Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 — 17.4%
American Express Credit Account Master Trust,
Series 2022-2, Class A, 3.39%, 05/15/2027		1,200		1,198
Series 2023-2, Class A, 4.80%, 05/15/2030		900		909
Series 2024-2, Class A, 5.24%, 04/15/2031		1,990		2,055
Series 2025-1, Class A, 4.56%, 12/17/2029		2,210		2,226
Asimi Funding plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.00%), 5.46%, 09/16/2031 (aa)	GBP	154		199
Auto ABS Spanish Loans FT, (Spain), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.85%), 3.21%, 09/28/2038 (aa)	EUR	761		826
AutoFlorence Srl, (Italy),
Series 2, Class A, Reg. S, (EURIBOR 1 Month + 0.70%), 3.07%, 12/24/2044 (aa)	EUR	215		233
Series 2, Class B, Reg. S, (EURIBOR 1 Month + 0.75%), 3.12%, 12/24/2044 (aa)	EUR	45		48
Series 3, Class A, Reg. S, (EURIBOR 1 Month + 0.95%), 3.32%, 12/25/2046 (aa)	EUR	710		772
Series 3, Class B, Reg. S, (EURIBOR 1 Month + 2.35%), 4.72%, 12/25/2046 (aa)	EUR	71		78
Autonoria Spain 2022 FT, (Spain),
Series 2022-SP, Class A, Reg. S, (EURIBOR 1 Month + 0.84%), 3.21%, 01/25/2040 (aa)	EUR	409		444
Series 2022-SP, Class B, Reg. S, (EURIBOR 1 Month + 2.00%), 4.37%, 01/26/2040 (aa)	EUR	51		56
Autonoria Spain 2023 FT, (Spain),
Series 2023-SP, Class A, Reg. S, (EURIBOR 1 Month + 0.70%), 3.07%, 09/30/2041 (aa)	EUR	517		559
Series 2023-SP, Class B, Reg. S, (EURIBOR 1 Month + 1.15%), 3.52%, 09/30/2041 (aa)	EUR	74		80
Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class A, 5.36%, 06/20/2030 (e)		1,500		1,530
BA Credit Card Trust, Series 2022-A2, Class A2, 5.00%, 04/15/2028		1,485		1,489
Bank of America Auto Trust, Series 2023-2A, Class A2, 5.85%, 08/17/2026 (e)		368		368
Battalion CLO 18 Ltd., (Cayman Islands), Series 2020-18A, Class AR, (CME Term SOFR 3 Month + 1.46%), 5.76%, 10/15/2036 (e) (aa)		1,000		1,000
Bavarian Sky 5 plc, (United Kingdom), Series UK5, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.62%), 5.08%, 04/20/2031 (aa)	GBP	454		587
Bavarian Sky SA - Compartment German Auto Loans 13, (Luxembourg), Series GE13, Class A, Reg. S, (EURIBOR 1 Month + 0.43%), 2.79%, 03/20/2032 (aa)	EUR	500		541
Benefit Street Partners CLO VIII Ltd., (Cayman Islands), Series 2015-8A, Class A1AR, (CME Term SOFR 3 Month + 1.36%), 5.65%, 01/20/2031 (e) (aa)		298		298
BMW Canada Auto Trust, (Canada), Series 2024-1A, Class A1, 5.03%, 04/20/2026 (e)	CAD	96		67
Brignole Co., (Italy), Series 2024, Class A, Reg. S, (EURIBOR 1 Month + 0.78%), 3.15%, 02/24/2042 (aa)	EUR	449		486
Bumper DE SA - Compartment 2023-1, (Luxembourg), Series 2023-DE1, Class A, Reg. S, (EURIBOR 1 Month + 0.58%), 2.95%, 08/23/2032 (aa)	EUR	290		314
Capital One Multi-Asset Execution Trust, Series 2022-A2, Class A, 3.49%, 05/15/2027		500		499
Cardiff Auto Receivables Securitisation plc, (United Kingdom), Series 2024-1, Class B, Reg. S, (SONIA Interest Rate Benchmark + 1.40%), 5.86%, 08/20/2031 (aa)	GBP	264		342
CARDS II Trust, (Canada), Series 2023-2A, Class A, (United States SOFR + 0.85%), 5.18%, 07/15/2028 (e) (aa)		1,100		1,102
CarMax Auto Owner Trust,
Series 2023-3, Class A2A, 5.72%, 11/16/2026		148		148
Series 2023-4, Class A2A, 6.08%, 12/15/2026		329		330

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 2023-4, Class A3, 6.00%, 07/17/2028		1,600		1,627
Series 2024-1, Class A2A, 5.30%, 03/15/2027		855		857
Series 2024-1, Class A3, 4.92%, 10/16/2028		474		477
Series 2024-2, Class A2A, 5.65%, 05/17/2027		567		569
Series 2025-1, Class A3, 4.84%, 01/15/2030		500		505
Cars Alliance Auto Leases France, (France),
Series 2023-1FRV, Class A, Reg. S, (EURIBOR 1 Month + 0.65%), 3.04%, 10/21/2038 (aa)	EUR	684		741
Series 2023-1FRV, Class B, Reg. S, (EURIBOR 1 Month + 1.30%), 3.69%, 10/21/2038 (aa)	EUR	400		436
Carvana Auto Receivables Trust,
Series 2023-P4, Class A2, 6.23%, 01/11/2027 (e)		31		31
Series 2023-P5, Class A2, 5.77%, 04/12/2027 (e)		227		227
Series 2024-P3, Class A2, 4.61%, 11/10/2027		737		737
Series 2024-P4, Class A3, 4.64%, 01/10/2030		400		401
Citibank Credit Card Issuance Trust,
Series 2018-A5, Class A5, (CME Term SOFR 1 Month + 0.72%), 5.04%, 08/07/2027 (aa)		900		902
Series 2023-A1, Class A1, 5.23%, 12/08/2027		1,600		1,607
Citizen Irish Auto Receivables Trust 2023 DAC, (Ireland),
Series 2023-1, Class A, Reg. S, (EURIBOR 1 Month + 0.77%), 3.24%, 12/15/2032 (aa)	EUR	279		303
Series 2023-1, Class B, Reg. S, (EURIBOR 1 Month + 1.40%), 3.87%, 12/15/2032 (aa)	EUR	121		131
Citizens Auto Receivables Trust, Series 2023-1, Class A3, 5.84%, 01/18/2028 (e)		1,816		1,830
CNH Equipment Trust,
Series 2023-B, Class A2, 5.90%, 02/16/2027		163		164
Series 2024-A, Class A3, 4.77%, 06/15/2029		479		481
Compartment BL Consumer Credit 2024, (Luxembourg),
Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.63%), 3.00%, 09/25/2041 (aa)	EUR	642		695
Series 2024-1, Class B, Reg. S, (EURIBOR 1 Month + 0.90%), 3.27%, 09/25/2041 (aa)	EUR	292		316
Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.69%, 08/22/2030 (e)		1,500		1,502
DLLAA LLC, Series 2025-1A, Class A2, 4.70%, 10/20/2027 (e)		1,000		1,002
Dryden 49 Senior Loan Fund, (Cayman Islands), Series 2017-49A, Class AR, (CME Term SOFR 3 Month + 1.21%), 5.50%, 07/18/2030 (e) (aa)		759		758
E-Carat DE, (Luxembourg), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.45%), 2.82%, 11/25/2035 (aa)	EUR	800		865
ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e)		571		505
Enterprise Fleet Financing LLC, Series 2023-1, Class A2, 5.51%, 01/22/2029 (e)		333		334
FCT Autonoria DE 2023, (France),
Series 2023-DE, Class A, Reg. S, (EURIBOR 1 Month + 0.47%), 2.84%, 01/26/2043 (aa)	EUR	615		665
Series 2023-DE, Class B, Reg. S, (EURIBOR 1 Month + 1.15%), 3.52%, 01/26/2043 (aa)	EUR	154		167
Finance Ireland Auto Receivables No. 2 DAC, (Ireland), Series 2, Class A, Reg. S, (EURIBOR 1 Month + 0.68%), 3.05%, 11/14/2034 (w) (aa)	EUR	1,000		1,082
Ford Auto Securitization Trust II, (Canada), Series 2024-BA, Class A2, 3.72%, 11/15/2028 (e)	CAD	2,000		1,404
Ford Credit Auto Lease Trust, Series 2024-B, Class A2B, (United States 30 Day Average SOFR + 0.40%), 4.75%, 02/15/2027 (aa)		787		786

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 2022-D, Class A3, 5.27%, 05/17/2027		60		60
Series 2024-1, Class A, SUB, 4.87%, 08/15/2036 (e)		789		798
Series 2024-C, Class A2A, 4.32%, 08/15/2027		1,500		1,498
Series 2024-C, Class A3, 4.07%, 07/15/2029		829		825
Ford Credit Auto Owner Trust / Ford Credit, Series 2025-1, Class A, SUB, 4.86%, 08/15/2037 (e)		960		973
Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class A2, (United States 30 Day Average SOFR + 1.25%), 5.60%, 05/15/2028 (e) (aa)		1,290		1,299
GAMMA Sociedade de Titularizacao de Creditos, (Portugal), Series 2, Class A, Reg. S, (EURIBOR 3 Month + 0.90%), 3.42%, 02/25/2034 (aa)	EUR	400		434
GM Financial Automobile Leasing Trust,
Series 2024-3, Class A2A, 4.29%, 01/20/2027		1,900		1,896
Series 2025-1, Class A2A, 4.54%, 05/20/2027		2,000		2,003
GM Financial Consumer Automobile Receivables Trust,
Series 2023-2, Class A3, 4.47%, 02/16/2028		385		385
Series 2023-3, Class A2B, (United States 30 Day Average SOFR + 0.47%), 4.82%, 09/16/2026 (aa)		223		223
Series 2023-4, Class A2A, 5.89%, 11/16/2026		212		212
Series 2024-1, Class A3, 4.85%, 12/18/2028		940		945
Series 2024-4, Class A2A, 4.53%, 10/18/2027		1,000		1,000
Series 2024-4, Class A3, 4.40%, 08/16/2029		2,554		2,557
GMF Floorplan Owner Revolving Trust,
Series 2023-1, Class A1, 5.34%, 06/15/2028 (e)		1,000		1,010
Series 2024-4A, Class A1, 4.73%, 11/15/2029 (e)		945		949
Golden Bar Securitisation Srl, (Italy), Series 2023-2, Class B, Reg. S, (EURIBOR 3 Month + 2.90%), 5.29%, 09/22/2043 (aa)	EUR	294		324
Golden Credit Card Trust, Series 2021-1A, Class A, 1.14%, 08/15/2028 (e)		1,500		1,435
Golden Credit Card Trust, (Canada), Series 2022-1A, Class A, 1.97%, 01/15/2029 (e)		1,000		957
GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class A2, 5.12%, 03/25/2060 (e)		500		500
Harley-Davidson Motorcycle Trust,
Series 2024-A, Class A2, 5.65%, 02/16/2027		516		517
Series 2024-B, Class A2, 4.62%, 08/16/2027		1,485		1,485
Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.49%, 06/25/2027 (e)		1,700		1,711
Hill FL 2024-1BV, (Netherlands), Series 2024-1FL, Class B, Reg. S, (EURIBOR 1 Month + 1.10%), 3.48%, 02/18/2032 (aa)	EUR	193		209
Hill FL 2024-2 BV, (Netherlands), Series 2024-2FL, Class A, Reg. S, (EURIBOR 1 Month + 0.72%), 3.10%, 10/18/2032 (aa)	EUR	600		651
Honda Auto Receivables Owner Trust, Series 2024-1, Class A2, 5.36%, 09/15/2026		974		976
Hyundai Auto Receivables Trust,
Series 2023-A, Class A3, 4.58%, 04/15/2027		364		363
Series 2023-B, Class A2B, (United States 30 Day Average SOFR + 0.48%), 4.83%, 05/15/2026 (aa)		122		122
Series 2024-A, Class A3, 4.99%, 02/15/2029		3,197		3,226
Series 2024-B, Class A3, 4.84%, 03/15/2029		1,787		1,800
Series 2024-C, Class A3, 4.41%, 05/15/2029		1,921		1,923
Koromo Italy Srl, (Italy), Series 1, Class A, Reg. S, (EURIBOR 1 Month + 0.80%), 3.14%, 02/26/2035 (aa)	EUR	163		176
Lt Autorahoitus IV DAC, (Ireland), Series 4, Class A, Reg. S, (EURIBOR 1 Month + 0.69%), 3.06%, 07/18/2033 (aa)	EUR	271		294

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
LT Autorahoitus V DAC, (Ireland), Series 5, Class B, Reg. S, (EURIBOR 1 Month + 0.90%), 3.27%, 05/18/2035 (aa)	EUR	400		432
LT Rahoitus 2025-1 DAC, (Ireland), Series 6, Class A, Reg. S, (EURIBOR 1 Month + 0.54%), 3.11%, 07/18/2036 (aa)	EUR	600		649
M&T Equipment Notes, Series 2023-1A, Class A2, 6.09%, 07/15/2030 (e)		99		99
Madison Park Funding XXXIII Ltd., (Cayman Islands), Series 2019-33A, Class AR, (CME Term SOFR 3 Month + 1.29%), 5.59%, 10/15/2032 (e) (aa)		250		250
Master Credit Card Trust II, (Canada), Series 2023-1A, Class A, 4.70%, 06/21/2027 (e)		600		601
MBarc Credit Canada, Inc., (Canada), Series 2024-AA, Class A2, 5.30%, 10/15/2026 (e)	CAD	341		238
Mercedes-Benz Auto Lease Trust, Series 2024-B, Class A2A, 4.57%, 12/15/2026		869		869
Mercedes-Benz Auto Receivables Trust,
Series 2023-1, Class A3, 4.51%, 11/15/2027		650		650
Series 2023-2, Class A2, 5.92%, 11/16/2026		245		246
Navient Private Education Loan Trust,
Series 2018-BX, Class A2B, Reg. S, (CME Term SOFR 1 Month + 0.83%), 5.15%, 12/15/2059 (aa)		156		156
Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 1.01%), 5.33%, 11/15/2068 (e) (aa)		1,097		1,095
Navient Private Education Refi Loan Trust,
Series 2019-D, Class A2B, (CME Term SOFR 1 Month + 1.16%), 5.48%, 12/15/2059 (e) (aa)		203		203
Series 2019-GA, Class A, 2.40%, 10/15/2068 (e)		92		89
Series 2020-IA, Class A1B, (CME Term SOFR 1 Month + 1.11%), 5.43%, 04/15/2069 (e) (aa)		122		122
Series 2021-DA, Class A, (Prime Rate -1.99%), 5.51%, 04/15/2060 (e) (aa)		265		266
Navient Student Loan Trust, Series 2019-BA, Class A2B, (CME Term SOFR 1 Month + 1.09%), 5.41%, 12/15/2059 (e) (aa)		129		129
Nelnet Student Loan Trust,
Series 2019-2A, Class A, (United States 30 Day Average SOFR + 1.01%), 5.35%, 06/27/2067 (e) (aa)		471		470
Series 2021-CA, Class AFL, (CME Term SOFR 1 Month + 0.85%), 5.17%, 04/20/2062 (e) (aa)		604		601
Newday Funding Master Issuer plc, (United Kingdom), Series 2025-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.85%), 4.46%, 04/15/2033 (w) (aa)	GBP	599		774
NewDay Funding, (United Kingdom), Series 2024-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.18%), 5.64%, 03/15/2032 (aa)	GBP	534		696
Nissan Auto Lease Trust,
Series 2024-B, Class A3, 4.92%, 11/15/2027		500		504
Series 2025-A, Class A2B, (United States 30 Day Average SOFR + 0.45%), 4.80%, 11/15/2027 (aa)		1,000		1,000
OneMain Direct Auto Receivables Trust, Series 2022-1A, Class A2, (United States 30 Day Average SOFR + 1.60%), 5.95%, 03/14/2029 (e) (aa)		393		394
OneMain Financial Issuance Trust, Series 2023-2A, Class A2, (United States 30 Day Average SOFR + 1.50%), 5.85%, 09/15/2036 (e) (aa)		1,452		1,469
Oscar US Funding XVII LLC, Series 2024-2A, Class A2, 4.63%, 12/10/2027 (e)		992		990
Panorama Auto Trust, (Australia), Series 2025-1, Class A, Reg. S, (BBSW ASX Australian 1 Month + 0.97%), 5.08%, 03/15/2033 (aa)	AUD	521		325
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (CME Term SOFR 1 Month + 0.91%), 5.23%, 07/25/2035 (aa)		58		58
PEAC Solutions Receivables LLC, Series 2025-1A, Class A2, 4.94%, 10/20/2028 (e)		1,000		1,003

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued
Pony SA, (Luxembourg),
Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.52%), 2.91%, 01/14/2033 (aa)	EUR	763		825
Series 2024-1, Class B, Reg. S, (EURIBOR 1 Month + 0.85%), 3.24%, 01/14/2033 (aa)	EUR	100		108
Porsche Financial Auto Securitization Trust, Series 2024-1A, Class A3, 4.44%, 01/22/2030 (e)		2,049		2,051
PRET LLC, Series 2021-NPL3, Class A1, SUB, 4.87%, 07/25/2051 (e)		460		459
Prodigy Finance DAC, (Ireland), Series 2021-1A, Class A, (CME Term SOFR 1 Month + 1.36%), 5.68%, 07/25/2051 (e) (aa)		38		38
Red & Black Auto Germany UG, (Germany),
Series 8, Class B, Reg. S, (EURIBOR 1 Month + 0.75%), 3.12%, 09/15/2030 (aa)	EUR	61		66
Series 10, Class B, Reg. S, (EURIBOR 1 Month + 1.20%), 3.57%, 09/15/2032 (aa)	EUR	88		95
Red & Black Auto Italy Srl, (Italy),
Series 1, Class A, Reg. S, (EURIBOR 1 Month + 0.70%), 3.06%, 12/28/2031 (aa)	EUR	229		247
Series 2, Class A1, Reg. S, (EURIBOR 1 Month + 1.00%), 3.36%, 07/28/2034 (aa)	EUR	461		501
Series 2, Class B, Reg. S, (EURIBOR 1 Month + 1.80%), 4.16%, 07/28/2034 (aa)	EUR	96		105
RevoCar UG, (Germany), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.56%), 2.95%, 02/21/2037 (aa)	EUR	475		514
Rockford Tower CLO 2017-3 Ltd., (Cayman Islands), Series 2017-3A, Class A, (CME Term SOFR 3 Month + 1.45%), 5.74%, 10/20/2030 (e) (aa)		79		79
SBNA Auto Lease Trust,
Series 2024-B, Class A3, 5.56%, 11/22/2027 (e)		1,000		1,009
Series 2024-C, Class A3, 4.56%, 02/22/2028 (e)		900		900
SC Germany SA Compartment Consumer, (Luxembourg), Series 2020-1, Class C, Reg. S, (EURIBOR 1 Month + 1.75%), 4.14%, 11/14/2034 (aa)	EUR	85		93
SMB Private Education Loan Trust,
Series 2017-A, Class A2B, (CME Term SOFR 1 Month + 1.01%), 5.33%, 09/15/2034 (e) (aa)		156		156
Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 0.94%), 5.26%, 09/15/2037 (e) (aa)		320		320
Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e)		255		238
Series 2021-A, Class A2A1, (CME Term SOFR 1 Month + 0.84%), 5.16%, 01/15/2053 (e) (aa)		1,364		1,339
Series 2021-A, Class APL, (CME Term SOFR 1 Month + 0.84%), 5.16%, 01/15/2053 (e) (aa)		150		147
Series 2021-D, Class A1B, (CME Term SOFR 1 Month + 0.71%), 5.03%, 03/17/2053 (e) (aa)		130		129
Series 2022-B, Class A1B, (United States 30 Day Average SOFR + 1.45%), 5.80%, 02/16/2055 (e) (aa)		1,186		1,201
Series 2022-C, Class A1B, (United States 30 Day Average SOFR + 1.85%), 6.20%, 05/16/2050 (e) (aa)		177		179
Series 2022-D, Class A1B, (United States 30 Day Average SOFR + 1.80%), 6.15%, 10/15/2058 (e) (aa)		1,839		1,871
Series 2023-A, Class A1A, 5.38%, 01/15/2053 (e)		134		135
Synchrony Card Funding LLC, Series 2023-A1, Class A, 5.54%, 07/15/2029		1,000		1,013
TAGUS - Sociedade de Titularizacao de Creditos SA / Viriato Finance No. 1, (Portugal), Series 1, Class B, Reg. S, (EURIBOR 1 Month + 0.95%), 3.31%, 10/28/2040 (aa)	EUR	195		210
TCI-Symphony CLO 2016-1 Ltd., (Cayman Islands), Series 2016-1A, Class AR2, (CME Term SOFR 3 Month + 1.28%), 5.57%, 10/13/2032 (e) (aa)		166		166
Tesla Auto Lease Trust, Series 2024-A, Class A2A, 5.37%, 06/22/2026 (e)		557		558
Tesla Sustainable Energy Trust, Series 2024-1A, Class A2, 5.08%, 06/21/2050 (e)		500		501
Towd Point Asset Trust, Series 2021-SL1, Class A2, (CME Term SOFR 1 Month + 0.81%), 5.13%, 11/20/2061 (e) (aa)		80		80
Toyota Auto Receivables Owner Trust,
Series 2022-C, Class A3, 3.76%, 04/15/2027		442		440

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 2023-A, Class A3, 4.63%, 09/15/2027		158		158
Series 2023-C, Class A2A, 5.60%, 08/17/2026		74		74
Series 2024-A, Class A3, 4.83%, 10/16/2028		4,109		4,132
Toyota Lease Owner Trust,
Series 2023-B, Class A2A, 5.73%, 04/20/2026 (e)		92		92
Series 2025-A, Class A2A, 4.58%, 07/20/2027 (e)		2,000		2,004
Trillium Credit Card Trust II, (Canada), Series 2023-3A, Class A, (United States SOFR + 0.85%), 5.19%, 08/26/2028 (e) (aa)		1,700		1,703
Verizon Master Trust,
Series 2024-1, Class A1A, 5.00%, 12/20/2028		1,700		1,706
Series 2024-1, Class A1B, (United States 30 Day Average SOFR + 0.65%), 4.99%, 12/20/2028 (aa)		1,578		1,580
Series 2024-6, Class A1B, (United States 30 Day Average SOFR + 0.67%), 5.01%, 08/20/2030 (aa)		1,000		1,003
Series 2025-1, Class A, 4.71%, 01/21/2031		1,500		1,516
Volkswagen Auto Lease Trust, Series 2023-A, Class A2A, 5.87%, 01/20/2026		21		21
Volkswagen Auto Loan Enhanced Trust,
Series 2023-1, Class A2A, 5.50%, 12/21/2026		113		113
Series 2023-2, Class A2A, 5.72%, 03/22/2027		599		602
Series 2023-2, Class A2B, (United States 30 Day Average SOFR + 0.63%), 4.97%, 03/22/2027 (aa)		1,642		1,644
VOYA CLO 2017-2, (Cayman Islands), Series 2017-2A, Class A1R, (CME Term SOFR 3 Month + 1.24%), 5.54%, 06/07/2030 (e) (aa)		34		34
World Omni Auto Receivables Trust, Series 2024-B, Class A2A, 5.48%, 09/15/2027		295		296
Youni Italy Srl, (Italy), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.88%), 3.25%, 04/25/2034 (aa)	EUR	421		456
Total Asset-Backed Securities (Cost $121,502)				121,912
Certificates of Deposit — 0.3%
Financial — 0.3%
Banks — 0.3%
Mizuho Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.85%), 4.97%, 09/14/2026 (aa)	AUD	500		314
MUFG Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.87%), 5.04%, 02/17/2026 (aa)	AUD	800		501
Sumitomo Mitsui Banking Corp., (Japan), (BBSW ASX Australian 3 Month + 1.10%), 5.31%, 11/07/2025 (aa)	AUD	2,400		1,506
Total Financial				2,321
Total Certificates of Deposit (Cost $2,412)				2,321
Collateralized Mortgage Obligations — 6.7%
Atlas Funding plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.85%), 5.31%, 09/20/2061 (aa)	GBP	512		663
Avon Finance, (United Kingdom), Series 4A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 5.38%, 12/28/2049 (e) (aa)	GBP	592		766
Braccan Mortgage Funding plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.84%), 5.32%, 02/15/2067 (aa)	GBP	756		980

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Collateralized Mortgage Obligations — continued
Cheshire plc, (United Kingdom), Series 2020-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 5.38%, 08/20/2045 (aa)	GBP	275		356
Citadel plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.02%), 5.48%, 04/28/2060 (aa)	GBP	892		1,157
CSMC Trust, Series 2021-RPL4, Class A1, 4.10%, 12/27/2060 (e) (z)		250		249
Dutch Property Finance BV, (Netherlands), Series 2022-1, Class A, Reg. S, (EURIBOR 3 Month + 0.75%), 3.39%, 10/28/2059 (aa)	EUR	613		664
Economic Master Issuer plc, (United Kingdom), Series 2023-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.56%), 5.02%, 06/25/2074 (aa)	GBP	223		288
FHLMC REMICS,
Series 5426, Class BF, (United States 30 Day Average SOFR + 0.90%), 5.23%, 04/15/2049 (aa)		412		413
Series 5480, Class FG, (United States 30 Day Average SOFR + 1.15%), 5.49%, 12/25/2054 (aa)		730		733
Series 5493, Class FK, (United States 30 Day Average SOFR + 1.15%), 5.49%, 01/25/2055 (aa)		679		682
Series 5499, Class FH, (United States 30 Day Average SOFR + 1.20%), 5.54%, 02/25/2055 (aa)		389		391
Series 5508, Class DF, (United States 30 Day Average SOFR + 1.00%), 5.34%, 02/25/2055 (aa)		769		772
Series 5508, Class FC, (United States 30 Day Average SOFR + 1.00%), 5.34%, 02/25/2055 (aa)		783		786
Series 5517, Class FE, (United States 30 Day Average SOFR + 0.95%), 5.29%, 03/25/2055 (aa)		1,980		1,963
Series 5517, Class MF, (United States 30 Day Average SOFR + 0.95%), 5.29%, 03/25/2055 (aa)		787		788
Series 5528, Class FA, (United States 30 Day Average SOFR + 0.87%), 5.17%, 04/25/2055 (aa)		1,500		1,496
Series 5532, Class FA, (United States 30 Day Average SOFR + 0.95%), 5.30%, 04/25/2055 (aa)		1,400		1,400
FNMA REMICS,
Series 2016-3, Class FB, (United States 30 Day Average SOFR + 0.46%), 4.80%, 02/25/2046 (aa)		758		753
Series 2018-82, Class W, 6.77%, 11/25/2058 (z)		200		206
Series 2020-29, Class FC, (United States 30 Day Average SOFR + 0.91%), 5.24%, 05/25/2050 (aa)		1,056		1,052
Series 2022-8, Class D, 2.00%, 08/25/2038		975		904
Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.13%, 01/25/2051 (aa)		807		806
Series 2024-95, Class KF, (United States 30 Day Average SOFR + 1.10%), 5.44%, 12/25/2054 (aa)		383		384
Series 2024-100, Class FA, (United States 30 Day Average SOFR + 1.10%), 5.44%, 06/25/2054 (aa)		762		764
Series 2024-101, Class FB, (United States 30 Day Average SOFR + 1.10%), 5.44%, 01/25/2055 (aa)		786		788
Series 2024-103, Class FC, (United States 30 Day Average SOFR + 1.15%), 5.49%, 01/25/2055 (aa)		974		979
Series 2024-104, Class FA, (United States 30 Day Average SOFR + 1.05%), 5.39%, 01/25/2055 (aa)		975		976
Series 2025-1, Class FD, (United States 30 Day Average SOFR + 1.20%), 5.54%, 02/25/2055 (aa)		390		392

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 2025-6, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.59%, 02/25/2055 (aa)		486		489
Series 2025-16, Class FN, (United States 30 Day Average SOFR + 0.95%), 5.29%, 01/25/2055 (aa)		794		795
Series 2025-18, Class FA, (United States 30 Day Average SOFR + 0.95%), 5.29%, 11/25/2053 (aa)		789		791
Series 2025-18, Class FM, (United States 30 Day Average SOFR + 0.90%), 5.24%, 09/25/2054 (aa)		3,965		3,964
Friary No. 7 plc, (United Kingdom), Series 7, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.67%), 5.21%, 10/21/2070 (aa)	GBP	172		223
GNMA,
Series 2015-H04, Class FA, (CME Term SOFR 1 Month + 0.76%), 5.07%, 12/20/2064 (aa)		676		675
Series 2017-121, Class PE, 3.00%, 07/20/2046		90		88
Series 2017-H02, Class FH, (CME Term SOFR 1 Year + 1.22%), 5.45%, 01/20/2067 (aa)		758		761
Series 2018-H18, Class FC, (CME Term SOFR 1 Month + 0.46%), 4.77%, 08/20/2065 (aa)		218		217
Series 2019-54, Class KF, (CME Term SOFR 1 Month + 0.53%), 4.86%, 05/20/2044 (aa)		250		245
Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 5.84%, 06/20/2071 (aa)		1,354		1,381
Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa)		782		699
Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 4.69%, 01/20/2072 (aa)		685		670
Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 5.24%, 01/20/2073 (aa)		491		493
Series 2023-H12, Class FA, (United States 30 Day Average SOFR + 1.00%), 5.34%, 05/20/2073 (aa)		1,647		1,667
Series 2023-H26, Class DF, (United States 30 Day Average SOFR + 0.30%), 4.64%, 09/20/2073 (aa)		859		852
Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 5.44%, 11/20/2073 (aa)		490		500
Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.24%, 01/20/2074 (aa)		979		987
Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 5.27%, 01/20/2074 (aa)		964		974
GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z)		226		211
Holmes Master Issuer plc, (United Kingdom), Series 2023-1X, Class A1, Reg. S, (SONIA Interest Rate Benchmark + 0.58%), 5.14%, 10/15/2072 (aa)	GBP	666		862
Jupiter Mortgage No. 1 plc, (United Kingdom), Series 1X, Class AR, Reg. S, (SONIA Interest Rate Benchmark + 1.00%), 5.54%, 07/20/2055 (aa)	GBP	567		734
Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 4.75%, 07/25/2061 (e)		966		963
MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z)		260		235
New Residential Mortgage Loan Trust,
Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z)		82		80
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z)		222		209
Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z)		275		262
Progress Trust, (Australia), Series 2020-1, Class A, (BBSW ASX Australian 1 Month + 1.00%), 5.09%, 01/21/2051 (aa)	AUD	312		195

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
SAPPHIRE XXXII SERIES TRUST, (Australia), Series 2025-1, Class A1L, Reg. S, (BBSW ASX Australian 1 Month + 1.10%), 5.20%, 06/14/2066 (aa)	AUD	1,050		655
Silverstone Master Issuer plc, (United Kingdom),
Series 2022-1X, Class 2A, Reg. S, (SONIA Interest Rate Benchmark + 0.29%), 4.83%, 01/21/2070 (aa)	GBP	550		708
Series 2023-1, Class 2A, Reg. S, (SONIA Interest Rate Benchmark + 0.50%), 5.04%, 01/21/2070 (aa)	GBP	635		820
Starwood Mortgage Residential Trust,
Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z)		115		109
Series 2020-INV1, Class A1, 1.03%, 11/25/2055 (e) (z)		67		63
Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z)		166		154
Towd Point Mortgage Funding 2024 - Granite 6 plc, (United Kingdom), Series 2024-GR6A, Class A1, (SONIA Interest Rate Benchmark + 0.93%), 5.47%, 07/20/2053 (e) (aa)	GBP	825		1,068
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (CME Term SOFR 1 Month + 1.11%), 5.43%, 05/25/2058 (e) (aa)		164		168
Triton Bond Trust in respect of Series 1, (Australia), Series 2021-2, Class A1AU, (BBSW ASX Australian 1 Month + 0.70%), 4.79%, 02/09/2053 (aa)	AUD	259		162
Total Collateralized Mortgage Obligations (Cost $46,873)				46,680
Commercial Mortgage-Backed Securities — 3.2%
AREIT Trust, (Cayman Islands), Series 2021-CRE5, Class A, (CME Term SOFR 1 Month + 1.19%), 5.51%, 11/17/2038 (e) (aa)		52		52
BBCMS Mortgage Trust, Series 2024-5C31, Class A3, 5.61%, 12/15/2057		500		514
BDS LLC, Series 2022-FL12, Class A, (CME Term SOFR 1 Month + 2.14%), 6.45%, 08/19/2038 (e) (aa)		459		459
BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.63%, 12/15/2057 (z)		500		514
BMP, Series 2024-MF23, Class A, (CME Term SOFR 1 Month + 1.37%), 5.69%, 06/15/2041 (e) (aa)		690		689
BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 5.68%, 09/15/2036 (e) (aa)		500		478
BX Commercial Mortgage Trust,
Series 2022-CSMO, Class A, (CME Term SOFR 1 Month + 2.11%), 6.43%, 06/15/2027 (e) (aa)		800		804
Series 2024-BRBK, Class A, (CME Term SOFR 1 Month + 2.88%), 7.20%, 10/15/2041 (e) (aa)		241		242
Series 2024-MF, Class A, (CME Term SOFR 1 Month + 1.44%), 5.76%, 02/15/2039 (e) (aa)		947		947
Series 2024-XL4, Class A, (CME Term SOFR 1 Month + 1.44%), 5.76%, 02/15/2039 (e) (aa)		890		891
Series 2024-XL5, Class A, (CME Term SOFR 1 Month + 1.39%), 5.71%, 03/15/2041 (e) (aa)		380		381
BX Trust,
Series 2024-CNYN, Class A, (CME Term SOFR 1 Month + 1.44%), 5.76%, 04/15/2041 (e) (aa)		130		130
Series 2024-PAT, Class A, (CME Term SOFR 1 Month + 2.09%), 6.41%, 03/15/2041 (e) (aa)		270		270
Series 2024-VLT4, Class A, (CME Term SOFR 1 Month + 1.49%), 5.81%, 07/15/2029 (e) (aa)		400		398
CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class A, (CME Term SOFR 1 Month + 0.99%), 5.31%, 02/15/2039 (e) (aa)		530		506
CENT Trust, Series 2023-CITY, Class A, (CME Term SOFR 1 Month + 2.62%), 6.94%, 09/15/2038 (e) (aa)		410		411
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058		136		135
Citigroup Commercial Mortgage Trust, Series 2021-KEYS, Class A, (CME Term SOFR 1 Month + 1.29%), 5.61%, 10/15/2036 (e) (aa)		900		895

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 2024-WCL1, Class A, (CME Term SOFR 1 Month + 1.84%), 6.16%, 06/15/2041 (e) (aa)		420		419
CONE Trust, Series 2024-DFW1, Class A, (CME Term SOFR 1 Month + 1.64%), 5.96%, 08/15/2041 (e) (aa)		220		218
CSMC, Series 2021-BHAR, Class A, (CME Term SOFR 1 Month + 1.26%), 5.58%, 11/15/2038 (e) (aa)		699		696
DBGS Mortgage Trust, Series 2018-BIOD, Class A, (CME Term SOFR 1 Month + 1.10%), 5.42%, 05/15/2035 (e) (aa)		78		78
ELM Trust,
Series 2024-ELM, Class A10, 5.41%, 06/10/2039 (e) (z)		800		810
Series 2024-ELM, Class A15, 5.41%, 06/10/2039 (e) (z)		800		810
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A, (CME Term SOFR 1 Month + 2.25%), 6.56%, 10/15/2039 (e) (aa)		480		480
INTOWN Mortgage Trust, Series 2025-STAY, Class A, (CME Term SOFR 1 Month + 1.35%), 5.65%, 03/15/2042 (e) (aa)		624		619
INV Mortgage Trust, Series 2024-IND, Class A, (CME Term SOFR 1 Month + 1.74%), 6.06%, 11/15/2041 (e) (aa)		190		189
LUX, Series 2023-LION, Class A, (CME Term SOFR 1 Month + 2.69%), 7.01%, 08/15/2040 (e) (aa)		185		187
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 09/10/2039 (e)		255		238
MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 5.39%, 12/15/2034 (e) (aa)		1,130		1,123
Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (CME Term SOFR 1 Month + 1.11%), 5.43%, 05/15/2036 (e) (aa)		700		472
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, (CME Term SOFR 1 Month + 1.40%), 5.72%, 03/15/2039 (e) (aa)		1,100		1,096
PRM5 Trust, Series 2025-PRM5, Class A, 4.17%, 03/10/2033 (e) (z)		504		495
Sage AR Funding No. 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Interest Rate Benchmark + 1.25%), 5.73%, 11/17/2030 (e) (aa)	GBP	800		1,033
SCG Commercial Mortgage Trust, Series 2025-DLFN, Class A, (CME Term SOFR 1 Month + 1.20%), 5.51%, 03/15/2035 (e) (aa)		285		283
SMRT, Series 2022-MINI, Class A, (CME Term SOFR 1 Month + 1.00%), 5.32%, 01/15/2039 (e) (aa)		350		347
SREIT Trust, Series 2021-IND, Class A, (CME Term SOFR 1 Month + 0.81%), 5.13%, 10/15/2038 (e) (aa)		900		892
Taurus 2025-2 UK DAC, (Ireland), Series 2025-UK2X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.50%), Zero Coupon, 02/18/2035 (aa)	GBP	634		819
Thunder Logistics DAC, (Ireland), Series 2024-1X, Class A, Reg. S, (EURIBOR 3 Month + 1.50%), 4.06%, 11/17/2036 (aa)	EUR	454		490
UK Logistics DAC, (United Kingdom), Series 2024-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.65%), 6.13%, 05/17/2034 (aa)	GBP	202		261
Vita Scientia DAC, (Ireland), Series 2022-1X, Class A, Reg. S, (EURIBOR 3 Month + 1.30%), 3.83%, 02/27/2033 (aa)	EUR	1,000		1,076
WEST Trust, Series 2025-ROSE, Class A, 5.45%, 04/10/2030 (e) (z)		438		440
Total Commercial Mortgage-Backed Securities (Cost $22,568)				22,287

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — 48.7%
Basic Materials — 1.4%
Mining — 1.4%
Glencore Funding LLC,
1.63%, 09/01/2025 (e)		4,700		4,637
1.63%, 04/27/2026 (e)		2,900		2,814
3.88%, 10/27/2027 (e)		747		732
6.13%, 10/06/2028 (e)		1,935		2,012
Total Basic Materials				10,195
Communications — 5.1%
Internet — 0.1%
Uber Technologies, Inc., 4.50%, 08/15/2029 (e)		400		393
Media — 1.1%
Charter Communications Operating LLC / Charter Communications Operating Capital,
4.20%, 03/15/2028		1,285		1,259
6.15%, 11/10/2026		3,935		4,014
Comcast Corp.,
3.15%, 03/01/2026		1,402		1,386
5.35%, 11/15/2027		865		886
				7,545
Telecommunications — 3.9%
AT&T, Inc.,
1.70%, 03/25/2026		1,610		1,566
2.30%, 06/01/2027		3,045		2,910
2.95%, 07/15/2026		1,410		1,382
NTT Finance Corp., (Japan),
1.16%, 04/03/2026 (e)		3,585		3,470
5.10%, 07/02/2027 (e)		1,100		1,116
Ooredoo International Finance Ltd., (Bermuda), 5.00%, 10/19/2025 (e)		900		902
Optus Finance Pty Ltd., (Australia), Reg. S, 1.60%, 07/01/2025	AUD	1,000		620
Rogers Communications, Inc., (Canada), 3.20%, 03/15/2027		2,210		2,149
Sprint LLC, 7.63%, 03/01/2026		4,000		4,063
T-Mobile USA, Inc.,
1.50%, 02/15/2026		540		525
2.25%, 02/15/2026		6,270		6,141
3.50%, 04/15/2025		1,000		1,000
3.75%, 04/15/2027		1,700		1,675
				27,519
Total Communications				35,457
Consumer Cyclical — 4.4%
Apparel — 0.1%
Burberry Group plc, (United Kingdom), Reg. S, 1.13%, 09/21/2025	GBP	800		1,014
Auto Manufacturers — 3.6%
American Honda Finance Corp., (SOFR Compounded Index + 0.78%), 5.14%, 04/23/2025 (aa)		2,724		2,725

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
BMW US Capital LLC,
(United States SOFR + 0.78%), 5.14%, 03/19/2027 (e) (aa)		200		200
(SOFR Compounded Index + 0.80%), 5.16%, 08/13/2026 (e) (aa)		1,900		1,901
(SOFR Compounded Index + 0.92%), 5.28%, 03/21/2028 (e) (aa)		200		200
Ford Motor Credit Co. LLC,
2.70%, 08/10/2026		1,150		1,109
3.38%, 11/13/2025		2,245		2,218
4.13%, 08/04/2025		200		199
5.13%, 06/16/2025		200		200
(United States SOFR + 2.95%), 7.31%, 03/06/2026 (aa)		300		304
General Motors Financial Co., Inc., (SOFR Compounded Index + 1.30%), 5.65%, 04/07/2025 (aa)		700		700
Hyundai Capital America,
(United States SOFR + 1.15%), 5.51%, 08/04/2025 (e) (aa)		1,100		1,102
Reg. S, (United States SOFR + 1.50%), 5.85%, 01/08/2027 (aa)		900		910
Mercedes-Benz Finance North America LLC,
4.88%, 07/31/2026 (e)		1,120		1,125
4.90%, 01/09/2026 (e)		2,080		2,087
(United States SOFR + 0.63%), 4.99%, 07/31/2026 (e) (aa)		1,400		1,400
Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 (e)		900		854
Nissan Motor Co. Ltd., (Japan), 3.52%, 09/17/2025 (e)		600		593
Toyota Motor Credit Corp., 4.80%, 01/05/2026		3,265		3,275
(United States SOFR + 0.65%), 5.01%, 09/11/2025 (aa)		1,000		1,001
Volkswagen Group of America Finance LLC,
4.90%, 08/14/2026 (e)		600		601
(United States SOFR + 0.83%), 5.19%, 03/20/2026 (e) (aa)		500		500
(United States SOFR + 0.93%), 5.29%, 09/12/2025 (e) (aa)		1,000		1,002
(United States SOFR + 1.06%), 5.42%, 08/14/2026 (e) (aa)		480		481
5.80%, 09/12/2025 (e)		221		222
				24,909
Leisure Time — 0.1%
Harley-Davidson Financial Services, Inc., Reg. S, 3.35%, 06/08/2025		500		498
Lodging — 0.6%
Las Vegas Sands Corp., 2.90%, 06/25/2025		3,445		3,425
5.90%, 06/01/2027		650		660
				4,085
Total Consumer Cyclical				30,506
Consumer Non-cyclical — 5.3%
Agriculture — 1.8%
Altria Group, Inc., 4.88%, 02/04/2028		1,200		1,208
BAT Capital Corp.,
3.22%, 09/06/2026		3,525		3,457
3.56%, 08/15/2027		1,065		1,039
4.70%, 04/02/2027		2,750		2,753

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Agriculture — continued
BAT International Finance plc, (United Kingdom), 1.67%, 03/25/2026 (e)		1,700		1,651
Imperial Brands Finance plc, (United Kingdom), 3.50%, 07/26/2026 (e)		800		788
Philip Morris International, Inc.,
4.38%, 11/01/2027		870		870
5.13%, 11/17/2027		950		966
				12,732
Biotechnology — 0.3%
Amgen, Inc., 2.20%, 02/21/2027		1,640		1,574
Illumina, Inc., 5.80%, 12/12/2025		300		302
				1,876
Commercial Services — 0.3%
Global Payments, Inc., 1.20%, 03/01/2026		2,500		2,421
Food — 0.3%
Mars, Inc., 4.45%, 03/01/2027 (e)		2,040		2,043
Woolworths Group Ltd., (Australia), Reg. S, 1.85%, 05/20/2025	AUD	500		312
				2,355
Healthcare - Services — 2.1%
Elevance Health, Inc., 1.50%, 03/15/2026		1,875		1,823
HCA, Inc.,
3.13%, 03/15/2027		4,870		4,728
(United States SOFR + 0.87%), 5.23%, 03/01/2028 (aa)		700		704
5.38%, 09/01/2026		2,000		2,011
5.88%, 02/15/2026		2,630		2,640
Humana, Inc., 1.35%, 02/03/2027		900		847
Roche Holdings, Inc., 2.63%, 05/15/2026 (e)		1,866		1,835
				14,588
Pharmaceuticals — 0.5%
AbbVie, Inc., 3.60%, 05/14/2025		1,000		999
Bayer US Finance II LLC, 4.25%, 12/15/2025 (e)		2,200		2,190
				3,189
Total Consumer Non-cyclical				37,161
Energy — 3.4%
Oil & Gas — 1.5%
BP Capital Markets America, Inc., 3.02%, 01/16/2027		955		933
Canadian Natural Resources Ltd., (Canada), 3.85%, 06/01/2027		1,300		1,279
Diamondback Energy, Inc., 5.20%, 04/18/2027		4,855		4,913
EQT Corp.,
3.90%, 10/01/2027		1,340		1,316
5.70%, 04/01/2028		1,325		1,361
Occidental Petroleum Corp., 5.00%, 08/01/2027		830		833
				10,635

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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 — 1.9%
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		1,360		1,371
Enbridge, Inc., (Canada), 5.25%, 04/05/2027		1,295		1,311
ONEOK, Inc.,
2.20%, 09/15/2025		300		296
5.55%, 11/01/2026		2,220		2,249
Sabine Pass Liquefaction LLC,
5.00%, 03/15/2027		3,345		3,359
5.88%, 06/30/2026		2,915		2,940
Targa Resources Corp., 5.20%, 07/01/2027		1,990		2,012
				13,538
Total Energy				24,173
Financial — 18.8%
Banks — 15.7%
ABN AMRO Bank NV, (Netherlands),
(SOFR Compounded Index + 1.00%), 5.36%, 12/03/2028 (e) (aa)		300		300
(CMT Index 1 Year + 1.55%), 6.58%, 10/13/2026 (e) (aa)		1,900		1,919
Banco Santander SA, (Spain), (United States SOFR + 1.12%), 5.47%, 07/15/2028 (aa)		1,000		1,005
Bank of America Corp.,
(United States SOFR + 1.75%), 4.83%, 07/22/2026 (aa)		4,000		4,002
(United States SOFR + 1.29%), 5.08%, 01/20/2027 (aa)		3,785		3,798
(United States SOFR + 1.34%), 5.93%, 09/15/2027 (aa)		4,360		4,444
(United States SOFR + 1.99%), 6.20%, 11/10/2028 (aa)		1,290		1,340
Bank of Montreal, (Canada), (SOFR Compounded Index + 0.88%), 5.24%, 09/10/2027 (aa)		300		301
Bank of Queensland Ltd., (Australia),
Reg. S, (BBSW ASX Australian 3 Month + 1.07%), 5.25%, 05/14/2025 (aa)	AUD	1,300		813
(BBSW ASX Australian 3 Month + 1.10%), 5.39%, 10/29/2025 (aa)	AUD	700		439
Banque Federative du Credit Mutuel SA, (France), 5.90%, 07/13/2026 (e)		1,300		1,321
Barclays plc, (United Kingdom),
(CMT Index 1 Year + 2.30%), 5.30%, 08/09/2026 (aa)		4,205		4,213
(CMT Index 1 Year + 3.05%), 7.33%, 11/02/2026 (aa)		1,100		1,115
BNP Paribas SA, (France), (United States SOFR + 2.07%), 2.22%, 06/09/2026 (e) (aa)		1,000		995
BPCE SA, (France),
(United States SOFR + 0.96%), 5.32%, 09/25/2025 (e) (aa)		2,140		2,147
Reg. S, (BBSW ASX Australian 3 Month + 1.35%), 5.48%, 09/29/2025 (aa)	AUD	600		376
Reg. S, (BBSW ASX Australian 3 Month + 1.60%), 5.72%, 06/05/2025 (aa)	AUD	1,100		688
Canadian Imperial Bank of Commerce, (Canada),
4.88%, 01/14/2030 (e)		1,000		1,023
(United States SOFR + 0.72%), 5.07%, 01/13/2028 (aa)		1,000		999
Citibank NA,
4.93%, 08/06/2026		625		629
(SOFR Compounded Index + 1.06%), 5.42%, 12/04/2026 (aa)		800		807
Citigroup, Inc.,
(United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa)		1,500		1,500
(CME Term SOFR 3 Month + 1.41%), 3.52%, 10/27/2028 (aa)		1,670		1,622
(CME Term SOFR 3 Month + 1.65%), 3.67%, 07/24/2028 (aa)		1,250		1,222

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Cooperatieve Rabobank UA, (Netherlands), (CMT Index 1 Year + 0.73%), 1.98%, 12/15/2027 (e) (aa)		2,100		2,007
Credit Agricole SA, (France),
(United States SOFR + 0.87%), 5.23%, 03/11/2027 (e) (aa)		1,400		1,406
Reg. S, (United States SOFR + 0.87%), 5.23%, 03/11/2027 (aa)		500		502
DBS Group Holdings Ltd., (Singapore), (United States SOFR + 0.60%), 4.96%, 03/21/2028 (e) (aa)		700		701
Deutsche Bank AG, (Germany),
(United States SOFR + 1.87%), 2.13%, 11/24/2026 (f) (aa)		500		491
(United States SOFR + 1.22%), 5.58%, 11/16/2027 (aa)		500		502
(United States SOFR + 2.52%), 7.15%, 07/13/2027 (aa)		1,100		1,130
DNB Bank ASA, (Norway),
(CMT Index 1 Year + 0.85%), 1.13%, 09/16/2026 (e) (aa)		1,400		1,378
(SOFR Compounded Index + 1.95%), 5.90%, 10/09/2026 (e) (aa)		600		603
Goldman Sachs Bank USA,
(United States SOFR + 0.75%), 5.11%, 05/21/2027 (aa)		2,000		2,006
(United States SOFR + 0.78%), 5.28%, 03/18/2027 (aa)		2,110		2,123
(United States SOFR + 0.75%), 5.41%, 05/21/2027 (aa)		1,030		1,040
Goldman Sachs Group, Inc. (The),
(United States SOFR + 0.79%), 1.09%, 12/09/2026 (aa)		2,525		2,464
(United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa)		2,325		2,229
(United States SOFR + 1.11%), 2.64%, 02/24/2028 (aa)		985		951
(United States SOFR + 1.85%), 3.62%, 03/15/2028 (aa)		2,040		2,001
HSBC Holdings plc, (United Kingdom),
(United States SOFR + 1.93%), 2.10%, 06/04/2026 (aa)		700		697
(CME Term SOFR 3 Month + 1.61%), 4.29%, 09/12/2026 (aa)		800		798
(United States SOFR + 1.57%), 5.89%, 08/14/2027 (aa)		2,990		3,037
ING Bank Australia Ltd., (Australia), (BBSW ASX Australian 3 Month + 0.98%), 5.09%, 12/08/2025 (aa)	AUD	700		439
ING Groep NV, (Netherlands),
(CMT Index 1 Year + 1.10%), 1.40%, 07/01/2026 (e) (aa)		200		199
(SOFR Compounded Index + 1.01%), 5.37%, 04/01/2027 (aa)		500		502
Mitsubishi UFJ Financial Group, Inc., (Japan), (CMT Index 1 Year + 1.13%), 3.84%, 04/17/2026 (aa)		400		400
Morgan Stanley, (United States SOFR + 1.01%), 5.65%, 04/13/2028 (aa)		2,165		2,209
Morgan Stanley Bank NA,
(United States SOFR + 0.68%), 4.45%, 10/15/2027 (aa)		1,010		1,008
(United States SOFR + 1.08%), 4.95%, 01/14/2028 (aa)		4,825		4,854
(United States SOFR + 0.93%), 4.97%, 07/14/2028 (aa)		1,095		1,104
(United States SOFR + 0.69%), 5.04%, 10/15/2027 (aa)		2,500		2,504
(United States SOFR + 0.87%), 5.50%, 05/26/2028 (aa)		1,090		1,110
5.88%, 10/30/2026		1,465		1,497
National Australia Bank Ltd., (Australia), 4.75%, 12/10/2025		1,450		1,453
National Bank of Canada, (Canada),
(SOFR Compounded Index + 0.90%), 5.26%, 03/25/2027 (aa)		1,000		1,003
(SOFR Compounded Index + 1.03%), 5.39%, 07/02/2027 (aa)		900		904

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
NatWest Markets plc, (United Kingdom),
(United States SOFR + 0.90%), 5.26%, 05/17/2027 (e) (aa)		1,000		1,003
5.42%, 05/17/2027 (e)		700		713
Nordea Bank Abp, (Finland), (United States SOFR + 0.74%), 5.10%, 03/19/2027 (e) (aa)		1,200		1,205
PNC Bank NA, (United States SOFR + 0.50%), 4.78%, 01/15/2027 (aa)		2,000		2,001
Royal Bank of Canada, (Canada),
(SOFR Compounded Index + 0.82%), 5.18%, 03/27/2028 (aa)		2,000		2,000
(SOFR Compounded Index + 1.08%), 5.44%, 07/20/2026 (aa)		2,000		2,016
Santander Holdings USA, Inc., (United States SOFR + 1.23%), 6.12%, 05/31/2027 (aa)		765		774
Shinhan Bank Co. Ltd., (South Korea), Reg. S, (BBSW ASX Australian 3 Month + 1.95%), 6.12%, 11/16/2025 (aa)	AUD	3,000		1,891
Sumitomo Mitsui Financial Group, Inc., (Japan), (United States SOFR + 1.30%), 5.65%, 07/13/2026 (aa)		400		404
Sumitomo Mitsui Trust Bank Ltd., (Japan),
(United States SOFR + 1.15%), 5.51%, 09/14/2026 (e) (aa)		300		303
Reg. S, (United States SOFR + 1.15%), 5.51%, 09/14/2026 (aa)		1,300		1,312
Svenska Handelsbanken AB, (Sweden), (BBSW ASX Australian 3 Month + 0.45%), 4.57%, 03/04/2026 (aa)	AUD	500		312
Swedbank AB, (Sweden), 6.14%, 09/12/2026 (e)		2,400		2,455
Synchrony Bank, 5.63%, 08/23/2027		1,460		1,481
UBS AG, (Switzerland),
Reg. S, (BBSW ASX Australian 3 Month + 0.50%), 4.62%, 02/26/2026 (aa)	AUD	900		562
Reg. S, (BBSW ASX Australian 3 Month + 0.87%), 5.13%, 07/30/2025 (aa)	AUD	2,100		1,314
UBS Group AG, (Switzerland), (CMT Index 1 Year + 1.60%), 6.33%, 12/22/2027 (e) (aa)		1,435		1,473
United Overseas Bank Ltd., (Singapore), (SOFR Compounded Index + 0.58%), 4.94%, 04/02/2028 (e) (w) (aa)		900		900
Wells Fargo & Co.,
(United States SOFR + 1.32%), 3.91%, 04/25/2026 (aa)		2,000		1,999
(United States SOFR + 0.78%), 5.14%, 01/24/2028 (aa)		500		501
(United States SOFR + 1.07%), 5.71%, 04/22/2028 (aa)		1,265		1,292
Series W, (United States SOFR + 0.78%), 4.90%, 01/24/2028 (aa)		1,875		1,885
				110,066
Diversified Financial Services — 0.7%
Aircastle Ltd., (Bermuda), 5.25%, 08/11/2025 (e)		800		800
American Express Co., (SOFR Compounded Index + 0.97%), 5.33%, 07/28/2027 (aa)		1,000		1,006
Aviation Capital Group LLC, 4.88%, 10/01/2025 (e)		1,200		1,199
Capital One Financial Corp., (United States SOFR + 0.86%), 1.88%, 11/02/2027 (aa)		2,115		2,023
				5,028
Insurance — 1.3%
Arthur J Gallagher & Co., 4.60%, 12/15/2027		885		886
Athene Global Funding, 4.95%, 01/07/2027 (e)		2,000		2,007
MassMutual Global Funding II, 5.10%, 04/09/2027 (e)		835		848
New York Life Global Funding, 5.45%, 09/18/2026 (e)		3,790		3,852
Protective Life Global Funding, 4.34%, 09/13/2027 (e)		1,320		1,315
				8,908

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Investment Companies — 0.2%
Ares Strategic, Income Fund, 5.70%, 03/15/2028 (e)		1,110		1,110
REITS — 0.9%
GLP Capital LP / GLP Financing II, Inc., 5.38%, 04/15/2026		6,025		6,044
Total Financial				131,156
Industrial — 3.0%
Aerospace/Defense — 1.5%
BAE Systems plc, (United Kingdom), 5.00%, 03/26/2027 (e)		2,575		2,597
L3Harris Technologies, Inc.,
4.40%, 06/15/2028		425		421
5.40%, 01/15/2027		1,995		2,023
Northrop Grumman Corp., 3.25%, 01/15/2028		745		721
RTX Corp.,
2.65%, 11/01/2026		2,000		1,947
3.13%, 05/04/2027		1,055		1,026
5.75%, 11/08/2026		1,580		1,609
				10,344
Electronics — 0.1%
Flex Ltd., (Singapore), 4.75%, 06/15/2025		1,000		999
Engineering & Construction — 0.3%
Sydney Airport Finance Co. Pty Ltd., (Australia), Reg. S, 3.63%, 04/28/2026		1,700		1,682
Machinery - Construction & Mining — 0.2%
Caterpillar Financial Services Corp., 3.60%, 08/12/2027		1,475		1,453
Miscellaneous Manufacturers — 0.1%
Incitec Pivot Ltd., (Australia), Reg. S, 4.30%, 03/18/2026	AUD	700		435
Packaging & Containers — 0.1%
Berry Global, Inc., 4.88%, 07/15/2026 (e)		838		837
Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc., 3.84%, 05/01/2025		2,000		1,998
Transportation — 0.4%
CSX Corp., 2.60%, 11/01/2026		680		662
Norfolk Southern Corp., 2.90%, 06/15/2026		1,255		1,233
United Parcel Service, Inc., 3.05%, 11/15/2027		1,180		1,145
				3,040
Total Industrial				20,788
Technology — 2.6%
Computers — 0.2%
Dell International LLC / EMC Corp., 4.90%, 10/01/2026		1,600		1,605
Semiconductors — 0.9%
Broadcom, Inc.,
3.15%, 11/15/2025		3,375		3,346
3.46%, 09/15/2026		1,740		1,715

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Semiconductors — continued
NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational), 4.40%, 06/01/2027		1,060		1,057
				6,118
Software — 1.5%
Oracle Corp.,
1.65%, 03/25/2026		2,690		2,615
2.65%, 07/15/2026		3,490		3,406
2.80%, 04/01/2027		1,470		1,423
2.95%, 05/15/2025		1,000		998
VMware LLC, 1.40%, 08/15/2026		1,990		1,905
				10,347
Total Technology				18,070
Utilities — 4.7%
Electric — 4.7%
Duke Energy Corp.,
0.90%, 09/15/2025		4,475		4,401
2.65%, 09/01/2026		2,489		2,423
Edison International,
4.13%, 03/15/2028		1,280		1,230
4.70%, 08/15/2025		200		200
Enel Finance International NV, (Netherlands), 4.50%, 06/15/2025 (e)		300		300
FirstEnergy Corp., Series B, 3.90%, 07/15/2027		1,030		1,012
FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028 (e)		296		300
National Rural Utilities Cooperative Finance Corp., 4.75%, 02/07/2028		1,195		1,206
NextEra Energy Capital Holdings, Inc.,
3.55%, 05/01/2027		1,545		1,515
4.85%, 02/04/2028		865		875
5.75%, 09/01/2025		4,980		5,000
Pacific Gas and Electric Co.,
3.15%, 01/01/2026		1,000		987
3.45%, 07/01/2025		1,400		1,394
Southern California Edison Co.,
4.40%, 09/06/2026		1,195		1,189
4.90%, 06/01/2026		800		801
Series 20C, 1.20%, 02/01/2026		1,000		970
Series E, 3.70%, 08/01/2025		7,905		7,877
Southern Co. (The), 5.11%, 08/01/2027		1,105		1,116
Total Utilities				32,796
Total Corporate Bonds (Cost $339,479)				340,302
Foreign Government Securities — 0.4%
Export-Import Bank of Korea, (South Korea), 4.88%, 01/11/2026		500		502
Saudi Government International Bond, (Saudi Arabia), 5.13%, 01/13/2028 (e)		2,000		2,024
Total Foreign Government Securities (Cost $2,477)				2,526

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — 0.8%
FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 05/01/2055 (w)		4,400		4,387
FNMA Pool, 2.80%, 06/01/2025		1,311		1,303
Total Mortgage-Backed Securities (Cost $5,691)				5,690
U.S. Treasury Obligations — 1.6%
U.S. Treasury Inflation Indexed Note, 2.13%, 04/15/2029 (ii)		1,294		1,333
U.S. Treasury Note, 1.63%, 02/15/2026		10,000		9,786
Total U.S. Treasury Obligations (Cost $11,071)				11,119
Short-Term Investments — 22.5%
Certificates of Deposit — 6.4%
Bayerische Landesbank, (Germany),
4.36%, 03/12/2026 (n)		4,500		4,501
4.66%, 08/28/2025 (n)		4,000		4,003
BNP Paribas SA, (France), 4.27%, 03/10/2026 (n)		3,125		3,121
Landesbank Baden-Wuerttemberg, (Germany), 4.46%, 01/23/2026 (n)		5,000		5,004
Landesbank Hessen-Thueringen Girozentrale, 4.39%, 03/12/2026 (n)		4,000		4,003
Mizuho Bank Ltd., 4.40%, 03/13/2026 (n)		4,000		4,002
Natixis SA, (France),
4.27%, 03/10/2026 (n)		4,000		3,997
4.46%, 01/26/2026 (n)		5,000		5,004
Raiffeisen-Boerenleen Bank B.A., (Netherlands), 4.63%, 10/20/2025 (n)		4,500		4,505
Standard Chartered Bank, 4.66%, 01/15/2026 (n)		2,395		2,400
Toronto-Dominion Bank (The), 4.54%, 10/07/2025 (n)		4,000		4,002
Total Certificates of Deposit				44,542
Commercial Papers — 3.6%
BofA Securities, Inc.,
4.44%, 02/25/2026 (e) (n)		2,000		1,923
5.15%, 07/25/2025 (e) (n)		3,000		2,958
5.54%, 06/06/2025 (e) (n)		2,000		1,984
Broadcom, Inc.,
4.57%, 04/24/2025 (e) (n)		700		698
4.60%, 05/13/2025 (e) (n)		1,300		1,293
Canadian Imperial Bank of Commerce, 4.55%, 02/12/2026 (e) (n)		2,500		2,410
Entergy Corp., 4.60%, 05/12/2025 (e) (n)		2,000		1,989
Global Payments, Inc., 5.02%, 04/21/2025 (n)		1,000		997
HSBC USA, Inc., 5.48%, 07/25/2025 (e) (n)		2,500		2,464
Macquarie Bank Ltd., 4.73%, 05/27/2025 (e) (n)		3,000		2,979
Standard Chartered Bank, 4.60%, 02/11/2026 (e) (n)		4,000		3,856
Westpac Securities NZ Ltd., 5.49%, 05/16/2025 (e) (n)		2,000		1,989
Total Commercial Papers				25,540
Foreign Government Securities — 4.1%
Canadian Treasury Bill, (Canada), 2.84%, 05/22/2025 (n)	CAD	20,855		14,438
France Treasury Bill, (France), Series 28W, Reg. S, 2.76%, 05/07/2025 (n)	EUR	13,530		14,597
Total Foreign Government Securities				29,035

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Repurchase Agreement — 0.9%
BNP Paribas SA, 4.45%, dated 03/31/2025 due 04/01/2025, repurchase price $5,900 collateralized by Mortgage-Backed Security, 3.00%, due 05/20/2025, with value of $6,868.		5,900		5,900
Time Deposits — 2.8%
Australia & New Zealand Banking Group Ltd., 3.68%, 04/01/2025		15,066		15,066
BNP Paribas SA,
1.56%, 04/01/2025	CAD	221		153
2.89%, 04/01/2025	AUD	67		42
Citibank NA,
1.35%, 04/01/2025	EUR	485		524
3.68%, 04/01/2025		268		268
Royal Bank of Canada, 3.42%, 04/01/2025	GBP	137		177
Sumitomo Mitsui Banking Corp., 0.11%, 04/01/2025	JPY	77		1
Sumitomo Mitsui Trust Bank Ltd., 3.68%, 04/01/2025		3,373		3,373
Total Time Deposits				19,604
U.S. Treasury Obligations — 4.7%
U.S. Treasury Bills,
4.01%, 03/19/2026 (n)		20,000		19,243
4.07%, 02/19/2026 (n)		13,000		12,543
4.14%, 01/22/2026 (n)		574		555
4.23%, 06/05/2025 (n) (ii)		122		121
4.24%, 04/17/2025 (n) (ii)		265		265
4.25%, 04/10/2025 (n)		43		43
Total U.S. Treasury Obligations				32,770
Total Short-Term Investments (Cost $157,050)				157,391
Total Investments — 101.6% (Cost - $709,123)*				710,228
Liabilities in Excess of Other Assets — (1.6)%				(10,889	)
NET ASSETS — 100.0%			$	699,339

Percentages indicated are based on net assets.

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of March 31, 2025:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Australia 10-Year Bond		17			06/2025		AUD		1,195			2
Long Gilt		22			06/2025		GBP		2,631			(25	)
SOFR 3 Month		380			03/2026		USD		91,254			302
U.S. Treasury 5 Year Note		750			06/2025		USD		80,509			608
												887
Short Contracts
Canadian Government 10 Year Bond		(6	)		06/2025		CAD		(513	)		(4	)
U.S. Treasury 2 Year Note		(524	)		06/2025		USD		(108,075	)		(483	)
U.S. Treasury 5 Year Note		(224	)		06/2025		USD		(24,049	)		(178	)
U.S. Treasury 10 Year Note		(88	)		06/2025		USD		(9,671	)		(116	)
U.S. Treasury Ultra Bond		(32	)		06/2025		USD		(3,831	)		(81	)
U.S. Ultra Treasury 10 Year Note		(11	)		06/2025		USD		(1,242	)		(14	)
												(876	)
Total unrealized appreciation (depreciation)												11

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of March 31, 2025:

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
AUD	667	USD	415	Barclays Bank plc		04/02/2025		2
USD	52	AUD	82	Barclays Bank plc		04/02/2025		1
USD	2,130	CAD	3,031	Morgan Stanley & Co.		04/02/2025		23
EUR	104	USD	112	Morgan Stanley & Co.		04/02/2025		—	(h)
USD	11,106	AUD	17,610	Deutsche Bank AG		05/02/2025		99
USD	1,900	CAD	2,727	Bank of America, NA		05/02/2025		2
USD	4,437	GBP	3,424	Barclays Bank plc		05/02/2025		14
USD	14,681	CAD	20,855	Goldman Sachs International		05/22/2025		153
USD	328	AUD	521	Goldman Sachs International		06/18/2025		2
USD	661	AUD	1,050	UBS AG LONDON		06/18/2025		5
USD	17,779	EUR	16,216	Citibank, NA		06/18/2025		167
USD	691	GBP	534	Nomura International plc		06/18/2025		1
USD	8,515	GBP	6,566	Nomura International plc		06/18/2025		34
Total unrealized appreciation								503
USD	11,317	AUD	18,195	Barclays Bank plc		04/02/2025		(53	)
AUD	17,610	USD	11,103	Deutsche Bank AG		04/02/2025		(100	)
CAD	2,731	USD	1,900	Bank of America, NA		04/02/2025		(2	)
CAD	307	USD	214	Deutsche Bank AG		04/02/2025		—	(h)
USD	35	EUR	32	Barclays Bank plc		04/02/2025		—	(h)
USD	76	EUR	72	Deutsche Bank AG		04/02/2025		(2	)
USD	4,317	GBP	3,424	Barclays Bank plc		04/02/2025		(106	)
GBP	3,424	USD	4,437	Barclays Bank plc		04/02/2025		(14	)
USD	112	EUR	104	Morgan Stanley & Co.		05/02/2025		—	(h)
USD	14,438	EUR	13,530	Citibank, NA		05/07/2025		(220	)
Total unrealized depreciation								(497	)
Net unrealized appreciation (depreciation)								6

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2025:

FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
SONIA Interest Rate Benchmark	3.50% annually	Pay		03/19/2030	GBP	2,050		(58	)		(1	)		(59	)
United States SOFR	3.86% annually	Receive		02/28/2029	USD	5,200		—			(35	)		(35	)
United States SOFR	4.05% annually	Receive		08/31/2029	USD	9,000		—			(147	)		(147	)
United States SOFR	4.10% annually	Receive		08/31/2029	USD	27,070		(411	)		(80	)		(491	)
United States SOFR	3.73% annually	Receive		08/31/2029	USD	4,600		—			(18	)		(18	)
United States SOFR	3.74% annually	Receive		08/31/2029	USD	4,700		—			(19	)		(19	)
United States SOFR	3.76% annually	Receive		08/31/2029	USD	3,200		—			(16	)		(16	)
United States SOFR	3.75% annually	Receive		08/31/2029	USD	8,100		—			(36	)		(36	)
United States SOFR	3.74% annually	Receive		08/31/2029	USD	17,400		—			(73	)		(73	)
Total								(469	)		(425	)		(894	)

(a) Value of floating rate index as of March 31, 2025 was as follows:

FLOATING RATE INDEX
SONIA Interest Rate Benchmark	4.46	%
United States SOFR	4.41	%

Six Circles Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Credit Default Swaps contracts outstanding — sell protection (1) as of March 31, 2025:

REFERENCE OBLIGATION/ INDEX	FINANCING RATE RECEIVED BY THE FUND(%)		PAYMENT FREQUENCY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (2)		NOTIONAL AMOUNT (3)			UPFRONT PAYMENTS (RECEIPTS) ($) (4)		UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CDX.NA.IG.44		1.00		Quarterly		06/20/2030		0.62		USD	600		12		(1	)		11
Total													12		(1	)		11

(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 Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025

ASX	—	Australian Stock Exchange
BBSW	—	Bank Bill Swap Rate
CDX	—	Credit Default Swap Index
CLO	—	Collateralized Loan Obligations
CMT	—	Constant Maturity Treasury
EURIBOR	—	Euro Interbank Offered Rate
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
ICE	—	Intercontinental Exchange
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REMICS	—	Real Estate Mortgage Investment Conduit
SOFR	—	Secured Overnight Financing Rate
SONIA	—	Sterling Overnight Interbank Average Rate
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2025.
TBA	—	To Be Announced
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)	—	Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended.
(h)	—	Amount rounds to less than 500 shares/principal or $500.
(n)	—	The rate shown is the effective yield as of March 31, 2025.
(w)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(z)	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2025.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2025.
(ii)	—	Approximately $279 of these investments are restricted as collateral for foreign currency exchange contracts to Barclays Bank PLC and Morgan Stanley & Co. International PLC.
*	—	The cost of securities is substantially the same for federal income tax purposes.
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
EUR	—	Euro
GBP	—	British Pound
JPY	—	Japanese Yen
USD	—	United States Dollar

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Asset-Backed Securities — 8.1%
American Express Credit Account Master Trust, Series 2022-2, Class A, 3.39%, 05/15/2027		1,200		1,198
Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class A, 5.36%, 06/20/2030 (e)		2,000		2,039
Bank of America Auto Trust, Series 2023-2A, Class A2, 5.85%, 08/17/2026 (e)		552		553
BMW Canada Auto Trust, (Canada), Series 2024-1A, Class A1, 5.03%, 04/20/2026 (e)	CAD	96		67
BofA Auto Trust, Series 2024-1A, Class A3, 5.35%, 11/15/2028 (e)		1,500		1,517
Capital One Multi-Asset Execution Trust, Series 2022-A2, Class A, 3.49%, 05/15/2027		500		499
CARDS II Trust, (Canada), Series 2023-2A, Class A, (United States SOFR + 0.85%), 5.18%, 07/15/2028 (e) (aa)		1,500		1,502
CarMax Auto Owner Trust,
Series 2023-3, Class A2A, 5.72%, 11/16/2026		148		148
Series 2023-4, Class A2A, 6.08%, 12/15/2026		329		330
Series 2023-4, Class A3, 6.00%, 07/17/2028		2,400		2,441
Series 2024-1, Class A2A, 5.30%, 03/15/2027		984		985
Series 2024-2, Class A2A, 5.65%, 05/17/2027		693		695
Series 2025-1, Class A3, 4.84%, 01/15/2030		500		505
Carvana Auto Receivables Trust,
Series 2023-P4, Class A2, 6.23%, 01/11/2027 (e)		31		31
Series 2024-P3, Class A2, 4.61%, 11/10/2027		737		737
Series 2024-P4, Class A3, 4.64%, 01/10/2030		500		501
Citibank Credit Card Issuance Trust,
Series 2017-A6, Class A6, (CME Term SOFR 1 Month + 0.88%), 5.20%, 05/14/2029 (aa)		2,000		2,017
Series 2018-A5, Class A5, (CME Term SOFR 1 Month + 0.72%), 5.04%, 08/07/2027 (aa)		1,000		1,002
Series 2023-A1, Class A1, 5.23%, 12/08/2027		2,300		2,310
Citizens Auto Receivables Trust, Series 2023-1, Class A3, 5.84%, 01/18/2028 (e)		2,007		2,022
CNH Equipment Trust, Series 2023-B, Class A2, 5.90%, 02/16/2027		191		191
Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.69%, 08/22/2030 (e)		2,000		2,002
DLLAA LLC, Series 2025-1A, Class A2, 4.70%, 10/20/2027 (e)		1,200		1,202
ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e)		623		551
Enterprise Fleet Financing LLC,
Series 2022-1, Class A2, 3.03%, 01/20/2028 (e)		37		38
Series 2024-4, Class A2, 4.69%, 07/20/2027 (e)		300		300
Ford Auto Securitization Trust II, (Canada), Series 2024-BA, Class A2, 3.72%, 11/15/2028 (e)	CAD	2,300		1,614
Ford Credit Auto Lease Trust, Series 2024-B, Class A2B, (United States 30 Day Average SOFR + 0.40%), 4.75%, 02/15/2027 (aa)		787		786
Ford Credit Auto Owner Trust,
Series 2024-B, Class A2A, 5.40%, 04/15/2027		1,193		1,198
Series 2024-C, Class A2A, 4.32%, 08/15/2027		2,000		1,997
GM Financial Automobile Leasing Trust,
Series 2023-3, Class A3, 5.38%, 11/20/2026		2,673		2,680
Series 2024-3, Class A2A, 4.29%, 01/20/2027		1,700		1,697
Series 2025-1, Class A2A, 4.54%, 05/20/2027		2,300		2,303
GM Financial Consumer Automobile Receivables Trust,
Series 2023-4, Class A2A, 5.89%, 11/16/2026		212		213
Series 2024-4, Class A2A, 4.53%, 10/18/2027		1,000		1,000
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34%, 06/15/2028 (e)		1,100		1,111
Golden Credit Card Trust, Series 2021-1A, Class A, 1.14%, 08/15/2028 (e)		1,600		1,530
Golden Credit Card Trust, (Canada), Series 2022-1A, Class A, 1.97%, 01/15/2029 (e)		1,000		957
GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class A2, 5.12%, 03/25/2060 (e)		500		500

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued
Harley-Davidson Motorcycle Trust,
Series 2024-A, Class A2, 5.65%, 02/16/2027		516		517
Series 2024-B, Class A2, 4.62%, 08/16/2027		1,979		1,980
Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.49%, 06/25/2027 (e)		2,000		2,012
Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.48%, 04/17/2028		1,300		1,310
M&T Equipment Notes, Series 2023-1A, Class A2, 6.09%, 07/15/2030 (e)		99		99
Master Credit Card Trust II, (Canada), Series 2023-1A, Class A, 4.70%, 06/21/2027 (e)		600		601
MBarc Credit Canada, Inc., (Canada), Series 2024-AA, Class A2, 5.30%, 10/15/2026 (e)	CAD	546		382
Mercedes-Benz Auto Lease Trust, Series 2024-B, Class A2A, 4.57%, 12/15/2026		956		956
Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3, 4.51%, 11/15/2027		780		780
Navient Private Education Loan Trust,
Series 2018-BX, Class A2B, Reg. S, (CME Term SOFR 1 Month + 0.83%), 5.15%, 12/15/2059 (aa)		261		261
Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 1.01%), 5.33%, 11/15/2068 (e) (aa)		627		626
Nelnet Student Loan Trust, Series 2019-2A, Class A, (United States 30 Day Average SOFR + 1.01%), 5.35%, 06/27/2067 (e) (aa)		533		533
Nissan Auto Lease Trust,
Series 2024-B, Class A3, 4.92%, 11/15/2027		600		605
Series 2025-A, Class A2B, (United States 30 Day Average SOFR + 0.45%), 4.80%, 11/15/2027 (aa)		1,200		1,199
Oscar US Funding XV LLC, (Japan), Series 2023-1A, Class A3, 5.81%, 12/10/2027 (e)		1,000		1,008
Oscar US Funding XVII LLC, Series 2024-2A, Class A2, 4.63%, 12/10/2027 (e)		992		990
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (CME Term SOFR 1 Month + 0.91%), 5.23%, 07/25/2035 (aa)		76		75
PEAC Solutions Receivables LLC, Series 2025-1A, Class A2, 4.94%, 10/20/2028 (e)		1,000		1,003
PRET LLC, Series 2021-NPL3, Class A1, SUB, 4.87%, 07/25/2051 (e)		517		517
SBNA Auto Lease Trust,
Series 2024-B, Class A3, 5.56%, 11/22/2027 (e)		1,000		1,009
Series 2024-C, Class A3, 4.56%, 02/22/2028 (e)		900		900
SMB Private Education Loan Trust,
Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e)		291		272
Series 2022-C, Class A1B, (United States 30 Day Average SOFR + 1.85%), 6.20%, 05/16/2050 (e) (aa)		236		239
Series 2023-A, Class A1A, 5.38%, 01/15/2053 (e)		134		136
Synchrony Card Funding LLC, Series 2023-A1, Class A, 5.54%, 07/15/2029		1,000		1,013
Tesla Auto Lease Trust, Series 2024-A, Class A2A, 5.37%, 06/22/2026 (e)		668		669
Tesla Sustainable Energy Trust, Series 2024-1A, Class A2, 5.08%, 06/21/2050 (e)		600		601
Towd Point Asset Trust, Series 2021-SL1, Class A2, (CME Term SOFR 1 Month + 0.81%), 5.13%, 11/20/2061 (e) (aa)		80		80
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e)		1,800		1,790
Toyota Auto Receivables Owner Trust,
Series 2022-C, Class A3, 3.76%, 04/15/2027		553		551
Series 2023-A, Class A3, 4.63%, 09/15/2027		158		158
Series 2023-C, Class A2A, 5.60%, 08/17/2026		74		74
Toyota Lease Owner Trust,
Series 2023-B, Class A2A, 5.73%, 04/20/2026 (e)		100		100
Series 2025-A, Class A2A, 4.58%, 07/20/2027 (e)		2,600		2,605
Trillium Credit Card Trust II, (Canada), Series 2023-3A, Class A, (United States SOFR + 0.85%), 5.19%, 08/26/2028 (e) (aa)		2,000		2,004

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued
Verizon Master Trust,
Series 2024-1, Class A1A, 5.00%, 12/20/2028		2,000		2,007
Series 2024-6, Class A1B, (United States 30 Day Average SOFR + 0.67%), 5.01%, 08/20/2030 (aa)		1,100		1,103
Volkswagen Auto Lease Trust, Series 2023-A, Class A2A, 5.87%, 01/20/2026		23		23
Volkswagen Auto Loan Enhanced Trust,
Series 2023-1, Class A2A, 5.50%, 12/21/2026		113		113
Series 2023-2, Class A2A, 5.72%, 03/22/2027		919		922
World Omni Auto Receivables Trust, Series 2024-B, Class A2A, 5.48%, 09/15/2027		354		355
Total Asset-Backed Securities (Cost $75,130)				75,147
Certificates of Deposit — 0.3%
Financial — 0.3%
Banks — 0.3%
Mizuho Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.85%), 4.97%, 09/14/2026 (aa)	AUD	600		376
MUFG Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.87%), 5.04%, 02/17/2026 (aa)	AUD	1,700		1,066
Sumitomo Mitsui Banking Corp., (Japan), (BBSW ASX Australian 3 Month + 1.10%), 5.31%, 11/07/2025 (aa)	AUD	2,400		1,506
Total Financial				2,948
Total Certificates of Deposit (Cost $3,043)				2,948
Collateralized Mortgage Obligations — 5.0%
Avon Finance, (United Kingdom), Series 4A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 5.38%, 12/28/2049 (e) (aa)	GBP	888		1,150
Cheshire plc, (United Kingdom), Series 2020-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 5.38%, 08/20/2045 (aa)	GBP	275		356
CSMC Trust, Series 2021-RPL4, Class A1, 4.10%, 12/27/2060 (e) (z)		250		249
FHLMC REMICS,
Series 5426, Class BF, (United States 30 Day Average SOFR + 0.90%), 5.23%, 04/15/2049 (aa)		412		413
Series 5480, Class FG, (United States 30 Day Average SOFR + 1.15%), 5.49%, 12/25/2054 (aa)		821		825
Series 5493, Class FK, (United States 30 Day Average SOFR + 1.15%), 5.49%, 01/25/2055 (aa)		776		779
Series 5499, Class FH, (United States 30 Day Average SOFR + 1.20%), 5.54%, 02/25/2055 (aa)		486		489
Series 5508, Class DF, (United States 30 Day Average SOFR + 1.00%), 5.34%, 02/25/2055 (aa)		865		868
Series 5508, Class FC, (United States 30 Day Average SOFR + 1.00%), 5.34%, 02/25/2055 (aa)		881		885
Series 5516, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.24%, 03/25/2055 (aa)		1,876		1,876
Series 5517, Class FE, (United States 30 Day Average SOFR + 0.95%), 5.29%, 03/25/2055 (aa)		2,278		2,257

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 5517, Class MF, (United States 30 Day Average SOFR + 0.95%), 5.29%, 03/25/2055 (aa)		885		887
Series 5528, Class FA, (United States 30 Day Average SOFR + 0.87%), 5.17%, 04/25/2055 (aa)		1,900		1,894
Series 5532, Class FA, (United States 30 Day Average SOFR + 0.95%), 5.30%, 04/25/2055 (aa)		1,900		1,900
FNMA REMICS,
Series 2018-82, Class W, 6.77%, 11/25/2058 (z)		200		206
Series 2020-29, Class FC, (United States 30 Day Average SOFR + 0.91%), 5.24%, 05/25/2050 (aa)		1,176		1,172
Series 2022-8, Class D, 2.00%, 08/25/2038		1,029		955
Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.13%, 01/25/2051 (aa)		807		806
Series 2024-95, Class KF, (United States 30 Day Average SOFR + 1.10%), 5.44%, 12/25/2054 (aa)		479		480
Series 2024-100, Class FA, (United States 30 Day Average SOFR + 1.10%), 5.44%, 06/25/2054 (aa)		857		859
Series 2024-101, Class FB, (United States 30 Day Average SOFR + 1.10%), 5.44%, 01/25/2055 (aa)		884		886
Series 2024-103, Class FC, (United States 30 Day Average SOFR + 1.15%), 5.49%, 01/25/2055 (aa)		1,072		1,077
Series 2024-104, Class FA, (United States 30 Day Average SOFR + 1.05%), 5.39%, 01/25/2055 (aa)		1,072		1,074
Series 2025-1, Class FD, (United States 30 Day Average SOFR + 1.20%), 5.54%, 02/25/2055 (aa)		390		392
Series 2025-6, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.59%, 02/25/2055 (aa)		583		587
Series 2025-16, Class FN, (United States 30 Day Average SOFR + 0.95%), 5.29%, 01/25/2055 (aa)		992		994
Series 2025-18, Class FA, (United States 30 Day Average SOFR + 0.95%), 5.29%, 11/25/2053 (aa)		888		890
Series 2025-18, Class FM, (United States 30 Day Average SOFR + 0.90%), 5.24%, 09/25/2054 (aa)		6,444		6,441
GNMA,
Series 2015-H04, Class FA, (CME Term SOFR 1 Month + 0.76%), 5.07%, 12/20/2064 (aa)		676		675
Series 2017-121, Class PE, 3.00%, 07/20/2046		107		105
Series 2017-H02, Class FH, (CME Term SOFR 1 Year + 1.22%), 5.45%, 01/20/2067 (aa)		758		761
Series 2018-H18, Class FC, (CME Term SOFR 1 Month + 0.46%), 4.77%, 08/20/2065 (aa)		218		217
Series 2019-54, Class KF, (CME Term SOFR 1 Month + 0.53%), 4.86%, 05/20/2044 (aa)		294		288
Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 5.84%, 06/20/2071 (aa)		1,439		1,467
Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa)		782		699
Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 4.69%, 01/20/2072 (aa)		783		765
Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 5.24%, 01/20/2073 (aa)		393		394

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Collateralized Mortgage Obligations — continued
Series 2023-H12, Class FA, (United States 30 Day Average SOFR + 1.00%), 5.34%, 05/20/2073 (aa)		1,938		1,961
Series 2023-H26, Class DF, (United States 30 Day Average SOFR + 0.30%), 4.64%, 09/20/2073 (aa)		1,213		1,204
Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 5.44%, 11/20/2073 (aa)		490		500
Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.24%, 01/20/2074 (aa)		979		987
Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 5.27%, 01/20/2074 (aa)		1,157		1,169
GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z)		181		169
Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 4.75%, 07/25/2061 (e)		1,030		1,027
MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z)		303		274
New Residential Mortgage Loan Trust,
Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z)		82		80
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z)		198		187
Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z)		293		278
Progress Trust, (Australia), Series 2020-1, Class A, (BBSW ASX Australian 1 Month + 1.00%), 5.09%, 01/21/2051 (aa)	AUD	390		244
Starwood Mortgage Residential Trust,
Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z)		137		131
Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z)		187		173
Towd Point Mortgage Funding 2024 - Granite 6 plc, (United Kingdom), Series 2024-GR6A, Class A1, (SONIA Interest Rate Benchmark + 0.93%), 5.47%, 07/20/2053 (e) (aa)	GBP	907		1,174
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (CME Term SOFR 1 Month + 1.11%), 5.43%, 05/25/2058 (e) (aa)		164		168
Triton Bond Trust in respect of Series 1, (Australia), Series 2021-2, Class A1AU, (BBSW ASX Australian 1 Month + 0.70%), 4.79%, 02/09/2053 (aa)	AUD	311		194
Total Collateralized Mortgage Obligations (Cost $47,198)				46,938
Commercial Mortgage-Backed Securities — 0.5%
AREIT Trust, (Cayman Islands),
Series 2021-CRE5, Class A, (CME Term SOFR 1 Month + 1.19%), 5.51%, 11/17/2038 (e) (aa)		45		44
Series 2022-CRE6, Class A, (United States 30 Day Average SOFR + 1.25%), 5.60%, 01/20/2037 (e) (aa)		480		477
BDS LLC, Series 2022-FL12, Class A, (CME Term SOFR 1 Month + 2.14%), 6.45%, 08/19/2038 (e) (aa)		590		590
BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 5.68%, 09/15/2036 (e) (aa)		500		477
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058		113		113
Citigroup Commercial Mortgage Trust, Series 2021-KEYS, Class A, (CME Term SOFR 1 Month + 1.29%), 5.61%, 10/15/2036 (e) (aa)		900		895
MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 5.39%, 12/15/2034 (e) (aa)		900		895
Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (CME Term SOFR 1 Month + 1.11%), 5.43%, 05/15/2036 (e) (aa)		700		472

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued
Sage AR Funding No. 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Interest Rate Benchmark + 1.25%), 5.73%, 11/17/2030 (e) (aa)	GBP	800		1,033
SREIT Trust, Series 2021-IND, Class A, (CME Term SOFR 1 Month + 0.81%), 5.13%, 10/15/2038 (e) (aa)		100		99
Total Commercial Mortgage-Backed Securities (Cost $5,378)				5,095
Corporate Bonds — 11.9%
Communications — 0.4%
Internet — 0.1%
Uber Technologies, Inc.,
4.50%, 08/15/2029 (e)		500		491
7.50%, 09/15/2027 (e)		500		506
				997
Telecommunications — 0.3%
Ooredoo International Finance Ltd., (Bermuda), 5.00%, 10/19/2025 (e)		1,100		1,103
Optus Finance Pty Ltd., (Australia), Reg. S, 1.60%, 07/01/2025	AUD	1,000		620
T-Mobile USA, Inc., 3.50%, 04/15/2025		1,000		999
				2,722
Total Communications				3,719
Consumer Cyclical — 1.5%
Apparel — 0.1%
Burberry Group plc, (United Kingdom), Reg. S, 1.13%, 09/21/2025	GBP	900		1,141
Auto Manufacturers — 1.3%
BMW US Capital LLC,
(United States SOFR + 0.78%), 5.14%, 03/19/2027 (e) (aa)		200		200
(SOFR Compounded Index + 0.80%), 5.16%, 08/13/2026 (e) (aa)		2,200		2,201
(SOFR Compounded Index + 0.92%), 5.28%, 03/21/2028 (e) (aa)		300		300
Ford Motor Credit Co. LLC,
4.13%, 08/04/2025		300		299
(United States SOFR + 2.95%), 7.31%, 03/06/2026 (aa)		300		304
Hyundai Capital America,
(United States SOFR + 1.15%), 5.51%, 08/04/2025 (e) (aa)		200		200
Reg. S, (United States SOFR + 1.50%), 5.85%, 01/08/2027 (aa)		2,235		2,259
Mercedes-Benz Finance North America LLC, (United States SOFR + 0.63%), 4.99%, 07/31/2026 (e) (aa)		1,800		1,801
Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 (e)		1,000		949
Nissan Motor Co. Ltd., (Japan), 3.52%, 09/17/2025 (e)		700		692
Volkswagen Group of America Finance LLC, 4.90%, 08/14/2026 (e)		1,000		1,001
(United States SOFR + 0.83%), 5.19%, 03/20/2026 (e) (aa)		600		601
(United States SOFR + 0.93%), 5.29%, 09/12/2025 (e) (aa)		1,500		1,502
(United States SOFR + 1.06%), 5.42%, 08/14/2026 (e) (aa)		200		200
				12,509
Leisure Time — 0.1%
Harley-Davidson Financial Services, Inc., Reg. S, 3.35%, 06/08/2025		500		498
Total Consumer Cyclical				14,148

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Consumer Non-cyclical — 0.4%
Agriculture — 0.1%
BAT International Finance plc, (United Kingdom), 1.67%, 03/25/2026		500		486
Biotechnology — 0.0% (g)
Illumina, Inc., 5.80%, 12/12/2025		400		403
Food — 0.0% (g)
Woolworths Group Ltd., (Australia), Reg. S, 1.85%, 05/20/2025	AUD	600		373
Pharmaceuticals — 0.3%
Bayer US Finance II LLC, 4.25%, 12/15/2025 (e)		2,500		2,488
Total Consumer Non-cyclical				3,750
Energy — 0.2%
Pipelines — 0.2%
ONEOK, Inc.,
2.20%, 09/15/2025		400		396
5.85%, 01/15/2026		700		705
Total Energy				1,101
Financial — 7.7%
Banks — 7.0%
ABN AMRO Bank NV, (Netherlands),
(SOFR Compounded Index + 1.00%), 5.36%, 12/03/2028 (e) (aa)		300		300
(CMT Index 1 Year + 1.55%), 6.58%, 10/13/2026 (e) (aa)		2,200		2,222
Banco Santander SA, (Spain), (United States SOFR + 1.12%), 5.47%, 07/15/2028 (aa)		400		402
Bank of America Corp., (United States SOFR + 1.01%), 5.37%, 10/24/2026 (aa)		1,000		981
Bank of Montreal, (Canada), (SOFR Compounded Index + 0.88%), 5.24%, 09/10/2027 (aa)		400		401
Bank of Queensland Ltd., (Australia),
Reg. S, (BBSW ASX Australian 3 Month + 1.07%), 5.25%, 05/14/2025 (aa)	AUD	1,300		813
(BBSW ASX Australian 3 Month + 1.10%), 5.39%, 10/29/2025 (aa)	AUD	1,000		627
Banque Federative du Credit Mutuel SA, (France), 5.90%, 07/13/2026 (e)		1,500		1,524
Barclays plc, (United Kingdom), (CMT Index 1 Year + 3.05%), 7.33%, 11/02/2026 (aa)		1,157		1,173
BNP Paribas SA, (France), (United States SOFR + 2.07%), 6.43%, 06/09/2026 (e) (aa)		1,200		1,194
BPCE SA, (France),
(United States SOFR + 1.52%), 5.88%, 10/06/2026 (e) (aa)		300		295
Reg. S, (BBSW ASX Australian 3 Month + 1.35%), 5.48%, 09/29/2025 (aa)	AUD	700		439
Reg. S, (BBSW ASX Australian 3 Month + 1.60%), 5.72%, 06/05/2025 (aa)	AUD	1,200		751
(United States SOFR + 2.10%), 5.98%, 01/18/2027 (e) (aa)		2,000		2,018
Canadian Imperial Bank of Commerce, (Canada),
4.88%, 01/14/2030 (e)		1,100		1,125
(United States SOFR + 0.72%), 5.07%, 01/13/2028 (aa)		1,600		1,599
Citibank NA, (SOFR Compounded Index + 1.06%), 5.42%, 12/04/2026 (aa)		1,200		1,210
Citigroup, Inc., (United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa)		1,500		1,499
Cooperatieve Rabobank UA, (Netherlands), (CMT Index 1 Year + 0.73%), 1.98%, 12/15/2027 (e) (aa)		2,400		2,294
Credit Agricole SA, (France),
(United States SOFR + 0.87%), 5.23%, 03/11/2027 (e) (aa)		1,700		1,707

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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, (United States SOFR + 0.87%), 5.23%, 03/11/2027 (aa)		500		502
DBS Group Holdings Ltd., (Singapore), (United States SOFR + 0.60%), 4.96%, 03/21/2028 (e) (aa)		900		901
Deutsche Bank AG, (Germany),
(United States SOFR + 1.87%), 6.23%, 11/24/2026 (aa) (f)		1,736		1,705
(United States SOFR + 1.22%), 5.58%, 11/16/2027 (aa)		700		702
(United States SOFR + 2.52%), 7.15%, 07/13/2027 (aa)		1,200		1,233
DNB Bank ASA, (Norway), (SOFR Compounded Index + 1.95%), 5.90%, 10/09/2026 (e) (aa)		700		704
Goldman Sachs Bank USA, (United States SOFR + 0.75%), 5.11%, 05/21/2027 (aa)		702		704
Goldman Sachs Group, Inc. (The),
(United States SOFR + 0.79%), 5.15%, 12/09/2026 (aa)		400		401
(CME Term SOFR 3 Month + 1.43%), 5.75%, 05/15/2026 (aa)		1,000		1,001
HSBC Holdings plc, (United Kingdom),
(United States SOFR + 1.93%), 6.29%, 06/04/2026 (aa)		900		895
(CME Term SOFR 3 Month + 1.61%), 4.29%, 09/12/2026 (aa)		900		898
(United States SOFR + 1.57%), 5.89%, 08/14/2027 (aa)		1,000		1,016
(United States SOFR + 3.03%), 7.34%, 11/03/2026 (aa)		1,000		1,015
ING Bank Australia Ltd., (Australia), (BBSW ASX Australian 3 Month + 0.98%), 5.09%, 12/08/2025 (aa)	AUD	900		565
ING Groep NV, (Netherlands),
(CMT Index 1 Year + 1.10%), 1.40%, 07/01/2026 (e) (aa)		300		298
(SOFR Compounded Index + 1.01%), 5.37%, 04/01/2027 (aa)		500		502
Mitsubishi UFJ Financial Group, Inc., (Japan), (United States SOFR + 1.44%), 5.79%, 04/17/2026 (aa)		500		500
Morgan Stanley Bank NA, (United States SOFR + 0.69%), 5.04%, 10/15/2027 (aa)		2,800		2,805
National Bank of Canada, (Canada),
(SOFR Compounded Index + 0.90%), 5.26%, 03/25/2027 (aa)		1,200		1,203
(SOFR Compounded Index + 1.03%), 5.39%, 07/02/2027 (aa)		1,100		1,106
NatWest Markets plc, (United Kingdom), (United States SOFR + 0.90%), 5.26%, 05/17/2027 (e) (aa)		1,300		1,305
Nordea Bank Abp, (Finland), (United States SOFR + 0.74%), 5.10%, 03/19/2027 (e) (aa)		1,200		1,205
Oversea-Chinese Banking Corp. Ltd., (Singapore), (BBSW ASX Australian 3 Month + 0.78%), 4.95%, 05/18/2026 (aa)	AUD	1,000		627
PNC Bank NA, (United States SOFR + 0.50%), 4.78%, 01/15/2027 (aa)		2,300		2,301
Royal Bank of Canada, (Canada),
(SOFR Compounded Index + 0.79%), 5.15%, 07/23/2027 (aa)		300		301
(SOFR Compounded Index + 0.82%), 5.18%, 03/27/2028 (aa)		2,300		2,300
Santander Holdings USA, Inc., 3.45%, 06/02/2025		1,500		1,496
Shinhan Bank Co. Ltd., (South Korea), Reg. S, (BBSW ASX Australian 3 Month + 1.95%), 6.12%, 11/16/2025 (aa)	AUD	3,500		2,206
Sumitomo Mitsui Financial Group, Inc., (Japan), (United States SOFR + 1.30%), 5.65%, 07/13/2026 (aa)		700		707
Sumitomo Mitsui Trust Bank Ltd., (Japan),
(United States SOFR + 1.15%), 5.51%, 09/14/2026 (e) (aa)		200		202
Reg. S, (United States SOFR + 1.15%), 5.51%, 09/14/2026 (aa)		1,600		1,615

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Svenska Handelsbanken AB, (Sweden), (BBSW ASX Australian 3 Month + 0.45%), 4.57%, 03/04/2026 (aa)	AUD	600		375
Swedbank AB, (Sweden), 6.14%, 09/12/2026 (e)		2,900		2,967
UBS AG, (Switzerland),
Reg. S, (BBSW ASX Australian 3 Month + 0.50%), 4.62%, 02/26/2026 (aa)	AUD	1,300		812
Reg. S, (BBSW ASX Australian 3 Month + 0.87%), 5.13%, 07/30/2025 (aa)	AUD	2,200		1,376
United Overseas Bank Ltd., (Singapore), (SOFR Compounded Index + 0.58%), 4.94%, 04/02/2028 (e) (w) (aa)		1,200		1,199
Wells Fargo & Co.,
(United States SOFR + 1.32%), 3.91%, 04/25/2026 (aa)		1,000		999
(United States SOFR + 0.78%), 5.14%, 01/24/2028 (aa)		500		502
(United States SOFR + 1.32%), 5.68%, 04/25/2026 (aa)		1,200		1,201
				64,926
Diversified Financial Services — 0.7%
Aircastle Ltd., (Bermuda), 5.25%, 08/11/2025 (e)		979		979
American Express Co., (SOFR Compounded Index + 0.97%), 5.33%, 07/28/2027 (aa)		1,200		1,207
Aviation Capital Group LLC, 4.88%, 10/01/2025 (e)		1,400		1,399
Mitsubishi HC Capital, Inc., (Japan), 3.64%, 04/13/2025 (e)		570		570
Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025		2,300		2,282
				6,437
Insurance — 0.0% (g)
Athene Global Funding, (SOFR Compounded Index + 0.85%), 5.21%, 05/08/2026 (e) (aa)		300		301
Total Financial				71,664
Industrial — 0.8%
Aerospace/Defense — 0.1%
Rolls-Royce plc, (United Kingdom), 3.63%, 10/14/2025 (e)		500		497
Electronics — 0.1%
Flex Ltd., (Singapore), 4.75%, 06/15/2025		1,200		1,199
Engineering & Construction — 0.2%
Sydney Airport Finance Co. Pty Ltd., (Australia), Reg. S, 3.63%, 04/28/2026		2,100		2,077
Miscellaneous Manufacturers — 0.0% (g)
Incitec Pivot Ltd., (Australia), Reg. S, 4.30%, 03/18/2026	AUD	800		497
Packaging & Containers — 0.1%
Berry Global, Inc., 4.88%, 07/15/2026 (e)		977		975
Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc., 3.84%, 05/01/2025		2,300		2,298
Total Industrial				7,543
Utilities — 0.9%
Electric — 0.9%
Algonquin Power & Utilities Corp., (Canada), SUB, 5.37%, 06/15/2026		1,000		1,005
Edison International, 4.70%, 08/15/2025		200		200

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Electricite de France SA, (France), 3.63%, 10/13/2025 (e)		1,000		993
Enel Finance International NV, (Netherlands), 4.50%, 06/15/2025 (e)		300		300
Evergy Kansas Central, Inc., 4.70%, 03/13/2028		600		602
Pacific Gas and Electric Co.,
3.15%, 01/01/2026		1,350		1,332
3.45%, 07/01/2025		1,600		1,594
Southern California Edison Co., 4.90%, 06/01/2026		1,100		1,100
Series 20C, 1.20%, 02/01/2026		1,300		1,261
Total Utilities				8,387
Total Corporate Bonds (Cost $110,722)				110,312
Foreign Government Securities — 0.7%
Export-Import Bank of Korea, (South Korea), 4.88%, 01/11/2026		800		803
Korea Development Bank (The), (South Korea), (United States SOFR + 0.76%), 5.12%, 02/03/2030 (aa)		3,000		3,005
Saudi Government International Bond, (Saudi Arabia), 5.13%, 01/13/2028 (e)		2,300		2,328
Total Foreign Government Securities (Cost $6,084)				6,136
Mortgage-Backed Securities — 0.7%
FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 05/01/2055 (w)		5,000		4,985
FNMA Pool, 2.80%, 06/01/2025		1,748		1,738
Total Mortgage-Backed Securities (Cost $6,725)				6,723
Municipal Bonds — 65.9% (t)
Alabama — 0.1%
County of Jefferson Sewer Revenue, Warrants, Rev., 5.00%, 10/01/2026		1,250		1,283
Alaska — 0.2%
State of Alaska,
Series B, GO, 5.00%, 08/01/2026		690		710
Series B, GO, 5.00%, 08/01/2027		750		788
				1,498
Arizona — 1.2%
Arizona Board of Regents, Series A, Rev., VRDO, 2.85%, 04/07/2025 (z)		11,595		11,595
California — 2.0%
California Pollution Control Financing Authority, Republic Services, Inc., Rev., AMT, 3.70%, 07/01/2043 (e) (z)		4,000		3,998
City of Los Angeles Department of Airports, Senior Bonds Green Bond Project, Rev., AMT, 5.00%, 05/15/2025		2,475		2,480
Los Angeles Department of Water & Power, Series A, Rev., 5.00%, 07/01/2027		8,415		8,750
San Francisco City & County Airport Commission International Airport, Revenue Refunding, Second Series, Series A, Rev., AMT, 5.00%, 05/01/2025		3,000		3,004
				18,232

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 — 0.2%
City & County of Denver Airport System Revenue, Series D, Rev., AMT, 5.25%, 11/15/2027		1,500		1,572
Connecticut — 2.0%
Connecticut Housing Finance Authority, Series B3, Rev., VRDO, 2.83%, 04/07/2025 (z)		5,680		5,680
Connecticut State Health & Educational Facilities Authority, Yale University,
Series A, Rev., VRDO, 3.25%, 04/01/2025 (z)		10,000		10,000
Series V1, Rev., VRDO, 3.25%, 04/01/2025 (z)		1,550		1,550
State of Connecticut Special Tax Revenue, Series D, Rev., 5.00%, 11/01/2025		1,250		1,266
				18,496
District of Columbia — 2.7%
District of Columbia,
Rev., VRDO, LOC: Wells Fargo Bank NA, 2.87%, 04/07/2025 (z)		2,325		2,325
Series A, GO, 5.00%, 08/01/2027		5,000		5,249
Metropolitan Washington Airports Authority Aviation Revenue,
Rev., AMT, 5.00%, 10/01/2025		9,425		9,507
Series A, Rev., AMT, 5.00%, 10/01/2025		1,665		1,680
Series A, Rev., AMT, 5.00%, 10/01/2026		2,805		2,878
Series B, Rev., 5.00%, 10/01/2025		1,030		1,041
Washington Metropolitan Area Transit Authority Dedicated Revenue, Sustainability Financed Bond,
Rev., 5.00%, 07/15/2025		1,250		1,257
Rev., 5.00%, 07/15/2026		1,250		1,285
				25,222
Florida — 6.7%
City of Jacksonville, Series B, Rev., 5.00%, 10/01/2025		1,250		1,263
City of Jacksonville FL, Series A, Rev., 5.00%, 10/01/2025		1,500		1,516
County of Miami-Dade Seaport Department, Senior Bonds, Series A, Rev., AMT, 5.00%, 10/01/2025		1,500		1,512
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 2.87%, 01/07/2025 (z)		2,800		2,800
Hillsborough County Industrial Development Authority, Baycare Health System, Rev., VRDO, LIQ: Royal Bank of Canada, 3.65%, 04/01/2025 (z)		7,500		7,500
Orlando Utilities Commission, Series 1, Rev., VRDO, 3.08%, 04/07/2025 (z)		29,060		29,060
Sarasota County School Board, Master Lease Program, COP, 5.00%, 07/01/2026		1,250		1,283
State of Florida Lottery Revenue, Series A, Rev., 5.00%, 07/01/2027		4,895		5,133
State of Florida Lottery Revenue, Lottery, Series A, Rev., 5.00%, 07/01/2025		2,000		2,011
The School Board of Miami-Dade County, Series A, COP, 5.00%, 05/01/2026		10,000		10,222
				62,300
Georgia — 0.9%
Main Street Natural Gas, Inc., Series A, Rev., 5.00%, 06/01/2025		700		701
Municipal Electric Authority of Georgia, General Resolution Project, Rev., 5.00%, 01/01/2026		625		634
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project,
Rev., AGM, 5.00%, 07/01/2025		550		553

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Georgia — continued
Municipal Electric Authority of Georgia, Project One Subordinated,
Rev., 5.00%, 01/01/2026		4,000		4,057
Rev., 5.00%, 01/01/2027		1,000		1,033
Private Colleges & Universities Authority, Emory University, Series B, Rev., 5.00%, 09/01/2025		1,020		1,029
				8,007
Guam — 0.1%
Guam Government Waterworks Authority,
Series A, Rev., 5.00%, 07/01/2025		350		351
Series A, Rev., 5.00%, 07/01/2026		350		358
				709
Idaho — 0.5%
Idaho Health Facilities Authority, St. Luke’s Health System Project, Series C, Rev., VRDO, LOC: U.S. Bank NA, 3.65%, 01/02/2025 (z)		4,500		4,500
Illinois — 4.3%
Chicago Midway International Airport, Senior, Series C, Rev., AMT, 5.00%, 01/01/2026		3,000		3,045
Chicago O’Hare International Airport, Senior Lien O’Hare International, Rev., AMT, 5.00%, 01/01/2026		3,500		3,549
Chicago Transit Authority Sales Tax Receipts Fund, Series A, Rev., 5.00%, 12/01/2027		2,250		2,356
City of Chicago, Wastewater Transmission Revenue, Second Lien, Series B, Rev., 5.00%, 01/01/2026		1,300		1,320
Illinois Finance Authority, Rev., VRDO, LOC: Northern Trust Co., 2.90%, 04/07/2025 (z)		1,770		1,770
Metropolitan Water Reclamation District of Greater Chicago,
Series C, GO, 5.00%, 12/01/2027		12,940		13,661
Series D, GO, 5.00%, 12/01/2027		8,310		8,773
State of Illinois,
Series A, GO, 5.00%, 10/01/2025		2,465		2,488
Series D, GO, 5.00%, 07/01/2025		2,600		2,612
				39,574
Indiana — 1.1%
Indiana Finance Authority, Health Systems, Sisters of St. Francis, Series I, Rev., VRDO, LOC: Barclays Bank plc, 3.60%, 04/01/2025 (z)		8,000		8,000
Indianapolis Local Public Improvement Bond Bank, Series A, Rev., 5.00%, 06/01/2026		1,800		1,843
				9,843
Louisiana — 1.9%
Louisiana State Citizens Property Insurance Corp., Series A, Rev., 5.00%, 06/01/2026		16,000		16,356
State of Louisiana, Series C, GO, 5.00%, 12/01/2026		1,340		1,388
				17,744
Maryland — 0.2%
County of Baltimore, Consolidated Public Improvement, Series A, GO, 5.00%, 07/01/2027		2,000		2,099

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 — 1.0%
Massachusetts Development Finance Agency, Partners Healthcare System, Inc., Series K1, Rev., VRDO, 2.70%, 04/07/2025 (z)		5,700		5,700
Massachusetts Educational Financing Authority, Senior Issue M, Series B, Rev., AMT, 5.00%, 07/01/2026		4,000		4,078
				9,778
Michigan — 0.6%
Michigan State Building Authority, Facilities Program, Series II, Rev., 5.00%, 10/15/2025		5,500		5,564
Minnesota — 2.0%
City of Rochester MN,
Series A, Rev., VRDO, 2.85%, 04/07/2025 (z)		14,500		14,500
Series B, Rev., VRDO, 2.85%, 04/07/2025 (z)		3,900		3,900
				18,400
Mississippi — 0.1%
Mississippi Development Bank, Desoto County Highway Project, Series A, Rev., 5.00%, 01/01/2027		1,000		1,035
Missouri — 2.6%
City of Kansas City, Series A, GO, 5.00%, 02/01/2026		900		917
Curators of the University of Missouri (The), Rev., 5.00%, 11/01/2026		7,000		7,239
Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Rev., 5.00%, 01/01/2027		1,530		1,579
State of Missouri, Health & Educational Facilities Authority, Series F, Rev., VRDO, 3.60%, 04/01/2025 (z)		14,900		14,900
				24,635
Nebraska — 0.2%
Public Power Generation Agency, Whelan Energy Center Unit, Rev., 5.00%, 01/01/2027		2,000		2,071
New Hampshire — 0.2%
New Hampshire Health and Education Facilities Authority Act, Rev., VRDO, LOC: TD Bank NA, 2.85%, 04/07/2025 (z)		1,575		1,575
New Jersey — 2.9%
Casino Reinvestment Development Authority, Inc.,
Series A, Rev., AGC, 5.00%, 11/01/2026		1,000		1,031
Series B, Rev., AGC, 5.00%, 11/01/2026		500		515
New Jersey Economic Development Authority, Rev., 5.00%, 03/01/2026		500		509
New Jersey Educational Facilities Authority, Series A, Rev., 5.00%, 08/01/2027		2,000		2,090
New Jersey Educational Facilities Authority, Montclair State University,
Rev., AGM, 5.00%, 07/01/2025		1,690		1,699
Rev., AGM, 5.00%, 07/01/2026		1,000		1,026
New Jersey Health Care Facilities Financing Authority, Virtua Health, Series E, Rev., VRDO, LOC: TD Bank NA, 2.30%, 04/07/2025 (z)		7,000		7,000

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 Higher Education Student Assistance Authority, Senior, Series A, Rev., AMT, 5.00%, 12/01/2025		575		582
New Jersey Transportation Trust Fund Authority, Series A, Rev., 5.00%, 06/15/2025		2,025		2,032
State of New Jersey, GO, 5.00%, 06/01/2027		5,000		5,229
State of New Jersey, Covid 19 Go Emergency Bonds, GO, 5.00%, 06/01/2025		5,320		5,338
				27,051
New Mexico — 0.7%
New Mexico Finance Authority, Subordinate, Series A, Rev., 5.00%, 06/15/2025		2,795		2,807
University of New Mexico (The), Rev., VRDO, 2.90%, 04/07/2025 (z)		3,640		3,640
				6,447
New York — 10.9%
City of New York NY, Series B, GO, VRDO, 3.60%, 04/01/2025 (z)		3,500		3,500
City of New York, Fiscal Year 2017, Series A4, GO, VRDO, LOC: Citibank NA, 3.09%, 04/07/2025 (z)		1,090		1,090
City of New York, Fiscal Year 2018, Series B5, GO, VRDO, 3.60%, 04/01/2025 (z)		10,000		10,000
New York City Municipal Water Finance Authority, Second General Resolution,
Rev., VRDO, 3.69%, 04/01/2025 (z)		5,225		5,225
Rev., VRDO, 3.70%, 04/01/2025 (z)		14,825		14,825
Rev., VRDO, 3.77%, 04/01/2025 (z)		10,000		10,000
New York City Transitional Finance Authority, Rev., 5.00%, 11/01/2027		20,850		21,985
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated, Series E1, Rev., 5.00%, 11/01/2025		7,000		7,090
New York State Housing Finance Agency, 8 East 102nd Street Housing A, Rev., VRDO, LOC: TD Bank NA, 2.80%, 04/07/2025 (z)		11,620		11,620
Port Authority of New York & New Jersey, Series 242, Rev., AMT, 5.00%, 12/01/2025		5,000		5,060
Triborough Bridge & Tunnel Authority, Subordinated Bond, Series A, Rev., BAN, 5.00%, 02/01/2028		10,000		10,548
				100,943
North Carolina — 1.2%
City of Raleigh NC, Rev., 5.00%, 10/01/2026		7,250		7,494
Cumberland County Industrial Facilities and Pollution Control Financing Authority, Project Aero, Rev., AMT, 3.75%, 12/01/2027 (z)		4,000		4,006
				11,500
Ohio — 5.2%
County of Franklin, Facilities, OhioHealth Corp., Series D, Rev., VRDO, LOC: Northern Trust Co., 2.85%, 04/07/2025 (z)		1,400		1,400
County of Hamilton, TriHealth, Inc. Obligated Group, Rev., VRDO, 3.90%, 04/01/2025 (z)		9,620		9,620
Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System Obligated Group, Series B3, Rev., VRDO, 3.60%, 04/01/2025 (z)		4,500		4,500
Ohio State University (The), Multiyear Debt Issuance,
Rev., VRDO, 2.80%, 04/07/2025 (z)		6,000		6,000
Rev., VRDO, 2.85%, 04/07/2025 (z)		11,600		11,600
State of Ohio, Rev., VRDO, 2.80%, 04/07/2025 (z)		14,000		14,000
State of Ohio, Mental Health Facilities Improvement, Rev., 5.00%, 02/01/2026		1,500		1,528
				48,648

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Oklahoma — 0.4%
Oklahoma Municipal Power Authority, Power Supply System, Series A, Rev., AGM, 5.00%, 01/01/2026		3,500		3,554
Pennsylvania — 3.2%
City of Philadelphia Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2026		2,500		2,556
City of Philadelphia Airport Revenue, Private Activity, Rev., AMT, 5.00%, 07/01/2026		9,755		9,974
City of Philadelphia Water & Wastewater Revenue,
Series B, Rev., AGM, 5.00%, 09/01/2026		2,550		2,630
Series C, Rev., 5.00%, 06/01/2025		1,355		1,359
Commonwealth of Pennsylvania, GO, 5.00%, 09/15/2026		2,000		2,064
Northampton County General Purpose Authority, St. Luke’s University Health Network,
Rev., 5.00%, 08/15/2025		5,565		5,599
Rev., 5.00%, 08/15/2026		5,000		5,116
				29,298
Texas — 2.3%
City of Houston TX Combined Utility System Revenue, Rev., VRDO, (SIFMA Municipal Swap Index + 0.01%), 3.07%, 04/07/2025 (aa)		6,000		6,000
City of San Antonio, Tax Notes, GO, 5.00%, 02/01/2026		1,035		1,055
Clifton Higher Education Finance Corp., International Leadership of Texas, Inc.,
Rev., PSF-GTD, 5.00%, 08/15/2025		1,385		1,395
Rev., PSF-GTD, 5.00%, 08/15/2026		1,000		1,027
Lower Colorado River Authority, LCRA Transmission Services, Rev., 5.00%, 05/15/2026		1,000		1,024
Mission Economic Development Corp., Republic Services, Rev., AMT, 3.70%, 01/01/2026 (z)		2,500		2,500
Mission Economic Development Corp., Waste Management, Inc. Project, Series B, Rev., AMT, 3.75%, 07/01/2040 (z)		4,250		4,249
North Texas Tollway Authority, First Tier Bonds, Series A, Rev., 5.00%, 01/01/2027		1,000		1,037
Texas A&M University, Financing System, Series E, Rev., 5.00%, 05/15/2025		3,000		3,008
				21,295
Utah — 0.7%
State of Utah, GO, 5.00%, 07/01/2026		5,000		5,140
University of Utah, Green Bonds, Series A, Rev., 5.00%, 08/01/2025		925		932
				6,072
Virginia — 1.6%
Norfolk Economic Development Authority, Sentara Healthcare Obligated Group,
Series A, Rev., VRDO, 2.77%, 04/07/2025 (z)		5,800		5,800
Series B, Rev., VRDO, 2.75%, 04/07/2025 (z)		8,135		8,135
Winchester Economic Development Authority, Valley Health System, Series A, Rev., 5.00%, 01/01/2027		800		827
				14,762
Washington — 5.4%
Central Puget Sound Regional Transit Authority, Green Bonds, Series S1, Rev., 5.00%, 11/01/2025		5,000		5,066
Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 2.85%, 04/07/2025 (z)		13,160		13,160

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Port of Seattle WA, GO, 5.00%, 06/01/2027		7,300		7,641
Port of Seattle, Intermediate Lien, Rev., AMT, 5.00%, 08/01/2025		1,735		1,745
Port of Seattle, Intermediate Lien, Series B, Rev., AMT, 5.00%, 07/01/2027		7,000		7,269
Port of Seattle, Private Activity, Rev., AMT, 5.00%, 09/01/2025		6,885		6,933
State of Washington, Series R-2023B, GO, 5.00%, 07/01/2027		8,000		8,388
				50,202
Wisconsin — 0.6%
Public Finance Authority, Kahala Nui Project,
Rev., 5.00%, 11/15/2026		275		282
Rev., 5.00%, 11/15/2027		285		295
State of Wisconsin, Series 2024-2, GO, 5.00%, 05/01/2027		5,000		5,231
				5,808
Total Municipal Bonds (Cost $611,095)				611,312
U.S. Government Agency Security — 0.3%
FHLMC, 4.88%, 09/27/2029 (Cost $2,291)		2,300		2,297
U.S. Treasury Obligation — 0.2%
U.S. Treasury Inflation Indexed Note, 2.13%, 04/15/2029 (Cost $1,398)		1,397		1,438
Short-Term Investments — 6.0%
Commercial Papers — 1.3%
Broadcom, Inc., 4.59%, 05/08/2025 (e) (n)		800		796
Enbridge US, Inc., 4.66%, 04/25/2025 (e) (n)		400		399
Entergy Corp., 4.60%, 05/12/2025 (e) (n)		2,400		2,387
Equifax, Inc., 4.64%, 04/09/2025 (e) (n)		1,400		1,398
Global Payments, Inc., 5.02%, 04/21/2025 (n)		1,700		1,695
International Flavors & Fragrances, Inc., 4.96%, 04/16/2025 (e) (n)		2,700		2,695
Jones Lang LaSalle Finance BV, (Netherlands), 4.76%, 04/17/2025 (e) (n)		1,600		1,597
4.77%, 04/22/2025 (e) (n)		1,000		997
Total Commercial Papers				11,964
Municipal Bonds — 3.3% (t)
County of Los Angeles CA, Rev., TRAN, 5.00%, 06/30/2025		13,760		13,821
IPS Multi-School Building Corp., Sustainable Bond First Mortgage, Rev., 5.00%, 07/15/2025		1,050		1,056
Public Finance Authority, Kahala Nui Project, Rev., 5.00%, 11/15/2025		365		368
South Carolina Public Service Authority, Series B, Rev., 5.00%, 12/01/2025		7,500		7,603
The Monmouth County Improvement Authority, Governmental Pooled Loan Project Notes, Rev., CNTY GTD, 4.00%, 03/13/2026		8,000		8,081
Total Municipal Bonds				30,929
Repurchase Agreement — 0.8%
BofA Securities, Inc., 4.44%, dated 03/31/2025 due 04/01/2025, repurchase price $7,800 collateralized by U.S. Treasury Security, 1.13%, due 08/31/2028, with a value of $8,081		7,800		7,800

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 — 0.5%
BNP Paribas SA,
1.56%, 04/01/2025	CAD	255		177
2.89%, 04/01/2025	AUD	81		51
Citibank NA,
1.35%, 04/01/2025	EUR	109		117
3.68%, 04/01/2025		3,879		3,879
Royal Bank of Canada, 3.42%, 04/01/2025	GBP	105		136
Sumitomo Mitsui Banking Corp., 0.11%, 04/01/2025	JPY	1,006		7
Sumitomo Mitsui Trust Bank Ltd., 3.68%, 04/01/2025		446		446
Total Time Deposits				4,813
U.S. Treasury Obligations — 0.1%
U.S. Treasury Bills,
4.23%, 06/05/2025 (n) (ii)		214		214
4.24%, 05/29/2025 (n) (ii)		85		85
4.26%, 05/15/2025 (n) (ii)		133		133
Total U.S. Treasury Obligations				432
Total Short-Term Investments (Cost $55,947)				55,938
Total Investments — 99.6% (Cost - $925,011)*				924,284
Other Assets in Excess of Liabilities — 0.4%				3,326
NET ASSETS — 100.0%			$	927,610

Percentages indicated are based on net assets.

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of March 31, 2025:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Australia 10-Year Bond		22			06/2025		AUD		1,547			1
Long Gilt		35			06/2025		GBP		4,186			(40	)
SOFR 3 Month		438			03/2026		USD		105,203			328
U.S. Treasury 5 Year Note		970			06/2025		USD		104,129			782
												1,071
Short Contracts
Canadian Government 10 Year Bond		(7	)		06/2025		CAD		(599	)		(5	)
U.S. Treasury 2 Year Note		(46	)		06/2025		USD		(9,471	)		(59	)
U.S. Treasury 10 Year Note		(101	)		06/2025		USD		(11,100	)		(133	)
U.S. Treasury Ultra Bond		(42	)		06/2025		USD		(5,031	)		(104	)
U.S. Ultra Treasury 10 Year Note		(24	)		06/2025		USD		(2,709	)		(30	)
												(331	)
Total unrealized appreciation (depreciation)												740

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of March 31, 2025:

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
AUD	737	USD	459	Barclays Bank plc		04/02/2025		2
USD	698	AUD	1,107	Barclays Bank plc		04/02/2025		7
USD	2,569	CAD	3,657	Morgan Stanley & Co.		04/02/2025		28
USD	73	EUR	67	Barclays Bank plc		04/02/2025		—	(h)
EUR	145	USD	156	Morgan Stanley & Co.		04/02/2025		—	(h)
USD	45	AUD	72	Barclays Bank plc		05/02/2025		—	(h)
USD	13,715	AUD	21,747	Deutsche Bank AG		05/02/2025		123
USD	2,259	CAD	3,243	Bank of America, NA		05/02/2025		2
USD	5,107	GBP	3,942	Barclays Bank plc		05/02/2025		16
Total unrealized appreciation								178
USD	13,296	AUD	21,377	Barclays Bank plc		04/02/2025		(62	)
AUD	21,747	USD	13,711	Deutsche Bank AG		04/02/2025		(123	)
CAD	3,248	USD	2,259	Bank of America, NA		04/02/2025		(3	)
CAD	418	USD	291	Deutsche Bank AG		04/02/2025		—	(h)
USD	82	EUR	78	Deutsche Bank AG		04/02/2025		(2	)
GBP	3,942	USD	5,108	Barclays Bank plc		04/02/2025		(16	)
USD	4,871	GBP	3,864	Barclays Bank plc		04/02/2025		(120	)
USD	100	GBP	78	Morgan Stanley & Co.		04/02/2025		—	(h)
USD	157	EUR	145	Morgan Stanley & Co.		05/02/2025		—	(h)
Total unrealized depreciation								(326	)
Net unrealized appreciation (depreciation)								(148	)

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2025:

FLOATING RATE INDEX (a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
SONIA Interest Rate Benchmark	3.50% annually	Pay		03/19/2030	GBP	2,420		(69	)		(1	)		(70	)
United States SOFR	3.86% annually	Receive		02/28/2029	USD	6,000		—			(40	)		(40	)
United States SOFR	4.05% annually	Receive		08/31/2029	USD	9,700		—			(159	)		(159	)
United States SOFR	4.10% annually	Receive		08/31/2029	USD	34,970		(489	)		(146	)		(635	)
United States SOFR	3.73% annually	Receive		08/31/2029	USD	6,600		—			(25	)		(25	)
United States SOFR	3.74% annually	Receive		08/31/2029	USD	6,700		—			(27	)		(27	)
United States SOFR	3.76% annually	Receive		08/31/2029	USD	4,800		—			(24	)		(24	)
United States SOFR	3.75% annually	Receive		08/31/2029	USD	9,100		—			(41	)		(41	)
United States SOFR	3.74% annually	Receive		08/31/2029	USD	19,800		—			(83	)		(83	)
United States SOFR	3.76% annually	Receive		08/31/2029	USD	4,300		—			(20	)		(20	)
Total								(558	)		(566	)		(1,124	)

(a) Value of floating rate index as of March 31, 2025 was as follows:

FLOATING RATE INDEX
SONIA Interest Rate Benchmark	4.46	%
United States SOFR	4.41	%

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Credit Default Swaps contracts outstanding — sell protection (1) as of March 31, 2025:

REFERENCE OBLIGATION/ INDEX	FINANCING RATE RECEIVED BY THE FUND(%)		PAYMENT FREQUENCY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (2)		NOTIONAL AMOUNT (3)			UPFRONT PAYMENTS (RECEIPTS) ($) (4)		UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CDX.NA.IG.43		1.00		Quarterly		12/20/2029		0.56		USD	900		21		(4	)		17
CDX.NA.IG.44		1.00		Quarterly		06/20/2030		0.62		USD	300		6		(—	)(h)		6
Total													27		(4	)		23

(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 Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025

ASX	—	Australian Stock Exchange
AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMT	—	Alternative Minimum Tax
BBSW	—	Bank Bill Swap Rate
BAN	—	Bond Anticipation Note
CDX	—	Credit Default Swap Index
CMT	—	Constant Maturity Treasury
COP	—	Certificate of Participation
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GO	—	General Obligation
GNMA	—	Government National Mortgage Association
GTD	—	Guaranteed
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
PSF	—	Permanent School Fund
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REMICS	—	Real Estate Mortgage Investment Conduit
Rev.	—	Revenue
SIFMA	—	Securities Industry and Financial Markets Association
SOFR	—	Secured Overnight Financing Rate
SONIA	—	Sterling Overnight Interbank Average Rate
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2025.
TBA	—	To Be Announced
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of March 31, 2025.
(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/principal or $500.
(n)	—	The rate shown is the effective yield as of March 31, 2025.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

Six Circles Tax Aware Ultra Short Duration Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)

(w)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(z)	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2025.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2025.
(ii)	—	Approximately $432 of these investments are restricted as collateral for forward foreign currency exchange contracts to Barclays Bank PLC and Morgan Stanley & Co. International PLC.
*	—	The cost of securities is substantially the same for federal income tax purposes.
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
EUR	—	Euro
GBP	—	British Pound
JPY	—	Japanese Yen
USD	—	United States Dollar

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — 99.7%
Basic Materials — 0.1%
Chemicals — 0.1%
Air Products & Chemicals, Inc.		4		1,155
Albemarle Corp.		2		116
CF Industries Holdings, Inc.		3		273
Dow, Inc.		15		528
DuPont de Nemours, Inc.		8		569
Eastman Chemical Co.		2		151
Ecolab, Inc.		4		1,028
International Flavors & Fragrances, Inc.		4		286
Linde plc		8		3,744
LyondellBasell Industries NV, Class A		6		440
PPG Industries, Inc.		4		386
RPM International, Inc.		1		147
Sherwin-Williams Co. (The)		4		1,326
				10,149
Forest Products & Paper — 0.0% (g)
International Paper Co.		10		548
Iron/Steel — 0.0% (g)
Nucor Corp.		4		541
Reliance, Inc.		1		179
Steel Dynamics, Inc.		2		277
				997
Mining — 0.0% (g)
Freeport-McMoRan, Inc.		21		814
Newmont Corp.		17		808
				1,622
Total Basic Materials				13,316
Communications — 20.3%
Advertising — 0.3%
Interpublic Group of Cos., Inc. (The)		9		237
Omnicom Group, Inc.		5		434
Trade Desk, Inc. (The), Class A (a)		1,500		82,082
				82,753
Internet — 17.9%
Airbnb, Inc., Class A (a)		207		24,691
Alphabet, Inc., Class A		3,133		484,502
Alphabet, Inc., Class C		2,670		417,198
Amazon.com, Inc. (a)		8,315		1,582,055
Booking Holdings, Inc.		16		72,955
CDW Corp.		53		8,514
DoorDash, Inc., Class A (a)		550		100,580
eBay, Inc.		419		28,399
Expedia Group, Inc.		59		9,930

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
F5, Inc. (a)		23		6,229
Gen Digital, Inc.		241		6,396
GoDaddy, Inc., Class A (a)		43		7,680
MercadoLibre, Inc., (Uruguay) (a)		40		78,160
Meta Platforms, Inc., Class A		1,656		954,359
Netflix, Inc. (a)		119		110,842
Palo Alto Networks, Inc. (a)		289		49,330
Pinterest, Inc., Class A (a)		317		9,842
Reddit, Inc., Class A (a)		35		3,685
Robinhood Markets, Inc., Class A (a)		258		10,729
Roku, Inc., Class A (a)		2		152
Snap, Inc., Class A (a)		568		4,945
Uber Technologies, Inc. (a)		5,777		420,897
VeriSign, Inc. (a)		26		6,531
Zillow Group, Inc., Class C (a)		3		178
				4,398,779
Media — 0.1%
Charter Communications, Inc., Class A (a)		1		516
Comcast Corp., Class A		64		2,365
FactSet Research Systems, Inc.		14		6,267
Fox Corp., Class A		2		115
Fox Corp., Class B		8		436
Liberty Media Corp-Liberty Formula One, Class C (a)		4		351
News Corp., Class A		9		242
Walt Disney Co. (The)		33		3,219
Warner Bros Discovery, Inc. (a)		42		455
				13,966
Telecommunications — 2.0%
Arista Networks, Inc. (a)		429		33,209
AT&T, Inc.		119		3,371
Cisco Systems, Inc.		6,615		408,200
Corning, Inc.		324		14,820
Juniper Networks, Inc.		130		4,720
Motorola Solutions, Inc.		66		29,059
T-Mobile US, Inc.		9		2,278
Verizon Communications, Inc.		72		3,255
				498,912
Total Communications				4,994,410
Consumer Cyclical — 8.7%
Airlines — 0.0% (g)
Delta Air Lines, Inc.		2		83
Southwest Airlines Co.		2		69
United Airlines Holdings, Inc. (a)		3		180
				332
Apparel — 0.0% (g)
Deckers Outdoor Corp. (a)		2		244
NIKE, Inc., Class B		20		1,253
				1,497
Auto Manufacturers — 0.9%
Cummins, Inc.		3		806

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES			VALUE ($)
Common Stocks — continued
Auto Manufacturers — continued
Ford Motor Co.		67			671
General Motors Co.		20			948
PACCAR, Inc.		10			999
Rivian Automotive, Inc., Class A (a)		11			138
Tesla, Inc. (a)		808			209,497
					213,059
Auto Parts & Equipment — 0.0% (g)
Aptiv plc, (Ireland) (a)		4			226
Titan International, Inc. (a)		211			1,766
					1,992
Distribution/Wholesale — 0.0% (g)
Copart, Inc. (a)		13			729
Fastenal Co.		8			658
LKQ Corp.		4			158
Pool Corp.		—	(h)		121
Watsco, Inc.		1			284
WW Grainger, Inc.		1			662
					2,612
Entertainment — 0.0% (g)
DraftKings, Inc., Class A (a)		6			204
Flutter Entertainment plc (a)		3			604
Live Nation Entertainment, Inc. (a)		3			410
					1,218
Home Builders — 3.3%
DR Horton, Inc.		2,196			279,156
Lennar Corp., Class A		1,809			207,586
NVR, Inc. (a)		23			167,614
PulteGroup, Inc.		1,567			161,092
					815,448
Leisure Time — 0.2%
Carnival Corp. (a)		504			9,844
Norwegian Cruise Line Holdings Ltd. (a)		203			3,845
Royal Caribbean Cruises Ltd.		120			24,638
					38,327
Lodging — 0.2%
Hilton Worldwide Holdings, Inc.		116			26,488
Hyatt Hotels Corp., Class A		1			178
Las Vegas Sands Corp.		4			137
Marriott International, Inc., Class A		111			26,355
MGM Resorts International (a)		1			23
Wynn Resorts Ltd.		—	(h)		33
					53,214
Retail — 4.1%
AutoZone, Inc. (a)		—	(h)		995
Best Buy Co., Inc.		4			307
Burlington Stores, Inc. (a)		1			215
CarMax, Inc. (a)		4			300
Carvana Co., Class A (a)		2			411
Chipotle Mexican Grill, Inc., Class A (a)		22			1,107
Costco Wholesale Corp.		8			7,399

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Darden Restaurants, Inc.		2			467
Dick’s Sporting Goods, Inc.		1			183
Dollar General Corp.		4			327
Dollar Tree, Inc. (a)		3			241
Domino’s Pizza, Inc.		—	(h)		168
Ferguson Enterprises, Inc.		3			540
Genuine Parts Co.		2			267
Home Depot, Inc. (The)		17			6,136
Lowe’s Cos., Inc.		9			2,166
Lululemon Athletica, Inc., (Canada) (a)		2			495
McDonald’s Corp.		12			3,722
O’Reilly Automotive, Inc. (a)		1			1,269
Ross Stores, Inc.		5			607
Starbucks Corp.		19			1,861
Target Corp.		8			867
TJX Cos., Inc. (The)		19			2,271
Tractor Supply Co.		8			457
Ulta Beauty, Inc. (a)		1			241
Walgreens Boots Alliance, Inc.		12			136
Walmart, Inc.		11,087			973,312
Williams-Sonoma, Inc.		2			318
Yum! Brands, Inc.		4			645
					1,007,430
Total Consumer Cyclical					2,135,129
Consumer Non-cyclical — 15.9%
Agriculture — 0.0% (g)
Altria Group, Inc.		27			1,646
Archer-Daniels-Midland Co.		9			430
Bunge Global SA		3			219
Philip Morris International, Inc.		26			4,186
					6,481
Beverages — 1.3%
Brown-Forman Corp., Class B		31			1,060
Coca-Cola Co. (The)		3,790			271,432
Constellation Brands, Inc., Class A		30			5,473
Keurig Dr Pepper, Inc.		224			7,660
Molson Coors Beverage Co., Class B		34			2,044
Monster Beverage Corp. (a)		134			7,819
PepsiCo., Inc.		255			38,200
					333,688
Biotechnology — 0.1%
Alnylam Pharmaceuticals, Inc. (a)		2			568
Amgen, Inc.		9			2,841
Biogen, Inc. (a)		2			334
BioMarin Pharmaceutical, Inc. (a)		3			208
Bio-Rad Laboratories, Inc., Class A (a)		12			2,811
Corteva, Inc.		11			719
Gilead Sciences, Inc.		21			2,385
Illumina, Inc. (a)		96			7,581
Incyte Corp. (a)		2			151
Moderna, Inc. (a)		5			148

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Regeneron Pharmaceuticals, Inc.		2		1,157
Royalty Pharma plc, Class A		5		147
United Therapeutics Corp. (a)		1		227
Vertex Pharmaceuticals, Inc. (a)		4		2,120
				21,397
Commercial Services — 0.7%
Automatic Data Processing, Inc.		7		2,231
Block, Inc., Class A (a)		235		12,752
Booz Allen Hamilton Holding Corp., Class A		2		213
Cintas Corp.		7		1,358
Corpay, Inc. (a)		24		8,453
Equifax, Inc.		3		775
Global Payments, Inc.		105		10,322
Moody’s Corp.		65		30,277
PayPal Holdings, Inc. (a)		428		27,914
Quanta Services, Inc.		3		654
Rollins, Inc.		6		308
S&P Global, Inc.		139		70,482
Toast, Inc., Class A (a)		155		5,133
TransUnion		3		284
U-Haul Holding Co., Class B		2		132
United Rentals, Inc.		1		740
Verisk Analytics, Inc., Class A		2		675
				172,703
Cosmetics/Personal Care — 0.5%
Colgate-Palmolive Co.		12		1,123
Estee Lauder Cos., Inc. (The), Class A		4		245
Kenvue, Inc.		32		770
Procter & Gamble Co. (The)		666		113,506
				115,644
Food — 0.0% (g)
Albertsons Cos., Inc., Class A		7		164
Conagra Brands, Inc.		8		217
General Mills, Inc.		10		591
Hershey Co. (The)		2		412
Hormel Foods Corp.		5		153
J M Smucker Co. (The)		2		203
Kellanova		5		433
Kraft Heinz Co. (The)		19		568
Kroger Co. (The)		13		881
McCormick & Co., Inc.		4		320
Mondelez International, Inc., Class A		23		1,583
Sysco Corp.		9		649
The Campbell’s Company		3		107
Tyson Foods, Inc., Class A		6		399
				6,680
Healthcare - Products — 5.0%
Abbott Laboratories		30		3,955
Agilent Technologies, Inc.		173		20,218
Align Technology, Inc. (a)		1		144
Avantor, Inc. (a)		409		6,626

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Healthcare - Products — continued
Baxter International, Inc.		6		211
Bio-Techne Corp.		95		5,586
Boston Scientific Corp. (a)		4,264		430,190
Cooper Cos., Inc. (The) (a)		3		218
Danaher Corp.		2,470		506,254
Edwards Lifesciences Corp. (a)		10		696
Exact Sciences Corp. (a)		3		128
GE HealthCare Technologies, Inc.		7		594
Hologic, Inc. (a)		2		114
IDEXX Laboratories, Inc. (a)		1		495
Insulet Corp. (a)		1		260
Intuitive Surgical, Inc. (a)		6		2,929
Medtronic plc, (Ireland)		22		2,002
Natera, Inc. (a)		2		298
ResMed, Inc.		2		508
Revvity, Inc.		73		7,748
Solventum Corp. (a)		2		149
STERIS plc		1		278
Stryker Corp.		280		104,175
Thermo Fisher Scientific, Inc.		231		114,971
Waters Corp. (a)		36		13,162
West Pharmaceutical Services, Inc.		44		9,822
Zimmer Biomet Holdings, Inc.		2		276
				1,232,007
Healthcare - Services — 3.1%
Centene Corp. (a)		9		520
Cigna Group (The)		5		1,635
DaVita, Inc. (a)		1		97
Elevance Health, Inc.		4		1,714
HCA Healthcare, Inc.		3		1,149
Humana, Inc.		2		526
IQVIA Holdings, Inc. (a)		110		19,409
Labcorp Holdings, Inc.		1		339
Molina Healthcare, Inc. (a)		1		299
Quest Diagnostics, Inc.		2		335
UnitedHealth Group, Inc.		1,384		724,719
Universal Health Services, Inc., Class B		1		200
				750,942
Household Products/Wares — 0.0% (g)
Avery Dennison Corp.		2		314
Church & Dwight Co., Inc.		3		376
Clorox Co. (The)		2		228
Kimberly-Clark Corp.		5		744
				1,662
Pharmaceuticals — 5.2%
AbbVie, Inc.		30		6,246
Becton Dickinson & Co.		5		1,127
Bristol-Myers Squibb Co.		1,570		95,724
Cardinal Health, Inc.		4		521
Cencora, Inc.		3		841
CVS Health Corp.		23		1,536

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Pharmaceuticals — continued
Dexcom, Inc. (a)		7		482
Eli Lilly & Co.		610		503,774
Johnson & Johnson		1,862		308,796
McKesson Corp.		2		1,427
Merck & Co., Inc.		1,956		175,615
Neurocrine Biosciences, Inc. (a)		2		177
Pfizer, Inc.		4,382		111,043
Viatris, Inc.		917		7,983
Zoetis, Inc., Class A		346		56,909
				1,272,201
Total Consumer Non-cyclical				3,913,405
Energy — 2.5%
Energy - Alternate Sources — 0.0% (g)
First Solar, Inc. (a)		36		4,607
Oil & Gas — 1.9%
Chevron Corp.		569		95,180
ConocoPhillips		433		45,479
Coterra Energy, Inc.		246		7,096
Devon Energy Corp.		208		7,797
Diamondback Energy, Inc.		63		10,108
EOG Resources, Inc.		187		23,961
EQT Corp.		188		10,058
Expand Energy Corp.		70		7,739
Exxon Mobil Corp.		1,466		174,351
Hess Corp.		92		14,666
Marathon Petroleum Corp.		107		15,568
Occidental Petroleum Corp.		234		11,558
Ovintiv, Inc.		86		3,683
Phillips 66		137		16,966
Texas Pacific Land Corp.		6		8,577
Valero Energy Corp.		106		13,978
				466,765
Oil & Gas Services — 0.2%
Baker Hughes Co., Class A		330		14,514
Halliburton Co.		292		7,401
Schlumberger NV		472		19,744
				41,659
Pipelines — 0.4%
Cheniere Energy, Inc.		74		17,136
Kinder Morgan, Inc.		661		18,864
ONEOK, Inc.		206		20,404
Targa Resources Corp.		68		13,722
Williams Cos., Inc. (The)		404		24,135
				94,261
Total Energy				607,292
Financial — 19.4%
Banks — 7.3%
Bank of America Corp.		12,640		527,474
Bank of New York Mellon Corp. (The)		379		31,798
Citigroup, Inc.		878		62,305

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Banks — continued
Citizens Financial Group, Inc.		384		15,720
Fifth Third Bancorp		462		18,124
First Citizens BancShares, Inc., Class A		8		15,558
Goldman Sachs Group, Inc. (The)		139		75,825
Huntington Bancshares, Inc.		1,099		16,489
KeyCorp.		864		13,814
M&T Bank Corp.		114		20,432
Morgan Stanley		543		63,381
Northern Trust Corp.		96		9,518
PNC Financial Services Group, Inc. (The)		203		35,753
Regions Financial Corp.		719		15,623
State Street Corp.		192		17,184
Truist Financial Corp.		715		29,426
US Bancorp		806		34,050
Wells Fargo & Co.		11,173		802,103
				1,804,577
Diversified Financial Services — 4.7%
Ally Financial, Inc.		123		4,494
American Express Co.		254		68,324
Ameriprise Financial, Inc.		38		18,388
Apollo Global Management, Inc.		1,653		226,344
Ares Management Corp., Class A		72		10,552
Blackrock, Inc.		65		61,728
Capital One Financial Corp.		195		34,962
Cboe Global Markets, Inc.		40		9,025
Charles Schwab Corp. (The)		695		54,381
CME Group, Inc., Class A		169		44,945
Coinbase Global, Inc., Class A (a)		78		13,434
Discover Financial Services		153		26,132
Franklin Resources, Inc.		109		2,097
Interactive Brokers Group, Inc., Class A		40		6,642
Intercontinental Exchange, Inc.		258		44,575
LPL Financial Holdings, Inc.		30		9,951
Mastercard, Inc., Class A		344		188,293
Nasdaq, Inc.		183		13,868
Raymond James Financial, Inc.		99		13,813
SEI Investments Co.		36		2,827
Synchrony Financial		261		13,820
T Rowe Price Group, Inc.		104		9,511
Tradeweb Markets, Inc., Class A		45		6,657
Visa, Inc., Class A		705		247,188
				1,131,951
Insurance — 5.2%
Aflac, Inc.		290		32,234
Allstate Corp. (The)		125		25,878
American Financial Group, Inc.		22		2,902
American International Group, Inc.		345		29,995
Aon plc, (United Kingdom), Class A		76		30,444
Arch Capital Group Ltd., (Bermuda)		160		15,411
Arthur J Gallagher & Co.		98		33,794
Assurant, Inc.		33		6,979

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Berkshire Hathaway, Inc., Class B (a)		552		293,970
Brown & Brown, Inc.		90		11,171
Chubb Ltd., (Switzerland)		183		55,369
Cincinnati Financial Corp.		62		9,191
Equitable Holdings, Inc.		115		5,994
Erie Indemnity Co., Class A		8		3,393
Everest Group Ltd., (Bermuda)		18		6,373
Fidelity National Financial, Inc.		112		7,275
Hartford Insurance Group, Inc. (The)		188		23,252
Loews Corp.		100		9,183
Markel Group, Inc. (a)		5		9,855
Marsh & McLennan Cos., Inc.		194		47,353
MetLife, Inc.		332		26,654
Principal Financial Group, Inc.		107		9,002
Progressive Corp. (The)		1,778		503,288
Prudential Financial, Inc.		212		23,643
Travelers Cos., Inc. (The)		97		25,632
Willis Towers Watson plc, (United Kingdom)		38		12,850
WR Berkley Corp.		123		8,787
				1,269,872
Private Equity — 0.3%
Blackstone, Inc.		308		43,075
Carlyle Group, Inc. (The)		78		3,402
KKR & Co., Inc.		255		29,458
				75,935
Real Estate — 0.0% (g)
CBRE Group, Inc., Class A (a)		5		713
CoStar Group, Inc. (a)		6		460
				1,173
REITS — 1.9%
Alexandria Real Estate Equities, Inc.		3		304
American Homes 4 Rent, Class A		4		159
American Tower Corp.		2,098		456,602
Annaly Capital Management, Inc.		186		3,770
AvalonBay Communities, Inc.		2		509
BXP, Inc.		2		128
Camden Property Trust		2		196
Crown Castle, Inc.		7		710
Digital Realty Trust, Inc.		6		865
Equinix, Inc.		2		1,334
Equity LifeStyle Properties, Inc.		2		114
Equity Residential		6		428
Essex Property Trust, Inc.		1		285
Extra Space Storage, Inc.		4		548
Gaming and Leisure Properties, Inc.		2		105
Healthpeak Properties, Inc.		12		242
Host Hotels & Resorts, Inc.		12		166
Invitation Homes, Inc.		9		297
Iron Mountain, Inc.		5		394
Kimco Realty Corp.		10		206
Mid-America Apartment Communities, Inc.		2		315

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Prologis, Inc.		16			1,833
Public Storage		3			780
Realty Income Corp.		18			1,036
Regency Centers Corp.		2			180
SBA Communications Corp., Class A		1			256
Simon Property Group, Inc.		6			935
Sun Communities, Inc.		2			252
UDR, Inc.		4			160
Ventas, Inc.		7			486
VICI Properties, Inc., Class A		23			744
Welltower, Inc.		11			1,744
Weyerhaeuser Co.		12			345
WP Carey, Inc.		4			246
					476,674
Total Financial					4,760,182
Industrial — 5.3%
Aerospace/Defense — 0.1%
Boeing Co. (The) (a)		13			2,140
General Dynamics Corp.		5			1,241
General Electric Co.		19			3,724
HEICO Corp.		1			288
HEICO Corp., Class A		1			148
Howmet Aerospace, Inc.		6			838
L3Harris Technologies, Inc.		3			721
Lockheed Martin Corp.		4			1,599
Northrop Grumman Corp.		2			1,202
RTX Corp.		24			3,151
TransDigm Group, Inc.		1			1,221
					16,273
Building Materials — 0.0% (g)
Builders FirstSource, Inc. (a)		2			240
Carrier Global Corp.		14			868
CRH plc		14			1,224
Fortune Brands Innovations, Inc.		1			88
Johnson Controls International plc		12			982
Lennox International, Inc.		—	(h)		276
Martin Marietta Materials, Inc.		1			550
Masco Corp.		3			183
Owens Corning		2			229
Trane Technologies plc, (Ireland)		4			1,355
Vulcan Materials Co.		2			581
					6,576
Electrical Components & Equipment — 0.0% (g)
AMETEK, Inc.		4			646
Eaton Corp. plc		7			1,867
Emerson Electric Co.		10			1,112
					3,625
Electronics — 2.6%
Allegion plc, (Ireland)		1			93
Amphenol Corp., Class A		481			31,563
Fortive Corp.		7			480

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Electronics — continued
Garmin Ltd., (Switzerland)		2		524
Honeywell International, Inc.		2,527		535,143
Hubbell, Inc., Class B		1		240
Jabil, Inc.		45		6,088
Keysight Technologies, Inc. (a)		68		10,258
Mettler-Toledo International, Inc. (a)		13		14,951
TE Connectivity plc, (Ireland)		119		16,879
Trimble, Inc. (a)		97		6,380
				622,599
Engineering & Construction — 0.0% (g)
AECOM		2		212
EMCOR Group, Inc.		1		303
Jacobs Solutions, Inc.		3		315
				830
Environmental Control — 0.0% (g)
Pentair plc, (United Kingdom)		3		263
Republic Services, Inc., Class A		5		1,216
Veralto Corp.		4		418
Waste Connections, Inc., (Canada)		6		1,146
Waste Management, Inc.		8		1,846
				4,889
Hand/Machine Tools — 0.0% (g)
Snap-on, Inc.		1		312
Stanley Black & Decker, Inc.		3		267
				579
Machinery - Construction & Mining — 0.0% (g)
Caterpillar, Inc.		9		2,829
GE Vernova, Inc.		5		1,422
Vertiv Holdings Co., Class A		6		426
				4,677
Machinery - Diversified — 2.5%
AGCO Corp.		264		24,480
Alamo Group, Inc.		43		7,614
CNH Industrial NV, (United Kingdom)		3,660		44,949
Deere & Co.		1,083		508,284
Dover Corp.		2		417
Graco, Inc.		2		141
IDEX Corp.		1		187
Ingersoll Rand, Inc.		7		589
Lindsay Corp.		45		5,731
Nordson Corp.		1		135
Otis Worldwide Corp.		6		623
Rockwell Automation, Inc.		2		468
Toro Co. (The)		422		30,681
Westinghouse Air Brake Technologies Corp.		4		647
Xylem, Inc.		4		514
				625,460
Miscellaneous Manufacturers — 0.1%
3M Co.		10		1,405
AO Smith Corp.		1		49

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 — continued
Axon Enterprise, Inc. (a)		1		636
Carlisle Cos., Inc.		1		204
Illinois Tool Works, Inc.		5		1,152
Parker-Hannifin Corp.		2		1,380
Teledyne Technologies, Inc. (a)		19		9,225
Textron, Inc.		3		191
				14,242
Packaging & Containers — 0.0% (g)
Amcor plc, (United Kingdom)		31		305
Ball Corp.		5		244
Crown Holdings, Inc.		2		200
Packaging Corp. of America		2		402
Smurfit WestRock plc, (Ireland)		10		432
				1,583
Transportation — 0.0% (g)
CH Robinson Worldwide, Inc.		2		248
CSX Corp.		40		1,163
Expeditors International of Washington, Inc.		3		366
FedEx Corp.		4		1,086
JB Hunt Transport Services, Inc.		2		286
Norfolk Southern Corp.		5		1,080
Old Dominion Freight Line, Inc.		3		566
Union Pacific Corp.		11		2,703
United Parcel Service, Inc., Class B		14		1,558
				9,056
Total Industrial				1,310,389
Technology — 27.4%
Computers — 6.6%
Accenture plc, (Ireland), Class A		189		59,116
Apple, Inc.		6,002		1,333,122
Cognizant Technology Solutions Corp., Class A		152		11,613
Crowdstrike Holdings, Inc., Class A (a)		109		38,285
Dell Technologies, Inc., Class C		129		11,774
EPAM Systems, Inc. (a)		17		2,885
Fortinet, Inc. (a)		287		27,591
Gartner, Inc. (a)		23		9,745
Hewlett Packard Enterprise Co.		527		8,130
HP, Inc.		375		10,390
International Business Machines Corp.		280		69,629
Leidos Holdings, Inc.		2		288
NetApp, Inc.		82		7,175
Okta, Inc., Class A (a)		50		5,212
Pure Storage, Inc., Class A (a)		124		5,495
Seagate Technology Holdings plc		84		7,168
Super Micro Computer, Inc. (a)		208		7,138
Western Digital Corp. (a)		137		5,535
Zscaler, Inc. (a)		44		8,679
				1,628,970
Office/Business Equipment — 0.0% (g)
Zebra Technologies Corp., Class A (a)		20		5,726

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Semiconductors — 9.2%
Advanced Micro Devices, Inc. (a)		586		60,256
Analog Devices, Inc.		179		36,107
Applied Materials, Inc.		294		42,684
Broadcom, Inc.		1,607		269,066
Entegris, Inc.		53		4,675
Intel Corp.		1,555		35,322
KLA Corp.		48		32,768
Lam Research Corp.		464		33,723
Marvell Technology, Inc.		1,530		94,193
Microchip Technology, Inc.		193		9,324
Micron Technology, Inc.		403		34,976
Monolithic Power Systems, Inc.		17		10,147
NVIDIA Corp.		13,281		1,439,413
NXP Semiconductors NV, (Netherlands)		92		17,426
ON Semiconductor Corp. (a)		154		6,280
QUALCOMM, Inc.		401		61,630
Skyworks Solutions, Inc.		58		3,751
Teradyne, Inc.		59		4,847
Texas Instruments, Inc.		329		59,133
				2,255,721
Software — 11.6%
Adobe, Inc. (a)		192		73,449
Akamai Technologies, Inc. (a)		45		3,640
ANSYS, Inc. (a)		38		12,084
AppLovin Corp., Class A (a)		92		24,374
Atlassian Corp., (Australia), Class A (a)		71		15,089
Autodesk, Inc. (a)		94		24,729
Bentley Systems, Inc., Class B		69		2,709
Broadridge Financial Solutions, Inc.		3		761
Cadence Design Systems, Inc. (a)		121		30,672
Cloudflare, Inc., Class A (a)		93		10,465
Datadog, Inc., Class A (a)		124		12,305
Dayforce, Inc. (a)		2		115
DocuSign, Inc., Class A (a)		89		7,231
Dynatrace, Inc. (a)		130		6,125
Electronic Arts, Inc.		4		648
Fair Isaac Corp. (a)		11		19,712
Fidelity National Information Services, Inc.		214		15,990
Fiserv, Inc. (a)		258		57,083
HubSpot, Inc. (a)		22		12,321
Intuit, Inc.		123		75,644
Jack Henry & Associates, Inc.		24		4,417
Manhattan Associates, Inc. (a)		27		4,630
Microsoft Corp.		5,013		1,881,658
MicroStrategy, Inc., Class A (a)		100		28,773
MongoDB, Inc., Class A (a)		22		3,943
MSCI, Inc., Class A		30		17,184
Nutanix, Inc., Class A (a)		112		7,849
Oracle Corp.		739		103,376
Palantir Technologies, Inc., Class A (a)		927		78,198
Paychex, Inc.		5		830

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Paycom Software, Inc.		1		179
PTC, Inc. (a)		53		8,161
ROBLOX Corp., Class A (a)		9		529
Roper Technologies, Inc.		47		27,837
Salesforce, Inc.		422		113,212
Samsara, Inc., Class A (a)		114		4,378
ServiceNow, Inc. (a)		91		72,221
Snowflake, Inc., Class A (a)		90		13,173
SS&C Technologies Holdings, Inc.		4		345
Synopsys, Inc. (a)		68		29,148
Take-Two Interactive Software, Inc. (a)		3		615
Twilio, Inc., Class A (a)		44		4,310
Tyler Technologies, Inc. (a)		19		10,947
Veeva Systems, Inc., Class A (a)		2		551
Workday, Inc., Class A (a)		94		21,983
Zoom Communications, Inc., Class A (a)		110		8,135
				2,851,728
Total Technology				6,742,145
Utilities — 0.1%
Electric — 0.1%
Alliant Energy Corp.		3		185
Ameren Corp.		4		445
American Electric Power Co., Inc.		10		1,049
CenterPoint Energy, Inc.		10		371
CMS Energy Corp.		4		293
Consolidated Edison, Inc.		6		716
Constellation Energy Corp.		5		1,061
Dominion Energy, Inc.		14		771
DTE Energy Co.		3		482
Duke Energy Corp.		15		1,843
Edison International		6		378
Entergy Corp.		8		689
Evergy, Inc.		4		268
Eversource Energy		6		388
Exelon Corp.		18		846
FirstEnergy Corp.		9		360
NextEra Energy, Inc.		36		2,526
NRG Energy, Inc.		3		327
PG&E Corp.		37		628
PPL Corp.		10		351
Public Service Enterprise Group, Inc.		8		662
Sempra		11		772
Southern Co. (The)		20		1,882
Vistra Corp.		6		670
WEC Energy Group, Inc.		6		641
Xcel Energy, Inc.		10		699
				19,303
Gas — 0.0% (g)
Atmos Energy Corp.		2		343
NiSource, Inc.		5		210
				553

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Water — 0.0% (g)
American Water Works Co., Inc.		2		356
Essential Utilities, Inc.		2		68
				424
Total Utilities				20,280
Total Common Stocks (Cost $17,771,998)				24,496,548
	PRINCIPAL AMOUNT ($)
Short-Term Investments — 0.3%
Time Deposits — 0.3%
Citibank NA, 3.68%, 04/01/2025		35,776		35,776
Royal Bank of Canada, 3.68%, 04/01/2025		23,777		23,777
Sumitomo Mitsui Banking Corp., 3.68%, 04/01/2025		3,475		3,475
Sumitomo Mitsui Trust Bank Ltd., 3.68%, 04/01/2025		9,502		9,502
Total Short-Term Investments (Cost $72,530)				72,530
Total Investments — 100.0% (Cost - $17,844,528) *				24,569,078
Other Assets in Excess of Liabilities — 0.0% (g)				7,861
NET ASSETS — 100.0%			$	24,576,939

Percentages indicated are based on net assets.

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of March 31, 2025:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
CME Micro E-mini Russell 2000 Index		30		06/2025		USD		311		(7	)
E-mini Consumer Discretionary Select Sector Index		4		06/2025		USD		794		11
E-mini Consumer Staples Select Sector Index		2		06/2025		USD		163		3
E-mini Energy Select Sector Index		15		06/2025		USD		1,409		73
E-mini Financial Select Sector Index		38		06/2025		USD		5,774		111
E-mini Health Care Select Sector Index		24		06/2025		USD		3,553		12
E-mini Industrial Select Sector Index		18		06/2025		USD		2,402		(4	)
E-mini Russell 1000 Growth Index		19		06/2025		USD		3,572		(87	)
E-mini Russell 1000 Value Index		6		06/2025		USD		555		4
E-mini Technology Select Sector Index		38		06/2025		USD		8,180		(205	)
Micro E-mini NASDAQ 100 Index		63		06/2025		USD		2,503		(53	)
NASDAQ 100 E-mini Index		5		06/2025		USD		2,012		(68	)
S&P 500 E-mini Index		92		06/2025		USD		26,231		(226	)
S&P MidCap 400 E-mini Index		5		06/2025		USD		1,463		6
Total unrealized appreciation (depreciation)										(430	)

Six Circles U.S. Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2025
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/principal or $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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, March 31, 2025

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

INDUSTRY	PERCENTAGE
Internet		17.9	%
Software		11.6	%
Semiconductors		9.2	%
Banks		7.3	%
Computers		6.6	%
Pharmaceuticals		5.2	%
Insurance		5.2	%
Healthcare - Products		5.0	%
Diversified Financial Services		4.6	%
Retail		4.1	%
Home Builders		3.3	%
Healthcare - Services		3.1	%
Machinery - Diversified		2.6	%
Electronics		2.5	%
Telecommunications		2.0	%
REITS		1.9	%
Oil & Gas		1.9	%
Beverages		1.4	%
Others (Each less than 1.0%)		4.3	%
Short-Term Investments		0.3	%

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES			VALUE ($)
Common Stocks — 98.0%
Austria — 0.3%
Erste Group Bank AG		445			30,764
OMV AG		161			8,271
Verbund AG		62			4,373
					43,408
Belgium — 0.6%
Ageas SA		243			14,588
Anheuser-Busch InBev SA		238			14,659
D’ieteren Group		6			968
Groupe Bruxelles Lambert NV		123			9,147
KBC Group NV		332			30,219
Lotus Bakeries NV		—	(h)		916
Sofina SA		22			5,630
Syensqo SA		53			3,647
UCB SA		141			24,860
					104,634
Britain — 0.0% (g)
Hikma Pharmaceuticals plc		235			5,926
Canada — 1.7%
Agnico Eagle Mines Ltd.		69			7,438
Air Canada (a)		24			237
Alimentation Couche-Tard, Inc.		104			5,120
AltaGas Ltd.		40			1,105
ARC Resources Ltd.		81			1,630
Bank of Montreal		100			9,542
Bank of Nova Scotia (The)		170			8,077
Barrick Gold Corp.		236			4,590
BCE, Inc.		10			234
Brookfield Corp.		187			9,808
Brookfield Renewable Corp.		19			526
CAE, Inc. (a)		44			1,073
Cameco Corp.		60			2,455
Canadian Imperial Bank of Commerce		129			7,262
Canadian National Railway Co.		73			7,120
Canadian Natural Resources Ltd.		289			8,887
Canadian Pacific Kansas City Ltd.		128			8,966
Canadian Tire Corp. Ltd., Class A		7			738
Canadian Utilities Ltd., Class A		18			465
CCL Industries, Inc., Class B		20			1,000
Celestica, Inc. (a)		16			1,256
Cenovus Energy, Inc.		187			2,599
CGI, Inc., Class A		28			2,770

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Canada — continued
Constellation Software, Inc.		3		8,728
Descartes Systems Group, Inc. (The) (a)		12		1,166
Dollarama, Inc.		38		4,096
Element Fleet Management Corp.		55		1,099
Emera, Inc.		41		1,706
Empire Co. Ltd., Class A		18		600
Enbridge, Inc.		298		13,195
Fairfax Financial Holdings Ltd.		3		3,992
First Quantum Minerals Ltd. (a)		96		1,296
FirstService Corp.		6		921
Fortis, Inc.		68		3,101
Franco-Nevada Corp.		26		4,144
George Weston Ltd.		8		1,367
GFL Environmental, Inc.		31		1,514
Gildan Activewear, Inc., Class A		19		845
Great-West Lifeco, Inc.		38		1,488
Hydro One Ltd. (e)		45		1,503
iA Financial Corp., Inc.		13		1,215
IGM Financial, Inc.		11		348
Imperial Oil Ltd.		24		1,762
Intact Financial Corp.		24		4,988
Ivanhoe Mines Ltd., Class A (a)		101		860
Keyera Corp.		31		965
Kinross Gold Corp.		168		2,121
Loblaw Cos. Ltd.		21		2,903
Lundin Mining Corp., Class Common S		101		821
Magna International, Inc.		37		1,265
Manulife Financial Corp.		237		7,374
Metro, Inc.		29		2,013
National Bank of Canada		54		4,444
Nutrien Ltd.		67		3,346
Onex Corp.		9		577
Open Text Corp.		36		917
Pan American Silver Corp.		50		1,282
Pembina Pipeline Corp., Class Common S		79		3,179
Power Corp. of Canada		77		2,715
Quebecor, Inc., Class B		21		536
Restaurant Brands International, Inc.		42		2,795
Rogers Communications, Inc., Class B		49		1,315
Royal Bank of Canada		194		21,810
Saputo, Inc.		34		592
Shopify, Inc., Class A (a)		166		15,794
Stantec, Inc.		16		1,286
Sun Life Financial, Inc.		79		4,504
Suncor Energy, Inc.		172		6,657
TC Energy Corp.		142		6,709
Teck Resources Ltd., Class B		65		2,363
TELUS Corp.		68		972
TFI International, Inc.		11		849
Thomson Reuters Corp.		22		3,720
TMX Group Ltd.		38		1,381

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Canada — continued
Toromont Industries Ltd.		11		869
Toronto-Dominion Bank (The)		240		14,357
Tourmaline Oil Corp.		49		2,344
West Fraser Timber Co. Ltd.		8		576
Wheaton Precious Metals Corp.		62		4,819
WSP Global, Inc.		18		3,031
				284,033
Chile — 0.1%
Antofagasta plc		402		8,752
China — 0.0% (g)
Silergy Corp.		114		1,324
Denmark — 4.6%
AP Moller - Maersk A/S, Class A		4		6,311
AP Moller - Maersk A/S, Class B		6		11,184
Carlsberg A/S, Class B		25		3,163
Coloplast A/S, Class B		34		3,556
Danske Bank A/S		995		32,576
Demant A/S (a)		23		781
DSV A/S		275		53,269
Genmab A/S (a)		102		19,870
Novo Nordisk A/S, Class B		7,975		545,341
Novonesis (Novozymes) B, Class B		257		14,967
Orsted A/S (a) (e)		150		6,546
Pandora A/S		110		16,850
ROCKWOOL A/S, Class B		13		5,252
Tryg A/S		541		12,865
Vestas Wind Systems A/S (a)		1,362		18,846
Zealand Pharma A/S (a)		104		7,777
				759,154
Finland — 1.1%
Elisa OYJ		37		1,813
Fortum OYJ		403		6,605
Kesko OYJ, Class B		71		1,454
Kone OYJ, Class B		458		25,296
Metso OYJ		844		8,746
Neste OYJ		108		997
Nokia OYJ		1,419		7,472
Nordea Bank Abp		4,555		58,267
Orion OYJ, Class B		122		7,254
Sampo OYJ, Class A		3,857		36,966
Stora Enso OYJ, Class R		422		4,000
UPM-Kymmene OYJ		391		10,482
Wartsila OYJ Abp		676		12,061
				181,413
France — 13.5%
Accor SA		52		2,394
Aeroports de Paris SA		47		4,796
Air Liquide SA		422		80,079
Airbus SE		801		140,961

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Alstom SA (a)		464		10,268
Amundi SA (e)		89		6,970
Arkema SA		41		3,108
AXA SA		2,823		120,628
BioMerieux		11		1,321
BNP Paribas SA		1,470		122,871
Bollore SE		197		1,157
Bouygues SA		252		9,932
Bureau Veritas SA		429		13,020
Capgemini SE		41		6,141
Carrefour SA		140		1,997
Cie de Saint-Gobain SA, Class A		605		60,232
Cie Generale des Etablissements Michelin SCA		179		6,293
Covivio SA REIT		14		785
Credit Agricole SA		1,535		27,944
Danone SA		171		13,075
Dassault Aviation SA		26		8,639
Dassault Systemes SE		179		6,809
Edenred SE		348		11,325
Eiffage SA		97		11,252
Engie SA		1,636		31,882
EssilorLuxottica SA		79		22,714
Eurazeo SE		60		4,409
FDJ UNITED (e)		26		816
Gecina SA REIT		13		1,212
Getlink SE		408		7,045
Hermes International SCA		42		111,567
Ipsen SA		42		4,800
Kering SA		100		20,739
Klepierre SA REIT		56		1,879
Legrand SA		353		37,367
L’Oreal SA		739		274,684
LVMH Moet Hennessy Louis Vuitton SE		369		228,220
Orange SA		491		6,358
Pernod Ricard SA		53		5,280
Publicis Groupe SA		61		5,745
Renault SA		236		11,979
Rexel SA		300		8,075
Safran SA		485		127,733
Sanofi SA		1,269		140,471
Sartorius Stedim Biotech		8		1,566
Schneider Electric SE		737		170,067
Societe Generale SA		1,040		46,908
Sodexo SA		23		1,464
Teleperformance SE		73		7,302
Thales SA		125		33,201
TotalEnergies SE		2,356		151,791
Unibail-Rodamco-Westfield REIT		32		2,718
Veolia Environnement SA		632		21,750
Vinci SA		665		83,832
				2,245,571

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 — 14.5%
adidas AG		229		54,024
Allianz SE (Registered)		616		235,745
BASF SE		652		32,674
Bayer AG (Registered)		1,097		26,295
Bayerische Motoren Werke AG		360		29,012
Beiersdorf AG		305		39,364
Brenntag SE		167		10,833
Commerzbank AG		1,368		31,312
Continental AG		29		2,011
Covestro AG (a)		130		8,334
CTS Eventim AG & Co. KGaA		17		1,695
Daimler Truck Holding AG		641		25,983
Delivery Hero SE, Class A (a) (e)		48		1,160
Deutsche Bank AG (Registered)		2,675		63,763
Deutsche Boerse AG		272		80,243
Deutsche Lufthansa AG (Registered)		814		5,929
Deutsche Post AG		1,297		55,665
Deutsche Telekom AG (Registered)		925		34,145
E.ON SE		2,016		30,436
Evonik Industries AG		187		4,050
Fresenius Medical Care AG		53		2,653
Fresenius SE & Co. KGaA (a)		113		4,821
GEA Group AG		209		12,710
Hannover Rueck SE		97		28,791
Heidelberg Materials AG		100		17,193
Henkel AG & Co. KGaA		25		1,802
Infineon Technologies AG		346		11,532
Knorr-Bremse AG		98		8,919
LEG Immobilien SE		19		1,370
Mercedes-Benz Group AG		894		52,831
Merck KGaA		144		19,867
MTU Aero Engines AG		73		25,233
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		213		134,679
Nemetschek SE		180		21,032
Puma SE		140		3,406
Rational AG		7		5,774
Rheinmetall AG		59		84,070
RWE AG		568		20,297
SAP SE		3,255		872,276
Scout24 SE (e)		19		2,041
Siemens AG (Registered)		1,024		236,528
Siemens Energy AG (a)		862		51,094
Siemens Healthineers AG (e)		76		4,081
Symrise AG, Class A		96		9,986
Talanx AG		102		10,767
Vonovia SE		196		5,269
Zalando SE (a) (e)		58		2,016
				2,423,711

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Hong Kong — 0.3%
Prudential plc		4,990		53,846
Ireland — 1.0%
AerCap Holdings NV		262		26,771
AIB Group plc		3,018		19,493
Bank of Ireland Group plc		1,447		17,095
DCC plc		162		10,847
Experian plc		1,505		69,750
Kerry Group plc, Class A		39		4,098
Kingspan Group plc		205		16,596
				164,650
Italy — 3.8%
Amplifon SpA		36		738
Banco BPM SpA		1,846		18,783
BPER Banca SPA		1,438		11,284
Davide Campari-Milano NV		177		1,039
DiaSorin SpA		6		572
Enel SpA		7,304		59,207
Eni SpA		2,339		36,182
Ferrari NV		156		66,601
FinecoBank Banca Fineco SpA		884		17,511
Generali		1,499		52,669
Infrastrutture Wireless Italiane SpA (e)		85		901
Intesa Sanpaolo SpA		21,834		112,526
Leonardo SpA		546		26,606
Mediobanca Banca di Credito Finanziario SpA		726		13,621
Moncler SpA		313		19,286
Nexi SpA (a) (e)		707		3,772
Poste Italiane SpA (e)		726		12,956
Prysmian SpA		378		20,832
Recordati Industria Chimica e Farmaceutica SpA		128		7,269
Snam SpA		1,814		9,406
Telecom Italia SpA (a)		2,557		864
Terna - Rete Elettrica Nazionale		1,276		11,531
UniCredit SpA		2,019		113,320
Unipol Assicurazioni SpA		577		9,243
				626,719
Japan — 4.7%
Advantest Corp.		162		7,204
Aeon Co. Ltd.		138		3,471
AGC, Inc.		41		1,251
Aisin Corp.		110		1,204
Ajinomoto Co., Inc.		193		3,825
ANA Holdings, Inc.		33		617
Asahi Group Holdings Ltd.		305		3,893
Asahi Kasei Corp.		263		1,844
Asics Corp.		136		2,886
Astellas Pharma, Inc.		382		3,715
Bandai Namco Holdings, Inc.		125		4,203
Bridgestone Corp.		120		4,837
Canon, Inc.		197		6,140

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Japan — continued
Capcom Co. Ltd.		73		1,804
Central Japan Railway Co.		163		3,107
Chiba Bank Ltd. (The)		121		1,148
Chubu Electric Power Co., Inc.		138		1,492
Chugai Pharmaceutical Co. Ltd.		142		6,487
Concordia Financial Group Ltd.		219		1,457
Dai Nippon Printing Co. Ltd.		81		1,159
Daifuku Co. Ltd.		69		1,684
Dai-ichi Life Holdings, Inc.		764		5,830
Daiichi Sankyo Co. Ltd.		370		8,799
Daikin Industries Ltd.		56		6,034
Daito Trust Construction Co. Ltd.		12		1,259
Daiwa House Industry Co. Ltd.		118		3,909
Daiwa Securities Group, Inc.		279		1,875
Denso Corp.		399		4,950
Dentsu Group, Inc.		43		941
Disco Corp.		19		3,962
East Japan Railway Co.		192		3,780
Eisai Co. Ltd.		55		1,539
ENEOS Holdings, Inc.		576		3,036
FANUC Corp.		199		5,433
Fast Retailing Co. Ltd.		40		11,997
Fuji Electric Co. Ltd.		29		1,227
FUJIFILM Holdings Corp.		236		4,523
Fujikura Ltd.		53		1,970
Fujitsu Ltd.		371		7,387
Hankyu Hanshin Holdings, Inc.		48		1,292
Hikari Tsushin, Inc.		4		955
Hitachi Ltd.		978		22,956
Honda Motor Co. Ltd.		946		8,564
Hoshizaki Corp.		23		879
Hoya Corp.		74		8,295
Hulic Co. Ltd.		96		917
Idemitsu Kosan Co. Ltd.		189		1,338
Inpex Corp.		186		2,581
Isuzu Motors Ltd.		119		1,621
ITOCHU Corp.		251		11,638
Japan Airlines Co. Ltd.		31		528
Japan Exchange Group, Inc.		209		2,154
Japan Post Bank Co. Ltd.		381		3,867
Japan Post Holdings Co. Ltd.		406		4,068
Japan Post Insurance Co. Ltd.		40		807
Japan Tobacco, Inc.		253		6,954
JFE Holdings, Inc.		120		1,471
Kajima Corp.		84		1,718
Kansai Electric Power Co., Inc. (The)		200		2,371
KAO Corp.		98		4,251
Kawasaki Kisen Kaisha Ltd.		79		1,067
KDDI Corp.		647		10,220
Keyence Corp.		41		16,122
Kikkoman Corp.		144		1,393

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Japan — continued
Kirin Holdings Co. Ltd.		165		2,279
Kobe Bussan Co. Ltd.		31		729
Komatsu Ltd.		191		5,578
Konami Group Corp.		21		2,503
Kubota Corp.		206		2,549
Kyocera Corp.		271		3,058
Kyowa Kirin Co. Ltd.		50		733
Lasertec Corp.		17		1,453
LY Corp.		603		2,043
M3, Inc.		94		1,070
Makita Corp.		50		1,650
Marubeni Corp.		297		4,758
MatsukiyoCocokara & Co.		71		1,103
MEIJI Holdings Co. Ltd.		51		1,096
MINEBEA MITSUMI, Inc.		76		1,109
Mitsubishi Chemical Group Corp.		289		1,426
Mitsubishi Corp.		721		12,729
Mitsubishi Electric Corp.		401		7,395
Mitsubishi Estate Co. Ltd.		223		3,647
Mitsubishi HC Capital, Inc.		184		1,248
Mitsubishi Heavy Industries Ltd.		676		11,606
Mitsubishi UFJ Financial Group, Inc.		2,417		32,958
Mitsui & Co. Ltd.		532		10,034
Mitsui Fudosan Co. Ltd.		559		5,009
Mitsui OSK Lines Ltd.		73		2,528
Mizuho Financial Group, Inc.		509		13,961
MonotaRO Co. Ltd.		54		1,005
MS&AD Insurance Group Holdings, Inc.		271		5,900
Murata Manufacturing Co. Ltd.		352		5,433
NEC Corp.		259		5,517
Nexon Co. Ltd.		72		981
NIDEC Corp.,		176		2,954
Nintendo Co. Ltd.		233		15,825
Nippon Building Fund, Inc. REIT		2		1,357
Nippon Paint Holdings Co. Ltd.		197		1,481
Nippon Sanso Holdings Corp.		37		1,116
Nippon Steel Corp.		204		4,366
Nippon Telegraph & Telephone Corp.		6,301		6,090
Nippon Yusen KK		92		3,050
Nissan Motor Co. Ltd. (a)		468		1,201
Nissin Foods Holdings Co. Ltd.		41		835
Nitori Holdings Co. Ltd.		17		1,644
Nitto Denko Corp.		149		2,756
Nomura Holdings, Inc.		634		3,905
Nomura Research Institute Ltd.		80		2,594
NTT Data Group Corp.		133		2,411
Obayashi Corp.		136		1,817
Obic Co. Ltd.		68		1,955
Olympus Corp.		236		3,088
Omron Corp.		37		1,039
Ono Pharmaceutical Co. Ltd.		77		827

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Japan — continued
Oracle Corp. Japan		8		842
Oriental Land Co. Ltd.		228		4,496
ORIX Corp.		243		5,082
Osaka Gas Co. Ltd.		77		1,738
Otsuka Corp.		48		1,041
Otsuka Holdings Co. Ltd.		94		4,872
Pan Pacific International Holdings Corp.		81		2,217
Panasonic Holdings Corp.		492		5,866
Rakuten Group, Inc. (a)		318		1,824
Recruit Holdings Co. Ltd.		296		15,321
Renesas Electronics Corp.		355		4,761
Resona Holdings, Inc.		442		3,859
Ricoh Co. Ltd.		110		1,168
SBI Holdings, Inc.		58		1,558
SCREEN Holdings Co. Ltd.		17		1,116
SCSK Corp.		33		823
Secom Co. Ltd.		89		3,018
Seiko Epson Corp.		61		980
Sekisui Chemical Co. Ltd.		80		1,364
Sekisui House Ltd.		126		2,816
Seven & i Holdings Co. Ltd.		467		6,760
SG Holdings Co. Ltd.		69		685
Shimadzu Corp.		51		1,266
Shimano, Inc.		16		2,247
Shin-Etsu Chemical Co. Ltd.		377		10,749
Shionogi & Co. Ltd.		160		2,409
Shiseido Co. Ltd.		85		1,614
SMC Corp.		12		4,330
SoftBank Corp.		6,034		8,418
SoftBank Group Corp.		202		10,307
Sompo Holdings, Inc.		188		5,725
Sony Group Corp.		1,296		32,790
Subaru Corp.		124		2,224
Sumitomo Corp.		230		5,244
Sumitomo Electric Industries Ltd.		151		2,515
Sumitomo Metal Mining Co. Ltd.		52		1,132
Sumitomo Mitsui Financial Group, Inc.		786		20,217
Sumitomo Mitsui Trust Group, Inc.		137		3,446
Sumitomo Realty & Development Co. Ltd.		66		2,461
Suntory Beverage & Food Ltd.		29		944
Suzuki Motor Corp.		331		4,068
Sysmex Corp.		107		2,045
T&D Holdings, Inc.		102		2,192
Taisei Corp.		35		1,562
Takeda Pharmaceutical Co. Ltd.		336		9,944
TDK Corp.		410		4,295
Terumo Corp.		281		5,287
TIS, Inc.		45		1,240
Toho Co. Ltd.		24		1,183
Tokio Marine Holdings, Inc.		375		14,604
Tokyo Electron Ltd.		95		12,959

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Japan — continued
Tokyo Gas Co. Ltd.		74		2,348
Tokyo Metro Co. Ltd.		61		745
Tokyu Corp.		111		1,252
TOPPAN Holdings, Inc.		51		1,397
Toray Industries, Inc.		289		1,976
Toyota Industries Corp.		34		2,942
Toyota Motor Corp.		1,998		35,326
Toyota Tsusho Corp.		135		2,269
Trend Micro, Inc./Japan		27		1,816
Unicharm Corp.		233		1,858
West Japan Railway Co.		94		1,841
Yakult Honsha Co. Ltd.		53		1,012
Yamaha Motor Co. Ltd.		195		1,560
Yaskawa Electric Corp.		47		1,183
Yokogawa Electric Corp.		49		950
Zensho Holdings Co. Ltd.		21		1,116
ZOZO, Inc.		85		816
				783,336
Luxembourg — 0.1%
ArcelorMittal SA		344		9,927
CVC Capital Partners plc (a) (e)		304		6,035
Eurofins Scientific SE		35		1,879
Tenaris SA		109		2,131
				19,972
Netherlands — 6.2%
ABN AMRO Bank NV, CVA, GDR (e)		662		13,941
Adyen NV (a) (e)		32		48,806
Aegon Ltd.		2,099		13,785
Akzo Nobel NV		126		7,737
Argenx SE (a)		16		9,472
ASM International NV		98		44,562
ASML Holding NV		822		543,931
ASR Nederland NV		255		14,643
BE Semiconductor Industries NV		169		17,696
Euronext NV (e)		113		16,428
EXOR NV		143		13,020
Ferrovial SE		640		28,644
Heineken Holding NV		35		2,556
Heineken NV		76		6,228
IMCD NV		79		10,579
ING Groep NV		4,550		89,139
JDE Peet’s NV		45		991
Koninklijke Ahold Delhaize NV		244		9,122
Koninklijke KPN NV		1,035		4,384
Koninklijke Philips NV		211		5,380
NN Group NV		429		23,870
Prosus NV (a)		363		16,855
QIAGEN NV (a)		56		2,240
Randstad NV		148		6,134
Stellantis NV		2,508		28,134
Universal Music Group NV		217		5,993

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks — continued
Netherlands — continued
Wolters Kluwer NV		322		50,096
				1,034,366
Norway — 0.6%
Aker BP ASA		82		1,953
DNB Bank ASA		1,301		34,222
Equinor ASA		911		24,056
Gjensidige Forsikring ASA		313		7,186
Kongsberg Gruppen ASA		118		17,318
Mowi ASA		128		2,367
Norsk Hydro ASA		1,027		5,940
Orkla ASA		190		2,086
Salmar ASA		17		801
Telenor ASA		169		2,413
Yara International ASA		123		3,713
				102,055
Poland — 0.0% (g)
InPost SA (a)		300		4,406
Portugal — 0.1%
EDP SA		2,884		9,705
Galp Energia SGPS SA		458		8,016
Jeronimo Martins SGPS SA		72		1,536
				19,257
Spain — 3.1%
Acciona SA		22		2,886
ACS Actividades de Construccion y Servicios SA		239		13,693
Aena SME SA (e)		101		23,750
Amadeus IT Group SA		119		9,093
Banco Bilbao Vizcaya Argentaria SA		8,326		113,631
Banco de Sabadell SA		7,904		22,193
Banco Santander SA		21,907		147,584
CaixaBank SA		5,716		44,523
Cellnex Telecom SA (e)		142		5,031
EDP Renovaveis SA		278		2,315
Endesa SA		293		7,754
Grifols SA (a)		48		423
Iberdrola SA		5,273		85,145
Industria de Diseno Textil SA		290		14,436
Redeia Corp. SA		269		5,389
Repsol SA		1,275		16,934
Telefonica SA		1,057		4,981
				519,761
Sweden — 3.8%
AddTech AB, Class B		351		10,272
Alfa Laval AB		389		16,663
Assa Abloy AB, Class B		1,354		40,642
Atlas Copco AB, Class A		3,627		57,944
Atlas Copco AB, Class B		2,094		29,444
Beijer Ref AB, Class B		522		7,340
Boliden AB		198		6,503
Epiroc AB, Class A		888		17,884

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	SHARES			VALUE ($)
Common Stocks — continued
Sweden — continued
Epiroc AB, Class B		525			9,240
EQT AB		538			16,390
Essity AB, Class B		163			4,628
Evolution AB (e)		43			3,169
Fastighets AB Balder, Class B (a)		190			1,191
H & M Hennes & Mauritz AB, Class B		147			1,939
Hexagon AB, Class B		551			5,888
Holmen AB, Class B		58			2,295
Industrivarden AB, Class A		173			6,356
Industrivarden AB, Class C		227			8,335
Indutrade AB		368			10,195
Investment AB Latour, Class B		198			5,395
Investor AB, Class B		2,500			74,557
L E Lundbergforetagen AB, Class B		108			5,403
Lifco AB, Class B		314			11,130
Nibe Industrier AB, Class B		2,041			7,763
Saab AB, Class B		430			16,913
Sagax AB, Class B		61			1,273
Sandvik AB		1,437			30,224
Securitas AB, Class B		661			9,352
Skandinaviska Enskilda Banken AB, Class A (a)		2,291			37,694
Skanska AB, Class B (a)		457			10,084
SKF AB, Class B (a)		458			9,286
Spotify Technology SA (a)		41			22,405
Svenska Cellulosa AB SCA, Class B (a)		440			5,804
Svenska Handelsbanken AB, Class A		2,116			23,913
Swedbank AB, Class A		1,225			27,906
Swedish Orphan Biovitrum AB (a)		51			1,468
Tele2 AB, Class B		143			1,922
Telefonaktiebolaget LM Ericsson, Class B		733			5,700
Telia Co. AB		614			2,218
Trelleborg AB, Class B		289			10,734
Volvo AB, Class B (a)		2,144			62,893
					640,355
Switzerland — 16.0%
ABB Ltd. (Registered)		2,131			109,975
Alcon AG		133			12,594
Avolta AG (a)		23			1,009
Baloise Holding AG (Registered)		66			13,920
Banque Cantonale Vaudoise (Registered)		43			4,687
Barry Callebaut AG (Registered)		12			15,853
BKW AG		19			3,330
Chocoladefabriken Lindt & Spruengli AG		3			43,249
Chocoladefabriken Lindt & Spruengli AG (Registered)		—	(h)		46,716
Cie Financiere Richemont SA, Class A (Registered)		720			125,676
Coca-Cola HBC AG (a)		1,024			46,368
DSM-Firmenich AG		136			13,433
EMS-Chemie Holding AG (Registered)		5			3,546
Galderma Group AG (a)		106			11,175
Geberit AG (Registered)		45			28,303
Givaudan SA (Registered)		7			28,930

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Glencore plc (a)		10,572		38,695
Helvetia Holding AG (Registered)		59		12,277
Holcim AG (a)		380		40,927
Julius Baer Group Ltd.		297		20,601
Kuehne + Nagel International AG (Registered)		65		14,975
Logitech International SA (Registered)		41		3,448
Lonza Group AG (Registered)		19		11,867
Nestle SA (Registered)		8,807		890,003
Novartis AG (Registered)		2,199		244,295
Partners Group Holding AG		33		46,698
Roche Holding AG		820		270,441
Sandoz Group AG		467		19,565
Schindler Holding AG		56		17,675
Schindler Holding AG (Registered)		30		9,128
SGS SA (Registered)		205		20,405
SIG Group AG (a)		221		4,095
Sika AG (Registered)		111		27,115
Sonova Holding AG (Registered)		14		3,947
STMicroelectronics NV		181		3,975
Straumann Holding AG (Registered)		30		3,611
Swatch Group AG (The)		39		6,639
Swiss Life Holding AG (Registered)		46		41,749
Swiss Prime Site AG (Registered)		21		2,602
Swiss Re AG		481		81,816
Swisscom AG (Registered)		7		3,975
Temenos AG (Registered)		14		1,116
UBS Group AG (Registered)		4,751		145,933
VAT Group AG (e)		36		13,063
Zurich Insurance Group AG		233		162,801
				2,672,201
Taiwan — 1.7%
Alchip Technologies Ltd.		26		2,218
ASE Technology Holding Co. Ltd.		1,148		5,045
eMemory Technology, Inc.		22		1,547
Global Unichip Corp.		30		975
Globalwafers Co. Ltd.		91		884
Jentech Precision Industrial Co. Ltd.		29		873
MediaTek, Inc.		528		22,757
Novatek Microelectronics Corp.		201		3,342
Realtek Semiconductor Corp.		169		2,694
Taiwan Semiconductor Manufacturing Co. Ltd.		8,548		240,737
United Microelectronics Corp.		3,916		5,475
Vanguard International Semiconductor Corp.		356		1,014
				287,561
United Arab Emirates — 0.0%
NMC Health plc (a) (bb) (cc)		116		—
United Kingdom — 20.2%
3i Group plc		1,688		79,385
Admiral Group plc		492		18,156
Anglo American plc		1,295		36,307

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Ashtead Group plc		714		38,593
Associated British Foods plc		182		4,500
AstraZeneca plc		2,180		320,071
Auto Trader Group plc (e)		493		4,771
Aviva plc		4,969		35,811
BAE Systems plc		4,927		99,484
Barclays plc		25,010		94,039
Barratt Redrow plc		766		4,211
BP plc		22,281		125,026
British American Tobacco plc		1,103		45,248
BT Group plc, Class A		3,592		7,704
Bunzl plc		542		20,862
Centrica plc		2,842		5,503
Coca-Cola Europacific Partners plc		55		4,792
Compass Group plc		942		31,158
Croda International plc		135		5,120
Diageo plc		10,486		274,040
Entain plc		336		2,539
GSK plc		5,826		111,341
Haleon plc		12,708		64,180
Halma plc		211		7,069
HSBC Holdings plc		31,000		351,433
Imperial Brands plc		440		16,278
Informa plc		739		7,406
InterContinental Hotels Group plc		88		9,477
Intertek Group plc		264		17,172
J Sainsbury plc		972		2,964
JD Sports Fashion plc		1,420		1,256
Kingfisher plc		1,007		3,316
Land Securities Group plc REIT		393		2,799
Legal & General Group plc		11,132		35,106
Lloyds Banking Group plc		105,132		98,605
London Stock Exchange Group plc		830		123,219
M&G plc		3,978		10,248
Marks & Spencer Group plc		1,145		5,286
Melrose Industries plc		2,106		12,997
Mondi plc		451		6,734
National Grid plc		2,715		35,414
NatWest Group plc		13,272		78,360
Next plc		66		9,447
Pearson plc		334		5,277
Phoenix Group Holdings plc		1,315		9,765
Reckitt Benckiser Group plc		381		25,742
RELX plc		3,044		152,900
Rentokil Initial plc		4,130		18,744
Rio Tinto plc		1,150		68,983
Rolls-Royce Holdings plc (a)		13,923		135,325
Sage Group plc (The)		556		8,735
Schroders plc		1,382		6,256
Segro plc REIT		713		6,379
Severn Trent plc		150		4,909

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Shell plc		8,424		306,635
Smith & Nephew plc		461		6,483
Smiths Group plc		560		14,064
Spirax Group plc		121		9,726
SSE plc		612		12,614
Standard Chartered plc		3,567		52,935
Tesco plc		3,741		16,094
Unilever plc		3,393		202,437
United Utilities Group plc		376		4,904
Vodafone Group plc		11,285		10,604
Whitbread plc		98		3,131
Wise plc, Class A (a)		1,154		14,162
WPP plc		600		4,556
				3,368,787
United States — 0.0% (g)
Brookfield Asset Management Ltd., Class A		48		2,342
RB Global, Inc.		25		2,534
				4,876
Total Common Stocks (Cost $12,998,649)				16,360,074
Preferred Stocks — 0.3%
Germany — 0.3%
Bayerische Motoren Werke AG		67		5,076
Dr Ing hc F Porsche AG (e)		140		7,030
Henkel AG & Co. KGaA		47		3,702
Porsche Automobil Holding SE		192		7,232
Sartorius AG		7		1,591
Volkswagen AG		255		26,042
Total Preferred Stocks (Cost $60,282)				50,673
	PRINCIPAL   AMOUNT ($)
Short-Term Investments — 0.8%
Time Deposits — 0.8%
Australia & New Zealand Banking Group Ltd., 3.68%, 04/01/2025		525		525
BNP Paribas SA, 1.56%, 04/01/2025	CAD	3,705		2,575
Brown Brothers Harriman & Co.,
1.03%, 04/01/2025	SEK	14,141		1,407
1.12%, 04/01/2025	DKK	63,797		9,246
3.23%, 04/01/2025	NOK	4,880		464
Citibank NA,
1.35%, 04/01/2025	EUR	42,408		45,855
3.68%, 04/01/2025		6,105		6,105
Royal Bank of Canada,
3.42%, 04/01/2025	GBP	17,991		23,240
3.68%, 04/01/2025		3,555		3,555
Skandinaviska Enskilda Banken AB, 0.00%, 04/01/2025	CHF	11,506		13,005
Sumitomo Mitsui Banking Corp.,
0.11%, 04/01/2025	JPY	771,951		5,147
3.68%, 04/01/2025		2,479		2,479

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Sumitomo Mitsui Trust Bank Ltd., 3.68%, 04/01/2025		14,001		14,001
Total Short-Term Investments (Cost $127,604)				127,604
Total Investments — 99.1% (Cost - $13,186,535) *				16,538,351
Other Assets in Excess of Liabilities — 0.9%				153,436
NET ASSETS — 100.0%			$	16,691,787

Percentages indicated are based on net assets.

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of March 31, 2025:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Euro STOXX 50 Index		1,373		06/2025		EUR		79,342		(2,305	)
FTSE 100 Index		552		06/2025		GBP		61,767		(502	)
OMX Copenhagen 25 Index		276		04/2025		DKK		6,929		(271	)
S&P Toronto Stock Exchange 60 Index		16		06/2025		CAD		3,287		43
SGX FTSE Taiwan Index		23		04/2025		USD		1,717		(118	)
STOXX 600 Insurance Index		23		06/2025		EUR		566		8
STOXX Europe 600 Index		235		06/2025		EUR		6,898		(177	)
TOPIX Index		74		06/2025		JPY		13,362		(229	)
Total unrealized appreciation (depreciation)										(3,551	)

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025

CVA	—	Dutch Certification
GDR	—	Global Depository Receipt
OYJ	—	Public Limited Company
REIT	—	Real Estate Investment Trust
(a)	—	Non-income producing security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500 shares/principal or $500.
(bb)	—	Security has been valued using significant unobservable inputs.
(cc)	—	Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
*	—	The cost of securities is substantially the same for federal income tax purposes.
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
USD	—	United States Dollar

Six Circles International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, March 31, 2025

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

INDUSTRY	PERCENTAGE
Banks		13.9	%
Pharmaceuticals		10.9	%
Insurance		7.6	%
Food		6.6	%
Semiconductors		5.7	%
Software		5.6	%
Oil & Gas		4.3	%
Aerospace/Defense		4.3	%
Cosmetics/Personal Care		3.6	%
Commercial Services		3.0	%
Apparel		2.5	%
Auto Manufacturers		2.3	%
Beverages		2.2	%
Electric		2.1	%
Diversified Financial Services		1.9	%
Miscellaneous Manufacturers		1.8	%
Chemicals		1.5	%
Retail		1.4	%
Building Materials		1.3	%
Electrical Components & Equipment		1.3	%
Transportation		1.2	%
Mining		1.2	%
Machinery - Diversified		1.2	%
Electronics		1.2	%
Engineering & Construction		1.2	%
Others (Each less than 1.0%)		9.4	%
Short-Term Investments		0.8	%

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Long Positions — 105.7%
Asset-Backed Securities — 0.4%
AGL CLO 14 Ltd., (Cayman Islands), Series 2021-14A, Class AR, (CME Term SOFR 3 Month + 1.13%), 5.45%, 12/02/2034 (e) (aa)		2,100		2,098
Anchorage Capital CLO 28 Ltd., (Cayman Islands), Series 2024-28A, Class A, (CME Term SOFR 3 Month + 1.70%), 5.99%, 04/20/2037 (e) (aa)		2,000		2,005
Apex Credit CLO 2024-I Ltd., (Bermuda), Series 2024-1A, Class A1, (CME Term SOFR 3 Month + 1.80%), 6.09%, 04/20/2036 (e) (aa)		1,000		1,008
ARES L CLO Ltd., (Cayman Islands), Series 2018-50A, Class AR, (CME Term SOFR 3 Month + 1.31%), 5.61%, 01/15/2032 (e) (aa)		1,583		1,583
Avant Loans Funding Trust, Series 2025-REV1, Class B, 5.42%, 05/15/2034 (e)		250		250
BlueMountain CLO 2016-3 Ltd., (Cayman Islands), Series 2016-3A, Class A1R2, (CME Term SOFR 3 Month + 1.20%), 5.52%, 11/15/2030 (e) (aa)		571		571
CARLYLE US CLO Ltd., (Cayman Islands), Series 2018-2A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 5.45%, 10/15/2031 (e) (aa)		1,701		1,700
CIFC Funding Ltd., (Cayman Islands), Series 2017-4A, Class A1R, (CME Term SOFR 3 Month + 1.21%), 5.51%, 10/24/2030 (e) (aa)		1,287		1,287
Credit Acceptance Auto Loan Trust,
Series 2023-3A, Class C, 7.62%, 12/15/2033 (e)		2,750		2,866
Series 2023-5A, Class C, 7.30%, 04/17/2034 (e)		2,250		2,341
Crestline Denali CLO XV Ltd., (Cayman Islands), Series 2017-1A, Class AR, (CME Term SOFR 3 Month + 1.29%), 5.58%, 04/20/2030 (e) (aa)		572		572
Diameter Capital CLO 6 Ltd., (Cayman Islands), Series 2024-6A, Class A1, (CME Term SOFR 3 Month + 1.61%), 5.91%, 04/15/2037 (e) (aa)		2,700		2,703
Drive Auto Receivables Trust,
Series 2024-2, Class C, 4.67%, 05/17/2032		770		767
Series 2024-2, Class D, 4.94%, 05/17/2032		2,500		2,476
Dryden 27 R Euro CLO 2017 DAC, (Ireland), Series 2017-27A, Class AR, (EURIBOR 3 Month + 0.66%), 3.45%, 04/15/2033 (e) (aa)	EUR	5,854		6,323
Exeter Automobile Receivables Trust, Series 2024-3A, Class C, 5.70%, 07/16/2029		1,046		1,059
FHLBs,
1.25%, 06/15/2027		38		36
2.05%, 03/19/2035		257		203
Flatiron CLO 19 Ltd., (Cayman Islands), Series 2019-1A, Class AR2, (CME Term SOFR 3 Month + 1.18%), 5.47%, 11/16/2034 (e) (w) (aa)		1,000		1,000
Generate CLO 3 Ltd., (Cayman Islands), Series 3A, Class A2R, (CME Term SOFR 3 Month + 1.83%), 6.12%, 10/20/2036 (e) (aa)		2,400		2,406
GM Financial Consumer Automobile Receivables Trust,
Series 2023-1, Class A3, 4.66%, 02/16/2028		1,507		1,510
Series 2023-1, Class A4, 4.59%, 07/17/2028		230		231
Series 2024-2, Class A3, 5.10%, 03/16/2029		1,175		1,186
Series 2024-2, Class B, 5.28%, 10/16/2029		850		866
Goldentree Loan Management US CLO 4 Ltd., (Cayman Islands), Series 2019-4A, Class ARR, (CME Term SOFR 3 Month + 1.15%), 5.45%, 04/24/2031 (e) (aa)		1,338		1,337
ICG US CLO Ltd., (Cayman Islands), Series 2020-1A, Class ARR, (CME Term SOFR 3 Month + 1.10%), 5.42%, 01/20/2035 (e) (aa)		2,065		2,063
KKR CLO 28 Ltd., (Cayman Islands), Series 28A, Class AR, (CME Term SOFR 3 Month + 1.44%), 5.75%, 02/09/2035 (e) (aa)		1,100		1,099

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued
Mountain View CLO 2017-2 LLC, (Cayman Islands), Series 2017-2A, Class AR, (CME Term SOFR 3 Month + 1.30%), 5.61%, 01/16/2031 (e) (aa)		669		669
Octagon Investment Partners 39 Ltd., (Cayman Islands), Series 2018-3A, Class AR, (CME Term SOFR 3 Month + 1.15%), 5.44%, 10/20/2030 (e) (aa)		1,895		1,894
Palmer Square CLO 2015-1 Ltd., (Cayman Islands), Series 2015-1A, Class A1A5, (CME Term SOFR 3 Month + 1.05%), 5.38%, 05/21/2034 (e) (aa)		8,000		7,982
Palmer Square CLO 2022-1 Ltd., (Cayman Islands), Series 2022-1A, Class A, (CME Term SOFR 3 Month + 1.32%), 5.61%, 04/20/2035 (e) (aa)		600		600
Pikes Peak CLO 6, (Cayman Islands), Series 2020-6A, Class ARR, (CME Term SOFR 3 Month + 0.94%), 5.26%, 05/18/2034 (e) (aa)		2,500		2,484
Regatta XIX Funding Ltd., (Cayman Islands), Series 2022-1A, Class A1, (CME Term SOFR 3 Month + 1.32%), 5.61%, 04/20/2035 (e) (aa)		1,000		1,000
Santander Drive Auto Receivables Trust, Series 2024-5, Class D, 5.14%, 02/17/2032		2,950		2,936
Sound Point CLO XXIII, (Cayman Islands), Series 2019-2A, Class AR, (CME Term SOFR 3 Month + 1.43%), 5.73%, 07/15/2034 (e) (aa)		500		500
Sycamore Tree CLO 2023-2 Ltd., (Cayman Islands), Series 2023-2A, Class AR, (CME Term SOFR 3 Month + 1.68%), 5.97%, 01/20/2037 (e) (aa)		1,600		1,602
Symphony CLO XXIV Ltd., (Cayman Islands), Series 2020-24A, Class AR, (CME Term SOFR 3 Month + 1.20%), 5.49%, 01/23/2032 (e) (aa)		824		824
TCW CLO 2024-1 Ltd., (Cayman Islands), Series 2024-1A, Class A1, (CME Term SOFR 3 Month + 1.60%), 5.91%, 01/16/2037 (e) (aa)		700		701
Venture 33 CLO Ltd., (Cayman Islands), Series 2018-33A, Class A1LR, (CME Term SOFR 3 Month + 1.32%), 5.62%, 07/15/2031 (e) (aa)		412		412
Voya CLO 2017-1 Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (CME Term SOFR 3 Month + 1.21%), 5.51%, 04/17/2030 (e) (aa)		722		721
Westlake Automobile Receivables Trust, Series 2023-4A, Class C, 6.64%, 11/15/2028 (e)		325		334
Total Asset-Backed Securities (Cost $64,921)				64,205
Collateralized Mortgage Obligations — 2.0%
Citigroup Mortgage Loan Trust,
Series 2021-INV1, Class A3A, 2.50%, 05/25/2051 (e) (z)		5,315		4,354
Series 2021-INV3, Class A11, (United States 30 Day Average SOFR + 0.85%), 5.00%, 05/25/2051 (e) (aa)		381		354
FHLMC REMICS,
Series 3404, Class SA, IF, IO, (5.89% - United States 30 Day Average SOFR), 1.54%, 01/15/2038 (aa)		880		83
Series 3680, Class SA, IF, IO, (4.89% - United States 30 Day Average SOFR), 0.54%, 06/15/2040 (aa)		1,888		112
Series 4023, Class S, IF, IO, (6.14% - United States 30 Day Average SOFR), 1.79%, 03/15/2042 (aa)		918		92
Series 4056, Class GS, IF, IO, (6.54% - United States 30 Day Average SOFR), 2.19%, 12/15/2041 (aa)		303		28
Series 4134, Class PI, IO, 3.00%, 11/15/2042		388		40
Series 4147, Class JI, IO, 3.50%, 12/15/2032		3,323		249
Series 4165, Class TI, IO, 3.00%, 12/15/2042		364		20
Series 4368, Class CZ, SUB, 3.75%, 11/15/2041		2,323		2,232
Series 4479, Class AI, IO, 3.50%, 09/15/2025		299		2
Series 4598, Class IK, IO, 3.50%, 03/15/2046		524		87
Series 4710, Class EI, IO, 3.50%, 11/15/2031		2,123		122
Series 4751, Class EF, (United States 30 Day Average SOFR + 0.36%), 4.71%, 05/15/2041 (aa)		2,023		1,978
Series 4764, Class WF, (United States 30 Day Average SOFR + 0.41%), 4.76%, 02/15/2048 (aa)		4,076		3,949
Series 4790, Class F, (United States 30 Day Average SOFR + 0.30%), 4.65%, 10/15/2043 (aa)		1,516		1,487

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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, (6.09% - United States 30 Day Average SOFR), 1.74%, 09/15/2048 (aa)		3,378		439
Series 4830, Class IL, IO, 4.50%, 04/15/2048		1,494		354
Series 4881, Class IK, IO, 4.00%, 05/15/2049		1,478		264
Series 4888, Class IB, IO, 4.00%, 03/15/2047		277		45
Series 4930, Class IP, IO, 3.50%, 09/25/2048		4,310		535
Series 4990, Class MI, IO, 4.00%, 07/25/2050		3,673		812
Series 5003, Class AS, IF, IO, (5.99% - United States 30 Day Average SOFR), 1.65%, 08/25/2050 (aa)		6,443		910
Series 5013, Class IQ, IO, 3.50%, 09/25/2050		4,423		744
Series 5016, Class PI, IO, 3.00%, 09/25/2050		9,640		1,678
Series 5023, Class BI, IO, 2.00%, 10/25/2050		19,580		2,572
Series 5034, Class MI, IO, 2.00%, 11/25/2050		1,803		230
Series 5034, Class YI, IO, 4.00%, 11/25/2050		2,346		457
Series 5038, Class MI, IO, 4.00%, 11/25/2050		942		198
Series 5045, Class DI, IO, 2.50%, 11/25/2050		2,527		358
Series 5047, Class CI, IO, 2.00%, 12/25/2050		1,581		184
Series 5056, Class PI, IO, 2.50%, 12/25/2050		7,451		1,008
Series 5062, Class EI, IO, 2.00%, 01/25/2051		3,402		409
Series 5065, Class IG, IO, 3.00%, 01/25/2051		2,952		488
Series 5069, Class DI, IO, 3.50%, 02/25/2041		1,078		152
Series 5069, Class LI, IO, 2.50%, 02/25/2051		13,164		1,866
Series 5071, Class IN, IO, 4.00%, 08/25/2050		4,796		1,020
Series 5081, Class EI, IO, 2.50%, 03/25/2051		18,196		2,510
Series 5087, Class IL, IO, 3.00%, 03/25/2051		1,768		297
Series 5109, Class IE, IO, 2.50%, 05/25/2051		921		120
Series 5124, Class LI, IO, 4.50%, 07/25/2051		9,474		2,320
Series 5157, Class IA, IO, 3.00%, 10/25/2051		43,930		6,826
Series 5202, Class UI, IO, 3.50%, 01/25/2052		3,588		599
Series 5210, Class AI, IO, 3.50%, 01/25/2042		3,562		425
Series 5227, Class EI, IO, 4.00%, 04/25/2050		3,558		320
Series 5229, Class KI, IO, 4.50%, 08/25/2049		745		125
Series 5383, Class AF, (United States 30 Day Average SOFR + 1.00%), 5.33%, 08/15/2048 (aa)		762		767
FHLMC STRIPs,
Series 365, Class C2, IO, 4.00%, 06/15/2049		3,336		738
Series 399, Class C29, IO, 2.00%, 06/25/2052		9,098		1,158
Series 399, Class C30, IO, 2.00%, 06/25/2051		70,886		8,892
FNMA Interest STRIP,
Series 379, Class S56, IF, IO, (7.79% - United States 30 Day Average SOFR), 3.45%, 05/25/2037 (aa)		301		43
Series 405, Class 1, PO, Zero Coupon, 10/25/2040		251		197
Series 406, Class 23, IO, 6.00%, 11/25/2040 (z)		111		23
Series 413, Class C32, IO, 4.00%, 01/25/2039		1,188		183
Series 429, Class 161, IO, 2.00%, 03/25/2051		2,674		281
Series 429, Class 162, IO, 2.00%, 03/25/2051		2,076		218
Series 429, Class 163, IO, 2.00%, 02/25/2051		489		51
Series 429, Class 164, IO, 2.00%, 03/25/2051		916		98
FNMA REMICS,
Series 2007-30, Class JS, IF, IO, (6.33% - United States 30 Day Average SOFR), 1.99%, 04/25/2037 (aa)		1,216		138

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 2012-35, Class SP, IF, IO, (6.39% - United States 30 Day Average SOFR), 2.05%, 04/25/2042 (aa)		1,770		195
Series 2012-53, Class IO, IO, 3.50%, 05/25/2027		170		3
Series 2012-135, Class SB, IF, IO, (5.99% - United States 30 Day Average SOFR), 1.65%, 12/25/2042 (aa)		788		86
Series 2013-30, Class CA, 1.50%, 04/25/2043		1,108		919
Series 2013-109, Class BO, PO, Zero Coupon, 07/25/2043		411		249
Series 2014-34, Class US, IF, (8.37% - United States 30 Day Average SOFR), 4.03%, 06/25/2044 (aa)		67		58
Series 2014-47, Class FB, (United States 30 Day Average SOFR + 0.46%), 4.79%, 08/25/2054 (aa)		2,009		1,960
Series 2016-26, Class SY, IF, (6.77% - United States 30 Day Average SOFR), 2.43%, 11/25/2042 (aa)		514		324
Series 2016-40, Class EF, (United States 30 Day Average SOFR + 0.56%), 4.89%, 07/25/2046 (aa)		488		484
Series 2016-63, Class AS, IF, IO, (5.89% - United States 30 Day Average SOFR), 1.55%, 09/25/2046 (aa)		1,259		144
Series 2016-68, Class WI, IO, 2.07%, 10/25/2046 (z)		3,157		219
Series 2016-71, Class NI, IO, 3.50%, 04/25/2046		637		76
Series 2017-97, Class BF, (United States 30 Day Average SOFR + 0.41%), 4.75%, 12/25/2047 (aa)		3,953		3,857
Series 2018-67, Class HF, (United States 30 Day Average SOFR + 0.41%), 4.75%, 09/25/2048 (aa)		2,153		2,093
Series 2018-67, Class SH, IF, IO, (6.09% - United States 30 Day Average SOFR), 1.75%, 09/25/2048 (aa)		2,730		333
Series 2018-77, Class PF, (United States 30 Day Average SOFR + 0.41%), 4.75%, 10/25/2048 (aa)		1,732		1,685
Series 2019-47, Class SI, IO, 1.93%, 08/25/2049 (z)		9,081		860
Series 2019-48, Class IB, IO, 0.66%, 06/25/2039 (z)		17,579		323
Series 2019-53, Class IA, IO, 2.12%, 09/25/2049 (z)		18,693		1,516
Series 2019-68, Class US, IF, IO, (5.89% - United States 30 Day Average SOFR), 1.55%, 11/25/2049 (aa)		5,428		713
Series 2019-78, Class DI, IO, 4.50%, 11/25/2049		499		93
Series 2020-29, Class SA, IO, 1.94%, 05/25/2050 (z)		3,941		228
Series 2020-33, Class IO, IO, 1.87%, 05/25/2050 (z)		9,812		587
Series 2020-42, Class CI, IO, 3.00%, 06/25/2050		11,272		1,685
Series 2020-60, Class BI, IO, 3.50%, 09/25/2050		10,119		1,797
Series 2020-68, Class CI, IO, 3.00%, 10/25/2050		7,695		1,375
Series 2020-74, Class PI, IO, 2.00%, 12/25/2049		9,065		1,095
Series 2020-86, Class PI, IO, 2.50%, 12/25/2050		2,929		405
Series 2020-89, Class IG, IO, 3.00%, 12/25/2050		1,335		231
Series 2020-89, Class IM, IO, 2.00%, 12/25/2050		9,032		1,174
Series 2020-89, Class LI, IO, 3.00%, 12/25/2050		10,357		1,768
Series 2020-99, Class IQ, IO, 3.00%, 01/25/2051		848		148
Series 2021-3, Class TI, IO, 2.50%, 02/25/2051		2,389		395
Series 2021-8, Class WI, IO, 2.43%, 03/25/2051 (z)		10,448		753
Series 2021-8, Class YF, (United States 30 Day Average SOFR + 0.20%), 4.53%, 03/25/2061 (aa)		6,712		6,730
Series 2021-36, Class YI, IO, 2.40%, 06/25/2061 (z)		12,009		854
Series 2021-47, Class PI, IO, 2.50%, 07/25/2051		592		72
Series 2022-52, Class IH, IO, 3.00%, 03/25/2051		9,454		1,671
Series 2024-10, Class AF, (United States 30 Day Average SOFR + 0.90%), 5.23%, 12/25/2050 (aa)		2,131		2,123
Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.13%, 01/25/2051 (aa)		5,244		5,242
GNMA,
Series 2015-H03, Class FA, (CME Term SOFR 1 Month + 0.61%), 4.92%, 12/20/2064 (aa)		17		17
Series 2015-H33, Class FA, (CME Term SOFR 1 Month + 0.77%), 5.08%, 12/20/2065 (aa)		5,626		5,615
Series 2017-H03, Class HA, 3.00%, 01/20/2067		2,493		2,436
Series 2018-H01, Class FA, (CME Term SOFR 1 Year + 0.87%), 5.10%, 01/20/2068 (aa)		2,277		2,297

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Collateralized Mortgage Obligations — continued
Series 2019-65, Class ID, IO, 4.00%, 02/20/2049		1,097		132
Series 2019-H02, Class JA, 3.50%, 12/20/2068		1,692		1,608
Series 2019-H06, Class PT, 3.50%, 01/20/2069 (z)		1,588		1,515
Series 2019-H08, Class FE, (CME Term SOFR 1 Month + 0.76%), 5.07%, 01/20/2069 (aa)		4,674		4,644
Series 2019-H15, Class GA, 2.25%, 08/20/2069		122		119
Series 2019-H16, Class FD, (CME Term SOFR 1 Month + 0.91%), 5.22%, 10/20/2069 (aa)		2,104		2,111
Series 2020-142, Class LI, IO, 2.50%, 09/20/2050		9,439		1,336
Series 2020-142, Class MT, IF, IO, (6.04% - CME Term SOFR 1 Month), 0.05%, 07/20/2047 (aa)		11,170		20
Series 2020-142, Class TN, IF, IO, (6.09% - CME Term SOFR 1 Month), 0.10%, 09/20/2047 (aa)		14,855		59
Series 2020-176, Class FW, (CME Term SOFR 1 Month + 0.41%), 4.00%, 11/20/2050 (aa)		2,394		2,147
Series 2020-H12, Class F, (CME Term SOFR 1 Month + 0.61%), 4.92%, 07/20/2070 (aa)		1,298		1,284
Series 2020-H13, Class FA, (CME Term SOFR 1 Month + 0.56%), 4.87%, 07/20/2070 (aa)		8,515		8,425
Series 2020-H14, Class FH, (CME Term SOFR 1 Month + 1.36%), 5.67%, 08/20/2070 (aa)		6,716		6,838
Series 2020-H15, Class FH, (CME Term SOFR 1 Month + 1.16%), 5.47%, 07/20/2070 (aa)		2,550		2,569
Series 2020-H15, Class FK, (CME Term SOFR 1 Month + 1.36%), 5.67%, 04/20/2070 (aa)		4,601		4,672
Series 2020-H16, Class FN, (CME Term SOFR 1 Month + 1.36%), 5.67%, 09/20/2070 (aa)		1,705		1,735
Series 2021-23, Class GI, IO, 2.00%, 02/20/2051		10,380		1,205
Series 2021-44, Class TF, (United States 30 Day Average SOFR + 0.30%), 4.00%, 03/20/2051 (aa)		2,239		2,006
Series 2021-122, Class IT, IO, 2.50%, 07/20/2051		10,515		1,564
Series 2021-206, Class IG, IO, 2.50%, 09/20/2051		8,862		868
Series 2021-223, Class QI, IO, 2.50%, 10/20/2051		9,400		933
Series 2021-H03, Class ML, 6.62%, 01/20/2071 (z)		5,483		5,545
Series 2021-H05, Class FJ, (United States 30 Day Average SOFR + 0.75%), 5.09%, 03/20/2071 (aa)		257		255
Series 2021-H12, Class DF, (United States 30 Day Average SOFR + 1.50%), 5.84%, 08/20/2071 (aa)		1,982		2,022
Series 2021-H14, Class HF, (United States 30 Day Average SOFR + 1.50%), 5.84%, 09/20/2071 (aa)		7,645		7,837
Series 2021-H15, Class HB, 1.25%, 09/20/2065		171		156
Series 2021-H16, Class F, (United States 30 Day Average SOFR + 1.50%), 5.84%, 09/20/2071 (aa)		9,818		10,075
Series 2022-H09, Class FA, (United States 30 Day Average SOFR + 0.67%), 5.01%, 04/20/2072 (aa)		772		764
Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 5.24%, 01/20/2073 (aa)		2,827		2,837
Series 2023-H02, Class FL, (United States 30 Day Average SOFR + 0.90%), 5.24%, 01/20/2073 (aa)		8,339		8,408
Series 2023-H02, Class JF, (United States 30 Day Average SOFR + 0.90%), 5.24%, 01/20/2073 (aa)		6,471		6,528
Series 2023-H03, Class FA, (United States 30 Day Average SOFR + 0.87%), 5.21%, 02/20/2073 (aa)		11,534		11,602
Series 2023-H09, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.14%, 04/20/2073 (aa)		1,809		1,813
Series 2023-H11, Class FC, (United States 30 Day Average SOFR + 1.10%), 5.44%, 05/20/2073 (aa)		8,471		8,624
Series 2023-H11, Class FD, (United States 30 Day Average SOFR + 1.15%), 5.49%, 05/20/2073 (aa)		1,448		1,463
Series 2023-H15, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.34%, 03/20/2073 (aa)		2,006		2,009
Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 5.44%, 11/20/2073 (aa)		4,904		4,999
Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.24%, 01/20/2074 (aa)		2,936		2,960

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Collateralized Mortgage Obligations — continued
Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 5.27%, 01/20/2074 (aa)		5,303		5,356
Series 2024-H02, Class FJ, (United States 30 Day Average SOFR + 1.00%), 5.34%, 12/20/2073 (aa)		3,899		3,907
Series 2024-H07, Class FC, (United States 30 Day Average SOFR + 0.65%), 4.99%, 02/20/2074 (aa)		2,399		2,388
Series 2024-H11, Class FD, (United States 30 Day Average SOFR + 0.90%), 5.24%, 07/20/2074 (aa)		3,093		3,120
GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A2, 2.50%, 02/25/2052 (e) (z)		980		801
IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA, 3.40%, 08/18/2043 (e)		1,441		1,405
MFA Trust, Series 2020-NQM2, Class A1, 1.38%, 04/25/2065 (e) (z)		1,771		1,701
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A6, (United States 30 Day Average SOFR + 0.85%), 5.00%, 09/25/2051 (e) (aa)		1,673		1,552
OBX Trust, Series 2021-INV2, Class A11, (United States 30 Day Average SOFR + 0.90%), 5.00%, 10/25/2051 (e) (aa)		398		370
PMT Loan Trust,
Series 2021-INV1, Class A11, (United States 30 Day Average SOFR + 0.90%), 5.00%, 07/25/2051 (e) (aa)		7,870		7,326
Series 2021-INV1, Class A3, 2.50%, 07/25/2051 (e) (z)		3,740		3,063
PRET Trust, Series 2024-RPL1, Class A1, 3.90%, 10/25/2063 (e) (z)		858		818
PRPM, Series 2024-NQM3, Class A1, SUB, 5.23%, 08/25/2069 (e)		4,041		4,013
PRPM Trust, Series 2024-NQM2, Class A1, SUB, 6.33%, 06/25/2069 (e)		872		887
Total Collateralized Mortgage Obligations (Cost $285,424)				271,523
Commercial Mortgage-Backed Securities — 0.4%
AREIT LLC, (Bermuda), Series 2023-CRE8, Class A, (CME Term SOFR 1 Month + 2.11%), 6.43%, 08/17/2041 (e) (aa)		1,676		1,668
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class ASB, 3.43%, 09/15/2048		34		34
BANK,
Series 2017-BNK7, Class AS, 3.75%, 09/15/2060		750		721
Series 2018-BN13, Class A5, 4.22%, 08/15/2061 (z)		500		489
Series 2018-BN15, Class A4, 4.41%, 11/15/2061 (z)		1,235		1,219
Barclays Commercial Mortgage Trust,
Series 2019-C5, Class A4, 3.06%, 11/15/2052		1,000		927
Series 2019-C5, Class ASB, 2.99%, 11/15/2052		451		438
BBCMS Mortgage Trust,
Series 2020-C6, Class ASB, 2.60%, 02/15/2053		581		555
Series 2020-C7, Class A5, 2.04%, 04/15/2053		210		183
BCP Trust, Series 2021-330N, Class A, (CME Term SOFR 1 Month + 0.91%), 5.23%, 06/15/2038 (e) (aa)		2,800		2,530
Benchmark Mortgage Trust,
Series 2020-B16, Class AM, 2.94%, 02/15/2053 (z)		350		312
Series 2020-B17, Class A5, 2.29%, 03/15/2053		500		440
Series 2020-B20, Class A5, 2.03%, 10/15/2053		750		637
BMO Mortgage Trust, Series 2023-C5, Class A5, 5.77%, 06/15/2056		832		864
BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 5.68%, 09/15/2036 (e) (aa)		4,600		4,394
BX Commercial Mortgage Trust, Series 2021-21M, Class A, (CME Term SOFR 1 Month + 0.84%), 5.16%, 10/15/2036 (e) (aa)		2,025		2,008
CD Mortgage Trust, Series 2017-CD5, Class AAB, 3.22%, 08/15/2050		450		441
CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4, 3.46%, 08/15/2050		1,100		1,064
Citigroup Commercial Mortgage Trust,

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued
Series 2015-GC33, Class AS, 4.11%, 09/10/2058		500		490
Series 2019-GC41, Class AS, 3.02%, 08/10/2056		250		223
COMM Mortgage Trust, Series 2016-CR28, Class ASB, 3.53%, 02/10/2049		59		59
CSAIL Commercial Mortgage Trust, Series 2016-C7, Class ASB, 3.31%, 11/15/2049		34		34
CSMC, Series 2020-FACT, Class A, (CME Term SOFR 1 Month + 1.96%), 6.28%, 10/15/2037 (e) (aa)		2,100		2,079
FHLMC Multifamily Structured Pass Through Certificates,
Series K047, Class A2, 3.33%, 05/25/2025 (z)		743		741
Series K057, Class A2, 2.57%, 07/25/2026		850		833
Series K063, Class A2, 3.43%, 01/25/2027 (z)		1,000		985
Series K071, Class A2, 3.29%, 11/25/2027		500		488
Series K073, Class A2, 3.35%, 01/25/2028		1,000		976
Series K075, Class A2, 3.65%, 02/25/2028 (z)		500		491
Series K094, Class A2, 2.90%, 06/25/2029		112		106
Series K103, Class A2, 2.65%, 11/25/2029		500		465
Series K108, Class A2, 1.52%, 03/25/2030		304		267
Series K117, Class A2, 1.41%, 08/25/2030		1,500		1,288
Series K118, Class A2, 1.49%, 09/25/2030		500		430
Series K737, Class A2, 2.53%, 10/25/2026		650		633
Series K755, Class A2, 5.20%, 02/25/2031		2,000		2,074
Series KJ50, Class A2, 4.23%, 10/25/2034 (z)		5,900		5,748
Series K-152, Class A2, 3.78%, 11/25/2032 (z)		2,500		2,376
Series K-161, Class A2, 4.90%, 10/25/2033 (z)		1,500		1,529
FNMA-ACES,
Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z)		365		358
Series 2016-M5, Class A2, 2.47%, 04/25/2026		402		394
Series 2017-M11, Class A2, 2.98%, 08/25/2029		854		809
Series 2017-M12, Class A2, 3.06%, 06/25/2027 (z)		82		80
Series 2017-M13, Class A2, 2.93%, 09/25/2027 (z)		451		437
Series 2018-M8, Class A2, 3.30%, 06/25/2028 (z)		899		875
Series 2020-M46, Class A2, 1.32%, 05/25/2030		982		858
GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.05%, 11/10/2052		250		233
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C29, Class A4, 3.33%, 05/15/2049		500		492
Series 2016-C31, Class A5, 3.10%, 11/15/2049		500		483
Series 2016-C32, Class A4, 3.72%, 12/15/2049		1,000		979
UBS Commercial Mortgage Trust,
Series 2018-C11, Class AS, 4.49%, 06/15/2051 (z)		1,463		1,408
Series 2018-C11, Class ASB, 4.12%, 06/15/2051		434		430
Series 2018-C12, Class A5, 4.30%, 08/15/2051		1,380		1,353
Wells Fargo Commercial Mortgage Trust,
Series 2017-C39, Class A5, 3.42%, 09/15/2050		1,000		963
Series 2017-C40, Class A4, 3.58%, 10/15/2050		550		534
Series 2018-C44, Class A5, 4.21%, 05/15/2051		1,000		979
Series 2021-C60, Class A4, 2.34%, 08/15/2054		550		473
Total Commercial Mortgage-Backed Securities (Cost $56,905)				53,377
Corporate Bonds — 25.9%
Basic Materials — 0.7%
Chemicals — 0.4%
Air Liquide Finance SA, (France),
Reg. S, 0.38%, 05/27/2031	EUR	2,100		1,925

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Reg. S, 0.63%, 06/20/2030	EUR	5,600		5,363
Reg. S, 2.88%, 09/16/2032	EUR	5,000		5,268
Reg. S, 3.38%, 05/29/2034	EUR	5,600		6,067
Air Products and Chemicals, Inc.,
2.80%, 05/15/2050		5		3
4.00%, 03/03/2035	EUR	900		993
Akzo Nobel NV, (Netherlands), Reg. S, 1.50%, 03/28/2028	EUR	1,000		1,040
Argentum Netherlands BV for Givaudan SA, (Netherlands), Reg. S, 2.00%, 09/17/2030	EUR	1,000		1,017
Arkema SA, (France),
Reg. S, 0.75%, 12/03/2029	EUR	1,000		980
Reg. S, (EUR Swap Rate 5 Year + 1.57%), 1.50%, 10/21/2025 (x) (aa)	EUR	1,000		1,061
Reg. S, 1.50%, 04/20/2027	EUR	1,000		1,055
Brenntag Finance BV, (Netherlands), Reg. S, 0.50%, 10/06/2029	EUR	500		483
CF Industries, Inc., 4.50%, 12/01/2026 (e)		1,800		1,791
Covestro AG, (Germany), Reg. S, 0.88%, 02/03/2026	EUR	1,875		1,999
Dow Chemical Co. (The),
5.25%, 11/15/2041		600		553
6.90%, 05/15/2053		485		527
DuPont de Nemours, Inc.,
4.73%, 11/15/2028		854		857
5.32%, 11/15/2038		24		25
5.42%, 11/15/2048		297		298
Eastman Chemical Co.,
5.00%, 08/01/2029		40		40
5.63%, 02/20/2034		110		111
Ecolab, Inc.,
1.30%, 01/30/2031		26		21
2.13%, 02/01/2032		48		41
2.70%, 12/15/2051		2		1
FMC Corp.,
5.15%, 05/18/2026		675		677
5.65%, 05/18/2033		2,485		2,450
Givaudan Finance Europe BV, (Netherlands),
Reg. S, 1.00%, 04/22/2027	EUR	100		104
Reg. S, 4.13%, 11/28/2033	EUR	1,950		2,188
Huntsman International LLC, 4.50%, 05/01/2029		975		935
LANXESS AG, (Germany), Reg. S, 0.63%, 12/01/2029	EUR	100		95
Linde Finance BV, (Netherlands),
Reg. S, 0.25%, 05/19/2027	EUR	1,000		1,029
Reg. S, 0.55%, 05/19/2032	EUR	800		714
Reg. S, 1.00%, 04/20/2028	EUR	1,005		1,036
Linde plc, (Ireland),
Reg. S, 0.00%, 09/30/2026	EUR	500		521
Reg. S, 1.00%, 09/30/2051	EUR	4,400		2,528
Reg. S, 3.40%, 02/14/2036	EUR	1,900		1,996
LYB International Finance II BV, (Netherlands), 0.88%, 09/17/2026	EUR	1,000		1,052
LYB International Finance III LLC,
4.20%, 05/01/2050		79		59
5.50%, 03/01/2034		37		36
Nutrien Ltd., (Canada), 5.40%, 06/21/2034		1,620		1,619

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
PPG Industries, Inc.,
0.88%, 11/03/2025	EUR	1,000		1,070
1.20%, 03/15/2026		5		5
1.40%, 03/13/2027	EUR	1,000		1,054
2.75%, 06/01/2029	EUR	1,000		1,067
RPM International, Inc.,
2.95%, 01/15/2032		50		43
3.75%, 03/15/2027		190		187
4.55%, 03/01/2029		50		50
Sherwin-Williams Co. (The), 4.80%, 09/01/2031		20		20
Syensqo SA, (Belgium), Reg. S, 2.75%, 12/02/2027	EUR	1,000		1,081
Westlake Corp., 1.63%, 07/17/2029	EUR	3,000		3,006
Yara International ASA, (Norway), 3.15%, 06/04/2030 (e)		2,000		1,819
				57,960
Forest Products & Paper — 0.0% (g)
Georgia-Pacific LLC, 8.88%, 05/15/2031		10		12
Mondi Finance Europe GmbH, (Austria), Reg. S, 2.38%, 04/01/2028	EUR	500		533
				545
Iron/Steel — 0.1%
ArcelorMittal SA, (Luxembourg),
Reg. S, 3.13%, 12/13/2028	EUR	8,800		9,486
6.80%, 11/29/2032		140		150
Steel Dynamics, Inc., 3.25%, 01/15/2031		2,640		2,415
				12,051
Mining — 0.2%
Barrick PD Australia Finance Pty Ltd., (Australia), 5.95%, 10/15/2039		920		941
BHP Billiton Finance Ltd., (Australia),
Series 10, Reg. S, 3.25%, 09/24/2027	EUR	1,898		2,080
Series 12, Reg. S, 4.30%, 09/25/2042	GBP	3,000		3,161
BHP Billiton Finance USA Ltd., (Australia),
4.75%, 02/28/2028		10		10
5.25%, 09/08/2030		9		9
5.30%, 02/21/2035		2,450		2,466
Freeport-McMoRan, Inc.,
4.13%, 03/01/2028		1,500		1,472
5.40%, 11/14/2034		4		4
5.45%, 03/15/2043		30		28
Glencore Finance Europe Ltd., (Jersey),
Reg. S, 1.50%, 10/15/2026	EUR	3,500		3,716
Reg. S, 3.75%, 04/01/2026	EUR	1,500		1,637
Kinross Gold Corp., (Canada),
4.50%, 07/15/2027		2,500		2,489
6.25%, 07/15/2033		1,070		1,125
Newmont Corp. / Newcrest Finance Pty Ltd, 5.35%, 03/15/2034		550		554
Norsk Hydro ASA, (Norway), Reg. S, 2.00%, 04/11/2029	EUR	800		831
Rio Tinto Finance plc, (United Kingdom), Reg. S, 4.00%, 12/11/2029	GBP	2,000		2,501
Rio Tinto Finance USA Ltd., (Australia), 2.75%, 11/02/2051		26		16
Rio Tinto Finance USA plc, (United Kingdom),
4.88%, 03/14/2030		800		807

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
5.00%, 03/14/2032		720		723
5.25%, 03/14/2035		190		191
Silfin NV, (Belgium), Reg. S, 5.13%, 07/17/2030	EUR	2,500		2,841
Southern Copper Corp.,
5.25%, 11/08/2042		127		117
5.88%, 04/23/2045		60		59
Yamana Gold, Inc., (Canada), 2.63%, 08/15/2031		2,705		2,321
				30,099
Total Basic Materials				100,655
Communications — 1.4%
Advertising — 0.0% (g)
Interpublic Group of Cos., Inc. (The), 3.38%, 03/01/2041		4		3
JCDecaux SE, (France),
Reg. S, 1.63%, 02/07/2030	EUR	1,000		995
Reg. S, 2.63%, 04/24/2028	EUR	1,000		1,069
Reg. S, 5.00%, 01/11/2029	EUR	600		686
MMS USA Holdings, Inc., Reg. S, 1.25%, 06/13/2028	EUR	2,200		2,264
Omnicom Group, Inc., 5.30%, 11/01/2034		50		50
				5,067
Internet — 0.3%
Alphabet, Inc.,
1.90%, 08/15/2040		700		467
2.25%, 08/15/2060		25		14
Booking Holdings, Inc.,
0.50%, 03/08/2028	EUR	4,500		4,554
1.80%, 03/03/2027	EUR	1,500		1,597
3.63%, 11/12/2028	EUR	339		375
3.88%, 03/21/2045	EUR	4,800		4,824
4.13%, 05/12/2033	EUR	957		1,071
Expedia Group, Inc., 4.63%, 08/01/2027		700		699
Meta Platforms, Inc., 5.55%, 08/15/2064		255		250
Netflix, Inc.,
Reg. S, 3.63%, 06/15/2030	EUR	2,050		2,273
5.40%, 08/15/2054		20		20
Prosus NV, (Netherlands),
Reg. S, 1.29%, 07/13/2029	EUR	6,900		6,745
Reg. S, 1.54%, 08/03/2028	EUR	1,000		1,012
Reg. S, 1.99%, 07/13/2033	EUR	3,637		3,286
Reg. S, 2.03%, 08/03/2032	EUR	3,900		3,622
Reg. S, 2.09%, 01/19/2030	EUR	1,000		999
Reg. S, 2.78%, 01/19/2034	EUR	3,000		2,838
Uber Technologies, Inc.,
4.80%, 09/15/2034		450		437
5.35%, 09/15/2054		15		14
VeriSign, Inc.,
2.70%, 06/15/2031		49		43
4.75%, 07/15/2027		27		27
5.25%, 04/01/2025		27		27
				35,194

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Media — 0.3%
Charter Communications Operating LLC / Charter Communications Operating Capital,
3.70%, 04/01/2051		894		562
3.90%, 06/01/2052		980		632
5.13%, 07/01/2049		560		442
Comcast Corp.,
0.25%, 09/14/2029	EUR	3,100		2,975
1.88%, 02/20/2036	GBP	575		517
1.95%, 01/15/2031 (jj)		2,875		2,464
2.94%, 11/01/2056		35		21
3.20%, 07/15/2036		5		4
4.25%, 10/15/2030		160		157
5.10%, 06/01/2029		20		20
5.25%, 09/26/2040	GBP	700		836
Cox Communications, Inc.,
5.45%, 09/01/2034 (e)		985		960
5.95%, 09/01/2054 (e)		580		535
Discovery Communications LLC, 4.13%, 05/15/2029		940		887
FactSet Research Systems, Inc.,
2.90%, 03/01/2027		955		925
3.45%, 03/01/2032		47		42
Fox Corp.,
5.48%, 01/25/2039		95		91
5.58%, 01/25/2049		8		7
6.50%, 10/13/2033		810		866
Informa plc, (United Kingdom),
Reg. S, 1.25%, 04/22/2028	EUR	9,600		9,860
Reg. S, 3.13%, 07/05/2026	GBP	1,100		1,387
Reg. S, 3.63%, 10/23/2034	EUR	1,148		1,215
ITV plc, (United Kingdom),
Reg. S, 1.38%, 09/26/2026	EUR	362		385
Reg. S, 4.25%, 06/19/2032	EUR	8,400		9,212
Pearson Funding plc, (United Kingdom),
Reg. S, 3.75%, 06/04/2030	GBP	2,475		2,988
Reg. S, 5.38%, 09/12/2034	GBP	1,100		1,370
RAI-Radiotelevisione Italiana SpA, (Italy), Reg. S, 4.38%, 07/10/2029	EUR	100		112
TDF Infrastructure SASU, (France), Reg. S, 1.75%, 12/01/2029	EUR	4,500		4,476
Time Warner Cable LLC,
4.50%, 09/15/2042		50		38
5.50%, 09/01/2041		800		691
				44,677
Telecommunications — 0.8%
A1 Towers Holding GmbH, (Austria), Reg. S, 5.25%, 07/13/2028	EUR	12,500		14,312
America Movil SAB de CV, (Mexico),
2.13%, 03/10/2028	EUR	1,300		1,377
4.38%, 08/07/2041	GBP	1,500		1,576
5.00%, 10/27/2026	GBP	1,200		1,550
AT&T, Inc.,
1.70%, 03/25/2026		62		60
1.80%, 09/05/2026	EUR	2,250		2,407
2.05%, 05/19/2032	EUR	200		197

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
3.50%, 06/01/2041		2,140		1,646
3.65%, 06/01/2051		1,800		1,269
4.25%, 06/01/2043	GBP	200		200
4.30%, 12/15/2042		12		10
5.40%, 02/15/2034		1,280		1,297
7.00%, 04/30/2040	GBP	400		557
Corning, Inc., 5.45%, 11/15/2079		15		14
Deutsche Telekom AG, (Germany), Reg. S, 3.63%, 02/03/2045	EUR	2,225		2,225
Deutsche Telekom International Finance BV, (Netherlands), 8.75%, 06/15/2030		50		59
Emirates Telecommunications Group Co. PJSC, (United Arab Emirates), Reg. S, 0.88%, 05/17/2033	EUR	1,600		1,433
Koninklijke KPN NV, (Netherlands),
Reg. S, 3.88%, 02/16/2036	EUR	1,600		1,723
Reg. S, 5.75%, 09/17/2029	GBP	2,000		2,656
Motorola Solutions, Inc.,
2.75%, 05/24/2031		120		106
5.40%, 04/15/2034		1,180		1,191
NBN Co. Ltd., (Australia), Reg. S, 4.13%, 03/15/2029	EUR	2,000		2,254
Nokia OYJ, (Finland),
Reg. S, 4.38%, 08/21/2031	EUR	2,685		3,003
6.63%, 05/15/2039		50		52
NTT Finance Corp., (Japan),
Reg. S, 0.34%, 03/03/2030	EUR	500		474
Reg. S, 0.40%, 12/13/2028	EUR	1,000		990
Optus Finance Pty Ltd., (Australia), Reg. S, 1.00%, 06/20/2029	EUR	1,400		1,386
Orange SA, (France),
Reg. S, 0.50%, 09/04/2032	EUR	100		88
Reg. S, 3.25%, 01/15/2032	GBP	1,100		1,262
9.00%, 03/01/2031		120		145
OTE plc, (United Kingdom), Reg. S, 0.88%, 09/24/2026	EUR	100		105
Proximus SADP, (Belgium),
Reg. S, 0.75%, 11/17/2036	EUR	200		163
Reg. S, 3.75%, 03/27/2034	EUR	200		218
Reg. S, 4.00%, 03/08/2030	EUR	200		224
Reg. S, 4.13%, 11/17/2033	EUR	300		336
Rogers Communications, Inc., (Canada), 5.30%, 02/15/2034		1,550		1,518
SES SA, (Luxembourg), Reg. S, 3.50%, 01/14/2029	EUR	100		107
Sprint Capital Corp.,
6.88%, 11/15/2028		2,621		2,796
8.75%, 03/15/2032		90		108
Swisscom AG, (Switzerland), Reg. S, 0.13%, 09/15/2032	CHF	430		454
Swisscom Finance BV, (Netherlands), Reg. S, 3.88%, 05/29/2044	EUR	6,875		7,144
Tele2 AB, (Sweden), Reg. S, 3.75%, 11/22/2029	EUR	7,800		8,644
Telefonaktiebolaget LM Ericsson, (Sweden),
Reg. S, 1.00%, 05/26/2029	EUR	1,315		1,295
Reg. S, 5.38%, 05/29/2028	EUR	8,870		10,216
Telefonica Emisiones SA, (Spain),
Reg. S, 1.86%, 07/13/2040	EUR	4,800		3,774
7.05%, 06/20/2036		166		184
Telekom Finanzmanagement GmbH, (Austria), Reg. S, 1.50%, 12/07/2026	EUR	200		213

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Telenor ASA, (Norway),
Reg. S, 0.25%, 02/14/2028	EUR	1,300		1,310
Reg. S, 3.38%, 04/01/2032 (w)	EUR	8,575		9,318
Telia Co. AB, (Sweden), Reg. S, 2.13%, 02/20/2034	EUR	700		690
Telstra Corp. Ltd., (Australia), Reg. S, 1.00%, 04/23/2030	EUR	1,025		1,003
Telstra Group Ltd., (Australia), Reg. S, 3.75%, 05/04/2031	EUR	3,500		3,894
T-Mobile USA, Inc.,
3.30%, 02/15/2051		10		7
3.60%, 11/15/2060		324		216
3.88%, 04/15/2030		3,420		3,274
4.38%, 04/15/2040		12		10
4.50%, 04/15/2050		100		83
5.15%, 04/15/2034		10		10
5.25%, 06/15/2055		200		183
5.50%, 01/15/2055		105		99
Verizon Communications, Inc.,
0.88%, 04/08/2027	EUR	475		496
1.68%, 10/30/2030		8		7
2.50%, 04/08/2031	GBP	1,000		1,107
2.55%, 03/21/2031		437		384
2.65%, 11/20/2040		950		665
3.25%, 02/17/2026	EUR	200		218
3.88%, 03/01/2052		370		275
4.02%, 12/03/2029		2		2
4.75%, 10/31/2034	EUR	200		232
4.78%, 02/15/2035 (e)		20		19
				106,520
Total Communications				191,458
Consumer Cyclical — 1.5%
Airlines — 0.1%
Delta Air Lines, Inc. / SkyMiles IP Ltd., (Multinational), 4.75%, 10/20/2028 (e)		1,740		1,733
easyJet FinCo. BV, (Netherlands), Reg. S, 1.88%, 03/03/2028	EUR	639		672
International Consolidated Airlines Group SA, (Spain), Reg. S, 3.75%, 03/25/2029	EUR	800		881
Ryanair DAC, (Ireland), Reg. S, 0.88%, 05/25/2026	EUR	1,500		1,588
Southwest Airlines Co., 5.13%, 06/15/2027		1,150		1,157
United Airlines, Inc.,
4.38%, 04/15/2026 (e)		525		517
4.63%, 04/15/2029 (e)		360		341
				6,889
Apparel — 0.0% (g)
Burberry Group plc, (United Kingdom), Reg. S, 1.13%, 09/21/2025	GBP	825		1,046
LVMH Moet Hennessy Louis Vuitton SE, (France),
Reg. S, 0.13%, 02/11/2028	EUR	800		807
Reg. S, 1.13%, 02/11/2027	GBP	1,200		1,461
				3,314
Auto Manufacturers — 0.7%
American Honda Finance Corp.,
1.50%, 10/19/2027	GBP	2,300		2,739
3.30%, 03/21/2029	EUR	2,700		2,936

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
3.75%, 10/25/2027	EUR	3,300		3,653
3.95%, 03/19/2032	EUR	2,600		2,833
Cummins, Inc., 5.45%, 02/20/2054		22		21
Ford Motor Co., 3.25%, 02/12/2032		700		576
Ford Motor Credit Co. LLC,
4.00%, 11/13/2030		545		488
4.45%, 02/14/2030	EUR	2,075		2,256
4.95%, 05/28/2027		3,065		3,021
5.88%, 11/07/2029		1,800		1,779
6.80%, 11/07/2028		200		205
7.35%, 03/06/2030		1,120		1,171
General Motors Co.,
5.20%, 04/01/2045		560		471
6.25%, 10/02/2043		55		53
6.60%, 04/01/2036		520		536
General Motors Financial Co., Inc.,
2.35%, 02/26/2027		10		10
2.70%, 08/20/2027		1,450		1,379
2.70%, 06/10/2031		585		498
2.75%, 06/20/2025		40		40
5.00%, 04/09/2027		1,120		1,121
5.35%, 01/07/2030		3,200		3,190
Hyundai Capital America,
4.88%, 11/01/2027 (e)		1,815		1,818
5.00%, 01/07/2028 (e)		1,750		1,754
6.50%, 01/16/2029 (e)		1,085		1,137
Mercedes-Benz Finance North America LLC, 5.00%, 01/11/2034 (e)		210		205
Mercedes-Benz Group AG, (Germany), Reg. S, 1.13%, 11/06/2031	EUR	15		14
Nissan Motor Co. Ltd., (Japan), 3.52%, 09/17/2025 (e)		3,000		2,967
PACCAR Financial Europe BV, (Netherlands), Reg. S, 3.25%, 11/29/2025	EUR	5,000		5,428
RCI Banque SA, (France),
Reg. S, 1.13%, 01/15/2027	EUR	800		840
Reg. S, 4.75%, 07/06/2027	EUR	2,100		2,354
Stellantis Finance US, Inc., 5.75%, 03/18/2030 (e)		715		714
Toyota Finance Australia Ltd., (Australia), Reg. S, 3.39%, 03/18/2030	EUR	2,675		2,926
Toyota Motor Finance Netherlands BV, (Netherlands), Reg. S, 3.13%, 07/11/2029	EUR	1,496		1,627
Traton Finance Luxembourg SA, (Luxembourg), Reg. S, 3.75%, 03/27/2030	EUR	5,100		5,577
Volkswagen Bank GmbH, (Germany),
Reg. S, 1.25%, 12/15/2025	EUR	1,000		1,071
Reg. S, 4.25%, 01/07/2026	EUR	20,000		21,862
Reg. S, 4.63%, 05/03/2031	EUR	2,500		2,805
Volkswagen Financial Services AG, (Germany), Reg. S, 2.25%, 10/16/2026	EUR	10		11
Volkswagen Financial Services NV, (Netherlands), Reg. S, 1.13%, 07/05/2026	GBP	1,000		1,226
Volkswagen Group of America Finance LLC, 5.30%, 03/22/2027 (e)		1,540		1,552
Volkswagen International Finance NV, (Netherlands),
Reg. S, (EUR Swap Rate 9 Year + 3.96%), 3.88%, 06/17/2029 (x) (aa)	EUR	2,000		2,035
Reg. S, 4.13%, 11/15/2025	EUR	8,000		8,724
Reg. S, 4.25%, 03/29/2029	EUR	1,500		1,669
Reg. S, (EUR Swap Rate 12 Year + 2.97%), 4.63%, 03/24/2026 (x) (aa)	EUR	210		228
Volkswagen Leasing GmbH, (Germany),

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Reg. S, 0.38%, 07/20/2026	EUR	1,500		1,574
Reg. S, 1.50%, 06/19/2026	EUR	5,000		5,327
Volvo Treasury AB, (Sweden), Reg. S, 3.13%, 08/26/2027	EUR	269		293
				104,714
Auto Parts & Equipment — 0.1%
Cie Generale des Etablissements Michelin SCA, (France), Reg. S, 0.63%, 11/02/2040	EUR	300		203
Magna International, Inc., (Canada), 2.45%, 06/15/2030		1,000		887
Pirelli & C SpA, (Italy), Reg. S, 4.25%, 01/18/2028	EUR	2,925		3,270
Robert Bosch GmbH, (Germany), Reg. S, 4.00%, 06/02/2035	EUR	4,500		4,943
				9,303
Distribution/Wholesale — 0.1%
Bunzl Finance plc, (United Kingdom),
Reg. S, 1.50%, 10/30/2030	GBP	1,050		1,124
Reg. S, 3.38%, 04/09/2032	EUR	3,022		3,198
IMCD NV, (Netherlands), Reg. S, 4.88%, 09/18/2028	EUR	5,980		6,777
LKQ Corp., 5.75%, 06/15/2028		135		138
				11,237
Entertainment — 0.1%
Smithsonian Institution, 1.87%, 09/01/2029		1,000		888
Universal Music Group NV, (Netherlands), Reg. S, 3.75%, 06/30/2032	EUR	3,700		4,037
Warnermedia Holdings, Inc.,
4.69%, 05/17/2033	EUR	3,500		3,708
5.05%, 03/15/2042		865		689
5.14%, 03/15/2052		1,000		726
				10,048
Food Service — 0.2%
Compass Group Finance Netherlands BV, (Netherlands), Reg. S, 1.50%, 09/05/2028	EUR	206		214
Compass Group plc, (United Kingdom),
Reg. S, 2.00%, 07/03/2029	GBP	2,500		2,911
Reg. S, 3.25%, 02/06/2031	EUR	9,303		10,060
Reg. S, 3.25%, 09/16/2033	EUR	6,300		6,683
Sodexo SA, (France),
Reg. S, 1.00%, 07/17/2028	EUR	500		509
Reg. S, 1.00%, 04/27/2029	EUR	1,000		1,000
Reg. S, 2.50%, 06/24/2026	EUR	500		540
				21,917
Home Builders — 0.0% (g)
Berkeley Group plc (The), (United Kingdom), Reg. S, 2.50%, 08/11/2031	GBP	172		179
Lennar Corp., 5.00%, 06/15/2027		10		10
MDC Holdings, Inc., 6.00%, 01/15/2043		5		5
NVR, Inc., 3.00%, 05/15/2030		152		139
PulteGroup, Inc.,
6.38%, 05/15/2033		24		26
7.88%, 06/15/2032		30		34
Toll Brothers Finance Corp., 3.80%, 11/01/2029		100		95
				488
Leisure Time — 0.0% (g)
Amadeus IT Group SA, (Spain), Reg. S, 2.88%, 05/20/2027	EUR	500		543

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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 — 0.1%
Accor SA, (France), Reg. S, 1.75%, 02/04/2026	EUR	6,900		7,408
Choice Hotels International, Inc., 5.85%, 08/01/2034		40		40
Hyatt Hotels Corp.,
4.38%, 09/15/2028		10		10
5.25%, 06/30/2029		275		277
IHG Finance LLC, Reg. S, 4.38%, 11/28/2029	EUR	1,897		2,142
InterContinental Hotels Group plc, (United Kingdom),
Reg. S, 2.13%, 08/24/2026	GBP	600		745
Reg. S, 2.13%, 05/15/2027	EUR	3,000		3,204
Reg. S, 3.38%, 10/08/2028	GBP	450		548
Marriott International, Inc.,
4.88%, 05/15/2029		30		30
5.00%, 10/15/2027		775		784
5.30%, 05/15/2034		64		64
5.35%, 03/15/2035		830		820
5.45%, 09/15/2026		87		88
Series HH, 2.85%, 04/15/2031		624		554
Whitbread Group plc, (United Kingdom), Reg. S, 2.38%, 05/31/2027	GBP	1,000		1,217
				17,931
Retail — 0.1%
Alimentation Couche-Tard, Inc., (Canada), 5.27%, 02/12/2034 (e)		560		552
AutoNation, Inc., 4.75%, 06/01/2030		1,300		1,275
AutoZone, Inc.,
1.65%, 01/15/2031		2,595		2,180
4.75%, 02/01/2033		850		828
5.20%, 08/01/2033		25		25
5.40%, 07/15/2034		30		30
Darden Restaurants, Inc.,
4.35%, 10/15/2027		20		20
4.55%, 10/15/2029		55		54
6.30%, 10/10/2033		20		21
Ferguson Enterprises, Inc., 5.00%, 10/03/2034		295		286
Genuine Parts Co., 4.95%, 08/15/2029		910		913
Greene King Finance plc, (United Kingdom), Series A2, 5.32%, 09/15/2031	GBP	24		30
Home Depot, Inc. (The), 4.20%, 04/01/2043		818		698
McDonald’s Corp.,
Reg. S, 0.90%, 06/15/2026	EUR	1,500		1,591
Reg. S, 1.75%, 05/03/2028	EUR	1,000		1,052
Reg. S, 1.88%, 05/26/2027	EUR	1,000		1,068
Reg. S, 2.38%, 05/31/2029	EUR	200		211
4.60%, 05/26/2045		20		17
O’Reilly Automotive, Inc.,
3.90%, 06/01/2029		2		2
4.20%, 04/01/2030		8		8
4.70%, 06/15/2032		6		6
Pandora A/S, (Denmark), Reg. S, 4.50%, 04/10/2028	EUR	3,525		3,966
Roadster Finance DAC, (Ireland), Reg. S, 2.38%, 12/08/2027	EUR	500		525
Wesfarmers Ltd., (Australia), Reg. S, 0.95%, 10/21/2033	EUR	1,000		878
				16,236
Total Consumer Cyclical				202,620

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Consumer Non-cyclical — 3.6%
Agriculture — 0.8%
Altria Group, Inc.,
3.13%, 06/15/2031	EUR	23,100		24,407
3.40%, 02/04/2041		75		55
3.70%, 02/04/2051		110		75
3.88%, 09/16/2046		95		69
4.00%, 02/04/2061		60		42
4.88%, 02/04/2028		70		70
5.80%, 02/14/2039		6		6
5.95%, 02/14/2049		6		6
6.20%, 11/01/2028		75		79
6.20%, 02/14/2059		28		28
BAT Capital Corp.,
2.26%, 03/25/2028		101		94
3.56%, 08/15/2027		646		630
4.54%, 08/15/2047		104		83
4.76%, 09/06/2049		5		4
5.83%, 02/20/2031		65		68
6.00%, 02/20/2034		15		16
7.08%, 08/02/2043		60		65
7.08%, 08/02/2053		15		16
BAT International Finance plc, (United Kingdom),
Reg. S, 1.25%, 03/13/2027	EUR	625		658
Reg. S, 2.25%, 06/26/2028	GBP	860		1,018
Reg. S, 2.25%, 01/16/2030	EUR	2,500		2,580
Reg. S, 2.25%, 09/09/2052	GBP	1,500		873
Reg. S, 3.13%, 03/06/2029	EUR	559		606
Reg. S, 4.13%, 04/12/2032	EUR	5,950		6,492
4.45%, 03/16/2028		20		20
5.93%, 02/02/2029		1,825		1,901
Reg. S, 6.00%, 11/24/2034	GBP	600		775
BAT Netherlands Finance BV, (Netherlands), Reg. S, 3.13%, 04/07/2028	EUR	625		680
British American Tobacco plc, (United Kingdom), Series 5.25, Reg. S, (EUR Swap Rate 5 Year + 3.37%), 3.00%, 09/27/2026 (x) (aa)	EUR	2,000		2,127
Cargill, Inc.,
2.13%, 04/23/2030 (e)		1,500		1,335
4.76%, 11/23/2045 (e)		375		335
Imperial Brands Finance Netherlands BV, (Netherlands),
Reg. S, 1.75%, 03/18/2033	EUR	1,440		1,323
Reg. S, 5.25%, 02/15/2031	EUR	9,300		10,819
Imperial Brands Finance plc, (United Kingdom),
Reg. S, 3.38%, 02/26/2026	EUR	1,161		1,262
Reg. S, 5.50%, 09/28/2026	GBP	4,000		5,197
5.50%, 02/01/2030 (e)		2,000		2,043
JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, 5.95%, 04/20/2035 (e)		960		987
JT International Financial Services BV, (Netherlands),
Reg. S, 1.00%, 11/26/2029	EUR	2,641		2,601
Reg. S, 2.75%, 09/28/2033	GBP	4,475		4,709
Reg. S, (EUR Swap Rate 5 Year + 3.18%), 2.88%, 10/07/2083 (aa)	EUR	1,254		1,309
Reg. S, 3.63%, 04/11/2034	EUR	5,000		5,305
Louis Dreyfus Co. Finance BV, (Netherlands), Reg. S, 3.50%, 10/22/2031	EUR	1,500		1,596

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Agriculture — continued
Philip Morris International, Inc.,
0.13%, 08/03/2026	EUR	1,000		1,046
1.45%, 08/01/2039	EUR	3,800		2,865
1.75%, 11/01/2030		70		60
1.88%, 11/06/2037	EUR	1,000		840
3.13%, 06/03/2033	EUR	9,100		9,580
3.75%, 01/15/2031	EUR	6,850		7,534
4.63%, 11/01/2029 (jj)		4,050		4,057
5.13%, 02/13/2031		635		645
5.25%, 02/13/2034		30		30
5.38%, 02/15/2033		75		76
6.38%, 05/16/2038		105		115
Reynolds American, Inc., 5.85%, 08/15/2045		90		86
Sudzucker International Finance BV, (Netherlands), Reg. S, 5.13%, 10/31/2027	EUR	500		567
Viterra Finance BV, (Netherlands),
Reg. S, 0.38%, 09/24/2025	EUR	1,000		1,069
Reg. S, 1.00%, 09/24/2028	EUR	2,050		2,069
				113,003
Beverages — 0.2%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.,
4.70%, 02/01/2036 (jj)		1,700		1,636
4.90%, 02/01/2046 (jj)		1,533		1,408
Anheuser-Busch InBev SA, (Belgium), Reg. S, 2.75%, 03/17/2036	EUR	10		10
Anheuser-Busch InBev Worldwide, Inc., 4.35%, 06/01/2040		5		4
Carlsberg Breweries A/S, (Denmark), Reg. S, 3.50%, 11/26/2026	EUR	4,100		4,499
CCEP Finance Ireland DAC, (Ireland), Reg. S, 0.50%, 09/06/2029	EUR	300		290
Coca-Cola Co. (The),
0.13%, 03/09/2029	EUR	4,800		4,670
0.50%, 03/09/2033	EUR	700		610
0.80%, 03/15/2040	EUR	5,800		4,173
1.25%, 03/08/2031	EUR	1,000		974
2.60%, 06/01/2050		20		12
2.75%, 06/01/2060		290		173
2.88%, 05/05/2041		15		11
3.00%, 03/05/2051		230		153
5.40%, 05/13/2064		470		458
Coca-Cola Europacific Partners plc, (United Kingdom),
Reg. S, 1.13%, 04/12/2029	EUR	1,000		1,005
Reg. S, 1.75%, 03/27/2026	EUR	2,000		2,147
Coca-Cola HBC Finance BV, (Netherlands), Reg. S, 1.63%, 05/14/2031	EUR	893		881
Diageo Finance plc, (United Kingdom),
Reg. S, 1.25%, 03/28/2033	GBP	3,000		2,922
Reg. S, 2.50%, 03/27/2032	EUR	600		617
Reg. S, 2.75%, 06/08/2038	GBP	625		591
PepsiCo., Inc.,
0.40%, 10/09/2032	EUR	1,750		1,545
0.75%, 10/14/2033	EUR	1,350		1,186
1.13%, 03/18/2031	EUR	1,000		967
4.20%, 07/18/2052		45		37
4.65%, 02/15/2053		3		3
				30,982

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Biotechnology — 0.0% (g)
Amgen, Inc.,
3.35%, 02/22/2032		10		9
4.05%, 08/18/2029		39		38
4.40%, 05/01/2045		35		30
5.25%, 03/02/2033		1,505		1,524
5.60%, 03/02/2043		615		608
5.65%, 03/02/2053		450		439
Gilead Sciences, Inc.,
4.00%, 09/01/2036		315		283
4.80%, 04/01/2044		265		241
5.10%, 06/15/2035		10		10
Regeneron Pharmaceuticals, Inc., 2.80%, 09/15/2050		75		44
				3,226
Commercial Services — 1.0%
AA Bond Co. Ltd., (Jersey), Reg. S, 6.85%, 07/31/2031	GBP	100		132
Abertis Infraestructuras SA, (Spain), Reg. S, 3.38%, 11/27/2026	GBP	4,400		5,526
APRR SA, (France), Reg. S, 1.88%, 01/03/2029	EUR	4,000		4,176
ASTM SpA, (Italy),
Reg. S, 1.00%, 11/25/2026	EUR	1,000		1,054
Reg. S, 1.63%, 02/08/2028	EUR	500		522
Autoroutes du Sud de la France SA, (France), Reg. S, 1.25%, 01/18/2027	EUR	3,900		4,125
Autostrade per l’Italia SpA, (Italy),
Reg. S, 1.63%, 01/25/2028	EUR	7,000		7,308
Reg. S, 2.25%, 01/25/2032	EUR	7,000		6,843
Ayvens SA, (France), Reg. S, 3.88%, 01/24/2028	EUR	1,100		1,218
Babcock International Group plc, (United Kingdom), Reg. S, 1.38%, 09/13/2027	EUR	22,627		23,591
Central Nippon Expressway Co. Ltd., (Japan),
Reg. S, 0.89%, 09/29/2025		1,500		1,473
Reg. S, 0.89%, 12/10/2025		200		195
Cintas Corp. No. 2, 4.00%, 05/01/2032		230		218
East Nippon Expressway Co. Ltd., (Japan), Series 66, 0.10%, 12/18/2026	JPY	100,000		657
Edenred SE, (France), Reg. S, 1.88%, 03/06/2026	EUR	500		537
Elis SA, (France), Reg. S, 3.75%, 03/21/2030	EUR	2,000		2,183
Equifax, Inc.,
3.10%, 05/15/2030		1,800		1,657
5.10%, 12/15/2027		90		91
ERAC USA Finance LLC,
4.50%, 02/15/2045 (e)		400		345
4.60%, 05/01/2028 (e)		1,100		1,103
4.90%, 05/01/2033 (e)		865		852
7.00%, 10/15/2037 (e)		800		910
Experian Finance plc, (United Kingdom),
Reg. S, 1.38%, 06/25/2026	EUR	2,625		2,800
Reg. S, 3.25%, 04/07/2032	GBP	425		488
Reg. S, 3.38%, 10/10/2034	EUR	6,661		7,006
Global Payments, Inc.,
2.90%, 11/15/2031		130		114
3.20%, 08/15/2029		80		75
4.88%, 03/17/2031	EUR	2,050		2,313

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Holding d’Infrastructures de Transport SASU, (France),
Reg. S, 0.63%, 09/14/2028	EUR	300		298
Reg. S, 2.50%, 05/04/2027	EUR	1,600		1,719
Johns Hopkins University, Series A, 2.81%, 01/01/2060		600		350
Leasys SpA, (Italy), Reg. S, 3.88%, 10/12/2027	EUR	2,300		2,541
ManpowerGroup, Inc.,
Reg. S, 1.75%, 06/22/2026	EUR	1,000		1,071
Reg. S, 3.50%, 06/30/2027	EUR	500		547
Massachusetts Institute of Technology,
3.89%, 07/01/2116		663		468
4.68%, 07/01/2114		550		467
Moody’s Corp., 1.75%, 03/09/2027	EUR	1,125		1,196
Motability Operations Group plc, (United Kingdom), Reg. S, 5.75%, 06/17/2051	GBP	2,425		2,887
President and Fellows of Harvard College, 2.52%, 10/15/2050		10		6
Prosegur Cash SA, (Spain), Reg. S, 1.38%, 02/04/2026	EUR	1,500		1,601
Quanta Services, Inc.,
2.35%, 01/15/2032		60		50
2.90%, 10/01/2030		45		41
3.05%, 10/01/2041		30		21
RELX Capital, Inc.,
4.75%, 03/27/2030		75		75
4.75%, 05/20/2032		610		601
5.25%, 03/27/2035		525		528
RELX Finance BV, (Netherlands),
Reg. S, 0.50%, 03/10/2028	EUR	500		507
Reg. S, 0.88%, 03/10/2032	EUR	9,000		8,326
Reg. S, 1.38%, 05/12/2026	EUR	1,000		1,068
Reg. S, 3.75%, 06/12/2031	EUR	7,000		7,768
Rentokil Initial plc, (United Kingdom), Reg. S, 5.00%, 06/27/2032	GBP	4,000		4,982
S&P Global, Inc.,
2.30%, 08/15/2060		266		135
2.45%, 03/01/2027		35		34
5.25%, 09/15/2033		35		36
SGS Nederland Holding BV, (Netherlands), Reg. S, 0.13%, 04/21/2027	EUR	2,500		2,564
Transurban Finance Co. Pty Ltd., (Australia),
Reg. S, 1.45%, 05/16/2029	EUR	7,000		7,065
Reg. S, 3.00%, 04/08/2030	EUR	100		106
Reg. S, 4.23%, 04/26/2033	EUR	1,450		1,612
Trustees of Columbia University in the City of New York (The), Series 2024, 4.36%, 10/01/2035		300		286
Trustees of Princeton University (The), 4.20%, 03/01/2052		1,295		1,097
University of Oxford, (United Kingdom), Reg. S, 2.54%, 12/08/2117	GBP	1,500		918
University of Southern California, 4.98%, 10/01/2053		656		609
Verisk Analytics, Inc., 5.50%, 06/15/2045		28		27
Washington University (The),
4.35%, 04/15/2122		255		198
Series 2022, 3.52%, 04/15/2054		900		656

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Wellcome Trust Ltd. (The), (United Kingdom),
Reg. S, 1.50%, 07/14/2071	GBP	1,500		669
Reg. S, 2.52%, 02/07/2118	GBP	200		122
West Nippon Expressway Co. Ltd., (Japan), Series 29, 0.31%, 02/12/2026	JPY	200,000		1,328
Wolters Kluwer NV, (Netherlands),
Reg. S, 0.25%, 03/30/2028	EUR	1,500		1,506
Reg. S, 0.75%, 07/03/2030	EUR	4,475		4,290
Reg. S, 1.50%, 03/22/2027	EUR	4,375		4,629
Reg. S, 3.25%, 03/18/2029	EUR	2,000		2,188
				144,705
Cosmetics/Personal Care — 0.2%
Colgate-Palmolive Co., 3.70%, 08/01/2047		20		16
Essity AB, (Sweden), Reg. S, 0.25%, 02/08/2031	EUR	4,340		4,030
Procter & Gamble Co. (The),
0.35%, 05/05/2030	EUR	2,800		2,671
1.88%, 10/30/2038	EUR	325		294
3.25%, 08/02/2031	EUR	3,700		4,059
4.55%, 01/29/2034		565		561
4.88%, 05/11/2027	EUR	425		481
Reckitt Benckiser Treasury Services Nederland BV, (Netherlands), Reg. S, 0.75%, 05/19/2030	EUR	200		193
Unilever Finance Netherlands BV, (Netherlands),
Reg. S, 1.13%, 04/29/2028	EUR	1,000		1,036
Reg. S, 1.25%, 02/28/2031	EUR	1,500		1,463
Reg. S, 1.75%, 03/25/2030	EUR	5,450		5,603
Reg. S, 3.50%, 02/23/2035	EUR	2,850		3,095
				23,502
Food — 0.3%
Conagra Brands, Inc., 5.30%, 11/01/2038		95		90
Flowers Foods, Inc.,
5.75%, 03/15/2035		10		10
6.20%, 03/15/2055		20		20
Hormel Foods Corp., 1.70%, 06/03/2028		4		4
ITM Entreprises SASU, (France), Reg. S, 4.13%, 01/29/2030	EUR	4,400		4,753
JBS USA Holding Lux Sarl / JBS USA Food Co. / JBS Lux Co. Sarl, (Luxembourg),
3.00%, 05/15/2032		575		495
5.75%, 04/01/2033		741		752
Kellanova, 0.50%, 05/20/2029	EUR	1,500		1,472
Kraft Heinz Foods Co., Reg. S, 2.25%, 05/25/2028	EUR	1,000		1,062

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Kroger Co. (The), 5.65%, 09/15/2064		20		19
Mars, Inc.,
2.38%, 07/16/2040 (e)		1,200		833
5.00%, 03/01/2032 (e)		395		396
5.20%, 03/01/2035 (e)		885		887
5.80%, 05/01/2065 (e)		255		254
METRO AG, (Germany), Reg. S, 4.00%, 03/05/2030	EUR	2,775		3,016
Mondelez International Holdings Netherlands BV, (Netherlands), Reg. S, 0.25%, 09/09/2029	EUR	1,000		963
Mondelez International, Inc.,
0.25%, 03/17/2028	EUR	1,000		1,003
0.75%, 03/17/2033	EUR	500		437
1.50%, 02/04/2031		1,000		837
Nestle Finance International Ltd., (Luxembourg),
Reg. S, 0.00%, 06/14/2026	EUR	1,500		1,576
Reg. S, 0.38%, 05/12/2032	EUR	936		838
Reg. S, 1.25%, 03/29/2031	EUR	1,200		1,187
Reg. S, 3.00%, 03/15/2028	EUR	15		17
Nestle Holdings, Inc., 4.00%, 09/24/2048 (e)		750		605
Pilgrim’s Pride Corp.,
3.50%, 03/01/2032		35		31
6.25%, 07/01/2033		115		119
REWE International Finance BV, (Netherlands), Reg. S, 4.88%, 09/13/2030	EUR	5,400		6,190
Tesco Corporate Treasury Services plc, (United Kingdom),
Reg. S, 0.88%, 05/29/2026	EUR	1,500		1,592
Reg. S, 1.88%, 11/02/2028	GBP	1,300		1,507
Reg. S, 2.75%, 04/27/2030	GBP	825		950
Reg. S, 5.50%, 02/27/2035	GBP	2,000		2,489
Woolworths Group Ltd., (Australia), Reg. S, 0.38%, 11/15/2028	EUR	1,500		1,466
				35,870
Healthcare - Products — 0.4%
Abbott Laboratories, 4.90%, 11/30/2046		151		142
Agilent Technologies, Inc., 3.05%, 09/22/2026		35		34
Alcon Finance BV, (Netherlands), Reg. S, 2.38%, 05/31/2028	EUR	200		214
American Medical Systems Europe BV, (Netherlands),
3.38%, 03/08/2029	EUR	1,500		1,642
3.50%, 03/08/2032	EUR	2,900		3,139
Becton Dickinson Euro Finance Sarl, (Luxembourg), 1.21%, 06/04/2026	EUR	825		878
Boston Scientific Corp.,
0.63%, 12/01/2027	EUR	800		820
6.50%, 11/15/2035		15		17
DH Europe Finance II Sarl, (Luxembourg),
0.20%, 03/18/2026	EUR	2,275		2,406
1.80%, 09/18/2049	EUR	5,000		3,466
EssilorLuxottica SA, (France),
Reg. S, 0.75%, 11/27/2031	EUR	5,400		5,047
Reg. S, 2.88%, 03/05/2029	EUR	800		867
Reg. S, 3.00%, 03/05/2032	EUR	5,700		6,067
GE HealthCare Technologies, Inc., 4.80%, 08/14/2029		50		50

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Healthcare - Products — continued
Medtronic Global Holdings SCA, (Luxembourg),
1.13%, 03/07/2027	EUR	4,000		4,210
1.75%, 07/02/2049	EUR	900		616
3.00%, 10/15/2028	EUR	3,400		3,692
3.38%, 10/15/2034	EUR	4,200		4,462
Medtronic, Inc., 4.15%, 10/15/2053	EUR	1,020		1,070
Smith & Nephew plc, (United Kingdom), 4.57%, 10/11/2029	EUR	1,500		1,713
STERIS Irish FinCo. UnLtd Co., (Ireland), 2.70%, 03/15/2031		150		133
Stryker Corp.,
1.00%, 12/03/2031	EUR	1,300		1,215
3.38%, 12/11/2028	EUR	2,200		2,415
3.63%, 09/11/2036	EUR	3,048		3,223
Thermo Fisher Scientific Finance I BV, (Netherlands), 1.13%, 10/18/2033	EUR	1,000		900
Thermo Fisher Scientific, Inc., 1.88%, 10/01/2049	EUR	900		623
Werfen SA, (Spain), Reg. S, 0.50%, 10/28/2026	EUR	1,200		1,252
Zimmer Biomet Holdings, Inc.,
1.16%, 11/15/2027	EUR	1,000		1,036
2.43%, 12/13/2026	EUR	500		539
2.60%, 11/24/2031		16		14
5.20%, 09/15/2034		55		55
				51,957
Healthcare - Services — 0.3%
Advocate Health & Hospitals Corp., 3.39%, 10/15/2049		35		25
AHS Hospital Corp., Series 2021, 2.78%, 07/01/2051		750		457
Ascension Health, 3.95%, 11/15/2046		40		32
Cigna Group (The),
2.38%, 03/15/2031		58		51
4.80%, 08/15/2038		135		126
4.80%, 07/15/2046		20		17
4.90%, 12/15/2048		820		713
Cleveland Clinic Foundation (The), 4.86%, 01/01/2114		1,000		857
CommonSpirit Health, 3.91%, 10/01/2050		50		37
Elevance Health, Inc.,
3.60%, 03/15/2051		865		611
5.65%, 06/15/2054		2,405		2,310
Eurofins Scientific SE, (Luxembourg),
Reg. S, 0.88%, 05/19/2031	EUR	2,866		2,569
Reg. S, 4.75%, 09/06/2030	EUR	4,200		4,719
Hackensack Meridian Health, Inc., Series 2020, 2.68%, 09/01/2041		1,335		937
HCA, Inc.,
3.13%, 03/15/2027		2,560		2,485
4.13%, 06/15/2029		75		73
5.13%, 06/15/2039		383		354
5.45%, 04/01/2031		110		112
5.45%, 09/15/2034		20		20
5.60%, 04/01/2034		20		20
6.00%, 04/01/2054		35		34
6.10%, 04/01/2064		21		20

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Health Care Service Corp. A Mutual Legal Reserve Co.,
2.20%, 06/01/2030 (e)		1,400		1,240
5.20%, 06/15/2029 (e)		405		412
5.88%, 06/15/2054 (e)		265		259
Icon Investments Six DAC, (Ireland), 5.85%, 05/08/2029		615		634
IQVIA, Inc., 6.25%, 02/01/2029		1,067		1,111
Kaiser Foundation Hospitals,
4.15%, 05/01/2047		1,200		994
Series 2021, 3.00%, 06/01/2051		50		32
Laboratory Corp. of America Holdings, 4.80%, 10/01/2034		1,085		1,042
Lonza Finance International NV, (Belgium), Reg. S, 1.63%, 04/21/2027	EUR	2,800		2,977
Mayo Clinic,
3.77%, 11/15/2043		30		24
Series 2021, 3.20%, 11/15/2061		440		285
Memorial Sloan-Kettering Cancer Center, 4.13%, 07/01/2052		15		12
Methodist Hospital (The), Series 20A, 2.71%, 12/01/2050		1,500		921
MultiCare Health System, 2.80%, 08/15/2050		1,000		596
MyMichigan Health, Series 2020, 3.41%, 06/01/2050		1,495		1,052
New York and Presbyterian Hospital (The),
2.26%, 08/01/2040		1,090		758
4.02%, 08/01/2045		20		16
OhioHealth Corp.,
2.30%, 11/15/2031		830		720
2.83%, 11/15/2041		370		266
Series 2020, 3.04%, 11/15/2050		535		364
PeaceHealth Obligated Group,
Series 2020, 1.38%, 11/15/2025		700		686
Series 2020, 3.22%, 11/15/2050		745		485
Piedmont Healthcare, Inc.,
Series 2032, 2.04%, 01/01/2032		470		391
Series 2042, 2.72%, 01/01/2042		450		315
Providence St Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/2051		50		29
Roche Holdings, Inc.,
4.99%, 03/08/2034 (e) (jj)		1,950		1,960
5.59%, 11/13/2033 (e)		1,650		1,729
Sentara Health, Series 2021, 2.93%, 11/01/2051		2,365		1,503
Texas Health Resources, 2.33%, 11/15/2050		750		427
Trinity Health Corp., Series 2021, 2.63%, 12/01/2040		230		168
UnitedHealth Group, Inc.,
2.00%, 05/15/2030		160		141
3.70%, 08/15/2049		1,100		805
5.20%, 04/15/2063		1,200		1,080
5.75%, 07/15/2064		925		905
Universal Health Services, Inc.,
2.65%, 10/15/2030		114		100
2.65%, 01/15/2032		61		51
5.05%, 10/15/2034		80		76
				41,145

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Household Products/Wares — 0.1%
Henkel AG & Co. KGaA, (Germany), Reg. S, 0.50%, 11/17/2032	EUR	1,000		894
Kimberly-Clark Corp.,
2.88%, 02/07/2050		25		16
3.10%, 03/26/2030		8		8
Reckitt Benckiser Treasury Services plc, (United Kingdom),
Reg. S, 1.75%, 05/19/2032	GBP	2,175		2,264
Reg. S, 3.88%, 09/14/2033	EUR	1,700		1,878
				5,060
Pharmaceuticals — 0.3%
AbbVie, Inc.,
3.20%, 11/21/2029 (jj)		4,960		4,680
4.05%, 11/21/2039		25		22
4.40%, 11/06/2042		5		4
4.50%, 05/14/2035		255		244
4.95%, 03/15/2031		10		10
5.05%, 03/15/2034		10		10
5.35%, 03/15/2044		10		10
5.50%, 03/15/2064		210		206
AstraZeneca plc, (United Kingdom),
Reg. S, 0.38%, 06/03/2029	EUR	1,500		1,463
Reg. S, 1.25%, 05/12/2028	EUR	1,000		1,039
2.13%, 08/06/2050		3		2
4.38%, 11/16/2045		8		7
Bayer AG, (Germany), Reg. S, 1.13%, 01/06/2030	EUR	700		683
Bayer Capital Corp. BV, (Netherlands), Reg. S, 2.13%, 12/15/2029	EUR	600		614
Bristol-Myers Squibb Co., 6.40%, 11/15/2063		820		893
Cardinal Health, Inc.,
4.37%, 06/15/2047		15		12
4.50%, 11/15/2044		5		4
5.35%, 11/15/2034		165		165
5.45%, 02/15/2034		23		24
Cencora, Inc.,
2.70%, 03/15/2031		65		58
3.45%, 12/15/2027		5		5
4.25%, 03/01/2045		21		17
4.30%, 12/15/2047		2		1
CVS Health Corp.,
5.05%, 03/25/2048		1,200		1,020
(CMT Index 5 Year + 2.89%), 7.00%, 03/10/2055 (aa)		215		217
Eli Lilly & Co.,
0.50%, 09/14/2033	EUR	1,500		1,307
1.38%, 09/14/2061	EUR	1,620		871
1.63%, 06/02/2026	EUR	1,500		1,606
4.88%, 02/27/2053		270		247
4.95%, 02/27/2063		100		91
GlaxoSmithKline Capital plc, (United Kingdom),
5.25%, 12/19/2033	GBP	640		836
Reg. S, 5.25%, 04/10/2042	GBP	150		181

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Johnson & Johnson,
1.15%, 11/20/2028	EUR	1,000		1,030
2.45%, 09/01/2060		30		17
3.35%, 02/26/2037	EUR	2,200		2,328
3.60%, 02/26/2045	EUR	1,800		1,857
3.75%, 03/03/2047 (jj)		1,605		1,286
5.25%, 06/01/2054		55		55
McKesson Corp.,
1.63%, 10/30/2026	EUR	2,000		2,131
3.13%, 02/17/2029	GBP	1,925		2,337
Merck & Co., Inc.,
1.38%, 11/02/2036	EUR	1,000		868
2.50%, 10/15/2034	EUR	500		503
3.90%, 03/07/2039		150		130
4.30%, 05/17/2030		20		20
4.90%, 05/17/2044		265		248
5.15%, 05/17/2063		205		190
Merck KGaA, (Germany), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.54%), 3.88%, 08/27/2054 (aa)	EUR	2,700		2,909
Novartis Capital Corp., 2.75%, 08/14/2050		45		29
Novartis Finance SA, (Luxembourg),
Reg. S, 0.63%, 09/20/2028	EUR	1,000		1,017
Reg. S, 1.38%, 08/14/2030	EUR	1,000		1,002
Novo Nordisk Finance Netherlands BV, (Denmark), Reg. S, 3.38%, 05/21/2034	EUR	6,475		6,976
Novo Nordisk Finance Netherlands BV, (Netherlands),
Reg. S, 1.13%, 09/30/2027	EUR	1,000		1,044
Reg. S, 1.38%, 03/31/2030	EUR	1,000		1,004
Pfizer Investment Enterprises Pte Ltd., (Singapore), 5.34%, 05/19/2063		6		5
Sanofi SA, (France), Series 20FX, Reg. S, 1.88%, 03/21/2038	EUR	800		726
Upjohn Finance BV, (Netherlands), Reg. S, 1.36%, 06/23/2027	EUR	1,000		1,042
Viatris, Inc.,
3.85%, 06/22/2040		2,200		1,595
4.00%, 06/22/2050		30		20
Zoetis, Inc., 4.70%, 02/01/2043		28		25
				46,943
Total Consumer Non-cyclical				496,393
Energy — 0.9%
Energy - Alternate Sources — 0.0% (g)
ERG SpA, (Italy),
Reg. S, 0.50%, 09/11/2027	EUR	5,000		5,116
Reg. S, 0.88%, 09/15/2031	EUR	200		181
				5,297
Oil & Gas — 0.6%
Aker BP ASA, (Norway),
3.10%, 07/15/2031 (e)		1,885		1,657
3.75%, 01/15/2030 (e)		2,000		1,888
5.60%, 06/13/2028 (e)		795		812
6.00%, 06/13/2033 (e)		910		926

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
BP Capital Markets BV, (Netherlands),
Reg. S, 3.36%, 09/12/2031	EUR	1,000		1,076
Reg. S, 4.32%, 05/12/2035	EUR	1,500		1,673
BP Capital Markets plc, (United Kingdom),
Reg. S, 1.64%, 06/26/2029	EUR	1,000		1,029
Reg. S, 2.27%, 07/03/2026	GBP	2,000		2,510
Reg. S, (EUR Swap Rate 5 Year + 3.52%), 3.25%, 03/22/2026 (x) (aa)	EUR	1,900		2,044
Reg. S, (EUR Swap Rate 5 Year + 3.78%), 3.63%, 03/22/2029 (x) (aa)	EUR	1,300		1,372
Reg. S, (UK Gilts 5 Year + 3.89%), 4.25%, 03/22/2027 (x) (aa)	GBP	4,900		6,138
(CMT Index 5 Year + 1.92%), 6.13%, 03/18/2035 (x) (aa)		150		148
Canadian Natural Resources Ltd., (Canada),
3.85%, 06/01/2027		9		9
4.95%, 06/01/2047		20		17
5.40%, 12/15/2034 (e)		2,765		2,727
6.25%, 03/15/2038		10		10
6.50%, 02/15/2037		60		63
Cepsa Finance SA, (Spain), Reg. S, 4.13%, 04/11/2031	EUR	400		435
CNOOC Petroleum North America ULC, (Canada), 6.40%, 05/15/2037		10		12
ConocoPhillips Co.,
5.00%, 01/15/2035		1,130		1,116
5.55%, 03/15/2054		10		9
5.65%, 01/15/2065		1,200		1,153
5.70%, 09/15/2063		535		519
Continental Resources, Inc., 4.90%, 06/01/2044		5		4
Coterra Energy, Inc., 5.60%, 03/15/2034		17		17
Diamondback Energy, Inc.,
3.13%, 03/24/2031		2,400		2,170
5.15%, 01/30/2030		30		30
5.20%, 04/18/2027		30		30
5.40%, 04/18/2034		10		10
5.75%, 04/18/2054		660		619
6.25%, 03/15/2033		300		317
Eni SpA, (Italy),
Reg. S, 0.63%, 01/23/2030	EUR	500		482
Reg. S, 1.00%, 10/11/2034	EUR	400		335
Reg. S, 1.50%, 02/02/2026	EUR	1,000		1,072
Reg. S, 1.50%, 01/17/2027	EUR	2,700		2,867
Reg. S, 1.63%, 05/17/2028	EUR	1,000		1,046
Reg. S, 2.00%, 05/18/2031	EUR	500		502
EOG Resources, Inc.,
4.38%, 04/15/2030		10		10
4.95%, 04/15/2050		23		21
5.65%, 12/01/2054		25		24
Equinor ASA, (Norway),
Reg. S, 1.38%, 05/22/2032	EUR	825		787
1.75%, 01/22/2026		200		196
2.38%, 05/22/2030		30		27
3.25%, 11/18/2049		30		21
3.63%, 04/06/2040		1,800		1,501

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
3.70%, 04/06/2050		15		11
Reg. S, 6.88%, 03/11/2031	GBP	150		213
Expand Energy Corp., 5.70%, 01/15/2035		55		55
Exxon Mobil Corp.,
0.84%, 06/26/2032	EUR	1,050		951
1.41%, 06/26/2039	EUR	1,205		936
Hess Corp.,
5.60%, 02/15/2041		10		10
5.80%, 04/01/2047		6		6
Marathon Petroleum Corp.,
4.50%, 04/01/2048		15		12
5.15%, 03/01/2030		150		150
5.70%, 03/01/2035		35		35
MOL Hungarian Oil & Gas plc, (Hungary), Reg. S, 1.50%, 10/08/2027	EUR	4,300		4,451
Neste OYJ, (Finland), Reg. S, 3.75%, 03/20/2030	EUR	2,150		2,336
Occidental Petroleum Corp.,
5.38%, 01/01/2032		705		695
6.13%, 01/01/2031		60		61
6.63%, 09/01/2030		405		426
8.88%, 07/15/2030		70		80
ORLEN SA, (Poland), Reg. S, 1.13%, 05/27/2028	EUR	1,300		1,322
Ovintiv, Inc., 5.65%, 05/15/2028		715		732
Pioneer Natural Resources Co., 1.90%, 08/15/2030		1,050		913
Santos Finance Ltd., (Australia), 6.88%, 09/19/2033 (e)		320		343
Shell International Finance BV, (Netherlands),
Reg. S, 1.63%, 01/20/2027	EUR	3,900		4,151
Reg. S, 1.88%, 04/07/2032	EUR	1,000		983
6.38%, 12/15/2038		15		16
TotalEnergies Capital International SA, (France),
Reg. S, 0.95%, 05/18/2031	EUR	1,000		948
Reg. S, 1.38%, 10/04/2029	EUR	2,000		2,033
Reg. S, 1.49%, 09/04/2030	EUR	1,000		996
TotalEnergies SE, (France),
Reg. S, (EUR Swap Rate 5 Year + 1.90%), 2.00%, 01/17/2027 (x) (aa)	EUR	2,000		2,096
Reg. S, (EUR Swap Rate 5 Year + 2.94%), 3.25%, 07/17/2036 (x) (aa)	EUR	500		468
Reg. S, (EUR Swap Rate 5 Year + 3.35%), 3.37%, 10/06/2026 (x) (aa)	EUR	3,500		3,785
Series NC7, Reg. S, (EUR Swap Rate 5 Year + 1.99%), 1.63%, 10/25/2027 (x) (aa)	EUR	2,700		2,759
Valero Energy Corp., 6.63%, 06/15/2037		65		70
Var Energi ASA, (Norway),
5.00%, 05/18/2027 (e)		1,600		1,607
Reg. S, 5.50%, 05/04/2029	EUR	4,175		4,825
				77,906
Oil & Gas Services — 0.0% (g)
Schlumberger Finance BV, (Netherlands),
Reg. S, 0.25%, 10/15/2027	EUR	1,500		1,529
Reg. S, 0.50%, 10/15/2031	EUR	500		454
Schlumberger Finance France SAS, (France), Reg. S, 1.00%, 02/18/2026	EUR	500		533
				2,516

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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 — 0.3%
Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/2029		8		8
Cheniere Energy Partners LP, 4.00%, 03/01/2031		139		130
Cheniere Energy, Inc., 5.65%, 04/15/2034		120		121
Colonial Enterprises, Inc., 3.25%, 05/15/2030 (e)		1,330		1,230
Columbia Pipelines Operating Co. LLC,
5.93%, 08/15/2030 (e)		185		192
6.04%, 11/15/2033 (e)		280		288
DCP Midstream Operating LP,
3.25%, 02/15/2032		5		4
5.13%, 05/15/2029		1,500		1,509
5.38%, 07/15/2025		4		4
Enbridge, Inc., (Canada),
(CMT Index 5 Year + 2.97%), 7.20%, 06/27/2054 (aa)		50		51
(CMT Index 5 Year + 3.12%), 7.38%, 03/15/2055 (aa)		10		10
Energy Transfer LP,
4.20%, 04/15/2027		5,800		5,749
5.40%, 10/01/2047		95		85
5.55%, 02/15/2028		1,210		1,238
5.60%, 09/01/2034		87		87
6.05%, 12/01/2026		1,710		1,747
6.20%, 04/01/2055		295		291
6.40%, 12/01/2030		620		660
6.55%, 12/01/2033		246		263
Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa)		1,490		1,488
Enterprise Products Operating LLC,
4.20%, 01/31/2050		40		32
5.10%, 02/15/2045 (jj)		1,700		1,574
(CME Term SOFR 3 Month + 2.83%), 5.38%, 02/15/2078 (aa)		600		587
5.55%, 02/16/2055		558		539
Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 08/16/2077 (aa)		70		69
Erdoel-Lagergesellschaft mbH, (Austria), Reg. S, 2.75%, 03/20/2028	EUR	200		215
Kinder Morgan Energy Partners LP, 4.70%, 11/01/2042		850		720
Kinder Morgan, Inc.,
1.75%, 11/15/2026		40		38
2.25%, 03/16/2027	EUR	1,500		1,603
4.80%, 02/01/2033		100		97
5.00%, 02/01/2029		30		30
5.95%, 08/01/2054		45		44
MPLX LP,
2.65%, 08/15/2030		1,506		1,340
4.13%, 03/01/2027		48		48
4.50%, 04/15/2038		30		26
4.70%, 04/15/2048		1,272		1,037
4.90%, 04/15/2058		30		24
4.95%, 03/14/2052		865		724
5.00%, 03/01/2033		1,470		1,432
5.50%, 06/01/2034		22		22
5.50%, 02/15/2049		60		55

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
ONEOK, Inc.,
2.20%, 09/15/2025		10		10
3.40%, 09/01/2029		208		196
3.95%, 03/01/2050		15		11
4.45%, 09/01/2049		2,540		1,973
5.05%, 04/01/2045		35		30
5.20%, 07/15/2048		14		12
5.65%, 11/01/2028		325		335
5.85%, 01/15/2026		25		25
6.05%, 09/01/2033		1,100		1,143
6.10%, 11/15/2032		31		32
6.35%, 01/15/2031		40		42
Plains All American Pipeline LP / PAA Finance Corp., 3.55%, 12/15/2029		90		85
Targa Resources Corp.,
4.20%, 02/01/2033		100		92
5.20%, 07/01/2027		965		976
5.50%, 02/15/2035		985		977
6.13%, 03/15/2033		285		297
6.13%, 05/15/2055		60		59
6.50%, 02/15/2053		300		311
TransCanada Trust, (Canada), Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.88%, 08/15/2076 (aa)		70		70
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030		80		74
Western Midstream Operating LP,
4.05%, 02/01/2030		960		915
4.50%, 03/01/2028		1,200		1,188
4.65%, 07/01/2026		480		479
6.15%, 04/01/2033		20		21
Williams Cos., Inc. (The),
3.50%, 11/15/2030		1,900		1,773
5.15%, 03/15/2034		2,015		1,983
5.30%, 08/15/2028		2,350		2,398
5.30%, 08/15/2052		30		28
5.80%, 11/15/2043		5		5
5.80%, 11/15/2054		400		392
				41,343
Total Energy				127,062
Financial — 11.3%
Banks — 8.1%
ABN AMRO Bank NV, (Netherlands),
Reg. S, 0.40%, 09/17/2041	EUR	100		66
Reg. S, 1.25%, 01/10/2033	EUR	100		95
Reg. S, 1.38%, 01/12/2037	EUR	100		88
Reg. S, 1.45%, 04/12/2038	EUR	100		86
Reg. S, 4.38%, 10/20/2028	EUR	3,500		3,953
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.45%), 5.50%, 09/21/2033 (aa)	EUR	500		572
(CMT Index 1 Year + 1.55%), 6.58%, 10/13/2026 (e) (aa)		2,100		2,121

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
AIB Group plc, (Ireland), Reg. S, (EUR Swap Rate 1 Year + 1.30%), 2.25%, 04/04/2028 (aa)	EUR	1,000		1,067
Aktia Bank OYJ, (Finland), Reg. S, 3.00%, 10/22/2029	EUR	100		110
AMCO - Asset Management Co. SpA, (Italy),
Reg. S, 0.75%, 04/20/2028	EUR	363		369
Reg. S, 4.63%, 02/06/2027	EUR	200		224
ANZ New Zealand Int’l Ltd., (New Zealand), Reg. S, 0.20%, 09/23/2027	EUR	6,000		6,094
Argenta Spaarbank NV, (Belgium),
Reg. S, 2.88%, 02/03/2032	EUR	100		107
Reg. S, 3.38%, 06/22/2028	EUR	100		111
Arion Banki HF, (Iceland),
Reg. S, 0.05%, 10/05/2026	EUR	100		104
Reg. S, 0.38%, 07/14/2025	EUR	2,950		3,168
Arkea Public Sector SCF SA, (France), Reg. S, 3.11%, 02/28/2029	EUR	100		110
ASB Bank Ltd., (New Zealand),
Reg. S, 0.25%, 09/08/2028	EUR	1,000		986
Reg. S, 0.50%, 09/24/2029	EUR	1,000		970
Australia & New Zealand Banking Group Ltd., (Australia),
Reg. S, (EUR Swap Rate 5 Year + 1.12%), 0.67%, 05/05/2031 (aa)	EUR	2,925		3,075
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.32%), 3.71%, 07/31/2035 (aa)	EUR	9,600		10,288
Reg. S, (EUR Swap Rate 5 Year + 2.15%), 5.10%, 02/03/2033 (aa)	EUR	4,000		4,512
Banca Monte dei Paschi di Siena SpA, (Italy),
Reg. S, 0.88%, 10/08/2026	EUR	3,604		3,811
Reg. S, 3.50%, 04/23/2029	EUR	100		111
Banco Bilbao Vizcaya Argentaria SA, (Spain),
Reg. S, (EURIBOR 3 Month + 0.52%), 0.13%, 03/24/2027 (aa)	EUR	6,700		7,071
Reg. S, 0.38%, 11/15/2026	EUR	1,000		1,045
Reg. S, 0.50%, 01/14/2027	EUR	1,000		1,041
Reg. S, 1.00%, 06/21/2026	EUR	1,000		1,063
Reg. S, 3.38%, 09/20/2027	EUR	6,800		7,487
Reg. S, 3.50%, 02/10/2027	EUR	500		547
Reg. S, 3.50%, 03/26/2031	EUR	900		989
Banco BPI SA, (Portugal), Reg. S, 3.63%, 07/04/2028	EUR	1,600		1,784
Banco BPM SpA, (Italy), Reg. S, 3.38%, 01/24/2030	EUR	100		111
Banco de Sabadell SA, (Spain),
Reg. S, (EUR Swap Rate 1 Year + 1.55%), 1.13%, 03/11/2027 (aa)	EUR	2,900		3,088
Reg. S, 1.75%, 05/30/2029	EUR	100		104
Reg. S, 3.25%, 06/05/2034	EUR	100		109
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.25%), 3.38%, 02/18/2033 (aa)	EUR	2,000		2,101
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.25%), 3.50%, 05/27/2031 (aa)	EUR	15,400		16,643
Reg. S, (EUR Swap Rate 1 Year + 2.00%), 5.00%, 06/07/2029 (aa)	EUR	700		803
Banco di Desio e della Brianza SpA, (Italy), Reg. S, 4.00%, 03/13/2028	EUR	1,700		1,903
Banco Santander SA, (Spain),
Reg. S, 0.10%, 02/27/2032	EUR	200		178
Reg. S, 0.13%, 06/04/2030	EUR	100		94
Reg. S, 0.20%, 02/11/2028	EUR	5,900		5,914
Reg. S, 1.13%, 10/25/2028	EUR	100		103
Reg. S, 1.63%, 10/22/2030	EUR	100		98
Reg. S, 3.13%, 05/28/2029	EUR	100		110

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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, 4.25%, 06/12/2030	EUR	13,900		15,867
Reg. S, 5.13%, 01/25/2030	GBP	1,000		1,296
5.29%, 08/18/2027		1,400		1,417
5.44%, 07/15/2031		4,200		4,299
(CMT Index 1 Year + 1.45%), 5.54%, 03/14/2030 (aa)		5,015		5,117
6.03%, 01/17/2035		1,200		1,239
Banco Santander Totta SA, (Portugal),
Reg. S, 1.25%, 09/26/2027	EUR	100		105
Reg. S, 3.38%, 04/19/2028	EUR	1,800		1,992
Bank of America Corp.,
Reg. S, (EURIBOR 3 Month + 0.95%), 1.10%, 05/24/2032 (aa)	EUR	1,900		1,779
Reg. S, (EURIBOR 3 Month + 0.89%), 1.66%, 04/25/2028 (aa)	EUR	2,340		2,472
Reg. S, (UK Gilts 1 Year + 1.10%), 1.67%, 06/02/2029 (aa)	GBP	2,000		2,330
(United States SOFR + 0.96%), 1.73%, 07/22/2027 (aa)		1,415		1,363
Reg. S, (EURIBOR 3 Month + 0.91%), 1.95%, 10/27/2026 (aa)	EUR	2,000		2,153
(United States SOFR + 1.06%), 2.09%, 06/14/2029 (aa)		1,500		1,386
(United States SOFR + 1.22%), 2.30%, 07/21/2032 (aa)		1,000		853
(CME Term SOFR 3 Month + 1.25%), 2.50%, 02/13/2031 (aa)		3,300		2,960
(United States SOFR + 1.05%), 2.55%, 02/04/2028 (aa)		5		5
(United States SOFR + 1.21%), 2.57%, 10/20/2032 (aa)		2,605		2,244
(United States SOFR + 1.93%), 2.68%, 06/19/2041 (aa)		1,700		1,201
(United States SOFR + 1.32%), 2.69%, 04/22/2032 (aa)		2,150		1,890
(United States SOFR + 1.33%), 2.97%, 02/04/2033 (aa)		140		122
(United States SOFR + 1.58%), 3.31%, 04/22/2042 (aa)		10		7
(CME Term SOFR 3 Month + 1.30%), 3.42%, 12/20/2028 (aa)		1,240		1,201
Reg. S, (UK Gilts 1 Year + 1.75%), 3.58%, 04/27/2031 (aa)	GBP	1,500		1,802
(CME Term SOFR 3 Month + 1.63%), 3.59%, 07/21/2028 (aa)		660		646
(CMT Index 5 Year + 2.00%), 3.85%, 03/08/2037 (aa)		132		118
(CME Term SOFR 3 Month + 1.33%), 3.97%, 03/05/2029 (aa)		120		118
(CME Term SOFR 3 Month + 1.58%), 4.08%, 04/23/2040 (aa)		3		3
(CME Term SOFR 3 Month + 3.41%), 4.08%, 03/20/2051 (aa)		10		8
(United States SOFR + 1.83%), 4.57%, 04/27/2033 (aa)		155		149
(United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa)		7		7
(United States SOFR + 1.63%), 5.20%, 04/25/2029 (aa)		30		30
(United States SOFR + 1.91%), 5.29%, 04/25/2034 (aa)		1,016		1,018
(United States SOFR + 1.74%), 5.52%, 10/25/2035 (aa)		2,200		2,152
Reg. S, 7.00%, 07/31/2028	GBP	650		892
Series N, (United States SOFR + 1.22%), 2.65%, 03/11/2032 (aa)		1,305		1,150
Series N, (United States SOFR + 1.65%), 3.48%, 03/13/2052 (aa)		90		64

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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 TT, (CMT Index 5 Year + 3.23%), 6.13%, 04/27/2027 (x) (aa)		190		192
Bank of Montreal, (Canada),
Reg. S, 0.13%, 01/26/2027	EUR	1,800		1,870
Reg. S, 1.00%, 04/05/2026	EUR	100		107
Reg. S, 2.75%, 10/13/2026	EUR	100		109
Bank of New York Mellon Corp. (The),
(United States SOFR + 1.35%), 4.41%, 07/24/2026 (aa)		13		13
(United States SOFR + 1.17%), 4.54%, 02/01/2029 (aa)		16		16
(United States SOFR + 1.51%), 4.71%, 02/01/2034 (aa)		10		10
(SOFR Compounded Index + 1.80%), 5.80%, 10/25/2028 (aa)		9		9
(United States SOFR + 1.60%), 6.32%, 10/25/2029 (aa)		2		2
Series F, (CME Term SOFR 3 Month + 3.39%), 4.63%, 09/20/2026 (x) (aa)		195		192
Bank of New Zealand, (New Zealand),
Reg. S, 2.55%, 06/29/2027	EUR	100		108
Reg. S, 3.71%, 12/20/2028	EUR	1,150		1,286
Bank of Nova Scotia (The), (Canada),
Reg. S, 0.01%, 01/14/2027	EUR	1,900		1,971
Reg. S, 0.38%, 03/26/2030	EUR	100		96
(CMT Index 5 Year + 2.90%), 7.35%, 04/27/2085 (aa)		200		198
Bank of Queensland Ltd., (Australia),
Reg. S, 1.84%, 06/09/2027	EUR	7,600		8,115
Reg. S, 3.30%, 07/30/2029	EUR	1,988		2,196
Bankinter SA, (Spain),
Reg. S, 0.88%, 07/08/2026	EUR	3,000		3,172
Reg. S, (EUR Swap Rate 5 Year + 1.45%), 1.25%, 12/23/2032 (aa)	EUR	1,900		1,962
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.10%), 3.50%, 09/10/2032 (aa)	EUR	2,400		2,592
Banque Federative du Credit Mutuel SA, (France),
Reg. S, 0.01%, 05/11/2026	EUR	1,000		1,050
Reg. S, 0.63%, 11/03/2028	EUR	1,000		990
Reg. S, 0.75%, 06/08/2026	EUR	1,000		1,058
Reg. S, 0.75%, 01/17/2030	EUR	1,000		955
Reg. S, 1.13%, 11/19/2031	EUR	600		539
Reg. S, 1.25%, 05/26/2027	EUR	1,000		1,049
Reg. S, 1.25%, 06/03/2030	EUR	1,000		965
Reg. S, 1.38%, 07/16/2028	EUR	3,000		3,092
Reg. S, 1.88%, 11/04/2026	EUR	1,200		1,279
Reg. S, 1.88%, 06/18/2029	EUR	1,000		1,010
Reg. S, 2.50%, 05/25/2028	EUR	1,500		1,584
Reg. S, 2.63%, 11/06/2029	EUR	500		525
Reg. S, 3.13%, 09/14/2027	EUR	3,400		3,710
Reg. S, 3.25%, 10/17/2031	EUR	3,300		3,524
Reg. S, 3.63%, 09/14/2032	EUR	3,000		3,263
Reg. S, (EUR Swap Rate 5 Year + 2.20%), 3.88%, 06/16/2032 (aa)	EUR	4,400		4,798
Reg. S, 5.00%, 10/22/2029	GBP	6,600		8,463
Barclays Bank plc, (United Kingdom), Reg. S, 5.75%, 09/14/2026	GBP	90		117
Barclays plc, (United Kingdom),
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.85%), 0.88%, 01/28/2028 (aa)	EUR	2,000		2,089
Reg. S, 3.00%, 05/08/2026	GBP	100		127
Reg. S, 3.25%, 02/12/2027	GBP	1,200		1,500
Reg. S, (UK Gilts 5 Year + 3.75%), 3.75%, 11/22/2030 (aa)	GBP	825		1,051
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.55%), 3.94%, 01/31/2036 (aa)	EUR	4,750		4,999

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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 + 1.34%), 4.84%, 09/10/2028 (aa)		1,320		1,321
(United States SOFR + 1.23%), 5.37%, 02/25/2031 (aa)		1,310		1,323
Reg. S, (SONIA Interest Rate Benchmark + 2.06%), 5.85%, 03/21/2035 (aa)	GBP	10,000		12,724
(United States SOFR + 2.42%), 6.04%, 03/12/2055 (aa)		210		211
(United States SOFR + 1.88%), 6.50%, 09/13/2027 (aa)		1,120		1,147
Basellandschaftliche Kantonalbank, (Switzerland),
Reg. S, 0.05%, 01/28/2031	CHF	1,000		1,079
Reg. S, 0.25%, 01/25/2027	CHF	900		1,012
Reg. S, 0.38%, 05/13/2030	CHF	100		111
Bausparkasse Schwaebisch Hall AG, (Germany), Reg. S, 2.00%, 05/17/2034	EUR	100		99
BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, (Austria),
Reg. S, 0.10%, 05/12/2031	EUR	100		91
Reg. S, 2.00%, 08/25/2032	EUR	100		100
Bayerische Landesbank, (Germany),
Reg. S, 0.05%, 04/30/2031	EUR	50		46
Reg. S, 0.13%, 02/10/2028	EUR	600		598
Reg. S, 0.13%, 11/02/2029	EUR	50		48
Reg. S, (EUR Swap Rate 5 Year + 1.40%), 1.38%, 11/22/2032 (aa)	EUR	100		102
Reg. S, 2.13%, 09/01/2031	EUR	50		52
Reg. S, 3.00%, 02/18/2030	EUR	300		323
Reg. S, 3.00%, 10/10/2031	EUR	100		107
Reg. S, 3.63%, 08/04/2032	EUR	300		323
Reg. S, 3.75%, 02/07/2029	EUR	600		666
Reg. S, 4.25%, 06/21/2027	EUR	400		446
Belfius Bank SA, (Belgium),
Reg. S, 0.00%, 08/28/2026	EUR	200		209
Reg. S, 0.13%, 02/08/2028	EUR	600		603
Reg. S, (EUR Swap Rate 5 Year + 1.30%), 1.25%, 04/06/2034 (aa)	EUR	100		98
Reg. S, 3.13%, 01/30/2031	EUR	100		107
Reg. S, 3.25%, 10/18/2027	EUR	100		110
Reg. S, 3.38%, 02/20/2031	EUR	200		214
Reg. S, 3.75%, 01/22/2029	EUR	100		110
Reg. S, 4.13%, 09/12/2029	EUR	100		113
Reg. S, (EUR Swap Rate 5 Year + 2.20%), 4.88%, 06/11/2035 (aa)	EUR	500		558
Reg. S, (EUR Swap Rate 5 Year + 2.45%), 5.25%, 04/19/2033 (aa)	EUR	100		113
Berlin Hyp AG, (Germany),
Reg. S, 0.01%, 08/24/2026	EUR	100		105
Reg. S, 0.01%, 07/07/2028	EUR	180		180
Reg. S, 1.75%, 05/10/2032	EUR	50		50
Reg. S, 3.00%, 01/10/2033	EUR	50		54
BNP Paribas SA, (France),
Reg. S, (EURIBOR 3 Month + 0.73%), 0.50%, 02/19/2028 (aa)	EUR	1,000		1,033
Reg. S, (EURIBOR 3 Month + 0.83%), 0.50%, 01/19/2030 (aa)	EUR	3,500		3,406
Reg. S, (EUR Swap Rate 5 Year + 1.17%), 0.88%, 08/31/2033 (aa)	EUR	1,000		986
Reg. S, 1.13%, 06/11/2026	EUR	1,000		1,063
Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.13%, 01/15/2032 (aa)	EUR	1,500		1,559
Reg. S, 1.38%, 05/28/2029	EUR	200		201
Reg. S, 1.50%, 05/23/2028	EUR	500		517

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Reg. S, 1.50%, 05/25/2028	EUR	1,500		1,564
Reg. S, 1.88%, 12/14/2027	GBP	2,000		2,379
Reg. S, 2.10%, 04/07/2032	EUR	1,500		1,459
Reg. S, 2.25%, 01/11/2027	EUR	500		536
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.60%), 2.50%, 03/31/2032 (aa)	EUR	3,800		4,040
Reg. S, 2.88%, 02/24/2029	GBP	2,000		2,375
Reg. S, 3.38%, 01/23/2026	GBP	600		766
Reg. S, (EURIBOR 3 Month + 1.20%), 3.58%, 01/15/2031 (aa)	EUR	6,100		6,605
Reg. S, 5.75%, 06/13/2032	GBP	1,500		1,947
(United States SOFR + 1.92%), 5.91%, 11/19/2035 (e) (aa)		4,300		4,237
BPCE SA, (France),
Reg. S, 0.25%, 01/14/2031	EUR	1,900		1,722
Reg. S, 1.00%, 12/22/2025	GBP	2,000		2,512
Reg. S, 1.00%, 10/05/2028	EUR	500		508
Reg. S, 3.50%, 01/25/2028	EUR	10,000		11,034
Reg. S, 4.00%, 11/29/2032	EUR	4,300		4,799
(United States SOFR + 2.87%), 5.75%, 07/19/2033 (e) (aa)		1,100		1,107
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.65%)5.75%, 06/01/2033 (aa)	EUR	2,900		3,340
(United States SOFR + 1.68%), 5.88%, 01/14/2031 (e) (aa)		2,135		2,184
(United States SOFR + 2.10%), 5.98%, 01/18/2027 (e) (aa)		675		681
(United States SOFR + 2.04%), 6.29%, 01/14/2036 (e) (aa)		1,200		1,238
BPER Banca SpA, (Italy), Reg. S, 3.75%, 10/22/2028	EUR	100		112
Caisse Centrale du Credit Immobilier de France SA, (France), Reg. S, 2.63%, 01/18/2028	EUR	200		217
Caixa Geral de Depositos SA, (Portugal),
Reg. S, (EUR Swap Rate 1 Year + 0.70%), 0.38%, 09/21/2027 (aa)	EUR	500		522
Reg. S, (EUR Swap Rate 1 Year + 2.75%), 5.75%, 10/31/2028 (aa)	EUR	100		116
CaixaBank SA, (Spain),
Reg. S, (EURIBOR 3 Month + 0.90%), 0.50%, 02/09/2029 (aa)	EUR	4,400		4,437
Reg. S, (EURIBOR 3 Month + 1.00%), 0.75%, 05/26/2028 (aa)	EUR	2,100		2,174
Reg. S, 1.25%, 01/11/2027	EUR	200		212
Reg. S, (EUR Swap Rate 5 Year + 1.63%), 1.25%, 06/18/2031 (aa)	EUR	500		531
Reg. S, 1.38%, 06/19/2026	EUR	2,300		2,449
Reg. S, (EURIBOR 3 Month + 1.30%), 3.63%, 09/19/2032 (aa)	EUR	8,700		9,351
Reg. S, 3.75%, 09/07/2029	EUR	500		558
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.75%), 4.00%, 03/05/2037 (aa)	EUR	6,200		6,546
(United States SOFR + 2.08%), 6.68%, 09/13/2027 (e) (aa)		3,950		4,060
(United States SOFR + 2.77%), 6.84%, 09/13/2034 (e) (aa)		295		320
Caja Rural de Navarra SCC, (Spain),
Reg. S, 0.75%, 02/16/2029	EUR	2,000		2,004
Reg. S, 3.00%, 04/26/2027	EUR	100		109
Cajamar Caja Rural SCC, (Spain),
Reg. S, 3.38%, 02/16/2028	EUR	2,100		2,312
Reg. S, 3.38%, 07/25/2029	EUR	3,500		3,861
Canadian Imperial Bank of Commerce, (Canada),
Reg. S, 0.01%, 04/30/2029	EUR	4,000		3,884
Reg. S, 3.81%, 07/09/2029	EUR	5,000		5,549
(United States SOFR + 1.11%), 5.25%, 01/13/2031 (aa)		40		41
Cie de Financement Foncier SA, (France),
Reg. S, 0.38%, 04/09/2027	EUR	100		104

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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, 0.60%, 10/25/2041	EUR	100		70
Reg. S, 0.75%, 05/29/2026	EUR	100		106
Reg. S, 1.90%, 06/16/2028	CHF	150		176
Reg. S, 2.38%, 03/15/2030	EUR	100		106
Reg. S, 2.63%, 10/29/2029	EUR	100		107
Reg. S, 3.13%, 04/24/2027	EUR	100		110
Reg. S, 3.13%, 06/06/2030	EUR	100		110
Reg. S, 3.38%, 09/16/2031	EUR	100		110
Reg. S, 3.88%, 04/25/2055	EUR	20		23
Citigroup, Inc.,
(United States SOFR + 0.77%), 1.46%, 06/09/2027 (aa)		3,100		2,986
(United States SOFR + 1.17%), 2.56%, 05/01/2032 (aa)		1,060		919
(United States SOFR + 2.11%), 2.57%, 06/03/2031 (aa)		3,600		3,202
(United States SOFR + 1.38%), 2.90%, 11/03/2042 (aa)		5		3
(United States SOFR + 1.35%), 3.06%, 01/25/2033 (aa)		445		389
(United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa)		135		135
(United States SOFR + 1.94%), 3.79%, 03/17/2033 (aa)		10		9
(CME Term SOFR 3 Month + 2.10%), 4.28%, 04/24/2048 (aa)		20		16
(United States SOFR + 1.36%), 5.17%, 02/13/2030 (aa)		1,485		1,503
(United States SOFR + 4.55%), 5.32%, 03/26/2041 (aa)		10		10
(United States SOFR + 1.47%), 5.33%, 03/27/2036 (aa)		1,350		1,342
(United States SOFR + 2.06%), 5.83%, 02/13/2035 (aa)		780		775
(United States SOFR + 1.83%), 6.02%, 01/24/2036 (aa)		3,740		3,766
Citizens Financial Group, Inc., (United States SOFR + 2.01%), 5.84%, 01/23/2030 (aa)		145		149
Clydesdale Bank plc, (United Kingdom),
Reg. S, 2.50%, 06/22/2027	EUR	5,000		5,401
Reg. S, 3.75%, 08/22/2028	EUR	1,800		2,016
Comerica, Inc., (United States SOFR + 2.16%), 5.98%, 01/30/2030 (aa)		708		719
Commerzbank AG, (Germany),
Reg. S, 0.01%, 03/11/2030	EUR	100		95
Reg. S, 1.13%, 06/22/2026	EUR	1,100		1,169
Reg. S, 2.63%, 09/03/2029	EUR	25		27
Reg. S, 2.75%, 01/11/2027	EUR	200		218
Reg. S, 2.75%, 12/20/2029	EUR	160		174
Reg. S, 2.75%, 01/09/2031	EUR	100		108
Reg. S, (EURIBOR 3 Month + 1.50%), 3.00%, 09/14/2027 (aa)	EUR	1,000		1,087
Reg. S, 3.13%, 04/20/2029	EUR	100		110
Reg. S, (EURIBOR 3 Month + 2.10%), 4.63%, 01/17/2031 (aa)	EUR	2,300		2,595
Commonwealth Bank of Australia, (Australia),
Reg. S, 0.75%, 02/28/2028	EUR	100		103
Reg. S, 1.13%, 01/18/2028	EUR	1,000		1,037
Reg. S, 2.86%, 02/26/2032	EUR	100		107
Reg. S, 3.77%, 08/31/2027	EUR	100		111
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.35%), 4.27%, 06/04/2034 (aa)	EUR	5,300		5,846
Cooperatieve Rabobank UA, (Netherlands),
Reg. S, 0.01%, 11/27/2040	EUR	100		63
Reg. S, 0.13%, 12/01/2031	EUR	100		90
Reg. S, 0.75%, 03/02/2032	EUR	100		94
Reg. S, 0.88%, 02/08/2028	EUR	100		104

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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, (EURIBOR 3 Month + 1.18%), 0.88%, 05/05/2028 (aa)	EUR	700		727
Reg. S, 1.38%, 02/03/2027	EUR	25		27
Reg. S, 3.06%, 02/01/2034	EUR	200		217
Reg. S, (EUR Swap Rate 5 Year + 1.95%), 3.88%, 11/30/2032 (aa)	EUR	2,100		2,315
4.38%, 08/04/2025		250		250
Reg. S, (EURIBOR 3 Month + 1.55%), 4.63%, 01/27/2028 (aa)	EUR	5,700		6,374
Reg. S, 5.25%, 05/23/2041	GBP	50		61
Co-Operative Bank Holdings plc (The), (United Kingdom), Reg. S, (GBP Swap Rate 1 Year + 2.08%), 5.58%, 09/19/2028 (aa)	GBP	2,200		2,854
Credit Agricole Italia SpA, (Italy),
Reg. S, 0.13%, 03/15/2033	EUR	100		85
Reg. S, 3.50%, 01/15/2030	EUR	100		111
Reg. S, 3.50%, 03/11/2036	EUR	100		108
Series 15Y, Reg. S, 1.00%, 09/30/2031	EUR	2,100		1,998
Credit Agricole SA, (France),
Reg. S, 1.75%, 03/05/2029	EUR	1,100		1,126
Reg. S, (UK Gilts 5 Year + 1.50%), 1.87%, 12/09/2031 (aa)	GBP	600		730
Reg. S, 1.88%, 12/20/2026	EUR	1,000		1,066
Reg. S, (EURIBOR 3 Month + 0.77%), 1.88%, 04/22/2027 (aa)	EUR	1,000		1,071
Reg. S, 3.13%, 02/26/2032	EUR	13,700		14,578
Reg. S, 3.50%, 09/26/2034	EUR	3,800		3,970
Reg. S, 3.75%, 01/22/2034	EUR	3,300		3,601
(USD Semi-annual Swap Rate 5 Year + 1.64%), 4.00%, 01/10/2033 (e) (aa)		2,700		2,604
Reg. S, 4.00%, 01/18/2033	EUR	2,500		2,797
Reg. S, (EUR Swap Rate 5 Year + 2.25%), 5.50%, 08/28/2033 (aa)	EUR	800		914
Reg. S, (UK Gilts 1 Year + 2.60%), 5.75%, 11/29/2027 (aa)	GBP	3,000		3,911
Reg. S, (UK Gilts 1 Year + 2.18%), 6.38%, 06/14/2031 (aa)	GBP	4,300		5,777
Credit Mutuel Arkea SA, (France),
Reg. S, 3.25%, 06/01/2026	EUR	500		543
Reg. S, 3.38%, 09/19/2027	EUR	3,000		3,293
Reg. S, 4.25%, 12/01/2032	EUR	3,600		4,046
Credito Emiliano SpA, (Italy),
Reg. S, (EURIBOR 3 Month + 1.05%), 1.13%, 01/19/2028 (aa)	EUR	2,000		2,095
Reg. S, (EURIBOR 3 Month + 1.60%), 4.88%, 03/26/2030 (aa)	EUR	3,900		4,475
Crelan SA, (Belgium),
Reg. S, 5.75%, 01/26/2028	EUR	900		1,042
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 2.85%), 6.00%, 02/28/2030 (aa)	EUR	2,000		2,355
Danske Bank A/S, (Denmark),
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.88%), 0.75%, 06/09/2029 (aa)	EUR	1,100		1,107
Reg. S, (EUR Swap Rate 5 Year + 1.40%), 1.00%, 05/15/2031 (aa)	EUR	1,000		1,059
Reg. S, (EUR Swap Rate 1 Year + 0.85%), 1.38%, 02/17/2027 (aa)	EUR	1,000		1,069
Reg. S, (UK Gilts 1 Year + 1.65%), 2.25%, 01/14/2028 (aa)	GBP	5,000		6,155
Reg. S, 3.13%, 06/06/2031	EUR	100		110
(CMT Index 1 Year + 1.10%), 4.61%, 10/02/2030 (e) (aa)		1,010		995
(CMT Index 1 Year + 0.95%), 5.43%, 03/01/2028 (e) (aa)		1,090		1,108
(CMT Index 1 Year + 1.18%), 6.26%, 09/22/2026 (e) (aa)		1,480		1,490
Danske Hypotek AB, (Sweden), Series 2812, Reg. S, 3.50%, 12/20/2028	SEK	2,000		204
Danske Kiinnitysluottopankki OYJ, (Finland), Reg. S, 0.01%, 11/24/2026	EUR	100		104

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
de Volksbank NV, (Netherlands),
Reg. S, 0.38%, 03/03/2028	EUR	2,500		2,498
Reg. S, 1.00%, 03/08/2028	EUR	100		104
Reg. S, 3.63%, 10/21/2031	EUR	100		107
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.90%), 4.13%, 11/27/2035 (aa)	EUR	100		108
Reg. S, 4.63%, 11/23/2027	EUR	600		674
Reg. S, 4.88%, 03/07/2030	EUR	600		688
Deutsche Apotheker-und Aerztebank eG, (Germany), Reg. S, 0.01%, 02/06/2029	EUR	100		98
Deutsche Bank AG, (Germany),
Reg. S, 0.13%, 01/21/2030	EUR	75		72
Reg. S, (EURIBOR 3 Month + 2.05%), 1.75%, 11/19/2030 (aa)	EUR	1,500		1,495
Reg. S, (EURIBOR 3 Month + 1.38%), 1.88%, 02/23/2028 (aa)	EUR	2,900		3,072
(United States SOFR + 1.87%), 2.13%, 11/24/2026 (aa)		2,950		2,897
Reg. S, 2.25%, 09/20/2027	EUR	100		108
(United States SOFR + 1.22%), 2.31%, 11/16/2027 (aa)		200		192
(United States SOFR + 1.32%), 2.55%, 01/07/2028 (aa)		200		192
Reg. S, 3.13%, 10/19/2026	EUR	100		109
(United States SOFR + 2.76%), 3.73%, 01/14/2032 (aa)		2,160		1,940
(United States SOFR + 1.21%), 5.37%, 01/10/2029 (aa)		2,500		2,526
Reg. S, (EURIBOR 3 Month + 2.50%), 5.38%, 01/11/2029 (aa)	EUR	1,300		1,489
Reg. S, (EUR Swap Rate 5 Year + 6.00%), 5.63%, 05/19/2031 (aa)	EUR	2,500		2,753
Deutsche Kreditbank AG, (Germany),
Reg. S, 1.63%, 05/05/2032	EUR	50		50
Reg. S, 2.88%, 03/21/2036	EUR	50		53
Reg. S, 3.00%, 07/02/2030	EUR	100		109
Deutsche Pfandbriefbank AG, (Germany),
Reg. S, 0.63%, 08/30/2027	EUR	100		103
Reg. S, 1.00%, 04/13/2026	EUR	100		107
DNB Bank ASA, (Norway), Reg. S, (EUR Swap Rate 5 Year + 2.00%), 4.63%, 02/28/2033 (aa)	EUR	3,425		3,832
DNB Boligkreditt A/S, (Norway),
Reg. S, 0.01%, 05/12/2028	EUR	5,000		5,016
Reg. S, 0.01%, 01/21/2031	EUR	100		92
Reg. S, 2.63%, 09/27/2029	EUR	100		108
Reg. S, 2.88%, 03/12/2029	EUR	100		110
DZ HYP AG, (Germany),
Reg. S, 0.01%, 10/26/2026	EUR	50		52
Reg. S, 0.01%, 11/12/2027	EUR	40		41
Reg. S, 0.01%, 06/23/2028	EUR	100		100
Reg. S, 0.01%, 10/27/2028	EUR	25		25
Reg. S, 0.88%, 04/17/2034	EUR	100		90
Reg. S, 2.63%, 04/30/2031	EUR	20		21
Reg. S, 3.00%, 10/29/2027	EUR	50		55
Reg. S, 3.00%, 05/31/2032	EUR	50		54
Reg. S, 3.00%, 11/30/2032	EUR	100		109
Series 1234, Reg. S, 0.01%, 03/29/2030	EUR	30		28
Eika Boligkreditt A/S, (Norway), Reg. S, 0.01%, 03/12/2027	EUR	100		103
Equitable Bank, (Canada), Reg. S, 3.50%, 05/28/2027	EUR	100		110

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Erste Group Bank AG, (Austria),
Reg. S, 0.01%, 09/11/2029	EUR	100		96
Reg. S, (EURIBOR 3 Month + 0.52%), 0.10%, 11/16/2028 (aa)	EUR	1,000		1,007
Reg. S, 0.13%, 05/17/2028	EUR	1,500		1,495
Reg. S, 0.25%, 01/27/2031	EUR	400		364
Reg. S, 0.50%, 01/12/2037	EUR	100		78
Reg. S, 0.88%, 05/22/2026	EUR	1,000		1,059
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.10%), 0.88%, 11/15/2032 (aa)	EUR	4,500		4,577
Reg. S, 1.50%, 04/07/2026	EUR	1,000		1,070
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.10%), 1.63%, 09/08/2031 (aa)	EUR	1,000		1,061
Reg. S, (EURIBOR 3 Month + 0.90%), 3.25%, 08/27/2032 (aa)	EUR	200		213
Reg. S, (EURIBOR 3 Month + 1.25%), 4.00%, 01/16/2031 (aa)	EUR	1,500		1,680
Reg. S, (EURIBOR 3 Month + 1.25%), 4.25%, 05/30/2030 (aa)	EUR	2,200		2,481
Eurocaja Rural SCC, (Spain), Reg. S, 0.13%, 09/22/2031	EUR	2,300		2,076
Federation des Caisses Desjardins du Quebec, (Canada), Reg. S, 0.01%, 04/08/2026	EUR	100		106
Fifth Third Bancorp,
(SOFR Compounded Index + 2.13%), 4.77%, 07/28/2030 (aa)		11		11
(United States SOFR + 1.49%), 4.90%, 09/06/2030 (aa)		120		120
(United States SOFR + 1.84%), 5.63%, 01/29/2032 (aa)		5		5
(United States SOFR + 2.34%), 6.34%, 07/27/2029 (aa)		1,415		1,478
First Abu Dhabi Bank PJSC, (United Arab Emirates),
Reg. S, 0.13%, 02/16/2026	EUR	1,000		1,057
Reg. S, 0.88%, 12/09/2025	GBP	200		251
First Horizon Corp., (United States SOFR + 1.77%), 5.51%, 03/07/2031 (aa)		1,460		1,466
FNB Corp., (SOFR Compounded Index + 1.93%), 5.72%, 12/11/2030 (aa)		6		6
Goldman Sachs Group, Inc. (The),
Reg. S, 0.25%, 01/26/2028	EUR	1,000		1,011
Reg. S, 0.88%, 05/09/2029	EUR	1,000		990
Reg. S, 1.00%, 03/18/2033	EUR	1,000		891
(United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa)		1,570		1,505
2.60%, 02/07/2030		1,895		1,715
(United States SOFR + 1.28%), 2.62%, 04/22/2032 (aa)		2,715		2,367
(United States SOFR + 1.26%), 2.65%, 10/21/2032 (aa)		80		69
Reg. S, 3.00%, 02/12/2031	EUR	1,356		1,456
Reg. S, 3.13%, 07/25/2029	GBP	1,500		1,798
Reg. S, (EURIBOR 3 Month + 1.15%), 3.50%, 01/23/2033 (aa)	EUR	6,200		6,634
Reg. S, (UK Gilts 1 Year + 1.95%), 3.63%, 10/29/2029 (aa)	GBP	2,000		2,462
Reg. S, 4.25%, 01/29/2026	GBP	2,000		2,571
(United States SOFR + 1.08%), 5.21%, 01/28/2031 (aa)		70		71
(United States SOFR + 1.55%), 5.33%, 07/23/2035 (aa)		4,455		4,424
(United States SOFR + 1.58%), 5.56%, 11/19/2045 (aa)		1,550		1,505
(United States SOFR + 1.70%), 5.73%, 01/28/2056 (aa)		35		35
(United States SOFR + 1.55%), 5.85%, 04/25/2035 (aa)		805		830
6.75%, 10/01/2037		20		22
6.88%, 01/18/2038	GBP	825		1,113
Hamburg Commercial Bank AG, (Germany), Reg. S, 3.38%, 02/01/2028	EUR	50		55
Hamburger Sparkasse AG, (Germany), Reg. S, 0.75%, 03/30/2027	EUR	100		105

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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		193
(United States SOFR + 1.73%), 2.01%, 09/22/2028 (aa)		700		655
(United States SOFR + 1.29%), 2.21%, 08/17/2029 (aa)		3,130		2,866
(GBP Swap Rate 1 Year + 1.77%), 3.00%, 05/29/2030 (aa)	GBP	225		266
(CME Term SOFR 3 Month + 1.87%), 3.97%, 05/22/2030 (aa)		1,100		1,058
(United States SOFR + 1.29%), 5.13%, 03/03/2031 (aa)		1,195		1,197
Reg. S, 6.00%, 03/29/2040	GBP	7,000		8,502
(SONIA Interest Rate Benchmark + 2.12%), 6.80%, 09/14/2031 (aa)	GBP	3,200		4,386
(CMT Index 5 Year + 2.64%), 6.95%, 08/27/2031 (x) (aa)		200		199
Reg. S, 7.00%, 04/07/2038	GBP	300		404
Huntington Bancshares, Inc.,
(United States SOFR + 1.28%), 5.27%, 01/15/2031 (aa)		30		30
(SOFR Compounded Index + 1.87%), 5.71%, 02/02/2035 (aa)		2,110		2,128
(United States SOFR + 2.02%), 6.21%, 08/21/2029 (aa)		235		245
HYPO NOE Landesbank fuer Niederoesterreich und Wien AG, (Austria),
Reg. S, 0.13%, 06/30/2026	EUR	200		209
Reg. S, 3.00%, 04/16/2032	EUR	100		108
Reg. S, 3.25%, 02/27/2031	EUR	200		214
Hypo Vorarlberg Bank AG, (Austria), Reg. S, 1.63%, 05/11/2028	EUR	100		105
Iccrea Banca SpA, (Italy), Reg. S, 3.88%, 01/12/2029	EUR	100		112
ING Bank NV, (Netherlands),
Reg. S, 0.13%, 12/08/2031	EUR	100		90
Reg. S, 0.75%, 02/18/2029	EUR	100		101
Reg. S, 2.50%, 02/21/2030	EUR	100		107
Reg. S, 3.00%, 05/21/2034	EUR	100		108
ING Belgium SA, (Belgium),
Reg. S, 0.01%, 02/20/2030	EUR	100		95
Reg. S, 1.50%, 05/19/2029	EUR	100		103
ING Groep NV, (Netherlands),
Reg. S, (EURIBOR 3 Month + 0.68%), 0.25%, 02/18/2029 (aa)	EUR	4,000		3,978
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.15%), 0.88%, 06/09/2032 (aa)	EUR	1,000		1,029
Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.00%, 11/13/2030 (aa)	EUR	1,000		1,067
Reg. S, (SONIA Interest Rate Benchmark + 0.91%), 1.13%, 12/07/2028 (aa)	GBP	1,900		2,219
Reg. S, 1.38%, 01/11/2028	EUR	1,000		1,039
(United States SOFR + 1.01%), 1.73%, 04/01/2027 (aa)		1,265		1,229
Reg. S, 2.00%, 09/20/2028	EUR	600		626
Reg. S, (EUR Swap Rate 5 Year + 2.40%), 2.13%, 05/26/2031 (aa)	EUR	1,300		1,392
Reg. S, 3.00%, 02/18/2026	GBP	2,000		2,541
Reg. S, (EURIBOR 3 Month + 1.30%), 3.75%, 09/03/2035 (aa)	EUR	2,500		2,647
(United States SOFR + 1.61%), 5.53%, 03/25/2036 (aa)		1,740		1,737
ING-DiBa AG, (Germany), Reg. S, 0.01%, 10/07/2028	EUR	200		198
Intesa Sanpaolo SpA, (Italy),
Reg. S, 0.38%, 09/14/2026	EUR	100		105
Reg. S, 0.63%, 02/24/2026	EUR	1,000		1,063
Reg. S, 0.75%, 03/16/2028	EUR	360		367
Reg. S, 1.75%, 03/20/2028	EUR	400		419
Reg. S, 2.50%, 01/15/2030	GBP	3,000		3,420
Reg. S, (EURIBOR 3 Month + 1.48%), 3.85%, 09/16/2032 (aa)	EUR	6,000		6,507

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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, 4.75%, 09/06/2027	EUR	1,320		1,491
Reg. S, 5.25%, 01/13/2030	EUR	1,458		1,718
7.00%, 11/21/2025 (e)		1,060		1,074
7.80%, 11/28/2053 (e)		2,130		2,460
Investec plc, (United Kingdom),
Reg. S, (UK Gilts 1 Year + 1.50%), 1.88%, 07/16/2028 (aa)	GBP	1,500		1,789
Reg. S, (UK Gilts 5 Year + 2.05%), 2.63%, 01/04/2032 (aa)	GBP	1,000		1,223
Investitionsbank Berlin, (Germany),
Series 208, 0.05%, 03/02/2035	EUR	100		81
Series 216, 0.01%, 07/15/2027	EUR	500		512
Series 222, Reg. S, 2.75%, 10/04/2027	EUR	300		327
Series 226, Reg. S, 3.13%, 03/01/2033	EUR	900		985
Series 237, Reg. S, 2.25%, 09/28/2029	EUR	100		106
Series 276, 0.01%, 11/22/2029	EUR	200		192
KBC Group NV, (Belgium),
(CMT Index 1 Year + 1.07%), 4.93%, 10/16/2030 (e) (aa)		1,350		1,349
Reg. S, (UK Gilts 5 Year + 2.25%), 6.15%, 03/19/2034 (aa)	GBP	4,000		5,245
KeyCorp.,
(SOFR Compounded Index + 1.23%), 5.12%, 04/04/2031 (aa)		900		903
(SOFR Compounded Index + 2.42%), 6.40%, 03/06/2035 (aa)		520		548
Kookmin Bank, (South Korea), Reg. S, 0.05%, 10/19/2026	EUR	1,800		1,873
Kreditanstalt fuer Wiederaufbau, (Germany),
Reg. S, 0.00%, 06/15/2026	EUR	500		527
Reg. S, 0.00%, 09/30/2026	EUR	2,000		2,094
Reg. S, 0.00%, 03/31/2027	EUR	500		518
Reg. S, 0.00%, 04/30/2027	EUR	1,530		1,583
Reg. S, 0.00%, 12/15/2027	EUR	3,740		3,809
Reg. S, 0.00%, 09/15/2028	EUR	1,325		1,322
Reg. S, 0.00%, 11/09/2028	EUR	1,490		1,480
Reg. S, 0.00%, 06/15/2029	EUR	1,084		1,058
Reg. S, 0.00%, 09/17/2030	EUR	1,108		1,038
Reg. S, 0.00%, 01/10/2031	EUR	3,310		3,071
Reg. S, 0.00%, 09/15/2031	EUR	2,000		1,817
Reg. S, 0.01%, 05/05/2027	EUR	520		538
Reg. S, 0.05%, 09/29/2034	EUR	780		641
Reg. S, 0.13%, 01/09/2032	EUR	1,330		1,206
0.38%, 07/18/2025		150		148
Reg. S, 0.38%, 04/23/2030	EUR	360		348
Reg. S, 0.38%, 05/20/2036	EUR	548		444
Reg. S, 0.50%, 09/28/2026	EUR	2,520		2,661
0.50%, 09/15/2027	EUR	500		518
0.63%, 01/07/2028	EUR	720		745
Reg. S, 0.75%, 01/15/2029	EUR	1,000		1,016
Reg. S, 0.88%, 07/04/2039	EUR	2,380		1,895
Reg. S, 1.13%, 09/15/2032	EUR	400		384
Reg. S, 1.13%, 05/09/2033	EUR	550		520
Reg. S, 1.13%, 03/31/2037	EUR	3,040		2,636
Reg. S, 1.25%, 06/30/2027	EUR	8,160		8,646
Reg. S, 1.38%, 06/07/2032	EUR	700		687

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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%, 07/31/2035	EUR	202		187
Reg. S, 2.00%, 11/15/2029	EUR	500		528
Reg. S, 2.38%, 08/05/2027	EUR	5,040		5,468
Reg. S, 2.38%, 04/11/2028	EUR	3,089		3,348
Reg. S, 2.38%, 10/04/2029	EUR	700		753
Reg. S, 2.50%, 10/15/2031	EUR	2,790		2,975
Reg. S, 2.63%, 04/26/2029	EUR	2,490		2,710
Reg. S, 2.63%, 01/10/2034	EUR	1,500		1,584
Reg. S, 2.75%, 03/15/2028	EUR	600		657
Reg. S, 2.75%, 05/15/2030	EUR	525		572
Reg. S, 2.75%, 02/20/2031	EUR	1,100		1,194
Reg. S, 2.75%, 02/14/2033	EUR	700		752
Reg. S, 2.75%, 01/17/2035	EUR	1,043		1,105
Reg. S, 2.88%, 05/29/2026	EUR	1,000		1,090
Reg. S, 2.88%, 12/28/2029	EUR	1,280		1,404
Reg. S, 2.88%, 03/31/2032	EUR	1,700		1,850
Reg. S, 2.88%, 06/07/2033	EUR	500		540
Reg. S, 3.13%, 10/10/2028	EUR	1,800		1,995
Reg. S, 3.13%, 06/07/2030	EUR	2,200		2,439
Reg. S, 3.25%, 03/24/2031	EUR	1,510		1,684
4.70%, 06/02/2037	CAD	140		104
Reg. S, 4.88%, 03/15/2037	GBP	825		1,058
5.00%, 03/16/2026		200		202
5.75%, 06/07/2032	GBP	1,300		1,799
6.00%, 12/07/2028	GBP	2,500		3,410
La Banque Postale SA, (France),
Reg. S, 0.25%, 07/12/2026	EUR	200		210
Reg. S, 0.75%, 06/23/2031	EUR	300		273
Reg. S, (EUR Swap Rate 5 Year + 1.23%), 0.75%, 08/02/2032 (aa)	EUR	100		102
Reg. S, (EURIBOR 3 Month + 0.78%), 1.00%, 02/09/2028 (aa)	EUR	400		417
Reg. S, 1.38%, 04/24/2029	EUR	200		201
Reg. S, 3.50%, 06/13/2030	EUR	400		438
Reg. S, (EURIBOR 3 Month + 1.30%), 3.50%, 04/01/2031 (aa)	EUR	200		216
Reg. S, 4.00%, 05/03/2028	EUR	400		447
Reg. S, 4.38%, 01/17/2030	EUR	200		226
Reg. S, (EUR Swap Rate 5 Year + 2.85%), 5.50%, 03/05/2034 (aa)	EUR	300		345
Landesbank Baden-Wuerttemberg, (Germany),
Reg. S, 0.25%, 07/21/2028	EUR	200		197
Reg. S, 0.38%, 02/18/2027	EUR	200		207
Reg. S, 0.38%, 02/28/2028	EUR	200		201
Reg. S, 0.38%, 05/07/2029	EUR	300		290
Reg. S, 0.38%, 02/21/2031	EUR	400		362
Reg. S, 2.75%, 03/12/2031	EUR	100		108
Reg. S, 3.00%, 09/26/2031	EUR	60		66
Reg. S, 3.13%, 11/13/2029	EUR	50		55
Reg. S, 3.25%, 09/27/2027	EUR	50		55
3.50%, 03/21/2030	EUR	300		326
Series 809, Reg. S, 0.38%, 07/29/2026	EUR	100		105

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Landesbank Hessen-Thueringen Girozentrale, (Germany),
Reg. S, 0.01%, 07/19/2027	EUR	100		103
Reg. S, 0.38%, 06/04/2029	EUR	300		289
Reg. S, 0.63%, 01/12/2027	EUR	100		105
Reg. S, 2.63%, 08/24/2027	EUR	200		215
Reg. S, 2.88%, 02/06/2034	EUR	100		107
Reg. S, 3.38%, 02/26/2031	EUR	200		215
Reg. S, 4.00%, 02/04/2030	EUR	300		335
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.75%), 4.50%, 09/15/2032 (aa)	EUR	100		109
Landeskreditbank Baden-Wuerttemberg Foerderbank, (Germany),
Reg. S, 0.38%, 02/25/2027	EUR	400		417
Reg. S, 0.75%, 03/16/2032	EUR	200		189
Reg. S, 2.75%, 02/16/2028	EUR	500		546
Series 5614, Reg. S, 0.01%, 01/20/2031	EUR	400		371
Landwirtschaftliche Rentenbank, (Germany),
Reg. S, 0.00%, 09/28/2026	EUR	535		560
Reg. S, 0.00%, 09/22/2027	EUR	300		306
Reg. S, 0.00%, 07/19/2028	EUR	1,500		1,498
Reg. S, 0.00%, 12/13/2028	EUR	720		711
Reg. S, 0.00%, 11/27/2029	EUR	820		787
Reg. S, 0.01%, 11/26/2040	EUR	200		128
Reg. S, 0.05%, 12/18/2029	EUR	2,140		2,056

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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, 0.05%, 01/31/2031	EUR	800		742
Reg. S, 0.10%, 03/08/2027	EUR	1,180		1,224
Reg. S, 0.38%, 02/14/2028	EUR	1,140		1,166
Reg. S, 0.50%, 02/28/2029	EUR	400		400
Reg. S, 0.63%, 02/20/2030	EUR	440		433
Reg. S, 0.63%, 10/31/2036	EUR	75		61
Reg. S, 0.88%, 12/15/2026	GBP	2,000		2,441
Reg. S, 2.75%, 02/16/2032	EUR	1,000		1,079
Reg. S, 2.75%, 01/17/2033	EUR	300		322
Reg. S, 2.88%, 07/09/2031	EUR	300		327
Reg. S, 3.00%, 11/14/2034	EUR	700		757
Reg. S, 3.25%, 09/06/2030	EUR	600		667
LFA Foerderbank Bayern, (Germany),
Series 171, 1.00%, 03/01/2028	EUR	200		207
Series 1174, 0.75%, 01/04/2027	EUR	200		211
Series 1180, 0.75%, 04/01/2031	EUR	200		192
Lloyds Bank plc, (United Kingdom),
Reg. S, 6.00%, 02/08/2029	GBP	100		136
Reg. S, 6.50%, 09/17/2040	GBP	300		412
Lloyds Banking Group plc, (United Kingdom),
(UK Gilts 5 Year + 1.60%), 1.99%, 12/15/2031 (aa)	GBP	1,900		2,328
Reg. S, (UK Gilts 5 Year + 2.40%), 2.71%, 12/03/2035 (aa)	GBP	600		654
(ICE LIBOR USD 3 Month + 1.21%), 3.57%, 11/07/2028 (aa)		1,050		1,019
(CMT Index 1 Year + 1.48%), 5.99%, 08/07/2027 (aa)		2,150		2,185
Reg. S, (UK Gilts 5 Year + 3.10%), 6.63%, 06/02/2033 (aa)	GBP	1,600		2,120
Luzerner Kantonalbank AG, (Switzerland),
Reg. S, 0.10%, 09/15/2031	CHF	1,050		1,125
Reg. S, 0.35%, 02/05/2027	CHF	500		563
M&T Bank Corp.,
(United States SOFR + 0.93%), 4.83%, 01/16/2029 (aa)		55		55
(United States SOFR + 2.26%), 6.08%, 03/13/2032 (aa)		71		73
(United States SOFR + 2.80%), 7.41%, 10/30/2029 (aa)		105		113
Macquarie Group Ltd., (Australia),
Reg. S, 2.13%, 10/01/2031	GBP	1,500		1,603
Reg. S, 4.08%, 05/31/2029	GBP	2,000		2,504
Mediobanca Banca di Credito Finanziario SpA, (Italy),
Reg. S, 0.75%, 07/15/2027	EUR	425		440
Reg. S, (EURIBOR 3 Month + 0.90%), 1.00%, 07/17/2029 (aa)	EUR	5,000		5,047
Reg. S, (EURIBOR 3 Month + 1.45%), 4.88%, 09/13/2027 (aa)	EUR	2,950		3,281
Mediocredito Centrale - Banca Del Mezzogiorno SpA, (Italy), Reg. S, 3.75%, 09/20/2029	EUR	200		220
Mitsubishi UFJ Financial Group, Inc., (Japan),
(CMT Index 1 Year + 0.75%), 1.54%, 07/20/2027 (aa)		780		750
Reg. S, 3.56%, 06/15/2032	EUR	5,800		6,288
(CMT Index 1 Year + 1.90%), 5.35%, 09/13/2028 (aa)		3,450		3,513
Mizuho Financial Group, Inc., (Japan),
Reg. S, 0.40%, 09/06/2029	EUR	732		701
Reg. S, 0.84%, 04/12/2033	EUR	575		509
Reg. S, 2.10%, 04/08/2032	EUR	1,122		1,094
(CME Term SOFR 3 Month + 1.39%), 3.15%, 07/16/2030 (aa)		930		869
Reg. S, 3.77%, 08/27/2034	EUR	9,800		10,602
Reg. S, 4.42%, 05/20/2033	EUR	8,466		9,609

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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, 5.63%, 06/13/2028	GBP	3,150		4,144
(CMT Index 1 Year + 1.65%), 5.78%, 07/06/2029 (aa)		460		474
Morgan Stanley,
(EURIBOR 3 Month + 0.70%), 0.41%, 10/29/2027 (aa)	EUR	4,350		4,536
(United States SOFR + 0.86%), 1.51%, 07/20/2027 (aa)		39		38
(United States SOFR + 1.03%), 1.79%, 02/13/2032 (aa)		39		33
(EURIBOR 3 Month + 0.90%), 2.10%, 05/08/2026 (aa)	EUR	900		973
(United States SOFR + 1.00%), 2.48%, 01/21/2028 (aa)		2		2
(United States SOFR + 1.20%), 2.51%, 10/20/2032 (aa)		25		21
2.63%, 03/09/2027	GBP	1,425		1,764
(United States SOFR + 1.14%), 2.70%, 01/22/2031 (aa)		1,075		973
3.95%, 04/23/2027		17		17
(United States SOFR + 1.10%), 4.65%, 10/18/2030 (aa)		3,335		3,305
(United States SOFR + 1.45%), 5.17%, 01/16/2030 (aa)		2,275		2,303
(SONIA Interest Rate Benchmark + 1.46%), 5.21%, 10/24/2035 (aa)	GBP	2,200		2,739
(United States SOFR + 1.87%), 5.25%, 04/21/2034 (aa)		385		384
(United States SOFR + 1.56%), 5.32%, 07/19/2035 (aa)		1,470		1,467
(United States SOFR + 1.88%), 5.42%, 07/21/2034 (aa)		795		802
(United States SOFR + 1.63%), 5.45%, 07/20/2029 (aa)		510		521
(United States SOFR + 1.58%), 5.83%, 04/19/2035 (aa)		615		636
(United States SOFR + 2.24%), 6.30%, 10/18/2028 (aa)		110		114
(United States SOFR + 2.56%), 6.34%, 10/18/2033 (aa)		30		32
Muenchener Hypothekenbank eG, (Germany),
Reg. S, 0.01%, 11/02/2040	EUR	50		32
Reg. S, 0.13%, 02/01/2029	EUR	50		50
Reg. S, 0.13%, 09/05/2035	EUR	50		40
Reg. S, 1.00%, 04/18/2039	EUR	50		40
Reg. S, 2.50%, 07/04/2028	EUR	50		54
Reg. S, 3.00%, 02/01/2034	EUR	50		54
Series 2057, Reg. S, 3.00%, 07/11/2031	EUR	25		27
National Australia Bank Ltd., (Australia),
Reg. S, 1.25%, 05/18/2026	EUR	1,000		1,067
Reg. S, (UK Gilts 5 Year + 1.40%), 1.70%, 09/15/2031 (aa)	GBP	1,425		1,746
Reg. S, 2.13%, 05/24/2028	EUR	500		531
Reg. S, 2.35%, 08/30/2029	EUR	100		106
Reg. S, 3.15%, 02/05/2031	EUR	1,800		1,974
National Bank of Canada, (Canada), Reg. S, 0.01%, 03/25/2028	EUR	100		100
Nationale-Nederlanden Bank NV (The), (Netherlands), Reg. S, 0.01%, 07/08/2030	EUR	100		93
NatWest Group plc, (United Kingdom),
Reg. S, (EURIBOR 3 Month + 0.89%), 0.67%, 09/14/2029 (aa)	EUR	2,000		1,987
Reg. S, (EUR Swap Rate 5 Year + 1.27%), 1.04%, 09/14/2032 (aa)	EUR	875		896
Reg. S, (UK Gilts 5 Year + 1.75%), 2.11%, 11/28/2031 (aa)	GBP	600		738
Reg. S, (UK Gilts 1 Year + 2.10%), 3.62%, 03/29/2029 (aa)	GBP	4,000		4,951
Reg. S, (EURIBOR 3 Month + 1.10%), 3.67%, 08/05/2031 (aa)	EUR	7,300		7,965
NatWest Markets plc, (United Kingdom),
Reg. S, 0.13%, 06/18/2026	EUR	1,000		1,050
Reg. S, 3.63%, 01/09/2029	EUR	200		222
Reg. S, 4.25%, 01/13/2028	EUR	500		562
5.02%, 03/21/2030 (e)		2,300		2,313
NIBC Bank NV, (Netherlands), Reg. S, 0.13%, 04/21/2031	EUR	100		91
Norddeutsche Landesbank-Girozentrale, (Germany),

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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%, 09/23/2026	EUR	100		104
Reg. S, 0.25%, 10/28/2026	EUR	20		21
Reg. S, 0.50%, 06/29/2026	EUR	50		53
Reg. S, 2.88%, 05/14/2027	EUR	50		54
Reg. S, 3.63%, 09/11/2029	EUR	300		329
Reg. S, 4.88%, 07/11/2028	EUR	100		115
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.95%), 5.63%, 08/23/2034 (aa)	EUR	100		112
Nordea Bank Abp, (Finland),
Reg. S, 4.13%, 05/05/2028	EUR	2,825		3,161
Reg. S, (EUR Swap Rate 5 Year + 1.85%), 4.88%, 02/23/2034 (aa)	EUR	725		817
Nordea Hypotek AB, (Sweden),
Series 5536, Reg. S, 0.50%, 09/16/2026	SEK	1,700		164
Series 5537, Reg. S, 1.00%, 06/16/2027	SEK	2,000		192
Series 5538, Reg. S, 3.50%, 09/20/2028	SEK	2,000		204
Nordea Kiinnitysluottopankki OYJ, (Finland),
Reg. S, 0.13%, 06/18/2027	EUR	100		103
Reg. S, 2.50%, 09/14/2032	EUR	100		105
Reg. S, 3.00%, 01/31/2031	EUR	150		164
NRW Bank, (Germany),
Reg. S, 0.00%, 02/18/2030	EUR	400		379
Reg. S, 0.00%, 09/23/2030	EUR	500		465
Reg. S, 0.00%, 02/03/2031	EUR	300		276
Reg. S, 0.00%, 07/28/2031	EUR	138		125
Reg. S, 0.10%, 07/09/2035	EUR	680		541
Reg. S, 0.38%, 05/16/2029	EUR	750		740
Reg. S, 0.50%, 06/17/2041	EUR	100		68
0.63%, 02/23/2027	EUR	700		734
0.63%, 01/04/2028	EUR	110		113
Reg. S, 0.75%, 06/30/2028	EUR	760		778
1.20%, 03/28/2039	EUR	100		82
1.25%, 05/13/2049	EUR	87		58
Reg. S, 2.50%, 02/13/2032	EUR	300		318
2.75%, 02/21/2029	EUR	500		543
Reg. S, 2.75%, 05/15/2031	EUR	1,502		1,618
Reg. S, 2.88%, 04/05/2033	EUR	600		644
Reg. S, 2.88%, 07/25/2034	EUR	300		319
Reg. S, 2.88%, 09/26/2039	EUR	170		173
Reg. S, 3.00%, 05/31/2030	EUR	173		190
Series 1W1, 0.13%, 02/04/2030	EUR	300		287
Nykredit Realkredit A/S, (Denmark),
Reg. S, (EUR Swap Rate 5 Year + 1.18%), 0.88%, 07/28/2031 (aa)	EUR	5,000		5,263
Series 13G, Reg. S, 1.00%, 04/01/2026	DKK	300		43
Series 13H, Reg. S, 1.00%, 07/01/2026	DKK	600		86
Series 13H, Reg. S, 1.00%, 01/01/2027	DKK	1,600		228
Series 13H, Reg. S, 1.00%, 07/01/2027	DKK	2,900		410
Series 13H, Reg. S, 1.00%, 01/01/2028	DKK	200		28
Series 13H, Reg. S, 1.00%, 07/01/2028	DKK	400		56
Series SDO, Reg. S, 1.00%, 01/01/2029	DKK	700		96
Oesterreichische Kontrollbank AG, (Austria), Reg. S, 0.00%, 10/08/2026	EUR	150		157
OP Corporate Bank plc, (Finland),

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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, 2.88%, 11/27/2029	EUR	7,350		7,894
Reg. S, 4.13%, 04/18/2027	EUR	3,000		3,339
OP Mortgage Bank, (Finland),
Reg. S, 0.63%, 02/15/2029	EUR	100		100
Reg. S, 1.00%, 10/05/2027	EUR	100		105
Reg. S, 3.00%, 07/17/2031	EUR	100		109
Permanent TSB Group Holdings plc, (Ireland),
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.60%), 4.25%, 07/10/2030 (aa)	EUR	200		222
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 3.50%), 6.63%, 04/25/2028 (aa)	EUR	300		348
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 3.50%), 6.63%, 06/30/2029 (aa)	EUR	300		356
Pfandbriefbank schweizerischer Hypothekarinstitute AG, (Switzerland),
Reg. S, 0.00%, 02/26/2030	CHF	650		710
Series 676, Reg. S, 0.25%, 04/26/2034	CHF	100		106
Series 678, Reg. S, 0.00%, 08/26/2049	CHF	40		34
Series 682, Reg. S, 0.00%, 04/06/2027	CHF	200		224
Series 683, Reg. S, 0.00%, 02/25/2028	CHF	370		412
Series 684, Reg. S, 0.00%, 05/10/2045	CHF	125		111
Series 689, Reg. S, 0.25%, 10/06/2042	CHF	40		38
Series 697, Reg. S, 0.00%, 05/20/2041	CHF	250		233
Series 706, Reg. S, 0.13%, 08/19/2031	CHF	200		216
Series 723, Reg. S, 2.25%, 07/05/2052	CHF	10		14
Series 741, Reg. S, 1.88%, 06/24/2050	CHF	30		39
Series 742, Reg. S, 1.75%, 07/07/2033	CHF	50		60
Series 743, Reg. S, 1.75%, 07/09/2038	CHF	50		61
Series 745, Reg. S, 1.75%, 12/23/2033	CHF	30		36
Series 748, Reg. S, 1.63%, 03/15/2034	CHF	40		48
Series 751, Reg. S, 1.25%, 05/28/2030	CHF	40		46
Series 755, Reg. S, 1.50%, 07/13/2027	CHF	100		116
Series 764, Reg. S, 0.88%, 03/10/2032	CHF	100		113
Pfandbriefzentrale der schweizerischen Kantonalbanken AG, (Switzerland),
Series 483, Reg. S, 0.00%, 01/27/2027	CHF	400		448
Series 490, Reg. S, 0.50%, 02/20/2032	CHF	150		165
Series 516, Reg. S, 0.13%, 03/23/2032	CHF	50		54
Series 524, Reg. S, 0.00%, 06/21/2028	CHF	50		55
Series 530, Reg. S, 0.00%, 03/18/2033	CHF	370		388
Series 531, Reg. S, 0.00%, 02/15/2036	CHF	365		368
Series 534, Reg. S, 0.00%, 03/13/2028	CHF	200		223
Series 576, Reg. S, 1.85%, 07/19/2038	CHF	50		62
Series 585, Reg. S, 1.50%, 04/02/2031	CHF	100		118
Series 588, Reg. S, 1.45%, 11/03/2032	CHF	50		59
Series 589, Reg. S, 1.50%, 06/23/2036	CHF	30		36
Series 600, Reg. S, 0.90%, 10/26/2035	CHF	40		45
PNC Financial Services Group, Inc. (The),
(United States SOFR + 1.26%), 4.81%, 10/21/2032 (aa)		35		34
(United States SOFR + 1.90%), 5.68%, 01/22/2035 (aa)		85		87
(United States SOFR + 2.28%), 6.88%, 10/20/2034 (aa)		760		839
Series V, (CMT Index 5 Year + 3.24%), 6.20%, 09/15/2027 (x) (aa)		157		159
Raiffeisen Bank International AG, (Austria),
Reg. S, 3.88%, 03/16/2026	EUR	100		110
Reg. S, (EURIBOR 3 Month + 1.95%), 4.63%, 08/21/2029 (aa)	EUR	700		781

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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, (EURIBOR 3 Month + 1.95%), 4.75%, 01/26/2027 (aa)	EUR	700		768
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.20%), 7.38%, 12/20/2032 (aa)	EUR	1,300		1,515
Raiffeisen Bausparkasse Gesellschaft mbH, (Austria), Reg. S, 3.38%, 07/10/2029	EUR	100		111
Raiffeisen Landesbank Vorarlberg mit Revisionsverband eGen, (Austria), Series 9, Reg. S, 3.00%, 01/25/2027	EUR	100		109
Raiffeisenlandesbank Niederoesterreich-Wien AG, (Austria), Reg. S, 3.25%, 01/11/2030	EUR	100		110
Raiffeisenlandesbank Oberoesterreich AG, (Austria), Reg. S, 1.25%, 04/26/2027	EUR	100		105
Raiffeisen-Landesbank Steiermark AG, (Austria), Reg. S, 2.38%, 06/14/2028	EUR	100		107
Raiffeisen-Landesbank Tirol AG, (Austria), Reg. S, 3.00%, 01/24/2028	EUR	100		109
Regions Financial Corp., (United States SOFR + 2.06%), 5.50%, 09/06/2035 (aa)		140		138
Rheinland-Pfalz Bank, (Germany), SUB, 6.88%, 02/23/2028 (e)		2,000		2,125
Royal Bank of Canada, (Canada),
Reg. S, 0.01%, 10/05/2028	EUR	100		99
Reg. S, 0.01%, 01/27/2031	EUR	500		458
Reg. S, 0.13%, 04/26/2027	EUR	700		723
Reg. S, 1.50%, 09/15/2027	EUR	100		106
Reg. S, 2.38%, 09/13/2027	EUR	150		162
Reg. S, 2.75%, 02/04/2030	EUR	100		108
Reg. S, 4.38%, 10/02/2030	EUR	5,944		6,777
(SOFR Compounded Index + 0.81%), 4.72%, 03/27/2028 (aa)		135		135
Santander UK Group Holdings plc, (United Kingdom), (United States SOFR + 2.75%), 6.83%, 11/21/2026 (aa)		2,200		2,227
Santander UK plc, (United Kingdom),
Reg. S, 0.05%, 01/12/2027	EUR	100		104
Reg. S, 1.13%, 03/12/2027	EUR	100		105
Skandinaviska Enskilda Banken AB, (Sweden),
Reg. S, 3.25%, 05/04/2028	EUR	100		111
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.80%), 4.50%, 11/27/2034 (aa)	EUR	9,075		10,136
Series 581, Reg. S, 0.50%, 12/16/2026	SEK	4,000		384
Series 601, Reg. S, 3.00%, 12/06/2027	SEK	4,000		401
Slovenska Sporitelna A/S, (Slovakia), Reg. S, 0.13%, 06/12/2026	EUR	100		105
Societe Generale SA, (France),
(EUR Swap Rate 5 Year + 1.55%), 1.00%, 11/24/2030 (aa)	EUR	1,000		1,066
Reg. S, 1.25%, 12/07/2027	GBP	3,000		3,522
Reg. S, 1.25%, 06/12/2030	EUR	5,000		4,845
Reg. S, 2.63%, 05/30/2029	EUR	1,000		1,068
(CMT Index 1 Year + 1.30%), 2.80%, 01/19/2028 (e) (aa)		430		414
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.65%), 3.75%, 05/17/2035 (aa)	EUR	7,300		7,733
Reg. S, 4.00%, 11/16/2027	EUR	3,000		3,350
Reg. S, 4.25%, 11/16/2032	EUR	100		114
Reg. S, (EURIBOR 3 Month + 1.90%), 4.88%, 11/21/2031 (aa)	EUR	200		228
5.25%, 02/19/2027 (e)		2,000		2,014
Reg. S, (EUR Swap Rate 5 Year + 3.10%), 5.25%, 09/06/2032 (aa)	EUR	200		225
(CMT Index 1 Year + 1.50%), 5.52%, 01/19/2028 (e) (aa)		1,800		1,817
Reg. S, 6.25%, 06/22/2033	GBP	2,000		2,686
(CMT Index 1 Year + 2.95%), 7.13%, 01/19/2055 (e) (aa)		250		248
SpareBank 1 Boligkreditt A/S, (Norway),
Reg. S, 0.01%, 09/22/2027	EUR	5,100		5,204
Reg. S, 0.13%, 05/14/2026	EUR	100		106

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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, 0.13%, 05/12/2031	EUR	100		92
Reg. S, 1.00%, 01/30/2029	EUR	100		102
Sparebank 1 Oestlandet, (Norway), Reg. S, 1.75%, 04/27/2027	EUR	1,000		1,060
Sparebanken Soer Boligkreditt A/S, (Norway),
Reg. S, 0.01%, 09/25/2028	EUR	5,000		4,946
Reg. S, 0.50%, 02/06/2026	EUR	100		106
SP-Kiinnitysluottopankki OYJ, (Finland), Reg. S, 3.13%, 11/01/2027	EUR	100		110
SR-Boligkreditt A/S, (Norway),
Reg. S, 0.01%, 03/10/2031	EUR	100		91
Reg. S, 1.63%, 03/15/2028	EUR	100		106
Stadshypotek AB, (Sweden),
Reg. S, 0.01%, 11/24/2028	EUR	100		99
Reg. S, 3.63%, 06/20/2028	SEK	2,000		204
Series 1591, Reg. S, 0.50%, 06/01/2026	SEK	2,000		194
Series 1592, Reg. S, 1.00%, 03/01/2027	SEK	2,000		193
Series 1594, Reg. S, 2.00%, 09/01/2028	SEK	3,000		291
Series 1596, Reg. S, 2.50%, 02/01/2030	SEK	2,000		195
Standard Chartered plc, (United Kingdom),
(CMT Index 1 Year + 1.00%), 1.46%, 01/14/2027 (e) (aa)		1,200		1,170
Reg. S, (EUR Swap Rate 1 Year + 1.45%), 4.20%, 03/04/2032 (aa)	EUR	8,900		9,861
(CMT Index 1 Year + 1.15%), 5.01%, 10/15/2030 (e) (aa)		1,345		1,341
Reg. S, 5.13%, 06/06/2034	GBP	3,700		4,400
(CMT Index 1 Year + 1.05%), 5.55%, 01/21/2029 (e) (aa)		555		564
Sumitomo Mitsui Banking Corp., (Japan), Reg. S, 0.41%, 11/07/2029	EUR	2,100		2,037
Sumitomo Mitsui Financial Group, Inc., (Japan), Reg. S, 1.55%, 06/15/2026	EUR	6,000		6,404
Sumitomo Mitsui Trust Bank Ltd., (Japan), Reg. S, 0.01%, 10/15/2027	EUR	2,000		2,027
Svenska Handelsbanken AB, (Sweden),
Reg. S, 0.05%, 09/06/2028	EUR	1,000		985
Reg. S, 0.13%, 11/03/2026	EUR	3,200		3,335
Reg. S, 3.75%, 11/01/2027	EUR	1,200		1,333
Sveriges Sakerstallda Obligationer AB, (Sweden),
Reg. S, 0.01%, 03/14/2030	EUR	200		190
Series 147, Reg. S, 2.00%, 06/17/2026	SEK	1,000		99
Series 148, Reg. S, 0.25%, 06/09/2027	SEK	2,000		189
Series 151, Reg. S, 1.00%, 06/12/2030	SEK	2,000		179
Swedbank AB, (Sweden),
Reg. S, (EUR Swap Rate 1 Year + 0.57%), 0.30%, 05/20/2027 (aa)	EUR	1,500		1,579
Reg. S, 1.30%, 02/17/2027	EUR	1,000		1,054
Reg. S, (UK Gilts 1 Year + 1.00%), 1.38%, 12/08/2027 (aa)	GBP	1,500		1,829
Reg. S, 2.10%, 05/25/2027	EUR	1,000		1,070
Reg. S, (EUR Swap Rate 5 Year + 2.15%), 3.63%, 08/23/2032 (aa)	EUR	3,200		3,492
Reg. S, 4.38%, 09/05/2030	EUR	5,500		6,235
Sydbank A/S, (Denmark), Reg. S, (EUR Swap Rate 1 Year + 1.85%), 5.13%, 09/06/2028 (aa)	EUR	3,100		3,518
Toronto-Dominion Bank (The), (Canada),
Reg. S, 0.86%, 03/24/2027	EUR	1,800		1,889
Reg. S, 2.78%, 09/03/2027	EUR	200		218
Reg. S, 2.86%, 04/15/2031	EUR	2,200		2,372
Reg. S, 3.19%, 02/16/2029	EUR	100		110
Reg. S, 3.56%, 04/16/2031	EUR	3,000		3,251

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
Reg. S, 3.77%, 09/08/2026	EUR	100		110
4.69%, 09/15/2027		55		56
Truist Bank, 2.25%, 03/11/2030		250		219
Truist Financial Corp.,
3.88%, 03/19/2029		1,400		1,353
(United States SOFR + 1.62%), 5.44%, 01/24/2030 (aa)		645		657
(United States SOFR + 2.36%), 5.87%, 06/08/2034 (aa)		370		380
(United States SOFR + 2.45%), 7.16%, 10/30/2029 (aa)		620		667
UBS AG, (Switzerland), 5.65%, 09/11/2028		200		207
UBS Group AG, (Switzerland),
Reg. S, 0.25%, 02/24/2028	EUR	1,000		1,001
Reg. S, (EUR Swap Rate 1 Year + 0.77%), 0.25%, 11/05/2028 (aa)	EUR	1,200		1,208
Reg. S, 1.25%, 09/01/2026	EUR	1,000		1,060
(CMT Index 1 Year + 1.10%), 2.75%, 02/11/2033 (e) (aa)		1,000		854
(United States SOFR + 1.73%), 3.09%, 05/14/2032 (e) (aa)		755		671
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 08/13/2030 (e) (aa)		300		279
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 4.95%), 7.75%, 03/01/2029 (aa)	EUR	4,400		5,356
UBS Switzerland AG, (Switzerland),
Reg. S, 0.00%, 10/31/2030	CHF	25		27
Reg. S, 2.04%, 10/18/2033	CHF	30		37
Reg. S, 2.58%, 09/23/2027	EUR	100		108
UniCredit Bank Austria AG, (Austria), Reg. S, 3.13%, 09/21/2029	EUR	100		110
UniCredit Bank Czech Republic & Slovakia A/S, (Czech Republic),
Reg. S, 2.88%, 03/25/2029	EUR	100		108
Reg. S, 3.13%, 10/11/2027	EUR	1,900		2,076
UniCredit Bank GmbH, (Germany),
Reg. S, 0.01%, 09/15/2028	EUR	50		50
Reg. S, 0.01%, 03/10/2031	EUR	125		115
Reg. S, 0.13%, 11/22/2029	EUR	100		96
Reg. S, 0.85%, 05/22/2034	EUR	50		44
Reg. S, 0.88%, 01/11/2029	EUR	100		101
UniCredit SpA, (Italy),
Reg. S, 0.38%, 10/31/2026	EUR	100		105
Reg. S, (EURIBOR 3 Month + 0.85%), 0.93%, 01/18/2028 (aa)	EUR	1,000		1,048
Reg. S, (EURIBOR 3 Month + 2.55%), 2.20%, 07/22/2027 (aa)	EUR	1,000		1,073
(CMT Index 1 Year + 2.30%), 2.57%, 09/22/2026 (e) (aa)		3,000		2,967
Reg. S, 3.50%, 07/31/2030	EUR	1,800		2,001
Reg. S, (EURIBOR 3 Month + 1.60%), 4.45%, 02/16/2029 (aa)	EUR	3,650		4,088
United Overseas Bank Ltd., (Singapore), Reg. S, 0.01%, 12/01/2027	EUR	100		101
US Bancorp,
(CMT Index 5 Year + 2.54%), 3.70%, 01/15/2027 (x) (aa)		2,300		2,182
(EURIBOR 3 Month + 1.20%), 4.01%, 05/21/2032 (aa)	EUR	1,500		1,660
(United States SOFR + 1.56%), 5.38%, 01/23/2030 (aa)		30		31
(United States SOFR + 1.41%), 5.42%, 02/12/2036 (aa)		60		60
(United States SOFR + 1.86%), 5.68%, 01/23/2035 (aa)		15		15
(United States SOFR + 1.43%), 5.73%, 10/21/2026 (aa)		30		30
(United States SOFR + 2.26%), 5.84%, 06/12/2034 (aa)		725		747
Virgin Money UK plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 5.25%), 5.13%, 12/11/2030 (aa)	GBP	1,000		1,288

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Vseobecna Uverova Banka A/S, (Slovakia),
Reg. S, 0.01%, 06/23/2025	EUR	1,700		1,828
Reg. S, 0.50%, 06/26/2029	EUR	1,800		1,763
Reg. S, 3.25%, 03/20/2031	EUR	100		109
Wells Fargo & Co.,
Reg. S, 0.63%, 08/14/2030	EUR	832		777
Reg. S, 1.00%, 02/02/2027	EUR	1,000		1,048
Reg. S, 1.38%, 10/26/2026	EUR	1,000		1,061
Reg. S, 2.00%, 04/27/2026	EUR	1,000		1,075
Reg. S, 2.13%, 09/24/2031	GBP	1,000		1,077
Reg. S, 2.50%, 05/02/2029	GBP	1,500		1,760
(CME Term SOFR 3 Month + 1.43%), 2.88%, 10/30/2030 (aa)		30		28
(United States SOFR + 2.53%), 3.07%, 04/30/2041 (aa)		2,110		1,568
(United States SOFR + 1.50%), 3.35%, 03/02/2033 (aa)		2,056		1,841
Reg. S, (SONIA Interest Rate Benchmark + 1.28%), 3.47%, 04/26/2028 (aa)	GBP	1,000		1,252
Reg. S, 3.50%, 09/12/2029	GBP	1,500		1,822
(CME Term SOFR 3 Month + 1.57%), 3.58%, 05/22/2028 (aa)		3		3
Reg. S, (EURIBOR 3 Month + 1.22%), 3.90%, 07/22/2032 (aa)	EUR	9,200		10,112
(United States SOFR + 2.13%), 4.61%, 04/25/2053 (aa)		650		549
4.63%, 11/02/2035	GBP	1,500		1,785
4.75%, 12/07/2046		15		13
(United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa)		925		928
Reg. S, 4.88%, 11/29/2035	GBP	1,000		1,167
(United States SOFR + 2.02%), 5.39%, 04/24/2034 (aa)		940		944
(United States SOFR + 1.99%), 5.56%, 07/25/2034 (aa)		2,050		2,081
(United States SOFR + 1.74%), 5.57%, 07/25/2029 (aa)		1,390		1,427
5.61%, 01/15/2044		24		23
(United States SOFR + 1.07%), 5.71%, 04/22/2028 (aa)		1,510		1,542
(United States SOFR + 2.06%), 6.49%, 10/23/2034 (aa)		1,615		1,739
(CMT Index 5 Year + 2.77%), 6.85%, 09/15/2029 (x) (aa)		20		21
Westpac Banking Corp., (Australia),
Reg. S, 0.01%, 09/22/2028	EUR	100		99
Reg. S, 0.88%, 04/17/2027	EUR	1,000		1,045
Reg. S, 1.08%, 04/05/2027	EUR	100		105
2.96%, 11/16/2040		30		22
Westpac Securities NZ Ltd., (New Zealand),
Reg. S, 0.43%, 12/14/2026	EUR	2,500		2,603
Reg. S, 3.75%, 04/20/2028	EUR	100		112
Wirtschafts- und Infrastrukturbank Hessen, (Germany),
0.88%, 06/14/2028	EUR	100		103
1.25%, 09/06/2033	EUR	200		189
2.63%, 01/26/2033	EUR	200		213
2.88%, 02/22/2034	EUR	200		214
Wuestenrot Bausparkasse AG, (Germany), Series 20, Reg. S, 3.38%, 11/28/2028	EUR	100		111
Zuercher Kantonalbank, (Switzerland),
Series 139, Reg. S, 0.02%, 08/16/2027	CHF	1,000		1,116
Series 140, Reg. S, 0.05%, 11/23/2026	CHF	500		561
Series 149, Reg. S, 0.00%, 01/21/2033	CHF	500		524
Series 150, Reg. S, 0.10%, 03/31/2031	CHF	240		259
				1,119,307

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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 — 0.6%
Aareal Bank AG, (Germany),
Reg. S, 2.88%, 05/10/2028	EUR	100		109
Series 236, Reg. S, 0.01%, 02/01/2028	EUR	100		101
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), (CMT Index 5 Year + 2.72%), 6.95%, 03/10/2055 (aa)		180		184
Affordable Housing Finance plc, (United Kingdom),
Reg. S, 2.89%, 08/11/2043	GBP	300		272
Reg. S, 3.80%, 05/20/2042	GBP	300		316
Ally Financial, Inc., (SOFR Compounded Index + 1.73%), 5.54%, 01/17/2031 (aa)		2,480		2,466
American Express Co.,
(United States SOFR + 1.00%), 4.99%, 05/01/2026 (aa)		25		25
(United States SOFR + 1.84%), 5.04%, 05/01/2034 (aa)		60		60
(United States SOFR + 1.00%), 5.10%, 02/16/2028 (aa)		30		30
(SOFR Compounded Index + 1.32%), 5.44%, 01/30/2036 (aa)		40		40
(United States SOFR + 1.93%), 5.63%, 07/28/2034 (aa)		35		36
Ameriprise Financial, Inc., 5.15%, 05/15/2033		9		9
Apollo Global Management, Inc., 5.80%, 05/21/2054		50		49
Ares Management Corp., 5.60%, 10/11/2054		5		5
Arkea Home Loans SFH SA, (France), Reg. S, 3.25%, 08/01/2033	EUR	100		109
Artesian Finance II plc, (United Kingdom), 6.00%, 09/30/2033	GBP	30		38
Aspire Defence Finance plc, (United Kingdom), Series B, 4.67%, 03/31/2040	GBP	38		46
AXA Home Loan SFH SA, (France), Reg. S, 0.01%, 10/16/2029	EUR	100		95
Bayerische Landesbodenkreditanstalt, (Germany),
Reg. S, 2.63%, 09/25/2034	EUR	400		417
Reg. S, 2.88%, 02/28/2031	EUR	100		109
BlackRock Funding, Inc., 5.25%, 03/14/2054		225		216
Blackrock, Inc., 3.75%, 07/18/2035 (w)	EUR	1,600		1,733
Blackstone Holdings Finance Co. LLC, Reg. S, 1.50%, 04/10/2029	EUR	167		170
Blue Owl Finance LLC, 3.13%, 06/10/2031		20		17
BNP Paribas Home Loan SFH SA, (France),
Reg. S, 3.00%, 05/25/2028	EUR	100		110
Reg. S, 3.00%, 01/31/2030	EUR	100		109
BPCE SFH SA, (France),
Reg. S, 0.01%, 11/08/2026	EUR	100		104
Reg. S, 0.01%, 01/21/2027	EUR	100		104
Reg. S, 0.01%, 01/29/2036	EUR	100		76
Reg. S, 0.13%, 12/03/2030	EUR	100		93
Reg. S, 0.63%, 09/22/2027	EUR	100		103
Reg. S, 1.13%, 04/12/2030	EUR	100		100
Reg. S, 1.75%, 05/27/2032	EUR	100		99
Reg. S, 2.88%, 01/15/2027	EUR	100		109
Reg. S, 3.00%, 02/20/2029	EUR	100		109
Reg. S, 3.00%, 03/24/2032	EUR	100		108
Reg. S, 3.38%, 03/13/2029	EUR	100		111
Caisse de Refinancement de l’Habitat SA, (France),
Reg. S, 0.01%, 02/07/2028	EUR	200		201
Reg. S, 0.01%, 10/08/2029	EUR	100		96
Reg. S, 2.75%, 04/12/2028	EUR	100		109
Reg. S, 2.75%, 09/06/2030	EUR	2,100		2,260
Reg. S, 3.38%, 06/28/2032	EUR	100		110

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Cantor Fitzgerald LP,
4.50%, 04/14/2027 (e)		1,740		1,721
7.20%, 12/12/2028 (e)		840		886
Capital One Financial Corp.,
1.65%, 06/12/2029	EUR	1,800		1,810
(United States SOFR + 2.37%), 5.27%, 05/10/2033 (aa)		80		79
(United States SOFR + 1.56%), 5.46%, 07/26/2030 (aa)		30		30
(United States SOFR + 2.04%), 6.18%, 01/30/2036 (aa)		25		25
(United States SOFR + 2.64%), 6.31%, 06/08/2029 (aa)		72		75
(United States SOFR + 2.44%), 7.15%, 10/29/2027 (aa)		2		2
(United States SOFR + 3.07%), 7.62%, 10/30/2031 (aa)		620		690
Cboe Global Markets, Inc., 1.63%, 12/15/2030		29		25
CCF SFH SACA, (France),
Reg. S, 0.75%, 03/22/2027	EUR	100		105
Reg. S, 2.50%, 06/28/2028	EUR	1,900		2,043
Charles Schwab Corp. (The), Series I, (CMT Index 5 Year + 3.17%), 4.00%, 06/01/2026 (x) (aa)		215		210
Credit Agricole Home Loan SFH SA, (France),
Reg. S, 0.01%, 04/12/2028	EUR	4,200		4,206
Reg. S, 0.01%, 11/03/2031	EUR	100		89
Reg. S, 0.05%, 12/06/2029	EUR	100		96
Reg. S, 0.88%, 08/11/2028	EUR	100		102
Reg. S, 0.88%, 05/06/2034	EUR	100		88
Reg. S, 2.13%, 01/07/2030	EUR	100		105
Reg. S, 3.25%, 09/28/2026	EUR	100		110
Reg. S, 3.38%, 09/04/2028	EUR	100		111
Credit Agricole Public Sector SCF SA, (France),
Reg. S, 0.88%, 08/02/2027	EUR	100		105
Reg. S, 3.00%, 06/14/2030	EUR	100		109
Credit Mutuel Home Loan SFH SA, (France),
Reg. S, 0.01%, 07/20/2028	EUR	5,000		4,965
Reg. S, 0.75%, 09/15/2027	EUR	100		104
Reg. S, 0.88%, 03/04/2032	EUR	100		93
Reg. S, 1.00%, 01/30/2029	EUR	100		102
Reg. S, 2.38%, 02/08/2028	EUR	100		108
Reg. S, 3.00%, 07/23/2029	EUR	100		109
Reg. S, 3.00%, 11/28/2030	EUR	2,100		2,280
Reg. S, 3.25%, 04/20/2029	EUR	100		110
Danmarks Skibskredit A/S, (Denmark), Reg. S, 0.25%, 06/21/2028	EUR	110		110
Discover Financial Services,
6.70%, 11/29/2032		35		37
(SOFR Compounded Index + 3.37%), 7.96%, 11/02/2034 (aa)		140		160
DLR Kredit A/S, (Denmark), Series CCb, Reg. S, 1.00%, 04/01/2028	DKK	700		98
Enact Holdings, Inc., 6.25%, 05/28/2029		144		148
IG Group Holdings plc, (United Kingdom), Reg. S, 3.13%, 11/18/2028	GBP	2,000		2,361
Intercontinental Exchange, Inc., 3.00%, 06/15/2050		160		104
Jefferies Financial Group, Inc.,
2.63%, 10/15/2031		1,250		1,055
2.75%, 10/15/2032		1,420		1,171
5.88%, 07/21/2028		405		416

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Jyske Realkredit A/S, (Denmark), Series CCB, Reg. S, 1.00%, 04/01/2026	DKK	400		57
La Banque Postale Home Loan SFH SA, (France),
Reg. S, 3.00%, 01/31/2031	EUR	100		108
Reg. S, 3.13%, 01/29/2034	EUR	100		108
Lansforsakringar Hypotek AB, (Sweden),
Reg. S, 1.38%, 05/31/2027	EUR	100		106
Series 519, Reg. S, 1.50%, 09/16/2026	SEK	900		88
Series 520, Reg. S, 1.00%, 09/15/2027	SEK	1,000		96
Series 521, Reg. S, 0.50%, 09/20/2028	SEK	2,800		257
London Stock Exchange Group plc, (United Kingdom),
Reg. S, 1.63%, 04/06/2030	GBP	2,000		2,218
Reg. S, 1.75%, 12/06/2027	EUR	800		844
LPL Holdings, Inc.,
5.65%, 03/15/2035		80		79
6.00%, 05/20/2034		35		36
6.75%, 11/17/2028		435		459
LSEG Netherlands BV, (Netherlands), Reg. S, 0.75%, 04/06/2033	EUR	1,000		876
Mastercard, Inc.,
1.00%, 02/22/2029	EUR	13,609		13,787
2.10%, 12/01/2027	EUR	1,825		1,959
3.35%, 03/26/2030		264		251
3.85%, 03/26/2050		20		16
4.55%, 01/15/2035		90		87
Nasdaq, Inc.,
0.90%, 07/30/2033	EUR	100		87
5.35%, 06/28/2028		10		10
Nomura Holdings, Inc., (Japan),
2.17%, 07/14/2028		1,500		1,384
2.61%, 07/14/2031		730		629
3.00%, 01/22/2032		320		279
6.07%, 07/12/2028		1,625		1,685
Nordea Kredit Realkreditaktieselskab, (Denmark),
Reg. S, 1.00%, 04/01/2026 (e)	DKK	250		36
1.00%, 10/01/2026	DKK	500		71
Reg. S, 1.00%, 10/01/2027 (e)	DKK	200		28
Series Cc2, Reg. S, 1.00%, 04/01/2029 (e)	DKK	300		41
Series CC2, Reg. S, 1.00%, 04/01/2027 (e)	DKK	500		71
Series CC2, Reg. S, 1.00%, 10/01/2028 (e)	DKK	300		42
Series CC2, 1.00%, 04/01/2030	DKK	800		107
Nuveen LLC, 5.55%, 01/15/2030 (e)		190		196
OSB Group plc, (United Kingdom), Reg. S, (UK Gilts 1 Year + 4.99%), 9.50%, 09/07/2028 (aa)	GBP	3,400		4,744
Private Export Funding Corp., Series PP, 1.40%, 07/15/2028		775		712
Prs Finance plc, (United Kingdom),
Reg. S, 1.50%, 08/24/2034	GBP	200		191
Reg. S, 1.75%, 11/24/2026	GBP	165		204
Reg. S, 2.00%, 01/23/2029	GBP	900		1,063
Radian Group, Inc., 6.20%, 05/15/2029		40		41
Raymond James Financial, Inc., 3.75%, 04/01/2051		16		12

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Realkredit Danmark A/S, (Denmark),
Series 10f, Reg. S, 1.00%, 04/01/2026	DKK	500		72
Series 10F, Reg. S, 1.00%, 01/01/2030 (e)	DKK	1,000		135
Series 22S, Reg. S, 0.00%, 10/01/2040 (e)	DKK	38		4
Saltaire Finance plc, (United Kingdom),
Reg. S, 4.81%, 03/14/2053	GBP	100		116
Reg. S, 4.82%, 12/01/2033	GBP	300		384
Societe Generale SFH SA, (France), Reg. S, 1.75%, 05/05/2034	EUR	200		191
Sparebanken Vest Boligkreditt A/S, (Norway),
Reg. S, 2.50%, 09/22/2027	EUR	100		108
Reg. S, 3.00%, 07/31/2029	EUR	100		110
Swedbank Hypotek AB, (Sweden),
Series 197, Reg. S, 1.00%, 03/17/2027	SEK	700		67
Series 199, Reg. S, 3.00%, 03/28/2029	SEK	2,000		200
Series 200, Reg. S, 3.00%, 12/27/2029	SEK	3,200		318
THFC Funding No. 1 plc, (United Kingdom), Reg. S, 5.13%, 12/21/2035	GBP	1,370		1,699
TP ICAP Finance plc, (United Kingdom), Reg. S, 5.25%, 05/29/2026	GBP	2,000		2,588
Visa, Inc.,
2.00%, 06/15/2029	EUR	4,100		4,301
4.30%, 12/14/2045		260		226
Wellcome Trust Finance plc, (United Kingdom), Reg. S, 4.63%, 07/25/2036	GBP	225		275
Western Union Co. (The), 1.35%, 03/15/2026		510		493
				81,468
Insurance — 1.1%
AG Insurance SA, (Belgium), Reg. S, (EUR Swap Rate 5 Year + 3.88%), 3.50%, 06/30/2047 (aa)	EUR	3,100		3,350
AIA Group Ltd., (Hong Kong), Reg. S, (EUR Swap Rate 5 Year + 1.10%), 0.88%, 09/09/2033 (aa)	EUR	1,800		1,776
Alleghany Corp.,
3.25%, 08/15/2051		15		10
3.63%, 05/15/2030		5		5
Allianz Finance II BV, (Netherlands),
Reg. S, 0.50%, 11/22/2033	EUR	200		172
Series 62, Reg. S, 4.50%, 03/13/2043	GBP	1,500		1,664
Allianz SE, (Germany),
Reg. S, (EURIBOR 3 Month + 3.55%), 4.25%, 07/05/2052 (aa)	EUR	4,900		5,338
Reg. S, (EURIBOR 3 Month + 3.65%), 5.82%, 07/25/2053 (aa)	EUR	1,900		2,269
American International Group, Inc., 1.88%, 06/21/2027	EUR	1,000		1,061
American National Group, Inc., 5.75%, 10/01/2029		35		35
Aon North America, Inc., 5.45%, 03/01/2034		75		76
Argentum Netherlands BV for Zurich Insurance Co. Ltd., (Netherlands), Reg. S, (EURIBOR 3 Month + 3.20%), 2.75%, 02/19/2049 (aa)	EUR	500		524
Arthur J Gallagher & Co.,
3.05%, 03/09/2052		20		13
3.50%, 05/20/2051		5		3
5.15%, 02/15/2035		770		761
ASR Nederland NV, (Netherlands),
Reg. S, (EUR Swap Rate 5 Year + 4.00%), 3.38%, 05/02/2049 (aa)	EUR	1,000		1,059
Reg. S, (EUR Swap Rate 5 Year + 5.20%), 5.13%, 09/29/2045 (aa)	EUR	1,000		1,091

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Assurant, Inc.,
2.65%, 01/15/2032		26		22
3.70%, 02/22/2030		30		28
4.90%, 03/27/2028		7		7
Athene Global Funding, 4.95%, 01/07/2027 (e)		70		70
Aviva plc, (United Kingdom),
Reg. S, 1.88%, 11/13/2027	EUR	500		528
Reg. S, (EURIBOR 3 Month + 3.55%), 3.38%, 12/04/2045 (aa)	EUR	1,000		1,080
Reg. S, (UK Gilts 5 Year + 4.70%), 4.00%, 06/03/2055 (aa)	GBP	825		868
Reg. S, (UK Gilts 5 Year + 2.85%), 6.13%, 11/14/2036 (aa)	GBP	430		565
Reg. S, (UK Gilts 5 Year + 3.30%), 6.13%, 09/12/2054 (aa)	GBP	1,800		2,259
AXA SA, (France),
Reg. S, (EURIBOR 3 Month + 3.75%), 3.38%, 07/06/2047 (aa)	EUR	1,900		2,065
Reg. S, (EUR Swap Rate 11 Year + 3.25%), 3.88%, 10/08/2025 (x) (aa)	EUR	5,000		5,419
Berkshire Hathaway Finance Corp., 2.38%, 06/19/2039	GBP	825		719
Berkshire Hathaway, Inc., 2.15%, 03/15/2028	EUR	1,000		1,067
Brown & Brown, Inc.,
2.38%, 03/15/2031		69		59
4.20%, 03/17/2032		8		8
4.95%, 03/17/2052		30		26
5.65%, 06/11/2034		80		81
BUPA Finance plc, (United Kingdom), Reg. S, 5.00%, 10/12/2030	EUR	1,700		1,974
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, (France), Reg. S, 0.75%, 07/07/2028	EUR	4,900		4,907
Chubb INA Holdings LLC,
0.88%, 12/15/2029	EUR	1,000		976
1.55%, 03/15/2028	EUR	3,000		3,119
5.00%, 03/15/2034		505		504
Cloverie PLC for Zurich Insurance Co. Ltd., (Ireland), Reg. S, 1.50%, 12/15/2028	EUR	1,000		1,028
CNA Financial Corp.,
2.05%, 08/15/2030		2,500		2,172
5.13%, 02/15/2034		60		59
CNP Assurances SACA, (France),
Reg. S, 0.38%, 03/08/2028	EUR	100		100
Reg. S, 1.25%, 01/27/2029	EUR	700		702
Reg. S, (EURIBOR 3 Month + 2.70%), 1.88%, 10/12/2053 (aa)	EUR	300		271
Reg. S, (EURIBOR 3 Month + 3.00%), 2.00%, 07/27/2050 (aa)	EUR	100		98
Reg. S, (EURIBOR 3 Month + 3.65%), 2.50%, 06/30/2051 (aa)	EUR	1,000		996
Reg. S, 2.75%, 02/05/2029	EUR	100		106
Reg. S, (EURIBOR 3 Month + 4.60%), 4.50%, 06/10/2047 (aa)	EUR	200		221
Reg. S, (EURIBOR 3 Month + 3.37%), 4.88%, 07/16/2054 (aa)	EUR	100		112
Reg. S, (EURIBOR 3 Month + 3.45%), 5.25%, 07/18/2053 (aa)	EUR	300		343
Corebridge Financial, Inc.,
4.35%, 04/05/2042		155		129
(CMT Index 5 Year + 3.85%), 6.88%, 12/15/2052 (aa)		145		148
Credit Agricole Assurances SA, (France), Reg. S, 2.00%, 07/17/2030	EUR	600		593
Enstar Group Ltd., (Bermuda),
3.10%, 09/01/2031		131		113
4.95%, 06/01/2029		30		30
Everest Reinsurance Holdings, Inc., 3.50%, 10/15/2050		825		556

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Fairfax Financial Holdings Ltd., (Canada),
Reg. S, 2.75%, 03/29/2028	EUR	4,865		5,174
3.38%, 03/03/2031		2,010		1,830
4.85%, 04/17/2028		35		35
5.63%, 08/16/2032		1,100		1,121
6.00%, 12/07/2033		30		31
6.10%, 03/15/2055 (e)		31		30
6.35%, 03/22/2054		60		61
Fidelity National Financial, Inc.,
3.20%, 09/17/2051		20		12
3.40%, 06/15/2030		10		9
4.50%, 08/15/2028		10		10
First American Financial Corp., 5.45%, 09/30/2034		63		62
Generali, (Italy),
Reg. S, 1.71%, 06/30/2032	EUR	100		94
Reg. S, 2.43%, 07/14/2031	EUR	1,000		1,004
Reg. S, 4.13%, 05/04/2026	EUR	100		109
Reg. S, (EURIBOR 3 Month + 4.50%), 4.60%, 11/21/2025 (x) (aa)	EUR	100		109
Groupe des Assurances du Credit Mutuel SADIR, (France),
Reg. S, (EURIBOR 3 Month + 2.65%), 1.85%, 04/21/2042 (aa)	EUR	2,200		2,043
Reg. S, 3.75%, 04/30/2029	EUR	2,200		2,426
Hannover Rueck SE, (Germany),
Reg. S, (EURIBOR 3 Month + 2.38%), 1.13%, 10/09/2039 (aa)	EUR	1,000		970
Reg. S, (EURIBOR 3 Month + 3.75%), 5.88%, 08/26/2043 (aa)	EUR	1,200		1,449
Jackson Financial, Inc., 4.00%, 11/23/2051		5		3
Just Group plc, (United Kingdom), Reg. S, 6.88%, 03/30/2035	GBP	1,750		2,228
Legal & General Finance plc, (United Kingdom), Reg. S, 5.88%, 04/05/2033	GBP	425		566
Legal & General Group plc, (United Kingdom),
Reg. S, (UK Gilts 5 Year + 5.25%), 4.50%, 11/01/2050 (aa)	GBP	825		999
Reg. S, (UK Gilts 5 Year + 4.65%), 5.13%, 11/14/2048 (aa)	GBP	600		762
Liberty Mutual Group, Inc.,
3.95%, 10/15/2050 (e)		875		637
5.50%, 06/15/2052 (e)		450		416
Lincoln Financial Global Funding, 5.30%, 01/13/2030 (e)		890		904
M&G plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.16%), 5.56%, 07/20/2055 (aa)	GBP	825		962
Markel Group, Inc.,
3.45%, 05/07/2052		1,000		674
6.00%, 05/16/2054		150		150
Marsh & McLennan Cos., Inc.,
1.98%, 03/21/2030	EUR	3,231		3,304
5.00%, 03/15/2035		1,210		1,197
5.40%, 03/15/2055		920		884
Metropolitan Life Global Funding I,
Reg. S, 0.50%, 05/25/2029	EUR	500		489
Reg. S, 0.55%, 06/16/2027	EUR	1,475		1,528
Reg. S, 0.63%, 12/08/2027	GBP	1,000		1,158
Reg. S, 1.63%, 10/12/2028	GBP	1,000		1,161
Reg. S, 1.63%, 09/21/2029	GBP	2,125		2,391

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Insurance — continued
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, (Germany), Reg. S, (EURIBOR 3 Month + 2.60%), 4.25%, 05/26/2044 (aa)	EUR	12,800		13,921
Mutual of Omaha Cos. Global Funding, 4.75%, 10/15/2029 (e)		1,660		1,652
Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres et Sal, (France), Reg. S, 0.63%, 06/21/2027	EUR	1,900		1,947
New York Life Global Funding, Reg. S, 3.63%, 01/09/2030	EUR	9,625		10,656
NN Group NV, (Netherlands), Reg. S, (EURIBOR 3 Month + 4.00%), 4.50%, 01/15/2026 (x) (aa)	EUR	1,350		1,478
Old Republic International Corp., 3.85%, 06/11/2051		15		11
Pension Insurance Corp. plc, (United Kingdom), Reg. S, 5.63%, 09/20/2030	GBP	1,121		1,407
Phoenix Group Holdings plc, (United Kingdom), Reg. S, 6.63%, 12/18/2025	GBP	425		553
Primerica, Inc., 2.80%, 11/19/2031		35		30
Protective Life Global Funding, 4.77%, 12/09/2029 (e) (jj)		2,500		2,504
Prudential Financial, Inc., (ICE LIBOR USD 3 Month + 2.67%), 5.70%, 09/15/2048 (aa)		150		150
Prudential Funding Asia plc, (United Kingdom), 5.88%, 05/11/2029	GBP	1,500		1,998
Reinsurance Group of America, Inc., 5.75%, 09/15/2034		87		88
RenaissanceRe Holdings Ltd., (Bermuda),
5.75%, 06/05/2033		52		53
5.80%, 04/01/2035		755		770
Rothesay Life plc, (United Kingdom), Reg. S, 7.02%, 12/10/2034	GBP	3,325		4,357
Sampo OYJ, (Finland), Reg. S, 2.25%, 09/27/2030	EUR	500		522
SCOR SE, (France), Reg. S, (EUR Swap Rate 10 Year + 3.25%), 3.00%, 06/08/2046 (aa)	EUR	3,600		3,872
Sogecap SA, (France), Reg. S, (EUR Swap Rate 5 Year + 4.15%), 4.13%, 02/18/2026 (x) (aa)	EUR	1,700		1,850
Talanx AG, (Germany), Reg. S, 4.00%, 10/25/2029	EUR	7,800		8,829
Travelers Cos., Inc. (The), 5.45%, 05/25/2053		20		20
UNIQA Insurance Group AG, (Austria),
Reg. S, 1.38%, 07/09/2030	EUR	500		494
Reg. S, (EURIBOR 3 Month + 3.35%), 2.38%, 12/09/2041 (aa)	EUR	500		475
Reg. S, (EURIBOR 3 Month + 5.82%), 6.00%, 07/27/2046 (aa)	EUR	500		554
Unum Group,
4.00%, 06/15/2029		1,700		1,649
4.13%, 06/15/2051		904		676
5.75%, 08/15/2042		5		5
6.00%, 06/15/2054		755		754
W R Berkley Corp., 4.00%, 05/12/2050		700		536
Willis North America, Inc.,
4.65%, 06/15/2027		30		30
5.35%, 05/15/2033		20		20
5.90%, 03/05/2054		91		89
Zurich Finance Ireland Designated Activity Co., (Ireland),
Reg. S, 1.63%, 06/17/2039	EUR	500		417
Reg. S, (UK Gilts 5 Year + 4.10%), 5.13%, 11/23/2052 (aa)	GBP	5,625		6,900
				159,594

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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%
Ares Capital Corp.,
2.15%, 07/15/2026		6		6
2.88%, 06/15/2028		25		23
5.80%, 03/08/2032		70		69
5.95%, 07/15/2029		55		56
Blackstone Private Credit Fund, 3.25%, 03/15/2027		25		24
CDP Reti SpA, (Italy),
Reg. S, 3.88%, 09/04/2031	EUR	200		219
Reg. S, 5.88%, 10/25/2027	EUR	500		576
FS KKR Capital Corp.,
2.63%, 01/15/2027		35		33
3.13%, 10/12/2028		135		123
7.88%, 01/15/2029		20		21
Golub Capital BDC, Inc.,
2.50%, 08/24/2026		5		5
6.00%, 07/15/2029		65		65
Investor AB, (Sweden),
Reg. S, 0.38%, 10/29/2035	EUR	425		331
Reg. S, 2.75%, 06/10/2032	EUR	9,924		10,323
MDGH GMTN RSC Ltd., (United Arab Emirates),
Reg. S, 0.38%, 03/10/2027	EUR	1,000		1,033
Reg. S, 1.00%, 03/10/2034	EUR	600		513
Temasek Financial I Ltd., (Singapore),
Reg. S, 1.50%, 03/01/2028	EUR	4,700		4,919
Reg. S, 3.25%, 02/15/2027	EUR	1,500		1,640
Wendel SE, (France), Reg. S, 1.00%, 06/01/2031	EUR	2,600		2,428
				22,407
Private Equity — 0.1%
3i Group plc, (United Kingdom),
Reg. S, 4.88%, 06/14/2029	EUR	4,925		5,598
Reg. S, 5.75%, 12/03/2032	GBP	350		457
Brookfield Finance, Inc., (Canada), 5.68%, 01/15/2035		70		72
Intermediate Capital Group plc, (United Kingdom), Reg. S, 1.63%, 02/17/2027	EUR	1,000		1,049
				7,176
Real Estate — 0.6%
Affinity Sutton Capital Markets plc, (United Kingdom), Reg. S, 5.98%, 09/17/2038	GBP	1,000		1,305
Akelius Residential Property Financing BV, (Netherlands), Reg. S, 1.00%, 01/17/2028	EUR	1,000		1,017
Aroundtown SA, (Luxembourg),
Reg. S, 0.00%, 07/16/2026	EUR	3,800		3,940
Reg. S, (EUR Swap Rate 5 Year + 2.42%), 1.63%, 04/15/2026 (x) (aa)	EUR	3,000		2,951
Reg. S, 3.00%, 10/16/2029	GBP	4,650		5,202
Reg. S, 4.80%, 07/16/2029	EUR	900		1,004
Balder Finland OYJ, (Finland), Reg. S, 1.00%, 01/18/2027	EUR	1,000		1,043
Blackstone Property Partners Europe Holdings Sarl, (Luxembourg),
Reg. S, 1.63%, 04/20/2030	EUR	1,000		960
Reg. S, 1.75%, 03/12/2029	EUR	2,500		2,505
Reg. S, 2.63%, 10/20/2028	GBP	1,075		1,267
Broadgate Financing plc, (United Kingdom), Series A4, Reg. S, 4.82%, 07/05/2033	GBP	50		62

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
CBRE Services, Inc., 5.95%, 08/15/2034		63		66
Citycon Treasury BV, (Netherlands), Reg. S, 6.50%, 03/08/2029	EUR	2,150		2,472
Clarion Funding plc, (United Kingdom),
Reg. S, 1.25%, 11/13/2032	GBP	1,000		961
Reg. S, 1.88%, 09/07/2051	GBP	500		293
Reg. S, 2.63%, 01/18/2029	GBP	200		237
CTP NV, (Netherlands),
Reg. S, 0.88%, 01/20/2026	EUR	372		396
Reg. S, 1.50%, 09/27/2031	EUR	4,850		4,484
Deutsche Wohnen SE, (Germany),
Reg. S, 0.50%, 04/07/2031	EUR	500		461
Reg. S, 1.50%, 04/30/2030	EUR	900		896
Fastighets AB Balder, (Sweden),
Reg. S, 1.13%, 01/29/2027	EUR	2,000		2,088
Reg. S, 1.88%, 01/23/2026	EUR	660		707
Grand City Properties Finance Sarl, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 3.51%), 6.13%, 01/16/2030 (x) (aa)	EUR	3,750		3,998
Heimstaden Bostad AB, (Sweden), Reg. S, 1.13%, 01/21/2026	EUR	1,200		1,275
Heimstaden Bostad Treasury BV, (Netherlands), 1.38%, 03/03/2027	EUR	600		623
Hexagon Housing Association Ltd., (United Kingdom), Reg. S, 3.63%, 04/22/2048	GBP	1,000		857
HOWOGE Wohnungsbaugesellschaft mbH, (Germany),
Reg. S, 0.63%, 11/01/2028	EUR	400		396
Reg. S, 1.13%, 11/01/2033	EUR	100		85
LEG Immobilien SE, (Germany), Reg. S, 0.75%, 06/30/2031	EUR	700		631
Logicor 2019-1 UK plc, (United Kingdom), Reg. S, 1.88%, 11/17/2026	GBP	825		1,018
Logicor Financing Sarl, (Luxembourg),
Reg. S, 0.88%, 01/14/2031	EUR	500		457
Reg. S, 1.50%, 07/13/2026	EUR	1,000		1,063
Reg. S, 1.63%, 07/15/2027	EUR	3,000		3,122
Reg. S, 1.63%, 01/17/2030	EUR	200		195
Reg. S, 2.00%, 01/17/2034	EUR	100		91
Reg. S, 3.25%, 11/13/2028	EUR	100		107
Reg. S, 4.25%, 07/18/2029	EUR	100		110
London & Quadrant Housing Trust, (United Kingdom),
Reg. S, 2.00%, 10/20/2038	GBP	425		350
Reg. S, 2.13%, 03/31/2032	GBP	1,000		1,038
Reg. S, 2.63%, 02/28/2028	GBP	1,225		1,479
Reg. S, 2.75%, 07/20/2057	GBP	425		289
Reg. S, 3.13%, 02/28/2053	GBP	500		386
Meadowhall Finance plc, (United Kingdom), Series A1, Reg. S, 4.99%, 01/12/2032	GBP	22		27
NE Property BV, (Netherlands),
Reg. S, 1.88%, 10/09/2026	EUR	1,000		1,064
Reg. S, 3.38%, 07/14/2027	EUR	500		541
Notting Hill Genesis, (United Kingdom),
Reg. S, 3.25%, 10/12/2048	GBP	1,000		809
Reg. S, 4.38%, 02/20/2054	GBP	500		477
Reg. S, 5.25%, 07/07/2042	GBP	1,000		1,148
Reg. S, 6.00%, 04/01/2035 (w)	GBP	1,800		2,323

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Ontario Teachers’ Cadillac Fairview Properties Trust, (Canada),
2.50%, 10/15/2031 (e)		2,580		2,216
4.13%, 02/01/2029 (e)		2,100		2,051
Optivo Finance plc, (United Kingdom), Reg. S, 5.25%, 03/13/2043	GBP	1,000		1,157
Orbit Capital plc, (United Kingdom), Reg. S, 3.38%, 06/14/2048	GBP	1,325		1,136
P3 Group Sarl, (Luxembourg),
Reg. S, 0.88%, 01/26/2026	EUR	490		521
Reg. S, 1.63%, 01/26/2029	EUR	2,300		2,308
Reg. S, 4.00%, 04/19/2032	EUR	100		107
Reg. S, 4.63%, 02/13/2030	EUR	200		223
Sagax Euro Mtn NL BV, (Netherlands), Reg. S, 1.63%, 02/24/2026	EUR	1,000		1,068
Shurgard Luxembourg Sarl, (Luxembourg), Reg. S, 3.63%, 10/22/2034	EUR	4,100		4,289
Sinochem Offshore Capital Co. Ltd., (British Virgin Islands), Reg. S, 0.75%, 11/25/2025	EUR	1,000		1,064
Sirius Real Estate Ltd., (Guernsey), Reg. S, 1.75%, 11/24/2028	EUR	1,800		1,809
Southern Housing, (United Kingdom), Reg. S, 5.63%, 10/01/2054	GBP	1,125		1,339
Telereal Securitisation plc, (United Kingdom), Series B4, 6.16%, 12/10/2031	GBP	37		48
Tesco Property Finance 1 plc, (United Kingdom), Reg. S, 7.62%, 07/13/2039	GBP	74		106
Trafford Centre Finance Ltd. (The), (Cayman Islands), Series A2, Reg. S, 6.50%, 07/28/2033	GBP	29		38
VGP NV, (Belgium),
Reg. S, 1.63%, 01/17/2027	EUR	1,300		1,373
Reg. S, 2.25%, 01/17/2030	EUR	700		694
Vonovia SE, (Germany),
Reg. S, 0.63%, 07/09/2026	EUR	300		316
Reg. S, 1.00%, 01/28/2041	EUR	1,100		731
				80,870
REITS — 0.6%
Aedifica SA, (Belgium), Reg. S, 0.75%, 09/09/2031	EUR	1,200		1,074
Alexandria Real Estate Equities, Inc.,
1.88%, 02/01/2033		75		59
5.25%, 05/15/2036		295		287
5.50%, 10/01/2035		2,120		2,125
5.63%, 05/15/2054		1,240		1,181
Altarea SCA, (France),
Reg. S, 1.75%, 01/16/2030	EUR	400		378
Reg. S, 1.88%, 01/17/2028	EUR	1,500		1,525
Reg. S, 5.50%, 10/02/2031	EUR	3,900		4,301
American Homes 4 Rent LP,
5.25%, 03/15/2035		1,960		1,918
5.50%, 02/01/2034		55		55
American Tower Corp.,
1.95%, 05/22/2026	EUR	1,000		1,073
3.80%, 08/15/2029		627		601
5.20%, 02/15/2029		55		56
5.80%, 11/15/2028		26		27
Brixmor Operating Partnership LP,
4.05%, 07/01/2030		1,175		1,124
4.13%, 06/15/2026		2,300		2,282
4.13%, 05/15/2029		940		912

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
5.20%, 04/01/2032		320		319
Cousins Properties LP, 5.88%, 10/01/2034		75		75
Crown Castle, Inc.,
2.10%, 04/01/2031		115		96
4.90%, 09/01/2029		50		50
5.20%, 09/01/2034		10		10
Equinix Europe 2 Financing Corp. LLC, 5.50%, 06/15/2034		35		36
Equinix, Inc.,
1.00%, 09/15/2025		50		49
1.00%, 03/15/2033	EUR	800		705
1.45%, 05/15/2026		20		19
2.90%, 11/18/2026		20		20
Extra Space Storage LP,
3.50%, 07/01/2026		13		13
5.35%, 01/15/2035		30		30
5.40%, 02/01/2034		15		15
5.70%, 04/01/2028		40		41
GLP Capital LP / GLP Financing II, Inc.,
3.25%, 01/15/2032		780		675
4.00%, 01/15/2030		800		755
5.30%, 01/15/2029		400		400
5.38%, 04/15/2026		1,500		1,505
5.63%, 09/15/2034		72		71
6.25%, 09/15/2054		10		10
Healthcare Realty Holdings LP, 2.00%, 03/15/2031		80		67
Healthpeak OP LLC, 3.00%, 01/15/2030		1,400		1,288
Host Hotels & Resorts LP,
5.50%, 04/15/2035		70		69
5.70%, 07/01/2034		460		459
Series J, 2.90%, 12/15/2031		415		359
Invitation Homes Operating Partnership LP,
2.00%, 08/15/2031		48		40
4.15%, 04/15/2032		1,025		954
4.88%, 02/01/2035		110		105
5.45%, 08/15/2030		10		11
Kimco Realty OP LLC,
2.70%, 10/01/2030		1,900		1,710
4.85%, 03/01/2035		700		672
Klepierre SA, (France),
Reg. S, 1.63%, 12/13/2032	EUR	1,000		959
Reg. S, 2.00%, 05/12/2029	EUR	1,000		1,038
Land Securities Capital Markets plc, (United Kingdom), Reg. S, 4.63%, 09/23/2034	GBP	2,350		2,864
Mercialys SA, (France),
Reg. S, 1.80%, 02/27/2026	EUR	1,000		1,069
Reg. S, 2.50%, 02/28/2029	EUR	300		318
Merlin Properties Socimi SA, (Spain), Reg. S, 2.38%, 07/13/2027	EUR	1,000		1,070
National Health Investors, Inc., 3.00%, 02/01/2031		50		43
Praemia Healthcare SACA, (France), Reg. S, 5.50%, 09/19/2028	EUR	3,600		4,150
Prologis LP, 2.25%, 06/30/2029	GBP	1,600		1,865

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Rayonier LP, 2.75%, 05/17/2031		9		8
Realty Income Corp.,
1.63%, 12/15/2030	GBP	200		211
1.75%, 07/13/2033	GBP	1,100		1,058
3.10%, 12/15/2029		800		745
4.75%, 02/15/2029		30		30
5.00%, 10/15/2029	GBP	2,300		2,936
5.25%, 09/04/2041	GBP	1,500		1,732
Sabra Health Care LP, 3.20%, 12/01/2031		90		78
Scentre Group Trust 1 / Scentre Group Trust 2, (Australia), Reg. S, 1.45%, 03/28/2029	EUR	2,000		2,029
Scentre Group Trust 1, (Australia), Reg. S, 3.88%, 07/16/2026	GBP	554		706
Segro plc, (United Kingdom), Reg. S, 3.50%, 09/24/2032	EUR	1,725		1,825
SELP Finance Sarl, (Luxembourg), Reg. S, 3.75%, 08/10/2027	EUR	2,300		2,527
Simon International Finance SCA, (Luxembourg), Reg. S, 1.13%, 03/19/2033	EUR	5,709		5,085
Simon Property Group LP,
1.38%, 01/15/2027		10		10
3.25%, 09/13/2049		2		1
4.25%, 10/01/2044		2		2
4.25%, 11/30/2046		3		2
5.85%, 03/08/2053		10		10
6.65%, 01/15/2054		12		13
Sun Communities Operating LP,
2.30%, 11/01/2028		2,660		2,453
2.70%, 07/15/2031		135		117
4.20%, 04/15/2032		2,250		2,107
Unibail-Rodamco-Westfield SE, (France), Reg. S, 1.88%, 01/15/2031	EUR	3,800		3,763
UNITE Group plc (The), (United Kingdom), Reg. S, 5.63%, 06/25/2032	GBP	1,150		1,479
Ventas Realty LP, 5.63%, 07/01/2034		90		91
VICI Properties LP,
4.95%, 02/15/2030		2,445		2,422
5.13%, 05/15/2032		28		27
VICI Properties LP / VICI Note Co., Inc., 3.88%, 02/15/2029 (e)		215		205
Welltower OP LLC,
2.75%, 01/15/2031		50		45
3.10%, 01/15/2030		2,472		2,293
4.00%, 06/01/2025		7		7
4.25%, 04/15/2028		4		4
4.50%, 12/01/2034	GBP	300		350
4.80%, 11/20/2028	GBP	1,650		2,107
Weyerhaeuser Co., 4.00%, 04/15/2030		1,500		1,444
WP Carey, Inc.,
2.25%, 04/01/2033		1,000		802
3.70%, 11/19/2034	EUR	2,000		2,061
4.25%, 07/23/2032	EUR	2,100		2,305
				86,072
Savings & Loans — 0.1%
Coventry Building Society, (United Kingdom), Reg. S, 2.63%, 12/07/2026	EUR	5,000		5,426
Nationwide Building Society, (United Kingdom),
Reg. S, 0.63%, 03/25/2027	EUR	100		104

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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 — continued
Reg. S, 1.38%, 06/29/2032	EUR	1,785		1,725
Reg. S, 3.31%, 05/02/2034	EUR	120		131
Reg. S, 3.63%, 03/15/2028	EUR	100		112
Skipton Building Society, (United Kingdom), Reg. S, 3.25%, 06/18/2029	EUR	1,800		1,983
Yorkshire Building Society, (United Kingdom), Reg. S, 0.01%, 11/16/2028	EUR	5,100		5,027
				14,508
Total Financial				1,571,402
Government — 1.5%
Multi-National — 1.5%
African Development Bank, (Supranational),
0.50%, 03/21/2029	EUR	3,500		3,494
0.88%, 05/24/2028	EUR	400		412
2.25%, 09/14/2029	EUR	2,000		2,132
Asian Development Bank, (Supranational),
Reg. S, 0.00%, 10/24/2029	EUR	5,000		4,815
Reg. S, 0.03%, 01/31/2030	EUR	3,550		3,385
0.35%, 07/16/2025	EUR	700		753
0.75%, 12/07/2027	GBP	5,000		5,893
1.40%, 02/06/2037	EUR	7,000		6,182
2.88%, 05/06/2025		150		150
4.13%, 02/14/2029	GBP	5,000		6,414
4.38%, 01/14/2028		25		25
4.50%, 08/25/2028		150		152
6.22%, 08/15/2027		100		104
Asian Infrastructure Investment Bank (The), (Supranational), 4.50%, 01/16/2030		190		193
Corp. Andina de Fomento, (Supranational), Reg. S, 0.25%, 02/04/2026	EUR	2,000		2,121
Council Of Europe Development Bank, (Supranational),
Reg. S, 0.00%, 01/20/2031	EUR	5,000		4,621
Reg. S, 0.25%, 01/19/2032	EUR	3,000		2,730
Reg. S, 0.63%, 01/30/2029	EUR	1,500		1,511
Reg. S, 2.88%, 04/13/2030	EUR	10,000		10,916
Dexia SA, (France),
Reg. S, 0.00%, 01/21/2028	EUR	1,300		1,311
Reg. S, 0.01%, 01/22/2027	EUR	500		518
Reg. S, 0.63%, 01/17/2026	EUR	600		640
Reg. S, 1.00%, 10/18/2027	EUR	300		313
Reg. S, 2.75%, 01/18/2029	EUR	700		757
Reg. S, 3.13%, 06/01/2028	EUR	600		659
Erste Abwicklungsanstalt, (Germany), Reg. S, 3.13%, 06/22/2026	EUR	400		437
Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial, (Supranational),
4.55%, 03/30/2027	CAD	500		357
5.50%, 06/07/2032	GBP	300		400
European Investment Bank, (Supranational),
Reg. S, 0.00%, 03/13/2026	EUR	700		742
Zero Coupon, 05/28/2037 (e)	CAD	150		63
Reg. S, 0.01%, 11/15/2035	EUR	4,200		3,273
Reg. S, 0.01%, 05/15/2041	EUR	5,000		3,151
Reg. S, 0.05%, 11/15/2029	EUR	10,000		9,650

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
0.05%, 01/16/2030	EUR	17,900		17,183
Reg. S, 0.05%, 10/13/2034	EUR	19,000		15,519
Reg. S, 0.10%, 10/15/2026	EUR	5,000		5,242
Reg. S, 0.13%, 12/14/2026	GBP	1,875		2,262
Reg. S, 0.25%, 06/15/2040	EUR	3,950		2,692
Reg. S, 0.50%, 11/13/2037	EUR	2,000		1,547
Reg. S, 0.88%, 05/15/2026	GBP	2,000		2,490
0.88%, 09/13/2047	EUR	200		131
Reg. S, 1.00%, 03/14/2031	EUR	20,000		19,598
Reg. S, 1.00%, 04/14/2032	EUR	3,275		3,134
1.50%, 10/16/2048	EUR	5,000		3,699
2.75%, 09/13/2030	EUR	230		250
Reg. S, 3.00%, 02/15/2039	EUR	15,000		15,618
Reg. S, 3.50%, 04/15/2027	EUR	10,000		11,092
Reg. S, 3.63%, 03/14/2042	EUR	2,025		2,236
3.75%, 11/15/2029		145		143
Reg. S, 3.88%, 06/08/2037	GBP	3,000		3,507
4.38%, 03/19/2027		200		201
Reg. S, 4.50%, 03/07/2044	GBP	5,000		5,873
4.63%, 02/12/2035		190		194
5.00%, 04/15/2039	GBP	3,500		4,510
Series 1981, 2.63%, 03/15/2035	EUR	40		41
Series DIP, Reg. S, 4.63%, 10/12/2054	GBP	3,055		3,558
FMS Wertmanagement, (Germany), Reg. S, 0.38%, 04/29/2030	EUR	1,200		1,160
Inter-American Development Bank, (Supranational),
0.88%, 04/20/2026		200		194
2.38%, 08/03/2029	GBP	1,000		1,193
3.63%, 09/17/2031		145		140
6.75%, 07/15/2027		700		734
International Development Association, (Supranational),
Reg. S, 0.00%, 10/19/2026	EUR	1,000		1,044
Reg. S, 0.35%, 04/22/2036	EUR	3,500		2,784
Reg. S, 0.38%, 09/22/2027	GBP	2,000		2,351
Reg. S, 0.70%, 01/17/2042	EUR	1,000		701
International Finance Corp., (Supranational),
SUB, 1.00%, 05/15/2026		150		147
SUB, 1.25%, 03/15/2026		10		10
North American Development Bank, (Supranational), Reg. S, 0.20%, 11/28/2028	CHF	200		220
				209,672
Municipal — 0.0% (g)
Transport for London, (United Kingdom),
Reg. S, 3.88%, 07/23/2042	GBP	140		142
Reg. S, 4.00%, 09/12/2033	GBP	300		353
Reg. S, 4.00%, 04/07/2064	GBP	300		281
				776
Regional (State/Province) — 0.0% (g)
KAF Kaerntner Ausgleichszahlungs-Fonds, (Austria), Reg. S, Zero Coupon, 01/14/2032	EUR	1,560		1,336
UK Municipal Bonds Agency Finance Co. DAC, (Ireland), Reg. S, 1.63%, 08/26/2060	GBP	100		46
				1,382
Total Government				211,830

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Industrial — 2.3%
Aerospace/Defense — 0.5%
Airbus SE, (Netherlands),
Reg. S, 1.63%, 06/09/2030	EUR	1,100		1,116
Reg. S, 2.00%, 04/07/2028	EUR	1,715		1,825
Reg. S, 2.38%, 04/07/2032	EUR	2,300		2,383
BAE Systems plc, (United Kingdom), 1.90%, 02/15/2031 (e)		1,350		1,147
Boeing Co. (The),
3.45%, 11/01/2028		10		10
5.71%, 05/01/2040		2,300		2,230
5.81%, 05/01/2050		50		47
6.30%, 05/01/2029		20		21
6.39%, 05/01/2031		30		32
6.53%, 05/01/2034		100		107
6.86%, 05/01/2054		88		95
7.01%, 05/01/2064		1,290		1,394
General Dynamics Corp.,
2.25%, 06/01/2031		36		31
4.25%, 04/01/2040		2		2
General Electric Co., 1.50%, 05/17/2029	EUR	2,272		2,326
Hexcel Corp., 4.20%, 02/15/2027		25		25
L3Harris Technologies, Inc., 5.40%, 07/31/2033		1,600		1,617
MTU Aero Engines AG, (Germany), Reg. S, 3.88%, 09/18/2031	EUR	13,785		15,228
Rolls-Royce plc, (United Kingdom), Reg. S, 1.63%, 05/09/2028	EUR	18,500		19,244
RTX Corp., 2.15%, 05/18/2030	EUR	1,500		1,529
Safran SA, (France),
Reg. S, 0.13%, 03/16/2026	EUR	1,000		1,057
Reg. S, 0.75%, 03/17/2031	EUR	12,700		12,164
Thales SA, (France),
Reg. S, 0.00%, 03/26/2026	EUR	4,100		4,321
Reg. S, 1.00%, 05/15/2028	EUR	1,900		1,954
Reg. S, 4.13%, 10/18/2028	EUR	800		900
				70,805
Building Materials — 0.3%
Carrier Global Corp., 4.13%, 05/29/2028	EUR	1,600		1,791
Cie de Saint-Gobain SA, (France),
Reg. S, 3.38%, 04/08/2030	EUR	900		981
Reg. S, 3.63%, 04/08/2034	EUR	2,000		2,157
CRH America Finance, Inc., 5.50%, 01/09/2035		200		202
CRH Finance DAC, (Ireland), Reg. S, 1.38%, 10/18/2028	EUR	1,164		1,198
CRH Finance UK plc, (United Kingdom), Reg. S, 4.13%, 12/02/2029	GBP	1,500		1,879
CRH Funding BV, (Netherlands), Reg. S, 1.63%, 05/05/2030	EUR	800		801
CRH SMW Finance DAC, (Ireland), Reg. S, 1.25%, 11/05/2026	EUR	1,000		1,060
Eagle Materials, Inc., 2.50%, 07/01/2031		61		53
Heidelberg Materials AG, (Germany), Reg. S, 3.75%, 05/31/2032	EUR	2,425		2,664
Holcim Finance Luxembourg SA, (Luxembourg),
Reg. S, 0.50%, 04/23/2031	EUR	2,745		2,508
Reg. S, 0.63%, 01/19/2033	EUR	9,200		8,010
Holcim Sterling Finance Netherlands BV, (Netherlands),
Reg. S, 2.25%, 04/04/2034	GBP	1,900		1,883
Reg. S, 3.00%, 05/12/2032	GBP	3,500		3,891

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Building Materials — continued
Johnson Controls International plc / Tyco Fire & Security Finance SCA, (Ireland),
1.00%, 09/15/2032	EUR	1,000		913
3.00%, 09/15/2028	EUR	1,000		1,085
3.13%, 12/11/2033	EUR	1,000		1,033
Kingspan Securities Ireland DAC, (Ireland), Reg. S, 3.50%, 10/31/2031	EUR	3,850		4,119
Lennox International, Inc.,
1.35%, 08/01/2025		2		2
5.50%, 09/15/2028		25		26
Martin Marietta Materials, Inc.,
3.20%, 07/15/2051		16		10
5.15%, 12/01/2034		730		724
5.50%, 12/01/2054		25		24
Owens Corning, 3.95%, 08/15/2029		500		484
Trane Technologies Financing Ltd., (Ireland), 4.50%, 03/21/2049		5		4
Vulcan Materials Co.,
3.50%, 06/01/2030		60		56
5.70%, 12/01/2054		165		161
				37,719
Electrical Components & Equipment — 0.1%
Emerson Electric Co.,
2.00%, 10/15/2029	EUR	1,500		1,560
2.80%, 12/21/2051		17		11
5.00%, 03/15/2035		91		91
Legrand SA, (France),
Reg. S, 0.63%, 06/24/2028	EUR	1,000		1,014
Reg. S, 1.00%, 03/06/2026	EUR	1,000		1,066
Reg. S, 1.88%, 07/06/2032	EUR	1,000		984
Schneider Electric SE, (France),
Reg. S, 3.25%, 10/10/2035	EUR	4,400		4,654
Reg. S, 3.50%, 06/12/2033	EUR	400		439
Signify NV, (Netherlands), Reg. S, 2.38%, 05/11/2027	EUR	175		187
				10,006
Electronics — 0.1%
Amphenol Corp., 5.38%, 11/15/2054		155		152
Amphenol Technologies Holding GmbH, (Germany), Reg. S, 0.75%, 05/04/2026	EUR	2,525		2,678
Assa Abloy AB, (Sweden), Reg. S, 4.13%, 09/13/2035	EUR	1,050		1,185
Flex Ltd., (Singapore), 5.25%, 01/15/2032		110		109
Fortive Corp.,
3.70%, 02/13/2026	EUR	2,250		2,452
3.70%, 08/15/2029	EUR	2,600		2,874
Honeywell International, Inc.,
2.25%, 02/22/2028	EUR	1,500		1,603
4.13%, 11/02/2034	EUR	3,700		4,106
5.25%, 03/01/2054		73		69
Hubbell, Inc., 2.30%, 03/15/2031		59		51
Jabil, Inc.,
1.70%, 04/15/2026		20		19
5.45%, 02/01/2029		40		41
Keysight Technologies, Inc., 4.95%, 10/15/2034		20		20
TD SYNNEX Corp., 6.10%, 04/12/2034		55		56
Trimble, Inc., 6.10%, 03/15/2033		36		38

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Tyco Electronics Group SA, (Luxembourg), 0.00%, 02/16/2029	EUR	1,000		972
				16,425
Engineering & Construction — 0.3%
ABB Finance BV, (Netherlands),
Reg. S, 0.00%, 01/19/2030	EUR	2,000		1,881
Reg. S, 3.38%, 01/16/2031	EUR	7,200		7,914
Reg. S, 3.38%, 01/15/2034	EUR	3,100		3,366
Aena SME SA, (Spain), Reg. S, 4.25%, 10/13/2030	EUR	200		227
Aeroports de Paris SA, (France),
Reg. S, 1.00%, 01/05/2029	EUR	500		502
Reg. S, 1.13%, 06/18/2034	EUR	200		175
Reg. S, 1.50%, 07/02/2032	EUR	900		855
Reg. S, 2.13%, 10/02/2026	EUR	100		107
Reg. S, 2.75%, 06/05/2028	EUR	100		108
Reg. S, 2.75%, 04/02/2030	EUR	2,500		2,647
Reg. S, 3.38%, 05/16/2031	EUR	100		108
Reg. S, 3.75%, 03/20/2036	EUR	200		215
CRCC Hean Ltd., (Hong Kong), Reg. S, 0.88%, 05/20/2026	EUR	300		317
DAA Finance plc, (Ireland), Reg. S, 1.60%, 11/05/2032	EUR	400		380
Ferrovial Emisiones SA, (Spain),
Reg. S, 0.54%, 11/12/2028	EUR	1,000		996
Reg. S, 1.38%, 05/14/2026	EUR	1,000		1,066
Heathrow Funding Ltd., (Jersey),
Reg. S, 4.63%, 10/31/2046	GBP	325		334
Reg. S, 6.45%, 12/10/2031	GBP	225		305
Reg. S, 6.75%, 12/03/2026	GBP	150		199
HOCHTIEF AG, (Germany),
Reg. S, 0.50%, 09/03/2027	EUR	229		236
Reg. S, 0.63%, 04/26/2029	EUR	125		123
Reg. S, 4.25%, 05/31/2030	EUR	8,501		9,515
Jacobs Engineering Group, Inc., 6.35%, 08/18/2028		950		991
Royal Schiphol Group NV, (Netherlands),
Reg. S, 0.38%, 09/08/2027	EUR	300		308
Reg. S, 0.75%, 04/22/2033	EUR	200		175
Reg. S, 0.88%, 09/08/2032	EUR	400		361
Reg. S, 3.38%, 09/17/2036	EUR	190		198
Sydney Airport Finance Co. Pty Ltd., (Australia), Reg. S, 1.75%, 04/26/2028	EUR	1,000		1,044
Vinci SA, (France), Reg. S, 3.38%, 10/17/2032	EUR	2,000		2,163
				36,816
Environmental Control — 0.0% (g)
Orano SA, (France),
Reg. S, 2.75%, 03/08/2028	EUR	200		213
Reg. S, 4.00%, 03/12/2031	EUR	100		110
Reg. S, 5.38%, 05/15/2027	EUR	200		226
Waste Connections, Inc., (Canada),
2.60%, 02/01/2030		200		182
3.20%, 06/01/2032		10		9
4.20%, 01/15/2033		20		19
Waste Management, Inc.,
2.00%, 06/01/2029		4		4

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Environmental Control — continued
4.63%, 02/15/2033		19		19
4.95%, 07/03/2031		130		132
				914
Hand/Machine Tools — 0.0% (g)
Regal Rexnord Corp., 6.05%, 02/15/2026		620		624
Snap-on, Inc., 3.10%, 05/01/2050		10		7
				631
Machinery - Construction & Mining — 0.2%
Eaton Capital ULC, (Ireland),
Reg. S, 0.58%, 03/08/2030	EUR	3,167		3,030
Reg. S, 3.60%, 05/21/2031	EUR	3,281		3,598
Reg. S, 3.80%, 05/21/2036	EUR	13,600		14,672
Sandvik AB, (Sweden),
Reg. S, 2.13%, 06/07/2027	EUR	1,000		1,069
Reg. S, 3.75%, 09/27/2029	EUR	1,000		1,111
				23,480
Machinery - Diversified — 0.1%
Atlas Copco Finance DAC, (Ireland),
Reg. S, 0.13%, 09/03/2029	EUR	500		482
Reg. S, 0.75%, 02/08/2032	EUR	2,500		2,305
Dover Corp.,
0.75%, 11/04/2027	EUR	1,000		1,026
1.25%, 11/09/2026	EUR	1,000		1,058
Highland Holdings Sarl, (Luxembourg),
0.32%, 12/15/2026	EUR	1,500		1,559
0.93%, 12/15/2031	EUR	2,050		1,887
2.88%, 11/19/2027	EUR	2,400		2,600
IDEX Corp., 4.95%, 09/01/2029		660		661
Ingersoll Rand, Inc., 5.40%, 08/14/2028		230		235
Nordson Corp., 5.60%, 09/15/2028		95		98
Otis Worldwide Corp., 2.29%, 04/05/2027		20		19
Westinghouse Air Brake Technologies Corp.,
3.20%, 06/15/2025		40		40
5.61%, 03/11/2034		40		41
				12,011
Miscellaneous Manufacturers — 0.3%
Alfa Laval Treasury International AB, (Sweden),
Reg. S, 0.88%, 02/18/2026	EUR	4,681		4,979
Reg. S, 1.38%, 02/18/2029	EUR	5,000		5,115
Eaton Corp., 4.15%, 11/02/2042		15		13
Illinois Tool Works, Inc.,
0.63%, 12/05/2027	EUR	1,000		1,029
1.00%, 06/05/2031	EUR	500		478
3.00%, 05/19/2034	EUR	332		346
3.25%, 05/17/2028	EUR	2,100		2,307
3.38%, 05/17/2032	EUR	4,100		4,432
Knorr-Bremse AG, (Germany), Reg. S, 3.25%, 09/30/2032	EUR	5,034		5,444
Parker-Hannifin Corp., 2.90%, 03/01/2030	EUR	2,800		2,987
Pentair Finance Sarl, (Luxembourg), 4.50%, 07/01/2029		2,000		1,969
Smiths Group plc, (United Kingdom), Reg. S, 2.00%, 02/23/2027	EUR	6,402		6,857

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Miscellaneous Manufacturers — continued
Teledyne Technologies, Inc., 1.60%, 04/01/2026		20		19
Textron, Inc.,
2.45%, 03/15/2031		1,000		871
5.50%, 05/15/2035		90		90
Wabtec Transportation Netherlands BV, (Netherlands), 1.25%, 12/03/2027	EUR	1,500		1,559
				38,495
Packaging & Containers — 0.1%
Amcor Group Finance plc, (United Kingdom), 5.45%, 05/23/2029		13		13
Amcor UK Finance plc, (United Kingdom), 1.13%, 06/23/2027	EUR	1,500		1,562
Berry Global, Inc.,
5.50%, 04/15/2028		615		627
5.65%, 01/15/2034		110		111
Brambles USA, Inc., Reg. S, 3.63%, 04/02/2033 (w)	EUR	2,125		2,296
DS Smith plc, (United Kingdom),
Reg. S, 0.88%, 09/12/2026	EUR	3,300		3,480
Reg. S, 4.38%, 07/27/2027	EUR	3,028		3,386
Packaging Corp. of America, 5.70%, 12/01/2033		6		6
				11,481
Shipbuilding — 0.0% (g)
Huntington Ingalls Industries, Inc.,
4.20%, 05/01/2030		18		17
5.35%, 01/15/2030		545		552
5.75%, 01/15/2035		360		362
				931
Transportation — 0.3%
Aurizon Network Pty Ltd., (Australia), Reg. S, 3.13%, 06/01/2026	EUR	1,000		1,087
bpost SA, (Belgium), Reg. S, 3.29%, 10/16/2029	EUR	600		650
Brambles Finance plc, (United Kingdom),
Reg. S, 1.50%, 10/04/2027	EUR	1,000		1,050
Reg. S, 4.25%, 03/22/2031	EUR	909		1,026
Burlington Northern Santa Fe LLC,
4.15%, 04/01/2045		10		8
4.55%, 09/01/2044		160		141
4.95%, 09/15/2041		700		657
5.20%, 04/15/2054		900		853
5.40%, 06/01/2041		20		20
Canadian National Railway Co., (Canada),
2.45%, 05/01/2050		370		217
6.13%, 11/01/2053		400		433
Canadian Pacific Railway Co., (Canada), 3.10%, 12/02/2051		210		136
CSX Corp., 4.90%, 03/15/2055		10		9
Deutsche Bahn Finance GMBH, (Germany),
Reg. S, 0.35%, 09/29/2031	EUR	700		639
Reg. S, 0.38%, 06/23/2029	EUR	200		196
Reg. S, 0.50%, 04/09/2027	EUR	140		146
Reg. S, 0.63%, 09/26/2028	EUR	200		202
Reg. S, 0.63%, 04/15/2036	EUR	350		281
Reg. S, 0.63%, 12/08/2050	EUR	200		106
Reg. S, 0.88%, 07/11/2031	EUR	200		190

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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, 1.00%, 12/17/2027	EUR	300		312
Reg. S, 1.13%, 12/18/2028	EUR	300		307
Reg. S, 1.13%, 05/29/2051	EUR	412		251
Reg. S, 1.38%, 03/28/2031	EUR	2,200		2,171
Reg. S, 1.38%, 04/16/2040	EUR	50		40
Reg. S, 1.50%, 12/08/2032	EUR	200		194
Reg. S, 1.63%, 11/06/2030	EUR	200		202
Reg. S, 1.63%, 08/16/2033	EUR	89		86
Reg. S, 1.88%, 05/24/2030	EUR	300		309
1.99%, 07/08/2030	AUD	200		108
Reg. S, 2.75%, 03/19/2029	EUR	200		217
Reg. S, 3.25%, 05/19/2033	EUR	300		329
Reg. S, 3.38%, 04/24/2034	EUR	500		547
Reg. S, 3.50%, 09/20/2027	EUR	650		720
Reg. S, 3.63%, 12/18/2037	EUR	193		211
Reg. S, 3.75%, 10/29/2025	AUD	1,000		621
Reg. S, 3.88%, 10/13/2042	EUR	100		110
Reg. S, 4.00%, 11/23/2043	EUR	300		333
Series CB, Reg. S, (EUR Swap Rate 5 Year + 1.89%), 1.60%, 07/18/2029 (x) (aa)	EUR	1,500		1,450
Deutsche Post AG, (Germany), Reg. S, 4.00%, 03/24/2040	EUR	4,325		4,675
DSV Finance BV, (Netherlands), Reg. S, 3.38%, 11/06/2034	EUR	2,225		2,346
East Japan Railway Co., (Japan), Reg. S, 4.50%, 01/25/2036	GBP	2,000		2,375
Ferrovie dello Stato Italiane SpA, (Italy),
Reg. S, 0.38%, 03/25/2028	EUR	300		302
Reg. S, 4.13%, 05/23/2029	EUR	300		336
Reg. S, 4.50%, 05/23/2033	EUR	200		228
Hamburger Hochbahn AG, (Germany), Reg. S, 0.13%, 02/24/2031	EUR	1,400		1,275
International Distribution Services plc, (United Kingdom), Reg. S, 5.25%, 09/14/2028	EUR	7,100		8,117
La Poste SA, (France),
Reg. S, 0.00%, 07/18/2029	EUR	200		191
Reg. S, 0.38%, 09/17/2027	EUR	100		102
Reg. S, 0.63%, 10/21/2026	EUR	1,300		1,365
Reg. S, 0.63%, 01/18/2036	EUR	200		156
Reg. S, 1.00%, 09/17/2034	EUR	500		429
Reg. S, 1.38%, 04/21/2032	EUR	1,000		950
Reg. S, 1.45%, 11/30/2028	EUR	300		309
Reg. S, 2.63%, 09/14/2028	EUR	100		108
Reg. S, 3.13%, 03/14/2033	EUR	200		211
Reg. S, 3.75%, 06/12/2030	EUR	200		222
Reg. S, 4.00%, 06/12/2035	EUR	400		443
Network Rail Infrastructure Finance plc, (United Kingdom),
Reg. S, 4.38%, 12/09/2030	GBP	390		500
4.75%, 11/29/2035	GBP	500		634
Norfolk Southern Corp., 5.95%, 03/15/2064		660		677
OeBB-Infrastruktur AG, (Austria),
2.25%, 05/28/2029	EUR	325		347
3.00%, 10/24/2033	EUR	500		542
Reg. S, 3.38%, 05/18/2032	EUR	400		445
Series 30, Reg. S, 3.50%, 10/19/2026	EUR	280		308
Poste Italiane SpA, (Italy), Reg. S, 0.50%, 12/10/2028	EUR	200		198
TOTE Maritime Alaska LLC, Series 45689, 6.37%, 04/15/2028		2,275		2,329

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
United Parcel Service, Inc., 1.50%, 11/15/2032	EUR	1,125		1,093
VR-Yhtymae OYJ, (Finland), Reg. S, 2.38%, 05/30/2029	EUR	100		106
				47,884
Trucking & Leasing — 0.0% (g)
Penske Truck Leasing Co. LP / PTL Finance Corp.,
4.40%, 07/01/2027 (e)		730		726
5.55%, 05/01/2028 (e)		1,135		1,161
5.75%, 05/24/2026 (e)		860		869
6.05%, 08/01/2028 (e)		660		685
				3,441
Total Industrial				311,039
Technology — 0.6%
Computers — 0.1%
Accenture Capital, Inc., 4.50%, 10/04/2034		595		574
Amdocs Ltd., (Guernsey), 2.54%, 06/15/2030		62		55
Apple, Inc.,
0.50%, 11/15/2031	EUR	1,600		1,485
1.38%, 05/24/2029	EUR	1,438		1,477
1.63%, 11/10/2026	EUR	1,125		1,201
2.55%, 08/20/2060		5		3
2.85%, 08/05/2061		20		12
3.05%, 07/31/2029	GBP	425		520
3.75%, 09/12/2047		1,000		792
CGI, Inc., (Canada),
1.45%, 09/14/2026		60		57
2.30%, 09/14/2031		60		51
4.95%, 03/14/2030 (e)		95		95
Dell Bank International DAC, (Ireland),
Reg. S, 0.50%, 10/27/2026	EUR	1,000		1,048
Reg. S, 3.63%, 06/24/2029	EUR	4,183		4,587
Reg. S, 4.50%, 10/18/2027	EUR	1,000		1,121
Fortinet, Inc., 2.20%, 03/15/2031		20		17
HP, Inc.,
5.50%, 01/15/2033		88		89
6.00%, 09/15/2041		70		70
IBM International Capital Pte Ltd., (Singapore), 5.25%, 02/05/2044		100		95
International Business Machines Corp.,
1.20%, 02/11/2040	EUR	561		416
1.25%, 02/09/2034	EUR	1,000		893
4.00%, 06/20/2042		82		67
4.88%, 02/06/2038	GBP	300		350
NetApp, Inc., 1.88%, 06/22/2025		1,700		1,689
Teledyne FLIR LLC, 2.50%, 08/01/2030		80		71
				16,835
Office/Business & Equipment — 0.0% (g)
CDW LLC / CDW Finance Corp.,
2.67%, 12/01/2026		985		950
3.25%, 02/15/2029		68		64
3.28%, 12/01/2028		113		106
3.57%, 12/01/2031		172		155

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Office/Business & Equipment — continued
4.25%, 04/01/2028		12		12
5.10%, 03/01/2030		760		759
				2,046
Semiconductors — 0.1%
Analog Devices, Inc., 3.45%, 06/15/2027		30		29
ASML Holding NV, (Netherlands),
Reg. S, 0.63%, 05/07/2029	EUR	1,200		1,190
Reg. S, 1.38%, 07/07/2026	EUR	2,000		2,133
Reg. S, 1.63%, 05/28/2027	EUR	2,750		2,919
Broadcom, Inc.,
3.14%, 11/15/2035 (e) (jj)		3,235		2,680
3.19%, 11/15/2036 (e)		795		651
5.05%, 07/12/2029		1,605		1,626
Foundry JV Holdco LLC, 6.20%, 01/25/2037 (e)		1,640		1,686
Infineon Technologies AG, (Germany), Reg. S, 1.13%, 06/24/2026	EUR	1,400		1,488
Intel Corp.,
4.10%, 05/11/2047		660		486
4.88%, 02/10/2028		30		30
4.90%, 08/05/2052		260		212
5.60%, 02/21/2054		235		213
5.70%, 02/10/2053		140		128
Micron Technology, Inc.,
2.70%, 04/15/2032		45		38
5.80%, 01/15/2035		120		123
NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational),
3.40%, 05/01/2030		1,000		930
3.88%, 06/18/2026		590		585
Texas Instruments, Inc., 2.70%, 09/15/2051		30		18
				17,165
Software — 0.4%
Adobe, Inc., 2.30%, 02/01/2030		28		25
Atlassian Corp., 5.50%, 05/15/2034		35		35
Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031		165		144
Electronic Arts, Inc., 1.85%, 02/15/2031		17		15
Fidelity National Information Services, Inc.,
2.00%, 05/21/2030	EUR	250		253
3.10%, 03/01/2041		80		58
Fiserv, Inc.,
1.63%, 07/01/2030	EUR	195		194
3.00%, 07/01/2031	GBP	1,000		1,135
3.50%, 07/01/2029		170		161
4.40%, 07/01/2049		87		71
4.50%, 05/24/2031	EUR	17,531		19,905
5.63%, 08/21/2033		1,060		1,089
Microsoft Corp.,
2.50%, 09/15/2050		10		6
2.53%, 06/01/2050		1,105		689
2.68%, 06/01/2060		330		196
3.13%, 12/06/2028	EUR	10,005		10,999

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Software — continued
Oracle Corp.,
2.65%, 07/15/2026		30		29
3.60%, 04/01/2050		1,365		944
3.65%, 03/25/2041		91		70
3.85%, 07/15/2036		280		242
3.85%, 04/01/2060		14		10
3.95%, 03/25/2051		250		183
4.00%, 07/15/2046		325		248
4.50%, 07/08/2044		10		8
4.70%, 09/27/2034		110		105
5.25%, 02/03/2032		90		91
5.50%, 08/03/2035		40		40
5.50%, 09/27/2064		20		18
6.13%, 08/03/2065		20		20
6.25%, 11/09/2032		70		75
6.90%, 11/09/2052		305		335
Roper Technologies, Inc.,
1.75%, 02/15/2031		77		65
2.95%, 09/15/2029		2		2
4.20%, 09/15/2028		37		36
Sage Group plc (The), (United Kingdom),
Reg. S, 1.63%, 02/25/2031	GBP	2,000		2,115
Reg. S, 2.88%, 02/08/2034	GBP	2,500		2,612
SAP SE, (Germany),
Reg. S, 0.38%, 05/18/2029	EUR	7,000		6,911
Reg. S, 1.38%, 03/13/2030	EUR	200		202
ServiceNow, Inc., 1.40%, 09/01/2030		5		4
Synopsys, Inc., 5.00%, 04/01/2032		1,106		1,107
VMware LLC, 4.50%, 05/15/2025		25		25
				50,472
Total Technology				86,518
Utilities — 2.1%
Electric — 1.6%
A2A SpA, (Italy),
Reg. S, 0.63%, 07/15/2031	EUR	200		182
Reg. S, 1.00%, 07/16/2029	EUR	100		99
Reg. S, 1.00%, 11/02/2033	EUR	100		87
Reg. S, 1.50%, 03/16/2028	EUR	200		210
Reg. S, 1.63%, 10/19/2027	EUR	200		211
Reg. S, 3.63%, 01/30/2035	EUR	300		317
Reg. S, 4.38%, 02/03/2034	EUR	100		113
Reg. S, 4.50%, 09/19/2030	EUR	200		229
ACEA SpA, (Italy),
Reg. S, 0.50%, 04/06/2029	EUR	100		98
Reg. S, 1.75%, 05/23/2028	EUR	130		136
Reg. S, 3.88%, 01/24/2031	EUR	500		555
AEP Texas, Inc.,
4.70%, 05/15/2032		885		861
5.45%, 05/15/2029		510		521
Series I, 2.10%, 07/01/2030		2,600		2,270
AEP Transmission Co. LLC, 5.15%, 04/01/2034		10		10

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Alabama Power Co.,
3.00%, 03/15/2052		10		6
3.13%, 07/15/2051		7		5
3.75%, 09/01/2027		30		30
Algonquin Power & Utilities Corp., (Canada), SUB, 5.37%, 06/15/2026		475		478
Alliander NV, (Netherlands),
Reg. S, 0.38%, 06/10/2030	EUR	400		378
Reg. S, 0.88%, 06/24/2032	EUR	200		184
Reg. S, 2.63%, 09/09/2027	EUR	600		649
Reg. S, 3.00%, 10/07/2034	EUR	200		208
Reg. S, 3.25%, 06/13/2028	EUR	600		659
Alperia SpA, (Italy), Reg. S, 5.70%, 07/05/2028	EUR	100		116
Ameren Illinois Co.,
3.25%, 03/15/2050		1,200		819
5.55%, 07/01/2054		10		10
American Electric Power Co., Inc.,
2.30%, 03/01/2030		5		4
(CMT Index 5 Year + 2.68%), 3.88%, 02/15/2062 (aa)		195		185
5.95%, 11/01/2032		10		11
Amprion GmbH, (Germany),
Reg. S, 0.63%, 09/23/2033	EUR	1,500		1,265
Reg. S, 3.97%, 09/22/2032	EUR	800		885
Appalachian Power Co.,
5.65%, 04/01/2034		10		10
Series BB, 4.50%, 08/01/2032		20		19
Series Z, 3.70%, 05/01/2050		5		4
Arizona Public Service Co.,
2.20%, 12/15/2031		10		8
2.60%, 08/15/2029		14		13
3.35%, 05/15/2050		10		7
5.55%, 08/01/2033		1,375		1,390
Atlantic City Electric Co., 4.00%, 10/15/2028		10		10
Baltimore Gas and Electric Co.,
2.90%, 06/15/2050		10		6
5.40%, 06/01/2053		10		9
5.65%, 06/01/2054		10		10
Berkshire Hathaway Energy Co.,
2.85%, 05/15/2051		50		30
4.25%, 10/15/2050		5		4
5.15%, 11/15/2043		6		6
Black Hills Corp., 2.50%, 06/15/2030		10		9
CenterPoint Energy Houston Electric LLC,
5.30%, 04/01/2053		10		9
Series AD, 2.90%, 07/01/2050		25		16
Series AJ, 4.85%, 10/01/2052		10		9
CenterPoint Energy, Inc.,
2.95%, 03/01/2030		5		5
4.25%, 11/01/2028		3		3
(CMT Index 5 Year + 2.59%), 6.70%, 05/15/2055 (aa)		35		34
Series A, (CMT Index 5 Year + 3.25%), 7.00%, 02/15/2055 (aa)		55		56
CEZ A/S, (Czech Republic), Reg. S, 2.38%, 04/06/2027	EUR	1,425		1,524

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Coentreprise de Transport d’Electricite SA, (France),
Reg. S, 1.50%, 07/29/2028	EUR	400		413
Reg. S, 2.13%, 07/29/2032	EUR	200		196
Reg. S, 3.75%, 01/17/2036	EUR	300		318
Commonwealth Edison Co.,
3.00%, 03/01/2050		5		3
4.00%, 03/01/2048		5		4
4.35%, 11/15/2045		980		820
Series 131, 2.75%, 09/01/2051		440		265
Series 132, 3.15%, 03/15/2032		60		54
Connecticut Light and Power Co. (The),
4.95%, 08/15/2034		338		334
Series A, 2.05%, 07/01/2031		905		772
Consolidated Edison Co. of New York, Inc.,
3.20%, 12/01/2051		50		33
3.60%, 06/15/2061		20		14
5.20%, 03/01/2033		10		10
6.15%, 11/15/2052		4		4
Series 20A, 3.35%, 04/01/2030		10		10
Series A, 4.13%, 05/15/2049		275		216
Series C, 4.30%, 12/01/2056		740		581
Consumers Energy Co.,
3.75%, 02/15/2050		5		4
4.20%, 09/01/2052		20		16
4.60%, 05/30/2029		10		10
Dominion Energy South Carolina, Inc.,
4.60%, 06/15/2043		1,400		1,237
6.25%, 10/15/2053		505		540
Dominion Energy, Inc.,
(CMT Index 5 Year + 2.21%), 6.63%, 05/15/2055 (aa)		23		23
Series B, 4.85%, 08/15/2052		25		21
Series C, (CMT Index 5 Year + 3.20%), 4.35%, 01/15/2027 (x) (aa)		70		68
DTE Electric Co.,
2.95%, 03/01/2050		5		3
3.70%, 03/15/2045		1,100		853
Series B, 3.25%, 04/01/2051		20		14
DTE Energy Co.,
2.85%, 10/01/2026		30		29
4.95%, 07/01/2027		560		564
Series C, 3.40%, 06/15/2029		19		18
Duke Energy Carolinas LLC,
3.55%, 03/15/2052		10		7
4.95%, 01/15/2033		10		10
5.35%, 01/15/2053		5		5
5.40%, 01/15/2054		85		81
Duke Energy Corp.,
2.45%, 06/01/2030		110		98
3.10%, 06/15/2028	EUR	2,150		2,328
3.50%, 06/15/2051		10		7
3.85%, 06/15/2034	EUR	2,200		2,324

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Electric — continued
4.50%, 08/15/2032		50		48
5.00%, 08/15/2052		30		26
Duke Energy Florida LLC, 3.00%, 12/15/2051		10		6
Duke Energy Indiana LLC,
5.25%, 03/01/2034		10		10
5.40%, 04/01/2053		25		24
Duke Energy Ohio, Inc.,
4.30%, 02/01/2049		10		8
5.55%, 03/15/2054		20		19
Duke Energy Progress LLC, 4.00%, 04/01/2052		20		15
E.ON International Finance BV, (Netherlands), Reg. S, 5.88%, 10/30/2037	GBP	1,000		1,277
E.ON SE, (Germany), Reg. S, 1.00%, 10/07/2025	EUR	100		107
Eastern Power Networks plc, (United Kingdom), Reg. S, 5.38%, 02/26/2042	GBP	2,800		3,300
EDP SA, (Portugal), Reg. S, 1.63%, 04/15/2027	EUR	200		212
Electricite de France SA, (France),
Reg. S, 1.00%, 10/13/2026	EUR	600		633
Reg. S, 1.00%, 11/29/2033	EUR	500		431
Reg. S, 1.88%, 10/13/2036	EUR	200		174
Reg. S, 2.00%, 12/09/2049	EUR	1,000		654
Reg. S, 3.75%, 06/05/2027	EUR	800		883
Reg. S, 3.88%, 01/12/2027	EUR	300		331
Reg. S, 4.13%, 06/17/2031	EUR	1,000		1,119
Reg. S, 4.25%, 01/25/2032	EUR	400		448
Reg. S, 4.38%, 10/12/2029	EUR	300		341
Reg. S, 4.38%, 06/17/2036	EUR	100		110
Reg. S, 4.50%, 11/12/2040	EUR	100		109
Reg. S, 4.63%, 01/25/2043	EUR	400		426
Reg. S, 4.75%, 10/12/2034	EUR	1,700		1,966
Reg. S, 4.75%, 06/17/2044	EUR	400		430
Reg. S, 5.13%, 09/22/2050	GBP	800		814
Reg. S, 5.50%, 03/27/2037	GBP	500		598
Reg. S, 5.50%, 10/17/2041	GBP	1,000		1,134
Reg. S, 5.63%, 02/21/2033	EUR	200		245
5.88%, 07/18/2031	GBP	465		610
Reg. S, 6.00%, 01/23/2114	GBP	600		671
Reg. S, 6.13%, 06/02/2034	GBP	600		779
Reg. S, 6.25%, 05/30/2028	GBP	3,000		4,013
Elia Group SA, (Belgium), Reg. S, 3.88%, 06/11/2031	EUR	1,500		1,640
Elia Transmission Belgium SA, (Belgium), Reg. S, 3.63%, 01/18/2033	EUR	5,400		5,884
Emera US Finance LP,
2.64%, 06/15/2031		10		9
4.75%, 06/15/2046		45		37
EnBW Energie Baden-Wuerttemberg AG, (Germany),
Reg. S, (EUR Swap Rate 5 Year + 1.65%), 1.38%, 08/31/2081 (aa)	EUR	100		100
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.73%), 1.63%, 08/05/2079 (aa)	EUR	100		103
Reg. S, (EUR Swap Rate 5 Year + 2.32%), 1.88%, 06/29/2080 (aa)	EUR	100		106
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.66%), 5.25%, 01/23/2084 (aa)	EUR	500		562
EnBW International Finance BV, (Netherlands),
Reg. S, 0.13%, 03/01/2028	EUR	182		184
Reg. S, 0.50%, 03/01/2033	EUR	97		84

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Electric — continued
Reg. S, 1.88%, 10/31/2033	EUR	420		402
Reg. S, 3.00%, 05/20/2029	EUR	200		216
Reg. S, 3.50%, 07/24/2028	EUR	120		133
Reg. S, 3.50%, 07/22/2031	EUR	300		327
Reg. S, 3.75%, 11/20/2035	EUR	300		320
Reg. S, 3.85%, 05/23/2030	EUR	400		446
Reg. S, 4.00%, 01/24/2035	EUR	100		109
Reg. S, 4.00%, 07/22/2036	EUR	300		324
Reg. S, 4.05%, 11/22/2029	EUR	200		225
Reg. S, 4.30%, 05/23/2034	EUR	100		113
Reg. S, 6.13%, 07/07/2039	EUR	40		54
Enel Finance International NV, (Netherlands),
Reg. S, 0.25%, 05/28/2026	EUR	3,000		3,159
Reg. S, SUB, 0.25%, 06/17/2027	EUR	627		643
Reg. S, 0.38%, 06/17/2027	EUR	1,000		1,029
Reg. S, 0.63%, 05/28/2029	EUR	4,205		4,122
Reg. S, SUB, 0.75%, 06/17/2030	EUR	13,490		12,846
Reg. S, 0.88%, 01/17/2031	EUR	6,122		5,756
Reg. S, 0.88%, 09/28/2034	EUR	217		181
Reg. S, 0.88%, 06/17/2036	EUR	6,204		4,860
Reg. S, 3.38%, 07/23/2028	EUR	300		329
3.50%, 04/06/2028 (e)		1,300		1,255
Reg. S, 3.88%, 03/09/2029	EUR	422		470
Enel SpA, (Italy),
Reg. S, 5.63%, 06/21/2027	EUR	2,000		2,297
Series 9.5Y, Reg. S, (EUR Swap Rate 5 Year + 2.01%), 1.88%, 06/08/2030 (x) (aa)	EUR	1,100		1,032
e-netz Suedhessen AG, (Germany), 6.13%, 04/23/2041	EUR	100		127
Enexis Holding NV, (Netherlands),
Reg. S, 0.38%, 04/14/2033	EUR	400		344
Reg. S, 0.63%, 06/17/2032	EUR	100		90
Reg. S, 0.75%, 07/02/2031	EUR	334		313
Reg. S, 0.88%, 04/28/2026	EUR	100		106
Reg. S, 3.63%, 06/12/2034	EUR	200		220
Engie SA, (France),
Reg. S, 0.38%, 06/21/2027	EUR	1,000		1,029
Reg. S, 0.38%, 10/26/2029	EUR	1,000		959
Reg. S, 1.00%, 10/26/2036	EUR	1,000		792
Reg. S, 1.38%, 02/28/2029	EUR	1,000		1,019
Reg. S, 1.75%, 03/27/2028	EUR	3,000		3,139
Reg. S, 2.13%, 03/30/2032	EUR	800		796
Reg. S, 3.75%, 09/06/2027	EUR	2,000		2,212
Reg. S, 3.88%, 12/06/2033	EUR	200		218
Reg. S, 5.00%, 10/01/2060	GBP	1,000		1,034
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.37%), 5.13%, 03/14/2033 (x) (aa)	EUR	200		222
Reg. S, 7.00%, 10/30/2028	GBP	2,000		2,757
Entergy Arkansas LLC,
2.65%, 06/15/2051		76		45
4.20%, 04/01/2049		10		8
Entergy Corp.,
0.90%, 09/15/2025		30		29
(CMT Index 5 Year + 2.67%), 7.13%, 12/01/2054 (aa)		74		75

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Entergy Louisiana LLC,
1.60%, 12/15/2030		2,300		1,941
2.35%, 06/15/2032		30		25
Entergy Texas, Inc.,
4.00%, 03/30/2029		15		14
5.00%, 09/15/2052		19		17
5.55%, 09/15/2054		30		29
ESB Finance DAC, (Ireland),
Reg. S, 1.00%, 07/19/2034	EUR	100		87
Reg. S, 1.13%, 06/11/2030	EUR	100		98
Reg. S, 1.75%, 02/07/2029	EUR	200		208
Reg. S, 1.88%, 06/14/2031	EUR	224		224
Reg. S, 2.13%, 06/08/2027	EUR	100		107
Reg. S, 3.75%, 01/25/2043	EUR	200		205
Reg. S, 4.00%, 10/03/2028	EUR	400		446
Reg. S, 4.00%, 05/03/2032	EUR	200		225
Reg. S, 4.25%, 03/03/2036	EUR	100		111
Evergy Kansas Central, Inc., 3.45%, 04/15/2050		5		3
Evergy Metro, Inc., Series 2020, 2.25%, 06/01/2030		20		18
Evergy, Inc., (CMT Index 5 Year + 2.56%), 6.65%, 06/01/2055 (aa)		50		49
Eversource Energy,
3.38%, 03/01/2032		40		36
4.60%, 07/01/2027		100		100
5.13%, 05/15/2033		25		25
5.95%, 07/15/2034		45		46
EWE AG, (Germany),
Reg. S, 0.25%, 06/08/2028	EUR	200		198
Reg. S, 0.38%, 10/22/2032	EUR	390		332
Exelon Corp.,
2.75%, 03/15/2027		20		19
(CMT Index 5 Year + 1.98%), 6.50%, 03/15/2055 (aa)		90		90
Fingrid OYJ, (Finland), Reg. S, 3.25%, 03/20/2034	EUR	400		428
FirstEnergy Corp., Series C, 3.40%, 03/01/2050		10		7
Florida Power & Light Co.,
2.45%, 02/03/2032		20		17
2.88%, 12/04/2051		35		22
3.95%, 03/01/2048		500		395
5.15%, 06/15/2029		10		10
5.30%, 04/01/2053		10		10
5.80%, 03/15/2065		276		281
FLUVIUS System Operator CV, (Belgium),
Reg. S, 0.25%, 06/14/2028	EUR	200		199
Reg. S, 0.25%, 12/02/2030	EUR	300		274
Reg. S, 0.63%, 11/24/2031	EUR	100		90
Reg. S, 3.88%, 03/18/2031	EUR	200		222
Reg. S, 3.88%, 05/09/2033	EUR	3,600		3,951
Reg. S, 3.88%, 05/02/2034	EUR	300		328
Reg. S, 4.00%, 07/06/2032	EUR	200		222
Fortum OYJ, (Finland),
Reg. S, 2.13%, 02/27/2029	EUR	200		209
Reg. S, 4.50%, 05/26/2033	EUR	300		342

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Georgia Power Co.,
4.70%, 05/15/2032		2,350		2,319
5.13%, 05/15/2052		17		16
Series B, 3.70%, 01/30/2050		10		7
Hera SpA, (Italy),
Reg. S, 0.25%, 12/03/2030	EUR	160		146
Reg. S, 0.88%, 07/05/2027	EUR	400		415
Reg. S, 1.00%, 04/25/2034	EUR	200		171
Reg. S, 2.50%, 05/25/2029	EUR	200		211
Reg. S, 3.25%, 07/15/2031	EUR	200		214
Reg. S, 4.25%, 04/20/2033	EUR	100		112
Reg. S, 5.20%, 01/29/2028	EUR	200		229
Iberdrola International BV, (Netherlands),
Series NC5, Reg. S, (EUR Swap Rate 5 Year + 2.32%), 1.87%, 01/28/2026 (x) (aa)	EUR	3,000		3,195
Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.57%), 2.25%, 01/28/2029 (x) (aa)	EUR	2,000		2,023
Ignitis Grupe AB, (Lithuania),
Reg. S, 1.88%, 07/10/2028	EUR	200		206
Reg. S, 2.00%, 05/21/2030	EUR	110		110
Interstate Power and Light Co., 3.50%, 09/30/2049		10		7
Iren SpA, (Italy), Reg. S, 1.00%, 07/01/2030	EUR	550		534
ITC Holdings Corp., 4.95%, 09/22/2027 (e)		1,170		1,178
Jersey Central Power & Light Co., 5.10%, 01/15/2035 (e)		670		661
Kentucky Utilities Co., 3.30%, 06/01/2050		5		3
MidAmerican Energy Co., 2.70%, 08/01/2052		5		3
Mississippi Power Co., Series B, 3.10%, 07/30/2051		10		6
National Grid Electricity Distribution East Midlands plc, (United Kingdom), Reg. S, 6.25%, 12/10/2040	GBP	1,000		1,295
National Grid Electricity Distribution South Wales plc, (United Kingdom), Series WALE, 5.75%, 03/23/2040	GBP	2,000		2,455
National Grid Electricity Distribution South West plc, (United Kingdom), Reg. S, 5.88%, 03/25/2027	GBP	20		26
National Grid Electricity Transmission plc, (United Kingdom), Reg. S, 2.00%, 04/17/2040	GBP	425		329
National Grid plc, (United Kingdom),
Reg. S, 0.25%, 09/01/2028	EUR	1,000		989
Reg. S, 0.55%, 09/18/2029	EUR	175		169
Reg. S, 2.18%, 06/30/2026	EUR	3,925		4,221
5.42%, 01/11/2034		10		10
National Rural Utilities Cooperative Finance Corp.,
3.45%, 06/15/2025		10		10
5.80%, 01/15/2033		30		31
Naturgy Finance Iberia SA, (Spain), Reg. S, 1.88%, 10/05/2029	EUR	1,000		1,040
Nevada Power Co., (CMT Index 5 Year + 1.94%), 6.25%, 05/15/2055 (aa)		45		45
NextEra Energy Capital Holdings, Inc.,
2.25%, 06/01/2030		1,180		1,043
2.75%, 11/01/2029		5		4
3.00%, 01/15/2052		205		127
4.63%, 07/15/2027		20		20
5.05%, 03/15/2030		50		51
5.30%, 03/15/2032		50		51
5.55%, 03/15/2054		635		605
5.75%, 09/01/2025		10		10

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
5.90%, 03/15/2055		10		10
(CMT Index 5 Year + 2.05%), 6.38%, 08/15/2055 (aa)		125		125
NIE Finance plc, (United Kingdom), Reg. S, 5.88%, 12/01/2032	GBP	200		264
Northern Powergrid Yorkshire plc, (United Kingdom),
Reg. S, 5.13%, 05/04/2035	GBP	150		185
Reg. S, 6.13%, 04/01/2050 (w)	GBP	1,300		1,642
Northern States Power Co.,
2.25%, 04/01/2031		1,450		1,267
2.60%, 06/01/2051		16		9
NRG Energy, Inc.,
2.00%, 12/02/2025 (e)		2,150		2,105
2.45%, 12/02/2027 (e)		2,275		2,133
NSTAR Electric Co., 4.55%, 06/01/2052		470		394
Oglethorpe Power Corp., 5.05%, 10/01/2048		10		9
Oklahoma Gas and Electric Co.,
4.15%, 04/01/2047		900		712
5.60%, 04/01/2053		5		5
Oncor Electric Delivery Co. LLC,
3.10%, 09/15/2049		10		6
3.70%, 05/15/2050		5		4
4.30%, 05/15/2028		20		20
Origin Energy Finance Ltd., (Australia), Reg. S, 1.00%, 09/17/2029	EUR	2,616		2,538
Orsted A/S, (Denmark),
Reg. S, 2.25%, 06/14/2028	EUR	1,000		1,058
Reg. S, 5.75%, 04/09/2040	GBP	425		515
Pacific Gas and Electric Co.,
3.15%, 01/01/2026		65		64
3.50%, 08/01/2050		10		7
3.95%, 12/01/2047		900		655
4.40%, 03/01/2032		24		22
4.50%, 07/01/2040		30		25
4.95%, 07/01/2050		800		666
5.25%, 03/01/2052		10		9
5.90%, 10/01/2054		10		10
6.75%, 01/15/2053		10		10
PacifiCorp.,
2.90%, 06/15/2052		720		430
3.30%, 03/15/2051		1,750		1,142
4.13%, 01/15/2049		165		127
4.15%, 02/15/2050		110		85
PECO Energy Co.,
2.80%, 06/15/2050		50		32
3.05%, 03/15/2051		435		282
4.60%, 05/15/2052		270		231
4.90%, 06/15/2033		1,640		1,630
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia), Reg. S, 1.88%, 11/05/2031	EUR	1,000		930
Potomac Electric Power Co., 5.50%, 03/15/2054		5		5
PPL Capital Funding, Inc., 4.13%, 04/15/2030		40		39
PPL Electric Utilities Corp.,
4.85%, 02/15/2034		1,015		1,001

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
5.25%, 05/15/2053		75		71
Public Service Co. of Colorado,
5.25%, 04/01/2053		10		9
5.75%, 05/15/2054		665		656
Series 38, 4.10%, 06/01/2032		20		19
Series 39, 4.50%, 06/01/2052		20		17
Public Service Co. of Oklahoma, 5.20%, 01/15/2035		40		39
Public Service Electric and Gas Co.,
1.90%, 08/15/2031		5		4
2.05%, 08/01/2050		10		5
3.00%, 03/01/2051		20		13
3.10%, 03/15/2032		30		27
3.65%, 09/01/2028		10		10
4.65%, 03/15/2033		10		10
4.85%, 08/01/2034		140		138
5.30%, 08/01/2054		6		6
5.45%, 03/01/2054		35		34
Series Q, 5.05%, 03/01/2035		25		25
Puget Energy, Inc.,
2.38%, 06/15/2028		1,030		957
4.22%, 03/15/2032		20		18
Puget Sound Energy, Inc., 5.33%, 06/15/2034		10		10
Redeia Corp. SA, (Spain), Reg. S, 3.38%, 07/09/2032	EUR	4,800		5,177
Ren Finance BV, (Netherlands),
Reg. S, 0.50%, 04/16/2029	EUR	1,000		974
Reg. S, 1.75%, 01/18/2028	EUR	1,000		1,046
RTE Reseau de Transport d’Electricite SADIR, (France),
Reg. S, 0.63%, 07/08/2032	EUR	200		178
Reg. S, 0.75%, 01/12/2034	EUR	300		256
Reg. S, 1.13%, 07/08/2040	EUR	200		146
Reg. S, 1.13%, 09/09/2049	EUR	100		58
Reg. S, 1.50%, 09/27/2030	EUR	300		297
Reg. S, 1.88%, 10/23/2037	EUR	300		263
Reg. S, 2.00%, 04/18/2036	EUR	100		92
Reg. S, 3.50%, 12/07/2031	EUR	400		435
Reg. S, 3.50%, 04/30/2033	EUR	200		214
Reg. S, 3.50%, 10/02/2036	EUR	100		106
Reg. S, 3.75%, 07/04/2035	EUR	300		324
Reg. S, 3.75%, 04/30/2044	EUR	300		306
RWE AG, (Germany), Reg. S, 4.13%, 02/13/2035	EUR	1,425		1,576
San Diego Gas & Electric Co., 4.15%, 05/15/2048		800		625
Scottish Hydro Electric Transmission plc, (United Kingdom), Reg. S, 2.13%, 03/24/2036	GBP	1,500		1,372
Southern California Edison Co.,
3.65%, 02/01/2050		355		245
4.00%, 04/01/2047		355		264
4.05%, 03/15/2042		900		705
4.65%, 10/01/2043		500		419
Series 20A, 2.95%, 02/01/2051		875		528
Series C, 4.13%, 03/01/2048		265		199
Southern Co. (The),
5.20%, 06/15/2033		20		20

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
5.70%, 10/15/2032		10		11
5.70%, 03/15/2034		5		5
Series 21-A, (CMT Index 5 Year + 2.92%), 3.75%, 09/15/2051 (aa)		10		10
Series A, 3.70%, 04/30/2030		15		14
Southwestern Electric Power Co.,
5.30%, 04/01/2033		20		20
Series N, 1.65%, 03/15/2026		10		10
Southwestern Public Service Co.,
3.70%, 08/15/2047		1,000		727
6.00%, 06/01/2054		25		25
Series 8, 3.15%, 05/01/2050		20		13
SP Transmission plc, (United Kingdom), Reg. S, 2.00%, 11/13/2031	GBP	100		106
SSE plc, (United Kingdom),
Reg. S, 1.38%, 09/04/2027	EUR	3,000		3,152
Reg. S, 6.25%, 08/27/2038	GBP	3,000		3,906
State Grid Overseas Investment BVI Ltd., (British Virgin Islands), Reg. S, 1.30%, 08/05/2032	EUR	500		480
Stedin Holding NV, (Netherlands),
Reg. S, 0.50%, 11/14/2029	EUR	300		290
Reg. S, 1.38%, 09/19/2028	EUR	200		206
Reg. S, 2.38%, 06/03/2030	EUR	400		418
Reg. S, 3.38%, 02/12/2037	EUR	200		208
Tampa Electric Co., 4.30%, 06/15/2048		10		8
Tauron Polska Energia SA, (Poland), Reg. S, 2.38%, 07/05/2027	EUR	3,550		3,713
TenneT Holding BV, (Netherlands),
Reg. S, 0.50%, 06/09/2031	EUR	200		191
Reg. S, 0.50%, 11/30/2040	EUR	200		150
Reg. S, 0.88%, 06/03/2030	EUR	120		118
Reg. S, 0.88%, 06/16/2035	EUR	300		268
Reg. S, 1.00%, 06/13/2026	EUR	200		212
Reg. S, 1.13%, 06/09/2041	EUR	300		239
Reg. S, 1.25%, 10/24/2033	EUR	200		187
Reg. S, 1.38%, 06/05/2028	EUR	300		312
Reg. S, 1.38%, 06/26/2029	EUR	100		103
Reg. S, 1.50%, 06/03/2039	EUR	200		171
Reg. S, 1.63%, 11/17/2026	EUR	450		479
Reg. S, 1.88%, 06/13/2036	EUR	200		189
Reg. S, 2.00%, 06/05/2034	EUR	100		99
Reg. S, 2.13%, 11/17/2029	EUR	200		209
Reg. S, 2.75%, 05/17/2042	EUR	200		192
Reg. S, 3.88%, 10/28/2028	EUR	200		223
Reg. S, 4.25%, 04/28/2032	EUR	200		229
Reg. S, 4.50%, 10/28/2034	EUR	500		585
Reg. S, 4.75%, 10/28/2042	EUR	300		346
Terna - Rete Elettrica Nazionale, (Italy),
Reg. S, 0.38%, 09/25/2030	EUR	825		765
Reg. S, 0.75%, 07/24/2032	EUR	200		181
Reg. S, 1.00%, 10/11/2028	EUR	1,000		1,017
Reg. S, 1.38%, 07/26/2027	EUR	2,125		2,230
Reg. S, 3.50%, 01/17/2031	EUR	7,100		7,745
Tucson Electric Power Co.,
1.50%, 08/01/2030		30		25

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
3.25%, 05/01/2051		10		7
5.20%, 09/15/2034		1,220		1,209
Union Electric Co.,
2.15%, 03/15/2032		40		34
3.90%, 04/01/2052		30		23
5.13%, 03/15/2055		30		27
5.20%, 04/01/2034		65		65
Verbund AG, (Austria), Reg. S, 0.90%, 04/01/2041	EUR	200		140
Virginia Electric and Power Co.,
3.30%, 12/01/2049		10		7
5.05%, 08/15/2034		273		269
5.65%, 03/15/2055		10		10
Series B, 3.80%, 09/15/2047		10		8
Series C, 4.63%, 05/15/2052		10		8
WEC Energy Group, Inc.,
3.55%, 06/15/2025		7		7
5.00%, 09/27/2025		30		30
Wisconsin Power and Light Co., 3.00%, 07/01/2029		10		9
Wisconsin Public Service Corp., 3.30%, 09/01/2049		15		10
Xcel Energy, Inc., 1.75%, 03/15/2027		10		9
Zapadoslovenska Energetika A/S, (Slovakia), Reg. S, 1.75%, 03/02/2028	EUR	100		103
				220,166
Gas — 0.4%
APA Infrastructure Ltd., (Australia),
Reg. S, 2.00%, 03/22/2027	EUR	2,000		2,130
Reg. S, 2.00%, 07/15/2030	EUR	1,000		1,004
Reg. S, 3.50%, 03/22/2030	GBP	2,430		2,866
Atmos Energy Corp.,
1.50%, 01/15/2031		1,600		1,341
2.63%, 09/15/2029		5		4
2.85%, 02/15/2052		5		3
3.38%, 09/15/2049		200		139
5.75%, 10/15/2052		10		10
Boston Gas Co., 5.84%, 01/10/2035 (e)		715		731
Cadent Finance plc, (United Kingdom), Reg. S, 2.63%, 09/22/2038	GBP	1,725		1,509
CenterPoint Energy Resources Corp., 5.25%, 03/01/2028		20		20
Centrica plc, (United Kingdom), Reg. S, 4.25%, 09/12/2044	GBP	1,000		979
GAS Networks Ireland, (Ireland), Reg. S, 3.25%, 09/12/2030	EUR	200		216
Italgas SpA, (Italy), Reg. S, 1.00%, 12/11/2031	EUR	1,125		1,056
National Fuel Gas Co., 5.95%, 03/15/2035		130		132
National Gas Transmission plc, (United Kingdom), Reg. S, 1.38%, 02/07/2031	GBP	1,600		1,657
Nederlandse Gasunie NV, (Netherlands),
Reg. S, 0.38%, 10/03/2031	EUR	200		182
Reg. S, 0.75%, 10/13/2036	EUR	100		78
Reg. S, 3.38%, 07/11/2034	EUR	200		213
Reg. S, 3.88%, 04/29/2044	EUR	200		209
NiSource, Inc.,
3.49%, 05/15/2027		10		10
3.60%, 05/01/2030		5		5
4.38%, 05/15/2047		5		4
5.00%, 06/15/2052		10		9

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Gas — continued
5.40%, 06/30/2033		10		10
(CMT Index 5 Year + 2.53%), 6.38%, 03/31/2055 (aa)		60		59
Piedmont Natural Gas Co., Inc.,
2.50%, 03/15/2031		1,550		1,352
3.35%, 06/01/2050		5		3
5.05%, 05/15/2052		570		507
Snam SpA, (Italy),
Reg. S, 0.00%, 12/07/2028	EUR	500		485
Reg. S, 0.88%, 10/25/2026	EUR	6,000		6,320
Reg. S, 1.00%, 09/12/2034	EUR	3,452		2,890
Reg. S, 1.38%, 10/25/2027	EUR	18,579		19,423
Reg. S, 3.38%, 11/26/2031	EUR	7,000		7,484
Southern California Gas Co., 5.05%, 09/01/2034		865		852
Southern Co. Gas Capital Corp.,
5.15%, 09/15/2032 (jj)		2,900		2,897
5.75%, 09/15/2033		10		10
Series 21A, 3.15%, 09/30/2051		5		3
Southern Gas Networks plc, (United Kingdom), 6.38%, 05/15/2040	GBP	825		1,068
Southwest Gas Corp., 4.05%, 03/15/2032		15		14
SPP-Distribucia A/S, (Slovakia), Reg. S, 1.00%, 06/09/2031	EUR	200		178
Vier Gas Transport GmbH, (Germany),
Reg. S, 0.50%, 09/10/2034	EUR	1,200		965
Reg. S, 3.38%, 11/11/2031	EUR	2,700		2,899
Wales & West Utilities Finance plc, (United Kingdom), Reg. S, 1.88%, 05/28/2041	GBP	825		615
				62,541
Water — 0.1%
American Water Capital Corp.,
4.15%, 06/01/2049		10		8
4.45%, 06/01/2032		40		38
Essential Utilities, Inc.,
2.40%, 05/01/2031		10		9
5.38%, 01/15/2034		10		10
Northumbrian Water Finance plc, (United Kingdom),
Reg. S, 1.63%, 10/11/2026	GBP	825		1,011
Reg. S, 5.13%, 01/23/2042	GBP	1,000		1,093
Reg. S, 5.63%, 04/29/2033	GBP	425		535
United Utilities Water Finance plc, (United Kingdom),
Reg. S, 2.00%, 07/03/2033	GBP	900		889
Reg. S, 5.75%, 05/28/2051	GBP	3,275		3,810
Wessex Water Services Finance plc, (United Kingdom),
Reg. S, 1.50%, 09/17/2029	GBP	2,700		2,939
Reg. S, 5.38%, 03/10/2028	GBP	2,425		3,120
				13,462
Total Utilities				296,169
Total Corporate Bonds (Cost $3,585,014)				3,595,146
Foreign Government Securities — 54.6%
Action Logement Services, (France),
Reg. S, 0.38%, 10/05/2031	EUR	500		452
Reg. S, 3.13%, 09/28/2037	EUR	600		604

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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, 3.63%, 05/25/2043	EUR	800		806
Reg. S, 4.13%, 10/03/2038	EUR	100		110
Adif Alta Velocidad, (Spain),
Reg. S, 0.55%, 04/30/2030	EUR	200		191
Reg. S, 0.55%, 10/31/2031	EUR	200		182
Reg. S, 0.95%, 04/30/2027	EUR	400		420
Reg. S, 3.13%, 01/31/2030	EUR	200		217
Reg. S, 3.25%, 05/31/2029	EUR	900		985
Reg. S, 3.50%, 07/30/2028	EUR	100		111
Reg. S, 3.50%, 07/30/2029	EUR	200		221
Reg. S, 3.50%, 04/30/2032	EUR	100		109
Reg. S, 3.63%, 04/30/2035	EUR	300		321
Reg. S, 3.65%, 04/30/2034	EUR	100		108
Reg. S, 3.90%, 04/30/2033	EUR	400		444
Agence Francaise de Developpement EPIC, (France),
Reg. S, 0.00%, 10/28/2027	EUR	800		814
Reg. S, 0.01%, 11/25/2028	EUR	900		884
Reg. S, 0.13%, 09/29/2031	EUR	300		267
Reg. S, 0.25%, 07/21/2026	EUR	500		527
Reg. S, 0.25%, 06/29/2029	EUR	1,400		1,359
Reg. S, 0.38%, 05/25/2036	EUR	500		380
Reg. S, 0.50%, 05/25/2030	EUR	1,400		1,339
Reg. S, 0.50%, 05/31/2035	EUR	500		402
Reg. S, 1.00%, 01/31/2028	EUR	1,600		1,659
Reg. S, 1.13%, 03/02/2037	EUR	600		488
Reg. S, 1.50%, 10/31/2034	EUR	900		817
Reg. S, 1.63%, 05/25/2032	EUR	200		194
Reg. S, 2.88%, 01/21/2030	EUR	1,300		1,402
Reg. S, 3.00%, 01/17/2034	EUR	500		523
Reg. S, 3.38%, 05/25/2033	EUR	900		972
Reg. S, 3.50%, 02/25/2033	EUR	100		109
Reg. S, 3.63%, 01/20/2035	EUR	700		760
Reg. S, 3.75%, 02/15/2027	EUR	800		887
Agence France Locale, (France),
Reg. S, 0.00%, 03/20/2031	EUR	300		272
Reg. S, 0.13%, 06/20/2026	EUR	400		421
Reg. S, 1.13%, 06/20/2028	EUR	1,000		1,033
Reg. S, 3.00%, 03/20/2030	EUR	600		651
Reg. S, 3.00%, 08/20/2032	EUR	200		213
Reg. S, 3.13%, 03/20/2034	EUR	700		739
Reg. S, 3.25%, 12/20/2031	EUR	400		436
Reg. S, 3.63%, 06/20/2038	EUR	100		106
Agricultural Development Bank of China, (China),
2.87%, 05/14/2027	CNY	44,200		6,236
2.91%, 02/21/2029	CNY	18,000		2,582
3.48%, 02/04/2028	CNY	10,400		1,501
Reg. S, 3.80%, 10/27/2030	CNH	14,350		2,123
Series 1806, 4.65%, 05/11/2028	CNY	38,100		5,704
Series 1901, 3.75%, 01/25/2029	CNY	88,500		13,067
Series 1906, 3.74%, 07/12/2029	CNY	55,100		8,187
Series 1908, 3.63%, 07/19/2026	CNY	86,700		12,244
Series 2004, 2.96%, 04/17/2030	CNY	108,200		15,698

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 2010, 3.79%, 10/26/2030	CNY	17,500		2,651
Series 2105, 3.52%, 05/24/2031	CNY	38,600		5,798
Series 2108, 2.99%, 08/11/2026	CNY	112,500		15,779
Series 2110, 3.30%, 11/05/2031	CNY	125,800		18,762
Series 2202, 2.74%, 02/23/2027	CNY	3,300		463
Series 2205, 3.06%, 06/06/2032	CNY	53,100		7,835
Series 2207, 2.50%, 08/24/2027	CNY	40,400		5,670
Series 2210, 2.97%, 10/14/2032	CNY	153,400		22,556
Series 2301, 3.01%, 03/16/2030	CNY	10,000		1,454
Series 2302, 3.10%, 02/27/2033	CNY	101,900		15,162
Series 2303, 2.90%, 03/08/2028	CNY	172,400		24,546
Series 2307, 2.63%, 06/07/2028	CNY	141,700		20,038
Series 2310, 2.83%, 06/16/2033	CNY	67,200		9,832
Series 2313, 2.35%, 09/07/2026	CNY	96,000		13,351
Series 2320, 2.85%, 10/20/2033	CNY	27,900		4,096
Series 2405, 2.22%, 04/09/2029	CNY	53,700		7,516
Series 2410, 2.47%, 04/02/2034	CNY	45,400		6,487
Series 2420, 2.30%, 07/04/2034	CNY	18,400		2,597
Series 2430, 2.09%, 09/26/2034	CNY	24,500		3,397
Series 2510, 1.66%, 01/09/2035	CNY	21,600		2,881
Andorra International Bond, (Andorra),
Reg. S, 1.25%, 02/23/2027	EUR	800		840
Reg. S, 1.25%, 05/06/2031	EUR	1,000		955
Auckland Council, (New Zealand),
Reg. S, 0.13%, 09/26/2029	EUR	200		192
Reg. S, 0.25%, 11/17/2031	EUR	200		181
Reg. S, 1.00%, 01/19/2027	EUR	300		316
Reg. S, 1.50%, 11/28/2025	CHF	300		342
Australia Government Bond, (Australia),
Series 136, Reg. S, 4.75%, 04/21/2027	AUD	5,470		3,489
Series 138, Reg. S, 3.25%, 04/21/2029	AUD	7,200		4,413
Series 139, Reg. S, 3.25%, 04/21/2025	AUD	1,475		921
Series 142, Reg. S, 4.25%, 04/21/2026	AUD	4,040		2,536
Series 144, Reg. S, 3.75%, 04/21/2037	AUD	1,400		814
Series 147, Reg. S, 3.25%, 06/21/2039	AUD	1,730		927
Series 149, Reg. S, 2.25%, 05/21/2028	AUD	7,880		4,713
Series 150, Reg. S, 3.00%, 03/21/2047	AUD	1,926		896
Series 152, Reg. S, 2.75%, 11/21/2028	AUD	6,428		3,884
Series 154, Reg. S, 2.75%, 11/21/2029	AUD	1,605		958
Series 155, Reg. S, 2.50%, 05/21/2030	AUD	8,465		4,955
Series 156, Reg. S, 2.75%, 05/21/2041	AUD	2,480		1,206
Series 157, 1.50%, 06/21/2031	AUD	4,300		2,317
Series 158, 1.25%, 05/21/2032	AUD	7,510		3,857
Series 160, Reg. S, 1.00%, 12/21/2030	AUD	6,350		3,374
Series 162, Reg. S, 1.75%, 06/21/2051	AUD	2,290		755
Series 163, Reg. S, 1.00%, 11/21/2031	AUD	1,730		888
Series 164, Reg. S, 0.50%, 09/21/2026	AUD	4,960		2,958
Series 165, Reg. S, 1.75%, 11/21/2032	AUD	5,800		3,045
Series 166, Reg. S, 3.00%, 11/21/2033	AUD	4,480		2,537
Series 167, Reg. S, 3.75%, 05/21/2034	AUD	3,040		1,815
Series 168, Reg. S, 3.50%, 12/21/2034	AUD	5,060		2,941

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 169, Reg. S, 4.75%, 06/21/2054	AUD	1,120		675
Series 170, Reg. S, 4.25%, 06/21/2034	AUD	2,150		1,334
Series 171, Reg. S, 4.25%, 12/21/2035	AUD	2,520		1,549
Series 172, Reg. S, 4.25%, 03/21/2036	AUD	1,010		620
Australian Capital Territory, (Australia),
Reg. S, 1.75%, 05/17/2030	AUD	400		221
Reg. S, 4.50%, 10/23/2034	AUD	400		238
Autobahnen- und Schnell- strassen-Finanzierungs AG, (Austria),
Reg. S, 0.10%, 07/09/2029	EUR	700		681
Reg. S, 0.10%, 07/16/2035	EUR	300		238
Reg. S, 0.13%, 06/02/2031	EUR	300		276
Reg. S, 2.75%, 06/11/2032	EUR	300		323
Reg. S, 2.75%, 06/20/2033	EUR	130		138
Reg. S, 2.75%, 10/02/2034	EUR	200		210
Autonomous Community of Catalonia, (Spain), 4.22%, 04/26/2035	EUR	100		109
Autonomous Community of Madrid Spain, (Spain),
Reg. S, 0.16%, 07/30/2028	EUR	400		400
Reg. S, 0.42%, 04/30/2030	EUR	161		155
Reg. S, 0.42%, 04/30/2031	EUR	300		279
Reg. S, 1.57%, 04/30/2029	EUR	200		207
Reg. S, 1.72%, 04/30/2032	EUR	110		108
Reg. S, 1.77%, 04/30/2028	EUR	200		212
Reg. S, 2.08%, 03/12/2030	EUR	400		418
Reg. S, 2.82%, 10/31/2029	EUR	100		109
Reg. S, 3.17%, 07/30/2029	EUR	600		661
Reg. S, 3.46%, 04/30/2034	EUR	400		436
Reg. S, 3.60%, 04/30/2033	EUR	400		444
4.30%, 09/15/2026	EUR	500		556
Autonomous Region of the Azores, (Portugal),
Reg. S, 1.10%, 09/27/2036	EUR	200		159
Reg. S, 2.16%, 04/06/2032	EUR	300		296
Bangko Sentral ng Pilipinas International Bond, (Philippines), Series A, 8.60%, 06/15/2027		300		322
Basque Government, (Spain),
Reg. S, 0.25%, 04/30/2031	EUR	300		277
Reg. S, 0.45%, 04/30/2032	EUR	400		361
Reg. S, 0.85%, 04/30/2030	EUR	50		49
Reg. S, 1.88%, 07/30/2033	EUR	200		195
Reg. S, 3.40%, 04/30/2034	EUR	300		328
Reg. S, 3.50%, 04/30/2033	EUR	200		221
Bermuda Government International Bond, (Bermuda), 2.38%, 08/20/2030 (e)		670		582
BNG Bank NV, (Netherlands),
Zero Coupon, 04/05/2028	CAD	1,000		632
Reg. S, 0.00%, 01/20/2031	EUR	200		184
Reg. S, 0.01%, 10/05/2032	EUR	500		434
Reg. S, 0.10%, 01/15/2030	EUR	1,750		1,677
Reg. S, 0.13%, 04/11/2026	EUR	530		561
Reg. S, 0.13%, 04/19/2033	EUR	700		603
Reg. S, 0.13%, 07/09/2035	EUR	580		460
Reg. S, 0.25%, 11/22/2036	EUR	2,070		1,583
Reg. S, 0.63%, 06/19/2027	EUR	1,250		1,303

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Reg. S, 0.75%, 01/11/2028	EUR	1,260		1,304
Reg. S, 0.75%, 01/24/2029	EUR	650		658
Reg. S, 0.81%, 06/28/2049	EUR	200		118
Reg. S, 0.88%, 10/17/2035	EUR	1,060		907
Reg. S, 0.88%, 10/24/2036	EUR	400		332
Reg. S, 1.25%, 03/30/2037	EUR	200		172
Reg. S, 1.50%, 03/29/2038	EUR	190		165
Reg. S, 1.50%, 07/15/2039	EUR	170		144
Reg. S, 1.88%, 07/13/2032	EUR	820		825
Reg. S, 2.75%, 10/04/2027	EUR	2,910		3,176
Reg. S, 2.75%, 04/05/2029	EUR	300		327
Reg. S, 2.75%, 01/11/2034	EUR	300		316
Reg. S, 2.75%, 08/28/2034	EUR	430		450
Reg. S, 2.88%, 06/11/2031	EUR	800		868
Reg. S, 3.00%, 02/23/2028	EUR	600		660
Reg. S, 3.00%, 04/23/2030	EUR	500		548
Reg. S, 3.00%, 01/11/2033	EUR	500		542
Reg. S, 3.25%, 08/29/2033	EUR	550		604
Reg. S, 3.50%, 09/27/2038	EUR	100		109
Bonos de la Tesoreria de la Republica en pesos, (Chile), Reg. S, 4.70%, 09/01/2030 (e)	CLP	300,000		302
Bpifrance SACA, (France),
Reg. S, 0.00%, 05/25/2028	EUR	600		600
Reg. S, 0.05%, 09/26/2029	EUR	1,100		1,054
Reg. S, 0.13%, 11/25/2028	EUR	300		296
Reg. S, 0.25%, 03/29/2030	EUR	200		190
Reg. S, 0.25%, 06/04/2031	EUR	200		182
Reg. S, 0.63%, 05/25/2026	EUR	500		531
Reg. S, 0.63%, 07/22/2031	EUR	900		840
Reg. S, 0.88%, 11/25/2026	EUR	3,300		3,488
Reg. S, 0.88%, 09/26/2028	EUR	200		204
Reg. S, 1.88%, 05/25/2030	EUR	200		206
Reg. S, 2.13%, 11/29/2027	EUR	400		430
Reg. S, 2.75%, 02/25/2029	EUR	500		541
Reg. S, 2.88%, 11/25/2029	EUR	500		542
Reg. S, 2.88%, 11/25/2031	EUR	700		745
Reg. S, 2.88%, 01/31/2032	EUR	100		106
Reg. S, 3.00%, 09/10/2026	EUR	1,800		1,967
Reg. S, 3.00%, 05/25/2032	EUR	1,000		1,067
Reg. S, 3.38%, 11/25/2032	EUR	200		218
Reg. S, 3.38%, 05/25/2034	EUR	1,300		1,394
Reg. S, 3.50%, 09/27/2027	EUR	200		222
Bulgaria Government International Bond, (Bulgaria),
Reg. S, 4.50%, 01/27/2033	EUR	6,000		6,918
Series 7Y, Reg. S, 4.13%, 09/23/2029	EUR	1,000		1,134
Series 12YR, Reg. S, 3.00%, 03/21/2028	EUR	800		871
Series 12Y, Reg. S, 4.63%, 09/23/2034	EUR	1,000		1,168
Series 30Y, Reg. S, 1.38%, 09/23/2050	EUR	1,300		796
Bundesobligation, (Germany),
Series 183, Reg. S, 0.00%, 04/10/2026	EUR	4,846		5,133
Series 184, Reg. S, 0.00%, 10/09/2026	EUR	7,870		8,260

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 185, Reg. S, 0.00%, 04/16/2027	EUR	2,083		2,164
Series 186, Reg. S, 1.30%, 10/15/2027	EUR	14,760		15,675
Series 187, Reg. S, 2.20%, 04/13/2028	EUR	10,230		11,093
Series 188, Reg. S, 2.40%, 10/19/2028	EUR	11,180		12,184
Series 189, Reg. S, 2.10%, 04/12/2029	EUR	2,950		3,175
Series 190, Reg. S, 2.50%, 10/11/2029	EUR	6,880		7,509
Series 191, Reg. S, 2.40%, 04/18/2030	EUR	560		607
Series G, Reg. S, 1.30%, 10/15/2027	EUR	10,350		10,992
Series G, Reg. S, 2.10%, 04/12/2029	EUR	3,000		3,229
Bundesrepublik Deutschland Bundesanleihe, (Germany),
Reg. S, 0.00%, 08/15/2026	EUR	5,510		5,802
Reg. S, 0.00%, 11/15/2027	EUR	7,311		7,498
Reg. S, 0.00%, 11/15/2028	EUR	3,335		3,343
Reg. S, 0.00%, 08/15/2029	EUR	5,432		5,335
Reg. S, 0.00%, 02/15/2030	EUR	7,293		7,066
Reg. S, 0.00%, 08/15/2030	EUR	7,440		7,114
Reg. S, 0.00%, 02/15/2031	EUR	10,029		9,451
Reg. S, 0.00%, 08/15/2031	EUR	6,830		6,343
Reg. S, 0.00%, 02/15/2032	EUR	8,444		7,713
Reg. S, 0.00%, 05/15/2035	EUR	6,109		5,009
Reg. S, 0.00%, 05/15/2036	EUR	7,830		6,203
Reg. S, 0.00%, 08/15/2050	EUR	12,921		6,553
Reg. S, 0.00%, 08/15/2052	EUR	12,605		6,020
Reg. S, 0.25%, 08/15/2028	EUR	10,069		10,237
Reg. S, 0.25%, 02/15/2029	EUR	4,610		4,637
Reg. S, 0.50%, 02/15/2028	EUR	14,440		14,943
Reg. S, 1.00%, 05/15/2038	EUR	9,752		8,348
Reg. S, 1.25%, 08/15/2048	EUR	10,520		7,988
Reg. S, 1.70%, 08/15/2032	EUR	2,310		2,362
Reg. S, 1.80%, 08/15/2053	EUR	8,820		7,255
Reg. S, 2.10%, 11/15/2029	EUR	10,170		10,907
Reg. S, 2.20%, 02/15/2034	EUR	5,880		6,128
Reg. S, 2.30%, 02/15/2033	EUR	7,995		8,477
Reg. S, 2.40%, 11/15/2030	EUR	5,260		5,692
Reg. S, 2.50%, 07/04/2044	EUR	9,675		9,638
Reg. S, 2.50%, 08/15/2046	EUR	11,196		11,068
Reg. S, 2.50%, 08/15/2054	EUR	6,425		6,169
Reg. S, 2.60%, 08/15/2033	EUR	8,640		9,329
Reg. S, 2.60%, 08/15/2034	EUR	9,080		9,738
Reg. S, 2.60%, 05/15/2041	EUR	5,850		5,987
Reg. S, 2.90%, 08/15/2056	EUR	510		530
Reg. S, 3.25%, 07/04/2042	EUR	3,326		3,702
Reg. S, 4.00%, 01/04/2037	EUR	12,423		14,958
Reg. S, 4.25%, 07/04/2039	EUR	5,644		7,005
Reg. S, 4.75%, 07/04/2034	EUR	14,971		18,955
Reg. S, 4.75%, 07/04/2040	EUR	6,404		8,402
Reg. S, 5.50%, 01/04/2031	EUR	7,190		9,064
Reg. S, 5.63%, 01/04/2028	EUR	780		923
Reg. S, 6.25%, 01/04/2030	EUR	1,025		1,303
Reg. S, 6.50%, 07/04/2027	EUR	16,810		19,948
Series G, Reg. S, 0.00%, 08/15/2030	EUR	1,320		1,263

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Series G, Reg. S, 0.00%, 08/15/2031	EUR	740		687
Series G, Reg. S, 0.00%, 08/15/2050	EUR	6,962		3,538
Series G, Reg. S, 1.80%, 08/15/2053	EUR	2,408		1,984
Series G, Reg. S, 2.30%, 02/15/2033	EUR	1,850		1,962
Bundesschatzanweisungen, (Germany),
Reg. S, 2.00%, 12/10/2026	EUR	2,620		2,832
Reg. S, 2.20%, 03/11/2027	EUR	3,270		3,548
Reg. S, 2.70%, 09/17/2026	EUR	9,250		10,097
Reg. S, 2.90%, 06/18/2026	EUR	9,760		10,659
Series 2Y, Reg. S, 2.50%, 03/19/2026	EUR	7,480		8,118
Caisse d’Amortissement de la Dette Sociale, (France),
Reg. S, 0.00%, 02/25/2028	EUR	2,200		2,219
Reg. S, 0.00%, 05/25/2029	EUR	500		485
Reg. S, 0.00%, 11/25/2030	EUR	1,400		1,288
Reg. S, 0.00%, 05/25/2031	EUR	1,600		1,447
Reg. S, 0.13%, 09/15/2031	EUR	300		270
Reg. S, 0.45%, 01/19/2032	EUR	2,200		2,005
Reg. S, 0.60%, 11/25/2029	EUR	600		589
Reg. S, 1.50%, 05/25/2032	EUR	1,500		1,458
Reg. S, 1.75%, 11/25/2027	EUR	700		745
Reg. S, 2.75%, 09/24/2027	EUR	1,400		1,528
Reg. S, 2.75%, 02/25/2029	EUR	2,400		2,609
Reg. S, 2.75%, 11/25/2032	EUR	1,100		1,156
Reg. S, 2.88%, 05/25/2027	EUR	1,100		1,205
Reg. S, 2.88%, 05/25/2030	EUR	500		542
Reg. S, 3.00%, 05/25/2028	EUR	800		878
Reg. S, 3.00%, 11/25/2031	EUR	2,100		2,264
Reg. S, 3.13%, 03/01/2030	EUR	1,200		1,319
Caisse des Depots et Consignations, (France),
Reg. S, 0.75%, 09/18/2028	EUR	200		203
Reg. S, 3.00%, 11/25/2027	EUR	400		440
Reg. S, 3.00%, 05/25/2028	EUR	400		439
Reg. S, 3.00%, 05/25/2029	EUR	400		437
3.06%, 10/09/2030	EUR	200		215
Reg. S, 3.13%, 05/25/2033	EUR	200		213
Reg. S, 3.13%, 05/25/2035	EUR	300		314
Caisse Francaise de Financement Local SA, (France),
Reg. S, 0.13%, 06/30/2031	EUR	100		90
Reg. S, 1.25%, 05/11/2032	EUR	100		95
Reg. S, 3.00%, 10/02/2028	EUR	5,000		5,465
Reg. S, 3.00%, 03/19/2036	EUR	100		105
Reg. S, 3.13%, 07/20/2033	EUR	100		107
Reg. S, 3.13%, 11/24/2033	EUR	100		107
Reg. S, 3.13%, 05/17/2039	EUR	100		104
Reg. S, 3.63%, 01/17/2029	EUR	100		112
Canadian Government Bond, (Canada),
1.00%, 06/01/2027	CAD	200		135
1.50%, 06/01/2031	CAD	600		387
1.75%, 12/01/2053	CAD	400		201
2.00%, 06/01/2032	CAD	600		394
2.00%, 12/01/2051	CAD	530		286

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
3.50%, 03/01/2028	CAD	500		357
3.50%, 09/01/2029	CAD	100		72
3.50%, 12/01/2045	CAD	2,090		1,514
4.00%, 06/01/2041	CAD	150		115
Canton of Geneva Switzerland, (Switzerland),
Reg. S, 0.03%, 06/28/2030	CHF	1,250		1,369
Reg. S, 0.40%, 04/28/2036	CHF	300		319
Canton of Zurich, (Switzerland),
Reg. S, 0.00%, 06/23/2028	CHF	800		892
Reg. S, 0.00%, 11/10/2033	CHF	700		739
Reg. S, 0.10%, 06/23/2045	CHF	50		46
Cassa Depositi e Prestiti SpA, (Italy),
Reg. S, 1.00%, 09/21/2028	EUR	300		305
Reg. S, 2.00%, 04/20/2027	EUR	300		321
Reg. S, 3.38%, 02/11/2032	EUR	400		427
Reg. S, 3.63%, 01/13/2030	EUR	1,000		1,103
Reg. S, 3.88%, 02/13/2029	EUR	200		224
CDP Financial, Inc., (Canada),
Reg. S, 1.13%, 04/06/2027	EUR	2,000		2,108
5.60%, 11/25/2039 (e)		250		260
Chile Government International Bond, (Chile),
0.83%, 07/02/2031	EUR	1,050		955
1.25%, 01/22/2051	EUR	6,900		3,906
1.30%, 07/26/2036	EUR	1,000		808
2.55%, 07/27/2033		200		165
4.13%, 07/05/2034	EUR	4,047		4,408
China Development Bank, (China),
Reg. S, 2.95%, 07/19/2027	CNH	15,000		2,100
Reg. S, 3.23%, 11/27/2025	CNH	10,000		1,386
Reg. S, 4.20%, 01/19/2027	CNH	13,000		1,860
Reg. S, 4.30%, 08/02/2032	CNH	7,000		1,091
Reg. S, 4.50%, 11/13/2028	CNH	2,500		372
Series 1605, 3.80%, 01/25/2036	CNY	148,000		23,742
Series 1613, 3.05%, 08/25/2026	CNY	95,100		13,353
Series 1710, 4.04%, 04/10/2027	CNY	244,900		35,309
Series 1715, 4.24%, 08/24/2027	CNY	26,400		3,853
Series 1810, 4.04%, 07/06/2028	CNY	139,200		20,555
Series 1905, 3.48%, 01/08/2029	CNY	328,200		47,992
Series 1910, 3.65%, 05/21/2029	CNY	286,500		42,376
Series 1915, 3.45%, 09/20/2029	CNY	84,400		12,446
Series 2004, 3.43%, 01/14/2027	CNY	59,900		8,505
Series 2005, 3.07%, 03/10/2030	CNY	61,700		9,002
Series 2009, 3.39%, 07/10/2027	CNY	28,000		3,996
Series 2010, 3.09%, 06/18/2030	CNY	73,800		10,799
Series 2015, 3.70%, 10/20/2030	CNY	33,500		5,067
Series 2104, 3.40%, 01/08/2028	CNY	8,000		1,152
Series 2105, 3.66%, 03/01/2031	CNY	64,700		9,780
Series 2108, 2.83%, 09/10/2026	CNY	9,800		1,373
Series 2110, 3.41%, 06/07/2031	CNY	88,000		13,174
Series 2204, 2.99%, 03/01/2029	CNY	4,000		576
Series 2205, 3.00%, 01/17/2032	CNY	172,200		25,332

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 2208, 2.69%, 06/16/2027	CNY	21,000		2,957
Series 2210, 2.98%, 04/22/2032	CNY	52,700		7,746
Series 2215, 2.96%, 07/18/2032	CNY	120,600		17,723
Series 2220, 2.77%, 10/24/2032	CNY	214,400		31,173
Series 2305, 3.02%, 03/06/2033	CNY	97,300		14,468
Series 2310, 2.82%, 05/22/2033	CNY	195,400		28,592
Series 2315, 2.69%, 09/11/2033	CNY	120,000		17,400
Series 2401, 2.64%, 01/08/2031	CNY	35,500		5,099
Series 2402, 2.34%, 01/05/2027	CNY	35,000		4,880
Series 2405, 2.63%, 01/08/2034	CNY	33,000		4,779
Series 2415, 2.26%, 07/19/2034	CNY	28,500		4,033
Series 2505, 1.57%, 01/03/2035	CNY	43,100		5,790
China Government Bond, (China),
1.35%, 09/25/2026	CNY	22,000		3,022
2.04%, 11/25/2034	CNY	243,700		34,067
2.11%, 08/25/2034	CNY	40,500		5,700
2.18%, 08/15/2026	CNY	191,500		26,610
2.28%, 03/25/2031	CNY	22,600		3,206
2.30%, 05/15/2026	CNY	69,800		9,700
2.35%, 02/25/2034	CNY	141,800		20,308
2.37%, 01/20/2027	CNY	283,000		39,574
2.37%, 01/15/2029	CNY	79,900		11,300
2.39%, 11/15/2026	CNY	300,000		41,879
2.40%, 07/15/2028	CNY	635,000		89,651
2.46%, 02/15/2026	CNY	14,900		2,070
2.48%, 04/15/2027	CNY	166,300		23,334
2.48%, 09/25/2028	CNY	193,900		27,463
2.50%, 07/25/2027	CNY	81,700		11,474
2.52%, 08/25/2033	CNY	193,000		27,911
2.54%, 12/25/2030	CNY	36,100		5,186
2.55%, 10/15/2028	CNY	30,700		4,362
2.60%, 09/15/2030	CNY	209,200		30,124
2.60%, 09/01/2032	CNY	307,900		44,682
2.62%, 04/15/2028	CNY	25,000		3,548
2.62%, 06/25/2030	CNY	264,500		38,061
2.65%, 03/25/2074	CNY	68,200		10,780
2.67%, 05/25/2033	CNY	171,900		25,104
2.67%, 11/25/2033	CNY	90,300		13,235
2.68%, 05/21/2030	CNY	525,400		75,931
2.69%, 08/15/2032	CNY	33,400		4,881
Reg. S, 2.71%, 06/16/2033	CNH	11,000		1,582
2.75%, 06/15/2029	CNY	87,800		12,623
2.75%, 02/17/2032	CNY	221,300		32,423
2.76%, 05/15/2032	CNY	208,500		30,575
2.79%, 12/15/2029	CNY	89,800		12,990
2.80%, 03/24/2029	CNY	363,600		52,277
2.80%, 03/25/2030	CNY	14,000		2,031
2.80%, 11/15/2032	CNY	69,400		10,218
Reg. S, 2.82%, 08/12/2032	CNY	10,000		1,447
2.85%, 06/04/2027	CNY	272,800		38,651
3.00%, 10/15/2053	CNY	2,300		379

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
3.12%, 10/25/2052	CNY	173,600		28,772
3.19%, 04/15/2053	CNY	121,300		20,361
3.27%, 03/25/2073	CNY	130,470		23,771
Reg. S, 3.31%, 11/30/2025	CNH	2,000		278
3.32%, 04/15/2052	CNY	292,030		49,934
Reg. S, 3.38%, 07/04/2026	CNH	24,000		3,366
3.39%, 03/16/2050	CNY	22,740		3,892
3.53%, 10/18/2051	CNY	133,600		23,551
Reg. S, 3.60%, 06/27/2028	CNH	26,500		3,841
Reg. S, 3.60%, 05/21/2030	CNH	8,500		1,263
3.72%, 04/12/2051	CNY	97,700		17,691
3.73%, 05/25/2070	CNY	14,670		2,914
3.81%, 09/14/2050	CNY	70,500		12,991
Reg. S, 3.85%, 12/12/2026	CNH	19,000		2,702
Reg. S, 3.90%, 07/04/2036	CNH	13,500		2,166
Reg. S, 4.00%, 11/30/2035	CNH	30,500		4,930
4.00%, 06/24/2069	CNY	5,000		1,048
Reg. S, 4.15%, 12/04/2027	CNH	20,000		2,915
Reg. S, 4.15%, 12/12/2031	CNH	3,000		467
Reg. S, 4.29%, 05/22/2029	CNH	3,000		451
Reg. S, 4.40%, 12/12/2046	CNH	26,000		4,677
China Government International Bond, (China), Reg. S, 0.13%, 11/12/2026	EUR	8,700		9,043
City of Milan Italy, (Italy), 4.02%, 06/29/2035	EUR	40		42
City of Montreal Canada, (Canada), 1.75%, 09/01/2030	CAD	500		324
City of Ottawa Ontario, (Canada), 4.45%, 06/04/2033	CAD	200		148
City of Quebec Canada, (Canada),
2.10%, 07/06/2031	CAD	300		193
2.65%, 12/20/2027	CAD	565		390
City of Toronto Canada, (Canada),
2.60%, 09/24/2039	CAD	300		172
2.95%, 04/28/2035	CAD	200		129
Colombia Government International Bond, (Colombia), 9.85%, 06/28/2027	COP	500,000		117
Communaute Francaise de Belgique, (Belgium),
0.00%, 06/22/2029	EUR	200		192
Reg. S, 0.25%, 01/23/2030	EUR	300		286
Reg. S, 1.63%, 05/03/2032	EUR	200		194
Reg. S, 3.38%, 06/22/2034	EUR	200		214
Reg. S, 3.75%, 06/22/2033	EUR	100		110
Reg. S, 3.80%, 06/22/2040	EUR	200		211
Comunidad Autonoma de Canarias, (Spain), Reg. S, 0.71%, 10/31/2031	EUR	300		277
Corp. de Reservas Estrategicas de Productos Petroliferos Cores, (Spain), Reg. S, 1.75%, 11/24/2027	EUR	200		212
CPPIB Capital, Inc., (Canada),
Reg. S, 0.05%, 02/24/2031	EUR	1,000		915
Reg. S, 0.25%, 04/06/2027	EUR	300		311
Reg. S, 0.75%, 07/15/2049	EUR	600		353
Reg. S, 1.63%, 10/22/2071	GBP	2,000		951
Croatia Government International Bond, (Croatia),
Reg. S, 1.13%, 06/19/2029	EUR	300		304
Reg. S, 1.50%, 06/17/2031	EUR	1,290		1,277
Reg. S, 1.75%, 03/04/2041	EUR	500		413

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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, 2.70%, 06/15/2028	EUR	510		553
Reg. S, 2.88%, 04/22/2032	EUR	1,660		1,772
Reg. S, 3.00%, 03/20/2027	EUR	300		328
Reg. S, 3.25%, 02/11/2037	EUR	560		581
Reg. S, 3.38%, 03/12/2034	EUR	1,960		2,130
Cyprus Government International Bond, (Cyprus),
Reg. S, 0.63%, 01/21/2030	EUR	235		231
Reg. S, 0.95%, 01/20/2032	EUR	300		287
Reg. S, 1.25%, 01/21/2040	EUR	720		547
Reg. S, 2.25%, 04/16/2050	EUR	10		8
Reg. S, 2.75%, 05/03/2049	EUR	230		204
Reg. S, 3.25%, 06/27/2031	EUR	1,069		1,181
Reg. S, 4.13%, 04/13/2033	EUR	360		418
Czech Republic Government Bond, (Czech Republic),
Series 49, Reg. S, 4.20%, 12/04/2036	CZK	5,390		230
Series 53, Reg. S, 4.85%, 11/26/2057	CZK	2,340		102
Series 78, Reg. S, 2.50%, 08/25/2028	CZK	39,010		1,631
Series 94, Reg. S, 0.95%, 05/15/2030	CZK	89,350		3,361
Series 95, Reg. S, 1.00%, 06/26/2026	CZK	500		21
Series 100, 0.25%, 02/10/2027	CZK	60,340		2,466
Series 103, 2.00%, 10/13/2033	CZK	20,000		733
Series 105, 2.75%, 07/23/2029	CZK	29,860		1,245
Series 121, 1.20%, 03/13/2031	CZK	54,460		2,025
Series 125, 1.50%, 04/24/2040	CZK	22,990		672
Series 130, 0.05%, 11/29/2029	CZK	13,030		477
Series 138, 1.75%, 06/23/2032	CZK	42,310		1,573
Series 142, 1.95%, 07/30/2037	CZK	12,960		430
Series 145, 3.50%, 05/30/2035	CZK	36,690		1,491
Series 149, 5.50%, 12/12/2028	CZK	83,830		3,866
Series 150, 5.00%, 09/30/2030	CZK	60,730		2,780
Series 151, 4.90%, 04/14/2034	CZK	33,070		1,507
Series 152, 6.20%, 06/16/2031	CZK	17,600		856
Series 153, 5.75%, 03/29/2029	CZK	18,100		844
Series 154, 4.50%, 11/11/2032	CZK	35,960		1,599
Series 156, 3.00%, 03/03/2033	CZK	13,630		546
Series 157, 3.60%, 06/03/2036	CZK	24,020		976
Denmark Government Bond, (Denmark),
0.25%, 11/15/2052	DKK	22,551		1,681
0.50%, 11/15/2027	DKK	20,078		2,807
0.50%, 11/15/2029	DKK	20,004		2,693
1.75%, 11/15/2025	DKK	3,200		463
4.50%, 11/15/2039	DKK	27,090		4,730
Series G, 0.00%, 11/15/2031	DKK	16,570		2,068
Series G, 2.25%, 11/15/2033	DKK	3,650		522
Series TWIN, 0.00%, 11/15/2031	DKK	14,257		1,776
Series TWIN, 2.25%, 11/15/2033	DKK	15,830		2,258
Development Bank of Japan, Inc., (Japan),
Reg. S, 0.88%, 10/10/2025	EUR	1,000		1,073
4.75%, 11/26/2027	EUR	900		1,029
Series 86, 0.24%, 10/13/2027	JPY	100,000		653

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Emissionskonsortium der gemeinsamen Landesfoerderinstitute, (Germany), Reg. S, 2.50%, 09/28/2029	EUR	200		215
Estonia Government International Bond, (Estonia),
Reg. S, 0.13%, 06/10/2030	EUR	200		187
Reg. S, 3.25%, 01/17/2034	EUR	400		427
Reg. S, 4.00%, 10/12/2032	EUR	290		331
European Financial Stability Facility, (Luxembourg),
Reg. S, 0.00%, 10/13/2027	EUR	4,325		4,413
Reg. S, 0.00%, 01/20/2031	EUR	9,600		8,864
Reg. S, 0.05%, 10/17/2029	EUR	9,000		8,687
Reg. S, 0.05%, 01/18/2052	EUR	1,000		437
Reg. S, 0.63%, 10/16/2026	EUR	100		106
Reg. S, 0.70%, 01/20/2050	EUR	2,500		1,449
Reg. S, 0.88%, 04/10/2035	EUR	15,900		13,893
Reg. S, 1.20%, 02/17/2045	EUR	2,325		1,684
Reg. S, 1.70%, 02/13/2043	EUR	1,900		1,563
Reg. S, 1.75%, 07/17/2053	EUR	2,050		1,506
Reg. S, 2.00%, 02/28/2056	EUR	2,000		1,536
Reg. S, 2.38%, 06/21/2032	EUR	5,000		5,244
Reg. S, 2.63%, 07/16/2029	EUR	15,000		16,276
Reg. S, 2.75%, 12/03/2029	EUR	1,020		1,110
Reg. S, 2.88%, 02/13/2034	EUR	10,000		10,653
Reg. S, 3.38%, 04/03/2037	EUR	3,000		3,268
European Stability Mechanism, (Supranational),
Reg. S, 0.01%, 03/04/2030	EUR	1,900		1,809
Reg. S, 0.01%, 10/15/2031	EUR	7,900		7,160
Reg. S, 0.50%, 03/05/2029	EUR	6,000		6,006
Reg. S, 0.75%, 09/05/2028	EUR	2,750		2,810
Reg. S, 0.88%, 07/18/2042	EUR	1,020		742
Reg. S, 1.75%, 10/20/2045	EUR	1,050		857
Reg. S, 1.80%, 11/02/2046	EUR	10,420		8,486
Reg. S, 1.85%, 12/01/2055	EUR	180		133
European Union, (Supranational),
Reg. S, 0.00%, 10/04/2028	EUR	1,000		994
Reg. S, 0.00%, 04/22/2031	EUR	5,800		5,307
Reg. S, 0.00%, 07/04/2031	EUR	20,000		18,177
Reg. S, 0.25%, 04/22/2036	EUR	21,900		17,089
Reg. S, 0.45%, 07/04/2041	EUR	9,800		6,487
Reg. S, 0.70%, 07/06/2051	EUR	5,900		3,184
Reg. S, 0.75%, 04/04/2031	EUR	3,925		3,775
Reg. S, 1.00%, 07/06/2032	EUR	5,800		5,486
Reg. S, 1.13%, 04/04/2036	EUR	1,265		1,103
Reg. S, 1.38%, 10/04/2029	EUR	8,000		8,226
Reg. S, 1.50%, 10/04/2035	EUR	5,000		4,597
Reg. S, 1.63%, 12/04/2029	EUR	30,500		31,608
Reg. S, 2.50%, 10/04/2052	EUR	18,000		14,964
Reg. S, 2.88%, 12/06/2027	EUR	30,000		32,937
Reg. S, 3.00%, 12/04/2034	EUR	15,000		15,957
Reg. S, 3.00%, 03/04/2053	EUR	8,000		7,360
Reg. S, 3.13%, 12/05/2028	EUR	30,000		33,209
Reg. S, 3.38%, 04/04/2032	EUR	1,200		1,338
Reg. S, 3.38%, 04/04/2038	EUR	15,000		16,480

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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, 3.38%, 10/04/2038	EUR	10,000		10,641
Reg. S, 3.38%, 10/04/2039	EUR	25,000		26,312
Reg. S, 3.38%, 10/05/2054	EUR	12,300		12,026
Reg. S, 3.75%, 04/04/2042	EUR	5,015		5,497
Series SURE, Reg. S, 0.00%, 06/02/2028	EUR	5,000		5,026
Series SURE, Reg. S, 0.00%, 10/04/2030	EUR	10,000		9,354
Series SURE, Reg. S, 0.00%, 07/04/2035	EUR	10,800		8,456
Series SURE, Reg. S, 0.10%, 10/04/2040	EUR	7,675		4,941
Series SURE, Reg. S, 0.20%, 06/04/2036	EUR	9,600		7,424
Series SURE, Reg. S, 0.30%, 11/04/2050	EUR	1,220		604
Series SURE, Reg. S, 0.45%, 05/02/2046	EUR	5,000		2,931
Series SURE, Reg. S, 0.75%, 01/04/2047	EUR	5,000		3,144
Series SURE, Reg. S, 1.13%, 06/04/2037	EUR	5,000		4,241
Export Development Canada, (Canada),
Reg. S, 0.50%, 02/25/2027	EUR	2,000		2,090
Reg. S, 2.63%, 01/18/2029	EUR	500		542
Reg. S, 2.88%, 01/19/2028	EUR	1,000		1,094
Export-Import Bank of China (The), (China),
Series 1610, 3.18%, 09/05/2026	CNY	50,000		7,034
Series 1910, 3.86%, 05/20/2029	CNY	97,800		14,562
Series 2007, 3.26%, 02/24/2027	CNY	86,000		12,194
Series 2010, 3.23%, 03/23/2030	CNY	64,400		9,449
Series 2011, 3.74%, 11/16/2030	CNY	10,000		1,512
Series 2110, 3.38%, 07/16/2031	CNY	5,900		881
Series 2205, 2.61%, 01/27/2027	CNY	18,000		2,522
Series 2210, 3.18%, 03/11/2032	CNY	163,400		24,271
Series 2211, 2.90%, 08/19/2032	CNY	136,600		19,978
Series 2215, 2.82%, 06/17/2027	CNY	86,000		12,137
Series 2305, 2.87%, 02/06/2028	CNY	151,300		21,504
Series 2310, 3.10%, 02/13/2033	CNY	100,700		14,978
Series 2311, 2.85%, 07/07/2033	CNY	59,000		8,646
Series 2313, 2.50%, 10/13/2026	CNY	95,400		13,307
Series 2315, 2.50%, 08/04/2028	CNY	7,000		987
Series 2410, 2.44%, 04/12/2034	CNY	12,500		1,782
Export-Import Bank of Korea, (South Korea), 3.63%, 09/18/2027	EUR	500		552
Finland Government Bond, (Finland),
Reg. S, 2.50%, 04/15/2030	EUR	1,810		1,952
Reg. S, 2.88%, 04/15/2029 (e)	EUR	1,160		1,275
Series 4Y, Reg. S, 1.38%, 04/15/2027 (e)	EUR	1,760		1,875
Series 5Y, Reg. S, 0.00%, 09/15/2026 (e)	EUR	3,760		3,945
Series 10Y, Reg. S, 0.00%, 09/15/2030 (e)	EUR	3,070		2,882
Series 10Y, Reg. S, 0.13%, 09/15/2031 (e)	EUR	2,215		2,026
Series 10Y, Reg. S, 0.50%, 09/15/2027 (e)	EUR	660		685
Series 10Y, Reg. S, 0.50%, 09/15/2028 (e)	EUR	3,874		3,935
Series 10Y, Reg. S, 0.50%, 09/15/2029 (e)	EUR	1,680		1,666
Series 10Y, Reg. S, 1.50%, 09/15/2032 (e)	EUR	2,320		2,278
Series 10Y, Reg. S, 3.00%, 09/15/2033 (e)	EUR	1,120		1,212
Series 10Y, Reg. S, 3.00%, 09/15/2034 (e)	EUR	1,720		1,846
Series 15Y, Reg. S, 2.75%, 04/15/2038 (e)	EUR	1,780		1,807
Series 16Y, Reg. S, 0.13%, 04/15/2036 (e)	EUR	1,010		781
Series 16Y, Reg. S, 0.75%, 04/15/2031 (e)	EUR	1,321		1,274

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 16Y, Reg. S, 1.13%, 04/15/2034 (e)	EUR	1,981		1,820
Series 16Y, Reg. S, 2.75%, 07/04/2028 (e)	EUR	960		1,053
Series 20Y, Reg. S, 0.25%, 09/15/2040 (e)	EUR	654		441
Series 21Y, Reg. S, 0.50%, 04/15/2043 (e)	EUR	1,700		1,114
Series 30Y, Reg. S, 1.38%, 04/15/2047 (e)	EUR	3,237		2,374
Series 30Y, Reg. S, 2.63%, 07/04/2042 (e)	EUR	1,375		1,333
Series 31Y, Reg. S, 0.13%, 04/15/2052 (e)	EUR	800		365
Series 31Y, Reg. S, 2.95%, 04/15/2055	EUR	1,450		1,395
Finnvera OYJ, (Finland),
Reg. S, 0.00%, 09/15/2027	EUR	500		511
Reg. S, 0.38%, 04/09/2029	EUR	300		297
Reg. S, 0.75%, 08/07/2028	EUR	1,300		1,329
Reg. S, 1.13%, 05/17/2032	EUR	500		481
Reg. S, 1.25%, 07/14/2033	EUR	200		190
Reg. S, 2.13%, 03/08/2028	EUR	300		322
Reg. S, 2.88%, 08/30/2029	EUR	500		546
Free and Hanseatic City of Hamburg, (Germany),
Reg. S, 0.00%, 04/07/2026	EUR	280		296
Reg. S, 0.01%, 06/30/2028	EUR	380		380
Reg. S, 0.01%, 06/03/2030	EUR	500		471
0.01%, 11/05/2035	EUR	70		54
Reg. S, 0.20%, 09/03/2049	EUR	70		35
Reg. S, 0.25%, 02/18/2041	EUR	394		261
Reg. S, 0.80%, 04/11/2034	EUR	800		717
2.38%, 10/02/2029	EUR	200		214
Reg. S, 2.63%, 01/30/2032	EUR	200		214
2.88%, 04/30/2032	EUR	600		650
Series 15Y, Reg. S, 1.20%, 06/03/2033	EUR	300		284
Free State of Bavaria, (Germany),
Reg. S, 0.01%, 01/20/2032	EUR	200		179
Reg. S, 0.01%, 01/18/2035	EUR	352		285
3.00%, 02/19/2055	EUR	300		299
Series 132, Reg. S, 0.03%, 04/03/2028	EUR	270		272
Series 134, Reg. S, 0.01%, 05/07/2029	EUR	600		585
Free State of Saxony, (Germany),
Reg. S, 0.01%, 11/05/2029	EUR	197		189
Reg. S, 2.50%, 02/17/2032	EUR	500		530
2.75%, 03/12/2030	EUR	100		109
Reg. S, 2.88%, 05/15/2034	EUR	200		215
Series 132, Reg. S, 0.01%, 12/17/2035	EUR	210		164
Series 134, Reg. S, 0.01%, 04/29/2031	EUR	100		92
Series 135, Reg. S, 0.40%, 05/12/2036	EUR	300		241
French Republic Government Bond OAT, (France),
Reg. S, 0.00%, 02/25/2027 (e)	EUR	5,895		6,120
Reg. S, 0.00%, 11/25/2029 (e)	EUR	26,745		25,583
Reg. S, 0.00%, 11/25/2030 (e)	EUR	9,910		9,148
Reg. S, 0.00%, 11/25/2031 (e)	EUR	23,194		20,609
Reg. S, 0.00%, 05/25/2032 (e)	EUR	24,270		21,136
Reg. S, 0.25%, 11/25/2026 (e)	EUR	12,306		12,905
Reg. S, 0.50%, 05/25/2026 (e)	EUR	13,179		13,995
Reg. S, 0.50%, 05/25/2029 (e)	EUR	20,987		20,850

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Reg. S, 0.50%, 05/25/2040 (e)	EUR	13,992		9,496
Reg. S, 0.50%, 06/25/2044 (e)	EUR	6,205		3,697
Reg. S, 0.50%, 05/25/2072 (e)	EUR	4,463		1,412
Reg. S, 0.75%, 02/25/2028 (e)	EUR	26,930		27,838
Reg. S, 0.75%, 05/25/2028 (e)	EUR	15,353		15,782
Reg. S, 0.75%, 11/25/2028 (e)	EUR	3,737		3,797
Reg. S, 0.75%, 05/25/2052 (e)	EUR	11,237		5,716
Reg. S, 0.75%, 05/25/2053 (e)	EUR	11,298		5,584
Reg. S, 1.00%, 05/25/2027 (e)	EUR	14,218		14,994
Reg. S, 1.25%, 05/25/2034 (e)	EUR	18,576		16,837
Reg. S, 1.25%, 05/25/2036 (e)	EUR	14,164		12,156
Reg. S, 1.25%, 05/25/2038 (e)	EUR	7,760		6,303
Reg. S, 1.50%, 05/25/2031 (e)	EUR	16,243		16,198
Reg. S, 1.50%, 05/25/2050 (e)	EUR	7,550		4,984
Reg. S, 1.75%, 06/25/2039 (e)	EUR	11,707		9,991
Reg. S, 1.75%, 05/25/2066 (e)	EUR	5,366		3,205
Reg. S, 2.00%, 11/25/2032 (e)	EUR	8,910		8,891
Reg. S, 2.00%, 05/25/2048 (e)	EUR	8,827		6,770
Reg. S, 2.50%, 09/24/2026 (e)	EUR	8,738		9,498
Reg. S, 2.50%, 09/24/2027 (e)	EUR	12,730		13,838
Reg. S, 2.50%, 05/25/2030 (e)	EUR	23,631		25,249
Reg. S, 2.50%, 05/25/2043 (e)	EUR	5,380		4,796
Reg. S, 2.75%, 10/25/2027 (e)	EUR	36,099		39,493
Reg. S, 2.75%, 02/25/2029 (e)	EUR	10,340		11,261
Reg. S, 2.75%, 02/25/2030 (e)	EUR	15,540		16,811
Reg. S, 3.00%, 05/25/2033 (e)	EUR	10,270		10,941
Reg. S, 3.00%, 11/25/2034 (e)	EUR	15,600		16,330
Reg. S, 3.00%, 06/25/2049 (e)	EUR	3,210		2,967
Reg. S, 3.00%, 05/25/2054 (e)	EUR	6,450		5,723
Reg. S, 3.20%, 05/25/2035 (e)	EUR	2,310		2,446
Reg. S, 3.25%, 05/25/2045 (e)	EUR	9,885		9,765
Reg. S, 3.25%, 05/25/2055 (e)	EUR	7,930		7,347
Reg. S, 3.50%, 04/25/2026 (e)	EUR	5,716		6,271
Reg. S, 3.50%, 11/25/2033 (e)	EUR	10,255		11,270
Reg. S, 3.60%, 05/25/2042 (e)	EUR	2,760		2,900
Reg. S, 3.75%, 05/25/2056 (e)	EUR	2,020		2,049
Reg. S, 4.00%, 10/25/2038 (e)	EUR	9,389		10,522
Reg. S, 4.00%, 04/25/2055 (e)	EUR	6,181		6,601
Reg. S, 4.00%, 04/25/2060 (e)	EUR	6,447		6,857
Reg. S, 4.50%, 04/25/2041 (e)	EUR	10,372		12,201
Reg. S, 4.75%, 04/25/2035 (e)	EUR	10,467		12,588
Reg. S, 5.50%, 04/25/2029 (e)	EUR	4,037		4,853
Reg. S, 5.75%, 10/25/2032 (e)	EUR	1,029		1,309
Gemeinsame Deutsche Bundeslaender HB HH MV RP SL SH, (Germany),
Series 58, Reg. S, 0.00%, 02/19/2027	EUR	220		228
Series 59, Reg. S, 0.01%, 08/26/2030	EUR	1,000		935
Series 60, Reg. S, 0.01%, 02/04/2031	EUR	346		319
Series 62, Reg. S, 1.25%, 05/04/2029	EUR	680		698
Series 63, Reg. S, 3.00%, 04/26/2030	EUR	200		219
Series #65, Reg. S, 2.50%, 10/24/2031	EUR	300		318

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Gemeinsame Deutsche Bundeslaender HB MV RP SL SH, (Germany), Series 64, Reg. S, 2.63%, 02/07/2031	EUR	500		536
Gestion Securite de Stocks Securite SA, (France),
Reg. S, 1.50%, 10/25/2027	EUR	1,000		1,054
Reg. S, 3.00%, 11/25/2031	EUR	200		214
Reg. S, 3.38%, 06/29/2030	EUR	1,300		1,432
Reg. S, 3.50%, 11/25/2029	EUR	300		332
Hellenic Republic Government Bond, (Greece),
Reg. S, 0.75%, 06/18/2031 (e)	EUR	2,170		2,050
Reg. S, 1.50%, 06/18/2030 (e)	EUR	2,940		2,983
Reg. S, 1.75%, 06/18/2032 (e)	EUR	1,410		1,389
Reg. S, 1.88%, 07/23/2026 (e)	EUR	2,910		3,141
Reg. S, 1.88%, 02/04/2035 (e)	EUR	1,910		1,791
Reg. S, 1.88%, 01/24/2052 (e)	EUR	480		333
Reg. S, 3.38%, 06/15/2034 (e)	EUR	1,480		1,593
Reg. S, 3.63%, 06/15/2035 (e)	EUR	1,725		1,878
Reg. S, 3.75%, 01/30/2028	EUR	1,400		1,577
Reg. S, 3.88%, 03/12/2029 (e)	EUR	1,480		1,678
Reg. S, 3.90%, 01/30/2033	EUR	2,030		2,288
Reg. S, 4.00%, 01/30/2037	EUR	2,000		2,232
Reg. S, 4.13%, 06/15/2054 (e)	EUR	700		736
Reg. S, 4.20%, 01/30/2042	EUR	1,860		2,054
Reg. S, 4.25%, 06/15/2033 (e)	EUR	2,000		2,305
Reg. S, 4.38%, 07/18/2038 (e)	EUR	1,100		1,252
HM Treasury UK Sovereign Sukuk plc, (United Kingdom), Reg. S, 0.33%, 07/22/2026	GBP	900		1,106
Hong Kong Government Bond Programme, (Hong Kong),
1.97%, 01/17/2029	HKD	2,400		297
2.02%, 03/07/2034	HKD	3,000		345
Hong Kong Government International Bond, (Hong Kong),
Reg. S, 2.95%, 06/07/2028	CNH	8,500		1,194
Reg. S, 3.00%, 11/30/2026	CNH	10,000		1,395
Reg. S, 3.30%, 06/07/2033	CNH	16,000		2,345
Hungary Government Bond, (Hungary),
Series 26/E, 1.50%, 04/22/2026	HUF	739,160		1,887
Series 26/F, 1.50%, 08/26/2026	HUF	623,300		1,567
Series 26/D, 2.75%, 12/22/2026	HUF	80,210		203
Series 27/A, 3.00%, 10/27/2027	HUF	194,780		482
Series 28/B, 4.50%, 03/23/2028	HUF	422,060		1,066
Series 28/A, 6.75%, 10/22/2028	HUF	775,000		2,079
Series 29/A, 2.00%, 05/23/2029	HUF	200,000		446
Series 30/A, 3.00%, 08/21/2030	HUF	297,350		662
Series 31/A, 3.25%, 10/22/2031	HUF	207,050		450
Series 32/G, 4.50%, 05/27/2032	HUF	372,050		860
Series 32/A, 4.75%, 11/24/2032	HUF	691,700		1,609
Series 33/A, 2.25%, 04/20/2033	HUF	194,590		375
Series 34/A, 2.25%, 06/22/2034	HUF	100,520		183
Series 35/A, 7.00%, 10/24/2035	HUF	338,080		891
Series 38/A, 3.00%, 10/27/2038	HUF	318,380		543
Series 41/A, 3.00%, 04/25/2041	HUF	149,290		239

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Hungary Government International Bond, (Hungary),
Series 10Y, Reg. S, 0.50%, 11/18/2030	EUR	1,000		906
Series 10Y, Reg. S, 1.75%, 10/10/2027	EUR	825		865
Series 12Y, Reg. S, 1.63%, 04/28/2032	EUR	1,000		919
Series 15Y, Reg. S, 1.75%, 06/05/2035	EUR	5,000		4,109
Hydro-Quebec, (Canada),
6.00%, 02/15/2040	CAD	300		253
Series HH, 8.50%, 12/01/2029		100		117
Series HK, 9.38%, 04/15/2030		500		606
Ile-de-France Mobilites, (France),
Reg. S, 0.40%, 05/28/2031	EUR	1,300		1,193
Reg. S, 0.68%, 11/24/2036	EUR	100		77
Reg. S, 1.00%, 05/25/2034	EUR	800		697
Reg. S, 1.28%, 02/14/2042	EUR	100		73
Reg. S, 3.05%, 02/03/2033	EUR	300		317
Reg. S, 3.40%, 05/25/2043	EUR	200		198
Reg. S, 3.45%, 06/25/2049	EUR	500		487
Reg. S, 3.50%, 10/04/2039	EUR	100		103
Reg. S, 3.80%, 05/25/2045	EUR	300		315
Indonesia Government International Bond, (Indonesia),
0.90%, 02/14/2027	EUR	1,600		1,661
1.10%, 03/12/2033	EUR	14,000		12,135
Reg. S, 3.75%, 06/14/2028	EUR	1,000		1,098
Indonesia Treasury Bond, (Indonesia),
Series 100, 6.63%, 02/15/2034	IDR	34,992,000		2,044
Series 101, 6.88%, 04/15/2029	IDR	32,464,000		1,968
Series 102, 6.88%, 07/15/2054	IDR	9,512,000		555
Series 103, 6.75%, 07/15/2035	IDR	12,000,000		706
Series FR56, 8.38%, 09/15/2026	IDR	3,269,000		202
Series FR65, 6.63%, 05/15/2033	IDR	400,000		23
Series FR67, 8.75%, 02/15/2044	IDR	2,074,000		144
Series FR75, 7.50%, 05/15/2038	IDR	1,300,000		80
Series FR76, 7.38%, 05/15/2048	IDR	21,821,000		1,336
Series FR78, 8.25%, 05/15/2029	IDR	1,000,000		63
Series FR79, 8.38%, 04/15/2039	IDR	13,027,000		868
Series FR80, 7.50%, 06/15/2035	IDR	47,876,000		2,951
Series FR82, 7.00%, 09/15/2030	IDR	38,229,000		2,314
Series FR83, 7.50%, 04/15/2040	IDR	32,000,000		1,970
Series FR86, 5.50%, 04/15/2026	IDR	10,000,000		597
Series FR87, 6.50%, 02/15/2031	IDR	24,043,000		1,416
Series FR89, 6.88%, 08/15/2051	IDR	10,300,000		603
Series FR90, 5.13%, 04/15/2027	IDR	100,000,000		5,852
Series FR91, 6.38%, 04/15/2032	IDR	38,200,000		2,216
Series FR95, 6.38%, 08/15/2028	IDR	29,000,000		1,731
Series FR96, 7.00%, 02/15/2033	IDR	46,000,000		2,752
Series FR97, 7.13%, 06/15/2043	IDR	40,858,000		2,433
Series FR98, 7.13%, 06/15/2038	IDR	12,000,000		717
Industrial Bank of Korea, (South Korea), Reg. S, 0.02%, 07/16/2025	CHF	300		339
Instituto de Credito Oficial, (Spain),
Reg. S, 0.00%, 04/30/2027	EUR	1,000		1,032
Reg. S, 2.65%, 01/31/2028	EUR	100		109

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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, 2.70%, 10/31/2030	EUR	300		322
Reg. S, 3.05%, 04/30/2031	EUR	400		436
International Bank for Reconstruction & Development, (Supranational),
Zero Coupon, 07/15/2029		338		278
Zero Coupon, 11/01/2029		140		113
Zero Coupon, 05/01/2030		228		182
Zero Coupon, 10/31/2030		1,500		1,144
0.10%, 09/17/2035	EUR	5,475		4,306
Reg. S, 0.20%, 01/21/2061	EUR	1,000		367
0.25%, 09/23/2027	GBP	2,900		3,400
0.50%, 06/21/2035	EUR	50		42
0.63%, 11/22/2027	EUR	8,000		8,287
0.65%, 02/10/2026		750		727
Reg. S, 0.70%, 10/22/2046	EUR	2,000		1,266
1.00%, 12/21/2029	GBP	2,000		2,220
1.20%, 08/08/2034	EUR	9,000		8,258
2.14%, 02/04/2041		1,000		670
(SOFR Compounded Index + 0.26%), 2.33%, 05/31/2026 (aa)		1,000		975
2.90%, 01/19/2033	EUR	6,000		6,465
2.95%, 01/16/2035	EUR	6,100		6,504
4.00%, 08/27/2026		80		80
4.63%, 08/01/2028		250		255
4.63%, 01/15/2032		185		189
InvestitionsBank des Landes Brandenburg, (Germany),
Reg. S, 0.05%, 09/29/2031	EUR	100		90
Reg. S, 3.00%, 06/18/2032	EUR	200		217
Reg. S, 3.25%, 03/13/2030	EUR	200		222
Investitionsbank Schleswig-Holstein, (Germany),
Reg. S, 0.01%, 05/15/2026	EUR	100		106
Reg. S, 2.88%, 02/21/2034	EUR	300		321
Reg. S, 3.25%, 03/10/2031	EUR	300		333
Series 11, Reg. S, 0.01%, 10/17/2029	EUR	200		192
Ireland Government Bond, (Ireland),
Reg. S, 0.00%, 10/18/2031	EUR	2,377		2,154
Reg. S, 0.20%, 05/15/2027	EUR	4,480		4,653
Reg. S, 0.20%, 10/18/2030	EUR	1,111		1,053
Reg. S, 0.35%, 10/18/2032	EUR	1,460		1,315
Reg. S, 0.40%, 05/15/2035	EUR	3,030		2,517
Reg. S, 0.55%, 04/22/2041	EUR	1,035		740
Reg. S, 0.90%, 05/15/2028	EUR	1,812		1,882
Reg. S, 1.00%, 05/15/2026	EUR	1,480		1,581
Reg. S, 1.10%, 05/15/2029	EUR	2,567		2,635
Reg. S, 1.30%, 05/15/2033	EUR	1,230		1,182
Reg. S, 1.35%, 03/18/2031	EUR	4,995		5,024
Reg. S, 1.50%, 05/15/2050	EUR	2,173		1,610
Reg. S, 1.70%, 05/15/2037	EUR	800		737
Reg. S, 2.00%, 02/18/2045	EUR	3,485		3,041
Reg. S, 2.40%, 05/15/2030	EUR	2,350		2,523
Reg. S, 2.60%, 10/18/2034	EUR	1,880		1,967
Reg. S, 3.00%, 10/18/2043	EUR	1,270		1,314
Reg. S, 3.15%, 10/18/2055	EUR	920		933

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 AID Bond, (Israel), Series 30Y, 5.50%, 09/18/2033		525		561
Israel Government Bond - Fixed, (Israel),
Series 142, 5.50%, 01/31/2042	ILS	290		85
Series 327, 2.00%, 03/31/2027	ILS	800		206
Series 330, 1.00%, 03/31/2030	ILS	1,200		276
Series 335, 4.00%, 03/30/2035	ILS	330		85
Series 537, 1.50%, 05/31/2037	ILS	305		60
Israel Government International Bond, (Israel),
Reg. S, 0.63%, 01/18/2032	EUR	3,000		2,610
Reg. S, 1.50%, 01/18/2027	EUR	12,000		12,609
Series 30Y, Reg. S, 2.50%, 01/16/2049	EUR	825		656
Series 30Y, 5.75%, 03/12/2054		200		184
Italy Buoni Poliennali Del Tesoro, (Italy),
Series 3Y, Reg. S, 2.95%, 02/15/2027	EUR	3,600		3,942
Series 3Y, Reg. S, 3.45%, 07/15/2027	EUR	4,600		5,099
Series 3Y, Reg. S, 3.80%, 04/15/2026	EUR	2,600		2,857
Series 3Y, Reg. S, 3.85%, 09/15/2026	EUR	1,800		1,991
Series 5Y, Reg. S, 0.00%, 04/01/2026	EUR	14,760		15,629
Series 5Y, Reg. S, 0.00%, 08/01/2026	EUR	3,447		3,626
Series 5Y, Reg. S, 1.10%, 04/01/2027	EUR	3,160		3,343
Series 5Y, Reg. S, 2.65%, 12/01/2027	EUR	9,680		10,548
Series 5Y, Reg. S, 3.00%, 10/01/2029	EUR	2,545		2,769
Series 5Y, Reg. S, 3.35%, 07/01/2029	EUR	7,570		8,369
Series 5Y, Reg. S, 3.40%, 04/01/2028	EUR	8,170		9,074
Series 5Y, Reg. S, 3.80%, 08/01/2028	EUR	450		506
Series 5Y, Reg. S, 4.10%, 02/01/2029	EUR	2,195		2,495
Series 7Y, Reg. S, 0.25%, 03/15/2028	EUR	11,660		11,838
Series 7Y, Reg. S, 0.45%, 02/15/2029	EUR	1,360		1,354
Series 7Y, Reg. S, 0.50%, 07/15/2028	EUR	4,074		4,132
Series 7Y, Reg. S, 0.95%, 09/15/2027	EUR	3,660		3,834
Series 7Y, Reg. S, 2.10%, 07/15/2026	EUR	5,850		6,325
Series 7Y, Reg. S, 2.50%, 11/15/2025	EUR	265		287
Series 7Y, Reg. S, 2.80%, 06/15/2029	EUR	4,820		5,229
Series 7Y, Reg. S, 3.15%, 11/15/2031 (e)	EUR	5,100		5,464
Series 7Y, Reg. S, 3.45%, 07/15/2031	EUR	2,300		2,518
Series 7Y, Reg. S, 3.50%, 02/15/2031 (e)	EUR	2,910		3,207
Series 7Y, Reg. S, 3.70%, 06/15/2030	EUR	1,800		2,011
Series 7Y, Reg. S, 3.85%, 12/15/2029	EUR	14,320		16,158
Series 7Y, Reg. S, 4.00%, 11/15/2030	EUR	1,550		1,754
Series 8Y, Reg. S, 0.85%, 01/15/2027 (e)	EUR	18,085		19,119
Series 8Y, Reg. S, 4.00%, 10/30/2031 (e)	EUR	1,770		2,006
Series 10Y, Reg. S, 0.60%, 08/01/2031 (e)	EUR	14,464		13,329
Series 10Y, Reg. S, 0.95%, 08/01/2030	EUR	12,390		12,054
Series 10Y, Reg. S, 0.95%, 12/01/2031 (e)	EUR	3,605		3,364
Series 10Y, Reg. S, 0.95%, 06/01/2032	EUR	6,785		6,227
Series 10Y, Reg. S, 1.25%, 12/01/2026	EUR	5,337		5,692
Series 10Y, Reg. S, 1.60%, 06/01/2026	EUR	5,740		6,172
Series 10Y, Reg. S, 1.65%, 12/01/2030 (e)	EUR	6,944		6,959
Series 10Y, Reg. S, 2.00%, 02/01/2028	EUR	7,282		7,799
Series 10Y, Reg. S, 2.05%, 08/01/2027	EUR	3,580		3,856
Series 10Y, Reg. S, 2.20%, 06/01/2027	EUR	15,277		16,518

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Series 10Y, Reg. S, 2.50%, 12/01/2032	EUR	5,610		5,694
Series 10Y, Reg. S, 2.80%, 12/01/2028	EUR	3,430		3,743
Series 10Y, Reg. S, 3.00%, 08/01/2029	EUR	11,056		12,085
Series 10Y, Reg. S, 3.65%, 08/01/2035 (e)	EUR	4,630		4,931
Series 10Y, Reg. S, 3.85%, 07/01/2034	EUR	9,820		10,764
Series 10Y, Reg. S, 4.20%, 03/01/2034	EUR	6,290		7,092
Series 10Y, Reg. S, 4.35%, 11/01/2033	EUR	5,120		5,847
Series 10Y, Reg. S, 4.40%, 05/01/2033	EUR	3,770		4,336
Series 11Y, Reg. S, 0.90%, 04/01/2031	EUR	22,527		21,401
Series 11Y, Reg. S, 1.35%, 04/01/2030	EUR	3,150		3,162
Series 11Y, Reg. S, 3.85%, 02/01/2035	EUR	11,620		12,652
Series 13Y, Reg. S, 4.00%, 04/30/2035 (e)	EUR	2,190		2,428
Series 13Y, Reg. S, 4.05%, 10/30/2037 (e)	EUR	1,840		2,007
Series 15Y, Reg. S, 2.45%, 09/01/2033 (e)	EUR	2,770		2,763
Series 15Y, Reg. S, 3.85%, 10/01/2040 (e)	EUR	3,970		4,107
Series 15Y, Reg. S, 4.15%, 10/01/2039 (e)	EUR	6,260		6,768
Series 15Y, Reg. S, 4.75%, 09/01/2028 (e)	EUR	16,730		19,400
Series 16Y, Reg. S, 0.95%, 03/01/2037 (e)	EUR	11,714		9,113
Series 16Y, Reg. S, 1.45%, 03/01/2036 (e)	EUR	2,229		1,900
Series 16Y, Reg. S, 3.25%, 03/01/2038 (e)	EUR	3,490		3,478
Series 16Y, Reg. S, 3.50%, 03/01/2030 (e)	EUR	6,136		6,833
Series 17Y, Reg. S, 1.65%, 03/01/2032 (e)	EUR	10,936		10,634
Series 20Y, Reg. S, 2.25%, 09/01/2036 (e)	EUR	2,564		2,361
Series 20Y, Reg. S, 2.95%, 09/01/2038 (e)	EUR	4,560		4,378
Series 20Y, Reg. S, 4.10%, 04/30/2046 (e)	EUR	1,410		1,476
Series 20Y, Reg. S, 4.45%, 09/01/2043 (e)	EUR	2,750		3,024
Series 21Y, Reg. S, 1.80%, 03/01/2041 (e)	EUR	6,474		5,068
Series 21Y, Reg. S, 3.10%, 03/01/2040 (e)	EUR	5,442		5,204
Series 26Y, Reg. S, 3.35%, 03/01/2035 (e)	EUR	8,010		8,388
Series 30Y, Reg. S, 2.15%, 09/01/2052 (e)	EUR	3,841		2,677
Series 30Y, Reg. S, 2.45%, 09/01/2050 (e)	EUR	3,942		3,006
Series 30Y, Reg. S, 3.85%, 09/01/2049 (e)	EUR	5,910		5,863
Series 30Y, Reg. S, 4.30%, 10/01/2054 (e)	EUR	3,100		3,224
Series 30Y, Reg. S, 4.50%, 10/01/2053 (e)	EUR	4,795		5,175
Series 30Y, Reg. S, 6.50%, 11/01/2027	EUR	890		1,063
Series 30Y, Reg. S, 7.25%, 11/01/2026	EUR	1,355		1,582
Series 31Y, Reg. S, 1.70%, 09/01/2051 (e)	EUR	7,797		4,982
Series 31Y, Reg. S, 2.70%, 03/01/2047 (e)	EUR	3,900		3,249
Series 31Y, Reg. S, 3.25%, 09/01/2046 (e)	EUR	5,776		5,300
Series 31Y, Reg. S, 3.45%, 03/01/2048 (e)	EUR	4,305		4,036
Series 31Y, Reg. S, 4.00%, 02/01/2037 (e)	EUR	1,310		1,432
Series 31Y, Reg. S, 4.75%, 09/01/2044 (e)	EUR	9,335		10,678
Series 31Y, Reg. S, 5.00%, 08/01/2034 (e)	EUR	12,386		14,801
Series 31Y, Reg. S, 5.00%, 09/01/2040 (e)	EUR	5,940		7,010
Series 31Y, Reg. S, 5.25%, 11/01/2029	EUR	1,777		2,126
Series 31Y, Reg. S, 5.75%, 02/01/2033	EUR	1,260		1,575
Series 31Y, Reg. S, 6.00%, 05/01/2031	EUR	4,453		5,581
Series 32Y, Reg. S, 5.00%, 08/01/2039 (e)	EUR	7,023		8,321
Series 34Y, Reg. S, 1.50%, 04/30/2045 (e)	EUR	3,821		2,617
Series 50Y, Reg. S, 2.15%, 03/01/2072 (e)	EUR	1,700		1,063
Series 50Y, Reg. S, 2.80%, 03/01/2067 (e)	EUR	3,595		2,696

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 Bank for International Cooperation, (Japan),
0.63%, 07/15/2025		250		247
3.13%, 02/15/2028	EUR	1,000		1,098
Japan Expressway Holding and Debt Repayment Agency, (Japan),
Series 37, 2.42%, 06/20/2028	JPY	100,000		694
Series 75, 1.96%, 09/19/2031	JPY	100,000		692
Japan Finance Organization for Municipalities, (Japan),
Reg. S, 0.01%, 02/02/2028	EUR	1,000		1,006
Reg. S, 0.05%, 02/12/2027	EUR	500		517
Reg. S, 0.10%, 09/03/2031	EUR	500		448
Reg. S, 0.63%, 09/02/2025		1,000		984
Series 2022, 2.32%, 06/18/2027	JPY	20,000		137
Japan Government Five Year Bond, (Japan),
Series 144, 0.10%, 06/20/2025	JPY	329,000		2,192
Series 148, 0.01%, 06/20/2026	JPY	409,750		2,709
Series 149, 0.01%, 09/20/2026	JPY	10,000		66
Series 150, 0.01%, 12/20/2026	JPY	77,150		508
Series 151, 0.01%, 03/20/2027	JPY	2,608,000		17,112
Series 153, 0.01%, 06/20/2027	JPY	3,159,600		20,679
Series 154, 0.10%, 09/20/2027	JPY	1,355,000		8,865
Series 155, 0.30%, 12/20/2027	JPY	1,260,550		8,274
Series 156, 0.20%, 12/20/2027	JPY	2,120,000		13,875
Series 157, 0.20%, 03/20/2028	JPY	650,000		4,244
Series 158, 0.10%, 03/20/2028	JPY	1,095,500		7,132
Series 161, 0.30%, 06/20/2028	JPY	290,000		1,894
Series 164, 0.20%, 12/20/2028	JPY	3,606,700		23,342
Series 167, 0.40%, 03/20/2029	JPY	2,435,000		15,834
Series 168, 0.60%, 03/20/2029	JPY	800,000		5,244
Series 170, 0.60%, 06/20/2029	JPY	188,450		1,232
Japan Government Forty Year Bond, (Japan),
Series 1, 2.40%, 03/20/2048	JPY	100,000		676
Series 3, 2.20%, 03/20/2050	JPY	955,350		6,162
Series 6, 1.90%, 03/20/2053	JPY	650		4
Series 7, 1.70%, 03/20/2054	JPY	127,050		711
Series 8, 1.40%, 03/20/2055	JPY	434,350		2,234
Series 9, 0.40%, 03/20/2056	JPY	617,800		2,261
Series 10, 0.90%, 03/20/2057	JPY	174,350		752
Series 11, 0.80%, 03/20/2058	JPY	428,650		1,757
Series 12, 0.50%, 03/20/2059	JPY	235,700		844
Series 13, 0.50%, 03/20/2060	JPY	596,350		2,095
Series 14, 0.70%, 03/20/2061	JPY	650,000		2,435
Series 15, 1.00%, 03/20/2062	JPY	544,850		2,257
Series 16, 1.30%, 03/20/2063	JPY	515,050		2,342
Series 17, 2.20%, 03/20/2064	JPY	498,650		2,955
Japan Government Ten Year Bond, (Japan),
Series 1, 0.70%, 12/20/2033	JPY	2,982,750		18,742
Series 2, 1.00%, 03/20/2034	JPY	302,350		1,942
Series 342, 0.10%, 03/20/2026	JPY	2,000,000		13,268
Series 343, 0.10%, 06/20/2026	JPY	202,900		1,343
Series 344, 0.10%, 09/20/2026	JPY	131,500		868

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 345, 0.10%, 12/20/2026	JPY	21,950		145
Series 346, 0.10%, 03/20/2027	JPY	2,185,600		14,367
Series 347, 0.10%, 06/20/2027	JPY	2,600,000		17,051
Series 348, 0.10%, 09/20/2027	JPY	320,850		2,099
Series 349, 0.10%, 12/20/2027	JPY	852,200		5,562
Series 350, 0.10%, 03/20/2028	JPY	753,900		4,908
Series 353, 0.10%, 12/20/2028	JPY	4,700,000		30,299
Series 354, 0.10%, 03/20/2029	JPY	900,000		5,783
Series 356, 0.10%, 09/20/2029	JPY	271,150		1,730
Series 357, 0.10%, 12/20/2029	JPY	1,523,300		9,691
Series 358, 0.10%, 03/20/2030	JPY	1,090,300		6,916
Series 359, 0.10%, 06/20/2030	JPY	1,775,000		11,224
Series 360, 0.10%, 09/20/2030	JPY	53,450		337
Series 361, 0.10%, 12/20/2030	JPY	4,351,300		27,340
Series 362, 0.10%, 03/20/2031	JPY	649,500		4,068
Series 363, 0.10%, 06/20/2031	JPY	2,506,200		15,645
Series 364, 0.10%, 09/20/2031	JPY	668,450		4,158
Series 365, 0.10%, 12/20/2031	JPY	1,304,400		8,085
Series 366, 0.20%, 03/20/2032	JPY	3,854,450		23,970
Series 367, 0.20%, 06/20/2032	JPY	6,000		37
Series 368, 0.20%, 09/20/2032	JPY	116,450		718
Series 369, 0.50%, 12/20/2032	JPY	181,000		1,138
Series 370, 0.50%, 03/20/2033	JPY	242,700		1,521
Series 371, 0.40%, 06/20/2033	JPY	335,000		2,074
Series 372, 0.80%, 09/20/2033	JPY	1,014,000		6,467
Series 373, 0.60%, 12/20/2033	JPY	2,829,400		17,678
Series 374, 0.80%, 03/20/2034	JPY	3,940,600		24,959
Series 375, 1.10%, 06/20/2034	JPY	1,262,800		8,186
Series 376, 0.90%, 09/20/2034	JPY	2,109,600		13,386
Series 377, 1.20%, 12/20/2034	JPY	667,150		4,334
Japan Government Thirty Year Bond, (Japan),
Series 11, 1.70%, 06/20/2033	JPY	100,000		686
Series 21, 2.30%, 12/20/2035	JPY	704,850		5,033
Series 22, 2.50%, 03/20/2036	JPY	116,250		845
Series 24, 2.50%, 09/20/2036	JPY	46,950		341
Series 33, 2.00%, 09/20/2040	JPY	333,000		2,228
Series 34, 2.20%, 03/20/2041	JPY	23,000		157
Series 37, 1.90%, 09/20/2042	JPY	355,250		2,302
Series 40, 1.80%, 09/20/2043	JPY	651,750		4,117
Series 42, 1.70%, 03/20/2044	JPY	1,650,000		10,203
Series 43, 1.70%, 06/20/2044	JPY	620,200		3,825
Series 44, 1.70%, 09/20/2044	JPY	764,000		4,701
Series 47, 1.60%, 06/20/2045	JPY	310,000		1,859
Series 49, 1.40%, 12/20/2045	JPY	165,000		947
Series 58, 0.80%, 03/20/2048	JPY	231,300		1,126
Series 59, 0.70%, 06/20/2048	JPY	1,100,000		5,199
Series 60, 0.90%, 09/20/2048	JPY	35,800		177
Series 61, 0.70%, 12/20/2048	JPY	262,550		1,230
Series 62, 0.50%, 03/20/2049	JPY	1,345,950		5,949
Series 63, 0.40%, 06/20/2049	JPY	195,100		834
Series 64, 0.40%, 09/20/2049	JPY	102,800		437

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 65, 0.40%, 12/20/2049	JPY	1,608,550		6,796
Series 66, 0.40%, 03/20/2050	JPY	1,465,150		6,151
Series 67, 0.60%, 06/20/2050	JPY	50,000		221
Series 68, 0.60%, 09/20/2050	JPY	221,500		973
Series 69, 0.70%, 12/20/2050	JPY	130,000		585
Series 71, 0.70%, 06/20/2051	JPY	385,800		1,713
Series 73, 0.70%, 12/20/2051	JPY	8,000		35
Series 74, 1.00%, 03/20/2052	JPY	114,000		544
Series 75, 1.30%, 06/20/2052	JPY	56,000		289
Series 76, 1.40%, 09/20/2052	JPY	3,000		16
Series 77, 1.60%, 12/20/2052	JPY	41,500		229
Series 78, 1.40%, 03/20/2053	JPY	886,000		4,649
Series 79, 1.20%, 06/20/2053	JPY	750,000		3,724
Series 80, 1.80%, 09/20/2053	JPY	700,050		4,031
Series 81, 1.60%, 12/20/2053	JPY	1,036,600		5,674
Series 82, 1.80%, 03/20/2054	JPY	1,213,150		6,959
Series 83, 2.20%, 06/20/2054	JPY	211,450		1,328
Series 84, 2.10%, 09/20/2054	JPY	179,250		1,100
Series 85, 2.30%, 12/20/2054	JPY	62,700		402
Japan Government Twenty Year Bond, (Japan),
Series 80, 2.10%, 06/20/2025	JPY	517,000		3,460
Series 105, 2.10%, 09/20/2028	JPY	214,950		1,488
Series 117, 2.10%, 03/20/2030	JPY	38,000		265
Series 118, 2.00%, 06/20/2030	JPY	6,800		47
Series 121, 1.90%, 09/20/2030	JPY	3,040,000		21,090
Series 122, 1.80%, 09/20/2030	JPY	924,000		6,376
Series 129, 1.80%, 06/20/2031	JPY	233,450		1,615
Series 131, 1.70%, 09/20/2031	JPY	1,211,200		8,336
Series 140, 1.70%, 09/20/2032	JPY	163,950		1,128
Series 142, 1.80%, 12/20/2032	JPY	10,900		75
Series 143, 1.60%, 03/20/2033	JPY	4,800		33
Series 147, 1.60%, 12/20/2033	JPY	2,900,000		19,693
Series 148, 1.50%, 03/20/2034	JPY	450,250		3,027
Series 149, 1.50%, 06/20/2034	JPY	498,700		3,345
Series 151, 1.20%, 12/20/2034	JPY	1,265,700		8,226
Series 153, 1.30%, 06/20/2035	JPY	10,000		65
Series 157, 0.20%, 06/20/2036	JPY	900,000		5,123
Series 160, 0.70%, 03/20/2037	JPY	258,000		1,535
Series 161, 0.60%, 06/20/2037	JPY	2,625,000		15,347
Series 163, 0.60%, 12/20/2037	JPY	180,000		1,041
Series 164, 0.50%, 03/20/2038	JPY	237,350		1,347
Series 165, 0.50%, 06/20/2038	JPY	3,450		19
Series 167, 0.50%, 12/20/2038	JPY	2,482,750		13,858
Series 168, 0.40%, 03/20/2039	JPY	845,500		4,623
Series 169, 0.30%, 06/20/2039	JPY	784,700		4,198
Series 170, 0.30%, 09/20/2039	JPY	833,900		4,434
Series 171, 0.30%, 12/20/2039	JPY	843,300		4,456
Series 172, 0.40%, 03/20/2040	JPY	2,467,150		13,170
Series 173, 0.40%, 06/20/2040	JPY	125,000		663
Series 174, 0.40%, 09/20/2040	JPY	150,000		791
Series 175, 0.50%, 12/20/2040	JPY	80,000		426

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 176, 0.50%, 03/20/2041	JPY	173,050		917
Series 177, 0.40%, 06/20/2041	JPY	40,000		207
Series 178, 0.50%, 09/20/2041	JPY	410,950		2,149
Series 179, 0.50%, 12/20/2041	JPY	2,847,600		14,803
Series 180, 0.80%, 03/20/2042	JPY	190,000		1,036
Series 183, 1.40%, 12/20/2042	JPY	165,000		985
Series 184, 1.10%, 03/20/2043	JPY	128,650		727
Series 185, 1.10%, 06/20/2043	JPY	37,150		209
Series 186, 1.50%, 09/20/2043	JPY	297,750		1,791
Series 187, 1.30%, 12/20/2043	JPY	2,016,000		11,677
Series 188, 1.60%, 03/20/2044	JPY	2,420,550		14,715
Series 189, 1.90%, 06/20/2044	JPY	546,350		3,483
Series 190, 1.80%, 09/20/2044	JPY	372,750		2,332
Series 191, 2.00%, 12/20/2044	JPY	113,400		732
Japan Government Two Year Bond, (Japan),
Series 458, 0.20%, 03/01/2026	JPY	125,000		830
Series 459, 0.20%, 04/01/2026	JPY	2,000,000		13,277
Series 460, 0.30%, 05/01/2026	JPY	1,986,500		13,192
Series 461, 0.40%, 06/01/2026	JPY	345,000		2,292
Series 464, 0.40%, 09/01/2026	JPY	520,200		3,450
Japan Housing Finance Agency, (Japan),
Series 71, 1.75%, 03/19/2026	JPY	200,000		1,346
Series 108, 1.43%, 06/18/2027	JPY	100,000		673
Japan International Cooperation Agency, (Japan), Series 35, 0.08%, 06/19/2026	JPY	200,000		1,321
Japanese Government CPI Linked Bond, (Japan), Series 25, 0.20%, 03/10/2030	JPY	109,812		783
Jersey International Bond, (Jersey), Reg. S, 3.75%, 06/09/2054		GBP400		374
Junta de Andalucia, (Spain),
Reg. S, 0.50%, 04/30/2031	EUR	363		337
Reg. S, 1.38%, 04/30/2029	EUR	30		31
Reg. S, 2.40%, 04/30/2032	EUR	200		205
Reg. S, 3.20%, 04/30/2030	EUR	400		439
Reg. S, 3.30%, 04/30/2035	EUR	300		318
Reg. S, 3.40%, 04/30/2034	EUR	500		539
Junta de Castilla y Leon, (Spain), Reg. S, 0.43%, 04/30/2030	EUR	62		59
Kazakhstan Government International Bond, (Kazakhstan),
Reg. S, 0.60%, 09/30/2026	EUR	10,000		10,415
Reg. S, 1.50%, 09/30/2034	EUR	400		362
Kingdom of Belgium Government Bond, (Belgium),
Series 44, Reg. S, 5.00%, 03/28/2035 (e)	EUR	4,760		5,909
Series 60, Reg. S, 4.25%, 03/28/2041 (e)	EUR	5,870		6,784
Series 66, Reg. S, 4.00%, 03/28/2032	EUR	2,602		3,006
Series 71, Reg. S, 3.75%, 06/22/2045	EUR	2,543		2,733
Series 73, Reg. S, 3.00%, 06/22/2034 (e)	EUR	4,538		4,850
Series 75, Reg. S, 1.00%, 06/22/2031 (e)	EUR	3,387		3,296
Series 76, Reg. S, 1.90%, 06/22/2038 (e)	EUR	1,740		1,564
Series 77, Reg. S, 1.00%, 06/22/2026 (e)	EUR	4,522		4,824
Series 78, Reg. S, 1.60%, 06/22/2047 (e)	EUR	3,497		2,527
Series 80, Reg. S, 2.15%, 06/22/2066 (e)	EUR	3,041		2,098
Series 81, Reg. S, 0.80%, 06/22/2027 (e)	EUR	7,800		8,189
Series 83, Reg. S, 2.25%, 06/22/2057 (e)	EUR	2,277		1,690
Series 84, Reg. S, 1.45%, 06/22/2037 (e)	EUR	1,890		1,642

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 85, Reg. S, 0.80%, 06/22/2028 (e)	EUR	5,432		5,600
Series 86, Reg. S, 1.25%, 04/22/2033 (e)	EUR	2,674		2,539
Series 87, Reg. S, 0.90%, 06/22/2029 (e)	EUR	3,854		3,908
Series 88, Reg. S, 1.70%, 06/22/2050 (e)	EUR	3,696		2,597
Series 89, Reg. S, 0.10%, 06/22/2030 (e)	EUR	4,341		4,121
Series 90, Reg. S, 0.40%, 06/22/2040 (e)	EUR	2,915		1,971
Series 91, Reg. S, 0.00%, 10/22/2027 (e)	EUR	8,976		9,180
Series 92, Reg. S, 0.00%, 10/22/2031 (e)	EUR	3,367		3,032
Series 93, Reg. S, 0.65%, 06/22/2071 (e)	EUR	1,988		721
Series 94, Reg. S, 0.35%, 06/22/2032 (e)	EUR	7,670		6,908
Series 95, Reg. S, 1.40%, 06/22/2053 (e)	EUR	2,885		1,788
Series 96, Reg. S, 2.75%, 04/22/2039 (e)	EUR	1,550		1,531
Series 97, Reg. S, 3.00%, 06/22/2033 (e)	EUR	3,550		3,826
Series 98, Reg. S, 3.30%, 06/22/2054 (e)	EUR	4,400		4,218
Series 99, Reg. S, 3.45%, 06/22/2043 (e)	EUR	2,189		2,276
Series 100, Reg. S, 2.85%, 10/22/2034 (e)	EUR	7,560		7,931
Series 101, Reg. S, 3.50%, 06/22/2055 (e)	EUR	1,490		1,472
Series 102, Reg. S, 2.70%, 10/22/2029 (e)	EUR	4,200		4,574
Series 103, Reg. S, 3.10%, 06/22/2035 (e)	EUR	2,270		2,416
Kommunalbanken A/S, (Norway),
Reg. S, 0.05%, 10/24/2029	EUR	1,500		1,442
Reg. S, 0.88%, 05/24/2027	EUR	500		523
Kommunekredit, (Denmark),
0.00%, 11/17/2029	EUR	800		769
Reg. S, 2.88%, 01/19/2035	EUR	7,000		7,448
Kommuninvest I Sverige AB, (Sweden),
Reg. S, 0.25%, 11/26/2027	SEK	8,000		748
Reg. S, 0.38%, 06/10/2026	SEK	2,000		194
Reg. S, 3.00%, 06/18/2031	SEK	4,000		395
Series 2505, Reg. S, 1.00%, 05/12/2025	SEK	5,000		496
Series 2611, Reg. S, 1.00%, 11/12/2026	SEK	4,000		389
Korea Development Bank (The), (South Korea),
Reg. S, 1.83%, 08/10/2027	SEK	2,000		193
2.63%, 09/08/2027	EUR	1,500		1,619
Korea Expressway Corp., (South Korea), Reg. S, 3.10%, 06/08/2026		800		775
Korea Housing Finance Corp., (South Korea),
Reg. S, 0.26%, 10/27/2028	EUR	1,900		1,888
Reg. S, 1.96%, 07/19/2026	EUR	1,800		1,935
Reg. S, 3.71%, 04/11/2027	EUR	100		111
Korea Land & Housing Corp., (South Korea), Reg. S, 2.47%, 06/23/2028		1,000		927
Korea National Oil Corp., (South Korea), Reg. S, 0.26%, 07/30/2027	CHF	300		336
Korea Treasury Bond, (South Korea),
Series 2603, 1.25%, 03/10/2026	KRW	4,145,000		2,779
Series 2612, 1.50%, 12/10/2026	KRW	569,490		380
Series 2612, 3.88%, 12/10/2026	KRW	9,000,000		6,238
Series 2706, 2.13%, 06/10/2027	KRW	5,500,000		3,697
Series 2706, 3.25%, 06/10/2027	KRW	4,000,000		2,753
Series 2803, 3.25%, 03/10/2028	KRW	110,000		76
Series 2806, 2.63%, 06/10/2028	KRW	6,050,000		4,110
Series 2809, 3.50%, 09/10/2028	KRW	5,800,000		4,051

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 2903, 3.25%, 03/10/2029	KRW	9,700,000		6,736
Series 2912, 1.38%, 12/10/2029	KRW	5,000,000		3,204
Series 3006, 1.38%, 06/10/2030	KRW	3,160,000		2,011
Series 3012, 1.50%, 12/10/2030	KRW	1,500,000		955
Series 3106, 2.00%, 06/10/2031	KRW	4,491,310		2,930
Series 3112, 2.38%, 12/10/2031	KRW	60,920		41
Series 3206, 3.38%, 06/10/2032	KRW	4,500,000		3,191
Series 3212, 4.25%, 12/10/2032	KRW	1,100,000		827
Series 3306, 3.25%, 06/10/2033	KRW	160,000		113
Series 3312, 4.13%, 12/10/2033	KRW	4,024,390		3,031
Series 3406, 3.50%, 06/10/2034	KRW	6,536,490		4,727
Series 3709, 2.25%, 09/10/2037	KRW	3,000,000		1,940
Series 3809, 2.38%, 09/10/2038	KRW	1,406,080		920
Series 4009, 1.50%, 09/10/2040	KRW	277,980		160
Series 4109, 1.88%, 09/10/2041	KRW	2,115,790		1,278
Series 4209, 3.25%, 09/10/2042	KRW	2,355,460		1,718
Series 4212, 3.00%, 12/10/2042	KRW	70,000		49
Series 4309, 3.88%, 09/10/2043	KRW	4,433,490		3,514
Series 4409, 2.88%, 09/10/2044	KRW	1,000,000		698
Series 4803, 2.63%, 03/10/2048	KRW	6,000,000		4,046
Series 4903, 2.00%, 03/10/2049	KRW	5,014,620		3,019
Series 5003, 1.50%, 03/10/2050	KRW	5,476,530		2,950
Series 5103, 1.88%, 03/10/2051	KRW	6,181,580		3,604
Series 5303, 3.25%, 03/10/2053	KRW	4,251,170		3,244
Series 5309, 3.63%, 09/10/2053	KRW	3,979,440		3,244
Series 5403, 3.25%, 03/10/2054	KRW	6,488,600		4,969
Series 5409, 2.75%, 09/10/2054	KRW	2,478,060		1,736
Series 6609, 1.50%, 09/10/2066	KRW	215,250		108
Series 6809, 2.00%, 09/10/2068	KRW	1,200,000		705
Series 7009, 1.63%, 09/10/2070	KRW	250,340		130
Series 7209, 3.50%, 09/10/2072	KRW	1,300,000		1,135
Kuntarahoitus, (Finland),
Reg. S, 0.00%, 10/14/2030	EUR	500		465
Reg. S, 0.00%, 03/02/2031	EUR	300		276
Reg. S, 0.05%, 09/06/2029	EUR	400		387
Reg. S, 0.05%, 09/10/2035	EUR	300		235
Reg. S, 0.25%, 02/25/2032	EUR	100		90
Reg. S, 0.75%, 09/07/2027	EUR	300		313
Reg. S, 1.25%, 02/23/2033	EUR	600		570
Reg. S, 2.50%, 08/29/2029	EUR	680		732
Reg. S, 2.63%, 12/14/2029	EUR	400		433
Reg. S, 2.75%, 02/02/2034	EUR	300		316
Reg. S, 2.88%, 01/18/2028	EUR	1,100		1,206
Reg. S, 3.00%, 09/25/2028	EUR	200		220
Reg. S, 3.13%, 07/29/2030	EUR	400		441
Land Baden-Wuerttemberg, (Germany),
Reg. S, 0.01%, 09/02/2030	EUR	400		375
Reg. S, 0.01%, 03/07/2031	EUR	400		368
Reg. S, 0.13%, 11/19/2040	EUR	100		66

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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%, 11/27/2030	EUR	400		430
Reg. S, 2.63%, 02/12/2035	EUR	400		417
Reg. S, 2.75%, 05/16/2029	EUR	300		327
Reg. S, 3.00%, 06/27/2033	EUR	1,000		1,087
Reg. S, 3.13%, 01/23/2040	EUR	300		318
Land Berlin, (Germany),
Reg. S, 0.01%, 07/02/2030	EUR	490		461
Reg. S, 0.05%, 08/06/2040	EUR	200		131
Reg. S, 0.10%, 01/18/2030	EUR	635		608
Reg. S, 0.13%, 11/24/2045	EUR	90		49
Reg. S, 0.15%, 02/22/2036	EUR	200		157
Reg. S, 0.63%, 02/05/2029	EUR	800		804
Reg. S, 0.63%, 01/26/2052	EUR	420		224
Reg. S, 1.25%, 06/01/2028	EUR	500		521
Reg. S, 1.63%, 08/02/2032	EUR	630		625
Reg. S, 2.63%, 01/24/2031	EUR	1,000		1,074
Reg. S, 2.75%, 01/16/2032	EUR	500		538
Reg. S, 2.88%, 04/05/2029	EUR	730		799
Reg. S, 2.88%, 02/15/2034	EUR	960		1,029
Reg. S, 3.00%, 03/13/2054	EUR	510		492
Series 493, Reg. S, 0.63%, 02/08/2027	EUR	220		231
Series 495, Reg. S, 1.38%, 06/05/2037	EUR	260		229
Series 506, Reg. S, 1.38%, 08/27/2038	EUR	115		99
Series 517, Reg. S, 0.01%, 05/18/2027	EUR	700		721
Series 518, Reg. S, 0.13%, 06/04/2035	EUR	300		241
Series 530, Reg. S, 0.10%, 01/18/2041	EUR	80		52
Series 535, Reg. S, 0.13%, 10/20/2031	EUR	490		446
Series 546, 2.75%, 02/14/2033	EUR	1,080		1,154
Series 557, Reg. S, 3.00%, 05/15/2029	EUR	700		769
Land Thueringen, (Germany),
Reg. S, 0.01%, 03/24/2031	EUR	300		276
Reg. S, 0.05%, 05/06/2030	EUR	260		246
Reg. S, 0.13%, 01/13/2051	EUR	100		46
0.50%, 03/02/2029	EUR	600		600
Reg. S, 1.25%, 12/05/2033	EUR	200		188
Reg. S, 2.50%, 09/03/2029	EUR	500		538
Reg. S, 3.00%, 11/15/2028	EUR	800		880
Latvia Government International Bond, (Latvia),
Reg. S, 0.00%, 03/17/2031	EUR	100		90
Reg. S, 0.25%, 01/23/2030	EUR	1,000		945
Reg. S, 1.13%, 05/30/2028	EUR	390		402
Reg. S, 1.38%, 05/16/2036	EUR	610		535
Reg. S, 1.88%, 02/19/2049	EUR	540		404
Reg. S, 3.50%, 01/17/2028	EUR	650		720
Reg. S, 3.88%, 05/22/2029	EUR	1,020		1,143
LCR Finance plc, (United Kingdom),
Reg. S, 4.50%, 12/07/2028	GBP	400		518
Reg. S, 4.50%, 12/07/2038	GBP	110		133
5.10%, 03/07/2051	GBP	150		185
Lithuania Government International Bond, (Lithuania),
Reg. S, 0.50%, 07/28/2050	EUR	560		274

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Reg. S, 0.75%, 05/06/2030	EUR	440		424
Reg. S, 0.95%, 05/26/2027	EUR	500		522
Reg. S, 2.13%, 06/01/2032	EUR	1,010		1,009
Reg. S, 3.50%, 07/03/2031	EUR	1,500		1,644
Reg. S, 3.50%, 02/13/2034	EUR	510		548
Reg. S, 3.63%, 01/28/2040	EUR	880		900
Reg. S, 3.88%, 06/14/2033	EUR	800		888
Malaysia Government Bond, (Malaysia),
Series 119, 3.91%, 07/15/2026	MYR	5,600		1,271
Series 120, 4.07%, 06/15/2050	MYR	4,100		914
Series 122, 3.58%, 07/15/2032	MYR	9,710		2,167
Series 123, 4.46%, 03/31/2053	MYR	4,600		1,086
Series 124, 4.05%, 04/18/2039	MYR	12,970		2,962
Series 219, 3.89%, 08/15/2029	MYR	11,100		2,531
Series 220, 2.63%, 04/15/2031	MYR	11,660		2,476
Series 222, 4.70%, 10/15/2042	MYR	8,700		2,135
Series 223, 3.52%, 04/20/2028	MYR	11,000		2,481
Series 224, 4.18%, 05/16/2044	MYR	2,500		576
Series 316, 3.90%, 11/30/2026	MYR	7,500		1,706
Series 318, 4.64%, 11/07/2033	MYR	200		48
Series 322, 4.50%, 04/30/2029	MYR	10,000		2,334
Series 417, 3.90%, 11/16/2027	MYR	3,500		798
Series 518, 4.92%, 07/06/2048	MYR	4,000		1,013
Series 519, 3.76%, 05/22/2040	MYR	640		141
Malaysia Government Investment Issue, (Malaysia),
Series 119, 4.13%, 07/09/2029	MYR	5,810		1,337
Series 120, 3.42%, 09/30/2027	MYR	3,270		736
Series 121, 3.45%, 07/15/2036	MYR	5,000		1,090
Series 122, 4.19%, 10/07/2032	MYR	2,140		496
Series 124, 4.28%, 03/23/2054	MYR	2,000		461
Series 222, 5.36%, 05/15/2052	MYR	1,020		275
Series 223, 4.29%, 08/14/2043	MYR	5,200		1,215
Series 417, 4.90%, 05/08/2047	MYR	271		69
Series 617, 4.72%, 06/15/2033	MYR	505		121
Series 619, 4.12%, 11/30/2034	MYR	15,000		3,472
Metropolitano de Lisboa EPE, (Portugal),
4.80%, 12/07/2027	EUR	1,000		1,143
7.30%, 12/23/2025	EUR	500		559
Mexican Bonos, (Mexico),
Series M, 7.50%, 06/03/2027	MXN	17,000		813
Series M, 7.75%, 05/29/2031	MXN	12,000		551
Series M, 7.75%, 11/13/2042	MXN	2,000		80
Series M, 8.00%, 11/07/2047	MXN	5,000		202
Series M, 8.50%, 05/31/2029	MXN	1,000		48
Series M, 8.50%, 11/18/2038	MXN	2,000		89
Series M, 10.00%, 11/20/2036	MXN	3,000		153
Mexico Government International Bond, (Mexico),
1.13%, 01/17/2030	EUR	1,200		1,136
1.45%, 10/25/2033	EUR	7,000		5,791
1.63%, 04/08/2026	EUR	10,200		10,883
1.75%, 04/17/2028	EUR	2,000		2,056
3.00%, 03/06/2045	EUR	825		624

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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, 3.38%, 02/23/2031	EUR	3,000		3,110
3.50%, 02/12/2034		200		164
Reg. S, 4.00%, 03/15/2115	EUR	3,500		2,465
4.49%, 05/25/2032	EUR	4,900		5,225
5.13%, 05/04/2037	EUR	10,000		10,489
Reg. S, 5.63%, 03/19/2114	GBP	800		709
5.75%, 10/12/2110		80		63
Ministeries Van de Vlaamse Gemeenschap, (Belgium),
Reg. S, 0.30%, 10/20/2031	EUR	900		815
Reg. S, 1.00%, 01/23/2051	EUR	100		56
Reg. S, 1.38%, 11/21/2033	EUR	500		464
Reg. S, 1.50%, 07/12/2038	EUR	100		83
Reg. S, 1.50%, 04/11/2044	EUR	100		73
Reg. S, 2.75%, 10/22/2029	EUR	1,700		1,836
Reg. S, 3.00%, 10/12/2032	EUR	100		107
Reg. S, 3.13%, 06/22/2034	EUR	2,200		2,341
Reg. S, 3.25%, 06/22/2037	EUR	1,000		1,043
Reg. S, 3.25%, 01/12/2043	EUR	600		592
Reg. S, 3.50%, 06/22/2045	EUR	1,300		1,317
Reg. S, 3.63%, 06/22/2032	EUR	200		222
Reg. S, 4.00%, 09/26/2042	EUR	300		328
Municipal Finance Authority of British Columbia, (Canada),
1.10%, 06/01/2025	CAD	200		139
2.55%, 10/09/2029	CAD	300		205
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, (Netherlands), Reg. S, 3.00%, 10/25/2027	EUR	400		440
Nederlandse Waterschapsbank NV, (Netherlands),
Reg. S, 0.00%, 09/08/2031	EUR	930		840
Reg. S, 0.00%, 02/16/2037	EUR	850		624
Reg. S, 0.05%, 01/28/2030	EUR	374		357
Reg. S, 0.13%, 05/28/2027	EUR	400		413
Reg. S, 0.25%, 01/19/2032	EUR	600		544
Reg. S, 0.38%, 09/28/2046	EUR	569		321
Reg. S, 0.63%, 01/18/2027	EUR	1,000		1,050
Reg. S, 0.63%, 02/06/2029	EUR	1,500		1,507
Reg. S, 0.75%, 10/04/2041	EUR	200		141
Reg. S, 1.00%, 03/01/2028	EUR	300		311
Reg. S, 1.25%, 06/07/2032	EUR	670		646
Reg. S, 1.25%, 05/27/2036	EUR	810		713
Reg. S, 1.50%, 04/27/2038	EUR	940		819
Reg. S, 1.50%, 06/15/2039	EUR	160		136
Reg. S, 2.50%, 09/13/2027	EUR	200		217
Reg. S, 2.63%, 01/10/2034	EUR	600		627
Reg. S, 2.75%, 12/17/2029	EUR	1,000		1,086
Reg. S, 3.00%, 06/05/2031	EUR	400		437
Reg. S, 3.00%, 04/20/2033	EUR	790		855
Netherlands Government Bond, (Netherlands),
Reg. S, 0.00%, 01/15/2027 (e)	EUR	6,290		6,558
Reg. S, 0.00%, 01/15/2029 (e)	EUR	4,670		4,633
Reg. S, 0.00%, 07/15/2030 (e)	EUR	3,604		3,423
Reg. S, 0.00%, 07/15/2031 (e)	EUR	2,477		2,280

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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%, 01/15/2038 (e)	EUR	4,232		3,088
Reg. S, 0.00%, 01/15/2052 (e)	EUR	6,159		2,923
Reg. S, 0.25%, 07/15/2029 (e)	EUR	5,649		5,588
Reg. S, 0.50%, 07/15/2026 (e)	EUR	3,050		3,234
Reg. S, 0.50%, 07/15/2032 (e)	EUR	2,160		2,001
Reg. S, 0.50%, 01/15/2040 (e)	EUR	4,920		3,679
Reg. S, 0.75%, 07/15/2027 (e)	EUR	8,923		9,362
Reg. S, 0.75%, 07/15/2028 (e)	EUR	5,020		5,178
Reg. S, 2.00%, 01/15/2054 (e)	EUR	5,725		4,816
Reg. S, 2.50%, 01/15/2030 (e)	EUR	3,320		3,600
Reg. S, 2.50%, 01/15/2033 (e)	EUR	5,688		6,054
Reg. S, 2.50%, 07/15/2033 (e)	EUR	2,259		2,392
Reg. S, 2.50%, 07/15/2034 (e)	EUR	6,360		6,666
Reg. S, 2.75%, 01/15/2047 (e)	EUR	6,697		6,751
Reg. S, 3.25%, 01/15/2044 (e)	EUR	1,900		2,077
Reg. S, 3.75%, 01/15/2042 (e)	EUR	5,842		6,797
Reg. S, 4.00%, 01/15/2037 (e)	EUR	3,984		4,719
Reg. S, 5.50%, 01/15/2028 (e)	EUR	1,366		1,609
New South Wales Treasury Corp., (Australia),
1.25%, 11/20/2030	AUD	880		467
Reg. S, 1.75%, 03/20/2034	AUD	2,040		978
Reg. S, 2.00%, 03/20/2031	AUD	1,310		715
Reg. S, 2.00%, 03/08/2033	AUD	3,840		1,958
2.25%, 05/07/2041	AUD	400		164
Reg. S, 2.50%, 11/22/2032	AUD	50		27
Reg. S, 3.00%, 03/20/2028	AUD	1,700		1,036
Reg. S, 3.00%, 02/20/2030	AUD	3,960		2,343
Reg. S, 4.25%, 02/20/2036	AUD	2,440		1,404
Reg. S, 4.75%, 02/20/2035	AUD	1,820		1,110
Reg. S, 4.75%, 02/20/2037	AUD	400		237
Series 27, Reg. S, 3.00%, 05/20/2027	AUD	1,970		1,210
New Zealand Government Bond, (New Zealand),
Series 427, Reg. S, 4.50%, 04/15/2027	NZD	2,740		1,584
Series 429, 3.00%, 04/20/2029	NZD	1,630		895
Series 433, Reg. S, 3.50%, 04/14/2033	NZD	40		21
Series 528, 0.25%, 05/15/2028	NZD	880		449
Series 530, 4.50%, 05/15/2030	NZD	2,070		1,201
Series 531, 1.50%, 05/15/2031	NZD	2,250		1,093
Series 532, 2.00%, 05/15/2032	NZD	2,420		1,179
Series 534, 4.25%, 05/15/2034	NZD	1,450		807
Series 535, 4.50%, 05/15/2035	NZD	1,990		1,121
Series 536, 4.25%, 05/15/2036	NZD	1,110		607
Series 541, 1.75%, 05/15/2041	NZD	1,380		503
Series 551, 2.75%, 05/15/2051	NZD	760		283
Series 554, 5.00%, 05/15/2054	NZD	430		238
New Zealand Local Government Funding Agency Bond, (New Zealand),
Reg. S, 1.50%, 04/20/2029	NZD	2,000		1,027
Reg. S, 2.00%, 04/15/2037	NZD	250		101
3.50%, 04/14/2033	NZD	2,100		1,089
Niedersachsen Invest GmbH, (Germany), Reg. S, 0.25%, 07/16/2035	EUR	400		332

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Northern Territory Treasury Corp., (Australia),
Reg. S, 2.00%, 04/21/2031	AUD	300		161
Reg. S, 5.25%, 03/21/2034	AUD	800		499
Norway Government Bond, (Norway),
Series 478, Reg. S, 1.50%, 02/19/2026 (e)	NOK	4,500		418
Series 479, Reg. S, 1.75%, 02/17/2027 (e)	NOK	17,520		1,603
Series 480, Reg. S, 2.00%, 04/26/2028 (e)	NOK	16,060		1,449
Series 481, Reg. S, 1.75%, 09/06/2029 (e)	NOK	27,410		2,378
Series 482, Reg. S, 1.38%, 08/19/2030 (e)	NOK	7,050		587
Series 483, Reg. S, 1.25%, 09/17/2031 (e)	NOK	18,344		1,472
Series 484, Reg. S, 2.13%, 05/18/2032 (e)	NOK	23,187		1,945
Series 485, Reg. S, 3.50%, 10/06/2042 (e)	NOK	3,780		340
Series 486, Reg. S, 3.00%, 08/15/2033 (e)	NOK	6,100		537
Series 487, Reg. S, 3.63%, 04/13/2034 (e)	NOK	22,100		2,033
Series 488, Reg. S, 3.63%, 05/31/2039 (e)	NOK	5,350		488
Series 489, Reg. S, 3.75%, 06/12/2035 (e)	NOK	7,470		692
OMERS Finance Trust, (Canada),
0.45%, 05/13/2025 (e)	EUR	250		270
Reg. S, 0.45%, 05/13/2025	EUR	3,200		3,452
Reg. S, 2.60%, 05/14/2029	CAD	500		343
Reg. S, 3.13%, 01/25/2029	EUR	500		548
Ontario Electricity Financial Corp., (Canada), Series 40, Zero Coupon, 04/11/2031	CAD	1,500		853
Ontario Teachers’ Finance Trust, (Canada),
Reg. S, 0.10%, 05/19/2028	EUR	100		100
Reg. S, 0.50%, 05/06/2025	EUR	1,700		1,835
Reg. S, 0.90%, 05/20/2041	EUR	1,650		1,195
Reg. S, 3.30%, 10/05/2029	EUR	800		885
Panama Government International Bond, (Panama), 6.70%, 01/26/2036		100		96
Perusahaan Penerbit SBSN Indonesia, (Indonesia),
6.38%, 03/15/2034	IDR	5,000,000		293
6.88%, 03/15/2036	IDR	5,968,000		361
Peruvian Government International Bond, (Peru),
1.25%, 03/11/2033	EUR	2,000		1,741
Reg. S, 1.95%, 11/17/2036	EUR	1,000		838
Reg. S, 2.75%, 01/30/2026	EUR	825		891
2.78%, 01/23/2031		110		97
3.00%, 01/15/2034		60		50
3.23%, 07/28/2121		5		3
3.55%, 03/10/2051		5		3
Reg. S, 6.90%, 08/12/2037	PEN	1,000		267
Philippine Government International Bond, (Philippines), 1.75%, 04/28/2041	EUR	1,000		749
Portugal Obrigacoes do Tesouro OT, (Portugal),
Series 8Y, Reg. S, 0.70%, 10/15/2027 (e)	EUR	2,825		2,948
Series 10Y, Reg. S, 1.65%, 07/16/2032 (e)	EUR	1,210		1,207
Series 10Y, Reg. S, 1.95%, 06/15/2029 (e)	EUR	2,553		2,712
Series 10Y, Reg. S, 3.00%, 06/15/2035 (e)	EUR	1,510		1,597
Series 10Y, Reg. S, 4.13%, 04/14/2027 (e)	EUR	1,480		1,665
Series 11Y, Reg. S, 0.30%, 10/17/2031 (e)	EUR	2,642		2,448
Series 11Y, Reg. S, 0.48%, 10/18/2030 (e)	EUR	4,242		4,102
Series 11Y, Reg. S, 2.13%, 10/17/2028 (e)	EUR	3,647		3,923
Series 11Y, Reg. S, 2.88%, 07/21/2026 (e)	EUR	4,270		4,668

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 11Y, Reg. S, 2.88%, 10/20/2034 (e)	EUR	1,570		1,655
Series 15Y, Reg. S, 0.90%, 10/12/2035 (e)	EUR	3,221		2,757
Series 15Y, Reg. S, 2.25%, 04/18/2034 (e)	EUR	4,656		4,705
Series 15Y, Reg. S, 3.50%, 06/18/2038 (e)	EUR	1,990		2,144
Series 15Y, Reg. S, 3.88%, 02/15/2030 (e)	EUR	1,020		1,174
Series 20Y, Reg. S, 1.15%, 04/11/2042 (e)	EUR	2,185		1,608
Series 30Y, Reg. S, 3.63%, 06/12/2054 (e)	EUR	1,010		1,026
Series 30Y, Reg. S, 4.10%, 02/15/2045 (e)	EUR	2,250		2,535
Series 31Y, Reg. S, 1.00%, 04/12/2052 (e)	EUR	1,890		1,072
Series 31Y, Reg. S, 4.10%, 04/15/2037 (e)	EUR	837		965
Province of Alberta Canada, (Canada), Reg. S, 1.40%, 02/20/2029	SEK	2,000		184
Province of British Columbia Canada, (Canada),
2.80%, 06/18/2048	CAD	400		217
7.25%, 09/01/2036		300		360
Province of Manitoba Canada, (Canada), 2.05%, 09/05/2052	CAD	100		44
Province of Nova Scotia Canada, (Canada),
3.15%, 12/01/2051	CAD	100		57
3.45%, 06/01/2045	CAD	200		122
Province of Ontario Canada, (Canada),
Reg. S, 0.01%, 11/25/2030	EUR	3,600		3,313
Reg. S, 0.25%, 12/15/2026	GBP	1,900		2,288
Reg. S, 0.25%, 06/09/2031	EUR	3,000		2,750
Reg. S, 0.38%, 04/08/2027	EUR	1,500		1,558
5.60%, 06/02/2035	CAD	300		242
Province of Quebec Canada, (Canada),
Reg. S, 0.00%, 10/15/2029	EUR	1,000		957
Reg. S, 0.50%, 01/25/2032	EUR	3,000		2,747
Reg. S, 0.88%, 05/04/2027	EUR	3,500		3,667
Reg. S, 0.88%, 07/05/2028	EUR	1,025		1,049
3.50%, 12/01/2045	CAD	200		124
4.50%, 09/08/2033		610		605
7.30%, 07/22/2026		320		331
Series PD, 7.50%, 09/15/2029		100		113
Province of Saskatchewan Canada, (Canada), 3.30%, 06/02/2048	CAD	400		239
PSP Capital, Inc., (Canada), 3.25%, 07/02/2034 (e)	EUR	2,600		2,806
Queensland Treasury Corp., (Australia),
Reg. S, 1.50%, 08/20/2032 (e)	AUD	1,000		499
Reg. S, 1.75%, 08/21/2031 (e)	AUD	2,170		1,149
Reg. S, 1.75%, 07/20/2034 (e)	AUD	2,660		1,253
Reg. S, 2.00%, 08/22/2033 (e)	AUD	70		35
Reg. S, 2.50%, 03/06/2029 (e)	AUD	570		336
Reg. S, 3.25%, 08/21/2029 (e)	AUD	2,970		1,791
Reg. S, 3.50%, 08/21/2030 (e)	AUD	1,000		601
Reg. S, 4.50%, 03/09/2033 (e)	AUD	1,680		1,029
Reg. S, 4.75%, 02/02/2034 (e)	AUD	770		474
Reg. S, 5.25%, 07/21/2036 (e)	AUD	1,040		646
Series 26, Reg. S, 3.25%, 07/21/2026 (e)	AUD	2,090		1,296
Series 27, Reg. S, 2.75%, 08/20/2027 (e)	AUD	400		244
Regiao Autonoma Madeira, (Portugal), 0.94%, 05/29/2032	EUR	1,200		1,112
Regie Autonome des Transports Parisiens EPIC, (France),
Reg. S, 0.35%, 06/20/2029	EUR	500		487

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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, 0.40%, 12/19/2036	EUR	913		813
Reg. S, 0.88%, 05/25/2027	EUR	100		105
Reg. S, 1.88%, 05/25/2032	EUR	100		98
Reg. S, 3.25%, 04/11/2033	EUR	100		107
Reg. S, 3.25%, 05/25/2034	EUR	300		318
Region of Ile de France, (France),
Reg. S, 0.00%, 04/20/2028	EUR	200		200
Reg. S, 0.63%, 04/23/2027	EUR	200		208
Reg. S, 2.23%, 07/19/2032	EUR	200		202
Reg. S, 2.90%, 04/30/2031	EUR	100		107
Reg. S, 3.65%, 05/25/2035	EUR	600		654
Region of Lazio Italy, (Italy), Reg. S, 3.09%, 03/31/2043	EUR	157		154
Region Wallonne Belgium, (Belgium),
Reg. S, 0.25%, 05/03/2026	EUR	300		317
Reg. S, 0.38%, 10/22/2031	EUR	100		90
Reg. S, 0.50%, 06/22/2037	EUR	100		74
Reg. S, 1.05%, 06/22/2040	EUR	100		72
Reg. S, 1.25%, 05/03/2034	EUR	200		179
Reg. S, 1.38%, 04/06/2032	EUR	200		190
Reg. S, 2.88%, 01/14/2038	EUR	600		586
Reg. S, 3.00%, 12/06/2030	EUR	2,000		2,156
Reg. S, 3.25%, 06/22/2033	EUR	400		427
Reg. S, 3.50%, 06/22/2035	EUR	300		320
Reg. S, 3.50%, 03/15/2043	EUR	400		398
Reg. S, 3.75%, 04/22/2039	EUR	400		425
Reg. S, 3.90%, 06/22/2054	EUR	500		502
Republic of Austria Government Bond, (Austria),
Reg. S, 0.00%, 10/20/2028 (e)	EUR	990		985
Reg. S, 0.00%, 02/20/2030 (e)	EUR	1,768		1,690
Reg. S, 0.00%, 02/20/2031 (e)	EUR	6,234		5,764
Reg. S, 0.00%, 10/20/2040 (e)	EUR	1,410		905
Reg. S, 0.25%, 10/20/2036 (e)	EUR	6,030		4,662
Reg. S, 0.50%, 04/20/2027 (e)	EUR	6,550		6,847
Reg. S, 0.50%, 02/20/2029 (e)	EUR	4,699		4,723
Reg. S, 0.70%, 04/20/2071 (e)	EUR	1,781		742
Reg. S, 0.75%, 10/20/2026 (e)	EUR	7,690		8,142
Reg. S, 0.75%, 02/20/2028 (e)	EUR	2,740		2,838
Reg. S, 0.75%, 03/20/2051 (e)	EUR	4,002		2,332
Reg. S, 0.85%, 06/30/2120 (e)	EUR	1,010		385
Reg. S, 0.90%, 02/20/2032 (e)	EUR	3,750		3,570
Reg. S, 1.50%, 02/20/2047 (e)	EUR	3,225		2,439
Reg. S, 1.50%, 11/02/2086 (e)	EUR	1,170		658
Reg. S, 1.85%, 05/23/2049 (e)	EUR	1,530		1,218
Reg. S, 2.00%, 07/15/2026 (e)	EUR	1,900		2,051
Reg. S, 2.10%, 09/20/2117 (e)	EUR	1,656		1,171
Reg. S, 2.40%, 05/23/2034 (e)	EUR	2,173		2,233
Reg. S, 2.50%, 10/20/2029 (e)	EUR	740		800
Reg. S, 2.90%, 05/23/2029 (e)	EUR	3,770		4,147
Reg. S, 2.90%, 02/20/2033 (e)	EUR	3,790		4,091
Reg. S, 2.90%, 02/20/2034 (e)	EUR	3,470		3,716
Reg. S, 2.95%, 02/20/2035 (e)	EUR	2,030		2,167

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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, 3.15%, 06/20/2044 (e)	EUR	2,388		2,462
Reg. S, 3.15%, 10/20/2053 (e)	EUR	1,850		1,858
Reg. S, 3.20%, 07/15/2039 (e)	EUR	1,650		1,752
Reg. S, 3.45%, 10/20/2030 (e)	EUR	4,480		5,048
Reg. S, 3.80%, 01/26/2062 (e)	EUR	1,580		1,797
Reg. S, 4.15%, 03/15/2037 (e)	EUR	3,035		3,573
Reg. S, 4.85%, 03/15/2026 (e)	EUR	461		511
Reg. S, 6.25%, 07/15/2027	EUR	783		921
Republic of Austria Government International Bond, (Austria), Reg. S, 5.38%, 12/01/2034 (e)	CAD	200		156
Republic of Italy Government International Bond, (Italy),
Reg S. (ICE EURIBOR Swap Rate 30 Year + 0.00%), (Cap N/A, Floor 4.25%), 06/28/2029 (aa)	EUR	1,000		1,131
5.20%, 07/31/2034	EUR	200		237
Reg. S, 6.00%, 08/04/2028	GBP	1,050		1,393
Series 5Y, 1.25%, 02/17/2026		2,000		1,946
Series 10Y, 2.88%, 10/17/2029		200		185
Series 30Y, 3.88%, 05/06/2051		1,300		904
Republic of Poland Government Bond, (Poland),
Series 127, Zero Coupon, 01/25/2027	PLN	16,040		3,784
Series 426, Zero Coupon, 04/25/2026	PLN	10,200		2,502
Series 428, 2.75%, 04/25/2028	PLN	28,410		6,851
Series 429, 5.75%, 04/25/2029	PLN	4,630		1,216
Series 432, 1.75%, 04/25/2032	PLN	27,983		5,659
Series 447, 4.00%, 04/25/2047	PLN	1,523		313
Series 527, 3.75%, 05/25/2027	PLN	10,290		2,588
Series 726, 2.50%, 07/25/2026	PLN	4,870		1,219
Series 727, 2.50%, 07/25/2027	PLN	8,450		2,060
Series 728, 7.50%, 07/25/2028	PLN	14,080		3,888
Series 729, 4.75%, 07/25/2029	PLN	12,430		3,144
Series 1026, 0.25%, 10/25/2026	PLN	6,040		1,451
Series 1029, 2.75%, 10/25/2029	PLN	15,653		3,640
Series 1030, 1.25%, 10/25/2030	PLN	30,943		6,440
Series 1033, 6.00%, 10/25/2033	PLN	6,530		1,723
Series 1034, 5.00%, 10/25/2034	PLN	9,620		2,354
Republic of Poland Government International Bond, (Poland),
Reg. S, 0.88%, 05/10/2027	EUR	1,900		1,990
Reg. S, 1.13%, 08/07/2026	EUR	1,825		1,940
Reg. S, 1.38%, 10/22/2027	EUR	6,000		6,314
Reg. S, 2.00%, 03/08/2049	EUR	53		38
Reg. S, 2.38%, 01/18/2036	EUR	1,000		949
Reg. S, 2.75%, 05/25/2032	EUR	3,000		3,150
Romania Government Bond, (Romania),
Series 4Y, 7.20%, 05/31/2027	RON	4,070		888
Series 5Y, 3.25%, 06/24/2026	RON	11,015		2,299
Series 5Y, 4.25%, 04/28/2036	RON	1,215		203
Series 5Y, 6.30%, 04/25/2029	RON	8,160		1,708
Series 6Y, 8.75%, 10/30/2028	RON	5,850		1,328
Series 7Y, 2.50%, 10/25/2027	RON	6,350		1,234
Series 7Y, 8.00%, 04/29/2030	RON	8,510		1,897
Series 8Y, 4.15%, 01/26/2028	RON	1,930		388
Series 8Y, 7.35%, 04/28/2031	RON	7,030		1,522

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 10YR, 4.15%, 10/24/2030	RON	6,005		1,120
Series 10Y, 6.70%, 02/25/2032	RON	8,530		1,789
Series 10Y, 8.25%, 09/29/2032	RON	5,080		1,154
Series 11Y, 6.75%, 04/25/2035	RON	4,610		953
Series 11Y, 7.10%, 07/31/2034	RON	6,060		1,286
Series 15Y, 4.75%, 10/11/2034	RON	5,340		950
Series 15Y, 7.90%, 02/24/2038	RON	3,710		841
Romanian Government International Bond, (Romania),
Reg. S, 1.38%, 12/02/2029	EUR	2,000		1,862
Reg. S, 1.75%, 07/13/2030	EUR	1,000		903
Reg. S, 2.00%, 04/14/2033	EUR	1,500		1,207
Reg. S, 2.12%, 07/16/2031	EUR	3,000		2,653
Reg. S, 2.63%, 12/02/2040	EUR	1,000		652
Reg. S, 2.75%, 02/26/2026	EUR	15		16
Reg. S, 2.75%, 04/14/2041	EUR	800		524
Reg. S, 2.88%, 04/13/2042	EUR	1,000		656
Reg. S, 3.38%, 02/08/2038	EUR	1,425		1,117
Reg. S, 3.38%, 01/28/2050	EUR	1,265		817
Reg. S, 3.62%, 05/26/2030	EUR	1,875		1,892
Reg. S, 3.75%, 02/07/2034	EUR	6,000		5,379
Reg. S, 3.88%, 10/29/2035	EUR	5,000		4,380
Reg. S, 4.63%, 04/03/2049	EUR	2,000		1,602
Reg. S, 5.00%, 09/27/2026	EUR	1,000		1,109
Reg. S, 5.13%, 09/24/2031	EUR	10,000		10,445
Reg. S, 6.00%, 09/24/2044	EUR	5,000		4,878
Reg. S, 6.63%, 09/27/2029	EUR	2,000		2,318
Saechsische Aufbaubank-Foerderbank, (Germany), Reg. S, 2.75%, 03/20/2031	EUR	200		215
Saudi Government International Bond, (Saudi Arabia),
Reg. S, 2.00%, 07/09/2039	EUR	1,200		979
5.75%, 01/16/2054 (e)		2,645		2,523
SFIL SA, (France),
Reg. S, 0.00%, 11/23/2028	EUR	200		196
Reg. S, 0.05%, 06/04/2029	EUR	1,800		1,740
Reg. S, 1.50%, 03/05/2032	EUR	500		483
Reg. S, 2.88%, 01/18/2028	EUR	2,100		2,289
Reg. S, 2.88%, 01/22/2031	EUR	400		428
Reg. S, 3.00%, 09/24/2030	EUR	500		542
Reg. S, 3.25%, 11/25/2030	EUR	200		219
Reg. S, 3.25%, 10/05/2032	EUR	200		215
Singapore Government Bond, (Singapore),
1.25%, 11/01/2026	SGD	1,370		1,000
1.63%, 07/01/2031	SGD	1,790		1,258
1.88%, 03/01/2050	SGD	1,083		680
1.88%, 10/01/2051	SGD	1,000		621
2.13%, 06/01/2026	SGD	2,134		1,581
2.38%, 07/01/2039	SGD	2,110		1,501
2.63%, 08/01/2032	SGD	1,400		1,042
2.75%, 04/01/2042	SGD	690		515
2.75%, 03/01/2046	SGD	1,130		839
2.88%, 09/01/2027	SGD	1,230		924
2.88%, 08/01/2028	SGD	2,240		1,688

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
2.88%, 07/01/2029	SGD	150		113
2.88%, 09/01/2030	SGD	2,215		1,674
3.00%, 04/01/2029	SGD	1,720		1,304
Reg. S, 3.00%, 08/01/2072	SGD	740		575
Reg. S, 3.25%, 06/01/2054	SGD	260		213
3.38%, 09/01/2033	SGD	340		267
3.38%, 05/01/2034	SGD	1,650		1,298
Slovakia Government Bond, (Slovakia),
Series 227, Reg. S, 3.63%, 01/16/2029	EUR	470		529
Series 229, Reg. S, 1.63%, 01/21/2031	EUR	1,200		1,213
Series 231, 0.63%, 05/22/2026	EUR	860		912
Series 232, Reg. S, 1.88%, 03/09/2037	EUR	920		819
Series 233, Reg. S, 2.00%, 10/17/2047	EUR	460		344
Series 234, Reg. S, 1.00%, 06/12/2028	EUR	700		724
Series 235, Reg. S, 2.25%, 06/12/2068	EUR	399		268
Series 236, Reg. S, 0.75%, 04/09/2030	EUR	420		412
Series 239, Reg. S, 1.00%, 05/14/2032	EUR	718		672
Series 241, Reg. S, 0.13%, 06/17/2027	EUR	1,362		1,404
Series 242, Reg. S, 0.38%, 04/21/2036	EUR	379		291
Series 243, Reg. S, 1.00%, 10/13/2051	EUR	280		151
Series 244, Reg. S, 4.00%, 10/19/2032	EUR	2,090		2,381
Series 245, Reg. S, 3.75%, 02/23/2035	EUR	2,260		2,481
Series 246, Reg. S, 4.00%, 02/23/2043	EUR	600		647
Series 247, Reg. S, 3.63%, 06/08/2033	EUR	2,745		3,024
Series 250, Reg. S, 3.75%, 03/06/2034	EUR	1,360		1,500
Series 251, Reg. S, 3.00%, 11/06/2031	EUR	660		710
Series 252, Reg. S, 3.75%, 02/27/2040	EUR	1,060		1,115
Slovenia Government Bond, (Slovenia),
Series RS70, Reg. S, 5.13%, 03/30/2026	EUR	470		524
Series RS74, Reg. S, 1.50%, 03/25/2035	EUR	940		867
Series RS76, Reg. S, 3.13%, 08/07/2045	EUR	290		285
Series RS77, Reg. S, 2.25%, 03/03/2032	EUR	2,470		2,556
Series RS78, Reg. S, 1.75%, 11/03/2040	EUR	612		517
Series RS80, Reg. S, 1.00%, 03/06/2028	EUR	500		523
Series RS81, Reg. S, 1.19%, 03/14/2029	EUR	420		434
Series RS82, Reg. S, 0.28%, 01/14/2030	EUR	586		569
Series RS84, Reg. S, 0.88%, 07/15/2030	EUR	190		189
Series RS85, Reg. S, 0.49%, 10/20/2050	EUR	450		224
Series RS86, Reg. S, 0.00%, 02/12/2031	EUR	800		738
Series RS87, Reg. S, 0.69%, 03/03/2081	EUR	121		42
Series RS91, Reg. S, 3.63%, 03/11/2033	EUR	760		856
Series RS93, Reg. S, 3.00%, 03/10/2034	EUR	1,510		1,606
Series RS95, Reg. S, 3.50%, 04/14/2055	EUR	360		362
Slovenia Government International Bond, (Slovenia), Reg. S, 5.00%, 09/19/2033		1,000		1,004
SNCF Reseau, (France),
Reg. S, 0.75%, 05/25/2036	EUR	300		237
Reg. S, 0.88%, 01/22/2029	EUR	200		202
Reg. S, 1.00%, 11/09/2031	EUR	300		283
Reg. S, 1.13%, 05/19/2027	EUR	700		736
Reg. S, 1.13%, 05/25/2030	EUR	500		493
Reg. S, 1.50%, 05/29/2037	EUR	300		251

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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, 2.00%, 11/12/2026	CHF	300		347
Reg. S, 2.00%, 02/05/2048	EUR	100		72
Reg. S, 2.25%, 12/20/2047	EUR	400		307
Reg. S, 3.13%, 10/25/2028	EUR	1,800		1,970
Reg. S, 4.25%, 10/07/2026	EUR	600		667
4.70%, 06/01/2035	CAD	100		73
Reg. S, 4.83%, 03/25/2060	GBP	2,000		2,163
Reg. S, 5.00%, 10/10/2033	EUR	2,000		2,407
Reg. S, 5.00%, 03/11/2052	GBP	145		165
Reg. S, 5.25%, 12/07/2028	GBP	300		396
Societe Des Grands Projets EPIC, (France),
Reg. S, 0.00%, 11/25/2030	EUR	2,200		2,015
Reg. S, 0.30%, 11/25/2031	EUR	1,000		900
Reg. S, 0.30%, 09/02/2036	EUR	200		149
Reg. S, 0.70%, 10/15/2060	EUR	300		117
Reg. S, 0.88%, 05/10/2046	EUR	900		546
Reg. S, 1.00%, 11/26/2051	EUR	200		109
Reg. S, 1.13%, 10/22/2028	EUR	700		718
Reg. S, 1.13%, 05/25/2034	EUR	200		177
Reg. S, 1.70%, 05/25/2050	EUR	300		204
Reg. S, 3.38%, 05/25/2045	EUR	700		692
Reg. S, 3.50%, 05/25/2043	EUR	400		405
Reg. S, 3.50%, 06/25/2049	EUR	800		790
Reg. S, 3.70%, 05/25/2053	EUR	1,300		1,303
Societe Nationale SNCF SACA, (France),
Reg. S, 0.63%, 04/17/2030	EUR	1,500		1,448
Reg. S, 1.00%, 05/25/2040	EUR	100		72
Reg. S, 1.00%, 01/19/2061	EUR	100		41
Reg. S, 1.50%, 02/02/2029	EUR	800		824
Reg. S, 3.13%, 05/25/2034	EUR	700		734
Reg. S, 3.38%, 05/25/2033	EUR	1,000		1,080
Reg. S, 5.38%, 03/18/2027	GBP	400		522
South Australian Government Financing Authority, (Australia),
Reg. S, 1.75%, 05/24/2032	AUD	670		345
Reg. S, 1.75%, 05/24/2034	AUD	1,000		475
Reg. S, 2.00%, 05/23/2036	AUD	89		40
Reg. S, 2.75%, 05/24/2030	AUD	500		291
Reg. S, 4.00%, 05/24/2029	AUD	1,000		623
Reg. S, 4.50%, 05/23/2031	AUD	400		250
Reg. S, 4.75%, 05/24/2038	AUD	400		234
Spain Government Bond, (Spain),
0.00%, 01/31/2026	EUR	3,200		3,398
0.00%, 01/31/2027	EUR	9,890		10,286
Reg. S, 0.00%, 01/31/2028 (e)	EUR	8,258		8,373
Reg. S, 0.10%, 04/30/2031 (e)	EUR	9,780		8,981
Reg. S, 0.50%, 04/30/2030 (e)	EUR	6,473		6,282
Reg. S, 0.50%, 10/31/2031 (e)	EUR	5,188		4,811
Reg. S, 0.60%, 10/31/2029 (e)	EUR	9,720		9,608
Reg. S, 0.70%, 04/30/2032 (e)	EUR	8,690		8,048
Reg. S, 0.80%, 07/30/2027 (e)	EUR	5,661		5,929
0.80%, 07/30/2029	EUR	8,100		8,131

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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, 0.85%, 07/30/2037 (e)	EUR	4,833		3,818
Reg. S, 1.00%, 07/30/2042 (e)	EUR	4,893		3,417
Reg. S, 1.00%, 10/31/2050 (e)	EUR	7,030		4,013
Reg. S, 1.20%, 10/31/2040 (e)	EUR	6,061		4,584
Reg. S, 1.25%, 10/31/2030 (e)	EUR	8,828		8,814
Reg. S, 1.30%, 10/31/2026 (e)	EUR	14,891		15,907
Reg. S, 1.40%, 04/30/2028 (e)	EUR	11,036		11,613
Reg. S, 1.40%, 07/30/2028 (e)	EUR	13,911		14,572
Reg. S, 1.45%, 10/31/2027 (e)	EUR	4,440		4,709
Reg. S, 1.45%, 04/30/2029 (e)	EUR	7,070		7,336
Reg. S, 1.45%, 10/31/2071 (e)	EUR	2,589		1,277
Reg. S, 1.50%, 04/30/2027 (e)	EUR	5,615		5,993
Reg. S, 1.85%, 07/30/2035 (e)	EUR	10,063		9,463
Reg. S, 1.90%, 10/31/2052 (e)	EUR	7,442		5,197
Reg. S, 1.95%, 04/30/2026 (e)	EUR	2,228		2,405
Reg. S, 1.95%, 07/30/2030 (e)	EUR	11,374		11,842
Reg. S, 2.15%, 10/31/2025 (e)	EUR	2,505		2,708
Reg. S, 2.35%, 07/30/2033 (e)	EUR	6,401		6,525
2.50%, 05/31/2027	EUR	8,130		8,847
Reg. S, 2.55%, 10/31/2032 (e)	EUR	3,290		3,442
2.70%, 01/31/2030	EUR	1,410		1,527
2.80%, 05/31/2026	EUR	5,540		6,035
Reg. S, 2.90%, 10/31/2046 (e)	EUR	6,063		5,588
3.10%, 07/30/2031	EUR	3,725		4,078
Reg. S, 3.15%, 04/30/2033 (e)	EUR	4,930		5,345
Reg. S, 3.15%, 04/30/2035 (e)	EUR	4,600		4,888
Reg. S, 3.25%, 04/30/2034 (e)	EUR	10,700		11,565
Reg. S, 3.45%, 10/31/2034 (e)	EUR	4,860		5,310
Reg. S, 3.45%, 07/30/2043 (e)	EUR	4,333		4,407
Reg. S, 3.45%, 07/30/2066 (e)	EUR	4,740		4,424
3.50%, 05/31/2029	EUR	7,550		8,469
Reg. S, 3.50%, 01/31/2041 (e)	EUR	560		583
Reg. S, 3.55%, 10/31/2033 (e)	EUR	7,755		8,614
Reg. S, 3.90%, 07/30/2039 (e)	EUR	8,100		8,935
Reg. S, 4.00%, 10/31/2054 (e)	EUR	2,790		2,954
Reg. S, 4.20%, 01/31/2037 (e)	EUR	9,553		11,013
Reg. S, 4.70%, 07/30/2041 (e)	EUR	6,884		8,253
Reg. S, 4.90%, 07/30/2040 (e)	EUR	3,809		4,661
Reg. S, 5.15%, 10/31/2028 (e)	EUR	3,906		4,612
Reg. S, 5.15%, 10/31/2044 (e)	EUR	4,751		6,013
5.75%, 07/30/2032	EUR	8,866		11,316
Reg. S, 5.90%, 07/30/2026 (e)	EUR	2,800		3,178
6.00%, 01/31/2029	EUR	2,430		2,965
Series 30Y, Reg. S, 2.70%, 10/31/2048 (e)	EUR	5,761		5,040
State of Brandenburg, (Germany),
Reg. S, 0.13%, 01/26/2046	EUR	259		140
Reg. S, 0.50%, 11/21/2039	EUR	180		131
Reg. S, 1.13%, 07/04/2033	EUR	200		188
Reg. S, 1.45%, 11/26/2038	EUR	530		454
Reg. S, 2.50%, 01/25/2029	EUR	400		432
2.50%, 12/03/2030	EUR	1,000		1,067

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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, 2.88%, 05/23/2034	EUR	500		535
Reg. S, 3.00%, 02/27/2032	EUR	200		218
3.00%, 07/20/2033	EUR	200		217
State of Bremen, (Germany),
Series 215, Reg. S, 1.20%, 01/30/2034	EUR	40		37
Series 217, Reg. S, 1.00%, 05/27/2039	EUR	200		159
Series 224, Reg. S, 0.40%, 08/20/2049	EUR	30		16
Series 232, Reg. S, 0.55%, 02/04/2050	EUR	30		16
Series 241, Reg. S, 0.13%, 04/29/2030	EUR	100		95
Series 247, Reg. S, 0.15%, 09/14/2040	EUR	310		205
Series 250, Reg. S, 0.01%, 10/06/2028	EUR	640		635
Series 258, Reg. S, 0.50%, 05/06/2041	EUR	138		95
Series 265, Reg. S, 0.15%, 10/24/2031	EUR	200		182
Series 272, Reg. S, 3.00%, 03/02/2033	EUR	1,140		1,239
Series 274, Reg. S, 2.75%, 01/30/2032	EUR	1,310		1,412
Series 276, Reg. S, 2.88%, 07/18/2031	EUR	700		761
Series 277, Reg. S, 2.50%, 11/20/2029	EUR	200		215
Series 278, Reg. S, 2.75%, 01/28/2033	EUR	200		214
State of Hesse, (Germany),
Reg. S, 0.13%, 10/10/2031	EUR	403		367
Reg. S, 1.75%, 07/05/2027	EUR	100		107
2.50%, 10/01/2031	EUR	200		213
Reg. S, 2.63%, 09/10/2027	EUR	760		827
Reg. S, 2.63%, 08/25/2034	EUR	420		439
Reg. S, 2.75%, 01/10/2034	EUR	200		212
Reg. S, 2.88%, 03/12/2029	EUR	500		547
Reg. S, 3.13%, 03/10/2039	EUR	340		361
Reg. S, 3.25%, 10/05/2028	EUR	980		1,086
Series 1801, Reg. S, 0.63%, 08/02/2028	EUR	230		234
Series 1905, Reg. S, 0.00%, 09/10/2029	EUR	830		800
Series 2006, Reg. S, 0.01%, 03/11/2030	EUR	990		940
Series 2010, Reg. S, 0.00%, 11/08/2030	EUR	500		465
Series 2104, Reg. S, 0.00%, 07/19/2028	EUR	200		200
Series 2301, 2.88%, 01/10/2033	EUR	1,100		1,188
Series 2501, Reg. S, 2.75%, 01/12/2032	EUR	800		862
State of Lower Austria, (Austria),
Reg. S, 0.00%, 11/16/2035	EUR	300		233
3.13%, 10/30/2036	EUR	100		106
Reg. S, 3.63%, 10/04/2033	EUR	300		336
State of Lower Saxony, (Germany),
Reg. S, 0.00%, 02/11/2027	EUR	1,960		2,032
Reg. S, 0.01%, 01/10/2031	EUR	779		722
Reg. S, 0.05%, 03/09/2035	EUR	477		384
Reg. S, 0.13%, 01/09/2032	EUR	560		506
Reg. S, 0.38%, 05/14/2029	EUR	1,500		1,483
Reg. S, 1.50%, 10/17/2029	EUR	200		206
Reg. S, 2.50%, 01/09/2030	EUR	300		322
Reg. S, 2.63%, 03/18/2032	EUR	500		533
Reg. S, 2.75%, 02/17/2031	EUR	700		757
Reg. S, 2.75%, 08/04/2033	EUR	100		107
Reg. S, 2.75%, 02/24/2034	EUR	200		212

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Reg. S, 2.75%, 01/09/2035	EUR	500		528
Series 879, Reg. S, 0.75%, 02/15/2028	EUR	400		413
Series 884, Reg. S, 0.88%, 10/25/2028	EUR	1,320		1,349
Series 889, Reg. S, 0.00%, 07/10/2026	EUR	500		526
Series 898, Reg. S, 0.01%, 08/13/2030	EUR	749		702
Series 908, Reg. S, 0.25%, 04/09/2029	EUR	700		690
Series 917, Reg. S, 2.63%, 01/09/2034	EUR	200		210
State of Mecklenburg-Western Pomerania, (Germany),
2.55%, 01/12/2032	EUR	200		213
Reg. S, 2.95%, 06/05/2034	EUR	100		108
State of North Rhine-Westphalia Germany, (Germany),
Reg. S, 0.00%, 01/15/2029	EUR	661		650
Reg. S, 0.00%, 11/26/2029	EUR	400		383
Reg. S, 0.13%, 06/04/2031	EUR	2,300		2,117
Reg. S, 0.20%, 03/31/2027	EUR	686		712
Reg. S, 0.20%, 04/09/2030	EUR	2,474		2,366
Reg. S, 0.20%, 01/27/2051	EUR	270		127
Reg. S, 0.38%, 09/02/2050	EUR	385		194
Reg. S, 0.50%, 11/25/2039	EUR	110		80
Reg. S, 0.60%, 06/04/2041	EUR	300		211
Reg. S, 0.75%, 08/16/2041	EUR	360		259
Reg. S, 0.80%, 07/30/2049	EUR	100		60
Reg. S, 0.90%, 11/15/2028	EUR	600		613
Reg. S, 0.95%, 03/13/2028	EUR	144		149
Reg. S, 0.95%, 01/10/2121	EUR	945		340
Reg. S, 1.00%, 10/16/2046	EUR	1,360		910
Reg. S, 1.25%, 05/12/2036	EUR	1,400		1,243
Reg. S, 1.38%, 01/15/2120	EUR	1,044		477
Reg. S, 1.45%, 02/16/2043	EUR	100		79
Reg. S, 1.45%, 01/19/2122	EUR	500		239
Reg. S, 1.63%, 10/24/2030	EUR	1,000		1,021
Reg. S, 1.65%, 02/22/2038	EUR	480		433
Reg. S, 1.65%, 05/16/2047	EUR	220		169
Reg. S, 1.75%, 10/26/2057	EUR	172		119
Reg. S, 1.75%, 07/11/2068	EUR	104		67
Reg. S, 1.95%, 09/26/2078	EUR	254		167
Reg. S, 2.00%, 06/15/2032	EUR	450		459
Reg. S, 2.15%, 03/21/2119	EUR	376		251
Reg. S, 2.50%, 10/15/2029	EUR	550		592
Reg. S, 2.65%, 01/15/2030	EUR	700		757
Reg. S, 2.70%, 09/05/2034	EUR	300		316
Reg. S, 2.75%, 01/15/2032	EUR	930		1,001
Reg. S, 2.90%, 06/07/2033	EUR	1,690		1,819
Reg. S, 2.90%, 01/15/2053	EUR	390		370
Reg. S, 3.00%, 01/27/2028	EUR	400		440
Reg. S, 3.00%, 06/06/2029	EUR	800		880
Reg. S, 3.00%, 03/20/2054	EUR	600		581
Reg. S, 3.38%, 10/31/2028	EUR	500		557
Reg. S, 3.40%, 03/07/2073	EUR	2,410		2,470
Series 15YR, Reg. S, 0.00%, 10/12/2035	EUR	1,454		1,135
Series 15YR, Reg. S, 1.10%, 03/13/2034	EUR	240		221
Series 1250, Reg. S, 2.38%, 05/13/2033	EUR	1,050		1,089

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 1409, Reg. S, 0.50%, 04/16/2026	EUR	980		1,041
Series 1416, Reg. S, 0.63%, 07/21/2031	EUR	1,000		947
Series 1439, Reg. S, 1.55%, 06/16/2048	EUR	2,800		2,082
State of Rhineland-Palatinate, (Germany),
Reg. S, 0.01%, 02/25/2028	EUR	500		505
Reg. S, 0.01%, 01/21/2031	EUR	410		379
Reg. S, 0.38%, 01/26/2027	EUR	220		230
Reg. S, 0.38%, 03/10/2051	EUR	200		100
Reg. S, 0.75%, 02/23/2032	EUR	490		462
Reg. S, 2.75%, 02/23/2028	EUR	300		327
Reg. S, 2.75%, 07/25/2031	EUR	400		432
Reg. S, 3.00%, 05/02/2034	EUR	750		811
Series 117, Reg. S, 0.05%, 01/23/2030	EUR	900		860
State of Saarland, (Germany),
Reg. S, 0.05%, 11/05/2040	EUR	68		45
2.75%, 01/18/2030	EUR	300		326
2.75%, 04/10/2031	EUR	200		216
Reg. S, 3.00%, 01/19/2035	EUR	275		296
State of Saxony-Anhalt, (Germany),
Reg. S, 0.00%, 03/10/2031	EUR	280		258
0.35%, 02/09/2032	EUR	600		550
Reg. S, 0.50%, 03/24/2051	EUR	123		65
2.45%, 02/13/2030	EUR	700		751
2.85%, 01/29/2035	EUR	400		425
3.15%, 02/06/2054	EUR	150		150
Series 10Y, Reg. S, 0.75%, 01/29/2029	EUR	200		202
Series 32, Reg. S, 2.95%, 06/20/2033	EUR	650		704
State of Schleswig-Holstein Germany, (Germany),
Reg. S, 0.01%, 05/22/2030	EUR	200		189
Reg. S, 0.05%, 07/08/2031	EUR	400		365
Reg. S, 0.13%, 06/12/2029	EUR	331		323
Reg. S, 0.38%, 02/08/2027	EUR	310		324
Reg. S, 0.50%, 03/22/2029	EUR	440		439
Reg. S, 0.63%, 08/31/2028	EUR	140		142
Reg. S, 1.38%, 07/14/2027	EUR	200		212
Reg. S, 2.38%, 09/22/2032	EUR	430		449
Reg. S, 2.88%, 06/25/2029	EUR	400		438
Reg. S, 2.88%, 05/30/2034	EUR	500		535
Reg. S, 3.00%, 08/16/2033	EUR	400		435
State of the Grand-Duchy of Luxembourg, (Luxembourg),
Reg. S, 0.00%, 11/13/2026	EUR	400		418
Reg. S, 0.00%, 04/28/2030	EUR	150		142
Reg. S, 0.00%, 03/24/2031	EUR	103		95
Reg. S, 0.00%, 09/14/2032	EUR	400		350
Reg. S, 1.38%, 05/25/2029	EUR	380		392
Reg. S, 1.75%, 05/25/2042	EUR	710		598
Reg. S, 2.63%, 10/23/2034	EUR	480		503
Reg. S, 2.88%, 03/01/2034	EUR	910		979
Reg. S, 3.25%, 03/02/2043	EUR	100		104
States of Guernsey Bond, (Guernsey), Reg. S, 3.38%, 12/12/2046	GBP	200		185
Svensk Exportkredit AB, (Sweden),

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Zero Coupon, 05/11/2037		224		123
Reg. S, 2.00%, 06/30/2027	EUR	1,000		1,071
Reg. S, 2.75%, 02/23/2028	EUR	395		429
Sweden Government Bond, (Sweden),
Series 1053, Reg. S, 3.50%, 03/30/2039	SEK	12,460		1,341
Series 1056, Reg. S, 2.25%, 06/01/2032	SEK	9,200		899
Series 1059, Reg. S, 1.00%, 11/12/2026	SEK	31,600		3,085
Series 1060, Reg. S, 0.75%, 05/12/2028 (e)	SEK	64,815		6,157
Series 1061, Reg. S, 0.75%, 11/12/2029 (e)	SEK	46,490		4,303
Series 1062, Reg. S, 0.13%, 05/12/2031	SEK	14,255		1,234
Series 1063, Reg. S, 0.50%, 11/24/2045	SEK	4,650		295
Series 1064, Reg. S, 1.38%, 06/23/2071 (e)	SEK	570		33
Series 1065, Reg. S, 1.75%, 11/11/2033	SEK	24,580		2,292
Series 1066, Reg. S, 2.25%, 05/11/2035	SEK	9,570		919
Sweden Government International Bond, (Sweden), Reg. S, 0.13%, 09/09/2030	SEK	17,590		1,548
Swiss Confederation Government Bond, (Switzerland),
Reg. S, 0.00%, 06/22/2029	CHF	270		302
Reg. S, 0.00%, 06/26/2034	CHF	4,839		5,223
Reg. S, 0.00%, 07/24/2039	CHF	3,329		3,415
Reg. S, 0.50%, 05/27/2030	CHF	3,140		3,584
Reg. S, 0.50%, 06/27/2032	CHF	2,090		2,376
Reg. S, 0.50%, 06/28/2045	CHF	2,330		2,537
Reg. S, 0.50%, 05/24/2055	CHF	1,172		1,260
Reg. S, 0.50%, 05/30/2058	CHF	690		741
Reg. S, 0.88%, 05/22/2047	CHF	300		351
Reg. S, 1.25%, 06/27/2037	CHF	680		825
Reg. S, 1.50%, 04/30/2042	CHF	1,140		1,451
Reg. S, 2.00%, 06/25/2064	CHF	611		999
Reg. S, 2.25%, 06/22/2031	CHF	752		948
Reg. S, 4.00%, 04/08/2028	CHF	663		835
Reg. S, 4.00%, 01/06/2049	CHF	460		892
Tasmanian Public Finance Corp., (Australia),
Reg. S, 4.00%, 01/20/2034	AUD	1,000		577
4.75%, 01/25/2035	AUD	400		241
Thailand Government Bond, (Thailand),
1.00%, 06/17/2027	THB	40,000		1,161
1.59%, 12/17/2035	THB	1,400		40
1.60%, 12/17/2029	THB	123,830		3,612
2.00%, 12/17/2031	THB	79,200		2,354
2.00%, 06/17/2042	THB	46,000		1,276
2.13%, 12/17/2026	THB	3,024		90
2.35%, 06/17/2026	THB	70,000		2,080
2.40%, 11/17/2027	THB	69,660		2,089
2.40%, 03/17/2029	THB	37,000		1,114
2.65%, 06/17/2028	THB	94,700		2,873
2.80%, 06/17/2034	THB	120,910		3,801
2.88%, 06/17/2046	THB	1,430		44
3.14%, 06/17/2047	THB	52,160		1,651
3.39%, 06/17/2037	THB	93,500		3,118
3.40%, 06/17/2036	THB	4,000		133
3.45%, 06/17/2043	THB	66,630		2,229
3.65%, 06/20/2031	THB	3,480		113

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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%, 06/17/2055	THB	49,190		1,815
4.00%, 06/17/2066	THB	26,620		977
4.00%, 06/17/2072	THB	40,000		1,507
Series THAI, 2.75%, 06/17/2052	THB	740		22
Tokyo Metropolitan Government, (Japan), Reg. S, 0.75%, 07/16/2025		1,000		989
Treasury Corp. of Victoria, (Australia),
1.25%, 11/19/2027	AUD	2,370		1,384
Reg. S, 1.50%, 11/20/2030	AUD	1,400		749
Reg. S, 1.50%, 09/10/2031	AUD	2,000		1,036
Reg. S, 2.25%, 09/15/2033	AUD	1,730		880
2.25%, 11/20/2034	AUD	1,100		536
2.25%, 11/20/2041	AUD	2,500		990
Reg. S, 2.50%, 10/22/2029	AUD	200		116
Reg. S, 3.00%, 10/20/2028	AUD	3,390		2,048
4.25%, 12/20/2032	AUD	2,790		1,684
Reg. S, 4.75%, 09/15/2036	AUD	1,500		890
Reg. S, 5.25%, 09/15/2038	AUD	1,920		1,172
5.50%, 11/17/2026	AUD	1,880		1,206
UNEDIC ASSEO, (France),
Reg. S, 0.00%, 03/05/2030	EUR	100		94
Reg. S, 0.00%, 11/19/2030	EUR	1,200		1,103
Reg. S, 0.01%, 05/25/2031	EUR	1,300		1,175
Reg. S, 0.10%, 11/25/2026	EUR	600		627
Reg. S, 0.10%, 05/25/2034	EUR	100		81
Reg. S, 0.25%, 11/25/2029	EUR	2,000		1,929
Reg. S, 0.25%, 07/16/2035	EUR	1,700		1,340
Reg. S, 0.50%, 03/20/2029	EUR	1,600		1,592
Reg. S, 0.50%, 05/25/2036	EUR	500		390
Reg. S, 0.88%, 05/25/2028	EUR	1,400		1,440
Reg. S, 1.25%, 03/28/2027	EUR	1,000		1,060
Reg. S, 1.25%, 10/21/2027	EUR	200		210
Reg. S, 1.25%, 05/25/2033	EUR	700		652
Reg. S, 1.50%, 04/20/2032	EUR	200		195
Reg. S, 1.75%, 11/25/2032	EUR	600		588
Reg. S, 3.13%, 11/25/2034	EUR	400		423
Reg. S, 3.38%, 11/25/2033	EUR	600		652
United Kingdom Gilt, (United Kingdom),
Reg. S, 0.13%, 01/31/2028	GBP	10,407		12,090
Reg. S, 0.25%, 07/31/2031	GBP	14,206		14,332
Reg. S, 0.38%, 10/22/2026	GBP	14,747		18,030
Reg. S, 0.38%, 10/22/2030	GBP	10,719		11,270
Reg. S, 0.50%, 01/31/2029	GBP	9,330		10,541
Reg. S, 0.50%, 10/22/2061	GBP	16,442		5,843
Reg. S, 0.63%, 07/31/2035	GBP	24,494		21,253
Reg. S, 0.63%, 10/22/2050	GBP	23,256		11,034
Reg. S, 0.88%, 10/22/2029	GBP	12,250		13,740
Reg. S, 0.88%, 07/31/2033	GBP	7,491		7,247
Reg. S, 0.88%, 01/31/2046	GBP	18,739		11,062
Reg. S, 1.00%, 01/31/2032	GBP	11,852		12,303
Reg. S, 1.13%, 01/31/2039	GBP	18,606		14,994
Reg. S, 1.13%, 10/22/2073	GBP	8,107		3,495
Reg. S, 1.25%, 07/22/2027	GBP	13,571		16,478

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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	23,941		17,891
Reg. S, 1.25%, 07/31/2051	GBP	16,256		9,179
Reg. S, 1.50%, 07/22/2026	GBP	12,951		16,189
Reg. S, 1.50%, 07/22/2047	GBP	15,405		10,266
Reg. S, 1.50%, 07/31/2053	GBP	15,887		9,315
Reg. S, 1.63%, 10/22/2028	GBP	10,905		12,974
Reg. S, 1.63%, 10/22/2054	GBP	19,691		11,823
Reg. S, 1.63%, 10/22/2071	GBP	17,030		9,033
Reg. S, 1.75%, 09/07/2037	GBP	24,750		22,904
Reg. S, 1.75%, 01/22/2049	GBP	23,579		16,228
Reg. S, 1.75%, 07/22/2057	GBP	26,084		15,815
Reg. S, 2.50%, 07/22/2065	GBP	13,802		9,886
Reg. S, 3.25%, 01/31/2033	GBP	7,920		9,389
Reg. S, 3.25%, 01/22/2044	GBP	20,180		20,022
Reg. S, 3.50%, 01/22/2045	GBP	22,065		22,531
Reg. S, 3.50%, 07/22/2068	GBP	14,642		13,566
Reg. S, 3.75%, 03/07/2027	GBP	5,950		7,624
Reg. S, 3.75%, 01/29/2038	GBP	20,270		23,412
Reg. S, 3.75%, 07/22/2052	GBP	19,427		19,612
Reg. S, 3.75%, 10/22/2053	GBP	18,016		18,040
Reg. S, 4.00%, 10/22/2031	GBP	9,110		11,508
Reg. S, 4.00%, 01/22/2060	GBP	17,508		18,183
Reg. S, 4.00%, 10/22/2063	GBP	11,465		11,827
Reg. S, 4.13%, 01/29/2027	GBP	10,220		13,185
Reg. S, 4.13%, 07/22/2029	GBP	11,770		15,149
Reg. S, 4.25%, 12/07/2027	GBP	8,680		11,281
Reg. S, 4.25%, 06/07/2032	GBP	9,750		12,496
Reg. S, 4.25%, 07/31/2034	GBP	7,585		9,523
Reg. S, 4.25%, 03/07/2036	GBP	19,556		24,204
Reg. S, 4.25%, 09/07/2039	GBP	18,937		22,655
Reg. S, 4.25%, 12/07/2040	GBP	20,045		23,687
Reg. S, 4.25%, 12/07/2046	GBP	22,618		25,496
Reg. S, 4.25%, 12/07/2049 (ff)	GBP	14,813		16,470
Reg. S, 4.25%, 12/07/2055	GBP	16,809		18,365
Reg. S, 4.38%, 03/07/2028	GBP	4,660		6,046
Reg. S, 4.38%, 01/31/2040	GBP	11,760		14,196
Reg. S, 4.38%, 07/31/2054	GBP	20,486		22,896
Reg. S, 4.50%, 06/07/2028	GBP	10,970		14,308
Reg. S, 4.50%, 09/07/2034	GBP	13,760		17,640
Reg. S, 4.50%, 03/07/2035	GBP	4,960		6,315
Reg. S, 4.50%, 12/07/2042	GBP	12,765		15,291
Reg. S, 4.63%, 01/31/2034	GBP	10,445		13,521
Reg. S, 4.75%, 12/07/2030	GBP	13,486		17,876
Reg. S, 4.75%, 12/07/2038	GBP	21,193		26,934
Reg. S, 4.75%, 10/22/2043	GBP	21,352		26,186
Reg. S, 6.00%, 12/07/2028	GBP	912		1,256
United States Department of Housing and Urban Development, 3.26%, 08/01/2029		25		24
United States International Development Finance Corp.,
3.25%, 10/15/2030		639		619
3.37%, 10/05/2034		79		74
Series 1, 1.11%, 05/15/2029		653		609

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 2, 0.80%, 05/15/2029		325		301
Ville de Paris, (France),
Reg. S, 0.75%, 11/30/2041	EUR	100		65
Reg. S, 1.38%, 11/20/2034	EUR	300		264
Reg. S, 1.63%, 02/02/2033	EUR	200		189
Reg. S, 1.75%, 05/25/2031	EUR	200		199
3.02%, 10/25/2029	EUR	400		429
Reg. S, 3.50%, 02/05/2036	EUR	200		214
Reg. S, 3.50%, 02/02/2044	EUR	100		100
Reg. S, 3.75%, 06/22/2048	EUR	300		308
3.88%, 12/29/2025	EUR	600		655
Western Australian Treasury Corp., (Australia),
Reg. S, 1.50%, 10/22/2030	AUD	780		422
Reg. S, 2.25%, 07/23/2041	AUD	50		21
Reg. S, 4.25%, 07/20/2033	AUD	1,000		605
Series 28, Reg. S, 3.25%, 07/20/2028	AUD	1,000		613
Series 29, Reg. S, 2.75%, 07/24/2029	AUD	670		397
Xunta de Galicia, (Spain),
Reg. S, 0.27%, 07/30/2028	EUR	300		300
Reg. S, 1.45%, 04/30/2029	EUR	200		206
Reg. S, 3.30%, 04/30/2031	EUR	300		329
Total Foreign Government Securities (Cost $7,733,224)				7,575,799
Mortgage-Backed Securities — 13.3%
FHLMC Gold Pool,
3.00%, 10/01/2046		153		133
3.50%, 12/01/2044		383		351
3.50%, 06/01/2045		776		707
3.50%, 05/01/2046		120		110
3.50%, 10/01/2046		165		149
FHLMC Gold Pool, Single Family, 15 years,
3.00%, 10/01/2026		19		18
3.00%, 11/01/2026		96		95
3.00%, 01/01/2027		538		531
3.00%, 05/01/2029		2,520		2,476
3.00%, 02/01/2032		259		251
3.00%, 04/01/2032		1,337		1,291
3.00%, 05/01/2032		909		879
3.00%, 07/01/2032		492		475
3.00%, 10/01/2032		513		496
3.00%, 11/01/2032		903		872
FHLMC Gold Pool, Single Family, 30 years,
3.00%, 03/01/2046		15		14
3.00%, 12/01/2046		25		22
4.00%, 08/01/2040		207		199
4.00%, 10/01/2040		1,913		1,842
4.00%, 11/01/2040		481		463
4.00%, 11/01/2047		1,453		1,375
4.00%, 01/01/2048		31		29
FHLMC Non Gold Pool, ARM, (USD IBOR Consumer Cash Fallbacks 1 Year + 1.64%), 3.89%, 01/01/2050 (aa)		41		40

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
FHLMC Pool,
2.22%, 07/01/2036		1,326		1,056
3.05%, 03/01/2032		885		803
3.50%, 02/01/2043		43		40
3.50%, 02/01/2044		69		63
6.00%, 08/01/2035		48		48
FHLMC Pool, Single Family, 15 years,
1.50%, 12/01/2035		301		265
1.50%, 03/01/2036		461		405
1.50%, 02/01/2037		674		591
1.50%, 03/01/2037		699		613
2.00%, 12/01/2035		587		534
2.00%, 02/01/2036		3,949		3,587
2.00%, 03/01/2036		336		305
2.00%, 05/01/2036		2,309		2,096
2.00%, 08/01/2036		985		893
2.00%, 10/01/2036		518		469
2.00%, 11/01/2036		2,939		2,665
2.00%, 12/01/2036		293		266
2.00%, 01/01/2037		3,544		3,217
2.00%, 04/01/2037		1,357		1,225
2.00%, 05/01/2037		840		759
2.00%, 06/01/2037		1,622		1,465
2.00%, 07/01/2038		757		684
2.50%, 07/01/2032		1,413		1,352
2.50%, 10/01/2035		6,701		6,224
2.50%, 07/01/2036		1,033		957
2.50%, 04/01/2037		123		113
2.50%, 05/01/2037		310		286
2.50%, 11/01/2037		1,922		1,776
3.00%, 04/01/2028		17		17
3.00%, 10/01/2028		678		664
3.00%, 04/01/2029		17		17
3.00%, 05/01/2030		3		3
3.00%, 06/01/2030		371		362
3.00%, 11/01/2030		71		69
3.00%, 11/01/2031		19		18
3.00%, 11/01/2032		78		75
3.00%, 01/01/2033		37		36
3.00%, 04/01/2037		311		294
3.00%, 07/01/2038		612		578
3.50%, 11/01/2025		45		44
3.50%, 09/01/2033		208		204
3.50%, 02/01/2034		506		494
3.50%, 05/01/2035		449		434
4.00%, 07/01/2025		1		1
4.00%, 05/01/2026		3		3
4.00%, 07/01/2029		48		48
4.00%, 11/01/2033		4		4
4.00%, 01/01/2034		11		11
4.00%, 08/01/2037		115		112

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL   AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued
4.00%, 02/01/2038		117		114
4.00%, 12/01/2039		1,118		1,089
FHLMC Pool, Single Family, 20 years,
3.00%, 07/01/2042		315		284
3.00%, 08/01/2042		111		100
3.50%, 06/01/2039		215		204
3.50%, 07/01/2039		122		116
3.50%, 08/01/2039		483		456
3.50%, 09/01/2039		301		284
FHLMC Pool, Single Family, 30 years,
1.50%, 02/01/2051		21		16
1.50%, 04/01/2051		42		32
1.50%, 05/01/2051		4,982		3,763
1.50%, 07/01/2051		834		629
2.00%, 09/01/2050		639		512
2.00%, 10/01/2050		3,980		3,191
2.00%, 02/01/2051		3,581		2,869
2.00%, 03/01/2051		2,593		2,084
2.00%, 05/01/2051		10,242		8,159
2.00%, 06/01/2051		1,212		970
2.00%, 07/01/2051		1,239		996
2.00%, 10/01/2051		1,586		1,277
2.00%, 11/01/2051		5,150		4,139
2.00%, 12/01/2051		4,062		3,241
2.00%, 01/01/2052		440		351
2.00%, 02/01/2052		1,981		1,574
2.00%, 03/01/2052		5,022		3,994
2.00%, 04/01/2052		4,865		3,876
2.00%, 08/01/2052		806		641
2.50%, 11/01/2050		20,637		17,240
2.50%, 12/01/2050		710		595
2.50%, 02/01/2051		11,202		9,374
2.50%, 04/01/2051		372		309
2.50%, 08/01/2051		13,450		11,331
2.50%, 11/01/2051		693		584
2.50%, 02/01/2052		7,682		6,397
2.50%, 03/01/2052		1,561		1,306
2.50%, 04/01/2052		189		158
3.00%, 02/01/2049		1,899		1,689
3.00%, 11/01/2049		1,324		1,168
3.00%, 05/01/2050		3,079		2,723
3.00%, 07/01/2050		1,579		1,371
3.00%, 08/01/2050		3,407		3,003
3.00%, 10/01/2050		697		611
3.00%, 12/01/2050		230		202
3.00%, 06/01/2051		2,866		2,491
3.00%, 07/01/2051		5,348		4,688
3.00%, 11/01/2051		1,712		1,492
3.00%, 12/01/2051		3,450		2,993
3.00%, 02/01/2052		908		786
3.00%, 03/01/2052		2,614		2,269

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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%, 04/01/2052		4,240		3,694
3.00%, 05/01/2052		1,651		1,431
3.00%, 07/01/2052		618		536
3.50%, 03/01/2042		2		1
3.50%, 09/01/2042		1,939		1,806
3.50%, 07/01/2043		2		1
3.50%, 11/01/2047		285		260
3.50%, 02/01/2048		1,489		1,358
3.50%, 03/01/2048		250		230
3.50%, 05/01/2048		3,284		3,003
3.50%, 06/01/2048		3		3
3.50%, 01/01/2049		35		32
3.50%, 02/01/2049		454		417
3.50%, 09/01/2049		1,892		1,723
3.50%, 10/01/2049		1,769		1,611
3.50%, 04/01/2050		2,534		2,318
3.50%, 09/01/2052		1,149		1,036
4.00%, 05/01/2045		3,818		3,628
4.00%, 10/01/2048		2,344		2,206
4.00%, 04/01/2049		1,908		1,796
4.00%, 09/01/2049		1,221		1,155
4.00%, 05/01/2050		890		835
4.00%, 08/01/2050		908		854
4.00%, 09/01/2050		7,974		7,502
4.00%, 04/01/2052		52		49
4.00%, 06/01/2052		858		801
4.00%, 07/01/2052		847		790
4.00%, 08/01/2052		1,545		1,442
4.00%, 09/01/2052		507		472
4.00%, 10/01/2052		513		483
4.00%, 02/01/2053		415		391
4.50%, 12/01/2047		152		148
4.50%, 04/01/2048		282		276
4.50%, 08/01/2048		18		17
4.50%, 09/01/2048		594		578
4.50%, 08/01/2049		1,113		1,082
4.50%, 09/01/2050		775		752
4.50%, 10/01/2050		3,104		2,991
4.50%, 07/01/2052		187		179
4.50%, 08/01/2052		456		437
4.50%, 12/01/2052		1,569		1,520
4.50%, 08/01/2053		90		87
5.00%, 12/01/2049		331		331
5.00%, 08/01/2052		225		221
5.00%, 09/01/2052		534		528
5.00%, 10/01/2052		259		255
5.00%, 11/01/2052		219		216
5.00%, 01/01/2053		3,800		3,750
5.00%, 04/01/2053		1,221		1,199
5.00%, 06/01/2053		177		174
5.00%, 04/01/2054		1,245		1,224

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued
5.00%, 05/01/2054		505		495
5.00%, 10/01/2054		4,699		4,619
5.50%, 11/01/2052		699		702
5.50%, 12/01/2052		1,079		1,088
5.50%, 01/01/2053		774		780
5.50%, 02/01/2053		513		518
5.50%, 03/01/2053		494		496
5.50%, 04/01/2053		364		365
5.50%, 05/01/2053		1,787		1,790
5.50%, 06/01/2053		100		100
5.50%, 09/01/2053		4,091		4,086
5.50%, 03/01/2054		2,426		2,426
5.50%, 05/01/2054		3,734		3,753
5.50%, 07/01/2054		324		324
5.50%, 08/01/2054		463		468
5.50%, 09/01/2054		479		484
5.50%, 11/01/2054		1,988		2,000
5.50%, 12/01/2054		1,417		1,420
5.50%, 01/01/2055		942		943
5.50%, 03/01/2055		4,168		4,185
6.00%, 06/01/2053		298		306
6.00%, 08/01/2053		2,592		2,662
6.00%, 09/01/2053		787		804
6.00%, 02/01/2054		435		446
6.00%, 04/01/2054		343		351
6.00%, 05/01/2054		4,097		4,196
6.00%, 07/01/2054		1,104		1,129
6.00%, 08/01/2054		976		997
6.00%, 09/01/2054		3,016		3,101
6.00%, 11/01/2054		1,142		1,168
6.00%, 12/01/2054		892		910
6.00%, 01/01/2055		2,781		2,829
6.00%, 02/01/2055		5,611		5,704
6.50%, 09/01/2053		682		706
6.50%, 10/01/2053		441		459
6.50%, 11/01/2053		199		206
6.50%, 12/01/2053		1,034		1,072
6.50%, 01/01/2054		1,417		1,479
6.50%, 02/01/2054		667		691
6.50%, 05/01/2054		669		700
6.50%, 09/01/2054		1,247		1,302
FNMA or FHLMC, Single Family, 15 years,
TBA, 1.50%, 04/01/2040 (w)		1,241		1,088
TBA, 2.00%, 04/01/2040 (w)		2,925		2,639
TBA, 2.50%, 04/16/2040 (w)		1,950		1,801
TBA, 3.00%, 03/01/2055 (w)		2,650		2,503
TBA, 3.50%, 04/01/2040 (w)		3,450		3,316
TBA, 4.00%, 04/01/2040 (w)		1,825		1,776
TBA, 4.50%, 04/01/2040 (w)		6,800		6,731
TBA, 5.50%, 04/01/2040 (w)		3,000		3,046
FNMA or FHLMC, Single Family, 30 years,
TBA, 1.50%, 04/01/2055 (w)		7,300		5,502

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued
TBA, 2.00%, 04/01/2055 (w)		8,950		7,104
5.00%, 10/01/2054		4,699		4,619
TBA, 2.00%, 05/01/2055 (w)		92,000		73,024
TBA, 2.50%, 04/01/2055 (w)		4,575		3,796
TBA, 3.00%, 04/01/2055 (w)		7,728		6,690
TBA, 3.50%, 04/01/2055 (w)		71,104		64,051
TBA, 3.50%, 05/01/2055 (w)		27,500		24,756
TBA, 4.00%, 04/01/2055 (w)		7,700		7,168
TBA, 4.00%, 05/01/2055 (w)		24,200		22,493
TBA, 4.50%, 04/01/2055 (w)		6,793		6,491
TBA, 4.50%, 05/01/2055 (w)		14,800		14,136
TBA, 5.00%, 04/01/2042 (w)		22,379		21,904
TBA, 5.00%, 05/01/2055 (w)		22,000		21,515
TBA, 5.50%, 04/01/2055 (w)		6,568		6,554
TBA, 5.50%, 05/01/2055 (w)		20,400		20,338
TBA, 6.00%, 04/01/2055 (w)		5,500		5,581
TBA, 6.00%, 06/01/2055 (w)		166,200		168,308
TBA, 6.50%, 04/01/2055 (w)		19,175		19,766
TBA, 6.50%, 05/01/2055 (w)		10,000		10,299
TBA, 7.00%, 05/01/2055 (w)		4,300		4,493
FNMA Pool,
1.41%, 01/01/2031		5,000		4,216
2.00%, 11/01/2027		174		170
2.32%, 01/01/2026		2,023		1,987
2.92%, 10/01/2025 (z)		6,603		6,565
3.00%, 12/01/2042		215		191
3.00%, 06/01/2043		929		809
3.00%, 05/01/2045		289		251
3.00%, 07/01/2045		31		27
3.00%, 11/01/2046		28		24
3.00%, 03/01/2060		14,840		12,781
3.01%, 04/01/2032		3,997		3,648
3.02%, 03/01/2028		400		386
3.15%, 03/01/2026		3,900		3,849
3.29%, 04/01/2027		2,600		2,549
3.29%, 03/01/2028		1,400		1,361
3.43%, 05/01/2028		500		487
3.44%, 01/01/2037		305		278
3.50%, 09/01/2027		53		52
3.50%, 12/01/2028		34		33
3.50%, 08/01/2032		42		40
3.50%, 12/01/2042		126		118
3.50%, 04/01/2043		179		166
3.50%, 11/01/2043		88		82
3.50%, 02/01/2045		216		201
3.50%, 02/01/2048		667		605
3.50%, 09/01/2048		70		63
3.50%, 07/01/2049		274		247
3.59%, 12/01/2025		3,900		3,868
4.00%, 04/01/2041		97		94
4.00%, 08/01/2046		84		81

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued
4.00%, 02/01/2056		2,030		1,914
4.00%, 01/01/2057		1,615		1,507
4.13%, 08/01/2031		2,279		2,231
4.13%, 10/01/2029		10,000		9,871
4.14%, 04/01/2028		521		520
4.25%, 01/01/2033		3,790		3,716
4.30%, 12/01/2029		5,212		5,186
4.39%, 04/01/2033		552		544
4.49%, 11/01/2029		7,000		7,020
4.50%, 06/01/2030		100		100
4.53%, 09/01/2029 (z)		7,700		7,754
4.55%, 05/01/2028		100		101
4.59%, 06/01/2033		1,173		1,172
4.62%, 08/01/2031		199		200
4.64%, 09/01/2028		229		232
4.70%, 08/01/2031		1,700		1,714
4.79%, 06/01/2033		1,271		1,278
4.80%, 08/01/2029 (z)		7,591		7,718
4.82%, 09/01/2028		700		713
4.83%, 06/01/2030		3,310		3,375
4.83%, 12/01/2031		1,838		1,863
4.83%, 12/01/2032		3,230		3,282
4.88%, 06/01/2028		5,168		5,243
4.88%, 09/01/2028		1,101		1,120
4.90%, 10/01/2028		355		361
4.94%, 05/01/2031		1,072		1,094
4.95%, 03/01/2032		499		508
4.97%, 04/01/2030		2,200		2,250
4.98%, 12/01/2034		1,600		1,630
4.99%, 03/01/2031		493		502
5.00%, 06/01/2031		1,600		1,637
5.02%, 06/01/2028		2,300		2,348
5.07%, 03/01/2032		1,388		1,423
5.09%, 02/01/2031		1,733		1,782
5.09%, 01/01/2032		599		617
5.17%, 08/01/2034		739		758
5.24%, 11/01/2031		1,143		1,180
5.24%, 01/01/2034		2,000		2,067
5.27%, 03/01/2031		722		748
5.34%, 01/01/2031		648		674
5.35%, 12/01/2029		1,198		1,242
5.42%, 08/01/2030		3,829		3,987
5.42%, 06/01/2031		599		617
5.44%, 10/01/2031		1,098		1,149
5.54%, 11/01/2029		1,521		1,589
5.57%, 10/01/2028		433		445
5.73%, 12/01/2033		700		750
5.75%, 06/01/2034		1,144		1,232
5.80%, 05/01/2033		995		1,065
FNMA Pool, 30 years, FHA/VA, 3.00%, 01/01/2047		719		650
FNMA Pool, Single Family, 15 years,

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
1.50%, 10/01/2036		440		387
1.50%, 11/01/2036		391		344
1.50%, 03/01/2037		391		343
1.50%, 05/01/2037		158		138
1.50%, 08/01/2037		435		381
2.00%, 02/01/2028		7		7
2.00%, 09/01/2028		66		63
2.00%, 11/01/2028		64		62
2.00%, 07/01/2032		7		7
2.00%, 12/01/2035		653		594
2.00%, 02/01/2036		4,871		4,417
2.00%, 03/01/2036		359		325
2.00%, 08/01/2036		932		846
2.00%, 10/01/2036		292		264
2.00%, 11/01/2036		1,904		1,729
2.00%, 12/01/2036		983		890
2.00%, 01/01/2037		463		420
2.00%, 02/01/2037		804		726
2.00%, 04/01/2037		933		849
2.00%, 05/01/2037		580		524
2.50%, 08/01/2035		190		177
2.50%, 03/01/2036		1,736		1,616
2.50%, 07/01/2036		688		639
2.50%, 08/01/2036		108		100
2.50%, 03/01/2037		202		187
2.50%, 04/01/2037		414		383
2.50%, 05/01/2037		109		101
3.00%, 10/01/2026		25		24
3.00%, 11/01/2026		362		358
3.00%, 12/01/2026		48		47
3.00%, 01/01/2027		503		497
3.00%, 02/01/2027		107		105
3.00%, 04/01/2027		203		200
3.00%, 11/01/2027		14		14
3.00%, 02/01/2028		86		85
3.00%, 10/01/2029		32		31
3.00%, 03/01/2030		23		23
3.00%, 05/01/2030		9		9
3.00%, 07/01/2030		11		11
3.00%, 09/01/2030		379		369
3.00%, 12/01/2030		18		18
3.00%, 04/01/2031		68		66
3.00%, 12/01/2031		163		157
3.00%, 02/01/2032		255		246
3.00%, 03/01/2032		249		240
3.00%, 04/01/2032		1,229		1,186
3.00%, 05/01/2032		365		352
3.00%, 07/01/2032		803		775
3.00%, 08/01/2032		320		309
3.00%, 11/01/2032		643		620
3.00%, 01/01/2033		46		45

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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%, 07/01/2033		81		78
3.00%, 02/01/2034		936		904
3.00%, 09/01/2034		372		356
3.00%, 12/01/2035		336		324
3.50%, 12/01/2025		23		23
3.50%, 01/01/2026		92		91
3.50%, 07/01/2031		39		39
3.50%, 07/01/2034		230		226
3.50%, 03/01/2035		1,001		976
3.50%, 05/01/2035		55		54
4.00%, 06/01/2026		16		16
4.00%, 08/01/2026		10		10
4.00%, 08/01/2027		12		11
4.00%, 12/01/2028		12		12
4.00%, 04/01/2033		354		351
4.00%, 10/01/2033		57		57
4.00%, 11/01/2033		9		9
4.00%, 12/01/2033		12		12
4.00%, 03/01/2035		249		248
4.00%, 09/01/2037		154		150
4.00%, 11/01/2037		222		217
4.00%, 05/01/2038		102		99
4.00%, 11/01/2038		64		63
4.00%, 12/01/2039		1,945		1,894
FNMA Pool, Single Family, 20 years,
3.00%, 05/01/2042		641		578
3.00%, 06/01/2042		319		286
3.00%, 07/01/2042		1,210		1,090
3.50%, 03/01/2037		374		360
3.50%, 08/01/2038		89		85
3.50%, 04/01/2039		11		10
3.50%, 08/01/2039		135		128
4.50%, 06/01/2039		23		23
4.50%, 07/01/2043		890		868
FNMA Pool, Single Family, 30 years,
1.50%, 11/01/2050		1,222		923
1.50%, 06/01/2051		1,819		1,376
1.50%, 07/01/2051		1,133		857
1.50%, 04/01/2052		860		649
2.00%, 07/01/2050		1,295		1,038
2.00%, 09/01/2050		1,123		903
2.00%, 10/01/2050		860		689
2.00%, 12/01/2050		7,160		5,736
2.00%, 01/01/2051		3,573		2,873
2.00%, 02/01/2051		1,216		973
2.00%, 03/01/2051		1,797		1,448
2.00%, 04/01/2051		3,271		2,631
2.00%, 05/01/2051		1,647		1,321
2.00%, 06/01/2051		5,330		4,273
2.00%, 07/01/2051		2,822		2,255
2.00%, 10/01/2051		17,085		13,643
2.00%, 11/01/2051		6,881		5,500

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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%, 12/01/2051		17,342		13,824
2.00%, 05/01/2052		3,279		2,606
2.50%, 08/01/2046		4,423		3,762
2.50%, 08/01/2050		15		13
2.50%, 10/01/2050		10,368		8,663
2.50%, 12/01/2050		12,407		10,323
2.50%, 02/01/2051		1,778		1,491
2.50%, 03/01/2051		4,677		3,929
2.50%, 04/01/2051		5,931		4,938
2.50%, 07/01/2051		1,530		1,284
2.50%, 08/01/2051		3,385		2,843
2.50%, 09/01/2051		458		382
2.50%, 10/01/2051		2,905		2,422
2.50%, 11/01/2051		4,667		3,906
2.50%, 12/01/2051		13,602		11,381
2.50%, 01/01/2052		21,290		17,748
2.50%, 02/01/2052		955		798
2.50%, 03/01/2052		13,972		11,678
2.50%, 04/01/2052		4,254		3,565
2.50%, 05/01/2052		812		680
2.50%, 07/01/2052		452		377
3.00%, 08/01/2046		1,005		891
3.00%, 11/01/2046		2,662		2,391
3.00%, 02/01/2047		514		461
3.00%, 04/01/2048		5,271		4,737
3.00%, 01/01/2050		2,511		2,222
3.00%, 03/01/2050		1,318		1,162
3.00%, 06/01/2050		243		213
3.00%, 07/01/2050		11,049		9,661
3.00%, 08/01/2050		2,910		2,557
3.00%, 09/01/2050		276		242
3.00%, 11/01/2050		491		430
3.00%, 12/01/2050		3,467		3,055
3.00%, 01/01/2051		1,502		1,316
3.00%, 05/01/2051		9,726		8,484
3.00%, 06/01/2051		6,023		5,255
3.00%, 07/01/2051		1,654		1,446
3.00%, 08/01/2051		1,091		956
3.00%, 10/01/2051		2,810		2,440
3.00%, 11/01/2051		2,387		2,078
3.00%, 12/01/2051		2,330		2,021
3.00%, 02/01/2052		869		759
3.00%, 03/01/2052		452		396
3.00%, 04/01/2052		4,840		4,209
3.00%, 05/01/2052		1,290		1,119
3.50%, 07/01/2042		1		1
3.50%, 09/01/2042		137		128
3.50%, 05/01/2043		4		4
3.50%, 07/01/2043		5,943		5,533

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued
3.50%, 08/01/2043		15,081		14,040
3.50%, 01/01/2044		182		169
3.50%, 10/01/2045		17		16
3.50%, 12/01/2045		1,702		1,569
3.50%, 07/01/2046		3,072		2,823
3.50%, 02/01/2047		3,401		3,167
3.50%, 07/01/2047		759		700
3.50%, 10/01/2047		1,157		1,056
3.50%, 02/01/2048		1,817		1,658
3.50%, 03/01/2048		160		147
3.50%, 03/01/2049		294		268
3.50%, 06/01/2049		3,198		2,917
3.50%, 08/01/2049		1,585		1,445
3.50%, 04/01/2050		148		135
3.50%, 05/01/2050		3,704		3,373
3.50%, 07/01/2050		8,267		7,457
3.50%, 01/01/2051		610		556
3.50%, 03/01/2052		10,937		9,999
3.50%, 05/01/2052		17,001		15,374
3.50%, 06/01/2052		4,027		3,657
3.50%, 07/01/2052		894		807
3.50%, 05/01/2053		932		840
4.00%, 04/01/2039		990		959
4.00%, 03/01/2042		465		450
4.00%, 04/01/2043		191		183
4.00%, 04/01/2044		1,412		1,339
4.00%, 02/01/2045		201		193
4.00%, 08/01/2045		2,337		2,224
4.00%, 09/01/2046		112		106
4.00%, 09/01/2047		34		32
4.00%, 10/01/2047		421		397
4.00%, 03/01/2048		64		61
4.00%, 04/01/2048		378		356
4.00%, 06/01/2048		25		23
4.00%, 07/01/2048		3,940		3,739
4.00%, 08/01/2048		105		99
4.00%, 09/01/2048		249		234
4.00%, 03/01/2049		999		941
4.00%, 05/01/2049		4,863		4,654
4.00%, 06/01/2049		981		928
4.00%, 11/01/2049		417		393
4.00%, 05/01/2050		796		749
4.00%, 03/01/2051		2,121		1,996
4.00%, 05/01/2051		208		196
4.00%, 04/01/2052		54		50
4.00%, 05/01/2052		1,697		1,585
4.00%, 06/01/2052		584		546
4.00%, 07/01/2052		434		406
4.00%, 08/01/2052		1,850		1,726
4.00%, 09/01/2052		288		269
4.00%, 07/01/2053		416		392

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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%, 05/01/2047		2		2
4.50%, 11/01/2047		522		506
4.50%, 01/01/2048		493		480
4.50%, 04/01/2048		23		23
4.50%, 08/01/2048		14		13
4.50%, 09/01/2048		397		386
4.50%, 02/01/2049		4,371		4,218
4.50%, 05/01/2049		386		374
4.50%, 08/01/2049		7		7
4.50%, 01/01/2050		148		144
4.50%, 04/01/2050		6,174		5,981
4.50%, 05/01/2052		18		17
4.50%, 06/01/2052		1,240		1,187
4.50%, 07/01/2052		8,332		7,978
4.50%, 08/01/2052		333		319
4.50%, 09/01/2052		2,020		1,934
4.50%, 10/01/2052		857		821
4.50%, 11/01/2052		2,940		2,815
4.50%, 12/01/2052		448		429
4.50%, 08/01/2053		262		251
5.00%, 09/01/2049		831		830
5.00%, 10/01/2052		501		494
5.00%, 11/01/2052		977		963
5.00%, 12/01/2052		496		490
5.00%, 01/01/2053		2,128		2,091
5.00%, 02/01/2053		1,276		1,252
5.00%, 03/01/2053		319		317
5.00%, 04/01/2053		864		848
5.00%, 05/01/2053		198		194
5.00%, 06/01/2053		244		242
5.00%, 07/01/2053		1,887		1,851
5.00%, 08/01/2053		1,057		1,037
5.00%, 06/01/2054		957		939
5.00%, 10/01/2054		1,293		1,266
5.00%, 11/01/2054		1,575		1,544
5.00%, 01/01/2055		889		872
5.50%, 09/01/2052		281		285
5.50%, 01/01/2053		403		410
5.50%, 02/01/2053		1,730		1,734
5.50%, 03/01/2053		1,347		1,360
5.50%, 04/01/2053		1,712		1,733
5.50%, 05/01/2053		1,544		1,548
5.50%, 06/01/2053		3,818		3,863
5.50%, 09/01/2053		330		338
5.50%, 04/01/2054		684		689
5.50%, 05/01/2054		2,167		2,166
5.50%, 07/01/2054		375		379
5.50%, 08/01/2054		615		622
5.50%, 12/01/2054		596		597
5.50%, 01/01/2055		2,158		2,163
6.00%, 01/01/2053		1,938		1,967

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued
6.00%, 07/01/2053		1,148		1,166
6.00%, 08/01/2053		440		453
6.00%, 09/01/2053		1,816		1,863
6.00%, 11/01/2053		2,042		2,094
6.00%, 12/01/2053		699		717
6.00%, 04/01/2054		2,027		2,071
6.00%, 08/01/2054		3,187		3,265
6.00%, 09/01/2054		1,432		1,459
6.00%, 10/01/2054		229		233
6.00%, 11/01/2054		3,580		3,651
6.00%, 03/01/2055		343		350
6.50%, 10/01/2053		705		736
6.50%, 11/01/2053		1,655		1,710
6.50%, 12/01/2053		1,217		1,274
6.50%, 01/01/2054		1,371		1,426
6.50%, 02/01/2054		747		788
6.50%, 04/01/2054		822		858
6.50%, 07/01/2054		2,614		2,715
6.50%, 08/01/2054		3,646		3,785
6.50%, 11/01/2054		2,955		3,071
GNMA I Pool, Single Family, 30 years,
3.00%, 10/15/2049		161		142
3.00%, 03/15/2050		13		12
4.50%, 07/15/2049		2,444		2,375
GNMA II Pool,
2.50%, 12/20/2049		233		195
3.00%, 06/20/2043		1,661		1,478
3.00%, 01/20/2047		1,079		951
3.00%, 02/20/2047		392		346
3.00%, 06/20/2047		436		385
3.00%, 07/20/2047		1,024		904
3.00%, 08/20/2047		455		401
3.00%, 09/20/2047		359		317
3.00%, 10/20/2047		378		333
3.00%, 12/20/2047		514		453
3.00%, 01/20/2048		511		451
3.00%, 08/20/2050		576		499
3.50%, 09/20/2042		2,112		1,922
3.50%, 08/20/2045		2,047		1,863
3.50%, 09/20/2045		646		587
3.50%, 12/20/2047		3,103		2,824
3.50%, 06/20/2048		44		40
3.50%, 07/20/2048		29		26
3.50%, 08/20/2049		85		77
3.50%, 11/20/2049		147		132
3.50%, 07/20/2050		134		120
4.00%, 11/20/2041		19		18
4.00%, 10/20/2050		324		299
4.50%, 08/20/2040		14		14
4.50%, 10/20/2040		35		34
ARM, (CMT Index 1 Year + 1.83%), 6.07%, 07/20/2072 (aa)		18,746		19,538

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued
ARM, (USD IBOR Consumer Cash Fallbacks 1 Month + 2.22%), 6.69%, 10/20/2071 (aa)		6,066		6,210
ARM, (USD IBOR Consumer Cash Fallbacks 1 Month + 2.23%), 6.70%, 02/20/2071 (aa)		2,001		2,050
GNMA II Pool, Single Family, 15 years, 2.00%, 12/20/2035		2,368		2,161
GNMA II Pool, Single Family, 30 years,
1.50%, 10/20/2051		273		214
2.00%, 07/20/2050		132		108
2.00%, 08/20/2050		4,315		3,523
2.00%, 11/20/2050		1,504		1,228
2.00%, 12/20/2050		2,498		2,040
2.00%, 01/20/2051		1,058		863
2.00%, 02/20/2051		914		746
2.00%, 10/20/2051		4,922		4,018
2.00%, 12/20/2051		4,863		3,971
2.00%, 01/20/2052		452		369
2.00%, 02/20/2052		2,456		2,006
2.00%, 03/20/2052		1,237		1,010
2.00%, 04/20/2052		2,885		2,356
2.50%, 01/20/2051		271		230
2.50%, 02/20/2051		3,845		3,274
2.50%, 05/20/2051		5,612		4,778
2.50%, 07/20/2051		7,183		6,116
2.50%, 09/20/2051		10,306		8,775
2.50%, 10/20/2051		1,120		936
2.50%, 11/20/2051		3,089		2,630
2.50%, 12/20/2051		3,386		2,883
2.50%, 01/20/2052		440		369
2.50%, 03/20/2052		808		688
2.50%, 04/20/2052		405		345
2.50%, 05/20/2052		722		614
2.50%, 07/20/2052		235		200
2.50%, 08/20/2052		386		329
3.00%, 01/20/2043		381		345
3.00%, 11/20/2043		80		72
3.00%, 03/20/2045		83		74
3.00%, 09/20/2046		1,810		1,624
3.00%, 11/20/2046		1,112		997
3.00%, 10/20/2047		364		326
3.00%, 04/20/2049		27		25
3.00%, 04/20/2050		6,592		5,854
3.00%, 07/20/2050		5,597		4,964
3.00%, 08/20/2050		3,031		2,689
3.00%, 03/20/2051		943		836
3.00%, 08/20/2051		555		491
3.00%, 10/20/2051		2,485		2,199
3.00%, 11/20/2051		3,117		2,762
3.00%, 12/20/2051		1,702		1,506
3.00%, 01/20/2052		7,158		6,334
3.00%, 02/20/2052		309		273
3.00%, 03/20/2052		1,405		1,235

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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%, 09/20/2052		808		715
3.00%, 02/20/2053		2,871		2,544
3.50%, 09/20/2045		2,260		2,095
3.50%, 09/20/2047		2,895		2,663
3.50%, 10/20/2047		4,493		4,119
3.50%, 08/20/2048		146		134
3.50%, 11/20/2048		176		162
3.50%, 12/20/2048		5		4
3.50%, 03/20/2049		844		776
3.50%, 06/20/2049		1,762		1,602
3.50%, 07/20/2049		833		767
3.50%, 09/20/2049		1,054		966
3.50%, 10/20/2049		443		408
3.50%, 12/20/2049		349		320
3.50%, 01/20/2050		525		482
3.50%, 04/20/2050		104		95
3.50%, 01/20/2052		3,729		3,418
3.50%, 02/20/2052		2,234		2,048
3.50%, 05/20/2052		661		606
3.50%, 02/20/2053		2,931		2,694
4.00%, 07/20/2048		853		804
4.00%, 09/20/2048		1,452		1,368
4.00%, 11/20/2048		25		24
4.00%, 12/20/2048		735		693
4.00%, 05/20/2049		452		425
4.00%, 01/20/2050		803		756
4.00%, 03/20/2050		173		163
4.00%, 07/20/2052		179		168
4.00%, 09/20/2052		1,618		1,515
4.00%, 12/20/2052		373		349
4.50%, 03/20/2047		414		400
4.50%, 06/20/2047		751		726
4.50%, 07/20/2047		1,256		1,223
4.50%, 10/20/2047		255		246
4.50%, 11/20/2047		745		718
4.50%, 05/20/2048		6,348		6,124
4.50%, 09/20/2048		585		548
4.50%, 11/20/2048		726		701
4.50%, 01/20/2049		1,567		1,517
4.50%, 03/20/2049		395		384
4.50%, 05/20/2049		229		220
4.50%, 10/20/2049		561		544
4.50%, 08/20/2052		1,409		1,352
4.50%, 09/20/2052		421		405
4.50%, 06/20/2053		1,195		1,148
4.50%, 12/20/2053		385		369
4.50%, 10/20/2054		1,921		1,841

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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%, 11/20/2054		1,444		1,384
5.00%, 12/20/2048		118		117
5.00%, 06/20/2049		269		267
5.00%, 07/20/2052		101		99
5.00%, 09/20/2052		769		759
5.00%, 12/20/2052		1,116		1,101
5.00%, 04/20/2053		1,049		1,034
5.00%, 05/20/2053		1,147		1,128
5.00%, 07/20/2053		1,722		1,693
5.00%, 09/20/2054		1,456		1,430
5.00%, 10/20/2054		572		562
5.00%, 11/20/2054		5,045		4,958
5.50%, 12/20/2052		979		982
5.50%, 01/20/2053		119		119
5.50%, 03/20/2053		447		449
5.50%, 04/20/2053		1,154		1,159
5.50%, 06/20/2053		1,007		1,010
5.50%, 07/20/2053		366		370
5.50%, 09/20/2053		3,091		3,105
5.50%, 08/20/2054		2,295		2,299
5.50%, 11/20/2054		1,389		1,391
6.00%, 09/20/2053		497		506
6.00%, 10/20/2053		761		775
6.00%, 08/20/2054		3,229		3,274
6.50%, 08/20/2054		2,192		2,243
6.50%, 11/20/2054		321		329
6.50%, 01/20/2055		250		257
6.50%, 02/20/2055		1,123		1,152
6.50%, 03/20/2055		225		231
7.00%, 01/20/2053		862		901
7.00%, 05/20/2054		1,773		1,832
7.00%, 12/20/2054		1,585		1,639
7.00%, 01/20/2055		523		540
GNMA, Single Family, 30 years,
TBA, 2.00%, 04/01/2051 (w)		19,500		15,910
TBA, 2.50%, 04/01/2055 (w)		11,600		9,871
TBA, 3.00%, 04/01/2055 (w)		61,962		54,790
TBA, 3.50%, 04/01/2041 (w)		25,770		23,544
TBA, 4.00%, 04/01/2040 (w)		31,535		29,470
TBA, 4.00%, 05/01/2055 (w)		12,000		11,212
TBA, 4.50%, 04/01/2055 (w)		2,875		2,754
TBA, 4.50%, 05/01/2055 (w)		6,000		5,746
TBA, 5.00%, 04/01/2055 (w)		16,555		16,258
TBA, 5.50%, 04/01/2055 (w)		17,632		17,652
TBA, 5.50%, 05/01/2055 (w)		3,457		3,457
TBA, 6.00%, 04/01/2055 (w)		5,700		5,778
TBA, 6.50%, 04/01/2042 (w)		7,750		7,929
Total Mortgage-Backed Securities (Cost $1,938,073)				1,842,742
Municipal Bonds — 0.1% (t)
Arizona — 0.0% (g)
Salt River Project Agricultural Improvement & Power District, Series A, Rev., 4.84%, 01/01/2041		100		95

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 — 0.0% (g)
California State University, Taxable Systemwide, Series E, Rev., 2.90%, 11/01/2051		15		10
Regents of the University of California Medical Center Pooled Revenue, Build America Bonds, Series F, Rev., 6.58%, 05/15/2049		100		109
State of California, Taxable Construction Bond Bidding Group, GO, 1.75%, 11/01/2030		100		87
				206
District of Columbia — 0.0% (g)
District of Columbia, Water & Sewer Authority, Senior Lien, Green Bonds, Series A, Rev., 4.81%, 10/01/2114		890		782
Illinois — 0.0% (g)
State of Illinois, Taxable Pension, GO, 5.10%, 06/01/2033		94		94
Louisiana — 0.0% (g)
State of Louisiana Gasoline & Fuels Tax Revenue, Taxable, Series A, Rev., 2.95%, 05/01/2041		1,450		1,146
Maryland — 0.0% (g)
Maryland Economic Development Corp., Rev., 5.43%, 05/31/2056		1,035		1,010
Michigan — 0.0% (g)
University of Michigan, Rev., 4.45%, 04/01/2122		1,000		807
New York — 0.1%
Port Authority of New York & New Jersey,
Rev., 5.07%, 07/15/2053		2,205		2,101
Series 21, Rev., 3.29%, 08/01/2069		40		25
Port Authority of New York & New Jersey, Taxable Consolidated 160, Rev., 5.65%, 11/01/2040		100		105
				2,231
Oklahoma — 0.0% (g)
Oklahoma Development Finance Authority, Rev., 4.62%, 06/01/2044		10		10
Oregon — 0.0% (g)
Oregon State University, Rev., BAM, 3.42%, 03/01/2060		10		7
Texas — 0.0% (g)
Dallas Fort Worth International Airport, Taxable,
Series A, Rev., 4.09%, 11/01/2051		425		350
Series C, Rev., 3.09%, 11/01/2040		100		80
				430
Virginia — 0.0% (g)
University of Virginia, Rev., 2.26%, 09/01/2050		1,480		852
University of Virginia, Taxable, Series C, Rev., 4.18%, 09/01/2117		40		30
				882
Total Municipal Bonds (Cost $8,979)				7,700
U.S. Government Agency Securities — 0.1%
Federal Agricultural Mortgage Corp., 2.00%, 10/27/2031		1,000		865
Federal Farm Credit Banks Funding Corp.,
1.28%, 06/03/2030		540		464
1.30%, 11/04/2030		5		4

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
U.S. Government Agency Securities — continued
1.30%, 02/03/2031		1,235		1,044
1.43%, 12/11/2030		44		38
2.20%, 12/09/2031		1,030		896
2.20%, 01/12/2032		60		52
5.48%, 06/27/2042		1,000		992
FHLBs,
0.50%, 04/14/2025		25		25
1.00%, 03/23/2026		414		402
1.28%, 12/02/2030		15		13
1.30%, 02/11/2030		10		9
1.50%, 09/11/2029		110		98
1.85%, 06/11/2035		25		19
2.00%, 03/25/2030		38		34
2.04%, 05/04/2035		370		283
3.25%, 11/16/2028		25		24
FHLMC,
0.38%, 07/21/2025		25		25
1.22%, 08/19/2030		215		183
1.25%, 11/19/2030		10		8
1.38%, 07/15/2030		17		15
1.40%, 06/28/2030		30		26
6.25%, 07/15/2032		7		8
6.75%, 03/15/2031		50		57
FHLMC STRIPs, Zero Coupon, 03/15/2031		542		418
FNMA,
Zero Coupon, 11/15/2030		445		351
0.88%, 08/05/2030		50		43
5.38%, 12/07/2028	GBP	460		608
Resolution Funding Corp. Interest STRIP,
Zero Coupon, 10/15/2027		129		116
Zero Coupon, 10/15/2028		465		404
Zero Coupon, 01/15/2030		1,750		1,431
Zero Coupon, 04/15/2030		2,965		2,402
Resolution Funding Corp. Principal STRIP,
Zero Coupon, 01/15/2030		1,050		859
Zero Coupon, 04/15/2030		395		320
Tennessee Valley Authority, 4.63%, 06/07/2043	GBP	200		223
Total U.S. Government Agency Securities (Cost $13,163)				12,759
U.S. Treasury Obligations — 7.1%
U.S. Treasury Bonds,
1.13%, 05/15/2040		755		476
1.13%, 08/15/2040		35		22
1.25%, 05/15/2050 (jj)		6,208		3,065
1.38%, 11/15/2040		218		141
1.38%, 08/15/2050		63		32
1.63%, 11/15/2050		462		250
1.75%, 08/15/2041		486		328
1.88%, 02/15/2041		46		32
1.88%, 02/15/2051		68		39

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
1.88%, 11/15/2051		494		283
2.00%, 11/15/2041		26		18
2.00%, 02/15/2050		1,600		963
2.00%, 08/15/2051		70		41
2.25%, 05/15/2041		47		35
2.25%, 08/15/2046		465		311
2.25%, 08/15/2049		45		29
2.25%, 02/15/2052		59		37
2.38%, 02/15/2042		45		33
2.38%, 11/15/2049		36		24
2.38%, 05/15/2051		70		46
2.50%, 02/15/2045		949		681
2.50%, 02/15/2046		27		19
2.50%, 05/15/2046		418		295
2.75%, 08/15/2042		14		11
2.75%, 11/15/2042		25		19
2.75%, 08/15/2047		29		21
2.75%, 11/15/2047		707		513
2.88%, 05/15/2043		247		194
2.88%, 08/15/2045		1,195		911
2.88%, 11/15/2046		19		14
2.88%, 05/15/2049		42		31
2.88%, 05/15/2052		56		40
3.00%, 05/15/2042		19		15
3.00%, 11/15/2044		35		27
3.00%, 05/15/2045		855		668
3.00%, 11/15/2045		9		7
3.00%, 02/15/2047		27		21
3.00%, 05/15/2047		20		15
3.00%, 02/15/2048		41		31
3.00%, 08/15/2048		51		39
3.00%, 02/15/2049 (jj)		2,343		1,763
3.00%, 08/15/2052		53		39
3.13%, 11/15/2041		21		17
3.13%, 02/15/2042		10		8
3.13%, 02/15/2043		91		74
3.13%, 08/15/2044		371		298
3.13%, 05/15/2048		45		35
3.25%, 05/15/2042		40		34
3.38%, 08/15/2042		34		29
3.38%, 05/15/2044		25		21
3.38%, 11/15/2048		54		44
3.50%, 02/15/2039		19		17
3.63%, 08/15/2043		1,117		978
3.63%, 02/15/2044		1,021		890
3.63%, 02/15/2053		53		44
3.63%, 05/15/2053		53		44
3.75%, 08/15/2041		4		4
3.75%, 11/15/2043		1,577		1,403
3.88%, 08/15/2040		19		18
3.88%, 02/15/2043		34		31

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — continued
3.88%, 05/15/2043		272		247
4.00%, 11/15/2042		34		32
4.00%, 11/15/2052		53		48
4.13%, 08/15/2044		33		31
4.13%, 08/15/2053		72		66
4.25%, 05/15/2039		9		9
4.25%, 11/15/2040		40		39
4.25%, 02/15/2054		272		255
4.25%, 08/15/2054		81		76
4.38%, 02/15/2038		12		12
4.38%, 11/15/2039		12		12
4.38%, 05/15/2040		10		10
4.38%, 05/15/2041		16		16
4.38%, 08/15/2043 (ff)		142		138
4.50%, 02/15/2036		60		62
4.50%, 05/15/2038		5		5
4.50%, 08/15/2039		11		11
4.50%, 02/15/2044		285		281
4.50%, 11/15/2054		65		64
4.63%, 02/15/2040		15		15
4.63%, 05/15/2044		34		34
4.63%, 11/15/2044 (jj)		1,498		1,494
4.63%, 05/15/2054		69		69
4.63%, 02/15/2055		20		20
4.75%, 02/15/2037		12		13
4.75%, 02/15/2041		31		32
4.75%, 11/15/2043		47		48
4.75%, 02/15/2045		15		15
4.75%, 11/15/2053		62		63
5.00%, 05/15/2037		12		13
5.25%, 02/15/2029		365		383
5.38%, 02/15/2031		5		5
U.S. Treasury Inflation Indexed Note, 0.13%, 04/15/2025		49		49
U.S. Treasury Notes,
0.38%, 07/31/2027		42		39
0.38%, 09/30/2027		54		50
0.50%, 04/30/2027		6,082		5,670
0.50%, 05/31/2027		3,028		2,815
0.50%, 06/30/2027		35		32
0.50%, 08/31/2027		33		30
0.50%, 10/31/2027		44		41
0.63%, 07/31/2026		3,246		3,105
0.63%, 03/31/2027		39		37
0.63%, 11/30/2027		38		35
0.63%, 12/31/2027		48		44
0.63%, 05/15/2030		111		94
0.63%, 08/15/2030		99		83
0.75%, 03/31/2026		34		33
0.75%, 04/30/2026		58		56
0.75%, 05/31/2026		73		70
0.75%, 08/31/2026		77		74

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — continued
0.75%, 01/31/2028		59		54
0.88%, 06/30/2026		41		39
0.88%, 09/30/2026		89		85
0.88%, 11/15/2030		101		85
1.00%, 07/31/2028		615		559
1.13%, 10/31/2026		51		49
1.13%, 02/28/2027		39		37
1.13%, 02/29/2028		52		48
1.13%, 08/31/2028		116		106
1.13%, 02/15/2031		100		85
1.25%, 11/30/2026		58		56
1.25%, 12/31/2026		66		63
1.25%, 03/31/2028		30		28
1.25%, 04/30/2028		81		75
1.25%, 05/31/2028		695		640
1.25%, 06/30/2028		198		182
1.25%, 09/30/2028		70		64
1.25%, 08/15/2031		113		95
1.38%, 08/31/2026		4		4
1.38%, 10/31/2028		2,089		1,912
1.38%, 12/31/2028		97		88
1.38%, 11/15/2031		86		73
1.50%, 08/15/2026		41		40
1.50%, 01/31/2027		73		70
1.50%, 11/30/2028		41		38
1.50%, 02/15/2030		7,102		6,327
1.63%, 05/15/2026		58		56
1.63%, 09/30/2026		10		10
1.63%, 10/31/2026		23		22
1.63%, 11/30/2026		19		18
1.63%, 08/15/2029		41		37
1.63%, 05/15/2031		93		81
1.75%, 12/31/2026		32		31
1.75%, 01/31/2029		47		43
1.75%, 11/15/2029		20		18
1.88%, 06/30/2026		10		10
1.88%, 07/31/2026		10		10
1.88%, 02/28/2027		58		56
1.88%, 02/28/2029		52		48
1.88%, 02/15/2032		36,105		31,290
2.00%, 11/15/2026		46		45
2.13%, 05/31/2026		8		8
2.25%, 03/31/2026		23		23
2.25%, 02/15/2027		46		45
2.25%, 08/15/2027		38		37
2.25%, 11/15/2027		60		58
2.38%, 04/30/2026		19		19
2.38%, 05/15/2027		51		49
2.38%, 03/31/2029		45		42
2.38%, 05/15/2029		47		44
2.50%, 03/31/2027		45		44
2.63%, 05/31/2027		50		49

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
2.63%, 02/15/2029		3,111		2,965
2.63%, 07/31/2029		35		33
2.75%, 04/30/2027		58		57
2.75%, 07/31/2027		44		43
2.75%, 02/15/2028		1,021		989
2.75%, 05/31/2029		41		39
2.75%, 08/15/2032		67,609		61,693
2.88%, 05/15/2028		60		58
2.88%, 08/15/2028		70		68
2.88%, 04/30/2029		41		39
2.88%, 05/15/2032		40,502		37,400
3.00%, 07/15/2025		4,000		3,985
3.00%, 10/31/2025		1,185		1,177
3.13%, 08/31/2027		41		40
3.13%, 11/15/2028		2,683		2,609
3.13%, 08/31/2029		32		31
3.25%, 06/30/2027		42		41
3.25%, 06/30/2029		39		38
3.38%, 09/15/2027		90		89
3.38%, 05/15/2033		67,161		63,462
3.50%, 09/30/2026 (ff)		243		241
3.50%, 01/31/2028		60		59
3.50%, 04/30/2028		20		20
3.50%, 09/30/2029		85		83
3.50%, 01/31/2030		34		33
3.50%, 04/30/2030		30		29
3.50%, 02/15/2033		67,023		64,054
3.63%, 05/15/2026		58		58
3.63%, 03/31/2028		28		28
3.63%, 05/31/2028		30		30
3.63%, 08/31/2029		59		58
3.63%, 03/31/2030		31		30
3.63%, 09/30/2031		64		63
3.75%, 04/15/2026		36		36
3.75%, 08/15/2027		75		75
3.75%, 12/31/2028		78		77
3.75%, 05/31/2030		39		39
3.75%, 06/30/2030		32		32
3.75%, 12/31/2030		57		56
3.75%, 08/31/2031		40		39
3.88%, 10/15/2027		55		55
3.88%, 11/30/2027		73		73
3.88%, 12/31/2027		34		34
3.88%, 09/30/2029		32		32
3.88%, 11/30/2029		28		28
3.88%, 12/31/2029		442		440
3.88%, 08/15/2033 (jj)		81,623		79,808
3.88%, 08/15/2034		85,257		82,873
4.00%, 01/15/2027		3,310		3,312
4.00%, 12/15/2027		60		60
4.00%, 02/29/2028		36		36

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — continued
4.00%, 06/30/2028		36		36
4.00%, 01/31/2029		57		57
4.00%, 07/31/2029		250		250
4.00%, 10/31/2029		39		39
4.00%, 02/28/2030		88		88
4.00%, 07/31/2030		46		46
4.00%, 01/31/2031		113		113
4.00%, 02/15/2034		81,247		79,943
4.13%, 06/15/2026		77		77
4.13%, 01/31/2027		20		20
4.13%, 02/15/2027		144		144
4.13%, 09/30/2027		62		62
4.13%, 10/31/2027		50		50
4.13%, 11/15/2027		85		85
4.13%, 07/31/2028		137		138
4.13%, 03/31/2029		65		65
4.13%, 10/31/2029		703		707
4.13%, 11/30/2029		75		76
4.13%, 08/31/2030		32		32
4.13%, 03/31/2031		61		61
4.13%, 07/31/2031		43		43
4.13%, 10/31/2031		31		31
4.13%, 11/30/2031 (ee) (ff)		1,563		1,565
4.13%, 02/29/2032		40		40
4.13%, 03/31/2032		30		30
4.13%, 11/15/2032		73,165		73,119
4.25%, 05/31/2025		2,515		2,515
4.25%, 11/30/2026		13		13
4.25%, 03/15/2027		106		107
4.25%, 01/15/2028		100		101
4.25%, 02/15/2028		250		252
4.25%, 02/28/2029		78		79
4.25%, 06/30/2029		344		348
4.25%, 01/31/2030		40		40
4.25%, 02/28/2031		61		62
4.25%, 06/30/2031		40		40
4.25%, 11/15/2034		83,739		83,765
4.38%, 08/15/2026		58		58
4.38%, 12/15/2026		87		88
4.38%, 07/15/2027		60		61
4.38%, 08/31/2028		19		19
4.38%, 11/30/2028		49		50
4.38%, 12/31/2029		40		41
4.38%, 11/30/2030		3,459		3,516
4.38%, 01/31/2032		42		43
4.38%, 05/15/2034		81,294		82,186
4.50%, 03/31/2026		22		22
4.50%, 07/15/2026		83		84
4.50%, 04/15/2027		130		131
4.50%, 05/15/2027		5,865		5,932
4.50%, 05/31/2029		61		63

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — continued
4.50%, 12/31/2031		52		53
4.50%, 11/15/2033		77,434		79,091
4.63%, 06/30/2025		540		540
4.63%, 06/30/2026		4,000		4,029
4.63%, 09/15/2026		52		52
4.63%, 10/15/2026		41		41
4.63%, 11/15/2026		46		46
4.63%, 06/15/2027		84		85
4.63%, 09/30/2028		8		8
4.63%, 04/30/2029		50		51
4.63%, 09/30/2030		32		33
4.63%, 04/30/2031		42		43
4.63%, 05/31/2031		596		614
4.63%, 02/15/2035		55,010		56,678
4.88%, 11/30/2025		1,390		1,396
4.88%, 04/30/2026		30		30
4.88%, 05/31/2026		40		40
4.88%, 10/31/2028		40		41
4.88%, 10/31/2030		33		34
5.00%, 09/30/2025		13		13
U.S. Treasury STRIP Coupon Bonds,
Zero Coupon, 05/15/2026		5,000		4,784
Zero Coupon, 11/15/2026		5,000		4,692
Zero Coupon, 11/15/2028 (ee) (ff) (jj)		12,000		10,386
Zero Coupon, 02/15/2029		1,000		856
Zero Coupon, 11/15/2038 (ee) (jj)		6,250		3,333
Zero Coupon, 11/15/2041		200		90
Zero Coupon, 05/15/2042		1,055		464
Zero Coupon, 08/15/2045		600		224
Zero Coupon, 11/15/2049 (jj)		2,555		779
Zero Coupon, 02/15/2052		2,355		655
Zero Coupon, 08/15/2054 (jj)		2,255		588
Total U.S. Treasury Obligations (Cost $999,752)				987,687
Purchased Option contracts — 0.0% (g)
Put Option contracts — 0.0% (g)
FNMA or FHLMC, Single Family, 30 years, Maturity Date 04/07/2025, Strike Price 94.23		6,000		—	(h)
FNMA or FHLMC, Single Family, 30 years, Maturity Date 04/07/2025, Strike Price 96.12		12,000		—	(h)
FNMA or FHLMC, Single Family, 30 years, Maturity Date 04/07/2025, Strike Price 96.48		11,500		—	(h)
Total Purchased Option contracts (Cost $86)				—	(h)
Short-Term Investments — 1.8%
Time Deposits — 0.9%
Australia & New Zealand Banking Group Ltd., 3.68%, 04/01/2025		143		143
BNP Paribas SA,
1.56%, 04/01/2025	CAD	1,042		724
2.89%, 04/01/2025	AUD	472		295
Brown Brothers Harriman & Co.,
1.03%, 04/01/2025	SEK	5,560		553
1.12%, 04/01/2025	DKK	3,107		450

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
1.19%, 04/01/2025	SGD	109		81
2.04%, 04/01/2025	HKD	929		120
2.12%, 04/01/2025	NZD	106		60
3.23%, 04/01/2025	NOK	2,821		268
Citibank NA,
1.35%, 04/01/2025	EUR	20,929		22,630
3.68%, 04/01/2025		41,509		41,509
Royal Bank of Canada, 3.42%, 04/01/2025	GBP	13,035		16,838
Skandinaviska Enskilda Banken AB, 0.00%, 04/01/2025	CHF	493		557
Sumitomo Mitsui Banking Corp., 0.11%, 04/01/2025	JPY	17,533		117
Sumitomo Mitsui Trust Bank Ltd., 3.68%, 04/01/2025		43,981		43,981
Total Time Deposits				128,326
U.S. Treasury Obligations — 0.9%
U.S. Treasury Bills,
4.22%, 05/22/2025 (n) (ii)		8		8
4.23%, 06/05/2025 (n) (hh) (ii)		3,144		3,120
4.24%, 06/26/2025 (n) (hh)		709		702
4.24%, 04/03/2025 (n)		6		6
4.24%, 05/29/2025 (n) (ii)		2,058		2,044
4.24%, 06/12/2025 (n)		500		496
4.26%, 04/08/2025 (n)		113,825		113,731
4.26%, 04/10/2025 (n)		5		5
4.27%, 05/15/2025 (n) (ii)		285		283
Total U.S. Treasury Obligations				120,395
Total Short-Term Investments (Cost $248,722)				248,721
Total Investments, Before Short Positions — 105.7% (Cost - $14,934,263)*				14,659,659
Liabilities in Excess of Other Assets — (5.7)%				(788,893	)
NET ASSETS — 100.0%			$	13,870,766
Short Positions — 1.6%
Mortgage-Backed Securities — 1.6%
FNMA or FHLMC, Single Family, 15 years,
TBA, 2.00%, 04/01/2040 (w)		200		181
TBA, 3.00%, 03/01/2055 (w)		4,500		4,251
TBA, 3.50%, 04/01/2040 (w)		100		96
FNMA or FHLMC, Single Family, 30 years,
TBA, 2.50%, 04/01/2055 (w)		6,962		5,777
TBA, 2.50%, 05/01/2055 (w)		7,238		6,005
TBA, 3.00%, 04/01/2055 (w)		300		260
TBA, 3.00%, 05/01/2055 (w)		60,300		52,185
TBA, 3.50%, 04/01/2055 (w)		67,365		60,683
TBA, 3.50%, 05/01/2055 (w)		67,365		60,643
TBA, 4.00%, 05/01/2055 (w)		27,500		25,561
Total Mortgage-Backed Securities (Cost $213,972)				215,642
Total Securities Sold Short— 1.6% (Proceeds $213,972)*				215,642

Percentages indicated are based on net assets.

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of March 31, 2025:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Euro Bund		99			06/2025		EUR		14,098			(307	)
Euro Buxl		75			06/2025		EUR		10,247			(575	)
Euro Schatz		488			06/2025		EUR		56,488			(51	)
U.S. Treasury 10 Year Note		29			06/2025		USD		3,207			18
U.S. Treasury 2 Year Note		98			06/2025		USD		20,236			67
U.S. Treasury 5 Year Note		4			06/2025		USD		433			(—	)(h)
U.S. Treasury Long Bond		220			06/2025		USD		25,339			463
U.S. Treasury Ultra Bond		26			06/2025		USD		3,137			41
												(344	)
Short Contracts
Euro BOBL		(658	)		06/2025		EUR		(84,444	)		637
Euro Schatz		(10	)		06/2025		EUR		(1,157	)		—	(h)
Long Gilt		(55	)		06/2025		GBP		(6,565	)		51
SOFR 3 Month		(337	)		06/2025		USD		(80,838	)		221
U.S. Treasury 10 Year Note		(165	)		06/2025		USD		(18,152	)		(199	)
U.S. Treasury 2 Year Note		(109	)		06/2025		USD		(22,488	)		(93	)
U.S. Treasury 5 Year Note		(228	)		06/2025		USD		(24,455	)		(204	)
U.S. Ultra Treasury 10 Year Note		(142	)		06/2025		USD		(16,052	)		(153	)
												260
Total unrealized appreciation (depreciation)												(84	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of March 31, 2025:

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	327		AUD	520	Bank of America, NA		04/02/2025		2
USD	133		CAD	189	Bank of America, NA		04/02/2025		2
USD	466		CAD	671	Morgan Stanley & Co.		04/02/2025		—	(h)
USD	11		CHF	10	Bank of America, NA		04/02/2025		—	(h)
CHF	10		USD	11	Citibank, NA		04/02/2025		—	(h)
CHF	1,590		USD	1,768	Goldman Sachs International		04/02/2025		29
CHF	630		USD	701	Morgan Stanley & Co.		04/02/2025		12
CZK	692,153		USD	29,973	Goldman Sachs International		04/02/2025		13
DKK	14,383		USD	2,076	Deutsche Bank AG		04/02/2025		9
USD	42		DKK	290	Westpac Banking Corp.		04/02/2025		—	(h)
EUR	121,706		USD	131,295	Barclays Bank plc		04/02/2025		305
EUR	121,706		USD	131,242	Citibank, NA		04/02/2025		358
EUR	63,133		USD	68,080	Citibank, NA		04/02/2025		186
USD	5,974		EUR	5,510	Citibank, NA		04/02/2025		16
USD	5,275		EUR	4,870	Goldman Sachs International		04/02/2025		9
EUR	1,800		USD	1,891	Goldman Sachs International		04/02/2025		55
USD	872		EUR	800	Goldman Sachs International		04/02/2025		7
USD	1,196		EUR	1,100	Goldman Sachs International		04/02/2025		6
USD	9,752		EUR	9,000	Goldman Sachs International		04/02/2025		21
USD	5,188		EUR	4,780	Goldman Sachs International		04/02/2025		20
USD	350		EUR	320	Goldman Sachs International		04/02/2025		4
USD	6,179		EUR	5,695	HSBC Bank plc		04/02/2025		21
EUR	63,133		USD	68,126	HSBC Bank plc		04/02/2025		140
EUR	266		USD	277	Morgan Stanley & Co.		04/02/2025		11
EUR	2,725		USD	2,944	Morgan Stanley & Co.		04/02/2025		2
EUR	1,075		USD	1,160	Morgan Stanley & Co.		04/02/2025		2
EUR	114,337		USD	123,324	Morgan Stanley & Co.		04/02/2025		309
USD	261		EUR	241	Morgan Stanley & Co.		04/02/2025		—	(h)
USD	6,342		EUR	5,800	UBS AG London		04/02/2025		70
USD	698		EUR	640	Westpac Banking Corp.		04/02/2025		6
USD	1,396		GBP	1,080	Bank of America, NA		04/02/2025		1
USD	2,101		GBP	1,620	Bank of America, NA		04/02/2025		9
USD	1,998		GBP	1,540	Bank of America, NA		04/02/2025		8
USD	1,047		GBP	810	Bank of America, NA		04/02/2025		1
USD	699		GBP	540	Bank of America, NA		04/02/2025		1
GBP	3,523		USD	4,436	BNP Paribas		04/02/2025		115
GBP	141,745		USD	182,957	BNP Paribas		04/02/2025		142
USD	698		GBP	540	Citibank, NA		04/02/2025		—	(h)
GBP	141,745		USD	182,957	Morgan Stanley & Co.		04/02/2025		142
USD	2,966		GBP	2,290	UBS AG London		04/02/2025		8
GBP	7,100		USD	9,160	UBS AG London		04/02/2025		11
USD	764		HKD	5,940	Toronto-Dominion Bank (The)		04/02/2025		1
USD	5,070		JPY	760,010	Bank of America, NA		04/02/2025		3
JPY	8,187,106		USD	54,369	Bank of America, NA		04/02/2025		216
JPY	138,921		USD	925	HSBC Bank plc		04/02/2025		1
USD	56,098		JPY	8,326,027	Morgan Stanley & Co.		04/02/2025		588
JPY	2,760,410		USD	18,379	Morgan Stanley & Co.		04/02/2025		25
JPY	827,170		USD	5,507	Morgan Stanley & Co.		04/02/2025		8
NOK	147,070		USD	13,943	Citibank, NA		04/02/2025		36

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of March 31, 2025 (continued):

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	540		NZD	940	Standard Chartered Bank		04/02/2025		7
PLN	4,250		USD	1,063	Goldman Sachs International		04/02/2025		35
USD	1,053		RON	4,840	Goldman Sachs International		04/02/2025		1
USD	289		RON	1,330	Goldman Sachs International		04/02/2025		—	(h)
USD	10,732		CAD	15,330	Morgan Stanley & Co.		04/22/2025		69
JPY	40,588		USD	270	HSBC Bank plc		04/22/2025		1
USD	93,143		AUD	148,940	Royal Bank of Canada		05/02/2025		55
USD	603		CAD	860	HSBC Bank plc		05/02/2025		5
CHF	300		USD	340	Citibank, NA		05/02/2025		—	(h)
CHF	38		USD	43	Morgan Stanley & Co.		05/02/2025		—	(h)
CHF	2,180		USD	2,473	Morgan Stanley & Co.		05/02/2025		—	(h)
USD	4,966		CHF	4,359	UBS AG London		05/02/2025		21
USD	39,374		CHF	34,560	Westpac Banking Corp.		05/02/2025		169
CZK	16,310		USD	705	Morgan Stanley & Co.		05/02/2025		2
USD	19,146		DKK	131,795	Goldman Sachs International		05/02/2025		9
USD	1,734		DKK	11,937	Morgan Stanley & Co.		05/02/2025		1
USD	25,881		EUR	23,879	Bank of America, NA		05/02/2025		19
USD	703,256		EUR	649,250	Bank of America, NA		05/02/2025		85
EUR	2,479		USD	2,682	Citibank, NA		05/02/2025		3
EUR	48,150		USD	52,097	Citibank, NA		05/02/2025		52
USD	703,249		EUR	649,250	Goldman Sachs International		05/02/2025		78
EUR	1,120		USD	1,212	Morgan Stanley & Co.		05/02/2025		1
EUR	80,000		USD	86,557	Morgan Stanley & Co.		05/02/2025		87
EUR	94,810		USD	102,580	Morgan Stanley & Co.		05/02/2025		104
EUR	1,272		USD	1,377	Morgan Stanley & Co.		05/02/2025		1
USD	703,228		EUR	649,245	Morgan Stanley & Co.		05/02/2025		63
EUR	36,700		USD	39,708	Morgan Stanley & Co.		05/02/2025		40
EUR	143		USD	155	Morgan Stanley & Co.		05/02/2025		—	(h)
USD	703,399		EUR	649,250	UBS AG London		05/02/2025		228
USD	2,941,257		EUR	2,715,193	UBS AG London		05/02/2025		566
USD	218		GBP	168	Bank of America, NA		05/02/2025		1
USD	38,314		GBP	29,577	Bank of America, NA		05/02/2025		111
USD	14,864		GBP	11,474	Bank of America, NA		05/02/2025		43
GBP	7,290		USD	9,409	BNP Paribas		05/02/2025		7
GBP	7,780		USD	10,041	BNP Paribas		05/02/2025		8
GBP	6,290		USD	8,118	Citibank, NA		05/02/2025		6
USD	213,648		GBP	165,034	Citibank, NA		05/02/2025		480
GBP	13,400		USD	17,295	Morgan Stanley & Co.		05/02/2025		13
USD	581,745		GBP	449,362	UBS AG London		05/02/2025		1,321
USD	689		GBP	532	UBS AG London		05/02/2025		2
USD	213,632		GBP	165,034	UBS AG London		05/02/2025		464
USD	776,916		JPY	115,686,526	Deutsche Bank AG		05/02/2025		3,021
USD	11,680		NZD	20,512	Morgan Stanley & Co.		05/02/2025		25
USD	49,235		PLN	190,805	Morgan Stanley & Co.		05/02/2025		24
USD	20,344		RON	93,685	Goldman Sachs International		05/02/2025		12
USD	4,314		SEK	43,176	Bank of New York Mellon		05/02/2025		11
USD	24,617		SEK	246,355	Bank of New York Mellon		05/02/2025		64
USD	15,785		SGD	21,161	Deutsche Bank AG		05/02/2025		9
USD	13,799		HUF	5,143,797	Goldman Sachs International		05/05/2025		15
USD	764		HKD	5,940	UBS AG London		05/06/2025		—	(h)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of March 31, 2025 (continued):

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
CNY	39,200		USD	5,418	Brown Brothers Harriman & Co.		05/07/2025		1
USD	343		CLP	319,372	Citibank, NA*		06/18/2025		7
CNH	5,967		USD	826	Goldman Sachs International		06/18/2025		—	(h)
USD	49,444		CNH	356,643	HSBC Bank plc		06/18/2025		97
USD	35,401		IDR	581,844,532	Goldman Sachs International*		06/18/2025		394
USD	800		ILS	2,907	Barclays Bank plc		06/18/2025		16
USD	93,891		KRW	135,958,150	Bank of America, NA*		06/18/2025		1,169
KRW	1,250,120		USD	852	Morgan Stanley & Co.		06/18/2025		—	(h)
USD	1,710		MXN	35,232	Citibank, NA		06/18/2025		6
USD	799		MYR	3,530	Goldman Sachs International*		06/18/2025		1
USD	1,394		MYR	6,136	Goldman Sachs International*		06/18/2025		8
USD	33,180		MYR	145,560	Morgan Stanley & Co.*		06/18/2025		282
USD	212		PEN	778	Citibank, NA*		06/18/2025		1
USD	1,275		SGD	1,689	Bank of America, NA		06/18/2025		13
USD	1,428		THB	48,057	HSBC Bank plc		06/18/2025		3
Total unrealized appreciation									12,268
USD	91,375		AUD	146,890	Bank of America, NA		04/02/2025		(410	)
USD	417		AUD	670	Bank of New York Mellon		04/02/2025		(2	)
USD	535		AUD	860	Morgan Stanley & Co.		04/02/2025		(2	)
AUD	148,940		USD	93,120	Royal Bank of Canada		04/02/2025		(55	)
CAD	860		USD	602	HSBC Bank plc		04/02/2025		(5	)
USD	4,845		CHF	4,359	Bank of America, NA		04/02/2025		(82	)
USD	356		CHF	320	Bank of America, NA		04/02/2025		(5	)
USD	40,522		CHF	36,460	Bank of America, NA		04/02/2025		(690	)
CHF	4,359		USD	4,948	UBS AG London		04/02/2025		(21	)
CHF	34,560		USD	39,233	Westpac Banking Corp.		04/02/2025		(168	)
USD	7,980		CNY	58,000	Brown Brothers Harriman & Co.*		04/02/2025		(18	)
USD	6,587		CNY	47,900	Brown Brothers Harriman & Co.*		04/02/2025		(19	)
CNY	13,756,900		USD	1,897,111	Brown Brothers Harriman & Co.		04/02/2025		(52	)
USD	1,876,658		CNY	13,651,000	Brown Brothers Harriman & Co.*		04/02/2025		(5,797	)
USD	706		CZK	17,020	Goldman Sachs International		04/02/2025		(31	)
USD	27,695		CZK	666,633	Goldman Sachs International		04/02/2025		(1,185	)
USD	353		CZK	8,500	Morgan Stanley & Co.		04/02/2025		(16	)
USD	9		DKK	68	Citibank, NA		04/02/2025		(—	)(h)
USD	18,406		DKK	131,795	Goldman Sachs International		04/02/2025		(695	)
DKK	131,795		USD	19,111	Goldman Sachs International		04/02/2025		(9	)
USD	1,553		DKK	11,119	Goldman Sachs International		04/02/2025		(59	)
USD	2,115		DKK	15,150	Morgan Stanley & Co.		04/02/2025		(80	)
DKK	11,937		USD	1,731	Morgan Stanley & Co.		04/02/2025		(1	)
USD	64		DKK	460	Morgan Stanley & Co.		04/02/2025		(2	)
USD	669,388		EUR	642,345	Bank of America, NA		04/02/2025		(25,179	)
USD	2,498		EUR	2,390	Bank of America, NA		04/02/2025		(86	)
EUR	649,250		USD	702,112	Bank of America, NA		04/02/2025		(78	)
EUR	23,879		USD	25,839	Bank of America, NA		04/02/2025		(19	)
USD	1,804		EUR	1,680	Bank of America, NA		04/02/2025		(12	)
USD	25,030		EUR	24,009	Bank of New York Mellon		04/02/2025		(930	)
USD	669,356		EUR	642,345	Bank of New York Mellon		04/02/2025		(25,211	)
USD	21		EUR	20	Bank of New York Mellon		04/02/2025		(1	)
USD	3,567		EUR	3,410	Bank of New York Mellon		04/02/2025		(120	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of March 31, 2025 (continued):

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	5,947		EUR	5,685	Bank of New York Mellon		04/02/2025		(200	)
EUR	4,000		USD	4,355	Barclays Bank plc		04/02/2025		(30	)
EUR	599		USD	652	Barclays Bank plc		04/02/2025		(4	)
USD	126,545		EUR	120,319	Barclays Bank plc		04/02/2025		(3,556	)
USD	119,892		EUR	114,337	BNP Paribas		04/02/2025		(3,741	)
USD	126,568		EUR	120,319	Citibank, NA		04/02/2025		(3,533	)
USD	67,610		EUR	64,272	Citibank, NA		04/02/2025		(1,887	)
USD	162		EUR	156	Citibank, NA		04/02/2025		(6	)
EUR	40		USD	44	Goldman Sachs International		04/02/2025		(—	)(h)
USD	2,788,883		EUR	2,675,883	Goldman Sachs International		04/02/2025		(104,549	)
EUR	649,250		USD	702,105	Goldman Sachs International		04/02/2025		(72	)
USD	669,458		EUR	642,355	Goldman Sachs International		04/02/2025		(25,120	)
USD	67,604		EUR	64,272	HSBC Bank plc		04/02/2025		(1,893	)
USD	247		EUR	229	HSBC Bank plc		04/02/2025		(—	)(h)
USD	1,117		EUR	1,073	HSBC Bank plc		04/02/2025		(43	)
EUR	364		USD	396	HSBC Bank plc		04/02/2025		(3	)
USD	2,479		EUR	2,380	Morgan Stanley & Co.		04/02/2025		(95	)
USD	2,476		EUR	2,350	Morgan Stanley & Co.		04/02/2025		(65	)
USD	2,794		EUR	2,683	Morgan Stanley & Co.		04/02/2025		(107	)
USD	2,150		EUR	1,991	Morgan Stanley & Co.		04/02/2025		(3	)
EUR	854		USD	924	Morgan Stanley & Co.		04/02/2025		(—	)(h)
EUR	649,245		USD	702,087	Morgan Stanley & Co.		04/02/2025		(59	)
EUR	2,715,193		USD	2,936,481	UBS AG London		04/02/2025		(544	)
EUR	649,250		USD	702,255	UBS AG London		04/02/2025		(221	)
USD	4,615		EUR	4,380	UBS AG London		04/02/2025		(122	)
USD	669,552		EUR	642,345	UBS AG London		04/02/2025		(25,016	)
USD	12,310		EUR	11,820	UBS AG London		04/02/2025		(470	)
GBP	29,577		USD	38,317	Bank of America, NA		04/02/2025		(111	)
USD	14,490		GBP	11,474	Bank of America, NA		04/02/2025		(332	)
USD	35,405		GBP	28,037	Bank of America, NA		04/02/2025		(812	)
GBP	11,474		USD	14,865	Bank of America, NA		04/02/2025		(43	)
USD	685		GBP	544	Bank of New York Mellon		04/02/2025		(17	)
USD	245		GBP	190	Bank of New York Mellon		04/02/2025		(1	)
USD	890		GBP	700	Bank of New York Mellon		04/02/2025		(14	)
USD	212,248		GBP	168,582	Bank of New York Mellon		04/02/2025		(5,518	)
USD	906		GBP	720	BNP Paribas		04/02/2025		(24	)
USD	2,593		GBP	2,060	BNP Paribas		04/02/2025		(68	)
USD	176,163		GBP	139,915	BNP Paribas		04/02/2025		(4,572	)
GBP	165,034		USD	213,662	Citibank, NA		04/02/2025		(480	)
USD	10		GBP	8	Citibank, NA		04/02/2025		(—	)(h)
GBP	20		USD	26	Goldman Sachs International		04/02/2025		(—	)(h)
USD	8,486		GBP	6,740	Goldman Sachs International		04/02/2025		(220	)
USD	212,257		GBP	168,585	Goldman Sachs International		04/02/2025		(5,513	)
USD	176,166		GBP	139,918	Morgan Stanley & Co.		04/02/2025		(4,573	)
USD	2,490		GBP	1,970	Morgan Stanley & Co.		04/02/2025		(55	)
USD	2,115		GBP	1,680	Morgan Stanley & Co.		04/02/2025		(55	)
USD	1,430		GBP	1,110	Toronto-Dominion Bank (The)		04/02/2025		(4	)
GBP	165,034		USD	213,646	UBS AG London		04/02/2025		(464	)
USD	547,166		GBP	434,492	UBS AG London		04/02/2025		(14,088	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of March 31, 2025 (continued):

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
GBP	532		USD	689	UBS AG London		04/02/2025		(2	)
GBP	449,362		USD	581,784	UBS AG London		04/02/2025		(1,321	)
HKD	5,940		USD	764	UBS AG London		04/02/2025		(—	)(h)
USD	13,353		HUF	5,143,797	Citibank, NA		04/02/2025		(456	)
HUF	5,143,797		USD	13,823	Goldman Sachs International		04/02/2025		(13	)
USD	787,640		JPY	118,288,396	Deutsche Bank AG		04/02/2025		(1,001	)
JPY	115,686,526		USD	774,299	Deutsche Bank AG		04/02/2025		(3,004	)
USD	1,502		JPY	225,700	UBS AG London		04/02/2025		(3	)
USD	13,042		NOK	147,070	Bank of America, NA		04/02/2025		(937	)
USD	10,970		NZD	19,572	Bank of America, NA		04/02/2025		(142	)
NZD	20,512		USD	11,672	Morgan Stanley & Co.		04/02/2025		(26	)
USD	48,839		PLN	195,055	Bank of America, NA		04/02/2025		(1,525	)
PLN	190,805		USD	49,291	Morgan Stanley & Co.		04/02/2025		(24	)
USD	18,273		RON	87,515	Goldman Sachs International		04/02/2025		(737	)
RON	93,685		USD	20,362	Goldman Sachs International		04/02/2025		(12	)
SEK	246,355		USD	24,573	Bank of New York Mellon		04/02/2025		(64	)
SEK	43,176		USD	4,306	Bank of New York Mellon		04/02/2025		(11	)
USD	6		SEK	64	Citibank, NA		04/02/2025		(1	)
USD	3,838		SEK	41,222	Goldman Sachs International		04/02/2025		(263	)
USD	22,937		SEK	246,355	Goldman Sachs International		04/02/2025		(1,571	)
USD	176		SEK	1,890	Morgan Stanley & Co.		04/02/2025		(12	)
SGD	21,161		USD	15,759	Deutsche Bank AG		04/02/2025		(10	)
USD	15,717		SGD	21,161	Royal Bank of Canada		04/02/2025		(33	)
THB	1,022,950		USD	30,174	Goldman Sachs International		04/02/2025		(20	)
USD	29,995		THB	1,022,950	Goldman Sachs International		04/02/2025		(158	)
IDR	6,000,000		USD	362	Brown Brothers Harriman & Co.		04/09/2025		(—	)(h)
USD	6,190		AUD	9,961	HSBC Bank plc		04/22/2025		(35	)
CAD	1,147		USD	803	Citibank, NA		04/22/2025		(5	)
USD	1,482		CHF	1,337	Morgan Stanley & Co.		04/22/2025		(34	)
USD	894		CZK	22,045	HSBC Bank plc		04/22/2025		(62	)
USD	638		DKK	4,607	HSBC Bank plc		04/22/2025		(31	)
USD	405		HUF	163,362	Barclays Bank plc		04/22/2025		(33	)
JPY	102,704		USD	699	Goldman Sachs International		04/22/2025		(13	)
JPY	100,088		USD	671	Morgan Stanley & Co.		04/22/2025		(2	)
USD	647		JPY	100,263	Morgan Stanley & Co.		04/22/2025		(23	)
USD	314		NOK	3,560	Morgan Stanley & Co.		04/22/2025		(24	)
USD	774		NZD	1,378	Morgan Stanley & Co.		04/22/2025		(8	)
USD	787		PLN	3,307	Goldman Sachs International		04/22/2025		(66	)
USD	432		RON	2,103	Goldman Sachs International		04/22/2025		(25	)
USD	1,012		SEK	11,254	Morgan Stanley & Co.		04/22/2025		(109	)
USD	1,346		AUD	2,160	Morgan Stanley & Co.		05/02/2025		(4	)
USD	29,991		CZK	692,153	Goldman Sachs International		05/02/2025		(13	)
USD	2,076		DKK	14,357	Deutsche Bank AG		05/02/2025		(9	)
USD	7		DKK	50	Morgan Stanley & Co.		05/02/2025		(—	)(h)
USD	131,507		EUR	121,706	Barclays Bank plc		05/02/2025		(306	)
USD	131,454		EUR	121,706	Citibank, NA		05/02/2025		(359	)
USD	68,190		EUR	63,133	Citibank, NA		05/02/2025		(186	)
EUR	278		USD	301	HSBC Bank plc		05/02/2025		(—	)(h)
USD	68,237		EUR	63,133	HSBC Bank plc		05/02/2025		(139	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of March 31, 2025 (continued):

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	123,524	EUR	114,337	Morgan Stanley & Co.		05/02/2025		(309	)
USD	182,945	GBP	141,745	BNP Paribas		05/02/2025		(142	)
USD	182,944	GBP	141,745	Morgan Stanley & Co.		05/02/2025		(143	)
USD	54,553	JPY	8,187,106	Bank of America, NA		05/02/2025		(216	)
JPY	1,423,490	USD	9,551	Morgan Stanley & Co.		05/02/2025		(29	)
USD	13,944	NOK	147,070	Citibank, NA		05/02/2025		(36	)
SEK	1,040	USD	104	Morgan Stanley & Co.		05/02/2025		(—	)(h)
SEK	250	USD	25	Morgan Stanley & Co.		05/02/2025		(—	)(h)
USD	216	SGD	290	Morgan Stanley & Co.		05/02/2025		(—	)(h)
USD	373	SGD	500	Morgan Stanley & Co.		05/02/2025		(—	)(h)
USD	30,211	THB	1,022,950	Goldman Sachs International		05/02/2025		(4	)
USD	927	THB	31,410	Goldman Sachs International		05/02/2025		(1	)
USD	1,901,216	CNY	13,756,900	Brown Brothers Harriman & Co.*		05/07/2025		(539	)
KRW	307,699	USD	214	HSBC Bank plc		06/18/2025		(4	)
Total unrealized depreciation								(283,598	)
Net unrealized appreciation (depreciation)								(271,330	)

* Non-deliverable forward.

OTC Interest Rate Swaps contracts outstanding as of March 31, 2025:

FLOATING RATE INDEX (a)

FIXED RATE

PAY/ RECEIVE FLOATING RATE

COUNTERPARTY

MATURITY DATE

NOTIONAL AMOUNT

UPFRONT PAYMENTS (RECEIPTS) ($)

UNREALIZED APPRECIATION (DEPRECIATION) ($)

VALUE ($)

Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month

2.44% quarterly

Pay

Morgan Stanley & Co.

11/17/2030

MYR

5,000

(—

)(h)

(63

)

(63

)

Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month

3.88% quarterly

Pay

Morgan Stanley & Co.

11/23/2030

MYR

1,030

—

5

5

Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month

3.81% quarterly

Pay

Goldman Sachs

05/17/2031

MYR

2,300

—

8

8

CFETS China Fixing Repo Rates 7 Day

2.36% quarterly

Pay

Morgan Stanley & Co.

09/01/2030

CNY

7,000

—

38

38

Total

(—

)(h)

(12

)

(12

)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2025:

FLOATING RATE INDEX (a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
Bank of Israel Tel Aviv Interbank Offered 3 Month	4.22% annually	Pay		05/17/2029	ILS	1,820		(—	)(h)		18			18
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	0.10% semi- annually	Pay		12/03/2025	JPY	140,000		(—	)(h)		(5	)		(5	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	0.24% annually	Pay		02/02/2026	JPY	120,000		—	(h)		(3	)		(3	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	(0.05)% annually	Pay		07/08/2027	JPY	400,000		(32	)		(30	)		(62	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	(0.05)% annually	Pay		07/08/2028	JPY	975,000		(162	)		(66	)		(228	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	0.65% annually	Pay		07/08/2029	JPY	365,000		(—	)(h)		(31	)		(31	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	(0.05)% annually	Receive		07/08/2029	JPY	25,000		6			2			8
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	(0.05)% annually	Receive		07/08/2030	JPY	780,000		257			51			308
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	0.30% semi- annually	Pay		12/03/2030	JPY	143,500		(—	)(h)		(45	)		(45	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	0.05% annually	Pay		07/08/2032	JPY	120,000		(39	)		(24	)		(63	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	0.10% annually	Pay		07/08/2033	JPY	245,000		(98	)		(48	)		(146	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	0.01% annually	Pay		07/08/2034	JPY	200,000		(95	)		(55	)		(150	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	1.10% annually	Pay		07/08/2035	JPY	140,000		(26	)		11			(15	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2025 (continued):

FLOATING RATE INDEX (a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	0.15% annually	Pay		07/08/2037	JPY	135,000		(78	)		(54	)		(132	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	0.30% annually	Pay		07/08/2043	JPY	210,000		(225	)		(95	)		(320	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	1.55% annually	Pay		07/08/2044	JPY	250,000		(2	)		(43	)		(45	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	1.60% annually	Pay		07/08/2045	JPY	30,000		(4	)		(1	)		(5	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	0.45% annually	Pay		07/08/2048	JPY	115,000		(142	)		(68	)		(210	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	1.75% annually	Pay		07/08/2054	JPY	195,000		(8	)		(40	)		(48	)
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	0.45% annually	Pay		07/08/2054	JPY	255,000		(462	)		(120	)		(582	)
BBSW ASX Australian 6 Month	2.50% semi- annually	Pay		12/03/2025	AUD	3,390		269			(308	)		(39	)
BBSW ASX Australian 6 Month	2.55% semi- annually	Pay		12/03/2026	AUD	770		(27	)		13			(14	)
BBSW ASX Australian 6 Month	2.60% semi- annually	Pay		12/03/2027	AUD	11,365		(267	)		(10	)		(277	)
BBSW ASX Australian 6 Month	2.75% semi- annually	Pay		12/03/2030	AUD	1,035		144			(190	)		(46	)
BBSW ASX Australian 6 Month	2.75% semi- annually	Pay		12/03/2031	AUD	1,270		(82	)		14			(68	)
BBSW ASX Australian 6 Month	2.80% semi- annually	Pay		12/03/2033	AUD	485		(42	)		8			(34	)
BBSW ASX Australian 6 Month	2.80% semi- annually	Pay		12/03/2033	AUD	3,695		(326	)		69			(257	)
BBSW ASX Australian 6 Month	2.85% semi- annually	Pay		12/03/2034	AUD	520		(45	)		6			(39	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2025 (continued):

FLOATING RATE INDEX (a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
Canadian Overnight Repo Rate Average	3.85% semi- annually	Pay		12/03/2026	CAD	4,285		2			78			80
Canadian Overnight Repo Rate Average	3.65% semi- annually	Pay		12/03/2027	CAD	10,850		133			132			265
Canadian Overnight Repo Rate Average	3.50% semi- annually	Pay		12/03/2029	CAD	4,780		88			76			164
Canadian Overnight Repo Rate Average	3.45% semi- annually	Pay		12/03/2032	CAD	3,490		40			105			145
Canadian Overnight Repo Rate Average	3.50% semi- annually	Pay		12/03/2033	CAD	800		(2	)		38			36
Canadian Overnight Repo Rate Average	3.50% semi- annually	Pay		12/03/2034	CAD	4,115		107			84			191
Canadian Overnight Repo Rate Average	3.55% semi- annually	Pay		12/03/2042	CAD	1,895		56			45			101
Canadian Overnight Repo Rate Average	3.40% semi- annually	Pay		12/03/2049	CAD	480		(1	)		25			24
Canadian Overnight Repo Rate Average	3.35% semi- annually	Pay		12/03/2051	CAD	220		9			2			11
Canadian Overnight Repo Rate Average	3.30% semi- annually	Pay		12/03/2052	CAD	1,510		36			33			69
Canadian Overnight Repo Rate Average	3.30% semi- annually	Pay		12/03/2053	CAD	860		23			19			42
Canadian Overnight Repo Rate Average	3.25% semi- annually	Pay		12/03/2054	CAD	275		(2	)		14			12
CFETS China Fixing Repo Rates 7 day	2.30% quarterly	Pay		05/11/2025	CNY	19,045		12			(10	)		2
CFETS China Fixing Repo Rates 7 day	2.81% quarterly	Pay		04/12/2026	CNY	3,590		—	(h)		7			7
CFETS China Fixing Repo Rates 7 day	2.40% quarterly	Pay		05/11/2026	CNY	23,000		35			(8	)		27
CFETS China Fixing Repo Rates 7 day	2.60% quarterly	Pay		05/11/2028	CNY	91,220		206			190			396
CFETS China Fixing Repo Rates 7 day	2.40% quarterly	Pay		12/06/2028	CNY	5,000		11			9			20
CFETS China Fixing Repo Rates 7 day	2.65% quarterly	Pay		05/10/2029	CNY	134,160		775			16			791
CFETS China Fixing Repo Rates 7 day	1.59% quarterly	Pay		12/02/2029	CNY	18,000		—			(1	)		(1	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2025 (continued):

FLOATING RATE INDEX (a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CFETS China Fixing Repo Rates 7 day	1.50% quarterly	Pay		12/12/2029	CNY	22,900		2			(17	)		(15	)
Colombia IBR Overnight Nominal Interbank Reference Rate	7.81% quarterly	Pay		05/21/2029	COP	1,000,000		—	(h)		(6	)		(6	)
Colombia IBR Overnight Nominal Interbank Reference Rate	4.44% quarterly	Pay		09/10/2030	COP	2,257,000		—	(h)		(101	)		(101	)
Copenhagen Interbank Offered Rates 6 Month	3.20% annually	Pay		07/10/2034	DKK	1,000		6			2			8
Copenhagen Interbank Offered Rates 6 Month	3.20% annually	Pay		07/10/2035	DKK	270		2			—	(h)		2
Czech Interbank Offered Rates 6 Month	3.51% annually	Pay		03/20/2031	CZK	13,830		(13	)		10			(3	)
Czech Interbank Offered Rates 6 Month	3.55% annually	Pay		09/10/2034	CZK	1,325		(1	)		1			—	(h)
ESTR Volume Weighted Trimmed Mean Rate	1.20% annually	Pay		05/11/2052	EUR	1,810		(182	)		(379	)		(561	)
GPW Benchmark WIBID/WIBOR PLN 6 Months	4.82% annually	Pay		11/28/2030	PLN	1,000		—	(h)		1			1
GPW Benchmark WIBID/WIBOR PLN 6 Months	4.35% annually	Pay		05/11/2031	PLN	1,690		(14	)		14			—	(h)
GPW Benchmark WIBID/WIBOR PLN 6 Months	4.50% annually	Pay		05/11/2035	PLN	345		(5	)		4			(1	)
KRW Certificate of Deposit 3 Month	1.00% quarterly	Pay		09/01/2025	KRW	2,400,000		—	(h)		(15	)		(15	)
KRW Certificate of Deposit 3 Month	3.14% quarterly	Pay		04/19/2028	KRW	860,000		—	(h)		10			10
KRW Certificate of Deposit 3 Month	1.07% quarterly	Pay		04/27/2030	KRW	200,000		(8	)		(2	)		(10	)
KRW Certificate of Deposit 3 Month	0.97% quarterly	Pay		08/14/2030	KRW	2,100,000		—	(h)		(120	)		(120	)
KRW Certificate of Deposit 3 Month	0.94% quarterly	Pay		08/19/2030	KRW	5,075,000		(82	)		(208	)		(290	)
KRW Certificate of Deposit 3 Month	2.82% quarterly	Pay		04/28/2032	KRW	1,245,595		(13	)		25			12
KRW Certificate of Deposit 3 Month	3.15% quarterly	Pay		03/10/2033	KRW	1,868,660		(16	)		65			49
KRW Certificate of Deposit 3 Month	3.61% quarterly	Pay		11/24/2033	KRW	805,000		—	(h)		42			42
KRW Certificate of Deposit 3 Month	3.15% quarterly	Pay		03/10/2034	KRW	2,961,000		7			78			85
KRW Certificate of Deposit 3 Month	3.20% quarterly	Pay		03/10/2035	KRW	2,076,000		57			14			71
KRW Certificate of Deposit 3 Month	3.10% quarterly	Pay		03/10/2043	KRW	161,125		(3	)		12			9

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2025 (continued):

FLOATING RATE INDEX (a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
Mexico Interbank TIIE 1 Day	9.10% Lunar Month	Pay		12/06/2034	MXN	4,625		4			7			11
National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index	6.85% annually	Pay		05/06/2031	HUF	60,000		4			2			6
National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index	6.25% annually	Pay		09/10/2034	HUF	10,335		(1	)		1			—	(h)
Norway Interbank Offered Rate Fixing 6 Month	4.00% annually	Pay		07/10/2032	NOK	1,165		(—	)(h)		1			1
Norway Interbank Offered Rate Fixing 6 Month	3.85% annually	Pay		07/10/2034	NOK	1,300		3			(3	)		—	(h)
NZD Bank Bill 3 Month	4.24% semi- annually	Pay		06/30/2032	NZD	500		(7	)		16			9
NZFM New Zealand Bank Bill 3 Month FRA	4.40% semi- annually	Pay		05/08/2034	NZD	250		5			1			6
Singapore Domestic Interbank Overnight Rate Average	2.65% semi- annually	Pay		09/10/2030	SGD	400		1			5			6
Singapore Domestic Interbank Overnight Rate Average	3.24% semi- annually	Pay		05/03/2034	SGD	300		4			11			15
Singapore Domestic Interbank Overnight Rate Average	2.45% semi- annually	Pay		09/10/2034	SGD	200		(3	)		3			—	(h)
SONIA Interest Rate Benchmark	0.45% annually	Pay		03/31/2026	GBP	1,250		—	(h)		(58	)		(58	)
SONIA Interest Rate Benchmark	1.00% annually	Pay		05/08/2026	GBP	1,330		(115	)		(4	)		(119	)
SONIA Interest Rate Benchmark	1.10% annually	Pay		05/08/2029	GBP	2,010		(308	)		(61	)		(369	)
SONIA Interest Rate Benchmark	1.10% annually	Receive		05/08/2030	GBP	4,590		1,148			(162	)		986
SONIA Interest Rate Benchmark	3.90% annually	Receive		05/08/2031	GBP	1,145		(19	)		43			24
SONIA Interest Rate Benchmark	3.85% annually	Pay		05/08/2032	GBP	450		(—	)(h)		(13	)		(13	)
SONIA Interest Rate Benchmark	1.15% annually	Pay		05/08/2033	GBP	165		(50	)		—			(50	)
SONIA Interest Rate Benchmark	3.90% annually	Pay		05/08/2035	GBP	615		(11	)		(14	)		(25	)
SONIA Interest Rate Benchmark	1.20% annually	Pay		05/08/2038	GBP	345		(140	)		(12	)		(152	)
SONIA Interest Rate Benchmark	3.90% annually	Receive		05/08/2039	GBP	1,470		(28	)		129			101

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2025 (continued):

FLOATING RATE INDEX (a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
SONIA Interest Rate Benchmark	1.25% annually	Pay		05/08/2039	GBP	1,080		(468	)		(28	)		(496	)
SONIA Interest Rate Benchmark	1.25% annually	Receive		05/08/2043	GBP	895		381			111			492
SONIA Interest Rate Benchmark	1.25% annually	Pay		05/08/2046	GBP	1,865		300			(1,429	)		(1,129	)
SONIA Interest Rate Benchmark	1.25% annually	Pay		05/08/2048	GBP	1,155		(638	)		(98	)		(736	)
SONIA Interest Rate Benchmark	3.90% annually	Pay		05/08/2054	GBP	820		(8	)		(94	)		(102	)
SONIA Interest Rate Benchmark	1.25% annually	Pay		05/08/2054	GBP	950		(579	)		(97	)		(676	)
Stockholm Interbank Offered Rates 3 Month	3.15% annually	Pay		07/10/2032	SEK	2,000		11			(3	)		8
Stockholm Interbank Offered Rates 3 Month	3.10% annually	Pay		07/10/2035	SEK	470		2			(—	)(h)		2
Swiss Average Rate ON Intraday Value	2.00% annually	Pay		05/08/2030	CHF	1,700		80			102			182
Swiss Average Rate ON Intraday Value	0.13% annually	Pay		11/05/2031	CHF	260		—	(h)		(7	)		(7	)
Swiss Average Rate ON Intraday Value	1.91% annually	Pay		03/31/2033	CHF	400		—	(h)		54			54
Swiss Average Rate ON Intraday Value	2.00% annually	Pay		05/08/2034	CHF	440		41			27			68
Swiss Average Rate ON Intraday Value	2.00% annually	Pay		05/08/2035	CHF	105		18			(1	)		17
Thailand Overnight Repo Rate ON	1.15% quarterly	Pay		11/19/2030	THB	31,000		—	(h)		(23	)		(23	)
Thailand Overnight Repo Rate ON	2.86% quarterly	Pay		04/23/2034	THB	15,000		—	(h)		39			39
Thailand Overnight Repo Rate ON	2.35% quarterly	Pay		09/10/2034	THB	18,540		3			21			24
Thailand Overnight Repo Rate ON	2.17% quarterly	Pay		12/16/2034	THB	7,000		(1	)		7			6
United States SOFR	1.75% annually	Pay		06/15/2025	USD	15,200		(730	)		261			(469	)
United States SOFR	3.50% annually	Receive		06/21/2026	USD	5,500		129			(42	)		87
United States SOFR	3.75% annually	Pay		12/18/2026	USD	21,400		142			(197	)		(55	)
United States SOFR	2.00% annually	Receive		12/21/2027	USD	5,400		448			(178	)		270
United States SOFR	1.22% annually	Receive		08/15/2028	USD	5,797		—	(h)		578			578
United States SOFR	1.50% semi- annually	Pay		12/15/2028	USD	27,300		(3,606	)		1,367			(2,239	)
United States SOFR	4.25% annually	Receive		03/20/2029	USD	15,800		(512	)		174			(338	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2025 (continued):

FLOATING RATE INDEX (a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
United States SOFR	3.75% annually	Pay		12/18/2029	USD	18,000		256			(230	)		26
United States SOFR	3.50% annually	Receive		12/20/2030	USD	14,000		484			(309	)		175
United States SOFR	3.75% annually	Pay		06/20/2031	USD	19,200		(122	)		(4	)		(126	)
United States SOFR	3.75% annually	Receive		06/20/2031	USD	2,500		14			3			17
United States SOFR	3.50% annually	Receive		12/20/2033	USD	45,100		2,149			(1,146	)		1,003
United States SOFR	3.75% annually	Receive		06/20/2034	USD	4,800		171			(117	)		54
United States SOFR	3.75% annually	Pay		12/18/2034	USD	1,000		1			(6	)		(5	)
United States SOFR	3.25% annually	Receive		03/19/2035	USD	11,100		729			(223	)		506
United States SOFR	3.25% annually	Receive		06/18/2035	USD	11,200		486			9			495
United States SOFR	3.25% annually	Receive		12/20/2053	USD	7,200		834			(73	)		761
United States SOFR	3.50% annually	Receive		12/18/2054	USD	4,500		(53	)		325			272
Total								228			(2,095	)		(1,867	)

(a) Value of floating rate index as of March 31, 2025 was as follows:

FLOATING RATE INDEX
Bank of Israel Tel Aviv Interbank Offered 3 Month	4.49	%
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR	0.48	%
BBSW ASX Australian 6 Month	4.30	%
Canadian Overnight Repo Rate Average	2.77	%
CFETS China Fixing Repo Rates 7 day	2.25	%
Colombia IBR Overnight Nominal Interbank Reference Rate	8.97	%
Copenhagen Interbank Offered Rates 6 Month	2.34	%
Czech Interbank Offered Rates 6 Month	3.61	%
ESTR Volume Weighted Trimmed Mean Rate	2.42	%
GPW Benchmark WIBID/WIBOR PLN 6 Months	5.66	%
KRW Certificate of Deposit 3 Month	2.84	%
Mexico Interbank TIIE 1 Day	9.05	%
National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index	6.53	%
NZFM New Zealand Bank Bill 3 Month FRA	4.40	%
Norway Interbank Offered Rate Fixing 6 Month	4.67	%
NZD Bank Bill 3 Month	3.60	%
Singapore Domestic Interbank Overnight Rate Average	2.14	%
SONIA Interest Rate Benchmark	4.46	%
Stockholm Interbank Offered Rates 3 Month	2.36	%
Swiss Average Rate ON Intraday Value	0.21	%
Thailand Overnight Repo Rate ON	1.99	%
United States SOFR	4.41	%

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Purchased Put Interest Rate Swaption contracts on securities as of March 31, 2025:

DESCRIPTION	COUNTERPARTY		NUMBER OF CONTRACTS		NOTIONAL AMOUNT		EXERCISE PRICE		EXPIRATION DATE		VALUE
10-Year Swaption, United States SOFR		Barclays Bank plc		1,000		28		5.00		10/14/2025	$	2
10-Year Swaption, United States SOFR		Barclays Bank plc		20,000		388		5.00		07/22/2025		9
10-Year Swaption, United States SOFR		Bank of America, NA		1,900		691		4.10		02/06/2035		115
												126

Purchased Call Interest Rate Swaption contracts on securities as of March 31, 2025:

DESCRIPTION	COUNTERPARTY		NUMBER OF CONTRACTS		NOTIONAL AMOUNT		EXERCISE PRICE		EXPIRATION DATE		VALUE
7-Year Swaption, United States SOFR		Barclays Bank plc		34,000		464		3.16		06/04/2025		78
10-Year Swaption, United States SOFR		Bank of America, NA		1,900		691		4.10		02/06/2035		114
												192
Total Purchased Interest Rate Swaptions contracts (Premiums Received $567)												318

Written Put Interest Rate Swaption contracts on securities as of March 31, 2025:

DESCRIPTION	COUNTERPARTY		NUMBER OF CONTRACTS			NOTIONAL AMOUNT			EXERCISE PRICE		EXPIRATION DATE		VALUE
7-Year Swaption, United States SOFR		Barclays Bank plc		(21,000	)		(575	)		3.91		06/04/2025		(108	)
10-Year Swaption, United States SOFR		Bank of America, NA		(7,000	)		(128	)		4.45		04/07/2025		(—	)(h)
10-Year Swaption, United States SOFR		Bank of America, NA		(8,000	)		(152	)		4.53		04/07/2025		(—	)(h)
10-Year Swaption, United States SOFR		Deutsche Bank AG		(4,800	)		(100	)		4.46		04/07/2025		(—	)(h)
														(108	)
Total Written Interest Rate Swaptions contracts (Premiums Paid $232)														(108	)

Reverse Repurchase Agreements

COUNTERPARTY	BORROWING RATE			SETTLEMENT DATE		MATURITY DATE		AMOUNT BORROWED			PAYABLE FOR REVERSE REPURCHASE AGREEMENTS			COLLATERAL PLEDGED/ (RECEIVED)		NET AMOUNT (DUE TO)/ FROM COUNTERPATRY
Citigroup Global Markets Inc.		4.45	%		3/13/2025		4/14/2025		(103,437	)		(103,680	)		103,680		—
Citigroup Global Markets Inc.		4.47	%		3/21/2025		4/21/2025		(3,993	)		(3,998	)		3,998		—
Citigroup Global Markets Inc.		4.46	%		3/26/2025		4/2/2025		(2,992	)		(2,994	)		2,994		—
Citigroup Global Markets Inc.		4.50	%		3/31/2025		4/2/2025		(2,411	)		(2,411	)		2,411		—
												(113,083	)

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Accounted for as Secured Borrowings

Remaining Contractual Maturity of the Agreements

	OVERNIGHT AND CONTINUOUS		UP TO 30 DAYS			31-90 DAYS			GREATER THAN 90 DAYS		TOTAL
Reverse Repurchase Agreements
Mortgage Backed Securities		—		(9,403	)		(103,680	)		—		(113,083	)
Payable for Reverse Repurchase Agreements

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025

ACES	—	Alternative Credit Enhancement Securities
ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of March 31, 2025.
ASX	—	Australian Stock Exchange
BAM	—	Insured by Build America Mutual
BBSW	—	Bank Bill Swap Rate
CFETS	—	China Foreign Exchange Trade System
CLO	—	Collateralized Loan Obligations
CMT	—	Constant Maturity Treasury
CPI	—	Consumer Price Index
EURIBOR	—	Euro Interbank Offered Rate
ESTR	—	Euro short-term rate
FHA	—	Federal Housing Administration
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GPW	—	Polish Stock Market
IBOR	—	Interbank Offered Rate
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 March 31, 2025. 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
NZFM	—	New Zealand Financial Markets
OYJ	—	Public Limited Company
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REIT	—	Real Estate Investment Trust

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)

Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REMICS	—	Real Estate Mortgage Investment Conduit
Rev.	—	Revenue
SOFR	—	Secured Overnight Financing Rate
SONIA	—	Sterling Overnight Interbank Average Rate
STRIP	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2025.
TBA	—	To Be Announced
TIIE	—	Interbank Equilibrium Interest Rate
TONAR	—	Tokyo Overnight Average Rate
VA	—	Veterans Administration
WIBID	—	Warsaw Interbank Bid Rate
WIBOR	—	Warsaw Interbank Offered Rate
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500 shares/principal or $500.
(n)	—	The rate shown is the effective yield as of March 31, 2025.
(t)	—	The date shown represents the earliest of the next put date or final maturity date.
(w)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(x)	—	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of March 31, 2025.
(z)	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2025.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2025
(ee)	—	Approximately $2,644 of these investments are restricted as collateral for swaps to various brokers.
(ff)	—	Approximately $1,412 of these investments are restricted as collateral for futures to Citigroup Global Markets, Inc.
(hh)	—	Approximately $1,253 of these investments are restricted as collateral for TBAs to various brokers.

Six Circles Global Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)

(ii)	—	Approximately $3,818 of these investments are restricted as collateral for forwards to Bank of America NA and BNP PARIBAS S.A.
(jj)	—	Approximately $14,405 of these investments are restricted as collateral for bi-lateral derivatives to various brokers.
*	—	The cost of securities is substantially the same for federal income tax purposes.
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CLP	—	Chilean Peso
CNH	—	Chinese Yuan
CNY	—	Chinese Yuan
COP	—	Colombian Peso
CZK	—	Czech Koruna
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
HUF	—	Hungarian Forint
IDR	—	Indonesian Rupiah
ILS	—	Israeli New Shekel
JPY	—	Japanese Yen
KRW	—	Korean Won
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
PEN	—	Peruvian Nuevo Sol
PLN	—	Polish Zloty
RON	—	Romanian Leu
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
THB	—	Thai Baht
USD	—	United States Dollar

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — 97.7% (t)
Alabama — 4.2%
Alabama Economic Settlement Authority, BP Settlement, Series A, Rev., 4.00%, 09/15/2033		1,000		985
Alabama Federal Aid Highway Finance Authority, Garvee,
Series A, Rev., 5.00%, 09/01/2032 (p)		1,160		1,216
Series A, Rev., 5.00%, 09/01/2035 (p)		1,000		1,048
Series A, Rev., 5.00%, 09/01/2036 (p)		2,000		2,058
Alabama Housing Finance Authority,
Rev., GNMA/FNMA/FHLMC, 4.45%, 10/01/2044		760		744
Rev., GNMA/FNMA/FHLMC, 5.75%, 04/01/2055		3,350		3,617
Series D, Rev., GNMA/FNMA/FHLMC, 5.75%, 10/01/2055		2,565		2,776
Alabama Housing Finance Authority, Cooper Green Homes Project, Rev., 5.00%, 02/01/2029 (z)		260		272
Alabama Public School and College Authority, Social Bonds,
Series A, Rev., 5.00%, 11/01/2037		6,400		6,860
Series A, Rev., 5.00%, 11/01/2039		10,000		10,622
Alabama Special Care Facilities Financing Authority, Ascension Senior Credit Group, Series C, Rev., 5.00%, 11/15/2046		5,000		5,011
Auburn University, Series A, Rev., 4.00%, 06/01/2041		7,000		6,548
Birmingham-Jefferson Civic Center Authority, Series A, Special Tax, 5.00%, 07/01/2048		3,200		3,225
Birmingham-Jefferson Civic Center Authority, City of Birmingham, Rev., 5.00%, 05/01/2048		12,700		12,815
Black Belt Energy Gas District,
Rev., 4.00%, 06/01/2051 (z)		23,030		23,041
Rev., 5.00%, 05/01/2055 (z)		24,270		25,633
Series A, Rev., 5.25%, 05/01/2055 (z)		2,000		2,139
Series B1, Rev., 4.00%, 04/01/2053 (z)		2,000		1,999
Series B2, Rev., (SIFMA Municipal Swap Index + 0.65%), 3.52%, 04/01/2053 (aa)		9,250		8,960
Series B, Rev., 5.00%, 10/01/2055 (z)		14,845		15,541
Series B, Rev., LIQ: Royal Bank of Canada, 5.25%, 12/01/2053 (z)		4,845		5,181
Series C1, Rev., 5.25%, 02/01/2053 (z)		9,000		9,417
Series C, Rev., 5.50%, 10/01/2054 (z)		5,000		5,374
Series D1, Rev., LIQ: Royal Bank of Canada, 4.00%, 07/01/2052 (z)		1,800		1,814
Series D, Rev., 5.00%, 03/01/2055 (z)		7,000		7,474
Black Belt Energy Gas District, Gas Project,
Series D1, Rev., 5.50%, 06/01/2049 (z)		7,100		7,485
Series F, Rev., 5.50%, 11/01/2053 (z)		10,625		11,164
Black Belt Energy Gas District, Gas Project Bonds Project No. 7, Rev., 4.00%, 10/01/2052 (z)		13,120		13,197
Black Belt Energy Gas District, Gas Project No. 8, Series A, Rev., 4.00%, 12/01/2052 (z)		4,910		4,877
Black Belt Energy Gas District, Project No. 4, Series A1, Rev., 4.00%, 12/01/2049 (z)		6,810		6,831
Black Belt Energy Gas District, Project No. 5, Series A1, Rev., 4.00%, 10/01/2049 (z)		5,000		5,017
Black Belt Energy Gas District, Project No. 6, Series B, Rev., 4.00%, 10/01/2052 (z)		9,005		9,055
City of Birmingham, Warrants, Series A, GO, 4.00%, 06/01/2032		4,075		4,184
County of Jefferson AL, Rev., 4.00%, 09/15/2036		2,590		2,540
County of Jefferson Sewer Revenue, Warrants,
Rev., 5.00%, 10/01/2035		4,015		4,350
Rev., 5.00%, 10/01/2036		1,455		1,568
Rev., 5.00%, 10/01/2037		8,685		9,329
Rev., 5.00%, 10/01/2038		2,190		2,337
Rev., 5.00%, 10/01/2039		3,285		3,489
Rev., 5.25%, 10/01/2049		3,805		3,924

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Alabama — continued
Energy Southeast A Cooperative District,
Series A1, Rev., 5.50%, 11/01/2053 (z)		1,500		1,617
Series B1, Rev., 5.75%, 04/01/2054 (z)		650		714
Series B, Rev., 5.25%, 07/01/2054 (z)		7,695		8,184
Health Care Authority for Baptist Health, Affiliate of UAB Health System Community, Rev., 5.00%, 11/15/2032		10,495		11,165
Health Care Authority of the City of Huntsville, Health System,
Series B1, Rev., 4.00%, 06/01/2045		1,750		1,623
Series B1, Rev., 5.00%, 06/01/2038		1,000		1,042
Homewood Educational Building Authority, Rev., 5.50%, 10/01/2049		3,500		3,628
Hoover Industrial Development Board, Green Bonds, Rev., AMT, 6.38%, 11/01/2050 (z)		2,375		2,660
Hoover Industrial Development Board, United States Steel Corporation, Rev., AMT, 5.75%, 10/01/2049		3,500		3,644
Huntsville Public Building Authority, Rev., 5.00%, 02/01/2052		3,000		3,082
Industrial Development Board of the City of Mobile Alabama, Alabama Power Co. Barry Plant, Rev., 3.30%, 07/15/2034 (z)		4,000		4,005
Lower Alabama Gas District (The), Gas Project Revenue Bonds, Rev., 4.00%, 12/01/2050 (z)		3,250		3,257
Madison Water & Wastewater Board, Rev., 5.25%, 12/01/2048		1,700		1,816
Mobile County Industrial Development Authority, Rev., AMT, 5.00%, 06/01/2054		5,800		5,729
Mobile County Industrial Development Authority, AM/NS Calvert LLC, Rev., AMT, 4.75%, 12/01/2054		13,360		12,619
Selma Industrial Development Board, Rev., 3.45%, 11/01/2033 (z)		2,150		2,111
Selma Industrial Development Board, International Paper Co. Project, Rev., 1.38%, 05/01/2034 (z)		1,000		994
Southeast Alabama Gas Supply District, Project No. 1, Series A, Rev., 5.00%, 08/01/2054 (z)		21,175		22,418
Southeast Alabama Gas Supply District, Project No. 2, Rev., 5.00%, 06/01/2049 (z)		20,485		21,464
Southeast Energy Authority A Cooperative District, Project #4, Series B1, Rev., 5.00%, 05/01/2053 (z)		4,935		5,099
Southeast Energy Authority A Cooperative District, Project #6,
Series B, Rev., LIQ: Royal Bank of Canada, 5.00%, 06/01/2030		2,225		2,339
Series B, Rev., LIQ: Royal Bank of Canada, 5.00%, 01/01/2054 (z)		10,000		10,511
Southeast Energy Authority A Cooperative District, Project 1, Series A, Rev., 4.00%, 11/01/2051 (z)		4,580		4,562
Southeast Energy Authority A Cooperative District, Project 2, Series B, Rev., 4.00%, 12/01/2051 (z)		8,830		8,753
Southeast Energy Authority A Cooperative District, Project No. 3, Series A1, Rev., 5.50%, 01/01/2053 (z)		1,820		1,932
Southeast Energy Authority A Cooperative District, Project No. 5, Series A, Rev., 5.25%, 01/01/2054 (z)		15,000		15,786
Southeast Energy Authority, A Cooperative District,
Series A, Rev., 5.00%, 11/01/2035		12,970		13,385
Series A, Rev., 5.00%, 01/01/2056 (z)		10,315		10,743
Series B, Rev., 5.25%, 03/01/2055 (z)		11,180		11,734
Series C, Rev., 5.00%, 11/01/2055 (z)		23,330		24,803
State of Alabama Docks Department, Docks,
Series A, Rev., AGM, AMT, 5.00%, 10/01/2025		1,750		1,761
Series A, Rev., AGM, AMT, 5.00%, 10/01/2026		1,890		1,926
Tender Option Bond Trust, Floater Certificates, Series 2022-XF3073, Rev., LIQ: Morgan Stanley, 3.17%, 02/01/2053 (e) (z)		10,000		10,000
Tuscaloosa City Board of Education, Warrants, Rev., 5.00%, 08/01/2041 (p)		2,525		2,599

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Alabama — continued
UAB Medicine Finance Authority, Series B, Rev., 5.00%, 09/01/2041		1,750		1,761
University of South Alabama,
Rev., AGM, 4.00%, 11/01/2035		2,000		1,933
Rev., BAM, 5.25%, 04/01/2054		2,845		2,990
Water Works Board of the City of Birmingham (The), Rev., 3.75%, 09/01/2026 (e)		2,690		2,679
				500,785
Alaska — 0.2%
Alaska Housing Finance Corp., General Mortgage, Series B, Rev., 3.25%, 12/01/2044		1,210		1,194
Alaska Housing Finance Corp., General Mortgage Revenue II, Series A, Rev., 4.50%, 06/01/2044		5,000		4,922
Alaska Housing Finance Corp., Social Bonds State Capital,
Rev., 5.00%, 06/01/2032		920		997
Rev., 5.00%, 12/01/2032		945		1,021
State of Alaska,
GO, 5.00%, 08/01/2033		2,000		2,240
GO, 5.00%, 08/01/2034		1,125		1,267
GO, 5.00%, 08/01/2035		2,000		2,233
State of Alaska International Airports System,
Series A, Rev., 5.00%, 10/01/2034		1,080		1,198
Series C, Rev., AMT, 5.00%, 10/01/2025		1,000		1,009
Series C, Rev., AMT, 5.00%, 10/01/2027		2,000		2,080
Series C, Rev., AMT, 5.00%, 10/01/2030		5,000		5,330
				23,491
Arizona — 1.4%
Arizona Board of Regents, Series A, Rev., 5.00%, 07/01/2043		2,480		2,571
Arizona Industrial Development Authority,
Rev., 4.00%, 07/01/2061		3,000		2,461
Series 2019-2, Rev., 3.63%, 05/20/2033		1,395		1,312
Series A, Rev., 4.00%, 09/01/2035		225		223
Series A, Rev., 4.00%, 09/01/2036		250		248
Arizona Industrial Development Authority, Greathearts Arizona Project, Series A, Rev., 5.00%, 07/01/2026		125		127
Arizona Industrial Development Authority, Jerome Facilities Project, Series B, Rev., 4.00%, 07/01/2051		2,000		1,697
Arizona Industrial Development Authority, Phoenix Children’s Hospital, Rev., 5.00%, 02/01/2033		2,000		2,202
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Aliante,
Rev., 3.00%, 12/15/2031 (e)		420		385
Rev., 4.00%, 12/15/2041 (e)		500		440
Rev., 4.00%, 12/15/2051 (e)		700		561
Arizona Industrial Development Authority, Sustainable Bonds Equitable, Rev., 5.00%, 11/01/2028		2,870		3,021
Arizona Industrial Development Authority, The Acacia at Youngtown, Rev., 5.00%, 11/01/2058 (z)		4,780		4,922
Arizona State University,
Series A, Rev., 5.00%, 07/01/2043		1,105		1,135
Series C, Rev., 5.00%, 07/01/2042		2,000		2,025
Arizona State University, Board of Regents,
Series B, Rev., 5.00%, 07/01/2026		100		103

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Arizona — continued
Series B, Rev., 5.00%, 07/01/2042		2,000		2,036
Chandler Industrial Development Authority, Intel Corp. Project,
Rev., AMT, 5.00%, 09/01/2042 (z)		3,000		3,059
Rev., AMT, 5.00%, 09/01/2052 (z)		2,860		2,930
City of Glendale AZ, Rev., 5.00%, 07/01/2038		5,190		5,733
City of Mesa, GO, 5.00%, 07/01/2042		2,665		2,850
City of Mesa Utility System Revenue, Rev., 5.00%, 07/01/2032		1,000		1,054
City of Phoenix, Civic Improvement Corp.,
Series A, Rev., 5.00%, 07/01/2029		1,000		1,063
Series A, Rev., 5.00%, 07/01/2031		2,000		2,122
Series A, Rev., 5.00%, 07/01/2032		1,000		1,058
Series A, Rev., 5.00%, 07/01/2034		3,785		4,052
City of Phoenix, Civic Improvement Corp., Airport Revenue, Junior Lien,
Series A, Rev., 5.00%, 07/01/2044		1,000		1,026
Series B, Rev., AMT, 5.00%, 07/01/2027		1,500		1,553
Series B, Rev., AMT, 5.00%, 07/01/2033		2,000		2,081
City of Phoenix, Civic Improvement Corp., Junior Lien, Series A, Rev., 5.00%, 07/01/2029		1,515		1,641
City of Phoenix, Civic Improvement Corp., Junior Lien Airport Special Obligation, Rev., 4.00%, 07/01/2040		3,555		3,491
County of Pima Sewer System Revenue, Rev., 5.00%, 07/01/2028		500		534
Gilbert Public Facilities Municipal Property Corp., Rev., 5.00%, 07/01/2026		1,025		1,053
Gilbert Water Resource Municipal Property Corp., Green Bond Senior Lien, Rev., 4.00%, 07/15/2047		1,000		952
Industrial Development Authority of the County of Pima (The), American Leadership Academy,
Rev., 4.00%, 06/15/2025 (e)		2,555		2,553
Rev., 4.00%, 06/15/2027 (e)		2,680		2,666
Rev., 4.00%, 06/15/2030 (e)		1,510		1,476
Industrial Development Authority of the County of Yavapai, Waste Management, Inc. Project, Rev., AMT, 1.30%, 06/01/2027		3,260		3,057
Maricopa County Industrial Development Authority, Rev., 4.00%, 01/01/2048		5,450		4,792
Maricopa County Industrial Development Authority, Banner Health,
Rev., 5.00%, 01/01/2053 (z)		2,925		3,085
Series A3, Rev., 5.00%, 01/01/2053 (z)		3,000		3,240
Series A, Rev., 4.00%, 01/01/2041		4,000		3,864
Maricopa County Pollution Control Corp., Rev., 3.88%, 01/01/2038 (z)		1,165		1,175
Maricopa County Pollution Control Corp., Southern California Edison, Rev., 2.40%, 06/01/2035		4,280		3,415
Maricopa County Special Health Care District, Series C, GO, 4.00%, 07/01/2037		21,910		21,485
Maricopa County Unified School District No. 69 Paradise Valley, GO, 4.00%, 07/01/2036		1,170		1,181
Maricopa County Unified School District No. 97-Deer Valley, Series E, GO, 5.00%, 07/01/2025		500		503
Salt River Project Agricultural Improvement & Power District,
Rev., 5.00%, 05/01/2039		3,740		4,135
Series A, Rev., 5.00%, 12/01/2036		5,000		5,017
Series A, Rev., 5.00%, 12/01/2045		3,200		3,211
Salt River Project Agricultural Improvement & Power District, Salt River Project,
Series A, Rev., 5.00%, 01/01/2026		3,000		3,050
Series B, Rev., 5.00%, 01/01/2044		3,325		3,551
Salt Verde Financial Corp., Rev., 5.00%, 12/01/2032		420		444
Sierra Vista Industrial Development Authority, Rev., 5.00%, 06/15/2044 (e)		750		736
The Industrial Development Authority of the City of Phoenix Arizona, Memorial Towers Project, Rev., HUD, 3.35%, 12/01/2027		345		345

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Arizona — continued
The Industrial Development Authority of the City of Phoenix Arizona, Republic Services, Inc., Rev., AMT, 3.70%, 12/01/2035 (z)		8,880		8,879
The University of Arizona, Stimulus Plan For Economic,
Rev., BAM, 5.00%, 08/01/2029		1,850		2,003
Rev., BAM, 5.00%, 08/01/2033		3,515		3,959
Yuma Industrial Development Authority,
Rev., AGC, 4.00%, 08/01/2049		4,420		4,164
Rev., AGC, 5.25%, 08/01/2042		1,495		1,619
Rev., AGC, 5.25%, 08/01/2044		1,915		2,041
Rev., 5.25%, 08/01/2049		7,000		7,343
				164,710
Arkansas — 0.1%
Arkansas Development Finance Authority, Rev., 5.00%, 06/01/2027		535		560
Arkansas Development Finance Authority, Big River Steel Project,
Rev., AMT, 4.50%, 09/01/2049 (e)		3,130		2,978
Rev., AMT, 4.75%, 09/01/2049 (e)		7,000		6,745
Arkansas Development Finance Authority, Green Bond United States, Rev., AMT, 5.45%, 09/01/2052		3,000		3,072
				13,355
California — 8.5%
Alameda County, Oakland Unified School District, GO, 5.00%, 08/01/2027		65		67
Anaheim City School District, Election 2016, Series A, GO, 4.00%, 08/01/2048		4,000		3,819
Anaheim Housing & Public Improvements Authority, Series A, Rev., 5.00%, 10/01/2050		1,780		1,788
Anaheim Public Financing Authority, Senior Public Improvement Project, Series A, Rev., BAM, 5.00%, 09/01/2036		2,250		2,304
Anaheim Union High School District, Capital Appreciation Election 2002, GO, NATL, Zero Coupon, 08/01/2028		2,175		1,960
Bay Area Toll Authority, San Francisco Bay Area, Series C, Rev., (SIFMA Municipal Swap Index + 0.45%), 3.32%, 04/01/2056 (aa)		2,675		2,665
Bay Area Toll Authority, San Francisco Bay Area Toll, Rev., (SIFMA Municipal Swap Index + 0.41%), 3.28%, 04/01/2056 (aa)		5,000		4,927
Burbank-Glendale-Pasadena Airport Authority Brick Campaign,
Rev., AMT, 5.25%, 07/01/2040		950		1,016
Rev., AMT, 5.25%, 07/01/2049		5,870		6,075
Cabrillo Unified School District, Election 2018, Series B, GO, 5.00%, 08/01/2050		5,000		5,110
California Community Choice Financing Authority,
Rev., 5.00%, 01/01/2055 (z)		9,335		9,791
Series B1, Rev., 4.00%, 02/01/2052 (z)		17,880		17,870
California Community Choice Financing Authority, Clean Energy Project Revenue, Rev., 5.00%, 05/01/2054 (z)		17,000		18,079
California Community Choice Financing Authority, Green Bond, Series A1, Rev., 4.00%, 05/01/2053 (z)		6,860		6,885
California Community Choice Financing Authority, Green Bonds Clean Energy Project,
Rev., 5.00%, 07/01/2053 (z)		8,685		9,091
Rev., 5.00%, 12/01/2053 (z)		6,160		6,432
Rev., 5.00%, 02/01/2054 (z)		3,245		3,429
Rev., 5.25%, 01/01/2054 (z)		17,625		18,417
California Community Choice Financing Authority, Sustainability Bonds Clean Energy, Rev., 5.25%, 11/01/2054 (z)		17,825		18,905

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
California Community Choice Financing Authority, Sustainable Bond, Series A, Rev., 5.00%, 01/01/2056 (z)		10,560		11,093
California Community Choice Financing Authority, Sustainable Bond Clean Energy, Rev., 5.50%, 10/01/2054 (z)		2,205		2,375
California Community Choice Financing Authority, Sustainable Bonds, Series F, Rev., 5.00%, 02/01/2055 (z)		5,670		6,039
California Community Choice Financing Authority, Sustainable Bonds Clean Energy,
Rev., 5.00%, 08/01/2055 (z)		11,405		12,036
Rev., 5.00%, 01/01/2056 (z)		31,460		34,121
California Community Choice Financing Authority, Variable Sustainable Bond, Rev., 5.00%, 11/01/2055 (z)		24,960		26,135
California County, Tobacco Securitization Agency, Series A, Rev., 5.00%, 06/01/2027		10		10
California County, Tobacco Securitization Agency, Senior Bonds, Merced County Tobacco Funding Corporation, Rev., 5.00%, 06/01/2032		340		360
California County, Tobacco Securitization Agency, Sonoma County Securitization,
Rev., 5.00%, 06/01/2031		255		271
Rev., 5.00%, 06/01/2032		250		265
Rev., 5.00%, 06/01/2033		300		317
Rev., 5.00%, 06/01/2049		185		185
California Educational Facilities Authority, Loyola Marymount University, Series A, Rev., NATL, Zero Coupon, 10/01/2037		340		202
California Health Facilities Financing Authority, Rev., 5.00%, 10/01/2039 (p) (z)		945		956
California Health Facilities Financing Authority, Cedars Sinai Health System, Rev., 4.00%, 08/15/2040		4,050		4,066
California Health Facilities Financing Authority, Children’s Hospital of Orange, Rev., 3.00%, 11/01/2039		3,765		3,327
California Health Facilities Financing Authority, City of Hope, Rev., 5.00%, 11/15/2049		3,000		3,014
California Health Facilities Financing Authority, Commonspirit Health,
Series A, Rev., 4.00%, 04/01/2037		3,000		2,982
Series A, Rev., 4.00%, 04/01/2038		3,500		3,456
Series A, Rev., 5.00%, 04/01/2033		3,000		3,236
California Health Facilities Financing Authority, Episcopal Communities & Service,
Rev., 5.00%, 11/15/2038		570		598
Rev., 5.00%, 11/15/2043		570		584
California Health Facilities Financing Authority, Initial Entrance Fees, Series A, Rev., 3.85%, 11/15/2027		40		40
California Health Facilities Financing Authority, Kaiser Permanente,
Series A2, Rev., 4.00%, 11/01/2044		3,000		2,843
Series A-1-S, Rev., 5.00%, 11/01/2027		2,500		2,650
Series A-2, Rev., 4.00%, 11/01/2038		6,270		6,214
California Health Facilities Financing Authority, PIH Health, Series A, Rev., 5.00%, 06/01/2035		3,010		3,191
California Health Facilities Financing Authority, Stanford Health Care,
Rev., 3.00%, 08/15/2054 (z)		5,000		4,998
Series A, Rev., 5.00%, 11/15/2030		2,000		2,106
California Health Facilities Financing Authority, Sutter Health,
Series A, Rev., 4.00%, 11/15/2048		2,240		2,124
Series A, Rev., 5.00%, 08/15/2043 (p)		465		469
California Health Facilities Financing Authority, Unrefunded, Rev., 5.00%, 10/01/2039 (z)		1,055		1,061
California Housing Finance Agency,
Rev., 3.25%, 08/20/2036		9,142		8,367

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
Rev., 3.50%, 11/20/2035		2,863		2,734
Rev., 4.25%, 01/15/2035		2,279		2,283
California Housing Finance Agency, Symphony at Del Sur, Rev., 5.00%, 05/01/2054 (z)		425		435
California Infrastructure & Economic Development Bank, J. Paul Getty Trust, Rev., 3.00%, 10/01/2047 (z)		1,000		1,001
California Infrastructure & Economic Development Bank, Los Angeles County, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 3.57%, 12/01/2050 (aa)		1,370		1,365
California Infrastructure & Economic Development Bank, Sanford Consortium Project, Series A, Rev., 5.00%, 05/15/2031		1,230		1,259
California Infrastructure & Economic Development Bank, Sustainable Bond Subordinated B, Rev., AMT, 9.50%, 01/01/2065 (e)		4,850		4,847
California Municipal Finance Authority, Community Facilities No. 2023-5 Improvement, Special Tax, 5.50%, 09/01/2048		600		633
California Municipal Finance Authority, Draw Down Waste Management, Rev., AMT, 4.80%, 11/01/2041 (z)		1,460		1,461
California Municipal Finance Authority, Open Door Community Health Center,
Rev., 4.00%, 09/15/2034		920		945
Rev., 4.00%, 09/15/2035		960		982
Rev., 4.00%, 09/15/2036		1,000		1,018
California Municipal Finance Authority, Republic Services, Rev., AMT, 4.38%, 09/01/2053 (z)		4,350		4,426
California Municipal Finance Authority, Republic Services, Inc., Rev., AMT, 3.88%, 03/01/2054 (z)		550		542
California Municipal Finance Authority, Simpson University, Series A, Rev., 6.00%, 10/01/2050 (e)		2,000		2,012
California Municipal Finance Authority, Southern California Institute, Rev., 5.00%, 12/01/2037		745		757
California Municipal Finance Authority, Taxable Virginia Oceanside Health Care Center, Rev., 3.64%, 07/01/2030 (e)		2,960		2,616
California Municipal Finance Authority, United Airlines, Inc. Project, Rev., AMT, 4.00%, 07/15/2029		2,500		2,474
California Municipal Finance Authority, View At Sanitary Bruno, Series A1, Rev., 5.00%, 06/01/2056 (z)		835		884
California Municipal Finance Authority, Waste Management, Inc. Project,
Rev., AMT, 3.75%, 10/01/2045 (z)		1,605		1,605
Rev., AMT, 3.75%, 11/01/2046 (z)		3,750		3,749
Series A, Rev., AMT, 2.40%, 10/01/2044 (z)		4,960		4,660
California Pollution Control Financing Authority, Plant Bonds,
Rev., AMT, 5.00%, 07/01/2037 (e)		1,500		1,501
Rev., AMT, 5.00%, 11/21/2045 (e)		6,000		5,975
California Pollution Control Financing Authority, Poseidon Resources, Rev., AMT, 5.00%, 07/01/2037 (e)		2,200		2,319
California Pollution Control Financing Authority, Republic Services, Inc., Rev., AMT, 4.10%, 11/01/2042 (e) (z)		15,000		15,001
California Public Finance Authority, Series A, Rev., 6.20%, 06/01/2044 (e)		5,150		4,944
California Public Finance Authority, Enso Village Project, Green Bond, Rev., 5.00%, 11/15/2036 (e)		325		329
California Public Finance Authority, Henry Mayo Newhall Hospital, Rev., 5.00%, 10/15/2032		1,000		1,014
California School Finance Authority, Rev., 5.00%, 07/01/2046 (e)		1,500		1,505
California School Finance Authority, Rocketship Education Obligated, Series A, Rev., 5.00%, 06/01/2034 (e)		1,230		1,236

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
California State Public Works Board, Series H, Rev., 5.00%, 12/01/2026		1,000		1,016
California State Public Works Board, Various Capital Projects,
Rev., 4.00%, 11/01/2030		1,245		1,257
Rev., 4.00%, 11/01/2031		1,000		1,009
Rev., 5.00%, 11/01/2026		565		585
Series D, Rev., 4.00%, 11/01/2037		1,000		1,010
California State University, Series A, Rev., 5.00%, 11/01/2044		2,640		2,758
California State University, Systemwide, Series A, Rev., 4.00%, 11/01/2035		1,000		1,003
California Statewide Communities Development Authority,
Rev., 5.00%, 12/01/2034		1,750		2,001
Series B, Special Assessment, 4.00%, 09/02/2040		570		520
California Statewide Communities Development Authority, Enloe Medical Center, Series A, Rev., AGM, 5.13%, 08/15/2047		500		522
California Statewide Communities Development Authority, Green Bond, Marin General Hospital, Rev., 4.00%, 08/01/2045		3,000		2,581
California Statewide Communities Development Authority, Loma Linda University Medical, Rev., 5.50%, 12/01/2058 (e)		2,000		2,034
California Statewide Communities Development Authority, Loma Linda University Medical Center,
Rev., 5.25%, 12/01/2044		6,065		6,067
Rev., 5.50%, 12/01/2054		1,100		1,100
Series A, Rev., 5.00%, 12/01/2026 (e)		300		307
Series A, Rev., 5.00%, 12/01/2041 (e)		2,000		2,006
Series A, Rev., 5.25%, 12/01/2056 (e)		9,750		9,760
California Statewide Communities Development Authority, Montage Health, Series A, Rev., 4.00%, 06/01/2028		435		453
California Statewide Communities Development Authority, Southern California Edison, Rev., 4.50%, 11/01/2033		1,000		1,013
Central Valley Energy Authority, Rev., 5.00%, 12/01/2055 (z)		21,685		23,468
Chino Valley Unified School District, Election of 2016, Series C, GO, Zero Coupon, 08/01/2034		125		87
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		301
Special Tax, 4.00%, 09/01/2036 (e)		155		149
City & County of San Francisco Special Tax District No. 2020-1, Special Tax,
Special Tax, 5.50%, 09/01/2043 (e)		2,060		2,160
City of Dixon, Community Facilities District Improvement, Special Tax, 4.00%, 09/01/2036		200		193
City of Long Beach Airport System Revenue,
Series C, Rev., AGM, AMT, 5.00%, 06/01/2042		1,000		1,032
Series C, Rev., AGM, AMT, 5.25%, 06/01/2047		1,000		1,036
City of Los Angeles Department of Airports,
Rev., AMT, 5.00%, 05/15/2026		1,500		1,527
Series B, Rev., AMT, 5.00%, 05/15/2046		21,965		21,982
City of Los Angeles Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2032		1,000		1,042
City of Los Angeles Department of Airports, Senior,
Series A, Rev., AMT, 4.75%, 05/15/2040		2,415		2,415
Series B, Rev., 5.00%, 05/15/2034		1,600		1,743
Series C, Rev., AMT, 5.00%, 05/15/2036		4,090		4,258

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
City of Los Angeles Department of Airports, Senior Bonds Green Bond Project,
Rev., AMT, 5.00%, 05/15/2029		4,000		4,241
Rev., AMT, 5.25%, 05/15/2047		4,000		4,133
City of Los Angeles Department of Airports, Senior Bonds Private Activity, Rev., AMT, 5.50%, 05/15/2047		4,625		4,852
City of Los Angeles Department of Airports, Subordinate,
Series B, Rev., 5.00%, 05/15/2040		900		968
Series C, Rev., AMT, 5.00%, 05/15/2033		1,330		1,364
Series C, Rev., 5.00%, 05/15/2038		2,000		2,003
Series D, Rev., AMT, 5.00%, 05/15/2027		2,605		2,686
Series D, Rev., AMT, 5.00%, 05/15/2028		500		522
Series D, Rev., AMT, 5.00%, 05/15/2029		4,485		4,723
Series E, Rev., 5.00%, 05/15/2039		1,510		1,582
Series E, Rev., 5.00%, 05/15/2044		1,000		1,034
City of Los Angeles Department of Airports, Subordinate Los Angeles International Airport,
Rev., AMT, 5.00%, 05/15/2027		1,235		1,273
Rev., AMT, 5.00%, 05/15/2029		1,000		1,053
Rev., 5.00%, 05/15/2036		1,000		1,064
Rev., AMT, 5.25%, 05/15/2038		1,735		1,784
City of Los Angeles Department of Airports, Subordinate P3 Project,
Series A, Rev., AMT, 5.00%, 05/15/2026		1,180		1,202
Series A, Rev., AMT, 5.00%, 05/15/2046		8,000		8,102
City of Los Angeles Department of Airports, Subordinated Los Angeles International, Rev., AMT, 5.25%, 05/15/2048		3,000		3,043
City of Los Angeles Department of Airports, Subordinated Los Angeles International Airport,
Rev., AMT, 3.25%, 05/15/2049		3,000		2,224
Series D, Rev., AMT, 4.00%, 05/15/2051		23,000		20,117
City of Los Angeles Department of Airports, Sustainable Bond Subordinate, Rev., AMT, 5.00%, 05/15/2036		1,650		1,738
City of Los Angeles Department of Airports, Sustainable Bonds,
Rev., AMT, 5.00%, 05/15/2034 (w)		850		910
Rev., AMT, 5.00%, 05/15/2035 (w)		3,000		3,212
Rev., AMT, 5.50%, 05/15/2055 (w)		3,335		3,549
City of Los Angeles Department of Airports, Unrefunded Subordinate, Rev., AMT, 4.00%, 05/15/2038		1,995		1,952
City of Los Angeles Wastewater System Revenue, Subordinate, Series C, Rev., 5.00%, 06/01/2026		500		513
City of Roseville,
Special Tax, 4.00%, 09/01/2040		1,000		946
Special Tax, 5.00%, 09/01/2035		1,160		1,201
City of San Francisco, Public Utilities Commission Water Revenue, Regional Water, Series B, Rev., 5.00%, 11/01/2050		4,235		4,321
City of Santa Rosa Wastewater Revenue, Series A, Rev., 5.00%, 09/01/2033		1,770		1,952
City of Victorville Electric Revenue,
Series A, Rev., 5.00%, 05/01/2038		1,055		1,147
Series A, Rev., 5.00%, 05/01/2039		1,110		1,200
City of Woodland, Facilities District Number 2004 1 Capital Project, Special Tax, 4.00%, 09/01/2041		500		464
Coachella Valley Water District Drinking Water System Revenue, Notes, Series A, Rev., 1.38%, 06/01/2025		2,000		1,992

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
Coast Community College District, Election of 2012, Series F, GO, Zero Coupon, 08/01/2040		3,020		1,551
Compton Community Redevelopment Agency Successor Agency, Series A, Tax Allocation, AGM, 5.00%, 08/01/2042		750		786
Compton Unified School District, Series B, GO, BAM, Zero Coupon, 06/01/2036		1,400		878
County of Los Angeles Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2033		105		111
County of Los Angeles, Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2042		540		555
County of Sacramento, Community Facilities District #2004-1, Special Tax, 5.00%, 09/01/2035		1,335		1,356
CSCDA Community Improvement Authority, Series A, Rev., 5.00%, 01/01/2054 (e)		5,995		5,039
CSCDA Community Improvement Authority, Altana-Glendale Sustainable Bond, Rev., 4.00%, 10/01/2056 (e)		1,000		773
CSCDA Community Improvement Authority, Renaissance at City Center, Series A, Rev., 5.00%, 07/01/2051 (e)		215		203
CSCDA Community Improvement Authority, Social Bonds, Rev., 4.00%, 08/01/2056 (e)		410		362
CSCDA Community Improvement Authority, Union South Bay, Social Bonds, Rev., 4.00%, 07/01/2056 (e)		2,000		1,580
Department of Veterans Affairs, Veteran’s Farm & Home Purchase Program, Series A, Rev., 3.00%, 12/01/2050		580		573
East Bay Municipal Utility District Water System Revenue, Green Bond, Series A, Rev., 5.00%, 06/01/2035		1,200		1,246
East County Advanced Water Purification Joint Powers Authority, Rev., 5.00%, 09/01/2026		2,000		2,055
East Side Union High School District, 2014 Election Education Tech, Series D, GO, 5.00%, 08/01/2025		400		403
Elk Grove Finance Authority, Special Tax, 4.00%, 09/01/2040		1,280		1,185
FHLMC Multifamily ML Certificates,
Rev., 0.00%, 12/25/2036 (z)		1,760		1,753
Rev., 4.55%, 08/25/2040 (z)		3,585		3,648
Series 2021-ML10, Class A, Rev., 2.03%, 01/25/2038 (e)		329		262
Foothill-De Anza Community College District, Capital Appreciation, Series B, GO, AMBAC, Zero Coupon, 08/01/2032		7,930		6,210
Fremont Unified School District, Series D, GO, 3.00%, 08/01/2033		1,205		1,148
Fremont Unified School District, Election 2014, Series E, GO, 4.00%, 08/01/2042		2,230		2,210
Golden State Tobacco Securitization Corp., Subordinated, Series B2, Rev., Zero Coupon, 06/01/2066		10,000		1,073
Golden State Tobacco Securitization Corp., Taxable Tobacco Settlement Asset Backed Bonds, Series C, Rev., 2.75%, 06/01/2034		1,900		1,645
Golden State Tobacco Securitization Corp., Tobacco Settlement Asset Backed Bonds, Rev., 5.00%, 06/01/2051		3,235		3,273
Hayward Unified School District, COP, 5.25%, 08/01/2047		3,000		3,058
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Proposition C, Series A, Rev., 5.00%, 07/01/2027		625		660
Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinated, Green Bonds, Series A, Rev., 5.00%, 06/01/2034		7,000		7,257
Los Angeles County Sanitation Districts Financing Authority, Series A, Rev., 4.00%, 10/01/2033		1,000		1,004
Los Angeles County, Metropolitan Transportation Authority, Green Bond, Measure R Junior Subordinated, Series A, Rev., 5.00%, 06/01/2030		750		834
Los Angeles Department of Water, Series B, Rev., 5.00%, 07/01/2037		740		765

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
Los Angeles Department of Water & Power,
Series A, Rev., 5.00%, 07/01/2029		1,000		1,069
Series A, Rev., 5.00%, 07/01/2036		1,000		1,095
Series A, Rev., 5.00%, 07/01/2037		645		702
Series B, Rev., 5.00%, 07/01/2035		835		909
Series B, Rev., 5.00%, 07/01/2036		1,000		1,094
Series B, Rev., 5.00%, 07/01/2037		500		538
Series B, Rev., 5.00%, 07/01/2038		855		924
Series B, Rev., 5.00%, 07/01/2039		680		723
Series C, Rev., 5.00%, 07/01/2033		1,980		2,190
Series C, Rev., 5.00%, 07/01/2038		900		958
Series C, Rev., 5.00%, 07/01/2039		500		537
Series C, Rev., 5.00%, 07/01/2040		1,515		1,617
Series C, Rev., 5.00%, 07/01/2041		810		856
Series E, Rev., 5.00%, 07/01/2035		525		580
Series E, Rev., 5.00%, 07/01/2036		520		567
Series E, Rev., 5.00%, 07/01/2037		1,605		1,741
Series E, Rev., 5.00%, 07/01/2039		1,235		1,323
Series E, Rev., 5.00%, 07/01/2048		1,000		1,033
Series E, Rev., 5.00%, 07/01/2053		500		513
Los Angeles Department of Water & Power, Power System Bonds, Series C, Rev., 5.00%, 07/01/2037		1,000		1,043
Los Angeles Department of Water & Power, Power System Revenue Bonds,
Rev., 5.00%, 07/01/2033		315		341
Rev., 5.00%, 07/01/2039		500		528
Los Angeles Department of Water & Power, Water System Revenue,
Series A, Rev., 5.00%, 07/01/2036		700		767
Series A, Rev., 5.00%, 07/01/2039		1,000		1,073
Series B, Rev., 5.00%, 07/01/2037		600		657
Series B, Rev., 5.00%, 07/01/2039		1,445		1,560
Series B, Rev., 5.00%, 07/01/2042		1,100		1,163
Series B, Rev., 5.00%, 07/01/2047		500		513
Los Angeles Unified School District,
GO, 4.00%, 07/01/2049		2,000		1,928
Series A, GO, 3.00%, 01/01/2034		2,000		1,878
Series C, GO, 4.00%, 07/01/2036		1,000		1,024
Series C, GO, 4.00%, 07/01/2038		1,860		1,885
Series C, GO, 5.00%, 07/01/2026		2,285		2,352
Los Angeles Unified School District, Election 2008, Series B1, GO, BAM, 5.00%, 07/01/2029		100		106
Los Angeles Unified School District, Sustainability Bonds, Series QRR, GO, 5.00%, 07/01/2026		550		566
Marin Municipal Water District, Subordinate, Rev., 4.00%, 06/15/2045		3,500		3,386
Metropolitan Water District of Southern California,
Rev., 5.00%, 07/01/2037 (z)		550		603
Rev., 5.00%, 01/01/2038		3,015		3,169
Natomas Unified School District,
Series A, GO, AGM, 4.00%, 08/01/2045		7,740		7,396
Series A, GO, AGM, 4.00%, 08/01/2049		2,655		2,528
New Hampshire Business Finance Authority, Rev., 0.00%, 07/20/2039 (z)		7,984		7,687
Norman Y Mineta San Jose International Airport SJC,
Series A, Rev., BAM, AMT, 4.00%, 03/01/2034		3,875		3,858

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
Series A, Rev., AMT, 5.00%, 03/01/2027		1,480		1,525
Series A, Rev., AMT, 5.00%, 03/01/2031		1,000		1,066
Series A, Rev., AMT, 5.00%, 03/01/2032		2,000		2,125
Series A, Rev., AMT, 5.00%, 03/01/2036		1,160		1,176
Northern California Energy Authority, Rev., 5.00%, 12/01/2054 (z)		2,000		2,115
Norwalk-La Mirada Unified School District, Series D, GO, 3.00%, 08/01/2043		2,000		1,600
Norwalk-La Mirada Unified School District, Election 2014, Series E, GO, 3.00%, 08/01/2050		10,000		7,484
Oakland Unified School District, Election Of 2020,
Series A, GO, AGM, 5.00%, 08/01/2037		1,850		2,054
Series A, GO, AGM, 5.25%, 08/01/2041		1,410		1,550
Oakland Unified School District/Alameda County, Election Of 2012, Series A, GO, AGM, 4.00%, 08/01/2034		1,000		1,006
Ontario International Airport Authority, Series A, Rev., AGM, 5.00%, 05/15/2046		1,500		1,580
Orange County Community Facilities District, District No. 2021-1 Rienda, Series A, Special Tax, 5.00%, 08/15/2033		300		321
Oxnard Union High School District, Series B, GO, 5.00%, 08/01/2045		3,000		3,088
Palo Alto Unified School District, Capital Appreciation Election Of 2008, GO, Zero Coupon, 08/01/2032		15,385		12,040
Palomar Health, Rev., 5.00%, 11/01/2039		4,000		3,335
Palomar Health, Capital Appreciation, Electric of 2004,
Series A, GO, AGC, Zero Coupon, 08/01/2028		500		435
Series A, GO, AGC, Zero Coupon, 08/01/2031		330		250
Peralta Community College District,
GO, 5.00%, 08/01/2035 (w)		750		860
GO, 5.00%, 08/01/2036 (w)		1,455		1,650
GO, 5.25%, 08/01/2037		2,000		2,245
Peralta Community College District, Election 2018, Series C1, GO, 5.00%, 08/01/2026 (w)		6,170		6,355
Pittsburg Public Financing Authority, Series A, Rev., AGM, 4.13%, 08/01/2047		1,400		1,369
Port of Oakland,
Rev., AMT, 5.00%, 05/01/2027 (p)		2,500		2,582
Rev., AMT, 5.00%, 05/01/2028 (p)		4,275		4,474
Rev., AMT, 5.00%, 05/01/2029		980		1,035
Rancho Mirage Community Facilities District, Special Tax, 5.00%, 09/01/2049		1,000		1,012
Regents of the University of California Medical Center Pooled Revenue, Series L, Rev., 4.00%, 05/15/2037		2,650		2,650
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Special Tax, AGM, 5.25%, 09/01/2052		1,085		1,132
Sacramento City Unified School District, GO, BAM, 5.00%, 07/01/2031		525		584
Sacramento Municipal Utility District, Electric, Series H, Rev., 4.00%, 08/15/2040		2,000		2,003
San Bernardino Community College District, Election of 2018, Series A, GO, 3.00%, 08/01/2041 (p)		2,000		2,015
San Diego Community College District, GO, 4.00%, 08/01/2032 (p)		2,910		2,968
San Diego County Regional Airport Authority, Rev., AMT, 5.00%, 07/01/2053		2,500		2,537
San Diego County Regional Airport Authority Subordinate, Series B, Rev., AMT, 4.00%, 07/01/2035		2,915		2,887
San Diego County Regional Airport Authority, Subordinated, Series B, Rev., AMT, 5.00%, 07/01/2031		775		796
San Diego Unified School District, Series K2, GO, Zero Coupon, 07/01/2038		2,045		1,141
San Diego Unified School District, Election 2008, Series E, GO, Zero Coupon, 07/01/2034		1,250		890
San Diego Unified School District, Election 2012, Series I, GO, 4.00%, 07/01/2047		8,000		7,614

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
San Diego Unified School District, Election Of 2008,
Series SR-3A, GO, 5.00%, 07/01/2034		500		575
Series SR-3A, GO, 5.00%, 07/01/2035		500		573
San Dieguito School Facilities Financing Authority, Special Tax, 5.00%, 03/01/2031		1,030		1,086
San Francisco Bay Area Rapid Transit District Sales Tax Revenue, Series A, Rev., 4.00%, 07/01/2037		2,350		2,358
San Francisco Bay Area Rapid Transit District, Election 2004, Green Bond, GO, 5.00%, 08/01/2036		1,875		1,950
San Francisco Bay Area Rapid Transit District, Green Bonds, Series C1, GO, 4.00%, 08/01/2032		1,000		1,039
San Francisco Bay Area Rapid Transit District, Sustainable Bond Transit District, GO, 3.00%, 08/01/2037		2,495		2,230
San Francisco City & County Airport Commission - San Francisco International Airport, Rev., AMT, 5.25%, 05/01/2040		3,000		3,201
San Francisco City & County Airport Commission-San Francisco International Airport,
Series H, Rev., AMT, 5.00%, 05/01/2025		1,500		1,502
Series H, Rev., AMT, 5.00%, 05/01/2028		3,000		3,139
San Francisco City & County Airport Commission-San Francisco International Airport, Unrefunded, Rev., AMT, 5.00%, 05/01/2027		775		801
San Francisco City & County Airport Comm-San Francisco International Airport,
Rev., AMT, 5.00%, 05/01/2046		5,000		5,000
Rev., AMT, 5.25%, 05/01/2042		6,895		6,992
Rev., AMT, 5.25%, 05/01/2044		5,645		5,875
Series A, Rev., AMT, 5.00%, 05/01/2025		2,000		2,003
Series A, Rev., AMT, 5.00%, 05/01/2027		3,000		3,102
Series A, Rev., AMT, 5.00%, 05/01/2030		2,000		2,128
Series A, Rev., AMT, 5.00%, 05/01/2032		2,000		2,128
Series A, Rev., AMT, 5.50%, 05/01/2055		5,770		6,187
Series C, Rev., 5.00%, 05/01/2046		1,920		1,939
Series H, Rev., AMT, 5.00%, 05/01/2027		5,500		5,686
San Francisco City & County Public Utilities Commission Wastewater Revenue, Rev., 4.00%, 10/01/2039		1,325		1,313
San Francisco City & County Public Utilities Commission Wastewater Revenue, Green Bonds, Series C, Rev., 4.00%, 10/01/2048 (z)		2,290		2,380
San Francisco City & County Redevelopment Agency Successor Agency, Community Facilities No. 6 Mission Bay,
Special Tax, AGM, 5.00%, 08/01/2036		1,000		1,106
Special Tax, AGM, 5.25%, 08/01/2037		1,000		1,122
Special Tax, AGM, 5.25%, 08/01/2038		1,000		1,116
San Jacinto Unified School District, Election 2016, GO, 4.00%, 08/01/2042		2,580		2,567
San Joaquin Hills Transportation Corridor Agency, Junior Lien,
Series B, Rev., 5.25%, 01/15/2044		2,590		2,591
Series B, Rev., 5.25%, 01/15/2049		2,535		2,535
San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Rev., 4.00%, 01/15/2034		3,000		3,067
San Joaquin Valley Clean Energy Authority, Sustainable Bonds, Rev., 5.50%, 01/01/2056 (z)		7,475		8,339
San Jose Unified School District, Taxable, GO, 1.01%, 08/01/2027		1,700		1,586
San Mateo County Community College District, Capital Appreciation Election 2005, Series B, GO, NATL, Zero Coupon, 09/01/2035		1,955		1,331

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
South San Francisco Public Facilities Financing Authority, Multiple Capital Projects at Orange Memorial Park, Rev., 5.25%, 06/01/2046		1,000		1,058
Southern California Public Power Authority, Rev., 5.00%, 04/01/2055 (z)		18,320		19,225
Southern California Public Power Authority, Apex Power Project, Series A, Rev., 5.00%, 07/01/2033		500		553
Southern California Public Power Authority, Green Bond Milford Wind Co., Rev., 5.00%, 07/01/2025		250		251
Southern California Public Power Authority, Southern Transmission System, Rev., 5.00%, 07/01/2053		500		514
State of California,
GO, 3.00%, 11/01/2040		500		434
GO, 4.00%, 09/01/2028		2,060		2,134
GO, 4.00%, 11/01/2041		1,000		987
GO, 5.00%, 04/01/2027		145		151
GO, 5.00%, 09/01/2027		2,000		2,100
GO, 5.00%, 04/01/2028		1,000		1,061
GO, 5.00%, 09/01/2028		2,105		2,249
GO, 5.00%, 04/01/2029		80		86
GO, 5.00%, 09/01/2029		1,000		1,082
GO, 5.00%, 11/01/2029		8,215		8,909
GO, 5.00%, 08/01/2032		1,225		1,370
GO, 5.00%, 09/01/2034		3,335		3,540
GO, 5.00%, 10/01/2047		500		505
State of California, Bidding Group A, GO, 5.00%, 09/01/2027		3,000		3,150
State of California, Taxable, GO, 4.60%, 04/01/2038		16,000		15,309
State of California, Taxable Bidding Group A, GO, 1.75%, 10/01/2028		5,000		4,606
State of California, Taxable Group B, GO, 5.50%, 10/01/2025		9,000		9,055
State of California, Various Purpose,
GO, 4.00%, 09/01/2031		1,000		1,009
GO, 4.00%, 11/01/2033		3,550		3,596
GO, 4.00%, 10/01/2035		1,885		1,932
GO, 4.00%, 10/01/2036		8,850		8,983
GO, 4.00%, 10/01/2037		6,000		6,067
GO, 5.00%, 04/01/2031		1,000		1,107
GO, 5.00%, 03/01/2034		1,455		1,567
GO, 5.00%, 04/01/2035		1,000		1,063
State of California, Veterans Bonds, GO, 5.00%, 12/01/2031		5,500		5,507
Stockton Unified School District, Series B, GO, AGM, 5.00%, 08/01/2031		5,000		5,633
Tejon Ranch Public Facilities Finance Authority,
Special Tax, 5.00%, 09/01/2038		1,000		1,052
Special Tax, 5.00%, 09/01/2042		615		635
Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization,
Rev., 5.00%, 06/01/2027		750		772
Rev., 5.00%, 06/01/2028		750		780
University of California,
Rev., 5.00%, 05/15/2031		2,000		2,238
Series BM, Rev., 5.00%, 05/15/2029		1,665		1,810
Series BN, Rev., 5.00%, 05/15/2037		1,000		1,110
Series BN, Rev., 5.00%, 05/15/2038		5,000		5,499

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
California — continued
Series BT, Rev., 5.00%, 05/15/2026		4,000		4,107
Series CC, Rev., 5.00%, 05/15/2036		3,000		3,421
Series CC, Rev., 5.00%, 05/15/2042		2,250		2,455
Series CC, Rev., 5.00%, 05/15/2043		2,500		2,714
University of California, Limited Project,
Series M, Rev., 4.00%, 05/15/2047		1,300		1,248
Series M, Rev., 5.00%, 05/15/2034		1,500		1,556
University of California, Limited Project Bonds, Series Q, Rev., 4.00%, 05/15/2040		1,000		997
University of California, Limited Project Revenue Bonds, Series Q, Rev., 5.00%, 05/15/2032		350		389
Upper Santa Clara Valley Joint Powers Authority,
Series A, Rev., 4.00%, 08/01/2045		1,500		1,445
Series A, Rev., 4.00%, 08/01/2050		2,000		1,911
Victor Valley Union High School District, Series B, GO, AGM, 4.00%, 08/01/2036		1,270		1,275
West Contra Costa Healthcare District, Special Tax, 5.00%, 07/01/2027		805		847
William S Hart Union High School District, Capital Appreciation Election 2001, Series B, GO, AGM, Zero Coupon, 09/01/2025		1,960		1,936
				1,007,817
Colorado — 3.3%
Adams & Weld Counties School District No. 27J Brighton, GO, 5.00%, 12/01/2042		1,000		1,025
Aerotropolis Regional Transportation Authority,
Rev., 4.25%, 12/01/2041		500		454
Rev., 5.50%, 12/01/2044 (e)		2,500		2,547
Alpine Mountain Ranch Metropolitan District Special Improvement District No. 1, Special Assessment, 4.00%, 12/01/2040		500		453
Baseline Metropolitan District No. 1,
GO, AGC, 4.00%, 12/01/2046		2,000		1,860
GO, AGC, 5.00%, 12/01/2049		1,970		2,039
Board of Water Commissioners City & County of Denver, Green Bond, Series A, Rev., 4.00%, 09/15/2042		2,180		2,074
Brighton Crossing Metropolitan District No. 6, Series A, GO, 5.00%, 12/01/2035		525		528
Castle Oaks Metropolitan District No. 3, GO, AGM, 4.00%, 12/01/2026		220		223
Centennial Water & Sanitation District, Rev., 5.00%, 12/01/2053		2,750		2,881
Centerra Metropolitan District No. 1, Rev., 6.50%, 12/01/2053		500		510
City & County of Denver Airport System Revenue,
Series A, Rev., AMT, 5.00%, 11/15/2026		3,500		3,593
Series A, Rev., AMT, 5.00%, 11/15/2027		3,000		3,125
Series A, Rev., AMT, 5.00%, 11/15/2028		1,000		1,051
Series A, Rev., AMT, 5.00%, 11/15/2029		1,000		1,059
Series A, Rev., AMT, 5.00%, 12/01/2030		3,000		3,203
Series A, Rev., AMT, 5.00%, 12/01/2038		2,000		2,043
Series A, Rev., AMT, 5.00%, 11/15/2047		13,500		13,722
Series A, Rev., AMT, 5.50%, 11/15/2053		4,000		4,207
Series B2, Rev., AMT, 5.00%, 11/15/2031 (z)		1,000		1,008
Series B, Rev., 5.25%, 11/15/2053		4,775		5,034
Series D, Rev., AMT, 5.75%, 11/15/2040		4,750		5,229
Series D, Rev., AMT, 5.75%, 11/15/2041		3,000		3,279
Series D, Rev., AMT, 5.75%, 11/15/2045		11,050		11,955
City & County of Denver Airport System Revenue, Subordinate,
Series B, Rev., AMT, 5.00%, 11/15/2029		3,250		3,441

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Colorado — continued
Series B, Rev., AMT, 5.00%, 11/15/2030		6,215		6,633
Series B, Rev., AMT, 5.00%, 11/15/2031		4,250		4,553
Series B, Rev., AMT, 5.50%, 11/15/2037		700		769
City & County of Denver Airport System Revenue, Subordinated,
Series A, Rev., AMT, 5.00%, 12/01/2027		5,840		6,068
Series A, Rev., AMT, 5.00%, 12/01/2034		2,510		2,593
Series A, Rev., AMT, 5.00%, 12/01/2043		3,000		3,013
City & County of Denver CO Airport System Revenue, Rev., AMT, 4.13%, 11/15/2053		5,000		4,440
City & County of Denver Dedicated Excise Tax Revenue, Series A, Rev., 4.00%, 08/01/2051		9,925		9,054
Colorado Bridge & Tunnel Enterprise, Rev., 5.00%, 12/01/2036		1,500		1,688
Colorado Bridge & Tunnel Enterprise, Senior Infrastructure, Series A, Rev., AGM, 5.25%, 12/01/2049		2,330		2,504
Colorado Bridge Enterprise, Rev., AMT, 4.00%, 06/30/2051		1,500		1,284
Colorado Bridge Enterprise, Central 70 Project,
Rev., AMT, 4.00%, 12/31/2025		1,000		1,003
Rev., AMT, 4.00%, 12/31/2030		1,505		1,498
Colorado Educational & Cultural Facilities Authority, Aspen View Academy Project,
Rev., 4.00%, 05/01/2036		175		165
Rev., 4.00%, 05/01/2041		175		155
Colorado Health Facilities Authority,
Rev., 4.00%, 11/15/2048		9,000		7,849
Rev., 4.00%, 05/15/2052		11,610		10,288
Rev., 5.00%, 05/15/2054		33,325		34,255
Rev., 5.00%, 11/15/2059 (z)		2,000		2,145
Colorado Health Facilities Authority, AdventHealth Obligated Group,
Rev., 3.00%, 11/15/2051		9,790		7,153
Rev., 4.00%, 11/15/2038		2,000		1,965
Rev., 5.00%, 11/15/2038		1,000		1,063
Colorado Health Facilities Authority, Adventist Health System, Rev., 5.00%, 11/15/2036 (z)		1,295		1,334
Colorado Health Facilities Authority, Adventist Health System Sunbelt, Rev., 5.00%, 11/15/2041		4,000		4,036
Colorado Health Facilities Authority, Children’s Hospital, Series C, Rev., 5.00%, 12/01/2030		1,000		1,018
Colorado Health Facilities Authority, Commonspirit Health,
Rev., 5.25%, 11/01/2052		2,710		2,806
Series A1, Rev., 5.00%, 08/01/2027		1,025		1,069
Series A1, Rev., 5.00%, 08/01/2034		1,240		1,301
Series A2, Rev., 5.00%, 08/01/2028		2,215		2,345
Series A2, Rev., 5.00%, 08/01/2044		20,440		20,631
Series A, Rev., 5.00%, 12/01/2034		5,680		6,227
Colorado Health Facilities Authority, Covenant Living Communities, Rev., 5.00%, 12/01/2035 (w)		750		815
Colorado Health Facilities Authority, Improvement Bonds Christian Living Communities, Rev., 4.00%, 01/01/2042		500		441
Colorado Health Facilities Authority, Intermountain Healthcare, Rev., 5.00%, 05/15/2052		2,500		2,575
Colorado Health Facilities Authority, Sanford Health, Series A, Rev., 4.00%, 11/01/2039		3,400		3,318
Colorado Health Facilities Authority, SCL Health System, Series A, Rev., 5.00%, 01/01/2030		1,175		1,266
Colorado High Performance Transportation Enterprise, C-470 Express Lanes, Rev., 5.00%, 12/31/2056		1,000		973
Colorado Housing and Finance Authority, Series H, Rev., GNMA COLL, 3.00%, 05/01/2050		1,435		1,417

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Colorado — continued
Colorado Housing and Finance Authority, Class III Bonds Sustainable Bond, Rev., GNMA COLL, 6.50%, 05/01/2054		650		716
Colorado Housing and Finance Authority, Social Bonds,
Series E, Rev., GNMA, 3.00%, 11/01/2051		2,060		2,026
Series H, Rev., GNMA, 3.00%, 11/01/2051		910		892
Series I, Rev., GNMA COLL, 6.00%, 05/01/2053		1,310		1,417
Series L, Rev., GNMA COLL, 3.25%, 11/01/2051		1,425		1,406
Colorado Housing and Finance Authority, Sustainable Bond, Rev., GNMA/FNMA/FHLMC, 5.75%, 11/01/2054		4,255		4,632
Colorado Housing and Finance Authority, Wintergreen Ridge Apartments Project, Rev., 4.00%, 05/01/2041 (z)		80		80
Colorado Science and Technology Park Metropolitan District No. 1, Series B, Rev., AGM, 4.75%, 12/15/2054		1,000		1,006
Copperleaf Metropolitan District No. 2, GO, BAM, 4.00%, 12/01/2025		470		473
Crystal Valley, Metropolitan District No. 2,
Series A, GO, AGM, 5.00%, 12/01/2028		500		533
Series A, GO, AGM, 5.00%, 12/01/2030		360		393
Dawson Trails Metropolitan District No. 1, GO, Zero Coupon, 12/01/2031		6,740		3,919
Denver City & County, School District No. 1, GO, 5.00%, 12/01/2029		1,000		1,033
Denver Convention Center Hotel Authority, Senior, Rev., 5.00%, 12/01/2036		1,320		1,319
Denver Urban Renewal Authority, Senior Subordinated Stapleton, Series B, Tax Allocation, 5.00%, 12/01/2025		500		507
E-470 Public Highway Authority, Rev., 5.00%, 09/01/2040		1,550		1,684
E-470 Public Highway Authority, Capital Appreciation, Series A, Rev., NATL, Zero Coupon, 09/01/2027		1,250		1,155
E-470 Public Highway Authority, Capital Appreciation School Reform, Series B, Rev., NATL, Zero Coupon, 09/01/2030		290		239
E-470 Public Highway Authority, Senior,
Series A, Rev., 5.00%, 09/01/2027		1,000		1,048
Series A, Rev., 5.00%, 09/01/2028		1,000		1,066
Falcon Area Water & Wastewater Authority, Series A, Rev., 6.75%, 12/01/2034 (e)		3,000		2,903
Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork, GO, 4.00%, 12/15/2034 (p)		2,000		2,018
Jefferson Center Metropolitan District No. 1,
Series A2, Rev., 4.13%, 12/01/2040		575		528
Series A2, Rev., 4.38%, 12/01/2047		795		730
Jefferson County School District, Series R1, GO, 5.00%, 12/15/2031		2,000		2,124
Jefferson County School District No. R-1, GO, 4.00%, 12/15/2032		1,500		1,557
Kremmling Memorial Hospital District, COP, 6.13%, 12/01/2044 (e)		3,850		3,655
Mesa County School District No. 50, GO, 5.50%, 12/01/2049		1,835		1,981
Mesa County Valley School District No. 51 Grand Junction, GO, 5.25%, 12/01/2042		2,705		2,973
Metro Water Recovery,
Series A, Rev., 5.00%, 04/01/2028		1,200		1,276
Series A, Rev., 5.00%, 04/01/2029		830		896
Mirabelle Metropolitan District No. 2, Senior,
Series A, GO, AGC, 5.00%, 12/01/2035		600		644
Series A, GO, AGC, 5.00%, 12/01/2037		500		535
Park Creek Metropolitan District, Senior, Series A, Rev., AGM, 5.00%, 12/01/2043		1,500		1,560
Peak Metropolitan District No. 3, GO, 0.00%, 12/01/2042		3,950		2,644

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Colorado — continued
Public Authority for Colorado Energy, Rev., 6.50%, 11/15/2038		6,000		7,057
Pueblo Urban Renewal Authority, EVRAZ Project Tax, Increment, Tax Allocation, 4.75%, 12/01/2045 (e)		635		546
Redtail Ridge Metropolitan District, GO, Zero Coupon, 12/01/2032		4,000		2,348
Regional Transportation District Sales Tax Revenue, Fastracks Project, Series A, Rev., 5.00%, 11/01/2033		1,000		1,131
Regional Transportation District, Denver Transit Partners Eagle,
Series A, Rev., 5.00%, 07/15/2026		575		586
Series A, Rev., 5.00%, 01/15/2027		1,000		1,027
Series A, Rev., 5.00%, 01/15/2032		1,470		1,555
Riverpark Metropolitan District/Arapahoe County, GO, 6.00%, 12/01/2042		1,150		1,158
Siena Lake Metropolitan District, GO, 3.75%, 12/01/2041		500		394
South Suburban Park & Recreation District, COP, 4.00%, 12/15/2036		1,350		1,360
Spring Valley Metropolitan District No. 3, Series A, GO, 5.00%, 12/01/2049		2,026		1,903
State of Colorado,
COP, 4.00%, 12/15/2040		1,600		1,557
COP, 6.00%, 12/15/2041		15,000		17,153
Series A, COP, 4.00%, 12/15/2039		1,500		1,462
Series A, COP, 5.00%, 12/15/2029		1,000		1,084
Series L, COP, 5.00%, 03/15/2028		1,000		1,057
State of Colorado, Health Sciences Facilities,
COP, 5.00%, 11/01/2042		2,365		2,525
COP, 5.00%, 11/01/2053		1,500		1,555
Sterling Ranch Community Authority Board, Senior, Rev., 6.50%, 12/01/2054		1,000		1,026
Sterling Ranch Community Authority Board, Special Improvement District No. 1, Special Assessment, 5.63%, 12/01/2043		1,288		1,312
Sterling Ranch Metropolitan District No. 1, GO, 5.00%, 12/01/2040		500		476
Sunset Parks Metropolitan District, Series A, GO, 5.13%, 12/01/2054 (e)		800		780
The Canyons Metropolitan District No. 5,
Series A, GO, BAM, 5.00%, 12/01/2035		640		706
Series A, GO, BAM, 5.00%, 12/01/2049		2,875		2,991
Series A, GO, BAM, 5.25%, 12/01/2059		7,725		8,136
Trails at Crowfoot Metropolitan District No. 3, GO, AGC, 4.25%, 12/01/2054		1,500		1,384
University of Colorado, Series B1, Rev., 4.00%, 06/01/2034 (p)		4,000		4,053
University of Colorado Hospital Authority,
Rev., VRDO, 3.75%, 04/01/2025 (z)		8,000		8,000
Rev., 5.00%, 11/15/2031		2,665		2,937
University of Colorado, University Enterprise,
Rev., 2.00%, 06/01/2051 (z)		4,000		3,943
Verve Metropolitan District No. 1, GO, 5.00%, 12/01/2036		1,500		1,383
Village Metropolitan District (The), GO, 4.15%, 12/01/2030		380		376
Villages at Johnstown Metropolitan District No. 3, Senior Bond, Series A, GO, 5.00%, 12/01/2040		585		551
Waterview II Metropolitan District, GO, 5.00%, 12/01/2041		1,250		1,235
Weld County School District No. RE-4,
GO, 5.00%, 12/01/2029		1,100		1,197
GO, 5.00%, 12/01/2031		1,000		1,114
GO, 5.25%, 12/01/2047		5,000		5,316
Windler Public Improvement Authority, Series A1, Rev., 4.00%, 12/01/2036		2,565		2,280

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Colorado — continued
Windy Gap Firming Project Water Activity Enterprise, Windy Gap Firming Project, Rev., 5.00%, 07/15/2051		5,000		5,155
				389,630
Connecticut — 1.4%
City of Bridgeport, Series A, GO, 4.00%, 06/01/2039		250		248
Connecticut Housing Finance Authority, Social Bonds,
Series A1, Rev., 3.50%, 11/15/2051		55		54
Series B, Rev., 4.50%, 11/15/2043		2,725		2,663
Connecticut Housing Finance Authority, Sustainable Bond, Housing Mortgage Finance,
Rev., 5.13%, 11/15/2043		5,000		5,163
Rev., 6.25%, 05/15/2054		4,735		5,132
Connecticut Housing Finance Authority, Sustainable Bonds, Rev., GNMA/FNMA/FHLMC, 4.45%, 11/15/2044		10,000		9,754
Connecticut State Health & Educational Facilities Authority,
Series 2017 B1, Rev., 5.00%, 07/01/2029		4,845		5,273
Series A, Rev., 2.80%, 07/01/2048 (z)		2,000		1,993
Connecticut State Health & Educational Facilities Authority, Connecticut Children’s Medical Center, Rev., 5.25%, 07/15/2048		4,575		4,831
Connecticut State Health & Educational Facilities Authority, Hartford Healthcare Project,
Series A, Rev., 5.00%, 07/01/2026		555		568
Series A, Rev., 5.00%, 07/01/2033		565		598
Connecticut State Health & Educational Facilities Authority, Quinnipiac University Issue, Rev., 5.00%, 07/01/2048		3,000		3,087
Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issue,
Rev., 4.00%, 07/01/2035		1,000		992
Rev., 4.00%, 07/01/2038		2,500		2,420
Rev., 4.00%, 07/01/2041		2,250		2,096
Rev., 5.00%, 07/01/2030		865		926
Connecticut State Health & Educational Facilities Authority, Yale University, Series A, Rev., VRDO, 3.25%, 04/01/2025 (z)		45,000		45,000
Connecticut State Higher Education Supplement Loan Authority, Rev., AMT, 4.13%, 11/15/2040		2,315		2,201
Connecticut State Higher Education Supplement Loan Authority, CHESLA Loan Program, Series B, Rev., AMT, 5.00%, 11/15/2030		495		517
Connecticut State, Health & Educational Facilities Authority, Sacred Heart University,
Series K, Rev., 4.00%, 07/01/2045		4,625		4,193
Series K, Rev., 5.00%, 07/01/2037		950		1,000
Connecticut State, Health & Educational Facilities Authority, Yale University, Series C1, Rev., 5.00%, 07/01/2040 (z)		2,150		2,277
Stamford Housing Authority, Mozaic Concierge Living Project,
Rev., 4.25%, 10/01/2030 (w)		5,000		5,008
Rev., 6.00%, 10/01/2040 (w)		1,750		1,802
State of Connecticut,
Series 2021A, GO, 3.00%, 01/15/2026		5,000		5,001
Series 2021A, GO, 3.00%, 01/15/2032		2,250		2,147
Series 2021A, GO, 3.00%, 01/15/2033		500		473
Series 2021A, GO, 4.00%, 01/15/2028		3,500		3,606
Series A, GO, 4.00%, 03/15/2032		850		850
Series B, GO, 5.00%, 08/01/2033		1,750		1,973

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Connecticut — continued
Series C, GO, 5.00%, 06/15/2037		40		43
Series F, GO, 5.00%, 11/15/2025		5,000		5,069
State of Connecticut Special Tax Revenue,
Series A, Rev., 5.00%, 07/01/2028		500		533
Series A, Rev., 5.00%, 05/01/2035		500		543
Series A, Rev., 5.25%, 07/01/2042		10,000		10,784
Series B, Rev., 5.00%, 07/01/2030		1,500		1,645
Series D, Rev., 4.00%, 11/01/2038		3,500		3,512
Series D, Rev., 5.00%, 11/01/2028		1,480		1,587
Series D, Rev., 5.00%, 11/01/2033		1,675		1,843
State of Connecticut Special Tax Revenue, Transportation Infrastructure Purposes, Rev., 5.00%, 07/01/2043		4,740		5,051
State of Connecticut, Social Bonds, Series F, GO, 5.00%, 11/15/2041		1,525		1,627
State of Connecticut, Special Tax Obligation Bonds, Rev., 5.00%, 05/01/2040		300		315
State of Connecticut, Sustainable Bond,
Series B, GO, 4.00%, 01/15/2041		1,000		986
Series B, GO, 5.00%, 01/15/2040		1,000		1,081
Steel Point Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation, 4.00%, 04/01/2036 (e)		195		189
Town of Hamden,
GO, BAM, 4.00%, 08/15/2027		535		546
GO, BAM, 5.00%, 08/15/2029		575		617
GO, BAM, 5.00%, 08/15/2031		500		547
Series A, GO, BAM, 5.00%, 08/01/2032		2,255		2,431
University of Connecticut,
Series A, Rev., 5.00%, 01/15/2037		3,000		3,062
Series A, Rev., 5.00%, 08/15/2039		650		710
Series A, Rev., 5.00%, 08/15/2040		860		937
				165,504
Delaware — 0.2%
County of Kent DE, Rev., 5.00%, 07/01/2033		1,190		1,208
Delaware State Economic Development Authority, NRG Energy Project, Rev., 1.25%, 10/01/2045 (z)		4,065		4,007
Delaware State Health Facilities Authority, Beebe Medical Center, Rev., 5.00%, 06/01/2050		2,250		2,161
Delaware State Health Facilities Authority, Christiana Health Care System, Rev., 5.00%, 10/01/2039		5,345		5,563
Delaware Transportation Authority, Rev., 5.00%, 07/01/2033		2,265		2,461
Delaware Transportation Authority, Garvee, Rev., 5.00%, 09/01/2025		1,000		1,009
State of Delaware,
GO, 2.00%, 02/01/2036		6,910		5,329
GO, 4.00%, 02/01/2031		1,000		1,033
GO, 5.00%, 02/01/2028		5,020		5,332
GO, 5.00%, 02/01/2031		85		95
				28,198
District of Columbia — 1.7%
District of Columbia,
GO, 5.00%, 12/01/2030		1,070		1,179
GO, 5.00%, 12/01/2031		2,210		2,463

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
District of Columbia — continued
Rev., 5.00%, 06/01/2040		1,725		1,672
Series A, Rev., 4.00%, 03/01/2037		2,000		1,975
Series A, Rev., 4.00%, 03/01/2040		10,000		9,764
Series A, GO, 5.00%, 01/01/2027		475		494
Series A, Rev., 5.00%, 03/01/2031		1,500		1,617
Series A, GO, 5.00%, 01/01/2038		1,000		1,084
Series A, GO, 5.00%, 01/01/2040		2,400		2,575
Series B, GO, 5.00%, 06/01/2025		1,000		1,003
Series C, Rev., 4.00%, 05/01/2039		2,500		2,503
Series C, Rev., 4.00%, 05/01/2045		5,000		4,621
Series D, GO, 5.00%, 02/01/2028		820		868
Series D, GO, 5.00%, 02/01/2029		70		75
Series E, GO, 5.00%, 06/01/2025		2,000		2,007
Series E, GO, 5.00%, 02/01/2028		110		116
District of Columbia Housing Finance Agency, Rev., 5.00%, 12/01/2028 (z)		225		235
District of Columbia Housing Finance Agency, Belmont Crossing Phase II, Rev., 5.00%, 03/01/2029 (z)		330		346
District of Columbia Income Tax Revenue,
Series A, Rev., 5.00%, 10/01/2037		2,000		2,199
Series A, Rev., 5.00%, 05/01/2038		1,450		1,571
Series A, Rev., 5.00%, 05/01/2039		2,000		2,155
District of Columbia Water & Sewer Authority,
Rev., VRDO, 3.70%, 04/01/2025 (z)		20,000		20,000
Rev., 4.00%, 10/01/2041		1,525		1,440
District of Columbia Water & Sewer Authority, Green Bond Subordinate, Series A, Rev., 5.00%, 10/01/2038		1,010		1,062
District of Columbia Water & Sewer Authority, Subordinate, Series C1, Rev., 5.00%, 10/01/2031		2,000		2,226
District of Columbia, Latin American Montessori, Rev., 4.00%, 06/01/2030		655		640
District of Columbia, National Child Research Center, Rev., VRDO, LOC: Truist Bank, 4.00%, 04/07/2025 (z)		2,085		2,085
District of Columbia, National Public Radio,
Rev., 4.00%, 04/01/2032 (p)		1,500		1,518
Rev., 5.00%, 04/01/2028 (p)		270		276
Rev., 5.00%, 04/01/2029 (p)		275		281
Metropolitan Washington Airports Authority,
Rev., AMT, 5.00%, 10/01/2026		1,335		1,369
Rev., AMT, 5.00%, 10/01/2029		2,000		2,064
Series A, Rev., AMT, 5.00%, 10/01/2027		1,515		1,576
Metropolitan Washington Airports Authority Aviation Revenue,
Rev., AMT, 4.00%, 10/01/2051		2,500		2,185
Rev., AMT, 5.00%, 10/01/2027		1,000		1,040
Rev., AMT, 5.00%, 10/01/2030		3,845		4,085
Rev., AMT, 5.00%, 10/01/2044		3,500		3,574
Series A, Rev., AMT, 5.00%, 10/01/2025		450		454
Series A, Rev., AMT, 5.00%, 10/01/2028		4,880		5,123
Series A, Rev., AMT, 5.00%, 10/01/2030		1,000		1,062
Series A, Rev., AMT, 5.00%, 10/01/2032		5,000		5,289
Series A, Rev., AMT, 5.25%, 10/01/2039		1,135		1,202

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
District of Columbia — continued
Series A, Rev., AMT, 5.25%, 10/01/2048		7,000		7,210
Metropolitan Washington Airports Authority Aviation Revenue, Airport System,
Series A, Rev., AMT, 5.00%, 10/01/2033		3,000		3,122
Series A, Rev., AMT, 5.00%, 10/01/2049		5,000		5,034
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Dulles Metrorail & Capital, Rev., AGM, 4.00%, 10/01/2052		10,000		8,929
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Subordinated Dulles Metrorail, Rev., AGM, 4.00%, 10/01/2053		1,965		1,722
Metropolitan Washington Airports Authority, Aviation Revenue, Series A, Rev., AMT, 5.00%, 10/01/2033		3,205		3,361
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue Subordinated Lien Dulles Metrorail, Series B, Rev., 4.00%, 10/01/2049		2,000		1,801
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, Series C, Rev., AGC, 6.50%, 10/01/2041 (p)		350		369
Washington Convention & Sports Authority,
Series A, Rev., 4.00%, 10/01/2034		1,015		1,026
Series A, Rev., 5.00%, 10/01/2033		1,000		1,069
Washington Convention & Sports Authority, Senior Lien, Series B, Tax Allocation, 5.00%, 10/01/2029 (p)		1,000		1,084
Washington Convention and Sports Authority, Dedicated Tax Revenue Prerefunded Refunding Senior Lien, 5.00%, 10/01/2030		690		757
Washington Convention and Sports Authority, Dedicated Tax Revenue Unrefunded Balance Refunding Senior, 5.00%, 10/01/2030		810		880
Washington Metropolitan Area Transit Authority,
Series A, Rev., 5.00%, 07/15/2026		1,650		1,696
Series A, Rev., 5.00%, 07/15/2037		2,000		2,117
Series B, Rev., 5.00%, 07/01/2032		1,115		1,153
Washington Metropolitan Area Transit Authority Dedicated Revenue,
Rev., 5.00%, 07/15/2054		23,750		24,589
Rev., 5.00%, 07/15/2056		8,750		9,053
Rev., 5.25%, 07/15/2059		17,870		18,837
Series A, Rev., 5.00%, 07/15/2025		1,990		2,002
Washington Metropolitan Area Transit Authority Dedicated Revenue, Sustainability Financed Bond, Rev., 5.00%, 07/15/2029		3,000		3,248
Washington Metropolitan Area Transit Authority, Dedicated Revenue, Sustainable Bond, Series A, Rev., BAM, 3.00%, 07/15/2036		5,925		5,307
Washington Metropolitan Area Transit Authority, Green Bond, Series A, Rev., 5.00%, 07/15/2029		1,540		1,667
				205,106
Florida — 5.1%
Alachua County Health Facilities Authority, Oak Hammock at The University of Florida, Inc. Project, Rev., 4.00%, 10/01/2031		615		607
Alachua County Health Facilities Authority, Shands Teaching Hospital & Clinics, Rev., 5.00%, 12/01/2034		2,570		2,701
Ave Maria Stewardship Community District, Phase 3 Master Improvements Project,
Special Assessment, 2.75%, 05/01/2031		420		382
Special Assessment, 3.13%, 05/01/2041		1,775		1,373
Aventura Isles Community Development District,
Special Assessment, 5.00%, 05/01/2034		720		749

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Florida — continued
Special Assessment, 5.00%, 05/01/2043		1,000		989
Babcock Ranch Community Independent Special District,
Special Assessment, 4.00%, 05/01/2052		695		566
Special Assessment, 5.00%, 05/01/2044 (e)		1,000		978
Belmond Reserve Community Development District, 202 Project, Special Assessment, 4.00%, 05/01/2040		345		326
Belmont II Community Development District, 2020 Assessment Area,
Special Assessment, 2.50%, 12/15/2025		5		5
Special Assessment, 3.13%, 12/15/2030		125		119
Boggy Branch Community Development District, Special Assessment, 2.50%, 05/01/2026		100		98
Boggy Creek Improvement District, Series 2013, Special Assessment, 5.13%, 05/01/2043 (e)		1,000		991
Brevard County Health Facilities Authority, Health First Obligated Group, Rev., 5.00%, 04/01/2052		8,235		8,356
Brevard County Health Facilities Authority, Health First, Inc., Rev., 4.00%, 04/01/2036		1,790		1,719
Broward County Housing Finance Authority, Pinnacle 441 Phase 2, Rev., 4.05%, 09/01/2056 (z)		990		997
Broward County Water & Sewer Utility Revenue, Series A, Rev., 4.00%, 10/01/2038		675		679
Capital Projects Finance Authority, Florida University Project, Series A1, Rev., 5.00%, 10/01/2032		1,350		1,404
Capital Projects Finance Authority, IPS Enterprises, Inc. Projects, Rev., 7.00%, 06/15/2030 (e)		4,000		4,121
Capital Projects Finance Authority/FL, Rev., 5.00%, 06/15/2044 (e)		760		737
Capital Trust Agency, Inc., Imagine School at North Manatee, Rev., 5.00%, 06/01/2041 (e)		325		306
Capital Trust Agency, Inc., Lutz Preparatory School, Inc. Project, Series A, Rev., 4.00%, 06/01/2041		300		268
Capital Trust Agency, Inc., Tallahassee Classical School, Rev., 4.00%, 07/01/2036 (e)		1,370		1,065
Capital Trust Agency, Inc., Franklin Academy Project, Rev., 5.00%, 12/15/2050 (e)		2,350		2,152
Capital Trust Authority, Ips Enterprises, Inc., Series A, Rev., 6.00%, 06/15/2043 (e)		4,350		4,497
Central Florida Expressway Authority,
Rev., AGC, 5.00%, 07/01/2032		1,500		1,675
Series D, Rev., 5.00%, 07/01/2029		565		607
Series D, Rev., AGM, 5.00%, 07/01/2034		3,000		3,253
Series D, Rev., AGM, 5.00%, 07/01/2035		10,000		10,812
Central Florida Expressway Authority, Senior Lien,
Rev., AGM, 4.00%, 07/01/2038		3,625		3,652
Rev., AGM, 4.00%, 07/01/2039		1,260		1,268
Centre Lake Community Development District, Special Assessment, 3.00%, 05/01/2042		605		466
Chapel Creek Community Development District, Special Assessment, 3.00%, 05/01/2031 (e)		165		152
Charlotte County Industrial Development Authority, Town & Country Utilities Project, Rev., AMT, 5.00%, 10/01/2049 (e)		2,985		2,911
City of Daytona Beach, Rev., 5.50%, 09/01/2049		5,000		5,424
City of Doral FL, GO, 4.00%, 07/01/2043		3,055		2,925
City of Jacksonville, Baptist Health, Rev., VRDO, 2.87%, 04/07/2025 (z)		11,255		11,255
City of Jacksonville, Brooks Rehabilitation Project,
Rev., 4.00%, 11/01/2034		500		488
Rev., 4.00%, 11/01/2045		1,500		1,369
City of Miami Beach, Arts and Cultural Facilities, Series A, GO, 5.25%, 05/01/2053		5,000		5,276
City of Pompano Beach, John Knox Village Project, Series A, Rev., 4.00%, 09/01/2036		175		164
City of Port St. Lucie Stormwater Utility Revenue, Rev., 4.00%, 05/01/2039		1,075		1,055
City of Tallahassee, Energy System Revenue, Rev., 5.00%, 10/01/2028		2,000		2,145
City of Tallahassee, Tallahassee Memorial Healthcare, Rev., 5.00%, 12/01/2040		3,000		2,863

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Florida — continued
City of Tampa, Baycare, Series A, Rev., 5.00%, 11/15/2046		10,000		10,022
City of Tampa, H. Lee Moffitt Cancer Center, Rev., 5.00%, 07/01/2050		4,000		4,054
Collier County Health Facilities Authority, The Moorings, Inc., Rev., 4.00%, 05/01/2052		145		120
County of Broward Port Facilities Revenue, Rev., AMT, 5.50%, 09/01/2052		3,675		3,827
County of Broward Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 5.00%, 09/01/2031		3,000		3,309
County of Broward, Airport System Revenue,
Rev., AMT, 5.00%, 10/01/2033		655		672
Series A, Rev., AMT, 5.00%, 10/01/2028		800		838
Series A, Rev., AMT, 5.00%, 10/01/2036		2,000		2,064
County of Broward, Port Facilities Revenue, Senior Bond, Series B, Rev., AMT, 4.00%, 09/01/2044		3,000		2,768
County of Broward, Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 4.00%, 09/01/2047		3,000		2,790
County of Hillsborough, Rev., 4.00%, 08/01/2034		4,370		4,501
County of Lee Airport Revenue,
Series B, Rev., AMT, 5.00%, 10/01/2029		180		189
Series B, Rev., AMT, 5.00%, 10/01/2032		2,000		2,118
County of Lee Local Option Gas Tax Revenue, Rev., 5.25%, 08/01/2049		13,000		13,492
County of Miami-Dade Aviation Revenue,
Rev., 5.00%, 10/01/2041		6,000		6,055
Series A, Rev., 5.00%, 10/01/2025		1,250		1,264
Series A, Rev., AMT, 5.00%, 10/01/2030		2,000		2,010
Series A, Rev., 5.00%, 10/01/2031		2,000		2,166
Series A, Rev., AMT, 5.00%, 10/01/2044		2,200		2,220
Series A, Rev., AMT, 5.00%, 10/01/2049		3,250		3,254
Series B, Rev., AMT, 5.00%, 10/01/2040		23,000		23,286
County of Miami-Dade FL Aviation Revenue,
Rev., AMT, 5.00%, 10/01/2027		3,700		3,848
Rev., AMT, 5.00%, 10/01/2029		4,920		5,204
Rev., AMT, 5.00%, 10/01/2035		15,000		15,987
Rev., AMT, 5.00%, 10/01/2036		3,710		3,921
County of Miami-Dade FL Transit System, Rev., 4.00%, 07/01/2035		3,405		3,412
County of Miami-Dade FL Water & Sewer System Revenue,
Rev., 5.00%, 10/01/2041		4,500		4,830
Rev., 5.00%, 10/01/2042		5,000		5,343
County of Miami-Dade Seaport Department, Senior Bonds,
Series A, Rev., AMT, 5.00%, 10/01/2030		1,970		2,083
Series A, Rev., AMT, 5.00%, 10/01/2031		2,975		3,158
Series A, Rev., AMT, 5.00%, 10/01/2033		3,500		3,682
Series A, Rev., AMT, 5.25%, 10/01/2052		2,000		2,051
County of Miami-Dade Seaport Department, Subordinate, Series A1, Rev., AGM, AMT, 4.00%, 10/01/2040		2,675		2,538
County of Miami-Dade Transit System,
Rev., 4.00%, 07/01/2048		5,000		4,463
Series A, Rev., 4.00%, 07/01/2045		2,070		1,910
County of Miami-Dade, Building Better Communities Project, Series A, GO, 4.00%, 07/01/2044		350		328
County of Miami-Dade, Public Health Trust Program, GO, 4.00%, 07/01/2042		3,000		2,885

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Florida — continued
County of Monroe Airport Revenue, Key West International Airport, Series 202, Rev., AMT, 5.00%, 10/01/2052		2,450		2,403
County of Orange Water Utility System Revenue, Rev., 5.00%, 10/01/2028		2,040		2,182
County of Palm Beach, Lynn University Housing Project, Series A, Rev., 5.00%, 06/01/2057 (e)		1,000		901
Currents Community Development District, Series A, Special Assessment, 4.00%, 05/01/2051 (e)		2,000		1,639
Cypress Mill Community Development District, 2023 Project, Special Assessment, 5.00%, 05/01/2053		1,025		991
DG Farms Community Development District, Special Assessment, 3.75%, 05/01/2040		400		350
Duval County Public Schools, Series A, COP, AGM, 5.00%, 07/01/2032		4,750		5,106
Eden Hills Community Development District, Special Assessment, 4.00%, 05/01/2040		300		281
Epperson North Community Development District, Assessment Area, Special Assessment, 2.50%, 05/01/2026		85		84
Epperson Ranch II Community Development District, Assessment Area Two Capital Improvement, Special Assessment, 4.20%, 05/01/2040		1,335		1,216
Everlands II Community Development District, Special Assessment, 5.20%, 06/15/2044		725		709
Florida Development Finance Corp.,
Rev., 5.00%, 06/01/2044 (e)		1,750		1,731
Rev., 5.25%, 06/01/2059 (e)		3,145		3,090
Series A, Rev., 4.00%, 06/01/2030		500		478
Florida Development Finance Corp., Brightline Florida Passenger,
Rev., AMT, 5.00%, 07/01/2041		11,000		10,693
Rev., AGM, AMT, 5.00%, 07/01/2044		7,800		7,826
Rev., AGM, AMT, 5.25%, 07/01/2047		6,050		6,174
Rev., AGM, AMT, 5.25%, 07/01/2053		4,000		4,074
Rev., AMT, 5.50%, 07/01/2053		7,000		7,069
Rev., AMT, 12.00%, 07/15/2032 (e)		3,900		4,136
Florida Development Finance Corp., Brightline Florida Passenger Rail, Rev., AMT, 8.25%, 07/01/2057 (e) (z)		8,290		8,609
Florida Development Finance Corp., Discovery High School Project, Series A, Rev., 4.00%, 06/01/2030 (e)		1,200		1,061
Florida Development Finance Corp., Lakeland Regional Health System, Rev., 4.00%, 11/15/2037		2,400		2,381
Florida Development Finance Corp., Mater Academy Project, Series A, Rev., 5.00%, 06/15/2040		400		401
Florida Development Finance Corp., Tampa General Hospital Project, Rev., 5.25%, 08/01/2055 (e)		4,750		4,846
Florida Development Finance Corp., UF Health Jacksonville Project, Rev., 5.00%, 02/01/2035		1,200		1,241
Florida Development Finance Corp., Waste Pro USA, Inc., Rev., AMT, 5.00%, 05/01/2029 (e)		2,500		2,534
Florida Housing Finance Corp.,
Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055		2,955		3,222
Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052		425		417
Series 3, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 01/01/2054		635		683
Florida Housing Finance Corp., Social Bond, Social Bond, Series 1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052		940		926
Florida Housing Finance Corp., Social Bonds,
Series 1, Rev., GNMA/FNMA/FHLMC, 3.50%, 07/01/2052		825		820
Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051		4,105		4,048

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Florida — continued
Florida Municipal Loan Council, Shingle Creek Transit and Utility Community Development District, Special Assessment, AMT, 5.15%, 05/01/2044		655		658
Florida State Board of Governors Florida International University Dormitory Rev, Series A, Rev., BAM, 5.00%, 07/01/2029		1,900		2,036
Florida State Board of Governors University of North Florida Dormitory Revenue, Series A, Rev., BAM, 5.00%, 11/01/2053		6,375		6,577
Fort Pierce Utilities Authority, Series A, Rev., AGM, 5.00%, 10/01/2039		925		976
Grand Bay at Doral Community Development District, Assessment Area Two Phase I,
Special Assessment, 5.00%, 05/01/2035		1,000		1,043
Special Assessment, 5.00%, 05/01/2045		1,000		986
Greater Orlando Aviation Authority,
Series A, Rev., AMT, 4.00%, 10/01/2040		2,500		2,386
Series A, Rev., AMT, 5.00%, 10/01/2026 (p)		1,785		1,800
Series A, Rev., AMT, 5.00%, 10/01/2027 (p)		1,875		1,891
Series A, Rev., AMT, 5.00%, 10/01/2030 (p)		1,005		1,014
Series A, Rev., AMT, 5.00%, 10/01/2032		1,500		1,570
Series A, Rev., AMT, 5.00%, 10/01/2046 (p)		5,000		5,131
Series A, Rev., AMT, 5.00%, 10/01/2049		8,880		8,899
Greater Orlando Aviation Authority Orlando Amt Subordinated, Rev., AMT, 5.00%, 10/01/2036		1,000		1,065
Greater Orlando Aviation Authority, Priority Subordinated,
Series A, Rev., AMT, 5.00%, 10/01/2033		1,500		1,537
Series A, Rev., AMT, 5.00%, 10/01/2036		2,230		2,270
Hammock Reserve Community Development District, Assessment Area One Project, Special Assessment, 4.00%, 05/01/2040		545		500
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 2.87%, 01/07/2025 (z)		17,000		17,000
Hillsborough County Industrial Development Authority,
Rev., 4.13%, 11/15/2051		6,965		6,379
Rev., 5.25%, 11/15/2049		1,500		1,585
Hillsborough County Industrial Development Authority, Tampa General Hospital Project,
Rev., 4.00%, 08/01/2050		5,000		4,355
Series A, Rev., 4.00%, 08/01/2045		3,275		2,940
Hillsborough County, Industrial Development Authority, Baycare Health System, Series C, Rev., VRDO, LOC: TD Bank NA, 2.80%, 04/07/2025 (z)		3,500		3,500
Hobe-St Lucie Conservancy District, Special Assessment, 5.88%, 05/01/2055		1,000		1,017
JEA Electric System Revenue,
Rev., AGC, 5.00%, 10/01/2033		1,000		1,125
Series 3A, Rev., 5.00%, 10/01/2035		5,000		5,316
Series IIIB, Rev., 5.00%, 10/01/2032		1,295		1,343
JEA Electric System Revenue, Subordinate, Series A, Rev., 5.00%, 10/01/2031		1,795		1,993
JEA Water & Sewer System Revenue, Series A, Rev., 4.00%, 10/01/2037		750		758
Julington Creek Plantation Community Development District, Special Assessment, AGM, 5.50%, 05/01/2043		1,500		1,606
Lake Hideaway Community Development District, Assessment Area One, Special Assessment, 5.65%, 05/01/2044		1,000		1,001
Lakewood Ranch Stewardship District, Special Assessment, 5.30%, 05/01/2044		485		486
Lakewood Ranch Stewardship District, Del Webb Project, Special Assessment, 5.00%, 05/01/2037 (e)		1,655		1,671
Lakewood Ranch Stewardship District, Lorraine Lakes Project,

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Florida — continued
Special Assessment, 3.13%, 05/01/2030 (e)		315		298
Special Assessment, 3.88%, 05/01/2051 (e)		2,000		1,646
Lakewood Ranch Stewardship District, Northeast Sector Project,
Special Assessment, 2.50%, 05/01/2025 (e)		295		295
Special Assessment, 3.20%, 05/01/2030 (e)		540		514
Special Assessment, 3.50%, 05/01/2040		925		786
Lakewood Ranch Stewardship District, Palm Grove Project, Special Assessment, 5.25%, 05/01/2044		580		573
Lakewood Ranch Stewardship District, Zario Project, Special Assessment, 2.63%, 05/01/2025		145		145
Lee County Industrial Development Authority, Exchange Lee Health Systems, Rev., 4.00%, 04/01/2037		3,000		2,937
Lee County Industrial Development Authority, Shell Point/Waterside Health,
Rev., 5.00%, 11/15/2044		3,000		3,018
Rev., 5.00%, 11/15/2049		2,550		2,532
Lee County Industrial Development Authority/FL,
Rev., 4.13%, 11/15/2029		1,000		1,001
Rev., 5.25%, 11/15/2054		2,000		2,029
Miami Beach Health Facilities Authority, Mount Sinai Medical Center,
Rev., 5.00%, 11/15/2039		2,000		2,000
Rev., 5.00%, 11/15/2044		5,000		5,001
Miami Beach Redevelopment Agency, Tax, Increment Revenue, Tax Allocation, 5.00%, 02/01/2028		1,000		1,004
Miami-Dade County Health Facilities Authority, Rev., AGM-CR, 4.00%, 08/01/2046		1,790		1,665
Miami-Dade County Housing Finance Authority, Cutler Vista, Rev., 5.00%, 03/01/2027 (z)		2,445		2,462
Miami-Dade County Housing Finance Authority, Doral Academy, Inc., Rev., 5.00%, 01/15/2048		1,570		1,509
Midtown Miami Community Development District, Series A, Special Assessment, 5.00%, 05/01/2037		350		350
Mirada Community Development District, Assessment Area Five, Special Assessment, 5.00%, 05/01/2034		1,365		1,361
North Loop Community Development District, Special Assessment, 6.38%, 05/01/2043		1,000		1,061
North Miami Community Redevelopment Agency,
Rev., 5.00%, 03/01/2035		1,000		1,065
Rev., 5.00%, 03/01/2036		1,200		1,274
North Powerline Road Community Development District, Special Assessment, 3.63%, 05/01/2040		1,345		1,160
Old Hickory Community Development District, Special Assessment, 2.50%, 06/15/2025		55		55
Orange County Health Facilities Authority, Orlando Health Obligated Group,
Rev., 4.00%, 10/01/2052		5,000		4,340
Rev., 4.50%, 10/01/2056		11,515		11,036
Rev., 5.25%, 10/01/2056		5,000		5,219
Orange County Health Facilities Authority, Presbyterian Retirement Communities, Rev., 4.00%, 08/01/2036		295		286
Orlando Utilities Commission,
Series 2018A, Rev., 5.00%, 10/01/2035		2,480		2,567
Series A, Rev., 5.00%, 10/01/2027		500		527
Series A, Rev., 5.00%, 10/01/2043		2,300		2,475
Palm Beach County Health Facilities Authority, Jupiter Medical Center, Rev., 5.00%, 11/01/2052		2,550		2,534

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Florida — continued
Palm Beach County Health Facilities Authority, Retirement Life Communities, Rev., 5.00%, 11/15/2032		2,270		2,309
Palm Coast Park Community Development District, Sawmill Branch at Palm Coast Park Homeowners Association, Inc., Special Assessment, 5.13%, 05/01/2051		1,500		1,458
Parkview at Long Lake Ranch Community Development District, Special Assessment, 4.00%, 05/01/2051		800		656
Parrish Lakes Community Development District, Special Assessment, 5.00%, 05/01/2031		580		577
Pasco County School Board, Series A, COP, BAM, 5.00%, 08/01/2036		1,720		1,797
Pine Island Community Development District, Special Assessment, 5.75%, 05/01/2035		3,400		3,415
Reunion East Community Development District,
Special Assessment, 2.40%, 05/01/2026 (e)		50		49
Special Assessment, 2.85%, 05/01/2031		25		23
Saddle Creek Preserve of Polk County Community Development District, Special Assessment, 4.00%, 06/15/2040		500		461
Sarasota County Health Facilities Authority, Sunnyside Village Project, Rev., 5.00%, 05/15/2048		425		408
Sarasota County Public Hospital District, Sarasota Memorial Hospital Project,
Rev., 4.00%, 07/01/2052		6,000		5,197
Rev., 5.00%, 07/01/2052		1,175		1,201
Sarasota County School Board, Series A, COP, 5.00%, 07/01/2033		1,000		1,117
Sarasota National Community Development District, Special Assessment, 4.00%, 05/01/2039		615		601
Sawyers Landing Community Development District, Special Assessment, 3.75%, 05/01/2031		400		387
School District of Broward County, Series A, COP, 5.00%, 07/01/2027		1,500		1,570
Somerset Community Development District, Special Assessment, 4.00%, 05/01/2032		845		816
South Broward Hospital District,
Rev., 4.00%, 05/01/2048		6,500		5,811
Series A, Rev., 4.00%, 05/01/2044		4,000		3,655
South Kendall Community Development District, Special Assessment, 4.25%, 11/01/2037		1,575		1,519
St. John’s County School Board,
Series A, COP, AGM, 5.25%, 07/01/2046		1,500		1,605
Series A, COP, AGM, 5.25%, 07/01/2047		3,000		3,184
State Board of Administration Finance Corp., Taxable, Series A, Rev., 1.71%, 07/01/2027		4,000		3,768
State of Florida Department of Transportation Turnpike System Revenue, Department Of Transportation, Rev., 4.00%, 07/01/2041		1,000		993
State of Florida Department of Transportation Turnpike System Revenue, Turnpike Revenue, Series B, Rev., 3.00%, 07/01/2033		2,390		2,232
State of Florida Department of Transportation Turnpike System, Revenue Refunding, Series A, Rev., 5.00%, 07/01/2026		1,000		1,028
State of Florida, Capital Outlay, Series C, GO, 5.00%, 06/01/2027		1,060		1,085
State of Florida, Department of Transportation, Turnpike System Revenue, Series A, Rev., 5.00%, 07/01/2029		500		540
Stellar North Community Development District, Special Assessment, 4.00%, 05/01/2052		1,560		1,264
Stillwater Community Development District, Project 2021, Special Assessment, 3.00%, 06/15/2031 (e)		225		206
Stonegate Preserve Community Development District, 2023 Project Area, Special Assessment, 5.88%, 12/15/2043		1,000		1,054
Stoneybrook South Community Development District, Fox South Assessment Area,
Special Assessment, 2.50%, 12/15/2025 (e)		140		139
Special Assessment, 3.00%, 12/15/2030 (e)		475		455

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Florida — continued
Special Assessment, 3.50%, 12/15/2040 (e)		1,030		919
Storey Park Community Development District, Assessment Area Four Project,
Special Assessment, 2.38%, 06/15/2026 (e)		20		19
Special Assessment, 2.88%, 06/15/2031 (e)		60		57
Summit View Community Development District, Assessment Area Two, Special Assessment, 5.63%, 05/01/2044		1,010		1,018
Tampa Bay Water, Rev., 5.25%, 10/01/2054		27,700		29,560
Touchstone Community Development District, Senior Lien, Series A1, Special Assessment, 5.38%, 05/01/2042		1,000		1,021
Towne Park Community Development District, Assessment Area 3D Project, Special Assessment, 2.63%, 05/01/2025 (e)		130		130
Tradition Community Development District No. 9, Special Assessment, 3.00%, 05/01/2041		130		100
Turtle Run Community Development District, Series 2, Special Assessment, 5.00%, 05/01/2047		1,500		1,490
Two Lakes Community Development District, Special Assessment, 5.00%, 05/01/2044		1,500		1,522
Two Rivers West Community Development District, Special Assessment, 5.63%, 05/01/2044		580		585
V-Dana Community Development District, CDD Assessment Area One 2021, Special Assessment, 4.00%, 05/01/2052		1,000		815
Village Community Development District No. 13,
Special Assessment, 1.88%, 05/01/2025 (e)		245		245
Special Assessment, 2.63%, 05/01/2030 (e)		1,450		1,353
Village Community Development District No. 15,
Special Assessment, 4.00%, 05/01/2034 (e)		120		118
Special Assessment, 4.20%, 05/01/2039 (e)		500		486
Villamar Community Development District, Special Assessment, 3.75%, 05/01/2040		655		592
Volusia County Educational Facility Authority, Educational Facilities Embry Riddle, Rev., 5.00%, 10/15/2029		1,000		1,037
West Hillcrest Community Development District, Series 2023, Special Assessment, 5.50%, 06/15/2053		1,250		1,270
West Villages Improvement District, Unit Of Development #8, Special Assessment, 5.38%, 05/01/2042		1,875		1,919
Wildwood Utility Dependent District, Senior South Sumter Utilities Project,
Rev., BAM, 5.00%, 10/01/2031		1,300		1,425
Rev., BAM, 5.00%, 10/01/2033		1,150		1,246
Rev., BAM, 5.00%, 10/01/2039		1,490		1,575
Rev., BAM, 5.00%, 10/01/2040		1,610		1,694
Wildwood Utility Dependent District, Senior South Sumter Utility Project, Rev., BAM, 5.00%, 10/01/2052		1,640		1,684
Wildwood Utility Dependent District, Subordinate South Sumter Utilities Project, Rev., BAM, 5.00%, 10/01/2041		650		681
				603,209
Georgia — 3.9%
Bartow County Development Authority, Georgia Power Co. Pollution Bowen Project, Rev., 1.80%, 09/01/2029 (z)		4,425		3,886
Board of Water Light & Sinking Fund Commissioners of The City of Dalton, Combined Utilities Revenue Bonds,
Rev., 4.00%, 03/01/2035		1,100		1,099
Rev., 4.00%, 03/01/2036		1,000		990
Rev., 4.00%, 03/01/2037		1,135		1,115
Rev., 4.00%, 03/01/2038		1,000		974

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Georgia — continued
Brookhaven Development Authority, Children’s Healthcare of Atlanta,
Rev., 5.00%, 07/01/2036		2,425		2,561
Rev., 5.00%, 07/01/2037		2,400		2,525
Series A, Rev., 4.00%, 07/01/2044		3,000		2,776
Brookhaven Urban Redevelopment Agency, Series A, Rev., 4.00%, 07/01/2045		3,260		3,132
City of Atlanta Airport Passenger Facility Charge, Airport Revenue Subordinated, Rev., AMT, 4.00%, 07/01/2038		2,825		2,736
City of Atlanta Department of Aviation,
Series B, Rev., AMT, 5.00%, 07/01/2028		3,300		3,462
Series C, Rev., AMT, 5.00%, 07/01/2026		960		981
Series C, Rev., AMT, 5.00%, 07/01/2034		540		569
Series C, Rev., AMT, 5.00%, 07/01/2048		1,000		1,017
Series G, Rev., AMT, 5.00%, 07/01/2025		750		753
Series G, Rev., AMT, 5.00%, 07/01/2028		2,500		2,623
City of Atlanta GA Department of Aviation,
Rev., AMT, 5.25%, 07/01/2041		1,775		1,886
Rev., AMT, 5.25%, 07/01/2043		1,500		1,576
City of Atlanta Water & Wastewater Revenue, Series B, Rev., 4.00%, 11/01/2037		1,000		988
City of Atlanta, Airport Passenger Facility, Subordinated Lien, Series C, Rev., 5.00%, 07/01/2040		2,000		2,085
City of Atlanta, Department of Aviation, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2031		1,155		1,209
Cobb County Hospital Authority, Rev., VRDO, LOC: Truist Bank, 2.94%, 04/07/2025 (z)		8,000		8,000
Cobb County Kennestone Hospital Authority, Revenue Anticipation Certificates, Rev., 5.00%, 04/01/2036		500		511
Cobb County Kennestone Hospital Authority, Wellstar Health System, Inc., Rev., 3.00%, 04/01/2037		700		612
Columbia County Hospital Authority, Anticipation Certificate Wellstar, Rev., 5.13%, 04/01/2053		3,625		3,711
DeKalb County Housing Authority, Kensington Station Project, Series A, Rev., 4.00%, 12/01/2033		10,000		9,841
Development Authority of Burke County (The), Rev., 3.30%, 12/01/2049 (z)		515		512
Development Authority of Burke County, Georgia Power Co. Plant Vogtle Project, Rev., 3.38%, 11/01/2053 (z)		1,000		1,002
Development Authority of Cobb County, The Northwest Classical Academy Project, Rev., 5.70%, 06/15/2038 (e)		605		611
Development Authority of Monroe County, Georgia Power Company Plant Scherer, Rev., 3.88%, 06/01/2042 (z)		1,250		1,258
Development Authority of Monroe County/The, Georgia Power Co. Plant Scherer, Rev., 1.00%, 07/01/2049 (z)		1,785		1,695
Fayette County Development Authority,
Rev., 5.00%, 10/01/2036		900		963
Rev., 5.00%, 10/01/2037		925		984
Rev., 5.00%, 10/01/2041		950		987
Rev., 5.00%, 10/01/2043		1,400		1,442
Rev., 5.00%, 10/01/2044		1,250		1,285
Gainesville & Hall County Hospital Authority,
Rev., 5.00%, 10/15/2030		3,500		3,806
Rev., 5.00%, 10/15/2034		7,545		8,398

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Georgia — continued
George L Smith II Congress Center Authority, Convention Center Hotel, Series 2, Rev., 5.00%, 01/01/2054 (e)		1,000		933
George L Smith II Congress Center Authority, Convention Center Hotel First,
Rev., 4.00%, 01/01/2054		3,850		3,312
Series 1, Rev., 4.00%, 01/01/2036		2,750		2,721
Georgia Housing & Finance Authority,
Rev., 4.70%, 12/01/2054		15,000		14,735
Series A, Rev., 2.75%, 12/01/2035		500		423
Series A, Rev., 4.50%, 12/01/2045		2,000		1,957
Georgia Ports Authority, Rev., 5.25%, 07/01/2043		2,705		2,917
Georgia State Road & Tollway Authority,
Rev., 5.00%, 06/01/2027		5,250		5,494
Rev., 5.00%, 06/01/2028		5,500		5,863
Rev., 5.00%, 06/01/2030		6,205		6,796
Homerville Housing Authority, Brookwood Apartments, Rev., 3.45%, 01/01/2028 (z)		530		532
Main Street Natural Gas, Inc.,
Rev., 5.00%, 12/01/2054 (z)		1,730		1,820
Series A, Rev., 4.00%, 07/01/2052 (z)		14,500		14,620
Series A, Rev., 5.00%, 05/15/2033		4,950		5,068
Series A, Rev., 5.00%, 05/15/2043		8,000		8,115
Series A, Rev., 5.00%, 06/01/2053 (z)		15,000		15,665
Series A, Rev., 5.00%, 05/01/2054 (z)		15,925		16,899
Series A, Rev., 5.00%, 06/01/2055 (z)		20,255		21,613
Series A, Rev., 5.50%, 09/15/2028		1,000		1,055
Series B, Rev., 5.00%, 06/01/2028		2,500		2,594
Series B, Rev., 5.00%, 06/01/2029		1,500		1,561
Series B, Rev., 5.00%, 12/01/2052 (z)		5,000		5,193
Series B, Rev., 5.00%, 07/01/2053 (z)		8,020		8,421
Series B, Rev., 5.00%, 12/01/2054 (z)		11,185		11,917
Series C, Rev., 4.00%, 03/01/2050 (z)		6,350		6,363
Series C, Rev., 4.00%, 05/01/2052 (z)		15,310		15,367
Series C, Rev., 5.00%, 09/01/2053 (z)		11,285		11,889
Series D, Rev., 5.00%, 05/01/2054 (z)		9,500		9,946
Series E1, Rev., 5.00%, 12/01/2053 (z)		3,000		3,174
Main Street Natural Gas, Inc., Gas Supply, Series C, Rev., 4.00%, 08/01/2052 (e) (z)		30,600		30,540
Main Street Natural Gas, Inc.,
Series D, Rev., 5.00%, 04/01/2054 (z)		26,545		28,129
Series E, Rev., 5.00%, 05/01/2055 (z)		28,820		30,481
Metropolitan Atlanta Rapid Transit Authority, Rev., 5.00%, 07/01/2036		8,500		9,496
Metropolitan Atlanta Rapid Transit Authority, Sustainable Bond,
Series A, Rev., 5.00%, 07/01/2043		3,000		3,231
Series A, Rev., 5.00%, 07/01/2044		3,000		3,209
Milledgeville & Baldwin County Development Authority, Georgia College & State University Projects,
Rev., 4.00%, 06/15/2037		500		491
Rev., 5.00%, 06/15/2025		360		361
Municipal Electric Authority of Georgia,
Rev., 5.00%, 01/01/2029		1,000		1,067
Rev., 5.00%, 01/01/2059		2,000		1,982

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Georgia — continued
Municipal Electric Authority of Georgia, Combined Cycle Project,
Series A, Rev., 5.00%, 11/01/2027		250		262
Series A, Rev., 5.00%, 11/01/2029		250		270
Municipal Electric Authority of Georgia, General Resolution Project, Series A, Rev., 4.00%, 01/01/2037		1,125		1,101
Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Rev., 5.00%, 01/01/2059		3,000		3,031
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project,
Series A, Rev., AGM, 5.00%, 07/01/2033		1,610		1,765
Series A, Rev., AGM, 5.00%, 07/01/2035		1,300		1,411
Series A, Rev., AGM, 5.00%, 07/01/2036		2,795		3,023
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project,
Rev., AGM, 4.00%, 01/01/2036		330		329
Rev., AGM, 4.00%, 01/01/2041		1,000		957
Rev., AGM, 5.00%, 07/01/2027		500		523
Rev., 5.00%, 01/01/2039		1,310		1,332
Rev., BAM, 5.00%, 01/01/2049		2,000		2,027
Rev., AGM, 5.00%, 07/01/2053		3,675		3,779
Rev., AGM, 5.00%, 07/01/2055		4,615		4,738
Rev., 5.50%, 07/01/2063		2,500		2,616
Municipal Electric Authority of Georgia, Power Revenue,
Series HH, Rev., 5.00%, 01/01/2033		1,000		1,038
Series HH, Rev., 5.00%, 01/01/2034		1,000		1,037
Municipal Electric Authority of Georgia, Project One Subordinated,
Rev., 5.00%, 01/01/2029		1,110		1,184
Rev., 5.00%, 01/01/2037		1,250		1,328
Municipal Electric Authority of Georgia, Project One, Subordinated, Series B, Rev., 4.00%, 01/01/2039		1,400		1,341
Municipal Electric Authority of Georgia, Subordinate General Resolution, Rev., 5.00%, 01/01/2033		1,010		1,103
Municipal Electric Authority of Georgia, Subordinate Project One,
Series A, Rev., 5.00%, 01/01/2030		705		761
Series A, Rev., 5.00%, 01/01/2031		1,715		1,870
Paulding County Hospital Authority, Anticipation Certificates Wellstar Health,
Rev., 5.00%, 04/01/2036		325		351
Rev., 5.00%, 04/01/2038		500		534
Private Colleges & Universities Authority, Emory University,
Series B, Rev., 4.00%, 10/01/2038		13,500		13,289
Series B, Rev., 4.00%, 09/01/2039		1,420		1,387
Private Colleges & Universities Authority, Savannah College of Art And Design,
Rev., 4.00%, 04/01/2038		1,400		1,380
Rev., 5.00%, 04/01/2027		400		414
State of Georgia, Series E, GO, 5.00%, 12/01/2027		1,570		1,626
State of Georgia, Bidding Group 1, Series A, GO, 5.00%, 07/01/2033		2,000		2,213
State of Georgia, Bidding Group 2, Series A, GO, 4.00%, 07/01/2035		750		779
State of Georgia, Tranche 2, Series A, GO, 5.00%, 07/01/2030		2,000		2,163
				461,473

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Guam — 0.0% (g)
Antonio B Won Pat International Airport Authority,
Rev., AMT, 5.00%, 10/01/2031		250		261
Rev., AMT, 5.25%, 10/01/2035		550		580
Antonio B. Won Pat International Airport Authority, Rev., AMT, 5.25%, 10/01/2030		750		790
Territory of Guam, Series F, Rev., 4.00%, 01/01/2042		1,000		925
				2,556
Hawaii — 0.5%
City & County Honolulu HI Wastewater System Revenue,
Rev., 5.00%, 07/01/2032 (w)		290		325
Rev., 5.00%, 07/01/2036 (w)		1,310		1,478
Rev., 5.00%, 07/01/2041		2,945		3,192
Rev., 5.25%, 07/01/2054		6,900		7,342
City & County Honolulu Wastewater System Revenue, Green Bonds Senior Lien, Rev., 5.00%, 07/01/2040		540		584
City & County Honolulu Wastewater System Revenue, Senior First Bond Resolution, Series A, Rev., 5.00%, 07/01/2035		2,110		2,193
City & County of Honolulu,
Series A, GO, 5.00%, 10/01/2025		15		15
Series A, GO, 5.00%, 09/01/2027		30		32
Series C, GO, 5.00%, 10/01/2028		1,450		1,554
Series C, GO, 5.00%, 10/01/2029		1,000		1,087
City & County of Honolulu Wastewater System Revenue Bonds, Junior Second Bond Resolution, Rev., 5.00%, 07/01/2034 (w)		1,000		1,132
City & County of Honolulu, Rail Transit Project,
GO, 3.00%, 07/01/2032		430		409
GO, 3.00%, 07/01/2035		1,000		910
State of Hawaii,
Series FG, GO, 4.00%, 10/01/2032		2,000		2,013
Series FG, GO, 4.00%, 10/01/2033		3,000		3,014
State of Hawaii Airports System Revenue,
Series A, Rev., AMT, 5.00%, 07/01/2032		1,500		1,549
Series A, Rev., AMT, 5.00%, 07/01/2033		1,630		1,680
Series A, Rev., AMT, 5.00%, 07/01/2034		2,000		2,087
Series A, Rev., AMT, 5.00%, 07/01/2035		1,000		1,026
Series A, Rev., AMT, 5.00%, 07/01/2051		1,905		1,922
Series A, Rev., AMT, 5.25%, 07/01/2051		8,630		8,940
Series B, Rev., 5.00%, 07/01/2026		1,250		1,281
Series C, Rev., AMT, 5.00%, 07/01/2040 (w)		1,000		1,046
State of Hawaii Department of Budget & Finance,
Rev., 3.20%, 07/01/2039		6,505		5,405
Rev., 5.00%, 07/01/2034 (e)		1,350		1,354
State of Hawaii Harbor System Revenue,
Series A, Rev., AMT, 4.00%, 07/01/2031		250		250
Series A, Rev., AMT, 4.00%, 07/01/2032		500		497
Series A, Rev., AMT, 4.00%, 07/01/2033		750		742
Series A, Rev., AMT, 4.00%, 07/01/2034		3,555		3,496
Series A, Rev., AMT, 5.00%, 07/01/2027		250		259
Series A, Rev., AMT, 5.00%, 07/01/2028		500		525

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Hawaii — continued
Series A, Rev., AMT, 5.00%, 07/01/2029		250		265
Series C, Rev., 4.00%, 07/01/2032		200		206
State of Hawaii State Highway Fund, Rev., 5.00%, 01/01/2029		1,000		1,074
State of Hawaii, Airports System Revenue, Series D, Rev., 5.00%, 07/01/2030		1,000		1,097
				59,981
Idaho — 0.1%
Idaho Health Facilities Authority, Trinity Health Credit Group,
Rev., 4.00%, 12/01/2043		4,460		4,133
Series A, Rev., 5.00%, 12/01/2047		1,715		1,731
Idaho Housing & Finance Association,
Series A, Rev., 5.00%, 08/15/2029		1,000		1,086
Series A, Rev., 5.00%, 08/15/2034		1,130		1,270
Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054		3,695		4,041
Idaho Housing & Finance Association, Garvee,
Series A, Rev., 4.00%, 07/15/2039		1,440		1,403
Series A, Rev., 5.00%, 07/15/2030		1,250		1,368
Idaho Housing & Finance Association, Transportation Expansion & Mitigation, Rev., 5.00%, 08/15/2037		165		180
Spring Valley Community Infrastructure District No. 1, Assessment Area Two, Special Assessment, 6.25%, 09/01/2053 (e)		1,120		1,167
				16,379
Illinois — 5.8%
Chicago Board of Education,
GO, 5.00%, 12/01/2032		600		612
Series A, GO, AGM, 5.00%, 12/01/2026		10		10
Series A, GO, 5.00%, 12/01/2041		1,000		983
Series A, GO, 5.00%, 12/01/2042		10,000		9,551
Series D, GO, 5.00%, 12/01/2046		7,500		7,079
Chicago Board of Education Dedicated Capital Improvement Tax,
Rev., 5.25%, 04/01/2039		3,125		3,308
Rev., 5.75%, 04/01/2048		4,000		4,241
Chicago Board of Education, Capital Appreciation School Reform,
Series A, GO, NATL, Zero Coupon, 12/01/2025		255		249
Series A, GO, NATL, Zero Coupon, 12/01/2029		1,220		1,005
Series B1, GO, NATL, Zero Coupon, 12/01/2028		500		431
Series B1, GO, NATL, Zero Coupon, 12/01/2029		1,105		910
Chicago Board of Education, Dedicated,
Series H, GO, 5.00%, 12/01/2036		2,000		1,947
Series H, GO, 5.00%, 12/01/2046		1,000		944
Chicago Midway International Airport, Series B, Rev., 5.00%, 01/01/2046		10,000		10,038
Chicago Midway International Airport, Senior,
Series C, Rev., AMT, 5.00%, 01/01/2028		2,825		2,928
Series C, Rev., AMT, 5.00%, 01/01/2034		6,000		6,418
Series C, Rev., AMT, 5.00%, 01/01/2040		2,610		2,700
Chicago Midway International Airport, Senior Lien,
Series A, Rev., BAM, AMT, 5.00%, 01/01/2033		2,400		2,573
Series A, Rev., AMT, 5.00%, 01/01/2034		1,660		1,772
Chicago O’Hare International Airport,

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Illinois — continued
Rev., 5.00%, 01/01/2052		4,030		4,058
Rev., 5.25%, 01/01/2053		5,000		5,238
Series C, Rev., AMT, 5.00%, 01/01/2032		4,000		4,286
Series C, Rev., AMT, 5.00%, 01/01/2036		1,500		1,592
Chicago O’Hare International Airport, General Senior Lien, Series B, Rev., 5.00%, 01/01/2053		4,895		4,964
Chicago O’Hare International Airport, Senior Lien,
Series A, Rev., 4.00%, 01/01/2035		3,500		3,553
Series A, Rev., 5.00%, 01/01/2035		6,000		6,389
Series A, Rev., AMT, 5.00%, 01/01/2039		2,000		2,036
Series A, Rev., AMT, 5.00%, 01/01/2053		3,000		3,002
Series F, Rev., BAM, 4.25%, 01/01/2047		2,180		2,084
Chicago O’Hare International Airport, Senior Lien Customer Facility, Rev., BAM, 5.25%, 01/01/2042		1,465		1,572
Chicago O’Hare International Airport, Trips Obligated Group, Rev., AMT, 5.00%, 07/01/2048		3,000		3,002
Chicago Transit Authority Capital Grant Receipts Revenue, Section 5357, Rev., 5.00%, 06/01/2028		1,000		1,055
Chicago Transit Authority Sales Tax Receipts Fund,
Rev., 5.00%, 12/01/2046		4,780		4,818
Series A, Rev., 5.00%, 12/01/2037		2,000		2,181
Series A, Rev., 5.00%, 12/01/2045		6,500		6,569
Series A, Rev., BAM, 5.00%, 12/01/2046		4,500		4,656
Chicago Transit Authority Sales Tax Receipts Fund, Second Lien,
Rev., 5.00%, 12/01/2051		4,750		4,772
Series A, Rev., 4.00%, 12/01/2049		4,000		3,682
Series A, Rev., 5.00%, 12/01/2052		5,000		5,093
Series A, Rev., 5.00%, 12/01/2055		2,000		2,026
City of Aurora Waterworks & Sewerage Revenue, Series B, Rev., 4.00%, 12/01/2034		1,565		1,510
City of Berwyn, Series A, GO, 5.00%, 12/01/2029		1,000		1,000
City of Chicago,
Series A, GO, 5.00%, 01/01/2027		5,500		5,624
Series A, GO, 5.00%, 01/01/2034		4,500		4,684
Series A, GO, 5.50%, 01/01/2049		6,325		6,421
Series B, GO, 4.00%, 01/01/2038 (e)		521		473
Series B, GO, 5.00%, 01/01/2029		1,000		1,042
Series B, GO, 5.00%, 01/01/2034		3,555		3,775
Series C, GO, Zero Coupon, 01/01/2027 (p)		500		471
Series C, GO, 5.00%, 01/01/2028		1,450		1,461
City of Chicago IL Wastewater Transmission Revenue,
Rev., AGM, 5.00%, 01/01/2036		1,000		1,077
Rev., BAM, 5.00%, 01/01/2041		1,000		1,067
Rev., BAM, 5.00%, 01/01/2042		785		833
Rev., BAM, 5.00%, 01/01/2043		1,125		1,190
Rev., AGM, 5.25%, 01/01/2058		1,910		1,983
City of Chicago IL Waterworks Revenue,
Rev., 5.00%, 11/01/2031		665		730
Rev., AGM, 5.00%, 11/01/2037		1,000		1,066
City of Chicago Special Assessment Revenue, Lakeshore East Project,
Special Assessment, 2.69%, 12/01/2026 (e)		210		205
Special Assessment, 3.04%, 12/01/2028 (e)		270		258

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Illinois — continued
City of Chicago Wastewater Transmission Revenue, Second Lien,
Series A, Rev., AGM, 5.25%, 01/01/2042		2,300		2,336
Series B, Rev., AGM, 5.00%, 01/01/2037		1,050		1,125
Series B, Rev., AGM, 5.00%, 01/01/2039		2,000		2,124
City of Chicago Wastewater Transmission Revenue, Second Lien Wastewater Transmission Revenue Bonds, Rev., BAM, 5.00%, 01/01/2044		1,500		1,581
City of Chicago Waterworks Revenue, Second Lien,
Series 2017-2, Rev., AGM, 5.00%, 11/01/2038		3,500		3,580
Series B, Rev., AGM, 5.00%, 11/01/2032		1,000		1,095
Series B, Rev., AGM, 5.00%, 11/01/2038		1,000		1,062
Series B, Rev., AGM, 5.00%, 11/01/2039		1,000		1,058
City of Chicago, Chicago Recovery Plan, Series A, GO, 5.00%, 01/01/2044		9,415		9,521
City of Chicago, Chicago Works,
Series A, GO, 5.50%, 01/01/2039		1,180		1,250
Series A, GO, 5.50%, 01/01/2040		1,000		1,053
Series A, GO, 5.50%, 01/01/2041		1,000		1,035
Series A, GO, 5.50%, 01/01/2043		1,500		1,542
City of Chicago, Wastewater Transmission Revenue, Second Lien,
Series A, Rev., AGM, 5.25%, 01/01/2048		5,000		5,275
Series B, Rev., AGM-CR, 5.00%, 01/01/2027		1,000		1,035
Series B, Rev., AGM, 5.00%, 01/01/2029		300		321
Series B, Rev., AGM, 5.00%, 01/01/2038		1,940		2,068
City of Chicago, Waterworks Revenue, Second Lien,
Series A, Rev., AGM, 5.25%, 11/01/2048		1,500		1,590
Series B, Rev., AGM, 4.00%, 11/01/2040		4,320		4,113
Series B, Rev., AGM, 5.00%, 11/01/2028		300		320
Series B, Rev., AGM, 5.00%, 11/01/2031		400		440
Series B, Rev., AGM, 5.00%, 11/01/2033		2,350		2,553
City of Granite City, Waste Management, Inc., Rev., AMT, 1.25%, 05/01/2027		5,000		4,695
Cook County Community College District No. 508, City Colleges of Chicago,
GO, BAM, 5.00%, 12/01/2041		3,000		3,109
GO, BAM, 5.00%, 12/01/2042		2,000		2,063
Cook County Community Consolidated School District No. 34 Glenview, GO, 4.00%, 12/01/2029		2,000		2,084
Cook County High School District No. 214 Arlington Heights, GO, 4.00%, 12/01/2026		1,910		1,947
Cook County School District No. 87 Berkeley, GO, AGM, 3.00%, 12/01/2034		1,500		1,353
Cook County, Community School District No. 97, Oak Park, GO, 4.00%, 01/01/2034		2,000		2,026
County of Cook,
Series A, GO, 5.00%, 11/15/2025		960		971
Series A, GO, AGM, 5.00%, 11/15/2026		1,000		1,031
Series A, GO, 5.00%, 11/15/2026		3,900		4,013
Series A, GO, 5.00%, 11/15/2033		250		276
County of Cook IL Sales Tax Revenue, Rev., 5.00%, 11/15/2031		2,000		2,196
County of Cook Sales Tax Revenue,
Rev., 4.00%, 11/15/2037		3,500		3,464
Rev., 4.00%, 11/15/2038		1,545		1,505
Series A, Rev., 4.00%, 11/15/2039		2,000		1,922
Series A, Rev., 4.00%, 11/15/2040		5,250		4,990
Series A, Rev., 5.00%, 11/15/2025		690		698

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Illinois — continued
Series A, Rev., 5.25%, 11/15/2045		2,500		2,622
County of Cook, Sales Tax Revenue, Series A, Rev., 5.00%, 11/15/2038		1,240		1,315
County of Will, GO, 4.00%, 11/15/2047		7,000		6,286
Illinois Finance Authority,
Rev., 5.00%, 04/01/2036		3,000		3,315
Rev., 5.25%, 04/01/2038		3,250		3,608
Rev., 5.25%, 04/01/2040		1,660		1,727
Rev., 5.25%, 04/01/2043		1,200		1,226
Series A, Rev., 4.00%, 07/15/2036		710		711
Series A, Rev., 4.00%, 07/15/2039		3,000		2,914
Series B2, Rev., 5.00%, 05/15/2050 (z)		4,800		4,877
Illinois Finance Authority, Acero Charter Schools, Inc., Rev., 4.00%, 10/01/2042 (e)		500		433
Illinois Finance Authority, Advocate Health Care Network Project, Rev., 4.00%, 11/01/2030		1,730		1,752
Illinois Finance Authority, Ann & Robert H. Lurie Child, Rev., 4.00%, 08/15/2037		500		482
Illinois Finance Authority, Ann & Robert H. Lurie Children’s Hospital of Chicago, Rev., 5.00%, 08/15/2035		1,610		1,653
Illinois Finance Authority, Carle Foundation, Series A, Rev., 5.00%, 02/15/2045		20,775		20,827
Illinois Finance Authority, CenterPoint Intermodal Center, Rev., AMT, 4.13%, 12/01/2043 (e) (z)		15,000		14,753
Illinois Finance Authority, DePaul College Prep Foundation, Rev., 5.50%, 08/01/2043 (e)		1,360		1,433
Illinois Finance Authority, Green Bond, Rev., 4.00%, 07/01/2038		4,160		4,064
Illinois Finance Authority, Green Bonds,
Rev., 4.00%, 01/01/2033		8,190		8,374
Rev., 4.00%, 07/01/2040		1,500		1,451
Illinois Finance Authority, Health Services Facility Lease Revenue, Provident Group UIC Surgery,
Rev., 4.00%, 10/01/2040		1,750		1,594
Rev., 5.00%, 10/01/2032		750		777
Illinois Finance Authority, Illinois State Clean Water Initiative, Green Bond, Rev., 5.00%, 01/01/2028		100		106
Illinois Finance Authority, Mercy Health Corp., Rev., 5.00%, 12/01/2040		3,080		3,105
Illinois Finance Authority, Mercy Health System Corporation, Rev., 5.00%, 12/01/2046		4,000		3,957
Illinois Finance Authority, Northshore University Health System,
Rev., 4.00%, 08/15/2037		1,000		972
Rev., 5.00%, 08/15/2035		750		797
Illinois Finance Authority, Northwestern Memorial HealthCare, Rev., 4.00%, 07/15/2047		14,000		12,396
Illinois Finance Authority, OSF Healthcare System,
Rev., 4.00%, 05/15/2050		1,000		905
Series A, Rev., 5.00%, 11/15/2045		10,900		10,906
Illinois Finance Authority, Plymouth Place, Inc., Rev., 5.00%, 05/15/2041		400		378
Illinois Finance Authority, Presbyterian Homes, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 3.57%, 05/01/2042 (aa)		180		178
Illinois Finance Authority, Rush University Medical Center, Series A, Rev., 4.00%, 11/15/2039		1,320		1,214
Illinois Finance Authority, Silver Cross Hospital & Medical, Rev., 5.00%, 08/15/2044		7,500		7,442
Illinois Finance Authority, Southern Illinois Healthcare, Rev., 5.00%, 03/01/2031		2,135		2,177
Illinois Finance Authority, State Clean Water Initiative, Rev., 4.00%, 07/01/2026		2,100		2,119
Illinois Finance Authority, Swedish Covenant Hospital, Rev., 5.00%, 08/15/2032 (p)		4,000		4,107
Illinois Finance Authority, The Carle Foundation,
Series A, Rev., 3.00%, 08/15/2048		2,850		2,135

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Illinois — continued
Series A, Rev., 4.00%, 08/15/2038		1,615		1,531
Series A, Rev., 5.00%, 08/15/2031		2,530		2,765
Series B, Rev., 5.00%, 08/15/2053 (z)		285		307
Illinois Finance Authority, UChicago Medicine,
Rev., 5.00%, 08/15/2052 (z)		875		907
Series A, Rev., 5.00%, 08/15/2047		17,000		17,509
Illinois Finance Authority, University of Chicago,
Series A, Rev., 5.00%, 10/01/2028		3,000		3,202
Series A, Rev., 5.00%, 10/01/2034		1,750		1,967
Series A, Rev., 5.00%, 10/01/2035		1,400		1,572
Series A, Rev., 5.25%, 05/15/2048		2,000		2,098
Illinois Housing Development Authority,
Series C, Rev., FHA, 0.80%, 07/01/2026		270		259
Series D, Rev., GNMA/FNMA/FHLMC, 3.75%, 04/01/2050		965		966
Illinois Housing Development Authority, 6900 Crandon, Rev., FHA HUD, 5.00%, 02/01/2027 (z)		1,700		1,725
Illinois Housing Development Authority, Social Bonds,
Series A, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051		2,815		2,770
Series B, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051		300		294
Series H, Rev., GNMA FNMA FHLMC COLL, 5.75%, 10/01/2053		630		671
Illinois Housing Development Authority, South Shore HHDC, Rev., HUD, 5.00%, 02/01/2027 (z)		1,520		1,542
Illinois Housing Development Authority, Sustainable Bond,
Series A, Rev., VRDO, FHA, 2.89%, 04/07/2025 (z)		4,000		4,000
Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 10/01/2054		775		834
Illinois Housing Development Authority, Sustainable Bonds,
Series C, Rev., GNMA/FNMA/FHLMC, 4.85%, 04/01/2049		5,000		4,994
Series I, Rev., GNMA/FNMA/FHLMC, 6.00%, 10/01/2055		4,720		5,198
Series N, Rev., GNMA/FNMA/FHLMC, 6.25%, 04/01/2054		9,340		10,114
Illinois Sports Facilities Authority (The), State Tax Supported,
Rev., 5.00%, 06/15/2030		500		519
Rev., AGM, 5.25%, 06/15/2031		225		227
Rev., AGM, 5.25%, 06/15/2032		5,000		5,035
Illinois State Toll Highway Authority,
Series A, Rev., 4.00%, 01/01/2044		1,000		937
Series A, Rev., 4.00%, 01/01/2046		14,950		13,776
Series A, Rev., 5.00%, 01/01/2028		100		106
Series A, Rev., 5.00%, 01/01/2040		4,500		4,514
Series A, Rev., 5.00%, 01/01/2041		3,300		3,500
Series A, Rev., 5.00%, 01/01/2043		4,000		4,177
Series A, Rev., 5.00%, 01/01/2044		6,580		6,796
Series B, Rev., 5.00%, 01/01/2029		100		101
Series B, Rev., 5.00%, 01/01/2040		5,500		5,542
Illinois State Toll Highway Authority, Senior,
Series A, Rev., 5.00%, 01/01/2029		800		857
Series A, Rev., 5.00%, 12/01/2031		5,115		5,172
Series A, Rev., 5.00%, 01/01/2036		1,300		1,440
Series A, Rev., 5.00%, 01/01/2037		800		883
Series A, Rev., 5.25%, 01/01/2043		2,315		2,497

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Illinois — continued
Series B, Rev., 5.00%, 01/01/2028		4,000		4,218
Series B, Rev., 5.00%, 01/01/2041		2,190		2,216
Illinois State Toll Highway Authority, Toll Highway Revenue,
Series A, Rev., 5.00%, 01/01/2036		1,000		1,067
Series A, Rev., 5.00%, 01/01/2037		1,555		1,659
Kane & DuPage Counties Community Unit School District No. 303 St Charles,
GO, 4.00%, 01/01/2041		2,110		2,029
GO, 4.00%, 01/01/2042		2,210		2,106
Macon County School District No. 61 Decatur, Series A, GO, AGM, 4.00%, 12/01/2036		5,000		4,810
Macon County, School District No. 61 Decatur,
GO, AGM, 4.00%, 01/01/2040		1,420		1,376
GO, AGM, 4.00%, 01/01/2045		3,000		2,746
Metropolitan Pier & Exposition Authority,
Rev., NATL, Zero Coupon, 12/15/2034		500		333
Rev., 5.00%, 12/15/2036		540		582
Rev., 5.00%, 12/15/2037		1,090		1,170
Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion, Rev., 5.00%, 06/15/2042		5,645		5,791
Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick,
Rev., NATL, Zero Coupon, 12/15/2035		500		316
Rev., NATL, Zero Coupon, 06/15/2036		6,000		3,700
Rev., NATL, Zero Coupon, 06/15/2037		500		292
Rev., AGM, Zero Coupon, 06/15/2044		500		200
Series B, Rev., AGM, Zero Coupon, 06/15/2027		4,310		3,988
Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick Project, Rev., NATL, Zero Coupon, 06/15/2028		4,250		3,785
Metropolitan Pier & Exposition Authority, McCormick Expansion Project, Series B, Rev., 5.00%, 12/15/2027		125		127
Metropolitan Pier & Exposition Authority, McCormick Place,
Rev., Zero Coupon, 06/15/2037		1,175		685
Rev., Zero Coupon, 06/15/2041		1,750		801
Metropolitan Pier & Exposition Authority, McCormick Place Expansion,
Rev., Zero Coupon, 12/15/2035		3,200		2,025
Rev., 3.00%, 06/15/2025		150		150
Rev., 4.00%, 12/15/2042		1,000		913
Rev., 4.00%, 06/15/2050		1,000		861
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Rev., 5.00%, 06/15/2057		1,760		1,766
Metropolitan Water Reclamation District of Greater Chicago, Green Bond, Series C, GO, 5.00%, 12/01/2045		3,000		3,048
Metropolitan Water Reclamation District of Greater Chicago, Green Bonds, Series E, GO, 5.00%, 12/01/2036		2,065		2,115
Northern Illinois University, Auxiliary Facilities Systems Revenue Bonds, Rev., BAM, 4.00%, 10/01/2041		825		756
Northern Illinois University, Board of Trustees Auxiliary Facilities, Rev., BAM, 4.00%, 10/01/2033		1,000		1,001
Northern Illinois University, Sustainable Bond,
COP, BAM, 4.25%, 04/01/2044		1,000		923
COP, BAM, 5.50%, 04/01/2049		1,250		1,310

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Illinois — continued
Regional Transportation Authority, Series A, Rev., NATL, 6.00%, 07/01/2025		25		25
Sales Tax Securitization Corp., Series A, Rev., 5.00%, 01/01/2048		2,000		2,023
Sales Tax Securitization Corp., Second Lien,
Series A, Rev., 4.00%, 01/01/2039		3,000		2,906
Series A, Rev., 5.00%, 01/01/2036		5,000		5,534
Series A, Rev., BAM, 5.00%, 01/01/2037		750		786
Series A, Rev., 5.00%, 01/01/2037		3,370		3,714
Series C, Rev., 5.00%, 01/01/2029		850		907
Series C, Rev., 5.00%, 01/01/2032		1,400		1,531
Southwestern Illinois Development Authority, Southwestern Il Flood Prevention, Rev., 4.00%, 10/15/2035		1,215		1,217
State of Illinois,
GO, 4.00%, 06/01/2032		1,980		1,959
GO, 4.00%, 06/01/2034		4,485		4,366
GO, 4.00%, 06/01/2035		1,000		967
GO, 4.00%, 06/01/2036		485		465
GO, 5.00%, 01/01/2028		6,810		6,890
GO, 5.00%, 02/01/2028		1,050		1,081
GO, 5.00%, 01/01/2029		2,085		2,108
GO, 5.00%, 02/01/2029		1,450		1,503
GO, 5.00%, 02/01/2030		1,460		1,555
GO, 5.00%, 05/01/2041		850		890
GO, 5.50%, 05/01/2030		2,000		2,116
Series A, GO, 4.00%, 03/01/2041		250		233
Series A, GO, 5.00%, 11/01/2026		1,360		1,398
Series A, GO, 5.00%, 03/01/2027		855		883
Series A, GO, 5.00%, 03/01/2028		1,500		1,569
Series A, GO, 5.00%, 03/01/2030		1,000		1,066
Series A, GO, 5.00%, 03/01/2046		1,000		1,013
Series A, GO, 5.50%, 03/01/2042		1,500		1,598
Series A, GO, 5.50%, 03/01/2047		2,690		2,792
Series A, GO, 6.00%, 05/01/2025		500		501
Series B, GO, 4.00%, 10/01/2033		2,000		1,981
Series B, GO, 5.00%, 10/01/2029		1,000		1,062
Series B, GO, 5.00%, 10/01/2031		5,000		5,332
Series B, GO, 5.50%, 05/01/2039		250		264
Series B, GO, 5.50%, 05/01/2047		2,500		2,599
Series C, GO, 4.00%, 10/01/2037		2,000		1,907
Series C, GO, 5.00%, 11/01/2029		4,200		4,354
Series C, GO, 5.25%, 10/01/2047		3,000		3,084
Series D, GO, 5.00%, 11/01/2026		1,980		2,036
Series D, GO, 5.00%, 11/01/2027		6,080		6,338
Series D, GO, 5.00%, 11/01/2028		2,500		2,598
State of Illinois Sales Tax Revenue, Series A, Rev., BAM, 4.00%, 06/15/2029		2,250		2,323
State of Illinois Sales Tax Revenue, Junior Obligation,
Series A, Rev., BAM, 4.00%, 06/15/2026		505		511
Series A, Rev., BAM, 4.00%, 06/15/2031		1,500		1,556
Series B, Rev., 5.00%, 06/15/2040		5,000		5,357

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Illinois — continued
State of Illinois, Build America Bonds,
GO, 6.90%, 03/01/2035		1,000		1,086
GO, 7.35%, 07/01/2035		3,143		3,409
State of Illinois, Rebuild Illinois Program, Series B, GO, 4.00%, 11/01/2039		1,500		1,411
University of Illinois Auxiliary Facilities System, Rev., 5.25%, 04/01/2041		4,390		4,782
University of Illinois, Auxiliary Facility, Series A, Rev., AGM-CR, 4.00%, 04/01/2036		4,730		4,496
Village of Rosemont, Series A, GO, BAM, 5.00%, 12/01/2042		10,000		10,266
Will County Community Unit School District No. 209-U Wilmington, GO, AGM, 5.50%, 02/01/2038		1,195		1,272
				694,494
Indiana — 1.3%
City of Carmel IN Waterworks Revenue, Rev., BAM, 5.25%, 05/01/2051		1,375		1,424
City of Fishers Sewage Works Revenue, Rev., BAM, 4.00%, 07/01/2047		1,000		929
City of Rockport, Industry Pollution Control, Michigan Power Company Project, Rev., 2.75%, 06/01/2025		100		100
City of Valparaiso, Pratt Paper (In) LLC, Rev., AMT, 4.88%, 01/01/2044 (e)		3,000		2,997
City of Whiting, BP Products North America,
Rev., AMT, 4.40%, 11/01/2045 (z)		6,000		6,101
Rev., AMT, 4.40%, 03/01/2046 (z)		4,500		4,579
Evansville Waterworks District, Series A, Rev., BAM, 5.00%, 07/01/2042		925		963
Indiana Finance Authority, Rev., 5.25%, 10/01/2044		5,000		5,398
Indiana Finance Authority, Citizens Water Westfield Project, Series A, Rev., 4.00%, 10/01/2048		1,500		1,339
Indiana Finance Authority, Community Foundation of Northwest Industry, Rev., 5.00%, 09/01/2036		1,000		1,015
Indiana Finance Authority, DePauw University Project, Series A, Rev., 5.00%, 07/01/2047		8,000		7,827
Indiana Finance Authority, Duke Energy Indian, Rev., AMT, 4.50%, 05/01/2035 (z)		3,305		3,323
Indiana Finance Authority, First Lien, Series A, Rev., 5.00%, 10/01/2025		1,625		1,628
Indiana Finance Authority, First Lien CWA Authority Project,
Rev., 5.00%, 10/01/2033		1,250		1,405
Rev., 5.00%, 10/01/2034		955		1,074
Rev., 5.00%, 10/01/2035		1,250		1,391
Rev., 5.00%, 10/01/2040		1,250		1,348
Rev., 5.00%, 10/01/2041		500		534
Indiana Finance Authority, Green Bonds CWA Authority Project, Rev., 4.00%, 10/01/2037		1,440		1,439
Indiana Finance Authority, IN University Health Obligation Group, Rev., 4.00%, 12/01/2040		7,000		6,582
Indiana Finance Authority, Indiana University Health, Series A, Rev., 5.00%, 10/01/2053		3,000		3,098
Indiana Finance Authority, Indianapolis Power,
Series A, Rev., 0.75%, 12/01/2038 (z)		4,875		4,732
Series B, Rev., AMT, 0.95%, 12/01/2038 (z)		7,025		6,832
Indiana Finance Authority, Margaret Mary Health,
Rev., 5.50%, 03/01/2044		2,650		2,767
Rev., 5.75%, 03/01/2054		4,050		4,230
Indiana Finance Authority, Marion General Hospital, Series A, Rev., 4.00%, 07/01/2040		5,060		4,743
Indiana Finance Authority, Ohio Valley Electric Corp., Rev., 3.00%, 11/01/2030		1,230		1,172
Indiana Finance Authority, Ohio Valley Electric Corp. Project,
Series A, Rev., 4.25%, 11/01/2030		2,000		2,042
Series B, Rev., 2.50%, 11/01/2030		1,000		915
Indiana Finance Authority, Second Lien, CWA Authority Project, Rev., 5.00%, 10/01/2035		3,000		3,255

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Indiana — continued
Indiana Finance Authority, United States Steel Corp., Series A, Rev., 4.13%, 12/01/2026		145		145
Indiana Finance Authority, University of Evansville, Rev., 5.25%, 09/01/2037		1,150		1,174
Indiana Finance Authority, Valley Electric Corporation Project, Series B, Rev., 3.00%, 11/01/2030		1,000		953
Indiana Finance Authority, Valparaiso University Project, Rev., 4.00%, 10/01/2034		1,315		1,245
Indiana Health & Educational Facilities Financing Authority, Rev., 4.00%, 11/15/2046		3,400		2,997
Indiana Housing & Community Development Authority, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051		525		517
Indiana Housing & Community Development Authority, Social Bonds,
Series A1, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 07/01/2053		230		244
Series A, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2052		790		772
Series C1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052		40		39
Indiana Housing & Community Development Authority, Sustainable Bond, Series A1, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044		4,000		3,926
Indiana Municipal Power Agency, Series A, Rev., 5.00%, 01/01/2029		400		425
Indiana University, Rev., 5.00%, 06/01/2034		2,665		3,026
Indianapolis Local Public Improvement Bond Bank,
Series A, Rev., AGM, 4.00%, 06/01/2036		5,000		5,060
Series A, Rev., AGM, 4.00%, 06/01/2041		9,000		8,683
Series A, Rev., 5.00%, 06/01/2025		500		501
Indianapolis Local Public Improvement Bond Bank, Airport Authority, Series A1, Rev., AMT, 5.00%, 01/01/2028		200		203
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport, Rev., AMT, 5.00%, 01/01/2029		2,855		2,998
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority,
Rev., AMT, 5.00%, 01/01/2026		1,500		1,522
Rev., AMT, 5.00%, 01/01/2029		4,245		4,457
Rev., AMT, 5.00%, 01/01/2031		3,500		3,720
Series I, Rev., AMT, 5.00%, 01/01/2032		4,885		4,889
Series I, Rev., AMT, 5.00%, 01/01/2033		5,000		5,003
Indianapolis Local Public Improvement Bond Bank, Metropolitan Thoroughfare District, Series D, Rev., 4.00%, 01/01/2041		10,000		9,765
Indianapolis Local Public Improvement Bond Bank, Senior, Convention Center Hotel,
Rev., 5.50%, 03/01/2038		2,150		2,285
Rev., 6.00%, 03/01/2053		2,050		2,162
Northern Indiana Commuter Transportation District, Rev., 5.25%, 01/01/2049		1,500		1,590
Northwestern School Building Corp.,
Rev., 6.00%, 07/15/2040		700		772
Rev., 6.00%, 07/15/2041		900		988
Purdue University,
Series A, Rev., 5.00%, 07/01/2027		1,500		1,572
Series A, Rev., 5.00%, 07/01/2036		405		458
Westfield-Washington Multi-School Building Corp., Series A, Rev., BAM, 5.25%, 07/15/2043		1,550		1,645
				158,918
Iowa — 0.4%
Iowa Finance Authority,
Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2039		3,545		3,405
Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044		5,665		5,561

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Iowa — continued
Series D, Rev., GNMA/FNMA/FHLMC, 3.50%, 01/01/2049		220		218
Iowa Finance Authority, Ahepa 192, IV Apartments Project, Rev., HUD, 5.00%, 11/01/2026 (z)		3,040		3,070
Iowa Finance Authority, Alcoa, Inc. Project, Rev., 4.75%, 08/01/2042		5,000		5,004
Iowa Finance Authority, Iowa Fertilizer Company Project,
Rev., 4.00%, 12/01/2050 (p) (z)		5,905		6,257
Rev., 5.00%, 12/01/2050 (p)		5,255		5,925
Iowa Finance Authority, Lifespace Communities, Inc., Rev., 5.00%, 05/15/2044		3,000		2,983
Iowa Finance Authority, Social Bond, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052		1,615		1,577
Iowa Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2047		1,315		1,299
Iowa Finance Authority, Sustainable Bond Mortgage Backed, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044		2,000		1,963
Iowa Finance Authority, Sustainable Bond Mortgage Backed Securities Program, Rev., GNMA/FNMA/FHLMC, 4.55%, 07/01/2045		1,220		1,203
Iowa Student Loan Liquidity Corp., Series B, Rev., AMT, 5.00%, 12/01/2030		1,000		1,041
Iowa Tobacco Settlement Authority, Subordinate, Series B1, Rev., 4.00%, 06/01/2049		870		821
PEFA, Inc., Rev., 5.00%, 09/01/2049 (z)		2,745		2,795
Sioux City Community School District, Rev., BAM, 3.00%, 10/01/2025		3,625		3,621
Southeast Polk Community School District, Series A, GO, 5.00%, 05/01/2028		5,185		5,498
				52,241
Kansas — 0.2%
Butler County Unified School District No. 385 Andover, Refunding and School Building, GO, 5.00%, 09/01/2032 (p)		1,000		1,049
City of Lawrence KS, Rev., 4.00%, 07/01/2036		1,500		1,444
City of Manhattan, Meadowlark Hills, Series A, Rev., 4.00%, 06/01/2036		1,000		919
City of Wichita KS, Rev., 5.25%, 05/15/2039		2,460		2,440
Johnson County Unified School District No. 512 Shawnee Mission, Series A, GO, 4.00%, 10/01/2043		2,000		1,896
Kansas Development Finance Authority, Unrefunded, Rev., 5.00%, 11/15/2054 (z)		1,500		1,598
Riley County Unified School District No. 383 Manhattan-Ogden, Series A, GO, 5.00%, 09/01/2034 (p)		1,000		1,052
University of Kansas Hospital Authority, Improvement KU Health System, Rev., 5.00%, 09/01/2045		3,800		3,806
University of Kansas Hospital Authority, University Kansas Health System, Rev., 5.00%, 03/01/2047 (p)		3,865		4,015
University of Kansas Hospital Authority, Unrefunded University Kansas Health System, Rev., 5.00%, 03/01/2047		7,350		7,395
Wyandotte County Unified School District No. 203 Piper,
Series A, GO, AGM, 5.00%, 09/01/2040		900		949
Series A, GO, AGM, 5.25%, 09/01/2052		1,000		1,042
				27,605
Kentucky — 1.7%
City of Henderson, Pratt Paper LLC Project, Rev., AMT, 4.45%, 01/01/2042 (e)		1,685		1,625
County of Carroll, Utilities Company Project, Rev., AMT, 2.00%, 02/01/2032		8,620		7,194
County of Trimble, Kentucky Utilities Co., Rev., AMT, 4.70%, 06/01/2054 (z)		8,000		8,071
County of Trimble, Louisville Gas & Electric, Rev., 0.63%, 09/01/2026		605		577
County of Trimble, Louisville Gas & Electricity, Rev., AMT, 1.35%, 11/01/2027		8,100		7,580
County of Trimble, Louisville Gas and Electric, Rev., AMT, 4.70%, 06/01/2054 (z)		6,665		6,724

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Kentucky — continued
County of Trimble, Louisville Gas and Electric Company, Rev., AMT, 1.30%, 09/01/2044 (z)		4,500		4,133
County of Warren, Bowling Green Warren County, Rev., 5.25%, 04/01/2049		5,000		5,276
Fayette County School District Finance Corp., Series A, Rev., 4.00%, 05/01/2038		3,000		2,849
Kenton County Airport Board, Rev., AMT, 5.00%, 01/01/2032		1,175		1,258
Kentucky Bond Development Corp., Baptist Healthcare System, Rev., 5.00%, 08/15/2055 (z)		1,650		1,815
Kentucky Bond Development Corp., Centre College, Rev., 4.00%, 06/01/2040		420		398
Kentucky Economic Development Finance Authority, Baptist Healthcare System, Series B, Rev., 5.00%, 08/15/2041		9,550		9,696
Kentucky Economic Development Finance Authority, Commonspirit Health, Series A, Rev., 5.00%, 08/01/2044		3,500		3,533
Kentucky Economic Development Finance Authority, Norton Healthcare, Inc.,
Series B, Rev., NATL, Zero Coupon, 10/01/2026		4,305		4,047
Series B, Rev., NATL, Zero Coupon, 10/01/2027		2,195		1,976
Kentucky Economic Development Finance Authority, Owensboro Health, Series A, Rev., 5.00%, 06/01/2045		1,000		974
Kentucky Economic Development Finance Authority, Senior Next Generation Information,
Rev., 4.25%, 07/01/2035		2,645		2,623
Rev., 5.00%, 07/01/2040		5,000		5,004
Rev., 5.00%, 01/01/2045		3,295		3,297
Kentucky Housing Corp.,
Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055		1,070		1,167
Series A, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2054		2,355		2,597
Series E, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055		2,490		2,732
Kentucky Housing Corp., Beecher Terrace Phase IV, Rev., HUD, 5.00%, 09/01/2043 (z)		1,015		1,031
Kentucky Public Energy Authority,
Rev., 5.00%, 01/01/2055 (z)		8,010		8,408
Series A1, Rev., 4.00%, 08/01/2052 (z)		1,000		996
Series A1, Rev., 5.25%, 04/01/2054 (z)		24,200		26,003
Series A2, Rev., (United States SOFR * 0.67 + 1.20%), 4.11%, 08/01/2052 (aa)		2,500		2,481
Series A, Rev., 5.00%, 05/01/2055 (z)		10,285		10,745
Series C, Rev., 4.00%, 02/01/2050 (z)		10,885		10,922
Kentucky State Property & Building Commission, Project No. 131, Series A, Rev., 5.00%, 10/01/2041		1,500		1,604
Kentucky State Property & Buildings Commission, Project No. 132, Series A, Rev., 5.00%, 04/01/2044		9,000		9,445
Kentucky State University, Kentucky State University Project,
COP, BAM, 4.00%, 11/01/2033		145		149
COP, BAM, 4.00%, 11/01/2035		135		137
COP, BAM, 4.00%, 11/01/2036		155		156
COP, BAM, 4.00%, 11/01/2038		650		647
Louisville and Jefferson County Metropolitan Government, Louisville Gas And Electric Co. Project, Series A, Rev., 0.90%, 09/01/2026		2,750		2,631
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2031		670		683
Louisville and Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2052		8,995		8,783
Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric, Rev., 2.00%, 10/01/2033		1,000		814

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Kentucky — continued
Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric Co. Project, Rev., AMT, 1.35%, 11/01/2027		2,000		1,865
Louisville/Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2047		3,180		3,174
Louisville-Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2033		2,000		2,033
Public Energy Authority of Kentucky, Series A, Rev., 5.25%, 06/01/2055 (z)		15,020		15,870
Rural Water Financing Agency, Public Projects Construction, Rev., 3.70%, 05/01/2027		4,000		4,008
University of Kentucky, Rev., 4.00%, 10/01/2036		5,000		4,928
				202,659
Louisiana — 1.0%
City of Lafayette, Utilities Revenue Electric Project, Rev., AGC, 5.00%, 11/01/2046		5,000		5,270
City of New Orleans LA, GO, 5.00%, 12/01/2039		2,000		2,151
City of New Orleans Sewerage Service Revenue, Rev., 5.00%, 06/01/2045 (p)		2,000		2,007
Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax, Rev., AGC, 5.00%, 08/01/2027		1,400		1,465
East Baton Rouge Sewerage Commission, Series A, Rev., 1.30%, 02/01/2041 (z)		4,500		4,015
Ernest N Morial New Orleans Exhibition Hall Authority, Special Tax, 5.25%, 07/15/2048		6,000		6,326
Lakeshore Villages Master Community Development District, Parish of St. Tammany, Special Assessment, 3.20%, 06/01/2041 (e)		630		497
Louisiana Housing Corp., Home Ownership Program, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 06/01/2054		390		418
Louisiana Housing Corp., Social Bonds Home Ownership Project, Rev., GNMA/FNMA/FHLMC, 5.00%, 06/01/2052		1,015		1,048
Louisiana Local Government Environmental Facilities & Community Development Authority, Entergy Louisiana LLC Project,
Rev., 2.00%, 06/01/2030		2,755		2,470
Rev., 2.50%, 04/01/2036		1,185		965
Louisiana Local Government Environmental Facilities & Community Development Authority, Subordinate, East Baton Rouge,
Rev., 5.00%, 02/01/2036		640		685
Rev., 5.00%, 02/01/2041		1,560		1,629
Louisiana Local Government Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project, Rev., 3.50%, 11/01/2032		3,685		3,519
Louisiana Public Facilities Authority,
Rev., AMT, 5.50%, 09/01/2054		3,000		3,115
Rev., AMT, 5.75%, 09/01/2064		2,500		2,630
Louisiana Public Facilities Authority, Children’s Medical Center Project, Rev., 5.00%, 06/01/2045 (z)		450		468
Louisiana Public Facilities Authority, Elementus Minerals LLC Project, Rev., AMT, 5.00%, 10/01/2043 (e) (z)		6,365		6,403
Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge,
Rev., AMT, 5.00%, 09/01/2066		2,330		2,280
Rev., AMT, 5.50%, 09/01/2059		3,000		3,101
Louisiana Public Facilities Authority, Loyola University Project,
Rev., 4.00%, 10/01/2038		2,560		2,415
Rev., 5.25%, 10/01/2048		5,100		5,165

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Louisiana — continued
Louisiana Public Facilities Authority, Ochsner Clinic Foundation, Series B, Rev., 5.00%, 05/15/2050 (z)		1,100		1,101
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Rev., 5.00%, 05/15/2047		805		805
Louisiana Stadium & Exposition District, Senior Bonds,
Series A, Rev., 5.00%, 07/01/2042		5,460		5,722
Series A, Rev., 5.00%, 07/01/2048		2,500		2,568
Series A, Rev., 5.25%, 07/01/2053		7,500		7,802
New Orleans Aviation Board,
Rev., AMT, 5.00%, 01/01/2032		1,440		1,538
Rev., AMT, 5.00%, 01/01/2033		1,000		1,071
Rev., AMT, 5.25%, 01/01/2041		3,500		3,709
New Orleans Aviation Board, General Airport, Series D2, Rev., AMT, 5.00%, 01/01/2033		1,100		1,117
New Orleans Aviation Board, General Airport North Terminal,
Series B, Rev., AMT, 5.00%, 01/01/2038		1,000		1,009
Series B, Rev., AMT, 5.00%, 01/01/2048		5,000		5,003
Parish of St John the Baptist, Marathon Oil Corporation Project, Rev., 4.05%, 06/01/2037 (z)		2,625		2,643
Parish of St. John the Baptist, Marathon Oil Corporation, Rev., 3.30%, 06/01/2037 (z)		10,430		10,352
Parish of St. John the Baptist, Marathon Oil Corporation Project, Rev., 2.38%, 06/01/2037 (z)		3,000		2,960
Port New Orleans Board of Commissioners, Series E, Rev., AMT, 5.00%, 04/01/2039		1,170		1,196
St. Tammany Parish Hospital Service District No. 1,
Series A, Rev., 5.00%, 07/01/2032		1,615		1,678
Series A, Rev., 5.00%, 07/01/2034		1,655		1,707
State of Louisiana, Series A, GO, 5.00%, 03/01/2037		9,555		9,995
State of Louisiana Gasoline & Fuels Tax Revenue, Second Lien, Series A, Rev., (United States SOFR * 0.70 + 0.50%), 3.54%, 05/01/2043 (aa)		1,120		1,117
				121,135
Maine — 0.3%
Finance Authority of Maine, Casella Waste Systems, Rev., AMT, 4.63%, 12/01/2047 (e) (z)		745		751
Finance Authority of Maine, Supplemental Educational Loan Program,
Series A1, Rev., AGM, AMT, 2.38%, 12/01/2033		705		583
Series A1, Rev., AGM, AMT, 5.00%, 12/01/2025		85		86
Maine Health & Higher Educational Facilities Authority,
Series A, Rev., AGM, 4.38%, 07/01/2048		2,100		2,018
Series A, Rev., AGC, 5.25%, 07/01/2049		1,930		2,032
Maine Health & Higher Educational Facilities Authority, Maine Healthcare,
Series A, Rev., 4.00%, 07/01/2046		4,000		3,139
Series A, Rev., 5.00%, 07/01/2041		6,030		5,646
Series A, Rev., 5.00%, 07/01/2046		7,645		7,027
Maine State Housing Authority, Social Bonds, Series D, Rev., 3.00%, 11/15/2051		705		694
Maine Turnpike Authority,
Rev., 4.00%, 07/01/2045		9,000		8,572
Rev., 5.00%, 07/01/2028		2,000		2,134
				32,682
Maryland — 1.6%
City of Baltimore MD, Rev., 4.88%, 06/01/2042		1,275		1,276
City of Baltimore, Wastewater Projects, Series A, Rev., 5.00%, 07/01/2049		5,000		5,111
City of Baltimore, Water Project, Series A, Rev., 5.00%, 07/01/2050		3,200		3,280

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Maryland — continued
City of Brunswick, Brunswick Crossing Special Tax, Special Tax, 4.00%, 07/01/2029		500		492
County of Baltimore, GO, 4.00%, 03/01/2042		10,300		9,991
County of Howard, Series D, GO, 5.00%, 02/15/2030		3,000		3,166
County of Montgomery, Series B, GO, 4.00%, 11/01/2028		1,500		1,559
County of Montgomery MD,
GO, 2.00%, 08/01/2039		2,000		1,464
Rev., 5.00%, 12/01/2045		5,000		5,015
County of Montgomery, Trinity Health Credit Group,
Rev., 4.00%, 12/01/2044		3,000		2,828
Rev., 5.00%, 12/01/2044		1,650		1,651
County of Prince George’s, Chesapeake Lighthouse Obligations, Series A, Rev., 6.50%, 08/01/2035 (e) (p)		750		765
Maryland Community Development Administration,
Series B, Rev., 3.00%, 09/01/2051		110		108
Series D, Rev., 3.25%, 09/01/2050		1,665		1,649
Maryland Community Development Administration, Community Dev Admin Social Bonds, Rev., GNMA/FNMA/FHLMC COLL, 4.95%, 09/01/2042		1,430		1,463
Maryland Community Development Administration, Park Heights Senior, Series C, Rev., 5.25%, 11/01/2025		4,880		4,906
Maryland Community Development Administration, Residential,
Series A, Rev., 3.75%, 03/01/2050		925		926
Series B, Rev., AMT, 4.50%, 09/01/2048		875		882
Maryland Community Development Administration, Social Bonds,
Series C, Rev., 3.00%, 09/01/2051		4,286		4,207
Series C, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 09/01/2054		420		447
Maryland Community Development Administration, Sustainable Bonds, Series E, Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2054		4,700		5,092
Maryland Economic Development Corp., Core Natural Resources, Inc., Rev., 5.00%, 07/01/2048 (e) (z)		1,510		1,525
Maryland Economic Development Corp., Green Bond Purple Line Light, Rev., AMT, 5.25%, 06/30/2052		2,000		2,037
Maryland Economic Development Corp., Green Bond, Purple Line, Rev., AMT, 5.25%, 06/30/2047		1,300		1,333
Maryland Economic Development Corp., Morgan State University Project,
Rev., 4.00%, 07/01/2040		665		610
Rev., 5.38%, 07/01/2038		1,250		1,331
Maryland Economic Development Corp., Port Covington Project,
Tax Allocation, 3.25%, 09/01/2030		1,260		1,211
Tax Allocation, 4.00%, 09/01/2040		2,280		2,070
Maryland Economic Development Corp., Transportation Facilities Project, Series A, Rev., 5.00%, 06/01/2035		1,000		1,026
Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare,
Rev., 4.00%, 01/01/2038		2,020		1,901
Rev., 5.00%, 01/01/2036		4,580		4,704
Maryland Health & Higher Educational Facilities Authority, Doctors Community Hospital, Rev., 5.00%, 07/01/2034		2,000		2,026
Maryland Health & Higher Educational Facilities Authority, Lifebridge Health, Rev., 4.00%, 07/01/2041		2,315		2,162

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Maryland — continued
Maryland Health & Higher Educational Facilities Authority, Medstar Health Issue,
Series A, Rev., 5.00%, 05/15/2042		3,000		3,037
Series A, Rev., 5.00%, 05/15/2045		9,565		9,590
Series B, Rev., 5.00%, 08/15/2038		1,000		1,000
Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center, Rev., 5.00%, 07/01/2028		1,300		1,305
Maryland Health & Higher Educational Facilities Authority, UPMC Health System, Series B, Rev., 4.00%, 04/15/2050		3,000		2,700
Maryland Stadium Authority Built to Learn Revenue, Series A, Rev., 5.00%, 06/01/2033		1,375		1,513
Maryland Stadium Authority, Built To Learn Act,
Rev., 5.00%, 06/01/2039		4,135		4,517
Rev., 5.00%, 06/01/2040		4,150		4,502
Maryland State Transportation Authority Passenger Facility Charge Revenue, Rev., AMT, 4.00%, 06/01/2039		5,145		4,917
State of Maryland,
GO, 5.00%, 06/01/2036		5,000		5,631
Series B, GO, 5.00%, 08/01/2026		1,000		1,030
State of Maryland Department of Transportation, Rev., 3.00%, 10/01/2030		1,500		1,462
State of Maryland Department of Transportation, Baltimore Washington International,
Rev., AMT, 4.00%, 08/01/2038		965		934
Rev., AMT, 4.00%, 08/01/2039		1,160		1,120
State of Maryland, Group 1, Series A, GO, 5.00%, 08/01/2028		1,500		1,606
State of Maryland, Local Facilities Loan, Series A, GO, 5.00%, 08/01/2028		5,000		5,354
State of Maryland, State & Local Facilities Loan of 2022, GO, 5.00%, 06/01/2033		1,000		1,114
Tender Option Bond Trust Receipts/Certificates, Rev., LIQ: Morgan Stanley, 2.94%, 07/01/2030 (e) (z)		19,385		19,385
University System of Maryland, Series A, Rev., 4.00%, 04/01/2051		1,500		1,367
Washington Suburban Sanitary Commission,
Rev., CNTY GTD, 2.13%, 06/01/2036		7,885		6,388
Rev., CNTY GTD, 3.00%, 06/01/2038		4,550		3,985
Rev., CNTY GTD, 5.00%, 06/01/2029		2,000		2,170
Rev., CNTY GTD, 5.00%, 06/01/2039		9,080		9,908
Washington Suburban Sanitary Commission, Consolidated Public Improvement,
Rev., CNTY GTD, 3.00%, 06/01/2035		3,045		2,807
Rev., CNTY GTD, 3.00%, 06/01/2037		5,180		4,620
Rev., CNTY GTD, 5.00%, 06/01/2029		1,500		1,596
Rev., CNTY GTD, 5.00%, 06/01/2038		5,000		5,535
				187,307
Massachusetts — 2.2%
Boston Water & Sewer Commission, Senior Bonds, Series B, Rev., 4.00%, 11/01/2039		1,570		1,585
City of Brockton, GO, 4.00%, 08/01/2047		3,145		2,912
Collegiate Charter School of Lowell, Rev., 5.00%, 06/15/2049		1,250		1,236
Commonwealth of Massachusetts,
GO, 4.00%, 09/01/2036		11,765		11,710
GO, 4.00%, 07/01/2037		10,000		9,955
GO, 4.00%, 09/01/2044		13,020		12,207
GO, 4.00%, 05/01/2045		10,000		9,292

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Massachusetts — continued
Rev., NATL, 5.50%, 01/01/2034		1,500		1,657
Series B, GO, 5.00%, 11/01/2041		9,000		9,731
Series C, GO, 5.00%, 10/01/2049		10,000		10,444
Series D, GO, 5.00%, 10/01/2053		10,000		10,383
Series E, GO, 4.00%, 09/01/2043		10,000		9,469
Series E, GO, 5.00%, 11/01/2047		5,000		5,221
Commonwealth of Massachusetts Transportation Fund Revenue, Rail Enhancement Project, Series B, Rev., 5.00%, 06/01/2025		375		376
Commonwealth of Massachusetts, Consolidated Loan,
Series A, GO, 5.00%, 01/01/2041		1,500		1,618
Series A, GO, 5.00%, 01/01/2054		12,000		12,468
Series E, GO, 5.00%, 08/01/2053		4,000		4,165
Commonwealth of Massachusetts, Consolidated Loans, Series E, GO, 5.00%, 11/01/2050		2,175		2,242
Massachusetts Bay Transportation Authority Senior Sales Tax Bond, Senior, Series A1, Rev., 4.00%, 07/01/2053		2,750		2,513
Massachusetts Bay Transportation Authority, Subordinated Sales Tax Bonds, Series A1, Rev., 4.00%, 07/01/2051		5,000		4,586
Massachusetts Clean Water Trust (The), Sustainable Bonds,
Rev., 5.00%, 02/01/2033		1,000		1,134
Rev., 5.00%, 02/01/2035		3,760		4,219
Rev., 5.00%, 02/01/2038		250		276
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Rev., 5.00%, 07/01/2032		4,385		4,845
Massachusetts Development Finance Agency, Boston Medical Center, Rev., 5.25%, 07/01/2052		2,000		2,049
Massachusetts Development Finance Agency, Emerson College, Series A, Rev., 5.00%, 01/01/2047		5,075		5,065
Massachusetts Development Finance Agency, Gingercare Living, Inc., Rev., 4.75%, 12/01/2029 (e)		1,700		1,702
Massachusetts Development Finance Agency, Green Bond, Boston Medical Center, Rev., 5.00%, 07/01/2044		2,840		2,803
Massachusetts Development Finance Agency, Lahey Health System, Series F, Rev., 5.00%, 08/15/2045		10,000		10,018
Massachusetts Development Finance Agency, Lowell General Hospital, Series G, Rev., 5.00%, 07/01/2044		4,000		3,770
Massachusetts Development Finance Agency, Mass General Brigham,
Series D, Rev., 5.00%, 07/01/2047		8,010		8,258
Series D, Rev., 5.00%, 07/01/2054		8,000		8,201
Massachusetts Development Finance Agency, Milford Regional Medical Center, Rev., 5.00%, 07/15/2046 (p)		1,000		1,100
Massachusetts Development Finance Agency, Northeastern University Issue, Rev., 5.00%, 10/01/2044		2,000		2,108
Massachusetts Development Finance Agency, Partners Healthcare System, Rev., (SIFMA Municipal Swap Index + 0.60%), 3.47%, 07/01/2049 (aa) (e)		100		100
Massachusetts Development Finance Agency, Suffolk University Project, Rev., 4.00%, 07/01/2051		1,250		987
Massachusetts Development Finance Agency, UMass Memorial Health Care, Rev., 5.00%, 07/01/2044		1,000		1,003
Massachusetts Educational Financing Authority,
Rev., AMT, 4.25%, 07/01/2032		80		79

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Massachusetts — continued
Rev., AMT, 5.00%, 07/01/2029		2,250		2,343
Rev., AMT, 5.00%, 07/01/2032		585		615
Series B, Rev., AMT, 2.63%, 07/01/2036		300		299
Massachusetts Educational Financing Authority, Educational Loan Revenue Bonds, Rev., AMT, 2.00%, 07/01/2037		130		116
Massachusetts Educational Financing Authority, Senior, Series B, Rev., AMT, 5.00%, 07/01/2029		1,400		1,458
Massachusetts Educational Financing Authority, Senior Bonds,
Series B, Rev., AMT, 4.25%, 07/01/2044		1,005		976
Series B, Rev., AMT, 5.00%, 07/01/2029		2,650		2,760
Massachusetts Educational Financing Authority, Senior Issue M, Series B, Rev., AMT, 3.63%, 07/01/2038		725		690
Massachusetts Health & Educational Facilities Authority, Massachusetts Institute Technology, Series J2, Rev., VRDO, 2.75%, 04/01/2025 (z)		15,000		15,000
Massachusetts Housing Finance Agency, Mill Road Apartments Project, Rev., VRDO, 2.83%, 04/07/2025 (z)		5,800		5,800
Massachusetts Housing Finance Agency, Social Bond, Series 220, Rev., GNMA/FNMA/FHLMC, 3.00%, 12/01/2050		2,640		2,600
Massachusetts Housing Finance Agency, Social Bonds,
Series 223, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2047		870		856
Series 227, Rev., GNMA/FNMA/FHLMC COLL, 4.70%, 12/01/2043		2,250		2,249
Massachusetts Housing Finance Agency, Sustainability Bond,
Series B2, Rev., 0.75%, 06/01/2025		115		114
Series C1, Rev., 2.65%, 12/01/2034		1,000		833
Series D3, Rev., FHA HUD, 3.35%, 06/01/2027		650		651
Massachusetts Housing Finance Agency, Sustainable Bond, Series 234, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/01/2044		575		565
Massachusetts Port Authority,
Rev., AMT, 4.00%, 07/01/2046		8,000		7,225
Rev., AMT, 5.00%, 07/01/2049		2,735		2,752
Series E, Rev., AMT, 5.00%, 07/01/2031		1,495		1,609
Series E, Rev., AMT, 5.00%, 07/01/2032		2,000		2,140
Massachusetts Port Authority, Green Bonds,
Series A, Rev., AMT, 5.00%, 07/01/2031		925		996
Series A, Rev., AMT, 5.00%, 07/01/2038		2,580		2,715
Series A, Rev., AMT, 5.00%, 07/01/2040		3,500		3,653
Massachusetts School Building Authority, Rev., 4.00%, 02/15/2042		5,700		5,468
Massachusetts School Building Authority, Sales Tax, Series A, Rev., 5.00%, 11/15/2027		1,105		1,120
Massachusetts Water Resources Authority, Sustainable Bond, Rev., 5.00%, 08/01/2026 (p)		515		530
Massachusetts Water Resources Authority, Unrefunded Sustainable Bond, Rev., 5.00%, 08/01/2026		485		500
The Massachusetts Clean Water Trust, Sustainable Bonds, Rev., 5.00%, 02/01/2042		1,000		1,096
Town of Tyngsborough, GO, 4.00%, 10/15/2045		1,955		1,823
Town of Watertown MA, GO, 4.00%, 06/15/2050		1,850		1,745
University of Massachusetts Building Authority, Series 2021, Rev., 5.00%, 11/01/2026		5,000		5,182
				257,966

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Michigan — 1.8%
City of Detroit Sewage Disposal System Revenue, Floating Rate Notes Refunding System Libor D, Rev., AGM, (CME Term SOFR 3 Month * 0.67 + 0.60%), 3.66%, 07/01/2032 (aa)		1,000		986
City of Detroit, Social Bonds,
Series A, GO, 4.00%, 04/01/2041		500		456
Series A, GO, 5.00%, 04/01/2039		115		119
Series A, GO, 5.00%, 04/01/2046		35		35
Series A, GO, 5.00%, 04/01/2050		30		30
City of Grand Rapids MI, GO, 5.00%, 04/01/2054		2,700		2,800
City of Warren,
GO, 5.00%, 11/01/2043		1,430		1,515
GO, 5.00%, 11/01/2044		1,015		1,074
Detroit Downtown Development Authority, Tax Allocation, 5.00%, 07/01/2048		1,120		1,147
Gerald R Ford International Airport Authority,
Rev., CNTY GTD, AMT, 5.00%, 01/01/2026		225		228
Rev., CNTY GTD, AMT, 5.00%, 01/01/2027		350		361
Rev., CNTY GTD, AMT, 5.00%, 01/01/2028		275		288
Rev., CNTY GTD, AMT, 5.00%, 01/01/2029		600		637
Rev., CNTY GTD, AMT, 5.00%, 01/01/2034		1,140		1,220
Rev., CNTY GTD, AMT, 5.00%, 01/01/2038		1,300		1,364
Rev., CNTY GTD, AMT, 5.00%, 01/01/2039		1,000		1,045
Grand Rapids Public Schools,
GO, AGM, 5.00%, 05/01/2042		1,225		1,307
GO, AGM, 5.00%, 05/01/2043		1,700		1,807
GO, AGM, 5.00%, 05/01/2044		1,450		1,538
GO, AGM, 5.00%, 05/01/2046		4,000		4,227
Great Lakes Water Authority Sewage Disposal System Revenue, Senior Lien,
Series A, Rev., 5.00%, 07/01/2038		645		708
Series B, Rev., 5.00%, 07/01/2025		1,115		1,121
Series B, Rev., 5.00%, 07/01/2028		140		149
Series C, Rev., 5.00%, 07/01/2037		850		938
Series C, Rev., 5.00%, 07/01/2038		725		795
Series C, Rev., 5.00%, 07/01/2040		1,150		1,250
Series C, Rev., 5.00%, 07/01/2041		1,140		1,233
Series C, Rev., 5.00%, 07/01/2042		1,200		1,288
Series C, Rev., 5.00%, 07/01/2043		875		934
Great Lakes Water Authority Water Supply System Revenue,
Rev., 5.00%, 07/01/2036		10,625		11,769
Rev., 5.00%, 07/01/2037		1,570		1,731
Rev., 5.25%, 07/01/2052		3,000		3,170
Great Lakes Water Authority Water Supply System Revenue, Senior Lien, Series C, Rev., 5.25%, 07/01/2033		2,515		2,563
Great Lakes Water Authority Water Supply System Revenue, Senior Lien Bonds,
Series A, Rev., 5.00%, 07/01/2037		2,510		2,768
Series A, Rev., 5.00%, 07/01/2038		2,000		2,191
Series B, Rev., 5.00%, 07/01/2037		550		606
Series B, Rev., 5.00%, 07/01/2038		500		548
Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C, Rev., 5.00%, 07/01/2032		75		76

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Michigan — continued
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B, Rev., 5.00%, 07/01/2030		3,200		3,265
Lansing Board of Water & Light,
Series A, Rev., 5.00%, 07/01/2037		1,625		1,798
Series A, Rev., 5.00%, 07/01/2039		405		441
Series A, Rev., 5.00%, 07/01/2041		1,500		1,615
Series A, Rev., 5.00%, 07/01/2048		1,675		1,703
Series A, Rev., 5.25%, 07/01/2054		7,000		7,411
Michigan Finance Authority, Series A, Rev., 4.00%, 12/01/2049		1,000		859
Michigan Finance Authority, Aquinas College Project,
Rev., 5.00%, 05/01/2036		300		222
Rev., 5.00%, 05/01/2046		2,000		1,477
Michigan Finance Authority, Beaumont Health Credit Group, Rev., 5.00%, 11/01/2044		8,090		8,093
Michigan Finance Authority, Beaumont Spectrum,
Rev., 4.00%, 04/15/2042		2,500		2,371
Rev., 5.00%, 04/15/2030		3,000		3,258
Michigan Finance Authority, Beaumont Spectrum Consolidated, Rev., 4.00%, 04/15/2038		1,175		1,153
Michigan Finance Authority, Che Trinity Health, Rev., 4.00%, 12/01/2040 (p)		95		99
Michigan Finance Authority, Henry Ford Health System,
Rev., 5.00%, 11/15/2041		3,145		3,178
Series A, Rev., 5.00%, 11/15/2048		7,000		7,072
Michigan Finance Authority, Higher Educational Facilities Authority,
Rev., 5.00%, 09/01/2032		690		736
Rev., 5.00%, 09/01/2033		800		847
Rev., 5.00%, 09/01/2034		570		601
Rev., 5.00%, 09/01/2035		1,200		1,261
Michigan Finance Authority, Local Government Loan Program, Rev., 5.00%, 07/01/2044		4,000		4,002
Michigan Finance Authority, Multi Modal McLaren Health Care,
Rev., 4.00%, 02/15/2044		9,625		8,776
Rev., 4.00%, 02/15/2047		3,000		2,693
Rev., 4.00%, 02/15/2050		2,500		2,179
Michigan Finance Authority, Senior Turbo, Series A2, Rev., 5.00%, 06/01/2040		1,655		1,692
Michigan Finance Authority, Sparrow Obligated Group, Rev., 5.00%, 11/15/2045 (p)		2,250		2,255
Michigan Finance Authority, State Aid Note Loan Program, Rev., 5.00%, 11/01/2029		2,755		2,974
Michigan Finance Authority, State Revolving Fund Program, Rev., 5.00%, 10/01/2042		8,000		8,659
Michigan Finance Authority, Trinity Health Credit Group,
Rev., 4.00%, 12/01/2040		9,130		8,529
Rev., 4.00%, 12/01/2048		1,300		1,122
Rev., 5.00%, 12/01/2036		1,000		1,065
Michigan Finance Authority, Unrefunded Trinity Health Co., Rev., 5.00%, 12/01/2045		2,250		2,251
Michigan State Building Authority, Series I, Rev., 5.00%, 10/15/2027		2,500		2,631
Michigan State Building Authority, Facilities Multi Mod Program, Rev., VRDO, 2.97%, 04/01/2025 (z)		10,955		10,955
Michigan State Building Authority, Facilities Program,
Series II, Rev., 4.00%, 10/15/2043		1,000		944
Series II, Rev., 5.00%, 10/15/2026		3,500		3,616
Series II, Rev., 5.00%, 10/15/2042		1,350		1,431
Michigan State Hospital Finance Authority, Hospital Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2027		100		105

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Michigan — continued
Michigan State Housing Development Authority,
Rev., HUD, 4.45%, 10/01/2044		1,500		1,467
Series A, Rev., 0.55%, 04/01/2025		155		155
Series A, Rev., 5.10%, 10/01/2053		5,000		4,894
Series C, Rev., 3.00%, 06/01/2051		1,600		1,576
Michigan State Housing Development Authority, Social Bond,
Series A, Rev., 3.00%, 06/01/2052		2,750		2,701
Series A, Rev., 5.00%, 06/01/2053		1,920		1,989
Michigan State Housing Development Authority, Social Bonds,
Series A, Rev., 5.50%, 12/01/2053		1,205		1,284
Series D, Rev., 5.50%, 06/01/2053		310		326
Michigan State Housing Development Authority, Sustainable Bond, Series D, Rev., 6.25%, 06/01/2055		800		877
Michigan State Housing Development Authority, Sustainable Bonds, Series A, Rev., 6.00%, 06/01/2054		2,840		3,060
Michigan State University, Series C, Rev., 4.00%, 02/15/2039		2,000		1,985
Michigan Strategic Fund, Consumers Energy Co. Project, Rev., AMT, 0.88%, 04/01/2035 (z)		1,620		1,509
Michigan Strategic Fund, Detroit Edison Co. Exempt, Rev., 1.35%, 08/01/2029		3,450		3,010
Michigan Strategic Fund, Detroit Edison Company, Rev., 1.45%, 09/01/2030		810		683
Michigan Strategic Fund, Green Bond Recycling, Rev., AMT, 4.00%, 10/01/2061 (z)		1,685		1,682
Michigan Strategic Fund, I-75 Improvement Project, Rev., AMT, 5.00%, 12/31/2032		1,250		1,279
Okemos Public Schools, Series II, GO, Q-SBLF, 5.00%, 05/01/2046		1,200		1,258
State of Michigan Trunk Line Revenue, State Trunk Line Fund Bonds, Rev., 4.00%, 11/15/2037		2,015		2,037
State of Michigan Trunk Line Revenue, State Trunkline Fund Bonds, Series A, Rev., 4.00%, 11/15/2046		8,125		7,550
State of Michigan, Environmental Program Bonds, Series A, GO, 5.00%, 05/15/2030		400		437
State of Michigan, Gans Garvee, Rev., GAN, 5.00%, 03/15/2027		2,000		2,080
Troy School District, GO, Q-SBLF, 5.00%, 05/01/2039		1,025		1,100
Wayne County Airport Authority, Series F, Rev., AMT, 5.00%, 12/01/2034		1,470		1,474
Wayne County Airport Authority, Detroit Metropolitan Wayne County Airport, Series B, Rev., BAM, 5.00%, 12/01/2039		3,000		3,002
				216,776
Minnesota — 1.0%
Brainerd Independent School District No. 181, GO, 4.00%, 02/01/2039		6,760		6,763
City of Minneapolis, Allina Health System,
Series A, Rev., 5.00%, 11/15/2052 (z)		1,000		1,051
Series B, Rev., 5.00%, 11/15/2053 (z)		2,650		2,834
City of Minneapolis, Fairview Health Services,
Series A, Rev., 4.00%, 11/15/2048		4,120		3,511
Series AA, Rev., AGM-CR, 5.00%, 11/15/2036		3,000		3,158
County of Hennepin, Series C, GO, 5.00%, 12/15/2032		1,500		1,622
Duluth Economic Development Authority, Essentia Health, Rev., 5.00%, 02/15/2058		6,115		6,012
Duluth Economic Development Authority, Essentia Health Obligation Group,
Rev., 5.00%, 02/15/2048		3,000		3,002
Rev., 5.25%, 02/15/2058		1,000		1,014
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Fairview Health Services, Series A, Rev., 5.00%, 11/15/2047		9,000		8,924

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

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		778
Housing & Redevelopment Authority of The City of St. Paul Minnesota, System Fairview Health Services, Series 2015, Rev., AGM-CR, 5.00%, 11/15/2047		4,500		4,517
Minneapolis St. Paul Metropolitan Airports Commission, Subordinate,
Series B, Rev., AMT, 5.00%, 01/01/2034		1,345		1,420
Series B, Rev., AMT, 5.25%, 01/01/2047		1,845		1,890
Minneapolis-St Paul Metropolitan Airports Commission,
Rev., AMT, 5.00%, 01/01/2035		5,000		5,341
Rev., AMT, 5.00%, 01/01/2038		5,000		5,248
Rev., AMT, 5.00%, 01/01/2040		1,800		1,866
Rev., AMT, 5.25%, 01/01/2049		6,000		6,204
Minnesota Agricultural & Economic Development Board, Healthpartners Obligated Group,
Rev., 5.25%, 01/01/2047		5,000		5,205
Rev., 5.25%, 01/01/2054		6,750		6,953
Minnesota Housing Finance Agency,
Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055		3,310		3,676
Series B, Rev., GNMA/FNMA/FHLMC, 2.63%, 01/01/2040		1,920		1,484
Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051		790		776
Series C, Rev., 5.00%, 08/01/2032		2,365		2,576
Series D, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052		1,335		1,311
Series G, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051		2,330		2,296
Series I, Rev., GNMA/FNMA/FHLMC, 2.80%, 12/01/2047		288		236
Series I, Rev., 3.00%, 01/01/2051		1,240		1,221
Minnesota Housing Finance Agency, Social Bond, Series H, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052		315		309
Minnesota Housing Finance Agency, Social Bonds,
Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052		960		939
Series F, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052		200		196
Series F, Rev., GNMA/FNMA/FHLMC, 5.75%, 07/01/2053		375		399
Minnesota Housing Finance Agency, State Appropriation Bond Housing, Rev., 5.00%, 08/01/2029		1,245		1,341
Minnesota Housing Finance Agency, Sustainable Bonds, Series R, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2054		4,785		5,187
Minnesota Office of Higher Education, Senior, Rev., AMT, 2.65%, 11/01/2038		1,000		893
Minnesota Office of Higher Education, Supplemental Student Loan, Rev., AMT, 4.00%, 11/01/2037		665		657
Minnesota Rural Water Finance Authority, Inc., Rev., BAN, 3.30%, 08/01/2026		2,000		2,002
St. Paul Port Authority, Solid Gerdau St. Paul Steel Mill Project, Rev., AMT, 4.50%, 10/01/2037 (e)		4,600		4,324
State of Minnesota,
Series A, GO, 4.00%, 09/01/2037		690		699
Series A, GO, 5.00%, 08/01/2026		250		258
Series A, GO, 5.00%, 10/01/2029		45		47
Series A, GO, 5.00%, 10/01/2032		1,000		1,045
Series A, GO, 5.00%, 08/01/2033		2,000		2,042
Series A, GO, 5.00%, 08/01/2034		2,000		2,110
Series E, GO, 3.00%, 08/01/2026		710		712
State of Minnesota, Trunk Highways, Series B, GO, 3.00%, 08/01/2030		5,000		4,887

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Minnesota — continued
University of Minnesota,
Series A, Rev., 5.00%, 01/01/2040		405		440
Series A, Rev., 5.00%, 01/01/2041		2,500		2,704
Series A, Rev., 5.00%, 01/01/2042		2,750		2,956
				125,036
Mississippi — 0.1%
Mississippi Business Finance Corp., System Energy Resources, Inc. Project, Rev., 2.38%, 06/01/2044		175		109
Mississippi Development Bank, Hinds County School District Project, Rev., 5.00%, 03/01/2048		1,360		1,266
Mississippi Home Corp., Social Bond, Series C, Rev., GNMA/FNMA/FHLMC COLL, 5.00%, 12/01/2052		160		165
Mississippi Hospital Equipment & Facilities Authority,
Rev., 5.00%, 09/01/2036		1,250		1,256
Rev., 5.00%, 09/01/2046		1,500		1,460
Mississippi Hospital Equipment & Facilities Authority, Baptist Memorial Health Care, Rev., 5.00%, 09/01/2044 (z)		250		251
State of Mississippi, ABC Warehouse Construction,
Rev., 4.00%, 10/01/2045		1,000		919
Rev., 5.00%, 10/01/2041		1,000		1,070
Rev., 5.00%, 10/01/2043		1,035		1,093
Rev., 5.00%, 10/01/2044		1,000		1,051
				8,640
Missouri — 0.6%
Cape Girardeau County Industrial Development Authority, Rev., 4.00%, 06/01/2043		5,305		5,079
Cape Girardeau County Industrial Development Authority, Southeasthealth, Rev., 4.00%, 03/01/2041		870		844
City of Kansas City Sanitary Sewer System Revenue, Series A, Rev., 5.00%, 01/01/2041		1,000		1,072
City of St Louis MO Airport Revenue, Rev., AGM, 5.00%, 07/01/2032		1,000		1,113
Health & Educational Facilities Authority of the State of Missouri, Series C, Rev., 5.00%, 05/01/2052 (z)		2,695		2,832
Health & Educational Facilities Authority of the State of Missouri, Luke’s Health System, Rev., 4.00%, 11/15/2038		2,000		1,974
Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Service Projects, Series A, Rev., 5.00%, 02/01/2029		1,410		1,449
Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services, Rev., 4.00%, 02/01/2034		500		485
Kansas City Industrial Development Authority, Rev., AMT, 5.00%, 03/01/2032		900		944
Kansas City Industrial Development Authority, Kansas City International Airport,
Rev., AMT, 4.00%, 03/01/2036		1,250		1,217
Rev., AMT, 5.00%, 03/01/2029		3,050		3,198
Rev., AMT, 5.00%, 03/01/2038		2,480		2,541
Kansas City Industrial Development Authority, Kansas City International Airport, Rev., AMT, 5.00%, 03/01/2044		5,000		5,040
Kansas City Planned Industrial Expansion Authority, The Depot On Old Santa Fe, Rev., 5.00%, 07/01/2045 (z)		5,722		5,892
Missouri Development Finance Board, Procter & Gamble Paper Products, Rev., AMT, 5.20%, 03/15/2029		370		392
Missouri Housing Development Commission,

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Missouri — continued
Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044		4,445		4,334
Rev., GNMA/FNMA/FHLMC, 4.55%, 11/01/2044		995		985
Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2055		10,155		11,124
Missouri Housing Development Commission, First Place Homeownership Loan,
Rev., GNMA/FNMA/FHLMC, 3.00%, 05/01/2052		3,100		3,046
Rev., GNMA/FNMA/FHLMC, 3.25%, 11/01/2052		340		336
Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044		1,730		1,691
Rev., GNMA/FNMA/FHLMC, 5.75%, 05/01/2055		2,785		3,014
Rev., GNMA/FNMA/FHLMC, 5.75%, 05/01/2056 (w)		6,000		6,482
Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2056		2,900		3,163
Rev., GNMA/FNMA/FHLMC, 6.50%, 05/01/2054		2,560		2,849
Series D, Rev., GNMA/FNMA/FHLMC, 3.25%, 05/01/2051		5		5
Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Company Project, Series AR, Rev., 2.90%, 09/01/2033		2,000		1,781
Plaza at Noah’s Ark Community Improvement District, Rev., 3.00%, 05/01/2030		575		538
St. Louis Municipal Finance Corp., Convention Center Expansion, Rev., AGM, 5.00%, 10/01/2045		3,215		3,266
				76,686
Montana — 0.1%
City of Forsyth, Northwestern Corp. Colstrip, Rev., 3.88%, 07/01/2028		3,275		3,314
Montana Board of Housing,
Rev., 3.00%, 12/01/2050		2,055		2,027
Rev., 4.60%, 12/01/2049		2,785		2,733
Rev., 6.00%, 12/01/2054		410		443
Series A, Rev., 3.00%, 06/01/2052		310		304
Series B2, Rev., AMT, 3.50%, 12/01/2042		95		95
Series B, Rev., 3.00%, 12/01/2051		910		895
Series C, Rev., 6.25%, 06/01/2054		1,430		1,549
Montana Facility Finance Authority, Rev., 5.00%, 02/15/2033		1,000		1,022
Montana Facility Finance Authority, Bozeman Deaconess Health Services, 5.00%, 06/01/2048		2,700		2,685
				15,067
Nebraska — 0.4%
Central Plains Energy Project,
Rev., LIQ: Royal Bank of Canada, 4.00%, 12/01/2049 (z)		16,845		16,870
Series 1, Rev., 5.00%, 05/01/2053 (z)		3,915		4,078
County of Douglas, Creighton University Project, Rev., (SIFMA Municipal Swap Index + 0.53%), 3.40%, 07/01/2035 (aa)		2,185		2,165
County of Washington, Cargill, Inc. Project, Rev., AMT, 0.90%, 09/01/2030 (z)		350		346
Douglas County Hospital Authority No. 2, Children’s Hospital Obligation, Rev., 4.00%, 11/15/2038		1,125		1,096
Douglas County Hospital Authority No. 2, Health Facilities Children’s Hospital, Rev., 5.00%, 11/15/2047		3,000		3,014
Douglas County Hospital Authority No. 2, Madonna Rehabilitation Hospital, Rev., 4.00%, 05/15/2033		2,100		1,963
Douglas County, Hospital Authority No. 2, Children’s Hospital Obligated Group, Rev., 5.00%, 11/15/2053 (z)		2,190		2,203
Nebraska Educational Health Cultural & Social Services Finance Authority, Rev., 4.00%, 01/01/2044		1,625		1,458

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Nebraska — continued
Nebraska Educational Health Cultural & Social Services Finance Authority, Immanuel Obligated Group, Rev., 4.00%, 01/01/2037		1,000		943
Nebraska Public Power District, Series A, Rev., 5.00%, 07/01/2028		300		316
Omaha Airport Authority, Airport Facilities, Rev., AGC, AMT, 5.00%, 12/15/2036		1,250		1,331
Omaha Public Power District, Rev., 5.00%, 02/01/2038		5,505		6,037
Omaha School District, GO, 4.00%, 12/15/2038		5,000		4,675
University of Nebraska Lincoln Student, Rev., 3.00%, 07/01/2035 (p)		1,030		1,032
				47,527
Nevada — 0.8%
City of Carson City, Carson Tahoe Regional Medical Center, Rev., 5.00%, 09/01/2047		1,000		1,004
City of Henderson, Series A1, GO, 4.00%, 06/01/2045		2,000		1,906
City of Las Vegas Special Improvement District No. 612 Skye Hills, Special Assessment, 3.50%, 06/01/2035		200		179
City of Las Vegas Special Improvement District No. 817 Summerlin Village 29, Special Improvement No. 817, Summerlin Village,
Special Assessment, 5.50%, 06/01/2038		400		423
Special Assessment, 5.75%, 06/01/2043		500		523
City of North Las Vegas, GO, BAM, 5.00%, 06/01/2027		2,000		2,091
Clark County School District,
Series A, GO, AGM, 4.00%, 06/15/2040		1,375		1,334
Series B, GO, 5.00%, 06/15/2030		1,445		1,573
Series C, GO, 5.00%, 06/15/2026		1,250		1,281
Clark County School District, Building,
Series A, GO, 5.00%, 06/15/2029		500		529
Series B, GO, AGM-CR, 5.00%, 06/15/2033		3,000		3,158
County of Clark, GO, 4.00%, 06/01/2038		4,300		4,247
County of Clark Department of Aviation, Airport Systems, Subordinate, Rev., 5.00%, 07/01/2033		1,010		1,106
County of Clark Department of Aviation, Jet Aviation Fuel Tax, Rev., AMT, 5.00%, 07/01/2025		1,625		1,632
County of Clark Department of Aviation, Subordinate, Series B, Rev., AMT, 5.00%, 07/01/2027		6,000		6,218
County of Clark Department of Aviation, System Senior, Series A, Rev., 5.00%, 07/01/2040		4,000		4,009
County of Clark Passenger Facility Charge Revenue, McCarran International,
Rev., 5.00%, 07/01/2029		5,000		5,411
Rev., 5.00%, 07/01/2031		1,950		2,089
Rev., 5.00%, 07/01/2032		2,385		2,541
County of Clark, Detention Center, GO, 4.00%, 06/01/2034		3,335		3,379
County of Clark, Passenger Facility Charge Revenue, Las Vegas McCarran International Airport, Rev., 5.00%, 07/01/2030		1,425		1,532
County of Clark, Southern CA Edison Company, Rev., 2.10%, 06/01/2031		1,000		860
County of Clark, Streets and Highway Project, Rev., 4.00%, 07/01/2043		4,465		4,279
County of Washoe, Sierra Pacific Power Company, Rev., AMT, 4.13%, 03/01/2036 (z)		9,000		9,058
Las Vegas Convention & Visitors Authority,
Series A, Rev., 5.00%, 07/01/2027		900		940
Series A, Rev., 5.00%, 07/01/2028		1,250		1,329
Series A, Rev., 5.00%, 07/01/2040		250		267
Series B, Rev., 4.00%, 07/01/2049		10,765		9,445
Series B, Rev., 5.00%, 07/01/2029		1,345		1,447
Series B, Rev., 5.00%, 07/01/2034		1,275		1,392

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Nevada — continued
Series B, Rev., 5.00%, 07/01/2038		1,000		1,074
Series B, Rev., 5.00%, 07/01/2043		5,150		5,270
Las Vegas Valley Water District,
Series A, GO, 5.00%, 06/01/2026		1,500		1,540
Series D, GO, 5.00%, 06/01/2027		2,025		2,118
Las Vegas Valley Water District, Water Improvement, Series A, GO, 5.00%, 06/01/2046		5,000		5,047
Truckee Meadows Water Authority, Rev., 5.00%, 07/01/2034		2,000		2,265
				92,496
New Hampshire — 0.6%
New Hampshire Business Finance Authority,
Rev., 0.00%, 11/20/2039 (z)		4,616		4,531
Rev., 3.63%, 08/20/2039		10,521		9,673
Rev., 4.13%, 01/20/2034		2,938		2,929
Rev., 4.25%, 07/20/2041		5,068		4,886
Rev., 4.38%, 09/20/2036		640		640
New Hampshire Business Finance Authority, Caritas Oregon Project, Series A, Rev., 4.13%, 08/15/2040 (e)		2,000		1,777
New Hampshire Business Finance Authority, Centurion Foundation Woodway Drive, Rev., 4.53%, 10/15/2034 (e)		4,060		4,009
New Hampshire Business Finance Authority, Presbyterian Senior Living Project, Rev., 5.25%, 07/01/2048		750		769
New Hampshire Business Finance Authority, Saint Luke’s University Health, Rev., 4.00%, 08/15/2036		720		701
New Hampshire Business Finance Authority, Springpoint Senior Living,
Rev., 4.00%, 01/01/2026		270		270
Rev., 4.00%, 01/01/2027		250		249
Rev., 4.00%, 01/01/2028		290		289
Rev., 4.00%, 01/01/2029		300		297
Rev., 4.00%, 01/01/2030		280		276
Rev., 4.00%, 01/01/2031		870		852
New Hampshire Business Finance Authority, Sustainable Bond, Series B, Rev., AMT, 3.75%, 07/01/2045 (e) (z)		3,000		2,536
New Hampshire Business Finance Authority, Sustainable Bonds Municipal Certificates, Rev., 4.17%, 01/20/2041		6,600		6,381
New Hampshire Business Finance Authority, Sustainable Certificates,
Rev., HUD, 4.15%, 10/20/2040 (z)		4,965		4,824
Series 2, Rev., 3.88%, 01/20/2038		1,226		1,158
New Hampshire Business Finance Authority, Taxable Virginia Birmingham Care Center, Rev., 3.78%, 01/01/2036		2,000		1,604
New Hampshire Business Finance Authority, University of Nevada, Reno Project, Rev., BAM, 5.25%, 06/01/2051		1,875		1,964
New Hampshire Health and Education Facilities Authority Act,
Rev., 3.30%, 06/01/2040 (z)		2,500		2,507
Rev., 4.00%, 08/01/2043		5,000		4,632
Series B, Rev., AMT, 5.00%, 11/01/2043		1,430		1,450
New Hampshire Health and Education Facilities Authority Act, Dartmouth Hitchcock Obligation, Rev., BAM, 4.00%, 08/01/2033		5,000		4,830

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New Hampshire — continued
New Hampshire Health and Education Facilities Authority Act, Granite Edvance Corporation, Rev., AMT, 4.00%, 11/01/2044		530		473
New Hampshire Housing Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC COLL, 6.00%, 07/01/2053		430		458
New Hampshire Housing Finance Authority, Sustainable Bonds, Series D, Rev., GNMA/FNMA/FHLMC, 6.50%, 07/01/2055		2,090		2,286
				67,251
New Jersey — 2.2%
Camden County Improvement Authority, Social Bonds, KIPP Cooper Norcross Academy,
Rev., 6.00%, 06/15/2042		530		560
Rev., 6.00%, 06/15/2047		1,000		1,048
City of Bayonne, Qualified General Improvement, GO, BAM, 5.00%, 07/01/2034 (p)		1,000		1,029
City of Newark, Series A, GO, AGM, 5.00%, 10/01/2028		750		797
Garden State Preservation Trust, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 11/01/2026		1,000		948
Gloucester County Improvement Authority, The Rowan University Fossil Park,
Rev., BAM, 4.00%, 07/01/2046		725		672
Rev., BAM, 4.00%, 07/01/2051		1,000		903
Jersey City Municipal Utilities Authority, Sewer Project Notes, Series B, Rev., 5.00%, 05/01/2025		210		210
Jersey City Municipal Utilities Authority, Water Project Notes, Series A, Rev., 5.00%, 05/01/2025		170		170
New Brunswick Parking Authority, City Guaranteed Parking, Series A, Rev., BAM, 5.00%, 09/01/2026		1,000		1,030
New Jersey Economic Development Authority,
Rev., 5.00%, 03/01/2028		785		827
Series A, Rev., 5.00%, 11/01/2027		2,500		2,618
Series AAA, Rev., 5.00%, 06/15/2036 (p)		1,000		1,037
Series AAA, Rev., 5.00%, 06/15/2041 (p)		500		519
Series AAA, Rev., 5.50%, 06/15/2028		5,000		5,166
Series AAA, Rev., 5.50%, 06/15/2032 (p)		2,000		2,091
Series BBB, Rev., 5.50%, 06/15/2030 (p)		1,225		1,281
Series DDD, Rev., 5.00%, 06/15/2031 (p)		2,000		2,093
Series WW, Rev., 5.00%, 06/15/2034 (p)		1,500		1,507
Series WW, Rev., 5.25%, 06/15/2030 (p)		1,000		1,005
New Jersey Economic Development Authority, Middlesex Water Company,
Rev., AMT, 4.00%, 08/01/2059		4,200		3,715
Rev., AMT, 5.00%, 08/01/2059		3,000		3,006
New Jersey Economic Development Authority, New Jersey American Water Company, Inc.,
Rev., AMT, 1.10%, 11/01/2029 (z)		2,610		2,354
Series E, Rev., AMT, 0.85%, 12/01/2025		1,940		1,888
New Jersey Economic Development Authority, Port Newark Container, Rev., AMT, 5.00%, 10/01/2037		1,000		1,014
New Jersey Economic Development Authority, Portal North Bridge NJ Transit,
Rev., 5.00%, 11/01/2038		5,345		5,672
Rev., 5.00%, 11/01/2052		6,190		6,322
Rev., 5.25%, 11/01/2041		6,000		6,373
New Jersey Economic Development Authority, School Facilities Construction,
Series EEE, Rev., 5.00%, 06/15/2032		1,500		1,575

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New Jersey — continued
Series GGG, Rev., 5.25%, 09/01/2026 (e)		8,000		8,241
New Jersey Economic Development Authority, Self Designated Social Bonds,
Series QQQ, Rev., 5.00%, 06/15/2026		555		567
Series QQQ, Rev., 5.00%, 06/15/2027		410		427
Series QQQ, Rev., 5.00%, 06/15/2028		400		423
New Jersey Economic Development Authority, State House Project,
Series B, Rev., 5.00%, 06/15/2027		10,690		11,127
Series B, Rev., 5.00%, 06/15/2028		8,635		9,129
New Jersey Economic Development Authority, Sustainable Bonds, Series QQQ, Rev., 4.00%, 06/15/2037		2,400		2,348
New Jersey Educational Facilities Authority, Higher Education Capital Improvement Fund Issue,
Rev., 5.00%, 09/01/2038		1,000		1,076
Rev., 5.00%, 09/01/2040		2,200		2,339
New Jersey Educational Facilities Authority, Montclair State University, Series D, Rev., 5.00%, 07/01/2028		2,000		2,008
New Jersey Educational Facilities Authority, Princeton University, Series I, Rev., 5.00%, 07/01/2036		1,015		1,047
New Jersey Educational Facilities Authority, Princeton University Revenue, Rev., 5.00%, 03/01/2044		2,250		2,427
New Jersey Educational Facilities Authority, Ramapo College of New Jersey, Series A, Rev., AGM, 5.00%, 07/01/2035		200		218
New Jersey Health Care Facilities Financing Authority, Rev., 5.00%, 07/01/2036		7,500		8,378
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligated, Rev., 5.00%, 07/01/2032		2,070		2,234
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligation, Rev., 3.00%, 07/01/2051		1,715		1,270
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group,
Rev., 4.25%, 07/01/2054		1,875		1,872
Rev., 5.25%, 07/01/2044		8,780		9,474
New Jersey Higher Education Student Assistance Authority,
Series B, Rev., AMT, 5.00%, 12/01/2027		1,340		1,387
Series B, Rev., AMT, 5.00%, 12/01/2028		1,480		1,545
Series B, Rev., AMT, 5.00%, 12/01/2029		1,440		1,505
New Jersey Higher Education Student Assistance Authority, Senior,
Series 2015-1A, Rev., AMT, 4.00%, 12/01/2030		630		625
Series A, Rev., AMT, 3.50%, 12/01/2039		1,585		1,525
Series B, Rev., AMT, 4.00%, 12/01/2041		640		626
Series B, Rev., AMT, 4.00%, 12/01/2044		2,200		2,031
Series B, Rev., AMT, 4.25%, 12/01/2045		3,880		3,750
Series B, Rev., AMT, 5.00%, 12/01/2027		1,060		1,097
New Jersey Higher Education Student Assistance Authority, Subordinated, Series C, Rev., AMT, 4.00%, 12/01/2048		1,195		1,017
New Jersey Housing & Mortgage Finance Agency, Series E, Rev., 3.50%, 04/01/2051		1,765		1,756
New Jersey Housing & Mortgage Finance Agency, New Irvine Turner Apartments, Rev., HUD, 3.67%, 02/01/2026		550		552
New Jersey Housing & Mortgage Finance Agency, Social Bond, Rev., 5.00%, 10/01/2053		175		181
New Jersey Housing & Mortgage Finance Agency, Social Bonds, Series H, Rev., 3.00%, 10/01/2052		670		654

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New Jersey — continued
New Jersey Housing & Mortgage Finance Agency, Sustainable Bond, Series K, Rev., 4.55%, 10/01/2044		665		658
New Jersey Transportation Trust Fund Authority,
Rev., 5.25%, 06/15/2046 (p)		14,455		15,898
Series A, Rev., 5.00%, 06/15/2029		1,550		1,662
Series A, Rev., 5.00%, 06/15/2030		3,000		3,249
Series A, Rev., 5.00%, 06/15/2034		6,590		7,296
Series AA, Rev., 4.00%, 06/15/2040		3,750		3,556
Series AA, Rev., 5.00%, 06/15/2035		3,000		3,244
Series AA, Rev., 5.00%, 06/15/2045		660		676
Series AA, Rev., 5.25%, 06/15/2041		1,250		1,353
Series BB, Rev., 5.00%, 06/15/2032		2,000		2,101
New Jersey Transportation Trust Fund Authority, Capital Appreciation,
Series A, Rev., TRAN, BAM, Zero Coupon, 12/15/2038		1,000		564
Series C, Rev., TRAN, AMBAC, Zero Coupon, 12/15/2026		1,455		1,378
New Jersey Transportation Trust Fund Authority, Program B, Rev., 5.00%, 06/15/2037		2,000		2,148
New Jersey Transportation Trust Fund Authority, Transportation Program,
Series BB, Rev., 5.00%, 06/15/2036		3,000		3,268
Series BB, Rev., 5.00%, 06/15/2040		8,120		8,631
Series CC, Rev., 5.00%, 06/15/2041		3,500		3,711
Series CC, Rev., 5.25%, 06/15/2055		5,700		5,948
New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Rev., 5.00%, 06/15/2035		500		537
New Jersey Transportation Trust Fund Authority, Transportation System, Series A, Rev., 5.00%, 06/15/2038		500		536
New Jersey Transportation Trust Fund Authority, Transportation System Bond,
Rev., 4.00%, 12/15/2039		2,000		1,908
Rev., 5.00%, 12/15/2028		1,000		1,066
Rev., 5.00%, 12/15/2031		1,560		1,668
New Jersey Turnpike Authority,
Rev., 5.00%, 01/01/2042		10,000		10,724
Series A, Rev., 4.00%, 01/01/2042		1,000		968
Series B, Rev., 4.50%, 01/01/2048		1,750		1,758
Series D, Rev., 5.00%, 01/01/2028		1,900		1,958
Newark Board of Education, Sustainability Bonds,
GO, BAM, 4.00%, 07/15/2034		400		409
GO, BAM, 4.00%, 07/15/2035		410		416
GO, BAM, 4.00%, 07/15/2036		425		429
GO, BAM, 4.00%, 07/15/2037		430		432
North Hudson Sewerage Authority, Senior Lien Lease Certificates,
Rev., AGM, 5.00%, 06/01/2039		1,100		1,214
Rev., AGM, 5.00%, 06/01/2040		1,100		1,207
Rev., AGM, 5.00%, 06/01/2041		1,000		1,087
Rev., AGM, 5.00%, 06/01/2042		1,000		1,078
South Jersey Port Corp., Marine Terminal, Series B, Rev., AMT, 5.00%, 01/01/2026		1,015		1,027
South Jersey Port Corp., Marine Terminal, Subordinated, Series B, Rev., AMT, 5.00%, 01/01/2037		1,000		1,016
South Jersey Port Corp., Subordinate Marine Term, Series B, Rev., AMT, 5.00%, 01/01/2032		2,140		2,199
South Jersey Port Corp., Subordinate, Marine Terminal,

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New Jersey — continued
Series B, Rev., AMT, 5.00%, 01/01/2033		1,220		1,250
Series B, Rev., AMT, 5.00%, 01/01/2034		1,250		1,278
Series B, Rev., AMT, 5.00%, 01/01/2036		1,000		1,018
South Jersey Transportation Authority,
Series A, Rev., AGM, 5.00%, 11/01/2030		500		535
Series A, Rev., AGM, 5.00%, 11/01/2033		1,215		1,285
Series A, Rev., BAM, 5.00%, 11/01/2041		2,925		3,020
South Jersey Transportation Authority, Transportation System, Rev., BAM, 5.25%, 11/01/2052		3,100		3,199
State of New Jersey, Covid-19 Emergency Bonds, General Obligations,
Series A, GO, 4.00%, 06/01/2030		2,000		2,088
Series A, GO, 5.00%, 06/01/2028		4,245		4,521
The Gloucester County Improvement Authority, Rowan University Project, Rev., BAM, 5.00%, 07/01/2044		900		939
Tobacco Settlement Financing Corp., Series A, Rev., 5.00%, 06/01/2025		1,650		1,653
				258,050
New Mexico — 0.4%
City of Farmington NM,
Rev., 3.88%, 06/01/2040 (z)		8,750		8,756
City of Farmington, Four Corners Project, Rev., 1.80%, 04/01/2029		3,000		2,679
City of Farmington, Public Service Company, San Juan, Rev., 3.90%, 06/01/2040 (z)		1,000		1,001
City of Farmington, San Juan and Four Corners,
Rev., 2.15%, 04/01/2033		4,890		4,031
New Mexico Educational Assistance Foundation, Series 1A, Rev., AMT, 2.05%, 09/01/2051		170		149
New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 4.00%, 06/01/2028		1,070		1,083
New Mexico Hospital Equipment Loan Council,
Rev., 5.00%, 06/01/2030		1,050		1,103
Rev., 5.00%, 06/01/2032		1,000		1,034
Series A, Rev., 5.00%, 08/01/2044		3,185		3,240
New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare, Rev., 4.00%, 08/01/2037		500		482
New Mexico Mortgage Finance Authority, Series C, Rev., GNMA/FNMA/FHLMC, 4.70%, 09/01/2049		1,955		1,921
New Mexico Mortgage Finance Authority, Single Family Mortgage Program,
Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 03/01/2054		590		631
Series C, Rev., GNMA/FNMA/FHLMC, 4.00%, 01/01/2049		120		120
New Mexico Municipal Energy Acquisition Authority,
Rev., 5.00%, 06/01/2054 (z)		8,485		8,964
Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 11/01/2039 (z)		3,500		3,505
Santa Fe Public School District, GO, 5.00%, 08/01/2029		1,375		1,457
Winrock Town Center, Increment Development District No 1, Senior Lien, Tax Allocation, 4.25%, 05/01/2040 (e)		1,750		1,601
				41,757
New York — 12.5%
Battery Park City Authority, Series B, Rev., 5.00%, 11/01/2036		2,000		2,263
Broome County, Local Development Corp., United Health Services Hospital,
Rev., AGM, 4.00%, 04/01/2039		2,750		2,653
Rev., AGM, 5.00%, 04/01/2026		500		508

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
Build C Resource Corp., Success Academy Charter School,
Rev., 4.00%, 09/01/2042		1,200		1,110
Rev., 4.00%, 09/01/2043		1,000		920
Rev., 5.00%, 09/01/2036		1,660		1,765
Rev., 5.00%, 09/01/2037		1,475		1,562
Rev., 5.00%, 09/01/2039		1,125		1,182
Build NYC Resource Corp., Rev., 5.00%, 07/01/2026		325		326
Build NYC Resource Corp., Family Life Academy Charter, Series A1, Rev., 5.25%, 06/01/2040 (e)		1,220		1,176
Build NYC Resource Corp., Family Life Academy Charter Project, Rev., 7.25%, 06/01/2055 (e)		250		265
Build NYC Resource Corp., Friends of Hellenic Classical, Series A, Rev., 4.00%, 12/01/2031 (e)		700		663
Build NYC Resource Corp., Grand Concourse Academy Charter School,
Rev., 5.00%, 07/01/2042		555		554
Rev., 5.00%, 07/01/2052		700		674
City of Long Beach,
Series A, GO, 5.00%, 09/01/2025		1,990		2,001
Series A, GO, 5.00%, 09/01/2027		1,500		1,574
City of New York,
Series A1, GO, 4.00%, 08/01/2034		3,000		3,063
Series A1, GO, 4.00%, 08/01/2036		1,000		1,007
Series A1, GO, 5.00%, 08/01/2029		2,900		3,133
Series A1, GO, 5.00%, 09/01/2034		2,000		2,201
Series A1, GO, 5.00%, 08/01/2041		3,000		3,099
Series A1, GO, 5.25%, 09/01/2042		8,715		9,332
Series B1, GO, 5.00%, 08/01/2031		1,000		1,105
Series B1, GO, 5.00%, 10/01/2031		500		553
Series B1, GO, 5.00%, 08/01/2035		90		99
Series B1, GO, 5.25%, 10/01/2047		3,000		3,156
Series C1, GO, 5.00%, 08/01/2031		500		544
Series C4, GO, AGM, 5.00%, 10/01/2027		5,000		5,266
Series C, GO, 5.00%, 08/01/2027		2,000		2,098
Series C, GO, 5.00%, 03/01/2042		1,340		1,425
Series C, GO, 5.25%, 03/01/2053		30,140		31,731
Series D1, GO, 5.00%, 12/01/2031		1,380		1,460
Series D1, GO, 5.00%, 12/01/2036		11,955		12,460
Series E, GO, 5.00%, 08/01/2028		1,625		1,734
Series E, GO, 5.00%, 08/01/2033		2,000		2,112
Series F1, GO, 3.00%, 03/01/2035		2,135		1,957
Series F1, GO, 5.00%, 03/01/2043		1,000		1,040
City of New York NY,
GO, 5.00%, 08/01/2031		6,000		6,629
GO, 5.00%, 09/01/2041		2,000		2,149
City of New York, Fiscal 2001,
Series 2, GO, VRDO, 3.65%, 04/07/2025 (z)		120		120
Series 3, GO, VRDO, 3.65%, 04/01/2025 (z)		1,590		1,590
City of New York, Fiscal 2015, Series F4, GO, 5.00%, 06/01/2044 (z)		125		125
City of New York, Fiscal 2020, Series B1, GO, 5.00%, 10/01/2038		5,000		5,226

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
City of New York, Fiscal 2021,
Series C, GO, 4.00%, 08/01/2037		450		447
Series C, GO, 5.00%, 08/01/2035		4,740		5,070
City of New York, Fiscal 2022,
GO, 5.25%, 05/01/2039		200		217
GO, 5.25%, 05/01/2041		2,000		2,156
GO, 5.50%, 05/01/2044		1,000		1,076
City of New York, Fiscal 2024, Series A, GO, 5.00%, 08/01/2028		360		384
City of New York, Subordinated,
Series E1, GO, 4.00%, 04/01/2050		8,500		7,816
Series F1, GO, 5.00%, 08/01/2025		390		393
Series F1, GO, 5.00%, 08/01/2027		1,750		1,836
Series F1, GO, 5.00%, 08/01/2028		350		373
City of Yonkers,
Series F, GO, BAM, 5.00%, 11/15/2038		500		543
Series F, GO, BAM, 5.00%, 11/15/2039		1,000		1,079
County of Nassau,
Series A, GO, AGM, 4.00%, 04/01/2046		1,300		1,229
Series B, GO, BAM, 5.00%, 10/01/2027		1,450		1,499
Dutchess County, Local Development Corp., Health Quest System, Inc. Project, Series B, Rev., 5.00%, 07/01/2046		6,250		6,260
Empire State Development Corp., Series A, Rev., 5.00%, 03/15/2051		4,525		4,726
Hempstead Town Local Development Corp., Evergreen Charter School Project, Series A, Rev., 5.25%, 06/15/2042		4,000		4,083
Hudson Yards Infrastructure Corp.,
Series A, Rev., AGM, 4.00%, 02/15/2047		9,335		8,512
Series A, Rev., 5.00%, 02/15/2045		2,210		2,249
Long Island Power Authority,
Rev., 5.00%, 09/01/2042		2,070		2,121
Series A, Rev., 5.00%, 09/01/2037		1,250		1,335
Series B, Rev., 1.50%, 09/01/2051 (z)		8,200		7,965
Long Island Power Authority, Green Bond, Series E, Rev., 5.00%, 09/01/2048		2,440		2,526
Long Island Power Authority, Notes, Rev., 1.00%, 09/01/2025		2,680		2,648
Metropolitan Transportation Authority,
Rev., AGM, (United States SOFR * 0.67 + 0.80%), 3.72%, 11/01/2032 (aa)		430		430
Rev., BAM, 4.00%, 11/15/2048		4,415		4,001
Rev., 5.00%, 11/15/2049		2,000		2,014
Special Tax, 5.25%, 11/15/2042		2,140		2,343
Special Tax, 5.25%, 11/15/2045		8,500		9,151
Series A, Rev., 5.25%, 11/15/2030		1,475		1,519
Series A, Rev., 5.25%, 11/15/2034		8,000		8,203
Series B, Rev., 5.00%, 11/15/2025		540		546
Series B, Rev., TRAN, 5.00%, 11/15/2040		2,450		2,456
Series C1, Rev., 5.00%, 11/15/2056		3,100		3,100
Series D, Rev., BAM, 4.00%, 11/15/2042		3,295		3,050
Series D, Rev., 5.00%, 11/15/2027		1,200		1,234
Metropolitan Transportation Authority Dedicated Tax Fund, Sustainable Bond, Series A, Special Tax, 5.25%, 11/15/2054		2,790		2,955
Metropolitan Transportation Authority, Build America Bonds, Rev., 6.67%, 11/15/2039		2,500		2,731

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
Metropolitan Transportation Authority, Green Bond,
Series A2, Rev., 5.00%, 11/15/2027		1,085		1,116
Series C2, Rev., Zero Coupon, 11/15/2032		500		372
Series C, Rev., 5.00%, 11/15/2040		2,465		2,549
Series E, Rev., 4.00%, 11/15/2045		60		54
Series E, Rev., 5.00%, 11/15/2029		250		270
Metropolitan Transportation Authority, Green Bonds,
Series A2, Rev., 5.00%, 11/15/2025		1,000		1,011
Series B1, Rev., 5.00%, 11/15/2046		2,000		2,025
Series D1, Rev., 5.00%, 11/15/2043		2,000		2,044
Series D3, Rev., 4.00%, 11/15/2049		1,000		880
Metropolitan Transportation Authority, Green Bonds, Subordinated, Series B1, Rev., 5.00%, 11/15/2036		10,000		10,195
Metropolitan Transportation Authority, Sustainable Bond,
Series A, Rev., 5.25%, 11/15/2049		2,000		2,066
Series C1, Rev., 4.00%, 11/15/2031		2,450		2,468
Series E, Rev., 5.00%, 11/15/2033		2,400		2,574
Metropolitan Transportation Authority, Transportation Green Bonds, Series B, Rev., 5.00%, 11/15/2026		1,720		1,777
Monroe County Industrial Development Corp., Andrews Terrace Community,
Rev., HUD, 5.00%, 07/01/2028 (z)		3,915		4,067
Monroe County Industrial Development Corp., Rochester Regional Health Project,
Rev., 5.00%, 12/01/2027		1,000		1,040
Rev., 5.00%, 12/01/2028		1,700		1,788
Rev., 5.00%, 12/01/2029		1,900		2,013
Monroe County Industrial Development Corp., University of Rochester Project, Series A, Rev., 5.00%, 07/01/2053		13,650		14,352
MTA Hudson Rail Yards Trust Obligations,
Series A, Rev., 5.00%, 11/15/2051		5,000		4,983
Series A, Rev., 5.00%, 11/15/2056		2,000		1,986
New York City Health and Hospitals Corp.,
Series A, Rev., 5.00%, 02/15/2026		6,055		6,175
Series A, Rev., 5.00%, 02/15/2027		5,360		5,580
New York City Housing Development Corp.,
Rev., HUD, 3.70%, 05/01/2064 (z)		2,450		2,475
Rev., 4.00%, 12/15/2031		205		208
New York City Housing Development Corp., 8 Spruce Street, Rev., 5.25%, 12/15/2031		1,000		1,018
New York City Housing Development Corp., Sustainability Bonds, Series C2, Rev., 0.70%, 11/01/2060 (z)		665		660
New York City Housing Development Corp., Sustainable Bond,
Series A2, Rev., 3.25%, 11/01/2064 (z)		2,725		2,707
Series E2, Rev., 3.80%, 11/01/2063 (z)		1,300		1,314
New York City Industrial Development Agency, Queens Baseball Stadium Project,
Rev., AGM, 2.00%, 01/01/2038		675		486
Rev., AGM, 3.00%, 01/01/2040		250		206
Series A, Rev., AGM, 4.00%, 01/01/2032		1,000		1,017
Series A, Rev., AGM, 5.00%, 01/01/2027		625		645
Series A, Rev., AGM, 5.00%, 01/01/2029		1,000		1,065
Series A, Rev., AGM, 5.00%, 01/01/2030		1,500		1,614

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
New York City Industrial Development Agency, Yankee Stadium Project Pilot,
Rev., AGM, 4.00%, 03/01/2045		8,825		8,183
Rev., AGM, 5.00%, 03/01/2028		1,250		1,317
Rev., AGM, 5.00%, 03/01/2029		1,500		1,599
Rev., AGM, 5.00%, 03/01/2030		3,900		4,194
New York City Municipal Water Finance Authority,
Series AA1, Rev., 5.25%, 06/15/2052		4,610		4,860
Series CC1, Rev., 4.00%, 06/15/2052		5,000		4,549
Series CC, Rev., 5.25%, 06/15/2054		5,000		5,305
Series DD, Rev., 5.00%, 06/15/2034		1,920		2,157
New York City Municipal Water Finance Authority, Second General Resolution,
Rev., VRDO, 3.77%, 04/01/2025 (z)		8,000		8,000
Rev., 4.00%, 06/15/2051		9,205		8,367
Rev., 5.00%, 06/15/2044		2,755		2,918
Rev., 5.25%, 06/15/2054		5,000		5,291
Series BB, Rev., 5.00%, 06/15/2043		5,535		5,941
Series CC1, Rev., 5.00%, 06/15/2049		5,000		5,155
New York City Municipal Water Finance Authority, Subordinate Fiscal 2025, Series AA, Rev., 5.25%, 06/15/2053		15,890		16,917
New York City Municipal Water Finance Authority, Subordinated Second General Resolution, Rev., VRDO, 3.80%, 04/01/2025 (z)		4,300		4,300
New York City Transitional Finance Authority,
Rev., 5.00%, 11/01/2027		4,490		4,734
Rev., 5.00%, 05/01/2030		2,000		2,182
Rev., 5.00%, 05/01/2038		4,900		5,375
Rev., 5.00%, 11/01/2038		3,485		3,828
Rev., 5.00%, 05/01/2041		6,000		6,429
Rev., 5.25%, 05/01/2048		5,165		5,511
Rev., 5.25%, 05/01/2049		3,000		3,190
New York City Transitional Finance Authority Building Aid Revenue, Fiscal 2015, Subordinate, Series S, Rev., 5.00%, 07/15/2040		17,800		17,866
New York City Transitional Finance Authority Building Aid Revenue, Fiscal Year 2015, Series S1, Rev., 5.00%, 07/15/2035		585		586
New York City Transitional Finance Authority Building Aid Revenue, Subordinate,
Series S1, Rev., 4.00%, 07/15/2034		1,000		1,027
Series S1, Rev., 5.00%, 07/15/2043		1,505		1,520
New York City Transitional Finance Authority Building Aid Revenue, Subordinate Fiscal 2015, Series S, Rev., 5.00%, 07/15/2028		2,060		2,065
New York City Transitional Finance Authority Future Tax Secured, Rev., 5.00%, 08/01/2029		1,000		1,082
New York City Transitional Finance Authority Future Tax Secured Revenue,
Rev., 4.00%, 08/01/2036		11,260		11,291
Rev., 5.00%, 11/01/2028		600		643
Series A4, Rev., VRDO, 3.60%, 04/01/2025 (z)		11,200		11,200
Series B1, Rev., 4.00%, 08/01/2042		17,500		16,500
Series E1, Rev., 3.00%, 02/01/2028		730		730
Series F1, Rev., 5.00%, 02/01/2039		3,000		3,219
Series F1, Rev., 5.00%, 02/01/2041		2,000		2,138
Series F1, Rev., 5.00%, 02/01/2045		5,000		5,232
Series F1, Rev., 5.00%, 02/01/2046		3,335		3,473

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured,
Rev., 4.00%, 11/01/2035		7,000		7,109
Series A3, Rev., 4.00%, 08/01/2043		5,645		5,264
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured Subordinate, Series B1, Rev., 5.00%, 08/01/2038		1,000		1,017
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Subordinated,
Series A3, Rev., 4.00%, 08/01/2042		2,500		2,357
Series E1, Rev., 4.00%, 02/01/2041		12,000		11,258
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate,
Rev., 4.00%, 05/01/2038		2,000		1,985
Rev., 5.00%, 11/01/2025		255		258
Series B1, Rev., 4.00%, 08/01/2036		7,415		7,497
Series DS, Rev., 4.00%, 11/01/2038		4,000		3,957
Series E1, Rev., 4.00%, 02/01/2046		2,000		1,842
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Future Tax Secured, Rev., 4.00%, 11/01/2040		5,000		4,816
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Multi Modal, Series A, Rev., 5.00%, 05/01/2040		1,000		1,072
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate, Future Tax Secured, Rev., 3.75%, 11/01/2025		8,000		7,972
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated,
Rev., 5.00%, 11/01/2026		1,000		1,033
Rev., 5.00%, 05/01/2031		1,000		1,095
Rev., 5.25%, 08/01/2042		3,000		3,197
Series A3, Rev., 4.00%, 05/01/2042		2,000		1,877
Series A3, Rev., 5.00%, 08/01/2040		1,720		1,763
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated Bonds, Rev., VRDO, 3.75%, 04/01/2025 (z)		22,900		22,900
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated Future Tax Secured, Rev., VRDO, 3.70%, 04/01/2025 (z)		15,000		15,000
New York City Transitional Finance Authority Future Tax Secured Revenue, Taxable Subordinate, Series F2, Rev., 2.85%, 05/01/2025		6,600		6,591
New York City Transitional Finance Authority, Fiscal 2025,
Series D, Rev., 5.00%, 05/01/2035		900		1,009
Series D, Rev., 5.00%, 05/01/2036		1,540		1,717
New York City Transitional Finance Authority, Multi Modal Bonds Subordinate, Rev., 5.00%, 05/01/2039		1,500		1,631
New York City Transitional Finance Authority, Subordinate,
Series D1, Rev., 5.00%, 11/01/2034		4,410		4,931
Series D1, Rev., 5.00%, 11/01/2037		715		787
Series D1, Rev., 5.00%, 11/01/2039		3,000		3,264
New York City Transitional Finance Authority, Subordinate Fiscal 2025,
Rev., 5.00%, 11/01/2032		1,315		1,470
Rev., 5.00%, 11/01/2034		1,965		2,208
Rev., 5.00%, 11/01/2038		4,100		4,520
Series H, Rev., 5.00%, 11/01/2042 (w)		1,000		1,065
Series H, Rev., 5.25%, 11/01/2045 (w)		1,500		1,613

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
New York City Transitional Finance Authority, Subordinated Bonds,
Series E, Rev., 5.00%, 11/01/2039		6,000		6,553
Series E, Rev., 5.00%, 11/01/2042		900		956
Series E, Rev., 5.00%, 11/01/2043		2,485		2,626
Series E, Rev., 5.00%, 11/01/2053		4,500		4,676
New York City Transitional Finance Authority, Subordinated Future Tax,
Rev., 5.00%, 11/01/2039		3,780		4,128
Series CS, Rev., 5.00%, 05/01/2045		5,000		5,249
New York City Trust for Cultural Resources, Refunding Lincoln Center, Series A, Rev., 5.00%, 12/01/2032		500		541
New York City Water & Sewer System,
Series BB1, Rev., 5.00%, 06/15/2049		500		516
Series FF, Rev., 5.00%, 06/15/2041		2,000		2,096
Series GG, Rev., 5.00%, 06/15/2039		2,660		2,665
New York City Water & Sewer System, Second General Resolution,
Rev., 5.00%, 06/15/2026		1,005		1,034
Rev., 5.00%, 06/15/2029		535		581
Series CC1, Rev., 5.00%, 06/15/2048		2,730		2,773
Series CC1, Rev., 5.25%, 06/15/2037		2,345		2,422
Series DD1, Rev., 5.00%, 06/15/2048		3,115		3,170
Series DD2, Rev., 5.00%, 06/15/2040		2,000		2,059
Series DD, Rev., 5.00%, 06/15/2047		6,680		6,796
New York City Water & Sewer System, Various Second General Resolution, Series BB4, Rev., VRDO, 3.60%, 04/01/2025 (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		1,141
New York Liberty Development Corp.,
Series 1WTC, Rev., 3.00%, 02/15/2042		1,755		1,387
Series 1WTC, Rev., 4.00%, 02/15/2043		4,985		4,655
New York Liberty Development Corp., 3 World Trade Center, Rev., 5.38%, 11/15/2040 (e)		1,945		1,950
New York Liberty Development Corp., 7 World Trade Center Project, Rev., 3.13%, 09/15/2050		3,000		2,237
New York Liberty Development Corp., World Trade Center Project, Series 1, Rev., 5.00%, 11/15/2044 (e)		26,900		26,959
New York Power Authority,
Rev., 4.00%, 11/15/2049		2,000		1,811
Rev., 5.00%, 11/15/2041		1,500		1,663
Series A, Rev., 4.00%, 11/15/2045		9,000		8,306
New York Power Authority, Green Transmission Project,
Rev., AGM, 5.00%, 11/15/2028		1,000		1,081
Rev., AGM, 5.00%, 11/15/2034		635		701
Rev., AGM, 5.00%, 11/15/2035		1,250		1,374
New York State Dormitory Authority,
Rev., AGM, 5.00%, 10/01/2025		1,350		1,365
Rev., AGM, 5.00%, 10/01/2026		875		905
Rev., 5.00%, 07/01/2035		750		854
Rev., AGM, 5.00%, 10/01/2037		1,000		1,084
Rev., AGM, 5.00%, 10/01/2039		860		920
Series A1, Rev., 5.00%, 03/15/2036		2,500		2,770
Series A, Rev., 4.00%, 03/15/2039		1,000		991

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
Series A, Rev., 4.00%, 03/15/2054		8,090		7,432
Series A, Rev., 5.00%, 03/15/2029 (p)		1,070		1,155
Series A, Rev., 5.00%, 03/15/2034		2,000		2,040
Series A, Rev., 5.00%, 03/15/2036		1,765		1,959
Series A, Rev., 5.00%, 03/15/2040		1,000		1,038
Series A, Rev., 5.00%, 03/15/2044		2,460		2,601
New York State Dormitory Authority, Bidding Group 3,
Series A, Rev., 5.00%, 03/15/2054		14,205		14,740
Series A, Rev., 5.00%, 03/15/2056		7,890		8,182
New York State Dormitory Authority, Cornell University, Series A, Rev., 5.50%, 07/01/2054		5,000		5,428
New York State Dormitory Authority, Exchange Bonds, Series C, Rev., 5.00%, 07/01/2031		1,227		1,351
New York State Dormitory Authority, General Purpose, Series D, Rev., 5.00%, 02/15/2026 (p)		95		97
New York State Dormitory Authority, Green Bond, Cornell University, Rev., 5.00%, 07/01/2034		1,100		1,272
New York State Dormitory Authority, Group 2,
Series A, Rev., 5.00%, 03/15/2033		2,000		2,168
Series A, Rev., 5.00%, 03/15/2036		2,015		2,116
New York State Dormitory Authority, Group 3, Series A, Rev., 5.00%, 03/15/2037		5,000		5,232
New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Rev., 5.00%, 07/01/2040		1,500		1,500
New York State Dormitory Authority, Montefiore Obligated Group,
Series A, Rev., 5.00%, 08/01/2025		1,000		1,005
Series A, Rev., 5.00%, 08/01/2026		900		919
Series A, Rev., 5.00%, 08/01/2031		1,010		1,037
New York State Dormitory Authority, Northwell Health Obligated,
Rev., 5.00%, 05/01/2033		4,000		4,420
Rev., 5.00%, 05/01/2034		19,180		21,195
Rev., 5.25%, 05/01/2054		5,000		5,217
New York State Dormitory Authority, Northwell Health Obligated Group,
Rev., 4.00%, 05/01/2045		6,500		6,178
Rev., 4.25%, 05/01/2052		4,930		4,656
Rev., 5.00%, 05/01/2052		3,000		3,075
New York State Dormitory Authority, Refunded General Purpose, Series B, Rev., 5.00%, 02/15/2026 (p)		2,835		2,890
New York State Dormitory Authority, Second Bond Financing Program,
Rev., AGM, 5.00%, 10/01/2029		2,000		2,173
Rev., AGM, 5.00%, 10/01/2030		2,670		2,937
Rev., AGM, 5.00%, 10/01/2036		260		281
New York State Dormitory Authority, St John’s University, Series A, Rev., 4.00%, 07/01/2048		1,000		906
New York State Dormitory Authority, Unrefunded, Series A, Rev., 5.00%, 03/15/2029		1,930		2,079
New York State Dormitory Authority, Unrefunded 2024 Bidding Group, Rev., 5.00%, 03/15/2029		2,000		2,154
New York State Dormitory Authority, Unrefunded General Purpose, Series D, Rev., 5.00%, 02/15/2026 (p)		5		5
New York State Dormitory Authority, Unrefunded Group 2, Series E, Rev., 5.00%, 03/15/2028 (p)		1,000		1,067
New York State Dormitory Authority, White Plains Hospital Obligated,
Rev., AGC, 5.00%, 10/01/2039		750		804
Rev., AGC, 5.25%, 10/01/2040		500		543
Rev., AGC, 5.25%, 10/01/2041		525		566

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
Rev., 5.25%, 10/01/2049		2,025		2,064
New York State Dormitory Authority, Yeshiva University, Series A, Rev., 5.00%, 07/15/2037		2,500		2,575
New York State Environmental Facilities Corp., Green Bond 2010 Master Financing Project,
Rev., 5.00%, 09/15/2028		575		618
Rev., 5.00%, 09/15/2031		250		280
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		249
New York State Environmental Facilities Corp., Waste Management, Inc., Rev., AMT, 3.70%, 05/01/2030 (z)		6,000		5,999
New York State Housing Finance Agency, Housing 160 West 62nd Street, Rev., 3.60%, 11/01/2044 (z)		2,805		2,790
New York State Housing Finance Agency, Sustainability Bonds,
Series B, Rev., HUD, SONYMA, 3.60%, 11/01/2062 (z)		1,705		1,706
Series J, Rev., HUD, SONYMA, 1.10%, 11/01/2061 (z)		4,170		3,958
Series K2, Rev., HUD, SONYMA, 1.00%, 11/01/2061 (z)		1,205		1,149
New York State Thruway Authority,
Series A1, Rev., 4.00%, 03/15/2041		500		486
Series A1, Rev., 5.00%, 03/15/2033		1,000		1,094
Series A, Rev., 5.00%, 03/15/2027 (p)		1,000		1,045
New York State Thruway Authority, Group 2, Series N, Rev., 4.00%, 01/01/2041		3,120		3,051
New York State Urban Development Corp.,
Series A, Rev., 4.00%, 03/15/2042		2,000		1,901
Series E, Rev., 4.00%, 03/15/2046		10,000		9,186
New York State Urban Development Corp., Bidding Group 4, Series A, Rev., 3.00%, 03/15/2050		4,000		2,865
New York State Urban Development Corp., Group 2, Series E, Rev., 4.00%, 03/15/2038		1,000		996
New York State Urban Development Corp., Personal Income Tax,
Rev., 4.00%, 03/15/2037		2,000		2,005
Rev., 4.00%, 03/15/2041		5,000		4,894
Rev., 5.00%, 03/15/2030		500		547
Series C3, Rev., 5.00%, 03/15/2038		1,860		1,908
New York State Urban Development Corp., State Personal Income Tax,
Rev., 4.00%, 03/15/2042		2,000		1,934
Series AG, Rev., 5.00%, 03/15/2038		5,000		5,105
New York State Urban Development Corp., State Personal Income Tax, General Purpose,
Series A, Rev., 5.00%, 03/15/2042		5,000		5,130
Series B, Rev., 3.54%, 03/15/2028 (p)		7,000		6,893
New York State Urban Development Corp., Sustainable Bond State Person, Rev., 5.00%, 03/15/2063		25,905		26,632
New York Transportation Development Corp.,
Rev., AGM, AMT, 5.00%, 06/30/2049		12,000		12,090
Rev., AGM, AMT, 5.00%, 06/30/2054		5,000		4,995
Rev., AMT, 5.25%, 06/30/2049		5,000		5,111
Rev., AMT, 5.50%, 06/30/2060		13,500		13,937
New York Transportation Development Corp., American Airlines Inc,
Rev., AMT, 2.25%, 08/01/2026		395		387
Rev., AMT, 5.00%, 08/01/2026		3,670		3,670
New York Transportation Development Corp., Delta Air Lines, Inc, LaGuardia,
Rev., AMT, 4.38%, 10/01/2045		11,130		10,382

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
Rev., AMT, 5.00%, 01/01/2032		3,000		3,073
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 4.00%, 10/01/2030		2,500		2,479
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 5.00%, 10/01/2035		11,000		11,323
New York Transportation Development Corp., John F. Kennedy International Airport, Rev., AMT, 5.38%, 08/01/2036		2,000		2,064
New York Transportation Development Corp., LaGuardia Airport Terminal,
Rev., AMT, 5.63%, 04/01/2040		15,355		16,124
Rev., AMT, 6.00%, 04/01/2035		5,000		5,492
New York Transportation Development Corp., LaGuardia Airport Terminal B,
Rev., AMT, 4.00%, 07/01/2033		2,500		2,425
Rev., AMT, 5.00%, 07/01/2046		16,280		16,162
Rev., AMT, 5.25%, 01/01/2050		8,425		8,425
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment,
Rev., AMT, 4.00%, 07/01/2031		4,500		4,427
Rev., AGM-CR, AMT, 4.00%, 07/01/2032		11,200		11,114
Rev., AGM, AMT, 4.00%, 07/01/2035		5,080		4,998
Rev., AMT, 5.00%, 07/01/2041		1,000		1,000
New York Transportation Development Corp., New York State Thruway, Rev., AMT, 4.00%, 10/31/2034		600		574
New York Transportation Development Corp., Sustainable Bond, JFK International Airport,
Rev., AGC, AMT, 4.50%, 12/31/2054		3,000		2,902
Rev., AGM, AMT, 5.00%, 06/30/2049		14,750		14,837
Rev., AMT, 5.38%, 06/30/2060		3,920		3,986
Rev., AGM, AMT, 5.50%, 06/30/2043		1,585		1,675
Rev., AMT, 5.50%, 06/30/2054		3,500		3,618
Rev., AMT, 5.50%, 12/31/2054		12,000		12,480
Rev., AMT, 5.50%, 12/31/2060		5,000		5,197
Rev., AMT, 6.00%, 06/30/2054		12,075		12,838
New York Transportation Development Corp., Terminal 4 JFK International,
Rev., AMT, 5.00%, 12/01/2030		1,710		1,798
Rev., AMT, 5.00%, 12/01/2032		2,005		2,114
Rev., AMT, 5.00%, 12/01/2033		1,000		1,038
Rev., AMT, 5.00%, 12/01/2037		3,500		3,595
Rev., AMT, 5.00%, 12/01/2038		1,000		1,022
New York Transportation Development Corp., Terminal 4 JFK International Airport,
Rev., AMT, 5.00%, 12/01/2030		4,170		4,384
Rev., AMT, 5.00%, 12/01/2035		1,000		1,039
New York Transportation Development Corp., Terminal 4 John F Kennedy International,
Rev., AMT, 4.00%, 12/01/2038		300		282
Rev., AMT, 4.00%, 12/01/2039		300		279
Rev., AMT, 4.00%, 12/01/2040		1,475		1,360
Rev., AMT, 4.00%, 12/01/2041		300		273
Rev., AMT, 4.00%, 12/01/2042		300		269
Rev., 5.00%, 12/01/2025		200		202
Rev., 5.00%, 12/01/2026		995		1,023
Rev., 5.00%, 12/01/2027		200		209
Rev., 5.00%, 12/01/2028		200		211

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
Rev., 5.00%, 12/01/2037		250		262
Rev., 5.00%, 12/01/2038		2,250		2,354
Port Authority of New York & New Jersey,
Series 207, Rev., AMT, 5.00%, 09/15/2027		2,210		2,294
Series 207, Rev., AMT, 5.00%, 09/15/2028		1,080		1,120
Series 207, Rev., AMT, 5.00%, 09/15/2031		5,000		5,125
Series 226, Rev., AMT, 5.00%, 10/15/2031		4,500		4,828
Series 226, Rev., AMT, 5.00%, 10/15/2032		1,250		1,337
Series 226, Rev., AMT, 5.00%, 10/15/2036		2,040		2,132
Series 242, Rev., AMT, 5.00%, 12/01/2042		7,000		7,259
Port Authority of New York & New Jersey, Consolidated,
Series 197, Rev., AMT, 5.00%, 11/15/2032		3,000		3,053
Series 206, Rev., AMT, 5.00%, 11/15/2032		3,000		3,066
Series 221, Rev., AMT, 5.00%, 07/15/2031		1,620		1,721
Series 221, Rev., AMT, 5.00%, 07/15/2032		2,620		2,773
Port Authority of New York & New Jersey, Consolidated 211, Rev., 4.00%, 09/01/2043		18,590		17,425
Port Authority of New York & New Jersey, Consolidated Bond 233, Rev., 5.00%, 08/01/2038		670		732
Port Authority of New York & New Jersey, Consolidated Bond Two, Rev., AMT, 5.50%, 08/01/2052		8,500		8,917
Port Authority of New York & New Jersey, Consolidated Bond Two Hund, Rev., AMT, 5.00%, 01/15/2039		1,250		1,299
Port Authority of New York & New Jersey, Consolidated Bonds,
Series 221, Rev., AMT, 4.00%, 07/15/2039		5,000		4,901
Series 221, Rev., AMT, 4.00%, 07/15/2040		3,715		3,615
Port Authority of New York & New Jersey, Consolidated One Hundred Eighty, Series 222, Rev., 4.00%, 07/15/2036		10,250		10,382
Port Authority of New York & New Jersey, Consolidated One Hundred Eighty Third, Rev., 4.00%, 12/15/2039		6,000		5,734
State of New York Mortgage Agency Homeowner Mortgage Revenue, Social Bonds, Series 253, Rev., SONYMA, AMT, 4.70%, 10/01/2038		2,075		2,072
State of New York Mortgage Agency, Social Bonds, Series 233, Rev., 3.00%, 10/01/2045		1,710		1,681
State of New York Mortgage Agency, Social Bonds 242, Rev., SONYMA, 3.50%, 10/01/2052		95		95
Suffolk Regional Off-Track Betting Co., Rev., 6.00%, 12/01/2053		1,000		1,027
Triborough Bridge & Tunnel Authority,
Rev., 5.25%, 05/15/2054		9,940		10,518
Series A2, Rev., 2.00%, 05/15/2045 (z)		4,250		4,011
Series A, Rev., 5.00%, 11/15/2041		1,975		1,998
Series A, Rev., 5.00%, 11/15/2047		2,500		2,591
Series A, Rev., 5.00%, 11/15/2049		3,040		3,107
Triborough Bridge & Tunnel Authority Sales Tax Revenue,
Series A1, Rev., 5.00%, 05/15/2049		2,600		2,704
Series A1, Rev., 5.00%, 05/15/2054		2,355		2,436
Series A1, Rev., 5.25%, 05/15/2059		16,710		17,645
Series A1, Rev., 5.25%, 05/15/2064		25,770		27,132
Series A2, Rev., 5.25%, 05/15/2064		24,000		25,154
Triborough Bridge & Tunnel Authority, Green Bond,
Series E1, Rev., 5.00%, 11/15/2027		1,155		1,214
Series E-2B, Rev., 5.00%, 11/15/2032		575		643
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Rev., 5.00%, 05/15/2047		5,250		5,443

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
New York — continued
Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Rev., 5.00%, 11/15/2026		2,440		2,530
Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Green Bonds, Rev., 5.00%, 11/15/2029		1,615		1,764
Triborough Bridge & Tunnel Authority, Sales Tax Revenue, MTA Bridges & Tunnels TBTA Capital Lockbox Fund, Rev., 5.25%, 05/15/2062		7,500		7,847
Triborough Bridge & Tunnel Authority, Senior, Series C, Rev., 5.00%, 05/15/2040		5,000		5,351
Triborough Bridge & Tunnel Authority, Senior Lien,
Rev., 5.00%, 05/15/2050 (z)		7,000		7,145
Series C, Rev., 5.25%, 05/15/2052		10,000		10,495
Series C1-A, Rev., 5.00%, 05/15/2038		2,000		2,149
Triborough Bridge & Tunnel Authority, Senior Lien MTA Bridges & Tunnels,
Rev., 5.00%, 05/15/2035		2,000		2,191
Rev., 5.00%, 05/15/2036		2,000		2,173
Rev., 5.00%, 05/15/2038		4,240		4,576
Triborough Bridge & Tunnel Authority, TBTA Capital Lockbox Fund,
Rev., AGC, 4.50%, 12/01/2056		4,085		3,909
Rev., 5.00%, 12/01/2036		500		560
Rev., 5.00%, 12/01/2043		1,400		1,485
Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Rev., 4.00%, 09/01/2036		750		738
TSASC, Inc., Series B, Rev., 5.00%, 06/01/2048		6,780		6,214
Utility Debt Securitization Authority,
Series 1, Rev., 5.00%, 12/15/2031		3,000		3,281
Series 1, Rev., 5.00%, 12/15/2039		1,000		1,107
Series 1, Rev., 5.00%, 12/15/2040		1,420		1,563
Utility Debt Securitization Authority, Restructuring Bonds,
Rev., 5.00%, 12/15/2033		1,500		1,517
Series TE, Rev., 5.00%, 12/15/2029		1,500		1,581
Westchester County Local Development Corp., Westchester Med. Ctr. Obligated,
Rev., AGM, 5.00%, 11/01/2047		5,610		5,805
Rev., AGM, 5.75%, 11/01/2048		1,400		1,527
Rev., AGM, 5.75%, 11/01/2049		2,000		2,176
Rev., 6.25%, 11/01/2052		420		459
Westchester County Local Development Corp., Westchester Medical Center,
Rev., 5.00%, 11/01/2032		1,500		1,485
Rev., 5.00%, 11/01/2046		3,000		2,773
Western Regional Off-Track Betting Corp., Rev., 3.00%, 12/01/2026 (e)		235		230
				1,483,422
North Carolina — 1.1%
Charlotte-Mecklenburg Hospital Authority, Atrium Health, Series B, Rev., 1.95%, 01/15/2048 (z)		2,285		2,077
Charlotte-Mecklenburg Hospital Authority, The Atrium Health, Series D, Rev., 3.63%, 01/15/2048 (z)		2,200		2,209
City of Charlotte Airport Revenue, Rev., 5.00%, 07/01/2040		2,375		2,565
City of Charlotte Airport Revenue, Airport, Series A, Rev., 4.00%, 07/01/2036		1,520		1,542
City of Charlotte Airport Revenue, Charlotte Douglas International, Rev., AMT, 5.00%, 07/01/2026		1,315		1,343
City of Charlotte Airport Special Facilities Revenue, Charlotte Douglas International,
Rev., 5.00%, 07/01/2049		5,000		5,113
Rev., AMT, 5.00%, 07/01/2049		7,335		7,388

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
North Carolina — continued
City of Charlotte NC Water & Sewer System Revenue, Rev., 5.00%, 07/01/2041		500		546
City of Charlotte, Airport Special Facilities Revenue, Series B, Rev., AMT, 5.00%, 07/01/2027		1,315		1,363
City of Mebane, Combined Utilities Revenue, Rev., 4.00%, 08/01/2044		1,175		1,118
Columbus County Industrial Facilities & Pollution Control Financing Authority,
Rev., 3.45%, 11/01/2033 (z)		2,500		2,442
County of Cumberland, Qualified School Construction Bonds, COP, 1.25%, 12/15/2025		4,000		3,916
County of Macon NC, Rev., 4.00%, 10/01/2043		650		624
Greater Asheville Regional Airport Authority,
Rev., AGM, AMT, 5.25%, 07/01/2040		500		535
Rev., AGM, AMT, 5.25%, 07/01/2041		415		441
Rev., AGM, AMT, 5.25%, 07/01/2048		1,750		1,808
North Carolina Capital Facilities Finance Agency, Republic Services Project, Rev., 3.40%, 07/01/2034 (z)		8,500		8,498
North Carolina Department of Transportation, I-77 Hot Lanes Project, Rev., AMT, 5.00%, 06/30/2054		5,325		5,288
North Carolina Housing Finance Agency,
Rev., GNMA/FNMA/FHLMC, 3.20%, 07/01/2056 (z)		3,760		3,757
Rev., GNMA/FNMA/FHLMC, 4.35%, 01/01/2044		1,080		1,045
Rev., GNMA/FNMA/FHLMC, 4.55%, 07/01/2044		835		826
Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055		930		1,030
Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055		1,855		2,032
Series 37A, Rev., AMT, 3.50%, 07/01/2039		10		10
Series 44, Rev., 2.30%, 01/01/2031		1,030		925
Series 44, Rev., 4.00%, 07/01/2050		210		211
Series 45, Rev., GNMA/FNMA/FHLMC, 1.90%, 01/01/2032		1,525		1,325
North Carolina Housing Finance Agency, 1998 Trust Agreement, Series 5, Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2056		2,120		2,367
North Carolina Housing Finance Agency, Home Ownership, Series 47, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051		695		683
North Carolina Housing Finance Agency, Sustainable Bond 1998 Trust Agency, Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055		2,115		2,295
North Carolina Housing Finance Agency, Sustainable Bonds 1998 Trust,
Rev., GNMA/FNMA/FHLMC, 4.90%, 07/01/2043		5,000		5,009
Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055		4,845		5,244
North Carolina Medical Care Commission, CaroMont Health, Series A, Rev., 4.00%, 02/01/2036		1,875		1,876
North Carolina Medical Care Commission, Lutheran Services for the Aging, Rev., 4.00%, 03/01/2041		1,050		951
North Carolina Medical Care Commission, Penick Village Project, Series A, Rev., 5.50%, 09/01/2054		460		451
North Carolina Medical Care Commission, Presbyterian Homes Obligations,
Series A, Rev., 4.00%, 10/01/2027		600		602
Series A, Rev., 4.00%, 10/01/2040		1,600		1,486
Series A, Rev., 4.00%, 10/01/2045		2,250		1,990
North Carolina Medical Care Commission, Rex Healthcare, Series A, Rev., 5.00%, 07/01/2031		1,760		1,879
North Carolina Medical Care Commission, The Forest at Duke Project, Rev., 4.00%, 09/01/2041		830		746
North Carolina Medical Care Commission, Vidant Health, Rev., 5.00%, 06/01/2045		1,145		1,128
North Carolina State Education Assistance Authority, Senior Bonds, Series A, Rev., AMT, 5.00%, 06/01/2043		1,600		1,608

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
North Carolina — continued
North Carolina Turnpike Authority, Senior Lien, Rev., AGM, 5.00%, 01/01/2038		2,375		2,470
North Carolina Turnpike Authority, Triangle Expressway System,
Rev., AGM, 5.00%, 01/01/2053		2,000		2,068
Rev., AGM, 5.00%, 01/01/2058		2,020		2,078
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., AGM, 5.00%, 01/01/2049		1,000		1,018
Raleigh Durham Airport Authority, Series A, Rev., AMT, 5.00%, 05/01/2032		505		517
State of North Carolina, Rev., 3.00%, 05/01/2028		3,000		2,987
State of North Carolina, Build Nc Programs, Series B, Rev., 5.00%, 05/01/2027		2,750		2,870
State of North Carolina, Grant Anticipation Revenue, Rev., 5.00%, 03/01/2029		1,000		1,076
The Charlotte-Mecklenburg Hospital Authority, Atrium Health, Rev., VRDO, LOC: Royal Bank of Canada, 3.65%, 04/01/2025 (z)		20,500		20,500
Town of Fuquay-Varina Combined Utilities Revenue, Series A, Rev., 4.00%, 02/01/2049		3,250		3,014
University of North Carolina at Wilmington, Rev., 5.00%, 06/01/2028		1,400		1,403
Western Carolina University, Series B, Rev., 5.00%, 04/01/2031		2,120		2,277
				130,570
North Dakota — 0.4%
Cass County Joint Water Resource District, Series A, Rev., CNTY GTD, 3.45%, 04/01/2027		17,250		17,241
City of Grand Forks, Altru Health System,
Rev., 5.00%, 12/01/2031		1,500		1,568
Series A, Rev., AGM, 5.00%, 12/01/2041		1,000		1,032
City of Horace,
Series C, GO, 4.50%, 05/01/2039		1,780		1,742
Series C, GO, 4.75%, 05/01/2044		1,885		1,842
County of Ward, Trinity Obligation Group,
Series C, Rev., 5.00%, 06/01/2043		2,500		2,500
Series C, Rev., 5.00%, 06/01/2048		4,000		3,876
Series C, Rev., 5.00%, 06/01/2053		2,000		1,897
North Dakota Housing Finance Agency,
Rev., 4.65%, 07/01/2044		5,000		4,976
Series B, Rev., 3.00%, 07/01/2051		1,365		1,344
Series C, Rev., 4.00%, 01/01/2050		510		513
North Dakota Housing Finance Agency, Home Mortgage Financing Program, Series A, Rev., 3.00%, 01/01/2052		40		39
North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Finance, Series D, Rev., 4.25%, 01/01/2049		1,615		1,624
North Dakota Housing Finance Agency, Social Bonds, Series B, Rev., 3.00%, 07/01/2052		840		820
North Dakota Housing Finance Agency, Social Bonds Home Mortgage Finance Program, Rev., 5.75%, 01/01/2054		480		511
North Dakota Housing Finance Agency, Social Bonds Home Mortgage Financing, Rev., 5.75%, 07/01/2053		1,215		1,288
North Dakota Housing Finance Agency, Sustainable Bonds Home Mortgage, Rev., 6.25%, 01/01/2054		3,660		3,968
North Dakota Public Finance Authority, Rev., 5.00%, 10/01/2038		4,840		5,375
University of North Dakota, Series A, COP, AGM, 4.00%, 06/01/2046		1,480		1,375
West Fargo Public School District No. 6, Series C, GO, 4.00%, 08/01/2026		300		305
				53,836

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Ohio — 2.2%
Akron Bath Copley Joint Township Hospital District,
Rev., 5.00%, 11/15/2030		700		741
Rev., 5.25%, 11/15/2046		6,275		6,309
Akron Bath Copley Joint Township Hospital District, Children’s Hospital Medical, Rev., 4.00%, 11/15/2042		1,265		1,196
Akron Bath Copley Joint Township Hospital District, Summa Health Obligations,
Rev., 4.00%, 11/15/2034		500		487
Rev., 4.00%, 11/15/2035		1,000		966
Rev., 4.00%, 11/15/2038		750		698
American Municipal Power, Inc., Fremont Energy Center Project,
Rev., 4.00%, 02/15/2036		1,750		1,758
Rev., 5.00%, 02/15/2026		600		610
American Municipal Power, Inc., Prairie State Energy Campus, Rev., 5.00%, 02/15/2026		2,500		2,543
Buckeye Tobacco Settlement Financing Authority, Series B2, Rev., 5.00%, 06/01/2055		11,915		10,502
City of Chillicothe, Adena Health System, Rev., 5.00%, 12/01/2047		10,410		10,409
City of Cincinnati, Mercer Commons Phase 2 Project, Rev., 5.00%, 11/01/2035		1,085		1,096
Columbus Metropolitan Housing Authority, Rev., 4.00%, 06/01/2034		2,000		1,973
Columbus Regional Airport Authority, John Glenn Columbus International Airport,
Rev., 5.00%, 01/01/2044		2,700		2,855
Rev., AMT, 5.25%, 01/01/2041		6,500		6,924
Columbus-Franklin County Finance Authority,
Rev., 5.00%, 12/01/2029 (e)		890		922
Rev., 5.00%, 12/01/2038 (e)		1,345		1,369
Columbus-Franklin County Finance Authority, Bridge Park D Block Project, Series A, Rev., 5.00%, 12/01/2051		1,750		1,707
Columbus-Franklin County Finance Authority, Dering Family Homes Project, Rev., HUD, 5.00%, 07/01/2045 (z)		2,200		2,257
County of Allen OH Hospital Facilities Revenue, Rev., 4.00%, 12/01/2040		1,415		1,351
County of Allen, Hospital Facilities Revenue, Series A, Rev., 5.00%, 08/01/2027		50		52
County of Butler, UC Health, Rev., 5.00%, 11/15/2030		1,300		1,315
County of Franklin, Nationwide Children’s Hospital,
Rev., 4.00%, 11/01/2040		2,000		1,894
Rev., 5.00%, 11/01/2031		1,000		1,099
County of Hamilton OH Sewer System Revenue, Rev., 5.00%, 12/01/2049		2,915		3,070
County of Hamilton, Trihealth, Inc. Obligated Group, Rev., 5.00%, 08/15/2040		1,510		1,554
County of Hamilton, Uc Health,
Series A, Rev., 5.50%, 08/01/2039 (w)		1,000		1,077
Series A, Rev., 5.50%, 08/01/2042 (w)		3,000		3,168
Series A, Rev., 5.50%, 08/01/2051 (w)		1,000		1,033
County of Lucas, ProMedica Healthcare Obligated Group, Rev., 5.25%, 11/15/2048		2,500		2,514
County of Miami, Improvement, Kettering Health Network, Rev., 5.00%, 08/01/2049		2,000		2,012
County of Montgomery, Dayton Children’s Hospital,
Rev., 5.00%, 08/01/2027		725		755
Rev., 5.00%, 08/01/2029		145		155
Rev., 5.00%, 08/01/2033		230		248
County of Montgomery, Kettering Health Network Obligations, Rev., 4.00%, 08/01/2041		1,200		1,163
County of Van Wert, Van Wert Health Obligated, Rev., 6.13%, 12/01/2049 (p)		1,900		2,099
County of Warren, Otterbein Homes Obligated Group,
Rev., 5.00%, 07/01/2031		845		908

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Ohio — continued
Rev., 5.00%, 07/01/2032		800		864
Rev., 5.00%, 07/01/2042		1,380		1,417
Franklin County Convention Facilities Authority, Greater Columbus Convention Center, Rev., 5.00%, 12/01/2044		1,000		948
Jefferson County Port Authority, JSW Steel USA Ohio, Rev., AMT, 5.00%, 12/01/2053 (e) (z)		5,835		5,920
Miami University,
Series A, Rev., 5.00%, 09/01/2028		515		549
Series A, Rev., 5.00%, 09/01/2030		1,005		1,100
Series A, Rev., 5.00%, 09/01/2037		925		1,024
Northeast Ohio Medical University, Rev., BAM, 5.00%, 12/01/2043		1,475		1,500
Ohio Air Quality Development Authority,
Rev., AMT, 3.70%, 04/01/2028		3,345		3,341
Rev., AMT, 3.70%, 10/01/2028		3,345		3,334
Ohio Air Quality Development Authority, American Electric Power Co. Project, Rev., AMT, 2.50%, 08/01/2040 (z)		2,500		2,321
Ohio Air Quality Development Authority, AMG Vanadium Project, Rev., AMT, 5.00%, 07/01/2049 (e)		9,000		8,170
Ohio Air Quality Development Authority, Dayton Power & Light, Rev., AMT, 4.25%, 11/01/2040 (z)		7,000		7,060
Ohio Air Quality Development Authority, Duke Energy, Rev., AMT, 4.25%, 11/01/2039 (z)		7,205		7,276
Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Rev., AMT, 2.50%, 11/01/2042 (z)		1,000		928
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Rev., 1.50%, 02/01/2026 (z)		120		118
Ohio Higher Educational Facility Commission, Rev., 4.00%, 10/01/2050		1,500		1,210
Ohio Higher Educational Facility Commission, Case Western Reserve, Rev., (SIFMA Municipal Swap Index + 0.23%), 3.10%, 12/01/2042 (aa)		155		153
Ohio Higher Educational Facility Commission, Case Western Reserve University, Rev., 5.00%, 12/01/2040		1,065		1,093
Ohio Higher Educational Facility Commission, Hospital Cleveland Clinic, Series B4, Rev., VRDO, 3.55%, 04/01/2025 (z)		25,400		25,400
Ohio Higher Educational Facility Commission, Senior University Circle, Inc., Rev., 5.00%, 01/15/2050		1,000		1,017
Ohio Higher Educational Facility Commission, University of Dayton, Rev., 5.00%, 02/01/2034		1,125		1,196
Ohio Housing Finance Agency,
Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2055		1,250		1,366
Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 09/01/2048		735		743
Ohio Housing Finance Agency, Mortgage Backed Securities Program, Rev., GNMA/FNMA/FHLMC, 3.25%, 09/01/2052		5,305		5,238
Ohio Housing Finance Agency, Robert Cassidy Manor Apartments, Rev., FHA HUD, 5.00%, 04/01/2026 (z)		3,060		3,060
Ohio Housing Finance Agency, Thornwood Commons, Rev., FHA HUD, 5.00%, 12/01/2026 (z)		2,000		2,023
Ohio State University (The), Sustainable Bonds Multiyear Debt, Rev., 4.00%, 12/01/2041		2,060		2,017
Ohio Turnpike & Infrastructure Commission, Infrastructure Projects, Series A, Rev., 4.00%, 02/15/2038		1,500		1,488
Ohio Turnpike & Infrastructure Commission, Junior Lien Infrastructure,
Rev., 5.00%, 02/15/2028		500		530
Rev., 5.00%, 02/15/2033		365		408
Ohio Water Development Authority, Series A, Rev., 5.00%, 06/01/2029		500		538

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Ohio — continued
Ohio Water Development Authority Water Pollution Control Loan Fund,
Series A, Rev., 5.00%, 12/01/2030		3,000		3,322
Series B, Rev., 3.00%, 12/01/2034		125		116
Ohio Water Development Authority Water Pollution Control Loan Fund, Sustainable Bonds Water Pollution, Rev., 5.00%, 12/01/2033		4,420		5,005
Ohio Water Development Authority, Sustainability Bond, Series A, Rev., 5.00%, 06/01/2031		300		333
Ohio Water Development Authority, Water Pollution Control Loan Fund, Sustainable Bond, Series D, Rev., 5.00%, 12/01/2038		1,400		1,552
Port of Greater Cincinnati Development Authority,
Rev., AGM, 4.25%, 12/01/2048		4,865		4,649
Rev., 5.00%, 12/01/2053		5,985		6,129
Port of Greater Cincinnati Development Authority, Subordinated Duke Energy, Rev., 5.00%, 12/01/2063		3,000		3,038
State of Ohio,
Rev., 5.25%, 08/15/2048		3,000		3,192
Series A2, Rev., 4.00%, 04/01/2033		3,000		3,000
Series A, GO, 5.00%, 03/01/2034		1,000		1,119
Series X, GO, 5.00%, 05/01/2035		300		331
State of Ohio, Cleveland Clinic Health System,
Rev., 5.00%, 01/01/2033		2,410		2,659
Rev., 5.00%, 01/01/2034		2,425		2,662
Rev., 5.00%, 01/01/2039		570		609
Series A, Rev., 5.00%, 01/01/2027		940		974
State of Ohio, Common Schools, Series C, GO, 5.00%, 03/15/2030		125		138
State of Ohio, Garvee,
Series 1A, Rev., 5.00%, 12/15/2025		800		812
Series 1A, Rev., 5.00%, 12/15/2028		1,000		1,076
Series 2022-1, Rev., 5.00%, 12/15/2028		1,000		1,075
Series 2022-1, Rev., 5.00%, 12/15/2031		1,000		1,094
State of Ohio, Higher Education,
Series A, GO, 5.00%, 05/01/2032		10,000		10,376
Series C, GO, 5.00%, 08/01/2028 (p)		350		374
State of Ohio, Infrastructure Improvement,
GO, 4.00%, 09/01/2025		1,075		1,081
GO, 5.00%, 03/01/2034		1,000		1,106
State of Ohio, Premier Health Partners,
Rev., 4.00%, 11/15/2039		1,320		1,214
Rev., 4.00%, 11/15/2041		1,450		1,296
Rev., 5.00%, 11/15/2028		680		706
State of Ohio, University Hospital Health, Rev., VRDO, 3.10%, 04/01/2025 (z)		1,500		1,500
State of Ohio, University Hospitals Health, Rev., 4.00%, 01/15/2037		1,000		979
State of Ohio, University Hospitals Health System,
Rev., VRDO, 3.05%, 04/07/2025 (z)		17,750		17,750
Series A, Rev., 5.00%, 01/15/2041		1,000		1,003
Summit County Development Finance Authority, University of Akron Parking Project, Rev., 5.63%, 12/01/2048		4,645		4,919
				259,328

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Oklahoma — 0.7%
Creek County Educational Facilities Authority, Sapulpa Public Schools Project, Rev., BAM, 4.13%, 09/01/2048		4,250		4,021
Grand River Dam Authority, Rev., 5.00%, 06/01/2037		1,850		2,027
Oklahoma City Economic Development Trust, Increment District #8 Project,
Rev., 4.00%, 03/01/2032		1,640		1,696
Rev., 4.00%, 03/01/2033		5,000		5,167
Rev., 4.00%, 03/01/2034		4,440		4,564
Oklahoma City Water Utilities Trust, Rev., 5.25%, 07/01/2059		10,000		10,753
Oklahoma Development Finance Authority, Integris, Series A, Rev., 4.00%, 08/15/2038		2,000		1,820
Oklahoma Development Finance Authority, Integris Obligated Group, Rev., VRDO, 3.40%, 04/07/2025 (z)		1,810		1,810
Oklahoma Development Finance Authority, OU Health Project, Series A, Rev., 5.50%, 08/15/2037 (e)		1,110		1,141
Oklahoma Development Finance Authority, OU Medicine Project, Series B, Rev., 5.50%, 08/15/2057		4,000		4,049
Oklahoma Housing Finance Agency, Rev., GNMA/FNMA/FHLMC, 6.25%, 09/01/2055		770		853
Oklahoma Housing Finance Agency, Home Ownership Loan Program, Rev., GNMA/FNMA/FHLMC, 6.50%, 09/01/2054		2,605		2,900
Oklahoma Turnpike Authority,
Series A, Rev., 3.75%, 01/01/2033		1,000		989
Series A, Rev., 5.00%, 01/01/2037		1,665		1,689
Oklahoma Turnpike Authority, Senior Bonds,
Series A, Rev., 5.00%, 01/01/2039		2,500		2,751
Series A, Rev., 5.25%, 01/01/2046		5,000		5,393
Series A, Rev., 5.25%, 01/01/2047		3,000		3,227
Series B, Rev., 5.00%, 01/01/2041 (w)		1,750		1,860
Oklahoma Water Resources Board,
Rev., 4.25%, 10/01/2050		4,200		4,116
Series B, Rev., 5.00%, 10/01/2026		1,255		1,296
Oklahoma Water Resources Board, Drinking Water Program 2019 Master, Rev., 4.00%, 04/01/2048		13,950		12,998
Osage County Industrial Authority, Rev., 5.75%, 09/01/2053		1,000		985
Tulsa County Independent School District No. 1 Tulsa, Series B, GO, 2.00%, 09/01/2026		1,500		1,469
University of Oklahoma, Series A, Rev., BAM, 5.00%, 07/01/2042		1,740		1,857
				79,431
Oregon — 1.0%
Astoria Hospital Facilities Authority, Rev., 5.25%, 08/01/2054		1,340		1,370
City of Portland Sewer System Revenue, Second Lien,
Series A, Rev., 5.00%, 12/01/2031		2,670		2,983
Series A, Rev., 5.00%, 10/01/2039		3,500		3,869
Series A, Rev., 5.00%, 10/01/2043		1,125		1,215
City of Portland Water System Revenue, Second Lien, Series A, Rev., 4.00%, 05/01/2039		500		496
Jackson County School District No. 5 Ashland, GO, SCH BD GTY, 5.00%, 06/15/2030		1,000		1,074
Medford Hospital Facilities Authority, Asante Project, Series A, Rev., AGM, 4.00%, 08/15/2045		9,740		8,771
Multnomah County School District No. 1 Portland, GO, SCH BD GTY, 5.00%, 06/15/2028		1,850		1,973
Oregon Health & Science University, Series B1, Rev., 5.00%, 07/01/2046 (z)		1,500		1,595

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Oregon — continued
Oregon State Facilities Authority, Samaritan Health Services, Rev., 5.00%, 10/01/2040		1,750		1,775
Oregon State Facilities Authority, Samaritan Health Services Project, Rev., 5.00%, 10/01/2031		1,740		1,760
Port of Portland Airport Revenue,
Series 24B, Rev., AMT, 5.00%, 07/01/2037		1,000		1,011
Series 27A, Rev., AMT, 5.00%, 07/01/2028		1,595		1,667
Series 27A, Rev., AMT, 5.00%, 07/01/2034		1,455		1,519
Series 27A, Rev., AMT, 5.00%, 07/01/2036		1,000		1,037
Port of Portland Airport Revenue, Green Bonds, Rev., AMT, 5.00%, 07/01/2036		500		532
Port of Portland Airport Revenue, Portland International Air, Rev., AMT, 5.00%, 07/01/2035		1,270		1,312
Port of Portland Airport Revenue, Portland International Airport,
Rev., AMT, 5.00%, 07/01/2026		1,145		1,167
Rev., AMT, 5.00%, 07/01/2031		2,230		2,333
Series 25B, Rev., AMT, 5.00%, 07/01/2039		1,020		1,043
Port of Portland OR Airport Revenue,
Rev., AMT, 5.00%, 07/01/2047		5,000		5,004
Rev., AMT, 5.25%, 07/01/2040		2,000		2,141
Rev., AMT, 5.25%, 07/01/2041		1,895		2,015
Rev., AMT, 5.25%, 07/01/2049		23,500		24,480
Rev., AMT, 5.25%, 07/01/2054		21,250		21,915
Salem Hospital Facility Authority, Capital Manor Project,
Rev., 4.00%, 05/15/2032		185		181
Rev., 4.00%, 05/15/2040		750		678
Salem Hospital Facility Authority, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2046		3,000		2,981
State of Oregon Department of Transportation, Subordinate, Series A, Rev., 5.00%, 11/15/2036		9,095		9,665
State of Oregon Housing & Community Services Department, Series C, Rev., 3.00%, 01/01/2052		2,965		2,921
State of Oregon Housing & Community Services Department, Single Family Mortgage Program, Series A, Rev., 3.00%, 07/01/2052		445		438
State of Oregon, Article XI Q, Series F, GO, 5.00%, 05/01/2030		100		102
State of Oregon, Article XI Q State Project,
GO, 5.00%, 05/01/2025		500		501
GO, 5.00%, 05/01/2030		405		444
State of Oregon, Article XI-Q State Project, Series A, GO, 5.00%, 05/01/2027		1,220		1,276
State of Oregon, Veterans Welfare Bonds, GO, 5.50%, 12/01/2053		250		266
State of Oregon, Veterans Welfare Bonds Series, GO, 3.00%, 12/01/2051		1,105		1,076
University of Oregon, Series A, Rev., 5.00%, 04/01/2048		1,000		1,024
Yamhill Clackamas & Washington Counties School District No. 29J Newberg, Series B, GO, SCH BD GTY, 4.00%, 06/15/2039		3,620		3,603
				119,213
Other Territory — 0.2%
BlackRock Municipal 2030 Target Term Trust, Variable Rate Demand Preferred, Series W7, AMT, LIQ: Barclays Bank plc, 3.02%, 12/31/2030 (e) (z)		5,000		5,000
FHLMC Multifamily ML Certificates,
Rev., 0.00%, 11/25/2038 (z)		11,941		11,146
Rev., 3.16%, 12/25/2038		3,987		3,549
				19,695
Pennsylvania — 4.6%
Adams County General Authority, The Brethren Home Community Project, Rev., 5.00%, 06/01/2039		1,750		1,813

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Pennsylvania — continued
Allegheny County Airport Authority,
Series A, Rev., AGM, AMT, 4.00%, 01/01/2046		11,800		10,675
Series A, Rev., AGM-CR, AMT, 4.00%, 01/01/2056		8,920		7,682
Series B, Rev., AGM, 4.00%, 01/01/2039		2,635		2,639
Allegheny County Hospital Development Authority, Health Network Obligations,
Rev., 5.00%, 04/01/2033		1,000		1,031
Series A, Rev., 5.00%, 04/01/2047		1,560		1,561
Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center,
Rev., 4.00%, 07/15/2037		1,000		984
Rev., 4.00%, 07/15/2038		3,185		3,110
Allegheny County Sanitary Authority, Rev., 5.75%, 06/01/2047		2,250		2,478
Allegheny County, Hospital Development Authority, Pittsburg University Medical Center,
Series A, Rev., 4.00%, 07/15/2036		4,795		4,755
Series A, Rev., 5.00%, 07/15/2027		765		797
Allegheny County, Sanitary Authority,
Series B, Rev., 4.00%, 06/01/2035		400		406
Series B, Rev., 4.00%, 06/01/2036		675		683
Series B, Rev., 5.00%, 06/01/2030		500		546
Allentown Commercial and Industrial Development Authority, Executive Education Academy, Rev., 5.00%, 07/01/2040 (e)		2,000		2,003
Allentown Neighborhood Improvement Zone Development Authority, Rev., 5.25%, 05/01/2032 (e)		500		514
Allentown Neighborhood Improvement Zone Development Authority, Forward Delivery, Rev., 5.00%, 05/01/2042		1,000		1,024
Allentown Neighborhood Improvement Zone Development Authority, Neuweiler Lofts Project, Rev., 6.25%, 05/01/2042 (e)		2,010		1,980
Allentown Neighborhood Improvement Zone Development Authority, Senior Tax Revenue, Rev., 6.00%, 05/01/2042 (e)		180		187
Altoona Area School District, GO, BAM, 5.00%, 12/01/2048 (p)		1,000		1,014
Berks County Municipal Authority (The),
Rev., 0.00%, 06/30/2044		1,647		1,152
Rev., 5.00%, 06/30/2039		3,054		2,956
Rev., 6.00%, 06/30/2034		243		262
Rev., 7.00%, 06/30/2039		700		647
Rev., 8.00%, 06/30/2034		510		522
Bethlehem Area School District Authority, Bethlehem Area School District, Rev., (United States SOFR * 0.67 + 0.35%), 3.27%, 01/01/2032 (aa)		240		239
Capital Region Water, Water Revenue, Rev., 5.00%, 07/15/2032		1,000		1,051
Central Bradford Progress Authority, Guthrie Clinic, Rev., VRDO, 3.51%, 04/07/2025 (z)		400		400
Chartiers Valley School District, Series B, GO, 5.00%, 10/15/2040 (p)		1,000		1,001
Chester County Industrial Development Authority, Avon Grove Charter School, Rev., 5.00%, 03/01/2027		185		188
Chester County School Authority, Chester County Intermediate Unit,
Rev., BAM, 5.00%, 04/01/2037		1,000		1,072
Rev., BAM, 5.00%, 04/01/2039		1,000		1,064
Rev., BAM, 5.00%, 04/01/2040		1,550		1,644
Rev., BAM, 5.00%, 04/01/2043		1,000		1,050
City of Lancaster, GO, BAM, 5.00%, 11/01/2047		6,665		6,828

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Pennsylvania — continued
City of Philadelphia,
GO, AGM, 5.00%, 08/01/2031		1,795		1,869
Series A, GO, 5.00%, 08/01/2030		4,000		4,024
City of Philadelphia Airport Revenue,
Series A, Rev., 5.00%, 07/01/2047		5,000		5,057
Series B, Rev., AMT, 5.00%, 07/01/2035		2,235		2,275
Series C, Rev., AMT, 4.00%, 07/01/2050		1,500		1,315
Series C, Rev., AMT, 5.00%, 07/01/2028		10,000		10,452
City of Philadelphia Airport Revenue, Private Activity, Rev., AGM, AMT, 4.00%, 07/01/2041		1,100		1,048
City of Philadelphia PA Airport Revenue, Rev., AMT, 5.00%, 07/01/2042		4,440		4,468
City of Philadelphia Water & Wastewater Revenue,
Series A, Rev., 5.00%, 11/01/2040		2,790		2,932
Series A, Rev., 5.00%, 11/01/2045		7,000		7,232
Series C, Rev., 5.00%, 06/01/2042		1,000		1,054
Commonwealth Financing Authority, Tobacco Master Settlement Payment,
Rev., AGM, 4.00%, 06/01/2039		14,340		13,444
Rev., 5.00%, 06/01/2025		1,820		1,825
Commonwealth of Pennsylvania,
Series 1, GO, 4.00%, 03/15/2034		5,000		5,001
Series 1, GO, 4.00%, 03/01/2035		3,650		3,699
Commonwealth of Pennsylvania, Bidding Group C First Series, Series 1, GO, 4.00%, 09/01/2040		5,000		4,860
County of Allegheny, Series C75, GO, 5.00%, 11/01/2028		2,305		2,373
County of Lehigh, Lehigh Valley Health Network, Rev., 5.00%, 07/01/2044		1,350		1,359
County of Lehigh, St. Luke’s Hospital Project, Rev., (SIFMA Municipal Swap Index + 1.10%), 3.97%, 08/15/2038 (aa)		355		352
Cumberland County Municipal Authority, Rev., 5.00%, 05/01/2030		1,000		1,018
Cumberland County Municipal Authority, Unrefunded Diakon Lutheran, Rev., 5.00%, 01/01/2038		2,035		2,035
Delaware River Port Authority,
Rev., 5.00%, 01/01/2037		3,000		3,002
Rev., 5.00%, 01/01/2040		10,000		10,030
Delaware Valley Regional Finance Authority,
Series A, Rev., AMBAC, 5.50%, 08/01/2028		3,595		3,861
Series C, Rev., (CME Term SOFR 3 Month * 0.67 + 0.75%), 3.82%, 06/01/2037 (aa)		250		232
DuBois Hospital Authority, Penn Highlands Healthcare Bay, Rev., BAM, 4.00%, 07/15/2043		6,450		5,880
Geisinger Authority,
Rev., 4.00%, 02/15/2039		3,150		3,020
Rev., 4.00%, 02/15/2047		2,500		2,234
Geisinger Authority, Geisinger Health System Obligated Group, Rev., 5.00%, 04/01/2050		2,000		2,035
Geisinger Authority, Geisinger Health System Obligation Group, Rev., 4.00%, 04/01/2039		7,000		6,780
Geisinger Authority, Geisinger Health System Se, Rev., 5.00%, 02/15/2045		5,560		5,585
Lancaster County Hospital Authority, Auth Masonic Villages Project, Rev., 5.13%, 11/01/2038		1,675		1,749
Lancaster County Hospital Authority, Penn State Health, Rev., 5.00%, 11/01/2037		600		624
Lancaster Industrial Development Authority, Landis Homes Retirement Community, Rev., 4.00%, 07/01/2056		765		611
Lancaster Municipal Authority, Rev., 5.00%, 05/01/2049		900		917
Lehigh County Industrial Development Authority, PPL Electric Utilities Project, Series A, Rev., 3.00%, 09/01/2029		3,455		3,437

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Pennsylvania — continued
Monroe County Hospital Authority/PA, Rev., 5.10%, 06/15/2039 (e)		4,890		4,697
Monroeville Finance Authority,
Series B, Rev., 5.00%, 02/15/2029		1,425		1,513
Series B, Rev., 5.00%, 02/15/2038		1,200		1,290
Series B, Rev., 5.00%, 02/15/2039		2,000		2,140
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Rev., 4.00%, 05/01/2038		250		243
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Rev., 4.00%, 09/01/2044		1,610		1,502
Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Rev., 5.00%, 11/15/2049		5,000		5,023
Montgomery County Industrial Development Authority, Constellation Energy, Rev., 4.10%, 04/01/2053 (z)		8,435		8,613
Montgomery County Industrial Development Authority, Retirement Life Communities,
Rev., 5.00%, 11/15/2033		1,500		1,525
Series C, Rev., 5.00%, 11/15/2045		2,585		2,619
New Castle Sanitation Authority, Series A, Rev., AGM, 3.00%, 06/01/2029		500		493
Norristown Area School District, GO, 5.00%, 09/01/2026		1,500		1,540
Northampton County General Purpose Authority, Rev., 5.00%, 08/15/2048		1,125		1,136
Northampton County General Purpose Authority, St. Luke’s University Health Network,
Rev., 5.00%, 08/15/2046		5,030		5,045
Rev., AGM, 5.00%, 08/15/2049		4,000		4,109
Pennsylvania Economic Development Financing Authority,
Rev., 4.00%, 05/15/2048		2,055		1,889
Rev., 5.25%, 12/01/2038 (z)		1,500		1,511
Pennsylvania Economic Development Financing Authority Parking System Revenue, Senior Insured Capitol,
Rev., AGM, 4.00%, 01/01/2041		1,000		953
Rev., AGM, 4.00%, 01/01/2042		1,035		974
Rev., AGM, 4.13%, 01/01/2043		1,070		1,011
Rev., AGM, 5.00%, 01/01/2034		2,000		2,125
Pennsylvania Economic Development Financing Authority, Core Natural Resources, Inc., Rev., AMT, 5.45%, 01/01/2051 (e) (z)		500		511
Pennsylvania Economic Development Financing Authority, Covanta Project Sustainable, Rev., AMT, 3.25%, 08/01/2039 (e)		2,515		2,030
Pennsylvania Economic Development Financing Authority, Draw Down Republic, Inc., Rev., AMT, 4.20%, 04/01/2049 (z)		1,500		1,502
Pennsylvania Economic Development Financing Authority, Pennsylvania Bridges Finco LP P3 Project,
Rev., AMT, 5.00%, 12/31/2030		3,460		3,504
Rev., AMT, 5.00%, 12/31/2034		2,000		2,019
Rev., AMT, 5.00%, 06/30/2042		1,250		1,252
Pennsylvania Economic Development Financing Authority, Philadelphia Biosolids Facility,
Rev., 4.00%, 01/01/2028		1,590		1,603
Rev., 4.00%, 01/01/2029		450		454
Rev., 4.00%, 01/01/2031		800		805
Pennsylvania Economic Development Financing Authority, Republic Services, Inc. Project,
Rev., AMT, 4.15%, 04/01/2034 (z)		3,000		3,001
Series B1, Rev., AMT, 4.15%, 04/01/2049 (z)		2,630		2,630

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Pennsylvania — continued
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges,
Rev., AGM, AMT, 5.00%, 12/31/2057		6,730		6,822
Rev., AMT, 5.25%, 06/30/2035		1,500		1,600
Rev., AGM, AMT, 5.50%, 06/30/2042		5,640		5,983
Rev., AMT, 5.75%, 06/30/2048		3,750		3,956
Rev., AGM, AMT, 5.75%, 12/31/2062		2,500		2,656
Rev., AMT, 6.00%, 06/30/2061		1,150		1,230
Pennsylvania Economic Development Financing Authority, The PennDOT Major Bridges, Rev., AMT, 5.25%, 06/30/2053		2,000		2,034
Pennsylvania Economic Development Financing Authority, UPMC,
Series A1, Rev., 4.00%, 04/15/2045		5,440		5,021
Series A, Rev., 4.00%, 02/15/2042		1,330		1,260
Series A, Rev., 5.00%, 02/01/2030		4,960		4,961
Pennsylvania Economic Development Financing Authority, UPMC Obligated Group, Series B, Rev., 5.00%, 03/15/2050 (w)		6,000		6,089
Pennsylvania Economic Development Financing Authority, Villanova University Project, Rev., 5.00%, 08/01/2049		2,525		2,644
Pennsylvania Economic Development Financing Authority, Waste Management Project, Rev., 0.95%, 12/01/2033 (z)		2,000		1,909
Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Rev., AMT, 1.10%, 06/01/2031 (z)		2,000		1,906
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project,
Rev., AMT, 3.70%, 08/01/2045 (z)		5,110		5,109
Rev., AMT, 4.25%, 08/01/2038 (z)		8,000		7,998
Rev., AMT, 4.60%, 10/01/2046 (z)		10,000		10,055
Pennsylvania Higher Education Assistance Agency,
Series A, Rev., AMT, 2.45%, 06/01/2041		100		87
Series A, Rev., AMT, 5.00%, 06/01/2026		95		96
Pennsylvania Higher Education Assistance Agency, Senior,
Rev., AMT, 4.13%, 06/01/2045		475		456
Series A, Rev., AMT, 5.00%, 06/01/2028		3,775		3,886
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Rev., VRDO, LOC: Bank of America NA, 3.65%, 04/01/2025 (z)		24,760		24,760
Pennsylvania Higher Educational Facilities Authority, Trustees University, Series A, Rev., 4.00%, 02/15/2043		1,000		945
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System,
Rev., 5.00%, 08/15/2042		1,250		1,269
Rev., 5.00%, 08/15/2049		3,000		3,036
Pennsylvania Higher Educational Facilities Authority, University Pennsylvania Health System, Series A, Rev., 4.00%, 08/15/2035		1,170		1,172
Pennsylvania Higher Educational Facilities Authority, Unrefunded 2024, Series AT1, Rev., 4.00%, 06/15/2032		2,790		2,794
Pennsylvania Housing Finance Agency,
Rev., 4.50%, 10/01/2044		5,000		4,916
Rev., 4.60%, 10/01/2044		7,500		7,413
Rev., 6.00%, 10/01/2054		3,275		3,544
Rev., 6.25%, 10/01/2054		2,955		3,232
Series 133, Rev., 3.00%, 10/01/2050		2,410		2,378

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Pennsylvania — continued
Pennsylvania Housing Finance Agency, Social Bond,
Series A, Rev., 4.85%, 10/01/2043		4,000		4,025
Series A, Rev., 5.50%, 10/01/2053		1,440		1,519
Pennsylvania Housing Finance Agency, Social Bonds, Series 141A, Rev., 5.75%, 10/01/2053		2,840		3,009
Pennsylvania Housing Finance Agency, Sustainable Bond,
Series 144A, Rev., 4.45%, 10/01/2044		2,000		1,951
Series 144A, Rev., 6.00%, 10/01/2054		2,535		2,732
Pennsylvania Housing Finance Agency, Sustainable Bonds, Series 2022, Rev., 4.25%, 10/01/2052		1,905		1,925
Pennsylvania Turnpike Commission,
Rev., 5.00%, 12/01/2037		2,100		2,317
Rev., 5.00%, 12/01/2043		715		763
Series A1, Rev., 5.00%, 12/01/2027		1,000		1,055
Series A1, Rev., 5.00%, 12/01/2034		1,000		1,034
Series A1, Rev., 5.00%, 12/01/2045		7,685		7,712
Series A1, Rev., 5.00%, 12/01/2046		1,000		1,007
Series A, Rev., 4.00%, 12/01/2041		1,250		1,217
Series A, Rev., 5.25%, 12/01/2044		2,500		2,585
Series B1, Rev., 5.25%, 06/01/2047		2,465		2,513
Series B, Rev., 4.00%, 12/01/2039		3,000		2,935
Series B, Rev., 5.00%, 12/01/2026		400		414
Series B, Rev., 5.00%, 12/01/2027		500		528
Series B, Rev., 5.00%, 12/01/2039		1,305		1,411
Series B, Rev., 5.25%, 12/01/2047		3,000		3,171
Series C, Rev., 4.00%, 12/01/2040		1,400		1,383
Series C, Rev., 4.00%, 12/01/2042		1,555		1,464
Series C, Rev., 5.00%, 12/01/2027		345		364
Series C, Rev., 5.00%, 12/01/2041		1,560		1,662
Series C, Rev., 5.00%, 12/01/2046		1,350		1,402
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Subordinate, Series B, Rev., 5.00%, 12/01/2038		1,500		1,559
Pennsylvania Turnpike Commission, Motor License, Rev., 5.00%, 12/01/2040		1,000		1,023
Pennsylvania Turnpike Commission, Subordinate, Rev., 5.00%, 12/01/2030		1,750		1,831
Pennsylvania Turnpike Commission, Subordinated,
Rev., 5.00%, 06/01/2026		2,000		2,026
Series B2, Rev., 5.00%, 06/01/2027		2,480		2,590
Philadelphia Authority for Industrial Development,
Rev., 5.00%, 05/01/2033		1,250		1,303
Rev., 5.00%, 06/15/2039 (e)		740		747
Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia, Rev., 4.00%, 07/01/2037		2,000		1,956
Philadelphia Authority for Industrial Development, String Theory Charter School, Rev., 5.00%, 06/15/2040 (e)		900		891
Philadelphia Authority for Industrial Development, Thomas Jefferson University,
Series A, Rev., 5.00%, 09/01/2032		1,110		1,137
Series A, Rev., 5.00%, 09/01/2035		1,105		1,129
Series A, Rev., 5.00%, 09/01/2047		1,000		1,006
Philadelphia Gas Works Co., Series A, Rev., AGM, 4.00%, 08/01/2045		5,000		4,640

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Pennsylvania — continued
Phoenixville Area School District, GO, 4.00%, 11/15/2040		695		686
Pittsburgh School District, GO, BAM, 4.00%, 09/01/2042		2,240		2,078
Pittsburgh Water & Sewer Authority,
Series B, Rev., AGM, 4.00%, 09/01/2036		500		507
Series B, Rev., AGM, 4.00%, 09/01/2038		500		502
Series B, Rev., AGM, 4.00%, 09/01/2045		2,250		2,125
Pittsburgh Water & Sewer Authority, First Lien, Series A, Rev., AGM, 5.00%, 09/01/2048		1,000		1,052
Ridley School District, GO, BAM, 5.25%, 11/15/2039		4,545		4,773
School District of Philadelphia, Series A, GO, BAM, 4.00%, 09/01/2039		7,500		7,320
School District of Philadelphia (The),
GO, 4.00%, 09/01/2046		2,000		1,873
GO, BAM, 4.00%, 09/01/2046		6,610		6,146
Series A, GO, 5.00%, 09/01/2027		610		636
Series A, GO, 5.00%, 09/01/2031		245		265
Series A, GO, 5.00%, 09/01/2035		3,000		3,120
Series F, GO, 5.00%, 09/01/2035		5,000		5,084
Series F, GO, 5.00%, 09/01/2037		2,000		2,029
School District of Philadelphia (The), Green Bond,
Series B, GO, 5.00%, 09/01/2027		895		933
Series B, GO, 5.00%, 09/01/2028		485		512
Series B, GO, 5.00%, 09/01/2029		450		479
Scranton School District, Series E, GO, BAM, 4.00%, 12/01/2037		1,025		971
Southeastern Pennsylvania Transportation Authority, Asset Improvement Program,
Rev., 5.25%, 06/01/2041		3,000		3,248
Rev., 5.25%, 06/01/2042		1,500		1,615
Rev., 5.25%, 06/01/2047		7,750		8,217
Sports & Exhibition Authority of Pittsburgh and Allegheny County,
Rev., AGM, 5.00%, 02/01/2027		2,250		2,327
Rev., AGM, 5.00%, 02/01/2028		2,590		2,717
State Public School Building Authority, Northampton County Area Community,
Rev., BAM, 4.00%, 03/01/2029		1,000		1,020
Rev., BAM, 4.00%, 03/01/2030		640		651
Rev., BAM, 4.00%, 03/01/2031		500		508
Rev., BAM, 5.00%, 03/01/2027		715		738
Rev., BAM, 5.00%, 03/01/2028		755		791
State Public School Building Authority, Philadelphia Community College, Rev., BAM, 5.00%, 06/15/2028		5,505		5,523
State Public School Building Authority, Philadelphia School District, Rev., AGM, 5.00%, 06/01/2030		3,480		3,582
Union County Hospital Authority, Evangelical Community Hospital, Rev., 5.00%, 08/01/2048		5,000		5,034
Westmoreland County Industrial Development Authority, Excela Health Project,
Series A, Rev., 4.00%, 07/01/2025		575		575
Series A, Rev., 5.00%, 07/01/2028		1,400		1,446
				545,145
Puerto Rico — 0.6%
Commonwealth of Puerto Rico, Note Claims, 0.00%, 11/01/2051 (z)		5,865		3,149
Commonwealth of Puerto Rico, Restructured,
Series A1, GO, 4.00%, 07/01/2033		481		471

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Puerto Rico — continued
Series A1, GO, 5.38%, 07/01/2025		954		958
Series A1, GO, 5.63%, 07/01/2027		5,045		5,224
Series A1, GO, 5.63%, 07/01/2029		2,000		2,143
Series A1, GO, 5.75%, 07/01/2031		2,008		2,206
Series A, GO, Zero Coupon, 07/01/2033		7,410		5,077
Commonwealth of Puerto Rico, Subordinate, Note Claims, Series CW, 0.00%, 11/01/2043 (z)		17,010		10,652
Commonwealth of Puerto Rico, Subordinated, Note Claims, Series CL, 0.00%, 11/01/2051 (z)		4,507		2,800
Puerto Rico Electric Power Authority,
Series AAA, Rev., 5.25%, 07/01/2023 (d)		100		49
Series CCC, Rev., 4.63%, 07/01/2025 (d)		100		48
Series DDD, Rev., 5.00%, 07/01/2020 (d)		570		276
Series NN, Rev., NATL, 4.75%, 07/01/2033		30		29
Series TT, Rev., 5.00%, 07/01/2020 (d)		285		138
Series TT, Rev., 5.00%, 07/01/2021 (d)		100		49
Series TT, Rev., 5.00%, 07/01/2037 (d)		1,200		582
Series XX, Rev., 4.63%, 07/01/2025 (d)		100		49
Series XX, Rev., 4.75%, 07/01/2026 (d)		295		143
Series ZZ, Rev., 4.25%, 07/01/2020 (d)		470		228
Series ZZ, Rev., 5.25%, 07/01/2019 (d)		580		281
Series ZZ, Rev., 5.25%, 07/01/2023 (d)		500		243
Puerto Rico Electric Power Authority, Libor, Series UU, Rev., AGM, (CME Term SOFR 3 Month * 0.67 + 0.52%), 3.58%, 07/01/2029 (aa)		500		487
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured,
Series A1, Rev., Zero Coupon, 07/01/2031		2,925		2,289
Series A1, Rev., 5.00%, 07/01/2058		20,950		20,631
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured,
Series A1, Rev., 4.55%, 07/01/2040		1,385		1,371
Series A2, Rev., 4.33%, 07/01/2040		11,000		10,718
				70,291
Rhode Island — 0.2%
Rhode Island Health and Educational Building Corp., Brown University, Series A, Rev., 4.00%, 09/01/2037		1,000		1,003
Rhode Island Health and Educational Building Corp., Lifespan Health System, Rev., 5.00%, 05/15/2039		5,500		5,480
Rhode Island Housing & Mortgage Finance Corp., Rev., FHA, 3.60%, 10/01/2054 (z)		1,000		1,002
Rhode Island Housing and Mortgage Finance Corp., Series 71, Rev., GNMA COLL, 3.75%, 10/01/2049		250		250
Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity,
Series 73A, Rev., 0.95%, 04/01/2026		500		481
Series 73A, Rev., 1.10%, 04/01/2027		300		281
Series 73A, Rev., 1.65%, 10/01/2029		715		631
Series 73A, Rev., 3.00%, 10/01/2050		870		857
Rhode Island Housing and Mortgage Finance Corp., Social Bonds, Series 75A, Rev., 3.00%, 10/01/2051		2,090		2,055
Rhode Island Student Loan Authority,
Rev., AMT, 3.63%, 12/01/2037		875		823
Rev., AMT, 4.13%, 12/01/2041		1,125		1,064
Rev., AMT, 4.13%, 12/01/2043		1,570		1,404

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Rhode Island — continued
Rhode Island Student Loan Authority, Senior Bond,
Series A, Rev., AMT, 5.00%, 12/01/2029		370		387
Series B, Rev., AMT, 4.13%, 12/01/2043		1,350		1,249
Rhode Island Turnpike & Bridge Authority, Rev., 5.00%, 10/01/2040		1,000		1,011
Tobacco Settlement Financing Corp., Series B, Rev., 4.50%, 06/01/2045		2,500		2,500
				20,478
South Carolina — 1.0%
Charleston County Airport District, Rev., 5.00%, 07/01/2042		1,650		1,761
City of Columbia Waterworks & Sewer System Revenue,
Rev., 5.00%, 02/01/2047		2,625		2,735
Series B, Rev., 4.00%, 02/01/2041		5,000		4,880
Series B, Rev., 5.00%, 02/01/2036		1,085		1,198
Series B, Rev., 5.00%, 02/01/2037		1,500		1,646
Series B, Rev., 5.00%, 02/01/2038		1,500		1,637
Lexington County Health Services District, Inc., Lexmed Obligated Group,
Rev., 4.00%, 11/01/2030		1,000		1,018
Rev., 4.00%, 11/01/2031		1,000		1,016
Patriots Energy Group Financing Agency, Series B1, Rev., 5.25%, 02/01/2054 (z)		14,400		15,399
South Carolina Jobs-Economic Development Authority, Rev., 4.50%, 11/01/2054		2,300		2,219
South Carolina Jobs-Economic Development Authority, Beaufort Memorial Hospital & South of Broad Healthcare Projects, Rev., 5.50%, 11/15/2044		500		515
South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Series S, Rev., 5.00%, 12/01/2048 (z)		1,000		1,008
South Carolina Jobs-Economic Development Authority, McLeod Health Projects, Rev., 5.00%, 11/01/2048		1,000		1,013
South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Series A, Rev., 5.00%, 05/01/2030		1,500		1,567
South Carolina Jobs-Economic Development Authority, Prisma Health Obligation Group, Rev., 5.00%, 05/01/2043		2,000		2,030
South Carolina Ports Authority,
Rev., AMT, 5.00%, 07/01/2043		5,680		5,706
Rev., AMT, 5.00%, 07/01/2055		2,000		1,967
South Carolina Public Service Authority,
Rev., AGM, 5.00%, 12/01/2037		3,250		3,562
Rev., 5.00%, 12/01/2039		4,000		4,224
Rev., AGM, 5.00%, 12/01/2042		3,250		3,460
Rev., 5.00%, 12/01/2043		2,800		2,939
Series A, Rev., 4.00%, 12/01/2033		1,000		1,004
Series A, Rev., 4.00%, 12/01/2034		2,000		1,998
Series A, Rev., 4.00%, 12/01/2037		2,000		1,948
Series A, Rev., 4.00%, 12/01/2038		520		500
Series A, Rev., 5.00%, 12/01/2027		1,525		1,603
Series A, Rev., 5.00%, 12/01/2028		1,700		1,706
Series A, Rev., 5.00%, 12/01/2029		85		92
Series A, Rev., 5.00%, 12/01/2031		4,500		4,884
Series A, Rev., 5.00%, 12/01/2032		1,000		1,076
Series A, Rev., 5.00%, 12/01/2043		1,500		1,578
Series A, Rev., 5.25%, 12/01/2050		3,000		3,156

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
South Carolina — continued
Series B, Rev., 5.00%, 12/01/2036		2,200		2,422
Series B, Rev., 5.00%, 12/01/2040		1,000		1,051
Series B, Rev., 5.00%, 12/01/2041		2,000		2,019
South Carolina Public Service Authority, Bond Exchange, Series A, Rev., 5.00%, 12/01/2050		5,000		5,002
South Carolina Public Service Authority, Obligations, Series C, Rev., 5.00%, 12/01/2027		1,600		1,644
South Carolina Public Service Authority, Unrefunded Obligations,
Series C, Rev., 5.00%, 12/01/2046		3,000		3,002
Series E, Rev., 5.25%, 12/01/2055		7,000		7,031
South Carolina State Housing Finance & Development Authority,
Rev., 6.00%, 01/01/2055		3,330		3,654
Series A, Rev., 3.00%, 01/01/2052		525		516
Series A, Rev., 4.00%, 01/01/2052		705		709
Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 07/01/2055		3,330		3,758
Series B, Rev., 3.25%, 01/01/2052		4,590		4,549
South Carolina Transportation Infrastructure Bank, Rev., 5.00%, 10/01/2039		5,000		5,121
				121,523
South Dakota — 0.3%
County of Lincoln, GO, 5.00%, 12/01/2048		3,000		3,082
County of Lincoln, Augustana College Association, Rev., 4.00%, 08/01/2041		250		216
South Dakota Health & Educational Facilities Authority, Rev., 5.00%, 07/01/2046		2,000		2,002
South Dakota Health & Educational Facilities Authority, Avera Health, Series A, Rev., 5.25%, 07/01/2054		10,000		10,472
South Dakota Health & Educational Facilities Authority, Sanford Obligated Group, Rev., 5.00%, 11/01/2045		4,500		4,514
South Dakota Housing Development Authority,
Rev., GNMA/FNMA/FHLMC, 6.25%, 11/01/2055		3,245		3,606
Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 11/01/2055		1,040		1,177
Series C, Rev., GNMA/FNMA/FHLMC, 3.50%, 05/01/2051		750		747
Series G, Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2055		4,220		4,571
South Dakota Housing Development Authority, Homeownership Mortgage, Series B, Rev., 3.00%, 11/01/2051		2,250		2,212
				32,599
Tennessee — 1.1%
Chattanooga Health Educational & Housing Facility Board, Commonspirit Health,
Series A1, Rev., 5.00%, 08/01/2028		305		323
Series A, Rev., 5.00%, 08/01/2044		1,000		1,009
City of Chattanooga Electric Revenue, Series A, Rev., 4.00%, 09/01/2033		5,000		4,985
City of Clarksville Water Sewer & Gas Revenue, Rev., 5.00%, 02/01/2041 (p)		965		983
City of Memphis Storm Water System Revenue, Rev., 5.00%, 10/01/2044		3,365		3,429
City of Memphis TN Electric System Revenue,
Rev., 5.00%, 12/01/2025		1,085		1,100
Rev., 5.00%, 12/01/2031		600		667
Rev., 5.00%, 12/01/2032		850		950
City of Memphis, Electric System Revenue, Series A, Rev., 4.00%, 12/01/2050		1,225		1,113
Cleveland Health & Educational Facilities Board, Rev., 5.25%, 08/15/2054		14,700		15,431
County of Coffee, GO, 5.00%, 06/01/2026		250		256
County of Rutherford TN, GO, 3.00%, 04/01/2033		6,625		6,171

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Tennessee — continued
Johnson City Health & Educational Facilities Board, Tapestry at Roan Hill, Rev., HUD, 3.60%, 12/01/2027 (z)		3,000		3,018
Knox County Health Educational & Housing Facility Board, University of Tennessee Project,
Series A1, Rev., BAM, 5.00%, 07/01/2039		500		527
Series A1, Rev., BAM, 5.25%, 07/01/2049		1,365		1,419
Knox County Health Educational & Housing Facility Board, Westview Towers Project, Rev., HUD, 3.95%, 12/01/2027 (z)		410		411
Knoxville’s Community Development Corp., Willow Place Project, Rev., HUD, 3.75%, 12/01/2027 (z)		1,800		1,811
Memphis-Shelby County Airport Authority,
Rev., AMT, 5.00%, 07/01/2032		270		279
Rev., AMT, 5.00%, 07/01/2043		2,055		2,065
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Belmont University, Rev., 5.25%, 05/01/2048		1,250		1,317
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Vanderbilt University Medical Center, Rev., 5.00%, 07/01/2046		1,285		1,283
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Vanderbilt University Medical Center, Series A, Rev., 5.00%, 07/01/2040		7,555		7,584
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Rev., 4.00%, 10/01/2054		2,000		1,841
Metropolitan Government Nashville & Davidson County Sports Authority, Stadium Project Senior Lien, Series A, Rev., AGM, 5.25%, 07/01/2048		2,925		3,115
Metropolitan Government of Nashville & Davidson County Electric Revenue, Series A, Rev., 5.00%, 05/15/2043		1,500		1,608
Metropolitan Government of Nashville & Davidson County, Water & Sewer Revenue, Subordinate, Series B, Rev., 5.00%, 07/01/2035		1,500		1,549
Metropolitan Knoxville Airport Authority, Series A, Rev., 5.25%, 06/01/2054		4,235		4,473
Metropolitan Nashville Airport Authority (The),
Series B, Rev., AMT, 5.00%, 07/01/2026		70		72
Series B, Rev., AMT, 5.00%, 07/01/2027		170		176
Series B, Rev., AMT, 5.25%, 07/01/2033		270		294
Series B, Rev., AMT, 5.25%, 07/01/2047		3,500		3,604
Series B, Rev., AMT, 5.50%, 07/01/2038		1,625		1,761
Shelby County Health Educational & Housing Facilities Board, Rev., 5.00%, 09/01/2049 (z)		2,225		2,340
State of Tennessee, GO, 5.00%, 05/01/2041		7,470		8,115
Tennergy Corp., Series A, Rev., 4.00%, 12/01/2051 (z)		5,500		5,522
Tennergy Corp., Gas Supply Bonds, Series A, Rev., 5.50%, 10/01/2053 (z)		5,000		5,257
Tennessee Energy Acquisition Corp.,
Rev., 4.00%, 11/01/2049 (z)		4,480		4,489
Rev., 5.00%, 05/01/2052 (z)		18,000		18,810
Tennessee Energy Acquisition Corp., Gas Project, Series A1, Rev., 5.00%, 05/01/2053 (z)		9,000		9,275
Tennessee Housing Development Agency, Rev., GNMA/FNMA/FHLMC, 6.00%, 01/01/2055		750		821
Tennessee Housing Development Agency, Residential Finance Program I, Rev., 3.75%, 01/01/2050		165		165
Tennessee Housing Development Agency, Sustainable Bonds,
Series 1A, Rev., 4.50%, 07/01/2044		1,220		1,199
Series 1A, Rev., 5.75%, 01/01/2055		545		583

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Tennessee — continued
Williamson County Industrial Development Board, Wood Duck Court Apartments, Rev., HUD, 5.00%, 05/01/2042 (z)		1,460		1,500
				132,700
Texas — 10.2%
Alamo Community College District, Maintenance Tax Notes, GO, 5.00%, 02/15/2026		5,000		5,099
Alief Independent School District, GO, PSF-GTD, 2.00%, 02/15/2038		1,890		1,392
Allen Independent School District, GO, PSF-GTD, 4.38%, 02/15/2050		2,600		2,532
Anson Education Facilities Corp., Arlington Classics Academy, Rev., 5.00%, 08/15/2045		1,370		1,323
Arlington Higher Education Finance Corp.,
Rev., 4.88%, 06/15/2054 (e)		1,050		980
Series A, Rev., PSF-GTD, 4.00%, 08/15/2025		445		447
Series A, Rev., PSF-GTD, 4.00%, 08/15/2026		265		268
Series A, Rev., PSF-GTD, 4.00%, 08/15/2030		425		431
Series A, Rev., PSF-GTD, 5.00%, 08/15/2031		555		609
Arlington Higher Education Finance Corp., Legacy Traditional Schools,
Rev., 4.13%, 02/15/2041		815		657
Rev., 6.00%, 02/15/2042 (e)		250		249
Austin Community College District,
GO, 5.00%, 08/01/2048		3,500		3,657
GO, 5.25%, 08/01/2053		1,500		1,584
Austin Convention Enterprises, Inc., First Tier Convention Center, Rev., 5.00%, 01/01/2033		1,125		1,117
Austin Independent School District,
GO, 5.00%, 08/01/2026		1,000		1,029
GO, 5.00%, 08/01/2038		500		541
Series A, GO, PSF-GTD, 4.00%, 08/01/2032 (p)		1,000		1,004
Barbers Hill Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2032		500		557
GO, PSF-GTD, 5.00%, 02/15/2035		3,000		3,292
Bastrop Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040		2,000		2,145
Beaumont Independent School District,
GO, PSF-GTD, 3.00%, 02/15/2033		2,500		2,347
GO, PSF-GTD, 5.00%, 02/15/2028		1,535		1,563
Bells Independent School District, GO, PSF-GTD, 4.25%, 02/15/2053		2,310		2,186
Bexar County Hospital District, Certificates Obligation,
GO, 4.00%, 02/15/2039		1,090		1,067
GO, 5.00%, 02/15/2043		2,750		2,862
Bexar County Hospital District, Certificates of Obligation,
GO, 5.00%, 02/15/2036		370		398
GO, 5.00%, 02/15/2037		230		246
Board of Regents of the University of Texas System,
Rev., 4.00%, 08/15/2054		10,000		9,206
Series A, Rev., 5.00%, 08/15/2030		1,000		1,101
Series E, Rev., 5.00%, 08/15/2027		1,000		1,051
Boerne Independent School District, GO, PSF-GTD, 3.13%, 02/01/2053 (z)		1,735		1,728
Brazoria County Toll Road Authority, Subordinated Lien, Series A, Rev., CNTY GTD, 5.00%, 03/01/2033		1,670		1,724
Brazos Higher Education Authority, Inc., Rev., AMT, 4.00%, 04/01/2045		2,630		2,353
Brazosport Independent School District, GO, PSF-GTD, 5.00%, 02/15/2030		1,925		2,062
Capital Area Housing Finance Corp., Redwood Apartments, Rev., 3.50%, 01/01/2041 (z)		3,000		3,002

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
Carrollton-Farmers Branch Independent School District,
GO, PSF-GTD, 4.00%, 02/15/2053		5,000		4,632
GO, PSF-GTD, 5.00%, 02/15/2026		2,500		2,547
Castleberry Independent School District, GO, PSF-GTD, 5.00%, 02/15/2041		700		752
Celina Independent School District, GO, PSF-GTD, 5.00%, 02/15/2031		500		552
Central Texas Regional Mobility Authority,
Rev., 5.00%, 01/01/2037		1,285		1,355
Series B, Rev., 4.00%, 01/01/2040		800		774
Series B, Rev., 4.00%, 01/01/2051		1,250		1,134
Series B, Rev., 5.00%, 01/01/2037		1,000		1,064
Series B, Rev., 5.00%, 01/01/2046		1,500		1,555
Series C, Rev., BAN, 5.00%, 01/01/2027		2,000		2,027
Central Texas Regional Mobility Authority, Senior Lien,
Series B, Rev., 4.00%, 01/01/2039		600		589
Series B, Rev., 4.00%, 01/01/2040		500		482
Series B, Rev., 5.00%, 01/01/2045		3,595		3,697
Series D, Rev., 5.00%, 01/01/2033		480		521
Series E, Rev., 5.00%, 01/01/2045		2,665		2,747
Central Texas Turnpike System,
Rev., 5.00%, 08/15/2031		1,490		1,637
Rev., 5.00%, 08/15/2037		10,000		10,869
Rev., 5.00%, 08/15/2038		7,690		8,314
Rev., 5.00%, 08/15/2040		2,500		2,669
Chapel Hill Independent School District/Smith County, GO, PSF-GTD, 5.00%, 02/15/2039		700		759
City Austin, Certificates Obligation,
GO, 5.00%, 09/01/2032		1,750		1,909
GO, 5.00%, 09/01/2033		1,100		1,195
GO, 5.00%, 09/01/2034		1,750		1,896
City of Arlington TX Water & Wastewater System Revenue,
Rev., 5.00%, 06/01/2037		1,445		1,602
Rev., 5.00%, 06/01/2039		1,445		1,578
City of Arlington, Tax, Increment Reinvestment Zone, Tax Allocation, 4.00%, 08/15/2041		1,000		866
City of Austin Electric Utility Revenue,
Rev., 5.00%, 11/15/2048		6,210		6,483
Series A, Rev., 5.00%, 11/15/2031		1,595		1,612
City of Austin TX Water & Wastewater System Revenue, Rev., 5.00%, 11/15/2041		6,500		6,977
City of Austin Water & Wastewater System Revenue,
Rev., 4.00%, 11/15/2036		185		188
Rev., 4.00%, 11/15/2041		1,510		1,463
Rev., 5.00%, 11/15/2041		7,000		7,117
Series C, Rev., 5.00%, 11/15/2025 (p)		510		517
Series C, Rev., 5.00%, 11/15/2032		1,000		1,085
City of Austin, Airport System Revenue,
Rev., AMT, 5.00%, 11/15/2029		1,400		1,482
Rev., AMT, 5.00%, 11/15/2040		1,500		1,554
Series B, Rev., AMT, 5.00%, 11/15/2030		1,000		1,052
Series B, Rev., AMT, 5.00%, 11/15/2033		1,130		1,145
Series B, Rev., AMT, 5.00%, 11/15/2036		3,335		3,396

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
City of Austin, Electric Utility Revenue,
Series A, Rev., 5.00%, 11/15/2038		1,265		1,274
Series B, Rev., 5.00%, 11/15/2037		1,505		1,583
Series B, Rev., 5.00%, 11/15/2038		1,340		1,404
City of Austin, Public Improvement,
GO, 5.00%, 09/01/2033		5,000		5,646
GO, 5.00%, 09/01/2034		2,800		3,180
City of Austin, Refunding & Public Improvement, GO, 5.00%, 09/01/2033		620		674
City of Beaumont TX Waterworks & Sewer System Revenue, Rev., BAM, 5.00%, 09/01/2049		2,000		2,075
City of Celina TX, Special Assessment, BAM, 5.00%, 09/01/2040		1,200		1,234
City of Celina, Mosaic Public Improvement District,
Special Assessment, 5.13%, 09/01/2044 (e)		2,150		2,061
City of Corpus Christi, Utility System Revenue,
Rev., 5.00%, 07/15/2028		1,885		2,004
Rev., 5.00%, 07/15/2039		1,000		1,075
City of Dallas Housing Finance Corp., Rev., FHA, 5.00%, 08/01/2027 (z)		350		358
City of Dallas Housing Finance Corp., Estates at Ferguson, Rev., 5.00%, 07/01/2042 (z)		1,010		1,040
City of Dallas TX, GO, AGM-CR, 4.00%, 02/15/2043		6,000		5,660
City of Dallas Waterworks & Sewer System Revenue,
Series A, Rev., 5.00%, 10/01/2032		1,250		1,280
Series A, Rev., 5.00%, 10/01/2047		5,000		5,254
Series C, Rev., 4.00%, 10/01/2031		1,500		1,531
City of Dallas, Fair Park Venue Project Senior, Special Tax, 6.25%, 08/15/2053 (e) (z)		3,500		3,502
City of Dallas, Hutchison Convention Center, Special Tax, 6.00%, 08/15/2053 (e) (z)		9,720		9,735
City of Dallas, Waterworks & Sewer System Revenue,
Series C, Rev., 4.00%, 10/01/2039		7,470		7,343
Series C, Rev., 4.00%, 10/01/2040		1,000		980
Series C, Rev., 5.00%, 10/01/2029		1,125		1,219
City of Denton, GO, 2.00%, 02/15/2032		1,345		1,160
City of Denton, Certificates Obligation,
GO, 2.00%, 02/15/2034		2,565		2,090
GO, 2.00%, 02/15/2035		2,625		2,079
City of Eagle Pass, Certificates Obligation,
GO, AGM, 4.00%, 03/01/2039		500		482
GO, AGM, 4.00%, 03/01/2041		680		659
City of El Paso, GO, BAM, 4.00%, 08/15/2042		10,900		10,290
City of Fort Worth, GO, 4.00%, 03/01/2030		1,150		1,178
City of Fort Worth TX Water & Sewer System Revenue,
Rev., 5.00%, 02/15/2037		2,305		2,517
Rev., 5.00%, 02/15/2038		1,390		1,511
Rev., 5.00%, 02/15/2041		710		756
City of Galveston TX Wharves & Terminal Revenue,
Rev., AMT, 5.25%, 08/01/2039		750		789
Rev., AMT, 5.50%, 08/01/2041		1,050		1,114
Rev., AMT, 5.50%, 08/01/2042		700		740
Rev., AMT, 5.50%, 08/01/2043		1,100		1,162
Rev., AMT, 5.50%, 08/01/2044		700		739
City of Haslet, Improvement Area Second Project, Special Assessment, 3.25%, 09/01/2031 (e)		500		442

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
City of Houston Airport System Revenue,
Series B, Rev., AMT, 5.25%, 07/15/2033		3,000		3,130
Series C, Rev., AMT, 5.00%, 07/01/2028		470		491
City of Houston Airport System Revenue, Subordinated Lien,
Series A, Rev., AMT, 4.00%, 07/01/2035		1,000		986
Series A, Rev., AMT, 4.00%, 07/01/2040		3,570		3,409
Series A, Rev., AMT, 5.00%, 07/01/2028		1,890		1,975
Series A, Rev., AGM, AMT, 5.00%, 07/01/2028		550		576
Series A, Rev., AGM, AMT, 5.00%, 07/01/2029		1,580		1,666
Series A, Rev., AMT, 5.00%, 07/01/2034		2,500		2,612
Series A, Rev., AGM, AMT, 5.00%, 07/01/2037		2,000		2,110
Series B, Rev., 5.00%, 07/01/2026		1,000		1,026
Series B, Rev., 5.00%, 07/01/2027		1,995		2,087
City of Houston Airport System Revenue, United Airlines, Inc.,
Series B, Rev., AMT, 5.50%, 07/15/2037		8,565		8,996
Series B, Rev., AMT, 5.50%, 07/15/2039		2,000		2,091
City of Houston Airport System Revenue, United Airlines, Inc. Terminal, Rev., AMT, 4.00%, 07/15/2041		4,365		4,035
City of Houston Combined Utility System Revenue, First Lien, Series A, Rev., 4.00%, 11/15/2033		1,200		1,231
City of Houston Combined Utility System Revenue, Subordinated First Lien, Rev., 5.00%, 11/15/2025		2,500		2,534
City of Houston Hotel Occupancy Tax & Special Revenue, Convention & Entertainment,
Rev., 4.00%, 09/01/2025		45		45
Rev., 4.00%, 09/01/2029		280		286
City of Houston TX, GO, 5.25%, 03/01/2049		16,000		16,957
City of Houston, Airport System Revenue, Special Facilities, United Airlines, Inc., Rev., AMT, 5.00%, 07/15/2028		600		615
City of Houston, Combined Utility System Revenue, First Lien,
Series A, Rev., 5.00%, 11/15/2029		1,100		1,191
Series C, Rev., 5.00%, 11/15/2029		3,100		3,358
City of Hutto TX,
GO, BAM, 4.13%, 08/01/2049		2,500		2,358
GO, BAM, 5.00%, 08/01/2043		1,220		1,297
City of Justin, Timberbrook Public Improvement, Special Assessment, 3.00%, 09/01/2031 (e)		315		285
City of Kyle, 6 Creeks Public Improvement, Special Assessment, 2.63%, 09/01/2025 (e)		185		184
City of Lavon, Elevon Public Improvement District, Special Assessment, 5.00%, 09/15/2044 (e)		500		496
City of Lubbock Electric Light & Power System Revenue,
Rev., 5.00%, 04/15/2026		800		817
Rev., 5.00%, 04/15/2027		785		816
Rev., 5.00%, 04/15/2028		900		953
Rev., AGM, 5.00%, 04/15/2035		1,345		1,476
Rev., AGM, 5.00%, 04/15/2038		1,045		1,131
Rev., AGM, 5.00%, 04/15/2040		1,200		1,281
City of McKinney Waterworks & Sewer System Revenue, Rev., 5.00%, 03/15/2026		350		357
City of Palestine, Certificates Obligation, GO, AGM, 4.00%, 02/15/2046		5,000		4,537
City of Pflugerville, Certificates of Obligation, GO, 4.00%, 08/01/2049		2,750		2,500
City of Plano, GO, 4.00%, 09/01/2043		1,000		959
City of Round Rock TX, GO, 4.13%, 08/15/2046		3,210		2,988

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
City of San Antonio Electric & Gas Systems Revenue,
Rev., 4.00%, 02/01/2030		1,660		1,727
Rev., 5.00%, 02/01/2033		1,795		1,842
Rev., 5.00%, 02/01/2035		1,650		1,686
Series B, Rev., 5.25%, 02/01/2040		3,000		3,239
City of San Antonio Electric & Gas Systems Revenue, Junior Lien,
Rev., (SIFMA Municipal Swap Index + 0.87%), 3.74%, 02/01/2048 (aa)		3,000		3,000
Rev., 4.00%, 02/01/2037		1,000		1,010
Series A, Rev., 5.00%, 02/01/2035		2,200		2,356
Series D, Rev., 1.13%, 12/01/2045 (z)		6,510		6,242
City of San Antonio TX Electric & Gas Systems Revenue,
Rev., 5.00%, 02/01/2036		1,680		1,857
Rev., 5.00%, 02/01/2040		1,000		1,068
Rev., 5.25%, 02/01/2044		1,660		1,782
Rev., 5.25%, 02/01/2049		4,000		4,261
City of San Antonio, Electric & Gas Systems Revenue,
Rev., 4.00%, 02/01/2027		2,000		2,042
Series D, Rev., 5.25%, 02/01/2054		4,500		4,796
City of Waco TX, GO, 5.00%, 02/01/2049		3,000		3,143
Clear Creek Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2033		760		853
Cleburne Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2036		1,065		1,080
Clifton Higher Education Finance Corp.,
Rev., PSF-GTD, 4.00%, 08/15/2044		4,045		3,789
Rev., PSF-GTD, 5.00%, 08/15/2035		1,300		1,410
Rev., PSF-GTD, 5.00%, 08/15/2037		500		537
Clifton Higher Education Finance Corp., Idea Public School,
Rev., PSF-GTD, 5.00%, 08/15/2026		1,840		1,890
Series A, Rev., 4.00%, 08/15/2035		415		410
Series A, Rev., 4.00%, 08/15/2047		1,300		1,173
Series T, Rev., PSF-GTD, 4.00%, 08/15/2036		700		704
Series T, Rev., PSF-GTD, 4.00%, 08/15/2047		1,175		1,075
Series T, Rev., PSF-GTD, 5.00%, 08/15/2025		70		71
Series T, Rev., PSF-GTD, 5.00%, 08/15/2026		55		57
Series T, Rev., PSF-GTD, 5.00%, 08/15/2027		30		31
Series T, Rev., PSF-GTD, 5.00%, 08/15/2028		40		42
Series T, Rev., PSF-GTD, 5.00%, 08/15/2030		215		233
Clifton Higher Education Finance Corp., International Leadership of Texas, Rev., PSF-GTD, 4.00%, 08/15/2025		145		146
Clifton Higher Education Finance Corp., International Leadership of Texas, Inc., Rev., PSF-GTD, 5.00%, 08/15/2028		900		949
Collin County Community College District, Series A, GO, 4.00%, 08/15/2035		1,600		1,620
Conroe Independent School District, GO, PSF-GTD, 4.00%, 02/15/2049		6,000		5,616
County of Bexar,
GO, 4.00%, 06/15/2040		11,085		10,741
GO, 5.00%, 06/15/2043 (p)		2,000		2,051
County of Collin, GO, 5.00%, 02/15/2029		2,000		2,151
County of Dallas, Certificates of Obligation, GO, 5.00%, 08/15/2041		2,550		2,721
County of Denton, GO, 5.00%, 07/15/2027		1,000		1,049
County of Denton TX, GO, 4.00%, 07/15/2043		2,800		2,662

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
County of El Paso, Series A, GO, 5.00%, 02/15/2027		1,430		1,455
County of Harris, Series A, GO, 5.00%, 10/01/2029		1,150		1,247
County of Harris Toll Road Revenue, First Lien, Rev., 4.00%, 08/15/2045		1,500		1,402
County of Harris, Subordinate, Series A, GO, 5.00%, 08/15/2026		1,750		1,804
County of Nueces, GO, 5.00%, 02/15/2029		460		490
Dallas Area Rapid Transit,
Series A, Rev., 5.00%, 12/01/2029 (p)		1,890		1,917
Series A, Rev., 5.00%, 12/01/2046 (p)		2,000		2,029
Dallas Area Rapid Transit, Senior Lien,
Rev., 5.00%, 12/01/2032		1,000		1,072
Series B, Rev., 4.00%, 12/01/2051		2,000		1,824
Dallas Fort Worth International Airport,
Series B, Rev., 5.00%, 11/01/2050		4,000		4,132
Series C, Rev., AMT, 5.00%, 11/01/2030		5,000		5,335
Dallas Fort Worth International Airport, Dallas Fort Worth International, Rev., 5.00%, 11/01/2025		1,825		1,848
Dallas Independent School District, Series B, GO, PSF-GTD, 3.00%, 02/15/2034		1,370		1,275
Del Valle Independent School District,
GO, PSF-GTD, 4.00%, 06/15/2031		3,085		3,198
GO, PSF-GTD, 4.00%, 06/15/2032		3,405		3,515
GO, PSF-GTD, 4.00%, 06/15/2033		5,740		5,899
GO, PSF-GTD, 4.00%, 06/15/2034		3,280		3,360
Denton Independent School District,
GO, PSF-GTD, 5.00%, 08/15/2027		600		630
GO, PSF-GTD, 5.00%, 08/15/2034		950		1,061
GO, PSF-GTD, 5.00%, 08/15/2053		13,130		13,630
East Montgomery County Improvement District, Sales Tax Revenue, Rev., AGC, 5.00%, 08/15/2041		500		528
Forney Independent School District,
GO, PSF-GTD, 5.00%, 08/15/2040		600		641
GO, PSF-GTD, 5.00%, 08/15/2043		2,075		2,184
Series A, GO, PSF-GTD, 3.00%, 08/15/2037		3,585		3,131
Series A, GO, PSF-GTD, 3.00%, 08/15/2038		4,950		4,242
Fort Bend Grand Parkway Toll Road Authority,
Series A, Rev., CNTY GTD, 5.00%, 03/01/2026		750		764
Series A, Rev., CNTY GTD, 5.00%, 03/01/2027		285		297
Series A, Rev., CNTY GTD, 5.00%, 03/01/2029		390		418
Series A, Rev., CNTY GTD, 5.00%, 03/01/2030		1,000		1,084
Fort Bend Independent School District,
GO, PSF-GTD, 4.00%, 08/01/2054 (z)		4,165		4,232
Series B, GO, PSF-GTD, 0.72%, 08/01/2051 (z)		610		585
Series B, GO, PSF-GTD, 0.88%, 08/01/2050 (z)		830		823
Fort Worth Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040		1,750		1,877
Garland Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2037		500		550
Series A, GO, PSF-GTD, 5.00%, 02/15/2037		3,500		3,850
Georgetown Independent School District, GO, PSF-GTD, 2.00%, 08/15/2034		6,155		4,982
Goose Creek Consolidated Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026		900		917
Grand Parkway Transportation Corp., Grand Parkway System, Rev., 4.00%, 10/01/2045		10,125		9,280

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
Greater Texoma Utility Authority, City of Sherman Project,
Rev., BAM, 5.00%, 10/01/2037		3,060		3,308
Rev., BAM, 5.00%, 10/01/2038		1,450		1,561
Rev., BAM, 5.00%, 10/01/2049		10,000		10,336
Series A, Rev., BAM, 4.00%, 10/01/2043		1,940		1,815
Harris County Cultural Education Facilities Finance Corp., Texas Children’s Hospital,
Rev., 4.00%, 10/01/2041		1,000		938
Rev., 5.00%, 10/01/2051 (z)		3,000		3,290
Harris County Cultural Education Facilities Finance Corp., Texas Children’s Hospital,
Rev., LOC: TD Bank NA, 2.80%, 10/01/2045 (z)		2,400		2,400
Rev., BAM, 4.00%, 10/01/2037		1,790		1,767
Rev., 4.00%, 10/01/2038		1,000		975
Rev., BAM, 4.00%, 10/01/2038		1,000		977
Harris County Cultural Education Facilities Finance Corp., Texas Medical Center, Series A, Rev., 0.90%, 05/15/2050 (z)		6,315		6,288
Harris County Flood Control District, Series A, GO, 5.00%, 10/01/2029		1,700		1,844
Harris County Flood Control District, Sustainability Bond,
Series A, GO, 4.00%, 09/15/2041		2,500		2,388
Series A, GO, 4.00%, 09/15/2048		9,000		8,370
Harris County Industrial Development Corp., Energy Transfer, Rev., 4.05%, 11/01/2050 (z)		2,000		1,994
Harris County, Toll Road Authority, First Lien, Rev., 5.00%, 08/15/2030		1,200		1,315
Harris County-Houston Sports Authority, Senior Lien, Series A, Rev., AGC, 5.00%, 11/15/2029		3,010		3,239
Hays Consolidated Independent School District,
GO, PSF-GTD, 4.00%, 02/15/2042		18,160		17,151
GO, PSF-GTD, 5.00%, 02/15/2038		1,000		1,078
GO, PSF-GTD, 5.00%, 02/15/2040		1,305		1,389
Hidalgo County Regional Mobility Authority, Senior Lien,
Series A, Rev., 5.00%, 12/01/2032		1,000		1,052
Series A, Rev., 5.00%, 12/01/2033		575		603
Series A, Rev., 5.00%, 12/01/2034		750		786
Houston Higher Education Finance Corp., Houston Baptist University, Rev., 4.00%, 10/01/2051		1,100		906
Houston Higher Education Finance Corp., Kipp Inc, Rev., PSF-GTD, 4.00%, 08/15/2040		2,500		2,457
Houston Housing Finance Corp., Summerdale Apartments, Rev., 5.00%, 08/01/2041 (z)		315		320
Houston Independent School District, Series C, GO, PSF-GTD, 4.00%, 06/01/2039 (z)		4,350		4,353
Hutto Independent School District, GO, PSF-GTD, 5.00%, 08/01/2048		2,400		2,503
Irving Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2028		500		530
GO, PSF-GTD, 5.00%, 02/15/2035		2,300		2,543
GO, PSF-GTD, 5.00%, 02/15/2038		4,375		4,737
GO, PSF-GTD, 5.00%, 02/15/2041		250		266
Jarrell Independent School District, GO, PSF-GTD, 5.00%, 02/15/2037		725		783
Katy Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2036		1,340		1,445
Series B, GO, PSF-GTD, 5.00%, 02/15/2036		2,475		2,511
Kilgore Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026		450		459
Klein Independent School District, GO, PSF-GTD, 4.00%, 08/01/2046		4,000		3,777
Krum Independent School District, GO, PSF-GTD, 4.25%, 08/15/2054		9,255		8,734
Lake Houston Redevelopment Authority, Rev., 4.00%, 09/01/2035		250		234

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
Lake Travis Independent School District, School Building, Series A, GO, PSF-GTD, 5.00%, 02/15/2043 (p)		1,090		1,132
Lamar Consolidated Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2029		150		161
GO, PSF-GTD, 5.00%, 02/15/2041		1,500		1,616
GO, PSF-GTD, 5.00%, 02/15/2043		2,100		2,237
Series A, GO, PSF-GTD, 5.00%, 02/15/2058		4,335		4,484
Leander Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026		1,430		1,457
Liberty Hill Independent School District,
GO, PSF-GTD, 5.00%, 02/01/2040		1,890		2,043
GO, PSF-GTD, 5.00%, 02/01/2041		2,020		2,170
Llano Independent School District, GO, PSF-GTD, 5.00%, 02/15/2032		1,350		1,372
Longview Independent School District, GO, PSF-GTD, 5.00%, 02/15/2043		1,750		1,869
Love Field Airport Modernization Corp., Southwest Airlines Co Project, Rev., AMT, 5.00%, 11/01/2028		1,400		1,400
Lower Colorado River Authority,
Rev., AGM, 4.00%, 05/15/2033		500		500
Rev., AGM, 5.00%, 05/15/2031		4,795		5,271
Rev., AGM, 5.00%, 05/15/2032		5,000		5,476
Series A, Rev., 5.00%, 05/15/2027		420		438
Series B, Rev., 5.00%, 05/15/2039 (z)		3,000		3,135
Lower Colorado River Authority, LCRA Transmission Services,
Rev., 5.00%, 05/15/2030		1,000		1,085
Rev., 5.00%, 05/15/2051		3,500		3,575
Lower Colorado, River Authority, Transmission Services Contract, Rev., 5.00%, 05/15/2029		100		107
Mansfield Independent School District, GO, PSF-GTD, 3.00%, 08/01/2036		1,000		893
Matagorda County Navigation District No. 1, Central Power & Light, Rev., AMT, 4.25%, 05/01/2030		825		845
Matagorda County Navigation District No. 1, Central Power & Light Co., Rev., 2.60%, 11/01/2029		3,500		3,295
McKinney Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026		1,245		1,270
Medina Valley Independent School District,
GO, PSF-GTD, 0.82%, 02/15/2051 (z)		445		433
GO, PSF-GTD, 5.00%, 02/15/2040		3,000		3,217
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Contractual Obligation, Series B, Rev., 5.00%, 11/01/2025		435		440
Midland County Hospital District, Rev., BAM, 5.25%, 05/15/2054		2,170		2,306
Midland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2050		2,300		2,352
Mission Economic Development Corp.,
Rev., AMT, 0.00%, 06/01/2048 (z)		5,665		5,676
Rev., AMT, 4.00%, 06/01/2054 (z)		2,475		2,445
Mission Economic Development Corp., Republic Services, Rev., AMT, 3.70%, 01/01/2026 (z)		4,000		3,999
Mission Economic Development Corp., Republic Services, Inc. Project, Series A, Rev., AMT, 3.70%, 05/01/2050 (z)		5,000		4,999
Mission Economic Development Corp., Waste Management Inc Project, Series B, Rev., AMT, 3.75%, 07/01/2040 (z)		7,500		7,498
Mission Economic Development Corp., Waste Management, Inc. Project, Rev., AMT, 3.75%, 05/01/2046 (z)		1,650		1,650

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
New Caney Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2037		625		688
GO, PSF-GTD, 5.00%, 02/15/2040		1,375		1,492
GO, PSF-GTD, 5.00%, 02/15/2041		2,000		2,155
GO, PSF-GTD, 5.00%, 02/15/2044		1,250		1,325
New Hope Cultural Education Facilities Finance Corp., Series A, Rev., 5.00%, 07/01/2047		2,000		1,914
New Hope Cultural Education Facilities Finance Corp., Bella Vida Facility Living,
Rev., 4.25%, 10/01/2030		2,000		1,995
Rev., 4.63%, 10/01/2030		2,000		1,995
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A, Rev., 5.00%, 08/15/2047		1,000		1,005
New Hope Cultural Education Facilities Finance Corp., NCCD College Station Project, Series A, Rev., 5.00%, 07/01/2035		9,400		9,052
New Hope Cultural Education Facilities Finance Corp., Westminster Project, Rev., 4.00%, 11/01/2049		100		90
New Hope Cultural Education Facilities Finance Corporation, Series A, Rev., 4.00%, 08/15/2040		3,000		2,766
Newark Higher Education Finance Corp., Austin Achieve Public Schools, Rev., PSF-GTD, 5.00%, 06/15/2038		1,365		1,463
North East Independent School District, GO, PSF-GTD, 3.75%, 08/01/2049 (z)		1,570		1,583
North Fort Bend Water Authority, Rev., BAM, 5.00%, 12/15/2026		1,520		1,575
North Texas Higher Education Authority, Inc., Rev., AMT, 4.13%, 06/01/2045		5,205		4,906
North Texas Municipal Water District Water System Revenue, Rev., 3.00%, 09/01/2041		575		462
North Texas Municipal Water District Water System Revenue & Improvement, Rev., 5.00%, 09/01/2032		2,875		2,894
North Texas Tollway Authority,
Rev., AGC, Zero Coupon, 01/01/2035		10,000		6,807
Rev., 5.00%, 01/01/2031		3,000		3,280
Rev., 5.00%, 01/01/2032		6,070		6,689
Rev., 5.00%, 01/01/2035		3,250		3,597
Rev., 5.25%, 01/01/2044		3,225		3,459
North Texas Tollway Authority, Capital Appreciation, First Tier, Rev., AGC, Zero Coupon, 01/01/2030		1,500		1,262
North Texas Tollway Authority, First Tier Bonds,
Series A, Rev., 4.00%, 01/01/2035		2,000		2,014
Series A, Rev., 5.00%, 01/01/2037		1,500		1,620
Series A, Rev., 5.00%, 01/01/2040		4,000		4,247
North Texas Tollway Authority, Second Tier,
Rev., 4.25%, 01/01/2049		4,000		3,714
Rev., 5.00%, 01/01/2048		2,335		2,374
Series B, Rev., 4.00%, 01/01/2035		2,100		2,111
Series B, Rev., 4.00%, 01/01/2036		1,000		1,001
Series B, Rev., 4.00%, 01/01/2037		1,000		993
Series B, Rev., 5.00%, 01/01/2027		215		218
Series B, Rev., 5.00%, 01/01/2033		1,000		1,023
Northside Independent School District, GO, PSF-GTD, 0.70%, 06/01/2050 (z)		13,550		13,476
Northwest Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2040		1,000		1,064
Series A, GO, PSF-GTD, 5.00%, 02/15/2036		1,000		1,092

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
Northwest Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2042 (p)		4,515		4,598
Odessa Junior College District, Consolidated Fund, Rev., AGM, 4.00%, 07/01/2026		1,015		1,027
Pasadena Independent School District, GO, PSF-GTD, 5.00%, 02/15/2047		2,000		2,076
Pearland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026		1,075		1,096
Pecos Barstow Toyah Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2027		300		312
GO, PSF-GTD, 5.00%, 02/15/2039		500		524
Permanent University Fund—Texas A&M University System, Board of Regents, Rev., 5.00%, 07/01/2042		1,695		1,798
Permanent University Fund—Texas A&M University System, Board Of Regents, Rev., 5.00%, 07/01/2039		1,500		1,614
Permanent University Fund—University of Texas System, Permanent University Fund Bonds, Rev., 5.00%, 07/01/2033		1,090		1,095
Plano Independent School District, GO, 5.00%, 02/15/2027		650		675
Port Authority of Houston of Harris County Texas,
Rev., 5.00%, 10/01/2026		850		877
Rev., 5.00%, 10/01/2028		1,250		1,334
Rev., 5.00%, 10/01/2029		1,250		1,350
Port Authority of Houston of Harris County Texas, First Lien,
Rev., 5.00%, 10/01/2025		950		960
Rev., 5.00%, 10/01/2048		8,500		8,840
Port Beaumont Navigation District, Jefferson Gulf Coast Energy,
Rev., AMT, 2.00%, 01/01/2027 (e)		550		528
Rev., AMT, 2.25%, 01/01/2029 (e)		800		739
Rev., AMT, 2.88%, 01/01/2041 (e)		120		93
Port of Beaumont Industrial Development Authority, Taxable Jefferson Gulf Coast Energy, Rev., 4.10%, 01/01/2028 (e)		8,000		7,258
Port of Beaumont Navigation District, Rev., AMT, 5.00%, 01/01/2039 (e)		3,250		3,274
Port of Beaumont Navigation District, Taxable Jefferson Gulf Coast, Rev., 10.00%, 07/01/2026 (e)		4,000		4,109
Prosper Independent School District,
GO, PSF-GTD, 4.00%, 02/15/2054		12,250		11,162
GO, PSF-GTD, 4.25%, 02/15/2054		20,000		18,930
Series A, GO, PSF-GTD, 5.00%, 02/15/2030		25		27
Series A, GO, PSF-GTD, 5.00%, 02/15/2038		1,000		1,104
Red River Education Finance Corp., Rev., 5.00%, 03/15/2035		1,430		1,611
Rockwall Independent School District, GO, PSF-GTD, 5.00%, 02/15/2027		1,335		1,388
Round Rock Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2044 (z)		10,000		10,772
Royse City Independent School District, GO, PSF-GTD, 5.00%, 02/15/2039		1,000		1,079
San Antonio Education Facilities Corp., University of The Incarnate Word,
Rev., 4.00%, 04/01/2038		2,065		1,838
Rev., 4.00%, 04/01/2041		1,000		850
San Antonio Water System,
Series 2013F, Rev., 1.00%, 05/01/2043 (z)		6,000		5,759
Series A, Rev., 5.00%, 05/15/2034		2,375		2,474
Series C, Rev., 5.00%, 05/15/2046		6,670		6,891
San Antonio Water System, Junior Lien, Series A, Rev., 5.00%, 05/15/2043		3,500		3,567
San Marcos Consolidated Independent School District,
GO, PSF-GTD, 5.00%, 08/15/2027		1,830		1,922

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
GO, PSF-GTD, 5.00%, 08/15/2040		2,000		2,153
Socorro Independent School District, GO, PSF-GTD, 4.00%, 08/15/2040		2,575		2,467
Southwest Independent School District, GO, PSF-GTD, 5.00%, 02/01/2027		410		426
Spring Independent School District, GO, 5.00%, 08/15/2030		600		659
State of Texas,
GO, 5.00%, 10/01/2042		1,170		1,263
Series B, GO, 4.00%, 08/01/2030		60		60
State of Texas, Mobility Fund, Series B, GO, 5.00%, 10/01/2032		14,655		14,771
State of Texas, Public Finance Authority, GO, 5.00%, 10/01/2026		1,000		1,033
State of Texas, Water Financial Assistance, Series B, GO, 5.00%, 08/01/2037		1,000		1,004
Tarrant County Cultural Education Facilities Finance Corp., Rev., 5.00%, 07/01/2038		5,000		5,143
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health,
Rev., 4.00%, 11/15/2042		15,000		14,149
Series A, Rev., 5.00%, 11/15/2045		4,195		4,207
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Rev., 5.50%, 11/15/2047		12,415		13,439
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health, Rev., 5.00%, 11/15/2052 (z)		1,450		1,476
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott And White Health, Rev., 5.00%, 11/15/2052 (z)		3,005		3,243
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Taxable, Rev., AGM, 1.39%, 09/01/2025		600		592
Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas,
Rev., 4.00%, 10/01/2041		1,975		1,863
Rev., 5.00%, 10/01/2030		1,000		1,086
Rev., 5.00%, 10/01/2037		1,000		1,071
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources, Rev., 5.00%, 02/15/2041		5,000		5,053
Tarrant Regional Water District Water Supply System Revenue, Rev., 5.00%, 03/01/2036		3,500		3,902
Texas A&M University,
Rev., 5.00%, 05/15/2036		5,000		5,617
Rev., 5.00%, 05/15/2037		1,000		1,113
Rev., 5.00%, 05/15/2042		4,830		5,185
Texas A&M University, Financing System, Series B, Rev., 4.00%, 05/15/2043		20,595		19,724
Texas Department of Housing & Community Affairs,
Rev., GNMA COLL, 6.00%, 07/01/2054		2,020		2,214
Series A, Rev., GNMA COLL, 4.00%, 03/01/2050		300		302
Series B, Rev., GNMA COLL, 6.00%, 03/01/2053		545		589
Series C, Rev., GNMA COLL, 6.00%, 03/01/2054		3,090		3,367
Texas Department of Housing & Community Affairs, Aspen Park, Rev., 5.00%, 03/01/2041 (z)		1,225		1,227
Texas Department of Housing & Community Affairs, Social Bonds, Series A, Rev., GNMA, 3.00%, 01/01/2052		1,810		1,775
Texas Department of Housing & Community Affairs, Sustainable Bond, Series B, Rev., GNMA COLL, 5.75%, 01/01/2053		915		980
Texas Municipal Gas Acquisition & Supply Corp. III,
Rev., 5.00%, 12/15/2025		1,305		1,316
Rev., 5.00%, 12/15/2030		3,300		3,448
Rev., 5.00%, 12/15/2031		2,000		2,095

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
Texas Municipal Gas Acquisition & Supply Corp. IV,
Series A, Rev., 5.50%, 01/01/2054 (z)		15,815		16,761
Series B, Rev., 5.50%, 01/01/2054 (z)		9,795		10,749
Texas Municipal Gas Acquisition & Supply Corporation V, Rev., 5.00%, 01/01/2055 (z)		5,835		6,201
Texas Municipal Gas Acquisition and Supply Corp. I, Series D, Rev., 6.25%, 12/15/2026		5,470		5,645
Texas Municipal Power Agency, Rev., AGM, 3.00%, 09/01/2038		500		424
Texas Private Activity Bond Surface Transportation Corp., Rev., AMT, 5.00%, 06/30/2058		24,555		24,336
Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group,
Rev., 4.00%, 12/31/2030		3,970		4,022
Rev., 4.00%, 06/30/2033		1,000		1,000
Texas Private Activity Bond Surface Transportation Corp., Senior Lien Bond,
Rev., AMT, 5.38%, 06/30/2037		1,750		1,850
Rev., AMT, 5.38%, 06/30/2038		3,955		4,165
Rev., AMT, 5.50%, 06/30/2041		1,425		1,495
Rev., AMT, 5.50%, 06/30/2043		2,750		2,869
Texas Private Activity Bond Surface Transportation Corp., Senior Lien North Tarrant Express Project, Rev., AMT, 5.50%, 12/31/2058		4,000		4,199
Texas State Affordable Housing Corp., Juniper Creek Apartments, Rev., 3.75%, 07/01/2044 (z)		485		488
Texas State Affordable Housing Corp., Norman Commons, Rev., 3.63%, 01/01/2045 (z)		565		569
Texas State University System, Rev., 5.00%, 03/15/2041		2,550		2,727
Texas Transportation Commission, GO, 5.00%, 04/01/2025		1,045		1,045
Texas Transportation Commission, Transportation Commission Mobility, GO, 0.65%, 10/01/2041 (z)		4,500		4,349
Texas Water Development Board,
Rev., 4.00%, 10/15/2035		4,000		4,001
Rev., 5.00%, 08/01/2025		1,300		1,310
Rev., 5.00%, 08/01/2026		2,250		2,317
Series A, Rev., 5.00%, 10/15/2028		115		123
Texas Water Development Board, Master Trust,
Rev., 4.00%, 10/15/2033		1,000		1,027
Series A, Rev., 4.25%, 10/15/2051		10,890		10,482
Series A, Rev., 4.38%, 10/15/2054		3,835		3,740
Series A, Rev., 4.38%, 10/15/2059		1,610		1,565
Series A, Rev., 5.00%, 10/15/2039		3,000		3,291
Texas Water Development Board, Revolving Fund,
Rev., 4.00%, 08/01/2038		500		500
Rev., 5.00%, 08/01/2028		625		668
Series A, Rev., 5.00%, 10/15/2028		100		106
Texas Water Development Board, State Revolving Fund,
Rev., 4.00%, 08/01/2037		2,015		2,027
Rev., 5.00%, 08/01/2027		2,835		2,978
Texas Water Development Board, State Water Implementation Fund,
Rev., 3.00%, 10/15/2033		2,000		1,864
Series A, Rev., 4.00%, 10/15/2033		1,900		1,919
Series A, Rev., 5.00%, 04/15/2026		100		102
Series A, Rev., 5.00%, 10/15/2030		500		506
Series A, Rev., 5.00%, 10/15/2047		2,480		2,514
Series B, Rev., 5.00%, 04/15/2049		11,535		11,820

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Texas — continued
Texas Water Development Board, State Water Implementation Revenue, Rev., 5.25%, 10/15/2046		2,000		2,032
Travis County Housing Finance Corp., Airport Gateway Apartments, Rev., 4.13%, 06/01/2045 (z)		190		191
Trinity River Authority Central Regional Wastewater System Revenue, Rev., 5.00%, 08/01/2029		1,500		1,619
University of Houston,
Series A, Rev., 5.00%, 02/15/2034		2,000		2,184
Series A, Rev., 5.00%, 02/15/2041		2,000		2,109
University of Texas, Series C, Rev., 5.00%, 08/15/2028		100		107
Upper Trinity Regional Water District, Rev., BAM, 4.25%, 08/01/2049		1,500		1,432
Uptown Development Authority,
Tax Allocation, 4.00%, 09/01/2033		400		386
Tax Allocation, 4.00%, 09/01/2035		995		931
Waco Educational Finance Corp., Baylor University Issue,
Rev., 5.00%, 03/01/2035		1,500		1,618
Series A, Rev., 4.00%, 03/01/2036		750		753
Waller Consolidated Independent School District,
GO, BAM, 5.00%, 02/15/2040		2,800		2,971
GO, BAM, 5.00%, 02/15/2042		6,550		6,875
Waxahachie Independent School District,
GO, PSF-GTD, 4.00%, 02/15/2049		2,500		2,337
GO, PSF-GTD, 4.25%, 02/15/2053		1,670		1,580
GO, PSF-GTD, 5.00%, 02/15/2028		1,250		1,324
GO, PSF-GTD, 5.00%, 02/15/2029		1,370		1,475
GO, PSF-GTD, 5.00%, 02/15/2035		1,135		1,269
GO, PSF-GTD, 5.00%, 02/15/2040		1,000		1,085
GO, PSF-GTD, 5.00%, 02/15/2041		1,000		1,077
GO, PSF-GTD, 5.00%, 02/15/2042		1,000		1,070
GO, PSF-GTD, 5.00%, 02/15/2043		1,500		1,598
GO, PSF-GTD, 5.00%, 02/15/2044		900		954
Weslaco Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040		500		542
Whitesboro Independent School District, GO, PSF-GTD, 5.00%, 02/15/2028		550		582
				1,220,971
Utah — 0.8%
Black Desert Public Infrastructure District, Special Assessment, 5.63%, 12/01/2053 (e)		2,135		2,139
City of Salt Lake City Airport Revenue,
Series A, Rev., AMT, 5.00%, 07/01/2028		1,875		1,960
Series A, Rev., AMT, 5.00%, 07/01/2037		5,000		5,196
Series A, Rev., AMT, 5.00%, 07/01/2046		5,000		5,062
Series A, Rev., AMT, 5.00%, 07/01/2047		2,560		2,563
Series A, Rev., AMT, 5.25%, 07/01/2040		2,400		2,552
Series A, Rev., AMT, 5.25%, 07/01/2041		1,000		1,057
Series A, Rev., AMT, 5.25%, 07/01/2042		2,750		2,889
Series A, Rev., AMT, 5.25%, 07/01/2048		2,750		2,841
County of Utah, IHC Health Services, Inc.,
Series A, Rev., 4.00%, 05/15/2045		10,020		9,096
Series B, Rev., 5.00%, 05/15/2060 (z)		625		635

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Utah — continued
Downtown East Streetcar Sewer Public Infrastructure District, Senior Lien, Series A, GO, 6.00%, 03/01/2053 (e)		1,415		1,407
Firefly Public Infrastructure District No. 1 Assessment Area No. 1, Special Assessment, 5.63%, 12/01/2043 (e)		545		547
Intermountain Power Agency, Series A, Rev., 5.00%, 07/01/2030		500		539
Mida Mountain Village Public Infrastructure District, Subordinate, Series 2, Tax Allocation, 5.75%, 06/15/2044 (e)		3,295		3,376
Mountain Veterans Program Public Infrastructure District, Tax Allocation, 5.20%, 06/01/2054 (e)		1,190		1,168
Provo School District, GO, SCH BD GTY, 5.00%, 06/15/2028		2,000		2,131
Red Bridge Public Infrastructure District No. 1, Senior Infrastructure District, Series 1A, GO, 3.63%, 02/01/2035 (e)		600		485
State of Utah,
GO, 3.00%, 07/01/2034		2,000		1,870
Series B, GO, 5.00%, 07/01/2029		100		107
Timpanogos Special Service District, Rev., 5.00%, 06/01/2054		11,150		11,700
University of Utah (The), Series A, Rev., 5.00%, 08/01/2039		1,505		1,539
University of Utah, Board of Regents, Series A, Rev., 4.00%, 08/01/2040		1,750		1,725
Utah Housing Corp.,
Rev., GNMA/FNMA/FHLMC, 4.60%, 07/01/2044		2,275		2,246
Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054		1,790		1,962
Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055		2,685		2,981
Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 01/01/2054		1,435		1,568
Series C, Rev., GNMA/FNMA/FHLMC, 4.45%, 01/01/2044		1,350		1,318
Series C, Rev., GNMA/FNMA/FHLMC, 4.65%, 01/01/2049		2,000		1,967
Series C, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054		1,995		2,181
Series I, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055		4,780		5,334
Utah Housing Corp., Drawdown New City, Rev., FHA HUD, 3.63%, 02/01/2026		906		909
Utah Municipal Power Agency, Rev., 5.00%, 07/01/2038		8,900		9,051
Utah Telecommunication Open Infrastructure Agency,
Rev., 5.00%, 06/01/2025		115		115
Rev., 5.00%, 06/01/2027		130		135
Rev., 5.00%, 06/01/2031		210		231
Rev., 5.25%, 06/01/2035		700		775
Rev., 5.25%, 06/01/2037		2,250		2,465
Utah Transit Authority, Series A, Rev., 4.00%, 06/15/2036 (p)		1,500		1,503
				97,325
Vermont — 0.1%
Vermont Housing Finance Agency,
Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044		2,035		1,990
Series A, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/01/2049		205		206
Vermont Municipal Bond Bank, Vermont State Colleges System, Series A, Rev., 4.00%, 10/01/2034		250		254
Vermont Student Assistance Corp.,
Rev., AMT, 4.13%, 06/15/2036		500		471
Rev., AMT, 4.25%, 06/15/2037		850		820
Rev., AMT, 4.38%, 06/15/2038		750		717
Rev., AMT, 4.50%, 06/15/2039		800		772

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Vermont — continued
Rev., AMT, 5.25%, 06/15/2030		600		632
Rev., AMT, 5.25%, 06/15/2031		700		741
Rev., AMT, 5.25%, 06/15/2032		950		1,007
Series A, Rev., AMT, 2.38%, 06/15/2039		425		393
				8,003
Virginia — 1.8%
Albemarle County Economic Development Authority, Westminster Canterbury of the Blue Ridge, Rev., 4.00%, 06/01/2035		1,365		1,378
Alexandria Redevelopment and Housing Authority, 431 S Columbus Street, Rev., HUD, 3.40%, 12/01/2054 (z)		1,000		1,001
Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, Rev., 5.00%, 07/01/2051		7,145		7,160
Commonwealth of Virginia, Series B, GO, 5.00%, 06/01/2027		1,000		1,026
County of Fairfax Sewer Revenue, Series A, Rev., 5.00%, 07/15/2037		685		770
County of Fairfax, Public Improvement, Series A, GO, 5.00%, 10/01/2031 (p)		945		967
County of Henrico Water & Sewer Revenue, Rev., 5.00%, 05/01/2046 (p)		1,000		1,023
Fairfax County Industrial Development Authority,
Rev., 4.00%, 05/15/2048		17,040		15,499
Rev., 4.13%, 05/15/2054		3,000		2,733
Fairfax County Industrial Development Authority, Inova Health System Project,
Rev., 4.00%, 05/15/2042		3,440		3,292
Rev., 5.00%, 05/15/2029		2,000		2,156
Fairfax County Redevelopment & Housing Authority, Dominion Square North Project, Rev., 5.00%, 01/01/2045 (z)		2,250		2,335
FHLMC Multifamily VRD Certificates, Series A, Rev., 2.25%, 12/15/2037		945		783
Halifax County Industrial Development Authority, Rev., 3.80%, 12/01/2041 (z)		1,000		1,011
Hampton Roads Sanitation District,
Series A, Rev., 5.00%, 11/01/2036		1,000		1,124
Series A, Rev., 5.00%, 11/01/2037		1,600		1,783
Series A, Rev., 5.00%, 11/01/2038		1,500		1,658
Hampton Roads Transportation Accountability Commission, Series A, Rev., BAN, 5.00%, 07/01/2027		6,310		6,611
Hampton Roads Transportation Accountability Commission, Senior Lien,
Series A, Rev., BAN, 5.00%, 07/01/2026 (p)		1,130		1,161
Series A, Rev., 5.00%, 07/01/2031		1,500		1,635
Series A, Rev., TRAN, 5.00%, 07/01/2038 (p)		1,000		1,058
Series A, Rev., 5.00%, 07/01/2039		2,100		2,219
Isle of Wight County Economic Development Authority, Riverside Health System,
Rev., AGM, 5.00%, 07/01/2036		750		818
Rev., AGM, 5.00%, 07/01/2037		500		543
Rev., AGM, 5.25%, 07/01/2043		1,620		1,764
Rev., AGM, 5.25%, 07/01/2053		5,000		5,321
James City County Economic Development Authority, Williamsburg Landing, Series A, Rev., 4.00%, 12/01/2035		150		143
Louisa Industrial Development Authority, Virginia Electric and Power Co. Project, Series B, Rev., 0.75%, 11/01/2035 (z)		2,125		2,089
Lynchburg Economic Development Authority, Centra Health Obligation Group,
Rev., 3.00%, 01/01/2051		4,750		3,397

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Virginia — continued
Rev., 5.00%, 01/01/2029		700		740
Norfolk Airport Authority, Rev., 5.00%, 07/01/2038		1,175		1,227
Norfolk Redevelopment & Housing Authority, Braywood Manor Apartments Project, Rev., HUD, 5.00%, 05/01/2043 (z)		350		357
Norfolk Redevelopment & Housing Authority, Fort Norfolk Retirement Community Harbor, Rev., 4.38%, 01/01/2039		1,400		1,257
Roanoke Economic Development Authority, Carilion Clinic Obligation Group, Rev., 5.00%, 07/01/2047		2,000		2,151
Upper Occoquan Sewage Authority,
Rev., 4.00%, 07/01/2033 (p)		2,630		2,638
Rev., 5.00%, 07/01/2027 (p)		2,485		2,498
Virginia Beach Development Authority, Temps 50Sm Westminster Canterbury, Rev., 5.38%, 09/01/2029		2,000		2,045
Virginia Beach Development Authority, Westminster Canterbury, Rev., 5.00%, 09/01/2044		2,215		2,195
Virginia Beach Development Authority, Westminster Canterbury on Chesapeake Bay, Rev., 6.50%, 09/01/2043		3,300		3,669
Virginia College Building Authority,
Rev., 4.00%, 02/01/2043		2,000		1,935
Series A, Rev., 3.00%, 02/01/2028		4,000		3,967
Series A, Rev., 4.00%, 02/01/2034		3,500		3,550
Virginia College Building Authority, 21st Century College & Equipment,
Rev., 4.00%, 02/01/2044		5,000		4,774
Rev., 5.00%, 02/01/2028		1,000		1,060
Virginia College Building Authority, 21st Century College and Equipment,
Rev., 4.00%, 02/01/2040		1,815		1,773
Rev., 5.00%, 02/01/2029		1,000		1,077
Rev., 5.00%, 02/01/2033		3,750		4,050
Virginia College Building Authority, Marymount University Project, Series A, Rev., 5.00%, 07/01/2045 (e)		1,000		800
Virginia Commonwealth University Health System Authority, Rev., VRDO, LOC: TD Bank NA, 3.75%, 04/01/2025 (z)		14,700		14,700
Virginia Housing Development Authority,
Rev., 4.40%, 10/01/2044		1,000		976
Series E1, Rev., 4.35%, 10/01/2044		685		663
Series E, Rev., 4.50%, 07/01/2045		735		720
Series G, Rev., 5.05%, 11/01/2047		1,750		1,782
Virginia Housing Development Authority, Commonwealth Mortgage Bond, Rev., 3.63%, 07/01/2055 (z)		2,800		2,800
Virginia Port Authority, Series B, Rev., AMT, 5.00%, 07/01/2045		5,000		4,930
Virginia Port Authority Commonwealth Port Fund, Rev., AMT, 5.00%, 07/01/2039 (p)		1,955		1,963
Virginia Public Building Authority, Rev., 5.00%, 08/01/2034		4,000		4,558
Virginia Public Building Authority, Bidding Group 1, Series A, Rev., 5.00%, 08/01/2033		1,000		1,119
Virginia Public School Authority, Series B, Rev., 5.00%, 08/01/2052		3,670		3,820
Virginia Resources Authority Clean Water Revolving Fund, Revolving Fund, Series B, Rev., 4.00%, 10/01/2027		5,000		5,003
Virginia Resources Authority, Virginia Pooled Financing, Rev., 5.00%, 11/01/2028		1,510		1,620
Virginia Resources Authority, Virginia Pooled Financing Program, Rev., 5.00%, 11/01/2028		1,000		1,074
Virginia Small Business Financing Authority, National Senior Campuses, Series A, Rev., 5.00%, 01/01/2032		1,500		1,580

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Virginia — continued
Virginia Small Business Financing Authority, Pure Salmon Virginia, LLC, Rev., AMT, 4.00%, 11/01/2052 (z)		3,305		3,306
Virginia Small Business Financing Authority, Senior Lien 95 Express,
Rev., AMT, 5.00%, 07/01/2032		400		423
Rev., AMT, 5.00%, 07/01/2033		2,320		2,441
Rev., AMT, 5.00%, 01/01/2036		200		210
Rev., AMT, 5.00%, 07/01/2037		1,000		1,044
Virginia Small Business Financing Authority, Senior Lien Elizabeth River, Rev., AGM-CR, AMT, 3.00%, 01/01/2041		4,000		3,227
Virginia Small Business Financing Authority, Senior Lien, 495 Hot,
Rev., AMT, 5.00%, 06/30/2040		3,735		3,866
Rev., AMT, 5.00%, 06/30/2041		3,470		3,571
Rev., AMT, 5.00%, 12/31/2047		1,000		1,021
Virginia Small Business Financing Authority, Senior Lien, Elizabeth River,
Rev., AMT, 3.00%, 01/01/2041		4,740		3,729
Rev., AMT, 4.00%, 01/01/2030		3,125		3,138
Rev., AMT, 4.00%, 01/01/2033		1,500		1,486
Rev., AMT, 4.00%, 01/01/2034		2,250		2,215
Virginia Small Business Financing Authority, Transform 66 P3 Project,
Rev., AMT, 5.00%, 12/31/2047		2,575		2,583
Rev., AMT, 5.00%, 12/31/2052		8,425		8,400
Rev., AMT, 5.00%, 12/31/2056		6,250		6,156
Williamsburg Economic Development Authority, Williamsburg Properties LLC,
Rev., AGM, 4.00%, 07/01/2048		1,245		1,139
Rev., AGM, 5.25%, 07/01/2053		5,100		5,374
Winchester Economic Development Authority, Valley Health Systems Obligation, Rev., 4.00%, 01/01/2037		2,000		1,925
Wise County Industrial Development Authority, Electric and Power Company Project, Series A, Rev., 0.75%, 10/01/2040 (z)		4,500		4,424
				221,207
Washington — 3.0%
Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes Revenue, Series S1, Rev., 5.00%, 11/01/2035 (p)		1,085		1,100
Chelan County Public Utility District No. 1, Series C, Rev., AMT, 5.00%, 07/01/2026		1,285		1,319
City of Seattle Municipal Light & Power Revenue,
Rev., 4.00%, 09/01/2040		1,000		956
Series B, Rev., (SIFMA Municipal Swap Index + 0.25%), 3.12%, 05/01/2045 (aa)		2,000		1,974
City of Seattle Municipal Light & Power Revenue, Green Bond, Series A, Rev., 4.00%, 07/01/2040		1,300		1,291
City of Seattle WA Municipal Light & Power Revenue, Series A, Rev., 4.00%, 01/01/2047		10,000		9,247
City of Seattle, Drainage & Wastewater Revenue, Rev., 4.00%, 05/01/2044		945		872
City of Tacoma, Electric System Revenue, Series A, Rev., 4.00%, 01/01/2042		5,460		5,119
Clark County Public Utility District No. 1, Rev., 4.00%, 01/01/2034		665		682
County of Grant, GO, 5.25%, 12/01/2047		1,000		1,067
County of King,
GO, 5.00%, 12/01/2042		5,155		5,539
Series A, GO, 5.00%, 12/01/2034		1,335		1,450
County of King, Sewer Revenue, Junior Lien, Rev., VRDO, 3.55%, 04/01/2025 (z)		31,055		31,055

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Washington — continued
Energy Northwest,
Rev., 5.00%, 07/01/2025		5,000		5,025
Series A, Rev., 5.00%, 07/01/2039		1,000		1,096
Energy Northwest Washington, Project 3 Electric Revenue, Series C, Rev., 5.00%, 07/01/2027		100		105
Energy Northwest, Columbia Generating Station,
Rev., 4.00%, 07/01/2035		5,265		5,265
Rev., 4.00%, 07/01/2042		1,625		1,532
Energy Northwest, Project 1, Series A, Rev., 5.00%, 07/01/2028		4,550		4,571
Fircrest Properties, Sustainable Bonds State of Water, Rev., 5.50%, 06/01/2049		3,000		3,221
Grant County Public Hospital District No. 2, GO, 5.50%, 12/01/2044		900		930
Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project,
Rev., 5.00%, 01/01/2040		1,250		1,339
Series A, Rev., 5.00%, 01/01/2043 (p)		1,555		1,580
Grant County, Public Utility District No. 2, Electric Revenue,
Series 2017-O, Rev., 5.00%, 01/01/2047		4,950		5,030
Series R, Rev., 2.00%, 01/01/2044 (z)		1,500		1,486
Jefferson County Public Hospital District No. 2, Jefferson Healthcare, Series A, Rev., 6.63%, 12/01/2043		7,500		7,600
King & Snohomish Counties School District No. 417 Northshore, GO, SCH BD GTY, 5.00%, 12/01/2042		3,855		4,099
King County Housing Authority, Rev., 5.00%, 11/01/2029		1,325		1,390
King County Public Hospital District No. 4, GO, 5.00%, 12/01/2038		1,000		982
King County School District No. 401 Highline, GO, SCH BD GTY, 5.00%, 12/01/2041		5,030		5,379
King County School District No. 405 Bellevue,
GO, SCH BD GTY, 3.00%, 12/01/2037		5,385		4,826
GO, SCH BD GTY, 3.00%, 12/01/2038		1,925		1,700
Pierce County School District No. 10 Tacoma, GO, SCH BD GTY, 5.00%, 12/01/2048		4,000		4,235
Pierce County School District No. 10 Tacoma, Social Bonds, Series B, GO, SCH BD GTY, 4.00%, 12/01/2042		10,000		9,693
Port of Seattle,
Series A, Rev., AMT, 5.00%, 05/01/2036		2,000		2,040
Series B, Rev., AMT, 5.00%, 05/01/2028		4,000		4,198
Port of Seattle Industrial Development Corp., Special Facilities Delta Airline, Rev., AMT, 5.00%, 04/01/2030		2,000		2,000
Port of Seattle WA,
Rev., AMT, 5.00%, 07/01/2028		2,250		2,367
GO, AMT, 5.00%, 06/01/2048		10,000		10,272
Rev., AMT, 5.25%, 07/01/2043		5,000		5,275
Rev., AMT, 5.25%, 07/01/2044		14,000		14,704
Port of Seattle, Intermediate Lien,
Rev., AMT, 5.00%, 08/01/2026		1,000		1,021
Rev., 5.00%, 02/01/2028		900		915
Rev., AMT, 5.00%, 04/01/2028		2,250		2,359
Rev., AMT, 5.00%, 08/01/2028		1,000		1,053
Rev., AMT, 5.00%, 04/01/2030		4,000		4,219
Rev., AMT, 5.00%, 04/01/2032		2,110		2,205
Rev., AMT, 5.00%, 04/01/2044		2,000		2,022
Rev., AMT, 5.00%, 08/01/2046		3,500		3,542
Rev., AMT, 5.00%, 08/01/2047		1,250		1,265

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Washington — continued
Rev., AMT, 5.50%, 08/01/2047		1,000		1,052
Series C, Rev., AMT, 5.00%, 05/01/2026		1,000		1,017
Series C, Rev., AMT, 5.00%, 05/01/2028		1,415		1,456
Series C, Rev., AMT, 5.00%, 05/01/2034		3,455		3,530
Series C, Rev., AMT, 5.00%, 08/01/2034		5,000		5,282
Seattle Housing Authority, Northgate Plaza Project, Rev., 1.00%, 06/01/2026		2,045		1,973
Skagit County Public Hospital District No. 1, Rev., 5.50%, 12/01/2054		4,500		4,649
Skagit County Public Hospital District No. 1, Improvement Skagit Regional Health, Rev., 5.00%, 12/01/2031		2,145		2,165
Spokane County School District No. 81 Spokane, Series C, GO, SCH BD GTY, 5.00%, 12/01/2034		2,000		2,085
State of Washington,
GO, 4.00%, 06/01/2043		2,975		2,894
Series 2020A, GO, 5.00%, 08/01/2038		1,500		1,578
Series 2021A, GO, 5.00%, 06/01/2034		1,000		1,079
Series A1, GO, 5.00%, 08/01/2040		13,645		13,701
Series A3, GO, 5.00%, 08/01/2044		1,000		1,052
Series A, GO, 5.00%, 08/01/2036		1,475		1,582
Series A, GO, 5.00%, 08/01/2040		3,890		4,095
Series B, GO, 5.00%, 07/01/2025		75		75
Series B, GO, 5.00%, 07/01/2027		1,000		1,016
Series B, GO, 5.00%, 06/01/2035		4,760		5,113
Series B, GO, 5.00%, 02/01/2042		1,000		1,063
Series B, GO, 5.00%, 06/01/2044		5,000		5,282
Series B, GO, 5.00%, 06/01/2045		2,900		3,053
Series D, GO, 4.00%, 07/01/2033		2,000		2,077
Series F, GO, AMBAC, Zero Coupon, 12/01/2029		1,000		857
Series R, GO, 5.00%, 02/01/2031		1,000		1,105
Series R, GO, 5.00%, 08/01/2031		750		834
Series R, GO, 5.00%, 08/01/2040		1,545		1,680
Series RC, GO, 5.00%, 08/01/2029		100		105
Series R-2017A, GO, 5.00%, 08/01/2027		1,000		1,028
Series R-2022B, GO, 4.00%, 02/01/2035		500		514
Series R-2022D, GO, 4.00%, 07/01/2028		3,140		3,246
State of Washington, Bid Group 1, Series C, GO, 5.00%, 02/01/2028		1,490		1,580
State of Washington, Bid Group 2, Series C, GO, 5.00%, 02/01/2046		7,000		7,367
State of Washington, MVFT/VRF GO Bonds,
Series F, GO, 5.00%, 06/01/2034		4,080		4,456
Series F, GO, 5.00%, 06/01/2038		2,775		2,977
State of Washington, Various Purpose, Series A, GO, 5.00%, 08/01/2041		10,000		10,317
Three Rivers Regional Wastewater Authority, Sustainable Bond,
Rev., BAM, 4.00%, 09/01/2042		1,750		1,674
Rev., BAM, 4.00%, 09/01/2043		1,000		950
Thurston County School District No. 111 Olympia, GO, SCH BD GTY, 5.00%, 12/01/2026		1,275		1,320
University of Washington,
Rev., 5.00%, 04/01/2026 (p)		1,500		1,533
Series B, Rev., 4.00%, 06/01/2035		3,075		3,080
Washington Health Care Facilities Authority, Multicare Health System, Series B, Rev., 5.00%, 08/15/2037		1,200		1,223

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Washington — continued
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance,
Rev., 4.00%, 12/01/2040 (e)		1,510		1,442
Rev., 5.00%, 09/01/2045		1,000		1,019
Washington Health Care Facilities Authority, Seattle Children’s Hospital, Series A, Rev., 4.00%, 10/01/2045		7,500		6,931
Washington Health Care Facilities Authority, Unrefunded Providence Health, Rev., 5.00%, 10/01/2041		9,500		9,518
Washington Health Care Facilities Authority, Unrefunded Providence Health & Services, Rev., 5.00%, 10/01/2044		4,365		4,371
Washington Health Care Facilities Authority, Virginia Mason Medical Center, Rev., 5.00%, 08/15/2036		5,500		5,578
Washington State Convention Center Public Facilities District, Rev., 5.00%, 07/01/2058		3,150		3,178
Washington State Convention Center Public Facilities District, Subordinated, Rev., 4.00%, 07/01/2058		1,760		1,467
Washington State Convention Center Public Facilities District, Subordinated Sustainable Bond, Rev., 5.00%, 07/01/2032		1,540		1,638
Washington State Housing Finance Commission,
Rev., 3.38%, 04/20/2037		2,395		2,107
Rev., 3.50%, 12/20/2035		5,618		5,163
Rev., 3.81%, 03/20/2040		6,172		5,733
Washington State Housing Finance Commission, Ardea at Totem Lake Apartments, Rev., 5.00%, 12/01/2043 (z)		6,540		6,672
Washington State Housing Finance Commission, Downtowner Apartments Project, Rev., LIQ: FHLMC, 3.70%, 07/01/2030		2,000		2,009
Washington State Housing Finance Commission, Social Bond, Series 2N, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2051		845		826
				362,579
West Virginia — 0.3%
Monongalia County Commission Excise Tax District, Series A, Rev., 4.13%, 06/01/2043 (e)		465		400
Monongalia County Commission Special District, Refunding and Improvement, University Town Center, Series A, Rev., 5.50%, 06/01/2037 (e)		1,050		1,063
Monongalia County Commission Special District, University Town Center, Series A, Rev., 5.75%, 06/01/2043 (e)		500		506
West Virginia Economic Development Authority, Appalachian Power Company Amos Project, Rev., AMT, 1.00%, 01/01/2041 (z)		2,765		2,725
West Virginia Economic Development Authority, Provident Group Marshall Properties,
Rev., AGM, 5.00%, 07/01/2035		3,150		3,405
Rev., AGM, 5.00%, 07/01/2036		3,000		3,230
Rev., AGM, 5.00%, 07/01/2037		2,250		2,411
West Virginia Hospital Finance Authority, Rev., 5.75%, 09/01/2043		5,250		5,611
West Virginia Hospital Finance Authority, Cabell Huntington Hospital, Rev., 5.00%, 01/01/2043		3,000		2,990
West Virginia Hospital Finance Authority, Improvement, University Health System Obligation, Rev., 5.00%, 06/01/2052		7,000		6,986
West Virginia Housing Development Fund, Sustainable Bonds, Series A, Rev., 4.40%, 11/01/2044		4,000		3,897
West Virginia Parkways Authority, Senior Lien, Rev., 5.00%, 06/01/2038		1,000		1,069
				34,293

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Wisconsin — 2.4%
City of Milwaukee, Promissory Notes,
Series N3, GO, AGM, 5.00%, 04/01/2031		5,500		5,995
Series N4, GO, 5.00%, 04/01/2030		10,150		10,899
City of Milwaukee, Sewerage System Revenue, Series S7, Rev., 5.00%, 06/01/2026		2,665		2,720
Milwaukee Metropolitan Sewerage District, Green Bond, Series A, GO, 3.00%, 10/01/2031		1,700		1,631
Milwaukee Metropolitan Sewerage District, Green Bond Climate Bond Certificate, GO, 4.00%, 10/01/2043		6,150		5,828
Public Finance Authority, Rev., 5.20%, 12/01/2037		2,450		2,498
Public Finance Authority, A Challenge Foundation Academy,
Rev., 6.63%, 07/01/2043 (e)		700		721
Rev., 6.88%, 07/01/2053 (e)		1,650		1,701
Public Finance Authority, Astro Texas Land Project, Rev., 5.00%, 12/15/2036 (e)		2,709		2,714
Public Finance Authority, Carmelite System, Social Bonds, Rev., 5.00%, 01/01/2045		1,105		1,095
Public Finance Authority, Celanese Project, Series C, Rev., AMT, 4.30%, 11/01/2030		5,000		4,964
Public Finance Authority, CFP3 Eastern Michigan University,
Rev., BAM, 5.00%, 07/01/2029		500		535
Rev., BAM, 5.25%, 07/01/2034		260		287
Rev., BAM, 5.25%, 07/01/2042		5,625		5,983
Rev., BAM, 5.38%, 07/01/2047		8,025		8,470
Rev., BAM, 5.50%, 07/01/2052		6,005		6,339
Public Finance Authority, CHF Wilmington LLC University, Rev., AGM, 5.00%, 07/01/2053		3,970		3,901
Public Finance Authority, Duke Energy Progress, Rev., 3.70%, 10/01/2046 (z)		1,525		1,516
Public Finance Authority, Givens Estates, Rev., 4.00%, 12/01/2041		1,000		888
Public Finance Authority, Kahala Nui Project,
Rev., 5.00%, 11/15/2040		450		474
Rev., 5.00%, 11/15/2041		715		750
Public Finance Authority, KU Campus Development Corp. Project, Rev., 5.00%, 03/01/2041		3,000		3,026
Public Finance Authority, KU Campus Development Corp. Project, Rev., 5.00%, 03/01/2046		6,495		6,535
Public Finance Authority, Lake Norman Charter School, Rev., 5.00%, 06/15/2064		4,630		4,468
Public Finance Authority, Lenoir Rhyne University,
Rev., 5.00%, 04/01/2036		1,625		1,655
Rev., 5.00%, 04/01/2037		1,705		1,724
Public Finance Authority, Miami Waterworld Center Project, Tax Allocation, 5.00%, 06/01/2041 (e)		4,570		4,646
Public Finance Authority, Point College Prep Project,
Rev., 4.00%, 06/15/2030 (e)		200		180
Rev., 5.00%, 06/15/2041 (e)		250		216
Public Finance Authority, Renown Regional Medical Center Project,
Rev., 5.00%, 06/01/2026		500		508
Rev., 5.00%, 06/01/2027		425		439
Rev., 5.00%, 06/01/2028		600		627
Rev., 5.00%, 06/01/2034		1,000		1,052
Public Finance Authority, Senior Lien, Grand Hyatt San Antonio Hotel Acquisition Project, Rev., 5.00%, 02/01/2042		4,000		4,049
Public Finance Authority, Two Steps Project, Rev., Zero Coupon, 12/15/2034 (e)		2,132		1,192
Public Finance Authority, United Methodist Retirement, Rev., 4.00%, 10/01/2026		60		60
Public Finance Authority, Waste Management, Inc. Project,
Rev., AMT, 1.10%, 07/01/2029 (z)		1,445		1,397
Rev., AMT, 2.63%, 11/01/2025		5,000		4,949

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Wisconsin — continued
State of Wisconsin,
GO, 5.00%, 05/01/2026		7,000		7,175
Series 1, GO, 5.00%, 05/01/2027		2,400		2,511
Series 1, GO, 5.00%, 05/01/2033		770		873
Series 1, GO, 5.00%, 05/01/2035		1,375		1,576
Series 1, GO, 5.00%, 05/01/2036		1,000		1,134
Series 2, GO, 5.00%, 05/01/2034		1,000		1,129
Series 3, GO, 5.00%, 05/01/2037		3,000		3,365
Series 2024-2, GO, 5.00%, 05/01/2027		2,000		2,092
Series 20212, GO, 5.00%, 05/01/2026		5,850		5,997
Series B, GO, 4.00%, 05/01/2039		500		499
Series B, GO, 5.00%, 05/01/2035		10,580		11,230
University of Wisconsin Hospitals & Clinics,
Rev., VRDO, 3.57%, 04/01/2025 (z)		26,325		26,325
Rev., 5.00%, 04/01/2027		900		937
University of Wisconsin Hospitals & Clinics, Green Bond University of Wisconsin Hospital, Rev., 4.00%, 04/01/2035		440		442
University of Wisconsin Hospitals & Clinics, Green Bonds, Rev., 4.00%, 04/01/2046		4,120		3,786
Wisconsin Center District, Capital Appreciation Senior Dedicated,
Series C, Rev., AGM, Zero Coupon, 12/15/2036		1,550		918
Series C, Rev., AGM, Zero Coupon, 12/15/2039		1,750		874
Series C, Rev., AGM, Zero Coupon, 12/15/2040		1,650		782
Series D, Rev., AGM, Zero Coupon, 12/15/2028		545		477
Wisconsin Center District, Junior Dedicated, Series D, Rev., AGM, Zero Coupon, 12/15/2045		8,500		3,003
Wisconsin Department of Transportation, Series A, Rev., 5.00%, 07/01/2027		1,675		1,757
Wisconsin Health & Educational Facilities Authority,
Rev., 4.50%, 11/15/2039		4,000		3,871
Rev., 5.00%, 10/01/2029		5,940		6,357
Rev., 5.00%, 10/01/2030		6,355		6,872
Wisconsin Health & Educational Facilities Authority Revenue, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2027		500		525
Wisconsin Health & Educational Facilities Authority, Advocate Aurora Health Care,
Rev., 4.00%, 08/15/2035		1,250		1,237
Rev., 4.00%, 08/15/2037		1,605		1,566
Rev., 4.00%, 08/15/2038		1,680		1,625
Wisconsin Health & Educational Facilities Authority, Advocate Aurora Healthcare, Rev., 5.00%, 08/15/2054 (z)		2,590		2,641
Wisconsin Health & Educational Facilities Authority, Ascension Health Alliance Senor, Rev., 4.00%, 11/15/2043		2,045		1,870
Wisconsin Health & Educational Facilities Authority, Ascension Health Credit Group,
Rev., 4.00%, 11/15/2039		10,500		9,919
Rev., 5.00%, 11/15/2035		4,500		4,555
Wisconsin Health & Educational Facilities Authority, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2036		1,500		1,517
Wisconsin Health & Educational Facilities Authority, Aspirus, Inc. Obligated Group, Rev., 5.00%, 08/15/2038		1,000		1,041
Wisconsin Health & Educational Facilities Authority, Bellin Memorial Hospital, Inc.,
Rev., 5.00%, 12/01/2045		2,500		2,583
Series B, Rev., 5.25%, 12/01/2048		3,000		3,130

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Wisconsin — continued
Wisconsin Health & Educational Facilities Authority, Beloit Health System, Inc., Rev., 4.00%, 07/01/2046		1,870		1,658
Wisconsin Health & Educational Facilities Authority, Forensic Science and Protective Medicine Facility Project, Rev., 5.00%, 08/01/2027 (e)		7,000		7,114
Wisconsin Health & Educational Facilities Authority, Froedtert Health, Series A, Rev., 4.00%, 04/01/2039		2,710		2,606
Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc.,
Series A, Rev., 5.00%, 04/01/2030		1,280		1,387
Series A, Rev., 5.00%, 04/01/2033		1,010		1,100
Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc. Obligated,
Rev., 4.00%, 04/01/2039		5,000		4,722
Rev., 5.00%, 04/01/2035		1,325		1,356
Wisconsin Health & Educational Facilities Authority, Gundersen Health System,
Rev., 4.00%, 10/15/2035		545		544
Rev., 4.00%, 10/15/2036		2,100		2,076
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System,
Rev., 5.00%, 02/15/2047		1,955		1,864
Rev., 5.00%, 02/15/2051 (z)		2,600		2,647
Series B, Rev., 5.00%, 02/15/2042		1,000		980
Series B, Rev., 5.00%, 02/15/2046		8,935		8,557
Wisconsin Health & Educational Facilities Authority, The Medical College of Wisconsin, Rev., 4.00%, 12/01/2046		3,000		2,729
Wisconsin Health & Educational Facilities Authority, The Milwaukee Regional Medical Center, Rev., 5.00%, 04/01/2044		2,500		2,549
Wisconsin Health & Educational Facilities Authority, Three Pillars Senior Living Communities, Rev., 4.19%, 08/15/2055		1,000		575
Wisconsin Housing & Economic Development Authority,
Rev., 5.00%, 08/01/2058 (z)		245		251
Series D, Rev., 4.00%, 03/01/2047		50		50
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Rev., GNMA/FNMA/FHLMC, 6.00%, 03/01/2055		1,985		2,146
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Sustainable Bond,
Series A, Rev., GNMA/FNMA/FHLMC, 4.38%, 09/01/2044		7,000		6,802
Series C, Rev., GNMA/FNMA/FHLMC, 6.00%, 03/01/2055		695		756
Wisconsin Housing & Economic Development Authority Housing Revenue, Series E, Rev., HUD, 3.88%, 11/01/2054 (z)		830		833
Wisconsin Housing & Economic Development Authority, Social Bonds,
Series A, Rev., 3.00%, 03/01/2052		615		602
Series C, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 09/01/2052		990		970
				287,697
Wyoming — 0.1%
Consolidated Municipalities Electric Power Systems Joint Powers Board, Rev., 5.25%, 06/01/2039		1,000		1,082
County of Laramie, Cheyenne Regional Medical Center, Rev., 4.00%, 05/01/2026		615		620
County of Sweetwater, Idaho Power Company Project, Rev., 1.70%, 07/15/2026		1,045		1,015
Wyoming Community Development Authority,
Rev., 6.00%, 12/01/2054		480		519

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Municipal Bonds — continued
Wyoming — continued
Series 2, Rev., VRDO, LIQ: Royal Bank of Canada, 2.85%, 04/07/2025 (z)		3,000		3,000
Series 2, Rev., 3.00%, 06/01/2049		810		797
Series 3, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 06/01/2050		1,015		1,003
Series 3, Rev., GNMA/FNMA/FHLMC, 4.70%, 12/01/2043		5,000		4,998
Series 6, Rev., 3.90%, 12/01/2034		2,435		2,412
				15,446
Total Municipal Bonds (Cost $11,948,945)				11,642,239
Short-Term Investments — 1.5%
Municipal Bonds — 0.1% (t)
Bergen County Improvement Authority (The), Rev., CNTY GTD, 4.50%, 05/28/2025		4,025		4,035
County of Lorain, GO, BAN, 4.38%, 05/01/2025		1,280		1,281
Total Municipal Bonds				5,316
Time Deposits — 1.4%
Citibank NA, 3.68%, 04/01/2025		124,730		124,730
Royal Bank of Canada, 3.68%, 04/01/2025		2,982		2,982
Sumitomo Mitsui Trust Bank Ltd., 3.68%, 04/01/2025		43,595		43,595
Total Time Deposits				171,307
Total Short-Term Investments (Cost $176,618)				176,623
Total Investments — 99.2% (Cost - $12,125,563)*				11,818,862
Other Assets in Excess of Liabilities — 0.8%				95,876
NET ASSETS — 100.0%			$	11,914,738

Percentages indicated are based on net assets.

Six Circles Tax Aware Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025
AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
AMT	—	Alternative Minimum Tax
BAM	—	Insured by Build America Mutual
BAN	—	Bond Anticipation Note
CNTY	—	County
COLL	—	Collateral
COP	—	Certificate of Participation
CR	—	Custodial Receipts
FHA	—	Federal Housing Administration
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GAN	—	Grant Anticipation Note
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
HUD	—	U.S. Department of Housing and Urban Development
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
Q-SBLF	—	Qualified School Bond Loan Fund
Rev.	—	Revenue
SCH BD GTY	—	School Bond Guaranty
SIFMA	—	Securities Industry and Financial Markets Association
SOFR	—	Secured Overnight Financing Rate
SONYMA	—	State of New York Mortgage Agency
TRAN	—	Tax & Revenue Anticipation Note
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of March 31, 2025.
(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, next demand date or final maturity date.
(w)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(z)	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2025.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2025.
*	—	The cost of securities is substantially the same for federal income tax purposes.

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Asset-Backed Securities — 1.8%
Affirm Asset Securitization Trust,
Series 2023-B, Class A, 6.82%, 09/15/2028 (e)		1,415		1,426
Series 2024-A, Class 1A, 5.61%, 02/15/2029 (e)		920		926
Affirm Master Trust, Series 2025-1A, Class A, 4.99%, 02/15/2033 (e)		450		452
AGL CLO 14 Ltd., (Cayman Islands), Series 2021-14A, Class AR, (CME Term SOFR 3 Month + 1.13%), 5.45%, 12/02/2034 (e) (aa)		1,000		999
AIMCO CLO 17 Ltd., (Jersey), Series 2022-17A, Class D1R, (CME Term SOFR 3 Month + 2.90%), 7.19%, 07/20/2037 (e) (aa)		1,000		993
Americredit Automobile Receivables Trust, Series 2023-1, Class C, 5.80%, 12/18/2028		240		245
AmeriCredit Automobile Receivables Trust,
Series 2024-1, Class A2A, 5.75%, 02/18/2028		509		510
Series 2024-1, Class A3, 5.43%, 01/18/2029		675		683
AMMC CLO 23 Ltd., (Cayman Islands), Series 2020-23A, Class A1R2, (CME Term SOFR 3 Month + 1.42%), 5.72%, 04/17/2035 (e) (aa)		1,500		1,501
AMMC CLO 25 Ltd., (Cayman Islands), Series 2022-25A, Class A1R, (CME Term SOFR 3 Month + 1.35%), 5.65%, 04/15/2035 (e) (aa)		1,360		1,360
Apidos CLO XL Ltd., (Jersey), Series 2022-40A, Class D1R, (CME Term SOFR 3 Month + 2.90%), 7.20%, 07/15/2037 (e) (aa)		2,000		1,983
Apidos Loan Fund Ltd., (Cayman Islands), Series 2024-1A, Class A1, (CME Term SOFR 3 Month + 1.27%), 5.57%, 04/25/2035 (e) (aa)		2,050		2,047
ARES L CLO Ltd., (Cayman Islands), Series 2018-50A, Class AR, (CME Term SOFR 3 Month + 1.31%), 5.61%, 01/15/2032 (e) (aa)		144		144
Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.02%, 02/20/2027 (e)		1,150		1,129
Bain Capital Credit CLO 2019-1, (Cayman Islands), Series 2019-1A, Class AR2, (CME Term SOFR 3 Month + 1.23%), 5.52%, 04/19/2034 (e) (aa)		1,500		1,497
Bardot CLO Ltd., (Cayman Islands), Series 2019-2A, Class ARR, (CME Term SOFR 3 Month + 0.98%), 5.28%, 10/22/2032 (e) (aa)		940		938
Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class A, (United States 30 Day Average SOFR + 1.10%), 5.44%, 12/26/2031 (e) (aa)		438		439
Capital One Multi-Asset Execution Trust, Series 2005-B3, Class B3, (CME Term SOFR 3 Month + 0.81%), 5.11%, 05/15/2028 (aa)		1,310		1,308
Carlyle Global Market Strategies CLO 2015-4 Ltd., (Cayman Islands), Series 2015-4A, Class A1JR, (CME Term SOFR 3 Month + 1.55%), 5.84%, 07/20/2032 (e) (aa)		1,500		1,501
CARLYLE US CLO 2018-2 Ltd., (Cayman Islands), Series 2018-2A, Class A2R, (CME Term SOFR 3 Month + 1.80%), 6.10%, 10/15/2031 (e) (aa)		1,210		1,212
CarMax Auto Owner Trust, Series 2023-2, Class B, 5.18%, 11/15/2028		2,200		2,226
CarMax Auto Owner Trust,
Series 2023-1, Class B, 4.98%, 01/16/2029		1,670		1,680
Series 2023-4, Class B, 6.39%, 05/15/2029		1,245		1,298
Series 2024-2, Class A3, 5.50%, 01/16/2029		1,002		1,018

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027		371		372
CarVal CLO VII-C Ltd., (Jersey), Series 2023-1A, Class D1R, (CME Term SOFR 3 Month + 3.15%), 7.44%, 07/20/2037 (e) (aa)		2,000		1,994
Carvana Auto Receivables Trust, Series 2021-N1, Class A, 0.70%, 01/10/2028		53		51
CIFC Funding 2021-IV Ltd., (Cayman Islands), Series 2021-4A, Class DR, (CME Term SOFR 3 Month + 2.95%), 7.24%, 07/23/2037 (e) (aa)		1,000		993
Citizens Auto Receivables Trust,
Series 2023-1, Class A3, 5.84%, 01/18/2028 (e)		2,064		2,080
Series 2023-2, Class A2A, 6.09%, 10/15/2026 (e)		142		142
Series 2023-2, Class A3, 5.83%, 02/15/2028 (e)		1,235		1,248
Clover CLO 2021-3 LLC, Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.07%), 5.37%, 01/25/2035 (e) (aa)		940		935
Discover Card Execution Note Trust, Series 2023-A2, Class A, 4.93%, 06/15/2028		205		206
DLLAA LLC, Series 2023-1A, Class A2, 5.93%, 07/20/2026 (e)		162		163
DLLMT LLC, Series 2024-1A, Class A3, 4.84%, 08/21/2028 (e)		1,200		1,207
Dryden 104 CLO Ltd., (Cayman Islands), Series 2022-104A, Class A1R, (CME Term SOFR 3 Month + 1.29%), 5.61%, 08/20/2034 (e) (aa)		980		978
Elmwood CLO X Ltd., (Cayman Islands), Series 2021-3A, Class A1R, (CME Term SOFR 3 Month + 1.27%), 5.56%, 04/20/2034 (e) (aa)		1,500		1,498
Enterprise Fleet Financing LLC, Series 2024-1, Class A2, 5.23%, 03/20/2030 (e)		1,092		1,099
Exeter Automobile Receivables Trust,
Series 2024-2A, Class C, 5.74%, 05/15/2029		737		747
Series 2024-3A, Class D, 5.98%, 09/16/2030		120		122
First Investors Auto Owner Trust, Series 2022-2A, Class A, 6.26%, 07/15/2027 (e)		88		89
First National Master Note Trust, Series 2023-1, Class A, 5.13%, 04/15/2029		1,340		1,348
Flagship Credit Auto Trust,
Series 2022-3, Class A3, 4.55%, 04/15/2027 (e)		334		334
Series 2023-1, Class A3, 5.01%, 08/16/2027 (e)		397		397
Ford Credit Auto Lease Trust, Series 2024-A, Class B, 5.29%, 06/15/2027		1,230		1,239
Galaxy XXVI CLO Ltd., (Cayman Islands), Series 2018-26A, Class AR, (CME Term SOFR 3 Month + 1.17%), 5.50%, 11/22/2031 (e) (aa)		1,069		1,068
Generate CLO 17 Ltd., (Cayman Islands), Series 2024-17A, Class D1, (CME Term SOFR 3 Month + 3.00%), 7.29%, 10/22/2037 (e) (aa)		2,000		2,000
Huntington Bank Auto Credit-Linked Notes Series, Series 2024-1, Class B1, 6.15%, 05/20/2032 (e)		506		513
KKR CLO 23 Ltd., (Cayman Islands), Series 23, Class BR, (CME Term SOFR 3 Month + 1.55%), 5.84%, 10/20/2031 (e) (aa)		1,190		1,191
KKR CLO 40 Ltd., (Jersey), Series 40A, Class AR, (CME Term SOFR 3 Month + 1.30%), 5.59%, 10/20/2034 (e) (aa)		1,460		1,458
KKR Financial CLO 2013-1 Ltd., (Cayman Islands), Series 2013-1A, Class A2R2, (CME Term SOFR 3 Month + 1.45%), 5.75%, 04/15/2029 (e) (aa)		1,080		1,080
LAD Auto Receivables Trust,
Series 2023-3A, Class C, 6.43%, 12/15/2028 (e)		1,695		1,734
Series 2024-2A, Class A3, 5.61%, 08/15/2028 (e)		1,220		1,230
Series 2024-3A, Class A2, 4.64%, 11/15/2027 (e)		580		580
Lendmark Funding Trust,
Series 2021-2A, Class A, 2.00%, 04/20/2032 (e)		915		860
Series 2023-1A, Class A, 5.59%, 05/20/2033 (e)		756		758
LHMC Finco 2 Sarl, (Luxembourg), Reg. S, 7.25% (cash), 10/02/2025 (v)	EUR	4,234		4,581

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
M&T Bank Auto Receivables Trust, Series 2025-1A, Class A3, 4.73%, 06/17/2030 (e)		240		242
Madison Park Funding LVII Ltd., (Cayman Islands), Series 2022-57A, Class A1R, (CME Term SOFR 3 Month + 1.28%), 5.58%, 07/27/2034 (e) (aa)		2,270		2,270
Madison Park Funding XVIII Ltd., (Cayman Islands), Series 2015-18A, Class ARR, (CME Term SOFR 3 Month + 1.20%), 5.49%, 10/21/2030 (e) (aa)		5,858		5,858
Mariner Finance Issuance Trust,
Series 2021-AA, Class A, 1.86%, 03/20/2036 (e)		910		872
Series 2021-BA, Class A, 2.10%, 11/20/2036 (e)		1,395		1,323
Merchants Fleet Funding LLC, Series 2024-1A, Class A, 5.82%, 04/20/2037 (e)		1,352		1,362
Navistar Financial Dealer Note Master Owner Trust, Series 2024-1, Class A, 5.59%, 04/25/2029 (e)		1,290		1,303
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (e)		350		325
Neuberger Berman Loan Advisers CLO 50 Ltd., (Jersey), Series 2022-50A, Class AR, (CME Term SOFR 3 Month + 1.25%), 5.54%, 07/23/2036 (e) (aa)		2,600		2,601
Newark BSL CLO 1 Ltd., (Cayman Islands), Series 2016-1A, Class A1R, (CME Term SOFR 3 Month + 1.36%), 5.66%, 12/21/2029 (e) (aa)		169		169
Nidda Healthcare Holding GmbH, (Germany), Reg. S, 7.50%, 08/21/2026	EUR	26,043		28,751
Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93%, 03/15/2028		2,050		2,073
OCP CLO 2016-11 Ltd., (Cayman Islands), Series 2016-11A, Class A1R2, (CME Term SOFR 3 Month + 1.42%), 5.72%, 04/26/2036 (e) (aa)		750		751
OCP CLO 2024-34 Ltd., (Jersey), Series 2024-34A, Class D1, (CME Term SOFR 3 Month + 2.90%), 7.85%, 10/15/2037 (e) (aa)		1,000		993
Octagon Investment Partners XVII Ltd., (Cayman Islands), Series 2013-1A, Class A1R2, (CME Term SOFR 3 Month + 1.26%), 5.56%, 01/25/2031 (e) (aa)		43		43
Octane Receivables Trust,
Series 2024-2A, Class A2, 5.80%, 07/20/2032 (e)		461		467
Series 2024-3A, Class A2, 4.94%, 05/20/2030 (e)		1,510		1,513
OFSI BSL IX Ltd., (Cayman Islands), Series 2018-1A, Class AR, (CME Term SOFR 3 Month + 1.19%), 5.49%, 07/15/2031 (e) (aa)		4,523		4,523
OHA Credit Funding 13 Ltd., (Bermuda), Series 2022-13A, Class D2R, (CME Term SOFR 3 Month + 4.10%), 8.39%, 07/20/2037 (e) (aa)		1,000		1,001
OneMain Financial Issuance Trust,
Series 2019-2A, Class A, 3.14%, 10/14/2036 (e)		535		518
Series 2021-1A, Class A1, 1.55%, 06/16/2036 (e)		290		275
Series 2022-3A, Class A, 5.94%, 05/15/2034 (e)		531		534
OZLM Funding II Ltd., (Cayman Islands), Series 2012-2A, Class A2RA, (CME Term SOFR 3 Month + 1.80%), 6.09%, 07/30/2031 (e) (aa)		1,570		1,571
RR 8 Ltd., (Cayman Islands), Series 2020-8A, Class A1R, (CME Term SOFR 3 Month + 1.35%), 5.65%, 07/15/2037 (e) (aa)		1,500		1,497
Santander Drive Auto Receivables Trust,
Series 2022-7, Class C, 6.69%, 03/17/2031		1,130		1,159
Series 2023-1, Class C, 5.09%, 05/15/2030		960		965
Series 2023-2, Class A3, 5.21%, 07/15/2027		131		131
Series 2023-3, Class C, 5.77%, 11/15/2030		380		388
Series 2024-1, Class A2, 5.71%, 02/16/2027		43		43
Series 2024-1, Class C, 5.45%, 03/15/2030		900		908
Series 2024-2, Class A3, 5.63%, 11/15/2028		660		665
Series 2024-2, Class B, 5.78%, 07/16/2029		1,395		1,420

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 2024-3, Class B, 5.55%, 09/17/2029		325		330
SCF Equipment Leasing LLC, Series 2024-1A, Class A3, 5.52%, 01/20/2032 (e)		145		148
SCF Equipment Trust 2016-1 LLC, Series 2025-1A, Class A3, 5.11%, 11/21/2033 (e)		315		318
SFS Auto Receivables Securitization Trust, Series 2024-1A, Class A3, 4.95%, 05/21/2029 (e)		1,240		1,247
Sigma Holdco BV, (Netherlands), Reg. S, 5.75%, 05/15/2026	EUR	232		249
Silver Point CLO 5 Ltd., (Cayman Islands), Series 2024-5A, Class D1, (CME Term SOFR 3 Month + 3.25%), 7.54%, 10/20/2037 (e) (aa)		1,500		1,519
Sycamore Tree CLO 2024-5 Ltd., (Cayman Islands), Series 2024-5A, Class A1, (CME Term SOFR 3 Month + 1.42%), 5.71%, 04/20/2036 (e) (aa)		860		860
T-Mobile US Trust, Series 2024-2A, Class A, 4.25%, 05/21/2029 (e)		395		394
Trimaran Cavu Ltd., (Cayman Islands), Series 2021-1A, Class D1R, (CME Term SOFR 3 Month + 3.40%), 7.69%, 07/23/2037 (e) (aa)		1,500		1,500
TUI Cruises GmbH, (Germany), Reg. S, 6.50%, 05/15/2026	EUR	56		61
US Bank NA, Series 2025-SUP1, Class B, 5.58%, 02/25/2032 (e)		425		426
Venture 28A CLO Ltd., (Cayman Islands), Series 2017-28AA, Class A1RR, (CME Term SOFR 3 Month + 1.11%), 5.40%, 10/20/2034 (e) (aa)		1,000		996
Verisure Holding AB, (Sweden), Reg. S, 9.25%, 10/15/2027	EUR	253		286
Voya CLO 2014-2 Ltd., (Cayman Islands), Series 2014-2A, Class A1RR, (CME Term SOFR 3 Month + 1.28%), 5.58%, 04/17/2030 (e) (aa)		580		580
Voya CLO 2015-3 Ltd., (Cayman Islands), Series 2015-3A, Class A1R3, (CME Term SOFR 3 Month + 1.15%), 5.44%, 10/20/2031 (e) (aa)		2,997		2,997
Voya CLO 2016-1 Ltd., (Cayman Islands), Series 2016-1A, Class A1R, (CME Term SOFR 3 Month + 1.33%), 5.62%, 01/20/2031 (e) (aa)		2,329		2,329
Westlake Automobile Receivables Trust,
Series 2022-2A, Class C, 4.85%, 09/15/2027 (e)		1,375		1,374
Series 2023-3A, Class C, 6.02%, 09/15/2028 (e)		995		1,011
Series 2024-1A, Class B, 5.55%, 11/15/2027 (e)		1,360		1,369
Series 2024-1A, Class C, 5.65%, 02/15/2029 (e)		1,155		1,167
Series 2024-2A, Class D, 5.91%, 04/15/2030 (e)		590		601
Westlake Flooring Master Trust, Series 2024-1A, Class A, 5.43%, 02/15/2028 (e)		1,110		1,118
Wheels Fleet Lease Funding 1 LLC, Series 2024-3A, Class A1, 4.80%, 09/19/2039 (e)		775		778
Wind River CLO 2022-1 Ltd., (Cayman Islands), Series 2022-1A, Class AR, (CME Term SOFR 3 Month + 1.35%), 5.64%, 07/20/2035 (e) (aa)		1,250		1,247
World Financial Network Credit Card Master Trust, Series 2024-A, Class A, 5.47%, 02/15/2031		925		943
Total Asset-Backed Securities (Cost $151,655)				152,172
Collateralized Mortgage Obligations — 0.1%
Connecticut Avenue Securities Series,
Series 2025-R01, Class 1A1, (United States 30 Day Average SOFR + 0.95%), 5.29%, 01/25/2045 (e) (aa)		439		437
Series 2025-R01, Class 1M1, (United States 30 Day Average SOFR + 1.10%), 5.44%, 01/25/2045 (e) (aa)		710		708
Connecticut Avenue Securities Trust,
Series 2022-R08, Class 1M1, (United States 30 Day Average SOFR + 2.55%), 6.89%, 07/25/2042 (e) (aa)		192		196
Series 2023-R01, Class 1M1, (United States 30 Day Average SOFR + 2.40%), 6.74%, 12/25/2042 (e) (aa)		259		265
Series 2023-R03, Class 2M1, (United States 30 Day Average SOFR + 2.50%), 6.84%, 04/25/2043 (e) (aa)		85		86

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Collateralized Mortgage Obligations — continued
Series 2024-R03, Class 2M1, (United States 30 Day Average SOFR + 1.15%), 5.49%, 03/25/2044 (e) (aa)		534		533
Series 2024-R04, Class 1A1, (United States 30 Day Average SOFR + 1.00%), 5.34%, 05/25/2044 (e) (aa)		318		317
Series 2024-R05, Class 2A1, (United States 30 Day Average SOFR + 1.00%), 5.34%, 07/25/2044 (e) (aa)		433		432
Series 2025-R02, Class 1A1, (United States 30 Day Average SOFR + 1.00%), 5.34%, 02/25/2045 (e) (aa)		249		249
FHLMC STACR REMIC Trust,
Series 2022-HQA2, Class M1A, (United States 30 Day Average SOFR + 2.65%), 6.99%, 07/25/2042 (e) (aa)		397		405
Series 2022-HQA3, Class M1A, (United States 30 Day Average SOFR + 2.30%), 6.64%, 08/25/2042 (e) (aa)		149		152
Series 2023-DNA2, Class M1A, (United States 30 Day Average SOFR + 2.10%), 6.44%, 04/25/2043 (e) (aa)		680		689
Series 2023-HQA1, Class M1A, (United States 30 Day Average SOFR + 2.00%), 6.34%, 05/25/2043 (e) (aa)		294		296
Series 2024-DNA2, Class A1, (United States 30 Day Average SOFR + 1.25%), 5.59%, 05/25/2044 (e) (aa)		887		887
Series 2024-DNA3, Class A1, (United States 30 Day Average SOFR + 1.05%), 5.39%, 10/25/2044 (e) (aa)		426		426
Series 2024-DNA3, Class M1, (United States 30 Day Average SOFR + 1.00%), 5.34%, 10/25/2044 (e) (aa)		107		107
Series 2024-HQA1, Class M1, (United States 30 Day Average SOFR + 1.25%), 5.59%, 03/25/2044 (e) (aa)		694		694
Series 2024-HQA2, Class A1, (United States 30 Day Average SOFR + 1.25%), 5.59%, 08/25/2044 (e) (aa)		942		943
Towd Point Mortgage Trust, Series 2019-HY1, Class M2, (CME Term SOFR 1 Month + 2.11%), 6.43%, 10/25/2048 (e) (aa)		385		399
Verus Securitization Trust, Series 2021-1, Class A1, 0.82%, 01/25/2066 (e) (z)		135		119
Total Collateralized Mortgage Obligations (Cost $8,360)				8,340
Commercial Mortgage-Backed Securities — 0.3%
ACREC Ltd., (Cayman Islands), Series 2021-FL1, Class A, (CME Term SOFR 1 Month + 1.26%), 5.58%, 10/16/2036 (e) (aa)		292		292
BBCMS Mortgage Trust, Series 2024-5C29, Class A2, 4.74%, 09/15/2057		700		696
Benchmark Mortgage Trust,
Series 2018-B2, Class A5, 3.88%, 02/15/2051 (z)		90		87
Series 2019-B11, Class A5, 3.54%, 05/15/2052		410		387
Series 2024-V7, Class A3, 6.23%, 05/15/2056 (z)		410		429
BSPRT Issuer Ltd., (Cayman Islands), Series 2021-FL7, Class A, (CME Term SOFR 1 Month + 1.43%), 5.75%, 12/15/2038 (e) (aa)		171		170
BX Commercial Mortgage Trust,
Series 2021-XL2, Class A, (CME Term SOFR 1 Month + 0.80%), 5.12%, 10/15/2038 (e) (aa)		366		364
Series 2024-XL4, Class A, (CME Term SOFR 1 Month + 1.44%), 5.76%, 02/15/2039 (e) (aa)		360		360
Series 2024-XL5, Class A, (CME Term SOFR 1 Month + 1.39%), 5.71%, 03/15/2041 (e) (aa)		406		407
BX Trust,
Series 2022-PSB, Class A, (CME Term SOFR 1 Month + 2.45%), 6.77%, 08/15/2039 (e) (aa)		444		443
Series 2024-CNYN, Class A, (CME Term SOFR 1 Month + 1.44%), 5.76%, 04/15/2041 (e) (aa)		964		965
Series 2025-ROIC, Class A, (CME Term SOFR 1 Month + 1.14%), 5.46%, 03/15/2030 (e) (aa)		430		428
Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A4, 3.01%, 01/15/2053		1,910		1,739
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.62%, 02/10/2049		945		929

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 2015-CR25, Class A3, 3.51%, 08/10/2048		1,502		1,497
Series 2015-LC21, Class A4, 3.71%, 07/10/2048		517		516
CONE Trust, Series 2024-DFW1, Class A, (CME Term SOFR 1 Month + 1.64%), 5.96%, 08/15/2041 (e) (aa)		300		298
DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/2051		1,260		1,230
GS Mortgage Securities Corp. Trust, Series 2021-ROSS, Class A, (CME Term SOFR 1 Month + 1.41%), 5.73%, 05/15/2026 (e) (aa)		720		688
GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.05%, 11/10/2052		250		233
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, 03/15/2050		669		653
KIND Commercial Mortgage Trust, Series 2024-1, Class A, (CME Term SOFR 1 Month + 1.89%), 6.21%, 08/15/2041 (e) (aa)		310		309
LoanCore Issuer Ltd., (Cayman Islands), Series 2022-CRE7, Class A, (United States 30 Day Average SOFR + 1.55%), 5.90%, 01/17/2037 (e) (aa)		487		485
MF1 LLC, Series 2022-FL9, Class A, (CME Term SOFR 1 Month + 2.15%), 6.47%, 06/19/2037 (e) (aa)		494		494
MF1 Ltd., (Cayman Islands), Series 2021-FL7, Class A, (CME Term SOFR 1 Month + 1.19%), 5.51%, 10/16/2036 (e) (aa)		75		75
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C27, Class A4, 3.75%, 12/15/2047		180		179
Series 2016-C29, Class A4, 3.33%, 05/15/2049		900		884
Morgan Stanley Capital I Trust, Series 2024-NSTB, Class A, 3.90%, 09/24/2057 (e) (z)		972		939
ROCK Trust,
Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (e)		1,040		1,047
Series 2024-CNTR, Class E, 8.82%, 11/13/2041 (e)		3,325		3,500
SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (CME Term SOFR 1 Month + 1.44%), 5.76%, 03/15/2042 (e) (aa)		540		534
UBS Commercial Mortgage Trust, Series 2019-C18, Class A4, 3.04%, 12/15/2052		50		46
Wells Fargo Commercial Mortgage Trust,
Series 2015-C31, Class A3, 3.43%, 11/15/2048		455		453
Series 2015-NXS2, Class A4, 3.50%, 07/15/2058		868		864
Series 2015-SG1, Class A4, 3.79%, 09/15/2048		169		168
Series 2017-C42, Class A3, 3.33%, 12/15/2050		1,500		1,456
Series 2019-C50, Class A5, 3.73%, 05/15/2052		90		86
Total Commercial Mortgage-Backed Securities (Cost $24,184)				24,330
Convertible Bonds — 0.4%
Communications — 0.0% (g)
Media — 0.0% (g)
Cable One, Inc.,
Zero Coupon, 03/15/2026		857		812
1.13%, 03/15/2028		2,025		1,607
Total Communications				2,419
Consumer Cyclical — 0.0% (g)
Home Builders — 0.0% (g)
Meritage Homes Corp., 1.75%, 05/15/2028 (e)		2,804		2,740
Lodging — 0.0% (g)
Wynn Macau Ltd., (Cayman Islands), 4.50%, 03/07/2029 (e)		342		344
Total Consumer Cyclical				3,084

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Consumer Non-cyclical — 0.1%
Commercial Services — 0.1%
Block, Inc., Zero Coupon, 05/01/2026		566		537
Global Payments, Inc., 1.50%, 03/01/2031		4,263		4,016
Nexi SpA, (Italy), Reg. S, Zero Coupon, 02/24/2028	EUR	1,200		1,171
Shift4 Payments, Inc., Zero Coupon, 12/15/2025		1,735		1,985
Worldline SA, (France), Reg. S, Zero Coupon, 07/30/2026	EUR	657		691
Total Consumer Non-cyclical				8,400
Energy — 0.0% (g)
Energy - Alternate Sources — 0.0% (g)
XPLR Infrastructure LP, 2.50%, 06/15/2026 (e)		2,805		2,674
Oil & Gas — 0.0% (g)
Northern Oil & Gas, Inc., 3.63%, 04/15/2029 (e)		1,520		1,602
Total Energy				4,276
Financial — 0.1%
Banks — 0.1%
Barclays Bank plc, (United Kingdom), 1.00%, 02/16/2029		3,891		3,835
REITS — 0.0% (g)
Digital Realty Trust LP, 1.88%, 11/15/2029 (e)		800		792
Pebblebrook Hotel Trust, 1.75%, 12/15/2026		144		135
				927
Total Financial				4,762
Industrial — 0.0% (g)
Engineering & Construction — 0.0% (g)
Cellnex Telecom SA, (Spain),
Reg. S, 0.75%, 11/20/2031	EUR	100		95
Reg. S, 2.13%, 08/11/2030	EUR	200		228
Total Industrial				323
Technology — 0.1%
Semiconductors — 0.1%
MKS Instruments, Inc., 1.25%, 06/01/2030 (e)		5,915		5,321
Utilities — 0.1%
Electric — 0.1%
FirstEnergy Corp., 4.00%, 05/01/2026		6,316		6,398
Southern Co. (The), 4.50%, 06/15/2027 (e)		1,973		2,172
Total Utilities				8,570
Total Convertible Bonds (Cost $38,235)				37,155
Corporate Bonds — 78.1%
Basic Materials — 3.8%
Chemicals — 1.9%
Ashland, Inc.,
3.38%, 09/01/2031 (e)		1,000		859
6.88%, 05/15/2043		2,425		2,514
ASK Chemicals Deutschland Holding GmbH, (Germany), Reg. S, 10.00%, 11/15/2029	EUR	650		708
Avient Corp., 6.25%, 11/01/2031 (e)		2,617		2,594
Axalta Coating Systems Dutch Holding B BV, (Netherlands), 7.25%, 02/15/2031 (e)		1,717		1,772
Axalta Coating Systems LLC, 3.38%, 02/15/2029 (e)		1,806		1,650
Celanese US Holdings LLC,
5.00%, 04/15/2031	EUR	9,245		9,908
6.42%, 07/15/2027		865		878

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
6.50%, 04/15/2030		1,684		1,672
6.58%, 07/15/2029		700		721
6.60%, 11/15/2028		1,050		1,081
6.75%, 04/15/2033		1,655		1,606
6.80%, 11/15/2030		1,550		1,605
Chemours Co. (The),
4.63%, 11/15/2029 (e)		412		352
5.38%, 05/15/2027		3,211		3,123
5.75%, 11/15/2028 (e)		3,189		2,941
8.00%, 01/15/2033 (e)		3,411		3,183
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP, 4.75%, 05/15/2030 (e)		96		96
Element Solutions, Inc., 3.88%, 09/01/2028 (e)		11,531		10,856
FIS Fabbrica Italiana Sintetici SpA, (Italy), Reg. S, 5.63%, 08/01/2027	EUR	700		757
Herens Holdco Sarl, (Luxembourg), 4.75%, 05/15/2028 (e)		1,503		1,352
Herens Midco Sarl, (Luxembourg), Reg. S, 5.25%, 05/15/2029	EUR	700		602
ICL Group Ltd., (Israel), Reg. S, 6.38%, 05/31/2038 (e)		4,000		4,039
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 (e)		3,608		3,589
INEOS Finance plc, (United Kingdom),
5.63%, 08/15/2030 (e)	EUR	6,056		6,535
Reg. S, 6.38%, 04/15/2029	EUR	2,100		2,324
INEOS Quattro Finance 2 Plc, (United Kingdom),
Reg. S, 6.75%, 04/15/2030	EUR	850		918
6.75%, 04/15/2030 (e)	EUR	5,220		5,634
Reg. S, 8.50%, 03/15/2029	EUR	200		227
International Flavors & Fragrances, Inc., 1.23%, 10/01/2025 (e)		837		822
Italmatch Chemicals SpA, (Italy), Reg. S, 10.00%, 02/06/2028	EUR	2,050		2,316
Kobe US Midco 2, Inc., 9.25% (cash), 11/01/2026 (e) (v)		1,662		1,492
Kraton Corp., 5.00%, 07/15/2027 (e)		237		239
Kronos International, Inc., Reg. S, 9.50%, 03/15/2029	EUR	297		347
Lune Holdings Sarl, (Luxembourg), Reg. S, 5.63%, 11/15/2028	EUR	7,573		6,101
Mativ Holdings, Inc., 8.00%, 10/01/2029 (e)		2,220		1,914
Methanex US Operations, Inc., 6.25%, 03/15/2032 (e)		2,957		2,880
OCP SA, (Morocco),
Reg. S, 3.75%, 06/23/2031		3,800		3,368
Reg. S, 4.50%, 10/22/2025		200		199
Reg. S, 5.13%, 06/23/2051		4,900		3,755
Olympus Water US Holding Corp.,
4.25%, 10/01/2028 (e)		1,836		1,697
Reg. S, 5.38%, 10/01/2029	EUR	200		198
6.25%, 10/01/2029 (e)		3,925		3,446
7.13%, 10/01/2027 (e)		719		718
7.25%, 06/15/2031 (e)		9,789		9,610
Reg. S, 9.63%, 11/15/2028	EUR	1,998		2,250
9.75%, 11/15/2028 (e)		16,105		16,682
Orbia Advance Corp. SAB de CV, (Mexico), 1.88%, 05/11/2026 (e)		249		241
Sasol Financing USA LLC, Reg. S, 8.75%, 05/03/2029		3,700		3,718
SCIL IV LLC / SCIL USA Holdings LLC,
Reg. S, (EURIBOR 3 Month + 4.38%), 6.98%, 11/01/2026 (aa)	EUR	100		107
Reg. S, 9.50%, 07/15/2028	EUR	201		228

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
SK Invictus Intermediate II Sarl, (Luxembourg), 5.00%, 10/30/2029 (e)		7,250		6,798
SNF Group SACA, (France), 3.38%, 03/15/2030 (e)		1,799		1,589
Synthomer plc, (United Kingdom), Reg. S, 7.38%, 05/02/2029	EUR	251		273
Tronox, Inc., 4.63%, 03/15/2029 (e)		1,640		1,403
WR Grace Holdings LLC,
4.88%, 06/15/2027 (e)		858		830
5.63%, 08/15/2029 (e)		14,667		12,613
7.38%, 03/01/2031 (e)		2,182		2,180
				162,110
Forest Products & Paper — 0.1%
Ahlstrom Holding 3 Oy, (Finland), 4.88%, 02/04/2028 (e)		700		659
Fedrigoni SpA, (Italy),
Reg. S, 6.13%, 06/15/2031	EUR	1,710		1,804
Reg. S, (EURIBOR 3 Month + 4.00%), 6.36%, 01/15/2030 (aa)	EUR	100		108
Magnera Corp., 7.25%, 11/15/2031 (e)		3,446		3,352
WEPA Hygieneprodukte GmbH, (Germany), Reg. S, 5.63%, 01/15/2031	EUR	2,000		2,214
				8,137
Iron/Steel — 0.3%
ATI, Inc.,
4.88%, 10/01/2029		816		774
5.13%, 10/01/2031		2,067		1,928
7.25%, 08/15/2030		4,033		4,154
Big River Steel LLC / BRS Finance Corp., 6.63%, 01/31/2029 (e)		6,340		6,334
Carpenter Technology Corp., 7.63%, 03/15/2030		918		946
Cleveland-Cliffs, Inc.,
6.75%, 04/15/2030 (e)		2,550		2,468
6.88%, 11/01/2029 (e)		2,030		1,991
7.00%, 03/15/2032 (e)		710		682
7.38%, 05/01/2033 (e)		1,370		1,315
7.50%, 09/15/2031 (e)		2,606		2,544
CSN Inova Ventures, (Cayman Islands), Reg. S, 6.75%, 01/28/2028		2,000		1,910
Mineral Resources Ltd., (Australia),
8.13%, 05/01/2027 (e)		490		485
9.25%, 10/01/2028 (e)		2,280		2,277
Vale Overseas Ltd., (Cayman Islands), 6.40%, 06/28/2054		862		852
				28,660
Mining — 1.5%
Anglo American Capital plc, (United Kingdom), 4.88%, 05/14/2025 (e)		943		943
Antofagasta plc, (United Kingdom), Reg. S, 2.38%, 10/14/2030		4,900		4,226
Aris Mining Corp., (Canada), 8.00%, 10/31/2029 (e)		775		787
Arsenal AIC Parent LLC,
8.00%, 10/01/2030 (e)		1,499		1,529
11.50%, 10/01/2031 (e)		14,951		16,258
Capstone Copper Corp., (Canada), 6.75%, 03/31/2033 (e)		840		836
Constellium SE, (France),
3.75%, 04/15/2029 (e)		5,190		4,704
Reg. S, 5.38%, 08/15/2032	EUR	208		221
6.38%, 08/15/2032 (e)		6,266		6,119
Corp. Nacional del Cobre de Chile, (Chile),

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Mining — continued
Reg. S, 4.50%, 08/01/2047		4,300		3,376
Reg. S, 5.95%, 01/08/2034		2,200		2,229
Eldorado Gold Corp., (Canada), 6.25%, 09/01/2029 (e)		3,000		2,945
Eramet SA, (France), Reg. S, 6.50%, 11/30/2029	EUR	500		540
ERO Copper Corp., (Canada), 6.50%, 02/15/2030 (e)		1,107		1,075
First Quantum Minerals Ltd., (Canada),
6.88%, 10/15/2027 (e)		1,607		1,606
8.00%, 03/01/2033 (e)		3,270		3,313
8.63%, 06/01/2031 (e)		800		819
9.38%, 03/01/2029 (e)		9,000		9,465
Freeport Indonesia PT, (Indonesia), 4.76%, 04/14/2027 (e)		450		446
Glencore Funding LLC,
4.00%, 04/16/2025 (e)		117		117
4.00%, 03/27/2027 (e)		746		736
4.91%, 04/01/2028 (e) (w)		121		121
5.19%, 04/01/2030 (e) (w)		120		121
5.34%, 04/04/2027 (e)		335		339
5.37%, 04/04/2029 (e)		334		339
6.13%, 10/06/2028 (e)		83		86
Hecla Mining Co., 7.25%, 02/15/2028		2,293		2,313
Hudbay Minerals, Inc., (Canada),
4.50%, 04/01/2026 (e)		3,468		3,414
6.13%, 04/01/2029 (e)		3,106		3,086
Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT, (Indonesia),
Reg. S, 5.45%, 05/15/2030		3,300		3,324
Reg. S, 5.80%, 05/15/2050		1,600		1,475
Ivanhoe Mines Ltd., (Canada), 7.88%, 01/23/2030 (e)		1,400		1,411
Kaiser Aluminum Corp.,
4.50%, 06/01/2031 (e)		12,065		10,664
4.63%, 03/01/2028 (e)		1,357		1,289
New Gold, Inc., (Canada),
6.88%, 04/01/2032 (e)		3,340		3,372
7.50%, 07/15/2027 (e)		1,000		1,008
Novelis Corp.,
3.25%, 11/15/2026 (e)		4,532		4,382
3.88%, 08/15/2031 (e)		8,023		6,973
4.75%, 01/30/2030 (e)		4,520		4,215
Novelis Sheet Ingot GmbH, (Germany), Reg. S, 3.38%, 04/15/2029	EUR	2,640		2,714
Novelis, Inc., (Canada), 6.88%, 01/30/2030 (e)		7,069		7,176
Rio Tinto Finance USA plc, (United Kingdom), 4.88%, 03/14/2030		600		605
Taseko Mines Ltd., (Canada), 8.25%, 05/01/2030 (e)		685		699
				121,416
Total Basic Materials				320,323
Communications — 12.3%
Advertising — 0.7%
Clear Channel Outdoor Holdings, Inc.,
5.13%, 08/15/2027 (e)		6,757		6,527
7.50%, 06/01/2029 (e)		8,310		6,855
7.75%, 04/15/2028 (e)		1,059		912
7.88%, 04/01/2030 (e)		8,925		8,750
9.00%, 09/15/2028 (e)		12,973		13,318

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Advertising — continued
CMG Media Corp., 8.88%, 06/18/2029 (d) (e)		845		729
Lamar Media Corp., 4.00%, 02/15/2030		113		105
Neptune Bidco US, Inc., 9.29%, 04/15/2029 (e)		6,187		5,362
Outfront Media Capital LLC / Outfront Media Capital Corp.,
4.25%, 01/15/2029 (e)		3,434		3,184
4.63%, 03/15/2030 (e)		348		318
5.00%, 08/15/2027 (e)		820		806
7.38%, 02/15/2031 (e)		1,553		1,619
Summer BC Holdco A Sarl, (Luxembourg),
Reg. S, 5.88%, 02/15/2030	EUR	1,000		1,063
5.88%, 02/15/2030 (e)	EUR	10,283		10,937
Reg. S, 9.25%, 10/31/2027	EUR	1,442		1,567
				62,052
Internet — 1.1%
Acuris Finance US, Inc. / Acuris Finance Sarl,
5.00%, 05/01/2028 (e)		3,000		2,754
9.00%, 08/01/2029 (e)		1,307		1,272
ANGI Group LLC, 3.88%, 08/15/2028 (e)		835		757
Cablevision Lightpath LLC,
3.88%, 09/15/2027 (e)		6,972		6,619
5.63%, 09/15/2028 (e)		2,775		2,544
Engineering - Ingegneria Informatica - SpA, (Italy),
Reg. S, (EURIBOR 3 Month + 5.75%), 8.11%, 02/15/2030 (aa)	EUR	100		109
Reg. S, 8.63%, 02/15/2030	EUR	600		668
8.63%, 02/15/2030 (e)	EUR	3,664		4,081
Reg. S, 11.13%, 05/15/2028	EUR	1,267		1,445
Gen Digital, Inc.,
6.25%, 04/01/2033 (e)		1,370		1,359
6.75%, 09/30/2027 (e)		575		582
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 03/01/2029 (e)		1,401		1,296
iliad SA, (France),
Reg. S, 2.38%, 06/17/2026	EUR	6,800		7,246
Reg. S, 5.63%, 02/15/2030	EUR	2,200		2,502
ION Trading Technologies Sarl, (Luxembourg),
5.75%, 05/15/2028 (e)		200		186
9.50%, 05/30/2029 (e)		735		729
Match Group Holdings II LLC,
3.63%, 10/01/2031 (e)		425		366
4.63%, 06/01/2028 (e)		351		337
Netflix, Inc., 4.88%, 04/15/2028		124		126
Ocado Group plc, (United Kingdom), Reg. S, 10.50%, 08/08/2029	GBP	2,447		3,208
Prosus NV, (Netherlands),
3.26%, 01/19/2027 (e)		200		193
Reg. S, 3.26%, 01/19/2027		3,100		3,001
Reg. S, 4.99%, 01/19/2052		3,800		2,949
Rakuten Group, Inc., (Japan),
Reg. S, (EUR Swap Rate 5 Year + 4.49%), 4.25%, 04/22/2027 (x) (aa)	EUR	5,410		5,499
(CMT Index 5 Year + 4.25%), 8.13%, 12/15/2029 (e) (x) (aa)		849		839
9.75%, 04/15/2029 (e)		4,505		4,889
11.25%, 02/15/2027 (e)		2,506		2,715
Snap, Inc., 6.88%, 03/01/2033 (e)		8,288		8,268

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Internet — continued
Uber Technologies, Inc.,
4.50%, 08/15/2029 (e)		1,207		1,184
6.25%, 01/15/2028 (e)		411		413
7.50%, 09/15/2027 (e)		701		710
United Group BV, (Netherlands),
Reg. S, 4.00%, 11/15/2027	EUR	1,119		1,203
Reg. S, 4.63%, 08/15/2028	EUR	7,000		7,438
Reg. S, 5.25%, 02/01/2030	EUR	10,588		11,191
Reg. S, 6.50%, 10/31/2031	EUR	4,759		5,177
Reg. S, 6.75%, 02/15/2031	EUR	300		329
				94,184
Media — 3.6%
Cable One, Inc., 4.00%, 11/15/2030 (e)		506		401
CCO Holdings LLC / CCO Holdings Capital Corp.,
4.25%, 02/01/2031 (e)		10,317		9,144
4.25%, 01/15/2034 (e)		16,383		13,496
4.50%, 08/15/2030 (e)		528		480
4.50%, 05/01/2032		5,822		5,060
4.50%, 06/01/2033 (e)		182		155
4.75%, 03/01/2030 (e)		4,218		3,910
4.75%, 02/01/2032 (e)		1,169		1,038
5.00%, 02/01/2028 (e)		5,631		5,460
5.13%, 05/01/2027 (e)		3,785		3,727
5.38%, 06/01/2029 (e)		450		435
6.38%, 09/01/2029 (e)		8,099		8,072
7.38%, 03/01/2031 (e)		9,764		9,913
Charter Communications Operating LLC / Charter Communications Operating Capital,
4.91%, 07/23/2025		58		58
6.15%, 11/10/2026		143		146
CSC Holdings LLC,
3.38%, 02/15/2031 (e)		4,399		3,140
4.13%, 12/01/2030 (e)		7,219		5,227
4.50%, 11/15/2031 (e)		1,200		870
4.63%, 12/01/2030 (e)		7,510		3,656
5.00%, 11/15/2031 (e)		1,700		803
5.38%, 02/01/2028 (e)		3,825		3,261
5.50%, 04/15/2027 (e)		9,032		8,367
5.75%, 01/15/2030 (e)		2,000		1,050
6.50%, 02/01/2029 (e)		1,700		1,407
7.50%, 04/01/2028 (e)		500		354
11.25%, 05/15/2028 (e)		238		230
11.75%, 01/31/2029 (e)		13,937		13,518
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc., 5.88%, 08/15/2027 (e)		10,138		9,821
Discovery Communications LLC, 3.95%, 03/20/2028		455		437
DISH DBS Corp.,
5.13%, 06/01/2029		500		326
5.25%, 12/01/2026 (e)		5,733		5,257
5.75%, 12/01/2028 (e)		9,217		7,766
7.38%, 07/01/2028		4,323		3,076
7.75%, 07/01/2026		14,665		12,682
DISH Network Corp., 11.75%, 11/15/2027 (e)		19,241		20,277

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
FactSet Research Systems, Inc., 2.90%, 03/01/2027		86		83
GCI LLC, 4.75%, 10/15/2028 (e)		88		81
Gray Media, Inc.,
7.00%, 05/15/2027 (e)		1,469		1,440
10.50%, 07/15/2029 (e)		5,443		5,639
iHeartCommunications, Inc., 7.75%, 08/15/2030 (e)		825		611
LCPR Senior Secured Financing DAC, (Ireland), 6.75%, 10/15/2027 (e)		5,127		4,291
Midcontinent Communications, 8.00%, 08/15/2032 (e)		4,238		4,310
News Corp., 3.88%, 05/15/2029 (e)		750		707
Nexstar Media, Inc., 5.63%, 07/15/2027 (e)		317		312
Radiate Holdco LLC / Radiate Finance, Inc.,
4.50%, 09/15/2026 (e)		5,352		4,579
6.50%, 09/15/2028 (e)		6,585		4,379
RCS & RDS SA, (Romania), Reg. S, 3.25%, 02/05/2028	EUR	1,600		1,678
Sinclair Television Group, Inc., 8.13%, 02/15/2033 (d) (e)		8,441		8,331
Sirius XM Radio LLC,
3.13%, 09/01/2026 (e)		2,353		2,279
4.00%, 07/15/2028 (e)		371		346
5.00%, 08/01/2027 (e)		6,587		6,434
Summer BidCo BV, (Netherlands), Reg. S, 10.00% (cash), 02/15/2029 (v)	EUR	6,954		7,707
Sunrise FinCo. I BV, (Netherlands), 4.88%, 07/15/2031 (e)		3,245		2,941
Tele Columbus AG, (Germany), Reg. S, 10.00% (PIK), 01/01/2029 (v)	EUR	11,177		9,897
Telenet Finance Luxembourg Notes Sarl, (Luxembourg), 5.50%, 03/01/2028 (e)		2,200		2,134
Univision Communications, Inc.,
4.50%, 05/01/2029 (e)		2,125		1,875
6.63%, 06/01/2027 (e)		10,804		10,709
8.00%, 08/15/2028 (e)		9,557		9,588
8.50%, 07/31/2031 (e)		4,924		4,785
Virgin Media Finance plc, (United Kingdom), Reg. S, 3.75%, 07/15/2030	EUR	2,307		2,238
Virgin Media O2 Vendor Financing Notes V DAC, (Ireland), Reg. S, 7.88%, 03/15/2032	GBP	970		1,220
Virgin Media Secured Finance plc, (United Kingdom),
Reg. S, 4.13%, 08/15/2030	GBP	100		110
Reg. S, 4.25%, 01/15/2030	GBP	1,092		1,227
4.50%, 08/15/2030 (e)		1,377		1,210
5.50%, 05/15/2029 (e)		2,050		1,942
Virgin Media Vendor Financing Notes III DAC, (Ireland),
4.88%, 07/15/2028 (e)	GBP	700		835
Reg. S, 4.88%, 07/15/2028	GBP	10,560		12,643
Virgin Media Vendor Financing Notes IV DAC, (Ireland), 5.00%, 07/15/2028 (e)		2,415		2,282
VZ Secured Financing BV, (Netherlands), 5.00%, 01/15/2032 (e)		3,050		2,651
VZ Vendor Financing II BV, (Netherlands), Reg. S, 2.88%, 01/15/2029	EUR	3,825		3,695
Ziggo Bond Co. BV, (Netherlands),
5.13%, 02/28/2030 (e)		1,072		934
6.13%, 11/15/2032 (e)	EUR	3,472		3,554
Ziggo BV, (Netherlands),
Reg. S, 2.88%, 01/15/2030	EUR	7,570		7,430
4.88%, 01/15/2030 (e)		152		139
				300,266

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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 — 6.9%
Altice Financing SA, (Luxembourg),
Reg. S, 3.00%, 01/15/2028	EUR	14,256		11,638
Reg. S, 4.25%, 08/15/2029	EUR	16,714		13,440
5.00%, 01/15/2028 (e)		3,847		2,891
5.75%, 08/15/2029 (e)		11,704		8,519
9.63%, 07/15/2027 (e)		6,275		5,318
Altice Finco SA, (Luxembourg), Reg. S, 4.75%, 01/15/2028	EUR	3,131		1,267
Altice France Holding SA, (Luxembourg),
Reg. S, 4.00%, 02/15/2028	EUR	5,125		1,657
Reg. S, 8.00%, 05/15/2027	EUR	4,500		1,457
Altice France SA, (France),
Reg. S, 3.38%, 01/15/2028	EUR	1,239		1,067
Reg. S, 4.13%, 01/15/2029	EUR	1,000		863
Reg. S, 4.25%, 10/15/2029	EUR	16,755		14,471
5.13%, 01/15/2029 (e)		1,498		1,177
5.13%, 07/15/2029 (e)		6,100		4,778
5.50%, 01/15/2028 (e)		155		124
5.50%, 10/15/2029 (e)		6,405		5,075
Reg. S, 5.88%, 02/01/2027	EUR	3,500		3,372
Reg. S, 11.50%, 02/01/2027	EUR	6,823		7,110
Axiata SPV2 Bhd., (Malaysia), Reg. S, 2.16%, 08/19/2030		7,400		6,490
CommScope LLC,
4.75%, 09/01/2029 (e)		5,153		4,584
9.50%, 12/15/2031 (e)		5,022		5,163
Connect Finco Sarl / Connect US Finco LLC, (Multinational), 9.00%, 09/15/2029 (e)		5,005		4,560
Digicel Group Holdings Ltd., (Bermuda),
Series 1B14, Zero Coupon, 12/31/2030 (e) (bb) (cc)		95		4
Series 3B14, Zero Coupon, 12/31/2030 (e) (bb) (cc)		64		—	(h)
Digicel Intermediate Holdings Ltd. / Digicel International Finance Ltd. / Difl US, (Multinational), 12.00% (Blend (cash 9.00% + PIK 3.00%)), 05/25/2027 (v)		1,034		1,034
Digicel Midco Ltd. / Difl US II LLC, (Saint Lucia), 10.50% (cash), 11/25/2028 (v)		3,173		2,891
EchoStar Corp.,
6.75% (cash), 11/30/2030 (v)		16,794		15,245
10.75%, 11/30/2029		18,572		19,478
eircom Finance DAC, (Ireland), Reg. S, 2.63%, 02/15/2027	EUR	1,800		1,903
Eutelsat SA, (France),
Reg. S, 1.50%, 10/13/2028	EUR	2,400		2,029
Reg. S, 2.25%, 07/13/2027	EUR	200		195
Reg. S, 9.75%, 04/13/2029	EUR	576		611
Fibercop SpA, (Italy),
1.63%, 01/18/2029	EUR	5,600		5,457
Reg. S, 2.38%, 10/12/2027	EUR	13,706		14,212
6.00%, 09/30/2034 (e)		2,520		2,294
Reg. S, 6.88%, 02/15/2028	EUR	800		917
7.20%, 07/18/2036 (e)		3,198		3,086
Reg. S, 7.88%, 07/31/2028	EUR	1,350		1,602
Frontier Communications Holdings LLC,
5.00%, 05/01/2028 (e)		13,035		12,862
5.88%, 10/15/2027 (e)		6,691		6,670
5.88%, 11/01/2029		4,415		4,417
6.00%, 01/15/2030 (e)		2,160		2,165

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
6.75%, 05/01/2029 (e)		860		865
8.63%, 03/15/2031 (e)		1,986		2,117
8.75%, 05/15/2030 (e)		16,528		17,400
Global Switch Finance BV, (Netherlands), Reg. S, 1.38%, 10/07/2030	EUR	214		216
Iliad Holding SASU, (France),
5.38%, 04/15/2030 (e)	EUR	17,015		18,482
Reg. S, 6.88%, 04/15/2031	EUR	18,557		21,118
7.00%, 10/15/2028 (e)		2,978		3,012
7.00%, 04/15/2032 (e)		6,685		6,680
8.50%, 04/15/2031 (e)		5,299		5,560
Intelsat Jackson Holdings SA, (Luxembourg), 6.50%, 03/15/2030 (e)		4,209		3,995
Kaixo Bondco Telecom SA, (Spain), Reg. S, 5.13%, 09/30/2029	EUR	3,831		4,163
Koninklijke KPN NV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 3.77%), 6.00%, 09/21/2027 (x) (aa)	EUR	3,720		4,243
Level 3 Financing, Inc.,
3.63%, 01/15/2029 (e)		1,875		1,392
3.75%, 07/15/2029 (e)		2,525		1,837
3.88%, 10/15/2030 (e)		556		420
4.00%, 04/15/2031 (e)		1,305		983
4.50%, 04/01/2030 (e)		4,416		3,547
4.88%, 06/15/2029 (e)		7,417		6,285
10.00%, 10/15/2032 (e)		725		723
10.50%, 04/15/2029 (e)		11,544		12,698
10.50%, 05/15/2030 (e)		7,197		7,755
10.75%, 12/15/2030 (e)		10,077		11,135
11.00%, 11/15/2029 (e)		17,021		18,978
Lorca Telecom Bondco SA, (Spain),
Reg. S, 4.00%, 09/18/2027	EUR	13,649		14,730
Reg. S, 5.75%, 04/30/2029	EUR	3,830		4,309
Lumen Technologies, Inc.,
4.13%, 04/15/2030 (e)		901		842
10.00%, 10/15/2032 (e)		2,286		2,275
Matterhorn Telecom SA, (Luxembourg),
Reg. S, 3.13%, 09/15/2026	EUR	7,538		8,083
Reg. S, 5.25%, 07/31/2028	CHF	1,750		2,058
Odido Group Holding BV, (Netherlands), Reg. S, 5.50%, 01/15/2030	EUR	7,196		7,723
Odido Holding BV, (Netherlands), Reg. S, 3.75%, 01/15/2029	EUR	7,180		7,537
PLT VII Finance Sarl, (Luxembourg),
6.00%, 06/15/2031 (e)	EUR	5,300		5,882
Reg. S, (EURIBOR 3 Month + 3.50%), 6.00%, 06/15/2031 (aa)	EUR	1,750		1,892
Sable International Finance Ltd., (Cayman Islands), 7.13%, 10/15/2032 (e)		6,940		6,653
SES SA, (Luxembourg), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.59%), 6.00%, 09/12/2054 (aa)	EUR	200		199
SoftBank Group Corp., (Japan),
Reg. S, 3.13%, 09/19/2025	EUR	282		303
Reg. S, 3.38%, 07/06/2029	EUR	7,310		7,510
Reg. S, 3.88%, 07/06/2032	EUR	200		200
Reg. S, 4.00%, 09/19/2029	EUR	600		626
Reg. S, 4.50%, 04/20/2025	EUR	100		108
Reg. S, 5.00%, 04/15/2028	EUR	13,542		14,808

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Telecommunications — continued
Reg. S, 5.38%, 01/08/2029	EUR	1,350		1,489
Reg. S, 5.75%, 07/08/2032	EUR	1,604		1,769
Sprint Capital Corp., 6.88%, 11/15/2028		905		965
Sunrise HoldCo IV BV, (Netherlands), Reg. S, 3.63%, 06/15/2029	EUR	5,380		5,672
TDC Net A/S, (Denmark), Reg. S, 6.50%, 06/01/2031	EUR	1,600		1,899
Telecom Italia Capital SA, (Luxembourg), 7.72%, 06/04/2038		704		729
Telecom Italia SpA, (Italy),
Reg. S, 6.88%, 02/15/2028	EUR	628		731
Reg. S, 7.88%, 07/31/2028	EUR	4,290		5,177
Telefonica Europe BV, (Netherlands),
Reg. S, (EUR Swap Rate 8 Year + 2.62%), 2.38%, 02/12/2029 (x) (aa)	EUR	12,500		12,462
Reg. S, (EUR Swap Rate 8 Year + 3.07%), 2.88%, 06/24/2027 (x) (aa)	EUR	3,000		3,172
Reg. S, (EUR Swap Rate 6 Year + 2.87%), 2.88%, 02/24/2028 (x) (aa)	EUR	5,100		5,338
Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.12%), 5.75%, 01/15/2032 (x) (aa)	EUR	1,000		1,122
Reg. S, (EUR Swap Rate 7 Year + 3.35%), 6.14%, 02/03/2030 (x) (aa)	EUR	200		229
Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.62%), 6.75%, 06/07/2031 (x) (aa)	EUR	11,000		13,069
Viasat, Inc.,
5.63%, 09/15/2025 (e)		1,700		1,688
7.50%, 05/30/2031 (e)		2,500		1,887
Viavi Solutions, Inc., 3.75%, 10/01/2029 (e)		1,031		942
Vmed O2 UK Financing I plc, (United Kingdom),
Reg. S, 3.25%, 01/31/2031	EUR	9,801		9,723
Reg. S, 4.00%, 01/31/2029	GBP	1,775		2,064
4.25%, 01/31/2031 (e)		303		261
Reg. S, 4.50%, 07/15/2031	GBP	11,787		12,976
Reg. S, 5.63%, 04/15/2032	EUR	10,334		11,102
7.75%, 04/15/2032 (e)		3,182		3,187
Vodafone Group plc, (United Kingdom),
(CMT Index 5 Year + 2.77%), 4.13%, 06/04/2081 (aa)		400		355
Reg. S, (GBP Swap Rate 5 Year + 3.27%), 4.88%, 10/03/2078 (aa)	GBP	200		257
Reg. S, (UK Gilts 5 Year + 3.84%), 8.00%, 08/30/2086 (aa)	GBP	8,920		12,306
Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031 (e)		16,433		16,724
Zayo Group Holdings, Inc.,
4.00%, 03/01/2027 (e)		4,804		4,376
6.13%, 03/01/2028 (e)		3,500		2,914
Zegona Finance plc, (United Kingdom),
Reg. S, 6.75%, 07/15/2029	EUR	600		684
8.63%, 07/15/2029 (e)		1,060		1,123
				577,827
Total Communications				1,034,329
Consumer Cyclical — 12.2%
Airlines — 0.3%
Air Canada, (Canada), 3.88%, 08/15/2026 (e)		434		424
American Airlines, Inc.,
7.25%, 02/15/2028 (e)		1,870		1,861
8.50%, 05/15/2029 (e)		1,531		1,554
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., (Multinational),
5.50%, 04/20/2026 (e)		21		21

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
5.75%, 04/20/2029 (e)		3,179		3,107
AS Mileage Plan IP Ltd., (Cayman Islands), 5.02%, 10/20/2029 (e)		159		156
Delta Air Lines, Inc. / SkyMiles IP Ltd., (Multinational), 4.75%, 10/20/2028 (e)		71		71
JetBlue Airways Corp. / JetBlue Loyalty LP, (Multinational), 9.88%, 09/20/2031 (e)		1,908		1,882
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (e)		497		499
OneSky Flight LLC, 8.88%, 12/15/2029 (e)		2,418		2,442
United Airlines 2014-1 Class A Pass Through Trust, Series A, 4.00%, 04/11/2026		210		207
United Airlines Pass Through Trust, Series 20-1, Class A, 5.88%, 10/15/2027		307		312
United Airlines, Inc.,
4.38%, 04/15/2026 (e)		3,415		3,363
4.63%, 04/15/2029 (e)		4,552		4,309
VistaJet Malta Finance plc / Vista Management Holding, Inc., (Multinational),
6.38%, 02/01/2030 (e)		1,275		1,117
7.88%, 05/01/2027 (e)		3,829		3,760
9.50%, 06/01/2028 (e)		2,365		2,340
				27,425
Apparel — 0.1%
Crocs, Inc.,
4.13%, 08/15/2031 (e)		163		144
4.25%, 03/15/2029 (e)		1,111		1,033
CT Investment GmbH, (Germany), Reg. S, 6.38%, 04/15/2030	EUR	1,250		1,379
Hanesbrands, Inc., 9.00%, 02/15/2031 (e)		100		106
Kontoor Brands, Inc., 4.13%, 11/15/2029 (e)		1,350		1,239
Levi Strauss & Co., 3.50%, 03/01/2031 (e)		1,279		1,125
PVH Corp., 4.63%, 07/10/2025		135		135
Wolverine World Wide, Inc., 4.00%, 08/15/2029 (e)		6,700		5,667
				10,828
Auto Manufacturers — 0.4%
Aston Martin Capital Holdings Ltd., (Jersey),
10.00%, 03/31/2029 (e)		1,685		1,525
Reg. S, 10.38%, 03/31/2029	GBP	325		391
Ford Motor Credit Co. LLC,
2.70%, 08/10/2026		735		709
3.38%, 11/13/2025		1,241		1,226
4.13%, 08/04/2025		200		199
4.27%, 01/09/2027		2,500		2,447
4.69%, 06/09/2025		200		200
5.13%, 06/16/2025		2,677		2,675
5.13%, 11/05/2026		1,374		1,365
5.30%, 09/06/2029		452		438
5.80%, 03/08/2029		267		264
5.85%, 05/17/2027		943		947
6.95%, 06/10/2026		343		348
7.35%, 11/04/2027		325		337
General Motors Financial Co., Inc.,
2.75%, 06/20/2025		701		698
4.35%, 01/17/2027		58		57
5.40%, 05/08/2027		491		496
Hyundai Capital America,

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
2.00%, 06/15/2028 (e)		248		227
5.25%, 01/08/2027 (e)		141		142
5.30%, 01/08/2029 (e)		83		84
5.65%, 06/26/2026 (e)		482		487
5.95%, 09/21/2026 (e)		126		128
6.10%, 09/21/2028 (e)		735		761
6.50%, 01/16/2029 (e)		352		369
Jaguar Land Rover Automotive plc, (United Kingdom), 7.75%, 10/15/2025 (e)		813		813
JB Poindexter & Co., Inc., 8.75%, 12/15/2031 (e)		1,641		1,686
Nissan Motor Acceptance Co. LLC,
2.00%, 03/09/2026 (e)		138		133
6.95%, 09/15/2026 (e)		462		469
Nissan Motor Co. Ltd., (Japan),
3.52%, 09/17/2025 (e)		701		693
4.81%, 09/17/2030 (e)		3,987		3,778
PM General Purchaser LLC, 9.50%, 10/01/2028 (e)		4,760		4,541
RCI Banque SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.75%), 5.50%, 10/09/2034 (aa)	EUR	300		338
Stellantis Finance US, Inc., 5.35%, 03/17/2028 (e)		400		400
Volkswagen Group of America Finance LLC,
4.90%, 08/14/2026 (e)		200		200
4.95%, 03/25/2027 (e)		200		200
5.40%, 03/20/2026 (e)		311		313
5.70%, 09/12/2026 (e)		222		225
6.00%, 11/16/2026 (e)		200		204
Volkswagen International Finance NV, (Netherlands), Series PNC5, Reg. S, (EUR Swap Rate 5 Year + 4.29%), 7.50%, 09/06/2028 (x) (aa)	EUR	900		1,047
Wabash National Corp., 4.50%, 10/15/2028 (e)		76		68
				31,628
Auto Parts & Equipment — 1.4%
Adient Global Holdings Ltd., (Jersey), 7.00%, 04/15/2028 (e)		2,800		2,804
American Axle & Manufacturing, Inc., 6.50%, 04/01/2027		1,350		1,310
Aptiv Swiss Holdings Ltd., (Jersey), (CMT Index 5 Year + 3.39%), 6.88%, 12/15/2054 (aa)		5,372		5,259
Clarios Global LP / Clarios US Finance Co., (Multinational),
Reg. S, 4.38%, 05/15/2026	EUR	6,262		6,760
6.75%, 05/15/2028 (e)		4,805		4,867
6.75%, 02/15/2030 (e)		6,330		6,390
8.50%, 05/15/2027 (e)		12,239		12,270
Dana Financing Luxembourg Sarl, (Luxembourg),
5.75%, 04/15/2025 (e)		74		74
Reg. S, 8.50%, 07/15/2031	EUR	2,815		3,278
Dana, Inc.,
4.25%, 09/01/2030		1,625		1,498
4.50%, 02/15/2032		1,311		1,193
5.38%, 11/15/2027		275		271
5.63%, 06/15/2028		700		690
Forvia SE, (France),
Reg. S, 2.75%, 02/15/2027	EUR	12,033		12,591
Reg. S, 5.50%, 06/15/2031	EUR	6,211		6,483
Reg. S, 5.63%, 06/15/2030	EUR	375		396
Reg. S, 7.25%, 06/15/2026	EUR	463		511

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.75%, 05/31/2032 (e)		2,924		2,890
Goodyear Tire & Rubber Co. (The),
5.00%, 07/15/2029		678		628
5.25%, 04/30/2031		123		111
5.63%, 04/30/2033		406		361
Grupo Antolin-Irausa SA, (Spain), Reg. S, 10.38%, 01/30/2030	EUR	600		482
IHO Verwaltungs GmbH, (Germany),
Reg. S, 6.75% (cash), 11/15/2029 (v)	EUR	800		885
Reg. S, 7.00% (cash), 11/15/2031 (v)	EUR	3,568		3,954
Reg. S, 8.75% (cash), 05/15/2028 (v)	EUR	5,286		5,966
LG Energy Solution Ltd., (South Korea),
5.38%, 07/02/2029 (e)		2,400		2,416
Reg. S, 5.38%, 07/02/2029		400		403
Mahle GmbH, (Germany), Reg. S, 2.38%, 05/14/2028	EUR	1,000		970
Phinia, Inc.,
6.63%, 10/15/2032 (e)		915		896
6.75%, 04/15/2029 (e)		515		522
Schaeffler AG, (Germany), Reg. S, 4.50%, 03/28/2030	EUR	5,100		5,383
Tenneco, Inc., 8.00%, 11/17/2028 (e)		11,842		11,294
Titan International, Inc., 7.00%, 04/30/2028		2,850		2,819
ZF Europe Finance BV, (Netherlands),
Reg. S, 2.00%, 02/23/2026	EUR	9,500		10,039
Reg. S, 3.00%, 10/23/2029	EUR	1,300		1,238
ZF Finance GmbH, (Germany),
Reg. S, 2.75%, 05/25/2027	EUR	2,000		2,057
Reg. S, 5.75%, 08/03/2026	EUR	100		110
ZF North America Capital, Inc.,
4.75%, 04/29/2025 (e)		1,554		1,549
6.88%, 04/14/2028 (e)		450		442
				122,060
Distribution/Wholesale — 0.3%
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029 (e)		45		41
Azelis Finance NV, (Belgium),
Reg. S, 4.75%, 09/25/2029	EUR	900		989
4.75%, 09/25/2029 (e)	EUR	5,630		6,185
Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/2028 (e)		186		181
Gates Corp., 6.88%, 07/01/2029 (e)		1,545		1,572
H&E Equipment Services, Inc., 3.88%, 12/15/2028 (e)		6,070		6,051
RB Global Holdings, Inc., 6.75%, 03/15/2028 (e)		275		281
Resideo Funding, Inc.,
4.00%, 09/01/2029 (e)		218		198
6.50%, 07/15/2032 (e)		4,253		4,246
Telecommunications co Telekom Srbija AD Belgrade, (Serbia), Reg. S, 7.00%, 10/28/2029		1,300		1,296
Velocity Vehicle Group LLC, 8.00%, 06/01/2029 (e)		460		472
Windsor Holdings III LLC, 8.50%, 06/15/2030 (e)		2,050		2,115
				23,627
Entertainment — 2.2%
888 Acquisitions Ltd., (Gibraltar),
Reg. S, 7.56%, 07/15/2027	EUR	5,075		5,453
Reg. S, 10.75%, 05/15/2030	GBP	1,600		2,088
Allwyn Entertainment Financing UK plc, (United Kingdom),

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Reg. S, 7.25%, 04/30/2030	EUR	1,350		1,534
7.88%, 04/30/2029 (e)		666		687
Banijay Entertainment SAS, (France),
Reg. S, 7.00%, 05/01/2029	EUR	6,818		7,697
8.13%, 05/01/2029 (e)		410		421
Boyne USA, Inc., 4.75%, 05/15/2029 (e)		2,066		1,947
Caesars Entertainment, Inc.,
4.63%, 10/15/2029 (e)		7,095		6,521
6.00%, 10/15/2032 (e)		1,988		1,856
6.50%, 02/15/2032 (e)		6,259		6,236
7.00%, 02/15/2030 (e)		15,527		15,752
8.13%, 07/01/2027 (e)		370		372
CCM Merger, Inc., 6.38%, 05/01/2026 (e)		1,995		1,997
Churchill Downs, Inc.,
4.75%, 01/15/2028 (e)		3,494		3,393
5.75%, 04/01/2030 (e)		7,243		7,085
6.75%, 05/01/2031 (e)		5,342		5,383
Cinemark USA, Inc., 7.00%, 08/01/2032 (e)		1,402		1,415
Cirsa Finance International Sarl, (Luxembourg),
Reg. S, 6.50%, 03/15/2029	EUR	5,511		6,187
Reg. S, (EURIBOR 3 Month + 4.50%), 7.11%, 07/31/2028 (aa)	EUR	400		438
Reg. S, 7.88%, 07/31/2028	EUR	1,700		1,923
Reg. S, 10.38%, 11/30/2027	EUR	990		1,128
CPUK Finance Ltd., (Jersey), Reg. S, 7.88%, 08/28/2029	GBP	100		131
Flutter Treasury DAC, (Ireland), 6.38%, 04/29/2029 (e)		799		814
Great Canadian Gaming Corp., (Canada), 8.75%, 11/15/2029 (e)		3,027		3,045
IGT Lottery Holdings BV, (Netherlands), Reg. S, 4.25%, 03/15/2030	EUR	525		570
Inter Media and Communication SpA, (Italy), Reg. S, 6.75%, 02/09/2027	EUR	2,848		3,118
International Game Technology plc, (United Kingdom), 5.25%, 01/15/2029 (e)		655		640
Jacobs Entertainment, Inc.,
6.75%, 02/15/2029 (e)		4,350		4,178
Light & Wonder International, Inc., 7.50%, 09/01/2031 (e)		1,246		1,276
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/2029 (e)		2,507		2,324
Live Nation Entertainment, Inc., 4.75%, 10/15/2027 (e)		2,380		2,319
Loarre Investments Sarl, (Luxembourg), Reg. S, 6.50%, 05/15/2029	EUR	3,400		3,770
Lottomatica SpA, (Italy),
5.38%, 06/01/2030 (e)	EUR	12,313		13,672
Reg. S, 7.13%, 06/01/2028	EUR	9,190		10,328
Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/2031 (e)		3,805		3,595
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 05/01/2029 (e)		3,799		3,566
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC, 8.25%, 04/15/2030 (e) (w)		1,618		1,587
Motion Finco Sarl, (Luxembourg), Reg. S, 7.38%, 06/15/2030	EUR	500		534
Odeon Finco plc, (United Kingdom), 12.75%, 11/01/2027 (e)		2,331		2,437
Penn Entertainment, Inc.,
4.13%, 07/01/2029 (e)		2,379		2,113
5.63%, 01/15/2027 (e)		2,359		2,326
Pinewood Finco plc, (United Kingdom),
Reg. S, 3.63%, 11/15/2027	GBP	400		488
Reg. S, 6.00%, 03/27/2030	GBP	4,932		6,281

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.,
5.63%, 09/01/2029 (e)		1,409		1,036
5.88%, 09/01/2031 (e)		2,911		1,928
Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp., 6.63%, 02/01/2033 (e)		4,102		4,033
Scientific Games Holdings LP / Scientific Games US FinCo., Inc., 6.63%, 03/01/2030 (e)		5,923		5,583
Six Flags Entertainment Corp., 7.25%, 05/15/2031 (e)		2,203		2,211
Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc. / Canada’s Wonderland Co., 6.63%, 05/01/2032 (e)		638		643
Vail Resorts, Inc., 6.50%, 05/15/2032 (e)		2,572		2,599
Warnermedia Holdings, Inc.,
3.76%, 03/15/2027		1,668		1,626
4.05%, 03/15/2029		275		259
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.,
5.13%, 10/01/2029 (e)		5,626		5,396
6.25%, 03/15/2033 (e)		7,078		6,891
7.13%, 02/15/2031 (e)		4,777		4,938
				185,768
Food Service — 0.0% (g)
Aramark International Finance Sarl, (Luxembourg), Reg. S, 3.13%, 04/01/2025	EUR	693		749
Aramark Services, Inc., 5.00%, 02/01/2028 (e)		1,062		1,041
Elior Group SA, (France), Reg. S, 3.75%, 07/15/2026	EUR	100		108
				1,898
Home Builders — 1.2%
Ashton Woods USA LLC / Ashton Woods Finance Co.,
4.63%, 08/01/2029 (e)		2,058		1,861
4.63%, 04/01/2030 (e)		2,150		1,940
6.63%, 01/15/2028 (e)		1,575		1,561
Beazer Homes USA, Inc.,
5.88%, 10/15/2027		6,352		6,224
7.25%, 10/15/2029		5,302		5,213
7.50%, 03/15/2031 (e)		1,451		1,406
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, (Canada),
4.88%, 02/15/2030 (e)		7,373		6,441
5.00%, 06/15/2029 (e)		4,211		3,796
6.25%, 09/15/2027 (e)		2,325		2,294
Dream Finders Homes, Inc., 8.25%, 08/15/2028 (e)		517		534
Empire Communities Corp., (Canada), 9.75%, 05/01/2029 (e)		1,856		1,877
Forestar Group, Inc.,
5.00%, 03/01/2028 (e)		3,150		3,079
6.50%, 03/15/2033 (e)		2,305		2,257
K Hovnanian Enterprises, Inc., 11.75%, 09/30/2029 (e)		5,612		6,018
KB Home,
4.00%, 06/15/2031		1,450		1,302
4.80%, 11/15/2029		1,950		1,858
6.88%, 06/15/2027		698		710
Landsea Homes Corp., 8.88%, 04/01/2029 (e)		2,645		2,520
LGI Homes, Inc.,
7.00%, 11/15/2032 (e)		1,553		1,469
8.75%, 12/15/2028 (e)		585		609
M/I Homes, Inc.,

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
3.95%, 02/15/2030		1,400		1,278
4.95%, 02/01/2028		1,568		1,518
Mattamy Group Corp., (Canada),
4.63%, 03/01/2030 (e)		4,842		4,457
5.25%, 12/15/2027 (e)		6,109		5,927
Meritage Homes Corp., 3.88%, 04/15/2029 (e)		287		273
Miller Homes Group Finco plc, (United Kingdom), Reg. S, 7.00%, 05/15/2029	GBP	9,423		11,716
New Home Co., Inc. (The), 9.25%, 10/01/2029 (e)		2,886		2,960
Shea Homes LP / Shea Homes Funding Corp.,
4.75%, 02/15/2028		3,400		3,273
4.75%, 04/01/2029		3,025		2,869
STL Holding Co. LLC, 8.75%, 02/15/2029 (e)		2,535		2,602
Taylor Morrison Communities, Inc.,
5.13%, 08/01/2030 (e)		1,600		1,537
5.75%, 01/15/2028 (e)		1,900		1,896
5.88%, 06/15/2027 (e)		3,595		3,588
Tri Pointe Homes, Inc.,
5.25%, 06/01/2027		450		444
5.70%, 06/15/2028		2,776		2,760
				100,067
Home Furnishings — 0.0% (g)
Leggett & Platt, Inc., 3.50%, 11/15/2027		63		61
Somnigroup International, Inc.,
3.88%, 10/15/2031 (e)		135		119
4.00%, 04/15/2029 (e)		1,541		1,431
				1,611
Housewares — 0.2%
CD&R Smokey Buyer, Inc. / Radio Systems Corp., 9.50%, 10/15/2029 (e)		1,582		1,443
Newell Brands, Inc.,
6.38%, 05/15/2030		935		909
6.63%, 05/15/2032		1,670		1,623
7.00%, 04/01/2046		1,575		1,373
Scotts Miracle-Gro Co. (The),
4.00%, 04/01/2031		4,391		3,856
4.38%, 02/01/2032		3,243		2,848
4.50%, 10/15/2029		157		146
SWF Holdings I Corp., 6.50%, 10/01/2029 (d) (e)		7,600		3,422
				15,620
Leisure Time — 1.9%
Amer Sports Co., 6.75%, 02/16/2031 (e)		2,705		2,768
Carnival Corp., (Panama),
4.00%, 08/01/2028 (e)		8,085		7,731
5.75%, 03/01/2027 (e)		9,199		9,210
5.75%, 03/15/2030 (e)		1,650		1,638
6.00%, 05/01/2029 (e)		5,562		5,518
6.13%, 02/15/2033 (e)		8,306		8,201
Deuce Finco Plc, (United Kingdom), Reg. S, 5.50%, 06/15/2027	GBP	2,013		2,551
Life Time, Inc., 6.00%, 11/15/2031 (e)		1,475		1,462
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/2028 (e)		2,852		2,908
Lindblad Expeditions LLC, 6.75%, 02/15/2027 (e)		2,122		2,110

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Leisure Time — continued
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029 (e)		2,816		2,144
NCL Corp. Ltd., (Bermuda),
5.88%, 03/15/2026 (e)		955		953
5.88%, 02/15/2027 (e)		2,800		2,796
6.25%, 03/01/2030 (e)		3,574		3,508
6.75%, 02/01/2032 (e)		4,496		4,451
7.75%, 02/15/2029 (e)		3,062		3,190
8.13%, 01/15/2029 (e)		150		158
NCL Finance Ltd., (Bermuda), 6.13%, 03/15/2028 (e)		3,883		3,871
Pinnacle Bidco plc, (United Kingdom),
Reg. S, 8.25%, 10/11/2028	EUR	14,313		16,221
Reg. S, 10.00%, 10/11/2028	GBP	7,820		10,676
Royal Caribbean Cruises Ltd., (Liberia),
5.50%, 04/01/2028 (e)		5,125		5,104
5.63%, 09/30/2031 (e)		10,051		9,866
6.00%, 02/01/2033 (e)		7,067		7,058
Sabre GLBL, Inc.,
8.63%, 06/01/2027 (e)		4,017		3,975
10.75%, 11/15/2029 (e)		4,564		4,594
TUI AG, (Germany), Reg. S, 5.88%, 03/15/2029	EUR	5,992		6,690
TUI Cruises GmbH, (Germany),
5.00%, 05/15/2030 (e)	EUR	7,412		8,054
Reg. S, 6.25%, 04/15/2029	EUR	4,372		4,899
Viking Cruises Ltd., (Bermuda),
5.88%, 09/15/2027 (e)		1,300		1,294
6.25%, 05/15/2025 (e)		1,347		1,347
7.00%, 02/15/2029 (e)		2,475		2,483
9.13%, 07/15/2031 (e)		6,925		7,397
Viking Ocean Cruises Ship VII Ltd., (Bermuda), 5.63%, 02/15/2029 (e)		3,997		3,928
VOC Escrow Ltd., (Bermuda), 5.00%, 02/15/2028 (e)		2,890		2,818
				161,572
Lodging — 1.4%
AccorInvest Group SA, (Luxembourg),
5.50%, 11/15/2031 (e)	EUR	8,433		9,009
Reg. S, 6.38%, 10/15/2029	EUR	1,700		1,891
6.38%, 10/15/2029 (e)	EUR	7,540		8,386
Boyd Gaming Corp., 4.75%, 06/15/2031 (e)		3,600		3,320
Fortune Star BVI Ltd., (British Virgin Islands),
Reg. S, 3.95%, 10/02/2026	EUR	1,800		1,863
Reg. S, 5.00%, 05/18/2026		1,600		1,548
Reg. S, 5.05%, 01/27/2027		4,400		4,178
Reg. S, 5.95%, 10/19/2025		700		697
Hilton Domestic Operating Co., Inc.,
3.63%, 02/15/2032 (e)		3,702		3,245
4.88%, 01/15/2030		949		918
5.88%, 04/01/2029 (e)		1,200		1,204
5.88%, 03/15/2033 (e)		2,587		2,561
6.13%, 04/01/2032 (e)		1,176		1,180
Hyatt Hotels Corp.,
5.05%, 03/30/2028		200		201
5.25%, 06/30/2029		154		155

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Las Vegas Sands Corp.,
2.90%, 06/25/2025		677		673
3.50%, 08/18/2026		435		426
5.90%, 06/01/2027		100		102
Melco Resorts Finance Ltd., (Cayman Islands),
Reg. S, 4.88%, 06/06/2025		623		620
5.38%, 12/04/2029 (e)		5,557		5,097
5.63%, 07/17/2027 (e)		200		196
5.75%, 07/21/2028 (e)		1,200		1,152
7.63%, 04/17/2032 (e)		1,952		1,942
MGM China Holdings Ltd., (Cayman Islands),
4.75%, 02/01/2027 (e)		1,186		1,162
7.13%, 06/26/2031 (e)		714		729
MGM Resorts International,
4.63%, 09/01/2026		275		271
4.75%, 10/15/2028		4,726		4,551
5.50%, 04/15/2027		4,600		4,562
6.13%, 09/15/2029		3,477		3,441
6.50%, 04/15/2032		3,530		3,459
Motel One GmbH, (Germany), Reg. S, 7.75%, 04/02/2031	EUR	6,402		7,397
Sands China Ltd., (Cayman Islands), 5.13%, 08/08/2025		201		201
Sani/Ikos Financial Holdings 1 Sarl, (Luxembourg), 7.25%, 07/31/2030 (e)	EUR	4,690		5,217
Station Casinos LLC,
4.50%, 02/15/2028 (e)		1,169		1,119
4.63%, 12/01/2031 (e)		4,021		3,613
6.63%, 03/15/2032 (e)		1,400		1,388
Wynn Macau Ltd., (Cayman Islands),
5.13%, 12/15/2029 (e)		3,137		2,899
5.50%, 10/01/2027 (e)		1,830		1,787
5.63%, 08/26/2028 (e)		12,932		12,442
				104,802
Retail — 2.8%
1011778 BC ULC / New Red Finance, Inc., (Canada),
3.50%, 02/15/2029 (e)		2,025		1,871
3.88%, 01/15/2028 (e)		1,115		1,066
4.00%, 10/15/2030 (e)		8,257		7,470
4.38%, 01/15/2028 (e)		1,157		1,112
5.63%, 09/15/2029 (e)		2,030		2,009
Afflelou SAS, (France), Reg. S, 6.00%, 07/25/2029	EUR	654		730
Agrifarma SpA, (Italy), Reg. S, 4.50%, 10/31/2028	EUR	2,455		2,635
Arko Corp., 5.13%, 11/15/2029 (e)		2,625		2,126
Asbury Automotive Group, Inc.,
4.75%, 03/01/2030		3		3
5.00%, 02/15/2032 (e)		270		244
B&M European Value Retail SA, (Luxembourg), Reg. S, 6.50%, 11/27/2031	GBP	666		839
BCPE Ulysses Intermediate, Inc., 7.75% (cash), 04/01/2027 (e) (v)		2,115		1,990
Bertrand Franchise Finance SAS, (France),
Reg. S, (EURIBOR 3 Month + 3.75%), 6.49%, 07/18/2030 (aa)	EUR	1,300		1,409
6.50%, 07/18/2030 (e)	EUR	6,223		6,896
Brinker International, Inc., 8.25%, 07/15/2030 (e)		2,575		2,707

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Bubbles Bidco SpA, (Italy),
Reg. S, 6.50%, 09/30/2031	EUR	138		149
6.50%, 09/30/2031 (e)	EUR	11,705		12,657
Reg. S, (EURIBOR 3 Month + 4.25%), 6.61%, 09/30/2031 (aa)	EUR	201		217
Carvana Co.,
9.00% (cash), 12/01/2028 (e) (v)		1,601		1,646
9.00% (cash), 06/01/2030 (e) (v)		16,876		17,865
9.00% (cash), 06/01/2031 (e) (v)		18,157		20,175
CD&R Firefly Bidco plc, (United Kingdom), Reg. S, 8.63%, 04/30/2029	GBP	6,401		8,434
CEC Entertainment LLC, 6.75%, 05/01/2026 (e)		758		748
Cougar JV Subsidiary LLC, 8.00%, 05/15/2032 (e)		2,294		2,365
Dufry One BV, (Netherlands), Reg. S, 3.38%, 04/15/2028	EUR	3,020		3,219
Duomo Bidco SpA, (Italy), Reg. S, (EURIBOR 3 Month + 4.13%), 6.91%, 07/15/2031 (aa)	EUR	235		256
eG Global Finance plc, (United Kingdom), 12.00%, 11/30/2028 (e)		4,931		5,460
Eroski S Coop, (Spain), Reg. S, 10.63%, 04/30/2029	EUR	10,574		12,371
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.,
4.63%, 01/15/2029 (e)		6,405		5,896
6.75%, 01/15/2030 (e)		8,925		7,711
Foundation Building Materials, Inc., 6.00%, 03/01/2029 (e)		2,268		1,851
Fressnapf Holding SE, (Germany), Reg. S, 5.25%, 10/31/2031	EUR	9,139		9,870
Gap, Inc. (The),
3.63%, 10/01/2029 (e)		1,475		1,331
3.88%, 10/01/2031 (e)		2,980		2,570
Global Auto Holdings Ltd. / AAG FH UK Ltd., (United Kingdom), 11.50%, 08/15/2029 (e)		1,353		1,322
Goldstory SAS, (France),
Reg. S, (EURIBOR 3 Month + 4.00%), 6.61%, 02/01/2030 (aa)	EUR	300		326
Reg. S, 6.75%, 02/01/2030	EUR	1,719		1,915
Group 1 Automotive, Inc., 6.38%, 01/15/2030 (e)		1,400		1,399
GYP Holdings III Corp., 4.63%, 05/01/2029 (e)		2,293		2,146
Ken Garff Automotive LLC, 4.88%, 09/15/2028 (e)		3		3
LBM Acquisition LLC, 6.25%, 01/15/2029 (e)		3,325		2,832
LCM Investments Holdings II LLC,
4.88%, 05/01/2029 (e)		3,650		3,425
8.25%, 08/01/2031 (e)		4,667		4,844
Lithia Motors, Inc.,
3.88%, 06/01/2029 (e)		1,550		1,419
4.38%, 01/15/2031 (e)		100		91
Park River Holdings, Inc.,
5.63%, 02/01/2029 (e)		3,275		2,570
6.75%, 08/01/2029 (e)		1,625		1,263
Patrick Industries, Inc.,
4.75%, 05/01/2029 (e)		525		493
6.38%, 11/01/2032 (e)		1,760		1,705
PetSmart, Inc. / PetSmart Finance Corp., 7.75%, 02/15/2029 (e)		1,750		1,600
PEU Fin plc, (United Kingdom), Reg. S, 7.25%, 07/01/2028	EUR	11,786		13,149
Punch Finance plc, (United Kingdom), Reg. S, 6.13%, 06/30/2026	GBP	1,800		2,311
Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032		5,044		5,053
Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.50%, 11/28/2025 (e)		627		625
Staples, Inc., 10.75%, 09/01/2029 (e)		2,327		2,097
Stonegate Pub Co. Financing 2019 plc, (United Kingdom),

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Retail — continued
Reg. S, (EURIBOR 3 Month + 6.63%), 9.18%, 07/31/2029 (aa)	EUR	1,160		1,284
Reg. S, 10.75%, 07/31/2029	GBP	1,319		1,759
10.75%, 07/31/2029 (e)	GBP	3,500		4,668
Suburban Propane Partners LP / Suburban Energy Finance Corp.,
5.00%, 06/01/2031 (e)		2,275		2,051
5.88%, 03/01/2027		2,825		2,812
Superior Plus LP / Superior General Partner, Inc., (Canada), 4.50%, 03/15/2029 (e)		2,696		2,488
Walgreens Boots Alliance, Inc.,
4.80%, 11/18/2044		912		823
8.13%, 08/15/2029		1,388		1,417
White Cap Buyer LLC, 6.88%, 10/15/2028 (e)		19,409		18,622
Yum! Brands, Inc., 4.75%, 01/15/2030 (e)		752		726
				235,136
Toys/Games/Hobbies — 0.0% (g)
Hasbro, Inc., 3.90%, 11/19/2029		857		814
Mattel, Inc.,
3.38%, 04/01/2026 (e)		110		108
5.88%, 12/15/2027 (e)		1,521		1,525
				2,447
Total Consumer Cyclical				1,024,489
Consumer Non-cyclical — 12.9%
Agriculture — 0.1%
Altria Group, Inc., 4.88%, 02/04/2028		162		163
BAT Capital Corp.,
2.26%, 03/25/2028		156		146
3.56%, 08/15/2027		503		491
BAT International Finance plc, (United Kingdom), 5.93%, 02/02/2029		101		105
Darling Ingredients, Inc., 6.00%, 06/15/2030 (e)		3,178		3,153
Imperial Brands Finance plc, (United Kingdom),
5.50%, 02/01/2030 (e)		1,271		1,299
6.13%, 07/27/2027 (e)		739		761
Reynolds American, Inc., 4.45%, 06/12/2025		124		124
Roquette Freres SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.25%), 5.49%, 11/25/2029 (x) (aa)	EUR	1,200		1,293
Tereos Finance Groupe I SA, (France),
Reg. S, 5.75%, 04/30/2031	EUR	185		201
Reg. S, 5.88%, 04/30/2030	EUR	800		885
Reg. S, 7.25%, 04/15/2028	EUR	275		307
Viterra Finance BV, (Netherlands),
2.00%, 04/21/2026 (e)		1,000		970
4.90%, 04/21/2027 (e)		600		599
				10,497
Beverages — 0.0% (g)
Bacardi-Martini BV, (Netherlands), 5.55%, 02/01/2030 (e)		482		490
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, (British Virgin Islands), 5.25%, 04/27/2029 (e)		550		529
				1,019
Biotechnology — 0.2%
Amgen, Inc., 5.51%, 03/02/2026		444		444
Cidron Aida Finco Sarl, (Luxembourg),

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Biotechnology — continued
Reg. S, 5.00%, 04/01/2028	EUR	10,398		11,315
Reg. S, 6.25%, 04/01/2028	GBP	3,748		4,866
Illumina, Inc., 5.75%, 12/13/2027		108		110
Royalty Pharma plc, (United Kingdom), 5.15%, 09/02/2029		54		54
				16,789
Commercial Services — 5.1%
ADT Security Corp. (The),
4.13%, 08/01/2029 (e)		218		205
4.88%, 07/15/2032 (e)		1,731		1,616
Adtalem Global Education, Inc., 5.50%, 03/01/2028 (e)		1,550		1,526
Albion Financing 1 Sarl / Aggreko Holdings, Inc., (Luxembourg),
Reg. S, 5.25%, 10/15/2026	EUR	10,580		11,463
6.13%, 10/15/2026 (e)		438		438
Allied Universal Holdco LLC, 7.88%, 02/15/2031 (e)		24,098		24,405
Allied Universal Holdco LLC / Allied Universal Finance Corp.,
6.00%, 06/01/2029 (e)		15,104		13,881
9.75%, 07/15/2027 (e)		7,725		7,766
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 Sarl, (Multinational),
4.63%, 06/01/2028 (e)		16,724		15,802
Reg. S, 4.88%, 06/01/2028	GBP	500		607
Alta Equipment Group, Inc., 9.00%, 06/01/2029 (e)		1,579		1,378
Amber Finco plc, (United Kingdom),
Reg. S, 6.63%, 07/15/2029	EUR	2,228		2,504
6.63%, 07/15/2029 (e)	EUR	7,565		8,502
AMN Healthcare, Inc.,
4.00%, 04/15/2029 (e)		3,075		2,771
4.63%, 10/01/2027 (e)		3,152		3,029
APi Group DE, Inc.,
4.13%, 07/15/2029 (e)		1,730		1,601
4.75%, 10/15/2029 (e)		2,150		2,002
Arena Luxembourg Finance Sarl, (Luxembourg), Reg. S, 1.88%, 02/01/2028	EUR	100		103
Ashtead Capital, Inc., 4.38%, 08/15/2027 (e)		488		483
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 04/01/2028 (e)		4,725		4,316
Avis Budget Finance Plc, (Jersey),
Reg. S, 7.00%, 02/28/2029	EUR	2,936		3,107
Reg. S, 7.25%, 07/31/2030	EUR	8,005		8,460
BCP V Modular Services Finance II plc, (United Kingdom),
Reg. S, 4.75%, 11/30/2028	EUR	3,853		4,031
Reg. S, 6.13%, 11/30/2028	GBP	1,200		1,472
BCP V Modular Services Finance plc, (United Kingdom), Reg. S, 6.75%, 11/30/2029	EUR	6,098		6,025
Belron UK Finance plc, (United Kingdom),
4.63%, 10/15/2029 (e)	EUR	11,525		12,555
5.75%, 10/15/2029 (e)		5,715		5,644
Block, Inc.,
2.75%, 06/01/2026		2,482		2,407
3.50%, 06/01/2031		1,060		932
6.50%, 05/15/2032 (e)		15,155		15,308
Boels Topholding BV, (Netherlands), Reg. S, 5.75%, 05/15/2030	EUR	13,640		15,083
Boost Newco Borrower LLC, 7.50%, 01/15/2031 (e)		9,901		10,303

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Boost Newco Borrower LLC / GTCR W Dutch Finance Sub BV, (Multinational), Reg. S, 8.50%, 01/15/2031	GBP	2,100		2,884
Brink’s Co. (The),
4.63%, 10/15/2027 (e)		477		468
6.50%, 06/15/2029 (e)		1,027		1,040
6.75%, 06/15/2032 (e)		4,820		4,885
Dcli Bidco LLC, 7.75%, 11/15/2029 (e)		1,700		1,749
Deluxe Corp., 8.13%, 09/15/2029 (e)		1,083		1,089
DP World Ltd., (United Arab Emirates), Reg. S, 4.70%, 09/30/2049		1,000		856
EquipmentShare.com, Inc., 8.00%, 03/15/2033 (e)		1,428		1,436
Garda World Security Corp., (Canada),
4.63%, 02/15/2027 (e)		1,225		1,193
6.00%, 06/01/2029 (e)		587		549
7.75%, 02/15/2028 (e)		4,625		4,741
8.25%, 08/01/2032 (e)		5,759		5,606
8.38%, 11/15/2032 (e)		12,350		12,139
Global Payments, Inc., 4.45%, 06/01/2028		110		109
GXO Logistics, Inc., 6.25%, 05/06/2029		1,177		1,213
Herc Holdings, Inc.,
5.50%, 07/15/2027 (e)		500		497
6.63%, 06/15/2029 (e)		3,485		3,501
Hertz Corp. (The),
4.63%, 12/01/2026 (e)		400		278
5.00%, 12/01/2029 (e)		200		99
12.63%, 07/15/2029 (e)		1,439		1,298
House of HR Group BV, (Netherlands), Reg. S, 9.00%, 11/03/2029	EUR	880		969
La Financiere Atalian, (France), Reg. S, 8.50% (Blend (cash 3.50% + PIK 5.00%)), 06/30/2028 (v)	EUR	1,205		562
Loxam SAS, (France),
4.25%, 02/15/2030 (e)	EUR	2,280		2,441
Reg. S, 6.38%, 05/15/2028	EUR	200		223
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/2029 (e)		8,304		7,860
Mundys SpA, (Italy), Reg. S, 1.88%, 02/12/2028	EUR	9,380		9,690
NESCO Holdings II, Inc., 5.50%, 04/15/2029 (e)		2,425		2,239
OT Midco, Inc., 10.00%, 02/15/2030 (e)		454		388
Pachelbel Bidco SpA, (Italy),
Reg. S, (EURIBOR 3 Month + 4.25%), 6.87%, 05/17/2031 (aa)	EUR	400		435
Reg. S, 7.13%, 05/17/2031	EUR	2,820		3,230
7.13%, 05/17/2031 (e)	EUR	13,849		15,861
Pelabuhan Indonesia Persero PT, (Indonesia), Reg. S, 5.38%, 05/05/2045		2,100		1,934
PeopleCert Wisdom Issuer plc, (United Kingdom), Reg. S, 5.75%, 09/15/2026	EUR	1,000		1,080
Q-Park Holding I BV, (Netherlands),
Reg. S, 2.00%, 03/01/2027	EUR	7,846		8,208
Reg. S, 5.13%, 03/01/2029	EUR	1,400		1,539
Raven Acquisition Holdings LLC, 6.88%, 11/15/2031 (e)		3,340		3,229
Rekeep SpA, (Italy),
Reg. S, 9.00%, 09/15/2029	EUR	1,400		1,493
9.00%, 09/15/2029 (e)	EUR	1,398		1,491
RR Donnelley & Sons Co., 9.50%, 08/01/2029 (e)		2,813		2,787
Rutas 2 & 7 Finance Ltd., (Cayman Islands), Reg. S, Zero Coupon, 09/30/2036		997		705

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Service Corp. International,
3.38%, 08/15/2030		1,560		1,389
4.00%, 05/15/2031		3,653		3,309
5.75%, 10/15/2032		8,801		8,650
7.50%, 04/01/2027		1,400		1,442
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/2032 (e)		6,650		6,705
Sotheby’s, 7.38%, 10/15/2027 (e)		8,262		7,968
Sotheby’s / Bidfair Holdings, Inc., 5.88%, 06/01/2029 (e)		1,484		1,303
Techem Verwaltungsgesellschaft 674 mbH, (Germany), Reg. S, 6.00%, 07/30/2026	EUR	12,766		13,804
Techem Verwaltungsgesellschaft 675 mbH, (Germany),
Reg. S, 5.38%, 07/15/2029	EUR	6,326		6,938
Series Nov, 5.38%, 07/15/2029 (e)	EUR	7,505		8,230
Triton Container International Ltd., (Bermuda), 2.05%, 04/15/2026 (e)		1,133		1,099
United Rentals North America, Inc.,
3.75%, 01/15/2032		3,447		3,043
3.88%, 02/15/2031		1,739		1,578
4.88%, 01/15/2028		2,025		1,985
5.25%, 01/15/2030		2,806		2,754
6.13%, 03/15/2034 (e)		1,287		1,287
Valvoline, Inc., 3.63%, 06/15/2031 (e)		2,376		2,065
Verisure Holding AB, (Sweden),
Reg. S, 3.25%, 02/15/2027	EUR	8,300		8,852
Reg. S, 3.88%, 07/15/2026	EUR	14,753		15,893
Reg. S, 5.50%, 05/15/2030	EUR	7,274		8,053
Reg. S, 7.13%, 02/01/2028	EUR	3,900		4,360
Veritiv Operating Co., 10.50%, 11/30/2030 (e)		1,455		1,540
VT Topco, Inc., 8.50%, 08/15/2030 (e)		875		918
Wand NewCo. 3, Inc., 7.63%, 01/30/2032 (e)		5,510		5,638
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026 (e)		975		966
WEX, Inc., 6.50%, 03/15/2033 (e)		4,246		4,201
Williams Scotsman, Inc.,
6.63%, 06/15/2029 (e)		1,147		1,160
6.63%, 04/15/2030 (e)		3,203		3,235
7.38%, 10/01/2031 (e)		1,566		1,612
				431,696
Cosmetics/Personal Care — 0.2%
Coty, Inc., 5.00%, 04/15/2026 (e)		197		196
Opal Bidco SAS, (France),
Reg. S, 5.50%, 03/31/2032 (w) (bb)	EUR	202		219
5.50%, 03/31/2032 (e) (w) (bb)	EUR	4,639		5,016
6.50%, 03/31/2032 (e) (w) (bb)		2,902		2,902
Perrigo Finance Unlimited Co., (Ireland), 6.13%, 09/30/2032		3,797		3,722
				12,055
Food — 2.1%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC,
3.25%, 03/15/2026 (e)		195		191
3.50%, 03/15/2029 (e)		8,446		7,771
4.63%, 01/15/2027 (e)		1,173		1,155
4.88%, 02/15/2030 (e)		2,444		2,335
5.88%, 02/15/2028 (e)		1,250		1,247
6.25%, 03/15/2033 (e)		3,040		3,058

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
6.50%, 02/15/2028 (e)		1,057		1,072
B&G Foods, Inc.,
5.25%, 09/15/2027		7,896		7,406
8.00%, 09/15/2028 (e)		2,611		2,611
Bellis Acquisition Co. plc , (United Kingdom),
Reg. S, 8.13%, 05/14/2030	GBP	17,460		21,059
8.13%, 05/14/2030 (e)	GBP	1,975		2,382
Bellis Finco plc, (United Kingdom), Reg. S, 4.00%, 02/16/2027	GBP	180		220
Boparan Finance plc, (United Kingdom), Reg. S, 9.38%, 11/07/2029	GBP	1,600		1,987
Chobani Holdco II LLC, 8.75% (cash), 10/01/2029 (e) (v)		14,063		15,226
Chobani LLC / Chobani Finance Corp., Inc.,
4.63%, 11/15/2028 (e)		3,397		3,271
7.63%, 07/01/2029 (e)		9,082		9,325
Darling Global Finance BV, (Netherlands), Reg. S, 3.63%, 05/15/2026	EUR	300		322
ELO SACA, (France),
Reg. S, 2.88%, 01/29/2026	EUR	700		740
Reg. S, 3.25%, 07/23/2027	EUR	3,700		3,797
Reg. S, 4.88%, 12/08/2028	EUR	3,900		3,778
Reg. S, 5.88%, 04/17/2028	EUR	4,700		4,798
Reg. S, 6.00%, 03/22/2029	EUR	1,900		1,868
Fiesta Purchaser, Inc.,
7.88%, 03/01/2031 (e)		377		390
9.63%, 09/15/2032 (e)		1,397		1,433
Flora Food Management BV, (Netherlands),
Reg. S, 6.88%, 07/02/2029	EUR	2,700		2,960
6.88%, 07/02/2029 (e)	EUR	1,610		1,765
Iceland Bondco plc, (United Kingdom),
Reg. S, 4.38%, 05/15/2028	GBP	7,173		8,443
Reg. S, (EURIBOR 3 Month + 5.50%), 8.06%, 12/15/2027 (aa)	EUR	2,532		2,731
Irca SpA, (Italy), Reg. S, (EURIBOR 3 Month + 3.75%), 6.25%, 12/15/2029 (aa)	EUR	283		306
JBS USA Holding Lux Sarl / JBS USA Food Co. / JBS Lux Co. Sarl, (Luxembourg),
3.00%, 02/02/2029		346		323
5.13%, 02/01/2028		255		258
5.50%, 01/15/2030		118		120
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (e)		1,637		1,680
Koninklijke FrieslandCampina NV, (Netherlands), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.85%), 4.85%, 10/23/2029 (x) (aa)	EUR	850		919
Lamb Weston Holdings, Inc.,
4.13%, 01/31/2030 (e)		1,598		1,486
4.38%, 01/31/2032 (e)		2,807		2,564
4.88%, 05/15/2028 (e)		72		70
Lion / Polaris Lux 4 SA, (Luxembourg), Reg. S, (EURIBOR 3 Month + 3.63%), 5.95%, 07/01/2029 (aa)	EUR	349		376
Market Bidco Finco plc, (United Kingdom),
Reg. S, 4.75%, 11/04/2027	EUR	3,200		3,352
Reg. S, 5.50%, 11/04/2027	GBP	12,939		15,962
Mars, Inc.,
4.45%, 03/01/2027 (e)		261		262
4.60%, 03/01/2028 (e)		281		282
4.80%, 03/01/2030 (e)		517		519

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Performance Food Group, Inc.,
4.25%, 08/01/2029 (e)		2,009		1,879
6.13%, 09/15/2032 (e)		3,198		3,179
Picard Groupe SAS, (France), Reg. S, 6.38%, 07/01/2029	EUR	100		111
Pilgrim’s Pride Corp.,
3.50%, 03/01/2032		2,600		2,288
4.25%, 04/15/2031		3,440		3,237
Post Holdings, Inc.,
4.50%, 09/15/2031 (e)		1,580		1,431
4.63%, 04/15/2030 (e)		3,055		2,853
5.50%, 12/15/2029 (e)		1,850		1,797
6.25%, 02/15/2032 (e)		878		883
6.25%, 10/15/2034 (e)		5,995		5,856
6.38%, 03/01/2033 (e)		2,970		2,920
Premier Foods Finance plc, (United Kingdom), Reg. S, 3.50%, 10/15/2026	GBP	1,000		1,271
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 4.63%, 03/01/2029 (e)		1,139		1,056
United Natural Foods, Inc., 6.75%, 10/15/2028 (e)		1,842		1,819
US Foods, Inc.,
4.75%, 02/15/2029 (e)		1,010		973
7.25%, 01/15/2032 (e)		1,323		1,373
				174,746
Healthcare - Products — 0.6%
Avantor Funding, Inc.,
Reg. S, 2.63%, 11/01/2025	EUR	1,081		1,161
Reg. S, 3.88%, 07/15/2028	EUR	100		107
4.63%, 07/15/2028 (e)		2,117		2,040
Bausch + Lomb Corp., (Canada), 8.38%, 10/01/2028 (e)		10,933		11,325
GE HealthCare Technologies, Inc., 4.80%, 08/14/2029		80		80
Insulet Corp., 6.50%, 04/01/2033 (e)		1,868		1,895
Medline Borrower LP,
3.88%, 04/01/2029 (e)		16,884		15,775
5.25%, 10/01/2029 (e)		12,971		12,446
Medline Borrower LP / Medline Co-Issuer, Inc., 6.25%, 04/01/2029 (e)		3,024		3,062
Neogen Food Safety Corp., 8.63%, 07/20/2030 (e)		942		992
Solventum Corp.,
5.40%, 03/01/2029		1,260		1,284
5.45%, 02/25/2027		299		303
Sotera Health Holdings LLC, 7.38%, 06/01/2031 (e)		2,240		2,277
				52,747
Healthcare - Services — 2.3%
Acadia Healthcare Co., Inc., 7.38%, 03/15/2033 (e)		1,472		1,471
AHP Health Partners, Inc., 5.75%, 07/15/2029 (e)		4,282		3,972
CAB SELAS, (France), Reg. S, 3.38%, 02/01/2028	EUR	12,044		12,224
Centene Corp.,
2.45%, 07/15/2028		550		502
4.25%, 12/15/2027		1,414		1,379
Cerba Healthcare SACA, (France), Reg. S, 3.50%, 05/31/2028	EUR	13,423		11,710
Charles River Laboratories International, Inc.,
4.00%, 03/15/2031 (e)		15		13
4.25%, 05/01/2028 (e)		372		355

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Chrome Holdco SAS, (France), Reg. S, 5.00%, 05/31/2029	EUR	9,185		4,423
CHS / Community Health Systems, Inc.,
4.75%, 02/15/2031 (e)		5,372		4,239
5.25%, 05/15/2030 (e)		6,084		5,010
5.63%, 03/15/2027 (e)		7,998		7,624
6.00%, 01/15/2029 (e)		5,913		5,240
10.88%, 01/15/2032 (e)		8,091		7,966
Concentra Escrow Issuer Corp., 6.88%, 07/15/2032 (e)		2,270		2,308
DaVita, Inc.,
3.75%, 02/15/2031 (e)		9,357		8,144
4.63%, 06/01/2030 (e)		10,425		9,581
6.88%, 09/01/2032 (e)		1,860		1,869
Encompass Health Corp.,
4.50%, 02/01/2028		55		53
4.63%, 04/01/2031		1,391		1,303
Ephios Subco 3 Sarl, (Luxembourg), Reg. S, 7.88%, 01/31/2031	EUR	1,934		2,228
Eurofins Scientific SE, (Luxembourg), Reg. S, (EURIBOR 3 Month + 4.24%), 6.75%, 04/24/2028 (x) (aa)	EUR	2,100		2,393
Fortrea Holdings, Inc., 7.50%, 07/01/2030 (e)		505		457
Fresenius Medical Care US Finance III, Inc., 3.75%, 06/15/2029 (e)		530		505
HAH Group Holding Co. LLC, 9.75%, 10/01/2031 (e)		2,135		2,055
HCA, Inc.,
5.25%, 04/15/2025		500		500
5.25%, 06/15/2026		543		545
5.25%, 03/01/2030		1,124		1,136
7.50%, 11/06/2033		1,100		1,241
Health Care Service Corp. A Mutual Legal Reserve Co., 5.20%, 06/15/2029 (e)		124		126
HealthEquity, Inc., 4.50%, 10/01/2029 (e)		4,775		4,475
IQVIA, Inc.,
Reg. S, 1.75%, 03/15/2026	EUR	200		212
Reg. S, 2.25%, 03/15/2029	EUR	100		101
Reg. S, 2.88%, 06/15/2028	EUR	4,530		4,716
5.00%, 10/15/2026 (e)		600		596
5.00%, 05/15/2027 (e)		200		197
Laboratoire Eimer Selas, (France), Reg. S, 5.00%, 02/01/2029	EUR	4,594		4,545
LifePoint Health, Inc.,
5.38%, 01/15/2029 (e)		3,550		3,116
8.38%, 02/15/2032 (e)		4,377		4,405
9.88%, 08/15/2030 (e)		134		141
10.00%, 06/01/2032 (e)		3,380		3,224
11.00%, 10/15/2030 (e)		9,363		10,173
Molina Healthcare, Inc.,
3.88%, 11/15/2030 (e)		13		11
3.88%, 05/15/2032 (e)		3,033		2,657
6.25%, 01/15/2033 (e)		1,604		1,578
MPH Acquisition Holdings LLC,
5.75%, 12/31/2030 (d) (e)		3,384		2,453
11.50% (Blend (cash 6.50% + PIK 5.00%)), 12/31/2030 (d) (e) (v)		1,767		1,531
Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (e)		4,302		4,057
Select Medical Corp., 6.25%, 12/01/2032 (e)		1,020		994
Star Parent, Inc., 9.00%, 10/01/2030 (e)		3,638		3,585

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Healthcare - Services — continued
Surgery Center Holdings, Inc., 7.25%, 04/15/2032 (e)		6,411		6,337
Tenet Healthcare Corp.,
4.25%, 06/01/2029		6,887		6,488
4.38%, 01/15/2030		13,077		12,256
6.13%, 06/15/2030		670		668
6.75%, 05/15/2031		6,433		6,521
Universal Health Services, Inc., 4.63%, 10/15/2029		353		344
US Acute Care Solutions LLC, 9.75%, 05/15/2029 (e)		2,843		2,833
				188,786
Household Products/Wares — 0.1%
ACCO Brands Corp., 4.25%, 03/15/2029 (e)		4,054		3,669
Central Garden & Pet Co.,
4.13%, 10/15/2030		14		13
4.13%, 04/30/2031 (e)		452		405
5.13%, 02/01/2028		360		355
Kronos Acquisition Holdings, Inc.,
8.25%, 06/30/2031 (e)		2,398		2,106
10.75%, 06/30/2032 (e)		4,215		3,201
Ontex Group NV, (Belgium), Reg. S, 5.25%, 04/15/2030 (w)	EUR	500		545
				10,294
Pharmaceuticals — 2.2%
1261229 BC Ltd., (Canada), 10.00%, 04/15/2032 (e) (w)		25,200		25,029
1375209 BC Ltd., (Canada), 9.00%, 01/30/2028 (e)		1,954		1,953
AdaptHealth LLC,
4.63%, 08/01/2029 (e)		2,925		2,661
5.13%, 03/01/2030 (e)		3,675		3,348
6.13%, 08/01/2028 (e)		2,565		2,511
Bausch Health Cos., Inc., (Canada),
4.88%, 06/01/2028 (e)		3,075		2,480
5.00%, 01/30/2028 (e)		1,125		821
5.00%, 02/15/2029 (e)		125		80
5.25%, 01/30/2030 (e)		10,500		6,195
5.25%, 02/15/2031 (e)		2,470		1,406
5.50%, 11/01/2025 (e)		2,933		2,930
5.75%, 08/15/2027 (e)		2,257		2,253
6.13%, 02/01/2027 (e)		9,364		9,495
6.25%, 02/15/2029 (e)		200		133
7.00%, 01/15/2028 (e)		450		351
11.00%, 09/30/2028 (e)		11,025		10,501
Bayer AG, (Germany),
Reg. S, (EUR Swap Rate 5 Year + 3.11%), 3.13%, 11/12/2079 (aa)	EUR	4,000		4,146
Reg. S, (EUR Swap Rate 5 Year + 4.46%), 5.38%, 03/25/2082 (aa)	EUR	900		957
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.27%), 5.50%, 09/13/2054 (aa)	EUR	1,100		1,189
Reg. S, (EUR Swap Rate 5 Year + 3.90%), 7.00%, 09/25/2083 (aa)	EUR	12,200		13,936
Series NC5, Reg. S, (EUR Swap Rate 5 Year + 3.43%), 6.63%, 09/25/2083 (aa)	EUR	400		451
Bayer US Finance II LLC,
4.25%, 12/15/2025 (e)		1,610		1,603
4.38%, 12/15/2028 (e)		1,267		1,233
Cheplapharm Arzneimittel GmbH, (Germany), Reg. S, 4.38%, 01/15/2028	EUR	500		493
Endo Finance Holdings, Inc., 8.50%, 04/15/2031 (e)		3,538		3,689

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Grifols SA, (Spain),
Reg. S, 2.25%, 11/15/2027	EUR	6,255		6,490
Reg. S, 3.88%, 10/15/2028	EUR	19,292		19,190
Reg. S, 7.13%, 05/01/2030	EUR	400		447
7.13%, 05/01/2030 (e)	EUR	4,500		5,031
Reg. S, 7.50%, 05/01/2030	EUR	1,975		2,234
Gruenenthal GmbH, (Germany),
Reg. S, 3.63%, 11/15/2026	EUR	4,739		5,096
Reg. S, 4.13%, 05/15/2028	EUR	2,860		3,034
Reg. S, 4.63%, 11/15/2031	EUR	170		178
4.63%, 11/15/2031 (e)	EUR	3,389		3,541
Jazz Securities DAC, (Ireland), 4.38%, 01/15/2029 (e)		367		348
Neopharmed Gentili SpA, (Italy), Reg. S, 7.13%, 04/08/2030	EUR	1,325		1,495
Nidda Healthcare Holding GmbH, (Germany), Reg. S, 7.00%, 02/21/2030	EUR	1,250		1,409
Option Care Health, Inc., 4.38%, 10/31/2029 (e)		957		893
Organon & Co. / Organon Foreign Debt Co-Issuer BV,
4.13%, 04/30/2028 (e)		3,275		3,061
5.13%, 04/30/2031 (e)		5,908		5,148
P&L Development LLC / PLD Finance Corp., 12.00% (cash), 05/15/2029 (e) (v)		703		714
Rossini Sarl, (Luxembourg),
Reg. S, 6.75%, 12/31/2029	EUR	1,450		1,637
6.75%, 12/31/2029 (e)	EUR	12,910		14,572
Teva Pharmaceutical Finance Netherlands II BV, (Netherlands), 4.38%, 05/09/2030	EUR	1,083		1,170
Teva Pharmaceutical Finance Netherlands III BV, (Netherlands),
3.15%, 10/01/2026		8,139		7,892
6.75%, 03/01/2028		1,000		1,025
7.88%, 09/15/2029		512		551
8.13%, 09/15/2031		1,248		1,391
				186,391
Total Consumer Non-cyclical				1,085,020
Diversified — 0.1%
Holding Companies - Diversified — 0.1%
Clue Opco LLC, 9.50%, 10/15/2031 (e)		6,097		6,098
ProGroup AG, (Germany),
Reg. S, 5.13%, 04/15/2029	EUR	100		107
Reg. S, 5.38%, 04/15/2031	EUR	129		135
Stena International SA, (Luxembourg),
7.25%, 01/15/2031 (e)		300		300
7.63%, 02/15/2031 (e)		400		406
Total Diversified				7,046
Energy — 7.8%
Coal — 0.0% (g)
Coronado Finance Pty Ltd., (Australia), 9.25%, 10/01/2029 (e)		1,750		1,629
Energy - Alternate Sources — 0.2%
Cullinan Holdco Scsp, (Luxembourg), Reg. S, 4.63%, 10/15/2026	EUR	11,174		11,010
Greenko Dutch BV, (Netherlands), 3.85%, 03/29/2026 (e)		532		515
Greenko Wind Projects Mauritius Ltd., (Mauritius), Reg. S, 5.50%, 04/06/2025		800		798
				12,323

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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 — 4.5%
Adnoc Murban Rsc Ltd., (United Arab Emirates), 5.13%, 09/11/2054 (e)		4,100		3,739
Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029 (e)		5,110		5,196
Antero Resources Corp., 7.63%, 02/01/2029 (e)		964		988
APA Corp., 4.38%, 10/15/2028 (e)		1,670		1,603
Ascent Resources Utica Holdings LLC / ARU Finance Corp.,
5.88%, 06/30/2029 (e)		2,017		1,967
6.63%, 10/15/2032 (e)		1,270		1,264
8.25%, 12/31/2028 (e)		3,025		3,082
9.00%, 11/01/2027 (e)		2,638		3,232
Borr IHC Ltd. / Borr Finance LLC, (Multinational),
10.00%, 11/15/2028 (e)		875		832
10.38%, 11/15/2030 (e)		1,047		972
California Resources Corp., 7.13%, 02/01/2026 (e)		101		101
Canadian Natural Resources Ltd., (Canada), 5.00%, 12/15/2029 (e)		126		126
Chord Energy Corp., 6.75%, 03/15/2033 (e)		1,579		1,571
CITGO Petroleum Corp.,
6.38%, 06/15/2026 (d) (e)		1,365		1,362
8.38%, 01/15/2029 (e)		7,186		7,312
Civitas Resources, Inc.,
5.00%, 10/15/2026 (e)		250		246
8.38%, 07/01/2028 (e)		3,171		3,269
8.63%, 11/01/2030 (e)		2,353		2,433
8.75%, 07/01/2031 (e)		5,806		5,960
CNX Resources Corp., 7.25%, 03/01/2032 (e)		1,878		1,909
Comstock Resources, Inc.,
5.88%, 01/15/2030 (e)		5,711		5,393
6.75%, 03/01/2029 (e)		7,359		7,186
Continental Resources, Inc.,
2.27%, 11/15/2026 (e)		1,838		1,761
4.38%, 01/15/2028		545		534
Coterra Energy, Inc.,
3.90%, 05/15/2027		1,129		1,111
4.38%, 03/15/2029		1,048		1,032
Crescent Energy Finance LLC,
7.38%, 01/15/2033 (e)		6,540		6,320
7.63%, 04/01/2032 (e)		6,534		6,434
9.25%, 02/15/2028 (e)		3,226		3,348
CrownRock LP / CrownRock Finance, Inc., 5.00%, 05/01/2029 (e)		225		228
Devon Energy Corp., 5.25%, 10/15/2027		292		293
Diamond Foreign Asset Co. / Diamond Finance LLC, (Cayman Islands), 8.50%, 10/01/2030 (e)		1,160		1,190
Ecopetrol SA, (Colombia),
7.75%, 02/01/2032		2,100		2,062
8.38%, 01/19/2036		2,200		2,144
8.63%, 01/19/2029		864		916
Empresa Nacional del Petroleo, (Chile), Reg. S, 6.15%, 05/10/2033		3,500		3,575
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/2031 (e)		2,082		2,201
Eni SpA, (Italy), Reg. S, (EUR Swap Rate 5 Year + 2.08%), 4.50%, 01/21/2031 (x) (aa)	EUR	225		241
EQT Corp.,
3.13%, 05/15/2026 (e)		881		865

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
3.90%, 10/01/2027		433		425
4.50%, 01/15/2029 (e) (w)		11		11
4.75%, 01/15/2031 (e) (w)		1,699		1,632
6.38%, 04/01/2029 (e) (w)		291		298
7.00%, 02/01/2030		314		338
7.50%, 06/01/2027 (e) (w)		2,025		2,067
7.50%, 06/01/2030 (e) (w)		2,758		2,975
Expand Energy Corp.,
4.75%, 02/01/2032		1,901		1,795
5.38%, 02/01/2029		455		453
5.38%, 03/15/2030		1,444		1,432
5.88%, 02/01/2029 (e)		1,221		1,219
6.75%, 04/15/2029 (e)		1,345		1,361
Gulfport Energy Operating Corp., 6.75%, 09/01/2029 (e)		2,553		2,587
Helmerich & Payne, Inc.,
4.65%, 12/01/2027 (e)		243		242
4.85%, 12/01/2029 (e)		312		303
Hess Corp., 7.88%, 10/01/2029		529		594
HF Sinclair Corp.,
5.00%, 02/01/2028		660		657
6.38%, 04/15/2027		506		513
Hilcorp Energy I LP / Hilcorp Finance Co.,
5.75%, 02/01/2029 (e)		7,247		6,998
6.00%, 04/15/2030 (e)		740		704
6.00%, 02/01/2031 (e)		1,518		1,414
6.25%, 11/01/2028 (e)		2,211		2,208
6.25%, 04/15/2032 (e)		650		607
6.88%, 05/15/2034 (e)		3,631		3,415
7.25%, 02/15/2035 (e)		4,318		4,123
8.38%, 11/01/2033 (e)		5,488		5,623
KazMunayGas National Co. JSC, (Kazakhstan),
Reg. S, 5.75%, 04/19/2047		5,800		5,058
Reg. S, 6.38%, 10/24/2048		2,700		2,524
Kimmeridge Texas Gas LLC, 8.50%, 02/15/2030 (e)		4,665		4,655
Kosmos Energy Ltd.,
Reg. S, 7.13%, 04/04/2026		631		620
8.75%, 10/01/2031 (e)		4,200		3,889
Leviathan Bond Ltd., (Israel),
Reg. S, 6.13%, 06/30/2025 (e)		1,093		1,091
Reg. S, 6.50%, 06/30/2027 (e)		5,074		5,000
Reg. S, 6.75%, 06/30/2030 (e)		1,000		970
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/2032 (e)		1,507		1,508
Matador Resources Co.,
6.50%, 04/15/2032 (e)		5,031		4,991
6.88%, 04/15/2028 (e)		1,661		1,680
MEG Energy Corp., (Canada), 5.88%, 02/01/2029 (e)		650		639
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031 (e)		1,109		1,076
Nabors Industries Ltd., (Bermuda), 7.50%, 01/15/2028 (e)		3,348		3,077
Nabors Industries, Inc.,
7.38%, 05/15/2027 (e)		6,265		6,178

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
8.88%, 08/15/2031 (e)		1,845		1,601
9.13%, 01/31/2030 (e)		2,155		2,156
Noble Finance II LLC, 8.00%, 04/15/2030 (e)		4,530		4,525
Northern Oil & Gas, Inc.,
8.13%, 03/01/2028 (e)		6,817		6,833
8.75%, 06/15/2031 (e)		1,309		1,335
Occidental Petroleum Corp.,
5.88%, 09/01/2025		444		444
6.38%, 09/01/2028		1,058		1,098
8.50%, 07/15/2027		1,005		1,066
Ovintiv, Inc.,
5.38%, 01/01/2026		390		390
5.65%, 05/15/2028		480		492
Parkland Corp., (Canada),
4.50%, 10/01/2029 (e)		1,850		1,745
4.63%, 05/01/2030 (e)		2,562		2,404
5.88%, 07/15/2027 (e)		1,550		1,544
6.63%, 08/15/2032 (e)		3,453		3,450
PBF Holding Co. LLC / PBF Finance Corp., 7.88%, 09/15/2030 (e)		829		726
Permian Resources Operating LLC,
5.38%, 01/15/2026 (e)		649		646
5.88%, 07/01/2029 (e)		1,950		1,924
6.25%, 02/01/2033 (e)		5,939		5,914
7.00%, 01/15/2032 (e)		4,623		4,738
8.00%, 04/15/2027 (e)		1,296		1,320
Pertamina Persero PT, (Indonesia), Reg. S, 6.50%, 11/07/2048		1,000		1,010
Petroleos del Peru SA, (Peru),
Reg. S, 4.75%, 06/19/2032		4,200		3,143
Reg. S, 5.63%, 06/19/2047		3,900		2,438
Petroleos Mexicanos, (Mexico),
4.50%, 01/23/2026		150		147
Reg. S, 4.75%, 02/26/2029	EUR	1,200		1,192
Reg. S, 4.88%, 02/21/2028	EUR	925		951
6.35%, 02/12/2048		18,700		12,334
6.38%, 01/23/2045		3,800		2,559
6.49%, 01/23/2027		2,730		2,676
6.63%, 06/15/2035		4,400		3,516
6.70%, 02/16/2032		1,200		1,050
6.88%, 10/16/2025		125		125
6.88%, 08/04/2026		850		845
7.69%, 01/23/2050		1,600		1,194
Petronas Capital Ltd., (Malaysia),
4.55%, 04/21/2050 (e)		3,700		3,152
Reg. S, 4.55%, 04/21/2050		700		596
Petrorio Luxembourg Holding Sarl, (Luxembourg), Reg. S, 6.13%, 06/09/2026		4,600		4,625
Precision Drilling Corp., (Canada), 6.88%, 01/15/2029 (e)		2,800		2,730
QatarEnergy, (Qatar),
Reg. S, 1.38%, 09/12/2026		1,200		1,147
Reg. S, 3.13%, 07/12/2041		12,800		9,568
Reg. S, 3.30%, 07/12/2051		3,500		2,413

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Oil & Gas — continued
Range Resources Corp.,
4.75%, 02/15/2030 (e)		1,100		1,047
4.88%, 05/15/2025		801		800
8.25%, 01/15/2029		360		370
Rio Oil Finance Trust Series 2014-3, Reg. S, 9.75%, 01/06/2027		615		631
Rio Oil Finance Trust Series 2018-1, 8.20%, 04/06/2028 (e)		89		90
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 7.88%, 11/01/2028 (e)		1,958		2,015
SM Energy Co.,
6.50%, 07/15/2028		190		189
6.75%, 09/15/2026		830		830
6.75%, 08/01/2029 (e)		790		777
7.00%, 08/01/2032 (e)		3,241		3,179
Societatea Nationala de Gaze Naturale ROMGAZ SA, (Romania), Reg. S, 4.75%, 10/07/2029	EUR	1,500		1,622
State Oil Co. of the Azerbaijan Republic, (Azerbaijan), Reg. S, 6.95%, 03/18/2030		6,000		6,255
Suncor Energy, Inc., (Canada), 7.88%, 06/15/2026		103		107
Sunoco LP,
6.25%, 07/01/2033 (e)		3,637		3,639
7.00%, 05/01/2029 (e)		960		981
Sunoco LP / Sunoco Finance Corp.,
4.50%, 05/15/2029		3,175		3,006
4.50%, 04/30/2030		1,350		1,263
5.88%, 03/15/2028		495		494
Talos Production, Inc., 9.38%, 02/01/2031 (e)		921		936
Tengizchevroil Finance Co. International Ltd., (Bermuda),
2.63%, 08/15/2025 (e)		1,300		1,283
Reg. S, 3.25%, 08/15/2030		1,900		1,662
Reg. S, 4.00%, 08/15/2026		859		839
TGNR Intermediate Holdings LLC, 5.50%, 10/15/2029 (e)		4,020		3,773
Transocean Aquila Ltd., (Cayman Islands), 8.00%, 09/30/2028 (e)		474		481
Transocean Titan Financing Ltd., (Cayman Islands), 8.38%, 02/01/2028 (e)		837		853
Transocean, Inc., (Cayman Islands),
8.00%, 02/01/2027 (e)		3,546		3,533
8.25%, 05/15/2029 (e)		7,312		7,141
8.50%, 05/15/2031 (e)		3,723		3,611
8.75%, 02/15/2030 (e)		2,738		2,843
Valaris Ltd., (Bermuda), 8.38%, 04/30/2030 (e)		5,542		5,542
Vantage Drilling International Ltd., (Cayman Islands), 9.50%, 02/15/2028 (e)		186		186
Var Energi ASA, (Norway), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.77%), 7.86%, 11/15/2083 (aa)	EUR	10,938		12,894
Vermilion Energy, Inc., (Canada), 6.88%, 05/01/2030 (e)		197		193
Viper Energy, Inc., 5.38%, 11/01/2027 (e)		575		569
Vital Energy, Inc.,
7.88%, 04/15/2032 (e)		6,228		5,792
9.75%, 10/15/2030		2,369		2,409
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029 (e)		2,264		2,201
Wintershall Dea Finance 2 BV, (Netherlands),
Series NC5, Reg. S, (EUR Swap Rate 5 Year + 2.92%), 2.50%, 04/20/2026 (x) (aa)	EUR	3,000		3,167
Series NC8, Reg. S, (EUR Swap Rate 5 Year + 3.32%), 3.00%, 07/20/2028 (x) (aa)	EUR	6,700		6,737
YPF SA, (Argentina), 8.25%, 01/17/2034 (e)		1,100		1,087
				377,737

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Oil & Gas Services — 0.4%
Archrock Partners LP / Archrock Partners Finance Corp.,
6.25%, 04/01/2028 (e)		1,904		1,905
6.63%, 09/01/2032 (e)		4,783		4,802
Enerflex Ltd., (Canada), 9.00%, 10/15/2027 (e)		306		313
Guara Norte Sarl, (Luxembourg), Reg. S, 5.20%, 06/15/2034		4,233		3,967
Kodiak Gas Services LLC, 7.25%, 02/15/2029 (e)		4,682		4,769
Oceaneering International, Inc., 6.00%, 02/01/2028		295		292
OEG Finance plc, (United Kingdom), Reg. S, 7.25%, 09/27/2029	EUR	1,456		1,624
Star Holding LLC, 8.75%, 08/01/2031 (e)		2,874		2,746
TGS ASA, (Norway), 8.50%, 01/15/2030 (e)		445		459
USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/2029 (e)		3,306		3,362
Weatherford International Ltd., (Bermuda), 8.63%, 04/30/2030 (e)		3,389		3,440
Yinson Boronia Production BV, (Netherlands),
8.95%, 07/31/2042 (e)		2,181		2,300
Reg. S, 8.95%, 07/31/2042		1,259		1,328
Yinson Production Financial Services Pte Ltd., (Singapore), Reg. S, 9.63%, 05/03/2029 (e)		3,600		3,758
				35,065
Pipelines — 2.7%
Antero Midstream Partners LP / Antero Midstream Finance Corp.,
5.38%, 06/15/2029 (e)		4,693		4,587
5.75%, 03/01/2027 (e)		1,800		1,795
5.75%, 01/15/2028 (e)		5,042		5,012
6.63%, 02/01/2032 (e)		1,506		1,529
Blue Racer Midstream LLC / Blue Racer Finance Corp.,
7.00%, 07/15/2029 (e)		3,483		3,556
7.25%, 07/15/2032 (e)		2,660		2,752
Buckeye Partners LP,
3.95%, 12/01/2026		88		86
5.60%, 10/15/2044		46		40
5.85%, 11/15/2043		1,770		1,564
6.75%, 02/01/2030 (e)		796		806
6.88%, 07/01/2029 (e)		634		644
Cheniere Energy, Inc., 4.63%, 10/15/2028		214		211
CNX Midstream Partners LP, 4.75%, 04/15/2030 (e)		1,230		1,140
Columbia Pipelines Holding Co. LLC,
6.04%, 08/15/2028 (e)		675		698
6.06%, 08/15/2026 (e)		352		357
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 (e)		7,307		7,001
DCP Midstream Operating LP, 5.38%, 07/15/2025		235		235
DT Midstream, Inc.,
4.13%, 06/15/2029 (e)		1,286		1,211
4.38%, 06/15/2031 (e)		171		157
Enbridge, Inc., (Canada),
5.90%, 11/15/2026		69		70
(CMT Index 5 Year + 2.97%), 7.20%, 06/27/2054 (aa)		2,888		2,914
(CMT Index 5 Year + 3.12%), 7.38%, 03/15/2055 (aa)		1,688		1,736
Energy Transfer LP,
5.63%, 05/01/2027 (e)		794		793
6.00%, 02/01/2029 (e)		653		664

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
(CMT Index 5 Year + 2.83%), 7.13%, 10/01/2054 (aa)		2,742		2,784
(CMT Index 5 Year + 4.02%), 8.00%, 05/15/2054 (aa)		3,608		3,797
Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa)		4,655		4,650
Genesis Energy LP / Genesis Energy Finance Corp.,
7.88%, 05/15/2032		3,797		3,823
8.00%, 01/15/2027		855		871
8.00%, 05/15/2033		3,458		3,483
8.25%, 01/15/2029		2,664		2,750
8.88%, 04/15/2030		123		128
Global Partners LP / GLP Finance Corp.,
6.88%, 01/15/2029		1,300		1,297
7.00%, 08/01/2027		925		922
8.25%, 01/15/2032 (e)		1,680		1,723
Harvest Midstream I LP, 7.50%, 05/15/2032 (e)		1,195		1,226
Hess Midstream Operations LP, 6.50%, 06/01/2029 (e)		1,651		1,681
Howard Midstream Energy Partners LLC,
7.38%, 07/15/2032 (e)		3,156		3,227
8.88%, 07/15/2028 (e)		1,414		1,474
ITT Holdings LLC, 6.50%, 08/01/2029 (e)		5,351		4,936
Kinder Morgan, Inc., 5.00%, 02/01/2029		223		225
Kinetik Holdings LP,
5.88%, 06/15/2030 (e)		93		92
6.63%, 12/15/2028 (e)		602		612
New Generation Gas, 0.00%, 09/30/2029 (e) (bb) (cc)		264		260
New Generation Gas Gathering LLC,
Reg. S, 0.00%, 09/30/2029 (e) (bb) (cc)		211		208
0.00%, 12/31/2049 (e) (bb) (cc)		176		173
NFE Financing LLC, 12.00%, 11/15/2029 (e)		4,796		4,068
NGL Energy Operating LLC / NGL Energy Finance Corp.,
8.13%, 02/15/2029 (e)		2,189		2,187
8.38%, 02/15/2032 (e)		11,239		11,210
NGPL PipeCo. LLC, 4.88%, 08/15/2027 (e)		387		386
Northriver Midstream Finance LP, (Canada), 6.75%, 07/15/2032 (e)		1,199		1,210
ONEOK, Inc.,
4.15%, 06/01/2025		661		659
5.63%, 01/15/2028 (e)		346		352
Prairie Acquiror LP, 9.00%, 08/01/2029 (e)		1,197		1,219
Rockies Express Pipeline LLC,
3.60%, 05/15/2025 (e)		1,000		996
4.80%, 05/15/2030 (e)		1,770		1,658
4.95%, 07/15/2029 (e)		183		175
6.75%, 03/15/2033 (e)		875		889
6.88%, 04/15/2040 (e)		2,600		2,537
7.50%, 07/15/2038 (e)		1,425		1,438
Sabal Trail Transmission LLC, 4.25%, 05/01/2028 (e)		562		551
Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026		177		178
South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027 (e)		702		702
Southern Gas Corridor CJSC, (Azerbaijan), Reg. S, 6.88%, 03/24/2026		9,300		9,391
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.,
5.50%, 01/15/2028 (e)		5,464		5,316

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
6.00%, 03/01/2027 (e)		1,063		1,057
6.00%, 12/31/2030 (e)		748		709
6.00%, 09/01/2031 (e)		1,514		1,432
7.38%, 02/15/2029 (e)		5,339		5,363
Targa Resources Partners LP / Targa Resources Partners Finance Corp.,
5.00%, 01/15/2028		758		758
6.50%, 07/15/2027		173		174
6.88%, 01/15/2029		1,637		1,674
TransMontaigne Partners LLC, 8.50%, 06/15/2030 (e)		514		517
Venture Global Calcasieu Pass LLC,
3.88%, 08/15/2029 (e)		3,140		2,907
4.13%, 08/15/2031 (e)		1,380		1,253
6.25%, 01/15/2030 (e)		450		457
Venture Global LNG, Inc.,
7.00%, 01/15/2030 (e)		1,715		1,686
8.38%, 06/01/2031 (e)		6,466		6,535
(CMT Index 5 Year + 5.44%), 9.00%, 09/30/2029 (e) (x) (aa)		39,430		37,312
9.50%, 02/01/2029 (e)		23,621		25,334
9.88%, 02/01/2032 (e)		10,851		11,503
Western Midstream Operating LP,
4.65%, 07/01/2026		785		784
4.75%, 08/15/2028		87		87
Whistler Pipeline LLC, 5.40%, 09/30/2029 (e)		353		355
				224,919
Total Energy				651,673
Financial — 14.0%
Banks — 3.9%
ABN AMRO Bank NV, (Netherlands),
4.75%, 07/28/2025 (e)		491		490
(CMT Index 1 Year + 1.65%), 6.34%, 09/18/2027 (e) (aa)		1,700		1,738
Reg. S, (EUR Swap Rate 5 Year + 4.24%), 6.88%, 09/22/2031 (x) (aa)	EUR	4,000		4,520
AIB Group plc, (Ireland),
Reg. S, (EUR Swap Rate 5 Year + 6.63%), 6.25%, 06/23/2025 (x) (aa)	EUR	200		217
(United States SOFR + 2.33%), 6.61%, 09/13/2029 (e) (aa)		416		439
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.39%), 7.13%, 10/30/2029 (x) (aa)	EUR	800		906
Banca Monte dei Paschi di Siena SpA, (Italy), Reg. S, (EUR Swap Rate 5 Year + 8.92%), 8.50%, 09/10/2030 (aa)	EUR	4,510		4,979
Banco Bilbao Vizcaya Argentaria SA, (Spain),
Reg. S, (EUR Swap Rate 5 Year + 4.27%), 6.88%, 12/13/2030 (x) (aa)	EUR	200		224
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.54%), 8.38%, 06/21/2028 (x) (aa)	EUR	600		714
Banco Comercial Portugues SA, (Portugal), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.78%), 8.13%, 01/18/2029 (x) (aa)	EUR	1,200		1,392
Banco Davivienda SA, (Colombia), Reg. S, (CMT Index 10 Year + 5.10%), 6.65%, 04/22/2031 (x) (aa)		1,300		1,135
Banco de Sabadell SA, (Spain),
Reg. S, (EUR Swap Rate 5 Year + 3.15%)6.00%, 08/16/2033 (aa)	EUR	9,100		10,464
Reg. S, (EUR Swap Rate 5 Year + 6.83%), 9.38%, 07/18/2028 (x) (aa)	EUR	7,800		9,447
Banco Mercantil del Norte SA, (Mexico),
Reg. S, (CMT Index 10 Year + 5.47%), 7.50%, 06/27/2029 (x) (aa)		600		589

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
(CMT Index 5 Year + 4.07%), 8.38%, 05/20/2031 (e) (x) (aa)		2,800		2,779
(CMT Index 10 Year + 4.30%), 8.75%, 05/20/2035 (e) (x) (aa)		2,800		2,781
Banco Nacional de Comercio Exterior SNC, (Mexico), Reg. S, 4.38%, 10/14/2025		1,128		1,125
Bank Negara Indonesia Persero Tbk. PT, (Indonesia), Reg. S, 3.75%, 03/30/2026		950		928
Bank of America Corp.,
(United States SOFR + 0.96%), 1.73%, 07/22/2027 (aa)		70		67
(United States SOFR + 1.33%), 3.38%, 04/02/2026 (aa)		672		672
(CME Term SOFR 3 Month + 1.63%), 3.59%, 07/21/2028 (aa)		1,023		1,001
(United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa)		163		164
Bank of Cyprus Holdings plc, (Ireland), Reg. S, (EUR Swap Rate 5 Year + 6.90%), 6.63%, 10/23/2031 (aa)	EUR	5,269		5,841
Bank of Ireland Group plc, (Ireland),
(CMT Index 1 Year + 1.10%), 2.03%, 09/30/2027 (e) (aa)		922		887
(United States SOFR + 1.62%), 5.60%, 03/20/2030 (e) (aa)		334		342
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.03%), 6.38%, 03/10/2030 (x) (aa)	EUR	1,300		1,420
Bankinter SA, (Spain), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.71%), 7.38%, 08/15/2028 (x) (aa)	EUR	600		681
BankUnited, Inc., 4.88%, 11/17/2025		383		382
Barclays plc, (United Kingdom),
(CMT Index 1 Year + 1.05%), 2.28%, 11/24/2027 (aa)		249		239
(CMT Index 5 Year + 3.41%), 4.38%, 03/15/2028 (x) (aa)		465		419
(United States SOFR + 0.96%), 5.09%, 02/25/2029 (aa)		272		274
(United States SOFR + 1.23%), 5.37%, 02/25/2031 (aa)		283		286
(United States SOFR + 1.88%), 6.50%, 09/13/2027 (aa)		462		473
(USD SOFR ICE Swap Rate 5 Year + 3.69%), 7.63%, 03/15/2035 (x) (aa)		2,000		1,958
(CMT Index 5 Year + 5.43%), 8.00%, 03/15/2029 (x) (aa)		1,834		1,891
(GBP Swap Rate 5 Year + 5.64%), 9.25%, 09/15/2028 (x) (aa)	GBP	9,050		12,377
(USD SOFR ICE Swap Rate 5 Year + 5.78%), 9.63%, 12/15/2029 (x) (aa)		10,305		11,302
BNP Paribas SA, (France),
(United States SOFR + 1.00%), 1.32%, 01/13/2027 (e) (aa)		875		852
(United States SOFR + 1.61%), 1.90%, 09/30/2028 (e) (aa)		400		372
(United States SOFR + 2.07%), 2.22%, 06/09/2026 (e) (aa)		499		497
(United States SOFR + 1.23%), 2.59%, 01/20/2028 (e) (aa)		1,286		1,238
(United States SOFR + 1.59%), 5.50%, 05/20/2030 (e) (aa)		200		203
BOI Finance BV, (Netherlands), Reg. S, 7.50%, 02/16/2027	EUR	1,400		1,512
BPCE SA, (France),
(United States SOFR + 1.09%), 2.05%, 10/19/2027 (e) (aa)		305		293
4.88%, 04/01/2026 (e)		200		200
BPER Banca SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.35%), 6.50%, 03/20/2030 (x) (aa)	EUR	200		220
CaixaBank SA, (Spain),
Reg. S, (EUR Swap Rate 5 Year + 4.50%), 5.25%, 03/23/2026 (x) (aa)	EUR	400		435
(SOFR Compounded Index + 1.78%), 5.67%, 03/15/2030 (e) (aa)		203		208
Reg. S, (EUR Swap Rate 5 Year + 6.35%), 5.88%, 10/09/2027 (x) (aa)	EUR	400		443
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.94%), 6.25%, 07/24/2032 (x) (aa)	EUR	200		216
Citigroup, Inc.,
(United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa)		2,384		2,383
(CME Term SOFR 3 Month + 1.82%), 3.89%, 01/10/2028 (aa)		805		795
(United States SOFR + 0.87%), 4.79%, 03/04/2029 (aa)		1,001		1,002

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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 + 1.36%), 5.17%, 02/13/2030 (aa)		1,099		1,112
Series CC, (CMT Index 5 Year + 2.69%), 7.13%, 08/15/2029 (x) (aa)		8,870		9,076
Series DD, (CMT Index 10 Year + 2.76%), 7.00%, 08/15/2034 (x) (aa)		1,380		1,431
Series EE, (CMT Index 5 Year + 2.57%), 6.75%, 02/15/2030 (x) (aa)		3,611		3,575
Series FF, (CMT Index 5 Year + 2.73%), 6.95%, 02/15/2030 (x) (aa)		3,690		3,680
Series X, (CMT Index 5 Year + 3.42%), 3.88%, 02/18/2026 (x) (aa)		4,871		4,758
Citizens Financial Group, Inc., (United States SOFR + 1.26%), 5.25%, 03/05/2031 (aa)		825		828
Commerzbank AG, (Germany),
Reg. S, (EUR Swap Rate 5 Year + 4.39%), 4.25%, 10/09/2027 (x) (aa)	EUR	200		207
Reg. S, (EUR Swap Rate 5 Year + 6.74%), 6.50%, 10/09/2029 (x) (aa)	EUR	400		448
Cooperatieve Rabobank UA, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 3.72%), 4.88%, 06/29/2029 (x) (aa)	EUR	11,000		11,588
Credit Agricole SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.64%), 5.88%, 03/23/2035 (x) (aa)	EUR	200		208
Danske Bank A/S, (Denmark),
(CMT Index 1 Year + 1.35%), 1.62%, 09/11/2026 (e) (aa)		1,197		1,181
(CMT Index 1 Year + 1.75%), 4.30%, 04/01/2028 (e) (aa)		630		625
Deutsche Bank AG, (Germany),
4.50%, 04/01/2025		1,103		1,103
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.55%), 4.50%, 11/30/2026 (x) (aa)	EUR	2,200		2,281
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.75%), 4.63%, 10/30/2027 (x) (aa)	EUR	200		204
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.69%), 6.75%, 10/30/2028 (x) (aa)	EUR	8,000		8,716
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.60%), 7.13%, 10/30/2030 (x) (aa)	EUR	200		213
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.11%), 7.38%, 10/30/2031 (x) (aa)	EUR	200		219
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.26%), 8.13%, 10/30/2029 (x) (aa)	EUR	8,600		9,787
Discover Bank, 4.25%, 03/13/2026		250		249
Erste Group Bank AG, (Austria), Reg. S, (EUR Swap Rate 5 Year + 4.65%), 4.25%, 10/15/2027 (x) (aa)	EUR	8,800		9,246
Eurobank SA, (Greece), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.70%), 4.00%, 02/07/2036 (aa)	EUR	383		400
Federation des Caisses Desjardins du Quebec, (Canada), 5.70%, 03/14/2028 (e)		200		206
First Citizens BancShares, Inc.,
(United States SOFR + 1.41%), 5.23%, 03/12/2031 (aa)		601		601
(CME Term SOFR 3 Month + 2.47%), 6.76%, 03/15/2030 (aa)		110		110
First Horizon Corp., (United States SOFR + 1.77%), 5.51%, 03/07/2031 (aa)		328		329
Freedom Mortgage Corp.,
6.63%, 01/15/2027 (e)		1,425		1,418
7.63%, 05/01/2026 (e)		2,683		2,675
12.00%, 10/01/2028 (e)		1,959		2,104
12.25%, 10/01/2030 (e)		575		634
Goldman Sachs Group, Inc. (The),
(United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa)		142		136
(United States SOFR + 1.11%), 2.64%, 02/24/2028 (aa)		1,481		1,429
(CME Term SOFR 3 Month + 1.56%), 4.22%, 05/01/2029 (aa)		1,657		1,633
(CMT Index 5 Year + 2.46%), 6.85%, 02/10/2030 (x) (aa)		4,735		4,791
Series Y, (CMT Index 10 Year + 2.40%), 6.13%, 11/10/2034 (x) (aa)		8,008		7,833
HSBC Holdings plc, (United Kingdom),

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
(CME Term SOFR 3 Month + 1.61%), 4.29%, 09/12/2026 (aa)		385		384
(United States SOFR + 1.03%), 4.90%, 03/03/2029 (aa)		434		435
(United States SOFR + 1.06%), 5.60%, 05/17/2028 (aa)		286		291
(United States SOFR + 1.57%), 5.89%, 08/14/2027 (aa)		212		215
Huntington Bancshares, Inc., (United States SOFR + 1.97%), 4.44%, 08/04/2028 (aa)		60		60
ING Groep NV, (Netherlands), (United States SOFR + 1.56%), 6.08%, 09/11/2027 (aa)		332		339
Intesa Sanpaolo SpA, (Italy),
Reg. S, 2.93%, 10/14/2030	EUR	7,750		7,980
(CMT Index 1 Year + 2.60%), 4.20%, 06/01/2032 (e) (aa)		3,570		3,199
(CMT Index 1 Year + 2.75%), 4.95%, 06/01/2042 (e) (aa)		450		361
Reg. S, 5.15%, 06/10/2030	GBP	497		620
Reg. S, (EUR Swap Rate 5 Year + 5.85%), 5.50%, 03/01/2028 (x) (aa)	EUR	350		379
5.71%, 01/15/2026 (e)		410		411
Reg. S, (EUR Swap Rate 5 Year + 6.09%), 5.88%, 09/01/2031 (x) (aa)	EUR	7,110		7,755
KBC Group NV, (Belgium), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.99%), 6.25%, 09/17/2031 (x) (aa)	EUR	800		879
KeyCorp., (SOFR Compounded Index + 1.23%), 5.12%, 04/04/2031 (aa)		80		80
Lloyds Banking Group plc, (United Kingdom),
4.58%, 12/10/2025		200		200
(CMT Index 1 Year + 1.38%), 5.46%, 01/05/2028 (aa)		200		202
(CMT Index 1 Year + 1.48%), 5.99%, 08/07/2027 (aa)		200		203
(UK Gilts 5 Year + 3.44%), 7.50%, 06/27/2030 (x) (aa)	GBP	253		319
Macquarie Bank Ltd., (Australia), 4.88%, 06/10/2025 (e)		490		490
Macquarie Group Ltd., (Australia),
(United States SOFR + 1.07%), 1.34%, 01/12/2027 (e) (aa)		75		73
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (e) (aa)		506		494
Manufacturers & Traders Trust Co., 4.65%, 01/27/2026		360		360
Morgan Stanley,
(United States SOFR + 1.99%), 2.19%, 04/28/2026 (aa)		227		227
(United States SOFR + 1.67%), 4.68%, 07/17/2026 (aa)		27		27
(United States SOFR + 1.22%), 5.04%, 07/19/2030 (aa)		155		156
(United States SOFR + 1.73%), 5.12%, 02/01/2029 (aa)		476		482
(United States SOFR + 1.63%), 5.45%, 07/20/2029 (aa)		98		100
National Bank of Greece SA, (Greece),
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.15%), 5.88%, 06/28/2035 (aa)	EUR	9,400		10,723
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.65%), 8.00%, 01/03/2034 (aa)	EUR	4,536		5,545
NatWest Group plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 05/18/2029 (aa)		575		576
(CMT Index 1 Year + 1.22%), 4.96%, 08/15/2030 (aa)		296		296
(CMT Index 1 Year + 1.95%), 5.81%, 09/13/2029 (aa)		213		219
(CMT Index 1 Year + 2.85%), 7.47%, 11/10/2026 (aa)		927		942
(CMT Index 5 Year + 3.75%), 8.13%, 11/10/2033 (x) (aa)		2,382		2,501
Nordea Bank Abp, (Finland), (CMT Index 5 Year + 2.66%), 6.30%, 09/25/2031 (e) (x) (aa)		2,072		1,998
Nova Ljubljanska Banka dd, (Slovenia), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.23%), 6.88%, 01/24/2034 (aa)	EUR	800		919
OTP Bank Nyrt, (Hungary), Reg. S, (CMT Index 5 Year + 2.86%), 7.30%, 07/30/2035 (aa)		1,000		1,020
Piraeus Bank SA, (Greece), Reg. S, (EUR Swap Rate 1 Year + 3.84%), 6.75%, 12/05/2029 (aa)	EUR	5,952		7,153
PNC Financial Services Group, Inc. (The),

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Banks — continued
(United States SOFR + 1.20%), 5.49%, 05/14/2030 (aa)		702		720
Series W, (CMT Index 7 Year + 2.81%), 6.25%, 03/15/2030 (x) (aa)		1,683		1,690
Popular, Inc., (Puerto Rico), 7.25%, 03/13/2028		755		781
Santander Holdings USA, Inc., (United States SOFR + 2.33%), 5.81%, 09/09/2026 (aa)		42		42
Santander UK Group Holdings plc, (United Kingdom),
4.75%, 09/15/2025 (e)		200		199
(United States SOFR + 2.75%), 6.83%, 11/21/2026 (aa)		617		625
Societe Generale SA, (France),
(CMT Index 1 Year + 1.10%), 1.49%, 12/14/2026 (e) (aa)		281		275
(CMT Index 5 Year + 3.79%), 8.13%, 11/21/2029 (e) (x) (aa)		1,523		1,517
Standard Chartered plc, (United Kingdom),
(CMT Index 1 Year + 1.05%), 5.69%, 05/14/2028 (e) (aa)		256		260
(CMT Index 1 Year + 1.85%), 6.75%, 02/08/2028 (e) (aa)		400		414
State Street Corp., (United States SOFR + 1.13%), 5.10%, 05/18/2026 (aa)		8		8
Synchrony Bank, 5.63%, 08/23/2027		1,056		1,071
Toronto-Dominion Bank (The), (Canada), (CMT Index 5 Year + 2.98%), 7.25%, 07/31/2084 (aa)		2,441		2,454
Truist Financial Corp., (United States SOFR + 1.44%), 4.87%, 01/26/2029 (aa)		53		53
UBS Group AG, (Switzerland),
(SOFR Compounded Index + 0.98%), 1.31%, 02/02/2027 (e) (aa)		250		243
(CMT Index 1 Year + 0.85%), 1.49%, 08/10/2027 (e) (aa)		1,067		1,022
(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 01/12/2029 (e) (aa)		806		787
Reg. S, (CMT Index 5 Year + 3.31%), 4.38%, 02/10/2031 (x) (aa)		520		445
(CMT Index 1 Year + 1.55%), 4.49%, 05/12/2026 (e) (aa)		865		865
(CMT Index 1 Year + 2.05%), 4.70%, 08/05/2027 (e) (aa)		1,194		1,194
(CMT Index 1 Year + 1.52%), 5.43%, 02/08/2030 (e) (aa)		200		204
(USD SOFR ICE Swap Rate 5 Year + 3.63%), 6.85%, 09/10/2029 (e) (x) (aa)		2,065		2,053
(USD SOFR ICE Swap Rate 5 Year + 3.08%), 7.00%, 02/10/2030 (e) (x) (aa)		2,427		2,390
(USD SOFR ICE Swap Rate 5 Year + 3.18%), 7.13%, 08/10/2034 (e) (x) (aa)		2,746		2,701
(USD SOFR ICE Swap Rate 5 Year + 4.16%), 7.75%, 04/12/2031 (e) (x) (aa)		7,396		7,695
(CMT Index 5 Year + 4.75%), 9.25%, 11/13/2028 (e) (x) (aa)		4,217		4,580
(CMT Index 5 Year + 4.76%), 9.25%, 11/13/2033 (e) (x) (aa)		5,351		6,108
Unicaja Banco SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 2.80%), 5.50%, 06/22/2034 (aa)	EUR	1,300		1,464
UniCredit SpA, (Italy),
(CMT Index 1 Year + 2.30%), 2.57%, 09/22/2026 (e) (aa)		528		522
Reg. S, (EUR Swap Rate 5 Year + 2.80%), 2.73%, 01/15/2032 (aa)	EUR	18,420		19,648
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.80%), 5.38%, 04/16/2034 (aa)	EUR	4,000		4,547
Reg. S, (USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 06/19/2032 (aa)		1,500		1,504
US Bancorp,
(United States SOFR + 1.06%), 5.05%, 02/12/2031 (aa)		592		596
(United States SOFR + 2.02%), 5.78%, 06/12/2029 (aa)		474		489
(United States SOFR + 1.88%), 6.79%, 10/26/2027 (aa)		157		162
Uzbek Industrial and Construction Bank ATB, (Uzbekistan),
8.95%, 07/24/2029 (e)		1,000		1,038
Reg. S, 8.95%, 07/24/2029		200		208
Vakifbank DPR, Reg. S, 6.83%, 03/15/2035 (f) (bb) (cc)		2,200		2,200

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Volksbank Wien AG, (Austria), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.05%), 5.50%, 12/04/2035 (aa)	EUR	600		658
Walker & Dunlop, Inc., 6.63%, 04/01/2033 (e)		1,319		1,313
Wells Fargo & Co.,
(United States SOFR + 2.00%), 2.19%, 04/30/2026 (aa)		79		79
(United States SOFR + 1.56%), 4.54%, 08/15/2026 (aa)		81		81
(United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa)		164		164
(United States SOFR + 1.50%), 5.20%, 01/23/2030 (aa)		244		248
(United States SOFR + 1.74%), 5.57%, 07/25/2029 (aa)		178		183
(United States SOFR + 1.07%), 5.71%, 04/22/2028 (aa)		241		246
(United States SOFR + 1.79%), 6.30%, 10/23/2029 (aa)		786		826
(CMT Index 5 Year + 2.77%), 6.85%, 09/15/2029 (x) (aa)		2,015		2,091
				328,722
Diversified Financial Services — 2.8%
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 (e)		392		402
Air Lease Corp., 3.38%, 07/01/2025		494		492
Aircastle Ltd. / Aircastle Ireland DAC, (Bermuda), 5.25%, 03/15/2030 (e)		150		149
Aircastle Ltd., (Bermuda),
5.25%, 08/11/2025 (e)		426		426
5.95%, 02/15/2029 (e)		187		192
Ally Financial, Inc.,
5.75%, 11/20/2025		329		330
(CMT Index 5 Year + 2.45%), 6.65%, 01/17/2040 (aa)		375		362
American Express Co.,
(United States SOFR + 0.93%), 5.04%, 07/26/2028 (aa)		151		153
(SOFR Compounded Index + 1.28%), 5.28%, 07/27/2029 (aa)		44		45
(United States SOFR + 1.33%), 6.34%, 10/30/2026 (aa)		294		297
Atlas Warehouse Lending Co. LP, 6.05%, 01/15/2028 (e)		600		605
Aviation Capital Group LLC,
1.95%, 01/30/2026 (e)		462		451
1.95%, 09/20/2026 (e)		614		590
3.50%, 11/01/2027 (e)		337		325
4.88%, 10/01/2025 (e)		908		908
5.38%, 07/15/2029 (e)		630		634
Avolon Holdings Funding Ltd., (Cayman Islands),
2.13%, 02/21/2026 (e)		760		742
2.53%, 11/18/2027 (e)		903		845
2.75%, 02/21/2028 (e)		81		76
3.25%, 02/15/2027 (e)		251		243
4.25%, 04/15/2026 (e)		1,901		1,890
5.50%, 01/15/2026 (e)		352		353
5.75%, 03/01/2029 (e)		109		111
5.75%, 11/15/2029 (e)		182		186
Azorra Finance Ltd., (Cayman Islands), 7.75%, 04/15/2030 (e)		3,190		3,156
Bracken MidCo1 plc, (United Kingdom), Reg. S, 6.75% (cash), 11/01/2027 (v)	GBP	3,871		4,926
Bread Financial Holdings, Inc.,
(CMT Index 5 Year + 4.30%), 8.38%, 06/15/2035 (e) (aa)		1,210		1,181
9.75%, 03/15/2029 (e)		3,374		3,561
CIMA Finance DAC, (Ireland), Reg. S, 2.95%, 09/05/2029		4,052		3,689
Credicorp Capital Sociedad Titulizadora SA, (Peru), Reg. S, 10.10%, 12/15/2043 (e)	PEN	6,300		1,826
Encore Capital Group, Inc.,

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Diversified Financial Services — continued
Reg. S, 4.25%, 06/01/2028	GBP	8,008		9,775
8.50%, 05/15/2030 (e)		1,410		1,451
EZCORP, Inc., 7.38%, 04/01/2032 (e)		365		370
Focus Financial Partners LLC, 6.75%, 09/15/2031 (e)		4,952		4,877
Freedom Mortgage Holdings LLC,
8.38%, 04/01/2032 (e)		2,258		2,195
9.13%, 05/15/2031 (e)		3,830		3,854
9.25%, 02/01/2029 (e)		5,611		5,697
Garfunkelux Holdco 3 SA, (Luxembourg), Reg. S, 6.75%, 11/01/2025	EUR	200		150
GGAM Finance Ltd., (Cayman Islands),
5.88%, 03/15/2030 (e)		2,268		2,238
6.88%, 04/15/2029 (e)		3,273		3,311
7.75%, 05/15/2026 (e)		471		476
8.00%, 02/15/2027 (e)		1,465		1,502
8.00%, 06/15/2028 (e)		3,184		3,339
Global Aircraft Leasing Co. Ltd., (Cayman Islands), 8.75%, 09/01/2027 (e)		2,253		2,289
goeasy Ltd., (Canada),
7.38%, 10/01/2030 (e) (w)		975		958
7.63%, 07/01/2029 (e)		1,140		1,140
9.25%, 12/01/2028 (e)		920		966
Interoceanica IV Finance Ltd., (Cayman Islands), Reg. S, Zero Coupon, 11/30/2025		1,168		1,124
Intrum AB, (Sweden),
Reg. S, 3.00%, 09/15/2027 (d)	EUR	394		336
Reg. S, 9.25%, 03/15/2028 (d)	EUR	200		178
Jane Street Group / JSG Finance, Inc., 4.50%, 11/15/2029 (e)		361		341
Jefferies Finance LLC / JFIN Co-Issuer Corp.,
5.00%, 08/15/2028 (e)		3,149		2,961
6.63%, 10/15/2031 (e)		1,971		1,950
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026 (e)		635		631
Jerrold Finco plc, (United Kingdom),
Reg. S, 5.25%, 01/15/2027	GBP	4,403		5,619
Reg. S, 7.88%, 04/15/2030	GBP	11,557		15,172
Kuwait Projects Co. SPC Ltd., (United Arab Emirates), Reg. S, 4.50%, 02/23/2027		2,200		2,066
LD Holdings Group LLC, 6.13%, 04/01/2028 (e)		1,628		1,289
LPL Holdings, Inc.,
4.00%, 03/15/2029 (e)		596		571
4.63%, 11/15/2027 (e)		1,147		1,136
Macquarie Airfinance Holdings Ltd., (United Kingdom),
5.15%, 03/17/2030 (e)		938		924
6.40%, 03/26/2029 (e)		465		480
6.50%, 03/26/2031 (e)		2,585		2,691
8.13%, 03/30/2029 (e)		3,300		3,463
Midcap Financial Issuer Trust, 5.63%, 01/15/2030 (e)		775		702
Nationstar Mortgage Holdings, Inc.,
5.00%, 02/01/2026 (e)		554		552
5.13%, 12/15/2030 (e)		4,749		4,737
5.50%, 08/15/2028 (e)		2,651		2,629
5.75%, 11/15/2031 (e)		6,847		6,860
6.50%, 08/01/2029 (e)		4,715		4,778
7.13%, 02/01/2032 (e)		8,286		8,591

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Navient Corp.,
4.88%, 03/15/2028		1,650		1,574
5.00%, 03/15/2027		250		244
6.75%, 06/25/2025		1,048		1,049
6.75%, 06/15/2026		1,125		1,132
9.38%, 07/25/2030		4,033		4,295
Nuveen LLC, 5.55%, 01/15/2030 (e)		353		363
OneMain Finance Corp.,
3.50%, 01/15/2027		391		375
3.88%, 09/15/2028		1,700		1,572
4.00%, 09/15/2030		5,122		4,511
5.38%, 11/15/2029		123		117
6.63%, 05/15/2029		2,512		2,517
6.75%, 03/15/2032		4,485		4,401
7.13%, 03/15/2026		3,800		3,856
7.13%, 11/15/2031		1,223		1,230
7.50%, 05/15/2031		2,677		2,723
7.88%, 03/15/2030		1,831		1,893
Osaic Holdings, Inc., 10.75%, 08/01/2027 (e)		911		924
Panama Infrastructure Receivable Purchaser plc, (United Kingdom), Zero Coupon, 04/05/2032 (e)		10,200		7,182
PennyMac Financial Services, Inc.,
4.25%, 02/15/2029 (e)		3,530		3,296
5.38%, 10/15/2025 (e)		3,670		3,661
6.88%, 02/15/2033 (e)		3,526		3,504
7.13%, 11/15/2030 (e)		2,976		3,021
7.88%, 12/15/2029 (e)		1,113		1,158
PHH Escrow Issuer LLC / PHH Corp., 9.88%, 11/01/2029 (e)		1,750		1,689
PRA Group, Inc., 8.88%, 01/31/2030 (e)		2,585		2,696
Radian Group, Inc., 6.20%, 05/15/2029		125		129
RFNA LP, 7.88%, 02/15/2030 (e)		600		594
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc.,
2.88%, 10/15/2026 (e)		4,208		4,033
3.63%, 03/01/2029 (e)		1,795		1,654
3.88%, 03/01/2031 (e)		4,794		4,286
4.00%, 10/15/2033 (e)		2,701		2,312
SLM Corp.,
3.13%, 11/02/2026		61		59
6.50%, 01/31/2030		1,142		1,171
SOCAR Turkey Enerji AS via Steas Funding 1 DAC, (Ireland), Reg. S, 7.23%, 03/17/2026		4,600		4,583
Synchrony Financial,
3.70%, 08/04/2026		163		160
3.95%, 12/01/2027		141		138
4.50%, 07/23/2025		536		535
TIB Diversified Payment Rights Finance Company, Series 2024-H, 7.96%, 11/15/2034 (f) (bb) (cc)		3,900		3,900
Titanium 2l Bondco Sarl, (Luxembourg), 6.25% (PIK), 01/14/2031 (v)	EUR	11,284		3,721
United Wholesale Mortgage LLC,
5.50%, 11/15/2025 (e)		665		663
5.50%, 04/15/2029 (e)		125		121

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
UWM Holdings LLC, 6.63%, 02/01/2030 (e)		5,163		5,117
				235,674
Insurance — 3.0%
Acrisure LLC / Acrisure Finance, Inc.,
8.25%, 02/01/2029 (e)		7,435		7,637
8.50%, 06/15/2029 (e)		3,115		3,243
AEGON Funding Co. LLC, 5.50%, 04/16/2027 (e)		476		482
AIA Group Ltd., (Hong Kong),
Reg. S, 3.20%, 09/16/2040		1,650		1,263
5.40%, 09/30/2054 (e)		4,800		4,500
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer,
4.25%, 10/15/2027 (e)		3,556		3,431
5.88%, 11/01/2029 (e)		11,817		11,420
6.75%, 10/15/2027 (e)		5,640		5,598
6.75%, 04/15/2028 (e)		64		64
7.00%, 01/15/2031 (e)		12,217		12,266
7.38%, 10/01/2032 (e)		8,483		8,520
Allianz SE, (Germany), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.58%), 2.60%, 10/30/2031 (x) (aa)	EUR	1,000		876
American National Global Funding, 5.55%, 01/28/2030 (e)		374		380
AmWINS Group, Inc.,
4.88%, 06/30/2029 (e)		3,033		2,852
6.38%, 02/15/2029 (e)		1,417		1,427
Aon Corp., 8.21%, 01/01/2027		2,163		2,281
APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Investor, 7.88%, 11/01/2029 (e)		2,381		2,347
Ardonagh Finco Ltd., (Jersey),
Reg. S, 6.88%, 02/15/2031	EUR	7,846		8,654
6.88%, 02/15/2031 (e)	EUR	4,660		5,140
7.75%, 02/15/2031 (e)		12,849		13,088
Ardonagh Group Finance Ltd., (Jersey), 8.88%, 02/15/2032 (e)		11,800		12,023
Assurant, Inc., 4.90%, 03/27/2028		202		203
AssuredPartners, Inc.,
5.63%, 01/15/2029 (e)		1,700		1,696
7.50%, 02/15/2032 (e)		4,279		4,562
Athene Global Funding,
1.99%, 08/19/2028 (e)		948		863
4.95%, 01/07/2027 (e)		283		284
5.38%, 01/07/2030 (e)		500		506
5.58%, 01/09/2029 (e)		145		148
5.62%, 05/08/2026 (e)		872		881
Athora Netherlands NV, (Netherlands), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.57%), 6.75%, 05/18/2031 (x) (aa)	EUR	1,300		1,437
Brighthouse Financial Global Funding,
1.55%, 05/24/2026 (e)		231		222
2.00%, 06/28/2028 (e)		659		600
5.55%, 04/09/2027 (e)		354		359
BroadStreet Partners, Inc., 5.88%, 04/15/2029 (e)		2,058		1,974
CNO Financial Group, Inc., 5.25%, 05/30/2025		250		250

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
CNO Global Funding,
1.75%, 10/07/2026 (e)		256		245
4.88%, 12/10/2027 (e)		315		316
4.95%, 09/09/2029 (e)		117		117
5.88%, 06/04/2027 (e)		1,190		1,220
Corebridge Financial, Inc., (CMT Index 5 Year + 2.65%), 6.38%, 09/15/2054 (aa)		1,584		1,574
Corebridge Global Funding, 5.20%, 01/12/2029 (e)		316		321
Equitable Financial Life Global Funding,
1.40%, 07/07/2025 (e)		130		129
5.45%, 03/03/2028 (e)		129		132
F&G Global Funding,
1.75%, 06/30/2026 (e)		178		172
2.00%, 09/20/2028 (e)		1,208		1,089
2.30%, 04/11/2027 (e)		632		602
5.15%, 07/07/2025 (e)		467		467
GA Global Funding Trust,
3.85%, 04/11/2025 (e)		333		333
4.40%, 09/23/2027 (e)		467		464
5.50%, 01/08/2029 (e)		275		280
Howden UK Refinance plc / Howden UK Refinance 2 plc / Howden US Refinance LLC, (United Kingdom),
7.25%, 02/15/2031 (e)		13,374		13,472
8.13%, 02/15/2032 (e)		6,630		6,698
HUB International Ltd.,
7.25%, 06/15/2030 (e)		25,666		26,433
7.38%, 01/31/2032 (e)		34,266		34,892
Jackson National Life Global Funding,
3.05%, 04/29/2026 (e)		800		788
5.50%, 01/09/2026 (e)		350		352
Jones Deslauriers Insurance Management, Inc., (Canada),
8.50%, 03/15/2030 (e)		3,791		3,981
10.50%, 12/15/2030 (e)		3,505		3,747
Lincoln Financial Global Funding, 5.30%, 01/13/2030 (e)		331		336
MGIC Investment Corp., 5.25%, 08/15/2028		475		470
Mutual of Omaha Cos. Global Funding,
5.45%, 12/12/2028 (e)		551		565
5.80%, 07/27/2026 (e)		47		48
Panther Escrow Issuer LLC, 7.13%, 06/01/2031 (e)		23,718		24,174
Ryan Specialty LLC, 5.88%, 08/01/2032 (e)		3,459		3,414
Sammons Financial Group Global Funding,
5.05%, 01/10/2028 (e)		202		204
5.10%, 12/10/2029 (e)		215		216
USI, Inc., 7.50%, 01/15/2032 (e)		3,841		3,916
				252,644
Investment Companies — 0.8%
Abu Dhabi Developmental Holding Co. PJSC, (United Arab Emirates),
5.38%, 05/08/2029 (e)		1,000		1,024
5.50%, 05/08/2034 (e)		1,500		1,555
Reg. S, 5.50%, 05/08/2034		1,000		1,036
Apollo Debt Solutions BDC,

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
6.55%, 03/15/2032 (e)		928		939
6.70%, 07/29/2031		649		669
6.90%, 04/13/2029		1,016		1,053
Ares Capital Corp., 5.80%, 03/08/2032		687		680
Ares Strategic, Income Fund,
5.60%, 02/15/2030 (e)		2,262		2,227
5.70%, 03/15/2028 (e)		525		525
Bain Capital Specialty Finance, Inc., 5.95%, 03/15/2030		528		518
Blackstone Private Credit Fund,
2.63%, 12/15/2026		202		193
4.95%, 09/26/2027 (e)		116		115
6.00%, 11/22/2034 (e)		5,980		5,740
Blackstone Secured Lending Fund,
2.13%, 02/15/2027		126		119
3.63%, 01/15/2026		647		640
Blue Owl Credit Income Corp.,
6.65%, 03/15/2031		1,833		1,868
7.75%, 09/16/2027		764		797
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 (e)		1,450		1,367
Gaci First Investment Co., (Cayman Islands),
Reg. S, 4.75%, 02/14/2030		2,700		2,674
Reg. S, 4.88%, 02/14/2035		8,000		7,713
Reg. S, 5.25%, 10/13/2032		17,600		17,688
Golub Capital Private Credit Fund, 5.88%, 05/01/2030 (e)		896		886
HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/2034 (e)		2,550		2,516
Icahn Enterprises LP / Icahn Enterprises Finance Corp.,
4.38%, 02/01/2029		2,273		1,899
5.25%, 05/15/2027		6,709		6,377
9.75%, 01/15/2029		2,770		2,753
10.00%, 11/15/2029 (e)		2,588		2,571
Khazanah Capital Ltd., (Malaysia), Reg. S, 4.88%, 06/01/2033		4,700		4,616
Sixth Street Lending Partners, 6.13%, 07/15/2030 (e)		817		822
				71,580
Private Equity — 0.1%
Brookfield Finance, Inc., (Canada), (CMT Index 5 Year + 2.08%), 6.30%, 01/15/2055 (aa)		5,935		5,655
HAT Holdings I LLC / HAT Holdings II LLC,
3.38%, 06/15/2026 (e)		592		574
8.00%, 06/15/2027 (e)		851		881
				7,110
Real Estate — 1.7%
Adler Financing Sarl, (Luxembourg),
Series 1-5L, 10.00% (PIK), 12/31/2029 (v)	EUR	119		133
Series 1L, 8.25% (PIK), 12/31/2028 (v)	EUR	19,064		21,103
ADLER Real Estate GmbH, (Germany), Reg. S, 3.00%, 04/27/2026	EUR	400		423
Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp.,
7.00%, 04/15/2030 (e)		3,098		2,740
Series AI, 7.00%, 04/15/2030		720		637
Aroundtown Finance Sarl, (Luxembourg), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.51%), 7.13%, 01/16/2030 (x) (aa)	EUR	200		216

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Aroundtown SA, (Luxembourg), Reg. S, 0.38%, 04/15/2027	EUR	400		406
BRANICKS Group AG, (Germany), Reg. S, 2.25%, 09/22/2026	EUR	11,300		7,362
Citycon Treasury BV, (Netherlands), Reg. S, 2.38%, 01/15/2027	EUR	500		525
CoreLogic, Inc., 4.50%, 05/01/2028 (e)		11,506		10,708
CPI Property Group SA, (Luxembourg),
Reg. S, (EUR Swap Rate 5 Year + 4.34%), 3.75%, 04/28/2028 (x) (aa)	EUR	1,000		933
Reg. S, 6.00%, 01/27/2032	EUR	1,850		1,986
Cushman & Wakefield US Borrower LLC, 8.88%, 09/01/2031 (e)		3,257		3,458
Emeria SASU, (France),
Reg. S, 3.38%, 03/31/2028	EUR	3,845		3,509
Reg. S, 7.75%, 03/31/2028	EUR	3,690		3,691
Fastighets AB Balder, (Sweden),
Reg. S, 1.13%, 01/29/2027	EUR	150		157
Reg. S, (EUR Swap Rate 5 Year + 3.19%), 2.87%, 06/02/2081 (aa)	EUR	1,168		1,231
Five Point Operating Co. LP / Five Point Capital Corp., SUB, 10.50%, 01/15/2028 (e)		3,564		3,631
GLP China Holdings Ltd., (Hong Kong), Reg. S, 2.95%, 03/29/2026		2,600		2,439
Greystar Real Estate Partners LLC, 7.75%, 09/01/2030 (e)		150		157
Heimstaden Bostad AB, (Sweden),
Reg. S, (EUR Swap Rate 5 Year + 3.15%), 2.63%, 02/01/2027 (x) (aa)	EUR	5,609		5,572
Reg. S, (EUR Swap Rate 5 Year + 3.27%), 3.00%, 10/29/2027 (x) (aa)	EUR	4,554		4,444
Reg. S, (EUR Swap Rate 5 Year + 3.91%), 3.38%, 01/15/2026 (x) (aa)	EUR	2,150		2,241
Reg. S, (EUR Swap Rate 5 Year + 3.90%), 3.63%, 10/13/2026 (x) (aa)	EUR	2,000		2,049
Heimstaden Bostad Treasury BV, (Netherlands),
Reg. S, 0.63%, 07/24/2025	EUR	100		107
Reg. S, 1.00%, 04/13/2028	EUR	950		943
Howard Hughes Corp. (The),
4.13%, 02/01/2029 (e)		5,131		4,679
4.38%, 02/01/2031 (e)		4,353		3,876
5.38%, 08/01/2028 (e)		2,525		2,444
Hunt Cos., Inc., 5.25%, 04/15/2029 (e)		4,190		3,993
MLP Group SA, (Poland), Reg. S, 6.13%, 10/15/2029	EUR	900		993
New Immo Holding SA, (France), Reg. S, 2.75%, 11/26/2026	EUR	800		842
Public Property Invest A/S, (Norway), Reg. S, 4.63%, 03/12/2030	EUR	1,750		1,899
Samhallsbyggnadsbolaget i Norden AB, (Sweden),
Reg. S, 2.63%, 12/14/2025 (x)	EUR	1,849		1,245
Reg. S, 2.88%, 10/30/2026 (x)	EUR	1,000		670
Samhallsbyggnadsbolaget I Norden Holding AB, (Sweden),
Reg. S, 0.75%, 11/14/2028	EUR	6,700		5,469
Reg. S, 1.13%, 09/26/2029	EUR	6,446		5,094
Reg. S, 2.25%, 07/12/2027	EUR	12,300		11,578
Reg. S, 2.38%, 08/04/2026	EUR	7,735		7,862
Reg. S, 5.00%, 10/20/2029	EUR	4,000		3,639
Unique Pub Finance Co. plc (The) , (United Kingdom), Series N, Reg. S, 6.46%, 03/30/2032	GBP	245		329
VGP NV, (Belgium), Reg. S, 2.25%, 01/17/2030	EUR	1,400		1,388
Vivion Investments Sarl, (Luxembourg),
Reg. S, 6.50% (cash), 08/31/2028 (v)	EUR	451		479
Reg. S, 6.50% (PIK), 02/28/2029 (v)	EUR	2,821		2,960
				140,240
REITS — 1.7%
Alexandrite Monnet UK Holdco plc, (United Kingdom), Reg. S, 10.50%, 05/15/2029	EUR	400		473
alstria office REIT-AG, (Germany), Reg. S, 5.50%, 03/20/2031	EUR	100		105

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
American Tower Corp.,
1.50%, 01/31/2028		607		557
3.60%, 01/15/2028		170		165
Blackstone Mortgage Trust, Inc.,
3.75%, 01/15/2027 (e)		1,401		1,330
7.75%, 12/01/2029 (e)		868		892
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 04/01/2027 (e)		1,224		1,173
Crown Castle, Inc.,
3.65%, 09/01/2027		213		207
4.80%, 09/01/2028		63		63
Diversified Healthcare Trust,
4.38%, 03/01/2031		1,600		1,224
4.75%, 02/15/2028		3,520		3,022
9.75%, 06/15/2025		63		63
EPR Properties, 4.75%, 12/15/2026		700		697
Globalworth Real Estate Investments Ltd., (Guernsey), Reg. S, 6.25%, 03/31/2030	EUR	1,598		1,745
GLP Capital LP / GLP Financing II, Inc.,
5.38%, 04/15/2026		473		475
5.75%, 06/01/2028		717		729
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (e)		5,257		4,854
Iron Mountain, Inc.,
4.88%, 09/15/2027 (e)		948		928
5.25%, 07/15/2030 (e)		155		149
5.63%, 07/15/2032 (e)		1,959		1,872
6.25%, 01/15/2033 (e)		3,226		3,201
7.00%, 02/15/2029 (e)		1,568		1,604
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.,
4.75%, 06/15/2029 (e)		19		18
5.25%, 10/01/2025 (e)		1,046		1,043
7.00%, 07/15/2031 (e)		1,856		1,905
MPT Operating Partnership LP / MPT Finance Corp.,
0.99%, 10/15/2026	EUR	800		792
3.50%, 03/15/2031		6,158		4,103
4.63%, 08/01/2029		1,000		762
Reg. S, 7.00%, 02/15/2032	EUR	600		660
7.00%, 02/15/2032 (e)	EUR	10,636		11,697
8.50%, 02/15/2032 (e)		7,770		7,915
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer,
5.88%, 10/01/2028 (e)		750		732
7.00%, 02/01/2030 (e)		3,029		3,047
Pebblebrook Hotel LP / PEB Finance Corp., 6.38%, 10/15/2029 (e)		1,276		1,261
RHP Hotel Properties LP / RHP Finance Corp.,
4.50%, 02/15/2029 (e)		3,289		3,117
4.75%, 10/15/2027		375		366
6.50%, 04/01/2032 (e)		8,949		8,945
7.25%, 07/15/2028 (e)		325		333
RLJ Lodging Trust LP, 4.00%, 09/15/2029 (e)		159		143
SBA Communications Corp., 3.13%, 02/01/2029		5,012		4,574
Service Properties Trust,
8.63%, 11/15/2031 (e)		11,336		11,969

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
8.88%, 06/15/2032		4,181		4,138
Starwood Property Trust, Inc.,
4.38%, 01/15/2027 (e)		325		316
6.00%, 04/15/2030 (e)		1,179		1,152
6.50%, 07/01/2030 (e)		2,696		2,686
6.50%, 10/15/2030 (e) (w)		2,795		2,773
7.25%, 04/01/2029 (e)		4,438		4,550
Tanger Properties LP, 3.88%, 07/15/2027		764		750
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC,
4.75%, 04/15/2028 (e)		2,175		2,078
6.50%, 02/15/2029 (e)		2,700		2,425
10.50%, 02/15/2028 (e)		22,952		24,379
VICI Properties LP / VICI Note Co., Inc.,
3.75%, 02/15/2027 (e)		500		489
3.88%, 02/15/2029 (e)		510		487
4.25%, 12/01/2026 (e)		621		614
4.50%, 09/01/2026 (e)		332		330
4.63%, 06/15/2025 (e)		611		611
5.75%, 02/01/2027 (e)		2,082		2,109
Vornado Realty LP, 2.15%, 06/01/2026		550		530
XHR LP, 6.63%, 05/15/2030 (e)		1,212		1,189
				140,516
Savings & Loans — 0.0% (g)
Nationwide Building Society, (United Kingdom), Reg. S, (UK Gilts 5 Year + 5.63%), 5.75%, 06/20/2027 (x) (aa)	GBP	500		628
Total Financial				1,177,114
Government — 0.0% (g)
Multi-National — 0.0% (g)
Africa Finance Corp., (Supranational), Reg. S, 2.87%, 08/13/2031		200		170
Industrial — 8.6%
Aerospace/Defense — 1.6%
AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (e)		1,989		2,020
Boeing Co. (The),
2.20%, 02/04/2026		2,010		1,966
2.25%, 06/15/2026		133		129
2.70%, 02/01/2027		69		67
3.10%, 05/01/2026		350		344
3.20%, 03/01/2029		220		206
3.25%, 02/01/2028		200		192
5.04%, 05/01/2027		178		179
5.81%, 05/01/2050		555		526
5.93%, 05/01/2060		655		613
6.26%, 05/01/2027		598		615
6.30%, 05/01/2029		385		403
Bombardier, Inc., (Canada),
6.00%, 02/15/2028 (e)		4,073		4,015
7.00%, 06/01/2032 (e)		5,239		5,214
7.13%, 06/15/2026 (e)		682		682
7.25%, 07/01/2031 (e)		6,770		6,786
7.50%, 02/01/2029 (e)		714		732

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
7.88%, 04/15/2027 (e)		2,070		2,078
8.75%, 11/15/2030 (e)		6,167		6,502
Efesto Bidco SpA Efesto US LLC, (Italy), Series XR, 7.50%, 02/15/2032 (e)		8,775		8,557
F-Brasile SpA / F-Brasile US LLC, (Italy), Series XR, 7.38%, 08/15/2026 (e)		4,663		4,652
Goat Holdco LLC, 6.75%, 02/01/2032 (e)		2,289		2,240
HEICO Corp., 5.25%, 08/01/2028		56		57
Rolls-Royce plc, (United Kingdom), 3.63%, 10/14/2025 (e)		1,322		1,313
Spirit AeroSystems, Inc.,
9.38%, 11/30/2029 (e)		4,880		5,209
9.75%, 11/15/2030 (e)		5,429		5,996
TransDigm, Inc.,
4.63%, 01/15/2029		4,533		4,286
5.50%, 11/15/2027		2,172		2,146
6.00%, 01/15/2033 (e)		11,593		11,380
6.38%, 03/01/2029 (e)		21,125		21,338
6.63%, 03/01/2032 (e)		13,781		13,937
6.75%, 08/15/2028 (e)		6,263		6,354
7.13%, 12/01/2031 (e)		9,117		9,378
Triumph Group, Inc., 9.00%, 03/15/2028 (e)		7,821		8,222
				138,334
Building Materials — 1.7%
Builders FirstSource, Inc.,
5.00%, 03/01/2030 (e)		430		411
6.38%, 03/01/2034 (e)		1,413		1,402
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 (e)		2,025		1,668
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029 (e)		3,575		2,181
EMRLD Borrower LP / Emerald Co-Issuer, Inc.,
Reg. S, 6.38%, 12/15/2030	EUR	6,745		7,505
6.38%, 12/15/2030 (e)	EUR	731		813
6.63%, 12/15/2030 (e)		24,789		24,785
6.75%, 07/15/2031 (e)		3,051		3,069
Griffon Corp., 5.75%, 03/01/2028		1,380		1,349
HT Troplast GmbH, (Germany), Reg. S, 9.38%, 07/15/2028	EUR	850		957
JELD-WEN, Inc.,
4.88%, 12/15/2027 (e)		1,983		1,847
7.00%, 09/01/2032 (e)		4,166		3,722
Masterbrand, Inc., 7.00%, 07/15/2032 (e)		570		569
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (e)		906		898
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (e)		1,950		1,754
New Enterprise Stone & Lime Co., Inc.,
5.25%, 07/15/2028 (e)		2,603		2,515
9.75%, 07/15/2028 (e)		1,087		1,093
PCF GmbH, (Germany), Reg. S, 4.75%, 04/15/2029	EUR	6,235		5,757
Project Grand UK plc, (United Kingdom), Reg. S, 9.00%, 06/01/2029	EUR	1,125		1,283
Quikrete Holdings, Inc.,
6.38%, 03/01/2032 (e)		18,110		18,216
6.75%, 03/01/2033 (e)		5,067		5,052
Smyrna Ready Mix Concrete LLC,
6.00%, 11/01/2028 (e)		5,371		5,212
8.88%, 11/15/2031 (e)		14,464		14,983

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Building Materials — continued
Standard Building Solutions, Inc., 6.50%, 08/15/2032 (e)		9,739		9,738
Standard Industries, Inc.,
Reg. S, 2.25%, 11/21/2026	EUR	9,377		9,848
3.38%, 01/15/2031 (e)		3,355		2,915
4.38%, 07/15/2030 (e)		6,999		6,439
4.75%, 01/15/2028 (e)		858		830
5.00%, 02/15/2027 (e)		1,685		1,660
Wilsonart LLC, 11.00%, 08/15/2032 (e)		3,962		3,625
				142,096
Electrical Components & Equipment — 0.2%
Belden, Inc.,
Reg. S, 3.38%, 07/15/2027	EUR	3,000		3,212
Reg. S, 3.38%, 07/15/2031	EUR	404		415
Energizer Holdings, Inc.,
4.38%, 03/31/2029 (e)		625		582
6.50%, 12/31/2027 (e)		1,375		1,383
EnerSys,
4.38%, 12/15/2027 (e)		560		542
6.63%, 01/15/2032 (e)		235		238
WESCO Distribution, Inc.,
6.38%, 03/15/2029 (e)		855		865
6.38%, 03/15/2033 (e)		3,503		3,518
6.63%, 03/15/2032 (e)		3,237		3,277
7.25%, 06/15/2028 (e)		1,325		1,349
				15,381
Electronics — 0.2%
Castello BC Bidco SpA, (Italy), Reg. S, (EURIBOR 3 Month + 4.50%), 6.86%, 11/14/2031 (aa)	EUR	700		763
Coherent Corp., 5.00%, 12/15/2029 (e)		2,608		2,490
Imola Merger Corp., 4.75%, 05/15/2029 (e)		1,375		1,306
Sensata Technologies BV, (Netherlands), 4.00%, 04/15/2029 (e)		74		68
Sensata Technologies, Inc.,
3.75%, 02/15/2031 (e)		2,265		1,977
4.38%, 02/15/2030 (e)		4,243		3,919
6.63%, 07/15/2032 (e)		5,665		5,611
Vontier Corp.,
1.80%, 04/01/2026		483		468
2.40%, 04/01/2028		1,875		1,730
				18,332
Engineering & Construction — 0.9%
Abertis Infraestructuras Finance BV, (Netherlands),
Reg. S, (EUR Swap Rate 5 Year + 3.27%), 2.63%, 01/26/2027 (x) (aa)	EUR	9,400		9,912
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.62%), 4.87%, 11/28/2029 (x) (aa)	EUR	1,000		1,084
Arcosa, Inc.,
4.38%, 04/15/2029 (e)		1,040		975
6.88%, 08/15/2032 (e)		2,683		2,720
Assemblin Caverion Group AB, (Sweden),
Reg. S, 6.25%, 07/01/2030	EUR	850		942

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Engineering & Construction — continued
6.25%, 07/01/2030 (e)	EUR	7,480		8,290
Bioceanico Sovereign Certificate Ltd., (Cayman Islands), Reg. S, Zero Coupon, 06/05/2034		2,850		2,209
Brand Industrial Services, Inc., 10.38%, 08/01/2030 (e)		14,564		13,892
Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 (e)		615		585
Dycom Industries, Inc., 4.50%, 04/15/2029 (e)		343		321
Gatwick Airport Finance plc, (United Kingdom), Reg. S, 4.38%, 04/07/2026	GBP	13,940		17,692
GMR Hyderabad International Airport Ltd., (India), Reg. S, 4.25%, 10/27/2027		629		601
Heathrow Finance plc, (United Kingdom),
Reg. S, SUB, 3.88%, 03/01/2027	GBP	2,000		2,467
Reg. S, 6.63%, 03/01/2031	GBP	7,378		9,440
Jacobs Engineering Group, Inc., 6.35%, 08/18/2028		218		228
Kier Group plc, (United Kingdom), Reg. S, 9.00%, 02/15/2029	GBP	1,300		1,768
Kingston Airport Revenue Finance Ltd., (Cayman Islands), 6.75%, 12/15/2036 (e)		800		806
MasTec, Inc., 4.50%, 08/15/2028 (e)		1,021		997
TopBuild Corp.,
3.63%, 03/15/2029 (e)		690		638
4.13%, 02/15/2032 (e)		1,125		1,000
				76,567
Environmental Control — 0.5%
Clean Harbors, Inc.,
4.88%, 07/15/2027 (e)		104		102
5.13%, 07/15/2029 (e)		41		40
GFL Environmental, Inc., (Canada),
3.50%, 09/01/2028 (e)		185		175
4.00%, 08/01/2028 (e)		2,537		2,411
4.38%, 08/15/2029 (e)		3,707		3,496
4.75%, 06/15/2029 (e)		2,719		2,618
6.75%, 01/15/2031 (e)		7,697		7,936
Madison IAQ LLC,
4.13%, 06/30/2028 (e)		1,116		1,053
5.88%, 06/30/2029 (e)		4,405		4,161
Reworld Holding Corp.,
4.88%, 12/01/2029 (e)		3,950		3,675
5.00%, 09/01/2030		1,376		1,275
Seche Environnement SACA, (France), Reg. S, 4.50%, 03/25/2030	EUR	475		513
Veralto Corp., 5.35%, 09/18/2028		82		84
Waste Pro USA, Inc., 7.00%, 02/01/2033 (e)		10,268		10,296
Wrangler Holdco Corp., 6.63%, 04/01/2032 (e)		4,752		4,838
				42,673
Hand/Machine Tools — 0.1%
Dynamo Newco II GmbH, (Germany), 6.25%, 10/15/2031 (e)	EUR	2,419		2,648
Regal Rexnord Corp.,
6.05%, 02/15/2026		82		83
6.05%, 04/15/2028		1,469		1,506
6.30%, 02/15/2030		691		718
				4,955
Machinery - Construction & Mining — 0.2%
BWX Technologies, Inc., 4.13%, 04/15/2029 (e)		1,396		1,303

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Machinery - Construction & Mining —continued
Manitowoc Co., Inc. (The), 9.25%, 10/01/2031 (e)		1,430		1,470
Terex Corp.,
5.00%, 05/15/2029 (e)		4,024		3,840
6.25%, 10/15/2032 (e)		2,623		2,544
Vertiv Group Corp., 4.13%, 11/15/2028 (e)		3,826		3,642
Weir Group plc (The), (United Kingdom), 2.20%, 05/13/2026 (e)		1,298		1,260
				14,059
Machinery - Diversified — 0.5%
ATS Corp., (Canada), 4.13%, 12/15/2028 (e)		114		106
Chart Industries, Inc.,
7.50%, 01/01/2030 (e)		5,342		5,538
9.50%, 01/01/2031 (e)		1,678		1,791
Esab Corp., 6.25%, 04/15/2029 (e)		1,567		1,591
GrafTech Finance, Inc., 4.63%, 12/23/2029 (d) (e)		3,250		2,230
GrafTech Global Enterprises, Inc., 9.88%, 12/23/2029 (e)		580		455
Husky Injection Molding Systems Ltd. / Titan Co-Borrower LLC, (Canada), 9.00%, 02/15/2029 (e)		8,081		8,100
Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/2028 (e)		3,190		3,200
Mueller Water Products, Inc., 4.00%, 06/15/2029 (e)		97		91
Nova Alexandre III SAS, (France), Reg. S, (EURIBOR 3 Month + 5.25%), 8.04%, 07/15/2029 (aa)	EUR	555		610
TK Elevator Holdco GmbH, (Germany),
Reg. S, 6.63%, 07/15/2028	EUR	667		722
7.63%, 07/15/2028 (e)		4,527		4,532
TK Elevator Midco GmbH, (Germany), Reg. S, 4.38%, 07/15/2027	EUR	1,053		1,132
TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (e)		11,835		11,624
				41,722
Metal Fabricate/Hardware — 0.1%
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 (e)		2,645		2,486
Vallourec SACA, (France), 7.50%, 04/15/2032 (e)		2,181		2,279
				4,765
Miscellaneous Manufacturers — 0.2%
Amsted Industries, Inc.,
4.63%, 05/15/2030 (e)		2,966		2,768
6.38%, 03/15/2033 (e)		1,705		1,696
Axon Enterprise, Inc.,
6.13%, 03/15/2030 (e)		3,419		3,447
6.25%, 03/15/2033 (e)		2,584		2,606
Trinity Industries, Inc., 7.75%, 07/15/2028 (e)		3,070		3,181
				13,698
Packaging & Containers — 1.8%
ARD Finance SA, (Luxembourg), 6.50% (cash), 06/30/2027 (e) (v)		2,305		138
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, (Multinational),
Reg. S, 2.00%, 09/01/2028	EUR	300		293
Reg. S, 3.00%, 09/01/2029	EUR	300		272
4.00%, 09/01/2029 (e)		15,371		13,089
6.00%, 06/15/2027 (e)		2,884		2,844

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., (Multinational),
Reg. S, 2.13%, 08/15/2026	EUR	11,195		11,183
4.13%, 08/15/2026 (e)		9,807		9,007
Clydesdale Acquisition Holdings, Inc.,
6.63%, 04/15/2029 (e)		4,153		4,173
6.75%, 04/15/2032 (e) (w)		9,020		9,074
6.88%, 01/15/2030 (e)		5,490		5,557
8.75%, 04/15/2030 (e)		6,898		6,969
Crown Americas LLC, 5.25%, 04/01/2030		488		475
Crown European Holdings SACA, (France),
Reg. S, 4.75%, 03/15/2029	EUR	2,570		2,859
Reg. S, 5.00%, 05/15/2028	EUR	2,389		2,675
Fiber Midco SpA, (Italy), Reg. S, 10.75% (PIK), 06/15/2029 (v)	EUR	100		106
Graham Packaging Co., Inc., 7.13%, 08/15/2028 (e)		1,600		1,563
Graphic Packaging International LLC,
Reg. S, 2.63%, 02/01/2029	EUR	400		406
3.50%, 03/15/2028 (e)		975		917
3.50%, 03/01/2029 (e)		425		392
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, (Canada), 6.00%, 09/15/2028 (e)		3,564		3,459
Iris Holding, Inc., 10.00%, 12/15/2028 (e)		1,574		1,402
Kleopatra Finco Sarl, (Luxembourg), Reg. S, 4.25%, 03/01/2026	EUR	365		365
Kleopatra Holdings 2 SCA, (Luxembourg), Reg. S, 6.50%, 09/01/2026	EUR	100		87
LABL, Inc.,
5.88%, 11/01/2028 (e)		1,423		1,120
8.25%, 11/01/2029 (e)		1,140		725
8.63%, 10/01/2031 (e)		4,795		3,512
9.50%, 11/01/2028 (e)		4,201		3,552
10.50%, 07/15/2027 (e)		2,740		2,453
Mauser Packaging Solutions Holding Co.,
7.88%, 04/15/2027 (e)		28,928		28,349
9.25%, 04/15/2027 (e)		780		736
OI European Group BV, (Netherlands),
4.75%, 02/15/2030 (e)		250		229
6.25%, 05/15/2028 (e)	EUR	274		304
Owens-Brockway Glass Container, Inc.,
6.63%, 05/13/2027 (e)		354		352
7.25%, 05/15/2031 (e)		1,125		1,095
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028 (e)		1,675		1,712
Reno de Medici SpA, (Italy), Reg. S, (EURIBOR 3 Month + 5.00%), 7.50%, 04/15/2029 (aa)	EUR	12,812		11,873
Sealed Air Corp.,
4.00%, 12/01/2027 (e)		757		729
5.00%, 04/15/2029 (e)		267		259
6.50%, 07/15/2032 (e)		2,045		2,066
Sealed Air Corp. / Sealed Air Corp. US,
6.13%, 02/01/2028 (e)		375		376
7.25%, 02/15/2031 (e)		822		850
Sonoco Products Co., 4.45%, 09/01/2026		77		77

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Trident TPI Holdings, Inc., 12.75%, 12/31/2028 (e)		7,933		8,506
TriMas Corp., 4.13%, 04/15/2029 (e)		1,075		999
Trivium Packaging Finance BV, (Netherlands),
5.50%, 08/15/2026 (e)		5,095		5,017
8.50%, 08/15/2027 (e)		800		796
				152,992
Shipbuilding — 0.0% (g)
Huntington Ingalls Industries, Inc.,
2.04%, 08/16/2028		540		492
5.35%, 01/15/2030		702		711
				1,203
Transportation — 0.2%
Brightline East LLC, 11.00%, 01/31/2030 (e)		1,499		1,313
Edge Finco plc, (United Kingdom),
Reg. S, 8.13%, 08/15/2031	GBP	2,314		3,049
8.13%, 08/15/2031 (e)	GBP	1,200		1,581
Empresa de los Ferrocarriles del Estado, (Chile), Reg. S, 3.83%, 09/14/2061		1,700		1,109
Genesee & Wyoming, Inc., 6.25%, 04/15/2032 (e)		2,590		2,586
La Poste SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.68%), 5.00%, 04/16/2031 (x) (aa)	EUR	200		218
Mobico Group plc, (United Kingdom),
Reg. S, 3.63%, 11/20/2028	GBP	175		209
Reg. S, 4.88%, 09/26/2031	EUR	100		106
Rand Parent LLC, 8.50%, 02/15/2030 (e)		1,911		1,892
RXO, Inc., 7.50%, 11/15/2027 (e)		1,644		1,689
Ryder System, Inc., 5.30%, 03/15/2027		68		69
SGL Group ApS, (Denmark), (EURIBOR 3 Month + 4.75%), 7.43%, 04/22/2030 (aa)	EUR	875		957
Star Leasing Co. LLC, 7.63%, 02/15/2030 (e)		1,530		1,471
Stonepeak Nile Parent LLC, 7.25%, 03/15/2032 (e)		1,049		1,068
Watco Cos. LLC / Watco Finance Corp, 7.13%, 08/01/2032 (e)		898		903
XPO, Inc.,
6.25%, 06/01/2028 (e)		1,700		1,719
7.13%, 06/01/2031 (e)		150		153
7.13%, 02/01/2032 (e)		950		974
				21,066
Trucking & Leasing — 0.4%
Fortress Transportation and Infrastructure Investors LLC,
5.50%, 05/01/2028 (e)		3,722		3,658
5.88%, 04/15/2033 (e)		6,371		6,085
7.00%, 05/01/2031 (e)		12,653		12,805
7.00%, 06/15/2032 (e)		5,309		5,376
7.88%, 12/01/2030 (e)		5,869		6,127
GATX Corp., 5.40%, 03/15/2027		100		101
Penske Truck Leasing Co. LP / PTL Finance Corp.,
3.40%, 11/15/2026 (e)		81		79
4.20%, 04/01/2027 (e)		489		484

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Trucking & Leasing — continued
5.35%, 01/12/2027 (e)		316		319
				35,034
Total Industrial				722,877
Technology — 3.2%
Computers — 0.7%
Almaviva-The Italian Innovation Co. SpA, (Italy), Reg. S, 5.00%, 10/30/2030	EUR	870		950
Amentum Holdings, Inc., 7.25%, 08/01/2032 (e)		4,305		4,235
Atos SE, (France),
Reg. S, SUB, 1.00%, 12/18/2032	EUR	340		139
Reg. S, SUB, 5.00%, 12/18/2030	EUR	4,205		3,704
Reg. S, SUB, 9.00%, 12/18/2029	EUR	8,468		9,825
Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 (e)		123		117
CA Magnum Holdings, (Mauritius), 5.38%, 10/31/2026 (e)		4,637		4,554
Cedacri SpA, (Italy), Reg. S, (EURIBOR 3 Month + 4.63%), 7.18%, 05/15/2028 (aa)	EUR	500		541
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		630		580
Dell International LLC / EMC Corp.,
4.75%, 04/01/2028 (w)		197		198
5.00%, 04/01/2030 (w)		197		197
Diebold Nixdorf, Inc., 7.75%, 03/31/2030 (e)		1,415		1,467
Fortress Intermediate 3, Inc., 7.50%, 06/01/2031 (e)		7,044		7,099
Gartner, Inc.,
3.75%, 10/01/2030 (e)		500		461
4.50%, 07/01/2028 (e)		623		611
Insight Enterprises, Inc., 6.63%, 05/15/2032 (e)		1,871		1,885
KBR, Inc., 4.75%, 09/30/2028 (e)		438		417
McAfee Corp., 7.38%, 02/15/2030 (e)		10,916		9,664
NCR Atleos Corp., 9.50%, 04/01/2029 (e)		2,728		2,952
NCR Voyix Corp.,
5.00%, 10/01/2028 (e)		3,125		3,006
5.13%, 04/15/2029 (e)		924		880
Seagate HDD Cayman, (Cayman Islands),
8.25%, 12/15/2029 (e)		1,480		1,574
8.50%, 07/15/2031 (e)		1,140		1,210
				56,266
Office/Business & Equipment — 0.0% (g)
Xerox Corp., 10.25%, 10/15/2030 (e) (w)		1,078		1,068
Zebra Technologies Corp., 6.50%, 06/01/2032 (e)		1,637		1,656
				2,724
Semiconductors — 0.2%
ams-OSRAM AG, (Austria), Reg. S, 10.50%, 03/30/2029	EUR	9,824		10,703
Broadcom, Inc., 5.05%, 07/12/2029		363		368
Entegris, Inc.,
4.38%, 04/15/2028 (e)		476		457
4.75%, 04/15/2029 (e)		1,541		1,485
Foundry JV Holdco LLC, 5.90%, 01/25/2030 (e)		1,646		1,703
Intel Corp.,
2.45%, 11/15/2029		156		140
3.15%, 05/11/2027		65		63

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
3.75%, 08/05/2027		563		551
Micron Technology, Inc., 5.38%, 04/15/2028		32		32
SK Hynix, Inc., (South Korea),
6.50%, 01/17/2033 (e)		2,500		2,679
Reg. S, 6.50%, 01/17/2033		400		429
				18,610
Software — 2.3%
AppLovin Corp., 5.13%, 12/01/2029		1,854		1,859
AthenaHealth Group, Inc., 6.50%, 02/15/2030 (e)		32,931		30,904
Atlassian Corp., 5.25%, 05/15/2029		710		722
Cadence Design Systems, Inc., 4.20%, 09/10/2027		103		103
Camelot Finance SA, (Luxembourg), 4.50%, 11/01/2026 (e)		2,197		2,153
Capstone Borrower, Inc., 8.00%, 06/15/2030 (e)		7,454		7,654
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 (e)		421		369
Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (e)		6,167		5,333
Clarivate Science Holdings Corp.,
3.88%, 07/01/2028 (e)		7,424		6,886
4.88%, 07/01/2029 (e)		11,435		10,204
Cloud Software Group, Inc.,
6.50%, 03/31/2029 (e)		18,141		17,619
8.25%, 06/30/2032 (e)		17,026		17,305
9.00%, 09/30/2029 (e)		25,241		25,141
Concentrix Corp.,
6.60%, 08/02/2028		265		276
6.65%, 08/02/2026		124		127
Constellation Software, Inc., (Canada), 5.16%, 02/16/2029 (e)		443		449
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029 (e)		3,329		3,334
Elastic NV, (Netherlands), 4.13%, 07/15/2029 (e)		3,514		3,277
Ellucian Holdings, Inc., 6.50%, 12/01/2029 (e)		5,226		5,138
Fair Isaac Corp., 4.00%, 06/15/2028 (e)		1,912		1,820
Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl,
Reg. S, 7.88%, 05/01/2029	EUR	3,223		3,537
8.75%, 05/01/2029 (e)		914		912
Open Text Corp., (Canada), 6.90%, 12/01/2027 (e)		425		440
Oracle Corp., 2.30%, 03/25/2028		356		334
Playtika Holding Corp., 4.25%, 03/15/2029 (e)		348		306
SS&C Technologies, Inc.,
5.50%, 09/30/2027 (e)		2,225		2,207
6.50%, 06/01/2032 (e)		5,622		5,683
TeamSystem SpA, (Italy),
Reg. S, (EURIBOR 3 Month + 3.50%), 6.29%, 07/31/2031 (aa)	EUR	600		649
(EURIBOR 3 Month + 3.50%), 6.29%, 07/31/2031 (e) (aa)	EUR	6,665		7,216
Twilio, Inc.,
3.63%, 03/15/2029		228		211
3.88%, 03/15/2031		1,809		1,629
UKG, Inc., 6.88%, 02/01/2031 (e)		24,926		25,283
ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.88%, 02/01/2029 (e)		4,401		4,037
				193,117
Total Technology				270,717

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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 — 3.2%
Electric — 2.9%
A2A SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.26%), 5.00%, 06/11/2029 (x) (aa)	EUR	100		110
AES Corp. (The),
5.45%, 06/01/2028		1,231		1,252
(CMT Index 5 Year + 3.20%), 7.60%, 01/15/2055 (aa)		3,112		3,139
Alexander Funding Trust II, 7.47%, 07/31/2028 (e)		819		871
Algonquin Power & Utilities Corp., (Canada), SUB, 5.37%, 06/15/2026		753		757
Alliant Energy Finance LLC,
5.40%, 06/06/2027 (e)		97		98
5.95%, 03/30/2029 (e)		712		737
Alpha Generation LLC, 6.75%, 10/15/2032 (e)		3,885		3,887
American Electric Power Co., Inc., 5.70%, 08/15/2025		352		353
Avangrid, Inc., 3.20%, 04/15/2025		537		537
Black Hills Corp., 5.95%, 03/15/2028		98		101
California Buyer Ltd. / Atlantica Sustainable Infrastructure plc, (United Kingdom),
Reg. S, 5.63%, 02/15/2032	EUR	2,238		2,450
5.63%, 02/15/2032 (e)	EUR	8,405		9,178
6.38%, 02/15/2032 (e)		2,403		2,327
Calpine Corp.,
3.75%, 03/01/2031 (e)		1,615		1,471
4.50%, 02/15/2028 (e)		448		434
4.63%, 02/01/2029 (e)		5,335		5,115
5.00%, 02/01/2031 (e)		7,698		7,349
5.13%, 03/15/2028 (e)		6,675		6,570
CenterPoint Energy Houston Electric LLC, 4.80%, 03/15/2030		437		439
CenterPoint Energy, Inc., Series B, (CMT Index 5 Year + 2.95%), 6.85%, 02/15/2055 (aa)		1,476		1,477
Centrais Eletricas Brasileiras SA, (Brazil), 6.50%, 01/11/2035 (e)		1,200		1,172
Chile Electricity Lux MPC Sarl, (Luxembourg), Reg. S, 6.01%, 01/20/2033		2,511		2,574
Cikarang Listrindo Tbk. PT, (Indonesia), Reg. S, 4.95%, 09/14/2026		1,320		1,317
Clearway Energy Operating LLC,
3.75%, 01/15/2032 (e)		5,253		4,500
4.75%, 03/15/2028 (e)		421		408
Cleco Corporate Holdings LLC, 3.74%, 05/01/2026		167		165
Comision Federal de Electricidad, (Mexico),
4.69%, 05/15/2029 (e)		600		575
6.26%, 02/15/2052 (e)		1,000		863
Reg. S, 6.26%, 02/15/2052		400		345
Constellation Energy Generation LLC, 5.60%, 03/01/2028		41		42
ContourGlobal Power Holdings SA, (Luxembourg),
Reg. S, 3.13%, 01/01/2028	EUR	3,370		3,509
Reg. S, 5.00%, 02/28/2030	EUR	1,554		1,666
5.00%, 02/28/2030 (e)	EUR	9,744		10,444
6.75%, 02/28/2030 (e)		3,586		3,595
Dominion Energy, Inc., (CMT Index 5 Year + 2.21%), 6.63%, 05/15/2055 (aa)		915		910
DPL, Inc., 4.13%, 07/01/2025		424		422
Duke Energy Corp., (CMT Index 5 Year + 2.59%), 6.45%, 09/01/2054 (aa)		1,097		1,098
Edison International,
(CMT Index 5 Year + 3.86%), 8.13%, 06/15/2053 (aa)		250		243
Series A, (CMT Index 5 Year + 4.70%), 5.38%, 03/09/2026 (x) (aa)		5,001		4,758

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
EDP SA, (Portugal),
Reg. S, (EUR Swap Rate 5 Year + 1.84%), 1.70%, 07/20/2080 (aa)	EUR	3,700		3,975
Reg. S, (EUR Swap Rate 5 Year + 2.38%), 1.88%, 08/02/2081 (aa)	EUR	200		212
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.40%), 4.63%, 09/16/2054 (aa)	EUR	400		434
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.05%), 4.75%, 05/29/2054 (aa)	EUR	1,700		1,861
Reg. S, (EUR Swap Rate 5 Year + 3.18%), 5.94%, 04/23/2083 (aa)	EUR	4,200		4,788
Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.08%), 1.88%, 03/14/2082 (aa)	EUR	8,500		8,330
Eesti Energia A/S, (Estonia), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.17%), 7.88%, 07/15/2029 (x) (aa)	EUR	1,150		1,314
Electricite de France SA, (France),
5.70%, 05/23/2028 (e)		260		267
Reg. S, (GBP Swap Rate 13 Year + 4.23%), 6.00%, 01/29/2026 (x) (aa)	GBP	1,100		1,418
Reg. S, (UK Gilts 5 Year + 3.78%), 7.38%, 06/17/2035 (x) (aa)	GBP	300		389
Enel SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.01%), 4.25%, 01/14/2030 (x) (aa)	EUR	1,750		1,868
Engie SA, (France), 5.25%, 04/10/2029 (e)		200		204
EPH Financing International A/S, (Czech Republic), Reg. S, 6.65%, 11/13/2028	EUR	3,200		3,727
Eskom Holdings SOC Ltd., (South Africa),
Reg. S, 6.35%, 08/10/2028		3,800		3,773
Reg. S, 8.45%, 08/10/2028		5,200		5,373
Evergy Missouri West, Inc., 5.15%, 12/15/2027 (e)		166		168
Eversource Energy, 5.95%, 02/01/2029		211		219
Fells Point Funding Trust, 3.05%, 01/31/2027 (e)		726		703
Israel Electric Corp. Ltd., (Israel), Reg. S, 4.25%, 08/14/2028 (e)		3,600		3,491
Liberty Utilities Co., 5.58%, 01/31/2029 (e)		392		401
MVM Energetika Zrt, (Hungary), Reg. S, 7.50%, 06/09/2028		3,400		3,579
National Grid plc, (United Kingdom), 5.60%, 06/12/2028		65		67
NextEra Energy Capital Holdings, Inc.,
(CMT Index 5 Year + 2.05%), 6.38%, 08/15/2055 (aa)		2,128		2,130
(CMT Index 5 Year + 2.46%), 6.75%, 06/15/2054 (aa)		1,501		1,533
NRG Energy, Inc.,
3.38%, 02/15/2029 (e)		750		689
3.63%, 02/15/2031 (e)		4,185		3,706
3.88%, 02/15/2032 (e)		2,800		2,455
5.25%, 06/15/2029 (e)		1,204		1,172
5.75%, 01/15/2028		2,500		2,494
5.75%, 07/15/2029 (e)		1,628		1,596
6.00%, 02/01/2033 (e)		6,610		6,436
6.25%, 11/01/2034 (e)		8,826		8,691
(CMT Index 5 Year + 5.92%), 10.25%, 03/15/2028 (e) (x) (aa)		6,745		7,420
NSTAR Electric Co., 4.85%, 03/01/2030		278		280
OGE Energy Corp., 5.45%, 05/15/2029		101		103
Orsted A/S, (Denmark), Reg. S, (UK Gilts 5 Year + 2.14%), 2.50%, 02/18/3021 (aa)	GBP	134		125
Pacific Gas and Electric Co.,
3.15%, 01/01/2026		910		898
3.30%, 12/01/2027		889		853
5.45%, 06/15/2027		7		7
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 08/15/2028 (e)		128		119

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia),
Reg. S, 4.00%, 06/30/2050		3,400		2,349
Reg. S, 4.13%, 05/15/2027		1,200		1,178
Reg. S, 4.38%, 02/05/2050		600		444
Reg. S, 5.25%, 10/24/2042		2,800		2,458
Reg. S, 5.25%, 05/15/2047		1,400		1,198
Reg. S, 6.15%, 05/21/2048		3,000		2,890
PG&E Corp.,
5.00%, 07/01/2028		1,600		1,556
5.25%, 07/01/2030		400		384
(CMT Index 5 Year + 3.88%), 7.38%, 03/15/2055 (aa)		1,425		1,401
Pike Corp., 8.63%, 01/31/2031 (e)		402		424
Public Power Corp. SA, (Greece), Reg. S, 4.63%, 10/31/2031	EUR	4,000		4,374
Puget Energy, Inc., 3.65%, 05/15/2025		300		299
System Energy Resources, Inc., 6.00%, 04/15/2028		584		604
Vistra Corp.,
(CMT Index 5 Year + 5.74%), 7.00%, 12/15/2026 (e) (x) (aa)		11,887		12,039
(CMT Index 5 Year + 6.93%), 8.00%, 10/15/2026 (e) (x) (aa)		2,550		2,618
Series C, (CMT Index 5 Year + 5.05%), 8.88%, 01/15/2029 (e) (x) (aa)		680		726
Vistra Operations Co. LLC,
3.70%, 01/30/2027 (e)		197		193
4.38%, 05/01/2029 (e)		6,629		6,276
5.00%, 07/31/2027 (e)		8,490		8,358
5.50%, 09/01/2026 (e)		1,063		1,062
5.63%, 02/15/2027 (e)		2,406		2,397
6.88%, 04/15/2032 (e)		4,104		4,183
7.75%, 10/15/2031 (e)		1,839		1,928
XPLR Infrastructure Operating Partners LP,
3.88%, 10/15/2026 (e)		291		280
8.38%, 01/15/2031 (e)		7,333		7,205
				241,350
Gas — 0.1%
AltaGas Ltd., (Canada), (CMT Index 5 Year + 3.57%), 7.20%, 10/15/2054 (e) (aa)		2,267		2,234
AmeriGas Partners LP / AmeriGas Finance Corp.,
5.75%, 05/20/2027		1,650		1,586
5.88%, 08/20/2026		775		769
Brooklyn Union Gas Co. (The), 4.63%, 08/05/2027 (e)		488		486
National Fuel Gas Co.,
5.50%, 10/01/2026		476		481
5.50%, 03/15/2030		965		981
National Gas Co. of Trinidad & Tobago Ltd, (Trinidad and Tobago), Reg. S, 6.05%, 01/15/2036		1,600		1,468
Southwest Gas Corp., 5.45%, 03/23/2028		72		73
Spire, Inc., 5.30%, 03/01/2026		671		675
UGI International LLC, Reg. S, 2.50%, 12/01/2029	EUR	100		100
				8,853
Water — 0.2%
Thames Water Utilities Finance plc, (United Kingdom), Reg. S, 4.00%, 04/18/2027	EUR	100		80
Thames Water Utilities Ltd., (United Kingdom), 03/22/2027 (e)	GBP	1		1

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Veolia Environnement SA, (France),
Reg. S, (EUR Swap Rate 5 Year + 2.84%), 2.50%, 01/20/2029 (x) (aa)	EUR	8,000		8,096
Reg. S, (EUR Swap Rate 5 Year + 2.82%), 5.99%, 11/22/2028 (x) (aa)	EUR	7,600		8,732
				16,909
Total Utilities				267,112
Total Corporate Bonds (Cost $6,505,045)				6,560,870
Foreign Government Securities — 8.4%
Abu Dhabi Government International Bond, (United Arab Emirates), Reg. S, 3.88%, 04/16/2050		1,300		1,014
Angolan Government International Bond, (Angola),
Reg. S, 8.00%, 11/26/2029		8,500		7,533
Reg. S, 9.38%, 05/08/2048		5,900		4,663
Reg. S, 9.50%, 11/12/2025		2,400		2,397
Argentine Republic Government International Bond, (Argentina),
1.00%, 07/09/2029		2,052		1,582
SUB, 3.50%, 07/09/2041		35,800		20,559
SUB, 4.13%, 07/09/2035		1,600		994
Avenir Issuer III Ireland DAC, (Ireland), Reg. S, 6.00%, 03/22/2027		5,482		5,229
Bahrain Government International Bond, (Bahrain),
Reg. S, 4.25%, 01/25/2028		8,900		8,494
Reg. S, 5.63%, 09/30/2031		3,700		3,521
Bank Gospodarstwa Krajowego, (Poland),
Reg. S, 3.88%, 03/13/2035	EUR	3,800		4,031
Reg. S, 6.25%, 10/31/2028		2,500		2,624
6.25%, 07/09/2054 (e)		2,700		2,717
Benin Government International Bond, (Benin),
Reg. S, 6.88%, 01/19/2052	EUR	400		346
Reg. S, 7.96%, 02/13/2038		2,200		2,056
Bermuda Government International Bond, (Bermuda), Reg. S, 2.38%, 08/20/2030		1,575		1,368
Brazilian Government International Bond, (Brazil),
4.75%, 01/14/2050		800		563
6.13%, 01/22/2032		500		502
6.13%, 03/15/2034		950		923
7.13%, 05/13/2054		8,550		8,174
Bulgaria Government International Bond, (Bulgaria),
Reg. S, 3.63%, 09/05/2032	EUR	7,800		8,546
Reg. S, 5.00%, 03/05/2037		3,300		3,191
Chile Government International Bond, (Chile),
3.50%, 04/15/2053		1,500		1,026
4.85%, 01/22/2029		6,400		6,424
4.95%, 01/05/2036		8,000		7,750
Colombia Government International Bond, (Colombia),
3.88%, 04/25/2027		1,280		1,242
5.00%, 06/15/2045		6,300		4,215
5.63%, 02/26/2044		8,100		6,027
7.50%, 02/02/2034		6,900		6,822
8.00%, 11/14/2035		1,500		1,507
8.38%, 11/07/2054		1,400		1,333
8.75%, 11/14/2053		700		694

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Costa Rica Government International Bond, (Costa Rica),
Reg. S, 5.63%, 04/30/2043		1,700		1,519
Reg. S, 7.30%, 11/13/2054		3,500		3,614
Development Bank of Kazakhstan JSC, (Kazakhstan), Reg. S, 5.75%, 05/12/2025		775		774
Dominican Republic International Bond, (Dominican Republic),
Reg. S, 4.50%, 01/30/2030		3,300		3,083
Reg. S, 5.30%, 01/21/2041		5,000		4,197
Reg. S, 5.95%, 01/25/2027		5,800		5,816
Reg. S, 6.00%, 02/22/2033		8,100		7,857
Reg. S, 6.85%, 01/27/2045		5,200		5,105
Reg. S, 6.88%, 01/29/2026		100		101
Reg. S, 8.63%, 04/20/2027		263		269
Ecuador Government International Bond, (Ecuador),
Reg. S, Zero Coupon, 07/31/2030		816		390
Reg. S, SUB, 5.00%, 07/31/2040		5,200		2,283
Reg. S, SUB, 5.50%, 07/31/2035		13,627		6,616
Reg. S, SUB, 6.90%, 07/31/2030		10,770		6,368
Egypt Government International Bond, (Egypt),
Reg. S, 3.88%, 02/16/2026		2,600		2,509
Reg. S, 4.75%, 04/16/2026	EUR	11,000		11,691
Reg. S, 5.88%, 02/16/2031		4,000		3,280
Reg. S, 6.38%, 04/11/2031	EUR	12,500		11,472
Reg. S, 7.30%, 09/30/2033		800		659
Reg. S, 7.50%, 02/16/2061		5,600		3,738
Reg. S, 7.63%, 05/29/2032		2,000		1,726
El Salvador Government International Bond, (El Salvador),
Reg. S, 7.12%, 01/20/2050		800		636
Reg. S, 7.65%, 06/15/2035		4,800		4,435
Reg. S, 8.25%, 04/10/2032		1,900		1,861
9.65%, 11/21/2054 (e)		6,100		6,111
Finance Department Government of Sharjah, (United Arab Emirates), Reg. S, 4.00%, 07/28/2050		3,100		2,007
Gabon Blue Bond Master Trust Series 2s, Reg. S, 6.10%, 08/01/2038		300		301
Gabon Government International Bond, (Gabon),
Reg. S, 6.63%, 02/06/2031		1,200		941
Reg. S, 6.95%, 06/16/2025		1,162		1,153
Ghana Government International Bond, (Ghana),
Zero Coupon, 07/03/2026 (e)		482		453
Reg. S, 1.50%, 01/03/2037		4,400		1,827
SUB, 5.00%, 07/03/2029 (e)		1,964		1,717
Reg. S, SUB, 5.00%, 07/03/2029		5,200		4,547
SUB, 5.00%, 07/03/2035 (e)		2,228		1,589
Guatemala Government Bond, (Guatemala),
Reg. S, 4.38%, 06/05/2027		9,900		9,662
Reg. S, 5.38%, 04/24/2032		3,000		2,880
6.05%, 08/06/2031 (e)		1,300		1,295
Reg. S, 6.05%, 08/06/2031		200		199
6.55%, 02/06/2037 (e)		2,600		2,587
Reg. S, 6.55%, 02/06/2037		2,100		2,090
Reg. S, 6.60%, 06/13/2036		3,200		3,212
Honduras Government International Bond, (Honduras), 8.63%, 11/27/2034 (e)		1,400		1,387

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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, 8.38%, 03/24/2029		9,600		9,269
North Macedonia Government International Bond, (North Macedonia), Reg. S, 6.96%, 03/13/2027	EUR	3,300		3,728
Oman Government International Bond, (Oman),
Reg. S, 4.75%, 06/15/2026		1,000		995
Reg. S, 6.25%, 01/25/2031		15,900		16,514
Reg. S, 6.75%, 01/17/2048		2,700		2,788
Oriental Republic of Uruguay, (Uruguay), 5.25%, 09/10/2060		5,800		5,301
Pakistan Global Sukuk Programme Co. Ltd. (The), (Pakistan), Reg. S, 7.95%, 01/31/2029		500		467
Pakistan Government International Bond, (Pakistan),
Reg. S, 6.00%, 04/08/2026		2,000		1,896
Reg. S, 6.88%, 12/05/2027		3,700		3,373
Reg. S, 7.38%, 04/08/2031		1,800		1,536
Reg. S, 8.25%, 09/30/2025		3,600		3,585
Reg. S, 8.88%, 04/08/2051		6,100		4,791
Hungary Government International Bond, (Hungary),
Reg. S, 5.25%, 06/16/2029		2,400		2,390
Reg. S, 5.50%, 03/26/2036		2,100		2,008
Reg. S, 6.75%, 09/25/2052		2,600		2,665
Series 30Y, 7.63%, 03/29/2041		6,600		7,427
Indonesia Government International Bond, (Indonesia), Reg. S, 6.63%, 02/17/2037		3,900		4,282
Iraq International Bond, (Iraq), Reg. S, 5.80%, 01/15/2028		900		882
Israel Government International Bond, (Israel),
Series 5Y, 5.38%, 03/12/2029		1,000		1,008
Series 10Y, 2.75%, 07/03/2030		7,500		6,618
Series 10Y, 5.50%, 03/12/2034		3,200		3,171
Series 30Y, 4.50%, 01/30/2043		400		337
Series 30Y, 5.75%, 03/12/2054		500		459
Ivory Coast Government International Bond, (Ivory Coast),
Reg. S, 4.88%, 01/30/2032	EUR	2,600		2,481
Reg. S, 5.25%, 03/22/2030	EUR	3,500		3,605
Reg. S, SUB, 5.75%, 12/31/2032		197		186
Reg. S, 6.88%, 10/17/2040	EUR	4,300		3,907
Reg. S, 8.25%, 01/30/2037		5,500		5,280
Jordan Government International Bond, (Jordan),
Reg. S, 5.75%, 01/31/2027		7,200		7,056
Reg. S, 7.38%, 10/10/2047		800		697
Korea National Oil Corp., (South Korea),
4.88%, 04/03/2029 (e)		1,500		1,513
Reg. S, 4.88%, 04/03/2029		200		202
Latvia Government International Bond, (Latvia), Reg. S, 5.13%, 07/30/2034		1,200		1,187
Magyar Export-Import Bank Zrt, (Hungary), Reg. S, 6.13%, 12/04/2027		4,900		4,989
Mexican Udibonos, (Mexico),
Series S, 2.75%, 11/27/2031	MXN	29,479		1,257
Series S, 3.00%, 12/03/2026	MXN	355,436		16,707
Mexico Government International Bond, (Mexico),
4.50%, 04/22/2029		200		194
5.00%, 05/07/2029		1,900		1,877
5.75%, 10/12/2110		3,800		2,976
6.00%, 05/13/2030		400		408
6.00%, 05/07/2036		1,500		1,448

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
6.40%, 05/07/2054		1,100		1,004
MFB Magyar Fejlesztesi Bank Zrt, (Hungary), Reg. S, 6.50%, 06/29/2028		6,200		6,387
Mongolia Government International Bond, (Mongolia),
Reg. S, 3.50%, 07/07/2027		1,600		1,489
Reg. S, 4.45%, 07/07/2031		2,300		1,955
7.88%, 06/05/2029 (e)		300		308
Reg. S, 7.88%, 06/05/2029		100		103
8.65%, 01/19/2028 (e)		300		311
Reg. S, 8.65%, 01/19/2028		300		311
Montenegro Government International Bond, (Montenegro), 7.25%, 03/12/2031 (e)		1,700		1,740
Morocco Government International Bond, (Morocco), Reg. S, 5.50%, 12/11/2042		1,700		1,513
National Bank of Uzbekistan, (Uzbekistan), Reg. S, 4.85%, 10/21/2025		500		495
Nigeria Government International Bond, (Nigeria),
Reg. S, 7.38%, 09/28/2033		4,809		4,060
Reg. S, 7.63%, 11/21/2025		6,400		6,415
Panama Government International Bond, (Panama),
3.16%, 01/23/2030		4,400		3,833
4.50%, 04/01/2056		5,200		3,158
6.85%, 03/28/2054		1,800		1,571
7.13%, 01/29/2026		500		508
7.50%, 03/01/2031		7,200		7,437
7.88%, 03/01/2057		4,000		3,918
8.00%, 03/01/2038		4,000		4,120
8.88%, 09/30/2027		12,600		13,561
Paraguay Government International Bond, (Paraguay),
Reg. S, 5.40%, 03/30/2050		2,300		1,972
Reg. S, 5.85%, 08/21/2033		4,900		4,880
6.00%, 02/09/2036 (e)		400		399
Reg. S, 6.00%, 02/09/2036		600		599
6.65%, 03/04/2055 (e)		1,200		1,206
7.90%, 02/09/2031 (e)	PYG	9,789,000		1,200
8.50%, 03/04/2035 (e)	PYG	15,550,000		1,928
Perusahaan Penerbit SBSN Indonesia III, (Indonesia), Reg. S, 5.65%, 11/25/2054		1,000		969
Peruvian Government International Bond, (Peru),
3.23%, 07/28/2121		9,800		5,242
3.60%, 01/15/2072		3,900		2,406
5.88%, 08/08/2054		1,690		1,634
6.55%, 03/14/2037		5,600		5,962
6.90%, 08/12/2037 (e)	PEN	6,300		1,686
Reg. S, 6.95%, 08/12/2031	PEN	3,800		1,104
Philippine Government International Bond, (Philippines),
2.95%, 05/05/2045		2,400		1,632
3.70%, 03/01/2041		2,500		2,014
5.18%, 09/05/2049		1,200		1,122
6.38%, 10/23/2034		1,200		1,311
Qatar Government International Bond, (Qatar),
Reg. S, 4.82%, 03/14/2049		5,000		4,582
Reg. S, 5.10%, 04/23/2048		5,200		4,978
Reg. S, 6.40%, 01/20/2040		1,400		1,577
Republic of Armenia International Bond, (Armenia),
Reg. S, 3.60%, 02/02/2031		1,500		1,270

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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, 3.95%, 09/26/2029		2,200		1,969
Republic of Cameroon International Bond, (Cameroon),
Reg. S, 5.95%, 07/07/2032	EUR	3,700		3,145
Reg. S, 9.50%, 11/19/2025		267		266
Republic of Kenya Government International Bond, (Kenya),
Reg. S, 7.25%, 02/28/2028		1,400		1,347
Reg. S, 8.00%, 05/22/2032		2,100		1,888
9.50%, 03/05/2036 (e)		3,700		3,396
9.75%, 02/16/2031 (e)		2,800		2,741
Reg. S, 9.75%, 02/16/2031		4,600		4,502
Republic of Poland Government International Bond, (Poland),
4.88%, 02/12/2030		1,436		1,449
5.38%, 02/12/2035		2,100		2,110
5.50%, 04/04/2053		8,100		7,623
Republic of South Africa Government Bond, (South Africa),
Series 2035, 8.88%, 02/28/2035	ZAR	86,400		4,217
Series 2037, 8.50%, 01/31/2037	ZAR	59,900		2,716
Republic of South Africa Government International Bond, (South Africa),
4.85%, 09/30/2029		3,000		2,826
5.75%, 09/30/2049		2,800		2,063
5.88%, 09/16/2025		301		301
7.10%, 11/19/2036 (e)		2,700		2,617
7.30%, 04/20/2052		3,500		3,093
7.95%, 11/19/2054 (e)		2,700		2,539
Republic of Uzbekistan International Bond, (Uzbekistan), Reg. S, 3.90%, 10/19/2031		3,300		2,758
Romanian Government International Bond, (Romania),
Reg. S, 2.12%, 07/16/2031	EUR	2,700		2,387
Reg. S, 2.13%, 03/07/2028	EUR	1,100		1,129
Reg. S, 2.63%, 12/02/2040	EUR	5,100		3,326
Reg. S, 5.13%, 09/24/2031	EUR	1,400		1,462
Reg. S, 5.25%, 11/25/2027		578		576
5.75%, 03/24/2035 (e)		1,000		903
Reg. S, 5.75%, 03/24/2035		300		271
5.88%, 01/30/2029 (e)		2,670		2,659
Reg. S, 5.88%, 01/30/2029		4,150		4,133
Reg. S, 6.13%, 01/22/2044		900		787
Reg. S, 6.38%, 09/18/2033	EUR	1,700		1,873
6.38%, 01/30/2034 (e)		1,800		1,737
Reg. S, 6.38%, 01/30/2034		1,800		1,737
Rwanda International Government Bond, (Rwanda), Reg. S, 5.50%, 08/09/2031		1,100		889
Saudi Government International Bond, (Saudi Arabia),
Reg. S, 3.45%, 02/02/2061		5,700		3,533
Reg. S, 3.75%, 01/21/2055		1,400		952
Reg. S, 4.38%, 04/16/2029		5,100		5,036
Reg. S, 5.00%, 01/16/2034		2,000		1,985
5.13%, 01/13/2028 (e)		570		577
Reg. S, 5.75%, 01/16/2054		1,800		1,717
Senegal Government International Bond, (Senegal),
Reg. S, 4.75%, 03/13/2028	EUR	2,900		2,723
Reg. S, 5.38%, 06/08/2037	EUR	5,500		3,968

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued
Reg. S, 6.25%, 05/23/2033		3,500		2,612
Series 7Y, Reg. S, 7.75%, 06/10/2031		700		592
Serbia International Bond, (Serbia),
Reg. S, 2.05%, 09/23/2036	EUR	2,500		1,974
6.00%, 06/12/2034 (e)		1,400		1,385
Reg. S, 6.00%, 06/12/2034		1,700		1,681
Reg. S, 6.25%, 05/26/2028		5,600		5,719
Reg. S, 6.50%, 09/26/2033		1,000		1,029
Slovenia Government International Bond, (Slovenia), Reg. S, 5.00%, 09/19/2033		2,500		2,511
Sri Lanka Government International Bond, (Sri Lanka),
Reg. S, SUB, 3.60%, 06/15/2035		7,600		5,130
Reg. S, SUB, 3.60%, 02/15/2038		3,200		2,508
State of Israel, (Israel), Series 10Y, 2.50%, 01/15/2030		3,700		3,265
Trinidad & Tobago Government International Bond, (Trinidad and Tobago),
5.95%, 01/14/2031 (e)		700		682
Reg. S, 5.95%, 01/14/2031		200		195
Turkiye Government Bond, (Turkey),
Series 4Y, (Turkish Lira Overnight Reference Rate + 0.00%), 45.03%, 05/17/2028 (aa)	TRY	67,300		1,676
Series 4Y, (Turkish Lira Overnight Reference Rate + 0.00%), 45.73%, 05/20/2026 (aa)	TRY	9,600		253
Series 5Y, (Turkish Lira Overnight Reference Rate + 0.00%), 45.73%, 08/19/2026 (aa)	TRY	45,900		1,188
Series 10Y, 27.70%, 09/27/2034	TRY	145,300		3,427
Turkiye Government International Bond, (Turkey),
Series 5Y, 6.38%, 10/14/2025		825		830
Series 6Y, 9.38%, 03/14/2029		3,200		3,482
Series 10Y, 7.63%, 05/15/2034		6,900		6,947
Series 30Y, 5.75%, 05/11/2047		9,100		6,802
Series 30Y, 6.88%, 03/17/2036		7,900		7,531
Turkiye Ihracat Kredi Bankasi A/S, (Turkey),
7.50%, 02/06/2028 (e)		500		504
Reg. S, 7.50%, 02/06/2028		200		201
Ukraine Government International Bond, (Ukraine),
Reg. S, SUB, 0.00%, 02/01/2030		900		467
Reg. S, SUB, 0.00%, 02/01/2034		8,500		3,364
Reg. S, SUB, 0.00%, 02/01/2035		2,400		1,320
Reg. S, SUB, 0.00%, 02/01/2036		200		114
Reg. S, SUB, 1.75%, 02/01/2029		2,200		1,431
Reg. S, SUB, 1.75%, 02/01/2034		10,800		5,781
Reg. S, SUB, 1.75%, 02/01/2035		2,600		1,366
Reg. S, SUB, 1.75%, 02/01/2036		2,600		1,342
Uruguay Government International Bond, (Uruguay),
5.10%, 06/18/2050		4,100		3,801
5.75%, 10/28/2034		2,500		2,601
Uzbekneftegaz JSC, (Uzbekistan), Reg. S, 4.75%, 11/16/2028		3,200		2,867
Total Foreign Government Securities (Cost $702,545)				701,858
Mortgage-Backed Security — 0.0% (g)
FHLMC Pool, 4.15%, 10/01/2029 (Cost $443)		450		442

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 — 1.3%
U.S. Treasury Notes,
2.75%, 04/30/2027 (ff)		740		723
3.75%, 12/31/2028 (ee)		6,020		5,979
4.13%, 10/31/2026 (hh) (jj)		23,225		23,277
4.13%, 11/15/2027		11,125		11,182
4.25%, 01/31/2026 (ee) (ff)		22,650		22,672
4.25%, 11/30/2026		38,992		39,167
4.25%, 12/31/2026		9,600		9,647
Total U.S. Treasury Obligations (Cost $112,188)				112,647
	SHARES
Common Stocks — 0.2%
Basic Materials — 0.0% (g)
Chemicals — 0.0% (g)
Venator Materials plc, (United Kingdom) (a) (bb) (cc)		4		1,231
Communications — 0.1%
Internet — 0.0% (g)
Xplore, Inc., (Canada) (a)		51		190
				190
Media — 0.0% (g)
Diamond Sports Group LLC (a)		137		2,320
Telecommunications — 0.1%
Digicel Holdings Bermuda Ltd. / Digicel International Finance Ltd., (Jamaica) (a)		856		5,137
Intelsat SA, (Luxembourg) (a)		87		3,162
				8,299
Total Communications				10,809
Financial — 0.0%
Real Estate — 0.0%
ADLER Group SA, (Luxembourg) (a) (bb) (cc)		1,268		—
Utilities — 0.1%
Electric — 0.1%
Heritage Power LLC (a)		47		1,209
Total Utilities				1,209
Total Common Stocks (Cost $11,035)				13,249
Preferred Stocks — 0.1%
Communications — 0.0% (g)
Telecommunications — 0.0% (g)
Digicel Holdings Bermuda Ltd., expiring, (Bermuda) (a) (bb) (cc)		56		636
Qwest Corp., 6.75%, 06/15/2057		40		663
Total Communications				1,299
Consumer Cyclical — 0.1%
Retail — 0.1%
Ferrellgas Escrow LLC, expiring (a) (bb) (cc)		6		6,467
Total Preferred Stocks (Cost $7,427)				7,766

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 — 5.0% (o)
Basic Materials — 0.2%
Chemicals — 0.2%
Consolidated Energy Finance SA, 2024 Incremental Term Loan, (Luxembourg), (CME Term SOFR 3 Month + 4.50%), 8.81%, 11/15/2030 (u) (aa)		3,445		3,305
Discovery Purchaser Corp., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.04%, 10/04/2029 (aa)		3,485		3,447
Ecovyst Catalyst Technologies LLC, Second Amendment Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.29%, 06/12/2031 (aa)		995		978
Herens Holdco Sarl, Facility B (USD), (Luxembourg), (CME Term SOFR 3 Month + 3.93%), 8.32%, 07/03/2028 (u) (aa)		2,420		2,222
TPC Group Inc., Initial Term Loan, (CME Term SOFR 6 Month + 5.75%), 9.95%, 12/16/2031 (aa)		2,445		2,392
Venator Materials LLC, First Out TLB, (CME Term SOFR 3 Month + 8.00%), 12.30%, 07/16/2026 (aa)		948		948
Venator Materials LLC, First-Out Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.31%, 01/16/2026 (aa)		925		925
Venator Materials LLC, Initial Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.30%, 10/12/2028 (aa)		1,318		1,186
				15,403
Forest Products & Paper — 0.0% (g)
Glatfelter Corp., Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.56%, 11/04/2031 (aa)		948		944
Total Basic Materials				16,347
Communications — 1.2%
Advertising — 0.1%
Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.44%, 08/21/2028 (aa)		2,710		2,687
Neptune BidCo US, Inc., Dollar Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 9.39%, 04/11/2029 (aa)		4,066		3,493
				6,180
Internet — 0.2%
AVIV Group GmbH, Term Loan (First Lien), 01/29/2032 (u)	EUR	3,824		4,130
Cablevision Lightpath LLC, 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 11/30/2027 (aa)		1,363		1,361
Gen Digital, Inc., Initial Tranche A Term Loan, (CME Term SOFR 1 Month + 1.50%), 5.92%, 09/10/2027 (aa)		1,563		1,557
MH Sub I LLC, 2023 May Incremental Term Loan (First Lien), (CME Term SOFR 1 Month + 0.00%), 8.57%, 05/03/2028 (aa)		2,730		2,582
MH SUB I LLC, 2024 December New Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.57%, 12/31/2031 (aa)		1,848		1,690
Proofpoint, Inc., 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.32%, 08/31/2028 (aa)		1,024		1,019
				12,339

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Media — 0.4%
CSC Holdings LLC, 2022 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.82%, 01/18/2028 (u) (aa)		14,978		14,460
CSC Holdings LLC, September 2019 Initial Term Loan, (PRIME 3 Month + 1.50%), 9.00%, 04/15/2027		424		398
Diamond Sports Net LLC, Term Loan (First Lien), (PIK Interest 3 Month + 15.00%), 15.00%, 01/02/2028		907		823
DIRECTV Financing LLC, 2025 Incremental Term B Loan, (CME Term SOFR 3 Month + 5.50%), 9.81%, 01/17/2031 (u) (aa)		6,730		6,406
DIRECTV Financing LLC, Closing Date Term Loan, (CME Term SOFR 3 Month + 5.00%), 9.55%, 08/02/2027 (aa)		290		290
E.W. Scripps Co., (The), Tranche B-2 Term Loan, (CME Term SOFR 1 Month + 0.00%), 7.00%, 05/01/2026 (aa)		98		97
Gold Rush Bidco Ltd., Facility B, (EURIBOR 3 Month + 4.00%), 6.56%, 05/16/2031 (u)	EUR	2,500		2,698
Gray Television, Inc., Term D Loan, (CME Term SOFR 1 Month + 3.00%), 7.44%, 12/01/2028 (u) (aa)		1,358		1,241
Gray Television, Inc., Term F Loan, (CME Term SOFR 1 Month + 5.25%), 9.57%, 06/04/2029 (aa)		491		474
iHeartCommunications, Inc., Initial Term Loan, 05/01/2029 (u) (aa)		1,072		870
Radiate Holdco LLC, Amendment No. 6 Term B Loan, (CME Term SOFR 1 Month + 3.25%), 7.69%, 09/25/2026 (aa)		6,851		5,850
Summer BC Bidco B LLC, Extended Facility B (USD), (CME Term SOFR 3 Month + 5.00%), 9.32%, 02/15/2029 (u) (aa)		989		985
Virgin Media Bristol LLC, Facility Q, (CME Term SOFR 1 Month + 3.25%), 7.68%, 01/31/2029 (aa)		1,225		1,200
Virgin Media Bristol LLC, N Facility, (CME Term SOFR 1 Month + 2.50%), 6.93%, 01/31/2028 (aa)		1,017		988
				36,780
Telecommunications — 0.5%
Altice Financing SA, 2022 Refinancing Dollar Commitments, (Luxembourg), (CME Term SOFR 3 Month + 5.00%), 9.30%, 10/31/2027 (aa)		2,735		2,226
Altice France S.A., EUR TLB-[14] Loan, (EURIBOR 3 Month + 5.50%), 8.29%, 08/15/2028	EUR	6,140		5,942
Connect Finco Sarl, Amendment No. 1 Refinancing Term Loan (2024), (CME Term SOFR 1 Month + 3.50%), 7.82%, 12/11/2026 (u) (aa)		253		251
Digicel International Finance Ltd., Initial Term Loan (First Lien), (Saint Lucia), (CME Term SOFR 3 Month + 5.25%), 9.64%, 05/25/2027 (aa)		1,553		1,522
Level 3 Financing, Inc., Term B-3 Refinancing Loan, (CME Term SOFR 3 Month + 4.25%), 8.57%, 03/27/2032 (u) (aa)		9,019		8,898
Lorca Telecom Bidco, SA, Facility B5, (EURIBOR 3 Month + 3.75%), 6.22%, 03/25/2031 (u)	EUR	2,000		2,139
Lumen Technologies, Inc., Term A Loan, (CME Term SOFR 1 Month + 6.00%), 10.32%, 06/01/2028 (aa)		267		266
Lumen Technologies, Inc., Term B-1 Loan, (CME Term SOFR 1 Month + 2.35%), 6.79%, 04/15/2029 (d) (u) (aa)		2,646		2,540
Lumen Technologies, Inc., Term B-2 Loan, (CME Term SOFR 1 Month + 2.35%), 6.79%, 04/15/2030 (d) (u) (aa)		2,094		2,008
Odido Holding BV, Facility B2, (EURIBOR 3 Month + 3.15%), 5.51%, 03/30/2029 (u)	EUR	6,277		6,735
ViaSat, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.94%, 05/30/2030 (aa)		1,746		1,585

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Xplore, Inc., Initial Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 1.50%), 6.05%, 10/24/2029 (aa)		223		216
Xplore, Inc., Second Out Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 1.50%), 6.15%, 10/24/2031 (aa)		780		609
Zayo Group Holdings, Inc., Initial Dollar Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.44%, 03/09/2027 (aa)		10,357		9,619
				44,556
Total Communications				99,855
Consumer Cyclical — 0.7%
Airlines — 0.0% (g)
Vista Management Holding, Inc., (CME Term SOFR 3 Month + 3.75%), 8.05%, Term Loan, 07/01/2025 (u) (aa)		450		447
Auto Parts & Equipment — 0.2%
Clarios Global LP, Amendment No. 6 Dollar Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 7.07%, 01/28/2032 (aa)		4,656		4,580
First Brands Group LLC, 2021 Term Loan (Second Lien), (CME Term SOFR 3 Month + 8.50%), 13.05%, 03/30/2028 (aa)		6,382		5,712
Tenneco, Inc., Term A Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 9.17%, 11/17/2028 (aa)		2,139		2,065
Tenneco, Inc., Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 9.42%, 11/17/2028 (u) (aa)		1,161		1,128
				13,485
Distribution/Wholesale — 0.0% (g)
Parts Europe, 2024 Additional Term Facility, (France), (EURIBOR 3 Month + 3.25%), 5.95%, 02/03/2031	EUR	3,000		3,238
Entertainment — 0.1%
EOC Borrower LLC, Term Loan B, (CME Term SOFR 3 Month + 3.00%), 7.57%, 03/24/2032 (u) (aa)		4,235		4,227
Great Canadian Gaming Corp., 2024 Refinancing Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 4.75%), 9.05%, 11/01/2029 (aa)		1,119		1,100
Motion Acquisition Ltd., Facility B (USD) Loan, (United Kingdom), (CME Term SOFR 3 Month + 3.50%), 7.80%, 11/12/2029 (u) (aa)		283		272
				5,599
Home Builders — 0.0% (g)
Tecta America Corp., Closing Date Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 02/18/2032 (aa)		1,150		1,140
Housewares — 0.0% (g)
SWF Holdings I Corp., Tranche A-1 Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.82%, 12/19/2029 (d) (aa)		364		366
SWF Holdings I Corp., Tranche A-2 Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.44%, 10/06/2028 (aa)		332		271
				637
Leisure Time — 0.0% (g)
City Football Group Ltd., Term B-1 Loan, (United Kingdom), (CME Term SOFR 1 Month + 3.50%), 7.94%, 07/21/2030 (aa)		1,166		1,149

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Loan Assignments — continued
Leisure Time — continued
Life Time, Inc., 2024 New Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.80%, 11/05/2031 (aa)		427		425
				1,574
Lodging — 0.0% (g)
Wyndham Hotels & Resorts, Inc., 2022 Term A Loan, (CME Term SOFR 1 Month + 1.75%), 6.17%, 04/08/2027 (u) (aa)		1,246		1,244
Retail — 0.4%
Breitling Holdings Sarl, Facility B, (Luxembourg), (EURIBOR 6 Month + 0.00%), 6.48%, 10/25/2028	EUR	6,500		6,834
Foundation Building Materials, Inc., 2024 Incremental Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.55%, 01/29/2031 (u) (aa)		5,692		5,161
Foundation Building Materials, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.57%, 01/31/2028 (u) (aa)		177		167
Great Outdoors Group LLC, Term B-3 Loan, (CME Term SOFR 1 Month + 3.25%), 7.57%, 01/23/2032 (aa)		1,680		1,674
Gulfside Supply, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.30%, 06/17/2031 (aa)		343		339
LBM Acquisition LLC, Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.75%), 8.17%, 12/17/2027 (aa)		746		729
Marshall Group Holding Sarl, Term Loan B, 03/20/2032 (u)	EUR	3,615		3,880
PetSmart LLC, Initial Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.17%, 02/11/2028 (aa)		1,219		1,197
Sabre GLBL, Inc., 2021 Other Term B-1 Loan, (CME Term SOFR 1 Month + 3.50%), 7.94%, 12/17/2027 (aa)		104		100
Sabre GLBL, Inc., 2021 Other Term B-2 Loan, (CME Term SOFR 1 Month + 3.50%), 7.94%, 12/17/2027 (aa)		60		57
Sabre GLBL, Inc., 2024 Term B-2 Loan, (CME Term SOFR 1 Month + 6.00%), 10.42%, 11/15/2029 (aa)		145		140
Sabre GLBL Inc., 2022 Other Term B Loan, (CME Term SOFR 1 Month + 4.25%), 8.67%, 06/30/2028 (aa)		65		62
Sabre GLBL Inc., 2024 Term B-1 Loan, (CME Term SOFR 1 Month + 6.00%), 10.42%, 11/15/2029 (aa)		696		679
White Cap Supply Holdings LLC, Tranche C Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.57%, 10/19/2029 (aa)		8,659		8,381
				29,400
Total Consumer Cyclical				56,764
Consumer Non-cyclical — 1.0%
Commercial Services — 0.2%
Allied Universal Holdco LLC, Initial U.S. Dollar Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.17%, 05/12/2028 (aa)		2,069		2,065
Champions Holdco, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.75%), 9.07%, 02/23/2029 (aa)		1,985		1,781
Jupiter Buyer, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 4.75%), 9.07%, 11/01/2031 (aa)		737		736
Lernen Bidco Ltd., Facility B2 (USD), (United Kingdom), (SOFR 6 Month + 4.00%), 8.31%, 10/27/2031		3,741		3,733

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Commercial Services —continued
Neon Maple Purchaser, Inc., Tranche B-1 Term Loan, (Canada), (CME Term SOFR 1 Month + 3.00%), 7.32%, 11/17/2031 (u) (aa)		1,325		1,315
Raven Acquisition Holdings LLC, Initial Term Loan, (CME Term SOFR 1 Month + 0.00%), 7.57%, 11/19/2031 (u) (aa)		2,368		2,337
Vortex Opco LLC, Second-Out New Money Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 4.25%), 8.66%, 12/17/2028 (aa)		358		169
Wand Newco 3, Inc., Tranche B-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.82%, 01/30/2031 (u) (aa)		3,307		3,254
				15,390
Food — 0.1%
ECOTONE HoldCo III, Facility B2, (EURIBOR 1 Month + 4.50%), 6.86%, 09/30/2029	EUR	6,331		6,840
Healthcare - Products — 0.0% (g)
Bausch + Lomb Corp., Initial Term Loan, (Canada), (CME Term SOFR 1 Month + 3.25%), 7.67%, 05/10/2027 (aa)		5,080		5,058
Healthcare - Services — 0.3%
Chrome Bidco, Incremental TLC Facility, (EURIBOR 1 Month + 3.95%), 6.31%, 02/16/2029 (u)	EUR	1,864		1,657
Cidron Atrium SE, Facility B1 (First Lien), (Germany), (EURIBOR 1 Month + 5.00%), 7.35%, 05/22/2028 (u)	EUR	2,500		2,705
HomeVi, Senior Facility B3, (France), (EURIBOR 3 Month + 5.00%), 7.61%, 10/31/2029 (u)	EUR	6,500		6,996
LifePoint Health, Inc., 2024-1 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 0.00%), 8.05%, 05/17/2031 (aa)		2,122		2,055
LifePoint Health, Inc., 2024-2 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.82%, 05/19/2031 (aa)		1,022		981
MPH Acquisition Holdings LLC, Exchange First Out Term Loan, (CME Term SOFR 3 Month + 3.75%), 8.04%, 12/31/2030 (d) (u) (aa)		1,564		1,546
MPH Acquisition Holdings LLC, Second Out Term Loan, (CME Term SOFR 3 Month + 4.60%), 9.15%, 12/31/2030 (d) (u) (aa)		1,186		972
Quorum Health Corp., Term Loan (Exit), (CME Term SOFR 3 Month + 6.50%), 10.89%, 01/29/2028 (f) (aa)		665		520
Star Parent, Inc., Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.30%, 09/27/2030 (aa)		6,058		5,779
				23,211
Pharmaceuticals — 0.4%
1261229 B.C. Ltd., Term Loan B, (CME Term SOFR 3 Month + 6.25%), 10.57%, 09/25/2030 (u) (aa)		4,949		4,751
Bausch Health Companies, Inc., Second Amendment Term Loan, (Canada), (CME Term SOFR 1 Month + 5.25%), 9.67%, 02/01/2027 (u) (aa)		14,714		14,689
Cooper Consumer Health, Facility B3, (EURIBOR 3 Month + 4.00%), 6.36%, 11/06/2028	EUR	3,775		4,072
Elanco Animal Health, Inc., Term Loan, (CME Term SOFR 1 Month + 1.75%), 6.17%, 08/01/2027 (aa)		1,713		1,709
Endo Finance Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 0.00%), 8.32%, 04/23/2031 (u) (aa)		1,422		1,408
Gainwell Acquisition Corp., Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 8.40%, 10/01/2027 (aa)		2,649		2,479
Skio Bidco BV, Term Loan B, 02/27/2032 (u)	EUR	4,426		4,778
				33,886
Total Consumer Non-cyclical				84,385

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Diversified — 0.0% (g)
Holding Companies—Diversified — 0.0% (g)
GN Loanco LLC, Term B Loan, (CME Term SOFR 3 Month + 4.50%), 8.79%, 12/19/2030 (aa)		1,465		1,420
Energy — 0.0% (g)
Oil & Gas Services — 0.0% (g)
Star Holding LLC, Term B Loan (First Lien), (CME Term SOFR 1 Month + 4.50%), 8.82%, 07/31/2031 (u) (aa)		1,726		1,681
Pipelines — 0.0% (g)
Buckeye Partners, LP, 2024 Tranche B-5 Term Loan, (CME Term SOFR 1 Month + 1.75%), 6.07%, 11/01/2026 (aa)		753		753
Total Energy				2,434
Financial — 0.4%
Banks — 0.0% (g)
Ziraat Katilim Bankasi Anonim Sirketi, Tranche B, (CME Term SOFR 3 Month + 3.10%), 7.40%, 06/15/2034 (aa) (bb) (cc)		2,400		2,400
Diversified Financial Services — 0.1%
Corpay Technologies Operating Co. LLC, Term B-5 Loan, (CME Term SOFR 1 Month + 1.75%), 6.07%, 04/28/2028 (aa)		1,485		1,479
CPI Holdco B LLC, Initial Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.32%, 05/17/2031 (u) (aa)		658		651
Deerfield Dakota Holding LLC, 2021 Replacement Term Loan (Second Lien), (CME Term SOFR 3 Month + 6.75%), 11.31%, 04/07/2028 (aa)		653		622
Deerfield Dakota Holding LLC, Initial Dollar Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.05%, 04/09/2027 (aa)		895		847
Setanta Aircraft Leasing Designated Activity Co., New Loan, (Ireland), (CME Term SOFR 3 Month + 1.75%), 6.05%, 11/05/2028 (aa)		119		119
				3,718
Insurance — 0.2%
Acrisure LLC, 2024 Repricing Term B-6 Loan (First Lien), (CME Term SOFR 1 Month + 0.00%), 7.32%, 11/06/2030 (aa)		1,493		1,480
AssuredPartners, Inc., 2024 Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.82%, 02/14/2031 (u) (aa)		2,072		2,074
Asurion LLC, New B-12 Term Loan (First Lien), (CME Term SOFR 1 Month + 0.00%), 8.57%, 09/19/2030 (aa)		5,069		4,998
Asurion LLC, New B-4 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.69%, 01/20/2029 (aa)		2,910		2,688
Asurion LLC, New B-8 Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.69%, 12/23/2026 (u) (aa)		962		960
Asurion LLC, New B-9 Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.69%, 07/31/2027 (u) (aa)		1,832		1,816
Truist Insurance Holdings LLC, Amendment No.1 Replacement Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 7.05%, 05/06/2031 (aa)		538		533
Truist Insurance Holdings LLC, Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 4.75%), 9.05%, 05/06/2032 (aa)		2,094		2,109
USI, Inc., 2024-C Term Loan, (CME Term SOFR 3 Month + 2.25%), 6.55%, 09/29/2030 (aa)		1,978		1,957
				18,615

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Investment Companies — 0.1%
Osmosis Buyer Ltd., 2025 Refinancing Term B Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 07/31/2028 (aa)		3,491		3,456
Real Estate — 0.0% (g)
CoreLogic, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.50%), 7.94%, 06/02/2028 (aa)		739		723
PHM Group Holding Oyj, Term Loan B, 02/25/2032 (u)	EUR	2,500		2,682
				3,405
Total Financial				31,594
Government — 0.1%
Sovereign — 0.1%
Republic of Cote d’Ivoire, Term Loan, (EURIBOR 6 Month + 3.05%), 5.40%, 02/11/2034 (bb) (cc)	EUR	4,000		4,310
Republic of Tanzania, Term Loan, (CME Term SOFR 6 Month + 5.47%), 9.75%, 06/20/2030 (aa) (bb) (cc)		5,000		4,981
Total Government				9,291
Industrial — 0.5%
Aerospace/Defense — 0.0% (g)
Azorra Soar TLB Finance Ltd., Initial Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 3.50%), 7.80%, 10/18/2029 (aa)		1,105		1,107
Dynasty Acquisition Co., Inc., Initial Term B-1 Loan, (CME Term SOFR 1 Month + 0.00%), 6.32%, 10/31/2031 (u) (aa)		308		307
Dynasty Acquisition Co., Inc., Initial Term B-2 Loan, (CME Term SOFR 1 Month + 0.00%), 6.32%, 10/31/2031 (u) (aa)		117		117
				1,531
Building Materials — 0.1%
Cornerstone Building Brands, Inc., Tranche C Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.82%, 05/15/2031 (aa)		340		279
ECO Material Technologies Inc., Initial Term Loan, (CME Term SOFR 6 Month + 3.25%), 7.47%, 02/12/2032 (u) (aa)		1,333		1,327
Hobbs & Associates LLC, Closing Date Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.07%, 07/23/2031 (u) (aa)		49		48
Quikrete Holdings, Inc., Tranche B-3 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 6.57%, 02/10/2032 (u) (aa)		2,440		2,410
Wilsonart LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.55%, 08/05/2031 (aa)		2,784		2,642
				6,706
Electronics — 0.1%
Likewize Corp., Closing Date Term Loan, (CME Term SOFR 3 Month + 5.75%), 10.05%, 08/27/2029 (aa)		1,802		1,764
LSF12 Crown US Commercial Bidco LLC, Term Loan, (CME Term SOFR 1 Month + 4.25%), 8.57%, 12/02/2031 (aa)		2,434		2,384
				4,148
Engineering & Construction — 0.1%
Apple Bidco LLC, Amendment No. 5 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.82%, 09/23/2031 (u) (aa)		1,952		1,935

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Engineering & Construction —continued
Brand Industrial Services, Inc., Tranche C Term Loan, (CME Term SOFR 3 Month + 4.50%), 8.79%, 08/01/2030 (aa)		8,120		7,664
				9,599
Environmental Control — 0.0% (g)
GFL Environmental Services Inc., Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.82%, 03/03/2032 (u) (aa)		2,679		2,650
Machinery - Diversified — 0.1%
American Airlines Group Inc., (CME Term SOFR 1 Month + 0.00%), 6.58%, 04/20/2028		630		643
GrafTech Global Enterprises, Inc., Term Loan, (CME Term SOFR 3 Month + 6.00%), 10.30%, 12/21/2029 (d) (aa)		1,263		1,287
Husky Injection Molding Systems Ltd., Amendment No. 5 Refinancing Term Loan, (Canada), (CME Term SOFR 6 Month + 4.50%), 8.78%, 02/15/2029 (u) (aa)		3,772		3,751
				5,681
Metal Fabricate/Hardware — 0.0% (g)
Crosby US Acquisition Corp., Amendment No. 4 Replacement Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.82%, 08/16/2029 (u) (aa)		556		555
Doncasters US Finance LLC, Initial Term Loan, (CME Term SOFR 3 Month + 6.50%), 10.80%, 04/23/2030 (aa)		2,208		2,230
				2,785
Packaging & Containers — 0.1%
Berry Global, Inc., Term AA Loan, (CME Term SOFR 1 Month + 1.75%), 6.19%, 07/01/2029 (aa)		482		482
Iris Holding, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 9.14%, 06/28/2028 (aa)		1,456		1,373
LABL, Inc., Initial Dollar Term Loan, (CME Term SOFR 1 Month + 5.00%), 9.42%, 10/30/2028 (aa)		2,225		1,838
				3,693
Transportation — 0.0% (g)
Genesee & Wyoming, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 1.75%), 6.05%, 04/10/2031 (aa)		1,218		1,206
Total Industrial				37,999
Technology — 0.9%
Computers — 0.2%
Atlas CC Acquisition Corp., Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.25%), 8.82%, 05/25/2028 (aa)		1,204		717
Atlas CC Acquisition Corp., Term C Loan (First Lien), (CME Term SOFR 3 Month + 4.25%), 8.82%, 05/25/2028 (aa)		245		146
Clover Holdings 2 LLC, Initial Floating Rate Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.29%, 12/09/2031 (u) (aa)		5,000		4,937
McAfee Corp., Second Amendment Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 03/01/2029 (u) (aa)		1,728		1,646
NCR Atleos Corp., New Term B Loan, (CME Term SOFR 3 Month + 3.75%), 8.05%, 04/16/2029 (aa)		683		684
X Corp., Tranche B-3 Term Loan (First Lien), 9.50%, 10/26/2029 (u)		4,317		4,426
				12,556

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 — 0.7%
Ascend Learning LLC, Amendment No. 5 Incremental Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 12/11/2028 (u) (aa)		1,705		1,683
Ascend Learning LLC, Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.75%), 10.17%, 12/10/2029 (aa)		215		214
athenahealth Group, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 02/15/2029 (u) (aa)		12,222		12,050
Boxer Parent Co. Inc., 2031 Replacement Dollar Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.29%, 07/30/2031 (u) (aa)		2,297		2,254
Boxer Parent Co. Inc., Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.75%), 10.04%, 07/30/2032 (aa)		1,366		1,311
Central Parent LLC, 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.55%, 07/06/2029 (aa)		3,576		3,060
Cloud Software Group, Inc., Seventh Amendment Tranche B-1 Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.80%, 03/30/2029 (aa)		3,989		3,948
Cloud Software Group, Inc., Sixth Amendment Term Loan, (CME Term SOFR 3 Month + 3.75%), 8.05%, 03/21/2031 (aa)		4,822		4,770
Cotiviti, Inc., Initial Fixed Rate Term Loan, 7.63%, 05/01/2031		14,063		13,835
Cotiviti, Inc., Initial Floating Rate Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.07%, 05/01/2031 (aa)		3,970		3,881
Ellucian Holdings, Inc., Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 4.75%), 9.07%, 11/22/2032 (aa)		5,738		5,815
Mitchell International, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.57%, 06/17/2031 (u) (aa)		3,114		3,074
Polaris Newco LLC, Dollar Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.30%, 06/02/2028 (aa)		1,833		1,751
RealPage, Inc., Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.05%, 04/24/2028 (aa)		1,318		1,317
RealPage, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 7.56%, 04/24/2028 (aa)		2,877		2,835
Skillsoft Finance II, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.25%), 9.69%, 07/14/2028 (aa)		1,811		1,553
				63,351
Total Technology				75,907
Utilities — 0.0% (g)
Electric — 0.0% (g)
Calpine Corp., 2024-2 Term Loan, (CME Term SOFR 1 Month + 1.75%), 6.08%, 02/15/2032 (u) (aa)		1,050		1,046
Heritage Power LLC, Term Loan, (CME Term SOFR 3 Month + 5.50%), 9.80%, 07/20/2028 (aa)		160		157
Total Utilities				1,203
Total Loan Assignments (Cost $422,453)				417,199
	NUMBER OF   WARRANTS
Warrant — 0.0% (g)
Communications — 0.0% (g)
Media — 0.0% (g)
Diamond Sports Group LLC, expiring, expiring 06/30/2026 (a) (bb) (cc) (Cost $-)		256		177

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 — 3.0%
Corporate Bond — 0.0% (g)
Pacific Gas and Electric Co., (SOFR Compounded Index + 0.95%), 5.31%, 09/04/2025 (n) (aa)		343		343
Time Deposits — 2.8%
Australia & New Zealand Banking Group Ltd., 3.68%, 04/01/2025		9,187		9,187
BNP Paribas SA, 1.56%, 04/01/2025	CAD	1		1
Brown Brothers Harriman & Co., 5.32%, 04/01/2025	ZAR	43		2
Citibank NA,
1.35%, 04/01/2025	EUR	103,750		112,185
3.68%, 04/01/2025		1,121		1,121
Royal Bank of Canada,
3.42%, 04/01/2025	GBP	7,430		9,597
3.68%, 04/01/2025		1,357		1,357
Skandinaviska Enskilda Banken AB, 0.00%, 04/01/2025	CHF	82		93
Sumitomo Mitsui Banking Corp., 0.11%, 04/01/2025	JPY	6,897		46
Sumitomo Mitsui Trust Bank Ltd., 3.68%, 04/01/2025		101,078		101,078
Total Time Deposits				234,667
U.S. Treasury Obligations — 0.2%
U.S. Treasury Bills,
4.21%, 04/01/2025 (n)		4,900		4,900
4.24%, 05/29/2025 (n) (ii)		2,200		2,185
4.25%, 04/10/2025 (n)		3,400		3,396
4.25%, 05/22/2025 (n) (ee)		5,600		5,567
4.27%, 05/08/2025 (n) (ii)		1,459		1,453
Total U.S. Treasury Obligations				17,501
Total Short-Term Investments (Cost $252,511)				252,511
Total Investments — 98.7% (Cost - $8,236,081) *				8,288,716
Other Assets in Excess of Liabilities — 1.3%				111,530
NET ASSETS — 100.0%			$	8,400,246

Percentages indicated are based on net assets.

Futures contracts outstanding as of March 31, 2025:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Euro BOBL		298		06/2025		EUR		38,093		(137)
Euro Schatz		747		06/2025		EUR		86,355		36
U.S. Treasury 2 Year Note		825		06/2025		USD		170,205		712
U.S. Treasury 5 Year Note		677		06/2025		USD		72,533		689
U.S. Treasury 10 Year Note		781		06/2025		USD		85,862		1,000
U.S. Treasury Long Bond		43		06/2025		USD		4,940		103
U.S. Treasury Ultra Bond		72		06/2025		USD		8,705		97
										2,500

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of March 31, 2025 (continued):

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Short Contracts
Euro BOBL		(1	)		06/2025		EUR		(128	)		1
U.S. Treasury 5 Year Note		(233	)		06/2025		USD		(24,915	)		(285	)
U.S. Treasury Ultra Bond		(1	)		06/2025		USD		(120	)		(3	)
												(287	)
Total unrealized appreciation (depreciation)												2,213

Forward foreign currency exchange contracts outstanding as of March 31, 2025:

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
BRL	4,068	USD	709		Citibank, NA	04/02/2025		4
BRL	12	USD	2		Citibank, NA	04/02/2025		—	(h)
EUR	81,027	USD	87,396		Morgan Stanley & Co.	04/02/2025		219
TRY	115,333	USD	3,021		Barclays Bank plc	04/02/2025		18
EGP	148,444	USD	2,876		Bank of America, NA	04/07/2025		52
EGP	1	USD	—	(h)	Morgan Stanley & Co.	04/07/2025		—	(h)
USD	3,553	EUR	3,251		Citibank, NA	04/07/2025		36
USD	4,384	EUR	4,037		Citibank, NA	04/07/2025		17
EUR	4,564	USD	4,933		Citibank, NA	04/07/2025		3
EUR	199,519	USD	215,757		Citibank, NA	04/07/2025		40
EUR	201,450	USD	217,853		Citibank, NA	04/07/2025		32
EUR	200,807	USD	217,163		Citibank, NA	04/07/2025		26
EUR	200,163	USD	216,457		Citibank, NA	04/07/2025		36
EUR	10,000	USD	10,503		Citibank, NA	04/07/2025		312
EUR	6,500	USD	6,801		Citibank, NA	04/07/2025		229
EUR	6,690	USD	6,921		Citibank, NA	04/07/2025		314
EUR	4,832	USD	4,969		Citibank, NA	04/07/2025		257
EUR	35,000	USD	36,795		Citibank, NA	04/07/2025		1,060
USD	2,409	EUR	2,220		Citibank, NA	04/07/2025		9
GBP	9,000	USD	11,335		Citibank, NA	04/07/2025		291
GBP	11,000	USD	14,197		Citibank, NA	04/07/2025		12
USD	3,803	EUR	3,500		Brown Brothers Harriman & Co.	04/14/2025		16
NGN	307,066	USD	197		Bank of America, NA	04/14/2025		1
USD	13	PYG	103,545		Bank of America, NA	04/14/2025		—	(h)
USD	1,265	TRY	47,709		Morgan Stanley & Co.	04/15/2025		31
USD	6,600	ZAR	120,659		Morgan Stanley & Co.	04/16/2025		27
CZK	4,156	USD	178		Morgan Stanley & Co.	04/17/2025		3
TRY	1,872	USD	48		Barclays Bank plc	04/21/2025		—	(h)
TRY	1,633	USD	40		Barclays Bank plc	04/21/2025		2
TRY	3,901	USD	99		Barclays Bank plc	04/21/2025		1
TRY	2,021	USD	49		Barclays Bank plc	04/21/2025		2
TRY	6,224	USD	158		Barclays Bank plc	04/21/2025		1
TRY	5,949	USD	148		Barclays Bank plc	04/21/2025		4
TRY	1,919	USD	49		Barclays Bank plc	04/21/2025		—	(h)
TRY	2,353	USD	60		Barclays Bank plc	04/21/2025		1
TRY	11,837	USD	300		Barclays Bank plc	04/25/2025		2
EGP	69,916	USD	1,347		Citibank, NA	04/28/2025		17

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of March 31, 2025 (continued):

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
INR	2,192	USD	25	Citibank, NA	04/28/2025		—	(h)
INR	2,269	USD	26	Citibank, NA	04/28/2025		1
USD	2,549	GBP	1,968	Bank of America, NA	05/02/2025		7
EGP	12,930	USD	245	Citibank, NA	05/05/2025		6
EGP	6,091	USD	116	Citibank, NA	05/05/2025		3
EGP	62,172	USD	1,200	Bank of America, NA	05/12/2025		5
EGP	62,069	USD	1,156	Bank of America, NA	05/14/2025		45
USD	65	TRY	2,562	Barclays Bank plc	05/22/2025		2
EGP	69,174	USD	1,303	Citibank, NA	06/11/2025		19
USD	2,172	CHF	1,900	Brown Brothers Harriman & Co.	06/13/2025		6
USD	101,309	EUR	93,000	Brown Brothers Harriman & Co.	06/13/2025		338
USD	27,800	GBP	21,500	Brown Brothers Harriman & Co.	06/13/2025		30
USD	519	GBP	400	Brown Brothers Harriman & Co.	06/13/2025		2
USD	1,295	GBP	1,000	Brown Brothers Harriman & Co.	06/13/2025		3
USD	1,295	GBP	1,000	Brown Brothers Harriman & Co.	06/13/2025		4
USD	37	TRY	1,459	Barclays Bank plc	06/13/2025		1
TRY	1,522	USD	37	Barclays Bank plc	06/13/2025		—	(h)
EGP	64,917	USD	1,233	Morgan Stanley & Co.	06/18/2025		4
USD	65,150	EUR	59,416	Citibank, NA	06/18/2025		622
USD	84	EUR	76	UBS AG LONDON	06/18/2025		1
USD	111	EUR	102	UBS AG LONDON	06/18/2025		—	(h)
USD	14,282	GBP	11,052	UBS AG LONDON	06/18/2025		7
USD	20,158	MXN	415,898	Bank of America, NA	06/18/2025		45
USD	1,837	PEN	6,705	Citibank, NA	06/18/2025		15
USD	279	PEN	1,027	Citibank, NA	06/18/2025		—	(h)
USD	32	TRY	1,290	Barclays Bank plc	06/25/2025		1
BRL	4,160	USD	700	Citibank, NA	07/02/2025		14
USD	219,794	EUR	202,094	Citibank, NA	07/09/2025		47
USD	220,492	EUR	202,737	Citibank, NA	07/09/2025		45
USD	222,102	EUR	204,216	Citibank, NA	07/09/2025		47
USD	207,449	GBP	160,173	Citibank, NA	07/09/2025		568
EGP	104,659	USD	1,928	Citibank, NA	07/21/2025		38
EGP	456,288	USD	8,400	Citibank, NA	07/21/2025		171
USD	1,640	PEN	5,957	Citibank, NA	07/24/2025		23
EGP	36,314	USD	660	Citibank, NA	08/26/2025		12
Total unrealized appreciation							5,207

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of March 31, 2025 (continued):

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	700	BRL	4,080	Citibank, NA	04/02/2025		(15	)
USD	542	EUR	518	Bank of America, NA	04/02/2025		(18	)
USD	294	EUR	282	Bank of America, NA	04/02/2025		(11	)
USD	81,259	EUR	77,780	Bank of America, NA	04/02/2025		(2,844	)
USD	4,281	EUR	3,962	Barclays Bank plc	04/02/2025		(3	)
EUR	1,016	USD	1,103	Barclays Bank plc	04/02/2025		(4	)
EUR	499	USD	543	Barclays Bank plc	04/02/2025		(3	)
GBP	1,968	USD	2,549	Bank of America, NA	04/02/2025		(7	)
USD	2,484	GBP	1,968	Morgan Stanley & Co.	04/02/2025		(57	)
USD	3,007	EUR	2,883	Citibank, NA	04/07/2025		(111	)
USD	386,457	EUR	375,300	Citibank, NA	04/07/2025		(19,461	)
USD	386,150	EUR	375,200	Citibank, NA	04/07/2025		(19,660	)
USD	5,638	EUR	5,469	Citibank, NA	04/07/2025		(277	)
USD	4,473	EUR	4,307	Citibank, NA	04/07/2025		(186	)
USD	3,761	EUR	3,613	Citibank, NA	04/07/2025		(146	)
USD	3,487	EUR	3,391	Citibank, NA	04/07/2025		(181	)
USD	20,820	EUR	20,000	Citibank, NA	04/07/2025		(812	)
USD	5,321	EUR	5,111	Citibank, NA	04/07/2025		(207	)
EUR	204,216	USD	220,932	Citibank, NA	04/07/2025		(55	)
USD	3,000	EUR	2,861	Citibank, NA	04/07/2025		(95	)
USD	2,930	EUR	2,794	Citibank, NA	04/07/2025		(91	)
USD	3,242	EUR	3,112	Citibank, NA	04/07/2025		(125	)
USD	15,608	EUR	15,000	Citibank, NA	04/07/2025		(615	)
USD	386,063	EUR	375,100	Citibank, NA	04/07/2025		(19,638	)
USD	329,728	EUR	320,288	Citibank, NA	04/07/2025		(16,689	)
EUR	30,000	USD	32,755	Citibank, NA	04/07/2025		(308	)
EUR	4,913	USD	5,345	Citibank, NA	04/07/2025		(31	)
EUR	8,265	USD	9,021	Citibank, NA	04/07/2025		(81	)
EUR	202,094	USD	218,637	Citibank, NA	04/07/2025		(56	)
EUR	202,737	USD	219,330	Citibank, NA	04/07/2025		(53	)
EUR	5,553	USD	6,030	Citibank, NA	04/07/2025		(24	)
USD	3,542	EUR	3,367	Citibank, NA	04/07/2025		(99	)
GBP	160,173	USD	207,467	Citibank, NA	04/07/2025		(567	)
USD	3,273	GBP	2,613	Citibank, NA	04/07/2025		(102	)
USD	218,649	GBP	177,560	Citibank, NA	04/07/2025		(10,712	)
USD	1,124	PEN	4,199	Barclays Bank plc	04/09/2025		(19	)
USD	659	PEN	2,461	Citibank, NA	04/09/2025		(11	)
PEN	5,943	USD	1,640	Citibank, NA	04/09/2025		(23	)
USD	2,103	EUR	2,000	Brown Brothers Harriman & Co.	04/14/2025		(61	)
USD	3,666	EUR	3,500	Brown Brothers Harriman & Co.	04/14/2025		(121	)
USD	5,220	EUR	5,000	Brown Brothers Harriman & Co.	04/14/2025		(190	)
USD	5,209	EUR	5,000	Brown Brothers Harriman & Co.	04/14/2025		(201	)
USD	10,432	EUR	10,000	Brown Brothers Harriman & Co.	04/14/2025		(388	)
USD	4,216	EUR	4,000	Brown Brothers Harriman & Co.	04/14/2025		(112	)
USD	18,822	EUR	18,000	Brown Brothers Harriman & Co.	04/14/2025		(654	)
USD	30,458	EUR	29,500	Brown Brothers Harriman & Co.	04/14/2025		(1,460	)
USD	3,160	EUR	3,000	Brown Brothers Harriman & Co.	04/14/2025		(86	)
USD	4,624	GBP	3,800	Brown Brothers Harriman & Co.	04/14/2025		(284	)
TRY	303,460	USD	7,865	Barclays Bank plc	04/15/2025		(15	)

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of March 31, 2025 (continued):

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
TRY	72,955	USD	1,916	Barclays Bank plc	04/15/2025		(29	)
USD	14	ZAR	266	Citibank, NA	04/16/2025		—	(h)
USD	1,048	CZK	25,680	Bank of America, NA	04/17/2025		(65	)
USD	87,537	EUR	81,027	Morgan Stanley & Co.	05/02/2025		(219	)
NGN	2,987,750	USD	1,900	Morgan Stanley & Co.	05/12/2025		(1	)
TRY	17,385	USD	445	Barclays Bank plc	05/13/2025		(11	)
TRY	10,316	USD	261	Barclays Bank plc	06/17/2025		(14	)
MXN	17,702	USD	863	Bank of America, NA	06/18/2025		(7	)
MXN	8,165	USD	397	Barclays Bank plc	06/18/2025		(2	)
MXN	29,553	USD	1,445	Morgan Stanley & Co.	06/18/2025		(16	)
USD	216,899	EUR	199,519	Citibank, NA	07/09/2025		(50	)
USD	218,313	EUR	200,807	Citibank, NA	07/09/2025		(35	)
USD	217,603	EUR	200,163	Citibank, NA	07/09/2025		(45	)
USD	219,005	EUR	201,450	Citibank, NA	07/09/2025		(43	)
KZT	1,063,871	USD	2,053	Morgan Stanley & Co.	09/11/2025		(27	)
KZT	85,018	USD	165	Citibank, NA	09/12/2025		(3	)
USD	404	PEN	1,495	Citibank, NA	12/05/2025		(1	)
USD	202	PEN	748	Citibank, NA	12/05/2025		—	(h)
Total unrealized depreciation							(97,537	)
Net unrealized appreciation (depreciation)							(92,330	)

Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2025:

FLOATING RATE INDEX (a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE	MATURITY DATE	NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
Brazil Cetip DI Interbank Deposite 1 Year	14.15% maturity	Receive	01/04/2027	BRL	69,400		—			75			75
Brazil Cetip DI Interbank Deposite 1 Year	14.15% maturity	Pay	01/04/2027	BRL	69,400		—			(1,219	)		(1,219	)
Brazil Cetip DI Interbank Deposite 1 Year	14.15% maturity	Pay	01/04/2027	BRL	45,000		—			(431	)		(431	)
Brazil Cetip DI Interbank Deposite 1 Year	14.15% maturity	Pay	01/04/2027	BRL	3,500		—			(34	)		(34	)
Brazil Cetip DI Interbank Deposite 1 Year	14.15% maturity	Receive	01/04/2027	BRL	50,600		—			554			554
Czech Interbank Offered Rates 6 Month	4.25% semi-annually	Pay	04/18/2029	CZK	199,400		247			194			441
Czech Interbank Offered Rates 6 Month	3.53% semi-annually	Pay	07/15/2029	CZK	426,900		34			286			320
Czech Interbank Offered Rates 6 Month	3.08% semi-annually	Pay	10/03/2029	CZK	56,700		47			11			58
Czech Interbank Offered Rates 6 Month	3.49% semi-annually	Pay	10/30/2029	CZK	222,300		(66	)		27			(39	)
EURIBOR 6 Month	2.82% semi-annually	Receive	06/26/2029	EUR	24,900		803			82			885
EURIBOR 6 Month	2.25% semi-annually	Pay	09/17/2030	EUR	40,100		674			(300	)		374

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2025 (continued):

FLOATING RATE INDEX (a)	FIXED RATE		PAY/ RECEIVE FLOATING RATE		MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
EURIBOR 6 Month		2.25% semi- annually		Pay		09/17/2035	EUR	13,500		(653	)		98			(555	)
EURIBOR 6 Month		2.25% semi- annually		Receive		09/17/2055	EUR	11,100		948			(24	)		924
SONIA Interest Rate Benchmark		3.50% annually		Pay		03/19/2030	GBP	11,100		(315	)		(6	)		(321	)
United States SOFR		3.75% annually		Receive		06/20/2029	USD	25,300		74			74			148
United States SOFR		3.75% annually		Pay		12/18/2029	USD	21,100		45			(15	)		30
United States SOFR		3.75% annually		Receive		12/18/2029	USD	17,300		14			11			25
United States SOFR		3.00% annually		Pay		03/19/2030	USD	14,100		(763	)		326			(437	)
United States SOFR		3.75% annually		Pay		06/20/2034	USD	4,100		—	(h)		46			46
United States SOFR		3.75% annually		Pay		06/20/2034	USD	29,800		(311	)		(22	)		(333	)
United States SOFR		3.75% annually		Receive		12/18/2034	USD	7,100		294			(330	)		(36	)
United States SOFR		3.75% annually		Receive		06/20/2039	USD	700		39			(22	)		17
United States SOFR		3.50% annually		Pay		06/20/2054	USD	18,600		(374	)		(919	)		(1,293	)
Total										737			(1,538	)		(801	)

(a) Value of floating rate index as of March 31, 2025 was as follows:

FLOATING RATE INDEX
Brazil Cetip DI Interbank Deposite 1 Year	14.15	%
Czech Interbank Offered Rates 6 Month	3.61	%
EURIBOR 6 Month	2.34	%
SONIA Interest Rate Benchmark	4.46	%
United States SOFR	4.41	%

OTC Credit Default Swaps contracts outstanding — sell protection (1) as of March 31, 2025:

REFERENCE OBLIGATION/ INDEX

FINANCING RATE RECEIVED BY THE FUND(%)

PAYMENT FREQUENCY

COUNTERPARTY

MATURITY DATE

IMPLIED CREDIT SPREAD (%) (3)

NOTIONAL AMOUNT (4)

UPFRONT PAYMENTS (RECEIPTS) ($) (5)

UNREALIZED APPRECIATION (DEPRECIATION) ($)

VALUE ($)

State of Israel, 2.88%, 03/16/2026

1.00

Quarterly

Citibank, NA

06/20/2025

0.89

USD

200

—

(h)

—

(h)

—

(h)

Republic of Turkiye, 11.88%, 01/15/2030

1.00

Quarterly

Barclays Bank Plc Wholesale

06/20/2025

1.28

USD

4,475

2

(3)

(1

)

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 March 31, 2025 (continued):

REFERENCE OBLIGATION/ INDEX	FINANCING RATE RECEIVED BY THE FUND(%)		PAYMENT FREQUENCY		COUNTERPARTY	MATURITY DATE		IMPLIED CREDIT SPREAD (%) (3)		NOTIONAL AMOUNT (4)		UPFRONT PAYMENTS (RECEIPTS) ($) (5)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
Saudi International Bond, 4.75%, 01/16/2030		1.00		Quarterly	Morgan Stanley Capital Service		06/20/2025		0.25	USD	950		3			(1)			2
CMA CGM SA, 7.50%, 01/15/2026		5.00		Quarterly	Goldman Sachs		06/20/2026		0.99	EUR	10		1			(—	)(h)		1
Adler Real Estate, 3.00%, 04/27/2026		5.00		Quarterly	Goldman Sachs		06/20/2026		5.50	EUR	100		(3	)		4			1
CMA CGM SA, 7.50%, 01/15/2026		5.00		Quarterly	Goldman Sachs		06/20/2027		1.33	EUR	70		2			4			6
CMA CGM SA, 7.50%, 01/15/2026		5.00		Quarterly	Barclays Bank plc		06/20/2027		1.33	EUR	49		2			3			5
State of Israel, 2.88%, 03/16/2026		1.00		Quarterly	Citibank, NA		06/20/2027		1.20	USD	4,600		(26	)		70			44
Adler Real Estate AG, 2.13%, 02/06/2024		5.00		Quarterly	Bank of America, NA		12/20/2027		4.93	EUR	200		(50	)		61			11
Forvia SA, Reg. S, 3.13%, 06/15/2026		5.00		Quarterly	Barclays Bank plc		06/20/2029		3.30	EUR	127		16			(7)			9
Forvia SA, Reg. S, 3.13%, 06/15/2026		5.00		Quarterly	Goldman Sachs		06/20/2029		3.30	EUR	100		12			(5)			7
China Government International Bond, 7.50%, 10/28/2027		1.00		Quarterly	Morgan Stanley Capital Service		12/20/2029		0.60	USD	500		9			2			11
Forvia SA, Reg. S, 3.13%, 06/15/2026		5.00		Quarterly	Goldman Sachs		12/20/2029		3.79	EUR	419		31			(8)			23
SES SA, 0.88%, 11/04/2027		1.00		Quarterly	Bank of America, NA		12/20/2029		2.43	EUR	72		(6	)		1			(5	)
Markit iTraxx Europe Crossover Index, 12/20/2029		5.00		Quarterly	BNP Paribas		12/20/2029		2.65	EUR	307		39			(4)			35
Romania, 2.75%, 02/26/2026		1.00		Quarterly	Barclays Bank Plc Wholesale		12/20/2029		1.98	USD	1,800		(79	)		6			(73	)
SES SA, 0.88%, 11/04/2027		1.00		Quarterly	Barclays Bank plc		12/20/2029		2.43	EUR	75		(5	)		—	(h)		(5	)
China Government International Bond, 7.50%, 10/28/2027		1.00		Quarterly	Morgan Stanley Capital Service		12/20/2029		0.60	USD	2,700		50			9			59
Ivory Coast, 6.13%, 06/15/2033		1.00		Quarterly	Morgan Stanley Capital Service		06/20/2030		3.95	USD	325		(41	)		(—	)(h)		(41	)
Republic of Indonesia, 2.15%, 07/28/2031		1.00		Quarterly	Bank of America, NA		06/20/2030		0.96	USD	1,700		6			(2)			4
Saudi International Bond, 4.75%, 01/16/2030		1.00		Quarterly	Barclays Bank Plc Wholesale		06/20/2030		0.72	USD	19,600		273			(5	)		268
Republic of Indonesia, 2.15%, 07/28/2031		1.00		Quarterly	Barclays Bank Plc Wholesale		06/20/2030		0.96	USD	3,300		8			(—	)(h)		8
Federal Republic of Brasil, 3.75%, 09/12/2031		1.00		Quarterly	Citibank, NA		06/20/2035		2.86	USD	600		(83	)		(—	)(h)		(83	)
Federal Republic of Brasil, 3.75%, 09/12/2031		1.00		Quarterly	Bank of America, NA		06/20/2035		2.86	USD	200		(28	)		(—	)(h)		(28	)
Total													133			125			258

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

OTC Credit Default Swaps contracts outstanding — buy protection (2) as of March 31, 2025:

REFERENCE OBLIGATION/ INDEX	FINANCING RATE PAID BY THE FUND(%)		PAYMENT FREQUENCY		COUNTERPARTY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (3)		NOTIONAL AMOUNT (4)		UPFRONT PAYMENTS (RECEIPTS) ($) (5)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
Morocco Government International Bond, 3.00%, 12/15/2032		1.00		Quarterly		Barclays Bank Plc Wholesale		06/20/2029		0.82	USD	2,700		—			(4	)		(4	)
United Mexican States, 4.14%, 03/28/2027		1.00		Quarterly		Morgan Stanley Capital Service		06/20/2029		1.10	USD	3,400		25			(11	)		14
Republic of Panama, 8.88%, 09/30/2027		1.00		Quarterly		Barclays Bank Plc Wholesale		06/20/2029		1.45	USD	1,200		38			(1	)		37
Republic of Panama, 8.88%, 09/30/2027		1.00		Quarterly		Bank of America, NA		06/20/2029		1.45	USD	1,100		26			8			34
Korea International Bond, 2.75%, 01/19/2027		1.00		Quarterly		Morgan Stanley Capital Service		12/20/2029		0.32	USD	750		(25	)		4			(21	)
Republic of Panama, 8.88%, 09/30/2027		1.00		Quarterly		Morgan Stanley Capital Service		12/20/2029		2.02	USD	700		24			6			30
Republic of Panama, 8.88%, 09/30/2027		1.00		Quarterly		Bank of America, NA		12/20/2029		2.02	USD	1,000		35			8			43
Republic of Panama, 8.88%, 09/30/2027		1.00		Quarterly		Barclays Bank Plc Wholesale		12/20/2029		2.02	USD	1,100		35			12			47
Saudi Government International Bond, 4.00%, 04/17/2025		1.00		Quarterly		Barclays Bank Plc Wholesale		06/20/2034		0.93	USD	8,500		(94	)		133			39
Saudi Government International Bond, 4.00%, 04/17/2025		1.00		Quarterly		Morgan Stanley Capital Service		06/20/2034		0.93	USD	5,200		(58	)		82			24
Total														6			237			243

Centrally Cleared Credit Default Swaps contracts outstanding — sell protection (1) as of March 31, 2025:

REFERENCE OBLIGATION/ INDEX	FINANCING RATE RECEIVED BY THE FUND(%)		PAYMENT FREQUENCY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (3)		NOTIONAL AMOUNT (4)			UPFRONT PAYMENTS (RECEIPTS) ($) (5)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CDX.EM.40 12/28		1.00		Quarterly		12/20/2028		1.40		USD	2,200		(73	)		42			(31	)
CDX.NA.IG.41-V1		1.00		Quarterly		12/20/2028		0.42		USD	820		8			8			16
CDX.EM HY.40 12/28		1.00		Quarterly		12/20/2028		2.45		USD	15,600		(1,416	)		699			(717	)
CDX.EM.41 06/29		1.00		Quarterly		06/20/2029		1.53		USD	700		(27	)		13			(14	)
CDX.NA.IG.42-V1		1.00		Quarterly		06/20/2029		0.48		USD	8,726		181			(10	)		171
CDX.EM HY.42 12/29		1.00		Quarterly		12/20/2029		2.70		USD	25,000		(1,912	)		209			(1,703	)
CDX.NA.IG.43 12/29		1.00		Quarterly		12/20/2029		0.56		USD	2,101		40			(—	)(h)		40
CDX.NA HY.44 06/30		5.00		Quarterly		06/20/2030		3.78		USD	275,215		16,100			(1,556	)		14,544
Total													12,901			(595	)		12,306

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 (2) as of March 31, 2025:

REFERENCE OBLIGATION/ INDEX	FINANCING RATE PAID BY THE FUND(%)		PAYMENT FREQUENCY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (3)		NOTIONAL AMOUNT (4)			UPFRONT PAYMENTS (RECEIPTS) ($) (5)			UNREALIZED APPRECIATION (DEPRECIATION) ($)		VALUE ($)
CDX.EM.42 12/29		1.00		Quarterly		12/20/2029		1.63		USD	16,100		383			55		438
ITRX EUR XOVER 06/30		5.00		Quarterly		06/20/2030		3.28		EUR	86,432		(7,267	)		112		(7,155	)
Total													(6,884	)		167		(6,717	)

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

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

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

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

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025

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
LIBOR	—	London Interbank Offered Rate
PIK	—	Payment in Kind
OYJ	—	Public Limited Company
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REIT	—	Real Estate Investment Trust
SOFR	—	Secured Overnight Financing Rate
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2025.
(a)	—	Non-income producing security.
(d)	—	Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued.

Six Circles Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)

(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500 shares or principal/ $500.
(n)	—	The rate shown is the effective yield as of March 31, 2025.
(o)	—	Loan assignments are presented by obligor. Each Series or loan tranche underlying each obligor may have varying terms.
(u)	—	All or a portion of the security is unsettled as of March 31, 2025. Unless otherwise indicated, the coupon rate is undetermined.
(v)	—	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(w)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(x)	—	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of March 31, 2025.
(z)	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2025.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2025
(bb)	—	Security has been valued using significant unobservable inputs.
(cc)	—	Loan assignments are presented by obligor. Each Series or loan tranche underlying each obligor may have varying terms.
(ee)	—	Approximately $1,254 of these investments are restricted as collateral for swaps to various brokers.
(ff)	—	Approximately $122 of these investments are restricted as collateral for futures to Citigroup Global Markets, Inc.
(ii)	—	Approximately $2,914 of these investments are restricted as collateral for forwards to Bank of America NA.
(jj)	—	Approximately $60 of these investments are restricted as collateral for bi-lateral derivatives to various brokers.
*	—	The cost of securities is substantially the same for federal income tax purposes.
BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CZK	—	Czech Koruna
EGP	—	Egyptian Pound
EUR	—	Euro
GBP	—	British Pound
INR	—	Indian Rupee
JPY	—	Japanese Yen
MXN	—	Mexican Peso
NGN	—	Nigerian Naira
PEN	—	Peruvian Nuevo Sol
PYG	—	Paraguayan Guarani
TRY	—	Turkish Lira
USD	—	United States Dollar
ZAR	—	South African Rand

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Long Positions — 126.3%
Asset-Backed Securities — 10.8%
522 Funding CLO 2020-6 Ltd., (Cayman Islands), Series 2020-6A, Class A1R2, (CME Term SOFR 3 Month + 1.20%), 5.49%, 10/23/2034 (e) (aa)		3,200		3,191
American Heritage Auto Receivables Trust, Series 2024-1A, Class A2, 4.83%, 03/15/2028 (e)		2,900		2,903
AMMC CLO 24 Ltd., (Cayman Islands), Series 2021-24A, Class AR, (CME Term SOFR 3 Month + 1.20%), 5.49%, 01/20/2035 (e) (aa)		3,200		3,189
Anchorage Capital CLO 20 Ltd., (Cayman Islands), Series 2021-20A, Class A1R, (CME Term SOFR 3 Month + 1.10%), 5.39%, 01/20/2035 (e) (aa)		3,300		3,291
Anchorage Credit Funding 12 Ltd., (Cayman Islands), Series 2020-12A, Class A1, 3.18%, 10/25/2038 (e)		1,000		961
Anchorage Credit Funding 4 Ltd., (Cayman Islands), Series 2016-4A, Class AR, 2.72%, 04/27/2039 (e)		1,000		926
Arbour CLO VII DAC, Series 7A, Class BR, 5.00%, 12/15/2038 (e)	EUR	1,000		1,082
Ares XXVII CLO Ltd., (Cayman Islands), Series 2013-2A, Class AR3, (CME Term SOFR 3 Month + 1.15%), 5.45%, 10/28/2034 (e) (aa)		3,100		3,089
Bain Capital Credit CLO 2021-3 Ltd., (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.06%), 5.35%, 07/24/2034 (e) (aa)		1,500		1,485
Bain Capital Credit CLO 2021-5 Ltd., (Cayman Islands), Series 2021-5A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 5.44%, 10/23/2034 (e) (aa)		3,000		2,990
BBAM European CLO I DAC, Series 1A, Class AR, 4.56%, 07/22/2034 (e)	EUR	250		269
Canyon CLO 2020-1 Ltd., (Cayman Islands), Series 2020-1A, Class AR2, (CME Term SOFR 3 Month + 1.08%), 5.38%, 07/15/2034 (e) (aa)		3,200		3,186
Carvana Auto Receivables Trust,
Series 2024-N3, Class A2, 4.84%, 12/10/2027 (e)		193		193
Series 2024-N3, Class A3, 4.53%, 01/10/2029 (e)		240		240
Series 2024-N3, Class B, 4.67%, 12/10/2030 (e)		240		239
Series 2024-N3, Class C, 4.90%, 12/10/2030 (e)		240		240
Series 2024-P4, Class A2, 4.62%, 02/10/2028		1,600		1,599
Series 2024-P4, Class A3, 4.64%, 01/10/2030		1,600		1,604
Series 2024-P4, Class A4, 4.74%, 12/10/2030		1,600		1,606
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A3, (CME Term SOFR 1 Month + 0.71%), 5.03%, 10/25/2036 (aa)		2,938		1,722
CQS US CLO 2021-1 Ltd., (Cayman Islands), Series 2021-1A, Class AR, (CME Term SOFR 3 Month + 1.20%), 5.49%, 01/20/2035 (e) (aa)		3,200		3,216
Dryden Euro CLO, Series 2020-74A, Class A, 4.67%, 04/18/2033 (e)	EUR	245		265
Finance of America HECM Buyout, Series 2024-HB1, Class A1A, 4.00%, 10/01/2034 (e) (z)		254		252
Flagship Credit Auto Trust, Series 2024-3, Class A, 4.88%, 11/15/2028 (e)		1,771		1,774
GE-WMC Mortgage Securities Trust, Series 2006-1, Class A2B, (CME Term SOFR 1 Month + 0.41%), 4.73%, 08/25/2036 (aa)		7,840		3,329
GM Financial Automobile Leasing Trust, Series 2024-3, Class A2A, 4.29%, 01/20/2027		120		120
Greywolf CLO III Ltd., (Cayman Islands),
Series 2020-3RA, Class A1R2, (CME Term SOFR 3 Month + 1.23%), 5.52%, 04/22/2033 (e) (aa)		500		500

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 2020-3RA, Class A2R2, (CME Term SOFR 3 Month + 1.85%), 6.14%, 04/22/2033 (e) (aa)		500		500
ICG US CLO Ltd., (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.15%), 5.44%, 10/20/2034 (e) (aa)		3,300		3,289
LCM Ltd., (Cayman Islands), Series 31A, Class AR, (CME Term SOFR 3 Month + 1.28%), 5.57%, 07/20/2034 (e) (aa)		250		250
Lyra Music Assets Delaware LP, Series 2024-2A, Class A2, 5.76%, 12/22/2064 (e)		3,096		3,122
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-WMC4, Class M6, (CME Term SOFR 1 Month + 1.16%), 5.48%, 04/25/2035 (aa)		1,693		1,572
Mountain View CLO XIV Ltd., (Cayman Islands), Series 2019-1A, Class A1R, (CME Term SOFR 3 Month + 1.16%), 5.46%, 10/15/2034 (e) (aa)		3,200		3,179
OFSI BSL X Ltd., (Cayman Islands), Series 2021-10A, Class AR, (CME Term SOFR 3 Month + 1.27%), 5.56%, 04/20/2034 (e) (aa)		3,000		2,998
Pagaya AI Debt Grantor Trust,
Series 2024-10, Class A, 5.18%, 06/15/2032 (e)		1,082		1,085
Series 2024-10, Class B, 5.75%, 06/15/2032 (e)		1,500		1,508
Series 2024-10, Class C, 5.99%, 06/15/2032 (e)		1,600		1,606
Series 2024-11, Class A, 5.09%, 07/15/2032 (e)		1,918		1,917
Series 2024-11, Class B, 5.64%, 07/15/2032 (e)		500		501
Series 2024-11, Class C, 5.87%, 07/15/2032 (e)		500		502
PK ALIFT Loan Funding 4 LP, (Cayman Islands), Series 2024-2, Class A, 5.05%, 10/15/2039 (e)		197		194
PRET LLC,
Series 2021-NPL5, Class A1, SUB, 5.49%, 10/25/2051 (e)		1,691		1,690
Series 2022-RN1, Class A1, SUB, 6.72%, 07/25/2051 (e)		344		344
Series 2022-RN2, Class A1, SUB, 5.00%, 06/25/2052 (e)		381		380
Providus CLO II DAC, Series 2A, Class AR (e)	EUR	250		270
Trinitas CLO XIX Ltd., (Bermuda), Series 2022-19A, Class A1R, (CME Term SOFR 3 Month + 1.11%), 5.40%, 10/20/2033 (e) (aa)		3,200		3,195
VCAT 2025 NPL2 LLC, Series 2025-NPL2, Class A1, SUB, 5.98%, 01/25/2055 (e)		6,248		6,327
VCAT LLC,
Series 2025-NPL1, Class A1, SUB, 5.88%, 01/25/2055 (e)		3,050		3,057
Series 2025-NPL3, Class A1, SUB, 5.89%, 02/25/2055 (e)		2,890		2,889
Venture 44 CLO Ltd., (Cayman Islands), Series 2021-44A, Class A1NR, (CME Term SOFR 3 Month + 1.14%), 5.43%, 10/20/2034 (e) (aa)		3,200		3,189
Total Asset-Backed Securities (Cost $87,242)				87,025
Collateralized Mortgage Obligations — 24.2%
Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00%, 10/25/2054 (e) (z)		1,991		1,942
CIM TRUST, Series 2025-R1, Class A1, SUB, 5.00%, 02/25/2099 (e)		3,200		3,143
CSMC Trust, Series 2017-RPL1, Class A2, 2.98%, 07/25/2057 (e) (z)		3,300		3,042
EFMT,
Series 2024-CES1, Class A1, SUB, 5.52%, 01/26/2060 (e)		6,218		6,232
Series 2025-CES1, Class A1A, SUB, 5.73%, 01/25/2060 (e)		3,874		3,902
Series 2025-CES2, Class A1A, SUB, 5.66%, 03/25/2050 (e)		3,300		3,307
FHLMC REMICS,
Series 4136, Class QS, IF, IO, (6.14% - United States 30 Day Average SOFR), 1.79%, 07/15/2042 (aa)		876		78
Series 5010, Class IK, IO, 2.50%, 09/25/2050		61		10
Series 5010, Class JI, IO, 2.50%, 09/25/2050		218		37
Series 5013, Class IN, IO, 2.50%, 09/25/2050		75		12
Series 5018, Class IO, IO, 3.50%, 10/25/2050		7,043		1,228

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 5038, Class MI, IO, 4.00%, 11/25/2050		4,524		952
Series 5040, Class CI, IO, 4.00%, 11/25/2050		6,992		1,505
Series 5059, Class IB, IO, 2.50%, 01/25/2051		689		116
Series 5069, Class MI, IO, 2.50%, 02/25/2051		542		82
Series 5070, Class CI, IO, 2.00%, 02/25/2051		69,384		8,745
Series 5071, Class IH, IO, 2.50%, 02/25/2051		597		80
Series 5152, Class IC, IO, 3.00%, 10/25/2051		15,788		2,712
Series 5196, Class DI, IO, 3.00%, 02/25/2052		17,683		2,948
Series 5229, Class KI, IO, 4.50%, 08/25/2049		2,533		424
Series 5273, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.59%, 11/25/2052 (aa)		1,593		1,578
Series 5274, Class IO, IO, 2.50%, 01/25/2051		604		101
Series 5426, Class BI, IO, (), 1.68%, 04/15/2049 (z)		38,764		1,554
Series 5471, Class FH, (United States 30 Day Average SOFR + 1.30%), 5.64%, 11/25/2054 (aa)		13,888		13,925
Series 5479, Class FA, (United States 30 Day Average SOFR + 1.20%), 5.54%, 12/25/2054 (aa)		13,724		13,807
FHLMC Strips,
Series 358, Class PO, PO, 0.00%, 10/15/2047		1,494		1,116
Series 362, Class C4, IO, 3.00%, 12/15/2047		8,632		1,438
Series 397, Class C52, IO, 5.00%, 01/25/2053		445		106
Series 408, Class C64, IO, 5.00%, 09/25/2053		2,442		596
FNMA Interest Strip,
Series 427, Class C21, IO, 2.00%, 03/25/2050		1,523		193
Series 428, Class C14, IO, 2.50%, 01/25/2048		802		92
Series 438, Class C28, IO, 5.00%, 08/25/2053		2,054		516
Series 440, Class C50, IO, 4.50%, 10/25/2053		5,529		1,254
FNMA REMICS,
Series 2014-2, Class PO, PO, 0.00%, 01/25/2041		1,882		1,457
Series 2020-89, Class DI, IO, 2.50%, 12/25/2050		1,759		280
Series 2020-89, Class IG, IO, 3.00%, 12/25/2050		9,147		1,579
Series 2021-3, Class NI, IO, 2.50%, 02/25/2051		660		100
Series 2022-78, Class FC, (United States 30 Day Average SOFR + 1.25%), 5.59%, 11/25/2052 (aa)		2,549		2,471
Series 2023-2, Class DI, IO, 2.00%, 05/25/2051		88,764		11,686
Series 2024-6, Class IO, IO, 3.50%, 11/25/2051		709		130
Series 2024-18, Class IO, IO, 4.00%, 11/25/2049		1,362		247
Series 2024-67, Class FA, (United States 30 Day Average SOFR + 1.17%), 5.51%, 09/25/2054 (aa)		13,313		13,295
Series 2024-100, Class FB, (United States 30 Day Average SOFR + 1.35%), 5.69%, 01/25/2055 (aa)		27,549		27,662
Series 2024-100, Class FD, (United States 30 Day Average SOFR + 1.45%), 5.79%, 06/25/2054 (aa)		19,617		19,768
GNMA,
Series 2016-H24, Class KF, (CME Term SOFR 1 Year + 0.97%), 4.78%, 11/20/2066 (aa)		264		264
Series 2017-H16, Class F, (CME Term SOFR 1 Year + 0.77%), 5.82%, 08/20/2067 (aa)		188		188
Series 2018-H09, Class FA, (CME Term SOFR 1 Year + 1.22%), 6.47%, 04/20/2068 (aa)		446		451
Series 2021-H05, Class AF, (United States 30 Day Average SOFR + 1.50%), 5.84%, 03/20/2071 (aa)		976		992
Series 2022-H11, Class FE, (United States 30 Day Average SOFR + 0.78%), 5.12%, 05/20/2072 (aa)		903		899
Series 2022-H16, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.24%, 08/20/2072 (aa)		938		937
Merrill Lynch Alternative Note Asset Trust Series, Series 2007-OAR5, Class 1A1, 3.72%, 10/25/2047 (z)		2,508		690
Morgan Stanley Mortgage Loan Trust, Series 2007-6XS, Class 2A6S, SUB, 6.20%, 02/25/2047		82		28

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Morgan Stanley Residential Mortgage Loan Trust,
Series 2024-NQM3, Class A1, 5.04%, 07/25/2069 (e) (z)		218		217
Series 2024-RPL1, Class A1, SUB, 4.00%, 06/25/2064		3,140		3,046
New Residential Mortgage Loan Trust, Series 2021-INV2, Class A11, (United States 30 Day Average SOFR + 0.95%), 5.00%, 09/25/2051 (e) (aa)		375		351
PRET LLC, Series 2024-NPL8, Class A1, SUB, 5.96%, 11/25/2054 (e)		3,020		3,019
PRET Trust, Series 2025-RPL1, Class A1, SUB, 4.00%, 07/25/2069 (e)		988		948
PRPM, Series 2024-NQM3, Class A1, SUB, 5.23%, 08/25/2069 (e)		113		112
PRPM LLC,
Series 2024-6, Class A1, SUB, 5.70%, 11/25/2029 (e)		1,808		1,804
Series 2024-7, Class A1, SUB, 5.87%, 11/25/2029 (e)		2,930		2,927
Series 2024-RPL3, Class A1, SUB, 4.00%, 11/25/2054 (e)		3,189		3,078
Series 2025-RPL2, Class A1, SUB, 3.75%, 04/25/2055 (e)		3,400		3,271
RALI Series Trust, Series 2007-QS1, Class 1A5, (CME Term SOFR 1 Month + 0.66%), 4.98%, 01/25/2037 (aa)		2,092		1,543
RCKT Mortgage Trust,
Series 2024-CES7, Class A1A, SUB, 5.16%, 10/25/2044 (e)		110		109
Series 2025-CES1, Class A1A, SUB, 5.65%, 01/25/2045 (e)		3,131		3,141
Rocket Mortgage, Series 2025-CES3, Class A1A, SUB, 5.55%, 03/25/2055 (e)		3,300		3,303
Sequoia Mortgage Trust, Series 2024-HYB1, Class A1A, 4.55%, 11/25/2063 (e) (z)		3,138		3,100
Towd Point Mortgage Trust, Series 2017-6, Class A2, 3.00%, 10/25/2057 (e) (z)		2,000		1,879
Verus Securitization Trust, Series 2022-INV1, Class A1, SUB, 5.04%, 08/25/2067 (e)		2,499		2,485
Total Collateralized Mortgage Obligations (Cost $195,039)				194,230
Corporate Bonds — 2.3%
Basic Materials — 0.1%
Chemicals — 0.0% (g)
Vibrantz Technologies, Inc., 9.00%, 02/15/2030 (e)		220		179
Mining — 0.1%
Arsenal AIC Parent LLC, 11.50%, 10/01/2031 (e)		165		180
Total Basic Materials				359
Communications — 0.4%
Advertising — 0.0% (g)
Clear Channel Outdoor Holdings, Inc., 7.88%, 04/01/2030 (e)		90		88
Neptune Bidco US, Inc., 9.29%, 04/15/2029 (e)		210		182
				270
Media — 0.2%
CSC Holdings LLC,
11.25%, 05/15/2028 (e)		275		266
11.75%, 01/31/2029 (e)		615		596
Univision Communications, Inc., 8.00%, 08/15/2028 (e)		540		542
				1,404
Telecommunications — 0.2%
Level 3 Financing, Inc.,
4.88%, 06/15/2029 (e)		250		212
10.00%, 10/15/2032 (e)		615		614
10.75%, 12/15/2030 (e)		225		249
11.00%, 11/15/2029 (e)		360		401
				1,476
Total Communications				3,150

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Corporate Bonds — continued
Consumer Cyclical — 0.5%
Auto Manufacturers — 0.3%
Ford Motor Credit Co. LLC, (United States SOFR + 2.95%), 7.31%, 03/06/2026 (aa)		700		710
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, (CME Term SOFR 6 Month + 6.05%), 10.50%, 10/15/2026 (e) (aa)		1,970		1,977
				2,687
Leisure Time — 0.1%
NCL Corp. Ltd., (Bermuda), 8.13%, 01/15/2029 (e)		170		179
Sabre GLBL, Inc.,
8.63%, 06/01/2027 (e)		270		267
10.75%, 11/15/2029 (e)		267		269
				715
Retail — 0.1%
eG Global Finance plc, (United Kingdom), 12.00%, 11/30/2028 (e)		640		709
Total Consumer Cyclical				4,110
Consumer Non-cyclical — 0.4%
Commercial Services — 0.1%
Allied Universal Holdco LLC, 7.88%, 02/15/2031 (e)		180		183
Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.75%, 07/15/2027 (e)		545		548
Boost Newco Borrower LLC, 7.50%, 01/15/2031 (e)		200		208
				939
Healthcare - Products — 0.0% (g)
Bausch + Lomb Corp., (Canada), 8.38%, 10/01/2028 (e)		170		176
Healthcare - Services — 0.2%
CHS/Community Health Systems, Inc.,
8.00%, 12/15/2027 (e)		180		178
10.88%, 01/15/2032 (e)		580		571
LifePoint Health, Inc.,
10.00%, 06/01/2032 (e)		180		172
11.00%, 10/15/2030 (e)		870		945
				1,866
Pharmaceuticals — 0.1%
1261229 BC Ltd., (Canada), 10.00%, 04/15/2032 (e) (w)		280		278
Total Consumer Non-cyclical				3,259
Energy — 0.1%
Oil & Gas — 0.0% (g)
Seadrill Finance Ltd., (Bermuda), 8.38%, 08/01/2030 (e)		200		200
Pipelines — 0.1%
NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029 (e)		130		130
Venture Global LNG, Inc.,
(CMT Index 5 Year + 5.44%), 9.00% (e) (x) (aa)		205		194
9.50%, 02/01/2029 (e)		200		214
				538
Total Energy				738
Financial — 0.4%
Diversified Financial Services — 0.1%
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 (e)		170		174

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(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
Aretec Group, Inc., 10.00%, 08/15/2030 (e)		35		37
Hightower Holding LLC, 9.13%, 01/31/2030 (e)		385		395
Navient Corp., 9.38%, 07/25/2030		165		176
				782
Insurance — 0.3%
Acrisure LLC / Acrisure Finance, Inc.,
8.25%, 02/01/2029 (e)		205		211
8.50%, 06/15/2029 (e)		300		312
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer,
6.75%, 10/15/2027 (e)		205		204
6.75%, 04/15/2028 (e)		90		90
HUB International Ltd.,
7.25%, 06/15/2030 (e)		250		258
7.38%, 01/31/2032 (e)		350		356
Jones Deslauriers Insurance Management, Inc., (Canada),
8.50%, 03/15/2030 (e)		520		546
10.50%, 12/15/2030 (e)		330		353
USI, Inc., 7.50%, 01/15/2032 (e)		175		178
				2,508
Total Financial				3,290
Industrial — 0.0% (g)
Aerospace/Defense — 0.0% (g)
TransDigm, Inc., 6.75%, 08/15/2028 (e)		145		147
Technology — 0.3%
Software — 0.3%
Cloud Software Group, Inc.,
8.25%, 06/30/2032 (e)		320		325
9.00%, 09/30/2029 (e)		1,506		1,500
Dye & Durham Ltd., (Canada), 8.63%, 04/15/2029 (e)		195		201
UKG, Inc., 6.88%, 02/01/2031 (e)		95		97
Total Technology				2,123
Utilities — 0.1%
Electric — 0.1%
Talen Energy Supply LLC, 8.63%, 06/01/2030 (e)		350		371
Vistra Corp.,
(CMT Index 5 Year + 6.93%), 8.00% (e) (x) (aa)		110		113
Series C, (CMT Index 5 Year + 5.05%), 8.88% (e) (x) (aa)		625		667
Total Utilities				1,151
Total Corporate Bonds (Cost $18,614)				18,327
Mortgage-Backed Securities — 35.6%
FHLMC Pool, Single Family, 30 years,
5.00%, 07/01/2053		1,721		1,689
6.00%, 07/01/2054 (gg)		5,854		5,989
6.00%, 09/01/2054		61		63
6.00%, 11/01/2054		55		57
6.00%, 12/01/2054		54		56
6.00%, 01/01/2055		180		183
6.00%, 02/01/2055		61		62
6.50%, 02/01/2054 (gg)		754		779

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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, 2.50%, 04/01/2055 (w)		6,700		5,560
TBA, 3.50%, 04/01/2055 (w)		250		225
TBA, 3.50%, 05/01/2055 (w)		10,250		9,227
TBA, 4.00%, 05/01/2055 (w)		13,350		12,409
TBA, 4.50%, 05/01/2055 (w)		14,700		14,040
TBA, 5.50%, 05/01/2055 (w)		22,000		21,933
TBA, 6.00%, 04/01/2055 (w)		33,880		34,381
TBA, 6.50%, 05/01/2055 (w)		59,500		61,278
TBA, 7.00%, 05/01/2055 (w)		16,700		17,450
FNMA Pool,
4.30%, 12/01/2029		5,011		4,986
5.03%, 11/01/2032		12,231		12,497
5.08%, 10/01/2032		356		365
5.17%, 01/01/2030		1,000		1,028
5.21%, 04/01/2029		2,291		2,359
5.21%, 01/01/2032		1,436		1,485
5.24%, 01/01/2030		1,913		1,973
5.55%, 11/01/2031		250		262
FNMA Pool, Single Family, 30 years,
5.00%, 11/01/2052 (gg)		1,839		1,805
5.00%, 12/01/2054		5,329		5,231
6.00%, 11/01/2054		51		52
6.50%, 11/01/2053		434		450
6.50%, 12/01/2053 (gg)		17,633		18,193
6.50%, 01/01/2054		711		733
6.50%, 02/01/2054		1,534		1,584
6.50%, 05/01/2054		462		476
6.50%, 07/01/2054		147		153
6.50%, 08/01/2054		103		107
6.50%, 11/01/2054		227		236
GNMA II Pool, Single Family, 30 years,
3.00%, 02/20/2055		30		27
5.00%, 01/20/2055		4,989		4,902
GNMA, Single Family, 30 years,
TBA, 2.00%, 04/01/2051 (w)		7,000		5,711
TBA, 3.00%, 04/01/2055 (w)		8,220		7,269
TBA, 3.00%, 05/01/2055 (w)		8,000		7,072
TBA, 4.00%, 04/01/2040 (w)		5,000		4,673
TBA, 4.50%, 04/01/2055 (w)		5,250		5,029
TBA, 4.50%, 05/01/2055 (w)		10,000		9,576
TBA, 5.50%, 04/01/2055 (w)		1,000		1,001
TBA, 6.00%, 05/01/2055 (w)		1,000		1,013
Total Mortgage-Backed Securities (Cost $284,329)				285,629
Loan Assignments — 19.9% (o)
Basic Materials — 0.3%
Chemicals — 0.2%
Nouryon Finance BV, November 2024 B-2 Dollar Term Loan, (Netherlands), (CME Term SOFR 3 Month + 3.25%), 7.55%, 04/03/2028 (aa)		349		349

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Chemicals — continued
PMHC II, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.69%, 04/23/2029 (u) (aa)		955		837
W. R. Grace Holdings LLC, Initial Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.55%, 09/22/2028 (aa)		458		452
				1,638
Mining — 0.1%
Arsenal AIC Parent LLC, 2025 Refinancing Term B Loan, (CME Term SOFR 1 Month + 2.75%), 7.07%, 08/18/2030 (u) (aa)		1,104		1,094
Total Basic Materials				2,732
Communications — 1.8%
Advertising — 0.3%
Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.44%, 08/21/2028 (aa)		480		476
CMG Media Corp., Term B-2 Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.90%, 06/18/2029 (aa)		690		646
Neptune BidCo US, Inc., Dollar Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 9.39%, 04/11/2029 (aa)		1,362		1,169
				2,291
Internet — 0.4%
Arches Buyer, Inc., Refinancing Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.67%, 12/06/2027 (aa)		564		551
MH Sub I LLC, 2021 Replacement Term Loan (Second Lien), (CME Term SOFR 1 Month + 6.25%), 10.57%, 02/23/2029 (aa)		830		766
MH Sub I LLC, 2023 May Incremental Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.57%, 05/03/2028 (u) (aa)		517		489
MH SUB I LLC, 2024 December New Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.57%, 12/31/2031 (u) (aa)		719		657
Proofpoint, Inc., 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.32%, 08/31/2028 (u) (aa)		557		555
				3,018
Media — 0.2%
CSC Holdings LLC, 2022 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.82%, 01/18/2028 (u) (aa)		638		616
CSC Holdings LLC, September 2019 Initial Term Loan, (CME Term SOFR 3 Month + 2.50%), 9.00%, 04/15/2027 (u) (aa)		299		281
DIRECTV Financing LLC, 2024 Refinancing Term B Loan, (CME Term SOFR 3 Month + 5.25%), 9.80%, 08/02/2029 (aa)		356		350
DIRECTV Financing LLC, Closing Date Term Loan, (CME Term SOFR 3 Month + 5.00%), 9.55%, 08/02/2027 (aa)		64		64
Radiate Holdco LLC, Amendment No. 6 Term B Loan, (CME Term SOFR 1 Month + 3.25%), 7.69%, 09/25/2026 (aa)		517		442
				1,753
Telecommunications — 0.9%
Connect Finco Sarl, Amendment No. 4 Term Loan, (Luxembourg), (CME Term SOFR 1 Month + 4.50%), 8.82%, 09/27/2029 (aa)		393		344
Crown Subsea Communications Holding, Inc., 2024 Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.32%, 01/30/2031 (aa)		378		378

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Delta Topco, Inc., Fourth Amendment Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 7.07%, 11/30/2029 (u) (aa)		735		727
Delta Topco, Inc., Second Amendment Refinancing Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.25%), 9.57%, 11/29/2030 (aa)		1,340		1,337
Frontier Communications Holdings LLC, Initial Term Loan, (CME Term SOFR 6 Month + 2.50%), 0.00%, 07/01/2031 (u) (aa)		823		821
Iridium Communications, Inc., Term B-4 Loan, (CME Term SOFR 1 Month + 2.25%), 6.57%, 09/20/2030 (aa)		467		459
Level 3 Financing, Inc., Term B-3 Refinancing Loan, 03/27/2032 (u) (aa)		1,200		1,184
Lumen Technologies, Inc., Term A Loan, (CME Term SOFR 1 Month + 6.00%), 10.32%, 06/01/2028 (aa)		375		374
Lumen Technologies, Inc., Term B-1 Loan, (CME Term SOFR 1 Month + 2.35%), 6.79%, 04/15/2029 (u) (aa)		379		364
QualityTech LP, Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.81%, 11/04/2031 (aa)		350		349
Zayo Group Holdings, Inc., Initial Dollar Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.44%, 03/09/2027 (aa)		675		627
				6,964
Total Communications				14,026
Consumer Cyclical — 2.1%
Airlines — 0.4%
AAdvantage Loyalty IP Ltd., 2025 Replacement Term Loan, (Cayman Islands), (CME Term SOFR 1 Month + 2.25%), 6.54%, 04/20/2028 (u) (aa)		2,066		2,040
BCPE Pequod Buyer, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.79%, 11/25/2031 (aa)		1,035		1,031
SkyMiles IP Ltd., Initial Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 3.75%), 8.04%, 10/20/2027 (aa)		197		199
				3,270
Apparel — 0.0% (g)
ABG Intermediate Holdings 2 LLC, 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 6.57%, 12/21/2028 (aa)		239		236
Entertainment — 1.0%
AMC Entertainment Holdings, Inc., Term Loan, (CME Term SOFR 1 Month + 7.00%), 11.32%, 01/04/2029 (aa)		852		847
Caesars Entertainment, Inc., 2023 Incremental Term B Loan, (CME Term SOFR 3 Month + 2.25%), 6.56%, 02/06/2030 (aa)		559		555
Caesars Entertainment, Inc., Incremental Term B-1 Loan, (CME Term SOFR 3 Month + 2.25%), 6.56%, 02/06/2031 (aa)		736		730
Cinemark USA, Inc., Replacement Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.07%, 05/24/2030 (aa)		234		234
Crown Finance US, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.25%), 9.57%, 12/02/2031 (aa)		783		778
Formula One Management Ltd., Facility B, (United Kingdom), (CME Term SOFR 3 Month + 2.00%), 6.30%, 09/30/2031 (u) (aa)		765		763
Formula One Management Ltd., Incremental Term Facility, (United Kingdom), 09/30/2031 (u) (aa)		140		140
Great Canadian Gaming Corp., 2024 Refinancing Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 4.75%), 9.05%, 11/01/2029 (u) (aa)		241		237
Light and Wonder International, Inc., Term B-2 Loan, (CME Term SOFR 1 Month + 2.25%), 6.57%, 04/16/2029 (aa)		279		278

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Ontario Gaming GTA LP, Term B Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 4.25%), 8.55%, 08/01/2030 (aa)		750		737
UFC Holdings LLC, Incremental Term B-4 Loan (First Lien), (CME Term SOFR 3 Month + 0.00%), 6.58%, 11/21/2031 (aa)		2,472		2,464
				7,763
Lodging — 0.1%
HRNI Holdings LLC, Term B Loan, (CME Term SOFR 1 Month + 4.25%), 8.67%, 12/11/2028 (aa)		967		961
Retail — 0.6%
BCPE Grill Parent, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.75%), 9.06%, 09/30/2030 (u) (aa)		98		90
CD&R Firefly Bidco Ltd., (EUR) Term Loan B11, (United Kingdom), 04/29/2029 (u)	EUR	105		113
CD&R Firefly Bidco Ltd., Facility B4-B, (United Kingdom), (EURIBOR 3 Month + 4.00%), 6.61%, 06/21/2028 (u)	EUR	65		70
CD&R Firefly Bidco PLC, Facility B9, (United Kingdom), (EURIBOR 3 Month + 3.75%), 6.36%, 04/29/2029 (u)	EUR	270		289
Dave & Buster's, Inc., 2024 Refinancing Term B Loan, (CME Term SOFR 3 Month + 3.25%), 7.56%, 06/29/2029 (aa)		143		127
EG Group Ltd., New Facility B2 (USD), (United Kingdom), (CME Term SOFR 3 Month + 4.25%), 8.56%, 02/07/2028 (u) (aa)		897		897
Insulet Corp., 2024-A Incremental Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.82%, 08/04/2031 (aa)		313		313
IRB Holding Corp., 2024 Second Replacement Term B Loan, (CME Term SOFR 1 Month + 0.00%), 6.82%, 12/15/2027 (u) (aa)		1,466		1,456
Sabre GLBL, Inc., 2024 Term B-1 Loan, (CME Term SOFR 1 Month + 6.00%), 10.42%, 11/15/2029 (u) (aa)		738		720
Victra Holdings LLC, Fourth Amendment Incremental Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.55%, 03/31/2029 (aa)		634		632
				4,707
Total Consumer Cyclical				16,937
Consumer Non-cyclical — 3.1%
Beverages — 0.1%
Celsius Holdings, Inc., Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.55%, 03/21/2032 (u) (aa)		340		340
Primo Brands Corp., 2025 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.25%), 6.55%, 03/31/2028 (aa)		418		416
				756
Commercial Services — 1.2%
AG Group Holdings, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 4.25%), 8.57%, 12/29/2028 (aa)		169		166
Albion Financing 3 S.a.r.l., 2025 Amended U.S. Dollar Term Loan, (Luxembourg), (CME Term SOFR 3 Month + 3.00%), 7.29%, 08/16/2029 (aa)		910		910
Allied Universal Holdco LLC, Initial U.S. Dollar Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.17%, 05/12/2028 (aa)		1,447		1,445
Anticimex Global AB, Facility B1, (Sweden), (SOFR 3 Month + 3.15%), 7.49%, 11/16/2028		447		445
Anticimex Global AB, Facility B6, (Sweden), (SOFR 3 Month + 3.40%), 7.74%, 11/16/2028		85		84
Bach Finance Ltd., Eleventh Amendment Dollar Term Loan (First Lien), (Cayman Islands), (CME Term SOFR 6 Month + 3.25%), 7.50%, 01/09/2032 (aa)		274		274

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Commercial Services — continued
Belron Finance 2019 LLC, 2031 Dollar Incremental Term Loan, (CME Term SOFR 3 Month + 2.75%), 7.05%, 10/16/2031 (aa)		1,403		1,399
Boost Newco Borrower LLC, USD Term B-2 Loan, (CME Term SOFR 3 Month + 2.00%), 6.30%, 01/31/2031 (aa)		1,744		1,730
Conservice Midco LLC, Initial Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 05/13/2030 (aa)		144		143
Homeserve USA Holding Corp., Amendment No.1 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.32%, 10/21/2030 (aa)		294		290
Mavis Tire Express Services Topco Corp., Initial Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.31%, 05/04/2028 (aa)		453		450
Peloton Interactive, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 5.50%), 9.81%, 05/30/2029 (u) (aa)		269		272
Sabre Financial Borrower LLC, Term Loan, 12/15/2028 (u)		308		319
Soliant Lower Intermediate LLC, Initial Term Loan, (CME Term SOFR 6 Month + 3.75%), 8.00%, 07/18/2031 (aa)		294		288
Townsquare Media, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 5.00%), 9.32%, 02/19/2030 (aa)		365		342
Wand Newco 3, Inc., Tranche B-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.82%, 01/30/2031 (u) (aa)		640		630
				9,187
Cosmetics/Personal Care — 0.2%
Opal US LLC, USD Term Loan, 03/31/2032 (u) (aa)		1,395		1,390
Food — 0.1%
1440 Foods Topco LLC, Initial Term Loan, (CME Term SOFR 1 Month + 5.00%), 9.32%, 10/31/2031 (aa)		235		225
Chobani LLC, 2025 New Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.82%, 10/25/2027 (aa)		547		547
				772
Healthcare - Products — 0.5%
Auris Luxembourg III S.a.r.l., Facility B6, (Luxembourg), (CME Term SOFR 6 Month + 3.75%), 8.18%, 02/28/2029 (aa)		527		526
Bausch + Lomb Corp., Initial Term Loan, (Canada), (CME Term SOFR 1 Month + 3.25%), 7.67%, 05/10/2027 (aa)		638		635
Medline Borrower LP, Third Amendment Incremental Term Loan, (CME Term SOFR 1 Month + 2.25%), 6.57%, 10/23/2028 (aa)		3,196		3,189
				4,350
Healthcare - Services — 0.9%
Heartland Dental LLC, 2024 New Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.82%, 04/28/2028 (aa)		950		948
Inception Finco S.a.r.l., Facility B6, (Luxembourg), (CME Term SOFR 3 Month + 3.75%), 8.05%, 04/18/2031 (u) (aa)		523		523
LifePoint Health, Inc., 2024-1 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.05%, 05/17/2031 (u) (aa)		992		961
LifePoint Health, Inc., 2024-2 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.82%, 05/19/2031 (aa)		1,004		964
Loire Finco Luxembourg S.a.r.l., Term Loan B, (Luxembourg), (CME Term SOFR 1 Month + 4.00%), 8.32%, 01/31/2030 (u) (aa)		645		642

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SECURITY DESCRIPTION	PRINCIPAL  AMOUNT ($)		VALUE ($)
Loan Assignments — continued
Healthcare - Services — continued
MED ParentCo, LP, Ninth Amendment Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.50%), 7.82%, 04/15/2031 (aa)		294		293
Radiology Partners, Inc., Term B Loan, (CME Term SOFR 3 Month + 3.50%), 8.09%, 01/31/2029 (aa)		370		356
Star Parent, Inc., Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.30%, 09/27/2030 (aa)		363		346
Surgery Center Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.07%, 12/19/2030 (aa)		2,099		2,095
U.S. Renal Care, Inc., Closing Date Term Loan, (CME Term SOFR 1 Month + 5.00%), 9.44%, 06/20/2028 (u) (aa)		185		171
				7,299
Pharmaceuticals — 0.1%
Dechra Pharmaceuticals Holdings Ltd., Facility B1, (United Kingdom), (CME Term SOFR 6 Month + 3.25%), 7.51%, 01/27/2032 (u) (aa)		915		912
IVC Acquisition Ltd, Facility B12, (United Kingdom), (CME Term SOFR 3 Month + 3.75%), 8.05%, 12/12/2028 (aa)		239		239
				1,151
Total Consumer Non-cyclical				24,905
Energy — 0.6%
Energy—Alternate Sources — 0.1%
TerraForm Power Operating LLC, Specified Refinancing Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.30%, 05/21/2029 (aa)		737		738
Oil & Gas Services — 0.1%
Goodnight Water Solutions Holdings LLC, Initial Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.82%, 06/04/2029 (aa)		383		382
Pipelines — 0.4%
Brazos Delaware II LLC, 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.31%, 02/11/2030 (aa)		454		453
CPPIB OVM Member U.S. LLC, Initial Term Loan, (CME Term SOFR 3 Month + 2.75%), 7.05%, 08/20/2031 (u) (aa)		183		182
Epic Crude Services LP, Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.30%, 10/15/2031 (u) (aa)		730		729
NGL Energy Operating LLC, Initial Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.07%, 02/03/2031 (aa)		1,010		1,003
NorthRiver Midstream Finance LP, Initial Term B Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 2.25%), 6.56%, 08/16/2030 (u) (aa)		274		273
Prairie Acquiror LP, Initial Term B-3 Loan, (CME Term SOFR 1 Month + 4.25%), 8.57%, 08/01/2029 (u) (aa)		260		260
Waterbridge NDB Operating LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.31%, 05/10/2029 (aa)		274		274
				3,174
Total Energy				4,294
Financial — 4.0%
Banks — 0.1%
Orbit Private Holdings I Ltd, 2024 Refinancing Term Loan (First Lien), (United Kingdom), 12/11/2028 (u) (aa)		374		372

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Diversified Financial Services — 0.7%
Citadel Securities LP, 2024-1 Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.32%, 10/31/2031 (aa)		165		164
Edelman Financial Engines Center LLC (The), 2024-2 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 04/07/2028 (aa)		738		735
Fiserv Investment Solutions, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.32%, 02/18/2027 (aa)		229		227
Focus Financial Partners LLC, Tranche B Incremental Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.07%, 09/15/2031 (aa)		2,618		2,591
GTCR Everest Borrower LLC, Initial Term Loan, (CME Term SOFR 3 Month + 2.75%), 7.05%, 09/05/2031 (aa)		623		619
HighTower Holding LLC, Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 7.29%, 02/03/2032 (aa)		100		99
Jane Street Group LLC, Seventh Amendment Extended Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.31%, 12/15/2031 (aa)		821		810
Mermaid Bidco, Inc., Facility B (USD), (CME Term SOFR 3 Month + 3.25%), 7.55%, 07/03/2031 (aa)		458		457
Osaic Holdings, Inc., Term B-4 Loan, 08/17/2028 (u) (aa)		125		124
PEX Holdings LLC, Term Loan, (CME Term SOFR 6 Month + 2.75%), 6.97%, 11/26/2031 (aa)		275		273
RFS Opco LLC, Amendment No.1 Delayed Draw Term Loan, (CME Term SOFR 3 Month + 4.75%), 2.34%, 04/04/2031 (aa) (bb) (cc)		30		30
				6,129
Insurance — 3.2%
Acrisure LLC, 2024 Repricing Term B-1 Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 7.07%, 02/13/2027 (aa)		185		184
Acrisure LLC, 2024 Repricing Term B-6 Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.32%, 11/06/2030 (aa)		1,217		1,207
Alliant Holdings Intermediate LLC, Initial Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.07%, 09/19/2031 (aa)		2,721		2,703
AssuredPartners, Inc., 2024 Term Loan, (CME Term SOFR 1 Month + 0.00%), 7.82%, 02/14/2031 (aa)		4,540		4,543
Asurion LLC, New B-11 Term Loan, (CME Term SOFR 1 Month + 4.25%), 8.67%, 08/19/2028 (aa)		1,025		1,014
Asurion LLC, New B-3 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.69%, 01/31/2028 (aa)		1,085		1,025
Asurion LLC, New B-4 Term Loan (Second Lien), (CME Term SOFR 1 Month + 0.00%), 9.69%, 01/20/2029 (aa)		1,889		1,745
Asurion LLC, New B-8 Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.69%, 12/23/2026 (aa)		223		223
Hub International Ltd., 2025 Incremental Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.79%, 06/20/2030 (u) (aa)		3,269		3,253
Jones DesLauriers Insurance Management, Inc., 2025-1 Repricing Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 2.75%), 7.07%, 03/15/2030 (aa)		1,446		1,426
OneDigital Borrower LLC, 2025 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.32%, 07/02/2031 (aa)		552		548
OneDigital Borrower LLC, Initial Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.57%, 07/02/2032 (u) (aa)		991		988
Ryan Specialty LLC, 2024 Term Loan, (CME Term SOFR 1 Month + 2.25%), 6.57%, 09/15/2031 (aa)		239		238
Sedgwick Claims Management Services, Inc., 2024 Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.31%, 07/31/2031 (u) (aa)		2,319		2,310

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Truist Insurance Holdings LLC, Amendment No.1 Replacement Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 7.05%, 05/06/2031 (aa)		908		901
Truist Insurance Holdings LLC, Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 4.75%), 9.05%, 05/06/2032 (aa)		2,779		2,798
USI, Inc., 2024-D Term Loan, (CME Term SOFR 3 Month + 2.25%), 6.55%, 11/21/2029 (u) (aa)		546		540
				25,646
Investment Companies — 0.0% (g)
Acuren Delaware Holdco, Inc., Amendment No. 1 Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.07%, 07/30/2031 (aa)		239		237
Total Financial				32,384
Industrial — 2.4%
Aerospace/Defense — 0.3%
Bleriot US Bidco, Inc., 2024 Term Loan, (CME Term SOFR 3 Month + 2.75%), 7.05%, 10/31/2030 (u) (aa)		362		359
TransDigm, Inc., New Tranche J Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.80%, 02/28/2031 (aa)		1,179		1,172
TransDigm, Inc., Tranche I Term Loan, (CME Term SOFR 3 Month + 2.75%), 7.05%, 08/24/2028 (aa)		716		716
TransDigm, Inc., Tranche K Term Loan, (CME Term SOFR 3 Month + 2.75%), 7.05%, 03/22/2030 (aa)		259		258
TransDigm, Inc., Tranche L Term Loan, (CME Term SOFR 3 Month + 0.00%), 6.83%, 01/19/2032 (aa)		269		267
				2,772
Building Materials — 0.3%
Chariot Buyer LLC, Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.67%, 11/03/2028 (aa)		368		364
MI Windows and Doors LLC, Term B-2 Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 03/28/2031 (aa)		368		361
Quikrete Holdings, Inc., Tranche B-3 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 6.57%, 02/10/2032 (aa)		1,271		1,256
Watlow Electric Manufacturing Co., Initial Term Loan, (CME Term SOFR 3 Month + 3.00%), 8.25%, 03/02/2028 (aa)		285		285
				2,266
Engineering & Construction — 0.1%
Brown Group Holding LLC, Incremental Term B-2 Facility, (CME Term SOFR 3 Month + 2.50%), 6.81%, 07/01/2031 (aa)		358		356
Environmental Control — 0.4%
Filtration Group Corp., 2025 Incremental Dollar Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 10/21/2028 (aa)		2,613		2,608
Madison IAQ LLC, Initial Term Loan, (CME Term SOFR 6 Month + 2.50%), 6.76%, 06/21/2028 (aa)		453		447
Madison IAQ LLC, Loan, 03/26/2032 (u) (aa)		335		332
				3,387
Hand/Machine Tools — 0.0% (g)
Alliance Laundry Systems LLC, Initial Term B Loan, (CME Term SOFR 3 Month + 2.75%), 7.07%, 08/19/2031 (aa)		275		274
Hand/Machine Tools — 0.0% (g)
Madison Safety & Flow LLC, 2025 Incremental Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 7.07%, 09/26/2031 (u) (aa)		178		178

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 - Construction & Mining — 0.0% (g)
WEC US Holdings Ltd., Initial Term Loan, (CME Term SOFR 1 Month + 2.25%), 6.57%, 01/27/2031 (u) (aa)		180		178
Machinery - Diversified — 0.6%
Engineered Machinery Holdings, Inc., Incremental Amendment No. 2 Term Loan (Second Lien), (CME Term SOFR 3 Month + 6.50%), 11.06%, 05/21/2029 (aa)		575		575
Engineered Machinery Holdings, Inc., Incremental Amendment No. 3 Term Loan (Second Lien), (CME Term SOFR 3 Month + 6.00%), 10.56%, 05/21/2029 (aa)		969		969
Engineered Machinery Holdings, Inc., Incremental Amendment No. 5 Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.31%, 05/19/2028 (u) (aa)		990		989
Husky Injection Molding Systems Ltd., Amendment No. 5 Refinancing Term Loan, (Canada), (CME Term SOFR 6 Month + 0.00%), 8.78%, 02/15/2029 (u) (aa)		633		629
INNIO Group Holding GmbH, 2025 Amended Facility B (USD) Loan, (Austria), (CME Term SOFR 3 Month + 2.50%), 6.81%, 11/02/2028 (aa)		264		264
Pro Mach Group, Inc., Amendment No.5 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 7.07%, 08/31/2028 (u) (aa)		543		542
TK Elevator Midco GmbH, (USD) Term Loan B, (Germany), (CME Term SOFR 3 Month + 3.00%), 7.24%, 04/30/2030 (u) (aa)		280		279
TK Elevator Midco GmbH, Facility B2 (USD), (Germany), (CME Term SOFR 6 Month + 3.50%), 7.74%, 04/30/2030 (aa)		269		268
				4,515
Miscellaneous Manufacturers — 0.3%
JBT Marel Corp., Initial Term Loan, (CME Term SOFR 1 Month + 2.25%), 6.67%, 01/02/2032 (aa)		315		314
LTI Holdings, Inc., 2024 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.57%, 07/29/2029 (aa)		2,192		2,183
				2,497
Packaging & Containers — 0.4%
Charter Next Generation, Inc., 2024 Replacement Term Loan (First Lien), (CME Term SOFR 1 Month + 0.00%), 7.31%, 11/29/2030 (u) (aa)		2,636		2,630
ProAmpac PG Borrower LLC, 2024-1 Refinancing Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.31%, 09/15/2028 (aa)		364		361
				2,991
Total Industrial				19,414
Technology — 4.8%
Computers — 0.7%
Kaseya, Inc., Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.57%, 03/22/2032 (u) (aa)		550		548
Kaseya, Inc., Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.00%), 9.32%, 03/05/2033 (u) (aa)		981		981
McAfee Corp., Second Amendment Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 03/01/2029 (aa)		2,130		2,029
X Corp., Tranche B-1 Loan (First Lien), (CME Term SOFR 3 Month + 6.50%), 10.95%, 10/26/2029 (u) (aa)		948		941
X Corp., Tranche B-3 Term Loan (First Lien), 9.50%, 10/26/2029 (u)		810		831
				5,330

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Semiconductors — 0.2%
Icon Parent I, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 7.32%, 11/13/2031 (aa)		830		823
Icon Parent I, Inc., Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.00%), 9.32%, 11/12/2032 (aa)		805		804
				1,627
Software — 3.9%
Applied Systems, Inc., Initial Term Loan (2024) (Second Lien), (CME Term SOFR 3 Month + 0.00%), 8.80%, 02/23/2032 (aa)		2,158		2,203
Applied Systems, Inc., Tranche B-1 Term Loan (First Lien), (CME Term SOFR 3 Month + 0.00%), 7.05%, 02/24/2031 (aa)		3,029		3,027
Ascend Learning LLC, Amendment No. 5 Incremental Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 12/11/2028 (aa)		738		729
Ascend Learning LLC, Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.75%), 10.17%, 12/10/2029 (aa)		291		289
athenahealth Group, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 02/15/2029 (u) (aa)		1,457		1,437
Boxer Parent Co., Inc., 2031 Replacement Dollar Term Loan, (CME Term SOFR 3 Month + 0.00%), 7.29%, 07/30/2031 (u) (aa)		275		270
Boxer Parent Co., Inc., Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.75%), 10.04%, 07/30/2032 (aa)		830		797
Cloud Software Group, Inc., Seventh Amendment Tranche B-1 Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.80%, 03/30/2029 (aa)		1,822		1,804
Cloud Software Group, Inc., Sixth Amendment Term Loan, (CME Term SOFR 3 Month + 0.00%), 8.05%, 03/21/2031 (aa)		988		977
ConnectWise LLC, Initial Term Loan, (CME Term SOFR 3 Month + 3.50%), 8.06%, 09/29/2028 (aa)		368		367
Dye & Durham Corp., Term Loan B, (Canada), (CME Term SOFR 3 Month + 4.00%), 8.40%, 04/11/2031 (aa)		895		895
ECi Macola/MAX Holding LLC, 2024 Repricing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.55%, 05/09/2030 (u) (aa)		368		368
Ellucian Holdings, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.32%, 10/09/2029 (aa)		2,335		2,329
Ellucian Holdings, Inc., Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 4.75%), 9.07%, 11/22/2032 (u) (aa)		1,126		1,141
Epicor Software Corp., Term F Loan, (CME Term SOFR 1 Month + 2.75%), 7.07%, 05/30/2031 (aa)		3,364		3,352
Genuine Financial Holdings LLC, 2025 Replacement Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.55%, 09/27/2030 (u) (aa)		667		654
Javelin Buyer, Inc., Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.56%, 12/05/2031 (aa)		495		492
Javelin Buyer, Inc., Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.25%), 9.56%, 12/06/2032 (aa)		640		634
Mitchell International, Inc., Restatement Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.57%, 06/17/2032 (aa)		395		384
Playtika Holding Corp., Term B-1 Loan, (CME Term SOFR 1 Month + 2.75%), 7.19%, 03/13/2028 (aa)		109		108
Polaris Newco LLC, Dollar Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.30%, 06/02/2028 (aa)		448		428
Polaris Newco LLC, Euro Term Loan (First Lien), (EURIBOR 1 Month + 3.75%), 6.11%, 06/02/2028 (u)	EUR	687		694
Project Alpha Intermediate Holding, Inc., Add-on Cov-Lite TLB, 10/28/2030 (u) (aa)		565		563

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Project Alpha Intermediate Holding, Inc., Incremental 2nd Lien TL, 11/22/2032 (u) (aa)		1,360		1,350
Project Boost Purchaser LLC, Initial Loan (Second Lien), (CME Term SOFR 3 Month + 5.25%), 9.55%, 07/16/2032 (u) (aa)		270		270
Project Boost Purchaser LLC, Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 7.30%, 07/16/2031 (u) (aa)		448		445
RealPage, Inc., 2024-1 Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.05%, 04/24/2028 (aa)		750		749
RealPage, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 7.56%, 04/24/2028 (aa)		89		88
Renaissance Holding Corp., 2024-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.00%), 8.32%, 04/05/2030 (aa)		458		448
UKG, Inc., 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 0.00%), 7.30%, 02/10/2031 (aa)		3,651		3,641
Waystar Technologies, Inc., New Term Loan Facility (First Lien), (CME Term SOFR 1 Month + 2.25%), 6.57%, 10/22/2029 (u) (aa)		552		549
				31,482
Total Technology				38,439
Utilities — 0.8%
Electric — 0.8%
Alpha Generation LLC, Initial Term B Loan, (CME Term SOFR 1 Month + 2.75%), 7.07%, 09/30/2031 (aa)		1,164		1,163
Compass Power Generation LLC, Tranche B-3 Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.07%, 04/14/2029 (aa)		168		167
Constellation Renewables LLC, Loan, (CME Term SOFR 3 Month + 2.25%), 6.56%, 12/15/2027 (aa)		895		893
Cornerstone Generation LLC, Term Loan B, 10/28/2031 (u) (aa)		1,165		1,164
Edgewater Generation LLC, 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 08/01/2030 (aa)		727		726
Hamilton Projects Acquiror LLC, Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 05/31/2031 (aa)		318		318
Pike Corp., 2028 Initial Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.44%, 01/21/2028 (aa)		445		445
Talen Energy Supply LLC, 2024-1 Incremental Term B Loan, (CME Term SOFR 3 Month + 2.50%), 6.82%, 12/13/2031 (aa)		802		800
Talen Energy Supply LLC, Initial Term B Loan, (CME Term SOFR 3 Month + 2.50%), 6.82%, 05/17/2030 (aa)		734		732
Total Utilities				6,408
Total Loan Assignments (Cost $161,404)				159,539
Purchased Option contracts — 0.0% (g)
Put Option contracts — 0.0% (g)
FNMA or FHLMC, Single Family, 30 Years, Maturity Date 04/07/2025, Strike Price 98.21		6,500		—	(h)
FNMA or FHLMC, Single Family, 30 Years, Maturity Date 04/07/2025, Strike Price 96.12		6,500		—	(h)
FNMA or FHLMC, Single Family, 30 Years, Maturity Date 04/07/2025, Strike Price 96.48		6,000		—	(h)
Total Purchased Option contracts (Cost $46)				—	(h)

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 — 33.7%
Time Deposits — 3.5%
BNP Paribas SA,
1.56%, 04/01/2025 (c)	CAD	346		240
2.89%, 04/01/2025	AUD	232		145
Brown Brothers Harriman & Co.,
1.03%, 04/01/2025	SEK	1,325		132
1.19%, 04/01/2025	SGD	199		148
2.04%, 04/01/2025	HKD	993		128
Citibank NA,
1.35%, 04/01/2025 (c)	EUR	289		313
3.68%, 04/01/2025 (c)		23,656		23,656
Royal Bank of Canada, 3.42%, 04/01/2025 (c)	GBP	210		271
Sumitomo Mitsui Banking Corp.,
0.11%, 04/01/2025	JPY	18,806		125
3.68%, 04/01/2025		2,965		2,965
Total Time Deposits				28,123
U.S. Treasury Obligations — 30.2%
U.S. Treasury Bill,
0.00%, 08/28/2025 (c)		4,800		4,718
4.23%, 08/14/2025 (c)		150,000		147,665
4.24%, 06/26/2025 (ii)		31		31
4.31%, 05/15/2025 (c)		24,500		24,373
4.31%, 05/08/2025		17,000		16,926
4.42%, 04/10/2025 (c)		24,500		24,474
4.46%, 04/24/2025 (c)		24,500		24,434
Total U.S. Treasury Obligations				242,621
Total Short-Term Investments (Cost $270,763)				270,744
Total Investments, Before Short Positions — 126.5% (Cost - $1,017,437) *				1,015,494
Liabilities in Excess of Other Assets — (26.5)%				(212,457	)
NET ASSETS — 100.0%			$	803,037
Short Positions — 4.1%
Mortgage-Backed Securities — 4.1%
FNMA or FHLMC, Single Family, 30 years,
TBA, 2.00%, 05/01/2055 (w)		7,000		5,556
TBA, 3.00%, 05/01/2055 (w)		10,000		8,654
TBA, 3.50%, 04/01/2055 (w)		250		226
TBA, 4.00%, 05/01/2055 (w)		6,000		5,577
TBA, 5.00%, 05/01/2055 (w)		6,800		6,651
GNMA, Single Family, 30 years, TBA, 2.50%, 04/01/2055 (w)		7,000		5,956
Total Mortgage-Backed Securities
(Cost $32,701)				32,619
Total Securities Sold Short — 4.1% (Cost $32,701) *				32,619

Percentages indicated are based on net assets.

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of March 31, 2025:

Exchange Traded

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
3MO Euro EURIBOR		163		06/2026		EUR		43,217		(26	)
Australia 3-Year Bond		28		06/2025		AUD		1,860		3
British Pound		245		06/2025		USD		19,796		(26	)
CAC40 10 Euro		49		04/2025		EUR		4,304		(169	)
Cocoa		2		05/2025		USD		211		(53	)(c)
Coff Robusta 10 Tonne		13		05/2025		USD		739		(54	)(c)
Coffee		19		05/2025		USD		2,832		(126	)(c)
Copper		121		05/2025		USD		14,239		989	(c)
Dax Index		7		06/2025		EUR		4,460		(226	)
Dollar Index		1,319		06/2025		USD		136,104		918
E-mini Russell 2000 Index		43		06/2025		USD		4,328		30
Euro BTP Italian Government Bonds		61		05/2025		USD		10,298		258	(c)
Euro Fx		7		06/2025		USD		952		(1	)
Euro STOXX 50 Index		77		06/2025		EUR		4,517		(196	)
FTSE 100 Index		68		06/2025		GBP		7,653		(106	)
FTSE MIB Index		20		06/2025		EUR		4,189		(152	)
Gold 100 oz		96		06/2025		USD		29,335		908	(c)
Hang Seng China Enterprise Index		61		04/2025		HKD		3,413		(74	)
Hang Seng Index		24		04/2025		HKD		3,640		(68	)
ICE 3 Month SONIA		119		09/2026		GBP		36,962		(10	)
ICE 3 Month SONIA		50		06/2027		GBP		15,515		9
Mexican Peso		461		06/2025		USD		11,408		(245	)
Mini MSCI EAFE Index		446		06/2025		USD		55,347		(1,463	)
MSCI Emerging Markets Index		382		06/2025		USD		21,630		(414	)
NASDAQ 100 E-mini Index		47		06/2025		USD		18,288		(15	)
Natural Gas		75		04/2025		USD		3,041		48	(c)
OMXS 30 Index		104		04/2025		SEK		2,753		(192	)
Platinum		23		07/2025		USD		1,136		46	(c)
S&P MidCap 400 E-mini Index		32		06/2025		USD		9,224		179
S&P Toronto Stock Exchange 60 Index		7		06/2025		CAD		1,463		(6	)
SGX FTSE China A50 Index		209		04/2025		USD		2,810		(23	)
SGX MSCI Singapore Index		152		04/2025		SGD		4,497		(88	)
Short Euro-BTP		158		06/2025		EUR		18,369		(5	)
SOFR 3 Month		589		12/2026		USD		142,068		139
SOFR 3 Month		78		06/2027		USD		18,817		9
SOFR 3 Month		51		03/2028		USD		12,298		(—	)(h)
Sugar		73		04/2025		USD		1,624		(82	)(c)
TOPIX Index		24		06/2025		JPY		4,437		(177	)
U.S. Treasury 10 Year Note		6		06/2025		USD		653		14
										(447	)

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of March 31, 2025 (continued):

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Short Contracts
3MO Euro EURIBOR		(33	)		03/2027		EUR		(8,710	)		(16	)
3MO Euro EURIBOR		(65	)		12/2027		EUR		(17,134	)		(18	)
10YR Japan Government Bond		(37	)		06/2025		JPY		(34,030	)		(111	)
ASX SPI 200 Index		(13	)		06/2025		AUD		(1,609	)		10
Australia 10-Year Bond		(51	)		06/2025		AUD		(3,573	)		(17	)
Australian Dollar		(256	)		06/2025		USD		(16,096	)		87
Brent Crude Oil		(56	)		04/2025		USD		(3,930	)		(258	)(c)
Canadian Dollar		(411	)		06/2025		USD		(28,821	)		121
Canadian Government 10 Year Bond		(9	)		06/2025		CAD		(770	)		(6	)
Canola		(76	)		05/2025		CAD		(612	)		(35	)(c)
Canola		(3	)		07/2025		CAD		(25	)		(1	)(c)
Corn		(50	)		05/2025		USD		(1,156	)		13	(c)
Corn		(60	)		07/2025		USD		(1,392	)		3	(c)
Cotton		(53	)		05/2025		USD		(1,801	)		30	(c)
Cotton		(20	)		07/2025		USD		(677	)		(3	)(c)
Crude Oil		(40	)		04/2025		USD		(2,656	)		(203	)(c)
Crude Oil		(22	)		05/2025		USD		(1,506	)		(55	)(c)
E-mini Russell 2000 Index		(22	)		06/2025		USD		(2,272	)		42
Euro BOBL		(133	)		06/2025		EUR		(16,925	)		(15	)
Euro BTP Italian Government Bonds		(93	)		06/2025		EUR		(11,709	)		(109	)
Euro Bund		(86	)		06/2025		EUR		(12,022	)		42
Euro Buxl		(45	)		06/2025		EUR		(6,050	)		247
Euro Fx		(79	)		06/2025		USD		(10,816	)		90
Euro Schatz		(167	)		06/2025		EUR		(19,253	)		(60	)
Euro STOXX BANK		(233	)		05/2025		EUR		(2,899	)		124	(c)
Euro STOXX BANK		(15	)		09/2025		EUR		(179	)		2	(c)
Euro-Oat French Government Bonds		(85	)		06/2025		EUR		(11,279	)		2
Gas Oil		(27	)		04/2025		USD		(1,772	)		(80	)(c)
Gasoline RBOB		(51	)		04/2025		USD		(4,715	)		(192	)(c)
Hard Red Winter Wheat		(147	)		05/2025		USD		(4,070	)		(24	)(c)
Hard Red Winter Wheat		(25	)		07/2025		USD		(714	)		1	(c)
IFSC NIFTY 50 Index		(67	)		04/2025		USD		(3,193	)		61
Japanese Yen		(181	)		06/2025		USD		(15,262	)		60
Lean Hogs		(37	)		06/2025		USD		(1,458	)		48	(c)
Long Gilt		(31	)		06/2025		GBP		(3,687	)		15
MSCI Emerging Markets Index		(1	)		06/2025		USD		(55	)		(—	)(h)
NASDAQ 100 E-mini Index		(2	)		06/2025		USD		(783	)		5
New York Harbor ULSD		(10	)		04/2025		USD		(906	)		(51	)(c)
New Zealand Dollar		(149	)		06/2025		USD		(8,543	)		69
Palladium		(12	)		06/2025		USD		(1,100	)		(100	)(c)
Rapeseed Euro		(6	)		07/2025		EUR		(155	)		(2	)(c)
Red Spring Wheat		(60	)		05/2025		USD		(1,815	)		39	(c)
Red Spring Wheat		(9	)		07/2025		USD		(270	)		(3	)(c)
S&P 500 E-mini Index		(15	)		06/2025		USD		(4,286	)		46
SGX FTSE Taiwan Index		(3	)		04/2025		USD		(209	)		—	(h)

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of March 31, 2025 (continued):

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
SGX Nikkei		(3	)		06/2025		JPY		(369	)		12
SOFR 3 Month		(242	)		06/2025		USD		(58,050	)		159
SOFR 3 Month		(58	)		09/2026		USD		(13,986	)		(15	)
Soybean		(147	)		05/2025		USD		(7,438	)		(20	)(c)
Soybean		(27	)		07/2025		USD		(1,381	)		(7	)(c)
Soybean Meal		(156	)		05/2025		USD		(4,781	)		214	(c)
Soybean Meal		(8	)		07/2025		USD		(242	)		3	(c)
Soybean Oil		(79	)		05/2025		USD		(2,047	)		(81	)(c)
Soybean Oil		(46	)		07/2025		USD		(1,169	)		(84	)(c)
Swiss Franc		(61	)		06/2025		USD		(8,762	)		64
U.S. Treasury 2 Year Note		(75	)		06/2025		USD		(15,493	)		(45	)
U.S. Treasury 5 Year Note		(22	)		06/2025		USD		(2,365	)		(15	)
U.S. Treasury 10 Year Note		(112	)		06/2025		USD		(12,397	)		(59	)
U.S. Treasury Long Bond		(79	)		06/2025		USD		(9,255	)		(11	)
U.S. Treasury Ultra Bond		(35	)		06/2025		USD		(4,277	)		(2	)
												(89	)
Total unrealized appreciation (depreciation)												(536	)

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of March 31, 2025:

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	44	AUD	70	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	55	AUD	87	Brown Brothers Harriman & Co.	04/10/2025		1
USD	50	AUD	80	Brown Brothers Harriman & Co.	04/10/2025		1
USD	85	AUD	136	Brown Brothers Harriman & Co.	04/10/2025		1
USD	981	AUD	1,559	Brown Brothers Harriman & Co.	04/10/2025		7
USD	36	CAD	52	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
USD	36	CAD	51	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
USD	139	EUR	127	Brown Brothers Harriman & Co.	04/10/2025		1
USD	367	EUR	339	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	36	EUR	33	Brown Brothers Harriman & Co.	04/10/2025		1
USD	158	EUR	146	Brown Brothers Harriman & Co.	04/10/2025		1
USD	159	EUR	146	Brown Brothers Harriman & Co.	04/10/2025		1
USD	35	EUR	32	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
USD	39	EUR	36	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
USD	27	EUR	25	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
USD	37	EUR	34	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
USD	59	EUR	54	Brown Brothers Harriman & Co.	04/10/2025		1	(c)
USD	446	EUR	408	Brown Brothers Harriman & Co.	04/10/2025		5	(c)
USD	34	EUR	31	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
EUR	42	USD	46	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
EUR	58	USD	63	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
USD	99	EUR	91	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
USD	237	EUR	218	Brown Brothers Harriman & Co.	04/10/2025		1
USD	41	EUR	38	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	264	EUR	244	Brown Brothers Harriman & Co.	04/10/2025		1
USD	259	EUR	237	Brown Brothers Harriman & Co.	04/10/2025		3
USD	75	EUR	69	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	97	EUR	89	Brown Brothers Harriman & Co.	04/10/2025		1
USD	416	EUR	381	Brown Brothers Harriman & Co.	04/10/2025		4
USD	83	EUR	76	Brown Brothers Harriman & Co.	04/10/2025		1
USD	2,623	EUR	2,400	Brown Brothers Harriman & Co.	04/10/2025		27
USD	502	EUR	462	Brown Brothers Harriman & Co.	04/10/2025		3
EUR	254	USD	274	Brown Brothers Harriman & Co.	04/10/2025		1
USD	95	EUR	87	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	26	GBP	20	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	60	GBP	46	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	87	GBP	68	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
GBP	57	USD	74	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	1,370	GBP	1,059	Brown Brothers Harriman & Co.	04/10/2025		1
USD	49	GBP	38	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
GBP	52	USD	67	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	45	GBP	34	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	349	GBP	270	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
USD	70	HKD	547	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	205	HKD	1,595	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	166	HKD	1,289	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	141	HKD	1,099	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	223	HKD	1,730	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	231	HKD	1,793	Brown Brothers Harriman & Co.	04/10/2025		1

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of March 31, 2025 (continued):

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	6	HKD	50	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	38	HKD	298	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	1,119	HKD	8,694	Brown Brothers Harriman & Co.	04/10/2025		2
USD	150	JPY	22,309	Brown Brothers Harriman & Co.	04/10/2025		2
USD	21	JPY	3,178	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	49	JPY	7,318	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	58	JPY	8,716	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	68	JPY	9,933	Brown Brothers Harriman & Co.	04/10/2025		2
USD	189	JPY	28,047	Brown Brothers Harriman & Co.	04/10/2025		2
JPY	7,007	USD	47	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
SEK	649	USD	64	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
SEK	782	USD	78	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
SEK	1,825	USD	181	Brown Brothers Harriman & Co.	04/10/2025		1
USD	37	SEK	375	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	161	SEK	1,616	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	148	SGD	196	Brown Brothers Harriman & Co.	04/10/2025		1
USD	49	SGD	65	Brown Brothers Harriman & Co.	04/10/2025		1
USD	54	SGD	72	Brown Brothers Harriman & Co.	04/10/2025		1
USD	36	SGD	49	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	193	EUR	178	Morgan Stanley & Co.	05/23/2025		—	(h)
Total unrealized appreciation							76
USD	1,906	EUR	1,761	Barclays Bank plc	05/02/2025		(1	)
AUD	171	USD	109	Brown Brothers Harriman & Co.	04/10/2025		(2	)
AUD	62	USD	39	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	71	CAD	102	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
USD	84	CAD	121	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
CAD	99	USD	69	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
CAD	56	USD	39	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	233	EUR	216	Brown Brothers Harriman & Co.	04/10/2025		(1	)
EUR	29	USD	31	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
EUR	192	USD	208	Brown Brothers Harriman & Co.	04/10/2025		(1	)(c)
USD	265	EUR	245	Brown Brothers Harriman & Co.	04/10/2025		(1	)
USD	37	EUR	35	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
USD	298	EUR	275	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
EUR	1,191	USD	1,290	Brown Brothers Harriman & Co.	04/10/2025		(2	)
EUR	65	USD	70	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
EUR	226	USD	247	Brown Brothers Harriman & Co.	04/10/2025		(2	)
EUR	34	USD	37	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
EUR	209	USD	228	Brown Brothers Harriman & Co.	04/10/2025		(2	)
EUR	123	USD	134	Brown Brothers Harriman & Co.	04/10/2025		(1	)
EUR	71	USD	77	Brown Brothers Harriman & Co.	04/10/2025		(1	)
EUR	1,214	USD	1,321	Brown Brothers Harriman & Co.	04/10/2025		(7	)
EUR	56	USD	61	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
EUR	33	USD	36	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
USD	32	EUR	30	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
GBP	42	USD	54	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
GBP	25	USD	32	Brown Brothers Harriman & Co.	04/10/2025		—	(c)(h)
GBP	37	USD	48	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
GBP	37	USD	47	Brown Brothers Harriman & Co.	04/10/2025		—	(h)

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward foreign currency exchange contracts outstanding as of March 31, 2025 (continued):

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
GBP	39	USD	51	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	65	GBP	51	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
GBP	35	USD	45	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
HKD	310	USD	40	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
HKD	860	USD	111	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
HKD	1,418	USD	183	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
HKD	1,360	USD	175	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
HKD	1,298	USD	167	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
HKD	4,577	USD	589	Brown Brothers Harriman & Co.	04/10/2025		(1	)
JPY	9,889	USD	67	Brown Brothers Harriman & Co.	04/10/2025		(1	)
JPY	40,820	USD	278	Brown Brothers Harriman & Co.	04/10/2025		(5	)
JPY	17,723	USD	120	Brown Brothers Harriman & Co.	04/10/2025		(2	)
USD	96	SEK	972	Brown Brothers Harriman & Co.	04/10/2025		(1	)
USD	115	SEK	1,159	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
SGD	67	USD	50	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
SGD	66	USD	49	Brown Brothers Harriman & Co.	04/10/2025		(1	)
SGD	203	USD	153	Brown Brothers Harriman & Co.	04/10/2025		(2	)
SGD	142	USD	107	Brown Brothers Harriman & Co.	04/10/2025		(1	)
SGD	50	USD	38	Brown Brothers Harriman & Co.	04/10/2025		—	(h)
USD	457	EUR	436	Morgan Stanley & Co.	05/23/2025		(15	)
USD	1,849	EUR	1,761	Wells Fargo Bank NA	04/02/2025		(55	)
Total unrealized depreciation							(105	)
Net unrealized appreciation (depreciation)							(29	)

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2025:

FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS) ($)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
United States SOFR	3.75% annually	Pay		12/18/2034		USD	3,300		(7	)		(10	)		(17	)
United States SOFR	3.25% annually	Pay		03/19/2035		USD	4,200		276			(84	)		192
United States SOFR	3.25% annually	Receive		06/18/2035		USD	4,200		182			3			185
Total									451			(91	)		360

(a) Value of floating rate index as of March 31, 2025 was as follows:

FLOATING RATE INDEX
United States SOFR	4.41	%

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

OTC Total Return Swap contracts outstanding as of March 31, 2025:

REFERENCE INDEX

FLOATING RATE PAID BY THE FUND

PAYMENT FREQUENCY

COUNTERPARTY

MATURITY DATE

USD

NOTIONAL AMOUNT

UPFRONT PAYMENTS (RECEIPTS) ($)

UNREALIZED APPRECIATION (DEPRECIATION) ($)

VALUE ($)

iBoxx USD Liquid Leveraged Loans Total Return Index

United States SOFR

quarterly

Morgan Stanley & Co.

06/20/2025

USD

1,350

(—

)(h)

(7

)

(7

)

iBoxx USD Liquid Leveraged Loans Total Return Index

United States SOFR

quarterly

Morgan Stanley & Co.

09/20/2025

USD

1,350

(—

)(h)

(6

)

(6

)

Total

(—

)(h)

(13

)

(13

)

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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 March 31, 2025:

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE

FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/14/2055

Citigroup Global Markets Inc.

(2,000

)

USD(710

)

USD93.32

04/07/2025

$

(8

)

Total Written Options Contracts (Premiums Received $8)

(8

)

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Purchased Call Interest Rate Swaptions contracts outstanding as of March 31, 2025:

DESCRIPTION	COUNTERPARTY	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		EXERCISE PRICE		EXPIRATION DATE		VALUE
7-Year Swaption, United States SOFR	Barclays Bank plc		13,000		USD 177		USD 3.16		06/04/2025	$	30
10-Year Swaption, United States SOFR	Bank of America, NA		1,700		USD 633		USD 4.26		02/13/2035		111
10-Year Swaption, United States SOFR	Bank of America, NA		1,700		USD 622		USD 4.25		02/20/2035		110
											251

Purchased Put Interest Rate Swaptions contracts outstanding as of March 31, 2025:

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE

7-Year Swaption, United States SOFR

Bank of America, NA

3,200

USD  58

USD 5.00

03/20/2026

12

7-Year Swaption, United States SOFR

Wells Fargo Bank NA

2,400

USD  47

USD 5.00

03/30/2026

10

7-Year Swaption, United States SOFR

Wells Fargo Bank NA

2,900

USD  54

USD 5.00

03/31/2026

12

10-Year Swaption, United States SOFR

Barclays Bank plc

30,000

USD 581

USD 5.00

07/22/2025

13

10-Year Swaption, United States SOFR

Bank of America, NA

3,000

USD  69

USD 5.50

01/30/2026

6

10-Year Swaption, United States SOFR

Bank of America, NA

1,700

USD 633

USD 4.26

02/13/2035

96

10-Year Swaption, United States SOFR

Bank of America, NA

1,700

USD 622

USD 4.25

02/20/2035

97

Total Purchased Interest Rate Swaptions contracts (Premiums Received $807)

246

Written Call Interest Rate Swaptions contracts outstanding as of March 31, 2025:

DESCRIPTION	COUNTERPARTY	NUMBER OF CONTRACTS			NOTIONAL AMOUNT			EXERCISE PRICE		EXPIRATION DATE		VALUE
7-Year Swaption, United States SOFR	Bank of America, NA		(5,500	)		USD (38	)		USD 3.22		05/20/2025		(11	)
7-Year Swaption, United States SOFR	Wells Fargo Bank NA		(3,000	)		USD (34	)		USD 3.15		06/30/2025		(10	)
7-Year Swaption, United States SOFR	Wells Fargo Bank NA		(2,700	)		USD (29	)		USD 3.21		06/30/2025		(11	)
													(32	)

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Written Put Interest Rate Swaptions contracts outstanding as of March 31, 2025:

DESCRIPTION	COUNTERPARTY	NUMBER OF CONTRACTS			NOTIONAL AMOUNT			EXERCISE PRICE		EXPIRATION DATE		VALUE
7-Year Swaption, United States SOFR	Wells Fargo Bank NA		(4,200	)		USD  (49	)		USD 4.54		04/07/2025	$	(—	)(h)
7-Year Swaption, United States SOFR	Barclays Bank plc		(8,000	)		USD (219	)		USD 3.91		06/04/2025		(41	)
10-Year Swaption, United States SOFR	Bank of America, NA		(4,000	)		USD  (73	)		USD 4.45		04/07/2025		(—	)(h)
10-Year Swaption, United States SOFR	Bank of America, NA		(4,400	)		USD  (84	)		USD 4.53		04/07/2025		(—	)(h)
													(41	)
Total Written Interest Rate Swaptions contracts (Premiums Paid $133)													424

Reverse Repurchase Agreements

COUNTERPARTY	BORROWING RATE			SETTLEMENT DATE		MATURITY DATE		AMOUNT BORROWED			PAYABLE FOR REVERSE REPURCHASE AGREEMENTS			COLLATERAL PLEDGED/ (RECEIVED)		NET AMOUNT (DUE TO)/ FROM COUNTERPATRY
Citigroup Global Markets Inc.		4.45	%		3/13/2025		4/14/2025		(2,508	)		(2,514	)		2,514		—
Citigroup Global Markets Inc.		4.45	%		3/12/2025		4/14/2025		(1,924	)		(1,929	)		1,929		—
Citigroup Global Markets Inc.		4.47	%		3/19/2025		4/21/2025		(1,923	)		(1,926	)		1,926		—
Citigroup Global Markets Inc.		4.48	%		3/27/2025		4/3/2025		(12,881	)		(12,889	)		12,889		—
												(19,258	)

Accounted for as Secured Borrowings

Remaining Contractual Maturity of the Agreements

	OVERNIGHT AND CONTINUOUS		UP TO 30 DAYS			31-90 DAYS			GREATER THAN 90 DAYS		TOTAL
Reverse Repurchase Agreements
Mortgage Backed Securities		—		(14,815	)		(4,443	)		—		(19,258	)
Payable for Reverse Repurchase Agreements

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025
CLO	—	Collateralized Loan Obligations
CMT	—	Constant Maturity Treasury
EURIBOR	—	Euro Interbank Offered Rate
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
ICE	—	Intercontinental Exchange
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of March 31, 2025. 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.
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.
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 March 31, 2025.
TBA	—	To Be Announced
(c)	—	All or a portion of this security is held by a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands.
(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.
(o)	—	Loan assignments are presented by obligor. Each Series or loan tranche underlying each obligor may have varying terms.
(u)	—	All or a portion of the security is unsettled as of March 31, 2025. 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.
(x)	—	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of March 31, 2025.
(z)	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2025.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2025
(bb)	—	Security has been valued using significant unobservable inputs.
(cc)	—	Loan assignments are presented by obligor. Each Series or loan tranche underlying each obligor may have varying terms.
(gg)	—	Position, or portion thereof, has been segregated to collateralize reverse repurchase agreements.
(ii)	—	Approximately $11 of these investments are restricted as collateral for forwards to Barclays Bank PLC.

Six Circles Multi-Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)

*	—	The cost of securities is substantially the same for federal income tax purposes.
BRL	—	Brazilian Real
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
EUR	—	Euro
HKD	—	Hong Kong Dollar
GBP	—	British Pound
JPY	—	Japanese Yen
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
USD	—	United States Dollar

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited)

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

The Board has designated the J.P. Morgan Private Investments Inc. (the “Adviser”) as the Valuation Designee, and the Adviser uses the Six Circles Funds Valuation Committee (“VC”), comprised of officers of the Funds and other personnel of the Adviser, to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments with respect to Rule 2a-5 under the Investment Company Act of 1940. 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; securities for which market quotations are determined not to be reliable; or, securities in which their 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, may be valued at fair value in accordance with policies and procedures adopted by the Board. The valuation may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment in order to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based on current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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

Foreign equity securities are valued as of the close of trading on the stock exchange on which the security is primarily traded, or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Generally foreign equity securities, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated. The fair valued securities are converted at the exchange rates available at 4 p.m. Eastern time.

Fixed income securities are valued based on prices received from Pricing Services. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, Pricing Services may consider a variety of inputs and factors, including, but not limited to proprietary models that may take into account market transactions in securities with comparable characteristics, yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, underlying collateral and estimated cash flows. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

Shares of exchange-traded funds (“ETFs”) are generally valued at the last sale price on the exchange on which the ETF is principally traded. Shares of open-end investment companies are valued at their respective NAVs.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

Exchange-traded futures contracts and options are generally valued on the basis of available market quotations. Swaps, forward foreign currency exchange contracts and over the counter options are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 – Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 – Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 – Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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	$	—		$	121,912		$	—	$	121,912
Certificates of Deposit
Financial		—			2,321			—		2,321
Collateralized Mortgage Obligations		—			46,680			—		46,680
Commercial Mortgage-Backed Securities		—			22,287			—		22,287
Corporate Bonds
Basic Materials		—			10,195			—		10,195
Communications		—			35,457			—		35,457
Consumer Cyclical		—			30,506			—		30,506
Consumer Non-cyclical		—			37,161			—		37,161
Energy		—			24,173			—		24,173
Financial		—			131,156			—		131,156
Industrial		—			20,788			—		20,788
Technology		—			18,070			—		18,070
Utilities		—			32,796			—		32,796
Total Corporate Bonds		—			340,302			—		340,302
Foreign Government Securities		—			2,526			—		2,526
Mortgage-Backed Securities		—			5,690			—		5,690
U.S. Treasury Obligations		—			11,119			—		11,119
Short-Term Investments
Certificates of Deposit		—			44,542			—		44,542
Commercial Papers		—			25,540			—		25,540
Foreign Government Securities		—			29,035			—		29,035
Repurchase Agreement		—			5,900			—		5,900
Time Deposits		—			19,604			—		19,604
U.S. Treasury Obligations		—			32,770			—		32,770
Total Short-Term Investments		—			157,391			—		157,391
Total Investments in Securities	$	—		$	710,228		$	—	$	710,228
Appreciation in Other Financial Instruments
Futures contracts	$	912		$	—		$	—	$	912
Forward Foreign Currency Exchange contracts		—			503			—		503
Total Appreciation in Other Financial Instruments	$	912		$	503		$	—	$	1,415
Depreciation in Other Financial Instruments
Futures contracts	$	(901	)	$	—		$	—	$	(901	)
Forward Foreign Currency Exchange contracts		—			(497	)		—		(497	)
Centrally Cleared Interest Rate Swap contracts		—			(425	)		—		(425	)
Centrally Cleared Credit Default Swap contract		—			(1	)		—		(1	)
Total Depreciation in Other Financial Instruments	$	(901	)	$	(923	)	$	—	$	(1,824	)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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	$	—		$	75,147		$	—	$	75,147
Certificates of Deposit
Financial		—			2,948			—		2,948
Collateralized Mortgage Obligations		—			46,938			—		46,938
Commercial Mortgage-Backed Securities		—			5,095			—		5,095
Corporate Bonds
Communications		—			3,719			—		3,719
Consumer Cyclical		—			14,148			—		14,148
Consumer Non-cyclical		—			3,750			—		3,750
Energy		—			1,101			—		1,101
Financial		—			71,664			—		71,664
Industrial		—			7,543			—		7,543
Utilities		—			8,387			—		8,387
Total Corporate Bonds		—			110,312			—		110,312
Foreign Government Securities		—			6,136			—		6,136
Mortgage-Backed Securities		—			6,723			—		6,723
Municipal Bonds		—			611,312			—		611,312
U.S. Government Agency Security		—			2,297			—		2,297
U.S. Treasury Obligation		—			1,438			—		1,438
Short-Term Investments
Commercial Papers		—			11,964			—		11,964
Municipal Bonds		—			30,929			—		30,929
Repurchase Agreement		—			7,800			—		7,800
Time Deposits		—			4,813			—		4,813
U.S. Treasury Obligations		—			432			—		432
Total Short-Term Investments		—			55,938			—		55,938
Total Investments in Securities	$	—		$	924,284		$	—	$	924,284
Appreciation in Other Financial Instruments
Futures contracts	$	1,111		$	—		$	—	$	1,111
Forward Foreign Currency Exchange contracts		—			178			—		178
Total Appreciation in Other Financial Instruments	$	1,111		$	178		$	—	$	1,289
Depreciation in Other Financial Instruments
Futures contracts	$	(371	)	$	—		$	—	$	(371	)
Forward Foreign Currency Exchange contracts		—			(326	)		—		(326	)
Centrally Cleared Interest Rate Swap contracts		—			(566	)		—		(566	)
Centrally Cleared Credit Default Swap contract		—			(4	)		—		(4	)
Total Depreciation in Other Financial Instruments	$	(371	)	$	(896	)	$	—	$	(1,267	)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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	$	13,316		$	—	$	—	$	13,316
Communications		4,994,410			—		—		4,994,410
Consumer Cyclical		2,135,129			—		—		2,135,129
Consumer Non-cyclical		3,913,405			—		—		3,913,405
Energy		607,292			—		—		607,292
Financial		4,760,182			—		—		4,760,182
Industrial		1,310,389			—		—		1,310,389
Technology		6,742,145			—		—		6,742,145
Utilities		20,280			—		—		20,280
Total Common Stocks		24,496,548			—		—		24,496,548
Short-Term Investments
Time Deposits		—			72,530		—		72,530
Total Investments in Securities	$	24,496,548		$	72,530	$	—	$	24,569,078
Appreciation in Other Financial Instruments
Futures contracts	$	220		$	—	$	—	$	220
Depreciation in Other Financial Instruments
Futures contracts	$	(650	)	$	—	$	—	$	(650	)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

Six Circles International Unconstrained Equity Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Austria	$	4,373		$	39,035	$	—	$	43,408
Belgium		—			104,634		—		104,634
Britain		—			5,926		—		5,926
Canada		284,033			—		—		284,033
Chile		—			8,752		—		8,752
China		—			1,324		—		1,324
Denmark		—			759,154		—		759,154
Finland		1,813			179,600		—		181,413
France		1,464			2,244,107		—		2,245,571
Germany		28,631			2,395,080		—		2,423,711
Hong Kong		—			53,846		—		53,846
Ireland		26,771			137,879		—		164,650
Italy		69,514			557,205		—		626,719
Japan		2,453			780,883		—		783,336
Luxembourg		—			19,972		—		19,972
Netherlands		—			1,034,366		—		1,034,366
Norway		7,186			94,869		—		102,055
Poland		—			4,406		—		4,406
Portugal		11,241			8,016		—		19,257
Spain		7,754			512,007		—		519,761
Sweden		27,736			612,619		—		640,355
Switzerland		40,105			2,632,096		—		2,672,201
Taiwan		—			287,561		—		287,561
United Arab Emirates		—			—		—		—
United Kingdom		4,792			3,363,995		—		3,368,787
United States		4,876			—		—		4,876
Total Common Stocks		522,742			15,837,332		—		16,360,074
Preferred Stocks
Germany		—			50,673		—		50,673
Short-Term Investments
Time Deposits		—			127,604		—		127,604
Total Investments in Securities	$	522,742		$	16,015,609	$	—	$	16,538,351
Appreciation in Other Financial Instruments
Futures contracts	$	51		$	—	$	—	$	51
Depreciation in Other Financial Instruments
Futures contracts	$	(3,602	)	$	—	$	—	$	(3,602	)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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	$	—		$	64,205		$	—	$	64,205
Collateralized Mortgage Obligations		—			271,523			—		271,523
Commercial Mortgage-Backed Securities		—			53,377			—		53,377
Corporate Bonds
Basic Materials		—			100,655			—		100,655
Communications		—			191,458			—		191,458
Consumer Cyclical		—			202,620			—		202,620
Consumer Non-cyclical		—			496,393			—		496,393
Energy		—			127,062			—		127,062
Financial		—			1,571,402			—		1,571,402
Government		—			211,830			—		211,830
Industrial		—			311,039			—		311,039
Technology		—			86,518			—		86,518
Utilities		—			296,169			—		296,169
Total Corporate Bonds		—			3,595,146			—		3,595,146
Foreign Government Securities		—			7,575,799			—		7,575,799
Mortgage-Backed Securities		—			1,842,742			—		1,842,742
Municipal Bonds		—			7,700			—		7,700
U.S. Government Agency Securities		—			12,759			—		12,759
U.S. Treasury Obligations		—			987,687			—		987,687
Purchased Options contracts		—			—	(a)		—		—	(a)
Short-Term Investments
Time Deposits		—			128,326			—		128,326
U.S. Treasury Obligations		—			120,395			—		120,395
Total Short-Term Investments		—			248,721			—		248,721
Total Investments in Securities	$	—		$	14,659,659		$	—	$	14,659,659
Liabilities
Debt Securities
Mortgage-Backed Securities	$	—		$	215,642		$	—	$	215,642
Appreciation in Other Financial Instruments
Futures contracts	$	1,498		$	—		$	—	$	1,498
Forward Foreign Currency Exchange contracts		—			12,268			—		12,268
OTC Interest Rate Swaps contracts		—			51			—		51
Centrally Cleared Interest Rate Swap contracts		—			4,640			—		4,640
Purchased Interest Rate Swaption contracts
Purchased Put Interest Rate Swaptions contracts		—			126			—		126
Purchased Call Interest Rate Swaptions contracts		—			192			—		192
Total Purchased Interest Rate Swaption contracts		—			318			—		318
Total Appreciation in Other Financial Instruments	$	1,498		$	17,277		$	—	$	18,775
Depreciation in Other Financial Instruments
Futures contracts	$	(1,582	)	$	—		$	—	$	(1,582	)
Forward Foreign Currency Exchange contracts		—			(283,598	)		—		(283,598	)
OTC Interest Rate Swap contract		—			(63	)		—		(63	)
Centrally Cleared Interest Rate Swap contracts		—			(6,735	)		—		(6,735	)
Written Interest Rate Swaption contracts
Written Put Interest Rate Swaption contracts		—			(108	)		—		(108	)
Total Written Interest Rate Swaption contracts		—			(108	)		—		(108	)
Total Depreciation in Other Financial Instruments	$	(1,582	)	$	(290,504	)	$	—	$	(292,086	)

(a) Amount rounds to less than $500.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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
Municipal Bonds	$	—	$	11,642,239	$	—	$	11,642,239
Short-Term Investments
Municipal Bonds		—		5,316		—		5,316
Time Deposits		—		171,307		—		171,307
Total Short-Term Investments		—		176,623		—		176,623
Total Investments in Securities	$	—	$	11,818,862	$	—	$	11,818,862

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (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	$	—	$	152,172	$	—	$	152,172
Collateralized Mortgage Obligations		—		8,340		—		8,340
Commercial Mortgage-Backed Securities		—		24,330		—		24,330
Convertible Bonds
Communications		—		2,419		—		2,419
Consumer Cyclical		—		3,084		—		3,084
Consumer Non-cyclical		—		8,400		—		8,400
Energy		—		4,276		—		4,276
Financial		—		4,762		—		4,762
Industrial		—		323		—		323
Technology		—		5,321		—		5,321
Utilities		—		8,570		—		8,570
Total Convertible Bonds		—		37,155		—		37,155
Corporate Bonds
Basic Materials		—		320,323		—		320,323
Communications		—		1,034,325		4		1,034,329
Consumer Cyclical		—		1,024,489		—		1,024,489
Consumer Non-cyclical		—		1,076,883		8,137		1,085,020
Diversified		—		7,046		—		7,046
Energy		—		651,032		641		651,673
Financial		—		1,171,014		6,100		1,177,114
Government		—		170		—		170
Industrial		—		722,877		—		722,877
Technology		—		270,717		—		270,717
Utilities		—		267,112		—		267,112
Total Corporate Bonds		—		6,545,988		14,882		6,560,870
Foreign Government Securities		—		701,858		—		701,858
Mortgage-Backed Security		—		442		—		442
U.S. Treasury Obligations		—		112,647		—		112,647
Common Stocks
Basic Materials		—		—		1,231		1,231
Communications		10,809		—		—		10,809
Financial		—		—		—		—
Utilities		1,209		—		—		1,209
Total Common Stocks		12,018		—		1,231		13,249
Preferred Stocks
Communications		663		—		636		1,299
Consumer Cyclical		—		—		6,467		6,467
Total Preferred Stocks		663		—		7,103		7,766
Loan Assignments
Basic Materials		—		16,347		—		16,347
Communications		—		99,855		—		99,855
Consumer Cyclical		—		56,764		—		56,764
Consumer Non-cyclical		—		84,385		—		84,385
Diversified		—		1,420		—		1,420
Energy		—		2,434		—		2,434
Financial		—		29,194		2,400		31,594
Government		—		—		9,291		9,291

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

Six Circles Credit Opportunities Fund (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Industrial	$	—		$	37,999		$	—	$	37,999
Technology		—			75,907			—		75,907
Utilities		—			1,203			—		1,203
Total Loan Assignments		—			405,508			11,691		417,199
Warrant
Communications		—			—			177		177
Short-Term Investments
Corporate Bond		—			343			—		343
Time Deposits		—			234,667			—		234,667
U.S. Treasury Obligations		—			17,501			—		17,501
Total Short-Term Investments		—			252,511			—		252,511
Total Investments in Securities	$	12,681		$	8,240,951		$	35,084	$	8,288,716
Appreciation in Other Financial Instruments
Futures contracts	$	2,638		$	—		$	—	$	2,638
Forward Foreign Currency Exchange contracts		—			5,207			—		5,207
Centrally Cleared Interest Rate Swap contracts		—			1,784			—		1,784
OTC Credit Default Swaps contracts		—			413			—		413
Centrally Cleared Credit Default Swaps contracts		—			1,138			—		1,138
Total Appreciation in Other Financial Instruments	$	2,638		$	8,542		$	—	$	11,180
Depreciation in Other Financial Instruments
Futures contracts	$	(425	)	$	—		$	—	$	(425	)
Forward Foreign Currency Exchange contracts		—			(97,537	)		—		(97,537	)
Centrally Cleared Interest Rate Swap contracts		—			(3,322	)		—		(3,322	)
OTC Credit Default Swaps contracts		—			(51	)		—		(51	)
Centrally Cleared Credit Default Swaps contracts		—			(1,566	)		—		(1,566	)
Total Depreciation in Other Financial Instruments	$	(425	)	$	(102,476	)	$	—	$	(102,901	)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

Six Circles Multi-Strategy Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	87,025		$	—	$	87,025
Collateralized Mortgage Obligations		—		194,230			—		194,230
Corporate Bonds
Basic Materials		—		359			—		359
Communications		—		3,150			—		3,150
Consumer Cyclical		—		4,110			—		4,110
Consumer Non-cyclical		—		3,259			—		3,259
Energy		—		738			—		738
Financial		—		3,290			—		3,290
Industrial		—		147			—		147
Technology		—		2,123			—		2,123
Utilities		—		1,151			—		1,151
Total Corporate Bonds		—		18,327			—		18,327
Mortgage-Backed Securities		—		285,629			—		285,629
Loan Assignments
Basic Materials		—		2,732			—		2,732
Communications		—		14,026			—		14,026
Consumer Cyclical		—		16,937			—		16,937
Consumer Non-cyclical		—		24,905			—		24,905
Energy		—		4,294			—		4,294
Financial		—		32,354			30		32,384
Industrial		—		19,414			—		19,414
Technology		—		38,439			—		38,439
Utilities		—		6,408			—		6,408
Total Loan Assignments		—		159,509			30		159,539
Purchased Put Options		—		—	(a)		—		—	(a)
Short-Term Investments
Time Deposits		—		28,123			—		28,123
U.S. Treasury Obligations		—		242,621			—		242,621
Total Short-Term Investments		—		270,744			—		270,744
Total Investments in Securities	$	—	$	1,015,464		$	30	$	1,015,494
Liabilities
Debt Securities
Mortgage-Backed Securities	$	—	$	32,619		$	—	$	32,619
Appreciation in Other Financial Instruments
Futures contracts	$	5,159	$	—		$	—	$	5,159
Forward Foreign Currency Exchange contracts		—		76			—		76

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

Six Circles Multi-Strategy Fund (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Centrally Cleared Interest Rate Swap contract	$	—		$	3		$	—	$	3
Purchased Interest Rate Swaption contracts
Purchased Call Interest Rate Swaptions contracts		—			251			—		251
Purchased Put Interest Rate Swaptions contracts		—			246			—		246
Total Purchased Interest Rate Swaption contracts		—			497			—		497
Total Appreciation in Other Financial Instruments	$	5,159		$	576		$	—	$	5,735
Depreciation in Other Financial Instruments
Futures contracts	$	(5,695	)	$	—		$	—	$	(5,695	)
Forward Foreign Currency Exchange contracts		—			(105	)		—		(105	)
Centrally Cleared Interest Rate Swap contracts		—			(94	)		—		(94	)
OTC Total Return Swap contracts		—			(13	)		—		(13	)
Written Option contracts
Written Call Option contracts		—			(8	)		—		(8	)
Total Written Option contracts		—			(8	)		—		(8	)
Written Interest Rate Swaptions contracts
Written Call Interest Rate Swaptions contracts		—			(32	)		—		(32	)
Written Put Interest Rate Swaptions contracts		—			(41	)		—		(41	)
Total Written Interest Rate Swaptions contracts		—			(73	)		—		(73	)
Total Depreciation in Other Financial Instruments	$	(5,695	)	$	(293	)	$	—	$	(5,988	)

(a) Amount rounds to less than $500.

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

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

Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. As of March 31, 2025, the Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund had the following loan commitments outstanding in which all or a portion of the commitment was unfunded (amounts in thousands):

Six Circles Credit Opportunities Fund
		Maturity Date		Commitment Fee Rate			Rate if Funded			Unfunded Commitment				Funded Commitment				Total Commitment
Security Description	Term									Par		Value		Par		Value		Par		Value
Raven Acquisition Holdings LLC	2024 Delayed Draw Term Loan		11/19/2031		3.25	%		3.25	%	$	169	$	167	$	—	$	—	$	169	$	167
Doncasters US Finance LLC	Delayed Draw Term Loan		04/23/2030		1.50	%		1.50	%		223		225		—		—		223		225
Jupiter Buyer, Inc.	Initial Delayed Draw Term Loan		11/01/2031		4.75	%		4.75	%		85		85		—		—		85		85
GrafTech Global Enterprises, Inc.	Delayed Draw Term Loan		12/21/2029		3.75	%		3.75	%		721		736		—		—		721		736
SWF Holdings I Corp.	Delayed Draw Term Loan		12/19/2029		1.00	%		1.00	%		486		487						486		487
										$1,684		$1,700		$—		$—		$1,684		$1,700

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

Six Circles Multi-Strategy Fund

Security Description	Term	Maturity Date		Commitment Fee Rate			Rate if Funded			Unfunded Commitment				Funded Commitment				Total Commitment
										Par		Value		Par		Value		Par		Value
RFS Opco LLC	Amendment No.1 Delayed Draw Term Loan		04/04/2031		1.00	%		1.00	%	$	150	$	149	$	30	$	30	$	180	$	179
										$150		$149		$30		$30		$180		$179

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

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

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 and Six Circles Multi-Strategy Fund purchased and sold (“wrote”) put and call options on securities to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

Options Purchased — The option is adjusted daily to reflect the current market value of the option. If the option is allowed to expire, the Funds will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — The amount of the liability is adjusted daily to reflect the current market value of the option written. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

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

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

The Funds’ option contracts are subject to master netting arrangements.

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

Futures contracts may provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract,

the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation. Futures contracts outstanding at period end, if any, are listed after each Fund’s SOI.

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

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

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

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

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

(4) Swaps — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund 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.

Credit Default Swaps

The 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.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

Interest Rate Swaps

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund entered into interest rate swap contracts to manage fund exposure to interest rates and/or to preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

Total Return Swaps

The Six Circles Multi-Strategy Fund entered into total return index swaps to gain exposure to specific indices and manage portfolio risk. These instruments can provide the Fund with the ability to gain or reduce exposure to certain market segments without directly investing in underlying securities.

A total return index swap is a contract in which one party agrees to pay the other the total return of a specified index, including both capital gains and income, in exchange for periodic payments based on a fixed or floating interest rate.