Health Care Facilities Authority, Fred Hutchinson Cancer,
Rev., (ICE LIBOR USD 1 Month * 0.67 + 1.10%), 1.16%, 01/01/2042 (aa)		550		551
Series C, Rev., (SIFMA Municipal Swap Index + 1.05%), 1.10%, 01/01/2042 (aa)		3,000		3,018
Washington Health Care Facilities Authority, Multicare Health System, Series B, Rev., 5.00%, 08/15/2037		1,200		1,452
Washington Health Care Facilities Authority, Providence Health & Services, Series B, Rev., 5.00%, 10/01/2042 (z)		345		345
Washington Health Care Facilities Authority, Providence St Joseph Health, Rev., 4.00%, 10/01/2042 (w) (z)		1,750		2,132
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance,
Rev., 4.00%, 12/01/2040 (e)		860		1,011
Rev., 5.00%, 09/01/2045		1,000		1,255
Washington State Housing Finance Commission,
Series A1, Rev., 3.50%, 12/20/2035		960		1,108
Series 2N, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 12/01/2050		825		893
Washington State Housing Finance Commission, College Glen Apartments Project, Series A, Rev., FHA, 1.55%, 07/01/2022 (z)		1,000		1,003
Washington State Housing Finance Commission, Downtowner Apartments Project, Rev., LIQ: FHLMC, 3.70%, 07/01/2030		2,000		2,249
Washington State Housing Finance Commission, Garden Haus Apartaments Project, Rev., 0.37%, 07/01/2024 (z)		350		350
Washington State Housing Finance Commission, Horizon House Project, Rev., 5.00%, 01/01/2023 (e)		275		289
Washington State Housing Finance Commission, Rockwood Retirement Communities, Rev., 3.00%, 07/01/2027 (e)		1,000		1,005
				159,831
West Virginia — 0.2%
Marshall University, Series A, Rev., AGM, 5.00%, 05/01/2030		300		387
Monongalia County Commission Excise Tax District, Series A, Rev., 4.13%, 06/01/2043 (e)		500		555
Monongalia County Commission Special District, Refunding and Improvement, University Town Center, Series A, Rev., 5.50%, 06/01/2037 (e)		1,050		1,200
Monongalia County Commission Special District, University Town Center, Series A, Rev., 5.75%, 06/01/2043 (e)		500		572
West Virginia Economic Development Authority, Appalachian Power Company Amos Project, Rev., AMT, 1.00%, 01/01/2041 (z)		2,765		2,766
West Virginia Housing Development Fund, Charles Towers, Rev., FHA, 0.21%, 09/01/2023 (z)		480		480

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
West Virginia — continued
West Virginia Parkways Authority, Senior Lien, Rev., 5.00%, 06/01/2038		1,000		1,299
West Virginia University, Series A, Rev., 5.00%, 10/01/2029 (p)		1,500		1,572
West Virginia University Project, Series A, Rev., 5.00%, 10/01/2032 (p)		1,000		1,048
				9,879
Wisconsin — 1.8%
City of Milwaukee, Corporate Purpose Bonds, Series B4, GO, 5.00%, 04/01/2030		1,800		2,180
City of Milwaukee, Promissory Notes, Series N4, GO, 5.00%, 04/01/2030		10,150		13,151
City of Milwaukee, Sewerage System Revenue, Series S7, Rev., 5.00%, 06/01/2026		2,665		3,198
County of Milwaukee, Airport Revenue, Series A, Rev., 5.00%, 12/01/2028		250		319
Fox Valley Technical College District, School Facilities, Series C, GO, 3.00%, 12/01/2027 (p)		5,000		5,163
Public Finance Authority, Appalachian Healthcare System,
Rev., 5.00%, 07/01/2036		350		444
Rev., 5.00%, 07/01/2037		300		379
Rev., 5.00%, 07/01/2039		350		440
Public Finance Authority, Carmelite System, Social Bonds, Rev., 5.00%, 01/01/2045		1,105		1,306
Public Finance Authority, Point College Prep Project,
Rev., 4.00%, 06/15/2030 (e)		200		211
Rev., 5.00%, 06/15/2041 (e)		250		268
Public Finance Authority, Renown Regional Medical Center Project,
Rev., 5.00%, 06/01/2026		500		598
Rev., 5.00%, 06/01/2027		425		521
Rev., 5.00%, 06/01/2028		600		752
Rev., 5.00%, 06/01/2034		1,000		1,277
Public Finance Authority, Sky Harbour Capital LLC, Rev., AMT, 4.00%, 07/01/2036		815		834
Public Finance Authority, Variable Ref Providence St Joseph Health, Series C, Rev., 4.00%, 10/01/2041 (z)		6,205		7,481
Public Finance Authority, Waste Management, Inc. Project,
Rev., AMT, 1.10%, 07/01/2029 (z)		1,445		1,445
Rev., AMT, 2.63%, 11/01/2025		5,000		5,388
State of Wisconsin,
Series 1, GO, 5.00%, 05/01/2027		2,400		2,960
Series 1, GO, 5.00%, 05/01/2030		2,500		3,294
Series 20212, GO, 5.00%, 05/01/2026		5,850		7,021
Series B, GO, 5.00%, 05/01/2026		4,000		4,801
Series B, GO, 5.00%, 05/01/2035		10,580		13,429
Wisconsin Center District, Capital Appreciation Senior Dedicated,
Series C, Rev., AGM, Zero Coupon, 12/15/2036		1,550		1,038
Series C, Rev., AGM, Zero Coupon, 12/15/2039		1,750		1,022
Series C, Rev., AGM, Zero Coupon, 12/15/2040		1,650		922
Series D, Rev., AGM, Zero Coupon, 12/15/2028		545		491
Series D, Rev., AGM, Zero Coupon, 12/15/2029		395		347
Wisconsin Department of Transportation,
Series 1, Rev., 5.00%, 07/01/2024 (p)		1,940		2,010
Series A, Rev., 5.00%, 07/01/2027		1,675		2,081
Wisconsin Health & Educational Facilities Authority, Ascension Health Credit Group, Series A, Rev., 5.00%, 11/15/2021		180		181
Wisconsin Health & Educational Facilities Authority, Revenue, Ascension Senior Credit Group,
Rev., 5.00%, 11/15/2027		500		624

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Wisconsin — continued
Rev., 5.00%, 11/15/2029		1,000		1,301
Rev., 5.00%, 11/15/2036		1,500		1,778
Wisconsin Health & Educational Facilities Authority, Gundersen Health System,
Rev., 4.00%, 10/15/2035		545		654
Rev., 4.00%, 10/15/2036		3,525		4,220
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System,
Rev., 5.00%, 02/15/2051 (z)		2,600		3,098
Series B1, Rev., 5.00%, 02/15/2052 (z)		2,000		2,251
Series B, Rev., 5.00%, 02/15/2042		1,000		1,146
Series B, Rev., 5.00%, 02/15/2046		4,550		5,210
Wisconsin Housing & Economic Development Authority,
Series B, Rev., HUD, 0.40%, 05/01/2045 (z)		195		195
Series B, Rev., HUD, 0.50%, 11/01/2050 (z)		245		245
Series D, Rev., 4.00%, 03/01/2047		3,300		3,620
Wisconsin Housing & Economic Development Authority, Social Bond, Series A, Rev., 3.00%, 03/01/2052		955		1,040
Wisconsin Rapids School District, GO, 5.00%, 04/01/2026		1,110		1,319
				111,653
Wyoming — 0.2%
County of Laramie, Cheyenne Regional Medical Center,
Rev., 4.00%, 05/01/2026		615		703
Rev., 4.00%, 05/01/2028		460		541
County of Sweetwater, Idaho Power Company Project, Rev., 1.70%, 07/15/2026		1,045		1,073
Wyoming Community Development Authority,
Series 1, Rev., 3.00%, 06/01/2050		2,120		2,304
Series 2, Rev., VRDO, LIQ: Royal Bank of Canada, 0.05%, 10/07/2021 (z)		3,000		3,000
Series 2, Rev., 3.00%, 06/01/2049		1,500		1,622
Series 3, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 06/01/2050 (w)		1,665		1,799
				11,042
Total Municipal Bonds (Cost $5,699,425)				5,732,113
Short-Term Investments — 7.4%
Municipal Bonds — 0.8% (t)
California Public Finance Authority, Henry Mayo Newhall Hospital, Series A, Rev., 4.00%, 10/15/2021		95		95
City of Boston, Series A, GO, 5.00%, 11/01/2021		2,850		2,861
City of Garland, Certificates Obligation, GO, 5.00%, 02/15/2022		790		804
City of Los Angeles, Rev., TRAN, 4.00%, 06/23/2022		3,000		3,085
City of Wichita, Temporary Notes, Series 302, GO, 3.50%, 10/15/2021		2,000		2,002
County of Los Angeles, Rev., TRAN, 4.00%, 06/30/2022		6,565		6,755
County of Nassau, Series B, GO, TAN, 2.00%, 12/10/2021		5,000		5,018
District of Columbia Housing Finance Agency, Liberty Place Apartments Project, Rev., 0.25%, 12/01/2021 (e)		1,430		1,430
Frenship Independent School District, GO, PSF-GTD, 5.00%, 02/15/2022		745		758
Indiana Finance Authority, First Lien, CWA Authority Project, Rev., 5.00%, 10/01/2021		460		460
Indiana Finance Authority, Second Lien, CWA Authority Project, Rev., 5.00%, 10/01/2021		105		105
Kentucky Rural Water Finance Corp., Public Projects Construction, Rev., 0.43%, 12/01/2021		4,460		4,460

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Lehigh County General Purpose Authority, Good Shepherd Group, Series A, Rev., 4.00%, 11/01/2021		320		321
Lexington County School District No. 3, GO, BAN, SCSDE, 4.00%, 08/24/2022		5,000		5,175
Lone Star College System,
Series A, GO, 5.00%, 02/15/2022		145		147
Series B, GO, 5.00%, 02/15/2022		275		280
Piedmont Municipal Power Agency, Series A, Rev., 3.00%, 01/01/2022		2,000		2,014
Richardson Independent School District, GO, PSF-GTD, 5.00%, 02/15/2022		725		738
State of Illinois, Series C, GO, 4.00%, 03/01/2022		820		832
State of New York Mortgage Agency, Social Bonds, Series 235, Rev., AMT, 0.25%, 04/01/2022		285		285
State of Washington, Bid Group, Series C, GO, 5.00%, 02/01/2022		6,165		6,263
Texas Municipal Gas Acquisition & Supply Corp. III, Rev., 5.00%, 12/15/2021		245		247
Town of Stratford, Series B, GO, BAN, 2.00%, 12/16/2021		2,500		2,510
Vineyard Redevelopment Agency, Tax Allocation, AGM, 5.00%, 05/01/2022		800		822
Weld County School District No. Re-5J, GO, 5.00%, 12/01/2021		565		569
Total Municipal Bonds				48,036
Time Deposits — 6.6%
Australia & New Zealand Banking Group Ltd., 0.01%, 10/01/2021		317		317
BNP Paribas SA, 0.01%, 10/01/2021		58,793		58,793
Citibank NA, 0.01%, 10/01/2021		328,689		328,689
Sumitomo Mitsui Banking Corp., 0.01%, 10/01/2021		17,512		17,512
Total Time Deposits				405,311
Total Short-Term Investments (Cost $453,355)				453,347
Total Investments — 100.9% (Cost—$6,153,999)*				6,186,707
Liabilities in Excess of Other Assets — (0.9)%				(57,437	)
NET ASSETS — 100.0%			$	6,129,270

Percentages indicated are based on net assets

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL AMOUNT ($)	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 2 Year Note	50	12/2021	USD	11,016		(13	)
U.S. Treasury 5 Year Note	219	12/2021	USD	27,012		(132	)
U.S. Ultra Treasury 10 Year Note	35	12/2021	USD	5,170		(86	)
						(231	)
Short Contracts
U.S. Treasury 10 Year Note	(40)	12/2021	USD	(5,307)		43
Total unrealized appreciation (depreciation)						(188	)

Six Circles Tax Aware Bond Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
AMT	—	Alternative Minimum Tax
BAM	—	Insured by Build America Mutual
BAN	—	Bond Anticipation Note
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
CNTY	—	County
COLL	—	Collateral
COP	—	Certificate of Participation
CR	—	Custodial Receipts
FHA	—	Federal Housing Administration
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GAN	—	Grant Anticipation Notes
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
HUD	—	U.S. Department of Housing and Urban Development
ICE	—	Intercontinental Exchange
LIBOR	—	London Interbank Offered Rate
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
Q-SBLF	—	Qualified School Bond Loan Fund
RE	—	Reinsured
Rev.	—	Revenue
SCH BD GTY	—	School Bond Guaranty
SCSDE	—	South Carolina School District Enhancement
SIFMA	—	Securities Industry and Financial Markets Association
SOFR	—	Secured Overnight Financing Rate
SONYMA	—	State of New York Mortgage Agency
TAN	—	Tax Anticipation Note
TRAN	—	Tax & Revenue Anticipation Note
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of September 30, 2021.
(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, 2021.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2021.
*	—	The cost of securities is substantially the same for federal income tax purposes.
USD	—	United States Dollar

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Asset-Backed Securities — 5.1%
Ally Auto Receivables Trust, Series 2019-3, Class A3, 1.93%, 05/15/2024		491		495
American Credit Acceptance Receivables Trust, Series 2020-3, Class A, 0.62%, 10/13/2023 (e)		1,193		1,193
Apidos CLO XXXI, (Cayman Islands), Series 2019-31A, Class A1R, (ICE LIBOR USD 3 Month + 1.10%), 1.23%, 04/15/2031 (e) (aa)		1,750		1,751
Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 07/17/2046 (e) (w)		1,692		1,689
ARES L CLO Ltd., (Cayman Islands), Series 2018-50A, Class AR, (ICE LIBOR USD 3 Month + 1.05%), 1.18%, 01/15/2032 (e) (aa)		1,710		1,707
Avis Budget Rental Car Funding AESOP LLC,
Series 2018-2A, Class A, 4.00%, 03/20/2025 (e)		4,000		4,286
Series 2019-3A, Class A, 2.36%, 03/20/2026 (e)		1,320		1,373
Series 2020-2A, Class A, 2.02%, 02/20/2027 (e)		1,150		1,178
Bain Capital Credit CLO Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (ICE LIBOR USD 3 Month + 0.97%), 1.10%, 07/20/2030 (e) (aa)		1,700		1,698
Bain Capital Credit CLO, (Cayman Islands), Series 2019-2A, Class AR, (ICE LIBOR USD 3 Month + 1.10%), 0.00%, 10/17/2032 (e) (w) (aa)		2,000		2,000
Barings CLO Ltd., (Cayman Islands), Series 2019-3A, Class A1R, (ICE LIBOR USD 3 Month + 1.07%), 1.20%, 04/20/2031 (e) (aa)		1,640		1,638
Benefit Street Partners CLO III Ltd., (Cayman Islands), Series 2013-IIIA, Class A1R2, (ICE LIBOR USD 3 Month + 1.00%), 1.13%, 07/20/2029 (e) (aa)		2,500		2,499
BlueMountain CLO Ltd., (Cayman Islands), Series 2013-1A, Class A2R2, (ICE LIBOR USD 3 Month + 1.75%), 1.88%, 01/20/2029 (e) (aa)		760		760
BMW Vehicle Lease Trust, Series 2021-1, Class A3, 0.29%, 01/25/2024		6,100		6,104
Carlyle Global Market Strategies CLO Ltd., (Cayman Islands), Series 2015-1A, Class AR3, (ICE LIBOR USD 3 Month + 0.98%), 0.00%, 07/20/2031 (e) (aa)		1,130		1,130
Carlyle US CLO Ltd., (Cayman Islands), Series 2017-2A, Class A1R, (ICE LIBOR USD 3 Month + 1.05%), 1.18%, 07/20/2031 (e) (aa)		1,240		1,240
CarMax Auto Owner Trust, Series 2020-2, Class D, 5.75%, 05/17/2027		2,065		2,261
Carvana Auto Receivables Trust,
Series 2019-2A, Class C, 3.00%, 06/17/2024 (e)		330		334
Series 2021-N1, Class A, 0.70%, 01/10/2028		435		436
Cedar Funding X CLO Ltd., (Cayman Islands), Series 2019-10A, Class AR, (ICE LIBOR USD 3 Month + 1.05%), 0.00%, 10/20/2032 (e) (w) (aa)		2,500		2,500
Cedar Funding XI CLO Ltd., (Cayman Islands), Series 2019-11A, Class A1R, (ICE LIBOR USD 3 Month + 1.05%), 1.17%, 05/29/2032 (e) (aa)		1,600		1,597
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 05/15/2030 (e)		675		675
Dell Equipment Finance Trust, Series 2021-2, Class A2, 0.33%, 12/22/2026 (e)		890		890
Drive Auto Receivables Trust,
Series 2019-4, Class C, 2.51%, 11/17/2025		2,000		2,018
Series 2020-2, Class B, 1.42%, 03/17/2025		3,155		3,172
Series 2021-2, Class A2, 0.36%, 05/15/2024		1,485		1,486
Series 2021-2, Class D, 1.39%, 03/15/2029		1,265		1,261
Elmwood CLO X Ltd., (Cayman Islands), Series 2021-3A, Class A, (ICE LIBOR USD 3 Month + 1.04%), 1.13%, 10/20/2034 (e) (aa)		1,820		1,818
Exeter Automobile Receivables Trust,
Series 2019-4A, Class B, 2.30%, 12/15/2023 (e)		275		275
Series 2021-2A, Class A2, 0.27%, 01/16/2024		498		498
Series 2021-2A, Class C, 0.98%, 06/15/2026		420		421
Series 2021-2A, Class D, 1.40%, 04/15/2027		735		733
Series 2021-3A, Class A2, 0.34%, 01/16/2024		1,095		1,095
Series 2021-3A, Class D, 1.55%, 06/15/2027		855		853

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued
Ford Credit Auto Owner Trust,
Series 2017-2, Class A, 2.36%, 03/15/2029 (e)		4,000		4,080
Series 2018-1, Class A, 3.19%, 07/15/2031 (e)		3,600		3,854
Series 2021-1, Class A, 1.37%, 10/17/2033 (e)		1,075		1,079
Galaxy XIX CLO Ltd., (Cayman Islands), Series 2015-19A, Class A1RR, (ICE LIBOR USD 3 Month + 0.95%), 1.08%, 07/24/2030 (e) (aa)		4,000		3,997
GM Financial Automobile Leasing Trust, Series 2020-2, Class A3, 0.80%, 07/20/2023		1,200		1,205
Grand Avenue CRE, (Cayman Islands),
Series 2019-FL1, Class A, (ICE LIBOR USD 1 Month + 1.12%), 1.20%, 06/15/2037 (e) (aa)		1,099		1,099
Series 2019-FL1, Class AS, (ICE LIBOR USD 1 Month + 1.50%), 1.58%, 06/15/2037 (e) (aa)		1,500		1,499
GREYWOLF CLO VI Ltd., (Cayman Islands), Series 2018-1A, Class A1, (ICE LIBOR USD 3 Month + 1.03%), 1.16%, 04/26/2031 (e) (aa)		3,460		3,462
Hertz Vehicle Financing III LP, Series 2021-2A, Class A, 1.68%, 12/27/2027 (e)		1,900		1,901
Honda Auto Receivables Owner Trust,
Series 2021-1, Class A2, 0.16%, 07/21/2023		2,274		2,274
Series 2021-2, Class A2, 0.17%, 11/15/2023		2,020		2,020
HPEFS Equipment Trust, Series 2020-2A, Class A2, 0.65%, 07/22/2030 (e)		2,079		2,080
KKR CLO Ltd., (Cayman Islands),
Series 18, Class A, (ICE LIBOR USD 3 Month + 1.27%), 1.40%, 07/18/2030 (e) (aa)		4,000		4,001
Series 24, Class A1R, (ICE LIBOR USD 3 Month + 1.08%), 1.21%, 04/20/2032 (e) (aa)		1,860		1,860
Lendmark Funding Trust, Series 2021-1A, Class A, 1.90%, 11/20/2031 (e)		2,795		2,807
Madison Park Funding XXXV Ltd., (Cayman Islands), Series 2019-35A, Class A1R, (ICE LIBOR USD 3 Month + 0.99%), 1.12%, 04/20/2032 (e) (aa)		1,920		1,923
Magnetite XXII Ltd., (Cayman Islands), Series 2019-22A, Class AR, (ICE LIBOR USD 3 Month + 1.06%), 1.19%, 04/15/2031 (e) (aa)		2,500		2,497
Magnetite Xxix Ltd., (Cayman Islands), Series 2021-29A, Class A, (ICE LIBOR USD 3 Month + 0.99%), 1.12%, 01/15/2034 (e) (aa)		250		250
MRA Issuance Trust, Series 2021-8, Class A1Y, (ICE LIBOR USD 1 Month + 1.15%), 1.24%, 10/15/2021 (e) (aa)		7,800		7,800
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (e)		874		873
NextGear Floorplan Master Owner Trust,
Series 2018-2A, Class A2, 3.69%, 10/15/2023 (e)		1,623		1,625
Series 2019-2A, Class A2, 2.07%, 10/15/2024 (e)		6,000		6,107
OCP CLO Ltd., (Cayman Islands), Series 2019-17A, Class A1R, (ICE LIBOR USD 3 Month + 1.04%), 1.17%, 07/20/2032 (e) (aa)		2,210		2,201
Octagon Investment Partners 32 Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (ICE LIBOR USD 3 Month + 0.95%), 1.08%, 07/15/2029 (e) (aa)		4,000		3,996
Octagon Investment Partners 48 Ltd., (Cayman Islands), Series 2020-3A, Class B, (ICE LIBOR USD 3 Month + 1.85%), 1.98%, 10/20/2031 (e) (aa)		3,530		3,531
Octagon Loan Funding Ltd., (Cayman Islands), Series 2014-1A, Class ARR, (ICE LIBOR USD 3 Month + 1.18%), 1.30%, 11/18/2031 (e) (aa)		5,022		5,023
OneMain Financial Issuance Trust,
Series 2019-2A, Class A, 3.14%, 10/14/2036 (e)		3,800		4,063
Series 2020-2A, Class A, 1.75%, 09/14/2035 (e)		4,000		4,051
PFS Financing Corp., Series 2018-F, Class A, 3.52%, 10/15/2023 (e)		4,800		4,793
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class C, 1.29%, 04/15/2026 (e)		1,066		1,075
Santander Drive Auto Receivables Trust,
Series 2021-2, Class A2, 0.28%, 04/15/2024		1,374		1,374

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued
Series 2021-2, Class D, 1.35%, 07/15/2027		1,815		1,821
Series 2021-3, Class A2, 0.29%, 05/15/2024		2,950		2,951
Santander Retail Auto Lease Trust, Series 2021-A, Class A3, 0.51%, 07/22/2024 (e)		2,175		2,176
SCF Equipment Leasing LLC,
Series 2019-2A, Class B, 2.76%, 08/20/2026 (e)		1,905		1,967
Series 2021-1A, Class A2, 0.42%, 08/20/2026 (e)		481		481
Series 2021-1A, Class A3, 0.83%, 08/21/2028 (e)		500		498
Series 2021-1A, Class B, 1.37%, 08/20/2029 (e)		1,000		995
Summer BidCo BV, (Netherlands), Reg. S, 9.00% (cash), 11/15/2025 (v)	EUR	105		124
Synchrony Card Funding LLC, Series 2019-A1, Class A, 2.95%, 03/15/2025		1,594		1,614
TCI-Flatiron CLO Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 0.96%), 1.08%, 11/18/2030 (e) (aa)		4,000		4,000
Tesla Auto Lease Trust, Series 2020-A, Class A2, 0.55%, 05/22/2023 (e)		2,607		2,609
Toyota Auto Loan Extended Note Trust, Series 2021-1A, Class A, 1.07%, 02/27/2034 (e)		3,500		3,491
Westlake Automobile Receivables Trust, Series 2020-1A, Class B, 1.94%, 04/15/2025 (e)		4,200		4,236
World Financial Network Credit Card Master Trust,
Series 2018-C, Class A, 3.55%, 08/15/2025		4,000		4,006
Series 2019-B, Class A, 2.49%, 04/15/2026		1,970		2,002
York CLO-2 Ltd., (Cayman Islands), Series 2015-1A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 1.29%, 01/22/2031 (e) (aa)		4,170		4,172
Total Asset-Backed Securities (Cost $179,030)				178,607
Collateralized Mortgage Obligations — 0.5%
Angel Oak Mortgage Trust, Series 2021-4, Class A1, 1.04%, 01/20/2065 (e) (z)		1,083		1,081
CSMC,
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065 (e) (z)		1,233		1,231
Series 2021-NQM3, Class A1, 1.02%, 04/25/2066 (e) (z)		601		600
Series 2021-NQM6, Class A1, 1.17%, 07/25/2066 (e) (z)		2,210		2,211
Series 2021-NQM6, Class A2, 1.38%, 07/25/2066 (e) (z)		1,440		1,441
CSMC Trust, Series 2021-AFC1, Class A1, 0.83%, 03/25/2056 (e) (z)		1,778		1,770
Ellington Financial Mortgage Trust 2017-1, Series 2021-1, Class A1, 0.80%, 02/25/2066 (e) (z)		1,997		1,994
FHLMC STACR REMIC Trust, Series 2021-HQA3, Class M1, (United States 30 Day Average SOFR + 0.85%), 0.90%, 09/25/2041 (e) (aa)		920		920
Mortgage Repurchase Agreement Financing Trust, Series 2021-S1, Class A1, (ICE LIBOR USD 1 Month + 0.50%), 0.00%, 09/10/2022 (e) (aa)		2,600		2,600
Verus Securitization Trust,
Series 2021-1, Class A1, 0.82%, 01/25/2066 (e) (z)		389		388
Series 2021-3, Class A1, 1.05%, 06/25/2066 (e) (z)		900		902
Series 2021-5, Class A1, 1.01%, 09/25/2066 (e) (z)		750		749
Series 2021-R2, Class A1, 0.92%, 02/25/2064 (e) (z)		1,343		1,339
Series 2021-R3, Class A1, 1.02%, 04/25/2064 (e) (z)		818		820
Total Collateralized Mortgage Obligations (Cost $18,058)				18,046

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 — 2.9%
BBCMS Mortgage Trust, Series 2018-TALL, Class C, (ICE LIBOR USD 1 Month + 1.12%), 1.20%, 03/15/2037 (e) (aa)		1,600		1,566
BFLD, Series 2019-DPLO, Class E, (ICE LIBOR USD 1 Month + 2.24%), 2.32%, 10/15/2034 (e) (aa)		2,502		2,483
BHMS, Series 2018-ATLS, Class A, (ICE LIBOR USD 1 Month + 1.25%), 1.33%, 07/15/2035 (e) (aa)		2,622		2,629
BWAY Mortgage Trust, Series 2015-1740, Class C, 3.34%, 01/10/2035 (e)		2,750		2,744
BX Commercial Mortgage Trust,
Series 2019-IMC, Class A, (ICE LIBOR USD 1 Month + 1.00%), 1.08%, 04/15/2034 (e) (aa)		3,690		3,690
Series 2019-XL, Class D, (ICE LIBOR USD 1 Month + 1.45%), 1.53%, 10/15/2036 (e) (aa)		3,817		3,821
BX Trust, Series 2017-SLCT, Class F, (ICE LIBOR USD 1 Month + 4.25%), 4.33%, 07/15/2034 (e) (aa)		1,700		1,707
BXHPP Trust,
Series 2021-FILM, Class A, (ICE LIBOR USD 1 Month + 0.65%), 0.73%, 08/15/2036 (e) (aa)		4,300		4,303
Series 2021-FILM, Class B, (ICE LIBOR USD 1 Month + 0.90%), 0.98%, 08/15/2036 (e) (aa)		600		600
CHT Mortgage Trust,
Series 2017-CSMO, Class B, (ICE LIBOR USD 1 Month + 1.40%), 1.48%, 11/15/2036 (e) (aa)		1,494		1,494
Series 2017-CSMO, Class E, (ICE LIBOR USD 1 Month + 3.00%), 3.08%, 11/15/2036 (e) (aa)		5,310		5,311
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class XA, IO, 1.11%, 02/15/2053 (z)		45,263		3,103
Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ, Class A, (ICE LIBOR USD 1 Month + 1.25%), 1.33%, 01/15/2034 (e) (aa)		1,226		1,232
CSMC, Series 2021-ADV, Class A, (ICE LIBOR USD 1 Month + 1.40%), 1.48%, 07/15/2038 (e) (aa)		4,270		4,270
DBWF Mortgage Trust, Series 2018-GLKS, Class A, (ICE LIBOR USD 1 Month + 1.03%), 1.12%, 12/19/2030 (e) (aa)		452		452
Eleven Madison Trust Mortgage Trust, Series 2015-11MD, Class A, 3.67%, 09/10/2035 (e) (z)		3,845		4,150
Great Wolf Trust,
Series 2019-WOLF, Class D, (ICE LIBOR USD 1 Month + 1.93%), 2.02%, 12/15/2036 (e) (aa)		3,000		2,981
Series 2019-WOLF, Class E, (ICE LIBOR USD 1 Month + 2.73%), 2.82%, 12/15/2036 (e) (aa)		2,000		1,963
GS Mortgage Securities Corp. Trust,
Series 2018-RIVR, Class A, (ICE LIBOR USD 1 Month + 0.95%), 1.03%, 07/15/2035 (e) (aa)		2,036		2,034
Series 2019-70P, Class A, (ICE LIBOR USD 1 Month + 1.00%), 1.08%, 10/15/2036 (e) (aa)		1,252		1,250
Series 2021-ROSS, Class A, (ICE LIBOR USD 1 Month + 1.15%), 1.23%, 05/15/2026 (e) (aa)		720		721
Series 2021-ROSS, Class H, (ICE LIBOR USD 1 Month + 5.90%), 5.98%, 05/15/2026 (e) (aa)		270		270
GS Mortgage Securities Trust, Series 2015-GC34, Class A4, 3.51%, 10/10/2048		3,129		3,388
HONO Mortgage Trust, Series 2021-LULU, Class A, (ICE LIBOR USD 1 Month + 1.15%), 1.25%, 10/15/2036 (e) (w) (aa)		4,410		4,410
Life Mortgage Trust, Series 2021-BMR, Class A, (ICE LIBOR USD 1 Month + 0.70%), 0.78%, 03/15/2038 (e) (aa)		4,000		4,004
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C7, Class A4, 2.92%, 02/15/2046		1,860		1,902
Series 2016-C29, Class A4, 3.33%, 05/15/2049		900		970
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/2054 (e)		3,520		3,619
ONE Mortgage Trust, Series 2021-PARK, Class A, (ICE LIBOR USD 1 Month + 0.70%), 0.78%, 03/15/2036 (e) (aa)		3,800		3,800
One New York Plaza Trust,
Series 2020-1NYP, Class AJ, (ICE LIBOR USD 1 Month + 1.25%), 1.33%, 01/15/2026 (e) (aa)		1,970		1,976
Series 2020-1NYP, Class B, (ICE LIBOR USD 1 Month + 1.50%), 1.58%, 01/15/2026 (e) (aa)		1,200		1,205

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
PFP Ltd., (Cayman Islands),
Series 2019-5, Class A, (ICE LIBOR USD 1 Month + 0.97%), 1.05%, 04/14/2036 (e) (aa)		464		463
Series 2019-6, Class C, (ICE LIBOR USD 1 Month + 2.10%), 2.18%, 04/14/2037 (e) (aa)		1,297		1,297
Series 2021-7, Class A, (ICE LIBOR USD 1 Month + 0.85%), 0.93%, 04/14/2038 (e) (aa)		10,000		9,971
VASA Trust, Series 2021-VASA, Class B, (ICE LIBOR USD 1 Month + 1.25%), 1.33%, 07/15/2039 (e) (aa)		7,960		7,962
VNDO Mortgage Trust, Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (e)		700		715
Waikiki Beach Hotel Trust, Series 2019-WBM, Class D, (ICE LIBOR USD 1 Month + 2.03%), 2.11%, 12/15/2033 (e) (aa)		600		596
WFRBS Commercial Mortgage Trust,
Series 2013-C15, Class AS, 4.36%, 08/15/2046 (z)		1,000		1,047
Series 2014-C19, Class A5, 4.10%, 03/15/2047		2,745		2,949
Total Commercial Mortgage-Backed Securities (Cost $103,230)				103,048
Convertible Bonds — 1.5%
Basic Materials — 0.0% (g)
Mining — 0.0% (g)
Glencore Funding LLC, Reg. S, Zero Coupon, 03/27/2025		200		199
Communications — 0.7%
Internet — 0.3%
Airbnb, Inc., Zero Coupon, 03/15/2026 (e)		2,020		1,985
Booking Holdings, Inc., 0.75%, 05/01/2025		1,374		2,018
Uber Technologies, Inc., Zero Coupon, 12/15/2025 (e)		5,875		5,714
Zillow Group, Inc., 1.38%, 09/01/2026		194		408
				10,125
Media — 0.4%
Cable One, Inc., 1.13%, 03/15/2028 (e)		3,716		3,770
DISH Network Corp.,
2.38%, 03/15/2024		1,042		1,016
3.38%, 08/15/2026		3,522		3,661
Liberty Broadband Corp.,
1.25%, 09/30/2050 (e)		1,496		1,519
2.75%, 09/30/2050 (e)		3,103		3,276
				13,242
Total Communications				23,367
Consumer Cyclical — 0.0% (g)
Airlines — 0.0% (g)
International Consolidated Airlines Group SA, (Spain),
Series IAG, Reg. S, 0.63%, 11/17/2022	EUR	100		114
Series IAG, Reg. S, 1.13%, 05/18/2028	EUR	200		228
				342
Auto Manufacturers — 0.0% (g)
Ford Motor Co., Zero Coupon, 03/15/2026 (e)		814		878

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Retail — 0.0% (g)
National Vision Holdings, Inc., 2.50%, 05/15/2025		869		1,682
Total Consumer Cyclical				2,902
Consumer Non-cyclical — 0.1%
Commercial Services — 0.0% (g)
Nexi SpA, (Italy), Reg. S, Zero Coupon, 02/24/2028	EUR	100		112
Shift4 Payments, Inc., Zero Coupon, 12/15/2025 (e)		1,244		1,494
				1,606
Healthcare - Services — 0.1%
Anthem, Inc., 2.75%, 10/15/2042		440		2,322
Total Consumer Non-cyclical				3,928
Energy — 0.3%
Oil & Gas — 0.3%
BP Capital Markets plc, (United Kingdom), Reg. S, 1.00%, 04/28/2023	GBP	200		281
Centennial Resource Production LLC, 3.25%, 04/01/2028		1,727		2,264
CNX Resources Corp., 2.25%, 05/01/2026		1,965		2,446
EQT Corp., 1.75%, 05/01/2026		1,472		2,321
Pioneer Natural Resources Co., 0.25%, 05/15/2025		1,022		1,661
Total Energy				8,973
Financial — 0.3%
Banks — 0.3%
Barclays Bank plc, (United Kingdom),
Zero Coupon, 02/04/2025		2,318		3,445
Series VUN, Zero Coupon, 02/18/2025		3,818		4,225
BofA Finance LLC, 0.13%, 09/01/2022		2,521		3,045
Cembra Money Bank AG, (Switzerland), Reg. S, Zero Coupon, 07/09/2026	CHF	200		211
Total Financial				10,926
Industrial — 0.0% (g)
Engineering & Construction — 0.0% (g)
Cellnex Telecom SA, (Spain), Reg. S, 0.75%, 11/20/2031	EUR	700		797
Technology — 0.1%
Semiconductors — 0.1%
ams AG, (Austria), Reg. S, Zero Coupon, 03/05/2025	EUR	200		205
Microchip Technology, Inc.,
0.13%, 11/15/2024		847		957
1.63%, 02/15/2025		91		309
1.63%, 02/15/2027		591		1,349
Total Technology				2,820
Total Convertible Bonds (Cost $51,781)				53,912

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — 77.2%
Basic Materials — 3.7%
Chemicals — 1.6%
Ashland LLC, 3.38%, 09/01/2031 (e)		1,589		1,604
Axalta Coating Systems LLC, 3.38%, 02/15/2029 (e)		1,518		1,480
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, (Multinational), 4.75%, 06/15/2027 (e)		932		972
Braskem Finance Ltd., (Cayman Islands), 6.45%, 02/03/2024		200		221
CeramTec BondCo GmbH, (Germany), Reg. S, 5.25%, 12/15/2025	EUR	200		236
Chemours Co. (The),
4.00%, 05/15/2026	EUR	200		236
4.63%, 11/15/2029 (e)		1,925		1,880
5.75%, 11/15/2028 (e)		1,627		1,706
Diamond BC BV, (Netherlands), 4.63%, 10/01/2029 (e)		1,753		1,779
Element Solutions, Inc., 3.88%, 09/01/2028 (e)		5,887		5,946
GCP Applied Technologies, Inc., 5.50%, 04/15/2026 (e)		344		352
HB Fuller Co., 4.25%, 10/15/2028		600		610
Herens Holdco Sarl, (Luxembourg), 4.75%, 05/15/2028 (e)		2,131		2,142
Herens Midco Sarl, (Luxembourg), Reg. S, 5.25%, 05/15/2029	EUR	135		152
Hexion, Inc., 7.88%, 07/15/2027 (e)		2,815		3,005
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 (e)		2,407		2,654
INEOS Finance plc, (United Kingdom), Reg. S, 3.38%, 03/31/2026	EUR	200		237
INEOS Quattro Finance 2 Plc, (United Kingdom), 3.38%, 01/15/2026 (e)		200		202
LSF11 A5 HoldCo LLC, 6.63%, 10/15/2029 (e) (w) (bb)		842		842
LYB International Finance III LLC, (ICE LIBOR USD 3 Month + 1.00%), 1.13%, 10/01/2023 (aa)		1,104		1,105
Minerals Technologies, Inc., 5.00%, 07/01/2028 (e)		310		322
Monitchem HoldCo 3 SA, (Luxembourg), Reg. S, 5.25%, 03/15/2025	EUR	200		237
Mosaic Co. (The), 3.25%, 11/15/2022		493		507
Olympus Water US Holding Corp.,
4.25%, 10/01/2028 (e) (w)		1,300		1,280
6.25%, 10/01/2029 (e) (w)		900		892
Orbia Advance Corp. SAB de CV, (Mexico), 1.88%, 05/11/2026 (e)		374		375
Polar US Borrower LLC / Schenectady International Group, Inc., 6.75%, 05/15/2026 (e)		725		729
Rain CII Carbon LLC / CII Carbon Corp., 7.25%, 04/01/2025 (e)		1,925		1,973
SCIH Salt Holdings, Inc.,
4.88%, 05/01/2028 (e)		1,247		1,253
6.63%, 05/01/2029 (e)		1,391		1,336
SPCM SA, (France),
3.13%, 03/15/2027 (e)		343		344
3.38%, 03/15/2030 (e)		600		599
TPC Group, Inc.,
10.50%, 08/01/2024 (e)		1,150		1,064
10.88%, 08/01/2024 (e)		783		834
Tronox, Inc.,
4.63%, 03/15/2029 (e)		1,740		1,731
6.50%, 05/01/2025 (e)		3,305		3,469
Valvoline, Inc.,
3.63%, 06/15/2031 (e)		550		543
4.25%, 02/15/2030 (e)		1,150		1,192

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Venator Finance Sarl / Venator Materials LLC, (Multinational),
5.75%, 07/15/2025 (e)		2,285		2,160
9.50%, 07/01/2025 (e)		1,000		1,106
WR Grace Holdings LLC,
4.88%, 06/15/2027 (e)		990		1,016
5.63%, 10/01/2024 (e)		830		909
5.63%, 08/15/2029 (e)		3,893		4,010
				55,242
Forest Products & Paper — 0.0% (g)
Clearwater Paper Corp., 4.75%, 08/15/2028 (e)		1,086		1,116
Suzano Austria GmbH, (Austria), 5.75%, 07/14/2026 (e)		200		231
				1,347
Iron/Steel — 0.4%
Allegheny Technologies, Inc.,
4.88%, 10/01/2029		390		391
5.13%, 10/01/2031		387		390
7.88%, 08/15/2023		46		52
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP, (Canada), 8.75%, 07/15/2026 (e)		776		822
Big River Steel LLC / BRS Finance Corp., 6.63%, 01/31/2029 (e)		4,849		5,243
Cleveland-Cliffs, Inc.,
4.63%, 03/01/2029 (e)		650		665
4.88%, 03/01/2031 (e)		825		852
CSN Resources SA, (Luxembourg), 7.63%, 04/17/2026 (e)		970		1,028
POSCO, (South Korea), 2.38%, 11/12/2022 (e)		2,095		2,134
thyssenkrupp AG, (Germany), Reg. S, 2.88%, 02/22/2024	EUR	100		119
TMS International Corp., 6.25%, 04/15/2029 (e)		425		444
United States Steel Corp.,
6.25%, 03/15/2026		18		19
6.88%, 03/01/2029		2,750		2,932
				15,091
Mining — 1.7%
Alcoa Nederland Holding BV, (Netherlands),
5.50%, 12/15/2027 (e)		846		908
6.13%, 05/15/2028 (e)		331		359
Anglo American Capital plc, (United Kingdom), 4.88%, 05/14/2025 (e)		544		608
Arconic Corp.,
6.00%, 05/15/2025 (e)		570		599
6.13%, 02/15/2028 (e)		988		1,047
Coeur Mining, Inc., 5.13%, 02/15/2029 (e)		625		600
Compass Minerals International, Inc., 4.88%, 07/15/2024 (e)		750		781
Constellium SE, (France),
3.75%, 04/15/2029 (e)		4,202		4,092
5.63%, 06/15/2028 (e)		1,283		1,348
Eldorado Gold Corp., (Canada), 6.25%, 09/01/2029 (e)		2,175		2,150

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
First Quantum Minerals Ltd., (Canada),
6.50%, 03/01/2024 (e)		785		795
6.88%, 03/01/2026 (e)		2,575		2,678
6.88%, 10/15/2027 (e)		375		397
7.25%, 04/01/2023 (e)		4,725		4,807
FMG Resources August 2006 Pty Ltd., (Australia), 5.13%, 05/15/2024 (e)		534		570
Freeport-McMoRan, Inc.,
4.25%, 03/01/2030		50		53
4.38%, 08/01/2028		100		105
4.55%, 11/14/2024		2,380		2,573
5.00%, 09/01/2027		925		964
5.25%, 09/01/2029		900		978
5.40%, 11/14/2034		347		417
5.45%, 03/15/2043		4,187		5,155
Glencore Finance Canada Ltd., (Canada),
4.25%, 10/25/2022 (e)		465		483
4.95%, 11/15/2021 (e)		896		899
Glencore Funding LLC,
1.63%, 04/27/2026 (e)		396		394
4.13%, 05/30/2023 (e)		2,804		2,963
4.13%, 03/12/2024 (e)		2,000		2,142
4.63%, 04/29/2024 (e)		558		608
Hecla Mining Co., 7.25%, 02/15/2028		1,000		1,077
Hudbay Minerals, Inc., (Canada),
4.50%, 04/01/2026 (e)		375		372
6.13%, 04/01/2029 (e)		2,075		2,173
IAMGOLD Corp., (Canada), 5.75%, 10/15/2028 (e)		1,195		1,177
Joseph T Ryerson & Son, Inc., 8.50%, 08/01/2028 (e)		434		481
Kaiser Aluminum Corp., 4.50%, 06/01/2031 (e)		494		506
Kinross Gold Corp., (Canada), 5.95%, 03/15/2024		206		228
KME SE, (Germany), Reg. S, 6.75%, 02/01/2023	EUR	100		110
New Gold, Inc., (Canada),
6.38%, 05/15/2025 (e)		350		361
7.50%, 07/15/2027 (e)		4,890		5,031
Novelis Corp.,
3.25%, 11/15/2026 (e)		1,909		1,936
3.88%, 08/15/2031 (e)		2,832		2,801
4.75%, 01/30/2030 (e)		2,330		2,453
Vedanta Resources Finance II plc, (United Kingdom), 8.95%, 03/11/2025 (e)		957		956
				59,135
Total Basic Materials				130,815

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Communications — 12.1%
Advertising — 0.6%
Clear Channel International BV, (Netherlands), 6.63%, 08/01/2025 (e)		2,318		2,414
Clear Channel Outdoor Holdings, Inc.,
7.50%, 06/01/2029 (e)		2,825		2,938
7.75%, 04/15/2028 (e)		2,304		2,425
Lamar Media Corp.,
3.63%, 01/15/2031		350		350
4.88%, 01/15/2029		100		106
Midas OpCo. Holdings LLC, 5.63%, 08/15/2029 (e)		1,583		1,638
Outfront Media Capital LLC / Outfront Media Capital Corp.,
4.25%, 01/15/2029 (e)		741		735
4.63%, 03/15/2030 (e)		200		200
5.00%, 08/15/2027 (e)		263		270
6.25%, 06/15/2025 (e)		500		528
Summer BC Holdco A Sarl, (Luxembourg), Reg. S, 9.25%, 10/31/2027	EUR	90		113
Summer BC Holdco B Sarl, (Luxembourg), Reg. S, 5.75%, 10/31/2026	EUR	300		364
Terrier Media Buyer, Inc., 8.88%, 12/15/2027 (e)		8,868		9,377
				21,458
Internet — 1.1%
Acuris Finance US, Inc. / Acuris Finance Sarl, 5.00%, 05/01/2028 (e)		1,437		1,430
ANGI Group LLC, 3.88%, 08/15/2028 (e)		1,003		998
Arches Buyer, Inc., 4.25%, 06/01/2028 (e)		115		117
Baidu, Inc., (Cayman Islands), 3.08%, 04/07/2025		3,000		3,147
Cablevision Lightpath LLC,
3.88%, 09/15/2027 (e)		2,258		2,216
5.63%, 09/15/2028 (e)		2,412		2,421
Cars.com, Inc., 6.38%, 11/01/2028 (e)		900		949
Expedia Group, Inc., 3.60%, 12/15/2023		1,086		1,149
Go Daddy Operating Co. LLC / GD Finance Co., Inc.,
3.50%, 03/01/2029 (e)		974		965
5.25%, 12/01/2027 (e)		1,000		1,043
HSE Finance Sarl, (Luxembourg), Reg. S, 5.63%, 10/15/2026	EUR	100		120
ION Trading Technologies Sarl, (Luxembourg), 5.75%, 05/15/2028 (e)		687		700
Match Group Holdings II LLC,
3.63%, 10/01/2031 (e) (w)		398		393
4.13%, 08/01/2030 (e)		631		657
4.63%, 06/01/2028 (e)		769		801
5.00%, 12/15/2027 (e)		1,000		1,044
Meituan, (Cayman Islands), 2.13%, 10/28/2025 (e)		800		777
Millennium Escrow Corp., 6.63%, 08/01/2026 (e)		425		438
Netflix, Inc.,
4.88%, 06/15/2030 (e)		1,031		1,214
5.38%, 11/15/2029 (e)		1,022		1,238
5.88%, 11/15/2028		876		1,072
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.,
4.75%, 04/30/2027 (e) (w) (bb)		864		864
6.00%, 02/15/2028 (e)		1,588		1,580

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
NortonLifeLock, Inc., 5.00%, 04/15/2025 (e)		1,160		1,178
Rakuten Group, Inc., (Japan), Reg. S, (EUR Swap Rate 5 Year + 4.74%), 4.25%, 04/22/2027 (x) (aa)	EUR	200		234
Twitter, Inc., 3.88%, 12/15/2027 (e)		1,373		1,466
Uber Technologies, Inc.,
4.50%, 08/15/2029 (e)		1,692		1,701
6.25%, 01/15/2028 (e)		5		5
7.50%, 05/15/2025 (e)		1,769		1,886
7.50%, 09/15/2027 (e)		2,645		2,888
8.00%, 11/01/2026 (e)		2,143		2,265
United Group BV, (Netherlands), Reg. S, 4.00%, 11/15/2027	EUR	100		114
VeriSign, Inc., 5.25%, 04/01/2025		1,045		1,188
				38,258
Media — 5.4%
Altice Financing SA, (Luxembourg),
Reg. S, 3.00%, 01/15/2028	EUR	100		109
Reg. S, 4.25%, 08/15/2029 (w)	EUR	107		122
5.00%, 01/15/2028 (e)		891		849
5.75%, 08/15/2029 (e)		3,471		3,374
AMC Networks, Inc., 4.25%, 02/15/2029		1,444		1,436
Audacy Capital Corp.,
6.50%, 05/01/2027 (e)		925		946
6.75%, 03/31/2029 (e)		575		579
Cable One, Inc., 4.00%, 11/15/2030 (e)		353		352
CCO Holdings LLC / CCO Holdings Capital Corp.,
4.25%, 02/01/2031 (e)		9,598		9,742
4.25%, 01/15/2034 (e)		4,281		4,260
4.50%, 08/15/2030 (e)		2,100		2,167
4.50%, 05/01/2032		12,568		12,929
4.50%, 06/01/2033 (e)		3,515		3,577
4.75%, 03/01/2030 (e)		7,346		7,675
5.00%, 02/01/2028 (e)		525		547
5.13%, 05/01/2027 (e)		3,499		3,644
5.50%, 05/01/2026 (e)		750		773
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/2027 (e)		4,344		4,495
CSC Holdings LLC,
3.38%, 02/15/2031 (e)		1,065		990
4.13%, 12/01/2030 (e)		2,500		2,453
4.50%, 11/15/2031 (e)		2,072		2,046
4.63%, 12/01/2030 (e)		9,763		9,250
5.00%, 11/15/2031 (e)		1,800		1,728
5.25%, 06/01/2024		1,484		1,590
5.38%, 02/01/2028 (e)		1,500		1,568
5.75%, 01/15/2030 (e)		4,269		4,332
6.50%, 02/01/2029 (e)		1,025		1,110
6.75%, 11/15/2021		4,445		4,456
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026 (e)		723		748

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Diamond Sports Group LLC / Diamond Sports Finance Co.,
5.38%, 08/15/2026 (e)		2,442		1,612
6.63%, 08/15/2027 (e)		10,050		4,397
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.88%, 08/15/2027 (e)		2,004		2,092
DISH DBS Corp.,
5.13%, 06/01/2029		5,294		5,187
5.88%, 07/15/2022		3,559		3,664
5.88%, 11/15/2024		2,115		2,274
7.38%, 07/01/2028		1,625		1,730
7.75%, 07/01/2026		6,002		6,775
Gray Television, Inc.,
4.75%, 10/15/2030 (e)		3,080		3,027
5.88%, 07/15/2026 (e)		855		883
7.00%, 05/15/2027 (e)		350		375
iHeartCommunications, Inc.,
4.75%, 01/15/2028 (e)		525		541
5.25%, 08/15/2027 (e)		775		806
6.38%, 05/01/2026		730		771
8.38%, 05/01/2027		2,123		2,268
LCPR Senior Secured Financing DAC, (Ireland),
5.13%, 07/15/2029 (e)		1,551		1,602
6.75%, 10/15/2027 (e)		1,039		1,101
Midcontinent Communications / Midcontinent Finance Corp., 5.38%, 08/15/2027 (e)		350		364
News Corp., 3.88%, 05/15/2029 (e)		1,159		1,191
Nexstar Media, Inc.,
4.75%, 11/01/2028 (e)		2,650		2,749
5.63%, 07/15/2027 (e)		1,801		1,907
Radiate Holdco LLC / Radiate Finance, Inc.,
4.50%, 09/15/2026 (e)		3,911		4,038
6.50%, 09/15/2028 (e)		5,500		5,608
Scripps Escrow II, Inc.,
3.88%, 01/15/2029 (e)		750		753
5.38%, 01/15/2031 (e)		1,550		1,524
Scripps Escrow, Inc., 5.88%, 07/15/2027 (e)		875		898
Sinclair Television Group, Inc.,
4.13%, 12/01/2030 (e)		1,606		1,570
5.13%, 02/15/2027 (e)		61		61
5.50%, 03/01/2030 (e)		875		868
5.88%, 03/15/2026 (e)		1,100		1,123
Sirius XM Radio, Inc.,
3.13%, 09/01/2026 (e)		2,782		2,820
3.88%, 09/01/2031 (e)		4,690		4,582
4.00%, 07/15/2028 (e)		1,798		1,828
4.13%, 07/01/2030 (e)		325		327
5.50%, 07/01/2029 (e)		238		257
TEGNA, Inc., 5.00%, 09/15/2029		1,050		1,082
Telenet Finance Luxembourg Notes Sarl, (Luxembourg), 5.50%, 03/01/2028 (e)		2,000		2,101
Townsquare Media, Inc., 6.88%, 02/01/2026 (e)		200		211

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Media — continued
Univision Communications, Inc.,
4.50%, 05/01/2029 (e)		1,175		1,194
5.13%, 02/15/2025 (e)		3,326		3,376
6.63%, 06/01/2027 (e)		3,069		3,334
9.50%, 05/01/2025 (e)		2,184		2,369
UPC Broadband Finco BV, (Netherlands), 4.88%, 07/15/2031 (e)		2,877		2,946
UPC Holding BV, (Netherlands), Reg. S, 3.88%, 06/15/2029	EUR	200		238
UPCB Finance VII Ltd., (Cayman Islands), Reg. S, 3.63%, 06/15/2029	EUR	244		290
Urban One, Inc., 7.38%, 02/01/2028 (e)		1,060		1,136
Videotron Ltd., (Canada), 3.63%, 06/15/2029 (e)		1,465		1,485
Virgin Media Finance plc, (United Kingdom),
Reg. S, 3.75%, 07/15/2030	EUR	200		235
5.00%, 07/15/2030 (e)		1,650		1,685
Virgin Media Secured Finance plc, (United Kingdom), 5.50%, 05/15/2029 (e)		375		397
Virgin Media Vendor Financing Notes IV DAC, (Ireland), 5.00%, 07/15/2028 (e)		3,116		3,218
Ziggo Bond Co. BV, (Netherlands),
5.13%, 02/28/2030 (e)		955		979
6.00%, 01/15/2027 (e)		1,875		1,938
Ziggo BV, (Netherlands), 4.88%, 01/15/2030 (e)		1,047		1,076
				188,710
Telecommunications — 5.0%
Altice France Holding SA, (Luxembourg),
6.00%, 02/15/2028 (e)		2,565		2,446
10.50%, 05/15/2027 (e)		9,661		10,531
Altice France SA, (France),
Reg. S, 4.13%, 01/15/2029	EUR	400		458
5.13%, 07/15/2029 (e)		4,422		4,342
5.50%, 01/15/2028 (e)		1,338		1,350
5.50%, 10/15/2029 (e) (w)		1,718		1,701
7.38%, 05/01/2026 (e)		5,668		5,882
8.13%, 02/01/2027 (e)		1,667		1,794
Avaya, Inc., 6.13%, 09/15/2028 (e)		2,078		2,185
CommScope Technologies LLC, 6.00%, 06/15/2025 (e)		1,414		1,434
CommScope, Inc.,
4.75%, 09/01/2029 (e)		1,789		1,791
6.00%, 03/01/2026 (e)		3,055		3,185
7.13%, 07/01/2028 (e)		1,244		1,272
Connect Finco Sarl / Connect US Finco LLC, (Multinational), 6.75%, 10/01/2026 (e)		7,845		8,208
Consolidated Communications, Inc., 6.50%, 10/01/2028 (e)		1,715		1,863
Digicel Group Holdings Ltd., (Bermuda), 10.00% (Blend (cash 8.00% + PIK 2.00%)), 04/01/2024 (v)		1,313		1,312
Digicel International Finance Ltd. / Digicel international Holdings Ltd., (Multinational),
8.75%, 05/25/2024 (e)		1,545		1,599
8.00%, 12/31/2026 (e)		5,725		5,539
13.00% (Blend (cash 6.00% + PIK 7.00%)), 12/31/2025 (e) (v)		2,070		2,086
Digicel Ltd., (Bermuda), 6.75%, 03/01/2023 (e)		6,500		6,126

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Frontier Communications Holdings LLC,
5.00%, 05/01/2028 (e)		3,660		3,843
5.88%, 10/15/2027 (e)		1,301		1,382
6.75%, 05/01/2029 (e)		1,012		1,067
Intelsat Jackson Holdings SA, (Luxembourg),
5.50%, 08/01/2023 (d)		3,425		1,910
8.50%, 10/15/2024 (d) (e)		3,800		2,166
9.75%, 07/15/2025 (d) (e)		1,875		1,017
Intrado Corp., 8.50%, 10/15/2025 (e)		4,084		4,058
Level 3 Financing, Inc.,
3.75%, 07/15/2029 (e)		1,595		1,542
4.25%, 07/01/2028 (e)		1,139		1,148
5.25%, 03/15/2026		1,200		1,238
Ligado Networks LLC, 15.50% (PIK), 11/01/2023 (e) (v)		547		530
LogMeIn, Inc., 5.50%, 09/01/2027 (e)		1,075		1,095
Lorca Telecom Bondco SA, (Spain), Reg. S, 4.00%, 09/18/2027	EUR	100		116
Lumen Technologies, Inc.,
4.00%, 02/15/2027 (e)		804		822
4.50%, 01/15/2029 (e)		2,605		2,524
5.13%, 12/15/2026 (e)		1,702		1,766
5.38%, 06/15/2029 (e)		1,813		1,840
Series P, 7.60%, 09/15/2039		2,551		2,857
Series T, 5.80%, 03/15/2022		3,000		3,057
Series U, 7.65%, 03/15/2042		2,141		2,398
Matterhorn Telecom SA, (Luxembourg), Reg. S, 4.00%, 11/15/2027	EUR	300		356
Nokia OYJ, (Finland), 6.63%, 05/15/2039		275		375
Oi Movel SA, (Brazil), Reg. S, 8.75%, 07/30/2026		200		204
Oi SA, (Brazil), Reg. S, 10.00% (cash), 07/27/2025 (v)		100		94
Qwest Corp., 6.75%, 12/01/2021		1,000		1,009
SoftBank Group Corp., (Japan),
Reg. S, 5.00%, 04/15/2028	EUR	100		121
Reg. S, (USD ICE Swap Rate 5 Year + 4.23%), 6.00%, 07/19/2023 (x) (aa)		200		200
Sprint Capital Corp.,
6.88%, 11/15/2028		4,366		5,588
8.75%, 03/15/2032		4,224		6,310
Sprint Communications, Inc.,
6.00%, 11/15/2022		100		105
11.50%, 11/15/2021		1,959		1,981
Sprint Corp.,
7.13%, 06/15/2024		400		455
7.63%, 02/15/2025		4,000		4,676
7.63%, 03/01/2026		6,671		8,072
7.88%, 09/15/2023		2,885		3,224
Switch Ltd.,
3.75%, 09/15/2028 (e)		1,438		1,460
4.13%, 06/15/2029 (e)		2,105		2,160
Telecom Italia Capital SA, (Luxembourg), 6.00%, 09/30/2034		2,294		2,575
Telecom Italia Finance SA, (Luxembourg), Reg. S, 7.75%, 01/24/2033	EUR	400		676

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Telecommunications — continued
Telecom Italia SpA, (Italy),
Reg. S, 1.63%, 01/18/2029	EUR	200		227
5.30%, 05/30/2024 (e)		1,172		1,262
Telefonica Europe BV, (Netherlands), Reg. S, (EUR Swap Rate 6 Year + 4.11%), 4.38%, 12/14/2024 (x) (aa)	EUR	300		377
Telesat Canada / Telesat LLC, (Canada), 4.88%, 06/01/2027 (e)		430		396
T-Mobile USA, Inc.,
2.63%, 02/15/2029		2,680		2,713
2.88%, 02/15/2031		844		851
3.50%, 04/15/2031		1,488		1,570
3.50%, 04/15/2031 (e)		1,102		1,162
3.38%, 04/15/2029 (e)		1,075		1,121
4.75%, 02/01/2028		1,600		1,700
Viasat, Inc.,
5.63%, 09/15/2025 (e)		765		775
5.63%, 04/15/2027 (e)		1,185		1,235
6.50%, 07/15/2028 (e)		2,849		3,001
Viavi Solutions, Inc., 3.75%, 10/01/2029 (e)		1,507		1,510
Vmed O2 UK Financing I plc, (United Kingdom),
Reg. S, 4.00%, 01/31/2029	GBP	200		271
4.75%, 07/15/2031 (e)		3,080		3,147
Vodafone Group plc, (United Kingdom),
Reg. S, (USD Semi-annual Swap Rate 5 Year + 3.05%), 6.25%, 10/03/2078 (aa)		200		220
Reg. S, (EUR Swap Rate 5 Year + 3.23%), 3.00%, 08/27/2080 (aa)	EUR	100		119
Zayo Group Holdings, Inc.,
4.00%, 03/01/2027 (e)		3,962		3,943
6.13%, 03/01/2028 (e)		9,631		9,764
				176,485
Total Communications				424,911
Consumer Cyclical — 14.3%
Airlines — 1.0%
Air Canada, (Canada), 3.88%, 08/15/2026 (e)		1,536		1,549
Air France-KLM, (France), Reg. S, 3.88%, 07/01/2026	EUR	100		115
American Airlines Group, Inc., 3.75%, 03/01/2025 (e)		1,030		927
American Airlines, Inc., 11.75%, 07/15/2025 (e)		4,863		6,018
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., (Multinational),
5.50%, 04/20/2026 (e)		1,775		1,865
5.75%, 04/20/2029 (e)		5,000		5,388
Delta Air Lines, Inc., 7.00%, 05/01/2025 (e)		949		1,107
Delta Air Lines, Inc. / SkyMiles IP Ltd., (Multinational), 4.75%, 10/20/2028 (e)		2,560		2,854
Deutsche Lufthansa AG, (Germany),
Reg. S, 2.00%, 07/14/2024	EUR	200		236
Reg. S, 2.88%, 02/11/2025	EUR	100		120
Reg. S, 3.50%, 07/14/2029	EUR	200		239
Finnair OYJ, (Finland), Reg. S, 4.25%, 05/19/2025	EUR	125		150
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., (Cayman Islands), 5.75%, 01/20/2026 (e)		1,908		1,996

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
International Consolidated Airlines Group SA, (Spain),
Reg. S, 1.50%, 07/04/2027	EUR	100		107
Reg. S, 2.75%, 03/25/2025	EUR	100		117
Reg. S, 3.75%, 03/25/2029	EUR	100		117
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (e)		2,470		2,685
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., (Cayman Islands), 8.00%, 09/20/2025 (e)		374		420
United Airlines 2020-1 Class A Pass Through Trust, Series 20-1, 5.88%, 10/15/2027		2,935		3,283
United Airlines 2020-1 Class B Pass Through Trust, 4.88%, 01/15/2026		56		59
United Airlines, Inc.,
4.38%, 04/15/2026 (e)		3,987		4,092
4.63%, 04/15/2029 (e)		2,600		2,687
				36,131
Apparel — 0.2%
Crocs, Inc.,
4.13%, 08/15/2031 (e)		713		718
4.25%, 03/15/2029 (e)		535		551
Hanesbrands, Inc., 4.63%, 05/15/2024 (e)		500		527
Levi Strauss & Co., 3.50%, 03/01/2031 (e)		205		207
PVH Corp., 4.63%, 07/10/2025		1,590		1,751
Tapestry, Inc., 4.25%, 04/01/2025		1,000		1,080
William Carter Co. (The),
5.50%, 05/15/2025 (e)		686		721
5.63%, 03/15/2027 (e)		1,875		1,948
Wolverine World Wide, Inc., 4.00%, 08/15/2029 (e)		832		840
				8,343
Auto Manufacturers — 2.4%
Allison Transmission, Inc.,
3.75%, 01/30/2031 (e)		2,492		2,423
5.88%, 06/01/2029 (e)		1,474		1,604
Daimler Finance North America LLC, 3.65%, 02/22/2024 (e)		2,800		2,986
Ford Motor Co.,
4.75%, 01/15/2043		7,125		7,468
5.29%, 12/08/2046		5,875		6,543
7.40%, 11/01/2046		275		370
7.45%, 07/16/2031		500		650
8.50%, 04/21/2023		250		275
9.00%, 04/22/2025		8,670		10,419
9.63%, 04/22/2030		750		1,063
Ford Motor Credit Co. LLC,
2.70%, 08/10/2026		1,024		1,026
2.90%, 02/16/2028		623		622
2.98%, 08/03/2022		4,385		4,433
3.38%, 11/13/2025		2,250		2,312
3.82%, 11/02/2027		200		207
4.00%, 11/13/2030		2,468		2,567
4.13%, 08/17/2027		315		334

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Auto Manufacturers — continued
4.13%, 08/04/2025		1,577		1,668
4.39%, 01/08/2026		2,500		2,666
5.11%, 05/03/2029		1,176		1,314
5.13%, 06/16/2025		2,570		2,792
5.58%, 03/18/2024		4,429		4,760
General Motors Co.,
5.40%, 10/02/2023		1,016		1,108
6.13%, 10/01/2025		50		59
General Motors Financial Co., Inc.,
2.75%, 06/20/2025		2,724		2,847
3.15%, 06/30/2022		988		1,006
3.95%, 04/13/2024		681		728
5.10%, 01/17/2024		1,658		1,810
5.25%, 03/01/2026		451		515
Series C, (CMT Index 5 Year + 5.00%), 5.70%, 09/30/2030 (x) (aa)		5		6
Hyundai Capital America, 0.80%, 01/08/2024 (e)		1,257		1,251
0.88%, 06/14/2024 (e)		852		847
1.00%, 09/17/2024 (e)		351		350
1.25%, 09/18/2023 (e)		1,000		1,009
1.50%, 06/15/2026 (e)		674		667
2.85%, 11/01/2022 (e)		1,214		1,243
Jaguar Land Rover Automotive plc, (United Kingdom), Reg. S, 6.88%, 11/15/2026	EUR	100		129
JB Poindexter & Co., Inc., 7.13%, 04/15/2026 (e)		950		1,000
PM General Purchaser LLC, 9.50%, 10/01/2028 (e)		2,175		2,296
RCI Banque SA, (France), Reg. S, (EUR Swap Rate 5 Year + 2.85%), 2.63%, 02/18/2030 (aa)	EUR	200		235
Stellantis NV, (Netherlands), 5.25%, 04/15/2023		3,969		4,233
Volkswagen Group of America Finance LLC,
2.90%, 05/13/2022 (e)		222		226
3.35%, 05/13/2025 (e)		1,110		1,186
4.25%, 11/13/2023 (e)		278		298
Wabash National Corp., 4.50%,
10/15/2028 (e) (w)		1,420		1,418
5.50%, 10/01/2025 (e)		349		354
				83,323
Auto Parts & Equipment — 1.4%
Adient Global Holdings Ltd., (Jersey), 4.88%, 08/15/2026 (e)		5,325		5,454
Adient US LLC, 9.00%, 04/15/2025 (e)		427		461
American Axle & Manufacturing, Inc.,
5.00%, 10/01/2029		2,100		2,049
6.25%, 03/15/2026		1,375		1,413
6.50%, 04/01/2027		950		990
6.88%, 07/01/2028		2,000		2,133
Clarios Global LP / Clarios US Finance Co., (Multinational),
Reg. S, 4.38%, 05/15/2026	EUR	300		359
6.25%, 05/15/2026 (e)		1,783		1,874
8.50%, 05/15/2027 (e)		9,760		10,382
Clarios Global LP, (Canada), 6.75%, 05/15/2025 (e)		3,150		3,323

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Cooper-Standard Automotive, Inc., 5.63%, 11/15/2026 (e)		1,375		1,122
Dana Financing Luxembourg Sarl, (Luxembourg), 5.75%, 04/15/2025 (e)		500		516
Dana, Inc.,
4.25%, 09/01/2030		425		437
5.38%, 11/15/2027		775		817
5.63%, 06/15/2028		2,541		2,736
Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/2028 (e)		1,095		1,146
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/2029 (e) (w)		1,185		1,185
Faurecia SE, (France), Reg. S, 3.75%, 06/15/2028	EUR	100		120
Goodyear Tire & Rubber Co. (The),
5.00%, 07/15/2029 (e)		491		523
5.25%, 07/15/2031 (e)		1,427		1,520
5.63%, 04/30/2033		1,105		1,204
9.50%, 05/31/2025		199		218
Grupo Antolin-Irausa SA, (Spain), Reg. S, 3.50%, 04/30/2028	EUR	100		110
IHO Verwaltungs GmbH, (Germany),
4.75% (cash), 09/15/2026 (e) (v)		1,265		1,297
6.00% (cash), 05/15/2027 (e) (v)		325		339
6.38% (cash), 05/15/2029 (e) (v)		1,000		1,091
Leather 2 SpA, (Italy), Reg. S, (ICE LIBOR EUR 3 Month + 4.50%), 4.50%, 09/30/2028 (aa)	EUR	100		116
Meritor, Inc., 4.50%, 12/15/2028 (e)		71		71
Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029 (e)		1,500		1,557
Tenneco, Inc.,
5.13%, 04/15/2029 (e)		2,575		2,633
7.88%, 01/15/2029 (e)		164		183
Titan International, Inc., 7.00%, 04/30/2028 (e)		1,138		1,199
ZF Finance GmbH, (Germany),
Reg. S, 2.00%, 05/06/2027	EUR	100		117
Reg. S, 3.75%, 09/21/2028	EUR	100		126
ZF North America Capital, Inc., 4.75%, 04/29/2025 (e)		1,465		1,582
				50,403
Distribution/Wholesale — 0.3%
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029 (e)		558		557
BCPE Empire Holdings, Inc., 7.63%, 05/01/2027 (e)		1,719		1,710
H&E Equipment Services, Inc., 3.88%, 12/15/2028 (e)		5,429		5,416
IAA, Inc., 5.50%, 06/15/2027 (e)		28		29
KAR Auction Services, Inc., 5.13%, 06/01/2025 (e)		975		986
				8,698
Entertainment — 2.6%
Affinity Gaming, 6.88%, 12/15/2027 (e)		1,323		1,389
Bally’s Corp., 6.75%, 06/01/2027 (e)		405		441
Banijay Group SAS, (France), Reg. S, 6.50%, 03/01/2026	EUR	200		242
Boyne USA, Inc., 4.75%, 05/15/2029 (e)		870		898
Caesars Entertainment, Inc.,
4.63%, 10/15/2029 (e)		2,550		2,585
6.25%, 07/01/2025 (e)		8,299		8,737
8.13%, 07/01/2027 (e)		6,142		6,902

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Caesars Resort Collection LLC / CRC Finco, Inc.,
5.25%, 10/15/2025 (e)		2,040		2,068
5.75%, 07/01/2025 (e)		2,059		2,164
CCM Merger, Inc., 6.38%, 05/01/2026 (e)		875		921
Cedar Fair LP, 5.25%, 07/15/2029		1,125		1,154
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.50%, 05/01/2025 (e)		2,876		2,988
6.50%, 10/01/2028		3		3
Churchill Downs, Inc.,
4.75%, 01/15/2028 (e)		1,612		1,687
5.50%, 04/01/2027 (e)		911		945
Cirsa Finance International Sarl, (Luxembourg), Reg. S, 4.75%, 05/22/2025	EUR	200		232
CPUK Finance Ltd., (Jersey),
Reg. S, 4.50%, 08/28/2027	GBP	100		137
Reg. S, 4.88%, 08/28/2025	GBP	200		272
Everi Holdings, Inc., 5.00%, 07/15/2029 (e)		438		449
Gamma Bidco SpA, (Italy),
Reg. S, 5.13%, 07/15/2025	EUR	100		118
Reg. S, 6.25%, 07/15/2025	EUR	100		121
Golden Entertainment, Inc., 7.63%, 04/15/2026 (e)		2,750		2,901
International Game Technology plc, (United Kingdom),
Reg. S, 3.50%, 06/15/2026	EUR	200		238
4.13%, 04/15/2026 (e)		200		208
5.25%, 01/15/2029 (e)		1,050		1,122
6.25%, 01/15/2027 (e)		1,055		1,192
6.50%, 02/15/2025 (e)		1,250		1,395
Jacobs Entertainment, Inc., 7.88%, 02/01/2024 (e)		622		642
Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029 (e)		506		523
Live Nation Entertainment, Inc.,
3.75%, 01/15/2028 (e)		200		199
4.75%, 10/15/2027 (e)		292		297
4.88%, 11/01/2024 (e)		33		33
6.50%, 05/15/2027 (e)		2,885		3,173
Merlin Entertainments Ltd., (United Kingdom), 5.75%, 06/15/2026 (e)		420		434
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 05/01/2029 (e)		2,234		2,276
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026 (e)		1,600		1,667
Motion Bondco DAC, (Ireland), 6.63%, 11/15/2027 (e)		2,725		2,739
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In, 8.50%, 11/15/2027 (e)		2,961		3,210
Penn National Gaming, Inc.,
4.13%, 07/01/2029 (e)		955		944
5.63%, 01/15/2027 (e)		3,225		3,322
Powdr Corp., 6.00%, 08/01/2025 (e)		186		195
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.,
5.63%, 09/01/2029 (e)		1,845		1,863
5.88%, 09/01/2031 (e)		1,845		1,864
Raptor Acquisition Corp. / Raptor Co-Issuer LLC, 4.88%, 11/01/2026 (e)		818		835

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Scientific Games International, Inc.,
5.00%, 10/15/2025 (e)		396		407
7.00%, 05/15/2028 (e)		818		882
7.25%, 11/15/2029 (e)		575		646
8.25%, 03/15/2026 (e)		5,483		5,819
8.63%, 07/01/2025 (e)		5,383		5,830
SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029 (e)		950		971
Six Flags Entertainment Corp., 4.88%, 07/31/2024 (e)		850		858
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025 (e)		2,994		3,189
Vail Resorts, Inc., 6.25%, 05/15/2025 (e)		921		974
WMG Acquisition Corp.,
3.00%, 02/15/2031 (e)		500		488
3.88%, 07/15/2030 (e)		25		26
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.,
5.13%, 10/01/2029 (e)		5,226		5,291
7.75%, 04/15/2025 (e)		1,220		1,287
				92,393
Food Service — 0.1%
Aramark Services, Inc.,
5.00%, 04/01/2025 (e)		600		614
5.00%, 02/01/2028 (e)		41		42
6.38%, 05/01/2025 (e)		1,501		1,578
				2,234
Home Builders — 1.8%
Ashton Woods USA LLC / Ashton Woods Finance Co.,
4.63%, 08/01/2029 (e)		1,883		1,901
4.63%, 04/01/2030 (e)		767		772
6.63%, 01/15/2028 (e)		700		744
Beazer Homes USA, Inc.,
5.88%, 10/15/2027		2,925		3,064
6.75%, 03/15/2025		2,150		2,212
7.25%, 10/15/2029		1,950		2,147
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, (Canada),
4.88%, 02/15/2030 (e)		2,563		2,614
5.00%, 06/15/2029 (e)		1,271		1,300
6.25%, 09/15/2027 (e)		5,575		5,861
Century Communities, Inc.,
3.88%, 08/15/2029 (e)		275		278
6.75%, 06/01/2027		1,850		1,975
Forestar Group, Inc.,
3.85%, 05/15/2026 (e)		1,540		1,538
5.00%, 03/01/2028 (e)		1,100		1,136
KB Home,
4.00%, 06/15/2031		1,003		1,029
4.80%, 11/15/2029		2,250		2,453
6.88%, 06/15/2027		725		866

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Home Builders — continued
Lennar Corp.,
4.50%, 04/30/2024		1,818		1,966
4.75%, 11/15/2022		1,434		1,481
4.75%, 05/30/2025		915		1,019
5.38%, 10/01/2022		1,000		1,047
M/I Homes, Inc., 4.95%, 02/01/2028		1,880		1,967
Mattamy Group Corp., (Canada),
4.63%, 03/01/2030 (e)		3,784		3,867
5.25%, 12/15/2027 (e)		250		261
Meritage Homes Corp.,
5.13%, 06/06/2027		1,375		1,531
6.00%, 06/01/2025		2,575		2,910
Picasso Finance Sub, Inc., 6.13%, 06/15/2025 (e)		1,614		1,707
Shea Homes LP / Shea Homes Funding Corp.,
4.75%, 02/15/2028 (e)		1,300		1,337
4.75%, 04/01/2029 (e)		1,150		1,182
STL Holding Co. LLC, 7.50%, 02/15/2026 (e)		1,100		1,160
Taylor Morrison Communities, Inc.,
5.13%, 08/01/2030 (e)		3,277		3,527
5.75%, 01/15/2028 (e)		900		1,003
5.88%, 06/15/2027 (e)		2,922		3,331
6.63%, 07/15/2027 (e)		2,800		2,954
Toll Brothers Finance Corp.,
4.38%, 04/15/2023		230		238
4.88%, 11/15/2025		146		164
Tri Pointe Homes, Inc.,
5.25%, 06/01/2027		175		189
5.70%, 06/15/2028		975		1,060
Williams Scotsman International, Inc., 4.63%, 08/15/2028 (e)		771		803
				64,594
Home Furnishings — 0.1%
Tempur Sealy International, Inc.,
3.88%, 10/15/2031 (e)		1,027		1,028
4.00%, 04/15/2029 (e)		1,730		1,784
				2,812
Housewares — 0.3%
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025 (e)		641		677
Newell Brands, Inc.,
4.88%, 06/01/2025		1,150		1,269
6.00%, 04/01/2046		411		531
Scotts Miracle-Gro Co. (The),
4.00%, 04/01/2031 (e)		2,073		2,069
4.50%, 10/15/2029		1,927		2,014
SWF Escrow Issuer Corp., 6.50%, 10/01/2029 (e) (w)		2,195		2,139
				8,699

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Leisure Time — 0.7%
Carnival Corp., (Panama),
4.00%, 08/01/2028 (e)		3,560		3,595
5.75%, 03/01/2027 (e)		3,069		3,169
9.88%, 08/01/2027 (e)		1,123		1,296
Reg. S, 10.13%, 02/01/2026	EUR	200		266
11.50%, 04/01/2023 (e)		4,488		5,010
Life Time, Inc.,
5.75%, 01/15/2026 (e)		993		1,033
8.00%, 04/15/2026 (e)		668		713
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029 (e)		370		361
NCL Corp. Ltd., (Bermuda),
5.88%, 03/15/2026 (e)		860		881
10.25%, 02/01/2026 (e)		540		620
NCL Finance Ltd., (Bermuda), 6.13%, 03/15/2028 (e)		1,084		1,125
Royal Caribbean Cruises Ltd., (Liberia),
5.50%, 08/31/2026 (e)		257		264
5.50%, 04/01/2028 (e)		1,443		1,476
9.13%, 06/15/2023 (e)		772		839
11.50%, 06/01/2025 (e)		1,292		1,474
Viking Cruises Ltd., (Bermuda), 5.88%, 09/15/2027 (e)		200		194
6.25%, 05/15/2025 (e)		500		501
Viking Ocean Cruises Ship VII Ltd., (Bermuda), 5.63%, 02/15/2029 (e)		762		759
Vista Outdoor, Inc., 4.50%, 03/15/2029 (e)		575		583
				24,159
Lodging — 1.1%
Accor SA, (France), Reg. S, (EUR Swap Rate 5 Year + 4.56%), 4.38%, 01/30/2024 (x) (aa)	EUR	200		239
Boyd Gaming Corp.,
4.75%, 12/01/2027		3,816		3,944
4.75%, 06/15/2031 (e)		2,765		2,851
8.63%, 06/01/2025 (e)		721		781
Full House Resorts, Inc., 8.25%, 02/15/2028 (e)		113		121
Hilton Domestic Operating Co., Inc.,
3.63%, 02/15/2032 (e)		2,850		2,807
3.75%, 05/01/2029 (e)		1,600		1,616
4.00%, 05/01/2031 (e)		915		929
4.88%, 01/15/2030		1,958		2,101
5.38%, 05/01/2025 (e)		425		444
5.75%, 05/01/2028 (e)		315		339
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.88%, 04/01/2027		1,567		1,620
Hyatt Hotels Corp.,
1.30%, 10/01/2023 (w)		495		496
1.80%, 10/01/2024 (w)		220		220
Marriott International, Inc., Series EE, 5.75%, 05/01/2025		68		78
MGM Resorts International,
4.63%, 09/01/2026		500		524
4.75%, 10/15/2028		4,780		5,037
5.50%, 04/15/2027		1,900		2,062

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
5.75%, 06/15/2025		398		434
6.00%, 03/15/2023		465		492
6.75%, 05/01/2025		3,190		3,361
Station Casinos LLC,
4.50%, 02/15/2028 (e)		900		914
5.00%, 10/01/2025 (e)		876		889
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025 (e)		1,650		1,650
Travel + Leisure Co.,
6.60%, 10/01/2025		1,090		1,224
6.63%, 07/31/2026 (e)		581		662
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028 (e)		294		307
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 4.25%, 05/30/2023 (e)		840		846
Wynn Macau Ltd., (Cayman Islands),
4.88%, 10/01/2024 (e)		500		486
5.13%, 12/15/2029 (e)		525		493
5.50%, 10/01/2027 (e)		1,330		1,270
				39,237
Office Furnishings — 0.0% (g)
Interface, Inc., 5.50%, 12/01/2028 (e)		475		499
Retail — 2.2%
1011778 BC ULC / New Red Finance, Inc., (Canada),
3.50%, 02/15/2029 (e)		1,475		1,463
3.88%, 01/15/2028 (e)		1,432		1,444
4.00%, 10/15/2030 (e)		6,650		6,583
4.38%, 01/15/2028 (e)		1,943		1,973
5.75%, 04/15/2025 (e)		77		81
Academy Ltd., 6.00%, 11/15/2027 (e)		350		378
Ambience Merger Sub, Inc.,
4.88%, 07/15/2028 (e)		175		175
7.13%, 07/15/2029 (e)		475		474
Arcos Dorados Holdings, Inc., (British Virgin Islands),
5.88%, 04/04/2027 (e)		200		208
6.63%, 09/27/2023 (e)		500		541
Asbury Automotive Group, Inc.,
4.50%, 03/01/2028		388		399
4.75%, 03/01/2030		3		3
Bath & Body Works, Inc.,
6.63%, 10/01/2030 (e)		3		3
6.88%, 11/01/2035		1,441		1,809
9.38%, 07/01/2025 (e)		349		443
BCPE Ulysses Intermediate, Inc., 7.75% (cash), 04/01/2027 (e) (v)		297		295
Beacon Roofing Supply, Inc., 4.13%, 05/15/2029 (e)		356		354
Brinker International, Inc.,
3.88%, 05/15/2023		675		696
5.00%, 10/01/2024 (e)		1,781		1,886
Burger King France SAS, (France), Reg. S, 6.00%, 05/01/2024	EUR	100		118
Caleres, Inc., 6.25%, 08/15/2023		250		250
Carrols Restaurant Group, Inc., 5.88%, 07/01/2029 (e)		1,113		1,048

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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.,
4.88%, 09/01/2029 (e)		811		804
5.50%, 04/15/2027 (e)		999		1,019
Constellation Automotive Financing plc, (United Kingdom), Reg. S, 4.88%, 07/15/2027	GBP	100		134
Douglas GmbH, (Germany), Reg. S, 6.00%, 04/08/2026	EUR	100		117
Dufry One BV, (Netherlands), Reg. S, 2.50%, 10/15/2024	EUR	200		229
eG Global Finance plc, (United Kingdom),
Reg. S, 6.25%, 10/30/2025	EUR	200		237
Reg. S, 6.25%, 03/30/2026	GBP	119		165
6.75%, 02/07/2025 (e)		1,018		1,041
8.50%, 10/30/2025 (e)		1,193		1,242
Foot Locker, Inc., 4.00%, 10/01/2029 (e) (w)		425		426
Foundation Building Materials, Inc., 6.00%, 03/01/2029 (e)		2,502		2,452
Gap, Inc. (The),
3.63%, 10/01/2029 (e)		125		125
3.88%, 10/01/2031 (e)		175		175
Golden Nugget, Inc., 6.75%, 10/15/2024 (e)		2,205		2,208
Goldstory SASU, (France), Reg. S, 5.38%, 03/01/2026	EUR	100		120
GYP Holdings III Corp., 4.63%, 05/01/2029 (e)		1,352		1,367
IRB Holding Corp.,
6.75%, 02/15/2026 (e)		1,269		1,304
7.00%, 06/15/2025 (e)		263		279
Ken Garff Automotive LLC, 4.88%, 09/15/2028 (e)		3		3
LBM Acquisition LLC, 6.25%, 01/15/2029 (e)		3,462		3,460
LCM Investments Holdings II LLC,
4.88%, 05/01/2029 (e)		1,351		1,386
Series SEP, 4.88%, 05/01/2029 (e)		266		273
Lithia Motors, Inc., 3.88%, 06/01/2029 (e)		492		511
Marks & Spencer plc, (United Kingdom), Reg. S, 4.50%, 07/10/2027	GBP	100		144
NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.13%, 04/01/2026 (e)		1,844		1,957
Park River Holdings, Inc., 5.63%, 02/01/2029 (e)		2,850		2,761
Penske Automotive Group, Inc.,
3.50%, 09/01/2025		438		451
3.75%, 06/15/2029 (e)		252		253
PetSmart, Inc. / PetSmart Finance Corp.,
4.75%, 02/15/2028 (e)		1,481		1,526
7.75%, 02/15/2029 (e)		4,357		4,755
Sally Holdings LLC / Sally Capital, Inc.,
5.63%, 12/01/2025		1,250		1,281
8.75%, 04/30/2025 (e)		3,000		3,232
Specialty Building Products Holdings LLC / SBP Finance Corp., 6.38%, 09/30/2026 (e)		1,319		1,388
SRS Distribution, Inc.,
4.63%, 07/01/2028 (e)		2,211		2,256
6.13%, 07/01/2029 (e)		1,966		2,025
Staples, Inc.,
7.50%, 04/15/2026 (e)		2,561		2,599
10.75%, 04/15/2027 (e)		700		682
Stonegate Pub Co. Financing 2019 plc, (United Kingdom), Reg. S, 8.25%, 07/31/2025	GBP	200		283

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Suburban Propane Partners LP / Suburban Energy Finance Corp.,
5.00%, 06/01/2031 (e)		1,843		1,912
5.88%, 03/01/2027		1,675		1,746
Superior Plus LP / Superior General Partner, Inc., (Canada), 4.50%, 03/15/2029 (e)		975		1,007
Tendam Brands SAU, (Spain), Reg. S, (ICE LIBOR EUR 3 Month + 5.25%), 5.25%, 09/15/2024 (aa)	EUR	100		115
White Cap Buyer LLC, 6.88%, 10/15/2028 (e)		2,721		2,871
White Cap Parent LLC, 8.25% (cash), 03/15/2026 (e) (v)		1,510		1,559
Yum! Brands, Inc.,
3.63%, 03/15/2031		1,300		1,307
4.63%, 01/31/2032		100		107
4.75%, 01/15/2030 (e)		527		571
				76,489
Toys/Games/Hobbies — 0.1%
Mattel, Inc.,
3.38%, 04/01/2026 (e)		630		649
3.75%, 04/01/2029 (e)		776		809
5.45%, 11/01/2041		633		750
6.20%, 10/01/2040		722		928
				3,136
Total Consumer Cyclical				501,150
Consumer Non-cyclical — 13.1%
Agriculture — 0.2%
BAT Capital Corp., 3.22%, 08/15/2024		86		91
BAT International Finance plc, (United Kingdom), 3.95%, 06/15/2025 (e)		1,108		1,203
Imperial Brands Finance plc, (United Kingdom),
3.13%, 07/26/2024 (e)		1,223		1,286
3.75%, 07/21/2022 (e)		342		349
Reynolds American, Inc., 4.45%, 06/12/2025		332		366
Tereos Finance Groupe I SA, (France), Reg. S, 7.50%, 10/30/2025	EUR	100		124
Vector Group Ltd., 5.75%, 02/01/2029 (e)		3,200		3,199
Viterra Finance BV, (Netherlands), 2.00%, 04/21/2026 (e)		1,342		1,351
				7,969
Beverages — 0.1%
Bacardi Ltd., (Bermuda), 4.45%, 05/15/2025 (e)		223		246
Central American Bottling Corp., (British Virgin Islands), 5.75%, 01/31/2027 (e)		1,100		1,133
				1,379
Biotechnology — 0.0% (g)
Grifols Escrow Issuer SA, (Spain),
Reg. S, 3.88%, 10/15/2028 (w)	EUR	100		117
4.75%, 10/15/2028 (e) (w)		200		204
HCRX Investments Holdco LP, 4.50%, 08/01/2029 (e)		1,011		1,016
				1,337

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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 — 3.2%
Adani Ports & Special Economic Zone Ltd., (India), 3.38%, 07/24/2024 (e)		800		833
ADT Security Corp. (The), 4.88%, 07/15/2032 (e)		847		854
Adtalem Global Education, Inc., 5.50%, 03/01/2028 (e)		775		786
Allied Universal Holdco LLC / Allied Universal Finance Corp.,
6.00%, 06/01/2029 (e)		4,913		4,848
6.63%, 07/15/2026 (e)		6,273		6,632
9.75%, 07/15/2027 (e)		5,927		6,431
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 Sarl, (Multinational),
4.63%, 06/01/2028 (e)		8,669		8,657
Reg. S, 3.63%, 06/01/2028	EUR	117		133
Reg. S, 4.88%, 06/01/2028	GBP	100		132
AMN Healthcare, Inc.,
4.00%, 04/15/2029 (e)		1,875		1,927
4.63%, 10/01/2027 (e)		303		314
APX Group, Inc.,
5.75%, 07/15/2029 (e)		1,029		1,015
6.75%, 02/15/2027 (e)		1,804		1,918
Ashtead Capital, Inc., 4.38%, 08/15/2027 (e)		1,027		1,076
Autostrade per l’Italia SpA, (Italy), Reg. S, 1.88%, 11/04/2025	EUR	100		120
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.,
4.75%, 04/01/2028 (e)		1,000		1,031
5.38%, 03/01/2029 (e)		305		323
5.75%, 07/15/2027 (e)		500		521
Avis Budget Finance Plc, (Jersey), Reg. S, 4.75%, 01/30/2026	EUR	300		355
Brink’s Co. (The), 5.50%, 07/15/2025 (e)		1,000		1,045
Carriage Services, Inc., 4.25%, 05/15/2029 (e)		450		454
CoreLogic, Inc., 4.50%, 05/01/2028 (e)		2,222		2,208
EC Finance plc, (United Kingdom),
Reg. S, 2.38%, 11/15/2022	EUR	126		146
Reg. S, 3.00%, 10/15/2026 (w)	EUR	282		329
Garda World Security Corp., (Canada),
4.63%, 02/15/2027 (e)		1,801		1,801
6.00%, 06/01/2029 (e)		600		584
9.50%, 11/01/2027 (e)		2,587		2,790
Gartner, Inc.,
3.63%, 06/15/2029 (e)		1,539		1,558
3.75%, 10/01/2030 (e)		2,181		2,245
4.50%, 07/01/2028 (e)		928		974
HealthEquity, Inc., 4.50%, 10/01/2029 (e) (w)		1,201		1,222
Herc Holdings, Inc., 5.50%, 07/15/2027 (e)		899		943
House of Finance NV (The), (Belgium), Reg. S, 4.38%, 07/15/2026	EUR	100		119
IHS Markit Ltd., (Bermuda), 4.13%, 08/01/2023		731		775
Intertrust Group BV, (Netherlands), Reg. S, 3.38%, 11/15/2025	EUR	100		118
IPD 3 BV, (Netherlands), Reg. S, 5.50%, 12/01/2025	EUR	200		242
Jaguar Holding Co. II / PPD Development LP,
4.63%, 06/15/2025 (e)		1,406		1,461
5.00%, 06/15/2028 (e)		1,787		1,923
La Financiere Atalian SASU, (France), Reg. S, 6.63%, 05/15/2025	GBP	100		134

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/2026 (e)		41		42
Loxam SAS, (France),
Reg. S, 3.75%, 07/15/2026	EUR	100		118
Reg. S, 5.75%, 07/15/2027	EUR	100		121
Metis Merger Sub LLC, 6.50%, 05/15/2029 (e)		3,298		3,207
MoneyGram International, Inc., 5.38%, 08/01/2026 (e)		391		397
MPH Acquisition Holdings LLC,
5.50%, 09/01/2028 (e)		2,308		2,325
5.75%, 11/01/2028 (e)		1,625		1,531
NESCO Holdings II, Inc., 5.50%, 04/15/2029 (e)		1,940		2,012
Nielsen Co. Luxembourg Sarl (The), (Luxembourg), 5.00%, 02/01/2025 (e)		825		845
Nielsen Finance LLC / Nielsen Finance Co.,
4.50%, 07/15/2029 (e)		775		758
4.75%, 07/15/2031 (e)		1,359		1,322
5.63%, 10/01/2028 (e)		3,101		3,213
5.88%, 10/01/2030 (e)		624		657
Prime Security Services Borrower LLC / Prime Finance, Inc.,
3.38%, 08/31/2027 (e)		646		621
5.75%, 04/15/2026 (e)		266		288
6.25%, 01/15/2028 (e)		893		923
Quanta Services, Inc., 0.95%, 10/01/2024		216		216
Rekeep SpA, (Italy), Reg. S, 7.25%, 02/01/2026	EUR	200		250
Sabre GLBL, Inc.,
7.38%, 09/01/2025 (e)		2,237		2,388
9.25%, 04/15/2025 (e)		1,315		1,520
Service Corp. International,
3.38%, 08/15/2030		2,072		2,070
4.00%, 05/15/2031		2,910		3,008
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026 (e)		1,341		1,400
Signal Parent, Inc., 6.13%, 04/01/2029 (e)		750		716
Sotheby’s, 7.38%, 10/15/2027 (e)		2,403		2,541
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/2029 (e)		1,542		1,586
Square, Inc., 3.50%, 06/01/2031 (e)		2,483		2,554
Techem Verwaltungsgesellschaft 674 mbH, (Germany), Reg. S, 6.00%, 07/30/2026	EUR	88		105
Triton Container International Ltd., (Bermuda),
0.80%, 08/01/2023 (e)		992		991
1.15%, 06/07/2024 (e)		223		223
United Rentals North America, Inc.,
3.75%, 01/15/2032		1,450		1,466
3.88%, 02/15/2031		2,050		2,101
4.00%, 07/15/2030		375		389
4.88%, 01/15/2028		4,000		4,229
5.25%, 01/15/2030		1,930		2,114
Verisure Holding AB, (Sweden), Reg. S, 3.25%, 02/15/2027	EUR	100		116
Verscend Escrow Corp., 9.75%, 08/15/2026 (e)		5,913		6,231
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026 (e)		333		347
				113,918

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Cosmetics/Personal Care — 0.0% (g)
Coty, Inc., Reg. S, 4.00%, 04/15/2023	EUR	300		349
Edgewell Personal Care Co., 4.13%, 04/01/2029 (e)		625		625
				974
Food — 2.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC,
3.25%, 03/15/2026 (e)		230		233
3.50%, 02/15/2023 (e)		25		26
3.50%, 03/15/2029 (e)		1,891		1,884
4.63%, 01/15/2027 (e)		2,756		2,891
4.88%, 02/15/2030 (e)		943		1,016
5.88%, 02/15/2028 (e)		2,087		2,223
7.50%, 03/15/2026 (e)		1,500		1,620
B&G Foods, Inc., 5.25%, 09/15/2027		3,036		3,167
Bellis Acquisition Co. plc, (United Kingdom), Reg. S, 3.25%, 02/16/2026	GBP	100		132
C&S Group Enterprises LLC, 5.00%, 12/15/2028 (e)		1,425		1,347
Casino Guichard Perrachon SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.82%), 3.99%, 01/31/2024 (x) (aa)	EUR	100		82
Chobani LLC / Chobani Finance Corp., Inc.,
4.63%, 11/15/2028 (e)		1,351		1,395
7.50%, 04/15/2025 (e)		3,616		3,762
Fresh Market, Inc. (The), 9.75%, 05/01/2023 (e)		102		105
Iceland Bondco plc, (United Kingdom),
Reg. S, 4.38%, 05/15/2028	GBP	200		239
Reg. S, 4.63%, 03/15/2025	GBP	100		125
JBS USA LUX SA / JBS USA Finance, Inc., (Multinational), 6.75%, 02/15/2028 (e)		732		794
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., (Multinational),
3.75%, 12/01/2031 (e)		1,985		2,065
5.50%, 01/15/2030 (e)		762		848
6.50%, 04/15/2029 (e)		5,470		6,113
Kraft Heinz Foods Co.,
3.00%, 06/01/2026		758		798
4.25%, 03/01/2031		4,612		5,208
4.38%, 06/01/2046		5,342		6,078
4.88%, 10/01/2049		7,616		9,268
5.00%, 07/15/2035		400		492
5.00%, 06/04/2042		525		644
5.20%, 07/15/2045		4,585		5,742
5.50%, 06/01/2050		5,696		7,499
6.88%, 01/26/2039		1,250		1,845
NBM US Holdings, Inc., 7.00%, 05/14/2026 (e)		1,000		1,064
Performance Food Group, Inc., 4.25%, 08/01/2029 (e)		1,994		1,999
Pilgrim’s Pride Corp.,
3.50%, 03/01/2032 (e)		2,403		2,444
4.25%, 04/15/2031 (e)		2,475		2,659
5.88%, 09/30/2027 (e)		1,650		1,754
Post Holdings, Inc.,
4.50%, 09/15/2031 (e)		3,215		3,177

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
4.63%, 04/15/2030 (e)		2,504		2,523
5.50%, 12/15/2029 (e)		450		477
5.63%, 01/15/2028 (e)		1,216		1,278
5.75%, 03/01/2027 (e)		1,325		1,376
Premier Foods Finance plc, (United Kingdom), Reg. S, 3.50%, 10/15/2026	GBP	100		136
Quatrim SASU, (France), Reg. S, 5.88%, 01/15/2024	EUR	200		239
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 4.63%, 03/01/2029 (e)		881		888
US Foods, Inc.,
4.75%, 02/15/2029 (e)		2,963		3,041
6.25%, 04/15/2025 (e)		270		283
				90,979
Healthcare - Products — 0.5%
Avantor Funding, Inc., 4.63%, 07/15/2028 (e)		3,337		3,512
Hologic, Inc., 3.25%, 02/15/2029 (e)		177		178
Mozart Debt Merger Sub, Inc.,
3.88%, 04/01/2029 (e) (w) (bb)		2,025		2,020
5.25%, 10/01/2029 (e) (w) (bb)		6,285		6,411
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA,
7.25%, 02/01/2028 (e)		3,326		3,559
7.38%, 06/01/2025 (e)		1,480		1,562
PerkinElmer, Inc., 0.85%, 09/15/2024		648		648
				17,890
Healthcare - Services — 4.0%
Acadia Healthcare Co., Inc., 5.00%, 04/15/2029 (e)		469		488
AHP Health Partners, Inc., 5.75%, 07/15/2029 (e)		1,913		1,932
Akumin, Inc., (Canada), 7.00%, 11/01/2025 (e)		100		97
BUPA Finance plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 3.17%), 4.00%, 09/24/2031 (x) (aa)	GBP	200		265
CAB SELAS, (France), Reg. S, 3.38%, 02/01/2028	EUR	200		234
Cano Health LLC, 6.25%, 10/01/2028 (e)		330		333
Catalent Pharma Solutions, Inc.,
Reg. S, 2.38%, 03/01/2028	EUR	300		352
3.13%, 02/15/2029 (e)		647		635
3.50%, 04/01/2030 (e)		2,773		2,773
5.00%, 07/15/2027 (e)		768		798
Centene Corp.,
2.45%, 07/15/2028		3,388		3,405
2.50%, 03/01/2031		3,928		3,874
2.63%, 08/01/2031		2,969		2,949
3.00%, 10/15/2030		5,845		5,991
4.25%, 12/15/2027		1,228		1,285
4.63%, 12/15/2029		1,950		2,126
Charles River Laboratories International, Inc.,
3.75%, 03/15/2029 (e)		621		634
4.00%, 03/15/2031 (e)		942		987
4.25%, 05/01/2028 (e)		405		421

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
CHS / Community Health Systems, Inc.,
5.63%, 03/15/2027 (e)		747		782
6.00%, 01/15/2029 (e)		601		637
6.63%, 02/15/2025 (e)		5,779		6,046
8.00%, 03/15/2026 (e)		6,501		6,890
6.13%, 04/01/2030 (e)		1,311		1,273
6.88%, 04/15/2029 (e)		1,835		1,837
DaVita, Inc.,
3.75%, 02/15/2031 (e)		4,675		4,552
4.63%, 06/01/2030 (e)		2,621		2,696
Encompass Health Corp.,
4.50%, 02/01/2028		170		177
4.63%, 04/01/2031		667		702
4.75%, 02/01/2030		1,369		1,441
Fresenius Medical Care US Finance II, Inc., 5.88%, 01/31/2022 (e)		276		281
Fresenius Medical Care US Finance III, Inc., 1.88%, 12/01/2026 (e)		736		739
Global Medical Response, Inc., 6.50%, 10/01/2025 (e)		1,450		1,499
HCA, Inc.,
3.50%, 09/01/2030		4,627		4,902
5.25%, 04/15/2025		1,686		1,910
5.25%, 06/15/2026		1,516		1,739
5.38%, 02/01/2025		6,645		7,426
5.38%, 09/01/2026		1,089		1,246
5.63%, 09/01/2028		2,654		3,157
5.88%, 05/01/2023		50		54
5.88%, 02/15/2026		750		860
5.88%, 02/01/2029		725		871
Humana, Inc., 0.65%, 08/03/2023		558		558
IQVIA, Inc.,
5.00%, 10/15/2026 (e)		897		919
5.00%, 05/15/2027 (e)		480		499
Korian SA, (France), Reg. S, (UK Gilts 5 Year + 9.08%), 4.13%, 03/15/2024 (x) (aa)	GBP	100		135
Legacy LifePoint Health LLC,
4.38%, 02/15/2027 (e)		790		786
6.75%, 04/15/2025 (e)		1,253		1,318
LifePoint Health, Inc., 5.38%, 01/15/2029 (e)		2,688		2,614
MEDNAX, Inc., 6.25%, 01/15/2027 (e)		3,162		3,324
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029 (e)		602		624
Molina Healthcare, Inc.,
3.88%, 11/15/2030 (e)		1,509		1,577
4.38%, 06/15/2028 (e)		1,256		1,303
5.38%, 11/15/2022		935		964
Prime Healthcare Services, Inc., 7.25%, 11/01/2025 (e)		3,049		3,270
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 9.75%, 12/01/2026 (e)		6,473		6,837
RP Escrow Issuer LLC, 5.25%, 12/15/2025 (e)		165		170
Select Medical Corp., 6.25%, 08/15/2026 (e)		1,627		1,711

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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.,
6.75%, 07/01/2025 (e)		2,091		2,127
10.00%, 04/15/2027 (e)		2,048		2,212
Syneos Health, Inc., 3.63%, 01/15/2029 (e)		1,978		1,973
Tenet Healthcare Corp.,
4.25%, 06/01/2029 (e)		5,181		5,259
4.63%, 07/15/2024		217		220
4.63%, 09/01/2024 (e)		769		786
4.88%, 01/01/2026 (e)		1,795		1,858
5.13%, 11/01/2027 (e)		1,188		1,239
6.13%, 10/01/2028 (e)		11,189		11,747
6.25%, 02/01/2027 (e)		3,175		3,294
7.50%, 04/01/2025 (e)		98		104
US Acute Care Solutions LLC, 6.38%, 03/01/2026 (e)		396		419
				139,143
Household Products/Wares — 0.2%
ACCO Brands Corp., 4.25%, 03/15/2029 (e)		1,775		1,782
Central Garden & Pet Co.,
4.13%, 10/15/2030		834		853
4.13%, 04/30/2031 (e)		300		305
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.,
5.00%, 12/31/2026 (e)		100		100
7.00%, 12/31/2027 (e)		1,525		1,460
Spectrum Brands, Inc.,
3.88%, 03/15/2031 (e)		349		353
5.50%, 07/15/2030 (e)		1,871		2,072
				6,925
Pharmaceuticals — 2.3%
180 Medical, Inc., 3.88%, 10/15/2029 (e) (w) (bb)		300		306
AdaptHealth LLC,
4.63%, 08/01/2029 (e)		1,686		1,684
5.13%, 03/01/2030 (e)		1,458		1,459
6.13%, 08/01/2028 (e)		2,225		2,367
Bausch Health Americas, Inc., 8.50%, 01/31/2027 (e)		2,200		2,360
Bausch Health Cos., Inc., (Canada),
4.88%, 06/01/2028 (e)		1,707		1,769
5.00%, 01/30/2028 (e)		2,075		1,969
5.00%, 02/15/2029 (e)		2,701		2,515
5.25%, 01/30/2030 (e)		4,847		4,520
5.25%, 02/15/2031 (e)		6,200		5,702
6.13%, 04/15/2025 (e)		3,607		3,679
6.25%, 02/15/2029 (e)		10,826		10,712
7.00%, 01/15/2028 (e)		2,398		2,457
7.25%, 05/30/2029 (e)		2,500		2,553
9.00%, 12/15/2025 (e)		1,172		1,241

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Bayer US Finance II LLC,
3.88%, 12/15/2023 (e)		554		589
4.25%, 12/15/2025 (e)		2,940		3,249
Cheplapharm Arzneimittel GmbH, (Germany),
Reg. S, 4.38%, 01/15/2028	EUR	200		241
5.50%, 01/15/2028 (e)		1,019		1,056
Diocle Spa, (Italy), Reg. S, (ICE LIBOR EUR 3 Month + 3.88%), 3.88%, 06/30/2026 (aa)	EUR	79		92
Endo Dac / Endo Finance LLC / Endo Finco, Inc., (Multinational),
6.00%, 06/30/2028 (e)		725		527
9.50%, 07/31/2027 (e)		2,135		2,140
Endo Luxembourg Finance Co. I Sarl / Endo US, Inc., (Luxembourg), 6.13%, 04/01/2029 (e)		2,761		2,761
Gruenenthal GmbH, (Germany),
Reg. S, 3.63%, 11/15/2026	EUR	100		120
Reg. S, 4.13%, 05/15/2028	EUR	117		142
Jazz Securities DAC, (Ireland), 4.38%, 01/15/2029 (e)		2,634		2,730
Mylan, Inc., 3.13%, 01/15/2023 (e)		1,950		2,014
Nidda BondCo GmbH, (Germany), Reg. S, 5.00%, 09/30/2025	EUR	100		115
Nidda Healthcare Holding GmbH, (Germany), Reg. S, 3.50%, 09/30/2024	EUR	400		460
Organon & Co. / Organon Foreign Debt Co-Issuer BV,
4.13%, 04/30/2028 (e)		2,328		2,375
5.13%, 04/30/2031 (e)		4,079		4,284
P&L Development LLC / PLD Finance Corp., 7.75%, 11/15/2025 (e)		2,586		2,686
Par Pharmaceutical, Inc., 7.50%, 04/01/2027 (e)		4,038		4,114
PRA Health Sciences, Inc., 2.88%, 07/15/2026 (e)		1,397		1,411
Prestige Brands, Inc., 3.75%, 04/01/2031 (e)		1,690		1,631
5.13%, 01/15/2028 (e)		50		52
Rossini Sarl, (Luxembourg), Reg. S, 6.75%, 10/30/2025	EUR	200		240
Teva Pharmaceutical Finance Netherlands II BV, (Netherlands),
4.50%, 03/01/2025	EUR	200		241
6.00%, 01/31/2025	EUR	200		250
Vizient, Inc., 6.25%, 05/15/2027 (e)		935		977
				79,790
Total Consumer Non-cyclical				460,304
Diversified — 0.0% (g)
Holding Companies — Diversified — 0.0% (g)
Stena International SA, (Luxembourg), 6.13%, 02/01/2025 (e)		550		569
Energy — 10.5%
Coal — 0.0% (g)
Coronado Finance Pty Ltd., (Australia), 10.75%, 05/15/2026 (e)		902		983
Energy - Alternate Sources — 0.1%
Enviva Partners LP / Enviva Partners Finance Corp., 6.50%, 01/15/2026 (e)		1,298		1,343
TerraForm Power Operating LLC, 4.25%, 01/31/2023 (e)		1,550		1,593
4.75%, 01/15/2030 (e)		471		493
				3,429

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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 — 6.2%
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 02/15/2026 (e)		3,601		3,889
Antero Resources Corp.,
5.00%, 03/01/2025		2,400		2,458
5.38%, 03/01/2030 (e)		1,604		1,689
7.63%, 02/01/2029 (e)		2,952		3,301
8.38%, 07/15/2026 (e)		1,477		1,673
Apache Corp.,
4.25%, 01/15/2030		604		651
4.38%, 10/15/2028		112		121
4.75%, 04/15/2043		2,451		2,654
4.88%, 11/15/2027		1,477		1,611
5.10%, 09/01/2040		1,605		1,797
5.25%, 02/01/2042		78		86
5.35%, 07/01/2049		25		28
7.75%, 12/15/2029		1,450		1,823
Ascent Resources Utica Holdings LLC / ARU Finance Corp.,
5.88%, 06/30/2029 (e)		1,785		1,821
7.00%, 11/01/2026 (e)		3,975		4,109
8.25%, 12/31/2028 (e)		1,924		2,097
9.00%, 11/01/2027 (e)		1,942		2,660
BP Capital Markets plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.17%), 4.25%, 03/22/2027 (x) (aa)	GBP	100		143
Callon Petroleum Co.,
6.13%, 10/01/2024		1,012		994
8.00%, 08/01/2028 (e)		4,040		4,000
9.00%, 04/01/2025 (e)		4,106		4,440
Cenovus Energy, Inc., (Canada), 5.38%, 07/15/2025		1,150		1,310
Centennial Resource Production LLC,
5.38%, 01/15/2026 (e)		75		74
6.88%, 04/01/2027 (e)		963		981
Chesapeake Energy Corp.,
5.50%, 02/01/2026 (e)		688		719
5.88%, 02/01/2029 (e)		375		400
Cimarex Energy Co., 4.38%, 06/01/2024		1,255		1,353
Citgo Holding, Inc., 9.25%, 08/01/2024 (d) (e)		1,345		1,355
CITGO Petroleum Corp., 7.00%, 06/15/2025 (e)		699		715
CNX Resources Corp.,
6.00%, 01/15/2029 (e)		1,461		1,545
7.25%, 03/14/2027 (e)		1,275		1,358
Colgate Energy Partners III LLC,
5.88%, 07/01/2029 (e)		2,166		2,182
7.75%, 02/15/2026 (e)		422		444
Comstock Resources, Inc.,
5.88%, 01/15/2030 (e)		2,881		2,996
6.75%, 03/01/2029 (e)		5,119		5,528
7.50%, 05/15/2025 (e)		1,155		1,201

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Oil & Gas — continued
Continental Resources, Inc.,
3.80%, 06/01/2024		2,430		2,553
4.90%, 06/01/2044		364		408
5.75%, 01/15/2031 (e)		1,300		1,569
CrownRock LP / CrownRock Finance, Inc.,
5.00%, 05/01/2029 (e)		450		470
5.63%, 10/15/2025 (e)		6,082		6,224
Devon Energy Corp.,
5.25%, 09/15/2024 (e)		2,188		2,423
5.25%, 10/15/2027 (e)		1,765		1,876
5.88%, 06/15/2028 (e)		32		35
8.25%, 08/01/2023 (e)		569		637
Diamondback Energy, Inc.,
0.90%, 03/24/2023		2,813		2,812
4.75%, 05/31/2025		342		382
Endeavor Energy Resources LP / EER Finance, Inc.,
5.50%, 01/30/2026 (e)		5,184		5,404
5.75%, 01/30/2028 (e)		950		1,000
6.63%, 07/15/2025 (e)		2,384		2,512
EQT Corp.,
3.13%, 05/15/2026 (e)		762		781
3.63%, 05/15/2031 (e)		312		325
3.90%, 10/01/2027		3,613		3,910
5.00%, 01/15/2029		969		1,091
6.63%, 02/01/2025		367		420
7.50%, 02/01/2030		2,435		3,135
Great Western Petroleum LLC / Great Western Finance Corp., 12.00%, 09/01/2025 (e)		68		69
Harvest Operations Corp., (Canada), 1 .00%, 04/26/2024 (e)		330		330
Hilcorp Energy I LP / Hilcorp Finance Co.,
5.75%, 10/01/2025 (e)		250		253
5.75%, 02/01/2029 (e)		1,150		1,182
6.00%, 02/01/2031 (e)		1,863		1,914
6.25%, 11/01/2028 (e)		1,000		1,036
Independence Energy Finance LLC, 7.25%, 05/01/2026 (e)		2,789		2,872
Laredo Petroleum, Inc., 9.50%, 01/15/2025		1,226		1,270
Lundin Energy Finance BV, (Netherlands), 2.00%, 07/15/2026 (e)		1,734		1,744
Matador Resources Co., 5.88%, 09/15/2026		4,041		4,172
MEG Energy Corp., (Canada),
5.88%, 02/01/2029 (e)		800		818
6.50%, 01/15/2025 (e)		2,387		2,456
7.13%, 02/01/2027 (e)		2,200		2,310
Murphy Oil Corp., 6.88%, 08/15/2024		614		627
Nabors Industries Ltd., (Bermuda),
7.25%, 01/15/2026 (e)		2,300		2,237
7.50%, 01/15/2028 (e)		2,225		2,108
Nabors Industries, Inc., 5.75%, 02/01/2025		2,350		2,171
Neptune Energy Bondco plc, (United Kingdom), 6.63%, 05/15/2025 (e)		400		412
Northern Oil and Gas, Inc., 8.13%, 03/01/2028 (e)		2,780		2,970

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Occidental Petroleum Corp.,
2.70%, 02/15/2023		72		73
2.90%, 08/15/2024		2,619		2,666
3.00%, 02/15/2027		844		843
3.40%, 04/15/2026		50		51
3.50%, 06/15/2025		450		468
4.10%, 02/15/2047		1,033		982
4.20%, 03/15/2048		668		640
4.40%, 04/15/2046		2,660		2,649
4.50%, 07/15/2044		2,441		2,453
4.63%, 06/15/2045		1,762		1,802
5.50%, 12/01/2025		1,975		2,187
5.55%, 03/15/2026		61		68
5.88%, 09/01/2025		2,675		2,998
6.13%, 01/01/2031		2,754		3,305
6.20%, 03/15/2040		2,495		2,938
6.38%, 09/01/2028		608		711
6.45%, 09/15/2036		1,625		2,044
6.63%, 09/01/2030		1,725		2,128
6.95%, 07/01/2024		421		476
7.15%, 05/15/2028		675		790
7.50%, 05/01/2031		1,050		1,365
7.88%, 09/15/2031		500		667
8.50%, 07/15/2027		950		1,190
8.88%, 07/15/2030		1,100		1,494
Ovintiv, Inc.,
6.50%, 08/15/2034		782		1,054
6.50%, 02/01/2038		150		206
6.63%, 08/15/2037		75		103
7.38%, 11/01/2031		219		297
Parkland Corp., (Canada), 4.50%, 10/01/2029 (e)		875		887
Parsley Energy LLC / Parsley Finance Corp., 5.63%, 10/15/2027 (e)		1,178		1,259
PDC Energy, Inc.,
5.75%, 05/15/2026		1,448		1,508
6.13%, 09/15/2024		505		512
Petroleos Mexicanos, (Mexico),
(ICE LIBOR USD 3 Month + 3.65%), 3.76%, 03/11/2022 (aa)		1,000		1,004
4.25%, 01/15/2025		1,200		1,223
6.88%, 10/16/2025 (e)		191		209
6.88%, 08/04/2026		525		571
Precision Drilling Corp., (Canada), 6.88%, 01/15/2029 (e)		900		940
Range Resources Corp.,
4.88%, 05/15/2025		2,775		2,930
8.25%, 01/15/2029 (e)		125		140
9.25%, 02/01/2026		2,940		3,205
Repsol International Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 4.41%), 4.25%, 09/11/2028 (x) (aa)	EUR	300		381
Rockcliff Energy II LLC, 5.50%, 10/15/2029 (e) (w)		575		584

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Saudi Arabian Oil Co., (Saudi Arabia),
1.63%, 11/24/2025 (e)		400		400
2.88%, 04/16/2024 (e)		450		469
SM Energy Co.,
5.63%, 06/01/2025		1,075		1,081
6.50%, 07/15/2028		917		949
6.75%, 09/15/2026		738		754
10.00%, 01/15/2025 (e)		4,981		5,556
Southwestern Energy Co.,
5.38%, 02/01/2029 (e)		2,079		2,224
5.38%, 03/15/2030		2,900		3,131
6.45%, 01/23/2025		11		12
8.38%, 09/15/2028		1,286		1,457
Suncor Energy, Inc., (Canada), 7.88%, 06/15/2026		650		816
Sunoco LP / Sunoco Finance Corp.,
4.50%, 05/15/2029		1,419		1,439
5.50%, 02/15/2026		1,475		1,505
Tap Rock Resources LLC, 7.00%, 10/01/2026 (e)		2,527		2,596
Tengizchevroil Finance Co. International Ltd., (Bermuda), 2.63%, 08/15/2025 (e)		1,400		1,427
Transocean, Inc., (Cayman Islands), 11.50%, 01/30/2027 (e)		1,200		1,236
Valero Energy Corp.,
1.20%, 03/15/2024		129		130
2.70%, 04/15/2023		556		574
2.85%, 04/15/2025		696		733
3.65%, 03/15/2025		593		641
Vine Energy Holdings LLC, 6.75%, 04/15/2029 (e)		3,773		4,075
Viper Energy Partners LP, 5.38%, 11/01/2027 (e)		835		870
				217,200
Oil & Gas Services — 0.3%
Archrock Partners LP / Archrock Partners Finance Corp.,
6.25%, 04/01/2028 (e)		4,362		4,504
6.88%, 04/01/2027 (e)		1,577		1,656
CGG SA, (France), Reg. S, 7.75%, 04/01/2027	EUR	100		118
USA Compression Partners LP / USA Compression Finance Corp.,
6.88%, 04/01/2026		1,614		1,680
6.88%, 09/01/2027		2,904		3,071
				11,029
Pipelines — 3.9%
Antero Midstream Partners LP / Antero Midstream Finance Corp.,
5.38%, 06/15/2029 (e)		2,118		2,188
5.75%, 03/01/2027 (e)		2,472		2,554
5.75%, 01/15/2028 (e)		3,476		3,610
7.88%, 05/15/2026 (e)		2,756		3,017
Buckeye Partners LP,
5.60%, 10/15/2044		1,033		1,005
5.85%, 11/15/2043		17		17

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Cheniere Corpus Christi Holdings LLC,
5.88%, 03/31/2025		2,787		3,148
7.00%, 06/30/2024		1,866		2,110
Cheniere Energy Partners LP,
3.25%, 01/31/2032 (e)		1,948		1,955
4.00%, 03/01/2031 (e)		3,907		4,091
4.50%, 10/01/2029		3,487		3,731
Cheniere Energy, Inc., 4.63%, 10/15/2028		9,718		10,234
CNX Midstream Partners LP, 4.75%, 04/15/2030 (e)		1,217		1,234
CNX Midstream Partners LP / CNX Midstream Finance Corp., 6.50%, 03/15/2026 (e)		1,150		1,208
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 (e)		1,334		1,419
DCP Midstream Operating LP,
5.60%, 04/01/2044		258		300
5.63%, 07/15/2027		1,000		1,139
6.75%, 09/15/2037 (e)		658		849
DT Midstream, Inc.,
4.13%, 06/15/2029 (e)		584		592
4.38%, 06/15/2031 (e)		3,322		3,422
Energy Transfer LP, 4.25%, 03/15/2023		776		809
Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa)		2,157		2,246
EnLink Midstream LLC, 5.63%, 01/15/2028 (e)		692		737
EnLink Midstream Partners LP,
4.15%, 06/01/2025		241		248
4.40%, 04/01/2024		879		914
4.85%, 07/15/2026		20		21
5.05%, 04/01/2045		14		13
5.60%, 04/01/2044		1,390		1,327
EQM Midstream Partners LP,
4.50%, 01/15/2029 (e)		1,735		1,800
4.75%, 01/15/2031 (e)		789		821
5.50%, 07/15/2028		1,625		1,785
6.00%, 07/01/2025 (e)		2,270		2,488
6.50%, 07/01/2027 (e)		1,816		2,043
6.50%, 07/15/2048		700		801
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 01/15/2027		242		246
Global Partners LP / GLP Finance Corp.,
6.88%, 01/15/2029		825		856
7.00%, 08/01/2027		600		626
Harvest Midstream I LP, 7.50%, 09/01/2028 (e)		233		248
Hess Midstream Operations LP,
4.25%, 02/15/2030 (e)		992		1,005
5.13%, 06/15/2028 (e)		775		809
Holly Energy Partners LP / Holly Energy Finance Corp., 5.00%, 02/01/2028 (e)		650		659
ITT Holdings LLC, 6.50%, 08/01/2029 (e)		1,255		1,266
New Fortress Energy, Inc.,
6.50%, 09/30/2026 (e)		4,871		4,658
6.75%, 09/15/2025 (e)		4,592		4,420
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 02/01/2026 (e)		1,477		1,505
NGPL PipeCo. LLC, 7.77%, 12/15/2037 (e)		1,166		1,668
NOVA Gas Transmission Ltd., (Canada), 7.88%, 04/01/2023		564		621

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
NuStar Logistics LP,
5.75%, 10/01/2025		728		787
6.00%, 06/01/2026		1,825		1,971
6.38%, 10/01/2030		13		14
Oasis Midstream Partners LP / OMP Finance Corp., 8.00%, 04/01/2029 (e)		400		416
Plains All American Pipeline LP / PAA Finance Corp., 2.85%, 01/31/2023		1,351		1,381
Rattler Midstream LP, 5.63%, 07/15/2025 (e)		350		364
Rockies Express Pipeline LLC,
3.60%, 05/15/2025 (e)		50		52
6.88%, 04/15/2040 (e)		1,500		1,665
7.50%, 07/15/2038 (e)		1,000		1,135
Rubis Terminal Infra SAS, (France), Reg. S, 5.63%, 05/15/2025	EUR	100		122
Sabine Pass Liquefaction LLC,
5.63%, 04/15/2023		1,354		1,439
5.75%, 05/15/2024		3,792		4,222
5.88%, 06/30/2026		1,500		1,765
Summit Midstream Holdings LLC / Summit Midstream Finance Corp.,
5.50%, 08/15/2022		275		273
5.75%, 04/15/2025		675		614
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.,
5.50%, 01/15/2028 (e)		850		870
6.00%, 03/01/2027 (e)		1,438		1,505
6.00%, 12/31/2030 (e)		1,625		1,668
7.50%, 10/01/2025 (e)		25		27
Targa Resources Partners LP / Targa Resources Partners Finance Corp.,
4.00%, 01/15/2032 (e)		286		296
4.88%, 02/01/2031		1,453		1,567
5.38%, 02/01/2027		2,000		2,072
5.50%, 03/01/2030		3,754		4,105
5.88%, 04/15/2026		2,400		2,507
6.50%, 07/15/2027		1,665		1,795
6.88%, 01/15/2029		8		9
Venture Global Calcasieu Pass LLC,
3.88%, 08/15/2029 (e)		3,322		3,422
4.13%, 08/15/2031 (e)		2,695		2,809
Western Midstream Operating LP,
(ICE LIBOR USD 3 Month + 2.10%), 2.23%, 01/13/2023 (aa)		835		835
3.95%, 06/01/2025		1,704		1,801
4.35%, 02/01/2025		1,250		1,319
4.75%, 08/15/2028		700		763
5.30%, 02/01/2030		1,250		1,381
5.30%, 03/01/2048		2,263		2,608
5.45%, 04/01/2044		2,018		2,318
5.50%, 08/15/2048		251		294
6.50%, 02/01/2050		3,374		3,970
				136,624
Total Energy				369,265

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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 — 9.9%
Banks — 3.2%
ABN AMRO Bank NV, (Netherlands),
4.75%, 07/28/2025 (e)		1,879		2,083
4.80%, 04/18/2026 (e)		200		225
AIB Group plc, (Ireland),
(ICE LIBOR USD 3 Month + 1.87%), 4.26%, 04/10/2025 (e) (aa)		2,983		3,198
4.75%, 10/12/2023 (e)		3,203		3,445
Reg. S, (EUR Swap Rate 5 Year + 6.63%), 6.25%, 06/23/2025 (x) (aa)	EUR	200		258
Australia & New Zealand Banking Group Ltd., (Australia),
4.40%, 05/19/2026 (e)		2,114		2,366
4.50%, 03/19/2024 (e)		280		304
Banco BPM SpA, (Italy), Reg. S, (EUR Swap Rate 5 Year + 5.42%), 5.00%, 09/14/2030 (aa)	EUR	100		126
Banco de Sabadell SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 2.95%), 2.50%, 04/15/2031 (aa)	EUR	100		118
Bank of America Corp.,
(United States SOFR + 0.41%), 0.52%, 06/14/2024 (aa)		1,114		1,113
(United States SOFR + 1.01%), 1.20%, 10/24/2026 (aa)		1,014		1,006
(United States SOFR + 1.15%), 1.32%, 06/19/2026 (aa)		408		408
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/01/2025 (aa)		85		90
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 03/10/2026 (x) (aa)		732		849
Series L, 3.95%, 04/21/2025		279		304
Bank of Cyprus PCL, (Cyprus), Reg. S, (EUR Swap Rate 5 Year + 2.79%), 2.50%, 06/24/2027 (aa)	EUR	100		114
Bank of Ireland Group plc, (Ireland),
(CMT Index 1 Year + 1.10%), 2.03%, 09/30/2027 (e) (aa)		799		798
4.50%, 11/25/2023 (e)		1,589		1,703
BankUnited, Inc., 4.88%, 11/17/2025		864		975
Barclays plc, (United Kingdom),
4.38%, 09/11/2024		960		1,045
(CMT Index 5 Year + 3.41%), 4.38%, 03/15/2028 (x) (aa)		1,645		1,644
(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 02/15/2023 (aa)		2,741		2,783
5.20%, 05/12/2026		990		1,132
Reg. S, (UK Gilts 5 Year + 6.02%), 6.38%, 12/15/2025 (x) (aa)	GBP	200		297
(UK Gilts 5 Year + 6.58%), 7.13%, 06/15/2025 (x) (aa)	GBP	200		302
BBVA Bancomer SA, (Mexico), 4.38%, 04/10/2024 (e)		1,400		1,510
BNP Paribas SA, (France),
(United States SOFR + 1.00%), 1.32%, 01/13/2027 (e) (aa)		221		218
(ICE LIBOR USD 3 Month + 2.24%), 4.71%, 01/10/2025 (e) (aa)		208		225
Citigroup, Inc.,
3.70%, 01/12/2026		608		667
3.88%, 03/26/2025		67		73
(CMT Index 5 Year + 3.42%), 3.88%, 02/18/2026 (x) (aa)		625		639
4.40%, 06/10/2025		1,273		1,409
Series W, (CMT Index 5 Year + 3.60%), 4.00%, 12/10/2025 (x) (aa)		888		920
Commerzbank AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 6.36%), 6.13%, 10/09/2025 (x) (aa)	EUR	200		254
Credit Suisse AG, (Switzerland), 3.63%, 09/09/2024		748		806
Credit Suisse Group AG, (Switzerland),
(United States SOFR + 0.98%), 1.31%, 02/02/2027 (e) (aa)		276		270

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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%), 2.59%, 09/11/2025 (e) (aa)		388		402
(ICE LIBOR USD 3 Month + 1.20%), 3.00%, 12/14/2023 (e) (aa)		4,689		4,815
(ICE LIBOR USD 3 Month + 1.24%), 4.21%, 06/12/2024 (e) (aa)		1,818		1,920
Reg. S, (USD Semi-annual Swap Rate 5 Year + 3.46%), 6.25%, 12/18/2024 (x) (aa)		200		215
(CMT Index 5 Year + 4.82%), 6.38%, 08/21/2026 (e) (x) (aa)		1,660		1,822
Reg. S, (USD ICE Swap Rate 5 Year + 4.33%), 7.25%, 09/12/2025 (x) (aa)		400		443
Danske Bank A/S, (Denmark),
(CMT Index 1 Year + 1.03%), 1.17%, 12/08/2023 (e) (aa)		1,172		1,178
1.23%, 06/22/2024 (e)		2,125		2,146
(CMT Index 1 Year + 1.35%), 1.62%, 09/11/2026 (e) (aa)		2,585		2,584
(ICE LIBOR USD 3 Month + 1.59%), 3.24%, 12/20/2025 (e) (aa)		1,943		2,064
(CMT Index 1 Year + 1.73%), 5.00%, 01/12/2023 (e) (aa)		221		224
5.38%, 01/12/2024 (e)		3,312		3,634
Freedom Mortgage Corp., 7.63%, 05/01/2026 (e)		508		518
Goldman Sachs Group, Inc. (The),
(United States SOFR + 0.51%), 0.66%, 09/10/2024 (aa)		1,114		1,114
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa)		316		338
3.50%, 01/23/2025		79		85
3.50%, 04/01/2025		500		537
Series R, (CMT Index 5 Year + 3.22%), 4.95%, 02/10/2025 (x) (aa)		2,036		2,158
HSBC Bank plc, (United Kingdom), Series 1M, (ICE LIBOR USD 6 Month + 0.25%), 0.42%, 12/31/2021 (x) (aa)		90		85
HSBC Holdings plc, (United Kingdom),
(United States SOFR + 0.53%), 0.73%, 08/17/2024 (aa)		416		416
(United States SOFR + 0.71%), 0.98%, 05/24/2025 (aa)		318		317
4.25%, 03/14/2024		672		722
(CMT Index 5 Year + 3.65%), 4.60%, 12/17/2030 (x) (aa)		1,568		1,572
Intesa Sanpaolo SpA, (Italy),
3.38%, 01/12/2023 (e)		1,457		1,507
5.02%, 06/26/2024 (e)		1,972		2,129
Series XR, 3.25%, 09/23/2024 (e)		4,141		4,372
Itau Unibanco Holding SA, (Brazil), 2.90%, 01/24/2023 (e)		800		812
Lloyds Banking Group plc, (United Kingdom), 4.58%, 12/10/2025		888		991
Macquarie Bank Ltd., (Australia), 4.88%, 06/10/2025 (e)		3,034		3,360
Macquarie Group Ltd., (Australia),
(ICE LIBOR USD 3 Month + 1.02%), 1.14%, 11/28/2023 (e) (aa)		1,574		1,586
(ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023 (e) (aa)		277		285
Morgan Stanley,
(United States SOFR + 0.53%), 0.79%, 05/30/2025 (aa)		1,279		1,275
(United States SOFR + 0.51%), 0.79%, 01/22/2025 (aa)		1,125		1,125
Natwest Group plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 05/15/2023 (aa)		539		549
3.88%, 09/12/2023		607		644
5.13%, 05/28/2024		2,636		2,904
Popular, Inc., (Puerto Rico), 6.13%, 09/14/2023		1,785		1,917
Santander Holdings USA, Inc.,
3.40%, 01/18/2023		621		642
3.45%, 06/02/2025		555		594
3.50%, 06/07/2024		798		848

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Standard Chartered plc, (United Kingdom),
(CMT Index 1 Year + 0.78%), 0.99%, 01/12/2025 (e) (aa)		1,034		1,030
(CMT Index 1 Year + 0.88%), 1.21%, 03/23/2025 (e) (aa)		200		200
(CMT Index 1 Year + 1.17%), 1.32%, 10/14/2023 (e) (aa)		421		424
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 01/30/2026 (e) (aa)		2,207		2,298
3.20%, 04/17/2025 (e)		682		720
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 03/15/2024 (e) (aa)		799		834
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 01/20/2023 (e) (aa)		1,936		1,957
5.20%, 01/26/2024 (e)		585		635
Turkiye Vakiflar Bankasi TAO, (Turkey), 5.75%, 01/30/2023 (e)		1,300		1,332
UBS AG, (Switzerland),
Reg. S, 5.13%, 05/15/2024		2,637		2,881
7.63%, 08/17/2022		4,228		4,480
UBS Group AG, (Switzerland), (CMT Index 5 Year + 3.31%), 4.38%, 02/10/2031 (e) (x) (aa)		817		825
UniCredit SpA, (Italy),
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.08%), 3.88%, 06/03/2027 (x) (aa)	EUR	200		226
6.57%, 01/14/2022 (e)		3,000		3,049
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 7.33%), 7.50%, 06/03/2026 (x) (aa)	EUR	200		273
7.83%, 12/04/2023 (e)		700		797
Wells Fargo & Co., Series BB, (CMT Index 5 Year + 3.45%), 3.90%, 03/15/2026 (x) (aa)		2,300		2,372
				112,859
Diversified Financial Services — 2.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland),
2.88%, 08/14/2024		336		350
3.15%, 02/15/2024		524		546
3.50%, 01/15/2025		662		697
Air Lease Corp., 3.00%, 09/15/2023		2,500		2,598
Aircastle Ltd., (Bermuda),
4.40%, 09/25/2023		448		477
5.00%, 04/01/2023		636		676
5.25%, 08/11/2025 (e)		1,033		1,154
Alliance Data Systems Corp.,
4.75%, 12/15/2024 (e)		2,183		2,236
7.00%, 01/15/2026 (e)		1,146		1,226
Ally Financial, Inc.,
1.45%, 10/02/2023		80		81
3.88%, 05/21/2024		858		923
4.63%, 03/30/2025		208		231
5.13%, 09/30/2024		2,352		2,633
5.75%, 11/20/2025		1,827		2,088
American Express Co., (CMT Index 5 Year + 2.85%), 3.55%, 09/15/2026 (x) (aa)		2,655		2,713
Aretec Escrow Issuer, Inc., 7.50%, 04/01/2029 (e)		385		396
Arrow Global Finance plc, (United Kingdom), Reg. S, 5.13%, 09/15/2024	GBP	200		269
Aviation Capital Group LLC,
1.95%, 01/30/2026 (e)		354		353
5.50%, 12/15/2024 (e)		1,476		1,654
Avolon Holdings Funding Ltd., (Cayman Islands),
2.13%, 02/21/2026 (e)		298		295
3.63%, 05/01/2022 (e)		1,848		1,875

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
4.25%, 04/15/2026 (e)		439		472
5.13%, 10/01/2023 (e)		580		623
Charles Schwab Corp. (The), Series H, (CMT Index 10 Year + 3.08%), 4.00%, 12/01/2030 (x) (aa)		3,136		3,225
Citigroup Global Markets Holdings, Inc., 0.75%, 06/07/2024		874		871
Coinbase Global, Inc.,
3.38%, 10/01/2028 (e)		1,118		1,076
3.63%, 10/01/2031 (e)		1,081		1,035
doValue SpA, (Italy), Reg. S, 3.38%, 07/31/2026	EUR	100		118
Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin, 3.88%, 02/15/2026 (e)		250		257
Enact Holdings, Inc., 6.50%, 08/15/2025 (e)		1,838		2,007
Encore Capital Group, Inc.,
Reg. S, 4.25%, 06/01/2028	GBP	159		214
Reg. S, 5.38%, 02/15/2026	GBP	300		424
Garfunkelux Holdco 3 SA, (Luxembourg),
Reg. S, 6.75%, 11/01/2025	EUR	200		242
Reg. S, 7.75%, 11/01/2025	GBP	100		141
Global Aircraft Leasing Co. Ltd., (Cayman Islands), 6.50% (cash), 09/15/2024 (e) (v)		1,670		1,641
goeasy Ltd., (Canada),
4.38%, 05/01/2026 (e)		675		693
5.38%, 12/01/2024 (e)		700		721
Home Point Capital, Inc., 5.00%, 02/01/2026 (e)		2,261		2,050
Intrum AB, (Sweden), Reg. S, 4.88%, 08/15/2025	EUR	300		364
Jefferies Finance LLC / JFIN Co-Issuer Corp., 5.00%, 08/15/2028 (e)		2,650		2,690
Jerrold Finco plc, (United Kingdom), Reg. S, 5.25%, 01/15/2027	GBP	100		140
LD Holdings Group LLC, 6.13%, 04/01/2028 (e)		2,643		2,491
LFS Topco LLC, 5.88%, 10/15/2026 (e)		400		412
LPL Holdings, Inc., 4.00%, 03/15/2029 (e)		2,150		2,208
Nationstar Mortgage Holdings, Inc.,
5.13%, 12/15/2030 (e)		1,785		1,810
5.50%, 08/15/2028 (e)		4,372		4,503
Navient Corp.,
5.88%, 10/25/2024		740		790
6.13%, 03/25/2024		653		699
6.50%, 06/15/2022		1,255		1,296
6.75%, 06/25/2025		426		465
6.75%, 06/15/2026		1,200		1,329
7.25%, 09/25/2023		851		928
NFP Corp.,
4.88%, 08/15/2028 (e)		1,712		1,734
6.88%, 08/15/2028 (e)		6,619		6,758
OneMain Finance Corp.,
3.50%, 01/15/2027		1,109		1,106
3.88%, 09/15/2028		550		547
4.00%, 09/15/2030		829		825
5.38%, 11/15/2029		3,000		3,252
5.63%, 03/15/2023		994		1,046
6.13%, 05/15/2022		350		358

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
6.13%, 03/15/2024		1,596		1,705
6.63%, 01/15/2028		2,496		2,870
6.88%, 03/15/2025		1,800		2,023
7.13%, 03/15/2026		1,795		2,080
8.25%, 10/01/2023		305		341
8.88%, 06/01/2025		357		387
Park Aerospace Holdings Ltd., (Cayman Islands),
4.50%, 03/15/2023 (e)		1,614		1,687
5.50%, 02/15/2024 (e)		1,590		1,735
PennyMac Financial Services, Inc.,
4.25%, 02/15/2029 (e)		925		881
5.38%, 10/15/2025 (e)		890		915
Rocket Mortgage LLC, 5.25%, 01/15/2028 (e)		1,525		1,643
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc.,
2.88%, 10/15/2026 (e) (w)		1,488		1,477
3.88%, 03/01/2031 (e)		275		277
4.00%, 10/15/2033 (e) (w)		1,307		1,297
United Wholesale Mortgage LLC,
5.50%, 11/15/2025 (e)		1,250		1,260
5.50%, 04/15/2029 (e)		400		388
				95,998
Insurance — 1.1%
Acrisure LLC / Acrisure Finance, Inc., 6.00%, 08/01/2029 (e)		2,249		2,220
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer,
4.25%, 10/15/2027 (e)		3,644		3,680
6.75%, 10/15/2027 (e)		8,449		8,745
AmWINS Group, Inc., 4.88%, 06/30/2029 (e)		2,374		2,410
Ardonagh Midco 2 plc, (United Kingdom), 11.50% (cash), 01/15/2027 (e) (v)		804		878
AssuredPartners, Inc., 5.63%, 01/15/2029 (e)		1,920		1,932
BroadStreet Partners, Inc., 5.88%, 04/15/2029 (e)		2,198		2,190
CNO Financial Group, Inc., 5.25%, 05/30/2025		2,028		2,282
CNO Global Funding, 1.75%, 10/07/2026 (e) (w) (bb)		406		406
F&G Global Funding,
0.90%, 09/20/2024 (e)		441		440
1.75%, 06/30/2026 (e)		416		418
Fidelity & Guaranty Life Holdings, Inc., 5.50%, 05/01/2025 (e)		804		913
GA Global Funding Trust, 0.80%, 09/13/2024 (e)		336		334
Galaxy Bidco Ltd., (Jersey), Reg. S, 6.50%, 07/31/2026	GBP	300		423
GTCR AP Finance, Inc., 8.00%, 05/15/2027 (e)		2,067		2,181
HUB International Ltd., 7.00%, 05/01/2026 (e)		4,833		4,996
Liberty Mutual Group, Inc., Reg. S, (EUR Swap Rate 5 Year + 3.70%), 3.63%, 05/23/2059 (aa)	EUR	200		242
MGIC Investment Corp., 5.25%, 08/15/2028		300		320
Unipol Gruppo SpA, (Italy), Reg. S, 3.25%, 09/23/2030	EUR	100		135
USI, Inc., 6.88%, 05/01/2025 (e)		2,430		2,473
				37,618

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Investment Companies — 0.1%
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 (e)		1,059		1,108
Icahn Enterprises LP / Icahn Enterprises Finance Corp.,
4.38%, 02/01/2029		677		676
5.25%, 05/15/2027		1,786		1,857
6.25%, 05/15/2026		837		874
Owl Rock Technology Finance Corp., 3.75%, 06/17/2026 (e)		145		153
				4,668
Real Estate — 0.5%
ADLER Group SA, (Luxembourg),
Reg. S, 2.75%, 11/13/2026	EUR	200		198
Reg. S, 3.25%, 08/05/2025	EUR	100		102
Aroundtown SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 3.98%), 3.38%, 09/23/2024 (x) (aa)	EUR	100		121
Canary Wharf Group Investment Holdings plc, (United Kingdom),
Reg. S, 1.75%, 04/07/2026	EUR	100		118
Reg. S, 3.38%, 04/23/2028	GBP	100		137
Citycon OYJ, (Finland), Reg. S, (EUR Swap Rate 5 Year + 4.71%), 4.50%, 11/24/2024 (x) (aa)	EUR	100		120
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028 (e)		1,061		1,151
DEMIRE Deutsche Mittelstand Real Estate AG, (Germany), Reg. S, 1.88%, 10/15/2024	EUR	100		110
DIC Asset AG, (Germany), Reg. S, 2.25%, 09/22/2026	EUR	200		228
Fastighets AB Balder, (Sweden), Reg. S, (EUR Swap Rate 5 Year + 3.19%), 2.87%, 06/02/2081 (aa)	EUR	100		114
Five Point Operating Co. LP / Five Point Capital Corp., 7.88%, 11/15/2025 (e)		3,450		3,605
Greystar Real Estate Partners LLC, 5.75%, 12/01/2025 (e)		1,900		1,929
Heimstaden Bostad AB, (Sweden),
Reg. S, (EUR Swap Rate 5 Year + 3.15%), 2.63%, 02/01/2027 (x) (aa)	EUR	100		113
Reg. S, (EUR Swap Rate 5 Year + 3.91%), 3.38%, 01/15/2026 (x) (aa)	EUR	100		119
Howard Hughes Corp. (The),
4.13%, 02/01/2029 (e)		706		708
4.38%, 02/01/2031 (e)		1,874		1,885
5.38%, 08/01/2028 (e)		2,607		2,747
Hunt Cos., Inc., 5.25%, 04/15/2029 (e) (e)		2,900		2,842
Kennedy-Wilson, Inc., 4.75%, 02/01/2030		511		520
Realogy Group LLC / Realogy Co-Issuer Corp., 5.75%, 01/15/2029 (e)		522		541
				17,408
REITS — 2.3%
American Finance Trust, Inc. / American Finance Operating Partner LP, 4.50%, 09/30/2028 (e) (w) (bb)		242		242
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 04/01/2027 (e)		656		649
CTR Partnership LP / CareTrust Capital Corp., 3.88%, 06/30/2028 (e)		592		616
Diversified Healthcare Trust,
4.38%, 03/01/2031		425		411
4.75%, 02/15/2028		5,225		5,251
9.75%, 06/15/2025		1,958		2,134
EPR Properties, 4.75%, 12/15/2026		1,055		1,150
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/2027 (e)		590		586

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
GLP Capital LP / GLP Financing II, Inc.,
4.00%, 01/15/2031		57		61
5.25%, 06/01/2025		834		930
HAT Holdings I LLC / HAT Holdings II LLC,
3.38%, 06/15/2026 (e)		1,594		1,618
6.00%, 04/15/2025 (e)		820		857
Iron Mountain UK plc, (United Kingdom), Reg. S, 3.88%, 11/15/2025	GBP	100		136
Iron Mountain, Inc.,
5.25%, 07/15/2030 (e)		1,346		1,428
5.63%, 07/15/2032 (e)		937		1,005
iStar, Inc., 5.50%, 02/15/2026		1,089		1,138
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.,
4.25%, 02/01/2027 (e)		1,180		1,168
4.75%, 06/15/2029 (e)		498		496
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc.,
3.88%, 02/15/2029 (e)		1,838		1,957
4.50%, 09/01/2026		1,210		1,316
4.50%, 01/15/2028		1,843		2,014
4.63%, 06/15/2025 (e)		506		545
5.63%, 05/01/2024		543		591
5.75%, 02/01/2027		569		654
MPT Operating Partnership LP / MPT Finance Corp.,
3.50%, 03/15/2031		4,633		4,726
4.63%, 08/01/2029		2,085		2,237
5.00%, 10/15/2027		2,892		3,047
5.25%, 08/01/2026		250		257
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer,
5.88%, 10/01/2028 (e)		1,475		1,556
7.50%, 06/01/2025 (e)		3,550		3,772
RHP Hotel Properties LP / RHP Finance Corp.,
4.50%, 02/15/2029 (e)		793		795
4.75%, 10/15/2027		1,690		1,749
RLJ Lodging Trust LP,
3.75%, 07/01/2026 (e)		492		494
4.00%, 09/15/2029 (e)		354		354
Sabra Health Care LP, 5.13%, 08/15/2026		75		84
SBA Communications Corp.,
3.13%, 02/01/2029 (e)		275		266
3.88%, 02/15/2027		2,568		2,661
4.88%, 09/01/2024		1,605		1,633
Service Properties Trust,
5.50%, 12/15/2027		150		160
7.50%, 09/15/2025		1,158		1,301
SL Green Operating Partnership LP, 3.25%, 10/15/2022		1,060		1,087
Starwood Property Trust, Inc., 5.50%, 11/01/2023 (e)		2		2
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,
6.00%, 01/15/2030 (e) (w)		525		521
7.13%, 12/15/2024 (e)		535		546
7.88%, 02/15/2025 (e)		6,190		6,540

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC,
4.75%, 04/15/2028 (e)		700		715
6.50%, 02/15/2029 (e)		1,667		1,715
VICI Properties LP / VICI Note Co., Inc.,
3.75%, 02/15/2027 (e)		5,843		6,048
4.13%, 08/15/2030 (e)		4,162		4,412
4.25%, 12/01/2026 (e)		2,376		2,481
4.63%, 12/01/2029 (e)		1,200		1,290
Vornado Realty LP,
2.15%, 06/01/2026		135		137
3.50%, 01/15/2025		719		764
WEA Finance LLC / Westfield UK & Europe Finance plc, 3.75%, 09/17/2024 (e)		961		1,022
				79,325
Total Financial				347,876
Industrial — 7.4%
Aerospace/Defense — 2.4%
BAE Systems plc, (United Kingdom), 4.75%, 10/11/2021 (e)		1,120		1,121
Boeing Co. (The),
2.80%, 03/01/2023		988		1,015
4.51%, 05/01/2023		1,752		1,851
4.88%, 05/01/2025		2,274		2,530
5.15%, 05/01/2030		458		536
5.81%, 05/01/2050		3,485		4,629
5.93%, 05/01/2060		6,620		9,017
Bombardier, Inc., (Canada),
6.00%, 02/15/2028 (e)		3,062		3,096
7.13%, 06/15/2026 (e)		3,484		3,667
7.45%, 05/01/2034 (e)		151		177
7.50%, 12/01/2024 (e)		3,455		3,593
7.50%, 03/15/2025 (e)		1,500		1,532
7.88%, 04/15/2027 (e)		9,241		9,564
F-Brasile SpA / F-Brasile US LLC, (Italy), Series XR, 7.38%, 08/15/2026 (e)		1,396		1,438
Rolls-Royce plc, (United Kingdom),
5.75%, 10/15/2027 (e)		2,811		3,106
Reg. S, 5.75%, 10/15/2027	GBP	300		449
Spirit AeroSystems, Inc.,
5.50%, 01/15/2025 (e)		803		849
7.50%, 04/15/2025 (e)		550		582
SSL Robotics LLC, 9.75%, 12/31/2023 (e)		1,238		1,342
TransDigm UK Holdings plc, (United Kingdom), 6.88%, 05/15/2026		2,700		2,838
TransDigm, Inc.,
4.88%, 05/01/2029 (e)		1,859		1,863
4.63%, 01/15/2029		2,085		2,075
5.50%, 11/15/2027		2,450		2,533
6.25%, 03/15/2026 (e)		12,053		12,612
6.38%, 06/15/2026		416		429

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
7.50%, 03/15/2027		427		449
8.00%, 12/15/2025 (e)		6,792		7,242
Triumph Group, Inc., 8.88%, 06/01/2024 (e)		2,880		3,168
				83,303
Building Materials — 1.0%
APi Group DE, Inc., 4.13%, 07/15/2029 (e)		480		470
Cemex SAB de CV, (Mexico), Reg. S, 3.13%, 03/19/2026	EUR	100		118
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029 (e)		3,460		3,676
CP Atlas Buyer, Inc., 7.00%, 12/01/2028 (e)		2,412		2,418
Forterra Finance LLC / FRTA Finance Corp., 6.50%, 07/15/2025 (e)		765		819
Griffon Corp., 5.75%, 03/01/2028		2,600		2,730
HT Troplast GmbH, (Germany), Reg. S, 9.25%, 07/15/2025	EUR	100		127
JELD-WEN, Inc., 4.63%, 12/15/2025 (e)		1,000		1,015
Koppers, Inc., 6.00%, 02/15/2025 (e)		1,600		1,636
Masonite International Corp., (Canada),
3.50%, 02/15/2030 (e)		1,308		1,298
5.38%, 02/01/2028 (e)		854		899
New Enterprise Stone & Lime Co., Inc.,
5.25%, 07/15/2028 (e) (w)		297		300
9.75%, 07/15/2028 (e)		138		150
Patrick Industries, Inc.,
4.75%, 05/01/2029 (e)		899		917
7.50%, 10/15/2027 (e)		1,000		1,078
SRM Escrow Issuer LLC, 6.00%, 11/01/2028 (e)		4,621		4,893
Standard Industries, Inc.,
Reg. S, 2.25%, 11/21/2026	EUR	100		114
3.38%, 01/15/2031 (e)		4,568		4,347
4.38%, 07/15/2030 (e)		3,711		3,785
4.75%, 01/15/2028 (e)		1,425		1,479
5.00%, 02/15/2027 (e)		175		181
Summit Materials LLC / Summit Materials Finance Corp.,
5.25%, 01/15/2029 (e)		1,129		1,186
6.50%, 03/15/2027 (e)		850		891
Victors Merger Corp., 6.38%, 05/15/2029 (e)		562		538
				35,065
Electrical Components & Equipments — 0.3%
Belden, Inc., Reg. S, 3.88%, 03/15/2028	EUR	100		120
Energizer Holdings, Inc.,
4.38%, 03/31/2029 (e)		500		496
4.75%, 06/15/2028 (e)		1,558		1,585
WESCO Distribution, Inc.,
7.13%, 06/15/2025 (e)		4,856		5,195
7.25%, 06/15/2028 (e)		1,707		1,891
				9,287
Electronics — 0.3%
Atkore, Inc., 4.25%, 06/01/2031 (e)		484		499
Brightstar Escrow Corp., 9.75%, 10/15/2025 (e)		1,250		1,341

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Electronics — continued
Imola Merger Corp., 4.75%, 05/15/2029 (e)		1,894		1,959
Sensata Technologies BV, (Netherlands), 4.00%, 04/15/2029 (e)		2,130		2,168
Sensata Technologies, Inc.,
3.75%, 02/15/2031 (e)		815		820
4.38%, 02/15/2030 (e)		2,645		2,846
SYNNEX Corp., 1.25%, 08/09/2024 (e)		379		379
				10,012
Engineering & Construction — 0.3%
Abertis Infraestructuras Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 3.69%), 3.25%, 11/24/2025 (x) (aa)	EUR	300		357
AECOM, 5.13%, 03/15/2027		2,325		2,575
Arcosa, Inc., 4.38%, 04/15/2029 (e)		374		379
Artera Services LLC, 9.03%, 12/04/2025 (e)		1,000		1,085
Brand Industrial Services, Inc., 8.50%, 07/15/2025 (e)		1,169		1,173
Dycom Industries, Inc., 4.50%, 04/15/2029 (e)		353		355
Fluor Corp., 3.50%, 12/15/2024		27		28
Heathrow Finance plc, (United Kingdom), Reg. S, SUB, 4.63%, 09/01/2029	GBP	300		411
MasTec, Inc., 4.50%, 08/15/2028 (e)		342		357
TopBuild Corp.,
3.63%, 03/15/2029 (e)		1,425		1,434
4.13%, 02/15/2032 (e) (w)		600		606
				8,760
Environmental Control — 0.4%
Clean Harbors, Inc., 5.13%, 07/15/2029 (e)		517		566
Covanta Holding Corp., 5.00%, 09/01/2030		71		72
GFL Environmental, Inc., (Canada),
3.50%, 09/01/2028 (e)		356		358
3.75%, 08/01/2025 (e)		547		563
4.00%, 08/01/2028 (e)		1,519		1,508
4.38%, 08/15/2029 (e)		1,441		1,455
4.75%, 06/15/2029 (e)		1,269		1,299
5.13%, 12/15/2026 (e)		1,705		1,791
Madison IAQ LLC,
4.13%, 06/30/2028 (e)		528		528
5.88%, 06/30/2029 (e)		2,896		2,918
Paprec Holding SA, (France), Reg. S, 3.50%, 07/01/2028	EUR	100		117
Stericycle, Inc., 3.88%, 01/15/2029 (e)		176		177
Tervita Corp., (Canada), 11.00%, 12/01/2025 (e)		853		968
Waste Pro USA, Inc., 5.50%, 02/15/2026 (e)		1,938		1,958
				14,278
Hand/Machine Tools — 0.0% (g)
IMA Industria Macchine Automatiche SpA, (Italy), Reg. S, 3.75%, 01/15/2028	EUR	100		117
Machinery - Construction & Mining — 0.1%
BWX Technologies, Inc.,
4.13%, 06/30/2028 (e)		1,426		1,463
4.13%, 04/15/2029 (e)		399		409
Terex Corp., 5.00%, 05/15/2029 (e)		2,704		2,802
				4,674

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Machinery - Diversified — 0.6%
ATS Automation Tooling Systems, Inc., (Canada), 4.13%, 12/15/2028 (e)		114		117
CNH Industrial NV, (Netherlands), 4.50%, 08/15/2023		562		601
Colfax Corp., 6.38%, 02/15/2026 (e)		682		714
Flowserve Corp., 4.00%, 11/15/2023		110		117
GrafTech Finance, Inc., 4.63%, 12/15/2028 (e)		1,394		1,431
Granite US Holdings Corp., 11.00%, 10/01/2027 (e)		215		235
Husky III Holding Ltd., (Canada), 13.00% (cash), 02/15/2025 (e) (v)		1,401		1,489
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024 (e)		4,281		4,383
Mueller Water Products, Inc., 4.00%, 06/15/2029 (e)		523		541
Novafives SAS, (France), Reg. S, 5.00%, 06/15/2025	EUR	100		108
Renk AG/Frankfurt am Main, (Germany), Reg. S, 5.75%, 07/15/2025	EUR	100		120
Titan Acquisition Ltd. / Titan Co-Borrower LLC, (Multinational), 7.75%, 04/15/2026 (e)		1,902		1,943
TK Elevator Holdco GmbH, (Germany),
Reg. S, 6.63%, 07/15/2028	EUR	90		111
7.63%, 07/15/2028 (e)		3,640		3,876
TK Elevator Midco GmbH, (Germany), Reg. S, 4.38%, 07/15/2027	EUR	200		242
TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (e)		3,754		3,944
Westinghouse Air Brake Technologies Corp.,
3.20%, 06/15/2025		58		61
4.38%, 08/15/2023		1,117		1,174
				21,207
Metal Fabricate/Hardware — 0.0% (g)
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 (e) (w)		1,350		1,384
Vallourec SA, (France), Reg. S, 8.50%, 06/30/2026	EUR	92		109
				1,493
Miscellaneous Manufacturers — 0.2%
Amsted Industries, Inc.,
4.63%, 05/15/2030 (e)		1,908		1,961
5.63%, 07/01/2027 (e)		122		127
Gates Global LLC / Gates Corp., 6.25%, 01/15/2026 (e)		3,378		3,504
LSB Industries, Inc., 6.25%, 10/15/2028 (e) (w)		425		430
				6,022
Packaging & Containers — 1.5%
ARD Finance SA, (Luxembourg), 6.50% (cash), 06/30/2027 (e) (v)		6,578		6,981
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, (Multinational),
Reg. S, 2.00%, 09/01/2028	EUR	100		117
Reg. S, 3.00%, 09/01/2029	EUR	100		116
4.00%, 09/01/2029 (e)		4,448		4,498
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., (Multinational),
4.13%, 08/15/2026 (e)		910		944
5.25%, 08/15/2027 (e)		5,188		5,281
Ball Corp., 2.88%, 08/15/2030		725		704
3.13%, 09/15/2031		1,609		1,589
Berry Global, Inc., 4.88%, 07/15/2026 (e)		75		79
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 01/15/2023		625		656
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 09/30/2026		146		157
Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 02/01/2026		350		361

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Flex Acquisition Co., Inc.,
6.88%, 01/15/2025 (e)		400		405
7.88%, 07/15/2026 (e)		2,700		2,822
Graham Packaging Co., Inc., 7.13%, 08/15/2028 (e)		400		421
Graphic Packaging International LLC, 3.50%, 03/01/2029 (e)		625		622
Intelligent Packaging Holdco Issuer LP, (Canada), 9.00% (cash), 01/15/2026 (e) (v)		425		446
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, (Canada), 6.00%, 09/15/2028 (e)		1,214		1,272
Intertape Polymer Group, Inc., (Canada), 4.38%, 06/15/2029 (e)		502		510
Kleopatra Finco Sarl, (Luxembourg), Reg. S, 4.25%, 03/01/2026	EUR	100		113
LABL, Inc., 10.50%, 07/15/2027 (e)		428		461
Mauser Packaging Solutions Holding Co.,
5.50%, 04/15/2024 (e)		1,787		1,802
7.25%, 04/15/2025 (e)		1,025		1,019
OI European Group BV, (Netherlands), Reg. S, 2.88%, 02/15/2025	EUR	100		117
Owens-Brockway Glass Container, Inc.,
5.38%, 01/15/2025 (e)		50		53
6.63%, 05/13/2027 (e)		3,275		3,517
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028 (e)		875		878
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/2027 (e)		100		99
Sealed Air Corp.,
4.00%, 12/01/2027 (e)		89		95
5.25%, 04/01/2023 (e)		750		784
Trident TPI Holdings, Inc.,
6.63%, 11/01/2025 (e)		25		25
9.25%, 08/01/2024 (e)		1,175		1,235
TriMas Corp., 4.13%, 04/15/2029 (e)		4,900		5,010
Trivium Packaging Finance BV, (Netherlands),
5.50%, 08/15/2026 (e)		2,207		2,311
8.50%, 08/15/2027 (e)		6,699		7,193
				52,693
Shipbuilding — 0.0% (g)
Huntington Ingalls Industries, Inc.,
0.67%, 08/16/2023 (e)		564		564
3.84%, 05/01/2025		743		804
				1,368
Transportation — 0.2%
CMA CGM SA, (France), Reg. S, 7.50%, 01/15/2026	EUR	100		128
Danaos Corp., (Marshall Island), 8.50%, 03/01/2028 (e)		100		111
Getlink SE, (France), Reg. S, 3.50%, 10/30/2025	EUR	100		120
National Express Group plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.14%), 4.25%, 11/26/2025 (x) (aa)	GBP	100		139
Rumo Luxembourg Sarl, (Luxembourg), 5.88%, 01/18/2025 (e)		400		414
Seaspan Corp., (Marshall Island), 5.50%, 08/01/2029 (e)		1,306		1,332
Watco Cos. LLC / Watco Finance Corp., 6.50%, 06/15/2027 (e)		725		776
XPO Logistics, Inc., 6.25%, 05/01/2025 (e)		4,820		5,082
				8,102

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Trucking & Leasing — 0.1%
Fortress Transportation and Infrastructure Investors LLC,
5.50%, 05/01/2028 (e)		2,441		2,465
6.50%, 10/01/2025 (e)		81		84
				2,549
Total Industrial				258,930
Technology — 2.9%
Computers — 0.8%
Ahead DB Holdings LLC, 6.63%, 05/01/2028 (e)		388		391
Austin BidCo., Inc., 7.13%, 12/15/2028 (e)		83		84
Booz Allen Hamilton, Inc.,
3.88%, 09/01/2028 (e)		1,389		1,424
4.00%, 07/01/2029 (e)		1,637		1,680
Centurion Bidco SpA, (Italy), Reg. S, 5.88%, 09/30/2026	EUR	200		243
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		1,101		1,097
Dell International LLC / EMC Corp.,
4.00%, 07/15/2024		674		729
5.45%, 06/15/2023		4,750		5,099
7.13%, 06/15/2024 (e)		4,810		4,919
Diebold Nixdorf, Inc., 9.38%, 07/15/2025 (e)		175		192
KBR, Inc., 4.75%, 09/30/2028 (e)		6		6
NCR Corp.,
5.00%, 10/01/2028 (e)		1,066		1,089
5.13%, 04/15/2029 (e)		2,622		2,704
5.25%, 10/01/2030 (e)		3,175		3,329
6.13%, 09/01/2029 (e)		1,213		1,316
Science Applications International Corp., 4.88%, 04/01/2028 (e)		817		844
Seagate HDD Cayman, (Cayman Islands),
3.13%, 07/15/2029 (e)		600		580
3.38%, 07/15/2031 (e)		375		365
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 5.75%, 06/01/2025 (e)		2,130		2,236
				28,327
Office/Business & Equipments — 0.1%
CDW LLC / CDW Finance Corp.,
3.25%, 02/15/2029		2,161		2,215
4.13%, 05/01/2025		23		24
				2,239
Semiconductors — 0.5%
Entegris, Inc.,
3.63%, 05/01/2029 (e)		666		679
4.38%, 04/15/2028 (e)		858		899
Microchip Technology, Inc.,
0.97%, 02/15/2024 (e)		889		889
2.67%, 09/01/2023		1,446		1,499
4.25%, 09/01/2025		4,943		5,169
4.33%, 06/01/2023		438		463
NXP BV / NXP Funding LLC, (Multinational), 3.88%, 09/01/2022 (e)		1,008		1,038
ON Semiconductor Corp., 3.88%, 09/01/2028 (e)		1,018		1,052

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
Qorvo, Inc., 3.38%, 04/01/2031 (e)		550		580
SK Hynix, Inc., (South Korea), 1.50%, 01/19/2026 (e)		1,200		1,184
Skyworks Solutions, Inc., 0.90%, 06/01/2023		3,725		3,732
Synaptics, Inc., 4.00%, 06/15/2029 (e)		657		672
				17,856
Software — 1.5%
Black Knight InfoServ LLC, 3.63%, 09/01/2028 (e)		4,451		4,473
Boxer Parent Co., Inc.,
Reg. S, 6.50%, 10/02/2025	EUR	300		365
7.13%, 10/02/2025 (e)		1,551		1,656
9.13%, 03/01/2026 (e)		3,344		3,506
Brunello Bidco SpA, (Italy), Reg. S, (ICE LIBOR EUR 3 Month + 3.75%), 3.75%, 02/15/2028 (aa)	EUR	100		116
Camelot Finance SA, (Luxembourg), 4.50%, 11/01/2026 (e)		1,348		1,400
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.75%, 03/01/2025 (e)		1,262		1,271
Clarivate Science Holdings Corp.,
3.88%, 07/01/2028 (e)		1,554		1,554
4.88%, 07/01/2029 (e)		3,222		3,231
Consensus Cloud Solutions, Inc.,
6.00%, 10/15/2026 (e) (w)		463		476
6.50%, 10/15/2028 (e) (w)		714		741
Dun & Bradstreet Corp. (The),
6.88%, 08/15/2026 (e)		1,502		1,575
10.25%, 02/15/2027 (e)		2,976		3,199
Elastic NV, (Netherlands), 4.13%, 07/15/2029 (e)		1,717		1,726
Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl, 4.63%, 05/01/2028 (e)		1,374		1,353
MicroStrategy, Inc., 6.13%, 06/15/2028 (e)		1,163		1,175
MSCI, Inc.,
3.25%, 08/15/2033 (e)		596		603
3.63%, 09/01/2030 (e)		1,031		1,066
3.63%, 11/01/2031 (e)		454		472
3.88%, 02/15/2031 (e)		783		821
Open Text Corp., (Canada), 3.88%, 02/15/2028 (e)		692		706
Open Text Holdings, Inc., 4.13%, 02/15/2030 (e)		574		590
Playtika Holding Corp., 4.25%, 03/15/2029 (e)		1,437		1,442
PTC, Inc.,
3.63%, 02/15/2025 (e)		350		355
4.00%, 02/15/2028 (e)		400		411
Rackspace Technology Global, Inc.,
3.50%, 02/15/2028 (e)		975		941
5.38%, 12/01/2028 (e)		1,582		1,554
Rocket Software, Inc., 6.50%, 02/15/2029 (e)		2,489		2,464
SS&C Technologies, Inc., 5.50%, 09/30/2027 (e)		5,357		5,660
Twilio, Inc., 3.88%, 03/15/2031		1,286		1,317
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 09/01/2025 (e)		6,231		6,480
ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.88%, 02/01/2029 (e)		1,561		1,561
				54,260
Total Technology				102,682

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Utilities — 3.3%
Electric — 2.6%
AES Corp. (The), 3.30%, 07/15/2025 (e)		997		1,059
Alexander Funding Trust, 1.84%, 11/15/2023 (e)		1,472		1,500
American Transmission Systems, Inc., 5.25%, 01/15/2022 (e)		2,700		2,734
Calpine Corp.,
3.75%, 03/01/2031 (e)		1,673		1,610
4.50%, 02/15/2028 (e)		2,019		2,059
4.63%, 02/01/2029 (e)		6,768		6,667
5.00%, 02/01/2031 (e)		3,125		3,125
5.13%, 03/15/2028 (e)		8,762		8,874
5.25%, 06/01/2026 (e)		1,044		1,074
Clearway Energy Operating LLC,
3.75%, 01/15/2032 (e) (w)		557		556
4.75%, 03/15/2028 (e)		254		268
Comision Federal de Electricidad, (Mexico), 4.88%, 01/15/2024 (e)		1,200		1,294
Dominion Energy, Inc., Series D, (ICE LIBOR USD 3 Month + 0.53%), 0.65%, 09/15/2023 (aa)		1,463		1,463
Edison International,
3.13%, 11/15/2022		1,500		1,537
Series A, (CMT Index 5 Year + 4.70%), 5.38%, 03/15/2026 (x) (aa)		1,500		1,551
Electricite de France SA, (France), Reg. S, (EUR Swap Rate 5 Year + 4.00%), 3.38%, 06/15/2030 (x) (aa)	EUR	600		731
Entergy Louisiana LLC, 0.95%, 10/01/2024 (w)		527		527
FirstEnergy Corp.,
2.05%, 03/01/2025		2,380		2,404
2.65%, 03/01/2030		146		145
Series B, 2.25%, 09/01/2030		24		23
Series B, 4.40%, 07/15/2027		621		681
Series B, 4.75%, 03/15/2023		720		749
Series C, 3.40%, 03/01/2050		1,674		1,609
Series C, 5.35%, 07/15/2047		2,203		2,686
Series C, 7.38%, 11/15/2031		613		838
FirstEnergy Transmission LLC, 4.55%, 04/01/2049 (e)		36		42
5.45%, 07/15/2044 (e)		1,734		2,206
NextEra Energy Capital Holdings, Inc., (ICE LIBOR USD 3 Month + 0.27%), 0.40%, 02/22/2023 (aa)		1,473		1,473
NRG Energy, Inc.,
3.38%, 02/15/2029 (e)		1,325		1,308
3.63%, 02/15/2031 (e)		2,224		2,185
3.75%, 06/15/2024 (e)		1,793		1,912
3.88%, 02/15/2032 (e)		3,082		3,036
5.25%, 06/15/2029 (e)		1,225		1,303
5.75%, 01/15/2028		775		824
6.63%, 01/15/2027		2,529		2,620
Pacific Gas and Electric Co.,
1.37%, 03/10/2023		900		897
3.15%, 01/01/2026		2,350		2,428
3.25%, 06/15/2023		776		797
3.75%, 02/15/2024		1,250		1,304
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 08/15/2028 (e)		1,367		1,425

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(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
PG&E Corp.,
5.00%, 07/01/2028		3,100		3,149
5.25%, 07/01/2030		3,293		3,367
TransAlta Corp., (Canada), 4.50%, 11/15/2022		800		821
Vistra Operations Co. LLC,
3.55%, 07/15/2024 (e)		2,188		2,301
4.38%, 05/01/2029 (e)		3,095		3,103
5.00%, 07/31/2027 (e)		3,525		3,639
5.50%, 09/01/2026 (e)		4,600		4,726
5.63%, 02/15/2027 (e)		2,413		2,498
				93,128
Gas — 0.6%
AmeriGas Partners LP / AmeriGas Finance Corp.,
5.50%, 05/20/2025		1,505		1,663
5.63%, 05/20/2024		2,000		2,172
5.75%, 05/20/2027		600		678
5.88%, 08/20/2026		4,170		4,712
Atmos Energy Corp.,
(ICE LIBOR USD 3 Month + 0.38%), 0.50%, 03/09/2023 (aa)		1,138		1,138
0.63%, 03/09/2023		5,254		5,254
Centrica plc, (United Kingdom), 4.00%, 10/16/2023 (e)		800		840
ONE Gas, Inc.,
(ICE LIBOR USD 3 Month + 0.61%), 0.72%, 03/11/2023 (aa)		583		583
0.85%, 03/11/2023		2,387		2,388
1.10%, 03/11/2024		2,731		2,731
				22,159
Water — 0.1%
Aquarion Co., 4.00%, 08/15/2024 (e)		927		996
Solaris Midstream Holdings LLC, 7.63%, 04/01/2026 (e)		499		535
Thames Water Kemble Finance plc, (United Kingdom), Reg. S, 4.63%, 05/19/2026	GBP	268		376
				1,907
Total Utilities				117,194
Total Corporate Bonds (Cost $2,697,010)				2,713,696
Foreign Government Securities — 0.1%
Egypt Government International Bond, (Egypt), 6.13%, 01/31/2022 (e)		1,422		1,432
Kenya Government International Bond, (Kenya), 6.88%, 06/24/2024 (e)		1,000		1,094
Morocco Government International Bond, (Morocco), 4.25%, 12/11/2022 (e)		800		827
Total Foreign Government Securities (Cost $3,361)				3,353
U.S. Treasury Obligations — 2.6%
U.S. Treasury Notes,
0.13%, 06/30/2023		18,929		18,895
0.13%, 08/31/2023		71,802		71,606
Total U.S. Treasury Obligations (Cost $90,529)				90,501

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Preferred Stock — 0.1%
Consumer Cyclical — 0.1%
Retail — 0.1%
Ferrellgas Escrow LLC, expiring, 03/30/2031 (a) (bb) (cc) (Cost $5,117)		5		5,275
	PRINCIPAL     AMOUNT ($)
Loan Assignments — 5.7% (o)
Basic Materials — 0.2%
Chemicals — 0.2%
Alpha 3 BV, Initial Dollar Term Loan, (Netherlands), (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 03/18/2028 (aa)		1,584		1,582
Arc Falcon I Inc., Delayed Draw Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 4.25%, 09/22/2028 (u) (aa)		89		89
Arc Falcon I Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 4.25%, 09/22/2028 (u) (aa)		607		606
Ascend Performance Materials Operations LLC, 2021 Refinancing Term Loan, (ICE LIBOR USD 3 Month + 4.75%), 5.50%, 08/27/2026 (aa)		442		446
Lummus Technology Holdings V LLC, 2021 Refinancing Term B Loan, (ICE LIBOR USD 1 Month + 3.50%), 3.58%, 06/30/2027 (aa)		1,411		1,408
Nutrition & Biosciences, Inc., 3-Year Delayed Draw Term Loan, (ICE LIBOR USD 6 Month + 1.25%), 1.41%, 01/17/2023 (aa)		64		64
Nutrition & Biosciences, Inc., 5-year Delayed Draw Term Loan, (ICE LIBOR USD 3 Month + 1.63%), 1.78%, 01/17/2025 (aa)		113		113
Solenis Holdings LLC, Initial Dollar Term Loan (First Lien), (ICE LIBOR USD 1 Month + 4.00%), 4.08%, 06/26/2025 (aa)		1,230		1,229
Solenis Holdings LLC, Initial Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 8.50%), 8.58%, 06/26/2026 (aa)		2,256		2,252
Total Basic Materials				7,789
Communications — 1.2%
Advertising — 0.1%
ABG Intermediate Holdings 2 LLC, 2021 Refinancing Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 09/27/2024 (aa)		863		861
Clear Channel Outdoor Holdings, Inc., Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 3.63%, 08/21/2026 (aa)		2,820		2,759
				3,620
Internet — 0.2%
Acuris Finance US, Inc., Initial Dollar Term Loan, (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 02/16/2028 (aa)		178		179
Barracuda Networks, Inc., Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 6.75%), 7.50%, 10/30/2028 (aa)		827		836
CNT Holdings I Corp., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 11/08/2027 (aa)		447		447
Comcast Hulu Holdings LLC, Term Loan A, (ICE LIBOR USD 1 Month + 0.88%), 0.96%, 03/15/2024 (aa)		1,750		1,732
MH Sub I LLC, 2021 Replacement Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 6.25%), 6.34%, 02/23/2029 (aa)		109		110
Northwest Fiber LLC, Term B-2 Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 3.83%, 04/30/2027 (u) (aa)		311		311
Proofpoint, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 08/31/2028 (aa)		877		872

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
ProQuest LLC, Initial Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 3.33%, 10/23/2026 (aa)		603		602
Uber Technologies, Inc., 2021 Incremental Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 3.58%, 04/04/2025 (aa)		245		245
				5,334
Media — 0.3%
Charter Communications Operating LLC, Term B-1 Loan, (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 04/30/2025 (u) (aa)		3,342		3,337
Diamond Sports Group LLC, Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 08/24/2026 (aa)		497		309
DIRECTV Financing LLC, Closing Date Term Loan, (ICE LIBOR USD 3 Month + 5.00%), 5.75%, 08/02/2027 (u) (aa)		1,878		1,879
Nexstar Media Inc., Term A-5 Loan, (ICE LIBOR USD 1 Month + 1.50%), 1.59%, 09/19/2024 (aa)		877		874
Nexstar Media Inc., Term B-3 Loan, (ICE LIBOR USD 3 Month + 2.33%), 2.38%, 01/17/2024 (u) (aa)		1,257		1,255
Nielsen Finance LLC, Class B-4 Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 2.08%, 10/04/2023 (aa)		3,024		3,018
Radiate Holdco LLC, Term B Loan, (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 09/25/2026 (aa)		462		461
				11,133
Telecommunications — 0.6%
AT&T Inc., Advance, (ICE LIBOR USD 1 Month + 1.00%), 1.08%, 03/23/2022 (aa) (bb) (cc)		1,275		1,273
Connect Finco Sarl, Amendment No. 1 Refinancing Term Loan, (Luxembourg), (ICE LIBOR USD 1 Month + 3.50%), 4.50%, 12/11/2026 (aa)		736		737
Crown Subsea Communications Holding, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 5.00%), 5.75%, 04/27/2027 (aa)		865		870
Delta Topco, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 12/01/2027 (aa)		600		600
Digicel International Finance Limited, Initial Term B Loan (First Lien), (Saint Lucia), (ICE LIBOR USD 3 Month + 3.25%), 3.43%, 05/27/2024 (aa)		686		661
Intelsat Jackson Holdings S.A., Tranche B-3 Term Loan, (Luxembourg), (ICE LIBOR USD 3 Month + 5.75%), 6.75%, 11/27/2023 (u) (aa)		212		215
Intelsat Jackson Holdings S.A., Tranche B-5 Term Loan, (Luxembourg), 8.63%, 01/02/2024		2,006		2,034
Intrado Corp., Initial Term B Loan, (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 10/10/2024 (aa)		5,314		5,230
Intrado Corp., Incremental Term B-1 Loan, (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 10/10/2024 (aa)		1,348		1,317
Lumen Technologies Inc., Term A Loan, (ICE LIBOR USD 1 Month + 2.25%), 2.09%, 01/31/2025 (u) (aa)		1,100		1,091
Xplornet Communications Inc., 2nd Lien Term Loan, (Canada), (ICE LIBOR USD 3 Month + 0.50%), 7.00%, 09/30/2029 (u) (aa) (bb)		475		470
Xplornet Communications Inc., Initial Term Loan Retired 10/01/2021, (Canada), (ICE LIBOR USD 1 Month + 4.75%), 4.84%, 06/10/2027 (aa)		2,138		2,136
Xplornet Communications Inc., Term Loan, (Canada), (ICE LIBOR USD 3 Month + 0.50%), 4.00%, 09/30/2028 (u) (aa)		2,590		2,584

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Zayo Group Holdings, Inc., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 3.08%, 03/09/2027 (aa)		1,055		1,045
				20,263
Total Communications				40,350
Consumer Cyclical — 0.8%
Airlines — 0.3%
AAdvantage Loyality IP Ltd., Initial Term Loan, (Cayman Islands), (ICE LIBOR USD 3 Month + 4.75%), 5.50%, 04/20/2028 (u) (aa)		3,845		3,973
SkyMiles IP Ltd., Initial Term Loan, (Cayman Islands), (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 10/20/2027 (aa)		490		521
United AirLines, Inc., Class B Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 04/21/2028 (aa)		5,075		5,107
				9,601
Auto Manufacturers — 0.0% (g)
Ford Motor Co., Term Loan, (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 12/31/2022 (aa)		850		839
Entertainment — 0.1%
Penn National Gaming, Inc., Term A Facility Refinancing Loan, (ICE LIBOR USD 1 Month + 2.41%), 3.75%, 10/19/2023 (u) (aa)		832		827
Raptor Acquisition Corp., Term B Loan (First Lien), (Canada), (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 11/01/2026 (u) (aa)		201		202
Scientific Games International, Inc., Initial Term B-5 Loan, (ICE LIBOR USD 1 Month + 2.93%), 2.84%, 08/14/2024 (u) (aa)		1,761		1,753
				2,782
Leisure Time — 0.0% (g)
Life Time, Inc., 2021 Refinancing Term Loan, (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 12/16/2024 (u) (aa)		1,042		1,049
(ICE LIBOR USD 3 Month + 5.36%), 5.75%, 12/16/2024 (u) (aa)		878		884
				1,933
Lodging — 0.1%
Caesars Resort Collection LLC, Term B-1 Loan, (ICE LIBOR USD 1 Month + 3.50%), 3.58%, 07/21/2025 (aa)		1,259		1,259
Casablanca US Holdings Inc., Amendment No. 2 Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.09%), 4.12%, 03/29/2024 (u) (aa)		1,342		1,338
Golden Nugget, Inc., Initial B Term Loan, (ICE LIBOR USD 2 Month + 2.50%), 3.25%, 10/04/2023 (aa)		907		903
Hilton Worldwide Finance LLC, Refinanced Series B-2 Term Loan, (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 06/22/2026 (aa)		2,036		2,018
				5,518
Retail — 0.3%
BJ’s Wholesale Club, Inc., Tranche B Term Loan (First Lien), (ICE LIBOR USD 1 Month + 2.00%), 2.08%, 02/03/2024 (aa)		1,041		1,041
Foundation Building Materials, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 01/31/2028 (aa)		186		184
IRB Holding Corp., Fourth Amendment Incremental Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 12/15/2027 (aa)		1,856		1,858
LBM Acquisition LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 12/17/2027 (aa)		55		54

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL     AMOUNT ($)		VALUE ($)
Loan Assignments — continued
Retail — continued
PetSmart LLC, Initial Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 02/11/2028 (aa)		3,192		3,197
Staples, Inc., 2019 Refinancing New Term B-1 Loan, (ICE LIBOR USD 3 Month + 5.00%), 5.13%, 04/16/2026 (aa)		504		480
White Cap Buyer LLC, Initial Closing Date Term Loan, (ICE LIBOR USD 1 Month + 4.00%), 4.50%, 10/19/2027 (aa)		2,898		2,904
				9,718
Total Consumer Cyclical				30,391
Consumer Non-cyclical — 0.7%
Commercial Services — 0.3%
Medical Solutions L.L.C., Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 7.00%), 7.00%, 09/24/2028 (u) (aa) (bb) (cc)		503		498
Parexel International Corp., Initial Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 2.83%, 09/27/2024 (aa)		1,320		1,318
Sabre GLBL Inc., 2021 Other Term B-1 Loan, (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 12/17/2027 (aa)		588		584
Sabre GLBL Inc., 2021 Other Term B-2 Loan, (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 12/17/2027 (aa)		937		931
Sotheby’s, 2021 Second Refinancing Term Loan, (ICE LIBOR USD 2 Month + 4.50%), 5.00%, 01/15/2027 (aa)		106		106
Syniverse Holdings, Inc., Tranche C Term Loan , (ICE LIBOR USD 3 Month + 5.89%), 6.00%, 03/09/2023 (u) (aa)		930		929
Verscend Holding Corp., Term B-1 Loan, (ICE LIBOR USD 1 Month + 4.00%), 4.08%, 08/27/2025 (aa)		4,988		4,992
				9,358
Food — 0.1%
US Foods, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 1.75%), 1.83%, 06/27/2023 (aa)		1,308		1,300
Healthcare - Products — 0.0% (g)
Ortho-Clinical Diagnostics, Inc., Second Amendment New Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 3.08%, 06/30/2025 (aa)		845		844
Healthcare - Services — 0.2%
DaVita Inc., Tranche B-1 Term Loan, (ICE LIBOR USD 1 Month + 1.75%), 1.83%, 08/12/2026 (u) (aa)		2,141		2,128
Envision Healthcare Corp., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 3.83%, 10/10/2025 (aa)		2,119		1,880
Gentiva Health Services, Inc., Term B-1 Loan (First Lien), (ICE LIBOR USD 1 Month + 2.75%), 2.88%, 07/02/2025 (aa)		962		961
Icon Public Limited Co., Lux Term Loan, (Ireland), (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 07/03/2028 (aa)		1,430		1,435
LifePoint Health, Inc., Term B Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 3.83%, 11/16/2025 (aa)		592		591
Quorum Health Corp., Term Loan (Exit), (ICE LIBOR USD 3 Month + 7.00%), 8.00%, 04/29/2025 (aa)		611		612
WCG Purchaser Corp., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 4.00%), 5.00%, 01/08/2027 (aa)		291		292
				7,899

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Pharmaceuticals — 0.1%
Change Healthcare Holdings LLC, Closing Date Term Loan, (ICE LIBOR USD 3 Month + 2.50%), 3.50%, 03/01/2024 (aa)		1,053		1,052
Endo Luxembourg Finance Co. I S.a r.l., 2021 Term Loan, (Luxembourg), (ICE LIBOR USD 3 Month + 5.00%), 5.75%, 03/27/2028 (aa)		2,389		2,332
Icon Public Limited Co., U.S. Term Loan, (Ireland), (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 07/03/2028 (aa)		356		357
NVA Holdings, Inc., Term A-5 Loan, (ICE LIBOR USD 1 Month + 2.00%), 2.13%, 02/19/2025 (aa)		721		707
				4,448
Total Consumer Non-cyclical				23,849
Energy — 0.3%
Gas & Oil — 0.2%
Ascent Resources Utica Holdings Llc / Aru Finance Corp., Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 9.00%), 10.00%, 11/01/2025 (u) (aa)		5,803		6,345
Hess Corp., Term Loan, (ICE LIBOR USD 1 Month + 2.50%), 2.59%, 03/16/2023 (aa)		381		377
				6,722
Pipelines — 0.1%
Cheniere Corpus Christi Holdings LLC, Tranche 2, (ICE LIBOR USD 3 Month + 1.65%), 1.88%, 06/30/2024 (u) (aa)		1,001		999
Lower Cadence, (ICE LIBOR USD 3 Month + 4.02%), 4.13%, 05/22/2026 (u) (aa)		997		996
				1,995
Total Energy				8,717
Financial — 0.5%
Diversified Financial Services — 0.1%
Avolon TLB Borrower 1, Term B-3 Loan, (ICE LIBOR USD 1 Month + 1.75%), 2.50%, 01/15/2025 (aa)		852		848
Deerfield Dakota Holding LLC, 2021 Replacement Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 6.75%), 7.50%, 04/07/2028 (aa)		763		786
Delos Finance S.a r.l., New Loan (2018), (Luxembourg), (ICE LIBOR USD 3 Month + 1.75%), 1.88%, 10/06/2023 (aa)		1,080		1,079
				2,713
Insurance — 0.3%
Alliant Holdings Intermediate LLC, 2020 New Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 4.25%, 11/05/2027 (aa)		494		494
Alliant Holdings Intermediate LLC, Initial Term Loan (2018), (ICE LIBOR USD 1 Month + 3.25%), 3.33%, 05/09/2025 (aa)		594		590
Asurion LLC, New B-3 Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.25%), 5.33%, 01/31/2028 (aa)		1,794		1,788
Asurion LLC, New B-4 Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.25%), 5.33%, 01/20/2029 (aa)		2,785		2,770
Asurion LLC, Replacement B-6 Term Loan, (ICE LIBOR USD 1 Month + 3.13%), 3.21%, 11/03/2023 (aa)		1,243		1,235
Hub International Limited, B-3 Incremental Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 04/25/2025 (aa)		738		738
Sedgwick Claims Management Services, Inc., 2020 Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 09/03/2026 (aa)		292		292

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Sedgwick Claims Management Services, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 3.33%, 12/31/2025 (aa)		1,825		1,810
				9,717
REITS — 0.1%
GLP Capital LP, Term Loan A2, (ICE LIBOR USD 1 Month + 1.33%), 1.84%, 05/21/2023 (u) (aa) (bb) (cc)		795		793
Invitation Homes Operating Partnership LP, Term Loan A, (ICE LIBOR USD 1 Month + 1.00%), 1.08%, 01/31/2025 (aa)		3,302		3,286
				4,079
Total Financial				16,509
Industrial — 0.6%
Aerospace/Defense — 0.1%
Boeing Co., The, Delayed Draw Term Loan, (ICE LIBOR USD 3 Month + 1.25%), 1.37%, 02/07/2022 (aa)		3,929		3,924
Sequa Mezzanine Holdings L.L.C., Extended Term Loan (First Lien), (ICE LIBOR USD 3 Month + 6.75%), 7.75%, 11/28/2023 (aa)		291		295
Spirit Aerosystems, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 5.25%), 6.00%, 01/15/2025 (aa)		310		310
				4,529
Building Materials — 0.1%
CP Atlas Buyer, Inc., Term B Loan, (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 11/23/2027 (aa)		627		624
CPG International LLC, New Term Loan, (ICE LIBOR USD 3 Month + 2.50%), 3.25%, 05/05/2024 (aa)		725		725
Standard Industries Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 09/22/2028 (u) (aa)		1,793		1,794
				3,143
Engineering & Construction — 0.2%
Brand Energy & Infrastructure Services, Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 06/21/2024 (u) (aa)		6,300		6,240
KKR Apple Bidco LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 09/22/2028 (u) (aa)		390		390
KKR Apple Bidco LLC, Initial Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 5.75%), 6.25%, 09/21/2029 (u) (aa)		96		97
				6,727
Environmental Control — 0.0% (g)
Clean Harbors, Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 1.78%), 1.88%, 06/28/2024 (u) (aa)		250		250
Madison IAQ LLC, Initial Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 06/21/2028 (aa)		370		369
				619
Machinery - Construction & Mining — 0.0% (g)
Vertiv Group Corp., Term B Loan, (ICE LIBOR USD 1 Month + 2.75%), 2.83%, 03/02/2027 (aa)		447		445

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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 — 0.1%
Titan Acquisition Limited, Initial Term Loan, (Canada), (ICE LIBOR USD 3 Month + 3.00%), 3.17%, 03/28/2025 (aa)		2,856		2,803
Miscellaneous Manufactur — 0.0% (g)
Momentive Performance Materials Inc., Initial Dollar Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 05/15/2024 (aa)		506		505
Packaging & Containers — 0.1%
Mauser Packaging Solutions Holding Co., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 3.33%, 04/03/2024 (aa)		1,594		1,560
Owens-Illinois Group, Inc., Tranche A TLA, (ICE LIBOR USD 3 Month + 1.50%), 1.57%, 06/25/2024 (aa)		995		987
				2,547
Shipbuilding — 0.0% (g)
MHI Holdings LLC, Initial Term Loan, (ICE LIBOR USD 1 Month + 5.00%), 5.08%, 09/21/2026 (aa)		540		542
Transportation — 0.0% (g)
AIT Worldwide Logistics Holdings, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.75%), 5.50%, 04/06/2028 (aa)		244		245
Total Industrial				22,105
Technology — 1.4%
Computers — 0.4%
Dell International L.L.C., Refinancing Term B-2 Loan, (ICE LIBOR USD 1 Month + 1.75%), 2.00%, 09/19/2025 (u) (aa)		3,496		3,495
Magenta Buyer LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 5.00%), 5.75%, 07/27/2028 (u) (aa)		2,836		2,835
Magenta Buyer LLC, Initial Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 8.25%), 9.00%, 07/27/2029 (u) (aa)		1,481		1,479
McAfee LLC, Term B USD Loan, (ICE LIBOR USD 1 Month + 3.75%), 3.84%, 09/30/2024 (aa)		2,393		2,393
Neustar, Inc., TLB4 (First Lien), (ICE LIBOR USD 1 Month + 3.49%), 4.50%, 08/08/2024 (u) (aa)		249		249
Peraton Corp., Term B Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 02/01/2028 (u) (aa)		2,985		2,986
				13,437
Software — 1.0%
Azalea TopCo, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.50%), 3.63%, 07/24/2026 (u) (aa)		718		713
BMC Software, Inc., 2nd Lien Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 3.88%, 03/23/2026 (u) (aa)		2,005		2,027
Boxer Parent Co. Inc., 2021 Replacement Dollar Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 3.88%, 10/02/2025 (u) (aa)		2,171		2,157
Camelot U.S. Acquisition 1 Co., Amendment No. 2 Incremental Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 10/30/2026 (aa)		2,501		2,507
Castle US Holding Corp., Initial Dollar Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 3.88%, 01/29/2027 (aa)		1,092		1,083
Cornerstone OnDemand, Inc., 2021 Refinancing Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 3.33%, 04/22/2027 (u) (aa)		623		622

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Dun & Bradstreet Corp., The, Initial Term Borrowing, (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 02/06/2026 (aa)		1,688		1,686
Epicor Software Corp., Term C Loan, (ICE LIBOR USD 1 Month + 3.25%), 4.00%, 07/30/2027 (aa)		1,424		1,423
Greeneden U.S. Holdings I LLC, Initial Dollar Term Loan (2020), (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/01/2027 (aa)		1,863		1,869
Helios Software Holdings, Inc., Initial Dollar Term Loan (2021), (ICE LIBOR USD 3 Month + 3.75%), 3.92%, 03/11/2028 (aa)		407		406
Informatica LLC, Dollar 2020 Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 3.33%, 02/25/2027 (aa)		1,661		1,655
Informatica LLC, Initial Loan (Second Lien), 7.13%, 02/25/2025		558		565
Misys Limited, Dollar Term Loan (First Lien), (United Kingdom), (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 06/13/2024 (aa)		1,992		1,975
Misys Limited, Dollar Term Loan (Second Lien), (United Kingdom), (ICE LIBOR USD 3 Month + 7.25%), 8.25%, 06/13/2025 (aa)		1,000		1,005
Mitchell International, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 3.33%, 11/29/2024 (aa)		888		886
Planview Parent, Inc., Closing Date Loan (Second Lien), (ICE LIBOR USD 3 Month + 7.25%), 8.00%, 12/18/2028 (aa)		180		179
Polaris Newco LLC, Dollar Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 06/02/2028 (aa)		1,394		1,397
Project Alpha Intermediate Holding, Inc., 2021 Refinancing Term Loan, (ICE LIBOR USD 1 Month + 4.00%), 4.09%, 04/26/2024 (aa)		276		276
Rackspace Technology Global, Inc., 2021 Term B Loan (First Lien), (ICE LIBOR USD 3 Month + 2.75%), 3.50%, 02/15/2028 (aa)		792		786
RealPage, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 04/24/2028 (aa)		1,707		1,701
Renaissance Holding Corp., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 3.33%, 05/30/2025 (aa)		419		415
Skillsoft Finance II, Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 4.75%), 5.50%, 07/14/2028 (aa)		1,450		1,455
Sophia, L.P., Closing Date Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 10/07/2027 (aa)		3,880		3,893
Sovos Compliance LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.50%), 5.00%, 08/11/2028 (aa)		543		545
TIBCO Software Inc., Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 7.25%), 7.34%, 03/03/2028 (aa)		455		459
UKG Inc., 2021 Incremental Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 05/04/2026 (aa)		442		442
UKG Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 3.83%, 05/04/2026 (aa)		790		791
Veritas US Inc., Dollar Term B-2021 Loan, (ICE LIBOR USD 3 Month + 5.00%), 6.00%, 09/01/2025 (aa)		3,399		3,411
				36,329
Total Technology				49,766

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Utilities — 0.0% (g)
Electric — 0.0% (g)
Heritage Power LLC, Term Loan, (ICE LIBOR USD 3 Month + 6.00%), 7.00%, 07/30/2026 (aa)		1,468			1,293
Total Loan Assignments (Cost $200,879)					200,769
Short-Term Investments — 5.2%
Commercial Papers — 0.3%
Enel Finance America LLC, 0.45%, 02/04/2022 (e) (n)		1,000			999
Jabil, Inc.,
0.41%, 10/01/2021 (e) (n)		7,742			7,742
0.45%, 10/28/2021 (e) (n)		353			353
Welltower, Inc., 0.14%, 10/05/2021 (e) (n)		328			328
Total Commercial Papers					9,422
Time Deposits — 4.1%
Australia & New Zealand Banking Group Ltd., 0.01%, 10/01/2021		57,997			57,997
BNP Paribas SA,
(1.42%), 10/01/2021	CHF	—	(h)		1
(0.79%), 10/01/2021	EUR	116			134
0.01%, 10/01/2021		62,054			62,054
Citibank NA,
0.01%, 10/01/2021	GBP	4			6
0.01%, 10/01/2021		351			351
Sumitomo Mitsui Banking Corp., 0.01%, 10/01/2021		24,652			24,652
Total Time Deposits					145,195
U.S. Treasury Obligation — 0.8%
U.S. Treasury Bill, Zero Coupon, 01/27/2022		29,404			29,400
Total Short-Term Investments (Cost $184,017)					184,017
Total Investments — 100.9% (Cost - $3,533,012)*					3,551,224
Liabilities in Excess of Other Assets — (0.9)%					(33,125	)
NET ASSETS — 100.0%				$	3,518,099

Percentages indicated are based on net assets

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Euro Schatz		2		12/2021		EUR		260			—	(h)
U.S. Treasury 10 Year Note		122		12/2021		USD		16,180			(124	)
U.S. Treasury 2 Year Note		711		12/2021		USD		156,542			(83	)
U.S. Treasury 5 Year Note		387		12/2021		USD		47,731			(230	)
U.S. Treasury Long Bond		52		12/2021		USD		8,450			(171	)
											(608	)
Short Contracts
Euro BOBL		(1)		12/2021		EUR		(157	)		1
Euro Bund		(3)		12/2021		EUR		(600	)		10
Long Gilt		(2)		12/2021		GBP		(348	)		11
U.S. Treasury 10 Year Note		(4)		12/2021		USD		(532	)		6
U.S. Treasury 5 Year Note		(431)		12/2021		USD		(53,294	)		392
U.S. Treasury Ultra Bond		(70)		12/2021		USD		(13,831	)		456
											876
Total unrealized appreciation (depreciation)											268

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021:

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	359	EUR	304	Morgan Stanley & Co.		10/04/2021		7
USD	356	EUR	304	HSBC Bank Plc		11/02/2021		4
USD	221	CHF	202	Morgan Stanley & Co.		12/15/2021		4
USD	12,520	EUR	10,556	Bank of America, NA		12/15/2021		274
USD	12,504	EUR	10,556	BNP Paribas		12/15/2021		257
USD	126	EUR	108	BNP Paribas		12/15/2021		1
USD	108	EUR	92	Citibank, NA		12/15/2021		1
USD	9	EUR	8	Citibank, NA		12/15/2021		—	(h)
USD	110	EUR	94	Goldman Sachs International		12/15/2021		1
USD	109	EUR	93	Morgan Stanley & Co.		12/15/2021		1
USD	7	EUR	6	Morgan Stanley & Co.		12/15/2021		—	(h)
USD	6,887	GBP	4,973	Bank of America, NA		12/15/2021		186
USD	105	GBP	77	UBS AG LONDON		12/15/2021		1
Total unrealized appreciation								737
EUR	108	USD	126	BNP Paribas		10/01/2021		(1)
EUR	304	USD	356	HSBC Bank Plc		10/04/2021		(4)
Total unrealized depreciation								(5)
Net unrealized appreciation (depreciation)								732

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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, 2021:

REFERENCE OBLIGATION/ INDEX	FINANCING RATE RECEIVED BY THE FUND (%)			PAYMENT FREQUENCY		COUNTERPARTY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (2)		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)		UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
Adler Real Estate AG, 1.50%, 12/06/2021		5.00	%		Quarterly		Morgan Stanley		12/20/2025		6.96	EUR	30		5		(7	)		(2	)
CMA CGM SA, 7.50%, 15/01/2026		5.00	%		Quarterly		Goldman Sachs		06/20/2026		2.73	EUR	10		1		—	(h)		1
Total															6		(7	)		(1	)

Centrally Cleared Credit Default Swaps contracts outstanding — sell protection ⁽¹⁾ as of September 30, 2021:

REFERENCE OBLIGATION/INDEX

FINANCING RATE RECEIVED BY THE FUND (%)

PAYMENT FREQUENCY

MATURITY DATE

IMPLIED CREDIT SPREAD (%) (2)

NOTIONAL AMOUNT

UPFRONT PAYMENTS (RECEIPTS) ($)

UNREALIZED APPRECIATION (DEPRECIATION) ($)

VALUE ($)

CDX.NA.HY.36-V1

5.00

%

Quarterly

06/20/2026

2.85

USD 22,325

2,180

195

2,374

Total

2,180

195

2,374

(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) 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 Credit Opportunities Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021

BofA	—	Bank of America
CDX	—	Credit Default Swap Index
CLO	—	Collateralized Loan Obligations
CMT	—	Constant Maturity Treasury
EURIBOR	—	Euro Interbank Offered Rate
FHLMC	—	Federal Home Loan Mortgage Corp.
ICE	—	Intercontinental Exchange
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	—	London Interbank Offered Rate
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REIT	—	Real Estate Investment Trust
REMICS	—	Real Estate Mortgage Investment Conduit
SOFR	—	Secured Overnight Financing Rate
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of September 30, 2021.
(a)	—	Non-income producing security.
(d)	—	Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500 shares or principal/ $500.
(n)	—	The rate shown is the effective yield as of September 30, 2021.
(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, 2021. 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.
(v)	—	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(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, 2021.
(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, 2021.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2021.
(bb)	—	Security has been valued using significant unobservable inputs.
(cc)	—	Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
*	—	The cost of securities is substantially the same for federal income tax purposes.
CHF	—	Swiss Franc
EUR	—	Euro
GBP	—	British Pound
USD	—	United States Dollar

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Board has appointed the Six Circles Funds Valuation Committee (“VC”), comprised of officers of the Funds and other personnel of the J.P. Morgan Private Investments Inc. (the “Adviser”), to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The VC oversees and carries out policies and procedures for the valuation of investments held by the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor due diligence. The VC, through the Adviser, is responsible for assessing the potential impacts to the fair values on an ongoing basis, and discussing this on at least a quarterly basis with the Board.

A market-based approach is primarily used to value the Funds’ investments for which market quotations are readily available and which are generally valued at their current market value. Other securities and assets, including securities for which market quotations are not readily available, market quotations are determined not to be reliable, or whose value has been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Fund’s net asset value (“NAV”) is calculated, are valued by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. The valuation may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment in order to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based on current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equity securities listed on a North American, Central American, South American or Caribbean (“Americas”) securities exchange are generally valued at the last sale price or official market closing price on the primary exchange on which the security is principally traded that is reported before the time when the net assets values of the Funds are calculated on a valuation date. The Funds calculate their NAV as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading.

Foreign equity securities are valued as of the close of trading on the stock exchange on which the security is primarily traded, or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Generally foreign equity securities, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services.

The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated. The fair valued securities are converted at the exchange rates available at 4 p.m. Eastern time.

Fixed income securities are valued based on prices received from Pricing Services. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, Pricing Services may consider a variety of inputs and factors, including, but not limited to proprietary models that may take into account market transactions in securities with comparable characteristics, yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, underlying collateral and estimated cash flows.

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.

Futures and options are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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, 2021 (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	$	—		$	64,296		$	—	$	64,296
Certificates of Deposit
Financial		—			12,813			—		12,813
Collateralized Mortgage Obligations		—			23,368			—		23,368
Commercial Mortgage-Backed Securities		—			24,142			700		24,842
Corporate Bonds
Basic Materials		—			8,485			—		8,485
Communications		—			25,075			—		25,075
Consumer Cyclical		—			42,940			—		42,940
Consumer Non-cyclical		—			38,655			—		38,655
Diversified		—			1,751			—		1,751
Energy		—			11,570			—		11,570
Financial		—			158,805			—		158,805
Government		—			810			—		810
Industrial		—			14,092			—		14,092
Technology		—			13,049			—		13,049
Utilities		—			16,345			—		16,345
Total Corporate Bonds		—			331,577			—		331,577
Foreign Government Securities		—			12,653			—		12,653
Municipal Bonds		—			3,676			—		3,676
U.S. Government Agency Securities		—			6,594			—		6,594
U.S. Treasury Obligation		—			28,672			—		28,672
Short-Term Investments
Certificates of Deposit		—			9,002			—		9,002
Corporate Bonds		—			2,401			—		2,401
Foreign Government Securities		—			36,824			—		36,824
Municipal Bonds		—			1,330			—		1,330
Time Deposits		—			61,495			—		61,495
Total Short-Term Investments		—			111,052			—		111,052
Total Investments in Securities	$	—		$	618,843		$	700	$	619,543
Appreciation in Other Financial Instruments
Futures contracts	$	190		$	—		$	—	$	190
Forward Foreign Currency Exchange contracts		—			860			—		860
Centrally Cleared Credit Default Swaps contracts		—			8			—		8
Total Appreciation in Other Financial Instruments	$	190		$	868		$	—	$	1,058
Depreciation in Other Financial Instruments
Futures contracts	$	(202	)	$	—		$	—	$	(202	)
Forward Foreign Currency Exchange contracts		—			(64	)		—		(64	)
Centrally Cleared Interest Rate Swap contracts		—			(12	)		—		(12	)
Centrally Cleared Credit Default Swaps contracts		—			(2	)		—		(2	)
Total Depreciation in Other Financial Instruments	$	(202	)	$	(78	)	$	—	$	(280	)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Six Circles Tax Aware Ultra Short Duration Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—		$	20,273		$	—	$	20,273
Collateralized Mortgage Obligations		—			24,906			—		24,906
Commercial Mortgage-Backed Securities		—			7,512			600		8,112
Corporate Bonds
Communications		—			3,771			—		3,771
Consumer Cyclical		—			7,773			—		7,773
Consumer Non-cyclical		—			10,862			—		10,862
Diversified		—			1,879			—		1,879
Energy		—			5,407			—		5,407
Financial		—			52,944			—		52,944
Government		—			810			—		810
Industrial		—			5,185			—		5,185
Technology		—			412			—		412
Utilities		—			6,821			—		6,821
Total Corporate Bonds		—			95,864			—		95,864
Foreign Government Securities		—			6,660			—		6,660
Municipal Bonds		—			439,153			—		439,153
U.S. Government Agency Securities		—			7,094			—		7,094
U.S. Treasury Obligation		—			28,074			—		28,074
Short-Term Investments
Foreign Government Securities		—			6,228			—		6,228
Municipal Bonds		—			1,539			—		1,539
Time Deposits		—			12,195			—		12,195
Total Short-Term Investments		—			19,962			—		19,962
Total Investments in Securities	$	—		$	649,498		$	600	$	650,098
Appreciation in Other Financial Instruments
Futures contracts	$	185		$	—		$	—	$	185
Forward Foreign Currency Exchange contracts		—			373			—		373
Centrally Cleared Credit Default Swaps contracts		—			9			—		9
Total Appreciation in Other Financial Instruments	$	185		$	382		$	—	$	567
Depreciation in Other Financial Instruments
Futures contracts	$	(253	)	$	—		$	—	$	(253	)
Forward Foreign Currency Exchange contracts		—			(83	)		—		(83	)
Centrally Cleared Interest Rate Swap contracts		—			(13	)		—		(13	)
Centrally Cleared Credit Default Swaps contracts		—			(3	)		—		(3	)
Total Depreciation in Other Financial Instruments	$	(253	)	$	(99	)	$	—	$	(352	)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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	$	90,082		$	—	$	—	$	90,082
Communications		4,214,738			—		—		4,214,738
Consumer Cyclical		478,347			—		—		478,347
Consumer Non-cyclical		3,370,496			—		—		3,370,496
Energy		135,662			—		—		135,662
Financial		2,748,156			—		—		2,748,156
Industrial		2,273,650			—		—		2,273,650
Technology		4,315,615			—		—		4,315,615
Utilities		106,322			—		—		106,322
Total Common Stocks		17,733,068			—		—		17,733,068
Short-Term Investments
Time Deposits		—			114,030		—		114,030
Total Investments in Securities	$	17,733,068		$	114,030	$	—	$	17,847,098
Depreciation in Other Financial Instruments
Futures contracts	$	(3,360	)	$	—	$	—	$	(3,360	)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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
Debt Securities
Corporate Bond
Consumer Non-cyclical	$	—		$	2		$	—	$	2
Common Stocks
Australia		—			21,435			—		21,435
Austria		—			42,116			—		42,116
Belgium		—			129,294			—		129,294
Chile		—			2,867			—		2,867
China		—			29			37		66
Denmark		36,708			461,046			—		497,754
Finland		1,479			191,264			—		192,743
France		25,611			1,229,542			—		1,255,153
Germany		6,970			1,254,807			—		1,261,777
Hong Kong		—			—			49		49
Indonesia		—			174			—		174
Ireland		13,374			78,238			—		91,612
Italy		—			492,676			—		492,676
Jordan		—			11,078			—		11,078
Luxembourg		2,833			5,607			—		8,440
Netherlands		6,576			714,190			—		720,766
Norway		7,542			46,997			—		54,539
Poland		—			2,833			—		2,833
Portugal		42,626			993			—		43,619
South Korea		—			378,178			—		378,178
Spain		37,671			456,222			—		493,893
Sweden		21,206			436,760			—		457,966
Switzerland		51,484			2,849,329			—		2,900,813
Taiwan		—			220			—		220
United Arab Emirates		—			—			—		—
United Kingdom		18,987			2,026,462			—		2,045,449
Total Common Stocks		273,067			10,832,357			86		11,105,510
Preferred Stocks
Brazil		17			—			—		17
Germany		547			119,300			—		119,847
South Korea		—			44,650			—		44,650
Total Preferred Stocks		564			163,950			—		164,514
Rights
India		—			—			9		9
South Korea		—			—			12		12
Total Rights		—			—			21		21
Warrants
Thailand		—			—			—		—
Total Warrants		—			—			—		—
Short-Term Investments
Time Deposits		—			85,433			—		85,433
Total Investments in Securities	$	273,631		$	11,081,742		$	107	$	11,355,480
Appreciation in Other Financial Instruments
Futures contracts	$	158		$	—		$	—	$	158
Forward Foreign Currency Exchange contracts		—			122			—		122
Total Appreciation in Other Financial Instruments	$	158		$	122		$	—	$	280
Depreciation in Other Financial Instruments
Futures contracts	$	(1,420	)	$	—		$	—	$	(1,420	)
Forward Foreign Currency Exchange contracts		—			(233	)		—		(233	)
Total Depreciation in Other Financial Instruments	$	(1,420	)	$	(233	)	$	—	$	(1,653	)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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	$	—		$	78,923		$	—	$	78,923
Collateralized Mortgage Obligations		—			115,698			19,954		135,652
Commercial Mortgage-Backed Securities		—			52,002			—		52,002
Corporate Bonds
Basic Materials		—			44,992			—		44,992
Communications		—			87,580			—		87,580
Consumer Cyclical		—			87,161			—		87,161
Consumer Non-cyclical		—			208,370			—		208,370
Energy		—			87,293			—		87,293
Financial		—			581,101			—		581,101
Government		—			137,946			—		137,946
Industrial		—			84,375			—		84,375
Technology		—			37,657			—		37,657
Utilities		—			113,764			—		113,764
Total Corporate Bonds		—			1,470,239			—		1,470,239
Foreign Government Securities		—			3,765,204			—		3,765,204
Mortgage-Backed Securities		—			1,644,310			—		1,644,310
Municipal Bonds		—			3,125			—		3,125
U.S. Government Agency Securities		—			19,233			—		19,233
U.S. Treasury Obligations		—			636,460			—		636,460
Short-Term Investments
Repurchase Agreement		—			64,200			—		64,200
Time Deposits		—			606,015			—		606,015
U.S. Treasury Obligations		—			31,096			—		31,096
Total Short-Term Investments		—			701,311			—		701,311
Total Investments in Securities	$	—		$	8,486,505		$	19,954	$	8,506,459
Liabilities
Debt Securities
Foreign Government Security	$	—		$	1,873		$	—	$	1,873
Mortgage-Backed Securities		—			301,976			—		301,976
Total Securities Sold Short	$	—		$	303,849		$	—	$	303,849
Appreciation in Other Financial Instruments
Futures contracts	$	1,928		$	—		$	—	$	1,928
Forward Foreign Currency Exchange contracts		—			77,261			—		77,261
Centrally Cleared Interest Rate Swap contracts		—			798			—		798
Total Appreciation in Other Financial Instruments	$	1,928		$	78,059		$	—	$	79,987
Depreciation in Other Financial Instruments
Futures contracts	$	(2,297	)	$	—		$	—	$	(2,297	)
Forward Foreign Currency Exchange contracts		—			(16,914	)		—		(16,914	)
OTC Interest Rate Swaps contracts		—			(70	)		—		(70	)
Centrally Cleared Interest Rate Swap contracts		—			(2,582	)		—		(2,582	)
Options Written
Call Options Written		—			(282	)		—		(282	)
Put Options Written		—			(296	)		—		(296	)
Total Options Written		—			(578	)		—		(578	)
Total Depreciation in Other Financial Instruments	$	(2,297	)	$	(20,144	)	$	—	$	(22,441	)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Six Circles Tax Aware Bond Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Commercial Mortgage-Backed Security	$	—		$	352	$	—	$	352
Corporate Bond
Consumer Non-cyclical		—			895		—		895
Municipal Bonds		—			5,732,113		—		5,732,113
Short-Term Investments
Municipal Bonds		—			48,036		—		48,036
Time Deposits		—			405,311		—		405,311
Total Short-Term Investments		—			453,347		—		453,347
Total Investments in Securities	$	—		$	6,186,707	$	—	$	6,186,707
Appreciation in Other Financial Instruments
Future contract	$	43		$	—	$	—	$	43
Depreciation in Other Financial Instruments
Futures contracts	$	(231	)	$	—	$	—	$	(231	)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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	$	—		$	178,607		$	—	$	178,607
Collateralized Mortgage Obligations		—			18,046			—		18,046
Commercial Mortgage-Backed Securities		—			103,048			—		103,048
Convertible Bonds
Basic Materials		—			199			—		199
Communications		—			23,367			—		23,367
Consumer Cyclical		—			2,902			—		2,902
Consumer Non-cyclical		—			3,928			—		3,928
Energy		—			8,973			—		8,973
Financial		—			10,926			—		10,926
Industrial		—			797			—		797
Technology		—			2,820			—		2,820
Total Convertible Bonds		—			53,912			—		53,912
Corporate Bonds
Basic Materials		—			129,973			842		130,815
Communications		—			424,047			864		424,911
Consumer Cyclical		—			501,150			—		501,150
Consumer Non-cyclical		—			451,567			8,737		460,304
Diversified		—			569			—		569
Energy		—			369,265			—		369,265
Financial		—			347,228			648		347,876
Industrial		—			258,930			—		258,930
Technology		—			102,682			—		102,682
Utilities		—			117,194			—		117,194
Total Corporate Bonds		—			2,702,605			11,091		2,713,696
Foreign Government Securities		—			3,353			—		3,353
U.S. Treasury Obligations		—			90,501			—		90,501
Preferred Stock
Consumer Cyclical		—			—			5,275		5,275
Loan Assignments
Basic Materials		—			7,789			—		7,789
Communications		—			38,607			1,743		40,350
Consumer Cyclical		—			30,391			—		30,391
Consumer Non-cyclical		—			23,351			498		23,849
Energy		—			8,717			—		8,717
Financial		—			15,716			793		16,509
Industrial		—			22,105			—		22,105
Technology		—			49,766			—		49,766
Utilities		—			1,293			—		1,293
Total Loan Assignments		—			197,735			3,034		200,769
Short-Term Investments
Commercial Papers		—			9,422			—		9,422
Time Deposits		—			145,195			—		145,195
U.S. Treasury Obligation		—			29,400			—		29,400
Total Short-Term Investments		—			184,017			—		184,017
Total Investments in Securities	$	—		$	3,531,824		$	19,400	$	3,551,224
Appreciation in Other Financial Instruments
Futures contracts	$	876		$	—		$	—	$	876
Forward Foreign Currency Exchange contracts		—			737			—		737
OTC Credit Default Swap contract		—			—   (h	)		—		—   (h	)
Centrally Cleared Credit Default Swap contract		—			195			—		195
Total Appreciation in Other Financial Instruments	$	876		$	932		$	—	$	1,808
Depreciation in Other Financial Instruments
Futures contracts	$	(608	)	$	—		$	—	$	(608	)
Forward Foreign Currency Exchange contracts		—			(5	)		—		(5	)
OTC Credit Default Swaps contracts		—			(7	)		—		(7	)
Total Depreciation in Other Financial Instruments	$	(608	)	$	(12	)	$	—	$	(620	)

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):

Six Circles Credit Opportunities Fund	Balance as of December 31, 2020		Realized gain (loss)		Net accretion (amortization)		Change in net unrealized appreciation (depreciation)			Purchases1		Sales2		Transfers into Level 3		Transfers out of Level 3		Balance as of September 30, 2021
Investments in Securities:
Corporate Bonds	$	—	$	—	$	—	$	55		$	11,036	$	—	$	—	$	—	$	11,091
Preferred Stock		—		—		—		158			5,117		—		—		—		5,275
Loan Assignments		—		—		—		(1	)		3,035		—		—		—		3,034
Total	$	—	$	—	$	—	$	212		$	19,188	$	—	$	—	$	—	$	19,400

¹  Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at September 30, 2021, which were valued using significant unobservable inputs (level 3), amounted to $212,689.

There were no significant transfers out of or into level 3 for the period ended September 30, 2021.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.

Quantitative Information about Level 3 Fair Value Measurements (amounts in thousands)

Security Type	Fair Value as September 30, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Corporate Bond		11,091	Market/Last Traded	Discount for lack of liquidity	0.00%
Preferred Stocks		5,275	Market/Last Traded	Discount for lack of liquidity	0.00%
Loans		3,034	Market/Last Traded/Vendor Pricing	Discount for lack of liquidity	0.00%

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

B. Loan Assignments — The Six Circles Credit Opportunities Fund invests in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent administers the terms of the loan, as specified in the loan agreement. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan, provided, however, the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through the Agent. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between each Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. The Adviser or Sub-Advisers may have access to material non-public information regarding the Borrower.

Certain loan assignments are also subject to the risks associated with high yield securities.

Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities, if any. As of September 30, 2021, The Six Circles Credit Opportunities Fund had the following loan commitments outstanding in which all of the commitment was unfunded (amounts in thousands):

Unfunded Commitment

Security Description

Term

Maturity Date

Commitment Fee Rate

Rate if Funded

Par

Value

Sovos Compliance, LLC

First Lien Delayed Draw Term Loan

08/11/2028

2.25

%

5.00

%

94

94

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

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

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

Notes C(1) - C(4) below describe the various derivatives used by the Funds.

(1) Options — The Six Circles Global Bond Fund sold (“wrote”) put and call options on securities to manage and hedge interest rate risks within their portfolios 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 Written — Premiums received by the Funds for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Funds are not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Fund’s option contracts are subject to master netting arrangements.

(2) Futures Contracts — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, and Six Circles Credit Opportunities Fund used interest rate futures to manage interest rate risks associated with portfolio investments. The Six Circles U.S. Unconstrained Equity Fund and Six Circles International Unconstrained Equity Fund used index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs.

Futures contracts 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 changes in net unrealized appreciation/depreciation. Futures contracts outstanding at period end, if any, are listed after each Fund’s SOI.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

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

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

(3) Forward Foreign Currency Exchange Contracts — The Six Circles International Unconstrained Equity Fund, Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund and Six Circles Credit Opportunities Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency. Forward contracts outstanding at period end, if any, are listed after each Fund’s SOI.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation/depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Funds’ forward foreign currency exchange contracts may be subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(4) Swaps — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, and the Six Circles Credit Opportunities Fund engaged in various swap transactions, including interest swaps, to manage interest rate (e.g., duration, yield curve) risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between a fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap contracts outstanding at period end, if any, are listed after each Fund’s SOI.

Upfront payments made and/or received are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability at the beginning of the measurement period.

Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearing house acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearing house.

The Funds may be required to post or receive collateral in the form of cash or securities based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. Collateral received by the Funds is held in escrow in segregated accounts maintained by Brown Brothers Harriman & Co.

The Funds’ swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Credit Default Swaps

Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund and Six Circles Credit Opportunities Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements.

The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund and Six Circles Global Bond 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.