Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      

Common Stocks — 99.2%

     

Basic Materials — 0.9%

      

Chemicals — 0.7%

      

Air Products & Chemicals, Inc.

      17        3,854  

Albemarle Corp.

      8        2,188  

Celanese Corp., Class A

      9        814  

CF Industries Holdings, Inc.

      13        1,253  

Dow, Inc.

      54        2,387  

DuPont de Nemours, Inc.

      39        1,960  

Eastman Chemical Co.

      10        742  

Ecolab, Inc.

      20        2,887  

FMC Corp.

      9        941  

International Flavors & Fragrances, Inc.

      18        1,624  

Linde plc, (United Kingdom)

      37        9,963  

LyondellBasell Industries NV, Class A

      22        1,649  

Mosaic Co. (The)

      26        1,278  

PPG Industries, Inc.

      18        1,974  

RPM International, Inc.

      7        613  

Sherwin-Williams Co. (The)

      17        3,576  

Westlake Corp.

      5        423  
     

 

 

  
        38,126  
     

 

 

  

Forest Products & Paper — 0.0% (g)

      

International Paper Co.

      33        1,032  
     

 

 

  
     

Iron/Steel — 0.1%

      

Cleveland-Cliffs, Inc. (a)

      43        582  

Nucor Corp.

      20        2,106  

Steel Dynamics, Inc.

      16        1,113  
     

 

 

  
        3,801  
     

 

 

  

Mining — 0.1%

      

Alcoa Corp.

      10        339  

Freeport-McMoRan, Inc.

      102        2,799  

Newmont Corp.

      56        2,357  
     

 

 

  
        5,495  
     

 

 

  

Total Basic Materials

         48,454  
     

 

 

  

Communications — 16.3%

      

Advertising — 0.1%

      

Interpublic Group of Cos., Inc. (The)

      58        1,475  

Omnicom Group, Inc.

      30        1,879  

Trade Desk, Inc. (The), Class A (a)

      75        4,469  
     

 

 

  
        7,823  
     

 

 

  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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 — 13.3%

      

Airbnb, Inc., Class A (a)

      27        2,803  

Alphabet, Inc., Class A (a)

      1,922        183,847  

Alphabet, Inc., Class C (a)

      1,803        173,316  

Amazon.com, Inc. (a)

      1,892        213,786  

Booking Holdings, Inc. (a)

      3        4,805  

CDW Corp.

      106        16,547  

Chewy, Inc., Class A (a)

      19        579  

DoorDash, Inc., Class A (a)

      40        1,973  

eBay, Inc.

      121        4,439  

Etsy, Inc. (a)

      25        2,492  

Expedia Group, Inc. (a)

      12        1,147  

F5, Inc. (a)

      11        1,554  

GoDaddy, Inc., Class A (a)

      17        1,231  

IAC, Inc. (a)

      26        1,416  

Lyft, Inc., Class A (a)

      18        236  

Marqeta, Inc., Class A (a)

      55        394  

Match Group, Inc. (a)

      91        4,330  

MercadoLibre, Inc., (Uruguay) (a)

      9        7,586  

Meta Platforms, Inc., Class A (a)

      734        99,539  

Netflix, Inc. (a)

      60        14,074  

NortonLifeLock, Inc.

      163        3,282  

Okta, Inc., Class A (a)

      16        915  

Palo Alto Networks, Inc. (a)

      78        12,760  

Pinterest, Inc., Class A (a)

      184        4,283  

Roku, Inc., Class A (a)

      18        1,037  

Snap, Inc., Class A (a)

      365        3,583  

Twitter, Inc. (a)

      213        9,358  

Uber Technologies, Inc. (a)

      110        2,915  

VeriSign, Inc. (a)

      9        1,642  

Wayfair, Inc., Class A (a)

      17        541  

Zendesk, Inc. (a)

      31        2,382  

Zillow Group, Inc., Class C (a)

      15        424  
     

 

 

  
        779,216  
     

 

 

  

Media — 1.1%

      

Cable One, Inc.

      1        468  

Charter Communications, Inc., Class A (a)

      16        4,889  

Comcast Corp., Class A

      601        17,617  

DISH Network Corp., Class A (a)

      44        607  

FactSet Research Systems, Inc.

      7        2,762  

Fox Corp., Class A

      49        1,501  

Fox Corp., Class B

      28        786  

Liberty Broadband Corp., Class C (a)

      17        1,266  

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

      29        456  

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

      48        799  

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

      26        1,508  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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      
Media — continued      

Liberty Media Corp.-Liberty SiriusXM, Class A

      12        466  

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

      24        900  

News Corp., Class A

      57        864  

Paramount Global, Class B

      92        1,744  

Sirius XM Holdings, Inc.

      91        520  

Walt Disney Co. (The) (a)

      244        23,029  

Warner Bros Discovery, Inc. (a)

      324        3,722  
     

 

 

  
        63,904  
     

 

 

  

Telecommunications — 1.8%

      

Arista Networks, Inc. (a)

      37        4,229  

AT&T, Inc.

      965        14,807  

Cisco Systems, Inc.

      663        26,505  

Corning, Inc.

      635        18,421  

Juniper Networks, Inc.

      54        1,416  

Lumen Technologies, Inc.

      132        959  

Motorola Solutions, Inc.

      26        5,908  

T-Mobile US, Inc. (a)

      83        11,079  

Verizon Communications, Inc.

      564        21,405  
     

 

 

  
        104,729  
     

 

 

  

Total Communications

         955,672  
     

 

 

  

Consumer Cyclical — 4.3%

      
Airlines — 0.0% (g)      

Delta Air Lines, Inc. (a)

      17        477  

Southwest Airlines Co. (a)

      16        486  
     

 

 

  
        963  
     

 

 

  

Apparel — 0.1%

      

NIKE, Inc., Class B

      93        7,761  

VF Corp.

      26        782  
     

 

 

  
        8,543  
     

 

 

  

Auto Manufacturers — 1.6%

      

Cummins, Inc.

      11        2,187  

Ford Motor Co.

      453        5,072  

General Motors Co.

      160        5,120  

Lucid Group, Inc. (a)

      36        507  

PACCAR, Inc.

      26        2,198  

Rivian Automotive, Inc., Class A (a)

      30        975  

Tesla, Inc. (a)

      293        77,733  
     

 

 

  
        93,792  
     

 

 

  

Auto Parts & Equipment — 0.1%

      

Aptiv plc, (Ireland) (a)

      21        1,630  

BorgWarner, Inc.

      22        698  

Lear Corp.

      6        744  
     

 

 

  
        3,072  
     

 

 

  

Distribution/Wholesale — 0.1%

      

Copart, Inc. (a)

      15        1,559  

Fastenal Co.

      41        1,873  

LKQ Corp.

      16        759  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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     
Distribution/Wholesale — continued     

Pool Corp.

      2       721  

WW Grainger, Inc.

      3       1,611  
    

 

 

  
       6,523  
    

 

 

  

Entertainment — 0.1%

     

AMC Entertainment Holdings, Inc., Class A (a)

      81       566  

Caesars Entertainment, Inc. (a)

      15       489  

Live Nation Entertainment, Inc. (a)

      21       1,594  

Vail Resorts, Inc.

      4       877  
    

 

 

  
       3,526  
    

 

 

  

Food Service — 0.0% (g)

     

Aramark

      17       521  
    

 

 

  
    

Home Builders — 0.1%

     

DR Horton, Inc.

      24       1,592  

Lennar Corp., Class A

      16       1,227  

NVR, Inc. (a)

      —   (h)      686  

PulteGroup, Inc.

      17       630  
    

 

 

  
       4,135  
    

 

 

  

Home Furnishings — 0.0% (g)

     

Whirlpool Corp.

      5       738  
    

 

 

  
    

Housewares — 0.0% (g)

     

Newell Brands, Inc.

      37       521  
    

 

 

  
    

Leisure Time — 0.0% (g)

     

Carnival Corp. (a)

      97       684  

Royal Caribbean Cruises Ltd. (a)

      23       855  
    

 

 

  
       1,539  
    

 

 

  

Lodging — 0.1%

     

Hilton Worldwide Holdings, Inc.

      22       2,628  

Las Vegas Sands Corp. (a)

      27       1,018  

Marriott International, Inc., Class A

      21       2,902  

MGM Resorts International

      29       851  

Wynn Resorts Ltd. (a)

      6       350  
    

 

 

  
       7,749  
    

 

 

  

Retail — 2.1%

     

Advance Auto Parts, Inc.

      4       584  

AutoZone, Inc. (a)

      1       2,962  

Bath & Body Works, Inc.

      21       700  

Best Buy Co., Inc.

      17       1,067  

Burlington Stores, Inc. (a)

      5       529  

CarMax, Inc. (a)

      13       846  

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

      2       2,969  

Costco Wholesale Corp.

      32       15,242  

Darden Restaurants, Inc.

      11       1,381  

Dollar General Corp.

      16       3,848  

Dollar Tree, Inc. (a)

      16       2,160  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      
Common Stocks — continued      
Retail — continued      

Domino’s Pizza, Inc.

      2        634  

Genuine Parts Co.

      10        1,494  

Home Depot, Inc. (The)

      74        20,380  

Lowe’s Cos., Inc.

      45        8,482  

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

      8        2,362  

McDonald’s Corp.

      53        12,216  

O’Reilly Automotive, Inc. (a)

      5        3,267  

Ross Stores, Inc.

      24        2,062  

Starbucks Corp.

      86        7,218  

Target Corp.

      35        5,136  

TJX Cos., Inc. (The)

      83        5,143  

Tractor Supply Co.

      8        1,470  

Ulta Beauty, Inc. (a)

      4        1,469  

Walgreens Boots Alliance, Inc.

      57        1,776  

Walmart, Inc.

      110        14,282  

Yum! Brands, Inc.

      20        2,143  
     

 

 

  
        121,822  
     

 

 

  

Toys/Games/Hobbies — 0.0% (g)

      

Hasbro, Inc.

      11        712  
     

 

 

  

Total Consumer Cyclical

         254,156  
     

 

 

  

Consumer Non-cyclical — 24.9%

      

Agriculture — 0.2%

      

Altria Group, Inc.

      132        5,324  

Archer-Daniels-Midland Co.

      43        3,461  

Bunge Ltd.

      12        993  

Philip Morris International, Inc.

      112        9,322  
     

 

 

  
        19,100  
     

 

 

  

Beverages — 2.1%

      

Brown-Forman Corp., Class B

      65        4,336  

Coca-Cola Co. (The)

      869        48,672  

Constellation Brands, Inc., Class A

      34        7,861  

Keurig Dr Pepper, Inc.

      164        5,876  

Molson Coors Beverage Co., Class B

      38        1,812  

Monster Beverage Corp. (a)

      84        7,264  

PepsiCo., Inc.

      292        47,689  
     

 

 

  
        123,510  
     

 

 

  

Biotechnology — 1.9%

      

Alnylam Pharmaceuticals, Inc. (a)

      22        4,462  

Amgen, Inc.

      99        22,217  

Biogen, Inc. (a)

      27        7,300  

BioMarin Pharmaceutical, Inc. (a)

      34        2,860  

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

      6        2,598  

Corteva, Inc.

      55        3,167  

Gilead Sciences, Inc.

      231        14,227  

Horizon Therapeutics Plc (a)

      39        2,422  

Illumina, Inc. (a)

      43        8,120  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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

      

Incyte Corp. (a)

      32        2,163  

Moderna, Inc. (a)

      62        7,387  

Regeneron Pharmaceuticals, Inc. (a)

      20        13,844  

Royalty Pharma plc, Class A

      25        989  

Seagen, Inc. (a)

      24        3,261  

Vertex Pharmaceuticals, Inc. (a)

      46        13,434  
     

 

 

  
        108,451  
     

 

 

  

Commercial Services — 2.0%

      

Affirm Holdings, Inc., Class A (a)

      53        995  

AMERCO

      1        603  

Automatic Data Processing, Inc.

      109        24,736  

Block, Inc., Class A (a)

      138        7,562  

Booz Allen Hamilton Holding Corp., Class A

      8        708  

Cass Information Systems, Inc.

      2        71  

Cintas Corp.

      7        2,679  

Clarivate plc, (United Kingdom) (a)

      22        210  

CoStar Group, Inc. (a)

      25        1,775  

Equifax, Inc.

      10        1,733  

Euronet Worldwide, Inc. (a)

      8        585  

EVERTEC, Inc., (Puerto Rico)

      9        288  

Evo Payments, Inc., Class A (a)

      7        246  

FleetCor Technologies, Inc. (a)

      19        3,286  

Gartner, Inc. (a)

      8        2,291  

Global Payments, Inc.

      74        8,032  

I3 Verticals, Inc., Class A (a)

      4        73  

MarketAxess Holdings, Inc.

      8        1,770  

MoneyGram International, Inc. (a)

      14        143  

Moody’s Corp.

      31        7,647  

Paya Holdings, Inc. (a)

      13        80  

Paymentus Holdings, Inc., Class A (a)

      3        26  

Payoneer Global, Inc. (a)

      32        195  

PayPal Holdings, Inc. (a)

      290        24,928  

Quanta Services, Inc.

      9        1,172  

Remitly Global, Inc. (a)

      12        137  

Repay Holdings Corp., Class A (a)

      12        85  

Robert Half International, Inc.

      11        813  

Rollins, Inc.

      11        370  

S&P Global, Inc.

      61        18,488  

Sabre Corp. (a)

      47        240  

Shift4 Payments, Inc., Class A (a)

      8        343  

TransUnion

      15        865  

United Rentals, Inc. (a)

      5        1,444  

Verisk Analytics, Inc., Class A

      12        2,019  

WEX, Inc. (a)

      7        872  
     

 

 

  
        117,510  
     

 

 

  

Cosmetics/Personal Care — 0.5%

      

Colgate-Palmolive Co.

      56        3,952  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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      

Cosmetics/Personal Care — continued

      

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

      18        3,807  

Procter & Gamble Co. (The)

      174        21,956  
     

 

 

  
        29,715  
     

 

 

  

Food — 0.5%

      

Campbell Soup Co.

      17        820  

Conagra Brands, Inc.

      42        1,357  

General Mills, Inc.

      45        3,447  

Hershey Co. (The)

      10        2,118  

Hormel Foods Corp.

      23        1,061  

J M Smucker Co. (The)

      9        1,202  

Kellogg Co.

      22        1,503  

Kraft Heinz Co. (The)

      56        1,876  

Kroger Co. (The)

      52        2,293  

McCormick & Co., Inc.

      18        1,308  

Mondelez International, Inc., Class A

      104        5,682  

Sysco Corp.

      36        2,546  

Tyson Foods, Inc., Class A

      24        1,600  
     

 

 

  
        26,813  
     

 

 

  

Healthcare - Products — 3.0%

      

Abbott Laboratories

      128        12,387  

ABIOMED, Inc. (a)

      3        688  

Align Technology, Inc. (a)

      6        1,212  

Avantor, Inc. (a)

      153        2,994  

Baxter International, Inc.

      36        1,953  

Bio-Techne Corp.

      10        2,883  

Boston Scientific Corp. (a)

      101        3,913  

Cooper Cos., Inc. (The)

      3        834  

Danaher Corp.

      182        47,127  

DENTSPLY SIRONA, Inc.

      20        567  

Edwards Lifesciences Corp. (a)

      44        3,630  

Exact Sciences Corp. (a)

      34        1,120  

Henry Schein, Inc. (a)

      9        580  

Hologic, Inc. (a)

      15        980  

IDEXX Laboratories, Inc. (a)

      5        1,788  

Insulet Corp. (a)

      4        1,011  

Intuitive Surgical, Inc. (a)

      26        4,844  

Masimo Corp. (a)

      3        421  

Medtronic plc, (Ireland)

      99        7,992  

Novocure Ltd., (Jersey) (a)

      6        431  

PerkinElmer, Inc.

      33        3,940  

ResMed, Inc.

      10        2,257  

STERIS plc

      7        1,177  

Stryker Corp.

      25        5,095  

Teleflex, Inc.

      4        820  

Thermo Fisher Scientific, Inc.

      103        52,379  

Waters Corp. (a)

      15        4,136  

West Pharmaceutical Services, Inc.

      19        4,792  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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

      

Zimmer Biomet Holdings, Inc.

      17        1,820  
     

 

 

  
        173,771  
     

 

 

  

Healthcare - Services — 5.8%

      

Catalent, Inc. (a)

      56        4,047  

Centene Corp. (a)

      260        20,217  

Charles River Laboratories International, Inc. (a)

      14        2,792  

DaVita, Inc. (a)

      3        238  

Elevance Health, Inc.

      109        49,413  

HCA Healthcare, Inc.

      16        2,949  

Humana, Inc.

      57        27,810  

IQVIA Holdings, Inc. (a)

      50        9,052  

Laboratory Corp. of America Holdings

      7        1,342  

Molina Healthcare, Inc. (a)

      26        8,549  

Quest Diagnostics, Inc.

      8        1,018  

Teladoc Health, Inc. (a)

      12        303  

UnitedHealth Group, Inc.

      425        214,562  

Universal Health Services, Inc., Class B

      7        596  
     

 

 

  
        342,888  
     

 

 

  

Household Products/Wares — 0.1%

      

Avery Dennison Corp.

      7        1,059  

Church & Dwight Co., Inc.

      15        1,062  

Clorox Co. (The)

      10        1,261  

Kimberly-Clark Corp.

      25        2,826  
     

 

 

  
        6,208  
     

 

 

  

Pharmaceuticals — 8.8%

      

AbbVie, Inc.

      321        43,097  

AmerisourceBergen Corp., Class A

      10        1,403  

Becton Dickinson and Co.

      21        4,638  

Bristol-Myers Squibb Co.

      673        47,873  

Cardinal Health, Inc.

      21        1,395  

Cigna Corp.

      22        6,221  

CVS Health Corp.

      97        9,261  

Dexcom, Inc. (a)

      27        2,142  

Elanco Animal Health, Inc. (a)

      30        374  

Eli Lilly & Co.

      251        81,098  

Jazz Pharmaceuticals plc, (Ireland) (a)

      4        492  

Johnson & Johnson

      835        136,467  

McKesson Corp.

      10        3,491  

Merck & Co., Inc.

      806        69,395  

Neurocrine Biosciences, Inc. (a)

      16        1,730  

Organon & Co.

      62        1,458  

Pfizer, Inc.

      1,785        78,116  

Viatris, Inc.

      393        3,350  

Zoetis, Inc., Class A

      148        21,934  
     

 

 

  
        513,935  
     

 

 

  

Total Consumer Non-cyclical

         1,461,901  
     

 

 

  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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      

Energy — 5.1%

      

Energy - Alternate Sources — 0.2%

      

Enphase Energy, Inc. (a)

      25        6,958  

Plug Power, Inc. (a)

      36        756  

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

      10        2,231  
     

 

 

  
        9,945  
     

 

 

  

Oil & Gas — 4.1%

      

APA Corp.

      67        2,299  

Chevron Corp.

      365        52,467  

ConocoPhillips

      256        26,149  

Coterra Energy, Inc.

      157        4,088  

Devon Energy Corp.

      122        7,326  

Diamondback Energy, Inc.

      33        3,950  

EOG Resources, Inc.

      115        12,902  

EQT Corp.

      60        2,446  

Exxon Mobil Corp.

      826        72,118  

Hess Corp.

      54        5,860  

Marathon Oil Corp.

      141        3,187  

Marathon Petroleum Corp.

      107        10,638  

Occidental Petroleum Corp.

      181        11,109  

Phillips 66

      95        7,630  

Pioneer Natural Resources Co.

      46        9,948  

Texas Pacific Land Corp.

      1        2,042  

Valero Energy Corp.

      79        8,473  
     

 

 

  
        242,632  
     

 

 

  

Oil & Gas Services — 0.3%

      

Baker Hughes Co., Class A

      199        4,173  

Halliburton Co.

      175        4,315  

Schlumberger NV

      281        10,084  
     

 

 

  
        18,572  
     

 

 

  

Pipelines — 0.5%

      

Cheniere Energy, Inc.

      44        7,374  

Kinder Morgan, Inc.

      397        6,603  

ONEOK, Inc.

      87        4,447  

Targa Resources Corp.

      42        2,546  

Williams Cos., Inc. (The)

      237        6,776  
     

 

 

  
        27,746  
     

 

 

  

Total Energy

         298,895  
     

 

 

  

Financial — 12.5%

      

Banks — 3.4%

      

Bank of America Corp.

      1,234        37,268  

Bank of New York Mellon Corp. (The)

      160        6,163  

Citigroup, Inc.

      345        14,383  

Citizens Financial Group, Inc.

      112        3,837  

Fifth Third Bancorp

      145        4,639  

First Citizens BancShares, Inc., Class A

      3        2,668  

First Republic Bank

      37        4,796  

Goldman Sachs Group, Inc. (The)

      60        17,625  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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

      

Huntington Bancshares, Inc.

      319        4,208  

KeyCorp.

      216        3,462  

M&T Bank Corp.

      35        6,253  

Morgan Stanley

      230        18,167  

Northern Trust Corp.

      45        3,843  

PNC Financial Services Group, Inc. (The)

      75        11,180  

Regions Financial Corp.

      205        4,119  

Signature Bank

      17        2,529  

State Street Corp.

      75        4,572  

SVB Financial Group (a)

      12        4,162  

Truist Financial Corp.

      242        10,536  

US Bancorp

      261        10,522  

Webster Financial Corp.

      53        2,403  

Wells Fargo & Co.

      651        26,167  
     

 

 

  
        203,502  
     

 

 

  

Diversified Financial Services — 4.3%

      

Ally Financial, Inc.

      78        2,168  

American Express Co.

      113        15,236  

Ameriprise Financial, Inc.

      21        5,368  

Apollo Global Management, Inc.

      72        3,361  

BlackRock, Inc., Class A

      2        1,040  

Capital One Financial Corp.

      76        7,007  

Cboe Global Markets, Inc.

      24        2,776  

Charles Schwab Corp. (The)

      254        18,260  

CME Group, Inc., Class A

      64        11,311  

Coinbase Global, Inc., Class A (a)

      25        1,596  

Discover Financial Services

      60        5,477  

Flywire Corp. (a)

      4        103  

Franklin Resources, Inc.

      82        1,762  

Intercontinental Exchange, Inc.

      104        9,411  

International Money Express, Inc. (a)

      5        113  

Invesco Ltd.

      111        1,518  

LPL Financial Holdings, Inc.

      14        3,135  

Mastercard, Inc., Class A

      227        64,671  

Nasdaq, Inc.

      76        4,293  

Raymond James Financial, Inc.

      42        4,193  

SEI Investments Co.

      31        1,524  

Synchrony Financial

      109        3,071  

T Rowe Price Group, Inc.

      48        5,023  

Tradeweb Markets, Inc., Class A

      24        1,365  

Visa, Inc., Class A

      430        76,463  

Western Union Co. (The)

      113        1,525  
     

 

 

  
        251,770  
     

 

 

  

Insurance — 3.4%

      

Aflac, Inc.

      122        6,849  

Alleghany Corp. (a)

      3        2,195  

Allstate Corp. (The)

      52        6,503  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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

      

American Financial Group, Inc.

      16        1,963  

American International Group, Inc.

      134        6,378  

Aon plc, Class A

      37        9,842  

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

      69        3,136  

Arthur J Gallagher & Co.

      35        6,036  

Assurant, Inc.

      11        1,620  

Berkshire Hathaway, Inc., Class B (a)

      217        57,847  

Brown & Brown, Inc.

      41        2,481  

Chubb Ltd., (Switzerland)

      70        12,779  

Cincinnati Financial Corp.

      31        2,783  

Equitable Holdings, Inc.

      87        2,303  

Erie Indemnity Co., Class A

      6        1,233  

Everest Re Group Ltd., (Bermuda)

      8        2,082  

Fidelity National Financial, Inc.

      56        2,022  

Globe Life, Inc.

      22        2,180  

Hartford Financial Services Group, Inc. (The)

      69        4,298  

Lincoln National Corp.

      45        1,983  

Loews Corp.

      43        2,139  

Markel Corp. (a)

      3        2,726  

Marsh & McLennan Cos., Inc.

      89        13,288  

MetLife, Inc.

      133        8,089  

Principal Financial Group, Inc.

      55        3,976  

Progressive Corp. (The)

      105        12,150  

Prudential Financial, Inc.

      62        5,288  

Travelers Cos., Inc. (The)

      45        6,826  

Willis Towers Watson plc, (United Kingdom)

      20        4,107  

WR Berkley Corp.

      40        2,575  
     

 

 

  
        197,677  
     

 

 

  

Private Equity — 0.3%

      

Blackstone, Inc.

      126        10,551  

Carlyle Group, Inc. (The)

      44        1,148  

KKR & Co., Inc.

      98        4,208  
     

 

 

  
        15,907  
     

 

 

  

Real Estate — 0.0% (g)

      

CBRE Group, Inc., Class A (a)

      26        1,747  
     

 

 

  
     

REITS — 1.1%

      

Alexandria Real Estate Equities, Inc.

      11        1,560  

American Homes 4 Rent, Class A

      17        566  

American Tower Corp.

      32        6,950  

Annaly Capital Management, Inc.

      76        1,305  

AvalonBay Communities, Inc.

      10        1,804  

Boston Properties, Inc.

      12        917  

Camden Property Trust

      7        854  

Crown Castle, Inc.

      31        4,484  

Digital Realty Trust, Inc.

      21        2,114  

Duke Realty Corp.

      27        1,310  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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

      

Equinix, Inc.

      7        3,742  

Equity LifeStyle Properties, Inc.

      10        619  

Equity Residential

      25        1,693  

Essex Property Trust, Inc.

      4        939  

Extra Space Storage, Inc.

      9        1,487  

Gaming and Leisure Properties, Inc.

      18        799  

Healthcare Realty Trust, Inc., Class A

      24        501  

Healthpeak Properties, Inc.

      42        954  

Host Hotels & Resorts, Inc.

      52        829  

Invitation Homes, Inc.

      39        1,303  

Iron Mountain, Inc.

      17        765  

Kimco Realty Corp.

      38        703  

Medical Properties Trust, Inc.

      44        519  

Mid-America Apartment Communities, Inc.

      8        1,265  

Prologis, Inc.

      52        5,320  

Public Storage

      11        3,271  

Realty Income Corp.

      43        2,474  

Regency Centers Corp.

      10        537  

SBA Communications Corp., Class A

      7        2,116  

Simon Property Group, Inc.

      23        2,107  

Sun Communities, Inc.

      8        1,044  

UDR, Inc.

      18        752  

Ventas, Inc.

      28        1,112  

VICI Properties, Inc.

      68        2,031  

Vornado Realty Trust

      17        404  

Welltower, Inc.

      30        1,955  

Weyerhaeuser Co.

      57        1,640  

WP Carey, Inc.

      12        846  
     

 

 

  
        63,591  
     

 

 

  

Total Financial

         734,194  
     

 

 

  

Industrial — 8.4%

      

Aerospace/Defense — 0.9%

      

Boeing Co. (The) (a)

      42        5,047  

General Dynamics Corp.

      18        3,828  

HEICO Corp.

      2        313  

HEICO Corp., Class A

      4        442  

Howmet Aerospace, Inc.

      27        825  

L3Harris Technologies, Inc.

      14        2,895  

Lockheed Martin Corp.

      18        6,866  

Northrop Grumman Corp.

      11        5,244  

Raytheon Technologies Corp.

      110        8,966  

Teledyne Technologies, Inc. (a)

      37        12,416  

TransDigm Group, Inc.

      4        1,923  
     

 

 

  
        48,765  
     

 

 

  

Building Materials — 0.2%

      

Carrier Global Corp.

      64        2,273  

Fortune Brands Home & Security, Inc.

      12        646  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      
Common Stocks — continued      

Building Materials — continued

      

Johnson Controls International plc

      52        2,559  

Lennox International, Inc.

      3        666  

Martin Marietta Materials, Inc.

      5        1,631  

Masco Corp.

      13        590  

Mohawk Industries, Inc. (a)

      5        478  

Owens Corning

      9        745  

Vulcan Materials Co.

      11        1,743  
     

 

 

  
        11,331  
     

 

 

  

Electrical Components & Equipment — 0.1%

      

AMETEK, Inc.

      18        2,015  

Emerson Electric Co.

      44        3,218  

Generac Holdings, Inc. (a)

      4        753  
     

 

 

  
        5,986  
     

 

 

  

Electronics — 2.1%

      

Agilent Technologies, Inc.

      81        9,811  

Allegion plc, (Ireland)

      5        461  

Amphenol Corp., Class A

      468        31,314  

Arrow Electronics, Inc. (a)

      54        4,984  

Fortive Corp.

      29        1,664  

Garmin Ltd., (Switzerland)

      12        978  

Honeywell International, Inc.

      50        8,376  

Keysight Technologies, Inc. (a)

      143        22,474  

Mettler-Toledo International, Inc. (a)

      6        6,464  

Sensata Technologies Holding plc

      9        341  

TE Connectivity Ltd.

      254        28,049  

Trimble, Inc. (a)

      198        10,772  
     

 

 

  
        125,688  
     

 

 

  

Engineering & Construction — 0.0% (g)

      

Jacobs Solutions, Inc.

      10        1,071  
     

 

 

  
     

Environmental Control — 0.2%

      

Pentair plc, (United Kingdom)

      16        637  

Republic Services, Inc., Class A

      17        2,273  

Waste Connections, Inc.

      19        2,593  

Waste Management, Inc.

      31        5,009  
     

 

 

  
        10,512  
     

 

 

  

Hand/Machine Tools — 0.0% (g)

      

Snap-on, Inc.

      4        773  

Stanley Black & Decker, Inc.

      13        959  
     

 

 

  
        1,732  
     

 

 

  

Machinery - Construction & Mining — 0.1%

      

Caterpillar, Inc.

      40        6,504  
     

 

 

  
     

Machinery - Diversified — 0.4%

      

Cognex Corp.

      143        5,912  

Deere & Co.

      21        7,115  

Dover Corp.

      12        1,413  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      
Common Stocks — continued      

Machinery - Diversified — continued

      

IDEX Corp.

      5        936  

Ingersoll Rand, Inc.

      27        1,187  

Nordson Corp.

      3        638  

Otis Worldwide Corp.

      30        1,922  

Rockwell Automation, Inc.

      8        1,822  

Westinghouse Air Brake Technologies Corp.

      12        980  

Xylem, Inc.

      14        1,232  
     

 

 

  
        23,157  
     

 

 

  

Miscellaneous Manufacturers — 0.4% 3M Co.

      42        4,647  

AO Smith Corp.

      12        592  

Carlisle Cos., Inc.

      4        1,024  

Eaton Corp. plc

      30        4,060  

General Electric Co.

      82        5,101  

Illinois Tool Works, Inc.

      23        4,138  

Parker-Hannifin Corp.

      9        2,142  

Textron, Inc.

      16        936  

Trane Technologies plc, (Ireland)

      19        2,682  
     

 

 

  
        25,322  
     

 

 

  

Packaging & Containers — 0.1%

      

Amcor plc, (United Kingdom)

      129        1,389  

Ball Corp.

      28        1,353  

Crown Holdings, Inc.

      10        834  

Packaging Corp. of America

      8        885  

Sealed Air Corp.

      11        473  

Westrock Co.

      22        683  
     

 

 

  
        5,617  
     

 

 

  

Shipbuilding — 0.0% (g)

      

Huntington Ingalls Industries, Inc.

      2        455  
     

 

 

  
     

Transportation — 3.9%

      

CH Robinson Worldwide, Inc.

      145        13,924  

CSX Corp.

      164        4,368  

Expeditors International of Washington, Inc.

      190        16,744  

FedEx Corp.

      277        41,118  

JB Hunt Transport Services, Inc.

      7        1,048  

Knight-Swift Transportation Holdings, Inc., Class A

      15        720  

Norfolk Southern Corp.

      18        3,803  

Old Dominion Freight Line, Inc.

      7        1,717  

Union Pacific Corp.

      46        8,998  

United Parcel Service, Inc., Class B

      844        136,347  
     

 

 

  
        228,787  
     

 

 

  

Total Industrial

         494,927  
     

 

 

  

Technology — 25.6%

      

Computers — 7.3%

      

Accenture plc, (Ireland), Class A

      69        17,840  

Apple, Inc.

      2,577        356,190  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      
Common Stocks — continued      

Computers — continued

      

Cantaloupe, Inc. (a)

      8        28  

Cognizant Technology Solutions Corp., Class A

      58        3,333  

Conduent, Inc. (a)

      26        88  

Crowdstrike Holdings, Inc., Class A (a)

      52        8,628  

Dell Technologies, Inc., Class C

      46        1,571  

EPAM Systems, Inc. (a)

      6        2,159  

ExlService Holdings, Inc. (a)

      5        749  

Fortinet, Inc. (a)

      179        8,795  

Hewlett Packard Enterprise Co.

      224        2,687  

HP, Inc.

      165        4,120  

International Business Machines Corp.

      99        11,782  

Leidos Holdings, Inc.

      10        862  

Maximus, Inc.

      9        543  

NetApp, Inc.

      32        1,994  

Seagate Technology Holdings plc

      30        1,597  

TaskUS, Inc., Class A (a)

      4        62  

TTEC Holdings, Inc.

      3        133  

Western Digital Corp. (a)

      51        1,661  

Zscaler, Inc. (a)

      22        3,620  
     

 

 

  
        428,442  
     

 

 

  

Office/Business Equipment — 0.2%

      

Zebra Technologies Corp., Class A (a)

      42        11,012  
     

 

 

  
     

Semiconductors — 4.6%

      

Advanced Micro Devices, Inc. (a)

      301        19,058  

Analog Devices, Inc.

      97        13,450  

Applied Materials, Inc.

      165        13,535  

Broadcom, Inc.

      76        33,629  

Entegris, Inc.

      25        2,097  

Intel Corp.

      771        19,876  

KLA Corp.

      28        8,381  

Lam Research Corp.

      26        9,526  

Marvell Technology, Inc.

      155        6,666  

Microchip Technology, Inc.

      105        6,386  

Micron Technology, Inc.

      213        10,658  

Monolithic Power Systems, Inc.

      8        2,847  

NVIDIA Corp.

      468        56,789  

NXP Semiconductors NV, (Netherlands)

      49        7,190  

ON Semiconductor Corp. (a)

      81        5,020  

Qorvo, Inc. (a)

      22        1,738  

QUALCOMM, Inc.

      211        23,845  

Skyworks Solutions, Inc.

      31        2,664  

Teradyne, Inc.

      29        2,184  

Texas Instruments, Inc.

      174        26,880  
     

 

 

  
        272,419  
     

 

 

  

Software — 13.5%

      

Activision Blizzard, Inc.

      106        7,889  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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

      

Adobe, Inc. (a)

      125        34,410  

Akamai Technologies, Inc. (a)

      18        1,429  

ANSYS, Inc. (a)

      22        4,963  

AppLovin Corp., Class A (a)

      28        553  

Autodesk, Inc. (a)

      56        10,540  

Avalara, Inc. (a)

      23        2,121  

AvidXchange Holdings, Inc. (a)

      7        60  

Bentley Systems, Inc., Class B

      50        1,536  

Bill.com Holdings, Inc. (a)

      25        3,257  

Black Knight, Inc. (a)

      41        2,630  

Broadridge Financial Solutions, Inc.

      32        4,684  

Cadence Design Systems, Inc. (a)

      72        11,813  

Ceridian HCM Holding, Inc. (a)

      38        2,125  

Citrix Systems, Inc. (bb) (cc)

      32        3,274  

Cloudflare, Inc., Class A (a)

      27        1,495  

Concentrix Corp.

      7        760  

Coupa Software, Inc. (a)

      18        1,041  

CSG Systems International, Inc.

      5        257  

Datadog, Inc., Class A (a)

      62        5,505  

DocuSign, Inc., Class A (a)

      52        2,792  

Dropbox, Inc., Class A (a)

      70        1,440  

Dynatrace, Inc. (a)

      49        1,697  

Electronic Arts, Inc.

      37        4,328  

Fair Isaac Corp. (a)

      7        2,783  

Fidelity National Information Services, Inc.

      162        12,242  

Fiserv, Inc. (a)

      160        14,973  

Guidewire Software, Inc. (a)

      18        1,107  

HubSpot, Inc. (a)

      12        3,191  

Intuit, Inc.

      70        27,207  

Jack Henry & Associates, Inc.

      19        3,458  

Microsoft Corp.

      1,874        436,553  

MongoDB, Inc., Class A (a)

      7        1,319  

MSCI, Inc., Class A

      15        6,391  

Oracle Corp.

      423        25,847  

Palantir Technologies, Inc., Class A (a)

      438        3,563  

Paychex, Inc.

      83        9,359  

Paycom Software, Inc. (a)

      13        4,430  

PTC, Inc. (a)

      28        2,882  

RingCentral, Inc., Class A (a)

      21        819  

ROBLOX Corp., Class A (a)

      46        1,650  

Roper Technologies, Inc.

      28        9,930  

Salesforce, Inc. (a)

      263        37,800  

ServiceNow, Inc. (a)

      52        19,750  

Snowflake, Inc., Class A (a)

      25        4,252  

Splunk, Inc. (a)

      40        3,013  

SS&C Technologies Holdings, Inc.

      62        2,939  

Synopsys, Inc. (a)

      40        12,256  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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

      

Take-Two Interactive Software, Inc. (a)

      21        2,267  

Twilio, Inc., Class A (a)

      22        1,512  

Tyler Technologies, Inc. (a)

      11        3,776  

Unity Software, Inc. (a)

      49        1,553  

Veeva Systems, Inc., Class A (a)

      9        1,502  

Verra Mobility Corp., Class A (a)

      22        334  

VMware, Inc., Class A

      55        5,901  

Workday, Inc., Class A (a)

      53        8,125  

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

      59        4,371  

ZoomInfo Technologies, Inc., Class A (a)

      80        3,318  
     

 

 

  
        790,972  
     

 

 

  

Total Technology

         1,502,845  
     

 

 

  

Utilities — 1.2%

      

Electric — 1.2%

      

AES Corp. (The)

      39        887  

Alliant Energy Corp.

      14        747  

Ameren Corp.

      17        1,347  

American Electric Power Co., Inc.

      35        3,068  

CenterPoint Energy, Inc.

      44        1,253  

CMS Energy Corp.

      18        1,075  

Consolidated Edison, Inc.

      25        2,147  

Constellation Energy Corp.

      26        2,167  

Dominion Energy, Inc.

      62        4,253  

DTE Energy Co.

      13        1,441  

Duke Energy Corp.

      59        5,524  

Edison International

      25        1,406  

Entergy Corp.

      15        1,529  

Evergy, Inc.

      16        963  

Eversource Energy

      23        1,782  

Exelon Corp.

      74        2,774  

FirstEnergy Corp.

      43        1,573  

NextEra Energy, Inc.

      141        11,093  

NRG Energy, Inc.

      18        708  

PG&E Corp. (a)

      111        1,387  

PPL Corp.

      59        1,505  

Public Service Enterprise Group, Inc.

      35        1,984  

Sempra Energy

      21        3,212  

Southern Co. (The)

      76        5,179  

Vistra Corp.

      22        465  

WEC Energy Group, Inc.

      22        1,993  

Xcel Energy, Inc.

      40        2,529  
     

 

 

  
        63,991  
     

 

 

  

Gas — 0.0% (g)

      

Atmos Energy Corp.

      9        896  

NiSource, Inc.

      24        601  

UGI Corp.

      19        622  
     

 

 

  
        2,119  
     

 

 

  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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.

      13       1,672  

Essential Utilities, Inc.

      18       728  
    

 

 

  
       2,400  
    

 

 

  

Total Utilities

        68,510  
    

 

 

  

Total Common Stocks

(Cost $6,195,494)

        5,819,554  
    

 

 

  

Preferred Stock — 0.0% (g)

     

Consumer Cyclical — 0.0% (g)

     

Entertainment — 0.0% (g)

     

AMC Entertainment Holdings, Inc. (a)

(Cost $949)

      103       279  
    

 

 

  
     PRINCIPAL
AMOUNT ($)		        

Short-Term Investments — 0.8%

    

Time Deposits — 0.8%

     

Australia & New Zealand Banking Group Ltd., 2.43%, 10/03/2022

      25,515       25,515  

Barclays SA, 2.43%, 10/03/2022

      4,846       4,846  

Brown Brothers Harriman, 2.43%, 10/03/2022

      —   (h)      —   (h) 

Citibank NA, 2.43%, 10/03/2022

      4,711       4,711  

Royal Bank of Canada, 2.43%, 10/03/2022

      766       766  

Skandinaviska Enskilda Banken AB, 2.43%, 10/03/2022

      8,178       8,178  

Sumitomo Mitsui Banking Corp., 2.43%, 10/03/2022

      2,055       2,055  

Sumitomo Mitsui Trust Bank Ltd., 2.43%, 10/03/2022

      846       846  
    

 

 

  

Total Short-Term Investments

(Cost $46,917)

        46,917  
    

 

 

  

Total Investments — 100.0%

(Cost - $6,243,360) *

        5,866,750  

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

        1,749  
    

 

 

  

NET ASSETS — 100.0%

      $ 5,868,499  
    

 

 

  

 

Percentages indicated are based on net assets

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Futures contracts outstanding as of September 30, 2022:

Exchange Traded

 

DESCRIPTION

    NUMBER OF
CONTRACTS		      EXPIRATION
DATE		     

TRADING
CURRENCY

    NOTIONAL
AMOUNT ($)		      VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

Long Contracts

               

Micro E-mini NASDAQ 100 Index

      472        12/2022      USD      11,247        (830 ) 

Micro E-mini Russel 2000 Index

      140        12/2022      USD      1,285        (116 ) 

Micro E-mini S&P 500 Index

      547        12/2022      USD      10,797        (946 ) 

NASDAQ 100 E-mini Index

      2        12/2022      USD      501        (60 ) 

S&P 500 E-mini Index

      140        12/2022      USD      28,163        (2,952 ) 

S&P MidCap 400 E-mini Index

      2        12/2022      USD      469        (27 ) 
              

 

 

  

Total unrealized appreciation (depreciation)

                  (4,931 ) 
              

 

 

  

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022

 

REIT

      —      Real Estate Investment Trust

(a)

      —      Non-income producing security.

(g)

      —      Amount rounds to less than 0.05%.

(h)

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

(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.

USD

      —      United States Dollar

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Summary of Investments by Industry, September 30, 2022

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

 

INDUSTRY

    PERCENTAGE  

Software

      13.5 % 

Internet

      13.3 % 

Pharmaceuticals

      8.8 % 

Computers

      7.3 % 

Healthcare - Services

      5.8 % 

Semiconductors

      4.6 % 

Diversified Financial Services

      4.3 % 

Oil & Gas

      4.1 % 

Transportation

      3.9 % 

Banks

      3.4 % 

Insurance

      3.4 % 

Healthcare - Products

      3.0 % 

Electronics

      2.1 % 

Beverages

      2.1 % 

Retail

      2.1 % 

Commercial Services

      2.0 % 

Biotechnology

      1.9 % 

Telecommunications

      1.8 % 

Auto Manufacturers

      1.6 % 

Electric

      1.2 % 

Media

      1.1 % 

REITS

      1.1 % 

Others (Each less than 1.0%)

      6.8 % 

Short-Term Investments

      0.8 % 

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      

Common Stocks — 97.6%

     

Australia — 1.4%

      

Ampol Ltd.

      10        179  

APA Group

      46        286  

Aristocrat Leisure Ltd.

      24        513  

ASX Ltd.

      8        374  

Aurizon Holdings Ltd.

      72        159  

Australia & New Zealand Banking Group Ltd.

      119        1,738  

BHP Group Ltd.

      203        5,047  

BlueScope Steel Ltd.

      19        189  

Brambles Ltd.

      58        421  

Cochlear Ltd.

      3        335  

Coles Group Ltd.

      54        567  

Commonwealth Bank of Australia

      68        3,978  

Computershare Ltd.

      22        345  

CSL Ltd.

      19        3,526  

Dexus

      41        203  

Domino’s Pizza Enterprises Ltd.

      3        84  

Endeavour Group Ltd.

      53        239  

Evolution Mining Ltd.

      77        101  

Fortescue Metals Group Ltd.

      68        733  

Goodman Group

      68        683  

GPT Group (The)

      73        179  

IDP Education Ltd.

      8        140  

Insurance Australia Group Ltd.

      100        295  

Lendlease Corp. Ltd.

      27        156  

Lottery Corp. Ltd. (The) (a)

      88        236  

Macquarie Group Ltd.

      15        1,438  

Medibank Pvt Ltd.

      110        245  

Mineral Resources Ltd.

      7        286  

Mirvac Group

      154        192  

National Australia Bank Ltd.

      128        2,377  

Newcrest Mining Ltd.

      35        389  

Northern Star Resources Ltd.

      47        234  

Orica Ltd.

      18        153  

Origin Energy Ltd.

      70        231  

Qantas Airways Ltd. (a)

      37        118  

QBE Insurance Group Ltd.

      59        438  

Ramsay Health Care Ltd.

      7        268  

REA Group Ltd.

      2        162  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      
               

Common Stocks — continued

 

Australia — continued

 

Reece Ltd.

      9        84  

Rio Tinto Ltd.

      15        905  

Santos Ltd.

      127        587  

Scentre Group

      202        330  

SEEK Ltd.

      13        161  

Sonic Healthcare Ltd.

      18        357  

South32 Ltd.

      186        442  

Stockland

      94        196  

Suncorp Group Ltd.

      52        338  

Telstra Corp. Ltd.

      163        401  

Transurban Group

      123        972  

Treasury Wine Estates Ltd.

      28        228  

Vicinity Centres

      151        168  

Washington H Soul Pattinson & Co. Ltd.

      8        144  

Wesfarmers Ltd.

      46        1,246  

Westpac Banking Corp.

      140        1,855  

WiseTech Global Ltd.

      6        195  

Woodside Energy Group Ltd.

      76        1,552  

Woolworths Group Ltd.

      49        1,059  
     

 

 

  
        38,457  
     

 

 

  

Austria — 0.3%

      

Erste Group Bank AG

      98        2,153  

OMV AG

      59        2,153  

Verbund AG

      24        2,015  

voestalpine AG

      56        940  
     

 

 

  
        7,261  
     

 

 

  

Belgium — 0.5%

      

Ageas SA

      46        1,677  

Anheuser-Busch InBev SA

      27        1,214  

D’ieteren Group

      1        109  

Elia Group SA

      11        1,307  

Groupe Bruxelles Lambert NV

      28        1,979  

KBC Group NV

      71        3,381  

Proximus SADP

      5        51  

Sofina SA

      4        763  

Solvay SA

      2        177  

UCB SA

      55        3,805  

Umicore SA

      6        185  

Warehouses De Pauw CVA

      4        109  
     

 

 

  
        14,757  
     

 

 

  

Canada — 1.2%

      

Agnico Eagle Mines Ltd.

      9        378  

Air Canada (a)

      3        41  

Algonquin Power & Utilities Corp.

      13        145  

Alimentation Couche-Tard, Inc.

      16        654  

AltaGas Ltd.

      5        104  

ARC Resources Ltd.

      13        161  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES             VALUE ($)      
              

Common Stocks — continued

 

Canada — continued

 

Bank of Montreal

      13       1,155  

Bank of Nova Scotia (The)

      23       1,116  

Barrick Gold Corp.

      35       541  

BCE, Inc.

      1       60  

BlackBerry Ltd. (a)

      11       51  

Brookfield Asset Management, Inc., Class A

      28       1,131  

BRP, Inc.

      1       44  

CAE, Inc. (a)

      6       94  

Cameco Corp.

      8       207  

Canadian Apartment Properties REIT

      2       51  

Canadian Imperial Bank of Commerce

      18       774  

Canadian National Railway Co.

      12       1,245  

Canadian Natural Resources Ltd.

      23       1,054  

Canadian Pacific Railway Ltd.

      18       1,218  

Canadian Tire Corp. Ltd., Class A

      1       115  

Canadian Utilities Ltd., Class A

      2       65  

CCL Industries, Inc., Class B

      3       140  

Cenovus Energy, Inc.

      27       418  

CGI, Inc. (a)

      4       320  

Constellation Software, Inc.

      —   (h)      550  

Dollarama, Inc.

      5       312  

Emera, Inc.

      5       209  

Empire Co. Ltd., Class A

      3       79  

Enbridge, Inc.

      40       1,474  

Fairfax Financial Holdings Ltd.

      —   (h)      206  

First Quantum Minerals Ltd.

      12       196  

FirstService Corp.

      1       91  

Fortis, Inc.

      9       355  

Franco-Nevada Corp.

      4       448  

George Weston Ltd.

      1       150  

GFL Environmental, Inc.

      4       89  

Gildan Activewear, Inc., Class A

      4       102  

Great-West Lifeco, Inc.

      5       117  

Hydro One Ltd. (e)

      6       158  

iA Financial Corp., Inc.

      2       105  

IGM Financial, Inc.

      2       40  

Imperial Oil Ltd.

      5       199  

Intact Financial Corp.

      3       489  

Ivanhoe Mines Ltd., Class A (a)

      12       76  

Keyera Corp.

      4       88  

Kinross Gold Corp.

      25       94  

Lightspeed Commerce, Inc. (a)

      3       44  

Loblaw Cos. Ltd.

      3       257  

Lundin Mining Corp.

      13       66  

Magna International, Inc.

      5       259  

Manulife Financial Corp.

      38       593  

Metro, Inc.

      5       236  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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

 

National Bank of Canada

      7        414  

Northland Power, Inc.

      5        133  

Nutrien Ltd.

      11        902  

Nuvei Corp. (a)

      1        34  

Onex Corp.

      1        65  

Open Text Corp.

      5        140  

Pan American Silver Corp.

      4        66  

Parkland Corp.

      3        65  

Pembina Pipeline Corp.

      11        328  

Power Corp. of Canada

      11        243  

Quebecor, Inc., Class B

      3        58  

Restaurant Brands International, Inc.

      6        306  

RioCan Real Estate Investment Trust

      3        39  

Ritchie Bros Auctioneers, Inc.

      2        136  

Rogers Communications, Inc., Class B

      7        266  

Royal Bank of Canada

      28        2,498  

Saputo, Inc.

      5        115  

Shaw Communications, Inc., Class B

      9        228  

Shopify, Inc., Class A (a)

      22        603  

Sun Life Financial, Inc.

      11        457  

Suncor Energy, Inc.

      28        794  

TC Energy Corp.

      19        775  

Teck Resources Ltd., Class B

      9        283  

TELUS Corp.

      9        178  

TFI International, Inc.

      2        146  

Thomson Reuters Corp.

      3        343  

TMX Group Ltd.

      1        99  

Toromont Industries Ltd.

      2        111  

Toronto-Dominion Bank (The)

      36        2,182  

Tourmaline Oil Corp.

      6        324  

West Fraser Timber Co. Ltd.

      1        86  

Wheaton Precious Metals Corp.

      9        287  

WSP Global, Inc.

      2        266  
     

 

 

  
        31,334  
     

 

 

  

Chile — 0.1%

      

Antofagasta plc

      189        2,321  
     

 

 

  

Denmark — 3.8%

      

AP Moller - Maersk A/S, Class A

      1        1,534  

AP Moller - Maersk A/S, Class B

      1        2,560  

Carlsberg A/S, Class B

      3        357  

Chr Hansen Holding A/S

      3        159  

Coloplast A/S, Class B

      4        376  

Danske Bank A/S

      197        2,446  

Demant A/S (a)

      3        68  

DSV A/S

      53        6,156  

Genmab A/S (a)

      2        646  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      
               

Common Stocks — continued

 

Denmark — continued

      

GN Store Nord AS

      4        71  

Novo Nordisk A/S, Class B

      717        71,388  

Novozymes A/S, Class B

      6        320  

Orsted AS (e)

      63        4,993  

Pandora A/S

      77        3,601  

ROCKWOOL A/S, Class B

      3        401  

Tryg A/S

      103        2,122  

Vestas Wind Systems A/S

      283        5,212  
     

 

 

  
        102,410  
     

 

 

  

Finland — 0.9%

      

Elisa OYJ

      4        193  

Fortum OYJ

      147        1,973  

Kesko Oyj, Class B

      8        158  

Kone OYJ, Class B

      95        3,678  

Neste OYJ

      13        563  

Nokia OYJ

      167        718  

Nordea Bank Abp

      973        8,329  

Orion OYJ, Class B

      46        1,946  

Sampo OYJ, Class A

      137        5,841  

Stora Enso OYJ, Class R

      17        216  

UPM-Kymmene OYJ

      16        523  

Wartsila OYJ Abp

      133        851  
     

 

 

  
        24,989  
     

 

 

  

France — 16.2%

      

Accor SA (a)

      5        109  

Aeroports de Paris (a)

      8        963  

Air Liquide SA

      16        1,837  

Airbus SE

      166        14,295  

Alstom SA

      89        1,439  

Amundi SA (e)

      18        740  

Arkema SA

      2        128  

AXA SA

      533        11,648  

BioMerieux

      1        100  

BNP Paribas SA

      321        13,559  

Bollore SE

      27        124  

Bouygues SA

      64        1,681  

Bureau Veritas SA

      83        1,850  

Capgemini SE

      5        809  

Carrefour SA

      18        253  

Cie de Saint-Gobain

      140        4,990  

Cie Generale des Etablissements Michelin SCA

      21        467  

Covivio

      1        67  

Credit Agricole SA

      346        2,807  

Danone SA

      279        13,203  

Dassault Aviation SA

      7        809  

Dassault Systemes SE

      21        712  

Edenred

      8        357  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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

      

Eiffage SA

      23        1,869  

Electricite de France SA

      194        2,246  

Engie SA

      603        6,944  

EssilorLuxottica SA

      9        1,223  

Eurazeo SE

      12        646  

Gecina SA

      1        110  

Getlink SE

      123        1,912  

Hermes International

      27        31,631  

Ipsen SA

      16        1,504  

Kering SA

      65        29,028  

Klepierre SA (a)

      7        113  

La Francaise des Jeux SAEM (e)

      3        100  

Legrand SA

      75        4,849  

L’Oreal SA

      7        2,372  

LVMH Moet Hennessy Louis Vuitton SE

      236        139,013  

Orange SA

      61        551  

Pernod Ricard SA

      6        1,176  

Publicis Groupe SA

      7        327  

Remy Cointreau SA

      1        117  

Renault SA (a)

      153        4,131  

Safran SA

      96        8,722  

Sanofi

      493        37,535  

Sartorius Stedim Biotech

      1        271  

Schneider Electric SE

      152        17,191  

SEB SA

      1        50  

Societe Generale SA

      227        4,486  

Sodexo SA

      3        200  

Teleperformance

      16        4,179  

Thales SA

      30        3,302  

TotalEnergies SE

      1,000        46,910  

Ubisoft Entertainment SA (a)

      3        79  

Unibail - Rodamco-Westfield (a)

      4        149  

Valeo

      6        96  

Veolia Environnement SA

      221        4,223  

Vinci SA

      150        12,106  

Vivendi SE

      22        169  

Wendel SE

      8        552  

Worldline SA (a) (e)

      7        292  
     

 

 

  
        443,321  
     

 

 

  

Germany — 8.8%

     

adidas AG

      147        16,885  

Allianz SE (Registered)

      117        18,361  

BASF SE

      28        1,079  

Bayer AG (Registered)

      425        19,596  

Bayerische Motoren Werke AG

      263        17,807  

Bechtle AG

      3        96  

Beiersdorf AG

      3        305  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      
               

Common Stocks — continued

 

Germany — continued

      

Brenntag SE

      43        2,620  

Carl Zeiss Meditec AG

      1        123  

Commerzbank AG (a)

      305        2,169  

Continental AG

      3        148  

Covestro AG (e)

      6        171  

Daimler Truck Holding AG (a)

      127        2,875  

Delivery Hero SE (a) (e)

      5        177  

Deutsche Bank AG (Registered)

      590        4,365  

Deutsche Boerse AG

      54        8,887  

Deutsche Lufthansa AG (Registered) (a)

      169        969  

Deutsche Post AG (Registered)

      278        8,378  

Deutsche Telekom AG (Registered)

      100        1,696  

E.ON SE

      742        5,701  

Evonik Industries AG

      6        109  

Fresenius Medical Care AG & Co. KGaA

      6        181  

Fresenius SE & Co. KGaA

      13        273  

GEA Group AG

      42        1,356  

Hannover Rueck SE

      17        2,577  

HeidelbergCement AG

      4        172  

HelloFresh SE (a)

      5        106  

Henkel AG & Co. KGaA

      3        179  

Infineon Technologies AG

      1,080        23,640  

KION Group AG

      20        390  

Knorr-Bremse AG

      20        868  

LEG Immobilien SE

      2        136  

Mercedes-Benz Group AG

      637        32,211  

Merck KGaA

      56        9,052  

MTU Aero Engines AG

      15        2,246  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)

      40        9,621  

Nemetschek SE

      2        87  

Puma SE

      90        4,146  

Rational AG

      1        693  

Rheinmetall AG

      12        1,875  

RWE AG

      213        7,811  

SAP SE

      32        2,616  

Scout24 SE (e)

      2        121  

Siemens AG (Registered)

      215        20,976  

Siemens Energy AG

      122        1,346  

Siemens Healthineers AG (e)

      9        376  

Symrise AG, Class A

      4        400  

Telefonica Deutschland Holding AG

      30        61  

Uniper SE

      31        117  

United Internet AG (Registered)

      3        56  

Volkswagen AG

      23        3,822  

Vonovia SE

      22        473  

Zalando SE (a) (e)

      7        138  
     

 

 

  
        240,639  
     

 

 

  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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 — 0.5%

      

AIA Group Ltd.

      484        4,031  

BOC Hong Kong Holdings Ltd.

      153        509  

Budweiser Brewing Co. APAC Ltd. (e)

      72        188  

Chow Tai Fook Jewellery Group Ltd.

      85        161  

CK Asset Holdings Ltd.

      82        489  

CK Hutchison Holdings Ltd.

      110        606  

CK Infrastructure Holdings Ltd.

      27        135  

CLP Holdings Ltd.

      66        499  

ESR Group Ltd. (e)

      87        218  

Futu Holdings Ltd., ADR (a)

      3        94  

Galaxy Entertainment Group Ltd.

      89        523  

Hang Lung Properties Ltd.

      83        136  

Hang Seng Bank Ltd.

      32        483  

Henderson Land Development Co. Ltd.

      60        168  

HK Electric Investments & HK Electric Investments Ltd.

      114        80  

HKT Trust & HKT Ltd.

      153        179  

Hong Kong & China Gas Co. Ltd.

      459        404  

Hong Kong Exchanges & Clearing Ltd.

      48        1,654  

Hongkong Land Holdings Ltd.

      45        199  

Jardine Matheson Holdings Ltd.

      6        319  

Link REIT

      85        592  

MTR Corp. Ltd.

      65        296  

New World Development Co. Ltd.

      63        179  

Power Assets Holdings Ltd.

      58        288  

Sino Land Co. Ltd.

      148        195  

SITC International Holdings Co. Ltd.

      55        101  

Sun Hung Kai Properties Ltd.

      59        651  

Swire Pacific Ltd., Class A

      20        149  

Swire Properties Ltd.

      49        105  

Techtronic Industries Co. Ltd.

      56        534  

WH Group Ltd. (e)

      339        213  

Wharf Real Estate Investment Co. Ltd.

      67        304  

Xinyi Glass Holdings Ltd.

      80        116  
     

 

 

  
        14,798  
     

 

 

  

Ireland — 0.8%

      

AerCap Holdings NV (a)

      38        1,603  

CRH plc

      24        757  

DCC plc

      28        1,442  

Experian plc

      258        7,564  

Flutter Entertainment plc (a)

      5        562  

James Hardie Industries plc

      18        360  

Kerry Group plc, Class A

      69        6,152  

Kingspan Group plc

      43        1,958  

Smurfit Kappa Group plc

      8        215  
     

 

 

  
        20,613  
     

 

 

  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      
               

Common Stocks — continued

 

Italy — 3.1%

      

Amplifon SpA

      4        104  

Assicurazioni Generali SpA

      317        4,327  

Atlantia SpA

      139        3,074  

Bio On Spa (a) (bb) (cc)

      1        —    

Davide Campari-Milano NV

      17        148  

DiaSorin SpA

      1        91  

Enel SpA

      2,690        11,032  

Eni SpA

      1,018        10,820  

Ferrari NV

      100        18,524  

FinecoBank Banca Fineco SpA

      174        2,146  

Infrastrutture Wireless Italiane SpA (e)

      11        95  

Intesa Sanpaolo SpA

      4,714        7,792  

Mediobanca Banca di Credito Finanziario SpA

      173        1,351  

Moncler SpA

      174        7,110  

Nexi SpA (a) (e)

      16        129  

Poste Italiane SpA (e)

      150        1,133  

Prysmian SpA

      72        2,049  

Recordati Industria Chimica e Farmaceutica SpA

      45        1,648  

Snam SpA

      684        2,764  

Telecom Italia SpA (a)

      308        57  

Terna - Rete Elettrica Nazionale

      467        2,842  

UniCredit SpA

      592        5,991  
     

 

 

  
        83,227  
     

 

 

  

Japan — 6.3%

      

Capcom Co. Ltd.

      201        5,061  

Casio Computer Co. Ltd.

      168        1,476  

COLOPL, Inc.

      67        314  

DeNA Co. Ltd.

      97        1,224  

GungHo Online Entertainment, Inc.

      52        799  

Koei Tecmo Holdings Co. Ltd.

      134        2,209  

Konami Group Corp.

      107        4,931  

Mixi, Inc.

      45        708  

Nexon Co. Ltd.

      565        9,988  

Nikon Corp.

      273        2,583  

Nintendo Co. Ltd.

      1,260        50,821  

Panasonic Holdings Corp.

      1,989        13,965  

Sharp Corp.

      221        1,315  

Sony Group Corp.

      1,136        73,149  

Square Enix Holdings Co. Ltd.

      98        4,220  

Tamron Co. Ltd.

      15        293  
     

 

 

  
        173,056  
     

 

 

  

Jordan — 0.0% (g)

      

Hikma Pharmaceuticals plc

      72        1,082  
     

 

 

  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      

Common Stocks — continued

      

Luxembourg — 0.2%

      

ArcelorMittal SA

      253        5,040  

Aroundtown SA

      34        74  

Eurofins Scientific SE

      4        239  

Tenaris SA

      14        187  
     

 

 

  
        5,540  
     

 

 

  

Macau — 0.0% (g)

      

Sands China Ltd. (a)

      98        244  
     

 

 

  

Netherlands — 7.6%

      

ABN AMRO Bank NV, CVA, GDR (e)

      122        1,091  

Adyen NV (a) (e)

      1        851  

Aegon NV

      511        2,032  

Akzo Nobel NV

      6        321  

Argenx SE (a)

      2        598  

ASM International NV

      40        8,871  

ASML Holding NV

      337        139,598  

Euronext NV (e)

      24        1,546  

EXOR NV

      31        1,982  

Heineken Holding NV

      3        206  

Heineken NV

      8        690  

IMCD NV

      16        1,896  

ING Groep NV

      1,115        9,553  

JDE Peet’s NV

      44        1,301  

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

      6        94  

Koninklijke Ahold Delhaize NV

      32        820  

Koninklijke DSM NV

      5        607  

Koninklijke KPN NV

      101        273  

Koninklijke Philips NV

      28        431  

NN Group NV

      80        3,096  

OCI NV

      3        120  

Prosus NV (a)

      26        1,329  

QIAGEN NV (a)

      7        295  

Randstad NV

      34        1,453  

Stellantis NV

      1,747        20,642  

Universal Music Group NV

      22        419  

Wolters Kluwer NV

      74        7,173  
     

 

 

  
        207,288  
     

 

 

  

New Zealand — 0.0% (g)

      

Auckland International Airport Ltd. (a)

      49        197  

Fisher & Paykel Healthcare Corp. Ltd.

      24        252  

Mercury NZ Ltd.

      28        89  

Meridian Energy Ltd.

      50        134  

Spark New Zealand Ltd.

      72        201  

Xero Ltd. (a)

      6        264  
     

 

 

  
        1,137  
     

 

 

  

Norway — 1.1%

      

Adevinta ASA, Class B (a)

      9        55  

Aker BP ASA

      10        274  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      

Common Stocks — continued

      

Norway — continued

      

DNB Bank ASA

      265        4,211  

Equinor ASA

      394        12,999  

Gjensidige Forsikring ASA

      57        986  

Kongsberg Gruppen ASA

      25        762  

Mowi ASA

      180        2,290  

Norsk Hydro ASA

      645        3,463  

Orkla ASA

      324        2,357  

Salmar ASA

      26        863  

Telenor ASA

      22        199  

Yara International ASA

      5        185  
     

 

 

  
        28,644  
     

 

 

  

Portugal — 0.2%

 

EDP—Energias de Portugal SA

      911        3,956  

Galp Energia SGPS SA

      203        1,949  

Jeronimo Martins SGPS SA

      9        171  
     

 

 

  
        6,076  
     

 

 

  

Singapore — 0.3%

 

CapitaLand Integrated Commercial Trust

      206        275  

Capitaland Investment Ltd.

      103        249  

CapLand Ascendas REIT

      129        241  

City Developments Ltd.

      16        83  

DBS Group Holdings Ltd.

      73        1,686  

Genting Singapore Ltd.

      244        132  

Grab Holdings Ltd., Class A (a)

      54        143  

Keppel Corp. Ltd.

      57        275  

Mapletree Logistics Trust

      132        143  

Mapletree Pan Asia Commercial Trust

      88        105  

Oversea-Chinese Banking Corp. Ltd.

      136        1,114  

Sea Ltd., ADR (a)

      15        828  

Singapore Airlines Ltd. (a)

      55        193  

Singapore Exchange Ltd.

      32        211  

Singapore Technologies Engineering Ltd.

      60        149  

Singapore Telecommunications Ltd.

      331        612  

United Overseas Bank Ltd.

      48        862  

UOL Group Ltd.

      20        91  

Venture Corp. Ltd.

      13        143  

Wilmar International Ltd.

      76        202  
     

 

 

  
        7,737  
     

 

 

  

South Korea — 1.6%

 

Samsung Electronics Co. Ltd.

      578        21,227  

Samsung Electronics Co. Ltd. (Registered), GDR

      25        22,516  
     

 

 

  
        43,743  
     

 

 

  

Spain — 2.5%

 

Acciona SA

      9        1,527  

ACS Actividades de Construccion y Servicios SA

      65        1,462  

Aena SME SA (a) (e)

      21        2,187  

Amadeus IT Group SA (a)

      14        648  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      

Common Stocks — continued

      

Spain — continued

 

Banco Bilbao Vizcaya Argentaria SA

      1,903        8,536  

Banco Santander SA

      4,876        11,346  

CaixaBank SA

      1,268        4,084  

Cellnex Telecom SA (e)

      17        522  

EDP Renovaveis SA

      94        1,939  

Enagas SA

      62        954  

Endesa SA

      111        1,669  

Ferrovial SA

      136        3,082  

Grifols SA (a)

      10        87  

Iberdrola SA

      1,979        18,451  

Industria de Diseno Textil SA

      34        698  

Naturgy Energy Group SA

      52        1,192  

Red Electrica Corp. SA

      104        1,592  

Repsol SA

      586        6,734  

Siemens Gamesa Renewable Energy SA (a)

      67        1,175  

Telefonica SA

      163        539  
     

 

 

  
        68,424  
     

 

 

  

Sweden — 2.9%

 

Alfa Laval AB

      81        2,007  

Assa Abloy AB, Class B

      281        5,265  

Atlas Copco AB, Class A

      754        7,007  

Atlas Copco AB, Class B

      438        3,631  

Boliden AB

      131        4,044  

Electrolux AB, Class B

      6        67  

Embracer Group AB, Class B (a)

      20        116  

Epiroc AB, Class A

      185        2,644  

Epiroc AB, Class B

      110        1,383  

EQT AB

      85        1,651  

Essity AB, Class B

      19        372  

Evolution AB (e)

      6        445  

Fastighets AB Balder, Class B (a)

      20        80  

Getinge AB, Class B

      7        117  

H & M Hennes & Mauritz AB, Class B

      22        208  

Hexagon AB, Class B

      59        556  

Holmen AB, Class B

      3        110  

Husqvarna AB, Class B

      119        659  

Industrivarden AB, Class A

      37        744  

Industrivarden AB, Class C

      45        892  

Indutrade AB

      77        1,247  

Investment AB Latour, Class B

      41        681  

Investor AB, Class A

      142        2,177  

Investor AB, Class B

      520        7,588  

Kinnevik AB, Class B (a)

      70        920  

L E Lundbergforetagen AB, Class B

      22        786  

Lifco AB, Class B

      66        913  

Nibe Industrier AB, Class B

      425        3,794  

Sagax AB, Class B

      6        96  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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

 

Sandvik AB

      299       4,077  

Securitas AB, Class B

      90       626  

Skandinaviska Enskilda Banken AB, Class A

      464       4,426  

Skanska AB, Class B

      94       1,176  

SKF AB, Class B

      108       1,446  

Svenska Cellulosa AB SCA, Class B

      18       233  

Svenska Handelsbanken AB, Class A

      417       3,420  

Swedbank AB, Class A

      261       3,426  

Swedish Match AB

      47       464  

Swedish Orphan Biovitrum AB (a)

      5       103  

Tele2 AB, Class B

      18       151  

Telefonaktiebolaget LM Ericsson, Class B

      89       521  

Telia Co. AB

      80       229  

Volvo AB, Class A

      56       828  

Volvo AB, Class B

      423       5,985  

Volvo Car AB, Class B (a)

      473       2,054  
    

 

 

  
       79,365  
    

 

 

  

Switzerland — 21.6%

     

ABB Ltd. (Registered)

      461       11,901  

Adecco Group AG (Registered)

      45       1,238  

Alcon, Inc.

      15       891  

Bachem Holding AG, Class B

      1       63  

Baloise Holding AG (Registered)

      13       1,667  

Barry Callebaut AG (Registered)

      3       4,726  

Chocoladefabriken Lindt & Spruengli AG

      1       7,287  

Chocoladefabriken Lindt & Spruengli AG (Registered)

      —   (h)      7,569  

Cie Financiere Richemont SA (Registered), Class A

      443       41,851  

Clariant AG (Registered) (a)

      7       107  

Coca-Cola HBC AG

      7       138  

Credit Suisse Group AG (Registered)

      757       2,995  

EMS-Chemie Holding AG (Registered)

      —   (h)      131  

Geberit AG (Registered)

      10       4,315  

Givaudan SA (Registered)

      —   (h)      864  

Glencore plc

      4,723       24,822  

Holcim AG (a)

      17       705  

Julius Baer Group Ltd.

      63       2,764  

Kuehne + Nagel International AG (Registered)

      15       3,107  

Logitech International SA (Registered)

      5       238  

Lonza Group AG (Registered)

      2       1,122  

Nestle SA (Registered)

      1,979       214,004  

Novartis AG (Registered)

      936       71,395  

Partners Group Holding AG

      6       5,220  

Roche Holding AG

      316       103,520  

Schindler Holding AG

      11       1,768  

Schindler Holding AG (Registered)

      7       994  

SGS SA (Registered)

      2       3,826  

SIG Group AG (a)

      9       191  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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

      

Sika AG (Registered)

      4        902  

Sonova Holding AG (Registered)

      2        364  

STMicroelectronics NV

      566        17,575  

Straumann Holding AG (Registered)

      3        316  

Swatch Group AG (The)

      25        5,528  

Swatch Group AG (The) (Registered)

      45        1,872  

Swiss Life Holding AG (Registered)

      9        3,974  

Swiss Prime Site AG (Registered)

      2        184  

Swiss Re AG

      86        6,354  

Swisscom AG (Registered)

      1        384  

Temenos AG (Registered)

      2        127  

UBS Group AG (Registered)

      1,004        14,562  

VAT Group AG (e)

      8        1,534  

Zurich Insurance Group AG

      43        17,116  
     

 

 

  
        590,211  
     

 

 

  

United Arab Emirates — 0.0%

 

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

      16        —    
     

 

 

  

United Kingdom — 15.7%

     

3i Group plc

      278        3,337  

abrdn plc

      517        791  

Admiral Group plc

      52        1,105  

Anglo American plc

      609        18,284  

Ashtead Group plc

      124        5,587  

Associated British Foods plc

      155        2,173  

AstraZeneca plc

      671        73,735  

Auto Trader Group plc (e)

      30        170  

AVEVA Group plc

      4        132  

Aviva plc

      808        3,464  

BAE Systems plc

      886        7,781  

Barclays plc

      4,774        7,596  

Barratt Developments plc

      32        122  

Berkeley Group Holdings plc

      3        122  

BP plc

      7,792        37,235  

British American Tobacco plc

      66        2,374  

British Land Co. plc (The)

      26        103  

BT Group plc

      212        285  

Bunzl plc

      95        2,896  

Burberry Group plc

      337        6,732  

CNH Industrial NV

      286        3,204  

Coca-Cola Europacific Partners plc

      6        269  

Compass Group plc

      55        1,099  

Croda International plc

      4        312  

Diageo plc

      70        2,959  

Entain plc

      18        213  

Ferguson plc

      60        6,245  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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

      

GSK plc

      1,761        25,428  

Haleon plc (a)

      156        488  

Halma plc

      12        266  

Hargreaves Lansdown plc

      103        987  

HSBC Holdings plc

      5,735        29,697  

Imperial Brands plc

      28        567  

Informa plc

      46        265  

InterContinental Hotels Group plc

      6        272  

Intertek Group plc

      45        1,860  

J Sainsbury plc

      53        103  

JD Sports Fashion plc

      82        90  

Johnson Matthey plc

      6        113  

Kingfisher plc

      64        155  

Land Securities Group plc

      22        127  

Legal & General Group plc

      1,703        4,066  

Lloyds Banking Group plc

      19,866        8,979  

London Stock Exchange Group plc

      94        7,942  

M&G plc

      734        1,353  

Melrose Industries plc

      1,230        1,375  

Mondi plc

      15        227  

National Grid plc

      112        1,158  

NatWest Group plc

      1,527        3,804  

Next plc

      4        220  

Ocado Group plc (a)

      18        95  

Pearson plc

      21        196  

Persimmon plc

      10        134  

Phoenix Group Holdings plc

      215        1,250  

Prudential plc

      784        7,673  

Reckitt Benckiser Group plc

      22        1,458  

RELX plc

      540        13,199  

Rentokil Initial plc

      524        2,776  

Rio Tinto plc

      539        29,144  

Rolls-Royce Holdings plc (a)

      2,347        1,798  

Sage Group plc (The)

      31        239  

Schroders plc

      210        905  

Segro plc

      37        312  

Severn Trent plc

      8        200  

Shell plc

      3,000        74,422  

Smith & Nephew plc

      27        309  

Smiths Group plc

      105        1,754  

Spirax-Sarco Engineering plc

      21        2,384  

SSE plc

      33        561  

St James’s Place plc

      154        1,755  

Standard Chartered plc

      720        4,501  

Taylor Wimpey plc

      109        106  

Tesco plc

      230        529  

Unilever plc

      78        3,446  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (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

        

United Utilities Group plc

         21       205  

Vodafone Group plc

         819       916  

Whitbread plc

         6       158  

WPP plc

         33       276  
       

 

 

  
          428,568  
       

 

 

  

United States — 0.0% (g)

        

Bausch Health Cos., Inc. (a)

         5       36  

Brookfield Renewable Corp., Class A

         2       82  
       

 

 

  
          118  
       

 

 

  

Total Common Stocks

(Cost $3,099,490)

           2,665,360  
       

 

 

  

Preferred Stocks — 1.2%

       

Germany — 1.1%

        

Bayerische Motoren Werke AG

         47       3,059  

Henkel AG & Co. KGaA

         6       332  

Porsche Automobil Holding SE

         122       6,848  

Sartorius AG

         1       259  

Volkswagen AG

         147       18,004  
       

 

 

  
          28,502  
       

 

 

  

South Korea — 0.1%

        

Samsung Electronics Co. Ltd.

         101       3,267  
       

 

 

  

Total Preferred Stocks

(Cost $41,885)

           31,769  
       

 

 

  
     NUMBER OF
RIGHTS		        

Rights — 0.0% (g)

        

Sweden — 0.0% (g)

        

Securitas AB, expiring, 11/10/2022 (a)

(Cost $191)

         342       143  
       

 

 

  
     PRINCIPAL
AMOUNT ($)		                                   

Short-Term Investments — 0.8%

       

Time Deposits — 0.8%

        

Australia & New Zealand Banking Group Ltd.,

        

1.14%, 10/03/2022

      AUD        392       251  

2.43%, 10/03/2022

         1,839       1,839  

Barclays SA, 2.43%, 10/03/2022

         1,123       1,123  

BNP Paribas SA, 1.17%, 10/03/2022

      GBP        2,430       2,713  

Brown Brothers Harriman,

        

(0.29%), 10/03/2022

      CHF        2,832       2,870  

0.12%, 10/03/2022

      DKK        4,309       568  

0.29%, 10/03/2022

      EUR        —   (h)      —   (h) 

0.82%, 10/03/2022

      SEK        7,033       634  

0.95%, 10/03/2022

      HKD        1,252       159  

1.00%, 10/03/2022

      NZD        23       13  

1.14%, 10/03/2022

      AUD        —   (h)      —   (h) 

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

    PRINCIPAL
AMOUNT ($)		    

    VALUE ($)    

  

Short-Term Investments — continued

        

Time Deposits — continued

        

1.16%, 10/03/2022

      NOK        3,076       282  

1.17%, 10/03/2022

      GBP        —   (h)      —   (h) 

2.07%, 10/03/2022

      CAD        335       242  

2.43%, 10/03/2022

         —   (h)      —   (h) 

3.31%, 10/03/2022

      SGD        117       82  

4.50%, 10/03/2022

      ZAR        —   (h)      —   (h) 

Citibank NA,

        

0.29%, 10/03/2022

      EUR        7,739       7,585  

2.43%, 10/03/2022

         475       475  

Royal Bank of Canada, 2.43%, 10/03/2022

         87       87  

Skandinaviska Enskilda Banken AB, 2.43%, 10/03/2022

         1,609       1,609  

Sumitomo Mitsui Banking Corp.,

        

(0.40%), 10/03/2022

      JPY        107,615       744  

2.43%, 10/03/2022

         230       230  

Sumitomo Mitsui Trust Bank Ltd., 2.43%, 10/03/2022

         121       121  
       

 

 

  

Total Short-Term Investments

(Cost $21,627)

           21,627  
       

 

 

  

Total Investments — 99.6%

(Cost - $3,163,193) *

           2,718,899  

Other Assets in Excess of Liabilities — 0.4%

           13,272  
       

 

 

  

NET ASSETS — 100.0%

         $  2,732,171  
       

 

 

  

 

Percentages indicated are based on net assets

 

Futures contracts outstanding as of September 30, 2022:

Exchange Traded

 

DESCRIPTION

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

Long Contracts

               

Amsterdam Index

      10        10/2022        EUR        1,302        (46 ) 

ASX SPI 200 Index

      3        12/2022        AUD        335        (24 ) 

Euro STOXX 50 Index

      325        12/2022        EUR        10,989        (430 ) 

FTSE 100 Index

      103        12/2022        GBP        8,455        (504 ) 

MSCI Emerging Markets Index

      10        12/2022        USD        453        (17 ) 

S&P Toronto Stock Exchange 60 Index

      2        12/2022        CAD        333        (10 ) 

SGX MSCI Singapore Index

      13        10/2022        SGD        255        (1 ) 

TOPIX Index

      14        12/2022        JPY        1,810        (34 ) 
              

 

 

  

Total unrealized appreciation (depreciation)

                  (1,066 ) 
              

 

 

  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

 

CVA

      —        Dutch Certification

GDR

      —        Global Depositary Receipt

REIT

      —        Real Estate Investment Trust

(a)

      —        Non-income producing security.

(e)

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

(g)

      —        Amount rounds to less than 0.05%.

(h)

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

(bb)

      —        Security has been valued using significant unobservable inputs.

(cc)

      —        Security is valued in good faith at fair value by or under the direction of the Board of Trustees.

*

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

AUD

      —        Australian Dollar

CAD

      —        Canadian Dollar

CHF

      —        Swiss Franc

DKK

      —        Danish Krone

EUR

      —       

Euro

GBP

      —        British Pound

HKD

      —        Hong Kong Dollar

JPY

      —        Japanese Yen

NOK

      —        Norwegian Krone

NZD

      —        New Zealand Dollar

SEK

      —        Swedish Krona

SGD

      —        Singapore Dollar

USD

      —        United States Dollar

ZAR

      —        South African Rand

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Summary of Investments by Industry, September 30, 2022

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

 

INDUSTRY

    PERCENTAGE  

Pharmaceuticals

      15.5 % 

Food

      9.8 % 

Semiconductors

      8.7 % 

Apparel

      8.4 % 

Banks

      7.6 % 

Oil & Gas

      7.4 % 

Auto Manufacturers

      5.0 % 

Insurance

      4.3 % 

Mining

      3.4 % 

Home Furnishings

      3.3 % 

Electric

      2.9 % 

Retail

      2.4 % 

Toys/Games/Hobbies

      1.9 % 

Commercial Services

      1.7 % 

Aerospace/Defense

      1.5 % 

Electrical Components & Equipments

      1.4 % 

Software

      1.3 % 

Miscellaneous Manufacturers

      1.2 % 

Diversified Financial Services

      1.1 % 

Transportation

      1.0 % 

Engineering & Construction

      1.0 % 

Others (Each less than 1.0%)

      8.4 % 

Short-Term Investments

      0.8 % 

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited)

 

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

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

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

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

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

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

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

Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

Shares of exchange-traded funds (“ETFs”) are generally valued at the last sale price on the exchange on which the ETF is principally traded. Shares of open-end investment companies are valued at their respective NAVs.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

 

Exchange-traded futures contracts are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

 

•  

Level 1 –   Unadjusted inputs using quoted prices in active markets for identical investments.

 

•  

Level 2 –   Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

 

•  

Level 3 –   Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

 

     Level 1
Quoted prices		     Level 2
Other significant
observable inputs		      Level 3
Significant
unobservable inputs		      Total  

Investments in Securities

           

Common Stocks

           

Basic Materials

    $ 48,454     $ —        $ —        $ 48,454  

Communications

      955,672       —          —          955,672  

Consumer Cyclical

      254,156       —          —          254,156  

Consumer Non-cyclical

      1,461,901       —          —          1,461,901  

Energy

      298,895       —          —          298,895  

Financial

      734,194       —          —          734,194  

Industrial

      494,927       —          —          494,927  

Technology

      1,499,571       —          3,274        1,502,845  

Utilities

      68,510       —          —          68,510  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Common Stocks

      5,816,280       —          3,274        5,819,554  
  

 

 

    

 

 

     

 

 

     

 

 

  

Preferred Stock

           

Consumer Cyclical

      279       —          —          279  

Short-Term Investments

           

Time Deposits

      —         46,917        —          46,917  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ 5,816,559     $ 46,917      $ 3,274      $ 5,866,750  
  

 

 

    

 

 

     

 

 

     

 

 

  

Depreciation in Other Financial Instruments

           

Futures contracts

    $ (4,931 )    $ —        $ —        $ (4,931 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

 

Six Circles Managed Equity Portfolio International Unconstrained Fund

 

     Level 1
Quoted prices		     Level 2
Other significant
observable inputs		      Level 3
Significant
unobservable inputs		      Total  

Investments in Securities

           

Common Stocks

           

Australia

    $ —       $ 38,457      $ —        $ 38,457  

Austria

      —         7,261        —          7,261  

Belgium

      —         14,757        —          14,757  

Canada

      31,334       —          —          31,334  

Chile

      —         2,321        —          2,321  

Denmark

      —         102,410        —          102,410  

Finland

      —         24,989        —          24,989  

France

      —         443,321        —          443,321  

Germany

      —         240,639        —          240,639  

Hong Kong

      174       14,624        —          14,798  

Ireland

      1,603       19,010        —          20,613  

Italy

      —         83,227        —          83,227  

Japan

      —         173,056        —          173,056  

Jordan

      —         1,082        —          1,082  

Luxembourg

      —         5,540        —          5,540  

Macau

      —         244        —          244  

Netherlands

      1,982       205,306        —          207,288  

New Zealand

      —         1,137        —          1,137  

Norway

      —         28,644        —          28,644  

Portugal

      —         6,076        —          6,076  

Singapore

      971       6,766        —          7,737  

South Korea

      —         43,743        —          43,743  

Spain

      —         68,424        —          68,424  

Sweden

      —         79,365        —          79,365  

Switzerland

      —         590,211        —          590,211  

United Arab Emirates

      —         —          —          —    

United Kingdom

      757       427,811        —          428,568  

United States

      118       —          —          118  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Common Stocks

      36,939       2,628,421        —          2,665,360  
  

 

 

    

 

 

     

 

 

     

 

 

  

Preferred Stocks

           

Germany

      —         28,502        —          28,502  

South Korea

      —         3,267        —          3,267  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Preferred Stocks

      —         31,769        —          31,769  
  

 

 

    

 

 

     

 

 

     

 

 

  

Right

           

Sweden

      143       —          —          143  

Short-Term Investments

           

Time Deposits

      —         21,627        —          21,627  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ 37,082     $ 2,681,817      $ —        $ 2,718,899  
  

 

 

    

 

 

     

 

 

     

 

 

  

Depreciation in Other Financial Instruments

           

Futures contracts

    $ (1,066 )    $ —        $ —        $ (1,066 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

 

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

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

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

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

Notes B(1) — B(2) below describe the various derivatives used by the Funds.

(1) Futures Contracts — The Funds used index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs.

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.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

 

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

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

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

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

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